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 811-05309

Nuveen Investment Funds, Inc.

(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: April 30

Date of reporting period: April 30, 2013

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, its what you keep.^®

Annual Report

April 30, 2013

	Share Class / Ticker Symbol
Fund Name	Class A	Class B	Class C	Class I
Nuveen All-American Municipal Bond Fund	FLAAX	FAAMX	FAACX	FAARX
Nuveen High Yield Municipal Bond Fund	NHMAX	NHMBX	NHMCX	NHMRX
Nuveen Inflation Protected Municipal Bond Fund	NITAX	—	NIPCX	NIPIX
Nuveen Intermediate Duration Municipal Bond Fund	NMBAX	NUMBX	NNSCX	NUVBX
Nuveen Limited Term Municipal Bond Fund	FLTDX	—	FLTCX	FLTRX
Nuveen Short Duration High Yield Municipal Bond Fund	NVHAX	—	NVHCX	NVXIX
Nuveen Short Term Municipal Bond Fund	FSHAX	—	NSVCX	FSHYX

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Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Fund Performance, Expense and Effective Leverage Ratios	21
Yields	36
Holding Summaries	38
Expense Examples	42
Report of Independent Registered Public Accounting Firm	44
Portfolios of Investments	45
Statement of Assets and Liabilities	300
Statement of Operations	302
Statement of Changes in Net Assets	304
Financial Highlights	308
Notes to Financial Statements	322
Trustees and Officers	339
Annual Investment Management Agreement Approval Process	343
Glossary of Terms Used in this Report	353
Additional Fund Information	355

Chairman’s

Letter to Shareholders

Dear Shareholders,

After nine years of serving as lead director and independent chairman of the Nuveen Fund Board, my term of office is coming to an end. It has been a privilege to use this space to communicate with you on some of the broad economic trends in the U.S. and abroad and how they are impacting the investment environment in which your funds operate. In addition, I have enjoyed offering some perspective on how your Board views the various Nuveen investment teams as they apply their investment disciplines in that investment environment.

My term has coincided with a particularly challenging period for both mutual fund sponsors and investors. Since 2000 there have been three periods of unusually strong stock market growth and two major market declines. Recent years have been characterized by a search for yield in fixed income securities to compensate for an extended period of very low interest rates. Funds are investing more in foreign and emerging markets that require extensive research capabilities to overcome the more limited transparency and higher volatility in those markets. New fund concepts often incorporate derivative financial instruments that offer efficient ways to hedge investment risk or gain exposure to selected markets. Fund trading teams operate in many new domestic and international venues with quite different characteristics. Electronic trading and global communication networks mean that fund managers must be able to thrive in financial markets that react instantaneously to newsworthy events and are more interconnected than ever.

Nuveen has committed additional resources to respond to these changes in the fund industry environment. It has added IT and research resources to assemble and evaluate the increased flow of detailed information on economies, markets and individual companies. Based on its experience during the financial crisis of 2008-09, Nuveen has expanded its resources dedicated to valuing and trading portfolio securities with a particular focus on stressed financial market conditions. It has added systems and experienced risk management professionals to work with investment teams to better help evaluate whether their funds’ risk exposures are appropriate in view of the return targets. The investment teams have also reflected on recent experience to reaffirm or modify their investment disciplines. Finally, experienced professionals and IT resources have been added to address new regulatory requirements designed to better inform and protect investors. The Board has enthusiastically encouraged these initiatives.

The Nuveen Fund Board has always viewed itself as your representatives to assure that Nuveen brings together experienced people, proven technologies and effective processes designed to produce results that meet investor expectations. It is important to note that our activities are highlighted by the annual contract renewal process. Despite its somewhat formal language, I strongly encourage you to read the summary because it offers an insight into our oversight process. The report is included in the back of this or a subsequent shareholder report. The renewal process is very comprehensive and includes a number of evaluations and discussions between the Board and Nuveen during the year. The summary also describes what has been achieved across the Nuveen fund complex and at individual funds such as yours.

As I leave the chairmanship and resume my role as a member of the Board, please be assured that I and my fellow Board members will continue to hold your interests uppermost in our minds as we oversee the management of your funds and that we greatly appreciate your confidence in your Nuveen fund.

Very sincerely,

Robert P. Bremner

Chairman of the Board

June 21, 2013

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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, 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.

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. John Miller, CFA, and Doug White, CFA, manage the Nuveen All-American Municipal Bond Fund. John began managing the Fund in 2010 and Doug joined him as co-manager of the Fund in 2011. John has managed the Nuveen High Yield Municipal Bond Fund since 2000. John and his co-managers Timothy Ryan, CFA, and Steven Hlavin have managed the Nuveen Short Duration High Yield Municipal Bond Fund since its inception in February 2013. Dan Close, CFA, and Doug Baker, CFA, have managed the Nuveen Inflation Protected Municipal Bond Fund since its inception in 2011. Paul Brennan, CFA, has managed the Nuveen Intermediate Duration Municipal Bond Fund since 2007 and the Nuveen Limited Term Municipal Bond Fund since 2006. Chris Drahn, CFA, has managed the Nuveen Short Term Municipal Bond Fund since 2002.

Recently, the portfolio managers discussed the economic and municipal market conditions at the national level, key investment strategies and the Funds’ performance for the twelve-month period ended April 30, 2013.

What factors affected the U.S. economy and the national municipal bond market during the twelve-month reporting period ended April 30, 2013?

During this reporting period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. At its May 2013 meeting, the central bank stated that it expected its “highly accommodative stance of monetary policy” would keep the fed funds rate in “this exceptionally low range” at least as long as the unemployment rate remained above 6.5% and the outlook for inflation one to two years ahead was no higher than 2.5%. The Fed also decided to continue its monthly purchases of $40 billion of mortgage-backed securities and $45 billion of longer-term Treasury securities in an open-ended effort to bolster growth. Taken together, the goals of these actions are to put downward pressure on longer-term interest rates, make broader financial conditions more accommodative, and support a stronger economic recovery as well as continued progress toward the Fed’s mandates of maximum employment and price stability.

In the first quarter of 2013, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.5%, compared with 0.4% for the fourth quarter of 2012, continuing the pattern of positive economic growth for the 15th consecutive quarter. The Consumer Price Index (CPI) rose 1.1% year-over-year as of April 2013, while the core CPI (which excludes food and energy) increased 0.1% during the period, staying within the Fed’s unofficial objective of 2.0% or lower for this inflation

Nuveen Investments 5

measure. Labor market conditions continued to slowly show signs of improvement. As of April 2013, the national unemployment rate was 7.5%, the lowest level since December 2008, down from 8.1% in April 2012. The housing market, long a major weak spot in the economic recovery, also delivered some good news, as the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 10.9% for the twelve months ended March 2013 (most recent data available at the time this report was prepared). This marked the largest twelve-month percentage gain for the index since May 2006.

During this reporting period, the outlook for the U.S. economy was clouded by uncertainty about global financial markets and the outcome of the “fiscal cliff.” The tax consequences of the fiscal cliff situation, which had been scheduled to become effective in January 2013 were averted through a last-minute deal that raised payroll taxes but left in place a number of tax breaks. However, lawmakers postponed and then failed to reach a resolution on $1.2 trillion in spending cuts intended to address the federal budget deficit. As a result, automatic spending cuts (or sequestration) affecting both defense and non-defense programs (excluding Social Security and Medicaid) took effect March 1, 2013, with potential implications for economic growth over the next decade. In late March 2013, Congress passed legislation that established federal funding levels for the remainder of fiscal 2013, which ends on September 30, 2013, preventing a federal government shutdown. The proposed federal budget for fiscal 2014 remains under debate.

Municipal bond prices generally rallied nationally during this reporting period, as strong demand and tight supply combined to create favorable market conditions for municipal bonds. However, the market also encountered some additional volatility generated by the political environment, particularly the fiscal cliff at the end of 2012 and the approach of federal tax season. Although the total volume of tax-exempt supply improved over that of the same period a year earlier, the issuance pattern remained light compared with long-term historical trends and new money issuance was relatively flat. This supply/demand dynamic served as a key driver of performance. At the state level, state governments in aggregate appeared to have made good progress in dealing with budget issues. On the revenue side, state tax collections have grown for eleven straight quarters, exceeding pre-recession levels beginning in September 2011, while on the expense side, the states made headway in cutting and controlling costs. The current low level of municipal issuance reflects the current political distaste for additional borrowing by state and local governments facing fiscal constraints and the prevalent atmosphere of municipal budget austerity. During this period, we continued to see municipal yields remain relatively low. Borrowers seeking to take advantage of the low rate environment sparked an increase in refunding activity, with approximately two-thirds of municipal paper issued by borrowers that were calling existing debt and refinancing at lower rates.

Over the twelve months ended April 30, 2013, municipal bond issuance nationwide totaled $378 billion, an increase of 9.5% over the issuance for the twelve-month period ended April 30, 2012. During this period, demand for municipal bonds remained very strong, especially from individual investors, but also from mutual funds, banks and insurance companies.

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How did the Funds perform during the twelve-month reporting period ended April 30, 2013?

The tables in the Fund Performance, Expense and Effective Leverage Ratios section of this report provide each Fund’s total return performance information for the Fund’s Class A Shares at net asset value (NAV) for the applicable one-year, five-year, ten-year and since-inception periods ending April 30, 2013. The tables also compare these returns to each Fund’s benchmark index and appropriate Lipper classification average.

Nuveen All-American Municipal Bond Fund

During the twelve-month period ended April 30, 2013, the Nuveen All-American Municipal Bond Fund’s Class A Shares at NAV significantly outperformed the S&P Municipal Bond Index and the Lipper General Municipal Debt Funds Classification Average.

For much of the reporting period, most bonds, especially those with longer maturity dates, experienced a decline in rates, while their prices simultaneously rose (bond yields and prices move in opposite directions). This environment provided a favorable backdrop for the Fund, which benefited primarily from the portfolio’s heightened sensitivity to interest rate changes, known as duration positioning. Because the Fund had a somewhat longer duration than the benchmark, the portfolio was well situated to take advantage of prevailing market conditions during the majority of the twelve-month time frame.

The Fund’s sector positioning also contributed to results on a relative basis, with health care securities providing a particularly notable impact. Because Nuveen brings substantial credit-research experience and resources to this part of the market, the health care sector is often an area in which we believe we can add significant value for investors, and, accordingly, we were active participants in this group. Also adding to the Fund’s relative performance were overweightings in corporate-backed industrial development revenue (IDR) and transportation bonds (especially toll roads), both of which were strong performing categories. At the same time, the Fund was helped by having less exposure to sectors whose performance was more subdued. General obligation (GO) bonds fit into this category, as did pre-refunded bonds, whose very short maturities and high credit quality were out of favor characteristics in a market where longer-dated, lower quality bonds tended to do the best.

A third positive factor was our credit quality allocation. With interest rates remaining extremely low by historical standards, investors were eager to buy lower rated bonds, which offered a higher degree of income to compensate investors for their added risk. The Fund’s significant overweighting in BBB-rated and non-rated issues added to results, given those securities’ solid performance. Meanwhile, the Fund maintained lesser exposure to the highest quality bonds, those rated AAA and AA, and this strategy proved additionally advantageous in light of those securities’ more modest gains.

Given the Fund’s favorable results, there were few particularly negative performance factors. The Fund was, however, modestly hampered by its holdings within the dedicated-tax bond sector. While the category as a whole fared well, the individual bonds we owned in this sector failed to keep pace, which limited the Fund’s upside. Another minor

Nuveen Investments 7

disappointment was the Fund’s slight overweighting in water/sewer bonds, which lagged the broad municipal bond index.

Nuveen High Yield Municipal Bond Fund

During the twelve months ending April 30, 2013, the Nuveen High Yield Municipal Bond Fund’s Class A shares at NAV significantly outperformed the S&P Municipal Yield Index and the Lipper High Yield Municipal Debt Funds Classification Average. Please note that during the last fiscal reporting period, the Nuveen High Yield Municipal Bond Fund’s primary index was changed. Previously, the Fund used the S&P Municipal Bond High Yield Index as its benchmark. The Fund is now compared to the S&P Municipal Yield Index because it more closely reflects the Fund’s investment universe.

The environment for high yield municipal bonds was favorable during the period, as credit spreads narrowed (indicating lower-rated bond yields were falling more sharply than higher-rated bond yields). Demand for high yield securities was further bolstered by improved fiscal conditions, as states and municipalities generally enjoyed growth in tax revenue in response to the improving economy, which was being lifted in part by better conditions in the housing market. The Fund was well positioned to benefit from these trends, maintaining elevated exposure to corporate-backed industrial development revenue (IDR) municipal bonds and land-backed community district debt.

Regarding IDR bonds, the Fund was especially helped by its exposure to municipal bonds issued by the airline industry, which witnessed a number of positive developments during the period, including market consolidation that has strengthened the financial position of issuers. One particularly notable contributor to the Fund’s results was an unsecured bond issue for American Airlines that we initially purchased in the secondary municipal bond market early in the reporting period and added to that position at various points throughout the past twelve months. As the company made progress on its bankruptcy resolution, it improved its financial position much more than many investors expected a year ago. We began buying these securities in May 2012 at a very large discount to their face value; by the end of the reporting period, they traded at a healthy premium.

Another area of opportunity was land-backed community district debt, whose income stream is supplied by property tax revenues. The improving real estate market provided a tailwind for these types of securities, so the Fund’s overweighting was helpful for relative performance. In particular, the Fund benefited from non-rated bonds for the Tolomato Community Development District, which enjoyed solid performance, as the prospects for this development project near Jacksonville, Florida, regained momentum in response to better housing market conditions. While not a land-backed security, our position in Pennsylvania Economic Development Authority bonds for USG Corporation, a leading manufacturer of wallboard used in building and home construction, reflected healthier real estate market conditions, improved construction data and higher pricing for wallboard.

The health care sector remained an important area of investment. As hospitals prepare to implement the requirements of the Affordable Care Act, we saw an increase in merger activity, which was a generally positive trend for hospital bonds.

8 Nuveen Investments

Another positive performance factor during the period was our use of leverage through inverse floating rate securities. These positions supported the Fund’s results, given that the yield curve remained steep and interest rates on high quality bonds maintained stable performance, enabling the Fund’s leveraged position to generate significant cash flow. (For more information on the Fund’s use of leverage, see “Impact of Nuveen High Yield Municipal Bond Fund’s Leveraging Strategy on Performance” later in this report.)

Even as the Fund enjoyed positive results, a few holdings did not meet our expectations. The largest individual detractor in the portfolio was an IDR bond issue for EnerTech Biosolids, a firm that provides electricity generation through the burning of solid waste. Unfortunately, the company was unable to fulfill the terms of its contract with Los Angeles and other Southern California communities. At period end, we were in the process of liquidating our position. Another challenging performer was a parking bond issue for Yankee Stadium, which we wrote about in our shareholder report six months ago. These bonds remained depressed in value because of the issuer’s high level of debt relative to revenues. However, we maintained our position in the bonds, believing that the issuer’s difficulties were already reflected in the bonds’ values and there could be opportunities for future price improvement. While both of these positions hindered performance, the portfolio’s broad diversification helped ensure that the losses had a minimal impact on the Fund’s overall results.

The Fund also continued to maintain several interest rate swaps that we used to reduce the duration of its portfolio. While these investments functioned exactly as planned, the overall impact on performance was mildly negative, given interest rates declined during the period in which the Fund had the highest exposure to these interest rate swap contracts. The Fund also used credit default swaps to manage credit risk. Using a credit default swap, the Fund purchased credit protection on a small set of issuers, which had a mildly negative impact on performance. Because the credit default swap contract was paired with specifics bonds, however, the same improvement in credit quality that led to negative performance on the credit default swap contract caused positive performance in the bonds it was hedging.

Impact of Nuveen High Yield Municipal Bond Fund’s Leveraging Strategy on Performance

One important factor impacting the returns of the Nuveen High Yield Municipal Bond Fund relative to its comparative benchmarks was the Fund’s use of substantial 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 our research as shown 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.

Nuveen Investments 9

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 it 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.

Nuveen Inflation Protected Municipal Bond Fund

During the twelve-month period ending April 30, 2013, the Nuveen Inflation Protected Municipal Bond Fund’s Class A shares at NAV beat the results of the Barclays 1-10 Year Municipal Bond Index by a generous margin. The Fund also outpaced the Lipper Intermediate Municipal Debt Funds Classification Average.

The Fund’s performance is generally shaped by its two portfolio components, intermediate duration municipal bonds and inflation linked swaps, the latter of which are designed to hedge the Fund against changes in inflation expectations, which can influence municipal bond prices.

In this period of strong relative performance for the Fund, several factors lifted results. In particular, the portfolio was supported by its yield curve positioning. Specifically, the Fund’s underweighting of bonds at the shorter end of its investment universe proved helpful, as did our modest overweighting of longer dated securities. Both stances worked out well, given that longer dated bonds generally benefited from declining interest rates to a greater extent than their shorter maturity counterparts.

Also adding to results was the Fund’s credit quality mix. The portfolio maintained an overweighting in BBB-rated and A-rated securities, two categories that make up the lower half of the investment grade bond universe and represent our primary focus in the managing the portfolio. In an environment of low bond yields, investors generally preferred these lower rated securities for the additional income they provide, despite the extra credit risk. Also, the Fund was underweight in the highest rated credit quality segments, bonds rated AAA and AA, which made an additional positive impact, as these securities did not perform quite as well.

Another source of outperformance came from the Fund’s sector allocations. Specifically, our overweighting in health care, which as a whole fared better than the broad municipal bond market, contributed notably. The Fund was also underweighted in pre-refunded bonds, which are high quality, short duration securities. In a market environment where

10 Nuveen Investments

the opposite characteristics were sought by investors, our lesser exposure to this group added to our results in relative terms. On the other hand, the Fund’s positioning within the corporate-backed industrial development revenue category was a modest detractor.

The Fund’s inflation-protection component achieved its goal of hedging the portfolio against fluctuating prices. During the period, however, this portion of the portfolio detracted from relative performance, as inflation expectations decreased, causing the Fund’s inflation-linked swaps to decline in value accordingly.

Nuveen Intermediate Duration Municipal Bond Fund

During the twelve-month period ending April 30, 2013, the Nuveen Intermediate Duration Municipal Bond Fund’s Class A Shares at NAV modestly outpaced the S&P Municipal Bond Intermediate Index, as well as the Lipper Intermediate Municipal Debt Funds Classification Average.

The most helpful factor behind the Fund’s outperformance of the S&P Index was good credit quality positioning. Specifically, the portfolio had more exposure to bonds with lower investment grade credit ratings, which made up more than half of the Fund’s net assets at period end and these lower rated issues outperformed their higher rated counterparts. Two key factors drove the results of these securities. First, the financial position of municipal bond issuers generally improved along with the recovering economy. Second, investors remained hungry for yield in the continued low interest rate environment, and one of the primary ways to obtain a higher level of income was by taking on more credit risk.

The Fund’s sector positioning also proved advantageous, given that we were well invested in certain areas that featured a significant amount of lower rated issuance. For example, our hospital and tobacco holdings continued to add value, as did a number of our corporate-backed industrial development revenue bond positions, which benefited from improving economic conditions. Another source of outperformance was our allocation to state-supported general obligation debt, led by our holdings in California and Illinois securities. California bonds were helped by the state’s progress in resolving its budget challenges, while, in Illinois, investors’ expectations that the economic situation could begin to improve in that financially troubled state lifted those bonds’ prices.

On the other hand, our yield curve positioning was, in retrospect, sub-optimal. To maintain our desired duration for the portfolio, we owned a combination of longer maturity bonds from within the Fund’s intermediate investment universe, balanced by some very short maturity issues. Because these latter securities were highly liquid, we thought they would be good sale candidates in the event of a sudden change in demand for municipal bonds. In addition, some of these shorter-maturity bonds were purchased years ago at higher yields than those available today, which has helped sustain the Fund’s income stream for its shareholders. During this reporting period, however, these bonds did not perform as well as longer dated bonds did, but we maintained this allocation because of these other factors.

Nuveen Investments 11

Nuveen Limited Term Municipal Bond Fund

For the twelve-month period ending April 30, 2013, the Nuveen Limited Term Municipal Bond Fund’s Class A Shares at NAV outpaced the S&P Municipal Bond Short-Intermediate Index, to a modest degree. The Fund also surpassed the results of the Lipper Short-Intermediate Municipal Debt Funds Classification Average.

The Fund benefited from favorable credit quality positioning. As with the other Funds profiled in this report, we maintained higher relative exposure to bonds on the lower end of the credit quality spectrum, taking advantage of Nuveen’s credit research capabilities to find securities offering additional yield at what we believed was an acceptable level of credit risk. At period end, close to 40% of the portfolio’s net assets was invested in investment grade bonds rated A and BBB, which added to the Fund’s results on a relative basis. As mentioned earlier in this report, lower rated bonds generally outperformed higher rated issues.

On a related note, the Fund saw good results from its holdings in sectors that tend to offer more exposure to lower rated bonds. These included health care, tobacco and corporate-backed industrial development revenue bonds, all of which were supported by improving economic conditions and investors’ willingness to take on credit risk. Another boost came from our state general obligation debt and bonds issued by the State of Illinois, whose prospects for resolving its serious financial challenges appeared to improve a bit. At the same time, however, the Fund was hampered somewhat by its allocation to pre-refunded bonds, whose very short durations and high credit quality were out-of-favor characteristics.

In all, the Fund’s duration positioning had a slight positive impact on results during the twelve-month reporting period. While the Fund’s interest rate sensitivity was roughly equivalent to that of its benchmark, we got a lift from helpful yield curve positioning. We achieved our desired interest rate stance by balancing the Fund’s shorter dated issues with corresponding exposure on the long end of the yield curve. In particular, the Fund’s allocation to very short dated paper was modest, allowing the Fund to realize a benefit from its longer dated holdings.

Nuveen Short Duration High Yield Municipal Bond Fund

While this is an annual report, the Nuveen Short Duration High Yield Municipal Bond Fund’s performance discussion encompasses an abbreviated reporting period from inception on February 1, 2013 through April 30, 2013. During this period, the Fund’s Class A shares at NAV outpaced the S&P Municipal Bond Short Intermediate Index, as well as the Lipper High Yield Municipal Debt Funds Classification Average.

The Fund’s investment approach is to limit duration risk and take advantage of the relatively wider credit spreads generally available on shorter duration bonds. During the three months between the Fund’s inception date and period end, the Fund was well positioned to benefit from favorable market conditions, as yields declined on shorter dated municipal bonds, while their prices rose accordingly.

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Nuveen Short Term Municipal Bond Fund

For the twelve-month period ending April 30, 2013, the Nuveen Short Term Municipal Bond Fund’s Class A Shares at NAV outpaced the S&P Municipal Bond Short Index. The Fund also surpassed the results of the Lipper Short Municipal Debt Funds Classification Average. Prior to November 2011, the Fund’s benchmark was the Barclays 3-Year Municipal Bond Index. The Fund is now compared to the S&P Municipal Bond Short Index because it more closely reflects the Fund’s investment universe.

The Fund’s outperformance relative to the S&P Index was shaped predominantly by the portfolio’s credit rating positioning. Specifically, the Fund’s overweighting in lower quality, investment grade bonds rated A and BBB was advantageous. With yields on high quality short term municipal bonds at or near record lows during the period, investors seeking income were compelled to turn to higher yielding segments of the municipal market. Given that, the Fund’s overweighting in the lower half of the investment grade bond universe and its corresponding underweighting in bonds rated AAA and AA proved beneficial.

The Fund’s sector weighting breakdown also boosted performance relative to its benchmark. The Fund was overweighted in the health care and higher education groups, both of which outpaced the index, as income-seeking investors sought opportunities among higher yielding bonds. Similarly, the Fund’s underweighting among higher-quality sectors, namely pre-refunded bonds and state general obligation debt, was helpful as neither kept pace with the index, somewhat due to their relatively lower income return component.

The maturity profile of the Fund further contributed to our positive results. Here, the Fund’s modest holdings in bonds with maturities exceeding four years, which, to achieve the Fund’s desired duration, are balanced with very short duration securities, enabled the Fund to capture some additional yield and benefit from the small amount of price appreciation these bonds enjoyed. The Fund’s holdings in short dated bonds with maturities of less than six months also modestly tempered the Fund’s results because they lagged the index, given their lower yields and minimal price performance.

What strategies were used to manage the Funds during the twelve-month reporting period ended April 30, 2013?

All of the Funds continued to employ the same fundamental investment strategies and tactics long relied upon by Nuveen Asset Management. Our municipal bond portfolios are managed with a value oriented approach and close input from Nuveen Asset Management’s experienced research team. Below, we highlight the specific factors influencing each Fund’s investment strategy, as well as how we managed each portfolio in light of recent market conditions.

Nuveen All-American Municipal Bond Fund

For much of the reporting period, investors were enthusiastic about the municipal bond market, which resulted in substantial new shareholder inflows for the Fund. In order to invest these assets, we were actively looking to purchase new municipal debt for the portfolio throughout the period. We generally emphasized lower-rated securities and

Nuveen Investments 13

revenue bonds, which, despite their prior strong results, continued to offer relatively attractive yields. During the first half of the period, our purchases tended to focus on bonds with longer maturities, which we believed could continue to thrive in a low interest rate environment. By the second half of the period, however, our emphasis began to shift toward the intermediate portion of the yield curve. Because interest rates had declined more sharply on longer dated bonds, we believed that intermediate bonds had begun to offer better relative value. We made purchases across various revenue sectors, including health care, corporate-backed and “other revenue” bonds, a category that consists of securities backed by dedicated sales or use taxes and, therefore, we felt had the potential to do well in tandem with the improving economy.

Essential service bonds, such as water/sewer and public power revenue bonds, also provided attractive values. We found it appealing that these bonds offered a legally protected revenue stream dedicated to pay back bondholders. In selected instances, we also bought high-yield bonds. Before purchasing these below investment grade rated securities, we conducted thorough research to get comfortable with the financial quality of these issues and became confident that their reward potential fully compensated investors for their risk. Of course, the vast majority of this Fund’s assets were invested in investment grade rated securities, as mandated in the prospectus and the higher yielding, lower rated positions represented a modest portion of the portfolio.

Most of our new purchases were funded through the proceeds of bond calls or bond maturities, and to a lesser extent shareholder inflows. Selling activity, which was very limited, tended to focus on pre-refunded bonds, whose very short maturities and limited performance potential made them, in our view, good sale candidates. At period end, the Fund had a small number of Puerto Rico bond issues we believed were creditworthy and offered a good risk/reward trade-off for our shareholders. Puerto Rico bonds, like those issued by other U.S. territories, are generally fully tax-exempt for residents of all 50 states.

Nuveen High Yield Municipal Bond Fund

The Fund experienced substantial new shareholder inflows during the period, as investors actively searched for higher yield in an environment of continued low interest rates. Therefore, our primary emphasis during the period was to find suitable places to invest these new assets in order to keep the Fund fully invested.

With a significant amount of new cash available for investment, we bought bond issues across multiple economic sectors. One such area of activity was land-backed community development district deals, in which we have long been active participants because of our belief that they offered good value. With fewer mortgage defaults providing a more favorable environment for property development, the prospects for many community development district bond issuers was enhanced. Our purchases in this sector took place in multiple markets across the country, most notably buying special assessment bonds for the Grand Bay at Doral Community Development District, a facility outside Miami; adding to our position in special assessment bonds issued for the Tolomato Community Development District near Jacksonville, Florida; and purchasing special-tax bonds for Murrieta (California) Public Facilities Authority.

14 Nuveen Investments

Another area of emphasis was corporate-backed IDR municipal bonds, many of which continued to benefit from the stabilizing economic backdrop but still offered what we believed was good value potential. New IDR purchases included tax-exempt bonds issued for chemical manufacturer Celanese and truck engine manufacturer Navistar International. Several times during the period, we also added to the Fund’s position in American Airlines bonds, which, as we mentioned, were extremely strong performers for the Fund. We found additional opportunities to add value among charter school bonds. In contrast, while health care is typically an active sector for Nuveen and we did periodically add to the Fund’s allocation, we were less involved here than usual. Because many health care bonds have performed relatively well in recent years, we identified better values in other parts of the market, such as those we mentioned earlier.

We also sought value potential by purchasing bonds backed by municipal bond insurer National Public Finance Guarantee (NPFG). In the wake of the financial crisis of 2008, most municipal bond insurers saw their credit ratings downgraded, and NPFG was no exception. In recent years, however, NPFG has settled its outstanding litigation, which, in our view, has increased its future viability as a legitimately highly rated entity. Although the company’s credibility has not yet been rebuilt with investors, a process we believe may take time, it has become possible to purchase municipal debt offering NPFG’s insurance wrapper without paying much in the way of a premium for this additional coverage. Accordingly, we looked for attractively valued NPFG-backed bonds that we believed were solid investments, paid only a modest amount for NPFG’s insurance policy and then anticipated the potential for capital appreciation if NPFG is successful in restoring its credibility with investors.

Selling activity was also very limited and tended to be concentrated around investment outflows in December 2012, as investors developed short-lived concerns about the perceived risk in the municipal bond market related to unrealized proposals out of Washington, D.C. to limit the tax-exemption of municipal bonds. When we sold securities in response to shareholder outflows, we generally unloaded higher coupon investment grade bonds priced to relatively short call dates. We believed these securities were not a key component of our long term investment strategy, offered less compelling long term value and could be most easily replaced in the portfolio.

Nuveen Inflation Protected Municipal Bond Fund

The Fund’s net assets more than doubled during the period due to a sizeable inflow of shareholder investments. As a result, our primary emphasis in managing the portfolio was to stay fully invested. To accomplish this goal, we were extremely active in making new purchases, via both the primary and secondary municipal bond markets and across a variety of sectors, buying suitable securities that we believed offered good value for our shareholders. In our opinion, the portfolio was well structured going into the period, so modest changes to the Fund’s credit quality and sector weightings reflected the composition of the new bonds we added, as opposed to the sale of specific securities from the portfolio. In fact, sales were almost non-existent during a period in which our main priority was to invest the portfolio’s growing assets.

Nuveen Investments 15

While the average credit quality of the portfolio remained fairly consistent, we took advantage of selected opportunities among below investment grade rated bonds that, after conducting thorough credit research, we believed offered our shareholders a particularly favorable risk/reward trade-off. However, we found fewer of these opportunities as the period progressed. Notable sector activity included adding to the Fund’s allocation to general obligation, higher education and dedicated-tax bonds, reflecting where we believed we were finding good value. In contrast, the Fund’s health care, toll road and public power bond exposure remained significant but decreased modestly as a percentage of the portfolio’s assets, as we tended to favor securities from other sectors.

As the Fund grew, we added additional inflation-linked swap positions several times during the reporting period and monitored the portfolio regularly to help ensure appropriate inflation protection.

Nuveen Intermediate Duration Municipal Bond Fund

With new shareholder inflows coming into the Fund, our primary consideration was to keep the portfolio fully invested, a goal that influenced our management decisions throughout the period. On a duration basis, for example, we continued to identify desirable bonds across a wide spectrum of maturities. As the period progressed, we were finding the best values among bonds in our investment universe with maturities ranging from roughly six to fifteen years. In addition to providing our shareholders with what we believed was the best available risk/reward balance, this focus on the “belly” of the yield curve provided the Fund with sufficient interest rate sensitivity to keep duration in line with that of our target.

The Fund’s credit quality positioning also remained consistent. Even as credit spreads narrowed, indicating that investors were willing to take on more credit risk in exchange for a declining amount of yield, lower investment grade rated bonds continued to offer what we believed was good value, even if that value at period end was not quite as significant as it had been twelve months earlier. We worked closely with Nuveen’s credit research team to find those bonds that we believed offered the best risk/reward trade-off, especially as robust demand for municipal securities made it more important than ever to be selective about choosing appropriate bonds offering good value. We believe Nuveen’s credit research expertise makes us well positioned to capitalize on this situation, given the depth of our credit research experience and resources. While we continued to purchase lower-investment grade debt we found attractive, we were not looking to dramatically increase our exposure as a percentage of the portfolio’s net assets, believing that the Fund was already sufficiently represented in bonds with credit ratings below AA-rated.

During the first half of the period, we took advantage of several unique opportunities to buy unemployment compensation-backed bonds, a category that does not come to market very often. In the wake of the financial crisis of 2008, various states depleted their unemployment compensation funds, leading them to issue new state tax-exempt bonds to finance funds borrowed from the federal government. During the first half of the period, we purchased these generally high quality securities issued by Michigan, Illinois

16 Nuveen Investments

and Pennsylvania. In our view, these bonds provided our shareholders with two important advantages, an adequate level of compensation and, because of their general scarcity, beneficial diversification to the portfolio.

To finance purchases for the Fund, we relied primarily on the proceeds from new shareholder investments and from bond calls and maturities. Selling activity was infrequent and tended to consist of bonds we saw as having limited performance prospects, and we typically initiated sales only during periods when we needed to generate cash for attractive purchase opportunities.

Nuveen Limited Term Municipal Bond Fund

The majority of our purchase activity was focused on keeping the portfolio’s healthy level of shareholder inflows invested, and therefore we had little need to sell securities to take advantage of attractive buying opportunities. Additional funds for our purchases came from the proceeds of bond calls and maturities. Because of this Fund’s emphasis on holdings with relatively short maturity dates, securities roll off the portfolio with a high degree of regularity. During the period, we were able to maintain the Fund’s duration positioning, which we believed was favorable, as the bulk of our new purchases focused on bonds with maturities ranging from roughly three to eight years. When it was possible to find lower-rated bonds providing a good risk/reward trade-off, we looked to this maturity range for new investments. That said, as these bonds continued to gain in price, it became more challenging to find limited-term issues providing what we saw as good value, and we found ourselves becoming more selective as the premium available for investing in lower rated bonds continued to narrow. One notable area in which we were able to find some good prospects was among public power bonds, which, as “essential service” projects, typify the kind of holding we regularly seek as a source of long term potential.

During the first half of the period, we took advantage of several unique opportunities to buy unemployment compensation-backed bonds, a category that does not come to market very often. In the wake of the financial crisis of 2008, various states depleted their unemployment compensation funds, leading them to issue new state tax-exempt bonds to finance funds borrowed from the federal government. During the first half of the period, we purchased these generally high quality securities issued by Michigan, Illinois and Pennsylvania. In our view, these bonds provided our shareholders with two important advantages, an adequate level of compensation and, because of their general scarcity, beneficial diversification to the portfolio.

Nuveen Short Duration High Yield Municipal Bond Fund

In seeking high current income exempt from regular federal income taxes, the Fund invests in predominantly lower rated municipal bonds while maintaining a weighted average effective portfolio duration of less than 4.5 years. When appropriate, the Fund may also use leverage in an opportunistic manner, through the use of inverse floating rate securities.

Nuveen Investments 17

By design, the duration of the Fund is controlled to limit the impact of interest rate movements on performance, making this a potential option for investors who wish to add exposure to high yield municipal bonds to their portfolios, while limiting their interest rate risk.

In its initial three months of operation, the Fund experienced extremely large inflows, and thus our main priority was to invest those assets quickly. We were successful in promptly putting those funds to work in the lower-rated bonds that are our primary emphasis in this portfolio.

Our new purchases consisted of securities across a variety of sectors, including special-assessment, tobacco, corporate-backed industrial development revenue and health care bonds, all of which we believed offered good value to our investors. The Fund also had a small amount of exposure to bonds issued by Puerto Rico, as U.S. territorial bonds are generally fully income tax exempt for all U.S. residents. Our Puerto Rico allocation consisted of individually selected bonds with shorter maturities and, when possible, bonds backed by municipal insurers we believe to be creditworthy.

The majority of our purchases took place in the secondary municipal bond market, which can be a more challenging process than buying bonds in the primary market. However, it can also be a very good source of value, especially for investors such as Nuveen with substantial research and trading resources, as bonds in the secondary market are often less liquid and sometimes even trade by appointment.

We also sought value potential by purchasing bonds backed by municipal bond insurer National Public Finance Guarantee (NPFG). In the wake of the financial crisis of 2008, most municipal bond insurers saw their credit ratings downgraded, and NPFG was no exception. In recent years, however, NPFG has settled its outstanding litigation, which, in our view, has increased its future viability as a legitimately highly rated entity. Although the company’s credibility has not yet been rebuilt with investors, a process we believe may take time, it has become possible to purchase municipal debt offering NPFG’s insurance wrapper without paying much in the way of a premium for this additional coverage. Accordingly, we looked for attractively valued NPFG-backed bonds that we believed were solid investments, paid only a modest amount for NPFG’s insurance policy and then anticipated the potential for capital appreciation if NPFG is successful in restoring its credibility with investors. During the period, we bought NPFG-insured bonds that we thought were good investments in their own right, and further had the potential to see additional capital appreciation if NPFG regains its favor with investors, which we see as a distinct possibility over time.

Nuveen Short Term Municipal Bond Fund

At the end of 2012, the Fund experienced inflows during a period when the supply of new municipal bonds was comparatively light. At that time, our view was that tight supply had temporarily inflated municipal bond valuations, and that once issuers resumed bringing new bonds to the market in 2013, we would have more attractive points of entry. As expected, the supply of municipal bonds increased in early 2013, providing increased opportunities for us to invest at prices we believed were more attractive. As a result, we sold some very short dated holdings to make way for purchases of bonds in the three- to

18 Nuveen Investments

four-year maturity range. Given our expectation that short-term interest rates were unlikely to rise much in the near term, we thought that bonds in the three- to four-year range provided attractive yield and total return potential.

Throughout much of the past twelve months, yields on bonds with maturities between one and four years were relatively stable. Because this lack of volatility limited opportunities to buy and sell mispriced bonds, we focused on finding securities that we felt offered the best combination of yield and credit risk. We generally saw the best prospects among bonds with A and BBB credit ratings reflecting the lower end of our investment grade bond universe and took advantage to add these types of securities to the portfolio when we found suitable opportunities to do so. As a result of this increasing emphasis on lower investment grade bonds, the Fund’s allocation to AAA-rated and AA-rated issues declined.

Low and stable yields also supported our ongoing focus on higher yielding investment grade sectors, leading us to emphasize hospital and higher education bonds. At the same time, we maintained more limited exposure to lower yielding sectors, including pre-refunded and state general obligation bonds. Adding diversification to the portfolio, we made new purchases during the period across a combination of sectors, including special-assessment bonds, student housing projects and higher education debt.

Risk Considerations

Nuveen All-American Municipal Bond Fund

Nuveen Intermediate Duration Municipal Bond Fund

Nuveen Limited Term Municipal Bond Fund

Nuveen Short Term Municipal Bond Fund

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, 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. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The Funds’ use of inverse floaters creates effective leverage. Leverage involves the risk that the Funds could lose more than their original investment and also increases the Funds’ exposure to volatility, interest rate risk and credit risk.

Nuveen 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, 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 19

Nuveen Inflation Protected 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, non-diversification risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuer’s 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 derivative instruments may involve a small amount of cash investment relative to the total notional principal amount of the transaction, the magnitude of losses from derivatives may be greater than the amount originally invested. There can be no assurance that the Fund’s inflation hedging strategy will be successful or perform as expected.

Nuveen Short Duration 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, 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 shorter maturities and durations which carry heightened credit risk, liquidity risk, and potential for default. In addition, the Fund may engage in a moderate amount of portfolio leverage and in doing so, assumes a higher 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.

Dividend Information

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 April 30, 2013, all the Funds in this report had positive UNII balance for tax purposes. As of April 30, 2013, the Nuveen Inflation Protected Municipal Bond Fund, Nuveen Limited Term Municipal Bond Fund and Nuveen Short Duration High Yield Municipal Bond Fund had negative UNII balances and the Nuveen All-American Municipal Bond Fund, Nuveen High Yield Municipal Bond Fund, Nuveen Intermediate Duration Municipal Bond Fund and Nuveen Short Term Municipal Bond Fund had positive UNII balances for financial reporting purposes.

20 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 14 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 and/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 the 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 21

Fund Performance, Expense and Effective Leverage Ratios(continued)

Nuveen All-American 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 April 30, 2013

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		7.83%		7.46%		5.60%
Class A Shares at maximum Offering Price		3.29%		6.54%		5.15%
S&P Municipal Bond Index*		5.74%		6.08%		5.16%
Lipper General Municipal Debt Funds Classification Average*		6.17%		5.67%		4.39%
Class B Shares w/o CDSC		7.05%		6.64%		4.98%
Class B Shares w/CDSC		3.05%		6.49%		4.98%
Class C Shares		7.17%		6.87%		5.03%
Class I Shares		8.03%		7.64%		5.79%

Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		8.04%		7.49%		5.57%
Class A Shares at maximum Offering Price		3.52%		6.56%		5.12%
Class B Shares w/o CDSC		7.16%		6.67%		4.95%
Class B Shares w/CDSC		3.16%		6.52%		4.95%
Class C Shares		7.47%		6.90%		5.00%
Class I Shares		8.13%		7.67%		5.76%

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		0.77%
Class B Shares		1.53%
Class C Shares		1.32%
Class I Shares		0.55%

Effective Leverage Ratio as of April 30, 2013

Effective Leverage Ratio 5.34%

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

22 Nuveen Investments

Growth of an Assumed $10,000 Investment as of April 30, 2013 – Class A Shares

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 23

Fund Performance, Expense and Effective Leverage Ratios (continued)

Nuveen 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 April 30, 2013

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		14.24%		5.17%		5.11%
Class A Shares at maximum Offering Price		9.43%		4.27%		4.66%
S&P Municipal Yield Index*		11.18%		7.12%		N/A
S&P Municipal Bond High Yield Index*		13.04%		7.66%		7.33%
Lipper High Yield Municipal Debt Funds Classification Average*		9.60%		5.75%		4.95%
Class B Shares w/o CDSC		13.34%		4.38%		4.48%
Class B Shares w/CDSC		9.34%		4.22%		4.48%
Class C Shares		13.57%		4.58%		4.53%
Class I Shares		14.44%		5.36%		5.31%

Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		14.82%		5.03%		5.04%
Class A Shares at maximum Offering Price		9.99%		4.13%		4.59%
Class B Shares w/o CDSC		13.99%		4.25%		4.42%
Class B Shares w/CDSC		9.99%		4.09%		4.42%
Class C Shares		14.22%		4.45%		4.47%
Class I Shares		15.10%		5.22%		5.24%

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		0.85%
Class B Shares		1.61%
Class C Shares		1.40%
Class I Shares		0.65%

Effective Leverage Ratio as of April 30, 2013

Effective Leverage Ratio 18.62%

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

24 Nuveen Investments

Growth of an Assumed $10,000 Investment as of April 30, 2013 – Class A Shares

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 25

Fund Performance, Expense and Effective Leverage Ratios (continued)

Nuveen Inflation Protected 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 April 30, 2013

	Average Annual
	1-Year		Since Inception*
Class A Shares at NAV		5.39%		8.89%
Class A Shares at maximum Offering Price		2.23%		7.35%
Barclays 1-10 Year Municipal Bond Index**		3.28%		5.37%
Lipper Intermediate Municipal Debt Funds Classification Average**		3.98%		6.54%
Class C Shares		4.81%		8.28%
Class I Shares		5.65%		9.10%

Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		Since Inception*
Class A Shares at NAV		6.35%		9.16%
Class A Shares at maximum Offering Price		3.16%		7.57%
Class C Shares		5.77%		8.56%
Class I Shares		6.51%		9.38%

Class A Shares have a maximum 3.00% 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		1.45%		0.78%
Class C Shares		2.02%		1.33%
Class I Shares		1.21%		0.58%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through August 31, 2013 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 0.60% (1.05% after August 31, 2013) of the average daily net assets of any class of Fund shares. The expense limitation expiring August 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 April 30, 2013

Effective Leverage Ratio 0%

* Since inception returns are from 3/08/11.

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

26 Nuveen Investments

Growth of an Assumed $10,000 Investment as of April 30, 2013 – Class A Shares

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 27

Fund Performance, Expense and Effective Leverage Ratios (continued)

Nuveen Intermediate Duration 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 April 30, 2013

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		4.83%		5.18%		4.26%
Class A Shares at maximum Offering Price		1.64%		4.55%		3.94%
S&P Municipal Bond Intermediate Index*		4.71%		6.25%		5.12%
Lipper Intermediate Municipal Debt Funds Classification Average*		3.98%		4.97%		3.91%
Class B Shares w/o CDSC		4.19%		4.40%		3.64%
Class B Shares w/CDSC		0.19%		4.23%		3.64%
Class C Shares		4.39%		4.63%		3.69%
Class I Shares		5.13%		5.41%		4.47%

Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		4.99%		5.11%		4.22%
Class A Shares at maximum Offering Price		1.88%		4.47%		3.90%
Class B Shares w/o CDSC		4.24%		4.32%		3.59%
Class B Shares w/CDSC		0.24%		4.15%		3.59%
Class C Shares		4.33%		4.53%		3.65%
Class I Shares		5.18%		5.31%		4.42%

Class A Shares have a maximum 3.00% 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		0.71%
Class B Shares		1.46%
Class C Shares		1.26%
Class I Shares		0.51%

Effective Leverage Ratio as of April 30, 2013

Effective Leverage Ratio 2.02%

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

28 Nuveen Investments

Growth of an Assumed $10,000 Investment as of April 30, 2013 – Class A Shares

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 29

Fund Performance, Expense and Effective Leverage Ratios (continued)

Nuveen Limited Term 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 April 30, 2013

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		2.79%		4.08%		3.53%
Class A Shares at maximum Offering Price		0.20%		3.56%		3.27%
S&P Municipal Bond Short-Intermediate Index*		2.64%		4.43%		3.94%
Lipper Short-Intermediate Municipal Debt Funds Classification Average*		2.22%		3.53%		3.28%
Class C Shares		2.51%		3.72%		3.17%
Class I Shares		3.07%		4.28%		3.73%

Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		2.94%		4.00%		3.52%
Class A Shares at maximum Offering Price		0.33%		3.48%		3.25%
Class C Shares		2.57%		3.64%		3.16%
Class I Shares		3.21%		4.22%		3.73%

Class A Shares have a maximum 2.50% sales charge (Offering Price). Class A Share purchases of $250,000 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

	Expense Ratios
Class A Shares		0.65%
Class C Shares		1.00%
Class I Shares		0.45%

Effective Leverage Ratio as of April 30, 2013

Effective Leverage Ratio 0%

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

30 Nuveen Investments

Growth of an Assumed $10,000 Investment as of April 30, 2013 – Class A Shares

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 31

Fund Performance, Expense and Effective Leverage Ratios (continued)

Nuveen Short Duration 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

Cumulative Total Returns as of April 30, 2013

	Since Inception*
Class A Shares at NAV		1.72%
Class A Shares at maximum Offering Price		-0.82%
S&P Municipal Bond Short-Intermediate Index**		0.77%
Lipper High Yield Municipal Debt Funds Classification Average**		1.23%
Class C Shares		1.63%
Class I Shares		1.75%

Cumulative Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)

	Since Inception*
Class A Shares at NAV		0.66%
Class A Shares at maximum Offering Price		-1.86%
Class C Shares		0.62%
Class I Shares		0.68%

Class A Shares have a maximum 2.50% sales charge (Offering Price). Class A Share purchases of $250,000 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		1.05%		0.85%
Class C Shares		1.60%		1.40%
Class I Shares		0.85%		0.65%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through April 30, 2016 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.65% of the average daily net assets of any class of Fund shares. The expense limitation expiring April 30, 2016 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

Effective Leverage Ratio as of April 30, 2013

Effective Leverage Ratio 0.53%

* Since inception returns are from 2/01/13.

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

32 Nuveen Investments

Growth of an Assumed $10,000 Investment as of April 30, 2013 – Class A Shares

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 33

Fund Performance, Expense and Effective Leverage Ratios (continued)

Nuveen Short Term 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 April 30, 2013

		Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		1.88%		2.78%		2.53%
Class A Shares at maximum Offering Price		-0.66%		2.27%		2.27%
S&P Municipal Bond Short Index**		1.27%		2.81%		2.88%
Barclays 3-Year Municipal Bond Index**		1.54%		5.39%		3.12%
Lipper Short Municipal Debt Funds Classification Average**		1.14%		2.03%		2.10%
Class I Shares		2.06%		2.95%		2.69%
	1-Year				Since Inception*
Class C Shares		1.42%				1.82%

Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)

		Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		2.13%		2.77%		2.55%
Class A Shares at maximum Offering Price		-0.42%		2.26%		2.29%
Class I Shares		2.31%		2.94%		2.71%
	1-Year				Since Inception*
Class C Shares		1.67%				1.86%

Class A Shares have a maximum 2.50% sales charge (Offering Price). Class A Share purchases of $250,000 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

	Expense Ratios
Class A Shares		0.71%
Class C Shares		1.05%
Class I Shares		0.51%

Effective Leverage Ratio as of April 30, 2013

Effective Leverage Ratio 0%

* Since inception returns for C Shares are from 8/31/11.

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

34 Nuveen Investments

Growth of an Assumed $10,000 Investment as of April 30, 2013 – Class A Shares

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 35

Yields as of April 30, 2013

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 All-American Municipal Bond Fund

	Dividend Yield		SEC 30-Day Yield		Taxable- Equivalent Yield1
Class A Shares2		3.76%		2.40%		3.33%
Class B Shares		3.21%		1.76%		2.44%
Class C Shares		3.37%		1.96%		2.72%
Class I Shares		4.12%		2.70%		3.75%

Nuveen High Yield Municipal Bond Fund

	Dividend Yield		SEC 30-Day Yield		Taxable- Equivalent Yield1
Class A Shares2		5.48%		4.49%		6.24%
Class B Shares		4.97%		3.94%		5.47%
Class C Shares		5.18%		4.14%		5.75%
Class I Shares		5.89%		4.89%		6.79%

Nuveen Inflation Protected Municipal Bond Fund

	Dividend Yield		SEC 30-Day Yield		Taxable- Equivalent Yield1
Class A Shares2		2.01%		1.69%		2.35%
Class C Shares		1.49%		1.19%		1.65%
Class I Shares		2.23%		1.93%		2.68%

Nuveen Intermediate Duration Municipal Bond Fund

	Dividend Yield		SEC 30-Day Yield		Taxable- Equivalent Yield1
Class A Shares2		3.10%		1.30%		1.81%
Class B Shares		2.49%		0.59%		0.82%
Class C Shares		2.68%		0.79%		1.10%
Class I Shares		3.38%		1.53%		2.13%

1 TheTaxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a federal income tax rate of 28.0%.

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.

36 Nuveen Investments

Nuveen Limited Term Municipal Bond Fund

	Dividend Yield		SEC 30-Day Yield		Taxable- Equivalent Yield1
Class A Shares2		1.87%		0.61%		0.85%
Class C Shares		1.55%		0.28%		0.39%
Class I Shares		2.09%		0.83%		1.15%

Nuveen Short Duration High Yield Municipal Bond Fund

	Dividend Yield		SEC 30-Day Yield		Taxable- Equivalent Yield1
Class A Shares2		3.01%		2.43%		3.38%
Class C Shares		2.55%		1.98%		2.75%
Class I Shares		3.26%		2.77%		3.85%

Nuveen Short Term Municipal Bond Fund

	Dividend Yield		SEC 30-Day Yield		Taxable- Equivalent Yield1
Class A Shares2		1.43%		0.25%		0.35%
Class C Shares		1.12%		-0.10%		-0.14%
Class I Shares		1.65%		0.45%		0.61%

1 TheTaxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a federal income tax rate of 28.0%.

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.

Nuveen Investments 37

Holding Summaries as of April 30, 2013

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, 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 All-American Municipal Bond Fund

Bond Credit Quality1,2,3,4
AAA/U.S. Guaranteed	11.2%
AA	26.5%
A	28.0%
BBB	22.6%
BB or Lower	3.6%
N/R	6.3%

Nuveen High Yield Municipal Bond Fund

Bond Credit Quality1,2,3,4
AAA/U.S. Guaranteed	1.3%
AA	18.1%
A	13.3%
BBB	15.3%
BB or Lower	18.9%
N/R	30.8%

Portfolio Composition1,5
Tax Obligation/Limited	21.4%
Health Care	17.2%
Transportation	12.4%
Tax Obligation/General	10.9%
Education and Civic Organizations	9.6%
Utilities	9.0%
Water and Sewer	5.0%
Other	14.5%

Portfolio Composition1,6
Tax Obligation/Limited	25.5%
Health Care	15.1%
Transportation	11.8%
Education and Civic Organizations	10.3%
Consumer Staples	5.8%
Utilities	5.5%
Long-Term Care	5.2%
Consumer Discretionary	5.0%
Industrials	4.7%
Other	11.1%

States/U.S. Territories1,5
California	11.8%
Texas	9.5%
Florida	8.7%
Illinois	7.6%
New York	4.5%
Pennsylvania	4.1%
Colorado	3.6%
Arizona	3.3%
Ohio	3.1%
Wisconsin	3.1%
Georgia	2.9%
Indiana	2.9%
Puerto Rico	2.6%
Washington	2.6%
Michigan	2.3%
New Jersey	2.3%
Kansas	2.1%
Louisiana	1.9%
Missouri	1.7%
Other	19.4%

States/U.S. Territories1,7
California	17.9%
Florida	11.0%
Illinois	7.8%
Texas	7.5%
Colorado	6.3%
Arizona	4.1%
Michigan	3.6%
Ohio	3.3%
New York	3.0%
Pennsylvania	2.7%
New Jersey	2.6%
Indiana	2.4%
Alabama	2.0%
Washington	1.9%
Georgia	1.7%
Virginia	1.6%
Iowa	1.5%
Other	19.1%

1 Holdings are subject to change.

2 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.

3 Percentages may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.

4 As a percentage of total investment exposure.

5 As a percentage of total investments.

6 As a percentage of total investments (excluding investments in derivatives).

7 As a percentage of total municipal bonds and Las Vegas Monorail Company Corporate Bonds.

38 Nuveen Investments

Nuveen Inflation Protected Municipal Bond Fund

Bond Credit Quality1,2,3,4
AAA/U.S. Guaranteed	2.6%
AA	31.0%
A	28.9%
BBB	24.1%
BB or Lower	4.5%
N/R	5.2%

Portfolio Composition1,5
Tax Obligation/Limited	23.6%
Transportation	15.1%
Tax Obligation/General	14.3%
Education and Civic Organizations	12.8%
Utilities	12.2%
Health Care	10.2%
Water and Sewer	5.5%
Other	6.3%

States/U.S. Territories1,5
Florida	8.1%
Illinois	7.0%
California	6.5%
Pennsylvania	6.2%
Colorado	6.1%
Texas	5.8%
Ohio	5.6%
North Carolina	5.1%
Michigan	4.7%
Kansas	4.4%
New York	4.1%
Louisiana	3.9%
Indiana	3.8%
Arizona	3.0%
New Jersey	2.8%
Georgia	2.1%
Washington	2.1%
Other	18.7%

Nuveen Intermediate Duration Municipal Bond Fund

Bond Credit Quality1,2,3,4
AAA/U.S. Guaranteed	15.3%
AA	33.4%
A	32.5%
BBB	11.6%
BB or Lower	3.5%
N/R	2.0%

Portfolio Composition1,6
Tax Obligation/Limited	27.7%
Tax Obligation/General	19.6%
Health Care	14.9%
Utilities	9.7%
Transportation	7.5%
U.S. Guaranteed	6.4%
Other	14.2%

States/U.S. Territories1,6
Illinois	8.6%
Texas	8.3%
California	7.9%
Florida	6.1%
New Jersey	6.0%
New York	6.0%
Michigan	4.9%
Arizona	4.3%
Pennsylvania	4.0%
Colorado	3.4%
Louisiana	3.0%
Ohio	3.0%
Massachusetts	2.9%
Missouri	2.6%
Wisconsin	2.3%
Washington	2.1%
Tennessee	2.1%
Nevada	2.0%
North Carolina	1.4%
Other	19.1%

1 Holdings are subject to change.

2 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.

3 Percentages may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.

4 As a percentage of total investment exposure.

5 As a percentage of total investments (excluding investments in derivatives).

6 As a percentage of total investments.

Nuveen Investments 39

Holding Summaries as of April 30, 2013 (continued)

Nuveen Limited Term Municipal Bond Fund

Bond Credit Quality1,2,3,4
AAA/U.S. Guaranteed	22.6%
AA	38.2%
A	26.4%
BBB	8.5%
BB or Lower	1.6%
N/R	1.2%

Portfolio Composition1,5
Tax Obligation/Limited	26.8%
Tax Obligation/General	23.1%
Utilities	11.2%
Health Care	10.0%
Education and Civic Organizations	6.3%
Transportation	6.1%
U.S. Guaranteed	5.9%
Other	10.6%

States/U.S. Territories1,5
New York	9.6%
Illinois	8.2%
New Jersey	6.5%
Pennsylvania	6.4%
Florida	5.9%
Texas	5.9%
California	5.1%
Michigan	4.7%
Arizona	4.1%
Ohio	3.9%
Washington	3.4%
Georgia	3.1%
Indiana	2.6%
Massachusetts	2.3%
Colorado	2.2%
Louisiana	1.9%
Missouri	1.8%
Maryland	1.8%
Tennessee	1.6%
Other	19.0%

Nuveen Short Duration High Yield Municipal Bond Fund

Bond Credit Quality1,2,3,4
AA	4.1%
A	17.8%
BBB	26.1%
BB or Lower	18.6%
N/R	13.7%

Portfolio Composition1,5
Tax Obligation/Limited	19.5%
Education and Civic Organizations	11.2%
Transportation	10.9%
Tax Obligation/General	10.7%
Health Care	10.6%
Consumer Staples	9.0%
Utilities	8.2%
Long-Term Care	7.0%
Industrials	5.0%
Other	7.9%

States/U.S. Territories1,5
California	13.6%
Florida	9.3%
Texas	7.8%
Ohio	6.5%
New York	5.7%
Michigan	5.0%
Puerto Rico	4.9%
Arizona	3.7%
New Jersey	3.6%
Pennsylvania	3.4%
Illinois	3.3%
Guam	3.1%
Colorado	3.0%
Missouri	2.8%
Indiana	2.8%
Massachusetts	2.6%
Other	18.9%

1 Holdings are subject to change.

2 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.

3 Percentages may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.

4 As a percentage of total investment exposure.

5 As a percentage of total investments.

40 Nuveen Investments

Nuveen Short Term Municipal Bond Fund

Bond Credit Quality1,2,3
AAA/U.S. Guaranteed	4.4%
AA	23.8%
A	40.7%
BBB	26.2%
BB or Lower	0.4%
N/R	4.5%

Portfolio Composition1,4
Education and Civic Organizations	19.1%
Health Care	18.7%
Tax Obligation/Limited	18.1%
Tax Obligation/General	13.7%
Transportation	9.0%
Utilities	7.2%
Other	14.2%

States/U.S. Territories1,4
Florida	8.3%
Pennsylvania	7.0%
California	6.6%
Arizona	5.9%
Illinois	5.6%
New York	5.2%
Colorado	5.1%
Missouri	5.0%
Minnesota	4.7%
Texas	4.6%
New Jersey	4.6%
Virginia	3.7%
Michigan	3.3%
Iowa	2.7%
Ohio	2.3%
Georgia	1.9%
Virgin Islands	1.8%
Oregon	1.8%
Other	19.9%

1 Holdings are subject to change.

2 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.

3 As a percentage of total investment exposure (excluding money market funds).

4 Percentages may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.

5 As a percentage of total investments (excluding money market funds).

Nuveen Investments 41

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. Since the expense examples for Nuveen Short Duration High Yield Municipal Bond Fund reflect only the first 89 days of the Fund’s operations they may not provide a meaningful understanding of the Funds ongoing expense.

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the end of 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 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 All-American 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 (11/01/12)	$	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 (4/30/13)	$	1,024.30	$	1,020.70	$	1,020.70	$	1,025.30	$	1,021.27	$	1,017.55	$	1,018.55	$	1,022.27
Expenses Incurred During Period	$	3.56	$	7.31	$	6.31	$	2.56	$	3.56	$	7.30	$	6.31	$	2.56

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .71%, 1.46%, 1.26% and .51% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen High Yield 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 (11/01/12)	$	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 (4/30/13)	$	1,052.90	$	1,049.00	$	1,050.10	$	1,053.80	$	1,020.68	$	1,016.96	$	1,017.95	$	1,021.67
Expenses Incurred During Period	$	4.22	$	8.03	$	7.01	$	3.21	$	4.16	$	7.90	$	6.90	$	3.16

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 181/365 (to reflect the one-half year period).

Nuveen Inflation Protected 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 (11/01/12)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (4/30/13)	$	1,008.40	$	1,005.50	$	1,009.20	$	1,020.98	$	1,018.25	$	1,021.97
Expenses Incurred During Period	$	3.83	$	6.56	$	2.84	$	3.86	$	6.61	$	2.86

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .77%, 1.32% and .57% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

42 Nuveen Investments

Nuveen Intermediate Duration 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 (11/01/12)	$	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 (4/30/13)	$	1,017.40	$	1,014.90	$	1,015.90	$	1,019.40	$	1,021.32	$	1,017.60	$	1,018.65	$	1,022.32
Expenses Incurred During Period	$	3.50	$	7.24	$	6.20	$	2.50	$	3.51	$	7.25	$	6.21	$	2.51

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .70%, 1.45%, 1.24% and .50% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Limited Term 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 (11/01/12)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (4/30/13)	$	1,010.90	$	1,010.00	$	1,011.80	$	1,021.57	$	1,019.84	$	1,022.56
Expenses Incurred During Period	$	3.24	$	4.98	$	2.24	$	3.26	$	5.01	$	2.26

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .65%, 1.00% and .45% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Short Duration 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 (2/01/13)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (4/30/13)	$	1,017.20	$	1,016.30	$	1,017.50	$	1,010.19	$	1,008.85	$	1,010.68
Expenses Incurred During Period	$	2.02	$	3.37	$	1.53	$	2.01	$	3.36	$	1.52

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .82%, 1.37% and .62% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 89/365 (to reflect the 89 days in the period since the Fund’s commencement of operations).

Nuveen Short Term 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 (11/01/12)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (4/30/13)	$	1,008.00	$	1,005.20	$	1,008.90	$	1,021.12	$	1,019.39	$	1,022.12
Expenses Incurred During Period	$	3.68	$	5.42	$	2.69	$	3.71	$	5.46	$	2.71

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .74%, 1.09% and .54% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Investments 43

Report of Independent Registered Public Accounting Firm

To the Board of Trustees/Directors and Shareholders of

Nuveen Municipal Trust and Nuveen Investment Funds, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets, and the financial highlights present fairly, in all material respects, the financial position of Nuveen All-American Municipal Bond Fund, Nuveen High Yield Municipal Bond Fund, Nuveen Inflation Protected Municipal Bond Fund, Nuveen Intermediate Duration Municipal Bond Fund, Nuveen Limited Term Municipal Bond Fund, Nuveen Short Duration High Yield Municipal Bond Fund, (each a series of the Nuveen Municipal Trust, collectively “Nuveen Municipal Trust”) and the Nuveen Short Term Municipal Bond Fund, (a series of the Nuveen Investment Funds, Inc.), (Nuveen Municipal Trust and Nuveen Short Term Municipal Bond Fund collectively, the “Funds”) at April 30, 2013, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented for each series of Nuveen Municipal Trust, and the results of its operations for the year then ended, the changes in its net assets and financial highlights for each of the two years in the period then ended for the Nuveen Short Term Municipal Bond Fund, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial statements of the Nuveen Short Term Municipal Bond Fund for the periods ended April 30, 2011 and prior were audited by other independent auditors whose report dated June 24, 2011 expressed an unqualified opinion on those statements.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

June 27, 2013

44 Nuveen Investments

Portfolio of Investments

Nuveen All-American Municipal Bond Fund

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		MUNICIPAL BONDS – 98.5%
		Alabama – 1.1%
$	6,165	Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A, 5.000%, 11/15/30		11/15 at 100.00		Baa2	$	6,411,538
	350	Camden Industrial Development Board, Alabama, Exempt Facilities Revenue Bonds, Weyerhaeuser Company Project, Series 2003B, 6.375%, 12/01/24 (Pre-refunded 12/01/13) (Alternative Minimum Tax)		12/13 at 100.00		AA+ (4)		362,649
	2,750	Courtland Industrial Development Board, Alabama, Solid Waste Revenue Bonds, International Paper Company Project, Series 2005A, 5.200%, 6/01/25 (Alternative Minimum Tax)		6/15 at 100.00		BBB		2,892,478
		Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A:
	1,000	5.250%, 1/01/14		No Opt. Call		B		1,001,000
	5,165	5.250%, 1/01/15		1/14 at 100.00		B		5,169,132
	1,000	5.500%, 1/01/21 – AGM Insured		1/14 at 100.00		AA–		1,005,370
	1,000	5.500%, 1/01/22		1/14 at 100.00		B		1,001,640
	2,000	Pell City, Alabama, Special Care Facilities Financing Authority, Revenue Bonds, Noland Health Services, Series 2007A, 5.250%, 12/01/34 (Pre-refunded 12/01/17)		12/17 at 100.00		Aaa		2,404,380
	1,565	Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 (Pre-refunded 7/01/13) – AMBAC Insured		7/13 at 100.00		Aa3 (4)		1,579,007
	435	Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 – AMBAC Insured		1/14 at 100.00		Aa3		436,657
	12,255	Walker County, Alabama, General Obligation Bonds, Series 2002, 0.000%, 2/01/32 – NPFG Insured		7/13 at 66.83		A		9,960,374
	33,685	Total Alabama						32,224,225
		Alaska – 0.2%
	5,000	Alaska State, International Airport System Revenue Bonds, Refunding Series 2010A, 5.000%, 10/01/27 (Alternative Minimum Tax)		10/20 at 100.00		Aa3		5,597,100
	2,000	Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32		6/14 at 100.00		B+		1,871,420
	7,000	Total Alaska						7,468,520
		Arizona – 3.2%
	4,550	Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30		3/22 at 100.00		BBB		4,745,286
	140	Arizona Board of Regents, Certificates of Participation, Northern Arizona University Research Projects, Series 2005, 5.000%, 9/01/23 (Pre-refunded 9/01/15) – AMBAC Insured		9/15 at 100.00		A (4)		154,778
	6,500	Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A, 5.000%, 2/01/30		2/22 at 100.00		BBB+		7,124,000
	2,733	Arizona Health Facilities Authority, Revenue Bonds, American Baptist Estates – Terraces Project, Series 2003A, 7.500%, 11/15/23 (Pre-refunded 11/15/13)		11/13 at 101.00		AAA		2,864,375
	500	Arizona School Facilities Board, Certificates of Participation, Series 2008, 5.250%, 9/01/23		9/18 at 100.00		A+		577,865
	5,325	Arizona Sports and Tourism Authority, Senior Revenue Refunding Bonds, Multipurpose Stadium Facility Project, Series 2012A, 5.000%, 7/01/36		7/22 at 100.00		A1		5,922,359
	200	Arizona State University Nanotechnology LLC Lease Revenue Refunding Bonds, Arizona State University Project, Series 2006, 5.000%, 3/01/34 – AGC Insured		3/19 at 100.00		AA–		220,304
	250	Cottonwood, Arizona, Water Revenue Bonds, Series 2006, 5.000%, 7/01/17 – SYNCORA GTY Insured		7/16 at 100.00		A		275,348
	6,630	Gila County Unified School District 10 Payson, Arizona, General Obligation Bonds, Project of 2006, Series 2007A, 5.250%, 7/01/22 – AMBAC Insured		7/17 at 100.00		Aa3		7,627,086

Nuveen Investments 45

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	500	Gilbert, Arizona, Public Facilities Municipal Property Corporation, Revenue Bonds, Series 2009, 5.500%, 7/01/27		7/19 at 100.00		AA	$	577,055
	3,430	Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2007, 5.000%, 12/01/42		12/17 at 100.00		BBB+		3,570,116
	595	Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2007, 5.000%, 5/15/31		5/22 at 100.00		A–		660,004
	750	Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2004B, 5.250%, 8/01/26		8/14 at 100.00		A1		787,335
	750	Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006-1, 4.500%, 8/01/25 – NPFG Insured		8/16 at 100.00		AA–		810,983
	500	Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2004A, 5.375%, 7/01/23		7/14 at 100.00		A		524,610
	225	Maricopa County, Arizona, Hospital Revenue Bonds, Sun Health Corporation, Series 2005, 5.000%, 4/01/25 (Pre-refunded 4/01/24)		4/24 at 100.00		N/R (4)		276,476
	750	Northern Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/36		6/21 at 100.00		A+		836,160
	310	Peoria Municipal Development Authority, Arizona, Revenue Bonds, Series 2006, 5.000%, 7/01/15		No Opt. Call		AA+		339,531
	465	Peoria, Arizona, Improvement District 601, Improvement Bonds, Series 2007, 4.250%, 1/01/22		1/18 at 101.00		AA		518,628
	4,000	Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/31		7/20 at 100.00		A+		4,516,600
	1,000	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Choice Academies Charter Schools Project, Series 2012, 4.875%, 9/01/22		No Opt. Call		BB+		1,018,720
	1,000	Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.400%, 7/01/47		7/21 at 100.00		BB		1,075,380
		Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B:
	1,650	0.000%, 7/01/31 – FGIC Insured		No Opt. Call		AA		2,067,054
	6,000	0.000%, 7/01/39 – FGIC Insured		No Opt. Call		AA		7,539,240
		Pima County Industrial Development Authority, Arizona, Education Facility Revenue and Refunding Bonds, Edkey Charter Schools Project, Series 2013:
	2,115	6.000%, 7/01/33		7/20 at 102.00		BB+		2,222,336
	2,000	6.000%, 7/01/43		7/20 at 102.00		BB+		2,031,260
	825	Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010, 6.000%, 6/01/40		6/19 at 100.00		BBB–		861,201
	730	Pima County Unified School District 1, Tucson, Arizona, School Improvement Bonds, Series 2007C, 5.000%, 7/01/27 – FGIC Insured		7/17 at 100.00		Aa2		821,695
	270	Pima County Unified School District 1, Tucson, Arizona, School Improvement Bonds, Series 2007C, 5.000%, 7/01/27 (Pre-refunded 7/01/17) – FGIC Insured		7/17 at 100.00		Aa2 (4)		318,603
	3,705	Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/41		7/21 at 100.00		A		4,173,275
	1,000	Pinal County Unified School District 1 Florence, Arizona, General Obligation Bonds, Series 2007A, 5.000%, 7/01/27 – FGIC Insured		7/17 at 100.00		A		1,125,610
	300	Queen Creek, Arizona, Improvement District 1 Improvement Bonds, Series 2006, 5.000%, 1/01/20		1/14 at 100.00		A3		302,376

46 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007:
$	1,500	5.250%, 12/01/19		No Opt. Call		A–	$	1,750,590
	1,000	5.250%, 12/01/28		No Opt. Call		A–		1,178,360
	10,250	5.000%, 12/01/37		No Opt. Call		A–		11,515,363
	1,000	Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.000%, 9/01/22		9/18 at 100.00		A2		1,098,670
	500	Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Series 2005C, 0.000%, 7/01/21 – AMBAC Insured		7/17 at 100.00		AAA		552,305
	4,300	Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Series 2008A, 5.000%, 7/01/21		7/18 at 100.00		AAA		5,110,937
		Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe Project, Refunding Series 2012A:
	2,390	6.000%, 12/01/27		12/21 at 100.00		N/R		2,646,471
	430	6.000%, 12/01/32		12/21 at 100.00		N/R		467,831
	1,100	6.250%, 12/01/42		12/21 at 100.00		N/R		1,202,608
	415	Tempe Industrial Development Authority, Arizona, Senior Living Revenue Bonds, Friendship Village of Tempe Project, Refunding Series 2004A, 5.375%, 12/01/13 (ETM)		No Opt. Call		N/R (4)		422,839
	250	Tucson, Arizona, General Obligation Refunding Bonds, Series 1998, 5.500%, 7/01/18		No Opt. Call		Aa2		305,765
	450	University Medical Center Corporation, Arizona, Hospital Revenue Bonds, Refunding Series 2004, 5.000%, 7/01/24		7/14 at 100.00		BBB+		462,794
	155	University Medical Center Corporation, Arizona, Hospital Revenue Bonds, Series 2005, 5.000%, 7/01/16		7/15 at 100.00		BBB+		164,229
	1,000	University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 6.000%, 7/01/39		7/21 at 100.00		BBB+		1,157,390
	953	Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30		7/16 at 100.00		N/R		978,007
		Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2003A:
	375	5.250%, 8/01/21 – RAAI Insured		8/13 at 100.00		BBB+		379,470
	100	6.000%, 8/01/33		8/13 at 100.00		BBB+		101,258
	400	Yavapai County Industrial Development Authority, Arizona, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2003A-1, 4.900%, 3/01/28 (Alternative Minimum Tax)		3/16 at 101.00		BBB		430,984
	365	Yuma, Arizona, Improvement District 68 Improvement Bonds, Series 2006, 4.700%, 1/01/21		1/17 at 101.00		A+		393,368
	86,631	Total Arizona						96,804,888
		Arkansas – 0.1%
		Benton County Public Facilities Board, Arkansas, Charter School Lease Revenue Bonds, BCCSO Project, Series 2010A:
	500	5.750%, 6/01/30		6/20 at 100.00		BBB		562,865
	1,000	6.000%, 6/01/40		6/20 at 100.00		BBB		1,145,870
	500	Conway Health Facilities Board, Arkansas, Hospital Revenue Bond, Conway Regional Medical Center, Improvement Series 2012, 4.100%, 8/01/27		8/22 at 100.00		BBB+		520,595
	2,000	University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B, 5.000%, 11/01/26 – NPFG Insured		11/14 at 100.00		Aa2		2,123,620
	4,000	Total Arkansas						4,352,950
		California – 11.6%
	2,400	Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured		No Opt. Call		BBB+		1,893,216
	1,000	Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 2985, 17.305%, 4/01/34 (IF)		4/18 at 100.00		AA		1,523,290

Nuveen Investments 47

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
$	10	5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured		12/14 at 100.00		AAA	$	10,736
	55	5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured		12/14 at 100.00		Aa1 (4)		59,047
	935	5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured		12/14 at 100.00		AAA		1,003,807
	2,000	California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2008AE, 5.000%, 12/01/21		6/18 at 100.00		AAA		2,391,820
	1,000	California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/30		11/15 at 100.00		A2		1,079,960
	1,065	California Educational Facilities Authority, Revenue Bonds, Woodbury University, Series 2006, 5.000%, 1/01/36		1/15 at 100.00		Baa3		1,074,084
	1,000	California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/27		11/15 at 100.00		A+		1,081,360
	4,285	California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, Series 2006, 5.000%, 4/01/37		4/16 at 100.00		A+		4,665,851
	2,000	California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51		8/22 at 100.00		AA		2,248,780
	5,100	California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39		10/19 at 100.00		AA		6,007,086
	3,470	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45		8/20 at 100.00		BBB		3,870,681
	14,500	California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2005C, 5.125%, 11/01/23 (Alternative Minimum Tax)		11/15 at 101.00		BBB		15,635,060
	5,000	California State Public Works Board, Lease Revenue Bonds, Department of General Services, Series 2002B, 5.000%, 3/01/27 – AMBAC Insured		7/13 at 100.00		A2		5,014,750
	1,000	California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2011D, 5.000%, 12/01/20		No Opt. Call		A2		1,231,120
	1,000	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30		3/20 at 100.00		A2		1,183,360
	2,250	California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 – AMBAC Insured		5/15 at 100.00		Aa2		2,450,970
	4,500	California State, General Obligation Bonds, Series 2004, 5.000%, 6/01/31 – AMBAC Insured		12/14 at 100.00		A1		4,763,790
	700	California State, General Obligation Bonds, Tender Option Bond Trust 3162, 19.050%, 3/01/18 – AGM Insured (IF)		No Opt. Call		AA–		1,185,352
	8,475	California State, General Obligation Bonds, Various Purpose Series 2008, 5.000%, 4/01/38		4/18 at 100.00		A1		9,271,057
	1,400	California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 3/01/30		3/20 at 100.00		A1		1,646,750
	10,000	California State, General Obligation Bonds, Various Purpose Series 2013, 5.000%, 4/01/43		4/23 at 100.00		A1		11,296,900
	1,725	California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 5.750%, 10/01/25		10/19 at 100.00		BBB+		1,956,978
	845	California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008E, 5.500%, 7/01/31		7/17 at 100.00		A		956,760
	2,000	California Statewide Community Development Authority, Revenue Bonds, Children’s Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47		8/17 at 100.00		BBB+		2,092,900
		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
	825	5.250%, 7/01/30		7/15 at 100.00		BBB–		868,742
	5,300	5.250%, 7/01/35		7/15 at 100.00		BBB–		5,553,552
	2,000	5.000%, 7/01/39		7/15 at 100.00		BBB–		2,075,000

48 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	1,000	California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured		7/18 at 100.00		AA–	$	1,156,930
	1,050	California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007B, 5.450%, 7/01/26 – FGIC Insured		7/18 at 100.00		AA–		1,232,805
	1,050	California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007C, 5.450%, 7/01/26 – FGIC Insured		7/18 at 100.00		AA–		1,232,805
	675	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3048, 18.516%, 11/15/46 (IF)		11/16 at 100.00		AA–		973,701
	500	Chino Hill, California, Community Facilities District 10 Special Tax Bonds, Series 2010, 5.000%, 9/01/30 – AGM Insured		9/20 at 100.00		AA–		552,045
		Chino Public Financing Authority, California, Revenue Refunding Bonds, Series 2012:
	1,775	4.000%, 9/01/20		No Opt. Call		N/R		1,829,599
	1,650	4.000%, 9/01/21		No Opt. Call		N/R		1,693,511
	1,065	5.000%, 9/01/23		9/22 at 100.00		N/R		1,160,232
	1,110	5.000%, 9/01/24		9/22 at 100.00		N/R		1,203,817
	785	5.000%, 9/01/25		9/22 at 100.00		N/R		847,525
	780	5.000%, 9/01/34		9/22 at 100.00		N/R		812,432
	4,410	Contra Costa Home Mortgage Finance Authority, California, Home Mortgage Revenue Bonds, Series 1984, 0.000%, 9/01/17 – NPFG Insured (ETM)		No Opt. Call		Aaa		3,355,304
	1,575	California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.068%, 7/01/47 – AGM Insured (IF)		7/18 at 100.00		AA–		2,457,630
	400	Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36		12/21 at 100.00		A+		502,528
	1,960	Elk Grove Community Facilities District 2005-1, California, Special Tax Bonds, Series 2007, 5.250%, 9/01/37		9/15 at 102.00		N/R		1,797,065
	510	Etiwanda School District, California, Coyote Canyon Community Facilities District 2004-1 Improvement Area 2 Special Tax Bonds, Series 2009, 6.500%, 9/01/32		9/19 at 100.00		N/R		561,520
	1,385	Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured		9/15 at 100.00		A		1,456,009
		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
	6,000	5.000%, 6/01/35 – FGIC Insured		6/15 at 100.00		A2		6,299,820
	1,300	5.000%, 6/01/35 – AGC Insured		6/15 at 100.00		AA		1,367,938
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	6,710	4.500%, 6/01/27		6/17 at 100.00		B		6,545,605
	3,480	5.000%, 6/01/33		6/17 at 100.00		B		3,210,230
	8,740	5.750%, 6/01/47		6/17 at 100.00		B		8,350,808
	1,525	Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation Bonds, Series 2006, 5.000%, 3/01/36 – SYNCORA GTY Insured		3/16 at 100.00		A–		1,545,603
	1,000	Jurupa Public Financing Authority, California, Superior Lien Revenue Bonds, Series 2010A, 5.000%, 9/01/33		9/20 at 100.00		AA–		1,088,500
	1,980	Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured		No Opt. Call		Aa2		1,399,642
	1,500	Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38		12/17 at 100.00		BBB		1,742,460
	6,000	Los Angeles Community Redevelopment Agency, California, Tax Allocation Bonds, Bunker Hill Project, Series 2004A, 5.000%, 12/01/24 – AGM Insured		12/14 at 100.00		AA–		6,359,220

Nuveen Investments 49

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	5,025	Los Angeles County Sanitation Districts Financing Authority, California, Capital Projects Revenue Bonds, District 14, Series 2005, 5.000%, 10/01/26 – FGIC Insured		10/15 at 100.00		AA–	$	5,493,481
	1,000	Los Angeles Department of Harbors, California, Revenue Bonds, Series 2009B, 5.250%, 8/01/39		8/19 at 100.00		AA		1,173,080
	500	Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31		9/21 at 100.00		A–		603,045
	3,000	Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36		3/20 at 100.00		A+		3,309,150
	1,000	Manteca Financing Authority, California, Sewer Revenue Bonds, Series 2009, 5.750%, 12/01/36		12/19 at 100.00		AAA		1,191,850
	500	Metropolitan Water District of Southern California, Water Revenue Bonds, Series 2006C, 5.000%, 7/01/29		7/16 at 100.00		AAA		557,750
	1,000	Modesto Irrigation District, California, Electric System Revenue Bonds, Refunding Series 2011A, 5.000%, 7/01/26		7/21 at 100.00		A+		1,171,970
		M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009A:
	2,700	7.000%, 11/01/34		No Opt. Call		A		3,816,207
	2,500	6.500%, 11/01/39		No Opt. Call		A		3,418,000
	13,750	Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.800%, 8/01/23 – NPFG Insured (ETM)		7/13 at 100.00		A (4)		16,393,988
	10,000	Orange County Sanitation District, California, Certificates of Participation, Series 2003, 5.250%, 2/01/27 (Pre-refunded 8/01/13) – FGIC Insured		8/13 at 100.00		AAA		10,124,500
	4,700	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		4,796,115
	1,310	Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25		7/13 at 102.00		BB		1,342,331
	1,740	Palmdale, California, Special Tax Bonds, Community Facilities District 2003-1, Anaverde Project, Series 2005A, 5.350%, 9/01/30		9/15 at 101.00		N/R		1,780,246
	3,000	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29		11/19 at 100.00		Baa3		3,416,640
	1,710	Perris Public Financing Authority, California, Tax Allocation Revenue Bonds, Housing Loan Series 2010A, 6.125%, 10/01/40		10/20 at 100.00		A		1,970,262
	3,775	Poway Unified School District, San Diego County, California, School Facilities Improvement District 2007-1 General Obligation Bonds, Series 2009A, 0.000%, 8/01/23		No Opt. Call		Aa2		2,696,822
	5,000	Poway Unified School District, San Diego County, California, School Facilities Improvement District 2007-1 General Obligation Bonds, Series 2011A, 0.000%, 8/01/41		No Opt. Call		Aa2		1,283,700
	2,035	Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 – FGIC Insured		6/15 at 100.00		A		2,100,181
	15,000	Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/41 – AGM Insured		8/36 at 100.00		AA–		9,837,000
	4,000	Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37		6/20 at 100.00		A–		4,544,840
	1,250	Riverside Unified School District Finance Authority, Riverside County, California, Revenue Bonds Series 2012A, 5.000%, 9/01/37		9/22 at 100.00		A–		1,354,125
	2,500	Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series 2005B, 4.750%, 12/01/21 – FGIC Insured		12/15 at 100.00		AA		2,779,625
	2,000	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		2,198,740

50 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	925	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	$	939,023
	1,000	San Bernardino County Redevelopment Agency, California, Tax Allocation Bonds, Cedar Glen Disaster Recovery Project Area Series 2010, 5.750%, 9/01/30		9/18 at 100.00		BBB		1,039,890
		San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Senior Series 2013B:
	1,225	5.000%, 7/01/20 (Alternative Minimum Tax)		No Opt. Call		A+		1,478,857
	1,200	5.000%, 7/01/21 (Alternative Minimum Tax)		No Opt. Call		A+		1,455,996
	1,150	5.000%, 7/01/22 (Alternative Minimum Tax)		No Opt. Call		A+		1,402,195
	700	5.000%, 7/01/23 (Alternative Minimum Tax)		No Opt. Call		A+		853,825
	8,965	San Diego County Water Authority, California, Water Revenue Certificates of Participation, Series 2004A, 5.000%, 5/01/30 (Pre-refunded 5/01/15)		5/15 at 100.00		Aa2 (4)		9,793,456
	1,035	San Diego County Water Authority, California, Water Revenue Certificates of Participation, Series 2004A, 5.000%, 5/01/30		5/15 at 100.00		AA+		1,105,556
	1,660	San Diego Redevelopment Agency, California, City Heights Redevelopment Project Tax Allocation Bonds, Series 2010A, 5.625%, 9/01/40		9/20 at 100.00		A–		1,779,221
	1,500	San Diego Unified Port District, California, Revenue Bonds, Series 2004B, 5.000%, 9/01/29 – NPFG Insured		9/14 at 100.00		A+		1,579,590
	6,880	San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Refunding Second Series 2012A, 5.000%, 5/01/29 (Alternative Minimum Tax)		5/22 at 100.00		A+		7,816,093
	2,000	San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series A of 2009, 4.900%, 5/01/29		11/19 at 100.00		A+		2,271,400
	670	San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39		8/19 at 100.00		A–		792,067
		San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013A:
	1,335	5.000%, 8/01/27		8/22 at 100.00		N/R		1,470,956
	580	5.000%, 8/01/28		8/22 at 100.00		N/R		636,683
	1,000	5.000%, 8/01/30		8/22 at 100.00		N/R		1,089,560
	235	5.000%, 8/01/33		8/22 at 100.00		N/R		253,010
	1,135	San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013B, 5.000%, 8/01/29		8/22 at 100.00		N/R		1,242,201
		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
	8,390	0.000%, 1/15/24 – NPFG Insured		No Opt. Call		Baa2		5,091,052
	51,000	0.000%, 1/15/31 – NPFG Insured		No Opt. Call		Baa2		21,565,827
	8,400	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured		8/17 at 100.00		BBB		8,218,476
	3,450	San Jose Unified School District, Santa Clara County, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/26 (Pre-refunded 8/01/15) – FGIC Insured		8/15 at 100.00		AA (4)		3,810,318
	440	Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/31		2/21 at 100.00		A		552,420
	2,050	Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38		12/19 at 100.00		AA–		2,292,679
	4,000	Southern California Public Power Authority, Transmission Project Revenue Bonds, Southern Transmission Subordinate Lien Refunding Series 2008A, 5.000%, 7/01/20		7/18 at 100.00		AA–		4,726,600

Nuveen Investments 51

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	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	$	625,960
		Tustin Community Redevelopment Agency, California, MCAS Project Area Tax Allocation Bonds, Series 2010:
	425	5.000%, 9/01/29		9/18 at 102.00		A		460,551
	500	5.000%, 9/01/35		9/18 at 102.00		A		532,635
	920	Tustin Community Redevelopment Agency, California, Tax Allocation Housing Bonds Series 2010, 5.000%, 9/01/30 – AGM Insured		9/20 at 100.00		AA–		1,020,814
	2,120	Upland, California, Special Tax Bonds, Community Facilities District 2003-2 Improvement Area 1 The Colonies at San Antonio, Series 2012, 4.000%, 9/01/26		9/22 at 100.00		BBB		2,163,015
	205	Val Verde Unified School District, Riverside County, California, Certificates of Participation, Series 2009A, 5.125%, 3/01/36 – AGC Insured		3/19 at 100.00		AA–		222,156
	1,000	Ventura County Area Housing Authority, California, Multifamily Revenue Bonds, Mira Vista Senior Apartments Project, Series 2006A, 5.000%, 12/01/22 – AMBAC Insured (Alternative Minimum Tax)		12/16 at 100.00		N/R		1,001,580
	5,000	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–		4,214,850
	2,000	Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation District, Series 2004A, 5.000%, 1/01/34 – AMBAC Insured		1/14 at 100.00		A+		2,050,840
	5,000	West Contra Costa Unified School District, Contra Costa County, California, General Obligation Bonds, Election 2010 Series 2011A, 5.000%, 8/01/41		8/21 at 100.00		Aa3		5,704,450
	485	West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 1999F, 6.100%, 9/01/29		9/13 at 100.00		N/R		487,284
	1,500	Western Placer Unified School District, Placer County, California, Certificates of Participation, Refunding Series 2009, 5.250%, 8/01/35 – AGM Insured		8/19 at 100.00		AA–		1,644,870
		Westminster School District, Orange County, California, General Obligation Bonds, Series 2009-A1:
	2,485	0.000%, 8/01/26 – AGC Insured		No Opt. Call		AA–		1,470,027
	1,405	0.000%, 8/01/28 – AGC Insured		No Opt. Call		AA–		739,213
	2,920	0.000%, 8/01/29 – AGC Insured		No Opt. Call		AA–		1,440,524
	372,140	Total California						349,217,411
		Colorado – 3.5%
	1,000	Arista Metropolitan District, Colorado, Special Revenue Bonds, Series 2008, 9.250%, 12/01/37		12/15 at 100.00		N/R		734,900
		Baptist Road Rural Transportation Authority, Colorado, Sales and Use Tax Revenue Bonds, Series 2007:
	580	4.800%, 12/01/17		No Opt. Call		N/R		566,416
	905	5.000%, 12/01/26		12/17 at 100.00		N/R		722,787
		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Bromley School, Series 2005:
	1,245	5.125%, 9/15/25 – SYNCORA GTY Insured		9/15 at 100.00		A		1,298,386
	2,140	5.250%, 9/15/32 – SYNCORA GTY Insured		9/15 at 100.00		A		2,204,585
	2,065	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy Project, Series 2008, 6.500%, 7/01/38		7/18 at 100.00		N/R		2,100,022
	1,025	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Crown Pointe Academy of Westminster Project, Chartered Through Adams County School District 50, Series 2009, 5.000%, 7/15/39		7/19 at 100.00		BBB		1,083,394
	1,000	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Lincoln Academy Charter School Project, Series 2013, 5.000%, 3/01/43		3/23 at 100.00		A		1,059,730

52 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	2,500	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Pinnacle Charter School, Inc. High School Project, Series 2010, 5.125%, 12/01/39		12/19 at 100.00		BBB	$	2,657,625
	960	Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Pikes Peak School of Expeditionary Learning Charter School, Series 2008, 6.625%, 6/01/38		6/18 at 102.00		N/R		1,013,549
	3,000	Colorado Health Facilities Authority, Colorado, Hospital Improvement Revenue Bonds, NCMC Inc., Series 2003A, 5.500%, 5/15/30 – AGM Insured		5/19 at 100.00		AA–		3,359,670
	710	Colorado Health Facilities Authority, Colorado, Hospital Revenue Bonds, Boulder Community Hospital Project, Series 2012, 4.000%, 10/01/27		10/22 at 100.00		A		742,326
	1,500	Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2009A, 7.750%, 8/01/29		8/19 at 100.00		N/R		1,696,155
	600	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Communities Project, Series 2012, 5.125%, 1/01/30		1/22 at 100.00		N/R		645,816
		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Colorado Senior Residences Project, Series 2012:
	1,295	5.625%, 6/01/22		No Opt. Call		N/R		1,382,451
	1,370	7.000%, 6/01/42		6/22 at 100.00		N/R		1,487,779
	1,375	7.125%, 6/01/47		6/22 at 100.00		N/R		1,501,418
	12,500	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement Communities Inc., Refunding Series 2012A, 5.000%, 12/01/33		12/22 at 100.00		BBB+		13,378,750
	1,425	Colorado Health Facilities Authority, Colorado, Revenue Bonds, National Jewish Medical and Research Center, Series 2012, 5.000%, 1/01/25		1/22 at 100.00		BBB–		1,554,077
	100	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005B, 5.250%, 3/01/36 – AGM Insured		9/18 at 102.00		AA–		112,757
	3,000	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Refunding Composite Deal Series 2010B, 5.250%, 1/01/25		1/20 at 100.00		AA		3,476,850
	1,100	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Long-term Care National Obligated Group Project, Series 2010A, 6.250%, 11/15/40		11/20 at 100.00		BBB–		1,238,017
	2,000	Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29		6/16 at 100.00		A–		2,089,660
	2,610	Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2006, 5.250%, 6/01/36		6/16 at 100.00		A–		2,786,175
	1,590	Colorado Housing and Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2004, 5.700%, 7/01/18 (Alternative Minimum Tax)		No Opt. Call		BBB		1,832,157
	1,200	Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013, 4.000%, 12/01/38 – AGM Insured		12/22 at 100.00		AA–		1,245,012
		Compark Business Campus Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007A:
	540	5.750%, 12/01/27 – RAAI Insured		12/17 at 100.00		N/R		546,685
	395	5.600%, 12/01/34 – RAAI Insured		12/17 at 100.00		N/R		387,226
	1,000	Compark Business Campus Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Series 2012A, 6.750%, 12/01/39 – RAAI Insured		12/22 at 100.00		N/R		1,037,770
	1,995	Concord Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Refunding Series 2010, 5.375%, 12/01/40		12/20 at 100.00		BBB		2,219,098
	700	Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.250%, 12/01/17		No Opt. Call		N/R		692,118
	1,730	Denver City and County, Colorado, Airport System Revenue Bonds, Refunding Series 2010A, 5.000%, 11/15/21		11/20 at 100.00		A+		2,106,863

Nuveen Investments 53

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	1,000	Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/21		No Opt. Call		A+	$	1,239,140
	1,105	Denver West Metropolitan District, Jefferson County, Colorado, General Obligation Refunding Bonds, Series 2012A, 4.000%, 12/01/32 – AGM Insured		12/22 at 100.00		AA–		1,161,753
	11,555	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/24 – NPFG Insured		No Opt. Call		A		7,346,669
		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
	20	0.000%, 9/01/29 – NPFG Insured		No Opt. Call		A		9,386
	395	0.000%, 9/01/30 – NPFG Insured		No Opt. Call		A		174,306
	15,000	0.000%, 9/01/31 – NPFG Insured		No Opt. Call		A		6,224,400
	20	0.000%, 9/01/32 – NPFG Insured		No Opt. Call		A		7,792
	25	0.000%, 9/01/33 – NPFG Insured		No Opt. Call		A		9,149
	9,890	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured		No Opt. Call		A		5,243,876
	500	Eagle River Water and Sanitation District, Eagle County, Colorado, Enterprise Wastewater Revenue Bonds, Series 2012, 5.000%, 12/01/27		No Opt. Call		A+		595,925
	2,145	Fitzsimons Village Metropolitan District 1, Aurora, Arapahoe County, Colorado, Tax Increment Public Improvement Fee Supported Revenue Bonds, Series 2010A, 7.500%, 3/01/40		3/20 at 100.00		N/R		2,329,256
	775	Fossil Ridge Metropolitan District 1, Lakewood, Colorado, Tax-Supported Revenue Bonds, Refunding Series 2010, 7.250%, 12/01/40		12/20 at 100.00		N/R		829,886
	2,025	Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, Series 2009, 6.375%, 12/01/37 – AGC Insured		12/19 at 100.00		AA–		2,367,974
	700	Pinery West Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.000%, 12/01/27 – RAAI Insured		12/17 at 100.00		N/R		712,299
	4,300	Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013, 4.500%, 12/01/30		12/22 at 100.00		N/R		4,380,367
		Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008:
	1,555	6.250%, 11/15/28		No Opt. Call		A		1,970,154
	2,925	6.500%, 11/15/38		No Opt. Call		A		3,977,298
		Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:
	1,025	5.250%, 7/15/24		7/20 at 100.00		Baa3		1,176,075
	4,265	6.000%, 1/15/41		7/20 at 100.00		Baa3		4,978,662
	815	Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39		12/20 at 100.00		N/R		867,315
	20	University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/26 – FGIC Insured		6/15 at 100.00		Aa2		21,678
	1,175	Willow Trace Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Refunding Series 2006A, 4.450%, 12/01/35 – CIFG Insured		12/15 at 100.00		AA–		1,198,688
	116,390	Total Colorado						105,782,272
		Connecticut – 0.3%
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2011G, 5.625%, 7/01/41		7/21 at 100.00		BBB		1,132,710
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-2, Trust 1080, 17.958%, 7/01/15 (IF) (5)		No Opt. Call		AAA		1,524,200
	2,125	Connecticut, Special Tax Obligation Transportation Infrastructure Bonds, Series 2004A, 5.000%, 7/01/24 (Pre-refunded 7/01/15) – AMBAC Insured		7/15 at 100.00		AA (4)		2,340,560
	933	Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22		4/20 at 100.00		N/R		1,066,158

54 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Connecticut (continued)
$	1,800	Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41		4/21 at 100.00		N/R	$	1,939,050
	6,858	Total Connecticut						8,002,678
		Delaware – 0.3%
	1,000	Delaware Economic Development Authority, Exempt Facility Revenue Bonds, Indian River Power LLC Project, Series 2010, 5.375%, 10/01/45		10/20 at 100.00		Baa3		1,075,460
	5,000	Delaware Transportation Authority, Transportation System Revenue Bonds, Senior Lien Series 2008, 5.000%, 7/01/19		No Opt. Call		AA+		6,165,150
	1,605	Wilmington, Delaware, Replacement Housing Factor Fund Securitization Revenue Bonds, Wilmington Housing Authority-Lincoln Towers Project, Series 2011, 5.750%, 7/15/16		7/13 at 100.00		N/R		1,605,803
	7,605	Total Delaware						8,846,413
		District of Columbia – 0.3%
	4,365	District of Columbia, Certificates of Participation, Series 2003, 5.500%, 1/01/18 – AMBAC Insured		1/14 at 100.00		A+		4,505,073
	1,000	District of Columbia, Revenue Bonds, Friendship Public Charter School Inc., Series 2006, 5.000%, 6/01/26 – ACA Insured		6/16 at 100.00		BBB		1,030,190
	3,745	Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Capital Appreciation Series 2009B-2, 0.000%, 10/01/31 – AGC Insured		No Opt. Call		AA–		1,598,741
	2,000	Metropolitan Washington D.C. Airports Authority, District of Columbia, Airport System Revenue Bonds, Refunding Bonds, Series 2011C, 5.000%, 10/01/26 (Alternative Minimum Tax)		10/21 at 100.00		AA–		2,339,400
	11,110	Total District of Columbia						9,473,404
		Florida – 8.6%
	1,200	Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A, 5.000%, 11/15/28		11/23 at 100.00		BBB		1,325,748
	1,250	Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2010A, 6.000%, 9/01/40		9/20 at 100.00		BBB–		1,364,338
	1,000	Boynton Beach, Florida, Revenue Bonds, Charter Schools of Boynton Beach, Series 2012A, 6.800%, 6/01/42 – NPFG Insured		6/22 at 100.00		BBB–		1,038,040
	520	Boynton Village Community Development District, Florida, Special Assessment Bonds, Series 2007-A1, 5.750%, 5/01/37		5/17 at 100.00		N/R		463,694
		Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2005:
	500	5.000%, 4/01/34		4/16 at 100.00		A–		519,855
	750	5.000%, 4/01/36		4/16 at 100.00		A–		778,725
	855	Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2009B, 7.000%, 4/01/39		4/19 at 100.00		A–		1,050,393
	8,000	Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured		10/21 at 100.00		AA–		9,026,880
	1,035	Century Gardens Community Development District, Miami-Dade County, Florida, Special Assessment Revenue Bonds, Series 2007, 5.050%, 5/01/37		5/17 at 100.00		N/R		1,038,343
	1,025	Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26		No Opt. Call		A		1,186,263
	1,000	Clearwater, Florida, Water and Sewer Revenue Bonds, Series 2009A, 5.250%, 12/01/39 – AGC Insured		12/19 at 100.00		AA–		1,139,620
	3,080	Collier County, Florida, Gas Tax Revenue Bonds, Refunding Series 2012, 5.000%, 6/01/20		No Opt. Call		AA–		3,695,292
	105	Colonial Country Club Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2003, 6.400%, 5/01/33		5/14 at 100.00		A		106,068

Nuveen Investments 55

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	1,325	Country Greens Community Development District, Florida, Special Assessment Bonds, Series 2003, 6.625%, 5/01/34		5/14 at 100.00		N/R	$	1,338,833
	218	East Park Community Development District, Florida, Special Assessment Revenue Bonds, Series 2008, 7.500%, 5/01/15 (6)		No Opt. Call		N/R		9,812
	4,710	Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/19		No Opt. Call		A+		5,654,308
	5,000	Florida Department of Environmental Protection, Florida Forever Revenue Bonds, Refunding Series 2012A, 5.000%, 7/01/23		7/22 at 100.00		AA–		6,098,700
	2,885	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Bay Area Charter Foundation, LLC Projects, Series 2011A, 7.750%, 6/15/42		12/21 at 101.00		N/R		3,304,248
	1,000	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2010A, 6.000%, 9/15/30		9/20 at 100.00		BB+		1,082,760
		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2012A:
	1,000	5.500%, 6/15/22		No Opt. Call		N/R		1,009,930
	500	6.000%, 6/15/32		No Opt. Call		N/R		503,800
	1,100	6.125%, 6/15/43		No Opt. Call		N/R		1,103,333
	3,180	Florida Development Finance Corporation, Revenue Bonds, Learning Gate Community Charter School Project, Series 2007A, 6.000%, 2/15/37		2/17 at 100.00		BBB–		3,275,050
		Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2012A:
	6,800	5.000%, 4/01/27		4/22 at 100.00		BBB+		7,575,540
	5,730	5.000%, 4/01/32		4/22 at 100.00		BBB+		6,221,061
		Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Rollins College Project, Series 2012A:
	1,210	5.000%, 12/01/30		12/22 at 100.00		A1		1,400,999
	1,000	5.000%, 12/01/31		12/22 at 100.00		A1		1,151,570
	1,400	5.000%, 12/01/32		12/22 at 100.00		A1		1,599,752
	3,000	5.000%, 12/01/37		12/22 at 100.00		A1		3,393,720
	735	Florida Housing Finance Agency, Housing Revenue Bonds, Brittany of Rosemont Apartments Phase II, Series 1995C-1, 6.875%, 8/01/26 – AMBAC Insured (Alternative Minimum Tax)		8/13 at 100.00		N/R		736,139
	1,000	Florida Housing Finance Agency, Housing Revenue Bonds, Stoddert Arms Apartments, Series 1996O, 6.300%, 9/01/36 – AMBAC Insured (Alternative Minimum Tax)		9/13 at 100.00		N/R		1,001,030
	400	Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 1985, 9.125%, 6/01/14		No Opt. Call		AAA		403,024
	335	Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 1985, 9.125%, 6/01/14 (ETM)		No Opt. Call		Aaa		362,969
	10,000	Florida State Board of Education, Lottery Revenue Bonds, Refunding Series 2011A, 5.000%, 7/01/22		7/21 at 100.00		AAA		12,301,600
	400	Florida, Full Faith and Credit General Obligation Bonds, Broward County Expressway Authority, Series 1984, 10.000%, 7/01/14 (ETM)		No Opt. Call		Aaa		425,140
		Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006:
	2,250	5.250%, 6/01/26		6/16 at 100.00		A–		2,397,983
	375	5.000%, 6/01/38		6/16 at 100.00		A–		393,045
	1,900	Hernando County, Florida, Revenue Bonds, Criminal Justice Complex Financing Program, Series 1986, 7.650%, 7/01/16 – FGIC Insured		No Opt. Call		N/R		2,241,981
	2,000	Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2003B, 5.250%, 10/01/28 (Pre-refunded 10/01/13)		10/13 at 100.00		A3 (4)		2,041,680
	7,640	Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/29		10/22 at 100.00		A1		8,888,987

56 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	6,000	Jacksonville Port Authority, Florida, Revenue Bonds, Refunding Series 2012, 5.000%, 11/01/38 (Alternative Minimum Tax)		11/22 at 100.00		A2	$	6,537,300
	1,005	JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured		4/15 at 100.00		Aa2		1,069,240
	945	Keys Cove Community Development District, Florida, Special Assessment Revenue Bonds, Series 2004, 5.875%, 5/01/35		5/15 at 101.00		N/R		1,015,724
	975	Lake County School District, Florida, Sales Tax Revenue Bonds, Series 2004, 5.000%, 10/01/15 – AMBAC Insured		10/14 at 100.00		A+		1,035,752
	970	Lakes by the Bay South Community Development District, Florida, Special Assessment Bonds, Series 2004A, 6.100%, 5/01/23		5/14 at 101.00		N/R		989,924
	1,000	Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A, 5.250%, 6/15/27		6/17 at 100.00		BB		1,019,220
		Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2012A:
	875	5.500%, 6/15/32		6/22 at 100.00		BB		907,988
	1,375	5.750%, 6/15/42		6/22 at 100.00		BB		1,432,338
	1,635	Leesburg, Florida, Hospital Revenue Refunding Bonds, Leesburg Regional Medical Center Project, Series 2003, 5.000%, 7/01/17		7/13 at 100.00		BBB+		1,641,900
	2,305	Leesburg, Florida, Utilities Revenue Bonds, Series 2004, 5.000%, 10/01/22 – FGIC Insured		10/14 at 100.00		Aa3		2,450,676
	690	Lexington Community Development District, Florida, Special Assessment Revenue Bonds, Series 2004, 6.125%, 5/01/34		5/14 at 101.00		A–		713,219
		Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013:
	885	3.950%, 12/15/21 (Alternative Minimum Tax)		6/20 at 100.00		BB		897,886
	8,000	4.200%, 12/15/25 (Alternative Minimum Tax)		6/20 at 100.00		BB		8,115,360
	2,000	Miami Beach Health Facilities Authority, Florida, Hospital Revenue Bonds, Mount Sinai Medical Center of Florida Project, Refunding 2012, 5.000%, 11/15/29		11/22 at 100.00		Baa2		2,201,480
	3,760	Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, BAC Funding Corporation, Series 2000A, 5.375%, 10/01/30 –AMBAC Insured		10/13 at 100.00		Aa3		3,773,574
	12,500	Miami-Dade County School Board, Florida, Certificates of Participation, Series 2013A, 5.000%, 5/01/31 (WI/DD, Settling 5/01/13)		5/23 at 100.00		A1		14,303,625
		Miami-Dade County School Board, Florida, Certificates of Participation, Series 2013B:
	4,490	5.000%, 2/01/29 (WI/DD, Settling 5/01/13)		2/23 at 100.00		A1		5,176,521
	3,670	5.000%, 2/01/30 (WI/DD, Settling 5/01/13)		2/23 at 100.00		A1		4,207,912
		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A:
	4,000	5.000%, 10/01/18 (Alternative Minimum Tax)		No Opt. Call		A		4,763,920
	4,000	5.000%, 10/01/19 (Alternative Minimum Tax)		No Opt. Call		A		4,793,440
	1,825	5.000%, 10/01/20 (Alternative Minimum Tax)		No Opt. Call		A		2,197,939
	5,000	5.000%, 10/01/23 (Alternative Minimum Tax)		No Opt. Call		A		5,987,500
	7,020	Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2004A, 5.000%, 10/01/30 – FGIC Insured (Alternative Minimum Tax)		10/14 at 100.00		A		7,367,279
	1,585	Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/35		10/20 at 100.00		A		1,811,037
	2,000	Miami-Dade County, Florida, Aviation Revenue Bonds, Series 2008A, 5.500%, 10/01/27 – AGC Insured (Alternative Minimum Tax)		10/18 at 100.00		AA–		2,324,040
	10,000	Miami-Dade County, Florida, General Obligation Bonds, Series 2005, 5.000%, 7/01/33 – AGM Insured		7/15 at 100.00		Aa2		10,732,000

Nuveen Investments 57

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	1,040	Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2009, 5.625%, 6/01/34 – AGC Insured (UB) (5)		6/19 at 100.00		AA–	$	1,155,648
	7,400	Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/37		7/22 at 100.00		AA		8,410,026
	1,000	Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and Improvement Development Unit 46B, Series 2007A, 5.350%, 8/01/41		8/17 at 100.00		N/R		1,006,710
	3,370	Old Palm Community Development District, Florida, Special Assessment Bonds, Palm Beach Gardens, Series 2004A, 5.900%, 5/01/35		5/15 at 101.00		N/R		3,487,613
		Orange County Health Facilities Authority, Florida, Revenue Bonds, Mayflower Retirement Center, Refunding Series 2012:
	550	4.500%, 6/01/27		6/21 at 100.00		A–		565,631
	450	5.000%, 6/01/32		6/21 at 100.00		A–		480,654
	750	5.000%, 6/01/36		6/21 at 100.00		A–		796,298
	750	5.125%, 6/01/42		6/21 at 100.00		A–		798,975
		Orange County Health Facilities Authority, Florida, Revenue Bonds, Nemours Foundation, Series 2005:
	295	5.000%, 1/01/21 (Pre-refunded 1/01/15)		1/15 at 100.00		N/R (4)		317,942
	275	5.000%, 1/01/22 (Pre-refunded 1/01/15)		1/15 at 100.00		N/R (4)		296,387
	2,510	Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Tender Option Bond Trust 1071, 16.778%, 10/01/42 (IF) (5)		4/22 at 100.00		A		3,544,170
	145	Orange County, Florida, Sales Tax Revenue Bonds, Series 1989, 6.125%, 1/01/19 – FGIC Insured (ETM)		7/13 at 100.00		N/R (4)		180,867
	500	Orlando Utilities Commission, Florida, Utility System Revenue Bonds, Series 2009A-1, 5.250%, 10/01/39		4/19 at 100.00		AA		579,010
		Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH Corporation Obligated Group, Series 2001:
	20	5.500%, 12/01/21		6/13 at 100.00		BBB–		20,050
	1,000	5.625%, 12/01/31		6/13 at 100.00		BBB–		1,001,680
	2,000	Palm Beach County Health Facilities Authority, Florida, Retirement Community Revenue Bonds, Adult Communities Total Services Retirement Life, Series 2006A, 4.500%, 11/15/36		11/16 at 100.00		A–		2,019,200
	625	Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Affordable Housing Guarantee Program, Windsor Park Apartments, Series 1998A, 5.900%, 6/01/38 (Alternative Minimum Tax)		6/13 at 100.00		A–		625,669
	2,415	Palm Beach County School Board, Florida, Certificates of Participation, Series 2007, 5.000%, 8/01/18 – FGIC Insured		8/17 at 100.00		AA–		2,804,346
	1,500	Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%, 10/01/15 – AMBAC Insured		No Opt. Call		AA+		1,470,150
	1,000	Palm Coast, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/33 – NPFG Insured		10/13 at 100.00		A1		1,016,200
	1,880	Panther Trails Community Development District, Florida, Special Assessment Bonds, Series 2005, 5.600%, 5/01/36		5/15 at 100.00		A1		1,902,673
	2,000	Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured		7/17 at 100.00		Baa2		2,118,140
	650	Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 2005-1, 5.000%, 10/01/25 – AMBAC Insured		10/15 at 100.00		A1		711,744
	2,870	Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27		10/17 at 100.00		BBB–		3,097,448
		St. John’s County Industrial Development Authority, Florida, First Mortgage Revenue Bonds, Presbyterian Retirement Communities, Series 2004A:
	1,130	5.850%, 8/01/24		8/14 at 101.00		A–		1,180,556
	1,565	5.625%, 8/01/34		8/14 at 101.00		A–		1,616,645

58 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	965	Stoneybrook Venice Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007, 6.750%, 5/01/38		5/18 at 100.00		N/R	$	1,016,270
	535	Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 – AMBAC Insured		10/18 at 100.00		AA–		588,842
	1,000	Tallahassee, Florida, Consolidated Utility System Revenue Bonds, Series 2005, 5.000%, 10/01/25 – AMBAC Insured		10/15 at 100.00		AA+		1,108,460
	2,820	Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured		10/15 at 100.00		AA		3,070,162
	2,095	Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial Healthcare Inc., Series 2000, 6.375%, 12/01/30		6/13 at 100.00		Baa1		2,127,808
	165	Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39		5/17 at 100.00		N/R		126,184
	290	Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40		5/19 at 100.00		N/R		181,540
	210	Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40		5/22 at 100.00		N/R		97,860
	170	Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (6)		5/18 at 100.00		N/R		2
	475	Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007A-2, 5.250%, 5/01/39 (6)		5/17 at 100.00		N/R		5
	25	Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 (6)		5/18 at 100.00		N/R		13,549
	215	Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007A-1. RMKT, 5.250%, 5/01/39 (6)		5/17 at 100.00		N/R		117,349
		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1:
	95	5.250%, 5/01/39		5/17 at 100.00		N/R		93,517
	305	6.650%, 5/01/40		5/17 at 100.00		N/R		313,445
	2,990	Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37		5/14 at 101.00		BB		2,991,405
	705	Tolomato Community Development District, Florida, Special Assessment Bonds, Southern/Forbearance Parcel Series 2007-2, 6.650%, 5/01/40 (6)		5/18 at 100.00		N/R		283,142
	605	University Square Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007A-1, 5.875%, 5/01/38		5/17 at 100.00		N/R		621,565
	250	Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2012-A1, 6.125%, 5/01/42		5/22 at 100.00		N/R		256,340
		Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2012-A2:
	465	5.000%, 5/01/23		5/22 at 100.00		N/R		490,082
	1,500	5.500%, 5/01/34		5/22 at 100.00		N/R		1,552,740
	2,000	Village Center Community Development District, Florida, Recreational Revenue Bonds, Series 2003A, 5.000%, 11/01/32 – NPFG Insured		11/13 at 101.00		Baa2		2,021,620
	485	Waters Edge Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.300%, 5/01/36		5/15 at 101.00		N/R		486,198
		Westchester Community Development District 1, Florida, Special Assessment Bonds, Series 2003:
	525	6.000%, 5/01/23		5/14 at 100.00		N/R		530,901
	3,750	6.125%, 5/01/35		5/14 at 100.00		N/R		3,790,950
	236,253	Total Florida						259,201,415

Nuveen Investments 59

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia – 2.9%
$	2,000	Atlanta and Fulton County Recreation Authority, Georgia, Guaranteed Revenue Bonds, Park Improvement, Series 2005A, 5.000%, 12/01/30 – NPFG Insured		12/15 at 100.00		Aa2	$	2,164,220
	735	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31		1/19 at 100.00		A2		919,051
	1,735	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 1/01/20		1/19 at 100.00		A2		2,209,557
	265	Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005A, 5.625%, 1/01/16 (Alternative Minimum Tax)		7/15 at 100.00		A–		286,287
	500	Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005B, 5.400%, 1/01/20		7/15 at 100.00		A–		540,335
	495	Atlanta, Georgia, Tax Allocation Bonds, Princeton Lakes Project, Series 2006, 5.500%, 1/01/31		1/16 at 100.00		BBB–		504,167
	7,000	Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured		11/19 at 100.00		AA–		7,986,650
	1,000	Augusta, Georgia, Airport Revenue Bonds, General Series 2005C, 5.450%, 1/01/31 (Alternative Minimum Tax)		1/15 at 100.00		Baa2		1,020,860
	4,955	Cobb County Development Authority, Georgia, University Facilities Revenue Bonds, Kennesaw State University Foundations, Student Housing Subordinate Lien Series 2004C, 5.250%, 7/15/24 – NPFG Insured		7/14 at 100.00		A3		5,199,975
	4,000	DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30		9/20 at 100.00		BBB		4,728,400
	1,320	Dekalb County Housing Authority, Georgia, Subordinate Multifamily Housing Revenue Bonds, Greens of Stonecrest Project, 2001B Pass-Through Certificate Series 2001-8, 5.900%, 11/01/34 (Mandatory put 11/01/18) (Alternative Minimum Tax)		7/13 at 100.00		N/R		1,320,898
	3,300	Fulton County Development Authority, Georgia, Local District Cooling Authority Revenue Bonds, Maxon Atlantic Station LLC, Series 2005A, 5.125%, 3/01/26 (Mandatory put 3/01/15) (Alternative Minimum Tax)		9/15 at 100.00		BBB		3,366,198
	10,000	Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Athletic Association, Series 2011, 5.750%, 10/01/41		4/21 at 100.00		A+		11,592,900
		Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science Building, Series 2004:
	1,250	5.250%, 5/01/21 – NPFG Insured		5/14 at 100.00		Aa3		1,308,013
	2,490	5.250%, 5/01/23 – NPFG Insured		5/14 at 100.00		Aa3		2,602,971
	2,440	5.000%, 5/01/36 – NPFG Insured		5/14 at 100.00		Aa3		2,530,792
		Fulton County Residential Care Facilities Elderly Authority, Georgia, Revenue Bonds, Canterbury Court, Refunding Series 2004A:
	1,500	6.125%, 2/15/26		2/14 at 101.00		N/R		1,532,460
	4,080	6.125%, 2/15/34		2/14 at 101.00		N/R		4,158,458
	5,025	Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, Series 1998A, 4.750%, 6/01/28 – NPFG Insured		No Opt. Call		Baa2		5,242,633
	1,100	Georgia Municipal Electric Authority, Senior Lien General Power Revenue Bonds, Series 1993BB, 5.250%, 1/01/25 – NPFG Insured		No Opt. Call		A1		1,291,257
	10,000	Georgia State, General Obligation Bonds, Series 2012A, 5.000%, 7/01/21		No Opt. Call		AAA		12,818,900
	1,000	Lavonia Hospital Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Regional Medical Center , Series 2010, 6.000%, 12/01/40 – AGM Insured		12/20 at 100.00		AA–		1,168,530
		Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A:
	900	5.000%, 3/15/22		No Opt. Call		A+		1,039,950
	1,000	5.500%, 9/15/28		No Opt. Call		A		1,224,420

60 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia (continued)
$	5,500	Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2010, 5.000%, 8/01/41		8/20 at 100.00		AA–	$	5,974,595
	1,590	Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.250%, 10/01/27		10/21 at 100.00		Baa2		1,826,338
	1,000	Richmond County Development Authority, Georgia, Revenue Bonds, Augusta State University, Jaguar Student Center Project, Series 2005A, 5.000%, 7/01/29 – SYNCORA GTY Insured		7/15 at 100.00		A2		1,034,100
	1,000	Savannah Economic Development Authority, Georgia, Revenue Bonds, Armstrong Atlantic State University, Windward Commons LLC Project, Series 2009, 5.000%, 6/15/39 – AGC Insured		6/19 at 100.00		AA–		1,090,360
	77,180	Total Georgia						86,683,275
		Guam – 0.1%
	1,020	Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31		1/22 at 100.00		A		1,146,082
	2,000	Guam Government Department of Education, Certificates of Participation, John F. Kennedy High School Project, Series 2010A, 6.625%, 12/01/30		12/20 at 100.00		B		2,212,620
	880	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40		7/20 at 100.00		Ba2		942,260
	3,900	Total Guam						4,300,962
		Hawaii – 0.6%
	2,000	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Kahala Nui Project, Series 2003A, 8.000%, 11/15/33 (Pre-refunded 11/15/13)		11/13 at 102.00		AA+ (4)		2,122,980
		Hawaii Department of Budget and Finance, Special Purpose Senior Living Revenue Bonds, 15 Craigside Project, Series 2009A:
	1,000	8.750%, 11/15/29		11/19 at 100.00		N/R		1,207,240
	1,250	9.000%, 11/15/44		11/19 at 100.00		N/R		1,509,738
	10,000	Hawaii State, General Obligation Bonds, Series 2012EF, 5.000%, 11/01/21		No Opt. Call		AA		12,682,000
	14,250	Total Hawaii						17,521,958
		Idaho – 0.2%
		Idaho Health Facilities Authority, Revenue Bonds, Trinity Health Group, Refunding Series 2008B:
	1,000	6.000%, 12/01/23		12/18 at 100.00		AA		1,219,560
	760	6.250%, 12/01/33		12/18 at 100.00		AA		910,039
		Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006:
	1,000	5.000%, 7/15/23 – NPFG Insured		7/16 at 100.00		Aa3		1,117,830
	1,065	5.000%, 7/15/24 – NPFG Insured		7/16 at 100.00		Aa3		1,190,489
		Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A:
	900	4.600%, 9/01/28		9/22 at 100.00		Baa1		951,678
	595	5.000%, 9/01/32		9/22 at 100.00		Baa1		652,852
	5,320	Total Idaho						6,042,448
		Illinois – 7.5%
	2,000	Bensenville, Illinois, General Obligation Bonds, Series 2011A, 5.000%, 12/15/30 – AGM Insured		12/21 at 100.00		AA–		2,235,020
	1,000	Bryant, Illinois, Pollution Control Revenue Refunding Bonds, Central Illinois Light Company, Series 1993, 5.900%, 8/01/23		7/13 at 100.00		A–		1,002,220
	974	Cary, Illinois, Special Service Area 1 Special Tax Bonds, Series 2006, 5.000%, 3/01/30 – RAAI Insured		3/16 at 100.00		N/R		990,402
	3,320	CenterPoint Intermodal Center Program, Illinois, Trust Series 2004 Class A Certificates, 3.730%, 6/15/23		No Opt. Call		N/R		3,320,465

Nuveen Investments 61

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		Champaign, Illinois, General Obligation Sales Tax Bonds, Public Safety Series 1999:
$	1,140	8.250%, 1/01/21 – FGIC Insured		No Opt. Call		N/R	$	1,639,696
	1,275	8.250%, 1/01/22 – FGIC Insured		No Opt. Call		N/R		1,845,027
	2,000	Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Revenues, Series 2008C, 5.000%, 12/01/20		12/18 at 100.00		A+		2,293,840
	3,335	Chicago Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Tender Option Bonds Trust 1130, 13.426%, 6/01/14 (IF)		No Opt. Call		AAA		4,618,608
	2,000	Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40		12/21 at 100.00		AA		2,291,900
	3,280	Chicago, Illinois, FNMA/GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 2007-2G, 5.950%, 6/01/39 (Alternative Minimum Tax)		6/17 at 104.00		Aaa		3,548,698
	2,000	Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2003A, 5.000%, 1/01/33 – AMBAC Insured		7/13 at 100.00		AA+		2,006,560
	1,000	Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1996A, 5.500%, 1/01/29 – NPFG Insured		7/13 at 100.00		A		1,003,810
	2,875	Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured		1/16 at 100.00		A2		3,153,243
	20,000	Chicago, Illinois, Water Revenue Bonds, Refunding Second Lien Series 2012-2, 4.000%, 11/01/37		11/22 at 100.00		AA		20,794,200
	310	Cicero, Cook County, Illinois, General Obligation Corporate Purpose Bonds, Series 1994A, 6.400%, 12/01/14 – NPFG Insured		6/13 at 100.00		Baa2		311,246
		Community College District 523, Counties of DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago, and Boone, Illinois, General Obligation Bonds, Kishwaukee Community College, Capital Appreciation, Series 2011B:
	1,000	0.000%, 2/01/35		2/21 at 38.17		AA		287,990
	750	0.000%, 2/01/36		2/21 at 35.47		AA		200,775
	4,440	Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33		11/20 at 100.00		AA		5,063,110
	2,000	Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40		10/20 at 100.00		B3		2,192,620
	2,500	Harvey, Cook County, Illinois, Tax Increment Allocation Revenue Bonds, Amended Center Street Redevelopment Project Area, Series 2010, 7.500%, 12/01/19		No Opt. Call		N/R		2,691,525
	5,000	Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds – CIPS Debt, Series 1993C-2, 5.950%, 8/15/26		7/13 at 100.00		BBB		5,013,300
	1,375	Illinois Finance Authority Revenue Bonds, Christian Homes, Inc. Obligated Group, Series 2007A, 5.750%, 5/15/31		5/17 at 100.00		BBB–		1,460,003
		Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010:
	900	6.125%, 5/15/27		5/15 at 100.00		BBB–		934,209
	2,000	6.125%, 5/15/27		5/20 at 100.00		BBB–		2,237,420
	1,500	Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation, Series 2007, 5.000%, 12/01/36		12/16 at 100.00		BBB+		1,549,095
	1,000	Illinois Finance Authority, Charter School Revenue Bonds, Uno Charter School Network, Refunding and Improvement Series 2011A, 7.125%, 10/01/41		10/21 at 100.00		BBB–		1,180,120
	500	Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Series 2010A, 7.750%, 5/15/30		5/20 at 100.00		N/R		602,315
	1,000	Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Temps 65 Series 2010D-2, 6.375%, 5/15/17		6/13 at 100.00		N/R		1,001,970
	1,215	Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39		11/19 at 100.00		AA		1,371,358

62 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	1,000	Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured		2/18 at 100.00		A+	$	1,080,220
	4,050	Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 7.125%, 2/01/34		2/19 at 100.00		Baa3		4,485,902
		Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013:
	4,000	4.000%, 5/15/33		5/22 at 100.00		Baa1		3,937,560
	4,520	4.250%, 5/15/43		5/22 at 100.00		Baa1		4,521,627
	1,250	Illinois Finance Authority, Revenue Bonds, Little Company of Mary Hospital and Health Care Centers, Series 2010, 5.375%, 8/15/40		8/15 at 105.00		A+		1,353,138
	2,000	Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 5.375%, 8/15/24		8/19 at 100.00		AA+		2,392,400
	2,545	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39		5/20 at 100.00		A		2,957,086
	500	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37		11/17 at 100.00		A		551,155
	1,500	Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35		5/20 at 100.00		AA–		1,684,260
	2,900	Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34		8/19 at 100.00		BBB+		3,727,486
	3,680	Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 7.250%, 11/01/30		11/18 at 100.00		A		4,662,560
		Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C:
	1,265	6.625%, 11/01/39		5/19 at 100.00		A		1,545,109
	1,665	6.625%, 11/01/39 (UB) (5)		5/19 at 100.00		A		2,033,681
	6,255	Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37		8/17 at 100.00		BBB		6,844,596
	9,000	Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38		8/19 at 100.00		BBB+		10,662,300
	925	Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured		3/20 at 100.00		AA–		1,033,641
	4,000	Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41		8/21 at 100.00		AA–		4,808,200
	1,400	Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2009B, 5.000%, 8/15/26		8/20 at 100.00		AA–		1,593,396
	1,500	Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41		2/21 at 100.00		AA–		1,707,900
	2,350	Illinois Finance Authority, Revenue Bonds, Three Crowns Park Plaza, Series 2006A, 5.875%, 2/15/26		2/16 at 100.00		N/R		2,445,739
	3,485	Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30		8/18 at 100.00		BBB+		3,761,186
	3,915	Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34		5/17 at 100.00		BBB+		4,137,372
	1,000	Illinois Finance Authority, Water Facilities Revenue Bonds, American Water Capital Corp., Project, Series 2009, 5.250%, 10/01/39		10/19 at 100.00		BBB+		1,062,850
		Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002:
	4,040	5.500%, 1/01/22		7/13 at 100.00		Baa2		4,054,382
	1,000	5.625%, 1/01/28		7/13 at 100.00		Baa2		1,003,370
	255	Illinois Housing Development Authority, Housing Finance Bonds, Series 2006K, 4.600%, 7/01/23		7/16 at 100.00		AA		263,025

Nuveen Investments 63

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	4,000	Illinois Housing Development Authority, Multifamily Housing Revenue Bonds, GNMA Collateralized- Lifelink Developments, Series 2006, 4.850%, 4/20/41 (Alternative Minimum Tax) (UB) (5)		4/16 at 100.00		AA+	$	4,131,160
		Illinois State, General Obligation Bonds, Series 2012A:
	5,500	5.000%, 3/01/25		3/22 at 100.00		A2		6,228,695
	5,000	4.000%, 1/01/26		1/22 at 100.00		A2		5,187,250
	4,000	5.000%, 3/01/26		3/22 at 100.00		A2		4,488,040
	500	5.000%, 3/01/27		3/22 at 100.00		A2		555,760
	5,000	Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 5.000%, 6/15/28		6/21 at 100.00		AAA		5,851,700
	960	Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36		1/16 at 100.00		N/R		644,736
	3,000	Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2, 5.500%, 1/01/30 – ACA Insured		1/16 at 100.00		CCC		1,969,170
	1,630	Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B, 5.250%, 1/01/36		1/16 at 100.00		CCC		759,580
	1,260	Markham, Illinois, Alternative Source Revenue Bonds, Series 2005A, 5.250%, 4/01/23 – RAAI Insured		4/15 at 100.00		N/R		1,279,921
	2,500	Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012A, 5.000%, 6/15/42 – NPFG Insured (Alternative Minimum Tax)		6/22 at 100.00		AAA		2,795,850
	13,000	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45 – AGM Insured		No Opt. Call		AAA		2,715,050
	10,000	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured		No Opt. Call		AAA		3,633,600
	8,025	Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 12/15/21 – NPFG Insured		No Opt. Call		AA–		6,422,327
	845	Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012, 4.750%, 10/01/29		10/22 at 100.00		Baa1		916,749
		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
	3,890	5.250%, 6/01/21		No Opt. Call		A		4,765,561
	3,000	6.250%, 6/01/24		6/16 at 100.00		A–		3,376,230
	4,450	Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2001A, 6.000%, 7/01/27 – FGIC Insured		No Opt. Call		AA		5,911,514
	5,780	Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.000%, 12/01/41 – AGM Insured		12/14 at 100.00		Aaa		6,107,553
	1,000	Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe Ad Valorem Tax Bonds, Series 2010, 7.500%, 3/01/32		3/17 at 102.00		N/R		1,068,070
	1,645	Warren Township School District 121, Lake County, Gurnee, Illinois, General Obligation Bonds, Series 2004C, 5.500%, 3/01/22 (Pre-refunded 3/01/14) – AMBAC Insured		3/14 at 101.00		AA+ (4)		1,733,666
	226,674	Total Illinois						225,693,068
		Indiana – 2.8%
	425	Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/32		4/14 at 100.00		BB+		393,601
		Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006:
	1,000	5.125%, 8/01/29		8/16 at 100.00		Baa2		1,068,390
	500	5.250%, 8/01/36		8/16 at 100.00		Baa2		533,235

64 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
$	1,235	Hendricks County Building Facilities Corporation, Indiana, First Mortgage Revenue Bonds, Series 2004, 5.500%, 7/15/24 (Pre-refunded 7/15/14)		7/14 at 100.00		Aa2 (4)	$	1,312,916
		Indiana Bond Bank, Special Program Gas Revenue Bonds, JPMorgan Ventures Energy Corporation Guaranteed, Series 2007A:
	3,185	5.250%, 10/15/18		No Opt. Call		A2		3,741,770
	5,215	5.250%, 10/15/20		No Opt. Call		A2		6,193,334
		Indiana Finance Authority, Educational Facilities Refunding Revenue Bonds, Butler University Project, Series 2012B:
	1,420	5.000%, 2/01/30		2/22 at 100.00		BBB+		1,541,935
	2,260	5.000%, 2/01/33		2/22 at 100.00		BBB+		2,417,612
	1,400	Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29		10/19 at 100.00		BB+		1,544,732
	1,000	Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.125%, 3/01/30		3/20 at 100.00		A–		1,081,880
	3,325	Indiana Finance Authority, Hospital Revenue Bonds, King’s Daughters’ Hospital and Health Services, Series 2010, 5.000%, 8/15/20		No Opt. Call		BBB+		3,710,201
	3,000	Indiana Finance Authority, Hospital Revenue Bonds, Marion General Hospital Project, Series 2012A, 5.000%, 7/01/36		7/21 at 100.00		A+		3,245,160
	9,000	Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/32 – AGM Insured		6/22 at 100.00		BBB–		9,676,170
	5,115	Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)		7/23 at 100.00		BBB		5,381,287
	5,705	Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax)		1/17 at 100.00		BBB		6,356,739
	7,200	Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41		10/21 at 100.00		AA–		8,000,928
	2,830	Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37		3/17 at 100.00		A–		3,083,908
	4,030	Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured		1/17 at 100.00		A+		4,390,484
	645	Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1992A, 6.800%, 12/01/16		No Opt. Call		AA+		718,543
	3,500	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured		1/19 at 100.00		AA–		3,961,685
	3,000	Jasper County, Indiana Pollution Control (Northern Indiana Public Service) Commercial Paper, 5.600%, 11/01/16 – NPFG Insured		No Opt. Call		Baa2		3,377,310
		Knox County, Indiana, Economic Development Revenue and Refunding Bonds, Good Samaritan Hospital Project, Series 2012A:
	1,530	5.000%, 4/01/26		4/22 at 100.00		A3		1,716,339
	1,400	5.000%, 4/01/27		4/22 at 100.00		A3		1,579,102
	1,560	5.000%, 4/01/29		4/22 at 100.00		A3		1,734,751
		Portage, Indiana, Economic Development Revenue Bonds, Ameriplex Project, Series 2006:
	1,000	5.000%, 7/15/23		7/16 at 100.00		A		1,056,610
	775	5.000%, 1/15/27		7/16 at 100.00		A		808,992
	5,000	Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 8.000%, 9/01/41		9/21 at 100.00		N/R		6,146,100
	76,255	Total Indiana						84,773,714

Nuveen Investments 65

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Iowa – 1.3%
$	2,275	Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36		6/20 at 100.00		A2	$	2,494,742
	500	Iowa Finance Authority, Health Facilities Revenue Bonds, Iowa Health System, Series 2008A, 5.250%, 8/15/29 – AGC Insured		8/19 at 100.00		Aa3		565,725
	1,490	Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.500%, 7/01/25		7/16 at 100.00		BB+		1,574,915
	5,865	Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012, 4.750%, 8/01/42		8/22 at 100.00		BBB–		5,864,589
	7,500	Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Central College, Refunding Series 2012B, 5.000%, 10/01/38		10/21 at 100.00		Baa3		8,059,125
		Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa University Project, Series 2012:
	2,325	4.000%, 9/01/28		9/23 at 100.00		BBB		2,311,724
	2,165	5.000%, 9/01/33		9/23 at 100.00		BBB		2,300,183
	8,615	5.000%, 9/01/43		9/23 at 100.00		BBB		9,003,623
	5,000	Iowa Student Loan Liquidity Corporation Student Loan Revenue Bonds, Senior Lien Series 2011A-2, 5.750%, 12/01/28 (Alternative Minimum Tax)		12/19 at 102.00		A		5,732,850
	1,000	Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25		12/19 at 100.00		A1		1,065,200
	36,735	Total Iowa						38,972,676
		Kansas – 2.1%
		Kansas Department of Transportation, Highway Revenue Bonds, Refunding Series 2012B:
	12,500	5.000%, 9/01/19		No Opt. Call		AAA		15,551,875
	10,000	5.000%, 9/01/21		No Opt. Call		AAA		12,815,300
	500	Kansas Department of Transportation, Highway Revenue Bonds, Series 2004B, 5.000%, 9/01/22		9/18 at 100.00		AAA		601,630
	4,500	Kansas Development Finance Authority Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009C, 5.500%, 11/15/29		11/19 at 100.00		AA		5,281,830
	2,500	Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2011F, 5.250%, 11/15/30		11/19 at 100.00		A2		2,765,325
	6,000	Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 (UB) (5)		1/20 at 100.00		AA		6,555,180
	3,135	Kansas Development Finance Authority, Revenue Bonds, State Projects, Series 2005H, 5.000%, 5/01/32 – NPFG Insured		5/15 at 100.00		AA		3,332,693
		Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A:
	1,650	5.000%, 12/01/25		12/22 at 100.00		Baa1		1,848,363
	3,475	5.000%, 12/01/27		12/22 at 100.00		Baa1		3,865,347
	1,000	5.000%, 12/01/31		12/20 at 100.00		Baa1		1,078,070
	2,000	Olathe, Kansas, Senior Living Facility Revenue Bonds, Catholic Care Campus Santa Marta, Series 2006A, 6.000%, 11/15/38		11/16 at 100.00		N/R		2,062,160
	2,685	Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured		1/17 at 100.00		BB+		2,779,109
	1,200	Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32		4/20 at 100.00		BBB		1,346,988
	2,845	Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21		No Opt. Call		BBB+		1,915,652

66 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kansas (continued)
$	1,270	Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Refunding Series 2012A, 5.000%, 9/01/28		9/22 at 100.00		A+	$	1,479,372
	55,260	Total Kansas						63,278,894
		Kentucky – 0.8%
		Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A:
	2,500	5.750%, 6/01/25		6/20 at 100.00		BBB+		2,935,300
	2,000	6.000%, 6/01/30		6/20 at 100.00		BBB+		2,383,920
	1,500	Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2009A, 5.375%, 8/15/24		8/19 at 100.00		AA–		1,759,050
	2,840	Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Tender Option Bond Trust 1068, 17.116%, 8/15/42 (IF) (5)		8/21 at 100.00		AA–		3,871,573
	3,520	Louisville and Jefferson County Metro Government, Kentucky, Health System Revenue Bonds, Norton Healthcare Inc, Series 2006, 5.250%, 10/01/36		10/16 at 100.00		A–		3,736,058
	1,405	Louisville-Jefferson County Metropolitan Government, Kentucky, Health Facilities Revenue Bonds, Jewish Hospital & Saint Mary’s HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37 (Pre-refunded 2/01/18)		2/18 at 100.00		Aaa		1,758,723
	1,000	Paducah, Kentucky, Electric Board Revenue Bonds, Series 2009A, 5.250%, 10/01/35 – AGC Insured		4/19 at 100.00		A3		1,112,290
	5,000	Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011, 6.500%, 3/01/41		3/21 at 100.00		A3		5,965,150
	19,765	Total Kentucky						23,522,064
		Louisiana – 1.9%
	3,020	Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/22 (Pre-refunded 11/01/14) – NPFG Insured		11/14 at 100.00		A+ (4)		3,243,571
	1,000	Louisiana Public Facilities Authority, Revenue Bonds, Belle Chasse Educational Foundation Project, Series 2011, 6.750%, 5/01/41		5/21 at 100.00		BBB		1,184,490
	3,605	Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B, 5.000%, 6/01/21 – AMBAC Insured		6/16 at 100.00		A–		3,950,720
	1,000	Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32		11/17 at 100.00		BBB–		1,144,610
	5,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Hotel LLC Project, Series 2007A, 6.750%, 12/15/37 (6)		12/17 at 100.00		N/R		2,244,800
	2,000	Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Refunding Series 2009A, 6.000%, 7/01/29		7/19 at 100.00		A+		2,325,140
	1,365	Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Series 2008B, 5.750%, 7/01/18 – AGC Insured		No Opt. Call		AA–		1,460,414
	2,685	Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/31		8/15 at 100.00		A+		2,787,164
	2,405	Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 (Pre-refunded 7/01/14) – NPFG Insured		7/14 at 100.00		Baa2 (4)		2,536,722
	1,500	Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.250%, 5/15/38		5/17 at 100.00		Baa1		1,579,320
	650	Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/23		No Opt. Call		A		785,701
	10,000	Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.750%, 5/01/39 – AGM Insured (UB)		5/16 at 100.00		Aa1		10,901,000
	10,000	Louisiana State, General Obligation Bonds, Series 2012C, 5.000%, 7/15/21		No Opt. Call		AA		12,675,700

Nuveen Investments 67

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana (continued)
$	1,920	Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory put 6/01/22)		No Opt. Call		BBB	$	2,126,419
	3,000	St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37		6/17 at 100.00		BBB		3,186,360
	4,135	Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39		5/13 at 100.00		A–		4,157,784
	53,285	Total Louisiana						56,289,915
		Maine – 0.7%
		Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011:
	2,000	6.750%, 7/01/36		7/21 at 100.00		Baa3		2,446,320
	10,390	6.750%, 7/01/41		7/21 at 100.00		Baa3		12,601,927
	1,665	Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40		7/20 at 100.00		AA		1,835,946
		Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013:
	700	5.000%, 7/01/25		7/23 at 100.00		BBB+		816,893
	460	5.000%, 7/01/26		7/23 at 100.00		BBB+		530,081
	1,000	5.000%, 7/01/27		7/23 at 100.00		BBB+		1,140,710
	1,000	5.000%, 7/01/30		7/23 at 100.00		BBB+		1,124,180
	17,215	Total Maine						20,496,057
		Maryland – 1.2%
		Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
	1,050	5.250%, 9/01/27 – SYNCORA GTY Insured		9/16 at 100.00		BB+		1,082,445
	1,750	5.250%, 9/01/28 – SYNCORA GTY Insured		9/16 at 100.00		BB+		1,798,580
	1,000	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 5.750%, 7/01/30		7/20 at 100.00		BBB–		1,063,300
		Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2012:
	12,500	5.000%, 6/01/19		No Opt. Call		AAA		15,502,250
	12,500	5.000%, 6/01/20		No Opt. Call		AAA		15,793,375
	28,800	Total Maryland						35,239,950
		Massachusetts – 1.4%
	275	Massachusetts Development Finance Agency, Education Facility Revenue Bonds, Academy of the Pacific Rim Project, Series 2006A, 5.125%, 6/01/31 – ACA Insured		6/16 at 100.00		N/R		277,288
	2,850	Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2007A, 6.750%, 10/15/37		10/17 at 100.00		N/R		3,015,557
	6,750	Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012C, 5.250%, 11/01/42 (Alternative Minimum Tax)		11/17 at 100.00		BB+		6,990,435
	1,000	Massachusetts Development Finance Agency, Senior Living Facility Revenue Bonds, The Groves in Lincoln Issue, Series 2009A, 7.875%, 6/01/44 (6)		6/19 at 100.00		N/R		470,000
	260	Massachusetts Development Finance Agency, Senior Living Facility Revenue Bonds, The Groves in Lincoln Issue, Series 2009B-2, 6.250%, 6/01/14 (6)		6/13 at 100.00		N/R		130,000
	2,000	Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A, 5.125%, 2/01/34 – NPFG Insured		7/13 at 100.00		A		2,000,220
	795	Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 5.500%, 1/01/23		1/20 at 100.00		AA		895,098

68 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Massachusetts (continued)
$	6,665	Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Bond Trust 3627, 13.576%, 7/01/29 (IF)		7/19 at 100.00		AA	$	9,133,583
	4,700	Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A, 6.250%, 1/15/28 (6)		1/18 at 100.00		N/R		24,064
	500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital, Series 2005E, 5.000%, 8/15/25 – RAAI Insured		8/15 at 100.00		N/R		508,185
	1,000	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–		1,042,200
	4,550	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		5,147,097
		Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:
	1,260	5.500%, 1/01/22 – AMBAC Insured (Alternative Minimum Tax)		7/13 at 100.00		N/R		1,260,580
	700	5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)		7/13 at 100.00		N/R		699,993
	8,000	Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/23 (Pre-refunded 1/01/14) – FGIC Insured		1/14 at 100.00		A1 (4)		8,264,320
	2,335	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2989, 13.340%, 8/01/38 (IF)		8/19 at 100.00		AAA		3,454,189
	43,640	Total Massachusetts						43,312,809
		Michigan – 2.3%
	12,130	Bay City, Bay County, Michigan, Unlimited Tax General Street Improvement Bonds, Series 1991, 0.000%, 6/01/21 – AMBAC Insured		No Opt. Call		A+		8,715,648
	8,575	Charlotte Public School District, Easton County, Michigan, General Obligation Bonds, Series 2005, 5.000%, 5/01/29 – NPFG Insured		5/15 at 100.00		Aa2		9,184,768
	3,710	Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39		7/22 at 100.00		A+		4,055,401
	1,250	Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 5.000%, 11/01/30		11/20 at 100.00		AA		1,386,263
	5,595	Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured		7/15 at 100.00		A		5,658,224
	1,380	HealthSource Saginaw, Inc., Saginaw County, Michigan, General Obligation Bonds, Refunding Series 2013, 4.000%, 5/01/29		5/22 at 100.00		Aa2		1,453,057
	800	Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, W.A. Foote Memorial Hospital, Refunding Series 2006B-2, 5.000%, 6/01/27 – AGM Insured		6/20 at 100.00		AA–		898,992
	7,665	Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist Hospital, Refunding Series 2003A, 5.000%, 5/15/26 – AGM Insured		5/18 at 100.00		AA–		8,447,980
	3,040	Kalkaska County Hospital Authority, Michigan, Hospital Revenue Bonds, Series 2007, 5.375%, 5/01/17		No Opt. Call		A–		3,361,176
	500	Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health System, Series 2008A, 5.500%, 1/15/47 (Mandatory put 1/15/15)		No Opt. Call		AA		543,210
		Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding Bonds, Detroit Service Learning Academy Project, Series 2011:
	750	6.000%, 10/01/21		No Opt. Call		BB+		830,303
	435	7.000%, 10/01/31		10/21 at 100.00		BB+		502,577
	1,000	7.000%, 10/01/36		10/21 at 100.00		BB+		1,144,890
	915	Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Creative Montessori Academy Project, Series 2011, 6.125%, 5/01/21		5/18 at 100.00		BBB–		974,210
	2,000	Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012, 5.000%, 11/01/32		11/22 at 100.00		A		2,231,320

Nuveen Investments 69

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
$	1,550	Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 5.000%, 10/01/35		10/20 at 100.00		AA	$	1,681,750
	1,250	Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Chandler Park Academy Project, Series 2008, 6.500%, 11/01/35		11/15 at 100.00		BBB		1,282,375
	1,370	Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, David Ellis Academy-West Charter School Project, Series 2007, 5.875%, 6/01/37		6/17 at 100.00		N/R		1,385,508
		Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-I-A:
	750	5.375%, 10/15/41		10/21 at 100.00		Aa3		864,930
	2,000	5.500%, 10/15/45		10/21 at 100.00		Aa3		2,320,000
		Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009:
	500	5.625%, 11/15/29		11/19 at 100.00		A		578,230
	1,480	5.750%, 11/15/39		11/19 at 100.00		A		1,688,488
	1,635	Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31		12/16 at 100.00		AA		1,803,846
	370	Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16)		12/16 at 100.00		Aa2 (4)		426,980
	6,010	Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.000%, 9/01/29		9/18 at 100.00		A1		7,628,974
	66,660	Total Michigan						69,049,100
		Minnesota – 1.2%
	1,000	Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40		11/20 at 100.00		BBB–		1,069,360
	1,000	Faribault, Minnesota, Housing Revenue Bonds, Faribault Senior Living LLC Project, Series 2010, 7.000%, 5/01/45		5/18 at 102.00		N/R		1,074,160
	5,000	Lakeville Independent School District 194, Dakota County, Minnesota, General Obligation Bonds, Refunding Series 2012D, 5.000%, 2/01/20		No Opt. Call		Aa2		6,185,400
		Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A:
	3,000	6.375%, 11/15/23		11/18 at 100.00		A		3,660,450
	3,000	6.625%, 11/15/28		11/18 at 100.00		A		3,682,170
	3,000	Minneapolis, Minnesota, Recovery Zone Facility Revenue Bonds, Mosaic Parking, LLC Project, Series 2010A, 8.500%, 1/01/41		1/21 at 100.00		N/R		3,249,240
	95	Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29		7/13 at 100.00		A		95,392
	2,995	Monticello-Big Lake Community Hospital District, Minnesota, Gross Revenue Health Care Facilities Bonds, Series 2003C, 6.200%, 12/01/22		7/13 at 100.00		N/R		3,000,990
	1,000	Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional Medical Center, Series 2004, 5.250%, 9/01/34		9/14 at 100.00		A–		1,015,850
		St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005:
	4,500	6.000%, 11/15/25		11/15 at 100.00		BBB–		4,870,125
	4,000	6.000%, 11/15/30		11/15 at 100.00		BBB–		4,305,240
	2,000	6.000%, 11/15/35		11/15 at 100.00		BBB–		2,146,000
	2,240	Wayzata, Minnesota, Senior Housing Revenue Bonds, Folkestone Senior Living Community, Series 2012A, 6.000%, 5/01/47		5/19 at 102.00		N/R		2,474,282
	32,830	Total Minnesota						36,828,659
		Mississippi – 0.2%
	975	Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, Roberts Hotel of Jackson, LLC Project, Series 2010, 8.500%, 2/01/30 (6)		2/21 at 102.00		N/R		194,981

70 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Mississippi (continued)
$	1,000	Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22		10/13 at 100.00		BBB	$	1,003,130
	5,000	Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System Project, Series 2005, 5.250%, 7/01/24 – AGM Insured		No Opt. Call		AA–		5,892,700
	6,975	Total Mississippi						7,090,811
		Missouri – 1.7%
	7,600	Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 10/01/23 – AGM Insured		10/13 at 100.00		AA–		7,750,632
	3,185	Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Metro East Transit District of St. Clair County, Illinois, Metrolink Extension Project Refunding Revenue Bonds, Series 2006, 5.250%, 7/01/27 – AGM Insured		No Opt. Call		AA–		4,051,639
	2,540	Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services – Heisinger Project, Series 2004, 5.500%, 2/01/35		2/14 at 100.00		BBB+		2,566,772
	2,470	Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36		10/19 at 100.00		A–		2,754,989
	1,250	Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011, 6.000%, 2/01/41		2/21 at 100.00		BBB+		1,421,838
	4,455	Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Tender Option Bond Trust 3604, 13.781%, 5/15/17 (IF)		No Opt. Call		AAA		6,934,430
		Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Series 2010A:
	5,000	0.000%, 7/15/31 – AGC Insured		No Opt. Call		AA–		2,285,900
	7,000	0.000%, 7/15/32 – AGC Insured		No Opt. Call		AA–		3,036,950
	6,250	0.000%, 7/15/33 – AGC Insured		No Opt. Call		AA–		2,575,750
	7,000	0.000%, 7/15/34 – AGC Insured		No Opt. Call		AA–		2,698,710
	6,000	0.000%, 7/15/35 – AGC Insured		No Opt. Call		AA–		2,192,400
	2,000	0.000%, 7/15/36 – AGC Insured		No Opt. Call		AA–		693,680
		Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2012A:
	1,000	4.250%, 7/01/27 – FGIC Insured (Alternative Minimum Tax)		7/22 at 100.00		A–		1,038,850
	1,610	5.000%, 7/01/28 – FGIC Insured (Alternative Minimum Tax)		7/22 at 100.00		A–		1,774,703
	1,729	Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square Redevelopment Project, Series 2008A, 6.300%, 8/22/26		9/13 at 100.00		N/R		1,664,093
	1,437	Saint Louis, Missouri, Tax Increment Financing Revenue Notes, Marquette Building Redevelopment Project, Series 2008-A, 6.500%, 1/23/28		7/13 at 100.00		N/R		1,072,764
	5,250	Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42		No Opt. Call		BBB–		5,271,053
	65,776	Total Missouri						49,785,153
		Montana – 0.2%
	2,500	Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Northwestern Corporation Colstrip Project, Series 2006, 4.650%, 8/01/23 – AMBAC Insured		8/16 at 100.00		A2		2,736,525
	1,000	Montana Board of Housing, Single Family Homeownership Bonds, Series 2012A-1, 3.400%, 12/01/27		6/22 at 100.00		Aa3		1,020,240
	2,500	Montana Facilities Finance Authority, Revenue Bonds, Saint John’s Lutheran Ministries Project, Series 2006A, 6.125%, 5/15/36		5/16 at 100.00		N/R		2,587,475
	6,000	Total Montana						6,344,240

Nuveen Investments 71

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Nebraska – 0.5%
$	6,000	Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42		9/22 at 100.00		A	$	6,496,620
	1,320	Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/32		4/22 at 100.00		A		1,523,557
	3,000	Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2013A, 4.000%, 4/01/36		4/23 at 100.00		A		3,098,010
	2,750	Nebraska Public Power District, General Revenue Bonds, Series 2008B, 5.000%, 1/01/20		1/18 at 100.00		A1		3,188,488
	1,000	Omaha, Nebraska, General Obligation Bonds, Refunding Series 2011, 4.125%, 11/15/31		11/21 at 100.00		AAA		1,109,250
	14,070	Total Nebraska						15,415,925
		Nevada – 0.6%
	80	Clark County, Nevada, Industrial Development Revenue Bonds, Southwest Gas Corporation, Senior Lien Series 2006A, 4.750%, 9/01/36 – FGIC Insured (Alternative Minimum Tax)		9/16 at 100.00		A–		83,362
	2,000	Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.000%, 7/01/30		1/20 at 100.00		A+		2,257,480
	2,000	Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%, 7/01/25 – FGIC Insured		7/14 at 100.00		A+		2,096,980
	2,100	Henderson Redevelopment Agency, Nevada, Senior Lien Tax Allocation Bonds, Series 2002A, 5.250%, 10/01/25 – AMBAC Insured		10/13 at 100.00		BBB+		2,107,938
		Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A:
	2,000	7.500%, 6/15/23		6/19 at 100.00		BBB–		2,296,040
	1,500	8.000%, 6/15/30		6/19 at 100.00		BBB–		1,719,465
	2,500	Las Vegas Valley Water District, Nevada, Limited Tax General Obligation Bonds, Water & Refunding Series 2011C, 5.000%, 6/01/38		6/21 at 100.00		AA+		2,811,675
		Sparks Local Improvement District 3, Legends at Sparks Marina, Nevada, Limited Obligation Improvement Bonds, Series 2008:
	1,105	6.500%, 9/01/20		9/18 at 100.00		N/R		1,178,505
	1,900	6.750%, 9/01/27		9/18 at 100.00		N/R		1,982,517
	410	Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011, 5.000%, 7/01/32		7/21 at 100.00		AA		460,943
	15,595	Total Nevada						16,994,905
		New Hampshire – 0.4%
	3,500	New Hampshire Business Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2002, 5.200%, 5/01/27 (Alternative Minimum Tax)		5/16 at 101.00		BBB		3,825,535
	800	New Hampshire Health and Education Facilities Authority, Hospital Revenue Bonds, Speare Memorial Hospital, Series 2004, 5.875%, 7/01/34 (Pre-refunded 7/01/15)		7/15 at 100.00		BBB– (4)		892,752
	1,250	New Hampshire Health and Education Facilities Authority, Revenue Bonds, Covenant Health Systems Obligated Group Issue, Series 2004, 5.375%, 7/01/24		7/14 at 100.00		A		1,282,938
	3,305	New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Tender Option Bond Trust 09-7W, 14.388%, 6/01/39 (IF) (5)		6/19 at 100.00		AA+		5,008,728
	955	New Hampshire Health and Education Facilities Authority, Revenue Bonds, Elliot Hospital, Refunding Series 2003B, 5.600%, 10/01/22		10/13 at 100.00		Baa1		1,027,360
	9,810	Total New Hampshire						12,037,313
		New Jersey – 2.3%
	1,335	Manalapan-Englishtown Regional Board of Education, New Jersey, General Obligation Bonds, Series 2004, 5.750%, 12/01/21 – FGIC Insured		No Opt. Call		Aa3		1,782,412

72 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
		New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
$	1,775	5.000%, 7/01/22 – NPFG Insured		7/14 at 100.00		A	$	1,863,200
	1,775	5.000%, 7/01/23 – NPFG Insured		7/14 at 100.00		A		1,863,200
	1,000	New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 5.125%, 9/15/23 (Alternative Minimum Tax)		9/13 at 100.00		B		1,053,850
	1,650	New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 5.250%, 9/15/29 (Alternative Minimum Tax)		8/24 at 100.00		B		1,738,572
	835	New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A, 5.750%, 6/01/31		6/20 at 100.00		Baa3		956,200
		New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine and Dentistry of New Jersey, Series 2009B:
	2,010	6.250%, 12/01/18		No Opt. Call		A–		2,435,256
	600	7.500%, 12/01/32		6/19 at 100.00		A–		747,456
	1,335	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.910%, 6/01/30 (IF) (5)		6/19 at 100.00		AA		2,019,054
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A:
	2,150	5.250%, 12/15/20		No Opt. Call		A+		2,669,741
	7,000	5.500%, 12/15/23		No Opt. Call		A+		9,000,390
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013A:
	7,000	5.000%, 12/15/19		No Opt. Call		A+		8,525,440
	11,000	5.000%, 6/15/20		No Opt. Call		A+		13,382,820
		New Jersey Turnpike Authority, Revenue Bonds, Series 2005A:
	3,000	5.000%, 1/01/21 – AGM Insured		1/15 at 100.00		AA–		3,220,230
	3,315	5.000%, 1/01/25 – AGM Insured		1/15 at 100.00		AA–		3,539,956
	3,150	5.250%, 1/01/26 – AGM Insured		No Opt. Call		AA–		4,001,067
	1,000	Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward Police Facility, Series 2009A, 5.750%, 12/01/30 – AGC Insured		12/19 at 100.00		A3		1,175,290
	3,470	North Hudson Sewerage Authority, New Jersey, Gross Revenue Senior Lien Lease Certificates, Series 2012A, 5.000%, 6/01/23		6/22 at 100.00		A		4,218,375
	2,000	Passaic Valley Water Commission, New Jersey, Water System Revenue Bonds, Series 2003, 5.000%, 12/15/19 – AGM Insured		No Opt. Call		AA–		2,441,480
		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	805	4.625%, 6/01/26		6/17 at 100.00		B1		783,845
	2,000	4.750%, 6/01/34		6/17 at 100.00		B2		1,761,780
	58,205	Total New Jersey						69,179,614
		New Mexico – 0.5%
	4,790	Clayton, New Mexico, Appropriation Debt, Jail Project, Series 2006, 4.650%, 11/01/29 – CIFG Insured		11/16 at 100.00		BBB+		4,864,341
	1,415	New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, Haverland Carter Lifestyle Group, Series 2013, 5.000%, 7/01/32		7/22 at 100.00		BBB–		1,456,870
	3,000	New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida Llena Project, Series 2010A, 5.875%, 7/01/30		7/20 at 100.00		BBB–		3,249,210
	955	The Trails Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2008, 7.500%, 10/01/18		No Opt. Call		N/R		1,042,468
	4,230	University of New Mexico, FHA-Insured Hospital Mortgage Revenue Bonds, University of Mexico Hospital Project, Series 2004, 5.000%, 7/01/23 – AGM Insured		7/14 at 100.00		AA–		4,402,415
	14,390	Total New Mexico						15,015,304

Nuveen Investments 73

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York – 4.4%
		Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
$	1,100	6.000%, 7/15/30		1/20 at 100.00		BBB–	$	1,314,236
	7,745	6.375%, 7/15/43		1/20 at 100.00		BBB–		9,267,125
	1,880	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured		2/15 at 100.00		N/R		2,006,844
	4,955	Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.500%, 7/01/43 – AGM Insured		7/20 at 100.00		AA–		5,654,151
	10,000	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/24		3/21 at 100.00		AAA		12,151,900
	1,665	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 – AMBAC Insured		3/15 at 100.00		AAA		1,804,277
		Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
	2,000	13.366%, 2/15/33 (IF)		2/19 at 100.00		AAA		2,906,900
	2,335	13.355%, 2/15/33 (IF)		2/19 at 100.00		AAA		3,392,825
	400	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47		2/21 at 100.00		A		475,664
	4,055	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured		2/17 at 100.00		A		4,196,479
	4,000	Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35		No Opt. Call		A		4,758,640
	3,000	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 6.000%, 5/01/33		5/19 at 100.00		A		3,636,840
		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A:
	1,000	5.000%, 5/01/36 – AGM Insured		5/21 at 100.00		AA–		1,118,340
	1,980	5.000%, 5/01/38		5/21 at 100.00		A		2,180,653
	4,600	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30		11/15 at 100.00		A		4,962,894
	9,190	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2012D, 4.000%, 11/15/32		11/22 at 100.00		A		9,544,734
		New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007:
	3,000	5.750%, 10/01/37 (7)		10/17 at 100.00		N/R		1,273,350
	1,000	5.875%, 10/01/46 (8)		10/17 at 102.00		N/R		424,370
	1,000	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		1,041,080
	715	New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured		3/19 at 100.00		AA–		882,775
	1,500	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)		6/13 at 100.00		BB		1,500,030
	1,000	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 3484, 17.982%, 6/15/33 (IF)		6/19 at 100.00		AA+		1,524,240
	5,000	New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – FGIC Insured		4/15 at 100.00		AA		5,421,750
	5	New York City, New York, General Obligation Bonds, Series 1991B, 7.000%, 2/01/18 – AMBAC Insured		7/13 at 100.00		AA		5,029

74 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
		New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011:
$	1,665	5.000%, 11/15/31		11/21 at 100.00		A+	$	1,908,173
	11,560	5.000%, 11/15/44		11/21 at 100.00		A+		12,727,444
	10,000	New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Series 2012D, 5.000%, 6/15/22		No Opt. Call		AAA		12,847,000
	1,035	New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/24 – AMBAC Insured		10/15 at 100.00		AA		1,137,506
	2,125	New York State Urban Development Corporation, Special Project Revenue Bonds, University Facilities Grants, Series 1995, 5.500%, 1/01/19		No Opt. Call		AA–		2,541,585
		New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2004A-1:
	2,655	5.000%, 3/15/24 (Pre-refunded 3/15/14) – FGIC Insured		3/14 at 100.00		AAA		2,762,501
	1,515	5.000%, 3/15/25 (Pre-refunded 3/15/14) – FGIC Insured		3/14 at 100.00		AAA		1,576,342
	1,000	5.000%, 3/15/26 (Pre-refunded 3/15/14) – FGIC Insured		3/14 at 100.00		AAA		1,040,490
	5,000	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2011A, 5.000%, 3/15/20		No Opt. Call		AAA		6,214,550
	3,500	Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42		No Opt. Call		BB+		3,642,800
	795	Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42		12/20 at 100.00		BBB–		933,155
	1,170	Suffolk County Economic Development Corporation, New York, Revenue Refunding Bonds, Peconic Landing At Southold, Inc. Project, Series 2010, 5.875%, 12/01/30		12/20 at 100.00		BBB–		1,319,210
	560	Tobacco Settlement Financing Corporation, New York, Asset-Backed Revenue Bonds, State Contingency Contract Secured, Series 2011B, 5.000%, 6/01/18		No Opt. Call		AA–		668,310
	1,400	Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010B, 5.000%, 9/01/20		No Opt. Call		A–		1,701,336
	117,105	Total New York						132,465,528
		North Carolina – 0.8%
	2,000	Buncombe County, North Carolina, Project Development Financing Revenue Bonds, Woodfin Downtown Corridor Development, Series 2008, 6.750%, 8/01/24		8/18 at 100.00		N/R		1,993,500
	1,780	Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.763%, 7/01/38 (IF) (5)		7/20 at 100.00		AAA		2,584,631
	3,880	Columbus County Industrial Facilities and Pollution Control Financing Authority, North Carolina, Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2007A, 4.625%, 3/01/27		3/17 at 100.00		BBB		4,085,834
		North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2008, Tender Option Bonds Trust 3248:
	1,920	27.037%, 10/01/21 (IF)		10/16 at 100.00		AA+		4,163,098
	585	27.253%, 10/01/34 (IF)		10/15 at 100.00		AA+		1,174,850
	1,000	North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2008C, 6.750%, 1/01/24		1/19 at 100.00		A–		1,247,130
	1,000	North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 1993B, 6.000%, 1/01/22 – FGIC Insured		No Opt. Call		Baa1		1,302,540
		North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Lutheran Services for the Aging, Series 2012A:
	1,000	5.000%, 3/01/37		No Opt. Call		N/R		1,022,520
	1,000	5.000%, 3/01/42		No Opt. Call		N/R		1,019,610

Nuveen Investments 75

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		North Carolina (continued)
$	1,580	North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Presbyterian Homes, Series 2006B, 5.200%, 10/01/21		10/16 at 100.00		N/R	$	1,668,685
	1,160	North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, Cape Fear Valley Health System, Series 2012A, 5.000%, 10/01/24		10/22 at 100.00		A–		1,360,286
	2,000	North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 – AGC Insured		1/19 at 100.00		AA–		2,314,600
	18,905	Total North Carolina						23,937,284
		North Dakota – 0.7%
	2,585	Burleigh County, North Dakota, Health Care Revenue Refunding Bonds, St. Alexius Medical Center Project, Series 2012A, 5.000%, 7/01/38		7/22 at 100.00		A–		2,815,841
	2,100	Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 4.000%, 12/01/27		12/21 at 100.00		A–		2,186,205
	15,000	Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, Series 2012A, 4.000%, 3/01/32		3/21 at 100.00		A		15,608,700
	19,685	Total North Dakota						20,610,746
		Ohio – 3.0%
	2,435	American Municipal Power Ohio Inc., Genoa Village, Electric System Improvement Revenue Bonds, Series 2004, 5.250%, 2/15/24 – AGC Insured		2/14 at 100.00		AA–		2,487,986
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
	1,130	5.125%, 6/01/24		6/17 at 100.00		B–		1,048,979
	1,420	5.875%, 6/01/30		6/17 at 100.00		B		1,273,839
	3,990	5.750%, 6/01/34		6/17 at 100.00		B		3,499,829
	4,145	5.875%, 6/01/47		6/17 at 100.00		B		3,703,433
		Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:
	3,000	5.250%, 11/01/29		11/20 at 100.00		BBB+		3,299,130
	2,000	5.750%, 11/01/40		11/20 at 100.00		BBB+		2,274,180
	1,000	Cleveland Municipal School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.250%, 12/01/23 (Pre-refunded 6/01/14) – AGM Insured		6/14 at 100.00		AA (4)		1,054,100
	1,000	Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A, 5.000%, 1/01/31		1/22 at 100.00		A–		1,119,620
	2,500	Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 2004A, 5.000%, 12/01/23 (Pre-refunded 6/01/14) – AMBAC Insured		6/14 at 100.00		N/R (4)		2,624,825
	3,040	Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26		7/21 at 100.00		BBB		3,412,552
	4,420	Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Tender Option Bond Trust 4152, 17.838%, 5/01/20 (IF) (5)		No Opt. Call		Aa2		6,530,771
		Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A:
	4,000	5.000%, 12/01/20 – AMBAC Insured		No Opt. Call		A+		4,544,760
	8,505	4.250%, 12/01/32 – AMBAC Insured		12/16 at 100.00		A+		8,753,006
	3,250	Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 5.625%, 8/15/29		8/18 at 100.00		A3		3,626,480
	700	Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40		12/20 at 100.00		BB		781,893
	5,765	Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41		11/21 at 100.00		AA		7,013,526

76 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
$	2,240	Marysville Exempt Village School District, Union County, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 – AGM Insured		12/15 at 100.00		AA–	$	2,460,394
	1,000	Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center Inc., Series 2006, 5.250%, 5/15/26		5/16 at 100.00		A2		1,067,640
	1,500	Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/41		8/21 at 100.00		A2		1,663,410
	3,500	Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30		4/20 at 100.00		BBB–		3,911,670
	2,270	Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19		No Opt. Call		BBB–		2,695,670
	1,540	Ohio State, Higher Educational Facility Revenue Bonds, Baldwin-Wallace College Project, Series 2004, 5.250%, 12/01/19 (Pre-refunded 6/01/14)		6/14 at 100.00		A– (4)		1,622,790
	2,640	Ross Local School District, Butler County, Ohio, General Obligation Bonds, Series 2003, 5.000%, 12/01/28 (Pre-refunded 12/01/13) – AGM Insured		12/13 at 100.00		Aa2 (4)		2,714,474
		Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:
	2,370	5.000%, 12/01/17		No Opt. Call		N/R		2,557,917
	1,250	5.000%, 12/01/22		No Opt. Call		N/R		1,370,588
	3,000	5.750%, 12/01/32		12/22 at 100.00		N/R		3,311,370
	2,000	6.000%, 12/01/42		12/22 at 100.00		N/R		2,229,760
	3,000	Trumbull County, Ohio, Multifamily Housing Revenue Bonds, Royal Mall Apartments, Series 2007, 5.000%, 5/20/49 (Alternative Minimum Tax)		11/17 at 102.00		Aaa		3,194,220
		Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood County Hospital Project, Series 2012:
	2,000	5.000%, 12/01/27		No Opt. Call		Baa2		2,180,620
	2,500	5.000%, 12/01/32		No Opt. Call		Baa2		2,677,800
	83,110	Total Ohio						90,707,232
		Oregon – 0.5%
	1,400	Oregon Department of Administrative Services, Certificates of Participation, Series 2009A, 5.250%, 5/01/39		5/19 at 100.00		AA		1,555,218
	1,000	Oregon Housing and Community Services Department, Multifamily Housing Revenue Bonds, Refunding Series 2010A, 5.150%, 7/01/42 (Alternative Minimum Tax)		1/20 at 100.00		Aaa		1,067,290
	2,500	Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2004A, 5.000%, 11/15/21 (Pre-refunded 11/15/14)		11/14 at 100.00		AAA		2,680,175
	1,140	Oregon State Facilities Authority, Revenue Bonds, Concordia University Project, Series 2010A, 6.125%, 9/01/30		9/20 at 100.00		BB+		1,245,644
	7,155	Port of Portland, Oregon, International Airport Revenue Bonds, Series 2010-20C, 5.000%, 7/01/27 (Alternative Minimum Tax)		7/20 at 100.00		AA–		8,133,446
	835	Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012C, 5.000%, 6/15/30		6/22 at 100.00		A1		963,456
	14,030	Total Oregon						15,645,229
		Pennsylvania – 4.0%
	1,125	Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carlow University, Series 2011, 6.750%, 11/01/31		11/21 at 100.00		BBB–		1,271,239
	1,000	Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37		3/17 at 100.00		BBB		1,020,400
	1,000	Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29		1/19 at 100.00		BBB+		1,133,320
	2,000	Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.125%, 10/01/34		10/18 at 100.00		BBB		2,197,760

Nuveen Investments 77

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	1,350	Erie County Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, International Paper Company Project, Refunding Series 2004A, 5.000%, 11/01/18 (Alternative Minimum Tax)		11/14 at 100.00		BBB	$	1,375,421
	2,525	Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/19 – AGM Insured		7/14 at 100.00		AA–		2,570,652
		Montgomery Count Industrial Development Authority, Pennsylvania, Revenue Refunding Bonds, ACTS Retirement-Life Communities, Inc. , Series 2012:
	2,400	5.000%, 11/15/27		5/22 at 100.00		A–		2,692,248
	1,450	5.000%, 11/15/28		5/22 at 100.00		A–		1,610,776
	1,150	5.000%, 11/15/29		5/22 at 100.00		A–		1,253,362
	710	Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38		8/20 at 100.00		AA		819,390
	940	Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 17.841%, 8/01/38 (IF) (5)		8/20 at 100.00		AA		1,548,039
	500	Montgomery County Industrial Development Authority, Pennsylvania, First Mortgage Revenue Bonds, Whitemarsh Continuing Care, Series 2005, 6.250%, 2/01/35		2/15 at 100.00		N/R		508,430
	3,990	Montgomery County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project, Series 2007A, 5.250%, 7/01/42		7/18 at 100.00		AA–		4,330,148
	5,000	Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Allegheny Energy Supply Company LLC., Senior Lien Series 2009, 7.000%, 7/15/39		7/19 at 100.00		BBB–		5,988,650
	3,115	Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23		10/19 at 100.00		BBB+		3,677,538
	1,200	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30		7/20 at 100.00		Baa3		1,350,120
	525	Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2010-110A, 4.750%, 10/01/25		10/19 at 100.00		AA+		559,162
	10,000	Pennsylvania State, General Obligation Bonds, First Refunding Series 2012-1, 5.000%, 7/01/20		No Opt. Call		AA+		12,528,900
	1,050	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured		6/16 at 100.00		A+		1,148,049
	15,000	Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured		6/26 at 100.00		AA		16,139,850
	480	Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Global Leadership Academy Project, Series 2010, 5.750%, 11/15/30		11/20 at 100.00		BBB–		505,147
	4,980	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/23 – AGM Insured		9/14 at 100.00		AA–		5,234,229
	2,000	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Ninth Series, 2010, 5.000%, 8/01/30		8/20 at 100.00		BBB+		2,173,900
	240	Philadelphia Redevelopment Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Pavilion Apartments, Series 2003A, 4.250%, 10/01/16 (Alternative Minimum Tax)		10/13 at 100.00		A		241,786
	6,650	Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured		6/20 at 100.00		AA–		7,395,798
	2,380	Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41		8/20 at 100.00		A2		2,895,817

78 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
		Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010:
$	2,400	5.000%, 2/01/30 – AGM Insured		8/20 at 100.00		AA–	$	2,671,776
	1,500	5.000%, 2/01/35 – AGC Insured		8/20 at 100.00		AA–		1,630,425
	2,430	Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2005A, 5.000%, 9/01/16 – NPFG Insured		9/15 at 100.00		A1		2,644,107
	5,200	Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2005A, 5.000%, 11/15/28 – AGM Insured		5/15 at 100.00		Aa2		5,624,372
	3,000	Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts Bonds, Federal Transit Administration Section 5309 Fixed Guideway Modernization Formula Funds, Series 2011, 5.000%, 6/01/28		6/21 at 100.00		A+		3,466,320
	1,600	State Public School Building Authority, Pennsylvania, College Revenue Bonds, Delaware County Community College, Series 2008, 5.000%, 10/01/24 – AGM Insured		4/18 at 100.00		A1		1,796,656
	19,300	Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33		No Opt. Call		Baa3		18,760,565
		Westmoreland County Industrial Development Authority, Pennsylvania, Retirement Community Revenue Bonds, Redstone Presbyterian SeniorCare Obligated Group, Series 2005A:
	1,200	5.750%, 1/01/26		1/16 at 100.00		N/R		1,238,616
	1,400	5.875%, 1/01/32		1/16 at 100.00		N/R		1,437,352
	110,790	Total Pennsylvania						121,440,320
		Puerto Rico – 2.6%
		Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A:
	4,000	5.000%, 7/01/29		No Opt. Call		BBB+		3,988,760
	12,275	5.050%, 7/01/42		7/22 at 100.00		BBB+		11,882,937
	10,615	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, 7/01/29 – NPFG Insured		No Opt. Call		BBB+		10,829,211
	1,250	Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.250%, 7/01/18 (Pre-refunded 7/01/13) – FGIC Insured		7/13 at 100.00		BBB (4)		1,260,650
	1,030	Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 5.000%, 12/01/20		12/13 at 100.00		AA–		1,054,545
	10,000	Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Ports Authority Project Bonds, Series 2011B, 5.250%, 12/15/26		12/21 at 100.00		BBB–		10,120,700
		Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C:
	850	5.500%, 7/01/17 – AMBAC Insured		No Opt. Call		BBB+		907,732
	420	5.500%, 7/01/23 – AMBAC Insured		No Opt. Call		BBB+		438,089
	4,000	5.500%, 7/01/25 – AMBAC Insured		No Opt. Call		BBB+		4,158,160
	1,000	5.500%, 7/01/27 – AMBAC Insured		No Opt. Call		BBB+		1,029,230
	3,750	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32		8/26 at 100.00		A+		3,968,663
		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2011A-1:
	1,500	5.250%, 8/01/40		8/21 at 100.00		AA–		1,627,845
	1,600	5.250%, 8/01/43		8/21 at 100.00		A+		1,673,424
	5,400	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/41		No Opt. Call		AA–		1,142,100
	5,000	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/46 – NPFG Insured		No Opt. Call		AA–		769,700

Nuveen Investments 79

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Puerto Rico (continued)
		Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A:
$	2,550	5.500%, 7/01/16 – AGM Insured		No Opt. Call		AA–	$	2,776,746
	3,000	5.500%, 7/01/17 – AGM Insured		No Opt. Call		AA–		3,312,840
	3,440	5.500%, 7/01/18 – AGM Insured		No Opt. Call		AA–		3,848,018
	2,250	5.500%, 7/01/19 – AGM Insured		No Opt. Call		AA–		2,542,298
		Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A:
	50	5.500%, 7/01/16 – NPFG Insured		No Opt. Call		Baa2		53,283
	140	5.500%, 7/01/18		No Opt. Call		BBB–		150,899
	1,355	5.500%, 7/01/19 – NPFG Insured		No Opt. Call		Baa2		1,463,170
	100	5.500%, 7/01/20 – NPFG Insured		No Opt. Call		Baa2		107,172
	50	5.500%, 7/01/21 – NPFG Insured		No Opt. Call		Baa2		52,773
	125	5.500%, 7/01/29		No Opt. Call		BBB–		129,543
	130	Puerto Rico, General Obligation and Public Improvement Refunding Bonds, Series 1999, 5.250%, 7/01/18		No Opt. Call		AA		138,610
	1,360	Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/19 – FGIC Insured		No Opt. Call		BBB–		1,468,569
		Puerto Rico, General Obligation Bonds, Public Improvement, Refunding Series 2012A:
	3,620	5.000%, 7/01/21		No Opt. Call		BBB–		3,698,988
	3,000	5.000%, 7/01/41		7/22 at 100.00		BBB–		2,858,340
	83,860	Total Puerto Rico						77,452,995
		Rhode Island – 0.1%
	285	Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.650%, 7/01/15 – NPFG Insured		7/13 at 100.00		Baa2		286,143
		Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
	1,855	6.125%, 6/01/32		7/13 at 100.00		BBB+		1,873,365
	1,360	6.250%, 6/01/42		7/13 at 100.00		BBB–		1,392,314
	3,500	Total Rhode Island						3,551,822
		South Carolina – 0.3%
	700	Georgetown County, South Carolina, Environmental Improvement Revenue Bonds, International Paper Company, Senior Lien Series 2005A, 5.550%, 12/01/29 (Alternative Minimum Tax)		12/15 at 100.00		BBB		746,235
	460	Greenville, South Carolina, Hospital Facilities Revenue Bonds, Series 1990, 6.000%, 5/01/20		No Opt. Call		AA–		555,910
	2,105	Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 8/15/23 (Pre-refunded 8/15/14) – NPFG Insured		8/14 at 100.00		Baa2 (4)		2,234,752
	1,340	South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2006C-2, 5.500%, 7/01/37 – AGM Insured (Alternative Minimum Tax)		7/16 at 101.00		Aa1		1,426,564
	1,250	South Carolina JOBS Economic Development Authority, Hospital Facilities Revenue Bonds, Palmetto Health Alliance, Series 2003A, 6.125%, 8/01/23		8/13 at 100.00		BBB+		1,268,438
	135	South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement Revenue Bonds, Palmetto Health Alliance, Series 2003C, 6.375%, 8/01/34 (Pre-refunded 8/01/13)		8/13 at 100.00		BBB+ (4)		137,099
	2,000	South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Series 2008A, 5.375%, 1/01/28		1/19 at 100.00		AA–		2,374,780
	7,990	Total South Carolina						8,743,778

80 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		South Dakota – 0.8%
$	2,500	Rapid City, South Dakota, Airport Customer Facility Charge Revenue Bonds, Recovery Zone Facility Bond Series 2010B, 7.000%, 12/01/30		12/20 at 102.00		N/R	$	2,908,850
	1,000	Rapid City, South Dakota, Airport Revenue Refunding Bonds, Passenger Facility Charge Supported, Series 2011A, 7.000%, 12/01/35		12/19 at 100.00		Baa2		1,149,370
	2,255	Rapid City, South Dakota, Sales Tax Revenue Bonds, Series 2013, 4.000%, 6/01/28		No Opt. Call		Aa3		2,420,111
	1,400	South Dakota Economic Development Finance Authority, Economic Development Revenue Bonds, Davis Family Sodak, LLC Wastewater Project, Pooled Loan Program, Series 2004A, 6.000%, 4/01/29 (Alternative Minimum Tax)		4/14 at 100.00		A+		1,459,108
	2,000	South Dakota Economic Development Finance Authority, Economic Development Revenue Bonds, Spearfish Products Project, Pooled Loan Program, Series 2008A, 5.875%, 4/01/28 (Alternative Minimum Tax)		4/16 at 100.00		A+		2,228,480
	1,850	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Series 2012A, 5.000%, 7/01/42		7/21 at 100.00		A+		2,016,093
	6,750	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Vocational Education Program, Series 2008, 5.500%, 8/01/38 – AGC Insured		8/18 at 100.00		AA		7,746,705
	750	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Westhills Village Retirement Community Project, Series 2006, 5.000%, 9/01/31		9/14 at 100.00		A		758,798
		South Dakota Health and Educational Facilities Authority, Revenue Bonds, Westhills Village Retirement Community, Series 2012:
	330	4.000%, 9/01/24		9/20 at 100.00		A		347,827
	1,500	5.000%, 9/01/32		9/20 at 100.00		A		1,594,965
	20,335	Total South Dakota						22,630,307
		Tennessee – 0.9%
	3,550	Blount County Public Building Authority, Tennessee, Local Government Public Improvement Loan Bonds, Washington County, Series 2007B-12-A, 4.375%, 6/01/35 – SYNCORA GTY Insured		6/19 at 100.00		Aa2		3,848,378
		Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2008D:
	500	6.000%, 10/01/23		10/18 at 100.00		AA–		607,715
	1,500	6.125%, 10/01/28		10/18 at 100.00		AA–		1,792,215
	3,000	Claiborne County, Tennessee, Industrial Development Board, Revenue Refunding Bonds, Lincoln Memorial University Project, Series 2009, 6.625%, 10/01/39		10/19 at 100.00		N/R		3,446,430
	1,000	Clarksville Natural Gas Acquisition Corporation, Tennessee, Natural Gas Revenue Bonds, Series 2006, 5.000%, 12/15/17 – SYNCORA GTY Insured		No Opt. Call		A		1,150,350
		Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A:
	720	5.000%, 7/01/16		No Opt. Call		BBB+		799,474
	755	5.000%, 7/01/17		7/16 at 100.00		BBB+		834,011
	4,680	5.500%, 7/01/36		7/16 at 100.00		BBB+		4,951,768
	135	Memphis Health, Educational and Housing Facilities Board, Tennessee, Multifamily Housing Revenue Bonds, Goodwill Village Apartments, Series 2010A, 5.500%, 12/01/30		12/20 at 100.00		A–		143,055
		Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Series 2012:
	1,440	5.000%, 11/01/26		11/21 at 100.00		BBB+		1,631,621
	1,000	5.000%, 11/01/27		11/21 at 100.00		BBB+		1,123,430
	250	5.000%, 11/01/28		11/21 at 100.00		BBB+		279,615
	255	5.000%, 11/01/29		11/21 at 100.00		BBB+		283,019
	245	5.000%, 11/01/30		11/21 at 100.00		BBB+		270,215
	705	5.000%, 11/01/31		11/21 at 100.00		BBB+		773,223

Nuveen Investments 81

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tennessee (continued)
$	1,000	Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Series 2009A, 5.000%, 10/01/39		10/19 at 100.00		AA+	$	1,139,450
	800	Shelby County, Tennessee, General Obligation Public Improvement and School Bonds, Refunding Series 2009A, 5.000%, 4/01/20		4/19 at 100.00		AA+		975,504
	200	Shelby County, Tennessee, General Obligation Public Improvement and School Bonds, Refunding Series 2009A, 5.000%, 4/01/20 (Pre-refunded 4/01/19)		4/19 at 100.00		Aa1 (4)		246,910
	2,000	South Blount County Utility District, Tennessee, Waterworks Revenue Bonds, Improvement and Refunding Series 2009, 5.250%, 12/01/39 – AGM Insured		12/19 at 100.00		AA–		2,309,060
	1,000	Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/37 (6)		11/17 at 100.00		N/R		2,490
	1,000	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/21		No Opt. Call		A		1,170,870
	25,735	Total Tennessee						27,778,803
		Texas – 9.4%
	5,280	Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured		8/19 at 100.00		AA–		5,930,338
	1,385	Board of Regents of the Texas Tech University System, Revenue Financing System Refunding and Improvement Bonds, Fourteenth Series 2012A, 5.000%, 8/15/37		8/21 at 100.00		AA+		1,595,174
	3,635	Brazos County Health Facilities Development Corporation, Texas, Franciscan Services Corporation Obligated Group-St Joseph Regional, Revenue Bonds, Series 2008, 5.000%, 1/01/23		7/18 at 100.00		A–		3,988,795
	2,315	Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2008, 5.000%, 9/01/27 – AGM Insured		No Opt. Call		AA–		2,631,113
	3,500	Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding Series 2010, 5.000%, 7/01/19		7/17 at 100.00		A+		4,011,630
	1,745	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 5.750%, 1/01/25		1/20 at 100.00		Baa2		2,074,805
	3,400	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46		1/21 at 100.00		Baa2		4,026,484
		Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2012:
	2,745	5.000%, 8/15/32		8/22 at 100.00		BBB		3,025,319
	2,750	5.000%, 8/15/42		8/22 at 100.00		BBB		2,979,268
	2,100	Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Tejano Center for Community Concerns, Inc.-Raul Yzaguirre School for Success, Refunding Series 2009A, 8.750%, 2/15/28		2/18 at 100.00		BBB–		2,425,332
		Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2011C:
	3,500	5.000%, 11/01/24		11/20 at 100.00		A+		4,109,140
	1,500	5.000%, 11/01/25		11/20 at 100.00		A+		1,748,580
		Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012B:
	1,775	5.000%, 11/01/18		No Opt. Call		A+		2,128,048
	4,355	5.000%, 11/01/35		11/20 at 100.00		A+		4,829,739
	1,460	Danbury Higher Education Authority Inc., Texas, Golden Rule Charter School Revenue Bonds, Series 2008A, 6.500%, 8/15/38		2/18 at 100.00		BB+		1,514,400
	2,700	Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38		11/22 at 100.00		Baa3		2,737,125
	4,425	Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B, 4.750%, 11/01/42		11/22 at 100.00		Baa3		4,468,852

82 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	500	Fort Bend Independent School District, Fort Bend County, Texas, General Obligation Bonds, Refunding Series 1994, 5.000%, 2/15/14 (ETM)		No Opt. Call		AAA	$	518,955
	6,500	Gregg County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Good Shepherd Health System, Series 2012C, 5.000%, 7/01/32		7/22 at 100.00		BBB+		6,925,100
	1,075	Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax)		10/22 at 100.00		BB+		1,116,345
	1,030	Harris County Cultural Education Facilities Finance Corporation, Texas, Medical Facilities Revenue Refunding Bonds, Baylor College of Medicine, Series 2012A, 4.000%, 11/15/32		11/22 at 100.00		A–		1,060,066
	3,045	Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A, 5.000%, 6/01/33		6/23 at 100.00		Baa3		3,312,716
	2,000	Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2008B, 7.250%, 12/01/35 (Pre-refunded 12/01/18)		12/18 at 100.00		A+ (4)		2,678,180
	5,000	Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured		2/17 at 100.00		A		5,356,300
		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G:
	5,000	5.250%, 11/15/21 – NPFG Insured		7/13 at 100.00		A		5,049,850
	6,500	5.250%, 11/15/22 – NPFG Insured		7/13 at 100.00		A		6,556,680
	7,800	5.250%, 11/15/30 – NPFG Insured		7/13 at 100.00		A		7,848,594
	2,500	5.375%, 11/15/41 – NPFG Insured		7/13 at 100.00		A		2,505,350
	3,000	Harrison County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Good Shepherd Health System, Refunding Series 2010, 5.250%, 7/01/28		7/20 at 100.00		BBB+		3,333,210
	7,560	Houston Community College System, Texas, General Obligation Bonds, Refunding Series 2011, 5.000%, 2/15/22		2/21 at 100.00		AA+		9,392,015
	1,955	Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011A, 5.250%, 9/01/28		9/21 at 100.00		A2		2,180,216
	1,250	Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011A, 5.000%, 7/01/25 (Alternative Minimum Tax)		7/21 at 100.00		A+		1,445,088
	1,500	Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012B, 5.000%, 7/01/32		7/22 at 100.00		A+		1,722,675
	2,635	Humble Independent School District, Harris County, Texas, General Obligation Bonds, Series 2008A, 5.250%, 2/15/22 – AGC Insured		2/18 at 100.00		Aa2		3,103,898
	10,720	Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/28 (Alternative Minimum Tax)		11/22 at 100.00		BBB–		11,755,981
		Lubbock Educational Facilities Authority, Texas, Revenue Bonds, Lubbock Christian University, Refunding & Improvement Series 2007:
	1,000	5.125%, 11/01/27		11/17 at 100.00		BBB		1,074,840
	2,500	5.250%, 11/01/37		11/17 at 100.00		BBB		2,662,025
	1,190	Mansfield, Texas, General Obligation Bonds, Series 2004A, 5.250%, 2/15/25 (Pre-refunded 2/15/14) – AMBAC Insured		2/14 at 100.00		AA (4)		1,237,362
	1,000	Mission Economic Development Corporation, Texas, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2008, 6.000%, 8/01/20 (Mandatory put 8/01/13)		No Opt. Call		BBB		1,012,350
	1,780	North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured		12/21 at 100.00		AA–		1,984,949
	10,000	North Texas Municipal Water District, Water System Revenue Bonds, Refunding & Improvement Series 2012, 5.000%, 9/01/26		3/22 at 100.00		AAA		12,113,400

Nuveen Investments 83

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	4,500	North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Variable Rate Demand Series 2008-E3, 5.750%, 1/01/38 (Mandatory put 1/01/16)		No Opt. Call		A2	$	5,090,310
	2,000	North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008, 5.750%, 1/01/33 (UB) (5)		1/18 at 100.00		A3		2,252,280
		North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 2011D:
	10,000	5.250%, 9/01/27		9/21 at 100.00		AA		12,075,500
	4,000	5.000%, 9/01/32		9/21 at 100.00		AA		4,632,360
		North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
	2,000	5.500%, 9/01/41		9/21 at 100.00		AA		2,381,720
	10,880	0.000%, 9/01/45		9/31 at 100.00		AA		9,192,077
	8,000	North Texas Tollway Authority, System First Tier Revenue Refunding Bonds, Series 2012C, 1.950%, 1/01/38 (Mandatory put 1/01/19)		No Opt. Call		A2		8,241,120
	3,000	North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.000%, 1/01/28		1/19 at 100.00		A2		3,540,390
	2,000	Port of Houston Authority, Harris County, Texas, General Obligation Bonds, Series 2010D-1, 5.000%, 10/01/30		10/20 at 100.00		AAA		2,394,240
	1,000	Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, Series 2004, 6.000%, 12/01/34		12/13 at 100.00		A+		1,017,530
	525	SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007, 5.500%, 8/01/27		No Opt. Call		A		631,019
	10,000	San Antonio, Texas, Electric and Gas Revenue Bonds, Refunding Series 2009A, 5.250%, 2/01/25		2/19 at 100.00		Aa1		12,055,400
	4,000	San Antonio, Texas, Electric and Gas Revenue Bonds, Series 2008, 5.000%, 2/01/25		2/18 at 100.00		Aa1		4,669,160
		San Marcos, Texas, General Obligation Bonds, Series 2008:
	1,000	5.000%, 8/15/25 – AGM Insured		8/17 at 100.00		Aa2		1,141,980
	1,000	5.000%, 8/15/27 – AGM Insured		8/17 at 100.00		Aa2		1,129,590
	1,000	San Marcos, Texas, Waterworks and Wastewater System Revenue Bonds, Series 2008, 5.000%, 8/15/26 – AGM Insured		8/17 at 100.00		Aa2		1,129,100
	9,030	Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University, Series 2009, 5.000%, 10/01/36		10/19 at 100.00		AA–		10,335,106
	1,600	Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Northwest Senior Housing-Edgemere Project, Series 2006A, 6.000%, 11/15/26		11/16 at 100.00		N/R		1,724,384
	940	Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010, 5.500%, 8/15/45		8/20 at 100.00		AA–		1,080,558
	790	Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 5.625%, 12/15/17		No Opt. Call		A–		885,077
	5,000	Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32		No Opt. Call		A3		5,361,350
	7,800	Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40		6/20 at 100.00		Baa3		9,566,622
	845	Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 6.875%, 12/31/39		12/19 at 100.00		Baa2		1,018,233
	1,000	Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured		8/17 at 100.00		BBB		1,043,430
	1,750	Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust 3479, 17.540%, 2/01/17 (IF)		No Opt. Call		Aaa		2,926,770

84 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	20,000	Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/17 – AMBAC Insured		No Opt. Call		A–	$	18,560,400
		Travis County Health Facilities Development Corporation, Texas, Retirement Facility Revenue Bonds, Querencia Barton Creek, Series 2005:
	1,300	5.500%, 11/15/25		11/15 at 100.00		N/R		1,353,677
	4,100	5.650%, 11/15/35		11/15 at 100.00		N/R		4,233,414
	750	Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30		11/20 at 100.00		BB+		901,058
	2,000	Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances Hospital Regional Healthcare Center, Series 2007, 5.000%, 7/01/33		7/17 at 100.00		Baa1		2,134,160
	500	Uptown Development Authority, Houston, Texas, Tax Increment Revenue Bonds, Infrastructure Improvement Facilities, Series 2009, 5.250%, 9/01/24		9/19 at 100.00		BBB		560,475
	257,920	Total Texas						283,428,777
		Utah – 0.6%
		Utah State Charter School Finance Authority Charter School Revenue Bonds, Vista at Entrada School of Performing Arts and Technology) Series 2012:
	950	5.600%, 7/15/22		No Opt. Call		BB+		1,005,955
	850	6.300%, 7/15/32		7/22 at 100.00		BB+		903,329
	1,000	Utah State Charter School Finance Authority, Charter School Revenue Bonds, Navigator Pointe Academy Project, Series 2010A, 5.625%, 7/15/40		7/20 at 100.00		BBB		1,073,620
		Utah State Charter School Finance Authority, Charter School Revenue Bonds, Noah Webster Academy, Series 2008A:
	485	6.250%, 6/15/28		6/17 at 100.00		N/R		494,108
	950	6.500%, 6/15/38		6/17 at 100.00		N/R		968,430
	1,250	Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis Preparatory Academy, Series 2010, 6.250%, 7/15/30		7/20 at 100.00		BBB–		1,366,400
	1,135	Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.375%, 7/15/40		7/20 at 100.00		BBB–		1,225,879
		Utah State Charter School Finance Authority, Revenue Bonds, George Washington Academy Project, Series 2011A:
	2,135	7.750%, 7/15/31		7/21 at 100.00		BB+		2,446,368
	3,520	8.000%, 7/15/41		7/21 at 100.00		BB+		4,084,502
	6,830	Utah Transit Authority, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 6/15/29 – NPFG Insured		6/17 at 55.29		A1		3,304,559
	19,105	Total Utah						16,873,150
		Vermont – 0.1%
	1,000	Vermont Economic Development Authority, Mortgage Revenue Bonds, Wake Robin Corporation Project, Refunding Series 2006A, 5.250%, 5/01/26		5/16 at 100.00		N/R		1,027,340
		Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School Project, Series 2011A:
	1,815	6.125%, 1/01/28		1/21 at 100.00		Baa2		2,105,146
	1,000	6.250%, 1/01/33		1/21 at 100.00		Baa2		1,147,280
	3,815	Total Vermont						4,279,766
		Virgin Islands – 0.1%
	500	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2009A, 6.000%, 10/01/39		10/19 at 100.00		Baa3		554,760
	2,480	Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37		10/19 at 100.00		BBB		2,917,125
	2,980	Total Virgin Islands						3,471,885

Nuveen Investments 85

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Virginia – 1.2%
$	845	Arlington County Industrial Development Authority, Virginia, Multifamily Housing Mortgage Revenue Bonds, Berkeley Apartments, Series 2000, 5.850%, 12/01/20 (Alternative Minimum Tax)		11/13 at 100.00		AA+	$	847,366
		Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Series 2012A:
	1,000	4.000%, 7/15/20		No Opt. Call		BBB		1,107,280
	900	5.000%, 7/15/21		No Opt. Call		BBB		1,063,071
	930	5.000%, 7/15/22		No Opt. Call		BBB		1,105,891
	1,720	4.000%, 7/15/24		7/22 at 100.00		BBB		1,869,176
	4,000	Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47		6/17 at 100.00		B2		3,386,520
	1,000	Virginia Small Business Financing Authority, Revenue Bonds Hampton Roads Proton Beam Therapy Institute at Hampton University, LLC Project, Series 2009, 9.000%, 7/01/39		7/14 at 102.00		N/R		1,076,350
	7,000	Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 7/01/34 (Alternative Minimum Tax)		1/22 at 100.00		BBB–		7,325,290
		Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
	3,515	5.250%, 1/01/32 (Alternative Minimum Tax)		7/22 at 100.00		BBB–		3,877,678
	11,490	5.500%, 1/01/42 (Alternative Minimum Tax)		7/22 at 100.00		BBB–		12,543,173
	32,400	Total Virginia						34,201,795
		Washington – 2.5%
	6,220	Clark County Public Utility District 1, Washington, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 1/01/31		1/21 at 100.00		A+		7,064,987
	175	Franklin County Public Utility District 1, Washington, Electric Revenue Refunding Bonds, Series 2002, 5.625%, 9/01/20 – NPFG Insured		7/13 at 100.00		Aa3		175,753
	960	FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Tender Option Bond Trust 2009-14A&B, 19.940%, 6/01/34 (IF) (5)		6/19 at 100.00		AA		1,461,811
	2,450	King County Public Hospital District 4, Washington, General Obligation Bonds, Snoqualmie Valley Hospital, Refunding Improvement Series 2011, 7.000%, 12/01/40		12/21 at 100.00		N/R		2,695,147
		King County, Washington, General Obligation Sewer Bonds, Series 2005:
	5,115	5.000%, 1/01/35 (Pre-refunded 1/01/15) – FGIC Insured		1/15 at 100.00		Aa1 (4)		5,514,584
	1,885	5.000%, 1/01/35 (Pre-refunded 1/01/15) – FGIC Insured		1/15 at 100.00		AAA		2,030,277
	2,335	King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.406%, 7/01/32 – AGM Insured (IF) (5)		7/17 at 100.00		AA+		3,238,995
	1,540	Ocean Shores, Washington, Local Improvement District 2007-01 Bonds, 2011, 7.250%, 2/01/31		No Opt. Call		BBB+		1,991,174
	5,000	Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement Series 2012A, 5.000%, 6/01/22		No Opt. Call		Aa2		6,357,250
	2,000	Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35		1/21 at 100.00		A		2,245,700
	3,535	Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.250%, 12/01/30		12/20 at 100.00		Baa3		3,810,765
		Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012:
	2,775	5.000%, 12/01/27		12/21 at 100.00		Baa3		2,982,542
	1,745	5.000%, 12/01/32		12/21 at 100.00		Baa3		1,838,916
	2,435	5.000%, 12/01/42		12/21 at 100.00		Baa3		2,537,562
	2,315	Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Tender Option Bond Trust 3295, 17.675%, 4/01/20 (IF) (5)		No Opt. Call		AA		3,385,433

86 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Washington (continued)
$	1,000	Washington Higher Education Facilities Authority Revenue Bonds, Whitworth University Project, Series 2012, 5.000%, 10/01/27		4/22 at 100.00		Baa1	$	1,113,230
	600	Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1989B, 7.125%, 7/01/16		No Opt. Call		Aa1		724,938
		Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009:
	2,000	6.250%, 7/01/24		7/19 at 100.00		Baa3		2,295,540
	2,000	7.000%, 7/01/39		7/19 at 100.00		Baa3		2,319,680
	3,000	Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, Series 2009, 5.375%, 10/01/29		10/19 at 100.00		Baa1		3,330,810
		Washington State Housing Finance Commission, Non-Profit Revenue Bonds, Emerald Heights Project, Refunding 2013:
	1,100	5.000%, 7/01/28		7/23 at 100.00		A–		1,245,651
	1,150	5.000%, 7/01/33		7/23 at 100.00		A–		1,286,551
	2,340	Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community Refunding, Series 2012, 5.000%, 1/01/48		No Opt. Call		BBB–		2,357,690
		Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002:
	2,965	6.500%, 6/01/26		6/13 at 100.00		A3		3,024,241
	660	6.625%, 6/01/32		6/13 at 100.00		Baa1		673,187
	5,000	Washington State, Federal Highway Grant Anticipation Revenue Bonds, Garvee – SR 520 Corridor Program, Series 2012F, 5.000%, 9/01/24		9/22 at 100.00		AA		6,166,850
	3,335	Washington State, General Obligation Bonds, Tender Option Bond Trust 1121, 13.445%, 7/01/14 – AGM Insured (IF)		No Opt. Call		AA+		4,763,481
	65,635	Total Washington						76,632,745
		West Virginia – 0.1%
	500	Ohio County Commission, West Virginia, Tax Increment Revenue Bonds, Fort Henry Centre Financing District, Series 2007A, 5.850%, 6/01/34		6/17 at 100.00		N/R		528,735
	1,000	West Virginia Hospital Finance Authority , Hospital Revenue Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32		9/19 at 100.00		A3		1,123,700
	1,000	West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008, 6.500%, 10/01/28		10/18 at 100.00		N/R		1,069,410
	2,500	Total West Virginia						2,721,845
		Wisconsin – 3.0%
	2,760	Manitowoc, Wisconsin, Power System Revenue Bonds, Series 2004, 5.000%, 10/01/23 – FGIC Insured		10/14 at 100.00		A1		2,925,490
	3,665	Milwaukee County, Wisconsin, Airport Revenue Bonds, Series 2006A, 5.000%, 12/01/31 – NPFG Insured (Alternative Minimum Tax)		12/16 at 100.00		A1		4,034,139
	5,000	Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2010, 144A, 6.500%, 2/01/31		2/19 at 102.00		AA–		5,742,450
		Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cottonwood Classical Preparatory School in Albuquerque, New Mexico, Series 2012A:
	1,610	6.000%, 12/01/32		No Opt. Call		N/R		1,616,875
	5,000	6.250%, 12/01/42		No Opt. Call		N/R		5,042,650
		Public Finance Authority, Wisconsin, Charter School Revenue Bonds, Voyager Foundation Inc. of North Carolina, Series 2012A:
	395	5.500%, 10/01/22		No Opt. Call		N/R		407,877
	375	6.000%, 10/01/32		10/22 at 100.00		N/R		387,506
	2,000	Superior, Wisconsin, Limited Obligation Revenue Refunding Bonds, Midwest Energy Resources Company, Series 1991E, 6.900%, 8/01/21 – FGIC Insured		No Opt. Call		A1		2,673,740

Nuveen Investments 87

Portfolio of Investments

Nuveen All-American Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin (continued)
$	1,930	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.250%, 4/15/24		4/20 at 100.00		A	$	2,215,293
	2,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beaver Dam Community Hospitals Inc., Series 2004A, 6.750%, 8/15/34		8/14 at 100.00		N/R		2,048,100
	1,225	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2010A, 6.125%, 6/01/39		6/20 at 100.00		Baa2		1,401,731
	3,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/29		5/14 at 100.00		BBB+		3,122,490
	13,940	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39		10/21 at 100.00		A+		15,577,253
	1,490	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Howard Young Health Care, Inc., Refunding Series 2012, 5.000%, 8/15/27		8/22 at 100.00		BBB+		1,640,132
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B:
	1,000	4.250%, 2/15/32		2/22 at 100.00		A–		1,031,430
	1,485	5.000%, 2/15/40		2/22 at 100.00		A–		1,610,690
	20,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/32		6/22 at 100.00		A2		22,308,800
	7,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32		8/22 at 100.00		A+		7,823,480
	595	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/39		2/19 at 100.00		A+		697,286
	1,800	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/32 (Pre-refunded 2/18/14)		2/14 at 100.00		A+ (4)		1,890,504
	2,500	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Health, Tender Option Bond Trust 2113, 14.172%, 8/15/33 (IF)		8/13 at 100.00		A–		2,598,600
	2,535	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30		8/16 at 100.00		A–		2,684,159
	1,765	Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A, 5.000%, 7/01/30 – AMBAC Insured		7/15 at 100.00		A1		1,910,771
	83,070	Total Wisconsin						91,391,446
		Wyoming – 0.8%
	2,000	Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39		7/19 at 100.00		A1		2,290,440
	2,000	Laramie County, Wyoming, Hospital Revenue Bonds, Cheyenne Regional Medical Center Project, Series 2012, 5.000%, 5/01/37		5/21 at 100.00		A+		2,202,680
	4,500	Natrona County, Wyoming, Hospital Revenue Bonds, Wyoming Medical Center Project, Series 2011, 6.350%, 9/15/31		3/21 at 100.00		A3		5,323,185
	1,000	Sweetwater County, Wyoming, Pollution Control Revenue Refunding Bonds, Idaho Power Company Project, Series 2006, 5.250%, 7/15/26		8/19 at 100.00		A2		1,134,240
		Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:
	800	5.500%, 12/01/27		12/21 at 100.00		BBB		926,528
	2,500	6.000%, 12/01/36		12/21 at 100.00		BBB		2,963,025
	3,650	West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40		6/21 at 100.00		BBB		4,404,200
		Wyoming Community Development Authority, Housing Revenue Bonds, 2013 Series 1:
	700	1.875%, 12/01/17 (Alternative Minimum Tax)		No Opt. Call		AA+		705,810
	1,330	2.050%, 12/01/18 (Alternative Minimum Tax)		No Opt. Call		AA+		1,340,746
	1,185	2.400%, 12/01/19 (Alternative Minimum Tax)		No Opt. Call		AA+		1,199,386

88 Nuveen Investments

Principal Amount (000)		Description (1)			Optional Call Provisions (2)		Ratings (3)		Value
		Wyoming (continued)
$	865	2.700%, 12/01/20 (Alternative Minimum Tax)				No Opt. Call		AA+	$	874,429
	1,475	2.900%, 12/01/21 (Alternative Minimum Tax)				No Opt. Call		AA+		1,486,918
	505	3.150%, 12/01/22 (Alternative Minimum Tax)				No Opt. Call		AA+		511,474
	22,510	Total Wyoming								25,363,061
$	2,825,242	Total Municipal Bonds (cost $2,703,067,406)								2,968,571,504
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		CORPORATE BONDS – 0.0%
		Transportation – 0.0%
$	126	Las Vegas Monorail Company, Senior Interest Bonds (9), (10)		5.500%		7/15/19		N/R	$	31,493
	37	Las Vegas Monorail Company, Senior Interest Bonds (9), (10)		3.000%		7/15/55		N/R		7,373
$	163	Total Corporate Bonds (cost $3,097)								38,866
		Total Investments (cost $2,703,070,503) – 98.5%								2,968,610,370
		Floating Rate Obligations – (0.6)%								(18,520,000)
		Other Assets Less Liabilities – 2.1%								63,124,453
		Net Assets – 100%							$	3,013,214,823

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

(2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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.

(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 fixed-income security, 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) On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.750% to 2.300%.

(8) On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.875% to 2.350%.

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

(10) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an interest rate of 5.500% maturing on July 15, 2019 and the second with an interest rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The custodian is not accruing income on the Fund’s records for either senior interest corporate bond.

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.

(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.

144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

See accompanying notes to financial statements.

Nuveen Investments 89

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		MUNICIPAL BONDS – 99.7%
		National – 0.5%
$	19,725	MuniMae Tax-Exempt Bond Subsidiary Redeemable Preferred Shares, Multifamily Housing Pool, Series 2013A-5, 5.000%, 1/31/28 (Mandatory put 1/31/18) (Alternative Minimum Tax)		1/18 at 100.00		Ba1	$	19,739,991
	17,000	MuniMae Tax-Exempt Bond Subsidiary Redeemable Preferred Shares, Multifamily Housing Pool, Series 2000B, 5.750%, 6/30/50 (Mandatory put 9/30/19) (Alternative Minimum Tax)		11/13 at 100.00		Ba2		17,004,080
	5,000	MuniMae Tax-Exempt Bond Subsidiary Redeemable Preferred Shares, Multifamily Housing Pool, Series 2005A-4, 5.125%, 6/30/50 (Mandatory put 9/30/15) (Alternative Minimum Tax)		No Opt. Call		Ba1		4,949,950
	3,000	MuniMae Tax-Exempt Bond Subsidiary Redeemable Preferred Shares, Multifamily Housing Pool, Series 2004A-2, 4.900%, 7/31/49 (Mandatory put 9/30/14) (Alternative Minimum Tax)		9/14 at 100.00		Ba1		2,969,970
	44,725	Total National						44,663,991
		Alabama – 2.0%
	16,000	Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Green Mountain Management LLC Project, Series 2010, 8.750%, 8/01/30		8/20 at 100.00		N/R		16,304,640
	7,010	Alabama Industrial Development Authority, Solid Waste Disposal Revenue Bonds, Pine City Fiber Co. Project, Series 1993, 6.450%, 12/01/23 (Alternative Minimum Tax)		7/13 at 100.00		B2		7,045,611
	3,005	Alabama Industrial Development Authority, Solid Waste Disposal Revenue Bonds, Pine City Fiber Co. Project, Series 1994, 6.450%, 12/01/23 (Alternative Minimum Tax)		7/13 at 100.00		B2		3,020,265
	15,055	Bessemer, Alabama, General Obligation Warrants, Series 2007, 6.500%, 2/01/37		2/17 at 102.00		N/R		13,937,317
	4,000	Fairfield Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, US Steel Corporation Project, Series 2011, 5.375%, 6/01/15		No Opt. Call		BB		4,126,280
		Jefferson County Public Building Authority, Alabama, Lease Revenue Warrants, Series 2006:
	3,425	5.125%, 4/01/17 – AMBAC Insured		4/16 at 100.00		Ca		3,232,652
	1,900	5.125%, 4/01/19 – AMBAC Insured		4/16 at 100.00		Ca		1,718,094
	140	5.125%, 4/01/20 – AMBAC Insured		4/16 at 100.00		Ca		124,488
	2,540	5.125%, 4/01/21 – AMBAC Insured		4/16 at 100.00		Ca		2,232,889
	2,275	5.000%, 4/01/26 – AMBAC Insured		4/16 at 100.00		Ca		1,908,156
		Jefferson County, Alabama, General Obligation Refunding Warrants, Series 2003A:
	4,100	5.000%, 4/01/22 – NPFG Insured		7/13 at 100.00		Baa2		4,044,486
	10,900	5.000%, 4/01/23 – NPFG Insured		7/13 at 100.00		Baa2		10,760,480
		Jefferson County, Alabama, General Obligation Warrants, Series 2004A:
	655	5.000%, 4/01/21 – NPFG Insured		4/14 at 100.00		Baa2		642,601
	1,500	5.000%, 4/01/22 – NPFG Insured		4/14 at 100.00		Baa2		1,472,340
	1,000	5.000%, 4/01/23 – NPFG Insured		4/14 at 100.00		Baa2		981,950
	7,990	5.000%, 4/01/24 – NPFG Insured		4/14 at 100.00		A		7,849,296
		Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A:
	5,950	5.250%, 1/01/14		No Opt. Call		B		5,955,950
	3,275	5.250%, 1/01/15		1/14 at 100.00		B		3,277,620
	5,300	5.250%, 1/01/16		1/14 at 100.00		B		5,303,551
	14,725	5.250%, 1/01/17		1/14 at 100.00		B		14,730,007
	4,300	5.250%, 1/01/19		1/14 at 100.00		B		4,300,645
	5,355	5.500%, 1/01/22		1/14 at 100.00		B		5,363,782
	3,785	5.250%, 1/01/23		1/14 at 100.00		B		3,785,076
	5,440	5.000%, 1/01/24		1/14 at 100.00		B		5,336,096
	695	4.750%, 1/01/25		1/14 at 100.00		B		665,796

90 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Alabama (continued)
$	655	4.750%, 1/01/25 – AMBAC Insured		1/14 at 100.00		B	$	627,477
	765	4.750%, 1/01/25 – AGM Insured		1/14 at 100.00		AA–		769,108
	1,925	Jefferson County, Alabama, Limited Obligation School Warrants, Series 2005A-1, 0.563%, 1/01/27		7/13 at 100.00		B		1,549,625
	2,625	Jefferson County, Alabama, Limited Obligation School Warrants, Series 2005A-2, 0.555%, 1/01/27 – AMBAC Insured		9/13 at 100.00		B		2,113,125
	2,175	Jefferson County, Alabama, Limited Obligation School Warrants, Series 2005A-3, 0.560%, 1/01/27 – AMBAC Insured		9/13 at 100.00		B		1,750,875
	700	Jefferson County, Alabama, Limited Obligation School Warrants, Series 2005A-4, 0.556%, 1/01/27		6/13 at 100.00		B		563,500
		Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A:
	2,065	5.625%, 2/01/22 – FGIC Insured (4)		7/13 at 100.00		Ca		1,603,493
	5,835	5.375%, 2/01/27 – FGIC Insured (4)		7/13 at 100.00		Ca		4,349,409
	300	Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 2003B, 5.250%, 2/01/16 – AGM Insured		5/13 at 100.00		AA–		301,041
	14,025	Jefferson County, Alabama, Sewer Revenue Warrants, Refunding Series 2003C-10, 0.000%, 2/01/42 – AGM Insured (4)		6/13 at 100.00		AA–		10,518,750
	20,275	Jefferson County, Alabama, Sewer Revenue Warrants, Refunding Series 2003C-9, 0.000%, 2/01/42 – AGM Insured (4)		7/13 at 100.00		AA–		15,206,250
	3,525	Jefferson County, Alabama, Sewer Revenue Warrants, Series 2003C-2, 0.548%, 2/01/42 – FGIC Insured		No Opt. Call		Ca		2,538,000
	5,000	Jefferson County, Alabama, Sewer Revenue Warrants, Series 2003C-5, 0.180%, 2/01/42 – FGIC Insured		No Opt. Call		Ca		3,600,000
		Rainbow City Special Healthcare Facilities Financing Authority, Alabama, First Mortgage Revenue Bonds, Regency Pointe, Series 2001A:
	10	7.650%, 1/01/06 (4)		No Opt. Call		N/R		4,451
	2,365	8.125%, 1/01/21 (4)		7/13 at 100.00		N/R		1,052,567
	1,420	8.250%, 1/01/31 (4)		7/13 at 100.00		N/R		631,985
	2,630	Rainbow City Special Healthcare Facilities Financing Authority, Alabama, First Mortgage Revenue Bonds, Regency Pointe, Series 2001B, 7.250%, 1/01/06 (4)		No Opt. Call		N/R		1,170,508
		Sylacauga Health Care Authority, Alabama, Revenue Bonds, Coosa Valley Medical Center, Series 2005A:
	2,000	6.000%, 8/01/25		8/15 at 100.00		N/R		2,050,500
	7,045	6.000%, 8/01/35		8/15 at 100.00		N/R		7,152,225
	205,660	Total Alabama						185,672,957
		Arizona – 4.1%
	3,825	Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30		3/22 at 100.00		BBB		3,989,169
		Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 3256:
	5,000	13.858%, 1/01/20 (IF)		No Opt. Call		AA–		5,123,000
	4,250	19.392%, 7/01/27 (IF) (5)		1/18 at 100.00		AA–		6,235,770
	1,750	Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 4695, 18.529%, 1/01/31 (IF) (5)		1/18 at 100.00		AA–		2,497,110
	6,605	Arizona Health Facilities Authority, Hospital Revenue Bonds, Phoenix Children’s Hospital, Series 2013D, 5.000%, 2/01/43		2/23 at 100.00		BBB+		7,081,221
	17,920	Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A, 5.000%, 2/01/42		2/22 at 100.00		BBB+		19,306,829
		Downtown Phoenix Hotel Corporation, Arizona, Senior Revenue Bonds, Series 2005A:
	775	5.250%, 7/01/23 – FGIC Insured		1/16 at 100.00		BB+		805,225

Nuveen Investments 91

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	4,050	5.250%, 7/01/26 – FGIC Insured		1/16 at 100.00		BB+	$	4,187,133
	39,260	5.000%, 7/01/36 – FGIC Insured		1/16 at 100.00		BB+		39,790,403
	13,505	5.000%, 7/01/40 – FGIC Insured		1/16 at 100.00		BB+		13,684,481
	561	Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment Lien Bonds, Series 2001A, 7.875%, 7/01/25		7/13 at 100.00		N/R		562,172
	3,250	Florence Town Inc., Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional School Project – Queen Creek and Casa Grande Campuses, Series 2013, 6.000%, 7/01/43		7/23 at 100.00		BB		3,329,203
	20,000	Maricopa County Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, Privado Park Apartments Project, Series 2006A, 5.750%, 11/01/46 (Mandatory put 11/01/15) (Alternative Minimum Tax) (4)		7/13 at 100.00		N/R		15,997,000
	6,720	Maricopa County Industrial Development Authority, Arizona, Senior Living Facility Revenue Bonds, Christian Care Mesa II Inc., Series 2004A, 6.625%, 1/01/34 (Alternative Minimum Tax)		1/14 at 100.00		CC		5,332,790
	420	Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds, Series 2006, 5.300%, 7/15/25		7/16 at 100.00		N/R		411,835
	500	Phoenix Industrial Development Authority, Arizona, Airport Facilities Refunding Bonds, America West Airlines, Inc. Project, Series 1998, 6.300%, 4/01/23 (WI/DD, Settling 5/01/13) (Alternative Minimum Tax)		10/13 at 100.00		Caa2		501,905
	13,165	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, fbo Brighter Choice Foundation Charter Middle Schools Project, Albany, New York, Series 2012, 7.500%, 7/01/42		7/22 at 100.00		BB–		13,922,251
	5,365	Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona School for the Arts, Series 2011A, 7.750%, 7/01/41		7/21 at 100.00		N/R		5,954,560
		Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Painted Rock Academy Charter School Project, Series 2012A:
	2,410	7.250%, 7/01/32		7/20 at 100.00		N/R		2,549,394
	3,725	7.500%, 7/01/42		7/20 at 100.00		N/R		3,954,982
		Phoenix Industrial Development Authority, Arizona, Educational Revenue Bonds, Keystone Montessori School, Series 2004A:
	55	6.375%, 11/01/13		7/13 at 100.00		N/R		55,309
	790	7.250%, 11/01/23		11/16 at 100.00		N/R		818,243
	1,710	7.500%, 11/01/33		11/16 at 100.00		N/R		1,771,098
	5,000	Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University Project, Series 2012, 5.000%, 6/01/42 (UB) (5)		6/22 at 100.00		A+		5,419,200
		Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University Project, Tender Option Bond Trust 1086:
	2,080	17.928%, 6/01/34 – AGM Insured (IF) (5)		6/22 at 100.00		A+		3,026,941
	775	16.953%, 6/01/42 – AGM Insured (IF) (5)		6/22 at 100.00		A+		1,034,478
	375	16.979%, 6/01/42 – AGM Insured (IF) (5)		6/22 at 100.00		A+		500,760
	2,515	16.979%, 6/01/42 – AGM Insured (IF) (5)		6/22 at 100.00		A+		3,358,430
	1,500	16.999%, 6/01/42 – AGM Insured (IF) (5)		6/22 at 100.00		A+		2,003,040
	5,170	Phoenix Industrial Development Authority, Arizona, Senior Living Revenue Bonds, Christian Care Manor I and Christian Care Manor II, Inc. Project, Series 2005A, 5.500%, 7/01/35		7/15 at 100.00		Baa2		5,242,794
	3,760	Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Cambridge Academy-East, Inc. Project, Series 2010, 6.625%, 4/01/40		4/20 at 100.00		BB–		3,972,290
	550	Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Noah Webster Basic Schools Inc., Series 2004, 6.125%, 12/15/34		12/14 at 100.00		BBB–		558,817
		Pima County Industrial Development Authority, Arizona, Choice Education and Development Charter School Revenue Bonds, Series 2006:
	210	6.000%, 6/01/16		No Opt. Call		N/R		213,049
	1,465	6.250%, 6/01/26		6/16 at 100.00		N/R		1,493,216
	4,225	6.375%, 6/01/36		6/16 at 100.00		N/R		4,294,248

92 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	8,170	Pima County Industrial Development Authority, Arizona, Education Revenue Bonds Legacy Traditional School Project, Series 2009, 8.500%, 7/01/39		7/19 at 100.00		N/R	$	9,418,213
		Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden Traditional Schools Project, Series 2012:
	4,275	7.375%, 1/01/32		1/22 at 100.00		B		4,493,410
	6,695	7.500%, 1/01/42		1/22 at 100.00		B		7,068,983
		Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010:
	1,195	6.000%, 6/01/40		6/19 at 100.00		BBB–		1,247,437
	2,250	6.100%, 6/01/45		6/19 at 100.00		BBB–		2,351,993
		Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Paradise Education Center Charter School, Series 2006:
	250	5.875%, 6/01/22		6/16 at 100.00		BBB–		259,790
	1,475	6.000%, 6/01/36		6/16 at 100.00		BBB–		1,508,586
	2,815	Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Valley Academy Charter School Project, Series 2008, 6.500%, 7/01/38		7/18 at 100.00		Baa3		3,011,628
	3,165	Pima County Industrial Development Authority, Arizona, Lease Revenue Bonds, Clark County Detention Facility Project, Trust 2835, 15.798%, 3/01/16 (IF) (5)		No Opt. Call		AA		4,359,756
	8,250	Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company Project, Series 2013A, 4.000%, 9/01/29		3/23 at 100.00		BBB		8,316,495
	9,250	Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40		10/20 at 100.00		BBB		10,153,633
	2,500	Pronghorn Ranch Community Facilities District, Prescott Valley, Arizona, General Obligation Bonds, Series 2004, 6.400%, 7/15/29		7/14 at 100.00		N/R		2,533,275
		Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008:
	2,000	6.625%, 12/01/17		No Opt. Call		CCC		1,988,640
	14,060	7.000%, 12/01/27		12/17 at 102.00		CCC		12,512,556
	19,225	Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, Series 2012A, 9.750%, 5/01/25		5/22 at 100.00		N/R		20,768,575
		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007:
	60	5.250%, 12/01/22		No Opt. Call		A–		70,274
	80	5.250%, 12/01/28		No Opt. Call		A–		94,269
	11,670	5.000%, 12/01/32		No Opt. Call		A–		13,262,372
	25,030	5.500%, 12/01/37		No Opt. Call		B–		25,418,466
	20,280	5.000%, 12/01/37		No Opt. Call		A–		22,783,566
		Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:
	3,000	4.700%, 4/01/22		4/14 at 100.00		A–		3,035,430
	4,425	4.900%, 4/01/32		4/17 at 100.00		A–		4,542,971
		Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe Project, Refunding Series 2012A:
	1,100	6.250%, 12/01/42		12/21 at 100.00		N/R		1,202,608
	1,600	6.250%, 12/01/46		12/21 at 100.00		N/R		1,743,392
		Tucson Industrial Development Authority, Arizona, Charter School Revenue Bonds, Arizona Agribusiness and Equine Center Charter School, Series 2004A:
	1,620	5.850%, 9/01/24		9/14 at 100.00		BB+		1,644,997
	1,035	6.125%, 9/01/34		9/14 at 100.00		BB+		1,048,051
		Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005:
	100	5.200%, 7/01/13		No Opt. Call		N/R		100,436
	1,457	5.400%, 7/01/15		No Opt. Call		N/R		1,513,036

Nuveen Investments 93

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	700	5.500%, 7/01/16		No Opt. Call		N/R	$	734,965
	8,544	5.750%, 7/01/22		7/16 at 100.00		N/R		8,842,869
	11,615	6.000%, 7/01/30		7/16 at 100.00		N/R		11,919,778
	2,340	Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center Charter Schools, Series 2012, 5.125%, 3/01/42		No Opt. Call		BB+		2,306,889
		Yavapai County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Arizona Agribusiness and Equine Center Charter School, Series 2011:
	3,530	7.625%, 3/01/31		3/21 at 100.00		BB+		4,113,756
	1,830	7.875%, 3/01/42		3/21 at 100.00		BB+		2,156,106
	1,340	Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)		12/17 at 100.00		N/R		1,166,671
	370,167	Total Arizona						386,672,218
		California – 17.9%
		Anaheim Public Finance Authority, California, Subordinate Lease Revenue Bonds, Public Improvement Project, Series 1997C:
	855	0.000%, 9/01/29 – AGM Insured		No Opt. Call		AA–		400,610
	4,310	0.000%, 9/01/35 – AGM Insured		No Opt. Call		AA–		1,404,026
	9,465	Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Series 2010, 5.250%, 5/01/45 – AGM Insured		5/19 at 100.00		AA–		9,900,579
	255	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		238,932
		Azusa, California, Special Tax Bonds, Community Facilities District 2005-1 Rosedale Improvement Area 1, Series 2007:
	3,565	5.000%, 9/01/27		9/17 at 100.00		N/R		3,641,327
	8,765	5.000%, 9/01/37		9/17 at 100.00		N/R		8,805,056
		Bakersfield City School District, Kern County, California, General Obligation Bonds, Series 2012C:
	1,700	0.000%, 5/01/42		5/40 at 100.00		Aa2		661,011
	9,860	0.000%, 5/01/47		5/40 at 100.00		Aa2		3,762,576
		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 2985:
	1,085	17.254%, 4/01/31 (IF)		4/17 at 100.00		AA		1,818,818
	325	17.184%, 4/01/34 (IF)		4/18 at 100.00		AA		493,821
	2,445	17.305%, 4/01/34 (IF)		4/18 at 100.00		AA		3,724,444
	1,250	17.311%, 4/01/34 (IF)		4/18 at 100.00		AA		1,904,350
	2,185	17.311%, 4/01/39 (IF)		4/18 at 100.00		AA		3,293,407
	500	17.311%, 4/01/39 (IF)		4/18 at 100.00		AA		753,640
	1,250	19.300%, 4/01/43 (IF)		4/18 at 100.00		AA		1,992,650
	1,075	17.253%, 4/01/47 (IF)		4/18 at 100.00		AA		1,618,423
	1,250	17.499%, 4/01/47 (IF)		4/18 at 100.00		AA		1,933,350
	1,000	17.808%, 4/01/47 (IF)		4/18 at 100.00		AA		1,546,680
	1,035	Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 17A, Series 2013B, 5.000%, 9/01/34		9/23 at 100.00		N/R		1,090,466
	1,050	Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C, Series 2008A, 6.875%, 9/01/36		9/16 at 100.00		N/R		1,116,675
	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		1,052,570
	1,000	Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 8C, Series 2007E, 6.250%, 9/01/38		7/13 at 100.00		N/R		1,010,840
		Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2004D:
	1,455	5.500%, 9/01/24		9/14 at 102.00		N/R		1,505,794
	1,875	5.800%, 9/01/35		9/14 at 102.00		N/R		1,933,781

94 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2005A:
$	830	5.600%, 9/01/25		9/15 at 102.00		N/R	$	870,994
	2,315	5.650%, 9/01/30		9/15 at 102.00		N/R		2,418,133
	2,500	5.700%, 9/01/35		9/15 at 102.00		N/R		2,599,850
		Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2005B:
	930	5.350%, 9/01/28		9/15 at 102.00		N/R		965,145
	1,390	5.400%, 9/01/35		9/15 at 102.00		N/R		1,426,682
		Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2005C:
	855	5.500%, 9/01/29		9/14 at 102.00		N/R		882,223
	2,065	5.500%, 9/01/35		9/14 at 102.00		N/R		2,111,483
		Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2006B:
	685	5.000%, 9/01/27		9/13 at 100.50		N/R		687,939
	1,000	5.050%, 9/01/37		9/13 at 100.50		N/R		994,380
	2,275	Blythe Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project 1, Series 2011, 9.750%, 5/01/38		5/21 at 100.00		N/R		2,708,797
	3,260	Borrego Water District, California, Community Facilities District 2007-1 Montesoro, Special Tax Bonds, Series 2007, 5.750%, 8/01/32 (4)		8/17 at 102.00		N/R		881,308
	4,065	Brea Redevelopment Agency, Orange County, California, Tax Allocation Bonds, Project Area AB, Series 2003, 0.000%, 8/01/29 – AMBAC Insured		No Opt. Call		AA–		1,912,013
	5,930	Brentwood Infrastructure Financing Authority, Contra Costa County, California, CIFP 2006-1 Infrastructure Revenue Bonds, Series 2006, 5.200%, 9/02/36		7/13 at 100.00		N/R		5,835,061
	10,000	California Enterprise Development Authority, Recovery Zone Facility Revenue Bonds, SunPower Corporation – Headquarters Project, Series 2010, 8.500%, 4/01/31		4/21 at 100.00		N/R		11,567,100
	1,000	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Merced County Tobacco Funding Corporation, Series 2005A, 5.125%, 6/01/38		6/15 at 100.00		BB–		921,200
	7,000	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–		6,361,740
	7,250	California Health Facilities Financing Authority, Hospital Revenue Bonds, Adventist Health System West, Tender Option Bonds Trust 4699, 19.191%, 9/01/28 – NPFG Insured (IF) (5)		9/18 at 100.00		N/R		10,379,608
		California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Tender Option Bond Trust 3267:
	2,500	19.925%, 5/15/19 (IF) (5)		No Opt. Call		AA–		4,565,400
	4,000	18.919%, 5/15/31 (IF) (5)		11/21 at 100.00		AA–		6,402,080
	1,500	19.925%, 11/15/40 (IF) (5)		11/21 at 100.00		AA–		2,739,240
		California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Tender Option Trust 4726:
	12,040	17.913%, 8/15/51 (IF) (5)		8/22 at 100.00		AA		18,030,622
	500	17.913%, 8/15/51 (IF) (5)		8/22 at 100.00		AA		748,780
		California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
	1,185	17.828%, 2/15/20 (IF)		No Opt. Call		AA–		1,869,835
	1,250	17.883%, 2/15/20 (IF) (5)		No Opt. Call		AA–		1,974,700
		California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 11952:
	2,500	21.908%, 8/15/18 (IF)		No Opt. Call		AA–		4,889,300
	2,000	21.908%, 8/15/18 (IF)		No Opt. Call		AA–		3,911,440

Nuveen Investments 95

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3248:
$	2,500	21.908%, 8/15/18 (IF) (5)		No Opt. Call		AA–	$	4,889,300
	2,500	21.908%, 8/15/18 (IF) (5)		No Opt. Call		AA–		4,889,300
	4,320	California Housing Finance Agency, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206, 8.130%, 2/01/24 (Alternative Minimum Tax) (IF)		2/17 at 100.00		BBB		4,365,230
	19,250	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		20,806,748
	4,000	California Municipal Finance Authority, Charter School Lease Revenue Bonds, Rocket ship 7 – Alma Academy Elementary School, Series 2012A, 6.250%, 6/01/43		12/21 at 101.00		N/R		4,088,680
	355	California Municipal Finance Authority, Charter School Lease Revenue Bonds, Rocket ship 7 – Alma Academy Elementary School, Taxable Series 2012B, 8.500%, 6/01/16		No Opt. Call		N/R		354,766
		California Municipal Finance Authority, Charter School Revenue Bonds, Partnerships to Uplift Communities Project, Series 2012A:
	1,550	5.250%, 8/01/42		No Opt. Call		BB+		1,593,338
	675	5.300%, 8/01/47		8/22 at 100.00		BB+		693,826
	2,600	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–		2,466,646
		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		1,004,640
	1,000	7.000%, 10/01/39		10/18 at 100.00		N/R		1,008,410
	8,735	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		9,304,871
	1,000	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47		8/22 at 100.00		BBB		1,072,040
	5,000	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47		8/22 at 100.00		A1		5,309,750
		California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2012A:
	570	6.625%, 1/01/32		1/22 at 100.00		N/R		605,819
	530	6.875%, 1/01/42		1/22 at 100.00		N/R		564,805
		California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009:
	500	8.000%, 11/01/29		11/19 at 100.00		Baa1		620,970
	1,040	8.500%, 11/01/39		11/19 at 100.00		AA		1,304,295
		California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007:
	1,000	5.000%, 2/01/21		2/17 at 100.00		BBB		1,086,610
	2,500	5.250%, 2/01/27		2/17 at 100.00		BBB		2,655,475
		California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside Desalination Project, Series 2012:
	10,965	5.000%, 7/01/37 (Alternative Minimum Tax)		No Opt. Call		Baa3		11,355,793
	18,500	5.000%, 11/21/45 (Alternative Minimum Tax)		No Opt. Call		Baa3		19,034,835
	1,000	California School Finance Authority, Charter School Revenue Bonds, Coastal Academy Project, Series 2013A, 5.000%, 10/01/42		10/22 at 100.00		BBB–		1,009,690
	12,100	California School Finance Authority, Educational Facilities Revenue Bonds, Tri-Valley Learning Corporation, Series 2012A, 7.000%, 6/01/47		6/20 at 102.00		N/R		12,359,545
	4,500	California State, General Obligation Bonds, Tender Option Bond Trust 3162, 19.050%, 3/01/18 – AGM Insured (IF)		No Opt. Call		AA–		7,620,120

96 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	1,500	California Statewide Communities Development Authority, Charter School Revenue Bonds – Albert Einstein Academy for Letters, Arts, & Sciences Charter School Series 2012, 6.250%, 11/01/42		No Opt. Call		N/R	$	1,518,195
	1,950	California Statewide Communities Development Authority, Community Facilities District 2012-01, Fancher Creek, Special Tax Bonds, Series 2013A, 5.700%, 9/01/43		9/23 at 100.00		N/R		1,955,421
	805	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)		7/13 at 100.00		N/R		805,403
	2,410	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		2,611,163
	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		1,520,531
	4,650	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+		5,289,143
	40,600	California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (4)		No Opt. Call		D		1,116,500
	875	California Statewide Communities Development Authority, Revenue Bonds, Lancer Plaza Project, Series 2013, 5.875%, 11/01/43		11/23 at 100.00		N/R		878,063
	1,000	California Statewide Communities Development Authority, Revenue Bonds, Terraces San Joaquin Gardens, Series 2012A, 5.625%, 10/01/32		10/22 at 100.00		N/R		1,073,250
	5,000	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		5,350,150
	2,220	California Statewide Communities 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		2,576,665
	515	California Statewide Communities Development Authority, Charter School Revenue Bonds, Rocketship 4 – Mosaic Elementary Charter School, Taxable Series 2011B, 8.750%, 12/01/18		No Opt. Call		N/R		504,108
	1,100	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–		1,243,605
	5,000	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+		5,905,350
		California Statewide Community Development Authority, Lancer Educational Student Housing Revenue Bonds, California Baptist University, Series 2007:
	125	9.125%, 6/01/13		No Opt. Call		N/R		125,101
	1,000	5.625%, 6/01/33		6/17 at 102.00		N/R		1,063,610
	2,000	California Statewide Community Development Authority, Lancer Educational Student Housing Revenue Bonds, California Baptist University, Series 2010A, 7.500%, 6/01/42		6/19 at 100.00		N/R		2,348,780
	565	California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, Magnolia City Lights, Series 1999X, 6.650%, 7/01/39		7/13 at 100.00		N/R		565,316
	485	California Statewide Community Development Authority, Revenue Bonds, Brentwood Infrastructure Program, Series 2005A, 5.200%, 9/02/25		7/13 at 100.00		N/R		500,253
		California Statewide Community Development Authority, Revenue Bonds, California Baptist University, Series 2007A:
	1,000	5.400%, 11/01/27		11/17 at 102.00		N/R		1,072,180
	1,500	5.500%, 11/01/38		11/17 at 102.00		N/R		1,611,825

Nuveen Investments 97

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		California Statewide Community Development Authority, Revenue Bonds, California Baptist University, Series 2011A:
$	1,250	7.250%, 11/01/31		11/21 at 100.00		N/R	$	1,548,525
	2,250	7.500%, 11/01/41		11/21 at 100.00		N/R		2,827,688
	15,530	California Statewide Community Development Authority, Revenue Bonds, Children’s Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47		8/17 at 100.00		BBB+		16,251,369
	750	California Statewide Community Development Authority, Revenue Bonds, Drew School, Series 2007, 5.300%, 10/01/37		10/15 at 102.00		N/R		766,238
	2,870	California Statewide Community Development Authority, Revenue Bonds, Epidaurus Project, Series 2004A, 7.750%, 3/01/34		3/14 at 102.00		N/R		2,974,784
		California Statewide Community Development Authority, Revenue Bonds, International School of the Peninsula, Palo Alto, California, Series 2006:
	1,300	5.000%, 11/01/25		11/16 at 100.00		N/R		1,332,266
	800	5.000%, 11/01/29		11/16 at 100.00		N/R		813,608
		California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Tender Option Bond Trust 1065:
	1,610	17.058%, 4/01/42 (IF) (5)		4/22 at 100.00		A+		2,335,579
	2,500	17.081%, 4/01/42 (IF) (5)		4/22 at 100.00		A+		3,628,300
	4,290	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		4,322,604
	6,915	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3048, 18.513%, 11/15/32 (IF)		5/18 at 100.00		AA–		10,457,001
	6,555	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102, 18.606%, 11/15/48 (IF) (5)		5/18 at 100.00		AA–		9,913,258
	1,010	California Statewide Community Development Authority, Subordinate Lien Multifamily Housing Revenue Bonds, Corona Park Apartments, Series 2004I-S, 7.750%, 1/01/34 (Alternative Minimum Tax)		1/14 at 100.00		N/R		1,015,080
	1,790	Carlsbad, California, Limited Obligation Refunding Bonds, Reassessment District 12-1, Series 2013, 5.000%, 9/02/35		9/22 at 100.00		N/R		1,916,732
	1,000	Carson Redevelopment Agency, California, Redevelopment Project Area 1 Tax Allocation Bonds, Series 2009A, 7.000%, 10/01/36		10/19 at 100.00		A–		1,198,680
	1,000	Chino Public Financing Authority, California, Revenue Refunding Bonds, Series 2012, 5.000%, 9/01/30		9/22 at 100.00		N/R		1,058,040
		Chino, California, Special Tax Bonds, Community Facilities District 03-3 Improvement Area 2, Series 2006:
	1,000	5.000%, 9/01/26		3/16 at 100.00		N/R		1,012,850
	4,310	5.000%, 9/01/31		3/16 at 100.00		N/R		4,336,851
	2,000	5.000%, 9/01/36		3/16 at 100.00		N/R		2,001,440
	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		N/R		1,030,630
	4,025	Corona, California, Special Tax Bonds, Community Facilities District 2002-1 Dos Lagos, Series 2005A, 5.050%, 9/01/34		9/15 at 100.00		N/R		3,887,063
		Corona-Norco Unified School District Public Financing Authority, Riverside County, California, Special Tax Revenue Refunding Bonds, Junior Lien Series 2013B:
	1,015	5.000%, 9/01/32		9/23 at 100.00		N/R		1,069,394
	500	5.000%, 9/01/35		9/23 at 100.00		N/R		521,295
	2,800	California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.068%, 7/01/47 – AGM Insured (IF)		7/18 at 100.00		AA–		4,369,120
		Desert Hot Springs Redevelopment Agency, California, Merged Redevelopment Project Tax Allocation Bonds, Series 2008A-2:
	1,000	5.000%, 9/01/23		9/18 at 100.00		CCC+		795,190
	2,000	5.250%, 9/01/28		9/18 at 100.00		CCC+		1,596,260
	2,000	5.750%, 9/01/38		9/18 at 100.00		CCC+		1,603,460

98 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	5,000	East Side Union High School District, Santa Clara County, California, General Obligation Bonds, Tender Option Bond Trust 2010-3171, 17.673%, 8/01/33 – AGC Insured (IF)		8/19 at 100.00		AA–	$	6,899,800
	340	Eastern Municipal Water District, California, Special Tax Bonds, Community Facility District 2005-38 Improvement Area A, Series 2006, 5.200%, 9/01/36		9/13 at 102.00		N/R		347,276
	5,150	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		5,017,491
		Elk Grove Community Facilities District 2005-1, California, Special Tax Bonds, Series 2007:
	7,120	5.200%, 9/01/27		9/15 at 102.00		N/R		6,834,488
	15,470	5.250%, 9/01/37		9/15 at 102.00		N/R		14,183,979
	4,000	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		4,232,040
	1,500	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		1,212,090
	2,500	Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Tender Option Bonds Trust 1013, 18.128%, 9/01/32 – AMBAC Insured (IF) (5)		7/13 at 100.00		A+		2,684,200
		Fontana, California, Special Tax Bonds, Community Facilities District 31 Citrus Heights North, Series 2006:
	3,610	5.000%, 9/01/26		9/14 at 102.00		N/R		3,658,410
	1,000	5.000%, 9/01/36		9/14 at 102.00		N/R		997,200
	21,000	Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35 – NPFG Insured		7/13 at 100.00		Baa2		21,000,840
		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999:
	18,000	0.000%, 1/15/25 – NPFG Insured		7/13 at 50.50		Baa2		8,992,260
	1,880	5.875%, 1/15/29 – NPFG Insured		1/14 at 101.00		Baa2		1,912,524
	1,000	0.000%, 1/15/30 – NPFG Insured		7/13 at 37.39		Baa2		369,520
	12,150	0.000%, 1/15/31 – NPFG Insured		7/13 at 35.14		Baa2		4,222,490
	20,400	0.000%, 1/15/32 – NPFG Insured		7/13 at 33.04		Baa2		6,666,312
	31,935	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – AMBAC Insured (UB)		6/15 at 100.00		A2		33,325,131
		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bond Trust 1011:
	1,560	17.086%, 6/01/38 (IF) (5)		6/15 at 100.00		A2		1,858,522
	750	17.099%, 6/01/38 – FGIC Insured (IF) (5)		6/15 at 100.00		A2		893,640
	2,500	17.099%, 6/01/38 (IF) (5)		6/15 at 100.00		A2		2,978,800
	2,500	17.099%, 6/01/38 (IF) (5)		6/15 at 100.00		A2		2,978,800
	2,500	17.099%, 6/01/38 (IF) (5)		6/15 at 100.00		A2		2,978,800
	370	16.933%, 6/01/45 (IF) (5)		6/15 at 100.00		A2		433,770
	955	17.056%, 6/01/45 (IF) (5)		6/15 at 100.00		A2		1,120,845
	980	17.078%, 6/01/45 (IF) (5)		6/15 at 100.00		A2		1,150,422
	1,880	17.078%, 6/01/45 (IF) (5)		6/15 at 100.00		A2		2,206,913
	1,750	17.099%, 6/01/45 (IF) (5)		6/15 at 100.00		A2		2,054,710
	2,250	17.099%, 6/01/45 (IF) (5)		6/15 at 100.00		A2		2,641,770
	7,500	17.099%, 6/01/45 (IF) (5)		6/15 at 100.00		A2		8,805,900
	1,530	17.099%, 6/01/45 (IF) (5)		6/15 at 100.00		A2		1,796,404
	1,250	17.099%, 6/01/45 (IF) (5)		6/15 at 100.00		A2		1,467,650
	7,575	Goden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 3107, 17.403%, 6/01/45 – BHAC Insured (IF)		6/15 at 100.00		AA+		9,031,445

Nuveen Investments 99

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 4686:
$	5,500	8.825%, 6/01/45 – AGC Insured (IF) (5)		6/15 at 100.00		AA–	$	6,006,220
	550	8.825%, 6/01/45 – AGC Insured (IF)		6/15 at 100.00		AA–		600,622
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	40,770	5.000%, 6/01/33		6/17 at 100.00		B		37,609,510
	46,845	5.750%, 6/01/47		6/17 at 100.00		B		44,758,992
	46,080	5.125%, 6/01/47		6/17 at 100.00		B		40,133,837
	51,205	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37		6/22 at 100.00		B		47,588,391
	1,535	Gonzales Redevelopment Agency, Monterey County, California, Tax Allocation Refunding Bonds, Gonzalez Redevelopment Project, Series 2011, 8.000%, 12/01/44		12/21 at 100.00		BB+		1,696,252
	1,875	Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 3253, 22.441%, 1/15/19 (IF) (5)		No Opt. Call		Aa2		3,647,100
		Hawthorne, California, Special Tax Bonds, Community Facilities District 2006-1, Three Sixty Degrees @ South Bay, Series 2006:
	1,000	4.600%, 9/01/21		9/16 at 102.00		N/R		1,020,620
	2,000	5.000%, 9/01/30		9/16 at 102.00		N/R		2,017,560
	2,000	5.000%, 9/01/36		9/16 at 102.00		N/R		1,980,840
	585	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		586,135
		Hercules Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005:
	5,675	5.000%, 8/01/25 – AMBAC Insured		8/15 at 100.00		CC		4,282,979
	3,750	4.750%, 8/01/35 – AMBAC Insured		8/15 at 100.00		CC		2,435,138
		Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax Allocation Bonds, Series 2007A:
	3,250	5.500%, 9/01/22 – SYNCORA GTY Insured		9/17 at 100.00		Ba1		3,386,923
	1,000	5.500%, 9/01/27 – SYNCORA GTY Insured		No Opt. Call		Ba1		1,027,430
	4,245	5.000%, 9/01/37 – SYNCORA GTY Insured		9/17 at 100.00		Ba1		4,049,390
	2,500	Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Series 2013A, 5.000%, 2/01/43 – BAM Insured		2/23 at 100.00		AA		2,699,050
	2,935	Imperial, California, Community Facilities District 2006-2 Savanna Ranch Special Tax Bonds, Improvement Area 1, Series 2006, 5.000%, 9/01/37		9/13 at 103.00		N/R		2,945,537
	1,000	Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho Vallecitos Mobile Home Park, Series 2013, 5.000%, 4/15/48		7/13 at 100.00		BBB		1,022,020
	1,500	Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Augusta Communities Mobile Home Park, Series 2012A, 5.000%, 5/15/47		5/22 at 100.00		A–		1,563,825
	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		A		1,026,710
	2,500	Independent Cities Lease Finance Authority, California, Revenue Bonds, El Granada Mobile Home Park, Series 2004A, 6.450%, 5/15/44		5/14 at 100.00		N/R		2,538,925
	3,345	Independent Cities Lease Finance Authority, California, Second Senior Subordinate Lien Revenue Bonds, Caritas Affordable Housing Project Mobile Home Park, Series 2005C, 7.000%, 9/01/40		9/15 at 100.00		N/R		3,474,786
	1,010	Indio Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Subordinate Lien Refunding Series 2008A, 5.250%, 8/15/28		8/18 at 100.00		BBB–		1,051,521

100 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		Indio, California, Special Tax Bonds, Community Facilities District 2004-3 Terra Lago, Improvement Area 1, Series 2005:
$	2,050	5.100%, 9/01/30		9/15 at 102.00		N/R	$	2,068,881
	3,825	5.150%, 9/01/35		9/15 at 102.00		N/R		3,832,076
		Indio, California, Special Tax Bonds, Community Facilities District 2006-1 Sonora Wells, Series 2006:
	630	5.050%, 9/01/26		9/16 at 100.00		N/R		634,568
	1,830	5.125%, 9/01/36		9/16 at 100.00		N/R		1,794,480
	1,500	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		1,552,050
	5,185	King Community Development Agency, California, Tax Allocation Bonds, King City Redevelopment Project, Series 2011, 7.250%, 8/01/34		8/21 at 100.00		N/R		5,965,446
	3,750	Lake Elsinore Public Finance Authority, California, Local Agency Revenue Refunding Bonds, Assessment District 93-1, Series 2012B, 5.125%, 9/01/30		No Opt. Call		N/R		3,767,700
	2,500	Lake Elsinore Public Finance Authority, California, Local Agency Revenue Refunding Bonds, Series 2003H, 6.375%, 10/01/33		10/13 at 102.00		N/R		2,564,425
	1,000	Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area C, Series 2012C, 5.000%, 9/01/42		No Opt. Call		N/R		1,015,600
	1,205	Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Villages at Wasson Canyon, Refunding Series 2012A, 5.250%, 9/01/38		9/22 at 100.00		N/R		1,240,764
	1,200	Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2003-2 Improvement Area A, Canyon Hills, Series 2004A, 5.950%, 9/01/34		9/13 at 102.00		N/R		1,227,396
		Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2003-2, Canyon Hills Improvement Area B, Series 2006A:
	3,000	5.100%, 9/01/26		9/14 at 100.00		N/R		3,029,100
	6,750	5.150%, 9/01/36		9/14 at 100.00		N/R		6,779,768
		Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2004-3, Rosetta Canyon Improvement Area 1,Series 2005:
	1,195	5.250%, 9/01/30		9/15 at 102.00		N/R		1,242,274
	1,225	5.250%, 9/01/35		9/15 at 102.00		N/R		1,261,726
		Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2004-3, Rosetta Canyon Improvement Area 2, Series 2006:
	910	5.200%, 9/01/26		9/14 at 100.00		N/R		919,955
	8,660	5.250%, 9/01/37		9/14 at 100.00		N/R		8,751,536
		Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2005-1, Series 2006A:
	980	5.200%, 9/01/26		9/14 at 100.00		N/R		1,001,295
	1,505	5.350%, 9/01/36		9/14 at 100.00		N/R		1,537,433
	11,820	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		11,863,734
	5,000	Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2010, 0.000%, 8/01/45 – AGM Insured		No Opt. Call		AA–		2,331,050
	4,000	Lammersville Joint Unified School District, Special Tax Bonds, California, Community Facilities District 2002, Mountain House, Series 2013, 5.000%, 9/01/37		9/22 at 100.00		N/R		4,130,840
	1,000	Lammersville School District, California, Special Tax Refunding Bonds, Community Facilities District 2002 Mountain House, Series 2012, 0.000%, 9/01/29		9/22 at 100.00		N/R		905,060
		Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009:
	2,000	6.875%, 8/01/34		8/19 at 100.00		BBB		2,319,060
	2,445	6.875%, 8/01/39		8/19 at 100.00		BBB		2,820,674

Nuveen Investments 101

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	1,155	Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Subordinate Refunding Series 2003, 4.750%, 8/01/33 – NPFG Insured		8/15 at 102.00		BBB	$	1,159,077
	1,180	Lathrop Financing Authority, California, Revenue Bonds, Water Supply Project Series 2003, 6.000%, 6/01/35		6/13 at 100.00		N/R		1,181,192
	4,050	Lee Lake Water District, Riverside County, California, Special Tax Bonds, Community Facilities District 3, Series 2004, 5.950%, 9/01/34		9/13 at 102.00		N/R		4,150,319
	1,335	Lemoore Redevelopment Agency, Kings County, California, Lemorre Redevelopment Project Tax Allocation Bonds, Series 2011, 7.250%, 8/01/31		8/16 at 100.00		A–		1,496,508
	630	Lincoln, California, Community Facility District 2006-1 Area 2 Special Tax Bonds, Series 2006, 5.000%, 9/01/26		9/16 at 100.00		N/R		639,425
		Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:
	480	5.500%, 11/15/30		No Opt. Call		A		591,538
	730	5.000%, 11/15/35		No Opt. Call		A		838,880
	11,210	5.500%, 11/15/37		No Opt. Call		A		13,740,545
	1,765	Los Alamitos Unified School District, Orange County, California, Certificates of Participation, Series 2012, 0.000%, 8/01/42		8/29 at 100.00		A+		1,087,011
	6,530	Los Angeles County, California, Multifamily Housing Revenue Bonds, HDR Preservation Apartment Project, Series 2007C, 6.250%, 7/01/42		7/22 at 100.00		N/R		6,652,372
		Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Tender Option Bond Trust 10-27B:
	1,875	18.310%, 5/15/40 (IF) (5)		5/20 at 100.00		AA		2,915,100
	4,550	18.310%, 5/15/40 (IF) (5)		5/20 at 100.00		AA		6,937,294
		Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Tender Option Bond Trust 2011-27B:
	3,565	18.297%, 5/15/40 (IF) (5)		5/20 at 100.00		AA		5,434,165
	5,000	18.310%, 5/15/40 (IF) (5)		5/20 at 100.00		AA		7,623,400
	585	Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002B, 7.500%, 12/01/24 (Alternative Minimum Tax)		12/13 at 101.00		C		596,337
	4,600	Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax)		12/13 at 101.00		N/R		4,699,774
	2,500	Los Angeles, California, Wastewater System Revenue Bonds, Tender Option Bond Trust 2009-2W, 20.944%, 6/01/34 (IF) (5)		6/19 at 100.00		AA+		4,635,400
	1,000	Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31		9/21 at 100.00		A–		1,206,090
		March Joint Powers Redevelopment Agency, California, March Air Force Base Redevelopment Project Tax Allocation Revenue Bonds, Series 2011A:
	1,185	7.000%, 8/01/26		8/21 at 100.00		BBB+		1,430,840
	2,650	7.250%, 8/01/31		8/21 at 100.00		BBB+		3,179,894
	10,010	7.500%, 8/01/41		8/21 at 100.00		BBB+		11,945,834
	3,950	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+		4,713,891
	625	Menifee Union School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2004-5, Series 2006, 5.200%, 9/01/26		9/15 at 100.00		N/R		639,663
	1,500	Merced, California, Redevelopment Agency, Tax Allocation Revenue Bonds, 6.250%, 9/01/29		9/19 at 100.00		N/R		1,567,425

102 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	5	Merced Irrigation District, California, Revenue Certificates of Participation, Electric System Project, Series 2003, 5.700%, 9/01/36		9/13 at 102.00		Baa2	$	5,100
		Merced, California, Community Facilities District 2005-1, Special Tax Bonds, Bellevue Ranch West, Series 2006:
	1,270	5.250%, 9/01/26		9/14 at 103.00		N/R		923,735
	1,245	5.300%, 9/01/36		9/13 at 103.00		N/R		802,739
		Monrovia Redevelopment Agency, California, Central Project Area 1 Housing Tax Allocation Bonds, Series 2011:
	1,540	6.500%, 5/01/26		5/21 at 100.00		BBB+		1,890,827
	1,075	6.900%, 5/01/36		5/21 at 100.00		BBB+		1,292,827
	615	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		624,668
	2,335	Moreno Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2004-6, Series 2005, 5.200%, 9/01/36		9/13 at 102.00		N/R		2,375,909
	220	Moreno Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2005-2, Series 2006, 5.000%, 9/01/26		9/15 at 101.00		N/R		224,941
		Moreno Valley, California, Special Tax Bonds, Community Facilities District 5, Series 2007:
	1,010	5.000%, 9/01/27		9/17 at 100.00		N/R		1,029,230
	1,325	5.000%, 9/01/37		9/17 at 100.00		N/R		1,327,981
	2,700	M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39		No Opt. Call		A		3,691,440
		M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009A:
	3,700	7.000%, 11/01/34		No Opt. Call		A		5,229,617
	20,050	6.500%, 11/01/39		No Opt. Call		A		27,412,360
		M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C:
	3,300	7.000%, 11/01/34		No Opt. Call		A		4,664,253
	4,000	6.500%, 11/01/39		No Opt. Call		A		5,468,800
	5,000	Murrieta Public Finance Authority, California, Special Tax Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/31		9/22 at 100.00		BBB–		5,440,950
	1,265	Murrieta, California, Special Tax Bonds, Community Facilities District 2003-3, Creekside Village Improvement Area 1, Series 2005, 5.200%, 9/01/35		9/13 at 100.00		N/R		1,267,859
	2,355	National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 7.000%, 8/01/32		8/21 at 100.00		A–		2,984,727
	1,000	Oxnard Financing Authority, California, Local Obligation Revenue Bonds, Special District Bond Refinancing, Subordinate Lien Series 2012B, 5.000%, 9/02/33		9/22 at 100.00		N/R		1,005,870
	8,805	Oxnard Financing Authority, California, Wastewater Revenue Bonds, Redwood Trunk Sewer and Headworks Projects, Series 2004A, 5.250%, 6/01/34 – FGIC Insured		6/14 at 100.00		BBB		8,985,062
	1,100	Pacifica, California, Certificates of Participation, Series 2008, 5.375%, 1/01/37 – AMBAC Insured		1/16 at 102.00		A–		1,172,127
	2,465	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+		2,497,735
	1,995	Palm Desert Financing Authority, California, Tax Allocation Revenue Bonds, Project Area 1, Series 2003, 5.000%, 4/01/30 – NPFG Insured		No Opt. Call		Baa2		2,000,606
		Palm Desert, California, Special Tax Bonds, Community Facilities District 2005-1 University Park, Series 2006:
	2,335	5.250%, 9/01/26		9/13 at 103.00		N/R		2,293,133
	5,100	5.450%, 9/01/32		9/16 at 100.00		N/R		5,067,054
	6,150	5.500%, 9/01/36		9/16 at 100.00		N/R		6,030,690

Nuveen Investments 103

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		Palm Desert, California, Special Tax Bonds, Community Facilities District 2005-1 University Park, Series 2007:
$	3,000	5.150%, 9/01/27		9/13 at 103.00		N/R	$	2,913,930
	9,000	5.200%, 9/01/37		9/15 at 102.00		N/R		8,223,300
		Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010:
	1,120	7.000%, 4/01/25		7/13 at 102.00		BB		1,147,642
	1,605	7.500%, 4/01/35		7/13 at 102.00		BB		1,645,253
	1,000	Palm Springs Financing Authority, California, Lease Revenue Bonds, Downtown Revitalization Project, Series 2012B, 5.000%, 6/01/35		No Opt. Call		A		1,104,790
		Palmdale Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project Areas, Series 2002:
	1,230	0.000%, 12/01/31 – AMBAC Insured		No Opt. Call		A–		487,228
	1,225	0.000%, 12/01/32 – AMBAC Insured		No Opt. Call		A–		462,548
		Palmdale, California, Special Tax Bonds, Community Facilities District 2003-1, Anaverde Project, Series 2005A:
	1,000	5.350%, 9/01/30		9/15 at 101.00		N/R		1,023,130
	2,855	5.400%, 9/01/35		9/15 at 101.00		N/R		2,904,563
	5,265	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39		11/19 at 100.00		Baa3		5,966,087
	17,360	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41		11/20 at 100.00		Baa3		19,031,594
	3,000	Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured		8/29 at 100.00		AA–		2,698,140
	2,000	Palomar Pomerado Health, California, General Obligation Bonds, Tender Option Bond Trust 11872, 17.869%, 2/01/16 – NPFG Insured (IF)		No Opt. Call		A+		2,918,640
		Palomar Pomerado Health, California, General Obligation Bonds, Tender Option Bond Trust 4683:
	3,750	17.398%, 8/01/37 – NPFG Insured (IF) (5)		8/17 at 100.00		A+		5,472,450
	7,000	17.398%, 8/01/37 – NPFG Insured (IF) (5)		8/17 at 100.00		A+		10,215,240
	5,000	Peralta Community College District, Alameda County, California, General Obligation Bonds, Series 2009, Trust 3019, 17.600%, 8/01/37 – AGM Insured (IF) (5)		8/17 at 100.00		AA–		6,605,800
	555	Perris, California, Special Tax Bonds, Community Facilities District 2001-1, Improvement Area 5-A, Series 2006, 5.000%, 9/01/26		9/13 at 100.50		N/R		559,240
		Perris, California, Special Tax Bonds, Community Facilities District 2001-1, May Farms Improvement Area 4, Series 2005A:
	1,290	5.100%, 9/01/30		9/15 at 102.00		N/R		1,320,612
	2,475	5.150%, 9/01/35		9/15 at 102.00		N/R		2,515,169
		Perris, California, Special Tax Bonds, Community Facilities District 2001-2, Villages of Avalon, Series 2005:
	1,500	5.100%, 9/01/28		9/14 at 100.00		N/R		1,512,615
	1,050	5.150%, 9/01/32		9/14 at 100.00		N/R		1,056,657
	1,365	Perris, California, Special Tax Bonds, Community Facilities District 2004-3, Monument Ranch Improvement Area 2, Series 2005A, 5.300%, 9/01/35		9/15 at 102.00		N/R		1,395,303
	3,900	Pico Rivera Water Authority, California, Water System Project, Revenue Refunding Bonds, Series 1999A, 5.500%, 5/01/29 – NPFG Insured		No Opt. Call		Baa2		4,233,489
	17,000	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–		18,663,280
	2,500	Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/28 – AMBAC Insured		No Opt. Call		A		1,184,100
	4,360	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–		3,965,725

104 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	1,455	Pomona Public Financing Authority, California, Merged Projects Revenue Bonds, Series 2007AX, 5.000%, 2/01/41		2/17 at 100.00		BBB–	$	1,450,548
	1,285	Pomona Public Financing Authority, California, Merged Projects Revenue Bonds, Series 2007, 5.125%, 2/01/33		7/13 at 100.00		BBB–		1,285,810
	3,895	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		4,102,370
	1,000	Rancho Cordova, 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		1,010,380
	1,000	Rancho Cordova, California, Sunridge Anatolia Community Facilities District 2003-1, Special Tax Refunding Bonds, Series 2012, 5.000%, 9/01/37		No Opt. Call		N/R		1,020,880
	3,920	Rancho Cucamonga, California, Community Facilities District 2004-01 Special Tax Bonds, Rancho Etiwanda Estates, Series 2006, 5.375%, 9/01/36		9/13 at 103.00		N/R		3,982,406
	2,500	Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/38		7/17 at 100.00		Baa2		2,565,525
		Redwood City, California, Special Tax Bonds, Community Facilities District 2010-1 One Marina, Series 2011:
	775	7.500%, 9/01/31		9/16 at 103.00		N/R		848,710
	1,440	7.750%, 9/01/41		9/16 at 103.00		N/R		1,572,494
		Richmond, California, Joint Powers Financing Agency Multifamily Housing Revenue Bonds, Westridge Hilltop Apartments, Series 2007:
	1,000	5.000%, 12/15/26		12/13 at 100.00		Baa2		994,090
	1,750	5.000%, 12/15/33		12/13 at 100.00		Baa2		1,695,173
	37,968	River Rock Entertainment Authority, California, Revenue Bonds, Senior Notes Series 2011B, 8.000%, 11/01/18		11/15 at 104.00		N/R		36,403,252
	6,650	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		6,605,379
		Riverside County Redevelopment Agency, California, Interstate 215 Corridor Redevelopment Project Area, 2nd Lien Tax Allocation Bonds, Series 2001E:
	7,100	0.000%, 12/01/41		No Opt. Call		BBB+		1,076,218
	7,075	0.000%, 12/01/42		No Opt. Call		BBB+		1,003,943
	7,050	0.000%, 12/01/43		No Opt. Call		BBB+		936,452
	5,600	0.000%, 12/01/44		No Opt. Call		BBB+		696,360
	1,500	Riverside County Redevelopment Agency, California, Desert Communities Redevelopment Project Area Tax Allocation Bonds, Series 2010D, 6.000%, 10/01/30		10/20 at 100.00		BBB		1,588,155
	5,000	Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 0.000%, 10/01/39		No Opt. Call		A–		1,232,950
	1,455	Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2004A, 5.000%, 10/01/37 – SYNCORA GTY Insured		10/14 at 100.00		A–		1,458,201
	1,000	Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2011A, 7.125%, 10/01/42		10/21 at 100.00		A–		1,216,290
	5,855	Riverside Public Financing Authority, California, Tax Allocation Bonds, University Corridor, Series 2007C, 4.500%, 8/01/30 – NPFG Insured		No Opt. Call		BBB+		5,949,792
	2,955	Riverside Unified School District, Riverside County, California, General Obligation Bonds, Series 2009, Trust 3017, 17.136%, 9/01/25 – AGC Insured (IF)		8/15 at 100.00		Aa2		3,527,177
		Riverside, California, Improvement Bond Act of 1915, Special Assessment Bonds, Hunter Park Assessment District, Series 2006:
	2,000	5.100%, 9/02/26		9/16 at 101.00		N/R		2,067,140
	1,500	5.200%, 9/02/36		9/16 at 101.00		N/R		1,531,410

Nuveen Investments 105

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community Facilities District 2, Series 2007:
$	550	0.000%, 9/01/36 – NPFG Insured		No Opt. Call		AA–	$	158,395
	660	0.000%, 9/01/37 – NPFG Insured		No Opt. Call		AA–		178,886
		Roseville, California, Special Tax Bonds, Community Facilities District 1 – Westpark, Series 2005:
	1,765	5.250%, 9/01/25		9/15 at 100.00		N/R		1,794,317
	4,800	5.200%, 9/01/36		9/15 at 100.00		N/R		4,818,480
	1,000	Roseville, California, Special Tax Bonds, Community Facilities District 1 Diamond Creek, Series 2007, 5.000%, 9/01/37		9/13 at 103.00		N/R		854,620
	2,370	Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Series 2006, 5.200%, 9/01/26		9/16 at 100.00		N/R		2,428,089
	6,145	Roseville, California, Special Tax Bonds, Community Facilities District 1, Fiddyment Ranch, Series 2005, 5.050%, 9/01/30		9/15 at 100.00		N/R		6,102,477
	7,085	Roseville, California, Special Tax Bonds, Community Facilities District 1, Fiddyment Ranch, Series 2006, 5.250%, 9/01/36		9/16 at 100.00		N/R		7,133,957
	3,000	Roseville, California, Special Tax Bonds, Community Facilities District 5 Stone Point, Series 2006, 5.250%, 9/01/36		9/13 at 103.00		N/R		2,604,150
		Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program Facilities Projects, Tender Option Bond Trust 4698:
	6,830	18.679%, 12/01/33 – AMBAC Insured (IF) (5)		No Opt. Call		A		12,210,674
	2,500	18.195%, 12/01/30 – AMBAC Insured (IF) (5)		No Opt. Call		A		4,570,100
	3,000	18.195%, 12/01/30 – AMBAC Insured (IF) (5)		No Opt. Call		A		5,484,120
	3,540	Sacramento City Financing Authority, California, Master Lease Program Facilities Revenue Bonds, Tender Option Bond Trust 1114, 18.202%, 12/01/30 – AMBAC Insured (IF) (5)		No Opt. Call		A		6,468,146
	8,895	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		9,029,848
	4,845	San Bernardino County Financing Authority, California, Revenue Bonds, Courthouse Facilities Project, Series 2007, 5.500%, 6/01/37 – NPFG Insured		No Opt. Call		Baa2		5,062,201
		San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011:
	4,000	8.000%, 12/01/31		12/21 at 100.00		BB		5,110,960
	16,730	7.500%, 12/01/41		12/21 at 100.00		BB		20,599,816
	2,935	San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.640%, 2/01/33 (IF)		8/19 at 100.00		Aa2		4,942,393
		San Francisco Redevelopment Agency, California, Special Tax Bonds, Community Facilities District 6, Mission Bay South, Series 2005B:
	1,375	0.000%, 8/01/30		8/15 at 100.00		N/R		502,563
	3,020	0.000%, 8/01/34		8/15 at 100.00		N/R		849,133
	500	San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39		8/19 at 100.00		A–		591,095
	900	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		909,261
		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
	275	0.000%, 1/15/24 – NPFG Insured		No Opt. Call		Baa2		166,870
	39,120	0.000%, 1/15/25 – NPFG Insured		No Opt. Call		Baa2		22,655,957
	65,905	0.000%, 1/15/26 – NPFG Insured		No Opt. Call		Baa2		36,338,040
	2,120	0.000%, 1/15/27 – NPFG Insured		No Opt. Call		Baa2		1,115,417
	15,180	0.000%, 1/15/28 – NPFG Insured		No Opt. Call		Baa2		7,566,623
	1,010	0.000%, 1/15/29 – NPFG Insured		No Opt. Call		Baa2		477,972

106 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	1,000	5.250%, 1/15/30 – NPFG Insured		7/13 at 100.00		Baa2	$	1,000,020
	7,100	0.000%, 1/15/30 – NPFG Insured		No Opt. Call		Baa2		3,177,676
	50,550	0.000%, 1/15/31 – NPFG Insured		No Opt. Call		Baa2		21,375,573
	2,085	0.000%, 1/15/32 – NPFG Insured		No Opt. Call		Baa2		832,207
	24,790	0.000%, 1/15/34 – NPFG Insured		No Opt. Call		Baa2		8,843,337
	24,505	0.000%, 1/15/36 – NPFG Insured		No Opt. Call		Baa2		7,774,456
	3,300	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2003, 4.900%, 8/01/33 – FGIC Insured		8/13 at 100.00		BBB		3,301,452
		San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:
	4,500	3.750%, 8/01/28 – NPFG Insured		8/17 at 100.00		BBB		4,158,360
	1,090	4.250%, 8/01/30 – NPFG Insured		8/17 at 100.00		BBB		1,066,445
		San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D:
	6,625	5.000%, 8/01/21 – AMBAC Insured		8/17 at 100.00		BBB		6,939,423
	7,750	5.000%, 8/01/22 – AMBAC Insured		8/17 at 100.00		BBB		8,074,493
	5,520	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		5,068,078
		San Jose, California, Airport Revenue Bonds, Tender Option Bond Trust 3923:
	470	17.163%, 9/01/30 – AMBAC Insured (IF) (5)		3/17 at 100.00		AA–		580,478
	1,500	17.250%, 3/01/31 – AGM Insured (IF) (5)		3/17 at 100.00		AA–		1,854,480
	3,860	San Luis Obispo County Financing Authority, California, Revenue Bonds, Nacimiento Water Project, Tender Option Bond Trust 3030, 17.207%, 9/01/38 – BHAC Insured (IF)		9/17 at 100.00		AA+		5,207,294
		San Marcos Public Facilities Authority, California, Revenue Refunding Bonds, Series 2012B:
	1,670	5.000%, 9/01/32 – AGM Insured		9/22 at 100.00		BBB		1,759,679
	2,170	5.000%, 9/01/35 – AGM Insured		9/22 at 100.00		BBB		2,261,075
	5,070	San Marcos Public Facilities Authority, California, Tax Allocation Bonds, Project Areas 1 and 3, Series 2005A, 5.000%, 8/01/34 – AMBAC Insured		8/15 at 102.00		A		5,237,107
	5,350	Santa Ana Unified School District (1999 Financing Project) Certificates of Participation (Orange County, California), 0.000%, 4/01/32 – AGM Insured		No Opt. Call		AA–		2,134,971
		Santa Ana Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 2004-1, Central Park Project, Series 2005:
	1,180	4.950%, 9/01/25		9/15 at 100.00		N/R		1,164,070
	1,050	5.050%, 9/01/30		9/15 at 100.00		N/R		1,013,471
	2,320	5.100%, 9/01/35		9/15 at 100.00		N/R		2,173,005
	8,340	Santa Clara County Housing Authority, California, Multifamily Housing Revenue Bonds, Blossom River Project, Series 1998A, 6.500%, 9/01/39		7/13 at 100.00		N/R		8,341,835
	13,105	Santa Cruz County Redevelopment Agency, California, Tax Allocation Bonds, Live Oak-Sequel Community Development Project, Series 2005A, 5.000%, 9/01/32 – NPFG Insured		9/15 at 100.00		A		13,436,425
	1,475	Santa Rosa, California, Certificates of Participation, Building Acquisition Project, Series 2007, 4.750%, 7/01/37 – AMBAC Insured		No Opt. Call		A+		1,580,182
	3,250	Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/41		2/21 at 100.00		A		4,048,590
	2,500	Saugus Union School District, Los Angeles County, California, Special Tax Bonds, Community Facilities District 2005-1, Series 2006, 5.300%, 9/01/36		3/15 at 103.00		N/R		2,509,825
	900	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 (6)		1,052,460

Nuveen Investments 107

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	22,000	Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/36		6/17 at 34.85		BB+	$	3,657,500
	1,500	Solana Beach School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2012, 5.000%, 9/01/42		9/22 at 100.00		BBB		1,571,130
	2,155	South Gate, California, Certificates of Participation, Series 2002A, 5.000%, 9/01/24 – AMBAC Insured		9/13 at 101.00		BBB		2,177,606
	1,200	Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.000%, 11/01/33		No Opt. Call		Baa1		1,354,200
		Stockton Public Financing Authority, California, Lease Revenue Bonds, Refunding Series 2006A:
	1,710	4.500%, 8/01/28 – NPFG Insured		8/14 at 100.00		Baa2		1,418,325
	1,000	4.500%, 8/01/31 – NPFG Insured		8/14 at 100.00		Baa2		810,970
	305	Stockton Redevelopment Agency, California, Revenue Bonds, Stockton Events Center Arena Project, Series 2004, 5.000%, 9/01/36 – FGIC Insured		9/14 at 100.00		BB		285,828
		Stockton, California, Community Facilities District 2006-3, Northbrook Woodside Improvement Area 1 Special Tax Bonds, Series 2007:
	1,935	6.125%, 9/01/31		9/14 at 103.00		N/R		2,012,110
	2,930	6.250%, 9/01/37		9/14 at 103.00		N/R		3,050,247
	7,500	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		7,734,825
	2,000	Tejon Ranch Public Facilities Financing Authority, California, Community Facilities District 2008-1 Tejon Industrial Complex East 2012A, 5.250%, 9/01/40		No Opt. Call		N/R		1,996,960
	4,000	Tejon Ranch Public Facilities Financing Authority, California, Community Facilities District 2008-1 Tejon Industrial Complex East 2012B, 5.250%, 9/01/42		No Opt. Call		N/R		3,993,760
	1,500	Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1, Series 2002, 5.250%, 8/01/36 – NPFG Insured		7/13 at 100.00		A–		1,501,260
		Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
	11,185	5.375%, 6/01/38		6/15 at 100.00		B–		10,156,092
	5,995	5.500%, 6/01/45		6/15 at 100.00		B–		5,444,000
		Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2001A:
	3,740	5.000%, 6/01/37		6/14 at 100.00		BB+		3,463,651
	26,620	5.125%, 6/01/46		6/14 at 100.00		B+		23,987,814
		Tulare Local Health Care District, California, Revenue Bonds, Series 2007:
	525	5.000%, 11/01/15		No Opt. Call		B+		535,631
	550	5.000%, 11/01/16		No Opt. Call		B+		561,319
	835	5.100%, 11/01/27		11/17 at 100.00		B+		799,663
	2,785	5.200%, 11/01/32		11/17 at 100.00		B+		2,598,127
	1,210	Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.500%, 9/01/39		3/21 at 100.00		BBB+		1,392,444
		Twenty-nine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners Project Area, Series 2011A:
	760	7.400%, 9/01/32		9/21 at 100.00		BBB+		911,726
	3,460	7.650%, 9/01/42		9/21 at 100.00		BBB+		4,138,506
	2,500	University of California, General Revenue Bonds, Tender Option Bond Trust 3318, 13.824%, 5/15/20 (IF) (5)		No Opt. Call		Aa2		3,208,625
	2,415	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		2,476,607

108 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	3,879	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	$	3,818,565
	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		741,810
	1,000	West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Refunding Series 2009A, 8.625%, 9/01/39		9/14 at 105.00		N/R		1,078,480
	2,565	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		2,789,848
		West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Series 2003B:
	1,100	6.750%, 9/01/30		9/13 at 103.00		N/R		1,126,268
	3,400	7.000%, 9/01/38		9/13 at 103.00		N/R		3,476,432
	7,500	West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Series 2004B, 6.000%, 9/01/39		9/13 at 102.00		N/R		7,502,475
	3,900	West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 2001-1, Series 2004A, 6.125%, 9/01/39		9/13 at 103.00		N/R		3,911,778
	2,325	West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 1999F, 6.100%, 9/01/29		9/13 at 100.00		N/R		2,335,951
		Western Hills Water District, Stanislaus County, California, Special Tax Bonds, Diablo Grande Community Facilities District 1, Series 2005:
	1,000	5.625%, 9/01/24		9/13 at 102.00		N/R		858,390
	3,755	5.800%, 9/01/31		9/13 at 102.00		N/R		3,059,837
		Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Subordinate Lien Series 2011A:
	1,775	5.750%, 11/01/36		11/21 at 100.00		A		1,974,705
	3,885	5.875%, 11/01/41		11/21 at 100.00		A		4,358,076
	1,200	5.875%, 11/01/45		11/21 at 100.00		A		1,339,296
	700	Westside Union School District, California, Special Tax Bonds, Community Facilities District 2005-3, Series 2006, 5.000%, 9/01/26		9/14 at 102.00		N/R		711,557
	4,600	William S. Hart Union High School District, Los Angeles County, California, Special Tax Bonds, Community Facilities District 2005-1, Series 2006, 5.300%, 9/01/36		9/15 at 100.00		N/R		4,618,078
		Yuba County, California, Special Tax Bonds, Community Facilities District 2004-1, Edgewater, Series 2005:
	2,575	5.000%, 9/01/23		3/15 at 100.00		N/R		2,554,323
	7,270	5.125%, 9/01/35		3/15 at 100.00		N/R		6,719,152
	1,829,757	Total California						1,677,928,762
		Colorado – 6.3%
		Adonea Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2005A:
	3,000	6.125%, 12/01/25 (4)		12/15 at 100.00		N/R		1,960,530
	5,380	6.250%, 12/01/35 (4)		12/15 at 100.00		N/R		3,510,880
	6,540	Alpine Mountain Ranch Metropolitan District, Special Improvement District 1, Routt County, Colorado, Special Assessment Revenue Bonds, Series 2011, 9.000%, 12/01/30		12/20 at 100.00		N/R		7,250,440
	1,750	Antelope Heights Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.000%, 12/01/37 – RAAI Insured		12/17 at 100.00		N/R		1,650,723
	19,254	Arista Metropolitan District, Colorado, Special Revenue Bonds, Series 2005, 6.750%, 12/01/35		12/15 at 100.00		N/R		14,748,179
	3,500	Arista Metropolitan District, Colorado, Special Revenue Bonds, Series 2008, 9.250%, 12/01/37		12/15 at 100.00		N/R		2,572,150

Nuveen Investments 109

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
		Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006:
$	3,800	5.250%, 10/01/32 – SYNCORA GTY Insured		10/16 at 100.00		BBB–	$	3,893,480
	13,290	5.250%, 10/01/40 – SYNCORA GTY Insured		10/16 at 100.00		BBB–		13,549,421
	1,675	BNC Metropolitan District 1, Colorado, General Obligation Bonds, Series 2004, 8.050%, 12/01/34		12/14 at 101.00		N/R		1,717,595
	1,015	Bradburn Metropolitan District 3, Westminster, Adams County, Colorado, General Obligation Limited Tax Refunding Bonds, Series 2010, 7.500%, 12/01/39		12/13 at 102.00		N/R		1,043,166
		Bromley Park Metropolitan District 2, Brighton, Colorado, General Obligation Bonds, Refunding Series 2007A:
	125	5.000%, 12/01/27 – RAAI Insured		12/17 at 100.00		N/R		116,994
	5,895	5.125%, 12/01/37 – RAAI Insured		12/17 at 100.00		N/R		5,191,314
		Bromley Park Metropolitan District 3, Brighton, Colorado, General Obligation Bonds, Refunding & Improvement Series 2007:
	155	4.250%, 12/01/19 – RAAI Insured		12/17 at 100.00		N/R		157,416
	1,555	4.625%, 12/01/29 – RAAI Insured		12/17 at 100.00		N/R		1,505,909
	4,315	4.750%, 12/01/37 – RAAI Insured		12/17 at 100.00		N/R		4,041,429
	1,495	Buckhorn Valley Metropolitan District 2, Gypsum, Eagle County, Colorado, General Obligation Bonds, Series 2003, 7.000%, 12/01/23		12/13 at 100.00		N/R		1,218,739
	5,870	Buckhorn Valley Metropolitan District 2, Gypsum, Eagle County, Colorado, General Obligation Limited Tax Refunding and Improvement Bonds, Series 2010, 8.500%, 12/01/39		12/19 at 100.00		N/R		4,475,288
	1,425	Buckley Ranch Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2006, 6.000%, 12/01/35		12/16 at 100.00		N/R		1,051,679
	5	Buffalo Ridge Metropolitan District, Colorado, Limited Obligation Assessment Bonds, Series 2003, 7.500%, 12/01/33 (Pre-refunded 12/01/13)		12/13 at 101.00		N/R (6)		5,227
		Castle Oaks Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2005:
	606	6.000%, 12/01/25 (Pre-refunded 12/01/15)		12/15 at 100.00		N/R (6)		685,544
	1,428	6.125%, 12/01/35 (Pre-refunded 12/01/15)		12/15 at 100.00		N/R (6)		1,619,995
	4,010	Castle Oaks Metropolitan District, In the Town of Castle Rock, Douglas County, Colorado, General Obligation Bonds, Limited Tax Refunding and Improvement Series 2012, 5.500%, 12/01/22		No Opt. Call		N/R		4,038,872
	6,905	Central Marksheffel Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2004, 7.250%, 12/01/29		12/14 at 100.00		N/R		6,983,372
	6,000	Cimarron Metropolitan District, Arvada, Colorado, Limited Tax Revenue Bonds, Convertible to Unlimited Tax, Series 2012, 6.000%, 12/01/22		10/17 at 100.00		N/R		6,049,320
	4,330	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Academy of Charter Schools Project, Series 2010B, 7.250%, 11/01/34		11/20 at 100.00		B–		4,825,872
	1,110	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Carbon Valley Academy, Series 2006, 5.625%, 12/01/36		12/16 at 100.00		N/R		884,381
	3,360	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Cesar Chavez Academy, Series 2003, 8.000%, 5/01/34 (4)		5/14 at 101.00		N/R		2,351,563
	500	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy Project, Series 2008, 6.500%, 7/01/38		7/18 at 100.00		N/R		508,480
		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Elbert County Charter School, Series 2004:
	100	6.750%, 3/01/14		No Opt. Call		N/R		100,140
	730	7.250%, 3/01/24		3/14 at 100.00		N/R		713,882
	1,570	7.375%, 3/01/35		3/14 at 100.00		N/R		1,500,308

110 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	4,360	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Series 2008A, 7.000%, 8/01/38		8/18 at 100.00		N/R	$	4,903,518
		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Jefferson County School District R-1 – Compass Montessori Secondary School, Series 2006:
	2,350	5.500%, 2/15/26		2/16 at 101.00		N/R		2,253,956
	2,370	5.625%, 2/15/36		2/16 at 101.00		N/R		2,218,296
	1,785	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Knowledge Quest Academy Charter School, Series 2005, 6.500%, 5/01/36		5/15 at 100.00		N/R		1,785,946
	1,080	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Littleton Preparatory Charter School, Series 2013, 5.000%, 12/01/42		No Opt. Call		BBB–		1,103,058
	3,870	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Mountain Phoenix Community School, Series 2012, 7.000%, 10/01/42		10/22 at 100.00		N/R		3,850,573
	2,335	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, New Vision Charter School Series 2008A, 6.750%, 4/01/40		4/18 at 100.00		N/R		2,396,037
	965	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Twin Peaks Charter Academy, Series 2011B, 7.500%, 3/15/35		3/21 at 100.00		BBB–		1,121,484
	1,705	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Windsor Academy, Series 2007A, 5.700%, 5/01/37		5/17 at 100.00		BBB–		1,728,086
	3,965	Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori Peaks Academy, Series 2006A, 5.500%, 5/01/36		5/16 at 102.00		N/R		3,719,408
	1,875	Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori School of Evergreen, Series 2005A, 6.500%, 12/01/35		12/15 at 100.00		N/R		1,903,294
	2,880	Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Pikes Peak School of Expeditionary Learning Charter School, Series 2008, 6.625%, 6/01/38		6/18 at 102.00		N/R		3,040,646
	28,000	Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2007A, 5.900%, 8/01/37		8/17 at 100.00		N/R		28,486,920
	4,900	Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2009A, 7.750%, 8/01/39		8/19 at 100.00		N/R		5,489,813
		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Colorado Senior Residences Project, Series 2012:
	1,800	6.750%, 6/01/32		6/22 at 100.00		N/R		1,941,750
	3,630	7.000%, 6/01/42		6/22 at 100.00		N/R		3,942,071
	4,125	7.125%, 6/01/47		6/22 at 100.00		N/R		4,504,253
		Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Tender Option Bond Trust 3702:
	3,500	17.853%, 1/01/18 (IF) (5)		No Opt. Call		AA		5,167,120
	1,000	18.859%, 1/01/18 (IF) (5)		No Opt. Call		AA		1,562,240
	1,250	18.859%, 1/01/18 (IF) (5)		No Opt. Call		AA		1,952,800
	8,720	Colorado Health Facilities Authority, Revenue Bonds, Craig Hospital Project, Series 2012, 4.000%, 12/01/42 (UB) (5)		12/22 at 100.00		AA–		8,771,622
	1,315	Colorado Housing and Finance Authority, Multifamily Housing Revenue Senior Bonds, Castle Highlands Apartments Project, Series 2000A-1, 5.900%, 12/01/20 – AMBAC Insured (Alternative Minimum Tax)		7/13 at 100.00		N/R		1,315,736
		Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2007:
	1,310	6.200%, 4/01/16 (Alternative Minimum Tax)		No Opt. Call		N/R		1,310,092
	279	5.000%, 9/01/16 (Alternative Minimum Tax) (7)		No Opt. Call		N/R		200,517

Nuveen Investments 111

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	3,000	Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2013, 6.875%, 10/01/27 (Alternative Minimum Tax)		No Opt. Call		N/R	$	3,010,650
		Compark Business Campus Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007A:
	1,095	5.300%, 12/01/22 – RAAI Insured		12/17 at 100.00		N/R		1,106,027
	3,580	5.750%, 12/01/27 – RAAI Insured		12/17 at 100.00		N/R		3,624,320
	8,750	5.600%, 12/01/34 – RAAI Insured		12/17 at 100.00		N/R		8,577,800
	5,915	Compark Business Campus Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Series 2012A, 6.750%, 12/01/39 – RAAI Insured		12/22 at 100.00		N/R		6,138,410
	5,045	Compark Business Campus Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Taxable Series 2012B, 9.500%, 12/01/27 – RAAI Insured		12/22 at 100.00		N/R		5,024,568
		Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007:
	6,910	5.400%, 12/01/27		12/17 at 100.00		N/R		6,141,677
	9,465	5.450%, 12/01/34		12/17 at 100.00		N/R		8,025,184
		Conservatory Metropolitan District, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Series 2007:
	100	5.000%, 12/01/22 – RAAI Insured		12/17 at 100.00		N/R		98,872
	422	4.750%, 12/01/27 – RAAI Insured		12/17 at 100.00		N/R		386,548
	2,360	5.125%, 12/01/37 – RAAI Insured		12/17 at 100.00		N/R		2,124,094
	345	4.875%, 12/01/37 – RAAI Insured		12/17 at 100.00		N/R		299,394
		Copperleaf Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2006:
	5,000	5.850%, 12/01/26		12/16 at 100.00		N/R		4,154,950
	3,980	5.950%, 12/01/36		12/16 at 100.00		N/R		3,051,665
	5,200	Cornerstone Metropolitan District 2, Montrose and Ouray Counties, Colorado, Limited Tax General Obligation Refunding Bonds, Series 2010A, 8.000%, 12/01/40		12/21 at 100.00		N/R		5,746,260
	4,126	Crystal Crossing Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2006, 6.000%, 12/01/36		12/16 at 100.00		N/R		2,820,616
		Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United Air Lines Corporation, Series 2007A:
	3,500	5.750%, 10/01/32 (Alternative Minimum Tax)		10/17 at 100.00		B		3,671,990
	12,500	5.250%, 10/01/32 (Alternative Minimum Tax)		10/17 at 100.00		B		12,816,125
	2,110	Denver West Promenade Metropolitan District, Colorado, General Obligation Bonds, Series 2013, 5.375%, 12/01/42		6/23 at 100.00		N/R		2,141,080
		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A:
	22,000	0.000%, 9/01/35		No Opt. Call		Baa2		7,140,540
	7,500	0.000%, 9/01/39		No Opt. Call		Baa2		1,994,175
	2,495	0.000%, 9/01/41		No Opt. Call		Baa2		596,604
	1,125	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/26 – NPFG Insured		No Opt. Call		Baa2		633,600
		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
	47,245	0.000%, 9/01/29 – NPFG Insured		No Opt. Call		Baa2		22,172,079
	5,285	0.000%, 9/01/30 – NPFG Insured		No Opt. Call		Baa2		2,332,165
	500	0.000%, 9/01/31 – NPFG Insured		No Opt. Call		Baa2		207,480
	10,950	0.000%, 9/01/32 – NPFG Insured		No Opt. Call		Baa2		4,266,011
	500	0.000%, 9/01/33 – NPFG Insured		No Opt. Call		Baa2		182,970
		E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B:
	21,100	0.000%, 9/01/35 – NPFG Insured		9/26 at 63.78		Baa2		6,828,804
	18,960	0.000%, 9/01/37 – NPFG Insured		9/26 at 57.65		Baa2		5,468,254
	30,000	0.000%, 9/01/39 – NPFG Insured		9/26 at 52.09		Baa2		7,725,000

112 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
		E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:
$	40,250	0.000%, 9/01/27 – NPFG Insured		No Opt. Call		Baa2	$	21,341,355
	24,045	0.000%, 9/01/28 – NPFG Insured		No Opt. Call		Baa2		11,997,493
	25,600	0.000%, 9/01/34 – NPFG Insured		No Opt. Call		Baa2		8,823,808
		E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
	3,000	0.000%, 9/01/27 – NPFG Insured		9/20 at 67.94		Baa2		1,470,930
	9,000	0.000%, 9/01/29 – NPFG Insured		9/20 at 60.30		Baa2		3,858,300
	1,320	0.000%, 9/01/33 – NPFG Insured		9/20 at 48.04		Baa2		441,223
	20,000	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2006A, 0.000%, 9/01/38 – NPFG Insured		9/26 at 54.77		Baa2		5,440,400
	665	Eagle Ranch Metropolitan District, Eagle County, Colorado, General Obligation Refunding Bonds, Series 2011, 5.500%, 12/01/28		12/21 at 100.00		BBB+		751,556
		Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007:
	300	5.000%, 12/01/22 – RAAI Insured		12/17 at 100.00		N/R		305,394
	1,210	5.200%, 12/01/27 – RAAI Insured		12/17 at 100.00		N/R		1,222,620
	17,420	5.350%, 12/01/37 – RAAI Insured		12/17 at 100.00		N/R		17,395,438
	3,493	Elbert and Highway 86 Metropolitan District, Colorado, General Obligation Bonds, Series 2006, 5.750%, 12/01/36		12/16 at 100.00		N/R		2,546,467
	3,345	Elkhorn Ranch Metropolitan District 1, Colorado, General Obligation Limited Tax Bonds, Series 2005, 6.375%, 12/01/35		12/15 at 100.00		N/R		3,134,365
	4,150	Fallbrook Metropolitan District, Colorado, General Obligation Bonds, Series 2006, 5.625%, 12/01/26		12/16 at 100.00		N/R		3,783,431
	1,788	Fallbrook Metropolitan District, Colorado, Limited Tax Bonds, Series 2007, 6.750%, 12/15/26		12/16 at 100.00		N/R		1,602,888
	5,570	Fitzsimons Village Metropolitan District 1, Aurora, Arapahoe County, Colorado, Tax Increment Public Improvement Fee Supported Revenue Bonds, Series 2010A, 7.500%, 3/01/40		3/20 at 100.00		N/R		6,048,463
	775	Fossil Ridge Metropolitan District 1, Lakewood, Colorado, Tax-Supported Revenue Bonds, Refunding Series 2010, 7.250%, 12/01/40		12/20 at 100.00		N/R		829,886
	6,329	Granby Ranch Metropolitan District, Colorado, General Obligation Bonds, Series 2006, 6.750%, 12/01/36		12/15 at 100.00		N/R		6,460,390
	2,142	Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue Bonds, Series 2009A-1, 9.000%, 8/01/39		12/19 at 100.00		N/R		2,257,582
	2,780	Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue Bonds, Series 2009A-2, 9.000%, 8/01/39		12/19 at 100.00		N/R		2,930,009
	4,000	Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue Bonds, Series 2010, 9.000%, 11/01/40		12/20 at 100.00		N/R		4,189,760
	750	Harvest Junction Metropolitan District, Longmont, Colorado, General Obligation Bonds, Refunding and Improvement Series 2012, 5.375%, 12/01/37		12/22 at 100.00		N/R		784,260
	6,847	Heritage Todd Creek Metropolitan District, Colorado, General Obligation Bonds Limited Tax, Series 2007A, 5.500%, 12/01/37		12/17 at 100.00		N/R		5,608,378
	825	High Point Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2006, 6.000%, 12/01/35		12/16 at 100.00		N/R		759,998
	716	Horse Creek Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2006, 5.750%, 12/01/36		12/16 at 100.00		N/R		608,958
		Huntington Trails Metropolitan District, Colorado, General Obligation Bonds, Series 2008:
	1,000	6.250%, 12/01/36		12/16 at 100.00		N/R		1,034,220
	1,695	8.250%, 12/01/37		12/16 at 100.00		N/R		1,723,544
	3,645	Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, Series 2007, 6.750%, 1/01/34		1/18 at 100.00		N/R		3,814,784

Nuveen Investments 113

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	2,282	Laredo Metropolitan District, Colorado, General Obligation Bonds, Series 2003, 7.500%, 12/01/33		12/13 at 101.00		N/R	$	1,858,780
	1,602	Liberty Ranch Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2006, 6.250%, 12/01/36		12/16 at 100.00		N/R		1,433,678
	330	Maher Ranch Metropolitan District 4, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.250%, 12/01/36 – RAAI Insured		12/17 at 100.00		N/R		319,579
	2,640	Mead Western Meadows Metropolitan District, Colorado, General Obligation Bonds, Series 2007, 5.750%, 12/01/36		12/17 at 100.00		N/R		2,759,460
		Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007:
	1,250	5.500%, 12/01/27		12/16 at 100.00		N/R		1,068,313
	2,300	5.625%, 12/01/37		12/16 at 100.00		N/R		1,896,488
	2,495	Park Creek Metropolitan District, Colorado, Limited Tax Obligation Revenue Bonds, Series 2003CR-1, 7.875%, 12/01/32		12/13 at 100.00		N/R		2,549,965
	1,495	Park Creek Metropolitan District, Colorado, Limited Tax Obligation Revenue Bonds, Series 2003CR-2, 7.875%, 12/01/32 (Mandatory put 12/01/13)		12/13 at 100.00		N/R		1,523,943
	2,749	Piney Creek Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2005, 5.500%, 12/01/35		12/15 at 100.00		N/R		2,772,531
	4,500	Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013, 5.000%, 12/01/40		12/22 at 100.00		N/R		4,704,840
	1,000	Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 12/01/30 – AGM Insured		12/20 at 100.00		AA–		990,150
		Prairie Center Metropolitan District 3, Colorado, Limited Property Tax Revenue Bonds, Series 2006A:
	4,705	5.250%, 12/15/21		12/16 at 100.00		N/R		4,783,809
	10,930	5.400%, 12/15/31		12/16 at 100.00		N/R		10,989,896
		Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008:
	630	6.250%, 11/15/28		No Opt. Call		A		798,197
	21,170	6.500%, 11/15/38		No Opt. Call		A		28,786,119
		Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:
	4,000	6.500%, 1/15/30		7/20 at 100.00		Baa3		4,833,480
	2,500	6.000%, 1/15/34		7/20 at 100.00		Baa3		2,904,500
	3,000	Rendezvous Residential Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2007, 5.375%, 12/01/21		12/17 at 100.00		N/R		2,854,200
	1,955	River Oaks Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2006, 6.000%, 12/01/35		12/16 at 100.00		N/R		1,800,966
	1,214	River Park Metropolitan District, New Castle, Garfield County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2009, 6.990%, 6/15/39		9/14 at 100.00		N/R		1,231,724
	2,301	Silver Peaks Metropolitan District 2, Colorado, Limited Tax Obligation Bonds, Series 2006, 5.750%, 12/01/36		12/16 at 100.00		N/R		1,575,380
		Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 2007:
	1,640	4.625%, 12/01/22 – RAAI Insured		12/17 at 100.00		N/R		1,623,305
	1,620	5.250%, 12/01/34 – RAAI Insured		12/17 at 100.00		N/R		1,607,931
	2,295	Southlands Metropolitan District 2, Aurora, Colorado, General Obligation Bonds, Series 2010, 7.375%, 12/01/35		12/20 at 100.00		N/R		2,517,087
	4,990	Stetson Ridge Metropolitan District 3, Colorado, Limited Tax General Obligation Bonds, Series 2012, 7.125%, 12/01/42		No Opt. Call		N/R		5,007,914
	7,500	Stone Ridge Metropolitan District 2, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited, Series 2007, 7.250%, 12/01/31		12/17 at 100.00		N/R		1,938,450

114 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	1,303	Stoneridge Metropolitan District, Colorado, General Obligation Bonds, Series 2007, 5.625%, 12/01/36		12/17 at 100.00		N/R	$	1,180,844
	2,550	Tabernash Meadows Water and Sanitation District, Grand County, Colorado, General Obligation Refunding Bonds, Series 2010, 7.125%, 12/01/34		12/20 at 100.00		N/R		2,792,862
	1,040	Tallyn’s Reach Metropolitan District 3, Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.100%, 12/01/26		12/16 at 100.00		N/R		1,067,685
	6,455	Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39		12/20 at 100.00		N/R		6,869,346
	1,195	Traditions Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Series 2006, 5.750%, 12/01/36		12/16 at 100.00		N/R		1,182,763
	9,500	Valagua Metropolitan District, Eagle County, Colorado, General Obligation Limited Tax Bonds, Series 2008, 7.750%, 12/01/37		12/18 at 100.00		N/R		6,308,190
	525	Waterfront Metropolitan District, Loveland, Colorado, General Obligation Bonds, Refunding & Improvement Series 2007, 4.800%, 12/01/35 – RAAI Insured		12/17 at 100.00		N/R		464,037
		Wheatlands Metropolitan District 2, City of Aurora, Colorado, General Obligation Bonds, Subordinate Limited Tax Convertible to Unlimited Tax, Series 2008:
	2,209	6.000%, 12/01/25		12/15 at 100.00		N/R		2,103,962
	4,946	6.125%, 12/01/35		12/15 at 100.00		N/R		4,442,646
	7,000	8.250%, 12/15/35		12/15 at 100.00		N/R		7,133,630
	2,059	Wildgrass Metropolitan District, Colorado, General Obligation Bonds, Series 2007, 6.200%, 12/01/34		12/16 at 100.00		N/R		2,114,634
	1,300	Winter Farm Metropolitan District 1, Colorado, Property Tax Supported Revenue Bonds, Series 2011, 144A, 7.500%, 12/01/39 (Pre-refunded 12/01/18)		12/18 at 100.00		N/R (6)		1,753,388
		Wyndham Hill Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2005:
	500	6.250%, 12/01/25		12/15 at 100.00		N/R		495,165
	1,393	6.375%, 12/01/35		12/15 at 100.00		N/R		1,365,962
	778,853	Total Colorado						588,671,135
		Connecticut – 1.4%
	12,250	Connecticut Development Authority, Airport Facilities Revenue Bonds, Learjet Inc., Series 2004, 7.950%, 4/01/26 (Alternative Minimum Tax)		10/14 at 101.00		Ba2		13,103,090
		Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A:
	1,250	7.625%, 1/01/30		1/20 at 100.00		N/R		1,382,913
	3,570	7.750%, 1/01/43		1/20 at 100.00		N/R		3,898,583
		Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A:
	932	7.000%, 4/01/22		4/20 at 100.00		N/R		1,065,015
	37,720	7.875%, 4/01/39		4/20 at 100.00		N/R		43,095,100
		Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Lien Series 1997B:
	8,600	5.700%, 9/01/12 (4)		No Opt. Call		N/R		3,999,000
	29,000	5.750%, 9/01/18 (4)		7/13 at 100.00		N/R		13,743,100
	22,500	5.750%, 9/01/27 (4)		7/13 at 100.00		N/R		10,607,850
	2,250	Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Lien Series 1999A, 5.500%, 9/01/28 (4)		7/13 at 100.00		N/R		1,061,190
	26,125	Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series 2006A, 5.500%, 9/01/36 (4)		9/16 at 100.00		N/R		12,318,199
		Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series 2007A:
	13,750	6.500%, 9/01/31 (4)		11/17 at 100.00		N/R		6,471,300
	12,170	5.750%, 9/01/34 (4)		11/17 at 100.00		N/R		5,735,478

Nuveen Investments 115

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Connecticut (continued)
$	1,885	Mohegan Tribe of Indians of Connecticut, Gaming Authority Priority Distribution Payment Public Improvement Bonds, Series 2001, 6.250%, 1/01/31		7/13 at 100.00		B	$	1,886,602
		Mohegan Tribe of Indians of Connecticut, Gaming Authority Priority Distribution Payment Public Improvement Bonds, Series 2003:
	500	5.125%, 1/01/23		1/14 at 100.00		B		500,550
	10,600	5.250%, 1/01/33		1/14 at 100.00		B		10,602,650
	5,000	Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41		4/21 at 100.00		N/R		5,386,250
	188,102	Total Connecticut						134,856,870
		Delaware – 0.2%
	13,665	Delaware Economic Development Authority, Exempt Facility Revenue Bonds, Indian River Power LLC Project, Series 2010, 5.375%, 10/01/45		10/20 at 100.00		Baa3		14,696,161
	2,110	Kent County, Delaware, Revenue Bonds, Charter School, Inc. Project, Refunding Series 2011, 7.375%, 5/01/37		5/21 at 100.00		BBB–		2,513,516
	1,430	Wilmington, Delaware, Multifamily Rental Housing Revenue Bonds, Lincoln Towers Associates, LLC Project, Series 2011A and Series 2011B, 8.250%, 7/15/48 (Mandatory put 7/15/28)		7/21 at 100.00		N/R		1,588,401
	17,205	Total Delaware						18,798,078
		District of Columbia – 0.5%
	3,500	District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.750%, 5/15/40		5/13 at 100.00		Baa1		3,596,180
		District of Columbia, Hospital Revenue Bonds, Children’s Hospital Obligated Group, Tender Option Bond Trust 11839:
	1,220	18.779%, 7/15/17 – AGM Insured (IF)		No Opt. Call		AA–		1,704,303
	2,425	18.880%, 7/15/17 – AGM Insured (IF)		No Opt. Call		AA–		3,391,096
	2,050	District of Columbia, Revenue Bonds, Center for Strategic and International Studies, Inc., Series 2011, 6.625%, 3/01/41		3/21 at 100.00		BBB–		2,246,226
		District of Columbia, Revenue Bonds, Cesar Chavez Public Charter Schools for Public Policy, Series 2011:
	2,590	7.125%, 11/15/26		11/20 at 100.00		BBB–		2,944,830
	2,740	7.500%, 11/15/31		11/20 at 100.00		BBB–		3,169,632
	1,000	7.875%, 11/15/40		11/20 at 100.00		BBB–		1,181,000
	175	District of Columbia, Revenue Bonds, Friendship Public Charter School Inc., Series 2006, 5.000%, 6/01/26 – ACA Insured		6/16 at 100.00		BBB		180,283
	2,500	District of Columbia, Revenue Bonds, Howard University, Series 2011A, 6.500%, 10/01/41 (UB) (5)		4/21 at 100.00		A–		3,029,200
		District of Columbia, Revenue Bonds, Howard University, Tender Option Bond Trust 1006:
	2,500	22.973%, 10/01/37 (IF) (5)		4/21 at 100.00		A–		4,655,500
	1,250	22.973%, 10/01/41 (IF) (5)		4/21 at 100.00		A–		2,308,400
	1,750	22.973%, 10/01/41 (IF) (5)		4/21 at 100.00		A–		3,231,760
	625	23.571%, 10/01/41 (IF) (5)		4/21 at 100.00		A–		1,154,200
		District of Columbia, Revenue Bonds, National Public Radio, Tender Option Bond Trust 3163:
	3,000	17.620%, 4/01/33 (IF)		4/15 at 100.00		AA–		3,767,040
	2,375	17.620%, 4/01/33 (IF)		4/15 at 100.00		AA–		2,982,240
		Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, Capital Appreciation Series 2009B–2:
	2,450	0.000%, 10/01/27 – AGC Insured		No Opt. Call		AA–		1,323,809
	1,400	0.000%, 10/01/29 – AGC Insured		No Opt. Call		AA–		672,588
	4,810	0.000%, 10/01/32 – AGC Insured		No Opt. Call		AA–		1,927,608
	5,000	Metropolitan Washington D.C. Airports Authority, District of Columbia, Airport System Revenue Bonds, Tender Option Bond Trust 11798, 17.375%, 4/01/31 – AGM Insured (Alternative Minimum Tax) (IF)		10/16 at 100.00		AA–		6,153,400
	43,360	Total District of Columbia						49,619,295

116 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida – 10.9%
		Alachua County Health Facilities Authority, Florida, Continuing Care Retirement Community Revenue Bonds, Oak Hammock Project, Series 2012A:
$	2,500	8.000%, 10/01/42		10/22 at 102.00		N/R	$	3,057,325
	2,500	8.000%, 10/01/46		10/22 at 102.00		N/R		3,046,775
	5,000	Alachua County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Terraces at Bonita Springs Project, Mandatory Paydown TEMP -80 Series 2011B-1, 7.375%, 11/15/19		11/14 at 100.00		N/R		5,081,600
		Alachua County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Terraces at Bonita Springs Project, Series 2011A:
	10,380	8.000%, 11/15/31		11/21 at 100.00		N/R		12,292,826
	10,700	8.125%, 11/15/41		11/21 at 100.00		N/R		12,641,622
	3,860	Amelia National Community Development District, Nassau County, Florida, Special Assessment Bonds, Series 2004A, 6.300%, 5/01/35		5/14 at 101.00		N/R		3,692,553
	3,125	Amelia National Community Development District, Nassau County, Florida, Special Assessment Bonds, Series 2006A, 5.375%, 5/01/37		5/15 at 100.00		N/R		2,470,188
	2,400	Anthem Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2004, 5.800%, 5/01/36 (8)		5/15 at 101.00		N/R		1,725,864
	1,300	Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A, 5.000%, 11/15/37		11/23 at 100.00		BBB		1,394,120
	20,280	Ave Maria Stewardship Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2006A, 5.125%, 5/01/38		5/16 at 100.00		N/R		19,279,790
	24,830	Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 2012, 6.700%, 5/01/42		5/22 at 100.00		N/R		25,927,238
	15,405	Bartram Park Community Development District, Florida, Special Assessment Bonds, Series 2005, 5.300%, 5/01/35 (4)		5/15 at 101.00		N/R		15,455,837
	4,075	Bartram Park Community Development District, Florida, Special Assessment Bonds, Series 2012-1, 0.000%, 5/01/37		5/22 at 100.00		N/R		3,559,513
	3,475	Bartram Park Community Development District, Florida, Special Assessment Bonds, Series 2012-2, 5.400%, 5/01/37		5/22 at 100.00		N/R		3,587,486
	4,960	Bartram Park Community Development District, Florida, Special Assessment Bonds, Series 2012-3, 0.000%, 5/01/37		5/22 at 100.00		N/R		3,761,664
	3,430	Bartram Park Community Development District, Florida, Special Assessment Bonds, Series 2012-5, 0.000%, 5/01/37		5/22 at 100.00		N/R		2,429,778
	2,650	Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2010A, 6.000%, 9/01/40		9/20 at 100.00		BBB–		2,892,396
		Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A:
	2,495	5.000%, 9/01/43		9/23 at 100.00		BBB–		2,510,843
	1,035	5.000%, 9/01/45		9/23 at 100.00		BBB–		1,037,412
	2,550	5.000%, 9/01/48		9/23 at 100.00		BBB–		2,541,432
	1,950	Bay Laurel Center Community Development District, Marion County, Florida, Candler Hills Project, Special Assessment Bonds, Series 2006A, 5.450%, 5/01/37		5/16 at 100.00		N/R		1,942,239
	12,870	Beacon Lakes Community Development District, Florida, Special Assessment Bonds, Series 2003A, 6.900%, 5/01/35		5/14 at 100.00		N/R		13,023,153
	9,360	Beacon Lakes Community Development District, Florida, Special Assessment Bonds, Series 2007A, 6.000%, 5/01/38		5/17 at 100.00		N/R		9,865,534
	7,425	Beacon Lakes Community Development District, Florida, Special Assessment Bonds, Subordinate Lien Series 2007B, 6.200%, 5/01/38		5/17 at 100.00		N/R		7,782,959
	3,080	Beeline Community Development District, Palm Beach County, Florida, Special Assessment Bonds, Series 2008A, 7.000%, 5/01/37		5/18 at 100.00		N/R		3,360,773
	3,600	Bella Vida Community Development District, Florida, Special Assessment Revenue Bonds, Series 2006, 5.375%, 5/01/37		5/16 at 100.00		N/R		3,122,856

Nuveen Investments 117

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	1,000	Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Phase 1 Project, Series 2013A, 6.500%, 11/01/43		11/24 at 100.00		N/R	$	1,015,910
	1,965	Bloomingdale Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2004, 5.875%, 5/01/36 (9)		5/15 at 101.00		N/R		1,495,896
	5,680	Boynton Beach, Florida, Revenue Bonds, Charter Schools of Boynton Beach, Series 2012A, 6.800%, 6/01/42 – NPFG Insured		6/22 at 100.00		BBB–		5,896,067
	2,755	Boynton Village Community Development District, Florida, Special Assessment Bonds, Series 2007-A1, 5.750%, 5/01/37		5/17 at 100.00		N/R		2,456,689
	5,680	Boynton Village Community Development District, Florida, Special Assessment Bonds, Series 2007A2, 6.000%, 5/01/38		5/17 at 100.00		N/R		5,226,509
		Capital Projects Finance Authority, Florida, Student Housing Revenue Bonds, Capital Projects Loan Program, Series 2001F-1:
	660	5.125%, 10/01/21 – NPFG Insured		10/13 at 100.00		Baa2		659,749
	11,810	5.000%, 10/01/31 – NPFG Insured		7/13 at 101.00		Baa2		11,753,194
	2,500	Capital Trust Agency, Florida, Revenue Bonds, Miami Community Charter School Project, Series 2010A, 7.000%, 10/15/40		10/20 at 100.00		N/R		2,684,150
	1,390	Caribe Palm Community Development District, Florida, Special Assessment Bonds, Series 2005A, 5.850%, 5/01/35		5/15 at 101.00		N/R		1,455,969
	2,975	Cascades at Groveland Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2006, 5.300%, 5/01/36		5/16 at 100.00		N/R		2,418,318
	3,000	Century Gardens at Tamiami Community Development District, Miami-Dade County, Florida, Special Assessment Revenue Bonds, Series 2007A, 6.250%, 5/01/37		5/17 at 100.00		N/R		2,926,890
	3,630	Coconut Cay Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.375%, 5/01/36		5/15 at 100.00		N/R		3,777,197
	3,175	Copper Oaks Community Development District, Florida, Special Assessment Bonds, Series 2005A, 5.450%, 5/01/35		5/15 at 100.00		N/R		2,884,075
	3,400	Cordoba Ranch Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2006, 5.550%, 5/01/37		5/16 at 100.00		N/R		3,230,034
	2,785	Country Greens Community Development District, Florida, Special Assessment Bonds, Series 2003, 6.625%, 5/01/34		5/14 at 100.00		N/R		2,814,075
	1,535	Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy Residential Services Inc., Series 1995, 8.000%, 6/01/22		6/13 at 100.00		N/R		1,535,399
	6,065	East Homestead Community Development District, Florida, Special Assessment Revenue Bonds, Series 2005, 5.450%, 5/01/36		5/15 at 101.00		N/R		6,227,906
	3,195	East Homestead Community Development District, Florida, Special Assessment Revenue Bonds, Series 2006, 5.375%, 5/01/36		5/15 at 100.00		N/R		2,464,208
	6,010	East Homestead Community Development District, Florida, Special Assessment Revenue Bonds, Series 2011B, 7.250%, 5/01/21		No Opt. Call		N/R		6,577,765
	4,520	East Park Community Development District, Florida, Special Assessment Revenue Bonds, Series 2002, 6.850%, 5/01/33 (4)		5/14 at 100.00		N/R		4,558,149
	391	East Park Community Development District, Florida, Special Assessment Revenue Bonds, Series 2008, 7.500%, 5/01/15 (4)		No Opt. Call		N/R		17,613
	1,405	Enclave at Black Point Marina Community Development District, Florida, Special Assessment Bonds, Series 2007A, 5.400%, 5/01/37		5/17 at 100.00		N/R		1,440,813
	1,525	Enclave at Black Point Marina Community Development District, Florida, Special Assessment Bonds, Series 2007B, 5.200%, 5/01/14		No Opt. Call		N/R		1,539,366
	1,955	Flora Ridge Educational Facilities Benefit District, Florida, Capital Improvement Revenue Bonds, Series 2007, 5.300%, 5/01/37		5/17 at 100.00		N/R		1,786,733

118 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	4,615	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Bay Area Charter Foundation, LLC Projects, Series 2011A, 7.750%, 6/15/42		12/21 at 101.00		N/R	$	5,285,652
		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2010A:
	1,500	6.000%, 9/15/30		9/20 at 100.00		BB+		1,624,140
	4,000	6.000%, 9/15/40		9/20 at 100.00		BB+		4,282,120
		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2011A:
	9,610	7.000%, 6/15/26		6/21 at 100.00		BB–		11,329,517
	5,275	7.500%, 6/15/33		6/21 at 100.00		BB–		6,321,718
	7,500	7.625%, 6/15/41		6/21 at 100.00		BB–		8,982,225
		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2012A:
	1,500	6.000%, 6/15/32		No Opt. Call		N/R		1,511,400
	3,300	6.125%, 6/15/43		No Opt. Call		N/R		3,309,999
	1,625	Florida Development Finance Corporation, Revenue Bonds, Learning Gate Community Charter School Project, Series 2007A, 6.000%, 2/15/37		2/17 at 100.00		BBB–		1,673,571
		Florida Housing Finance Agency, Housing Revenue Bonds, Brittany of Rosemont Apartments Phase II, Series 1995C-1:
	1,320	6.875%, 8/01/26 – AMBAC Insured (Alternative Minimum Tax)		8/13 at 100.00		N/R		1,322,046
	3,295	7.000%, 2/01/35 – AMBAC Insured (Alternative Minimum Tax)		7/13 at 100.00		N/R		3,300,239
	4,275	Florida Housing Finance Corporation, Multifamily Mortgage Revenue Bonds, Crossroads Apartments, Series 2010A-2, 7.250%, 8/15/27		8/20 at 100.00		N/R		4,696,045
	850	Fontainebleau Lakes Community Development District, Miami-Dade County, Florida, Special Assessment Revenue Bonds, Series 2007B, 6.000%, 5/01/15		No Opt. Call		N/R		877,294
	7,000	Fort Pierce Redevelopment Agency, Florida, Revenue Bonds, Series 2006, 5.000%, 5/01/31 – SYNCORA GTY Insured		5/16 at 100.00		A–		7,305,970
		Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Doral Breeze Project Series 2012:
	750	5.125%, 11/01/22		No Opt. Call		N/R		761,843
	975	5.500%, 11/01/32		11/22 at 100.00		N/R		981,094
	2,275	6.000%, 11/01/42		11/22 at 100.00		N/R		2,288,900
	2,580	Grand Hampton Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2003, 6.150%, 5/01/34		5/14 at 100.00		N/R		2,607,967
	995	Habitat Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2004, 5.850%, 5/01/35		5/14 at 101.00		N/R		1,023,964
	6,775	Harmony Community Development District, Florida, Special Assessment Bonds, Series 2001, 7.250%, 5/01/32		5/14 at 103.25		N/R		7,132,720
	5,115	Heritage park Community Development District, Florida, Special Assessment Revenue Bond, Series 2004A, 6.300%, 5/01/35		5/14 at 101.00		N/R		5,203,234
	4,005	Heron Isles Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.750%, 5/01/36		5/15 at 101.00		N/R		3,866,427
	5,245	Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Tender Option Bond Trust 11797, 18.225%, 5/15/15 (IF)		No Opt. Call		AA		7,468,513
	3,130	Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Tender Option Bond Trust 3187, 18.305%, 5/15/15 (IF)		No Opt. Call		AA		4,455,649
	1,875	Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Tender Option Bond Trust 3251, 18.829%, 5/15/31 – BHAC Insured (IF)		11/16 at 100.00		AA+		2,718,300
	3,670	Hillsborough County Industrial Development Authority, Florida, Charter School Revenue Bonds, Terrace Community Middle School, Series 2007A, 5.125%, 5/15/37		5/17 at 100.00		BBB–		3,677,193

Nuveen Investments 119

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	6,525	Islands at Doral III Community Development District, Doral, Florida, Special Assessment Bonds, Series 2004A, 5.900%, 5/01/35		6/13 at 100.00		N/R	$	6,539,355
	2,315	Islands at Doral Northeast Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Series 2004, 6.250%, 5/01/34		5/14 at 101.00		N/R		2,379,403
		Jacksonville Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Brooks Health System, Tender Option Bond Trust 1004:
	5,810	18.193%, 11/01/32 (IF) (5)		11/17 at 100.00		A		7,117,773
	2,865	18.197%, 11/01/38 (IF) (5)		11/17 at 100.00		A		3,404,050
	12,095	Jacksonville, Florida, Economic Development Commission Health Care Facilities Revenue Bonds, Florida Proton Therapy Institute Project, Series 2007A, 6.250%, 9/01/27		9/17 at 100.00		N/R		13,603,005
	2,605	Jacksonville, Florida, Special Revenue Bonds, Tender Option Bond Trust 3918, 17.625%, 4/01/35 (IF) (5)		10/21 at 100.00		Aa2		4,122,152
	3,395	Keys Cove Community Development District, Florida, Special Assessment Revenue Bonds, Series 2004, 5.875%, 5/01/35		5/15 at 101.00		N/R		3,649,082
	10,425	Keys Cove II Community Development District, Florida, Special Assessment Revenue Bonds, Series 2005, 5.500%, 5/01/36		5/15 at 100.00		N/R		10,429,066
		Lake County, Florida, Industrial Development Revenue Bonds, Crane’s View Lodge Project, Series 2012A:
	865	6.250%, 11/01/27		11/17 at 102.00		N/R		867,967
	3,500	7.125%, 11/01/42		No Opt. Call		N/R		3,530,695
	2,125	Lake Frances Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.300%, 5/01/37		5/17 at 100.00		N/R		1,554,098
	1,385	Lake Powell Residential Golf Community Development District, Bay County, Florida, Special Assessment Revenue Refunding Bonds, Series 2012, 5.750%, 11/01/32		No Opt. Call		N/R		1,475,482
	250	Lakeland, Florida, Educational Facilities Revenue Bonds, Florida Southern College Project, Refunding Series 2012A, 5.000%, 9/01/37		9/22 at 100.00		BBB+		272,048
		Lakes by the Bay South Community Development District, Florida, Special Assessment Bonds, Series 2004A:
	2,185	6.100%, 5/01/23		5/14 at 101.00		N/R		2,229,880
	4,035	6.250%, 5/01/34		5/14 at 101.00		N/R		4,128,087
		Lakes by the Bay South Community Development District, Florida, Special Assessment Bonds, Series 2012:
	3,500	5.250%, 11/01/33		11/22 at 100.00		N/R		3,625,265
	5,000	5.750%, 11/01/42		11/22 at 100.00		N/R		5,174,200
	675	Lakeside Landings Community Development District, Florida, Special Assessment Bonds, Series 2007A, 5.500%, 5/01/38 (4)		5/17 at 100.00		N/R		277,567
	2,390	Lakeside Landings Community Development District, Florida, Special Assessment Bonds, Series 2007B, 5.250%, 5/01/13 (4)		No Opt. Call		N/R		982,075
	1,860	Lee County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Janies Garden Phase 2, Series 2010B, 7.250%, 9/15/47 (Mandatory put 9/15/27)		9/20 at 100.00		N/R		2,009,395
		Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A:
	10,435	5.250%, 6/15/27		6/17 at 100.00		BB		10,635,561
	26,350	5.375%, 6/15/37		6/17 at 100.00		BB		26,595,319
		Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2012A:
	2,625	5.500%, 6/15/32		6/22 at 100.00		BB		2,723,963
	4,125	5.750%, 6/15/42		6/22 at 100.00		BB		4,297,013
	5,675	Lee County Industrial Development Authority, Florida, Healthcare Facilities Refunding Revenue Bonds, Cypress Cove at HealthPark Florida, Inc. Project, Series 2012, 5.750%, 10/01/42		No Opt. Call				6,030,823

120 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
		Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Park Royal Psychiatric Hospital, Series 2010:
$	7,460	9.000%, 12/01/30		12/18 at 104.00		N/R	$	8,147,439
	15,540	9.500%, 12/01/40		12/18 at 104.00		N/R		16,924,769
		Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A:
	6,800	5.000%, 4/01/32 (UB) (5)		4/17 at 100.00		A		7,220,308
	23,920	5.000%, 4/01/37 (UB) (5)		4/17 at 100.00		A		25,299,227
	12,775	Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/37 – AMBAC Insured (UB) (5)		4/17 at 100.00		A		13,613,040
	289	Lexington Community Development District, Florida, Special Assessment Revenue Bonds, Series 2007, 5.400%, 5/01/37		5/17 at 100.00		N/R		254,118
	10,115	Madison County, Florida, First Mortgage Revenue Bonds, Twin Oaks Project, Series 2005A, 6.000%, 7/01/25		7/15 at 100.00		N/R		10,070,899
	4,250	Magnolia Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007B, 5.600%, 5/01/14 (4)		No Opt. Call		N/R		1,488,053
	1,020	Mediterra South Community Development District, Collier County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2012, 5.100%, 5/01/31		5/22 at 100.00		BBB–		1,059,913
	1,275	Mediterra South Community Development District, Collier County, Florida, Capital Improvement Revenue Bonds, Series 2003A, 6.375%, 5/01/34		No Opt. Call		N/R		1,293,500
	2,880	Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Tender Option Bond Trust Series 1009, 18.598%, 10/01/41 (IF) (5)		10/20 at 100.00		A		4,496,918
	3,500	Miami-Dade County, Florida, Aviation Revenue Bonds, Series 2008, Trust 1145, 17.650%, 4/01/32 – AGC Insured (Alternative Minimum Tax) (IF) (5)		10/18 at 100.00		AA–		5,212,480
	3,210	Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Tender Option Bond Trust 3271, 20.699%, 6/01/17 – AGM Insured (IF)		No Opt. Call		AA–		4,675,493
		Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Series 2005A:
	900	0.000%, 10/01/33 – NPFG Insured		10/15 at 39.62		A+		319,473
	700	0.000%, 10/01/35 – NPFG Insured		10/15 at 35.68		A+		223,328
	3,785	0.000%, 10/01/37 – NPFG Insured		10/15 at 32.05		A+		1,081,337
	9,675	0.000%, 10/01/38 – NPFG Insured		10/15 at 30.36		A+		2,618,152
	10,680	0.000%, 10/01/39 – NPFG Insured		10/15 at 28.76		A+		2,737,070
		Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Series 2009:
	24,650	0.000%, 10/01/39		No Opt. Call		A+		6,820,902
	1,000	0.000%, 10/01/41		No Opt. Call		A+		247,660
	4,200	0.000%, 10/01/42		No Opt. Call		A+		990,948
	280	0.000%, 10/01/44		No Opt. Call		A+		60,197
	4,810	0.000%, 10/01/45		No Opt. Call		A+		981,673
	22,300	0.000%, 10/01/47		No Opt. Call		A+		4,057,708
		Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Tender Option Bond Trust 11834:
	3,750	17.375%, 10/01/33 – AGM Insured (IF)		10/20 at 100.00		Aa2		5,673,450
	2,065	17.355%, 10/01/33 – AGM Insured (IF)		10/20 at 100.00		Aa2		3,122,879
		Mid-Bay Bridge Authority, Florida, Springing Lien Revenue Bonds, Series 2011:
	1,500	7.250%, 10/01/34		10/21 at 100.00		BBB		1,921,590
	12,350	7.250%, 10/01/40		10/21 at 100.00		BBB		15,779,348
		Midtown Miami Community Development District, Florida, Special Assessment Revenue Bonds, Parking Garage Project, Series 2004A:
	305	6.000%, 5/01/24		5/14 at 100.00		N/R		309,108
	14,250	6.250%, 5/01/37		5/14 at 100.00		N/R		14,476,433

Nuveen Investments 121

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	7,560	Midtown Miami Community Development District, Florida, Special Assessment Revenue Bonds, Series 2004B, 6.500%, 5/01/37		5/14 at 100.00		N/R	$	7,698,424
	1,270	Mira Lago West Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.375%, 5/01/36		5/15 at 101.00		N/R		1,306,271
		Miromar Lakes Community Development District, Lee County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2012:
	1,715	4.875%, 5/01/22		No Opt. Call		N/R		1,731,807
	3,695	5.375%, 5/01/32		5/23 at 100.00		N/R		3,766,277
	3,360	Myrtle Creek Improvement District, Florida, Special Assessment Revenue Bonds, Series 2006A, 5.200%, 5/01/37		5/16 at 100.00		N/R		3,133,435
	1,265	Naturewalk Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007A, 5.500%, 5/01/38 (4)		5/17 at 100.00		N/R		634,967
	2,320	Naturewalk Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007B, 5.300%, 5/01/16 (4)		No Opt. Call		N/R		1,163,874
	1,955	Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and Improvement Development Unit 46B, Series 2007A, 5.350%, 8/01/41		8/17 at 100.00		N/R		1,968,118
		Northern Palm Beach County Improvement District, Florida, Special Assessment Revenue Bonds, Water Control and Improvement Refunding Bonds, Development Unit 16, Series 2012:
	2,870	5.125%, 8/01/22		No Opt. Call		N/R		3,019,871
	2,755	5.750%, 8/01/32		8/22 at 100.00		N/R		2,937,877
	1,000	Old Palm Community Development District, Florida, Special Assessment Bonds, Palm Beach Gardens, Series 2004A, 5.900%, 5/01/35		5/15 at 101.00		N/R		1,034,900
		Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Tender Option Bond Trust 1071:
	580	16.767%, 10/01/42 (IF) (5)		4/22 at 100.00		A		818,815
	885	16.779%, 10/01/42 (IF) (5)		4/22 at 100.00		A		1,249,664
	1,915	16.781%, 10/01/42 (IF) (5)		4/22 at 100.00		A		2,704,172
	945	16.781%, 10/01/42 (IF) (5)		4/22 at 100.00		A		1,334,425
	2,310	16.784%, 10/01/42 (IF) (5)		4/22 at 100.00		A		3,262,159
	500	16.802%, 10/01/42 (IF) (5)		4/22 at 100.00		A		706,320
	700	16.802%, 10/01/42 (IF) (5)		4/22 at 100.00		A		988,848
	625	16.802%, 10/01/42 (IF) (5)		4/22 at 100.00		A		882,900
	625	16.802%, 10/01/42 (IF) (5)		4/22 at 100.00		A		882,900
	1,750	16.822%, 10/01/42 (IF) (5)		4/22 at 100.00		A		2,472,120
	2,000	16.822%, 10/01/42 (IF) (5)		4/22 at 100.00		A		2,825,280
	5,725	Orchid Grove Community Development District, Florida, Special Assessment Bonds, Series 2005, 5.450%, 5/01/36		5/15 at 101.00		N/R		5,506,649
	595	Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH Corporation Obligated Group, Series 2001, 5.500%, 12/01/21		6/13 at 100.00		BBB–		596,488
	5,510	Palm Glades Community Development District, Florida, Special Assessment Bonds, Series 2006A, 5.300%, 5/01/36		5/16 at 100.00		N/R		5,532,701
	2,150	Panther Trails Community Development District, Florida, Special Assessment Bonds, Series 2011, 7.150%, 11/01/41		11/18 at 100.00		N/R		2,320,710
		Pelican Marsh Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2012:
	745	4.875%, 5/01/22		No Opt. Call		N/R		751,757
	1,620	5.375%, 5/01/31		5/22 at 100.00		N/R		1,640,169
	14,085	Pine Island Community Development District, Florida, Special Assessment Bonds, Bella Collina, Series 2004, 5.750%, 5/01/35		7/13 at 100.00		N/R		13,941,051
	2,675	Pine Ridge Plantation Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2006A, 5.400%, 5/01/37		5/15 at 100.00		N/R		1,800,997
	575	Poinciana West Community Development District, Florida, Special Assessment Bonds, Series 2007, 6.000%, 5/01/37		5/17 at 100.00		N/R		581,095

122 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
		Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007:
$	4,700	5.000%, 7/01/27 – NPFG Insured		7/17 at 100.00		Baa2	$	5,024,723
	5,510	5.000%, 7/01/33 – NPFG Insured		7/17 at 100.00		Baa2		5,835,476
	315	5.000%, 7/01/40 – NPFG Insured		7/17 at 100.00		Baa2		331,607
	2,635	Punta Gorda Housing Authority, Florida, Gulf Breeze Apartments Multifamily Housing Revenue Bonds, Series 2007A, 6.125%, 1/01/45 (Mandatory put 11/01/24) (Alternative Minimum Tax)		1/22 at 100.00		N/R		2,692,443
		Randal Park Community Development District, Orlando, Florida, Special Assessment Revenue Bonds, Series 2012:
	500	5.750%, 11/01/22		No Opt. Call		N/R		511,010
	1,250	6.125%, 11/01/32		No Opt. Call		N/R		1,306,038
	1,000	6.875%, 11/01/42		11/32 at 100.00		N/R		1,050,200
	4,445	Renaissance Commons Community Development District, Florida, Special Assessment Bonds, Series 2005A, 5.600%, 5/01/36		5/15 at 100.00		N/R		3,831,812
		Renaissance Community Development District, Lee County, Florida, Special Assessment Bonds, Refunding Series 2012:
	1,665	4.900%, 5/01/22		No Opt. Call		N/R		1,708,024
	3,250	5.550%, 5/01/33		5/22 at 100.00		N/R		3,318,543
		Reunion East Community Development District, Osceola County, Florida, Special Assessment Bonds, Series 2002A:
	3,500	7.375%, 5/01/33 (4)		7/13 at 100.00		N/R		3,571,680
	1,550	7.375%, 5/01/33 (4)		7/13 at 100.00		N/R		852,578
	1,965	Reunion East Community Development District, Osceola County, Florida, Special Assessment Bonds, Series 2005, 5.800%, 5/01/36 (4)		7/13 at 100.00		N/R		1,080,848
	2,945	Reunion West Community Development District, Florida, Special Assessment Bonds, Series 2004A-1, 6.250%, 5/01/36		5/22 at 100.00		N/R		2,849,553
	1,960	Sail Harbor Community Development District, Florida, Special Assessment Revenue Bonds, Series 05A, 5.500%, 5/01/36 – RAAI Insured		5/14 at 100.00		N/R		2,002,669
		Saint Lucie West Services District, Florida, Utility Revenue Bonds, Series 2004:
	2,140	5.250%, 10/01/34 – NPFG Insured		10/14 at 101.00		Baa2		2,219,736
	455	5.000%, 10/01/38 – NPFG Insured		10/14 at 101.00		Baa2		470,133
		Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A:
	3,225	5.750%, 10/01/22		10/17 at 100.00		BBB–		3,579,557
	3,000	5.500%, 10/01/24		10/17 at 100.00		BBB–		3,288,660
	21,150	5.250%, 10/01/27		10/17 at 100.00		BBB–		22,826,138
	8,335	Somerset Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.300%, 5/01/37		5/15 at 101.00		N/R		7,218,193
	2,225	South Kendall Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Series 2008A, 6.750%, 11/01/38		11/16 at 100.00		N/R		2,336,317
	8,850	South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Tender Option Bond Trust 1117, 8.481%, 2/15/28 (IF)		8/17 at 100.00		AA		9,805,977
		South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Tender Option Bond Trust 2749:
	750	17.046%, 8/15/23 (IF)		8/17 at 100.00		AA		1,126,050
	6,250	15.538%, 8/15/42 (IF)		8/17 at 100.00		AA		7,795,750
		South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Trust 1030:
	2,130	15.651%, 8/15/15 (IF) (5)		No Opt. Call		AA		3,197,002
	3,835	15.669%, 8/15/15 (IF) (5)		No Opt. Call		AA		5,710,277
	1,225	South Village Community Development District, Clay County, Florida, Capital Improvement Revenue Bonds, Series 2005A, 5.700%, 5/01/35		7/13 at 100.00		N/R		1,139,507
	4,120	South-Dade Venture Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2012, 5.125%, 5/01/33		5/22 at 100.00		BBB–		4,373,627

Nuveen Investments 123

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	8,500	St. Johns County Industrial Development Authority, Florida, Health Care Revenue Bonds, Glenmoor at Saint Johns, Series 2006A, 5.375%, 1/01/40 (4)		10/16 at 100.00		N/R	$	6,061,350
	945	Stoenbrier Community Development District, Hillsborough County Florida, Special Assessment Bonds, Series 2006, 5.500%, 5/01/37		5/16 at 100.00		N/R		947,325
		Terra Bella Community Development District, Pasco County, Florida, Special Assessment Bonds, Series 2011A:
	510	6.750%, 11/01/27		11/18 at 100.00		N/R		544,400
	2,505	7.850%, 11/01/41		11/18 at 100.00		N/R		2,713,391
	9,425	Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39		5/17 at 100.00		N/R		7,207,769
	22,305	Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40		5/19 at 100.00		N/R		13,962,930
	11,625	Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40		5/22 at 100.00		N/R		5,417,250
		Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3:
	340	6.375%, 5/01/17 (4)		No Opt. Call		N/R		3
	1,560	6.450%, 5/01/23 (4)		5/18 at 100.00		N/R		16
	2,060	6.550%, 5/01/27 (4)		5/18 at 100.00		N/R		21
	10,065	6.650%, 5/01/40 (4)		5/18 at 100.00		N/R		101
	12,095	Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007A-2, 5.250%, 5/01/39 (4)		5/17 at 100.00		N/R		121
		Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT:
	60	6.375%, 5/01/17 (4)		No Opt. Call		N/R		34,502
	205	6.450%, 5/01/23 (4)		5/18 at 100.00		N/R		112,879
	260	6.550%, 5/01/27 (4)		5/18 at 100.00		N/R		142,090
	1,280	6.650%, 5/01/40 (4)		5/18 at 100.00		N/R		693,696
	5,460	Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007A-1. RMKT, 5.250%, 5/01/39 (4)		5/17 at 100.00		N/R		2,980,123
		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1:
	580	6.375%, 5/01/17		No Opt. Call		N/R		568,893
	2,655	6.450%, 5/01/23		5/17 at 100.00		N/R		2,623,698
	3,460	6.550%, 5/01/27		5/17 at 100.00		N/R		3,433,739
	2,350	5.250%, 5/01/39		5/17 at 100.00		N/R		2,313,317
	16,805	6.650%, 5/01/40		5/17 at 100.00		N/R		17,270,330
	39,900	Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37		5/14 at 101.00		BB		39,918,753
		Tolomato Community Development District, Florida, Special Assessment Bonds, Southern/Forbearance Parcel Series 2007-2:
	1,970	6.375%, 5/01/17 (4)		No Opt. Call		N/R		794,383
	6,180	6.450%, 5/01/23 (4)		5/18 at 100.00		N/R		2,484,298
	8,045	6.550%, 5/01/27 (4)		5/18 at 100.00		N/R		3,232,803
	39,075	6.650%, 5/01/40 (4)		5/18 at 100.00		N/R		15,693,302
	10,500	Trails Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.375%, 5/01/38 (4)		5/16 at 100.00		N/R		7,122,150
		Triple Creek Community Development District, Hillsborough County, Florida, Special Assessment Bonds, Series 2012:
	750	6.750%, 11/01/32 – AGM Insured		No Opt. Call		N/R		781,568
	650	6.125%, 11/01/32 – AGM Insured		No Opt. Call		N/R		683,053

124 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
		Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2012-A1:
$	590	5.000%, 5/01/23		5/22 at 100.00		N/R	$	615,234
	500	5.500%, 5/01/34		5/22 at 100.00		N/R		517,580
	500	6.125%, 5/01/42		5/22 at 100.00		N/R		512,680
		Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2012-A2:
	1,630	5.000%, 5/01/23		5/22 at 100.00		N/R		1,717,922
	1,000	5.500%, 5/01/34		5/22 at 100.00		N/R		1,035,160
	5,000	Verandah West Community Development District, Florida, Capital Improvement Revenue Bonds, Refunding Series 2013, 5.000%, 5/01/33		5/23 at 100.00		N/R		5,031,300
		Villa Vizcaya Community Development District, Florida, Special Assessment Revenue Bonds, Series 2007:
	1,520	5.350%, 5/01/13 (4)		No Opt. Call		N/R		767,463
	1,000	5.350%, 5/01/17 (4)		No Opt. Call		N/R		505,110
	1,500	5.550%, 5/01/39 (4)		5/17 at 100.00		N/R		758,055
	3,675	Village Center Community Development District, Florida, Recreational Revenue Bonds, Series 2003A, 5.000%, 11/01/32 – NPFG Insured		11/13 at 101.00		Baa2		3,714,727
	1,875	Village Center Community Development District, Florida, Recreational Revenue Bonds, Series 2004A, 5.125%, 11/01/36 – NPFG Insured		11/14 at 101.00		Baa2		1,927,013
	1,700	Village Center Community Development District, Lake County, Florida, Recreational Revenue Bonds, Series 2001A, 5.200%, 11/01/25 – NPFG Insured		7/13 at 100.00		Baa2		1,709,350
	760	Vizcaya in Kendall Community Development District, Florida, Special Assessment Revenue Bonds, Phase One Assessment Area, Refunding Series 2012A-1, 5.600%, 5/01/22		No Opt. Call		N/R		807,447
	3,035	Waters Edge Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.300%, 5/01/36		5/15 at 101.00		N/R		3,042,496
		Westchester Community Development District 1, Florida, Special Assessment Bonds, Series 2003:
	9,115	6.000%, 5/01/23		5/14 at 100.00		N/R		9,217,453
	27,845	6.125%, 5/01/35		5/14 at 100.00		N/R		28,149,067
	1,135,070	Total Florida						1,025,180,407
		Georgia – 1.7%
		Albany-Dougherty County Hospital Authority, Georgia, Revenue Bonds, Phoebe Putney Memorial Hospital, Tender Option Bond Trust 4732:
	575	13.781%, 12/01/42 (IF) (5)		12/22 at 100.00		AA–		621,598
	1,495	13.828%, 12/01/37 (IF) (5)		12/22 at 100.00		AA–		1,645,681
	4,135	13.835%, 12/01/42 (IF) (5)		12/22 at 100.00		AA–		4,471,465
	6,075	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31		1/19 at 100.00		A2		7,596,241
	3,000	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008C. Remarketed, 7.500%, 1/01/31		1/19 at 100.00		A2		3,751,230
	500	Augusta, Georgia, Airport Revenue Bonds, Series 2005A, 5.150%, 1/01/35		1/15 at 100.00		Baa2		513,355
		Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 1998:
	890	5.250%, 12/01/22		7/13 at 100.00		B+		853,083
	95	5.375%, 12/01/28		6/13 at 100.00		B+		88,400
	10,500	Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29		6/20 at 100.00		B–		13,334,895
	12,830	Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009B, 9.000%, 6/01/35 (Alternative Minimum Tax)		6/15 at 100.00		B–		14,221,157

Nuveen Investments 125

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia (continued)
		Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical Center, Series 2004:
$	3,490	5.250%, 12/01/22		12/14 at 100.00		BB–	$	3,550,098
	3,310	5.000%, 12/01/26		12/14 at 100.00		BB–		3,343,762
		Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010:
	5,300	7.625%, 12/01/30		12/20 at 100.00		N/R		5,979,142
	5,200	8.000%, 12/01/40		12/20 at 100.00		N/R		5,839,444
	3,500	8.125%, 12/01/45		12/20 at 100.00		N/R		3,925,040
	5,445	Fulton County Development Authority, Georgia, Revenue Bonds, Amana Academy Project, Series 2013A, 6.500%, 4/01/43		4/23 at 100.00				5,484,150
		Fulton County Residential Care Facilities Authority, Georgia, Revenue Bonds, Elderly Care, Lenbrook Square Project, Series 2006A:
	4,500	5.000%, 7/01/27		7/17 at 100.00		N/R		4,570,695
	8,000	5.125%, 7/01/37		7/17 at 100.00		N/R		8,056,880
	32,400	5.125%, 7/01/42		7/17 at 100.00		N/R		32,606,064
	4,000	Fulton County Residential Care Facilities Authority, Georgia, Revenue Bonds, Elderly Care, Lenbrook Square Project, Series 2006B, 7.300%, 7/01/42		7/17 at 101.00		N/R		4,000,520
	1,335	Fulton County Residential Care Facilities Authority, Georgia, Revenue Bonds, St. Anne’s Terrace, Series 2003, 7.625%, 12/01/33		12/13 at 102.00		N/R		1,379,696
	200	Fulton County Residential Care Facilities Elderly Authority, Georgia, Revenue Bonds, Canterbury Court, Refunding Series 2004A, 6.125%, 2/15/34		2/14 at 101.00		N/R		203,846
	26,359	Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, Series 1998A, 4.750%, 6/01/28 – NPFG Insured		No Opt. Call		Baa2		27,500,608
	750	Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/17		No Opt. Call		A		842,160
	6,195	Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/28		No Opt. Call		A		7,585,282
	1,600	Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.000%, 10/01/32		10/21 at 100.00		Baa2		1,758,352
	151,679	Total Georgia						163,722,844
		Guam – 0.5%
		Guam Government Department of Education, Certificates of Participation, John F. Kennedy High School Project, Series 2010A:
	1,000	6.625%, 12/01/30		12/20 at 100.00		B		1,106,310
	6,000	6.875%, 12/01/40		12/20 at 100.00		B		6,697,680
	500	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 5.875%, 7/01/35		7/15 at 100.00		Ba2		518,105
	2,000	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.250%, 7/01/25		7/20 at 100.00		Ba2		2,159,560
		Guam Government, General Obligation Bonds, 2009 Series A:
	6,000	6.750%, 11/15/29		11/19 at 100.00		B+		6,779,280
	29,930	7.000%, 11/15/39		11/19 at 100.00		B+		34,056,150
	45,430	Total Guam						51,317,085
		Hawaii – 0.3%
	4,001	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		3,933,103
	5,205	Hawaii Housing Finance and Development Corporation, Multifamily Housing Revenue Bonds, Wilikina Apartments Project, Series 2012A, 6.750%, 5/01/47		5/22 at 100.00		BBB–		5,824,811
	9,065	Hawaii State Department of Transportation, Special Facility Revenue Bonds, Continental Airlines Inc., Series 1997, 5.625%, 11/15/27		7/13 at 100.00		B		9,065,000

126 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Hawaii (continued)
$	875	Hawaii State Department of Transportation, Special Facility Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 6/01/20 (Alternative Minimum Tax)		7/13 at 100.00		B	$	875,289
		Kauai County, Hawaii, Special Tax Bonds, Community Facilities District 2008-1 Kukuiula Development Project, Series 2012:
	1,100	5.625%, 5/15/33		5/22 at 100.00		N/R		1,149,082
	3,000	5.750%, 5/15/42		5/22 at 100.00		N/R		3,133,140
	23,246	Total Hawaii						23,980,425
		Idaho – 0.1%
	3,875	Harris Ranch Community Infrastructure District 1, Boise, Idaho, Special Assessment Bonds, Assessment Area One, Series 2011, 9.000%, 9/01/40		9/21 at 100.00		N/R		4,375,883
	3,000	Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Tender Option Bond Trust 1102, 16.774%, 3/01/47 (IF) (5)		3/22 at 100.00		AAA		4,132,110
	1,000	Idaho Housing and Finance Association Nonprofit Facilities Revenue Bonds, Liberty Charter School, Inc, Series 2008A, 6.000%, 6/01/38		6/18 at 100.00		BBB		1,084,480
	7,875	Total Idaho						9,592,473
		Illinois – 7.8%
	1,065	Bellwood, Illinois, General Obligation Bonds, Series 2008, 7.000%, 12/01/29		No Opt. Call		N/R		1,089,026
	7,850	Bolingbrook, Illinois, Sales Tax Revenue Bonds, Series 2005, 6.250%, 1/01/24		1/15 at 102.00		N/R		6,089,952
	4,000	Bolingbrook, Illinois, Special Tax Bonds, Special Service Area 1, Forest City Project, Series 2005, 5.900%, 3/01/27		3/15 at 102.00		N/R		3,758,440
	3,725	Bolingbrook, Will and DuPage Counties, Illinois, Wastewater Facilities Revenue Bonds, Crossroads Treatment LLC, Series 2005, 6.600%, 1/01/35		1/15 at 102.00		N/R		3,575,590
	2,790	Bradley, Illinois, Tax Increment Bonds, Bradley Commons, Series 2007, 6.100%, 1/01/27		1/17 at 102.00		N/R		2,841,810
	926	Cary, Illinois, Special Service Area 1 Special Tax Bonds, Series 2006, 5.000%, 3/01/30 – RAAI Insured		3/16 at 100.00		N/R		941,594
	1,181	Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State Redevelopment Project, Series 2012, 6.100%, 1/15/29		No Opt. Call		N/R		1,188,579
	7,000	Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds, Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26		7/13 at 100.00		N/R		5,662,930
	9,525	Chicago, Illinois, Chicago O’Hare International Airport Special Facility Revenue Refunding Bonds, American Air Lines, Inc. Project, Series 2007, 5.500%, 12/01/30 (4)		7/13 at 100.00		N/R		10,501,313
	335	Chicago, Illinois, Tax Increment Allocation Bonds, Irving/Cicero Redevelopment Project, Series 1998, 7.000%, 1/01/14		7/13 at 100.00		N/R		335,911
	40,115	Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40		10/20 at 100.00		B3		43,978,476
	2,451	Crystal Lake Special Service Area 46, Illinois, Limited Tax Obligation Bonds, Series 2007, 5.750%, 3/01/36		3/17 at 100.00		N/R		2,348,695
	355	Deerfield, Illinois, Educational Facility Revenue Bonds, Chicagoland Jewish High School Project, Capital Appreciation Series 2011B, 0.000%, 10/01/31		No Opt. Call		N/R		80,507
	669	Deerfield, Illinois, Educational Facility Revenue Bonds, Chicagoland Jewish High School Project, Series 2011A, 6.000%, 10/01/42		5/14 at 102.00		N/R		552,520
	1,800	East Dundee, Illinois, Kane and Cook Counties, Illinois, Limited Obligation Tax Increment Revenue Bonds, Route 25 South Redevelopment Project, Series 2012, 5.250%, 12/01/22		No Opt. Call		N/R		1,816,506
		Evanston, Illinois, Educational Facility Revenue Bonds, Roycemore School Project, Series 2011:
	7,865	7.750%, 7/01/30		7/21 at 100.00		N/R		8,772,464
	1,545	8.000%, 7/01/35		7/21 at 100.00		N/R		1,748,507
	2,000	8.250%, 7/01/41		7/21 at 100.00		N/R		2,276,000

Nuveen Investments 127

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	5,000	Gilberts, Illinois. Special Service Area 19 Special Tax Bonds, The Conservancy Project, Series 2006-1, 5.375%, 3/01/16 (4)		No Opt. Call		N/R	$	1,752,350
	2,500	Harvey, Cook County, Illinois, Tax Increment Allocation Revenue Bonds, Amended Center Street Redevelopment Project Area, Series 2010, 7.500%, 12/01/19		No Opt. Call		N/R		2,691,525
	3,900	Hillside, Cook County, Illinois, Senior Lien Tax Increment Revenue Bonds, Mannheim Redevelopment Project, Series 2008, 7.000%, 1/01/28		1/18 at 102.00		N/R		4,007,952
	790	Illinois Development Finance Authority, Environmental Services Revenue Bonds, Citgo Petroleum Corporation Project, Series 2002, 8.000%, 6/01/32 (Alternative Minimum Tax)		7/13 at 100.00		BB+		791,288
	2,000	Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010, 5.500%, 5/15/23		5/15 at 100.00		BBB–		2,056,400
	3,250	Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation, Series 2007, 5.000%, 12/01/36		12/16 at 100.00		BBB+		3,356,373
	2,000	Illinois Finance Authority, Charter School Revenue Bonds, Uno Charter School Network, Refunding and Improvement Series 2011A, 7.125%, 10/01/41		10/21 at 100.00		BBB–		2,360,240
	45,600	Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40		10/20 at 100.00		B3		49,991,736
	200	Illinois Finance Authority, Revenue and Refunding Bonds, Roosevelt University Project, Series 2009, 6.500%, 4/01/44		10/19 at 100.00		BBB		228,296
		Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 1122:
	1,540	16.680%, 9/01/38 (IF) (5)		9/22 at 100.00		A–		2,012,441
	1,120	16.688%, 9/01/38 (IF) (5)		9/22 at 100.00		A–		1,463,762
	3,085	16.706%, 9/01/38 (IF) (5)		9/22 at 100.00		A–		4,032,959
		Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Series 2010A:
	3,410	7.750%, 5/15/30		5/20 at 100.00		N/R		4,107,788
	10,000	8.000%, 5/15/40		5/20 at 100.00		N/R		12,071,900
	10,625	8.000%, 5/15/46		5/20 at 100.00		N/R		12,826,394
		Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Tender Option Bonds Trust 1123:
	910	17.781%, 6/01/42 (IF) (5)		6/22 at 100.00		AA		1,324,232
	785	13.736%, 6/01/47 (IF) (5)		6/22 at 100.00		AA		726,525
	2,500	13.778%, 6/01/47 (IF) (5)		6/22 at 100.00		AA		2,313,200
	1,500	13.778%, 6/01/47 (IF) (5)		6/22 at 100.00		AA		1,387,920
	3,765	13.786%, 6/01/47 (IF) (5)		6/22 at 100.00		AA		3,483,491
	1,810	13.796%, 6/01/47 (IF) (5)		6/22 at 100.00		AA		1,674,558
	5,140	Illinois Finance Authority, Revenue Bonds, Central Baptist Village, Series 2007, 5.375%, 11/15/39		11/17 at 100.00		N/R		5,109,314
		Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Tender Option Bond Trust 1098:
	1,500	18.012%, 8/15/15 – AGC Insured (IF) (5)		No Opt. Call		AA–		2,148,000
	2,495	17.163%, 9/01/30 – AGC Insured (IF) (5)		3/17 at 100.00		AA–		3,235,117
	1,730	17.869%, 8/15/33 – AGC Insured (IF) (5)		8/18 at 100.00		AA–		2,475,734
	1,625	17.543%, 8/15/39 – AGC Insured (IF) (5)		8/18 at 100.00		AA–		2,107,040
	550	17.935%, 8/15/47 – AGC Insured (IF) (5)		8/18 at 100.00		AA–		712,410
	625	18.012%, 8/15/47 – AGC Insured (IF) (5)		8/18 at 100.00		AA–		810,400
	935	Illinois Finance Authority, Revenue Bonds, De Kalb Supportive Living Project, Series 2007, 6.100%, 12/01/41 (Alternative Minimum Tax)		12/17 at 102.00		N/R		942,489
	1,000	Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37		1/18 at 100.00		Baa2		1,119,780
	5,500	Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 5.625%, 2/15/37		2/15 at 100.00		BB–		5,562,920

128 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 2006A:
$	11,170	5.000%, 4/01/31		4/16 at 100.00		Baa3	$	11,199,601
	14,250	5.000%, 4/01/36		4/16 at 100.00		Baa3		14,249,430
	6,000	Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 7.125%, 2/01/34		2/19 at 100.00		Baa3		6,645,780
	2,920	Illinois Finance Authority, Revenue Bonds, Lake Forest College, Series 2012A, 6.000%, 10/01/48		10/22 at 100.00		BBB–		3,257,435
	10,550	Illinois Finance Authority, Revenue Bonds, Midwest Regional Medical Center Galena-Stauss Hospital, Series 2006, 6.750%, 10/01/46		10/16 at 100.00		N/R		9,443,516
		Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A:
	215	5.250%, 5/15/15		No Opt. Call		N/R		225,402
	2,900	5.500%, 5/15/26		5/17 at 100.00		N/R		3,040,940
	11,750	5.750%, 5/15/38		5/17 at 100.00		N/R		12,234,100
	350	5.400%, 5/15/38		7/13 at 100.00		N/R		350,193
	3,125	Illinois Finance Authority, Revenue Bonds, Northshore University HealthSystem, Tender Option Bond Trust 3764, 17.853%, 5/01/26 (IF) (5)		5/20 at 100.00		AA		4,630,625
	560	Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Tender Option Bond Trust 4285, 17.853%, 8/15/20 (IF) (5)		No Opt. Call		AA+		884,666
	34,500	Illinois Finance Authority, Revenue Bonds, Northwestern University, Series 2006, 5.000%, 12/01/42 (UB)		12/15 at 100.00		AAA		37,699,875
		Illinois Finance Authority, Revenue Bonds, Northwestern University, Tender Option Bond Trust 11783:
	490	19.678%, 2/15/19 (IF)		No Opt. Call		AA–		767,399
	625	19.678%, 2/15/31 (IF)		8/19 at 100.00		AA–		1,053,475
	1,900	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 (UB) (5)		11/17 at 100.00		A		2,094,389
		Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Tender Option Bond Trust 4702:
	1,125	19.775%, 11/15/33 (IF) (5)		11/17 at 100.00		A		1,598,861
	4,740	20.797%, 5/15/39 (IF) (5)		5/20 at 100.00		A		7,810,003
	1,705	20.803%, 5/15/39 (IF) (5)		5/20 at 100.00		A		2,806,055
	4,260	20.823%, 5/15/39 (IF) (5)		5/20 at 100.00		A		7,019,117
		Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Tender Option Bonds Trust 1115:
	6,190	14.083%, 5/15/41 (IF) (5)		5/22 at 100.00		A		6,834,689
	3,525	17.107%, 5/15/41 (IF) (5)		5/22 at 100.00		A		4,848,849
	2,500	17.107%, 5/15/41 (IF) (5)		5/22 at 100.00		A		3,438,900
	14,545	Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25		1/16 at 100.00		BB+		14,380,496
	1,110	Illinois Finance Authority, Revenue Bonds, Provena Health Series 2010A, 6.000%, 5/01/28		5/20 at 100.00		BBB+		1,277,677
	8,120	Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34		8/19 at 100.00		BBB+		10,436,961
	10,505	Illinois Finance Authority, Revenue Bonds, Rogers Park Montessori School, Series 2004, 7.125%, 11/01/34		11/14 at 102.00		N/R		10,912,699
	9,040	Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 7.250%, 11/01/38 (UB) (5)		11/18 at 100.00		A2		11,309,492
	2,450	Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009B, 7.250%, 11/01/38 (UB) (5)		11/18 at 100.00		A2		3,065,073
	5,550	Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39 (UB) (5)		5/19 at 100.00		A2		6,778,937

Nuveen Investments 129

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Tender Option Bonds Trust 1017:
$	300	22.334%, 11/01/39 (IF) (5)		5/19 at 100.00		A	$	557,328
	315	23.161%, 11/01/39 (IF) (5)		5/19 at 100.00		A		591,787
	815	23.271%, 11/01/39 (IF) (5)		5/19 at 100.00		A		1,534,645
	1,065	23.287%, 11/01/39 (IF) (5)		5/19 at 100.00		A		2,006,077
	3,067	23.328%, 11/01/39 (IF) (5)		5/19 at 100.00		A		5,781,970
	250	23.340%, 11/01/39 (IF) (5)		5/19 at 100.00		A		471,430
		Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009:
	650	6.875%, 8/15/38		8/19 at 100.00		BBB+		770,055
	23,000	7.000%, 8/15/44		8/19 at 100.00		BBB+		27,373,220
		Illinois Finance Authority, Revenue Bonds, Swedish American Hospital, Tender Option Bond Trust 1116:
	2,500	13.998%, 11/15/39 (IF) (5)		11/22 at 100.00		A		2,621,200
	1,405	16.974%, 11/15/43 (IF) (5)		11/22 at 100.00		A		1,866,683
		Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 3908:
	665	21.461%, 2/15/19 – AGM Insured (IF) (5)		No Opt. Call		AA–		1,146,573
	1,030	21.578%, 2/15/19 – AGM Insured (IF) (5)		No Opt. Call		AA–		1,780,128
	2,285	Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Tender Option Bond Trust 11783-1, 19.678%, 2/15/31 (IF)		8/19 at 100.00		AA–		3,851,505
		Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Tender Option Bond Trust 3907:
	3,025	19.865%, 2/15/19 (IF) (5)		No Opt. Call		AA–		4,702,060
	4,250	19.865%, 2/15/35 (IF) (5)		2/21 at 100.00		AA–		6,606,200
	3,035	Illinois Finance Authority, Revenue Bonds, Three Crowns Park Plaza, Series 2013, 5.250%, 2/15/40		2/23 at 100.00				3,049,750
	3,470	Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25		11/16 at 100.00		BBB+		3,696,765
		Illinois Finance Authority, Student Housing Revenue Bonds, MJH Education Assistance Illinois IV LLC, Fullerton Village Project, Series 2004A:
	50	5.000%, 6/01/09 (4)		No Opt. Call		Ca		42,994
	1,115	5.000%, 6/01/11 (4)		No Opt. Call		Ca		958,755
	1,160	5.000%, 6/01/12 (4)		No Opt. Call		Ca		997,449
	1,060	5.000%, 6/01/13 (4)		No Opt. Call		Ca		911,462
	1,225	5.000%, 6/01/13 (4)		No Opt. Call		Ca		1,053,341
	1,290	5.000%, 6/01/14 (4)		No Opt. Call		Ca		1,109,232
	7,540	5.500%, 6/01/19 (4)		6/14 at 100.00		Ca		6,483,420
	6,905	5.000%, 6/01/24 (4)		6/14 at 100.00		Ca		5,937,402
	14,640	5.125%, 6/01/35 (4)		6/14 at 100.00		Ca		12,588,497
	2,600	Illinois Health Facilities Authority, Revenue Bonds, Smith Crossing, Series 2003A, 7.000%, 11/15/32		11/13 at 100.00		N/R		2,623,062
	2,030	Illinois Housing Development Authority, Homeowner Mortgage Revenue Bonds, Tender Option Bond Trust 3721, 18.290%, 2/01/33 (IF) (5)		8/18 at 100.00		AA		2,307,156
	22,010	Illinois Housing Development Authority, Multifamily Housing Revenue Bonds, GNMA Collateralized – Lifelink Developments, Series 2006, 4.850%, 4/20/41 (Alternative Minimum Tax) (UB) (5)		4/16 at 100.00		AA+		22,731,708
		Illinois State, General Obligation Bonds, Series 2012A:
	1,700	5.000%, 3/01/36		3/22 at 100.00		A2		1,822,128
	1,600	5.000%, 3/01/37		3/22 at 100.00		A2		1,710,032
	25,935	Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36		1/16 at 100.00		N/R		17,417,946
		Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2:
	5,260	5.500%, 1/01/25 – ACA Insured		1/16 at 100.00		CCC		3,505,737

130 Nuveen Investments

Principal Amount (000)			Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
			Illinois (continued)
$	3,000		5.500%, 1/01/30 – ACA Insured		1/16 at 100.00		CCC	$	1,969,170
	12,015		5.500%, 1/01/36 – ACA Insured		1/16 at 100.00		CCC		7,888,208
			Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B:
	1,595		5.250%, 1/01/25		1/16 at 100.00		CCC		762,091
	3,675		5.250%, 1/01/30		1/16 at 100.00		CCC		1,730,888
	5,420		5.250%, 1/01/36		1/16 at 100.00		CCC		2,525,720
	12,431		Lombard Public Facilities Corporation, Illinois, Third Tier Conference Center and Hotel Revenue Bonds, Series 2005C-3, 12.000%, 1/01/36 (4)		7/18 at 100.00		N/R		2,727,484
			Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Tender Option Bond Trust 3297:
	3,500		17.805%, 6/15/20 (Alternative Minimum Tax) (IF) (5)		No Opt. Call		AAA		4,902,415
	5,000		17.811%, 6/15/20 (Alternative Minimum Tax) (IF) (5)		No Opt. Call		AAA		7,004,200
	625		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Tender Option Bond Trust 3861, 17.721%, 6/15/42 (IF) (5)		6/22 at 100.00		AAA		920,850
	20,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/33 – NPFG Insured		No Opt. Call		AAA		8,093,000
	9,300		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 3220, 18.611%, 6/15/42 (IF) (5)		6/20 at 100.00		AAA		12,777,456
	3,181		Minooka, Illinois, Special Assessment Bonds, Lakewood Trails Project, Series 2003, 6.625%, 3/01/33		3/15 at 100.00		N/R		3,247,197
	4,685		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		4,343,464
	11,442		Pingree Grove Village, Illinois, Special Service Area 7, Cambridge Lakes Project, Special Tax Bonds, Series 2006-1, 6.000%, 3/01/36		3/16 at 102.00		N/R		11,785,146
	7,118		Pingree Grove Village, Illinois, Tax Assessment Bonds, Special Service Area 2 – Cambridge Lakes Project, Series 2005-2, 6.000%, 3/01/35		3/15 at 102.00		N/R		7,347,342
	2,106		Plano Special Service Area 1, Illinois, Special Tax Bonds, Lakewood Springs Project, Series 2004A, 6.200%, 3/01/34		3/14 at 102.00		N/R		2,164,757
	4,291		Plano Special Service Area 3, Illinois, Special Tax Bonds, Lakewood Springs Project, Series 2005A, 6.100%, 3/01/35		3/15 at 102.00		N/R		4,436,937
	3,570		Quad Cities Regional Economic Development Authority, Illinois, Multifamily Housing Revenue Bonds, Heritage Woods of Moline SLF Project, Series 2006, 6.000%, 12/01/41		12/16 at 102.00		N/R		3,502,813
	—	(10)	Robbins, Illinois, Resource Recovery Revenue Bonds, Restructuring Project Guaranteed by Foster Wheeler Ltd., Series 1999C, 7.250%, 10/15/24 (Alternative Minimum Tax)		No Opt. Call		N/R		194
	2,200		Rosemont, Illinois, Tax Increment Bonds, River Road Hotel Partners Project, Series 2007, 5.100%, 12/30/23		7/13 at 100.00		N/R		1,987,458
			Saint Charles, Kane and DuPage Counties, Illinois, Senior Lien Limited Incremental Sales Tax Revenue Bonds, Series 2008 Zylstra Project:
	2,660		6.950%, 1/01/21		1/18 at 100.00		N/R		2,761,293
	2,000		6.950%, 1/01/25		1/18 at 100.00		N/R		2,002,100
	3,390		Southwestern Illinois Development Authority Local Government Program Revenue Bonds, Granite City Project, Series 2009C, 7.750%, 3/01/22		3/14 at 100.00		N/R		3,443,494
	5,000		Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax)		8/22 at 100.00		BB		5,122,000
	3,050		Southwestern Illinois Development Authority, Local Government Program Revenue Bonds, Granite City Project, Series 2009B, 7.750%, 3/01/22		3/14 at 100.00		N/R		3,098,129
	1,000		Southwestern Illinois Development Authority, Revenue Bonds, Anderson Hospital, Series 2006, 5.125%, 8/15/36		2/17 at 100.00		BBB–		1,021,320

Nuveen Investments 131

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	3,140	Springfield, Illinois, Electric Revenue Bonds, Series 2006, 5.000%, 3/01/35 – NPFG Insured		3/16 at 100.00		A	$	3,264,689
	3,000	Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe Ad Valorem Tax Bonds, Series 2010, 7.500%, 3/01/32		3/17 at 102.00		N/R		3,204,210
	1,750	Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special Assessment Bonds, Series 2009, 7.875%, 3/01/32		3/17 at 102.00		N/R		1,891,330
	7,602	Volo Village, Illinois, Special Service Area 3 Special Tax Bonds, Symphony Meadows Project 1, Series 2006, 6.000%, 3/01/36		3/16 at 102.00		N/R		6,868,559
	2,204	Waukegan, Illinois, Special Assessment Improvement Bonds, Fountain Square, Series 2005, 6.125%, 3/01/30		3/15 at 102.00		N/R		2,018,820
	705	Wayne Village, Illinois, Special Service Area 5 Assessment Bonds, Series 2007, 5.800%, 1/15/23		1/18 at 100.00		N/R		684,083
	3,000	Wheeling, Illinois, Tax Increment Revenue Bonds, North Milwaukee/Lake-Cook TIF Project, Series 2005, 6.000%, 1/01/25		7/13 at 102.00		N/R		3,020,490
	3,445	Wonder Lake Village, McHenry County, Illinois, Special Tax Bonds, Special Service Area 1 – Woods Creek, Series 2004, 6.750%, 3/01/34		3/14 at 102.00		N/R		3,545,525
	2,245	Yorkville United City Business District, Illinois, Storm Water and Water Improvement Project Revenue Bonds, Series 2007, 6.000%, 1/01/26		1/17 at 102.00		N/R		1,610,002
	7,155	Yorkville United City, Illinois, Special Service Area 2006-113 Cannoball & Beecher Special Tax Bonds, Series 2007, 5.750%, 3/01/28		3/17 at 102.00		N/R		7,303,466
	4,187	Yorkville, Illinois, Special Service Area 2005-108 Assessment Bonds, Autumn Creek Project, Series 2006, 6.000%, 3/01/36		3/16 at 102.00		N/R		4,070,099
	717,191	Total Illinois						732,392,085
		Indiana – 2.4%
	1,080	Anderson, Indiana, Multifamily Housing Revenue Bonds, Cross Lakes and Giant Oaks Apartments, Series 2011A, 7.250%, 12/01/45		12/20 at 100.00		A–		1,223,413
	660	Carmel Redevelopment District, Indiana, Tax Increment Revenue Bonds, Series 2004A, 6.650%, 7/15/14		7/13 at 101.50		N/R		672,830
		Carmel, Indiana, Revenue Bonds, Barrington of Carmel Project, Series 2012A:
	1,000	7.125%, 11/15/42		No Opt. Call		N/R		1,117,000
	1,000	7.125%, 11/15/47		No Opt. Call		N/R		1,109,170
		Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006:
	5,910	5.125%, 8/01/29		8/16 at 100.00		Baa2		6,314,185
	125	5.250%, 8/01/36		8/16 at 100.00		Baa2		133,309
	6,360	East Chicago, Indiana, Solid Waste Disposal Revenue Bonds, USG Corporation, Series 1998, 5.500%, 9/01/28 (Alternative Minimum Tax)		No Opt. Call		B–		6,272,105
	835	East Chicago, Indiana, Solid Waste Disposal Revenue Bonds, USG Corporation, Series 1999, 6.375%, 8/01/29		7/13 at 100.00		B–		835,409
	1,595	Indiana Bond Bank, Special Program Bonds, Hendricks Regional Health Project, Tender Option Bond Trust 10-77W, 19.050%, 4/01/30 – AMBAC Insured (IF) (5)		No Opt. Call		AA		3,363,329
	3,750	Indiana Bond Bank, Special Program Gas Revenue Bonds, JPMorgan Ventures Energy Corporation Guaranteed, Tender Option Bond Trust 2882, 17.790%, 4/15/17 (IF) (5)		No Opt. Call		A2		6,570,450
	5,855	Indiana Finance Authority, Educational Facilities Revenue Bonds, 21st Century Charter School Project, Series 2013A, 6.250%, 3/01/43		3/23 at 100.00		BB–		5,884,275
	2,400	Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39		10/19 at 100.00		BB+		2,674,608
	6,560	Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2010, 6.000%, 12/01/26		6/20 at 100.00		BB		6,993,354

132 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
$	1,330	Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.000%, 12/01/19		No Opt. Call		BB	$	1,467,655
	20,000	Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax)		No Opt. Call		BB		20,488,000
		Indiana Finance Authority, Hospital Revenue Bonds, King’s Daughters’ Hospital and Health Services, Series 2010:
	5,870	5.500%, 8/15/40		8/20 at 100.00		BBB+		6,437,277
	3,855	5.500%, 8/15/45		8/20 at 100.00		BBB+		4,222,459
	6,000	Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 7/01/40 (Alternative Minimum Tax)		7/23 at 100.00		BBB		6,414,120
		Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Tender Option Bond Trust 3611:
	1,250	18.691%, 6/01/17 (IF) (5)		No Opt. Call		AA		1,956,800
	3,085	18.718%, 6/01/17 (IF) (5)		No Opt. Call		AA		4,828,673
	1,460	18.783%, 6/01/17 (IF) (5)		No Opt. Call		AA		2,284,827
	5,000	15.543%, 12/01/32 (IF) (5)		12/19 at 100.00		AA		7,827,200
	330	18.691%, 12/01/32 (IF) (5)		12/19 at 100.00		AA		516,595
		Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Ascension Health, Tender Option Bond Trust 3301:
	1,500	17.816%, 5/15/31 (IF) (5)		11/16 at 100.00		AA+		2,125,740
	2,750	17.962%, 5/15/31 (IF) (5)		11/16 at 100.00		AA+		3,897,190
	1,450	Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37		3/17 at 100.00		A–		1,580,094
	10,000	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured (UB)		1/19 at 100.00		AA–		11,319,100
		Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Tender Option Bond Trust 11779:
	310	19.018%, 1/01/17 – AGC Insured (IF)		No Opt. Call		AA–		473,568
	2,500	19.018%, 1/01/17 – AGC Insured (IF)		No Opt. Call		AA–		3,819,100
	6,250	19.018%, 1/01/32 – AGC Insured (IF)		1/19 at 100.00		AA–		9,547,750
	4,995	20.010%, 1/01/32 – AGC Insured (IF)		1/19 at 100.00		AA–		7,820,222
	970	Monroe County, Indiana, Multifamily Housing Revenue Bonds, Canterbury House Apartments Project, Series 2001B, Pass through Certificates Series 2002-1, 5.900%, 11/01/34 (Mandatory put 11/01/22)		7/13 at 100.00		Baa1		970,737
	1,550	Portage, Indiana, Economic Development Revenue Bonds, Ameriplex Project, Series 2006, 5.000%, 1/15/27		7/16 at 100.00		A		1,617,983
	3,643	Portage, Indiana, Special Improvement District Revenue Bonds, Marina Shores Project, Series 2005, 6.375%, 3/01/35 (4)		3/15 at 102.00		N/R		1,276,361
	9,000	Rockport, Indiana, Revenue Bonds, AK Steel Corporation, Series 2012, 7.000%, 6/01/28 (Alternative Minimum Tax)		2/22 at 100.00		B–		9,507,600
		St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005:
	3,065	5.250%, 2/15/23 (4)		2/15 at 100.00		N/R		342,912
	2,500	5.375%, 2/15/34 (4)		2/15 at 100.00		N/R		279,700
	2,155	St. Joseph County, Indiana, Economic Development Revenue Bonds, Chicago Trail Village Apartments, Series 2005A, 7.500%, 7/01/35		7/15 at 103.00		N/R		2,297,639
	230	St. Joseph County, Indiana, Economic Development Revenue Bonds, Holy Cross Village at Notre Dame, Series 2006A, 5.550%, 5/15/19		7/13 at 100.00		N/R		230,278
		Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011:
	5,000	7.750%, 9/01/31		9/21 at 100.00		N/R		6,187,450
	5,000	8.000%, 9/01/41		9/21 at 100.00		N/R		6,146,100

Nuveen Investments 133

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
		Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007:
$	3,000	5.700%, 9/01/37		9/17 at 100.00		N/R	$	3,139,950
	15,000	5.750%, 9/01/42		9/17 at 100.00		N/R		15,682,050
	32,500	5.800%, 9/01/47		9/17 at 100.00		N/R		34,043,750
	198,678	Total Indiana						221,912,317
		Iowa – 1.5%
	7,000	Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.500%, 7/01/25		7/16 at 100.00		BB+		7,398,930
	91,415	Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012, 4.750%, 8/01/42		8/22 at 100.00		BBB–		91,408,601
	5,355	Iowa Finance Authority, Multifamily Housing Bonds, Series 2006A, 4.600%, 7/01/41 (UB)		7/16 at 100.00		AA		5,518,328
	1,000	Iowa Finance Authority, Senior Housing Revenue Bonds, Bethany Life Communities, Series 2006A, 5.550%, 11/01/41		11/13 at 100.00		N/R		1,005,070
	2,000	Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa University Project, Refunding Series 2010, 5.750%, 9/01/30		9/20 at 100.00		BBB		2,277,720
		Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
	2,030	5.375%, 6/01/38		6/15 at 100.00		B+		1,958,138
	11,425	5.500%, 6/01/42		6/15 at 100.00		B+		11,096,874
	2,075	5.625%, 6/01/46		6/15 at 100.00		B+		2,035,181
	9,850	Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34		6/17 at 100.00		B+		9,856,600
	1,490	Pottawattamie County, Iowa, Revenue Bonds, Christian Homes, Inc. Obligated Group, Series 2007E, 5.750%, 5/15/31		5/17 at 100.00		BBB–		1,582,112
	2,250	Scott County, Iowa, Revenue Bonds, Ridgecrest Village, Series 2006, 5.250%, 11/15/27		11/16 at 100.00		BBB–		2,303,888
	135,890	Total Iowa						136,441,442
		Kansas – 0.6%
	5,405	Fredonia, Kansas, Hospital Revenue Bonds, Series 2007, 6.125%, 8/15/37		8/17 at 100.00		N/R		5,545,530
		Lenexa, Kansas, Health Care Facilities Revenue Bonds, Lakeview Village Inc, Refunding & Improvement Series 2007:
	1,650	5.250%, 5/15/22		5/17 at 100.00		N/R		1,728,425
	490	5.500%, 5/15/39		5/17 at 100.00		N/R		502,181
	1,000	Manhattan Health Care Facility Revenue Bonds, Kansas, Meadowlarks Hills Retirement, Series 2007B, 5.125%, 5/15/42		5/14 at 103.00		N/R		1,002,960
		Olathe, Kansas, Tax Increment Revenue Bonds, Gateway Area 1 Special Obligation Series 2006:
	1,000	5.000%, 3/01/16 (4)		No Opt. Call		N/R		520,310
	4,780	5.000%, 3/01/26 (4)		3/16 at 100.00		N/R		2,485,982
	2,790	Olathe, Kansas, Transportation Development District Sales Tax Revenue Bonds, Gateway Project Area lA, Series 2006, 5.000%, 12/01/28 (4)		12/16 at 100.00		N/R		1,118,093
		Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A:
	18,500	5.250%, 1/01/32 – AMBAC Insured		1/17 at 100.00		BB+		19,010,600
	1,960	5.125%, 1/01/32 – AMBAC Insured		1/17 at 100.00		BB+		2,005,884
	5,000	Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/32 – AMBAC Insured		1/17 at 100.00		BB+		5,083,150
	8,910	Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012, 6.000%, 12/15/32		No Opt. Call		N/R		8,935,126

134 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kansas (continued)
$	4,053	Wichita, Kansas, Multifamily Housing Revenue Bonds, Buttonwood Tree Apartments Project, Series 2002-I, 7.350%, 12/01/33 (Alternative Minimum Tax)		6/13 at 100.00		N/R	$	4,336,096
	55,538	Total Kansas						52,274,337
		Kentucky – 0.2%
	8,000	Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.375%, 6/01/40		6/20 at 100.00		BBB+		9,590,320
	3,070	Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Tender Option Bond Trust 1068, 18.123%, 8/15/46 (IF) (5)		8/21 at 100.00		AA–		4,448,461
	1,000	Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 – AGC Insured		6/18 at 100.00		AA–		1,097,690
	1,000	Louisville and Jefferson County Metropolitan Government, Kentucky, General Revenue Bonds, Bellarmine University, Series 2008A, 6.000%, 5/01/38		5/18 at 100.00		Baa3		1,102,490
	2,190	Rockcastle County, Kentucky, First Mortgage Revenue Bonds, Rockcastle Hospital and Respiratory Care Center Inc. Project, Series 2005, 5.550%, 6/01/30		6/15 at 100.00		BBB–		2,238,399
	15,260	Total Kentucky						18,477,360
		Louisiana – 1.1%
	15,000	Hodge, Louisiana, Combined Utility System Revenue Bonds, Smurfit-Stone Container Corporation, Series 2003, 7.450%, 3/01/24 (Alternative Minimum Tax) (7)		No Opt. Call		N/R		1,500
		Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East Jefferson General Hospital, Refunding Series 2011:
	4,540	6.250%, 7/01/31		7/21 at 100.00		BBB–		5,407,730
	25,365	6.375%, 7/01/41		7/21 at 100.00		BBB–		29,787,134
	1,160	Juban Parc Community Development District, Livingston Parish, Louisiana, Special Assessment Bonds, Series 2006, 5.150%, 10/01/14 (4)		No Opt. Call		N/R		383,194
	6,938	Lakeshore Villages Master Community Development District, Louisiana, Special Assessment Revenue Bonds, Series 2007, 5.250%, 7/01/17 (4)		No Opt. Call		N/R		2,777,906
	1,000	Louisiana Public Facilities Authority, Revenue Bonds, Belle Chasse Educational Foundation Project, Series 2011, 6.750%, 5/01/41		5/21 at 100.00		BBB		1,184,490
		Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Series 2011A:
	505	7.750%, 12/15/31		12/21 at 100.00		N/R		567,761
	7,425	8.000%, 12/15/41		12/21 at 100.00		N/R		8,396,784
	7,315	Louisiana Local Government Environment Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29		8/20 at 100.00		BBB–		8,881,800
	750	Louisiana Local Government Environment Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-2, 6.500%, 11/01/35		11/20 at 100.00		BBB–		901,725
	11,440	Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32		11/17 at 100.00		BBB–		13,094,338
	590	Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Capital Projects and Equipment Acquisition Program, Series 2000A, 6.300%, 7/01/30 – AMBAC Insured		No Opt. Call		N/R		666,665
	9,535	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		9,776,617

Nuveen Investments 135

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana (continued)
$	6,100	Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Hotel LLC Project, Series 2007A, 6.750%, 12/15/37 (4)		12/17 at 100.00		N/R	$	2,738,656
		Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Woman’s Hospital Foundation Project, Tender Option Bonds Trust 1012:
	3,315	20.273%, 10/01/40 (IF) (5)		10/20 at 100.00		A3		5,567,808
	1,375	20.285%, 10/01/40 (IF) (5)		10/20 at 100.00		A3		2,310,000
		Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011:
	2,000	6.500%, 5/15/37		5/21 at 100.00		Baa1		2,397,960
	600	6.750%, 5/15/41		5/21 at 100.00		Baa1		725,580
	5,260	Louisiana Public Facilities Authority, Solid Waste Disposal Facility Revenue Bonds, Louisiana Pellets Inc Project, Series 2013A, 9.750%, 8/01/14 (Alternative Minimum Tax)		1/14 at 100.00		N/R		5,261,052
	1,940	Orange Grove Community Development District, Louisiana, Special Assessment Revenue Bonds, Series 2006, 5.300%, 11/01/21 (4)		7/13 at 100.00		N/R		602,060
	2,290	Whispering Springs Community Development District, Livingston Parish, Louisiana, Special Assessment Bonds, Series 2006, 5.200%, 10/01/21 (4)		7/13 at 100.00		N/R		504,579
	114,443	Total Louisiana						101,935,339
		Maine – 0.2%
		Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011:
	2,300	6.950%, 7/01/36		7/21 at 100.00		Baa3		2,845,606
	6,500	7.000%, 7/01/41		7/21 at 100.00		Baa3		7,997,405
	3,950	Rumford, Maine, Solid Waste Disposal Revenue Bonds, Boise Cascade Corporation Project, Series 2001, 6.875%, 10/01/26 (Alternative Minimum Tax)		7/13 at 100.00		B2		3,970,066
	12,750	Total Maine						14,813,077
		Maryland – 1.3%
	7,850	Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/39 – SYNCORA GTY Insured		9/16 at 100.00		BB+		8,006,843
	500	Baltimore, Maryland, Special Obligation Bonds, North Locust Point Project, Series 2005, 5.500%, 9/01/34		9/15 at 101.00		N/R		512,030
	19,255	Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.875%, 9/01/39		9/16 at 100.00		Ba2		19,827,836
		Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Series 2007A:
	1,270	5.250%, 4/01/27		4/17 at 100.00		N/R		1,285,621
	1,000	5.250%, 4/01/33		4/17 at 100.00		N/R		1,004,700
	4,780	Maryland Community Development Administration, Department of Housing and Community Development, Housing Revenue Bonds, Tender Option Bond Trust 2849, 10.811%, 1/01/15 (Alternative Minimum Tax) (IF)		No Opt. Call		AA+		5,147,247
	675	Maryland Community Development Administration, Department of Housing and Community Development, Housing Revenue Bonds, Tender Option Bond Trust 2849, 10.811%, 1/01/15 (Alternative Minimum Tax) (IF)		No Opt. Call		AA+		726,860
	7,335	Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2007A, 4.800%, 9/01/42 (Alternative Minimum Tax) (UB)		9/16 at 100.00		Aa2		7,593,852
		Maryland Community Development Administration, Residential Revenue Bonds, Series 2007D, Trust 1023:
	1,710	17.027%, 3/01/30 (Alternative Minimum Tax) (IF) (5)		3/17 at 100.00		Aa2		1,935,754
	940	16.822%, 3/01/30 (Alternative Minimum Tax) (IF) (5)		3/17 at 100.00		Aa2		1,066,148

136 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Maryland (continued)
		Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A:
$	1,650	5.000%, 12/01/16		No Opt. Call		N/R	$	1,515,080
	54,000	5.000%, 12/01/31		12/16 at 100.00		N/R		37,595,880
		Maryland Economic Development Corporation, Senior Lien Student Housing Revenue Bonds, University of Maryland – Baltimore, Series 2003A:
	820	5.625%, 10/01/23		10/13 at 100.00		B3		820,066
	10,640	5.750%, 10/01/33		10/13 at 100.00		B3		10,601,483
	2,080	Maryland Economic Development Corporation, Student Housing Revenue Bonds, Frostburg State University Project, Series 2002A , 6.250%, 10/01/33		10/13 at 100.00		Ba3		2,088,736
		Maryland Health and Higher Educational Facilities Authority, Private School Revenue Bonds, Washington Christian Academy, Series 2006:
	750	5.250%, 7/01/18 (4)		1/17 at 100.00		N/R		262,515
	6,260	5.500%, 7/01/38 (4)		1/17 at 100.00		N/R		2,191,125
	4,345	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, King Farm Presbyterian Community, Series 2007A, 5.300%, 1/01/37		1/17 at 100.00		N/R		4,223,688
	1,500	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.125%, 7/01/45		7/20 at 100.00		BBB–		1,618,200
		Prince George’s County, Maryland, Revenue Bonds, Dimensions Health Corporation, Series 1994:
	260	5.375%, 7/01/14		7/13 at 100.00		B3		260,086
	15,475	5.300%, 7/01/24		7/13 at 100.00		B3		15,289,145
	143,095	Total Maryland						123,572,895
		Massachusetts – 1.2%
	12,275	Boston Industrial Development Financing Authority, Massachusetts, Senior Revenue Bonds, Crosstown Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax)		9/13 at 101.00		Caa3		9,720,695
	4,080	Boston Industrial Development Financing Authority, Massachusetts, Subordinate Revenue Bonds, Crosstown Center Project, Series 2002, 8.000%, 9/01/35 (Alternative Minimum Tax) (4)		9/13 at 101.00		N/R		1,396,094
	2,000	Massachusetts Development Finance Agency, Education Facility Revenue Bonds, Academy of the Pacific Rim Project, Series 2006A, 5.125%, 6/01/31 – ACA Insured		6/16 at 100.00		N/R		2,016,640
	300	Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2000A, 8.375%, 7/01/14 (Alternative Minimum Tax)		No Opt. Call		N/R		307,179
	1,315	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		1,310,555
	34,580	Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42		11/17 at 100.00		BB+		35,103,195
	1,500	Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012C, 5.250%, 11/01/42 (Alternative Minimum Tax)		11/17 at 100.00		BB+		1,553,430
	4,960	Massachusetts Development Finance Agency, Revenue Bonds, Boston Architectural College, Series 2006, 5.000%, 1/01/37 – ACA Insured		1/17 at 100.00		N/R		4,858,518
	3,500	Massachusetts Development Finance Agency, Revenue Bonds, The Sabis International Charter School, Series 2009A, 8.000%, 4/15/39		10/19 at 100.00		BBB		4,325,720
	10,000	Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A, 5.125%, 2/01/34 – NPFG Insured		7/13 at 100.00		BBB		10,001,100

Nuveen Investments 137

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Massachusetts (continued)
		Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A:
$	5,950	6.250%, 1/15/28 (4)		1/18 at 100.00		N/R	$	30,464
	5,300	6.500%, 1/15/38 (4)		1/18 at 100.00		N/R		27,136
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital, Series 2005E:
	3,500	5.000%, 8/15/25 – RAAI Insured		8/15 at 100.00		N/R		3,557,295
	400	5.000%, 8/15/35 – RAAI Insured		8/15 at 100.00		N/R		401,256
	2,750	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Jordan Hospital, Series 1998D, 5.250%, 10/01/23		7/13 at 100.00		BB–		2,753,465
	2,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford Regional Medical Center, Series 2007E, 5.000%, 7/15/37		7/17 at 100.00		BBB–		2,026,720
	4,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2005D, 5.500%, 7/01/40		7/15 at 100.00		BB–		4,111,520
	5,323	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012A, 6.000%, 2/15/43		7/13 at 103.00		D		4,560,273
	4,162	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012B, 6.375%, 2/15/43		7/13 at 103.00		D		415,945
	6,244	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012C, 6.625%, 2/15/43		7/13 at 103.00		D		62
	2,500	Massachusetts Housing Finance Agency, Housing Bonds, Tender Option Bond Trust 2010-64W., 20.149%, 6/01/41 (IF) (5)		6/20 at 100.00		AA–		3,349,800
		Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:
	1,605	5.200%, 1/01/20 – AMBAC Insured (Alternative Minimum Tax)		7/13 at 100.00		N/R		1,605,674
	1,505	5.000%, 1/01/21 – AMBAC Insured		7/13 at 100.00		N/R		1,505,166
	4,000	5.500%, 1/01/22 – AMBAC Insured (Alternative Minimum Tax)		7/13 at 100.00		N/R		4,001,840
	15,445	5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)		7/13 at 100.00		N/R		15,444,846
	139,194	Total Massachusetts						114,384,588
		Michigan – 3.6%
		Advanced Technology Academy, Michigan, Public School Academy Revenue Bonds, Series 2008:
	3,995	6.000%, 11/01/28		11/18 at 100.00		BBB–		4,224,433
	5,105	6.000%, 11/01/37		11/18 at 100.00		BBB–		5,335,491
	1,050	Chandler Park Academy, Michigan, Public School Academy Charter School Revenue Bonds, Series 2005, 5.125%, 11/01/30		11/15 at 100.00		BBB		1,042,209
	1,955	Concord Academy, Boyne City, Michigan, Certificates of Participation, Series 2007, 5.600%, 11/01/36		11/17 at 100.00		N/R		1,685,738
		Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007:
	5,695	5.000%, 11/01/26		11/16 at 100.00		BB–		5,163,258
	3,750	5.250%, 11/01/31		11/16 at 100.00		BB–		3,353,475
	3,090	5.250%, 11/01/36		11/16 at 100.00		BB–		2,691,452
	2,500	Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Tender Option Bond Trust 3317, 18.652%, 11/01/26 – AGM Insured (IF) (5)		No Opt. Call		Aa2		4,436,200
	4,710	Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Tender Option Bond Trust 4697, 17.870%, 5/01/29 – AGM Insured (IF) (5)		No Opt. Call		Aa2		8,273,162
	5,500	Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Tender Option Bonds Trust 11784, 18.312%, 5/01/27 – AGM Insured (IF)		No Opt. Call		Aa2		9,443,720

138 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
		Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005:
$	2,000	5.650%, 11/01/25		11/15 at 100.00		B+	$	1,747,240
	500	5.750%, 11/01/30		11/15 at 100.00		B+		421,490
	2,425	5.750%, 11/01/35		11/15 at 100.00		B+		1,978,339
	6,550	Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21		11/13 at 100.00		B–		6,094,055
		Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A:
	12,725	5.000%, 7/01/32		7/22 at 100.00		A+		13,923,059
	12,000	5.250%, 7/01/39		7/22 at 100.00		A+		13,117,200
	5,365	5.000%, 7/01/39 – AGM Insured		7/22 at 100.00		AA–		5,833,257
	2,500	Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Tender Option Bond Trust 4068, 17.553%, 7/01/15 (IF) (5)		No Opt. Call		AA+		2,959,600
	6,555	Detroit Water Supply System, Michigan, Water Supply System Revenue Refunding Second Lien Bonds, Series 2006C, 5.000%, 7/01/33 – AGM Insured		No Opt. Call		AA–		6,682,429
		Detroit, Michigan, Distributable State Aid General Obligation Bonds, Tender Option Bond Trust 3789:
	2,500	18.169%, 5/01/18 (IF) (5)		No Opt. Call		AA		3,552,200
	1,750	18.169%, 5/01/18 (IF) (5)		No Opt. Call		AA		2,486,540
		Detroit, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2008-A1:
	12,140	5.000%, 4/01/15		No Opt. Call		B		11,367,775
	6,500	5.000%, 4/01/16		No Opt. Call		B		5,958,225
		Detroit, Michigan, General Obligation Bonds, Series 2001A-1:
	500	5.375%, 4/01/16 – NPFG Insured		7/13 at 100.00		Baa2		495,980
	2,000	5.375%, 4/01/18 – NPFG Insured		7/13 at 100.00		Baa2		1,926,260
	1,000	Detroit, Michigan, General Obligation Bonds, Series 2002, 5.125%, 4/01/22 – NPFG Insured		10/13 at 100.00		Baa2		926,040
		Detroit, Michigan, General Obligation Bonds, Series 2003A:
	3,000	5.250%, 4/01/22 – SYNCORA GTY Insured		7/13 at 100.00		B		2,768,100
	1,025	5.250%, 4/01/23 – SYNCORA GTY Insured		7/13 at 100.00		B		935,835
	5,000	Detroit, Michigan, General Obligation Bonds, Series 2005A, 5.000%, 4/01/21 – AGM Insured		No Opt. Call		AA–		5,066,150
	2,090	Detroit, Michigan, General Obligation Bonds, Unlimited Tax Series 2008A, 5.000%, 4/01/20		No Opt. Call		AA–		2,139,282
	6,845	Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Second Lien Series 2005B, 5.500%, 7/01/22 – NPFG Insured		No Opt. Call		A		8,060,604
		Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A:
	5,670	5.000%, 7/01/35 – NPFG Insured		7/15 at 100.00		A		5,734,071
	1,630	4.500%, 7/01/35 – NPFG Insured		7/15 at 100.00		A		1,582,029
	9,105	Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured		No Opt. Call		A		10,961,601
	1,435	Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%, 7/01/34 – NPFG Insured		7/13 at 100.00		A+		1,435,086
	1,325	Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 4.625%, 7/01/34 – FGIC Insured		7/16 at 100.00		A		1,341,284
	1,100	Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2005A, 4.500%, 7/01/35 – FGIC Insured		7/15 at 100.00		A+		1,093,070
	9,770	Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41		7/21 at 100.00		A+		10,609,829
	1,095	Doctor Charles Drew Academy, Michigan Certificates of Participation, Series 2006, 5.700%, 11/01/36		11/16 at 102.00		N/R		804,486

Nuveen Investments 139

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
$	3,500	Flint International Academy, Michigan, Public School Academy Revenue Bonds, Series 2007, 5.750%, 10/01/37		10/17 at 100.00		BBB–	$	3,616,760
		Garden City Hospital Finance Authority, Michigan, Revenue Bonds, Garden City Hospital Obligated Group, Series 2007A:
	11,825	4.875%, 8/15/27		8/17 at 100.00		N/R		11,734,066
	14,145	5.000%, 8/15/38		8/17 at 100.00		N/R		13,594,477
	1,000	Gaylord Hospital Finance Authority, Michigan, Revenue Bonds, Otsego Memorial Hospital, Series 2004, 6.200%, 1/01/25		1/15 at 100.00		N/R		1,028,070
	2,700	Kentwood Economic Development Corporation, Michigan, Limited Obligation Revenue Bonds, Holland Home Obligated Group, Refunding Series 2012, 5.625%, 11/15/41		5/22 at 100.00		BB+		2,858,733
	1,000	Merritt Academy, Michigan, Certificates of Participation, Series 2004, 7.250%, 12/01/24		12/14 at 102.00		N/R		1,034,030
	1,900	Merritt Academy, Michigan, Certificates of Participation, Series 2006, 6.250%, 12/01/36		12/14 at 102.00		N/R		1,904,085
		Michigan Finance Authority, Limited Obligation Revenue Bonds, Michigan Technical Academy, Series 2011:
	1,990	5.700%, 10/01/21		No Opt. Call		N/R		2,109,937
	2,140	7.100%, 10/01/31		10/21 at 100.00		N/R		2,277,110
	7,000	7.450%, 10/01/41		10/21 at 100.00		N/R		7,484,890
	1,000	Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding Bonds, Detroit Service Learning Academy Project, Series 2011, 7.000%, 10/01/36		10/21 at 100.00		BB+		1,144,890
	1,495	Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Creative Montessori Academy Project, Series 2011, 7.000%, 5/01/31		5/18 at 100.00		BBB–		1,616,304
	1,170	Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Holly Academy Project, Refunding Series 2011, 8.000%, 10/01/40		10/21 at 100.00		BBB–		1,416,800
	6,325	Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope Academy Project, Series 2011, 8.125%, 4/01/41		4/21 at 100.00		BB		7,297,722
	400	Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Old Redford Academy Project, Series 2010A, 6.500%, 12/01/40		12/20 at 100.00		BB		430,936
		Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Voyageur Academy Project, Series 2011:
	1,500	7.750%, 7/15/26		7/21 at 100.00		BB		1,618,590
	9,000	8.000%, 7/15/41		7/21 at 100.00		BB		9,704,610
	4,760	Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.200%, 10/01/42 – AGM Insured (Alternative Minimum Tax) (UB) (5)		7/15 at 100.00		AA		4,887,996
		Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of Arts and Sciences Charter School, Series 2001A:
	2,900	7.900%, 10/01/21		10/13 at 100.00		Caa2		2,580,623
	10,550	8.000%, 10/01/31		10/13 at 100.00		Caa2		9,388,129
	1,000	Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2007, 6.500%, 12/01/37		12/17 at 100.00		N/R		1,012,540
	1,505	Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Chandler Park Academy Project, Series 2008, 6.500%, 11/01/35		11/15 at 100.00		BBB		1,543,980
	1,000	Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Richfield Public School Academy, Series 2007, 5.000%, 9/01/36		9/17 at 100.00		BBB–		983,700

140 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
$	3,585	Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, David Ellis Academy-West Charter School Project, Series 2007, 5.875%, 6/01/37		6/17 at 100.00		N/R	$	3,625,582
		Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Dr. Joseph F. Pollack Academic Center of Excellence Project, Series 2010:
	290	7.250%, 4/01/20		No Opt. Call		BB		319,302
	1,140	8.000%, 4/01/30		4/20 at 100.00		BB		1,292,999
	500	8.000%, 4/01/40		4/20 at 100.00		BB		564,355
	10,275	Michigan State Hospital Finance Authority, Revenue Bonds, Hills and Dales General Hospital, Series 2005A, 6.750%, 11/15/38		11/15 at 102.00		N/R		10,837,248
		Michigan State Hospital Finance Authority, Revenue Bonds, Presbyterian Villages of Michigan Obligated Group, Series 2005:
	2,250	5.250%, 11/15/25		5/15 at 100.00		BB+		2,282,085
	11,200	5.500%, 11/15/35		5/15 at 100.00		BB+		11,309,312
	570	Michigan Strategic Fund, Limited Obligation Revenue Bonds, Ford Motor Company, Series 1992A, 6.550%, 10/01/22		7/13 at 100.00		Baa3		571,237
	9,900	Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42		6/18 at 100.00		BB–		10,296,099
		Renaissance Public School Academy, Michigan, Public School Academy Revenue Bonds, Series 2012A:
	990	5.500%, 5/01/27		5/22 at 100.00		BBB–		1,013,998
	1,315	6.000%, 5/01/37		5/22 at 100.00		BBB–		1,350,860
	1,500	Saline Economic Development Corporation, Michigan, Limited Obligation Revenue and Refunding Bonds, Evangelical Homes of Michigan, Series 2012, 5.250%, 6/01/32		6/22 at 100.00		BB+		1,522,665
		Summit Academy North, Michigan, Revenue Bonds, Public School Academy Series 2005:
	820	5.000%, 11/01/15		No Opt. Call		BB		825,740
	1,705	5.250%, 11/01/20		11/15 at 100.00		BB		1,719,697
	685	6.750%, 5/01/21		No Opt. Call		BB		749,801
	4,795	5.350%, 11/01/25		11/15 at 100.00		BB		4,795,000
	3,685	5.500%, 11/01/30		11/15 at 100.00		BB		3,644,207
	1,615	7.750%, 5/01/31		5/21 at 100.00		BB		1,798,512
	6,900	5.500%, 11/01/35		11/15 at 100.00		BB		6,709,215
	3,460	8.000%, 5/01/41		5/21 at 100.00		BB		3,887,725
	2,295	Summit Academy, Michigan, Revenue Bonds, Public School Academy Series 2005, 6.375%, 11/01/35		11/15 at 100.00		BB		2,335,736
	322,730	Total Michigan						340,370,607
		Minnesota – 0.9%
	1,000	Baytown Township, Minnesota, Lease Revenue Bonds, Saint Croix Preparatory Academy Project, Series 2008A, 7.000%, 8/01/38		8/16 at 102.00		BB		1,068,800
	12,970	Bloomington Port Authority, Minnesota, Recovery Zone Facility Revenue Bonds, Radisson Blu MOA, LLC Project, Series 2010, 9.000%, 12/01/35		12/20 at 100.00		N/R		15,451,939
	1,940	Chaska, Minnesota, Lease Revenue Bonds, World Learner School Project, Series, 8.000%, 12/01/43		12/21 at 100.00		BB+		2,304,817
		Falcon Heights, Minnesota, Lease Revenue Bonds, Kaleidoscope Charter School Revenue Bonds, Series 2007A:
	425	6.000%, 11/01/27		11/15 at 100.00		N/R		440,644
	1,550	6.000%, 11/01/37		11/15 at 100.00		N/R		1,598,903
	1,000	Faribault, Minnesota, Housing Revenue Bonds, Faribault Senior Living LLC Project, Series 2010, 7.000%, 5/01/45		5/18 at 102.00		N/R		1,074,160
	2,260	International Falls, Minnesota, Solid Waste Disposal Revenue Bonds, Boise Cascade Corporation Project, Refunding Series 1999, 6.850%, 12/01/29 (Alternative Minimum Tax)		7/13 at 100.00		B2		2,271,481

Nuveen Investments 141

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Minnesota (continued)
		Minneapolis, Minnesota, Recovery Zone Facility Revenue Bonds, Mosaic Parking, LLC Project, Series 2010A:
$	1,000	7.750%, 1/01/33		1/21 at 100.00		N/R	$	1,051,280
	1,000	8.500%, 1/01/41		1/21 at 100.00		N/R		1,083,080
	600	Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Series 2006, 5.200%, 2/01/22		2/14 at 100.00		N/R		601,698
	1,500	Oak Park Heights, Minnesota, Senior Housing Revenue Bonds, Oakgreen Commons Project, Series 2010, 7.000%, 8/01/45		8/20 at 100.00		N/R		1,645,110
	1,525	Ramsey, Anoka County, Minnesota, Charter School Lease Revenue Bonds, PACT Charter School, Series 2004A, 6.750%, 12/01/33		6/14 at 102.00		N/R		1,576,515
	1,695	Saint Paul Housing & Redevelopment Authority , Minnesota, Charter School Lease Revenue Bonds, Hmong Education Reform Company, Series 2012A, 5.500%, 9/01/43		9/20 at 101.00		BB+		1,742,206
	2,400	Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Higher Ground Academy Project, Series 2009, 8.500%, 12/01/38		6/14 at 102.00		N/R		2,521,800
	460	Saint Paul Port Authority, Minnesota, Great Northern Project Tax Increment Revenue Bonds, Series 2, 6.000%, 3/01/30		3/16 at 100.00		N/R		468,459
	1,000	Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Lutheran Home, Refunding Series 2013, 5.125%, 1/01/39		1/23 at 100.00		N/R		1,019,410
	1,600	St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Achieve Charter School, Series 2003A, 7.000%, 12/01/32		12/13 at 100.00		N/R		1,615,488
		St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2004A:
	390	6.625%, 12/01/23		6/14 at 102.00		N/R		403,915
	2,120	6.875%, 12/01/33		6/14 at 102.00		N/R		2,187,374
		St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Hmong Academy, Series 2006A:
	400	5.750%, 9/01/26		9/14 at 102.00		BB+		410,936
	500	6.000%, 9/01/36		9/14 at 102.00		BB+		514,530
	1,300	St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, HOPE Community Academy Charter School, Series 2004A, 6.750%, 12/01/33		6/14 at 102.00		N/R		1,339,598
	2,185	St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, HOPE Community Academy Charter School, Series 2005A, 6.250%, 12/01/33		6/14 at 102.00		N/R		2,217,819
		St. Paul Housing and Redevelopment Authority, Minnesota, Collateralized Multifamily Housing Revenue Bonds, Marian Center Project, Series 2007A:
	845	5.300%, 11/01/30		5/14 at 101.00		N/R		848,304
	1,225	5.375%, 5/01/43		5/14 at 101.00		N/R		1,227,242
	2,195	St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/25		11/15 at 100.00		BBB–		2,375,539
		St. Paul Port Authority, Minnesota, Lease Revenue Bonds, HealthEast Midway Campus, Series 2005A:
	2,700	5.750%, 5/01/25		5/15 at 100.00		BB+		2,854,548
	2,800	5.875%, 5/01/30		5/15 at 100.00		BB+		2,955,064
	8,300	St. Paul Port Authority, Minnesota, Lease Revenue Bonds, HealthEast Midway Campus, Series 2005B, 6.000%, 5/01/30		5/15 at 100.00		N/R		8,781,317
		Stillwater, Minnesota, Multifamily Housing Revenue Bonds, Orleans Homes LP, Series 2007:
	1,500	5.250%, 2/01/27 (Alternative Minimum Tax)		2/15 at 102.00		N/R		1,486,830
	800	5.500%, 2/01/42 (Alternative Minimum Tax)		2/15 at 102.00		N/R		785,192

142 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Minnesota (continued)
		Wayzata, Minnesota, Senior Housing Revenue Bonds, Folkestone Senior Living Community, Series 2012A:
$	1,485	5.500%, 11/01/32		5/19 at 102.00		N/R	$	1,617,091
	3,000	5.750%, 11/01/39		5/19 at 102.00		N/R		3,291,210
	6,100	6.000%, 5/01/47		5/19 at 102.00		N/R		6,737,999
		Winsted, Minnesota, Health Care Revenue Bonds, Saint Mary’s Care Center Project, Series 2010A:
	1,000	6.250%, 9/01/30		9/17 at 100.00		N/R		1,054,280
	3,250	6.875%, 9/01/42		9/17 at 100.00		N/R		3,469,635
	76,020	Total Minnesota						82,094,213
		Mississippi – 0.0%
	4,865	Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, Roberts Hotel of Jackson, LLC Project, Series 2010, 8.500%, 2/01/30 (4)		2/21 at 102.00		N/R		972,903
	1,624	Mississippi Home Corporation, Multifamily Housing Revenue Bonds, Tupelo Personal Care Apartments, Series 2004-2, 6.125%, 9/01/34 (Alternative Minimum Tax)		10/19 at 101.00		N/R		1,396,758
	6,489	Total Mississippi						2,369,661
		Missouri – 0.9%
		Belton, Missouri, Town Center Project Tax Increment Revenue Bonds, Series 2006:
	250	5.500%, 3/01/20		3/16 at 100.00		N/R		252,853
	600	5.625%, 3/01/25		3/16 at 100.00		N/R		597,642
		Cottleville, Missouri, Certificates of Participation, Series 2006:
	200	5.125%, 8/01/26 (Pre-refunded 8/01/14)		8/14 at 100.00		N/R (6)		212,060
	600	5.250%, 8/01/31 (Pre-refunded 8/01/14)		8/14 at 100.00		N/R (6)		637,122
	600	Franklin County Industrial Development Authority, Missouri, Sales Tax Refunding Revenue Bonds, Phoenix Center II Community Improvement District Project, Series 2013A, 5.000%, 11/01/37		11/20 at 100.00		N/R		604,290
		Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006:
	590	5.000%, 6/01/20		6/16 at 100.00		N/R		570,501
	3,000	5.000%, 6/01/28		6/16 at 100.00		N/R		2,610,420
	1,475	Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36		10/19 at 100.00		A–		1,645,186
	1,300	Hanley/Eager Road Transportation Development District, Missouri, Revenue Bonds, Refunding Series 2012A, 6.000%, 3/01/42		3/16 at 101.00		N/R		1,334,736
	7,685	Hawk Ridge Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2006A, 5.000%, 2/01/30		2/17 at 100.00		N/R		4,829,561
		Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Briarcliff West Project, Series 2006A:
	1,580	5.150%, 6/01/16		6/14 at 102.00		N/R		1,648,856
	3,000	5.400%, 6/01/24		6/14 at 102.00		N/R		3,114,630
	18,500	Lakeside 370 Levee District, Saint Charles, Missouri, Levee District Improvement Bonds, Series 2008, 7.000%, 4/01/28		4/16 at 100.00		N/R		11,100,185
	1,500	Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2007A, 5.125%, 8/15/26		8/17 at 100.00		BBB–		1,536,705
		Lees Summit Industrial Development Authority, Missouri, Special Assessment and Sales Tax Revenue Bonds, Summit Fair Community Improvement District Project, Series 2012:
	1,460	5.000%, 5/01/35		5/20 at 100.00		N/R		1,472,877
	2,365	6.000%, 5/01/42		5/20 at 100.00		N/R		2,389,194
	500	Missouri Development Finance Board. Infrastructure Facilities Revenue Bonds, City of Independence, Missouri – Events Center Project, Series 2009F, 6.250%, 4/01/38 (Pre-refunded 4/01/14)		4/14 at 100.00		A– (6)		527,175

Nuveen Investments 143

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Missouri (continued)
$	2,810	Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Tender Option Bond Trust 4731, 13.540%, 11/15/42 (IF) (5)		11/22 at 100.00		AA–	$	3,011,027
	550	Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2005, 5.375%, 2/01/35		2/15 at 100.00		BBB+		560,819
	2,580	Poplar Bluff Regional Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2012, 4.750%, 12/01/42		No Opt. Call		BBB		2,648,886
		Saint Louis Industrial Development Authority, Missouri, Confluence Academy Project, Series 2007A:
	1,295	5.250%, 6/15/25		6/15 at 103.00		N/R		1,264,296
	3,400	5.350%, 6/15/32		6/15 at 103.00		N/R		3,228,096
	5,365	Saint Louis Industrial Development Authority, Missouri, Multifamily Housing Revenue Bonds, Councils Towers Apartments, Series 2010B, 7.250%, 12/15/13		6/13 at 100.00		N/R		5,376,642
	9,000	Saint Louis Land Clearance for Redevelopment Authority, Missouri, Tax-Exempt Recovery Zone Facilities Improvement, Special Revenue Bonds, Kiel Opera House Project, Series 2010B, 7.000%, 9/01/35		9/20 at 100.00		N/R		9,410,670
	1,664	Saint Louis, Missouri, Tax Increment Bonds, 410 North Jefferson Lofts Project, Series 2007, 5.500%, 9/01/27		9/13 at 100.00		N/R		1,470,460
	1,354	Saint Louis, Missouri, Tax Increment Financing District Revenue Bonds, Gaslight Square East Project, Series 2006, 5.500%, 1/22/28		9/13 at 100.00		N/R		1,217,260
	2,205	Saint Louis, Missouri, Tax Increment Financing District Revenue Bonds, Printers Lofts Project, Series 2006, 6.000%, 8/21/26 (11)		No Opt. Call		N/R		1,345,866
	1,989	Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, City Hospital Tax Increment District, Series 2007, 6.000%, 8/23/26		7/13 at 100.00		N/R		1,862,400
	2,587	Saint Louis, Missouri, Tax Increment Financing Revenue Notes, Marquette Building Redevelopment Project, Series 2008-A, 6.500%, 1/23/28		7/13 at 100.00		N/R		1,931,273
	1,356	Saint Louis, Missouri, Tax-Exempt Revenue Notes, City Block 1859, Grand Avenue/Cozens/Evans Redevelopment Project, Series 2008-A, 6.500%, 12/11/29		7/13 at 100.00		N/R		1,110,578
		St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A:
	500	5.100%, 11/01/19		11/14 at 100.00		N/R		503,765
	1,000	5.375%, 11/01/24		11/14 at 100.00		N/R		1,006,220
	2,000	St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005B, 5.375%, 11/01/23		11/14 at 100.00		N/R		2,014,760
	1,500	St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42		No Opt. Call		BBB–		1,506,015
	1,350	Strother Interchange Transportation Development District, Missouri, Revenue Bonds, Lees Summit, Series 2006, 5.000%, 5/01/24		5/16 at 100.00		N/R		1,338,741
	1,500	Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc., Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax)		6/13 at 101.00		BB+		1,521,765
		University Place Transportation Development District, St. Louis County, Missouri, Transportation Sales Tax and Special Assessment Revenue Bonds, Series 2006:
	1,000	5.000%, 3/01/26		3/15 at 100.00		N/R		949,900
	2,500	5.000%, 3/01/32		3/15 at 100.00		N/R		2,259,150
	92,710	Total Missouri						80,622,582

144 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Montana – 0.1%
		Billings, Montana, Tax Increment Urban Renewal Revenue Bonds, Expanded North 27th Street, Series 2013A:
$	910	5.000%, 7/01/33		1/23 at 100.00		N/R	$	951,478
	2,100	5.000%, 7/01/38		1/23 at 100.00		N/R		2,150,820
	10,140	Montana Board of Investments, Exempt Facility Revenue Bonds, Stillwater Mining Company, Series 2000, 8.000%, 7/01/20 (Alternative Minimum Tax)		7/13 at 100.00		B		10,176,403
	13,150	Total Montana						13,278,701
		Nebraska – 0.5%
		Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012:
	8,690	5.000%, 9/01/32		9/22 at 100.00		A		9,723,502
	500	5.250%, 9/01/37		No Opt. Call		A		559,595
	35,025	5.000%, 9/01/42		9/22 at 100.00		A		37,924,019
	44,215	Total Nebraska						48,207,116
		Nevada – 1.0%
	4,250	Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 11823, 20.174%, 1/01/36 (IF)		1/20 at 100.00		A+		7,252,710
	1,035	Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Tender Option Bond Trust 11823, 18.100%, 1/01/18 (IF)		No Opt. Call		A+		1,548,267
	1,555	Henderson Local Improvement Districts T-17, Nevada, Limited Obligation Improvement Bonds, Madeira Canyon Project, Series 2005, 5.000%, 9/01/25		3/18 at 100.00		N/R		1,576,210
	5,000	Henderson Local Improvement Districts T-18, Nevada, Limited Obligation Improvement Bonds, Inspirada Series 2006, 5.300%, 9/01/35		9/13 at 102.00		N/R		3,904,400
	5,000	Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30		6/19 at 100.00		BBB–		5,731,550
		Las Vegas, Nevada, Local Improvement and Refunding Bonds, Special Improvement District 808 and 810 Summerlin Village 23B, Series 2007:
	4,610	5.875%, 6/01/21		12/13 at 103.00		N/R		4,719,580
	11,770	6.125%, 6/01/31		12/13 at 103.00		N/R		11,987,863
	3,060	Las Vegas, Nevada, Local Improvement Bonds, District 607, Series 2004, 6.250%, 6/01/24		12/16 at 100.00		N/R		3,153,544
		Mesquite Special Improvement District 07-01, Nevada, Anthem at Mesquite Local Improvement Bonds, Series 2007:
	500	6.000%, 8/01/27		4/15 at 102.00		N/R		503,855
	2,495	6.150%, 8/01/37		4/15 at 102.00		N/R		2,472,994
		North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006:
	2,860	4.625%, 10/01/31 – NPFG Insured		10/16 at 100.00		A		2,881,479
	4,900	4.500%, 10/01/36 – NPFG Insured		10/16 at 100.00		A		4,953,214
	2,375	Reno, Nevada, Redevelopment Agency Downtown Project Tax Allocation Bonds, Series 2007C, 5.400%, 6/01/27		6/17 at 100.00		N/R		1,306,559
		Sparks Local Improvement District 3, Legends at Sparks Marina, Nevada, Limited Obligation Improvement Bonds, Series 2008:
	1,980	6.500%, 9/01/20		9/18 at 100.00		N/R		2,111,710
	2,000	6.750%, 9/01/27		9/18 at 100.00		N/R		2,086,860
		Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax Revenue Bonds Series 2008A:
	6,580	6.500%, 6/15/20		6/18 at 100.00		B2		6,881,825
	25,590	6.750%, 6/15/28		6/18 at 100.00		B2		26,492,048
	85,560	Total Nevada						89,564,668

Nuveen Investments 145

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Hampshire – 0.0%
$	200	New Hampshire Health and Education Facilities Authority, Revenue Bonds, The Memorial Hospital, Series 2006, 5.250%, 6/01/26		6/16 at 100.00		BBB	$	205,304
		New Jersey – 2.6%
	6,422	Bayonne Medical Center Inc., New Jersey, Revenue Bonds, Bond Anticipation Notes, Series 2006, 8.050%, 12/31/49 (12)		No Opt. Call		N/R		674,674
	8,255	Bayonne Redevelopment Agency, New Jersey, Revenue Bonds, Royal Caribbean Cruises Project, Series 2006A, 5.375%, 11/01/35 (Alternative Minimum Tax)		11/16 at 100.00		BB		8,318,811
	1,000	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		1,040,430
		New Jersey Economic Development Authority, Charter School Revenue Bonds, Lady Liberty Academy Charter School Project, Series 2013A:
	2,390	5.500%, 8/01/33		8/23 at 100.00		BB+		2,402,810
	4,120	5.650%, 8/01/43		8/23 at 100.00		BB+		4,151,477
	2,395	5.750%, 8/01/47		8/23 at 100.00		BB+		2,411,358
	1,180	New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.750%, 6/15/34 (Pre-refunded 6/15/14)		6/14 at 100.00		Aaa		1,251,992
	1,000	New Jersey Economic Development Authority, Economic Development Revenue Bonds, Glimcher Properties LP, Series 1998, 6.000%, 11/01/28 (Alternative Minimum Tax)		7/13 at 100.00		N/R		999,900
	10,015	New Jersey Economic Development Authority, Revenue Bonds, American Airlines Inc., Series 1991, 7.100%, 11/01/31 (Alternative Minimum Tax) (4)		11/13 at 100.00		N/R		10,014,900
	20,000	New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Refunding Series 2012, 5.750%, 9/15/27 (Mandatory put 9/15/22) (Alternative Minimum Tax)		7/13 at 100.00		B		20,686,600
	795	New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1998, 5.500%, 4/01/28 (Alternative Minimum Tax)		7/13 at 100.00		B		797,989
	8,100	New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 5.125%, 9/15/23 (Alternative Minimum Tax)		9/13 at 100.00		B		8,536,185
	23,750	New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 5.250%, 9/15/29 (Alternative Minimum Tax)		9/22 at 101.00		B		25,024,900
		New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000:
	1,500	7.200%, 11/15/30 (Alternative Minimum Tax)		7/13 at 100.00		B		1,505,700
	5,210	7.000%, 11/15/30 (Alternative Minimum Tax)		5/13 at 100.00		B		5,229,694
	7,510	New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2003, 9.000%, 6/01/33(Alternative Minimum Tax)		7/13 at 100.00		B		7,735,150
	1,500	New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A, 5.875%, 6/01/42		6/20 at 100.00		Baa3		1,708,695
	2,400	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–		2,989,824
		New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtual Health, Tender Option Bond Trust 3018:
	1,575	18.599%, 7/01/38 – AGC Insured (IF) (5)		1/14 at 100.00		AA–		1,678,824
	1,815	19.077%, 7/01/38 – AGC Insured (IF) (5)		7/19 at 100.00		AA–		2,632,059
	5,000	19.102%, 7/01/38 – AGC Insured (IF) (5)		7/19 at 100.00		AA–		7,254,000
	1,250	19.102%, 7/01/38 – AGC Insured (IF) (5)		7/19 at 100.00		AA–		1,813,500

146 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
		New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011:
$	4,450	6.000%, 7/01/26		7/21 at 100.00		BB+	$	5,194,752
	1,365	6.250%, 7/01/35		7/21 at 100.00		BB+		1,605,759
	23,630	New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37		7/18 at 100.00		BB+		25,732,361
		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Palisades Medical Center of New York Presbyterian Healthcare System, Series 2002:
	1,320	6.500%, 7/01/21		7/13 at 100.00		BB+		1,323,828
	1,500	6.625%, 7/01/31		7/13 at 100.00		BB+		1,502,730
	5,715	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–		6,600,711
	590	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/23		7/13 at 100.00		Ba2		592,307
	2,500	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1B, 5.750%, 12/01/39 (Alternative Minimum Tax)		12/22 at 100.00		A		2,659,075
	1,535	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Trust 11853, 21.551%, 6/01/16 (IF)		No Opt. Call		AA–		2,208,589
	42,515	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 – AGC Insured (Alternative Minimum Tax) (UB)		6/18 at 100.00		AA–		47,180,596
	35,000	Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34		6/17 at 100.00		B2		30,831,150
	237,302	Total New Jersey						244,291,330
		New Mexico – 0.3%
	1,000	Bernalillo County, New Mexico, Multifamily Housing Revenue Bonds, Valencia Retirement Apartments Project, Series 2001A, 5.450%, 6/01/34 – AMBAC Insured (Alternative Minimum Tax)		5/13 at 100.00		N/R		1,000,260
		Cabezon Public Improvement District, Rio Rancho, New Mexico, Special Levy Revenue Bonds, Series 2005:
	1,505	6.000%, 9/01/24		9/15 at 102.00		N/R		1,575,043
	1,490	6.300%, 9/01/34		9/15 at 102.00		N/R		1,551,582
	4,000	Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New Mexico – San Juan Project, Series 2003B, 4.875%, 4/01/33		4/16 at 101.00		BBB		4,141,080
	3,000	Jicarilla Apache Nation, New Mexico, Revenue Bonds, Series 2002A, 5.500%, 9/01/23		No Opt. Call		N/R		2,999,760
		Mariposa East Public Improvement District, New Mexico, General Obligation Bonds, Series 2006:
	1,210	5.500%, 9/01/16		No Opt. Call		N/R		1,043,226
	1,655	5.750%, 9/01/21		9/16 at 100.00		N/R		1,415,422
	9,050	6.000%, 9/01/32		9/16 at 100.00		N/R		7,719,741
	5,245	New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, Haverland Carter Lifestyle Group, Series 2013, 5.000%, 7/01/42		7/22 at 100.00		BBB–		5,298,447
		The Trails Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2008:
	1,190	7.625%, 10/01/23		10/18 at 100.00		N/R		1,252,868
	3,400	7.750%, 10/01/38		10/18 at 100.00		N/R		3,487,720
	32,745	Total New Mexico						31,485,149

Nuveen Investments 147

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York – 3.0%
$	750	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	$	816,983
		Brooklyn Arena Local Developme(nt Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
	12,430	0.000%, 7/15/32		No Opt. Call		BBB–		5,372,495
	5,470	0.000%, 7/15/35		No Opt. Call		BBB–		1,977,186
	10,750	6.375%, 7/15/43		1/20 at 100.00		BBB–		12,862,698
	1,125	Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Medaille College, Series 2012, 5.250%, 4/01/35		1/23 at 100.00		BB+		1,169,899
	500	Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.100%, 5/01/31		5/16 at 100.00		BBB–		513,425
	1,000	Dormitory Authority of the State of New York, Insured Revenue Bonds, Pace University, Series 2013A, 5.000%, 5/01/38		5/23 at 100.00		BBB–		1,089,950
		New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005:
	14,050	7.500%, 8/01/16 (Alternative Minimum Tax)		No Opt. Call		N/R		14,805,154
	9,960	7.625%, 8/01/25 (Alternative Minimum Tax)		8/16 at 101.00		N/R		11,308,042
	12,600	8.000%, 8/01/28		8/16 at 101.00		N/R		14,386,554
	14,800	7.750%, 8/01/31 (Alternative Minimum Tax)		8/16 at 101.00		N/R		16,905,526
		New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007:
	2,425	5.625%, 10/01/17 (13)		No Opt. Call		N/R		1,032,032
	12,570	5.750%, 10/01/27 (14)		10/17 at 100.00		N/R		5,336,468
	28,560	5.750%, 10/01/37 (14)		10/17 at 100.00		N/R		12,122,292
	61,500	5.875%, 10/01/46 (15)		10/17 at 102.00		N/R		26,098,755
	5,555	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		5,783,199
		New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
	9,130	5.000%, 1/01/31 – AMBAC Insured		1/17 at 100.00		Ba1		9,485,614
	10,090	5.000%, 1/01/36 – AMBAC Insured		1/17 at 100.00		Ba1		10,392,397
	4,275	New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured		3/19 at 100.00		AA–		5,278,129
		New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, American Airlines Inc., Series 1990:
	200	5.400%, 7/01/19 (Alternative Minimum Tax) (4)		8/13 at 100.00		N/R		224,998
	430	5.400%, 7/01/20 (Alternative Minimum Tax) (4)		8/13 at 100.00		N/R		483,746
	2,305	New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, American Airlines Inc., Series 1994, 6.900%, 8/01/24 (Alternative Minimum Tax) (4)		7/13 at 100.00		N/R		2,581,577
	27,805	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)		6/13 at 100.00		BB		27,805,556
	6,610	New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 2002, 7.625%, 12/01/32 (Alternative Minimum Tax)		12/13 at 100.00		BB		6,742,068
	8,500	New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)		8/13 at 100.50		N/R		9,392,245
		New York City Industrial Development Agency, New York, Special Facility Revenue Bonds, JetBlue Airways Corporation Project, Series 2006:
	2,085	5.000%, 5/15/20 (Alternative Minimum Tax)		7/13 at 100.00		B–		2,085,000
	5,370	5.125%, 5/15/30 (Alternative Minimum Tax)		7/13 at 100.00		B–		5,369,624

148 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
		New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 3484:
$	1,290	17.949%, 6/15/15 (IF)		No Opt. Call		AA+	$	1,894,301
	2,500	17.982%, 6/15/15 (IF)		No Opt. Call		AA+		3,673,400
	375	17.983%, 6/15/15 (IF)		No Opt. Call		AA+		570,330
	1,250	17.982%, 6/15/32 (IF)		6/17 at 100.00		AA+		1,830,650
	7,500	17.982%, 6/15/33 (IF)		6/19 at 100.00		AA+		11,431,800
	625	17.982%, 6/15/33 (IF)		6/19 at 100.00		AA+		952,650
	835	New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/31		11/21 at 100.00		A+		956,952
	9,860	New York Liberty Development Corporation, Second Priority Liberty Revenue Refunding Bonds, Bank of America Tower at One Bryant Park Project, Series 2010, 6.375%, 7/15/49		1/20 at 100.00		A–		11,814,942
		New York Liberty Development Corporation, Second Priority Liberty Revenue Refunding Bonds, Bank of America Tower at One Bryant Park Project, Tender Option Bond Trust PT4704:
	1,000	18.206%, 1/15/44 (IF) (5)		1/20 at 100.00		AA+		1,488,320
	1,875	18.206%, 1/15/44 (IF) (5)		1/20 at 100.00		AA+		2,790,600
	1,665	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fifty Second Series 2009, 13.799%, 11/01/35 (Alternative Minimum Tax) (IF)		5/18 at 100.00		AA–		2,177,887
	16,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fifty Second Series 2008, 5.250%, 11/01/35 (Alternative Minimum Tax) (UB)		5/18 at 100.00		AA–		17,641,280
		Seneca Nation of Indians Capital Improvements Authority, New York, Special Obligation Bonds, Series 2007A:
	4,695	5.250%, 12/01/16		No Opt. Call		BB		5,026,749
	1,000	5.000%, 12/01/23		6/17 at 100.00		BB		1,056,620
	100	Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)		7/13 at 100.00		N/R		100,005
		TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
	1,000	5.000%, 6/01/26		6/16 at 100.00		BB–		989,550
	3,230	5.000%, 6/01/34		6/16 at 100.00		B+		2,932,356
	1,000	Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31		7/13 at 100.00		B+		1,001,730
	326,645	Total New York						279,751,734
		North Carolina – 0.4%
	1,500	Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series 2007, 5.250%, 10/01/38		10/17 at 100.00		N/R		1,531,620
		Buncombe County, North Carolina, Project Development Financing Revenue Bonds, Woodfin Downtown Corridor Development, Series 2008:
	750	6.750%, 8/01/24		8/18 at 100.00		N/R		747,563
	3,470	7.250%, 8/01/34		8/18 at 100.00		N/R		3,441,615
	1,000	Charlotte, North Carolina, Special Facility Refunding Revenue Bonds, Charlotte/Douglas International Airport, US Airways, Inc. Project, Series 1998, 5.600%, 7/01/27 (Alternative Minimum Tax)		7/13 at 100.00		N/R		1,001,230
	1,565	Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Tender Option Bond Trust 11963, 18.853%, 1/15/19 (IF)		No Opt. Call		AA–		2,467,880
		Durham Housing Authority, North Carolina, Multifamily Housing Revenue Bonds, JFK Towers Project, Series 2012A:
	1,900	5.000%, 12/01/35		No Opt. Call		A–		1,991,333
	2,570	5.000%, 12/01/47		No Opt. Call		A–		2,613,125

Nuveen Investments 149

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		North Carolina (continued)
$	5,250	North Carolina Capital Facilities Finance Agency, Solid Waste Facilities Revenue Bonds, Liberty Tire Services of North Carolina LLC, Series 2004A, 6.750%, 7/01/29		7/16 at 100.00		N/R	$	5,363,663
	1,000	North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Series 2008A, 6.125%, 6/01/35		6/18 at 100.00		BBB		1,135,000
	5,000	North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest Baptist Obligated Group, Tender Option Bond Trust 4278, 13.688%, 12/01/20 (IF) (5)		No Opt. Call		AA–		5,007,400
		North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Presbyterian Homes, Series 2006:
	2,800	5.400%, 10/01/27		10/16 at 100.00		N/R		2,919,924
	1,655	5.600%, 10/01/36		10/16 at 100.00		N/R		1,720,803
	2,790	North Carolina Medical Care Commission, Healthcare Revenue Bonds, Novant Health Inc., Tender Option Bond Trust 1066, 17.224%, 11/01/34 (IF) (5)		11/16 at 100.00		AA–		3,395,207
	31,250	Total North Carolina						33,336,363
		Ohio – 3.2%
	1,140	Blue Ash, Ohio, Tax Increment Financing Revenue Bonds, Duke Realty Ohio, Series 2006, 5.000%, 12/01/35		12/16 at 102.00		N/R		1,164,727
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
	13,000	5.125%, 6/01/24		6/17 at 100.00		B–		12,067,900
	74,465	5.875%, 6/01/30		6/17 at 100.00		B		66,800,318
	56,150	5.750%, 6/01/34		6/17 at 100.00		B		49,251,973
	15,455	6.000%, 6/01/42		6/17 at 100.00		BB+		14,022,012
	27,285	6.500%, 6/01/47		6/17 at 100.00		B		26,519,110
	14,970	Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37		6/22 at 100.00		B		13,983,178
	2,650	County of Greene, Ohio, Greene Town Center Improvement Revenue Bonds, Series 2009, 8.000%, 12/01/34		12/19 at 100.00		N/R		2,931,616
		Jeffrey Place New Community Authority, Ohio, Jeffrey Place Redevelopment Bonds, Series 2007A:
	800	5.000%, 12/01/22		12/16 at 100.00		N/R		817,328
	1,000	5.000%, 12/01/32		12/16 at 100.00		N/R		977,970
	3,570	Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40		12/20 at 100.00		BB		3,987,654
	2,600	Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Tender Option Bonds Trust 1126, 12.977%, 8/01/47 (IF) (5)		8/19 at 100.00		A2		2,630,888
	2,500	Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.625%, 4/01/40		4/20 at 100.00		BBB–		2,813,550
	1,745	Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 3260, 19.835%, 5/01/29 (IF)		5/19 at 100.00		AA–		2,951,493
	14,420	Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/44 (WI/DD, Settling 5/09/13)		2/23 at 100.00		BB+		14,530,025
	17,820	Ohio Air Quality Development Authority, Revenue Refunding Bonds, AK Steel Holding Corporation, Series 2012A, 6.750%, 6/01/24 (Alternative Minimum Tax)		2/22 at 100.00		B–		18,588,220
		Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Tender Option Bond Trust 1092:
	3,735	17.158%, 1/15/41 (IF) (5)		1/22 at 100.00		A		5,104,849
	2,250	17.158%, 1/15/41 (IF) (5)		1/22 at 100.00		A		3,075,210

150 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
$	1,970	Ohio State, Solid Waste Disposal Revenue Bonds, USG Corporation Project, Series 1998, 5.650%, 3/01/33 (Alternative Minimum Tax)		7/13 at 100.00		B–	$	1,969,803
	552	Ohio State, Solid Waste Disposal Revenue Bonds, USG Corporation Project, Series 1999, 6.050%, 8/01/34 (Alternative Minimum Tax)		7/13 at 100.00		B–		552,121
	890	Ohio, Environmental Facilities Revenue Bonds, Ford Motor Company, Series 1999, 5.950%, 9/01/29 (Alternative Minimum Tax)		7/13 at 100.00		Baa3		891,673
	1,785	Ohio, Environmental Facilities Revenue Bonds, Ford Motor Company, Series 2000, 6.150%, 6/01/30 (Alternative Minimum Tax)		7/13 at 100.00		Baa3		1,788,570
	11,750	Ohio, Environmental Facilities Revenue Bonds, Ford Motor Company, Series 2005, 5.750%, 4/01/35 (Alternative Minimum Tax)		4/15 at 100.00		Baa3		12,202,963
		Port Authority of Columbiana County, Ohio, Solid Waste Facility Revenue Bonds, APEX Environmental LLC, Series 2004A:
	3,240	7.125%, 8/01/25 (Alternative Minimum Tax)		8/13 at 104.00		N/R		2,491,009
	11,000	7.250%, 8/01/34 (Alternative Minimum Tax)		8/16 at 100.00		N/R		8,436,340
	7,300	Port Authority of Columbiana County, Ohio, Solid Waste Facility Revenue Bonds, Liberty Waste Transportation LLC, Series 2004A, 7.000%, 8/01/21 (Alternative Minimum Tax)		8/16 at 100.00		N/R		4,920,857
	500	Port of Greater Cincinnati Development Authority, Ohio, Economic Development Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/25		10/16 at 100.00		A+		529,750
		Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:
	2,240	5.750%, 12/01/32		12/22 at 100.00		N/R		2,472,490
	7,500	6.000%, 12/01/42		12/22 at 100.00		N/R		8,361,600
	11,300	State of Ohio, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1997 Remarketed, 5.600%, 8/01/32 (Alternative Minimum Tax)		8/13 at 100.00		B–		11,252,766
	1,805	Summit County Port Authority, Ohio, Development Revenue Bonds, Garfield Heights Inc. Project, Series 2004A, 5.250%, 5/15/23		5/14 at 102.00		BBB+		1,835,089
	505	Toledo-Lucas County Port Authority, Ohio, Special Assessment Revenue Bonds, Crocker Park Project, Series 2003, 5.375%, 12/01/35		12/13 at 102.00		BB		519,130
		Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., Series 2007A:
	11,750	6.100%, 7/01/17 (Alternative Minimum Tax) (4)		No Opt. Call		N/R		1,649,818
	18,400	6.350%, 7/01/27 (Alternative Minimum Tax) (4)		7/17 at 102.00		N/R		2,583,544
	5,000	Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., Series 2007B, 7.250%, 7/01/27 (4)		7/17 at 102.00		N/R		50
	353,042	Total Ohio						304,675,594
		Oklahoma – 1.2%
	8,200	Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26		8/21 at 100.00		N/R		9,056,900
	3,460	Okeene Municipal Hospital and Schallmo Authority, Oklahoma, Revenue Bonds, Series 2006, 7.000%, 1/01/35		1/16 at 101.00		N/R		3,567,295
		Sayre Memorial Hospital Authority, Oklahoma, Hospital and Sales Tax Revenue Bonds, Series 2007:
	2,110	6.000%, 7/01/27		7/17 at 100.00		N/R		1,906,237
	3,540	6.000%, 7/01/37		7/17 at 100.00		N/R		3,006,487
		Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc Project, Series 2010A:
	7,510	7.250%, 11/01/40		5/20 at 100.00		N/R		8,500,419
	10,760	7.250%, 11/01/45		5/20 at 100.00		N/R		12,179,029
	56,977	Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Series 1995, 6.250%, 6/01/20		6/13 at 100.00		N/R		57,116,594

Nuveen Investments 151

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Oklahoma (continued)
$	14,555	Tulsa Municipal Airport Trust, Oklahoma, Revenue Refunding Bonds, American Airlines Inc., Series 2004A, 7.750%, 6/01/35 (Mandatory put 12/01/14)		No Opt. Call		N/R	$	15,804,547
		Weatherford Hospital Authority, Oklahoma, Sales Tax Revenue Bonds, Series 2006:
	2,085	6.000%, 5/01/25		5/16 at 103.00		N/R		2,205,430
	3,640	6.000%, 5/01/31		5/16 at 103.00		N/R		3,790,405
	112,837	Total Oklahoma						117,133,343
		Oregon – 0.2%
	3,000	Cow Creek Band of the Umpqua Tribe of Indians, Oregon, Revenue Bonds, Series 2006C, 5.625%, 10/01/26		10/16 at 100.00		N/R		2,831,970
		Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Refunding Bonds, Cascade Healthcare Community, Inc., Series 2008:
	900	8.000%, 1/01/28		1/19 at 100.00		A2		1,147,239
	2,670	8.250%, 1/01/38		1/19 at 100.00		A2		3,415,678
		Oregon Health, Housing, Educational and Cultural Facilities Authority, Revenue Bonds, Oregon Coast Aquarium Project, Series 2005A:
	500	4.850%, 10/01/20		7/13 at 100.00		N/R		439,500
	130	5.000%, 10/01/21		7/13 at 100.00		N/R		112,427
	735	5.350%, 10/01/31		7/13 at 100.00		N/R		562,547
	1,600	Oregon State Facilities Authority, Revenue Bonds, Concordia University Project, Series 2010A, 6.375%, 9/01/40		9/20 at 100.00		BB+		1,769,776
	8,270	Oregon State Solid Waste Disposal Facilities Economic Development Revenue Bonds, USG Corporation Project, Series 192 of 1999, 6.400%, 12/01/29 (Alternative Minimum Tax)		7/13 at 100.00		B–		8,274,218
	1,000	Port of Saint Helens, Oregon, Pollution Control Revenue Bonds, Boise Cascade Project, Series 1997, 5.650%, 12/01/27		No Opt. Call		N/R		999,970
	1,600	Salem Hospital Facility Authority, Oregon, Revenue Bonds, Capital Manor, Inc., Refunding Series 2012, 6.000%, 5/15/42		5/22 at 100.00		N/R		1,739,456
	850	Western Generation Agency, Oregon, Cogeneration Project Revenue Bonds, Series 2006C, 5.000%, 1/01/21		No Opt. Call		N/R		861,892
	21,255	Total Oregon						22,154,673
		Pennsylvania – 2.7%
		Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009:
	7,915	6.750%, 11/01/24		11/19 at 100.00		BB		8,728,979
	3,825	6.875%, 5/01/30		11/19 at 100.00		BB		4,244,717
	7,500	Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.550%, 12/01/27		12/21 at 100.00		BB		8,366,850
	5,000	Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax)		No Opt. Call		BB		5,122,000
		Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carlow University, Series 2011:
	500	6.750%, 11/01/31		11/21 at 100.00		BBB–		564,995
	2,500	7.000%, 11/01/40		11/21 at 100.00		BBB–		2,850,325
	1,900	Allegheny County Higher Education Building Authority, Pennsylvania, University Revenue Bonds, Robert Morris University, Series 2008A, 6.000%, 10/15/38		10/18 at 100.00		Baa3		2,088,556
	4,785	Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, Sacred Heart Hospital, Series 2005, 6.000%, 11/15/16		No Opt. Call		N/R		5,159,618

152 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	8,000	Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Series 2012A, 5.000%, 5/01/42		5/22 at 100.00		Baa2	$	8,562,320
	4,915	Berks County Industrial Development Authority, Pennsylvania, First Mortgage Revenue Bonds, One Douglassville Properties Project, Series 2007A, 6.125%, 11/01/34 (Alternative Minimum Tax)		11/17 at 101.00		N/R		5,003,224
		Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical Center Project, Tender Option Bond Trust 4727:
	375	17.811%, 11/01/40 (IF) (5)		5/22 at 100.00		AA		548,085
	2,500	15.900%, 11/01/41 (IF) (5)		5/22 at 100.00		AA		3,167,000
	2,275	17.811%, 11/01/44 (IF) (5)		5/22 at 100.00		AA		3,273,088
		Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A:
	1,295	4.875%, 3/15/27		3/17 at 100.00		BBB		1,327,297
	1,000	5.000%, 3/15/37		3/17 at 100.00		BBB		1,020,400
		Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Immaculata University, Series 2005:
	1,355	5.125%, 10/15/15		No Opt. Call		N/R		1,388,089
	4,925	5.500%, 10/15/25		10/15 at 102.00		N/R		5,129,929
	12,180	5.750%, 10/15/37		10/15 at 102.00		N/R		12,579,991
	5,000	Chester County Industrial Development Authority, Pennsylvania, Revenue Bonds, Collegium Charter School Project, Series 2012A, 5.375%, 10/15/42		10/22 at 100.00		BBB–		5,057,150
		Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue Bonds, University Student Housing, LLC Project at West Chester University Series 2013A:
	1,100	5.000%, 8/01/35		8/23 at 100.00		Baa3		1,186,812
	1,075	5.000%, 8/01/45		8/23 at 100.00		Baa3		1,138,533
	5,000	Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012, 5.000%, 6/01/42 (UB) (5)		6/22 at 100.00		A		5,399,350
		Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Tender Option Bond Trust 1111:
	3,750	16.899%, 6/01/42 (IF) (5)		6/22 at 100.00		A		4,948,050
	1,525	16.859%, 6/01/42 (IF) (5)		6/22 at 100.00		A		2,011,002
		Fulton County, Pennsylvania, Industrial Development Authority Hospital Revenue Bonds, Fulton County Medical Center Project, Series 2006:
	7,475	5.875%, 7/01/31		7/16 at 100.00		N/R		7,687,066
	4,455	5.900%, 7/01/40		7/16 at 100.00		N/R		4,563,747
	2,500	Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/19 – AGM Insured		7/14 at 100.00		AA–		2,545,200
		Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Saint Anne’s Retirement Community, Inc. , Series 2012:
	1,000	5.000%, 4/01/27		4/22 at 100.00		BB+		1,041,590
	1,125	5.000%, 4/01/33		4/22 at 100.00		BB+		1,146,848
	4,125	Latrobe Industrial Development Authority, Pennsylvania, College Revenue Bonds, Saint Vincent College Project, Series 2013, 5.000%, 5/01/43		5/23 at 100.00		Baa1		4,323,536
	500	Lebanon County Health Facilities Authority, Pennsylvania, Health Center Revenue Bonds, Pleasant View Retirement Community, Series 2005A, 5.300%, 12/15/26		12/14 at 100.00		N/R		507,160
	1,450	Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 19.356%, 8/01/38 (IF) (5)		8/20 at 100.00		AA		2,343,606
		Montgomery County Industrial Development Authority, Pennsylvania, First Mortgage Revenue Bonds, Whitemarsh Continuing Care, Series 2005:
	750	6.000%, 2/01/21		2/15 at 100.00		N/R		766,478
	10,500	6.250%, 2/01/35		2/15 at 100.00		N/R		10,677,030

Nuveen Investments 153

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	1,190	Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23		5/13 at 100.00		N/R	$	1,087,131
	1,000	Northampton County Industrial Development Authority, Pennsylvania, Revenue Bonds, Morningstar Senior Living, Inc., Series 2012, 5.000%, 7/01/36		No Opt. Call		BBB–		1,034,890
	965	Northumberland County Industrial Development Authority, Pennsylvania, Facility Revenue Bonds, NHS Youth Services Inc., Series 2002, 7.500%, 2/15/29		2/15 at 100.00		N/R		720,083
	47,750	Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax)		6/13 at 100.00		B–		47,943,865
	1,000	Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32		1/20 at 100.00		BBB		1,152,300
	2,100	Pennsylvania Economic Development Financing Authority, Special Facilities Revenue Bonds, US Airways Group Inc. Project, Series 2010B, 8.000%, 5/01/29		5/20 at 100.00		CCC+		2,508,072
		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Health System, Tender Option Bond Trust 3252:
	1,205	21.281%, 2/15/19 (IF)		No Opt. Call		AA–		2,132,404
	750	20.775%, 2/15/19 (IF)		No Opt. Call		AA–		1,300,065
	1,000	Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, PresbyHomes Germantown-Morrisville Project, Series 2005A, 5.625%, 7/01/35		5/15 at 102.00		Baa3		1,018,290
	5,580	Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Leadership Learning Partners, Series 2005A, 5.375%, 7/01/36		1/15 at 100.00		N/R		3,805,002
		Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen Preparatory Charter School, Series 2006:
	440	5.800%, 5/01/16		No Opt. Call		BBB–		459,919
	1,380	6.050%, 5/01/23		5/16 at 100.00		BBB–		1,437,877
	985	6.250%, 5/01/33		5/16 at 100.00		BBB–		1,023,100
	31,355	Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42		7/22 at 100.00		BBB–		34,102,012
	500	Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pottsville Hospital and Warne Clinic, Series 1998, 5.625%, 7/01/24		7/13 at 100.00		N/R		500,305
	90	Scranton Parking Authority, Pennsylvania , Guaranteed Revenue Bonds, Series 2007, 5.000%, 6/01/22 – RAAI Insured		6/17 at 100.00		N/R		85,698
	550	Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 – FGIC Insured		9/13 at 100.00		N/R		525,927
	5,850	Scranton, Pennsylvania, General Obligation Bonds, Series 2012A, 8.500%, 9/01/22		No Opt. Call		N/R		6,020,177
	7,750	Scranton, Pennsylvania, General Obligation Bonds, Series 2012C, 7.250%, 9/01/22		No Opt. Call		N/R		7,562,295
	1,250	Scranton, Pennsylvania, General Obligation Bonds, Series 2013A, 7.250%, 9/01/23		No Opt. Call		N/R		1,217,575
	1,470	Scranton, Pennsylvania, General Obligation Notes, Series 2012B, 8.500%, 9/01/22		No Opt. Call		N/R		1,512,762
	465	Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011, 6.875%, 8/01/31		8/21 at 100.00		BBB+		579,827
	238,700	Total Pennsylvania						252,198,197

154 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Puerto Rico – 0.5%
$	1,115	Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 1998A, 4.750%, 7/01/38 – NPFG Insured		7/18 at 100.00		Baa2	$	1,086,947
	1,000	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Bonds, Auxilio Mutuo Hospital, Series 2011A, 6.000%, 7/01/33		7/21 at 100.00		A–		1,111,270
		Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A:
	15,870	0.000%, 7/01/34 – AMBAC Insured		No Opt. Call		BBB+		4,215,707
	3,115	0.000%, 7/01/44 – AMBAC Insured		No Opt. Call		BBB+		410,121
	14,885	Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1993A, 6.300%, 6/01/23 (Alternative Minimum Tax) (4)		6/13 at 100.00		N/R		16,559,563
	4,780	Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) (4)		6/13 at 100.00		N/R		5,317,750
	7,000	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32		8/26 at 100.00		A+		7,408,170
	27,000	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured		No Opt. Call		AA–		2,339,010
		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Tender Option Bond Trust 1081:
	1,250	18.949%, 8/01/57 (IF) (5)		8/17 at 100.00		AA–		1,450,600
	1,750	20.962%, 8/01/57 (IF) (5)		8/19 at 100.00		AA–		2,345,560
	2,000	20.962%, 8/01/57 (IF) (5)		8/19 at 100.00		AA–		2,680,640
	1,250	20.962%, 8/01/57 (IF) (5)		8/19 at 100.00		AA–		1,675,400
	2,000	20.962%, 8/01/57 (IF) (5)		8/19 at 100.00		AA–		2,680,640
	30	Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39		7/13 at 100.00		BBB		30,337
	83,045	Total Puerto Rico						49,311,715
		Rhode Island – 0.3%
	6,850	Rhode Island Health & Educational Building Corporation, Health Facilities Revenue Bonds, Tockwotton Home, Series 2011, 8.375%, 1/01/46		1/21 at 100.00		N/R		8,153,076
	8,020	Rhode Island Health & Educational Building Corporation, Public Schools Financing Program Revenue Bonds, Pooled Series 2009E, 6.000%, 5/15/29		5/19 at 100.00		A3		9,003,412
	2,290	Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, Tender Option Bond Trust 3185, 18.848%, 10/01/42 (IF)		4/17 at 100.00		AA+		2,663,545
	2,450	Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, Tender Option Bond Trust 3189, 17.868%, 10/01/26 (IF)		10/16 at 100.00		AA+		2,837,100
	1,550	Rhode Island Student Loan Authority, Student Loan Program Revenue Bonds, Series 2008A, 6.750%, 12/01/28 (Alternative Minimum Tax)		12/17 at 100.00		A		1,747,672
	1,280	Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32		7/13 at 100.00		BBB+		1,292,672
	1,850	Tiverton, Rhode Island, Special Obligation Tax Increment Bonds, Village at Mount Hope Bay, Series 2002A, 6.875%, 5/01/22		11/13 at 101.00		N/R		1,869,092
	24,290	Total Rhode Island						27,566,569
		South Carolina – 0.5%
	816	Connector 2000 Association Inc., South Carolina, Senior Lien Toll Road Revenue Bonds, Series 2011A, 0.000%, 1/01/16		No Opt. Call		N/R		611,784
	5,229	Lancaster County, South Carolina, Assessment Bonds, Edgewater II Improvement District, Series 2007A, 7.750%, 11/01/39 (4)		11/17 at 100.00		N/R		2,624,121
	14,058	Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District, Series 2007B, 7.700%, 11/01/17 (4)		No Opt. Call		N/R		7,052,758

Nuveen Investments 155

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		South Carolina (continued)
$	3,895	Lancaster County, South Carolina, Special Assessment Revenue Bonds, Sun City Carolina Lakes Improvement District, Series 2006, 5.450%, 12/01/37		12/15 at 100.00		N/R	$	3,907,815
	2,510	Lancaster County, South Carolina, Special Source Revenue Bonds, Bailes Ridge Project, Series 2006, 5.750%, 5/01/20		5/16 at 101.00		N/R		2,517,982
		Myrtle Beach, South Carolina, Tax Increment Bonds, Air Force Base Redevelopment Project, Series 2006:
	2,670	5.250%, 10/01/26		11/16 at 100.00		N/R		2,501,096
	4,465	5.300%, 10/01/35		11/16 at 100.00		N/R		4,061,811
		South Carolina JOBS Economic Development Authority, First Mortgage Revenue Bonds, Lutheran Homes, Series 2007:
	1,100	5.500%, 5/01/28		5/17 at 100.00		N/R		1,142,328
	1,000	5.625%, 5/01/42		5/17 at 100.00		N/R		1,031,000
	70	South Carolina JOBS Economic Development Authority, Hospital Facilities Revenue Bonds, Palmetto Health Alliance, Series 2003A, 6.125%, 8/01/23		8/13 at 100.00		BBB+		71,033
	15,700	South Carolina JOBS Economic Development Authority, Solid Waste Recycling Facilities Revenue Bonds, Viva Recycling of South Carolina, LLC Project, Series 2012, 8.125%, 1/01/28 (Alternative Minimum Tax)		1/22 at 100.00		N/R		15,888,557
	3,000	South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding & Improvement Series 2009, 5.750%, 8/01/39		8/19 at 100.00		BBB+		3,360,750
	1,250	South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured		8/21 at 100.00		AA–		1,528,238
	3,000	York County, South Carolina, Celanese, Series 1994, 5.700%, 1/01/24 (Alternative Minimum Tax)		7/13 at 100.00		BB–		3,000,330
	58,763	Total South Carolina						49,299,603
		South Dakota – 0.1%
		South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Tender Option Bond Trust 1018:
	2,905	19.006%, 11/01/40 (IF) (5)		11/19 at 100.00		A+		4,306,459
	1,250	19.014%, 11/01/40 (IF) (5)		11/19 at 100.00		A+		1,853,300
	250	19.014%, 11/01/40 (IF) (5)		11/19 at 100.00		A+		370,660
	4,405	Total South Dakota						6,530,419
		Tennessee – 1.3%
		Chattanooga Health, Educational, and Housing Facility Board, Tennessee, Revenue Refunding Bonds, CDFI Phase I, LLC Project, Series 2005A:
	5,065	6.000%, 10/01/35		10/15 at 100.00		BB+		5,315,312
	2,000	5.125%, 10/01/35		10/15 at 100.00		BBB–		2,077,540
		Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A:
	10,000	6.500%, 7/01/38		7/20 at 100.00		BBB+		12,031,200
	4,605	6.000%, 7/01/38		7/20 at 100.00		BBB+		5,394,389
	4,265	Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36		9/16 at 100.00		BBB+		4,555,404
		Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007:
	1,500	5.500%, 11/01/37 (4)		11/17 at 100.00		N/R		3,735
	19,500	5.500%, 11/01/46 (4)		11/17 at 100.00		N/R		48,555
	70,300	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26		No Opt. Call		BBB		82,093,528

156 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tennessee (continued)
$	12,240	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	$	7,601,162
	129,475	Total Tennessee						119,120,825
		Texas – 7.5%
	225	Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Arlington Classics Academy, Series 2010A, 7.000%, 8/15/28		8/20 at 100.00		BB		245,306
		Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, First Tier Series 2006A:
	1,500	5.250%, 1/01/19 – SYNCORA GTY Insured		1/17 at 100.00		BB+		1,633,260
	2,000	5.250%, 1/01/24 – SYNCORA GTY Insured		1/17 at 100.00		BB+		2,134,360
	2,995	5.000%, 1/01/34 – SYNCORA GTY Insured		1/17 at 100.00		BB+		3,107,492
	26,850	Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier Series 2006B, 5.750%, 1/01/34		1/17 at 100.00		Ba2		28,077,851
	7,705	Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Third Tier Series 2001C, 9.750%, 1/01/26		7/13 at 100.00		N/R		7,747,994
		Beasley Higher Education Finance Corporation, Texas, Education Revenue Bonds, FOCUS Learning Academy Charter School, Series 2011:
	1,565	7.500%, 8/15/31		8/21 at 100.00		BB+		1,802,504
	3,525	7.750%, 8/15/41		8/21 at 100.00		BB+		4,096,720
		Bexar County Housing Finance Corporation, Texas, Insured Multifamily Housing Revenue Bonds, Waters at Northern Hills Apartments Project, Series 2001A:
	365	6.000%, 8/01/31 – NPFG Insured		8/13 at 100.00		Baa2		365,004
	2,135	6.050%, 8/01/36 – NPFG Insured		8/13 at 100.00		Baa2		2,134,573
	9,545	Bexar County Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Doral Club & Sutton House Apartments Project, Series 2001A, 5.550%, 10/01/36 – NPFG Insured		10/13 at 100.00		Baa2		9,629,951
	1,330	Bexar County Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Dymaxion & Marbach Park Apartments, Series 2000A, 6.100%, 8/01/30 – NPFG Insured		7/13 at 100.00		Baa2		1,343,167
		Bexar County Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Honey Creek Apartments Project, Series 2000A:
	250	6.125%, 4/01/20 – NPFG Insured		7/13 at 100.00		Baa2		250,060
	1,885	6.200%, 4/01/30 – NPFG Insured		7/13 at 100.00		Baa2		1,871,240
	6,080	Brazos River Authority, Texas, Collateralized Pollution Control Revenue Bonds, Texas Utilities Electric Company, Series 2003B, 6.300%, 7/01/32 (Alternative Minimum Tax)		7/13 at 101.00		CC		456,061
	3,400	Brazos River Authority, Texas, Collateralized Pollution Control Revenue Bonds, Texas Utilities Electric Company, Series 2003D, 5.400%, 10/01/29 (Mandatory put 10/01/14)		No Opt. Call		CC		476,000
	31,260	Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company Project, Series 1999A, 7.700%, 4/01/33 (Alternative Minimum Tax)		4/14 at 100.00		CC		2,657,100
	12,725	Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax)		10/13 at 101.00		CC		954,502
	8,350	Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)		4/14 at 100.00		C		668,084
	55,305	Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax)		7/18 at 100.00		CCC		4,908,872
	4,500	Brazos, Texas, River Authority, Electrical Utilities, Series 1975, 8.250%, 10/01/30 (Alternative Minimum Tax)		7/18 at 100.00		CCC		399,420

Nuveen Investments 157

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	6,410	Cameron Education Finance Corporation, Texas, Charter School Revenue Bonds, Faith Family Academy Charter School, Series 2006A, 5.250%, 8/15/36 – ACA Insured		8/16 at 100.00		BBB–	$	6,442,114
		Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010:
	2,225	0.000%, 1/01/28		No Opt. Call		Baa2		1,127,964
	4,000	0.000%, 1/01/29		No Opt. Call		Baa2		1,917,040
	25,000	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.750%, 1/01/41		1/21 at 100.00		Baa3		29,410,250
	3,335	Central Texas Regional Mobility Authority, Revenue Bonds, Subordinate Lien Refunding Series 2013, 5.000%, 1/01/42 (WI/DD, Settling 5/16/13)		1/23 at 100.00		Baa3		3,480,339
		Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Tejano Center for Community Concerns, Inc.-Raul Yzaguirre School for Success, Refunding Series 2009A:
	90	7.750%, 2/15/18		No Opt. Call		BBB–		98,003
	7,500	9.000%, 2/15/38		2/18 at 100.00		BBB–		8,718,225
	8,685	Dallas-Fort. Worth International Airport Facility Improvement Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 2000-A2, 9.000%, 5/01/29 (Mandatory put 5/01/15) (Alternative Minimum Tax)		No Opt. Call		N/R		9,727,287
	16,525	Dallas-Ft. Worth International Airport Facility Improvement Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 1995, 6.000%, 11/01/14		7/13 at 100.00		N/R		17,970,938
	50,715	Dallas-Ft. Worth International Airport Facility Improvement Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 1999, 6.375%, 5/01/35 (Alternative Minimum Tax) (4)		11/13 at 100.00		N/R		54,518,625
	42,460	Dallas-Ft. Worth International Airport Facility Improvement Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 2000A-3, 9.125%, 5/01/29 (Alternative Minimum Tax) (4)		5/15 at 101.00		N/R		47,236,750
	13,150	Dallas-Ft. Worth International Airport Facility Improvement Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 2007, 5.500%, 11/01/30 (Alternative Minimum Tax) (4)		7/13 at 100.00		N/R		14,169,125
	2,430	Danbury Higher Education Authority Inc., Texas, Golden Rule Charter School Revenue Bonds, Series 2008A, 6.500%, 8/15/38		2/18 at 100.00		BB+		2,520,542
	8,760	Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2004A, 7.125%, 9/01/34		9/14 at 100.00		N/R		9,171,545
		Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2013A:
	1,000	6.625%, 9/01/31		9/23 at 100.00		N/R		1,116,140
	6,285	6.375%, 9/01/42		9/23 at 100.00		N/R		6,722,813
	6,800	Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38		11/22 at 100.00		Baa3		6,893,500
	13,075	Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B, 4.750%, 11/01/42		11/22 at 100.00		Baa3		13,204,573
	3,745	Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax)		10/22 at 100.00		BB+		3,889,033
	2,530	Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax)		7/13 at 100.00		BB+		2,534,554
		Hackberry, Texas, Combination Special Assessment and Contract Revenue Road and Utility Bonds, Hidden Cove Improvements Series 2009-2A:
	890	8.625%, 9/01/29		9/19 at 100.00		N/R		965,107
	8,665	9.000%, 9/01/38		9/19 at 100.00		N/R		9,363,832
	4,078	Harris County, Texas, Lease Purchase Agreement Bonds, Murworth Project II Series 2000, 6.750%, 5/01/20		No Opt. Call		N/R		4,080,645

158 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	42,765	Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured		5/13 at 100.00		Baa2	$	42,856,517
	125	Harris County-Houston Sports Authority, Texas, Junior Lien Special Revenue Bonds, Series 1998B, 0.000%, 11/15/22 – NPFG Insured		No Opt. Call		Baa2		74,504
		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:
	1,525	0.000%, 11/15/23 – NPFG Insured		No Opt. Call		Baa2		891,317
	11,180	0.000%, 11/15/24 – NPFG Insured		No Opt. Call		Baa2		6,195,844
	16,030	0.000%, 11/15/25 – NPFG Insured		No Opt. Call		Baa2		8,430,498
	4,920	0.000%, 11/15/26		No Opt. Call		Baa2		2,458,278
	5,000	0.000%, 11/15/27 – NPFG Insured		No Opt. Call		Baa2		2,366,750
	12,075	0.000%, 11/15/28 – NPFG Insured		No Opt. Call		Baa2		5,380,016
	10,525	0.000%, 11/15/29 – NPFG Insured		No Opt. Call		Baa2		4,408,923
	2,725	0.000%, 11/15/30 – NPFG Insured		No Opt. Call		Baa2		1,071,961
	5,000	0.000%, 11/15/31 – NPFG Insured		No Opt. Call		Baa2		1,858,300
	1,205	0.000%, 11/15/32 – NPFG Insured		11/31 at 94.05		Baa2		418,171
	180	0.000%, 11/15/33		11/31 at 88.44		Baa2		58,525
	2,075	0.000%, 11/15/34 – NPFG Insured		11/31 at 83.17		Baa2		632,170
	35	0.000%, 11/15/35		11/31 at 78.18		Baa2		10,005
	4,160	0.000%, 11/15/36 – NPFG Insured		11/31 at 73.51		Baa2		1,116,253
	1,525	0.000%, 11/15/37 – NPFG Insured		11/31 at 69.08		Baa2		382,470
	1,930	0.000%, 11/15/38 – NPFG Insured		11/31 at 64.91		Baa2		454,805
	1,005	0.000%, 11/15/39 – NPFG Insured		11/31 at 60.98		Baa2		221,673
	9,300	0.000%, 11/15/40 – NPFG Insured		11/31 at 57.27		Baa2		1,926,588
	4,140	0.000%, 11/15/41 – NPFG Insured		11/31 at 53.78		Baa2		805,396
		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G:
	95	5.250%, 11/15/22 – NPFG Insured		7/13 at 100.00		BBB		95,828
	4,465	5.250%, 11/15/30 – NPFG Insured		7/13 at 100.00		BBB		4,492,817
	1,605	5.375%, 11/15/41 – NPFG Insured		7/13 at 100.00		BBB		1,608,435
	300	0.000%, 11/15/41 – NPFG Insured		11/31 at 53.78		BBB		63,075
		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3:
	100	0.000%, 11/15/31 – NPFG Insured		11/24 at 66.52		Baa2		35,922
	605	0.000%, 11/15/32 – NPFG Insured		11/24 at 62.70		Baa2		203,952
	1,220	0.000%, 11/15/33 – NPFG Insured		11/24 at 59.10		Baa2		386,752
	215	0.000%, 11/15/34 – NPFG Insured		11/24 at 55.69		Baa2		64,083
	185	0.000%, 11/15/35 – NPFG Insured		11/24 at 52.47		Baa2		51,893
	17,675	0.000%, 11/15/39		11/24 at 41.26		Baa2		3,872,416
		Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Refunding Bonds, Series 2001A:
	30	5.250%, 11/15/30 – NPFG Insured		7/13 at 100.00		BBB		30,064
	180	0.000%, 11/15/34 – NPFG Insured		11/30 at 78.27		BBB		59,650
	36,660	0.000%, 11/15/38 – NPFG Insured		11/30 at 61.17		BBB		9,332,903
	750	0.000%, 11/15/40 – NPFG Insured		11/30 at 54.04		BBB		167,543
		Harris County-Houston Sports Authority, Texas, Senior Lien Special Revenue Bonds, Series 1998A:
	1,295	5.000%, 11/15/25 – NPFG Insured		7/13 at 100.00		BBB		1,304,674
	3,275	5.000%, 11/15/28 – NPFG Insured		7/13 at 100.00		BBB		3,299,497
	3,685	Health Facilities Development District of Central Texas, Revenue Bonds, Lutheran Social Services of the South Inc., Series 2004A, 6.875%, 2/15/32		2/14 at 100.00		N/R		3,728,446
	8,590	Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy, Series 2006A, 6.000%, 2/15/36		8/16 at 100.00		N/R		8,706,824
	6,490	Hidalgo Willacy Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Heritage Square Apartments Project, Series 2003A, 7.000%, 1/01/39		1/14 at 102.00		N/R		6,660,298
	4,350	Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Air Lines Inc., Series 2001E, 7.000%, 7/01/29		7/13 at 100.00		B		4,370,141

Nuveen Investments 159

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	2,540	Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines Inc. – Airport Improvement Project, Series 1997C, 6.125%, 7/15/27 (Alternative Minimum Tax)		7/13 at 100.00		B	$	2,549,982
	7,000	Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines Inc. – Terminal Improvement Project, Refunding Series 2011, 6.625%, 7/15/38 (Alternative Minimum Tax)		7/21 at 100.00		B		7,928,690
	2,970	Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines Inc. – Terminal Improvement Project, Series 1997B, 6.125%, 7/15/27 (Alternative Minimum Tax)		7/13 at 100.00		B		2,981,672
	11,375	Jefferson County Industrial Development Corporation, Texas, Hurricane Ike Disaster Area Revenue Bonds, Port of Beaumont Petroleum Transload Terminal, LLC Project, Series 2012, 8.250%, 7/01/32		7/22 at 100.00		N/R		11,700,098
	4,680	La Vernia Education Financing Corporation, Texas, Charter School Revenue Bonds, Riverwalk Education Foundation, Series 2007A, 5.450%, 8/15/36		7/13 at 100.00		N/R		4,364,334
	4,500	La Vernia Higher Education Finance Corporation, Texas, Education Revenue Bonds, Cosmos Foundation Inc., Series 2008A, 7.125%, 2/15/38		2/17 at 100.00		BBB		5,189,985
	1,755	Matagorda County Navigation District 1, Texas, Pollution Control Revenue Bonds, AEP Texas Central Company Project, Remarketing, Series 2005A, 4.400%, 5/01/30 – AMBAC Insured		No Opt. Call		BBB		1,891,486
	1,500	Newark Cultural Education Facilities Finance Corporation, Texas, Lease Revenue Bonds, A.W. Brown-Fellowship Leadership Academy, Series 2012A, 6.000%, 8/15/42		2/15 at 103.00		BBB–		1,573,965
	11,090	North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Tender Option Bond Trust 1015, 20.366%, 1/01/38 (IF) (5)		1/18 at 100.00		A3		18,391,656
	1,600	North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39		1/19 at 100.00		A2		1,864,640
	18,240	Port Corpus Christi Authority, Nueces County, Texas, Pollution Control Revenue Bonds, Celanese Project, Refunding Series 2002B, 6.700%, 11/01/30 (Alternative Minimum Tax)		5/14 at 100.00		BB–		18,427,142
	8,900	Red River Authority, Texas, Pollution Control Revenue Bonds, Hoechst Celanese Corporation Project, Series 2002B, 6.700%, 11/01/30 (Alternative Minimum Tax)		5/14 at 100.00		BB–		8,991,314
	9,375	Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012, 7.250%, 12/15/47		12/21 at 100.00		N/R		9,954,750
	4,500	Red River Health Facilities Development Corporation, Texas, Retirement Facility Revenue Bonds, MRC Crestview Project, Series 2011A, 8.000%, 11/15/46		11/21 at 100.00		N/R		5,241,780
	5,945	Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28		11/15 at 100.00		CCC		431,072
	1,000	Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2003A, 5.800%, 7/01/22		7/13 at 101.00		CC		73,760
	2,900	San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue Empowerment Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (Alternative Minimum Tax)		7/15 at 100.00		BBB		2,925,404
	2,075	Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, C.C. Young Memorial Home Project, Series 2009A, 8.000%, 2/15/38		2/20 at 100.00		N/R		2,386,997
	1,350	Tarrant County Cultural Education Facilities Finance Corporation, Texas, Charter School Revenue Bonds, Trinity Basin Preparatory Project, Series 2009A, 7.750%, 6/01/39		12/19 at 100.00		BBB–		1,569,159
	11,685	Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26		No Opt. Call		A–		14,724,736
	100	Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006A, 5.250%, 12/15/22		No Opt. Call		A–		117,310

160 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
		Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
$	3,500	5.000%, 12/15/28		No Opt. Call		A3	$	3,811,080
	6,350	5.000%, 12/15/30		No Opt. Call		A3		6,861,366
	25,500	5.000%, 12/15/31		No Opt. Call		A3		27,447,945
	24,150	5.000%, 12/15/32		No Opt. Call		A3		25,895,321
		Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010:
	8,550	7.500%, 6/30/32		6/20 at 100.00		Baa3		10,912,536
	2,715	7.500%, 6/30/33		6/20 at 100.00		Baa3		3,455,218
	10,400	7.000%, 6/30/40		6/20 at 100.00		Baa3		12,755,496
	1,900	Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 6.875%, 12/31/39		12/19 at 100.00		Baa2		2,289,519
	3,515	Texas Public Finance Authority Charter School Finance Corporation, Charter School Revenue Bonds, School of Excellence Education Project, Series 2004A, 7.000%, 12/01/34		12/14 at 100.00		BB+		3,594,334
	850	Texas Public Finance Authority Charter School Finance Corporation, Education Revenue Bonds, Uplift Education, Series 2007A, 5.875%, 12/01/36		12/17 at 100.00		BBB–		916,513
	1,000	Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured		8/17 at 100.00		BBB		1,043,430
	5,500	Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.125%, 11/01/40		11/20 at 100.00		BB+		6,553,470
	980	Trinity River Authority of Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2003, 6.250%, 5/01/28 (Alternative Minimum Tax)		11/13 at 101.00		CC		73,510
		Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, East Texas Medical Center Regional Healthcare System, Series 2007A:
	1,405	5.250%, 11/01/27		11/17 at 100.00		Baa2		1,532,167
	3,610	5.250%, 11/01/32		11/17 at 100.00		Baa2		3,893,710
	5,400	5.375%, 11/01/37		11/17 at 100.00		Baa2		5,812,614
	871,448	Total Texas						700,920,803
		Utah – 0.6%
	610	Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds, South Davis Community Hospital Project, Series 1998, 5.750%, 12/15/18		6/13 at 100.00		N/R		610,964
	2,500	Carbon County, Utah, Solid Waste Disposal Facility Revenue Bonds, Sunnyside Cogeneration Associates, Series 1999A, 7.100%, 8/15/23 (Alternative Minimum Tax)		No Opt. Call		N/R		2,873,550
	900	Provo, Utah, Charter School Revenue Bonds, Freedom Academy Foundation, Series 2007, 5.500%, 6/15/37		6/17 at 100.00		N/R		897,552
		Spanish Fork City, Utah, Charter School Revenue Bonds, American Leadership Academy, Series 2006:
	2,605	5.550%, 11/15/21		11/16 at 100.00		N/R		2,699,614
	1,145	5.550%, 11/15/26		11/16 at 100.00		N/R		1,167,041
	8,195	5.700%, 11/15/36		11/16 at 100.00		N/R		8,328,415
	4,500	Utah County, Utah, Charter School Revenue Bonds, Lakeview Academy, Series 2007A, 5.625%, 7/15/37		7/15 at 102.00		BBB–		4,676,040
	6,070	Utah County, Utah, Charter School Revenue Bonds, Lincoln Academy, Series 2007A, 5.875%, 6/15/37		6/17 at 100.00		N/R		6,134,706
	2,000	Utah State Charter School Finance Authority Charter School Revenue Bonds, Vista at Entrada School of Performing Arts and Technology) Series 2012, 6.550%, 7/15/42		7/22 at 100.00		BB+		2,127,780

Nuveen Investments 161

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utah (continued)
		Utah State Charter School Finance Authority, Charter School Revenue Bonds, Noah Webster Academy, Series 2008A:
$	2,005	6.250%, 6/15/28		6/17 at 100.00		N/R	$	2,042,654
	2,975	6.500%, 6/15/38		6/17 at 100.00		N/R		3,032,715
	2,690	Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis Preparatory Academy, Series 2010, 6.375%, 7/15/40		7/20 at 100.00		BBB–		2,939,363
		Utah State Charter School Finance Authority, Charter School Revenue Bonds, Oquirrh Mountain Charter School, Series 2010:
	2,110	8.000%, 7/15/30		7/18 at 102.00		N/R		2,372,526
	3,910	8.000%, 7/15/41		7/18 at 102.00		N/R		4,379,474
	5,145	Utah State Charter School Finance Authority, Charter School Revenue Bonds, Summit Academy High School, Series 2011A, 8.500%, 5/15/41		5/21 at 100.00		N/R		5,913,406
		Utah State Charter School Finance Authority, Revenue Bonds, Channing Hall Project, Series 2007A:
	1,490	5.750%, 7/15/22		7/15 at 102.00		N/R		1,517,103
	1,530	5.875%, 7/15/27		7/15 at 102.00		N/R		1,546,004
	3,475	6.000%, 7/15/37		7/15 at 102.00		N/R		3,502,835
	3,300	Utah State Charter School Finance Authority, Revenue Bonds, Summit Academy Project, Series 2007A, 5.800%, 6/15/38		12/17 at 100.00		BBB–		3,417,216
	57,155	Total Utah						60,178,958
		Virgin Islands – 0.2%
	3,500	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32		No Opt. Call		BBB+		3,919,580
	9,130	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2012C, 5.000%, 10/01/42		No Opt. Call		BBB+		9,866,426
	1,240	Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37		10/19 at 100.00		BBB		1,458,562
	13,870	Total Virgin Islands						15,244,568
		Virginia – 1.6%
	164	Bell Creek Community Development Authority, Virginia, Special Assessment Bonds, Series 2003A, 6.750%, 3/01/22		3/14 at 100.00		N/R		165,806
		Celebrate Virginia North Community Development Authority, Special Assessment Revenue Bonds, Series 2003B:
	2,439	6.250%, 3/01/18		3/14 at 102.00		N/R		1,585,399
	5,954	6.600%, 3/01/25		3/14 at 102.00		N/R		3,870,219
	3,538	6.750%, 3/01/34		3/14 at 102.00		N/R		2,299,771
		Chesterfield County Health Center Commission, Virginia, Mortgage Revenue Bonds, Lucy Corr Village, Series 2005:
	3,750	5.375%, 12/01/28		12/15 at 100.00		N/R		3,379,313
	11,500	5.625%, 12/01/39		12/15 at 100.00		N/R		9,761,085
	2,800	Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Revenue Bonds, Vinson Hall LLC, Series 2013A, 5.000%, 12/01/42		12/23 at 100.00		N/R		2,869,300
	260	Giles County Industrial Development Authority, Virginia, Exempt Facility Revenue Bonds, Hoechst Celanese Corporation Project, Series 1995, 5.950%, 12/01/25 (Alternative Minimum Tax)		6/13 at 100.00		BB–		259,984
	2,620	Giles County Industrial Development Authority, Virginia, Exempt Facility Revenue Bonds, Hoechst Celanese Project, Series 1996, 6.450%, 5/01/26		7/13 at 100.00		BB–		2,622,122
	1,250	Lexington Industrial Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Kendall at Lexington Retirement Community, Inc., Series 2007A, 5.500%, 1/01/37		1/17 at 100.00		N/R		1,276,925
	4,350	Norfolk Economic Development Authority, Virginia, Empowerment Zone Facility Revenue Bonds, BBL Old Dominion University LLC Project, Series 2006A, 6.000%, 11/01/36 (Alternative Minimum Tax)		11/16 at 102.00		N/R		3,428,844

162 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Virginia (continued)
		Peninsula Town Center Community Development Authority, Virginia, Special Obligation Bonds, Series 2007:
$	6,217	6.250%, 9/01/24		9/17 at 100.00		N/R	$	6,763,226
	1,236	6.350%, 9/01/28		9/17 at 100.00		N/R		1,341,789
	8,360	6.450%, 9/01/37		9/17 at 100.00		N/R		9,022,363
	725	Suffolk Industrial Development Authority, Virginia, Retirement Facilities First Mortgage Revenue Bonds, Lake Prince Center, Series 2006, 5.150%, 9/01/24		9/16 at 100.00		N/R		753,862
	74,570	Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47		6/17 at 100.00		B2		63,133,199
	17,000	Virginia Small Business Financing Authority, Revenue Bonds Hampton Roads Proton Beam Therapy Institute at Hampton University, LLC Project, Series 2009, 9.000%, 7/01/39		7/14 at 102.00		N/R		18,297,950
		Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
	5,000	6.000%, 1/01/37 (Alternative Minimum Tax)		7/22 at 100.00		BBB–		5,773,000
	9,000	5.500%, 1/01/42 (Alternative Minimum Tax)		7/22 at 100.00		BBB–		9,824,940
	160,733	Total Virginia						146,429,097
		Washington – 1.9%
	1,595	FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Series 2009, 5.500%, 6/01/34 (UB) (5)		6/19 at 100.00		AA		1,803,435
		FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Tender Option Bond Trust 2009-14A&B:
	2,500	19.700%, 6/01/39 (IF) (5)		6/19 at 100.00		AA		3,777,200
	750	19.700%, 6/01/39 (IF) (5)		6/19 at 100.00		AA		1,133,160
	1,050	King County Public Hospital District 4, Washington, General Obligation Bonds, Snoqualmie Valley Hospital, Refunding Improvement Series 2011, 7.000%, 12/01/40		12/21 at 100.00		N/R		1,155,063
		Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing Revenue Bonds, Series 2007:
	1,615	5.500%, 6/01/27 (Alternative Minimum Tax)		6/17 at 100.00		N/R		1,547,735
	2,310	5.600%, 6/01/37 (Alternative Minimum Tax)		6/17 at 100.00		N/R		2,241,578
	2,315	Ocean Shores, Washington, Local Improvement District 2007-01 Bonds, 2011, 7.250%, 2/01/31		No Opt. Call		BBB+		2,993,226
	6,800	Port of Seattle Industrial Development Corporation, Washington, Special Facilities Revenue Refunding Bonds, Delta Air Lines, Inc. Project, Series 2012, 5.000%, 4/01/30 (Alternative Minimum Tax)		4/23 at 100.00		B+		6,992,576
	2,065	Snohomish County Housing Authority, Washington, Revenue Bonds, Westwood Crossing Apartments, Series 2007, 5.250%, 5/01/37 (Alternative Minimum Tax)		5/17 at 100.00		N/R		1,949,422
	7,670	Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013, 5.750%, 4/01/43		4/14 at 100.00		N/R		7,673,605
		Vancouver Downtown Redevelopment Authority, Washington, Revenue Bonds, Conference Center Project, Series 2003A:
	1,655	6.000%, 1/01/28 – ACA Insured		1/14 at 100.00		N/R		1,665,741
	260	5.250%, 1/01/28 – ACA Insured		1/14 at 100.00		N/R		260,421
	6,590	6.000%, 1/01/34 – ACA Insured		1/14 at 100.00		N/R		6,624,136
	750	Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012, 5.000%, 12/01/32		12/21 at 100.00		Baa3		790,365
		Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 4728:
	1,770	17.710%, 10/01/42 (IF) (5)		10/22 at 100.00		AA		2,673,266
	2,500	17.710%, 10/01/42 (IF) (5)		10/22 at 100.00		AA		3,775,800
	2,500	17.710%, 10/01/42 (IF) (5)		10/22 at 100.00		AA		3,775,800

Nuveen Investments 163

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Washington (continued)
$	4,440	Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 4730, 14.701%, 10/01/40 (IF) (5)		10/22 at 100.00		AA	$	5,131,574
		Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Tender Option Bond Trust 1180:
	2,500	17.555%, 10/01/40 (IF) (5)		10/20 at 100.00		AA		3,441,700
	4,810	17.651%, 10/01/40 (IF) (5)		10/20 at 100.00		AA		6,621,350
		Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Tender Option Bond Trust 3295:
	2,310	17.675%, 4/01/20 (IF) (5)		No Opt. Call		AA		3,378,121
	7,500	17.610%, 10/01/42 (IF)		10/22 at 100.00		AA		11,327,400
		Washington State Health Care Facilities Authority, Revenue Bonds, Children’s Hospital and Regional Medical Center, Tender Option Bond Trust 1180:
	3,545	19.545%, 4/01/16 (IF) (5)		No Opt. Call		AA		5,665,052
	2,500	17.655%, 10/01/40 (IF) (5)		10/20 at 100.00		AA		3,441,700
		Washington State Health Care Facilities Authority, Revenue Bonds, Group Health Cooperative of Puget Sound, Series 2006:
	1,600	5.000%, 12/01/23 – RAAI Insured		12/16 at 100.00		BBB–		1,660,896
	1,810	5.000%, 12/01/25 – RAAI Insured		12/16 at 100.00		BBB–		1,858,635
	3,550	4.500%, 12/01/26 – RAAI Insured		12/16 at 100.00		BBB–		3,563,668
	27,180	4.750%, 12/01/31 – RAAI Insured		12/16 at 100.00		BBB–		27,343,624
	3,545	5.000%, 12/01/36 – RAAI Insured		12/16 at 100.00		BBB–		3,588,320
		Washington State Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Tender Option Bond Trust 1095:
	1,000	17.319%, 8/15/42 (IF) (5)		8/22 at 100.00		AA–		1,423,720
	395	17.214%, 8/15/44 (IF) (5)		8/22 at 100.00		AA–		562,610
	6,515	17.309%, 8/15/44 (IF) (5)		8/22 at 100.00		AA–		9,295,537
	3,465	Washington State Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Tender Option Bond Trust 1146, 17.913%, 8/15/44 (IF) (5)		8/22 at 100.00		AA–		4,944,694
		Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health & Services Project, Tender Option Bond Trust 4679:
	1,875	18.736%, 10/01/39 (IF) (5)		4/20 at 100.00		AA		2,736,150
	1,520	18.935%, 10/01/39 (IF) (5)		4/20 at 100.00		AA		2,217,528
	14,376	Washington State Housing Finance Commission, Multifamily Revenue Bonds, Greentree Village Homes Project, Series 2008, 5.264%, 2/01/26		No Opt. Call		N/R		13,526,001
		Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Mirabella Project, Series 2012A:
	2,130	6.500%, 10/01/32		No Opt. Call		N/R		2,165,827
	14,225	6.750%, 10/01/47		No Opt. Call		N/R		14,531,833
	2,660	Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community Refunding, Series 2012, 5.000%, 1/01/48		No Opt. Call		BBB–		2,680,110
	158,146	Total Washington						181,938,579
		West Virginia – 0.5%
	8,000	Berkeley, Hardy and Jefferson Counties, West Virginia, as Joint Issuers, Commercial Development Revenue Bonds, Scattered Site Housing Projects, Series 2010, 5.750%, 12/01/44 (WI/DD, Settling 6/17/13)		3/23 at 100.00		N/R		7,987,920
	365	Ohio County Commission, West Virginia, Special District Excise Tax Revenue Bonds, Fort Henry Economic Development, Series 2006B, 5.625%, 3/01/36		3/16 at 100.00		BBB		381,980
	1,675	Ohio County Commission, West Virginia, Tax Increment Revenue Bonds, Fort Henry Centre Tax Increment Financing District 1, The Highlands Project, Series 2008A, 6.500%, 6/01/34		6/18 at 100.00		N/R		1,841,663

164 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		West Virginia (continued)
		West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008:
$	15,165	6.500%, 10/01/38		10/18 at 100.00		N/R	$	15,982,545
	22,275	6.750%, 10/01/43		10/18 at 100.00		N/R		23,734,904
	47,480	Total West Virginia						49,929,012
		Wisconsin – 1.4%
	450	Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, Revenue Bonds, Series 2003A, 7.750%, 6/01/16 (Pre-refunded 12/01/14)		12/14 at 101.00		N/R (6)		506,543
	8,990	Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, Revenue Bonds, Series 2006, 7.000%, 12/01/26		12/18 at 102.00		N/R		8,796,985
	300	Milwaukee Redevelopment Authority, Wisconsin, Academy of Learning and Leadership Charter School, Series 2007A, 5.500%, 8/01/22 (4)		8/15 at 102.00		N/R		89,946
		Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Thomas Jefferson Classical Academy of Mooresboro, North Carolina, Series 2011:
	660	7.000%, 7/01/31		7/19 at 100.00		BBB–		730,745
	500	7.125%, 7/01/42		7/19 at 100.00		BBB–		551,650
		Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2012:
	2,475	5.500%, 4/01/32		No Opt. Call		BB+		2,575,708
	4,250	5.750%, 4/01/42		No Opt. Call		BB+		4,439,593
	1,000	Public Finance Authority, Wisconsin, Charter School Revenue Bonds, Explore Knowledge Foundation Las Vegas Project, Series 2012A, 6.000%, 7/15/42		7/22 at 100.00		BBB–		1,030,550
		Public Finance Authority, Wisconsin, Charter School Revenue Bonds, Voyageur Foundation Inc. Detroit Project, Series 2012A:
	1,100	6.000%, 10/01/32		10/22 at 100.00		N/R		1,136,685
	3,275	6.200%, 10/01/42		10/22 at 100.00		N/R		3,397,714
	1,730	University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Tender Option Bond Trust 4287, 17.648%, 10/01/20 (IF) (5)		No Opt. Call		Aa3		2,611,868
	1,225	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2010A, 6.125%, 6/01/39		6/20 at 100.00		Baa2		1,401,731
	2,750	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Children’s Hospital of Wisconsin Inc., Tender Option Bond Trust 2009-15W, 19.551%, 8/15/37 (IF) (5)		2/20 at 100.00		AA–		4,046,460
	955	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 3592, 18.645%, 4/01/17 (IF) (5)		No Opt. Call		AA–		1,379,593
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A:
	1,000	5.750%, 5/01/35		5/21 at 100.00		A+		1,177,620
	3,925	6.000%, 5/01/41		5/21 at 100.00		A+		4,654,422
	500	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ThedaCare, Inc., Series 2009A, 5.500%, 12/15/38		12/19 at 100.00		AA–		555,685
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Health, Tender Option Bond Trust 2113:
	1,335	14.172%, 8/15/26 (IF)		8/16 at 100.00		A–		1,883,792
	9,750	14.172%, 8/15/30 (IF)		8/16 at 100.00		A–		12,044,760
	3,535	14.665%, 8/15/31 (IF)		8/16 at 100.00		A–		4,453,004
	3,750	14.675%, 8/15/34 (IF)		8/16 at 100.00		A–		4,681,050
	7,855	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/26 (UB)		8/16 at 100.00		A–		8,662,258
	35,655	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		38,786,222

Nuveen Investments 165

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)			Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin (continued)
$	25,000	Wisconsin Public Finance Authority, Revenue Bonds, SearStone Retirement Community of Cary North Carolina, Series 2012B, 8.375%, 6/01/20				12/13 at 100.00		N/R	$	25,223,500
	121,965	Total Wisconsin								134,818,084
$	10,098,793	Total Municipal Bonds (cost $8,599,231,864)								9,359,907,447
Shares		Description (1)							Value
		Common Stocks – 0.0%
		Containers & Packaging – 0.0%
	10,846	Rock-Tenn Company (16)							$	1,086,118
		Total Common Stocks (cost $–)								1,086,118
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		CORPORATE BONDS – 0.1%
		Machinery – 0.1%
$	7,000	Navistar International Corporation		8.250%		11/01/21		B3	$	7,288,750
		Transportation – 0.0%
	62	Las Vegas Monorail Company, Senior Interest Bonds (7), (17)		5.500%		7/15/19		N/R		15,399
	18	Las Vegas Monorail Company, Senior Interest Bonds (7), (17)		3.000%		7/15/55		N/R		3,605
	80	Total Transportation								19,004
$	7,080	Total Corporate Bonds (cost $6,673,418)								7,307,754
		Total Investments (cost $8,605,905,282) – 99.8%								9,368,301,319
		Borrowings – (0.4)% (18)								(40,000,000)
		Floating Rate Obligations – (2.0)%								(191,211,000)
		Other Assets Less Liabilities – 2.6% (19)								254,311,047
		Net Assets – 100%							$	9,391,401,366

Investments in Derivatives as of April 30, 2013

Credit Default Swaps outstanding:

Counterparty	Reference Entity	Buy/Sell Protection (20)	Current Credit Spread (21)	Notional Amount		Fixed Rate (Annualized)	Termination Date	Value		Unrealized Appreciation (Depreciation) (19)
Goldman Sachs	Texas Competitive Electric Holdings Company LLC	Buy	160.45%	$	2,000,000	5.000%	9/20/14	$	1,541,183	$416,183

Forward Swaps outstanding:

Counterparty

Notional Amount

Fund Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate (Annualized)

Fixed Rate Payment Frequency

Effective Date (22)

Termination Date

Unrealized Appreciation (Depreciation) (19)

Barclays PLC

$

100,000,000

Receive

3-Month USD-LIBOR

2.670%

Semi-Annually

6/26/14

6/26/42

$5,645,284

166 Nuveen Investments

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

(2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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 fixed-income security, 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) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions.

(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.

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

(8) On May 1, 2012, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.80% to 4.35%.

(9) On May 1, 2012, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.875% to 4.700%.

(10) Principal Amount (000) rounds to less than $1,000.

(11) On February 8, 2011, the Fund’s Adviser directed the Fund’s custodian to cease accruing additional income and “write-off” any remaining recorded balances on the Fund’s records. Effective March 1, 2011, the Fund’s custodian resumed accruing income at an annual interest rate of 4.50%.

(12) On March 5, 2007, Bayonne Medical Center (“Bayonne”) received an “event of default notice” resulting from their failure to pay a $5,000,000 bank line of credit. As senior creditors of Bayonne, the Adviser, on behalf of the Fund, issued an event of default notice to Bayonne on March 15, 2007, under default provisions of the debt agreements. Under such notice, Bayonne became obligated to increase the interest rate it paid on the debt from 8.050% annually to 10.750% annually and the Adviser had instructed the custodian to reflect such change in the Fund’s records. On April 30, 2007, the Adviser concluded that Bayonne was not likely able to meet its interest obligations and directed the Fund’s custodian to cease accruing additional income and to “write-off” any remaining recorded balances on the Fund’s records.

(13) On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.625% to 2.250%.

Nuveen Investments 167

Portfolio of Investments

Nuveen High Yield Municipal Bond Fund (continued)

April 30, 2013

(14) On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.750% to 2.300%.

(15) On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.875% to 2.350%.

(16) Common stock received as part of the bankruptcy settlement for Hodge, Louisiana, Combined Utility System Revenue Bonds,Smurfit-Stone Container Corporation, Series 2003, coupon 7.450%, Maturity 3/01/24.

(17) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an interest rate of 5.500% maturing on July 15, 2019 and the second with an interest rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The custodian is not accruing income on the Fund’s records for either senior interest corporate bond.

(18) Borrowings as a percentage of Total Investments is 0.4%.

(19) Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.

(20) The Fund entered into the credit default swaps to gain investment exposure to the referenced entity. Selling protection has a similar credit risk position to owning the referenced entity. Buying protection has a similar credit risk position to selling the referenced entity short.

(21) The credit spread generally serves as an indication of the current status of the payment/performance risk and therefore the likelihood of default of the credit derivative. The credit spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a credit default swap contract. Higher credit spreads are indicative of higher likelihood of performance by the seller of protection.

(22) Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each forward swap contract.

N/R Not rated.

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

(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.

144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

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

See accompanying notes to financial statements.

168 Nuveen Investments

Portfolio of Investments

Nuveen Inflation Protected Municipal Bond Fund

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Alabama – 0.3%
$	275	Birmingham Airport Authority, Alabama, Airport Revenue Bonds, Series 2010, 6.000%, 7/01/23 – AGM Insured		7/20 at 100.00		AA–	$	337,304
		Arizona – 2.9%
	250	Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30		3/22 at 100.00		BBB		260,730
	500	Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A, 5.000%, 2/01/19		No Opt. Call		BBB+		584,020
	345	Arizona Sports and Tourism Authority, Senior Revenue Refunding Bonds, Multipurpose Stadium Facility Project, Series 2012A, 5.000%, 7/01/25		7/22 at 100.00		A1		405,537
	130	Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/15 – AGM Insured		No Opt. Call		AA		142,474
	1,110	Pima County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, San Juan Project, Series 2009A, 4.950%, 10/01/20		No Opt. Call		BBB		1,264,079
	400	Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A, 5.000%, 7/01/21		No Opt. Call		AA–		491,216
	10	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2003, 5.000%, 12/01/18 – NPFG Insured		12/13 at 100.00		Aa2		10,268
	75	Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.250%, 12/01/19		No Opt. Call		A–		87,530
	2,820	Total Arizona						3,245,854
		Arkansas – 0.1%
	70	North Little Rock, Arkansas, Electric Revenue Refunding Bonds, Series 1992A, 6.500%, 7/01/15 – NPFG Insured (ETM)		No Opt. Call		A (4)		74,605
		California – 6.2%
	275	Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.300%, 10/01/23 – AMBAC Insured		No Opt. Call		BBB+		309,969
	425	California Department of Water Resources, Power Supply Revenue Bonds, Series 2010L, 5.000%, 5/01/16		No Opt. Call		AA		482,545
	185	California Department of Water Resources, Power Supply Revenue Bonds, Series 2011N, 5.000%, 5/01/21		No Opt. Call		AA		236,898
	145	California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008H, 5.125%, 7/01/22		7/15 at 100.00		A		158,575
	120	California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital of Orange County, Series 2009A, 5.750%, 11/01/18		No Opt. Call		A		147,659
	850	California Municipal Finance Authority, Revenue Bonds, University of San Diego, Refunding Series 2012A, 5.000%, 10/01/31		No Opt. Call		A2		983,663
	45	California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 1993E, 5.500%, 6/01/15		No Opt. Call		A2		46,850
	210	California Statewide Communities Development Authority, Insured Revenue Refunding Bonds, Rady Children’s Hospital of San Diego, Series 2006A, 5.000%, 8/15/23 – NPFG Insured		8/16 at 100.00		A+		232,094
	175	California Statewide Communities Development Authority, Revenue Bonds, State of California Proposition 1A Receivables Program, Series 2009, 5.000%, 6/15/13		No Opt. Call		A1		176,059
	120	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005G, 5.000%, 7/01/22		7/15 at 100.00		BBB–		128,544
	1,000	Chabot-Las Positas Community College District, California, General Obligation Bonds, 2016 Crossover Refunding Series 2013, 5.000%, 8/01/25		8/23 at 100.00		Aa3		1,228,060

Nuveen Investments 169

Portfolio of Investments

Nuveen Inflation Protected Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	500	El Camino Community College District, California, General Obligation Bonds, Election of 2002 Series 2012C, 0.000%, 8/01/21		No Opt. Call		Aa1	$	414,515
	200	Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 5.750%, 1/15/40 – NPFG Insured		7/13 at 100.00		Baa2		200,124
	525	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013A, 5.000%, 6/01/21		No Opt. Call		A2		642,422
	50	Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010A, 5.000%, 5/15/31		5/20 at 100.00		AA		57,374
	175	Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Refunding Bonds, LAXFUEL Corporation at Los Angeles International Airport, Series 2012, 5.000%, 1/01/21 (Alternative Minimum Tax)		No Opt. Call		A		208,926
	80	Madera County, California, Certificates of Participation, Valley Children’s Hospital Project, Series 1995, 5.750%, 3/15/28 – NPFG Insured		9/13 at 100.00		A3		80,154
	100	Port of Oakland, California, Revenue Refunding Bonds, Series 2011-O, 5.000%, 5/01/21 (Alternative Minimum Tax)		No Opt. Call		A+		121,170
	800	San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/25		8/22 at 100.00		N/R		882,792
	45	San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/26 – NPFG Insured		No Opt. Call		Baa2		24,812
	170	Ventura County Public Financing Authority, California, Lease Revenue Bonds Series 2013A, 5.000%, 11/01/24		11/22 at 100.00		AA		205,323
	6,195	Total California						6,968,528
		Colorado – 5.9%
	300	Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2013A, 5.000%, 3/01/22		No Opt. Call		Aa2		377,691
	500	Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012A, 5.000%, 11/15/22 (Alternative Minimum Tax)		No Opt. Call		A+		607,960
	150	Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2006, 5.250%, 12/01/22 – SYNCORA GTY Insured		11/16 at 100.00		BBB–		162,093
	1,000	Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, Stapleton Senior Refunding Series 2013A-1, 5.000%, 12/01/23		12/22 at 100.00		A–		1,195,110
	1,000	Denver West Metropolitan District, Jefferson County, Colorado, General Obligation Refunding Bonds, Series 2012A, 4.000%, 12/01/20 – AGM Insured		No Opt. Call		AA–		1,139,280
		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:
	480	0.000%, 9/01/21 – NPFG Insured		No Opt. Call		Baa2		360,173
	10	0.000%, 9/01/26 – NPFG Insured		No Opt. Call		Baa2		5,632
	1,000	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/20 – NPFG Insured		No Opt. Call		Baa2		789,840
	100	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2007A-1, 5.250%, 9/01/16 – NPFG Insured		No Opt. Call		Baa2		110,286
	1,250	Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013, 5.000%, 12/01/19		No Opt. Call		N/R		1,423,025
	395	Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 5.250%, 7/15/24		7/20 at 100.00		Baa3		453,219
	6,185	Total Colorado						6,624,309

170 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Connecticut – 0.2%
$	190	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series 1999B, 1.550%, 11/15/29 (Mandatory put 2/01/17)		No Opt. Call		AA+	$	195,423
		District of Columbia – 1.8%
	1,250	District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 4.000%, 10/01/23		10/22 at 100.00		BBB–		1,279,563
	95	District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33		No Opt. Call		Baa1		113,743
	100	District of Columbia, Income Tax Secured Revenue Bonds, Series 2009D, 5.000%, 12/01/16		No Opt. Call		AAA		115,799
	250	District of Columbia, Revenue Bonds, The Association of American Medical Colleges Issue, Series 2011A, 5.000%, 10/01/24		10/23 at 100.00		A+		300,590
	140	Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 5.000%, 10/01/16 – AMBAC Insured		No Opt. Call		A1		157,945
	1,835	Total District of Columbia						1,967,640
		Florida – 7.8%
	100	City of Tampa, Florida, Refunding and Capital Improvement Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Series 2012A, 5.000%, 9/01/21		No Opt. Call		A+		121,371
	520	Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/22		No Opt. Call		A+		633,818
	240	Florida Hurricane Catastrophe Fund, Financial Corporation Revenue Bonds, Series 2010A, 5.000%, 7/01/15		No Opt. Call		AA		263,770
	2,000	Greater Orlando Aviation Authority, Florida, Special Purpose Airport Facilities Revenue Bonds, JetBlue Airways Corporation, Series 2013, 5.000%, 11/15/26 (Alternative Minimum Tax)		5/23 at 100.00		N/R		2,121,521
	95	Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/26		6/16 at 100.00		A–		101,248
	1,000	Jacksonville, Florida, Capital Improvement Refunding Revenue Bonds, Series 2012, 4.000%, 10/01/19		No Opt. Call		AA		1,158,580
	500	Jacksonville, Florida, Special Revenue Bonds, Series 20120C, 5.000%, 10/01/22		No Opt. Call		Aa2		623,205
	15	Lake County School District, Florida, Sales Tax Revenue Bonds, Series 2004, 5.000%, 10/01/15 – AMBAC Insured		10/14 at 100.00		A+		15,935
		Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013:
	1,000	3.950%, 12/15/21 (Alternative Minimum Tax)		6/20 at 100.00		BB		1,014,560
	835	4.200%, 12/15/25 (Alternative Minimum Tax)		6/20 at 100.00		BB		847,041
	450	Miami, Florida, Limited Ad Valorem Tax Bonds, Homeland Defense / Neighborhood Capital Improvement Project, Series 2009, 5.000%, 1/01/19		No Opt. Call		A3		495,473
	570	Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/22		No Opt. Call		AA		703,209
	500	Saint Lucie County School Board, Florida, Refunding Certificates of Participation, Florida Master Lease Program, Series 2013A, 5.000%, 7/01/24		7/23 at 100.00		Aa3		602,150
	7,825	Total Florida						8,701,881
		Georgia – 2.0%
	150	Atlanta, Georgia, Airport General Revenue Bonds, Series 2012C, 5.000%, 1/01/22 (Alternative Minimum Tax)		No Opt. Call		A+		181,860
	150	Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Series 2007, 5.250%, 12/01/21 – AGC Insured		12/17 at 100.00		AA–		166,164

Nuveen Investments 171

Portfolio of Investments

Nuveen Inflation Protected Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia (continued)
$	150	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008C. Remarketed, 7.500%, 1/01/31		1/19 at 100.00		A2	$	187,562
	35	Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005A, 5.625%, 1/01/16 (Alternative Minimum Tax)		7/15 at 100.00		A–		37,812
	500	Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company – Vogtle Plant, First Series 2012, 1.750%, 12/01/49 (Mandatory put 6/01/17)		No Opt. Call		A		515,925
		Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Refunding Bonds, Series 1993:
	120	5.500%, 10/01/18 – NPFG Insured		No Opt. Call		Baa2		129,342
	60	5.625%, 10/01/26 – NPFG Insured		10/19 at 100.00		Baa2		69,897
	55	Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical Center, Series 2004, 5.000%, 12/01/19		12/14 at 100.00		BB–		56,000
	200	DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2011A, 5.250%, 10/01/41		10/21 at 100.00		Aa3		232,692
	80	Georgia Municipal Electric Authority, Senior Lien General Power Revenue Bonds, Series 1993Z, 5.500%, 1/01/20 – FGIC Insured		No Opt. Call		A+		87,538
	420	Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Series 1992P, 6.250%, 7/01/20 – AMBAC Insured		No Opt. Call		Aa2		485,390
	100	Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.250%, 10/01/27		10/21 at 100.00		Baa2		114,864
	2,020	Total Georgia						2,265,046
		Guam – 0.7%
	640	Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/19 – AGM Insured		No Opt. Call		AA–		769,216
		Idaho – 0.1%
	95	Idaho Health Facilities Authority, Revenue Bonds, Trinity Health Group, Refunding Series 2008B, 6.000%, 12/01/23		12/18 at 100.00		AA		115,858
		Illinois – 6.7%
	285	Chicago Public Building Commission, Illinois, General Obligation Lease Certificates, Chicago Board of Education, Series 1999B, 5.250%, 12/01/18 – FGIC Insured		No Opt. Call		A2		338,261
	65	Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.125%, 1/01/26 – AGM Insured (Alternative Minimum Tax)		7/13 at 100.00		AA–		65,216
	280	Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2001A, 5.500%, 1/01/30 – NPFG Insured		No Opt. Call		Aa3		344,285
	170	Cook County, Illinois, General Obligation Bonds, Refunding Series 2009A, 5.000%, 11/15/17		No Opt. Call		AA		199,305
	500	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/21		No Opt. Call		A–		594,690
	325	Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2012A, 5.000%, 3/01/22		No Opt. Call		A+		397,378
	740	Illinois Finance Authority, Revenue Bonds, Lake Forest College, Series 2012A, 5.000%, 10/01/22		No Opt. Call		BBB–		808,517
	100	Illinois Finance Authority, Revenue Bonds, Trinity Health Credit Group, Series 2011-IL, 4.000%, 12/01/21		No Opt. Call		AA		115,010
	175	Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/27 – AMBAC Insured		8/13 at 100.00		BBB		175,184
	110	Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 6.250%, 1/01/17		7/13 at 100.00		Baa2		110,470
	500	Illinois State Department of Employment Security, Unemployment Insurance Fund Building Receipts Revenue Bonds, Series 2012B, 5.000%, 12/15/17		12/16 at 100.00		AA+		577,770

172 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		Illinois State, General Obligation Bonds, Refunding Series 2012:
$	620	5.000%, 8/01/21		No Opt. Call		A2	$	729,901
	50	5.000%, 8/01/25		8/22 at 100.00		A2		56,821
	130	Illinois State, General Obligation Bonds, Series 2006, 5.000%, 1/01/17		1/16 at 100.00		A2		142,128
	140	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.010%, 6/15/17 – FGIC Insured		No Opt. Call		A3		132,119
	100	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/17 – FGIC Insured (ETM)		No Opt. Call		A (4)		96,763
	180	Northern Illinois Municipal Power Agency, Power Project Revenue Bonds, Prairie State Project, Series 2007A, 5.000%, 1/01/19 – NPFG Insured		1/18 at 100.00		A2		206,509
	485	Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 5.000%, 6/01/19		No Opt. Call		A		576,141
	210	Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2011A, 5.000%, 6/01/19 – AGM Insured		No Opt. Call		AA		253,720
	1,000	Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/22 – AGM Insured		No Opt. Call		AA–		734,490
	1,500	Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2013B, 0.000%, 1/01/28		No Opt. Call		Aa2		848,115
	7,665	Total Illinois						7,502,793
		Indiana – 3.0%
	965	Indiana Finance Authority, Educational Facilities Refunding Revenue Bonds, Butler University Project, Series 2012A, 5.000%, 2/01/26		2/22 at 100.00		BBB+		1,088,192
	500	Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/24		5/23 at 100.00		A		589,100
	290	Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Series 2011N, 5.000%, 3/01/25		3/21 at 100.00		AA–		328,315
	500	Indiana Finance Authority, Hospital Revenue Bonds, Parkview Health System Obligated Group, Series 2012A, 5.000%, 5/01/22		No Opt. Call		A+		603,580
	460	Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax)		1/17 at 100.00		BBB		512,550
	100	Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011A, 5.250%, 10/01/23		10/21 at 100.00		AA		124,497
	100	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Refunding Series 2006, 5.500%, 1/01/20 – NPFG Insured		No Opt. Call		A+		122,624
	2,915	Total Indiana						3,368,858
		Iowa – 1.6%
	500	Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Central College, Refunding Series 2012A, 5.000%, 10/01/31		10/21 at 100.00		Baa3		547,775
	1,000	Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg College, Series 2005A, 5.000%, 10/01/23		10/13 at 100.00		BB		1,008,280
	190	Iowa State, Special Obligation Bonds, I-Jobs Program, Series 2009A, 5.000%, 6/01/18		No Opt. Call		AA		228,086
	1,690	Total Iowa						1,784,141
		Kansas – 3.2%
	75	Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2011F, 5.000%, 11/15/21		No Opt. Call		A2		89,453
	600	Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A, 5.000%, 12/01/19		No Opt. Call		Baa1		686,016

Nuveen Investments 173

Portfolio of Investments

Nuveen Inflation Protected Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kansas (continued)
$	500	Kansas Turnpike Authority, Revenue Bonds, Series 2012A, 5.000%, 9/01/22 – AGM Insured		9/20 at 100.00		AA–	$	607,755
	1,025	Wyandotte County/Kansas City Unified Government Board of Utilities, Kansas, Utility System Revenue Bonds, Series 2012B, 5.000%, 9/01/23		No Opt. Call		A+		1,242,700
	1,430	Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21		No Opt. Call		BBB+		962,876
	3,630	Total Kansas						3,588,800
		Kentucky – 1.6%
	125	Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 5.500%, 6/01/21		6/20 at 100.00		BBB+		149,781
		Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1:
	380	5.750%, 12/01/28 – AGC Insured		6/18 at 100.00		AA–		417,187
	525	6.000%, 12/01/33 – AGC Insured		6/18 at 100.00		AA–		576,287
	100	Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A2, 0.000%, 12/01/22 – AGC Insured		No Opt. Call		AA–		69,152
	50	Kentucky Housing Corporation, Housing Revenue Bonds, Series 2010A, 2.750%, 7/01/16		No Opt. Call		AAA		52,731
	200	Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Revenue Bonds, Series 2012A, 5.000%, 2/01/27		2/22 at 100.00		AAA		241,600
	130	Kentucky State Property and Buildings Commission, Revenue Bonds, Project 85, Series 2005, 5.000%, 8/01/15 – AGM Insured		No Opt. Call		AA–		142,917
	150	Louisville-Jefferson County Metropolitan Government, Kentucky, Environmental Facilities Revenue, Louisville Gas & Electric Company Project, Series 2007B, 1.600%, 6/01/33 (Mandatory put 6/01/17)		No Opt. Call		A–		153,635
	50	Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Series 1991B, 0.000%, 1/01/17 – AMBAC Insured		No Opt. Call		A3		46,793
	1,710	Total Kentucky						1,850,083
		Louisiana – 3.7%
	25	DeSoto Parish, Louisiana, Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2004A, 5.000%, 11/01/18 (Alternative Minimum Tax)		11/14 at 100.00		BBB		26,284
	100	Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East Jefferson General Hospital, Refunding Series 2011, 5.625%, 7/01/26		7/21 at 100.00		BBB–		114,408
	130	Louisiana Local Government Environment Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29		8/20 at 100.00		BBB–		157,845
	200	Louisiana Offshore Terminal Authority, Deepwater Port Revenue Refunding Bonds, LOOP Inc. Project, Series 2007B-1A, 1.375%, 10/01/37 (Mandatory put 10/01/16)		No Opt. Call		A–		201,336
	1,000	Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/23		No Opt. Call		A		1,208,770
	500	New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2012, 5.000%, 12/01/27 – AGM Insured		12/22 at 100.00		AA–		577,200
	500	Port New Orleans Board of Commissioners, Louisiana, Revenue Bonds, Port Facilities, Refunding Series 2013B, 5.000%, 4/01/29 (Alternative Minimum Tax)		4/23 at 100.00		BBB+		558,165
	1,000	Regional Transit Authority, Louisiana, Sales Tax Revenue Bonds, Series 2010, 5.000%, 12/01/19 – AGM Insured		No Opt. Call		AA–		1,213,620

174 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana (continued)
$	130	Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory put 6/01/22)		No Opt. Call		BBB	$	143,976
	3,585	Total Louisiana						4,201,604
		Maine – 0.6%
	250	Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/25		7/23 at 100.00		Baa1		285,873
	165	Maine Turnpike Authority, Turnpike Revenue Bonds, Series 2012A, 5.000%, 7/01/37		7/22 at 100.00		AA–		191,780
	175	Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/23		No Opt. Call		BBB+		209,291
	590	Total Maine						686,944
		Massachusetts – 0.8%
	140	Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior Lien Series 2010B, 5.000%, 1/01/32		1/20 at 100.00		A+		157,661
	100	Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series 2011H, 5.000%, 7/01/21		No Opt. Call		A–		117,843
		Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:
	530	5.000%, 1/01/21 – AMBAC Insured		7/13 at 100.00		N/R		530,058
	110	5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)		7/13 at 100.00		N/R		109,999
	15	Massachusetts Water Resources Authority, General Revenue Bonds, Series 1993C, 5.250%, 12/01/15 – NPFG Insured		No Opt. Call		Aa1		16,072
	895	Total Massachusetts						931,633
		Michigan – 4.6%
	85	Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A, 6.000%, 5/01/21 – FGIC Insured		No Opt. Call		Aa2		109,801
	1,000	Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2005, 5.250%, 5/01/26 – AGM Insured		No Opt. Call		Aa2		1,175,270
	350	Detroit Water Supply System, Michigan, Water Supply System Revenue Senior Lien Bonds, Series 2006A, 5.250%, 7/01/19 – NPFG Insured		7/16 at 100.00		Baa2		383,121
	505	Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured		7/15 at 100.00		A		510,707
	500	Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured		No Opt. Call		A		601,955
	420	Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 6.000%, 7/01/15 – NPFG Insured		No Opt. Call		A+		458,392
	115	Detroit, Michigan, Sewerage Disposal System Revenue Bonds, Series 1999A, 0.000%, 7/01/21 – FGIC Insured		No Opt. Call		A+		85,342
		Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation Bonds, Building Authority Stadium Refunding Series 2012:
	200	5.000%, 10/01/17		No Opt. Call		BBB+		220,354
	500	5.000%, 10/01/19 – AGM Insured		No Opt. Call		AA–		573,220
	190	5.000%, 10/01/20 – AGM Insured		No Opt. Call		AA–		219,441
	95	Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding Bonds, Detroit Service Learning Academy Project, Series 2011, 6.000%, 10/01/21		No Opt. Call		BB+		105,172
	110	Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/22		7/16 at 100.00		AAA		124,583
	100	Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.000%, 11/15/20		11/19 at 100.00		A		119,171

Nuveen Investments 175

Portfolio of Investments

Nuveen Inflation Protected Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
$	125	Michigan State, General Obligation Refunding Bonds, Series 2002, 5.500%, 12/01/15		No Opt. Call		Aa2	$	141,355
	50	Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/19		No Opt. Call		AA–		60,807
	200	Wayne Charter County, Michigan, General Obligation Bonds, Capital Improvements Series 2008A, 4.500%, 2/01/27 – AGM Insured		2/18 at 100.00		AA–		212,862
	4,545	Total Michigan						5,101,553
		Minnesota – 0.6%
	55	Central Minnesota Municipal Power Agency, Revenue Bonds, Brookings – Southeast Twin Cities Transmission Project, Series 2012, 5.000%, 1/01/32		1/22 at 100.00		A–		63,047
	40	Minnesota Higher Education Facilities Authority, St. John’s University Revenue Bonds, Series 2005-6G, 5.000%, 10/01/13		No Opt. Call		A2		40,788
	135	Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18		No Opt. Call		AA+		164,290
	335	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured		No Opt. Call		AA–		360,701
	565	Total Minnesota						628,826
		Mississippi – 0.1%
	60	Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22		10/13 at 100.00		BBB		60,188
		Montana – 0.2%
	250	Billings, Montana, Tax Increment Urban Renewal Revenue Bonds, Expanded North 27th Street, Series 2013A, 4.375%, 7/01/29		1/23 at 100.00		N/R		255,470
		Nebraska – 0.4%
	185	Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A, 5.000%, 12/01/14		No Opt. Call		A		195,168
	200	Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/24		4/22 at 100.00		A		243,184
	50	Nebraska Public Power District, General Revenue Bonds, Series 2012A, 5.000%, 1/01/25		1/22 at 100.00		A1		60,664
	435	Total Nebraska						499,016
		Nevada – 0.6%
	365	Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/23 – AGM Insured		7/19 at 100.00		AA–		430,101
	230	Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/25		6/22 at 100.00		AA+		279,358
	595	Total Nevada						709,459
		New Jersey – 2.6%
	50	New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.000%, 6/15/13 – FGIC Insured (ETM)		No Opt. Call		Aaa		50,299
	55	New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012, 5.000%, 6/15/24		6/22 at 100.00		BBB+		64,412
	500	New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 6.250%, 9/15/19 (Alternative Minimum Tax)		No Opt. Call		B		519,530
	1,000	New Jersey Educational Facilities Authority, Revenue Bonds, Drew University, Series 2003C, 5.250%, 7/01/20 – FGIC Insured		No Opt. Call		Baa1		1,172,300
	90	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18		No Opt. Call		BBB–		101,339

176 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
$	155	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/23		No Opt. Call		A+	$	199,294
	280	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B, 5.250%, 12/15/15 – AMBAC Insured		No Opt. Call		A+		314,642
	170	New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16		No Opt. Call		A3		195,833
	45	New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 (ETM)		No Opt. Call		A3 (4)		52,275
	300	Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.500%, 6/01/23		6/17 at 100.00		B1		300,210
	2,645	Total New Jersey						2,970,134
		New York – 3.9%
	250	Dormitory Authority of the State of New York, Insured Revenue Bonds, Pace University, Series 2013A, 5.000%, 5/01/23		No Opt. Call		BBB–		299,750
	300	Dormitory Authority of the State of New York, Revenue Bonds, Culinary Institute of America, Series 2012, 5.000%, 7/01/21		No Opt. Call		Baa2		354,015
	250	Dormitory Authority of the State of New York, Rochester Institute of Technology Revenue Bond, Series 2012, 4.000%, 7/01/26		No Opt. Call		A1		274,638
	70	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/23 – FGIC Insured		6/16 at 100.00		A		77,627
	445	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 5.000%, 5/01/18 – NPFG Insured		11/16 at 100.00		A		503,197
	200	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/19		No Opt. Call		A		243,794
	240	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005C, 5.250%, 11/15/14		No Opt. Call		A		258,463
	370	Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2012A, 5.000%, 6/01/25		6/22 at 100.00		Aa3		421,467
	5	New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/21 – AGM Insured		No Opt. Call		AA		5,345
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C:
	45	5.500%, 6/01/19		6/13 at 100.00		AA–		45,204
	50	5.500%, 6/01/21		6/13 at 100.00		AA–		50,229
	1,080	New York State Urban Development Corporation, Service Contract Revenue Bonds, Refunding Series 2008D, 5.500%, 1/01/19		No Opt. Call		AA–		1,326,791
	280	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2009A-1, 5.000%, 12/15/16 (5)		No Opt. Call		AAA		325,419
	100	Onongada County Trust For Cultural Resources, New York, Revenue Bonds, Syracuse University Project, Series 2011, 5.000%, 12/01/21		No Opt. Call		Aa3		123,617
	60	Tobacco Settlement Financing Corporation, New York, Asset-Backed Revenue Bonds, State Contingency Contract Secured, Series 2011B, 5.000%, 6/01/18		No Opt. Call		AA–		71,605
	3,745	Total New York						4,381,161
		North Carolina – 4.9%
	75	Buncombe County, North Carolina, Project Development Financing Revenue Bonds, Woodfin Downtown Corridor Development, Series 2008, 6.750%, 8/01/24		8/18 at 100.00		N/R		74,756
	250	Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2012A, 5.000%, 1/15/31		1/22 at 100.00		AA–		287,540

Nuveen Investments 177

Portfolio of Investments

Nuveen Inflation Protected Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		North Carolina (continued)
$	335	North Carolina Agricultural & Technical State University, General Revenue Bonds, Series 2013, 4.000%, 10/01/21		No Opt. Call		A1	$	381,317
	200	North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University, Series 2012, 5.000%, 3/01/19		No Opt. Call		BBB		231,338
		North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 1993B:
	670	6.000%, 1/01/22		No Opt. Call		A–		872,702
	50	6.000%, 1/01/22 – RAAI Insured		No Opt. Call		Baa1		65,127
	530	North Carolina Medical Care Commission, Health Care Facilities Revenue and Refunding Revenue Bonds, Columbus Regional Healthcare System, Series 2013A, 4.000%, 10/01/18		No Opt. Call		BBB		604,794
	100	North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Series 2009A, 5.625%, 10/01/38 (Pre-refunded 10/01/14) – AGC Insured		10/14 at 100.00		AA– (4)		107,574
	1,030	North Carolina State, General Obligation Bonds, Series 2005B, 5.000%, 4/01/16 (5)		No Opt. Call		AAA		1,167,052
	650	North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series 2011, 5.000%, 7/01/21		No Opt. Call		AA		819,468
		North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A:
	90	5.250%, 1/01/23 – AGC Insured		1/19 at 100.00		AA–		104,527
	20	5.250%, 1/01/25 – AGC Insured		No Opt. Call		AA–		23,067
	615	5.500%, 1/01/29 – AGC Insured		1/19 at 100.00		AA–		708,252
	4,615	Total North Carolina						5,447,514
		North Dakota – 0.4%
	400	Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 4.000%, 12/01/21		No Opt. Call		A–		438,104
		Ohio – 5.4%
	100	Akron, Ohio, Waterworks System Mortgage Revenue Improvement and Refunding Bonds, Series 2009, 5.000%, 3/01/17 – AGC Insured		No Opt. Call		A3		115,529
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-1:
	175	5.000%, 6/01/16		No Opt. Call		A1		194,126
	165	5.000%, 6/01/17		No Opt. Call		Baa1		187,382
	500	Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24		6/17 at 100.00		B–		464,150
	255	Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 – NPFG Insured		No Opt. Call		Aa1		311,643
	260	Cuyhoga County, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, Medical Mart- Convention Center Project, Series 2010F, 5.250%, 12/01/25		12/20 at 100.00		AA		310,279
	2,000	Kings Local School District, Warren County, Ohio, General Obligation Bonds, School Improvement Series 2013A, 0.000%, 12/01/26		No Opt. Call		AA		1,283,740
		New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C:
	1,000	5.000%, 10/01/22		No Opt. Call		A1		1,218,480
	140	5.000%, 10/01/24		10/22 at 100.00		A1		166,716
	585	Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19		No Opt. Call		BBB–		694,699
	40	Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville Hydroelectric Project – Joint Venture 5, Series 2004, 5.000%, 2/15/22 – AMBAC Insured		2/14 at 100.00		A1		41,469

178 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
$	395	Ohio Turnpike Commission, Revenue Refunding Bonds, Series 1998A, 5.500%, 2/15/18 – FGIC Insured		No Opt. Call		AA	$	480,387
	500	Springboro, Ohio, Sewer System Mortgage Revenue Bonds, Refunding Series 2012, 5.000%, 6/01/21		No Opt. Call		Aa3		611,340
	6,115	Total Ohio						6,079,940
		Oregon – 0.5%
	455	Oregon Health and Science University, Revenue Bonds, Series 2012A, 5.000%, 7/01/22		No Opt. Call		A+		564,964
		Pennsylvania – 6.0%
	745	Delaware River Joint Toll Bridge Commission, Pennsylvania, Revenue Bonds, Refunding Series 2012A, 5.000%, 7/01/23		7/22 at 100.00		A2		904,937
	840	Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012, 5.000%, 1/01/24		No Opt. Call		BBB–		978,919
	590	Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23		10/19 at 100.00		BBB+		696,548
	175	Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012B, 5.000%, 1/01/21		1/19 at 100.00		Aaa		211,073
		Pennsylvania Higher Educational Facilities Authority, Philadelphia University Refunding Revenue Bonds, Refunding Series 2013:
	740	5.000%, 6/01/19		No Opt. Call		BBB		860,857
	890	5.000%, 6/01/20		No Opt. Call		BBB		1,042,475
	935	5.000%, 6/01/21		No Opt. Call		BBB		1,097,447
	100	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Series 2007A, 5.000%, 7/01/26 – SYNCORA GTY Insured		7/17 at 100.00		BBB+		105,887
	135	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/24 – AMBAC Insured		6/16 at 100.00		A+		148,503
	230	Pennsylvania, General Obligation Bonds, Refunding 3rd Series 2004, 5.375%, 7/01/16 – NPFG Insured		No Opt. Call		AA+		265,330
	200	Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/24 – AGM Insured		9/22 at 100.00		A1		239,094
	100	Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts Bonds, Federal Transit Administration Section 5309 Fixed Guideway Modernization Formula Funds, Series 2011, 5.000%, 6/01/21		No Opt. Call		A+		122,268
	5,680	Total Pennsylvania						6,673,338
		Puerto Rico – 0.2%
	215	Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/16 – FGIC Insured (ETM)		No Opt. Call		BBB+ (4)		249,166
		Rhode Island – 1.0%
	895	Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, Providence College, Refunding Series 2012B, 5.000%, 11/01/22		No Opt. Call		A		1,102,201
		South Carolina – 0.9%
	500	Connector 2000 Association Inc., South Carolina, Senior Lien Toll Road Revenue Bonds, Series 2011A, 0.000%, 1/01/16		No Opt. Call		N/R		374,995
	585	Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2012A, 5.000%, 1/01/25		1/22 at 100.00		A–		689,598
	1,085	Total South Carolina						1,064,593
		South Dakota – 0.1%
	120	South Dakota Educational Enhancement Funding Corporation, Tobacco Settlement Revenue Bonds Series 2013B, 5.000%, 6/01/24		6/23 at 100.00		A–		145,850

Nuveen Investments 179

Portfolio of Investments

Nuveen Inflation Protected Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tennessee – 1.6%
$	230	Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2004, 5.000%, 10/01/18 – AGM Insured		No Opt. Call		AA–	$	272,274
	60	Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Series 2012, 5.000%, 11/01/30		11/21 at 100.00		BBB+		66,175
	150	Shelby County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Baptist Memorial Healthcare, Series 2004A, 5.000%, 9/01/15		No Opt. Call		AA–		165,341
	495	Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2012-1C, 3.650%, 7/01/29		1/22 at 100.00		AA+		514,013
		The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A:
	100	5.000%, 9/01/13		No Opt. Call		A		101,619
	200	5.250%, 9/01/26		No Opt. Call		A		236,596
	390	West Tennessee Public Utility District, Weakley, Carroll and Benton Counties, Tennessee, Gas System Revenue Bonds, Refunding Series 2012, 4.000%, 3/01/22		No Opt. Call		A–		444,308
	1,625	Total Tennessee						1,800,326
		Texas – 5.6%
	500	Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, First Tier Series 2006A, 5.250%, 1/01/18 – SYNCORA GTY Insured		1/17 at 100.00		BB+		547,170
	1,150	Brazoria County, Texas, Certificates of Obligation, Series 2012, 5.000%, 3/01/21 (5)		No Opt. Call		AA+		1,436,120
	75	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 5.750%, 1/01/25		1/20 at 100.00		Baa2		89,175
	500	Central Texas Regional Mobility Authority, Revenue Bonds, Subordinate Lien Refunding Series 2013, 5.000%, 1/01/23 (WI/DD, Settling 5/16/13)		No Opt. Call		Baa3		563,240
	215	Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax)		10/22 at 100.00		BB+		223,269
	125	Harris County-Houston Sports Authority, Texas, Junior Lien Special Revenue Bonds, Series 1998B, 0.000%, 11/15/14 – NPFG Insured		7/13 at 93.04		Baa2		115,211
	785	Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/23 – NPFG Insured		No Opt. Call		Baa2		458,809
	230	Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/31 – NPFG Insured		11/24 at 66.52		Baa2		82,621
	50	Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Refunding Bonds, Series 2001A, 0.000%, 11/15/20 – NPFG Insured		No Opt. Call		BBB		34,861
	200	Houston, Texas, General Obligation Bonds, Public Improvement Refunding Series 2009A, 5.000%, 3/01/20		3/19 at 100.00		AA		242,694
	120	Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011B, 5.000%, 7/01/25		7/21 at 100.00		A+		142,381
	25	Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1995, 4.000%, 10/15/15 – NPFG Insured		10/13 at 101.00		A		25,568
	100	Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2011, 5.250%, 1/01/20		No Opt. Call		A–		117,296
	220	Newark Cultural Education Facilities Finance Corporation, Texas, Lease Revenue Bonds, A.W. Brown-Fellowship Leadership Academy, Series 2012A, 6.000%, 8/15/32		2/15 at 103.00		BBB–		231,697
	200	North Texas Tollway Authority, System First Tier Revenue Refunding Bonds, Series 2011B, 5.000%, 1/01/21		No Opt. Call		A–		241,906

180 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	500	Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series 2012, 5.000%, 10/01/18		No Opt. Call		BBB+	$	585,710
	350	Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26		No Opt. Call		A–		441,049
	150	Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006A, 5.250%, 12/15/21		No Opt. Call		A–		174,984
	365	Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/22		No Opt. Call		A3		415,286
	50	Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances Hospital Regional Healthcare Center, Series 2011, 5.250%, 7/01/23		7/21 at 100.00		Baa1		58,135
	5,910	Total Texas						6,227,182
		Utah – 1.9%
	500	Central Utah Water Conservancy District, Water Revenue Bonds, Series 2012C, 5.000%, 10/01/22		10/19 at 100.00		AA+		606,610
	295	Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 2012, 5.000%, 5/15/23		5/21 at 100.00		AA+		357,747
	925	Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/22		No Opt. Call		A1		1,134,587
	1,720	Total Utah						2,098,944
		Virgin Islands – 0.1%
	60	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+		66,725
		Virginia – 1.5%
	500	Charles City County Industrial Development Authority, Virginia, Solid Waste Disposal Facility Revenue Bonds, Waste Management, Inc., Series 2002, 1.875%, 4/01/27 (Mandatory put 4/01/15) (Alternative Minimum Tax)		No Opt. Call		BBB		509,205
	350	Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/15/22		No Opt. Call		BBB		416,196
		Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
	200	0.000%, 7/01/25		No Opt. Call		BBB–		123,808
	690	0.000%, 7/01/26		No Opt. Call		BBB–		400,683
	250	Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.250%, 1/01/32 (Alternative Minimum Tax)		7/22 at 100.00		BBB–		275,795
	1,990	Total Virginia						1,725,687
		Washington – 2.0%
	100	Clark County Public Utility District 1, Washington, Electric System Revenue Bonds, Series 2007, 5.000%, 1/01/19 – FGIC Insured		1/17 at 100.00		A		113,157
	250	Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/26		8/22 at 100.00		Aa3		300,495
	500	Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012, 4.000%, 12/01/19		No Opt. Call		Baa3		545,035
	1,000	Washington State, General Obligation Refunding Bonds, Various Purpose Series 2013R-13C, 5.000%, 7/01/22		No Opt. Call		AA+		1,272,770
	1,850	Total Washington						2,231,457
		Wisconsin – 1.6%
	130	University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A, 5.000%, 4/01/21		No Opt. Call		Aa3		158,379
	1,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian HealthCare, Inc., Series 2013B, 5.000%, 7/01/24		7/23 at 100.00		A–		1,175,100

Nuveen Investments 181

Portfolio of Investments

Nuveen Inflation Protected Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin (continued)
$	125	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/18		8/16 at 100.00		A–	$	141,076
	175	Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.250%, 5/01/20		5/19 at 100.00		AA–		213,570
	95	Wisconsin State, General Obligation Bonds, Series 2005I, 5.000%, 5/01/16 – NPFG Insured		5/15 at 100.00		AA		103,826
	1,525	Total Wisconsin						1,791,951
		Wyoming – 0.2%
	180	Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B, 5.000%, 12/01/21		No Opt. Call		BBB		210,530
$	98,110	Total Investments (cost $105,065,988) – 96.1%						107,704,799
		Other Assets Less Liabilities – 3.9% (6)						4,331,558
		Net Assets – 100%					$	112,036,357

Investments in Derivatives as of April 30, 2013

Consumer Price Index Swaps outstanding:

Counterparty	Notional Amount		Fund Pay/Receive Floating Rate		Floating Rate Index		Fixed Rate (Annualized)			Fixed Rate Payment Frequency			Effective Date (7)		Termination Date		Unrealized Appreciation (Depreciation) (6)
Barclays PLC	$	4,000,000		Receive		CPURNSA		2.560	%		12/31/18	(8)		12/28/12		12/28/18	$	(68,954	)
Barclays PLC		4,500,000		Receive		CPURNSA		2.645			12/30/19	(8)		12/28/12		12/28/19		(83,628	)
Barclays PLC		5,000,000		Receive		CPURNSA		2.693			2/03/20	(8)		2/01/13		2/01/20		(83,447	)
Barclays PLC		5,000,000		Receive		CPURNSA		2.600			2/06/18	(8)		2/05/13		2/05/18		(90,288	)
Barclays PLC		3,500,000		Receive		CPURNSA		2.509			2/11/19	(8)		2/08/13		2/08/19		(27,330	)
Barclays PLC		8,000,000		Receive		CPURNSA		2.777			2/21/22	(8)		2/19/13		2/19/22		(162,677	)
Barclays PLC		8,000,000		Receive		CPURNSA		2.773			4/04/23	(8)		4/03/13		4/03/23		(122,172	)
Barclays PLC		3,800,000		Receive		CPURNSA		2.480			5/25/18	(8)		5/24/13		5/24/18		(38,531	)
Barclays PLC		7,500,000		Receive		CPURNSA		2.560			8/10/20	(8)		8/07/13		8/07/20		1,322
Barclays PLC		5,500,000		Receive		CPURNSA		2.645			10/01/21	(8)		9/30/13		9/30/21		(13,251	)
JPMorgan		5,000,000		Receive		CPURNSA		2.350			3/16/16	(8)		3/15/13		3/15/16		(46,520	)
JPMorgan		5,000,000		Receive		CPURNSA		2.655			3/18/19	(8)		3/15/13		3/15/19		(73,785	)
JPMorgan		4,000,000		Receive		CPURNSA		2.600			4/25/23	(8)		4/24/13		4/24/23		755
Morgan Stanley		5,500,000		Receive		CPURNSA		2.130			1/11/16	(8)		1/08/13		1/08/16		(46,108	)
Morgan Stanley		6,000,000		Receive		CPURNSA		2.714			3/01/21	(8)		2/27/13		2/27/21		(93,568	)
Morgan Stanley		4,000,000		Receive		CPURNSA		2.700			4/11/22	(8)		4/08/13		4/08/22		(43,884	)
Morgan Stanley		3,000,000		Receive		CPURNSA		2.650			8/08/24	(8)		8/07/13		8/07/24		18,177
Morgan Stanley		3,750,000		Receive		CPURNSA		2.440			9/28/17	(8)		9/27/13		9/27/17		(20,847	)
Morgan Stanley		3,800,000		Receive		CPURNSA		2.595			11/06/18	(8)		11/05/13		11/05/18		(25,228	)
Morgan Stanley		3,000,000		Receive		CPURNSA		2.468			11/15/16	(8)		11/14/13		11/14/16		(22,842	)
Morgan Stanley		9,750,000		Receive		CPURNSA		2.275			5/26/16	(8)		11/25/13		5/25/16		(35,052	)
																	$	(1,077,858	)

182 Nuveen Investments

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

(2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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 derivatives transactions.

(6) Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.

(7) Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each consumer price index swap contract.

(8) Fixed Rate Payment is due one business day after contract Termination Date.

N/R Not rated.

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

(ETM) Escrowed to maturity.

CPURNSA US CPI Urban Consumers Non-Seasonally Adjusted.

See accompanying notes to financial statements.

Nuveen Investments 183

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		MUNICIPAL BONDS – 98.2%
		Alabama – 0.8%
		Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A:
$	3,000	5.250%, 11/15/16		11/15 at 100.00		Baa2	$	3,303,060
	2,290	5.250%, 11/15/20		11/15 at 100.00		Baa2		2,474,574
		Health Care Authority for Baptist Health, Alabama, Revenue Bonds, Baptist Health, Series 2006D:
	1,575	5.000%, 11/15/15		No Opt. Call		A3		1,687,156
	2,935	5.000%, 11/15/16		11/15 at 100.00		A3		3,133,083
	1,130	Huntsville, Alabama, Electric System Revenue Warrants, Refunding Series 2007, 4.000%, 12/01/18 – AGM Insured		12/17 at 100.00		AA+		1,277,058
	10,000	Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/14		No Opt. Call		B		10,010,000
	2,000	Mobile, Alabama, General Obligation Warrants, Improvement and Refunding Series 2008B, 5.000%, 2/15/20		2/18 at 100.00		Aa2		2,329,900
	1,645	Pell City, Alabama, Special Care Facilities Financing Authority, Revenue Bonds, Noland Health Services, Series 2007A, 5.000%, 12/01/14 (ETM)		No Opt. Call		Aaa		1,765,562
		University of Alabama, Birmingham, Hospital Revenue Bonds, Birmingham Hospital, Series 2008A:
	1,500	5.000%, 9/01/18		No Opt. Call		A+		1,784,760
	4,000	5.750%, 9/01/22		9/18 at 100.00		A+		4,721,040
	30,075	Total Alabama						32,486,193
		Alaska – 0.2%
	3,000	Alaska State, Sport Fishing Revenue Bonds, Series 2011, 5.000%, 4/01/21		4/20 at 100.00		A1		3,540,660
	400	Aleutians East Borough Project, Alaska, Revenue Bonds, Series 2006, 4.375%, 6/01/15 – ACA Insured		No Opt. Call		N/R		403,920
	6,000	Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32		6/14 at 100.00		B+		5,614,260
	9,400	Total Alaska						9,558,840
		Arizona – 4.2%
	4,120	Arizona Board of Regents, Certificates of Participation, University of Arizona Projects, Refunding Series 2007B, 4.500%, 6/01/18 – AMBAC Insured		6/17 at 100.00		AA–		4,633,970
		Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A:
	1,220	5.000%, 2/01/20		No Opt. Call		BBB+		1,437,965
	6,255	5.000%, 2/01/27		2/22 at 100.00		BBB+		6,973,387
	2,817	Arizona Health Facilities Authority, Revenue Bonds, American Baptist Estates – Terraces Project, Series 2003A, 7.500%, 11/15/23 (Pre-refunded 11/15/13)		11/13 at 101.00		AAA		2,952,413
	1,000	Arizona Health Facilities Authority, Revenue Bonds, Blood Systems Inc., Series 2004, 5.000%, 4/01/17		4/14 at 100.00		A		1,042,980
		Arizona Sports and Tourism Authority, Senior Revenue Refunding Bonds, Multipurpose Stadium Facility Project, Series 2012A:
	10,270	5.000%, 7/01/25		7/22 at 100.00		A1		12,072,077
	16,235	5.000%, 7/01/26		7/22 at 100.00		A1		18,919,620
	16,760	5.000%, 7/01/27		7/22 at 100.00		A1		19,291,263
	150	Arizona State Game and Fish Department and Commission, Beneficial Interest Certificates in Lease Purchase Agreement, AGF Administration Building Project, Series 2006, 4.500%, 7/01/15		No Opt. Call		A3		161,238
	1,995	Arizona State, Certificates of Participation, Series 2008A, 4.000%, 9/01/17 – AGM Insured		No Opt. Call		AA–		2,225,063
		Arizona State, State Lottery Revenue Bonds, Series 2010A:
	30	5.000%, 7/01/17 – AGM Insured		No Opt. Call		AA		34,835
	15	5.000%, 7/01/18 – AGM Insured		No Opt. Call		AA		17,828

184 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	5,120	5.000%, 7/01/19 – AGM Insured		No Opt. Call		AA	$	6,192,384
	5,015	5.000%, 7/01/20 – AGM Insured		No Opt. Call		AA		6,135,150
	6,130	5.000%, 7/01/21 – AGM Insured		1/20 at 100.00		AA		7,321,488
	7,500	5.000%, 7/01/22 – AGM Insured		1/20 at 100.00		AA		8,867,475
	6,000	Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Series 2003A, 5.375%, 7/01/19 (Pre-refunded 7/01/13) – NPFG Insured		7/13 at 100.00		N/R (4)		6,052,380
		Gila County Unified School District 10 Payson, Arizona, General Obligation Bonds, Project of 2006, Series 2007A:
	1,000	5.000%, 7/01/16 – AMBAC Insured		No Opt. Call		Aa3		1,120,810
	1,050	5.000%, 7/01/17 – AMBAC Insured		No Opt. Call		Aa3		1,203,951
	6,000	Gilbert, Arizona, Public Facilities Municipal Property Corporation, Revenue Bonds, Series 2009, 5.500%, 7/01/27		7/19 at 100.00		AA		6,924,660
	2,810	Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B, 5.250%, 12/01/20		12/15 at 100.00		BBB+		3,021,565
	2,000	Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2007, 5.000%, 5/15/26		5/22 at 100.00		A–		2,269,580
	1,355	Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2010, 5.000%, 5/15/21		5/20 at 100.00		A+		1,549,280
	565	Maricopa County Unified School District 48, Scottsdale, Arizona, General Obligation Bonds, Series 2006B, 4.750%, 7/01/18 – AGM Insured		7/16 at 100.00		Aa1		635,297
		Maricopa County Unified School District 48, Scottsdale, Arizona, General Obligation Bonds, Series 2006B:
	295	4.750%, 7/01/18 (Pre-refunded 7/01/16) – AGM Insured		7/16 at 100.00		Aa1 (4)		335,123
	290	4.750%, 7/01/18 (Pre-refunded 7/01/16) – AGM Insured		7/16 at 100.00		Aa1 (4)		328,460
	2,740	Maricopa County, Arizona, Hospital Revenue Bonds, Sun Health Corporation, Series 2005, 5.000%, 4/01/14 (ETM)		No Opt. Call		N/R (4)		2,857,491
	3,250	Mesa, Arizona, Excise Tax Revenue Bonds, Series 2013, 5.000%, 7/01/27		7/17 at 100.00				3,674,970
		Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A:
	2,000	5.000%, 7/01/22		7/20 at 100.00		A+		2,400,380
	10,370	5.000%, 7/01/40		7/20 at 100.00		A+		11,393,104
	2,650	Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company Project, Series 2013A, 4.000%, 9/01/29		3/23 at 100.00		BBB		2,671,359
	1,200	Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Refunding Series 2008, 5.750%, 9/01/29		1/15 at 100.00		BBB–		1,265,088
		Pima County Unified School District 1, Tucson, Arizona, School Improvement Bonds, Series 2007C:
	1,000	4.375%, 7/01/18 – FGIC Insured		7/17 at 100.00		Aa2		1,126,140
	1,000	4.500%, 7/01/19 – FGIC Insured		7/17 at 100.00		Aa2		1,121,670
	2,670	Pima County, Arizona, Sewer Revenue Bonds, Series 2010, 5.000%, 7/01/24 – AGM Insured		7/20 at 100.00		AA–		3,195,563
	11,000	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2003, 5.000%, 12/01/14 – NPFG Insured		12/13 at 100.00		Aa2		11,302,940
	3,000	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2009A, 5.000%, 1/01/25		No Opt. Call		Aa1		3,523,110
	3,925	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Tender Option Bond Trust 3284, 13.473%, 6/01/19 (IF)		No Opt. Call		Aa1		6,780,869
	1,000	Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.000%, 9/01/20		9/18 at 100.00		A2		1,126,690
	1,350	Sedona-Oak Creek Joint Unified School District 9, Coconino and Yavapai Counties, Arizona, General Obligation Bonds, School Improvement Project 2007, Series 2009B., 5.375%, 7/01/28		7/19 at 100.00		Aa2		1,547,708

Nuveen Investments 185

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	359	Tempe Industrial Development Authority, Arizona, Senior Living Revenue Bonds, Friendship Village of Tempe Project, Refunding Series 2004A, 5.375%, 12/01/13 (ETM)		No Opt. Call		N/R (4)	$	365,782
	1,850	Tucson Airport Authority Inc., Arizona, Revenue Bonds, Series 2003, 5.000%, 6/01/13 – AGM Insured		No Opt. Call		AA–		1,857,511
	155,361	Total Arizona						177,930,617
		Arkansas – 0.9%
	1,490	Conway, Arkansas, Restaurant Gross Receipts Tax Revenue Bonds, Series 2007, 5.000%, 12/01/22 – AGM Insured		12/15 at 100.00		AA–		1,646,271
		Fayetteville, Arkansas, Sales and Use Tax Revenue Bonds, Series 2006A:
	6,730	5.000%, 11/01/17 – AGM Insured		11/16 at 100.00		AA–		7,690,573
	6,740	4.500%, 11/01/19 – AGM Insured		11/16 at 100.00		AA–		7,478,974
	3,685	Fort Smith, Arkansas, Sales and Use Tax Revenue Bonds, Series 2006, 4.000%, 9/01/13 – FGIC Insured		No Opt. Call		AA		3,732,389
		Fort Smith, Arkansas, Water and Sewer Revenue Bonds, Series 2007:
	1,235	5.000%, 10/01/19 – FGIC Insured		10/17 at 100.00		A		1,431,340
	1,000	5.000%, 10/01/21 – FGIC Insured		10/17 at 100.00		A		1,162,680
	5,395	Independence County, Arkansas, Pollution Control Revenue Bonds, Arkansas Power and Light Company Project, Series 2013, 2.375%, 1/01/21		No Opt. Call		A–		5,470,260
		Magnolia, Arkansas, Sales and Use Tax Revenue Bonds, Series 2007:
	575	5.000%, 8/01/21 – CIFG Insured		8/17 at 100.00		N/R		641,079
	1,130	5.000%, 8/01/22 – CIFG Insured		8/17 at 100.00		N/R		1,251,204
	1,185	5.000%, 8/01/23 – CIFG Insured		8/17 at 100.00		N/R		1,307,304
	1,245	5.000%, 8/01/24 – CIFG Insured		8/17 at 100.00		N/R		1,363,599
	1,000	North Little Rock Health Facilities Board, Arkansas, Healthcare Revenue Bonds, Baptist Health, Series 1996B, 5.750%, 12/01/21		12/18 at 100.00		A+		1,174,890
	1,000	University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2005B, 4.500%, 11/01/16 – FGIC Insured		11/15 at 100.00		Aa2		1,096,550
		Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B:
	1,270	5.000%, 2/01/14		No Opt. Call		Baa1		1,309,434
	1,000	5.000%, 2/01/17		2/15 at 100.00		Baa1		1,059,420
	1,165	5.000%, 2/01/18		2/15 at 100.00		Baa1		1,231,813
	35,845	Total Arkansas						39,047,780
		California – 7.7%
	1,215	ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Revenue Bonds, Elder Care Alliance of Union City, Series 2004, 5.000%, 8/15/17		8/14 at 100.00		A		1,272,433
	1,525	ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, Children’s Hospital & Research Center at Oakland, Refunding Series 2007A, 4.500%, 12/01/18		12/17 at 100.00		A–		1,717,974
	1,565	ABC Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2003A, 4.900%, 2/01/20 – NPFG Insured		No Opt. Call		A+		1,835,416
		Alameda Corridor Transportation Authority, California, Senior Lien Revenue Refunding Bonds, Series 2013A:
	2,185	5.000%, 10/01/22		No Opt. Call		A		2,708,657
	1,860	5.000%, 10/01/23		No Opt. Call		A		2,321,931
	5,000	5.000%, 10/01/24		10/23 at 100.00		A		6,185,550
	2,000	Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/14 – AMBAC Insured		No Opt. Call		BBB+		1,964,240
	920	Apple Valley Redevelopment Agency, California, Tax Allocation Bonds, Project Area 2 Series 2007, 4.500%, 6/01/18 – AMBAC Insured		6/17 at 100.00		BBB+		972,311

186 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	1,060	California Department of Water Resources, Power Supply Revenue Bonds, Refunding Series 2008H, 5.000%, 5/01/22 – AGM Insured		5/18 at 100.00		AA	$	1,264,834
	7,500	California Department of Water Resources, Power Supply Revenue Bonds, Series 2010L, 5.000%, 5/01/17		No Opt. Call		AA		8,794,125
	2,645	California Department of Water Resources, Power Supply Revenue Bonds, Series 2010M, 4.000%, 5/01/16		No Opt. Call		AA		2,926,005
	1,000	California Educational Facilities Authority, Revenue Bonds, Lutheran University, Series 2004C, 5.000%, 10/01/24		10/14 at 100.00		Baa1		1,036,730
	12,250	California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2007A, 4.500%, 10/01/33		10/17 at 100.00		Aa1		13,547,275
	500	California Health Facilities Financing Authority, Revenue Bonds, Adventist Health System/West, Series 2009C, 5.125%, 3/01/20		3/19 at 100.00		A		587,115
	6,290	California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008H, 5.125%, 7/01/22		7/15 at 100.00		A		6,878,870
	3,160	California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital of Orange County, Series 2009A, 5.750%, 11/01/18		No Opt. Call		A		3,888,348
	1,210	California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2008B, 1.450%, 8/15/33 (Mandatory put 3/15/17)		No Opt. Call		AA		1,233,075
	1,440	California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2008C, 1.450%, 8/15/23 (Mandatory put 3/15/17)		No Opt. Call		AA		1,467,461
	2,245	California State Public Works Board, Lease Revenue Bonds, California State University Monterey Bay Campus Library Project, Series 2009D, 6.000%, 4/01/25		4/19 at 100.00		Aa3		2,771,116
	1,400	California State Public Works Board, Lease Revenue Bonds, California State University, Various University Projects, Series 2010B-1, 5.375%, 3/01/25		3/20 at 100.00		Aa3		1,674,946
	8,075	California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 2003C, 5.500%, 6/01/14		12/13 at 100.00		A2		8,320,884
	3,940	California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 2003C, 5.500%, 6/01/17 (Pre-refunded 12/01/13)		12/13 at 100.00		AAA		4,059,106
	5,000	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.250%, 10/01/24		10/19 at 100.00		A2		5,938,700
		California State, Economic Recovery Revenue Bonds, Refunding Series 2009A:
	2,000	5.000%, 7/01/20		7/19 at 100.00		Aa3		2,438,000
	6,000	5.250%, 7/01/21		7/19 at 100.00		Aa3		7,350,840
		California State, Economic Recovery Revenue Bonds, Series 2004A:
	10,175	5.250%, 7/01/13		No Opt. Call		Aa3		10,262,098
	5,945	5.250%, 7/01/14		No Opt. Call		Aa3		6,290,761
	1,825	California State, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 (ETM)		No Opt. Call		Aaa		1,931,817
		California State, General Obligation Bonds, Series 2003:
	995	5.000%, 2/01/16 (Pre-refunded 8/01/13)		8/13 at 100.00		Aaa		1,006,880
	30	5.000%, 2/01/16 (Pre-refunded 8/01/13)		8/13 at 100.00		Aaa		30,358
	1,940	5.000%, 2/01/17 (Pre-refunded 8/01/13)		8/13 at 100.00		Aaa		1,963,164
	60	5.000%, 2/01/17 (Pre-refunded 8/01/13)		8/13 at 100.00		Aaa		60,716
		California State, General Obligation Bonds, Series 2004:
	1,500	5.000%, 2/01/21		2/14 at 100.00		A1		1,552,365
	500	5.125%, 4/01/24		4/14 at 100.00		A1		521,065
		California State, General Obligation Bonds, Series 2007:
	500	5.000%, 8/01/19		2/17 at 100.00		A1		576,410
	1,000	5.000%, 12/01/23		12/17 at 100.00		A1		1,171,740
	15	California State, General Obligation Bonds, Various Purpose Series 2001, 5.000%, 11/01/18		7/13 at 100.00		A1		15,059

Nuveen Investments 187

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	500	California Statewide Communities Development Authority, Pollution Control Revenue Bonds, Southern California Edison Company, Series 2006C, 4.250%, 11/01/33 (Mandatory put 11/01/16) – FGIC Insured		No Opt. Call		A1	$	549,890
	700	California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/30		3/15 at 100.00		A		743,701
	2,620	California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012E-1, 5.000%, 4/01/44 (Mandatory put 5/01/17)		No Opt. Call		A+		3,041,217
	1,000	California Statewide Community Development Authority, Insured Health Facility Revenue Bonds, Henry Mayo Newhall Memorial Hospital, Series 2007B, 5.200%, 10/01/37 – AMBAC Insured		10/18 at 100.00		A		1,107,200
		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005G:
	750	5.250%, 7/01/13		No Opt. Call		BBB–		756,428
	1,200	5.000%, 7/01/22		7/15 at 100.00		BBB–		1,285,440
	10,000	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2007C, 5.000%, 8/15/38 – AMBAC Insured		8/17 at 100.00		AA–		11,017,400
	5,625	Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas & Electric Company, Refunding Series 2006A, 1.650%, 7/01/18		9/15 at 100.00		Aa3		5,740,088
	1,120	Contra Costa County Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2003A, 5.500%, 8/01/23 – RAAI Insured		8/13 at 100.00		BBB+		1,123,427
		Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Capital Appreciation Series 2011A:
	7,475	0.000%, 11/01/26		11/21 at 66.91		A		3,376,906
	4,095	0.000%, 11/01/28		11/21 at 56.33		A		1,535,338
		Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 2012:
	1,685	5.000%, 1/01/22		No Opt. Call		BBB–		1,895,996
	1,530	5.000%, 1/01/23		No Opt. Call		BBB–		1,730,904
	1,635	5.000%, 1/01/24		No Opt. Call		BBB–		1,835,353
	1,325	5.000%, 1/01/25		No Opt. Call		BBB–		1,471,280
		Desert Sands Unified School District, Riverside County, California, General Obligation Bonds, Election 2001, Series 2008:
	500	5.250%, 8/01/23		8/18 at 100.00		Aa2		593,465
	2,025	5.000%, 8/01/24		8/18 at 100.00		Aa2		2,331,524
	2,100	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–		2,322,873
	620	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		623,199
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	7,770	5.000%, 6/01/17		No Opt. Call		Baa1		8,824,001
	13,670	4.500%, 6/01/27		6/17 at 100.00		B		13,335,085
	1,300	Grant Joint Union High School District, Sacramento County, California, General Obligation Bonds, Capital Appreciation Election 2006 Series 2008, 0.000%, 8/01/26 – AGM Insured		No Opt. Call		A1		748,345
	6,425	Lake Elsinore Redevelopment Agency, California, Special Tax Bonds, Community Facilities District 90-2, Series 2007A, 4.500%, 10/01/24 – AGM Insured		10/17 at 100.00		AA–		6,763,148
	2,015	Las Virgenes Unified School District, Los Angeles County, California, General Obligation Bonds, 2006 Election, Series 2009B, 0.000%, 8/01/27		No Opt. Call		AA–		1,127,574
	3,775	Long Beach Financing Authority, California, Revenue Bonds, Series 1992, 6.000%, 11/01/17 – AMBAC Insured		No Opt. Call		N/R		3,984,286

188 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	5,025	Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A, 5.250%, 7/01/19 (Pre-refunded 7/01/13) – AGM Insured		7/13 at 100.00		Aa2 (4)	$	5,068,064
	6,000	Los Angeles, California, Wastewater System Revenue Bonds, Series 2005A, 5.000%, 6/01/34 – NPFG Insured		No Opt. Call		AA+		6,471,120
		Moulton Niguel Water District, California, Certificates of Participation, Refunding Series 2003:
	2,220	5.000%, 9/01/21 – AMBAC Insured		9/16 at 100.00		AAA		2,471,615
	2,145	5.000%, 9/01/22 – AMBAC Insured		9/16 at 100.00		AAA		2,388,114
	2,000	5.000%, 9/01/23 – AMBAC Insured		9/16 at 100.00		AAA		2,226,680
	10,000	M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009A, 6.125%, 11/01/29		No Opt. Call		A		12,704,400
	10,000	M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.125%, 11/01/29		No Opt. Call		A		12,704,400
	1,000	Northern Inyo County Local Hospital District, Inyo County, California, Revenue Bonds, Series 2010, 6.000%, 12/01/21		12/20 at 100.00		BBB–		1,156,190
	6,000	Oakland State Building Authority, California, Lease Revenue Bonds, Elihu M. Harris State Office Building, Series 1998A, 5.000%, 4/01/23 – AMBAC Insured		10/13 at 100.00		A2		6,008,220
	8,000	Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/40		8/30 at 100.00		A+		6,578,080
		Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A:
	1,815	0.000%, 8/01/21 – AGC Insured		No Opt. Call		AA–		1,455,231
	2,095	0.000%, 8/01/22 – AGC Insured		No Opt. Call		AA–		1,572,465
	4,085	0.000%, 8/01/23 – AGC Insured		No Opt. Call		AA–		2,888,994
	7,000	Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2011, 0.000%, 10/01/25 – AGM Insured		10/21 at 100.00		AA–		6,798,960
		Port of Oakland, California, Revenue Refunding Bonds, Inter Lien, Series 2007B:
	2,530	5.000%, 11/01/18 – NPFG Insured		11/17 at 100.00		A		2,937,102
	1,120	5.000%, 11/01/19 – NPFG Insured		11/17 at 100.00		A		1,287,854
	5,350	Poway Unified School District, San Diego County, California, School Facilities Improvement District 2007-1 General Obligation Bonds, Series 2011A, 0.000%, 8/01/34		No Opt. Call		Aa2		2,058,466
		Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B:
	2,115	0.000%, 10/01/34		No Opt. Call		A–		695,539
	2,000	0.000%, 10/01/36		No Opt. Call		A–		587,480
	5,000	Sacramento County, California, Airport System Revenue Bonds, Senior Lien Series 20010, 5.000%, 7/01/40		7/20 at 100.00		A		5,526,750
	1,000	San Bernardino Community College District, California, General Obligation Bonds, Series 2008A, 6.500%, 8/01/27 (Pre-refunded 8/01/18)		8/18 at 100.00		Aa2 (4)		1,290,190
	575	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		605,475
	2,770	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D, 5.000%, 8/01/23 – AMBAC Insured		8/17 at 100.00		BBB		2,871,687
	1,000	San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/17 – FGIC Insured		No Opt. Call		Aa1		951,560
	4,505	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		Baa2		5,282,653

Nuveen Investments 189

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	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		AA–	$	1,155,100
	2,000	Santa Monica Community College District, Los Angeles County, California, General Obligation Bonds, Series 2005C, 0.000%, 8/01/16 – NPFG Insured		8/15 at 95.72		Aa1		1,887,220
		Santa Paula Utility Authority, California, Water Enterprise Revenue Bonds, Series 2010:
	2,510	5.000%, 2/01/28		2/20 at 100.00		A+		2,856,606
	2,630	5.000%, 2/01/29		2/20 at 100.00		A+		2,981,052
	2,765	5.000%, 2/01/30		2/20 at 100.00		A+		3,123,178
		South Bayside Waste Management Authority, California, Solid Waste Enterprise Revenue Bonds, Shoreway Environmental Center, Series 2009A:
	2,500	5.250%, 9/01/24		9/19 at 100.00		A–		2,790,925
	1,200	6.250%, 9/01/29		9/19 at 100.00		A–		1,398,240
		Tulare Local Health Care District, California, General Obligation Bonds, Series 2009B-1:
	1,180	6.000%, 8/01/22		8/19 at 100.00		Baa1		1,426,762
	1,410	6.125%, 8/01/23		8/19 at 100.00		Baa1		1,700,263
	1,585	6.250%, 8/01/24		8/19 at 100.00		Baa1		1,908,261
	1,265	6.375%, 8/01/25		8/19 at 100.00		Baa1		1,525,375
	500	6.500%, 8/01/26		8/19 at 100.00		Baa1		605,470
	1,100	Upland Community Redevelopment Agency, California, Tax Allocation Refunding Bonds, A Merged Project, Series 2006, 4.250%, 9/01/26 – AMBAC Insured		9/16 at 100.00		A		1,111,022
	2,030	Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/23 – FGIC Insured		No Opt. Call		Aa3		1,421,264
	3,000	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–		2,528,910
	2,500	West Contra Costa Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2008B, 6.000%, 8/01/25		No Opt. Call		Aa3		3,288,750
	995	Whittier Public Financing Authority, California, Tax Allocation Revenue Bonds, Whittier Redevelopment Agency, Series 2007A, 5.000%, 11/01/21 – AMBAC Insured		11/17 at 100.00		A–		1,099,336
	815	Woodland Finance Authority, California, Lease Revenue Bonds, Series 2002, 4.700%, 3/01/19 – SYNCORA GTY Insured		7/13 at 102.00		A2		833,338
	314,265	Total California						324,630,804
		Colorado – 3.3%
	1,125	Adams and Arapahoe Counties Joint School District 28J, Aurora, Colorado, General Obligation Bonds, Series 2008, 5.500%, 12/01/21 (Pre-refunded 12/01/18)		12/18 at 100.00		Aa2 (4)		1,408,793
	5,000	Adams County, Colorado, Pollution Control Refunding Revenue Bonds, Public Service Company of Colorado Projects, Senior Lien Series 2005A, 4.375%, 9/01/17 – NPFG Insured		9/15 at 100.00		A		5,374,350
	175	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Cheyenne Mountain Charter Academy, Series 2007A, 4.750%, 6/15/22		6/17 at 100.00		BBB–		182,100
	1,000	Colorado Health Facilities Authority, Colorado, Hospital Improvement Revenue Bonds, NCMC Inc., Series 2003B, 6.000%, 5/15/26 – AGM Insured		5/19 at 100.00		AA–		1,185,730
	16,830	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 5.000%, 9/01/26		9/16 at 100.00		AA–		18,633,166
	725	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-7, 4.350%, 9/01/20 – AGM Insured		5/18 at 100.00		AA–		815,335

190 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	1,500	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2008D, 5.125%, 10/01/17		No Opt. Call		AA–	$	1,776,840
		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Communities Project, Series 2006A:
	600	5.250%, 1/01/14		No Opt. Call		N/R		609,576
	620	5.250%, 1/01/15		No Opt. Call		N/R		643,343
	1,400	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Long-term Care National Obligated Group Project, Series 2010A, 5.250%, 11/15/20		No Opt. Call		BBB–		1,559,768
	405	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association Project, Series 2006A, 5.000%, 5/15/13 – RAAI Insured		No Opt. Call		BBB+		405,587
	6,725	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Yampa Valley Medical Center, Series 2007, 5.000%, 9/15/22		9/17 at 100.00		BBB+		7,142,623
	10,000	Colorado Health Facilities Authority, Retirement Facilities Revenue Bonds, Liberty Heights, Series 1990B, 0.000%, 7/15/20 (ETM)		No Opt. Call		AA+ (4)		8,892,600
	500	Colorado Health Facilities Authority, Revenue Bonds, Covenant Retirement Communities Inc., Series 2005, 5.000%, 12/01/16		12/15 at 100.00		BBB+		540,640
		Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2006:
	1,000	5.000%, 6/01/16		No Opt. Call		A–		1,115,530
	1,000	5.250%, 6/01/18		6/16 at 100.00		A–		1,112,190
	1,250	Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2007B, 4.250%, 12/01/15 – RAAI Insured		No Opt. Call		Baa2		1,313,363
	640	Colorado Health Facilities Authority, Revenue Bonds, Parkview Medical Center, Series 2004, 5.000%, 9/01/16		9/13 at 100.00		A3		648,506
	1,500	Colorado State Higher Education Capital Construction Lease Purchase Financing Program Certificates of Participation, Series 2008, 5.250%, 11/01/23		11/18 at 100.00		Aa2		1,790,175
		Colorado State, Certificates of Participation, Colorado Penitentiary II Program, Refunding Series 2010:
	150	0.000%, 3/01/14		No Opt. Call		AA–		149,673
	1,390	4.000%, 3/01/15		No Opt. Call		Aa2		1,482,115
	1,500	Delta County Memorial Hospital District, Colorado, Enterprise Revenue Bonds, Refunding Series 2010, 5.500%, 9/01/25		3/20 at 100.00		BBB		1,593,525
	6,050	Denver City and County, Colorado, Airport System Revenue Bonds, Refunding Series 2006A, 5.000%, 11/15/19 – FGIC Insured		11/16 at 100.00		A+		6,869,352
	4,025	Denver City and County, Colorado, Airport System Revenue Bonds, Refunding Series 2006A, 5.000%, 11/15/19 (Pre-refunded 11/15/16) – FGIC Insured		11/16 at 100.00		A1 (4)		4,646,983
	11,000	Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32		11/22 at 100.00		A+		12,680,360
	5,775	Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2003A, 5.000%, 12/01/15 (Pre-refunded 12/01/13) – SYNCORA GTY Insured		12/13 at 100.00		N/R (4)		5,932,715
		Denver School District 1, Colorado, General Obligation Bonds, Series 2012B:
	6,600	4.000%, 12/01/21		No Opt. Call		AA+		7,834,860
	6,445	4.000%, 12/01/22		No Opt. Call		AA+		7,653,824
	5,000	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2007B-1, 5.500%, 9/01/24 – NPFG Insured		9/15 at 100.00		Baa2		5,444,250
	10,000	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 3/01/36 – NPFG Insured		9/20 at 41.72		Baa2		2,870,000
	1,500	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004C, 5.000%, 9/01/17 – NPFG Insured		No Opt. Call		Baa2		1,667,490

Nuveen Investments 191

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
		El Paso County School District 20, Academy, Colorado, General Obligation Bonds, Refunding Series 2010:
$	1,500	5.000%, 12/15/20		No Opt. Call		Aa2	$	1,887,000
	2,215	5.000%, 12/15/21		No Opt. Call		Aa2		2,813,537
	1,530	5.000%, 12/15/22		12/21 at 100.00		Aa2		1,916,738
	270	High Plains Metropolitan District, Colorado, General Obligation Bonds, Series 2005B, 4.375%, 12/01/15		No Opt. Call		BBB–		279,734
	2,170	Montrose, Colorado, Enterprise Revenue Bonds, Montrose Memorial Hospital, Series 2003, 5.700%, 12/01/17		12/13 at 102.00		BBB–		2,269,777
	1,000	North Range Metropolitan District 1, Adams County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2007, 4.300%, 12/15/19 – ACA Insured		12/16 at 100.00		N/R		1,027,670
	2,250	Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 5.250%, 6/15/15 – AMBAC Insured (ETM)		No Opt. Call		N/R (4)		2,475,990
	725	Platte River Power Authority, Colorado, Power Revenue Bonds, Refunding Series 2007GG, 4.500%, 6/01/17 – AGM Insured		No Opt. Call		AA		834,678
		Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013:
	1,335	5.000%, 12/01/19		No Opt. Call		N/R		1,519,791
	500	5.000%, 12/01/20		No Opt. Call		N/R		564,130
	1,000	Pueblo County School District 60, Pueblo, Colorado, General Obligation Bonds, Refunding Series 2009, 5.000%, 12/15/22		No Opt. Call		Aa2		1,279,610
	1,325	Rangeview Library District, Adams County, Colorado, Certificates of Participation, Rangeview Library Projects, Series 2008, 4.500%, 12/15/20 – AGC Insured		12/18 at 100.00		AA–		1,499,052
	975	Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41		7/20 at 100.00		Baa3		1,138,147
		Sand Creek Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2010A:
	2,190	4.250%, 12/01/23		12/20 at 100.00		A		2,436,090
	2,030	4.000%, 12/01/24		12/20 at 100.00		A		2,196,968
	1,000	Walker Field Public Airport Authority, Colorado, Airport Revenue Bonds, Series 2007, 5.000%, 12/01/22		12/17 at 100.00		Baa2		1,129,180
	133,445	Total Colorado						139,243,454
		Connecticut – 0.6%
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Griffin Hospital, Series 2005B, 5.000%, 7/01/14 – RAAI Insured		No Opt. Call		N/R		1,039,100
	19,320	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2010A-3, 0.875%, 7/01/49 (Mandatory put 2/08/18)		No Opt. Call		AAA		19,369,846
	3,470	Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax)		7/13 at 100.00		BBB		3,483,741
	23,790	Total Connecticut						23,892,687
		District of Columbia – 1.3%
	3,880	District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/30		10/22 at 100.00		BBB–		4,169,293
		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001:
	3,550	5.800%, 5/15/13		No Opt. Call		A1		3,556,887
	3,750	5.875%, 5/15/14		7/13 at 100.00		A1		3,764,400
	6,755	6.250%, 5/15/24		5/13 at 100.00		A1		6,822,347
	2,980	6.500%, 5/15/33		No Opt. Call		Baa1		3,567,924
	10,165	District of Columbia Water and Sewerage Authority, Public Utility Revenue Bonds, Series 1998, 5.500%, 10/01/18 – AGM Insured		No Opt. Call		AA+		12,584,168

192 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		District of Columbia (continued)
$	11,530	District of Columbia, General Obligation Bonds, Series 2003B, 5.000%, 6/01/15 (Pre-refunded 6/01/13) – AMBAC Insured		6/13 at 100.00		Aa2 (4)	$	11,577,619
		District of Columbia, Hospital Revenue Bonds, Sibley Memorial Hospital, Series 2009:
	420	6.500%, 10/01/20		10/19 at 100.00		A		526,130
	1,715	6.500%, 10/01/23		10/19 at 100.00		A		2,083,451
	825	6.500%, 10/01/24		10/19 at 100.00		A		994,983
	3,485	District of Columbia, Revenue Bonds, The Catholic University of America, Series 2010, 5.000%, 10/01/23		10/18 at 100.00		A		4,070,375
	49,055	Total District of Columbia						53,717,577
		Florida – 6.0%
	5,000	Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/23 (Pre-refunded 7/01/13) – NPFG Insured		7/13 at 100.00		Aa3 (4)		5,040,500
	1,615	Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1, 5.500%, 6/01/17		No Opt. Call		A+		1,897,350
		Citizens Property Insurance Corporation, Florida, High-Risk Account Revenue Bonds, Coastal Account Senior Secured Series 2011A-1:
	150	5.000%, 6/01/15		No Opt. Call		A+		163,659
	3,160	5.000%, 6/01/18		No Opt. Call		A+		3,723,965
	200	5.000%, 6/01/19		No Opt. Call		A+		240,098
	120	Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.250%, 6/01/17		No Opt. Call		A+		139,784
	1,020	Citrus County Hospital Board, Florida, Revenue Bonds, Citrus Memorial Hospital, Refunding Series 2002, 6.250%, 8/15/23		8/13 at 100.00		BB–		1,022,907
		City of Tampa, Florida, Refunding and Capital Improvement Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Series 2012A:
	550	5.000%, 9/01/22		No Opt. Call		A+		670,406
	600	5.000%, 9/01/23		9/22 at 100.00		A+		720,408
	1,175	3.125%, 9/01/24		9/22 at 100.00		A+		1,196,961
	1,250	5.000%, 9/01/25		9/22 at 100.00		A+		1,479,950
	800	5.000%, 9/01/27		9/22 at 100.00		A+		926,704
	2,205	Clay County School Board, Florida, Certificates of Participation, Refunding Series 2005B, 5.000%, 7/01/18 – NPFG Insured		7/15 at 100.00		A1		2,350,530
		Florida Citizens Property Insurance Corporation, High Risk Account Revenue Bonds, Series 2007A:
	12,660	5.000%, 3/01/15 – NPFG Insured		No Opt. Call		A+		13,682,168
	33,070	5.000%, 3/01/17 – NPFG Insured		No Opt. Call		A+		37,940,219
		Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1:
	35	5.000%, 6/01/16		No Opt. Call		A+		39,452
	85	5.000%, 6/01/18		No Opt. Call		A+		100,170
	480	5.000%, 6/01/19		No Opt. Call		A+		576,235
	4,545	5.000%, 6/01/20		No Opt. Call		A+		5,486,360
	3,275	Florida Governmental Utility Authority, Utility Revenue Bonds, Lake Aqua Utility System, Series 2013A, 4.250%, 10/01/33		10/22 at 100.00				3,317,313
	2,700	Florida Governmental Utility Authority, Utility Revenue Bonds, Pasco Aqua Utility System, Series 2013A, 4.250%, 10/01/33		10/22 at 100.00				2,736,234
	7,695	Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Series 2003A, 5.000%, 7/01/16 – AGM Insured		7/13 at 101.00		AA–		7,834,203
	2,330	Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/26		6/16 at 100.00		A–		2,483,244
	2,000	Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2008A, 6.500%, 11/15/38 (Mandatory put 11/17/15)		No Opt. Call		AA		2,283,540

Nuveen Investments 193

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	7,215	Hillsborough County, Florida, Capital Improvement Program Revenue Bonds, Junior Lien Refunding Series 2003, 5.000%, 8/01/13 – FGIC Insured (ETM)		No Opt. Call		N/R (4)	$	7,301,147
		Jacksonville, Florida, Capital Improvement Refunding Revenue Bonds, Series 2012:
	2,240	5.000%, 10/01/20		No Opt. Call		AA		2,758,000
	2,250	5.000%, 10/01/21		No Opt. Call		AA		2,796,233
	4,605	5.000%, 10/01/27		No Opt. Call		AA		5,489,068
		Jacksonville, Florida, Special Revenue Bonds, Series 20120C:
	1,250	5.000%, 10/01/20		No Opt. Call		Aa2		1,542,000
	1,040	5.000%, 10/01/21		No Opt. Call		Aa2		1,289,735
	2,000	5.000%, 10/01/23		No Opt. Call		Aa2		2,509,340
	2,000	5.000%, 10/01/24		No Opt. Call		Aa2		2,452,560
	4,040	Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 4.200%, 12/15/25 (Alternative Minimum Tax)		6/20 at 100.00		BB		4,098,257
	2,520	Miami-Dade County Educational Facilities Authority, Revenue Bonds, Florida University of Miami, Series 2008A, 5.150%, 4/01/23		4/16 at 100.00		A–		2,778,199
		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A:
	925	5.000%, 10/01/20 (Alternative Minimum Tax)		No Opt. Call		A		1,114,024
	3,000	5.000%, 10/01/21 (Alternative Minimum Tax)		No Opt. Call		A		3,628,860
	5,000	5.000%, 10/01/22 (Alternative Minimum Tax)		No Opt. Call		A		6,074,800
	5,900	Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/41		10/20 at 100.00		A		6,610,773
	5,000	Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005B, 5.000%, 6/01/25 – NPFG Insured		6/15 at 100.00		Aa3		5,346,500
		Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2010E:
	1,575	4.000%, 4/01/16		No Opt. Call		Aa3		1,713,821
	1,975	5.000%, 4/01/21		4/20 at 100.00		Aa3		2,338,242
	5,015	5.250%, 4/01/30		4/20 at 100.00		Aa3		5,696,789
	5,000	Miami-Dade County, Florida, Subordinate Special Obligation Refunding Bonds Series 2012B, 5.000%, 10/01/35		10/22 at 100.00		A+		5,569,650
	5,000	Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/29 – AGM Insured		10/20 at 100.00		Aa2		5,737,650
	2,100	North Brevard County Hospital District, Florida, Revenue Bonds, Parrish Medical Center Project, Refunding Series 2008, 5.500%, 10/01/28		10/18 at 100.00		A–		2,325,855
	3,400	Orange County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/25 – AMBAC Insured		8/15 at 100.00		AA		3,719,634
	2,000	Orlando Utilities Commission, Florida, Utility System Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/25		No Opt. Call		AA		2,604,380
	3,005	Orlando-Orange County Expressway Authority, Florida, Expressway Revenue Bonds, Series 2012, 5.000%, 7/01/20		No Opt. Call		A		3,685,302
	1,400	Palm Beach County Health Facilities Authority, Florida, Retirement Community Revenue Bonds, Abbey Delray South, Refunding Series 2003, 5.250%, 10/01/13		No Opt. Call		A		1,426,824
	10,000	Palm Beach County Solid Waste Authority, Florida, Refunding Revenue Bonds, Series 2011, 5.000%, 10/01/25		10/21 at 100.00		AA+		11,992,300
	7,540	Palm Beach County, Florida, Airport System Revenue Bonds, Series 2002, 5.750%, 10/01/13 – NPFG Insured		No Opt. Call		A		7,709,273
	10,300	Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2006A, 5.000%, 9/01/26 – NPFG Insured		9/16 at 100.00		A1		11,474,509
	22,930	South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/27		8/17 at 100.00		AA		25,804,276

194 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	6,020	Tampa Sports Authority, Hillsborough County, Florida, Local Option Sales Tax Payments Revenue Bonds, Stadium Project, Series 2005, 5.000%, 1/01/20 – AGM Insured		1/15 at 100.00		AA+	$	6,482,878
	350	Vero Beach, Florida, Electric Refunding Revenue Bonds, Series 2003A, 4.000%, 12/01/19 – AGM Insured		12/18 at 100.00		A1		393,267
	223,315	Total Florida						250,516,506
		Georgia – 1.0%
		Atlanta, Georgia, Airport General Revenue Bonds, Series 2012B:
	2,000	5.000%, 1/01/23		No Opt. Call		A+		2,438,860
	1,500	5.000%, 1/01/28		No Opt. Call		A+		1,748,010
	2,000	Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Series 2007, 4.375%, 12/01/18 – AGC Insured		12/17 at 100.00		AA–		2,181,120
	2,220	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31		1/19 at 100.00		A2		2,775,910
		Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Refunding and Improvement Revenue Bonds, Memorial Health University Medical Center Inc., Series 2012A:
	2,000	5.000%, 1/01/18		No Opt. Call		AA		2,360,540
	3,325	5.000%, 1/01/23		1/22 at 100.00		AA		4,037,049
	5,560	5.000%, 1/01/24		1/22 at 100.00		AA		6,649,148
	8,990	5.000%, 1/01/25		1/22 at 100.00		AA		10,605,054
	1,000	Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical Center, Series 2004, 5.000%, 12/01/15		12/14 at 100.00		BB–		1,031,750
	1,250	DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30		9/20 at 100.00		BBB		1,477,625
		Fayette County School District, Georgia, General Obligation Bonds, Deferred Interest Series 2005:
	675	4.150%, 3/01/14 – AGM Insured		No Opt. Call		AA+		696,809
	265	4.250%, 3/01/15 – AGM Insured		No Opt. Call		AA+		283,486
	4,500	Fulton County Residential Care Facilities Elderly Authority, Georgia, Revenue Bonds, Canterbury Court, Refunding Series 2004A, 5.800%, 2/15/18		7/13 at 100.00		N/R		4,507,245
	2,000	Glynn-Brunswick Memorial Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, Southeast Georgia Health Systems, Series 2008A, 5.250%, 8/01/23		8/18 at 100.00		A2		2,251,420
	37,285	Total Georgia						43,044,026
		Hawaii – 0.2%
	5,000	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010A, 5.250%, 7/01/30		7/20 at 100.00		A–		5,439,550
	1,025	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010B, 5.625%, 7/01/30		7/20 at 100.00		A–		1,151,290
	2,670	Hawaii Department of Budget and Finance, Special Purpose Senior Living Revenue Bonds, 15 Craigside Project, Series 2009C-1, 7.500%, 11/15/15		7/13 at 100.00		N/R		2,678,624
	8,695	Total Hawaii						9,269,464
		Idaho – 0.2%
	3,000	Idaho Health Facilities Authority, Revenue Bonds, Trinity Health Group, Refunding Series 2008B, 6.000%, 12/01/23		12/18 at 100.00		AA		3,658,680
		Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006:
	450	5.250%, 9/01/16		No Opt. Call		BB+		486,581
	1,300	5.250%, 9/01/20		9/16 at 100.00		BB+		1,377,363

Nuveen Investments 195

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Idaho (continued)
$	1,000	University of Idaho, General Revenue Bonds, Series 2007B, 4.500%, 4/01/41 (Mandatory put 4/01/18) – AGM Insured		No Opt. Call		AA–	$	1,135,150
	5,750	Total Idaho						6,657,774
		Illinois – 8.4%
	1,840	Bolingbrook Park District, Illinois, General Obligation Bonds, Series 2007A, 4.500%, 1/01/17 – CIFG Insured		No Opt. Call		Aa2		2,062,603
	4,415	Chicago Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Tender Option Bonds Trust 1130, 13.426%, 6/01/14 (IF)		No Opt. Call		AAA		6,114,289
	5,545	Chicago Park District, Illinois, General Obligation Bonds, Refunding Series 2005B, 5.000%, 1/01/20 – AMBAC Insured		1/15 at 100.00		AAA		5,971,355
	2,300	Chicago Park District, Illinois, General Obligation Bonds, Series 2010A, 4.500%, 1/01/23		7/20 at 100.00		AAA		2,649,853
		Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011:
	3,380	5.250%, 12/01/25		12/21 at 100.00		AA		4,087,873
	3,235	5.250%, 12/01/26		12/21 at 100.00		AA		3,878,862
	7,000	Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/15 – FGIC Insured		No Opt. Call		Aa3		6,906,760
	2,000	Chicago, Illinois, General Obligation Bonds, Series 2001A, 5.300%, 1/01/16 – NPFG Insured		No Opt. Call		Aa3		2,229,040
	1,350	Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1998C, 5.500%, 1/01/14 – NPFG Insured		No Opt. Call		A		1,392,674
	1,000	Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds, Series 2004, 5.000%, 12/01/16 – AGM Insured		No Opt. Call		AA–		1,114,500
	2,440	Cook County School District 102 La Grange, Illinois, General Obligation Bonds, Series 2001, 0.000%, 12/01/13 – FGIC Insured		No Opt. Call		Aa2		2,434,120
	2,250	Cook County School District 123 Oak Lawn, Illinois, General Obligation Bonds, Series 2002, 0.000%, 12/01/15 – NPFG Insured		No Opt. Call		A+		2,177,100
	3,465	Cook County School District 205 Thornton Township, Illinois, General Obligation Bonds, Series 2008, 5.250%, 12/01/21 – AGC Insured		12/18 at 100.00		AA–		4,046,843
	1,175	Cook County School District 88, Bellwood, Illinois, General Obligation Bonds, Refunding Series 2004B, 5.000%, 12/01/17 – AGM Insured		12/14 at 100.00		A2		1,261,116
	500	Cook County School District 88, Bellwood, Illinois, General Obligation Bonds, Refunding Series 2004B, 5.000%, 12/01/17 (Pre-refunded 12/01/14) – AGM Insured		12/14 at 100.00		A2 (4)		537,475
		Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C:
	2,500	5.000%, 11/15/20		No Opt. Call		AA		3,059,125
	2,730	5.000%, 11/15/21		No Opt. Call		AA		3,353,914
	2,000	5.000%, 11/15/22		No Opt. Call		AA		2,469,440
	13,650	Cook County, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 11/15/17 – AMBAC Insured		5/14 at 101.00		AA		14,441,700
	6,425	Cook County, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 11/15/17 (Pre-refunded 5/15/14) – AMBAC Insured		5/14 at 101.00		Aa3 (4)		6,806,067
	1,000	Elk Grove Village, Cook and DuPage Counties, Illinois, General Obligation Bonds, Improvement Series 2007, 4.125%, 1/01/19 (Pre-refunded 1/01/16) – NPFG Insured		1/16 at 100.00		Aaa		1,096,980
		Grundy and Will Counties Community Unit School District 1 Coal City, Illinois, General Obligation Bonds, Series 2008:
	1,550	5.875%, 2/01/19		8/18 at 100.00		Aa3		1,896,720
	2,100	5.875%, 2/01/22		8/18 at 100.00		Aa3		2,565,675
	2,545	5.875%, 2/01/24		8/18 at 100.00		Aa3		3,099,276
	2,750	Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/18 – AGM Insured		No Opt. Call		Aa3		2,482,343

196 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		Illinois Educational Facilities Authority, Revenue Bonds, Art Institute of Chicago, Series 1998A:
$	1,000	4.750%, 3/01/30 (Mandatory put 3/01/17)		No Opt. Call		A+	$	1,119,970
	500	4.125%, 3/01/30 (Mandatory put 3/01/16)		No Opt. Call		A+		539,275
	1,525	Illinois Finance Authority, Gas Supply Revenue Refunding Bonds, Peoples Gas, Light and Coke Company, Senior Lien Series 2005A, 4.300%, 6/01/35 (Mandatory put 6/01/16) – AMBAC Insured		No Opt. Call		A1		1,679,757
	4,000	Illinois Finance Authority, Revenue and Refunding Bonds, Roosevelt University Project, Series 2009, 5.750%, 4/01/24		10/19 at 100.00		BBB		4,580,080
	13,685	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/27		9/22 at 100.00		A–		15,251,385
		Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A:
	1,200	6.000%, 2/01/25 – AMBAC Insured		2/18 at 100.00		A+		1,356,780
	1,280	6.000%, 2/01/26 – AMBAC Insured		2/18 at 100.00		A+		1,445,914
	500	6.000%, 2/01/28 – AMBAC Insured		2/18 at 100.00		A+		560,660
	1,000	Illinois Finance Authority, Revenue Bonds, Franciscan Communities Inc., Refunding Series 2007A, 5.500%, 5/15/27		5/17 at 100.00		BBB–		1,057,930
	910	Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 5.000%, 2/15/15		No Opt. Call		BB–		936,172
	1,000	Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 6.500%, 2/01/23		2/19 at 100.00		Baa3		1,097,640
	680	Illinois Finance Authority, Revenue Bonds, Landing at Plymouth Place Project, Series 2005A, 5.250%, 5/15/14		No Opt. Call		N/R		681,040
	4,200	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.000%, 11/15/29		5/19 at 100.00		A		5,238,996
	2,000	Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2007A, 5.000%, 5/15/21 – NPFG Insured		5/17 at 100.00		AA–		2,239,120
		Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007:
	500	5.250%, 4/01/22		4/17 at 100.00		BBB		530,080
	3,600	5.400%, 4/01/27		4/17 at 100.00		BBB		3,801,096
	2,000	Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 6.750%, 11/01/24		11/18 at 100.00		A		2,498,980
	1,500	Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.375%, 11/01/29		5/19 at 100.00		A		1,821,660
	5,000	Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38		8/19 at 100.00		BBB+		5,923,500
	2,000	Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2009A, 5.500%, 2/15/17		No Opt. Call		AA–		2,308,260
	600	Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Capitol Appreciation Series 2010B, 0.000%, 5/15/50 (6), (7)		7/13 at 16.20		N/R		6
		Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Refunding Series 2010A:
	700	5.400%, 5/15/17 (6)		7/13 at 100.00		N/R		7
	700	5.500%, 5/15/18 (7)		7/13 at 100.00		N/R		7
	655	Illinois Finance Authority, Revenue Bonds, Three Crowns Park Plaza, Series 2006A, 5.500%, 2/15/14		No Opt. Call		N/R		669,554
	3,510	Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25		11/16 at 100.00		BBB+		3,739,379
	215	Illinois Health Facilities Authority, Revenue Refunding Bonds, Series 1983 (Mercy Hospital and Medical Center), Chicago, Illinois, 10.000%, 1/01/15 (ETM)		No Opt. Call		N/R (4)		237,261
	7,410	Illinois Health Facilities Authority, Revenue Refunding Bonds, University of Chicago Hospitals, Series 2003, 5.000%, 8/15/14 – NPFG Insured		8/13 at 100.00		AA–		7,508,108

Nuveen Investments 197

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001:
$	1,405	4.750%, 6/15/13 – AMBAC Insured		No Opt. Call		A	$	1,411,899
	1,620	5.100%, 6/15/16 – AMBAC Insured		6/15 at 101.00		A		1,770,109
		Illinois State Department of Employment Security, Unemployment Insurance Fund Building Receipts Revenue Bonds, Series 2012B:
	2,500	5.000%, 12/15/17		12/16 at 100.00		AA+		2,888,850
	2,500	5.000%, 6/15/18		12/16 at 100.00		AA+		2,891,675
	2,560	5.000%, 6/15/19		6/15 at 100.00		AA+		2,810,573
	1,705	5.000%, 12/15/19		6/15 at 100.00		AA+		1,871,885
	1,000	Illinois State, General Obligation Bonds, Refunding Series 2004B, 5.000%, 3/01/14		No Opt. Call		A2		1,035,810
	555	Illinois State, General Obligation Bonds, Refunding Series 2007B, 5.000%, 1/01/16		No Opt. Call		A2		610,772
		Illinois State, General Obligation Bonds, Refunding Series 2010:
	510	5.000%, 1/01/16		No Opt. Call		A2		561,250
	520	5.000%, 1/01/17		No Opt. Call		A2		586,222
	1,590	5.000%, 1/01/18		No Opt. Call		A2		1,820,312
	6,040	5.000%, 1/01/19 – AGM Insured		No Opt. Call		AA–		6,997,702
	17,025	5.000%, 1/01/19		No Opt. Call		A2		19,675,112
		Illinois State, General Obligation Bonds, Refunding Series 2012:
	7,735	5.000%, 8/01/20		No Opt. Call		A2		9,069,829
	6,320	5.000%, 8/01/21		No Opt. Call		A2		7,440,283
	2,450	5.000%, 8/01/22		No Opt. Call		A2		2,888,599
	2,730	5.000%, 8/01/23		No Opt. Call		A2		3,197,758
	1,055	5.000%, 8/01/24		8/22 at 100.00		A2		1,209,262
	270	5.000%, 8/01/25		8/22 at 100.00		A2		306,831
		Illinois State, General Obligation Bonds, Series 2004A:
	2,590	5.000%, 3/01/18		3/14 at 100.00		A2		2,680,495
	805	5.000%, 3/01/22		3/14 at 100.00		A2		831,750
	195	Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/22 (Pre-refunded 3/01/14)		3/14 at 100.00		A2 (4)		202,617
		Illinois State, General Obligation Bonds, Series 2006A:
	850	5.000%, 6/01/16		No Opt. Call		A2		946,356
	1,075	5.000%, 6/01/17		No Opt. Call		A2		1,224,156
	10,000	5.000%, 6/01/18		No Opt. Call		A2		11,524,200
	1,000	Illinois State, General Obligation Bonds, Series 2006, 5.000%, 1/01/27		1/16 at 100.00		A2		1,060,010
	1,000	Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34		9/18 at 100.00		A2		1,076,470
	20,290	Illinois State, General Obligation Bonds, Series 2012A, 4.000%, 1/01/20		No Opt. Call		A2		22,338,478
		Kane County Community Unit School District 304 Geneva, Illinois, General Obligation Bonds, Series 2007A:
	8,570	9.000%, 1/01/22 – AGM Insured		No Opt. Call		AA+		13,037,541
	1,000	9.000%, 1/01/23 – AGM Insured		No Opt. Call		AA+		1,560,250
	5,150	9.000%, 1/01/25 – AGM Insured		No Opt. Call		AA+		8,382,346
	2,100	Madison and Jersey Counties Community Unit School District 11, Alton, Illinois, General Obligation Bonds, Series 2002, 0.000%, 12/01/19 – AGM Insured		No Opt. Call		AA–		1,786,092
		McCook, Illinois, General Obligation Bonds, Series 2008:
	500	5.000%, 12/01/26		12/18 at 100.00		A–		586,260
	1,000	5.100%, 12/01/28		12/18 at 100.00		A–		1,141,810
	1,000	Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax Revenue Bonds, Refunding Series 2002B, 5.200%, 6/15/17 – NPFG Insured		No Opt. Call		AAA		1,172,550
	1,500	Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012B, 5.000%, 12/15/22		No Opt. Call				1,737,930
	2,270	Peoria Public Building Commission, Illinois, School District Facility Revenue Bonds, Peoria County School District 150 Project, Series 2011., 0.000%, 12/01/24		No Opt. Call		A+		1,503,217

198 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012:
$	295	5.000%, 10/01/23		10/22 at 100.00		Baa1	$	345,472
	275	5.000%, 10/01/24		10/22 at 100.00		Baa1		317,573
		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
	7,570	5.250%, 6/01/21		No Opt. Call		A		9,273,856
	3,860	5.500%, 6/01/23		6/21 at 100.00		A–		4,725,682
	500	Rockford School District 205, Winnebago and Boone Counties, Illinois, General Obligation Bonds, Series 2001, 5.000%, 2/01/14 – FGIC Insured		No Opt. Call		A1		516,465
		Saint Clair County, Illinois, General Obligation Bonds, Alternative Revenue Source Refunding Series 2009:
	1,000	4.500%, 10/01/20		10/19 at 100.00		AA		1,170,080
	1,100	5.000%, 10/01/22		10/19 at 100.00		AA		1,293,336
	1,680	School District 122, Winnebago County, Illinois, Capital Appreciation Bonds, Series 1998, 0.000%, 1/01/17 – AGM Insured		No Opt. Call		A2		1,592,388
	1,320	School District 122, Winnebago County, Illinois, Capital Appreciation Bonds, Series 1998, 0.000%, 1/01/17 – AGM Insured (ETM)		No Opt. Call		A2 (4)		1,284,466
	1,000	Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 5.000%, 12/01/17 – AGM Insured		No Opt. Call		AA–		1,171,250
	2,000	Southwestern Illinois Development Authority, Revenue Bonds, Anderson Hospital, Series 2006, 5.125%, 8/15/26		2/17 at 100.00		BBB–		2,058,020
	1,000	Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, Madison County, Illinois, Series 2006, 5.000%, 10/01/18 – NPFG Insured		10/16 at 100.00		A+		1,104,420
		Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source, Series 2012:
	3,205	4.000%, 11/01/21		No Opt. Call		A+		3,562,902
	2,830	4.000%, 11/01/22		No Opt. Call		A+		3,135,640
	5,675	Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2013B, 0.000%, 1/01/30		No Opt. Call		Aa2		2,860,881
	3,870	Will County School District 86, Joliet, Illinois, General Obligation Bonds, Series 2002, 0.000%, 11/01/17 – AGM Insured		No Opt. Call		AA–		3,573,132
		Will, Grundy, Kendall, LaSalle, Kankakee, Livingston, and Cook Counties Community College District 525 Joliet Junior College, Illinois, General Obligation Bond, Series 2008:
	535	6.250%, 6/01/24		6/18 at 100.00		AA		647,147
	825	5.750%, 6/01/25		6/18 at 100.00		AA		973,640
	225	5.750%, 6/01/26		6/18 at 100.00		AA		264,348
		Will, Grundy, Kendall, LaSalle, Kankakee, Livingston, and Cook Counties Community College District 525 Joliet Junior College, Illinois, General Obligation Bond, Series 2008:
	325	5.750%, 6/01/25 (Pre-refunded 6/01/18)		6/18 at 100.00		N/R (4)		402,113
	85	5.750%, 6/01/26 (Pre-refunded 6/01/18)		6/18 at 100.00		N/R (4)		105,168
	10,080	Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, Limited Tax General Obligation Lease Certificates, Series 2011, 7.000%, 10/15/22		10/19 at 103.00		BBB		11,563,978
		Winnebago-Boone Counties School District 205, Illinois, General Obligation Bonds, Series 2013:
	4,070	0.000%, 2/01/25		No Opt. Call		AA–		2,597,596
	3,340	0.000%, 2/01/26		No Opt. Call		AA–		2,004,033
	318,665	Total Illinois						353,339,167
		Indiana – 1.0%
	710	Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/17		4/14 at 100.00		BB+		722,603

Nuveen Investments 199

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
$	1,000	Avon Community School Building Corporation, Hendricks County, Indiana, First Mortgage Bonds, Refunding Series 2007, 4.500%, 7/15/20 – AMBAC Insured		7/17 at 100.00		A	$	1,107,380
	5,550	Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax)		1/17 at 100.00		BBB		6,184,032
	3,000	Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Methodist Hospitals Inc., Series 2001, 5.375%, 9/15/22		9/13 at 100.00		BBB		3,004,950
	2,800	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Refunding Series 2006, 5.500%, 7/01/21 – NPFG Insured		No Opt. Call		A+		3,494,568
	5,000	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2007B, 5.250%, 7/01/23 – NPFG Insured		No Opt. Call		A+		6,256,000
	2,985	Jasper County, Indiana, Pollution Control Revenue Refunding Bonds, Northern Indiana Public Service Company Project, Series 1994A Remarketed, 5.850%, 4/01/19 – NPFG Insured		No Opt. Call		Baa2		3,531,942
		Knox County, Indiana, Economic Development Revenue and Refunding Bonds, Good Samaritan Hospital Project, Series 2012A:
	1,675	5.000%, 4/01/21		No Opt. Call		A3		1,976,818
	940	5.000%, 4/01/22		No Opt. Call		A3		1,100,599
	2,015	5.000%, 4/01/24		4/22 at 100.00		A3		2,304,979
		Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012:
	500	4.000%, 2/01/17		No Opt. Call		N/R		520,410
	500	4.000%, 8/01/17		No Opt. Call		N/R		521,860
	500	4.250%, 2/01/18		No Opt. Call		N/R		525,545
	500	4.250%, 8/01/18		No Opt. Call		N/R		526,540
	500	4.500%, 2/01/19		No Opt. Call		N/R		529,990
	500	4.500%, 8/01/19		No Opt. Call		N/R		530,750
	500	4.750%, 2/01/20		No Opt. Call		N/R		538,330
	500	4.750%, 8/01/20		No Opt. Call		N/R		538,680
	250	4.750%, 2/01/21		No Opt. Call		N/R		266,898
	500	4.750%, 8/01/21		No Opt. Call		N/R		533,115
	500	5.000%, 2/01/22		No Opt. Call		N/R		540,025
	500	5.000%, 8/01/22		No Opt. Call		N/R		536,595
	500	5.000%, 8/01/23		2/22 at 100.00		N/R		531,055
	500	5.000%, 2/01/24		2/22 at 100.00		N/R		526,665
	1,250	Portage Township Multi-School Building Corporation, Porter County, Indiana, First Mortgage Bonds, Series 2007, 4.000%, 7/15/18 – NPFG Insured		7/17 at 100.00		AA+		1,405,250
	1,485	Southwind Housing Inc., Evansville, Indiana, First Mortgage Revenue Bonds, Series 1978A, 7.125%, 11/15/21 (ETM)		11/13 at 100.00		N/R (4)		1,869,437
	5,210	St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005, 5.000%, 2/15/17 (5)		2/15 at 100.00		N/R		582,895
		St. Joseph County, Indiana, Economic Development Revenue Bonds, Holy Cross Village at Notre Dame, Series 2006A:
	450	5.750%, 5/15/16		No Opt. Call		N/R		479,970
	230	5.550%, 5/15/19		7/13 at 100.00		N/R		230,278
	41,050	Total Indiana						41,418,159
		Iowa – 0.9%
		Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011:
	1,000	5.250%, 6/15/25		6/20 at 100.00		A2		1,132,770
	2,000	5.250%, 6/15/26		6/20 at 100.00		A2		2,252,080
	3,135	5.250%, 6/15/27		6/20 at 100.00		A2		3,517,251
	2,000	5.375%, 6/15/28		6/20 at 100.00		A2		2,251,360
	2,035	5.500%, 6/15/29		6/20 at 100.00		A2		2,302,623

200 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Iowa (continued)
		Fort Dodge Community School District, Webster County, Iowa, School Infrastructure Sales, Services, and Use Tax Revenue Bonds, Series 2011:
$	1,830	5.000%, 1/01/23 – AGM Insured		1/21 at 100.00		AA–	$	2,141,173
	1,890	5.000%, 1/01/24 – AGM Insured		1/21 at 100.00		AA–		2,194,214
	1,520	5.000%, 1/01/25 – AGM Insured		1/21 at 100.00		AA–		1,752,134
	1,000	5.000%, 1/01/26 – AGM Insured		1/21 at 100.00		AA–		1,144,550
		Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A:
	1,290	5.250%, 7/01/13		No Opt. Call		BB+		1,297,095
	2,235	5.250%, 7/01/14		No Opt. Call		BB+		2,314,253
	4,460	5.250%, 7/01/15		No Opt. Call		BB+		4,730,900
	2,000	5.250%, 7/01/16		No Opt. Call		BB+		2,162,700
	820	5.000%, 7/01/19		7/16 at 100.00		BB+		867,035
	1,250	Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa University Project, Refunding Series 2010, 5.500%, 9/01/25		9/20 at 100.00		BBB		1,433,963
		Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg College, Series 2005A:
	925	4.700%, 10/01/16		10/13 at 100.00		BB		935,277
	1,100	4.750%, 10/01/17		10/13 at 100.00		BB		1,112,177
	1,155	4.800%, 10/01/18		10/13 at 100.00		BB		1,167,728
	2,000	Iowa State, Special Obligation Bonds, Prison Infrastructure Fund, Refunding Series 2010, 4.500%, 6/15/22		6/20 at 100.00		AA		2,356,700
	33,645	Total Iowa						37,065,983
		Kansas – 1.4%
	20,000	Burlington, Kansas, Environmental Improvement Revenue Refunding Bonds, Kansas City Power and Light Company Project, Series 1993, 2.950%, 12/01/23		4/23 at 101.00		A–		20,437,000
	2,000	Johnson County Unified School District 512, Shawnee Mission, Kansas, General Obligation Refunding Bonds, Refunding Series 1996, 4.875%, 10/01/19		No Opt. Call		Aaa		2,319,280
	2,200	Kansas Development Finance Authority Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009C, 5.500%, 11/15/23		11/19 at 100.00		AA		2,676,058
	1,405	Kansas Development Finance Authority, Health Facilities Revenue Bonds, Hays Medical Center Inc., Series 2005L, 4.500%, 11/15/17		11/15 at 100.00		A2		1,524,228
	1,850	Kansas Development Finance Authority, Revenue Bonds, Kansas State Projects, Series 2007K, 4.500%, 11/01/19 – NPFG Insured		11/17 at 100.00		AA		2,112,719
	1,000	Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2008, 5.125%, 9/01/21		9/17 at 100.00		A+		1,113,220
		Olathe, Kansas, Senior Living Facility Revenue Bonds, Catholic Care Campus Santa Marta, Series 2006A:
	700	5.750%, 11/15/13		No Opt. Call		N/R		711,487
	765	5.750%, 11/15/14		No Opt. Call		N/R		797,099
	820	5.750%, 11/15/15		No Opt. Call		N/R		870,537
	95	Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed Securities Program Single Family Revenue Bonds, Series 1997A-2, 6.700%, 6/01/29		No Opt. Call		Aaa		96,615
	10,000	Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Via Christi Health System Inc., Series 2011A-IV, 5.000%, 11/15/29		11/21 at 100.00		AA–		11,444,400
	23,055	Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21		No Opt. Call		BBB+		15,523,854
	63,890	Total Kansas						59,626,497

Nuveen Investments 201

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kentucky – 1.3%
$	8,175	Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 5.750%, 12/01/28 – AGC Insured		6/18 at 100.00		AA–	$	8,975,006
	20,670	Kentucky State Property and Buildings Commission, Revenue Bonds, Project 83, Series 2004, 5.000%, 10/01/18 – AMBAC Insured		No Opt. Call		Aa3		24,869,524
	7,000	Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/28		6/21 at 100.00		Aa3		8,241,450
	1,135	Louisville and Jefferson County Metropolitan Government, Kentucky, General Revenue Bonds, Bellarmine University, Series 2008A, 6.000%, 5/01/28		5/18 at 100.00		Baa3		1,267,216
	4,420	Louisville-Jefferson County Metropolitan Government, Kentucky, Environmental Facilities Revenue, Louisville Gas & Electric Company Project, Series 2007B, 1.600%, 6/01/33 (Mandatory put 6/01/17)		No Opt. Call		A–		4,527,097
	8,200	Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2003A, 1.650%, 10/01/33 (Mandatory put 4/03/17)		No Opt. Call		A+		8,407,788
	49,600	Total Kentucky						56,288,081
		Louisiana – 2.9%
		Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B:
	9,000	5.250%, 6/01/13 – AMBAC Insured		No Opt. Call		A–		9,035,460
	12,180	5.000%, 6/01/15 – AMBAC Insured		No Opt. Call		A–		13,139,419
	10,255	Louisiana Local Government Environmental Facilities and Community Development Authority, Multifamily Housing Revenue Bonds, Oakleigh Apartments, Series 2003A, 6.375%, 6/01/38 (Pre-refunded 6/01/13)		6/13 at 102.00		Aaa		10,514,964
	2,000	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		897,920
		Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
	2,015	5.000%, 5/15/16		No Opt. Call		Baa1		2,219,986
	5,155	5.000%, 5/15/20		5/17 at 100.00		Baa1		5,663,695
		Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
	2,765	5.250%, 5/01/18 (Pre-refunded 5/01/15) – FGIC Insured		5/15 at 100.00		Aa1 (4)		3,036,634
	5,500	5.000%, 5/01/24 (Pre-refunded 5/01/15) – FGIC Insured		5/15 at 100.00		Aa1 (4)		6,012,875
	7,265	5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured		5/15 at 100.00		Aa1 (4)		7,942,461
	22,115	Louisiana State, General Obligation Bonds, Series 2012A, 5.000%, 8/01/26		8/22 at 100.00		Aa2		27,134,220
		New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2012:
	4,140	5.000%, 12/01/19		No Opt. Call		A3		4,929,001
	3,940	5.000%, 12/01/20		No Opt. Call		A3		4,715,668
	5,400	5.000%, 12/01/21		No Opt. Call		A3		6,477,570
	500	Port New Orleans Board of Commissioners, Louisiana, Revenue Bonds, Port Facilities, Refunding Series 2013B, 5.000%, 4/01/30 (Alternative Minimum Tax)		4/23 at 100.00		BBB+		554,200
	5,745	Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory put 6/01/22)		No Opt. Call		BBB		6,362,645
	13,665	Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39		5/13 at 100.00		A–		13,740,294
	111,640	Total Louisiana						122,377,012
		Maine – 0.2%
	395	Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 3.000%, 7/01/23		No Opt. Call		Baa1		392,251

202 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Maine (continued)
		Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011:
$	1,000	6.750%, 7/01/36		7/21 at 100.00		Baa3	$	1,223,160
	3,850	6.750%, 7/01/41		7/21 at 100.00		Baa3		4,669,627
	740	Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2007B, 4.125%, 7/01/18 – FGIC Insured		1/18 at 100.00		AA		820,926
		Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013:
	500	4.000%, 7/01/18		No Opt. Call		BBB+		557,205
	225	4.000%, 7/01/20		No Opt. Call		BBB+		252,997
	290	5.000%, 7/01/22		No Opt. Call		BBB+		347,635
	7,000	Total Maine						8,263,801
		Maryland – 0.1%
	345	Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 5.875%, 7/01/16		7/13 at 100.00		Aa2		346,056
	250	Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35		6/20 at 100.00		Baa3		285,783
	2,000	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 2010, 5.250%, 7/01/24		7/19 at 100.00		A2		2,292,880
		Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006:
	350	5.000%, 11/01/13		No Opt. Call		BBB+		355,950
	700	4.000%, 11/01/15		No Opt. Call		BBB+		736,547
	3,645	Total Maryland						4,017,216
		Massachusetts – 2.8%
	2,975	Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21 – FGIC Insured		No Opt. Call		AA+		3,645,744
	10,000	Massachusetts Bay Transportation Authority, Senior Lien Sales Tax Revenue Refunding Bonds, Series 2004B, 5.250%, 7/01/20		No Opt. Call		AAA		12,754,500
	2,500	Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2007A, 6.650%, 10/15/28		10/17 at 100.00		N/R		2,665,125
		Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007:
	1,655	5.000%, 10/01/17		No Opt. Call		N/R		1,740,547
	515	5.000%, 10/01/18		10/17 at 100.00		N/R		537,990
		Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University, Series 2010:
	900	4.500%, 7/01/21		7/20 at 100.00		Baa2		1,008,999
	1,765	4.500%, 7/01/22		7/20 at 100.00		Baa2		1,961,674
	1,705	4.625%, 7/01/23		7/20 at 100.00		Baa2		1,894,698
	1,230	Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 4.800%, 1/01/17 (Alternative Minimum Tax)		No Opt. Call		AA		1,335,091
	2,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2005F, 5.000%, 10/01/15 – AGC Insured		No Opt. Call		AA–		2,174,160
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Springfield College, Series 2010:
	500	5.125%, 10/15/22		10/19 at 100.00		Baa1		569,835
	2,595	5.500%, 10/15/26		10/19 at 100.00		Baa1		2,919,972
	3,000	Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 6.000%, 7/01/24		7/19 at 100.00		BBB		3,583,500
	740	Massachusetts Port Authority, Revenue Bonds, Series 1982, 13.000%, 7/01/13 (ETM)		6/13 at 100.00		Aaa		754,534

Nuveen Investments 203

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Massachusetts (continued)
		Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:
$	330	5.500%, 1/01/15 – AMBAC Insured (Alternative Minimum Tax)		7/13 at 100.00		N/R	$	330,337
	140	5.500%, 1/01/17 – AMBAC Insured (Alternative Minimum Tax)		7/13 at 100.00		N/R		140,119
	50	5.200%, 1/01/20 – AMBAC Insured (Alternative Minimum Tax)		7/13 at 100.00		N/R		50,021
	1,465	5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)		7/13 at 100.00		N/R		1,464,985
	10,000	Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2001D, 5.500%, 11/01/14		No Opt. Call		AA+		10,794,600
	7,040	Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2003C, 5.000%, 8/01/21 (Pre-refunded 8/01/13)		8/13 at 100.00		AA+ (4)		7,124,058
	10,000	Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2004D, 5.000%, 12/01/22 (Pre-refunded 12/01/14) – AGM Insured		12/14 at 100.00		AA+ (4)		10,732,900
	29,340	Massachusetts, General Obligation Bonds, Series 2004C, 5.500%, 12/01/16 – AGM Insured		No Opt. Call		AA+		34,577,777
	12,000	Massachusetts, Special Obligation Refunding Notes, Federal Highway Grant Anticipation Note Program, Series 2003A, 5.000%, 12/15/13 – AGM Insured		No Opt. Call		AAA		12,363,840
	1,000	Massachusetts, Special Obligation Revenue Bonds, Series 1997A, 5.500%, 6/01/13		No Opt. Call		AAA		1,004,620
	1,400	Springfield, Massachusetts, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/20 – AGM Insured		2/17 at 100.00		AA		1,563,366
	104,845	Total Massachusetts						117,692,992
		Michigan – 4.8%
	790	Algonac Community Schools, Saint Clair County, Michigan, General Obligation Bonds, School Building & Site Series 2008-I, 4.000%, 5/01/19 – AGM Insured		5/18 at 100.00		Aa2		894,991
	7,100	Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.000%, 7/01/32		7/22 at 100.00		A+		7,768,465
	9,295	Detroit Water Supply System, Michigan, Water Supply System Revenue Senior Lien Bonds, Series 2006A, 5.000%, 7/01/19 – AGM Insured		7/16 at 100.00		AA–		9,975,115
		Detroit, Michigan, Downtown Development Authority, Tax Increment Refunding Bonds, Development Area 1 Projects, Series 1996B:
	3,050	0.000%, 7/01/22		No Opt. Call		A–		1,981,433
	2,650	0.000%, 7/01/23		No Opt. Call		A–		1,622,198
	2,880	0.000%, 7/01/24		No Opt. Call		A–		1,665,302
	7,780	Detroit, Michigan, General Obligation Bonds, Series 2004B-1, 5.250%, 4/01/17 – AMBAC Insured		4/14 at 100.00		B		7,512,757
	9,995	Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001D-2, 0.250%, 7/01/32 (8)		1/14 at 100.00		A		7,843,322
	7,050	Dickinson County Economic Development Corporation, Michigan, Pollution Control Revenue Bonds, International Paper Company, Series 2004A, 4.800%, 11/01/18		11/14 at 100.00		BBB		7,359,002
	2,675	Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist Hospital, Refunding Series 2003A, 5.000%, 5/15/20 – AGM Insured		5/18 at 100.00		AA–		3,094,467
	1,080	Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 5.500%, 7/01/14		No Opt. Call		BB+		1,134,205
	5,925	Livonia Public Schools, Wayne County, Michigan, General Obligation Bonds, Series 2004A, 4.500%, 5/01/20 – NPFG Insured		5/14 at 100.00		Aa3		6,144,640
		Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012:
	1,535	5.000%, 6/01/17		No Opt. Call		A+		1,728,287
	800	4.000%, 6/01/17		No Opt. Call		A+		870,344
	2,220	5.000%, 6/01/18		No Opt. Call		A+		2,542,832
	1,900	5.000%, 6/01/19		No Opt. Call		A+		2,225,071

204 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
		Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B:
$	15,250	5.000%, 7/01/21		7/18 at 100.00		AAA	$	18,201,943
	17,575	5.000%, 7/01/22		7/16 at 100.00		AAA		19,904,918
	11,090	5.000%, 1/01/23		1/16 at 100.00		AAA		12,337,958
	6,850	5.000%, 7/01/23		7/14 at 100.00		AAA		7,218,462
	10,110	Michigan Hospital Finance Authority, Refunding and Project Revenue Bonds, Ascension Health Senior Credit Group, Series 2010F-5, 1.500%, 11/15/47 (Mandatory put 3/15/17)		No Opt. Call		AA+		10,344,754
	3,540	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 5.000%, 11/15/23		11/19 at 100.00		AA+		4,183,537
		Michigan Hospital Financing Authority, Revenue Bonds, Oakwood Obligated Group, Series 2007A:
	2,000	5.000%, 7/15/18		7/17 at 100.00		A		2,278,320
	3,530	5.000%, 7/15/19		7/17 at 100.00		A		4,017,528
	1,850	Michigan Municipal Bond Authority, AMBAC Insured Bonds, Series 2007B-A, 5.000%, 12/01/18 – AMBAC Insured		6/17 at 100.00		N/R		1,982,405
	3,530	Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003I, 5.250%, 10/15/15 – AGM Insured		10/13 at 100.00		AA–		3,611,155
	5,000	Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-I-A, 5.000%, 10/15/28		10/21 at 100.00		Aa3		5,813,050
	5,425	Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-II-A, 5.000%, 10/15/28		10/21 at 100.00		Aa3		6,307,159
	1,600	Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/01/23		11/19 at 100.00		AA+		1,891,488
		Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006:
	1,080	5.000%, 6/01/14		No Opt. Call		BBB		1,127,401
	1,260	5.500%, 6/01/17		6/16 at 100.00		BBB		1,420,965
	1,330	5.500%, 6/01/18		6/16 at 100.00		BBB		1,499,509
	4,750	Romulus Community Schools, Wayne County, Michigan, General Obligation Bonds, Refunding Series 2013, 5.000%, 5/01/22		No Opt. Call		Aa2		5,671,928
	1,300	Romulus Economic Development Corporation, Michigan, Limited Obligation Revenue Refunding Bonds, Romulus HIR LP Project, Series 1992, 7.000%, 11/01/15 (ETM)		7/13 at 100.00		N/R (4)		1,503,944
		Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2011:
	4,885	5.000%, 5/01/20		No Opt. Call		Aa2		5,890,870
	4,845	5.000%, 5/01/21		11/20 at 100.00		Aa2		5,830,085
	3,845	5.000%, 5/01/22		11/20 at 100.00		Aa2		4,578,664
	1,440	Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A, 6.750%, 11/01/39		12/19 at 100.00		BBB+		1,662,278
	8,000	Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/16		No Opt. Call		A		9,126,400
	1,300	Western Michigan University, General Revenue Refunding Bonds, Series 2008, 5.000%, 11/15/23 – AGM Insured		5/18 at 100.00		AA–		1,515,930
	188,110	Total Michigan						202,283,082
		Minnesota – 0.6%
	1,590	Aitkin, Minnesota Health Care Revenue Bonds, Riverwood Healthcare Center, Series 2006, 5.375%, 2/01/17		2/16 at 100.00		N/R		1,686,926
	1,710	Cass Lake Independent School District 115, Minnesota, General Obligation Bonds, School Building Refunding Series 2010A, 5.000%, 2/01/27		2/20 at 100.00		AA+		1,986,062
	160	City of Minneapolis, Minnesota, Hospital Facilities Revenue Bonds (St. Mary’s Hospital and St. Mary’s Rehabilitation Center Projects), Series 1983, 10.000%, 6/01/13 (ETM)		No Opt. Call		N/R (4)		161,192

Nuveen Investments 205

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Minnesota (continued)
$	2,005	Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.375%, 11/15/23		11/18 at 100.00		A	$	2,446,401
		Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010:
	2,650	5.000%, 8/01/18		No Opt. Call		BBB		2,988,750
	1,240	4.250%, 8/01/20		8/18 at 100.00		BBB		1,321,381
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2007-6-R:
	1,255	5.500%, 5/01/20		5/17 at 100.00		N/R		1,344,607
	815	5.500%, 5/01/21		5/17 at 100.00		N/R		870,681
	1,225	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured		No Opt. Call		AA–		1,318,982
	650	Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2013, 5.000%, 7/01/33		7/23 at 100.00		A–		743,262
	1,000	Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/21		11/16 at 100.00		A–		1,086,560
	1,000	Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.000%, 11/15/24		11/19 at 100.00		AA–		1,161,980
		Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Gillette Children’s Specialty Healthcare, Series 2005:
	400	5.000%, 2/01/14		No Opt. Call		N/R		410,424
	300	5.000%, 2/01/15		No Opt. Call		N/R		317,589
	475	Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/21		8/16 at 100.00		N/R		501,144
	2,670	St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 5.750%, 11/15/21		11/15 at 100.00		BBB–		2,917,429
	2,570	St. Paul Port Authority, Minnesota, Lease Revenue Bonds, Office Building at Cedar Street, Series 2003, 5.000%, 12/01/13		No Opt. Call		AA		2,641,575
	21,715	Total Minnesota						23,904,945
		Mississippi – 0.5%
	8,660	Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22		10/13 at 100.00		BBB		8,687,106
		Mississippi Hospital Equipment and Facilities Authority, Revenue Refunding and Improvement Bonds, Mississippi Baptist Health System Inc., Series 2007A:
	1,440	5.000%, 8/15/16		No Opt. Call		A–		1,618,200
	10,140	5.000%, 8/15/20		8/17 at 100.00		A–		11,372,720
	20,240	Total Mississippi						21,678,026
		Missouri – 2.5%
		Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007:
	1,245	5.000%, 6/01/18		6/17 at 100.00		BBB+		1,367,969
	3,030	5.000%, 6/01/20		6/17 at 100.00		BBB+		3,267,794
	1,000	Grundy County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Wright Memorial Hospital, Series 2009, 5.600%, 9/01/21		9/19 at 100.00		BBB–		1,107,240
		Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006:
	1,405	4.350%, 3/01/14		No Opt. Call		BBB+		1,438,959
	1,465	4.400%, 3/01/15		No Opt. Call		BBB+		1,539,144
	1,515	4.450%, 3/01/16		No Opt. Call		BBB+		1,630,655
	6,020	Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/19		2/15 at 102.00		BBB+		6,471,982

206 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Missouri (continued)
$	1,800	Kansas City Industrial Development Authority, Missouri, Retirement Center Revenue Refunding and Improvement Bonds, Kingswood Project, Series 1998A, 5.800%, 11/15/17		5/13 at 100.00		N/R	$	1,801,422
	13,180	Kansas City, Missouri, Airport Revenue Bonds, General Improvement Projects, Series 2003B, 5.375%, 9/01/15 – FGIC Insured		9/13 at 100.00		A+		13,405,114
	505	Kansas City, Missouri, Special Obligation Bonds, East Village Project, Series 2008B, 5.000%, 4/15/22 – AGC Insured		4/18 at 100.00		AA–		590,123
	1,700	Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2007A, 5.000%, 8/15/13		No Opt. Call		BBB–		1,714,246
	1,285	Missouri Development Finance Board, Infrastructure Facilities Leasehold Revenue Bonds, Independence Electric System Projects, Series 2009D, 5.625%, 6/01/29 (Pre-refunded 6/01/14)		6/14 at 100.00		A (4)		1,358,579
	2,000	Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Independence, Crackerneck Creek Project, Series 2008B, 5.125%, 3/01/22		3/18 at 100.00		A–		2,197,020
	1,130	Missouri Development Finance Board, Research Facility Revenue Bonds, Midwest Research Institute Project, Series 2007, 5.000%, 11/01/16		No Opt. Call		Baa2		1,253,554
	430	Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011, 4.400%, 2/01/19		No Opt. Call		BBB+		476,118
		Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2005B:
	850	4.350%, 2/01/15		No Opt. Call		BBB+		889,117
	930	4.375%, 2/01/16		No Opt. Call		BBB+		994,961
	1,000	Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Revenue Bonds, Series 2006, 4.200%, 1/01/18 – NPFG Insured		1/16 at 100.00		A–		1,055,680
	4,330	Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds, Series 2007A, 5.000%, 1/01/18 – AMBAC Insured		1/17 at 100.00		A		4,965,081
	1,495	Missouri State Board of Public Building, Special Obligation Bonds, Series 2003A, 5.000%, 10/15/16		10/13 at 100.00		AA+		1,527,935
	12,885	Missouri State Board of Public Building, Special Obligation Bonds, Series 2003A, 5.000%, 10/15/16 (Pre-refunded 10/15/13)		10/13 at 100.00		Aa1 (4)		13,169,630
	1,060	Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Transportation Development District, Series 2006, 4.800%, 5/01/16		7/13 at 100.00		N/R		1,050,025
	5,830	Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 2012, 5.000%, 6/01/18		No Opt. Call		BBB+		6,695,872
	500	St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A, 5.100%, 11/01/19		11/14 at 100.00		N/R		503,765
		St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005:
	11,500	5.500%, 7/01/17 – NPFG Insured		No Opt. Call		A–		13,354,950
	17,305	5.500%, 7/01/19 – NPFG Insured		No Opt. Call		A–		20,977,121
	1,200	St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2007A, 5.000%, 7/01/25 – AGM Insured		No Opt. Call		AA–		1,343,616
	96,595	Total Missouri						106,147,672
		Montana – 0.2%
		Montana Facilities Finance Authority, Revenue Bonds, Saint John’s Lutheran Ministries Project, Series 2006A:
	1,385	5.750%, 5/15/16		No Opt. Call		N/R		1,483,446
	1,675	6.000%, 5/15/25		5/16 at 100.00		N/R		1,750,961
	2,500	Montana Facilities Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Composite Deal Series 2010B, 5.000%, 1/01/24		1/20 at 100.00		AA		2,885,825
	5,560	Total Montana						6,120,232

Nuveen Investments 207

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Nebraska – 1.1%
$	1,130	Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Immanuel Obligated Group, Refunding Series 2010, 5.125%, 1/01/23		1/20 at 100.00		A–	$	1,270,855
	600	Douglas County Hospital Authority 3, Nebraska, Health Facilities Refunding and Revenue Bonds, Nebraska Methodist Health System, Series 2008, 5.750%, 11/01/28		11/18 at 100.00		BBB+		666,882
		Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2012:
	665	4.000%, 6/15/23		6/22 at 100.00		AA–		763,387
	1,830	4.000%, 6/15/24		6/22 at 100.00		AA–		2,080,234
	1,265	4.000%, 6/15/25		6/22 at 100.00		AA–		1,419,684
		Lancaster County Hospital Authority 1, Nebraska, Health Facilities Revenue Bonds, Immanuel Obligated Group, Refunding Series 2010:
	735	4.750%, 1/01/19		No Opt. Call		A–		842,597
	1,000	5.125%, 1/01/23		1/20 at 100.00		A–		1,132,390
	2,000	Lancaster County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, BryanLGH Medical Center Project, Refunding Series 2006, 4.000%, 6/01/18		6/16 at 100.00		A1		2,156,200
	5,910	Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/32		No Opt. Call		A–		6,531,909
		Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012:
	5,510	5.000%, 9/01/22		No Opt. Call		AA		7,054,233
	8,735	5.000%, 9/01/24		9/22 at 100.00		AA		10,932,377
	3,380	5.000%, 9/01/25		9/22 at 100.00		AA		4,187,043
	3,215	5.000%, 9/01/26		9/22 at 100.00		AA		3,931,913
		Nebraska Public Power District, General Revenue Bonds, Series 2012A:
	1,465	5.000%, 1/01/23		1/22 at 100.00		A1		1,790,347
	1,500	5.000%, 1/01/24		1/22 at 100.00		A1		1,829,145
	950	5.000%, 1/01/25		1/22 at 100.00		A1		1,152,616
	39,890	Total Nebraska						47,741,812
		Nevada – 2.0%
	3,000	Clark County School District, Nevada, General Obligation Bonds, Series 2008A, 5.000%, 6/15/24		No Opt. Call		AA–		3,455,310
		Clark County, Nevada, Airport Revenue Bonds, Jet Aviation Fuel Tax, Refunding Series 2013A:
	2,000	5.000%, 7/01/22 (Alternative Minimum Tax)		No Opt. Call		A		2,396,600
	1,000	5.000%, 7/01/23 (Alternative Minimum Tax)		1/23 at 100.00		A		1,183,830
	1,905	5.000%, 7/01/24 (Alternative Minimum Tax)		1/23 at 100.00		A		2,233,155
	16,000	Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42		1/20 at 100.00		A+		18,826,080
	1,885	Henderson Local Improvement District T-4C, Nevada, Limited Obligation Refunding Bonds, Green Valley Properties, Series 1999A, 5.900%, 11/01/18		11/13 at 100.00		N/R		1,900,872
		Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B:
	2,000	5.000%, 6/01/24		6/22 at 100.00		AA+		2,450,420
	1,500	5.000%, 6/01/25		6/22 at 100.00		AA+		1,821,900
	2,000	5.000%, 6/01/26		6/22 at 100.00		AA+		2,405,320
		Las Vegas Valley Water District, Nevada, Limited Tax General Obligation Bonds, Water & Refunding Series 2011C:
	1,550	5.000%, 6/01/23		6/21 at 100.00		AA+		1,880,321
	1,000	5.000%, 6/01/24		6/21 at 100.00		AA+		1,202,600
	12,450	5.000%, 6/01/25		6/21 at 100.00		AA+		14,734,077
	4,660	Nevada State, General Obligation Bonds, Capital Improvement & Cultural Affairs, Refunding Series 2012B, 5.000%, 8/01/22		No Opt. Call		AA+		5,875,514

208 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Nevada (continued)
$	11,105	Nevada State, General Obligation Bonds, Capital Improvement & Cultural Affairs, Refunding Series 2013D-1, 5.000%, 3/01/22		No Opt. Call		AA+	$	13,937,886
		Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011:
	2,265	5.000%, 7/01/22		7/21 at 100.00		AA		2,736,845
	4,710	5.000%, 7/01/23		7/21 at 100.00		AA		5,623,128
	69,030	Total Nevada						82,663,858
		New Hampshire – 0.3%
		New Hampshire Health and Education Facilities Authority, Hospital Revenue Bonds, Catholic Medical Center, Series 2006:
	405	5.000%, 7/01/14		No Opt. Call		BBB+		425,853
	430	5.000%, 7/01/15		No Opt. Call		BBB+		466,378
	445	5.000%, 7/01/16		No Opt. Call		BBB+		497,648
	1,000	New Hampshire Health and Education Facilities Authority, Hospital Revenue Bonds, Speare Memorial Hospital, Series 2004, 5.500%, 7/01/25 (Pre-refunded 7/01/15)		7/15 at 100.00		BBB– (4)		1,107,860
	1,250	New Hampshire Health and Education Facilities Authority, Revenue Bonds, Covenant Health Systems Obligated Group Issue, Series 2004, 5.375%, 7/01/24		7/14 at 100.00		A		1,282,938
	5,660	New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Series 2009, 5.250%, 6/01/39		6/19 at 100.00		AA+		6,632,954
		New Hampshire Health and Education Facilities Authority, Revenue Bonds, The Memorial Hospital, Series 2006:
	415	5.250%, 6/01/13		No Opt. Call		BBB		416,179
	1,000	5.250%, 6/01/21		6/16 at 100.00		BBB		1,049,650
	1,300	New Hampshire Municipal Bond Bank, Non-State Guaranteed Bonds, Refunding Series 2007A, 4.500%, 2/15/20 – NPFG Insured		8/17 at 100.00		AA		1,475,123
	11,905	Total New Hampshire						13,354,583
		New Jersey – 5.9%
		New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
	7,880	5.375%, 6/15/15 (ETM)		No Opt. Call		Aaa		8,720,717
	2,085	5.500%, 6/15/16 (ETM)		No Opt. Call		Aaa		2,409,906
	4,195	5.500%, 6/15/16 – RAAI Insured (ETM)		No Opt. Call		Aaa		4,848,707
		New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
	1,000	5.000%, 6/15/17		No Opt. Call		BBB+		1,143,900
	5,155	5.000%, 6/15/19		No Opt. Call		BBB+		6,066,662
	5,045	5.000%, 6/15/20		No Opt. Call		BBB+		5,981,503
	13,170	5.000%, 6/15/21		No Opt. Call		BBB+		15,739,994
	1,080	5.000%, 6/15/22		No Opt. Call		BBB+		1,297,156
	1,000	5.000%, 6/15/22		No Opt. Call		AA–		1,201,070
	3,650	5.000%, 6/15/23		6/22 at 100.00		BBB+		4,327,367
	2,235	5.000%, 6/15/24		6/22 at 100.00		BBB+		2,617,476
	845	4.250%, 6/15/27		6/22 at 100.00		BBB+		897,905
	25,000	New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/21		No Opt. Call		A+		30,581,000
	400	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Children’s Specialized Hospital, Series 2005A, 5.000%, 7/01/18		7/15 at 100.00		BBB		419,896
	31,390	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B, 5.250%, 12/15/15 – AMBAC Insured		No Opt. Call		A+		35,273,571
	8,075	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B, 5.250%, 12/15/17 (Pre-refunded 12/15/15) – FGIC Insured		12/15 at 100.00		A+ (4)		9,103,109
	1,340	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/31 – FGIC Insured		No Opt. Call		A+		599,556

Nuveen Investments 209

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
$	10,050	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23		No Opt. Call		A+	$	12,453,960
	3,670	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31		6/21 at 100.00		A+		4,360,547
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA:
	20,200	5.000%, 6/15/21		No Opt. Call		A+		24,641,172
	14,000	5.000%, 6/15/22		No Opt. Call		A+		17,211,040
	6,885	New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/19		No Opt. Call		A+		8,287,475
		South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2012Q:
	4,965	3.000%, 1/01/20		No Opt. Call		A1		5,275,064
	2,950	3.000%, 1/01/21		No Opt. Call		A1		3,097,559
	2,500	3.000%, 1/01/22		No Opt. Call		A1		2,591,900
		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	20,255	4.500%, 6/01/23		6/17 at 100.00		B1		20,269,179
	515	4.625%, 6/01/26		6/17 at 100.00		B1		501,466
	20,000	5.000%, 6/01/29		6/17 at 100.00		B2		19,104,800
	219,535	Total New Jersey						249,023,657
		New Mexico – 0.9%
	30,000	New Mexico Finance Authority, State Transportation Revenue Bonds, Senior Lien, Refunding Series 2012, 4.000%, 6/15/22		No Opt. Call		AAA		35,754,600
		New York – 5.9%
	4,055	Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.000%, 7/15/30		1/20 at 100.00		BBB–		4,844,752
		Dormitory Authority of the State of New York, Mortgage Insurance Fund Project Pool Bonds, State of New York Mortgage Agency – AIDS Long Term Health Care Facility, Series 2005:
	1,450	5.000%, 11/01/13		7/13 at 100.00		Aa1		1,455,757
	720	5.000%, 11/01/14		7/13 at 100.00		Aa1		722,851
	15,500	Dormitory Authority of the State of New York, New York City, Lease Revenue Bonds, Court Facilities, Series 2003A, 5.500%, 5/15/18 (Pre-refunded 5/15/13)		5/13 at 100.00		AA– (4)		15,506,557
	5,125	Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, Series 2009, 5.000%, 7/01/24		7/19 at 100.00		Baa2		5,625,559
	7,050	Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, Upstate Community Colleges, Series 2005A, 5.500%, 7/01/20 – FGIC Insured		No Opt. Call		AA–		8,845,635
		Dormitory Authority of the State of New York, Third General Resolution Revenue Bonds, State University Educational Facilities Issue, Series 2012A:
	10,000	5.000%, 5/15/24		5/22 at 100.00		AA–		12,271,900
	9,230	5.000%, 5/15/25		5/22 at 100.00		AA–		11,228,849
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
	85	0.000%, 6/01/17 – AGM Insured		No Opt. Call		AA–		81,388
	80	0.000%, 6/01/22 – AGM Insured		No Opt. Call		AA–		65,079
	150	0.000%, 6/01/23 – AGM Insured		No Opt. Call		AA–		116,724
	11,500	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2003B, 5.250%, 12/01/13		No Opt. Call		A		11,834,190
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
	710	5.000%, 12/01/16 – AGM Insured		6/16 at 100.00		AA–		798,565
	180	4.000%, 12/01/16 – AGM Insured		No Opt. Call		AA–		196,987

210 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	970	5.000%, 12/01/19 – FGIC Insured		6/16 at 100.00		A	$	1,078,174
	340	5.250%, 12/01/20 – FGIC Insured		6/16 at 100.00		A		379,603
	345	5.000%, 12/01/23 – FGIC Insured		6/16 at 100.00		A		382,588
	175	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35		6/16 at 100.00		A		191,041
	25	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 – AGC Insured		9/16 at 100.00				27,512
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006E:
	1,015	5.000%, 12/01/17 – FGIC Insured		12/16 at 100.00		A		1,157,465
	150	5.000%, 12/01/17		12/16 at 100.00		A		171,854
	45	5.000%, 12/01/18 – FGIC Insured		12/16 at 100.00		A		51,453
	12,995	5.000%, 12/01/18 – NPFG Insured		12/16 at 100.00		A		14,858,483
	45	5.000%, 12/01/20 – NPFG Insured		12/16 at 100.00		A		50,604
	1,200	5.000%, 12/01/21 – FGIC Insured		12/16 at 100.00		A		1,356,192
	10	5.000%, 12/01/21 – NPFG Insured		12/16 at 100.00		A		11,302
	495	5.000%, 12/01/22 – FGIC Insured		12/16 at 100.00		A		553,331
	125	5.000%, 12/01/22		12/16 at 100.00		A		140,568
		Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A:
	125	5.250%, 4/01/20		4/19 at 100.00		A		150,064
	1,730	5.500%, 4/01/22		4/19 at 100.00		A		2,070,966
		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F:
	600	5.000%, 5/01/16 – NPFG Insured		No Opt. Call		A		676,440
	345	5.000%, 5/01/17 – NPFG Insured		No Opt. Call		A		397,581
	10,110	5.000%, 5/01/18 – NPFG Insured		11/16 at 100.00		A		11,432,186
	695	5.000%, 5/01/19 – NPFG Insured		11/16 at 100.00		A		783,592
	25	4.000%, 5/01/21 – NPFG Insured		11/16 at 100.00		A		27,154
	15,310	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/16 (Pre-refunded 11/15/15) – AMBAC Insured		11/15 at 100.00		A (4)		17,063,301
	2,000	New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)		8/16 at 101.00		N/R		2,269,240
	410	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1, 5.700%, 7/01/13		No Opt. Call		N/R		410,947
	3,000	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/30		6/15 at 100.00		AAA		3,248,640
	7,000	New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A, 5.000%, 10/15/21 – NPFG Insured		10/14 at 100.00		AAA		7,456,260
	10,095	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/16		No Opt. Call		AAA		11,659,523
	10	New York City, New York, General Obligation Bonds, Fiscal Series 1998J, 5.375%, 8/01/13		7/13 at 100.00		AA		10,045
	100	New York City, New York, General Obligation Bonds, Fiscal Series 2002A, 5.750%, 8/01/15		7/13 at 100.00		AA		100,471
	5,775	New York City, New York, General Obligation Bonds, Fiscal Series 2004I, 5.000%, 8/01/17 – NPFG Insured		8/14 at 100.00		AA		6,114,974
	2,620	New York City, New York, General Obligation Bonds, Fiscal Series 2005H, 5.000%, 8/01/17 – NPFG Insured		8/14 at 100.00		Aa2		2,774,239
	2,380	New York City, New York, General Obligation Bonds, Fiscal Series 2005H, 5.000%, 8/01/17 (Pre-refunded 8/01/14) – NPFG Insured		8/14 at 100.00		Aa2 (4)		2,520,468
	21,235	New York City, New York, General Obligation Bonds, Fiscal Series 2007C-1, 5.000%, 10/01/18		10/17 at 100.00		AA		25,034,154

Nuveen Investments 211

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:
$	1,675	5.250%, 6/01/20 – AMBAC Insured		6/13 at 100.00		AA–	$	1,682,169
	5,520	5.250%, 6/01/21 – AMBAC Insured		6/13 at 100.00		AA–		5,543,515
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C:
	1,115	5.500%, 6/01/18		5/13 at 100.00		AA–		1,119,917
	5,205	5.500%, 6/01/19		6/13 at 100.00		AA–		5,228,579
	1,200	5.500%, 6/01/20		6/13 at 100.00		AA–		1,205,412
	5,725	5.500%, 6/01/21		6/13 at 100.00		AA–		5,751,221
	795	Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42		12/20 at 100.00		BBB–		933,155
		Tobacco Settlement Financing Corporation, New York, Asset-Backed Revenue Bonds, State Contingency Contract Secured, Series 2011B:
	8,000	5.000%, 6/01/16		No Opt. Call		AA–		9,077,120
	8,040	5.000%, 6/01/17		No Opt. Call		AA–		9,370,459
	9,015	5.000%, 6/01/18		No Opt. Call		AA–		10,758,591
	7,600	Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2013B, 5.000%, 11/15/21		No Opt. Call		AA–		9,621,600
	221,225	Total New York						248,496,946
		North Carolina – 1.4%
	900	North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Series 2008A, 5.250%, 6/01/20		6/18 at 100.00		BBB		1,015,857
		North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University, Series 2012:
	605	3.750%, 3/01/23		3/22 at 100.00		BBB		632,788
	610	3.750%, 3/01/24		3/22 at 100.00		BBB		633,241
	2,000	North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2009A, 5.500%, 1/01/26		1/19 at 100.00		A–		2,321,560
		North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012B:
	5,000	5.000%, 1/01/20		No Opt. Call		A–		6,080,050
	21,620	5.000%, 1/01/21		No Opt. Call		A–		26,476,717
	1,700	North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 2008A, 5.250%, 1/01/22 – AGC Insured		1/18 at 100.00		AA–		1,962,735
		North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Presbyterian Homes, Series 2006B:
	2,035	4.875%, 10/01/13		No Opt. Call		N/R		2,054,251
	2,120	5.000%, 10/01/14		No Opt. Call		N/R		2,188,752
	2,000	North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Novant Health Obligated Group, Series 2003A, 5.000%, 11/01/17		11/13 at 100.00		AA–		2,047,080
	5,955	North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/26		1/19 at 100.00		A		6,782,805
		North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2012A:
	5,250	5.000%, 1/01/19		No Opt. Call		A		6,338,588
	425	5.000%, 1/01/20		No Opt. Call		A		519,516
	520	4.000%, 1/01/20		No Opt. Call		A		602,742
	50,740	Total North Carolina						59,656,682
		North Dakota – 0.2%
	2,750	Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31		11/21 at 100.00		A+		3,443,358

212 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		North Dakota (continued)
		Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2006:
$	1,180	5.000%, 7/01/14		No Opt. Call		BBB–	$	1,227,047
	2,410	5.125%, 7/01/20		7/16 at 100.00		BBB–		2,572,314
	6,340	Total North Dakota						7,242,719
		Ohio – 2.9%
	1,000	Akron, Ohio, Certificates of Participation, Refunding Series 2005, 5.000%, 12/01/15 – AGC Insured		6/15 at 100.00		AA–		1,079,950
	1,260	Barberton City School District, Summit County, Ohio, General Obligation Bonds, School Improvement Series 2008, 4.750%, 12/01/21		6/18 at 100.00		AA		1,460,088
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-1:
	375	5.000%, 6/01/15		No Opt. Call		A1		403,943
	1,875	5.000%, 6/01/16		No Opt. Call		A1		2,079,919
	35	5.000%, 6/01/17		No Opt. Call		Baa1		39,748
	37,910	Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24		6/17 at 100.00		B–		35,191,853
	3,240	Cleveland, Ohio, Airport System Revenue Bonds, Series 2009C, 5.000%, 1/01/21 – AGM Insured		1/19 at 100.00		AA–		3,744,338
		Cleveland, Ohio, General Obligation Bonds, Series 2011:
	1,700	5.000%, 12/01/22		12/19 at 100.00		AA		1,980,772
	1,780	5.000%, 12/01/23		12/19 at 100.00		AA		2,051,361
	4,740	Columbus, Ohio, Sewerage System Revenue Bonds, Tender Option Bond Trust 2456, 17.366%, 12/01/15 (IF)		No Opt. Call		AA+		7,746,203
	2,905	Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 5.500%, 8/15/24		8/18 at 100.00		A3		3,293,340
	1,095	Mason City School District, Warren and Butler Counties, Ohio, General Obligation Bonds, Refunding Series 2007, 4.375%, 12/01/19 – AGM Insured		12/16 at 100.00		Aaa		1,217,410
		Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center Inc., Series 2006:
	1,970	5.250%, 5/15/15		No Opt. Call		A2		2,146,985
	750	5.250%, 5/15/16		No Opt. Call		A2		846,653
	5,450	Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/27 (WI/DD, Settling 5/09/13)		2/23 at 100.00		BB+		5,774,275
		New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C:
	775	4.000%, 10/01/18		No Opt. Call		A1		867,861
	870	4.000%, 10/01/19		No Opt. Call		A1		982,856
	1,150	4.000%, 10/01/20		No Opt. Call		A1		1,305,929
	1,205	5.000%, 10/01/21		No Opt. Call		A1		1,460,942
	965	5.000%, 10/01/22		No Opt. Call		A1		1,175,833
		Ohio Higher Education Facilities Commission, Revenue Bonds, John Carroll University, Series 1997:
	1,135	4.000%, 4/01/14		No Opt. Call		A3		1,161,536
	1,000	4.500%, 4/01/15		No Opt. Call		A3		1,056,250
	11,015	Ohio State, General Obligation Bonds, Common Schools Series 2007A, 5.000%, 6/15/15		No Opt. Call		AA+		12,088,412
	6,960	Ohio State, General Obligation Bonds, Refunding Common Schools Series 2011B, 4.000%, 9/15/21		No Opt. Call		AA+		8,226,094
	8,160	Ohio State, General Obligation Bonds, Refunding Higher Education Series 2012C, 5.000%, 8/01/21		No Opt. Call		AA+		10,342,474
	8,000	Ohio State, General Obligation Highway Capital Improvement Bonds, Series 2012Q, 5.000%, 5/01/21		No Opt. Call		AAA		10,103,280

Nuveen Investments 213

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
$	500	Richland County, Ohio, General Obligation Bonds, Correctional Facilities Improvement Refunding Series 2008, 5.875%, 12/01/24 – AGC Insured		12/18 at 100.00		A2	$	589,740
		Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006:
	735	5.000%, 11/15/14		No Opt. Call		A–		777,770
	805	5.000%, 11/15/16		No Opt. Call		A–		902,936
	1,250	Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012, 5.000%, 12/01/22		No Opt. Call		N/R		1,370,588
	110,610	Total Ohio						121,469,339
		Oklahoma – 0.8%
		Canadian County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Mustang Public Schools Project, Series 2012:
	2,290	4.500%, 9/01/21		No Opt. Call		A+		2,653,469
	1,415	4.000%, 9/01/23		9/21 at 100.00		A+		1,542,789
	250	McClain County Economic Development Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Newcastle Public Schools Project, Series 2006, 4.125%, 9/01/13		No Opt. Call		A–		252,925
	2,495	Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.500%, 9/01/23		9/16 at 100.00		BB+		2,657,998
	10,000	Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/27 – AMBAC Insured		7/15 at 100.00		AA		10,857,400
	8,375	Oklahoma State, General Obligation Bonds, Series 2003A, 5.000%, 7/15/17 (Pre-refunded 7/15/13) – FGIC Insured		7/13 at 101.00		AA+ (4)		8,542,584
		Stillwater Medical Center Authority, Oklahoma, Hospital Revenue Bonds, Series 2005:
	700	5.250%, 5/15/13		No Opt. Call		BBB+		701,358
	790	5.250%, 5/15/14		No Opt. Call		BBB+		824,460
	1,050	5.250%, 5/15/15		5/14 at 100.00		BBB+		1,093,082
	3,000	Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2009A, 5.375%, 6/01/24		6/15 at 100.00		A3		3,190,410
	30,365	Total Oklahoma						32,316,475
		Oregon – 0.6%
		Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Refunding Bonds, Series 2012B:
	4,050	4.000%, 6/15/21		No Opt. Call		AA+		4,795,038
	5,900	4.000%, 6/15/22		No Opt. Call		AA+		6,998,934
	4,540	4.000%, 6/15/23		No Opt. Call		AA+		5,309,802
	4,120	Clackamas Community College District, Oregon, General Obligation Bonds, Series 2007, 5.000%, 6/15/20 – FGIC Insured		No Opt. Call		AA		5,159,723
	4,000	Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/22		5/19 at 100.00		AAA		4,765,000
	22,610	Total Oregon						27,028,497
		Pennsylvania – 4.0%
	2,015	Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center System, Series 2008B, 5.000%, 6/15/18		No Opt. Call		Aa3		2,410,242
	1,000	Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 5.000%, 12/01/25		12/22 at 100.00		A+		1,180,900
	26,315	Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 2.500%, 12/01/41 (Mandatory put 6/01/17)		No Opt. Call		BBB–		26,642,359

214 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	1,315	Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 4.125%, 8/01/20		8/19 at 100.00		Aa2	$	1,533,579
		Delaware County Authority, Pennsylvania, Hospital Revenue Bonds, Crozer-Chester Medical Center, Refunding Series 2005:
	1,275	5.000%, 12/15/15 – RAAI Insured		No Opt. Call		BBB–		1,362,682
	1,405	5.000%, 12/15/17 – RAAI Insured		12/15 at 100.00		BBB–		1,486,687
		Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008:
	535	5.250%, 10/01/20		10/18 at 100.00		BBB		602,838
	565	5.375%, 10/01/21		10/18 at 100.00		BBB		634,122
		Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann University, Series 2010:
	1,000	5.000%, 10/01/21		10/20 at 100.00		BBB		1,128,050
	1,050	5.000%, 10/01/25		10/20 at 100.00		BBB		1,149,771
	2,265	Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.100%, 7/01/13		6/13 at 100.00		Ba1		2,274,241
	3,140	Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.750%, 12/15/27		12/19 at 100.00		N/R		3,310,785
	1,300	Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.000%, 1/01/27		1/17 at 100.00		A		1,369,524
	1,000	Montgomery County Industrial Development Authority, Pennsylvania, First Mortgage Revenue Bonds, Whitemarsh Continuing Care, Series 2005, 6.125%, 2/01/28		2/15 at 100.00		N/R		1,018,980
	1,220	Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23		10/19 at 100.00		BBB+		1,440,320
		Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012B:
	24,575	5.000%, 7/01/20		7/19 at 100.00		Aaa		30,071,199
	2,160	5.000%, 1/01/21		1/19 at 100.00		Aaa		2,605,241
	9,575	5.000%, 7/01/21		1/18 at 100.00		Aaa		11,315,544
	6,800	5.000%, 1/01/22		7/17 at 100.00		Aaa		7,915,880
	6,665	5.000%, 7/01/22		7/16 at 100.00		Aaa		7,557,577
	15,020	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38		12/27 at 100.00		A–		15,414,726
	3,000	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Ninth Series, 2010, 5.000%, 8/01/30		8/20 at 100.00		BBB+		3,260,850
	10,000	Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2005A, 5.000%, 8/01/19 – AMBAC Insured		8/15 at 100.00		AA		10,902,400
	4,270	Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2010A, 5.000%, 6/01/16		No Opt. Call		AA		4,813,144
	11,050	Sayre Healthcare Facility Authority, Pennsylvania, Revenue Bonds, Guthrie Healthcare System, Series 2007, 0.972%, 12/01/24		12/17 at 100.00		AA–		10,338,049
		Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2013:
	730	5.000%, 12/01/20		No Opt. Call		BBB–		831,207
	1,105	5.000%, 12/01/21		No Opt. Call		BBB–		1,255,335
	1,625	5.000%, 12/01/22		No Opt. Call		BBB–		1,841,808
	1,705	5.000%, 12/01/23		6/23 at 100.00		BBB–		1,923,411
	1,795	5.000%, 12/01/24		6/23 at 100.00		BBB–		2,009,000
	1,400	Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2013, 5.000%, 12/01/19		No Opt. Call		BBB–		1,592,304
	2,060	Trinity Area School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/19 – AGM Insured		No Opt. Call		A1		2,359,812

Nuveen Investments 215

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
		Westmoreland County Industrial Development Authority, Pennsylvania, Retirement Community Revenue Bonds, Redstone Presbyterian SeniorCare Obligated Group, Series 2005A:
$	1,100	5.375%, 1/01/14		No Opt. Call		N/R	$	1,118,634
	1,200	5.500%, 1/01/16		No Opt. Call		N/R		1,267,812
	151,235	Total Pennsylvania						165,939,013
		Puerto Rico – 1.0%
	240	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 4.250%, 7/01/25		No Opt. Call		BBB–		219,514
	3,000	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT, 5.000%, 7/01/24 – NPFG Insured		7/17 at 100.00		BBB+		3,039,210
	11,355	Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2003H, 5.250%, 7/01/14 – FGIC Insured		No Opt. Call		BBB–		11,713,023
	1,015	Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2007M, 5.500%, 7/01/35 (Mandatory put 7/01/17) – AMBAC Insured		7/17 at 100.00		BBB–		1,077,697
	11,000	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32		8/26 at 100.00		A+		11,641,410
	10,000	Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/16 – NPFG Insured		No Opt. Call		Baa2		10,656,500
	4,000	Puerto Rico, General Obligation Bonds, Public Improvement Refunding Series 2008A, 5.000%, 7/01/20		7/18 at 100.00		BBB–		4,123,680
	40,610	Total Puerto Rico						42,471,034
		Rhode Island – 0.1%
		Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
	3,055	6.000%, 6/01/23		7/13 at 100.00		Baa1		3,095,998
	315	6.125%, 6/01/32		7/13 at 100.00		BBB+		318,119
	3,370	Total Rhode Island						3,414,117
		South Carolina – 1.2%
	2,055	Charleston Educational Excellence Financing Corporation, South Carolina, Installment Purchase Revenue Bonds, Charleston County School District, South Carolina Project, Series 2004, 5.000%, 12/01/13		No Opt. Call		AA		2,111,862
		Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Refunding Series 2012:
	2,000	5.000%, 2/01/24		2/22 at 100.00		Aa1		2,485,100
	1,215	5.000%, 2/01/25		2/22 at 100.00		Aa1		1,500,987
	5,200	Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24		12/16 at 100.00		AA		5,929,872
	2,000	Lexington County Health Service District, South Carolina, Hospital Revenue Refunding and Improvement Bonds, Series 2003, 5.500%, 11/01/23 (Pre-refunded 11/01/13)		11/13 at 100.00		AA– (4)		2,053,460
		Newberry Investing in Children’s Education, South Carolina, Installment Purchase Revenue Bonds, Newberry County School District Project, Series 2005:
	1,500	5.250%, 12/01/23		12/15 at 100.00		A2		1,636,200
	2,000	5.250%, 12/01/24		12/15 at 100.00		A2		2,181,600
		South Carolina JOBS Economic Development Authority, Hospital Revenue Bonds, Bon Secours Health System Obligated Group, Series 2012:
	1,850	5.000%, 11/01/20		No Opt. Call		A–		2,258,147
	7,500	5.000%, 11/01/27		No Opt. Call		A–		8,637,375
	6,955	5.000%, 11/01/28		No Opt. Call		A–		7,946,296
	1,225	5.000%, 11/01/29		No Opt. Call		A–		1,387,815
	235	South Carolina JOBS Economic Development Authority, Hospital Facilities Revenue Bonds, Palmetto Health Alliance, Series 2003A, 6.000%, 8/01/13		No Opt. Call		BBB+		238,370

216 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		South Carolina (continued)
$	2,000	South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement Revenue Bonds, Palmetto Health Alliance, Series 2003C, 6.000%, 8/01/13		No Opt. Call		BBB+	$	2,028,680
	1,000	South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding & Improvement Series 2009, 5.000%, 8/01/18		No Opt. Call		BBB+		1,167,050
	6,750	South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2004B, 5.250%, 10/01/16 – AMBAC Insured		No Opt. Call		A1		7,821,293
	1,520	Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32		4/22 at 100.00		A1		1,693,386
	45,005	Total South Carolina						51,077,493
		South Dakota – 0.3%
	2,385	Deadwood, South Dakota, Certificates of Participation, Crossover Refunding Series 2005, 5.000%, 11/01/18 – ACA Insured		11/15 at 100.00		A		2,582,025
		South Dakota Health and Educational Facilities Authority, Revenue Bonds, Huron Regional Medical Center, Series 2005:
	760	5.000%, 4/01/17		7/13 at 100.00		A–		762,637
	800	5.000%, 4/01/18		7/13 at 100.00		A–		802,704
	840	5.000%, 4/01/19		7/13 at 100.00		A–		842,696
	820	5.000%, 4/01/20		7/13 at 100.00		A–		822,485
	1,000	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2007, 5.000%, 11/01/19		5/17 at 100.00		A+		1,125,100
	1,000	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2009, 5.000%, 11/01/24		11/19 at 100.00		A+		1,130,170
	1,500	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Vocational Education Program, Series 2008, 5.125%, 8/01/28 – AGC Insured		8/18 at 100.00		AA		1,696,815
		South Dakota Health and Educational Facilities Authority, Revenue Bonds, Westhills Village Retirement Community Project, Series 2006:
	300	4.550%, 9/01/14		No Opt. Call		A		311,667
	1,770	5.000%, 9/01/25		9/14 at 100.00		A		1,797,824
	11,175	Total South Dakota						11,874,123
		Tennessee – 2.0%
	2,265	Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2008D, 6.125%, 10/01/28		10/18 at 100.00		AA–		2,706,245
	3,460	Claiborne County, Tennessee, Industrial Development Board, Revenue Refunding Bonds, Lincoln Memorial University Project, Series 2009, 6.125%, 10/01/29		10/19 at 100.00		N/R		3,871,463
	3,650	Jackson, Tennessee, Hospital Revenue Refunding Bonds, Jackson-Madison County General Hospital Project, Series 2008, 5.250%, 4/01/23		4/18 at 100.00		A+		4,145,816
		Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A:
	715	5.000%, 7/01/15		No Opt. Call		BBB+		771,635
	750	5.000%, 7/01/18		7/16 at 100.00		BBB+		824,948
	5,000	Knox County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2007, 5.250%, 4/01/27		4/17 at 100.00		BBB+		5,315,850
		Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2012A:
	1,400	4.000%, 1/01/22		No Opt. Call		A		1,546,062
	3,180	5.000%, 1/01/23		No Opt. Call		A		3,776,345
	1,300	4.000%, 1/01/23		No Opt. Call		A		1,428,414
	1,750	5.000%, 1/01/24		No Opt. Call		A		2,065,158

Nuveen Investments 217

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tennessee (continued)
		Memphis and Shelby County Port Commission, Tennessee, Port Development Revenue Bonds, Series 2011:
$	1,480	5.250%, 4/01/23		4/21 at 100.00		AA–	$	1,799,828
	1,560	5.250%, 4/01/24		4/21 at 100.00		AA–		1,881,703
	1,240	5.250%, 4/01/25		4/21 at 100.00		AA–		1,484,106
	1,000	Memphis, Tennessee, General Improvement Bonds, Series 2005, 5.000%, 10/01/16 – NPFG Insured		No Opt. Call		AA		1,151,820
	10,000	Memphis, Tennessee, Subordinate Lien Electric System Revenue Bonds, Series 2003A, 5.000%, 12/01/15 (Pre-refunded 12/01/13) – NPFG Insured		12/13 at 100.00		AA+ (4)		10,276,100
	12,155	Memphis, Tennessee, Subordinate Lien Electric System Revenue Bonds, Series 2003A, 5.000%, 12/01/13 – NPFG Insured		No Opt. Call		AA+		12,502,755
	3,175	Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Refunding Series 2007C, 5.000%, 11/01/17 – NPFG Insured		No Opt. Call		AA–		3,640,900
	4,430	Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Refunding Series 2009A, 5.125%, 11/01/24		11/19 at 100.00		AA–		5,095,209
		Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Refunding Series 2009B:
	1,000	5.500%, 11/01/20		11/19 at 100.00		AA–		1,231,480
	1,860	5.250%, 11/01/25		11/19 at 100.00		AA–		2,129,384
	1,400	Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.000%, 9/01/19		9/16 at 100.00		BBB+		1,553,762
	2,000	Sullivan County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Bonds, Wellmont Health System, Series 2003, 5.000%, 9/01/16 – RAAI Insured		9/13 at 100.00		BBB+		2,028,140
	11,885	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/20		No Opt. Call		A		13,924,228
	76,655	Total Tennessee						85,151,351
		Texas – 8.2%
	1,110	Alvin Independent School District, Brazoria County, Texas, General Obligation Bonds, Refunding Series 2007, 4.125%, 2/15/19		2/16 at 100.00		AAA		1,200,620
	6,000	Bexar County Housing Finance Corporation, Texas, FNMA Guaranteed Multifamily Housing Revenue Bonds, Villas Sonterra Apartments Project, Series 2007A, 4.700%, 10/01/15 (Alternative Minimum Tax)		No Opt. Call		N/R		6,292,200
	2,125	Brownsville, Texas, General Obligation Bonds, Refunding Series 2005, 5.000%, 2/15/17 – NPFG Insured		2/15 at 100.00		AA–		2,279,828
	3,000	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/33 (WI/DD, Settling 5/16/13)		1/23 at 100.00		BBB–		3,317,040
	3,380	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46		1/21 at 100.00		Baa2		4,002,799
	8,000	Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, School Building and Refunding Series 2012, 5.000%, 2/15/26		2/21 at 100.00		AAA		9,852,400
	1,180	Corinth, Texas, Certificates of Obligation, Series 2007, 4.500%, 2/15/19 – NPFG Insured		2/17 at 100.00		Aa2		1,316,750
	5,715	Dallas County Utility and Reclamation District, Texas, General Obligation Bonds, Refunding Series 2005A, 5.150%, 2/15/22 – AMBAC Insured		2/17 at 100.00		A3		6,390,056
	5,000	Dallas, Texas, General Obligation Bonds, Refunding & Improvements Series 2007, 4.500%, 2/15/27 – NPFG Insured		2/17 at 100.00		AA+		5,528,400
	10,010	Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/15 – AMBAC Insured		No Opt. Call		AAA		11,134,223
	2,440	El Paso County, Texas, General Obligation Bonds, Refunding Series 2007, 5.000%, 2/15/18 – NPFG Insured		No Opt. Call		AA		2,901,502

218 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	650	El Paso, Texas, Water and Sewer Revenue Bonds, Refunding Series 2006A, 4.000%, 3/01/18 – AGM Insured		3/15 at 100.00		AA+	$	688,103
	1,120	Elgin Independent School District, Bastrop County, Texas, General Obligation Bonds, School Building Series 2007, 4.375%, 8/01/19		8/17 at 100.00		AAA		1,272,062
	2,000	Fort Bend Independent School District, Fort Bend County, Texas, General Obligation Bonds, School Building Series 2009, 4.550%, 2/15/25		8/19 at 100.00		AA+		2,271,920
	2,045	Frisco, Collins and Denton Counties, Texas, Certificates of Obligation, Series 2007, 4.500%, 2/15/16 – AMBAC Insured		No Opt. Call		Aa1		2,268,928
	875	Giddings Independent School District, Fayette, Lee, and Washington Counties, Texas, General Obligation Bonds, School Building Series 2007A, 4.250%, 2/15/19		2/17 at 100.00		Aaa		979,676
	635	Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2007A, 4.500%, 2/15/18		2/17 at 100.00		AAA		722,986
	1,230	Gregg County Health Facilities Development Corporation, Texas, Revenue Bonds, Good Shepherd Medical Center, Series 2006A, 5.000%, 10/01/13		No Opt. Call		BBB+		1,250,184
		Hale Center Education Facilities Corporation, Texas, Revenue Bonds, Wayland Baptist University Project, Improvement and Refunding Series 2010:
	875	4.000%, 3/01/21		No Opt. Call		A–		950,469
	500	4.000%, 3/01/22		3/21 at 100.00		A–		537,040
	800	4.000%, 3/01/23		3/21 at 100.00		A–		850,024
	440	4.250%, 3/01/25		3/21 at 100.00		A–		472,996
	1,000	Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2004A, 5.250%, 12/01/13		No Opt. Call		A+		1,028,810
	1,950	Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2008B, 7.125%, 12/01/31 (Pre-refunded 12/01/18)		12/18 at 100.00		A+ (4)		2,591,765
	6,930	Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, St. Luke’s Episcopal Hospital, Series 1991A, 6.750%, 2/15/21 (ETM)		7/13 at 100.00		AA+ (4)		8,327,573
		Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Series 2009A:
	5,120	5.000%, 11/01/22		11/19 at 100.00		AA		6,274,611
	5,385	5.000%, 11/01/23		11/19 at 100.00		AA		6,569,377
	5,660	5.000%, 11/01/24		11/19 at 100.00		AA		6,889,182
	2,320	Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 1014, 13.633%, 11/01/41 (IF)		11/21 at 100.00		AA		3,283,519
		Harrison County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Good Shepherd Health System, Refunding Series 2010:
	2,270	5.000%, 7/01/19		No Opt. Call		BBB+		2,636,900
	2,380	5.000%, 7/01/20		No Opt. Call		BBB+		2,779,316
	2,000	Houston Health Facilities Development Corporation, Texas, Revenue Bonds, Buckingham Senior Living Community Inc., Series 2004A, 7.000%, 2/15/23 (Pre-refunded 2/15/14)		2/14 at 101.00		AA+ (4)		2,125,900
	2,145	Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2012D, 5.000%, 11/15/24		11/22 at 100.00		AA		2,689,015
		Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B:
	6,355	5.250%, 9/01/24		9/16 at 100.00		A2		7,155,539
	6,920	5.250%, 9/01/25		9/16 at 100.00		A2		7,724,450
	4,295	5.250%, 9/01/26		9/16 at 100.00		A2		4,763,284

Nuveen Investments 219

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
		Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:
$	8,000	0.000%, 9/01/22 – AMBAC Insured		No Opt. Call		A2	$	5,688,960
	3,810	0.000%, 9/01/23 – AMBAC Insured		No Opt. Call		A2		2,562,339
		Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011B:
	1,900	5.000%, 7/01/25		7/21 at 100.00		A+		2,254,369
	2,025	5.000%, 7/01/26		7/21 at 100.00		A+		2,381,380
		Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012B:
	18,225	5.000%, 7/01/31		7/22 at 100.00		A+		20,993,195
	5,000	5.000%, 7/01/32		7/22 at 100.00		A+		5,742,250
	715	Howard County Junior College District, Texas, General Obligation Bonds, Series 2007, 4.250%, 2/15/18 – AMBAC Insured		2/17 at 100.00		AA–		797,425
	1,595	Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.000%, 8/15/14		No Opt. Call		BBB–		1,655,770
	6,075	Laredo, Texas, International Toll Bridge Revenue Bonds, Series 2005B, 5.000%, 10/01/18 – AGM Insured		10/15 at 100.00		AA–		6,721,502
		League City, Texas, Waterworks and Sewer System Revenue Bonds, Series 2008:
	1,245	4.000%, 2/15/18 – AGM Insured		2/17 at 100.00		AA		1,390,404
	1,315	4.375%, 2/15/23 – AGM Insured		2/17 at 100.00		AA		1,463,740
	2,000	Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40		11/20 at 100.00		BBB–		2,184,220
	1,000	Lubbock Educational Facilities Authority, Texas, Revenue Bonds, Lubbock Christian University, Refunding & Improvement Series 2007, 5.000%, 11/01/16		No Opt. Call		BBB		1,116,260
	770	Mansfield Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2006, 5.000%, 2/15/22		2/16 at 100.00		AAA		863,062
		North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012:
	4,340	5.000%, 8/15/24		8/22 at 100.00		AA		5,266,113
	4,710	5.000%, 8/15/25		8/22 at 100.00		AA		5,644,605
	3,920	5.000%, 8/15/26		8/22 at 100.00		AA		4,644,024
	7,025	5.000%, 8/15/27		8/22 at 100.00		AA		8,254,656
	3,465	North Harris County Regional Water Authority, Texas, Senior Water Revenue Bonds, Series 2003, 5.250%, 12/15/17 (Pre-refunded 12/15/13) – FGIC Insured		12/13 at 100.00		A+ (4)		3,572,380
	2,500	North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008A, 6.000%, 1/01/24		1/18 at 100.00		A2		2,940,550
	3,050	North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Variable Rate Demand Series 2008-E3, 5.750%, 1/01/38 (Mandatory put 1/01/16)		No Opt. Call		A2		3,450,099
		North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 2011D:
	8,565	5.250%, 9/01/25		9/21 at 100.00		AA		10,513,966
	5,000	5.250%, 9/01/26		9/21 at 100.00		AA		6,084,000
		North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
	2,370	0.000%, 9/01/43		9/31 at 100.00		AA		1,835,518
	9,130	0.000%, 9/01/45		9/31 at 100.00		AA		7,713,572
	1,000	Northwest Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2006, 4.500%, 2/15/26		2/16 at 100.00		Aaa		1,086,980
	1,000	Plano Independent School District, Collin County, Texas, General Obligation Bonds, Series 2008A, 5.000%, 2/15/25		2/18 at 100.00		Aaa		1,176,560

220 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	875	San Angelo, Texas, Certificates of Obligation Bonds, Tom Green County Series 2007A, 4.400%, 2/15/19 – NPFG Insured		2/17 at 100.00		AA+	$	981,689
	3,400	San Antonio, Texas, Electric and Gas System Revenue Refunding Bonds, New Series 1992, 5.000%, 2/01/17 (ETM)		No Opt. Call		AA+ (4)		3,704,980
		San Antonio, Texas, General Obligation Bonds, Series 2006:
	1,000	4.125%, 2/01/19		2/16 at 100.00		AAA		1,089,410
	1,140	4.250%, 2/01/20		2/16 at 100.00		AAA		1,239,932
	575	San Leanna Education Facilities Corporation, Texas, Higher Education Revenue Bonds, Saint Edward’s University Project, Series 2007, 5.000%, 6/01/19		6/17 at 100.00		BBB+		635,801
	870	Sunnyvale School District, Texas, General Obligation Bonds, School Building Series 2007, 4.400%, 2/15/20		2/17 at 100.00		AAA		972,721
	1,235	Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Northwest Senior Housing-Edgemere Project, Series 2006A, 5.750%, 11/15/14		No Opt. Call		N/R		1,298,578
	4,825	Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30		11/21 at 100.00		AA–		5,529,691
	5,010	Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/19		2/17 at 100.00		AA–		5,715,558
	2,210	Teague Independent School District, Freestone County, Texas, Unlimited Tax General Obligation Bonds, School Building Series 2008, 5.000%, 2/15/19		2/18 at 100.00		AAA		2,619,734
	5,000	Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/21		No Opt. Call		A3		5,709,200
	2,000	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2007, 5.000%, 4/01/17		No Opt. Call		AAA		2,337,440
	5,000	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Tender Option Bond Trust 3216, 17.784%, 10/01/14 (IF)		No Opt. Call		AAA		7,476,600
	4,645	Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2008, Trust 2568, 17.571%, 10/01/15 (IF)		No Opt. Call		Aaa		7,639,306
	1,500	Texas State, General Obligation Bonds, Water Financial Assistance, Refunding Series 2007A, 5.000%, 8/01/17		No Opt. Call		Aaa		1,775,670
		Travis County Health Facilities Development Corporation, Texas, Retirement Facility Revenue Bonds, Querencia Barton Creek, Series 2005:
	1,000	5.250%, 11/15/17		11/15 at 100.00		N/R		1,057,040
	900	5.500%, 11/15/25		11/15 at 100.00		N/R		937,161
		Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances Hospital Regional Healthcare Center, Series 2007:
	5,000	5.250%, 7/01/26		7/17 at 100.00		Baa1		5,406,050
	11,300	5.250%, 7/01/28		7/17 at 100.00		Baa1		12,185,468
		Val Verde County, Texas, Pass-Through Toll Revenue and Limited Tax Bonds, Series 2011:
	2,675	3.500%, 8/15/18		No Opt. Call		A		2,874,154
	2,900	4.000%, 8/15/19		No Opt. Call		A		3,214,157
	3,015	4.000%, 8/15/20		No Opt. Call		A		3,344,208
	3,135	4.000%, 8/15/21		No Opt. Call		A		3,479,066
	500	Victoria Independent School District, Victoria County, Texas, General Obligation Bonds, Series 2007, 5.000%, 2/15/18		2/17 at 100.00		AAA		581,175
	1,000	Victoria, Texas, Utility System Revenue Refunding Bonds, Series 2007, 4.400%, 12/01/19 – AMBAC Insured		12/17 at 100.00		AA–		1,129,350
	8,830	Williamson County, Texas, General Obligation Bonds, Limited Tax Refunding Series 2012, 5.000%, 2/15/26		2/22 at 100.00		AAA		10,822,048
	303,150	Total Texas						343,073,533

Nuveen Investments 221

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utah – 0.6%
$	6,330	Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41		8/19 at 100.00		AA+	$	7,127,580
		Utah Associated Municipal Power Systems, Revenue Bonds, Horse Butte Wind Project, Series 2012A:
	3,340	5.000%, 9/01/23		9/22 at 100.00		A–		4,059,737
	2,000	5.000%, 9/01/25		9/22 at 100.00		A–		2,397,080
	2,250	5.000%, 9/01/26		9/22 at 100.00		A–		2,670,705
		Utah, General Obligation Bonds, Series 2009, Trust 2987:
	1,250	17.510%, 7/01/21 (IF)		7/18 at 100.00		AAA		2,362,500
	2,500	17.510%, 7/01/22 (IF)		7/18 at 100.00		AAA		4,725,000
	17,670	Total Utah						23,342,602
		Virgin Islands – 0.2%
	1,580	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+		1,757,102
	6,000	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B, 5.000%, 10/01/25		10/19 at 100.00		BBB+		6,731,160
	7,580	Total Virgin Islands						8,488,262
		Virginia – 0.1%
	2,370	Chesapeake Hospital Authority, Virginia, Revenue Bonds, Chesapeake General Hospital, Series 2004A, 5.250%, 7/01/13		No Opt. Call		A2		2,389,955
	1,260	Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)		7/22 at 100.00		BBB–		1,375,492
	3,630	Total Virginia						3,765,447
		Washington – 2.1%
	5,690	Central Valley School District 356 Spokane County, Washington, Unlimited Tax Deferred Interest General Obligation Bonds, Series 1998B, 0.000%, 12/01/14 – FGIC Insured		No Opt. Call		Aa2		5,646,756
	4,930	Clark County Public Utility District 1, Washington, Electric System Revenue Bonds, Series 2007, 5.000%, 1/01/19 – FGIC Insured		1/17 at 100.00		A		5,578,640
	1,515	Clark County School District 37, Vancouver, Washington, General Obligation Bonds, Series 1998, 5.250%, 12/01/14 – AGM Insured		No Opt. Call		Aa2		1,632,397
	2,735	Douglas County Public Utility District 1, Washington, Revenue Bonds, Wells Hydroelectric, Series 1963, 4.000%, 9/01/18 (ETM)		No Opt. Call		AA (4)		2,983,694
	3,250	Grant County Public Utility District 2, Washington, Electric System Revenue Bonds, Refunding Series 2011-I, 5.000%, 1/01/20		No Opt. Call		AA		3,958,923
	525	King County School District 401, Highline, Washington, General Obligation Bonds, Series 2006, 5.250%, 12/01/25 (Pre-refunded 12/01/16) – AGM Insured		12/16 at 100.00		AA+ (4)		613,142
	265	King County School District 412 Shoreline, Washington, General Obligation Bonds, Series 2008, 5.750%, 12/01/21		12/18 at 100.00		AA+		328,740
	5,055	King County, Washington, General Obligation Bonds, Harborview Medical Center, Series 2004, 5.000%, 12/01/14 – AMBAC Insured		6/14 at 100.00		AAA		5,316,091
	1,175	Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley Hospital, Series 2005, 5.375%, 12/01/22		12/15 at 100.00		Baa2		1,266,721
	1,000	Spokane County School District 81, Spokane, Washington, General Obligation Bonds, Series 2005, 5.000%, 6/01/16 (Pre-refunded 6/01/15) – NPFG Insured		6/15 at 100.00		Aa1 (4)		1,097,110
	8,900	Tacoma, Washington, Electric System Revenue Bonds, Series 2004A, 5.250%, 1/01/16 – FGIC Insured		7/14 at 100.00		AA		9,411,216
	6,000	Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31		1/21 at 100.00		A		6,659,100

222 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Washington (continued)
		Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009:
$	3,125	6.250%, 7/01/24		7/19 at 100.00		Baa3	$	3,586,781
	2,000	6.750%, 7/01/29		7/19 at 100.00		Baa3		2,316,280
	3,250	Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, Series 2009, 5.125%, 10/01/24		10/19 at 100.00		Baa1		3,633,858
	4,790	Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26		6/13 at 100.00		A3		4,885,704
	12,000	Washington State, General Obligation Bonds, Series 1992B, 6.400%, 6/01/17 – NPFG Insured		No Opt. Call		AA+		13,711,440
	3,005	Washington State, General Obligation Bonds, Series 2005A, 5.000%, 1/01/25 – AMBAC Insured		1/15 at 100.00		AA+		3,213,066
	3,005	Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008, Trust 2599, 17.780%, 1/01/16 (IF)		No Opt. Call		AA+		5,152,914
	3,010	Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/16 – FGIC Insured		No Opt. Call		AA+		2,957,927
	2,275	Washington, Various Purpose General Obligation Bonds, Series 1998C, 5.500%, 7/01/14		No Opt. Call		AA+		2,415,345
	77,500	Total Washington						86,365,845
		Wisconsin – 2.3%
	2,000	Franklin, Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management of Wisconsin, Inc. Project, Series 2006A, 4.950%, 11/01/16 (Mandatory put 5/01/16) (Alternative Minimum Tax)		No Opt. Call		BBB		2,216,800
		University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A:
	335	5.000%, 4/01/20		No Opt. Call		Aa3		405,417
	795	5.000%, 4/01/21		No Opt. Call		Aa3		968,549
	460	5.000%, 4/01/22		No Opt. Call		Aa3		562,129
	1,020	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25		7/21 at 100.00		A		1,167,747
	2,060	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2010A, 6.000%, 6/01/30		6/15 at 100.00		Baa2		2,389,064
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Children’s Hospital of Wisconsin Inc., Series 2008B:
	1,400	4.350%, 8/15/19		No Opt. Call		AA–		1,645,154
	8,670	5.500%, 8/15/29		2/20 at 100.00		AA–		10,001,105
	2,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/23		5/16 at 100.00		BBB		2,095,580
	2,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, EastCastle Place Inc., Series, 5.750%, 12/01/19		7/13 at 100.00		N/R		1,448,320
	1,250	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.375%, 5/01/18		5/14 at 100.00		BBB+		1,301,713
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity HealthCare Ministry, Series 2007:
	2,275	5.000%, 9/01/20		9/17 at 100.00		BBB+		2,484,573
	2,505	5.000%, 9/01/22		9/17 at 100.00		BBB+		2,676,142
	4,245	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2010A, 5.000%, 6/01/19		No Opt. Call		A2		4,477,796
	5,760	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured		No Opt. Call		A1		6,627,456
	1,500	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Southwest Health Center Inc., Series 2004A, 6.125%, 4/01/24 (Pre-refunded 4/01/14)		4/14 at 100.00		N/R (4)		1,576,365

Nuveen Investments 223

Portfolio of Investments

Nuveen Intermediate Duration Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)			Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin (continued)
$	340	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Vernon Memorial Healthcare Inc., Series 2005, 4.650%, 3/01/15				No Opt. Call		BBB	$	361,865
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A:
	2,455	5.250%, 8/15/19				8/16 at 100.00		A–		2,764,796
	11,955	5.250%, 8/15/20				8/16 at 100.00		A–		13,430,725
	10,050	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/21				8/16 at 100.00		A–		11,222,735
	1,110	Wisconsin Housing and Economic Development Authority, Insured Mortgage Revenue Refunding Bonds, Series 1977A, 5.800%, 6/01/17 (ETM)				No Opt. Call		N/R (4)		1,206,381
	9,000	Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/27				5/19 at 100.00		AA–		11,115,720
	10,170	Wisconsin State, General Obligation Bonds, Series 2005I, 5.000%, 5/01/16 – NPFG Insured				5/15 at 100.00		AA		11,114,754
	1,450	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, The Medical College of Wisconsin, Inc., Series 2004A, 5.000%, 12/01/15 – NPFG Insured				12/14 at 100.00		A+		1,540,451
	84,805	Total Wisconsin								94,801,337
		Wyoming – 0.1%
	2,250	Lincoln County, Wyoming, Pollution Control Revenue Refunding Bonds, PacifiCorp Project, Series 1995, 0.000%, 11/01/25 (Alternative Minimum Tax)				No Opt. Call		A2		2,257,380
$	3,729,366	Total Municipal Bonds (cost $3,836,699,425)								4,116,989,292
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		CORPORATE BONDS – 0.0%
		Transportation – 0.0%
$	194	Las Vegas Monorail Company, Senior Interest Bonds (8), (9)		5.500%		7/15/19		N/R	$	48,514
	57	Las Vegas Monorail Company, Senior Interest Bonds (8), (9)		3.000%		7/15/55		N/R		11,357
$	251	Total Corporate Bonds (cost $4,771)								59,871
		Total Investments (cost $3,836,704,196) – 98.2%								4,117,049,163
		Other Assets Less Liabilities – 1.8%								75,729,562
		Net Assets – 100%							$	4,192,778,725

224 Nuveen Investments

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

(2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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 fixed-income security, 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) During July 2010, the original issue for this security (1,000,000 par, 5.400% coupon and May, 15, 2014 maturity) was restructured into two new securities. The first security, which is 30% of the original issue, has 300,000 par, 0.000% coupon and May 15, 2050 maturity. The second security, which is the remaining 70% of the issue, has a 700,000 par, 5.400% coupon and May 15, 2017 maturity. During September 2011, the Adviser concluded this 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) During July 2010, the original issue for this security (1,000,000 par, 5.500% coupon and May, 15, 2015 maturity) was restructured into two new securities. The first security, which is 30% of the original issue, has 300,000 par, 0.000% coupon and May 15, 2050 maturity. The second security, which is the remaining 70% of the issue, has a 700,000 par, 5.500% coupon and May 15, 2018 maturity. During September 2011, the Adviser concluded this 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.

(8) 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 classified as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.

(9) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an interest rate of 5.500% maturing on July 15, 2019 and the second with an interest rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The custodian is not accruing income on the Fund’s records for either senior interest corporate bond.

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.

Nuveen Investments 225

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		MUNICIPAL BONDS – 95.2%
		National – 0.1%
$	5,074	BB&T Various States Municipal Trust Pool, Class B Certificates, Series 2011, 0.340%, 9/01/14		No Opt. Call		AA–	$	5,073,705
		Alabama – 0.4%
		Health Care Authority for Baptist Health, Alabama, Revenue Bonds, Baptist Health, Series 2006D:
	1,000	5.000%, 11/15/13		No Opt. Call		A3		1,017,210
	1,000	5.000%, 11/15/14		No Opt. Call		A3		1,044,920
	1,075	Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/15		1/14 at 100.00		B		1,075,860
	5,000	Mobile Industrial Development Board, Alabama, Pollution Control Revenue Refunding Bonds, Alabama Power Company Barry Plan, Series 2007A, 1.650%, 6/01/34 (Mandatory put 3/20/17)		No Opt. Call		A+		5,148,950
	570	Pell City, Alabama, Special Care Facilities Financing Authority, Revenue Bonds, Noland Health Services, Series 2007A, 5.000%, 12/01/13 (ETM)		No Opt. Call		Aaa		585,738
	4,890	The Special Care Facilities Financing Authority of the City of Birmingham, Alabama, Medical Center East Health Care Facility Revenue Bonds, Series 1986 Refunding, 7.250%, 7/01/15 – NPFG Insured (ETM)		No Opt. Call		A (4)		5,279,146
	13,535	Total Alabama						14,151,824
		Alaska – 0.5%
		Alaska State, Sport Fishing Revenue Bonds, Series 2011:
	2,680	5.000%, 4/01/18		No Opt. Call		A1		3,115,982
	1,360	5.000%, 4/01/19		No Opt. Call		A1		1,607,751
	7,745	Anchorage, Alaska, General Obligation Bonds, Series 2003B, 5.000%, 9/01/19 (Pre-refunded 9/01/13) – FGIC Insured		9/13 at 100.00		AA+ (4)		7,869,230
	7,530	Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 4.625%, 6/01/23		6/14 at 100.00		Ba1		7,558,991
	19,315	Total Alaska						20,151,954
		Arizona – 4.0%
	1,000	Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Bonds, Series 2013A, 4.000%, 7/01/16		No Opt. Call		AA		1,108,580
	400	Arizona Board of Regents, University of Arizona, System Revenue Refunding Bonds, Series 1992A, 6.200%, 6/01/16		No Opt. Call		AA		427,476
		Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A:
	550	2.000%, 2/01/15		No Opt. Call		BBB+		558,822
	1,000	3.000%, 2/01/16		No Opt. Call		BBB+		1,046,820
	950	4.000%, 2/01/17		No Opt. Call		BBB+		1,036,726
	2,000	5.000%, 2/01/18		No Opt. Call		BBB+		2,305,480
	2,955	Arizona School Facilities Board, Certificates of Participation, Series 2008, 5.500%, 9/01/16		No Opt. Call		A+		3,426,618
	895	Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured		7/15 at 100.00		Aa3		969,724
		Arizona State, Certificates of Participation, Department of Administration Series 2010B:
	11,950	5.000%, 10/01/16 – AGC Insured		No Opt. Call		AA–		13,570,062
	760	5.000%, 10/01/17 – AGM Insured		No Opt. Call		AA–		881,448
	7,760	Arizona State, Certificates of Participation, Series 2008A, 5.000%, 9/01/21 – AGM Insured		3/18 at 100.00		AA–		8,809,230
		Arizona State, Certificates of Participation, Series 2010A:
	4,700	5.000%, 10/01/16 – AGM Insured		No Opt. Call		AA–		5,337,179
	11,935	5.000%, 10/01/17 – AGM Insured		No Opt. Call		AA–		13,842,213
	2,960	5.000%, 10/01/19 – AGM Insured		No Opt. Call		AA–		3,563,100

226 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
		Arizona State, State Lottery Revenue Bonds, Series 2010A:
$	4,105	5.000%, 7/01/15 – AGM Insured		No Opt. Call		AA	$	4,498,875
	1,890	5.000%, 7/01/16 – AGM Insured		No Opt. Call		AA		2,137,930
	2,335	5.000%, 7/01/17 – AGM Insured		No Opt. Call		AA		2,711,332
	5,100	5.000%, 7/01/18 – AGM Insured		No Opt. Call		AA		6,061,554
		City of Mesa, Arizona, General Obligation Refunding Bonds, Series 2012:
	2,000	2.000%, 7/01/14		No Opt. Call		AA		2,038,840
	1,855	3.000%, 7/01/17 – SYNCORA GTY Insured		No Opt. Call		AA		2,010,505
	1,425	4.000%, 7/01/20		No Opt. Call		AA		1,662,605
	2,225	4.000%, 7/01/21		No Opt. Call		AA		2,601,804
	2,055	4.000%, 7/01/22		No Opt. Call		AA		2,400,589
	2,205	Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006A, 5.000%, 8/01/19 – NPFG Insured		8/16 at 100.00		A1		2,488,387
	3,000	Maricopa County, Arizona, Hospital Revenue Bonds, Sun Health Corporation, Series 2005, 5.000%, 4/01/15 (ETM)		No Opt. Call		N/R (4)		3,258,780
	3,550	Mesa, Arizona, Excise Tax Revenue Bonds, Series 2013, 5.000%, 7/01/27		7/17 at 100.00		AA+		4,014,198
		Mesa, Arizona, Street and Highway User Revenue Refunding Bonds, Series 2012:
	2,020	5.000%, 7/01/16		No Opt. Call		AA		2,289,387
	2,040	5.000%, 7/01/21		No Opt. Call		AA		2,509,526
	4,015	5.000%, 7/01/22		No Opt. Call		AA		4,962,701
		Mesa, Arizona, Utility System Revenue Bonds, Refunding Series 2012:
	5,370	5.000%, 7/01/20		No Opt. Call		Aa2		6,610,202
	6,115	5.000%, 7/01/21		No Opt. Call		Aa2		7,582,355
	3,070	Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Refunding Series 2011, 4.000%, 7/01/15		No Opt. Call		AAA		3,306,728
	1,625	Pima County, Arizona, Sewer Revenue Bonds, Series 2011B, 4.000%, 7/01/13		No Opt. Call		AA–		1,635,530
	19,650	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2009B, 4.000%, 1/01/18		No Opt. Call		Aa1		22,492,176
	755	Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/16		No Opt. Call		A–		840,096
	300	Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007, 4.500%, 4/01/17		10/13 at 100.00		A–		302,592
	1,225	Vistancia Community Facilities District, Peoria, Arizona, General Obligation Bonds, Series 2005, 5.000%, 7/15/14		No Opt. Call		A1		1,267,973
	1,925	Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.500%, 12/01/17 (Alternative Minimum Tax)		No Opt. Call		N/R		1,766,265
	129,670	Total Arizona						148,334,408
		Arkansas – 0.1%
	3,000	Jefferson County, Arkansas, Pollution Control Revenue Refunding Bonds, Entergy Arkansas, Inc. Project, Series 2013, 1.550%, 10/01/17		No Opt. Call		A–		3,041,490
		California – 5.0%
		Alameda Corridor Transportation Authority, California, Senior Lien Revenue Refunding Bonds, Series 2013A:
	1,040	5.000%, 10/01/19		No Opt. Call		A		1,262,851
	1,755	5.000%, 10/01/20		No Opt. Call		A		2,144,399
	2,300	5.000%, 10/01/21		No Opt. Call		A		2,832,174
		California Department of Water Resources, Power Supply Revenue Bonds, Series 2010L:
	3,600	5.000%, 5/01/16		No Opt. Call		AA		4,087,440
	3,410	5.000%, 5/01/17		No Opt. Call		AA		3,998,396

Nuveen Investments 227

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	3,805	California Department of Water Resources, Power Supply Revenue Bonds, Series 2010M, 4.000%, 5/01/16		No Opt. Call		AA	$	4,209,243
	3,015	California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2009F, 5.000%, 7/01/27 (Mandatory put 7/01/14)		No Opt. Call		A		3,172,443
	1,000	California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/13		No Opt. Call		AAA		1,025,890
	1,875	California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2008A, 1.450%, 8/15/33 (Mandatory put 3/15/17)		No Opt. Call		AA		1,910,756
	2,400	California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012C, 1.450%, 8/15/23 (Mandatory put 3/15/17)		No Opt. Call		AA		2,445,768
		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I:
	4,440	5.000%, 11/01/16		No Opt. Call		A2		5,086,153
	3,675	5.000%, 11/01/17		No Opt. Call		A2		4,328,011
		California State, Economic Recovery Revenue Bonds, Refunding Series 2009A:
	1,660	5.000%, 7/01/16		No Opt. Call		Aa3		1,887,835
	95	5.250%, 7/01/21		7/19 at 100.00		Aa3		116,388
	4,185	California State, Economic Recovery Revenue Bonds, Refunding Series 2009B, 5.000%, 7/01/23 (Mandatory put 7/01/14)		No Opt. Call		Aa3		4,411,660
	5,000	California State, General Obligation Bonds, Various Purpose Series 2009, 5.000%, 10/01/16		No Opt. Call		A1		5,736,600
		California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2009A:
	5,000	5.000%, 4/01/14		No Opt. Call		A+		5,216,550
	5,015	5.000%, 4/01/16		No Opt. Call		A+		5,658,876
	1,955	California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2009E-1, 5.000%, 4/01/44 (Mandatory put 5/01/17)		No Opt. Call		A+		2,269,305
	10,525	California Statewide Communities Development Authority, Revenue Bonds, State of California Proposition 1A Receivables Program, Series 2009, 5.000%, 6/15/13		No Opt. Call		A1		10,588,676
	1,000	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005G, 5.250%, 7/01/13		No Opt. Call		BBB–		1,008,570
	1,110	California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2002C, 5.000%, 11/01/29 (Mandatory put 5/01/17)		No Opt. Call		A+		1,291,307
	9,375	Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas & Electric Company, Refunding Series 2006A, 1.650%, 7/01/18		9/15 at 100.00		Aa3		9,566,813
	1,000	Del Mar Race Track Authority, California, Revenue Bonds, Series 2005, 5.000%, 8/15/13		No Opt. Call		BBB–		1,009,070
		Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 2012:
	1,355	4.000%, 1/01/18		No Opt. Call		BBB–		1,469,227
	1,410	5.000%, 1/01/19		No Opt. Call		BBB–		1,610,826
	1,500	5.000%, 1/01/20		No Opt. Call		BBB–		1,709,715
	1,595	5.000%, 1/01/21		No Opt. Call		BBB–		1,825,557
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1:
	16,487	6.250%, 6/01/33 (Pre-refunded 6/01/13)		6/13 at 100.00		Aaa		16,572,073
	7,430	6.750%, 6/01/39 (Pre-refunded 6/01/13)		6/13 at 100.00		Aaa		7,471,534
	1,115	6.625%, 6/01/40 (Pre-refunded 6/01/13)		6/13 at 100.00		Aaa		1,121,110

228 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
$	3,170	5.000%, 6/01/15		No Opt. Call		A1	$	3,414,661
	2,665	5.000%, 6/01/16		No Opt. Call		A2		2,956,258
	10,760	4.500%, 6/01/27		6/17 at 100.00		B		10,496,380
	650	5.000%, 6/01/33		6/17 at 100.00		B		599,612
	12,000	Inland Valley Development Agency, California, Tax Allocation Bonds, Series 2011C, 4.500%, 3/01/41 (Mandatory put 3/01/16)		No Opt. Call		A		12,818,400
	1,785	Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales Tax Revenue Bonds, Senior Lien Series 2010B, 5.000%, 6/01/20		No Opt. Call		AAA		2,251,135
	965	Los Angeles Harbors Department, California, Revenue Bonds, Series 1988, 7.600%, 10/01/18 (ETM)		No Opt. Call		AA+ (4)		1,150,483
		Moulton Niguel Water District, California, Certificates of Participation, Refunding Series 2003:
	1,850	5.000%, 9/01/19 – AMBAC Insured		9/16 at 100.00		AAA		2,058,070
	2,255	5.000%, 9/01/20 – AMBAC Insured		9/16 at 100.00		AAA		2,493,083
	6,160	Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Bond Anticipation Notes Series 2010, 0.000%, 5/01/15		No Opt. Call		AA		6,082,322
	6,250	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21		11/20 at 100.00		Baa3		6,997,500
	1,715	Sacramento, California, Special Tax Bonds, North Natomas Community Facilities District 4, Series 2003C, 5.750%, 9/01/22		9/13 at 101.00		N/R		1,744,292
	170	San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM)		No Opt. Call		Aaa		223,383
		San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:
	1,420	5.000%, 9/01/14		No Opt. Call		Baa2		1,482,437
	1,500	5.000%, 9/01/15		No Opt. Call		Baa2		1,605,705
	2,200	San Francisco Public Utilities Commission, California, Wastewater Revenue Bonds, Series 2013A, 4.000%, 10/01/15		No Opt. Call		AA–		2,394,128
	750	San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/14 (ETM)		No Opt. Call		Aaa		749,025
	5,000	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 4.250%, 8/01/15 – NPFG Insured		8/14 at 100.00		BBB		5,037,100
	1,995	Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/15 – NPFG Insured		No Opt. Call		Baa2		2,181,652
		Sierra View Local Health Care District, California, Revenue Bonds, Refunding Series 2010:
	500	3.500%, 7/01/16		No Opt. Call		A		520,175
	500	3.800%, 7/01/17		No Opt. Call		A		529,240
	1,415	William S. Hart Union High School District, Los Angeles County, California, General Obligation Bonds, 2008 Election, Series 2013C, 2.000%, 8/01/14		No Opt. Call		Aa2		1,447,036
	174,802	Total California						186,277,293
		Colorado – 2.2%
	2,750	Broomfield, Colorado, Sewer Activity Enterprise, Sewer and Wastewater Reclamation Revenue Bonds, Refunding Series 2012, 4.000%, 12/01/20		No Opt. Call		A2		3,128,345
		Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2006:
	1,000	5.000%, 6/01/14		No Opt. Call		A–		1,045,970
	2,320	5.250%, 6/01/17		6/16 at 100.00		A–		2,593,621

Nuveen Investments 229

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	1,120	Colorado State Board of Community Colleges and Occupational Education, Systemwide Revenue Bonds, Series 2010C, 4.000%, 11/01/14		No Opt. Call		Aa3	$	1,175,070
		Colorado Water Resources and Power Development Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004A:
	80	5.000%, 9/01/23 (Pre-refunded 9/01/14)		9/14 at 100.00		Aaa		85,041
	3,840	5.000%, 9/01/23 (Pre-refunded 9/01/14)		9/14 at 100.00		AAA		4,081,958
		Denver School District 1, Colorado, General Obligation Bonds, Series 2012B:
	7,000	4.000%, 12/01/18		No Opt. Call		AA+		8,132,530
	4,500	4.000%, 12/01/19		No Opt. Call		AA+		5,285,655
	7,120	4.000%, 12/01/20		No Opt. Call		AA+		8,429,938
		Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, Stapleton Senior Refunding Series 2013A-1:
	2,890	5.000%, 12/01/14		No Opt. Call		A–		3,093,485
	1,850	5.000%, 12/01/15		No Opt. Call		A–		2,052,242
	15,955	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2007C-2, 5.000%, 9/01/39 (Mandatory put 9/02/13) – NPFG Insured		No Opt. Call		A		16,161,617
	4,500	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004C, 5.000%, 9/01/17 – NPFG Insured		No Opt. Call		Baa2		5,002,470
	2,550	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2006A, 5.000%, 9/01/13 – NPFG Insured (ETM)		No Opt. Call		A (4)		2,590,469
	2,665	Eagle, Garfield and Routt Counties School District RE50J, Colorado, General Obligation Bonds, Series 2005, 5.000%, 12/01/15 – AGM Insured		No Opt. Call		Aa2		2,975,179
	955	Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, Series 2007, 6.100%, 1/01/17		No Opt. Call		N/R		1,002,597
	10,000	Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 5.800%, 6/15/25 (Pre-refunded 6/15/16) – AGM Insured		6/16 at 100.00		AA– (4)		11,617,300
		Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013:
	1,200	4.000%, 12/01/15		No Opt. Call		N/R		1,267,656
	1,000	5.000%, 12/01/17		No Opt. Call		N/R		1,115,020
	1,000	5.000%, 12/01/18		No Opt. Call		N/R		1,130,120
	74,295	Total Colorado						81,966,283
		Connecticut – 0.4%
	3,840	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series 1999B, 1.550%, 11/15/29 (Mandatory put 2/01/17)		No Opt. Call		AA+		3,949,594
	630	Connecticut State Development Authority, Health Facilities Revenue Bonds, Alzheimer’s Resource Center of Connecticut, Inc., Series 2007, 5.200%, 8/15/17		No Opt. Call		N/R		682,277
	1,700	Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax)		7/13 at 100.00		BBB		1,706,732
		New Britain, Connecticut, General Obligation Bonds, Series 2012:
	2,670	3.000%, 3/15/16 – AGM Insured		No Opt. Call		A2		2,828,972
	2,670	3.000%, 3/15/17 – AGM Insured		No Opt. Call		A2		2,862,854
	1,915	New Haven, Connecticut, General Obligation Bonds, Refunding Series 2010A-1, 5.000%, 2/01/14		No Opt. Call		A1		1,981,853
	13,425	Total Connecticut						14,012,282
		Delaware – 0.4%
	755	Delaware Health Facilities Authority, Revenue Bonds, Beebe Medical Center, Series 2005A, 5.000%, 6/01/14		No Opt. Call		BBB–		778,254
	8,850	Delaware State, General Obligation Bonds, Series 2013A, 5.000%, 8/01/17		No Opt. Call		AAA		10,496,985

230 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Delaware (continued)
$	5,000	University of Delaware, Revenue Bonds, Series 2013C, 0.700%, 11/01/37 (Mandatory put 5/01/16)		No Opt. Call		AA+	$	5,009,600
	14,605	Total Delaware						16,284,839
		District of Columbia – 0.1%
		District of Columbia, Income Tax Secured Revenue Bonds, Series 2009D:
	1,100	5.000%, 12/01/16		No Opt. Call		AAA		1,273,789
	1,105	5.000%, 12/01/17		No Opt. Call		AAA		1,316,033
	2,205	Total District of Columbia						2,589,822
		Florida – 5.8%
		Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1:
	35	5.500%, 6/01/14		No Opt. Call		A+		36,975
	7,255	6.000%, 6/01/16		No Opt. Call		A+		8,393,672
	275	5.375%, 6/01/16		No Opt. Call		A+		313,115
	1,850	5.500%, 6/01/17		No Opt. Call		A+		2,173,436
		Citizens Property Insurance Corporation, Florida, High-Risk Account Revenue Bonds, Coastal Account Senior Secured Series 2011A-1:
	4,000	5.000%, 6/01/18		No Opt. Call		A+		4,713,880
	170	5.000%, 6/01/19		No Opt. Call		A+		204,083
		Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1:
	5,150	5.000%, 6/01/14		No Opt. Call		A+		5,412,702
	575	5.250%, 6/01/17		No Opt. Call		A+		669,800
		City of Tampa, Florida, Refunding and Capital Improvement Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Series 2012A:
	250	3.000%, 9/01/14		No Opt. Call		A+		257,740
	400	3.000%, 9/01/15		No Opt. Call		A+		419,672
	400	4.000%, 9/01/17		No Opt. Call		A+		444,816
	815	5.000%, 9/01/18		No Opt. Call		A+		961,113
	660	5.000%, 9/01/19		No Opt. Call		A+		789,479
	700	5.000%, 9/01/20		No Opt. Call		A+		842,681
	575	5.000%, 9/01/21		No Opt. Call		A+		697,883
	6,000	Escambia County, Florida, Pollution Control Revenue Refunding Bonds, Gulf Power Company Project, Series 2003, 1.550%, 6/01/23 (Mandatory put 6/15/16) (Alternative Minimum Tax)		No Opt. Call		A		6,112,500
	1,075	Florida Board of Education, Lottery Revenue Bonds, Series 2008B, 4.000%, 7/01/13		No Opt. Call		AAA		1,082,020
		Florida Citizens Property Insurance Corporation, High Risk Account Revenue Bonds, Series 2007A:
	1,155	5.000%, 3/01/14 – NPFG Insured		No Opt. Call		A+		1,200,599
	7,200	5.000%, 3/01/15 – NPFG Insured		No Opt. Call		A+		7,781,328
	540	5.000%, 3/01/16 – NPFG Insured		No Opt. Call		A+		603,796
	2,385	5.000%, 3/01/17 – NPFG Insured		No Opt. Call		A+		2,736,239
		Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1:
	10,300	5.000%, 6/01/15		No Opt. Call		A+		11,237,918
	7,625	5.000%, 6/01/17		No Opt. Call		A+		8,806,189
		Florida Department of Environmental Protection, Florida Forever Revenue Bonds, Series 2007B:
	4,480	5.000%, 7/01/17 – NPFG Insured		No Opt. Call		AA–		5,234,029
	6,575	5.000%, 7/01/19 – NPFG Insured		7/17 at 101.00		AA–		7,609,839
	10,000	Florida Hurricane Catastrophe Fund, Financial Corporation Revenue Bonds, Series 2010A, 5.000%, 7/01/15		No Opt. Call		AA		10,990,400
	2,580	Florida Municipal Power Agency, Revenue Bonds, St. Lucie Project, Refunding Series 2011A, 5.000%, 10/01/20		No Opt. Call		A2		3,150,438

Nuveen Investments 231

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	500	Florida Municipal Power Agency, Revenue Bonds, St. Lucie Project, Refunding Series 2012A, 4.000%, 10/01/15		No Opt. Call		A1	$	539,860
		Florida State Board of Education, Lottery Revenue Bonds, Series 2010A:
	6,155	5.000%, 7/01/15		No Opt. Call		AAA		6,763,853
	2,830	5.000%, 7/01/16		No Opt. Call		AAA		3,225,153
	1,190	5.000%, 7/01/17		No Opt. Call		AAA		1,395,620
	8,035	Florida State Division of Bond Finance, Preservation 2000 Revenue Bonds, Department of Environmental Protection, Series 1998A, 6.000%, 7/01/13 – AGM Insured		No Opt. Call		AA–		8,114,225
	4,610	Hernando County, Florida, Revenue Bonds, Criminal Justice Complex Financing Program, Series 1986, 7.650%, 7/01/16 – FGIC Insured		No Opt. Call		N/R		5,439,754
	500	Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2003D, 5.875%, 11/15/29 (Pre-refunded 11/15/13)		11/13 at 100.00		N/R (4)		514,990
	1,650	Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Refunding Bonds, Tampa General Hospital, Series 2003A, 5.000%, 10/01/13		No Opt. Call		A3		1,682,159
		Jacksonville, Florida, Special Revenue Bonds, Series 20120C:
	2,500	5.000%, 10/01/17		No Opt. Call		Aa2		2,948,750
	3,000	5.000%, 10/01/18		No Opt. Call		Aa2		3,609,510
	2,000	5.000%, 10/01/19		No Opt. Call		Aa2		2,440,880
	1,250	5.000%, 10/01/20		No Opt. Call		Aa2		1,542,000
	900	JEA, Florida, Electric System Revenue Bonds, Subordinate Series 2013B, 5.000%, 10/01/15		No Opt. Call		AA		997,848
		Manatee County, Florida, Revenue Refunding and Improvement Bonds, Series 2013:
	1,000	5.000%, 10/01/15		No Opt. Call		AA+		1,108,720
	2,500	5.000%, 10/01/20		No Opt. Call		AA+		3,109,175
	1,540	Marion County School Board, Florida, Certificates of Participation, Series 2007B, 5.000%, 6/01/18 – AMBAC Insured		6/17 at 100.00		A1		1,737,074
	355	Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 3.950%, 12/15/21 (Alternative Minimum Tax)		6/20 at 100.00		BB		360,169
		Miami-Dade County Industrial Development Authority, Florida, Solid Waste Revenue Bonds, Waste Management Inc. of Florida Projects 1&2, Series 2004:
	3,725	3.750%, 12/01/18		No Opt. Call		BBB		4,066,843
	4,000	3.750%, 12/01/18		No Opt. Call		BBB		4,367,080
		Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2010E:
	1,515	4.000%, 4/01/15		No Opt. Call		Aa3		1,610,915
	1,640	4.000%, 4/01/17		No Opt. Call		Aa3		1,806,870
	1,705	5.000%, 4/01/18		No Opt. Call		Aa3		1,989,206
	1,790	5.000%, 4/01/19		No Opt. Call		Aa3		2,121,615
	1,880	5.000%, 4/01/20		No Opt. Call		Aa3		2,250,811
	2,830	Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 5.250%, 10/01/17 – AGM Insured		No Opt. Call		Aa2		3,344,296
		North Brevard County Hospital District, Florida, Revenue Bonds, Parrish Medical Center Project, Refunding Series 2008:
	1,220	5.000%, 10/01/14		No Opt. Call		A–		1,284,599
	1,145	5.125%, 10/01/16		No Opt. Call		A–		1,282,824
	12,035	North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.000%, 10/01/20		No Opt. Call		A		13,913,062
	5,075	Orlando Utilities Commission, Florida, Water and Electric Revenue Bonds, Series 1996A, 3.750%, 10/01/23 (Pre-refunded 10/01/13)		10/13 at 100.00		AA (4)		5,149,958

232 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
		Orlando-Orange County Expressway Authority, Florida, Expressway Revenue Bonds, Series 2012:
$	2,500	5.000%, 7/01/18		No Opt. Call		A	$	2,982,425
	2,000	5.000%, 7/01/19		No Opt. Call		A		2,424,160
	2,295	Orlando-Orange County Expressway Authority, Florida, Senior Lien Revenue Bonds, Series 1988, 7.625%, 7/01/18 – AMBAC Insured (ETM)		No Opt. Call		A (4)		2,879,169
		Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004:
	2,105	5.000%, 4/01/18 – NPFG Insured		4/14 at 100.00		Aa3		2,193,684
	2,020	5.000%, 4/01/19 – NPFG Insured		4/14 at 100.00		Aa3		2,104,335
	5,000	Palm Beach County Solid Waste Authority, Florida, Refunding Revenue Bonds, Series 2011, 5.000%, 10/01/25		10/21 at 100.00		AA+		5,996,150
	7,425	Port Everglades Authority, Florida, Port Facilities Revenue Bonds, Series 1986, 7.125%, 11/01/16 (ETM)		No Opt. Call		Aaa		8,369,015
	2,250	Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole Electric Cooperative, Series 2007A, 5.350%, 3/15/42 (Mandatory put 5/01/18) – AMBAC Insured		No Opt. Call		A–		2,658,173
	110	Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39		5/17 at 100.00		N/R		84,123
	340	Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40		5/19 at 100.00		N/R		212,840
	115	Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40		5/22 at 100.00		N/R		53,590
	165	Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.375%, 5/01/17 (5)		No Opt. Call		N/R		2
	20	Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.375%, 5/01/17 (5)		No Opt. Call		N/R		11,501
	225	Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.375%, 5/01/17		No Opt. Call		N/R		220,691
	740	Tolomato Community Development District, Florida, Special Assessment Bonds, Southern/Forbearance Parcel Series 2007-2, 6.375%, 5/01/17 (5)		No Opt. Call		N/R		298,398
	3,110	Volusia County School Board, Florida, Sales Tax Revenue Bonds, Series 2004, 5.250%, 10/01/16 – AGM Insured		No Opt. Call		AA–		3,471,351
	192,520	Total Florida						215,553,768
		Georgia – 2.6%
	5,900	Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company – Vogtle Plant, First Series 2012, 1.750%, 12/01/49 (Mandatory put 6/01/17)		No Opt. Call		A		6,087,915
	9,000	Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company – Vogtle Plant, Second Series 2012, 1.750%, 12/01/49 (Mandatory put 6/01/17)		No Opt. Call		A		9,242,820
	13,000	Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company – Vogtle Plant, Series 2008, 1.400%, 11/01/48 (Mandatory put 4/01/15)		No Opt. Call		A+		13,191,880
	5,000	Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company, Fourth Series 1994, 1.200%, 10/01/32 (Mandatory put 4/01/14)		No Opt. Call		A+		5,030,900
	3,700	Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company, Ninth Series 1994, 1.200%, 10/01/32 (Mandatory put 4/01/14)		No Opt. Call		A+		3,727,639

Nuveen Investments 233

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia (continued)
$	3,345	Cobb County Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Georgia Waste Management Project, Series 2004A, 2.000%, 4/01/33 (Mandatory put 10/01/14)		No Opt. Call		BBB	$	3,415,145
		Columbia County, Georgia, General Obligation Sales Tax Bonds, Series 2009:
	1,310	5.000%, 4/01/15		No Opt. Call		AAA		1,427,219
	1,450	5.000%, 4/01/17		No Opt. Call		AAA		1,694,644
		DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2011A:
	700	4.000%, 10/01/14		No Opt. Call		Aa3		735,889
	200	2.000%, 10/01/14		No Opt. Call		Aa3		204,596
	500	4.000%, 10/01/15		No Opt. Call		Aa3		541,840
	1,000	Fulton County Development Authority, Georgia, Revenue Bonds, Robert W. Woodruff Arts Center, Inc. Project, Refunding Series 2009B, 5.000%, 3/15/16		No Opt. Call		A2		1,116,600
	280	Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1991V, 6.600%, 1/01/18 – NPFG Insured		No Opt. Call		A1		317,335
	2,105	Georgia State, General Obligation Bonds, Series 2009B, 4.000%, 1/01/21		1/19 at 100.00		AAA		2,428,960
	11,440	Georgia State, General Obligation Bonds, Series 2009D, 5.000%, 5/01/20		5/19 at 100.00		AAA		14,063,650
	10,000	Gwinnett County School District, Georgia, General Obligation Bonds, Sales Tax Series 2012A, 4.000%, 10/01/16		No Opt. Call		AAA		11,186,900
	3,300	Henry County School District, Georgia, General Obligation Bonds, Refunding Series 2012, 2.000%, 12/01/14		No Opt. Call		AA+		3,388,968
	170	Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Series 1992N, 6.250%, 7/01/18 – NPFG Insured		No Opt. Call		Aa2		193,127
	1,000	Municipal Electric Authority of Georgia, Combined Cycle Project Revenue Bonds, Series2012A, 4.000%, 11/01/14		No Opt. Call		A1		1,054,320
	1,000	Municipal Electric Authority of Georgia, Project One Revenue Bonds, Refunding Subordinate Lien Series 2011A, 4.000%, 1/01/15		No Opt. Call		A+		1,058,890
	7,615	Municipal Electric Authority of Georgia, Project One Subordinate Lien Revenue Bonds, Series 2008A, 5.250%, 1/01/18		No Opt. Call		A+		9,074,339
		Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C:
	500	5.000%, 10/01/17		No Opt. Call		Baa2		560,660
	580	5.000%, 10/01/20		No Opt. Call		Baa2		671,982
		Richmond County Board of Education, Georgia, General Obligation Bonds, Sales Tax Series 2012:
	3,300	5.000%, 10/01/15		No Opt. Call		AA+		3,665,541
	2,000	3.000%, 10/01/15		No Opt. Call		AA+		2,125,320
	88,395	Total Georgia						96,207,079
		Hawaii – 1.5%
		Hawaii State, General Obligation Bonds, Refunding Series 2011EA:
	2,660	5.000%, 12/01/16		No Opt. Call		AA		3,079,216
	7,500	5.000%, 12/01/17		No Opt. Call		AA		8,939,850
	15,000	Hawaii State, General Obligation Bonds, Series 2008D-K, 5.000%, 5/01/16		No Opt. Call		AA		17,006,850
	6,385	Hawaii State, General Obligation Bonds, Series 2011DZ, 5.000%, 12/01/18		No Opt. Call		AA		7,787,210
	4,500	Hawaii State, General Obligation Bonds, Series 2012EE, 5.000%, 11/01/20		No Opt. Call		AA		5,657,760
	8,290	Hawaii State, General Obligation Bonds, Series 2012EF, 5.000%, 11/01/20		No Opt. Call		AA		10,422,851
		Hawaii State, Highway Revenue Bonds, Series 2011A:
	405	4.000%, 1/01/15		No Opt. Call		AA+		429,409
	2,145	4.000%, 1/01/16		No Opt. Call		AA+		2,341,117
	1,000	Honolulu City and County, Hawaii, General Obligation Bonds, Series 2004B, 5.000%, 7/01/13 – NPFG Insured		No Opt. Call		Aa1		1,008,190
	47,885	Total Hawaii						56,672,453

234 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois – 8.1%
$	1,240	Bourbonnais, Illinois, Industrial Project Revenue Bonds, Olivet Nazarene University Project, Series 2010, 5.000%, 11/01/20		No Opt. Call		BBB	$	1,444,265
	1,000	Bourbonnais, Illinois, Revenue Bonds, Olivet Nazarene University, Refunding Series 2007, 5.000%, 11/01/15 – RAAI Insured		No Opt. Call		BBB		1,086,160
	1,405	Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 12/01/17 – FGIC Insured		No Opt. Call		A+		1,300,482
	4,020	Chicago, Illinois, General Obligation Bonds, Modern Schools Across Chicago Program, Series 2007J, 5.000%, 12/01/21 – AMBAC Insured		12/16 at 100.00		Aa3		4,462,522
	2,000	Community Unit School District 308, Oswego, in the Counties of Kendall, Kane, and Will, Illinois, General Obligation Bonds, Series 2004, 5.375%, 10/01/18 (Pre-refunded 10/01/14) – AGM Insured		10/14 at 100.00		Aa2 (4)		2,144,400
	7,195	Cook County, Illinois, General Obligation Bonds, Refunding Series 2009A, 5.000%, 11/15/17		No Opt. Call		AA		8,435,274
	3,500	Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/22		11/20 at 100.00		AA		4,223,940
	3,315	Cook County, Illinois, General Obligation Bonds, Refunding Series 2011A, 5.000%, 11/15/18		No Opt. Call		AA		3,985,492
	1,930	Glendale Heights, Illinois, Hospital Revenue Bonds, Glendale Heights Hospital, Series 1985B, 7.100%, 12/01/15 (ETM)		No Opt. Call		Aaa		2,131,569
	920	Huntley, Illinois, Special Service Area 10, Special Tax Bonds, Series 2007, 4.600%, 3/01/17 – AGC Insured		No Opt. Call		AA–		978,530
	1,095	Illinois Development Finance Authority, Revenue Bonds, Provena Health, Series 1998A, 5.750%, 5/15/14 – NPFG Insured		7/13 at 100.00		Baa1		1,100,081
	1,250	Illinois Development Finance Authority, Revenue Bonds, St Vincent de Paul Center Project, Series 2013A, 1.875%, 11/15/39 (Mandatory put 3/01/19)		No Opt. Call		AA+		1,261,450
	1,175	Illinois Educational Facilities Authority, Revenue Bonds, Art Institute of Chicago, Series 1998A, 5.000%, 3/01/30 (Mandatory put 3/01/17)		No Opt. Call		A1		1,315,671
	2,745	Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Series 1998B, 3.375%, 7/01/25 (Mandatory put 2/03/14)		No Opt. Call		Aa1		2,810,304
	8,000	Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Series 2004B2, 1.100%, 7/01/36 (Mandatory put 2/15/18)		No Opt. Call		Aa1		8,142,000
	11,300	Illinois Finance Authority, Midwestern Disaster Area Industrial Development Revenue Bonds, Cargill, Incorporated Project, Series 2012, 1.550%, 11/01/38 (Mandatory put 11/01/17)		No Opt. Call		A		11,397,519
	8,665	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/27		9/22 at 100.00		A–		9,656,796
	3,575	Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2008C-3B, 4.375%, 11/01/38 (Mandatory put 7/01/14)		No Opt. Call		AA		3,730,513
	3,000	Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2012E-1, 5.000%, 11/15/42 (Mandatory put 5/01/15)		No Opt. Call		AA+		3,267,750
	2,000	Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008B, 5.500%, 8/15/21		8/18 at 100.00		AA–		2,310,920
	1,360	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 4.750%, 11/15/14		No Opt. Call		A		1,444,796
	1,200	Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.000%, 5/15/17		No Opt. Call		AA–		1,385,688
		Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2005:
	1,100	5.000%, 8/15/14		No Opt. Call		AA–		1,152,525
	1,175	5.000%, 8/15/15		No Opt. Call		AA–		1,268,941
	1,000	5.000%, 8/15/16 – AGC Insured		No Opt. Call		AA–		1,112,760
	875	5.000%, 8/15/18		No Opt. Call		AA–		1,011,421
	355	5.250%, 8/15/19		No Opt. Call		AA–		421,616

Nuveen Investments 235

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	2,000	Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2009A, 5.500%, 2/15/16		No Opt. Call		AA–	$	2,241,100
	5,000	Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/20		No Opt. Call		Aa1		6,262,200
		Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B:
	1,000	5.000%, 5/01/13		No Opt. Call		BBB+		1,000,100
	2,510	5.000%, 5/01/25		11/16 at 100.00		BBB+		2,674,029
	410	Illinois Health Facilities Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 1999, 5.500%, 8/15/19		7/13 at 100.00		BBB–		410,886
	3,000	Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.250%, 2/01/16 – FGIC Insured		No Opt. Call		A+		3,369,330
	2,080	Illinois State Department of Employment Security, Unemployment Insurance Fund Building Receipts Revenue Bonds, Series 2012A, 5.000%, 6/15/14		No Opt. Call		AA+		2,192,112
		Illinois State Department of Employment Security, Unemployment Insurance Fund Building Receipts Revenue Bonds, Series 2012B:
	2,525	5.000%, 6/15/18		12/16 at 100.00		AA+		2,920,592
	3,000	5.000%, 12/15/18		6/16 at 100.00		AA+		3,407,580
	1,705	5.000%, 6/15/19		6/15 at 100.00		AA+		1,871,885
	3,250	5.000%, 12/15/19		12/14 at 100.00		AA+		3,501,680
	2,840	Illinois State, General Obligation Bonds, Refunding Series 2004B, 5.000%, 3/01/14		No Opt. Call		A2		2,941,700
		Illinois State, General Obligation Bonds, Refunding Series 2006:
	920	5.000%, 1/01/14		No Opt. Call		A2		946,524
	190	5.000%, 1/01/15		No Opt. Call		A2		202,861
	3,460	5.000%, 1/01/16		No Opt. Call		A2		3,807,695
		Illinois State, General Obligation Bonds, Refunding Series 2007B:
	1,525	5.000%, 1/01/16		No Opt. Call		A2		1,678,247
	1,115	5.250%, 1/01/20		No Opt. Call		A2		1,314,618
	235	Illinois State, General Obligation Bonds, Refunding Series 2008, 4.250%, 4/01/16		No Opt. Call		A2		255,412
		Illinois State, General Obligation Bonds, Refunding Series 2010:
	2,860	5.000%, 1/01/14		No Opt. Call		A2		2,942,454
	1,255	5.000%, 1/01/15		No Opt. Call		A2		1,339,951
	1,505	5.000%, 1/01/16		No Opt. Call		A2		1,656,237
	5,025	5.000%, 1/01/17 – AGM Insured		No Opt. Call		AA–		5,674,582
	425	5.000%, 1/01/17		No Opt. Call		A2		479,124
	4,960	5.000%, 1/01/18 – AGM Insured		No Opt. Call		AA–		5,690,459
	21,840	5.000%, 1/01/18		No Opt. Call		A2		25,003,524
	535	5.000%, 1/01/19		No Opt. Call		A2		618,278
	885	Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/14 (ETM)		No Opt. Call		N/R (4)		913,063
		Illinois State, General Obligation Bonds, Refunding Series 2012:
	7,000	5.000%, 8/01/15		No Opt. Call		A2		7,623,350
	8,000	5.000%, 8/01/16		No Opt. Call		A2		8,946,160
	5,000	5.000%, 8/01/17		No Opt. Call		A2		5,715,550
	5,015	5.000%, 8/01/18		No Opt. Call		A2		5,793,127
	5,035	5.000%, 8/01/19		No Opt. Call		A2		5,875,593
	3,940	5.000%, 8/01/20		No Opt. Call		A2		4,619,926
	6,975	Illinois State, General Obligation Bonds, Series 2003A, 5.000%, 10/01/19		10/13 at 100.00		A2		7,099,504
	560	Illinois State, General Obligation Bonds, Series 2003, 5.000%, 6/01/19 – NPFG Insured		6/13 at 100.00		A2		562,055
	10	Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/22		3/14 at 100.00		A2		10,332
		Illinois State, General Obligation Bonds, Series 2004A:
	1,840	5.000%, 3/01/16 (Pre-refunded 3/01/14) – NPFG Insured		3/14 at 100.00		A2 (4)		1,912,662
	5	5.000%, 3/01/22 (Pre-refunded 3/01/14)		3/14 at 100.00		A2 (4)		5,195

236 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		Illinois State, General Obligation Bonds, Series 2004:
$	860	5.000%, 11/01/13 – AMBAC Insured (ETM)		No Opt. Call		A– (4)	$	880,391
	940	5.000%, 9/01/14 – NPFG Insured (ETM)		No Opt. Call		A (4)		999,229
		Illinois State, General Obligation Bonds, Series 2005:
	860	5.000%, 4/01/14 – AMBAC Insured		No Opt. Call		A2		893,772
	2,000	5.000%, 9/01/16 – AGM Insured		9/15 at 100.00		AA–		2,172,500
	1,010	Illinois State, General Obligation Bonds, Series 2006A, 5.000%, 6/01/17		No Opt. Call		A2		1,150,138
		Illinois State, General Obligation Bonds, Series 2006:
	4,060	5.000%, 1/01/16		No Opt. Call		A2		4,467,989
	1,005	5.000%, 1/01/17		1/16 at 100.00		A2		1,098,756
	1,000	Illinois State, General Obligation Bonds, Series 2007A, 5.000%, 6/01/22 – AGM Insured		6/17 at 100.00		AA–		1,117,310
		Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2010:
	3,070	5.000%, 6/15/15		No Opt. Call		AAA		3,373,623
	2,030	5.000%, 6/15/16		No Opt. Call		AAA		2,312,556
		Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001:
	415	5.500%, 5/01/15 – AGM Insured		No Opt. Call		AA–		452,653
	1,115	5.375%, 4/01/16 – NPFG Insured		No Opt. Call		A2		1,247,730
		Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002:
	1,165	5.500%, 8/01/13 – NPFG Insured		No Opt. Call		A2		1,179,749
	625	5.500%, 8/01/14 – NPFG Insured		No Opt. Call		A2		661,938
	620	5.500%, 8/01/15 – NPFG Insured		No Opt. Call		A2		682,099
	2,295	Kane County School District 129, Aurora West, Illinois, General Obligation Bonds, Series 2005B, 5.000%, 2/01/19 – FGIC Insured		2/15 at 100.00		A+		2,458,152
		Lake County Forest Preserve District, Illinois, General Obligation Bonds, Series 2007A:
	875	0.538%, 12/15/13		No Opt. Call		AAA		875,018
	2,000	0.638%, 12/15/16		12/14 at 100.00		AAA		1,990,560
	1,900	Peoria Public Building Commission, Illinois, School District Facility Revenue Bonds, Peoria County School District 150 Project, Series 2009A, 0.000%, 12/01/22 – AGC Insured		12/18 at 79.62		AA–		1,284,096
		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
	255	5.000%, 6/01/15		No Opt. Call		A		275,604
	5,115	5.000%, 6/01/16		No Opt. Call		A		5,705,936
	7,300	5.000%, 6/01/17		No Opt. Call		A		8,368,063
	5,140	5.000%, 6/01/18		No Opt. Call		A		6,012,052
	9,585	5.000%, 6/01/19		No Opt. Call		A		11,386,213
	5,185	5.250%, 6/01/20		No Opt. Call		A		6,301,693
	20	5.250%, 6/01/21		No Opt. Call		A		24,502
	6,225	Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured		No Opt. Call		AA		7,486,372
	6,650	Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1994D, 7.750%, 6/01/19 – FGIC Insured		No Opt. Call		AA		8,198,785
	200	Winnebago-Boone Counties School District 205, Illinois, General Obligation Bonds, Series 2013, 4.000%, 2/01/15		No Opt. Call		AA–		211,565
	269,350	Total Illinois						299,732,106
		Indiana – 2.6%
	5,245	East Chicago Elementary School Building Corporation, Lake County, Indiana, First Mortgage Bonds, Series 1996 Refunding, 6.250%, 1/05/16		No Opt. Call		A		5,520,363
	695	Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.000%, 10/01/21		10/19 at 100.00		BB+		759,413

Nuveen Investments 237

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
		Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010:
$	1,445	5.000%, 3/01/19		No Opt. Call		A–	$	1,661,186
	2,115	5.000%, 3/01/20		No Opt. Call		A–		2,447,964
		Indiana Finance Authority, Hospital Revenue Bonds, Parkview Health System Obligated Group, Series 2012A:
	850	5.000%, 5/01/19		No Opt. Call		A+		1,011,492
	750	5.000%, 5/01/20		No Opt. Call		A+		901,875
	2,000	5.000%, 5/01/21		No Opt. Call		A+		2,415,720
	5,725	Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax)		1/17 at 100.00		BBB		6,379,024
	12,020	Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011C, 3.000%, 10/01/16		No Opt. Call		AA–		12,831,350
	11,080	Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006B-7, 4.100%, 11/15/46 (Mandatory put 11/03/16)		No Opt. Call		AA+		12,356,305
	2,500	Indiana Health Facility Financing Authority, Revenue Bonds, Ascension Health, Series 2005-A3, 1.700%, 11/01/27 (Mandatory put 9/01/14)		No Opt. Call		AA		2,540,850
	3,000	Indiana Health Facility Financing Authority, Revenue Bonds, Ascension Health, Series 2005A-5, 5.000%, 11/01/27 (Mandatory put 8/01/13)		No Opt. Call		AA		3,033,660
	5,140	Indiana Health Facility Financing Authority, Revenue Bonds, Ascension Health, Series 2012A-2, 1.600%, 11/15/36 (Mandatory put 2/01/17)		No Opt. Call		AA+		5,290,396
	3,500	Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1993A, 0.000%, 12/01/15 – AMBAC Insured		No Opt. Call		AA+		3,442,985
	4,240	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/16 – AGC Insured		No Opt. Call		AA–		4,768,219
		Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Refunding Series 2006:
	1,150	5.500%, 1/01/16 – NPFG Insured		No Opt. Call		A+		1,290,668
	1,630	5.500%, 7/01/19 – NPFG Insured		No Opt. Call		A+		1,990,263
	3,690	5.500%, 1/01/20 – NPFG Insured		No Opt. Call		A+		4,524,826
	4,080	Jasper County, Indiana, Pollution Control Revenue Refunding Bonds, Northern Indiana Public Service Company Project, Series 1988A Remarketed, 5.600%, 11/01/16 – NPFG Insured		No Opt. Call		Baa2		4,593,142
	6,290	Jasper County, Indiana, Pollution Control Revenue Refunding Bonds, Northern Indiana Public Service Company Project, Series 2003 Remarketed, 5.700%, 7/01/17 – AMBAC Insured		No Opt. Call		Baa2		7,171,858
		Knox County, Indiana, Economic Development Revenue and Refunding Bonds, Good Samaritan Hospital Project, Series 2012A:
	355	3.000%, 4/01/16		No Opt. Call		A3		372,963
	630	4.000%, 4/01/17		No Opt. Call		A3		690,297
	400	4.000%, 4/01/18		No Opt. Call		A3		442,944
	550	3.000%, 4/01/19		No Opt. Call		A3		584,518
		Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012:
	825	3.000%, 8/01/13		No Opt. Call		N/R		827,409
	840	3.000%, 2/01/14		No Opt. Call		N/R		846,997
	855	3.000%, 8/01/14		No Opt. Call		N/R		865,046
	870	3.000%, 2/01/15		No Opt. Call		N/R		878,126
	880	4.000%, 8/01/15		No Opt. Call		N/R		908,996
	900	4.000%, 2/01/16		No Opt. Call		N/R		931,977
	915	4.000%, 8/01/16		No Opt. Call		N/R		952,012
	2,795	State of Indiana, Indiana Toll Road Commission, East-West Toll Road Revenue Bonds, 1980 Series, 9.000%, 1/01/15 (ETM)		No Opt. Call		Aaa		3,075,227
	87,960	Total Indiana						96,308,071

238 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Iowa – 0.4%
		Fort Dodge Community School District, Webster County, Iowa, School Infrastructure Sales, Services, and Use Tax Revenue Bonds, Series 2011:
$	1,150	4.000%, 1/01/18 – AGM Insured		No Opt. Call		AA–	$	1,282,745
	1,330	5.000%, 1/01/19 – AGM Insured		No Opt. Call		AA–		1,565,836
	1,380	5.000%, 1/01/20 – AGM Insured		No Opt. Call		AA–		1,636,777
	1,245	5.000%, 1/01/22 – AGM Insured		1/21 at 100.00		AA–		1,470,955
	1,420	Iowa City, Iowa, General Obligation Bonds, Capital Loan Notes, Refunding Series 2008B, 3.250%, 6/01/14		No Opt. Call		Aaa		1,465,880
		Iowa State, Special Obligation Bonds, I-Jobs Program, Series 2009A:
	1,930	5.000%, 6/01/17		No Opt. Call		AA		2,259,895
	3,120	5.000%, 6/01/18		No Opt. Call		AA		3,745,404
	11,575	Total Iowa						13,427,492
		Kansas – 0.7%
		Kansas Department of Transportation, Highway Revenue Bonds, Refunding Series 2009A:
	4,655	5.000%, 9/01/16		No Opt. Call		AAA		5,356,276
	6,050	5.000%, 9/01/17		No Opt. Call		AAA		7,180,503
	650	Kansas Development Finance Authority, Health Facilities Revenue Bonds, Hays Medical Center Inc., Series 2005L, 5.250%, 11/15/14		No Opt. Call		A2		693,349
		Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A:
	1,245	5.000%, 1/01/20		No Opt. Call		AA		1,513,061
	1,475	5.000%, 1/01/23		1/20 at 100.00		AA		1,728,346
	12,040	Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21		No Opt. Call		BBB+		8,107,014
	26,115	Total Kansas						24,578,549
		Kentucky – 1.0%
	3,750	Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.000%, 6/01/18		No Opt. Call		Aa3		4,480,538
	15,325	Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 2009B, 5.000%, 5/15/17		No Opt. Call		AA		18,000,592
	3,580	Louisville-Jefferson County Metropolitan Government, Kentucky, Environmental Facilities Revenue, Louisville Gas & Electric Company Project, Series 2007B, 1.600%, 6/01/33 (Mandatory put 6/01/17)		No Opt. Call		A–		3,666,743
	11,480	Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2003A, 1.650%, 10/01/33 (Mandatory put 4/03/17)		No Opt. Call		A+		11,770,903
	34,135	Total Kentucky						37,918,776
		Louisiana – 1.9%
	5,000	De Soto Parrish, Louisiana, Pollution Control Revenue Refunding Bonds, Southwestern Electric Power Company Project, Series 2010, 3.250%, 1/01/19 (Mandatory put 1/02/15)		No Opt. Call		BBB		5,143,450
	380	Louisiana Local Government Environmental Facilities and Community Development Authority, Multifamily Housing Revenue Bonds, Oakleigh Apartments, Series 2003A, 8.500%, 6/01/38 (Pre-refunded 6/01/13)		6/13 at 102.00		Aaa		390,100
	1,065	Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Livingston Parish North Park Project, Series 2008, 6.100%, 10/01/19		10/18 at 100.00		A+		1,268,340
	2,700	Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Hotel LLC Project, Series 2007A, 6.500%, 12/15/15 (5)		No Opt. Call		N/R		1,427,895

Nuveen Investments 239

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana (continued)
$	585	Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.000%, 1/01/14 – NPFG Insured (ETM)		No Opt. Call		A (4)	$	603,153
	245	Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 (Pre-refunded 7/01/14) – NPFG Insured		7/14 at 100.00		Baa2 (4)		258,419
		Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A:
	475	5.000%, 7/01/18		No Opt. Call		A		562,728
	1,515	5.000%, 7/01/19		No Opt. Call		A		1,815,485
		Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Series 2012A-1:
	2,250	5.000%, 5/01/19		No Opt. Call		Aa1		2,757,240
	2,500	5.000%, 5/01/20		No Opt. Call		Aa1		3,113,825
	3,605	5.000%, 5/01/21		No Opt. Call		Aa1		4,531,161
	16,970	Louisiana State, General Obligation Bonds, Series 2012A, 5.000%, 8/01/19		No Opt. Call		Aa2		20,925,707
	7,120	New Orleans, Louisiana, General Obligation Bonds, Series 1998, 5.500%, 12/01/21 – FGIC Insured		No Opt. Call		A3		8,400,461
		New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2012:
	2,860	5.000%, 12/01/19		No Opt. Call		A3		3,405,059
	2,500	5.000%, 12/01/20		No Opt. Call		A3		2,992,175
	3,600	5.000%, 12/01/21		No Opt. Call		A3		4,318,380
	40	Saint Bernard Parish, Louisiana, Sales and Use Tax Revenue Bonds, Series 2004, 5.000%, 3/01/17 – AGM Insured		3/14 at 101.00		AA–		41,953
	2,205	Saint Bernard Parish, Louisiana, Sales and Use Tax Revenue Bonds, Series 2004, 5.000%, 3/01/17 (Pre-refunded 3/01/14) – AGM Insured		3/14 at 101.00		AA– (4)		2,315,030
	5,745	Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory put 6/01/22)		No Opt. Call		BBB		6,362,645
	61,360	Total Louisiana						70,633,206
		Maine – 0.1%
	3,300	Maine Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004, 3.800%, 11/01/15 (Alternative Minimum Tax)		No Opt. Call		BBB		3,567,498
		Maryland – 1.7%
	1,095	Anne Arundel County, Maryland, General Obligation Bonds, Consolidated General Improvement, Series 2012, 5.000%, 4/01/15		No Opt. Call		AAA		1,193,200
	6,235	Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2009, 5.000%, 8/01/18		No Opt. Call		AAA		7,587,746
	1,000	Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Refunding Series 2013B, 5.000%, 10/15/15		No Opt. Call		Aa2		1,113,250
	1,500	Harford County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2009, 3.000%, 6/01/15		No Opt. Call		Aaa		1,585,125
	375	Maryland Transportation Authority, Revenue Refunding Bonds, Transportation Facilities Projects, First Series 1978, 6.800%, 7/01/16 – AMBAC Insured (ETM)		No Opt. Call		Aaa		414,394
		Maryland, General Obligation Bonds, State and Local Facilities Loan, Second Series 2008:
	5,000	5.000%, 7/15/16		No Opt. Call		AAA		5,727,350
	5,560	5.000%, 7/15/17		No Opt. Call		AAA		6,580,371
	5,130	5.000%, 7/15/18		No Opt. Call		AAA		6,235,720
	13,535	Maryland, General Obligation Bonds, State and Local Facilities Loan, Third Series 2009C, 5.000%, 11/01/17		No Opt. Call		AAA		16,166,610
	5,000	Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Refunding Series 2011A, 5.000%, 7/01/19		No Opt. Call		AAA		6,212,400

240 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Maryland (continued)
$	10,000	Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2007A, 5.000%, 5/01/16		No Opt. Call		AAA	$	11,366,800
	54,430	Total Maryland						64,182,966
		Massachusetts – 2.0%
	3,500	Boston, Massachusetts, General Obligation Bonds, Refunding Series 2009C, 3.000%, 2/01/15		No Opt. Call		Aaa		3,667,580
	2,745	Massachusetts Bay Transportation Authority, General Obligation Transportation System Refunding Bonds, Series 1992B, 6.200%, 3/01/16 – NPFG Insured		No Opt. Call		AA+		2,966,961
	780	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		777,364
	440	Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2012L, 5.000%, 7/01/15		No Opt. Call		AA		483,824
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Series 2009A:
	2,000	5.000%, 11/15/15		No Opt. Call		AAA		2,237,280
	2,075	5.000%, 11/15/16		No Opt. Call		AAA		2,407,145
	1,510	5.000%, 11/15/17		No Opt. Call		AAA		1,807,244
	1,000	5.000%, 11/15/18		No Opt. Call		AAA		1,227,380
	10,275	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Series 2009O, 5.000%, 7/01/16		No Opt. Call		AAA		11,763,848
	100	Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/16 – AGM Insured		8/15 at 100.00		AA+		110,568
	225	Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/21 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		248,915
		Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A:
	55	5.000%, 8/15/17 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		60,846
	3,960	5.000%, 8/15/18 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		4,380,908
	35	5.000%, 8/15/19 (Pre-refunded 8/15/15) – NPFG Insured		8/15 at 100.00		AA+ (4)		38,720
	210	5.000%, 8/15/20 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		232,321
	30	5.000%, 8/15/22 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		33,189
	195	5.000%, 8/15/24 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		215,727
	245	5.000%, 8/15/25 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		271,041
	160	5.000%, 8/15/26 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		177,006
	125	5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		Aa1 (4)		138,286
	885	5.000%, 8/15/30 (Pre-refunded 8/15/15)		8/15 at 100.00		Aa1 (4)		979,067
	8,655	Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.000%, 1/01/34 (Pre-refunded 1/01/14) – FGIC Insured		1/14 at 100.00		A1 (4)		8,926,507
	12,900	Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002C, 5.500%, 11/01/17 – AGM Insured		No Opt. Call		AA+		15,693,108
	5,000	Massachusetts, Special Obligation Refunding Notes, Federal Highway Grant Anticipation Note Program, Series 2003A, 5.000%, 12/15/13 – AGM Insured		No Opt. Call		AAA		5,151,600
		Norwood, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2009A:
	2,420	4.000%, 8/15/15		No Opt. Call		AA		2,620,570
	2,420	4.000%, 8/15/16		No Opt. Call		AA		2,696,195
	2,420	4.000%, 8/15/17		No Opt. Call		AA		2,755,993
	2,420	4.000%, 8/15/18		No Opt. Call		AA		2,803,812
	66,785	Total Massachusetts						74,873,005

Nuveen Investments 241

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan – 4.6%
		Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation Bonds, Building Authority Stadium Refunding Series 2012:
$	875	5.000%, 10/01/15		No Opt. Call		BBB+	$	939,208
	1,600	5.000%, 10/01/16		No Opt. Call		BBB+		1,748,832
	900	5.000%, 10/01/17		No Opt. Call		BBB+		991,593
	1,100	5.000%, 10/01/18		No Opt. Call		BBB+		1,223,211
	1,500	5.000%, 10/01/19 – AGM Insured		No Opt. Call		AA–		1,719,660
		Jackson Public Schools, Jackson County, Michigan, General Obligation School Building and Site Bonds, Series 2004:
	2,265	5.000%, 5/01/21 (Pre-refunded 5/01/14)		5/14 at 100.00		Aa2 (4)		2,373,108
	185	5.000%, 5/01/21 (Pre-refunded 5/01/14)		5/14 at 100.00		Aa2 (4)		193,793
		Lake Orion Community School District, Oakland County, Michigan, General Obligation Bonds, Series 2012 Refunding:
	500	3.000%, 5/01/13		No Opt. Call		N/R		500,040
	1,200	5.000%, 5/01/14		No Opt. Call		AA–		1,255,044
	750	4.000%, 5/01/15		No Opt. Call		AA–		800,408
	1,000	5.000%, 5/01/16		No Opt. Call		AA–		1,126,860
	1,000	4.000%, 5/01/17		No Opt. Call		AA–		1,124,780
	1,780	4.000%, 5/01/18		No Opt. Call		AA–		2,036,089
		Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012:
	1,000	5.000%, 6/01/14		No Opt. Call		A+		1,044,950
	1,700	5.000%, 6/01/15		No Opt. Call		A+		1,827,500
	1,600	5.000%, 6/01/16		No Opt. Call		A+		1,766,544
	1,700	Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate Refunding Series 2013, 5.000%, 10/01/15		No Opt. Call		AAA		1,890,927
		Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012A:
	10,000	2.000%, 7/01/13		No Opt. Call		AAA		10,032,400
	10,000	5.000%, 7/01/14		No Opt. Call		AAA		10,565,800
	15,140	5.000%, 7/01/15		No Opt. Call		AAA		16,696,695
		Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B:
	8,765	5.000%, 7/01/21		7/18 at 100.00		AAA		10,461,641
	13,475	5.000%, 7/01/22		7/16 at 100.00		AAA		15,261,381
	10,000	Michigan Hospital Finance Authority, Refunding and Project Revenue Bonds, Ascension Health Senior Credit Group, Series 2010F-5, 1.500%, 11/15/47 (Mandatory put 3/15/17)		No Opt. Call		AA+		10,232,200
	3,155	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 5.000%, 11/15/17		No Opt. Call		AA+		3,734,384
	18,530	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding Series 2010F-1, 2.000%, 11/15/47 (Mandatory put 5/30/18)		No Opt. Call		AA+		19,378,118
	4,825	Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009B, 4.375%, 10/01/19		10/18 at 100.00		AA		5,024,128
	1,010	Michigan State Building Authority, Revenue Bonds, State Police Communications System Project, Series 2004, 5.375%, 10/01/15 – NPFG Insured		10/14 at 100.00		AA–		1,082,316
	6,255	Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003I, 5.250%, 10/15/13 – AGM Insured		No Opt. Call		AA–		6,400,616
	6,025	Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/01/20		11/19 at 100.00		AA+		7,328,087
	1,605	Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/21		5/19 at 100.00		Aa2		1,965,820
	2,000	Michigan State, General Obligation Refunding Bonds, Series 2002, 5.500%, 12/01/15		No Opt. Call		Aa2		2,261,680

242 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
$	7,000	Michigan Strategic Fund, Limited Obligation Revenue Bonds, Detroit Edison Project, Refunding Series 2008, 5.250%, 8/01/29 (Mandatory put 8/01/14)		No Opt. Call		A1	$	7,417,550
	1,000	Pinckney Community Schools, Livingston and Washtenaw Counties, Michigan, General Obligation Bonds, Series 2004, 5.000%, 5/01/19 – AGM Insured		5/14 at 100.00		Aa2		1,046,290
		Plymouth-Canton Community School District, Wayne and Washtenaw Counties, Michigan, General Obligation Bonds, Refunding Series 2012A:
	1,100	4.000%, 5/01/19		No Opt. Call		Aa2		1,268,146
	1,000	5.000%, 5/01/21		No Opt. Call		Aa2		1,234,620
	1,370	South Lyon Community Schools, Oakland, Washtenaw and Livingston Counties, Michigan, General Obligation Bonds, Series 2005, 5.000%, 5/01/19 (Pre-refunded 5/01/15) – AGM Insured		5/15 at 100.00		Aa2 (4)		1,497,177
	1,025	South Redford School District, Wayne County, Michigan, General Obligation Bonds, Series 2004, 5.000%, 5/01/22 – FGIC Insured		11/14 at 100.00		Aa2		1,094,106
	4,975	Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2011, 5.000%, 5/01/19		No Opt. Call		Aa2		5,934,926
	8,150	Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/16		No Opt. Call		A		9,297,520
	157,060	Total Michigan						171,778,148
		Minnesota – 1.1%
		Cass Lake Independent School District 115, Minnesota, General Obligation Bonds, School Building Refunding Series 2010A:
	745	4.000%, 2/01/23		2/20 at 100.00		AA+		841,083
	1,615	5.000%, 2/01/25		2/20 at 100.00		AA+		1,902,987
	1,690	5.000%, 2/01/26		2/20 at 100.00		AA+		1,974,207
	5,025	Minneapolis, Minnesota, General Obligation Bonds, Various Purpose Refunding Series 2009B, 4.000%, 12/01/15		No Opt. Call		AAA		5,497,400
	1,422	Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2006A-3, 5.700%, 4/01/27		2/16 at 100.00		AA+		1,483,103
	1,500	Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Series 2005A, 5.000%, 1/01/18 – AMBAC Insured		1/15 at 100.00		A		1,600,230
	1,250	Minnesota Higher Education Facilities Authority, St. John’s University Revenue Bonds, Series 2005-6G, 5.000%, 10/01/13		No Opt. Call		A2		1,274,638
		Minnesota State, General Obligation Bonds, State Trunk Highway Series 2009E:
	4,000	4.500%, 8/01/17		No Opt. Call		AA+		4,656,800
	4,000	4.500%, 8/01/18		No Opt. Call		AA+		4,765,120
	6,000	Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/16		No Opt. Call		AA+		6,883,620
		Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A:
	1,000	5.000%, 1/01/14 – AGC Insured		No Opt. Call		AA–		1,031,650
	1,530	5.000%, 1/01/15 – AGC Insured		No Opt. Call		AA–		1,647,382
	5,500	5.000%, 1/01/16 – AGC Insured		No Opt. Call		AA–		6,140,640
	35,277	Total Minnesota						39,698,860
		Mississippi – 0.4%
	11,500	Mississippi Business Finance Corporation, Revenue Bonds, Mississippi Power Company Project, First Series 2010, 1.625%, 12/01/40 (Mandatory put 1/12/18)		No Opt. Call		A		11,659,620
	1,455	Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/16		9/14 at 100.00		AA–		1,534,996
	12,955	Total Mississippi						13,194,616

Nuveen Investments 243

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Missouri – 1.5%
		Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Shoal Creek Parkway Project, Series 2011:
$	120	5.000%, 6/01/21		6/16 at 100.00		N/R	$	125,219
	2,000	5.625%, 6/01/23		6/16 at 100.00		N/R		2,079,260
	100	6.500%, 6/01/25		No Opt. Call		N/R		103,888
		Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2011B:
	2,520	4.000%, 5/01/23		5/21 at 100.00		AAA		2,910,877
	2,695	4.000%, 5/01/24		5/21 at 100.00		AAA		3,093,591
		Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2010A:
	3,595	5.000%, 1/01/17		No Opt. Call		Aaa		4,177,462
	3,000	5.000%, 1/01/18		No Opt. Call		Aaa		3,589,290
	1,000	Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2007A, 4.875%, 2/01/19		2/17 at 100.00		BBB+		1,089,680
	8,825	Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 2012, 5.000%, 6/01/17		No Opt. Call		BBB+		9,968,632
		St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005:
	8,155	5.500%, 7/01/17 – NPFG Insured		No Opt. Call		A–		9,470,402
	11,995	5.500%, 7/01/18 – NPFG Insured		No Opt. Call		A–		14,254,618
	5,020	St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2007A, 5.000%, 7/01/14 – AGM Insured		No Opt. Call		AA–		5,267,637
	49,025	Total Missouri						56,130,556
		Nebraska – 0.6%
		Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2012:
	375	4.000%, 6/15/15		No Opt. Call		AA–		401,794
	500	4.000%, 6/15/16		No Opt. Call		AA–		550,055
	750	4.000%, 6/15/17		No Opt. Call		AA–		842,978
	600	4.000%, 6/15/18		No Opt. Call		AA–		685,230
	800	5.000%, 6/15/19		No Opt. Call		AA–		970,168
		Lancaster County School District 1, Lincoln, Nebraska, General Obligation Bonds, Series 2009:
	1,915	3.000%, 1/15/16		No Opt. Call		AAA		2,043,765
	3,475	3.000%, 1/15/17		No Opt. Call		AAA		3,776,491
	3,220	3.000%, 1/15/18		No Opt. Call		AAA		3,535,657
	2,520	3.000%, 1/15/19		No Opt. Call		AAA		2,791,379
	2,320	Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 3.500%, 11/01/27		No Opt. Call		A–		2,311,718
	3,045	Washington County, Nebraska, Wastewater and Solid Waste Disposal Facilities Revenue Bonds, Cargill Inc. Project, 1.375%, 9/01/30 (Mandatory put 9/01/15) (Alternative Minimum Tax)		No Opt. Call		A		3,062,204
	19,520	Total Nebraska						20,971,439
		Nevada – 0.7%
		Clark County, Nevada, Airport Revenue Bonds, Jet Aviation Fuel Tax, Refunding Series 2013A:
	1,000	5.000%, 7/01/20 (Alternative Minimum Tax)		No Opt. Call		A		1,188,780
	2,000	5.000%, 7/01/21 (Alternative Minimum Tax)		No Opt. Call		A		2,388,580
	3,000	Clark County, Nevada, General Obligation Airport Bonds, Series 2003B, 4.750%, 7/01/23 (Pre-refunded 7/01/13) – AMBAC Insured		7/13 at 100.00		AA+ (4)		3,022,440
	1,610	Clark County, Nevada, Limited Tax General Obligation Bank Bonds, Series 2006, 5.000%, 11/01/21 – AMBAC Insured		11/16 at 100.00		AA+		1,841,438

244 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Nevada (continued)
$	4,635	Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Refunding Series 2011, 5.000%, 7/01/14		No Opt. Call		AA–	$	4,884,919
	2,625	Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Refunding Series 2010F-1, 5.000%, 7/01/15		No Opt. Call		A+		2,864,321
	5,000	Las Vegas Valley Water District, Nevada, Limited Tax General Obligation Bonds, Water & Refunding Series 2011C, 5.000%, 6/01/24		6/21 at 100.00		AA+		6,013,000
	2,825	Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2005, 5.000%, 12/01/15 – FGIC Insured		No Opt. Call		AA+		3,156,909
	22,695	Total Nevada						25,360,387
		New Hampshire – 0.1%
	5,000	New Hampshire Business Finance Authority, Pollution Control Revenue Bonds, United Illuminating Company, Series 2010A, 4.500%, 7/01/27 (Mandatory put 7/01/15) (Alternative Minimum Tax)		No Opt. Call		BBB		5,295,200
		New Jersey – 6.4%
	960	Bayonne Redevelopment Agency, New Jersey, Revenue Bonds, Royal Caribbean Cruises Project, Series 2006A, 4.750%, 11/01/16 (Alternative Minimum Tax)		No Opt. Call		BB		974,688
	2,435	Camden County Improvement Authority, New Jersey, Healthcare Revenue Bonds, Cooper Health System, Series 2005B, 5.000%, 2/15/15		No Opt. Call		BBB		2,608,055
	1,500	Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2005A, 5.000%, 2/15/15		No Opt. Call		BBB		1,606,605
	3,890	Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured		6/15 at 100.00		A–		4,133,203
	3,205	Mercer County, New Jersey, General Obligation Bonds, Series 2012, 2.000%, 2/01/16		No Opt. Call		AA+		3,335,187
		Millville, New Jersey, General Obligation Bonds, Improvement Series 2011:
	140	5.000%, 11/01/13 – AGM Insured		No Opt. Call		AA–		143,228
	1,000	5.000%, 11/01/16 – AGM Insured		No Opt. Call		AA–		1,139,880
	1,445	5.000%, 11/01/19 – AGM Insured		No Opt. Call		AA–		1,728,191
	920	5.000%, 11/01/20 – AGM Insured		No Opt. Call		AA–		1,106,410
	250	Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2005, 5.000%, 12/01/14 – AMBAC Insured		No Opt. Call		N/R		263,680
	345	Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2007, 5.000%, 12/01/16 – AMBAC Insured		No Opt. Call		N/R		381,963
	5	Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2007, 5.000%, 12/01/16 – AMBAC Insured (ETM)		No Opt. Call		N/R (4)		5,784
		New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
	8,670	5.000%, 6/15/13 – FGIC Insured (ETM)		No Opt. Call		Aaa		8,721,847
	4,410	5.375%, 6/15/14 (ETM)		No Opt. Call		Aaa		4,663,090
	650	5.375%, 6/15/15 (ETM)		No Opt. Call		Aaa		719,349
	995	5.375%, 6/15/15 – RAAI Insured (ETM)		No Opt. Call		Aaa		1,101,157
	1,335	5.500%, 6/15/16 (ETM)		No Opt. Call		Aaa		1,543,033
	2,235	5.500%, 6/15/16 – RAAI Insured (ETM)		No Opt. Call		Aaa		2,583,280
		New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
	3,505	5.750%, 6/15/29 (Pre-refunded 6/15/14)		6/14 at 100.00		Aaa		3,718,840
	75	5.750%, 6/15/29 (Pre-refunded 6/15/14) – AGC Insured		6/14 at 100.00		Aaa		79,576
	30	5.750%, 6/15/29 (Pre-refunded 6/15/14) – RAAI Insured		6/14 at 100.00		Aaa		31,848
	1,505	5.500%, 6/15/31 (Pre-refunded 6/15/14)		6/14 at 100.00		Aaa		1,592,606
	2,240	5.750%, 6/15/34 (Pre-refunded 6/15/14)		6/14 at 100.00		Aaa		2,376,662
		New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
	3,300	5.000%, 6/15/13		No Opt. Call		BBB+		3,319,668

Nuveen Investments 245

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
$	3,900	5.000%, 6/15/14		No Opt. Call		BBB+	$	4,093,557
	2,595	5.000%, 6/15/15		No Opt. Call		BBB+		2,819,078
	3,670	5.000%, 6/15/16		No Opt. Call		BBB+		4,110,914
	5,630	5.000%, 6/15/17		No Opt. Call		BBB+		6,440,157
	8,510	5.000%, 6/15/18		No Opt. Call		BBB+		9,907,682
	3,200	5.000%, 6/15/19		No Opt. Call		BBB+		3,765,920
	160	4.000%, 6/15/19		No Opt. Call		BBB+		179,747
	2,690	5.000%, 6/15/20		No Opt. Call		BBB+		3,189,345
	6,410	5.000%, 6/15/21		No Opt. Call		BBB+		7,660,847
	475	5.000%, 6/15/22		No Opt. Call		AA–		570,508
	685	4.250%, 6/15/27		6/22 at 100.00		BBB+		727,888
	2,325	New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P, 5.000%, 9/01/14		No Opt. Call		A+		2,470,313
	2,000	New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P, 5.000%, 9/01/13 (ETM)		No Opt. Call		A+ (4)		2,031,740
	4,890	New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/20		No Opt. Call		A+		5,965,018
	3,710	New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital Improvement Fund, Series 2004A, 5.250%, 9/01/14 – AGM Insured		No Opt. Call		AA–		3,948,553
	3,990	New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University Issue, Series 2007A, 5.250%, 7/01/21 – NPFG Insured		No Opt. Call		AA–		4,475,583
	1,500	New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Series 2004A, 5.000%, 9/01/22 (Pre-refunded 9/01/13)		9/13 at 100.00		AAA		1,524,225
		New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011:
	4,060	5.000%, 7/01/18		No Opt. Call		BB+		4,634,937
	4,260	5.000%, 7/01/19		No Opt. Call		BB+		4,908,713
	1,290	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Refunding Series 2006, 5.000%, 7/01/13		No Opt. Call		A2		1,300,114
	410	New Jersey Highway Authority, Senior Revenue Bonds, Garden State Parkway, Series 1989, 6.000%, 1/01/19 – NPFG Insured (ETM)		No Opt. Call		Aaa		502,676
	1,145	New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A, 1.250%, 10/01/13		No Opt. Call		Aa1		1,148,767
	1,400	New Jersey Transit Corporation, Certificates of Participation Refunding, Series 2003, 5.500%, 10/01/14 – AGM Insured		No Opt. Call		AA–		1,494,486
	5,000	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005C, 5.250%, 6/15/15 – NPFG Insured (ETM)		No Opt. Call		Aaa		5,522,450
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D:
	5,390	5.000%, 12/15/17		No Opt. Call		A+		6,348,827
	9,750	5.000%, 12/15/18		No Opt. Call		A+		11,719,305
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B:
	2,000	5.000%, 6/15/14		No Opt. Call		A+		2,105,680
	1,500	5.000%, 6/15/15		No Opt. Call		A+		1,644,525
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA:
	11,500	5.000%, 6/15/19		No Opt. Call		A+		13,867,045
	13,675	5.000%, 6/15/20		No Opt. Call		A+		16,637,279
	29	New Jersey Turnpike Authority, Revenue and Improvement Bonds, First Series 1973, 5.700%, 5/01/13 (ETM)		No Opt. Call		A3 (4)		29,004
	65	New Jersey Turnpike Authority, Revenue Bonds, Series 1984, 7.000%, 1/01/14 (ETM)		No Opt. Call		AA+ (4)		67,926
		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
	2,225	6.500%, 1/01/16		No Opt. Call		A3		2,563,111

246 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
$	5	6.500%, 1/01/16 – AMBAC Insured		No Opt. Call		A3	$	5,760
	805	6.500%, 1/01/16 – NPFG Insured		No Opt. Call		A+		927,328
		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
	1,425	6.500%, 1/01/16 (ETM)		No Opt. Call		A3 (4)		1,655,366
	5	6.500%, 1/01/16 – AMBAC Insured (ETM)		No Opt. Call		A3 (4)		5,785
	460	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		A (4)		533,959
	110	6.500%, 1/01/16 (ETM)		No Opt. Call		AA+ (4)		127,783
	235	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		A+ (4)		272,990
	1,925	6.500%, 1/01/16 – AGM Insured (ETM)		No Opt. Call		AA– (4)		2,073,745
	1,650	6.500%, 1/01/16 (ETM)		No Opt. Call		AA+ (4)		1,777,496
	85	6.500%, 1/01/16 – AMBAC Insured (ETM)		No Opt. Call		A3 (4)		91,568
	930	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		A+ (4)		1,001,861
	235	New Jersey Turnpike Authority, Revenue Bonds, Series 2000A, 6.000%, 1/01/14 – NPFG Insured (ETM)		No Opt. Call		A+ (4)		244,057
	5,945	New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/19		No Opt. Call		A+		7,155,997
	205	New Jersey Turnpike Authority, Revenue Refunding Bonds, First Series 1977, 6.000%, 1/01/14 (ETM)		7/13 at 100.00		AAA		212,757
	1,125	Parsippany-Troy Hills Township, New Jersey, General Obligation Bonds, Refunding Series 2012, 4.000%, 7/15/20		No Opt. Call		AA		1,307,644
	1,700	Passaic Valley Sewage Commissioners, New Jersey, Sewer Revenue Bonds, Series 2010G, 5.750%, 12/01/22		No Opt. Call		A2		2,155,855
		South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2012Q:
	4,340	3.000%, 1/01/18		No Opt. Call		A1		4,641,587
	4,850	3.000%, 1/01/19		No Opt. Call		A1		5,179,849
	2,840	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		2,855,080
		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	4,160	5.000%, 6/01/14		No Opt. Call		A1		4,337,882
	5,660	5.000%, 6/01/15		No Opt. Call		A1		6,096,839
	50	5.000%, 6/01/17		No Opt. Call		A2		56,783
	7,775	4.500%, 6/01/23		6/17 at 100.00		B1		7,780,443
	211,604	Total New Jersey						236,752,164
		New Mexico – 0.1%
	2,720	Clayton, New Mexico, Appropriation Debt, Jail Project, Series 2006, 5.000%, 11/01/13 – CIFG Insured		No Opt. Call		BBB+		2,766,022
		New York – 9.4%
	500	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 2/01/19 – FGIC Insured		2/15 at 100.00		N/R		535,730
	1,585	Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue Bonds, Series 2010A, 5.000%, 8/15/19		No Opt. Call		AA–		1,928,739
	5	Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue Bonds, Series 2010A, 5.000%, 8/15/19 (ETM)		No Opt. Call		N/R (4)		6,199
	1,250	Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer Center, Series 2012-1, 5.000%, 7/01/23		1/22 at 100.00		AA		1,544,313
	1,785	Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, Series 2006A, 5.000%, 7/01/13 – AMBAC Insured		No Opt. Call		A1		1,798,727
	1,040	Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/13 (ETM)		No Opt. Call		Baa1 (4)		1,049,142

Nuveen Investments 247

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	12,195	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012A, 5.000%, 12/15/21		No Opt. Call		AAA	$	15,489,845
	5	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012A, 5.000%, 12/15/21 (ETM)		No Opt. Call		N/R (4)		6,383
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
	600	0.000%, 6/01/16 – AGM Insured		No Opt. Call		AA–		585,666
	140	0.000%, 6/01/19 – AGM Insured		No Opt. Call		AA–		127,574
	350	0.000%, 6/01/21 – AGM Insured		No Opt. Call		AA–		296,909
	410	0.000%, 6/01/22 – AGM Insured		No Opt. Call		AA–		333,531
	1,065	0.000%, 6/01/23 – AGM Insured		No Opt. Call		AA–		828,740
	2,205	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2003B, 5.250%, 12/01/14		No Opt. Call		A		2,369,206
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
	5,365	5.000%, 12/01/16 – AGM Insured		6/16 at 100.00		AA–		6,034,230
	675	4.250%, 12/01/16 – AGM Insured		No Opt. Call		AA–		743,830
	790	4.000%, 12/01/16 – AGM Insured		No Opt. Call		AA–		864,552
	490	5.000%, 12/01/19 – FGIC Insured		6/16 at 100.00		A		544,645
	270	5.250%, 12/01/20 – FGIC Insured		6/16 at 100.00		A		301,450
	595	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006D, 5.000%, 9/01/17 – NPFG Insured		9/16 at 100.00		A		674,920
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006E:
	880	5.000%, 12/01/17 – FGIC Insured		12/16 at 100.00		A		1,003,517
	255	5.000%, 12/01/17		12/16 at 100.00		A		292,151
	150	5.000%, 12/01/18 – FGIC Insured		12/16 at 100.00		A		171,510
	12,110	5.000%, 12/01/18 – NPFG Insured		12/16 at 100.00		A		13,846,574
	200	5.000%, 12/01/21 – FGIC Insured		12/16 at 100.00		A		226,032
	450	5.000%, 12/01/21 – NPFG Insured		12/16 at 100.00		A		508,572
		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F:
	2,315	5.000%, 5/01/15 – NPFG Insured		No Opt. Call		A		2,517,910
	645	5.000%, 5/01/16 – NPFG Insured		No Opt. Call		A		727,173
	625	5.000%, 5/01/17 – NPFG Insured		No Opt. Call		A		720,256
	755	5.000%, 5/01/18 – NPFG Insured		11/16 at 100.00		A		853,739
	285	5.000%, 5/01/19 – NPFG Insured		11/16 at 100.00		A		321,329
	1,100	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/16		No Opt. Call		A		1,240,140
	5,500	Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 5.000%, 11/15/20		No Opt. Call		AA		6,839,580
		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012-B2:
	3,985	5.000%, 11/15/21		No Opt. Call		A		4,920,319
	2,000	5.000%, 11/15/22		No Opt. Call		A		2,483,760
		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012H:
	5,135	5.000%, 11/15/20		No Opt. Call		A		6,287,499
	3,090	4.000%, 11/15/21		No Opt. Call		A		3,573,709
	5,790	4.000%, 11/15/22		No Opt. Call		A		6,683,339
	1,500	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005C, 5.250%, 11/15/14		No Opt. Call		A		1,615,395
		Monroe County, New York, General Obligation Bonds, Refunding Series 2012:
	1,500	5.000%, 3/01/14		No Opt. Call		A3		1,557,825
	1,000	5.000%, 3/01/15		No Opt. Call		A3		1,078,820

248 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	730	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1, 5.700%, 7/01/13		No Opt. Call		N/R	$	731,686
	5,040	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005B, 5.000%, 6/15/20 (Pre-refunded 12/15/14) – AMBAC Insured		12/14 at 100.00		Aa1 (4)		5,422,939
	6,425	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005B, 5.000%, 6/15/20 – AMBAC Insured		12/14 at 100.00		AAA		6,898,651
	10,085	New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/17		No Opt. Call		AA		11,864,095
	10,000	New York City, New York, General Obligation Bonds, Fiscal 2012 Series I, 5.000%, 8/01/14		No Opt. Call		AA		10,594,400
	7,200	New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation, Series 1997C, 5.000%, 8/01/32 (Mandatory put 8/01/16) – NPFG Insured		No Opt. Call		A		7,947,360
	2,000	New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation, Series 2004A, 4.750%, 5/15/32 (Mandatory put 7/01/16) – NPFG Insured		No Opt. Call		A		2,187,740
	7,330	New York State Energy Research and Development Authority, Pollution Control Revenue Refunding Bonds, New York State Electric and Gas Corporation, Remarketed Series 1994C, 3.000%, 6/01/29 (Mandatory put 6/03/13) (Pre-refunded 6/03/13)		6/13 at 100.00		BBB+ (4)		7,346,712
	2,460	New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/19 – AMBAC Insured		10/15 at 100.00		AA		2,725,557
		New York State Thruway Authority, Local Highway and Bridge Service Contract Bonds, Series 2009:
	5,000	4.000%, 4/01/16		No Opt. Call		AA–		5,505,000
	5,000	4.000%, 4/01/17		No Opt. Call		AA–		5,633,750
	6,845	5.000%, 4/01/18		No Opt. Call		AA–		8,188,057
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1C:
	475	5.500%, 6/01/18		6/13 at 100.00		AA–		477,095
	1,215	5.250%, 6/01/20 – AMBAC Insured		6/13 at 100.00		AA–		1,220,200
	820	5.250%, 6/01/21 – AMBAC Insured		6/13 at 100.00		AA–		823,518
	110	5.250%, 6/01/21 – AMBAC Insured		6/13 at 100.00		AA+		110,469
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:
	9,225	5.500%, 6/01/19		6/13 at 100.00		AA–		9,266,789
	1,875	5.250%, 6/01/20 – AMBAC Insured		6/13 at 100.00		AA–		1,883,025
	11,245	5.250%, 6/01/21 – AMBAC Insured		6/13 at 100.00		AA–		11,292,904
	9,410	5.250%, 6/01/22 – AMBAC Insured		6/13 at 100.00		AA–		9,449,710
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C:
	670	5.500%, 6/01/18		6/13 at 100.00		AA–		672,955
	4,130	5.500%, 6/01/19		6/13 at 100.00		AA–		4,148,709
	10,070	5.500%, 6/01/20		6/13 at 100.00		AA–		10,115,416
	640	5.500%, 6/01/20 – FGIC Insured		6/13 at 100.00		AA		642,918
	14,020	5.500%, 6/01/21		6/13 at 100.00		AA–		14,084,212
	5,205	5.500%, 6/01/22		6/13 at 100.00		AA–		5,228,214
	10,000	New York State Urban Development Corporation, Service Contract Revenue Bonds, Refunding Series 2010A, 5.000%, 1/01/17		No Opt. Call		AA–		11,494,100

Nuveen Investments 249

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
		New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2009A-1:
$	3,105	5.000%, 12/15/16		No Opt. Call		AAA	$	3,608,662
	1,000	5.000%, 12/15/17		No Opt. Call		AAA		1,196,280
	8,085	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2009C, 5.000%, 12/15/18		No Opt. Call		AAA		9,879,142
		North Babylon Union Free School District, Suffolk County, New York, General Obligation Bonds, Refunding Series 2013:
	3,080	3.000%, 1/15/14		No Opt. Call		Aa3		3,141,261
	3,080	3.000%, 1/15/15		No Opt. Call		Aa3		3,218,323
	120	Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.700%, 7/01/13		No Opt. Call		N/R		120,277
		Tobacco Settlement Financing Corporation, New York, Asset-Backed Revenue Bonds, State Contingency Contract Secured, Series 2011B:
	7,800	5.000%, 6/01/15		No Opt. Call		AA–		8,548,956
	5,500	5.000%, 6/01/16		No Opt. Call		AA–		6,240,520
	3,600	5.000%, 6/01/17		No Opt. Call		AA–		4,195,728
	2,800	5.000%, 6/01/18		No Opt. Call		AA–		3,341,548
		Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2012B:
	16,120	4.000%, 11/15/20		No Opt. Call		AA–		19,114,612
	18,685	4.000%, 11/15/21		No Opt. Call		AA–		22,172,182
	5,150	Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2013B, 4.000%, 11/15/19		No Opt. Call		AA–		6,072,417
	1,850	Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A, 2.000%, 11/15/14		No Opt. Call		A+		1,898,119
	1,815	TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 4.750%, 6/01/22		6/16 at 100.00		BBB		1,822,169
	105	Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.700%, 7/01/13		No Opt. Call		N/R		105,243
		Yonkers, New York, General Obligation Bonds, Series 2012C:
	2,440	3.000%, 8/15/22		No Opt. Call		BBB+		2,493,778
	2,510	3.000%, 8/15/23		No Opt. Call		BBB+		2,524,935
	314,660	Total New York						349,183,813
		North Carolina – 1.4%
		Fayetteville Public Works Commission, North Carolina, Revenue Bonds, Refunding Series 2009A:
	3,000	5.000%, 3/01/16		No Opt. Call		AA		3,372,900
	2,010	5.000%, 3/01/17		No Opt. Call		AA		2,333,711
	2,075	5.000%, 3/01/18		No Opt. Call		AA		2,472,612
		Mecklenburg County Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Refunding Series 2009:
	5,500	5.000%, 3/01/16		No Opt. Call		AA+		6,195,255
	3,000	5.000%, 3/01/18		No Opt. Call		AA+		3,584,280
	3,570	Mecklenburg County, North Carolina, General Obligation Bonds, Refunding Series 2013A, 4.000%, 12/01/16		No Opt. Call		AAA		4,016,893
		New Hanover County, North Carolina, General Obligation Bonds, School Series 2009:
	1,500	3.000%, 6/01/14		No Opt. Call		Aaa		1,545,570
	1,500	3.000%, 6/01/15		No Opt. Call		Aaa		1,584,480
	1,500	3.000%, 6/01/16		No Opt. Call		Aaa		1,618,530
	765	3.000%, 6/01/17		No Opt. Call		Aaa		840,146

250 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		North Carolina (continued)
		North Carolina Medical Care Commission, Hospital Revenue Bonds, CaroMont Health, Series 2008:
$	2,665	3.000%, 2/15/15 – AGC Insured		No Opt. Call		AA–	$	2,768,349
	3,200	3.500%, 2/15/16 – AGC Insured		No Opt. Call		AA–		3,423,104
	2,760	4.000%, 2/15/17 – AGC Insured		No Opt. Call		AA–		3,055,486
	2,050	North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2012A, 5.000%, 1/01/19		No Opt. Call		A		2,475,068
		North Carolina State, Capital Improvement Limited Obligation Bonds, Series 2009A:
	1,000	5.000%, 5/01/19		No Opt. Call		AA+		1,224,140
	5,195	5.000%, 5/01/20		5/19 at 100.00		AA+		6,369,434
	3,040	5.000%, 5/01/21		5/19 at 100.00		AA+		3,693,752
	500	University of North Carolina System, Pooled Revenue Bonds, East Carolina University, Series 2011A, 3.000%, 5/01/14		No Opt. Call		Aa2		513,245
		Wilmington, North Carolina, Limited Obligation Bonds, Refunding Series 2012:
	350	2.000%, 6/01/14 – AGM Insured		No Opt. Call		AA		356,300
	420	3.000%, 6/01/15 – AGM Insured		No Opt. Call		AA		441,701
	855	4.000%, 6/01/17 – AGM Insured		No Opt. Call		AA		966,800
	800	4.000%, 6/01/18 – AGM Insured		No Opt. Call		AA		918,584
	47,255	Total North Carolina						53,770,340
		North Dakota – 0.2%
	800	Fargo Public School District 1, County, North Dakota, General Obligation Bonds, Limited Tax School Building Series 2008, 4.000%, 5/01/14		No Opt. Call		Aa3		828,784
	5,325	Grand Forks, North Dakota, Healthcare System Revenue Bonds, Altru Health System, Series 2007, 5.500%, 12/01/17		No Opt. Call		A–		6,155,221
	1,000	Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2006, 5.125%, 7/01/18		7/16 at 100.00		BBB–		1,083,140
	1,130	West Fargo, North Dakota, General Obligation Bonds, Refunding & Improvement Series 2012C, 3.000%, 5/01/17		No Opt. Call		Aa3		1,216,400
	8,255	Total North Dakota						9,283,545
		Ohio – 3.6%
		Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012:
	2,000	5.000%, 11/15/21		No Opt. Call		A1		2,375,240
	2,655	5.000%, 11/15/22		5/22 at 100.00		A1		3,119,280
		Akron, Ohio, Waterworks System Mortgage Revenue Improvement and Refunding Bonds, Series 2009:
	2,220	5.000%, 3/01/15 – AGC Insured		No Opt. Call		A3		2,398,444
	2,650	5.000%, 3/01/17 – AGC Insured		No Opt. Call		A3		3,061,519
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-1:
	5,825	5.000%, 6/01/14		No Opt. Call		A1		6,074,077
	9,515	5.000%, 6/01/15		No Opt. Call		A1		10,249,368
	6,630	5.000%, 6/01/16		No Opt. Call		A1		7,354,593
	3,415	5.000%, 6/01/17		No Opt. Call		Baa1		3,878,245
	8,110	Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24		6/17 at 100.00		B–		7,528,513
	2,020	Cleveland, Ohio, Airport System Revenue Bonds, Series 2009C, 5.000%, 1/01/18 – AGM Insured		No Opt. Call		AA–		2,345,079
		Cleveland, Ohio, General Obligation Bonds, Series 2011:
	1,470	5.000%, 12/01/19		No Opt. Call		AA		1,772,702
	1,540	5.000%, 12/01/20		12/19 at 100.00		AA		1,838,313
	1,620	5.000%, 12/01/21		12/19 at 100.00		AA		1,910,515

Nuveen Investments 251

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
$	2,175	Marysville, Union County, Ohio, General Obligation Bonds, Limited Tax Series 2011, 5.000%, 12/01/20 – AMBAC Insured		No Opt. Call		Aa3	$	2,617,025
		Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013:
	1,000	5.000%, 2/15/16 (WI/DD, Settling 5/09/13)		No Opt. Call		BB+		1,072,850
	1,630	5.000%, 2/15/18 (WI/DD, Settling 5/09/13)		No Opt. Call		BB+		1,787,393
	1,000	5.000%, 2/15/19 (WI/DD, Settling 5/09/13)		No Opt. Call		BB+		1,102,210
	270	5.000%, 2/15/20 (WI/DD, Settling 5/09/13)		No Opt. Call		BB+		297,861
	2,000	5.000%, 2/15/21 (WI/DD, Settling 5/09/13)		No Opt. Call		BB+		2,195,780
	2,000	Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/17 (WI/DD, Settling 5/09/13)		No Opt. Call		BB+		2,175,940
		New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C:
	730	3.000%, 10/01/15		No Opt. Call		A1		766,741
	765	3.000%, 10/01/16		No Opt. Call		A1		813,776
	1,100	4.000%, 10/01/17		No Opt. Call		A1		1,216,908
	5,650	Ohio Air Quality Development Authority, Air Quality Revenue Refunding Bonds, Columbus Southern Power Company Project, Series 2009A, 3.875%, 12/01/38 (Mandatory put 6/01/14)		No Opt. Call		Baa1		5,807,070
	4,000	Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19		No Opt. Call		BBB–		4,750,080
	3,260	Ohio State, General Obligation Bonds, Infrastructure Improvement Series 2012A, 4.000%, 2/01/14		No Opt. Call		AA+		3,354,344
	6,685	Ohio State, General Obligation Bonds, Infrastructure Improvement Series 2013B, 5.000%, 8/01/21		No Opt. Call		AA+		8,472,970
	12,625	Ohio State, General Obligation Bonds, Refunding Common Schools Series 2011C, 5.000%, 9/15/20		No Opt. Call		AA+		15,871,393
	2,640	Ohio State, General Obligation Highway Capital Improvement Bonds, Series 2012Q, 5.000%, 5/01/18		No Opt. Call		AAA		3,176,765
		Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Series 2009B:
	690	5.000%, 1/01/17		No Opt. Call		Aa2		794,176
	500	5.000%, 1/01/18		No Opt. Call		Aa2		590,890
	110	Ohio Water Development Authority, Loan Revenue Bonds, Pure Water Development, Series 1990I, 6.000%, 12/01/16 – AMBAC Insured (ETM)		No Opt. Call		Aaa		119,618
	10,715	Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B, 2.200%, 6/01/33 (Mandatory put 6/01/16)		No Opt. Call		BBB–		10,836,615
	4,540	Ohio, State Appropriation Lease Bonds, Mental Health Capital Facilities, Refunding Series 2012A, 5.000%, 6/01/17 – NPFG Insured		No Opt. Call		AA		5,262,359
		Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:
	2,145	5.000%, 12/01/15		No Opt. Call		N/R		2,267,930
	2,265	5.000%, 12/01/16		No Opt. Call		N/R		2,425,045
	2,230	University of Toledo, Ohio, General Receipts Bonds, Series 2009, 4.000%, 6/01/18		No Opt. Call		A+		2,528,753
	1,000	Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., Series 2007A, 6.100%, 7/01/17 (Alternative Minimum Tax) (5)		No Opt. Call		N/R		140,410
	121,395	Total Ohio						134,350,790

252 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Oklahoma – 1.3%
		Canadian County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Mustang Public Schools Project, Series 2012:
$	1,395	4.000%, 9/01/18		No Opt. Call		A+	$	1,565,176
	1,435	4.000%, 9/01/19		No Opt. Call		A+		1,610,859
	2,685	4.500%, 9/01/20		No Opt. Call		A+		3,102,115
	4,845	Cleveland County Public Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Norman Public Schools Project, Series 2010, 4.000%, 6/01/14		No Opt. Call		A+		5,028,626
		Oklahoma County Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Midwest City-Del City Public Schools Project, Series 2012:
	750	2.000%, 3/01/14		No Opt. Call		A+		759,945
	5,000	3.000%, 3/01/17		No Opt. Call		A+		5,321,650
	2,820	4.000%, 3/01/18		No Opt. Call		A+		3,161,530
	4,585	Tulsa, Oklahoma, Industrial Authority, Revenue and Refunding Bonds (The University of Tulsa), Series 1996A, 6.000%, 10/01/16 – NPFG Insured		No Opt. Call		A3		4,986,233
		Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2009A:
	1,000	4.000%, 6/01/15		No Opt. Call		A3		1,059,930
	1,200	4.500%, 6/01/16		6/15 at 100.00		A3		1,279,260
	8,505	Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Tulsa International Airport, Series 1997B, 7.050%, 6/01/17 – NPFG Insured (ETM)		No Opt. Call		A (4)		9,498,639
	7,425	Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Broken Arrow Public Schools Project, Series 2011, 5.000%, 9/01/19		No Opt. Call		AA–		8,947,645
	1,250	Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Broken Arrow Public Schools Project, Series 2012, 4.000%, 9/01/22		No Opt. Call		AA–		1,398,775
	42,895	Total Oklahoma						47,720,383
		Oregon – 0.7%
	1,000	Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/22		5/19 at 100.00		AAA		1,191,250
		Portland Community College District, Multnomah County, Oregon, General Obligation Bonds, Series 2013:
	3,795	5.000%, 6/15/14		No Opt. Call		Aa1		3,999,968
	5,655	5.000%, 6/15/15		No Opt. Call		Aa1		6,211,113
	2,000	Tri-County Metropolitan Transportation District, Oregon, Capital Grant Receipt Revenue Bonds, Series 2011A, 5.000%, 10/01/18		No Opt. Call		A		2,400,500
	10,000	Tri-County Metropolitan Transportation District, Oregon, Revenue Bonds, Payroll Tax and Grant Receipt Series 2013, 3.000%, 11/01/16		5/15 at 100.00		Aa3		10,496,500
	22,450	Total Oregon						24,299,331
		Pennsylvania – 6.3%
	385	Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Duquesne University, Series 2013A, 3.000%, 3/01/15		No Opt. Call		A2		402,802
	1,480	Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2006A, 4.375%, 2/15/14		No Opt. Call		Baa3		1,494,578
		Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Jefferson Regional Medical Center, Series 2006B:
	1,800	5.000%, 5/01/13		No Opt. Call		Baa2		1,800,144
	1,865	5.000%, 5/01/14		No Opt. Call		Baa2		1,913,210
	1,985	5.000%, 5/01/15		No Opt. Call		Baa2		2,078,851
	1,620	5.000%, 5/01/16		No Opt. Call		Baa2		1,723,567
	1,285	5.000%, 5/01/18		5/16 at 100.00		Baa2		1,351,846

Nuveen Investments 253

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	5,000	Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center System, Series 2008B, 5.000%, 6/15/18		No Opt. Call		Aa3	$	5,980,750
		Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Refunding Series 2011:
	6,550	5.000%, 12/01/17 – AGM Insured		No Opt. Call		AA–		7,691,207
	4,400	5.000%, 12/01/18 – AGM Insured		No Opt. Call		AA–		5,276,524
	1,900	Berks County, Pennsylvania, General Obligation Bonds, Series 2008, 5.000%, 11/15/21		11/18 at 100.00		Aa1		2,279,107
	1,010	Central Dauphin School District, Dauphin County, Pennsylvania, General Obligation Bonds, Series 2006, 5.250%, 2/01/14 – NPFG Insured (ETM)		No Opt. Call		AA (4)		1,048,249
	1,120	Centre County, Pennsylvania, General Obligation Bonds, Series 2012A, 3.000%, 7/01/19		No Opt. Call		AA		1,219,691
	2,295	Coatesville Area School District, Chester County, Pennsylvania, General Obligation Bonds, Series 2009, 4.000%, 10/01/14 – AGM Insured		No Opt. Call		AA–		2,406,950
		Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Presbyterian Homes Inc., Refunding Series 2005A:
	440	5.000%, 12/01/15 – RAAI Insured		No Opt. Call		BBB+		472,388
	20	4.250%, 12/01/17 – RAAI Insured		12/15 at 100.00		BBB+		20,942
	210	5.000%, 12/01/19 – RAAI Insured		12/15 at 100.00		BBB+		221,775
	75	5.000%, 12/01/21 – RAAI Insured		12/15 at 100.00		BBB+		78,197
		Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Presbyterian Homes Inc., Series 2003A:
	500	4.750%, 12/01/19 – RAAI Insured		6/13 at 100.00		BBB+		500,815
	50	5.000%, 12/01/26 – RAAI Insured		6/13 at 100.00		BBB+		50,036
		Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2010:
	1,000	4.000%, 12/01/16		No Opt. Call		A+		1,110,800
	500	5.000%, 12/01/18		No Opt. Call		A+		599,310
	1,305	Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.100%, 7/01/13		6/13 at 100.00		Ba1		1,310,324
	3,335	Lancaster County, Pennsylvania, General Obligation Bonds, Series 2009A, 5.000%, 11/01/18 – AGM Insured		No Opt. Call		A1		4,004,234
	1,000	Lebanon County Health Facilities Authority, Pennsylvania, Health Center Revenue Bonds, Pleasant View Retirement Community, Series 2005A, 5.125%, 12/15/20		12/14 at 100.00		N/R		1,019,700
	3,425	Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Refunding Series 2004, 5.000%, 11/15/18		11/13 at 100.00		Ba2		3,410,204
	2,700	Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.500%, 12/15/19		No Opt. Call		N/R		2,815,209
	2,165	Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009A, 5.000%, 7/01/17		No Opt. Call		A–		2,427,225
	1,080	Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Series 2012, 4.000%, 5/01/19		No Opt. Call		A		1,188,464
	560	Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23		5/13 at 100.00		N/R		511,591
	1,210	Pennsylvania Convention Center Authority, Revenue Bonds, Series 1989A, 6.700%, 9/01/16 – FGIC Insured (ETM)		No Opt. Call		AA+ (4)		1,351,582
		Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A:
	2,350	5.000%, 10/15/13		No Opt. Call		BBB+		2,391,384
	3,050	5.250%, 10/15/14		No Opt. Call		BBB+		3,209,149
	3,275	5.250%, 10/15/15		No Opt. Call		BBB+		3,555,668

254 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	2,700	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2009, 1.750%, 12/01/33 (Mandatory put 12/01/15)		No Opt. Call		BBB	$	2,758,887
	10,000	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2011, 2.625%, 7/01/41 (Mandatory put 7/01/14)		No Opt. Call		BBB		10,136,200
		Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012A:
	2,500	5.000%, 7/01/15		No Opt. Call		Aaa		2,755,325
	2,985	4.000%, 7/01/15		No Opt. Call		Aaa		3,225,322
	3,900	5.000%, 7/01/16		No Opt. Call		Aaa		4,461,093
	4,715	5.000%, 7/01/19		No Opt. Call		Aaa		5,826,420
		Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012B:
	5,650	5.000%, 7/01/21		1/18 at 100.00		Aaa		6,677,057
	19,950	5.000%, 1/01/22		7/17 at 100.00		Aaa		23,223,795
	8,365	5.000%, 7/01/22		7/16 at 100.00		Aaa		9,485,241
	15,750	5.000%, 1/01/23		1/16 at 100.00		Aaa		17,522,348
	13,270	5.000%, 7/01/23		7/15 at 100.00		Aaa		14,540,204
	1,775	Pennsylvania State Public School Building Authority, Lease Revenue Bonds, Philadelphia School District Project, Series 2006A, 4.500%, 6/01/15 – AGM Insured		No Opt. Call		AA		1,900,990
		Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009B:
	2,725	4.000%, 6/01/13		No Opt. Call		A–		2,733,911
	4,000	5.000%, 6/01/14		No Opt. Call		A–		4,199,720
	4,000	5.000%, 6/01/15		No Opt. Call		A–		4,359,520
	4,000	5.000%, 6/01/16		No Opt. Call		A–		4,494,000
	16,030	Pennsylvania, General Obligation Bonds, Refunding 3rd Series 2004, 5.375%, 7/01/16 – NPFG Insured		No Opt. Call		AA+		18,492,368
	2,860	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)		No Opt. Call		A (4)		3,494,062
	10,000	Philadelphia School District, Pennsylvania, General Obligation Bonds, Refunding Series 2010C, 5.000%, 9/01/16		No Opt. Call		AA		11,360,200
		Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2011D:
	1,795	5.000%, 9/01/17		No Opt. Call		AA		2,069,312
	1,525	5.000%, 9/01/18		No Opt. Call		AA		1,790,137
		Pittsburgh Water and Sewerage Authority, Pennsylvania, Water and Sewerage System Revenue Refunding Bonds, Series 1986:
	1,139	7.250%, 9/01/14 – FGIC Insured (ETM)		No Opt. Call		Aaa		1,199,116
	620	6.000%, 9/01/16 – FGIC Insured (ETM)		No Opt. Call		Aaa		706,936
		Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2013:
	260	4.000%, 12/01/14		No Opt. Call		BBB–		271,157
	1,205	4.000%, 12/01/16		No Opt. Call		BBB–		1,292,736
	1,250	Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011, 4.625%, 8/01/17		No Opt. Call		BBB+		1,364,725
	2,500	University of Pittsburgh of the Commonwealth System of Higher Education, Pennsylvania, University Capital Project Bonds, Series 2009B, 5.500%, 9/15/21		3/19 at 100.00		Aa1		3,123,925
		York County, Pennsylvania, General Obligation Bonds, Series 2013:
	1,925	3.000%, 6/01/15		No Opt. Call		AA		2,023,233
	1,320	3.000%, 6/01/16		No Opt. Call		AA		1,413,364
	1,350	4.000%, 6/01/17		No Opt. Call		AA		1,520,141
	211,009	Total Pennsylvania						235,337,918

Nuveen Investments 255

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Puerto Rico – 0.2%
$	1,525	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 5.000%, 7/01/21		No Opt. Call		BBB–	$	1,527,440
	7,000	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ, 5.250%, 7/01/24		7/20 at 100.00		BBB+		7,253,120
	15	Puerto Rico, General Obligation Bonds, Public Improvement, Refunding Series 2012A, 5.000%, 7/01/20		No Opt. Call		BBB–		15,618
	140	Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/20 – NPFG Insured		No Opt. Call		BBB+		151,385
	8,680	Total Puerto Rico						8,947,563
		Rhode Island – 0.1%
	2,000	Rhode Island Industrial Facilities Corporation, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004A, 4.625%, 4/01/16 (Alternative Minimum Tax)		No Opt. Call		BBB		2,181,760
	2,805	Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23		7/13 at 100.00		Baa1		2,842,643
	4,805	Total Rhode Island						5,024,403
		South Carolina – 1.0%
	3,065	Cherokee County School District 1, South Carolina, General Obligation Bonds, Series 2013A, 4.000%, 3/01/15		No Opt. Call		Aa1		3,273,573
		Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Refunding Series 2012:
	1,500	3.500%, 2/01/20		No Opt. Call		Aa1		1,714,890
	1,000	4.500%, 2/01/21		No Opt. Call		Aa1		1,222,300
	6,010	Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/19		12/14 at 100.00		AA–		6,464,536
	7,125	Georgetown County, South Carolina, Environmental Improvement Revenue Refunding Bonds, International Paper Company, Series 2002A, 5.700%, 4/01/14		No Opt. Call		BBB		7,398,814
		Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Building Equity Sooner Series 2012:
	3,365	5.000%, 12/01/21		No Opt. Call		AA		4,183,705
	4,910	5.000%, 12/01/22		No Opt. Call		AA		6,138,384
	510	Lexington County Health Service District, South Carolina, Hospital Revenue Refunding and Improvement Bonds, Series 2003, 5.500%, 11/01/13		No Opt. Call		AA–		522,337
	1,330	McCormick County, South Carolina, Hospital Facilities Revenue Refunding and Improvement Bonds, McCormick Health Care Center Project, Series 2006, 8.000%, 3/01/21 (ETM)		No Opt. Call		N/R (4)		1,780,444
	555	South Carolina JOBS Economic Development Authority, Hospital Facilities Revenue Bonds, Palmetto Health Alliance, Series 2003A, 6.000%, 8/01/13		No Opt. Call		BBB+		562,959
	1,575	South Carolina JOBS Economic Development Authority, Revenue Bonds, Waste Management of South Carolina, Inc. Project, Series 2008, 2.875%, 2/01/15		No Opt. Call		BBB		1,609,713
	820	South Carolina JOBS-Economic Development Authority, Residential Care Facilities First Mortgage Revenue Bonds, South Carolina Episcopal Home at Still Hopes, Series 2004A, 6.000%, 5/15/17		7/13 at 100.00		N/R		822,460
	31,765	Total South Carolina						35,694,115
		South Dakota – 0.1%
		Deadwood, South Dakota, Certificates of Participation, Refunding Series 2012:
	1,580	3.000%, 11/01/17		No Opt. Call		A		1,670,550
	770	3.000%, 11/01/18		No Opt. Call		A		816,608

256 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		South Dakota (continued)
$	1,920	Heartland Consumers Power District, South Dakota, Electric System Revenue Bonds, Series 1977, 6.375%, 1/01/16 (ETM)		No Opt. Call		Aaa	$	2,106,509
	4,270	Total South Dakota						4,593,667
		Tennessee – 1.4%
		First Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Series 2012A:
	425	2.000%, 12/01/13		No Opt. Call		AA+		429,373
	425	2.000%, 12/01/14		No Opt. Call		AA+		436,093
	225	2.000%, 12/01/15		No Opt. Call		AA+		233,631
	225	2.000%, 12/01/16		No Opt. Call		AA+		235,537
	475	2.000%, 12/01/17		No Opt. Call		AA+		498,109
	710	4.000%, 12/01/20		No Opt. Call		AA+		831,765
	740	4.000%, 12/01/21		No Opt. Call		AA+		871,269
		Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A:
	525	5.000%, 7/01/13		No Opt. Call		BBB+		528,917
	695	5.000%, 7/01/14		No Opt. Call		BBB+		726,192
		Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2012A:
	1,030	5.000%, 1/01/19		No Opt. Call		A		1,222,435
	2,500	5.000%, 1/01/20		No Opt. Call		A		2,958,325
	1,500	4.000%, 1/01/21		No Opt. Call		A		1,683,360
		Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Series 2012:
	1,335	3.000%, 11/01/17		No Opt. Call		BBB+		1,406,249
	250	3.000%, 11/01/18		No Opt. Call		BBB+		263,408
	1,070	4.000%, 11/01/19		No Opt. Call		BBB+		1,187,796
	810	4.000%, 11/01/20		No Opt. Call		BBB+		902,300
	500	4.000%, 11/01/21		No Opt. Call		BBB+		556,780
	1,030	5.000%, 11/01/22		11/21 at 100.00		BBB+		1,214,463
	1,000	Metropolitan Government of Nashville-Davidson County, Tennessee, General Obligation Bonds, Refunding Series 2013, 3.000%, 7/01/15		No Opt. Call		Aa1		1,058,670
		Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage Revenue Bonds, Subordinate Lien Refunding Series 2012:
	1,050	5.000%, 7/01/16		No Opt. Call		A+		1,194,470
	2,570	5.000%, 7/01/21		No Opt. Call		A+		3,180,118
	1,320	5.000%, 7/01/22		No Opt. Call		A+		1,650,264
		Shelby County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Baptist Memorial Healthcare, Series 2004A:
	2,000	5.000%, 9/01/15		No Opt. Call		AA–		2,204,540
	5,000	5.000%, 9/01/16		No Opt. Call		AA–		5,680,700
	2,500	5.000%, 9/01/18		No Opt. Call		AA–		2,988,375
	7,530	Tennessee State, General Obligation Bonds, Series 2009A, 5.000%, 5/01/17		No Opt. Call		Aaa		8,853,322
	1,000	Tennessee State, General Obligation Bonds, Series 2009A, 5.000%, 5/01/19 (Pre-refunded 5/01/17)		5/17 at 100.00		Aaa		1,175,880
		The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A:
	4,175	5.000%, 9/01/13		No Opt. Call		A		4,242,593
	250	5.000%, 9/01/14		No Opt. Call		A		264,068
	200	5.250%, 9/01/18		No Opt. Call		A		231,304
	1,395	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/17		No Opt. Call		A–		1,556,499
	44,460	Total Tennessee						50,466,805

Nuveen Investments 257

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas – 5.8%
$	3,000	Bexar County Housing Finance Corporation, Texas, FNMA Guaranteed Multifamily Housing Revenue Bonds, Villas Sonterra Apartments Project, Series 2007A, 4.700%, 10/01/15 (Alternative Minimum Tax)		No Opt. Call		N/R	$	3,146,100
	7,095	Board of Regents of the Texas Tech University System, Revenue Financing System Refunding and Improvement Bonds, Fourteenth Series 2012A, 2.000%, 8/15/13		No Opt. Call		AA+		7,132,958
		Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding Series 2012A:
	5,000	4.000%, 8/15/14		No Opt. Call		AAA		5,240,150
	20,350	5.000%, 8/15/23		No Opt. Call		AAA		26,520,934
		Canadian River Municipal Water Authority, Texas, Contract Revenue Bonds, Conjunctive Use Groundwater Supply Project, Subordinate Lien Series 2011:
	1,000	5.000%, 2/15/15		No Opt. Call		AA		1,082,600
	1,000	5.000%, 2/15/16		No Opt. Call		AA		1,124,040
		City of Houston, Texas, Sewer System Revenue Bonds, Series 1984:
	745	9.375%, 10/01/13 – NPFG Insured (ETM)		4/13 at 100.00		Aaa		772,774
	30	9.375%, 10/01/13 – NPFG Insured (ETM)		4/13 at 100.00		Aaa		31,118
		Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2007:
	5,100	5.000%, 10/01/13 – AMBAC Insured		No Opt. Call		AAA		5,203,989
	6,825	5.000%, 10/01/15 – AMBAC Insured		No Opt. Call		AAA		7,591,516
		Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012B:
	2,595	5.000%, 11/01/20		No Opt. Call		A+		3,171,869
	5,000	5.000%, 11/01/21		11/20 at 100.00		A+		6,035,600
	5,000	Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Methodist Hospital System, Series 2009B, 5.000%, 12/01/41 (Mandatory put 6/01/14)		No Opt. Call		AA		5,020,250
	6,000	Harris County, Texas, General Obligation Bonds, Refunding Road Series 2009A, 5.250%, 10/01/18		No Opt. Call		AAA		7,402,500
	1,500	Houston Independent School District, Harris County, Texas, General Obligation Bonds, Schoolhouse Series 2013A, 4.000%, 2/15/16		No Opt. Call		AAA		1,648,770
	1,780	Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2012D, 5.000%, 11/15/21		No Opt. Call		AA		2,248,834
	11,520	Houston, Texas, General Obligation Bonds, Public Improvement Refunding Series 2009A, 5.000%, 3/01/20		3/19 at 100.00		AA		13,979,174
	2,000	Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011A, 5.000%, 9/01/14		No Opt. Call		A2		2,124,820
		Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A:
	1,360	5.000%, 7/01/15		No Opt. Call		AA–		1,492,981
	1,110	5.000%, 7/01/16		No Opt. Call		AA–		1,257,097
	2,250	Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011B, 5.000%, 7/01/20		No Opt. Call		A+		2,735,618
		Lubbock Health Facilities Development Corporation, Texas, Revenue Bonds, St. Joseph Health System, Refunding Series 2008B:
	3,030	5.000%, 7/01/18		No Opt. Call		AA–		3,570,431
	3,000	5.000%, 7/01/20		No Opt. Call		AA–		3,608,280
	5,660	Mission Economic Development Corporation, Texas, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2006, 3.750%, 12/01/18 (Mandatory put 6/01/15)		No Opt. Call		BBB		5,978,715
	2,000	Mission Economic Development Corporation, Texas, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2008, 6.000%, 8/01/20 (Mandatory put 8/01/13)		No Opt. Call		BBB		2,024,700

258 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
		North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012:
$	1,670	5.000%, 8/15/19		No Opt. Call		AA	$	2,035,379
	2,785	5.000%, 8/15/21		No Opt. Call		AA		3,422,793
	2,000	5.000%, 8/15/22		No Opt. Call		AA		2,471,580
	5,480	5.000%, 8/15/23		8/22 at 100.00		AA		6,691,738
	7,625	North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 2011D, 5.000%, 9/01/24		9/21 at 100.00		AA		9,295,714
	10,000	San Antonio Independent School District, Bexar County, Texas, General Obligation Bonds, Series 2005, 5.000%, 8/15/21		8/15 at 100.00		AAA		11,044,700
	3,425	San Antonio, Texas, Electric and Gas System Revenue Refunding Bonds, New Series 1992, 5.000%, 2/01/17 (ETM)		No Opt. Call		AA+ (4)		3,732,223
	15,000	San Antonio, Texas, Electric and Gas System Revenue Refunding Bonds, Series 2012, 5.000%, 2/01/21		No Opt. Call		Aa1		18,869,850
	8,420	Texas A&M University, Financing System Revenue Bonds, Series 2008, 5.000%, 5/15/15		No Opt. Call		Aaa		9,224,531
	5,500	Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/20		No Opt. Call		A3		6,282,815
	6,520	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2007, 5.000%, 4/01/16		No Opt. Call		AAA		7,375,359
	2,250	Texas State, Public Financing Authority, General Obligation Bonds, Series 2009A, 5.000%, 10/01/17		No Opt. Call		Aaa		2,677,320
		Val Verde County, Texas, Pass-Through Toll Revenue and Limited Tax Bonds, Series 2011:
	1,000	2.000%, 8/15/13		No Opt. Call		A		1,003,460
	2,000	3.000%, 8/15/14		No Opt. Call		A		2,052,380
	2,565	3.000%, 8/15/15		No Opt. Call		A		2,661,085
	2,640	3.000%, 8/15/16		No Opt. Call		A		2,764,661
	2,720	3.000%, 8/15/17		No Opt. Call		A		2,854,830
	185,550	Total Texas						214,606,236
		Utah – 0.9%
		Intermountain Power Agency, Utah, Subordinated Power Supply Revenue Refunding Bonds, Series 2013A:
	20,040	2.000%, 7/01/14		No Opt. Call		AA–		20,460,038
	4,000	3.000%, 7/01/15		No Opt. Call		AA–		4,226,680
		Utah Associated Municipal Power Systems, Revenue Bonds, Horse Butte Wind Project, Series 2012A:
	500	5.000%, 9/01/14		No Opt. Call		A–		529,055
	550	5.000%, 9/01/15		No Opt. Call		A–		603,554
	875	5.000%, 9/01/16		No Opt. Call		A–		989,284
	500	5.000%, 9/01/17		No Opt. Call		A–		578,850
	500	5.000%, 9/01/18		No Opt. Call		A–		591,615
	625	5.000%, 9/01/19		No Opt. Call		A–		751,075
	1,010	5.000%, 9/01/20		No Opt. Call		A–		1,204,728
	2,040	5.000%, 9/01/21		No Opt. Call		A–		2,449,000
	30,640	Total Utah						32,383,879
		Virgin Islands – 0.5%
		Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B:
	2,500	5.000%, 10/01/14		No Opt. Call		BBB+		2,623,400
	4,455	5.000%, 10/01/15		No Opt. Call		BBB+		4,803,336
	4,375	5.000%, 10/01/16		No Opt. Call		BBB+		4,813,463
	4,000	5.000%, 10/01/17		No Opt. Call		BBB+		4,479,880
	15,330	Total Virgin Islands						16,720,079

Nuveen Investments 259

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Virginia – 0.4%
		Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006:
$	400	4.000%, 9/01/13		No Opt. Call		BBB	$	404,496
	400	4.000%, 9/01/14		No Opt. Call		BBB		416,828
	400	4.125%, 9/01/15		No Opt. Call		BBB		427,248
	1,825	Caroline County Industrial Development Authority, Virginia, Public Facility Lease Revenue Bond, Anticipation Notes, Series 2011, 4.000%, 8/01/16		7/13 at 100.00		N/R		1,827,792
	1,000	Hanover County, Virginia, General Obligation Bonds, Refunding & Public Improvement Series 2009, 5.000%, 7/15/19		No Opt. Call		AAA		1,239,460
		Louisa Industrial Development Authority, Virginia, Pollution Control Revenue Bonds, Virginia Electric and Power Company, Series 2008c:
	3,750	5.375%, 11/01/35 (Mandatory put 12/02/13)		No Opt. Call		A–		3,863,100
	2,500	1.500%, 11/01/35 (Mandatory put 12/01/14)		No Opt. Call		A–		2,521,150
	3,250	Peninsula Ports Authority, Virginia, Residential Care Facilities Revenue Bonds, Virginia Baptist Homes, Series 2003A, 7.375%, 12/01/32 (Pre-refunded 12/01/13)		12/13 at 100.00		AA+ (4)		3,384,518
	1,750	Virginia College Building Authority, Educational Facilities Revenue Refunding Bonds, Marymount University, Series 1998, 5.100%, 7/01/18 – RAAI Insured		7/13 at 100.00		N/R		1,754,323
	15,275	Total Virginia						15,838,915
		Washington – 2.8%
	1,700	Central Washington University, Washington, System Revenue Bonds, Refunding Series 2013, 4.000%, 5/01/15		No Opt. Call		A1		1,818,031
	4,090	Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement Series 2010B, 5.000%, 2/01/17		No Opt. Call		Aa2		4,749,308
	5,000	Seattle, Washington, Water System Revenue Bonds, Series 2003, 5.000%, 9/01/17 (Pre-refunded 9/01/13) – NPFG Insured		9/13 at 100.00		Aa2 (4)		5,080,750
	3,000	Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31		1/21 at 100.00		A		3,329,550
	10,000	Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012B, 4.000%, 10/01/42 (Mandatory put 10/01/21)		No Opt. Call		AA		11,351,700
	10,580	Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/42 (Mandatory put 10/01/21)		No Opt. Call		AA		12,818,093
	5,570	Washington State, General Obligation Bonds, Various Purpose Series 2013D, 4.000%, 2/01/15		No Opt. Call		AA+		5,926,591
	10,380	Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, 2010 Series 2009B, 5.000%, 8/01/15		No Opt. Call		AA+		11,454,226
	8,715	Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008B, 5.000%, 7/01/19		7/18 at 100.00		AA+		10,469,940
		Washington State, General Obligation Refunding Bonds, Various Purpose Series 2013R-13C:
	9,355	4.000%, 7/01/15		No Opt. Call		AA+		10,087,029
	20,070	5.000%, 7/01/21		No Opt. Call		AA+		25,337,773
	1,190	Washington, General Obligation Bonds, Series 1990A, 6.750%, 2/01/15		No Opt. Call		AA+		1,280,297
	89,650	Total Washington						103,703,288
		West Virginia – 0.5%
	2,000	West Virginia Economic Development Authority, Pollution Control Revenue Bonds, Appalachian Power Company – Amos Project, Series 2008, 4.850%, 5/01/19 (Mandatory put 9/04/13)		No Opt. Call		BBB		2,028,240
	5,000	West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company – Amos Project, Series 2011A, 2.250%, 1/01/41 (Mandatory put 9/01/16) (Alternative Minimum Tax)		No Opt. Call		BBB		5,102,850

260 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		West Virginia (continued)
$	7,000	West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Ohio Power Company – Amos Project, Series 2010A, 3.125%, 3/01/43 (Mandatory put 4/01/15)		No Opt. Call		Baa1	$	7,235,270
	530	West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail and Corrections Facility, Series 1998A, 5.375%, 7/01/18 – AMBAC Insured		No Opt. Call		N/R		594,570
	2,480	West Virginia University, Revenue Bonds, West Virginia University Projects, Series 2000A, 0.000%, 4/01/17 – AMBAC Insured		No Opt. Call		Aa3		2,348,758
	17,010	Total West Virginia						17,309,688
		Wisconsin – 1.5%
	4,070	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2009B, 4.750%, 8/15/25 (Mandatory put 8/15/14)		No Opt. Call		A		4,249,202
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010B:
	5,000	5.000%, 7/15/17		No Opt. Call		A		5,726,000
	5,000	5.000%, 7/15/18		No Opt. Call		A		5,830,050
	5,680	5.000%, 7/15/19		No Opt. Call		A		6,707,171
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Hospital Sisters Services, Inc., Refunding Series 2012B:
	540	4.000%, 8/15/17		No Opt. Call		AA–		607,586
	1,105	5.000%, 8/15/18		No Opt. Call		AA–		1,319,271
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2006A:
	450	5.000%, 2/15/14		No Opt. Call		A–		465,876
	500	5.000%, 2/15/15		No Opt. Call		A–		537,020
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of Wisconsin, Inc., Series 2010:
	1,475	5.000%, 12/01/16		No Opt. Call		A+		1,626,468
	1,555	5.000%, 12/01/17		No Opt. Call		A+		1,747,525
	1,635	5.000%, 12/01/18		No Opt. Call		A+		1,865,976
	1,710	5.000%, 12/01/19		No Opt. Call		A+		1,973,118
	8,485	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2010A, 5.000%, 6/01/19		No Opt. Call		A2		8,950,317
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C:
	425	2.500%, 8/15/13		No Opt. Call		A+		427,758
	500	5.000%, 8/15/16		No Opt. Call		A+		561,875
	750	5.000%, 8/15/18		No Opt. Call		A+		881,805
	205	5.000%, 8/15/20		No Opt. Call		A+		244,883
	1,480	5.000%, 8/15/21		No Opt. Call		A+		1,771,752
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A:
	4,000	5.000%, 8/15/14		No Opt. Call		A–		4,208,520
	2,000	5.250%, 8/15/18		8/16 at 100.00		A–		2,257,220
	480	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.000%, 8/15/13		No Opt. Call		A–		486,365
	2,160	Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.250%, 5/01/20		5/19 at 100.00		AA–		2,636,064
	49,205	Total Wisconsin						55,081,822
$	3,174,151	Total Municipal Bonds (cost $3,378,671,146)						3,531,802,841

Nuveen Investments 261

Portfolio of Investments

Nuveen Limited Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		CORPORATE BONDS – 0.0%
		Transportation – 0.0%
$	120	Las Vegas Monorail Company, Senior Interest Bonds (6), (7)		5.500%		7/15/19		N/R	$	29,920
	35	Las Vegas Monorail Company, Senior Interest Bonds (6), (7)		3.000%		7/15/55		N/R		7,003
$	155	Total Corporate Bonds (cost $2,942)								36,923
		Total Long-Term Investments (cost $3,378,674,088) – 95.2%								3,531,839,764
Principal Amount (000)		Description (1)			Optional Call Provisions (2)		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 3.3%
		Connecticut – 0.3%
$	4,250	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Choate Rosemary Hall, Variable Rate Demand Obligations, Series 2008D, 0.230%, 7/01/37 (8)				8/13 at 100.00		VMIG-1	$	4,250,000
	7,730	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Variable Rate Demand Obligations, Trust 2862, 0.180%, 7/01/15 (8)				No Opt. Call		A-1		7,730,000
	11,980	Total Connecticut								11,980,000
		Georgia – 0.4%
	5,000	Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 2253, 0.260%, 4/01/15 – AGM Insured (8)				No Opt. Call		VMIG-1		5,000,000
	12,020	Georgia, General Obligation Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 1881, 0.220%, 4/01/27 (8)				4/17 at 100.00		VMIG-1		12,020,000
	17,020	Total Georgia								17,020,000
		Iowa – 0.3%
	9,700	Iowa State, Special Obligation Bonds, I-Jobs Program, Variable Rate Demand Obligations, Tender Option Bond Trust 13B-A REG D, 0.250%, 6/01/25 (8)				No Opt. Call		A-1		9,700,000
	1,500	Iowa State, Special Obligation Bonds, I-Jobs Program,Variable Rate Demand Obligations, Tender Option Bond Trust 13B-B REG D, 0.250%, 6/01/26 (8)				6/19 at 100.00		A-1		1,500,000
	11,200	Total Iowa								11,200,000
		Maine – 0.2%
	6,665	Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, Variable Rate Demand Obligations, Tender Option Bond Trust 2009-5B, 0.250%, 7/01/39 (8)				7/19 at 100.00		VMIG-1		6,665,000
		Massachusetts – 0.3%
	10,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Variable Rate Demand Obligations, Tender Option Bond Trust 3529, 0.340%, 6/01/15 (8)				No Opt. Call		A-1		10,000,000
		Michigan – 0.0%
	40	Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Variable Rate Demand Obligations, Tender Option Bonds Trust DCL-045, 0.450%, 5/01/30 (8)				No Opt. Call		A-2		40,000
		Missouri – 0.3%
	10,500	St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Variable Rate Demand Obligations, Tender Option Bond Trust DCL-017, 0.600%, 7/01/22 (8)				No Opt. Call		A-2		10,500,000
		Ohio – 0.3%
	10,000	Hamilton County, Ohio, Sales Tax Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 3766Z, 0.240%, 11/15/16 – AGM Insured (8)				No Opt. Call		A-1		10,000,000

262 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Oregon – 0.2%
$	5,880	Eugene, Oregon, Electric Utility Revenue Bonds, Variable Rate Demand Obligations, Series 2003A, 0.230%, 8/01/22 – AGM Insured (8)		8/13 at 100.00		A-1	$	5,880,000
		Tennessee – 0.2%
	8,665	Chattanooga, Tennessee, Electric System Enterprise Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 08-29, 0.220%, 3/01/16 (8)		No Opt. Call		A-1		8,665,000
		Virginia – 0.3%
	6,005	The Rector and Visitors of the University of Virginia, General Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 2876, 0.240%, 6/01/13 (8)		No Opt. Call		F-1		6,005,000
	5,000	Virginia Resources Authority, Clean Water State Revolving Fund Revenue Bonds, Variable Rate Demand Obligations, Series 2008, Trust 2917, 0.220%, 10/01/28 (8)		10/18 at 100.00		A-1		5,000,000
	11,005	Total Virginia						11,005,000
		Washington – 0.5%
	4,480	Bellingham, Washington, Water and Sewer Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 11981X, 0.370%, 8/01/19 (8)		No Opt. Call		VMIG-2		4,480,000
	15,000	Central Puget Sound Regional Transit Authority, Washington, Sales and Use Tax Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 2007-1C, 0.210%, 11/01/32 – AGM Insured (8)		11/17 at 100.00		VMIG-1		15,000,000
	19,480	Total Washington						19,480,000
$	122,435	Total Short-Term Investments (cost $122,435,000)						122,435,000
		Total Investments (cost $3,501,109,088) – 98.5%						3,654,274,764
		Other Assets Less Liabilities – 1.5%						54,914,236
		Net Assets – 100%					$	3,709,189,000

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

(2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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 fixed-income security, 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 Directors/Trustees. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.

(7) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an interest rate of 5.500% maturing on July 15, 2019 and the second with an interest rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The custodian is not accruing income on the Fund’s records for either senior interest corporate bond.

(8) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.

N/R Not rated.

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

(ETM) Escrowed to maturity.

See accompanying notes to financial statements.

Nuveen Investments 263

Portfolio of Investments

Nuveen Short Duration High Yield Municipal Bond Fund

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Alabama – 1.7%
$	220	Bessemer Governmental Utility Services Corporation, Alabama, Water Supply Revenue Bonds, Series 2008A, 3.750%, 6/01/17		No Opt. Call		A2	$	233,873
	480	Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A, 5.000%, 11/15/30		11/15 at 100.00		Baa2		499,195
		Jefferson County Public Building Authority, Alabama, Lease Revenue Warrants, Series 2006:
	45	5.125%, 4/01/18 – AMBAC Insured		4/16 at 100.00		Ca		41,584
	100	5.125%, 4/01/21 – AMBAC Insured		4/16 at 100.00		Ca		87,909
		Jefferson County, Alabama, General Obligation Refunding Warrants, Series 2003A:
	400	5.000%, 4/01/22 – NPFG Insured		7/13 at 100.00		Baa2		394,584
	100	5.000%, 4/01/23 – NPFG Insured		7/13 at 100.00		Baa2		98,720
	500	Jefferson County, Alabama, General Obligation Warrants, Series 2004A, 5.000%, 4/01/18 – NPFG Insured		4/14 at 100.00		A		489,790
		Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A:
	40	5.250%, 1/01/14		No Opt. Call		B		40,040
	140	5.250%, 1/01/15		1/14 at 100.00		B		140,112
	275	5.250%, 1/01/18 – AGM Insured		1/14 at 100.00		AA–		276,477
	150	5.250%, 1/01/19 – AGM Insured		1/14 at 100.00		AA		150,806
	2,450	Total Alabama						2,453,090
		Alaska – 0.5%
		Alaska Railroad Corporation, Capital Grant Receipts Bonds, Section 5307 and 5309 Formula Funds, Series 2007:
	370	5.000%, 8/01/18 – FGIC Insured		8/17 at 100.00		A+		422,688
	200	5.000%, 8/01/21 – FGIC Insured		8/17 at 100.00		A+		227,738
	570	Total Alaska						650,426
		Arizona – 3.0%
	1,195	Arizona Health Facilities Authority, Health Care Facilities Revenue Bonds, The Beatitudes Campus Project, Series 2006, 5.100%, 10/01/22		10/16 at 100.00		N/R		1,218,123
	75	Downtown Phoenix Hotel Corporation, Arizona, Senior Revenue Bonds, Series 2005A, 5.250%, 7/01/23 – FGIC Insured		1/16 at 100.00		BB+		77,925
	350	Florence Town Inc., Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional School Project – Queen Creek and Casa Grande Campuses, Series 2013, 4.000%, 7/01/18		No Opt. Call		BB		350,473
	150	Glendale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Senior Lien Series 2012A, 3.000%, 7/01/18		No Opt. Call		AA+		158,886
	1,000	Phoenix Industrial Development Authority, Arizona, Airport Facilities Refunding Bonds, America West Airlines, Inc. Project, Series 1998, 6.300%, 4/01/23 (WI/DD, Settling 5/01/13) (Alternative Minimum Tax)		10/13 at 100.00		Caa2		1,003,810
	360	Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 5.200%, 7/01/22		7/21 at 100.00		BB		375,793
	1,000	Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 5.750%, 7/01/22		7/16 at 100.00		N/R		1,034,980
	4,130	Total Arizona						4,219,990
		California – 10.9%
	450	ABAG Finance Authority For Nonprofit Corporations, California, Revenue Bonds, Sharp HealthCare, Series 2009B, 6.375%, 8/01/34		8/14 at 100.00		A+		480,294
	150	Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.300%, 10/01/23 – AMBAC Insured		No Opt. Call		BBB+		169,074
	200	Anaheim Redevelopment Agency, California, Tax Allocation Refunding Bonds, Merged Redevelopment Project Areas, Series 2007A, 5.000%, 2/01/16 – AGM Insured		No Opt. Call		AA–		218,434

264 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	315	Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 17A, Series 2013B, 2.375%, 9/01/17		No Opt. Call		N/R	$	317,536
	1,395	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.250%, 6/01/21		12/18 at 100.00		B2		1,414,460
	150	California Municipal Finance Authority, Certificates of Participation, Community Hospitals of Central California Obligated Group, Series 2009, 4.250%, 2/01/15		No Opt. Call		Baa2		157,757
	50	California Municipal Finance Authority, Revenue Bonds, Biola University, Refunding Series 2008A, 5.000%, 10/01/18		No Opt. Call		Baa1		59,054
	165	California Municipal Finance Authority, Revenue Bonds, Biola University, Series 2013, 5.000%, 10/01/22		No Opt. Call		Baa1		196,753
	500	California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 4.000%, 7/01/15		No Opt. Call		Baa2		524,440
	300	California Statewide Community Development Authority, Revenue Bonds, International School of the Peninsula, Palo Alto, California, Series 2006, 5.000%, 11/01/21		11/16 at 100.00		N/R		311,502
	500	Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35 – NPFG Insured		7/13 at 100.00		Baa2		500,020
		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999:
	100	5.375%, 1/15/14 – NPFG Insured		7/13 at 100.00		Baa2		100,189
	75	5.000%, 1/15/16 – NPFG Insured		5/13 at 100.00		Baa2		75,113
	380	0.000%, 1/15/31 – NPFG Insured		7/13 at 35.18		Baa2		132,061
	250	0.000%, 1/15/33		No Opt. Call		BBB–		77,198
	100	Fresno Unified School District, Fresno County, California, General Obligation Bonds, Series 2002A, 5.300%, 2/01/14 – NPFG Insured		No Opt. Call		A+		103,621
	750	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 4.500%, 6/01/27		6/17 at 100.00		B		731,625
		Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax Allocation Bonds, Series 2007A:
	150	5.500%, 9/01/17 – SYNCORA GTY Insured		No Opt. Call		Ba1		165,327
	590	5.000%, 9/01/22 – SYNCORA GTY Insured		9/17 at 100.00		N/R		602,868
	1,000	Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho Vallecitos Mobile Home Park, Series 2013, 4.500%, 4/15/23		No Opt. Call		BBB		1,108,030
	100	Indian Wells Redevelopment Agency, California, Tax Allocation Bonds, Consolidated Whitewater Project Area, Refunding Series 2003A, 4.000%, 9/01/16 – AMBAC Insured		No Opt. Call		BBB–		104,939
	80	Indio Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Subordinate Lien Refunding Series 2008A, 5.000%, 8/15/19		8/18 at 100.00		BBB–		85,987
	95	Industry Public Facilities Authority, California, Tax Allocation Revenue Bonds Series 2007, 4.000%, 5/01/16 – NPFG Insured		7/13 at 100.00		A		95,518
		Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007:
	185	5.000%, 6/01/21		6/17 at 100.00		B		186,282
	200	4.625%, 6/01/21		6/17 at 100.00		B		197,538
		Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:
	300	5.250%, 11/15/19		No Opt. Call		A		349,359
	500	5.250%, 11/15/21		No Opt. Call		A		584,060
	200	Murrieta Valley Unified School District Public Finance Authority, Riverside County, California, Refunding Bonds Series 2013, 2.500%, 9/01/18		No Opt. Call		N/R		198,238

Nuveen Investments 265

Portfolio of Investments

Nuveen Short Duration High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	750	Oak Valley Hospital District, Stanislaus County, California, General Obligation Bonds, Series 2005, 4.500%, 7/01/25 – FGIC Insured		7/14 at 101.00		A2	$	777,615
	650	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 5.500%, 11/01/19		No Opt. Call		Baa3		752,343
	150	Riverside County, California, Community Facilities District 05-8, Scott Road, Special Tax Bonds Series 2013, 4.000%, 9/01/21		No Opt. Call		N/R		153,956
		Romoland School District, California, Special Tax Bonds, Community Facilities District 2004-1 Heritage Lake Improvement Area 3, Series 2013:
	125	4.000%, 9/01/21 (WI/DD, Settling 5/09/13)		No Opt. Call		N/R		131,981
	125	4.000%, 9/01/22 (WI/DD, Settling 5/09/13)		No Opt. Call		N/R		130,749
	150	4.000%, 9/01/23 (WI/DD, Settling 5/09/13)		No Opt. Call		N/R		155,792
	175	4.000%, 9/01/24 (WI/DD, Settling 5/09/13)		9/23 at 100.00		N/R		179,317
	50	Roseville Natural Gas Financing Authority, California, Gas Revenue Bonds, Series 2007, 5.000%, 2/15/18		No Opt. Call		A		56,674
	100	San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/16		9/15 at 102.00		Baa2		108,471
	105	San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 5.250%, 1/15/30 – NPFG Insured		7/13 at 100.00		Baa2		105,002
	65	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 1993, 6.000%, 8/01/15 – NPFG Insured		No Opt. Call		A		70,682
	520	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2005B, 5.000%, 8/01/14 – AMBAC Insured		No Opt. Call		BBB		546,099
	100	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D, 5.000%, 8/01/21 – AMBAC Insured		8/17 at 100.00		BBB		104,746
	110	San Jose, California, Airport Revenue Bonds, Refunding Series 2011A-1, 5.000%, 3/01/19 (Alternative Minimum Tax)		No Opt. Call		A2		129,565
	300	Santa Fe Springs Community Development Commission, Los Angeles County, California, Consolidated Project Area Tax Allocation Refunding Bonds, Series 2007A, 4.500%, 9/01/21 – NPFG Insured		9/17 at 100.00		A		317,802
	500	Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.000%, 11/01/13		No Opt. Call		Baa1		511,400
	200	Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2008A, 4.000%, 8/01/19		8/16 at 102.00		AA–		216,580
	75	Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Refunding Series 2011, 5.000%, 7/01/21 – AGM Insured		No Opt. Call		AA–		88,686
	500	Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Series 2007, 5.000%, 8/01/20 – AGM Insured		8/17 at 100.00		AA–		562,495
	170	Stockton, California, Revenue Certificates of Participation, Wastewater System Project, Series 1998A, 5.200%, 9/01/29 – NPFG Insured		9/13 at 100.00		BBB+		170,043
	100	Stockton-East Water District, California, Certificates of Participation, Series 2002A Refunding, 5.000%, 4/01/20 – FGIC Insured		5/13 at 100.00		N/R		100,136
	250	Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 4.750%, 6/01/23		6/15 at 100.00		B+		250,250
	605	Vernon, California, Electric System Revenue Bonds, Series 2009A, 5.125%, 8/01/21		8/19 at 100.00		A–		692,265
	15,105	Total California						15,559,926

266 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado – 2.4%
		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Cheyenne Mountain Charter Academy, Series 2007A:
$	25	5.000%, 6/15/15		No Opt. Call		BBB–	$	26,490
	75	5.000%, 6/15/16		No Opt. Call		BBB–		81,032
	500	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Series 2008A, 6.750%, 8/01/28		8/18 at 100.00		N/R		563,185
	185	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement Communities Inc., Refunding Series 2012C, 5.000%, 12/01/21		No Opt. Call		BBB+		214,082
	50	Compark Business Campus Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007A, 5.000%, 12/01/18 – RAAI Insured		12/17 at 100.00		N/R		51,546
	75	Conservatory Metropolitan District, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Series 2007, 4.000%, 12/01/13 – RAAI Insured		No Opt. Call		N/R		75,249
	100	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2007A-1, 5.250%, 9/01/16 – NPFG Insured		No Opt. Call		Baa2		110,286
	200	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2007C-1, 5.500%, 9/01/24 – NPFG Insured		No Opt. Call		Baa2		217,770
	100	Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.000%, 12/01/22 – RAAI Insured		12/17 at 100.00		N/R		101,798
	500	Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013, 5.000%, 12/01/18		No Opt. Call		N/R		565,060
	100	Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010B, 3.000%, 12/01/17 – AGM Insured		No Opt. Call		AA–		100,642
	575	Public Authority for Colorado Energy, Colorado, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.125%, 11/15/23		No Opt. Call		A		720,021
	500	Rendezvous Residential Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2007, 5.200%, 12/01/17		No Opt. Call		N/R		487,455
	85	Wyndham Hill Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2005, 6.250%, 12/01/25		12/15 at 100.00		N/R		84,178
	3,070	Total Colorado						3,398,794
		Connecticut – 0.1%
	75	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Eastern Connecticut Health Network, Series 2005, 4.375%, 7/01/18 – RAAI Insured		7/15 at 100.00		N/R		77,371
		Florida – 7.5%
	215	Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Refunding Bonds, Health First, Inc. Project, Series 2013A, 5.000%, 4/01/19		No Opt. Call		A–		254,162
		Capital Projects Finance Authority, Florida, Student Housing Revenue Bonds, Capital Projects Loan Program, Series 2001F-1:
	120	5.500%, 10/01/17 – NPFG Insured		7/13 at 100.00		Baa2		120,138
	145	5.125%, 10/01/21 – NPFG Insured		10/13 at 100.00		Baa2		144,945
	765	5.000%, 10/01/31 – NPFG Insured		7/13 at 100.00		Baa2		761,320
		Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1:
	65	6.000%, 6/01/16		No Opt. Call		A+		75,202
	60	5.500%, 6/01/16 – AGC Insured		No Opt. Call		AA–		68,743
	25	Citizens Property Insurance Corporation, Florida, High-Risk Account Revenue Bonds, Coastal Account Senior Secured Series 2011A-1, 4.000%, 6/01/16		No Opt. Call		A+		27,420

Nuveen Investments 267

Portfolio of Investments

Nuveen Short Duration High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
		Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1:
$	50	5.000%, 6/01/15		No Opt. Call		A+	$	54,444
	60	5.000%, 6/01/16		No Opt. Call		A+		67,632
	50	4.250%, 6/01/17		No Opt. Call		A+		56,252
	10	4.000%, 6/01/17 – AGM Insured		No Opt. Call		AA–		11,190
	50	Citrus County Hospital Board, Florida, Revenue Bonds, Citrus Memorial Hospital, Refunding Series 2002, 6.375%, 8/15/32		8/13 at 100.00		BB–		50,087
	50	Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/22		No Opt. Call		A+		60,944
	500	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2011A, 6.500%, 6/15/21		No Opt. Call		BB–		584,065
	50	Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 4.250%, 4/01/17		No Opt. Call		BBB+		54,695
	400	Florida Municipal Loan Council, Infrastructure Improvement Revenue Bonds, 9B Design-Build-Finance Project, Series 2012, 1.750%, 8/15/16		No Opt. Call		A		401,000
	1,000	Jacksonville, Florida, Economic Development Commission Health Care Facilities Revenue Bonds, Florida Proton Therapy Institute Project, Series 2007A, 6.250%, 9/01/27		9/17 at 100.00		N/R		1,124,680
	1,500	Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A, 5.250%, 6/15/27		6/17 at 100.00		BB		1,528,830
	700	Manatee County School Board, Florida, Certificates of Participation, Series 2011A, 4.500%, 7/01/18		No Opt. Call		A2		780,255
	1,375	Orlando Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Conroy Road District, Refunding Series 2012, 5.000%, 4/01/20		No Opt. Call		A–		1,601,363
	1,305	Orlando Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Conroy Road District, Refunding Series 2012, 5.000%, 4/01/19		No Opt. Call		A–		1,504,809
	750	Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 5.000%, 11/01/21 (WI/DD, Settling 5/07/13)		No Opt. Call		BBB+		867,413
	10	Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.750%, 10/01/22		10/17 at 100.00		BBB–		11,099
	300	Village Center Community Development District, Lake County, Florida, Recreational Revenue Bonds, Series 2001A, 5.200%, 11/01/25 – NPFG Insured		7/13 at 100.00		Baa2		301,650
	125	Westchase East Community Development District, Florida, Special Assessment Bonds, Series 2007-2, 4.000%, 5/01/18 – NPFG Insured		5/17 at 100.00		A		127,988
	9,680	Total Florida						10,640,326
		Georgia – 1.8%
	450	Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical Center, Series 2004, 5.000%, 12/01/26		12/14 at 100.00		BB–		454,590
	560	Fulton County Development Authority, Georgia, Revenue Bonds, Amana Academy Project, Series 2013A, 5.250%, 4/01/23		No Opt. Call		N/R		564,284
	500	Fulton County Residential Care Facilities Authority, Georgia, Revenue Bonds, Elderly Care, Lenbrook Square Project, Series 2006A, 5.000%, 7/01/27		7/17 at 100.00		N/R		507,855
		Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B:
	95	5.000%, 3/15/14		No Opt. Call		A		98,506
	275	5.000%, 3/15/20		No Opt. Call		A		314,606
	100	5.000%, 3/15/21		No Opt. Call		A		114,937
	265	5.000%, 3/15/22		No Opt. Call		A		307,919

268 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia (continued)
$	125	Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.000%, 10/01/19		No Opt. Call		Baa2	$	143,705
	67	Savannah Economic Development Authority, Georgia, Pollution Control Revenue Bonds, International Paper Company Projects, Refunding Series 2003A, 5.100%, 8/01/14		No Opt. Call		BBB		69,480
	2,437	Total Georgia						2,575,882
		Guam – 2.5%
		Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A:
	750	4.125%, 11/01/15		No Opt. Call		BBB+		792,203
	500	5.000%, 11/01/16		No Opt. Call		BBB+		550,255
	500	5.000%, 11/01/17		No Opt. Call		BBB+		556,180
	1,000	Guam Government Department of Education, Certificates of Participation, John F. Kennedy High School Project, Series 2010A, 6.000%, 12/01/20		No Opt. Call		B		1,089,420
	500	Guam Government, General Obligation Bonds, 2009 Series A, 6.750%, 11/15/29		11/19 at 100.00		B+		564,940
	30	Guam International Airport Authority, Revenue Bonds, Series 2003B, 5.250%, 10/01/14 – NPFG Insured		10/13 at 100.00		A		30,503
	3,280	Total Guam						3,583,501
		Hawaii – 0.2%
	250	Hawaii Housing Finance and Development Corporation, Multifamily Housing Revenue Bonds, Wilikina Apartments Project, Series 2012A, 4.250%, 5/01/22		No Opt. Call		BBB–		273,235
		Illinois – 2.6%
	255	Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 5.250%, 12/01/17 – FGIC Insured		No Opt. Call		A+		296,463
	300	Governors State University Board of Trustees, Illinois, Certificates of Participation, Capital Improvement Projects, Series 2008, 4.125%, 1/01/21		No Opt. Call		AA–		314,793
	25	Illinois Development Finance Authority, Revenue Bonds, Provena Health, Series 1998A, 5.125%, 5/15/23 – NPFG Insured		7/13 at 100.00		Baa1		25,098
	15	Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010, 6.125%, 5/15/27		5/20 at 100.00		BBB–		16,781
	300	Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation, Series 2007, 5.000%, 12/01/21		12/16 at 100.00		BBB+		325,932
	150	Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Series 2010A, 7.250%, 5/15/20		5/15 at 100.00		N/R		157,926
	250	Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 5.000%, 2/15/15		No Opt. Call		BB–		257,190
	500	Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A, 5.500%, 5/15/26		5/17 at 100.00		N/R		524,300
	20	Illinois Finance Authority, Revenue Refunding Bonds, Resurrection Health Care Corporation, Series 2009, 6.125%, 5/15/25		5/19 at 100.00		BBB+		23,010
	510	Illinois Finance Authority, Revenue Refunding Bonds, Swedish Covenant Hospital, Refunding Series 2010A, 5.000%, 8/15/17		No Opt. Call		BBB+		570,690
	100	Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/19		No Opt. Call		A2		115,566
	510	Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/20		No Opt. Call		AA–		599,867
	500	Pingree Grove Village, Illinois, Tax Assessment Bonds, Special Service Area 2 – Cambridge Lakes Project, Series 2005-2, 6.000%, 3/01/35		3/15 at 102.00		N/R		516,110
	3,435	Total Illinois						3,743,726

Nuveen Investments 269

Portfolio of Investments

Nuveen Short Duration High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana – 2.2%
$	500	Carmel, Indiana, Revenue Bonds, Barrington of Carmel Project, Series 2012A, 6.000%, 11/15/22		No Opt. Call		N/R	$	547,895
	400	Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.000%, 10/01/21		10/19 at 100.00		BB+		437,072
	330	Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.000%, 12/01/19		No Opt. Call		BB		364,155
	435	Indiana Finance Authority, Hospital Revenue Bonds, Marion General Hospital Project, Series 2012A, 3.000%, 7/01/19		No Opt. Call		A+		467,329
	750	Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax)		1/17 at 100.00		BBB		835,680
	500	Indiana Finance Authority, Revenue Bonds, Marquette Project, Series 2012, 5.000%, 3/01/19		No Opt. Call		BBB		552,645
	2,915	Total Indiana						3,204,776
		Iowa – 0.4%
	400	Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.500%, 7/01/25		7/16 at 100.00		BB+		422,796
		Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa University Project, Series 2012:
	125	3.000%, 9/01/16		No Opt. Call		BBB		130,025
	60	4.000%, 9/01/17		No Opt. Call		BBB		64,622
	585	Total Iowa						617,443
		Kansas – 0.4%
		Kansas Power Pool, Electric Utility Revenue Bonds, Clay Center Projects, Series 2013A:
	100	3.000%, 12/01/18 (WI/DD, Settling 5/15/13)		No Opt. Call		Baa1		105,762
	310	4.000%, 12/01/20 (WI/DD, Settling 5/15/13)		No Opt. Call		Baa1		341,787
	30	Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.200%, 4/01/20		No Opt. Call		BBB		34,488
	100	Wichita, Kansas, Hospital Facilities Revenue Bonds, Via Christi Health System, Inc., Refunding Series 2009X, 4.750%, 11/15/24		11/19 at 100.00		AA–		111,884
	540	Total Kansas						593,921
		Louisiana – 1.1%
	750	Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32		11/17 at 100.00		BBB–		858,458
	135	Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Refunding Series 2009A, 5.000%, 7/01/19		No Opt. Call		A+		160,377
	200	Louisiana Public Facilities Authority, Revenue Bonds, The Oaks of Alexandria, L.L.C. – Louisiana State University at Alexandria Student housing Project, Series 2006, 4.000%, 10/01/17 – NPFG Insured		10/16 at 100.00		A		210,080
	400	Louisiana Public Facilities Authority, Solid Waste Disposal Facility Revenue Bonds, Louisiana Pellets Inc Project, Series 2013A, 9.750%, 8/01/14 (Alternative Minimum Tax)		7/13 at 100.00		N/R		400,080
	1,485	Total Louisiana						1,628,995
		Maryland – 0.7%
	1,000	Maryland Economic Development Corporation, Senior Lien Student Housing Revenue Bonds, University of Maryland – Baltimore, Series 2003A, 5.625%, 10/01/23		10/13 at 100.00		B3		1,000,080

270 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Massachusetts – 2.1%
$	750	Massachusetts Development Finance Agency, Revenue Bonds, Boston Architectural College, Series 2006, 5.000%, 1/01/27 – ACA Insured		1/17 at 100.00		N/R	$	750,945
	250	Massachusetts Development Finance Authority, Revenue Bonds, Eastern Nazarene College, Series 1999, 5.625%, 4/01/29		7/13 at 100.00		BB+		250,788
	1,150	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%, 7/01/30		7/15 at 100.00		BB–		1,187,019
		Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:
	25	5.000%, 1/01/21 – AMBAC Insured		7/13 at 100.00		N/R		25,003
	785	5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)		7/13 at 100.00		N/R		784,992
	2,960	Total Massachusetts						2,998,747
		Michigan – 4.1%
	630	Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding Senior Lien Series 2006D, 5.000%, 7/01/23 – AGM Insured		No Opt. Call		AA–		664,190
		Detroit Water Supply System, Michigan, Water Supply System Revenue Senior Lien Bonds, Series 2006A:
	70	5.250%, 7/01/19 – NPFG Insured		7/16 at 100.00		Baa2		76,624
	365	5.250%, 7/01/22 – NPFG Insured		7/16 at 100.00		Baa2		395,452
	65	5.250%, 7/01/23 – NPFG Insured		7/16 at 100.00		Baa2		70,216
	645	Detroit, Michigan, Downtown Development Authority, Tax Increment Refunding Bonds, Development Area 1 Projects, Series 1998A, 4.750%, 7/01/25 – NPFG Insured		7/13 at 100.00		A–		645,116
	250	Detroit, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2008-A1, 5.000%, 4/01/15		No Opt. Call		B		234,098
	105	Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Remarketed Series 1998A, 5.250%, 7/01/23 – AGC Insured		7/17 at 100.00		AA–		115,292
	250	Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2001C, 5.750%, 7/01/21 – BHAC Insured		No Opt. Call		AA+		297,378
		Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A:
	55	5.000%, 7/01/26 – NPFG Insured		7/13 at 100.00		A+		55,212
	750	5.000%, 7/01/34 – NPFG Insured		7/13 at 100.00		A+		750,045
	195	Detroit, Michigan, Water Supply System Revenue Bonds, Series 2004B, 5.000%, 7/01/16 – NPFG Insured		No Opt. Call		Baa2		215,567
	235	Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding Bonds, Detroit Service Learning Academy Project, Series 2011, 6.000%, 10/01/21		No Opt. Call		BB+		260,161
	485	Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Old Redford Academy Project, Series 2010A, 5.250%, 12/01/20		No Opt. Call		BB		525,304
	250	Summit Academy North, Michigan, Revenue Bonds, Public School Academy Series 2005, 5.000%, 11/01/15		No Opt. Call		BB		251,750
	175	Taylor, Wayne County, Michigan, General Obligation Bonds, Refunding Series 2005, 5.000%, 9/01/14 – NPFG Insured		No Opt. Call		BBB		183,271
	250	Troy Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Development & Refunding Series 2001, 5.500%, 11/01/15 – NPFG Insured		11/13 at 100.00		Baa2		252,675
	790	Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 – NPFG Insured		7/13 at 100.00		BBB+		792,157
	5,565	Total Michigan						5,784,508

Nuveen Investments 271

Portfolio of Investments

Nuveen Short Duration High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Minnesota – 0.1%
$	150	Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village at St. Anthony Falls Project, Refunding Series 2004, 5.750%, 2/01/27		7/13 at 100.00		N/R	$	150,105
		Missouri – 2.3%
	500	Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Briarcliff West Project, Series 2006A, 5.400%, 6/01/24		6/14 at 102.00		N/R		519,105
	1,000	Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 5.000%, 12/15/22 – NPFG Insured		12/16 at 100.00		A		1,087,870
	500	St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005B, 5.375%, 11/01/23		11/14 at 100.00		N/R		503,690
	1,000	St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2007B, 5.000%, 7/01/24 – AGM Insured (Alternative Minimum Tax)		7/17 at 100.00		AA–		1,108,920
	3,000	Total Missouri						3,219,585
		Nebraska – 0.1%
		Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A:
	105	5.250%, 12/01/18		No Opt. Call		A		119,820
	50	5.250%, 12/01/19		No Opt. Call		A		57,477
	155	Total Nebraska						177,297
		Nevada – 1.4%
	100	Henderson Local Improvement Districts T-18, Nevada, Limited Obligation Improvement Bonds, Inspirada Series 2006, 5.150%, 9/01/21		9/13 at 102.00		N/R		91,661
	100	Henderson, Nevada, Local Improvement District T-13 Cornerstone, Limited Obligation Refunding Bonds, Series 2013, 4.000%, 3/01/17		No Opt. Call		N/R		102,456
	1,770	North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/27 – NPFG Insured		5/16 at 100.00		A		1,844,977
	1,970	Total Nevada						2,039,094
		New Hampshire – 0.2%
	200	Manchester Housing and Redevelopment Authority, New Hampshire, Meals and Rooms Tax Revenue Bonds, Series 2000A, 6.750%, 1/01/14 – ACA Insured		7/13 at 100.00		Caa1		199,936
	130	Manchester Housing and Redevelopment Authority, New Hampshire, Revenue Bonds, Series 2000B, 0.000%, 1/01/17 – ACA Insured		No Opt. Call		Caa1		100,888
	330	Total New Hampshire						300,824
		New Jersey – 2.9%
	200	Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured		6/15 at 100.00		A–		212,504
	250	New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Tender Option Bond Trust 1151, 2.769%, 9/01/25 (IF) (4)		3/25 at 100.00		A+		250,000
	100	New Jersey Economic Development Authority, Transportation Sublease Revenue Bonds, Light Rail Transit System, Refunding Series 2008A, 5.000%, 5/01/19		No Opt. Call		A+		120,565
	70	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Palisades Medical Center of New York Presbyterian Healthcare System Obligated Group, Series 1999, 5.200%, 7/01/19 – ACA Insured		7/13 at 100.00		BB+		70,053
	500	New Jersey State Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.000%, 12/01/22		12/21 at 100.00		A		572,535
		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	2,446	4.500%, 6/01/23		6/17 at 100.00		B1		2,447,712
	500	4.625%, 6/01/26		6/17 at 100.00		B1		486,860
	4,066	Total New Jersey						4,160,229

272 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Mexico – 1.1%
$	1,500	Bernalillo County, New Mexico, Multifamily Housing Revenue Bonds, Valencia Retirement Apartments Project, Series 2001A, 5.450%, 6/01/34 – AMBAC Insured (Alternative Minimum Tax)		5/13 at 100.00		N/R	$	1,500,390
		New York – 4.6%
	100	Buffalo and Erie County Industrial Land Development Corporation, New York, Tax-Exempt Revenue Bonds, Enterprise Charter School Project, Series 2011A, 6.000%, 12/01/19		No Opt. Call		BBB–		109,777
		Build NYC Resource Corporation, New York, Revenue Bonds, Bronx Charter School for Excellence, Series 2013A:
	485	4.000%, 4/01/19		No Opt. Call		BBB–		526,181
	525	4.000%, 4/01/21		No Opt. Call		BBB–		567,908
	545	4.000%, 4/01/22		No Opt. Call		BBB–		585,597
	1,000	Essex County Industrial Development Agency, New York, Solid Waste Disposal Revenue Bonds, International Paper Company, Refunding Series 2005A, 5.200%, 12/01/23 (Alternative Minimum Tax)		12/15 at 100.00		BBB		1,084,730
		New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005:
	1,000	7.500%, 8/01/16 (Alternative Minimum Tax)		No Opt. Call		N/R		1,067,680
	150	7.625%, 8/01/25 (Alternative Minimum Tax)		8/16 at 101.00		N/R		171,441
	150	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006A, 5.000%, 12/01/16		No Opt. Call		BB+		160,230
		New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
	100	5.000%, 1/01/19 – AMBAC Insured		1/17 at 100.00		Ba1		109,409
	75	5.000%, 1/01/20 – AMBAC Insured		1/17 at 100.00		Ba1		81,313
	90	5.000%, 1/01/21 – AMBAC Insured		1/17 at 100.00		Ba1		97,182
	105	5.000%, 1/01/22 – AMBAC Insured		1/17 at 100.00		Ba1		112,430
	75	5.000%, 1/01/23 – AMBAC Insured		1/17 at 100.00		Ba1		79,850
		Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
	195	5.000%, 12/01/20		No Opt. Call		BBB–		224,853
	200	6.500%, 12/01/28		12/15 at 100.00		BBB–		220,914
	75	Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)		6/13 at 100.00		BBB–		75,290
	185	Rockland County, New York, General Obligation Bonds, Various Purpose Series 2010B, 2.000%, 9/01/15		No Opt. Call		BBB–		189,440
	100	Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2008A, 5.000%, 6/01/18		No Opt. Call		BBB+		104,764
	1,000	TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/26		6/16 at 100.00		BB–		989,550
	6,155	Total New York						6,558,539
		North Carolina – 0.3%
	450	Charlotte, North Carolina, Special Facility Refunding Revenue Bonds, Charlotte/Douglas International Airport, US Airways, Inc. Project, Series 1998, 5.600%, 7/01/27 (Alternative Minimum Tax)		7/13 at 100.00		N/R		450,554
		Ohio – 5.2%
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
	1,395	5.375%, 6/01/24		6/17 at 100.00		B–		1,315,359
	2,340	5.125%, 6/01/24		6/17 at 100.00		B–		2,172,222
	165	Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.000%, 4/01/20		No Opt. Call		BBB–		190,177

Nuveen Investments 273

Portfolio of Investments

Nuveen Short Duration High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
$	1,195	Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/20 (WI/DD, Settling 5/09/13)		No Opt. Call		BB+	$	1,318,312
	1,075	Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation Inc., Series 1992, 6.450%, 12/15/21		No Opt. Call		Baa2		1,399,876
	1,000	Youngstown, Ohio, General Obligation Bonds, Series 2005, 4.125%, 12/01/20 – NPFG Insured		12/15 at 100.00		A		1,049,320
	7,170	Total Ohio						7,445,266
		Oklahoma – 0.3%
	110	Oklahoma Development Finance Authority, Hospital Revenue Bonds, Great Plains Regional Medical Center, Series 2007, 4.500%, 12/01/14		No Opt. Call		BB+		113,655
	310	Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Series 1995, 6.250%, 6/01/20		6/13 at 100.00		N/R		310,760
	420	Total Oklahoma						424,415
		Oregon – 0.4%
		Medford Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Asante Health System, Refunding Series 2010:
	260	5.000%, 8/15/19 – AGM Insured		No Opt. Call		AA–		312,842
	200	5.000%, 8/15/21 – AGM Insured		8/20 at 100.00		AA–		240,394
	55	Port of Saint Helens, Oregon, Pollution Control Revenue Bonds, Boise Cascade Project, Series 1997, 5.650%, 12/01/27		No Opt. Call		N/R		54,998
	515	Total Oregon						608,234
		Pennsylvania – 2.7%
	215	Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.500%, 5/01/17		No Opt. Call		BB		234,408
	120	Allegheny County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, Duquesne Light Company, Series 1999A, 4.350%, 12/01/13 – AMBAC Insured		No Opt. Call		A2		122,263
	680	Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States Steel Corporation, Series 2005, 5.500%, 11/01/16		No Opt. Call		BB		712,239
	250	Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, Duquesne Light Company Project, Series 1999B, 4.750%, 8/01/20 (Mandatory put 5/01/18)		No Opt. Call		A2		283,453
	190	Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 4.875%, 3/15/27		3/17 at 100.00		BBB		194,739
	515	Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, 5.000%, 7/01/22		No Opt. Call		BBB		588,367
	400	Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Series 2002, 6.000%, 11/15/35		7/13 at 100.00		Ba2		400,344
	200	Pennsylvania Economic Development Financing Authority, Revenue Bonds, Northwestern Human Services Inc., Series 1998A, 5.250%, 6/01/28		6/13 at 100.00		N/R		200,192
	175	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Delaware Valley College of Science and Agriculture Project, Series 2012 LL1, 5.000%, 11/01/19		No Opt. Call		Baa3		198,858
	40	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny Delaware Valley Obligated Group, Series 1996C, 5.875%, 11/15/16 – NPFG Insured		7/13 at 100.00		Baa2		40,048
	100	Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2008F, 5.000%, 9/01/17 – BHAC Insured		No Opt. Call		AA+		114,902
	180	Reading, Berks County, Pennsylvania, General Obligation Bonds, Refunding Series 2011A, 5.250%, 11/15/19 – AGM Insured		No Opt. Call		A2		211,720

274 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	150	Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 4.250%, 9/15/18 – FGIC Insured		9/13 at 100.00		N/R	$	145,745
	370	Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2013, 5.000%, 12/01/20		No Opt. Call		BBB–		421,297
	3,585	Total Pennsylvania						3,868,575
		Puerto Rico – 3.9%
	60	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002KK, 5.500%, 7/01/16 – NPFG Insured		No Opt. Call		BBB+		64,510
	200	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005SS, 5.000%, 7/01/21 – NPFG Insured		7/15 at 100.00		BBB+		203,172
	620	Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series 2002, 5.000%, 7/01/19 – NPFG Insured		No Opt. Call		BBB+		664,969
	500	Puerto Rico Government Development Bank, Adjustable Refunding Bonds, Variable Rate Demand Obligations, Series 1985, 4.750%, 12/01/15 – NPFG Insured		12/13 at 100.00		BBB–		507,055
		Puerto Rico Government Development Bank, Senior Note Revenue Bonds, Senior Lien, Series 2006B:
	440	5.000%, 12/01/15		No Opt. Call		BBB–		460,935
	105	5.000%, 12/01/16		No Opt. Call		BBB–		110,759
	550	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Bonds, Auxilio Mutuo Hospital, Series 2011A, 5.000%, 7/01/21		No Opt. Call				619,196
	300	Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 4.000%, 7/01/16 – FGIC Insured		No Opt. Call		BBB+		304,587
	270	Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 5.500%, 7/01/19 – FGIC Insured		No Opt. Call		BBB+		290,104
		Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A:
	300	5.500%, 7/01/15 – NPFG Insured		No Opt. Call		Baa2		315,954
	175	5.500%, 7/01/16 – NPFG Insured		No Opt. Call		Baa2		186,489
	1,055	5.500%, 7/01/18 – NPFG Insured (Alternative Minimum Tax)		No Opt. Call		Baa2		1,137,132
	500	Puerto Rico, General Obligation Bonds, Public Improvement Refunding Series 2007A, 5.250%, 7/01/15		No Opt. Call		BBB–		523,985
	105	University of Puerto Rico, University System Revenue Bonds, Series 2006P, 5.000%, 6/01/16		No Opt. Call				107,965
	130	University of Puerto Rico, University System Revenue Bonds, Series 2006Q, 5.000%, 6/01/21		6/16 at 100.00		BBB–		130,667
	5,310	Total Puerto Rico						5,627,479
		Rhode Island – 0.1%
	100	East Providence, Rhode Island, General Obligation Bonds, Series 2003, 4.000%, 5/15/21 – NPFG Insured		5/13 at 100.00		A		100,058
	75	Rhode Island Health & Educational Building Corporation, Public Schools Financing Program Revenue Bonds, Pooled Series 2009E, 5.000%, 5/15/17		No Opt. Call		A3		82,860
	175	Total Rhode Island						182,918
		South Carolina – 0.1%
	145	South Carolina Jobs-Economic Authority, Student Housing Revenue Bonds, Coastal Housing Foundation, LLC Project, Series 2009A, 5.500%, 4/01/20		No Opt. Call		A		157,554
	20	York County, South Carolina, Celanese, Series 1994, 5.700%, 1/01/24 (Alternative Minimum Tax)		7/13 at 100.00		BB–		20,002
	165	Total South Carolina						177,556

Nuveen Investments 275

Portfolio of Investments

Nuveen Short Duration High Yield Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		South Dakota – 0.2%
$	100	Heartland Consumers Power District, South Dakota, Electric System Revenue Refunding Bonds, Series 1992, 6.000%, 1/01/17 – AGM Insured		No Opt. Call		AA–	$	111,863
	160	Rapid City, South Dakota, Airport Revenue Refunding Bonds, Passenger Facility Charge Supported, Series 2011A, 5.000%, 12/01/20		12/19 at 100.00		Baa2		182,469
	260	Total South Dakota						294,332
		Tennessee – 1.8%
	540	Clarksville Natural Gas Acquisition Corporation, Tennessee, Natural Gas Revenue Bonds, Series 2006, 5.000%, 12/15/21 – SYNCORA GTY Insured		No Opt. Call		A		626,092
		The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A:
	290	5.250%, 9/01/20		No Opt. Call		A		339,758
	415	5.250%, 9/01/21		No Opt. Call		A		485,911
	200	5.250%, 9/01/22		No Opt. Call		A		236,648
	25	5.250%, 9/01/24		No Opt. Call		A		29,540
		The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C:
	20	5.000%, 2/01/17		No Opt. Call		A–		22,315
	100	5.000%, 2/01/20		No Opt. Call		A–		114,413
	650	5.000%, 2/01/22		No Opt. Call		A–		743,496
	2,240	Total Tennessee						2,598,173
		Texas – 6.3%
	350	Bexar County Health Facilities Development Corporation, Texas, Revenue Bonds, Army Retirement Residence Foundation Project, Series 2010, 4.250%, 7/01/15		No Opt. Call		BBB		368,732
	250	Bexar County, Texas, Health Facilities Development Corporation Revenue Bonds, Army Retirement Residence, Series 2007, 5.000%, 7/01/27		7/17 at 100.00		BBB		263,775
	75	Brazos River Authority, Texas, Collateralized Revenue Bonds, CenterPoint Energy Inc., Refunding Series 2004B, 4.250%, 12/01/17 – FGIC Insured		6/14 at 100.00		A		77,969
	80	Brazos River Authority, Texas, Revenue Refunding Bonds, Houston Industries Inc., Series 1998D, 4.900%, 10/01/15 – NPFG Insured		No Opt. Call		BBB		86,150
	1,000	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/21 (WI/DD, Settling 5/16/13)		No Opt. Call		BBB–		1,184,180
	65	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 5.750%, 1/01/18		No Opt. Call		Baa2		76,640
	750	Central Texas Regional Mobility Authority, Revenue Bonds, Subordinate Lien Refunding Series 2013, 5.000%, 1/01/20 (WI/DD, Settling 5/16/13)		No Opt. Call		Baa3		851,183
	165	Dallas-Ft. Worth International Airport Facility Improvement Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 1995, 6.000%, 11/01/14		7/13 at 100.00		N/R		179,438
	105	Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A, 5.000%, 6/01/18		No Opt. Call		Baa3		119,642
	1,325	Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured		5/13 at 100.00		Baa2		1,327,836
	40	Harris County-Houston Sports Authority, Texas, Junior Lien Special Revenue Bonds, Series 1998B, 0.000%, 11/15/17 – NPFG Insured		No Opt. Call		Baa2		31,343
	100	Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Refunding Bonds, Series 2001A, 5.250%, 11/15/30 – NPFG Insured		7/13 at 100.00		BBB		100,214
		Harris County-Houston Sports Authority, Texas, Senior Lien Special Revenue Bonds, Series 1998A:
	100	5.000%, 11/15/25 – NPFG Insured		7/13 at 100.00		BBB		100,747
	95	5.000%, 11/15/28 – NPFG Insured		7/13 at 100.00		BBB		95,711
	1,000	Health Facilities Development District of Central Texas, Revenue Bonds, Legacy at Willow Bend Project, Series 2006A, 5.625%, 11/01/26		11/16 at 100.00		N/R		1,052,870

276 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	400	Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Air Lines Inc., Series 2001E, 6.750%, 7/01/29 (Alternative Minimum Tax)		7/13 at 100.00		B	$	401,768
		Lufkin Health Facilities Development Corporation, Texas, Health System Revenue Bonds, Memorial Health System of East Texas, Refunding Series 2009:
	330	5.500%, 2/15/18		No Opt. Call		BBB–		376,999
	255	5.750%, 2/15/19		No Opt. Call		BBB–		298,294
	1,030	Red River Authority, Texas, Pollution Control Revenue Bonds, AEP Texas North Company, Public Service Company of Oklahoma and AEP Texas Central Company Oklaunion Project, Refunding Series 2007, 4.450%, 6/01/20 – NPFG Insured		No Opt. Call		BBB		1,151,458
	425	Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 5.625%, 12/15/17		No Opt. Call		A–		476,149
		Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006A:
	80	5.250%, 12/15/18		No Opt. Call		A–		92,742
	25	5.250%, 12/15/20		No Opt. Call		A–		29,117
	200	Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/19		No Opt. Call		A3		227,814
	8,245	Total Texas						8,970,771
		Vermont – 0.4%
	500	Vermont Economic Development Authority, Solid Waste Disposal Revenue Bonds, Casella Waste Systems, Inc. Project, Series 2013, 4.750%, 4/01/36 (Mandatory put 4/02/18) (Alternative Minimum Tax)		No Opt. Call		B+		503,470
		Virgin Islands – 0.9%
	1,000	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 4.000%, 10/01/22		No Opt. Call		BBB+		1,078,270
	200	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.000%, 10/01/33 – RAAI Insured		10/14 at 100.00		BBB+		207,224
	30	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29		10/20 at 100.00		Baa2		33,043
	1,230	Total Virgin Islands						1,318,537
		Virginia – 0.3%
	400	Peninsula Town Center Community Development Authority, Virginia, Special Obligation Bonds, Series 2007, 5.800%, 9/01/17		No Opt. Call		N/R		436,356
		Washington – 0.3%
	275	Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013, 5.750%, 4/01/43		4/14 at 100.00		N/R		275,129
	35	Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009, 6.250%, 7/01/24		7/19 at 100.00		Baa3		40,172
	85	Washington State Housing Finance Commission, Non-Profit Revenue Bonds, Emerald Heights Project, Refunding 2013, 4.000%, 7/01/18		No Opt. Call		A–		94,435
	395	Total Washington						409,736
		Wisconsin – 0.1%
	40	Green Bay Redevelopment Authority, Wisconsin, Industrial Development Revenue Bonds, Fort James Project, Series 1999, 5.600%, 5/01/19 (Alternative Minimum Tax)		No Opt. Call		N/R		46,400
	25	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/21		8/16 at 100.00		A–		28,017
	65	Total Wisconsin						74,417
$	107,983	Total Investments (cost $113,867,643) – 80.2%						114,501,589
		Other Assets Less Liabilities – 19.8%						28,283,119
		Net Assets – 100%					$	142,784,708

Nuveen Investments 277

Portfolio of Investments

Nuveen Short Duration High Yield Municipal Bond Fund (continued)

April 30, 2013

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

(2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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.

N/R Not rated.

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

(IF) Inverse floating rate investment.

144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

See accompanying notes to financial statements.

278 Nuveen Investments

Portfolio of Investments

Nuveen Short Term Municipal Bond Fund

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		MUNICIPAL BONDS – 97.2%
		National – 0.3%
$	1,522	BB&T Various States Municipal Trust Pool, Class B Certificates, Series 2011, 0.149%, 9/01/14		No Opt. Call		AA–	$	1,522,112
		Alabama – 0.1%
	650	Camden Industrial Development Board, Alabama, Exempt Facilities Revenue Bonds, Weyerhaeuser Company Project, Series 2003B, 6.375%, 12/01/24 (Pre-refunded 12/01/13) (Alternative Minimum Tax)		12/13 at 100.00		AA+ (4)		673,491
		Arizona – 4.8%
		Arizona Sports and Tourism Authority, Subordinate Tax Revenue Refunding Bonds, Professional Baseball Training Facilities Project, Series 2013:
	1,000	5.000%, 7/01/15		No Opt. Call		A3		1,084,610
	1,000	5.000%, 7/01/16		No Opt. Call		A3		1,113,020
	1,545	Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2010, 5.000%, 5/15/19		No Opt. Call		A+		1,784,769
	1,045	Maricopa County School District 31 Balsz, Arizona, General Obligation Bonds, School Improvement Project 2011 Series 2012, 2.000%, 7/01/14 – AGM Insured		No Opt. Call		AA–		1,061,647
	5,000	Navajo County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding Bonds, Arizona Public Service Company, Cholla Project, Series 2009A, 1.250%, 6/01/34 (Mandatory put 5/29/14)		No Opt. Call		Baa1		5,031,300
		Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A:
	775	3.000%, 7/01/13		No Opt. Call		A+		778,550
	5,630	5.000%, 7/01/17		No Opt. Call		A+		6,564,974
	1,270	Phoenix Industrial Development Authority, Arizona, Single Family Mortgage Revenue Bonds, Series 1983, 0.000%, 12/01/14 (ETM)		No Opt. Call		Aaa		1,263,040
		Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012:
	200	3.000%, 7/01/14 (Alternative Minimum Tax)		No Opt. Call		AA+		204,922
	130	3.000%, 7/01/15 (Alternative Minimum Tax)		No Opt. Call		AA+		134,160
	300	3.000%, 7/01/16 (Alternative Minimum Tax)		No Opt. Call		AA+		312,312
	500	Pima County Unified School District 10 Amphitheater, Arizona, General Obligation Bonds, School Improvement Series 2011C, 3.000%, 7/01/13		No Opt. Call		Aa2		501,930
	790	Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 2.500%, 7/01/15		No Opt. Call		A		814,593
	820	Sun Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project, Series 2008, 5.000%, 7/01/18		No Opt. Call		AA–		976,423
	2,000	Yavapai County Industrial Development Authority, Arizona, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2003A-2, 0.850%, 3/01/28 (Alternative Minimum Tax)		No Opt. Call		BBB		2,002,020
	22,005	Total Arizona						23,628,270
		Arkansas – 0.7%
	2,805	North Little Rock Health Facilities Board, Arkansas, Healthcare Revenue Bonds, Baptist Health, Series 1996B, 5.375%, 12/01/19		12/18 at 100.00		A+		3,319,493
		California – 6.6%
	870	ABAG Finance Authority for Nonprofit Corporations, California, Revenue Bonds, Episcopal Senior Communities, Refunding Series 2011, 4.000%, 7/01/13		No Opt. Call		BBB		874,942
		Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C, Series 2013A:
	475	2.000%, 9/01/14		No Opt. Call		N/R		477,736
	495	2.250%, 9/01/15		No Opt. Call		N/R		497,465

Nuveen Investments 279

Portfolio of Investments

Nuveen Short Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	800	California Health Facilities Financing Authority, Cal-Mortgage Insured Revenue Bonds, Northern California Retired Officers Community Corporation – Paradise Valley Estates, Refunding Series 2013, 3.000%, 1/01/17		No Opt. Call		A	$	850,496
		California Health Facilities Financing Authority, Insured Refunding Revenue Bonds, Marshall Medical Center, Series 2012A:
	300	3.000%, 11/01/13		No Opt. Call		A		304,059
	495	4.000%, 11/01/14		No Opt. Call		A		520,557
	275	California Municipal Finance Authority, Revenue Bonds, Centro De Salud De La Communidad De Ysidero, Inc., Series 2013, 3.000%, 3/01/16		No Opt. Call		A		290,804
	1,000	California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, USA Waste Services Inc., Refunding Series 1998A, 2.625%, 6/01/18 (Mandatory put 6/02/14) (Alternative Minimum Tax)		No Opt. Call		BBB		1,020,130
	2,330	California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Series 2011C, 4.000%, 10/01/15		No Opt. Call		A2		2,524,089
	3,000	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2011A, 4.000%, 10/01/15		No Opt. Call		A2		3,249,900
	2,500	California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/16		3/15 at 100.00		A		2,699,025
		Carlsbad, California, Limited Obligation Refunding Bonds, Reassessment District 12-1, Series 2013:
	400	2.000%, 9/01/14		No Opt. Call		N/R		405,508
	250	2.000%, 9/01/15		No Opt. Call		N/R		253,833
	550	Corona-Norco Unified School District Public Financing Authority, Riverside County, California, Special Tax Revenue Refunding Bonds, Senior Lien Series 2013A, 2.000%, 9/01/15		No Opt. Call		BBB+		556,914
	2,205	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013A, 5.000%, 6/01/17		No Opt. Call		A2		2,556,146
	2,500	Inland Valley Development Agency, California, Tax Allocation Bonds, Series 2011B, 4.250%, 3/01/41 (Mandatory put 3/01/15)		No Opt. Call		A		2,608,875
	500	Northern California Power Agency, Hydroelectric Project Number One Revenue Bonds, Refunding Series 2010A, 5.000%, 7/01/16		No Opt. Call		A+		568,120
		Orange City, California, Special Tax Bonds, Community Facilities District 91-2, Serrano Heights Public Improvements, Refunding Series 2013:
	450	3.000%, 10/01/15		No Opt. Call		A		473,535
	320	3.000%, 10/01/16		No Opt. Call		A		341,293
	360	3.000%, 10/01/17		No Opt. Call		A		384,998
	300	4.000%, 10/01/18		No Opt. Call		A		335,823
		Pioneers Memorial Healthcare District, California, General Obligation Bonds, Refunding Series 2012:
	450	3.000%, 10/01/13		No Opt. Call		BBB+		454,734
	675	3.000%, 10/01/14		No Opt. Call		BBB+		693,441
		Pittsburg Infrastructure Financing Authority, California, Reassessment Revenue Refunding Bonds, Series 2011A:
	200	2.000%, 9/02/13 – AGM Insured		No Opt. Call		AA–		201,038
	400	3.000%, 9/02/14 – AGM Insured		No Opt. Call		AA–		411,880
		Sacramento City Financing Authority, California, Special Tax Revenue Bonds, Westlake and Regency Park, Refunding Series 2013A:
	1,685	2.000%, 9/01/13		No Opt. Call		BBB+		1,691,959
	1,005	3.000%, 9/01/15		No Opt. Call		BBB+		1,044,054
	550	3.000%, 9/01/16		No Opt. Call		BBB+		574,266
		San Benito Health Care District, San Benito County, California, Revenue Bonds, Refunding Series 2013:
	300	3.000%, 3/01/16		No Opt. Call		A		317,586
	350	4.000%, 3/01/18		No Opt. Call		A		393,197

280 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	1,000	San Francisco Redevelopment Agency, California, Special Tax Bonds, Community Facilities District 6, Mission Bay South, Series 2002, 3.000%, 8/01/15		No Opt. Call		N/R	$	1,032,550
	430	San Marcos Public Facilities Authority, California, Special Tax Revenue Bonds, Refunding Series 2012D, 2.000%, 9/01/13		No Opt. Call		N/R		431,707
	985	Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 5.000%, 12/01/18		No Opt. Call		A		1,108,056
		West Kern Water District, California, Certificates of Participation, Series 2011:
	350	3.000%, 6/01/13		No Opt. Call		AA–		350,770
	630	3.000%, 6/01/14		No Opt. Call		AA–		644,755
	860	3.000%, 6/01/15		No Opt. Call		AA–		896,025
	600	3.000%, 6/01/16		No Opt. Call		AA–		630,366
	30,845	Total California						32,670,632
		Colorado – 4.7%
		Colorado Educational and Cultural Facilities Authority, Charter School Refunding Revenue Bonds, Pinnacle Charter School, Inc. K-8 Facility Project, Series 2013:
	175	3.000%, 6/01/15		No Opt. Call		A		181,097
	250	3.000%, 6/01/16		No Opt. Call		A		261,260
		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Douglas County School District RE-1 – DCS Montessori School, Refunding & Improvement Series 2012:
	210	2.000%, 7/15/14		No Opt. Call		A		212,512
	175	2.250%, 7/15/17		No Opt. Call		A		177,525
	500	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Stargate Charter School, Series 2002, 6.125%, 5/01/33 (Pre-refunded 5/01/13)		5/13 at 100.00		N/R (4)		500,080
	3,345	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.000%, 7/01/15		No Opt. Call		AA–		3,675,118
	500	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Communities Project, Series 2012, 4.000%, 1/01/15		No Opt. Call		N/R		508,720
	2,450	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan, Series 2009B, 5.000%, 6/01/39 (Mandatory put 12/01/14)		No Opt. Call		A–		2,616,600
		Colorado Health Facilities Authority, Colorado, Revenue Bonds, National Jewish Medical and Research Center, Series 2012:
	350	4.000%, 1/01/14		No Opt. Call		BBB–		355,436
	505	4.000%, 1/01/15		No Opt. Call		BBB–		523,478
	840	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Series 2012, 3.000%, 9/01/15		No Opt. Call		A3		879,253
	1,000	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Yampa Valley Medical Center, Series 2007, 5.000%, 9/15/13		No Opt. Call		BBB+		1,012,770
	1,610	Colorado Springs, Colorado, Utilities System Revenue Bonds, Series 2012C-1, 3.000%, 11/15/13		No Opt. Call		AA		1,634,697
	360	Colorado Water Resources and Power Development Authority, Water Resources Revenue Bonds, Parker Water and Sanitation District, Series 2004D, 4.000%, 9/01/14 – NPFG Insured		No Opt. Call		Baa2		374,580
		Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013:
	365	3.000%, 12/01/15 – AGM Insured		No Opt. Call		AA–		385,936
	600	4.000%, 12/01/16 – AGM Insured		No Opt. Call		AA–		663,618
	1,850	Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, Stapleton Senior Refunding Series 2013A-1, 5.000%, 12/01/16		No Opt. Call		A–		2,110,998

Nuveen Investments 281

Portfolio of Investments

Nuveen Short Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	220	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/17 – NPFG Insured		No Opt. Call		Baa2	$	196,981
		Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, Refunding Series 2011A:
	125	3.000%, 5/01/13 (Alternative Minimum Tax)		No Opt. Call		Baa2		125,006
	235	3.000%, 5/01/14 (Alternative Minimum Tax)		No Opt. Call		Baa2		238,715
	345	3.500%, 5/01/15 (Alternative Minimum Tax)		No Opt. Call		Baa2		357,430
	1,240	Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding Bonds, Series 2011A, 3.000%, 12/01/15		No Opt. Call		A		1,302,360
	360	Parker Water and Sanitation District, Douglas County, Colorado, Water and Sewer Enterprise Revenue Bonds, Refunding Series 2012, 2.000%, 11/01/13 – AGM Insured		No Opt. Call		AA–		363,136
		Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013:
	730	4.000%, 12/01/15		No Opt. Call		N/R		771,157
	1,015	4.000%, 12/01/16		No Opt. Call		N/R		1,085,258
		Sand Creek Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013B:
	480	3.000%, 12/01/15		No Opt. Call		A		503,616
	490	3.000%, 12/01/16		No Opt. Call		A		520,199
	510	3.000%, 12/01/17		No Opt. Call		A		545,669
	235	Tallyn’s Reach Metropolitan District 3, Aurora, Colorado, General Obligation Bonds, Refunding Series 2012, 3.000%, 12/01/15		No Opt. Call		BBB		243,476
		Westminster Economic Development Authority, Colorado, Tax Increment Revenue Bonds, Mandalay Gardens Urban Renewal Project, Series 2012:
	615	1.000%, 12/01/13		No Opt. Call		A		616,101
	450	3.000%, 12/01/14		No Opt. Call		A		464,810
	22,135	Total Colorado						23,407,592
		Connecticut – 0.9%
	1,235	Connecticut Development Authority, Pollution Control Revenue Bonds, Connecticut Light and Power Company, Refunding Series 2011B, 1.250%, 9/01/28 (Mandatory put 9/03/13)		No Opt. Call		A		1,239,224
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2011G:
	505	2.250%, 7/01/14		No Opt. Call		BBB		509,252
	765	4.000%, 7/01/15		No Opt. Call		BBB		800,641
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2012H:
	500	3.000%, 7/01/13 – AGM Insured		No Opt. Call		AA–		502,200
	1,150	4.000%, 7/01/14 – AGM Insured		No Opt. Call		AA–		1,194,609
	4,155	Total Connecticut						4,245,926
		Delaware – 0.6%
	3,000	Wilmington, Delaware, Multifamily Rental Housing Revenue Bonds, Lincoln Towers Associates, LLC Project, Series 2011A and Series 2011B, 4.000%, 7/15/13		No Opt. Call		N/R		3,002,220
		District of Columbia – 0.6%
	250	District of Columbia, Revenue Bonds, Gallaudet University, Series 2011, 3.000%, 4/01/14		No Opt. Call		A+		254,785
	1,740	District of Columbia, Revenue Bonds, Georgetown University, Refunding Series 2009A, 5.000%, 4/01/14		No Opt. Call		A–		1,814,785
	325	District of Columbia, Revenue Bonds, The Association of American Medical Colleges Issue, Series 2011A, 3.000%, 10/01/16		No Opt. Call		A+		346,938
	595	Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 5.000%, 10/01/15 – AMBAC Insured		No Opt. Call		A1		651,823
	2,910	Total District of Columbia						3,068,331

282 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida – 8.3%
		Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A:
$	300	3.000%, 11/15/16		No Opt. Call		BBB	$	313,008
	600	4.000%, 11/15/17		No Opt. Call		BBB		651,612
	1,380	Broward County, Florida, Port Facilities Revenue Bonds, Refunding Series 2011B, 5.000%, 9/01/15 (Alternative Minimum Tax)		No Opt. Call		A2		1,512,452
	475	Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1, 5.000%, 6/01/16 – AGC Insured		No Opt. Call		AA–		536,973
	5,250	Citizens Property Insurance Corporation, Florida, High-Risk Account Revenue Bonds, Coastal Account Senior Secured Series 2011A-1, 5.000%, 6/01/15		No Opt. Call		A+		5,728,065
		Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1:
	170	3.000%, 6/01/13		No Opt. Call		A+		170,413
	300	5.000%, 6/01/14		No Opt. Call		A+		315,303
	595	5.000%, 6/01/15 – AGM Insured		No Opt. Call		AA–		650,484
	305	City of Tampa, Florida, Refunding and Capital Improvement Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Series 2012A, 3.000%, 9/01/14		No Opt. Call		A+		314,443
	650	Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/14		No Opt. Call		A		676,117
	3,925	Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/16		No Opt. Call		A+		4,424,260
		Florida Higher Educational Facilities Financing Authority, Revenue and Revenue Refunding Bonds, University of Tampa Project, Series 2012A:
	300	4.000%, 4/01/14		No Opt. Call		BBB+		308,454
	850	4.000%, 4/01/15		No Opt. Call		BBB+		891,463
		Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2012A:
	220	4.000%, 4/01/15		No Opt. Call		BBB+		230,516
	435	4.000%, 4/01/16		No Opt. Call		BBB+		464,467
	1,000	Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Refunding Series 2009E, 5.000%, 11/15/15		No Opt. Call		AA		1,112,170
	2,000	Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Variable Rate Demand Series 2005I, 5.000%, 11/15/16		No Opt. Call		AA		2,298,620
	1,000	Hillsborough County Industrial Development Authority, Florida, Pollution Control Revenue Bonds, Tampa Electric Company Project, Series 2007B, 5.150%, 9/01/25 (Mandatory put 9/01/13)		No Opt. Call		A3		1,015,810
	180	Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 4.000%, 10/01/13 (Alternative Minimum Tax)		No Opt. Call		A2		182,709
	1,000	Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A, 5.000%, 2/01/17		No Opt. Call		AA–		1,108,280
	1,800	Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/17		No Opt. Call		A–		2,091,708
	500	Miami-Dade County Industrial Development Authority, Florida, Solid Waste Revenue Bonds, Waste Management Inc. of Florida Project, Series 2008, 2.625%, 8/01/23 (Mandatory put 8/01/14) (Alternative Minimum Tax)		No Opt. Call		BBB		510,620
	3,200	Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012B, 2.000%, 10/01/13		No Opt. Call		A		3,223,264
	2,000	Okeechobee County, Florida, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004A, 0.650%, 7/01/39 (Mandatory put 7/01/13)		No Opt. Call		BBB		2,000,300
	2,330	Osceola County, Florida, Tourist Development Tax Revenue Bonds, Refunding & Improvement Series 2012, 2.000%, 10/01/13		No Opt. Call		A1		2,345,867

Nuveen Investments 283

Portfolio of Investments

Nuveen Short Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	730	Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 4.000%, 11/01/15 (WI/DD, Settling 5/07/13)		No Opt. Call		BBB+	$	777,852
		Pinellas County Educational Facilities Authority, Florida, General Revenue Bonds, Barry University, Refunding Series 2011:
	905	4.000%, 10/01/13		No Opt. Call		BBB		918,077
	1,175	5.000%, 10/01/15		No Opt. Call		BBB		1,282,031
	1,060	4.000%, 10/01/16		No Opt. Call		BBB		1,148,542
	305	Pinellas County Educational Facilities Authority, Florida, General Revenue Bonds, Barry University, Refunding Series 2012, 4.000%, 10/01/15		No Opt. Call		BBB		325,151
		Volusia County Educational Facilities Authority, Florida, Educational Facilities Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011:
	2,380	2.000%, 10/15/14 – AGM Insured		No Opt. Call		AA–		2,407,989
	1,275	4.000%, 10/15/15 – AGM Insured		No Opt. Call		AA–		1,352,268
	38,595	Total Florida						41,289,288
		Georgia – 1.9%
	1,300	Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2011B, 5.000%, 1/01/14		No Opt. Call		A+		1,341,223
	1,300	Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company, Ninth Series 1994, 1.200%, 10/01/32 (Mandatory put 4/01/14)		No Opt. Call		A+		1,309,711
	1,500	Carroll County School District, Georgia, General Obligation Bonds, Series 2011, 4.000%, 4/01/14		No Opt. Call		AA+		1,551,690
	3,200	DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 4.000%, 9/01/15		No Opt. Call		BBB		3,341,440
	1,000	Gwinnett County Development Authority, Georgia, Certificates of Participation, County Public Schools Project, Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) – NPFG Insured		1/14 at 100.00		AA+ (4)		1,033,390
	330	Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C, 4.000%, 10/01/14		No Opt. Call		Baa2		341,930
	585	Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 4.000%, 10/01/14		No Opt. Call		Baa2		606,148
	9,215	Total Georgia						9,525,532
		Hawaii – 0.4%
	800	Hawaii Department of Budget and Finance, Special Purpose Senior Living Revenue Bonds, 15 Craigside Project, Series 2009C-1, 7.500%, 11/15/15		7/13 at 100.00		N/R		802,584
	1,075	Hawaii State, General Obligation Bonds, Series 2009D-Q, 4.000%, 6/01/14		No Opt. Call		AA		1,119,312
	1,875	Total Hawaii						1,921,896
		Illinois – 5.7%
	2,000	Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Refunding Series 2012A, 5.000%, 1/01/15 (Alternative Minimum Tax)		No Opt. Call		A2		2,147,860
	1,120	Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Refunding Series 2012B, 4.000%, 1/01/15 (Alternative Minimum Tax)		No Opt. Call		A2		1,184,210
	1,070	Decatur, Illinois, General Obligation Bonds, Refunding Series 2013, 3.000%, 3/01/16		No Opt. Call		Aa2		1,130,658
	4,635	Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Refunding Series 2010A, 5.000%, 3/01/15		No Opt. Call		A+		5,003,761
	500	Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 6.250%, 2/01/19		No Opt. Call		Baa3		545,460

284 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A:
$	1,655	5.000%, 11/01/13		No Opt. Call		A	$	1,690,583
	1,125	5.000%, 11/01/14		No Opt. Call		A		1,187,978
	300	Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Capitol Appreciation Series 2010B, 0.000%, 5/15/50 (5)		7/13 at 100.00		N/R		3
	700	Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Refunding Series 2010A, 5.100%, 5/15/14 (5)		7/13 at 100.00		N/R		7
	840	Illinois State, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/15		No Opt. Call		A2		896,860
	1,065	Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/15 – AGM Insured		No Opt. Call		AA–		1,137,633
		Illinois State, General Obligation Bonds, Refunding Series 2012:
	1,450	4.000%, 8/01/14		No Opt. Call		A2		1,508,624
	1,340	5.000%, 8/01/17		No Opt. Call		A2		1,531,767
	545	Illinois State, General Obligation Bonds, Series 2006A, 5.000%, 6/01/15		No Opt. Call		A2		590,279
	790	Illinois State, General Obligation Bonds, Series 2006, 5.000%, 1/01/15		No Opt. Call		A2		843,475
	1,420	Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.500%, 8/01/15 – SYNCORA GTY Insured		No Opt. Call		A2		1,562,227
	320	Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 2.000%, 1/01/15 – AGM Insured		No Opt. Call		A1		326,381
		Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012:
	250	2.000%, 10/01/13		No Opt. Call		Baa1		251,038
	200	3.000%, 10/01/16		No Opt. Call		Baa1		208,770
		St. Clair County, Illinois, Highway Revenue Bonds, Series 2013A:
	250	5.000%, 1/01/16		No Opt. Call		AA–		274,985
	310	5.000%, 1/01/17		No Opt. Call		AA–		349,717
	640	University of Illinois, Auxiliary Facilities System Revenue Bonds, Series 2001A, 5.500%, 4/01/14 – AMBAC Insured		No Opt. Call		Aa2		669,952
		Waukegan, Illinois, General Obligation Bonds, Refunding Series 2012A:
	1,200	3.000%, 12/30/13 – AGM Insured		No Opt. Call		A2		1,217,952
	1,100	4.000%, 12/30/14 – AGM Insured		No Opt. Call		A2		1,154,505
	885	4.000%, 12/30/15 – AGM Insured		No Opt. Call		A2		946,826
	790	Western Illinois University, Auxiliary Facilities Revenue Bonds, Series 2012, 3.000%, 4/01/14		No Opt. Call		A		806,369
		Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011:
	395	5.750%, 12/01/14 – AGM Insured		No Opt. Call		AA–		422,401
	450	5.750%, 12/01/15 – AGM Insured		No Opt. Call		AA–		497,300
	27,345	Total Illinois						28,087,581
		Indiana – 0.8%
	300	Indiana Finance Authority, Hospital Revenue Bonds, Marion General Hospital Project, Series 2012A, 2.000%, 7/01/13		No Opt. Call		A+		300,882
	1,605	Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax)		1/17 at 100.00		BBB		1,788,355
	1,000	Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Baptist Homes of Indiana, Series 2005, 5.000%, 11/15/13		No Opt. Call		A–		1,020,450
	610	Knox County, Indiana, Economic Development Revenue and Refunding Bonds, Good Samaritan Hospital Project, Series 2012A, 3.000%, 4/01/15		No Opt. Call		A3		632,899
	3,515	Total Indiana						3,742,586

Nuveen Investments 285

Portfolio of Investments

Nuveen Short Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Iowa – 2.7%
		Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011:
$	100	3.000%, 6/15/13		No Opt. Call		A2	$	100,339
	230	4.000%, 6/15/14		No Opt. Call		A2		239,241
	500	4.000%, 6/15/15		No Opt. Call		A2		531,995
		Iowa Finance Authority, Healthcare Revenue Bonds, Genesis Health System, Refunding Series 2010:
	310	5.000%, 7/01/13		No Opt. Call		A1		312,424
	1,150	5.000%, 7/01/16		No Opt. Call		A1		1,295,636
	2,430	5.000%, 7/01/20		No Opt. Call		A1		2,902,975
	1,315	Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Central College, Refunding Series 2012A, 3.000%, 10/01/14		No Opt. Call		Baa3		1,352,162
	220	Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Refunding Series 2011, 4.000%, 10/01/14		No Opt. Call		BBB–		224,077
		Iowa Student Loan Liquidity Corporation Student Loan Revenue Bonds, Senior Lien Series 2011A-1:
	375	2.600%, 12/01/13 (Alternative Minimum Tax)		No Opt. Call		A		378,964
	2,000	3.100%, 12/01/14 (Alternative Minimum Tax)		No Opt. Call		A		2,063,940
	3,900	Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-1, 5.000%, 12/01/13		No Opt. Call		A1		3,985,605
	12,530	Total Iowa						13,387,358
		Kansas – 1.1%
	745	Dodge City, Kansas, General Obligation Bonds, Waterworks & Wastewater Utility Series 2012A, 2.000%, 9/01/13		No Opt. Call		A+		748,881
	1,000	Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A, 3.000%, 12/01/14		No Opt. Call		Baa1		1,030,270
	500	Manhattan, Kansas, Hospital Revenue Bonds, Mercy Regional Health Center, Inc., Refunding Series 2013, 4.000%, 11/15/15		No Opt. Call		A		543,480
	1,000	Wichita, Kansas, Hospital Facilities Revenue Bonds, Via Christi Health System, Inc., Refunding Series 2009X, 5.000%, 11/15/15		No Opt. Call		AA–		1,106,460
		Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Via Christi Health System Inc., Series 2009A-III:
	1,000	5.000%, 11/15/14		No Opt. Call		AA–		1,068,060
	1,000	5.000%, 11/15/16		No Opt. Call		AA–		1,140,630
	5,245	Total Kansas						5,637,781
		Kentucky – 0.7%
	3,000	Pikeville, Kentucky, Educational Facilities Revenue Bond, Pikeville College of Osteopathic Medicine, Bond Anticipation Notes, Series 2011, 4.000%, 5/01/13				N/R		3,000,270
	500	Russell, Kentucky, Revenue Bonds, Bon Secours Health System, Series 2013, 4.000%, 11/01/15		No Opt. Call		A–		535,075
	3,500	Total Kentucky						3,535,345
		Louisiana – 1.3%
		Calcasieu Parish Public Trust Authority, Louisiana, Student Lease Revenue Bonds, McNeese State University Student Housing-Cowboy Facilities, Inc. Project, Refunding Series 2011:
	535	2.000%, 5/01/13 – AGM Insured		No Opt. Call		N/R		535,027
	305	2.000%, 5/01/14 – AGM Insured		No Opt. Call		A2		309,435
	315	3.000%, 5/01/15 – AGM Insured		No Opt. Call		A2		327,389
	315	3.000%, 5/01/16 – AGM Insured		No Opt. Call		A2		330,167
		Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Refunding Series 2012:
	260	2.000%, 6/01/13		No Opt. Call		A–		260,299
	300	2.000%, 6/01/14		No Opt. Call		A–		303,702

286 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana (continued)
$	1,185	Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B, 5.000%, 6/01/15 – AMBAC Insured		No Opt. Call		A–	$	1,278,342
		Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Refunding Bonds, Parking Faculties Corporation – Phase I Project, Series 2012:
	500	3.000%, 10/01/14 – AGM Insured		No Opt. Call		AA–		514,990
	1,000	3.000%, 10/01/16 – AGM Insured		No Opt. Call		AA–		1,049,210
	1,350	New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2012, 4.000%, 12/01/15		No Opt. Call		A3		1,455,138
	6,065	Total Louisiana						6,363,699
		Maine – 0.1%
		Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013:
	175	3.000%, 7/01/16		No Opt. Call		BBB+		185,525
	350	3.000%, 7/01/17		No Opt. Call		BBB+		372,680
	525	Total Maine						558,205
		Maryland – 0.2%
	405	Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury University Project, Series 2012, 3.000%, 6/01/15		No Opt. Call		Baa3		414,149
		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial Hospital Issue, Series 2012A:
	150	3.000%, 7/01/14		No Opt. Call		Baa1		154,197
	220	3.000%, 7/01/15		No Opt. Call		Baa1		229,539
	775	Total Maryland						797,885
		Massachusetts – 1.2%
	600	Massachusetts Development Finance Agency, Revenue Bonds, Lasell College, Series 2011, 2.250%, 7/01/13		No Opt. Call		BBB		601,590
	300	Massachusetts Development Finance Agency, Revenue Bonds, Massachusetts College of Pharmacy and Allied Health Sciences, Series 2013F, 3.000%, 7/01/15		No Opt. Call		A		316,098
	525	Massachusetts Development Finance Agency, Senior Living Facility Revenue Bonds, The Groves in Lincoln Issue, Series 2009B-2, 6.250%, 6/01/14 (6)		7/13 at 100.00		N/R		262,500
	1,950	Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 4.500%, 1/01/16 (Alternative Minimum Tax)		No Opt. Call		AA		2,073,182
	325	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Springfield College, Series 2010, 4.000%, 10/15/13		No Opt. Call		Baa1		329,573
	2,500	Massachusetts Housing Finance Agency, Construction Loan Notes, Series 2012F, 0.650%, 12/01/14		No Opt. Call		A+		2,503,350
	6,200	Total Massachusetts						6,086,293
		Michigan – 3.4%
		Bridgeport Spaulding Community School District, Saginaw County, Michigan, General Obligation Bonds, Refunding Series 2011:
	675	2.500%, 5/01/14 – AGM Insured		No Opt. Call		Aa2		687,569
	1,250	3.000%, 5/01/15 – AGM Insured		No Opt. Call		Aa2		1,305,688
	500	Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, Series 2013, 3.000%, 5/01/14		No Opt. Call		AA–		513,295
	800	Dearborn School District, Wayne County, Michigan, General Obligation Bonds, Series 2007, 4.000%, 5/01/14		No Opt. Call		Aa2		829,520
		Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation Bonds, Building Authority Stadium Refunding Series 2012:
	500	5.000%, 10/01/14		No Opt. Call		BBB+		524,370
	475	5.000%, 10/01/15		No Opt. Call		BBB+		509,856
	800	Grand Blanc Community Schools, Genesee County, Michigan, General Obligation Bonds, Refunding Series 2013, 4.000%, 5/01/17		No Opt. Call		AA–		894,344

Nuveen Investments 287

Portfolio of Investments

Nuveen Short Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
		Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Healthcare Group, Series 2011A:
$	175	3.000%, 5/15/13		No Opt. Call		A2	$	175,175
	430	4.000%, 5/15/15		No Opt. Call		A2		452,760
	500	Lake Superior State University Board of Trustees, Michigan, General Revenue Refunding Bonds, Series 2012, 2.000%, 11/15/14 – AGM Insured		No Opt. Call		AA–		507,755
		Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012:
	250	5.000%, 6/01/14		No Opt. Call		A+		261,238
	550	4.000%, 6/01/14		No Opt. Call		A+		569,030
	2,030	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 5.000%, 11/15/16		No Opt. Call		AA+		2,333,099
	250	Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Series 2003, 5.500%, 11/01/13		No Opt. Call		A		256,455
	700	Romeo Community School District, Macomb and Oakland Counties, Michigan, General Obligation Bonds, School Building & Site Series 2013, 1.000%, 5/01/14		No Opt. Call		Aa2		704,116
	1,000	Warren Consolidated Schools, Macomb and Oakland Counties, Michigan, General Obligation Bonds, Refunding Series 2013, 4.000%, 5/01/16		No Opt. Call		AA–		1,091,900
	225	Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010A, 5.000%, 12/01/16 (Alternative Minimum Tax)		No Opt. Call		A		256,480
	415	Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/13		No Opt. Call		A		426,454
	1,405	Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2005, 5.250%, 12/01/13 – NPFG Insured (Alternative Minimum Tax)		No Opt. Call		A		1,444,747
	500	Western Michigan University, General Revenue Refunding Bonds, Series 2008, 3.625%, 11/15/14 – AGM Insured		No Opt. Call		AA–		522,445
	595	Western Townships Utilities Authority, Michigan, Sewage Disposal System Bonds, Refunding Series 2012, 3.000%, 1/01/14		No Opt. Call		AA		605,151
		Williamston Community Schools School District, Ingham County, Michigan, General Obligation Bonds, Refunding Series 2011
	610	2.000%, 5/01/13		No Opt. Call		N/R		610,024
	1,120	3.000%, 5/01/14		No Opt. Call		AA–		1,146,443
	15,755	Total Michigan						16,627,914
		Minnesota – 4.7%
	325	Detroit Lakes, Minnesota, Housing and Health Facilities Revenue Bonds, Mankato Lutheran Home, Guaranteed by Ecumen Home Care Inc., Series 2004, 2.390%, 8/01/34 (Mandatory put 8/01/13)		7/13 at 100.00		N/R		324,688
	2,155	Farmington Independent School District 192, Dakota County, Minnesota, General Obligation Bonds, School Building Refunding Series 2012B, 3.000%, 2/01/14		No Opt. Call		Aa2		2,199,501
	1,000	Independent School District 194, Lakeville, Dakota County, Minnesota, General Obligation Bonds, School Building Refunding Series 2012C, 3.000%, 2/01/14		No Opt. Call		Aa2		1,021,190
	2,500	Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010, 5.000%, 8/01/17		No Opt. Call		BBB		2,794,050
		Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012:
	100	2.000%, 11/15/13		No Opt. Call		N/R		100,201
	400	2.250%, 11/15/14		No Opt. Call		N/R		402,268
	705	2.600%, 11/15/15		No Opt. Call		N/R		713,502
	2,500	Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Senior Lien Series 2009B, 5.000%, 1/01/15 (Alternative Minimum Tax)		No Opt. Call		AA–		2,690,925

288 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Minnesota (continued)
$	1,335	Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2008C-1, 5.000%, 2/15/15 – AGC Insured		No Opt. Call		AA–	$	1,431,868
	500	Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Refunding Series 2010-7-G, 3.000%, 10/01/14		No Opt. Call		Baa3		508,930
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2007-6-R:
	910	5.500%, 5/01/16		No Opt. Call		N/R		959,586
	1,065	5.500%, 5/01/17		No Opt. Call		N/R		1,138,166
		Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Inc., Series 2012-7R:
	270	2.000%, 12/01/13		No Opt. Call		Baa2		272,074
	200	3.000%, 12/01/14		No Opt. Call		Baa2		206,486
	210	3.000%, 12/01/15		No Opt. Call		Baa2		219,568
	500	Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University, Series 2011-7K1, 3.000%, 10/01/13		No Opt. Call		Baa2		503,020
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine University, Series 2012-7Q:
	325	3.000%, 10/01/13		No Opt. Call		Baa1		327,948
	500	3.000%, 10/01/14		No Opt. Call		Baa1		514,380
	450	4.000%, 10/01/15		No Opt. Call		Baa1		479,345
	650	4.000%, 10/01/16		No Opt. Call		Baa1		706,225
	2,210	Robbinsdale Independent School District 281, Hennepin County, Minnesota, General Obligation Bonds, School Building Refunding Series 2012B, 2.000%, 2/01/14		No Opt. Call		AA+		2,239,371
	1,000	Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.000%, 5/01/15		No Opt. Call		A1		1,086,320
	180	Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012, 5.000%, 3/01/14		No Opt. Call		N/R		184,390
		Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Lutheran Home, Refunding Series 2013:
	235	4.000%, 1/01/15		No Opt. Call		N/R		242,320
	300	4.000%, 1/01/16		No Opt. Call		N/R		312,807
	1,280	Shakopee Independent School District 720, Scott County, Minnesota, General Obligation Bonds, Series 2013A, 3.000%, 2/01/17		No Opt. Call		Aa2		1,389,082
	75	St. Paul Housing and Redevelopment Authority, Minnesota, Performing Arts Facility Revenue Bonds, Ordway Center for the Performing Arts, Series 2012, 0.950%, 7/01/13		No Opt. Call		N/R		75,039
	350	Wayzata, Minnesota, Senior Housing Entrance Deposit Revenue Bonds, Folkestone Senior Living Community, Series 2012B, 4.875%, 5/01/19		5/14 at 100.00		N/R		355,576
	22,230	Total Minnesota						23,398,826
		Mississippi – 1.0%
	125	D’Iberville, Mississippi, Tax Increment Limited Obligation Refunding Bonds, Gulf Coast Promenade Project, Series 2013, 2.000%, 4/01/14		No Opt. Call		BBB+		126,141
	1,500	Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, Coast Electric Power Association, Series 2007C, 0.430%, 5/01/37 (Mandatory put 5/01/13)		11/13 at 100.00		A		1,500,135
	3,235	Mississippi Development Bank, Special Obligation Bonds, Jackson County Limited Tax Note, Series 2009B-1, 4.000%, 7/01/15 – AGC Insured		No Opt. Call		AA–		3,460,447
	4,860	Total Mississippi						5,086,723
		Missouri – 5.0%
		Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2012:
	250	3.000%, 8/01/14		No Opt. Call		A		256,795
	1,000	3.000%, 8/01/15		No Opt. Call		A		1,042,870
	1,000	4.000%, 8/01/17		No Opt. Call		A		1,105,910

Nuveen Investments 289

Portfolio of Investments

Nuveen Short Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Missouri (continued)
$	1,000	Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2013A, 4.000%, 6/01/17 (WI/DD, Settling 5/01/13)		No Opt. Call		AA–	$	1,118,710
	360	Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2011, 2.750%, 2/15/14		No Opt. Call		BBB+		362,736
	320	Joplin Industrial Development Authority, Missouri, Revenue Bonds, Christian Homes Inc., Series 2007F, 5.500%, 5/15/17		No Opt. Call		BBB–		354,797
	2,020	Missouri Development Finance Board, Independence, Infrastructure Facilities Revenue Bonds, Water System Improvement Projects, Series 2009E, 4.000%, 11/01/16		11/14 at 100.00		A–		2,107,022
	150	Missouri Development Finance Board, Infrastructure Facilities Leasehold Revenue Bonds, City of Independence, Missouri, Annual Appropriation Electric System Revenue Bonds – Dogwood Project, Series 2012A, 2.000%, 6/01/13		No Opt. Call		A		150,170
	3,000	Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Kansas City Power & Light Company Project, Series 1992, 1.250%, 7/01/17		No Opt. Call		A–		3,010,680
		Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012:
	240	3.000%, 10/01/13		No Opt. Call		BBB–		242,050
	470	3.000%, 10/01/14		No Opt. Call		BBB–		482,037
	480	3.000%, 10/01/15		No Opt. Call		BBB–		496,752
	495	3.000%, 10/01/16		No Opt. Call		BBB–		512,023
	270	Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Capital Region Medical Center, Series 2011, 3.000%, 11/01/13		No Opt. Call		A3		272,282
	700	Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, St. Luke’s Episcopal and Presbyterian Hospitals, Series 2011, 5.000%, 12/01/13		No Opt. Call		A+		719,173
	720	Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2012, Reg S, 5.000%, 2/15/16		No Opt. Call		BBB+		797,242
	675	Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2012, 3.000%, 2/15/14		No Opt. Call		BBB+		687,933
	475	Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A, 3.000%, 10/01/13		No Opt. Call		BBB–		479,494
	1,435	Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 4.000%, 4/01/17		No Opt. Call		A2		1,588,402
	340	Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Revenue Bonds, Series 2006, 5.000%, 1/01/16 – NPFG Insured		No Opt. Call		A–		369,291
	1,245	Missouri State Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Freeman Health System, Series 2012, 5.000%, 2/15/15		No Opt. Call		BBB+		1,335,101
	300	Northwest Missouri State University, Housing System Revenue Bonds, Refunding Series 2012, 0.700%, 6/01/14		No Opt. Call		A3		300,786
	2,200	Park Hill School District, Platte County, Missouri, General Obligation Bonds, Refunding Series 2013, 2.000%, 3/01/14		No Opt. Call		AA+		2,233,462
	2,435	Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2011B, 5.000%, 7/01/14		No Opt. Call		A–		2,555,119
	530	St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2012, 5.000%, 9/01/17		No Opt. Call		A		600,941
	240	St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2007A, 5.000%, 7/01/14 – AGM Insured		No Opt. Call		AA–		251,839
	950	St. Louis, Missouri, Airport Revenue Bonds, Series 1970, 5.000%, 7/01/15		No Opt. Call		A–		1,031,339
	520	Truman State University, Missouri, Housing System Revenue Bonds, Refunding Series 2013, 3.000%, 6/01/16		No Opt. Call		A1		554,460
	23,820	Total Missouri						25,019,416

290 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Montana – 0.4%
$	1,740	Montana Facilities Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Composite Deal Series 2010B, 5.000%, 1/01/19		No Opt. Call		AA	$	2,084,955
		Nebraska – 0.4%
	250	Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 12/01/21		No Opt. Call		A		289,533
	505	Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 4.000%, 11/01/15		No Opt. Call		A–		547,344
	1,125	Washington County, Nebraska, Wastewater and Solid Waste Disposal Facilities Revenue Bonds, Cargill Inc. Project, Variable Rate Demand Series 2012, 1.375%, 9/01/30 (Mandatory put 9/01/15) (Alternative Minimum Tax)		No Opt. Call		A		1,131,356
	1,880	Total Nebraska						1,968,233
		Nevada – 0.6%
		Carson City, Nevada, Hospital Revenue Refunding Bonds, Carson-Tahoe Regional Healthcare Project, Series 2012:
	235	2.000%, 9/01/13		No Opt. Call		BBB+		236,072
	250	3.000%, 9/01/14		No Opt. Call		BBB+		256,350
	650	Clark County School District, Nevada, General Obligation Bonds, Limited Tax Series 2007C, 5.000%, 6/15/13		No Opt. Call		AA–		653,952
	1,830	Clark County, Nevada, Local Improvement Refunding Bonds, Special Improvement District 142 Mountain’s Edge, Series 2012, 2.000%, 8/01/13		No Opt. Call		BBB–		1,833,440
	2,965	Total Nevada						2,979,814
		New Jersey – 4.7%
		New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
	1,000	5.000%, 7/01/14		No Opt. Call		BBB+		1,053,010
	2,615	4.000%, 7/01/15		No Opt. Call		BBB+		2,787,015
	3,450	2.000%, 7/01/16		No Opt. Call		BBB+		3,533,939
	1,000	New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 5.000%, 7/01/13		No Opt. Call		BB+		1,007,020
	4,000	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.000%, 7/01/15		No Opt. Call		BBB+		4,337,520
	4,000	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.000%, 12/01/14 (Alternative Minimum Tax)		No Opt. Call		Aa3		4,267,920
		New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1A:
	975	3.000%, 12/01/13 (Alternative Minimum Tax)		No Opt. Call		AA		989,401
	1,285	4.000%, 12/01/14 (Alternative Minimum Tax)		No Opt. Call		AA		1,350,856
	3,100	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/18		No Opt. Call		A+		3,726,138
	21,425	Total New Jersey						23,052,819
		New Mexico – 0.6%
	750	Aztec Municipal School District 2, San Juan County, New Mexico, General Obligation Bonds, Refunding Series 2010B, 4.000%, 10/01/13		No Opt. Call		Aa1		760,628
	2,050	New Mexico Educational Assistance Foundation, Education Loan Bonds, Senior Lien Series 2009A, 3.900%, 9/01/14 (Alternative Minimum Tax)		No Opt. Call		Aaa		2,129,192
	2,800	Total New Mexico						2,889,820
		New York – 4.5%
	390	Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Medaille College, Series 2012, 2.125%, 4/01/15		No Opt. Call		BB+		390,363

Nuveen Investments 291

Portfolio of Investments

Nuveen Short Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	380	Build NYC Resource Corporation, New York, Revenue Bonds, Bronx Charter School for Excellence, Series 2013A, 3.000%, 4/01/18		No Opt. Call		BBB–	$	393,737
	1,300	Dormitory Authority of the State of New York, Insured Revenue Bonds, Pace University, Series 2013A, 4.000%, 5/01/16		No Opt. Call		BBB–		1,406,041
	670	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A, 0.000%, 6/01/16 – AGM Insured		No Opt. Call		AA–		653,994
	150	Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2010A, 4.000%, 5/01/15		No Opt. Call		A		160,166
	300	Niagara Area Development Corporation, New York, Niagara University Project, Series 2012A, 3.000%, 5/01/13		No Opt. Call		BBB+		300,021
	1,545	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 2.000%, 11/15/14		No Opt. Call		A		1,586,638
		Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2012A:
	325	3.000%, 6/01/13		No Opt. Call		Aa3		325,705
	815	3.000%, 6/01/14		No Opt. Call		Aa3		833,778
	500	Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Winthrop-University Hospital Association, Series 2012, 3.000%, 7/01/13		No Opt. Call		Baa1		502,020
	2,500	Nassau Health Care Corporation, New York, Revenue Anticipation Notes, Series 2013A, 2.250%, 12/15/13		No Opt. Call		AA–		2,529,550
	1,035	New York City, New York, General Obligation Bonds, Fiscal 2012 Series I, 5.000%, 8/01/14		No Opt. Call		AA		1,096,520
	175	New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/20 (Pre-refunded 6/01/13)		6/13 at 100.00		AA (4)		175,798
	1,000	New York City, New York, Industrial Development Agency, Senior Airport Facilities Revenue Refunding Bonds, Trips Obligated Group, Series 2012A, 5.000%, 7/01/13 (Alternative Minimum Tax)		No Opt. Call		BBB–		1,005,920
	2,000	New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, New York State Electric and Gas Corporation, Series 2011A, 2.125%, 3/15/15		No Opt. Call		A–		2,037,360
	750	New York State Thruway Authority, General Revenue Bonds, Series2012I, 4.000%, 1/01/15		No Opt. Call		A+		793,133
	1,895	Schenectady County Capital Resource Corporation, New York, FHA insured Mortgage Revenue Bonds, Ellis Hospital Project, Refunding Series 2012, 1.750%, 2/15/18 – AGM Insured		No Opt. Call		AA+		1,902,201
	1,450	St. Lawrence County Industrial Development Agency Civic Development Corporation, New York, Revenue Bonds, Clarkson University Project, Series 2012B, 2.500%, 9/01/42 (Mandatory put 3/01/16)		No Opt. Call		A3		1,489,092
	450	Westchester County Local Development Corporation, New York, Revenue Refunding Bonds, Kendal on Hudson Project, Series 2013, 2.000%, 1/01/16		No Opt. Call		N/R		453,681
	1,265	Yonkers, New York, General Obligation Bonds, Series 2005A, 5.000%, 8/01/13 – NPFG Insured		No Opt. Call		BBB+		1,278,536
	1,500	Yonkers, New York, General Obligation Bonds, Series 2011A, 5.000%, 10/01/14		No Opt. Call		BBB+		1,588,410
	1,250	Yonkers, New York, General Obligation Refunding Bonds, Series 2012A, 4.000%, 7/01/15		No Opt. Call		BBB+		1,329,025
	21,645	Total New York						22,231,689
		North Carolina – 0.2%
	985	North Carolina Medical Care Commission, Health Care Facilities Revenue and Refunding Revenue Bonds, Columbus Regional Healthcare System, Series 2013A, 4.000%, 10/01/15		No Opt. Call		BBB		1,066,184

292 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		North Dakota – 0.9%
		Burleigh County, North Dakota, Health Care Revenue Refunding Bonds, St. Alexius Medical Center Project, Series 2012A:
$	225	2.500%, 7/01/13		No Opt. Call		A–	$	225,617
	300	2.500%, 7/01/14		No Opt. Call		A–		303,201
	3,040	Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 3.500%, 11/01/16		No Opt. Call		A+		3,291,621
		Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, Series 2012A:
	200	1.150%, 3/01/14		No Opt. Call		A		200,598
	600	2.000%, 3/01/15		No Opt. Call		A		609,078
	4,365	Total North Dakota						4,630,115
		Ohio – 2.3%
	785	Cleveland State University, Ohio, General Receipts Bonds, Series 2007A, 5.750%, 6/01/14 – FGIC Insured		No Opt. Call		A+		830,663
	1,000	Cleveland, Ohio, Airport System Revenue Bonds, Series 2011A, 3.000%, 1/01/14		No Opt. Call		A–		1,017,600
	1,000	Ohio Air Quality Development Authority, Ohio, Air Quality Revenue Refunding Bonds, Ohio Power Company Project, Series 2010A, 3.250%, 6/01/41 (Mandatory put 6/02/14)		No Opt. Call		Baa1		1,021,130
	4,005	Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2009D, 2.250%, 8/01/29 (Mandatory put 9/15/16)		No Opt. Call		BBB–		4,061,070
	1,000	Ohio State, Capital Facilities Lease-Appropriation Bonds, Administrative Building Fund Projects, Series 2013A, 5.000%, 10/01/17		No Opt. Call		AA		1,178,910
	1,700	Ohio State, Capital Facilities Lease-Appropriation Bonds, Cultural & Sports Facilities Building Fund Projects, Series 2013B, 5.000%, 4/01/18		No Opt. Call		AA		2,024,751
	1,000	Ohio State, Capital Facilities Lease-Appropriation Bonds, Parks & Recreation Improvement Fund Projects, Series 2013A, 3.000%, 8/01/17		No Opt. Call		AA		1,089,830
	10,490	Total Ohio						11,223,954
		Oklahoma – 0.2%
	1,125	Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Jenks Public Schools Project, Series 2009, 5.000%, 9/01/14		No Opt. Call		AA–		1,194,480
		Oregon – 1.8%
	2,000	Gilliam County, Oregon, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Variable Rate Demand Obligations, Series 2000A, 4.150%, 8/01/25 (Alternative Minimum Tax)		12/13 at 100.00		N/R		2,000,140
	660	Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Sky Lakes Medical Center Project, Series 2012, 4.000%, 9/01/15		No Opt. Call		BBB+		700,524
		Local Oregon Capital Assets Program, Certificates of Participation, City of Cottage Grove, Oregon, Series 2013A:
	860	3.000%, 9/15/14		No Opt. Call		Baa2		882,635
	880	4.000%, 9/15/15		No Opt. Call		Baa2		933,020
	2,850	Medford Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Asante Health System, Refunding Series 2010, 5.000%, 8/15/15 – AGM Insured		No Opt. Call		AA–		3,123,486
	360	Multnomah County Hospital Facilities Authority, Oregon, Revenue Refunding Bond, Terwilliger Plaza, Inc., Series 2012, 2.000%, 12/01/14		No Opt. Call		BBB		364,554
	770	Portland, Oregon, Sewer System Revenue Bonds, Refunding Series 2007A, 5.000%, 6/01/14 – NPFG Insured		No Opt. Call		AA		809,747
	8,380	Total Oregon						8,814,106
		Pennsylvania – 7.0%
	1,240	Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Refunding Series 2010A, 5.000%, 1/01/16 – AGM Insured (Alternative Minimum Tax)		No Opt. Call		AA–		1,381,633

Nuveen Investments 293

Portfolio of Investments

Nuveen Short Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
		Economy Municipal Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2013:
$	350	3.000%, 12/15/17		No Opt. Call		AA	$	377,122
	300	3.000%, 12/15/18		No Opt. Call		AA		323,544
	655	Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Saint Anne’s Retirement Community, Inc. , Series 2012, 3.000%, 4/01/14		No Opt. Call		BB+		656,880
	1,465	Marion Center Area School District, Indiana County, Pennsylvania, General Obligation Bonds, Refunding Series 2013, 2.000%, 9/01/16		No Opt. Call		A		1,522,340
	2,340	Penn Hills School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2012A, 4.000%, 10/01/14		No Opt. Call		A1		2,456,719
	220	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2009, 1.750%, 12/01/33 (Mandatory put 12/01/15)		No Opt. Call		BBB		224,798
	3,000	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2011, 2.625%, 7/01/41 (Mandatory put 7/01/14)		No Opt. Call		BBB		3,040,860
		Pennsylvania Higher Educational Facilities Authority, Pennsylvania, Revenue Bonds, Saint Francis University, Series 2012-LL2:
	130	2.000%, 5/01/13		No Opt. Call		N/R		130,004
	165	2.000%, 11/01/13		No Opt. Call		BBB–		165,911
	840	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Delaware Valley College of Science and Agriculture Project, Series 2012 LL1, 4.000%, 11/01/16		No Opt. Call		Baa3		892,164
	725	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Mount Aloysius College Project, Series 2011R-1, 0.650%, 11/01/41 (Mandatory put 11/01/14)		No Opt. Call		A–		725,015
		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Association of Independent Colleges and Universities of Pennsylvania Financing Program-Messiah College Project, Series 2001-14:
	3,000	0.450%, 11/01/31 (Mandatory put 5/01/14)		11/13 at 100.00		A		3,000,000
	2,000	0.625%, 11/01/31 (Mandatory put 11/01/13)		No Opt. Call		A		2,000,900
		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A:
	100	3.000%, 7/01/13		No Opt. Call		BBB+		100,346
	100	3.000%, 7/01/14		No Opt. Call		BBB+		102,184
	320	3.000%, 7/01/15		No Opt. Call		BBB+		330,589
	2,510	Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 3.000%, 12/01/13		No Opt. Call		A–		2,550,838
	1,780	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Tenth Series 2011B, 4.000%, 7/01/13		No Opt. Call		BBB+		1,790,110
	1,000	Philadelphia Redevelopment Authority, Pennsylvania, Revenue Bonds, Philadelphia Neighborhood Transformation Initiative, Series 2012, 5.000%, 4/15/14		No Opt. Call		A2		1,042,450
	915	Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2011B, 3.000%, 9/01/13		No Opt. Call		AA		923,693
	920	Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2011C, 3.000%, 9/01/13		No Opt. Call		AA		928,740
	500	Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2011A, 4.000%, 6/15/13 (Alternative Minimum Tax)		No Opt. Call		A+		502,330
	5,000	Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 5.000%, 8/01/14		No Opt. Call		A2		5,257,100
	505	Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012A, 3.000%, 9/01/14		No Opt. Call		A1		520,357

294 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
		Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A:
$	250	2.250%, 12/01/13 – AGM Insured		No Opt. Call		AA–	$	252,173
	540	3.500%, 12/01/14 – AGM Insured		No Opt. Call		AA–		561,373
		Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011:
	1,385	4.000%, 8/01/15		No Opt. Call		BBB+		1,444,181
	1,440	4.250%, 8/01/16		No Opt. Call		BBB+		1,534,464
	33,695	Total Pennsylvania						34,738,818
		Puerto Rico – 0.8%
	500	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, 4.000%, 10/01/14		No Opt. Call		A–		515,500
	2,500	Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Ports Authority Project, Series 2011C, 3.000%, 12/15/26 (Mandatory put 12/16/13) (Alternative Minimum Tax)		No Opt. Call		BBB–		2,514,175
	500	Puerto Rico Municipal Finance Agency, Series 2005B, 5.000%, 7/01/14 – CIFG Insured		No Opt. Call		AA–		518,540
	370	Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/14 – NPFG Insured		No Opt. Call		Baa2		383,009
	3,870	Total Puerto Rico						3,931,224
		Rhode Island – 0.1%
	250	Rhode Island Student Loan Authority, Student Loan Program Revenue Bonds, Senior Series 2013A, 4.000%, 12/01/15 (Alternative Minimum Tax)		No Opt. Call		A+		267,405
		South Carolina – 0.3%
	500	South Carolina JOBS Economic Development Authority, Hospital Revenue Bonds, Bon Secours Health System Obligated Group, Series 2012, 4.000%, 11/01/15		No Opt. Call		A–		535,335
	590	South Carolina JOBS Economic Development Authority, Revenue Bonds, Waste Management of South Carolina, Inc. Project, Series 2008, 2.875%, 2/01/15		No Opt. Call		BBB		603,004
	500	South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding & Improvement Series 2009, 5.000%, 8/01/15		No Opt. Call		BBB+		543,400
	1,590	Total South Carolina						1,681,739
		South Dakota – 0.9%
		Rapid City, South Dakota, Sales Tax Revenue Bonds, Series 2013:
	320	2.000%, 6/01/13		No Opt. Call		Aa3		320,474
	435	2.000%, 12/01/13		No Opt. Call		Aa3		439,272
	1,305	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2009, 4.500%, 11/01/15		No Opt. Call		A+		1,420,727
	730	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Westhills Village Retirement Community, Series 2012, 3.500%, 9/01/16		No Opt. Call		A		775,961
	1,700	South Dakota Housing Development Authority, Multiple Purpose Revenue Bonds, Series 2013A, 1.600%, 5/01/18		No Opt. Call		Aa3		1,705,474
	4,490	Total South Dakota						4,661,908
		Tennessee – 1.7%
	1,000	Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2010B, 5.000%, 7/01/16 (Alternative Minimum Tax)		No Opt. Call		A2		1,133,700
	1,290	Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Refunding Series 2009B, 5.500%, 11/01/20		11/19 at 100.00		AA–		1,588,609

Nuveen Investments 295

Portfolio of Investments

Nuveen Short Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tennessee (continued)
		Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Series 2012:
$	500	2.000%, 11/01/13		No Opt. Call		BBB+	$	503,680
	1,000	2.000%, 11/01/14		No Opt. Call		BBB+		1,016,100
	1,050	2.000%, 11/01/15		No Opt. Call		BBB+		1,071,210
	1,000	3.000%, 11/01/16		No Opt. Call		BBB+		1,051,110
	1,800	Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 7/01/16		No Opt. Call		A		2,022,858
	7,640	Total Tennessee						8,387,267
		Texas – 3.7%
	1,000	Brazosport Independent School District, Brazoria County, Texas, General Obligation Bonds, Series 2004, 5.000%, 2/15/20 (Pre-refunded 2/15/14)		2/14 at 100.00		Aaa		1,037,420
	1,000	Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2009A, 5.000%, 11/01/21		11/16 at 100.00		A+		1,135,210
	800	Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A, 5.000%, 6/01/17		No Opt. Call		Baa3		899,072
	1,000	Harrison County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Good Shepherd Health System, Refunding Series 2010, 4.000%, 7/01/15		No Opt. Call		BBB+		1,050,190
	455	Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2009, 3.000%, 4/01/14		No Opt. Call		A2		464,541
	1,150	Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Refunding Series 2011A, 5.000%, 9/01/13		No Opt. Call		A2		1,168,653
	2,005	Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2011, 4.000%, 1/01/15		No Opt. Call		A–		2,093,240
	500	Sabine Pass Independent School District, Jefferson County, Texas, General Obligation Bonds, Series 2003, 0.000%, 8/15/34 (Pre-refunded 8/15/13)		8/13 at 32.33		AAA		161,575
	1,015	Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series 2012, 5.000%, 10/01/14		No Opt. Call		BBB+		1,076,083
		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Series 2009A:
	1,425	4.000%, 9/01/15 – AGC Insured		No Opt. Call		AA–		1,523,040
	1,170	4.000%, 9/01/16 – AGC Insured		No Opt. Call		AA–		1,279,138
	1,405	4.375%, 9/01/18 – AGC Insured		No Opt. Call		AA–		1,615,132
	300	Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2013A, 5.000%, 8/15/15		No Opt. Call		AA–		328,281
	3,000	Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/16		No Opt. Call		A3		3,294,660
	1,000	Val Verde County, Texas, Pass-Through Toll Revenue and Limited Tax Bonds, Series 2011, 2.000%, 8/15/13		No Opt. Call		A		1,003,460
	17,225	Total Texas						18,129,695
		Virgin Islands – 1.8%
	360	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2006, 5.000%, 10/01/15 – FGIC Insured		No Opt. Call		BBB+		388,148
	6,985	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2012C, 3.000%, 10/01/17		No Opt. Call		BBB+		7,236,949
	1,035	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B, 5.000%, 10/01/19		No Opt. Call		BBB+		1,190,043
	8,380	Total Virgin Islands						8,815,140

296 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Virginia – 3.7%
$	1,100	Dulles Town Center Community Development Authority, Loudon County, Virginia Special Assessment Refunding Bonds, Dulles Town Center Project, Series 2012, 3.000%, 3/01/16		No Opt. Call		N/R	$	1,109,471
	1,000	Fredericksburg Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2007, 5.000%, 6/15/17		No Opt. Call		Baa1		1,140,010
	1,275	Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 4.000%, 11/01/16		No Opt. Call		A–		1,395,462
	1,000	Louisa Industrial Development Authority, Virginia, Pollution Control Revenue Bonds, Virginia Electric and Power Company, Series 2008c, 5.375%, 11/01/35 (Mandatory put 12/02/13)		No Opt. Call		A–		1,030,160
	325	Norfolk, Virginia, General Obligation Bonds, Bond Anticipation Notes Series 2011A, 2.000%, 1/01/14		7/13 at 100.00		AA		325,517
	310	Virginia Beach, Virginia, General Obligation Public Improvement Bonds, Series 2003A, 5.500%, 5/01/13		No Opt. Call		AAA		310,047
	7,000	Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2006D-1, 4.300%, 1/01/14 (Alternative Minimum Tax)		No Opt. Call		AAA		7,131,600
	6,000	Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2004A, 5.000%, 8/01/14		8/13 at 100.00		AA+		6,071,580
	18,010	Total Virginia						18,513,847
		Washington – 1.1%
	400	King and Pierce Counties School District 408 Auburn, Washington, General Obligation Bonds, Refunding Series 2013, 3.000%, 12/01/14		No Opt. Call		Aa1		416,784
	1,000	Port of Seattle, Washington, Revenue Bonds, Refunding Inter-Lien Series 2010C, 5.000%, 2/01/16		No Opt. Call		Aa3		1,116,700
	205	Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012, 4.000%, 12/01/16		No Opt. Call		Baa3		221,703
		Washington Higher Education Facilities Authority Revenue Bonds, Whitworth University Project, Series 2012:
	100	3.000%, 10/01/13		No Opt. Call		Baa1		100,867
	150	3.000%, 10/01/14		No Opt. Call		Baa1		153,938
	275	4.000%, 10/01/16		No Opt. Call		Baa1		296,159
		Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009:
	1,225	5.000%, 7/01/13		No Opt. Call		Baa3		1,232,338
	1,150	5.000%, 7/01/14		No Opt. Call		Baa3		1,190,400
	500	Washington State Housing Finance Commission, Non-Profit Revenue Bonds, Emerald Heights Project, Refunding 2013, 3.000%, 7/01/15		No Opt. Call		A–		520,580
	5,005	Total Washington						5,249,469
		West Virginia – 0.5%
	1,000	Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company, Series 2003L, 2.000%, 10/01/22 (Mandatory put 10/01/14)		No Opt. Call		Baa2		1,016,120
	1,500	West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company – Amos Project, Series 2011A, 2.250%, 1/01/41 (Mandatory put 9/01/16) (Alternative Minimum Tax)		No Opt. Call		BBB		1,530,855
	2,500	Total West Virginia						2,546,975
		Wisconsin – 1.0%
	130	Appleton, Wisconsin, Storm Water System Revenue Bonds, Series 2012, 2.000%, 4/01/14		No Opt. Call		Aa2		131,672
	600	La Crosse, Wisconsin, General Obligation Bonds, Series 2012B, 2.000%, 12/01/13		No Opt. Call		AA		606,210

Nuveen Investments 297

Portfolio of Investments

Nuveen Short Term Municipal Bond Fund (continued)

April 30, 2013

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin (continued)
$	1,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.000%, 4/15/16		No Opt. Call		A	$	1,112,780
	765	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 2.500%, 10/15/13		No Opt. Call		A+		772,528
	350	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Howard Young Health Care, Inc., Refunding Series 2012, 3.000%, 8/15/13		No Opt. Call		BBB+		352,237
	1,025	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 2.500%, 8/15/13		No Opt. Call		A+		1,031,652
	290	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Series 2010A, 5.000%, 8/15/15		No Opt. Call		A+		315,453
	500	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Watertown Regional Medical Center, Inc., Series 2012, 2.000%, 9/01/16		No Opt. Call		BBB+		512,120
	4,660	Total Wisconsin						4,834,652
		Wyoming – 0.2%
		Natrona County, Wyoming, Hospital Revenue Bonds, Wyoming Medical Center Project, Series 2011:
	200	4.000%, 9/15/14		No Opt. Call		A3		207,142
	530	4.000%, 9/15/15		No Opt. Call		A3		561,519
	300	4.000%, 9/15/16		No Opt. Call		A3		323,433
	1,030	Total Wyoming						1,092,094
$	458,222	Total Municipal Bonds (cost $471,349,604)						481,590,797
Shares/ Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 3.3%
		Money Market Funds – 0.1%
	378,719	Federated Minnesota Municipal Cash Trust, 0.010% (7)		N/A		N/A	$	378,719
		MUNICIPAL BONDS – 3.2%
		Arizona – 1.1%
$	5,500	Glendale Industrial Development Authority, Arizona, Senior Living Facility Revenue Bonds, Variable Rate Demand Obligations, Friendship Retirement Corporation, Senior Lien, Series 1997, 0.310%, 1/01/27 (8)		8/13 at 100.00		A-1+		5,500,000
		Colorado – 0.4%
	2,075	Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Denver Seminary Project, Variable Rate Demand Obligation Series 2004, 0.310%, 7/01/34 (8)		8/13 at 100.00		A-1+		2,075,000
		New York – 0.7%
	3,500	New York State Environmental Facilities Corporation, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Variable Rate Demand Obligations, Refunding Series 2012, 0.550%, 5/01/30 (Mandatory put 8/01/13) (8)		No Opt. Call		A-2		3,500,000
		Texas – 1.0%
	5,000	Mission Economic Development Corporation, Texas, Solid Waste Disposal Revenue Bonds, Republic Services Inc. Project, Variable Rate Demand Obligation Series 2012, 0.600%, 1/01/26 (Mandatory put 8/01/13) (Alternative Minimum Tax) (8)		No Opt. Call		A-2		5,000,000
$	16,075	Total Municipal Bonds						16,075,000
		Total Short-Term Investments (cost $16,453,719)						16,453,719
		Total Investments (cost $487,803,323) – 100.5%						498,044,516
		Other Assets Less Liabilities – (0.5)%						(2,251,124)
		Net Assets – 100%					$	495,793,392

298 Nuveen Investments

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

(2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 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) During July 2010, the original issue for this security (1,000,000 par, 5.500% coupon and May, 15, 2015 maturity) was restructured into two new securities. The first security, which is 30% of the original issue, has 300,000 par, 0.000% coupon and May 15, 2050 maturity. The second security, which is the remaining 70% of the issue, has a 700,000 par, 5.500% coupon and May 15, 2018 maturity. During September 2011, the Adviser concluded this 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) 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 fixed-income security, 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) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

(8) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.

N/A Not applicable

N/R Not rated.

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

(ETM) Escrowed to maturity.

Reg S Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

See accompanying notes to financial statements.

Nuveen Investments 299

Statement of Assets and Liabilities

April 30, 2013

	All-American			High Yield			Inflation Protected
Assets
Investments, at value (cost $2,703,070,503, $8,605,905,282, and $105,065,988, respectively)	$	2,968,610,370		$	9,368,301,319		$	107,704,799
Cash		11,188,739			82,369,033			2,766,924
Unrealized appreciation on:
Credit default swaps		—			416,183			—
Forward swaps		—			5,645,284			—
Credit default swaps premiums paid		—			1,125,000			—
Receivables:
Interest		42,931,779			194,740,476			1,121,367
Investments sold		36,902,567			29,870,830			—
Shares sold		6,736,048			37,688,049			2,561,638
Other assets		229,663			658,333			22
Total assets		3,066,599,166			9,720,814,507			114,154,750
Liabilities
Borrowings		—			40,000,000			—
Cash overdraft		—			—			—
Floating rate obligations		18,520,000			191,211,000			—
Unrealized depreciation on consumer price index swaps, net		—			—			1,077,858
Payables:
Dividends		3,251,616			14,629,974			14,084
Investments purchased		22,966,868			45,092,738			560,385
Shares redeemed		6,365,128			30,779,147			395,097
Accrued expenses:
Management fees		1,034,566			3,815,006			27,453
Directors/Trustees fees		100,321			418,998			698
12b-1 distribution and service fees		507,540			1,620,396			18,874
Other		638,304			1,845,882			23,944
Total liabilities		53,384,343			329,413,141			2,118,393
Net assets	$	3,013,214,823		$	9,391,401,366		$	112,036,357
Class A Shares
Net assets	$	1,230,355,976		$	3,162,447,949		$	61,926,092
Shares outstanding		104,663,108			181,675,254			5,474,010
Net asset value per share	$	11.76		$	17.41		$	11.31
Offering price per share (net asset value per share plus maximum sales charge of 4.20%, 4.20% and 3.00%, respectively, of offering price)	$	12.28		$	18.17		$	11.66
Class B Shares
Net assets	$	4,451,813		$	22,248,560			N/A
Shares outstanding		378,066			1,279,603			N/A
Net asset value and offering price per share	$	11.78		$	17.39			N/A
Class C Shares
Net assets	$	494,746,730		$	1,780,580,820		$	15,064,220
Shares outstanding		42,071,893			102,401,021			1,332,612
Net asset value and offering price per share	$	11.76		$	17.39		$	11.30
Class I Shares
Net assets	$	1,283,660,304		$	4,426,124,037		$	35,046,045
Shares outstanding		108,803,286			254,285,325			3,094,911
Net asset value and offering price per share	$	11.80		$	17.41		$	11.32
Net assets consist of:
Capital paid-in	$	2,791,220,218		$	9,928,647,405		$	110,681,553
Undistributed (Over-distribution of) net investment income		2,031,115			7,131,601			(96,831	)
Accumulated net realized gain (loss)		(45,576,377	)		(1,312,835,144	)		(109,318	)
Net unrealized appreciation (depreciation)		265,539,867			768,457,504			1,560,953
Net assets	$	3,013,214,823		$	9,391,401,366		$	112,036,357
Authorized shares – per class		Unlimited			Unlimited			Unlimited
Par value per share	$	0.01		$	0.01		$	0.01

N/A – Inflation Protected is not authorized to issue Class B Shares.

See accompanying notes to financial statements.

300 Nuveen Investments

	Intermediate Duration			Limited Term			Short Duration High Yield			Short Term
Assets
Investments, at value (cost $3,836,704,196, $3,501,109,088, $113,867,643 and $487,803,323, respectively)	$	4,117,049,163		$	3,654,274,764		$	114,501,589		$	498,044,516
Cash		7,860,434			8,785,563			5,245,984			—
Unrealized appreciation on:
Credit default swaps		—			—			—			—
Forward swaps		—			—			—			—
Credit default swaps premiums paid		—			—			—			—
Receivables:
Interest		57,046,686			46,866,829			1,618,823			4,871,055
Investments sold		31,709,583			4,971,903			—			—
Shares sold		8,142,987			16,757,162			36,340,092			1,745,936
Other assets		383,345			168,392			—			6,423
Total assets		4,222,192,198			3,731,824,613			157,706,488			504,667,930
Liabilities
Borrowings		—			—			—			—
Cash overdraft		—			—			—			874,834
Floating rate obligations		—			—			—			—
Unrealized depreciation on consumer price index swaps, net		—			—			—			—
Payables:
Dividends		4,547,602			1,961,467			78,497			452,573
Investments purchased		16,711,382			9,860,891			14,461,983			6,479,570
Shares redeemed		5,361,583			8,304,114			316,681			671,983
Accrued expenses:
Management fees		1,465,789			1,094,449			22,671			260,787
Directors/Trustees fees		396,311			183,273			294			8,475
12b-1 distribution and service fees		189,855			562,249			8,266			21,331
Other		740,951			669,170			33,388			104,985
Total liabilities		29,413,473			22,635,613			14,921,780			8,874,538
Net assets	$	4,192,778,725		$	3,709,189,000		$	142,784,708		$	495,793,392
Class A Shares
Net assets	$	512,138,970		$	1,438,077,392		$	66,923,912		$	101,836,133
Shares outstanding		54,586,825			127,636,524			6,614,387			9,987,842
Net asset value per share	$	9.38		$	11.27		$	10.12		$	10.20
Offering price per share (net asset value per share plus maximum sales charge of 3.00%, 2.50%, 2.50% and 2.50%, respectively, of offering price)	$	9.67		$	11.56		$	10.38		$	10.46
Class B Shares
Net assets	$	1,939,783			N/A			N/A			N/A
Shares outstanding		206,185			N/A			N/A			N/A
Net asset value and offering price per share	$	9.41			N/A			N/A			N/A
Class C Shares
Net assets	$	158,004,017		$	721,302,455		$	4,844,206		$	10,617,797
Shares outstanding		16,797,228			64,258,094			478,747			1,042,572
Net asset value and offering price per share	$	9.41		$	11.23		$	10.12		$	10.18
Class I Shares
Net assets	$	3,520,695,955		$	1,549,809,153		$	71,016,590		$	383,339,462
Shares outstanding		374,295,867			138,261,413			7,016,787			37,598,330
Net asset value and offering price per share	$	9.41		$	11.21		$	10.12		$	10.20
Net assets consist of:
Capital paid-in	$	3,919,684,303		$	3,577,746,560		$	142,173,721		$	485,927,180
Undistributed (Over-distribution of) net investment income		5,832,132			(632,441	)		(20,276	)		5,952
Accumulated net realized gain (loss)		(13,082,677	)		(21,090,795	)		(2,683	)		(380,933	)
Net unrealized appreciation (depreciation)		280,344,967			153,165,676			633,946			10,241,193
Net assets	$	4,192,778,725		$	3,709,189,000		$	142,784,708		$	495,793,392
Authorized shares – per class		Unlimited			Unlimited			Unlimited			2 billion
Par value per share	$	0.01		$	0.01		$	0.01		$	0.0001

N/A – Limited Term, Short Duration High Yield and Short Term are not authorized to issue Class B Shares.

See accompanying notes to financial statements.

Nuveen Investments 301

Statement of Operations

Year Ended April 30, 2013

	All-American		High Yield			Inflation Protected
Investment Income	$	133,022,578	$	561,479,741		$	1,593,586
Expenses
Management fees		11,921,414		41,193,534			257,475
12b-1 service fees – Class A		2,263,550		5,758,645			54,011
12b-1 distribution and service fees – Class B		58,789		274,962			N/A
12b-1 distribution and service fees – Class C		3,315,326		12,140,123			63,414
Shareholder servicing agent fees and expenses		1,216,902		3,592,338			26,191
Interest expense		128,829		2,855,523			—
Custodian fees and expenses		398,383		1,110,738			38,668
Directors/Trustees fees and expenses		71,461		220,486			1,633
Professional fees		113,389		2,352,128			28,316
Shareholder reporting expenses		305,405		714,500			15,171
Federal and state registration fees		450,563		735,864			75,232
Other expenses		112,790		158,757			5,528
Total expenses before fee waiver/expense reimbursement		20,356,801		71,107,598			565,639
Fee waiver/expense reimbursement		—		—			(134,886	)
Net expenses		20,356,801		71,107,598			430,753
Net investment income (loss)		112,665,777		490,372,143			1,162,833
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		4,466,708		(9,485,775	)		40,975
Swaps		—		(85,585,217	)		(152,000	)
Change in net unrealized appreciation (depreciation) of:
Investments		87,628,674		573,041,707			1,826,189
Swaps		—		76,199,090			(1,001,260	)
Net realized and unrealized gain (loss)		92,095,382		554,169,805			713,904
Net increase (decrease) in net assets from operations	$	204,761,159	$	1,044,541,948		$	1,876,737

N/A – Inflation Protected is not authorized to issue Class B Shares.

See accompanying notes to financial statements.

302 Nuveen Investments

	Intermediate Duration		Limited Term			Short Duration High Yield			Short Term
Investment Income	$	154,381,040	$	92,585,465		$	253,752		$	9,442,668
Expenses
Management fees		16,345,401		12,252,048			47,584			1,773,984
12b-1 service fees – Class A		953,255		2,576,883			7,210			134,214
12b-1 distribution and service fees – Class B		22,874		N/A			N/A			N/A
12b-1 distribution and service fees – Class C		1,099,821		3,797,828			3,183			30,519
Shareholder servicing agent fees and expenses		1,756,436		1,692,031			373			81,980
Interest expense		—		—			—			—
Custodian fees and expenses		543,069		452,381			1,226			152,008
Directors/Trustees fees and expenses		103,254		87,004			294			10,890
Professional fees		185,184		145,980			51,513			40,581
Shareholder reporting expenses		357,657		313,853			1,709			72,102
Federal and state registration fees		225,444		334,485			6,984			75,561
Other expenses		184,971		87,113			647			11,162
Total expenses before fee waiver/expense reimbursement		21,777,366		21,739,606			120,723			2,383,001
Fee waiver/expense reimbursement		—		—			(58,514	)		—
Net expenses		21,777,366		21,739,606			62,209			2,383,001
Net investment income (loss)		132,603,674		70,845,859			191,543			7,059,667
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		4,892,455		(1,800,625	)		(2,683	)		75,724
Swaps		—		—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments		53,292,933		22,813,097			633,946			828,436
Swaps		—		—			—			—
Net realized and unrealized gain (loss)		58,185,388		21,012,472			631,263			904,160
Net increase (decrease) in net assets from operations	$	190,789,062	$	91,858,331		$	822,806		$	7,963,827

N/A – Limited Term, Short Duration High Yield and Short Term are not authorized to issue Class B Shares.

See accompanying notes to financial statements.

Nuveen Investments 303

Statement of Changes in Net Assets

	All-American						High Yield
	Year Ended 4/30/13			Year Ended 4/30/12			Year Ended 4/30/13			Year Ended 4/30/12
Operations
Net investment income (loss)	$	112,665,777		$	38,821,606		$	490,372,143		$	380,137,142
Net realized gain (loss) from:
Investments		4,466,708			3,757,562			(9,485,775	)		(37,198,264	)
Swaps		—			—			(85,585,217	)		(25,104,832	)
Change in net unrealized appreciation (depreciation) of:
Investments		87,628,674			77,163,841			573,041,707			796,774,447
Swaps		—			—			76,199,090			(56,488,314	)
Net increase (decrease) in net assets from operations		204,761,159			119,743,009			1,044,541,948			1,058,120,179
Distributions to Shareholders
From net investment income:
Class A		(46,205,698	)		(22,289,347	)		(171,001,738	)		(137,207,041	)
Class B		(209,917	)		(199,319	)		(1,513,973	)		(2,584,434	)
Class C		(15,687,070	)		(9,249,471	)		(87,403,077	)		(76,509,172	)
Class I		(52,562,816	)		(8,042,102	)		(224,015,932	)		(154,226,585	)
From accumulated net realized gains:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class I		—			—			—			—
Decrease in net assets from distributions to shareholders		(114,665,501	)		(39,780,239	)		(483,934,720	)		(370,527,232	)
Fund Share Transactions
Fund reorganization		—			1,423,036,439			—			—
Proceeds from sale of shares		936,248,087			483,473,350			4,715,783,350			2,582,827,293
Proceeds from shares issued to shareholders due to reinvestment of distributions		76,014,158			25,569,376			323,290,149			244,603,528
		1,012,262,245			1,932,079,165			5,039,073,499			2,827,430,821
Cost of shares redeemed		(549,407,373	)		(168,996,481	)		(2,668,557,714	)		(1,573,830,218	)
Net increase (decrease) in net assets from Fund share transactions		462,854,872			1,763,082,684			2,370,515,785			1,253,600,603
Net increase (decrease) in net assets		552,950,530			1,843,045,454			2,931,123,013			1,941,193,550
Net assets at the beginning of period		2,460,264,293			617,218,839			6,460,278,353			4,519,084,803
Net assets at the end of period	$	3,013,214,823		$	2,460,264,293		$	9,391,401,366		$	6,460,278,353
Undistributed (Over-distribution of) net investment income at the end of period	$	2,031,115		$	4,007,698		$	7,131,601		$	1,463,181

See accompanying notes to financial statements.

304 Nuveen Investments

	Inflation Protected						Intermediate Duration
	Year Ended 4/30/13			Year Ended 4/30/12			Year Ended 4/30/13			Year Ended 4/30/12
Operations
Net investment income (loss)	$	1,162,833		$	283,150		$	132,603,674		$	109,271,453
Net realized gain (loss) from:
Investments		40,975			37,913			4,892,455			(7,763,209	)
Swaps		(152,000	)		7,500			—			—
Change in net unrealized appreciation (depreciation) of:
Investments		1,826,189			689,981			53,292,933			126,995,860
Swaps		(1,001,260	)		(126,616	)		—			—
Net increase (decrease) in net assets from operations		1,876,737			891,928			190,789,062			228,504,104
Distributions to Shareholders
From net investment income:
Class A		(620,468	)		(131,224	)		(15,847,282	)		(15,014,228	)
Class B		N/A			N/A			(63,171	)		(122,549	)
Class C		(150,431	)		(62,818	)		(4,109,286	)		(3,937,448	)
Class I		(491,789	)		(95,759	)		(115,311,143	)		(92,588,588	)
From accumulated net realized gains:
Class A		(22,063	)		—			—			—
Class B		N/A			N/A			—			—
Class C		(7,575	)		—			—			—
Class I		(16,484	)		—			—			—
Decrease in net assets from distributions to shareholders		(1,308,810	)		(289,801	)		(135,330,882	)		(111,662,813	)
Fund Share Transactions
Fund reorganization		—			—			—			781,206,829
Proceeds from sale of shares		107,454,355			13,656,522			1,038,513,585			573,100,813
Proceeds from shares issued to shareholders due to reinvestment of distributions		1,023,234			77,945			85,812,345			80,429,039
		108,477,589			13,734,467			1,124,325,930			1,434,736,681
Cost of shares redeemed		(15,260,445	)		(1,340,279	)		(614,364,991	)		(426,491,995	)
Net increase (decrease) in net assets from Fund share transactions		93,217,144			12,394,188			509,960,939			1,008,244,686
Net increase (decrease) in net assets		93,785,071			12,996,315			565,419,119			1,125,085,977
Net assets at the beginning of period		18,251,286			5,254,971			3,627,359,606			2,502,273,629
Net assets at the end of period	$	112,036,357		$	18,251,286		$	4,192,778,725		$	3,627,359,606
Undistributed (Over-distribution of) net investment income at the end of period	$	(96,831	)	$	5,615		$	5,832,132		$	8,562,179

N/A – Inflation Protected is not authorized to issue Class B Shares.

See accompanying notes to financial statements.

Nuveen Investments 305

Statement of Changes in Net Assets (continued)

	Limited Term						Short Duration High Yield
	Year Ended 4/30/13			Year Ended 4/30/12			For the period 2/01/13 (commencement of operations) through 4/30/13
Operations
Net investment income (loss)	$	70,845,859		$	68,110,688		$	191,543
Net realized gain (loss) from:
Investments		(1,800,625	)		(6,476,130	)		(2,683	)
Swaps		—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments		22,813,097			81,520,207			633,946
Swaps		—			—			—
Net increase (decrease) in net assets from operations		91,858,331			143,154,765			822,806
Distributions to Shareholders
From net investment income:
Class A		(27,306,390	)		(26,080,802	)		(100,495	)
Class B		N/A			N/A			N/A
Class C		(12,158,830	)		(13,122,169	)		(10,048	)
Class I		(31,433,207	)		(26,502,771	)		(111,669	)
From accumulated net realized gains:
Class A		—			—			—
Class B		N/A			N/A			N/A
Class C		—			—			—
Class I		—			—			—
Decrease in net assets from distributions to shareholders		(70,898,427	)		(65,705,742	)		(222,212	)
Fund Share Transactions
Fund reorganization		—			—			—
Proceeds from sale of shares		1,649,178,808			1,295,654,768			142,743,232
Proceeds from shares issued to shareholders due to reinvestment of distributions		46,901,460			39,275,909			113,268
		1,696,080,268			1,334,930,677			142,856,500
Cost of shares redeemed		(959,574,505	)		(793,001,408	)		(672,386	)
Net increase (decrease) in net assets from Fund share transactions		736,505,763			541,929,269			142,184,114
Net increase (decrease) in net assets		757,465,667			619,378,292			142,784,708
Net assets at the beginning of period		2,951,723,333			2,332,345,041			—
Net assets at the end of period	$	3,709,189,000		$	2,951,723,333		$	142,784,708
Undistributed (Over-distribution of) net investment income at the end of period	$	(632,441	)	$	(341,438	)	$	(20,276	)

N/A – Limited Term and Short Duration High Yield are not authorized to issue Class B Shares.

See accompanying notes to financial statements.

306 Nuveen Investments

	Short Term
	Year Ended 4/30/13			Year Ended 4/30/12
Operations
Net investment income (loss)	$	7,059,667		$	7,001,170
Net realized gain (loss) from:
Investments		75,724			347,473
Swaps		—			—
Change in net unrealized appreciation (depreciation) of:
Investments		828,436			5,666,989
Swaps		—			—
Net increase (decrease) in net assets from operations		7,963,827			13,015,632
Distributions to Shareholders
From net investment income:
Class A		(1,139,066	)		(363,371	)
Class B		N/A			N/A
Class C		(72,558	)		(2,244	)
Class I		(6,629,259	)		(6,362,952	)
From accumulated net realized gains:
Class A		—			—
Class B		N/A			N/A
Class C		—			—
Class I		—			—
Decrease in net assets from distributions to shareholders		(7,840,883	)		(6,728,567	)
Fund Share Transactions
Fund reorganization		—			—
Proceeds from sale of shares		433,812,513			208,239,858
Proceeds from shares issued to shareholders due to reinvestment of distributions		1,969,999			743,063
		435,782,512			208,982,921
Cost of shares redeemed		(280,040,164	)		(160,478,455	)
Net increase (decrease) in net assets from Fund share transactions		155,742,348			48,504,466
Net increase (decrease) in net assets		155,865,292			54,791,531
Net assets at the beginning of period		339,928,100			285,136,569
Net assets at the end of period	$	495,793,392		$	339,928,100
Undistributed (Over-distribution of) net investment income at the end of period	$	5,952		$	787,168

N/A – Short Term is not authorized to issue Class B Shares.

See accompanying notes to financial statements.

Nuveen Investments 307

Financial Highlights

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
ALL-AMERICAN
Year Ended April 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Invest- ment Income			From Accumulated Net Realized Gains		Total			Ending Net Asset Value
Class A (10/88)
2013	$	11.36	$	.47	$	.41		$	.88		$	(.48	)	$	—	$	(.48	)	$	11.76
2012		10.24		.54		1.13			1.67			(.55	)		—		(.55	)		11.36
2011		10.63		.56		(.40	)		.16			(.55	)		—		(.55	)		10.24
2010		9.54		.56		1.06			1.62			(.53	)		—		(.53	)		10.63
2009		10.50		.53		(1.00	)		(.47	)		(.49	)		—		(.49	)		9.54
Class B (2/97)
2013		11.38		.38		.41			.79			(.39	)		—		(.39	)		11.78
2012		10.27		.46		1.12			1.58			(.47	)		—		(.47	)		11.38
2011		10.66		.48		(.39	)		.09			(.48	)		—		(.48	)		10.27
2010		9.57		.49		1.06			1.55			(.46	)		—		(.46	)		10.66
2009		10.53		.46		(1.01	)		(.55	)		(.41	)		—		(.41	)		9.57
Class C (6/93)
2013		11.37		.40		.41			.81			(.42	)		—		(.42	)		11.76
2012		10.24		.48		1.14			1.62			(.49	)		—		(.49	)		11.37
2011		10.63		.50		(.39	)		.11			(.50	)		—		(.50	)		10.24
2010		9.55		.50		1.06			1.56			(.48	)		—		(.48	)		10.63
2009		10.50		.48		(1.00	)		(.52	)		(.43	)		—		(.43	)		9.55
Class I (2/97)
2013		11.40		.49		.41			.90			(.50	)		—		(.50	)		11.80
2012		10.28		.55		1.14			1.69			(.57	)		—		(.57	)		11.40
2011		10.67		.58		(.39	)		.19			(.58	)		—		(.58	)		10.28
2010		9.58		.58		1.07			1.65			(.56	)		—		(.56	)		10.67
2009		10.54		.55		(1.00	)		(.45	)		(.51	)		—		(.51	)		9.58

308 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets
Total Return(b)			Ending Net Assets (000)		Expenses Including Interest(c)			Expenses Excluding Interest			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	7.83	%	$	1,230,356		.72	%		.72	%		4.01	%		17	%
	16.68			969,745		.78			.77			4.98			18
	1.53			350,778		.78			.78			5.34			26
	17.36			352,666		.80			.80			5.46			33
	(4.41	)		303,949		.83			.80			5.48			31
	7.05			4,452		1.47			1.47			3.30			17
	15.70			8,408		1.54			1.53			4.29			18
	.79			5,273		1.53			1.53			4.56			26
	16.49			9,706		1.55			1.55			4.73			33
	(5.14	)		12,342		1.57			1.54			4.70			31
	7.17			494,747		1.27			1.27			3.45			17
	16.14			361,364		1.33			1.32			4.43			18
	.99			167,535		1.33			1.33			4.78			26
	16.62			151,025		1.34			1.34			4.91			33
	(4.88	)		108,149		1.38			1.35			4.95			31
	8.03			1,283,660		.52			.52			4.22			17
	16.71			1,120,747		.56			.55			5.13			18
	1.84			93,633		.58			.58			5.53			26
	17.52			39,683		.59			.59			5.64			33
	(4.22	)		12,027		.63			.60			5.67			31

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

(b) 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.

(c) 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.

See accompanying notes to financial statements.

Nuveen Investments 309

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
HIGH YIELD
Year Ended April 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Invest- ment Income			From Accumulated Net Realized Gains		Total			Ending Net Asset Value
Class A (6/99)
2013	$	16.17	$	1.02	$	1.23		$	2.25		$	(1.01	)	$	—	$	(1.01	)	$	17.41
2012		14.22		1.09		1.92			3.01			(1.06	)		—		(1.06	)		16.17
2011		15.53		1.08		(1.33	)		(.25	)		(1.06	)		—		(1.06	)		14.22
2010		12.73		1.06		2.83			3.89			(1.09	)		—		(1.09	)		15.53
2009		19.26		1.13		(6.52	)		(5.39	)		(1.14	)		—		(1.14	)		12.73
Class B (6/99)
2013		16.16		.90		1.21			2.11			(.88	)		—		(.88	)		17.39
2012		14.21		.98		1.92			2.90			(.95	)		—		(.95	)		16.16
2011		15.51		.97		(1.33	)		(.36	)		(.94	)		—		(.94	)		14.21
2010		12.72		.95		2.83			3.78			(.99	)		—		(.99	)		15.51
2009		19.24		1.01		(6.51	)		(5.50	)		(1.02	)		—		(1.02	)		12.72
Class C (6/99)
2013		16.16		.93		1.22			2.15			(.92	)		—		(.92	)		17.39
2012		14.21		1.01		1.93			2.94			(.99	)		—		(.99	)		16.16
2011		15.51		.99		(1.32	)		(.33	)		(.97	)		—		(.97	)		14.21
2010		12.73		.98		2.82			3.80			(1.02	)		—		(1.02	)		15.51
2009		19.25		1.04		(6.50	)		(5.46	)		(1.06	)		—		(1.06	)		12.73
Class I (6/99)
2013		16.17		1.06		1.22			2.28			(1.04	)		—		(1.04	)		17.41
2012		14.22		1.12		1.92			3.04			(1.09	)		—		(1.09	)		16.17
2011		15.52		1.10		(1.31	)		(.21	)		(1.09	)		—		(1.09	)		14.22
2010		12.73		1.09		2.82			3.91			(1.12	)		—		(1.12	)		15.52
2009		19.26		1.16		(6.51	)		(5.35	)		(1.18	)		—		(1.18	)		12.73

310 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets
Total Return(b)			Ending Net Assets (000)		Expenses Including Interest(c)(d)			Expenses Excluding Interest			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	14.24	%	$	3,162,448		.85	%		.82	%		6.01	%		13	%
	21.93			2,382,456		.85			.83			7.18			16
	(1.78	)		1,700,469		.88			.85			7.12			31
	31.50			2,158,475		.89			.86			7.27			11
	(28.45	)		1,352,846		.97			.88			7.20			50
	13.34			22,249		1.60			1.57			5.30			13
	21.07			35,000		1.61			1.59			6.49			16
	(2.46	)		47,700		1.63			1.60			6.38			31
	30.40			73,920		1.64			1.61			6.58			11
	(28.99	)		73,287		1.72			1.63			6.41			50
	13.57			1,780,581		1.40			1.37			5.46			13
	21.31			1,376,916		1.40			1.38			6.64			16
	(2.33	)		1,059,268		1.43			1.40			6.59			31
	30.73			1,166,535		1.44			1.41			6.71			11
	(28.87	)		656,599		1.52			1.43			6.63			50
	14.44			4,426,124		.65			.62			6.20			13
	22.17			2,665,906		.65			.63			7.38			16
	(1.52	)		1,711,647		.68			.65			7.32			31
	31.66			1,498,640		.69			.66			7.43			11
	(28.33	)		655,390		.77			.68			7.38			50

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

(b) 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.

(c) 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 and the interest expense and fees paid on borrowings, as described in Footnote 8 – Borrowing Arrangements.

(d) Each Ratio of Expenses Including Interest to Average Net Assets includes the effect of the interest expense and fees paid on Fund borrowings for each share class as follows:

Ratios of Borrowings Expense to Average Net Assets
Year Ended April 30:
2013	.01	%
2012	.01
2011	.01
2010	.01
2009	.01

See accompanying notes to financial statements.

Nuveen Investments 311

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations						Less Distributions
INFLATION PROTECTED
Year Ended April 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)		Total		From Net Invest- ment Income			From Accumulated Net Realized Gains			Total			Ending Net Asset Value
Class A (3/11)
2013	$	11.01	$	.24	$	.35	$	.59	$	(.28	)	$	(.01	)	$	(.29	)	$	11.31
2012		10.36		.33		.66		.99		(.34	)		—			(.34	)		11.01
2011(e)		10.00		.04		.34		.38		(.02	)		—			(.02	)		10.36
Class C (3/11)
2013		11.00		.18		.35		.53		(.22	)		(.01	)		(.23	)		11.30
2012		10.36		.27		.66		.93		(.29	)		—			(.29	)		11.00
2011(e)		10.00		.03		.35		.38		(.02	)		—			(.02	)		10.36
Class I (3/11)
2013		11.01		.26		.36		.62		(.30	)		(.01	)		(.31	)		11.32
2012		10.37		.35		.65		1.00		(.36	)		—			(.36	)		11.01
2011(e)		10.00		.05		.34		.39		(.02	)		—			(.02	)		10.37

312 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement									Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses Including Interest(d)			Expenses Excluding Interest			Net Invest- ment Income (Loss)			Expenses Including Interest(d)			Expenses Excluding Interest			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	5.39	%	$	61,926		1.01	%		1.01	%		1.87	%		.77	%		.77	%		2.11	%		9	%
	9.74			7,339		1.46			1.46			2.44			.78			.78			3.13			14
	3.82			1,801		4.87	*		4.87	*		(1.27	)*		.78	*		.78	*		2.83	*		6
	4.81			15,064		1.57			1.57			1.33			1.32			1.32			1.58			9
	9.07			4,209		2.03			2.03			1.87			1.33			1.33			2.57			14
	3.78			1,727		5.44	*		5.44	*		(1.82	)*		1.33	*		1.33	*		2.28	*		6
	5.65			35,046		.82			.82			2.10			.57			.57			2.35			9
	9.82			6,704		1.22			1.22			2.64			.58			.58			3.28			14
	3.93			1,728		4.69	*		4.69	*		(1.07	)*		.58	*		.58	*		3.03	*		6

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

(b) 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.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable.

(d) 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.

(e) For the period March 8, 2011 (commencement of operations) through April 30, 2011.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 313

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations							Less Distributions
INTERMEDIATE DURATION
Year Ended April 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total		From Net Invest- ment Income			From Accumulated Net Realized Gains		Total			Ending Net Asset Value
Class A (6/95)
2013	$	9.25	$	.30	$	.14		$	.44	$	(.31	)	$	—	$	(.31	)	$	9.38
2012		8.84		.34		.42			.76		(.35	)		—		(.35	)		9.25
2011		8.98		.34		(.14	)		.20		(.34	)		—		(.34	)		8.84
2010		8.54		.35		.43			.78		(.34	)		—		(.34	)		8.98
2009		8.78		.34		(.24	)		.10		(.34	)		—		(.34	)		8.54
Class B (2/97)
2013		9.27		.24		.15			.39		(.25	)		—		(.25	)		9.41
2012		8.87		.27		.41			.68		(.28	)		—		(.28	)		9.27
2011		9.01		.27		(.14	)		.13		(.27	)		—		(.27	)		8.87
2010		8.57		.28		.43			.71		(.27	)		—		(.27	)		9.01
2009		8.81		.28		(.25	)		.03		(.27	)		—		(.27	)		8.57
Class C (6/95)
2013		9.27		.25		.15			.40		(.26	)		—		(.26	)		9.41
2012		8.87		.29		.41			.70		(.30	)		—		(.30	)		9.27
2011		9.01		.29		(.14	)		.15		(.29	)		—		(.29	)		8.87
2010		8.57		.30		.43			.73		(.29	)		—		(.29	)		9.01
2009		8.80		.30		(.24	)		.06		(.29	)		—		(.29	)		8.57
Class I (11/76)
2013		9.27		.32		.15			.47		(.33	)		—		(.33	)		9.41
2012		8.86		.36		.41			.77		(.36	)		—		(.36	)		9.27
2011		9.00		.36		(.15	)		.21		(.35	)		—		(.35	)		8.86
2010		8.56		.36		.43			.79		(.35	)		—		(.35	)		9.00
2009		8.79		.36		(.24	)		.12		(.35	)		—		(.35	)		8.56

314 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets(c)
Total Return(b)			Ending Net Assets (000)		Expenses Including Interest(d)			Expenses Excluding Interest			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	4.83	%	$	512,139		.70	%		.70	%		3.24	%		15	%
	8.68			450,036		.72			.72			3.70			10
	2.21			373,176		.74			.74			3.82			6
	9.24			374,528		.75			.75			3.91			5
	1.22			324,071		.76			.76			4.03			6
	4.19			1,940		1.46			1.46			2.52			15
	7.75			3,102		1.47			1.47			2.95			10
	1.46			5,283		1.49			1.49			3.05			6
	8.40			11,040		1.50			1.50			3.16			5
	.43			14,204		1.51			1.51			3.26			6
	4.39			158,004		1.25			1.25			2.69			15
	7.96			134,478		1.27			1.27			3.14			10
	1.66			110,310		1.29			1.29			3.27			6
	8.62			100,047		1.30			1.30			3.35			5
	.76			71,165		1.31			1.31			3.48			6
	5.13			3,520,696		.50			.50			3.44			15
	8.87			3,039,743		.52			.52			3.91			10
	2.41			2,013,504		.54			.54			4.02			6
	9.41			2,044,122		.55			.55			4.11			5
	1.51			1,916,368		.56			.56			4.21			6

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

(b) 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.

(c) The Fund has a contractural fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense reimbursement during the periods presented herein.

(d) 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.

See accompanying notes to financial statements.

Nuveen Investments 315

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations							Less Distributions
LIMITED TERM
Year Ended April 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total		From Net Invest- ment Income			From Accumulated Net Realized Gains		Total			Ending Net Asset Value
Class A (10/87)
2013	$	11.20	$	.24	$	.07		$	.31	$	(.24	)	$	—	$	(.24	)	$	11.27
2012		10.85		.29		.34			.63		(.28	)		—		(.28	)		11.20
2011		10.85		.30		(.01	)		.29		(.29	)		—		(.29	)		10.85
2010		10.60		.32		.28			.60		(.35	)		—		(.35	)		10.85
2009		10.63		.38		(.03	)		.35		(.38	)		—		(.38	)		10.60
Class C (12/95)
2013		11.15		.20		.08			.28		(.20	)		—		(.20	)		11.23
2012		10.81		.25		.34			.59		(.25	)		—		(.25	)		11.15
2011		10.82		.26		(.02	)		.24		(.25	)		—		(.25	)		10.81
2010		10.57		.28		.28			.56		(.31	)		—		(.31	)		10.82
2009		10.60		.34		(.03	)		.31		(.34	)		—		(.34	)		10.57
Class I (2/97)
2013		11.13		.26		.08			.34		(.26	)		—		(.26	)		11.21
2012		10.79		.31		.33			.64		(.30	)		—		(.30	)		11.13
2011		10.79		.32		(.01	)		.31		(.31	)		—		(.31	)		10.79
2010		10.54		.34		.28			.62		(.37	)		—		(.37	)		10.79
2009		10.57		.40		(.03	)		.37		(.40	)		—		(.40	)		10.54

316 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets
Total Return(b)			Ending Net Assets (000)		Expenses Including Interest(c)			Expenses Excluding Interest			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	2.79	%	$	1,438,077		.66	%		.66	%		2.10	%		12	%
	5.88			1,113,802		.66			.66			2.63			12
	2.68			953,517		.68			.68			2.72			13
	5.73			1,001,241		.71			.71			2.98			10
	3.38			615,646		.72			.72			3.59			11
	2.51			721,302		1.01			1.01			1.76			12
	5.45			641,602		1.01			1.01			2.29			12
	2.26			566,098		1.03			1.03			2.37			13
	5.39			509,512		1.06			1.06			2.63			10
	3.04			282,951		1.07			1.07			3.24			11
	3.07			1,549,809		.46			.46			2.31			12
	6.00			1,196,319		.46			.46			2.83			12
	2.87			812,730		.48			.48			2.92			13
	5.94			694,430		.51			.51			3.16			10
	3.59			332,373		.52			.52			3.78			11

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

(b) 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.

(c) 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.

See accompanying notes to financial statements.

Nuveen Investments 317

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations						Less Distributions
SHORT DURATION HIGH YIELD
Year Ended April 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)		Total		From Net Invest- ment Income			From Accumulated Net Realized Gains		Total			Ending Net Asset Value
Class A (2/13)
2013(d)	$	10.00	$	.05	$	.12	$	.17	$	(.05	)	$	—	$	(.05	)	$	10.12
Class C (2/13)
2013(d)		10.00		.04		.12		.16		(.04	)		—		(.04	)		10.12
Class I (2/13)
2013(d)		10.00		.05		.13		.18		(.06	)		—		(.06	)		10.12

318 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	1.72	%	$	66,924		1.35	%**		1.76	%**		.82	%**		2.30	%**		0	%*
	1.63			4,844		2.20	**		1.07	**		1.37	**		1.90	**		0	*
	1.75			71,017		1.43	**		1.49	**		.62	**		2.30	**		0	*

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

(b) 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.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable.

(d) For the period February 1, 2013 (commencement of operations) through April 30, 2013.

* Rounds to less than 1%.

** Annualized.

See accompanying notes to financial statements.

Nuveen Investments 319

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations							Less Distributions
SHORT TERM
	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total		From Net Invest- ment Income			From Accumulated Net Realized Gains		Total			Ending Net Asset Value
CLASS A (10/02)
Year Ended 4/30
2013	$	10.19	$	.15	$	.04		$	.19	$	(.18	)	$	—	$	(.18	)	$	10.20
2012		9.98		.20		.21			.41		(.20	)		—		(.20	)		10.19
2011(d)		9.98		.16		(.02	)		.14		(.14	)		—		(.14	)		9.98
Year Ended 6/30
2010		9.74		.20		.22			.42		(.18	)		—		(.18	)		9.98
2009		9.79		.28		(.07	)		.21		(.26	)		—		(.26	)		9.74
2008		9.70		.30		.10			.40		(.31	)		—		(.31	)		9.79
CLASS C (8/11)
Year Ended 4/30
2013		10.18		.11		.03			.14		(.14	)		—		(.14	)		10.18
2012(e)		10.13		.10		.06			.16		(.11	)		—		(.11	)		10.18
CLASS I (10/02)
Year Ended 4/30
2013		10.19		.18		.03			.21		(.20	)		—		(.20	)		10.20
2012		9.98		.23		.20			.43		(.22	)		—		(.22	)		10.19
2011(d)		9.98		.17		(.02	)		.15		(.15	)		—		(.15	)		9.98
Year Ended 6/30
2010		9.74		.20		.24			.44		(.20	)		—		(.20	)		9.98
2009		9.79		.27		(.05	)		.22		(.27	)		—		(.27	)		9.74
2008		9.70		.31		.10			.41		(.32	)		—		(.32	)		9.79

320 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
	1.88	%	$	101,836		.73	%		1.49	%		.73	%		1.49	%		30	%
	4.15			34,793		.73			2.01			.73			2.01			39
	1.41			7,790		.89	*		1.73	*		.71	*		1.91	*		21
	4.38			7,168		1.06			1.49			.74			1.81			45
	2.17			3,376		1.11			2.35			.75			2.71			70
	4.17			2,308		1.11			2.69			.75			3.05			58
	1.42			10,618		1.08			1.10			1.08			1.10			30
	1.61			1,026		1.07	*		1.49	*		1.07	*		1.49	*		39
	2.06			383,339		.53			1.74			.53			1.74			30
	4.33			304,109		.53			2.27			.53			2.27			39
	1.54			277,347		.67	*		1.94	*		.55	*		2.06	*		21
	4.53			310,783		.81			1.74			.59			1.96			45
	2.32			178,950		.86			2.58			.60			2.84			70
	4.33			143,985		.86			2.94			.60			3.20			58

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

(b) 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.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable.

(d) For the ten months ended April 30, 2011.

(e) For the period August 31, 2011 (commencement of operations) through April 30, 2012.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 321

Notes to Financial Statements

1. General Information and Significant Accounting Policies

General Information

The Nuveen Municipal Trust and the Nuveen Investment Funds, Inc. (each a “Trust” and collectively, the “Trusts”), are open-end investment companies registered under the Investment Company Act of 1940, as amended. The Nuveen Municipal Trust is comprised of the Nuveen All-American Municipal Bond Fund (“All-American”), Nuveen High Yield Municipal Bond Fund (”High Yield”), Nuveen Inflation Protected Municipal Bond Fund (“Inflation Protected”), Nuveen Intermediate Duration Municipal Bond Fund (“Intermediate Duration”), Nuveen Limited Term Municipal Bond Fund (“Limited Term”) and Nuveen Short Duration High Yield Municipal Bond Fund (“Short Duration High Yield”) and Nuveen Investment Funds, Inc is comprised of the Nuveen Short Term Municipal Bond Fund (“Short Term”) (each a “Fund” and collectively, the “Funds”), as diversified funds (non-diversified for Inflation Protected), among others. The Nuveen Municipal Trust was organized as a Massachusetts business trust on July 1, 1996. The Funds, with the exception of High Yield, Inflation Protected and Short Duration High Yield, were each organized as a series of predecessor trusts or corporations prior to that date. Nuveen Investment Funds, Inc. was incorporated in the State of Maryland on August 20, 1987.

On December 31, 2012, the Funds’ investment adviser converted from a Delaware corporation to a Delaware limited liability company. As a result, Nuveen Fund Advisors, Inc., a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisors, LLC (the “Adviser”). There were no changes to the identities or roles of any personnel as a result of the change.

All-American’s, Intermediate Duration’s and Limited Term’s investment objective is to provide as high a level of current interest income exempt from regular federal income taxes as is consistent with preservation of capital. Under normal market conditions, each 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 personal income tax. Each Fund may invest without limit in securities that generate income subject to the alternative minimum tax. All American will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 years. Intermediate Duration generally intends to maintain a weighted average portfolio duration within a defined range, currently between 4.5 and seven years. Limited Term generally invests in bonds with short- to intermediate-term maturities. Limited Term will attempt to maintain the weighted average maturity of its portfolio securities at three to seven 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 the Adviser, 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 up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (i.e., inverse floating rate securities).

High Yield’s and Short Duration High Yield’s investment objective is to provide high current income exempt from regular federal income taxes. Capital appreciation is a secondary objective when consistent with each Fund’s primary objective. Under normal market conditions, each 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 personal income tax. Each Fund may invest without limit in securities that generate income subject to the alternative minimum tax. Under normal market conditions, each 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 the Sub-Adviser to be of comparable quality. Below investment grade municipal bonds are commonly referred to as “high yield” or “junk” bonds. Each 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). 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 (i.e., inverse floating rate securities). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. Each Fund’s investments in inverse floaters are designed to increase each Fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished. High Yield 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. The Fund may invest in inverse floating rate securities that create effective leverage of up to 30% of the Fund’s total investment exposure. Short Duration High Yield will maintain an investment portfolio with a weighted average effective duration of less than 4.5 years. The Fund invests significantly in lower-quality municipal bonds and may employ effective leverage through investments in inverse floaters.

Inflation Protected’s investment objective is to provide after-tax total return, protected from inflation, through a combination of federally tax-exempt income and inflation-linked investments. 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 personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund generally invests in intermediate and long-term bonds with a duration of between two and ten years, and generally intends to maintain the weighted average duration of its municipal bond portfolio within a defined intermediate-term range (currently, between four and seven years) over time. The Fund invests at least 80% of its net assets in investment grade quality 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 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.

322 Nuveen Investments

Short Term’s investment objective is to provide current income that is exempt from federal income tax to the extent consistent with preservation of capital. Under normal market conditions, as a fundamental policy, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities that pay interest that is exempt from federal income tax, including the federal alternative minimum tax. The Fund normally may invest up to 20% of its net assets in taxable obligations, including obligations the interest on which is subject to the federal alternative minimum tax. The Fund will attempt to maintain the weighted average maturity of its portfolio securities at three years or less under normal market conditions. The Fund invests mainly in securities that, at the time of purchase, are either rated investment grade or are unrated and determined to be of comparable quality by the Sub-Adviser. However, the Fund may invest up to 20% of its total assets in securities that, at the time of purchase, are rated lower than investment grade or are unrated and of comparable quality, commonly referred to as “high yield” or “junk” bonds. The Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (i.e., inverse floating rate securities).

Short Term may utilize futures contracts and options on futures contracts (“derivatives”) in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in the Fund’s portfolio. The Fund may not use such instruments to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly.

The 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

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.

Prices of municipal bonds, other fixed income securities and swap contracts are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2. 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.

Investments in investment companies are valued at their respective net asset values on the valuation date. These investment vehicles are generally classified as Level 1.

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 Directors/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 Directors/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.

Nuveen Investments 323

Notes to Financial Statements(continued)

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 earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of April 30, 2013, All-American, High Yield, Inflation Protected, Intermediate Duration, Limited Term, Short Duration High Yield and Short-Term had outstanding when-issued/delayed delivery purchase commitments of $22,942,751, $26,034,275, $560,385, $8,938,201, $8,607,180, $6,254,038 and $1,893,518, respectively.

Investment Income

Dividend income is recorded on the ex-dividend date. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest 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. Legal fee refund presented on the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period, when applicable.

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 income tax, 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.

Share Classes and Sales Charges

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 ($250,000 for Limited Term, Short Duration High Yield and Short Term) 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. All-American, High Yield and Intermediate Duration will issue Class B Shares upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares are not available for new accounts or for additional investment into existing accounts. 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% (.35% for Limited Term and Short Term) 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 (except Inflation Protected) 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

324 Nuveen Investments

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, at their liquidation value, 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 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 fiscal year ended April 30, 2013, each Fund, except for Inflation Protected, Limited Term and Short Term, 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.

As of April 30, 2013, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts was as follows:

	All-American		High Yield		Intermediate Duration		Short Duration High Yield
Maximum exposure to Recourse Trusts	$	83,005,000	$	1,844,463,000	$	11,250,000	$	750,000

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 fiscal year ended April 30, 2013, were as follows:

	All-American			High Yield
Average floating rate obligations outstanding	$	19,376,849		$	178,354,466
Average annual interest rate and fees		0.66	%		0.70	%

Swap Contracts

Each Fund (except Short Term) is authorized to enter into swap contracts consistent with their 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).

Forward Swaps

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 each Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the 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 the 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 increase or decrease. 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 swaps.”

Nuveen Investments 325

Notes to Financial Statements (continued)

Each Fund may terminate a 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 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 the Fund upon termination.

During the fiscal year ended April 30, 2013, High Yield entered into forward interest rate swap contracts to reduce the duration of its portfolio. The average notional amount of forward interest rate swap contracts outstanding during the fiscal year ended April 30, 2013, was as follows:

	High Yield
Average notional amount of forward interest rate swap contracts outstanding*	$	124,600,000

* 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.

Credit Default Swaps

A Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment or portion of its portfolio, or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap contracts involve one party making a stream of payments to another party in exchange for the right to receive a specified return if/when there is a credit event by a third party. Generally, a credit event means bankruptcy, failure to pay, or restructuring. The specific credit events applicable for each credit default swap are stated in the terms of the particular swap agreement. As a purchaser of a credit default swap contract, the Fund pays to the counterparty a periodic interest fee based on the notional amount of the credit default swap. This interest fee is accrued daily and recognized with the daily change in the market value of the contract as a component of “Unrealized appreciation or depreciation on credit default swaps (,net)” on the Statement of Assets and Liabilities and is recorded as a realized loss upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund is obligated to deliver that security, or an equivalent amount of cash, to the counterparty in exchange for receipt of the notional amount from the counterparty. The difference between the value of the security delivered and the notional amount received is recorded as a realized gain. Payments received or made at the beginning of the measurement period are recognized as a component of “Credit default swap premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable. As a seller of a credit default swap contract, the Fund generally receives from the counterparty a periodic interest fee based on the notional amount of the credit default swap. This interest fee is accrued daily as a component of unrealized appreciation or depreciation and is recorded as a realized gain upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either receive that security, or an equivalent amount of cash, from the counterparty in exchange for payment of the notional amount to the counterparty, or pay a net settlement amount of the credit default swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The difference between the value of the security received and the notional amount paid is recorded as a realized loss. Changes in the value of a credit default swap during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps,” and realized gains and losses are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations. The maximum potential amount of future payments the Fund could incur as a seller of protection in a credit default swap contract is limited to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if any, of the respective referenced entity.

During the fiscal year ended April 30, 2013, High Yield invested in credit default swap contacts to manage credit risk. The average notional amount of credit default swap contracts outstanding during the fiscal year ended April 30, 2013, was as follows:

	High Yield
Average notional amount of credit default swap contracts outstanding*	$	2,091,000

* 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.

Consumer Price Index Swaps

Inflation Protected seeks to hedge inflation risk by investing inflation-linked instruments, such as Consumer Price Index (“CPI”) swaps, in amounts sufficient to approximate the duration characteristics of the Fund’s underlying municipal bond portfolio. A CPI swap is a fixed maturity, over-the-counter derivative in which the Fund pays to the counterparty a predetermined fixed annualized rate over the life of the CPI swap and receives in return the “realized” rate of inflation as measured by the Consumer Price Index for All Urban Consumers Non-Seasonally Adjusted over the life of the swap. The Fund will benefit from a CPI swap if actual inflation during the swap’s period is greater than the level of inflation expected for that period at the time the swap was entered into, and conversely the Fund will lose money on a CPI swap if actual inflation turns out to be less than expected.

Income accruals 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 CPI swap contract and the termination date of the swap (which is akin to a bond’s maturity). CPI swap contracts are valued daily. The net amount recorded on these transactions, for each counterparty, is recognized on the Statement of Assets and

326 Nuveen Investments

Liabilities as a component of “Unrealized appreciation or depreciation on consumer price index 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 swaps.”

The Fund may terminate a swap contract prior to the effective date, at which point a realized gain or loss is recognized. When a CPI 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 swaps.” The Fund intends, but is not obligated, to terminate its CPI 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 the Fund upon termination.

During the fiscal year ended April 30, 2013, Inflation Protected continued to invest in CPI swap contracts to hedge against unexpected increases in inflation. The average notional amount of CPI swap contracts outstanding during the fiscal year ended April 30, 2013, was as follows:

	Inflation Protected
Average notional amount of forward interest rate swap contracts outstanding*	$	52,530,000

* 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 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.

Indemnifications

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

Nuveen Investments 327

Notes to Financial Statements (continued)

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 risks 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:

All-American	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Municipal Bonds	$	—	$	2,968,571,504	$	—	$	2,968,571,504
Corporate Bonds		—		—		38,866		38,866
Total	$	—	$	2,968,571,504	$	38,866	$	2,968,610,370

High Yield	Level 1		Level 2			Level 3		Total
Long-Term Investments*:
Municipal Bonds	$	—	$	9,359,705,430		$	202,017	$	9,359,907,447
Common Stocks		1,086,118		—			—		1,086,118
Corporate Bonds		—		7,288,750			19,004		7,307,754
Derivatives:
Credit Default Swaps**		—		416,183			—		416,183
Forward Swaps**		—		5,645,284			—		5,645,284
Total	$	1,086,118	$	9,373,055,647		$	221,021	$	9,374,362,786
Inflation Protected	Level 1		Level 2			Level 3		Total
Long-Term Investments*:
Municipal Bonds	$	—	$	107,704,799		$	—	$	107,704,799
Derivatives:
Consumer Price Index Swaps**		—		(1,077,858	)		—		(1,077,858	)
Total	$	—	$	106,626,941		$	—	$	106,626,941
Intermediate Duration	Level 1		Level 2			Level 3		Total
Long-Term Investments*:
Municipal Bonds	$	—	$	4,109,145,970		$	7,843,322	$	4,116,989,292
Corporate Bonds		—		—			59,871		59,871
Total	$	—	$	4,109,145,970		$	7,903,193	$	4,117,049,163
Limited Term	Level 1		Level 2			Level 3		Total
Long-Term Investments*:
Municipal Bonds	$	—	$	3,531,802,841		$	—	$	3,531,802,841
Corporate Bonds		—		—			36,923		36,923
Short-Term Investments*:
Municipal Bonds		—		122,435,000			—		122,435,000
Total	$	—	$	3,654,237,841		$	36,923	$	3,654,274,764
Short Duration High Yield	Level 1		Level 2			Level 3		Total
Long-Term Investments*:
Municipal Bonds	$	—	$	114,501,589		$	—	$	114,501,589

328 Nuveen Investments

Short Term	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Municipal Bonds	$	—	$	481,590,797	$	—	$	481,590,797
Short-Term Investments*:
Money Market Funds		378,719		—		—		378,719
Municipal Bonds		—		16,075,000		—		16,075,000
Total	$	378,719	$	497,665,797	$	—	$	498,044,516

* Refer to the Fund’s Portfolio of Investments for state classifications and breakdown of Municipal Bonds and Corporate Bonds classified as Level 3, where applicable.

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

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 a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

(i.) If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.

(ii.) If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value 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 purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.

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

Each Fund is authorized to invest in certain derivative instruments, including futures, options and swap contracts. 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 Portfolios of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.

The following tables present the fair value of all derivative instruments held by the Funds as of April 30, 2013, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

High Yield
		Location on the Statement of Assets and Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Credit	Swaps	Unrealized appreciation on credit default swaps*	$	416,183	—	$	—
Interest Rate	Swaps	Unrealized appreciation on forward swaps		5,645,284	—		—
Total			$	6,061,467		$	—

* Some swap contracts require a counterparty to pay or receive a premium, which is disclosed on the Statement of Assets and Liabilities but is not reflected in the unrealized appreciation (depreciation) presented above.

Nuveen Investments 329

Notes to Financial Statements (continued)

Inflation Protected
		Location on the Statement of Assets and Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Inflation	Swaps	—	$	—	Unrealized depreciation on consumer price index swaps, net	$	(1,077,858	)

The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended April 30, 2013, on derivative instruments, as well as the primary risk exposure associated with each.

Net Realized Gain (Loss) from Swaps	High Yield			Inflation Protected
Risk Exposure
Credit	$	79,536		$	—
Interest Rate		(85,664,753	)		—
Inflation		—			(152,000	)
Total	$	(85,585,217	)	$	(152,000	)
Change in Net Unrealized Appreciation (Depreciation) of Swaps	High Yield			Inflation Protected
Risk Exposure
Credit	$	(52,011	)	$	—
Interest Rate		76,251,101			—
Inflation		—			(1,001,260	)
Total	$	76,199,090		$	(1,001,260	)

4. Fund Shares

Transactions in Fund shares were as follows:

	All-American
	Year Ended 4/30/13						Year Ended 4/30/12
	Shares			Amount			Shares			Amount
Shares issued from reorganization:
Class A		—		$	—			35,980,330		$	408,027,129
Class B		—			—			395,872			4,499,648
Class C		—			—			8,184,311			92,803,541
Class I		—			—			80,552,353			917,706,121
Shares sold:
Class A		36,137,441			422,123,272			22,091,824			242,252,943
Class A – automatic conversion of Class B Shares		88,230			1,027,090			79,973			864,408
Class B		19,747			230,819			30,828			332,007
Class C		14,765,759			172,192,912			9,413,510			103,505,104
Class I		29,093,499			340,673,994			12,377,121			136,518,888
Shares issued to shareholders due to reinvestment of distributions:
Class A		3,031,020			35,411,944			1,341,013			14,683,749
Class B		12,257			143,124			11,975			130,615
Class C		856,156			10,008,408			450,253			4,930,726
Class I		2,599,068			30,450,682			527,567			5,824,286
		86,603,177			1,012,262,245			171,436,930			1,932,079,165
Shares redeemed:
Class A		(19,964,928	)		(233,633,614	)		(8,375,436	)		(91,659,689	)
Class B		(304,556	)		(3,554,758	)		(133,765	)		(1,442,175	)
Class B – automatic conversion to Class A Shares		(88,046	)		(1,027,090	)		(79,763	)		(864,408	)
Class C		(5,344,245	)		(62,513,581	)		(2,611,773	)		(28,351,126	)
Class I		(21,208,856	)		(248,678,330	)		(4,241,588	)		(46,679,083	)
		(46,910,631	)		(549,407,373	)		(15,442,325	)		(168,996,481	)
Net increase (decrease)		39,692,546		$	462,854,872			155,994,605		$	1,763,082,684

330 Nuveen Investments

	High Yield
	Year Ended 4/30/13						Year Ended 4/30/12
	Shares			Amount			Shares			Amount
Shares sold:
Class A		83,227,749		$	1,414,103,925			58,867,393		$	898,928,010
Class A – automatic conversion of Class B Shares		134,897			2,280,367			283,474			4,292,207
Class B		16,943			285,492			25,770			391,159
Class C		29,734,439			504,278,019			21,076,138			322,695,197
Class I		164,318,215			2,794,835,547			89,276,195			1,356,520,720
Shares issued to shareholders due to reinvestment of distributions:
Class A		7,391,621			126,114,340			5,934,259			90,492,225
Class B		70,136			1,190,389			116,361			1,764,811
Class C		3,500,895			59,654,894			3,112,335			47,397,757
Class I		7,990,918			136,330,526			6,890,054			104,948,735
		296,385,813			5,039,073,499			185,581,979			2,827,430,821
Shares redeemed:
Class A		(56,382,324	)		(962,818,893	)		(37,330,244	)		(566,415,629	)
Class B		(838,778	)		(14,222,250	)		(1,048,422	)		(15,809,002	)
Class B – automatic conversion to Class A Shares		(135,059	)		(2,280,367	)		(283,790	)		(4,292,207	)
Class C		(16,050,199	)		(273,672,024	)		(13,491,557	)		(204,163,093	)
Class I		(82,899,202	)		(1,415,564,180	)		(51,658,794	)		(783,150,287	)
		(156,305,562	)		(2,668,557,714	)		(103,812,807	)		(1,573,830,218	)
Net increase (decrease)		140,080,251		$	2,370,515,785			81,769,172		$	1,253,600,603

	Inflation Protected
	Year Ended 4/30/13						Year Ended 4/30/12
	Shares			Amount			Shares			Amount
Shares sold:
Class A		5,232,725		$	59,200,370			599,121		$	6,421,532
Class C		1,154,528			13,014,423			215,020			2,323,724
Class I		3,120,247			35,239,562			454,115			4,911,266
Shares issued to shareholders due to reinvestment of distributions:
Class A		47,599			538,687			3,385			36,472
Class C		11,011			124,435			1,199			13,005
Class I		31,839			360,112			2,606			28,468
		9,597,949			108,477,589			1,275,446			13,734,467
Shares redeemed:
Class A		(473,041	)		(5,305,991	)		(109,515	)		(1,182,821	)
Class C		(215,629	)		(2,387,098	)		(184	)		(1,990	)
Class I		(665,894	)		(7,567,356	)		(14,668	)		(155,468	)
		(1,354,564	)		(15,260,445	)		(124,367	)		(1,340,279	)
Net increase (decrease)		8,243,385		$	93,217,144			1,151,079		$	12,394,188

Nuveen Investments 331

Notes to Financial Statements (continued)

	Intermediate Duration
	Year Ended 4/30/13						Year Ended 4/30/12
	Shares			Amount			Shares			Amount
Shares issued from reorganization:
Class A		—		$	—			7,230,971		$	66,888,188
Class B		—			—			—			—
Class C		—			—			—			—
Class I		—			—			77,039,079			714,318,641
Shares sold:
Class A		14,955,830			139,930,217			10,156,879			92,675,134
Class A – automatic conversion of Class B Shares		18,235			169,460			69,918			631,465
Class B		7,073			66,166			41,119			373,841
Class C		4,620,559			43,326,884			3,604,671			32,896,367
Class I		91,216,978			855,020,858			48,744,931			446,524,006
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,393,342			13,028,844			1,217,606			11,083,192
Class B		4,210			39,464			8,200			74,692
Class C		266,451			2,498,523			235,120			2,145,889
Class I		7,496,009			70,245,514			7,360,832			67,125,266
		119,978,687			1,124,325,930			155,709,326			1,434,736,681
Shares redeemed:
Class A		(10,455,595	)		(97,725,473	)		(12,210,661	)		(111,517,880	)
Class B		(121,372	)		(1,137,338	)		(240,717	)		(2,185,157	)
Class B – automatic conversion to Class A Shares		(18,178	)		(169,460	)		(69,762	)		(631,495	)
Class C		(2,592,728	)		(24,303,565	)		(1,776,614	)		(16,190,024	)
Class I		(52,392,176	)		(491,029,155	)		(32,395,696	)		(295,967,439	)
		(65,580,049	)		(614,364,991	)		(46,693,450	)		(426,491,995	)
Net increase (decrease)		54,398,638		$	509,960,939			109,015,876		$	1,008,244,686

	Limited Term
	Year Ended 4/30/13						Year Ended 4/30/12
	Shares			Amount			Shares			Amount
Shares sold:
Class A		55,858,576		$	627,985,659			41,699,811		$	463,108,752
Class C		16,583,824			185,750,383			14,320,576			158,503,222
Class I		74,687,116			835,442,766			61,012,287			674,042,794
Shares issued to shareholders due to reinvestment of distributions:
Class A		2,027,026			22,803,105			1,848,325			20,523,739
Class C		735,318			8,238,714			717,338			7,933,697
Class I		1,417,080			15,859,641			979,257			10,818,473
		151,308,940			1,696,080,268			120,577,594			1,334,930,677
Shares redeemed:
Class A		(29,738,275	)		(334,355,453	)		(31,920,367	)		(354,520,690	)
Class C		(10,594,753	)		(118,670,653	)		(9,858,868	)		(108,823,111	)
Class I		(45,284,522	)		(506,548,399	)		(29,862,023	)		(329,657,607	)
		(85,617,550	)		(959,574,505	)		(71,641,258	)		(793,001,408	)
Net increase (decrease)		65,691,390		$	736,505,763			48,936,336		$	541,929,269

332 Nuveen Investments

	Short Duration High Yield
	For the period 2/01/13 (commencement of operations) through 4/30/13
	Shares			Amount
Shares sold:
Class A		6,630,023		$	66,801,133
Class C		487,924			4,905,230
Class I		7,047,337			71,036,869
Shares issued to shareholders due to reinvestment of distributions:
Class A		8,484			85,736
Class C		878			8,872
Class I		1,845			18,660
		14,176,491			142,856,500
Shares redeemed:
Class A		(24,120	)		(243,114	)
Class C		(10,055	)		(101,457	)
Class I		(32,395	)		(327,815	)
		(66,570	)		(672,386	)
Net increase (decrease)		14,109,921		$	142,184,114

	Short Term
	Year Ended 4/30/13						Year Ended 4/30/12
	Shares			Amount			Shares			Amount
Shares sold:
Class A		10,803,399		$	110,119,096			3,089,516		$	31,346,987
Class C		1,170,185			11,914,696			100,659			1,023,985
Class I		30,582,797			311,778,721			17,366,166			175,868,886
Shares issued to shareholders due to reinvestment of distributions:
Class A		96,677			985,725			30,675			311,311
Class C		7,034			71,621			193			1,968
Class I		89,508			912,653			42,427			429,784
		42,749,600			435,782,512			20,629,636			208,982,921
Shares redeemed:
Class A		(4,325,269	)		(44,088,273	)		(487,624	)		(4,954,870	)
Class C		(235,416	)		(2,396,736	)		(83	)		(846	)
Class I		(22,910,953	)		(233,555,155	)		(15,363,848	)		(155,522,739	)
		(27,471,638	)		(280,040,164	)		(15,851,555	)		(160,478,455	)
Net increase (decrease)		15,277,962		$	155,742,348			4,778,081		$	48,504,466

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments and derivative transactions, where applicable) during the fiscal year ended April 30, 2013, were as follows:

	All- American		High Yield		Inflation Protected		Intermediate Duration		Limited Term		Short Duration High Yield		Short Term
Purchases	$	938,716,726	$	3,332,859,656	$	93,829,223	$	1,090,153,340	$	1,210,055,559	$	113,993,595	$	281,226,170
Sales and maturities		464,440,563		1,106,025,919		4,951,814		583,711,881		384,411,819		50,376		122,745,773

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.

Nuveen Investments 333

Notes to Financial Statements (continued)

As of April 30, 2013, 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:

	All- American			High Yield			Inflation Protected			Intermediate Duration			Limited Term			Short Duration High Yield			Short Term
Cost of investments	$	2,685,207,896		$	8,378,885,740		$	105,055,195		$	3,833,995,835		$	3,499,324,472		$	113,864,613		$	487,803,323
Gross unrealized:
Appreciation	$	279,444,766		$	1,103,192,219		$	2,827,247		$	296,373,851		$	158,332,512		$	679,038		$	11,264,345
Depreciation		(14,562,439	)		(304,986,784	)		(177,643	)		(13,320,523	)		(3,382,220	)		(42,062	)		(1,023,152	)
Net unrealized appreciation (depreciation) of investments	$	264,882,327		$	798,205,435		$	2,649,604		$	283,053,328		$	154,950,292		$	636,976		$	10,241,193

Permanent differences, primarily due to federal taxes paid, taxable market discount, expiration of capital loss carryforwards, paydowns, treatment of notional principal contracts, nondeductible reorganizational expenses, nondeductible stock issuance costs and distribution reclasses, resulted in reclassifications among the Funds’ components of net assets as of April 30, 2013, the Funds’ tax year end, as follows:

	All- American			High Yield			Inflation Protected			Intermediate Duration			Limited Term			Short Duration High Yield			Short Term
Capital paid-in	$	(55,192	)	$	—		$	(361	)	$	(136,960	)	$	(149,326	)	$	(10,393	)	$	(1,218	)
Undistributed (Over-distribution of) net investment income		23,141			(769,004	)		(2,591	)		(2,839	)		(238,435	)		10,393			—
Accumulated net realized gain (loss)		32,051			769,004			2,952			139,799			387,761			—			1,218

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of April 30, 2013, the Funds’ tax year end, were as follows:

	All- American		High Yield		Inflation Protected		Intermediate Duration		Limited Term		Short Duration High Yield		Short Term
Undistributed net tax-exempt income1	$	8,029,994	$	9,509,652	$	72,648	$	13,865,480	$	2,806,495	$	149,735	$	646,690
Undistributed net ordinary income2		20,361		2,747,455		—		453,495		501,826		—		—
Undistributed net long-term capital gains		—		—		—		—		—		—		—

¹ Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period April 1, 2013 through April 30, 2013, and paid on May 1, 2013.

²  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’ tax years ended April 30, 2013 and April 30, 2012, was designated for purposes of the dividends paid deduction as follows:

2013	All- American		High Yield		Inflation Protected		Intermediate Duration		Limited Term		Short Duration High  Yield5		Short Term
Distributions from net tax-exempt income3	$	109,809,752	$	472,225,182	$	1,123,233	$	134,244,774	$	71,106,768	$	49,171	$	7,787,833
Distributions from net ordinary income2		497,880		1,997,075		37,661		845,011		—		—		—
Distributions from net long-term capital gains4		—		—		7,216		—		—		—		—

2012	All- American		High Yield		Inflation Protected		Intermediate Duration		Limited Term		Short Term
Distributions from net tax-exempt income	$	36,821,171	$	356,818,555	$	259,818	$	105,851,283	$	64,515,122	$	6,583,563
Distributions from net ordinary income2		209,633		7,017,849		—		2,640,634		118,046		2
Distributions from net long-term capital gains		—		—		—		—		—		—

²  Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

³  The Funds hereby designate these amounts paid during the fiscal year ended April 30, 2013, as Exempt Interest Dividends.

⁴  The Funds designate as long term capital gain dividend, pursuant to the Internal Revenue Code 852(b)(3), the amount necessary to reduce earnings and profits to the Funds related to net capital gain to zero for tax year ended April 30, 2013.

⁵  For the period February 1, 2013 (commencement of operations) through April 30, 2013.

334 Nuveen Investments

As of April 30, 2013, the Funds’ 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 shown in the following table. The losses not subject to expiration retain the character reflected and will be utilized first by a Fund, while the losses subject to expiration are considered short-term:

	All- American6		High Yield		Inflation Protected Securities		Intermediate Duration6		Limited Term		Short Term
Expiration:
April 30, 2014	$	—	$	—	$	—	$	—	$	1,064,312	$	—
April 30, 2015		21,571		273,441		—		—		7,283,015		11,893
April 30, 2016		2,298,768		25,595,622		—		—		546,020		—
April 30, 2017		22,698,037		277,191,907		—		—		1,071,726		312,109
April 30, 2018		14,897,930		755,760,482		—		9,207,679		543,730		—
April 30, 2019		881,168		36,220,059		—		1,043,786		1,598,268		—
Not subject to expiration:
Short-term losses		—		—		32,143		—		906,756		—
Long-term losses		590,494		209,232,507		38,611		2,415,208		7,562,532		—
Total	$	41,387,968	$	1,304,274,018	$	70,754	$	12,666,673	$	20,576,359	$	324,002

⁶  A portion of All-American’s and Intermediate Duration’s capital loss carryforward is subject to an annual limitation under Internal Revenue Code and related regulations.

During the Funds’ tax year ended April 30, 2013, the following Funds utilized their capital loss carryforwards as follows:

	All- American		High Yield		Short Term
Utilized capital loss carryforwards	$	5,896,378	$	2,563,115	$	59,992

As of April 30, 2013, the Funds’ tax year end, $169,527 of Limited Term’s capital loss carryforward expired.

The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The Funds have elected to defer losses as follows:

	All- American		High Yield		Inflation Protected Securities		Intermediate Duration		Limited Term		Short Duration High Yield		Short Term
Post-October capital losses7	$	1,283,158	$	6,052,333	$	37,587	$	312,547	$	363,136	$	2,683	$	56,932
Late-year ordinary losses8		—		—		—		—		—		—		—

⁷  Capital losses incurred from November 1, 2012 through April 30, 2013, the Fund’s tax year end.

⁸  Ordinary losses incurred from January 1, 2013 through April 30, 2013 and specified losses incurred from November 1, 2012 through April 30, 2013.

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.

Average Daily Net Assets	All- American Fund-Level Fee Rate			High Yield Fund-Level Fee Rate			Inflation Protected Fund-Level Fee Rate			Intermediate Duration Fund-Level Fee Rate			Limited Term Fund-Level Fee Rate			Short Duration High Yield Fund-Level Fee Rate			Short Term Fund-Level Fee Rate
For the first $125 million		0.3000	%		0.4000	%		0.3000	%		0.3000	%		0.2500	%		0.4000	%		0.2500	%
For the next $125 million		0.2875			0.3875			0.2875			0.2875			0.2375			0.3875			0.2375
For the next $250 million		0.2750			0.3750			0.2750			0.2750			0.2250			0.3750			0.2250
For the next $500 million		0.2625			0.3625			0.2625			0.2625			0.2125			0.3625			0.2125
For the next $1 billion		0.2500			0.3500			0.2500			0.2500			0.2000			0.3500			0.2000
For net assets over $2 billion		—			0.3250			0.2250			—			—			0.3250			0.1750
For the next $3 billion		0.2250			—			—			0.2250			0.1750			—			—
For net assets over $5 billion		0.2125			—			—			0.2125			0.1625			—			—

Nuveen Investments 335

Notes to Financial Statements (continued)

The annual complex-level fee for the Funds, payable monthly, is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen Funds as set forth in the schedule below, and for Short Term, making, as appropriate, an upward adjustment to that rate based upon the percentage of the Fund’s assets that are not “eligible assets.” The complex level fee schedule for the Funds is as follows:

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 April 30, 2013, the complex-level fee rate for each of these Funds was as follows:

Fund	Complex-Level Fee Rate
All-American		.1708	%
High Yield		.1661
Inflation Protected		.1661
Intermediate Duration		.1716
Limited Term		.1661
Short Duration High Yield		.1661
Short Term		.1854

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 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, acquired fund fees and expenses and extraordinary expenses) for Inflation Protected and Short term do not exceed .600% through August 31, 2013 (1.05% thereafter) and March 31, 2013, respectively, of the average daily net assets of any class of Fund shares.

The Adviser has contractually agreed to waive fees and/or reimburse expenses 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, acquired fund fees and expenses and extraordinary expenses) for Intermediate Duration do not exceed .750% of the average daily net assets of any class of Fund shares.

The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of the Funds so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, 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
Inflation Protected		0.60	%		August 31, 2013		1.05	%
Intermediate Duration		N/A			N/A		0.75
Short Duration High Yield		0.65			April 30, 2016		N/A
Short Term		0.60			March 31, 2013		N/A

N/A – Not applicable.

336 Nuveen Investments

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.

Neither Trust pays 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 each Trust from the Adviser or its affiliates. The Board of Directors/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 fiscal year ended April 30, 2013, 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:

	All- American		High Yield		Inflation Protected		Intermediate Duration		Limited Term		Short Duration High Yield		Short Term
Sales charges collected (Unaudited)	$	5,630,919	$	14,586,756	$	261,927	$	727,066	$	2,410,503	$	214,418	$	331,325
Paid to financial intermediaries (Unaudited)		4,964,443		12,998,842		222,479		628,697		2,295,924		210,845		323,487

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 fiscal year ended April 30, 2013, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	All- American		High Yield		Inflation Protected		Intermediate Duration		Limited Term		Short Duration High Yield		Short Term
Commission advances (Unaudited)	$	2,812,495	$	8,730,909	$	192,795	$	602,050	$	3,569,391	$	231,729	$	366,401

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 fiscal year ended April 30, 2013, the Distributor retained such 12b-1 fees as follows:

	All- American		High Yield		Inflation Protected		Intermediate Duration		Limited Term		Short Duration High Yield		Short Term
12b-1 fees retained (Unaudited)	$	1,174,994	$	3,508,477	$	55,977	$	263,202	$	925,470	$	2,578	$	21,099

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 fiscal year ended April 30, 2013, as follows:

	All- American		High Yield		Inflation Protected		Intermediate Duration		Limited Term		Short Duration High Yield		Short Term
CDSC retained (Unaudited)	$	171,824	$	582,859	$	—	$	41,140	$	222,716	$	—	$	18,265

As of April 30, 2013, Nuveen owned 5,000, 5,000 and 990,000 shares of Short Duration High Yield’s Class A, Class C and Class I, respectively.

8. Borrowing Arrangements

High Yield has entered into a committed 364-day unsecured line of credit (“Borrowings”) with its custodian bank to provide the Fund with a source of liquidity to meet temporary demands of the Fund. As of April 30, 2013, the maximum commitment amount on the Borrowings was $850 million.

Interest on the Borrowings is calculated at a rate per annum equal to the higher of (i) 1.25% plus the Federal Funds Rate as in effect on that day, or (ii) 1.25% plus the Overnight London Inter-Bank Offered Rate (LIBOR) as in effect on that day. The Fund also accrues a .12% per annum commitment fee on the unused portion of the Borrowings and incurred one-time closing fees of .02% on the maximum commitment amount, which will be expensed over the 364-day period.

On July 25, 2012, the Fund renewed the Borrowings with its custodian bank through July 24, 2013. The Fund also incurred one-time closing fees of .10% on the maximum commitment amount, which will be expensed over the 364-day period.

On November 27, 2012, the Fund increased its maximum commitment amount on the Borrowings from $650 million to $850 million and incurred a one-time closing fee of .07% on the increase to the maximum commitment amount, which will be expensed through July 24, 2013. All other terms of the Borrowings remained unchanged.

Nuveen Investments 337

Notes to Financial Statements (continued)

Borrowings outstanding are recognized as “Borrowings” on the Statement of Assets and Liabilities. Interest expense and other fees incurred on the Borrowings are recognized as a component of “Interest expense” on the Statement of Operations.

As of April 30, 2013, the outstanding balance on these Borrowings was $40 million. During the fiscal year ended April 30, 2013, the Fund’s average daily loan balance outstanding on the Borrowings and corresponding weighted average annualized interest rate were $53,559,322 and 1.43%, respectively.

On May 22, 2013 (subsequent to the close of this reporting period), the Fund increased its Borrowings maximum commitment amount from $850 million to $1 billion. The Fund incurred one-time closing fees of .01% on the increase to the maximum commitment amount, which will be expensed through July 24, 2013. All other terms of the Borrowings remained unchanged.

9. New Accounting Pronouncements

Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities In January 2013, Accounting Standards Update (“ASU”) 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact to the financial statements and footnote disclosures, if any.

338 Nuveen Investments

Trustees and Officers (Unaudited)

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at ten. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

The Funds’ Statement of Additional Information (“SAI”) includes more information about the trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
Robert P. Bremner 8/22/40 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1996	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.	210
Jack B. Evans 10/22/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, President of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm; Bachelor of Arts degree from Coe College and an MBA from the University of Iowa.	210
William C. Hunter 3/6/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.	210
David J. Kundert 10/28/42 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Formerly, Director, Northwestern Mutual Wealth Management Company; (2007-2013) retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.	210
William J. Schneider 9/24/44 333 W. Wacker Drive Chicago, IL 60606	Trustee	1996	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; Member of two Miller Valentine real estate LLC companies; member, University of Dayton Business School Advisory Council; member, Mid-America Health System Board; Board Member of Tech Town, Inc., a not-for-profit community development company; Board Member of WDPR Public Radio; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.	210
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	210

Nuveen Investments 339

Trustees and Officers (continued)

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Carole E. Stone 6/28/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	210
Virginia L. Stringer 8/16/44 333 W. Wacker Drive Chicago, IL 60606	Trustee	2011	Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).	210
Terence J. Toth 9/29/59 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	210
Interested Trustee:
John P. Amboian (2) 6/14/61 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, LLC.	210
Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds:
Gifford R. Zimmerman 9/9/56 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	210

340 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Margo L. Cook 4/11/64 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.	210
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).	210
Stephen D. Foy 5/31/54 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	210
Scott S. Grace 8/20/70 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2009	Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, LLC, Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.	210
Walter M. Kelly 2/24/70 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, LLC; Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC.	210
Tina M. Lazar 8/27/61 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, LLC.	210
Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Kevin J. McCarthy 3/26/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).	210

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Trustees and Officers (continued)

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (3)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Kathleen L. Prudhomme 3/30/53 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2011	Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).	210
Jeffery M. Wilson 3/13/56 333 West Wacker Drive Chicago, IL 60606	Vice President	2011	Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010).	107

(1) Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the trustee was first elected or appointed to any fund in the Nuveen Fund Complex.

(2) Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.

(3) Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex.

342 Nuveen Investments

Annual Investment Management Agreement Approval Process

(Unaudited)

The Board of Trustees or Directors (as the case may be) (each, a “Board” and each Trustee or Director, 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, LLC (formerly known as 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”), after an initial term of up to two years, 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 Nuveen All-American Municipal Bond Fund (the “All-American Fund”), the Nuveen High Yield Municipal Bond Fund (the “High Yield Fund”), the Nuveen Inflation Protected Municipal Bond Fund (the “Inflation Protected Fund”), the Nuveen Intermediate Duration Municipal Bond Fund (the “Intermediate Duration Fund”), the Nuveen Limited Term Municipal Bond Fund (the “Limited Term Fund”) and the Nuveen Short Term Municipal Bond Fund (the “Short Term Fund”) for an additional one-year period.

The Nuveen Short Duration High Yield Municipal Bond Fund (the “Short Duration High Yield Fund”) is new. The initial advisory agreement between the Advisor and the Short Duration High Yield Fund and the initial sub-advisory agreement between the Advisor and the Sub-Advisor, on behalf of such Fund, were approved separately at a meeting of the Board of such Fund held on January 16, 2013.

The discussion of the approvals for the All-American Fund, the High Yield Fund, the Inflation Protected Fund, the Intermediate Duration Fund, the Limited Term Fund and the Short Term Fund is set forth in Section I, followed by the discussion in Section II of the approvals for the Short Duration High Yield Fund.

I.

Nuveen All-American Municipal Bond Fund

Nuveen High Yield Municipal Bond Fund

Nuveen Inflation Protected Municipal Bond Fund

Nuveen Intermediate Duration Municipal Bond Fund

Nuveen Limited Term Municipal Bond Fund

Nuveen Short Term Municipal Bond Fund

With respect to the funds listed immediately above (for purposes of this Section I, the “Funds”), in preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Funds’ Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (for purposes of this Section I, 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

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(Unaudited) (continued)

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 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).

344 Nuveen Investments

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 (or for the periods available for the Inflation Protected Fund, which did not exist for part of the foregoing time frame). 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 (or for the periods available for the Inflation Protected Fund, which did not exist for part of the foregoing time frame).

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 All-American Fund, the Limited Term Fund and the Short Term Fund had demonstrated generally favorable performance in comparison to peers, performing in the first or second quartile over various periods. Although the Intermediate Duration Fund lagged its peers somewhat in the five-year period, it performed in the third and second quartiles for the one- and three-year periods, respectively. In addition, the Independent Board Members considered that the High Yield Fund lagged its peers somewhat in the longer five-year period, but that its performance had improved in the recent one- and three-year periods. In this regard, they recognized that the High Yield Fund also outperformed its benchmark in the one- and three-year periods and the first quarter of 2012. Finally, the Independent Board Members considered that the Inflation Protected Fund was new with limited performance history.

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; and the timing of information used 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 High Yield Fund and the Short Term Fund each had a net expense ratio slightly higher than the respective peer average, but net management fees in line with the respective peer average, while the All-American Fund, the Inflation Protected Fund, the Intermediate Duration Fund and the Limited Term Fund had net management fees and net expense ratios (including fee waivers and expense reimbursements) below or in line with their respective peer averages.

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.

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(Unaudited) (continued)

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 their 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 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

346 Nuveen Investments

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 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.

II.

Nuveen Short Duration High Yield Municipal Bond Fund

The Board is responsible for approving advisory arrangements for the fund listed immediately above (for purposes of this Section II, the “Fund”) and, at a meeting held on January 16, 2013 (for purposes of this Section II, the “Meeting”), was asked to approve the advisory arrangements for the Fund. At the Meeting, the Board Members, including the Independent Board Members, considered and approved the investment management agreement (for purposes of this Section II, the “Investment Management Agreement”) between the Fund and the Advisor, and the investment sub-advisory agreement (for purposes of this Section II, the “Sub-Advisory Agreement”) between the Advisor and the Sub-Advisor, on behalf of the Fund. For purposes of this Section II, the Advisor and the Sub-Advisor are each hereafter a “Fund Adviser” and the Investment Management Agreement and the Sub-Advisory Agreement are each hereafter an “Advisory Agreement.”

To assist the Board in its evaluation of an Advisory Agreement with a Fund Adviser at the Meeting, the Independent Board Members had received, in adequate time in advance of the Meeting or at prior meetings, materials which outlined, among other things:

• the nature, extent and quality of services expected to be provided by the Fund Adviser;

• the organization of the Fund Adviser, including the responsibilities of various departments and key personnel;

• the expertise and background of the Fund Adviser with respect to the Fund’s investment strategy;

• certain performance-related information (as described below);

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(Unaudited) (continued)

• the profitability of Nuveen Investments, Inc. (“Nuveen”);

• the proposed management fees of the Fund Adviser, including comparisons of such fees with the management fees of comparable funds;

• the expected expenses of the Fund, including comparisons of the Fund’s expected expense ratio with the expense ratios of comparable funds; and

• the soft dollar practices of the Fund Adviser, if any.

At the Meeting, the Advisor made a presentation to and responded to questions from the Board of the Fund. During the Meeting, the Independent Board Members also met privately with their legal counsel to review the Board’s duties under the 1940 Act, the general principles of state law in reviewing and approving advisory contracts, the standards used by courts in determining whether investment company boards of directors have fulfilled their duties, factors to be considered in voting on advisory contracts and an adviser’s fiduciary duty with respect to advisory agreements and compensation. It is with this background that the Independent Board Members considered the Advisory Agreements. As outlined in more detail below, the Independent Board Members considered all factors they believed relevant with respect to the Fund, including the following: (a) the nature, extent and quality of the services to be provided by the Fund Advisers; (b) investment performance, as described below; (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 anticipated economies of scale; (e) any benefits expected to be derived by the Fund Advisers from their relationships 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 the Fund’s Advisory Agreements.

A. Nature, Extent and Quality of Services

The Independent Board Members considered the nature, extent and quality of the respective Fund Adviser’s services, including advisory services and administrative services. As the Advisor and the Sub-Advisor already serve as adviser and sub-adviser, respectively, to other Nuveen funds overseen by the Board Members, the Board has a good understanding of each such Fund Adviser’s organization, operations and personnel. As the Independent Board Members meet regularly throughout the year to oversee the Nuveen funds, including funds currently advised by the Fund Advisers, the Independent Board Members have relied upon their knowledge from their meetings and any other interactions throughout the year of the respective Fund Adviser and its services in evaluating the Advisory Agreements.

At the Meeting and at prior meetings, the Independent Board Members reviewed materials outlining, among other things, the respective Fund Adviser’s organization and business; the types of services that such Fund Adviser or its affiliates provide to the Nuveen funds and are expected to provide to the Fund; and the experience of the respective Fund Adviser with applicable investment strategies. Further, the Independent Board Members have evaluated the background and experience of each Fund Adviser’s investment personnel.

In addition to advisory services, the Independent Board Members have considered the quality and extent of administrative and other non-investment advisory services to be provided. In this regard, the Advisor is expected to provide the Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by others for the Fund) and officers and other personnel as are necessary for the operations of the Fund. In addition to investment management services, the Advisor and its affiliates will provide the Fund with a wide range of services, including, among other things, 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 Independent Board Members also recognized that the Advisor would oversee the Sub-Advisor.

In evaluating the services of the Sub-Advisor, the Independent Board Members noted that the Sub-Advisor was generally expected to supply portfolio investment management services to the Fund. In addition, the Board Members recognized the Sub-Advisor’s experience and investment process.

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

B. Investment Performance

The Fund was new and therefore did not have its own performance history. However, the Independent Board Members are familiar with the performance records of other Nuveen funds advised by the Advisor and sub-advised by the Sub-Advisor. The Independent Board Members recognized that the portfolio managers who were expected to manage the Fund served as portfolio managers to other high yield municipal bond funds in the Nuveen fund family, and that one of them had managed the High Yield Fund since December 2000. In that regard, the Independent Board Members reviewed certain performance information relating to the High Yield Fund, including trailing returns for the year-to-date, one-year, three-year, five-year and ten-year periods and calendar year returns for 2002 through 2011.

348 Nuveen Investments

C. Fees, Expenses and Profitability

1. Fees and Expenses

In evaluating the management fees and expenses that the Fund was expected to bear, the Independent Board Members considered, among other things, the Fund’s proposed management fee structure, the rationale for its proposed fee levels, and its expected expense ratio in absolute terms as well as compared with the fees and expense ratios of comparable funds. In this regard, the Independent Board Members reviewed, among other things, comparative fee and expense structure data for the Lipper high yield municipal debt funds category. In addition, the Independent Board Members noted that the proposed management fees for the Fund were consistent with those of the High Yield Fund and considered the Sub-Advisor’s municipal expertise and reputation.

In addition, the Independent Board Members considered the fund-level breakpoint schedule and the complex-wide breakpoint schedule (described in further detail below) and any applicable fee waivers and expense reimbursements expected to be provided. Based on their review of the fee and expense information provided, the Independent Board Members determined that the Fund’s management fees were reasonable in light of the nature, extent and quality of services to be provided to the Fund.

2. Comparisons with the Fees of Other Clients

Due to their experience with other Nuveen funds, the Board Members were familiar with the nature of services and range of fees offered by the Advisor to other clients. Such other clients include 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 have noted, at the Meeting or at prior meetings, that the fee rates charged to a fund (such as the Fund) and charged to 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 Fund. Accordingly, the Independent Board Members have considered the differences in the product types, including, but not limited to, the services to be provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members have noted, in particular, that the range of services as described above to be provided to a fund (such as the Fund) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the various products, particularly the extensive services to be provided to the Fund, 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 are familiar with 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 their review of fees at prior meetings, the Independent Board Members have considered the profitability of Nuveen for its advisory activities and its financial condition. At the Meeting or prior meetings, the Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities, 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. They also reviewed certain Nuveen business and financial information dated January 15, 2013, certain Nuveen financial information included in a report dated November 7, 2012, and Nuveen’s September 30, 2012 consolidated financial statements. The Independent Board Members have also considered, at the Meeting or at prior meetings, 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 have 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. In addition, in evaluating profitability, the Independent Board Members have 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 have 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 have reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members have 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 to be provided.

With respect to the Sub-Advisor, which is affiliated with Nuveen, the Independent Board Members have previously reviewed its 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 to be provided to the Fund.

Nuveen Investments 349

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other amounts expected to be paid to a Fund Adviser by the Fund as well as any indirect benefits (such as soft dollar arrangements, if any) the respective Fund Adviser and its affiliates are expected to receive that are directly attributable to the management of the Fund, 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 Fund. Based on their review of the overall fee arrangements of the Fund, the Independent Board Members determined that the advisory fees and expected expenses of the 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. The Independent Board Members therefore considered whether the Fund could be expected to benefit from any economies of scale. One method to help ensure that 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. Accordingly, the Independent Board Members received and reviewed the schedule of proposed advisory fees for the Fund, including fund-level breakpoints thereto.

In addition to fund-level advisory fee breakpoints, the Board also considered the Fund’s complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex, including the Fund, are generally reduced as the assets in the fund complex reach certain levels. In evaluating the complex-wide fee arrangement, the Independent Board Members have considered that 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.

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 the Fund’s shareholders when assets under management increase.

E. Indirect Benefits

In evaluating fees, the Independent Board Members also considered information previously received regarding potential “fall out” or ancillary benefits that a Fund Adviser or its affiliates may receive as a result of its relationship with the Fund. In this regard, the Independent Board Members considered, among other things, any sales charges, distribution fees and shareholder services fees expected to be received and retained by the Fund’s principal underwriter, an affiliate of the Advisor, including fees to be received pursuant to any 12b-1 plan.

In addition to the above, the Independent Board Members considered whether the Fund Advisers will receive any benefits from soft dollar arrangements whereby a portion of the commissions paid by the Fund for brokerage may be used to acquire research that may be useful to a Fund Adviser in managing the assets of the Fund 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 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 the 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 expected to be received by a Fund Adviser as a result of its relationship with the Fund were reasonable and within acceptable parameters.

F. Approval

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including a majority of the Independent Board Members, concluded that the terms of the Investment Management Agreement and Sub-Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services to be provided to the Fund and that the Investment Management Agreement and Sub-Advisory Agreement should be and were approved on behalf of the Fund.

350 Nuveen Investments

Notes

Nuveen Investments 351

Notes

352 Nuveen Investments

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.

Barclays 1-10 Year Municipal Bond Index: An unmanaged index comprised of investment-grade municipal bonds with maturity dates of more than 1 year and less than 10 years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Barclays 3-Year Municipal Bond Index: An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between 2 and 4 years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

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.

Inflation Linked Swap: A contractual agreement between two counterparties under which one party agrees to make periodic interest payments to the other for an agreed period of time based on a fixed rate (alternatively, a floating rate based on an interest rate index), while the other party agrees to make periodic payments based on a floating rate of interest based on the Consumer Price Index.

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

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

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

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

Lipper Short Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Short Municipal Debt Funds Classification. 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 Funds’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 High Yield 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 Intermediate Index: Contains all bonds in the S&P Municipal Bond Index that mature between 3 and 14.999 years. Index returns assume reinvestment of dividends 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 Bond Short Index: An unleveraged, market value-weighted index containing all of the bonds in the S&P Municipal Bond Index with maturities between 6 months and 3.999 years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Nuveen Investments 353

S&P Municipal Bond Short-Intermediate Index: Contains all bonds in the S&P Municipal Bond Index that mature between 1 and 7.999 years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P Municipal Yield Index: Contains all bonds in the S&P Municipal Bond Index that are non-rated or whose ratings are BB+ by S&P and BA-1 by Moody’s Investors Service, Inc. or lower. This 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.

Total Investment Exposure: Total investment exposure is a Fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a Fund’s use of preferred stock and borrowings and 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.

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.

354 Nuveen Investments

Additional Fund Information

Fund Manager

Nuveen Fund Advisors, LLC

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

Custodians

State Street Bank & Trust Company

Boston, MA

U.S Bank National Association

Milwaukee, WI

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 Form N-Q Portfolio of Investments Information

Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. 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 toll-free at (800) SEC -0330 for room hours and operation.

Nuveen Funds’ Proxy Voting Information

You may obtain (i) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) 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 toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

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 355

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 longterm 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 $224 billion as of March 31, 2013.

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

MAN-NAT-0413D

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Trustees determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial expert is Carole E. Stone, who is “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following tables show the amount of fees that PricewaterhouseCoopers LLP, the Trust’s auditor, billed to the Trust during the Trust’s last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP provided to the Trust, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Trust waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Trust during the fiscal year in which the services are provided; (B) the Trust did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE TRUST’S AUDITOR BILLED TO THE TRUST

Fiscal Year Ended April 30, 2013	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Fund Name
Nuveen Short Term Municipal Bond Fund		17,561		0		600		0
Total	$	17,561	$	0	$	600	$	0

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

⁴  “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Short Term Municipal Bond Fund		0	%		0	%		0	%		0	%
Fiscal Year Ended April 30, 2012	Audit Fees Billed to Funds 1			Audit-Related Fees Billed to Funds 2			Tax Fees Billed to Funds 3			All Other Fees Billed to Funds 4
Fund Name
Nuveen Short Term Municipal Bond Fund		16,115			0			—			0
Total	$	16,115		$	0		$	—		$	0

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

⁴  “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Short Term Municipal Bond Fund		0	%		0	%		0	%		0	%

Fiscal Year Ended April 30, 2013	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%
Fiscal Year Ended April 30, 2012	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%

Fiscal Year Ended April 30, 2013	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Fund Name
Nuveen Short Term Municipal Bond Fund		600		0		0		600
Total	$	600	$	0	$	0	$	600

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Fiscal Year Ended April 30, 2012	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Fund Name
Nuveen Short Term Municipal Bond Fund		0		0		0		0
Total	$	0	$	0	$	0	$	0

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Trust by the Trust’s independent accountants and (ii) all audit and non-audit services to be performed by the Trust’s independent accountants for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Trust. Regarding tax and research projects conducted by the independent accountants for the Trust and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

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 of Trustees 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 because the code is posted on registrant’s website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(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 Investment Funds, Inc.

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

Date: July 8, 2013

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: July 8, 2013

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

Date: July 8, 2013