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, 2014

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, 2014

	Share Class / Ticker Symbol
Fund Name	Class A	Class B	Class C	Class C2	Class I
Nuveen All-American Municipal Bond Fund	FLAAX	FAAMX	FACCX	FAACX	FAARX
Nuveen Inflation Protected Municipal Bond Fund	NITAX	—	NAADX	NIPCX	NIPIX
Nuveen Intermediate Duration Municipal Bond Fund	NMBAX	NUMBX	NNCCX	NNSCX	NUVBX
Nuveen Limited Term Municipal Bond Fund	FLTDX	—	FAFJX	FLTCX	FLTRX
Nuveen Short Term Municipal Bond Fund	FSHAX	—	NAAEX	NSVCX	FSHYX

NUVEEN INVESTMENTS TO BE ACQUIRED BY TIAA-CREF
On April 14, 2014, TIAA-CREF announced that it had entered into an agreement to acquire Nuveen Investments, the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $569 billion in assets under management (as of March 31, 2014) and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen anticipates that it will operate as a separate subsidiary within TIAA-CREF’s asset management business, and that its current leadership and key investment teams will stay in place. Your fund investment will not change as a result of Nuveen’s change of ownership. You will still own the same fund shares and the underlying value of those shares will not change as a result of the transaction. NFAL and your fund’s sub-adviser(s) will continue to manage your fund according to the same objectives and policies as before, and we do not anticipate any significant changes to your fund’s operations. Under the securities laws, the consummation of the transaction will result in the automatic termination of the investment management agreements between the funds and NFAL and the investment sub-advisory agreements between NFAL and each fund’s sub-adviser(s). New agreements will be presented to the funds’ shareholders for approval, and, if approved, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained. The transaction, expected to be completed by year end, is subject to customary closing conditions.
	Must be preceded by or accompanied by a prospectus. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations and Dividend Information	13
Fund Performance, Expense Ratios and Effective Leverage Ratios	15
Yields	26
Holding Summaries	28
Expense Examples	33
Report of Independent Registered Public Accounting Firm	35
Portfolios of Investments	36
Statement of Assets and Liabilities	205
Statement of Operations	206
Statement of Changes in Net Assets	207
Financial Highlights	210
Notes to Financial Statements	220
Additional Fund Information	235
Glossary of Terms Used in this Report	236
Annual Investment Management Agreement Approval Process	238
Trustees and Officers	248

Nuveen Investments 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

After significant growth in 2013, domestic and international equity markets have been less compelling during the first part of 2014. Concerns about deflation, political uncertainty in many places and the potential for more fragile economies to impact other countries have produced uncertainty in the markets.

Europe is beginning to emerge slowly from recession in mid-2013, with improved GDP and employment trends in some countries. However, Japan’s deflationary headwinds have resurfaced; and China shows signs of slowing from credit distress combined with declines in manufacturing and exports. Most recently, tensions between Russia and Ukraine may continue to hold back stocks and support government bonds in the near term.

Despite these headwinds, there are some encouraging signs of forward momentum in the markets. In the U.S., the news is more positive with financial risks slowly receding, positive GDP trends, downward trending unemployment and stronger household finances and corporate spending.

It is in such changeable markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.

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

Sincerely,

William J. Schneider

Chairman of the Board

June 23, 2014

4 Nuveen Investments

Portfolio Managers’

Comments

Nuveen All-American 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

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. 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. 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 economic and market conditions, key investment strategies and the Funds’ performance for the twelve-month period ending April 30, 2014.

What factors affected the U.S. economy and national municipal bond market during the twelve-month reporting period ended April 30, 2014?

During this reporting period, the U.S. economy continued its slow advance toward recovery from recession. The Federal Reserve (Fed) maintained efforts to bolster growth and promote progress toward its mandates of maximum employment and price stability by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. Based on its view that the underlying strength in the broader economy was enough to support ongoing improvement in the labor market, the Fed began to reduce, or taper, its monthly asset purchases in $10 billion increments over the course of four consecutive meetings (December 2013 through April 2014). As of May 2014, the Fed’s monthly purchases comprise $20 billion in mortgage-backed securities (versus the original $40 billion per month) and $25 billion in longer-term Treasury securities (versus $45 billion). Following its April 2014 meeting, the Fed reiterated that it would continue to look at a wide range of factors, including labor market conditions, indicators of inflationary pressures and readings on financial developments, in determining future actions, saying that it would likely maintain the current target range for the fed funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Fed’s 2% longer-run goal.

In the first quarter of 2014, the U.S. economy, as measured by the U.S. gross domestic product (GDP), contracted at an annualized rate of 1.0%, the first drop in economic output since the first quarter of 2011. While consumer spending, the main driver of the U.S. economy, made a strong showing, expansion during this period was restrained primarily by slower-than-expected inventory growth, compounded by severe winter weather conditions. The Consumer Price Index (CPI) rose 2.0% year-over-year as of April 2014, while the core CPI (which excludes food and energy) increased 1.8% during the same period, staying within the Fed’s unofficial

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 (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). 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.

Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.

Nuveen Investments 5

Portfolio Managers’ Comments (continued)

longer-term objective of 2.0% or lower for this inflation measure. As of April 2014, the national unemployment rate was 6.3%, the lowest reading since September 2008, down from the 7.5% reported in April 2013, but still higher than levels that would provide consistent support for optimal GDP growth. The housing market continued to post gains, as the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 12.4% for the twelve months ended March 2014 (most recent data available at the time this report was prepared). This brought the average U.S. home price back to mid-2004 levels, although prices continued to be down approximately 20% from their mid-2006 peak.

As this reporting period began, continued political debate over federal spending clouded the outlook for the U.S. economy, as lack of resolution on spending cuts triggered sequestration (a program of automatic cuts affecting federal programs) and Congress failed to reach agreement on the federal budget for Fiscal 2014. On October 1, 2013, the start date for Fiscal 2014, the federal government shut down for 16 days until an interim appropriations bill was signed into law, funding the government at sequestration levels and suspending the debt limit until early 2014. Consensus on a $1.1 trillion federal spending bill was finally reached in January 2014 and in February 2014, members of Congress agreed to suspend the $16.7 trillion debt ceiling until March 2015.

In June 2013, then-Fed Chairman Ben Bernanke’s remarks about potentially tapering the Fed’s asset purchase program touched off widespread uncertainty about the next step for the Fed’s quantitative easing program and its impact on the economy and financial markets. This led to increased market volatility, which was compounded by headline credit stories involving Detroit’s bankruptcy filing in July 2013, the largest municipal bankruptcy in history and the disappointing news that continued to come out of Puerto Rico, where a struggling economy and years of deficit spending and borrowing resulted in multiple downgrades on the commonwealth’s bonds. In this unsettled environment, the Treasury market traded off, the municipal market followed suit and spreads widened as investor concern grew, which prompted increased selling by bondholders across the fixed income markets.

During the second half of this reporting period, municipal bonds generally rebounded, as the Fed remained accommodative, the Treasury market rallied and municipal credit fundamentals continued to improve. Higher yields and the prospect of higher taxes sparked increased demand and improved flows into municipal bond funds, while supply continued to drop. This supply/demand dynamic served as a key driver of municipal market performance. While yields retraced some of their 2013 gains during the first four months of 2014, municipal bonds generally produced positive total returns for the reporting period as a whole, except at the longest end of the maturity spectrum. Fundamentals on municipal bonds remained strong, as state governments made good progress in dealing with budget issues. Due to strong growth in personal tax and sales tax collections, year-over-year totals for state tax revenues have increased for 16 consecutive quarters, while on the expense side, the states made headway in cutting and controlling costs, with more than 40 states implementing some type of pension reform. The current level of municipal issuance reflects the more conservative approach to state budgeting as well as decreased refunding activity as municipal market yields rose. Over the twelve months ended April 30, 2014, municipal bond issuance nationwide totaled $299.6 billion, down 21% from the issuance for the twelve-month period ended April 30, 2013.

How did the Funds perform during the twelve-month reporting period ended April 30, 2014?

The tables in the Fund Performance, Expense Ratios and Effective Leverage Ratios section of this report provide each Fund’s total return performance information for its Class A Shares at net asset value (NAV) for the applicable one-year, five-year, ten-year and since-inception periods ending April 30, 2014. Each Fund’s Class A Share returns are compared with the performance of a corresponding market index and Lipper classification average.

Nuveen All-American Municipal Bond Fund

During the twelve months ending April 30, 2014, the Nuveen All-American Municipal Bond Fund’s Class A Shares at NAV underperformed the benchmark S&P Municipal Bond Index, but outpaced the Lipper General Municipal Debt Funds Classification Average.

6 Nuveen Investments

Credit quality positioning was the primary factor behind the Fund’s underperformance relative to the benchmark. Specifically, the Fund was overweighted in BBB-rated bonds occupying the lowest tier of the investment grade bond universe. As we have discussed in previous reports, we regularly overweight lower investment grade and, to a lesser extent, high yield bonds, because we have confidence in Nuveen’s research capabilities and our ability to uncover creditworthy issuers with bonds trading at attractive prices and the credit segment where we at Nuveen believe we can add the greatest long-term value for shareholders through disciplined research. The Fund was also underweighted in AAA-rated and AA-rated bonds, the two highest credit quality tiers. In both cases, our positioning had a negative impact, given that higher rated issues generally outperformed their lower quality counterparts during the twelve month reporting period.

Interest rate positioning was a secondary source of underperformance, in that the Fund’s duration exceeded the benchmark. When rates on municipal debt quickly rose in the initial months of the reporting period, the Fund’s added interest rate sensitivity proved detrimental.

When market conditions improved significantly during the reporting period’s second half, our willingness to maintain our investment approach and continue to add suitable lower investment grade rated and longer dated bonds was a meaningful positive that enabled us to take back a significant portion of the Fund’s prior underperformance, while also potentially setting the stage for favorable long-term future results.

The Fund’s sector allocation provided a modestly helpful performance impact. In particular, we were well positioned in the health care and corporate-backed industrial development revenue bond sectors, two categories that did relatively well. We also experienced a modest performance benefit from our allocation to inverse floating rate securities, also known as inverse floaters.

Finally, the Fund was helped by maintaining limited exposure to bonds connected to the U.S. territory of Puerto Rico, a large issuer of municipal debt that faced significant concerns about credit quality. In addition to emphasizing relatively conservative Puerto Rico bonds, we systematically reduced the Fund’s exposure to Puerto Rico debt over time. At the start of the reporting period, the portfolio had roughly 2.6% exposure to the territory. By the end of October 2013, that weighting was down to 1% and by the end of the reporting period, the Fund had closed-out completely of Puerto Rico bonds.

Nuveen Inflation Protected Municipal Bond Fund

During the twelve months ending April 30, 2014, the Nuveen Inflation Protected Municipal Bond Fund’s Class A shares at NAV underperformed the Barclays 1–10 Year Municipal Bond Index and the Lipper Intermediate Municipal Debt Funds Classification Average.

The Fund’s performance is 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. During this reporting period, both the Fund’s municipal bond portfolio and especially its inflation protection component detracted from performance.

Relative to the Barclays benchmark, the Fund’s municipal bond portion was hampered by its duration and yield curve positioning. On balance, interest rates rose during the one-year time frame. Accordingly, the portfolio’s higher duration relative to the benchmark, meaning increased sensitivity to rate changes, proved detrimental. Specifically, we were overweight in longer dated bonds, which hurt on a relative basis, given that shorter dated issues did not decline to the same extent.

Credit quality positioning also detracted from performance. The Fund was overweighted in BBB-rated bonds, the lowest quality tier of the investment grade bond universe. Because these credits underperformed the index, our heightened exposure hurt results. The Fund benefited, however, from favorable sector allocation. Most notably, underweighting state general obligation bonds was helpful because this category lagged the index. The Fund was also well positioned among higher education bonds while performance was negatively impacted by corporate-backed industrial development revenue bonds.

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

Notably, the Fund had only minimal exposure to the bonds of Puerto Rico and Detroit, both of which generated headlines during the reporting period for their credit challenges. We held just one Puerto Rico bond issue that had been pre-refunded and elected to sell the position during the beginning of the reporting period, so the sale price benefited from its high credit quality and short duration. Our exposure to Detroit was limited to secured water/sewer bonds that continue to meet their interest obligations despite the city’s financial troubles.

The Fund’s inflation linked swaps achieved their goal of hedging against fluctuations in inflation expectations and realized inflation. During the reporting period, however, these securities meaningfully hampered relative performance for two reasons. First, realized inflation was lower than expected during the reporting period. This situation, resulted in negative carry, meaning that the swaps’ fixed rate that the Fund pays on average exceeded the floating rate or realized inflation, that the Fund receives on the swaps. Second, because during the reporting period the market consensus for future inflation decreased, the market value of the swaps decreased as would be expected.

Nuveen Intermediate Duration Municipal Bond Fund

The Nuveen Intermediate Duration Municipal Bond Fund’s Class A shares at NAV underperformed the S&P Municipal Bond Intermediate Index but outpaced the Lipper Intermediate Municipal Debt Funds Classification Average.

In absolute terms, the Fund’s performance more or less mirrored that of the broader municipal bond market, it struggled during the first half of the reporting period when investors were particularly risk averse and performed very well when sentiment shifted back in favor of tax-exempt securities.

Relative to the Fund’s S&P benchmark, our allocation to certain older tobacco bonds hampered results. Despite what we saw as positive fundamental characteristics, these bonds struggled in the wake of the market’s 2013 selloff. Another performance challenge included the Fund’s modest allocation to Puerto Rico bonds, which did poorly in light of investors heightened concerns about the island’s credit quality. Specifically, the Fund owned some very short dated Puerto Rico Public Buildings Authority bonds. Because we expected these securities would ultimately be repaid in full, we preferred to maintain our position rather than sell at depressed values. As of the end of the reporting period, the Fund’s allocation in Puerto Rico bonds was 0.4%, down from 1.0% at the start of the reporting period.

The other credit challenge was the city of Detroit, which filed for bankruptcy in July 2013. The Fund had minimal exposure to Detroit bonds. We owned some insured Detroit general obligation bonds (GO), which actually performed relatively well during the period, as well as some water/sewer debt. In both cases, we anticipate a full recovery of our investment. Given the small size of both positions, neither provided any material performance impact.

The Fund benefited in relative terms from effective yield curve positioning. To achieve our desired average maturity for the portfolio, we maintained relative overweighting in both shorter dated and longer dated bonds. Having the added exposure to very short maturity issues proved helpful, given that rising interest rates did not hurt these securities to the same extent as longer bonds.

Credit quality positioning was another helpful factor, as the Fund benefited from being overweighted in A-rated bonds while being underweighted in AA-rated bonds. Sector allocation further added value, especially our holdings in state GO bonds, most notably, those of Illinois, which made some progress in resolving its serious fiscal challenges, and corporate-backed industrial development revenue debt. Toll road bond positions also produced favorable results.

Nuveen Limited Term Municipal Bond Fund

The Nuveen Limited Term Municipal Bond Fund’s Class A shares at NAV lagged the benchmark S&P Municipal Bond Short-Intermediate Index, but surpassed the results of the Lipper Short-Intermediate Municipal Debt Funds Classification Average during the twelve-month reporting period ended April 30, 2014.

The Fund’s results relative to the benchmark were hampered by exposure to certain older tobacco bonds, whose recovery trailed that of other bond types following the municipal market’s downturn in the second half of 2013.

8 Nuveen Investments

On the positive side, the Fund experienced favorable results from credit quality positioning. At period end, roughly one-third of the portfolio was invested in A-rated and BBB-rated bonds. As market conditions improved, this allocation to the lower investment grade tier of the market was beneficial.

The Fund’s sector positioning also aided relative performance, including a helpful allocation to state general obligation (GO) debt, most notably bonds issued by the state of Illinois, which performed relatively well, as well as health care and toll road bonds.

Nuveen Short Term Municipal Bond Fund

The Nuveen Short Term Municipal Bond Fund’s Class A shares at NAV underperformed the S&P Municipal Bond Short Index, but outpaced the Lipper Short Municipal Debt Funds Classification Average during the twelve-month reporting period ended April 30, 2014.

During the reporting period, yields rose on bonds of most maturity lengths, especially in the second half of 2013. However, on the short end of the yield curve, where this Fund typically transacts, rates tended to be relatively stable. As a result, the Fund was able to provide a positive absolute total return, despite operating in a difficult overall market environment.

During much of 2013, investors favored shorter dated bonds to limit interest rate risk. At the same time, while buying in this portion of the yield curve, investors increasingly tried to pick up incremental income by favoring lower rated issues. Given the heightened demand for these types of bonds, credit spreads continued to narrow and our traditional overweighting in A- and BBB-rated securities, the lower half of the investment grade universe, added to the Fund’s relative performance.

On a sector basis, the Fund’s traditional overweighting in such higher yielding groups as health care and higher education added value relative to the benchmark. Similarly, our typical underweighting in state general obligation (GO) bonds also proved beneficial, given that category’s relative underperformance.

Given investors’ concerns about the credit quality of Puerto Rico bonds, our extremely limited exposure was fortunate. We owned one position that matured in December 2013 and as of period end, we maintained two very small holdings due to mature only a few months after the end of the reporting period. On April 30, 2014, less than 0.2% of the portfolio was invested in Puerto Rico securities, down from about 0.8% twelve months earlier.

During the reporting period, our duration positioning was essentially neutral to the benchmark, meaning we maintained a comparable level of sensitivity to changes in interest rates. After rates rose in the second half of 2013, we did not meaningfully add duration by purchasing longer bonds. While this relatively conservative investment approach limited risk, it came with a tradeoff, as the front of the yield curve stabilized in early 2014 and slightly higher income levels would have been available by extending maturities.

What strategies were used to manage the Funds during the twelve-month reporting period ended April 30, 2014?

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

Amid volatile market conditions, our strategy was to maintain a consistent approach to the portfolio’s duration and credit quality positioning. Between May and September 2013, when the investment backdrop was especially difficult, we continued to believe in our long-term, value-oriented approach and that seeking out attractive buying opportunities was the best way to add value for our shareholders, given our expectation for an eventual recovery in the market. Accordingly, we sought to take advantage of higher interest rates by adding suitable longer-dated credits, which had disproportionately underperformed and appeared to offer particularly good potential.

Nuveen Investments 9

Portfolio Managers’ Comments (continued)

New purchases included a diverse range of sectors. We added to the Fund’s traditional overweighting in health care. In addition, we purchased corporate-backed industrial development revenue bonds and certain areas of the transportation sector, particularly toll road and airport credits. In the education sector, we also invested in certain charter school bonds that we believed represented good value. We relied primarily on the proceeds of bond calls and maturities to finance these acquisitions. We also sold some bonds, emphasizing liquid credits rated AAA and AA, for which we were able to get favorable prices and whose total return prospects we saw as relatively limited. The Fund’s allocation to the AA-rated bond category increased due to rating agency S&P’s decision to upgrade two municipal bond insurers, which in turn led to the ratings upgrade of certain Fund holdings.

As mentioned earlier, the Fund began the reporting period with a modest allocation to Puerto Rico bonds. Over time, in an effort to further limit credit risk, we eliminated our remaining exposure to Puerto Rico. The other highly publicized credit related challenge involved the bankruptcy filing of Detroit in July 2013. Throughout the reporting period, we held no positions in Detroit general obligation (GO) debt and sold the vast majority of the Fund’s other Detroit related holdings. At period end, we maintained only one relatively small insured water/sewer bond position. None of our Detroit bonds had a material impact on performance during the twelve-month reporting period.

Nuveen Inflation Protected Municipal Bond Fund

Most municipal bond funds experienced investment outflows during much of the reporting period and this Fund was no exception. Accordingly, our management activity more often focused on selling rather than buying securities. When we were able to add new bonds to the portfolio, we emphasized credits that we believed would enhance the Fund’s liquidity, a valuable characteristic for a portfolio in an environment of outflows. When selling bonds, we often looked to match relatively liquid odd lots to redemption activity. In executing these sales, we were looking to optimize the portfolio’s duration, sector and credit-quality characteristics.

During the reporting period, we consciously reduced the Fund’s duration to keep it comfortably within our target range of four to seven years. We took advantage of selected opportunities to sell longer dated bonds for which we could get good prices in return. From a credit standpoint, we modestly increased the Fund’s quality, our allocation to AA-rated bonds increased, while we reduced exposure to A-rated and BBB-rated issues.

As the Fund’s asset size dropped, we reduced the number of inflation-linked swap positions in the portfolio. These moves enabled us to maintain a consistent level of inflation protection throughout the reporting period. These inflation-linked swaps continued to be classified as over-the-counter derivatives, a beneficial situation for the Fund, given that it enables us to use the Fund’s municipal bond positions as collateral for the swaps.

Nuveen Intermediate Duration Municipal Bond Fund

When the market was struggling in the first half of the reporting period, we sought to take advantage of unusually attractive prices for longer dated tax-exempt bonds, as well as for selected lower rated securities that we believed could provide compelling long-term value.

In other words, we kept to our long-term investment strategy, even in difficult market conditions, and even became more aggressive when we saw what we believed were particularly good tradeoffs between risk and reward. In fact, we believe our willingness to invest in good long-term credits at opportune times was a meaningful factor behind the Fund’s strong relative performance in the reporting period’s final months.

Our ability to add new bonds was limited by investment outflows for much of the reporting period, a trend that affected most municipal funds. When making new purchases, we did so in a highly disciplined way, to maintain sufficient liquidity to satisfy redemptions as they occurred.

We added new bonds in various categories, purchasing health care bonds as well as Illinois GO debt. We also purchased several water/sewer credits and lower investment grade rated toll road issues.

10 Nuveen Investments

While our purchases emphasized A-rated and, to a lesser extent, BBB-rated bonds, the Fund’s allocation to AA-rated credits went up significantly, due to rating agency S&P’s decision to upgrade the credit rating of two municipal bond insurers backing certain holdings in the portfolio. As a result, the Fund’s overall credit quality profile improved, even as we were favoring suitable lower investment grade bonds for what we saw as their superior value.

Nuveen Limited Term Municipal Bond Fund

In managing the Fund, our approach was very similar to that of the Nuveen Intermediate Duration Municipal Bond Fund. Throughout the reporting period and particularly so amid the market’s downturn in the second half of 2013, we looked past short-term volatility and sought opportunities to take advantage of what we believed were unusually attractive purchase opportunities.

When appropriate, we added various lower investment grade rated bonds, especially A-rated bonds, as we found a number of credits in this area of the market providing what struck us as a good risk/reward tradeoff. Similar to the Intermediate Duration Fund, the portfolio’s exposure to AA-rated issues increased. This change reflected the enhanced credit quality of two municipal bond insurance companies that backed securities we held and was not a conscious effort to upgrade the Fund’s quality.

For our new purchases, we favored bonds at the longer end of our investment universe and emphasized three-year to ten-year maturities. By doing so, we were able to nearly maintain the Fund’s duration throughout the reporting period, despite the natural shortening of any bond portfolio that will take place in a rising rate environment.

Notable additions to the portfolio included toll road credits as well as Illinois GO and dedicated-sales-tax bonds. Across all of our purchases, we applied our value-oriented investment process to take advantage of the market selloff. In short, we wanted to buy good bonds at what we believed were good prices, while still maintaining the desirable structural characteristics of the portfolio.

Nuveen Short Term Municipal Bond Fund

We are always sensitive to the fact that the Nuveen Short Term Municipal Bond Fund is intended as a low volatility investment for shareholders. Accordingly, we continued to look for ways to achieve an appropriate balance between the Fund’s income stream and total return. In making new purchases, we relied on the proceeds of maturing bonds, as well as new investment inflows.

During the reporting period, we maintained the Fund’s relative overweightings in A-rated and BBB-rated bonds, the lowest credit tiers of the investment grade universe, as well as in the health care sector, where Nuveen has significant research experience. We also remained underweighted in state GO debt and in pre-refunded bonds, whose performance prospects we found more limited.

Although we continued to purchase many lower investment grade bonds, as credit spreads continued to narrow during the reporting period, we modestly increased our utilization of AAA- and AA-rated bonds, whose risk/reward balance had begun to look more favorable. An increase in AA-rated exposure also somewhat reflects S&P’s decision to upgrade the credit ratings of two municipal bond insurers backing certain holdings in the portfolio.

During the reporting period, we focused our purchase activity on bonds with maturities ranging from zero to five years, a portion of the yield curve that is modestly broader than the Fund’s benchmark, the S&P Municipal Bond Short Index. Because interest rates remained generally consistent in this part of the curve throughout the reporting period, we were comfortable generally preserving the portfolio’s existing positioning.

An Update Involving Detroit and Puerto Rico

Shareholders also should be aware of two events in the broader municipal bond market that continued to have an impact on the Funds’ holdings and performance: the City of Detroit’s ongoing bankruptcy proceedings and the downgrade of ratings on Puerto Rico GO bonds and related debt to below investment grade. Burdened by decades of population loss, changes in the auto manufacturing industry and significant tax base deterioration, the City of Detroit filed for Chapter 9 in federal bankruptcy court in July 2013. Given the complexity of its debt portfolio, number of creditors, numerous union contracts and significant legal questions that must be addressed, Detroit’s bankruptcy filing is expected to be a lengthy one. In April 2014, Detroit announced that it had

Nuveen Investments 11

Portfolio Managers’ Comments (continued)

reached agreements with bond insurance companies over the treatment of voter-approved GO bonds and with one of its retired worker groups over pension and health care benefits.

In Puerto Rico, the commonwealth’s continued economic weakening, escalating debt service obligations and long-standing inability to deliver a balanced budget led to several downgrades on its debt. Following the most recent round of rating reductions in February 2014, Moody’s, S&P and Fitch rated Puerto Rico GO debt at Ba2/BB+/BB, respectively, with negative outlooks. Ratings on sales tax bonds issued by the Puerto Rico Sales Tax Financing Corporation (COFINA) also have been lowered, with senior sales tax revenue bonds rated Baa1/AA-/AA- and subordinate sales tax revenue bonds rated Baa2/A+/A+ by Moody’s, S&P and Fitch, respectively, as of April 2014. The COFINA bonds were able to maintain a higher credit rating than the GOs because, unlike the revenue streams supporting some Puerto Rican issues, the sales taxes supporting the COFINA bonds cannot be diverted and used to support Puerto Rico’s GO bonds. For the reporting period ended April 30, 2014, Puerto Rico paper underperformed the municipal market as a whole.

12 Nuveen Investments

Risk Considerations

and Dividend Information

Risk Considerations

Nuveen All-American 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. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. In addition, the Fund periodically engages 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.

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

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

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

Nuveen Investments 13

Risk Considerations and Dividend Information (continued)

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 NAV. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute negative UNII that will likewise be reflected in the Fund’s NAV. Each Fund will, over time, pay all its net investment income as dividends to shareholders. As of April 30, 2014, all the Funds in this report had positive UNII balances for tax purposes. All-American, Inflation Protected, Intermediate Duration and Limited Term had positive UNII balances for financial reporting purposes, while Short Term had a negative UNII balance for financial reporting purposes.

14 Nuveen Investments

Fund Performance, Expense Ratios

and Effective Leverage Ratios

The Fund Performance, Expense Ratios and Effective Leverage Ratios for each Fund are shown within this section of the report.

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

Nuveen Investments 15

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, 2014

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		(0.42)%		8.34%		5.22%
Class A Shares at maximum Offering Price		(4.64)%		7.41%		4.77%
S&P Municipal Bond Index**		0.47%		5.93%		4.88%
Lipper General Municipal Debt Funds Classification Average**		(0.57)%		6.10%		4.08%
Class B Shares w/o CDSC		(1.09)%		7.53%		4.58%
Class B Shares w/CDSC		(4.91)%		7.38%		4.58%
Class C2 Shares		(0.90)%		7.75%		4.64%
Class I Shares		(0.14)%		8.54%		5.41%

	Cumulative
	Since Inception*
Class C Shares		3.06%

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		(0.58)%		8.68%		4.80%
Class A Shares at maximum Offering Price		(4.75)%		7.74%		4.35%
Class B Shares w/o CDSC		(1.34)%		7.85%		4.17%
Class B Shares w/CDSC		(5.15)%		7.70%		4.17%
Class C2 Shares		(1.07)%		8.09%		4.22%
Class I Shares		(0.39)%		8.86%		4.98%

	Cumulative
	Since Inception*
Class C Shares		1.67%

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 and C2 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.

16 Nuveen Investments

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class B		Class C		Class C2		Class I
Expense Ratios		0.72%		1.47%		1.52%		1.27%		0.52%

Effective Leverage Ratio as of April 30, 2014

Effective Leverage Ratio 4.88%

Growth of an Assumed $10,000 Investment as of April 30, 2014 – 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.

* Since inception returns for Class C Shares are from 2/10/14.

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

Nuveen Investments 17

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, 2014

	Average Annual
	1-Year		Since Inception*
Class A Shares at NAV		(2.53)%		5.12%
Class A Shares at maximum Offering Price		(5.46)%		4.11%
Barclays 1-10 Year Municipal Bond Index***		0.93%		3.94%
Lipper Intermediate Municipal Debt Funds Classification Average***		(0.15)%		4.33%
Class C2 Shares		(3.10)%		4.53%
Class I Shares		(2.36)%		5.32%

	Cumulative
	Since Inception**
Class C Shares		1.79%

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		Since Inception*
Class A Shares at NAV		(4.01)%		4.68%
Class A Shares at maximum Offering Price		(6.89)%		3.64%
Class C2 Shares		(4.57)%		4.09%
Class I Shares		(3.84)%		4.88%

	Cumulative
	Since Inception**
Class C Shares		0.14%

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 and C2 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.

18 Nuveen Investments

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class C2		Class I
Gross Expense Ratios		1.01%		1.82%		1.57%		0.82%
Net Expense Ratios		0.77%		1.57%		1.32%		0.57%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through August 31, 2015 so that total annual Fund operating expenses (excluding 12b-1 distribution and 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 0.60% (1.05% after August 31, 2015) of the average daily net assets of any class of Fund shares. The expense limitation expiring August 31, 2015 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, 2014

Effective Leverage Ratio 0.00%

Growth of an Assumed $10,000 Investment as of April 30, 2014 – 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.

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

** Since inception returns for Class C Shares are from 2/10/14.

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

Nuveen Investments 19

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, 2014

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		0.39%		5.01%		4.11%
Class A Shares at maximum Offering Price		(2.62)%		4.38%		3.79%
S&P Municipal Bond Intermediate Index**		0.97%		5.39%		4.95%
Lipper Intermediate Municipal Debt Funds Classification Average**		(0.15)%		4.51%		3.73%
Class B Shares w/o CDSC		(0.34)%		4.23%		3.48%
Class B Shares w/CDSC		(4.24)%		4.06%		3.48%
Class C2 Shares		(0.25)%		4.42%		3.53%
Class I Shares		0.59%		5.22%		4.32%

	Cumulative
	Since Inception*
Class C Shares		1.49%

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		0.27%		5.26%		3.77%
Class A Shares at maximum Offering Price		(2.75)%		4.62%		3.45%
Class B Shares w/o CDSC		(0.56)%		4.46%		3.16%
Class B Shares w/CDSC		(4.45)%		4.29%		3.16%
Class C2 Shares		(0.26)%		4.67%		3.20%
Class I Shares		0.47%		5.45%		3.98%

	Cumulative
	Since Inception*
Class C Shares		0.53%

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 and C2 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.

20 Nuveen Investments

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class B		Class C		Class C2		Class I
Expense Ratios		0.70%		1.46%		1.50%		1.25%		0.50%

Effective Leverage Ratio as of April 30, 2014

Effective Leverage Ratio 1.97%

Growth of an Assumed $10,000 Investment as of April 30, 2014 – 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.

* Since inception returns for Class C Shares are from 2/10/14

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

Nuveen Investments 21

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, 2014

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		0.55%		3.51%		3.33%
Class A Shares at maximum Offering Price		(1.97)%		2.99%		3.06%
S&P Municipal Bond Short-Intermediate Index**		1.14%		3.51%		3.83%
Lipper Short-Intermediate Municipal Debt Funds Classification Average**		0.17%		2.76%		2.87%
Class C2 Shares		0.17%		3.14%		2.96%
Class I Shares		0.72%		3.70%		3.52%

	Cumulative
	Since Inception*
Class C Shares		0.49%

Average Annual Total Returns as of March 31, 2014 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		0.45%		3.60%		3.10%
Class A Shares at maximum Offering Price		(2.07)%		3.07%		2.84%
Class C2 Shares		0.07%		3.25%		2.74%
Class I Shares		0.53%		3.81%		3.30%

	Cumulative
	Since Inception*
Class C Shares		(0.08	)%

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 and C2 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.

22 Nuveen Investments

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class C2		Class I
Gross Expense Ratios		0.66%		1.46%		1.01%		0.46%
Net Expense Ratios		0.66%		1.21%		1.01%		0.46%

The Fund’s investment adviser has contractually agreed to waive 0.25% of the Fund’s 12b-1 distribution fees for Class C Shares through August 31, 2015. The fee waiver will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

Effective Leverage Ratio as of April 30, 2014

Effective Leverage Ratio 0.00%

Growth of an Assumed $10,000 Investment as of April 30, 2014 – 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.

* Since inception returns for Class C Shares are from 2/10/14.

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

Nuveen Investments 23

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, 2014

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		0.74%		2.58%		2.50%
Class A Shares at maximum Offering Price		(1.77)%		2.07%		2.24%
S&P Municipal Bond Short Index**		1.01%		2.05%		2.81%
Barclays 3-Year Municipal Bond Index**		1.19%		2.43%		3.11%
Lipper Short Municipal Debt Funds Classification Average**		0.23%		1.80%		2.07%
Class I Shares		0.92%		2.76%		2.66%

			Cumulative
	1-Year		Since Inception*
Class C Shares		N/A		0.08%
Class C2 Shares		0.48%		1.32%

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		0.66%		2.74%		2.37%
Class A Shares at maximum Offering Price		(1.84)%		2.21%		2.11%
Class I Shares		0.84%		2.91%		2.53%

			Cumulative
	1-Year		Since Inception*
Class C Shares		N/A		(0.18)%
Class C2 Shares		0.31%		1.26%

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 and C2 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.

24 Nuveen Investments

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class C2		Class I
Gross Expense Ratios		0.73%		1.53%		1.08%		0.53%
Net Expense Ratios		0.73%		1.08%		1.08%		0.53%

The Fund’s investment adviser has contractually agreed to waive 0.25% of the Fund’s 12b-1 distribution fees for Class C Shares through August 31, 2015. The fee waiver will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

Effective Leverage Ratio as of April 30, 2014

Effective Leverage Ratio 0.00%

Growth of an Assumed $10,000 Investment as of April 30, 2014 – 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.

* Since inception returns for Class C and C2 Shares are from 2/10/14 and 8/31/11, respectively.

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

N/A Not Applicable.

Nuveen Investments 25

Yields as of April 30, 2014

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

	Share Class
	Class A1		Class B		Class C		Class C2		Class I
Dividend Yield		4.10%		3.52%		3.47%		3.74%		4.47%
SEC Yield		3.06%		2.45%		2.33%		2.65%		3.39%
Taxable-Equivalent Yield2		4.25%		3.40%		3.24%		3.68%		4.71%

Nuveen Inflation Protected Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		2.38%		1.67%		1.90%		2.62%
SEC Yield		2.55%		1.77%		2.12%		2.86%
Taxable-Equivalent Yield2		3.54%		2.46%		2.94%		3.97%

Nuveen Intermediate Duration Municipal Bond Fund

	Share Class
	Class A1		Class B		Class C		Class C2		Class I
Dividend Yield		2.93%		2.29%		2.23%		2.49%		3.21%
SEC Yield		1.76%		1.09%		0.95%		1.29%		2.03%
Taxable-Equivalent Yield2		2.44%		1.51%		1.32%		1.79%		2.82%

1 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.

2 The Taxable-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%.

26 Nuveen Investments

Nuveen Limited Term Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		1.89%		1.41%		1.57%		2.12%
SEC Yield		0.94%		0.40%		0.64%		1.18%
Taxable-Equivalent Yield2		1.31%		0.56%		0.89%		1.64%

Nuveen Short Term Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		1.15%		0.83%		0.83%		1.36%
SEC Yield		0.40%		0.08%		-0.45%		0.62%
Taxable-Equivalent Yield2		0.56%		0.11%		-0.63%		0.86%

1 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.

2 The Taxable-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%.

Nuveen Investments 27

Holding

Summaries April 30, 2014

This data relates to the securities held in each Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

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

Fund Allocation

(% of net assets)

Municipal Bonds	96.8%
Corporate Bonds	0.0%
Floating Rate Obligations	(0.3)%
Other Assets Less Liabilities	3.5%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	7.1%
AA	30.3%
A	26.2%
BBB	20.1%
BB or Lower	7.3%
N/R (not rated)	9.0%

Portfolio Composition

(% of total investments)

Health Care	19.9%
Tax Obligation/Limited	17.9%
Education and Civic Organizations	12.1%
Transportation	11.5%
Utilities	8.3%
Tax Obligation/General	8.3%
Long-Term Care	5.3%
Water and Sewer	5.2%
Other Industries	11.5%

States/U.S. Territories

(% of total municipal bonds)

California	11.5%
Illinois	10.4%
Texas	10.0%
Florida	8.1%
Pennsylvania	4.6%
Colorado	4.4%
Indiana	3.9%
Wisconsin	3.8%
Ohio	3.5%
Arizona	3.2%
New York	3.0%
Louisiana	2.9%
Washington	2.8%
New Jersey	2.8%
Michigan	2.8%
Georgia	2.4%
Other States	19.9%

28 Nuveen Investments

Nuveen Inflation Protected Municipal Bond Fund

Fund Allocation

(% of net assets)

Municipal Bonds	100.1%
Other Assets Less Liabilities	(0.1)%

Bond Credit Quality¹

(% of total investments)

AAA/U.S. Guaranteed	4.3%
AA	30.7%
A	27.1%
BBB	20.8%
BB or Lower	8.5%
N/R (not rated)	8.6%

Portfolio Composition¹

(% of total investments)

Tax Obligation/Limited	27.7%
Transportation	18.0%
Tax Obligation/General	11.6%
Education and Civic Organizations	11.2%
Health Care	10.1%
Utilities	9.5%
Water and Sewer	5.6%
Other Industries	6.3%

States/U.S. Territories¹

(% of total municipal bonds)

Illinois	10.4%
Colorado	9.4%
California	7.4%
Florida	7.2%
Michigan	6.0%
New York	5.0%
Louisiana	4.8%
Ohio	4.4%
Pennsylvania	4.1%
Kansas	3.9%
New Jersey	3.9%
Texas	3.4%
Iowa	3.1%
Georgia	2.9%
North Carolina	2.8%
Arizona	2.7%
Other States	18.6%

1 Excluding investments in derivatives.

Nuveen Investments 29

Holding Summaries as of April 30, 2014 (continued)

Nuveen Intermediate Duration Municipal Bond Fund

Fund Allocation

(% of net assets)

Municipal Bonds	97.7%
Corporate Bonds	0.0%
Short-Term Investments	1.0%
Other Assets Less Liabilities	1.3%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	10.9%
AA	40.9%
A	31.8%
BBB	11.0%
BB or Lower	3.6%
N/R (not rated)	1.8%

Portfolio Composition

(% of total investments)

Tax Obligation/Limited	28.0%
Tax Obligation/General	21.7%
Health Care	16.3%
Transportation	8.3%
Utilities	8.0%
Education and Civic Organizations	4.4%
Other Industries	13.3%

States/U.S. Territories

(% of total municipal bonds)

Illinois	9.3%
Texas	8.6%
California	7.0%
New York	6.2%
Florida	6.2%
New Jersey	6.0%
Michigan	5.0%
Pennsylvania	3.9%
Arizona	3.6%
Ohio	3.5%
Colorado	3.1%
Wisconsin	2.9%
Louisiana	2.8%
Nevada	2.6%
Massachusetts	2.2%
Missouri	2.1%
Washington	2.0%
Kentucky	1.9%
Georgia	1.6%
Other States	19.5%

30 Nuveen Investments

Nuveen Limited Term Municipal Bond Fund

Fund Allocation

(% of net assets)

Municipal Bonds	97.9%
Corporate Bonds	0.0%
Short-Term Investments	1.6%
Other Assets Less Liabilities	0.5%

Bond Credit Quality

(% of total investments)

AAA/U.S. Guaranteed	18.9%
AA	43.3%
A	26.4%
BBB	7.5%
BB or Lower	2.5%
N/R (not rated)	1.4%

Portfolio Composition

(% of total investments)

Tax Obligation/Limited	27.3%
Tax Obligation/General	21.9%
Utilities	11.2%
Health Care	10.1%
Transportation	7.4%
Education and Civic Organizations	7.0%
Water and Sewer	4.7%
Other Industries	10.4%

States/U.S. Territories

(% of total municipal bonds)

New York	10.6%
Illinois	9.3%
Texas	6.4%
Pennsylvania	6.3%
New Jersey	6.3%
California	5.1%
Florida	4.9%
Ohio	4.5%
Michigan	4.3%
Arizona	3.7%
Georgia	3.0%
Louisiana	2.9%
Washington	2.6%
Indiana	2.6%
Missouri	2.1%
Massachusetts	2.0%
Wisconsin	1.9%
Maryland	1.7%
Other States	19.8%

Nuveen Investments 31

Holding Summaries as of April 30, 2014 (continued)

Nuveen Short Term Municipal Bond Fund

Fund Allocation

(% of net assets)

Municipal Bonds	97.4%
Short-Term Investments	3.6%
Other Assets Less Liabilities	(1.0)%

Bond Credit Quality

(% of total municipal bonds)

AAA/U.S. Guaranteed	6.1%
AA	31.1%
A	37.2%
BBB	19.2%
BB or Lower	0.4%
N/R (not rated)	6.0%

Portfolio Composition

(% of total municipal bonds)

Tax Obligation/Limited	23.4%
Tax Obligation/General	16.4%
Health Care	16.2%
Education and Civic Organizations	14.6%
Transportation	10.5%
Utilities	7.4%
Other Industries	11.5%

States/U.S. Territories

(% of total municipal bonds)

California	10.3%
New York	9.4%
Illinois	7.9%
Florida	6.0%
Arizona	5.7%
Pennsylvania	5.6%
Missouri	4.8%
Minnesota	4.5%
New Jersey	4.1%
Texas	3.9%
Colorado	3.5%
Ohio	2.7%
Michigan	2.7%
Indiana	1.8%
Iowa	1.7%
Washington	1.6%
Georgia	1.6%
Virginia	1.6%
Louisiana	1.5%
Other States	19.1%

32 Nuveen Investments

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 Class C Shares reflect only the first 79 days of the Class’s operations, they may not provide a meaningful understanding of the Class’s ongoing expenses.

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

	Actual Performance										Hypothetical Performance (5% annualized return before expenses)
	A Shares		B Shares		C Shares		C2 Shares		I Shares		A Shares		B Shares		C Shares		C2 Shares		I Shares
Beginning Account Value (11/01/13)	$	1,000.00	$	1,000.00	$	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 (4/30/14)	$	1,059.60	$	1,057.30	$	1,030.60	$	1,057.60	$	1,061.30	$	1,021.27	$	1,017.55	$	1,007.66	$	1,018.55	$	1,022.27
Expenses Incurred During Period	$	3.63	$	7.45	$	3.21	$	6.43	$	2.61	$	3.56	$	7.30	$	3.17	$	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, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). For Class C, expenses are equal to the Fund’s annualized net expense ratio of 1.46%, multiplied by the average account value over the period, multiplied by 79/365 (to reflect 79 days in the period since class commencement of operations).

Nuveen Investments 33

Expense Examples (continued)

Nuveen Inflation Protected Municipal Bond Fund

	Actual Performance								Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		C2 Shares		I Shares		A Shares		C Shares		C2 Shares		I Shares
Beginning Account Value (11/01/13)	$	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 (4/30/14)	$	1,034.40	$	1,017.90	$	1,030.50	$	1,035.20	$	1,020.98	$	1,007.45	$	1,018.25	$	1,021.97
Expenses Incurred During Period	$	3.88	$	3.41	$	6.65	$	2.88	$	3.86	$	3.39	$	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, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). For Class C, expenses are equal to the Fund’s annualized net expense ratio of 1.56%, multiplied by the average account value over the period, multiplied by 79/365 (to reflect 79 days in the period since class commencement of operations).

Nuveen Intermediate Duration Municipal Bond Fund

	Actual Performance										Hypothetical Performance (5% annualized return before expenses)
	A Shares		B Shares		C Shares		C2 Shares		I Shares		A Shares		B Shares		C Shares		C2 Shares		I Shares
Beginning Account Value (11/01/13)	$	1,000.00	$	1,000.00	$	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 (4/30/14)	$	1,033.70	$	1,031.00	$	1,014.90	$	1,030.90	$	1,035.80	$	1,021.32	$	1,017.60	$	1,007.66	$	1,018.60	$	1,022.32
Expenses Incurred During Period	$	3.53	$	7.30	$	3.18	$	6.29	$	2.52	$	3.51	$	7.25	$	3.17	$	6.26	$	2.51

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .70%, 1.45%, 1.25% and .50% for Classes A, B, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). For Class C, expenses are equal to the Fund’s annualized net expense ratio of 1.46%, multiplied by the average account value over the period, multiplied by 79/365 (to reflect 79 days in the period since class commencement of operations).

Nuveen Limited Term Municipal Bond Fund

	Actual Performance								Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		C2 Shares		I Shares		A Shares		C Shares		C2 Shares		I Shares
Beginning Account Value (11/01/13)	$	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 (4/30/14)	$	1,016.10	$	1,004.90	$	1,014.20	$	1,016.10	$	1,021.62	$	1,008.33	$	1,019.89	$	1,022.61
Expenses Incurred During Period	$	3.20	$	2.50	$	4.94	$	2.20	$	3.21	$	2.50	$	4.96	$	2.21

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .64%, .99% and .44% for Classes A, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). For Class C, expenses are equal to the Fund’s annualized net expense ratio of 1.15%, multiplied by the average account value over the period, multiplied by 79/365 (to reflect 79 days in the period since class commencement of operations).

Nuveen Short Term Municipal Bond Fund

	Actual Performance								Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		C2 Shares		I Shares		A Shares		C Shares		C2 Shares		I Shares
Beginning Account Value (11/01/13)	$	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 (4/30/14)	$	1,006.10	$	1,000.80	$	1,005.30	$	1,007.00	$	1,021.27	$	1,008.59	$	1,019.49	$	1,022.27
Expenses Incurred During Period	$	3.53	$	2.23	$	5.32	$	2.54	$	3.56	$	2.24	$	5.36	$	2.56

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .71%, 1.07% and .51% for Classes A, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). For Class C, expenses are equal to the Fund’s annualized net expense ratio of 1.03%, multiplied by the average account value over the period, multiplied by 79/365 (to reflect 79 days in the period since class commencement of operations).

34 Nuveen Investments

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 and 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 Inflation Protected Municipal Bond Fund, Nuveen Intermediate Duration Municipal Bond Fund and Nuveen Limited Term Municipal Bond Fund (each a series of the Nuveen Municipal Trust, collectively the “Nuveen Municipal Trust”) and Nuveen Short Term Municipal Bond Fund (a series of Nuveen Investment Funds, Inc.) (hereafter referred to as the “Funds”) at April 30, 2014, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended 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 for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended for 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, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial statements of 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 25, 2014

Nuveen Investments 35

Nuveen All-American Municipal Bond Fund

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 96.8%
		MUNICIPAL BONDS – 96.8%
		Alabama – 0.8%
$	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	$	6,173,878
	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		2,783,468
		Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A:
	5,165	5.250%, 1/01/15		7/14 at 100.00		BBB		5,193,253
	1,000	5.500%, 1/01/21 – AGM Insured		7/14 at 100.00		AA		1,001,090
	1,000	5.500%, 1/01/22		7/14 at 100.00		BBB		1,000,150
	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		2,313,340
	18,080	Total Alabama						18,465,179
		Alaska – 0.1%
	2,000	Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32		6/14 at 100.00		B2		1,602,700
		Arizona – 3.1%
	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)		148,880
	500	Arizona School Facilities Board, Certificates of Participation, Series 2008, 5.250%, 9/01/23		9/18 at 100.00		A+		549,205
	200	Arizona State University Nanotechnology LLC, Lease Revenue Refunding Bonds, Arizona State University Project, Series 2009A, 5.000%, 3/01/34 – AGC Insured		3/19 at 100.00		AA		211,180
	250	Cottonwood, Arizona, Water Revenue Bonds, Series 2006, 5.000%, 7/01/17 – SYNCORA GTY Insured		7/16 at 100.00		BBB+		267,575
	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		7,393,511
	500	Gilbert, Arizona, Public Facilities Municipal Property Corporation, Revenue Bonds, Series 2009, 5.500%, 7/01/27		7/19 at 100.00		AA		573,965
	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		A–		3,458,949
	595	Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2007, 5.000%, 5/15/31		5/22 at 100.00		A–		632,824
	750	Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2004B, 5.250%, 8/01/26		8/14 at 100.00		A1		757,515
	750	Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006-1, 4.500%, 8/01/25 – NPFG Insured		8/16 at 100.00		AA–		805,635
	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		504,030

36 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	245	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)	$	286,834
	310	Peoria Municipal Development Authority, Arizona, Revenue Bonds, Series 2006, 5.000%, 7/01/15		No Opt. Call		AA+		326,864
	465	Peoria, Arizona, Improvement District 601, Improvement Bonds, Series 2007, 4.250%, 1/01/22		1/18 at 101.00		AA		501,251
	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+		4,373,800
		Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B:
	1,650	5.500%, 7/01/31 – FGIC Insured		No Opt. Call		AA		2,000,114
	6,000	5.500%, 7/01/39 – FGIC Insured		No Opt. Call		AA		7,283,940
	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+		971,920
	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		1,014,820
		Pima County Industrial Development Authority, Arizona, Education Facility Revenue and Refunding Bonds, Edkey Charter Schools Project, Series 2013:
	1,885	6.000%, 7/01/33		7/20 at 102.00		BB+		1,785,830
	2,000	6.000%, 7/01/43		7/20 at 102.00		BB+		1,823,180
	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		BB+		814,242
	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		799,394
	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)		306,647
	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		3,985,024
	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		AA–		1,095,060
	300	Queen Creek, Arizona, Improvement District 1 Improvement Bonds, Series 2006, 5.000%, 1/01/20		1/15 at 100.00		A3		300,597
		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007:
	1,000	5.250%, 12/01/28		No Opt. Call		A–		1,149,060
	3,250	5.000%, 12/01/32		No Opt. Call		A–		3,569,735
	7,000	5.000%, 12/01/37		No Opt. Call		A–		7,688,520
	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		1,065,480
	500	Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Series 2005C, 4.550%, 7/01/21 – AMBAC Insured		7/17 at 100.00		AAA		551,720
	4,300	Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Series 2008A, 5.000%, 7/01/21		7/18 at 100.00		AAA		4,929,348
		Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe Project, Refunding Series 2012A:
	2,590	6.000%, 12/01/27		12/21 at 100.00		N/R		2,725,017

Nuveen Investments 37

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	430	6.000%, 12/01/32		12/21 at 100.00		N/R	$	443,167
	1,100	6.250%, 12/01/42		12/21 at 100.00		N/R		1,135,409
	450	University Medical Center Corporation, Arizona, Hospital Revenue Bonds, Refunding Series 2004, 5.000%, 7/01/24		7/14 at 100.00		BBB+		451,494
	125	University Medical Center Corporation, Arizona, Hospital Revenue Bonds, Series 2005, 5.000%, 7/01/16		7/15 at 100.00		BBB+		130,159
	1,000	University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 6.000%, 7/01/39		7/21 at 100.00		BBB+		1,080,800
	942	Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30		7/16 at 100.00		N/R		953,634
	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		A–		411,088
	63,717	Total Arizona						69,257,417
		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		538,025
	1,000	6.000%, 6/01/40		6/20 at 100.00		BBB		1,077,660
	1,500	Total Arkansas						1,615,685
		California – 11.2%
	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+		2,007,000
	1,000	Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 2985, 17.641%, 4/01/34 (IF)		4/18 at 100.00		AA		1,442,640
		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		10,284
	55	5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured		12/14 at 100.00		Aa1 (4)		56,561
	935	5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured		12/14 at 100.00		AAA		961,545
	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		2,319,180
	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		1,055,600
	1,065	California Educational Facilities Authority, Revenue Bonds, Woodbury University, Series 2006, 5.000%, 1/01/36		1/15 at 100.00		Baa3		1,065,138
	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		5,857,605
	2,185	California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37		7/23 at 100.00		AA–		2,364,301
	3,450	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45		8/20 at 100.00		BBB		3,663,314
	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		A–		15,226,305

38 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	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	$	1,180,840
	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		1,134,440
	600	California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 – AMBAC Insured		5/15 at 100.00		Aa2		627,192
	1,650	California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 (Pre-refunded 5/01/15) – AMBAC Insured		5/15 at 100.00		Aa2 (4)		1,730,586
	3,500	California State, General Obligation Bonds, Refunding Series 2005, 5.000%, 5/01/15		No Opt. Call		A1		3,670,205
	700	California State, General Obligation Bonds, Tender Option Bond Trust 3162, 19.470%, 3/01/18 – AGM Insured (IF)		No Opt. Call		AA		1,088,976
	4,500	California State, General Obligation Bonds, Various Purpose Series 2004, 5.000%, 6/01/31 – AMBAC Insured		12/14 at 100.00		A1		4,616,955
	8,475	California State, General Obligation Bonds, Various Purpose Series 2008, 5.000%, 4/01/38		4/18 at 100.00		A1		9,098,760
	1,400	California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 3/01/30		3/20 at 100.00		A1		1,599,234
	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+		1,856,359
	1,575	California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.398%, 7/01/47 – AGM Insured (IF)		7/18 at 100.00		AA		1,806,903
	850	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		931,974
	1,000	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+		1,005,830
		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		B–		779,642
	5,300	5.250%, 7/01/35		7/15 at 100.00		B–		4,959,634
	2,000	5.000%, 7/01/39		7/15 at 100.00		B–		1,852,640
	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–		1,135,550
	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–		1,193,945
	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–		1,193,945
	675	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3048, 18.846%, 11/15/46 (IF)		11/16 at 100.00		AA–		774,738
	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		531,020
	3,230	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		2,614,879
	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+		475,960
	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		1,968,310

Nuveen Investments 39

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	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	$	546,220
	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		1,418,905
		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		6,117,120
	1,300	5.000%, 6/01/35 – AGC Insured		6/15 at 100.00		AA		1,326,910
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	5,880	4.500%, 6/01/27		6/17 at 100.00		B		5,162,346
	3,480	5.000%, 6/01/33		6/17 at 100.00		B		2,795,693
	8,740	5.750%, 6/01/47		6/17 at 100.00		B		7,236,108
	1,000	Jurupa Public Financing Authority, California, Superior Lien Revenue Bonds, Series 2010A, 5.000%, 9/01/33		9/20 at 100.00		AA		1,051,140
	1,980	Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured		No Opt. Call		AA		1,442,371
	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		1,659,180
	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		6,131,520
	1,000	Los Angeles Department of Harbors, California, Revenue Bonds, Series 2009B, 5.250%, 8/01/39		8/19 at 100.00		AA		1,142,530
	500	Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31		9/21 at 100.00		A–		602,455
	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+		3,164,130
	1,000	Manteca Financing Authority, California, Sewer Revenue Bonds, Series 2009, 5.750%, 12/01/36		12/19 at 100.00		AAA		1,161,310
	1,000	Modesto Irrigation District, California, Electric System Revenue Bonds, Refunding Series 2011A, 5.000%, 7/01/26		7/21 at 100.00		A+		1,115,150
		M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A:
	2,800	7.000%, 11/01/34		No Opt. Call		A		3,767,456
	2,500	6.500%, 11/01/39		No Opt. Call		A		3,244,850
	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)		7/14 at 100.00		AA– (4)		15,936,113
	1,100	Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25		10/14 at 102.00		BB		1,029,116
	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		1,772,016
	3,000	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29		11/19 at 100.00		Ba1		3,118,050
	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		1,884,882

40 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	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	$	2,759,827
	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		1,305,000
	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		9,240,000
	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–		4,367,720
	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		2,662,400
	920	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		957,113
	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		AA (4)		9,400,968
	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+		1,074,506
	1,500	San Diego Unified Port District, California, Revenue Bonds, Series 2004B, 5.000%, 9/01/29 (Pre-refunded 9/01/14) – NPFG Insured		9/14 at 100.00		AA– (4)		1,524,420
	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+		2,258,400
	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–		754,849
		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		AA–		5,056,234
	51,000	0.000%, 1/15/31 – NPFG Insured		No Opt. Call		AA–		19,476,900
	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		AA–		8,136,492
	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)		3,658,035
	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		526,464
	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–		2,183,845
	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–		4,649,000
	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		596,720
	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		978,668
	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		213,528
	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		1,001,040

Nuveen Investments 41

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	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	$	4,208,800
	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		1,600,755
		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		1,498,554
	1,405	0.000%, 8/01/28 – AGC Insured		No Opt. Call		AA		744,074
	2,920	0.000%, 8/01/29 – AGC Insured		No Opt. Call		AA		1,454,890
	289,570	Total California						248,972,763
		Colorado – 4.2%
	1,000	Arista Metropolitan District, Colorado, Special Revenue Bonds, Series 2008, 9.250%, 12/01/37		12/15 at 100.00		N/R		536,550
		Baptist Road Rural Transportation Authority, Colorado, Sales and Use Tax Revenue Bonds, Series 2007:
	500	4.800%, 12/01/17		No Opt. Call		N/R		495,000
	905	5.000%, 12/01/26		12/17 at 100.00		N/R		798,717
	1,075	Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2013, 7.000%, 12/01/23		7/18 at 100.00		N/R		1,088,932
		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		1,281,553
	2,140	5.250%, 9/15/32 – SYNCORA GTY Insured		9/15 at 100.00		A		2,188,749
	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		BB		2,030,184
	3,040	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy, Inc. Second Campus Project, Series 2013, 7.350%, 8/01/43		8/23 at 100.00		BB		3,217,354
	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		1,034,041
	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		993,130
	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		2,546,025
	945	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		965,639
	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		3,241,950
	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		1,542,810
		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Colorado Senior Residences Project, Series 2012:
	1,370	7.000%, 6/01/42		6/22 at 100.00		N/R		1,413,319
	1,375	7.125%, 6/01/47		6/22 at 100.00		N/R		1,426,659

42 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	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+	$	12,612,375
	725	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43		6/23 at 100.00		A–		777,976
	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		106,796
	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–		3,380,220
	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		1,178,496
	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–		2,654,187
	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		A–		1,776,507
	540	Compark Business Campus Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007A, 5.750%, 12/01/27 – RAAI Insured		12/17 at 100.00		N/R		552,231
	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		1,027,300
	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		2,088,246
	605	Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.250%, 12/01/17		No Opt. Call		N/R		583,408
	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+		1,996,991
	5,000	Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013A, 5.250%, 11/15/43 (Alternative Minimum Tax)		11/23 at 100.00		A		5,266,400
	11,555	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/24 – NPFG Insured		No Opt. Call		AA–		7,567,716
		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
	20	0.000%, 9/01/29 – NPFG Insured		No Opt. Call		AA–		9,448
	395	0.000%, 9/01/30 – NPFG Insured		No Opt. Call		AA–		173,227
	20	0.000%, 9/01/32 – NPFG Insured		No Opt. Call		AA–		7,623
	25	0.000%, 9/01/33 – NPFG Insured		No Opt. Call		AA–		8,889
	9,890	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured		No Opt. Call		AA–		5,366,710
	2,102	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		2,244,432
	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		799,420
	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		2,269,458
	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		4,143,910

Nuveen Investments 43

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		Colorado (continued)
		Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008:
$	2,140	6.250%, 11/15/28		No Opt. Call		A		$	2,637,529
	3,010	6.500%, 11/15/38		No Opt. Call		A			3,914,957
		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			1,106,447
	4,265	6.000%, 1/15/41		7/20 at 100.00		Baa3			4,550,755
	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			860,795
	20	University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/26 – FGIC Insured		6/15 at 100.00		Aa2			20,986
	99,562	Total Colorado							94,484,047
		Connecticut – 0.2%
	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		Baa1			1,070,430
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Tender Option Bond Trust 1080, 18.192%, 7/01/15 (IF) (5)		No Opt. Call		AAA			1,417,560
	887	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			1,021,558
	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			1,907,892
	4,687	Total Connecticut							5,417,440
		Delaware – 0.4%
	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			1,023,090
	5,000	Delaware Transportation Authority, Transportation System Revenue Bonds, Senior Lien Series 2008, 5.000%, 7/01/19		No Opt. Call		AA+			5,926,050
	1,140	Wilmington, Delaware, Replacement Housing Factor Fund Securitization Revenue Bonds, Wilmington Housing Authority-Lincoln Towers Project, Series 2011, 5.750%, 7/15/16		7/14 at 100.00		N/R			1,140,752
	7,140	Total Delaware							8,089,892
		District of Columbia – 0.2%
	4,365	District of Columbia, Certificates of Participation, Series 2003, 5.500%, 1/01/18 – AMBAC Insured		7/14 at 100.00		A+			4,382,678
	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			1,003,890
	5,365	Total District of Columbia							5,386,568
		Florida – 7.9%
		Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A:
	300	5.000%, 11/15/23		No Opt. Call		BBB			329,466
	2,300	5.000%, 11/15/28		11/23 at 100.00		BBB			2,413,850
	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	–		1,286,313

44 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	1,000	Boynton Beach, Florida, Revenue Bonds, Charter Schools of Boynton Beach, Series 2012A, 6.800%, 6/01/42		6/22 at 100.00		B	$	952,670
	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		468,858
		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–		505,905
	750	5.000%, 4/01/36		4/16 at 100.00		A–		758,033
	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–		954,334
	5,500	Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured		10/21 at 100.00		AA		5,826,370
	1,025	Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26		No Opt. Call		A		1,123,523
	1,000	Clearwater, Florida, Water and Sewer Revenue Bonds, Series 2009A, 5.250%, 12/01/39 – AGC Insured		12/19 at 100.00		AA–		1,076,240
	3,080	Collier County, Florida, Gas Tax Revenue Bonds, Refunding Series 2012, 5.000%, 6/01/20		No Opt. Call		AA–		3,537,318
	1,295	Country Greens Community Development District, Florida, Special Assessment Bonds, Series 2003, 6.625%, 5/01/34		7/14 at 100.00		N/R		1,295,389
	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+		5,426,108
	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		3,074,487
	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+		1,009,920
		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		995,400
	500	6.000%, 6/15/32		No Opt. Call		N/R		476,110
	1,100	6.125%, 6/15/43		No Opt. Call		N/R		1,027,312
	2,000	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2013A, 8.500%, 6/15/44		6/23 at 100.00		N/R		2,064,580
	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		BB		3,125,399
	6,800	Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2012A, 5.000%, 4/01/27		4/22 at 100.00		Baa1		7,214,868
		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		A2		1,325,240
	1,000	5.000%, 12/01/31		12/22 at 100.00		A2		1,089,860
	1,400	5.000%, 12/01/32		12/22 at 100.00		A2		1,517,250
	3,000	5.000%, 12/01/37		12/22 at 100.00		A2		3,205,980
	1,000	Florida Housing Finance Agency, Housing Revenue Bonds, Stoddert Arms Apartments, Series 1996O, 6.300%, 9/01/36 – AMBAC Insured (Alternative Minimum Tax)		9/14 at 100.00		N/R		1,000,580
	295	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		297,283

Nuveen Investments 45

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	195	Florida, Full Faith and Credit General Obligation Bonds, Broward County Expressway Authority, Series 1984, 10.000%, 7/01/14 (ETM)		No Opt. Call		Aaa	$	198,251
		Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006:
	2,250	5.250%, 6/01/26		6/16 at 100.00		BBB+		2,296,980
	375	5.000%, 6/01/38		6/16 at 100.00		BBB+		375,791
	1,900	Hernando County, Florida, Revenue Bonds, Criminal Justice Complex Financing Program, Series 1986, 7.650%, 7/01/16 – FGIC Insured		No Opt. Call		AA–		2,148,767
	1,005	JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured		4/15 at 100.00		AA		1,039,441
	925	Keys Cove Community Development District, Florida, Special Assessment Revenue Bonds, Series 2004, 5.875%, 5/01/35		5/15 at 101.00		N/R		959,401
	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+		993,603
	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		1,007,380
		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		892,736
	1,375	5.750%, 6/15/42		6/22 at 100.00		BB		1,404,411
	2,305	Leesburg, Florida, Utilities Revenue Bonds, Series 2004, 5.000%, 10/01/22 (Pre-refunded 10/01/14) – FGIC Insured		10/14 at 100.00		AA– (4)		2,351,815
	675	Lexington Community Development District, Florida, Special Assessment Revenue Bonds, Series 2004, 6.125%, 5/01/34		5/15 at 100.00		A–		682,661
		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		Ba1		881,504
	8,000	4.200%, 12/15/25 (Alternative Minimum Tax)		6/20 at 100.00		Ba1		7,812,560
	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		2,096,240
		Miami-Dade County School Board, Florida, Certificates of Participation, Series 2013B:
	4,490	5.000%, 2/01/29		2/23 at 100.00		A1		4,879,014
	2,170	5.000%, 2/01/30		2/23 at 100.00		A1		2,346,269
	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		AA–		7,049,835
	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		1,748,271
	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		2,266,760
	10,000	Miami-Dade County, Florida, General Obligation Bonds, Series 2005, 5.000%, 7/01/33 – AGM Insured		7/15 at 100.00		AA		10,417,800
	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		1,110,138
	22,160	Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42		10/22 at 100.00		Aa3		23,413,591

46 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	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	$	984,400
	3,295	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		3,344,590
		Orange County Health Facilities Authority, Florida, Revenue Bond, Mayflower Retirement Center, Refunding Series 2012:
	550	4.500%, 6/01/27		6/21 at 100.00		A–		553,020
	625	5.000%, 6/01/32		6/21 at 100.00		A–		644,906
	750	5.000%, 6/01/36		6/21 at 100.00		A–		769,305
	750	5.125%, 6/01/42		6/21 at 100.00		A–		770,813
		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)		304,478
	275	5.000%, 1/01/22 (Pre-refunded 1/01/15)		1/15 at 100.00		N/R (4)		283,836
	145	Orange County, Florida, Sales Tax Revenue Bonds, Series 1989, 6.125%, 1/01/19 – FGIC Insured (ETM)		7/14 at 100.00		N/R (4)		173,616
	500	Orlando Utilities Commission, Florida, Utility System Revenue Bonds, Series 2009A-1, 5.250%, 10/01/39		4/19 at 100.00		AA		561,125
		Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH Corporation Obligated Group, Series 2001:
	20	5.500%, 12/01/21		6/14 at 100.00		BBB–		20,044
	1,000	5.625%, 12/01/31		6/14 at 100.00		BBB–		1,001,080
	2,690	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–		2,645,023
	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–		2,689,875
	1,500	Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%, 10/01/15 – AMBAC Insured		No Opt. Call		AA+		1,486,245
	1,835	Panther Trails Community Development District, Florida, Special Assessment Bonds, Series 2005, 5.600%, 5/01/36		5/15 at 100.00		BB		1,840,487
	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		AA–		2,058,580
	650	Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 2005-1, 5.000%, 10/01/25 (Pre-refunded 10/01/15) – AMBAC Insured		10/15 at 100.00		A1 (4)		693,479
	2,870	Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27		10/17 at 100.00		BBB–		3,072,995
		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–		1,147,854
	1,565	5.625%, 8/01/34		8/14 at 101.00		A–		1,585,267
	920	Stoneybrook Venice Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007, 6.750%, 5/01/38		5/18 at 100.00		N/R		941,721
	500	Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A, 5.000%, 7/01/29		1/24 at 100.00		BBB+		521,790
	535	Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 – AMBAC Insured		10/18 at 100.00		AA–		568,817

Nuveen Investments 47

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	1,000	Tallahassee, Florida, Consolidated Utility System Revenue Bonds, Series 2005, 5.000%, 10/01/25 – AMBAC Insured		10/15 at 100.00		AA+	$	1,064,710
	2,820	Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured		10/15 at 100.00		AA		2,976,510
	2,095	Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial Healthcare Inc., Series 2000, 6.375%, 12/01/30		6/14 at 100.00		Baa1		2,102,752
	35	Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33		5/22 at 100.00		Aa2		37,748
	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		121,034
	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		173,391
	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		93,007
	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
	15	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		15,197
	125	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		109,706
		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		90,456
	305	6.650%, 5/01/40		5/17 at 100.00		N/R		308,440
	2,850	Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37		5/15 at 100.00		BB		2,851,368
	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		410,564
	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		258,048
	1,500	Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2012-A2, 5.500%, 5/01/34		5/22 at 100.00		N/R		1,541,805
	2,110	Village Center Community Development District, Florida, Recreational Revenue Bonds, Series 2003A, 5.000%, 11/01/32 – NPFG Insured		11/14 at 100.00		AA–		2,114,304
	475	Waters Edge Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.300%, 5/01/36		5/15 at 101.00		N/R		457,102
	169,165	Total Florida						175,141,360
		Georgia – 2.3%
	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		2,107,120
	715	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31		1/19 at 100.00		A2		841,719

48 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia (continued)
$	1,550	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 1/01/20		1/19 at 100.00		A2	$	1,874,105
	140	Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005A, 5.625%, 1/01/16 (Alternative Minimum Tax)		7/15 at 100.00		A–		146,608
	500	Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005B, 5.400%, 1/01/20		7/15 at 100.00		A–		521,560
	495	Atlanta, Georgia, Tax Allocation Bonds, Princeton Lakes Project, Series 2006, 5.500%, 1/01/31		1/16 at 100.00		BBB–		499,589
	7,000	Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured		11/19 at 100.00		AA		7,571,690
	1,000	Augusta, Georgia, Airport Revenue Bonds, General Series 2005C, 5.450%, 1/01/31 (Alternative Minimum Tax)		1/15 at 100.00		Baa2		1,005,240
	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 (Pre-refunded 7/15/14) – NPFG Insured		7/14 at 100.00		A3 (4)		5,007,622
	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		4,207,960
	3,300	Fulton County Development Authority, Georgia, Local District Cooling Authority Revenue Bonds, Maxon Atlantic Station LLC, Series 2005A, 5.125%, 3/01/26 (Alternative Minimum Tax)		9/15 at 100.00		BBB		3,316,302
	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+		11,038,800
		Fulton County Residential Care Facilities Elderly Authority, Georgia, Revenue Bonds, Canterbury Court Project, Series 2004A:
	1,500	6.125%, 2/15/26		7/14 at 100.00		N/R		1,515,780
	4,080	6.125%, 2/15/34		7/14 at 100.00		N/R		4,103,909
	1,080	Georgia Municipal Electric Authority, Senior Lien General Power Revenue Bonds, Series 1993BB, 5.250%, 1/01/25 – NPFG Insured		No Opt. Call		AA–		1,258,222
	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		1,095,070
		Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A:
	955	5.000%, 3/15/22		No Opt. Call		A+		1,080,181
	1,000	5.500%, 9/15/28		No Opt. Call		A		1,179,590
	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		1,720,698
	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		1,013,260
	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		1,048,000
	48,860	Total Georgia						52,153,025
		Guam – 0.3%
	1,020	Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31		1/22 at 100.00		A		1,062,442
	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+		2,079,440

Nuveen Investments 49

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Guam (continued)
$	880	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40		7/20 at 100.00		A–	$	902,255
	1,610	Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)		10/23 at 100.00		BBB		1,730,154
	5,510	Total Guam						5,774,291
		Hawaii – 0.2%
	1,500	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43		7/23 at 100.00		A2		1,647,630
	1,000	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43		7/23 at 100.00		BB+		1,042,830
		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		1,143,340
	1,250	9.000%, 11/15/44		11/19 at 100.00		N/R		1,424,538
	4,750	Total Hawaii						5,258,338
		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		Aa2		1,174,670
	760	6.250%, 12/01/33		12/18 at 100.00		Aa2		884,260
		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		A1		1,083,770
	1,065	5.000%, 7/15/24 – NPFG Insured		7/16 at 100.00		A1		1,154,215
	3,825	Total Idaho						4,296,915
		Illinois – 10.1%
	2,000	Bensenville, Illinois, General Obligation Bonds, Series 2011A, 5.000%, 12/15/30 – AGM Insured		12/21 at 100.00		AA		2,140,420
	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		960,832
		Champaign, Illinois, General Obligation Sales Tax Bonds, Public Safety Series 1999:
	1,140	8.250%, 1/01/21 – FGIC Insured		No Opt. Call		AA–		1,538,236
	1,275	8.250%, 1/01/22 – FGIC Insured		No Opt. Call		AA–		1,736,231
	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+		2,209,160
	3,335	Chicago Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Tender Option Bonds Trust 1130, 13.582%, 12/01/24 (IF)		6/16 at 100.00		AAA		4,167,549
	2,100	Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40		12/21 at 100.00		AA		2,245,425
	2,875	Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 – NPFG Insured		1/16 at 100.00		AA–		3,038,070
	2,000	Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2003A, 5.000%, 1/01/33 – AMBAC Insured		7/14 at 100.00		AA+		2,001,640

50 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	15,000	Chicago, Illinois, Water Revenue Bonds, Refunding Second Lien Series 2012-2, 4.000%, 11/01/37		11/22 at 100.00		AA	$	13,991,100
		Community College District 523, Counties of DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago, and Boone, Illinois, General Obligation Bonds, Kishwaukee Community College, Series 2011B:
	1,000	0.000%, 2/01/35		2/21 at 100.00		AA		291,120
	750	0.000%, 2/01/36		2/21 at 100.00		AA		202,680
	4,440	Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33		11/20 at 100.00		AA		4,755,284
	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		2,020,660
	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		2,736,675
	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–		1,406,845
		Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010:
	900	6.125%, 5/15/27		5/15 at 100.00		BBB–		912,321
	2,000	6.125%, 5/15/27		5/20 at 100.00		BBB–		2,141,840
	9,300	Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation, Series 2007, 5.000%, 12/01/36		12/16 at 100.00		BBB+		9,023,976
	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–		1,137,790
	500	Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Series 2010A, 7.750%, 5/15/30		5/20 at 100.00		N/R		508,740
	615	Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Temps 65 Series 2010D-2, 6.375%, 5/15/17		7/14 at 100.00		N/R		615,633
	1,255	Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39		11/19 at 100.00		AA		1,321,979
	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		1,028,190
	4,050	Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 7.125%, 2/01/34		2/19 at 100.00		Baa3		4,299,723
		Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013:
	4,000	4.000%, 5/15/33		5/22 at 100.00		Baa1		3,562,040
	4,865	4.250%, 5/15/43		5/22 at 100.00		Baa1		4,169,743
	2,000	Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 5.375%, 8/15/24		8/19 at 100.00		AA+		2,276,200
	2,545	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39		5/20 at 100.00		A		2,837,395
	500	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37		11/17 at 100.00		A		528,110
	1,545	Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35		5/20 at 100.00		AA–		1,652,408
	2,900	Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34		8/19 at 100.00		BBB+		3,600,756
		Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A:
	895	5.500%, 7/01/28		7/23 at 100.00		A–		970,681
	3,000	6.500%, 7/01/34		7/18 at 100.00		A–		3,250,440

Nuveen Investments 51

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	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+	$	4,413,019
		Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C:
	1,335	6.625%, 11/01/39		5/19 at 100.00		A+		1,513,156
	1,665	6.625%, 11/01/39 (UB) (5)		5/19 at 100.00		A+		1,887,194
	6,255	Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37		8/17 at 100.00		Baa1		6,826,832
	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+		10,000,260
	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		995,568
	4,000	Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41		8/21 at 100.00		AA–		4,504,080
	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–		1,551,144
	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–		1,619,145
	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		2,376,790
	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+		3,605,651
	3,905	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+		3,914,841
	255	Illinois Housing Development Authority, Housing Finance Bonds, Series 2006K, 4.600%, 7/01/23		7/16 at 100.00		AA		258,165
	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+		4,020,080
	10,000	Illinois State, General Obligation Bonds, Series 2014, 5.000%, 5/01/22 (WI/DD, Settling 5/08/14)		No Opt. Call		A–		11,430,400
		Illinois State, General Obligation Bonds, Series 2012A:
	5,520	5.000%, 3/01/25		3/22 at 100.00		A–		6,075,809
	5,910	5.000%, 3/01/26		3/22 at 100.00		A–		6,438,118
	500	5.000%, 3/01/27		3/22 at 100.00		A–		538,735
		Illinois State, General Obligation Bonds, Series 2013:
	1,390	5.250%, 7/01/28		7/23 at 100.00		A–		1,529,487
	1,800	5.500%, 7/01/38		7/23 at 100.00		A–		1,967,130
	5,000	Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 5.000%, 6/15/28		6/21 at 100.00		AAA		5,507,250
	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		533,309
	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–		2,099,340
	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		D		592,668

52 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	1,260	Markham, Illinois, Alternative Source Revenue Bonds, Series 2005A, 5.250%, 4/01/23 – RAAI Insured		4/15 at 100.00		N/R	$	1,264,486
	875	Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012A, 5.000%, 6/15/42 – NPFG Insured		6/22 at 100.00		AAA		910,796
	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		3,437,100
	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–		6,261,185
	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		864,097
		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
	3,890	5.250%, 6/01/21		No Opt. Call		A		4,569,700
	3,000	6.250%, 6/01/24		6/16 at 100.00		A–		3,321,780
	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		5,694,532
	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		1,039,450
		University of Illinois, Auxiliary Facilities Systems Revenue Bonds, Series 2013A:
	10,000	4.000%, 4/01/30		4/23 at 100.00		AA–		10,153,600
	5,000	4.000%, 4/01/32		4/23 at 100.00		AA–		5,042,850
	7,405	University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42		10/23 at 100.00		A		7,942,603
	222,849	Total Illinois						223,980,242
		Indiana – 3.8%
	425	Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/32		4/17 at 100.00		BB+		398,693
		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		A3		1,037,270
	500	5.250%, 8/01/36		8/16 at 100.00		A3		516,245
	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)		1,248,820
		Indiana Bond Bank, Special Program Gas Revenue Bonds, JP Morgan Ventures Energy Corporation Guaranteed, Series 2007A:
	3,325	5.250%, 10/15/18		No Opt. Call		A		3,756,851
	5,215	5.250%, 10/15/20		No Opt. Call		A		5,950,471
		Indiana Finance Authority, Educational Facilities Revenue Bonds, CFM-Northwest Indiana, LLC Project, Refunding Series 2013A:
	3,420	7.000%, 7/01/33		7/23 at 100.00		BB		3,599,003
	6,465	7.250%, 7/01/43		7/23 at 100.00		BB		6,779,264
		Indiana Finance Authority, Educational Facilities Revenue Bonds, Charter Facilities Management Indianapolis LLC Project, Series 2013A:
	2,280	7.000%, 7/01/33		7/23 at 100.00		BB		2,399,335
	5,240	7.250%, 7/01/43		7/23 at 100.00		BB		5,494,716

Nuveen Investments 53

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
$	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–	$	1,403,598
	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–		1,044,220
	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+		3,122,580
	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–		9,125,100
	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		5,201,239
	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		2,961,142
	4,030	Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured		1/17 at 100.00		AA–		4,237,787
	500	Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1992A, 6.800%, 12/01/16		No Opt. Call		AA+		546,820
	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		3,768,485
	3,000	Jasper County, Indiana Pollution Control (Northern Indiana Public Service) Commercial Paper, 5.600%, 11/01/16 – NPFG Insured		No Opt. Call		AA–		3,285,570
		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		1,656,959
	1,400	5.000%, 4/01/27		4/22 at 100.00		A3		1,505,742
	1,560	5.000%, 4/01/29		4/22 at 100.00		A3		1,656,236
		Portage, Indiana, Economic Development Revenue Bonds, Ameriplex Project, Series 2006:
	1,000	5.000%, 7/15/23		7/16 at 100.00		A		1,030,270
	775	5.000%, 1/15/27		7/16 at 100.00		A		788,392
	6,380	Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax)		1/24 at 100.00		N/R		6,910,433
	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		5,668,250
	80,125	Total Indiana						85,093,491
		Iowa – 0.7%
	2,275	Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36		6/20 at 100.00		A2		2,391,435
	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		558,820
	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+		1,537,471
		Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa University Project, Series 2012:
	175	4.000%, 9/01/28		9/23 at 100.00		BB		150,441
	2,165	5.000%, 9/01/33		9/23 at 100.00		BB		2,007,778
	5,000	5.000%, 9/01/43		9/23 at 100.00		BB		4,394,300

54 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Iowa (continued)
$	4,130	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	$	4,337,987
	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		1,062,810
	16,735	Total Iowa						16,441,042
		Kansas – 0.7%
	500	Kansas Department of Transportation, Highway Revenue Bonds, Series 2004B, 5.000%, 9/01/22		9/18 at 100.00		AAA		580,505
	4,540	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		5,124,116
	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		3,242,625
	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		2,015,600
	2,525	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+		2,542,953
	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		1,296,432
	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+		1,412,951
	15,170	Total Kansas						16,215,182
		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+		2,744,325
	2,015	6.000%, 6/01/30		6/20 at 100.00		BBB+		2,169,812
	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		A+		1,679,400
	3,000	Kentucky State Property and Buildings Commission, Revenue Refunding Bonds, Project 87 Series 2007, 4.000%, 3/01/15 – NPFG Insured		No Opt. Call		AA–		3,095,490
	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		1,678,034
	1,000	Paducah, Kentucky, Electric Board Revenue Bonds, Series 2009A, 5.250%, 10/01/35 – AGC Insured		4/19 at 100.00		A3		1,102,120
	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		5,629,450
	16,420	Total Kentucky						18,098,631
		Louisiana – 2.8%
	3,020	Lafayette, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/22 (Pre-refunded 11/01/14) – NPFG Insured		11/14 at 100.00		AA– (4)		3,097,674
	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		1,082,640

Nuveen Investments 55

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana (continued)
$	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–	$	3,864,812
	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		1,111,320
		Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007A:
	5,000	6.750%, 12/15/37 (6)		12/17 at 100.00		N/R		3,226,330
	800	6.000%, 12/15/37		12/14 at 100.00		N/R		445,992
	65	Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007B, 9.000%, 12/15/14		No Opt. Call		N/R		36,237
	2,000	Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Refunding Series 2009A, 6.000%, 7/01/29		7/19 at 100.00		A+		2,202,660
	1,130	Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Series 2008B, 5.750%, 7/01/18 – AGC Insured		No Opt. Call		AA		1,215,925
	27,900	Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36 (Alternative Minimum Tax)		7/23 at 100.00		N/R		29,139,876
	2,400	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		AA– (4)		2,419,872
	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		1,542,780
	10,000	Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.750%, 5/01/39 – AGM Insured		5/16 at 100.00		Aa1		10,501,400
	3,000	St. John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37		6/17 at 100.00		Baa1		3,114,630
	62,420	Total Louisiana						63,002,148
		Maine – 0.8%
		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		BBB–		2,182,120
	10,390	6.750%, 7/01/41		7/21 at 100.00		BBB–		11,252,162
	1,665	Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40		7/20 at 100.00		AA		1,756,542
		Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013:
	460	5.000%, 7/01/26		7/23 at 100.00		BBB+		501,271
	1,000	5.000%, 7/01/27		7/23 at 100.00		BBB+		1,085,280
	15,515	Total Maine						16,777,375
		Maryland – 0.3%
		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+		1,073,520
	1,750	5.250%, 9/01/28 – SYNCORA GTY Insured		9/16 at 100.00		BB+		1,785,298
	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–		1,021,840

56 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Maryland (continued)
$	2,650	Maryland State, General Obligation Bonds, State and Local Facilities Loan, Refunding Second Series 2011E, 5.000%, 8/01/15		No Opt. Call		AAA	$	2,811,253
	6,450	Total Maryland						6,691,911
		Massachusetts – 1.4%
	4,350	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		4,490,723
	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+		6,796,035
	1,035	Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A, 4.875%, 1/01/24		1/23 at 100.00		BBB–		1,071,567
	1,000	Massachusetts Development Finance Agency, Senior Living Facility Revenue Bonds, The Groves in Lincoln Issue, Series 2009A, 7.875%, 6/01/44 (6), (7)		6/19 at 100.00		N/R		46,974
	260	Massachusetts Development Finance Agency, Senior Living Facility Revenue Bonds, The Groves in Lincoln Issue, Series 2009B-2, 6.250%, 6/01/14 (6), (7)		5/14 at 100.00		N/R		12,213
	685	Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 5.500%, 1/01/23 (Alternative Minimum Tax)		1/20 at 100.00		AA		716,558
	6,665	Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Bond Trust 3627, 13.796%, 7/01/29 (IF)		7/19 at 100.00		AA		8,449,954
	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		13,207
	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		500,210
	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		4,840,654
		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)		7/14 at 100.00		N/R		1,260,403
	700	5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)		7/14 at 100.00		N/R		691,292
	2,335	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2989, 13.560%, 8/01/38 (IF)		8/19 at 100.00		AAA		3,167,895
	34,790	Total Massachusetts						32,057,685
		Michigan – 2.7%
	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+		8,920,159
	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		8,892,018
	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		AA–		5,401,189
	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		865,512
	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		8,171,810
	3,040	Kalkaska County Hospital Authority, Michigan, Hospital Revenue Bonds, Series 2007, 5.375%, 5/01/17		No Opt. Call		A–		3,302,230

Nuveen Investments 57

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
$	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	$	518,280
		Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding Bonds, Detroit Service Learning Academy Project, Series 2011:
	685	6.000%, 10/01/21		No Opt. Call		BB+		714,921
	435	7.000%, 10/01/31		10/21 at 100.00		BB+		460,448
	1,000	7.000%, 10/01/36		10/21 at 100.00		BB+		1,053,000
	820	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–		849,184
	1,550	Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 5.000%, 10/01/35		10/20 at 100.00		AA		1,612,450
	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		1,265,463
	1,350	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		1,317,452
		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		822,255
	2,000	5.500%, 10/15/45		10/21 at 100.00		Aa3		2,206,000
		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		A2		552,565
	1,480	5.750%, 11/15/39		11/19 at 100.00		A2		1,588,558
	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		Aa2		1,682,644
	375	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)		418,268
	1,200	Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2014D, 5.000%, 9/01/20 (WI/DD, Settling 5/13/14)		No Opt. Call		A1		1,388,964
	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		7,392,901
	59,345	Total Michigan						59,396,271
		Minnesota – 1.3%
	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–		1,025,760
	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		1,028,520
		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		3,525,900
	3,000	6.625%, 11/15/28		11/18 at 100.00		A		3,564,900
	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		3,089,040
	95	Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29		7/14 at 100.00		A		95,431

58 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Minnesota (continued)
$	2,995	Monticello-Big Lake Community Hospital District, Minnesota, Gross Revenue Health Care Facilities Bonds, Series 2003C, 6.200%, 12/01/22		7/14 at 100.00		N/R	$	2,998,235
	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–		1,003,060
		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–		4,650,390
	4,000	6.000%, 11/15/30		11/15 at 100.00		BBB–		4,103,920
	2,000	6.000%, 11/15/35		11/15 at 100.00		BBB–		2,047,740
	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		2,365,104
	27,830	Total Minnesota						29,498,000
		Mississippi – 0.3%
	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		5,624,050
		Missouri – 1.4%
	3,185	Bi-State Development Agency, Missouri, Bi-State MetroLink District, St. Clair County Metrolink Extension Project Bonds, Refunding Series 2006, 5.250%, 7/01/27 – AGM Insured		No Opt. Call		AA		3,726,737
	2,540	Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services – Heisinger Project, Series 2004, 5.500%, 2/01/35		6/14 at 100.00		BBB+		2,541,372
	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–		2,648,803
	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+		1,347,488
	4,455	Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Tender Option Bond Trust 3604, 13.961%, 5/15/17 (IF)		No Opt. Call		AAA		5,848,791
		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		2,206,750
	7,000	0.000%, 7/15/32 – AGC Insured		No Opt. Call		AA		2,930,340
	6,250	0.000%, 7/15/33 – AGC Insured		No Opt. Call		AA		2,452,438
	7,000	0.000%, 7/15/34 – AGC Insured		No Opt. Call		AA		2,616,180
	6,000	0.000%, 7/15/35 – AGC Insured		No Opt. Call		AA		2,131,440
	2,000	0.000%, 7/15/36 – AGC Insured		No Opt. Call		AA		672,260
	1,702	Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square Redevelopment Project, Series 2008A, 6.300%, 8/22/26		9/14 at 100.00		N/R		1,565,074
	1,437	Saint Louis, Missouri, Tax Increment Financing Revenue Notes, Marquette Building Redevelopment Project, Series 2008-A, 6.500%, 1/23/28		No Opt. Call		N/R		1,035,818
	50,289	Total Missouri						31,723,491
		Montana – 0.1%
	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		2,528,750

Nuveen Investments 59

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Nebraska – 0.4%
$	4,000	Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42		9/22 at 100.00		A	$	4,140,320
	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		1,429,758
	2,750	Nebraska Public Power District, General Revenue Bonds, Series 2008B, 5.000%, 1/01/20		1/18 at 100.00		A1		3,123,450
	8,070	Total Nebraska						8,693,528
		Nevada – 0.8%
	2,000	Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2004A-2, 5.125%, 7/01/25 (Pre-refunded 7/01/14) – FGIC Insured		7/14 at 100.00		AA– (4)		2,016,660
	90	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		90,172
	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+		2,172,780
	2,100	Henderson Redevelopment Agency, Nevada, Senior Lien Tax Allocation Bonds, Series 2002A, 5.250%, 10/01/25 – AMBAC Insured		7/14 at 100.00		BBB		2,100,588
		Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A:
	2,000	7.500%, 6/15/23		6/19 at 100.00		BBB–		2,307,160
	1,500	8.000%, 6/15/30		6/19 at 100.00		BBB–		1,703,550
	2,500	Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water & Refunding Series 2011C, 5.000%, 6/01/38		6/21 at 100.00		AA+		2,696,850
		Las Vegas, Nevada, Special Improvement District 607 Providence, Local Improvement Refunding Bonds, Series 2013:
	160	4.000%, 6/01/19		No Opt. Call		N/R		162,090
	135	4.000%, 6/01/20		No Opt. Call		N/R		135,589
	990	4.000%, 6/01/21		No Opt. Call		N/R		982,654
	445	5.000%, 6/01/23		No Opt. Call		N/R		465,577
	200	4.250%, 6/01/24		6/23 at 103.00		N/R		195,342
		Sparks Local Improvement District 3, Legends at Sparks Marina, Nevada, Limited Obligation Improvement Bonds, Series 2008:
	995	6.500%, 9/01/20		9/18 at 100.00		N/R		1,081,485
	1,900	6.750%, 9/01/27		9/18 at 100.00		N/R		1,970,338
	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		439,405
	17,425	Total Nevada						18,520,240
		New Hampshire – 0.5%
	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		A–		3,662,715
	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		N/R (4)		852,856
	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		1,254,850
	3,305	New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Tender Option Bond Trust 09-7W, 14.155%, 6/01/39 (IF) (5)		6/19 at 100.00		AA+		4,654,398
	8,855	Total New Hampshire						10,424,819

60 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey – 2.7%
$	4,510	Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42		2/23 at 100.00		BBB	$	4,807,344
	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		1,682,674
		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		AA–		1,788,188
	1,775	5.000%, 7/01/23 – NPFG Insured		7/14 at 100.00		AA–		1,787,762
		New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:
	1,000	5.125%, 9/15/23 (Alternative Minimum Tax)		9/14 at 100.00		B		1,015,570
	1,650	5.250%, 9/15/29 (Alternative Minimum Tax)		9/22 at 101.00		B		1,674,140
	2,165	New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax)		3/24 at 101.00		B		2,234,042
	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		907,344
	2,015	New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 6.250%, 12/01/18 (ETM)		No Opt. Call		N/R (4)		2,473,413
	600	New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19)		6/19 at 100.00		N/R (4)		782,958
	1,335	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.694%, 6/01/30 (IF) (5)		6/19 at 100.00		AA		1,865,849
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A:
	2,185	5.250%, 12/15/20		No Opt. Call		A1		2,590,077
	7,000	5.500%, 12/15/23		No Opt. Call		A1		8,526,350
	7,000	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013A, 5.000%, 12/15/19		No Opt. Call		A1		8,153,320
		New Jersey Turnpike Authority, Revenue Bonds, Series 2005A:
	3,000	5.000%, 1/01/21 – AGM Insured		1/15 at 100.00		AA		3,090,810
	3,315	5.000%, 1/01/25 – AGM Insured		1/15 at 100.00		AA		3,408,317
	3,175	5.250%, 1/01/26 – AGM Insured		No Opt. Call		AA		3,847,687
	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		1,116,730
	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		4,030,093
	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		2,335,340
		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		B+		711,725
	2,000	4.750%, 6/01/34		6/17 at 100.00		B2		1,571,240
	53,945	Total New Jersey						60,400,973

Nuveen Investments 61

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Mexico – 0.4%
$	4,790	Clayton, New Mexico, Appropriation Debt, Jail Project, Series 2006, 4.650%, 11/01/29 – CIFG Insured		11/16 at 100.00		BBB+	$	4,777,929
	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–		3,129,570
	825	The Trails Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2008, 7.500%, 10/01/18		No Opt. Call		N/R		822,484
	8,615	Total New Mexico						8,729,983
		New York – 2.9%
		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–		1,200,661
	7,745	6.375%, 7/15/43		1/20 at 100.00		BBB–		8,476,438
	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		AA–		1,937,058
	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		5,373,004
	1,665	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 (Pre-refunded 3/15/15) – AMBAC Insured		3/15 at 100.00		AAA		1,735,996
		Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
	2,335	13.679%, 2/15/33 (IF)		2/19 at 100.00		AAA		2,983,826
	2,000	13.691%, 2/15/33 (IF)		2/19 at 100.00		AAA		2,556,260
	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		444,816
	4,055	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured		2/17 at 100.00		AA–		4,065,989
	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–		3,499,920
		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		1,058,980
	1,980	5.000%, 5/01/38		5/21 at 100.00		A–		2,079,535
	4,600	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30		11/15 at 100.00		A+		4,846,514
		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 (8)		10/17 at 100.00		N/R		1,168,620
	1,000	5.875%, 10/01/46 (9)		10/17 at 102.00		N/R		389,540
	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		843,071
	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)		6/14 at 100.00		BB		1,467,705
	1,000	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 3484, 18.252%, 6/15/33 (IF)		6/19 at 100.00		AA+		1,322,760
	2,180	New York City, New York, General Obligation Bonds, Fiscal 2012 Series A-1, 5.000%, 10/01/15		No Opt. Call		AA		2,329,199

62 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	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	$	5,200,600
	5	New York City, New York, General Obligation Bonds, Series 1991B, 7.000%, 2/01/18 – AMBAC Insured		7/14 at 100.00		AA		5,028
	895	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		952,781
	140	New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/24 (Pre-refunded 10/01/15) – AMBAC Insured		10/15 at 100.00		N/R (4)		149,572
	560	New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2011B, 5.000%, 6/01/18		No Opt. Call		AA–		647,388
	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–		2,439,798
	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+		3,523,870
	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		875,359
	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–		1,272,574
	1,400	Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010B, 5.000%, 9/01/20		No Opt. Call		A–		1,631,028
	61,700	Total New York						64,477,890
		North Carolina – 0.7%
	1,780	Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.565%, 7/01/38 (IF) (5)		7/20 at 100.00		AAA		2,262,362
	1,000	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		1,005,090
		North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2008, Tender Option Bonds Trust 3248:
	1,920	27.443%, 10/01/21 (IF)		10/16 at 100.00		AA+		3,801,734
	585	27.662%, 10/01/34 (IF)		10/15 at 100.00		AA+		1,067,286
	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–		1,176,390
	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		1,239,300
	1,000	North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Lutheran Services for the Aging, Series 2012A, 5.000%, 3/01/37		No Opt. Call		N/R		985,200
	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		1,604,300
	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		2,191,740
	11,865	Total North Carolina						15,333,402

Nuveen Investments 63

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		North Dakota – 0.4%
$	2,585	Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 5.000%, 7/01/38		7/22 at 100.00		BBB+	$	2,712,027
		Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012:
	2,100	4.000%, 12/01/27		12/21 at 100.00		A–		2,110,983
	3,535	5.000%, 12/01/32		12/21 at 100.00		A–		3,681,985
	8,220	Total North Dakota						8,504,995
		Ohio – 3.4%
		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–		976,625
	1,420	5.875%, 6/01/30		6/17 at 100.00		B		1,189,704
	3,990	5.750%, 6/01/34		6/17 at 100.00		B		3,280,139
	4,145	5.875%, 6/01/47		6/17 at 100.00		B		3,414,983
		Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:
	3,000	5.250%, 11/01/29		11/20 at 100.00		A–		3,204,000
	2,000	5.750%, 11/01/40		11/20 at 100.00		A–		2,159,460
	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)		1,004,420
	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)		2,510,525
	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–		3,262,011
	8,505	Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured		12/16 at 100.00		A+		8,595,068
	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		3,474,673
	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–		733,593
	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		6,591,816
	2,240	Marysville Exempted Village School District, Union County, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 – AGM Insured		12/15 at 100.00		AA		2,382,173
	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		A		1,036,760
	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		1,568,850
	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–		3,753,050
	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–		2,552,025
	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)		1,546,730
	5,000	Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Series 2014, 5.000%, 12/01/20 (WI/DD, Settling 5/01/14)		No Opt. Call		AAA		6,009,100

64 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
		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	$	2,463,615
	1,250	5.000%, 12/01/22		No Opt. Call		N/R		1,240,488
	3,000	5.750%, 12/01/32		12/22 at 100.00		N/R		2,977,860
	2,000	6.000%, 12/01/42		12/22 at 100.00		N/R		1,983,660
	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		Aa1		3,058,170
		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		2,138,440
	2,500	5.000%, 12/01/32		No Opt. Call		Baa2		2,566,600
	73,615	Total Ohio						75,674,538
		Oregon – 0.7%
	1,400	Oregon Department of Administrative Services, Certificates of Participation, Series 2009A, 5.250%, 5/01/39		5/19 at 100.00		AA		1,491,364
	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		1,022,100
	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		2,565,875
	1,040	Oregon State Facilities Authority, Revenue Bonds, Concordia University Project, Series 2010A, 6.125%, 9/01/30		9/20 at 100.00		BB+		1,087,341
	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–		7,832,865
	835	Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012C, 5.000%, 6/15/30		6/22 at 100.00		A1		903,537
	13,930	Total Oregon						14,903,082
		Pennsylvania – 4.5%
	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–		1,215,878
	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		961,720
	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+		1,084,310
	2,000	Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.125%, 10/01/34		10/18 at 100.00		BBB		2,079,500
	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		1,358,397
	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		778,082
	940	Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 17.795%, 8/01/38 (IF) (5)		8/20 at 100.00		AA		1,354,596

Nuveen Investments 65

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
		Montgomery County Industrial Development Authority, Pennsylvania, First Mortgage Revenue Bonds, Whitemarsh Continuing Care, Series 2005:
$	6,145	6.125%, 2/01/28		2/15 at 100.00		N/R	$	6,219,846
	500	6.250%, 2/01/35		2/15 at 100.00		N/R		505,435
	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–		4,153,909
	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+		3,490,949
	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		1,231,848
	1,050	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured		6/16 at 100.00		A+		1,123,647
	15,000	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured		6/26 at 100.00		AA		16,613,400
	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–		483,624
	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		5,044,740
	2,000	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Ninth Series, 2010, 5.000%, 8/01/30		8/20 at 100.00		BBB+		2,139,800
	180	Philadelphia Redevelopment Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Pavilion Apartments, Series 2003A, 4.250%, 10/01/16 (Alternative Minimum Tax)		7/14 at 100.00		A		180,329
	260	Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured		6/20 at 100.00		AA		270,621
	2,380	Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41		8/20 at 100.00		A+		2,696,968
	8,875	Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Refunding Series 2012, 5.000%, 11/01/28		No Opt. Call		A1		10,003,190
	2,400	Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/30 – AGM Insured		8/20 at 100.00		AA		2,567,760
	2,430	Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2005A, 5.000%, 9/01/16 – NPFG Insured		9/15 at 100.00		AA–		2,566,396
	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		5,424,068
	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+		3,291,000
	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		1,726,208
	19,300	Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33		No Opt. Call		Baa3		17,938,771
		Westmoreland County Industrial Development Authority, Pennsylvania, Retirement Community Revenue Bonds, Redstone Presbyterian SeniorCare Obligated Group, Series 2005A:
	1,200	5.750%, 1/01/26 (Pre-refunded 1/01/16)		1/16 at 100.00		N/R (4)		1,305,552
	1,400	5.875%, 1/01/32 (Pre-refunded 1/01/16)		1/16 at 100.00		N/R (4)		1,526,042
	94,810	Total Pennsylvania						99,336,586

66 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Rhode Island – 0.1%
		Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
$	1,855	6.125%, 6/01/32		7/14 at 100.00		BBB+	$	1,854,981
	1,360	6.250%, 6/01/42		7/14 at 100.00		BBB–		1,359,918
	3,215	Total Rhode Island						3,214,899
		South Carolina – 0.2%
	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		716,058
	480	Greenville, South Carolina, Hospital Facilities Revenue Bonds, Series 1990, 6.000%, 5/01/20		No Opt. Call		AA–		559,858
	945	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 100.00		Aa1		990,483
	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–		2,278,840
	4,125	Total South Carolina						4,545,239
		South Dakota – 0.7%
	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		2,757,925
	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		Baa3		1,101,230
	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)		7/14 at 100.00		A+		1,405,978
	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+		2,160,960
	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		7,597,530
	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		751,125
	14,400	Total South Dakota						15,774,748
		Tennessee – 1.1%
	3,670	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		AA		3,803,625
		Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2008D:
	510	6.000%, 10/01/23		10/18 at 100.00		A+		596,542
	1,500	6.125%, 10/01/28		10/18 at 100.00		A+		1,726,980
	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		3,217,770
	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		1,117,050

Nuveen Investments 67

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tennessee (continued)
		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+	$	770,861
	755	5.000%, 7/01/17		7/16 at 100.00		BBB+		803,494
	4,680	5.500%, 7/01/36		7/16 at 100.00		BBB+		4,835,048
	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–		137,341
		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+		1,574,467
	250	5.000%, 11/01/28		11/21 at 100.00		BBB+		270,698
	255	5.000%, 11/01/29		11/21 at 100.00		BBB+		274,383
	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+		1,100,640
	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		2,172,440
	1,000	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/21		No Opt. Call		A		1,132,360
	21,915	Total Tennessee						23,533,699
		Texas – 9.7%
	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		5,634,816
	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–		3,862,042
	2,315	Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2008, 5.000%, 9/01/27 – AGM Insured		No Opt. Call		AA		2,577,753
	3,500	Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding Series 2010, 5.000%, 7/01/19		7/17 at 100.00		A+		3,861,095
	1,745	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 5.750%, 1/01/25		1/20 at 100.00		Baa2		1,907,686
	3,400	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46		1/21 at 100.00		Baa2		3,731,092
	2,745	Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2012, 5.000%, 8/15/32		8/22 at 100.00		BBB		2,865,039
	1,250	Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2013, 6.000%, 8/15/33		8/23 at 100.00		BBB		1,419,688
	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		B+		2,119,824
		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+		4,056,955
	1,500	5.000%, 11/01/25		11/20 at 100.00		A+		1,732,665

68 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	20	Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012B, 5.000%, 11/01/35		11/20 at 100.00		A+	$	21,223
	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+		1,477,856
	5,500	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+		5,271,475
	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+		1,083,600
	5,575	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		5,658,123
	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		A1 (4)		2,546,500
	5,000	Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured		2/17 at 100.00		AA–		5,157,250
		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G:
	5,000	5.250%, 11/15/21 – NPFG Insured		7/14 at 100.00		AA–		5,013,400
	6,500	5.250%, 11/15/22 – NPFG Insured		7/14 at 100.00		AA–		6,504,355
	7,800	5.250%, 11/15/30 – NPFG Insured		7/14 at 100.00		AA–		7,802,184
	2,500	5.375%, 11/15/41 – NPFG Insured		7/14 at 100.00		AA–		2,500,700
	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+		3,031,260
	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		2,150,011
	1,270	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+		1,411,097
	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		AA		2,995,468
	5,720	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–		6,105,471
		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		1,041,130
	2,500	5.250%, 11/01/37		11/17 at 100.00		BBB		2,565,025
	4,500	North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008-E3, 5.750%, 1/01/38 (Mandatory put 1/01/16)		No Opt. Call		A2		4,854,105
	2,000	North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/33 (UB) (5)		1/18 at 100.00		A3		2,195,880
		North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
	2,000	5.500%, 9/01/41		9/21 at 100.00		AA+		2,256,040
	10,880	0.000%, 9/01/45		9/31 at 100.00		AA+		9,207,962
	3,000	North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.000%, 1/01/28		1/19 at 100.00		A2		3,473,550

Nuveen Investments 69

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	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	$	2,277,620
	525	SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007, 5.500%, 8/01/27		No Opt. Call		A		592,074
	10,000	San Antonio, Texas, Electric and Gas Revenue Bonds, Refunding Series 2009A, 5.250%, 2/01/25		2/19 at 100.00		Aa1		11,624,500
	4,000	San Antonio, Texas, Electric and Gas Revenue Bonds, Series 2008, 5.000%, 2/01/25		2/18 at 100.00		Aa1		4,495,360
		San Marcos, Texas, General Obligation Bonds, Series 2008:
	1,000	5.000%, 8/15/25 – AGM Insured		8/17 at 100.00		AA		1,106,070
	1,000	5.000%, 8/15/27 – AGM Insured		8/17 at 100.00		AA		1,098,530
	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		AA		1,095,960
	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–		10,207,693
	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		BBB		1,661,872
	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		Aa3		1,003,676
	660	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–		726,700
	3,670	Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/27		No Opt. Call		A3		3,866,859
	845	Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39		12/19 at 100.00		Baa2		966,798
	7,300	Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013, 6.750%, 6/30/43 (Alternative Minimum Tax)		9/23 at 100.00		BBB–		8,301,487
	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		9,067,032
	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		1,011,780
	6,765	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A, 5.000%, 4/01/20		No Opt. Call		AAA		8,083,363
	1,750	Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust 3479, 18.026%, 2/01/17 (IF)		No Opt. Call		AAA		2,635,920
	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–		18,804,000
		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		1,311,414
	4,100	5.650%, 11/15/35		11/15 at 100.00		N/R		4,108,774
	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+		839,678

70 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	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	$	2,036,800
	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		539,450
	203,395	Total Texas						215,555,730
		Utah – 0.6%
		Utah State Charter School Finance Authority Charter School Revenue Bonds, Vista at Entrada School of Performing Arts and Technology) Series 2012:
	905	5.600%, 7/15/22		No Opt. Call		BB+		928,249
	850	6.300%, 7/15/32		7/22 at 100.00		BB+		866,575
	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		1,006,410
		Utah State Charter School Finance Authority, Charter School Revenue Bonds, Noah Webster Academy, Series 2008A:
	465	6.250%, 6/15/28		6/17 at 100.00		N/R		465,088
	950	6.500%, 6/15/38		6/17 at 100.00		N/R		950,171
	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–		1,311,338
	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		BB–		1,095,014
		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+		2,340,963
	3,520	8.000%, 7/15/41		7/21 at 100.00		BB+		3,904,912
	12,210	Total Utah						12,868,720
		Vermont – 0.2%
	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		1,017,080
		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		Ba1		1,922,067
	1,000	6.250%, 1/01/33		1/21 at 100.00		Ba1		1,054,420
	3,815	Total Vermont						3,993,567
		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		522,370
	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		2,729,587
	2,980	Total Virgin Islands						3,251,957
		Virginia – 1.1%
	760	Arlington County Industrial Development Authority, Virginia, Multifamily Housing Mortgage Revenue Bonds, Berkeley Apartments, Series 2000, 5.850%, 12/01/20 (Alternative Minimum Tax)		11/14 at 100.00		AA		761,900

Nuveen Investments 71

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Virginia (continued)
$	3,745	Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/31 – AGC Insured		No Opt. Call		AA	$	1,592,411
	2,000	Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Bonds, Series 2011C, 5.000%, 10/01/26 (Alternative Minimum Tax)		10/21 at 100.00		AA–		2,251,500
	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		B–		2,868,760
	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 (Pre-refunded 7/01/14)		7/14 at 102.00		N/R (4)		1,034,570
	5,500	Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)		1/22 at 100.00		BBB–		5,506,545
		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–		3,694,792
	6,490	5.500%, 1/01/42 (Alternative Minimum Tax)		7/22 at 100.00		BBB–		6,782,439
	27,010	Total Virginia						24,492,917
		Washington – 2.7%
	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+		6,806,048
	960	FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Tender Option Bond Trust 2009-14A&B, 19.592%, 6/01/34 (IF) (5)		6/19 at 100.00		AA		1,308,326
	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		2,579,115
		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)		5,281,800
	1,885	5.000%, 1/01/35 (Pre-refunded 1/01/15) – FGIC Insured		1/15 at 100.00		AAA		1,946,470
	2,335	King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.606%, 7/01/32 – AGM Insured (IF) (5)		7/17 at 100.00		AA+		3,002,436
	1,340	Ocean Shores, Washington, Local Improvement District 2007-01 Bonds, 2011, 7.250%, 2/01/31		No Opt. Call		BBB+		1,683,710
		Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Regional Health, Improvement & Refunding Series 2013A:
	290	5.000%, 12/01/21		No Opt. Call		Baa2		313,713
	9,000	5.000%, 12/01/37		12/23 at 100.00		Baa2		9,136,620
	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		2,133,000
	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		3,692,732
		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		2,899,653
	2,435	5.000%, 12/01/42		12/21 at 100.00		Baa3		2,465,559
	1,500	Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A, 5.000%, 11/15/28		5/24 at 100.00		A+		1,666,275

72 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Washington (continued)
$	600	Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1989B, 7.125%, 7/01/16		No Opt. Call		Aa1	$	686,574
		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		BBB		2,236,860
	2,000	7.000%, 7/01/39		7/19 at 100.00		BBB		2,242,840
	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		3,183,330
	1,100	Washington State Housing Finance Commission, Non-Profit Revenue Bonds, Emerald Heights Project, Refunding 2013, 5.000%, 7/01/28		7/23 at 100.00		A–		1,164,614
	2,340	Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community Refunding, Series 2012, 5.000%, 1/01/48		No Opt. Call		BBB–		2,224,849
	3,335	Washington State, General Obligation Bonds, Tender Option Bond Trust 1121, 13.600%, 7/01/14 – AGM Insured (IF)		No Opt. Call		AA+		4,333,299
	56,215	Total Washington						60,987,823
		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		514,030
	1,020	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		1,084,270
	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		1,024,540
	2,520	Total West Virginia						2,622,840
		Wisconsin – 3.7%
	2,760	Manitowoc, Wisconsin, Power System Revenue Bonds, Series 2004, 5.000%, 10/01/23 – FGIC Insured		10/14 at 100.00		AA–		2,810,618
	5,000	Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A, 6.500%, 2/01/31		2/19 at 102.00		AA–		5,532,500
		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		1,523,768
	5,000	6.250%, 12/01/42		No Opt. Call		N/R		4,726,950
	1,575	Public Finance Authority of Wisconsin, Revenue Bonds, Carolina International School, Series 2013A, 7.000%, 8/01/43		8/23 at 100.00		BB+		1,651,214
		Public Finance Authority, Wisconsin, Charter School Revenue Bonds, Voyager Foundation Inc. of North Carolina, Series 2012A:
	390	5.500%, 10/01/22		No Opt. Call		N/R		409,812
	375	6.000%, 10/01/32		10/22 at 100.00		N/R		380,168
	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		AA–		2,517,260
	1,455	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		1,584,539
	2,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beaver Dam Community Hospitals Inc., Series 2004A, 6.750%, 8/15/34 (Pre-refunded 8/15/14)		8/14 at 100.00		N/R (4)		2,038,480

Nuveen Investments 73

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin (continued)
$	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	$	1,327,190
	3,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/29		7/14 at 100.00		BBB		3,011,310
	13,950	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39		10/21 at 100.00		A+		14,660,474
	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+		1,578,402
	1,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/40		2/22 at 100.00		A–		1,040,490
	19,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/32		6/22 at 100.00		A2		20,045,760
	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+		7,535,500
	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+		660,260
	5,185	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/43		8/23 at 100.00		A–		5,269,412
	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–		2,591,683
	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		1,833,076
	78,910	Total Wisconsin						82,728,866
		Wyoming – 0.7%
	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		2,211,940
	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		4,973,310
	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		A1		1,089,960
		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		868,600
	2,500	6.000%, 12/01/36		12/21 at 100.00		BBB		2,757,225
	3,650	West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40		6/21 at 100.00		BBB		4,164,961
	14,450	Total Wyoming						16,065,996
$	2,145,379	Total Municipal Bonds (cost $2,007,293,631)						2,157,680,926

74 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		CORPORATE BONDS – 0.0%
		Transportation – 0.0%
$	133	Las Vegas Monorail Company, Senior Interest Bonds (7), (10)		5.500%		7/15/19		N/R	$	23,948
	37	Las Vegas Monorail Company, Senior Interest Bonds (7), (10)		3.000%		7/15/55		N/R		4,930
$	170	Total Corporate Bonds (cost $10,168)								28,878
		Total Long-Term Investments (cost $2,007,303,799)								2,157,709,804
		Floating Rate Obligations – (0.3)%								(6,525,000	)
		Other Assets Less Liabilities – 3.5%								78,426,660
		Net Assets – 100%							$	2,229,611,464

(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, 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) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

(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 5.750% to 2.300%.

(9) 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%.

(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 annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.

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, Note 3 – Portfolio Securities and Investments in Derivatives, 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 75

Nuveen Inflation Protected Municipal Bond Fund

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 100.1%
		MUNICIPAL BONDS – 100.1%
		Arizona – 2.7%
$	390	Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A, 5.000%, 2/01/19		No Opt. Call		BBB+	$	440,197
	50	Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/15 – AGM Insured		No Opt. Call		AA		52,799
	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		Baa1		1,248,617
	1,550	Total Arizona						1,741,613
		California – 7.4%
	305	Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.300%, 10/01/23 – AMBAC Insured		No Opt. Call		BBB+		330,288
	60	California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008H, 5.125%, 7/01/22		7/15 at 100.00		A		62,848
	850	California Municipal Finance Authority, Revenue Bonds, University of San Diego, Refunding Series 2012A, 5.000%, 10/01/31		No Opt. Call		A1		931,541
	470	El Camino Community College District, California, General Obligation Bonds, Election of 2002 Series 2012C, 0.000%, 8/01/21		No Opt. Call		Aa1		395,303
	545	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013A, 5.000%, 6/01/21		No Opt. Call		A2		637,154
	1,000	Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 5.000%, 6/01/21		6/17 at 100.00		B		954,840
	130	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		149,976
	15	Port of Oakland, California, Revenue Refunding Bonds, Series 2011-O, 5.000%, 5/01/21 (Alternative Minimum Tax)		No Opt. Call		A+		17,644
	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		885,080
	585	San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/22 – NPFG Insured		No Opt. Call		AA–		397,238
	4,760	Total California						4,761,912
		Colorado – 9.4%
	555	Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012A, 5.000%, 11/15/22 (Alternative Minimum Tax)		No Opt. Call		A+		649,145
	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–		1,147,580
	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		1,101,710
	525	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured		No Opt. Call		AA–		410,450

76 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	1,000	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/20 – NPFG Insured		No Opt. Call		AA–	$	820,840
	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		1,361,775
	500	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		539,730
	5,830	Total Colorado						6,031,230
		Connecticut – 0.3%
	185	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+		188,371
		District of Columbia – 0.5%
	10	District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33		No Opt. Call		Baa1		10,770
	260	District of Columbia, Revenue Bonds, Association of American Medical Colleges, Series 2011A, 5.000%, 10/01/24		10/23 at 100.00		A+		297,450
	270	Total District of Columbia						308,220
		Florida – 7.2%
	215	Florida Hurricane Catastrophe Fund, Financial Corporation Revenue Bonds, Series 2010A, 5.000%, 7/01/15		No Opt. Call		AA		226,905
	1,000	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		980,360
	500	Jacksonville, Florida, Special Revenue Bonds, Series 20120C, 5.000%, 10/01/22		No Opt. Call		Aa2		594,050
	1,000	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		Ba1		996,050
	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		484,956
	620	Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/22		No Opt. Call		AA		731,885
	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		573,585
	30	Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A, 5.000%, 9/01/21		No Opt. Call		A+		35,008
	4,315	Total Florida						4,622,799
		Georgia – 2.9%
	1,000	Atlanta, Georgia, Tax Allocation Bonds, Princeton Lakes Project, Series 2006, 5.500%, 1/01/31		1/16 at 100.00		BBB–		1,009,270
	978	Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2011A-1, 4.600%, 7/01/26		No Opt. Call		N/R		825,762
	1,978	Total Georgia						1,835,032
		Illinois – 10.4%
	260	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		AA–		294,689
	280	Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2001A, 5.500%, 1/01/30 – NPFG Insured		No Opt. Call		AA–		322,092

Nuveen Investments 77

Nuveen Inflation Protected Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	590	Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 12/01/19		No Opt. Call		AA–	$	695,952
	500	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/21		No Opt. Call		A–		548,695
	335	Illinois Finance Authority, Revenue Bonds, Alexian Brothers Health System, Refunding Series 2005B, 5.250%, 1/01/22 – AGM Insured		4/18 at 100.00		A2		366,577
	325	Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2012A, 5.000%, 3/01/22		No Opt. Call		AA–		376,734
	740	Illinois Finance Authority, Revenue Bonds, Lake Forest College, Series 2012A, 5.000%, 10/01/22		No Opt. Call		BBB–		785,621
	1,000	Illinois Finance Authority, State of Illinois Clean Water Initiative Revolving Fund Revenue Bonds, Series 2013, 5.000%, 1/01/21		No Opt. Call		AAA		1,186,070
	690	Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/21		No Opt. Call		A–		791,430
	40	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.010%, 6/15/17 – FGIC Insured		No Opt. Call		AA–		38,164
	485	Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 5.000%, 6/01/19		No Opt. Call		A		559,588
	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		747,490
	6,245	Total Illinois						6,713,102
		Indiana – 2.6%
	500	Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/24		5/23 at 100.00		A		568,245
	490	Indiana Finance Authority, Hospital Revenue Bonds, Parkview Health System Obligated Group, Series 2012A, 5.000%, 5/01/22		No Opt. Call		A+		562,025
	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		498,185
	30	Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011A, 5.250%, 10/01/23		10/21 at 100.00		AA		35,349
	1,480	Total Indiana						1,663,804
		Iowa – 3.1%
	1,000	Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19		No Opt. Call		BB–		1,014,550
	1,000	Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg College, Series 2005A, 5.000%, 10/01/23		7/14 at 100.00		BB		998,600
	2,000	Total Iowa						2,013,150
		Kansas – 3.9%
	600	Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A, 5.000%, 12/01/19		No Opt. Call		Baa1		664,356
	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+		1,193,090
	980	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		A–		676,837
	2,605	Total Kansas						2,534,283

78 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kentucky – 2.1%
$	60	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+	$	67,732
		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		401,960
	525	6.000%, 12/01/33 – AGC Insured		6/18 at 100.00		AA		542,498
	175	Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Revenue Bonds, Series 2012A, 5.000%, 2/01/27 (4)		2/22 at 100.00		AAA		203,387
	130	Kentucky State Property and Buildings Commission, Revenue Bonds, Project 85, Series 2005, 5.000%, 8/01/15 – AGM Insured		No Opt. Call		AA		137,723
	1,270	Total Kentucky						1,353,300
		Louisiana – 4.8%
	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		A3		202,184
	1,000	Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/23		No Opt. Call		A		1,164,950
	500	New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2012, 5.000%, 12/01/27 – AGM Insured		12/22 at 100.00		AA		551,680
	1,015	Regional Transit Authority, Louisiana, Sales Tax Revenue Bonds, Series 2010, 5.000%, 12/01/19 – AGM Insured (4)		No Opt. Call		AA		1,179,704
	2,715	Total Louisiana						3,098,518
		Maine – 0.5%
	185	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		204,913
	85	Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/23		No Opt. Call		BBB+		96,640
	270	Total Maine						301,553
		Massachusetts – 1.0%
	80	Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series 2011H, 5.000%, 7/01/21		No Opt. Call		BBB+		85,688
	530	Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/21 – AMBAC Insured		7/14 at 100.00		N/R		530,000
	610	Total Massachusetts						615,688
		Michigan – 6.0%
	85	Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A, 6.000%, 5/01/21 – FGIC Insured		No Opt. Call		Aa2		100,286
	1,000	Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2005, 5.250%, 5/01/26 – AGM Insured		No Opt. Call		AA		1,118,770
	75	Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds, Development Area 1 Projects, Series 1996C-1, 0.000%, 7/01/21		No Opt. Call		BB		47,644
	505	Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured		7/15 at 100.00		AA–		487,507

Nuveen Investments 79

Nuveen Inflation Protected Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
$	500	Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured		No Opt. Call		AA–	$	499,195
	420	Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 1997A, 6.000%, 7/01/15 – NPFG Insured		No Opt. Call		AA–		421,323
		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–		215,432
	500	5.000%, 10/01/19 – AGM Insured		No Opt. Call		AA		553,870
	190	5.000%, 10/01/20 – AGM Insured		No Opt. Call		AA		210,132
	85	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+		88,713
	95	Michigan State, General Obligation Refunding Bonds, Series 2002, 5.500%, 12/01/15		No Opt. Call		Aa2		102,948
	10	Wayne Charter County, Michigan, General Obligation Bonds, Capital Improvements Series 2008A, 4.500%, 2/01/27 – AGM Insured		2/18 at 100.00		AA		10,235
	3,665	Total Michigan						3,856,055
		Minnesota – 0.5%
	335	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured		No Opt. Call		AA		345,831
		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		414,932
		New Jersey – 3.9%
	440	New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 4.875%, 9/15/19 (Alternative Minimum Tax)		No Opt. Call		B		447,462
	1,000	New Jersey Educational Facilities Authority, Revenue Bonds, Drew University, Series 2003C, 5.250%, 7/01/20 – FGIC Insured		No Opt. Call		Baa1		1,154,760
	420	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B, 5.250%, 12/15/15 – AMBAC Insured		No Opt. Call		A1		453,818
	175	New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16		No Opt. Call		A3		192,262
	50	New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 (ETM)		No Opt. Call		A3 (5)		55,127
	210	Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.500%, 6/01/23		6/17 at 100.00		BB		204,116
	2,295	Total New Jersey						2,507,545
		New York – 5.0%
	395	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 5.000%, 5/01/18 – NPFG Insured		11/16 at 100.00		AA–		434,137
	240	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005C, 5.250%, 11/15/14		No Opt. Call		A+		246,679
	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		402,468
	500	New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.625%, 8/01/25 (Alternative Minimum Tax)		8/16 at 101.00		N/R		549,350

80 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	60	New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2011B, 5.000%, 6/01/18		No Opt. Call		AA–	$	69,363
	30	Onongada County Trust For Cultural Resources, New York, Revenue Bonds, Syracuse University Project, Series 2011, 5.000%, 12/01/21		No Opt. Call		AA–		35,837
	1,250	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Eighth Series 2013, 5.000%, 12/01/22 (Alternative Minimum Tax) (4)		No Opt. Call		AA–		1,476,325
	2,845	Total New York						3,214,159
		North Carolina – 2.8%
	160	North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University, Series 2012, 5.000%, 3/01/19		No Opt. Call		BBB		182,790
	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		563,623
	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 (5)		102,303
	775	North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series 2011, 5.000%, 7/01/21		No Opt. Call		AA		927,582
	1,565	Total North Carolina						1,776,298
		North Dakota – 0.7%
	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–		420,540
		Ohio – 4.4%
	100	Akron, Ohio, Waterworks System Mortgage Revenue Improvement Bonds, Refunding Series 2009, 5.000%, 3/01/17 – AGC Insured		No Opt. Call		A3		111,671
	595	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–		514,241
	265	Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 – NPFG Insured		No Opt. Call		Aa1		312,053
	1,000	New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C, 5.000%, 10/01/22		No Opt. Call		A1		1,161,130
	635	Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19		No Opt. Call		BBB–		713,892
	2,595	Total Ohio						2,812,987
		Pennsylvania – 4.1%
	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		926,209
	645	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+		722,845
		Pennsylvania Higher Educational Facilities Authority, Philadelphia University Refunding Revenue Bonds, Refunding Series 2013:
	565	5.000%, 6/01/20		No Opt. Call		BBB		632,229
	170	5.000%, 6/01/21		No Opt. Call		BBB		190,177
	145	Pennsylvania, General Obligation Bonds, Refunding 3rd Series 2004, 5.375%, 7/01/16 – NPFG Insured		No Opt. Call		AA		160,683

Nuveen Investments 81

Nuveen Inflation Protected Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	5	Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/24 – AGM Insured		9/22 at 100.00		A+	$	5,764
	2,370	Total Pennsylvania						2,637,907
		Rhode Island – 1.6%
	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		1,047,598
		South Carolina – 0.6%
	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		409,950
		Texas – 3.4%
	365	Central Texas Regional Mobility Authority, Revenue Bonds, Subordinate Lien Refunding Series 2013, 5.000%, 1/01/23		No Opt. Call		Baa3		389,294
	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+		216,720
	855	Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/23 – NPFG Insured		No Opt. Call		AA–		518,318
	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		AA–		82,025
	500	McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, 4.000%, 12/01/21		No Opt. Call		Baa2		513,360
	400	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–		483,636
	2,565	Total Texas						2,203,353
		Utah – 1.7%
	25	Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 2012, 5.000%, 5/15/23		5/21 at 100.00		AA+		28,994
	935	Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/22		No Opt. Call		A1		1,092,183
	960	Total Utah						1,121,177
		Virginia – 1.1%
		Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
	185	0.000%, 7/01/25		No Opt. Call		BBB–		108,737
	690	0.000%, 7/01/26		No Opt. Call		BBB–		380,563
	185	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–		194,463
	1,060	Total Virginia						683,763
		Washington – 2.7%
	1,000	Issaquah School District 411, King County, Washington, General Obligation Bonds, Refunding Series 2012, 5.000%, 12/01/25 (4)		12/22 at 100.00		Aaa		1,185,430
	500	Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012, 4.000%, 12/01/19		No Opt. Call		Baa3		530,550
	1,500	Total Washington						1,715,980

82 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin – 2.2%
$	1,015	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian HealthCare, Inc., Series 2013B, 5.000%, 7/01/24		7/23 at 100.00		A–	$	1,141,977
	205	Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.250%, 5/01/20		5/19 at 100.00		AA–		241,832
	1,220	Total Wisconsin						1,383,809
$	61,218	Total Long-Term Investments (cost $64,683,120)						64,334,459
		Other Assets Less Liabilities – (0.1)% (6)						(53,254	)
		Net Assets – 100%					$	64,281,205

Investments in Derivatives as of April 30, 2014

Consumer Price Index Swaps outstanding:

Counterparty	Notional Amount		Fund Pay/ Receive Floating Rate		Floating Rate Index		Fixed Rate (Annualized)			Fixed Rate Payment Frequency (7)		Termination Date		Unrealized Appreciation (Depreciation) (6)
Barclays PLC	$	4,000,000		Receive		CPURNSA		2.560	%		12/31/18		12/28/18	$	(155,613	)
Barclays PLC		4,500,000		Receive		CPURNSA		2.645			12/30/19		12/28/19		(203,040	)
Barclays PLC		5,000,000		Receive		CPURNSA		2.693			2/03/20		2/01/20		(220,592	)
Barclays PLC		5,000,000		Receive		CPURNSA		2.600			2/06/18		2/05/18		(178,137	)
Barclays PLC		3,500,000		Receive		CPURNSA		2.509			2/11/19		2/08/19		(107,337	)
Barclays PLC		8,000,000		Receive		CPURNSA		2.777			2/21/22		2/19/22		(392,114	)
Barclays PLC		6,000,000		Receive		CPURNSA		2.773			4/04/23		4/03/23		(273,317	)
Barclays PLC		5,500,000		Receive		CPURNSA		2.645			10/01/21		9/30/21		(162,147	)
JPMorgan		4,000,000		Receive		CPURNSA		2.600			4/25/23		4/24/23		(123,317	)
Morgan Stanley		6,000,000		Receive		CPURNSA		2.714			3/01/21		2/27/21		(258,054	)
Morgan Stanley		3,000,000		Receive		CPURNSA		2.650			8/08/24		8/07/24		(71,814	)
Morgan Stanley		3,750,000		Receive		CPURNSA		2.440			9/28/17		9/27/17		(73,017	)
Morgan Stanley		3,800,000		Receive		CPURNSA		2.595			11/06/18		11/05/18		(103,453	)
Morgan Stanley		3,000,000		Receive		CPURNSA		2.468			11/15/16		11/14/16		(52,888	)
	$	65,050,000												$	(2,374,840	)

(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 derivatives transactions.

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

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

(ETM) Escrowed to maturity.

CPURNSA US CPI Urban Consumers Non-Seasonally Adjusted.

See accompanying notes to financial statements.

Nuveen Investments 83

Nuveen Intermediate Duration Municipal Bond Fund

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 97.7%
		MUNICIPAL BONDS – 97.7%
		Alabama – 0.5%
		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	$	3,180,030
	2,290	5.250%, 11/15/20		11/15 at 100.00		Baa2		2,360,830
		Health Care Authority for Baptist Health, Alabama, Revenue Bonds, Baptist Health, Series 2006D:
	1,575	5.000%, 11/15/15		No Opt. Call		A3		1,648,584
	2,935	5.000%, 11/15/16		11/15 at 100.00		A3		3,057,742
	1,130	Huntsville, Alabama, Electric System Revenue Warrants, Refunding Series 2007, 4.000%, 12/01/18 – AGM Insured		12/17 at 100.00		AA+		1,237,712
	2,000	Mobile, Alabama, General Obligation Warrants, Improvement and Refunding Series 2008B, 5.000%, 2/15/20		2/18 at 100.00		Aa2		2,267,900
	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		1,691,883
		University of Alabama, Birmingham, Hospital Revenue Bonds, Birmingham Hospital, Series 2008A:
	1,500	5.000%, 9/01/18		No Opt. Call		A+		1,718,835
	4,000	5.750%, 9/01/22		9/18 at 100.00		A+		4,490,080
	20,075	Total Alabama						21,653,596
		Alaska – 0.2%
	3,000	Alaska State, Sport Fishing Revenue Bonds, Refunding Series 2011, 5.000%, 4/01/21		4/20 at 100.00		A1		3,410,310
	400	Aleutians East Borough Project, Alaska, Revenue Bonds, Series 2006, 4.375%, 6/01/15 – ACA Insured		No Opt. Call		N/R		399,484
	6,000	Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32		6/14 at 100.00		B2		4,808,100
	9,400	Total Alaska						8,617,894
		Arizona – 3.5%
	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–		4,510,288
		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+		1,383,236
	6,255	5.000%, 2/01/27		2/22 at 100.00		BBB+		6,662,638
		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		11,487,611
	16,235	5.000%, 7/01/26		7/22 at 100.00		A1		18,012,733
	16,760	5.000%, 7/01/27		7/22 at 100.00		A1		18,475,889
	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		156,563

84 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	1,995	Arizona State, Certificates of Participation, Series 2008A, 4.000%, 9/01/17 – AGM Insured		No Opt. Call		AA	$	2,163,757
		Arizona State, State Lottery Revenue Bonds, Series 2010A:
	30	5.000%, 7/01/17 – AGM Insured		No Opt. Call		AA		33,809
	40	5.000%, 7/01/18 – AGM Insured		No Opt. Call		AA		45,926
	5,120	5.000%, 7/01/19 – AGM Insured		No Opt. Call		AA		5,954,048
	5,015	5.000%, 7/01/20 – AGM Insured		No Opt. Call		AA		5,854,010
	6,130	5.000%, 7/01/21 – AGM Insured		1/20 at 100.00		AA		7,029,578
	7,500	5.000%, 7/01/22 – AGM Insured		1/20 at 100.00		AA		8,536,350
		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		1,089,350
	1,050	5.000%, 7/01/17 – AMBAC Insured		No Opt. Call		Aa3		1,173,533
	6,000	Gilbert, Arizona, Public Facilities Municipal Property Corporation, Revenue Bonds, Series 2009, 5.500%, 7/01/27		7/19 at 100.00		AA		6,887,580
	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		A–		2,920,377
	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–		2,180,200
	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+		1,511,543
	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		610,285
		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)		323,060
	290	4.750%, 7/01/18 (Pre-refunded 7/01/16) – AGM Insured		7/16 at 100.00		Aa1 (4)		317,585
	3,670	Mesa, Arizona, Excise Tax Revenue Bonds, Series 2013, 5.000%, 7/01/27		7/17 at 100.00		AA+		4,064,342
		Northern Arizona University, System Revenue Bonds, Refunding Series 2014:
	850	5.000%, 6/01/21 (WI/DD, Settling 5/08/14)		No Opt. Call		A+		1,001,360
	375	5.000%, 6/01/22 (WI/DD, Settling 5/08/14)		No Opt. Call		A+		442,725
	500	5.000%, 6/01/23 (WI/DD, Settling 5/08/14)		No Opt. Call		A+		590,380
		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+		2,310,160
	10,370	5.000%, 7/01/40		7/20 at 100.00		A+		10,801,911
	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		Baa1		2,572,885
	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		Baa1		1,223,592
		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		1,093,040
	1,000	4.500%, 7/01/19 – FGIC Insured		7/17 at 100.00		Aa2		1,085,210
	2,670	Pima County, Arizona, Sewer Revenue Bonds, Series 2010, 5.000%, 7/01/24 – AGM Insured		7/20 at 100.00		AA		3,051,009
	625	Regional Public Transportation Authority, Arizona, Transportation Excise Tax Revenue Bonds, Maricopa County Public Transportation Fund Series 2014, 5.250%, 7/01/23		No Opt. Call		AA+		771,694

Nuveen Investments 85

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	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	$	3,411,450
	3,925	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Tender Option Bond Trust 3284, 13.693%, 6/01/19 (IF)		No Opt. Call		Aa1		6,087,714
	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		1,090,620
	1,350	Sedona-Oak Creek Joint Unified School District 9, Coconino and Yavapi Counties, Arizona, General Obligation Bonds, School Improvement Project 2007, Series 2009B., 5.375%, 7/01/28		7/19 at 100.00		Aa2		1,478,372
	132,390	Total Arizona						148,396,413
		Arkansas – 0.8%
	1,000	Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Series 2013, 5.000%, 12/01/33		12/23 at 100.00		A1		1,092,680
	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		1,590,694
		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		7,415,652
	6,740	4.500%, 11/01/19 – AGM Insured		11/16 at 100.00		AA		7,218,944
		Fort Smith, Arkansas, Water and Sewer Revenue Bonds, Series 2007:
	1,235	5.000%, 10/01/19 – FGIC Insured		10/17 at 100.00		AA–		1,373,493
	1,000	5.000%, 10/01/21 – FGIC Insured		10/17 at 100.00		AA–		1,124,250
	4,495	Independence County, Arkansas, Pollution Control Revenue Bonds, Arkansas Power and Light Company Project, Series 2013, 2.375%, 1/01/21		No Opt. Call		A–		4,501,832
		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		616,670
	1,130	5.000%, 8/01/22 – CIFG Insured		8/17 at 100.00		N/R		1,207,394
	1,185	5.000%, 8/01/23 – CIFG Insured		8/17 at 100.00		N/R		1,260,650
	1,245	5.000%, 8/01/24 – CIFG Insured		8/17 at 100.00		N/R		1,316,214
	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+		1,117,850
	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		1,058,950
		Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B:
	1,000	5.000%, 2/01/17		2/15 at 100.00		Baa1		1,025,160
	1,165	5.000%, 2/01/18		2/15 at 100.00		Baa1		1,191,562
	30,990	Total Arkansas						33,111,995
		California – 6.7%
	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		1,227,745
	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–		1,656,897
	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		AA–		1,800,235

86 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	2,005	Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/14 – AMBAC Insured		No Opt. Call		BBB+	$	2,000,248
		Alameda Corridor Transportation Authority, California, Senior Lien Revenue Refunding Bonds, Series 2013A:
	2,185	5.000%, 10/01/22		No Opt. Call		A		2,590,536
	1,860	5.000%, 10/01/23		No Opt. Call		A		2,201,775
	5,000	5.000%, 10/01/24		10/23 at 100.00		A		5,831,850
	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+		987,390
	1,085	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		1,257,569
	7,640	California Department of Water Resources, Power Supply Revenue Bonds, Series 2010L, 5.000%, 5/01/17		No Opt. Call		Aa2		8,646,723
	1,000	California Educational Facilities Authority, Revenue Bonds, Lutheran University, Series 2004C, 5.000%, 10/01/24		10/14 at 100.00		Baa1		1,005,130
	7,250	California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2007A, 4.500%, 10/01/33		10/17 at 100.00		Aa1		7,601,698
	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		570,025
	4,440	California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008H, 5.125%, 7/01/22		7/15 at 100.00		A		4,650,767
	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		3,656,626
	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		1,233,777
	1,440	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		1,468,296
	7,510	California Health Facilities Financing Authority, Revenue Bonds, Lucille Salter Packard Children’s Hospital, Series 2014A, 4.000%, 8/15/34 (WI/DD, Settling 5/08/14)		8/24 at 100.00		AA		7,488,897
	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		2,646,922
	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		1,595,398
	8,075	California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 2003C, 5.500%, 6/01/14		5/14 at 100.00		A2		8,111,338
	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		5,696,800
		California State, Economic Recovery Revenue Bonds, Refunding Series 2009A:
	2,000	5.000%, 7/01/20		7/19 at 100.00		AA		2,375,960
	6,000	5.250%, 7/01/21		7/19 at 100.00		AA		7,172,940
	5,965	California State, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14		No Opt. Call		AA		6,016,955
	1,825	California State, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 (ETM)		No Opt. Call		Aaa		1,840,878
		California State, General Obligation Bonds, Series 2007:
	505	5.000%, 8/01/19		2/17 at 100.00		A1		565,489
	1,000	5.000%, 12/01/23		12/17 at 100.00		A1		1,138,080

Nuveen Investments 87

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	15	California State, General Obligation Bonds, Various Purpose Series 2001, 5.000%, 11/01/18		7/14 at 100.00		A1	$	15,059
	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		706,580
	1,000	California Statewide Community Development Authority, Insured Health Facility Revenue Bonds, Henry Mayo Newhall Memorial Hospital, Series 2007B, 5.200%, 10/01/37 (Pre-refunded 10/01/18) – AMBAC Insured		10/18 at 100.00		A (4)		1,179,200
	1,200	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005G, 5.000%, 7/01/22		7/15 at 100.00		B–		1,143,768
	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–		10,272,300
	1,120	Contra Costa County Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2003A, 5.500%, 8/01/23 – RAAI Insured		7/14 at 100.00		BBB+		1,120,739
		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		BBB–		3,477,445
	4,095	0.000%, 11/01/28		11/21 at 56.33		BBB–		1,580,834
		Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 2012:
	1,685	5.000%, 1/01/22		No Opt. Call		BBB–		1,820,676
	1,530	5.000%, 1/01/23		No Opt. Call		BBB–		1,660,922
	1,635	5.000%, 1/01/24		No Opt. Call		BBB–		1,762,399
	1,325	5.000%, 1/01/25		No Opt. Call		BBB–		1,422,202
		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		574,565
	2,025	5.000%, 8/01/24		8/18 at 100.00		Aa2		2,293,758
	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		2,191,770
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	7,770	5.000%, 6/01/17		No Opt. Call		A1		8,532,703
	11,980	4.500%, 6/01/27		6/17 at 100.00		B		10,517,841
	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		762,606
	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		6,663,239
	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		Aa2		1,128,521
	3,105	Long Beach Financing Authority, California, Revenue Bonds, Series 1992, 6.000%, 11/01/17 – AMBAC Insured		No Opt. Call		N/R		3,274,533
		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2013B:
	490	5.000%, 7/01/19		No Opt. Call		AA		583,458
	1,750	5.000%, 7/01/20		No Opt. Call		AA		2,108,488
	405	Los Angeles, California, Wastewater System Revenue Bonds, Subordinate Lien, Refunding Series 2013A, 5.000%, 6/01/34 (Pre-refunded 6/01/15)		6/15 at 100.00		Aa2 (4)		426,420

88 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	1,140	Los Angeles, California, Wastewater System Revenue Bonds, Subordinate Lien, Refunding Series 2013A, 5.000%, 6/01/34		No Opt. Call		AA+	$	1,189,921
		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		2,394,647
	2,145	5.000%, 9/01/22 – AMBAC Insured		9/16 at 100.00		AAA		2,313,747
	2,000	5.000%, 9/01/23 – AMBAC Insured		9/16 at 100.00		AAA		2,157,340
	1,475	Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/28		2/28 at 100.00		AA		1,094,716
	10,000	M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 6.125%, 11/01/29		No Opt. Call		A		12,293,400
	10,000	M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.125%, 11/01/29		No Opt. Call		A		12,293,400
	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		BB+		1,115,370
	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		10/14 at 100.00		A2		6,006,060
	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+		6,337,200
		Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A:
	1,815	0.000%, 8/01/21 – AGC Insured		No Opt. Call		AA		1,476,049
	2,095	0.000%, 8/01/22 – AGC Insured		No Opt. Call		AA		1,602,780
	4,085	0.000%, 8/01/23 – AGC Insured		No Opt. Call		AA		2,944,877
	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		6,956,180
		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		AA–		2,847,186
	1,120	5.000%, 11/01/19 – NPFG Insured		11/17 at 100.00		AA–		1,250,222
	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		2,059,322
		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–		679,317
	2,000	0.000%, 10/01/36		No Opt. Call		A–		567,280
	5,000	Sacramento County, California, Airport System Revenue Bonds, Senior Lien Series 20010, 5.000%, 7/01/40		7/20 at 100.00		A		5,280,500
	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)		1,231,220
	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		595,821
	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		2,896,644
	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		AA+		970,910
	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		AA–		5,339,416

Nuveen Investments 89

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

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–	$	1,149,650
	2,000	Santa Monica Community College District, Los Angeles County, California, General Obligation Bonds, Series 2005C, 0.000%, 8/01/16 (Pre-refunded 8/01/15) – NPFG Insured		8/15 at 95.72		AA (4)		1,908,780
		Santa Paula Utility Authority, California, Water Enterprise Revenue Bonds, Series 2010:
	2,510	5.000%, 2/01/28		2/20 at 100.00		A+		2,725,634
	2,630	5.000%, 2/01/29		2/20 at 100.00		A+		2,848,763
	2,765	5.000%, 2/01/30		2/20 at 100.00		A+		2,984,513
		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–		2,688,225
	1,200	6.250%, 9/01/29		9/19 at 100.00		A–		1,344,720
		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		1,356,563
	1,410	6.125%, 8/01/23		8/19 at 100.00		Baa1		1,613,491
	1,585	6.250%, 8/01/24		8/19 at 100.00		Baa1		1,812,400
	1,265	6.375%, 8/01/25		8/19 at 100.00		Baa1		1,449,032
	500	6.500%, 8/01/26		8/19 at 100.00		Baa1		573,095
	2,580	University of California, General Revenue Bonds, Series 2013AI, 5.000%, 5/15/38		5/23 at 100.00		AA		2,840,915
	5,050	University of California, General Revenue Bonds, Series 2013AK, 5.000%, 5/15/48 (Mandatory put 5/15/23)		No Opt. Call		AA		6,125,549
	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		1,093,499
	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		AA–		1,473,333
	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		2,525,280
	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		3,109,400
	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–		1,062,511
	281,910	Total California						282,835,848
		Colorado – 3.0%
	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)		1,346,873
	5,050	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		AA–		5,298,056
	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		A		179,562
	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		1,133,830
	16,830	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 5.000%, 9/01/26		9/16 at 100.00		A+		18,097,636

90 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	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	$	787,408
	1,500	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2008D, 5.125%, 10/01/17		No Opt. Call		A+		1,708,560
	620	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Communities Project, Series 2006A, 5.250%, 1/01/15		No Opt. Call		N/R		624,724
	310	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.500%, 6/01/33		6/23 at 100.00		A–		336,025
	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		1,525,972
	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+		6,994,000
	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)		8,970,600
	500	Colorado Health Facilities Authority, Revenue Bonds, Covenant Retirement Communities Inc., Series 2005, 5.000%, 12/01/16		12/15 at 100.00		BBB+		523,585
		Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2006:
	1,000	5.000%, 6/01/16		No Opt. Call		A–		1,079,990
	1,000	5.250%, 6/01/18		6/16 at 100.00		A–		1,064,790
	1,250	Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2007B, 4.250%, 12/01/15 – RAAI Insured		No Opt. Call		Baa2		1,288,775
	640	Colorado Health Facilities Authority, Revenue Bonds, Parkview Medical Center, Series 2004, 5.000%, 9/01/16		7/14 at 100.00		A3		642,061
	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		1,730,355
	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–		1,543,425
	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		AA–		6,701,222
	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		AA– (4)		4,489,767
	11,000	Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32		11/22 at 100.00		A+		12,017,830
		Denver School District 1, Colorado, General Obligation Bonds, Series 2012B:
	6,600	4.000%, 12/01/21		No Opt. Call		AA+		7,465,920
	6,445	4.000%, 12/01/22		No Opt. Call		AA+		7,277,565
	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		AA–		5,251,500
	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		AA–		2,934,800
	1,500	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004C, 5.000%, 9/01/17 – NPFG Insured		No Opt. Call		AA–		1,663,770

Nuveen Investments 91

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

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:
$	1,520	5.000%, 12/15/20		No Opt. Call		Aa2	$	1,814,789
	2,215	5.000%, 12/15/21		No Opt. Call		Aa2		2,660,835
	1,530	5.000%, 12/15/22		12/21 at 100.00		Aa2		1,812,958
	255	High Plains Metropolitan District, Colorado, General Obligation Bonds, Series 2005B, 4.375%, 12/01/15		No Opt. Call		BBB–		261,964
	2,170	Montrose, Colorado, Enterprise Revenue Bonds, Montrose Memorial Hospital, Series 2003, 5.700%, 12/01/17		7/14 at 100.00		BBB–		2,221,038
	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		994,190
	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)		2,376,473
	725	Platte River Power Authority, Colorado, Power Revenue Bonds, Refunding Series 2007GG, 4.500%, 6/01/17 – AGM Insured		No Opt. Call		AA		808,999
		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		1,454,376
	500	5.000%, 12/01/20		No Opt. Call		N/R		539,495
	1,000	Pueblo County School District 60, Pueblo, Colorado, General Obligation Bonds, Refunding Series 2009, 5.000%, 12/15/22		No Opt. Call		Aa2		1,206,850
	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		1,450,067
	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		1,040,325
		Sand Creek Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2010A:
	2,190	4.250%, 12/01/23		12/20 at 100.00		A		2,342,402
	2,030	4.000%, 12/01/24		12/20 at 100.00		A		2,113,941
	1,000	Walker Field Public Airport Authority, Colorado, Airport Revenue Bonds, Series 2007, 5.000%, 12/01/22		12/17 at 100.00		Baa2		1,094,400
	1,240	Westminster, Colorado, Special Purpose Sales and Use Tax Revenue Bonds, Series 2007D, 5.000%, 12/01/23 – AGM Insured		12/17 at 100.00		AA		1,403,258
	126,730	Total Colorado						128,274,961
		Connecticut – 0.1%
	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		1,006,500
	3,470	Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax)		7/14 at 100.00		A–		3,475,205
	4,470	Total Connecticut						4,481,705
		Delaware – 0.1%
		Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013:
	1,000	4.000%, 7/01/22		No Opt. Call		BBB–		972,080
	3,995	5.000%, 7/01/28		7/23 at 100.00		BBB–		3,966,675
	4,995	Total Delaware						4,938,755

92 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		District of Columbia – 0.8%
$	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–	$	3,696,010
		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001:
	3,750	5.875%, 5/15/14		No Opt. Call		Aaa		3,756,938
	4,130	6.250%, 5/15/24		5/14 at 100.00		A1		4,129,628
	2,980	6.500%, 5/15/33		No Opt. Call		Baa1		3,209,490
	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+		12,062,297
		District of Columbia, Hospital Revenue Bonds, Sibley Memorial Hospital, Series 2009:
	420	6.500%, 10/01/20		10/19 at 100.00		AA–		499,598
	1,715	6.500%, 10/01/23		10/19 at 100.00		AA–		1,976,057
	825	6.500%, 10/01/24		10/19 at 100.00		AA–		943,775
	3,665	District of Columbia, Revenue Bonds, The Catholic University of America, Series 2010, 5.000%, 10/01/23		10/18 at 100.00		A		4,154,168
	31,530	Total District of Columbia						34,427,961
		Florida – 6.0%
		Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1:
	1,500	6.000%, 6/01/16		No Opt. Call		A+		1,666,215
	2,025	5.500%, 6/01/17		No Opt. Call		A+		2,302,769
		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+		157,725
	3,250	5.000%, 6/01/18		No Opt. Call		A+		3,691,090
	275	5.000%, 6/01/19		No Opt. Call		A+		316,811
		Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1:
	140	5.250%, 6/01/17		No Opt. Call		A+		158,143
	175	4.250%, 6/01/17		No Opt. Call		A+		192,371
	530	4.000%, 6/01/17 – AGM Insured		No Opt. Call		AA		579,778
	1,055	Citrus County Hospital Board, Florida, Revenue Bonds, Citrus Memorial Hospital, Refunding Series 2002, 6.250%, 8/15/23		7/14 at 100.00		Caa3		1,054,895
	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		2,281,668
	1,860	Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Series 2013, 6.000%, 11/01/33		11/23 at 100.00		BBB–		1,925,323
	810	Escambia County, Florida, Pollution Control Revenue Bonds, Gulf Power Company, Refunding Series 1997, 2.100%, 7/01/22		No Opt. Call		A		814,965
		Florida Citizens Property Insurance Corporation, High Risk Account Revenue Bonds, Series 2007A:
	12,740	5.000%, 3/01/15 – NPFG Insured		No Opt. Call		AA–		13,247,562
	32,990	5.000%, 3/01/17 – NPFG Insured		No Opt. Call		AA–		36,817,170
		Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1:
	85	5.000%, 6/01/16		No Opt. Call		A+		92,679
	85	5.000%, 6/01/18		No Opt. Call		A+		96,536

Nuveen Investments 93

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	480	5.000%, 6/01/19		No Opt. Call		A+	$	552,979
	4,545	5.000%, 6/01/20		No Opt. Call		A+		5,230,977
	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		A–		3,193,223
	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		Baa1		2,604,096
	1,500	Florida State Department of Children and Families, Certificates of Participation, South Florida Evaluation Treatment Project, Series 2005, 5.000%, 10/01/25		10/15 at 100.00		AA+		1,584,285
	2,385	Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/26		6/16 at 100.00		BBB+		2,434,799
	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		2,189,940
		Jacksonville, Florida, Capital Improvement Refunding Revenue Bonds, Series 2012:
	2,240	5.000%, 10/01/20		No Opt. Call		AA		2,630,365
	2,385	5.000%, 10/01/21		No Opt. Call		AA		2,814,324
	4,605	5.000%, 10/01/27		No Opt. Call		AA		5,219,721
		Jacksonville, Florida, Special Revenue Bonds, Refunding Series 2013C:
	4,275	5.250%, 10/01/27		10/23 at 100.00		Aa2		4,960,112
	5,575	5.250%, 10/01/28		10/23 at 100.00		Aa2		6,426,916
	5,780	5.250%, 10/01/29		10/23 at 100.00		Aa2		6,623,013
	8,085	5.250%, 10/01/30		10/23 at 100.00		Aa2		9,215,283
		Jacksonville, Florida, Special Revenue Bonds, Series 20120C:
	2,000	5.000%, 10/01/23		No Opt. Call		Aa2		2,376,180
	2,020	5.000%, 10/01/24		No Opt. Call		Aa2		2,349,159
	2,520	Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2008A, 5.150%, 4/01/23		4/16 at 100.00		A–		2,705,144
		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		1,064,592
	3,000	5.000%, 10/01/21 (Alternative Minimum Tax)		No Opt. Call		A		3,453,990
	5,000	5.000%, 10/01/22 (Alternative Minimum Tax)		No Opt. Call		A		5,743,050
	6,290	Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/41		10/20 at 100.00		A		6,611,922
	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		AA–		5,179,350
		Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2010E:
	1,575	4.000%, 4/01/16		No Opt. Call		AA–		1,674,068
	1,975	5.000%, 4/01/21		4/20 at 100.00		AA–		2,249,782
	5,015	5.250%, 4/01/30		4/20 at 100.00		AA–		5,437,163
	5,000	Miami-Dade County, Florida, Subordinate Special Obligation Refunding Bonds Series 2012B, 5.000%, 10/01/35		10/22 at 100.00		A+		5,261,100
	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		AA		5,429,250
	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–		2,232,489

94 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	3,400	Orange County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/25 – AMBAC Insured		8/15 at 100.00		Aa2	$	3,579,928
	2,000	Orlando Utilities Commission, Florida, Utility System Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/25		No Opt. Call		AA		2,450,500
	3,015	Orlando-Orange County Expressway Authority, Florida, Expressway Revenue Bonds, Series 2012, 5.000%, 7/01/20		No Opt. Call		A		3,536,535
	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+		11,262,800
	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		11,142,437
	23,065	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		25,425,703
	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+		6,208,847
		Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A:
	570	5.000%, 9/01/22		No Opt. Call		A+		666,552
	1,900	5.000%, 9/01/23		9/22 at 100.00		A+		2,185,646
	1,220	3.125%, 9/01/24		9/22 at 100.00		A+		1,206,824
	1,260	5.000%, 9/01/25		9/22 at 100.00		A+		1,422,275
	1,500	5.000%, 9/01/27		9/22 at 100.00		A+		1,668,840
	1,900	5.000%, 9/01/28		No Opt. Call		A+		2,100,811
	5,500	4.000%, 9/01/33		No Opt. Call		A+		5,380,045
	350	Vero Beach, Florida, Electric Refunding Revenue Bonds, Series 2003A, 4.000%, 12/01/19 – AGM Insured		12/18 at 100.00		A1		380,968
	229,125	Total Florida						251,461,683
		Georgia – 1.6%
		Atlanta, Georgia, Airport General Revenue Bonds, Series 2012B:
	2,010	5.000%, 1/01/23		No Opt. Call		Aa3		2,353,308
	1,500	5.000%, 1/01/28		No Opt. Call		Aa3		1,686,075
		Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Refunding Subordinate Lien Series 2014A:
	11,000	5.000%, 1/01/27		1/24 at 100.00		A+		12,689,490
	4,250	5.000%, 1/01/29		1/24 at 100.00		A+		4,819,288
	6,750	5.000%, 1/01/30		1/24 at 100.00		A+		7,612,583
	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		2,166,180
	2,165	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A, 7.500%, 1/01/31		1/19 at 100.00		A2		2,548,703
		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		2,280,120
	3,325	5.000%, 1/01/23		1/22 at 100.00		AA		3,793,326
	5,560	5.000%, 1/01/24		1/22 at 100.00		AA		6,265,842
	8,990	5.000%, 1/01/25		1/22 at 100.00		AA		10,059,720
	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–		1,006,770

Nuveen Investments 95

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia (continued)
$	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	$	1,314,988
	265	Fayette County School District, Georgia, General Obligation Bonds, Deferred Interest Series 2005, 4.250%, 3/01/15 – AGM Insured		No Opt. Call		AA+		273,957
	4,500	Fulton County Residential Care Facilities Elderly Authority, Georgia, Revenue Bonds, Canterbury Court Project, Series 2004A, 5.800%, 2/15/18		7/14 at 100.00		N/R		4,506,435
	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		2,164,740
	58,565	Total Georgia						65,541,525
		Guam – 0.1%
	4,060	Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43		7/23 at 100.00		A–		4,285,777
		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		A2		5,346,900
	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		A2		1,117,547
	6,025	Total Hawaii						6,464,447
		Idaho – 0.4%
	3,025	Idaho Health Facilities Authority, Revenue Bonds, Trinity Health Group, Refunding Series 2008B, 6.000%, 12/01/23		12/18 at 100.00		Aa2		3,553,377
		Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006:
	450	5.250%, 9/01/16		No Opt. Call		BB+		476,951
	1,300	5.250%, 9/01/20		9/16 at 100.00		BB+		1,338,064
		Rexburg School District 321, Madison County, Idaho, Series 2014B:
	2,455	5.000%, 8/15/20 (WI/DD, Settling 5/08/14)		No Opt. Call		Aaa		2,946,098
	2,595	5.000%, 8/15/21 (WI/DD, Settling 5/08/14)		No Opt. Call		Aaa		3,136,758
	2,710	5.000%, 8/15/22 (WI/DD, Settling 5/08/14)		No Opt. Call		Aaa		3,296,769
	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		1,101,340
	13,535	Total Idaho						15,849,357
		Illinois – 9.2%
	1,840	Bolingbrook Park District, Illinois, General Obligation Bonds, Series 2007A, 4.500%, 1/01/17 – CIFG Insured		No Opt. Call		Aa2		2,009,961
		Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A:
	2,800	0.000%, 1/01/30		7/23 at 72.73		Aa3		1,258,348
	2,550	0.000%, 1/01/31		7/23 at 68.94		Aa3		1,073,168
	2,750	0.000%, 1/01/32		7/23 at 65.28		Aa3		1,093,125
	4,000	0.000%, 1/01/33		7/23 at 61.69		Aa3		1,495,440
	4,415	Chicago Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Tender Option Bonds Trust 1130, 13.582%, 12/01/24 (IF)		6/16 at 100.00		AAA		5,517,161
	5,545	Chicago Park District, Illinois, General Obligation Bonds, Refunding Series 2005B, 5.000%, 1/01/20 – AMBAC Insured		1/15 at 100.00		AA+		5,686,675

96 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	2,300	Chicago Park District, Illinois, General Obligation Bonds, Series 2010A, 4.500%, 1/01/23		7/20 at 100.00		AA+	$	2,470,775
		Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011:
	3,530	5.250%, 12/01/25		12/21 at 100.00		AA		3,966,449
	3,235	5.250%, 12/01/26		12/21 at 100.00		AA		3,607,510
	7,000	Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/15 – FGIC Insured		No Opt. Call		AA–		6,968,010
	2,000	Chicago, Illinois, General Obligation Bonds, Series 2001A, 5.300%, 1/01/16 – NPFG Insured		No Opt. Call		AA–		2,141,140
	1,500	Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.000%, 12/01/24		12/23 at 100.00		AA		1,698,255
	1,410	Cook County Community High School District 219, Niles Township, Illinois, General Obligation Bonds, Refunding Series 2007A, 5.000%, 12/01/26 – AGM Insured		No Opt. Call		AA+		1,561,067
	3,465	Cook County High School District 205 Thornton Township, Illinois, General Obligation Bonds, Series 2008, 5.250%, 12/01/21 – AGC Insured		12/18 at 100.00		AA		3,853,357
	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		1,087,680
	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		AA–		2,211,098
	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		1,205,033
	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)		514,220
		Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C:
	2,600	5.000%, 11/15/20		No Opt. Call		AA		2,990,260
	2,770	5.000%, 11/15/21		No Opt. Call		AA		3,201,095
	2,400	5.000%, 11/15/22		No Opt. Call		AA		2,797,656
	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		Aa1 (4)		1,063,040
		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		1,812,136
	2,100	5.875%, 2/01/22		8/18 at 100.00		Aa3		2,450,889
	2,545	5.875%, 2/01/24		8/18 at 100.00		Aa3		2,962,278
		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2014A:
	1,685	5.000%, 12/01/21		No Opt. Call		AA–		2,010,222
	3,335	5.000%, 12/01/22		No Opt. Call		AA–		4,000,499
	4,085	5.000%, 1/01/33		1/23 at 100.00		AA–		4,426,710
	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		2,547,078
		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		AA–		1,083,670
	500	4.125%, 3/01/30 (Mandatory put 3/01/16)		No Opt. Call		AA–		526,930
	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		Aa3		1,633,824

Nuveen Investments 97

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	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	$	4,276,600
	13,685	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/27		9/22 at 100.00		A–		14,333,122
		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		1,297,908
	1,280	6.000%, 2/01/26 – AMBAC Insured		2/18 at 100.00		A		1,380,211
	500	6.000%, 2/01/28 – AMBAC Insured		2/18 at 100.00		A		535,390
	1,000	Illinois Finance Authority, Revenue Bonds, Franciscan Communities Inc., Refunding Series 2007A, 5.500%, 5/15/27		5/17 at 100.00		BBB–		1,008,030
	465	Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 5.000%, 2/15/15		No Opt. Call		BB–		471,836
	1,000	Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 6.500%, 2/01/23		2/19 at 100.00		Baa3		1,064,600
	680	Illinois Finance Authority, Revenue Bonds, Landing at Plymouth Place Project, Series 2005A, 5.250%, 5/15/14		No Opt. Call		N/R		680,462
	4,220	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.000%, 11/15/29		5/19 at 100.00		A		5,061,384
	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–		2,143,080
	9,800	Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25		1/16 at 100.00		Aa3		10,300,878
		Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007:
	500	5.250%, 4/01/22		4/17 at 100.00		BBB		516,835
	3,600	5.400%, 4/01/27		4/17 at 100.00		BBB		3,680,172
	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+		2,346,520
	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+		1,716,690
	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+		5,555,700
	2,000	Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2009A, 5.500%, 2/15/17		No Opt. Call		AA		2,227,480
	600	Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Capitol Appreciation Series 2010B, 0.000%, 5/15/50 (6), (7)		7/14 at 17.01		N/R		6
		Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Refunding Series 2010A:
	700	5.400%, 5/15/17 (6)		7/14 at 100.00		N/R		7
	700	5.500%, 5/15/18 (7)		7/14 at 100.00		N/R		7
	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+		3,540,432
	115	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)		121,866
	7,410	Illinois Health Facilities Authority, Revenue Refunding Bonds, University of Chicago Hospitals, Series 2003, 5.000%, 8/15/14 – NPFG Insured		7/14 at 100.00		AA–		7,439,566

98 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	1,620	Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.100%, 6/15/16 – AMBAC Insured		6/15 at 101.00		A	$	1,710,347
		Illinois State Department of Employment Security, Unemployment Insurance Fund Building Receipts Revenue Bonds, Series 2012B:
	2,900	5.000%, 12/15/17		12/16 at 100.00		AA+		3,224,568
	2,500	5.000%, 6/15/18		12/16 at 100.00		AA+		2,771,550
	555	Illinois State, General Obligation Bonds, Refunding Series 2007B, 5.000%, 1/01/16		No Opt. Call		A–		595,260
		Illinois State, General Obligation Bonds, Refunding Series 2010:
	510	5.000%, 1/01/16		No Opt. Call		A–		546,995
	520	5.000%, 1/01/17		No Opt. Call		A–		572,837
	1,590	5.000%, 1/01/18		No Opt. Call		A–		1,783,996
	6,040	5.000%, 1/01/19 – AGM Insured		No Opt. Call		AA		6,885,781
	17,025	5.000%, 1/01/19		No Opt. Call		A–		19,310,947
		Illinois State, General Obligation Bonds, Refunding Series 2012:
	7,750	5.000%, 8/01/20		No Opt. Call		A–		8,872,433
	6,340	5.000%, 8/01/21		No Opt. Call		A–		7,271,980
	2,450	5.000%, 8/01/22		No Opt. Call		A–		2,805,128
	2,730	5.000%, 8/01/23		No Opt. Call		A–		3,128,416
	270	5.000%, 8/01/25		8/22 at 100.00		A–		297,748
		Illinois State, General Obligation Bonds, Series 2004A:
	2,590	5.000%, 3/01/18		7/14 at 100.00		A–		2,599,505
	805	5.000%, 3/01/22		7/14 at 100.00		A–		807,391
		Illinois State, General Obligation Bonds, Series 2006A:
	1,075	5.000%, 6/01/17		No Opt. Call		A–		1,198,098
	10,000	5.000%, 6/01/18		No Opt. Call		A–		11,336,700
	350	5.000%, 6/01/22		No Opt. Call		A–		378,301
	1,120	Illinois State, General Obligation Bonds, Series 2006, 5.000%, 1/01/27		1/16 at 100.00		A–		1,165,371
	1,000	Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34		9/18 at 100.00		A–		1,022,800
		Illinois State, General Obligation Bonds, Series 2012A:
	7,790	4.000%, 1/01/20		No Opt. Call		A–		8,470,534
	12,110	4.000%, 1/01/22		No Opt. Call		A–		12,946,680
		Illinois State, General Obligation Bonds, Series 2013:
	4,200	5.500%, 7/01/25		7/23 at 100.00		A–		4,837,854
	2,760	5.500%, 7/01/26		7/23 at 100.00		A–		3,148,939
	1,000	5.500%, 7/01/27		7/23 at 100.00		A–		1,130,120
		Illinois State, General Obligation Bonds, Various Purpose, Series 2014:
	4,000	5.000%, 2/01/23		No Opt. Call		A–		4,571,040
	3,000	5.000%, 2/01/24		No Opt. Call		A–		3,417,660
	4,630	5.000%, 2/01/25		2/24 at 100.00		A–		5,194,582
	4,675	5.000%, 2/01/26		2/24 at 100.00		A–		5,180,227
	6,000	5.000%, 2/01/27		2/24 at 100.00		A–		6,561,300
		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+		12,195,624
	1,000	9.000%, 1/01/23 – AGM Insured		No Opt. Call		AA+		1,454,490
	5,150	9.000%, 1/01/25 – AGM Insured		No Opt. Call		AA+		7,931,670
	3,270	Kendall County Forest Preserve District, Illinois, General Obligation Bonds, Series 2007, 5.250%, 1/01/24 – FGIC Insured		1/18 at 100.00		AA–		3,675,578

Nuveen Investments 99

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	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	$	1,822,296
		McCook, Illinois, General Obligation Bonds, Series 2008:
	500	5.000%, 12/01/26		12/18 at 100.00		BBB		561,095
	1,000	5.100%, 12/01/28		12/18 at 100.00		BBB		1,104,260
	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		1,129,380
	1,500	Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012B, 5.000%, 12/15/22		No Opt. Call		AAA		1,668,480
	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+		1,540,082
		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		323,299
	275	5.000%, 10/01/24		10/22 at 100.00		Baa1		296,882
		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
	7,610	5.250%, 6/01/21		No Opt. Call		A		8,939,695
	3,960	5.500%, 6/01/23		6/21 at 100.00		A–		4,621,874
	3,000	Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2011A, 5.000%, 6/01/14 – AGM Insured		No Opt. Call		AA		3,012,690
		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		1,118,230
	1,100	5.000%, 10/01/22		10/19 at 100.00		AA		1,230,416
	1,680	School District 122, Winnebago County, Illinois, Capital Appreciation Bonds, Series 1998, 0.000%, 1/01/17 – AGM Insured		No Opt. Call		A2		1,612,162
	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)		1,292,161
	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		1,128,390
	2,000	Southwestern Illinois Development Authority, Revenue Bonds, Anderson Hospital, Series 2006, 5.125%, 8/15/26		2/17 at 100.00		BBB–		2,024,540
	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		AA–		1,090,100
	9,955	State of Illinois General Obligation Bonds, Series 2014, 5.000%, 4/01/23 (WI/DD, Settling 5/01/14)		No Opt. Call		A–		11,387,724
		Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source, Series 2012:
	3,205	4.000%, 11/01/21		No Opt. Call		A+		3,428,837
	2,830	4.000%, 11/01/22		No Opt. Call		A+		3,008,149
	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		2,670,258
	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		3,630,718

100 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		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	$	602,175
	1,005	5.750%, 6/01/25		6/18 at 100.00		AA		1,122,655
	335	5.750%, 6/01/26		6/18 at 100.00		AA		374,218
		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)		386,532
	85	5.750%, 6/01/26 (Pre-refunded 6/01/18)		6/18 at 100.00		N/R (4)		101,093
	9,360	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		10,384,920
		Winnebago-Boone Counties School District 205, Illinois, General Obligation Bonds, Series 2013:
	4,070	0.000%, 2/01/25		No Opt. Call		AA–		2,676,554
	3,340	0.000%, 2/01/26		No Opt. Call		AA–		2,052,564
	365,670	Total Illinois						387,968,420
		Indiana – 1.5%
	710	Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/17		4/17 at 100.00		BB+		733,544
	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		1,093,490
	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		6,010,706
	5,300	Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.250%, 10/01/24 – AGM Insured		10/21 at 100.00		AA		6,194,322
		Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligation Group, Series 2006A:
	4,925	5.000%, 2/15/36		2/16 at 100.00		AA–		5,009,021
	540	5.250%, 2/15/40		2/16 at 100.00		AA–		549,747
		Carmel, Indiana, Redevelopment Authority, Lease Revenue Bonds, Series 2014A:
	500	5.000%, 7/01/17 (WI/DD, Settling 5/27/14)		No Opt. Call		AA		561,600
	540	4.000%, 1/01/18 (WI/DD, Settling 5/27/14)		No Opt. Call		AA		593,833
	500	4.000%, 1/01/18 (WI/DD, Settling 5/27/14)		No Opt. Call		AA		549,845
	1,000	4.000%, 1/01/19 (WI/DD, Settling 5/27/14)		No Opt. Call		AA		1,110,100
	435	5.000%, 1/01/20 (WI/DD, Settling 5/27/14)		No Opt. Call		AA		508,759
	1,000	5.000%, 7/01/20 (WI/DD, Settling 5/27/14)		No Opt. Call		AA		1,176,320
	500	5.000%, 1/01/21 (WI/DD, Settling 5/27/14)		No Opt. Call		AA		587,835
	3,000	Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Methodist Hospitals Inc., Series 2001, 5.375%, 9/15/22		9/14 at 100.00		BBB		3,003,900
		Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2013A:
	2,750	5.250%, 1/01/33		7/23 at 100.00		A+		3,057,285
	2,500	5.250%, 1/01/34		7/23 at 100.00		A+		2,767,100
	2,800	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Refunding Series 2006, 5.500%, 7/01/21 – NPFG Insured		No Opt. Call		AA–		3,349,220
	5,000	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2007B, 5.250%, 7/01/23 – NPFG Insured		No Opt. Call		AA–		5,926,800

Nuveen Investments 101

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
$	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		AA–	$	3,419,407
		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		1,888,764
	940	5.000%, 4/01/22		No Opt. Call		A3		1,052,650
	2,015	5.000%, 4/01/24		4/22 at 100.00		A3		2,211,463
		Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012:
	500	4.000%, 2/01/17		No Opt. Call		N/R		516,345
	500	4.000%, 8/01/17		No Opt. Call		N/R		517,220
	500	4.250%, 2/01/18		No Opt. Call		N/R		519,445
	500	4.250%, 8/01/18		No Opt. Call		N/R		519,820
	500	4.500%, 2/01/19		No Opt. Call		N/R		521,725
	500	4.500%, 8/01/19		No Opt. Call		N/R		521,450
	500	4.750%, 2/01/20		No Opt. Call		N/R		524,940
	500	4.750%, 8/01/20		No Opt. Call		N/R		523,330
	250	4.750%, 2/01/21		No Opt. Call		N/R		258,585
	500	4.750%, 8/01/21		No Opt. Call		N/R		515,440
	500	5.000%, 2/01/22		No Opt. Call		N/R		521,790
	500	5.000%, 8/01/22		2/22 at 100.00		N/R		518,640
	500	5.000%, 8/01/23		2/22 at 100.00		N/R		513,515
	500	5.000%, 2/01/24		2/22 at 100.00		N/R		509,095
	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+		1,362,475
	1,370	Southwind Housing Inc., Evansville, Indiana, First Mortgage Revenue Bonds, Series 1978A, 7.125%, 11/15/21 (ETM)		11/14 at 100.00		N/R (4)		1,672,469
	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		557,835
		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		474,003
	230	5.550%, 5/15/19		7/14 at 100.00		N/R		230,283
	61,425	Total Indiana						62,654,116
		Iowa – 1.3%
		Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011:
	1,000	5.250%, 6/15/25		6/20 at 100.00		A2		1,089,410
	2,000	5.250%, 6/15/26		6/20 at 100.00		A2		2,165,740
	3,135	5.250%, 6/15/27		6/20 at 100.00		A2		3,376,834
	2,000	5.375%, 6/15/28		6/20 at 100.00		A2		2,155,880
	2,035	5.500%, 6/15/29		6/20 at 100.00		A2		2,196,986
	1,000	5.500%, 6/15/30		No Opt. Call		A2		1,075,660
		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		2,057,323
	1,890	5.000%, 1/01/24 – AGM Insured		1/21 at 100.00		AA		2,107,804
	1,520	5.000%, 1/01/25 – AGM Insured		1/21 at 100.00		AA		1,678,764
	1,000	5.000%, 1/01/26 – AGM Insured		1/21 at 100.00		AA		1,096,900

102 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Iowa (continued)
$	10,000	Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2013A, 5.250%, 2/15/44		2/23 at 100.00		Aa3	$	10,738,000
		Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A:
	2,235	5.250%, 7/01/14		No Opt. Call		BB+		2,245,706
	4,460	5.250%, 7/01/15		No Opt. Call		BB+		4,596,654
	2,000	5.250%, 7/01/16		No Opt. Call		BB+		2,103,660
	820	5.000%, 7/01/19		7/16 at 100.00		BB+		845,354
	8,640	Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19		No Opt. Call		BB–		8,765,712
	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		BB		1,272,688
		Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg College, Series 2005A:
	925	4.700%, 10/01/16		7/14 at 100.00		BB		925,657
	1,100	4.750%, 10/01/17		7/14 at 100.00		BB		1,100,561
	1,155	4.800%, 10/01/18		7/14 at 100.00		BB		1,155,393
	2,000	Iowa State, Special Obligation Bonds, Prison Infrastructure Fund, Refunding Series 2010, 4.500%, 6/15/22		6/20 at 100.00		AA		2,250,960
	51,995	Total Iowa						55,001,646
		Kansas – 1.5%
	16,455	Burlington, Kansas, Environmental Improvement Revenue Bonds, Kansas City Power and Light Company Project, Refunding Series 1993A, 2.950%, 12/01/23		4/23 at 101.00		A		16,448,912
	10,000	Burlington, Kansas, Environmental Improvement Revenue Bonds, Kansas City Power and Light Company Project, Refunding Series 1993B, 2.950%, 12/01/23		4/23 at 101.00		A		9,996,300
	2,050	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		2,298,501
	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		1,481,741
	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		2,559,612
	3,175	Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009D, 5.000%, 11/15/29		11/17 at 100.00		AA		3,492,341
	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		2,051,669
	1,000	Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2008, 5.125%, 9/01/21		9/17 at 100.00		A+		1,073,410
		Olathe, Kansas, Senior Living Facility Revenue Bonds, Catholic Care Campus Santa Marta, Series 2006A:
	765	5.750%, 11/15/14		No Opt. Call		N/R		778,824
	820	5.750%, 11/15/15		No Opt. Call		N/R		857,253
	75	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		76,148
	10,040	Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Via Christi Health System Inc., Series 2011A-IV, 5.000%, 11/15/29 (Pre-refunded 11/15/21)		11/21 at 100.00		N/R (4)		12,147,798

Nuveen Investments 103

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kansas (continued)
$	15,825	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		A–	$	10,929,536
	65,660	Total Kansas						64,192,045
		Kentucky – 1.9%
	2,450	Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2009A, 5.625%, 8/15/27		8/19 at 100.00		A+		2,684,686
	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		8,647,433
	4,735	Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A, 5.000%, 7/01/17		No Opt. Call		Baa3		5,259,212
	20,700	Kentucky State Property and Buildings Commission, Revenue Bonds, Project 83, Series 2004, 5.000%, 10/01/18 – AMBAC Insured		No Opt. Call		Aa3		23,949,486
	460	Laurel County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2006, 4.500%, 8/01/24 – AMBAC Insured		8/16 at 100.00		Aa3		495,296
	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		7,783,580
	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		1,213,644
	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–		4,440,553
	10,200	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		A1		10,312,098
	1,975	Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2005A, 2.200%, 2/01/35 (Mandatory put 8/01/19)		No Opt. Call		A1		2,000,142
		University of Kentucky, General Receipts Bonds, Series 2014A:
	2,265	5.000%, 4/01/17		No Opt. Call		Aa2		2,550,526
	2,380	5.000%, 4/01/18		No Opt. Call		Aa2		2,745,520
	3,580	5.000%, 4/01/20		No Opt. Call		Aa2		4,257,587
		University of Kentucky, General Receipts Bonds, Series 2014B:
	1,435	5.000%, 4/01/17		No Opt. Call		Aa2		1,615,896
	1,665	5.000%, 4/01/20		No Opt. Call		Aa2		1,982,216
	72,575	Total Kentucky						79,937,875
		Louisiana – 2.8%
		Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B:
	12,230	5.000%, 6/01/15 – AMBAC Insured		No Opt. Call		A–		12,797,961
	30	5.000%, 6/01/21 – AMBAC Insured		6/16 at 100.00		A–		32,162
	155	5.000%, 6/01/22 – AMBAC Insured		6/16 at 100.00		A–		165,872
	180	Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006-C1, 5.875%, 6/01/23		6/18 at 100.00		AA		209,356

104 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana (continued)
$	5	Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3, 6.125%, 6/01/25 – AGC Insured		6/18 at 100.00		AA	$	5,822
		Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien Series 2014A:
	2,275	5.000%, 2/01/28		2/24 at 100.00		AA–		2,581,966
	1,525	5.000%, 2/01/29		2/24 at 100.00		AA–		1,718,599
	2,000	5.000%, 2/01/30		2/24 at 100.00		AA–		2,239,820
		Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007A:
	2,000	6.750%, 12/15/37 (5)		12/17 at 100.00		N/R		1,302,580
	320	6.000%, 12/15/37		12/14 at 100.00		N/R		178,397
	30	Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007B, 9.000%, 12/15/14		No Opt. Call		N/R		16,725
		Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
	2,015	5.000%, 5/15/16		No Opt. Call		Baa1		2,153,128
	5,155	5.000%, 5/15/20		5/17 at 100.00		Baa1		5,551,007
		Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A:
	1,000	5.000%, 7/01/22		No Opt. Call		A		1,160,040
	2,750	5.000%, 7/01/29		7/23 at 100.00		A		3,020,105
	5,000	5.000%, 7/01/31		7/23 at 100.00		A		5,394,300
	3,835	5.000%, 7/01/32		7/23 at 100.00		A		4,152,768
		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)		2,905,434
	5,500	5.000%, 5/01/24 (Pre-refunded 5/01/15) – FGIC Insured		5/15 at 100.00		Aa1 (4)		5,765,595
	7,265	5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured		5/15 at 100.00		Aa1 (4)		7,615,827
	22,115	Louisiana State, General Obligation Bonds, Series 2012A, 5.000%, 8/01/26		8/22 at 100.00		Aa2		25,876,983
		Louisiana State, Unclaimed Property Special Revenue Bonds, Interstate 49 North Project, Series 2013:
	1,165	5.000%, 9/01/29		9/23 at 100.00		AA–		1,302,610
	5,070	5.000%, 9/01/31		9/23 at 100.00		AA–		5,600,829
	4,000	5.000%, 9/01/32		9/23 at 100.00		AA–		4,395,560
		New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2012:
	4,140	5.000%, 12/01/19		No Opt. Call		A3		4,737,816
	3,940	5.000%, 12/01/20		No Opt. Call		A3		4,500,938
	5,400	5.000%, 12/01/21		No Opt. Call		A3		6,162,750
	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+		523,985
	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		6,072,982
	108,110	Total Louisiana						118,141,917

Nuveen Investments 105

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Maine – 0.2%
$	320	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	$	308,512
		Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011:
	1,000	6.750%, 7/01/36		7/21 at 100.00		BBB–		1,091,060
	3,850	6.750%, 7/01/41		7/21 at 100.00		BBB–		4,169,473
	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		800,954
		Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013:
	500	4.000%, 7/01/18		No Opt. Call		BBB+		544,090
	225	4.000%, 7/01/20		No Opt. Call		BBB+		243,783
	290	5.000%, 7/01/22		No Opt. Call		BBB+		331,516
	6,925	Total Maine						7,489,388
		Maryland – 0.4%
	5,000	Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2012, 5.000%, 8/01/21		No Opt. Call		AAA		6,056,150
		Baltimore, Maryland, Revenue Bonds, Water Projects, Series 2013A:
	500	5.000%, 7/01/21		No Opt. Call		AA		599,545
	1,210	5.000%, 7/01/22		No Opt. Call		AA		1,459,066
	1,000	5.000%, 7/01/26		1/24 at 100.00		AA		1,184,290
	1,715	5.000%, 7/01/27		1/24 at 100.00		AA		2,017,526
	200	Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 5.875%, 7/01/16		7/14 at 100.00		Aa2		200,654
	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		261,095
	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		2,193,840
	1,990	Maryland, General Obligation Bonds, State and Local Facilities Loan, Second Series 2009B, 5.250%, 8/15/16		No Opt. Call		AAA		2,211,905
	700	Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006, 4.000%, 11/01/15		No Opt. Call		BBB+		726,775
	14,565	Total Maryland						16,910,846
		Massachusetts – 2.1%
	2,680	Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21 – FGIC Insured		No Opt. Call		AA+		3,195,069
	10,000	Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Refunding Senior Lien Series 2004B, 5.250%, 7/01/20		No Opt. Call		AAA		12,116,500
	500	Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Series 2014A, 5.000%, 7/01/22		No Opt. Call		AAA		607,920
	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		2,601,775
		Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007:
	1,355	5.000%, 10/01/17		No Opt. Call		N/R		1,446,964
	515	5.000%, 10/01/18		10/17 at 100.00		N/R		544,958

106 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Massachusetts (continued)
		Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University, Series 2010:
$	915	4.500%, 7/01/21		7/20 at 100.00		Baa2	$	981,905
	1,765	4.500%, 7/01/22		7/20 at 100.00		Baa2		1,880,272
	1,705	4.625%, 7/01/23		7/20 at 100.00		Baa2		1,813,967
	1,055	Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 4.800%, 1/01/17 (Alternative Minimum Tax)		No Opt. Call		AA		1,122,879
	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		2,108,960
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Springfield College, Series 2010:
	500	5.125%, 10/15/22		10/19 at 100.00		Baa1		554,560
	2,595	5.500%, 10/15/26		10/19 at 100.00		Baa1		2,867,631
	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		3,492,450
		Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:
	330	5.500%, 1/01/15 – AMBAC Insured (Alternative Minimum Tax)		7/14 at 100.00		N/R		330,125
	140	5.500%, 1/01/17 – AMBAC Insured (Alternative Minimum Tax)		7/14 at 100.00		N/R		140,115
	50	5.200%, 1/01/20 – AMBAC Insured (Alternative Minimum Tax)		7/14 at 100.00		N/R		50,013
	1,465	5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)		7/14 at 100.00		N/R		1,446,775
	10,000	Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2001D, 5.500%, 11/01/14		No Opt. Call		AA+		10,271,800
	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)		10,279,200
	27,360	Massachusetts, General Obligation Bonds, Series 2004C, 5.500%, 12/01/16 – AGM Insured		No Opt. Call		AA+		30,939,782
	1,400	Springfield, Massachusetts, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/20 – AGM Insured		2/17 at 100.00		AA		1,520,918
	81,830	Total Massachusetts						90,314,538
		Michigan – 5.0%
	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		AA		866,085
		Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds, Development Area 1 Projects, Series 1996B:
	3,050	0.000%, 7/01/22		No Opt. Call		BB		1,804,350
	2,650	0.000%, 7/01/23		No Opt. Call		BB		1,457,156
	2,880	0.000%, 7/01/24		No Opt. Call		BB		1,450,138
	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		BB+		6,873,084
	7,780	Detroit, Michigan, General Obligation Bonds, Series 2004B-1, 5.250%, 4/01/17 – AMBAC Insured (5)		7/14 at 100.00		Caa3		7,493,229
	9,295	Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2006A, 5.000%, 7/01/19 – AGM Insured		7/16 at 100.00		AA		9,323,350
	9,995	Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001D-2, 0.300%, 7/01/32 (9)		1/15 at 100.00		AA–		7,020,563

Nuveen Investments 107

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
$	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	$	7,168,229
	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		2,972,193
	1,080	Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 5.500%, 7/01/14		No Opt. Call		BB+		1,088,165
		Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012:
	1,535	5.000%, 6/01/17		No Opt. Call		A+		1,673,641
	800	4.000%, 6/01/17		No Opt. Call		A+		844,728
	2,220	5.000%, 6/01/18		No Opt. Call		A+		2,448,949
	1,900	5.000%, 6/01/19		No Opt. Call		A+		2,114,130
		Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B:
	15,250	5.000%, 7/01/21		7/18 at 100.00		AAA		17,528,808
	17,575	5.000%, 7/01/22		7/16 at 100.00		AAA		19,232,498
	11,090	5.000%, 1/01/23		1/16 at 100.00		AAA		11,894,469
	6,850	5.000%, 7/01/23		7/14 at 100.00		AAA		6,903,773
	10,115	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+		10,286,449
	3,540	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 5.000%, 11/15/23		11/19 at 100.00		AA+		3,999,634
		Michigan Hospital Financing Authority, Revenue Bonds, Oakwood Obligated Group, Series 2007A:
	2,000	5.000%, 7/15/18		7/17 at 100.00		A		2,176,380
	3,530	5.000%, 7/15/19		7/17 at 100.00		A		3,815,754
	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		1,944,924
	6,930	Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005I, 5.000%, 10/15/33 – AMBAC Insured		10/15 at 100.00		Aa3		7,257,650
	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		5,545,650
	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		6,017,030
	1,600	Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/01/23		11/19 at 100.00		AA+		1,806,944
		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		1,083,985
	1,260	5.500%, 6/01/17		6/16 at 100.00		BBB		1,361,216
	1,330	5.500%, 6/01/18		6/16 at 100.00		BBB		1,426,319
	4,750	Romulus Community Schools, Wayne County, Michigan, General Obligation Bonds, Refunding Series 2013, 5.000%, 5/01/22		No Opt. Call		Aa2		5,562,203
	1,300	Romulus Economic Development Corporation, Michigan, Limited Obligation Revenue Refunding Bonds, Romulus HIR LP Project, Series 1992, 7.000%, 11/01/15 (ETM)		7/14 at 100.00		N/R (4)		1,427,894
		Royal Oak Hospital Financing Authority, Michigan, William Beaumont Hospital, Revenue Bonds, Series 2014D:
	1,000	5.000%, 9/01/26 (WI/DD, Settling 5/13/14)		3/24 at 100.00		A1		1,113,820
	2,000	5.000%, 9/01/27 (WI/DD, Settling 5/13/14)		3/24 at 100.00		A1		2,210,240

108 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
$	2,555	5.000%, 9/01/28 (WI/DD, Settling 5/13/14)		3/24 at 100.00		A1	$	2,801,558
	3,770	5.000%, 9/01/29 (WI/DD, Settling 5/13/14)		3/24 at 100.00		A1		4,095,238
	5,000	5.000%, 9/01/30 (WI/DD, Settling 5/13/14)		3/24 at 100.00		A1		5,397,550
	2,270	5.000%, 9/01/31 (WI/DD, Settling 5/13/14)		3/24 at 100.00		A1		2,435,256
		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		5,723,755
	4,845	5.000%, 5/01/21		11/20 at 100.00		Aa2		5,639,096
	3,845	5.000%, 5/01/22		11/20 at 100.00		Aa2		4,424,134
	1,415	Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A, 6.750%, 11/01/39		12/19 at 100.00		BBB–		1,452,512
	8,000	Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/16		No Opt. Call		A		8,806,560
	1,300	Western Michigan University, General Revenue Refunding Bonds, Series 2008, 5.000%, 11/15/23 – AGM Insured		5/18 at 100.00		AA		1,459,991
	202,160	Total Michigan						209,429,280
		Minnesota – 0.8%
	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		1,668,339
	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+		1,901,965
	2,115	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		2,485,760
		Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010:
	2,650	5.000%, 8/01/18		No Opt. Call		BBB		2,888,553
	1,240	4.250%, 8/01/20		8/18 at 100.00		BBB		1,288,410
		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		1,310,722
	815	5.500%, 5/01/21		5/17 at 100.00		N/R		846,964
		Minnesota State, General Fund Appropriation Refunding Bonds, Series 2014A:
	4,280	5.000%, 6/01/22		No Opt. Call		AA		5,157,742
	4,675	5.000%, 6/01/23		No Opt. Call		AA		5,664,137
	2,625	5.000%, 6/01/24		6/23 at 100.00		AA		3,150,473
	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		1,264,604
	425	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 4.000%, 1/01/28		1/23 at 100.00		A–		444,482
	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–		707,259
	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		1,059,170
	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–		1,122,130

Nuveen Investments 109

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Minnesota (continued)
$	300	Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Gillette Children’s Specialty Healthcare, Series 2005, 5.000%, 2/01/15		No Opt. Call		N/R	$	307,611
	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		487,127
	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–		2,779,123
	30,700	Total Minnesota						34,534,571
		Mississippi – 0.8%
	8,660	Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22		10/14 at 100.00		BBB		8,663,464
		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–		1,559,736
	10,140	5.000%, 8/15/20		8/17 at 100.00		A–		10,921,794
	8,860	Mississippi State, General Obligation Bonds, Series 2013B, 5.000%, 12/01/28		12/23 at 100.00		AA+		10,420,069
	29,100	Total Mississippi						31,565,063
		Missouri – 2.1%
		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+		1,335,773
	3,030	5.000%, 6/01/20		6/17 at 100.00		BBB+		3,203,468
	8,080	Curators of the University of Missouri, System Facilities Revenue Bonds, Refunding Series 2012A, 5.000%, 11/01/19		No Opt. Call		AA+		9,585,950
		Great Rivers Greenway Metropolitan Park & Recreation District, Missouri, Sales Tax Appropriation Bonds, Gateway Arch Project, Series 2014:
	1,000	3.000%, 12/30/24		12/23 at 100.00		A+		1,016,750
	2,000	4.125%, 12/30/33		12/23 at 100.00		A+		2,045,520
	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–		1,063,130
		Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006:
	1,465	4.400%, 3/01/15		No Opt. Call		BBB+		1,499,574
	1,515	4.450%, 3/01/16		No Opt. Call		BBB+		1,589,417
	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+		6,270,071
	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		571,731
	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)		1,291,065
	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–		2,138,140
	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		1,227,711

110 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Missouri (continued)
$	1,400	Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33		5/23 at 100.00		BBB+	$	1,477,546
	3,000	Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM Health Care, Series 2014A, 4.000%, 6/01/33 (WI/DD, Settling 5/14/14)		6/24 at 100.00		AA–		2,968,290
	1,390	Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still University of Health Sciences, Series 2014, 4.250%, 10/01/32		10/23 at 100.00		A–		1,419,746
	430	Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011, 4.400%, 2/01/19		No Opt. Call		BBB+		462,448
		Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2005B:
	850	4.350%, 2/01/15		No Opt. Call		BBB+		867,187
	930	4.375%, 2/01/16		No Opt. Call		BBB+		971,115
	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		AA–		1,034,500
	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		4,774,778
	730	Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Transportation Development District, Series 2006, 4.800%, 5/01/16		7/14 at 100.00		N/R		730,161
	5,830	Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 2012, 5.000%, 6/01/18		No Opt. Call		BBB+		6,441,217
	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		504,965
		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		AA–		13,143,350
	17,305	5.500%, 7/01/19 – NPFG Insured		No Opt. Call		AA–		20,400,172
	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		1,311,768
	80,670	Total Missouri						89,345,543
		Montana – 0.1%
		Montana Facilities Finance Authority, Revenue Bonds, Saint John’s Lutheran Ministries Project, Series 2006A:
	950	5.750%, 5/15/16		No Opt. Call		N/R		1,005,708
	1,675	6.000%, 5/15/25		5/16 at 100.00		N/R		1,712,135
	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–		2,774,625
	5,125	Total Montana						5,492,468
		Nebraska – 0.7%
	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		AA–		1,225,451
	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+		638,046
		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–		731,786
	1,830	4.000%, 6/15/24		6/22 at 100.00		AA–		1,992,010
	1,265	4.000%, 6/15/25		6/22 at 100.00		AA–		1,361,127

Nuveen Investments 111

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Nebraska (continued)
		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		AA–	$	814,277
	1,000	5.125%, 1/01/23		1/20 at 100.00		AA–		1,090,380
	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		2,095,620
	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–		6,223,230
		Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012:
	3,380	5.000%, 9/01/25		9/22 at 100.00		AA		3,965,416
	3,215	5.000%, 9/01/26		9/22 at 100.00		AA		3,743,964
		Nebraska Public Power District, General Revenue Bonds, Series 2012A:
	1,465	5.000%, 1/01/23		1/22 at 100.00		A1		1,712,995
	1,500	5.000%, 1/01/24		1/22 at 100.00		A1		1,738,065
	950	5.000%, 1/01/25		1/22 at 100.00		A1		1,093,669
		Papillion-LaVista School District 27, Sarpy County, Nebraska, General Obligation Bonds, Series 2014:
	725	5.000%, 12/01/21		No Opt. Call		Aa2		874,626
	1,230	5.000%, 12/01/22		No Opt. Call		Aa2		1,491,560
	27,600	Total Nebraska						30,792,222
		Nevada – 2.5%
	3,000	Clark County School District, Nevada, General Obligation Bonds, Series 2008A, 5.000%, 6/15/24		No Opt. Call		AA–		3,386,430
		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		2,294,920
	1,000	5.000%, 7/01/23 (Alternative Minimum Tax)		1/23 at 100.00		A		1,139,800
	1,905	5.000%, 7/01/24 (Alternative Minimum Tax)		1/23 at 100.00		A		2,139,753
	16,000	Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42		1/20 at 100.00		A+		18,355,680
	24,185	Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2008, 5.000%, 6/01/38		No Opt. Call		Aa1		25,607,320
	1,860	Henderson, Nevada, Limited Obligation Refunding Bonds, Local Improvement District T-4C, Green Valley Properties, Series 1999A, 5.900%, 11/01/18		11/14 at 100.00		N/R		1,886,579
		Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water & Refunding Series 2011C:
	1,550	5.000%, 6/01/23		6/21 at 100.00		AA+		1,797,024
	1,000	5.000%, 6/01/24		6/21 at 100.00		AA+		1,149,330
	12,450	5.000%, 6/01/25		6/21 at 100.00		AA+		14,197,109
		Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B:
	2,035	5.000%, 6/01/24		6/22 at 100.00		AA+		2,370,917
	1,500	5.000%, 6/01/25		6/22 at 100.00		AA+		1,732,305
	2,000	5.000%, 6/01/26		6/22 at 100.00		AA+		2,292,640
		Las Vegas, Nevada, Special Improvement District 607 Providence, Local Improvement Refunding Bonds, Series 2013:
	100	4.000%, 6/01/19		No Opt. Call		N/R		101,306
	50	4.000%, 6/01/20		No Opt. Call		N/R		50,218
	445	5.000%, 6/01/22		No Opt. Call		N/R		466,867

112 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Nevada (continued)
$	4,660	Nevada State, General Obligation Bonds, Capital Improvement & Cultural Affairs, Refunding Series 2012B, 5.000%, 8/01/22		No Opt. Call		AA+	$	5,591,394
	11,130	Nevada State, General Obligation Bonds, Capital Improvement & Cultural Affairs, Refunding Series 2013D-1, 5.000%, 3/01/22		No Opt. Call		AA+		13,315,042
		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		2,611,273
	4,710	5.000%, 7/01/23		7/21 at 100.00		AA		5,365,679
	1,500	Washoe County, Nevada, Highway Revenue, Motor Vehicle Fuel Tax Bonds, Series 2013, 5.000%, 2/01/43		2/19 at 100.00		A+		1,579,440
	95,345	Total Nevada						107,431,026
		New Hampshire – 0.6%
		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+		408,135
	430	5.000%, 7/01/15		No Opt. Call		BBB+		450,821
	445	5.000%, 7/01/16		No Opt. Call		BBB+		481,899
	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		N/R (4)		1,061,690
	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		1,254,850
	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+		6,430,609
	1,000	New Hampshire Health and Education Facilities Authority, Revenue Bonds, The Memorial Hospital, Series 2006, 5.250%, 6/01/21		6/16 at 100.00		BBB		1,027,050
	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		1,418,274
	12,125	New Hampshire Municipal Bond Bank, Non-State Guaranteed Bonds, Series 2005d, 5.000%, 7/15/29 – NPFG Insured		7/15 at 100.00		AA–		12,699,846
	23,615	Total New Hampshire						25,233,174
		New Jersey – 6.0%
		New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
	8,005	5.375%, 6/15/15 (ETM)		No Opt. Call		Aaa		8,475,614
	2,135	5.500%, 6/15/16 (ETM)		No Opt. Call		Aaa		2,366,669
	4,315	5.500%, 6/15/16 – RAAI Insured (ETM)		No Opt. Call		Aaa		4,783,221
		New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
	1,100	5.000%, 6/15/17		No Opt. Call		BBB+		1,228,282
	5,205	5.000%, 6/15/19		No Opt. Call		BBB+		5,981,638
	5,045	5.000%, 6/15/20		No Opt. Call		BBB+		5,779,855
	17,495	5.000%, 6/15/21		No Opt. Call		BBB+		19,986,813
	2,130	5.000%, 6/15/22		No Opt. Call		BBB+		2,425,878
	1,000	5.000%, 6/15/22		No Opt. Call		AA		1,145,110
	3,650	5.000%, 6/15/23		6/22 at 100.00		BBB+		4,110,010
	2,965	5.000%, 6/15/24		6/22 at 100.00		BBB+		3,280,565
	7,540	5.000%, 6/15/25		6/22 at 100.00		BBB+		8,218,902

Nuveen Investments 113

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
$	4,950	5.000%, 6/15/26		6/22 at 100.00		BBB+	$	5,348,822
	845	4.250%, 6/15/27		6/22 at 100.00		BBB+		859,365
	4,625	5.000%, 6/15/28		No Opt. Call		BBB+		4,944,588
		New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013:
	1,350	5.000%, 1/01/28 (Alternative Minimum Tax)		1/24 at 100.00		BBB–		1,462,941
	1,685	5.000%, 1/01/31 – AGM Insured (Alternative Minimum Tax)		1/24 at 100.00		AA		1,806,354
	25,000	New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/21		No Opt. Call		A1		29,187,750
	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		413,412
	31,405	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B, 5.250%, 12/15/15 – AMBAC Insured		No Opt. Call		A1		33,933,731
	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		AA+ (4)		8,737,554
	1,340	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/31 – FGIC Insured		No Opt. Call		AA–		565,038
	10,050	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23		No Opt. Call		A1		11,821,815
	3,670	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31		6/21 at 100.00		A1		4,157,596
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA:
	20,200	5.000%, 6/15/21		No Opt. Call		A1		23,610,770
	14,000	5.000%, 6/15/22		No Opt. Call		A1		16,437,820
		South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2012Q:
	4,965	3.000%, 1/01/20		No Opt. Call		A1		5,182,268
	2,950	3.000%, 1/01/21		No Opt. Call		A1		3,046,465
		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	14,230	4.500%, 6/01/23		6/17 at 100.00		BB		13,831,275
	625	4.625%, 6/01/26		6/17 at 100.00		B+		552,581
	20,500	5.000%, 6/01/29		6/17 at 100.00		B		17,596,995
	231,450	Total New Jersey						251,279,697
		New York – 6.2%
	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–		4,426,073
	355	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, 5.000%, 11/01/14		7/14 at 100.00		Aa1		356,434
	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		5,423,275
	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–		8,500,397
	6,665	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014A, 5.000%, 2/15/21		No Opt. Call		AAA		7,927,084

114 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
		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–	$	11,653,800
	9,230	5.000%, 5/15/25		5/22 at 100.00		AA–		10,641,267
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
	130	0.000%, 6/01/17 – AGM Insured		No Opt. Call		AA		124,426
	80	0.000%, 6/01/22 – AGM Insured		No Opt. Call		AA		64,567
	315	0.000%, 6/01/23 – AGM Insured		No Opt. Call		AA		242,588
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
	1,755	5.000%, 12/01/19 (Pre-refunded 6/01/16) – FGIC Insured		6/16 at 100.00		AA– (4)		1,925,884
	600	5.250%, 12/01/20 (Pre-refunded 6/01/16) – FGIC Insured		6/16 at 100.00		AA– (4)		661,536
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
	750	5.000%, 12/01/16 – AGM Insured		6/16 at 100.00		AA		814,733
	225	4.000%, 12/01/16 – AGM Insured		No Opt. Call		AA		239,774
	705	5.000%, 12/01/23 – FGIC Insured		6/16 at 100.00		AA–		755,809
	580	5.000%, 12/01/26 – SYNCORA GTY Insured		6/16 at 100.00		A–		619,568
	270	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35		6/16 at 100.00		A–		287,680
	35	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		AA		37,596
	265	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35		9/16 at 100.00		A–		283,195
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006E:
	2,475	5.000%, 12/01/17 – FGIC Insured		12/16 at 100.00		AA–		2,730,123
	660	5.000%, 12/01/17		12/16 at 100.00		A–		723,782
	1,555	5.000%, 12/01/18 – FGIC Insured		12/16 at 100.00		AA–		1,713,594
	13,600	5.000%, 12/01/18 – NPFG Insured		12/16 at 100.00		AA–		14,987,064
	210	5.000%, 12/01/20 – NPFG Insured		12/16 at 100.00		AA–		230,229
	1,670	5.000%, 12/01/21 – FGIC Insured		12/16 at 100.00		AA–		1,824,158
	195	5.000%, 12/01/21 – NPFG Insured		12/16 at 100.00		AA–		213,000
	1,620	5.000%, 12/01/22 – FGIC Insured		12/16 at 100.00		AA–		1,765,217
	1,050	5.000%, 12/01/22		12/16 at 100.00		A–		1,138,820
		Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A:
	160	5.000%, 4/01/19		No Opt. Call		A–		182,422
	225	5.250%, 4/01/20		4/19 at 100.00		A–		251,750
	500	5.250%, 4/01/21		4/19 at 100.00		A–		559,445
	1,735	5.500%, 4/01/22		4/19 at 100.00		A–		1,956,039
	255	5.000%, 4/01/23		4/19 at 100.00		A–		281,158
	5	6.250%, 4/01/33		4/19 at 100.00		A–		5,845
		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F:
	850	5.000%, 5/01/16 – NPFG Insured		No Opt. Call		AA–		918,816
	860	5.000%, 5/01/17 – NPFG Insured		No Opt. Call		AA–		954,454
	10,285	5.000%, 5/01/18 – NPFG Insured		11/16 at 100.00		AA–		11,304,038
	1,320	5.000%, 5/01/19 – NPFG Insured		11/16 at 100.00		AA–		1,446,997
	25	4.000%, 5/01/21 – NPFG Insured		11/16 at 100.00		AA–		26,499

Nuveen Investments 115

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	1,200	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/16		No Opt. Call		A–	$	1,297,152
	1,235	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012B, 5.000%, 9/01/26		9/22 at 100.00		A–		1,366,466
	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)		16,441,868
	1,000	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.000%, 11/15/23		No Opt. Call		A+		1,180,460
	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		2,202,760
	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		3,147,120
	10,125	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		11,278,643
	10,000	New York City, New York, General Obligation Bonds, Fiscal 2003 Series C-A. RMKT, 5.000%, 8/01/19		No Opt. Call		Aa2		11,764,900
	100	New York City, New York, General Obligation Bonds, Fiscal Series 2002A, 5.750%, 8/01/15		7/14 at 100.00		AA		100,480
	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		5,843,838
	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		2,651,414
	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)		2,409,226
	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		24,210,448
	17,275	New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19		No Opt. Call		A–		20,023,798
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2011B:
	8,040	5.000%, 6/01/17		No Opt. Call		AA–		9,101,923
	9,015	5.000%, 6/01/18		No Opt. Call		AA–		10,421,791
	1,715	New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2013A, 5.000%, 6/01/20		6/16 at 100.00		AA–		1,859,283
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2013B:
	1,545	5.000%, 6/01/19		6/14 at 100.00		AA–		1,551,195
	1,000	5.000%, 6/01/19		6/15 at 100.00		AA–		1,049,550
	560	5.000%, 6/01/20		6/15 at 100.00		AA–		586,740
	1,040	5.000%, 6/01/20		6/16 at 100.00		AA–		1,127,495
	2,905	5.000%, 6/01/21		6/16 at 100.00		AA–		3,151,925
	1,500	5.000%, 6/01/21		6/17 at 100.00		AA–		1,683,615
	8,770	5.000%, 6/01/22		6/17 at 100.00		AA–		9,831,872
	1,000	Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2014A, 5.125%, 7/01/31		7/19 at 100.00		BB		1,001,050

116 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	10,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/25		12/23 at 100.00		AA–	$	11,923,100
	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		875,359
	2,550	Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2014A, 5.000%, 11/15/22		No Opt. Call		AA–		3,082,568
	231,135	Total New York						259,365,175
		North Carolina – 1.1%
	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		982,530
	610	North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University, Series 2012, 3.750%, 3/01/24		3/22 at 100.00		BBB		611,623
	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–		2,232,420
		North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012B:
	5,000	5.000%, 1/01/20		No Opt. Call		A–		5,857,100
	21,620	5.000%, 1/01/21		No Opt. Call		A–		25,362,854
	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		1,882,087
	2,120	North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Presbyterian Homes, Series 2006B, 5.000%, 10/01/14		No Opt. Call		N/R		2,131,066
	4,955	North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/26		1/19 at 100.00		A		5,653,605
	820	North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2012A, 4.000%, 1/01/20		No Opt. Call		A		916,096
	39,725	Total North Carolina						45,629,381
		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+		3,215,575
		Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2006:
	1,180	5.000%, 7/01/14		No Opt. Call		BBB–		1,187,174
	2,410	5.125%, 7/01/20		7/16 at 100.00		BBB–		2,502,279
	6,340	Total North Dakota						6,905,028
		Ohio – 3.4%
	1,000	Akron, Ohio, Certificates of Participation, Refunding Series 2005, 5.000%, 12/01/15 (Pre-refunded 6/01/15) – AGC Insured		6/15 at 100.00		AA (4)		1,052,260
	1,900	Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A, 5.000%, 5/01/33		5/22 at 100.00		AA–		2,037,769
	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		1,415,106

Nuveen Investments 117

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
		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		Aaa	$	389,456
	1,875	5.000%, 6/01/16		No Opt. Call		A1		2,008,031
	135	5.000%, 6/01/17		No Opt. Call		A3		147,825
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
	41,610	5.125%, 6/01/24		6/17 at 100.00		B–		35,962,275
	435	5.875%, 6/01/30		6/17 at 100.00		B		364,452
	150	5.750%, 6/01/34		6/17 at 100.00		B		123,314
	1,000	Cincinnati, Ohio, General Obligation Bonds, Refunding & Improvement Various Purpose Series 2014A, 5.000%, 12/01/17		No Opt. Call		Aa2		1,144,530
	3,240	Cleveland, Ohio, Airport System Revenue Bonds, Series 2009C, 5.000%, 1/01/21 – AGM Insured		1/19 at 100.00		AA		3,569,994
		Cleveland, Ohio, General Obligation Bonds, Series 2011:
	1,700	5.000%, 12/01/22		12/19 at 100.00		AA		1,895,823
	1,780	5.000%, 12/01/23		12/19 at 100.00		AA		1,970,068
	4,740	Columbus, Ohio, Sewerage System Revenue Bonds, Tender Option Bond Trust 2456, 18.006%, 12/01/15 (IF)		No Opt. Call		AA+		7,220,726
	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		3,151,693
	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		Aa1		1,174,300
		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		A		2,064,245
	750	5.250%, 5/15/16		No Opt. Call		A		814,823
	7,450	Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/27		2/23 at 100.00		BB+		7,263,974
		New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C:
	775	4.000%, 10/01/18		No Opt. Call		A1		846,238
	870	4.000%, 10/01/19		No Opt. Call		A1		952,589
	1,150	4.000%, 10/01/20		No Opt. Call		A1		1,254,363
	1,205	5.000%, 10/01/21		No Opt. Call		A1		1,388,003
	965	5.000%, 10/01/22		No Opt. Call		A1		1,120,490
	6,855	Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2006A, 3.750%, 12/01/23		No Opt. Call		BBB–		7,133,656
	1,000	Ohio Higher Education Facilities Commission, Revenue Bonds, John Carroll University, Series 1997, 4.500%, 4/01/15		No Opt. Call		A3		1,031,150
	11,015	Ohio State, General Obligation Bonds, Common Schools Series 2007A, 5.000%, 6/15/15		No Opt. Call		AA+		11,613,445
	6,960	Ohio State, General Obligation Bonds, Refunding Common Schools Series 2011B, 4.000%, 9/15/21		No Opt. Call		AA+		7,871,064
	8,160	Ohio State, General Obligation Bonds, Refunding Higher Education Series 2012C, 5.000%, 8/01/21		No Opt. Call		AA+		9,810,034
	8,000	Ohio State, General Obligation Highway Capital Improvement Bonds, Series 2012Q, 5.000%, 5/01/21		No Opt. Call		AAA		9,612,560

118 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
$	12,000	Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Series 2014, 5.000%, 6/01/21 (WI/DD, Settling 5/01/14)		No Opt. Call		AAA	$	14,465,880
	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		563,985
		Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006:
	735	5.000%, 11/15/14		No Opt. Call		A–		750,773
	805	5.000%, 11/15/16		No Opt. Call		A–		875,743
	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		1,240,488
	137,615	Total Ohio						144,301,125
		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+		2,555,297
	2,810	4.000%, 9/01/22		9/21 at 100.00		A+		3,011,870
	1,415	4.000%, 9/01/23		9/21 at 100.00		A+		1,497,778
	2,495	Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.500%, 9/01/23		9/16 at 100.00		BBB–		2,585,419
		Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Refunding Series 2014A:
	1,245	5.000%, 7/01/22		No Opt. Call		AA		1,502,304
	2,000	5.000%, 7/01/23		No Opt. Call		AA		2,424,780
	1,000	5.000%, 7/01/24		No Opt. Call		AA		1,218,230
	2,500	5.000%, 7/01/25		7/24 at 100.00		AA		3,016,975
	10,000	Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/27 (Pre-refunded 7/01/15) – AMBAC Insured		7/15 at 100.00		AA (4)		10,562,200
	790	Stillwater Medical Center Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.250%, 5/15/14		No Opt. Call		BBB+		791,477
	1,050	Stillwater Medical Center Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.250%, 5/15/15 (Pre-refunded 5/15/14)		5/14 at 100.00		BBB+ (4)		1,052,226
	3,000	Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2009A, 5.375%, 6/01/24		6/15 at 100.00		BBB+		3,083,790
	30,595	Total Oklahoma						33,302,346
		Oregon – 0.8%
		Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Refunding Bonds, Series 2012B:
	5,900	4.000%, 6/15/22		No Opt. Call		AA+		6,657,029
	3,340	4.000%, 6/15/23		No Opt. Call		AA+		3,742,904
	4,145	Clackamas Community College District, Oregon, General Obligation Bonds, Series 2007, 5.000%, 6/15/20 – FGIC Insured		No Opt. Call		AA		4,927,369
	11,110	Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 2013A, 5.000%, 11/15/38		11/23 at 100.00		AAA		12,485,418
	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		4,627,800

Nuveen Investments 119

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Oregon (continued)
		Umatilla County School District 016R Pendleton, Oregon, General Obligation Bonds, Series 2014A:
$	1,000	5.000%, 6/15/28		6/24 at 100.00		Aa1	$	1,182,160
	1,080	5.000%, 6/15/29		6/24 at 100.00		Aa1		1,265,825
	30,575	Total Oregon						34,888,505
		Pennsylvania – 3.9%
	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		2,315,477
	1,000	Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 5.000%, 12/01/25		12/22 at 100.00		AA–		1,133,500
	25,815	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		Baa3		25,875,665
	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		1,466,909
		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–		1,336,557
	1,405	5.000%, 12/15/17 – RAAI Insured		12/15 at 100.00		BBB–		1,459,036
		Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008:
	535	5.250%, 10/01/20		10/18 at 100.00		BBB		586,488
	565	5.375%, 10/01/21		10/18 at 100.00		BBB		614,528
		Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann University, Series 2010:
	1,000	5.000%, 10/01/21		10/20 at 100.00		BBB		1,085,700
	1,050	5.000%, 10/01/25		10/20 at 100.00		BBB		1,107,225
	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		3,205,720
	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		1,337,518
	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		1,012,180
	3,305	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+		3,703,880
		Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Junior Guaranteed Series 2013B:
	1,975	5.500%, 1/01/25		1/24 at 100.00		AA		2,398,697
	2,265	5.500%, 1/01/26		1/24 at 100.00		AA		2,723,413
	2,260	5.500%, 1/01/27		1/24 at 100.00		AA		2,698,598
		Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Junior Insured Series 2013C:
	500	5.500%, 1/01/25 – AGM Insured		No Opt. Call		AA		607,265
	1,095	5.500%, 1/01/26 – AGM Insured		1/24 at 100.00		AA		1,316,617
	2,505	5.500%, 1/01/28 – AGM Insured		1/24 at 100.00		AA		2,965,920
	2,050	5.500%, 1/01/29 – AGM Insured		1/24 at 100.00		AA		2,390,177
	1,255	5.500%, 1/01/31 – AGM Insured		1/24 at 100.00		AA		1,445,434

120 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
		Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012B:
$	2,175	5.000%, 1/01/21		1/19 at 100.00		Aaa	$	2,526,089
	9,575	5.000%, 7/01/21		1/18 at 100.00		Aaa		10,875,285
	7,800	5.000%, 1/01/22		7/17 at 100.00		Aaa		8,808,930
	11,765	5.000%, 7/01/22		7/16 at 100.00		Aaa		12,862,675
	9,785	Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured		12/16 at 100.00		AA		9,897,723
	2,000	Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A, 0.000%, 12/01/34		No Opt. Call		AA		1,435,060
	16,020	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38		12/27 at 100.00		A–		16,094,813
	3,000	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Ninth Series, 2010, 5.000%, 8/01/30		8/20 at 100.00		BBB+		3,209,700
	10,000	Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2005A, 5.000%, 8/01/19 – AMBAC Insured		8/15 at 100.00		Aa3		10,529,200
	4,270	Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2010A, 5.000%, 6/01/16		No Opt. Call		Aa3		4,628,338
	11,050	Sayre Healthcare Facility Authority, Pennsylvania, Revenue Bonds, Guthrie Healthcare System, Series 2007, 0.938%, 12/01/24		12/17 at 100.00		AA–		9,987,432
		Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2013:
	1,400	5.000%, 12/01/19		No Opt. Call		BBB–		1,539,832
	730	5.000%, 12/01/20		No Opt. Call		BBB–		799,657
	1,105	5.000%, 12/01/21		No Opt. Call		BBB–		1,197,632
	1,625	5.000%, 12/01/22		No Opt. Call		BBB–		1,750,206
	1,705	5.000%, 12/01/23		6/23 at 100.00		BBB–		1,827,487
	1,795	5.000%, 12/01/24		6/23 at 100.00		BBB–		1,912,932
	60	Trinity Area School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/19 – AGM Insured		No Opt. Call		A1		66,977
	1,205	Westmoreland County Industrial Development Authority, Pennsylvania, Retirement Community Revenue Bonds, Redstone Presbyterian SeniorCare Obligated Group, Series 2005A, 5.500%, 1/01/16 (ETM)		No Opt. Call		N/R (4)		1,304,292
	155,690	Total Pennsylvania						164,040,764
		Puerto Rico – 0.4%
	540	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 4.250%, 7/01/25		No Opt. Call		BB+		356,357
	3,000	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT, 5.000%, 7/01/24 – NPFG Insured		7/17 at 100.00		AA–		2,841,600
	4,995	Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2003H, 5.250%, 7/01/14 – FGIC Insured		No Opt. Call		BB+		4,987,757
	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		BB+		966,625
	6,185	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+		4,800,488
	4,515	Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/16 – NPFG Insured		No Opt. Call		AA–		4,611,711
	20,250	Total Puerto Rico						18,564,538

Nuveen Investments 121

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Rhode Island – 0.2%
$	4,300	Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England Health System, Series 2013A, 5.500%, 9/01/28		9/23 at 100.00		BBB	$	4,507,561
		Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
	2,030	6.000%, 6/01/23		7/14 at 100.00		A2		2,030,325
	465	6.125%, 6/01/32		7/14 at 100.00		BBB+		464,995
	6,795	Total Rhode Island						7,002,881
		South Carolina – 1.3%
	12,700	Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24		12/16 at 100.00		AA		13,838,428
		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		1,586,655
	2,000	5.250%, 12/01/24		12/15 at 100.00		A2		2,115,540
		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–		2,106,521
	7,500	5.000%, 11/01/27		11/22 at 100.00		A–		8,189,550
	13,190	5.000%, 11/01/28		11/22 at 100.00		A–		14,281,077
	1,225	5.000%, 11/01/29		11/22 at 100.00		A–		1,316,214
	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+		1,097,180
	6,810	South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2004B, 5.250%, 10/01/16 – AMBAC Insured		No Opt. Call		A1		7,583,344
	500	Spartanburg Regional Health Services District Inc., South Carolina, Hospital Revenue Bonds, Refunding Series 2008D, 5.250%, 4/15/20		4/18 at 100.00		AA		561,365
	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		1,632,343
	49,795	Total South Carolina						54,308,217
		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		2,500,720
		South Dakota Building Authority, Revenue Bonds, Series 2013B:
	525	5.000%, 6/01/22		No Opt. Call		AA		619,815
	1,000	5.000%, 6/01/24		6/23 at 100.00		AA		1,169,060
		South Dakota Health and Educational Facilities Authority, Revenue Bonds, Huron Regional Medical Center, Series 2005:
	760	5.000%, 4/01/17		7/14 at 100.00		A–		762,614
	800	5.000%, 4/01/18		7/14 at 100.00		A–		802,680
	840	5.000%, 4/01/19		7/14 at 100.00		A–		842,596
	820	5.000%, 4/01/20		7/14 at 100.00		A–		822,386
	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+		1,083,860
	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+		1,089,100

122 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		South Dakota (continued)
$	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	$	1,661,055
		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		302,952
	1,770	5.000%, 9/01/25		9/14 at 100.00		A		1,775,115
	12,700	Total South Dakota						13,431,953
		Tennessee – 1.4%
	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		A+		2,607,740
	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		3,718,116
	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+		3,976,858
		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+		744,401
	750	5.000%, 7/01/18		7/16 at 100.00		BBB+		792,263
	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+		5,191,050
		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		1,490,300
	3,180	5.000%, 1/01/23		No Opt. Call		A		3,599,951
	1,300	4.000%, 1/01/23		No Opt. Call		A		1,374,113
	1,750	5.000%, 1/01/24		No Opt. Call		A		1,962,818
		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–		1,712,700
	1,560	5.250%, 4/01/24		4/21 at 100.00		AA–		1,789,632
	1,240	5.250%, 4/01/25		4/21 at 100.00		AA–		1,410,872
	1,000	Memphis, Tennessee, General Improvement Bonds, Series 2005, 5.000%, 10/01/16 – NPFG Insured		No Opt. Call		AA		1,110,640
	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–		3,537,204
	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–		4,872,734
		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–		1,173,330
	1,860	5.250%, 11/01/25		11/19 at 100.00		AA–		2,038,188
	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+		1,484,574
	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		6/14 at 100.00		BBB+		2,006,180
	11,910	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/20		No Opt. Call		A		13,541,075
	54,525	Total Tennessee						60,134,739

Nuveen Investments 123

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas – 8.4%
$	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	$	1,163,313
	5,910	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		6,095,219
	2,125	Brownsville, Texas, General Obligation Bonds, Refunding Series 2005, 5.000%, 2/15/17 – NPFG Insured		2/15 at 100.00		AA–		2,203,115
	3,000	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/33		1/23 at 100.00		Baa2		3,152,670
	3,380	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46		1/21 at 100.00		Baa2		3,709,144
	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		9,397,520
	1,180	Corinth, Texas, Certificates of Obligation, Series 2007, 4.500%, 2/15/19 – NPFG Insured		2/17 at 100.00		Aa2		1,273,043
	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		6,210,262
	4,995	Dallas, Texas, General Obligation Bonds, Refunding & Improvements Series 2007, 4.500%, 2/15/27		2/17 at 100.00		AA+		5,360,334
	5	Dallas, Texas, General Obligation Bonds, Refunding & Improvements Series 2007, 4.500%, 2/15/27 (Pre-refunded 2/15/17)		2/17 at 100.00		Aa1 (4)		5,542
	10,010	Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/15 – AMBAC Insured		No Opt. Call		AAA		10,693,583
	2,440	El Paso County, Texas, General Obligation Bonds, Refunding Series 2007, 5.000%, 2/15/18 – NPFG Insured		No Opt. Call		AA		2,793,410
	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+		666,588
	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		1,226,299
	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+		2,237,040
	2,045	Frisco, Collins and Denton Counties, Texas, Certificates of Obligation, Series 2007, 4.500%, 2/15/16 – AMBAC Insured		No Opt. Call		Aa1		2,197,598
	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		946,033
	7,300	Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53		10/23 at 100.00		AA+		7,706,610
	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		697,370
		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–		918,514
	500	4.000%, 3/01/22		3/21 at 100.00		A–		519,705
	800	4.000%, 3/01/23		3/21 at 100.00		A–		825,360
	440	4.250%, 3/01/25		3/21 at 100.00		A–		453,152

124 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	1,815	Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Refunding Series 2013A, 5.000%, 12/01/23		No Opt. Call		A+	$	2,103,313
	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		A1 (4)		2,471,976
	6,900	Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, St. Luke’s Episcopal Hospital, Series 1991A, 6.750%, 2/15/21 (ETM)		7/14 at 100.00		AA+ (4)		7,943,004
		Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Contractual Obligation Series 2014:
	5,690	5.000%, 11/01/27		11/24 at 100.00		AA+		6,771,783
	1,250	5.000%, 11/01/28		11/24 at 100.00		AA+		1,479,575
	1,500	5.000%, 11/01/29		11/24 at 100.00		AA+		1,764,870
		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+		6,050,765
	5,385	5.000%, 11/01/23		11/19 at 100.00		AA+		6,351,500
	5,660	5.000%, 11/01/24		11/19 at 100.00		AA+		6,659,499
	2,320	Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 1014, 13.833%, 11/01/41 (IF) (8)		11/21 at 100.00		AA+		2,915,915
		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+		2,459,772
	2,380	5.000%, 7/01/20		No Opt. Call		BBB+		2,551,193
		Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2014C:
	2,600	5.000%, 5/15/20		No Opt. Call		AA		3,093,142
	2,000	5.000%, 5/15/21		No Opt. Call		AA		2,395,360
		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		6,915,765
	6,920	5.250%, 9/01/25		9/16 at 100.00		A2		7,483,980
	4,295	5.250%, 9/01/26		9/16 at 100.00		A2		4,624,856
		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		5,785,040
	3,810	0.000%, 9/01/23 – AMBAC Insured		No Opt. Call		A2		2,602,763
		Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011B:
	1,900	5.000%, 7/01/25		7/21 at 100.00		A+		2,138,241
	2,025	5.000%, 7/01/26		7/21 at 100.00		A+		2,256,822
		Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012B:
	18,225	5.000%, 7/01/31		7/22 at 100.00		A+		19,674,617
	5,000	5.000%, 7/01/32		7/22 at 100.00		A+		5,354,250
	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–		773,966
	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–		1,609,068

Nuveen Investments 125

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	6,075	Laredo, Texas, International Toll Bridge Revenue Bonds, Series 2005B, 5.000%, 10/01/18 – AGM Insured		10/15 at 100.00		AA	$	6,467,202
		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		1,347,202
	1,315	4.375%, 2/15/23 – AGM Insured		2/17 at 100.00		AA		1,424,184
	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–		2,090,060
	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		1,079,190
	770	Mansfield Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2006, 5.000%, 2/15/22 (Pre-refunded 2/15/16)		2/16 at 100.00		AAA		834,295
		McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
	3,045	5.000%, 12/01/25		No Opt. Call		Baa2		3,234,917
	2,720	5.250%, 12/01/28		12/25 at 100.00		Baa2		2,897,453
		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		5,008,143
	4,710	5.000%, 8/15/25		8/22 at 100.00		AA		5,400,062
	3,920	5.000%, 8/15/26		8/22 at 100.00		AA		4,452,297
	7,025	5.000%, 8/15/27		8/22 at 100.00		AA		7,812,081
	2,505	North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008A, 6.000%, 1/01/24		1/18 at 100.00		A2		2,842,023
	3,095	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		3,338,546
		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+		10,035,268
	5,000	5.250%, 9/01/26		9/21 at 100.00		AA+		5,823,300
		North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
	2,370	0.000%, 9/01/43		9/31 at 100.00		AA+		1,825,327
	9,130	0.000%, 9/01/45		9/31 at 100.00		AA+		7,726,902
	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		1,063,570
	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		1,133,950
	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+		953,050
	2,535	San Antonio, Texas, Electric and Gas System Revenue Refunding Bonds, New Series 1992, 5.000%, 2/01/17 (ETM)		No Opt. Call		AA+ (4)		2,711,208
		San Antonio, Texas, General Obligation Bonds, Series 2006:
	1,000	4.125%, 2/01/19		2/16 at 100.00		AAA		1,060,860
	1,140	4.250%, 2/01/20		2/16 at 100.00		AAA		1,208,560
	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+		618,493
	870	Sunnyvale School District, Texas, General Obligation Bonds, School Building Series 2007, 4.400%, 2/15/20		2/17 at 100.00		AAA		937,477

126 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	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		BBB	$	1,265,653
	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		Aa3		5,249,311
	1,285	Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Series 2013, 5.125%, 9/01/33		9/23 at 100.00		A2		1,355,624
	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–		5,536,200
	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		2,513,300
	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		5,515,500
	2,030	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2007, 5.000%, 4/01/17		No Opt. Call		AAA		2,289,069
	4,515	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A, 5.000%, 4/01/20		No Opt. Call		AAA		5,394,883
	5,000	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Tender Option Bond Trust 3216, 17.805%, 10/01/14 (IF)		No Opt. Call		AAA		6,801,800
	4,645	Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2008, Trust 2568, 17.901%, 10/01/15 (IF)		No Opt. Call		AAA		7,124,315
	1,500	Texas State, General Obligation Bonds, Water Financial Assistance, Refunding Series 2007A, 5.000%, 8/01/17		No Opt. Call		AAA		1,709,910
		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		1,027,470
	900	5.500%, 11/15/25		11/15 at 100.00		N/R		907,902
		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		5,202,950
	11,300	5.250%, 7/01/28		7/17 at 100.00		Baa1		11,668,267
		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		2,828,759
	2,900	4.000%, 8/15/19		No Opt. Call		A		3,134,581
	3,015	4.000%, 8/15/20		No Opt. Call		A		3,232,110
	3,135	4.000%, 8/15/21		No Opt. Call		A		3,345,891
	500	Victoria Independent School District, Victoria County, Texas, General Obligation Bonds, School Building Series 2007, 5.000%, 2/15/18		2/17 at 100.00		AAA		559,855
	1,000	Victoria, Texas, Utility System Revenue Refunding Bonds, Series 2007, 4.400%, 12/01/19 – AMBAC Insured		12/17 at 100.00		AA–		1,088,350
	8,830	Williamson County, Texas, General Obligation Bonds, Limited Tax Refunding Series 2012, 5.000%, 2/15/26		2/22 at 100.00		AAA		10,365,890
	326,125	Total Texas						356,125,669

Nuveen Investments 127

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utah – 0.5%
$	6,345	Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41		8/19 at 100.00		AA+	$	6,701,843
		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–		3,850,118
	2,000	5.000%, 9/01/25		9/22 at 100.00		A–		2,263,840
	2,265	5.000%, 9/01/26		9/22 at 100.00		A–		2,539,133
		Utah, General Obligation Bonds, Series 2009, Trust 2987:
	1,250	17.840%, 7/01/21 (IF) (Pre-refunded 7/01/18)		7/18 at 100.00		AAA		2,085,850
	2,500	17.840%, 7/01/22 (IF) (Pre-refunded 7/01/18)		7/18 at 100.00		AAA		4,171,700
	17,700	Total Utah						21,612,484
		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		1,636,485
	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		6,394,080
	7,580	Total Virgin Islands						8,030,565
		Virginia – 0.1%
	750	Roanoke Economic Development Authority, Virginia, Residential Care Facility Mortgage Revenue Refunding Bonds, Virginia Lutheran Homes Brandon Oaks Project, Series 2012, 5.000%, 12/01/32		No Opt. Call		N/R		709,155
	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–		1,316,776
	2,010	Total Virginia						2,025,931
		Washington – 2.0%
	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		AA–		5,396,723
	1,515	Clark County School District 37, Vancouver, Washington, General Obligation Bonds, Series 1998, 5.250%, 12/01/14 – AGM Insured		No Opt. Call		AA		1,560,056
	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)		2,927,407
	545	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)		612,880
	265	King County School District 412 Shoreline, Washington, General Obligation Bonds, Series 2008, 5.750%, 12/01/21		12/18 at 100.00		AA+		315,702
	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		5,076,332
	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		1,209,522
	5,690	Spokane County School District 356 Central Valley, Washington, General Obligation Bonds, Unlimited Tax Deferred Interest Series 1998B, 0.000%, 12/01/14 – FGIC Insured		No Opt. Call		Aa2		5,681,294
	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)		1,052,710

128 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Washington (continued)
$	8,900	Tacoma, Washington, Electric System Revenue Bonds, Series 2004A, 5.250%, 1/01/16 (Pre-refunded 7/01/14) – FGIC Insured		7/14 at 100.00		AA (4)	$	8,977,074
	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		6,363,060
		Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A:
	1,250	5.000%, 11/15/22		No Opt. Call		A+		1,445,300
	2,000	5.000%, 11/15/24		5/24 at 100.00		A+		2,302,900
		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		BBB		3,495,094
	2,000	6.750%, 7/01/29		7/19 at 100.00		BBB		2,240,540
	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		3,491,540
	3,005	Washington State, General Obligation Bonds, Various Purpose Refunding Series 2005A, 5.000%, 1/01/25 – AMBAC Insured		1/15 at 100.00		AA+		3,091,213
	3,005	Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008, Trust 2599, 18.110%, 1/01/16 (IF)		No Opt. Call		AA+		4,664,511
	12,000	Washington, General Obligation Bonds, Series 1992B and Series 1992AT-7, 6.400%, 6/01/17 – NPFG Insured		No Opt. Call		AA+		13,143,600
	3,010	Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/16 – FGIC Insured		No Opt. Call		AA+		2,987,756
	2,275	Washington, Various Purpose General Obligation Bonds, Series 1998C, 5.500%, 7/01/14		No Opt. Call		AA+		2,295,862
	4,415	Whidbey Island Public Hospital District, Island County, Washington, General Obligation Bonds, Whidbey General Series 2013, 5.500%, 12/01/33		12/22 at 100.00		A2		4,868,465
	77,145	Total Washington						83,199,541
		West Virginia – 0.0%
	1,630	West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding Series 2008E, 5.375%, 6/01/28		12/18 at 100.00		A		1,758,411
		Wisconsin – 2.9%
	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		A–		2,160,000
		University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A:
	335	5.000%, 4/01/20		No Opt. Call		Aa3		386,188
	795	5.000%, 4/01/21		No Opt. Call		Aa3		914,838
	460	5.000%, 4/01/22		No Opt. Call		Aa3		526,337
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A:
	1,020	5.000%, 7/15/25		7/21 at 100.00		A		1,105,139
	13,970	5.000%, 7/15/27 – AGM Insured		7/21 at 100.00		A2		14,912,835
	2,060	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2010A, 6.000%, 6/01/30		6/20 at 100.00		Baa2		2,258,399

Nuveen Investments 129

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin (continued)
		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–	$	1,580,012
	8,670	5.500%, 8/15/29		2/20 at 100.00		AA–		9,506,482
	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		2,048,060
	2,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, EastCastle Place Inc., Series, 5.750%, 12/01/19		7/14 at 100.00		N/R		1,866,640
	1,250	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.375%, 5/01/18		7/14 at 100.00		BBB		1,254,263
		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+		2,413,366
	2,505	5.000%, 9/01/22		9/17 at 100.00		BBB+		2,611,513
	3,455	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2010A, 5.000%, 6/01/19		No Opt. Call		A2		3,609,058
	5,325	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured		No Opt. Call		A2		5,974,224
	1,750	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/24		8/22 at 100.00		A+		2,005,868
	170	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Vernon Memorial Healthcare Inc., Series 2005, 4.650%, 3/01/15		No Opt. Call		BBB		175,185
		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–		2,639,125
	11,955	5.250%, 8/15/20		8/16 at 100.00		A–		12,778,102
	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–		10,660,638
	775	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)		832,304
	9,000	Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/27		5/19 at 100.00		AA–		10,935,810
	5,800	Wisconsin State, General Obligation Bonds, Refunding Series 2014-2, 5.000%, 5/01/24		5/22 at 100.00		AA		6,886,746
	10,170	Wisconsin State, General Obligation Bonds, Series 2005I, 5.000%, 5/01/16 – NPFG Insured		5/15 at 100.00		AA		10,640,363
		Wisconsin State, Transportation Revenue Bonds, Series 2014-1:
	1,100	5.000%, 7/01/24		7/19 at 100.00		AA+		1,270,852
	3,250	5.000%, 7/01/25		7/19 at 100.00		AA+		3,754,790
	3,980	5.000%, 7/01/26		7/19 at 100.00		AA+		4,564,304
	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		AA–		1,485,337
	111,425	Total Wisconsin						121,756,778

130 Nuveen Investments

Principal Amount (000)		Description (1)			Optional Call Provisions (2)		Ratings (3)		Value
		Wyoming – 0.1%
$	5,500	Sweetwater County, Wyoming, Hospital Revenue Refunding Bonds, Memorial Hospital Project, Series 2013A, 5.000%, 9/01/30				9/23 at 100.00		BBB	$	5,707,360
$	3,833,175	Total Municipal Bonds (cost $3,945,570,415)								4,120,147,143
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		CORPORATE BONDS – 0.0%
		Transportation – 0.0%
$	205	Las Vegas Monorail Company, Senior Interest Bonds (9), (10)		5.500%		7/15/19		N/R	$	36,891
	57	Las Vegas Monorail Company, Senior Interest Bonds (9), (10)		3.000%		7/15/55		N/R		7,595
$	262	Total Corporate Bonds (cost $15,664)								44,486
		Total Long-Term Investments (cost $3,945,586,079)								4,120,191,629
Principal Amount (000)		Description (1)			Optional Call Provisions (2)		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 1.0%
		MUNICIPAL BONDS – 1.0%
		California – 0.2%
$	8,900	San Jose, California, Airport Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 3923, 0.240%, 9/01/31 – AMBAC Insured (11)				3/17 at 100.00		VMIG–1	$	8,900,000
		District of Columbia – 0.1%
	3,980	District of Columbia Water and Sewerage Authority, Public Utility Revenue Bonds, Subordinate Lien, Variable Rate Demand Obligations, Tender Option Bond Trust 3302, 0.140%, 4/01/16 (11)				No Opt. Call		A–1		3,980,000
		Florida – 0.1%
	5,675	Miami-Dade County School Board, Florida, Certificates of Participation, Variable Rate Demand Obligations, Tender Option Bond Trust 4009Z, 0.240%, 11/01/16 – AGC Insured (11)				No Opt. Call		A–1		5,675,000
		Oregon – 0.1%
	5,000	Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 4411, 0.130%, 5/15/21 (11)				No Opt. Call		A–1		5,000,000
		South Carolina – 0.3%
	10,000	Charleston Educational Excellence Financing Corporation, South Carolina, Revenue Bonds, Variable Rate Demand Obligations, Series 2005, 0.140%, 7/01/15 (11)				No Opt. Call		A–1		10,000,000
		Tennessee – 0.1%
	5,000	Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 4416, 0.130%, 7/01/21 (11)				No Opt. Call		A–1		5,000,000

Nuveen Investments 131

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Virginia – 0.1%
$	5,000	Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Loan Bond Program, Variable Rate Demand Obligations, Tender Option Bond Trust 3999, 0.130%, 11/01/19 (11)		No Opt. Call		A–1	$	5,000,000
$	43,555	Total Short-Term Investments (cost $43,555,000)						43,555,000
		Total Investments (cost $3,989,141,079) – 98.7%						4,163,746,629
		Other Assets Less Liabilities – 1.3%						53,424,588
		Net Assets – 100%					$	4,217,171,217

(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, 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, 5.40% 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, 0.0% coupon and May 15, 2050 maturity. The second security, which is the remaining 70% of the issue, has a 700,000 par, 5.4% 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, 5.50% 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, 0.0% coupon and May 15, 2050 maturity. The second security, which is the remaining 70% of the issue, has a 700,000 par, 5.5% 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, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(9) 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, Note 2 – Investment Valuation and Fair Value Measurements 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 annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.

(11) 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.

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.

132 Nuveen Investments

Nuveen Limited Term Municipal Bond Fund

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 97.9%
		MUNICIPAL BONDS – 97.9%
		National – 0.0%
$	585	BB&T Various States Municipal Trust Pool, Class B Certificates, Series 2011, 0.970%, 9/01/14		No Opt. Call		AA–	$	584,840
		Alabama – 0.3%
	1,000	Health Care Authority for Baptist Health, Alabama, Revenue Bonds, Baptist Health, Series 2006D, 5.000%, 11/15/14		No Opt. Call		A3		1,018,760
	1,075	Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/15		7/14 at 100.00		BBB		1,080,880
	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		A1		5,018,750
	3,370	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		AA– (4)		3,522,223
	10,445	Total Alabama						10,640,613
		Alaska – 0.3%
		Alaska State, Sport Fishing Revenue Bonds, Refunding Series 2011:
	2,680	5.000%, 4/01/18		No Opt. Call		A1		3,028,105
	1,360	5.000%, 4/01/19		No Opt. Call		A1		1,556,085
	6,495	Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 4.625%, 6/01/23		6/14 at 100.00		Ba1		6,290,992
	10,535	Total Alaska						10,875,182
		Arizona – 3.7%
	295	Arizona Board of Regents, University of Arizona, System Revenue Refunding Bonds, Series 1992A, 6.200%, 6/01/16		No Opt. Call		AA		308,788
		Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A:
	1,000	3.000%, 2/01/16		No Opt. Call		BBB+		1,035,890
	950	4.000%, 2/01/17		No Opt. Call		BBB+		1,017,251
	2,000	5.000%, 2/01/18		No Opt. Call		BBB+		2,230,380
	2,955	Arizona School Facilities Board, Certificates of Participation, Series 2008, 5.500%, 9/01/16		No Opt. Call		A+		3,292,875
	895	Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured		7/15 at 100.00		Aa3		936,993
		Arizona State, Certificates of Participation, Department of Administration Series 2010B:
	11,950	5.000%, 10/01/16 – AGC Insured		No Opt. Call		AA		13,101,622
	760	5.000%, 10/01/17 – AGM Insured		No Opt. Call		AA		850,615
	7,760	Arizona State, Certificates of Participation, Series 2008A, 5.000%, 9/01/21 – AGM Insured		3/18 at 100.00		AA		8,402,528
		Arizona State, Certificates of Participation, Series 2010A:
	4,700	5.000%, 10/01/16 – AGM Insured		No Opt. Call		AA		5,152,939
	11,935	5.000%, 10/01/17 – AGM Insured		No Opt. Call		AA		13,358,010
	2,960	5.000%, 10/01/19 – AGM Insured		No Opt. Call		AA		3,398,228

Nuveen Investments 133

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
		Arizona State, State Lottery Revenue Bonds, Series 2010A:
$	4,495	5.000%, 7/01/15 – AGM Insured		No Opt. Call		AA	$	4,746,630
	1,920	5.000%, 7/01/16 – AGM Insured		No Opt. Call		AA		2,102,899
	2,420	5.000%, 7/01/17 – AGM Insured		No Opt. Call		AA		2,727,292
	5,140	5.000%, 7/01/18 – AGM Insured		No Opt. Call		AA		5,901,440
	95	5.000%, 7/01/20 – AGM Insured		No Opt. Call		AA		110,894
	2,205	Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006A, 5.000%, 8/01/19 – NPFG Insured		8/16 at 100.00		AA–		2,405,920
	1,250	Maricopa County Unified School District 90 Saddle Mountain, Arizona, General Obligation Bonds, School Improvement Project 2013, Series 2014, 5.000%, 7/01/18		No Opt. Call		AA		1,424,263
	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)		3,131,220
	3,550	Mesa, Arizona, Excise Tax Revenue Bonds, Series 2013, 5.000%, 7/01/27		7/17 at 100.00		AA+		3,931,448
		Mesa, Arizona, General Obligation Bonds, Refunding Series 2012:
	1,425	4.000%, 7/01/20		No Opt. Call		AA		1,601,087
	2,225	4.000%, 7/01/21		No Opt. Call		AA		2,496,383
	2,055	4.000%, 7/01/22		No Opt. Call		AA		2,300,860
		Mesa, Arizona, Street and Highway User Revenue Refunding Bonds, Series 2012:
	2,020	5.000%, 7/01/16		No Opt. Call		AA		2,217,495
	2,040	5.000%, 7/01/21		No Opt. Call		AA		2,386,718
	4,015	5.000%, 7/01/22		No Opt. Call		AA		4,708,832
		Mesa, Arizona, Utility System Revenue Bonds, Refunding Series 2012:
	5,370	5.000%, 7/01/20		No Opt. Call		Aa2		6,369,142
	6,115	5.000%, 7/01/21		No Opt. Call		Aa2		7,294,155
	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		3,208,242
	19,685	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2009B, 4.000%, 1/01/18		No Opt. Call		Aa1		21,871,216
	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–		824,030
	300	Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007, 4.500%, 4/01/17		10/14 at 100.00		A–		304,683
	650	Vistancia Community Facilities District, Peoria, Arizona, General Obligation Bonds, Series 2005, 5.000%, 7/15/14		No Opt. Call		A1		654,628
	1,585	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		1,458,295
	123,545	Total Arizona						137,263,891
		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–		3,038,310
		California – 5.1%
		Alameda Corridor Transportation Authority, California, Senior Lien Revenue Refunding Bonds, Series 2013A:
	1,105	5.000%, 10/01/19		No Opt. Call		A		1,292,972

134 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	1,255	5.000%, 10/01/20		No Opt. Call		A	$	1,476,181
	2,300	5.000%, 10/01/21		No Opt. Call		A		2,716,162
	2,400	Alameda County Transportation Authority, California, Sales Tax Revenue Bonds, Series 2014, 5.000%, 3/01/21		No Opt. Call		AAA		2,911,224
	455	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		488,534
	1,310	Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/18 (Pre-refunded 4/01/16)		4/16 at 100.00		AA (4)		1,426,957
		California Department of Water Resources, Power Supply Revenue Bonds, Series 2010L:
	3,770	5.000%, 5/01/16		No Opt. Call		Aa2		4,122,608
	2,925	5.000%, 5/01/17		No Opt. Call		Aa2		3,310,427
	3,860	California Department of Water Resources, Power Supply Revenue Bonds, Series 2010M, 4.000%, 5/01/16		No Opt. Call		Aa2		4,145,640
	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		3,039,844
	4,000	California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013C, 5.000%, 7/01/43 (Mandatory put 10/15/19)		No Opt. Call		AA–		4,727,720
	5,000	California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013D, 5.000%, 7/01/43 (Mandatory put 10/15/20)		No Opt. Call		AA–		5,935,500
		California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, North Kern State Prison, Various Buildings Series 2014C:
	2,215	4.000%, 10/01/19		No Opt. Call		A2		2,481,885
	1,700	5.000%, 10/01/20		No Opt. Call		A2		2,005,762
		California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, New Stockton Courthouse, Series 2014B:
	1,720	5.000%, 10/01/19		No Opt. Call		A2		2,016,012
	1,250	5.000%, 10/01/20		No Opt. Call		A2		1,474,825
		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		4,932,529
	3,675	5.000%, 11/01/17		No Opt. Call		A2		4,201,297
		California State, Economic Recovery Revenue Bonds, Refunding Series 2009A:
	1,660	5.000%, 7/01/16		No Opt. Call		AA		1,827,245
	320	5.250%, 7/01/21		7/19 at 100.00		AA		382,557
	4,185	California State, Economic Recovery Revenue Bonds, Refunding Series 2009B, 5.000%, 7/01/23 (Mandatory put 7/01/14)		7/14 at 100.00		AA		4,219,401
	5,025	California State, General Obligation Bonds, Various Purpose Series 2009, 5.000%, 10/01/16		No Opt. Call		A1		5,581,619
	5,080	California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2009A, 5.000%, 4/01/16		No Opt. Call		A+		5,530,952
		Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 2012:
	1,355	4.000%, 1/01/18		No Opt. Call		BBB–		1,431,666
	1,410	5.000%, 1/01/19		No Opt. Call		BBB–		1,555,893
	1,500	5.000%, 1/01/20		No Opt. Call		BBB–		1,646,250
	1,595	5.000%, 1/01/21		No Opt. Call		BBB–		1,749,061

Nuveen Investments 135

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

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		Aaa	$	3,295,691
	2,665	5.000%, 6/01/16		No Opt. Call		Aa3		2,859,785
	24,580	4.500%, 6/01/27		6/17 at 100.00		B		21,580,011
	650	5.000%, 6/01/33		6/17 at 100.00		B		522,184
	11,250	Inland Valley Development Agency, California, Tax Allocation Bonds, Series 2011C, 4.500%, 3/01/41 (Mandatory put 3/01/16)		3/16 at 100.00		AA–		11,852,213
	1,835	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		2,212,258
		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2013B:
	1,750	5.000%, 7/01/21		No Opt. Call		AA		2,127,073
	2,715	5.000%, 7/01/22		No Opt. Call		AA		3,323,812
	830	Los Angeles Harbors Department, California, Revenue Bonds, Series 1988, 7.600%, 10/01/18 (ETM)		No Opt. Call		AA+ (4)		966,344
	13,020	Metropolitan Water District of Southern California, Water Revenue Refunding Bonds, Series 2014C-2, 3.000%, 7/01/25		7/20 at 100.00		AAA		13,941,946
		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		1,988,639
	2,255	5.000%, 9/01/20 – AMBAC Insured		9/16 at 100.00		AAA		2,404,732
	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 (ETM)		No Opt. Call		AA (4)		6,146,571
	6,250	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21		11/20 at 100.00		Ba1		6,476,063
	160	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		203,378
		San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:
	1,420	5.000%, 9/01/14		No Opt. Call		Baa1		1,438,985
	1,500	5.000%, 9/01/15		No Opt. Call		Baa1		1,574,235
	2,200	San Francisco Public Utilities Commission, California, Wastewater Revenue Bonds, Refunding Series 2013A, 4.000%, 10/01/15		No Opt. Call		AA–		2,321,022
	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		AA–		5,041,600
	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		AA–		2,119,707
		Sierra View Local Health Care District, California, Revenue Bonds, Refunding Series 2010:
	500	3.500%, 7/01/16		No Opt. Call		A		519,025
	500	3.800%, 7/01/17		No Opt. Call		A		526,785
	14,465	University of California, General Revenue Bonds, Series 2013AK, 5.000%, 5/15/48 (Mandatory put 5/15/23)		No Opt. Call		AA		17,545,756
	175,245	Total California						187,618,538
		Colorado – 1.5%
	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		3,029,703

136 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
		Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2006:
$	1,000	5.000%, 6/01/14		No Opt. Call		A–	$	1,003,890
	2,320	5.250%, 6/01/17		6/16 at 100.00		A–		2,486,576
	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		1,140,675
		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		81,312
	3,840	5.000%, 9/01/23 (Pre-refunded 9/01/14)		9/14 at 100.00		AAA		3,902,976
	6,560	Denver City and County, Colorado, Airport System Revenue Bonds, Refunding Series 2006A, 5.000%, 11/15/21 – FGIC Insured		11/16 at 100.00		AA–		7,255,622
	4,205	Denver City and County, Colorado, Airport System Revenue Bonds, Series 2005A, 5.000%, 11/15/21 – SYNCORA GTY Insured		11/15 at 100.00		A+		4,471,471
	1,500	Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/19		No Opt. Call		A		1,726,455
		Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, Stapleton Senior Refunding Series 2013A-1:
	3,290	5.000%, 12/01/14		No Opt. Call		A–		3,380,409
	2,295	5.000%, 12/01/15		No Opt. Call		A–		2,459,276
	4,500	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004C, 5.000%, 9/01/17 – NPFG Insured		No Opt. Call		AA–		4,991,310
	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		AA		2,866,421
	755	Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, Series 2007, 6.100%, 1/01/17		No Opt. Call		N/R		784,279
	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)		11,123,600
		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		1,231,392
	1,000	5.000%, 12/01/17		No Opt. Call		N/R		1,071,460
	1,000	5.000%, 12/01/18		No Opt. Call		N/R		1,087,950
	50,080	Total Colorado						54,094,777
		Connecticut – 0.7%
	4,045	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+		4,118,700
	540	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		578,912
	5,000	Connecticut State, Special Tax Obligation Transportation Infrastructure Purposes Bonds, Series 2013A, 5.000%, 10/01/20		No Opt. Call		AA		5,949,900
	1,700	Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax)		7/14 at 100.00		A–		1,702,550
		New Britain, Connecticut, General Obligation Bonds, Series 2012:
	2,670	3.000%, 3/15/16 – AGM Insured		No Opt. Call		A2		2,785,237
	2,670	3.000%, 3/15/17 – AGM Insured		No Opt. Call		A2		2,826,008

Nuveen Investments 137

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Connecticut (continued)
$	750	South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twenty-Ninth Series 2014, 5.000%, 8/01/22 (WI/DD, Settling 5/07/14)		No Opt. Call		Aa3	$	900,630
		West Haven, Connecticut, General Obligation Bonds, Series 2012:
	2,500	5.000%, 8/01/16 – AGM Insured		No Opt. Call		AA		2,710,375
	2,095	5.000%, 8/01/22 – AGM Insured		No Opt. Call		AA		2,406,233
	2,000	5.000%, 8/01/23 – AGM Insured		8/22 at 100.00		AA		2,273,720
	1,000	5.000%, 8/01/25 – AGM Insured		8/22 at 100.00		AA		1,106,850
	24,970	Total Connecticut						27,359,115
		Delaware – 0.6%
	755	Delaware Health Facilities Authority, Revenue Bonds, Beebe Medical Center, Series 2005A, 5.000%, 6/01/14		No Opt. Call		BBB–		757,076
		Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013:
	200	4.000%, 7/01/14		No Opt. Call		BBB–		200,628
	275	4.000%, 7/01/15		No Opt. Call		BBB–		280,118
	600	4.000%, 7/01/16		No Opt. Call		BBB–		615,606
	1,810	5.000%, 7/01/18		No Opt. Call		BBB–		1,927,777
	1,905	5.000%, 7/01/19		No Opt. Call		BBB–		2,019,071
	2,000	5.000%, 7/01/20		No Opt. Call		BBB–		2,164,500
	275	5.000%, 7/01/21		No Opt. Call		BBB–		291,277
	8,850	Delaware State, General Obligation Bonds, Series 2013A, 5.000%, 8/01/17		No Opt. Call		AAA		10,085,372
	5,000	University of Delaware, Revenue Bonds, Series 2013C, 0.700%, 11/01/37 (Mandatory put 5/01/16)		No Opt. Call		AA+		5,013,100
	21,670	Total Delaware						23,354,525
		District of Columbia – 0.4%
		District of Columbia, Income Tax Secured Revenue Bonds, Series 2009D:
	1,100	5.000%, 12/01/16		No Opt. Call		AAA		1,229,635
	1,105	5.000%, 12/01/17		No Opt. Call		AAA		1,269,358
	10,000	District of Columbia, Revenue Bonds, Georgetown University, Series 2001C, 5.250%, 4/01/34 (Mandatory put 4/01/23)		10/18 at 100.00		A–		11,156,000
	12,205	Total District of Columbia						13,654,993
		Florida – 4.9%
		Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1:
	75	5.500%, 6/01/14		No Opt. Call		A+		75,349
	7,285	6.000%, 6/01/16		No Opt. Call		A+		8,092,251
	775	5.375%, 6/01/16		No Opt. Call		A+		851,028
	140	5.000%, 6/01/16 – AGC Insured		No Opt. Call		AA		152,846
	1,945	5.500%, 6/01/17		No Opt. Call		A+		2,211,796
		Citizens Property Insurance Corporation, Florida, High-Risk Account Revenue Bonds, Coastal Account Senior Secured Series 2011A-1:
	100	3.250%, 6/01/15 – AGM Insured		No Opt. Call		AA		103,254
	3,810	5.000%, 6/01/18		No Opt. Call		A+		4,327,093
	175	5.000%, 6/01/19		No Opt. Call		A+		201,607

138 Nuveen Investments

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:
$	10	5.000%, 6/01/15 – AGM Insured		No Opt. Call		AA	$	10,515
	25	4.000%, 6/01/15		No Opt. Call		A+		26,017
	165	5.000%, 6/01/16		No Opt. Call		A+		179,906
	85	4.000%, 6/01/16		No Opt. Call		A+		90,920
	610	5.250%, 6/01/17		No Opt. Call		A+		689,050
	35	4.250%, 6/01/17 – AGM Insured		No Opt. Call		AA		38,553
	6,000	Escambia County, Florida, Pollution Control Revenue Bonds, Gulf Power Company Project, Refunding Series 2003, 1.550%, 6/01/23 (Mandatory put 6/15/16)		6/16 at 100.00		A2		6,056,760
	1,690	Escambia County, Florida, Pollution Control Revenue Bonds, Gulf Power Company, Refunding Series 1997, 2.100%, 7/01/22		No Opt. Call		A		1,700,360
		Florida Citizens Property Insurance Corporation, High Risk Account Revenue Bonds, Series 2007A:
	7,370	5.000%, 3/01/15 – NPFG Insured		No Opt. Call		AA–		7,663,621
	685	5.000%, 3/01/16 – NPFG Insured		No Opt. Call		AA–		741,026
	2,375	5.000%, 3/01/17 – NPFG Insured		No Opt. Call		AA–		2,650,524
		Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1:
	10,400	5.000%, 6/01/15		No Opt. Call		A+		10,935,600
	75	3.000%, 6/01/16		No Opt. Call		A+		78,672
	7,265	5.000%, 6/01/17		No Opt. Call		A+		8,151,403
		Florida Department of Environmental Protection, Florida Forever Revenue Bonds, Series 2007B:
	4,480	5.000%, 7/01/17 – NPFG Insured		No Opt. Call		AA–		5,065,402
	6,575	5.000%, 7/01/19 – NPFG Insured		7/17 at 101.00		AA–		7,330,994
	10,000	Florida Hurricane Catastrophe Fund, Financial Corporation Revenue Bonds, Series 2010A, 5.000%, 7/01/15		No Opt. Call		AA		10,553,700
	500	Florida Municipal Power Agency, Revenue Bonds, Saint Lucie Project, Refunding Series 2012A, 4.000%, 10/01/15		No Opt. Call		A1		525,560
	2,605	Florida Municipal Power Agency, Revenue Bonds, St. Lucie Project, Refunding Series 2011A, 5.000%, 10/01/20		No Opt. Call		A2		3,043,630
		Florida State Board of Education, Lottery Revenue Bonds, Series 2010A:
	6,155	5.000%, 7/01/15		No Opt. Call		AAA		6,503,250
	2,830	5.000%, 7/01/16		No Opt. Call		AAA		3,113,170
	1,215	5.000%, 7/01/17		No Opt. Call		AAA		1,379,086
	1,500	Florida State Department of General Services, Division of Facilities Management, Florida Facilities Pool Revenue Bonds, Series 2005A, 5.000%, 9/01/18 – AMBAC Insured		No Opt. Call		AA+		1,607,715
	1,000	Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/26		6/16 at 100.00		BBB+		1,020,880
	4,615	Hernando County, Florida, Revenue Bonds, Criminal Justice Complex Financing Program, Series 1986, 7.650%, 7/01/16 – FGIC Insured		No Opt. Call		AA–		5,219,242
		Jacksonville, Florida, Special Revenue Bonds, Series 20120C:
	2,000	5.000%, 10/01/19		No Opt. Call		Aa2		2,345,320
	1,275	5.000%, 10/01/20		No Opt. Call		Aa2		1,504,742
	905	JEA, Florida, Electric System Revenue Bonds, Subordinate Series 2013B, 5.000%, 10/01/15		No Opt. Call		AA		966,341
		Manatee County, Florida, Revenue Refunding and Improvement Bonds, Series 2013:
	1,000	5.000%, 10/01/15		No Opt. Call		AA+		1,067,260

Nuveen Investments 139

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	2,500	5.000%, 10/01/20		No Opt. Call		AA+	$	2,964,975
	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		1,689,534
	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		Ba1		353,598
		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		A–		3,925,517
	4,000	3.750%, 12/01/18		No Opt. Call		A–		4,215,320
		Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2010E:
	1,515	4.000%, 4/01/15		No Opt. Call		AA–		1,565,707
	1,640	4.000%, 4/01/17		No Opt. Call		AA–		1,774,792
	1,705	5.000%, 4/01/18		No Opt. Call		AA–		1,933,061
	1,790	5.000%, 4/01/19		No Opt. Call		AA–		2,052,146
	1,880	5.000%, 4/01/20		No Opt. Call		AA–		2,161,925
	2,870	Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 5.250%, 10/01/17 – AGM Insured		No Opt. Call		AA		3,292,550
		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–		1,240,069
	1,145	5.125%, 10/01/16		No Opt. Call		A–		1,242,955
	12,035	North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.000%, 10/01/20		No Opt. Call		A		13,494,003
	2,000	Okeechobee County, Florida, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004A, 2.250%, 7/01/39 (Mandatory put 7/01/16)		No Opt. Call		A–		2,057,440
	2,195	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)		2,647,829
		Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004:
	2,105	5.000%, 4/01/18 – NPFG Insured		7/14 at 100.00		Aa3		2,113,231
	2,020	5.000%, 4/01/19 – NPFG Insured		7/14 at 100.00		Aa3		2,027,878
	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+		5,631,400
	5,750	Port Everglades Authority, Florida, Port Facilities Revenue Bonds, Series 1986, 7.125%, 11/01/16 (ETM)		No Opt. Call		Aaa		6,313,098
	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–		2,562,323
		Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A:
	360	3.000%, 9/01/14		No Opt. Call		A+		363,215
	400	3.000%, 9/01/15		No Opt. Call		A+		413,380
	425	4.000%, 9/01/17		No Opt. Call		A+		466,106
	875	5.000%, 9/01/18		No Opt. Call		A+		1,005,506
	990	5.000%, 9/01/19		No Opt. Call		A+		1,149,222
	705	5.000%, 9/01/20		No Opt. Call		A+		821,790
	590	5.000%, 9/01/21		No Opt. Call		A+		688,495

140 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	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	$	80,689
	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		203,286
	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		50,932
	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
	10	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		10,003
	175	Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.375%, 5/01/17		No Opt. Call		N/R		171,358
	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		452,266
	3,110	Volusia County School Board, Florida, Sales Tax Revenue Bonds, Series 2004, 5.250%, 10/01/16 – AGM Insured		No Opt. Call		AA		3,382,156
	166,100	Total Florida						180,792,200
		Georgia – 3.0%
	1,250	Atlanta, Georgia, Airport Passenger Facilities Charge Revenue Bonds, Subordinate Lien Series 2010B, 5.000%, 1/01/19		No Opt. Call		A1		1,451,163
	7,150	Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/18 – FGIC Insured		No Opt. Call		AA–		8,427,562
	8,910	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		9,045,788
	17,000	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		17,259,080
	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+		13,104,650
	3,000	Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company, Fourth Series 1994, 2.200%, 10/01/32		No Opt. Call		A+		3,018,810
	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		A–		3,363,732
		Columbia County, Georgia, General Obligation Sales Tax Bonds, Series 2009:
	1,335	5.000%, 4/01/15		No Opt. Call		AAA		1,394,661
	1,450	5.000%, 4/01/17		No Opt. Call		AAA		1,633,469
		DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2011A:
	700	4.000%, 10/01/14		No Opt. Call		Aa3		711,368
	200	2.000%, 10/01/14		No Opt. Call		Aa3		201,572
	500	4.000%, 10/01/15		No Opt. Call		Aa3		526,805
	1,500	DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2013, 5.000%, 10/01/22		No Opt. Call		Aa3		1,784,670

Nuveen Investments 141

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia (continued)
$	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	$	1,080,190
	215	Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1991V, 6.600%, 1/01/18 – NPFG Insured		No Opt. Call		AA–		239,493
	2,105	Georgia State, General Obligation Bonds, Series 2009B, 4.000%, 1/01/21		1/19 at 100.00		AAA		2,322,910
	11,440	Georgia State, General Obligation Bonds, Series 2009D, 5.000%, 5/01/20		5/19 at 100.00		AAA		13,496,569
	10,000	Gwinnett County School District, Georgia, General Obligation Bonds, Sales Tax Series 2012A, 4.000%, 10/01/16		No Opt. Call		AAA		10,869,600
	3,300	Henry County School District, Georgia, General Obligation Bonds, Refunding Series 2012, 2.000%, 12/01/14		No Opt. Call		AA+		3,336,663
	135	Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Series 1992N, 6.250%, 7/01/18 – NPFG Insured		No Opt. Call		Aa2		149,810
	1,000	Municipal Electric Authority of Georgia, Combined Cycle Project Revenue Bonds, Series 2012A, 4.000%, 11/01/14		No Opt. Call		A1		1,019,400
	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+		1,025,650
	7,615	Municipal Electric Authority of Georgia, Project One Subordinate Lien Revenue Bonds, Series 2008A, 5.250%, 1/01/18		No Opt. Call		A+		8,740,954
		Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C:
	500	5.000%, 10/01/17		No Opt. Call		Baa2		547,585
	580	5.000%, 10/01/20		No Opt. Call		Baa2		646,091
		Richmond County Board of Education, Georgia, General Obligation Bonds, Sales Tax Series 2012:
	3,300	5.000%, 10/01/15		No Opt. Call		AA+		3,524,895
	2,000	3.000%, 10/01/15		No Opt. Call		AA+		2,079,620
	103,530	Total Georgia						111,002,760
		Hawaii – 1.3%
		Hawaii State, General Obligation Bonds, Refunding Series 2011EA:
	2,660	5.000%, 12/01/16		No Opt. Call		AA		2,973,481
	7,500	5.000%, 12/01/17		No Opt. Call		AA		8,615,550
	6,415	Hawaii State, General Obligation Bonds, Series 2011DZ, 5.000%, 12/01/18		No Opt. Call		AA		7,511,388
	4,500	Hawaii State, General Obligation Bonds, Series 2012EE, 5.000%, 11/01/20		No Opt. Call		AA		5,382,810
	8,290	Hawaii State, General Obligation Bonds, Series 2012EF, 5.000%, 11/01/20		No Opt. Call		AA		9,916,332
	10,070	Hawaii State, General Obligation Bonds, Series 2013EH, 5.000%, 8/01/21		No Opt. Call		AA		12,106,255
		Hawaii State, Highway Revenue Bonds, Series 2011A:
	405	4.000%, 1/01/15		No Opt. Call		AA+		415,469
	2,145	4.000%, 1/01/16		No Opt. Call		AA+		2,276,875
	41,985	Total Hawaii						49,198,160
		Illinois – 9.3%
	1,240	Bourbonnais, Illinois, Industrial Project Revenue Bonds, Olivet Nazarene University Project, Series 2010, 5.000%, 11/01/20		No Opt. Call		BBB		1,371,068
	1,000	Bourbonnais, Illinois, Revenue Bonds, Olivet Nazarene University, Refunding Series 2007, 5.000%, 11/01/15 – RAAI Insured		No Opt. Call		BBB		1,051,940

142 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	1,405	Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 12/01/17 – FGIC Insured		No Opt. Call		AA–	$	1,305,203
	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		A+		4,333,600
	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)		2,043,880
	2,000	Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.000%, 12/01/20		No Opt. Call		AA		2,314,740
	7,195	Cook County, Illinois, General Obligation Bonds, Refunding Series 2009A, 5.000%, 11/15/17		No Opt. Call		AA		8,144,956
	4,750	Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/22		11/20 at 100.00		AA		5,439,653
	3,315	Cook County, Illinois, General Obligation Bonds, Refunding Series 2011A, 5.000%, 11/15/18		No Opt. Call		AA		3,812,349
		Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C:
	3,445	5.000%, 11/15/27		11/22 at 100.00		AA		3,808,241
	3,000	5.000%, 11/15/33		11/22 at 100.00		AA		3,207,360
	1,360	Glendale Heights, Illinois, Hospital Revenue Bonds, Glendale Heights Hospital, Series 1985B, 7.100%, 12/01/15 (ETM)		No Opt. Call		Aaa		1,451,990
	721	Huntley, Illinois, Special Service Area 10, Special Tax Bonds, Series 2007, 4.600%, 3/01/17 – AGC Insured		No Opt. Call		AA		755,197
		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2014A:
	1,540	5.000%, 12/01/20		No Opt. Call		AA–		1,830,413
	1,665	5.000%, 12/01/21		No Opt. Call		AA–		1,986,362
	1,665	5.000%, 12/01/22		No Opt. Call		AA–		1,997,251
	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+		1,255,038
	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		1,281,408
	10,000	Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Series 1998B, 1.650%, 7/01/25 (Mandatory put 2/01/19)		No Opt. Call		Aa1		10,024,200
	13,200	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		13,145,220
	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		11,299,096
	8,665	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/27		9/22 at 100.00		A–		9,075,374
	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		3,599,918
	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+		3,139,680
	2,000	Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008B, 5.500%, 8/15/21		8/18 at 100.00		AA–		2,209,320
	1,360	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 4.750%, 11/15/14		No Opt. Call		A		1,390,124

Nuveen Investments 143

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	1,200	Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.000%, 5/15/17		No Opt. Call		AA–	$	1,340,796
		Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2005:
	1,100	5.000%, 8/15/14		No Opt. Call		AA		1,112,760
	1,175	5.000%, 8/15/15		No Opt. Call		AA		1,230,331
	1,000	5.000%, 8/15/16 – AGC Insured		No Opt. Call		AA		1,080,070
	875	5.000%, 8/15/18		No Opt. Call		AA		973,193
	355	5.250%, 8/15/19		No Opt. Call		AA		404,182
	2,000	Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2009A, 5.500%, 2/15/16		No Opt. Call		AA		2,158,460
	5,000	Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/20		No Opt. Call		Aa1		5,910,050
	2,510	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+		2,531,762
	410	Illinois Health Facilities Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 1999, 5.500%, 8/15/19		7/14 at 100.00		BBB–		411,025
	3,225	Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2006, 5.000%, 2/01/22 – NPFG Insured		2/16 at 100.00		AA–		3,413,243
	3,000	Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.250%, 2/01/16 – FGIC Insured		No Opt. Call		AA–		3,245,220
	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+		2,092,771
		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+		2,799,266
	3,085	5.000%, 12/15/18		6/16 at 100.00		AA+		3,359,874
	1,705	5.000%, 6/15/19		6/15 at 100.00		AA+		1,789,773
	3,250	5.000%, 12/15/19		12/14 at 100.00		AA+		3,340,838
		Illinois State, General Obligation Bonds, Refunding Series 2006:
	190	5.000%, 1/01/15		No Opt. Call		A–		195,974
	3,570	5.000%, 1/01/16		No Opt. Call		A–		3,828,968
		Illinois State, General Obligation Bonds, Refunding Series 2007B:
	1,525	5.000%, 1/01/16		No Opt. Call		A–		1,635,624
	1,115	5.250%, 1/01/20		No Opt. Call		A–		1,287,903
	355	Illinois State, General Obligation Bonds, Refunding Series 2008, 4.250%, 4/01/16		No Opt. Call		A–		378,810
		Illinois State, General Obligation Bonds, Refunding Series 2010:
	1,505	5.000%, 1/01/16		No Opt. Call		A–		1,614,173
	5,045	5.000%, 1/01/17 – AGM Insured		No Opt. Call		AA		5,571,648
	490	5.000%, 1/01/17		No Opt. Call		A–		539,789
	4,995	5.000%, 1/01/18 – AGM Insured		No Opt. Call		AA		5,613,930
	22,020	5.000%, 1/01/18		No Opt. Call		A–		24,706,660
	545	5.000%, 1/01/19		No Opt. Call		A–		618,177
	6,745	5.000%, 1/01/24		1/20 at 100.00		A–		7,331,343
		Illinois State, General Obligation Bonds, Refunding Series 2012:
	7,060	5.000%, 8/01/15		No Opt. Call		A–		7,467,997
	8,000	5.000%, 8/01/16		No Opt. Call		A–		8,739,040

144 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	5,170	5.000%, 8/01/19		No Opt. Call		A–	$	5,912,619
	4,055	5.000%, 8/01/20		No Opt. Call		A–		4,642,286
	6,975	Illinois State, General Obligation Bonds, Series 2003A, 5.000%, 10/01/19		7/14 at 100.00		A–		7,000,529
	560	Illinois State, General Obligation Bonds, Series 2003, 5.000%, 6/01/19 – NPFG Insured		7/14 at 100.00		AA–		561,837
	10	Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/22		7/14 at 100.00		A–		10,030
	940	Illinois State, General Obligation Bonds, Series 2004, 5.000%, 9/01/14 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		955,350
	2,000	Illinois State, General Obligation Bonds, Series 2005, 5.000%, 9/01/16 – AGM Insured		9/15 at 100.00		AA		2,112,060
		Illinois State, General Obligation Bonds, Series 2006A:
	1,035	5.000%, 6/01/17		No Opt. Call		A–		1,153,518
	6,400	5.000%, 6/01/23		12/16 at 100.00		A–		6,857,152
		Illinois State, General Obligation Bonds, Series 2006:
	4,060	5.000%, 1/01/16		No Opt. Call		A–		4,354,512
	1,005	5.000%, 1/01/17		1/16 at 100.00		A–		1,069,209
	2,550	5.000%, 1/01/19 – NPFG Insured		1/16 at 100.00		AA–		2,708,993
	1,000	Illinois State, General Obligation Bonds, Series 2007A, 5.000%, 6/01/22 – AGM Insured		6/17 at 100.00		AA		1,076,740
		Illinois State, General Obligation Bonds, Series 2013:
	1,500	5.000%, 7/01/17		No Opt. Call		A–		1,675,485
	3,500	5.000%, 7/01/21		No Opt. Call		A–		4,012,925
	2,520	5.500%, 7/01/25		7/23 at 100.00		A–		2,902,712
		Illinois State, General Obligation Bonds, Various Purpose, Series 2014:
	655	5.000%, 2/01/19		No Opt. Call		A–		743,956
	1,250	5.000%, 2/01/20		No Opt. Call		A–		1,427,975
	3,500	5.000%, 2/01/21		No Opt. Call		A–		4,002,950
	4,000	5.000%, 2/01/22 (WI/DD, Settling 5/01/14)		No Opt. Call		A–		4,563,360
	2,030	Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2010, 5.000%, 6/15/16		No Opt. Call		AAA		2,225,570
		Illinois State, Sales Tax Revenue Bonds, Build Illinois, Junior Lien Series 2013:
	4,355	5.000%, 6/15/18		No Opt. Call		AAA		5,018,179
	6,000	5.000%, 6/15/19		No Opt. Call		AAA		7,026,900
		Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001:
	425	5.500%, 5/01/15 – AGM Insured		No Opt. Call		AA		447,134
	1,170	5.375%, 4/01/16 – NPFG Insured		No Opt. Call		AA–		1,273,510
		Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002:
	680	5.500%, 8/01/14 – NPFG Insured		No Opt. Call		AA–		689,105
	620	5.500%, 8/01/15 – NPFG Insured		No Opt. Call		AA–		659,699
	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		AA–		2,363,621
	2,000	Lake County Forest Preserve District, Illinois, General Obligation Bonds, Series 2007A, 0.606%, 12/15/16		12/14 at 100.00		AAA		2,000,220
	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		1,325,326
		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
	290	5.000%, 6/01/15		No Opt. Call		A		303,369
	5,115	5.000%, 6/01/16		No Opt. Call		A		5,544,813
	7,320	5.000%, 6/01/17		No Opt. Call		A		8,160,556

Nuveen Investments 145

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	5,390	5.000%, 6/01/18		No Opt. Call		A	$	6,123,795
	10,095	5.000%, 6/01/19		No Opt. Call		A		11,647,510
	5,185	5.250%, 6/01/20		No Opt. Call		A		6,069,872
	20	5.250%, 6/01/21		No Opt. Call		A		23,495
	5,620	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		6,564,497
	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		7,805,770
		Will, Grundy, Kendall, LaSalle, Kankakee, Livingston and Cook Counties Community College District 525 Joliet Junior College, Illinois, General Obligation Bond, Series 2008:
	1,090	5.750%, 6/01/26		6/18 at 100.00		AA		1,217,606
	1,035	5.750%, 6/01/27		6/18 at 100.00		AA		1,159,645
	200	Winnebago-Boone Counties School District 205, Illinois, General Obligation Bonds, Series 2013, 4.000%, 2/01/15		No Opt. Call		AA–		205,224
	315,671	Total Illinois						343,596,845
		Indiana – 2.6%
	3,605	East Chicago Elementary School Building Corporation, Lake County, Indiana, First Mortgage Bonds, Series 1996 Refunding, 6.250%, 1/05/16		No Opt. Call		A		3,730,454
	635	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–		645,033
	6,800	Indiana Finance Authority, Environmental Improvement Refunding Revenue Bonds, Southern Indiana Gas & Electric Company, Series 2013D, 1.950%, 3/01/24 (Mandatory put 9/14/17)		No Opt. Call		Aa3		6,898,872
		Indiana Finance Authority, Hospital Revenue Bonds, Beacon Health System Obligated Group, Series 2013A:
	500	5.000%, 8/15/16		No Opt. Call		AA–		550,205
	635	5.000%, 8/15/18		No Opt. Call		AA–		731,330
		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–		1,605,323
	2,115	5.000%, 3/01/20		No Opt. Call		A–		2,354,630
		Indiana Finance Authority, Hospital Revenue Bonds, Parkview Health System Obligated Group, Series 2012A:
	850	5.000%, 5/01/19		No Opt. Call		A+		976,217
	750	5.000%, 5/01/20		No Opt. Call		A+		865,065
	2,000	5.000%, 5/01/21		No Opt. Call		A+		2,303,260
	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		6,200,232
	12,020	Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011C, 3.000%, 10/01/16		No Opt. Call		AA–		12,635,905
	11,155	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+		12,110,314
	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		2,511,700
	5,175	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+		5,277,724

146 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
$	3,500	Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1993A, 0.000%, 12/01/15 – AMBAC Insured		No Opt. Call		AA+	$	3,470,915
	4,240	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/16 – AGC Insured		No Opt. Call		AA		4,586,408
		Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Refunding Series 2006:
	1,150	5.500%, 1/01/16 – NPFG Insured		No Opt. Call		AA–		1,242,150
	1,630	5.500%, 7/01/19 – NPFG Insured		No Opt. Call		AA–		1,918,901
	3,690	5.500%, 1/01/20 – NPFG Insured		No Opt. Call		AA–		4,349,588
	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		AA–		4,468,375
	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		Baa1		6,981,648
		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		367,088
	880	4.000%, 4/01/17		No Opt. Call		A3		941,301
	400	4.000%, 4/01/18		No Opt. Call		A3		430,172
	550	3.000%, 4/01/19		No Opt. Call		A3		573,018
		Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012:
	855	3.000%, 8/01/14		No Opt. Call		N/R		857,437
	870	3.000%, 2/01/15		No Opt. Call		N/R		875,420
	880	4.000%, 8/01/15		No Opt. Call		N/R		899,624
	900	4.000%, 2/01/16		No Opt. Call		N/R		924,408
	915	4.000%, 8/01/16		No Opt. Call		N/R		945,058
	1,525	State of Indiana, Indiana Toll Road Commission, East-West Toll Road Revenue Bonds, Series 1980, 9.000%, 1/01/15 (ETM)		No Opt. Call		Aaa		1,607,167
	88,620	Total Indiana						94,834,942
		Iowa – 0.6%
		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		1,254,627
	1,330	5.000%, 1/01/19 – AGM Insured		No Opt. Call		AA		1,516,878
	1,380	5.000%, 1/01/20 – AGM Insured		No Opt. Call		AA		1,582,087
	1,245	5.000%, 1/01/22 – AGM Insured		1/21 at 100.00		AA		1,414,992
	1,420	Iowa City, Iowa, General Obligation Bonds, Capital Loan Notes, Refunding Series 2008B, 3.250%, 6/01/14		No Opt. Call		Aaa		1,423,791
	7,645	Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19		No Opt. Call		BB–		7,756,235
		Iowa State, Special Obligation Bonds, I-Jobs Program, Series 2009A:
	1,945	5.000%, 6/01/17		No Opt. Call		AA		2,203,082
	3,120	5.000%, 6/01/18		No Opt. Call		AA		3,618,638
	19,235	Total Iowa						20,770,330

Nuveen Investments 147

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kansas – 0.7%
		Kansas Department of Transportation, Highway Revenue Bonds, Refunding Series 2009A:
$	4,680	5.000%, 9/01/16		No Opt. Call		AAA	$	5,182,492
	6,050	5.000%, 9/01/17		No Opt. Call		AAA		6,909,403
	650	Kansas Development Finance Authority, Health Facilities Revenue Bonds, Hays Medical Center Inc., Series 2005L, 5.250%, 11/15/14		No Opt. Call		A2		666,068
		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–		1,447,474
	1,475	5.000%, 1/01/23		1/20 at 100.00		AA–		1,648,475
		Topeka Public Building Commission, Kansas, Revenue Bonds, State of Kansas Department of Administration – 10th and Jackson Projects, Series 2007A:
	2,245	5.000%, 6/01/25 – NPFG Insured		6/18 at 102.00		AA		2,551,443
	2,945	5.000%, 6/01/26 – NPFG Insured		6/18 at 102.00		AA		3,346,993
	8,260	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		A–		5,704,769
	27,550	Total Kansas						27,457,117
		Kentucky – 1.5%
	8,945	Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A, 5.000%, 7/01/17		No Opt. Call		Baa3		9,935,301
	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		4,301,963
	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		17,305,143
	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–		3,596,647
	15,360	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		A1		15,528,806
	1,925	Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2005A, 2.200%, 2/01/35 (Mandatory put 8/01/19)		No Opt. Call		A1		1,949,505
	3,000	Warren County, Kentucky, Hospital Refunding Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2013, 5.000%, 4/01/23		No Opt. Call		A		3,365,340
	51,885	Total Kentucky						55,982,705
		Louisiana – 2.9%
	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		5,068,150
		Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B:
	10	5.250%, 6/01/14 – AMBAC Insured		No Opt. Call		A–		10,041
	75	5.000%, 6/01/16 – AMBAC Insured		No Opt. Call		A–		81,158
	10	5.000%, 6/01/17 – AMBAC Insured		6/16 at 100.00		A–		10,783
	265	5.000%, 6/01/18 – AMBAC Insured		6/16 at 100.00		A–		286,091

148 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana (continued)
$	940	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+	$	1,077,155
		Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007A:
	2,700	6.500%, 12/15/15 (5)		No Opt. Call		N/R		1,758,483
	435	6.000%, 12/15/37		12/14 at 100.00		N/R		242,508
	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		AA– (4)		247,029
		Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A:
	475	5.000%, 7/01/18		No Opt. Call		A		543,908
	1,525	5.000%, 7/01/19		No Opt. Call		A		1,754,650
	1,010	5.000%, 7/01/20		No Opt. Call		A		1,163,500
	7,245	5.000%, 7/01/26		7/23 at 100.00		A		8,109,039
		Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Series 2012A-1:
	2,250	5.000%, 5/01/19		No Opt. Call		Aa1		2,644,650
	2,500	5.000%, 5/01/20		No Opt. Call		Aa1		2,976,050
	3,610	5.000%, 5/01/21		No Opt. Call		Aa1		4,329,834
	11,970	Louisiana State, General Obligation Bonds, Series 2012A, 5.000%, 8/01/19		No Opt. Call		Aa2		14,169,966
		Louisiana State, General Obligation Bonds, Series 2014A:
	6,000	5.000%, 2/01/19		No Opt. Call		AA		7,034,340
	6,000	5.000%, 2/01/20		No Opt. Call		AA		7,135,680
	7,130	New Orleans, Louisiana, General Obligation Bonds, Series 1998, 5.500%, 12/01/21 – FGIC Insured		No Opt. Call		A3		8,117,434
		New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2012:
	2,860	5.000%, 12/01/19		No Opt. Call		A3		3,272,984
	2,500	5.000%, 12/01/20		No Opt. Call		A3		2,855,925
	3,600	5.000%, 12/01/21		No Opt. Call		A3		4,108,500
	4,300	New Orleans, Louisiana, Limited Tax General Obligation Bonds, Series 2005, 5.000%, 3/01/21 – NPFG Insured		3/15 at 100.00		AA–		4,425,259
	40	Saint Bernard Parish, Louisiana, Sales and Use Tax Revenue Bonds, Series 2004, 5.000%, 3/01/17 – AGM Insured		3/16 at 100.00		AA		41,029
	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		6,072,982
		Terrebonne Levee and Conservation District, Louisiana, Public Improvement Sales Tax Bonds, Series 2013:
	1,710	5.000%, 7/01/21		No Opt. Call		A+		1,964,192
	1,670	5.000%, 7/01/22		No Opt. Call		A+		1,923,439
		Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2013A:
	5,000	5.000%, 5/15/24		5/15 at 100.00		A–		5,150,950
	10,000	5.000%, 5/15/25		5/16 at 100.00		A–		10,503,700
	96,820	Total Louisiana						107,079,409
		Maine – 0.1%
	3,300	Maine Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004, 3.800%, 11/01/15		No Opt. Call		A–		3,445,563

Nuveen Investments 149

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		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	$	1,144,144
	6,235	Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2009, 5.000%, 8/01/18		No Opt. Call		AAA		7,268,763
	1,000	Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Refunding Series 2013B, 5.000%, 10/15/15		No Opt. Call		Aa2		1,070,080
	1,500	Harford County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2009, 3.000%, 6/01/15		No Opt. Call		AAA		1,546,845
	290	Maryland Transportation Authority, Revenue Refunding Bonds, Transportation Facilities Projects, First Series 1978, 6.800%, 7/01/16 – AMBAC Insured (ETM)		No Opt. Call		Aaa		311,886
		Maryland, General Obligation Bonds, State and Local Facilities Loan, Second Series 2008:
	5,000	5.000%, 7/15/16		No Opt. Call		AAA		5,511,850
	5,590	5.000%, 7/15/17		No Opt. Call		AAA		6,361,923
	5,130	5.000%, 7/15/18		No Opt. Call		AAA		5,974,655
	13,610	Maryland, General Obligation Bonds, State and Local Facilities Loan, Third Series 2009C, 5.000%, 11/01/17		No Opt. Call		AAA		15,623,463
	5,000	Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Refunding Series 2011A, 5.000%, 7/01/19		No Opt. Call		AAA		5,931,550
	10,000	Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2007A, 5.000%, 5/01/16		No Opt. Call		AAA		10,934,600
	54,450	Total Maryland						61,679,759
		Massachusetts – 1.7%
	3,500	Boston, Massachusetts, General Obligation Bonds, Refunding Series 2009C, 3.000%, 2/01/15		No Opt. Call		AAA		3,576,125
	1,425	Massachusetts Bay Transportation Authority, General Obligation Transportation System Refunding Bonds, Series 1992B, 6.200%, 3/01/16 – NPFG Insured		No Opt. Call		AA+		1,514,148
	540	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		538,925
	440	Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2012L, 5.000%, 7/01/15		No Opt. Call		AA		465,005
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Series 2009A:
	2,015	5.000%, 11/15/15		No Opt. Call		AAA		2,165,843
	2,075	5.000%, 11/15/16		No Opt. Call		AAA		2,317,817
	1,510	5.000%, 11/15/17		No Opt. Call		AAA		1,735,307
	1,000	5.000%, 11/15/18		No Opt. Call		AAA		1,173,160
	10,400	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Series 2009O, 5.000%, 7/01/16		No Opt. Call		AAA		11,457,368
	325	Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/16 – AGM Insured		8/15 at 100.00		AA+		344,503
		Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A:
	210	5.000%, 8/15/17 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		223,039
	3,975	5.000%, 8/15/18 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		4,221,808
	110	5.000%, 8/15/19 (Pre-refunded 8/15/15) – NPFG Insured		8/15 at 100.00		AA+ (4)		116,830
	785	5.000%, 8/15/20 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		833,741

150 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Massachusetts (continued)
$	2,200	5.000%, 8/15/21 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)	$	2,336,598
	375	5.000%, 8/15/22 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		398,284
	35	5.000%, 8/15/23 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		37,173
	335	5.000%, 8/15/24 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		355,800
	755	5.000%, 8/15/25 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		802,082
	310	5.000%, 8/15/26 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		329,248
	95	5.000%, 8/15/27 (Pre-refunded 8/15/15) – NPFG Insured		8/15 at 100.00		Aa2 (4)		100,899
	370	5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA (4)		392,973
	1,460	5.000%, 8/15/30 (Pre-refunded 8/15/15)		8/15 at 100.00		AA (4)		1,550,651
	12,900	Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002C, 5.500%, 11/01/17 – AGM Insured		No Opt. Call		AA+		15,003,603
		Norwood, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2009A:
	2,420	4.000%, 8/15/15		No Opt. Call		AA+		2,539,451
	2,420	4.000%, 8/15/16		No Opt. Call		AA+		2,620,134
	2,420	4.000%, 8/15/17		No Opt. Call		AA+		2,677,343
	2,420	4.000%, 8/15/18		No Opt. Call		AA+		2,715,603
	56,825	Total Massachusetts						62,543,461
		Michigan – 4.3%
		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–		915,749
	1,600	5.000%, 10/01/16		No Opt. Call		BBB–		1,710,624
	900	5.000%, 10/01/17		No Opt. Call		BBB–		969,444
	1,100	5.000%, 10/01/18		No Opt. Call		BBB–		1,192,521
	1,500	5.000%, 10/01/19 – AGM Insured		No Opt. Call		AA		1,661,610
		Lake Orion Community School District, Oakland County, Michigan, General Obligation Bonds, Series 2012 Refunding:
	1,200	5.000%, 5/01/14		No Opt. Call		N/R		1,200,156
	775	4.000%, 5/01/15		No Opt. Call		AA–		803,543
	1,000	5.000%, 5/01/16		No Opt. Call		AA–		1,089,740
	1,000	4.000%, 5/01/17		No Opt. Call		AA–		1,091,920
	1,780	4.000%, 5/01/18		No Opt. Call		AA–		1,967,986
		Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012:
	1,000	5.000%, 6/01/14		No Opt. Call		A+		1,003,420
	1,700	5.000%, 6/01/15		No Opt. Call		A+		1,766,997
	1,600	5.000%, 6/01/16		No Opt. Call		A+		1,710,240
	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		1,816,858
		Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012A:
	10,000	5.000%, 7/01/14		No Opt. Call		AAA		10,083,200
	15,475	5.000%, 7/01/15		No Opt. Call		AAA		16,358,158
		Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B:
	8,790	5.000%, 7/01/21		7/18 at 100.00		AAA		10,103,490
	13,475	5.000%, 7/01/22		7/16 at 100.00		AAA		14,745,827
	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+		10,169,500

Nuveen Investments 151

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
$	3,180	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 5.000%, 11/15/17		No Opt. Call		AA+	$	3,612,003
	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+		19,056,252
	3,735	Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009B, 4.375%, 10/01/19		10/18 at 100.00		AA		3,867,331
	6,445	Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005I, 5.000%, 10/15/33 – AMBAC Insured		10/15 at 100.00		Aa3		6,749,720
	1,010	Michigan State Building Authority, Revenue Bonds, State Police Communications System Project, Series 2004, 5.375%, 10/01/15 (Pre-refunded 10/01/14) – NPFG Insured		10/14 at 100.00		AA– (4)		1,032,008
	6,025	Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/01/20		11/19 at 100.00		AA+		7,019,185
	1,605	Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/21		5/19 at 100.00		Aa2		1,829,395
	2,000	Michigan State, General Obligation Refunding Bonds, Series 2002, 5.500%, 12/01/15		No Opt. Call		Aa2		2,167,320
	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		Aa3		7,085,890
	2,500	Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2014D, 5.000%, 9/01/22 (WI/DD, Settling 5/13/14)		No Opt. Call		A1		2,876,725
	1,000	Pinckney Community Schools, Livingston and Washtenaw Counties, Michigan, General Obligation Bonds, Series 2004, 5.000%, 5/01/19 – AGM Insured		7/14 at 100.00		AA		1,003,530
		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		1,226,742
	1,000	5.000%, 5/01/21		No Opt. Call		Aa2		1,175,530
		Plymouth-Canton Community School District, Wayne and Washtenaw Counties, Michigan, General Obligation Bonds, School Building & Site Series 2013A:
	765	5.000%, 5/01/19		No Opt. Call		Aa2		884,738
	1,000	5.000%, 5/01/20		No Opt. Call		Aa2		1,166,770
	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		AA (4)		1,436,157
	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		1,046,074
	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		5,791,746
	8,150	Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/16		No Opt. Call		A		8,971,683
	147,885	Total Michigan						158,359,782
		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+		807,617
	1,615	5.000%, 2/01/25		2/20 at 100.00		AA+		1,816,035
	1,690	5.000%, 2/01/26		2/20 at 100.00		AA+		1,890,721

152 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Minnesota (continued)
$	5,025	Minneapolis, Minnesota, General Obligation Bonds, Various Purpose Refunding Series 2009B, 4.000%, 12/01/15		No Opt. Call		AAA	$	5,328,611
	565	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+		589,219
	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		1,542,225
		Minnesota State, General Fund Appropriation Refunding Bonds, Series 2014A:
	2,695	5.000%, 6/01/20		No Opt. Call		AA		3,207,535
	3,990	5.000%, 6/01/21		No Opt. Call		AA		4,780,619
		Minnesota State, General Obligation Bonds, State Trunk Highway Series 2009E:
	4,000	4.500%, 8/01/17		No Opt. Call		AA+		4,491,360
	4,000	4.500%, 8/01/18		No Opt. Call		AA+		4,576,560
		Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A:
	1,630	5.000%, 1/01/15 – AGC Insured		No Opt. Call		AA		1,682,698
	7,000	5.000%, 1/01/16 – AGC Insured		No Opt. Call		AA		7,533,330
	885	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 5.000%, 1/01/23		No Opt. Call		A–		1,048,504
	35,340	Total Minnesota						39,295,034
		Mississippi – 0.3%
	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		11,508,510
	1,100	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–		1,115,862
	12,600	Total Mississippi						12,624,372
		Missouri – 1.8%
		Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Shoal Creek Parkway Project, Series 2011:
	1,700	5.625%, 6/01/23		6/16 at 100.00		N/R		1,727,455
	1,100	6.500%, 6/01/25		No Opt. Call		N/R		1,113,376
		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		2,786,263
	2,695	4.000%, 5/01/24		5/21 at 100.00		AAA		2,955,364
		Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2010A:
	3,630	5.000%, 1/01/17		No Opt. Call		Aaa		4,060,010
	3,000	5.000%, 1/01/18		No Opt. Call		Aaa		3,445,890
		Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013:
	550	5.000%, 5/01/19		No Opt. Call		BBB+		620,961
	440	5.000%, 5/01/20		No Opt. Call		BBB+		495,880
	1,000	5.000%, 5/01/21		No Opt. Call		BBB+		1,122,720
	2,545	4.000%, 5/01/22		No Opt. Call		BBB+		2,668,560
	1,320	5.000%, 5/01/23		No Opt. Call		BBB+		1,470,203

Nuveen Investments 153

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Missouri (continued)
$	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+	$	1,058,150
		Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2013:
	505	4.000%, 7/01/15		No Opt. Call		A–		525,973
	445	5.000%, 7/01/16		No Opt. Call		A–		485,869
	715	5.000%, 7/01/17		No Opt. Call		A–		806,027
	765	5.000%, 7/01/18		No Opt. Call		A–		876,981
	8,825	Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 2012, 5.000%, 6/01/17		No Opt. Call		BBB+		9,672,112
		Springfield School District R12, Missouri, General Obligation Bonds, Refunding Series 2014B:
	500	4.000%, 3/01/17		No Opt. Call		AA+		547,175
	750	4.000%, 3/01/18		No Opt. Call		AA+		834,533
		St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005:
	8,185	5.500%, 7/01/17 – NPFG Insured		No Opt. Call		AA–		9,354,637
	11,995	5.500%, 7/01/18 – NPFG Insured		No Opt. Call		AA–		13,993,127
		St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2007A:
	5,020	5.000%, 7/01/14 – AGM Insured		No Opt. Call		AA		5,060,762
	1,650	5.000%, 7/01/17 – AGM Insured		No Opt. Call		AA		1,863,939
	60,855	Total Missouri						67,545,967
		Nebraska – 0.7%
		Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2012:
	375	4.000%, 6/15/15		No Opt. Call		AA–		390,251
	500	4.000%, 6/15/16		No Opt. Call		AA–		536,065
	750	4.000%, 6/15/17		No Opt. Call		AA–		821,573
	600	4.000%, 6/15/18		No Opt. Call		AA–		665,970
	800	5.000%, 6/15/19		No Opt. Call		AA–		933,480
		Lancaster County School District 1, Lincoln, Nebraska, General Obligation Bonds, Refunding Series 2009:
	1,915	3.000%, 1/15/16		No Opt. Call		AAA		2,000,332
	3,475	3.000%, 1/15/17		No Opt. Call		AAA		3,693,508
	3,220	3.000%, 1/15/18		No Opt. Call		AAA		3,449,844
	2,520	3.000%, 1/15/19		No Opt. Call		AAA		2,712,301
	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–		2,184,048
	3,000	University of Nebraska Facilities Corporation, UNMC Cancer Center Bonds, Series 2014A, 5.000%, 2/15/21		No Opt. Call		Aa1		3,606,870
	3,045	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		3,075,602
	22,520	Total Nebraska						24,069,844

154 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Nevada – 0.6%
		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	$	1,149,190
	2,000	5.000%, 7/01/21 (Alternative Minimum Tax)		No Opt. Call		A		2,299,420
	1,675	Clark County, Nevada, Limited Tax General Obligation Bank Bonds, Series 2006, 5.000%, 11/01/21 – AMBAC Insured		11/16 at 100.00		Aa1		1,851,512
	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–		4,673,192
	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+		2,764,283
	5,000	Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water & Refunding Series 2011C, 5.000%, 6/01/24		6/21 at 100.00		AA+		5,746,650
		Las Vegas, Nevada, Special Improvement District 607 Providence, Local Improvement Refunding Bonds, Series 2013:
	460	2.000%, 6/01/14		No Opt. Call		N/R		459,986
	325	3.000%, 6/01/16		No Opt. Call		N/R		325,520
	990	3.000%, 6/01/17		No Opt. Call		N/R		981,674
	190	4.000%, 6/01/18		No Opt. Call		N/R		193,392
	2,825	Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2005, 5.000%, 12/01/15 – FGIC Insured		No Opt. Call		AAA		3,039,446
	21,725	Total Nevada						23,484,265
		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		Baa1		5,171,650
		New Jersey – 6.3%
	740	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		737,847
	225	Bergen County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Bergen County Guaranteed, Series 2014B, 5.000%, 2/15/19		No Opt. Call		Aaa		262,865
	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		2,508,147
	1,500	Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2005A, 5.000%, 2/15/15		No Opt. Call		BBB		1,545,060
	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		AA–		4,003,082
		Millville, New Jersey, General Obligation Bonds, Improvement Series 2011:
	1,000	5.000%, 11/01/16 – AGM Insured		No Opt. Call		AA		1,104,860
	1,445	5.000%, 11/01/19 – AGM Insured		No Opt. Call		AA		1,665,550
	920	5.000%, 11/01/20 – AGM Insured		No Opt. Call		AA		1,060,199
	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		256,260
	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		378,296

Nuveen Investments 155

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
$	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)	$	5,591
		New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
	4,460	5.375%, 6/15/14 (ETM)		No Opt. Call		Aaa		4,489,302
	650	5.375%, 6/15/15 (ETM)		No Opt. Call		Aaa		688,214
	1,095	5.375%, 6/15/15 – RAAI Insured (ETM)		No Opt. Call		Aaa		1,159,375
	1,430	5.500%, 6/15/16 (ETM)		No Opt. Call		Aaa		1,585,169
	760	5.500%, 6/15/16 – RAAI Insured (ETM)		No Opt. Call		Aaa		842,468
		New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
	3,740	5.750%, 6/15/29 (Pre-refunded 6/15/14)		6/14 at 100.00		Aaa		3,766,330
	75	5.750%, 6/15/29 (Pre-refunded 6/15/14) – AGC Insured		6/14 at 100.00		Aaa		75,528
	100	5.750%, 6/15/29 (Pre-refunded 6/15/14) – RAAI Insured		6/14 at 100.00		Aaa		100,703
	1,505	5.500%, 6/15/31 (Pre-refunded 6/15/14)		6/14 at 100.00		Aaa		1,515,129
	2,370	5.750%, 6/15/34 (Pre-refunded 6/15/14)		6/14 at 100.00		Aaa		2,386,685
		New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
	3,900	5.000%, 6/15/14		No Opt. Call		BBB+		3,922,698
	4,025	5.000%, 6/15/15		No Opt. Call		BBB+		4,225,002
	2,970	5.000%, 6/15/16		No Opt. Call		BBB+		3,227,855
	6,265	5.000%, 6/15/17		No Opt. Call		BBB+		6,995,624
	8,510	5.000%, 6/15/18		No Opt. Call		BBB+		9,665,403
	5,250	5.000%, 6/15/19		No Opt. Call		BBB+		6,033,353
	245	4.000%, 6/15/19		No Opt. Call		BBB+		269,657
	10,990	5.000%, 6/15/20		No Opt. Call		BBB+		12,590,803
	7,410	5.000%, 6/15/21		No Opt. Call		BBB+		8,465,406
	250	5.000%, 6/15/22		No Opt. Call		BBB+		284,728
	475	5.000%, 6/15/22		No Opt. Call		AA		543,927
	8,540	5.000%, 6/15/25		6/22 at 100.00		BBB+		9,308,942
	6,000	5.000%, 6/15/26		6/22 at 100.00		BBB+		6,483,420
	685	4.250%, 6/15/27		6/22 at 100.00		BBB+		696,645
	2,325	New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P, 5.000%, 9/01/14		No Opt. Call		A1		2,363,363
	4,890	New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/20		No Opt. Call		A1		5,709,564
	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		3,772,180
	3,635	New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University Issue, Series 2007A, 5.250%, 7/01/21 – NPFG Insured		No Opt. Call		AA		3,995,410
	330	New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19)		6/19 at 100.00		N/R (4)		430,627
		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+		4,352,807
	4,260	5.000%, 7/01/19		No Opt. Call		BB+		4,572,088
	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		483,636

156 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
$	1,400	New Jersey Transit Corporation, Certificates of Participation Refunding, Series 2003, 5.500%, 10/01/14 – AGM Insured		No Opt. Call		AA	$	1,429,764
	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		5,286,900
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D:
	5,390	5.000%, 12/15/17		No Opt. Call		A1		6,166,915
	9,750	5.000%, 12/15/18		No Opt. Call		A1		11,286,308
	2,000	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.000%, 6/15/14		No Opt. Call		A1		2,012,260
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA:
	11,500	5.000%, 6/15/19		No Opt. Call		A1		13,351,040
	13,675	5.000%, 6/15/20		No Opt. Call		A1		15,939,307
		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
	2,265	6.500%, 1/01/16		No Opt. Call		A3		2,488,420
	5	6.500%, 1/01/16 – AMBAC Insured		No Opt. Call		A3		5,493
	805	6.500%, 1/01/16 – NPFG Insured		No Opt. Call		AA–		884,405
		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
	1,425	6.500%, 1/01/16 (ETM)		No Opt. Call		A3 (4)		1,571,120
	10	6.500%, 1/01/16 – AMBAC Insured (ETM)		No Opt. Call		A3 (4)		11,025
	460	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		507,168
	120	6.500%, 1/01/16 (ETM)		No Opt. Call		AA+ (4)		132,305
	245	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		270,122
	1,165	6.500%, 1/01/16 – AGM Insured (ETM)		No Opt. Call		AA (4)		1,228,073
	1,045	6.500%, 1/01/16 (ETM)		No Opt. Call		AA+ (4)		1,096,383
	45	6.500%, 1/01/16 – AMBAC Insured (ETM)		No Opt. Call		A3 (4)		47,436
	1,205	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		1,264,250
	5,945	New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/19		No Opt. Call		A+		6,890,017
		Parsippany-Troy Hills Township Board of Education, Morris County, New Jersey, General Obligation Bonds, Refunding Series 2014:
	175	5.000%, 8/15/22		No Opt. Call		AA		210,471
	500	5.000%, 8/15/23		No Opt. Call		AA		603,535
	1,125	Parsippany-Troy Hills Township, New Jersey, General Obligation Bonds, Refunding Series 2012, 4.000%, 7/15/20		No Opt. Call		AA		1,263,409
	1,700	Passaic Valley Sewage Commissioners, New Jersey, Sewer Revenue Bonds, Series 2010G, 5.750%, 12/01/22		No Opt. Call		A2		2,048,993
		South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2012Q:
	4,340	3.000%, 1/01/18		No Opt. Call		A1		4,581,868
	4,850	3.000%, 1/01/19		No Opt. Call		A1		5,101,667
		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	4,160	5.000%, 6/01/14		No Opt. Call		Aaa		4,173,520
	5,660	5.000%, 6/01/15		No Opt. Call		Aaa		5,878,193
	105	5.000%, 6/01/17		No Opt. Call		Aa3		114,975
	5,525	4.500%, 6/01/23		6/17 at 100.00		BB		5,370,190
	1,065	4.625%, 6/01/26		6/17 at 100.00		B+		941,598
	210,735	Total New Jersey						230,686,928

Nuveen Investments 157

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York – 10.6%
$	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		AA–	$	516,100
	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–		1,856,098
	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)		5,951
	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		1,469,700
	2,500	Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005A, 5.000%, 2/15/19 (Pre-refunded 2/15/15) – AMBAC Insured		2/15 at 100.00		AA– (4)		2,596,100
	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		14,584,488
	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)		6,054
	3,335	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014A, 5.000%, 2/15/21		No Opt. Call		AAA		3,966,516
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
	735	0.000%, 6/01/16 – AGM Insured		No Opt. Call		AA		722,703
	355	0.000%, 6/01/19 – AGM Insured		No Opt. Call		AA		323,831
	480	0.000%, 6/01/21 – AGM Insured		No Opt. Call		AA		405,374
	450	0.000%, 6/01/22 – AGM Insured		No Opt. Call		AA		363,191
	1,095	0.000%, 6/01/23 – AGM Insured		No Opt. Call		AA		843,281
	165	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2003B, 5.250%, 6/01/14 (ETM)		No Opt. Call		A– (4)		165,706
	2,390	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2003B, 5.250%, 12/01/14		No Opt. Call		A–		2,457,159
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
	4,175	5.000%, 12/01/19 (Pre-refunded 6/01/16) – FGIC Insured		6/16 at 100.00		AA– (4)		4,581,520
	850	5.250%, 12/01/20 (Pre-refunded 6/01/16) – FGIC Insured		6/16 at 100.00		AA– (4)		937,176
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
	5,910	5.000%, 12/01/16 – AGM Insured		6/16 at 100.00		AA		6,420,092
	850	4.250%, 12/01/16 – AGM Insured		No Opt. Call		AA		910,206
	970	4.000%, 12/01/16 – AGM Insured		No Opt. Call		AA		1,033,690
	240	5.000%, 12/01/25 – FGIC Insured		6/16 at 100.00		AA–		256,834
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006D:
	595	5.000%, 9/01/17 – NPFG Insured		9/16 at 100.00		AA–		651,013
	85	5.000%, 9/01/20 – NPFG Insured		9/16 at 100.00		AA–		92,486
	520	5.000%, 9/01/23 – NPFG Insured		9/16 at 100.00		AA–		561,408
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006E:
	4,350	5.000%, 12/01/17 – FGIC Insured		12/16 at 100.00		AA–		4,798,398
	2,375	5.000%, 12/01/17		12/16 at 100.00		A–		2,604,520

158 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	2,145	5.000%, 12/01/18 – FGIC Insured		12/16 at 100.00		AA–	$	2,363,769
	13,015	5.000%, 12/01/18 – NPFG Insured		12/16 at 100.00		AA–		14,342,400
	190	5.000%, 12/01/20 – NPFG Insured		12/16 at 100.00		AA–		208,303
	900	5.000%, 12/01/21 – FGIC Insured		12/16 at 100.00		AA–		983,079
	1,035	5.000%, 12/01/21 – NPFG Insured		12/16 at 100.00		AA–		1,130,541
	715	5.000%, 12/01/21 – AGM Insured		12/16 at 100.00		AA		781,002
	4,505	5.000%, 12/01/22 – FGIC Insured		12/16 at 100.00		AA–		4,908,828
	155	5.000%, 12/01/22		12/16 at 100.00		A–		168,111
	10	4.125%, 12/01/22 – FGIC Insured		12/16 at 100.00		AA–		10,626
		Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A:
	480	5.000%, 4/01/18		No Opt. Call		A–		541,469
	3,420	5.000%, 4/01/19		No Opt. Call		A–		3,899,279
	1,250	5.500%, 4/01/22		4/19 at 100.00		A–		1,409,250
	3,040	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 5.000%, 5/01/15 – NPFG Insured		No Opt. Call		AA–		3,186,163
		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F:
	885	5.000%, 5/01/16 – NPFG Insured		No Opt. Call		AA–		956,650
	8,770	5.000%, 5/01/17 – NPFG Insured		No Opt. Call		AA–		9,733,209
	2,940	5.000%, 5/01/18 – NPFG Insured		11/16 at 100.00		AA–		3,231,295
	720	5.000%, 5/01/19 – NPFG Insured		11/16 at 100.00		AA–		789,271
	1,100	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/16		No Opt. Call		A–		1,189,056
	1,000	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012B, 5.000%, 9/01/21		No Opt. Call		A–		1,146,960
	5,500	Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 5.000%, 11/15/20		No Opt. Call		AA		6,516,345
		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012-B2:
	3,985	5.000%, 11/15/21		No Opt. Call		A+		4,694,768
	2,000	5.000%, 11/15/22		No Opt. Call		A+		2,361,140
		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012H:
	5,135	5.000%, 11/15/20		No Opt. Call		A+		6,028,798
	3,090	4.000%, 11/15/21		No Opt. Call		A+		3,439,664
	5,790	4.000%, 11/15/22		No Opt. Call		A+		6,423,137
	1,090	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.000%, 11/15/19		No Opt. Call		A+		1,274,755
	1,000	Monroe County, New York, General Obligation Bonds, Refunding Series 2012, 5.000%, 3/01/15		No Opt. Call		A		1,036,420
	8,425	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)		8,681,541
	3,040	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		3,131,595
	10,085	New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/17		No Opt. Call		AA		11,448,996
	10,000	New York City, New York, General Obligation Bonds, Fiscal 2012 Series I, 5.000%, 8/01/14		No Opt. Call		AA		10,124,400

Nuveen Investments 159

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	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		AA–	$	7,794,936
	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		AA–		2,149,100
	2,000	New York State Environmental Facilities Corporation, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Refunding Series 2013, 2.750%, 7/01/17		No Opt. Call		A–		2,095,460
	27,005	New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19		No Opt. Call		A–		31,302,036
	3,080	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		3,284,758
	470	New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/19 (Pre-refunded 10/01/15) – AMBAC Insured		10/15 at 100.00		N/R (4)		502,134
		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–		5,340,850
	5,000	4.000%, 4/01/17		No Opt. Call		AA–		5,480,600
	6,845	5.000%, 4/01/18		No Opt. Call		AA–		7,886,261
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2011B:
	7,800	5.000%, 6/01/15		No Opt. Call		AA–		8,210,358
	5,560	5.000%, 6/01/16		No Opt. Call		AA–		6,092,592
	4,100	5.000%, 6/01/17		No Opt. Call		AA–		4,641,528
	2,800	5.000%, 6/01/18		No Opt. Call		AA–		3,236,940
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2013A:
	4,370	5.000%, 6/01/20		6/16 at 100.00		AA–		4,737,648
	3,315	5.000%, 6/01/21		6/16 at 100.00		AA–		3,593,891
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2013B:
	4,940	5.000%, 6/01/19		6/14 at 100.00		AA–		4,959,809
	5,000	5.000%, 6/01/19		6/15 at 100.00		AA–		5,247,750
	2,090	5.000%, 6/01/20		6/15 at 100.00		AA–		2,189,798
	3,105	5.000%, 6/01/20		6/16 at 100.00		AA–		3,366,224
	14,250	5.000%, 6/01/21		6/16 at 100.00		AA–		15,461,250
	1,500	5.000%, 6/01/21		6/17 at 100.00		AA–		1,683,615
	5,030	5.000%, 6/01/22		6/17 at 100.00		AA–		5,639,032
	10,000	New York State Urban Development Corporation, Service Contract Revenue Bonds, Refunding Series 2010A, 5.000%, 1/01/17		No Opt. Call		AA–		11,167,600
		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		3,473,408
	1,000	5.000%, 12/15/17		No Opt. Call		AAA		1,152,690
	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		9,481,926
	3,080	North Babylon Union Free School District, Suffolk County, New York, General Obligation Bonds, Refunding Series 2013, 3.000%, 1/15/15		No Opt. Call		Aa3		3,141,538

160 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	2,250	Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2014A, 5.000%, 7/01/25		7/19 at 100.00		BB	$	2,279,475
		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–		18,264,927
	18,685	4.000%, 11/15/21		No Opt. Call		AA–		21,043,608
	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–		5,848,392
		TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
	1,740	4.750%, 6/01/22		6/16 at 100.00		BBB–		1,733,579
	3,620	5.000%, 6/01/26		6/16 at 100.00		BB–		3,429,407
		Yonkers, New York, General Obligation Bonds, Series 2012C:
	2,440	3.000%, 8/15/22		No Opt. Call		A+		2,443,343
	2,510	3.000%, 8/15/23		No Opt. Call		A+		2,439,896
	353,625	Total New York						390,066,774
		North Carolina – 1.3%
		Fayetteville Public Works Commission, North Carolina, Revenue Bonds, Refunding Series 2009A:
	3,000	5.000%, 3/01/16		No Opt. Call		AA		3,252,480
	2,010	5.000%, 3/01/17		No Opt. Call		AA		2,252,406
	2,075	5.000%, 3/01/18		No Opt. Call		AA		2,381,706
		Mecklenburg County Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Refunding Series 2009:
	5,500	5.000%, 3/01/16		No Opt. Call		AA+		5,971,405
	3,025	5.000%, 3/01/18		No Opt. Call		AA+		3,479,506
		New Hanover County, North Carolina, General Obligation Bonds, School Series 2009:
	1,500	3.000%, 6/01/14		No Opt. Call		AAA		1,503,780
	1,500	3.000%, 6/01/15		No Opt. Call		AAA		1,546,845
	1,500	3.000%, 6/01/16		No Opt. Call		AAA		1,583,355
	765	3.000%, 6/01/17		No Opt. Call		AAA		820,608
		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		2,724,909
	3,290	3.500%, 2/15/16 – AGC Insured		No Opt. Call		AA		3,464,469
	2,760	4.000%, 2/15/17 – AGC Insured		No Opt. Call		AA		3,006,523
		North Carolina State, Capital Improvement Limited Obligation Bonds, Series 2009A:
	1,000	5.000%, 5/01/19		No Opt. Call		AA+		1,175,930
	5,195	5.000%, 5/01/20		5/19 at 100.00		AA+		6,035,811
	3,540	5.000%, 5/01/21		5/19 at 100.00		AA+		4,101,869
	500	University of North Carolina System, Pooled Revenue Bonds, East Carolina University, Series 2011A, 3.000%, 5/01/14		No Opt. Call		Aa2		500,040
		Wilmington, North Carolina, Limited Obligation Bonds, Refunding Series 2012:
	350	2.000%, 6/01/14 – AGM Insured		No Opt. Call		AA		350,557
	420	3.000%, 6/01/15 – AGM Insured		No Opt. Call		AA		432,697
	860	4.000%, 6/01/17 – AGM Insured		No Opt. Call		AA		945,699
	800	4.000%, 6/01/18 – AGM Insured		No Opt. Call		AA		893,520
	42,255	Total North Carolina						46,424,115

Nuveen Investments 161

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		North Dakota – 0.5%
$	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	$	800,088
	4,365	Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System, Series 2007, 5.500%, 12/01/17		No Opt. Call		A–		4,853,924
	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–		1,047,060
	1,130	West Fargo, North Dakota, General Obligation Bonds, Refunding & Improvement Series 2012C, 3.000%, 5/01/17		No Opt. Call		Aa3		1,198,376
	2,835	Williston, North Dakota, Limited Obligation Bonds, Certificates of Indebtedness, Series 2013A, 2.500%, 11/01/15		11/14 at 100.00		N/R		2,847,843
	6,035	Williston, North Dakota, Sales Tax Revenue Bonds, Series 2013A, 4.000%, 5/01/20 – AGM Insured		5/17 at 100.00		AA		6,459,079
	16,165	Total North Dakota						17,206,370
		Ohio – 4.4%
		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		2,293,420
	2,655	5.000%, 11/15/22		5/22 at 100.00		A1		3,038,010
		Akron, Ohio, Waterworks System Mortgage Revenue Improvement Bonds, Refunding Series 2009:
	2,220	5.000%, 3/01/15 – AGC Insured		No Opt. Call		A3		2,306,846
	2,650	5.000%, 3/01/17 – AGC Insured		No Opt. Call		A3		2,959,282
		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		Aaa		5,843,931
	9,515	5.000%, 6/01/15		No Opt. Call		Aaa		9,881,803
	6,640	5.000%, 6/01/16		No Opt. Call		A1		7,111,108
	3,475	5.000%, 6/01/17		No Opt. Call		A3		3,805,125
	15,065	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–		13,020,228
	3,220	Cleveland, Ohio, Airport System Revenue Bonds, Series 2009C, 5.000%, 1/01/18 – AGM Insured		No Opt. Call		AA		3,606,754
		Cleveland, Ohio, General Obligation Bonds, Series 2011:
	1,470	5.000%, 12/01/19		No Opt. Call		AA		1,709,669
	1,540	5.000%, 12/01/20		12/19 at 100.00		AA		1,760,867
	1,620	5.000%, 12/01/21		12/19 at 100.00		AA		1,826,420
		Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013:
	510	3.000%, 6/15/14		No Opt. Call		Baa2		511,561
	500	4.000%, 6/15/17		No Opt. Call		Baa2		533,200
	1,015	5.000%, 6/15/19		No Opt. Call		Baa2		1,131,329
	1,000	5.000%, 6/15/21		No Opt. Call		Baa2		1,103,790
		Hamilton County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children’s Hospital Medical Center, Refunding Series 2014S:
	1,150	5.000%, 5/15/21		No Opt. Call		AA		1,366,430
	275	5.000%, 5/15/22		No Opt. Call		AA		324,701
	1,000	5.000%, 5/15/23		No Opt. Call		AA		1,183,350

162 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
$	1,600	Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2014, 5.000%, 2/01/20		No Opt. Call		A–	$	1,827,920
		JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A:
	2,460	5.000%, 1/01/20		No Opt. Call		AA		2,860,070
	1,700	5.000%, 1/01/23		No Opt. Call		AA		1,981,078
	2,175	Marysville, Union County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.000%, 12/01/20 – AMBAC Insured		No Opt. Call		Aa3		2,527,198
		Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013:
	1,000	5.000%, 2/15/16		No Opt. Call		BB+		1,040,730
	2,000	5.000%, 2/15/17		No Opt. Call		BB+		2,106,260
	1,630	5.000%, 2/15/18		No Opt. Call		BB+		1,728,517
	1,000	5.000%, 2/15/19		No Opt. Call		BB+		1,061,510
	270	5.000%, 2/15/20		No Opt. Call		BB+		284,086
	2,000	5.000%, 2/15/21		No Opt. Call		BB+		2,076,800
		New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C:
	730	3.000%, 10/01/15		No Opt. Call		A1		754,090
	870	3.000%, 10/01/16		No Opt. Call		A1		911,482
	1,100	4.000%, 10/01/17		No Opt. Call		A1		1,192,268
	5,650	Ohio Air Quality Development Authority, Air Quality Revenue Refunding Bonds, Columbus Southern Power Company Project, Series 2009A, 3.875%, 12/01/38		6/14 at 100.00		Baa1		5,664,408
	10,285	Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2006A, 3.750%, 12/01/23		No Opt. Call		BBB–		10,703,085
	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–		4,496,960
	6,685	Ohio State, General Obligation Bonds, Infrastructure Improvement Series 2013B, 5.000%, 8/01/21		No Opt. Call		AA+		8,036,774
	6,450	Ohio State, General Obligation Bonds, Refunding Common Schools Series 2011A, 5.000%, 9/15/21		No Opt. Call		AA+		7,762,575
	12,625	Ohio State, General Obligation Bonds, Refunding Common Schools Series 2011C, 5.000%, 9/15/20		No Opt. Call		AA+		15,084,729
		Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Series 2009B:
	820	5.000%, 1/01/17		No Opt. Call		Aa2		911,348
	500	5.000%, 1/01/18		No Opt. Call		Aa2		571,000
	80	Ohio Water Development Authority, Loan Revenue Bonds, Pure Water Development, Series 1990I, 6.000%, 12/01/16 – AMBAC Insured (ETM)		No Opt. Call		Aaa		84,946
	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–		10,756,681
	2,000	Ohio Water Development Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004, 2.250%, 7/01/21 (Mandatory put 7/01/16)		No Opt. Call		A–		2,057,440
	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		5,123,299

Nuveen Investments 163

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
		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	$	2,209,221
	2,265	5.000%, 12/01/16		No Opt. Call		N/R		2,350,232
	2,230	University of Toledo, Ohio, General Receipts Bonds, Series 2009, 4.000%, 6/01/18		No Opt. Call		A+		2,462,723
	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		32,900
	153,870	Total Ohio						163,978,154
		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+		1,529,631
	1,435	4.000%, 9/01/19		No Opt. Call		A+		1,567,164
	2,685	4.500%, 9/01/20		No Opt. Call		A+		2,999,655
	4,500	Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Public Schools Project, Series 2013, 5.000%, 6/01/18		No Opt. Call		A		5,091,660
	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+		4,860,407
		Oklahoma County Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Midwest City-Del City Public Schools Project, Series 2012:
	5,000	3.000%, 3/01/17		No Opt. Call		A+		5,283,550
	2,820	4.000%, 3/01/18		No Opt. Call		A+		3,092,807
	3,530	Tulsa (Oklahoma), Industrial Authority, Revenue and Refunding Bonds (The University of Tulsa), Series 1996A, 6.000%, 10/01/16 – NPFG Insured		No Opt. Call		AA-		3,678,048
		Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2009A:
	1,000	4.000%, 6/01/15		No Opt. Call		BBB+		1,034,310
	1,200	4.500%, 6/01/16		6/15 at 100.00		BBB+		1,243,536
	6,290	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		AA– (4)		6,808,044
	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–		8,680,939
	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–		1,385,788
	43,375	Total Oklahoma						47,255,539
		Oregon – 0.7%
	2,575	Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Refunding Bonds, Series 2012B, 4.000%, 6/15/22		No Opt. Call		AA+		2,905,398
	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		1,156,950
		Portland Community College District, Multnomah County, Oregon, General Obligation Bonds, Series 2013:
	3,795	5.000%, 6/15/14		No Opt. Call		Aa1		3,818,301
	5,655	5.000%, 6/15/15		No Opt. Call		Aa1		5,966,817

164 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Oregon (continued)
$	2,000	Tri-County Metropolitan Transportation District, Oregon, Capital Grant Receipt Revenue Bonds, Series 2011A, 5.000%, 10/01/18		No Opt. Call		A	$	2,312,100
	10,450	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		10,725,358
	25,475	Total Oregon						26,884,924
		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		393,909
		Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Jefferson Regional Medical Center, Series 2006B:
	1,865	5.000%, 5/01/14		No Opt. Call		Baa2		1,865,168
	1,985	5.000%, 5/01/15		No Opt. Call		Baa2		2,040,878
	1,620	5.000%, 5/01/16		No Opt. Call		Baa2		1,699,996
	1,285	5.000%, 5/01/18		5/16 at 100.00		Baa2		1,332,018
	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		5,745,600
		Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2011:
	6,550	5.000%, 12/01/17 – AGM Insured		No Opt. Call		AA		7,458,944
	4,400	5.000%, 12/01/18 – AGM Insured		No Opt. Call		AA		5,089,788
	1,900	Berks County, Pennsylvania, General Obligation Bonds, Series 2008, 5.000%, 11/15/21		11/18 at 100.00		Aa1		2,193,721
	1,120	Centre County, Pennsylvania, General Obligation Bonds, Series 2012A, 3.000%, 7/01/19		No Opt. Call		AA		1,194,894
	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		2,324,307
	7,910	Coatesville Area School District, Chester County, Pennsylvania, General Obligation Bonds, Series 2014A, 4.000%, 8/15/19 (WI/DD, Settling 5/28/14) – BAM Insured		No Opt. Call		AA		8,670,467
		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+		460,029
	20	4.250%, 12/01/17 – RAAI Insured		12/15 at 100.00		BBB+		20,528
	210	5.000%, 12/01/19 – RAAI Insured		12/15 at 100.00		BBB+		216,216
	75	5.000%, 12/01/21 – RAAI Insured		12/15 at 100.00		BBB+		76,392
		Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2010:
	1,000	4.000%, 12/01/16		No Opt. Call		A+		1,082,890
	500	5.000%, 12/01/18		No Opt. Call		A+		578,185
	3,335	Lancaster County, Pennsylvania, General Obligation Bonds, Series 2009A, 5.000%, 11/01/18 – AGM Insured		No Opt. Call		A1		3,856,761
	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		1,008,130
	3,425	Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Refunding Series 2004, 5.000%, 11/15/18		7/14 at 100.00		B+		3,425,206
	2,700	Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.500%, 12/15/19		No Opt. Call		N/R		2,706,993
	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–		2,381,673

Nuveen Investments 165

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	1,080	Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Series 2012, 4.000%, 5/01/19		No Opt. Call		A	$	1,162,166
	3,450	Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital Obligated Group, Series 2012A, 5.000%, 6/01/23		No Opt. Call		A		3,900,674
	560	Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23		7/14 at 100.00		N/R		484,409
	940	Pennsylvania Convention Center Authority, Revenue Bonds, Series 1989A, 6.700%, 9/01/16 – FGIC Insured (ETM)		No Opt. Call		AA+ (4)		1,022,344
		Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A:
	3,050	5.250%, 10/15/14		No Opt. Call		BBB+		3,100,691
	3,285	5.250%, 10/15/15		No Opt. Call		BBB+		3,452,436
	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		A–		2,750,652
	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		A–		10,033,600
		Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012A:
	2,500	5.000%, 7/01/15		No Opt. Call		Aaa		2,643,275
	4,945	5.000%, 7/01/19		No Opt. Call		Aaa		5,855,424
		Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012B:
	10	5.000%, 1/01/20		No Opt. Call		Aaa		11,764
	225	5.000%, 7/01/20		7/19 at 100.00		Aaa		264,071
	5,725	5.000%, 7/01/21		1/18 at 100.00		Aaa		6,502,455
	23,760	5.000%, 1/01/22		7/17 at 100.00		Aaa		26,833,356
	8,415	5.000%, 7/01/22		7/16 at 100.00		Aaa		9,200,120
	15,750	5.000%, 1/01/23		1/16 at 100.00		Aaa		16,895,183
	13,270	5.000%, 7/01/23		7/15 at 100.00		Aaa		13,973,443
	15	5.000%, 7/01/23		1/15 at 100.00		Aaa		15,460
	11,800	Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured		12/16 at 100.00		AA		11,935,936
	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		1,846,071
		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009B:
	4,025	5.000%, 6/01/14		No Opt. Call		A–		4,041,664
	4,000	5.000%, 6/01/15		No Opt. Call		A–		4,203,240
	4,000	5.000%, 6/01/16		No Opt. Call		A–		4,361,360
	16,030	Pennsylvania, General Obligation Bonds, Refunding 3rd Series 2004, 5.375%, 7/01/16 – NPFG Insured		No Opt. Call		AA		17,763,805
	2,530	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		3,002,503

166 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	10,000	Philadelphia School District, Pennsylvania, General Obligation Bonds, Refunding Series 2010C, 5.000%, 9/01/16		No Opt. Call		Aa3	$	10,925,500
		Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2011D:
	1,795	5.000%, 9/01/17		No Opt. Call		Aa3		2,001,407
	1,525	5.000%, 9/01/18		No Opt. Call		Aa3		1,725,217
		Pittsburgh Water and Sewerage Authority, Pennsylvania, Water and Sewerage System Revenue Refunding Bonds, Series 1986:
	604	7.250%, 9/01/14 – FGIC Insured (ETM)		No Opt. Call		Aaa		616,992
	620	6.000%, 9/01/16 – FGIC Insured (ETM)		No Opt. Call		Aaa		679,235
		Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2013:
	260	4.000%, 12/01/14		No Opt. Call		BBB–		264,332
	1,205	4.000%, 12/01/16		No Opt. Call		BBB–		1,267,503
	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+		1,332,438
	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		2,960,900
	214,784	Total Pennsylvania						232,852,319
		Puerto Rico – 0.0%
	150	Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/20 – NPFG Insured		No Opt. Call		AA–		153,290
		Rhode Island – 0.2%
		Rhode Island Economic Development Corporation, Airport Revenue Bonds, Refunding Series 2013B:
	700	5.000%, 7/01/19		No Opt. Call		A3		786,331
	1,165	5.000%, 7/01/20		No Opt. Call		A3		1,303,670
	1,360	5.000%, 7/01/21		No Opt. Call		A3		1,517,094
		Rhode Island Health and Education Building Corporation, University of Rhode Island Auxiliary Enterprise Revenue Refunding Issue, Series 2013C:
	450	4.000%, 9/15/16		No Opt. Call		A+		483,737
	520	4.000%, 9/15/18		No Opt. Call		A+		574,168
	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		A–		2,108,240
	1,865	Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23		7/14 at 100.00		A2		1,865,298
	8,060	Total Rhode Island						8,638,538
		South Carolina – 0.9%
	3,065	Cherokee County School District 1, South Carolina, General Obligation Bonds, Series 2013A, 4.000%, 3/01/15		No Opt. Call		Aa1		3,164,306
		Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Refunding Series 2012:
	1,500	3.500%, 2/01/20		No Opt. Call		Aa1		1,657,065
	1,000	4.500%, 2/01/21		No Opt. Call		Aa1		1,164,570
	6,010	Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/19 (Pre-refunded 12/01/14)		12/14 at 100.00		AA– (4)		6,189,098

Nuveen Investments 167

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		South Carolina (continued)
		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	$	3,988,669
	4,910	5.000%, 12/01/22		No Opt. Call		AA		5,847,859
	5,245	Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24		12/16 at 100.00		AA		5,715,162
	1,245	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)		1,599,003
	1,645	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		A–		1,673,541
	1,650	South Carolina Public Service Authority, Revenue Bonds, Santee Cooper Electric System, Series 2005A, 5.250%, 1/01/22 – NPFG Insured		No Opt. Call		AA–		1,771,077
	29,635	Total South Carolina						32,770,350
		South Dakota – 0.1%
		Deadwood, South Dakota, Certificates of Participation, Refunding Series 2012:
	1,580	3.000%, 11/01/17		No Opt. Call		A		1,658,052
	770	3.000%, 11/01/18		No Opt. Call		A		806,537
	1,320	Heartland Consumers Power District, South Dakota, Electric System Revenue Bonds, Series 1977, 6.375%, 1/01/16 (ETM)		No Opt. Call		Aaa		1,405,417
	400	South Dakota Building Authority, Revenue Bonds, Series 2013B, 5.000%, 6/01/20		No Opt. Call		AA		468,312
	4,070	Total South Dakota						4,338,318
		Tennessee – 1.1%
		First Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Series 2012A:
	425	2.000%, 12/01/14		No Opt. Call		AA+		429,569
	225	2.000%, 12/01/15		No Opt. Call		AA+		231,107
	225	2.000%, 12/01/16		No Opt. Call		AA+		233,640
	475	2.000%, 12/01/17		No Opt. Call		AA+		493,649
	710	4.000%, 12/01/20		No Opt. Call		AA+		800,816
	740	4.000%, 12/01/21		No Opt. Call		AA+		834,320
	695	Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.000%, 7/01/14		No Opt. Call		BBB+		699,406
		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		1,177,455
	2,500	5.000%, 1/01/20		No Opt. Call		A		2,845,375
	1,500	4.000%, 1/01/21		No Opt. Call		A		1,620,150
		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+		1,389,655
	250	3.000%, 11/01/18		No Opt. Call		BBB+		259,523
	1,070	4.000%, 11/01/19		No Opt. Call		BBB+		1,153,599
	810	4.000%, 11/01/20		No Opt. Call		BBB+		868,628
	500	4.000%, 11/01/21		No Opt. Call		BBB+		533,875
	1,030	5.000%, 11/01/22		11/21 at 100.00		BBB+		1,171,172

168 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tennessee (continued)
		Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage Revenue Bonds, Subordinate Lien Refunding Series 2012:
$	2,570	5.000%, 7/01/21		No Opt. Call		A+	$	3,048,637
	1,320	5.000%, 7/01/22		No Opt. Call		A+		1,575,394
		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–		2,124,160
	5,000	5.000%, 9/01/16		No Opt. Call		AA–		5,497,850
	2,500	5.000%, 9/01/18		No Opt. Call		AA–		2,875,900
	7,530	Tennessee State, General Obligation Bonds, Series 2009A, 5.000%, 5/01/17		No Opt. Call		Aaa		8,514,171
	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		1,130,810
		The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A:
	250	5.000%, 9/01/14		No Opt. Call		A		253,763
	205	5.250%, 9/01/18		No Opt. Call		A		230,537
	1,395	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/17		No Opt. Call		A		1,515,891
	37,290	Total Tennessee						41,509,052
		Texas – 6.4%
	2,960	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		3,052,766
	20,350	Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding Series 2012A, 5.000%, 8/15/23		No Opt. Call		AAA		24,980,643
		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		1,038,150
	1,000	5.000%, 2/15/16		No Opt. Call		AA		1,081,470
		Corpus Christi Business and Job Development Corporation, Texas, Sales Tax Revenue Bonds, Arena Project, Refunding Series 2014:
	1,000	5.000%, 9/01/21		No Opt. Call		AA–		1,166,940
	650	5.000%, 9/01/22		No Opt. Call		AA–		756,945
	6,975	Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/15 – AMBAC Insured		No Opt. Call		AAA		7,451,323
		Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012B:
	2,595	5.000%, 11/01/20		No Opt. Call		A+		3,051,538
	5,000	5.000%, 11/01/21		11/20 at 100.00		A+		5,857,600
	10,460	Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding Bond Anticipation Note Series 2014A, 3.000%, 12/15/16		No Opt. Call		N/R		11,118,771
	1,925	Grapevine, Tarrant County, Texas, Combination Tax and Tax Increment Reinvestment Zone Revenue, Refunding Series 2005A, 5.000%, 8/15/20 – NPFG Insured		2/15 at 100.00		AA+		1,996,860
	6,010	Harris County, Texas, General Obligation Bonds, Refunding Road Series 2009A, 5.250%, 10/01/18		No Opt. Call		AAA		7,087,112
	1,500	Houston Independent School District, Harris County, Texas, General Obligation Bonds, Schoolhouse Series 2013A, 4.000%, 2/15/16		No Opt. Call		AAA		1,599,090

Nuveen Investments 169

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	1,780	Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2012D, 5.000%, 11/15/21		No Opt. Call		AA	$	2,141,073
		Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2014C:
	3,900	5.000%, 5/15/20		No Opt. Call		AA		4,639,713
	3,000	5.000%, 5/15/21		No Opt. Call		AA		3,593,040
	11,520	Houston, Texas, General Obligation Bonds, Public Improvement Refunding Series 2009A, 5.000%, 3/01/20		3/19 at 100.00		AA+		13,434,048
	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		2,032,540
		Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A:
	1,360	5.000%, 7/01/15		No Opt. Call		AA–		1,435,303
	1,110	5.000%, 7/01/16		No Opt. Call		AA–		1,214,973
	2,250	Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011B, 5.000%, 7/01/20		No Opt. Call		A+		2,620,755
		Lubbock Health Facilities Development Corporation, Texas, Revenue Bonds, Saint Joseph Health System, Refunding Series 2008B:
	3,030	5.000%, 7/01/18		No Opt. Call		AA–		3,453,715
	3,000	5.000%, 7/01/20		No Opt. Call		AA–		3,454,980
		McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
	2,210	3.000%, 12/01/18		No Opt. Call		Baa2		2,231,150
	1,510	4.000%, 12/01/21		No Opt. Call		Baa2		1,550,347
	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		A–		5,855,213
		North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012:
	1,690	5.000%, 8/15/19		No Opt. Call		AA		1,967,380
	2,785	5.000%, 8/15/21		No Opt. Call		AA		3,270,732
	2,000	5.000%, 8/15/22		No Opt. Call		AA		2,345,340
	5,480	5.000%, 8/15/23		8/22 at 100.00		AA		6,380,254
	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+		8,851,710
	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		10,611,600
	2,555	San Antonio, Texas, Electric and Gas System Revenue Refunding Bonds, New Series 1992, 5.000%, 2/01/17 (ETM)		No Opt. Call		AA+ (4)		2,732,598
	15,000	San Antonio, Texas, Electric and Gas System Revenue Refunding Bonds, Series 2012, 5.000%, 2/01/21		No Opt. Call		Aa1		17,941,800
	8,420	Texas A&M University, Financing System Revenue Bonds, Series 2008, 5.000%, 5/15/15		No Opt. Call		Aaa		8,849,925
	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		6,057,975
		Texas Public Finance Authority, Unemployment Compensation Obligation Assessment Revenue Bonds, Refunding Series 2014B:
	7,000	4.000%, 7/01/18 (WI/DD, Settling 5/15/14)		1/16 at 100.00		AAA		7,409,780
	5,000	4.000%, 1/01/19 (WI/DD, Settling 5/15/14)		7/15 at 100.00		AAA		5,209,800

170 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	6,535	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2007, 5.000%, 4/01/16		No Opt. Call		AAA	$	7,121,712
		Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A:
	10,000	5.000%, 4/01/18		No Opt. Call		AAA		11,544,200
	4,515	5.000%, 4/01/20		No Opt. Call		AAA		5,394,883
	2,670	Texas State, Public Financing Authority, General Obligation Bonds, Refunding Series 2009A, 5.000%, 10/01/17		No Opt. Call		AAA		3,058,672
		Val Verde County, Texas, Pass-Through Toll Revenue and Limited Tax Bonds, Series 2011:
	2,000	3.000%, 8/15/14		No Opt. Call		A		2,012,900
	2,565	3.000%, 8/15/15		No Opt. Call		A		2,628,997
	2,640	3.000%, 8/15/16		No Opt. Call		A		2,738,578
	2,720	3.000%, 8/15/17		No Opt. Call		A		2,826,760
	210,455	Total Texas						236,851,654
		Utah – 0.4%
	4,000	Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Subordinate Lien Refunding Series 2013A, 3.000%, 7/01/15		No Opt. Call		AA–		4,131,480
	2,000	Salt Lake County, Utah, Research Facility Revenue Bonds, Huntsman Cancer Foundation, Series 2013A-1, 5.000%, 12/01/33 (Mandatory put 12/15/20)		12/18 at 100.00		N/R		2,100,080
		Utah Associated Municipal Power Systems, Revenue Bonds, Horse Butte Wind Project, Series 2012A:
	500	5.000%, 9/01/14		No Opt. Call		A–		507,735
	550	5.000%, 9/01/15		No Opt. Call		A–		582,951
	875	5.000%, 9/01/16		No Opt. Call		A–		960,111
	500	5.000%, 9/01/17		No Opt. Call		A–		564,360
	500	5.000%, 9/01/18		No Opt. Call		A–		573,895
	625	5.000%, 9/01/19		No Opt. Call		A–		723,800
	1,045	5.000%, 9/01/20		No Opt. Call		A–		1,215,429
	2,050	5.000%, 9/01/21		No Opt. Call		A–		2,389,234
	12,645	Total Utah						13,749,075
		Virgin Islands – 0.4%
		Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B:
	2,515	5.000%, 10/01/14		No Opt. Call		BBB		2,555,265
	4,455	5.000%, 10/01/15		No Opt. Call		BBB		4,678,908
	4,375	5.000%, 10/01/16		No Opt. Call		BBB		4,723,819
	4,000	5.000%, 10/01/17		No Opt. Call		BBB		4,412,080
	15,345	Total Virgin Islands						16,370,072
		Virginia – 0.2%
		Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006:
	400	4.000%, 9/01/14		No Opt. Call		BBB		404,792
	400	4.125%, 9/01/15		No Opt. Call		BBB		417,288
	1,000	Hanover County, Virginia, General Obligation Bonds, Refunding & Public Improvement Series 2009, 5.000%, 7/15/19		No Opt. Call		AAA		1,183,710

Nuveen Investments 171

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Virginia (continued)
$	2,500	Louisa Industrial Development Authority, Virginia, Pollution Control Revenue Bonds, Virginia Electric and Power Company, Series 2008C, 1.500%, 11/01/35 (Mandatory put 12/01/14)		11/14 at 100.00		A–	$	2,509,150
	1,750	Virginia College Building Authority, Educational Facilities Revenue Refunding Bonds, Marymount University, Series 1998, 5.100%, 7/01/18 – RAAI Insured		7/14 at 100.00		N/R		1,754,340
	2,750	York County Economic Development Authority, Virginia, Pollution Control Refunding Revenue Bonds, Virginia Electric and Power Company Project, Series 2009A, 1.875%, 5/01/33 (Mandatory put 5/16/19) (WI/DD, Settling 5/01/14)		No Opt. Call		A2		2,756,875
	8,800	Total Virginia						9,026,155
		Washington – 2.6%
	1,700	Central Washington University, Washington, System Revenue Bonds, Refunding Series 2013, 4.000%, 5/01/15		No Opt. Call		A1		1,762,900
	4,135	Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement Series 2010B, 5.000%, 2/01/17		No Opt. Call		AA		4,632,110
		Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds, Refunding Series 2013B:
	1,100	5.000%, 12/01/18		No Opt. Call		A+		1,268,135
	1,500	5.000%, 12/01/20		No Opt. Call		A+		1,753,800
	2,095	5.000%, 12/01/21		No Opt. Call		A+		2,462,463
	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		3,181,530
	1,000	Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A, 5.000%, 11/15/21		No Opt. Call		A+		1,157,740
	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		11,084,900
	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		12,443,138
		Washington State, General Obligation Bonds, Refunding Various Purpose Series 2013R-13C:
	9,355	4.000%, 7/01/15		No Opt. Call		AA+		9,777,378
	20,070	5.000%, 7/01/21		No Opt. Call		AA+		24,021,382
	10,380	Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, 2010 Series 2009B, 5.000%, 8/01/15		No Opt. Call		AA+		11,010,274
	8,715	Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008B, 5.000%, 7/01/19		7/18 at 100.00		AA+		10,094,149
	615	Washington, General Obligation Bonds, Series 1990A, 6.750%, 2/01/15		No Opt. Call		AA+		642,933
	84,245	Total Washington						95,292,832
		West Virginia – 0.4%
	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		Baa1		5,076,350
	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		7,132,230
	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		581,034

172 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		West Virginia (continued)
$	2,480	West Virginia University, Revenue Bonds, West Virginia University Projects, Series 2000A, 0.000%, 4/01/17 – AMBAC Insured		No Opt. Call		Aa3	$	2,379,312
	15,010	Total West Virginia						15,168,926
		Wisconsin – 1.9%
	3,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2013B, 4.000%, 11/15/43 (Mandatory put 3/01/18)		No Opt. Call		AA+		3,317,040
	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		4,121,770
		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		5,540,300
	5,000	5.000%, 7/15/18		No Opt. Call		A		5,598,100
	5,680	5.000%, 7/15/19		No Opt. Call		A		6,424,421
	2,845	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/27 – AGM Insured		7/21 at 100.00		A2		3,037,009
		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–		593,255
	1,105	5.000%, 8/15/18		No Opt. Call		AA–		1,276,629
	500	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2006A, 5.000%, 2/15/15		No Opt. Call		A–		514,935
		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+		1,612,603
	1,555	5.000%, 12/01/17		No Opt. Call		A+		1,728,927
	1,635	5.000%, 12/01/18		No Opt. Call		A+		1,843,773
	1,710	5.000%, 12/01/19		No Opt. Call		A+		1,936,746
	6,900	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2010A, 5.000%, 6/01/19		No Opt. Call		A2		7,207,671
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C:
	500	5.000%, 8/15/16		No Opt. Call		A+		544,305
	750	5.000%, 8/15/18		No Opt. Call		A+		849,525
	315	5.000%, 8/15/20		No Opt. Call		A+		362,707
	1,480	5.000%, 8/15/21		No Opt. Call		A+		1,698,774
	35	5.000%, 8/15/23		8/22 at 100.00		A+		40,423
		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–		4,050,080
	2,050	5.250%, 8/15/18		8/16 at 100.00		A–		2,207,543
	6,680	Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.250%, 5/01/20		5/19 at 100.00		AA–		7,880,196
		Wisconsin State, Transportation Revenue Bonds, Series 2014-1:
	5,000	5.000%, 7/01/21		7/19 at 100.00		AA+		5,843,800
	580	5.000%, 7/01/22		7/19 at 100.00		AA+		674,128
	1,480	5.000%, 7/01/23		7/19 at 100.00		AA+		1,716,165
	63,885	Total Wisconsin						70,620,825
$	3,314,050	Total Municipal Bonds (cost $3,517,006,875)						3,617,263,159

Nuveen Investments 173

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

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 (6), (7)		5.500	%		7/15/19		N/R	$	22,751
	35	Las Vegas Monorail Company, Senior Interest Bonds (6), (7)		3.000	%		7/15/55		N/R		4,684
$	161	Total Corporate Bonds (cost $9,660)									27,435
		Total Long-Term Investments (cost $3,517,016,535)									3,617,290,594
Principal Amount (000)		Description (1)				Optional Call Provisions (2)		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 1.6%
		MUNICIPAL BONDS – 1.6%
		Arkansas – 0.3%
$	10,645	University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Variable Rate Demand Obligations, Tender Option Bond Trust 3693Z, 0.160%, 9/01/14 – NPFG Insured (8)					No Opt. Call		VMIG-1	$	10,645,000
		Connecticut – 0.3%
	4,145	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Choate Rosemary Hall, Variable Rate Demand Obligations, Series 2008D, 0.140%, 7/01/37 (8)					8/14 at 100.00		VMIG-1		4,145,000
	7,730	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Variable Rate Demand Obligations, Trust 2862, 0.090%, 7/01/15 (8)					No Opt. Call		A-1		7,730,000
	11,875	Total Connecticut									11,875,000
		Iowa – 0.2%
	9,700	Iowa State, Special Obligation Bonds, I-Jobs Program, Variable Rate Demand Obligations, Tender Option Bond Trust 13B-A, 0.140%, 6/01/25 (8)					No Opt. Call		A-1		9,700,000
		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, 0.140%, 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, 0.130%, 11/15/16 (8)					No Opt. Call		A-1		10,000,000
		Missouri – 0.3%
	10,460	St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Variable Rate Demand Obligations, Tender Option Bond Trust DCL-017, 0.520%, 7/01/22 (8)					No Opt. Call		A-2		10,460,000
$	59,345	Total Short-Term Investments (cost $59,345,000)									59,345,000
		Total Investments (cost $3,576,361,535) – 99.5%									3,676,635,594
		Other Assets Less Liabilities – 0.5%									16,649,021
		Net Assets – 100%								$	3,693,284,615

174 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, 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. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements 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 annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s 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.

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 175

Nuveen Short Term Municipal Bond Fund

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 97.4%
		MUNICIPAL BONDS – 97.4%
		National – 0.0%
$	175	BB&T Various States Municipal Trust Pool, Class B Cerificates, Series 2011, 0.970%, 9/01/14		No Opt. Call		AA–	$	175,452
		Arizona – 5.0%
		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		1,049,200
	1,000	5.000%, 7/01/16		No Opt. Call		A3		1,081,230
		Avondale, Arizona, Pledged Revenue Bonds, Refunding Series 2013:
	1,045	2.000%, 7/01/14		No Opt. Call		AA		1,047,999
	1,175	2.000%, 7/01/15		No Opt. Call		AA		1,196,291
	500	Creighton Elementary School District 14, Maricopa County, Arizona, General Obligation Bonds, Series 2014B, 3.000%, 7/01/18		No Opt. Call		A1		533,860
	1,545	Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2010, 5.000%, 5/15/19		No Opt. Call		A+		1,740,597
		Kyrene Elementary School District 28, Maricopa County, Arizona, School Improvement Bonds, Project 2010, Series 2013B:
	1,500	1.000%, 7/01/18		No Opt. Call		Aa1		1,528,260
	1,775	1.000%, 7/01/19		No Opt. Call		Aa1		1,872,767
	440	Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 4.000%, 7/01/17		No Opt. Call		AA		481,870
		Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A:
	1,000	5.000%, 7/01/16		No Opt. Call		A		1,090,820
	1,785	5.000%, 7/01/17		No Opt. Call		A		2,002,413
	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		1,047,853
	5,000	Navajo County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding Bonds, Arizona Public Serivce Company, Cholla Project, Series 2009A, 1.250%, 6/01/34		5/14 at 100.00		A–		5,003,100
	6,055	Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/17		No Opt. Call		A+		6,836,034
	1,040	Phoenix Civic Improvment Corporation, Arizona, Transit Excise Tax Revenue Refunding Bonds, Light Rail Project, Series 2013, 5.000%, 7/01/16		No Opt. Call		AA		1,143,345
	1,370	Phoenix Industrial Development Authority, Arizona, Single Family Mortgage Revenue Bonds, Series 1983, 0.000%, 12/01/14 (ETM)		No Opt. Call		AA+ (4)		1,368,644
		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+		200,774
	130	3.000%, 7/01/15 (Alternative Minimum Tax)		No Opt. Call		AA+		132,700
	300	3.000%, 7/01/16 (Alternative Minimum Tax)		No Opt. Call		AA+		309,795
	790	Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 2.500%, 7/01/15		No Opt. Call		A		807,506

176 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	860	Regional Public Transportation Authority, Arizona, Transportation Excise Tax Revenue Bonds, Maricopa County Public Transportation Fund Series 2014, 5.250%, 7/01/18		No Opt. Call		AA+	$	1,008,307
	2,250	Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.000%, 9/01/14		No Opt. Call		A2		2,284,133
	820	Sun Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project, Series 2008, 5.000%, 7/01/18		No Opt. Call		AA–		942,188
	400	Yuma & La Paz Counties Community College District, Arizona, General Obligation Bonds, Refunding Series 2014, 4.000%, 7/01/18		No Opt. Call		Aa3		442,400
	750	Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional Medical Center, Series 2014A, 5.000%, 8/01/19		No Opt. Call		A–		848,895
	33,775	Total Arizona						36,000,981
		Arkansas – 0.5%
	2,910	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+		3,302,501
		California – 9.4%
		Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C, Series 2013A:
	475	2.000%, 9/01/14		No Opt. Call		N/R		476,724
	495	2.250%, 9/01/15		No Opt. Call		N/R		502,173
	480	3.000%, 9/01/16		No Opt. Call		N/R		497,587
	1,125	Brea Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Redevelopement Project Area AB, Refunding Series 2013, 5.000%, 8/01/17		No Opt. Call		AA–		1,273,793
	1,000	Burbank-Glendale-Pasadena Airport Authority, California, Airport Revenue Bonds, Series 2005B, 5.250%, 7/01/16 – AMBAC Insured (Alternative Minimum Tax)		No Opt. Call		A+		1,054,590
	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		836,632
	495	California Health Facilities Financing Authority, Insured Refunding Revenue Bonds, Marshall Medical Center, Series 2012A, 4.000%, 11/01/14		No Opt. Call		A		503,915
	1,970	California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013B, 5.000%, 7/01/43 (Mandatory put 10/17/17)		No Opt. Call		AA–		2,252,715
	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		285,544
	895	California Municipal Finance Authority, Revenue Bonds, Northbay Healthcare Group, Refunding Series 2013B, 5.000%, 11/01/14		No Opt. Call		BBB–		911,611
	1,000	California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, USA Waste Serviices Inc., Refunding Series 1998A, 1.500%, 6/01/18 (Alternative Minimum Tax)		No Opt. Call		A–		1,001,550
	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		2,454,236
	3,000	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2011A, 4.000%, 10/01/15		No Opt. Call		A2		3,159,960
	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		2,590,950

Nuveen Investments 177

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		Carlsbad, California, Limited Obligation Refunding Bonds, Reassessment District 12-1, Series 2013:
$	400	2.000%, 9/01/14		No Opt. Call		N/R	$	402,144
	250	2.000%, 9/01/15		No Opt. Call		N/R		254,463
	1,365	Carson Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, Refunding Series 2014A, 4.000%, 10/01/17		No Opt. Call		A–		1,489,529
	1,000	Chula Vista Municipal Finance Authority, California, Special Tax Revenue Bonds, Refunding Series 2013, 5.000%, 9/01/15		No Opt. Call		BBB+		1,054,520
		Clovis, California, Water Revenue Bonds, Refudning Series 2013:
	225	4.000%, 3/01/16 – BAM Insured		No Opt. Call		AA		238,217
	250	4.000%, 3/01/17 – BAM Insured		No Opt. Call		AA		271,205
	1,000	Colton Joint Unified School District, San Bernardino County, California, General Obligation Bonds, Refunding Series 2013, 4.000%, 8/01/17 – AGM Insured		No Opt. Call		AA		1,102,410
		Corona-Norco Unified School District Public Financing Authority, Riverside County, California, Special Tax Revenue Refunding Bonds, Senior Lien Series 2013A:
	550	2.000%, 9/01/15		No Opt. Call		BBB+		557,117
	500	4.000%, 9/01/17		No Opt. Call		BBB+		536,755
		Fresno, California, Airport Revenue Bonds, Refunding Series 2013B:
	1,275	4.000%, 7/01/15 (Alternative Minimum Tax)		No Opt. Call		Baa1		1,319,268
	875	4.000%, 7/01/16 (Alternative Minimum Tax)		No Opt. Call		Baa1		921,988
	905	4.000%, 7/01/17 (Alternative Minimum Tax)		No Opt. Call		Baa1		963,029
	2,355	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013A, 5.000%, 6/01/17		No Opt. Call		A2		2,635,952
	2,500	Inland Valley Development Agency, California, Tax Allocation Bonds, Series 2011B, 4.250%, 3/01/41 (Mandatory put 3/01/15)		3/15 at 100.00		AA–		2,557,900
	685	Irvine, California, Limited Obligation Improvement Bonds, Reassessment District 12-1, Series 2012, 3.000%, 9/02/15		No Opt. Call		BBB+		705,591
		Irvine, California, Limited Obligation Improvement Bonds, Reassessment District 13-1, Series 2013:
	700	2.000%, 9/02/14		No Opt. Call		BBB–		703,038
	780	2.000%, 9/02/15		No Opt. Call		BBB–		790,780
		Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Community Facilities District 88-3, Series 2013B:
	705	2.000%, 9/01/14		No Opt. Call		N/R		708,271
	685	2.000%, 9/01/15		No Opt. Call		N/R		695,371
	1,440	Lee Lake Public Financing Authority, California, Senior Lien Revenue Bonds, Refunding Series 2013A, 4.000%, 9/01/15		No Opt. Call		BBB		1,499,429
	3,425	Los Angeles County Redevelopment Authority, California, Various Redevelopment Project Areas Tax Allocation Revenue Refunding Bonds, Series 2013D, 5.000%, 9/01/16		No Opt. Call		A–		3,730,613
	1,100	Modesto High School District, Stanislaus County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/14 – FGIC Insured		No Opt. Call		Aa2		1,098,977
	500	Northern California Power Agency, Hydroelectric Project Number One Revenue Bonds, Refunding Series 2010A, 5.000%, 7/01/16		No Opt. Call		A+		550,605
	2,500	Oakland Redevelopment Successor Agency, California, Tax Allocation Bonds, Central District Redevelopment Project, Subordinate Refunding Series 2013, 5.000%, 9/01/15		No Opt. Call		A–		2,647,575

178 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		Orange City, California, Special Tax Bonds, Community Facilities District 91-2, Serrano Heights Public Improvements, RefundingSeries 2013:
$	450	3.000%, 10/01/15		No Opt. Call		A	$	465,404
	320	3.000%, 10/01/16		No Opt. Call		A		336,122
	360	3.000%, 10/01/17		No Opt. Call		A		380,833
	300	4.000%, 10/01/18		No Opt. Call		A		328,311
	2,950	Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A , 3.000%, 9/01/16		No Opt. Call		N/R		3,026,494
	675	Pioneers Memorial Healthcare District, California, General Obligation Bonds, Refunding Series 2012, 3.000%, 10/01/14		No Opt. Call		BBB		680,960
	400	Pittsburg Infrastructure Financing Authority, California, Reassessment Revenue Refunding Bonds, Series 2011A, 3.000%, 9/02/14 – AGM Insured		No Opt. Call		AA		403,392
	500	Riverside County Transportation Commission, California, Sales Tax Revenue Bonds, Limited Tax Series 2013A, 5.000%, 6/01/18		No Opt. Call		AA+		582,310
		Sacramento City Financing Authority, California, Special Tax Revenue Bonds, Westlake and Regency Park, Refunding Series 2013A:
	1,005	3.000%, 9/01/15		No Opt. Call		BBB+		1,033,160
	550	3.000%, 9/01/16		No Opt. Call		BBB+		573,095
	420	Salinas Valley Solid Waste Authority, California, Revenue Bonds, Refunding Series 2014A, 5.000%, 8/01/18 – AGM Insured (Alternative Minimum Tax)		No Opt. Call		AA		477,817
		San Benito Health Care District, San Benito County, California, Revenue Bonds, Refunding Series 2013:
	300	3.000%, 3/01/16		No Opt. Call		A		311,838
	350	4.000%, 3/01/18		No Opt. Call		A		381,822
	600	San Bernardino City Unified School District, San Bernardino County, California, General Obligation Bonds, Refunding Series 2013A, 5.000%, 8/01/17		No Opt. Call		A		679,356
	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		1,024,550
		Santa Cruz County Redevelopment Successor Agency, California, Tax Allocation Bonds, Refunding Series 2014:
	1,000	5.000%, 9/01/17 – BAM Insured		No Opt. Call		AA		1,126,720
	600	5.000%, 9/01/18 – BAM Insured		No Opt. Call		AA		688,764
		South Orange County Public Financing Authority, California, Special Tax Revenue Bonds, Ladera Ranch, Refunding Series 2014A:
	280	2.000%, 8/15/14		No Opt. Call		BBB+		281,436
	715	4.000%, 8/15/17		No Opt. Call		BBB+		782,703
	810	Successor Agency to the Richmond Community Development Agency, California, Tax Allocation Refunding Bonds, Series 2014A, 4.000%, 9/01/17 – BAM Insured		No Opt. Call		AA		884,342
		Successor Agency to the San Francisco City and County Redevelopment Agency, California, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series 2014A:
	200	5.000%, 8/01/17		No Opt. Call		BBB+		223,590
	300	5.000%, 8/01/18		No Opt. Call		BBB+		340,902
	280	Twin Rivers Unified School District, County of Sacramento and County of Placer, California, General Obligation Refunding Bonds, Series 2014A, 4.000%, 8/01/18 – BAM Insured		No Opt. Call		AA		311,458
	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		1,088,563

Nuveen Investments 179

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		Val Verde Unified School District Financing Authority, California, Special Tax Revenue, Series 2014:
$	885	3.000%, 10/01/16 – BAM Insured		No Opt. Call		AA	$	928,604
	425	3.000%, 10/01/17 – BAM Insured		No Opt. Call		AA		449,595
	260	4.000%, 10/01/18 – BAM Insured		No Opt. Call		AA		287,277
		West Kern Water District, California, Certificates of Participation, Series 2011:
	630	3.000%, 6/01/14		No Opt. Call		AA–		631,399
	860	3.000%, 6/01/15		No Opt. Call		AA–		882,455
	600	3.000%, 6/01/16		No Opt. Call		AA–		626,844
		West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2014:
	1,000	1.000%, 9/01/14		No Opt. Call		N/R		1,000,570
	1,580	3.000%, 9/01/15		No Opt. Call		N/R		1,605,707
	64,400	Total California						68,063,120
		Colorado – 3.2%
		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		178,742
	250	3.000%, 6/01/16		No Opt. Call		A		258,638
		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		210,517
	175	2.250%, 7/15/17		No Opt. Call		A		177,583
	460	Colorado Health Facilities Authority, Colorado, Hospital Revenue Bonds, Boulder Community Hospital Project, Refunding Series 2010A, 4.000%, 10/01/18		No Opt. Call		A		493,773
	3,550	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.000%, 7/01/15		No Opt. Call		A+		3,741,594
	500	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Communities Project, Series 2012, 4.000%, 1/01/15		No Opt. Call		N/R		499,730
	3,950	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–		4,036,663
	505	Colorado Health Facilities Authority, Colorado, Revenue Bonds, National Jewish Medical and Research Center, Series 2012, 4.000%, 1/01/15		No Opt. Call		BBB–		512,721
	840	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Series 2012, 3.000%, 9/01/15		No Opt. Call		A3		864,536
	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		AA–		363,884
		Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013:
	390	3.000%, 12/01/15 – AGM Insured		No Opt. Call		AA		405,655
	600	4.000%, 12/01/16 – AGM Insured		No Opt. Call		AA		648,744
	585	Denver City & County Housing Authority, Colorado, Capital Fund Program Revenue Bonds, Three Tower Rehabilitation, Series 2007, 4.550%, 11/01/17 – AGM Insured (Alternative Minimum Tax) (ETM)		No Opt. Call		Aaa		622,370
	540	Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012A, 4.000%, 11/15/17 (Alternative Minimum Tax)		No Opt. Call		A+		595,291

180 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
		Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013A:
$	250	4.000%, 11/15/15 (Alternative Minimum Tax)		No Opt. Call		A	$	263,540
	250	5.000%, 11/15/16 (Alternative Minimum Tax)		No Opt. Call		A		276,515
		Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B:
	100	3.000%, 11/15/15		No Opt. Call		A		104,008
	475	4.000%, 11/15/16		No Opt. Call		A		514,169
	300	5.000%, 11/15/17		No Opt. Call		A		340,617
	1,925	Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, Stapleton Senior Refunding Series 2013A-1, 5.000%, 12/01/16		No Opt. Call		A–		2,130,629
	355	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/17 – NPFG Insured		No Opt. Call		AA–		328,556
		Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, Refunding Series 2011A:
	235	3.000%, 5/01/14 (Alternative Minimum Tax)		No Opt. Call		Baa2		235,014
	345	3.500%, 5/01/15 (Alternative Minimum Tax)		No Opt. Call		Baa2		352,721
	1,240	Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding Bonds, Series 2011A, 3.000%, 12/01/15		No Opt. Call		A		1,282,470
		Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013:
	730	4.000%, 12/01/15		No Opt. Call		N/R		749,097
	1,015	4.000%, 12/01/16		No Opt. Call		N/R		1,060,178
		Sand Creek Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013B:
	480	3.000%, 12/01/15		No Opt. Call		A		497,818
	490	3.000%, 12/01/16		No Opt. Call		A		514,912
	510	3.000%, 12/01/17		No Opt. Call		A		539,998
	235	Tallyn’s Reach Metropolitan District 3, Aurora, Colorado, General Obligation Bonds, Refunding Series 2012, 3.000%, 12/01/15		No Opt. Call		BBB		242,062
	450	Westminster Economic Development Authority, Colorado, Tax Increment Revenue Bonds, Mandalay Gardens Urban Renewal Project, Series 2012, 3.000%, 12/01/14		No Opt. Call		A		456,017
	22,475	Total Colorado						23,498,762
		Connecticut – 1.4%
	1,490	Connecticut Development Authority, Pollution Control Revenue Bonds, Connecticut Light and Power Company, Series 1996A, 1.550%, 5/01/31 (Mandatory put 4/01/15) (Alternative Minimum Tax)		No Opt. Call		A		1,505,019
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2011G:
	505	2.250%, 7/01/14		No Opt. Call		Baa1		505,788
	765	4.000%, 7/01/15		No Opt. Call		Baa1		787,392
	1,150	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2012H, 4.000%, 7/01/14 – AGM Insured		No Opt. Call		AA		1,157,372
	450	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011N, 4.000%, 7/01/16		No Opt. Call		A		478,395
	5,480	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2013A, 1.350%, 7/01/42 (Mandatory put 7/21/16)		No Opt. Call		AAA		5,586,915
	9,840	Total Connecticut						10,020,881

Nuveen Investments 181

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Delaware – 0.1%
		Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013:
$	475	4.000%, 7/01/14		No Opt. Call		BBB–	$	476,492
	225	4.000%, 7/01/15		No Opt. Call		BBB–		229,187
	700	Total Delaware						705,679
		District of Columbia – 0.4%
	325	District of Columbia, Revenue Bonds, Association of Amercian Medical Colleges, Series 2011A, 3.000%, 10/01/16		No Opt. Call		A+		342,254
	1,600	District of Columbia, Revenue Bonds, Medlantic/Helix Isssue, Series 1998B, 5.000%, 8/15/17 – AGM Insured		No Opt. Call		AA		1,797,024
	760	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		809,651
	2,685	Total District of Columbia						2,948,929
		Florida – 6.0%
		Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A:
	300	3.000%, 11/15/16		No Opt. Call		BBB		309,093
	600	4.000%, 11/15/17		No Opt. Call		BBB		637,548
	1,045	Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/16 (Pre-refunded 10/01/14) – AMBAC Insured		10/14 at 100.00		A1 (4)		1,066,088
	1,400	Broward County, Florida, Port Facilities Revenue Bonds, Refunding Series 2011B, 5.000%, 9/01/15 (Alternative Minimum Tax)		No Opt. Call		A2		1,482,768
		Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1:
	1,825	6.000%, 6/01/16		No Opt. Call		A+		2,027,228
	1,150	5.000%, 6/01/16 – AGC Insured		No Opt. Call		AA		1,255,524
	5,495	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+		5,777,993
		Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1:
	300	5.000%, 6/01/14		No Opt. Call		A+		301,266
	735	5.000%, 6/01/15 – AGM Insured		No Opt. Call		AA		772,853
	650	Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/14		No Opt. Call		A		650,078
	770	Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2014B, 4.000%, 4/01/17		No Opt. Call		Baa1		823,076
	4,100	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+		4,470,394
	850	Florida Higher Educational Facilities Financing Authority, Revenue and Revenue Refunding Bonds, University of Tampa Project, Series 2012A, 4.000%, 4/01/15		No Opt. Call		BBB+		872,287
		Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2012A:
	220	4.000%, 4/01/15		No Opt. Call		Baa1		225,768
	435	4.000%, 4/01/16		No Opt. Call		Baa1		456,680
	750	Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/16		No Opt. Call		BBB+		808,343

182 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
		Hernando County, Florida, Water and Sewer Revenue Bonds, Refunding Series 2013A:
$	450	3.000%, 6/01/15		No Opt. Call		Aa3	$	462,623
	420	4.000%, 6/01/17		No Opt. Call		Aa3		459,022
	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		1,071,840
	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		2,222,300
	2,000	Lee County, Florida, Airport Revenue Bonds, Refunding Series 2010A, 5.000%, 10/01/14 – AGM Insured (Alternative Minimum Tax)		No Opt. Call		AA		2,041,000
	1,000	Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A, 5.000%, 2/01/17		No Opt. Call		AA		1,104,000
	2,260	Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/17		No Opt. Call		A–		2,552,263
	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		A–		502,105
	730	Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 4.000%, 11/01/15		No Opt. Call		BBB+		759,638
		Pinellas County Educational Facilities Authority, Florida, General Revenue Bonds, Barry University, Refunding Series 2011:
	1,175	5.000%, 10/01/15		No Opt. Call		BBB		1,243,033
	1,060	4.000%, 10/01/16		No Opt. Call		BBB		1,129,642
	305	Pinellas County Educational Facilities Authority, Florida, General Revenue Bonds, Barry University, Refunding Series 2012, 4.000%, 10/01/15		No Opt. Call		BBB		316,410
		Saint Lucie County, Florida, Sales Tax Revenue Bonds, Refunding Series 2013A:
	1,815	3.000%, 10/01/14 – AGM Insured		No Opt. Call		AA		1,836,726
	370	4.000%, 10/01/15 – AGM Insured		No Opt. Call		AA		388,374
	585	4.000%, 10/01/16 – AGM Insured		No Opt. Call		AA		630,273
	500	South Broward Hospital District, Florida, Hospital Refunding Revenue Bonds, Memorial Health System, Series 2006, 5.000%, 5/01/18 – NPFG Insured		5/16 at 100.00		AA–		540,435
		Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A:
	100	3.000%, 7/01/15		No Opt. Call		BBB+		102,154
	265	4.000%, 7/01/17		No Opt. Call		BBB+		282,286
	305	Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A, 3.000%, 9/01/14		No Opt. Call		A+		307,724
		Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011:
	2,380	2.000%, 10/15/14 – AGM Insured		No Opt. Call		AA		2,398,659
	1,275	4.000%, 10/15/15 – AGM Insured		No Opt. Call		AA		1,340,918
	41,120	Total Florida						43,628,412
		Georgia – 1.6%
	2,450	Bartow County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company Plant Bowen Project, Series 1997, 2.375%, 9/01/29 (Mandatory put 8/10/17)		No Opt. Call		A		2,517,743

Nuveen Investments 183

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia (continued)
$	500	Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company – Vogtle Plant Project, Fifth Series 1995, 1.375%, 10/01/32		No Opt. Call		A+	$	501,550
	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		3,286,880
	1,000	Fulton County Development Authority, Georiga, General Revenue Bonds, Spelman College, Refunding Series 2012, 3.000%, 6/01/14		No Opt. Call		A1		1,002,380
	2,700	Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2012B, 3.000%, 7/01/18		7/14 at 100.00		N/R		2,420,334
	1,000	Monroe County Development Authority, Georgia, Pollution Control Revenue Bonds, Gulf Power Company – Scherer Project, First Series 2010, 1.700%, 6/01/49 (Mandatory put 6/21/17)		No Opt. Call		A		1,011,700
	330	Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C, 4.000%, 10/01/14		No Opt. Call		Baa2		333,828
	585	Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series Series 2012A, 4.000%, 10/01/14		No Opt. Call		Baa2		591,786
	11,765	Total Georgia						11,666,201
		Guam – 0.1%
	1,000	Guam International Airport Authority, Revenue Bonds, Series 2013B, 4.000%, 10/01/15 (Alternative Minimum Tax)		No Opt. Call		BBB		1,041,010
		Illinois – 7.9%
	680	Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System Revenue Bonds, Series 2006A, 5.000%, 4/01/15 – NPFG Insured		No Opt. Call		AA–		707,744
	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		2,064,540
	1,150	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		1,179,417
	705	Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2004B, 5.250%, 1/01/16 – NPFG Insured		No Opt. Call		AA		755,753
	1,290	Community Unit School District 226, Ogle County, Illinois, General Obligations Bonds, Series 2006, 5.250%, 1/01/15 – AMBAC Insured		No Opt. Call		Aa3		1,331,203
	1,070	Decatur, Illinois, General Obligation Bonds, Refunding Series 2013, 3.000%, 3/01/16		No Opt. Call		A1		1,113,581
	2,000	Illinois Finance Authority, National Rural Utilities Cooperative Finance Corporation Guaranteed Solid Waste Disposal Revenue Bonds, Prairie Power, Inc. Project, Series 2008A, 1.300%, 7/01/42 (Mandatory put 5/08/17) (WI/DD, Settling 5/06/14)		No Opt. Call		A		2,005,960
	4,955	Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Refunding Series 2010A, 5.000%, 3/01/15		No Opt. Call		AA–		5,147,700
		Illinois Finance Authority, Revenue Bonds, Benedictine University Project, Series 2013A:
	765	3.000%, 10/01/14		No Opt. Call		BBB		772,352
	1,000	4.000%, 10/01/17		No Opt. Call		BBB		1,068,840
	500	5.000%, 10/01/19		No Opt. Call		BBB		555,335
	225	Illinois Finance Authority, Revenue Bonds, DePaul University, Refunding Series 2013, 5.000%, 10/01/17		No Opt. Call		A		254,932
	500	Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 6.250%, 2/01/19		No Opt. Call		Baa3		534,700
	1,195	Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 5.000%, 7/01/18		No Opt. Call		A–		1,312,050

184 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	1,125	Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 5.000%, 11/01/14		No Opt. Call		A+	$	1,147,466
	360	Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2005, 5.000%, 8/15/15		No Opt. Call		AA		376,952
	300	Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Capitol Appreciation Series 2010B, 0.000%, 5/15/50 (6)		7/14 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 (6)		No Opt. Call		N/R		7
	2,000	Illinois State, General Obligation Bonds, Series 2014, 5.000%, 5/01/17 (WI/DD, Settling 5/08/14)		No Opt. Call		A–		2,224,040
	1,295	Illinois State, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/15		No Opt. Call		A–		1,335,715
	1,265	Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/15 – AGM Insured		No Opt. Call		AA		1,305,113
		Illinois State, General Obligation Bonds, Refunding Series 2012:
	3,175	4.000%, 8/01/14		No Opt. Call		A–		3,205,480
	1,405	5.000%, 8/01/17		No Opt. Call		A–		1,572,139
	665	Illinois State, General Obligation Bonds, Series 2006A, 5.000%, 6/01/15		No Opt. Call		A–		698,529
	940	Illinois State, General Obligation Bonds, Series 2006, 5.000%, 1/01/15		No Opt. Call		A–		969,554
	5,905	Illinois State, General Obligation Bonds, Series 2013, 4.000%, 7/01/16		No Opt. Call		A–		6,307,249
		Illinois State, General Obligation Bonds, Various Purpose, Series 2014:
	2,525	4.000%, 2/01/18		No Opt. Call		A–		2,746,417
	1,095	5.000%, 2/01/19		No Opt. Call		A–		1,243,712
	1,250	5.000%, 2/01/20		No Opt. Call		A–		1,427,975
	3,000	Illinois State, Sales Tax Revenue Bonds, Build Illinois, Junior Lien Series 2013, 4.000%, 6/15/15		No Opt. Call		AAA		3,129,000
	2,535	Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013B, 5.000%, 12/01/17		No Opt. Call		AA–		2,908,177
	1,560	Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.500%, 8/01/15 – SYNCORA GTY Insured		No Opt. Call		AA–		1,659,887
	520	Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 2.000%, 1/01/15 – AGM Insured		No Opt. Call		A2		525,117
	200	Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012, 3.000%, 10/01/16		No Opt. Call		Baa1		205,990
	1,705	Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2014A, 4.000%, 6/01/18		No Opt. Call		AA		1,892,993
		St Clair County, Illinois, Highway Revenue Bonds, Series 2013A:
	350	5.000%, 1/01/16		No Opt. Call		AA–		373,692
	360	5.000%, 1/01/17		No Opt. Call		AA–		395,676
		Waukegan, Illinois, General Obligation Bonds, Refunding Series 2012A:
	1,120	4.000%, 12/30/14 – AGM Insured		No Opt. Call		A2		1,145,861
	885	4.000%, 12/30/15 – AGM Insured		No Opt. Call		A2		930,365
		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		405,622
	450	5.750%, 12/01/15 – AGM Insured		No Opt. Call		AA		481,316
	55,120	Total Illinois						57,418,154

Nuveen Investments 185

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana – 1.8%
$	3,000	Indiana Finance Authority, Economic Development Revenue Bonds, Republic Service, Inc. Project, Series 2012, 0.470%, 12/01/37		No Opt. Call		BBB+	$	3,000,150
	1,605	Indiana Finance Authority, Provate 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		1,738,231
	1,090	Indiana Health and Educational Facility Financing Authority, Educational Facilities Revenue Bonds, University of Indianapolis, Refunding Series 2007, 5.000%, 10/01/15		No Opt. Call		A–		1,161,450
	1,100	Indiana Health Facility Financing Authority, Revenue Bonds, Ascension Health, Series 2005A-5, 2.000%, 11/01/27 (Mandatory put 8/01/17)		No Opt. Call		AA		1,137,191
	1,360	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2007L, 5.000%, 7/01/17 – NPFG Insured		No Opt. Call		AA–		1,525,879
	3,140	Indianapolis, Indiana, Gas Utility System Revenue Bonds, Refunding 2nd Lien Series 2008C, 5.000%, 6/01/17		No Opt. Call		AA		3,517,836
	625	Jasper Hospital Authority, Indiana, Revenue and Refunding Bonds, Memorial Hospital and Health Care Center Project, Series 2013, 3.000%, 11/01/15		No Opt. Call		A–		645,275
	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		622,151
	12,530	Total Indiana						13,348,163
		Iowa – 1.7%
		Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011:
	230	4.000%, 6/15/14		No Opt. Call		A2		231,065
	500	4.000%, 6/15/15		No Opt. Call		A2		518,060
		Iowa Finance Authority, Healthcare Revenue Bonds, Gensisi Health System, Refunding Series 2010:
	1,150	5.000%, 7/01/16		No Opt. Call		A1		1,250,533
	2,495	5.000%, 7/01/20		No Opt. Call		A1		2,860,243
	190	Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19		No Opt. Call		BB–		192,765
	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		Ba2		1,313,817
	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–		221,243
	1,250	Iowa Higher Education Loan Authority, Private Education Working Capital Loan Program, University of Dubuque , Recenue ANticipation Notes, Series 2013A, 3.000%, 5/15/14		No Opt. Call		N/R		1,251,150
	1,655	Iowa Student Loan Liquidity Corporation Student Loan Revenue Bonds, Senior Lien Series 2011A-1, 3.100%, 12/01/14 (Alternative Minimum Tax)		No Opt. Call		A		1,663,441
		Johnston Community School District, Iowa, School Infrastructure Sales, Sericves and Use Tax Revenue Bonds, Series 2014:
	1,170	4.000%, 7/01/17 – AGC Insured		No Opt. Call		AA		1,272,141
	1,130	5.000%, 7/01/19 – AGM Insured		No Opt. Call		AA		1,295,974
	11,305	Total Iowa						12,070,432
		Kansas – 0.8%
	1,100	Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2008F, 5.000%, 11/15/15		No Opt. Call		A2		1,168,893
	1,000	Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A, 3.000%, 12/01/14		No Opt. Call		Baa1		1,012,260

186 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kansas (continued)
$	500	Manhattan, Kansas, Hospital Revenue Bonds, Mercy Regional Health Center, Inc., Refunding Series 2013, 4.000%, 11/15/15		No Opt. Call		A+	$	527,675
	1,000	Wichita, Kansas, Hospital Facilities Revenue Bonds, Via Christi Health System, Inc., Refunding Series 2009X, 5.000%, 11/15/15 (ETM)		No Opt. Call		N/R (4)		1,073,770
		Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Via Christi Health System Inc., Series 2009A-III:
	1,000	5.000%, 11/15/14 (ETM)		No Opt. Call		N/R (4)		1,026,250
	1,000	5.000%, 11/15/16 (ETM)		No Opt. Call		N/R (4)		1,116,820
	5,600	Total Kansas						5,925,668
		Kentucky – 1.0%
	2,500	Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2009A, 5.000%, 8/15/17		No Opt. Call		A+		2,807,850
	2,070	Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A, 5.000%, 7/01/17		No Opt. Call		Baa3		2,299,170
	1,100	Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/18		No Opt. Call		A+		1,273,415
	500	Russell, Kentucky, Revenue Bonds, Bon Secours Health System, Series 2013, 4.000%, 11/01/15		No Opt. Call		A–		520,835
	6,170	Total Kentucky						6,901,270
		Louisiana – 1.5%
		Calcasieu Parish Public Trust Authority, Louisiana, Student Lease Revenue Bonds, McNeese State Univeristy Student Housing-Cowboy Facilities, Inc. Project, Refunding Series 2011:
	305	2.000%, 5/01/14 – AGM Insured		No Opt. Call		A2		305,015
	315	3.000%, 5/01/15 – AGM Insured		No Opt. Call		A2		323,376
	315	3.000%, 5/01/16 – AGM Insured		No Opt. Call		A2		329,997
		Evangeline Parish Road & Drainage Sales Tax District 1, Louisiana, Sales and Use Tax Revenue Bonds, Series 2013:
	250	3.000%, 12/01/16 – AGM Insured		No Opt. Call		AA		263,420
	500	3.000%, 12/01/17 – AGM Insured		No Opt. Call		AA		531,370
	300	Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Refunding Series 2012, 2.000%, 6/01/14		No Opt. Call		A–		300,393
		Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B:
	1,280	5.000%, 6/01/15 – AMBAC Insured		No Opt. Call		A–		1,339,443
	1,690	5.000%, 6/01/16 – AMBAC Insured		No Opt. Call		A–		1,828,766
	1,250	Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southeastern Louisiana University Student Housing/University Facilities Project, Series 2013, 4.000%, 8/01/17		No Opt. Call		A3		1,367,450
		Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Refunding Bonds, Parking Facilties Corporation – Phase I Project, Series 2012:
	500	3.000%, 10/01/14 – AGM Insured		No Opt. Call		AA		505,250
	1,000	3.000%, 10/01/16 – AGM Insured		No Opt. Call		AA		1,042,660
	1,110	Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2011, 5.000%, 10/01/17		No Opt. Call		A		1,258,063
	1,350	New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2012, 4.000%, 12/01/15		No Opt. Call		A3		1,419,404
	10,165	Total Louisiana						10,814,607

Nuveen Investments 187

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Maine – 0.1%
		Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013:
$	500	3.000%, 7/01/16		No Opt. Call		BBB+	$	522,010
	350	3.000%, 7/01/17		No Opt. Call		BBB+		368,470
	850	Total Maine						890,480
		Maryland – 0.2%
		Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury University Project, Refunding Series 2013:
	100	3.000%, 6/01/14		No Opt. Call		Baa3		100,072
	280	3.000%, 6/01/16		No Opt. Call		Baa3		282,313
	405	Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury University Project, Series 2012, 3.000%, 6/01/15		No Opt. Call		Baa3		408,455
		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		150,657
	220	3.000%, 7/01/15		No Opt. Call		Baa1		225,518
	1,155	Total Maryland						1,167,015
		Massachusetts – 1.0%
	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+		309,324
	1,425	Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2011K-4, 5.000%, 7/01/35 (Mandatory put 1/14/16)		No Opt. Call		AA		1,532,944
	525	Massachusetts Development Finance Agency, Senior Living Facility Revenue Bonds, The Groves in Lincoln Issue, Series 2009B-2, 6.250%, 6/01/14 (5), (7)		5/14 at 100.00		N/R		24,661
	1,670	Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 4.500%, 1/01/16 (Alternative Minimum Tax)		No Opt. Call		AA		1,752,865
	2,500	Massachusetts Housing Finance Agency, Construction Loan Notes, Series 2012F, 0.650%, 12/01/14		No Opt. Call		Aa3		2,500,575
	1,000	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2005-11, 5.250%, 8/01/18		No Opt. Call		AAA		1,176,180
	7,420	Total Massachusetts						7,296,549
		Michigan – 2.7%
		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		675,041
	1,250	3.000%, 5/01/15 – AGM Insured		No Opt. Call		Aa2		1,281,113
		Brighton Area School District, Livingston County, Michigan, General Obligation Bonds, School Building & Site Series 2013II:
	250	2.000%, 5/01/17		No Opt. Call		Aa2		258,123
	750	5.000%, 5/01/18		No Opt. Call		Aa2		858,698
	500	Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, Series 2013, 3.000%, 5/01/14		No Opt. Call		N/R		500,040
	800	Dearborn School District, Wayne County, Michigan, General Obligation Bonds, Series 2007, 4.000%, 5/01/14		No Opt. Call		Aa2		800,088

188 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
		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–	$	507,495
	475	5.000%, 10/01/15		No Opt. Call		BBB–		497,121
	850	Grand Blanc Community Schools, Genesee County, Michigan, General Obligation Bonds, Refunding Series 2013, 4.000%, 5/01/17		No Opt. Call		AA–		928,132
	430	Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Healthcare Group, Series 2011A, 4.000%, 5/15/15		No Opt. Call		A2		441,902
	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		503,920
	1,000	Livonia Public Schools, Wayne County, Michigan, General Obligation Bonds, Refunding Series 2014, 4.000%, 5/01/17 – BAM Insured		No Opt. Call		AA		1,082,920
	525	Livonia Public Schools, Wayne County, Michigan, General Obligation Bonds, School Building & Site Series 2013I, 3.000%, 5/01/16 – AGM Insured		No Opt. Call		AA		548,242
		Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012:
	250	5.000%, 6/01/14		No Opt. Call		A+		250,855
	550	4.000%, 6/01/14		No Opt. Call		A+		551,408
	2,090	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 5.000%, 11/15/16		No Opt. Call		AA+		2,317,831
	1,000	Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2008A-1, 6.000%, 12/01/17		No Opt. Call		Aa2		1,172,520
	475	Northwest Michigan Community Schools, Jackson & Ingham Counties, Michigan, General Obligation Bonds, School Building & Site Series 2013, 2.000%, 5/01/14		No Opt. Call		N/R		475,024
	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		700,014
	200	Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/17		No Opt. Call		A1		224,794
	1,350	Warren Consolidated Schools, Macomb and Oakland Counties, Michigan, General Obligation Bonds, Refunding Series 2013, 4.000%, 5/01/16		No Opt. Call		AA–		1,444,284
	1,225	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		1,342,453
	500	Western Michigan University, General Revenue and Refunding Bonds, Series 2013, 5.000%, 11/15/17		No Opt. Call		A1		564,345
	500	Western Michigan University, General Revenue Refunding Bonds, Series 2008, 3.625%, 11/15/14 – AGM Insured		No Opt. Call		AA		508,910
	1,120	Williamston Community Schools School District, Ingham County, Michigan, General Obligation Bonds, Refunding Series 2011, 3.000%, 5/01/14		No Opt. Call		N/R		1,120,078
	18,465	Total Michigan						19,555,351
		Minnesota – 4.6%
	2,805	Bemidji Independent School District 31, Beltrami County, Minnesota, General Obligation Bonds, Refunding Series 2013A, 5.000%, 4/01/17		No Opt. Call		AA+		3,158,598
	500	Central Minnesota Municipal Power Agency, Revenue Bonds, Brookings – Southeast Twin Cities Transmission Project, Series 2012, 5.000%, 1/01/18		No Opt. Call		A–		564,060
	585	Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy PRoject, Series 2013A, 1.900%, 7/01/15		No Opt. Call		BBB–		585,468

Nuveen Investments 189

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Minnesota (continued)
$	2,985	Minneapolis Special School District 1, Minnesota, Certificates of Participation, Refunding Series 2013D, 5.000%, 2/01/18		No Opt. Call		AA+	$	3,416,273
	1,365	Minneapolis, Minnesota, Multifamily Housing Revenue Bonds, Greenway Heights Family Housing Project, Series 2014B, 3.000%, 7/15/15		1/15 at 100.00		N/R		1,365,723
	2,500	Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010, 5.000%, 8/01/17		No Opt. Call		BBB		2,718,475
		Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012:
	400	2.250%, 11/15/14		No Opt. Call		N/R		401,136
	705	2.600%, 11/15/15		No Opt. Call		N/R		710,640
	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–		2,582,225
	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		1,380,070
	500	Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Refunding Series 2010-7-G, 3.000%, 10/01/14		No Opt. Call		Baa3		503,930
		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		950,113
	1,065	5.500%, 5/01/17		No Opt. Call		N/R		1,128,698
		Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Inc., Series 2012-7R:
	200	3.000%, 12/01/14		No Opt. Call		Baa2		202,290
	210	3.000%, 12/01/15		No Opt. Call		Baa2		215,874
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine University, Series 2012-7Q:
	500	3.000%, 10/01/14		No Opt. Call		Baa1		504,795
	450	4.000%, 10/01/15		No Opt. Call		Baa1		470,016
	650	4.000%, 10/01/16		No Opt. Call		Baa1		693,830
	1,015	Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2009-7A, 4.000%, 10/01/17		No Opt. Call		A2		1,118,175
	1,000	Minnesota Higher Education Facilities Authority, Revenue Bonds, University of St. Thomas, Series 2006-6I, 5.000%, 4/01/16		No Opt. Call		A2		1,084,540
	3,635	Minnesota State, General Obligation Bonds, Various Purpose Refunding Series 2013F, 5.000%, 10/01/18		No Opt. Call		AA+		4,249,933
		Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Refunding Series 2013A:
	135	2.250%, 12/01/15		No Opt. Call		BBB–		135,250
	320	2.500%, 12/01/16		No Opt. Call		BBB–		320,803
	220	3.000%, 12/01/17		No Opt. Call		BBB–		221,208
	1,000	Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.000%, 5/01/15		No Opt. Call		A1		1,046,030
		Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Luthran Home, Refunding Series 2013:
	235	4.000%, 1/01/15		No Opt. Call		N/R		236,889
	300	4.000%, 1/01/16		No Opt. Call		N/R		304,716

190 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Minnesota (continued)
$	545	Shakopee Independent School District 720, Scott County, Minnesota, Certificates of Participation, Series 2013B, 2.000%, 2/01/17		No Opt. Call		Aa3	$	560,478
	1,280	Shakopee Independent School District 720, Scott County, Minnesota, General Obligation Bonds, Series 2013A, 3.000%, 2/01/17		No Opt. Call		Aa2		1,363,661
	75	St. Paul Housing and Redevelopment Authority, Minnesota, Perfromaing Arts Facility Revenue Bonds, Ordway Center for the Performing Arts, Series 2012, 1.450%, 7/01/14		6/14 at 100.00		N/R		75,042
	850	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		850,111
	30,775	Total Minnesota						33,119,050
		Mississippi – 0.6%
	800	Mississippi Business Finance Corporation, Solid Waste Disposal Revenue Bonds, Waste Management, Inc. Project, Series 2002, 1.375%, 3/01/27 (Mandatory put 3/01/17) (Alternative Minimum Tax)		No Opt. Call		A–		796,032
	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		3,368,185
	4,035	Total Mississippi						4,164,217
		Missouri – 4.8%
		Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A:
	600	4.000%, 10/01/16		No Opt. Call		AA+		650,130
	1,435	5.000%, 10/01/18		No Opt. Call		AA+		1,665,633
		Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2012:
	250	3.000%, 8/01/14		No Opt. Call		A		251,525
	1,000	3.000%, 8/01/15		No Opt. Call		A		1,025,420
	1,000	4.000%, 8/01/17		No Opt. Call		A		1,079,390
	1,000	Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2013A, 4.000%, 6/01/17		No Opt. Call		AA–		1,090,940
	1,560	Cole County, Missouri, Certificates of Participation, Refunding Jail Project Series 2014, 4.000%, 12/01/17		No Opt. Call		Aa3		1,721,132
	265	Joplin Industrial Development Authority, Missouri, Revenue Bonds, Christian Homes Inc., Series 2007F, 5.500%, 5/15/17		No Opt. Call		BBB–		280,712
		Kansas City Industrial Development Authority, Missouri, Special Obligation Revenue Bonds, Plaza Library Project, Refunding Series 2014:
	500	3.000%, 3/01/16 (WI/DD, Settling 5/06/14)		No Opt. Call		N/R		514,190
	250	3.000%, 3/01/17 (WI/DD, Settling 5/06/14)		No Opt. Call		N/R		257,760
	1,000	3.000%, 3/01/18 (WI/DD, Settling 5/06/14)		No Opt. Call		N/R		1,019,860
	1,250	Kansas City, Missouri, Airport Revenue Bonds, Refunding General Improvement Series 2013A, 5.000%, 9/01/17		No Opt. Call		A+		1,417,063
	2,020	Missouri Development Finance Board, Independence, Infrastructure Facilities Revenue Bonds, Water System Improvement Projects, Series 2009E, 4.000%, 11/01/16 (Pre-refunded 11/01/14)		11/14 at 100.00		A– (4)		2,058,683
	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		3,019,110

Nuveen Investments 191

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Missouri (continued)
		Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013:
$	360	3.000%, 5/01/16		No Opt. Call		BBB+	$	374,256
	995	5.000%, 5/01/17		No Opt. Call		BBB+		1,098,082
		Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012:
	470	3.000%, 10/01/14		No Opt. Call		BBB–		473,873
	480	3.000%, 10/01/15		No Opt. Call		BBB–		491,914
	495	3.000%, 10/01/16		No Opt. Call		BBB–		509,350
	1,245	Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Freeman Health System, Series 2012, 5.000%, 2/15/15		No Opt. Call		BBB+		1,286,620
	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+		770,940
	1,435	Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 4.000%, 4/01/17		No Opt. Call		A2		1,568,340
	595	Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Revenue Bonds, Series 2006, 5.000%, 1/01/16 – NPFG Insured		No Opt. Call		AA–		630,159
	175	Northeast Public Sewer District, Jefferson County, Missouri, Sewerage System Revenue Bonds, Refunding Series 2014, 4.000%, 1/01/15		No Opt. Call		A+		179,237
	300	Northwest Missouri State University, Housing System Revenue Bonds, Refunding Series 2012, 0.700%, 6/01/14		No Opt. Call		A3		300,114
	650	Raymore, Missouri, Tax Increment Revenue Bonds, Raymore Galleria Project, Refunding & Improvement Series 2014A, 3.000%, 5/01/17		No Opt. Call		N/R		653,939
	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–		2,454,602
	435	Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2012, 5.000%, 7/01/17 (Alternative Minimum Tax)		No Opt. Call		A–		486,034
		Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2013:
	500	4.000%, 7/01/15		No Opt. Call		A–		520,765
	890	5.000%, 7/01/16		No Opt. Call		A–		971,738
	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–		582,486
	1,500	St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 2.850%, 9/01/18		3/16 at 100.00		A–		1,512,180
	680	St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/18 – NPFG Insured		No Opt. Call		AA–		793,274
	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		241,949
	950	St. Louis, Missouri, Airport Revenue Bonds, Series 1970, 5.000%, 7/01/15		No Opt. Call		A–		1,000,531
	1,500	State of Missouri, Certificates of Participation, Refunding, Series 2011A, 1.500%, 10/01/15		No Opt. Call		AA+		1,523,970
	520	Truman State University, Missouri, Housing System Revenue Bonds, Refunding Series 2013, 3.000%, 6/01/16		No Opt. Call		A1		545,241
	33,230	Total Missouri						35,021,142

192 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Montana – 0.3%
$	1,740	Montana Facilities Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Camposite Deal Series 2010B, 5.000%, 1/01/19		No Opt. Call		AA–	$	2,009,787
		Nebraska – 1.1%
	250	Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 12/01/21		No Opt. Call		A		284,090
	940	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–		987,978
	1,125	Nebraska Cooperative Republican Platte Enhancement, Middle Republica Natural Resources District, Platte River Flow Revenue, Series 2013, 2.000%, 12/15/16		No Opt. Call		A+		1,157,108
	2,000	Nebraska Public Power District, General Revenue Bonds, Refunding Series 2012C, 5.000%, 1/01/16		No Opt. Call		A1		2,155,540
	1,000	Nebraska State Colleges Facilities Corporation, Building Bonds, CSC Rangeland Center and WCS U.S. Conn Library Projects, Series 2014, 5.000%, 6/15/18		No Opt. Call		AA+		1,154,830
	1,235	University of Nebraska Facilities Corporation, UNMC Cancer Center Bonds, Series 2014A, 4.000%, 2/15/18		No Opt. Call		Aa1		1,373,975
	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		1,136,306
	7,675	Total Nebraska						8,249,827
		Nevada – 0.5%
	250	Carson City, Nevada, Hospital Revenue Refunding Bonds, Carson-Tahoe Regional Healthcare Project, Series 2012, 3.000%, 9/01/14		No Opt. Call		BBB+		251,785
		Las Vegas, Nevada, Special Improvement District 607 Providence, Local Improvement Refunding Bonds, Series 2013:
	495	2.000%, 6/01/15		No Opt. Call		N/R		492,253
	335	3.000%, 6/01/16		No Opt. Call		N/R		335,536
	1,500	Nevada State, Unemployement Compensation Fund Special Revenue Bonds, Series 2013, 4.000%, 6/01/15		No Opt. Call		AAA		1,562,445
	1,150	Reno, Nevada, General Obligation Bonds, Medium Tern Various Purpose Series 2013B, 4.000%, 6/01/16		No Opt. Call		A1		1,221,001
	3,730	Total Nevada						3,863,020
		New Jersey – 4.1%
	1,215	New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey City University, Series 2010F, 2.000%, 7/01/14 – AGC Insured		No Opt. Call		A2		1,218,426
		New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
	1,000	5.000%, 7/01/14		No Opt. Call		BBB+		1,007,770
	2,615	4.000%, 7/01/15		No Opt. Call		BBB+		2,717,979
	3,450	2.000%, 7/01/16		No Opt. Call		BBB+		3,528,695
	4,250	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+		4,450,175
	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		4,102,760
	1,285	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1A, 4.000%, 12/01/14 (Alternative Minimum Tax)		No Opt. Call		AA		1,311,034

Nuveen Investments 193

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
$	6,090	New Jersey State, Special Obligation Tax and Revenue Anticipation Notes, Series 2013C, 2.000%, 6/26/14		No Opt. Call		N/R	$	6,107,844
	3,100	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/18		No Opt. Call		A1		3,588,467
	2,000	Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 3.000%, 5/01/15		No Opt. Call		AA–		2,056,320
	29,005	Total New Jersey						30,089,470
		New Mexico – 0.5%
	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		2,071,197
		Taos County, New Mexico, Gross Receipts Tax Revenue Bonds, County Education Improvement Series 2013:
	750	2.000%, 4/01/15 – BAM Insured		No Opt. Call		AA		757,470
	750	3.000%, 4/01/16 – BAM Insured		No Opt. Call		AA		775,823
	3,550	Total New Mexico						3,604,490
		New York – 9.4%
	1,500	Albany County Airport Authority, New York, Airport Revenue Bonds, Refunding Series 2010A, 3.000%, 12/15/14 – AGM Insured		No Opt. Call		AA		1,524,090
	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+		390,140
	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–		378,784
	2,500	Chautauqua County Capital resource Corporation, New York, Revenue Refunding Bonds, Jamestown Center City Development Corporation Project, Guaranteed by the Gebbie foundation, Series 2013D, 1.350%, 11/01/31 (Mandatory put 11/01/17)		No Opt. Call		AA–		2,507,500
	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		BB+		1,341,470
	2,115	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012B, 5.000%, 3/15/18		No Opt. Call		AAA		2,438,257
	4,000	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014A, 5.000%, 2/15/19		No Opt. Call		AAA		4,685,320
	1,750	Long Beach, New York, General Obligation Bonds, Bond Anticipation Note Series 2014, 2.250%, 2/18/15		No Opt. Call		N/R		1,762,128
	1,050	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A, 0.000%, 6/01/16 – AGM Insured		No Opt. Call		AA		1,032,434
	150	Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2010A, 4.000%, 5/01/15 (ETM)		No Opt. Call		A– (4)		155,648
	1,620	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 2.000%, 11/15/14		No Opt. Call		A+		1,636,573
	815	Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2012A, 3.000%, 6/01/14		No Opt. Call		Aa3		816,500
	2,660	Nassau Health Care Corporation, New York, Revenue Anticipation Notes, Series 2014, 2.250%, 1/15/15		No Opt. Call		N/R		2,675,215

194 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	2,000	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series B-1, 5.000%, 11/01/18		No Opt. Call		AAA	$	2,344,720
	8,000	New York City, New York, General Obligation Bonds, Fiscal 2014 Series G, 5.000%, 8/01/17		No Opt. Call		AA		9,082,000
	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		A3		2,022,040
	2,500	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 2013A, 5.000%, 6/15/17		No Opt. Call		AAA		2,842,775
	900	New York State Thruway Authority, General Revenue Bonds, Series 2012I, 4.000%, 1/01/15		No Opt. Call		A		922,896
	1,920	New York State Thruway Authority, General Reveue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19		No Opt. Call		A–		2,225,510
	1,235	New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2013B, 5.000%, 6/01/19		6/14 at 100.00		AA–		1,239,952
	3,000	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose Group A Series 2013E, 2.000%, 3/15/15		No Opt. Call		AAA		3,050,280
	3,500	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Eighth Series 2013, 5.000%, 12/01/17 (Alternative Minimum Tax)		No Opt. Call		AA–		3,984,785
	7,050	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Second Series 2012, 5.000%, 10/01/15 (Alternative Minimum Tax)		No Opt. Call		AA–		7,515,794
	1,000	Rockland County, New York, General Obligation Bonds, Series 2014A, 5.000%, 3/01/17 – AGM Insured		No Opt. Call		AA		1,103,050
	1,530	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+		1,535,202
	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		1,479,290
	2,500	Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Bond Anticipation Note Series 2014A, 5.000%, 5/15/15		No Opt. Call		A+		2,626,100
	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		BBB		453,618
	2,000	Westchester County, New York, General Obligation Bonds, Series 2013B, 4.000%, 7/01/15		No Opt. Call		AAA		2,091,020
	1,500	Yonkers, New York, General Obligation Bonds, Series 2011A, 5.000%, 10/01/14		No Opt. Call		A+		1,527,435
	1,250	Yonkers, New York, General Obligation Refunding Bonds, Series 2012A, 4.000%, 7/01/15		No Opt. Call		A+		1,296,975
	64,015	Total New York						68,687,501
		North Carolina – 0.2%
	625	New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Refunding Series 2013, 4.000%, 10/01/15		No Opt. Call		A+		656,631
	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		1,018,037
	1,610	Total North Carolina						1,674,668
		North Dakota – 1.2%
	300	Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 2.500%, 7/01/14		No Opt. Call		BBB+		300,537

Nuveen Investments 195

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		North Dakota (continued)
$	3,040	Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 3.500%, 11/01/16		No Opt. Call		A+	$	3,244,774
	600	Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, Series 2012A, 2.000%, 3/01/15		No Opt. Call		A		605,460
	2,835	Williston, North Dakota, Limited Obligation Bonds, Certificates of Indebtedness, Series 2013A, 2.500%, 11/01/15		11/14 at 100.00		N/R		2,847,843
		Williston, North Dakota, Sales Tax Revenue Bonds, Series 2013A:
	1,000	3.000%, 5/01/15 – AGM Insured		No Opt. Call		AA		1,018,660
	1,000	3.000%, 5/01/16 – AGM Insured		No Opt. Call		AA		1,043,390
	8,775	Total North Dakota						9,060,664
		Ohio – 2.7%
	1,805	Cincinnati, Ohio, General Obligation Bonds, Various Purpose Series 2011A, 5.000%, 12/01/16		No Opt. Call		Aa2		2,013,261
	785	Cleveland State University, Ohio, General Receipts Bonds, Series 2007A, 5.750%, 6/01/14 – FGIC Insured		No Opt. Call		AA–		788,768
	490	Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 3.000%, 6/15/14		No Opt. Call		Baa2		491,499
	375	Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2014, 4.000%, 2/01/17		No Opt. Call		A–		404,295
	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		1,002,080
	685	Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2006A, 3.750%, 12/01/23		No Opt. Call		BBB–		712,845
	7,005	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–		7,059,989
	320	Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2009, 5.000%, 12/01/16		No Opt. Call		A		354,531
	1,000	Ohio State, Capital Facilities Lease-Appropriation Bonds, Administrative Building Fund Projects, Series 2013A, 5.000%, 10/01/17		No Opt. Call		AA		1,139,740
	1,715	Ohio State, Capital Facilities Lease-Appropriation Bonds, Cultural & Sports Facilities Building Fund Projects, Series 2013B, 5.000%, 4/01/18		No Opt. Call		AA		1,971,255
	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		1,068,980
	465	Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 2013A, 4.000%, 1/15/16		No Opt. Call		A		489,664
	1,170	University of Toledo, Ohio, General Receipts Bonds, Refunding Series 2010, 5.000%, 6/01/18		No Opt. Call		A+		1,338,445
	1,000	Warren County, Ohio ,Healthcare Facilities Revenue Refunding Bonds, Otterbein Homes Obligated Group, Series 2013A, 3.000%, 7/01/15		No Opt. Call		A		1,022,240
	18,815	Total Ohio						19,857,592
		Oklahoma – 0.8%
		Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Public Schools Project, Series 2013:
	2,450	5.000%, 6/01/15		No Opt. Call		A		2,573,113
	870	5.000%, 6/01/16		No Opt. Call		A		944,489

196 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Oklahoma (continued)
$	1,000	Edmond Public Works Authority, Oklahoma, Sales Tax and Utility Systems Revenue Bonds, Series 2014, 5.000%, 7/01/18		No Opt. Call		AA–	$	1,152,090
	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–		1,143,191
	5,445	Total Oklahoma						5,812,883
		Oregon – 1.3%
		Emerald Peoples Utility District, Oregon, Electric System Revenue Bonds, Refunding Series 2013:
	475	3.000%, 11/01/15		No Opt. Call		A1		492,670
	1,000	3.000%, 11/01/16		No Opt. Call		A1		1,054,350
	2,000	Gilliam County, Oregon, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2000A, 0.750%, 8/01/25 (Mandatory put 5/01/14) (Alternative Minimum Tax)		12/14 at 100.00		A–		2,000,000
	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+		685,601
		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		866,820
	880	4.000%, 9/15/15		No Opt. Call		Baa2		914,250
	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		3,008,717
	360	Multnomah County Hospital Facilities Authority, Oregon, Revenue Refunding Bond, Terwilliger Plaza, Inc., Series 2012, 2.000%, 12/01/14		No Opt. Call		BBB		362,016
	9,085	Total Oregon						9,384,424
		Pennsylvania – 5.1%
	1,290	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		1,387,614
		Economy Municipal Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2013:
	350	3.000%, 12/15/17		No Opt. Call		AA		373,111
	300	3.000%, 12/15/18		No Opt. Call		AA		318,336
		Indiana County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Indiana Regional Medical Center, Series 2014A:
	125	4.000%, 6/01/15		No Opt. Call		Baa3		129,128
	180	4.000%, 6/01/16		No Opt. Call		Baa3		189,662
	185	4.000%, 6/01/17		No Opt. Call		Baa3		196,818
	250	4.000%, 6/01/18		No Opt. Call		Baa3		265,878
		Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village Project, Series 2013:
	460	3.000%, 5/01/14		No Opt. Call		N/R		460,028
	360	3.000%, 5/01/15		No Opt. Call		BBB		365,958
	300	5.000%, 5/01/16		No Opt. Call		BBB		318,618
	1,000	5.000%, 5/01/18		No Opt. Call		BBB		1,074,140
	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		1,513,125
	2,340	Penn Hills School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2012A, 4.000%, 10/01/14		No Opt. Call		A2		2,377,159

Nuveen Investments 197

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	320	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		A–	$	326,003
	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		A–		3,010,080
	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		872,684
	2,965	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Association of Independent Colleges and Universities of Pennsylvania Financing Program-Messiah College Project, Series 2001-13, 0.600%, 11/01/31 (Mandatory put 11/01/14)		11/14 at 100.00		A		2,967,787
		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A:
	100	3.000%, 7/01/14		No Opt. Call		BBB+		100,351
	320	3.000%, 7/01/15		No Opt. Call		BBB+		326,835
		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A:
	275	4.000%, 7/15/15		No Opt. Call		A–		285,626
	825	5.000%, 7/15/17		No Opt. Call		A–		915,989
		Pennsylvania Higher Educational Facilities Authority, Revenue Refunding Bonds, Lock Haven University Foundation Student Housing Project, Series 2013A:
	180	2.000%, 7/01/14		No Opt. Call		BBB–		179,856
	610	2.000%, 7/01/15		No Opt. Call		BBB–		604,760
	540	3.000%, 7/01/16		No Opt. Call		BBB–		539,989
	640	3.000%, 7/01/17		No Opt. Call		BBB–		637,722
	1,020	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Eighth Series 2009A, 5.000%, 8/01/16		No Opt. Call		BBB+		1,110,199
	5,000	Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 5.000%, 8/01/14		No Opt. Call		A+		5,061,800
	1,000	Philadelphia, Pennsylvania, Water and Wastewater Revenue Refunding Bonds Series 2014A, 5.000%, 7/01/18		No Opt. Call		A1		1,153,410
	1,755	Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2002, 5.375%, 9/01/14 – AGM Insured		No Opt. Call		AA		1,785,642
	2,880	Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Refunding Bonds, Series 2002A, 5.500%, 9/01/18 – AGM Insured		No Opt. Call		AA		3,377,808
	1,000	Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System First Lien Revenue Refunding Bonds, Series 2013A, 4.000%, 9/01/16 – AGM Insured		No Opt. Call		AA		1,077,880
	505	Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012A, 3.000%, 9/01/14		No Opt. Call		A+		509,697
	540	Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 3.500%, 12/01/14 – AGM Insured		No Opt. Call		AA		549,434
		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+		1,418,836
	1,440	4.250%, 8/01/16		No Opt. Call		BBB+		1,503,950
	35,745	Total Pennsylvania						37,285,913

198 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Puerto Rico – 0.1%
$	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–	$	502,095
	500	Puerto Rico Municipal Finance Agency, Series 2005B, 5.000%, 7/01/14 – CIFG Insured		No Opt. Call		AA		500,350
	1,000	Total Puerto Rico						1,002,445
		Rhode Island – 0.6%
		Rhode Isalnd Health and Educational Building Corporation, Higher Education Facility Revenue Refunding Bonds, Board of Education General Revenue Bonds, Series 2013B:
	250	3.000%, 9/15/16		No Opt. Call		A1		262,570
	555	3.000%, 9/15/17		No Opt. Call		A1		589,066
	270	Rhode Isalnd Health and Educational Building Corporation, Higher Education Facility Revenue Refunding Bonds, University of Rhode Island General Revenue Bonds, Series 2013A, 3.000%, 9/15/16		No Opt. Call		Aa3		283,902
	1,025	Rhode Island Economic Development Corporation, Airport Revenue Bonds, Refunding Series 2013C, 4.000%, 7/01/15 (Alternative Minimum Tax)		No Opt. Call		A3		1,063,889
		Rhode Island Health and Education Building Corporation, State Board of Education Auxiliary Enterprise Revenue Refunding Issue, Series 2013D:
	650	5.000%, 9/15/16		No Opt. Call		A2		713,180
	1,020	5.000%, 9/15/17		No Opt. Call		A2		1,149,234
	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+		262,405
	4,020	Total Rhode Island						4,324,246
		South Carolina – 0.6%
	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–		521,220
	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		A–		600,237
	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+		522,560
		South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2013A:
	1,520	3.000%, 8/01/15		No Opt. Call		BBB+		1,551,920
	1,000	5.000%, 8/01/16		No Opt. Call		BBB+		1,074,060
	4,110	Total South Carolina						4,269,997
		South Dakota – 0.5%
	1,305	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2009, 4.500%, 11/01/15		No Opt. Call		A+		1,378,315
	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		762,113
	1,700	South Dakota Housing Development Authority, Multiple Purpose Revenue Bonds, Series 2013A, 1.600%, 5/01/18		No Opt. Call		Aa3		1,699,286
	3,735	Total South Dakota						3,839,714

Nuveen Investments 199

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tennessee – 1.4%
$	1,000	Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2010B, 5.000%, 7/01/16 (Alternative Minimum Tax)		No Opt. Call		A	$	1,082,350
	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–		1,513,596
		Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Series 2012:
	1,000	2.000%, 11/01/14		No Opt. Call		BBB+		1,005,800
	1,050	2.000%, 11/01/15		No Opt. Call		BBB+		1,064,742
	1,000	3.000%, 11/01/16		No Opt. Call		BBB+		1,040,250
	500	Metropolitan Government of Nashville-Davidson County, Tennessee, General Obligation Bonds, Refunding & Improvement Series 2010A, 4.000%, 7/01/15		No Opt. Call		AA		522,575
	1,800	Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 7/01/16		No Opt. Call		A1		1,964,088
	1,710	Shelby County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Methodist Healthcare, Series 2004, 5.000%, 9/01/17 – AGM Insured		No Opt. Call		AA		1,932,026
	9,350	Total Tennessee						10,125,427
		Texas – 3.9%
		Corpus Christi Business and Job Development Corporation, Texas, Sales Tax Revenue Bonds, Arena Project, Refunding Series 2014:
	870	4.000%, 9/01/17		No Opt. Call		AA–		954,146
	1,000	4.000%, 9/01/18		No Opt. Call		AA–		1,107,260
	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+		1,087,660
	3,000	Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2013E, 5.000%, 11/01/16 (Alternative Minimum Tax)		No Opt. Call		A+		3,324,330
	1,550	Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding Bond Anticipation Note Series 2014A, 3.000%, 12/15/16		No Opt. Call		N/R		1,647,619
	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		877,256
	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+		1,022,400
	2,620	Longview Independent School District, Gregg County, Texas, General Obligation Bonds, School Building Series 2008, 0.000%, 2/15/16		No Opt. Call		AAA		2,600,507
	1,000	McCamey County Hospital District, Texas, General Obligaiton Bonds, Series 2013, 3.000%, 12/01/18		No Opt. Call		Baa2		1,009,570
	2,005	Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2011, 4.000%, 1/01/15		No Opt. Call		A–		2,049,030
	1,045	Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series 2012, 5.000%, 10/01/14		No Opt. Call		BBB+		1,064,427
		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		1,485,520
	1,260	4.000%, 9/01/16 – AGC Insured		No Opt. Call		AA		1,346,638
	1,425	4.375%, 9/01/18 – AGC Insured		No Opt. Call		AA		1,582,149

200 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Series 2013:
$	730	3.000%, 9/01/15		No Opt. Call		A2	$	750,732
	490	4.000%, 9/01/16		No Opt. Call		A2		522,869
	400	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		Aa3		422,944
	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		3,279,480
	2,000	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A, 5.000%, 4/01/19		No Opt. Call		AAA		2,356,240
	26,620	Total Texas						28,490,777
		Utah – 0.6%
	4,000	Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2014A, 1.350%, 6/15/17		12/16 at 100.00		A+		4,039,480
		Vermont – 0.1%
	770	Vermont Housing Finance Agency, Multiple Purpose Bonds, Series 2012B, 1.900%, 11/01/16 (Alternative Minimum Tax)		No Opt. Call		AA		779,332
		Virgin Islands – 1.2%
	360	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2006, 5.000%, 10/01/15 – FGIC Insured		No Opt. Call		AA–		378,094
	6,985	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2012C, 3.000%, 10/01/17		No Opt. Call		BBB+		7,244,004
	1,035	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B, 5.000%, 10/01/19		No Opt. Call		BBB		1,172,903
	8,380	Total Virgin Islands						8,795,001
		Virginia – 1.6%
	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		1,095,259
	2,620	Fredericksburg Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2007, 5.000%, 6/15/17		No Opt. Call		Baa1		2,852,342
	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–		1,361,216
	6,000	Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2004A, 5.000%, 8/01/14		7/14 at 100.00		AA+		6,024,180
	10,995	Total Virginia						11,332,997
		Washington – 1.6%
	4,000	Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2014A, 5.000%, 7/01/18 (WI/DD, Settling 5/14/14)		No Opt. Call		Aa1		4,647,280
	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		406,716
	1,000	Port of Seattle, Washington, Revenue Bonds, Refunding Inter-Lien Series 2010C, 5.000%, 2/01/16		No Opt. Call		A+		1,077,840
		Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Regional Health, Improvement & Refunding Series 2013A:
	470	4.000%, 12/01/16		No Opt. Call		Baa2		498,045

Nuveen Investments 201

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Washington (continued)
$	1,425	4.000%, 12/01/17		No Opt. Call		Baa2	$	1,522,613
	390	5.000%, 12/01/18		No Opt. Call		Baa2		430,264
	205	Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012, 4.000%, 12/01/16		No Opt. Call		Baa3		217,019
		Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A:
	320	5.000%, 11/15/17		No Opt. Call		A+		361,267
	450	5.000%, 11/15/18		No Opt. Call		A+		514,323
		Washington Higher Education Facilities Authority Revenue Bonds, Whitworth University Project, Series 2012:
	150	3.000%, 10/01/14		No Opt. Call		Baa1		151,262
	275	4.000%, 10/01/16		No Opt. Call		Baa1		291,473
	1,150	Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009, 5.000%, 7/01/14		No Opt. Call		BBB		1,156,015
	500	Washington State Housing Finance Commission, Non-Profit Revenue Bonds, Emerald Heights Project, Refunding 2013, 3.000%, 7/01/15		No Opt. Call		A–		509,830
	10,735	Total Washington						11,783,947
		West Virginia – 0.7%
	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		Baa1		1,004,760
	3,750	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		Baa1		3,807,263
	4,750	Total West Virginia						4,812,023
		Wisconsin – 0.8%
	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		1,076,880
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beaver Dam Community Hospitals Inc., Series 2013A:
	150	2.000%, 8/15/14		No Opt. Call		BBB–		150,329
	1,000	3.000%, 8/15/15		No Opt. Call		BBB–		1,016,910
	610	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/17		No Opt. Call		A–		663,997
	290	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Series 2010A, 5.000%, 8/15/15		No Opt. Call		A+		305,193
	385	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 2.000%, 8/15/14		No Opt. Call		A–		386,463
	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+		509,025
	1,300	Wisconsin State, Master Lease Certificates of Participation, Series 2014A, 5.000%, 3/01/18		No Opt. Call		AA–		1,488,643
	5,235	Total Wisconsin						5,597,440
		Wyoming – 0.1%
		Natrona County, Wyoming, Hospital Revenue Bonds, Wyoming Medical Center Project, Series 2011:
	200	4.000%, 9/15/14		No Opt. Call		A3		202,066

202 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Wyoming (continued)
$	530	4.000%, 9/15/15		No Opt. Call		A3	$	548,895
	300	4.000%, 9/15/16		No Opt. Call		A3		316,447
	1,030	Total Wyoming						1,067,408
$	671,585	Total Municipal Bonds (cost $700,429,413)						708,584,499
Shares/ Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 3.6%
		MONEY MARKET FUNDS – 0.5%
	1,965,130	First American Tax Free Obligations Fund, Class Y, 0.000%, (8)		N/A		N/A	$	1,965,130
	1,604,547	First American Tax Free Obligations Fund, Class Z, 0.000%, (8)		N/A		N/A		1,601,547
		Total Money Market Funds						3,566,677
		MUNICIPAL BONDS – 3.1%
		Arizona – 0.8%
$	5,500	Glendale Industrial Development Authority, Arizona, Senior Living Facility Revenue Bonds, Variable Rate Demand Obligations, Friendship Retirement Corporation, Senior Lien, Series 1997, 0.230%, 1/01/27 (9)		8/14 at 100.00		A–1+		5,500,000
		California – 1.0%
	7,000	California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Variable Rate Demand Obligations, Republic Services Inc., Series 2010A, 0.550%, 8/01/23 (Mandatory put 8/01/14) (Alternative Minimum Tax) (9)		No Opt. Call		A–2		7,000,000
		Colorado – 0.3%
	1,900	Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Denver Seminary Project, Variable Rate Demand Obligation, Series 2004, 0.230%, 7/01/34 (9)		7/14 at 100.00		A–1+		1,900,000
		North Carolina – 0.5%
	4,000	North Carolina Capital Facilities Financing Agency, Solid Waste Disposal Revenue Bonds, Republic Services Inc., Project, Variable Rate Demand Obligation, Series 2013, 0.520%, 6/01/38 (Mandatory put 6/16/14) (Alternative Minimum Tax) (9)		9/14 at 100.00		A–2		4,000,000
		Pennsylvania – 0.5%
	1,500	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc Project, Variable Rate Demand Obligations, Refunding Series 2010A, 0.450%, 4/01/19 (Mandatory put 7/01/14) (Alternative Minimum Tax) (9)		No Opt. Call		A–2		1,500,000
	2,385	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc Project, Variable Rate Demand Obligations, Refunding Series 2010B, 0.450%, 12/01/30 (Mandatory put 7/01/14) (9)		No Opt. Call		A–2		2,385,000
	3,885	Total Pennsylvania						3,885,000
$	22,285	Total Municipal Bonds						22,285,000
		Total Short-Term Investments (cost $25,851,677)						25,851,677
		Total Investments (cost $726,281,090) – 101.0%						734,436,176
		Other Assets Less Liabilities – (1.0)%						(6,972,742	)
		Net Assets – 100%					$	727,463,434

Nuveen Investments 203

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2014

(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, 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, 5.50% 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, 0.0% coupon and May 15, 2050 maturity. The second security, which is the remaining 70% of the issue, has a 700,000 par, 5.1% coupon and May 15, 2014 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) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

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

(9) 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.

WI/DD Investment, or 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.

204 Nuveen Investments

Statement of

Assets and Liabilities April 30, 2014

	All-American			Inflation Protected			Intermediate Duration			Limited Term			Short Term
Assets
Long-term investments, at value (cost $2,007,303,799, $64,683,120, $3,945,586,079, $3,517,016,535 and $700,429,413, respectively)	$	2,157,709,804		$	64,334,459		$	4,120,191,629		$	3,617,290,594		$	708,584,499
Short-term investments, at value (cost approximates value)		—			—			43,555,000			59,345,000			25,851,677
Cash		55,198,116			1,672,906			29,459,484			2,194,032			—
Receivable for:
Interest		34,700,850			853,618			56,467,682			48,745,698			7,405,848
Investments sold		13,974,433			—			37,587,885			11,675,954			—
Shares sold		3,555,936			59,323			14,419,271			7,695,751			3,405,498
Other assets		232,456			104			385,604			180,136			11,805
Total assets		2,265,371,595			66,920,410			4,302,066,555			3,747,127,165			745,259,327
Liabilities
Cash overdraft		—			—			—			—			1,965,130
Floating rate obligations		6,525,000			—			—			—			—
Unrealized depreciation on consumer price index swaps		—			2,374,840			—			—			—
Payable for:
Dividends		2,669,578			1,361			3,586,386			2,171,526			432,606
Investments purchased		18,839,864			—			72,996,439			35,128,968			14,019,170
Shares redeemed		5,993,522			204,507			5,679,476			14,150,914			948,650
Accrued expenses:
Management fees		786,552			22,050			1,398,892			1,100,032			243,883
Directors/Trustees fees		100,911			551			401,090			198,050			15,592
12b-1 distribution and service fees		371,377			11,286			229,061			500,978			47,217
Other		473,327			24,610			603,994			592,082			123,645
Total liabilities		35,760,131			2,639,205			84,895,338			53,842,550			17,795,893
Net assets	$	2,229,611,464		$	64,281,205		$	4,217,171,217		$	3,693,284,615		$	727,463,434
Class A Shares
Net assets	$	907,137,052		$	28,861,513		$	876,456,175		$	1,279,131,444		$	201,144,758
Shares outstanding		80,743,444			2,680,383			95,988,208			115,080,090			19,820,827
Net asset value (“NAV”) per share	$	11.23		$	10.77		$	9.13		$	11.12		$	10.15
Offering price per share (NAV per share plus maximum sales charge of 4.20%, 3.00%, 3.00%, 2.50% and 2.50%, respectively, of offering price)	$	11.72		$	11.10		$	9.41		$	11.41		$	10.41
Class B Shares
Net assets	$	2,230,426			N/A		$	1,172,048			N/A			N/A
Shares outstanding		198,148			N/A			128,009			N/A			N/A
NAV and offering price per share	$	11.26			N/A		$	9.16			N/A			N/A
Class C Shares(1)
Net assets	$	4,922,546		$	238,455		$	2,412,187		$	9,695,216		$	821,513
Shares outstanding		437,863			22,168			263,785			875,335			81,045
NAV and offering price per share	$	11.24		$	10.76		$	9.14		$	11.08		$	10.14
Class C2 Shares(2)
Net assets	$	353,219,944		$	10,221,405		$	126,950,909		$	623,241,703		$	28,134,442
Shares outstanding		31,420,326			949,754			13,868,592			56,267,755			2,775,634
NAV and offering price per share	$	11.24		$	10.76		$	9.15		$	11.08		$	10.14
Class I Shares
Net assets	$	962,101,496		$	24,959,832		$	3,210,179,898		$	1,781,216,252		$	497,362,721
Shares outstanding		85,307,610			2,315,263			350,645,633			161,037,091			49,003,570
NAV and offering price per share	$	11.28		$	10.78		$	9.16		$	11.06		$	10.15
Net assets consist of:
Capital paid-in	$	2,166,350,295		$	69,798,954		$	4,050,692,912		$	3,613,831,446		$	719,998,257
Undistributed (Over-distribution of) net investment income		7,818,433			89,533			9,990,782			3,808,257			(236,247	)
Accumulated net realized gain (loss)		(94,963,269	)		(2,883,781	)		(18,118,027	)		(24,629,147	)		(453,662	)
Net unrealized appreciation (depreciation)		150,406,005			(2,723,501	)		174,605,550			100,274,059			8,155,086
Net assets	$	2,229,611,464		$	64,281,205		$	4,217,171,217		$	3,693,284,615		$	727,463,434
Authorized shares – per class		Unlimited			Unlimited			Unlimited			Unlimited			2 billion
Par value per share	$	0.01		$	0.01		$	0.001		$	0.01		$	0.0001

N/A – Fund does not offer share class.

(1) Class C Shares were established and commenced operations on February 10, 2014.

(2) Class C2 Shares (formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014) are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts.

See accompanying notes to financial statements.

Nuveen Investments 205

Statement of

Operations Year Ended April 30, 2014

	All-American			Inflation Protected			Intermediate Duration			Limited Term			Short Term
Investment Income	$	125,114,827		$	2,776,283		$	150,478,616		$	97,711,041		$	12,082,278
Expenses
Management fees		10,338,580			397,069			16,114,075			13,426,564			2,639,779
12b-1 service fees – Class A		1,976,585			86,059			1,241,070			2,685,691			358,764
12b-1 distribution and service fees – Class B		27,986			N/A			14,369			N/A			N/A
12b-1 distribution and service fees – Class C(1)		4,901			289			2,646			10,867			673
12b-1 distribution and service fees – Class C2(2)		2,942,862			91,808			1,022,449			3,702,321			154,651
Shareholder servicing agent fees and expenses		1,158,038			64,305			1,823,308			1,674,697			180,743
Interest expense		96,659			—			—			—			—
Custodian fees and expenses		401,165			62,815			611,637			584,067			271,323
Directors/Trustees fees and expenses		65,842			2,232			106,991			102,337			18,048
Professional fees		182,753			29,351			159,004			145,513			42,978
Shareholder reporting expenses		167,738			13,634			251,429			251,583			8,359
Federal and state registration fees		200,961			70,514			201,124			282,188			107,292
Other expenses		59,296			9,641			79,135			71,962			13,019
Total expenses before fee waiver/expense reimbursement		17,623,366			827,717			21,627,237			22,937,790			3,795,629
Fee waiver/expense reimbursement		—			(167,702	)		—			(2,717	)		(303	)
Net expenses		17,623,366			660,015			21,627,237			22,935,073			3,795,326
Net investment income (loss)		107,491,461			2,116,268			128,851,379			74,775,968			8,286,952
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(49,447,036	)		(1,626,649	)		(5,101,078	)		(4,617,663	)		(74,202	)
Swaps		—			(1,151,072	)		—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments		(115,133,862	)		(2,987,472	)		(105,739,417	)		(52,891,617	)		(2,086,107	)
Swaps		—			(1,296,982	)		—			—			—
Net realized and unrealized gain (loss)		(164,580,898	)		(7,062,175	)		(110,840,495	)		(57,509,280	)		(2,160,309	)
Net increase (decrease) in net assets from operations	$	(57,089,437	)	$	(4,945,907	)	$	18,010,884		$	17,266,688		$	6,126,643

N/A – Fund does not offer share class.

(1) Class C Shares were established and commenced operations on February 10, 2014.

(2) Class C2 Shares (formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014) are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts.

See accompanying notes to financial statements.

206 Nuveen Investments

Statement of

Changes in Net Assets

	All-American						Inflation Protected
	Year Ended 4/30/14			Year Ended 4/30/13			Year Ended 4/30/14			Year Ended 4/30/13
Operations
Net investment income (loss)	$	107,491,461		$	112,665,777		$	2,116,268		$	1,162,833
Net realized gain (loss) from:
Investments		(49,447,036	)		4,466,708			(1,626,649	)		40,975
Swaps		—			—			(1,151,072	)		(152,000	)
Change in net unrealized appreciation (depreciation) of:
Investments		(115,133,862	)		87,628,674			(2,987,472	)		1,826,189
Swaps		—			—			(1,296,982	)		(1,001,260	)
Net increase (decrease) in net assets from operations		(57,089,437	)		204,761,159			(4,945,907	)		1,876,737
Distributions to Shareholders
From net investment income:
Class A		(41,233,306	)		(46,205,698	)		(981,814	)		(620,468	)
Class B		(99,506	)		(209,917	)		N/A			N/A
Class C(1)		(16,146	)		(15,687,070	)		(470	)		(150,431	)
Class C2(2)		(14,101,670	)		—			(211,076	)		—
Class I		(44,641,920	)		(52,562,816	)		(733,286	)		(491,789	)
From accumulated net realized gains:
Class A		—			—			—			(22,063	)
Class B		—			—			N/A			N/A
Class C(1)		—			—			—			(7,575	)
Class C2(2)		—			—			—			—
Class I		—			—			—			(16,484	)
Decrease in net assets from distributions to shareholders		(100,092,548	)		(114,665,501	)		(1,926,646	)		(1,308,810	)
Fund Share Transactions
Proceeds from sale of shares		418,658,782			936,248,087			33,875,438			107,454,355
Proceeds from shares issued to shareholders due to reinvestment of distributions		67,022,468			76,014,158			1,877,397			1,023,234
		485,681,250			1,012,262,245			35,752,835			108,477,589
Cost of shares redeemed		(1,112,102,624	)		(549,407,373	)		(76,635,434	)		(15,260,445	)
Net increase (decrease) in net assets from Fund share transactions		(626,421,374	)		462,854,872			(40,882,599	)		93,217,144
Net increase (decrease) in net assets		(783,603,359	)		552,950,530			(47,755,152	)		93,785,071
Net assets at the beginning of period		3,013,214,823			2,460,264,293			112,036,357			18,251,286
Net assets at the end of period	$	2,229,611,464		$	3,013,214,823		$	64,281,205		$	112,036,357
Undistributed (Over-distribution of) net investment income at the end of period	$	7,818,433		$	2,031,115		$	89,533		$	(96,831	)

N/A – Fund does not offer share class.

(1) Class C Shares were established and commenced operations on February 10, 2014.

(2) Class C2 Shares (formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014) are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts.

See accompanying notes to financial statements.

Nuveen Investments 207

Statement of Changes in Net Assets (continued)

	Intermediate Duration						Limited Term
	Year Ended 4/30/14			Year Ended 4/30/13			Year Ended 4/30/14			Year Ended 4/30/13
Operations
Net investment income (loss)	$	128,851,379		$	132,603,674		$	74,775,968		$	70,845,859
Net realized gain (loss) from:
Investments		(5,101,078	)		4,892,455			(4,617,663	)		(1,800,625	)
Swaps		—			—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments		(105,739,417	)		53,292,933			(52,891,617	)		22,813,097
Swaps		—			—			—			—
Net increase (decrease) in net assets from operations		18,010,884			190,789,062			17,266,688			91,858,331
Distributions to Shareholders
From net investment income:
Class A		(19,186,975	)		(15,847,282	)		(25,337,930	)		(27,306,390	)
Class B		(35,487	)		(63,171	)		N/A			N/A
Class C(1)		(5,649	)		(4,109,286	)		(14,519	)		(12,158,830	)
Class C2(2)		(3,471,647	)		—			(10,195,064	)		—
Class I		(101,637,242	)		(115,311,143	)		(34,775,272	)		(31,433,207	)
From accumulated net realized gains:
Class A		—			—			—			—
Class B		—			—			N/A			N/A
Class C(1)		—			—			—			—
Class C2(2)		—			—			—			—
Class I		—			—			—			—
Decrease in net assets from distributions to shareholders		(124,337,000	)		(135,330,882	)		(70,322,785	)		(70,898,427	)
Fund Share Transactions
Proceeds from sale of shares		1,313,738,074			1,038,513,585			1,625,969,490			1,649,178,808
Proceeds from shares issued to shareholders due to reinvestment of distributions		80,864,299			85,812,345			45,185,752			46,901,460
		1,394,602,373			1,124,325,930			1,671,155,242			1,696,080,268
Cost of shares redeemed		(1,263,883,765	)		(614,364,991	)		(1,634,003,530	)		(959,574,505	)
Net increase (decrease) in net assets from Fund share transactions		130,718,608			509,960,939			37,151,712			736,505,763
Net increase (decrease) in net assets		24,392,492			565,419,119			(15,904,385	)		757,465,667
Net assets at the beginning of period		4,192,778,725			3,627,359,606			3,709,189,000			2,951,723,333
Net assets at the end of period	$	4,217,171,217		$	4,192,778,725		$	3,693,284,615		$	3,709,189,000
Undistributed (Over-distribution of) net investment income at the end of period	$	9,990,782		$	5,832,132		$	3,808,257		$	(632,441	)

N/A – Fund does not offer share class.

(1) Class C Shares were established and commenced operations on February 10, 2014.

(2) Class C2 Shares (formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014) are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts.

See accompanying notes to financial statements.

208 Nuveen Investments

	Short Term
	Year Ended 4/30/14			Year Ended 4/30/13
Operations
Net investment income (loss)	$	8,286,952		$	7,059,667
Net realized gain (loss) from:
Investments		(74,202	)		75,724
Swaps		—			—
Change in net unrealized appreciation (depreciation) of:
Investments		(2,086,107	)		828,436
Swaps		—			—
Net increase (decrease) in net assets from operations		6,126,643			7,963,827
Distributions to Shareholders
From net investment income:
Class A		(2,195,247	)		(1,139,066	)
Class B		N/A			N/A
Class C(1)		(516	)		(72,558	)
Class C2(2)		(246,169	)		—
Class I		(6,085,756	)		(6,629,259	)
From accumulated net realized gains:
Class A		—			—
Class B		N/A			N/A
Class C(1)		—			—
Class C2(2)		—			—
Class I		—			—
Decrease in net assets from distributions to shareholders		(8,527,688	)		(7,840,883	)
Fund Share Transactions
Proceeds from sale of shares		655,155,533			433,812,513
Proceeds from shares issued to shareholders due to reinvestment of distributions		3,537,642			1,969,999
		658,693,175			435,782,512
Cost of shares redeemed		(424,622,088	)		(280,040,164	)
Net increase (decrease) in net assets from Fund share transactions		234,071,087			155,742,348
Net increase (decrease) in net assets		231,670,042			155,865,292
Net assets at the beginning of period		495,793,392			339,928,100
Net assets at the end of period	$	727,463,434		$	495,793,392
Undistributed (Over-distribution of) net investment income at the end of period	$	(236,247	)	$	5,952

N/A – Fund does not offer share class.

(1) Class C Shares were established and commenced operations on February 10, 2014.

(2) Class C2 Shares (formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014) are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts.

See accompanying notes to financial statements.

Nuveen Investments 209

Financial

Highlights

All-American

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended April 30,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending NAV
Class A (10/88)
2014	$	11.76	$	.49	$	(.56	)	$	(.07	)	$	(.46	)	$	—	$	(.46	)	$	11.23
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
Class B (2/97)
2014		11.78		.41		(.55	)		(.14	)		(.38	)		—		(.38	)		11.26
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
Class C (2/14)
2014(e)		10.99		.02		.32			.34			(.09	)		—		(.09	)		11.24
Class C2 (6/93)(f)
2014		11.76		.43		(.55	)		(.12	)		(.40	)		—		(.40	)		11.24
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
Class I (2/97)
2014		11.80		.51		(.55	)		(.04	)		(.48	)		—		(.48	)		11.28
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

210 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 Investment Income (Loss)			Portfolio Turnover Rate(d)
	(.42	)%	$	907,137		.72	%		.72	%		4.46	%		13	%
	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
	(1.09	)		2,230		1.47			1.47			3.68			13
	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
	3.06			4,923		1.50	*		1.50	*		3.39			13
	(.90	)		353,220		1.27			1.27			3.91			13
	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
	(.14	)		962,101		.52			.52			4.66			13
	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

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

(b) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.

(d) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(e) For the period February 10, 2014 (commencement of operations) through April 30, 2014.

(f) Class C2 Shares (formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014) are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 211

Financial Highlights (continued)

Inflation Protected

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended April 30,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (3/11)
2014	$	11.31	$	.26	$	(.55	)	$	(.29	)	$	(.25	)	$	—		$	(.25	)	$	10.77
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 (2/14)
2014(g)		10.61		.02		.17			.19			(.04	)		—			(.04	)		10.76
Class C2 (3/11)(h)
2014		11.30		.21		(.57	)		(.36	)		(.18	)		—			(.18	)		10.76
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)
2014		11.32		.29		(.57	)		(.28	)		(.26	)		—			(.26	)		10.78
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

212 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 Investment Income (Loss)			Expenses Including Interest(d)			Expenses Excluding Interest			Net Investment Income (Loss)			Portfolio Turnover Rate(f)
	(2.53	)%	$	28,862		.96	%		.96	%		2.29	%		.77	%		.77	%		2.49	%		19	%
	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
	1.79			238		1.69	*		1.69	*		1.66	*		1.59	*		1.59	*		1.75	*		19
	(3.10	)		10,221		1.52			1.52			1.76			1.32			1.32			1.96			19
	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
	(2.36	)		24,960		.77			.77			2.52			.57			.57			2.72			19
	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 NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.

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

(f) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(g) For the period February 10, 2014 (commencement of operations) through April 30, 2014.

(h) Class C2 Shares (formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014) are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 213

Financial Highlights (continued)

Intermediate Duration

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended April 30,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending NAV
Class A (6/95)
2014	$	9.38	$	.29	$	(.26	)	$	.03		$	(.28	)	$	—	$	(.28	)	$	9.13
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
Class B (2/97)
2014		9.41		.22		(.26	)		(.04	)		(.21	)		—		(.21	)		9.16
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
Class C (2/14)
2014(f)		9.05		.01		.12			.13			(.04	)		—		(.04	)		9.14
Class C2 (6/95)(g)
2014		9.41		.24		(.27	)		(.03	)		(.23	)		—		(.23	)		9.15
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
Class I (11/76)
2014		9.41		.31		(.26	)		.05			(.30	)		—		(.30	)		9.16
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

214 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 Investment Income (Loss)			Portfolio Turnover Rate(e)
	.39	%	$	876,456		.70	%		.70	%		3.20	%		17	%
	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
	(.34	)		1,172		1.45			1.45			2.45			17
	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
	1.49			2,412		1.49	*		1.49	*		2.17	*		17
	(.25	)		126,951		1.25			1.25			2.65			17
	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
	.59			3,210,180		.50			.50			3.40			17
	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

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

(b) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.

(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(f) For the period February 10, 2014 (commencement of operations) through April 30, 2014.

(g) Class C2 Shares (formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014) are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 215

Financial Highlights (continued)

Limited Term

Selected data for a share outstanding throughout each period:

			Investment Operations							Less Distributions
Class (Commencement Date) Year Ended April 30,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain(Loss)			Total		From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending NAV
Class A (10/87)
2014	$	11.27	$	.22	$	(.16	)	$	.06	$	(.21	)	$	—	$	(.21	)	$	11.12
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
Class C (2/14)
2014(f)		11.06		.01		.04			.05		(.03	)		—		(.03	)		11.08
Class C2 (12/95)(g)
2014		11.23		.18		(.16	)		.02		(.17	)		—		(.17	)		11.08
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
Class I (2/97)
2014		11.21		.24		(.16	)		.08		(.23	)		—		(.23	)		11.06
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

216 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 Investment Income (Loss)			Expenses Including Interest(d)			Expenses Excluding Interest			Net Investment Income (Loss)			Portfolio Turnover Rate(e)
	.55	%	$	1,279,131		.65	%		.65	%		1.99	%		.65	%		.65	%		1.99	%		20	%
	2.79			1,438,077		.66			.66			2.10			N/A			N/A			N/A			12
	5.88			1,113,802		.66			.66			2.63			N/A			N/A			N/A			12
	2.68			953,517		.68			.68			2.72			N/A			N/A			N/A			13
	5.73			1,001,241		.71			.71			2.98			N/A			N/A			N/A			10
	.49			9,695		1.43	*		1.43	*		1.10	*		1.18	*		1.18	*		1.35	*		20
	.17			623,242		1.00			1.00			1.64			1.00			1.00			1.64			20
	2.51			721,302		1.01			1.01			1.76			N/A			N/A			N/A			12
	5.45			641,602		1.01			1.01			2.29			N/A			N/A			N/A			12
	2.26			566,098		1.03			1.03			2.37			N/A			N/A			N/A			13
	5.39			509,512		1.06			1.06			2.63			N/A			N/A			N/A			10
	.72			1,781,216		.45			.45			2.19			.45			.45			2.19			20
	3.07			1,549,809		.46			.46			2.31			N/A			N/A			N/A			12
	6.00			1,196,319		.46			.46			2.83			N/A			N/A			N/A			12
	2.87			812,730		.48			.48			2.92			N/A			N/A			N/A			13
	5.94			694,430		.51			.51			3.16			N/A			N/A			N/A			10

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

(b) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.

(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(f) For the period February 10, 2014 (commencement of operations) through April 30, 2014.

(g) Class C2 Shares (formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014) are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts.

* Annualized.

N/A Not applicable.

See accompanying notes to financial statements.

Nuveen Investments 217

Financial Highlights (continued)

Short Term

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date)	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain(Loss)			Total		From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending NAV
Class A (10/02)
Year Ended 4/30
2014	$	10.20	$	.12		$	(.05	)	$	.07	$	(.12	)	$	—	$	(.12	)	$	10.15
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
Class C (2/14)
Year Ended 4/30
2014(g)		10.15		—	**		.01			.01		(.02	)		—		(.02	)		10.14
Class C2 (8/11)(h)
Year Ended 4/30
2014		10.18		.08			(.03	)		.05		(.09	)		—		(.09	)		10.14
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
2014		10.20		.14			(.05	)		.09		(.14	)		—		(.14	)		10.15
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

218 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 Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(f)
	.74	%	$	201,145		.71	%		1.16	%		.71	%		1.16	%		35	%
	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
	.08			822		1.57	*		.18	*		1.08	*		.63	*		35
	.48			28,134		1.06			.82			1.06			.82			35
	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
	.92			497,363		.51			1.37			.51			1.37			35
	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

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

(b) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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.

(f) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(g) For the period February 10, 2014 (commencement of operations) through April 30, 2014.

(h) Class C2 Shares (formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014) are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts.

* Annualized.

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

See accompanying notes to financial statements.

Nuveen Investments 219

Notes to

Financial Statements

1. General Information and Significant Accounting Policies

General Information

Trust 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 Inflation Protected Municipal Bond Fund (“Inflation Protected”), Nuveen Intermediate Duration Municipal Bond Fund (“Intermediate Duration”) and Nuveen Limited Term Municipal Bond Fund (“Limited Term”), among others, and the Nuveen Investment Funds, Inc. is comprised of the Nuveen Short Term Municipal Bond Fund (“Short Term”), among others, (each a “Fund” and collectively, the “Funds”), as diversified funds. The Nuveen Municipal Trust was organized as a Massachusetts business trust on July 1, 1996. Nuveen Investment Funds, Inc. was incorporated in the State of Maryland on August 20, 1987. The Funds, with the exception of Inflation Protected, were each organized as a series of predecessor trusts or corporations prior to that date.

Investment Adviser

The Funds’ investment adviser is Nuveen Fund Advisor, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Agreement and Plan of Merger

On April 14, 2014, TIAA-CREF, a national financial services organization, announced that it had entered into an agreement (the “Purchase Agreement”) to acquire Nuveen the parent company of the Adviser. The transaction is expected to be completed by the end of the year, subject to customary closing conditions, including obtaining necessary Nuveen Fund and client consents sufficient to satisfy the terms of the Purchase Agreement and obtaining customary regulatory approvals. There can be no assurance that the transaction described above will be consummated as contemplated or that necessary conditions will be satisfied.

The consummation of the transaction will be deemed to be an “assignment” (as defined in the Investment Company Act of 1940) of the investment management agreements between the Nuveen Funds and the Adviser and the investment sub-advisory agreements between the Adviser and each Nuveen Fund’s sub-adviser or sub-advisers, and will result in automatic termination of each agreement. It is anticipated that the Board of Directors/Trustees of the Nuveen Funds (the “Board”) will consider a new investment management agreement with the Adviser and new investment sub-advisory agreements with each sub-adviser. If approved by the Board, the new agreements will be presented to the Nuveen Funds’ shareholders for approval, and, if so approved by shareholders, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.

The transaction is not expected to result in any change in the portfolio management of the Funds or in the Funds’ investment objectives or policies.

Investment Objectives and Principal Investment Strategies

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 the sum of its net assets and 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 between 4.5 and 7 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 3 to 7 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 the Sub-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).

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 the sum of its net assets and 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

220 Nuveen Investments

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 2 and 10 years, and generally maintain a weighted average duration of between 4 and 7 years. The Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency, or, if unrated, judged by the Sub-Adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” bonds. The Fund seeks to mitigate the effect that subsequent increases in inflation expectations may have on the purchasing power of the Fund by investing in 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.

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 the sum of its net assets and the amount of any borrowings for investment purposes in municipal securities that pay interest that is exempt from regular federal personal income 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).

All-American, Intermediate Duration, Limited Term and Short Term may utilize futures contracts and options on futures contracts in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in the Fund’s portfolio.

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

Class C and C2 Shares

Effective at the close of business on February 10, 2014, Class C Shares of the Funds were renamed to Class C2 Shares, and are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts. On February 10, 2014, the Funds began offering a new form of Class C Shares.

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 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, 2014, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

	All- American		Intermediate Duration		Limited Term		Short Term
Outstanding when-issued/delayed delivery purchase commitments	$	18,839,864	$	70,827,783	$	28,925,507	$	10,621,185

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. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.

Nuveen Investments 221

Notes to Financial Statements (continued)

Dividends and Distributions to Shareholders

Dividends from net investment income are declared daily and distributed to 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 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 or more ($250,000 for Limited Term and Short Term) are sold at net asset value (“NAV”) 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 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 .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. The Funds will issue Class C2 Shares upon the exchange of Class C2 Shares from another Nuveen mutual fund or for the purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts. Class C2 Shares 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 and C2 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.

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.

Netting Arrangements

In the ordinary course of business, the Funds have entered into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

As of April 30, 2014, Inflation Protected was invested in swap contracts that are subject to netting agreements and further described in Note 3 – Portfolio Securities and Investments in Derivatives. None of the other Funds were invested in any portfolio securities or derivative instruments that are subject to netting agreements.

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.

222 Nuveen Investments

2. Investment Valuation and Fair Value Measurements

The fair valuation input levels as described below are for fair value measurement purposes.

Investment Valuation

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 NAV on valuation date 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 NAV (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.

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	$	—	$	2,157,621,739	$	59,187	$	2,157,680,926
Corporate Bonds		—		—		28,878		28,878
Total	$	—	$	2,157,621,739	$	88,065	$	2,157,709,804

* 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.

Nuveen Investments 223

Notes to Financial Statements (continued)

Inflation Protected	Level 1		Level 2			Level 3		Total
Long-Term Investments*:
Municipal Bonds	$	—	$	64,334,459		$	—	$	64,334,459
Investments in Derivatives:
Consumer Price Index Swaps**		—		(2,374,840	)		—		(2,374,840	)
Total	$	—	$	61,959,619		$	—	$	61,959,619
Intermediate Duration
Long-Term Investments*:
Municipal Bonds	$	—	$	4,113,126,580		$	7,020,563	$	4,120,147,143
Corporate Bonds		—		—			44,486		44,486
Short-Term Investments*:
Municipal Bonds		—		43,555,000			—		43,555,000
Total	$	—	$	4,156,681,580		$	7,065,049	$	4,163,746,629
Limited Term
Long-Term Investments*:
Municipal Bonds	$	—	$	3,617,263,159		$	—	$	3,617,263,159
Corporate Bonds		—		—			27,435		27,435
Short-Term Investments*:
Municipal Bonds		—		59,345,000			—		59,345,000
Total	$	—	$	3,676,608,159		$	27,435	$	3,676,635,594
Short Term
Long-Term Investments*:
Municipal Bonds	$	—	$	708,559,838		$	24,661	$	708,584,499
Short-Term Investments*:
Money Market Funds		3,566,677		—			—		3,566,677
Municipal Bonds		—		22,285,000			—		22,285,000
Total	$	3,566,677	$	730,844,838		$	24,661	$	734,436,176

* 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.

224 Nuveen Investments

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

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

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 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.

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.

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”).

An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” The Fund’s Statement of Assets and Liabilities shows only the inverse floaters and not the underlying bonds as an asset and does not reflect the short-term floating rate certificates as liabilities. Also, the Fund reflects in “Investment Income” only the net amount of earnings on its inverse floater investment (net of the interest paid to the holders of the short-term floating rate certificates and the expenses of the trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.

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 recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense” on the Statement of Operations.

The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters for the following Fund during the fiscal year ended April 30, 2014, were as follows:

	All-American
Average floating rate obligations outstanding	$	16,655,096
Average annual interest rate and fees		.58	%

As of April 30, 2014, the total amount of floating rate obligations issued by each Fund’s self-deposited inverse floaters and externally-deposited inverse floaters was as follows:

	All-American		Intermediate Duration
Floating rate obligations: self-deposited inverse floaters	$	6,525,000	$	—
Floating rate obligations: externally-deposited inverse floaters		107,860,000		84,700,000
Total	$	114,385,000	$	84,700,000

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

Nuveen Investments 225

Notes to Financial Statements (continued)

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, 2014, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts was as follows:

	All-American		Intermediate Duration
Maximum exposure to Recourse Trusts	$	39,310,000	$	11,250,000

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.

Investments in Derivatives

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.

Consumer Price Index Swaps

Inflation Protected seeks to hedge inflation risk by investing in 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 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, 2014, 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, 2014, was as follows:

	Inflation Protected
Average notional amount of CPI swap contracts outstanding*	$	86,580,000

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

226 Nuveen Investments

The following table presents the fair value of all CPI swap contracts held by Inflation Protected as of April 30, 2014, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

		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	$	(2,374,840	)

The following tables present the CPI swap contracts subject to netting agreements and collateral delivered related to those swap contracts.

Fund	Counterparty	Gross Unrealized Appreciation on CPI Swaps*		Gross Unrealized (Depreciation) on CPI Swaps*			Amounts Netted on Statement of Assets and Liabilities		Net Unrealized Appreciation (Depreciation) on CPI Swaps			Collateral Pledged to (from) Counterparty		Net Exposure
Inflation Protected
	Barclays PLC	$	—	$	(1,692,297	)	$	—	$	(1,692,297	)	$	1,637,081	$	(55,216	)
	JPMorgan		—		(123,317	)		—		(123,317	)		123,317		—
	Morgan Stanley		—		(559,226	)		—		(559,226	)		559,226		—
Total		$	—	$	(2,374,840	)	$	—	$	(2,374,840	)	$	2,319,624	$	(55,216	)

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

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on CPI swap contracts on the Statement of Operations during the fiscal year ended April 30, 2014, and the primary underlying risk exposure.

Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Swaps			Change in Net Unrealized Appreciation (Depreciation) of Swaps
Inflation Protected	Inflation	Swaps	$	(1,151,072	)	$	(1,296,982	)

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.

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.

Nuveen Investments 227

Notes to Financial Statements (continued)

4. Fund Shares

Transactions in Fund shares were as follows:

	All-American
	Year Ended 4/30/14						Year Ended 4/30/13
	Shares			Amount			Shares			Amount
Shares sold:
Class A		12,719,041		$	139,341,313			36,137,441		$	422,123,272
Class A – automatic conversion of Class B Shares		10,797			119,139			88,230			1,027,090
Class B – exchanges		685			7,509			19,747			230,819
Class C(1)		440,015			4,889,994			—			—
Class C2(2)		3,630,019			39,981,174			14,765,759			172,192,912
Class I		21,314,117			234,319,653			29,093,499			340,673,994
Shares issued to shareholders due to reinvestment of distributions:
Class A		3,080,486			33,706,331			3,031,020			35,411,944
Class B		6,665			73,122			12,257			143,124
Class C(1)		1,197			13,402			—			—
Class C2(2)		881,134			9,647,877			856,156			10,008,408
Class I		2,146,680			23,581,736			2,599,068			30,450,682
		44,230,836			485,681,250			86,603,177			1,012,262,245
Shares redeemed:
Class A		(39,729,988	)		(432,939,176	)		(19,964,928	)		(233,633,614	)
Class B		(176,490	)		(1,942,907	)		(304,556	)		(3,554,758	)
Class B – automatic conversion to Class A Shares		(10,778	)		(119,139	)		(88,046	)		(1,027,090	)
Class C(1)		(3,349	)		(37,640	)		—			—
Class C2(2)		(15,162,720	)		(165,122,028	)		(5,344,245	)		(62,513,581	)
Class I		(46,956,473	)		(511,941,734	)		(21,208,856	)		(248,678,330	)
		(102,039,798	)		(1,112,102,624	)		(46,910,631	)		(549,407,373	)
Net increase (decrease)		(57,808,962	)	$	(626,421,374	)		39,692,546		$	462,854,872

⁽¹⁾  Class C Shares were established and commenced operations on February 10, 2014.

⁽²⁾  Class C2 Shares (formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014) are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts.

	Inflation Protected
	Year Ended 4/30/14						Year Ended 4/30/13
	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,401,328		$	15,100,629			5,232,725		$	59,200,370
Class C(1)		22,156			236,306			—			—
Class C2(2)		177,060			1,924,839			1,154,528			13,014,423
Class I		1,572,003			16,613,664			3,120,247			35,239,562
Shares issued to shareholders due to reinvestment of distributions:
Class A		90,106			951,420			47,599			538,687
Class C(1)		35			376			—			—
Class C2(2)		18,857			198,961			11,011			124,435
Class I		68,729			726,640			31,839			360,112
		3,350,274			35,752,835			9,597,949			108,477,589
Shares redeemed:
Class A		(4,285,061	)		(45,055,357	)		(473,041	)		(5,305,991	)
Class C(1)		(23	)		(242	)		—			—
Class C2(2)		(578,775	)		(6,096,689	)		(215,629	)		(2,387,098	)
Class I		(2,420,380	)		(25,483,146	)		(665,894	)		(7,567,356	)
		(7,284,239	)		(76,635,434	)		(1,354,564	)		(15,260,445	)
Net increase (decrease)		(3,933,965	)	$	(40,882,599	)		8,243,385		$	93,217,144

228 Nuveen Investments

	Intermediate Duration
	Year Ended 4/30/14						Year Ended 4/30/13
	Shares			Amount			Shares			Amount
Shares sold:
Class A		62,899,084		$	562,779,554			14,955,830		$	139,930,217
Class A – automatic conversion of Class B Shares		3,414			30,892			18,235			169,460
Class B – exchanges		32,474			298,589			7,073			66,166
Class C(1)		274,160			2,491,887			—			—
Class C2(2)		2,446,934			22,006,271			4,620,559			43,326,884
Class I		80,373,783			726,130,881			91,216,978			855,020,858
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,908,486			17,181,212			1,393,342			13,028,844
Class B		2,746			24,740			4,210			39,464
Class C(1)		539			4,917			—			—
Class C2(2)		255,116			2,299,525			266,451			2,498,523
Class I		6,805,271			61,353,905			7,496,009			70,245,514
		155,002,007			1,394,602,373			119,978,687			1,124,325,930
Shares redeemed:
Class A		(23,409,601	)		(210,127,906	)		(10,455,595	)		(97,725,473	)
Class B		(109,993	)		(992,036	)		(121,372	)		(1,137,338	)
Class B – automatic conversion to Class A Shares		(3,403	)		(30,892	)		(18,178	)		(169,460	)
Class C(1)		(10,914	)		(99,373	)		—			—
Class C2(2)		(5,630,686	)		(50,660,027	)		(2,592,728	)		(24,303,565	)
Class I		(110,829,288	)		(1,001,973,531	)		(52,392,176	)		(491,029,155	)
		(139,993,885	)		(1,263,883,765	)		(65,580,049	)		(614,364,991	)
Net increase (decrease)		15,008,122		$	130,718,608			54,398,638		$	509,960,939

⁽¹⁾  Class C Shares were established and commenced operations on February 10, 2014.

⁽²⁾  Class C2 Shares (formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014) are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts.

	Limited Term
	Year Ended 4/30/14						Year Ended 4/30/13
	Shares			Amount			Shares			Amount
Shares sold:
Class A		40,318,158		$	445,841,472			55,858,576		$	627,985,659
Class C(1)		899,294			9,951,409			—			—
Class C2(2)		8,917,219			98,111,052			16,583,824			185,750,383
Class I		97,380,477			1,072,065,557			74,687,116			835,442,766
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,965,298			21,711,675			2,027,026			22,803,105
Class C(1)		1,145			12,663			—			—
Class C2(2)		659,801			7,262,578			735,318			8,238,714
Class I		1,473,647			16,198,836			1,417,080			15,859,641
		151,615,039			1,671,155,242			151,308,940			1,696,080,268
Shares redeemed:
Class A		(54,839,890	)		(604,950,854	)		(29,738,275	)		(334,355,453	)
Class C(1)		(25,104	)		(277,587	)		—			—
Class C2(2)		(17,567,359	)		(193,196,191	)		(10,594,753	)		(118,670,653	)
Class I		(76,078,446	)		(835,578,898	)		(45,284,522	)		(506,548,399	)
		(148,510,799	)		(1,634,003,530	)		(85,617,550	)		(959,574,505	)
Net increase (decrease)		3,104,240		$	37,151,712			65,691,390		$	736,505,763

Nuveen Investments 229

Notes to Financial Statements (continued)

	Short Term
	Year Ended 4/30/14						Year Ended 4/30/13
	Shares			Amount			Shares			Amount
Shares sold:
Class A		26,249,463		$	266,170,489			10,803,399		$	110,119,096
Class C(1)		88,396			896,533			—			—
Class C2(2)		3,700,423			37,443,708			1,170,185			11,914,696
Class I		34,566,597			350,644,803			30,582,797			311,778,721
Shares issued to shareholders due to reinvestment of distributions:
Class A		195,668			1,984,118			96,677			985,725
Class C(1)		46			470			—			—
Class C2(2)		23,809			241,086			7,034			71,621
Class I		129,361			1,311,968			89,508			912,653
		64,953,763			658,693,175			42,749,600			435,782,512
Shares redeemed:
Class A		(16,612,146	)		(168,323,242	)		(4,325,269	)		(44,088,273	)
Class C(1)		(7,397	)		(75,082	)		—			—
Class C2(2)		(1,991,170	)		(20,165,708	)		(235,416	)		(2,396,736	)
Class I		(23,290,718	)		(236,058,056	)		(22,910,953	)		(233,555,155	)
		(41,901,431	)		(424,622,088	)		(27,471,638	)		(280,040,164	)
Net increase (decrease)		23,052,332		$	234,071,087			15,277,962		$	155,742,348

⁽¹⁾  Class C Shares were established and commenced operations on February 10, 2014.

⁽²⁾  Class C2 Shares (formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014) are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts.

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, 2014, were as follows:

	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
Purchases	$	302,943,477	$	16,254,769	$	808,286,522	$	879,879,293	$	466,639,382
Sales and maturities		951,361,643		54,163,151		667,468,152		714,055,409		220,977,063

6. Income Tax Information

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.

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.

230 Nuveen Investments

As of April 30, 2014, 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			Inflation Protected			Intermediate Duration			Limited Term			Short Term
Cost of investments	$	2,000,743,009		$	64,665,683		$	3,986,252,022		$	3,574,078,159		$	725,990,618
Gross unrealized:
Appreciation	$	169,765,801		$	679,115		$	208,632,229		$	111,763,198		$	9,568,643
Depreciation		(19,324,008	)		(1,010,339	)		(31,137,622	)		(9,205,763	)		(1,123,085	)
Net unrealized appreciation (depreciation) of investments	$	150,441,793		$	(331,224	)	$	177,494,607		$	102,557,435		$	8,445,558

Permanent differences, primarily due to federal taxes paid, taxable market discount, expiration of capital loss carryforwards and paydowns, resulted in reclassifications among the Funds’ components of net assets as of April 30, 2014, the Funds’ tax year end, as follows:

	All- American			Inflation Protected			Intermediate Duration			Limited Term			Short Term
Capital paid-in	$	1,551,451		$	—		$	290,001		$	(1,066,826	)	$	(10	)
Undistributed (Over-distribution of) net investment income		(1,611,595	)		(3,258	)		(355,729	)		(12,485	)		(1,463	)
Accumulated net realized gain (loss)		60,144			3,258			65,728			1,079,311			1,473

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of April 30, 2014, the Funds’ tax year end, were as follows:

	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
Undistributed net tax-exempt income1	$	12,568,477	$	200,357	$	17,776,113	$	7,435,546	$	275,593
Undistributed net ordinary income2		260,187		1,256		12,317		36,304		—
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, 2014 through April 30, 2014, and paid on May 1, 2014.

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, 2014 and April 30, 2013, was designated for purposes of the dividends paid deduction as follows:

2014	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
Distributions from net tax-exempt income3	$	101,890,246	$	1,974,662	$	124,281,882	$	69,465,076	$	8,409,806
Distributions from net ordinary income2		62,491		2,227		845,008		668,272		—
Distributions from net long-term capital gains		—		—		—		—		—
2013	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
Distributions from net tax-exempt income	$	109,809,752	$	1,123,233	$	134,244,774	$	71,106,768	$	7,787,833
Distributions from net ordinary income2		497,880		37,661		845,011		—		—
Distributions from net long-term capital gains		—		7,216		—		—		—

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, 2014, as Exempt Interest Dividends.

Nuveen Investments 231

Notes to Financial Statements (continued)

As of April 30, 2014, the Funds’ tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

	All- American4		Inflation Protected		Intermediate Duration4		Limited Term		Short Term
Expiration:
April 30, 2015	$	21,571	$	—	$	—	$	7,283,015	$	11,893
April 30, 2016		2,298,768		—		—		546,020		—
April 30, 2017		22,698,037		—		—		1,071,726		312,109
April 30, 2018		14,897,930		—		9,207,679		543,730		—
April 30, 2019		881,168		—		1,043,786		1,598,268		—
Not subject to expiration:		39,284,442		1,362,193		5,754,597		10,738,518		90,271
Total	$	80,081,916	$	1,362,193	$	16,006,062	$	21,781,277	$	414,273

⁴  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.

As of April 30, 2014, the Funds’ tax year end, $1,064,312 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		Inflation Protected		Intermediate Duration		Limited Term		Short Term
Post-October capital losses5	$	11,969,160	$	1,520,098	$	1,999,677	$	2,728,723	$	39,390
Late-year ordinary losses6		—		—		—		—		—

⁵  Capital losses incurred from November 1, 2013 through April 30, 2014, the Funds’ tax year end.

⁶  Ordinary losses incurred from January 1, 2014 through April 30, 2014 and specified losses incurred from November 1, 2013 through April 30, 2014.

7. Management Fees and Other Transactions with Affiliates

Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

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.

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

Average Daily Net Assets	All- American Fund-Level Fee Rate			Inflation Protected Fund-Level Fee Rate			Intermediate Duration Fund-Level Fee Rate			Limited Term Fund-Level Fee Rate			Short Term Fund-Level Fee Rate
For the first $125 million		.3000	%		.3000	%		.3000	%		.2500	%		.2500	%
For the next $125 million		.2875			.2875			.2875			.2375			.2375
For the next $250 million		.2750			.2750			.2750			.2250			.2250
For the next $500 million		.2625			.2625			.2625			.2125			.2125
For the next $1 billion		.2500			.2500			.2500			.2000			.2000
For net assets over $2 billion		—			.2250			—			—			.1750
For the next $3 billion		.2250			—			.2250			.1750			—
For net assets over $5 billion		.2125			—			.2125			.1625			—

232 Nuveen Investments

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 certain types of leverage. For these purposes, 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, 2014, the complex-level fee rate for each of these Funds was as follows:

Fund	Complex-Level Fee Rate
All-American		.1723	%
Inflation Protected		.1661
Intermediate Duration		.1716
Limited Term		.1661
Short Term		.1792

The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of the following 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		.60	%		August 31, 2015		1.05	%
Intermediate Duration		N/A			N/A		.75

N/A – Not applicable.

The Adviser has agreed to waive .25% of the 12b-1 distribution and/or service fees for Class C Shares of Limited Term through August 31, 2015 and .45% of the 12b-1 distribution and/or service fees for Class C Shares of the Short Term through August 31, 2015.

Neither Trust pays compensation directly to those of its directors/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 directors/trustees that enables directors/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, 2014, 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		Inflation Protected		Intermediate Duration		Limited Term		Short Term
Sales charges collected (Unaudited)	$	998,827	$	32,654	$	354,890	$	1,002,694	$	418,548
Paid to financial intermediaries (Unaudited)		867,709		27,840		314,314		953,776		407,540

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.

Nuveen Investments 233

Notes to Financial Statements (continued)

During the fiscal year ended April 30, 2014, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
Commission advances (Unaudited)	$	453,452	$	25,816	$	266,746	$	1,412,488	$	435,190

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 and Class C2 Shares during the first year following a purchase are retained by the Distributor. During the fiscal year ended April 30, 2014, the Distributor retained such 12b-1 fees as follows:

	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
12b-1 fees retained (Unaudited)	$	612,954	$	49,319	$	190,995	$	645,164	$	51,553

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, 2014, as follows:

	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
CDSC retained (Unaudited)	$	208,799	$	26,161	$	63,618	$	450,468	$	206,873

8. Subsequent Events

Class B Shares

Effective at the close business on June 23, 2014, Class B Shares of All-American and Intermediate Duration converted to Class A Shares and are no longer available through an exchange from other Nuveen mutual funds.

234 Nuveen Investments

Additional

Fund Information (Unaudited)

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 60603 Independent Registered
Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL 60606   Custodian State Street Bank & Trust Company Boston, MA 02111   U.S. Bank National Association Milwaukee, WI 53202 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.

FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

Nuveen Investments 235

Glossary of Terms Used in this Report (Unaudited)

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.

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.

236 Nuveen Investments

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) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its 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 Intermediate Index: An unleveraged, market value-weighted index containing 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.

S&P Municipal Bond Short-Intermediate Index: An unleveraged, market value-weighted index containing 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.

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. 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.

Nuveen Investments 237

Annual Investment Management Agreement

Approval Process (Unaudited)

I. The Approval Process

The Board of Trustees or Directors (as the case may be) of each Fund (each, a “Board” and each Trustee or Director, a “Board Member”), 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 overseeing the performance of the investment adviser and the sub-adviser to the respective Fund and determining whether to approve or continue such Fund’s advisory agreement (each, an “Original Investment Management Agreement”) between the Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and sub-advisory agreement (each, an “Original Sub-Advisory Agreement” and, together with the Original Investment Management Agreement, the “Original Advisory Agreements”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”). Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), each Board is required to consider the continuation of the respective Original Advisory Agreements on an annual basis. In addition, prior to its annual review, the Board Members were advised of the potential acquisition of Nuveen Investments, Inc. (“Nuveen”) by TIAA-CREF (the “Transaction”). For purposes of this section, references to “Nuveen” herein include all affiliates of Nuveen Investments, Inc. providing advisory, sub-advisory, distribution or other services to the Funds and references to the “Board” refer to the Board of each Fund. In accordance with the 1940 Act and the terms of the Original Advisory Agreements, the completion of the Transaction would terminate each of the Original Investment Management Agreements and the Original Sub-Advisory Agreements. Accordingly, at an in-person meeting held on April 30, 2014 (the “April Meeting”), the Board, including all of the Independent Board Members, performed its annual review of the Original Advisory Agreements and approved the continuation of the Original Advisory Agreements for the Funds. Furthermore, in anticipation of the termination of the Original Advisory Agreements that would occur upon the consummation of the Transaction, the Board also approved for each Fund a new advisory agreement (each, a “New Investment Management Agreement”) between the Fund and the Adviser and a new sub-advisory agreement (each, a “New Sub-Advisory Agreement” and, together with the New Investment Management Agreement, the “New Advisory Agreements”) between the Adviser and the Sub-Adviser, each on behalf of the respective Fund to be effective following the completion of the Transaction and the receipt of the requisite shareholder approval.

Leading up to the April Meeting, the Independent Board Members had several meetings and deliberations, with and without management from Nuveen present and with the advice of legal counsel, regarding the Original Advisory Agreements, the Transaction and its impact and the New Advisory Agreements. At its meeting held on February 25-27, 2014 (the “February Meeting”), the Board Members met with a senior executive representative of TIAA-CREF to discuss the proposed Transaction. At the February Meeting, the Independent Board Members also established an ad hoc committee comprised solely of the Independent Board Members to monitor and evaluate the Transaction and to keep the Independent Board Members updated with developments regarding the Transaction. On March 20, 2014, the ad hoc committee met telephonically to discuss with management of Nuveen, and separately with independent legal counsel, the terms of the proposed Transaction and its impact on, among other things: the governance structure of Nuveen; the strategic plans for Nuveen; the operations of the Nuveen funds (which include the Funds); the quality or level of services provided to the Nuveen funds; key personnel that service the Nuveen funds and/or the Board and the compensation or incentive arrangements to retain such personnel; Nuveen’s capital structure; the regulatory requirements applicable to Nuveen or fund operations; and the Nuveen funds’ fees and expenses, including the funds’ complex-wide fee arrangement. Following the meeting of the ad hoc committee, the Board met in person (two Independent Board Members participating telephonically) in an executive session on March 26, 2014 to further discuss the proposed Transaction. At the executive session, the Board met privately with independent legal counsel to review its duties with respect to reviewing advisory agreements, particularly in the context of a change of control, and to evaluate further the Transaction and its impact on the Nuveen funds, the Adviser and the Sub-Adviser (collectively, the “Fund Advisers” and each, a “Fund Adviser”) and the services provided. Representatives of Nuveen also met with the Board to update the Board Members on developments regarding the Transaction, to respond to questions and to discuss, among other things: the governance of the Fund Advisers following the Transaction; the background, culture (including with respect to regulatory and compliance matters) and resources of TIAA-CREF; the general plans and intentions of TIAA-CREF for Nuveen; the terms and conditions of the Transaction (including financing terms); any benefits or detriments the Transaction may impose on the Nuveen funds, TIAA-CREF or the Fund Advisers; the reaction from the Fund Advisers’ employees knowledgeable of the Transaction; the incentive and retention plans for key personnel of the Fund Advisers; the potential access to additional distribution platforms and economies of scale; and the impact of any additional regulatory schemes that may be applicable to the Nuveen funds given the banking and insurance businesses operated in the TIAA-CREF enterprise. As part of its review, the Board also held a separate meeting on April 15-16, 2014 to review the Nuveen funds’ investment performance and consider an analysis provided by the Adviser of each sub-adviser of the Nuveen funds (including the Sub-Adviser) and the Transaction and its implications to the Nuveen funds. During their review of the materials and discussions, the Independent Board Members presented the Adviser with questions and the Adviser responded. Further, the Independent Board Members met in an executive session with independent legal counsel on April 29, 2014 and April 30, 2014.

In connection with their review of the Original Advisory Agreements and the New Advisory Agreements, the Independent Board Members received extensive information regarding the Funds and the Fund Advisers including, among other things: the nature, extent and quality of services provided by

238 Nuveen Investments

each Fund Adviser; the organization and operations of any Fund Adviser; the expertise and background of relevant personnel of each Fund Adviser; a review of each Fund’s performance (including performance comparisons against the performance of 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 fund initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to peers in the managed fund business. In light of the proposed Transaction, the Independent Board Members, through their independent legal counsel, also requested in writing and received additional information regarding the proposed Transaction and its impact on the provision of services by the Fund Advisers.

The Independent Board Members received, well in advance of the April Meeting, materials which responded to the request for information regarding the Transaction and its impact on Nuveen and the Nuveen funds including, among other things: the structure and terms of the Transaction; the impact of the Transaction on Nuveen, its operations and the nature, quality and level of services provided to the Nuveen funds, including, in particular, any changes to those services that the Nuveen funds may experience following the Transaction; the strategic plan for Nuveen, including any financing arrangements following the Transaction and any cost-cutting efforts that may impact services; the organizational structure of TIAA-CREF, including the governance structure of Nuveen following the Transaction; any anticipated effect on each Nuveen fund’s expense ratios (including changes to advisory and sub-advisory fees) and economies of scale that may be expected; any benefits or conflicts of interest that TIAA-CREF, Nuveen or their affiliates can expect from the Transaction; any benefits or undue burdens or other negative implications that may be imposed on the Nuveen funds as a result of the Transaction; the impact on Nuveen or the Nuveen funds as a result of being subject to additional regulatory schemes that TIAA-CREF must comply with in operating its various businesses; and the costs associated with obtaining necessary shareholder approvals and the bearer of such costs. The Independent Board Members also received a memorandum describing the applicable laws, regulations and duties in approving advisory contracts, including in conjunction with a change of control, from their independent legal counsel.

The materials and information prepared in connection with the review of the Original Advisory Agreements and New Advisory Agreements supplemented 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 reviewed the performance and various services provided by the Adviser and Sub-Adviser. The Board met at least quarterly as well as at other times as the need arose. At its quarterly meetings, the Board reviewed reports by the Adviser regarding, among other things, fund performance, fund expenses, premium and discount levels of closed-end funds, the performance of the investment teams and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provided special reports to the Board or a committee thereof from time to time to enhance the Board’s understanding of various topics that impact some or all the Nuveen funds (such as distribution channels, oversight of omnibus accounts and leverage management topics), to update the Board on regulatory developments impacting the investment company industry or to update the Board on the business plans or other matters impacting the Adviser. The Board also met with key investment personnel managing certain Nuveen fund portfolios during the year.

In addition, the Board has created several standing committees (the Executive Committee; the Dividend Committee; the Audit Committee; the Compliance, Risk Management and Regulatory Oversight Committee; the Nominating and Governance Committee; the Open-End Funds Committee; and the Closed-End Funds Committee). The Open-End Funds Committee and Closed-End Funds Committee are intended to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of closed-end and open-end funds. These two Committees have met prior to each quarterly Board meeting, and the Adviser provided presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.

Further, the Board continued its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds and meet key investment and business personnel at least once over a multiple year rotation. In this regard, the Independent Board Members made site visits to certain equity and fixed income teams of the Sub-Adviser in September 2013 and met with the Sub-Adviser’s municipal team at the August and November 2013 quarterly meetings.

The Board considered the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Original Advisory Agreements and its review of the New Advisory Agreements. The Independent Board Members also were assisted throughout the process by independent legal counsel. During the course of the year and during their deliberations regarding the review of advisory contracts, the Independent Board Members met with independent legal counsel in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the funds are the result of many years of review and discussion between the Independent Board Members and Nuveen 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 things: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and the Fund Advisers, (c) the advisory fees and costs of the

Nuveen Investments 239

Annual Investment Management Agreement Approval Process (Unaudited)(continued)

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. With respect to the New Advisory Agreements, the Board also considered the Transaction and its impact on the foregoing 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 Original Advisory Agreements and New 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

1. The Original Advisory Agreements

In considering renewal of each Original Advisory Agreement, the Independent Board Members considered the nature, extent and quality of the respective Fund Adviser’s services, including portfolio management services (and the resulting Fund performance) and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the capability and integrity of the Adviser and its staff and the Adviser’s responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things: each Fund Adviser’s organization and business; the types of services that each Fund Adviser or its affiliates provide to each Fund; the performance record of each Fund (as described in further detail below); and any initiatives Nuveen had taken for the open-end fund product line.

In considering the services provided by the Fund Advisers, the Board recognized that the Adviser provides a myriad of investment management, administrative, compliance, oversight and other services for the Funds, and the Sub-Adviser generally provides the portfolio advisory services to the Funds under the oversight of the Adviser. The Board considered the wide range of services provided by the Adviser to the Nuveen funds beginning with developing the fund and monitoring and analyzing its performance to providing or overseeing the services necessary to support a fund’s daily operations. The Board recognized the Adviser, among other things, provides: (a) product management (such as analyzing ways to better position a fund in the marketplace, maintaining relationships to gain access to distribution platforms and setting dividends); (b) fund administration (such as preparing a fund’s tax returns, regulatory filings and shareholder communications; managing fund budgets and expenses; overseeing a fund’s various service providers; and supporting and analyzing new and existing funds); (c) Board administration (such as supporting the Board and its committees, in relevant part, by organizing and administering the Board and committee meetings and preparing the necessary reports to assist the Board in its duties); (d) compliance (such as monitoring adherence to a fund’s investment policies and procedures and applicable law; reviewing the compliance program periodically and developing new policies or updating existing compliance policies and procedures as considered necessary or appropriate; responding to regulatory requests; and overseeing compliance testing of sub-advisers); (e) legal support (such as preparing or reviewing fund registration statements, proxy statements and other necessary materials; interpreting regulatory requirements and compliance thereof; and maintaining applicable registrations); and (f) investment services (such as overseeing and reviewing sub-advisers and their investment teams; analyzing performance of the funds; overseeing investment and risk management; overseeing the daily valuation process for portfolio securities and developing and recommending valuation policies and methodologies and changes thereto; and participating in fund development, leverage management and the development of investment policies and parameters).

In its review, the Board also considered the new services, initiatives or other changes adopted since the last advisory contract review that were designed to enhance the services and support the Adviser provides to the Nuveen funds. The Board recognized that some initiatives are a multi-year process. In reviewing the activities of 2013, the Board recognized that the year reflected the Adviser’s continued focus on fund rationalization for both closed-end and open-end funds, consolidating certain funds through mergers that were designed to improve efficiencies and economies of scale for shareholders, repositioning various funds through updates in their investment policies and guidelines with the expectation of bringing greater value to shareholders, and liquidating certain funds. As in the past, the Board recognized the Adviser’s significant investment in its technology initiatives, including the continued progress toward a central repository for fund and other Nuveen product data and implementing a data system to support the risk oversight group enabling it to provide more detailed risk analysis for the Nuveen funds. The Board noted the new data system has permitted more in-depth analysis of the investment risks of the Funds and across the complex providing additional feedback and insights to the investment teams and more comprehensive risk reporting to the Board. The Adviser also conducted several workshops for the Board regarding the new data system, including explaining the risk measures being applied and their purpose. The Board also recognized the enhancements in the valuation group within the Adviser, including centralizing the fund pricing process within the valuation group, trending to more automated and expedient reviews and continuing to expand its valuation team. The Board further considered the expansion of personnel in the compliance department enhancing the collective expertise of the group, investments in additional compliance systems and the updates of various compliance policies.

In addition to the foregoing actions, the Board also considered other initiatives related to the open-end funds, including, among other things: the continued focus on enhancing the product line through the development of new funds, including the development of alternative strategies

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reflecting trends in the industry; the enhanced support provided to the Board by providing comprehensive in-depth presentations to the Open-End Funds Committee; and the development of a new class of shares for certain funds.

As noted, the Adviser also oversees the Sub-Adviser who provides the portfolio advisory services to the Funds. In reviewing the portfolio advisory services provided to each Fund, the Nuveen Investment Services Oversight Team of the Adviser analyzes the performance of the Sub-Adviser and may recommend changes to the investment team or investment strategies as appropriate. In assisting the Board’s review of the Sub-Adviser, the Adviser provides a report analyzing, among other things, the Sub-Adviser’s investment team and changes thereto, organization and history, assets under management, the investment team’s philosophy and strategies in managing each Fund, developments affecting the Sub-Adviser or the Funds and their performance. In their review of the Sub-Adviser, the Independent Board Members considered, among other things, the experience and qualifications of the relevant investment personnel, their investment philosophy and strategies, the Sub-Adviser’s organization and stability, its capabilities and any initiatives taken or planned to enhance its current capabilities or support potential growth of business and, as outlined in further detail below, the performance of the Funds. 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 while not providing an inappropriate incentive to take undue risks.

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 Nuveen funds’ compliance policies and procedures; the resources dedicated to compliance; the record of compliance with the policies and procedures; and Nuveen’s supervision of the Funds’ service providers. The Board recognized Nuveen’s commitment to compliance and strong commitment to a culture of compliance. Given the Adviser’s emphasis on monitoring investment risk, the Board has also appointed two Independent Board Members as point persons to review and keep the Board apprised of developments in this area and work with applicable Fund Adviser personnel.

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

2. The New Advisory Agreements

In evaluating the nature, quality and extent of the services expected to be provided by the Fund Advisers under the New Investment Management Agreements and the New Sub-Advisory Agreements, the Board Members concluded that no diminution in the nature, quality and extent of services provided to each Fund and its shareholders by the respective Fund Advisers is expected as a result of the Transaction. In making their determination, the Independent Board Members considered, among other things: the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of each Fund Adviser; the ability of each Fund Adviser to perform its duties after the Transaction, including any changes to the level or quality of services provided to the Funds; the potential implications of any additional regulatory requirements imposed on the Fund Advisers or the Nuveen funds following the Transaction; and any anticipated changes to the investment and other practices of the Nuveen funds.

The Board noted that the terms of each New Investment Management Agreement, including the fees payable thereunder, are substantially identical to those of the Original Investment Management Agreement relating to the same Fund. Similarly, the terms of each New Sub-Advisory Agreement, including fees payable thereunder, are substantially identical to those of the Original Sub-Advisory Agreement relating to the same Fund. The Board considered that the services to be provided and the standard of care under the New Investment Management Agreements and the New Sub-Advisory Agreements are the same as the corresponding original agreements. The Board Members noted the Transaction also does not alter the allocation of responsibilities between the Adviser and the Sub-Adviser. The Sub-Adviser will continue to furnish an investment program, make investment decisions and place all orders for the purchase and sale of securities, all on behalf of each Fund and subject to oversight of the Board and the Adviser. The Board noted that TIAA-CREF did not anticipate any material changes to the advisory, sub-advisory or other services provided to the Nuveen funds as a result of the Transaction. The Independent Board Members recognized that there were not any planned “cost cutting” measures that could be expected to reduce the nature, extent or quality of services. The Independent Board Members further noted that there were currently no plans for material changes to senior personnel at Nuveen or key personnel who provide services to the Nuveen funds and the Board following the Transaction. The key personnel who have responsibility for the Nuveen funds in each area, including portfolio management, investment oversight, fund management, fund operations, product management, legal/compliance and board support functions, are expected to be the same following the Transaction, although such personnel may have additional reporting requirements to TIAA-CREF. The Board also considered the anticipated incentive plans designed to retain such key personnel. Notwithstanding the foregoing, the Board Members recognized that personnel changes may occur in the future as a result of normal business developments or personal career decisions.

The Board Members also considered Nuveen’s proposed governance structure following the Transaction and noted that Nuveen was expected to remain a stand-alone business within the TIAA-CREF enterprise and operate relatively autonomously from the other TIAA-CREF businesses, but

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would receive the general support and oversight from certain TIAA-CREF functional groups (such as legal, finance, internal audit, compliance, and risk management groups). The Board recognized, however, that Nuveen may be subject to additional reporting requirements as it keeps TIAA-CREF abreast of developments affecting the Nuveen business, may be required to modify certain of its reports, policies and procedures as necessary to conform to the practices followed in the TIAA-CREF enterprise and may need to collaborate with TIAA-CREF with respect to strategic planning for its business.

In considering the implications of the Transaction, the Board Members also recognized the reputation and size of TIAA-CREF and the benefits that the Transaction may bring to the Nuveen funds and Nuveen. In this regard, the Board recognized, among other things, that the increased resources and support that may be available to Nuveen from TIAA-CREF and the improved capital structure of Nuveen Investments, Inc. (the parent of the Adviser) that would result from the significant reduction in its debt level may reinforce and enhance Nuveen’s ability to provide quality services to the Nuveen funds and to invest further into its infrastructure.

Further, with the consummation of the Transaction, the Board recognized the enhanced distribution capabilities for the Nuveen funds as the funds may gain access to TIAA-CREF’s distribution network, particularly through TIAA-CREF’s retirement platform and institutional client base. The Board also considered that investors in TIAA-CREF’s retirement platform may choose to roll their investments as they exit their retirement plans into the Nuveen funds. The Independent Board Members recognized the potential cost savings to the benefit of all shareholders of the Nuveen funds from reduced expenses as assets in the Nuveen fund complex rise pursuant to the complex-wide fee arrangement described in further detail below.

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

B. The Investment Performance of the Funds and Fund Advisers

1. The Original Advisory Agreements

The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of each Fund’s performance and the applicable investment team. In considering each Fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds and the fund’s performance compared to its respective benchmark. Accordingly, 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”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2013, as well as performance information reflecting the first quarter of 2014 (or for such shorter periods available for the Nuveen Inflation Protected Municipal Bond Fund (the “Inflation Protected Fund”), which did not exist for part of the foregoing time frame). This information supplemented the Nuveen fund performance information provided to the Board at each of its quarterly meetings.

In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data.

• The performance data reflects a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.

• Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to disproportionately affect long-term performance.

• The investment experience of a particular shareholder in a fund will vary depending on when such shareholder invests in such fund, the class held (if multiple classes offered in the fund) and the performance of the fund (or respective class) during that shareholder’s investment period.

• Open-end funds offer multiple classes and the performance of the various classes of a fund should be substantially similar on a relative basis because all of the classes are invested in the same portfolio of securities and differences in performance among classes could be principally attributed to the variations in distribution and servicing expenses of each class.

• The usefulness of comparative performance data as a frame of reference to measure a fund’s performance may be limited because the Performance Peer Group, among other things, does not adequately reflect the objectives and strategies of the fund, has a different investable universe, or the composition of the peer set may be limited in size or number as well as other factors. In this regard, the Board noted that the Adviser classified the Performance Peer Groups of the Nuveen funds from highly relevant to less relevant. For funds classified with less relevant Performance Peer Groups, the Board considered a fund’s performance compared to its benchmark to help assess the fund’s comparative performance. A fund was generally considered to have performed comparably to its benchmark if the fund’s performance was

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within certain thresholds compared to the performance of its benchmark and was considered to have outperformed or underperformed its benchmark if the fund’s performance was beyond these thresholds for the one- and three-year periods, subject to certain exceptions.ⁱ While the Board is cognizant of the relative 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 considered that the variations between the objectives and investment parameters or guidelines of the fund with its peers and/or benchmarks result in differences in performance results.

With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues and reviews the results of any efforts undertaken. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund’s fee structure.

In considering the performance data, the Independent Board Members noted the following:

Certain Funds had demonstrated generally favorable performance in comparison to peers. In this regard, the following Funds performed in the first or second quartile over various periods: the Nuveen Limited Term Municipal Bond Fund, the Nuveen Intermediate Duration Municipal Bond Fund and the Nuveen Short Term Municipal Bond Fund.

The Nuveen All-American Municipal Bond Fund lagged its peers somewhat in the shorter periods, but demonstrated more favorable performance in the longer periods. Although such Fund performed in the fourth quartile in the one-year period, it was in the first quartile in the three- and five-year periods.

The Board noted that Inflation Protected Fund was relatively new with a shorter performance history available, thereby limiting the ability to make a meaningful assessment of performance. Notwithstanding the foregoing, the Independent Board Members noted that, although the Inflation Protected Fund was in the fourth quartile for the one-year period ending December 31, 2013, such Fund had three-year performance as of March 31, 2014 and was in the third quartile and outperformed its benchmark for such period.

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

2. The New Advisory Agreements

With respect to the performance of each Fund, the Board considered that the portfolio investment personnel responsible for the management of the respective Fund portfolios were expected to continue to manage such portfolios following the completion of the Transaction and the investment strategies of the Funds were not expected to change as a result of the Transaction. Accordingly, the findings regarding performance outlined above for the Original Advisory Agreements are applicable to the review of the New Advisory Agreements.

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 fees 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 majority of the Nuveen funds were at, close to or below their peer average based on the net total expense ratio. The Independent Board Members observed that the Funds had net management fees and net expense ratios (including fee waivers and expense reimbursements) below or in line with their peer averages.

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

2. Comparisons with the Fees of Other Clients

The Board recognized that all Nuveen funds have a sub-adviser, either affiliated or non-affiliated, and therefore the overall fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the sub-adviser. In general terms, the fee to the Adviser reflects the administrative and other services it provides to support the Nuveen fund (as described above) and, while some administrative services may occur at the sub-adviser level, the fee to the sub-adviser generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members considered the fees a Fund Adviser assesses to the Funds compared to that of other clients. With respect to municipal funds, such other clients of a Fund Adviser may include: municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Adviser.

The Independent Board Members reviewed the nature of services provided by the Adviser, including through its affiliated sub-advisers and the average fee the affiliated sub-advisers assessed such clients as well as the range of fees assessed to the different types of separately managed accounts (such as retail, institutional or wrap accounts) to the extent applicable to the respective sub-adviser. In their review, 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. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Nuveen 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. The Independent Board Members noted that, as a general matter, higher fee levels reflect higher levels of service, increased investment management complexity, greater product management requirements and higher levels of risk or a combination of the foregoing. The Independent Board Members further noted, in particular, that the range of services provided to the Funds (as discussed above) is generally much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. The Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. 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.

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, an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2013 and Nuveen’s consolidated financial statements for 2013. 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 two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses and profit margin compared to that of various unaffiliated management firms.

In reviewing profitability, the Independent Board Members noted the Adviser’s continued investment in its business with expenditures to, among other things, upgrade its investment technology and compliance systems and provide for additional personnel and other resources. The Independent Board Members recognized the Adviser’s continued commitment to its business should enhance the Adviser’s capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. In addition, in evaluating profitability, the Independent Board Members also noted the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses and that various allocation methodologies may each be reasonable but yield different results. 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, an adviser’s particular business mix, capital costs, size, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members noted the Adviser’s adjusted operating margin appears to be reasonable in relation to other investment advisers and sufficient to operate as a viable investment management firm meeting its obligations to the Nuveen funds. Based on their review, the Independent Board Members concluded that the Adviser’s level of profitability for its advisory activities was reasonable in light of the services provided.

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With respect to sub-advisers affiliated with Nuveen, including the Sub-Adviser, the Independent Board Members reviewed such sub-advisers’ revenues, expenses and profitability margins (pre- and post-tax) for their 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-Adviser’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 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 a Nuveen fund. See Section E below for additional information on indirect benefits the Fund Advisers may receive as a result of its relationship with a Nuveen fund. 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 Funds were reasonable.

4. The New Advisory Agreements

As noted above, the terms of the New Advisory Agreements are substantially identical to their corresponding Original Advisory Agreements. The fee schedule, including the breakpoint schedule and complex-wide fee schedule, in each New Advisory Agreement is identical to that under the corresponding Original Advisory Agreement. The Board Members also noted that Nuveen has committed for a period of two years from the date of closing the Transaction (i) not to increase contractual management fee rates for any Nuveen fund and (ii) not to raise expense cap levels for any Nuveen fund from levels currently in effect or scheduled to go into effect prior to the Transaction. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course. Based on the information provided, the Board Members did not believe that the overall expenses would increase as a result of the Transaction. In addition, the Board Members recognized that the Nuveen funds may gain access to the retirement platform and institutional client base of TIAA-CREF, and the investors in the retirement platforms may roll their investments into one or more Nuveen funds as they exit their retirement plans. The enhanced distribution access may result in additional sales of the Nuveen funds resulting in an increase in total assets under management in the complex and a corresponding decrease in overall management fees if additional breakpoints at the fund-level or complex-wide level are met. Based on its review, the Board determined that the management fees and expenses under each New Advisory Agreement were reasonable.

Further, other than from a potential reduction in the debt level of Nuveen Investments, Inc., the Board recognized that it is difficult to predict with any degree of certainty the impact of the Transaction on Nuveen’s profitability. Given the fee schedule was not expected to change under the New Advisory Agreements, however, the Independent Board Members concluded that each Fund Adviser’s level of profitability for its advisory activities under the respective New Advisory Agreements would continue to be reasonable in light of the services provided.

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

1. The Original Advisory Agreements

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

In addition to fund-level advisory fee breakpoints, the Board also considered the Nuveen funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are 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.

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

2. The New Advisory Agreements

As noted, the Independent Board Members recognized that the fund-level and complex-wide schedules will not change under the New Advisory Agreements. Assets in the funds advised by TIAA-CREF or its current affiliates will not be included in the complex-wide fee calculation. Nevertheless, the Nuveen funds may have access to TIAA-CREF’s retirement platform and institutional client base. The access to this distribution network may enhance the distribution of the Nuveen funds which, in turn, may lead to reductions in management and sub-advisory fees if the Nuveen funds reach additional fund-level and complex-wide breakpoint levels. Based on their review, including the considerations in the annual

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review of the Original Advisory Agreements, the Independent Board Members determined that the fund-level breakpoint schedules and complex-wide fee schedule continue to be appropriate and desirable in ensuring that shareholders participate in the benefits derived from economies of scale under the New Advisory Agreements.

E. Indirect Benefits

1. The Original Advisory Agreements

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 Adviser, which include 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 a Fund Adviser in managing the assets of the fund and other clients. Each Fund’s portfolio transactions are allocated by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the applicable Fund’s portfolio transactions. With respect to any fixed income securities, however, the Board recognized that such securities generally trade on a principal basis that does not generate soft dollar credits. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Funds and their shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Funds. The Independent Board Members noted that the Sub-Adviser’s profitability may be somewhat lower if it 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.

2. The New Advisory Agreements

The Independent Board Members noted that, as the applicable policies and operations of the Fund Advisers with respect to the Nuveen funds were not anticipated to change significantly after the Transaction, such indirect benefits should remain after the Transaction. The Independent Board Members further noted the benefits the Transaction would provide to TIAA-CREF and Nuveen, including a larger-scale fund complex, certain shared services (noted above) and a broader range of investment capabilities, distribution capabilities and product line. Further, the Independent Board Members noted that Nuveen Investments, Inc. (the parent of the Adviser) would benefit from an improved capital structure through a reduction in its debt level.

F. Other Considerations for the New Advisory Agreements

In addition to the factors above, the Board Members also considered the following with respect to the Nuveen funds:

• Nuveen would rely on the provisions of Section 15(f) of the 1940 Act. In this regard, to help ensure that an unfair burden is not imposed on the Nuveen funds, Nuveen has committed for a period of two years from the date of the closing of the Transaction (i) not to increase contractual management fee rates for any fund and (ii) not to raise expense cap levels for any fund from levels currently in effect or scheduled to go into effect prior to the Transaction. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course.

• The Nuveen funds would not incur any costs in seeking the necessary shareholder approvals for the New Investment Management Agreements or the New Sub-Advisory Agreements (except for any costs attributed to seeking shareholder approvals of fund specific matters unrelated to the Transaction, such as election of Board Members or changes to investment policies, in which case a portion of such costs will be borne by the applicable funds).

• The reputation, financial strength and resources of TIAA-CREF.

• The long-term investment philosophy of TIAA-CREF and anticipated plans to grow Nuveen’s business to the benefit of the Nuveen funds.

• The benefits to the Nuveen funds as a result of the Transaction including: (i) increased resources and support available to Nuveen as well as an improved capital structure that may reinforce and enhance the quality and level of services it provides to the funds; (ii) potential additional distribution capabilities for the funds to access new markets and customer segments through TIAA-CREF’s distribution network, including, in particular, its retirement platforms and institutional client base; and (iii) access to TIAA-CREF’s expertise and investment capabilities in additional asset classes.

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G. 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 Original Advisory Agreement and New 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 Original Advisory Agreements be renewed and the New Advisory Agreements be approved.

II. Approval of Interim Advisory Agreements

At the April Meeting, the Board Members, including the Independent Board Members, unanimously approved for each Fund an interim advisory agreement (the “Interim Investment Management Agreement”) between the respective Fund and the Adviser and an interim sub-advisory agreement (the “Interim Sub-Advisory Agreement”) between the Adviser and the Sub-Adviser. If necessary to assure continuity of advisory services, each respective Interim Investment Management Agreement and Interim Sub-Advisory Agreement will take effect upon the closing of the Transaction if shareholders have not yet approved the corresponding New Investment Management Agreement or New Sub-Advisory Agreement. The terms of each Interim Investment Management Agreement and Interim Sub-Advisory Agreement are substantially identical to those of the corresponding Original Investment Management Agreement and New Investment Management Agreement and the corresponding Original Sub-Advisory Agreement and New Sub-Advisory Agreement, respectively, except for certain term and fee escrow provisions. In light of the foregoing, the Board Members, including the Independent Board Members, unanimously determined that the scope and quality of services to be provided to the Funds under the respective Interim Investment Management Agreements and Interim Sub-Advisory Agreements are at least equivalent to the scope and quality of services provided under the applicable Original Investment Management Agreements and Original Sub-Advisory Agreements.

i The Board recognized that the Adviser considered a fund to have outperformed or underperformed its benchmark if the fund’s performance was higher or lower than the performance of the benchmark by the following thresholds: for open-end funds (+/- 100 basis points for equity funds excluding index funds; +/- 30 basis points for tax exempt fixed income funds; +/- 40 basis points for taxable fixed income funds) and for closed-end funds (assuming 30% leverage) (+/- 130 basis points for equity funds excluding index funds; +/- 39 basis points for tax exempt funds and +/- 52 basis points for taxable fixed income funds).

Nuveen Investments 247

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 directors 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, Year of Birth & 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 Director
Independent Trustee:
William J. Schneider 1944 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1996	Chairman of Miller-Valentine Partners Med, a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; owner in several other Miller-Valentine entities; Board Member of Mid-America Health System, Tech Town, Inc., a not-for-profit community development company, and WDPR Public Radio Station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.	201
Robert P. Bremner 1940 333 W. Wacker Drive Chicago, IL 60606	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.	201
Jack B. Evans 1948 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, member and President Pro Tem 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.	201
William C. Hunter 1948 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.	201

248 Nuveen Investments

Name, Year of Birth & 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 Director
David J. Kundert 1942 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013); 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.	201
John K. Nelson 1962 333 West Wacker Drive Chicago, IL 60606	Trustee	2013	Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets—the Americas (2006-2007), CEO of Wholesale Banking—North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading—North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.	201
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Board Member, Land Trust Alliance (since June 2013) and U.S. Endowment for Forestry and Communities (since November 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	201
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006), C2 Options Exchange, Incorporated (since 2009) Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	201
Virginia L. Stringer 1944 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).	201

Nuveen Investments 249

Trustees and Officers (Unaudited)(continued)

Name, Year of Birth & 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 Director
Terence J. Toth 1959 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).	201

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director
Officers of the Funds:
Gifford R. Zimmerman 1956 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.	201
Margo L. Cook 1964 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.	201
Lorna C. Ferguson 1945 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).	201

250 Nuveen Investments

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Managing Director (since 2014), formerly, Senior Vice President (2013-2014), and Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Senior Vice President (2010-2011), Formerly Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Certified Public Accountant.	201
Scott S. Grace 1970 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.	201
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc.	201
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President of Nuveen Investment Holdings, Inc.	201
Kevin J. McCarthy 1966 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.	201
Kathleen L. Prudhomme 1953 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).	201
Joel T. Slager 1978 333 West Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2013	Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010).	201

Nuveen Investments 251

Trustees and Officers (Unaudited)(continued)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director
Jeffery M. Wilson 1956 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).	108

(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) 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.

252 Nuveen Investments

Notes

Nuveen Investments 253

Notes

254 Nuveen Investments

Notes

Nuveen Investments 255

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 approximately $225 billion as of March 31, 2014.
		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-0414D

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 Directors 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 Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP provided to the Funds, 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 Funds 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 Funds during the fiscal year in which the services are provided; (B) the Funds 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 AUDITOR BILLED TO THE FUNDS

Fiscal Year Ended April 30, 2014	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		19,354		0		2,323		0
Total	$	19,354	$	0	$	2,323	$	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	%

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, 2014	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	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, 2014	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		2,323		0		0		2,323
Total	$	2,323	$	0	$	0	$	2,323

“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, 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.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds 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 7, 2014

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

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

Date: July 7, 2014

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

Date: July 7, 2014