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: October 31, 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

It’s not what you earn, its what you keep.^®

Semi-Annual Report  October 31, 2014

	Share Class / Ticker Symbol
Fund Name	Class A	Class C	Class C2	Class I
Nuveen All-American Municipal Bond Fund	FLAAX	FACCX	FAACX	FAARX
Nuveen Inflation Protected Municipal Bond Fund	NITAX	NAADX	NIPCX	NIPIX
Nuveen Intermediate Duration Municipal Bond Fund	NMBAX	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 ACQUIRED BY TIAA-CREF
On October 1, 2014, TIAA-CREF completed its previously announced acquisition of Nuveen Investments, Inc., 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 $840 billion in assets under management as of October 1, 2014 and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen expects to operate as a separate subsidiary within TIAA-CREF’s asset management business. Nuveen’s existing leadership and key investment teams have remained in place following the transaction. NFAL and your fund’s sub-adviser(s) continue to manage your fund according to the same objectives and policies as before, and there have been no changes to your fund’s operations.
	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	12
Fund Performance, Expense Ratios and Effective Leverage Ratios	15
Yields	26
Holding Summaries	28
Expense Examples	33
Shareholder Meeting Report	36
Portfolios of Investments	40
Statement of Assets and Liabilities	216
Statement of Operations	217
Statement of Changes in Net Assets	218
Financial Highlights	222
Notes to Financial Statements	232
Additional Fund Information	247
Glossary of Terms Used in this Report	248

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Chairman’s Letter

to Shareholders

Dear Shareholders,

Over the past year, global financial markets were generally strong as stocks of many countries rose due to strengthening economies and abundant central bank support. A low and stable interest rate environment allowed the bond market to generate modest but positive returns.

More recently, markets have been less certain as economic growth is strengthening in some parts of the world, but in other areas recovery has been slow or uneven at best. Despite increasing market volatility, geopolitical turmoil and concerns over rising rates, better-than-expected earnings results and economic data have supported U.S. stocks. Europe continues to face challenges as disappointing growth and inflation measures led the European Central Bank to further cut interest rates. Japan is suffering from the burden of the recent consumption tax as the government’s structural reforms continue to steadily progress. Flare-ups in hotspots, such as the ongoing Russia-Ukraine conflict and Middle East, have not yet been able to derail the markets, though that remains a possibility. With all the challenges facing the markets, accommodative monetary policy around the world has helped lessen the impact of these events.

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

December 22, 2014

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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 key investment strategies and the Funds’ performance for the six-month reporting period ended October 31, 2014.

How did the Funds perform during the six-month reporting period ended October 31, 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 six-month, one-year, five-year, ten-year and since-inception periods ended October 31, 2014. Each Fund’s returns are compared to the performance of a corresponding market index and Lipper classification average.

Nuveen All-American Municipal Bond Fund

The Nuveen All-American Municipal Bond Fund’s Class A Shares at NAV significantly outperformed both the benchmark S&P Municipal Bond Index and the Lipper General & Insured Municipal Debt Funds Classification Average during the six-month reporting period ended October 31, 2014.

Favorable security selection was the biggest factor behind the Fund’s relative outperformance compared to the benchmark. The Fund owned a number of bond issues that benefited from improving credit quality, which in turn helped lift the securities’ prices. In particular, we made effective investment choices within the health care, transportation and corporate-backed industrial development revenue bond sectors.

Duration and yield curve positioning also provided positive influences on the Fund’s results compared to the benchmark. Although we were gradually reducing the Fund’s duration, meaning its sensitivity to changes in interest rates and finished the reporting period

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.

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Portfolio Managers’ Comments (continued)

positioned essentially neutral, the portfolio’s duration was longer than the benchmark during the reporting period. This strategy helped the Fund’s results during a time when interest rates were falling, an advantageous situation for the Fund. It also helped reduce interest risk in the event the bond rally should falter.

Moreover, the Fund was well positioned on the yield curve, with an overweighting in bonds with maturities of 22 years and longer. This approach also was opportune, given that longer dated bonds occupied the best performing segment of the yield curve during the reporting period and our additional exposure there added value. This overweighting easily compensated for the modest negative effect of being slightly overweighted in bonds with maturities of 8–12 years, a category that slightly underperformed.

To a lesser extent, the Fund’s credit quality allocation also contributed to results. In an environment in which higher quality bonds trailed their lower quality counterparts, it proved beneficial for the Fund to maintain lower relative exposure to bonds with credit ratings of AAA and AA. Another positive impact came from the Fund’s position in inverse floating rate securities, or inverse floaters, which performed well owing to their long duration.

In a period of strong performance, very few factors detracted from results. The Fund’s minimal exposure to shorter maturity, higher rated bonds during the reporting period slightly limited its upside.

Nuveen Inflation Protected Municipal Bond Fund

The Nuveen Inflation Protected Municipal Bond Fund’s Class A Shares at NAV outperformed the Barclays 1–10 Year Municipal Bond Index and trailed the Lipper Intermediate Municipal Debt Funds Classification Average during the six-month reporting period ended October 31, 2014.

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, the Fund’s municipal portfolio was a strong contributor to relative performance, while its inflation-protection component detracted from results.

Compared to the Barclays benchmark, the Fund had favorable duration and yield curve positioning. In an environment of declining interest rates, the Fund’s longer duration, meaning its sensitivity to rate changes, was beneficial. More specifically, the Fund was supported both by its relative overweighting in long dated securities and its corresponding underweighting in shorter dated issues. This strategy proved helpful, given that longer bonds outperformed their shorter counterparts during the reporting period.

Another positive factor was our credit rating exposure. With relatively low yields in the municipal bond marketplace, securities with lower ratings and higher yields enjoyed a performance advantage over higher-quality securities offering less income. Accordingly, the Fund benefited from its relative overweighting in BBB-rated bonds, the lowest quality tier of the investment grade bond universe, as well as its underweighting in the very highest quality bonds, those with AAA-rated credits.

The Fund’s sector selection also proved beneficial to performance, most notably from underweightings in state and local general obligation bonds, as well as pre-refunded issues. These two categories generated a positive return but failed to keep pace with the overall market. The Fund also gained an advantage from its relative overweighting in health care, an outperforming sector.

The Fund’s inflation linked swaps provided the biggest negative impact on performance during the reporting period. These securities accomplished their objective 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, so the swaps accrued at a negative rate. Second, because 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 modestly outperformed both the benchmark S&P Municipal Bond Intermediate Index and Lipper Intermediate Municipal Debt Funds Classification Average during the six-month reporting period ended October 31, 2014.

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One of the main factors behind the Fund’s outperformance compared to the benchmark was effective credit quality positioning. Specifically, the Fund had overweightings in lower investment grade categories, namely A-rated and BBB-rated bonds. Amid improving municipal issuer credit quality, low yields and declining risk aversion, these bonds enjoyed attractive results as investors searched for higher yield and were willing to take on added credit risk to obtain it.

Another positive performance factor was favorable sector allocation, as the Fund had relatively large exposure to areas of the market that saw comparatively strong performance during the reporting period. For example, health care and transportation bonds were among the market’s best performers. Given that these two groups combined represent a large portion of the portfolio at the start of the reporting period, the Fund was well positioned to benefit from the performance of securities from these sectors.

The Fund’s duration and yield curve positioning were also positive factors for relative performance. In particular, the Fund was structured to benefit slightly more than the benchmark from falling interest rates, due primarily to our relative overweighting in bonds on the longer end of the intermediate range of the municipal yield curve. Tempering some of the duration related outperformance, however, was the Fund’s small overweighting in very short maturity issues, which did not fare as well as their longer dated counterparts.

To the limited extent that the Fund owned shorter dated, higher rated securities, which trailed the market during the reporting period, the Fund’s upside was restrained. But otherwise, this was a period in which most strategies worked out well for the Fund on a relative basis.

Nuveen Limited Term Municipal Bond Fund

The Nuveen Limited Term Municipal Bond Fund’s Class A Shares at NAV underperformed the S&P Municipal Bond Short Intermediate Index but surpassed the results of the Lipper Short-Intermediate Municipal Debt Funds Classification Average during the six-month reporting period ended October 31, 2014.

The Fund’s allocation to bonds in the lower investment grade credit tier of the municipal bond market added to the Fund’s results on a relative basis. Lower rated issues gained from an improving economic backdrop, which in turn helped strengthen the credit quality of issuers of tax-exempt debt. With roughly one-third of the portfolio invested in A-rated and BBB-rated bonds during the reporting period, the Fund was able to benefit as these securities’ prices increased.

The Fund’s relative performance was also lifted by favorable yield curve positioning. Although our duration (interest-rate sensitivity) was roughly neutral to that of our target, the Fund received a slight boost from its overweighting in bonds at the longer end of our investment universe, specifically 7–10 years. The Fund also was modestly overweighted in shorter dated issues, which did not perform as well as longer bonds and therefore hindered returns on a relative basis.

The Fund’s sector allocation also contributed to favorable results. The positive relative impact took place across multiple areas, including tobacco and health care, both of which represented strong areas of performance and where the Fund had sizeable allocations throughout the period. The Fund also gained an advantage from our investments in local general obligation bond holdings, which as a category were the beneficiaries of improving credit fundamentals for state and local municipal debt issuers. On the other hand, given their very high credit quality and short maturities, pre-refunded bonds were weak performers, but the Fund’s modest stake here kept the impact on relative performance modest.

Nuveen Short Term Municipal Bond Fund

The Nuveen Short Term Municipal Bond Fund’s Class A Shares at NAV slightly outpaced the S&P Municipal Bond Short Index and the Lipper Short Municipal Debt Funds Classification Average during the six-month reporting period ended October 31, 2014.

Yield curve positioning was, on balance, a neutral factor for performance relative to the benchmark. Because short term interest rates remained extremely low, the Fund’s very shortest holdings provided limited appreciation during the reporting period. Conversely, however, to the extent that the Fund was positioned in bonds with maturities exceeding four years (the upper end of the range found in the index), we were able to capture a modest relative performance advantage.

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

The Fund benefited from its credit quality positioning in light of our overweightings in the lower investment grade tier of the municipal bond marketplace, meaning A-rated and BBB-rated bonds. Because of their added credit risk, which we seek to manage through extensive credit research, these bonds provided increased income and a small degree of price appreciation. At the end of the reporting period, roughly half of the portfolio was invested in bonds in these two ratings categories.

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

At the beginning of the reporting period, we identified a future rise in interest rates as the biggest threat to the Fund’s performance. We saw this as an increasing possibility, given how low municipal rates had been for so long and the mounting evidence of a recovering U.S. economy. Accordingly, the primary change we made to the portfolio was to gradually and consistently reduce the Fund’s duration to make it less sensitive to a potential rate rise.

Accomplishing this goal involved being methodical about both the bond sales and new purchases we made during the reporting period. We looked to sell longer maturity holdings across a variety of sectors and credit ratings while maintaining the Fund’s basic structure, which we liked coming into the reporting period and wished to preserve as best we could.

In contrast, new purchases emphasized shorter dated holdings, especially those with maturities of five years and earlier, which would enable us to bring down duration relatively quickly. We also bought some longer dated bonds when they presented what we saw as an attractive risk-reward tradeoff, but these extended maturity acquisitions tended to be the exception.

New purchases typically focused on sectors we anticipated could do well if the economy continued to improve. We made purchases in the transportation sector, especially toll roads, a category that enjoyed strong results during the reporting period. Accordingly, we also found opportunities in the tax-exempt corporate-backed industrial development revenue bonds and in sales-tax revenue bonds, as we would expect municipalities to see increased sales tax collections in conjunction with an improving economy.

Nuveen Inflation Protected Municipal Bond Fund

The Fund received a steady stream of investment inflows, which we subsequently put to work in the marketplace, along with the proceeds of bond calls and the sale of an individual position that we believed had become fairly valued.

Coming into the reporting period, we were pleased with the portfolio’s overall structure. Accordingly, when we bought new bonds, our emphasis was on trying to maintain the Fund’s existing duration, credit quality and sector characteristics.

New purchases, which took place in both the primary and secondary municipal markets, generally focused on bonds with maturities of about 10 years and longer. We were emphasizing lower investment grade rated securities with coupons of 5% or higher and that we believed offered a favorable risk/reward tradeoff for our shareholders. To finance these purchases, we largely relied on new investment activity into the Fund as well as bond calls taking place during the reporting period.

New additions to the portfolio came from multiple sectors and included a local general obligation bond issue, an appropriation bond, an electric utility deal, three transportation bonds and two water/sewer credits. In this last category, we took advantage of an opportunity to sell an existing position in Detroit water/sewer bonds and use the proceeds to invest in more attractively structured bonds of the same issuer.

During the reporting period, we established a portfolio hedge by purchasing a credit default swap on the debt obligations of the U.S. territory of Puerto Rico. We have previously noted a correlation between the credit quality of Puerto Rico bonds and that of the overall high yield municipal bond market. Given that this portfolio regularly maintains a meaningful stake in BBB-rated and below investment grade rated bonds, we saw this as a way to reduce the portfolio’s overall risk while continuing to take advantage of

8 Nuveen Investments

opportunities to invest in the lower-quality portion of the market. The Fund invested in credit default swap contracts to manage credit risk. Using credit default swaps, the Fund purchased credit protection, which had a negligible impact on performance.

With the Fund growing larger from new investment activity, we correspondingly increased the number of inflation-linked swap positions in the portfolio. By adding these swaps, we were able to maintain a consistent level of inflation protection throughout the reporting period. These inflation-linked swaps continued to be classified as non-exchange-cleared derivatives, a beneficial situation for the Fund, given that it enables us to use the Fund’s municipal bond positions as collateral for the securities.

Nuveen Intermediate Duration Municipal Bond Fund

Coming into the reporting period, we believed the portfolio was well positioned. Accordingly, when we made new bond purchases, we were mindful of keeping the Fund’s essential structure intact. As a result, we bought bonds across a variety of sectors and the credit quality spectrum, wherever we saw suitable opportunities to add value for shareholders.

Our new purchases included hospital bonds that we believed provided a good risk/reward tradeoff. We also purchased several bonds of local tax-supported issuers, many of which have seen improving credit quality in conjunction with the recovering national economy. The transportation sector was another area of opportunity, as we bought bonds to finance the Illinois State Toll Highway Authority, the Miami-Dade Expressway in South Florida and the San Joaquin Hills toll road in Southern California.

Our purchases favored bonds with maturities from seven to twenty years, as this is where we were generally finding good value and it was also the range that enabled us to keep the Fund’s duration reasonably stable. That said, we did occasionally invest both longer and shorter than this range when individual opportunities presented themselves. To finance the Fund’s purchases, we used a combination of investment inflows, bond maturities and, occasionally, the proceeds from sales of high quality bonds that we believed had less appreciation potential than the bonds we wished to add.

In general, our new purchases were made on an individual basis, as opposed to a wholesale effort to restructure the portfolio or a preference for a particular area of the market. In an environment of falling bond yields, especially for intermediate and shorter bonds, coupled with relatively limited supply and issuers demanding ever more favorable terms, we have become more selective in choosing the right bonds for the Fund. In this environment, we think we are serving our shareholders best by staying focused on our long-term approach.

Nuveen Limited Term Municipal Bond Fund

The investment backdrop for tax-exempt securities was competitive during the reporting period, as the yields available to investors declined in conjunction with limited supply and strong demand. In this environment, our basic approach remained consistent in that we continued to look for value opportunities in the marketplace, even as other participants in the municipal market appeared to become less selective. Our discriminating style will not necessarily maximize short-term performance, but we wholeheartedly believe our approach is in the best long-term interests of our shareholders.

We were unwilling to compromise our quality standards amid a scarcity of municipal bonds, so we had to redouble our efforts to find investments that we believed offered sufficient reward prospects in exchange for their risk. In some cases, this meant purchasing higher rated bonds with lower yields, rather than buying lower rated issues that offered an unfavorable risk/reward tradeoff, or other securities that we believed provided insufficient protections for investors. Coming into the reporting period, we were pleased with the Fund’s overall positioning from a sector, credit quality and duration standpoint, so we were careful to keep those characteristics relatively consistent as we bought and sold securities throughout the period. Our management activity involved trying to keep the Fund fully invested in an environment of relatively meager issuance while avoiding big changes to the portfolio that we did not think would serve our shareholders well.

During the reporting period, we did find some good value on a case-by-case basis among local tax-obligation bonds, as well as among health care issues, which we regularly see as a good source of opportunity, given Nuveen’s health care credit research experience. Funding for these purchases came from new shareholder inflows and bond maturities. We also periodically sold bonds with shorter maturities and higher credit quality that had been lagging in the marketplace and had unattractive prospects for future performance.

Nuveen Investments 9

Portfolio Managers’ Comments (continued)

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 while striving for low volatility.

With short-term municipal bond yields remaining historically low, we looked to lower rated bonds as a source of additional income. As the investment environment has become increasingly competitive, we have sometimes found it challenging to find suitable lower investment grade bonds that provide significant return in exchange for the increasingly limited income, especially in light of our desire to limit volatility. In this type of environment, we are more willing to invest in higher quality bonds, despite their lower yields, as a means of keeping the Fund fully invested while we search for relative values in the marketplace. During the reporting period, in fact, we began to see what we identified as a somewhat more attractive risk/reward balance in the AA-rated credit tier of the marketplace and the portfolio’s allocation to this credit segment rose modestly during the reporting period. By maintaining our discipline and avoiding investments that we believe provide insufficient income in exchange for credit risk, we think we are better serving our shareholders and their desire for principal preservation.

The Fund’s sector exposure remained relatively consistent, as did its duration (interest rate) positioning. While we emphasized higher yielding sectors when possible, such as hospitals and airports, we took advantage of purchase opportunities across multiple segments of the marketplace. On a yield curve basis, we were tending to find the best value among bonds with maturities of three or four years, which offered slightly more total return potential than shorter bonds.

The Fund received new investment inflows throughout most of the reporting period, so we were able to finance the majority of our purchases through these proceeds, as well as from maturing bonds. On the rare occasion when we needed to sell securities in order to fund our purchases, we chose shorter dated, high quality issues with limited prospects for future performance.

An Update Involving Detroit and Puerto Rico

We continued to monitor two situations in the broader municipal market for any impact on the Funds’ holdings and performance: the ongoing economic problems of Puerto Rico and the bankruptcy filing of Detroit, Michigan. The Puerto Rico bonds were originally added to our portfolios to keep assets fully invested and working for the Funds’ as well as to enhance diversity, duration, and credit. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). However, Puerto Rico’s continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Following the latest rating reduction by Moody’s in July 2014, Puerto Rico general obligation debt was rated B2/BB+/BB (below investment grade) by Moody’s, S&P and Fitch, respectively, with negative outlooks. In late June 2014, Puerto Rico approved new legislation creating a judicial framework and formal process that would allow several of the commonwealth’s public corporations to restructure their public debt. As of October 2014, the Nuveen complex held $69.8 million in bonds backed by public corporations in Puerto Rico that could be restructured under this legislation, representing less than 0.1% of our municipal assets under management. In light of the evolving economic situation in Puerto Rico, Nuveen’s credit analysis of the commonwealth had previously considered the possibility of a default and the restructuring of public corporations, and we had adjusted our portfolios to prepare for such an outcome, although no such default or restructuring has occurred to date. The Nuveen complex’s entire exposure to obligations of the government of Puerto Rico and other Puerto Rico issuers totals 0.35% of assets under management as of October 31, 2014. For the reporting period ended October 31, 2014, the small size of our exposures meant that our Puerto Rico holdings had a negligible impact on performance.

The second situation that we continued to monitor was the City of Detroit’s filing for Chapter 9 in federal bankruptcy court in July 2013. Burdened by decades of population loss, changes in the auto manufacturing industry and significant tax base deterioration, Detroit had been under severe financial stress for an extended period prior to the filing. Before Detroit could exit bankruptcy, issues surrounding the city’s complex debt portfolio, numerous union contracts, significant legal questions and more than 100,000 creditors had to be resolved. By October 2014, all of the major creditors had reached an agreement on the city’s plan to restructure its $18.5 billion of debt and emerge from bankruptcy and on November 7, 2014 (subsequent to the close of this reporting period). The U.S. Bankruptcy Court approved the city’s bankruptcy exit plan, thereby erasing approximately $7 billion in debt. The settlement plan also provided for $1.7 billion to be reinvested in the city for improved public safety, blight removal and upgraded basic services. In

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August 2014, Detroit announced a tender offer for the city’s water and sewer bonds, aimed at replacing some of the $5.2 billion of existing debt with lower cost bonds. (Not all of the Detroit water and sewer bonds were eligible for the tender offer.) Approximately $1.5 billion in existing water and sewer bonds were returned to the city by investors under the tender offer, which enabled Detroit to issue $1.8 billion in new water and sewer bonds, resulting in savings of $250 million over the life of the bonds. The city also raised about $150 million to finance sewer system improvements. As part of the deal, Detroit water and sewer bonds were permanently removed from the city’s bankruptcy case. In general, Detroit water and sewer credits rallied following these positive developments.

Nuveen Investments 11

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.

12 Nuveen Investments

Dividend Information

Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit a Fund to maintain a more stable monthly dividend, the Fund may pay dividends consisting only of net investment income at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.

As of October 31, 2014, the Funds had positive UNII balances, based upon our best estimate, for tax purposes. Nuveen Short Term Municipal Bond Fund had a negative UNII balance, while the other four Funds had positive UNII balances for financial reporting purposes.

All monthly dividends paid by each Fund during the six-months ended October 31, 2014 were paid from net investment income. If a portion of a Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, the Fund’s shareholders would have received a notice to that effect. The composition and per share amounts of each Fund’s monthly dividends for the reporting period are presented in the Statement of Changes in Net Assets and Financial Highlights, respectively (for reporting purposes) and in Note 6 – Income Tax Information within the accompany Notes to Financial Statements (for income tax purposes), later in this report.

Nuveen Investments 13

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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 an agreement by the investment adviser to waive certain fees and/or reimburse expenses during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. 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 total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the 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 section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of October 31, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		5.30%		11.57%		7.09%		5.19%
Class A Shares at maximum Offering Price		0.90%		6.93%		6.19%		4.74%
S&P Municipal Bond Index		3.54%		7.94%		5.45%		4.74%
Lipper General Municipal Debt Funds Classification Average		3.91%		8.80%		5.34%		4.04%
Class C2 Shares		5.02%		11.07%		6.51%		4.62%
Class I Shares		5.39%		11.84%		7.28%		5.39%

	Cumulative
	6-Month		Since Inception
Class C Shares		4.88%		8.10%

Average Annual Total Returns as of September 30, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		5.62%		11.31%		6.37%		5.17%
Class A Shares at maximum Offering Price		1.16%		6.66%		5.46%		4.72%
Class C2 Shares		5.34%		10.71%		5.82%		4.60%
Class I Shares		5.80%		11.59%		6.58%		5.37%

	Cumulative
	6-Month		Since Inception
Class C Shares		5.20%		6.96%

Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C 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 C		Class C2		Class I
Expense Ratios		0.72%		1.52%		1.27%		0.52%

Effective Leverage Ratio as of October 31, 2014

Effective Leverage Ratio 4.66%

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 section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of October 31, 2014

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		2.34%		5.85%		5.06%
Class A Shares at maximum Offering Price		(0.73%)		2.68%		4.19%
Barclays 1-10 Year Municipal Bond Index		2.01%		4.14%		3.95%
Lipper Intermediate Municipal Debt Funds Classification Average		2.39%		5.15%		4.44%
Class C2 Shares		2.06%		5.17%		4.47%
Class I Shares		2.42%		6.03%		5.26%

	Cumulative
	6-Month		Since Inception
Class C Shares		1.83%		3.65%

Average Annual Total Returns as of September 30, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		4.07%		6.43%		5.18%
Class A Shares at maximum Offering Price		0.95%		3.24%		4.28%
Class C2 Shares		3.79%		5.75%		4.59%
Class I Shares		4.15%		6.61%		5.37%

	Cumulative
	6-Month		Since Inception
Class C Shares		3.56%		3.70%

Since inception returns are from 3/08/11. Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.

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		0.96%		1.77%		1.52%		0.77%
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 October 31, 2014

Effective Leverage Ratio 0.00%

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 section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of October 31, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		2.95%		6.43%		4.49%		3.93%
Class A Shares at maximum Offering Price		(0.11%)		3.20%		3.87%		3.61%
S&P Municipal Bond Intermediate Index		2.81%		5.95%		5.19%		4.76%
Lipper Intermediate Municipal Debt Funds Classification Average		2.39%		5.15%		4.16%		3.61%
Class C2 Shares		2.68%		5.86%		3.91%		3.36%
Class I Shares		2.93%		6.62%		4.69%		4.13%

	Cumulative
	6-Month		Since Inception
Class C Shares		2.55%		4.08%

Average Annual Total Returns as of September 30, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		3.30%		6.45%		4.02%		3.93%
Class A Shares at maximum Offering Price		0.21%		3.21%		3.38%		3.61%
Class C2 Shares		3.14%		5.99%		3.46%		3.38%
Class I Shares		3.51%		6.76%		4.24%		4.15%

	Cumulative
	6-Month		Since Inception
Class C Shares		3.01%		3.55%

Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.

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.

20 Nuveen Investments

Expense Ratios as of Most Recent Prospectus

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

Effective Leverage Ratio as of October 31, 2014

Effective Leverage Ratio 1.30%

Nuveen Investments 21

Fund Performance, Expense Ratios 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 section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of October 31, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		1.34%		2.97%		3.19%		3.19%
Class A Shares at maximum Offering Price		(1.24)%		0.42%		2.68%		2.93%
S&P Municipal Bond Short-Intermediate Index		1.46%		2.89%		3.30%		3.68%
Lipper Short-Intermediate Municipal Debt Funds Classification Average		1.07%		2.31%		2.43%		2.77%
Class C2 Shares		1.15%		2.59%		2.82%		2.83%
Class I Shares		1.52%		3.15%		3.40%		3.39%

	Cumulative
	6-Month		Since Inception
Class C Shares		1.07%		1.56%

Average Annual Total Returns as of September 30, 2014 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		1.70%		3.33%		2.87%		3.20%
Class A Shares at maximum Offering Price		(0.81)%		0.77%		2.35%		2.94%
Class C2 Shares		1.52%		2.96%		2.50%		2.85%
Class I Shares		1.89%		3.61%		3.08%		3.41%

	Cumulative
	6-Month		Since Inception
Class C Shares		1.43%		1.36%

Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.

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		0.65%		1.45%		1.00%		0.45%
Net Expense Ratios		0.65%		1.20%		1.00%		0.45%

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 Trustees.

Effective Leverage Ratio as of October 31, 2014

Effective Leverage Ratio 0.00%

Nuveen Investments 23

Fund Performance, Expense Ratios 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 section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of October 31, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		0.60%		1.21%		2.15%		2.41%
Class A Shares at maximum Offering Price		(1.91)%		(1.32)%		1.65%		2.15%
S&P Municipal Bond Short Index		0.57%		1.19%		1.76%		2.71%
Lipper Short Municipal Debt Funds Classification Average		0.52%		1.09%		1.44%		2.00%
Class I Shares		0.69%		1.39%		2.33%		2.57%

	Cumulative		Annualized
	6-month		1-Year		Since Inception
Class C Shares		0.33%		N/A		0.41%
Class C2 Shares		0.42%		0.96%		1.24%

Average Annual Total Returns as of September 30, 2013 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		0.72%		1.54%		2.05%		2.42%
Class A Shares at maximum Offering Price		(1.80)%		(1.01)%		1.53%		2.16%
Class I Shares		0.81%		1.72%		2.23%		2.59%

	Cumulative	Annualized
	6-month	1-Year		Since Inception
Class C Shares	0.54%		N/A		0.36%
Class C2 Shares	0.64%		1.18%		1.26%

Since inception returns for Class C and C2 Shares are from 2/10/14 and 8/31/11, respectively. Indexes and Lipper averages are not available for direct investment.

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		0.71%		1.51%		1.06%		0.51%
Net Expense Ratios		0.71%		1.06%		1.06%		0.51%

The Fund’s investment adviser has contractually agreed to waive 0.45% 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 October 31, 2014

Effective Leverage Ratio 0.00%

Nuveen Investments 25

Yields as of October 31, 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 C		Class C2		Class I
Dividend Yield		3.97%		3.36%		3.62%		4.33%
SEC Yield		2.30%		1.59%		1.85%		2.60%
Taxable-Equivalent Yield (28.0%)2		3.19%		2.21%		2.57%		3.61%

Nuveen Inflation Protected Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		2.35%		1.60%		1.88%		2.59%
SEC Yield		2.01%		1.14%		1.53%		2.28%
Taxable-Equivalent Yield2		2.79%		1.58%		2.13%		3.17%

Nuveen Intermediate Duration Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		2.89%		2.20%		2.46%		3.17%
SEC Yield		1.42%		0.65%		0.91%		1.66%
Taxable-Equivalent Yield (28.0%)2		1.97%		0.90%		1.26%		2.31%

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 shown in the respective table above.

26 Nuveen Investments

Nuveen Limited Term Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		1.89%		1.40%		1.56%		2.11%
SEC Yield		0.76%		0.22%		0.43%		0.98%
Taxable-Equivalent Yield (28.0%)2		1.06%		0.31%		0.60%		1.36%

Nuveen Short Term Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		0.92%		0.59%		0.59%		1.12%
SEC Yield		0.30%		-0.04%		-0.04%		0.50%
Taxable-Equivalent Yield (28.0%)2		0.42%		-0.06%		-0.06%		0.69%

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 shown in the respective table above.

Nuveen Investments 27

Holding

Summaries as of October 31, 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.

Refer to the Glossary of Terms used in this Report for further definition of the terms used within this section.

Nuveen All-American Municipal Bond Fund

Fund Allocation

(% of net assets)

Long-Term Municipal Bonds	97.1%
Corporate Bonds	0.0%
Short-Term Municipal Bonds	0.4%
Floating Rate Obligations	(0.3)%
Other Assets Less Liabilities	2.8%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	10.2%
AA	31.6%
A	22.0%
BBB	18.8%
BB or Lower	7.7%
N/R (not rated)	9.7%

Portfolio Composition

(% of total investments)

Health Care	18.6%
Tax Obligation/Limited	17.1%
Transportation	11.7%
Education and Civic Organizations	11.6%
Utilities	9.4%
Tax Obligation/General	8.8%
Long-Term Care	5.8%
Water and Sewer	4.5%
Other	12.5%

States and Territories

(% of total municipal bonds)

Texas	12.2%
California	11.5%
Illinois	9.5%
Florida	6.9%
Pennsylvania	4.6%
Wisconsin	4.6%
Colorado	4.4%
New York	4.0%
Indiana	3.8%
Ohio	3.7%
Arizona	3.4%
New Jersey	2.7%
Michigan	2.7%
Louisiana	2.6%
Washington	2.3%
Georgia	1.7%
Other	19.4%

28 Nuveen Investments

Nuveen Inflation Protected Municipal Bond Fund

Fund Allocation

(% of net assets)

Long-Term Municipal Bonds	103.4%
Other Assets Less Liabilities	(3.4)%

Bond Credit Quality

(% of total investments)¹

AAA/U.S. Guaranteed	4.8%
AA	36.5%
A	25.8%
BBB	18.9%
BB or Lower	6.1%
N/R (not rated)	7.9%

Portfolio Composition

(% of total investments)¹

Tax Obligation/Limited	28.9%
Transportation	19.6%
Tax Obligation/General	12.6%
Education and Civic Organizations	9.8%
Health Care	9.0%
Utilities	8.9%
Water and Sewer	6.7%
Other	4.5%

States and Territories

(% of total municipal bonds)

Illinois	12.4%
Colorado	8.4%
California	8.4%
Michigan	7.1%
Florida	6.5%
New York	4.5%
Louisiana	4.3%
Ohio	4.0%
Pennsylvania	3.8%
New Jersey	3.3%
Kansas	3.3%
Iowa	3.2%
Texas	3.2%
Georgia	2.7%
Arizona	2.4%
Washington	2.4%
North Carolina	2.3%
Other	17.8%

1 Excluding investments in derivatives.

Nuveen Investments 29

Holding Summaries as of October 31, 2014(continued)

Nuveen Intermediate Duration Municipal Bond Fund

Fund Allocation

(% of net assets)

Long-Term Municipal Bonds	99.9%
Corporate Bonds	0.0%
Short-Term Municipal Bonds	0.1%
Other Assets Less Liabilities	0.0%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	11.4%
AA	41.8%
A	29.7%
BBB	12.6%
BB or Lower	3.1%
N/R (not rated)	1.4%

Portfolio Composition

(% of total investments)

Tax Obligation/Limited	26.2%
Tax Obligation/General	21.6%
Health Care	16.7%
Transportation	9.2%
Utilities	9.0%
U.S. Guaranteed	4.6%
Other	12.7%

States and Territories

(% of total municipal bonds)

Illinois	9.1%
Texas	8.8%
California	7.5%
New York	6.5%
Florida	6.0%
New Jersey	5.7%
Ohio	4.3%
Michigan	3.9%
Wisconsin	3.9%
Pennsylvania	3.5%
Arizona	3.4%
Colorado	2.8%
Louisiana	2.7%
Nevada	2.6%
Indiana	2.6%
Massachusetts	2.0%
Missouri	2.0%
Kentucky	1.9%
Iowa	1.6%
Other	19.2%

30 Nuveen Investments

Nuveen Limited Term Municipal Bond Fund

Fund Allocation

(% of net assets)

Long-Term Municipal Bonds	98.4%
Corporate Bonds	0.0%
Short-Term Municipal Bonds	0.9%
Other Assets Less Liabilities	0.7%

Bond Credit Quality

(% of total investments)

AAA/U.S. Guaranteed	18.6%
AA	43.4%
A	26.0%
BBB	8.4%
BB or Lower	2.4%
N/R (not rated)	1.2%

Portfolio Composition

(% of total investments)

Tax Obligation/Limited	25.9%
Tax Obligation/General	22.3%
Utilities	11.8%
Health Care	10.2%
Transportation	7.6%
Water and Sewer	6.1%
Education and Civic Organizations	5.6%
Other	10.5%

States and Territories

(% of total municipal bonds)

New York	11.1%
Illinois	8.7%
Texas	6.2%
New Jersey	6.0%
Pennsylvania	5.6%
Ohio	4.8%
California	4.5%
Florida	4.4%
Indiana	4.0%
Louisiana	3.9%
Arizona	3.8%
Michigan	3.5%
Georgia	3.1%
Washington	2.7%
Missouri	2.4%
Maryland	1.9%
Wisconsin	1.8%
Colorado	1.5%
Kentucky	1.5%
Other	18.6%

Nuveen Investments 31

Holding Summaries as of October 31, 2014(continued)

Nuveen Short Term Municipal Bond Fund

Fund Allocation

(% of net assets)

Long-Term Municipal Bonds	96.8%
Short-Term Municipal Bonds	3.2%
Other Assets Less Liabilities	(0.0)%

Bond Credit Quality

(% of total municipal bonds)

AAA/U.S. Guaranteed	8.8%
AA	36.1%
A	34.2%
BBB	15.9%
BB or Lower	0.4%
N/R (not rated)	4.6%

Portfolio Composition

(% of total municipal bonds)

Tax Obligation/Limited	23.1%
Health Care	16.3%
Tax Obligation/General	16.0%
Education and Civic Organizations	13.0%
Transportation	13.0%
Utilities	8.5%
Other	10.1%

States and Territories

(% of total municipal bonds)

New York	9.3%
California	9.0%
Illinois	6.9%
Florida	5.9%
Minnesota	5.9%
Missouri	5.0%
Pennsylvania	4.8%
Arizona	4.5%
Texas	4.3%
Indiana	4.3%
New Jersey	4.0%
Colorado	3.5%
Ohio	2.6%
Michigan	2.3%
Washington	2.0%
Tennessee	1.6%
Oklahoma	1.5%
Iowa	1.4%
Louisiana	1.4%
Other	19.8%

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.

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended October 31, 2014.

The beginning of the period is May 1, 2014.

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

	Share Class
	Class A		Class C		Class C2		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,053.00	$	1,048.80	$	1,050.20	$	1,053.90
Expenses Incurred During Period	$	3.67	$	7.75	$	6.51	$	2.64
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,021.63	$	1,017.64	$	1,018.85	$	1,022.63
Expenses Incurred During Period	$	3.62	$	7.63	$	6.41	$	2.60

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.71%, 1.50%, 1.26% and 0.51% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen Investments 33

Expense Examples (continued)

Nuveen Inflation Protected Municipal Bond Fund

	Share Class
	Class A		Class C		Class C2		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,023.40	$	1,018.30	$	1,020.60	$	1,024.20
Expenses Incurred During Period	$	3.93	$	7.99	$	6.72	$	2.91
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,021.32	$	1,017.29	$	1,018.55	$	1,022.33
Expenses Incurred During Period	$	3.92	$	7.98	$	6.72	$	2.91

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.77%, 1.57%, 1.32% and 0.57% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen Intermediate Duration Municipal Bond Fund

	Share Class
	Class A		Class C		Class C2		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,029.50	$	1,025.50	$	1,026.80	$	1,029.30
Expenses Incurred During Period	$	3.58	$	7.66	$	6.39	$	2.56
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,021.68	$	1,017.64	$	1,018.90	$	1,022.68
Expenses Incurred During Period	$	3.57	$	7.63	$	6.36	$	2.55

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.70%, 1.50%, 1.25% and 0.50% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen Limited Term Municipal Bond Fund

	Share Class
	Class A		Class C		Class C2		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,013.40	$	1,010.70	$	1,011.50	$	1,015.20
Expenses Incurred During Period	$	3.25	$	5.98	$	5.02	$	2.23
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,021.98	$	1,019.26	$	1,020.21	$	1,022.99
Expenses Incurred During Period	$	3.26	$	6.01	$	5.04	$	2.24

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.64%, 1.18%, 0.99% and 0.44% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

34 Nuveen Investments

Nuveen Short Term Municipal Bond Fund

	Share Class
	Class A		Class C		Class C2		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,006.00	$	1,003.30	$	1,004.20	$	1,006.90
Expenses Incurred During Period	$	3.59	$	5.30	$	5.35	$	2.58
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,021.63	$	1,019.91	$	1,019.86	$	1,022.63
Expenses Incurred During Period	$	3.62	$	5.35	$	5.40	$	2.60

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.71%, 1.05%, 1.06% and 0.51% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen Investments 35

Shareholder Meeting Report

A special shareholder meeting was held in the offices of Nuveen Investments on August 5, 2014 for Nuveen All-American Municipal Bond Fund, Nuveen Inflation Protected Municipal Bond Fund, Nuveen Intermediate Duration Municipal Bond Fund, Nuveen Limited Term Municipal Bond Fund and Nuveen Short Term Municipal Bond Fund; at this meeting the shareholders were asked to vote to approve a new investment management agreement, to approve a new sub-advisory agreement, to approve revisions to, or elimination of, certain fundamental investment policies and to elect Board Members. The meeting was subsequently adjourned to August 15, 2014 for Nuveen Inflation Protected Municipal Bond Fund.

	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
To approve a new investment management agreement between each Trust and Nuveen Advisors, LLC.
For		100,678,329		3,036,046		331,660,526		172,068,731		47,218,147
Against		1,642,820		97,454		3,845,562		1,809,250		274,626
Abstain		4,068,758		118,451		6,621,237		3,202,704		434,875
Broker Non-Votes		26,786,559		979,564		82,361,832		42,789,144		23,191,343
Total		133,176,466		4,231,515		424,489,157		219,869,829		71,118,991
To approve a new sub-advisory agreement between Nuveen Fund Advisors and Nuveen Asset Management, LLC.
For		100,292,274		3,024,531		331,277,553		171,616,271		47,218,973
Against		1,781,978		97,454		4,003,179		1,999,106		277,166
Abstain		4,315,652		129,966		6,846,592		3,465,305		431,509
Broker Non-Votes		26,786,562		979,564		82,361,833		42,789,147		23,191,343
Total		133,176,466		4,231,515		424,489,157		219,869,829		71,118,991
To approve revisions to, or eilimation of, certain fundamental investment policies:
a. Revise the fundamental policy related to the purchase and sale of commodities.
For		99,249,239		3,044,754		328,400,392		170,642,990		47,210,485
Against		2,556,796		105,633		6,529,165		2,825,053		290,640
Abstain		4,583,854		101,565		7,197,751		3,612,632		426,523
Broker Non-Votes		26,786,577		979,563		82,361,849		42,789,154		23,191,343
Total		133,176,466		4,231,515		424,489,157		219,869,829		71,118,991
b. Revise the fundamental policy related to issuing senior securities.
For		99,274,668		3,027,667		328,533,290		170,752,316		—
Against		2,429,871		117,947		6,285,966		2,700,031		—
Abstain		4,685,362		106,338		7,308,059		3,628,332		—
Broker Non-Votes		26,786,565		979,563		82,361,842		42,789,150		—
Total		133,176,466		4,231,515		424,489,157		219,869,829		—

36 Nuveen Investments

	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
b. Eliminate the fundamental policy related to investing for control.
For		—		—		—		—		47,204,587
Against		—		—		—		—		292,695
Abstain		—		—		—		—		430,365
Broker Non-Votes		—		—		—		—		23,191,344
Total		—		—		—		—		71,118,991
c. Revise the fundamental policy related to underwriting.
For		99,311,705		3,042,839		329,103,977		170,893,356		—
Against		2,097,910		101,026		5,735,925		2,525,051		—
Abstain		4,980,277		108,087		7,287,413		3,662,272		—
Broker Non-Votes		26,786,574		979,563		82,361,842		42,789,150		—
Total		133,176,466		4,231,515		424,489,157		219,869,829		—
c. Eliminate the fundamental policy related to alternative minimum tax.
For		—		—		—		—		47,166,674
Against		—		—		—		—		325,668
Abstain		—		—		—		—		435,306
Broker Non-Votes		—		—		—		—		23,191,343
Total		—		—		—		—		71,118,991
d. Revise the fundamental policy related to the purchase and sale of real estate.
For		99,178,992		3,043,942		328,642,165		170,835,912		—
Against		2,349,343		105,738		6,405,924		2,692,943		—
Abstain		4,861,560		102,271		7,079,222		3,551,824		—
Broker Non-Votes		26,786,571		979,564		82,361,846		42,789,150		—
Total		133,176,466		4,231,515		424,489,157		219,869,829		—
e. Revise the fundamental policy related to diversification.
For		99,184,690		—		329,836,982		171,087,198		—
Against		2,099,551		—		5,440,612		2,432,784		—
Abstain		5,105,657		—		6,849,720		3,561,164		—
Broker Non-Votes		26,786,568		—		82,361,843		42,788,683		—
Total		133,176,466		—		424,489,157		219,869,829		—
f. Eliminate the fundamental policy related to permitted investments.
For		98,570,915		3,027,853		328,251,900		170,362,018		—
Against		2,819,450		113,052		6,221,436		2,963,237		—
Abstain		4,999,519		111,046		7,653,968		3,755,416		—
Broker Non-Votes		26,786,582		979,564		82,361,853		42,789,158		—
Total		133,176,466		4,231,515		424,489,157		219,869,829		—

Nuveen Investments 37

Shareholder Meeting Report (continued)

	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
g. Eliminate the fundamental policy related to pledging assets.
For		98,302,551		3,032,767		327,728,066		170,140,065		—
Against		2,994,189		113,664		6,906,460		3,261,633		—
Abstain		5,093,142		105,520		7,492,777		3,678,972		—
Broker Non-Votes		26,786,584		979,564		82,361,854		42,789,159		—
Total		133,176,466		4,231,515		424,489,157		219,869,829		—
h. Eliminate the fundamental policy related to investment in issuers whose shares are owned by the Fund’s Board Members or officers.
For		97,958,465		2,989,971		326,740,845		169,498,004		—
Against		3,481,503		153,474		7,954,075		3,818,548		—
Abstain		4,949,921		108,506		7,432,388		3,764,114		—
Broker Non-Votes		26,786,577		979,564		82,361,849		42,789,163		—
Total		133,176,466		4,231,515		424,489,157		219,869,829		—
i. Eliminate the fundamental policy related to short sales and purchases on margin.
For		98,541,670		2,992,278		327,312,104		170,127,615		—
Against		3,346,994		155,370		7,866,599		3,580,340		—
Abstain		4,501,214		104,303		6,948,606		3,372,710		—
Broker Non-Votes		26,786,588		979,564		82,361,848		42,789,164		—
Total		133,176,466		4,231,515		424,489,157		219,869,829		—
j. Eliminate the fundamental policy related to writing options.
For		98,322,530		3,004,238		327,659,677		170,175,523		—
Against		3,116,681		141,974		7,100,879		3,419,577		—
Abstain		4,950,672		105,740		7,366,755		3,485,573		—
Broker Non-Votes		26,786,583		979,563		82,361,846		42,789,156		—
Total		133,176,466		4,231,515		424,489,157		219,869,829		—
Approval of the Board Members was reached as follows:
William Adams IV
For		1,171,566,272		1,171,566,272		1,171,566,272		1,171,566,272		875,153,250
Withhold		21,716,854		21,716,854		21,716,854		21,716,854		6,616,294
Total		1,193,283,126		1,193,283,126		1,193,283,126		1,193,283,126		881,769,544
Robert P. Bremner
For		1,171,312,607		1,171,312,607		1,171,312,607		1,171,312,607		767,672,659
Withhold		21,970,519		21,970,519		21,970,519		21,970,519		114,096,885
Total		1,193,283,126		1,193,283,126		1,193,283,126		1,193,283,126		881,769,544
Jack B. Evans
For		1,171,633,448		1,171,633,448		1,171,633,448		1,171,633,448		767,867,187
Withhold		21,649,678		21,649,678		21,649,678		21,649,678		113,902,357
Total		1,193,283,126		1,193,283,126		1,193,283,126		1,193,283,126		881,769,544

38 Nuveen Investments

	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
William C. Hunter
For		1,171,492,084		1,171,492,084		1,171,492,084		1,171,492,084		875,066,364
Withhold		21,791,042		21,791,042		21,791,042		21,791,042		6,703,180
Total		1,193,283,126		1,193,283,126		1,193,283,126		1,193,283,126		881,769,544
David J. Kundert
For		1,171,381,351		1,171,381,351		1,171,381,351		1,171,381,351		767,748,278
Withhold		21,901,775		21,901,775		21,901,775		21,901,775		114,021,266
Total		1,193,283,126		1,193,283,126		1,193,283,126		1,193,283,126		881,769,544
John K. Nelson
For		1,171,666,005		1,171,666,005		1,171,666,005		1,171,666,005		875,059,020
Withhold		21,617,121		21,617,121		21,617,121		21,617,121		6,710,524
Total		1,193,283,126		1,193,283,126		1,193,283,126		1,193,283,126		881,769,544
William J. Schneider
For		1,171,442,331		1,171,442,331		1,171,442,331		1,171,442,331		874,871,626
Withhold		21,840,795		21,840,795		21,840,795		21,840,795		6,897,918
Total		1,193,283,126		1,193,283,126		1,193,283,126		1,193,283,126		881,769,544
Thomas S. Schreier, Jr.
For		1,171,584,719		1,171,584,719		1,171,584,719		1,171,584,719		874,799,740
Withhold		21,698,407		21,698,407		21,698,407		21,698,407		6,969,804
Total		1,193,283,126		1,193,283,126		1,193,283,126		1,193,283,126		881,769,544
Judith M. Stockdale
For		1,171,713,032		1,171,713,032		1,171,713,032		1,171,713,032		874,933,639
Withhold		21,570,094		21,570,094		21,570,094		21,570,094		6,835,905
Total		1,193,283,126		1,193,283,126		1,193,283,126		1,193,283,126		881,769,544
Carole E. Stone
For		1,171,513,741		1,171,513,741		1,171,513,741		1,171,513,741		767,948,250
Withhold		21,769,385		21,769,385		21,769,385		21,769,385		113,821,294
Total		1,193,283,126		1,193,283,126		1,193,283,126		1,193,283,126		881,769,544
Virginia L. Stringer
For		1,171,646,103		1,171,646,103		1,171,646,103		1,171,646,103		875,081,812
Withhold		21,637,023		21,637,023		21,637,023		21,637,023		6,687,732
Total		1,193,283,126		1,193,283,126		1,193,283,126		1,193,283,126		881,769,544
Terence J. Toth
For		1,171,550,402		1,171,550,402		1,171,550,402		1,171,550,402		767,738,756
Withhold		21,732,724		21,732,724		21,732,724		21,732,724		114,030,788
Total		1,193,283,126		1,193,283,126		1,193,283,126		1,193,283,126		881,769,544

Nuveen Investments 39

Nuveen All-American Municipal Bond Fund

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 97.1%
		MUNICIPAL BONDS – 97.1%
		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	$	6,214,505
	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		2,777,473
		Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A:
	5,165	5.250%, 1/01/15		No Opt. Call		BBB		5,195,990
	1,000	5.500%, 1/01/21 – AGM Insured		1/15 at 100.00		AA		1,001,320
	1,000	5.500%, 1/01/22		1/15 at 100.00		BBB		1,008,800
	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		2,278,500
	18,080	Total Alabama						18,476,588
		Alaska – 0.1%
	2,000	Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32		12/14 at 100.00		B2		1,600,440
		Arizona – 3.3%
	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)		145,618
	500	Arizona School Facilities Board, Certificates of Participation, Series 2008, 5.250%, 9/01/23		9/18 at 100.00		A+		576,515
	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		215,838
	250	Cottonwood, Arizona, Water Revenue Bonds, Series 2006, 5.000%, 7/01/17 – SYNCORA GTY Insured		7/16 at 100.00		BBB+		264,408
	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		7,354,924
	500	Gilbert, Arizona, Public Facilities Municipal Property Corporation, Revenue Bonds, Series 2009, 5.500%, 7/01/27		7/19 at 100.00		AA		578,510
	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–		3,556,670
	595	Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2007, 5.000%, 5/15/31		5/22 at 100.00		A–		668,560
	750	Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2004B, 5.250%, 8/01/26		2/15 at 100.00		A1		752,798
	750	Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006-1, 4.500%, 8/01/25 – NPFG Insured		8/16 at 100.00		AA–		797,213
	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)		292,248

40 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	310	Peoria Municipal Development Authority, Arizona, Revenue Bonds, Series 2006, 5.000%, 7/01/15		No Opt. Call		AA+	$	319,706
	465	Peoria, Arizona, Improvement District 601, Improvement Bonds, Series 2007, 4.250%, 1/01/22		1/18 at 101.00		AA		500,931
	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+		4,508,320
		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		2,094,081
	6,000	5.500%, 7/01/39 – FGIC Insured		No Opt. Call		AA		7,788,900
	1,000	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Choice Academies Charter Schools Project, Series 2012, 4.875%, 9/01/22		No Opt. Call		BB+		1,049,710
	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		1,076,510
		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+		1,900,909
	2,000	6.000%, 7/01/43		7/20 at 102.00		BB+		1,964,940
	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+		860,096
	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		794,350
	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)		301,798
	3,705	Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/41		7/21 at 100.00		A		4,128,148
	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–		1,088,150
	300	Queen Creek, Arizona, Improvement District 1 Improvement Bonds, Series 2006, 5.000%, 1/01/20		1/15 at 100.00		A–		301,227
		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–		1,193,240
	7,725	5.000%, 12/01/32		No Opt. Call		A–		8,841,649
	7,000	5.000%, 12/01/37		No Opt. Call		A–		7,934,220
	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		1,103,590
	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		546,490
	4,300	Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Series 2008A, 5.000%, 7/01/21		7/18 at 100.00		AAA		4,912,492
		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		2,836,439
	1,080	6.000%, 12/01/32		12/21 at 100.00		N/R		1,166,411
	1,100	6.250%, 12/01/42		12/21 at 100.00		N/R		1,185,195

Nuveen Investments 41

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	450	University Medical Center Corporation, Arizona, Hospital Revenue Bonds, Refunding Series 2004, 5.000%, 7/01/24		1/15 at 100.00		BBB	$	451,085
	85	University Medical Center Corporation, Arizona, Hospital Revenue Bonds, Series 2005, 5.000%, 7/01/16		7/15 at 100.00		BBB		88,471
	1,000	University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 6.000%, 7/01/39		7/21 at 100.00		BBB		1,153,870
	935	Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30		7/16 at 100.00		N/R		959,936
	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–		417,500
	68,295	Total Arizona						76,671,666
		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		549,275
	1,000	6.000%, 6/01/40		6/20 at 100.00		BBB		1,106,790
	1,500	Total Arkansas						1,656,065
		California – 10.9%
	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+		2,090,136
	1,000	Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 2985, 17.980%, 4/01/34 (Pre-refunded 4/01/18) (IF)		4/18 at 100.00		AA (4)		1,581,160
		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		10,041
	55	5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured		12/14 at 100.00		Aa1 (4)		55,224
	935	5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured		12/14 at 100.00		AAA		938,815
	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		2,305,460
	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		1,036,860
	1,065	California Educational Facilities Authority, Revenue Bonds, Woodbury University, Series 2006, 5.000%, 1/01/36		1/15 at 100.00		Baa3		1,065,351
	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		5,924,007
	485	California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44		10/24 at 100.00		AA		549,626
	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–		2,481,417
	3,415	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45		8/20 at 100.00		BBB		3,846,758
	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–		15,148,440

42 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		A1	$	1,195,670
	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		A1		1,168,640
	600	California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 – AMBAC Insured		5/15 at 100.00		Aa2		614,196
	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)		1,689,485
	3,500	California State, General Obligation Bonds, Refunding Series 2005, 5.000%, 5/01/15		No Opt. Call		Aa3		3,585,575
	700	California State, General Obligation Bonds, Tender Option Bond Trust 3162, 20.015%, 3/01/18 – AGM Insured (IF)		No Opt. Call		AA		1,161,720
	4,500	California State, General Obligation Bonds, Various Purpose Series 2004, 5.000%, 6/01/31 (Pre-refunded 12/01/14) – AMBAC Insured		12/14 at 100.00		Aa3 (4)		4,518,360
	8,475	California State, General Obligation Bonds, Various Purpose Series 2008, 5.000%, 4/01/38		4/18 at 100.00		Aa3		9,326,738
	1,400	California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 3/01/30		3/20 at 100.00		Aa3		1,632,512
	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+		1,948,508
	1,575	California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.294%, 7/01/47 – AGM Insured (IF)		7/18 at 100.00		AA		2,039,373
	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		945,982
	1,000	California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47		8/17 at 100.00		BBB+		1,029,810
		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–		821,453
	5,300	5.250%, 7/01/35		7/15 at 100.00		B–		5,286,326
	2,000	5.000%, 7/01/39		7/15 at 100.00		B–		2,000,000
	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–		1,134,400
	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–		1,198,586
	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–		1,198,586
	675	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3048, 18.772%, 11/15/46 (IF)		11/16 at 100.00		AA–		882,927
	2,690	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		2,252,741
	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+		500,972
	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		1,994,986
	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		583,919

Nuveen Investments 43

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	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	$	1,411,190
		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		A1		6,162,960
	1,300	5.000%, 6/01/35 – AGC Insured		6/15 at 100.00		AA		1,335,698
		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		5,523,848
	3,480	5.000%, 6/01/33		6/17 at 100.00		B		2,859,168
	8,740	5.750%, 6/01/47		6/17 at 100.00		B		7,145,562
	1,000	Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Superior Lien Series 2010A, 5.000%, 9/01/33		9/20 at 100.00		AA		1,079,850
	1,980	Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured		No Opt. Call		AA		1,542,994
	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		1,723,530
	6,000	Los Angeles Community Redevelopment Agency, California, Tax Allocation Bonds, Bunker Hill Project, Series 2004A, 5.000%, 12/01/24 (Pre-refunded 12/01/14) – AGM Insured		12/14 at 100.00		AA (4)		6,024,000
	1,000	Los Angeles Harbors Department, California, Revenue Bonds, Series 2009B, 5.250%, 8/01/39		8/19 at 100.00		AA		1,153,250
	500	Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31		9/21 at 100.00		A–		622,190
	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+		3,381,930
	1,000	Manteca Financing Authority, California, Sewer Revenue Bonds, Series 2009, 5.750%, 12/01/36		12/19 at 100.00		Aa3		1,177,370
	1,000	Modesto Irrigation District, California, Electric System Revenue Bonds, Refunding Series 2011A, 5.000%, 7/01/26		7/21 at 100.00		A+		1,138,140
		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		3,920,056
	2,500	6.500%, 11/01/39		No Opt. Call		A		3,403,875
	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)		1/15 at 100.00		AA– (4)		15,759,013
	1,220	Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25		4/15 at 100.00		BB		1,137,186
	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		1,782,247
	3,000	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29		11/19 at 100.00		Ba1		3,293,850
	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		1,999,435
	3,775	Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2009A, 0.000%, 8/01/23		No Opt. Call		Aa2		2,948,275

44 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	5,000	Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/41		No Opt. Call		Aa2	$	1,593,850
	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		11,229,900
	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–		4,660,520
	2,500	Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series 2005B, 4.750%, 12/01/21 – FGIC Insured		12/15 at 100.00		AA		2,618,050
	915	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		971,410
	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)		9,183,656
	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+		1,058,153
	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+		2,307,000
	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–		784,932
	13,300	San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 (WI/DD, Settling 11/06/14)		1/25 at 100.00		BB+		14,175,539
	9,745	San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 1/15/44 (WI/DD, Settling 11/06/14)		1/25 at 100.00		BBB–		10,495,170
	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–		8,533,728
	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)		3,575,580
	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		539,176
	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–		2,331,281
	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–		4,622,960
	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		624,690
	920	Tustin Community Redevelopment Agency, California, Tax Allocation Housing Bonds Series 2010, 5.000%, 9/01/30 – AGM Insured		9/20 at 100.00		AA		1,000,555
	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		227,150
	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		1,019,870
	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		4,710,450

Nuveen Investments 45

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	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	$	1,630,635
		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		1,660,800
	1,405	0.000%, 8/01/28 – AGC Insured		No Opt. Call		AA		844,124
	2,920	0.000%, 8/01/29 – AGC Insured		No Opt. Call		AA		1,668,634
	251,250	Total California						254,338,190
		Colorado – 4.3%
	1,000	Arista Metropolitan District, Colorado, Special Revenue Bonds, Series 2008, 9.250%, 12/01/37		12/15 at 100.00		N/R		553,930
		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		504,855
	905	5.000%, 12/01/26		12/17 at 100.00		N/R		866,782
	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		1,105,304
		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		1,272,228
	2,140	5.250%, 9/15/32 – SYNCORA GTY Insured		9/15 at 100.00		A		2,181,345
	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		2,141,529
	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		3,545,187
	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		1,062,054
	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		2,610,600
	930	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		978,016
	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		3,374,970
	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		1,688,775
		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		1,468,763
	1,375	7.125%, 6/01/47		6/22 at 100.00		N/R		1,483,790
	12,500	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement Communities Inc., Refunding Series 2012A, 5.000%, 12/01/33		12/22 at 100.00		BBB+		13,302,375
	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		A3		818,279
	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		110,544

46 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	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–	$	3,457,950
	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		1,213,069
	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		A3		2,677,234
	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–		1,808,418
	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		566,725
	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		1,059,210
	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		2,155,737
	470	Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.250%, 12/01/17		No Opt. Call		N/R		461,888
	1,730	Denver City and County, Colorado, Airport System Revenue Bonds, Refunding Series 2010A, 5.000%, 11/15/21		11/20 at 100.00		A+		2,027,889
	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		5,524,000
	11,555	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/24 – NPFG Insured		No Opt. Call		AA–		8,475,593
		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
	20	0.000%, 9/01/29 – NPFG Insured		No Opt. Call		AA–		11,409
	395	0.000%, 9/01/30 – NPFG Insured		No Opt. Call		AA–		214,623
	20	0.000%, 9/01/32 – NPFG Insured		No Opt. Call		AA–		9,564
	25	0.000%, 9/01/33 – NPFG Insured		No Opt. Call		AA–		11,240
	9,890	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured		No Opt. Call		AA–		6,280,249
	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		2,342,448
	1,365	Foothills Metropolitan District In the City of Fort Collins, Colorado, Special Revenue Bonds, Series 2014, 6.000%, 12/01/38		12/24 at 100.00		N/R		1,374,064
	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		818,137
	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		2,325,895
	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		4,401,050
		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		2,757,904
	3,010	6.500%, 11/15/38		No Opt. Call		A		4,113,406

Nuveen Investments 47

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
		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	$	1,159,419
	4,265	6.000%, 1/15/41		7/20 at 100.00		Baa3		4,788,443
	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		879,507
	20	University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/26 – FGIC Insured		6/15 at 100.00		Aa2		20,547
	99,777	Total Colorado						100,004,944
		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		BBB+		1,098,810
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Tender Option Bond Trust 1080, 18.104%, 7/01/15 (IF) (5)		No Opt. Call		AAA		1,370,880
	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		1,047,272
	1,800	Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41 (Pre-refunded 4/01/21)		4/21 at 100.00		N/R (4)		2,367,720
	4,687	Total Connecticut						5,884,682
		Delaware – 0.3%
	1,000	Delaware Economic Development Authority, Exempt Facility Revenue Bonds, Indian River Power LLC Project, Series 2010, 5.375%, 10/01/45		10/20 at 100.00		Baa3		1,072,320
	5,000	Delaware Transportation Authority, Transportation System Revenue Bonds, Senior Lien Series 2008, 5.000%, 7/01/19		No Opt. Call		AA+		5,893,350
	650	Wilmington, Delaware, Replacement Housing Factor Fund Securitization Revenue Bonds, Wilmington Housing Authority-Lincoln Towers Project, Series 2011, 5.750%, 7/15/16		1/15 at 100.00		N/R		650,533
	6,650	Total Delaware						7,616,203
		District of Columbia – 0.2%
	4,000	District of Columbia, General Obligation Bonds, Refunding Series 2014D, 5.000%, 6/01/17		No Opt. Call		AA		4,460,120
	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		1,017,780
	5,000	Total District of Columbia						5,477,900
		Florida – 6.7%
		Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A:
	300	5.000%, 11/15/23		No Opt. Call		BBB		335,658
	2,300	5.000%, 11/15/28		11/23 at 100.00		BBB		2,533,473
	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–		1,331,975
	1,000	Boynton Beach, Florida, Revenue Bonds, Charter Schools of Boynton Beach, Series 2012A, 6.800%, 6/01/42 (6)		6/22 at 100.00		CC		600,000
	510	Boynton Village Community Development District, Florida, Special Assessment Bonds, Series 2007-A1, 5.750%, 5/01/37		5/17 at 100.00		N/R		499,606

48 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	500	Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2005, 5.000%, 4/01/34		4/16 at 100.00		A–	$	509,915
	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–		995,844
	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		5,990,435
	1,025	Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26		No Opt. Call		A		1,158,322
	1,000	Clearwater, Florida, Water and Sewer Revenue Bonds, Series 2009A, 5.250%, 12/01/39 – AGC Insured		12/19 at 100.00		AA–		1,139,360
	1,295	Country Greens Community Development District, Florida, Special Assessment Bonds, Series 2003, 6.625%, 5/01/34		11/14 at 100.00		N/R		1,295,945
	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+		5,445,372
	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		3,104,029
	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+		1,046,650
		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2012A:
	1,000	5.500%, 6/15/22		No Opt. Call		N/R		1,031,950
	500	6.000%, 6/15/32		No Opt. Call		N/R		506,665
	1,100	6.125%, 6/15/43		No Opt. Call		N/R		1,108,888
	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		2,262,620
	1,520	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2014A, 6.125%, 6/15/44		6/24 at 100.00		N/R		1,478,413
	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		3,194,469
	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		7,520,732
		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		1,380,199
	1,000	5.000%, 12/01/31		12/22 at 100.00		A2		1,135,290
	3,000	5.000%, 12/01/37		12/22 at 100.00		A2		3,351,300
	1,000	Florida Housing Finance Agency, Housing Revenue Bonds, Stoddert Arms Apartments, Series 1996O, 6.300%, 9/01/36 – AMBAC Insured (Alternative Minimum Tax)		3/15 at 100.00		N/R		1,001,150
		Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006:
	2,250	5.250%, 6/01/26		6/16 at 100.00		BBB+		2,323,440
	375	5.000%, 6/01/38		6/16 at 100.00		BBB+		379,249
	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–		2,110,634
	1,005	JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured		4/15 at 100.00		AA		1,021,603

Nuveen Investments 49

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	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	$	949,272
	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		1,023,300
		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		926,258
	1,375	5.750%, 6/15/42		6/22 at 100.00		BB		1,454,778
	675	Lexington Community Development District, Florida, Special Assessment Revenue Bonds, Series 2004, 6.125%, 5/01/34		5/15 at 100.00		A–		683,168
		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		927,993
	8,000	4.200%, 12/15/25 (Alternative Minimum Tax)		6/20 at 100.00		Ba1		8,199,040
	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		Baa1		2,202,720
	7,020	Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2004A, 5.000%, 10/01/30 – FGIC Insured (Alternative Minimum Tax)		4/15 at 100.00		AA–		7,037,971
	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		1,831,769
	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		2,295,820
	10,000	Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2005, 5.000%, 7/01/33 – AGM Insured		7/15 at 100.00		AA		10,291,600
	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		1,167,670
	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		24,610,231
	1,000	Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 46B, Series 2007A, 5.350%, 8/01/41		8/17 at 100.00		N/R		1,023,140
	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		3,348,313
		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–		579,761
	625	5.000%, 6/01/32		6/21 at 100.00		A–		673,963
	750	5.000%, 6/01/36		6/21 at 100.00		A–		803,768
	750	5.125%, 6/01/42		6/21 at 100.00		A–		806,018
		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)		297,401
	275	5.000%, 1/01/22 (Pre-refunded 1/01/15)		1/15 at 100.00		N/R (4)		277,239
	145	Orange County, Florida, Sales Tax Revenue Bonds, Series 1989, 6.125%, 1/01/19 – FGIC Insured (ETM)		1/15 at 100.00		N/R (4)		171,702

50 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	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–	$	2,711,332
	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–		2,677,028
	1,500	Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%, 10/01/15 – AMBAC Insured (ETM)		No Opt. Call		AA+ (4)		1,497,120
	1,835	Panther Trails Community Development District, Florida, Special Assessment Bonds, Series 2005, 5.600%, 5/01/36		5/15 at 100.00		BB		1,842,340
	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–		2,161,520
	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)		678,834
	2,870	Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27		10/17 at 100.00		BBB–		3,059,736
	875	Stoneybrook Venice Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007, 6.750%, 5/01/38		5/18 at 100.00		N/R		907,498
	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		A3		555,455
	535	Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 – AMBAC Insured		10/18 at 100.00		AA–		573,124
	1,000	Tallahassee, Florida, Consolidated Utility System Revenue Bonds, Series 2005, 5.000%, 10/01/25 – AMBAC Insured		10/15 at 100.00		AA+		1,043,200
	2,820	Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured		10/15 at 100.00		AA		2,933,505
	2,095	Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial Healthcare Inc., Series 2000, 6.375%, 12/01/30		12/14 at 100.00		Baa1		2,102,835
	35	Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33		5/22 at 100.00		Aa2		38,979
	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		121,094
	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		173,495
	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		93,083
	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		15,415
	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		117,449

Nuveen Investments 51

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
		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	$	95,359
	305	6.650%, 5/01/40		5/17 at 100.00		N/R		311,500
	2,815	Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37		5/15 at 100.00		N/R		2,828,202
	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		419,722
	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		265,670
	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		1,588,665
	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		476,492
	148,610	Total Florida						156,664,740
		Georgia – 1.7%
	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		AA		2,077,160
	715	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31		1/19 at 100.00		A2		850,442
	1,550	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 1/01/20		1/19 at 100.00		A2		1,869,610
	140	Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005A, 5.625%, 1/01/16 (Alternative Minimum Tax)		7/15 at 100.00		A–		144,008
	500	Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005B, 5.400%, 1/01/20		7/15 at 100.00		A–		514,475
	495	Atlanta, Georgia, Tax Allocation Bonds, Princeton Lakes Project, Series 2006, 5.500%, 1/01/31		1/16 at 100.00		BBB–		501,093
	7,000	Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured		11/19 at 100.00		AA		8,036,700
	1,000	Augusta, Georgia, Airport Revenue Bonds, General Series 2005C, 5.450%, 1/01/31 (Alternative Minimum Tax)		1/15 at 100.00		Baa2		1,002,000
	3,300	Fulton County Development Authority, Georgia, Local District Cooling Authority Revenue Bonds, Maxon Atlantic Station LLC, Series 2005A, 5.125%, 3/01/26 (Mandatory put 3/01/15) (Alternative Minimum Tax)		9/15 at 100.00		BBB		3,312,738
	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+		11,746,400
	1,100	Georgia Municipal Electric Authority, Senior Lien General Power Revenue Bonds, Series 1993BB, 5.250%, 1/01/25 – NPFG Insured		No Opt. Call		AA–		1,295,591
	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		1,125,680
		Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A:
	955	5.000%, 3/15/22		No Opt. Call		A+		1,108,602
	1,000	5.500%, 9/15/28		No Opt. Call		A		1,212,110
	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		1,772,230

52 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia (continued)
$	1,000	Richmond County Development Authority, Georgia, Revenue Bonds, Augusta State University, Jaguar Student Center Project, Series 2005A, 5.000%, 7/01/29 (Pre-refunded 7/01/15) – SYNCORA GTY Insured		7/15 at 100.00		A1 (4)	$	1,032,200
	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		1,074,290
	34,345	Total Georgia						38,675,329
		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		1,114,503
	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+		2,245,560
	880	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40		7/20 at 100.00		A–		967,014
	1,610	Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)		10/23 at 100.00		BBB		1,855,187
	5,510	Total Guam						6,182,264
		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		1,717,095
	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+		1,127,290
		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		1,239,540
	1,250	9.000%, 11/15/44		11/19 at 100.00		N/R		1,540,988
	4,750	Total Hawaii						5,624,913
		Idaho – 0.6%
	9,125	Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2014A, 4.125%, 3/01/37		3/24 at 100.00		A–		9,280,399
		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		1,173,890
	760	6.250%, 12/01/33		12/18 at 100.00		Aa2		887,270
		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		A+		1,070,490
	1,065	5.000%, 7/15/24 – NPFG Insured		7/16 at 100.00		A+		1,138,560
	12,950	Total Idaho						13,550,609
		Illinois – 9.3%
	2,000	Bensenville, Illinois, General Obligation Bonds, Series 2011A, 5.000%, 12/15/30 – AGM Insured		12/21 at 100.00		AA		2,197,520
	971	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		979,720

Nuveen Investments 53

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		Champaign, Illinois, General Obligation Sales Tax Bonds, Public Safety Series 1999:
$	1,140	8.250%, 1/01/21 – FGIC Insured		No Opt. Call		AA–	$	1,539,160
	1,275	8.250%, 1/01/22 – FGIC Insured		No Opt. Call		AA–		1,740,681
	3,335	Chicago Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Tender Option Bonds Trust 1130, 13.517%, 12/01/24 (IF)		6/16 at 100.00		AAA		4,017,675
	2,100	Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40		12/21 at 100.00		AA		2,360,253
	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–		3,026,168
		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		308,000
	750	0.000%, 2/01/36		2/21 at 100.00		AA		214,710
	4,440	Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33		11/20 at 100.00		AA		4,914,325
	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		2,149,620
	2,500	Harvey, Cook County, Illinois, Tax Increment Allocation Revenue Bonds, Amended Center Street Redevelopment Project Area, Series 2010, 7.500%, 12/01/19		No Opt. Call		N/R		2,777,925
	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–		1,420,774
		Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010:
	900	6.125%, 5/15/27		5/15 at 100.00		BBB–		908,514
	2,000	6.125%, 5/15/27		5/20 at 100.00		BBB–		2,175,460
	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		9,412,344
	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–		1,172,320
	2,195	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/34		9/24 at 100.00		BBB		2,355,279
	1,255	Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39		11/19 at 100.00		AA		1,391,657
	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		1,076,660
	4,050	Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 7.125%, 2/01/34		2/19 at 100.00		Baa3		4,405,104
	4,865	Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 4.250%, 5/15/43		5/22 at 100.00		Baa1		4,708,542
	2,000	Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 5.375%, 8/15/24		8/19 at 100.00		AA+		2,297,540
	2,545	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39		5/20 at 100.00		A		2,898,501
	500	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37		11/17 at 100.00		A		541,540

54 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	1,545	Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35		5/20 at 100.00		AA–	$	1,712,633
	2,900	Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34		8/19 at 100.00		BBB+		3,641,907
		Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A:
	895	5.500%, 7/01/28		7/23 at 100.00		A–		1,037,198
	3,000	6.500%, 7/01/34		7/18 at 100.00		A–		3,322,260
	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+		4,407,389
		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+		1,549,187
	1,665	6.625%, 11/01/39 (UB) (5)		5/19 at 100.00		A+		1,932,133
	6,255	Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37		8/17 at 100.00		A		6,821,078
	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+		10,422,540
	925	Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured		3/20 at 100.00		AA		1,044,584
	4,000	Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41		8/21 at 100.00		AA–		4,630,760
	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–		1,583,862
	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–		1,696,410
	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		2,391,454
	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+		3,750,627
	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+		4,039,840
	255	Illinois Housing Development Authority, Housing Finance Bonds, Series 2006K, 4.600%, 7/01/23		7/16 at 100.00		AA		258,769
	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+		4,041,720
	7,335	Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 6/15/31 – AGM Insured		6/24 at 100.00		AA		8,302,046
	10,000	Illinois State, General Obligation Bonds, April Series 2014, 5.000%, 4/01/25		4/24 at 100.00		A–		11,103,200
		Illinois State, General Obligation Bonds, Series 2012A:
	5,520	5.000%, 3/01/25		3/22 at 100.00		A–		6,012,770
	5,910	5.000%, 3/01/26		3/22 at 100.00		A–		6,389,478
	500	5.000%, 3/01/27		3/22 at 100.00		A–		536,955
		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–		1,974,582

Nuveen Investments 55

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	5,000	Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 5.000%, 6/15/28		6/21 at 100.00		AAA	$	5,636,400
	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		533,290
	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–		2,100,300
	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		570,663
	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		945,385
	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		3,866,300
	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–		6,498,966
	1,845	Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014, 5.000%, 3/01/34 – AGM Insured		3/24 at 100.00		AA		2,021,308
	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		894,965
		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
	3,890	5.250%, 6/01/21		No Opt. Call		A		4,601,909
	3,000	6.250%, 6/01/24		6/16 at 100.00		A–		3,261,810
	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		5,831,547
	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		1,048,920
		University of Illinois, Auxiliary Facilities Systems Revenue Bonds, Series 2013A:
	10,000	4.000%, 4/01/30		4/23 at 100.00		AA–		10,476,800
	5,000	4.000%, 4/01/32		4/23 at 100.00		AA–		5,204,850
	7,405	University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42		10/23 at 100.00		A		8,530,264
	208,846	Total Illinois						217,146,538
		Indiana – 3.7%
	425	Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/32		4/15 at 100.00		BB+		411,783
		Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006:
	1,000	5.125%, 8/01/29 (Pre-refunded 8/01/16)		8/16 at 100.00		N/R (4)		1,083,100
	500	5.250%, 8/01/36 (Pre-refunded 8/01/16)		8/16 at 100.00		N/R (4)		542,640
		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		3,755,887
	5,215	5.250%, 10/15/20		No Opt. Call		A		6,108,069
		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–		3,727,697
	6,465	7.250%, 7/01/43		7/23 at 100.00		BB–		7,059,004

56 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
		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–	$	2,485,132
	5,240	7.250%, 7/01/43		7/23 at 100.00		BB–		5,758,760
	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–		1,434,594
	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		BBB		1,077,380
	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+		3,219,240
	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–		9,547,110
	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		5,394,177
	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		2,991,112
	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–		4,299,607
	500	Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1992A, 6.800%, 12/01/16		No Opt. Call		AA+		532,895
	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		3,947,650
	3,000	Jasper County, Indiana Pollution Control (Northern Indiana Public Service) Commercial Paper, 5.600%, 11/01/16 – NPFG Insured		No Opt. Call		AA–		3,235,980
		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		Baa1		1,677,171
	1,400	5.000%, 4/01/27		4/22 at 100.00		Baa1		1,526,070
	1,560	5.000%, 4/01/29		4/22 at 100.00		Baa1		1,680,994
		Portage, Indiana, Economic Development Revenue Bonds, Ameriplex Project, Series 2006:
	1,000	5.000%, 7/15/23		7/16 at 100.00		A		1,033,140
	775	5.000%, 1/15/27		7/16 at 100.00		A		795,080
	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		7,313,585
	5,000	Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 8.000%, 9/01/41		9/21 at 100.00		N/R		6,048,650
	78,890	Total Indiana						86,686,507
		Iowa – 0.6%
	2,275	Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36		6/20 at 100.00		A2		2,495,971
	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		568,160
	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+		1,543,893

Nuveen Investments 57

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Iowa (continued)
		Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa University Project, Series 2012:
$	965	5.000%, 9/01/33		9/23 at 100.00		BB	$	930,704
	2,405	5.000%, 9/01/43		9/23 at 100.00		BB		2,231,912
	3,905	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		4,254,732
	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		1,108,070
	12,540	Total Iowa						13,133,442
		Kansas – 0.7%
	500	Kansas Department of Transportation, Highway Revenue Bonds, Series 2004B, 5.000%, 9/01/22		9/18 at 100.00		AAA		575,700
	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		Aa2		5,237,980
	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–		3,190,239
	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		2,023,020
	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+		2,562,799
	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		1,322,592
	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+		1,460,919
	15,170	Total Kansas						16,373,249
		Kentucky – 1.0%
		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+		2,853,825
	2,015	6.000%, 6/01/30		6/20 at 100.00		BBB+		2,329,179
	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+		1,683,225
	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–		3,039,210
		Louisville Regional Airport Authority, Kentucky, Airport System Revenue Bonds, Refunding Series 2014A:
	2,685	4.000%, 7/01/18 (Alternative Minimum Tax)		No Opt. Call		A+		2,976,833
	2,750	5.000%, 7/01/19 (Alternative Minimum Tax)		No Opt. Call		A+		3,195,005
	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		1,649,287
	1,000	Paducah, Kentucky, Electric Board Revenue Bonds, Series 2009A, 5.250%, 10/01/35 – AGC Insured		4/19 at 100.00		A3		1,125,900

58 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kentucky (continued)
$	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	$	5,762,350
	21,855	Total Kentucky						24,614,814
		Louisiana – 2.6%
	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–		3,837,559
	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		1,120,870
		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		3,248,250
	800	6.000%, 12/15/37		12/14 at 100.00		N/R		444,680
	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		36,130
	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		31,158,965
	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		1,125,020
	2,000	Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Refunding Series 2009A, 6.000%, 7/01/29		7/19 at 100.00		A+		2,305,960
	675	Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Series 2008B, 5.750%, 7/01/18 – AGC Insured		No Opt. Call		AA		744,674
	200	Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Series 2008B, 5.750%, 7/01/18 (Pre-refunded 7/01/15) – AGC Insured		7/15 at 100.00		AA (4)		207,438
	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		1,574,760
	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		10,487,100
	375	New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44		6/24 at 100.00		A		414,180
	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		3,180,210
	57,120	Total Louisiana						59,885,796
		Maine – 0.7%
		Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011:
	2,000	6.750%, 7/01/36		7/21 at 100.00		BBB–		2,260,240
	10,390	6.750%, 7/01/41		7/21 at 100.00		BBB–		11,659,242
	1,665	Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40		7/20 at 100.00		AA		1,798,949
		Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013:
	460	5.000%, 7/01/26		7/23 at 100.00		BBB+		513,006
	1,000	5.000%, 7/01/27		7/23 at 100.00		BBB+		1,112,060
	15,515	Total Maine						17,343,497

Nuveen Investments 59

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		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+	$	1,082,960
	1,750	5.250%, 9/01/28 – SYNCORA GTY Insured		9/16 at 100.00		BB+		1,801,800
	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–		1,046,450
	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		2,747,176
	6,450	Total Maryland						6,678,386
		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		4,545,098
	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+		6,942,105
	1,035	Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A, 4.875%, 1/01/24		1/23 at 100.00		BBB–		1,146,128
	635	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		662,750
	6,665	Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Bond Trust 3627, 13.706%, 7/01/29 (IF)		7/19 at 100.00		AA		9,367,724
	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		12,220
	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		502,575
	4,550	Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39		7/19 at 100.00		BBB		5,031,390
		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)		1/15 at 100.00		N/R		1,261,651
	700	5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)		1/15 at 100.00		N/R		700,042
	2,335	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2989, 13.494%, 8/01/38 (IF)		8/19 at 100.00		AAA		3,304,772
	33,480	Total Massachusetts						33,476,455
		Michigan – 2.6%
	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+		9,121,517
	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		8,736,210
	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–		5,595,895
	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		882,968
	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		8,545,479

60 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
$	3,040	Kalkaska County Hospital Authority, Michigan, Hospital Revenue Bonds, Series 2007, 5.375%, 5/01/17		No Opt. Call		A–	$	3,288,611
	500	Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health System, Series 2008A, 5.500%, 1/15/47 (Pre-refunded 1/15/15)		1/15 at 100.00		AA (4)		505,405
		Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding Bonds, Detroit Service Learning Academy Project, Series 2011:
	615	6.000%, 10/01/21		No Opt. Call		BB–		637,079
	435	7.000%, 10/01/31		10/21 at 100.00		BB–		464,349
	1,000	7.000%, 10/01/36		10/21 at 100.00		BB–		1,058,720
	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–		853,554
	1,550	Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 5.000%, 10/01/35		10/20 at 100.00		AA		1,668,513
	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		1,271,488
	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		1,364,715
		Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A:
	750	5.375%, 10/15/41		10/21 at 100.00		Aa3		849,743
	2,000	5.500%, 10/15/45		10/21 at 100.00		Aa3		2,278,760
		Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009:
	500	5.625%, 11/15/29		11/19 at 100.00		A–		563,940
	1,480	5.750%, 11/15/39		11/19 at 100.00		A–		1,645,582
	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		1,706,417
	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)		410,640
	1,200	Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/20		No Opt. Call		A1		1,416,060
	6,010	Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.000%, 9/01/29 (Pre-refunded 9/01/18)		9/18 at 100.00		Aaa		7,634,443
	59,275	Total Michigan						60,500,088
		Minnesota – 1.5%
	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–		1,065,610
	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		1,049,120
		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		3,519,750
	3,000	6.625%, 11/15/28		11/18 at 100.00		A		3,551,940
	3,000	Minneapolis, Minnesota, Recovery Zone Facility Revenue Bonds, Mozaic Parking, LLC Project, Series 2010A, 8.500%, 1/01/41		1/21 at 100.00		N/R		3,028,800

Nuveen Investments 61

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Minnesota (continued)
$	95	Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29		11/14 at 100.00		A	$	95,414
		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–		4,695,840
	4,000	6.000%, 11/15/30		11/15 at 100.00		BBB–		4,174,440
	2,000	6.000%, 11/15/35		11/15 at 100.00		BBB–		2,083,840
	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		2,465,859
	8,000	Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 5.000%, 1/01/46		1/24 at 100.00		Aa3		9,105,200
	31,835	Total Minnesota						34,835,813
		Mississippi – 0.2%
	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		5,717,850
		Missouri – 1.4%
	3,185	Bi-State Development Agency, Bi-State MetroLink District, Missouri, St Clair County Metrolink Extension Project Bonds, Refunding Series 2006, 5.250%, 7/01/27 – AGM Insured		No Opt. Call		AA		3,849,391
	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–		2,704,749
	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+		1,389,138
	4,455	Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Tender Option Bond Trust 3604, 13.896%, 5/15/17 (IF)		No Opt. Call		AAA		6,325,432
		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		2,492,850
	7,000	0.000%, 7/15/32 – AGC Insured		No Opt. Call		AA		3,312,960
	6,250	0.000%, 7/15/33 – AGC Insured		No Opt. Call		AA		2,804,625
	7,000	0.000%, 7/15/34 – AGC Insured		No Opt. Call		AA		3,009,440
	6,000	0.000%, 7/15/35 – AGC Insured		No Opt. Call		AA		2,431,620
	2,000	0.000%, 7/15/36 – AGC Insured		No Opt. Call		AA		784,240
	1,661	Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square Redevelopment Project, Series 2008A, 6.300%, 8/22/26		2/15 at 100.00		N/R		1,595,407
	1,437	Saint Louis, Missouri, Tax Increment Financing Revenue Notes, Marquette Building Redevelopment Project, Series 2008-A, 6.500%, 1/23/28		1/15 at 100.00		N/R		1,085,768
	47,708	Total Missouri						31,785,620
		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		2,583,775
		Nebraska – 0.3%
	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		4,316,760

62 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Nebraska (continued)
$	2,750	Nebraska Public Power District, General Revenue Bonds, Series 2008B, 5.000%, 1/01/20		1/18 at 100.00		A1	$	3,093,365
	6,750	Total Nebraska						7,410,125
		Nevada – 0.7%
	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		91,082
	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+		2,251,100
	2,100	Henderson Redevelopment Agency, Nevada, Senior Lien Tax Allocation Bonds, Series 2002A, 5.250%, 10/01/25 – AMBAC Insured		4/15 at 100.00		BBB		2,101,260
		Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A:
	2,000	7.500%, 6/15/23		6/19 at 100.00		BBB–		2,295,740
	1,500	8.000%, 6/15/30		6/19 at 100.00		BBB–		1,734,000
	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+		2,772,200
		Las Vegas, Nevada, Special Improvement District 607 Providence, Local Improvement Refunding Bonds, Series 2013:
	155	4.000%, 6/01/19		No Opt. Call		N/R		160,206
	130	4.000%, 6/01/20		No Opt. Call		N/R		133,888
	965	4.000%, 6/01/21		No Opt. Call		N/R		986,867
	435	5.000%, 6/01/23		No Opt. Call		N/R		470,735
	200	4.250%, 6/01/24		6/23 at 103.00		N/R		203,484
		Sparks Local Improvement District 3, Legends at Sparks Marina, Nevada, Limited Obligation Improvement Bonds, Series 2008:
	610	6.500%, 9/01/20		9/18 at 100.00		N/R		667,505
	1,325	6.750%, 9/01/27		9/18 at 100.00		N/R		1,416,120
	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		462,234
	14,420	Total Nevada						15,746,421
		New Hampshire – 0.4%
	3,500	New Hampshire Business Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2002, 5.200%, 5/01/27 (Alternative Minimum Tax)		5/16 at 101.00		A–		3,688,510
	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)		830,424
	3,305	New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Tender Option Bond Trust 09-7W, 14.216%, 6/01/39 (IF) (5)		6/19 at 100.00		AA+		4,761,943
	7,605	Total New Hampshire						9,280,877
		New Jersey – 2.6%
	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		5,178,427
	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		1,687,307

Nuveen Investments 63

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
		New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
$	1,775	5.000%, 7/01/22 – NPFG Insured		1/15 at 100.00		AA–	$	1,803,791
	1,775	5.000%, 7/01/23 – NPFG Insured		1/15 at 100.00		AA–		1,803,791
		New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:
	1,000	5.125%, 9/15/23 (Alternative Minimum Tax)		3/15 at 100.00		B		1,075,780
	1,650	5.250%, 9/15/29 (Alternative Minimum Tax)		9/22 at 101.00		B		1,754,544
	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		2,358,096
	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		924,821
	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)		2,441,999
	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)		772,926
	1,335	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.797%, 6/01/30 (IF) (5)		6/19 at 100.00		AA		2,013,821
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A:
	2,185	5.250%, 12/15/20		No Opt. Call		A2		2,543,406
	7,000	5.500%, 12/15/23		No Opt. Call		A2		8,349,950
	7,000	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013A, 5.000%, 12/15/19		No Opt. Call		A2		7,985,810
	3,175	New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/26 – AGM Insured		No Opt. Call		AA		3,952,653
		New Jersey Turnpike Authority, Revenue Bonds, Series 2005A:
	3,000	5.000%, 1/01/21 (Pre-refunded 1/01/15) – AGM Insured		1/15 at 100.00		AA (4)		3,024,450
	3,315	5.000%, 1/01/25 (Pre-refunded 1/01/15) – AGM Insured		1/15 at 100.00		AA (4)		3,342,017
	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		1,123,970
	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		4,076,105
	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		2,344,440
		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+		740,020
	2,000	4.750%, 6/01/34		6/17 at 100.00		B2		1,497,140
	53,945	Total New Jersey						60,795,264
		New Mexico – 0.5%
	4,790	Clayton, New Mexico, Appropriation Debt, Jail Project, Series 2006, 4.650%, 11/01/29 – CIFG Insured		11/16 at 100.00		BBB+		4,829,182

64 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Mexico (continued)
$	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–	$	3,204,090
	3,070	New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19)		8/19 at 100.00		Aa3		3,558,928
	685	The Trails Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2008, 7.500%, 10/01/18		No Opt. Call		N/R		689,028
	11,545	Total New Mexico						12,281,228
		New York – 3.9%
		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–		1,236,444
	7,745	6.375%, 7/15/43		1/20 at 100.00		BBB–		8,806,452
	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–		1,901,188
	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		5,723,025
	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		1,695,270
		Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
	2,000	13.603%, 2/15/33 (IF)		2/19 at 100.00		AAA		2,697,620
	2,335	13.592%, 2/15/33 (IF)		2/19 at 100.00		AAA		3,148,584
	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		461,172
	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–		4,242,665
	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–		3,522,720
		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		1,109,520
	1,980	5.000%, 5/01/38		5/21 at 100.00		A–		2,178,515
	4,600	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30		11/15 at 100.00		AA–		4,766,428
		Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014:
	235	5.000%, 7/01/23		No Opt. Call		BBB+		276,515
	300	5.000%, 7/01/24		No Opt. Call		BBB+		354,573
	210	5.000%, 7/01/26		7/24 at 100.00		BBB+		242,439
		New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007:
	3,000	5.750%, 10/01/37 (7)		10/17 at 100.00		N/R		1,108,500
	1,000	5.875%, 10/01/46 (8)		10/17 at 102.00		N/R		363,950
	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		871,263
	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)		12/14 at 100.00		BB		1,500,090

Nuveen Investments 65

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	1,000	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 3484, 18.312%, 6/15/33 (IF) (5)		6/19 at 100.00		AA+	$	1,493,280
	2,180	New York City, New York, General Obligation Bonds, Fiscal 2012 Series A-1, 5.000%, 10/01/15		No Opt. Call		AA		2,276,509
	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		5,097,950
	5	New York City, New York, General Obligation Bonds, Series 1991B, 7.000%, 2/01/18 – AMBAC Insured		2/15 at 100.00		AA		5,028
	11,000	New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 (WI/DD, Settling 11/20/14)		11/24 at 100.00		N/R		11,094,820
	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+		932,966
	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)		146,230
	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		640,349
	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		2,395,895
	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+		3,608,360
	9,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Sixth Series 2014, 4.000%, 10/15/16 (Alternative Minimum Tax)		No Opt. Call		AA–		9,605,430
	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		923,814
	4,250	Sales Tax Asset Receivable Corporation of New York City, New York, Sales Tax Asset Revenue Bonds, Fiscal 2015 Series A, 5.000%, 10/15/17		No Opt. Call		AAA		4,802,500
	1,170	Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic Landing At Southold, Inc. Project, Refunding Series 2010, 5.875%, 12/01/30		12/20 at 100.00		BBB–		1,302,725
	1,400	Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010B, 5.000%, 9/01/20		No Opt. Call		A–		1,645,126
	86,695	Total New York						92,177,915
		North Carolina – 0.6%
	1,780	Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.479%, 7/01/38 (IF) (5)		7/20 at 100.00		AAA		2,570,658
	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		1,017,310
		North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2008, Tender Option Bonds Trust 3248:
	1,920	27.533%, 10/01/21 (IF)		10/16 at 100.00		AA+		3,695,251
	585	27.753%, 10/01/34 (IF)		10/15 at 100.00		AA+		1,009,669
	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–		1,214,650
	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		A3		1,250,270

66 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		North Carolina (continued)
$	1,580	North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Presbyterian Homes, Series 2006B, 5.200%, 10/01/21		10/16 at 100.00		N/R	$	1,660,833
	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		2,267,900
	10,865	Total North Carolina						14,686,541
		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+		2,771,740
		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–		2,165,310
	3,535	5.000%, 12/01/32		12/21 at 100.00		A–		3,823,527
	8,220	Total North Dakota						8,760,577
		Ohio – 3.6%
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
	4,525	5.125%, 6/01/24		6/17 at 100.00		B–		3,789,778
	8,920	5.875%, 6/01/30		6/17 at 100.00		B–		7,337,235
	3,990	5.750%, 6/01/34		6/17 at 100.00		B–		3,158,604
	4,145	5.875%, 6/01/47		6/17 at 100.00		B		3,294,902
		Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:
	3,000	5.250%, 11/01/29		11/20 at 100.00		A–		3,352,410
	2,000	5.750%, 11/01/40		11/20 at 100.00		A–		2,246,240
	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–		3,314,664
	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+		8,661,917
	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		3,617,478
	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–		775,908
	5,820	Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41		11/21 at 100.00		AA		6,959,149
	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		2,349,782
	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		1,054,870
	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		1,621,845
	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–		3,852,800
	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–		2,574,271
	4,000	Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008C, 3.950%, 11/01/32 (Mandatory put 5/01/20) (Alternative Minimum Tax)		No Opt. Call		BBB–		4,084,520

Nuveen Investments 67

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
$	5,000	Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Series 2014, 5.000%, 12/01/20		No Opt. Call		AAA	$	6,034,150
		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		2,499,947
	1,250	5.000%, 12/01/22		No Opt. Call		N/R		1,285,938
	3,000	5.750%, 12/01/32		12/22 at 100.00		N/R		3,092,640
	2,000	6.000%, 12/01/42		12/22 at 100.00		N/R		2,060,500
	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		3,120,630
		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		2,192,120
	2,500	5.000%, 12/01/32		No Opt. Call		Baa2		2,664,025
	83,525	Total Ohio						84,996,323
		Oklahoma – 0.1%
	1,185	Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Norman Public Schools Project, Series 2014, 5.000%, 7/01/19		No Opt. Call		A+		1,375,003
		Oregon – 0.6%
	1,400	Oregon Department of Administrative Services, Certificates of Participation, Series 2009A, 5.250%, 5/01/39		5/19 at 100.00		AA		1,522,150
	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		1,042,710
	1,040	Oregon State Facilities Authority, Revenue Bonds, Concordia University Project, Series 2010A, 6.125%, 9/01/30		9/20 at 100.00		BB+		1,112,717
		Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Mirabella South Waterfront, Refunding Series 2014A:
	875	5.400%, 10/01/44		10/24 at 100.00		N/R		919,100
	1,600	5.500%, 10/01/49		10/24 at 100.00		N/R		1,677,264
	7,155	Port of Portland, Oregon, International Airport Revenue Bonds, Series 2010-20C, 5.000%, 7/01/27 (Alternative Minimum Tax)		7/20 at 100.00		AA–		8,239,412
	13,070	Total Oregon						14,513,353
		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–		1,302,975
	1,000	Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37		3/17 at 100.00		BBB–		1,003,270
	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+		1,114,030
	2,000	Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.125%, 10/01/34		10/18 at 100.00		BBB		2,215,620
	705	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		795,769

68 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	910	Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 17.974%, 8/01/38 (IF) (5)		8/20 at 100.00		AA	$	1,419,291
		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		6,180,088
	500	6.250%, 2/01/35		2/15 at 100.00		N/R		502,630
	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–		4,223,176
	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+		3,651,652
	3,240	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc. Project, Refunding Series 2010A, 0.370%, 4/01/19 (Mandatory put 1/02/15) (Alternative Minimum Tax)		No Opt. Call		BBB+		3,240,194
	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		1,302,972
	1,050	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured		6/16 at 100.00		A+		1,119,111
	15,000	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured		6/26 at 100.00		AA		17,572,500
	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–		500,333
	4,980	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/23 – AGM Insured		3/15 at 100.00		AA		4,998,028
	2,000	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Ninth Series, 2010, 5.000%, 8/01/30		8/20 at 100.00		A–		2,200,300
	150	Philadelphia Redevelopment Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Pavilion Apartments, Series 2003A, 4.250%, 10/01/16 (Alternative Minimum Tax)		4/15 at 100.00		A		150,309
	260	Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured		6/20 at 100.00		AA		279,669
	2,380	Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41		8/20 at 100.00		A+		2,828,559
	8,875	Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Refunding Series 2012, 5.000%, 11/01/28		No Opt. Call		A1		10,283,019
	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		2,616,576
	2,430	Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2005A, 5.000%, 9/01/16 – NPFG Insured		9/15 at 100.00		AA–		2,523,677
	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		Aa1		5,316,376
	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+		3,381,720
	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		1,795,904

Nuveen Investments 69

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	19,300	Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33		No Opt. Call		Baa3	$	19,344,583
		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)		1,274,868
	1,400	5.875%, 1/01/32 (Pre-refunded 1/01/16)		1/16 at 100.00		N/R (4)		1,489,376
	96,635	Total Pennsylvania						104,626,575
		Rhode Island – 0.1%
		Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
	1,855	6.125%, 6/01/32		12/14 at 100.00		BBB+		1,864,331
	1,360	6.250%, 6/01/42		12/14 at 100.00		BBB–		1,359,891
	3,215	Total Rhode Island						3,224,222
		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		715,477
	480	Greenville, South Carolina, Hospital Facilities Revenue Bonds, Series 1990, 6.000%, 5/01/20		No Opt. Call		AA–		554,669
	765	South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2006C-2, 5.500%, 7/01/37 – AGM Insured (Alternative Minimum Tax)		1/15 at 100.00		Aa1		798,645
	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–		2,293,960
	3,945	Total South Carolina						4,362,751
		South Dakota – 0.6%
	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		2,865,250
	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		1,146,370
	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+		2,120,500
	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		7,615,350
	12,250	Total South Dakota						13,747,470
		Tennessee – 1.0%
	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		3,877,245
		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+		595,716
	1,500	6.125%, 10/01/28		10/18 at 100.00		A+		1,742,250

70 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tennessee (continued)
$	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	$	3,285,840
	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		1,103,800
		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+		761,926
	755	5.000%, 7/01/17		7/16 at 100.00		BBB+		801,025
	4,680	5.500%, 7/01/36		7/16 at 100.00		BBB+		4,903,330
	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–		140,470
	1,440	Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Series 2012, 5.000%, 11/01/26		11/21 at 100.00		BBB+		1,604,894
	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+		1,138,790
	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		2,312,140
	1,000	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/21		No Opt. Call		A		1,156,090
	21,410	Total Tennessee						23,423,516
		Texas – 11.9%
	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		5,762,486
	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–		3,882,907
	2,315	Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2008, 5.000%, 9/01/27 – AGM Insured		No Opt. Call		AA		2,582,984
	3,500	Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding Series 2010, 5.000%, 7/01/19		7/17 at 100.00		A+		3,832,955
	1,745	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 5.750%, 1/01/25		1/20 at 100.00		BBB		1,956,599
	3,400	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46		1/21 at 100.00		BBB		3,969,772
	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		2,989,580
	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		1,491,238
	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+		2,244,606

Nuveen Investments 71

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
		Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, School Building & Refunding Series 2014A:
$	2,540	3.000%, 2/15/16 (WI/DD, Settling 11/20/14)		No Opt. Call		AAA	$	2,629,738
	5,885	4.000%, 2/15/17 (WI/DD, Settling 11/20/14)		No Opt. Call		AAA		6,361,920
		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+		4,086,845
	1,500	5.000%, 11/01/25		11/20 at 100.00		A+		1,745,985
	20	Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012B, 5.000%, 11/01/35		11/20 at 100.00		A+		22,277
	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+		1,534,095
	2,500	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		BB–		2,552,500
	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+		1,125,396
	8,575	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		9,266,917
	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)		2,504,640
	5,000	Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured		2/17 at 100.00		AA–		5,199,000
		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G:
	5,000	5.250%, 11/15/21 – NPFG Insured		11/14 at 100.00		AA–		5,015,050
	6,500	5.250%, 11/15/22 – NPFG Insured		11/14 at 100.00		AA–		6,507,020
	7,800	5.250%, 11/15/30 – NPFG Insured		11/14 at 100.00		AA–		7,804,758
	2,500	5.375%, 11/15/41 – NPFG Insured		11/14 at 100.00		AA–		2,501,700
	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		BB–		3,040,830
	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		2,226,804
	335	Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/34		No Opt. Call		A2		380,516
	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		1,456,271
	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		2,980,475
	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		6,144,767
		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		1,047,930
	2,500	5.250%, 11/01/37		11/17 at 100.00		BBB		2,613,425
	5,585	McKinney Independent School District, Collin County, Texas, General Obligation Bonds, Refunding School Building Series 2014, 5.000%, 2/15/16 (WI/DD, Settling 11/18/14)		No Opt. Call		AAA		5,925,964

72 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	6,625	New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing College Station I LLC – Texas A&M University Project, Series 2014A, 4.100%, 4/01/34 – AGM Insured		4/24 at 100.00		AA	$	6,785,259
	3,000	New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, Series 2014A, 5.000%, 4/01/34		4/24 at 100.00		Baa3		3,161,520
	1,250	New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, Tarleton State University Project, Series 2014A, 5.000%, 4/01/34		4/24 at 100.00		BBB–		1,342,338
	4,500	North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Variable Rate Demand Series 2008-E3, 5.750%, 1/01/38 (Mandatory put 1/01/16) (Pre-refunded 1/01/16)		1/16 at 100.00		A2 (4)		4,765,995
	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		2,227,980
		North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
	2,000	5.500%, 9/01/41		9/21 at 100.00		AA+		2,361,860
	10,880	0.000%, 9/01/45		9/31 at 100.00		AA+		10,492,237
	3,000	North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.000%, 1/01/28		1/19 at 100.00		A2		3,529,290
	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		2,317,760
		Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A:
	655	5.000%, 2/01/29		2/24 at 100.00		Baa2		709,935
	1,805	5.000%, 2/01/34		2/24 at 100.00		Baa2		1,917,470
	385	5.125%, 2/01/39		2/24 at 100.00		Baa2		405,101
	525	SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007, 5.500%, 8/01/27		No Opt. Call		A		634,631
		San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Junior Lien Series 2014:
	8,500	5.000%, 2/01/16 (WI/DD, Settling 11/05/14)		No Opt. Call		AA+		8,999,290
	12,010	5.000%, 2/01/17 (WI/DD, Settling 11/05/14)		No Opt. Call		AA+		13,220,848
	10,000	San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Series 2009A, 5.250%, 2/01/25		2/19 at 100.00		Aa1		11,636,900
	4,000	San Antonio, Texas, Electric and Gas System Revenue Bonds, Series 2008, 5.000%, 2/01/25		2/18 at 100.00		Aa1		4,487,360
	5,745	San Antonio, Texas, General Obligation Bonds, General Improvement & Refunding Series 2014, 4.000%, 2/01/31		2/24 at 100.00		AAA		6,193,799
		San Marcos, Texas, General Obligation Bonds, Series 2008:
	1,000	5.000%, 8/15/25 – AGM Insured		8/17 at 100.00		AA		1,103,690
	1,000	5.000%, 8/15/27 – AGM Insured		8/17 at 100.00		AA		1,101,660
	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		1,101,660
	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–		10,219,973
	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		1,667,600

Nuveen Investments 73

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	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	$	1,063,713
	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–		719,954
	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		4,080,820
	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		1,002,685
	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		9,430,200
	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–		8,865,923
	1,000	Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured		8/17 at 100.00		BBB (4)		1,121,810
	6,765	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A, 5.000%, 4/01/20		No Opt. Call		AAA		8,079,845
	1,750	Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust 3479, 17.936%, 2/01/17 (IF)		No Opt. Call		AAA		2,709,350
	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–		19,373,400
		Travis County Health Facilities Development Corporation, Texas, Retirement Facility Revenue Bonds, Querencia Barton Creek, Series 2005:
	1,300	5.500%, 11/15/25		11/15 at 100.00		N/R		1,321,489
	4,100	5.650%, 11/15/35		11/15 at 100.00		N/R		4,150,512
	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+		874,185
	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		2,059,700
	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		550,480
	257,715	Total Texas						279,176,172
		Utah – 0.6%
		Utah State Charter School Finance Authority Charter School Revenue Bonds, Vista at Entrada School of Performing Arts and Technology) Series 2012:
	855	5.600%, 7/15/22		No Opt. Call		BB+		919,638
	850	6.300%, 7/15/32		7/22 at 100.00		BB+		924,741
	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		1,064,780
		Utah State Charter School Finance Authority, Charter School Revenue Bonds, Noah Webster Academy, Series 2008A:
	445	6.250%, 6/15/28		6/17 at 100.00		N/R		451,929
	950	6.500%, 6/15/38		6/17 at 100.00		N/R		965,191

74 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utah (continued)
$	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–	$	1,367,438
	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–		1,139,585
		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+		2,491,588
	3,520	8.000%, 7/15/41		7/21 at 100.00		BB+		4,132,480
	12,140	Total Utah						13,457,370
		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		1,019,630
		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		1,940,072
	1,000	6.250%, 1/01/33		1/21 at 100.00		Ba1		1,064,540
	3,815	Total Vermont						4,024,242
		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		558,750
	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		Baa3		2,858,746
	2,980	Total Virgin Islands						3,417,496
		Virginia – 1.0%
	720	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		721,951
	2,000	Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Bonds, Series 2011C, 5.000%, 10/01/26 (Alternative Minimum Tax)		10/21 at 100.00		AA–		2,290,440
	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		1,808,386
	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–		2,747,480
	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–		5,752,230
		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–		3,845,164
	6,490	5.500%, 1/01/42 (Alternative Minimum Tax)		7/22 at 100.00		BBB–		7,068,389
	25,970	Total Virginia						24,234,040
		Washington – 2.3%
	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+		6,941,085

Nuveen Investments 75

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Washington (continued)
$	960	FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Tender Option Bond Trust 2009-14A&B, 19.603%, 6/01/34 (IF) (5)		6/19 at 100.00		AA	$	1,511,962
	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		2,663,052
		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)		5,156,687
	1,885	5.000%, 1/01/35 (Pre-refunded 1/01/15) – FGIC Insured		1/15 at 100.00		AAA		1,900,363
	2,335	King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.521%, 7/01/32 – AGM Insured (IF) (5)		7/17 at 100.00		AA+		2,948,498
	1,340	Ocean Shores, Washington, Local Improvement District 2007-01 Bonds, 2011, 7.250%, 2/01/31		No Opt. Call		BBB+		1,761,122
	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		2,195,400
	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		4,146,802
		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		3,323,257
	2,435	5.000%, 12/01/42		12/21 at 100.00		Baa3		2,852,870
	1,500	Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A, 5.000%, 11/15/28		5/24 at 100.00		A+		1,759,470
	600	Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1989B, 7.125%, 7/01/16		No Opt. Call		Aa1		667,224
		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		Baa2		2,249,920
	2,000	7.000%, 7/01/39		7/19 at 100.00		Baa2		2,278,520
	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		3,281,730
	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–		1,200,881
	2,340	Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community Refunding, Series 2012, 5.000%, 1/01/48		No Opt. Call		BBB–		2,392,580
	3,335	Washington State, General Obligation Bonds, Tender Option Bond Trust 1121, 13.517%, 7/01/29 (Pre-refunded 7/01/16) – AGM Insured (IF)		7/16 at 100.00		AA+ (4)		4,116,591
	46,925	Total Washington						53,348,014
		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		518,130
	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		1,121,276
	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		1,055,610
	2,520	Total West Virginia						2,695,016

76 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin – 4.4%
$	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–	$	5,905,450
		Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cottonwood Classical Preparatory School in Albuquerque, New Mexico, Series 2012A:
	1,610	6.000%, 12/01/32		No Opt. Call		N/R		1,627,340
	5,000	6.250%, 12/01/42		No Opt. Call		N/R		5,069,250
	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+		1,731,429
		Public Finance Authority, Wisconsin, Charter School Revenue Bonds, Voyager Foundation Inc. of North Carolina, Series 2012A:
	355	5.500%, 10/01/22		No Opt. Call		BB+		386,293
	375	6.000%, 10/01/32		10/22 at 100.00		BB+		396,240
	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–		2,595,940
	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		1,644,383
	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		1,375,540
	3,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/29		11/14 at 100.00		BBB		3,010,770
	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+		15,354,905
	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–		1,073,080
	18,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/32		6/22 at 100.00		A2		20,230,200
	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		AA		7,811,160
	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+		695,918
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A:
	2,980	5.000%, 7/01/34		7/24 at 100.00		BBB+		3,289,741
	2,100	4.350%, 7/01/36		7/21 at 100.00		BBB+		2,124,864
	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–		5,475,204
	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–		2,603,470
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014:
	5,000	5.000%, 12/01/34 (WI/DD, Settling 11/13/14)		12/22 at 102.00		N/R		4,999,800
	4,435	5.000%, 12/01/44 (WI/DD, Settling 11/13/14)		12/22 at 102.00		N/R		4,268,022
	4,225	5.250%, 12/01/49 (WI/DD, Settling 11/13/14)		12/22 at 102.00		N/R		4,161,625
		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014:
	1,880	5.250%, 10/01/39		10/22 at 102.00		N/R		1,893,649
	1,000	5.375%, 10/01/44		10/22 at 102.00		N/R		1,011,250
	3,500	5.500%, 10/01/49		10/22 at 102.00		N/R		3,545,360

Nuveen Investments 77

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)			Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin (continued)
$	1,765	Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A, 5.000%, 7/01/30 (Pre-refunded 7/01/15) – AMBAC Insured				7/15 at 100.00		A1 (4)	$	1,821,233
	96,745	Total Wisconsin								104,102,116
		Wyoming – 0.6%
	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		2,246,600
	4,500	Natrona County, Wyoming, Hospital Revenue Bonds, Wyoming Medical Center Project, Series 2011, 6.350%, 9/15/31				3/21 at 100.00		A3		5,113,800
		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+		888,984
	2,500	6.000%, 12/01/36				12/21 at 100.00		BBB+		2,835,350
	3,650	West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40				6/21 at 100.00		BBB		4,291,962
	13,450	Total Wyoming								15,376,696
$	2,157,128	Total Municipal Bonds (cost $2,060,672,962)								2,274,425,686
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		CORPORATE BONDS – 0.0%
		Transportation – 0.0%
$	137	Las Vegas Monorail Company, Senior Interest Bonds (9), (10)		5.500%		7/15/19		N/R	$	24,611
	37	Las Vegas Monorail Company, Senior Interest Bonds (9), (10)		3.000%		7/15/55		N/R		4,930
$	174	Total Corporate Bonds (cost $13,851)								29,541
		Total Long-Term Investments (cost $2,060,686,813)								2,274,455,227
Principal Amount (000)		Description (1)			Optional Call Provisions (2)		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 0.4%
		MUNICIPAL BONDS – 0.4%
		California – 0.4%
$	6,495	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (10)				No Opt. Call		N/R	$	6,602,817
	630	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (10)				No Opt. Call		N/R		640,458
	960	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (10)				No Opt. Call		N/R		975,936
$	8,085	Total Short-Term Investments (cost $8,085,000)								8,219,211
		Total Investments (cost $2,068,771,813) – 97.5%								2,282,674,438
		Floating Rate Obligations – (0.3)%								(6,525,000	)
		Other Assets Less Liabilities – 2.8%								64,350,193
		Net Assets – 100%							$	2,340,499,631

78 Nuveen Investments

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

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

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

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

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

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

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

(9) 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.

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

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 79

Nuveen Inflation Protected Municipal Bond Fund

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 103.4%
		MUNICIPAL BONDS – 103.4%
		Arizona – 2.5%
$	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+	$	446,152
	50	Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/15 – AGM Insured		No Opt. Call		AA		51,624
	1,110	Pima County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, San Juan Porject, Series 2009A, 4.950%, 10/01/20		No Opt. Call		BBB+		1,254,122
	1,550	Total Arizona						1,751,898
		California – 8.7%
	305	Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.300%, 10/01/23 – AMBAC Insured		No Opt. Call		BBB+		330,327
	1,000	Alameda Corridor Transportation Authority, California, Senior Lien Revenue Refunding Bonds, Series 2013A, 5.000%, 10/01/27 – AGM Insured		10/23 at 100.00		AA		1,185,300
	45	California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008H, 5.125%, 7/01/22 (Pre-refunded 7/01/15)		7/15 at 100.00		A (4)		46,486
	850	California Municipal Finance Authority, Revenue Bonds, University of San Diego, Refunding Series 2012A, 5.000%, 10/01/31		No Opt. Call		A1		955,281
	470	El Camino Community College District, California, General Obligation Bonds, Election of 2002 Series 2012C, 0.000%, 8/01/21		No Opt. Call		Aa1		413,431
	545	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013A, 5.000%, 6/01/21		No Opt. Call		A1		656,104
	960	Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 5.000%, 6/01/21		6/17 at 100.00		B–		945,274
	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		152,723
	15	Port of Oakland, California, Revenue Refunding Bonds, Series 2011-O, 5.000%, 5/01/21 (Alternative Minimum Tax)		No Opt. Call		A+		17,759
	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		907,608
	475	San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 1/15/17 (WI/DD, Settling 11/06/14)		No Opt. Call		BBB–		518,415
	5,595	Total California						6,128,708
		Colorado – 8.7%
	555	Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012A, 5.000%, 11/15/22 (Alternative Minimum Tax)		No Opt. Call		A+		655,594
	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–		1,169,360
	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		1,117,130

80 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	525	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured		No Opt. Call		AA–	$	443,620
	1,000	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/20 – NPFG Insured		No Opt. Call		AA–		875,780
	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		1,339,875
	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		565,570
	5,830	Total Colorado						6,166,929
		Connecticut – 0.3%
	180	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+		183,699
		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		11,563
	260	District of Columbia, Revenue Bonds, Association of Amercian Medical Colleges, Series 2011A, 5.000%, 10/01/24		10/23 at 100.00		A+		307,554
	270	Total District of Columbia						319,117
		Florida – 6.7%
	215	Florida Hurricane Catastrophe Fund, Financial Corporation Revenue Bonds, Series 2010A, 5.000%, 7/01/15 (ETM)		No Opt. Call		AAA		221,981
	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		1,014,210
	500	Jacksonville, Florida, Special Revenue Bonds, Series 20120C, 5.000%, 10/01/22		No Opt. Call		AA–		602,915
	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		1,048,580
	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		499,608
	620	Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/22		No Opt. Call		AA		741,136
	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		583,905
	40	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+		47,147
	4,325	Total Florida						4,759,482
		Georgia – 2.8%
	1,000	Atlanta, Georgia, Tax Allocation Bonds, Princeton Lakes Project, Series 2006, 5.500%, 1/01/31		1/16 at 100.00		BBB–		1,012,310
		Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014:
	188	5.500%, 7/15/23		7/21 at 100.00		N/R		190,980
	374	5.500%, 7/15/30		7/21 at 100.00		N/R		379,477
	410	5.500%, 1/15/36		7/21 at 100.00		N/R		416,473
	1,972	Total Georgia						1,999,240

Nuveen Investments 81

Nuveen Inflation Protected Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois – 12.8%
$	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–	$	292,786
	280	Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2001A, 5.500%, 1/01/30 – NPFG Insured		No Opt. Call		AA–		331,584
	590	IIllinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 12/01/19		No Opt. Call		AA–		697,138
	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		367,736
	325	Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2012A, 5.000%, 3/01/22		No Opt. Call		AA–		386,529
	500	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/21		No Opt. Call		BBB		563,540
	645	Illinois Finance Authority, Revenue Bonds, Lake Forest College, Series 2012A, 5.000%, 10/01/22		No Opt. Call		BBB–		703,747
	1,000	Illinois Finance Authority, State of Illinois Clean Water Initiative Revolving Fund Revenue Bonds, Series 2013, 5.000%, 1/01/21 (5)		No Opt. Call		AAA		1,192,080
		Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014:
	1,000	5.000%, 6/15/26 – AGM Insured		6/24 at 100.00		AA		1,123,630
	1,000	5.250%, 6/15/32 – AGM Insured		6/24 at 100.00		AA		1,128,370
	690	Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/21		No Opt. Call		A–		777,402
	110	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–		105,940
	535	Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 5.000%, 6/01/19		No Opt. Call		A		614,217
	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		792,780
	8,270	Total Illinois						9,077,479
		Indiana – 2.4%
	500	Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/24		5/23 at 100.00		A		587,105
	490	Indiana Finance Authority, Hospital Revenue Bonds, Parkview Health System Obligated Group, Series 2012A, 5.000%, 5/01/22		No Opt. Call		A+		572,227
	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		496,648
	30	Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011A, 5.250%, 10/01/23		10/21 at 100.00		AA		36,038
	1,480	Total Indiana						1,692,018
		Iowa – 3.3%
	1,125	Dubuque, Iowa, General Obligation Bonds, Sales Tax Increment, Second Lien Series 2014, 5.000%, 6/01/25		6/24 at 100.00		Aa2		1,366,110
	1,000	Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg College, Series 2005A, 5.000%, 10/01/23		1/15 at 100.00		BB		1,000,080
	2,125	Total Iowa						2,366,190

82 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kansas – 3.5%
$	600	Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A, 5.000%, 12/01/19		No Opt. Call		Baa1	$	673,452
	1,025	Wyandotte County/Kansas City Unified Government Board of Public Utilities, Kansas, Utility System Revenue Bonds, Improvement Series 2012B, 5.000%, 9/01/23		No Opt. Call		A+		1,210,628
	795	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–		559,251
	2,420	Total Kansas						2,443,331
		Kentucky – 2.0%
	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+		69,458
		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		410,609
	525	6.000%, 12/01/33 – AGC Insured		6/18 at 100.00		AA		570,024
	175	Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Revenue Bonds, Series 2012A, 5.000%, 2/01/27		2/22 at 100.00		AAA		206,124
	130	Kentucky State Property and Buildings Commission, Revenue Bonds, Project 85, Series 2005, 5.000%, 8/01/15 – AGM Insured		No Opt. Call		AA		134,687
	1,270	Total Kentucky						1,390,902
		Louisiana – 4.5%
	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		202,296
	1,000	Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/23		No Opt. Call		A		1,213,230
	500	New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2012, 5.000%, 12/01/27 – AGM Insured		12/22 at 100.00		AA		564,750
	1,015	Regional Transit Authority, Louisiana, Sales Tax Revenue Bonds, Series 2010, 5.000%, 12/01/19 – AGM Insured (5)		No Opt. Call		AA		1,184,069
	2,715	Total Louisiana						3,164,345
		Maine – 0.4%
	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		211,455
	85	Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/23		No Opt. Call		BBB+		98,063
	270	Total Maine						309,518
		Massachusetts – 0.9%
	80	Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series 2011H, 5.000%, 7/01/21		No Opt. Call		BBB+		87,005
	530	Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/21 – AMBAC Insured		1/15 at 100.00		N/R		530,694
	610	Total Massachusetts						617,699

Nuveen Investments 83

Nuveen Inflation Protected Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan – 7.3%
$	85	Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A, 6.000%, 5/01/21 – FGIC Insured		No Opt. Call		Aa2	$	102,345
	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		1,177,510
	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		49,343
	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–		505,081
	420	Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 1997A, 6.000%, 7/01/15 – NPFG Insured		No Opt. Call		AA–		435,368
		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–		216,644
	500	5.000%, 10/01/19 – AGM Insured		No Opt. Call		AA		559,565
	190	5.000%, 10/01/20 – AGM Insured		No Opt. Call		AA		213,771
	1,000	Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, 5.000%, 7/01/23 – AGM Insured		No Opt. Call		AA		1,157,390
	75	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–		77,693
	500	Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/27		No Opt. Call		AAA		582,540
	95	Michigan State, General Obligation Refunding Bonds, Series 2002, 5.500%, 12/01/15		No Opt. Call		Aa2		100,502
	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		10,323
	4,655	Total Michigan						5,188,075
		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		337,750
		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		420,020
		New Jersey – 3.5%
	375	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		394,688
	1,000	New Jersey Educational Facilities Authority, Revenue Bonds, Drew University, Series 2003C, 5.250%, 7/01/20 – FGIC Insured		No Opt. Call		A3		1,153,870
	420	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B, 5.250%, 12/15/15 – AMBAC Insured		No Opt. Call		A2		442,751
	180	New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16		No Opt. Call		A3		192,744
	50	New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 (ETM)		No Opt. Call		A3 (4)		53,641
	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		208,356
	2,235	Total New Jersey						2,446,050

84 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York – 4.6%
$	415	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–	$	450,549
	240	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005C, 5.250%, 11/15/14		No Opt. Call		AA–		240,482
	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		415,739
	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		545,770
	70	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		80,044
	45	Onongada County Trust For Cultural Resources, New York, Revenue Bonds, Syracuse University Project, Series 2011, 5.000%, 12/01/21		No Opt. Call		AA–		54,602
	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) (5)		No Opt. Call		AA–		1,496,513
	2,890	Total New York						3,283,699
		North Carolina – 2.4%
	160	North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University, Series 2012, 5.000%, 3/01/19		No Opt. Call		BBB		183,533
	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		565,701
	795	North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series 2011, 5.000%, 7/01/21 (5)		No Opt. Call		AA		957,760
	1,485	Total North Carolina						1,706,994
		North Dakota – 0.6%
	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–		427,560
		Ohio – 4.1%
	100	Akron, Ohio, Waterworks System Mortgage Revenue Improvement Bonds, Refunding Series 2009, 5.000%, 3/01/17 – AGC Insured		No Opt. Call		A3		110,062
	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–		498,324
	270	Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 – NPFG Insured		No Opt. Call		Aa1		312,954
	1,000	New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C, 5.000%, 10/01/22		No Opt. Call		A1		1,173,830
	715	Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19		No Opt. Call		BBB–		810,839
	2,680	Total Ohio						2,906,009
		Oregon – 1.7%
	1,000	Port of Portland, Oregon, International Airport Revenue Bonds, Series 2014-22, 5.000%, 7/01/24 (Alternative Minimum Tax)		No Opt. Call		AA–		1,199,220

Nuveen Investments 85

Nuveen Inflation Protected Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania – 3.9%
$	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	$	968,738
	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+		756,121
		Pennsylvania Higher Educational Facilities Authority, Philadelphia University Refunding Revenue Bonds, Refunding Series 2013:
	565	5.000%, 6/01/20		No Opt. Call		BBB		637,834
	170	5.000%, 6/01/21		No Opt. Call		BBB		192,753
	180	Pennsylvania, General Obligation Bonds, Refunding 3rd Series 2004, 5.375%, 7/01/16 – NPFG Insured		No Opt. Call		AA–		195,001
	5	Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/24 – AGM Insured		9/22 at 100.00		A+		5,915
	2,405	Total Pennsylvania						2,756,362
		Rhode Island – 1.5%
	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		1,059,984
		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		420,300
		Texas – 3.3%
	365	Central Texas Regional Mobility Authority, Revenue Bonds, Subordinate Lien Refunding Series 2013, 5.000%, 1/01/23		No Opt. Call		BBB–		407,563
	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+		225,079
	855	Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/23 – NPFG Insured		No Opt. Call		AA–		561,573
	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–		88,824
	500	McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, 4.000%, 12/01/21		No Opt. Call		Baa2		518,350
	420	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–		518,267
	2,585	Total Texas						2,319,656
		Utah – 1.6%
	25	Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 2012, 5.000%, 5/15/23		5/21 at 100.00		AA+		29,357
	935	Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/22		No Opt. Call		A1		1,118,671
	960	Total Utah						1,148,028
		Virginia – 1.0%
		Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
	185	0.000%, 7/01/25		No Opt. Call		BBB–		117,760
	690	0.000%, 7/01/26		No Opt. Call		BBB–		415,511

86 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Virginia (continued)
$	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–	$	202,377
	1,060	Total Virginia						735,648
		Washington – 2.5%
	1,000	Issaquah School District 411, King County, Washington, General Obligation Bonds, Refunding Series 2012, 5.000%, 12/01/25 (5)		12/22 at 100.00		Aaa		1,200,620
	500	Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012, 4.000%, 12/01/19		No Opt. Call		Baa3		535,000
	1,500	Total Washington						1,735,620
		West Virginia – 0.3%
	235	Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company, Series 2003L, 0.000%, 10/01/22 (Mandatory put 10/01/18)		No Opt. Call		Baa1		236,779
		Wisconsin – 2.1%
	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–		1,171,807
	260	Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.250%, 5/01/20		5/19 at 100.00		AA–		305,336
	1,275	Total Wisconsin						1,477,143
		Wyoming – 1.3%
	755	Consolidated Wyoming Municipalities Electric Power System Joint Powers Board, Wyoming, Electric Facilities Improvement Lease Revenue Bonds, Gillette Electrical System Project, Series 2014A, 5.000%, 6/01/24		No Opt. Call		A+		918,963
$	67,097	Total Long-Term Investments (cost $71,586,996)						73,094,415
		Other Assets Less Liabilities – (3.4)% (6)						(2,377,819	)
		Net Assets – 100%					$	70,716,596

Investments in Derivatives as of October 31, 2014

Consumer Price Index Swaps outstanding:

Counterparty	Notional Amount		Fund Pay/Receive Floating Rate		Floating Rate Index		Fixed Rate (Annualized)			Fixed Rate Payment Date (7)		Termination Date		Unrealized Appreciation (Depreciation) (6)
Barclays PLC	$	3,000,000		Receive		CPURNSA		2.055	%		9/03/16		9/02/16	$	(44,643	)
Barclays PLC		5,000,000		Receive		CPURNSA		2.600			2/06/18		2/05/18		(237,730	)
Barclays PLC		4,000,000		Receive		CPURNSA		2.560			12/31/18		12/28/18		(211,894	)
Barclays PLC		3,500,000		Receive		CPURNSA		2.509			2/11/19		2/08/19		(158,050	)
Barclays PLC		4,500,000		Receive		CPURNSA		2.645			12/30/19		12/28/19		(279,728	)
Barclays PLC		5,000,000		Receive		CPURNSA		2.693			2/03/20		2/01/20		(307,520	)
Barclays PLC		5,500,000		Receive		CPURNSA		2.645			10/01/21		9/30/21		(282,067	)
Barclays PLC		8,000,000		Receive		CPURNSA		2.777			2/21/22		2/19/22		(578,733	)
Barclays PLC		6,000,000		Receive		CPURNSA		2.773			4/04/23		4/03/23		(424,899	)
JPMorgan		4,000,000		Receive		CPURNSA		2.600			4/25/23		4/24/23		(221,923	)
Morgan Stanley		3,000,000		Receive		CPURNSA		2.468			11/15/16		11/14/16		(81,853	)
Morgan Stanley		3,750,000		Receive		CPURNSA		2.440			9/28/17		9/27/17		(115,472	)
Morgan Stanley		3,800,000		Receive		CPURNSA		2.595			11/06/18		11/05/18		(154,860	)
Morgan Stanley		6,000,000		Receive		CPURNSA		2.714			3/01/21		2/27/21		(383,149	)

Nuveen Investments 87

Nuveen Inflation Protected Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Investments in Derivatives as of October 31,2014(continued)

Consumer Price Index Swaps outstanding (continued):

Counterparty	Notional Amount		Fund Pay/Receive Floating Rate		Floating Rate Index		Fixed Rate (Annualized)			Fixed Rate Payment Date (7)		Termination Date		Unrealized Appreciation (Depreciation) (6)
Morgan Stanley	$	3,000,000		Receive		CPURNSA		2.283	%		9/16/21		9/15/21	$	(55,973	)
Morgan Stanley		3,000,000		Receive		CPURNSA		2.650			8/08/24		8/07/24		(151,599	)
	$	71,050,000												$	(3,690,093	)

Credit Default Swaps outstanding:

Counterparty	Referenced Entity		Buy/Sell Protection (8)		Current Credit Spread (9)			Notional Amount		Fixed Rate (Annualized)			Termination Date		Value		Unrealized Appreciation (Depreciation) (6)
Goldman Sachs		Commonwealth of Puerto Rico		Buy		23.25	%	$	345,000		5.000	%		9/20/19	$	82,739	$	18,485
Goldman Sachs		Commonwealth of Puerto Rico		Buy		24.25			170,000		5.000			12/20/19		41,638		(771	)
								$	515,000						$	124,377	$	17,714

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

(2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.

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

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

(5) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(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.

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

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

(ETM) Escrowed to maturity.

CPURNSA US CPI Urban Consumers Non-Seasonally Adjusted.

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

88 Nuveen Investments

Nuveen Intermediate Duration Municipal Bond Fund

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 99.9%
		MUNICIPAL BONDS – 99.9%
		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	$	3,128,970
	2,290	5.250%, 11/15/20		11/15 at 100.00		Baa2		2,361,631
		Health Care Authority for Baptist Health, Alabama, Revenue Bonds, Baptist Health, Series 2006D:
	1,575	5.000%, 11/15/15		No Opt. Call		A3		1,631,149
	2,935	5.000%, 11/15/16		11/15 at 100.00		A3		3,029,830
	1,130	Huntsville, Alabama, Electric System Revenue Warrants, Refunding Series 2007, 4.000%, 12/01/18 – AGM Insured		12/17 at 100.00		AA+		1,229,542
	2,000	Mobile, Alabama, General Obligation Warrants, Improvement and Refunding Series 2008B, 5.000%, 2/15/20		2/18 at 100.00		Aa2		2,253,040
	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		1,651,712
		University of Alabama, Birmingham, Hospital Revenue Bonds, Birmingham Hospital, Series 2008A:
	1,500	5.000%, 9/01/18		No Opt. Call		A+		1,713,870
	4,000	5.750%, 9/01/22		9/18 at 100.00		A+		4,533,560
	20,075	Total Alabama						21,533,304
		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		3,431,280
	400	Aleutians East Burough Project, Alaska, Revenue Bonds, Series 2006, 4.375%, 6/01/15 – ACA Insured		No Opt. Call		N/R		400,812
	6,000	Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32		12/14 at 100.00		B2		4,801,320
	9,400	Total Alaska						8,633,412
		Arizona – 3.4%
	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		Aa3		4,472,466
		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+		1,415,676
	6,255	5.000%, 2/01/27		2/22 at 100.00		BBB+		6,990,963
		Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A:
	10,270	5.000%, 7/01/25		7/22 at 100.00		A1		11,495,519
	16,235	5.000%, 7/01/26		7/22 at 100.00		A1		18,020,850
	16,760	5.000%, 7/01/27		7/22 at 100.00		A1		18,555,834
	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		153,942

Nuveen Investments 89

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

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	$	2,178,241
		Arizona State, State Lottery Revenue Bonds, Series 2010A:
	5	5.000%, 7/01/17 – AGM Insured		No Opt. Call		AA		5,554
	40	5.000%, 7/01/18 – AGM Insured		No Opt. Call		AA		45,567
	5,145	5.000%, 7/01/19 – AGM Insured		No Opt. Call		AA		5,977,564
	5,015	5.000%, 7/01/20 – AGM Insured		No Opt. Call		AA		5,900,950
	6,130	5.000%, 7/01/21 – AGM Insured		1/20 at 100.00		AA		7,065,867
	7,500	5.000%, 7/01/22 – AGM Insured		1/20 at 100.00		AA		8,561,625
		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		1,070,510
	1,050	5.000%, 7/01/17 – AMBAC Insured		No Opt. Call		Aa3		1,159,799
	6,000	Gilbert, Arizona, Public Facilities Municipal Property Corporation, Revenue Bonds, Series 2009, 5.500%, 7/01/27		7/19 at 100.00		AA		6,942,120
	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–		2,918,129
	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–		2,263,640
	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+		1,541,597
	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		602,533
		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)		316,833
	290	4.750%, 7/01/18 (Pre-refunded 7/01/16) – AGM Insured		7/16 at 100.00		Aa1 (4)		311,463
		Maricopa County Unified School District 60 Higley, Arizona, General Obligation Bonds, School Improvement Project of 2013, Series 2014A:
	1,875	3.375%, 7/01/32		7/24 at 100.00		AA–		1,868,944
	1,940	3.500%, 7/01/33		7/24 at 100.00		AA–		1,948,517
	3,670	Mesa, Arizona, Excise Tax Revenue Bonds, Series 2013, 5.000%, 7/01/27		7/17 at 100.00		AA+		4,039,055
	1,420	Mesa, Arizona, Utility System Revenue Bonds, Refunding Series 2014, 3.250%, 7/01/30		No Opt. Call		Aa2		1,385,508
		Northern Arizona University, System Revenue Bonds, Refunding Series 2014:
	850	5.000%, 6/01/21		No Opt. Call		A+		1,012,342
	375	5.000%, 6/01/22		No Opt. Call		A+		449,081
	500	5.000%, 6/01/23		No Opt. Call		A+		602,340
		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+		2,330,980
	10,370	5.000%, 7/01/40		7/20 at 100.00		A+		11,094,033
	2,650	Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company Project, Series 2013A, 4.000%, 9/01/29		3/23 at 100.00		BBB+		2,716,012
	1,200	Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Refunding Series 2008, 5.750%, 9/01/29		1/15 at 100.00		BBB+		1,207,824
		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		1,084,580
	1,000	4.500%, 7/01/19 – FGIC Insured		7/17 at 100.00		Aa2		1,079,620

90 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	2,670	Pima County, Arizona, Sewer Revenue Bonds, Series 2010, 5.000%, 7/01/24 – AGM Insured		7/20 at 100.00		AA	$	3,111,858
	635	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+		792,455
	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		3,457,290
	3,925	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Tender Option Bond Trust 3284, 13.776%, 6/01/19 (IF)		No Opt. Call		Aa1		6,381,972
	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		1,116,010
	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		1,559,520
	137,635	Total Arizona						155,205,183
		Arkansas – 1.1%
	1,000	Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Series 2013, 5.000%, 12/01/33		12/23 at 100.00		A1		1,132,880
	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		1,564,694
	1,665	Fayetteville, Arkansas, Hotel Motel and Restaurant Gross Receipts Tax & Tourism Revenue Bonds, Refunding Improvement Capital Series 2014, 3.750%, 11/01/39 (WI/DD, Settling 11/19/14) – BAM Insured		11/24 at 100.00		AA		1,630,401
		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		7,301,108
	6,740	4.500%, 11/01/19 – AGM Insured		11/16 at 100.00		AA		7,218,405
		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–		1,364,971
	1,000	5.000%, 10/01/21 – FGIC Insured		10/17 at 100.00		AA–		1,113,260
	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–		4,626,254
		Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax Bonds, Series 2014:
	500	5.000%, 7/01/22		No Opt. Call		A+		601,990
	800	5.000%, 7/01/23		No Opt. Call		A+		959,792
	1,610	5.000%, 7/01/26		7/24 at 100.00		A+		1,912,632
	1,485	5.000%, 7/01/28		7/24 at 100.00		A+		1,735,950
	1,935	5.000%, 7/01/29		7/24 at 100.00		A+		2,256,694
	1,000	5.000%, 7/01/30		7/24 at 100.00		A+		1,159,880
	4,585	5.000%, 7/01/34		7/24 at 100.00		A+		5,235,612
	3,900	4.000%, 7/01/41		7/24 at 100.00		A+		3,991,962
		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		616,193
	1,130	5.000%, 8/01/22 – CIFG Insured		8/17 at 100.00		N/R		1,204,693
	1,185	5.000%, 8/01/23 – CIFG Insured		8/17 at 100.00		N/R		1,258,695
	1,245	5.000%, 8/01/24 – CIFG Insured		8/17 at 100.00		N/R		1,316,899
	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+		1,151,090
	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		1,040,450

Nuveen Investments 91

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arkansas (continued)
		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	$	1,008,980
	1,165	5.000%, 2/01/18		2/15 at 100.00		Baa1		1,174,681
	48,470	Total Arkansas						52,578,166
		California – 7.4%
	1,525	ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, Childrens Hospital & Research Center at Oakland, Refunding Series 2007A, 4.500%, 12/01/18 (Pre-refunded 12/01/17)		12/17 at 100.00		N/R (4)		1,705,667
	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–		1,803,913
		Alameda Corridor Transportation Authority, California, Senior Lien Revenue Refunding Bonds, Series 2013A:
	2,185	5.000%, 10/01/22		No Opt. Call		A		2,647,565
	1,860	5.000%, 10/01/23		No Opt. Call		A		2,269,033
	5,000	5.000%, 10/01/24		10/23 at 100.00		A		6,061,300
	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+		994,216
	1,710	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		1,960,259
	9,060	California Department of Water Resources, Power Supply Revenue Bonds, Series 2010L, 5.000%, 5/01/17		No Opt. Call		Aa2		10,084,867
	1,000	California Educational Facilities Authority, Revenue Bonds, Lutheran University, Series 2004C, 5.000%, 10/01/24 (Pre-refunded 11/04/14)		11/14 at 100.00		Baa1 (4)		1,001,900
	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		7,839,715
	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		573,730
	3,255	California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008H, 5.125%, 7/01/22 (Pre-refunded 7/01/15)		7/15 at 100.00		A (4)		3,362,513
	3,160	California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital of Orange County, Series 2009A, 5.750%, 11/01/18		No Opt. Call		A		3,596,649
	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		1,236,850
	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		1,471,954
	5,000	California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2014A, 4.000%, 8/15/34		8/24 at 100.00		AA		5,182,400
	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		2,696,649
	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		1,629,796
	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		A1		5,856,300
	6,000	California State, Economic Recovery Revenue Bonds, Refunding Series 2009A, 5.250%, 7/01/21		7/19 at 100.00		AA		7,084,620

92 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	2,040	California State, Economic Recovery Revenue Bonds, Refunding Series 2009A, 5.000%, 7/01/20 (Pre-refunded 7/01/19)		7/19 at 100.00		AA (4)	$	2,401,427
	520	California State, General Obligation Bonds, Refunding Series 2007, 5.000%, 8/01/19		2/17 at 100.00		Aa3		569,156
	1,000	California State, General Obligation Bonds, Series 2007, 5.000%, 12/01/23		12/17 at 100.00		Aa3		1,120,010
	15	California State, General Obligation Bonds, Various Purpose Series 2001, 5.000%, 11/01/18		11/14 at 100.00		Aa3		15,060
	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		705,348
	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)		1,170,150
	1,085	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–		1,071,340
	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–		10,662,100
	1,120	Contra Costa County Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2003A, 5.500%, 8/01/23 – RAAI Insured		2/15 at 100.00		BBB+		1,121,792
		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–		3,710,366
	4,095	0.000%, 11/01/28		11/21 at 56.33		BBB–		1,684,642
		Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 2012:
	1,685	5.000%, 1/01/22		No Opt. Call		BBB–		1,853,989
	1,530	5.000%, 1/01/23		No Opt. Call		BBB–		1,695,164
	1,635	5.000%, 1/01/24		No Opt. Call		BBB–		1,800,495
	1,325	5.000%, 1/01/25		No Opt. Call		BBB–		1,455,181
		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		576,340
	2,025	5.000%, 8/01/24		8/18 at 100.00		Aa2		2,315,608
	2,500	East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2014A, 5.000%, 6/01/27		6/24 at 100.00		AAA		3,075,150
	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		2,311,407
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	7,770	5.000%, 6/01/17		No Opt. Call		Aa1		8,418,950
	11,980	4.500%, 6/01/27		6/17 at 100.00		B		11,254,371
	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		832,520
		Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area A & C, Series 2014C:
	1,000	5.000%, 9/01/30		9/24 at 100.00		N/R		1,128,870
	1,015	5.000%, 9/01/32		9/24 at 100.00		N/R		1,136,506
	465	5.000%, 9/01/34		No Opt. Call		N/R		518,759

Nuveen Investments 93

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	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	$	6,755,438
	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		1,223,992
	2,395	Long Beach Financing Authority, California, Revenue Bonds, Series 1992, 6.000%, 11/01/17 – AMBAC Insured		No Opt. Call		N/R		2,501,865
		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2014B:
	660	5.000%, 7/01/24		1/24 at 100.00		AA–		811,721
	1,010	5.000%, 7/01/25		1/24 at 100.00		AA–		1,230,473
	5,000	5.000%, 7/01/43		1/24 at 100.00		AA–		5,669,550
		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2013B:
	490	5.000%, 7/01/19		No Opt. Call		AA		580,003
	1,750	5.000%, 7/01/20		No Opt. Call		AA		2,110,588
		Los Angeles, California, Special Tax Bonds, Community Facilities District 4, Playa Vista Phase I, Series 2014:
	800	5.000%, 9/01/23		No Opt. Call		BBB		961,232
	1,000	5.000%, 9/01/24		No Opt. Call		BBB		1,206,210
	1,250	5.000%, 9/01/25		9/24 at 100.00		BBB		1,493,013
	1,000	5.000%, 9/01/26		9/24 at 100.00		BBB		1,183,040
	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)		416,494
	1,140	Los Angeles, California, Wastewater System Revenue Bonds, Subordinate Lien, Refunding Series 2013A, 5.000%, 6/01/34		No Opt. Call		AA+		1,168,762
		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		2,391,162
	2,145	5.000%, 9/01/22 – AMBAC Insured		9/16 at 100.00		AAA		2,310,380
	2,000	5.000%, 9/01/23 – AMBAC Insured		9/16 at 100.00		AAA		2,154,200
	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		1,175,487
	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		12,759,100
	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		12,759,100
		New Haven Unified School District, California, General Obligation Bonds, Refunding Series 2014A:
	4,400	5.000%, 8/01/26 – BAM Insured		8/24 at 100.00		AA		5,333,724
	3,000	5.000%, 8/01/27 – BAM Insured		8/24 at 100.00		AA		3,608,340
	2,070	5.000%, 8/01/28 – BAM Insured		8/24 at 100.00		AA		2,466,840
	2,250	3.000%, 8/01/30 – BAM Insured		8/24 at 100.00		AA		2,169,743
	2,350	3.125%, 8/01/31 – BAM Insured		8/24 at 100.00		AA		2,284,929
	2,470	3.125%, 8/01/32 – BAM Insured		8/24 at 100.00		AA		2,387,971
	2,000	North Monterey County Unified School District, California, General Obligation Bonds, Election of 2013, Series 2014A, 4.000%, 5/01/44		5/24 at 100.00		A+		2,034,360
	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+		1,148,870

94 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	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		4/15 at 100.00		A1	$	6,007,800
	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+		7,414,800
		Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A:
	1,815	0.000%, 8/01/21 – AGC Insured		No Opt. Call		AA		1,546,180
	2,095	0.000%, 8/01/22 – AGC Insured		No Opt. Call		AA		1,702,271
	4,085	0.000%, 8/01/23 – AGC Insured		No Opt. Call		AA		3,152,109
	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		7,455,980
		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–		2,850,450
	1,120	5.000%, 11/01/19 – NPFG Insured		11/17 at 100.00		AA–		1,260,011
	5,350	Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/34		No Opt. Call		Aa2		2,418,789
	2,900	Rancho Cucamonga Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Rancho Redevelopment Project, Series 2014, 5.000%, 9/01/24		No Opt. Call		AA		3,573,496
	2,410	Riverside County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Refunding Series 2014A, 4.000%, 10/01/37 – AGM Insured		10/24 at 100.00		AA		2,432,630
		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–		822,291
	2,000	0.000%, 10/01/36		No Opt. Call		A–		698,520
	5,000	Sacramento County, California, Airport System Revenue Bonds, Senior Lien Series 20010, 5.000%, 7/01/40		7/20 at 100.00		A		5,614,600
	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)		1,208,760
	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		592,020
		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:
	5,000	5.000%, 1/15/29 (WI/DD, Settling 11/06/14)		1/25 at 100.00		BBB–		5,615,900
	25,000	5.000%, 1/15/34 (WI/DD, Settling 11/06/14)		1/25 at 100.00		BBB–		27,295,750
	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		2,974,592
	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+		985,390
	2,250	Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24		No Opt. Call		AA–		2,864,340
	2,255	Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 (ETM)		No Opt. Call		AA– (4)		2,845,787
	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–		1,143,800
	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)		1,911,780

Nuveen Investments 95

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		Santa Paula Utility Authority, California, Water Enterprise Revenue Bonds, Series 2010:
$	2,510	5.000%, 2/01/28		2/20 at 100.00		A+	$	2,760,373
	2,630	5.000%, 2/01/29		2/20 at 100.00		A+		2,889,660
	2,765	5.000%, 2/01/30		2/20 at 100.00		A+		3,026,735
		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–		2,806,425
	1,200	6.250%, 9/01/29		9/19 at 100.00		A–		1,416,900
		Tulare Local Health Care District, California, General Obligation Bonds, Series 2009B-1:
	1,180	6.000%, 8/01/22		8/19 at 100.00		Baa3		1,380,718
	1,410	6.125%, 8/01/23		8/19 at 100.00		Baa3		1,643,834
	1,585	6.250%, 8/01/24		8/19 at 100.00		Baa3		1,849,505
	1,265	6.375%, 8/01/25		8/19 at 100.00		Baa3		1,478,823
	500	6.500%, 8/01/26		8/19 at 100.00		Baa3		585,340
	2,580	University of California, General Revenue Bonds, Series 2013AI, 5.000%, 5/15/38		5/23 at 100.00		AA		2,946,283
	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		1,115,620
	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–		1,585,430
	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		2,826,270
	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		3,286,650
	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–		1,076,849
	324,905	Total California						341,024,645
		Colorado – 2.8%
	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)		1,332,664
	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–		5,213,267
	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		183,656
	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		1,146,090
	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+		18,006,249
	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		788,198
	1,500	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2008D, 5.125%, 10/01/17		No Opt. Call		A+		1,688,955
	620	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Communities Project, Series 2006A, 5.250%, 1/01/15		No Opt. Call		N/R		622,728
	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		A3		350,948

96 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	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	$	1,518,902
	6,725	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Yampa Valley Medical Center, Series 2007, 5.000%, 9/15/22		9/17 at 100.00		BBB+		7,015,722
	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)		9,158,500
	500	Colorado Health Facilities Authority, Revenue Bonds, Covenant Retirement Communities Inc., Series 2005, 5.000%, 12/01/16		12/15 at 100.00		BBB+		521,020
		Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2006:
	1,000	5.000%, 6/01/16		No Opt. Call		A3		1,064,680
	1,000	5.250%, 6/01/18		6/16 at 100.00		A3		1,057,980
	1,250	Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2007B, 4.250%, 12/01/15 – RAAI Insured		No Opt. Call		Baa2		1,280,900
	1,500	Colorado State Higher Education Capital Construction Lease Purchase Financing Program Certificates of Participation, Series 2008, 5.250%, 11/01/23 (Pre-refunded 11/01/18)		11/18 at 100.00		Aa2 (4)		1,756,500
	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–		1,584,270
	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–		6,597,828
	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)		4,402,545
	11,000	Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32		11/22 at 100.00		A+		12,675,520
		Denver School District 1, Colorado, General Obligation Bonds, Series 2012B:
	6,600	4.000%, 12/01/21		No Opt. Call		AA+		7,543,338
	6,445	4.000%, 12/01/22		No Opt. Call		AA+		7,381,394
	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–		5,188,650
	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–		3,183,500
	1,500	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004C, 5.000%, 9/01/17 – NPFG Insured		No Opt. Call		AA–		1,656,345
		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		1,822,647
	2,215	5.000%, 12/15/21		No Opt. Call		Aa2		2,679,153
	1,530	5.000%, 12/15/22		12/21 at 100.00		Aa2		1,827,922
	255	High Plains Metropolitan District, Colorado, General Obligation Bonds, Series 2005B, 4.375%, 12/01/15		No Opt. Call		BBB		260,225
	2,170	Montrose, Colorado, Enterprise Revenue Bonds, Montrose Memorial Hospital, Series 2003, 5.700%, 12/01/17		12/14 at 100.00		BBB–		2,211,252
	1,000	North Range Metropolitan District 1, Adams County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2007, 4.300%, 12/15/19 – ACA Insured		12/16 at 100.00		N/R		1,010,270
	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)		2,320,853

Nuveen Investments 97

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	725	Platte River Power Authority, Colorado, Power Revenue Bonds, Refunding Series 2007GG, 4.500%, 6/01/17 – AGM Insured		No Opt. Call		AA	$	798,319
		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		1,430,987
	500	5.000%, 12/01/20		No Opt. Call		N/R		537,970
	1,000	Pueblo County School District 60, Pueblo, Colorado, General Obligation Bonds, Refunding Series 2009, 5.000%, 12/15/22		No Opt. Call		Aa2		1,219,870
	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		1,457,831
	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		1,094,662
		Sand Creek Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2010A:
	2,190	4.250%, 12/01/23		12/20 at 100.00		A		2,448,464
	2,030	4.000%, 12/01/24		12/20 at 100.00		A		2,229,671
	1,000	Walker Field Public Airport Authority, Colorado, Airport Revenue Bonds, Series 2007, 5.000%, 12/01/22		12/17 at 100.00		Baa2		1,090,980
	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		1,389,209
	126,090	Total Colorado						128,750,634
		Connecticut – 0.1%
	3,470	Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax)		1/15 at 100.00		A–		3,476,871
		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–		1,021,840
	3,995	5.000%, 7/01/28		7/23 at 100.00		BBB–		4,245,846
	4,995	Total Delaware						5,267,686
		District of Columbia – 0.7%
	3,880	District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/30		10/22 at 100.00		BBB–		4,096,776
		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001:
	3,185	6.250%, 5/15/24		11/14 at 100.00		A1		3,184,650
	2,980	6.500%, 5/15/33		No Opt. Call		Baa1		3,445,834
	10,165	District of Columbia Water and Sewerage Authority, Public Utility Revenue Bonds, Series 1998, 5.500%, 10/01/18 – AGM Insured		4/15 at 100.00		AA+		11,938,894
		District of Columbia, Hospital Revenue Bonds, Sibley Memorial Hospital, Series 2009:
	420	6.500%, 10/01/20		10/19 at 100.00		AA–		517,595
	1,715	6.500%, 10/01/23		10/19 at 100.00		AA–		2,069,508
	825	6.500%, 10/01/24		10/19 at 100.00		AA–		991,997
	3,740	District of Columbia, Revenue Bonds, The Catholic University of America, Series 2010, 5.000%, 10/01/23		10/18 at 100.00		A		4,239,215
	26,910	Total District of Columbia						30,484,469

98 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida – 6.0%
		Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1:
$	1,875	6.000%, 6/01/16		No Opt. Call		A+	$	2,037,938
	2,060	5.500%, 6/01/17		No Opt. Call		A+		2,307,612
		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+		154,215
	3,250	5.000%, 6/01/18		No Opt. Call		A+		3,684,103
	275	5.000%, 6/01/19		No Opt. Call		A+		317,936
		Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1:
	165	5.250%, 6/01/17		No Opt. Call		A+		183,780
	185	4.250%, 6/01/17		No Opt. Call		A+		201,336
	555	4.000%, 6/01/17 – AGM Insured		No Opt. Call		AA		602,253
	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		A+		2,252,319
	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–		2,063,596
	810	Escambia County, Florida, Pollution Control Revenue Bonds, Gulf Power Company, Refunding Series 1997, 0.000%, 7/01/22		No Opt. Call		A		834,567
		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–		12,946,770
	32,990	5.000%, 3/01/17 – NPFG Insured		No Opt. Call		AA–		36,328,258
		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+		91,061
	85	5.000%, 6/01/18		No Opt. Call		A+		96,353
	480	5.000%, 6/01/19		No Opt. Call		A+		554,942
	4,545	5.000%, 6/01/20		No Opt. Call		A+		5,323,649
	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–		3,349,408
	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		2,745,954
	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+		1,562,400
	2,385	Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/26		6/16 at 100.00		BBB+		2,462,846
	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		Aa2		2,130,440
		Jacksonville, Florida, Capital Improvement Refunding Revenue Bonds, Series 2012:
	2,240	5.000%, 10/01/20		No Opt. Call		AA		2,674,538
	2,385	5.000%, 10/01/21		No Opt. Call		AA		2,860,331
	4,605	5.000%, 10/01/27		No Opt. Call		AA		5,392,869
		Jacksonville, Florida, Special Revenue Bonds, Refunding Series 2013C:
	4,275	5.250%, 10/01/27		10/23 at 100.00		AA–		5,105,590
	5,575	5.250%, 10/01/28		10/23 at 100.00		AA–		6,629,065

Nuveen Investments 99

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	5,780	5.250%, 10/01/29		10/23 at 100.00		AA–	$	6,822,943
	8,085	5.250%, 10/01/30		10/23 at 100.00		AA–		9,509,173
		Jacksonville, Florida, Special Revenue Bonds, Series 20120C:
	2,000	5.000%, 10/01/23		No Opt. Call		AA–		2,421,840
	1,920	5.000%, 10/01/24		No Opt. Call		AA–		2,311,699
	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–		2,678,584
		Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2014B:
	2,360	5.000%, 7/01/24		No Opt. Call		A–		2,842,431
	2,220	5.000%, 7/01/25		7/24 at 100.00		A–		2,650,791
	1,750	5.000%, 7/01/26		7/24 at 100.00		A–		2,074,048
	1,250	5.000%, 7/01/27		7/24 at 100.00		A–		1,472,750
		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		1,083,036
	3,000	5.000%, 10/01/21 (Alternative Minimum Tax)		No Opt. Call		A		3,524,070
	5,000	5.000%, 10/01/22 (Alternative Minimum Tax)		No Opt. Call		A		5,900,550
	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		6,837,419
	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–		5,124,800
		Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2010E:
	1,575	4.000%, 4/01/16		No Opt. Call		AA–		1,651,451
	1,975	5.000%, 4/01/21		4/20 at 100.00		AA–		2,273,916
	5,015	5.250%, 4/01/30		4/20 at 100.00		AA–		5,632,447
	5,000	Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Refunding Series 2012B, 5.000%, 10/01/35		10/22 at 100.00		A+		5,552,850
	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		5,740,450
	605	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–		672,185
	1,495	North Brevard County Hospital District, Florida, Revenue Bonds, Parrish Medical Center Project, Refunding Series 2008, 5.500%, 10/01/28 (Pre-refunded 10/01/18)		10/18 at 100.00		N/R (4)		1,759,047
	3,400	Orange County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/25 – AMBAC Insured		8/15 at 100.00		AA		3,518,660
	2,000	Orlando Utilities Commission, Florida, Utility System Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/25		No Opt. Call		AA		2,503,840
	3,015	Orlando-Orange County Expressway Authority, Florida, Expressway Revenue Bonds, Series 2012, 5.000%, 7/01/20		No Opt. Call		A		3,585,287
	2,185	Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH Corporation Obligated Group, Refunding Series 2014, 5.000%, 12/01/31		12/24 at 100.00		BBB		2,455,459
	4,235	Palm Beach County School Board, Florida, Certificates of Participation, Series 2014B, 5.000%, 8/01/22		No Opt. Call		Aa3		5,106,309
	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+		11,796,000

100 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	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	$	11,075,487
	23,175	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		25,551,133
		Tallahassee, Florida, Capital Improvement Revenue Bonds, Series 2014:
	2,880	5.000%, 10/01/32		10/22 at 100.00		Aa2		3,317,098
	3,025	5.000%, 10/01/33		10/22 at 100.00		Aa2		3,472,549
	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+		6,068,040
		Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A:
	585	5.000%, 9/01/22		No Opt. Call		A+		692,008
	2,600	5.000%, 9/01/23		9/22 at 100.00		A+		3,032,536
	1,220	3.125%, 9/01/24		9/22 at 100.00		A+		1,238,788
	1,260	5.000%, 9/01/25		9/22 at 100.00		A+		1,447,816
	1,500	5.000%, 9/01/27		9/22 at 100.00		A+		1,705,920
	1,965	5.000%, 9/01/28		No Opt. Call		A+		2,219,173
	5,500	4.000%, 9/01/33		No Opt. Call		A+		5,688,705
	350	Vero Beach, Florida, Electric Refunding Revenue Bonds, Series 2003A, 4.000%, 12/01/19 – AGM Insured		12/18 at 100.00		A1		382,606
	249,235	Total Florida						278,288,023
		Georgia – 1.5%
		Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B:
	2,010	5.000%, 1/01/23		No Opt. Call		Aa3		2,374,634
	1,500	5.000%, 1/01/28		No Opt. Call		Aa3		1,720,755
		Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Refunding Subordinate Lien Series 2014A:
	11,010	5.000%, 1/01/27		1/24 at 100.00		A+		12,990,038
	4,275	5.000%, 1/01/29		1/24 at 100.00		A+		4,994,825
	6,750	5.000%, 1/01/30		1/24 at 100.00		A+		7,868,813
	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		2,157,800
	2,165	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31		1/19 at 100.00		A2		2,575,116
		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		2,261,120
	3,325	5.000%, 1/01/23		1/22 at 100.00		AA		3,830,699
	5,560	5.000%, 1/01/24		1/22 at 100.00		AA		6,343,293
	8,990	5.000%, 1/01/25		1/22 at 100.00		AA		10,175,421
	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–		1,002,140
	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		1,397,450
	265	Fayette County School District, Georgia, General Obligation Bonds, Deferred Interest Series 2005, 4.250%, 3/01/15 – AGM Insured		No Opt. Call		AA+		268,620

Nuveen Investments 101

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia (continued)
		Forsyth County School District, Georgia, General Obligation Bonds, Series 2014:
$	1,000	5.000%, 2/01/27		No Opt. Call		AA+	$	1,211,790
	1,250	5.000%, 2/01/28		No Opt. Call		AA+		1,504,688
	2,000	Glynn-Brunswick Memorial Hospital Authority, Georgia, Revenue Bonds, Southeast Georgia Health Systems, Anticipation Certificates Series 2008A, 5.250%, 8/01/23		8/18 at 100.00		A2		2,242,440
	2,770	Municipal Gas Authority of Georgia, Gas Revenue Bonds, Gas Portfolio III Project, Series 2014U, 5.000%, 10/01/21		No Opt. Call		AA–		3,324,055
	59,120	Total Georgia						68,243,697
		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–		4,589,383
		Hawaii – 0.1%
	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		5,562,750
	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		1,162,494
	6,025	Total Hawaii						6,725,244
		Idaho – 0.3%
	3,065	Idaho Health Facilities Authority, Revenue Bonds, Trinity Health Group, Refunding Series 2008B, 6.000%, 12/01/23		12/18 at 100.00		Aa2		3,597,973
		Madison County School District 321, Idaho, General Obligation Bonds, Sales Tax and Credit Enhancement Guaranty, Refunding Series 2014B:
	2,455	5.000%, 8/15/20		No Opt. Call		Aaa		2,953,561
	2,595	5.000%, 8/15/21		No Opt. Call		Aaa		3,153,107
	2,710	5.000%, 8/15/22		No Opt. Call		Aaa		3,326,362
		Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006:
	450	5.250%, 9/01/16		No Opt. Call		BB+		474,683
	1,300	5.250%, 9/01/20		9/16 at 100.00		BB+		1,342,718
	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		1,101,660
	13,575	Total Idaho						15,950,064
		Illinois – 9.1%
	1,840	Bolingbrook Park District, Illinois, General Obligation Bonds, Series 2007A, 4.500%, 1/01/17 – CIFG Insured		No Opt. Call		Aa2		1,984,900
		Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A:
	2,800	0.000%, 1/01/30		7/23 at 72.73		A1		1,370,684
	2,550	0.000%, 1/01/31		7/23 at 68.94		A1		1,177,386
	2,750	0.000%, 1/01/32		7/23 at 65.28		A1		1,199,275
	4,000	0.000%, 1/01/33		7/23 at 61.69		A1		1,642,760
	13,235	Chicago Greater Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Unlimited Tax Refunding Series 2006, 5.000%, 12/01/24		6/16 at 100.00		AAA		14,138,553
	5,545	Chicago Park District, Illinois, General Obligation Bonds, Refunding Series 2005B, 5.000%, 1/01/20 (Pre-refunded 1/01/15) – AMBAC Insured		1/15 at 100.00		AA+ (4)		5,590,136

102 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+	$	2,531,978
		Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011:
	3,530	5.250%, 12/01/25		12/21 at 100.00		AA		4,084,951
	3,235	5.250%, 12/01/26		12/21 at 100.00		AA		3,716,853
	7,000	Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/15 – FGIC Insured		No Opt. Call		AA–		6,995,380
	2,000	Chicago, Illinois, General Obligation Bonds, Series 2001A, 5.300%, 1/01/16 – NPFG Insured		No Opt. Call		AA–		2,101,280
	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		1,764,540
	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+		1,565,128
	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		3,960,738
	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		1,084,780
	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–		2,229,368
	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		1,179,524
	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)		502,040
		Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C:
	2,600	5.000%, 11/15/20		No Opt. Call		AA		3,011,372
	2,770	5.000%, 11/15/21		No Opt. Call		AA		3,220,014
	2,400	5.000%, 11/15/22		No Opt. Call		AA		2,806,200
	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)		1,045,230
		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		1,804,526
	2,100	5.875%, 2/01/22		8/18 at 100.00		Aa3		2,435,916
	2,545	5.875%, 2/01/24		8/18 at 100.00		Aa3		2,948,077
	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		2,599,108
		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–		1,072,940
	500	4.125%, 3/01/30 (Mandatory put 3/01/16)		No Opt. Call		AA–		520,175
	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		1,611,452
	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		4,406,000
	13,685	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/27		9/22 at 100.00		BBB		14,787,874

Nuveen Investments 103

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A:
$	1,320	5.000%, 9/01/34		9/24 at 100.00		BBB	$	1,416,386
	365	4.625%, 9/01/39		9/24 at 100.00		BBB		364,978
		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		1,335,996
	1,280	6.000%, 2/01/26 – AMBAC Insured		2/18 at 100.00		A		1,422,976
	500	6.000%, 2/01/28 – AMBAC Insured		2/18 at 100.00		A		554,690
	1,000	Illinois Finance Authority, Revenue Bonds, Franciscan Communities Inc., Refunding Series 2007A, 5.500%, 5/15/27		5/17 at 100.00		BBB–		1,036,590
	465	Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 5.000%, 2/15/15		No Opt. Call		BB–		468,311
	1,000	Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 6.500%, 2/01/23		2/19 at 100.00		Baa3		1,088,740
	4,220	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.000%, 11/15/29		5/19 at 100.00		A		5,085,016
	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–		2,155,640
	9,800	Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25		1/16 at 100.00		Aa3		10,268,146
		Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007:
	500	5.250%, 4/01/22		4/17 at 100.00		BBB		519,680
	3,600	5.400%, 4/01/27		4/17 at 100.00		BBB		3,755,124
	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+		2,346,420
	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+		1,746,975
	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+		5,790,300
	2,000	Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2009A, 5.500%, 2/15/17		No Opt. Call		AA		2,213,480
	600	Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Capitol Appreciation Series 2010B, 0.000%, 5/15/50 (5), (6)		11/14 at 100.00		N/R		6
		Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Refunding Series 2010A:
	700	5.400%, 5/15/17 (5)		11/14 at 100.00		N/R		7
	700	5.500%, 5/15/18 (6)		11/14 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+		3,655,981
	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)		116,727
	1,620	Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.100%, 6/15/16 (Pre-refunded 6/15/15) – AMBAC Insured		6/15 at 101.00		A (4)		1,685,902
		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+		3,173,412
	2,530	5.000%, 6/15/18		12/16 at 100.00		AA+		2,765,847

104 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	9,955	Illinois State, General Obligation Bonds, April Series 2014, 5.000%, 4/01/23		No Opt. Call		A–	$	11,110,278
		Illinois State, General Obligation Bonds, February Series 2014:
	4,000	5.000%, 2/01/23		No Opt. Call		A–		4,459,600
	3,000	5.000%, 2/01/24		No Opt. Call		A–		3,353,010
	4,630	5.000%, 2/01/25		2/24 at 100.00		A–		5,136,152
	4,675	5.000%, 2/01/26		2/24 at 100.00		A–		5,139,415
	6,000	5.000%, 2/01/27		2/24 at 100.00		A–		6,540,120
	555	Illinois State, General Obligation Bonds, Refunding Series 2007B, 5.000%, 1/01/16		No Opt. Call		A–		582,373
		Illinois State, General Obligation Bonds, Refunding Series 2010:
	550	5.000%, 1/01/16		No Opt. Call		A–		577,126
	520	5.000%, 1/01/17		No Opt. Call		A–		562,650
	1,785	5.000%, 1/01/18		No Opt. Call		A–		1,976,013
	6,040	5.000%, 1/01/19 – AGM Insured		No Opt. Call		AA		6,808,469
	5,000	5.000%, 1/01/19		No Opt. Call		A–		5,572,300
		Illinois State, General Obligation Bonds, Refunding Series 2012:
	7,750	5.000%, 8/01/20		No Opt. Call		A–		8,757,035
	6,365	5.000%, 8/01/21		No Opt. Call		A–		7,171,255
	15,265	5.000%, 8/01/22		No Opt. Call		A–		17,135,420
	2,730	5.000%, 8/01/23		No Opt. Call		A–		3,052,413
	270	5.000%, 8/01/25		8/22 at 100.00		A–		294,891
		Illinois State, General Obligation Bonds, Series 2004A:
	2,590	5.000%, 3/01/18		3/15 at 100.00		A–		2,600,023
	805	5.000%, 3/01/22		3/15 at 100.00		A–		807,938
		Illinois State, General Obligation Bonds, Series 2006A:
	1,075	5.000%, 6/01/17		No Opt. Call		A–		1,177,243
	10,000	5.000%, 6/01/18		No Opt. Call		A–		11,148,400
	350	5.000%, 6/01/22		No Opt. Call		A–		372,610
	75	5.000%, 6/01/26		12/16 at 100.00		A–		78,727
	1,405	Illinois State, General Obligation Bonds, Series 2006, 5.000%, 1/01/27		1/16 at 100.00		A–		1,450,269
	1,000	Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34		9/18 at 100.00		A–		1,038,580
		Illinois State, General Obligation Bonds, Series 2012A:
	7,790	4.000%, 1/01/20		No Opt. Call		A–		8,358,748
	12,110	4.000%, 1/01/22		No Opt. Call		A–		12,801,239
		Illinois State, General Obligation Bonds, Series 2013:
	4,200	5.500%, 7/01/25		7/23 at 100.00		A–		4,782,708
	2,760	5.500%, 7/01/26		7/23 at 100.00		A–		3,115,543
	1,000	5.500%, 7/01/27		7/23 at 100.00		A–		1,122,120
		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2014A:
	1,685	5.000%, 12/01/21		No Opt. Call		AA–		2,028,369
	3,335	5.000%, 12/01/22		No Opt. Call		AA–		4,033,482
	4,085	5.000%, 1/01/33		1/23 at 100.00		AA–		4,661,598
		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014B:
	11,000	5.000%, 1/01/36		1/24 at 100.00		AA–		12,408,000
	6,000	5.000%, 1/01/37		1/24 at 100.00		AA–		6,762,960
		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+		12,200,338

Nuveen Investments 105

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	1,000	9.000%, 1/01/23 – AGM Insured		No Opt. Call		AA+	$	1,459,350
	5,150	9.000%, 1/01/25 – AGM Insured		No Opt. Call		AA+		8,014,430
	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–		3,660,176
	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		1,880,340
		McCook, Illinois, General Obligation Bonds, Series 2008:
	500	5.000%, 12/01/26		12/18 at 100.00		BBB		564,080
	1,000	5.100%, 12/01/28		12/18 at 100.00		BBB		1,123,980
	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		1,114,020
	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		1,639,395
	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+		1,617,398
	1,500	Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014, 5.000%, 3/01/29 – AGM Insured		No Opt. Call		AA		1,668,285
		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		331,813
	275	5.000%, 10/01/24		10/22 at 100.00		Baa1		305,709
		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
	7,610	5.250%, 6/01/21		No Opt. Call		A		9,002,706
	11,125	5.500%, 6/01/23		6/21 at 100.00		A–		13,031,158
		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		1,128,870
	1,100	5.000%, 10/01/22		10/19 at 100.00		AA		1,238,127
	1,680	School District 122, Winnebago County, Illinois, Capital Appreciation Bonds, Series 1998, 0.000%, 1/01/17 – AGM Insured		No Opt. Call		A2		1,634,892
	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)		1,304,107
	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		1,117,630
	2,000	Southwestern Illinois Development Authority, Revenue Bonds, Anderson Hospital, Series 2006, 5.125%, 8/15/26		2/17 at 100.00		BBB–		2,037,060
	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–		1,079,800
		Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source, Series 2012:
	3,205	4.000%, 11/01/21		No Opt. Call		A+		3,556,813
	2,830	4.000%, 11/01/22		No Opt. Call		A+		3,132,046
	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		Aa3		2,941,750

106 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	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	$	3,695,889
		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		624,992
	1,005	5.750%, 6/01/25		6/18 at 100.00		AA		1,153,901
	335	5.750%, 6/01/26		6/18 at 100.00		AA		384,000
		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)		381,378
	85	5.750%, 6/01/26 (Pre-refunded 6/01/18)		6/18 at 100.00		N/R (4)		99,745
	8,585	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		9,663,448
		Winnebago-Boone Counties School District 205, Illinois, General Obligation Bonds, Series 2013:
	4,070	0.000%, 2/01/25		No Opt. Call		AA–		2,862,472
	3,340	0.000%, 2/01/26		No Opt. Call		AA–		2,212,583
	391,415	Total Illinois						418,896,233
		Indiana – 2.6%
	710	Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/17		4/15 at 100.00		BB+		731,967
	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		1,086,520
	540	Carmel Redevelopment Authority, Indiana, County Option Income Tax Lease Rental Revenue Bonds, Refunding Series 2014A, 4.000%, 1/01/18		No Opt. Call		AA		593,654
		Carmel Redevelopment Authority, Indiana, County Option Income Tax Lease Rental Revenue Bonds, Refunding Series 2014B:
	500	5.000%, 7/01/17		No Opt. Call		AA		557,475
	500	4.000%, 1/01/18		No Opt. Call		AA		549,680
	1,000	4.000%, 1/01/19		No Opt. Call		AA		1,117,560
	435	5.000%, 1/01/20		No Opt. Call		AA		512,665
	1,000	5.000%, 7/01/20		No Opt. Call		AA		1,188,560
	500	5.000%, 1/01/21		No Opt. Call		AA		595,395
		Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A:
	1,440	3.500%, 10/01/26		10/23 at 100.00		BBB+		1,418,904
	500	5.000%, 10/01/29		10/23 at 100.00		BBB+		552,970
	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		5,992,169
	6,275	Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax)		9/24 at 100.00		BBB		6,961,046
	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		6,275,783
		Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A:
	810	5.000%, 10/01/21		No Opt. Call		AA		971,004
	675	5.000%, 10/01/22		No Opt. Call		AA		812,977
	600	5.000%, 10/01/23		No Opt. Call		AA		727,092

Nuveen Investments 107

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
$	600	5.000%, 10/01/24		No Opt. Call		AA	$	733,518
	1,200	5.000%, 10/01/25		10/24 at 100.00		AA		1,450,884
	1,710	5.000%, 10/01/26		10/24 at 100.00		AA		2,044,784
	8,000	Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, First Lien Series 2014A, 2.950%, 10/01/22		7/22 at 100.00		A		8,249,040
		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–		5,040,541
	540	5.250%, 2/15/40		2/16 at 100.00		AA–		555,881
		Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2013A:
	2,750	5.250%, 1/01/33		7/23 at 100.00		A+		3,179,248
	2,500	5.250%, 1/01/34		7/23 at 100.00		A+		2,877,975
	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–		3,375,848
	5,000	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2007B, 5.250%, 7/01/23 – NPFG Insured		No Opt. Call		AA–		6,013,550
		Indianapolis, Indiana, Gas Utility Distribution System Revenue Bonds, Refunding 2nd Lien Series 2013A:
	7,900	5.250%, 8/15/28		8/23 at 100.00		AA–		9,287,319
	10,000	5.250%, 8/15/29		8/23 at 100.00		AA–		11,722,300
		Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series 2014A:
	500	5.000%, 10/01/27		10/24 at 100.00		A		586,855
	720	5.000%, 10/01/28		10/24 at 100.00		A		838,346
	1,000	5.000%, 10/01/29		10/24 at 100.00		A		1,161,580
	1,360	5.000%, 10/01/31		10/24 at 100.00		A		1,562,205
	1,215	5.000%, 10/01/33		10/24 at 100.00		A		1,387,895
	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–		3,413,019
		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		Baa1		1,911,979
	940	5.000%, 4/01/22		No Opt. Call		Baa1		1,069,711
	2,015	5.000%, 4/01/24		4/22 at 100.00		Baa1		2,243,239
		Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012:
	500	4.000%, 2/01/17		No Opt. Call		N/R		515,325
	500	4.000%, 8/01/17		No Opt. Call		N/R		516,940
	500	4.250%, 2/01/18		No Opt. Call		N/R		520,685
	500	4.250%, 8/01/18		No Opt. Call		N/R		521,595
	500	4.500%, 2/01/19		No Opt. Call		N/R		525,130
	500	4.500%, 8/01/19		No Opt. Call		N/R		525,400
	500	4.750%, 2/01/20		No Opt. Call		N/R		529,930
	500	4.750%, 8/01/20		No Opt. Call		N/R		529,975
	250	4.750%, 2/01/21		No Opt. Call		N/R		262,480
	500	4.750%, 8/01/21		No Opt. Call		N/R		523,550
	500	5.000%, 2/01/22		No Opt. Call		N/R		529,165
	500	5.000%, 8/01/22		2/22 at 100.00		N/R		525,975
	500	5.000%, 8/01/23		2/22 at 100.00		N/R		521,785
	500	5.000%, 2/01/24		2/22 at 100.00		N/R		518,335

108 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
$	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+	$	1,353,100
	1,245	Southwind Housing Inc., Evansville, Indiana, First Mortgage Revenue Bonds, Series 1978A, 7.125%, 11/15/21 (ETM)		5/15 at 100.00		N/R (4)		1,504,271
	5,210	St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005, 5.000%, 2/15/17 (7)		2/15 at 100.00		N/R		429,304
		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		474,633
	230	5.550%, 5/15/19		11/14 at 100.00		N/R		230,474
		Vanderburgh County, Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014:
	1,000	5.000%, 2/01/25		8/24 at 100.00		A		1,184,570
	1,000	5.000%, 2/01/26		8/24 at 100.00		A		1,168,770
	1,805	5.000%, 2/01/27		8/24 at 100.00		A		2,099,973
	1,750	5.000%, 2/01/29		8/24 at 100.00		A		2,008,020
	2,700	5.000%, 2/01/31		8/24 at 100.00		A		3,076,245
	111,060	Total Indiana						119,946,768
		Iowa – 1.6%
		Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011:
	1,000	5.250%, 6/15/25		6/20 at 100.00		A2		1,127,610
	2,000	5.250%, 6/15/26		6/20 at 100.00		A2		2,244,160
	3,135	5.250%, 6/15/27		6/20 at 100.00		A2		3,502,485
	2,000	5.375%, 6/15/28		6/20 at 100.00		A2		2,242,900
	2,035	5.500%, 6/15/29		6/20 at 100.00		A2		2,295,215
	1,000	5.500%, 6/15/30		No Opt. Call		A2		1,126,220
		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		2,073,665
	1,890	5.000%, 1/01/24 – AGM Insured		1/21 at 100.00		AA		2,129,047
	1,520	5.000%, 1/01/25 – AGM Insured		1/21 at 100.00		AA		1,699,451
	1,000	5.000%, 1/01/26 – AGM Insured		1/21 at 100.00		AA		1,112,090
	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		11,237,700
		Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A:
	4,460	5.250%, 7/01/15		No Opt. Call		BB+		4,559,280
	2,000	5.250%, 7/01/16		No Opt. Call		BB+		2,103,600
	820	5.000%, 7/01/19		7/16 at 100.00		BB+		849,077
		Iowa Finance Authority, Healthcare Revenue Bonds, Genesis Health System, Series 2013:
	8,655	5.000%, 7/01/27		7/23 at 100.00		A1		9,910,235
	6,820	5.000%, 7/01/28		7/23 at 100.00		A1		7,759,046
	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–		9,250,502
	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		1,291,563

Nuveen Investments 109

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Iowa (continued)
		Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg College, Series 2005A:
$	925	4.700%, 10/01/16		4/15 at 100.00		BB	$	925,777
	1,100	4.750%, 10/01/17		4/15 at 100.00		BB		1,100,814
	1,155	4.800%, 10/01/18		4/15 at 100.00		BB		1,155,705
	2,000	Iowa State, Special Obligation Bonds, Prison Infrastructure Fund, Refunding Series 2010, 4.500%, 6/15/22		6/20 at 100.00		AA		2,264,360
	65,235	Total Iowa						71,960,502
		Kansas – 1.4%
	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		16,889,083
	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		10,263,800
	1,745	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		1,951,434
	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		1,462,563
	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		Aa2		2,577,982
	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		Aa2		3,481,324
	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–		2,035,352
	1,000	Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2008, 5.125%, 9/01/21		9/17 at 100.00		A+		1,090,400
		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		766,048
	820	5.750%, 11/15/15		No Opt. Call		N/R		847,068
	70	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		71,024
	10,050	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)		12,324,717
		Wyandotte County/Kansas City Unified Government Board of Public Utilities, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2014A:
	1,000	5.000%, 9/01/21		No Opt. Call		A+		1,189,860
	660	5.000%, 9/01/22		No Opt. Call		A+		788,522
	1,500	5.000%, 9/01/23		No Opt. Call		A+		1,797,930
	12,865	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–		9,050,013
	65,560	Total Kansas						66,587,120
		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+		2,752,869

110 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kentucky (continued)
$	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	$	8,833,496
	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		5,227,487
	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		23,798,997
	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		489,376
	7,000	Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/28		6/21 at 100.00		Aa3		8,017,590
	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		1,254,674
		Louisville Regional Airport Authority, Kentucky, Airport System Revenue Bonds, Refunding Series 2014A:
	1,320	5.000%, 7/01/26 (Alternative Minimum Tax)		7/24 at 100.00		A+		1,569,968
	3,280	5.000%, 7/01/28 (Alternative Minimum Tax)		7/24 at 100.00		A+		3,825,300
	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–		4,488,024
	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		10,374,012
	1,990	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		2,050,655
		University of Kentucky, General Receipts Bonds, Series 2014A:
	2,265	5.000%, 4/01/17		No Opt. Call		Aa2		2,509,824
	2,380	5.000%, 4/01/18		No Opt. Call		Aa2		2,715,842
	3,580	5.000%, 4/01/20		No Opt. Call		Aa2		4,256,190
		University of Kentucky, General Receipts Bonds, Series 2014B:
	1,435	5.000%, 4/01/17		No Opt. Call		Aa2		1,590,109
	1,665	5.000%, 4/01/20		No Opt. Call		Aa2		1,979,485
	77,190	Total Kentucky						85,733,898
		Louisiana – 2.7%
	425	Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Refunding Series 2012, 5.000%, 6/01/24 – AGM Insured		6/22 at 100.00		AA		493,565
		Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B:
	12,280	5.000%, 6/01/15 – AMBAC Insured		No Opt. Call		A–		12,622,121
	1,330	5.000%, 6/01/17 – AMBAC Insured		6/16 at 100.00		A–		1,421,903
	40	5.000%, 6/01/21 – AMBAC Insured		6/16 at 100.00		A–		42,580
	165	5.000%, 6/01/22 – AMBAC Insured		6/16 at 100.00		A–		175,352
	180	Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006-C1, 5.875%, 6/01/23		6/18 at 100.00		AA		207,997
	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		5,816

Nuveen Investments 111

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana (continued)
		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–	$	2,637,066
	1,525	5.000%, 2/01/29		2/24 at 100.00		AA–		1,763,708
	2,000	5.000%, 2/01/30		2/24 at 100.00		AA–		2,297,400
		Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007A:
	2,000	6.750%, 12/15/37 (7)		12/17 at 100.00		N/R		1,299,300
	320	6.000%, 12/15/37		12/14 at 100.00		N/R		177,872
	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		16,676
		Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
	2,015	5.000%, 5/15/16		No Opt. Call		Baa1		2,126,651
	5,155	5.000%, 5/15/20		5/17 at 100.00		Baa1		5,535,078
		Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A:
	1,000	5.000%, 7/01/22		No Opt. Call		A		1,204,760
	2,750	5.000%, 7/01/29		7/23 at 100.00		A		3,174,848
	5,000	5.000%, 7/01/31		7/23 at 100.00		A		5,714,900
	3,835	5.000%, 7/01/32		7/23 at 100.00		A		4,345,937
		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)		2,835,618
	5,500	5.000%, 5/01/24 (Pre-refunded 5/01/15) – FGIC Insured		5/15 at 100.00		Aa1 (4)		5,633,595
	7,265	5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured		5/15 at 100.00		Aa1 (4)		7,441,467
	22,115	Louisiana State, General Obligation Bonds, Series 2012A, 5.000%, 8/01/26		8/22 at 100.00		Aa2		26,358,205
		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–		1,335,335
	5,070	5.000%, 9/01/31		9/23 at 100.00		AA–		5,752,574
	4,000	5.000%, 9/01/32		9/23 at 100.00		AA–		4,528,640
		New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2012:
	4,140	5.000%, 12/01/19		No Opt. Call		A3		4,757,522
	3,940	5.000%, 12/01/20		No Opt. Call		A3		4,555,704
	5,400	5.000%, 12/01/21		No Opt. Call		A3		6,248,772
		New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014:
	1,100	5.000%, 6/01/20		No Opt. Call		A		1,282,831
	100	5.000%, 6/01/24		No Opt. Call		A		117,894
	500	5.000%, 6/01/25		6/24 at 100.00		A		578,050
	500	5.000%, 6/01/26		6/24 at 100.00		A		573,585
	500	5.000%, 6/01/27		6/24 at 100.00		A		570,845
	330	5.000%, 6/01/28		6/24 at 100.00		A		373,877
	570	5.000%, 6/01/29		6/24 at 100.00		A		643,792
	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+		547,955
	5,000	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		5,393,100
	112,790	Total Louisiana						124,792,891

112 Nuveen Investments

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	$	319,757
		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–		1,130,120
	3,850	6.750%, 7/01/41		7/21 at 100.00		BBB–		4,320,316
	630	Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2007B, 4.125%, 7/01/18 – FGIC Insured		1/18 at 100.00		AA		690,486
	110	Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2007B, 4.125%, 7/01/18 (Pre-refunded 1/01/18) – FGIC Insured		1/18 at 100.00		A1 (4)		121,631
		Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013:
	500	4.000%, 7/01/18		No Opt. Call		BBB+		543,400
	225	4.000%, 7/01/20		No Opt. Call		BBB+		246,591
	290	5.000%, 7/01/22		No Opt. Call		BBB+		335,257
	6,925	Total Maine						7,707,558
		Maryland – 0.9%
	5,000	Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2012, 5.000%, 8/01/21		No Opt. Call		AAA		6,098,750
		Baltimore, Maryland, Revenue Bonds, Water Projects, Series 2013A:
	500	5.000%, 7/01/21		No Opt. Call		AA		603,065
	1,210	5.000%, 7/01/22		No Opt. Call		AA		1,473,562
	1,000	5.000%, 7/01/26		1/24 at 100.00		AA		1,205,470
	1,715	5.000%, 7/01/27		1/24 at 100.00		AA		2,056,491
	160	Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 5.875%, 7/01/16		1/15 at 100.00		Aa2		160,531
	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		270,130
	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		2,270,500
		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2014:
	7,750	5.000%, 7/01/24 (WI/DD, Settling 11/19/14)		No Opt. Call		BBB		9,059,750
	10,325	5.250%, 7/01/25 (WI/DD, Settling 11/19/14)		7/24 at 100.00		BBB		12,190,315
	2,475	Maryland State, General Obligation Bonds, State & Local Facilities Loan, First Series 2011A, 5.000%, 3/15/19		No Opt. Call		AAA		2,899,166
	1,990	Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2009B, 5.250%, 8/15/16		No Opt. Call		AAA		2,164,762
	700	Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006, 4.000%, 11/01/15		No Opt. Call		BBB+		719,768
	35,075	Total Maryland						41,172,260
		Massachusetts – 2.0%
	14,175	Boston Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Senior Lien Series 2014A, 3.625%, 11/01/44		No Opt. Call		AA+		14,057,064
	2,680	Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21 – FGIC Insured		No Opt. Call		AA+		3,191,264

Nuveen Investments 113

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Massachusetts (continued)
$	10,000	Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Refunding Senior Lien Series 2004B, 5.250%, 7/01/20		No Opt. Call		AAA	$	12,142,000
	500	Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Series 2014A, 5.000%, 7/01/22		No Opt. Call		AAA		612,905
	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		2,632,700
		Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007:
	1,040	5.000%, 10/01/17		No Opt. Call		N/R		1,109,347
	515	5.000%, 10/01/18		10/17 at 100.00		N/R		545,174
	450	5.250%, 10/01/37		4/15 at 101.00		N/R		454,604
		Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University, Series 2010:
	915	4.500%, 7/01/21		7/20 at 100.00		Baa2		992,482
	1,765	4.500%, 7/01/22		7/20 at 100.00		Baa2		1,897,216
	1,705	4.625%, 7/01/23		7/20 at 100.00		Baa2		1,860,428
	980	Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 4.800%, 1/01/17 (Alternative Minimum Tax)		1/15 at 100.00		AA		1,043,602
	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		2,073,640
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Springfield College, Series 2010:
	500	5.125%, 10/15/22		10/19 at 100.00		Baa1		556,435
	2,595	5.500%, 10/15/26		10/19 at 100.00		Baa1		2,894,152
	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		3,543,510
		Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:
	330	5.500%, 1/01/15 – AMBAC Insured (Alternative Minimum Tax)		No Opt. Call		N/R		330,244
	140	5.500%, 1/01/17 – AMBAC Insured (Alternative Minimum Tax)		1/15 at 100.00		N/R		140,183
	50	5.200%, 1/01/20 – AMBAC Insured (Alternative Minimum Tax)		1/15 at 100.00		N/R		50,066
	1,465	5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)		1/15 at 100.00		N/R		1,465,088
	10,000	Massachusetts State, 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)		10,040,400
	27,360	Massachusetts State, General Obligation Bonds, Series 2004C, 5.500%, 12/01/16 – AGM Insured		No Opt. Call		AA+		30,248,942
	1,400	Springfield, Massachusetts, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/20 – AGM Insured		2/17 at 100.00		AA		1,507,282
	86,065	Total Massachusetts						93,388,728
		Michigan – 3.9%
	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		864,142
		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		1,857,237
	2,650	0.000%, 7/01/23		No Opt. Call		BB		1,499,423
	2,880	0.000%, 7/01/24		No Opt. Call		BB		1,518,826

114 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
$	7,780	Detroit, Michigan, General Obligation Bonds, Series 2004B-1, 5.250%, 4/01/17 – AMBAC Insured		4/15 at 100.00		Caa3	$	7,746,935
	1,195	Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 3.625%, 12/01/32		12/24 at 100.00		A+		1,201,238
	2,675	Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist Hospital, Refunding Series 2003A, 5.000%, 5/15/20 – AGM Insured		5/18 at 100.00		AA		3,020,048
	2,400	Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-7, 5.000%, 7/01/32 – NPFG Insured		7/24 at 100.00		AA–		2,634,120
		Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012:
	1,535	5.000%, 6/01/17		No Opt. Call		A+		1,681,071
	800	4.000%, 6/01/17		No Opt. Call		A+		852,688
	2,220	5.000%, 6/01/18		No Opt. Call		A+		2,484,824
	1,900	5.000%, 6/01/19		No Opt. Call		A+		2,161,516
		Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B:
	15,250	5.000%, 7/01/21		7/18 at 100.00		AAA		17,428,158
	17,575	5.000%, 7/01/22		7/16 at 100.00		AAA		18,890,313
	11,090	5.000%, 1/01/23		1/16 at 100.00		AAA		11,682,428
	5,645	5.000%, 7/01/23		1/15 at 100.00		AAA		5,667,749
	3,540	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 5.000%, 11/15/23		11/19 at 100.00		AA+		4,063,566
	10,115	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding and Project Series 2010F-5, 1.500%, 11/15/47 (Mandatory put 3/15/17)		No Opt. Call		AA+		10,316,693
		Michigan Hospital Financing Authority, Revenue Bonds, Oakwood Obligated Group, Series 2007A:
	2,000	5.000%, 7/15/18		7/17 at 100.00		A		2,197,240
	3,530	5.000%, 7/15/19		7/17 at 100.00		A		3,847,700
	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		1,953,619
	5,000	Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A, 5.000%, 10/15/28		10/21 at 100.00		Aa3		5,638,550
	5,425	Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.000%, 10/15/28		10/21 at 100.00		Aa3		6,117,827
	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		7,155,641
	1,600	Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/01/23		11/19 at 100.00		AA+		1,835,472
		Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006:
	1,260	5.500%, 6/01/17		6/16 at 100.00		BBB		1,347,520
	1,330	5.500%, 6/01/18		6/16 at 100.00		BBB		1,415,359
	4,750	Romulus Community Schools, Wayne County, Michigan, General Obligation Bonds, Refunding Series 2013, 5.000%, 5/01/22		No Opt. Call		Aa2		5,597,448
	1,300	Romulus Economic Development Corporation, Michigan, Limited Obligation Revenue Refunding Bonds, Romulus HIR LP Project, Series 1992, 7.000%, 11/01/15 (ETM)		1/15 at 100.00		N/R (4)		1,387,009

Nuveen Investments 115

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
		Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D:
$	1,000	5.000%, 9/01/26		3/24 at 100.00		A1	$	1,164,670
	2,000	5.000%, 9/01/27		3/24 at 100.00		A1		2,300,600
	2,555	5.000%, 9/01/28		3/24 at 100.00		A1		2,927,877
	3,770	5.000%, 9/01/29		3/24 at 100.00		A1		4,303,832
	5,000	5.000%, 9/01/30		3/24 at 100.00		A1		5,699,350
	2,270	5.000%, 9/01/31		3/24 at 100.00		A1		2,573,817
		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		5,721,117
	4,845	5.000%, 5/01/21		11/20 at 100.00		Aa2		5,655,714
	3,845	5.000%, 5/01/22		11/20 at 100.00		Aa2		4,424,249
	1,415	Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A, 6.750%, 11/01/39		12/19 at 100.00		BBB–		1,487,307
	8,000	Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/16		No Opt. Call		A		8,708,400
	1,300	Western Michigan University, General Revenue Bonds, Refunding Series 2008, 5.000%, 11/15/23 – AGM Insured		5/18 at 100.00		AA		1,464,333
	168,950	Total Michigan						180,495,626
		Minnesota – 1.0%
	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		1,651,994
	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+		1,973,768
	500	Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford Foundation Project, Series 2014, 5.000%, 11/01/29		11/24 at 100.00		A3		585,370
	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		2,481,424
		Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010:
	2,650	5.000%, 8/01/18		No Opt. Call		BBB+		2,888,765
	1,240	4.250%, 8/01/20		8/18 at 100.00		BBB+		1,296,110
		Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2014A:
	2,500	5.000%, 1/01/25		1/24 at 100.00		A		3,021,625
	3,000	5.000%, 1/01/32		1/24 at 100.00		A		3,481,530
		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		1,311,249
	815	5.500%, 5/01/21		5/17 at 100.00		N/R		849,344
		Minnesota State, General Fund Appropriation Refunding Bonds, Series 2014A:
	4,280	5.000%, 6/01/22		No Opt. Call		AA		5,204,223
	4,675	5.000%, 6/01/23		No Opt. Call		AA		5,728,605
	2,625	5.000%, 6/01/24		6/23 at 100.00		AA		3,188,220
	1,325	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured		No Opt. Call		AA		1,335,878

116 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Minnesota (continued)
$	425	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 4.000%, 1/01/28		1/23 at 100.00		A–	$	453,819
	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–		734,240
		Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Refunding Series 2014B:
	2,000	5.000%, 5/01/23 (WI/DD, Settling 11/19/14)		No Opt. Call		A1		2,398,880
	1,500	5.000%, 5/01/24 (WI/DD, Settling 11/19/14)		No Opt. Call		A1		1,807,875
	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		1,069,630
	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–		1,137,590
	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		302,781
	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		487,222
	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–		2,779,363
	40,300	Total Minnesota						46,169,505
		Mississippi – 0.4%
	8,660	Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22		4/15 at 100.00		BBB		8,667,881
	1,440	Mississippi Hospital Equipment and Facilities Authority, Revenue Refunding and Improvement Bonds, Mississippi Baptist Health System Inc., Series 2007A, 5.000%, 8/15/16		No Opt. Call		BBB+		1,544,198
	8,860	Mississippi State, General Obligation Bonds, Series 2013B, 5.000%, 12/01/28		12/23 at 100.00		AA+		10,670,984
	18,960	Total Mississippi						20,883,063
		Missouri – 2.0%
		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–		1,321,779
	3,030	5.000%, 6/01/20		6/17 at 100.00		BBB–		3,178,319
	8,090	Curators of the University of Missouri, System Facilities Revenue Bonds, Refunding Series 2012A, 5.000%, 11/01/19		No Opt. Call		AA+		9,598,219
		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+		1,045,320
	2,000	4.125%, 12/30/33		12/23 at 100.00		A+		2,120,520
	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–		1,073,100
		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+		1,480,441
	1,515	4.450%, 3/01/16		No Opt. Call		BBB+		1,574,449

Nuveen Investments 117

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Missouri (continued)
$	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+	$	6,203,610
	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		569,054
	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–		2,139,060
	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		1,213,936
	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+		1,542,548
	2,000	Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM Health Care, Series 2014A, 4.000%, 6/01/33		6/24 at 100.00		AA–		2,070,880
	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–		1,475,249
	430	Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011, 4.400%, 2/01/19		No Opt. Call		BBB+		475,898
		Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2005B:
	850	4.350%, 2/01/15		No Opt. Call		BBB+		857,744
	930	4.375%, 2/01/16		No Opt. Call		BBB+		970,976
		Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Iatan 2 Project, Refunding Series 2014A:
	1,320	5.000%, 1/01/25		1/24 at 100.00		A2		1,582,218
	2,500	5.000%, 1/01/26		1/24 at 100.00		A2		2,971,900
	1,000	5.000%, 1/01/32		1/24 at 100.00		A2		1,153,580
	1,000	Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Series 2006, 4.200%, 1/01/18 – NPFG Insured		1/16 at 100.00		AA–		1,027,040
	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		4,717,362
	730	Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Transportation Development District, Series 2006, 4.800%, 5/01/16		11/14 at 100.00		N/R		730,226
	5,830	Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 2012, 5.000%, 6/01/18		No Opt. Call		BBB+		6,416,207
	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		500,210
		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–		12,944,285
	17,305	5.500%, 7/01/19 – NPFG Insured		No Opt. Call		AA–		20,323,511
	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		1,305,780
	83,215	Total Missouri						92,583,421

118 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		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	$	1,002,972
	1,675	6.000%, 5/15/25		5/16 at 100.00		N/R		1,745,367
	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–		2,818,525
	5,125	Total Montana						5,566,864
		Nebraska – 0.9%
	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–		1,238,424
		Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014:
	1,670	4.000%, 5/15/33		5/24 at 100.00		BBB+		1,692,478
	6,775	5.000%, 5/15/44		5/24 at 100.00		BBB+		7,341,322
	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		A–		657,726
		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–		742,659
	1,830	4.000%, 6/15/24		6/22 at 100.00		AA–		2,024,566
	1,265	4.000%, 6/15/25		6/22 at 100.00		AA–		1,384,264
		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–		814,468
	1,000	5.125%, 1/01/23		1/20 at 100.00		AA–		1,101,970
	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		2,083,160
	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–		6,456,202
		Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012:
	3,380	5.000%, 9/01/25		9/22 at 100.00		AA		4,014,189
	3,215	5.000%, 9/01/26		9/22 at 100.00		AA		3,798,908
		Nebraska Public Power District, General Revenue Bonds, Series 2012A:
	1,465	5.000%, 1/01/23		1/22 at 100.00		A1		1,748,946
	1,500	5.000%, 1/01/24		1/22 at 100.00		A1		1,784,130
	950	5.000%, 1/01/25		1/22 at 100.00		A1		1,123,033
		Papillion-LaVista School District 27, Sarpy County, Nebraska, General Obligation Bonds, Series 2014:
	725	5.000%, 12/01/21		No Opt. Call		Aa2		880,324
	1,230	5.000%, 12/01/22		No Opt. Call		Aa2		1,507,119
	36,045	Total Nebraska						40,393,888
		Nevada – 2.6%
	3,000	Clark County School District, Nevada, General Obligation Bonds, Series 2008A, 5.000%, 6/15/24		No Opt. Call		AA–		3,385,290

Nuveen Investments 119

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Nevada (continued)
		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	$	2,337,000
	1,000	5.000%, 7/01/23 (Alternative Minimum Tax)		1/23 at 100.00		A		1,165,950
	1,905	5.000%, 7/01/24 (Alternative Minimum Tax)		1/23 at 100.00		A		2,202,237
	21,000	Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42		1/20 at 100.00		A+		24,795,750
	25,495	Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2008, 5.000%, 6/01/38		No Opt. Call		Aa1		28,125,319
		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+		1,829,543
	1,000	5.000%, 6/01/24		6/21 at 100.00		AA+		1,172,720
	12,450	5.000%, 6/01/25		6/21 at 100.00		AA+		14,509,106
	5,685	Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Improvement Series 2006A, 5.000%, 6/01/25 – AGM Insured		6/16 at 100.00		AA+		6,073,172
		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+		2,435,651
	1,500	5.000%, 6/01/25		6/22 at 100.00		AA+		1,782,645
	2,000	5.000%, 6/01/26		6/22 at 100.00		AA+		2,364,260
		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		103,359
	50	4.000%, 6/01/20		No Opt. Call		N/R		51,496
	435	5.000%, 6/01/22		No Opt. Call		N/R		470,209
	4,660	Nevada State, General Obligation Bonds, Capital Improvement & Cultural Affairs, Refunding Series 2012B, 5.000%, 8/01/22		No Opt. Call		AA+		5,657,426
	11,130	Nevada State, General Obligation Bonds, Capital Improvement & Cultural Affairs, Refunding Series 2013D-1, 5.000%, 3/01/22		No Opt. Call		AA+		13,453,610
		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		2,632,610
	4,710	5.000%, 7/01/23		7/21 at 100.00		AA		5,417,960
	1,510	Washoe County, Nevada, Highway Revenue, Motor Vehicle Fuel Tax Bonds, Series 2013, 5.000%, 2/01/43		2/19 at 100.00		A+		1,676,478
	105,480	Total Nevada						121,641,791
		New Hampshire – 0.5%
		New Hampshire Health and Education Facilities Authority, Hospital Revenue Bonds, Catholic Medical Center, Series 2006:
	430	5.000%, 7/01/15		No Opt. Call		BBB+		442,418
	445	5.000%, 7/01/16		No Opt. Call		BBB+		475,184
	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)		1,035,530
	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+		6,492,020
	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		1,026,220

120 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Hampshire (continued)
$	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	$	1,416,285
	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–		12,461,833
	21,960	Total New Hampshire						23,349,490
		New Jersey – 5.7%
	535	Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax)		No Opt. Call		BBB–		600,206
		New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
	8,005	5.375%, 6/15/15 (ETM)		No Opt. Call		Aaa		8,266,363
	2,135	5.500%, 6/15/16 (ETM)		No Opt. Call		Aaa		2,314,255
	4,320	5.500%, 6/15/16 – RAAI Insured (ETM)		No Opt. Call		Aaa		4,682,707
		New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
	1,100	5.000%, 6/15/17		No Opt. Call		BBB+		1,211,188
	5,505	5.000%, 6/15/19		No Opt. Call		BBB+		6,270,966
	5,905	5.000%, 6/15/20		No Opt. Call		BBB+		6,808,347
	17,495	5.000%, 6/15/21		No Opt. Call		BBB+		20,274,606
	2,130	5.000%, 6/15/22		No Opt. Call		BBB+		2,482,323
	1,000	5.000%, 6/15/22		No Opt. Call		AA		1,171,100
	7,180	5.000%, 6/15/23		6/22 at 100.00		BBB+		8,273,011
	2,965	5.000%, 6/15/24		6/22 at 100.00		BBB+		3,377,995
	7,580	5.000%, 6/15/25		6/22 at 100.00		BBB+		8,574,572
	4,950	5.000%, 6/15/26		6/22 at 100.00		BBB+		5,563,652
	900	4.250%, 6/15/27		6/22 at 100.00		BBB+		936,369
	4,625	5.000%, 6/15/28		No Opt. Call		BBB+		5,139,346
		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–		1,521,099
	1,685	5.000%, 1/01/31 – AGM Insured (Alternative Minimum Tax)		1/24 at 100.00		AA		1,874,664
	25,035	New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/21		No Opt. Call		A2		28,746,439
	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		409,812
	31,440	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B, 5.250%, 12/15/15 – AMBAC Insured		No Opt. Call		A2		33,143,105
	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)		8,536,325
	1,340	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/31 – FGIC Insured		No Opt. Call		AA–		596,823
	10,050	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23		No Opt. Call		A2		11,590,866
	3,670	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31		6/21 at 100.00		A2		4,251,805

Nuveen Investments 121

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA:
$	20,200	5.000%, 6/15/21		No Opt. Call		A2	$	23,165,966
	14,000	5.000%, 6/15/22		No Opt. Call		A2		16,050,300
	5,615	Salem County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (Alternative Minimum Tax)		No Opt. Call		BBB		6,329,621
		South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2012Q:
	4,965	3.000%, 1/01/20		No Opt. Call		A2		5,228,741
	2,950	3.000%, 1/01/21		No Opt. Call		A2		3,075,818
		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	10,330	4.500%, 6/01/23		6/17 at 100.00		BB		10,249,116
	5,075	4.625%, 6/01/26		6/17 at 100.00		B+		4,665,346
	20,570	5.000%, 6/01/29		6/17 at 100.00		B		17,679,092
	243,080	Total New Jersey						263,061,944
		New Mexico – 0.5%
	14,850	New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19)		8/19 at 100.00		Aa3		17,215,011
	4,000	State of New Mexico, State Severance Tax Revenue Bonds, Refunding Series 2010C, 5.000%, 7/01/15		No Opt. Call		Aa1		4,130,440
	18,850	Total New Mexico						21,345,451
		New York – 6.5%
	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–		4,557,982
		Buffalo and Fort Erie Public Bridge Authority, New York, Toll Bridge System Revenue Bonds, Refunding Series 2014:
	300	5.000%, 1/01/24		No Opt. Call		A+		363,417
	500	5.000%, 1/01/25		No Opt. Call		A+		607,830
	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		No Opt. Call		Aa1		355,000
	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		5,472,475
	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		8,552,990
	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		7,967,141
		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		11,984,800
	9,230	5.000%, 5/15/25		5/22 at 100.00		AA		11,019,420
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
	160	0.000%, 6/01/17 – AGM Insured		No Opt. Call		AA		155,157

122 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	110	0.000%, 6/01/22 – AGM Insured		No Opt. Call		AA	$	93,300
	400	0.000%, 6/01/23 – AGM Insured		No Opt. Call		AA		325,520
		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)		1,886,063
	600	5.250%, 12/01/20 (Pre-refunded 6/01/16) – FGIC Insured		6/16 at 100.00		AA– (4)		647,172
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
	900	5.000%, 12/01/16 – AGM Insured		6/16 at 100.00		AA		962,892
	225	4.000%, 12/01/16 – AGM Insured		No Opt. Call		AA		236,743
	705	5.000%, 12/01/23 – FGIC Insured		6/16 at 100.00		AA–		750,480
	600	5.000%, 12/01/26 – SYNCORA GTY Insured		6/16 at 100.00		A–		635,868
	300	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35		6/16 at 100.00		A–		316,362
	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		37,267
	450	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35		9/16 at 100.00		A–		478,382
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006E:
	2,675	5.000%, 12/01/17 – FGIC Insured		12/16 at 100.00		AA–		2,915,670
	660	5.000%, 12/01/17		12/16 at 100.00		A–		718,661
	1,595	5.000%, 12/01/18 – FGIC Insured		12/16 at 100.00		AA–		1,736,764
	13,600	5.000%, 12/01/18 – NPFG Insured		12/16 at 100.00		AA–		14,808,768
	220	5.000%, 12/01/20 – NPFG Insured		12/16 at 100.00		AA–		239,074
	1,795	5.000%, 12/01/21 – FGIC Insured		12/16 at 100.00		AA–		1,948,688
	195	5.000%, 12/01/21 – NPFG Insured		12/16 at 100.00		AA–		211,696
	1,720	5.000%, 12/01/22 – FGIC Insured		12/16 at 100.00		AA–		1,865,392
	1,050	5.000%, 12/01/22		12/16 at 100.00		A–		1,136,940
		Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A:
	160	5.000%, 4/01/19		No Opt. Call		A–		183,808
	225	5.250%, 4/01/20		4/19 at 100.00		A–		257,009
	500	5.250%, 4/01/21		4/19 at 100.00		A–		569,310
	1,735	5.500%, 4/01/22		4/19 at 100.00		A–		1,985,846
	255	5.000%, 4/01/23		4/19 at 100.00		A–		283,774
	380	6.250%, 4/01/33		4/19 at 100.00		A–		446,709
		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F:
	850	5.000%, 5/01/16 – NPFG Insured		No Opt. Call		AA–		906,228
	915	5.000%, 5/01/17 – NPFG Insured		No Opt. Call		AA–		1,009,263
	10,285	5.000%, 5/01/18 – NPFG Insured		11/16 at 100.00		AA–		11,166,013
	1,320	5.000%, 5/01/19 – NPFG Insured		11/16 at 100.00		AA–		1,431,685
	25	4.000%, 5/01/21 – NPFG Insured		11/16 at 100.00		AA–		26,415
	1,200	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/16		No Opt. Call		A–		1,278,516
	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–		1,419,719
	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		AA– (4)		16,080,859

Nuveen Investments 123

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	1,000	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.000%, 11/15/23		No Opt. Call		AA–	$	1,208,000
		Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014B:
	655	5.000%, 7/01/30		7/24 at 100.00		BBB+		744,165
	2,355	5.000%, 7/01/32		7/24 at 100.00		BBB+		2,663,128
		Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014:
	1,500	5.000%, 7/01/28		7/24 at 100.00		BBB+		1,716,195
	1,000	5.000%, 7/01/29		7/24 at 100.00		BBB+		1,140,570
	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		2,196,520
	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		3,082,170
	10,155	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/16 (ETM)		No Opt. Call		AAA		11,094,845
	10,000	New York City, New York, General Obligation Bonds, Fiscal 2003 Series C-A. RMKT, 5.000%, 8/01/19		No Opt. Call		AA		11,685,200
	20,000	New York City, New York, General Obligation Bonds, Fiscal 2015 Series A, 5.000%, 8/01/20		No Opt. Call		AA		23,721,800
	100	New York City, New York, General Obligation Bonds, Fiscal Series 2002A, 5.750%, 8/01/15		2/15 at 100.00		AA		100,471
	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		23,818,662
	16,405	New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19		No Opt. Call		A–		18,999,451
		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		8,947,957
	9,040	5.000%, 6/01/18		No Opt. Call		AA		10,337,059
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2013A:
	1,715	5.000%, 6/01/20		6/16 at 100.00		AA		1,838,806
	1,675	5.000%, 6/01/21		6/16 at 100.00		AA		1,792,133
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2013B:
	1,000	5.000%, 6/01/19		6/15 at 100.00		AA		1,027,510
	560	5.000%, 6/01/20		6/15 at 100.00		AA		575,327
	1,040	5.000%, 6/01/20		6/16 at 100.00		AA		1,114,828
	2,905	5.000%, 6/01/21		6/16 at 100.00		AA		3,110,064
	1,535	5.000%, 6/01/21		6/17 at 100.00		AA		1,703,957
	8,770	5.000%, 6/01/22		6/17 at 100.00		AA		9,728,298
	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		1,056,560
	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–		12,147,600
	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		923,814

124 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
		Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014:
$	2,435	5.000%, 7/01/28		7/24 at 100.00		BBB+	$	2,785,957
	2,695	5.000%, 7/01/29		7/24 at 100.00		BBB+		3,073,836
	4,200	5.000%, 7/01/30		7/24 at 100.00		BBB+		4,771,746
	2,100	5.000%, 7/01/31		7/24 at 100.00		BBB+		2,376,612
	1,335	5.000%, 7/01/32		7/24 at 100.00		BBB+		1,509,671
	3,080	5.000%, 7/01/33		7/24 at 100.00		BBB+		3,474,856
	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–		3,104,141
	263,300	Total New York						297,604,977
		North Carolina – 1.0%
		Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2014A:
	200	5.000%, 7/01/23 (WI/DD, Settling 11/06/14)		No Opt. Call		Aa3		244,762
	500	5.000%, 7/01/24 (WI/DD, Settling 11/06/14)		No Opt. Call		Aa3		616,160
	1,250	5.000%, 7/01/26 (WI/DD, Settling 11/06/14)		7/24 at 100.00		Aa3		1,503,175
	950	5.000%, 7/01/27 (WI/DD, Settling 11/06/14)		7/24 at 100.00		Aa3		1,133,008
	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		636,218
	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		983,961
	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–		2,317,960
		North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012B:
	5,000	5.000%, 1/01/20		No Opt. Call		A–		5,843,750
	21,620	5.000%, 1/01/21		No Opt. Call		A–		25,481,548
	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		1,918,093
	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		5,643,150
	1,020	North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2012A, 4.000%, 1/01/20 (WI/DD, Settling 11/03/14)		No Opt. Call		A		1,146,572
	200	University of North Carolina, Greensboro, General Revenue Bonds, Series 2014A, 4.000%, 4/01/19		No Opt. Call		Aa3		223,974
	40,905	Total North Carolina						47,692,331
		North Dakota – 0.3%
		Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A:
	120	5.000%, 7/01/23		7/21 at 100.00		BBB+		134,941
	1,240	5.000%, 7/01/26		7/21 at 100.00		BBB+		1,376,549
	2,835	5.000%, 7/01/27		7/21 at 100.00		BBB+		3,135,482
	1,485	5.000%, 7/01/28		7/21 at 100.00		BBB+		1,635,831
	1,000	5.000%, 7/01/31		7/21 at 100.00		BBB+		1,094,680
	1,750	5.000%, 7/01/35		7/21 at 100.00		BBB+		1,892,905

Nuveen Investments 125

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		North Dakota (continued)
$	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+	$	3,297,085
	2,410	Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2006, 5.125%, 7/01/20		7/16 at 100.00		BBB–		2,509,750
	13,590	Total North Dakota						15,077,223
		Ohio – 4.3%
	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)		1,028,320
	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–		2,115,061
	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		1,412,246
		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		382,931
	1,875	5.000%, 6/01/16		No Opt. Call		Aa1		1,975,031
	135	5.000%, 6/01/17		No Opt. Call		A1		145,919
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
	45,400	5.125%, 6/01/24		6/17 at 100.00		B–		38,023,408
	435	5.875%, 6/01/30		6/17 at 100.00		B–		357,814
	255	5.750%, 6/01/34		6/17 at 100.00		B–		201,866
	1,000	Cincinnati, Ohio, General Obligation Bonds, Various Purpose, Refunding & Improvement Series 2014A, 5.000%, 12/01/17		No Opt. Call		Aa2		1,129,720
	3,240	Cleveland, Ohio, Airport System Revenue Bonds, Series 2009C, 5.000%, 1/01/21 – AGM Insured		1/19 at 100.00		AA		3,606,736
		Cleveland, Ohio, General Obligation Bonds, Series 2011:
	1,700	5.000%, 12/01/22		12/19 at 100.00		AA		1,952,858
	1,780	5.000%, 12/01/23		12/19 at 100.00		AA		2,039,168
	14,575	Columbus, Ohio, General Obligation Bonds, Various Purpose, Series 2014A, 5.000%, 2/15/20		No Opt. Call		AAA		17,405,028
	4,740	Columbus, Ohio, Sewerage System Revenue Bonds, Tender Option Bond Trust 2456, 18.116%, 12/01/15 (IF)		No Opt. Call		AA+		7,020,224
		Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of Greater Cincinnati, Refunding Series 2014A:
	1,000	5.000%, 12/01/23 (WI/DD, Settling 11/19/14)		No Opt. Call		AA+		1,235,390
	1,200	5.000%, 12/01/24 (WI/DD, Settling 11/19/14)		No Opt. Call		AA+		1,497,624
	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		3,245,117
	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		1,175,362
		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		2,022,244
	750	5.250%, 5/15/16		No Opt. Call		A		804,308

126 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
$	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+	$	7,799,331
		New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C:
	775	4.000%, 10/01/18		No Opt. Call		A1		846,099
	870	4.000%, 10/01/19		No Opt. Call		A1		958,357
	1,150	4.000%, 10/01/20		No Opt. Call		A1		1,272,130
	1,205	5.000%, 10/01/21		No Opt. Call		A1		1,406,271
	965	5.000%, 10/01/22		No Opt. Call		A1		1,132,746
	6,625	Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18)		No Opt. Call		BBB–		7,007,064
	1,715	Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2009B, 3.100%, 3/01/23 (Mandatory put 3/01/19)		No Opt. Call		BBB–		1,745,098
	1,000	Ohio Higher Education Facilities Commission, Revenue Bonds, John Carroll University, Series 1997, 4.500%, 4/01/15		No Opt. Call		A3		1,014,850
	11,015	Ohio State, General Obligation Bonds, Common Schools Series 2007A, 5.000%, 6/15/15		No Opt. Call		AA+		11,349,636
	8,000	Ohio State, General Obligation Bonds, Highway Capital Improvement Series 2012Q, 5.000%, 5/01/21		No Opt. Call		AAA		9,683,280
	6,960	Ohio State, General Obligation Bonds, Refunding Common Schools Series 2011B, 4.000%, 9/15/21		No Opt. Call		AA+		7,976,438
	24,230	Ohio State, General Obligation Bonds, Refunding Common Schools Series 2014A, 5.000%, 9/15/19		No Opt. Call		AA+		28,629,199
	8,160	Ohio State, General Obligation Bonds, Refunding Higher Education Series 2012C, 5.000%, 8/01/21		No Opt. Call		AA+		9,898,325
	12,000	Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Series 2014, 5.000%, 6/01/21		No Opt. Call		AAA		14,541,240
	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		566,610
		Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006:
	735	5.000%, 11/15/14 (ETM)		No Opt. Call		N/R (4)		736,389
	805	5.000%, 11/15/16 (ETM)		No Opt. Call		N/R (4)		880,332
	182,750	Total Ohio						196,219,770
		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+		2,590,540
	2,810	4.000%, 9/01/22		9/21 at 100.00		A+		3,052,587
	1,415	4.000%, 9/01/23		9/21 at 100.00		A+		1,521,252
	2,495	Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.500%, 9/01/23		9/16 at 100.00		BBB–		2,625,913
		Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Refunding Series 2014A:
	1,245	5.000%, 7/01/22		No Opt. Call		AA		1,517,169

Nuveen Investments 127

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Oklahoma (continued)
$	2,000	5.000%, 7/01/23		No Opt. Call		AA	$	2,454,720
	1,500	5.000%, 7/01/24		No Opt. Call		AA		1,857,285
	2,500	5.000%, 7/01/25		7/24 at 100.00		AA		3,067,450
	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)		10,323,400
		Pontotoc County Educational Facilities Authority, Oklahoma, Facilities Lease Revenue Bonds, Ada Public Schools Project, Series 2014:
	750	5.000%, 9/01/22		No Opt. Call		A–		873,233
	500	3.000%, 9/01/23		No Opt. Call		A–		502,625
	600	5.000%, 9/01/24		No Opt. Call		A–		701,412
	1,505	5.000%, 9/01/25		No Opt. Call		A–		1,766,102
	3,000	Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2009A, 5.375%, 6/01/24		6/15 at 100.00		BBB+		3,050,580
	32,610	Total Oklahoma						35,904,268
		Oregon – 0.9%
		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+		6,778,805
	3,340	4.000%, 6/15/23		No Opt. Call		AA+		3,795,008
	4,145	Clackamas Community College District, Oregon, General Obligation Bonds, Series 2007, 5.000%, 6/15/20 – FGIC Insured		No Opt. Call		AA		4,945,068
	4,000	Oregon Department of Administrative Services, State Lottery Revenue Bonds, Refunding Series 2014C, 5.000%, 4/01/22		No Opt. Call		AAA		4,885,840
	11,120	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		12,931,337
	4,000	Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/22 (Pre-refunded 5/15/19)		5/19 at 100.00		AAA		4,692,440
		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		1,212,220
	1,080	5.000%, 6/15/29		6/24 at 100.00		Aa1		1,301,929
	34,585	Total Oregon						40,542,647
		Pennsylvania – 3.5%
	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		2,309,976
	1,000	Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 5.000%, 12/01/25		12/22 at 100.00		AA–		1,158,920
		Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B:
	1,750	3.500%, 12/01/35 (Mandatory put 6/01/20)		No Opt. Call		BBB–		1,803,183
	20,815	2.500%, 12/01/41 (Mandatory put 6/01/17)		No Opt. Call		BBB–		21,207,571
	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		1,474,588
		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		Ba1		1,322,711

128 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	1,405	5.000%, 12/15/17 – RAAI Insured		12/15 at 100.00		Ba1	$	1,451,182
		Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008:
	535	5.250%, 10/01/20		10/18 at 100.00		BBB		592,454
	565	5.375%, 10/01/21		10/18 at 100.00		BBB		622,681
		Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann University, Series 2010:
	1,000	5.000%, 10/01/21		10/20 at 100.00		BBB		1,103,100
	1,050	5.000%, 10/01/25		10/20 at 100.00		BBB		1,125,369
	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		3,258,504
	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		1,365,689
	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		1,005,710
	3,325	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+		3,897,831
		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		2,424,016
	2,265	5.500%, 1/01/26		1/24 at 100.00		AA		2,759,382
	2,260	5.500%, 1/01/27		1/24 at 100.00		AA		2,730,939
		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		613,675
	1,095	5.500%, 1/01/26 – AGM Insured		1/24 at 100.00		AA		1,334,006
	2,505	5.500%, 1/01/28 – AGM Insured		1/24 at 100.00		AA		3,004,647
	2,050	5.500%, 1/01/29 – AGM Insured		1/24 at 100.00		AA		2,453,440
	1,255	5.500%, 1/01/31 – AGM Insured		1/24 at 100.00		AA		1,490,927
		Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012B:
	2,240	5.000%, 1/01/21		1/19 at 100.00		Aaa		2,576,515
	9,575	5.000%, 7/01/21		1/18 at 100.00		Aaa		10,780,205
	7,800	5.000%, 1/01/22		7/17 at 100.00		Aaa		8,667,048
	11,765	5.000%, 7/01/22		7/16 at 100.00		Aaa		12,641,257
	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		9,974,731
	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–		1,556,500
	16,020	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38		12/27 at 100.00		A–		17,173,600
	3,000	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Ninth Series, 2010, 5.000%, 8/01/30		8/20 at 100.00		A–		3,300,450
	10,000	Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2005A, 5.000%, 8/01/19 – AMBAC Insured		8/15 at 100.00		A+		10,347,500
	4,270	Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2010A, 5.000%, 6/01/16		No Opt. Call		A+		4,565,954

Nuveen Investments 129

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	11,050	Sayre Healthcare Facility Authority, Pennsylvania, Revenue Bonds, Guthrie Healthcare System, Series 2007, 0.937%, 12/01/24		12/17 at 100.00		AA–	$	10,387,221
		Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2013:
	1,400	5.000%, 12/01/19		No Opt. Call		BBB–		1,538,432
	730	5.000%, 12/01/20		No Opt. Call		BBB–		806,117
	1,105	5.000%, 12/01/21		No Opt. Call		BBB–		1,214,992
	1,625	5.000%, 12/01/22		No Opt. Call		BBB–		1,779,976
	1,705	5.000%, 12/01/23		6/23 at 100.00		BBB–		1,861,212
	1,795	5.000%, 12/01/24		6/23 at 100.00		BBB–		1,956,353
	60	Trinity Area School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/19 – AGM Insured		No Opt. Call		A2		67,244
	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)		1,275,505
	152,525	Total Pennsylvania						162,981,313
		Puerto Rico – 0.2%
	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–		2,947,950
	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		1,024,653
	4,515	Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/16 – NPFG Insured		No Opt. Call		AA–		4,624,353
	8,530	Total Puerto Rico						8,596,956
		Rhode Island – 0.1%
	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		4,725,399
		Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
	565	6.000%, 6/01/23		12/14 at 100.00		A2		568,390
	665	6.125%, 6/01/32		12/14 at 100.00		BBB+		668,345
	5,530	Total Rhode Island						5,962,134
		South Carolina – 1.4%
	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		13,801,090
	2,500	Greenville Hospital System Board of Trustees, South Carolina, Hospital Revenue Bonds, Series 2014B, 5.000%, 5/01/34		5/24 at 100.00		AA–		2,834,350
		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 (Pre-refunded 12/01/15)		12/15 at 100.00		A1 (4)		1,581,615
	2,000	5.250%, 12/01/24 (Pre-refunded 12/01/15)		12/15 at 100.00		A1 (4)		2,108,820
		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–		2,171,419
	7,500	5.000%, 11/01/27		11/22 at 100.00		A–		8,514,150

130 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		South Carolina (continued)
$	13,190	5.000%, 11/01/28		11/22 at 100.00		A–	$	14,923,694
	1,225	5.000%, 11/01/29		11/22 at 100.00		A–		1,381,396
		South Carolina JOBS Economic Development Authority, Economic Development Revenue, FMU Student Housing, LLC – Francis Marion University Project, Series 2014A:
	1,910	5.000%, 8/01/27 (WI/DD, Settling 11/12/14)		8/24 at 100.00		Baa3		2,113,358
	3,925	5.000%, 8/01/32 (WI/DD, Settling 11/12/14)		8/24 at 100.00		Baa3		4,259,135
	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+		1,096,490
	6,810	South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2004B, 5.250%, 10/01/16 – AMBAC Insured		No Opt. Call		A1		7,433,047
	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		562,965
	1,350	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		1,514,781
	57,960	Total South Carolina						64,296,310
		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		2,468,618
		South Dakota Building Authority, Revenue Bonds, Series 2013B:
	525	5.000%, 6/01/22		No Opt. Call		AA		634,835
	1,000	5.000%, 6/01/24		6/23 at 100.00		AA		1,207,470
		South Dakota Health and Educational Facilities Authority, Revenue Bonds, Huron Regional Medical Center, Series 2005:
	760	5.000%, 4/01/17		4/15 at 100.00		A–		762,888
	800	5.000%, 4/01/18		4/15 at 100.00		A–		802,968
	840	5.000%, 4/01/19		4/15 at 100.00		A–		842,957
	820	5.000%, 4/01/20		4/15 at 100.00		A–		822,747
	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+		1,090,020
	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+		1,124,740
	4,125	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/34		11/24 at 100.00		A+		4,703,078
	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		1,667,490
	14,755	Total South Dakota						16,127,811
		Tennessee – 1.3%
	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+		2,630,798
	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		3,771,400
	1,200	Harpeth Valley Utilities District of Davidson and Williamson Counties, Tennessee Utilities Revenue Bonds, Series 2014, 4.000%, 9/01/39		9/24 at 100.00		AA		1,226,916
	3,650	Jackson, Tennessee, Hospital Revenue Refunding Bonds, Jackson-Madison County General Hospital Project, Series 2008, 5.250%, 4/01/23		4/18 at 100.00		A+		4,015,402

Nuveen Investments 131

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

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:
$	715	5.000%, 7/01/15		No Opt. Call		BBB+	$	733,268
	750	5.000%, 7/01/18		7/16 at 100.00		BBB+		791,760
	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+		5,219,800
		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		1,553,454
	3,180	5.000%, 1/01/23		No Opt. Call		A		3,761,304
	1,300	4.000%, 1/01/23		No Opt. Call		A		1,442,194
	1,750	5.000%, 1/01/24		No Opt. Call		A		2,047,360
		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–		1,724,674
	1,560	5.250%, 4/01/24		4/21 at 100.00		AA–		1,805,840
	1,240	5.250%, 4/01/25		4/21 at 100.00		AA–		1,440,000
	1,000	Memphis, Tennessee, General Improvement Bonds, Series 2005, 5.000%, 10/01/16 – NPFG Insured		No Opt. Call		AA		1,087,940
	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–		3,507,772
	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–		4,950,879
		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–		1,181,650
	1,860	5.250%, 11/01/25		11/19 at 100.00		AA–		2,059,039
	1,400	Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.000%, 9/01/19 (Pre-refunded 9/01/16)		9/16 at 100.00		BBB+ (4)		1,517,278
	11,910	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/20		No Opt. Call		A		13,635,402
	53,725	Total Tennessee						60,104,130
		Texas – 8.8%
	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		1,151,425
	5,865	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		5,986,992
	2,125	Brownsville, Texas, General Obligation Bonds, Refunding Series 2005, 5.000%, 2/15/17 – NPFG Insured		2/15 at 100.00		AA–		2,154,219
	3,290	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/33		1/23 at 100.00		BBB		3,582,876
	3,380	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46		1/21 at 100.00		BBB		3,946,420
	8,000	Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, Refunding School Building Series 2012, 5.000%, 2/15/26		2/21 at 100.00		AAA		9,518,880

132 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	1,180	Corinth, Texas, Certificates of Obligation, Series 2007, 4.500%, 2/15/19 – NPFG Insured		2/17 at 100.00		AA	$	1,265,220
	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		A–		6,168,600
	4,995	Dallas, Texas, General Obligation Bonds, Refunding & Improvements Series 2007, 4.500%, 2/15/27		2/17 at 100.00		AA+		5,335,359
	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)		5,458
	10,100	Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/15 – AMBAC Insured		No Opt. Call		AAA		10,552,379
	2,440	El Paso County, Texas, General Obligation Bonds, Refunding Series 2007, 5.000%, 2/15/18 – NPFG Insured		No Opt. Call		AA		2,766,448
	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+		657,488
	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		1,216,253
	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+		2,251,680
	2,045	Frisco, Collins and Denton Counties, Texas, Certificates of Obligation, Series 2007, 4.500%, 2/15/16 – AMBAC Insured		No Opt. Call		AA+		2,155,962
	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		936,863
	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+		7,925,391
	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		688,975
		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–		936,626
	500	4.000%, 3/01/22		3/21 at 100.00		A–		530,275
	800	4.000%, 3/01/23		3/21 at 100.00		A–		843,856
	440	4.250%, 3/01/25		3/21 at 100.00		A–		462,506
	1,820	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+		2,158,174
		Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2014A:
	3,150	5.000%, 12/01/26		12/24 at 100.00		A+		3,781,355
	3,735	5.000%, 12/01/27		12/24 at 100.00		A+		4,452,419
	3,000	5.000%, 12/01/28		12/24 at 100.00		A+		3,561,750
	6,115	5.000%, 12/01/29		12/24 at 100.00		A+		7,201,330
	5,000	Harris County Flood Control District, Texas, General Obligation Bonds, Refunding Contract Tax Series 2014A, 5.000%, 10/01/25		10/24 at 100.00		Aaa		6,187,100
	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)		2,432,294

Nuveen Investments 133

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	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)		1/15 at 100.00		AA+ (4)	$	7,922,649
		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+		6,921,088
	1,250	5.000%, 11/01/28		11/24 at 100.00		AA+		1,516,150
	1,575	5.000%, 11/01/29		11/24 at 100.00		AA+		1,906,742
		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+		6,004,224
	5,385	5.000%, 11/01/23		11/19 at 100.00		AA+		6,300,773
	5,660	5.000%, 11/01/24		11/19 at 100.00		AA+		6,604,711
	2,320	Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 1014, 13.703%, 11/01/41 (IF) (8)		11/21 at 100.00		AA+		3,239,277
		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		BB–		2,352,923
	2,380	5.000%, 7/01/20		No Opt. Call		BB–		2,474,391
	1,180	Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax)		7/24 at 100.00		B		1,250,446
		Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2014C:
	2,600	5.000%, 5/15/20		No Opt. Call		AA		3,097,718
	2,000	5.000%, 5/15/21		No Opt. Call		AA		2,409,740
		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		6,867,213
	6,920	5.250%, 9/01/25		9/16 at 100.00		A2		7,440,176
	4,295	5.250%, 9/01/26		9/16 at 100.00		A2		4,604,412
		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		6,149,440
	3,810	0.000%, 9/01/23 – AMBAC Insured		No Opt. Call		A2		2,784,843
		Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011B:
	1,900	5.000%, 7/01/25		7/21 at 100.00		A		2,211,562
	2,025	5.000%, 7/01/26		7/21 at 100.00		A		2,348,919
		Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012B:
	18,225	5.000%, 7/01/31		7/22 at 100.00		A		20,804,749
	5,000	5.000%, 7/01/32		7/22 at 100.00		A		5,696,700
	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–		767,746
	2,000	Laredo Community College District, Webb County, Texas, General Obligation Bonds, Series 2014, 5.000%, 8/01/32		8/24 at 100.00		AA–		2,347,900
	6,075	Laredo, Texas, International Toll Bridge Revenue Bonds, Series 2005B, 5.000%, 10/01/18 – AGM Insured		10/15 at 100.00		AA		6,336,164
		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		1,333,881
	1,315	4.375%, 2/15/23 – AGM Insured		2/17 at 100.00		AA		1,413,822

134 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	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	$	2,149,300
	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		1,062,440
	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		816,955
		McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
	3,045	5.000%, 12/01/25		No Opt. Call		Baa2		3,311,651
	2,720	5.250%, 12/01/28		12/25 at 100.00		Baa2		3,016,752
		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		Aa2		5,077,496
	4,710	5.000%, 8/15/25		8/22 at 100.00		Aa2		5,476,505
	3,920	5.000%, 8/15/26		8/22 at 100.00		Aa2		4,535,950
	7,025	5.000%, 8/15/27		8/22 at 100.00		Aa2		7,975,834
	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		2,833,581
	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) (Pre-refunded 1/01/16)		1/16 at 100.00		A2 (4)		3,277,945
		North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 2011D:
	8,600	5.250%, 9/01/25		9/21 at 100.00		AA+		10,391,810
	5,000	5.250%, 9/01/26		9/21 at 100.00		AA+		5,999,300
		North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
	2,370	0.000%, 9/01/43		9/31 at 100.00		AA+		2,078,395
	9,130	0.000%, 9/01/45		9/31 at 100.00		AA+		8,804,607
	1,020	Northwest Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2006, 4.500%, 2/15/26		2/16 at 100.00		Aaa		1,070,357
	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		1,127,910
	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+		944,475
	2,535	San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Series 1992, 5.000%, 2/01/17 (ETM)		No Opt. Call		AA+ (4)		2,657,542
		San Antonio, Texas, General Obligation Bonds, Series 2006:
	400	4.125%, 2/01/19		2/16 at 100.00		AAA		417,348
	460	4.250%, 2/01/20		2/16 at 100.00		AAA		480,645
		San Antonio, Texas, General Obligation Bonds, Series 2006:
	600	4.125%, 2/01/19 (Pre-refunded 2/01/16)		2/16 at 100.00		N/R (4)		628,956
	680	4.250%, 2/01/20 (Pre-refunded 2/01/16)		2/16 at 100.00		N/R (4)		714,007
	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+		617,981
	870	Sunnyvale School District, Texas, General Obligation Bonds, School Building Series 2007, 4.400%, 2/15/20		2/17 at 100.00		AAA		929,552

Nuveen Investments 135

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

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	$	1,237,297
	4,830	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		5,404,673
	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		1,427,982
	5,020	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		5,515,775
	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		2,510,383
	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		5,882,450
	20,000	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2006, 5.000%, 4/01/24 (Pre-refunded 4/01/16)		4/16 at 100.00		AAA		21,333,800
	2,030	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2007, 5.000%, 4/01/17		No Opt. Call		AAA		2,250,722
	4,515	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A, 5.000%, 4/01/20		No Opt. Call		AAA		5,392,535
	4,645	Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2008, Trust 2568, 18.211%, 10/01/15 (IF)		No Opt. Call		AAA		7,117,812
	1,500	Texas State, General Obligation Bonds, Water Financial Assistance, Refunding Series 2007A, 5.000%, 8/01/17		No Opt. Call		AAA		1,683,960
		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		1,032,140
	900	5.500%, 11/15/25		11/15 at 100.00		N/R		914,877
		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		5,250,000
	11,300	5.250%, 7/01/28		7/17 at 100.00		Baa1		11,834,038
		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		2,837,560
	2,900	4.000%, 8/15/19		No Opt. Call		A		3,155,287
	3,015	4.000%, 8/15/20		No Opt. Call		A		3,281,737
	3,135	4.000%, 8/15/21		No Opt. Call		A		3,402,541
	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		551,060
	1,000	Victoria, Texas, Utility System Revenue Refunding Bonds, Series 2007, 4.400%, 12/01/19 –AMBAC Insured		12/17 at 100.00		AA–		1,088,040
	8,830	Williamson County, Texas, General Obligation Bonds, Limited Tax Refunding Series 2012, 5.000%, 2/15/26		2/22 at 100.00		AAA		10,464,345
	364,195	Total Texas						403,889,240
		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+		6,970,744

136 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utah (continued)
		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–	$	3,903,358
	2,000	5.000%, 9/01/25		9/22 at 100.00		A–		2,304,180
	2,265	5.000%, 9/01/26		9/22 at 100.00		A–		2,588,963
		Utah, General Obligation Bonds, Series 2009, Trust 2987:
	1,250	17.782%, 7/01/21 (Pre-refunded 7/01/18) (IF)		7/18 at 100.00		AAA		2,012,150
	2,500	17.782%, 7/01/22 (Pre-refunded 7/01/18) (IF)		7/18 at 100.00		AAA		4,024,300
	17,700	Total Utah						21,803,695
		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		1,743,356
	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		6,569,040
	7,580	Total Virgin Islands						8,312,396
		Virginia – 0.0%
	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		750,953
	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–		1,372,291
	2,010	Total Virginia						2,123,244
		Washington – 1.4%
	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–		5,339,930
	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		1,521,484
	2,170	Douglas County Public Utility District 1, Washington, Revenue Bonds, Wells Hydroelectric, Series 1963, 4.000%, 9/01/18 (ETM)		No Opt. Call		AA (4)		2,312,873
	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)		600,100
	265	King County School District 412 Shoreline, Washington, General Obligation Bonds, Series 2008, 5.750%, 12/01/21		12/18 at 100.00		AA+		314,128
	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		1,208,076
	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		5,688,919
	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)		1,028,440
	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		6,538,920
		Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A:
	1,250	5.000%, 11/15/22		No Opt. Call		A+		1,491,238
	2,000	5.000%, 11/15/24		5/24 at 100.00		A+		2,434,780

Nuveen Investments 137

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Washington (continued)
		Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009:
$	3,125	6.250%, 7/01/24		7/19 at 100.00		Baa2	$	3,515,500
	2,000	6.750%, 7/01/29		7/19 at 100.00		Baa2		2,269,200
	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		3,581,793
	3,005	Washington State, General Obligation Bonds, Various Purpose Refunding Series 2005A, 5.000%, 1/01/25 (Pre-refunded 1/01/15) – AMBAC Insured		1/15 at 100.00		AA+ (4)		3,029,461
	3,005	Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008, Trust 2599, 18.018%, 1/01/16 (IF)		No Opt. Call		AA+		4,634,341
	9,345	Washington, General Obligation Bonds, Series 1992B and Series 1992AT-7, 6.400%, 6/01/17 –NPFG Insured		No Opt. Call		AA+		10,204,833
	3,010	Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/16 – FGIC Insured		No Opt. Call		AA+		2,997,569
	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		5,061,974
	57,695	Total Washington						63,773,559
		West Virginia – 0.1%
	1,000	West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2014A, 5.000%, 9/01/25		No Opt. Call		A3		1,153,820
	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		1,805,796
	2,630	Total West Virginia						2,959,616
		Wisconsin – 3.9%
	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–		2,137,360
		University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A:
	335	5.000%, 4/01/20		No Opt. Call		Aa3		396,928
	460	5.000%, 4/01/22		No Opt. Call		Aa3		548,913
		Wisconsin Health & Educational Facts Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2014A:
	585	5.000%, 12/01/26		11/24 at 100.00		Aa3		690,148
	3,855	5.000%, 12/01/27		11/24 at 100.00		Aa3		4,511,391
		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		1,139,911
	14,270	5.000%, 7/15/27 – AGM Insured		7/21 at 100.00		A2		16,065,166
	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		2,338,059
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Childrens Hospital of Wisconsin Inc., Series 2008B:
	1,400	4.350%, 8/15/19		No Opt. Call		AA–		1,593,620
	8,670	5.500%, 8/15/29		2/20 at 100.00		AA–		9,929,924

138 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin (continued)
$	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	$	2,046,320
	2,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, EastCastle Place Inc., Series, 5.750%, 12/01/19		12/14 at 100.00		N/R		1,999,980
	1,250	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.375%, 5/01/18		11/14 at 100.00		BBB		1,254,788
		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+		2,411,591
	2,505	5.000%, 9/01/22		9/17 at 100.00		BBB+		2,618,477
	3,455	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2010A, 5.000%, 6/01/19		No Opt. Call		A2		3,603,254
	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		Aa3		5,938,919
	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		AA		2,042,530
	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–		1,455,264
	170	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Vernon Memorial Healthcare Inc., Series 2005, 4.650%, 3/01/15		No Opt. Call		BBB		172,169
		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–		2,626,163
	11,955	5.250%, 8/15/20		8/16 at 100.00		A–		12,748,932
	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–		10,677,522
	515	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)		560,598
		Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
	9,000	6.000%, 5/01/27		5/19 at 100.00		AA–		10,815,750
	1,780	6.000%, 5/01/33		5/19 at 100.00		AA–		2,139,507
	5,215	5.750%, 5/01/33		5/19 at 100.00		AA–		6,164,026
	35,755	6.000%, 5/01/36		5/19 at 100.00		AA–		42,460,083
	5,800	Wisconsin State, General Obligation Bonds, Refunding Series 2014-2, 5.000%, 5/01/24		5/22 at 100.00		AA		6,974,268
	10,170	Wisconsin State, General Obligation Bonds, Series 2005I, 5.000%, 5/01/16 – NPFG Insured		5/15 at 100.00		AA		10,411,843
		Wisconsin State, Transportation Revenue Bonds, Series 2014-1:
	1,100	5.000%, 7/01/24		7/19 at 100.00		AA+		1,279,795
	3,340	5.000%, 7/01/25		7/19 at 100.00		AA+		3,877,740
	3,980	5.000%, 7/01/26		7/19 at 100.00		AA+		4,609,039
	157,950	Total Wisconsin						178,239,978
		Wyoming – 0.1%
	5,500	Sweetwater County, Wyoming, Hospital Revenue Bonds, Memorial Hospital Project, Refunding Series 2013A, 5.000%, 9/01/30		9/23 at 100.00		BBB		6,012,600
$	4,203,270	Total Municipal Bonds (cost $4,369,043,481)						4,604,651,980

Nuveen Investments 139

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		CORPORATE BONDS – 0.0%
		Transportation – 0.0%
$	210	Las Vegas Monorail Company, Senior Interest Bonds (9), (10)		5.500%		7/15/19		N/R	$	37,913
	57	Las Vegas Monorail Company, Senior Interest Bonds (9), (10)		3.000%		7/15/55		N/R		7,595
$	267	Total Corporate Bonds (cost $21,338)								45,508
		Total Long-Term Investments (cost $4,369,064,819)								4,604,697,488
Principal Amount (000)		Description (1)			Optional Call Provisions (2)		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 0.1%
		MUNICIPAL BONDS – 0.1%
		California – 0.1%
$	2,200	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (10)				No Opt. Call		N/R	$	2,236,520
	215	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (10)				No Opt. Call		N/R		218,569
	325	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (10)				No Opt. Call		N/R		330,395
$	2,740	Total Short-Term Investments (cost $2,740,000)								2,785,484
		Total Investments (cost $4,371,804,819) – 100.0%								4,607,482,972
		Other Assets Less Liabilities – 0.0%								1,425,934
		Net Assets – 100%							$	4,608,908,906

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

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

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

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

(5) 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, 0.000% coupon and May 15, 2050 maturity. The second security, which is the remaining 70% of the issue, has a 700,000 par, 5.400% coupon and May 15, 2017 maturity. During September 2011, the Adviser concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.

(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, 0.000% coupon and May 15, 2050 maturity. The second security, which is the remaining 70% of the issue, has a 700,000 par, 5.500% coupon and May 15, 2018 maturity. During September 2011, the Adviser concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.

(7) 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.

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

(9) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an 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.

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

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.

140 Nuveen Investments

Nuveen Limited Term Municipal Bond Fund

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 98.4%
		MUNICIPAL BONDS – 98.4%
		Alabama – 0.2%
$	1,000	Health Care Authority for Baptist Health, Alabama, Revenue Bonds, Baptist Health, Series 2006D, 5.000%, 11/15/14		No Opt. Call		A3	$	1,001,470
	1,075	Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/15		12/14 at 100.00		BBB		1,081,450
	5,100	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		5,214,852
	1,745	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)		1,827,102
	8,920	Total Alabama						9,124,874
		Alaska – 0.3%
		Alaska State, Sport Fishing Revenue Bonds, Refunding Series 2011:
	2,680	5.000%, 4/01/18		No Opt. Call		A1		3,010,337
	1,360	5.000%, 4/01/19		No Opt. Call		A1		1,556,112
	5,975	Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 4.625%, 6/01/23		1/15 at 100.00		Ba1		5,974,701
	10,015	Total Alaska						10,541,150
		Arizona – 3.8%
	180	Arizona Board of Regents, University of Arizona, System Revenue Refunding Bonds, Series 1992A, 6.200%, 6/01/16		No Opt. Call		Aa2		188,505
		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+		1,029,540
	950	4.000%, 2/01/17		No Opt. Call		BBB+		1,015,721
	2,000	5.000%, 2/01/18		No Opt. Call		BBB+		2,243,280
	2,970	Arizona School Facilities Board, Certificates of Participation, Series 2008, 5.500%, 9/01/16		No Opt. Call		A+		3,243,181
	895	Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured		7/15 at 100.00		Aa3		922,199
		Arizona State, Certificates of Participation, Department of Administration Series 2010B:
	11,950	5.000%, 10/01/16 – AGC Insured		No Opt. Call		AA		12,981,644
	760	5.000%, 10/01/17 – AGM Insured		No Opt. Call		AA		853,351
	7,760	Arizona State, Certificates of Participation, Series 2008A, 5.000%, 9/01/21 – AGM Insured		3/18 at 100.00		AA		8,521,334
		Arizona State, Certificates of Participation, Series 2010A:
	4,700	5.000%, 10/01/16 – AGM Insured		No Opt. Call		AA		5,105,751
	11,935	5.000%, 10/01/17 – AGM Insured		No Opt. Call		AA		13,400,976
	2,960	5.000%, 10/01/19 – AGM Insured		No Opt. Call		AA		3,470,659

Nuveen Investments 141

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
		Arizona State, State Lottery Revenue Bonds, Series 2010A:
$	4,520	5.000%, 7/01/15 – AGM Insured		No Opt. Call		AA	$	4,666,764
	1,945	5.000%, 7/01/16 – AGM Insured		No Opt. Call		AA		2,090,914
	2,460	5.000%, 7/01/17 – AGM Insured		No Opt. Call		AA		2,732,371
	5,140	5.000%, 7/01/18 – AGM Insured		No Opt. Call		AA		5,855,385
	95	5.000%, 7/01/20 – AGM Insured		No Opt. Call		AA		111,783
		Chandler, Arizona, General Obligation Bonds, Refunding Series 2014:
	4,000	5.000%, 7/01/23		No Opt. Call		AAA		4,954,080
	1,500	5.000%, 7/01/24		No Opt. Call		AAA		1,881,735
		Dysart Unified School District Number 89, Maricopa County, Arizona, General Obligation Bonds, Refunding Series 2014:
	345	5.000%, 7/01/18		No Opt. Call		AA–		393,286
	335	5.000%, 7/01/19		No Opt. Call		AA–		389,538
	575	5.000%, 7/01/20		No Opt. Call		AA–		678,793
	750	5.000%, 7/01/21		No Opt. Call		AA–		892,875
	2,205	Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006A, 5.000%, 8/01/19 – NPFG Insured		8/16 at 100.00		AA–		2,374,168
	1,270	Maricopa County Unified School District 60 Higley, Arizona, General Obligation Bonds, School Improvement Project of 2013, Series 2014A, 4.000%, 7/01/24		No Opt. Call		AA–		1,435,583
	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		1,428,825
	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)		3,060,270
	3,550	Mesa, Arizona, Excise Tax Revenue Bonds, Series 2013, 5.000%, 7/01/27		7/17 at 100.00		AA+		3,906,988
		Mesa, Arizona, General Obligation Bonds, Refunding Series 2012:
	1,425	4.000%, 7/01/20		No Opt. Call		Aa2		1,619,085
	2,225	4.000%, 7/01/21		No Opt. Call		Aa2		2,538,013
	2,055	4.000%, 7/01/22		No Opt. Call		Aa2		2,350,530
		Mesa, Arizona, Street and Highway User Revenue Refunding Bonds, Series 2012:
	2,020	5.000%, 7/01/16		No Opt. Call		AA		2,176,126
	2,040	5.000%, 7/01/21		No Opt. Call		AA		2,464,075
	4,015	5.000%, 7/01/22		No Opt. Call		AA		4,903,921
		Mesa, Arizona, Utility System Revenue Bonds, Refunding Series 2012:
	5,370	5.000%, 7/01/20		No Opt. Call		Aa2		6,398,624
	6,115	5.000%, 7/01/21		No Opt. Call		Aa2		7,358,363
	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		3,149,667
	19,700	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2009B, 4.000%, 1/01/18		No Opt. Call		Aa1		21,735,601
	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–		812,712
	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		1,488,759
	131,375	Total Arizona						146,824,975
		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–		3,048,270

142 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arkansas (continued)
		Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax Bonds, Series 2014:
$	500	3.000%, 7/01/17		No Opt. Call		A+	$	530,530
	500	5.000%, 7/01/19		No Opt. Call		A+		583,865
	670	5.000%, 7/01/21		No Opt. Call		A+		802,037
	4,670	Total Arkansas						4,964,702
		California – 4.4%
	2,300	Alameda Corridor Transportation Authority, California, Senior Lien Revenue Refunding Bonds, Series 2013A, 5.000%, 10/01/21		No Opt. Call		A		2,768,303
	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		479,861
	1,370	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)		1,461,763
	3,780	California Department of Water Resources, Power Supply Revenue Bonds, Series 2010L, 5.000%, 5/01/16		No Opt. Call		Aa2		4,048,153
	3,990	California Department of Water Resources, Power Supply Revenue Bonds, Series 2010M, 4.000%, 5/01/16		No Opt. Call		Aa2		4,213,999
	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–		4,732,400
	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–		5,957,350
		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		A1		2,499,472
	1,700	5.000%, 10/01/20		No Opt. Call		A1		2,027,131
	1,250	California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, New Stockton Courthouse, Series 2014B, 5.000%, 10/01/20		No Opt. Call		A1		1,490,538
		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I:
	4,440	5.000%, 11/01/16		No Opt. Call		A1		4,851,233
	3,675	5.000%, 11/01/17		No Opt. Call		A1		4,139,924
		California State, Economic Recovery Revenue Bonds, Refunding Series 2009A:
	1,695	5.000%, 7/01/16		No Opt. Call		AA		1,827,193
	320	5.250%, 7/01/21		7/19 at 100.00		AA		377,846
	5,105	California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2009A, 5.000%, 4/01/16		No Opt. Call		A+		5,440,909
	2,310	California Statewide Community Development Authority, Revenue Bonds, Los Angeles Jewish Home for the Aging-Fountainview Gonda, Series 2014B, 3.000%, 8/01/21		11/16 at 100.00		A		2,372,139
	650	California Statewide Community Development Authority, Revenue Bonds, Los Angeles Jewish Home for the Aging-Fountainview Gonda, Series 2014D, 4.750%, 8/01/20		11/16 at 100.00		N/R		652,457
		Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 2012:
	1,355	4.000%, 1/01/18		No Opt. Call		BBB–		1,441,585
	1,410	5.000%, 1/01/19		No Opt. Call		BBB–		1,556,852
	1,500	5.000%, 1/01/20		No Opt. Call		BBB–		1,659,945
	1,595	5.000%, 1/01/21		No Opt. Call		BBB–		1,773,305

Nuveen Investments 143

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2014B:
$	5,200	5.000%, 6/01/22		No Opt. Call		AAA	$	6,426,212
	2,775	5.000%, 6/01/23		No Opt. Call		AAA		3,465,170
		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		3,231,023
	2,665	5.000%, 6/01/16		No Opt. Call		Aaa		2,811,495
	24,580	4.500%, 6/01/27		6/17 at 100.00		B		23,091,189
	650	5.000%, 6/01/33		6/17 at 100.00		B		534,040
	11,250	Inland Valley Development Agency, California, Tax Allocation Bonds, Series 2011C, 4.500%, 3/01/41 (Pre-refunded 3/01/16)		3/16 at 100.00		AA– (4)		11,888,438
	500	Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area A & C, Series 2014C, 5.000%, 9/01/21		No Opt. Call		N/R		573,880
	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		2,216,350
		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2013B:
	1,750	5.000%, 7/01/21		No Opt. Call		AA		2,137,853
	2,720	5.000%, 7/01/22		No Opt. Call		AA		3,360,478
	685	Los Angeles Harbors Department, California, Revenue Bonds, Series 1988, 7.600%, 10/01/18 (ETM)		No Opt. Call		AA+ (4)		794,168
	1,200	Los Angeles, California, Special Tax Bonds, Community Facilities District 4, Playa Vista Phase I, Series 2014, 5.000%, 9/01/20		No Opt. Call		BBB		1,412,772
	13,020	Metropolitan Water District of Southern California, Water Revenue Refunding Bonds, Series 2014A, 0.000%, 7/01/25		7/20 at 100.00		AAA		14,069,542
		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		1,970,824
	2,255	5.000%, 9/01/20 – AMBAC Insured		9/16 at 100.00		AAA		2,392,420
	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)		6,154,702
		New Haven Unified School District, California, General Obligation Bonds, Refunding Series 2014A:
	500	5.000%, 8/01/20 – BAM Insured		No Opt. Call		AA		600,935
	1,555	5.000%, 8/01/24 – BAM Insured		No Opt. Call		AA		1,927,438
	2,640	5.000%, 8/01/25 – BAM Insured		8/24 at 100.00		AA		3,242,263
	6,250	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21		11/20 at 100.00		Ba1		6,652,813
	1,500	Rancho Cucamonga Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Rancho Redevelopment Project, Series 2014, 5.000%, 9/01/22		No Opt. Call		AA		1,818,060
	155	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		195,991
	1,500	San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/15		No Opt. Call		Baa1		1,548,975
	2,200	San Francisco Public Utilities Commission, California, Wastewater Revenue Bonds, Refunding Series 2013A, 4.000%, 10/01/15		No Opt. Call		AA–		2,278,386
	5,000	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 4.250%, 8/01/15 – NPFG Insured		1/15 at 100.00		AA–		5,015,200

144 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	995	Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/15		No Opt. Call		AA–	$	1,032,890
	1,000	Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/15 (ETM)		No Opt. Call		AA– (4)		1,040,390
		Sierra View Local Health Care District, California, Revenue Bonds, Refunding Series 2010:
	500	3.500%, 7/01/16		No Opt. Call		A		516,100
	500	3.800%, 7/01/17		No Opt. Call		A		525,715
	156,675	Total California						168,698,070
		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		3,082,173
	7,230	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Adventist Health, Sunbelt Obligated Group, Series 2014E, 5.000%, 11/15/24		5/24 at 100.00		Aa2		8,740,130
	2,320	Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2006, 5.250%, 6/01/17		6/16 at 100.00		A3		2,466,021
	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		1,120,000
		Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014:
	400	2.000%, 8/01/15 – AGM Insured		No Opt. Call		AA		405,120
	200	4.000%, 8/01/16 – AGM Insured		No Opt. Call		AA		212,144
	275	1.750%, 8/01/17 – AGM Insured		No Opt. Call		AA		281,793
	250	2.000%, 8/01/19 – AGM Insured		No Opt. Call		AA		256,555
	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–		7,148,563
	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+		4,410,036
	1,500	Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/19		No Opt. Call		A		1,757,655
		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–		3,303,061
	2,295	5.000%, 12/01/15		No Opt. Call		A–		2,409,727
	4,500	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004C, 5.000%, 9/01/17 – NPFG Insured		No Opt. Call		AA–		4,969,035
	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		2,804,353
	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		808,175
	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)		10,876,200
		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		1,213,956
	1,000	5.000%, 12/01/17		No Opt. Call		N/R		1,052,480
	1,000	5.000%, 12/01/18		No Opt. Call		N/R		1,064,560
	53,515	Total Colorado						58,381,737

Nuveen Investments 145

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Connecticut – 0.8%
$	4,055	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+	$	4,138,330
	430	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		459,894
	5,000	Connecticut State, Special Tax Obligation Transportation Infrastructure Purposes Bonds, Series 2013A, 5.000%, 10/01/20		No Opt. Call		AA		5,980,900
	1,700	Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax)		1/15 at 100.00		A–		1,703,366
		New Britain, Connecticut, General Obligation Bonds, Series 2012:
	2,670	3.000%, 3/15/16 – AGM Insured		No Opt. Call		A2		2,765,666
	2,670	3.000%, 3/15/17 – AGM Insured		No Opt. Call		A2		2,817,758
		New Haven, Connecticut, General Obligation Bonds, Refunding Series 2014B:
	1,915	4.000%, 8/01/19 – AGM Insured		No Opt. Call		AA		2,128,676
	2,000	5.000%, 8/01/20 – AGM Insured		No Opt. Call		AA		2,346,660
	750	South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twenty-Ninth Series 2014, 5.000%, 8/01/22		No Opt. Call		Aa3		910,275
		West Haven, Connecticut, General Obligation Bonds, Series 2012:
	2,500	5.000%, 8/01/16 – AGM Insured		No Opt. Call		AA		2,680,850
	2,095	5.000%, 8/01/22 – AGM Insured		No Opt. Call		AA		2,447,274
	2,000	5.000%, 8/01/23 – AGM Insured		8/22 at 100.00		AA		2,301,060
	1,000	5.000%, 8/01/25 – AGM Insured		8/22 at 100.00		AA		1,127,330
	28,785	Total Connecticut						31,808,039
		Delaware – 0.7%
		Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013:
	275	4.000%, 7/01/15		No Opt. Call		BBB–		279,466
	600	4.000%, 7/01/16		No Opt. Call		BBB–		620,514
	1,810	5.000%, 7/01/18		No Opt. Call		BBB–		1,974,837
	1,905	5.000%, 7/01/19		No Opt. Call		BBB–		2,098,472
	2,000	5.000%, 7/01/20		No Opt. Call		BBB–		2,207,500
	275	5.000%, 7/01/21		No Opt. Call		BBB–		302,588
	3,170	Delaware State, General Obligation Bonds, Series 2010A, 5.000%, 7/01/16		No Opt. Call		AAA		3,417,767
	8,850	Delaware State, General Obligation Bonds, Series 2013A, 5.000%, 8/01/17		No Opt. Call		AAA		9,932,709
	5,000	University of Delaware, Revenue Bonds, Series 2013C, 0.700%, 11/01/37 (Mandatory put 5/01/16)		No Opt. Call		AA+		5,023,100
	23,885	Total Delaware						25,856,953
		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		1,206,161
	1,105	5.000%, 12/01/17		No Opt. Call		AAA		1,253,413
	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–		11,376,400
	12,205	Total District of Columbia						13,835,974

146 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida – 4.4%
		Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1:
$	7,320	6.000%, 6/01/16		No Opt. Call		A+	$	7,956,108
	825	5.375%, 6/01/16		No Opt. Call		A+		888,707
	185	5.000%, 6/01/16 – AGC Insured		No Opt. Call		AA		198,422
	1,950	5.500%, 6/01/17		No Opt. Call		A+		2,184,390
		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		101,808
	3,810	5.000%, 6/01/18		No Opt. Call		A+		4,318,902
	175	5.000%, 6/01/19		No Opt. Call		A+		202,323
		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		10,283
	50	4.000%, 6/01/15		No Opt. Call		A+		51,114
	265	5.000%, 6/01/16		No Opt. Call		A+		283,897
	110	4.000%, 6/01/16		No Opt. Call		A+		116,112
	640	5.250%, 6/01/17		No Opt. Call		A+		712,845
	60	4.250%, 6/01/17 – AGM Insured		No Opt. Call		AA		65,492
	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)		No Opt. Call		A2		6,106,680
	1,690	Escambia County, Florida, Pollution Control Revenue Bonds, Gulf Power Company, Refunding Series 1997, 0.000%, 7/01/22		No Opt. Call		A		1,741,258
		Florida Citizens Property Insurance Corporation, High Risk Account Revenue Bonds, Series 2007A:
	735	5.000%, 3/01/16 – NPFG Insured		No Opt. Call		AA–		780,438
	2,840	5.000%, 3/01/17 – NPFG Insured		No Opt. Call		AA–		3,127,380
		Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1:
	75	3.000%, 6/01/16		No Opt. Call		A+		77,985
	7,275	5.000%, 6/01/17		No Opt. Call		A+		8,056,626
		Florida Deparmtent of Environmental Protection, Florida Forever Revenue Bonds, Series 2007B:
	4,480	5.000%, 7/01/17 – NPFG Insured		No Opt. Call		AA–		4,998,739
	6,575	5.000%, 7/01/19 – NPFG Insured		7/17 at 101.00		AA–		7,359,200
	10,035	Florida Hurricane Catastrophe Fund, Financial Corporation Revenue Bonds, Series 2010A, 5.000%, 7/01/15 (ETM)		No Opt. Call		AAA		10,360,836
	500	Florida Municipal Power Agency, Revenue Bonds, Saint Lucie Project, Refunding Series 2012A, 4.000%, 10/01/15		No Opt. Call		A1		516,965
	2,640	Florida Municipal Power Agency, Revenue Bonds, St. Lucie Project, Refunding Series 2011A, 5.000%, 10/01/20		No Opt. Call		A2		3,108,415
		Florida State Board of Education, Lottery Revenue Bonds, Series 2010A:
	6,155	5.000%, 7/01/15		No Opt. Call		AAA		6,355,284
	2,830	5.000%, 7/01/16		No Opt. Call		AAA		3,048,221
	1,255	5.000%, 7/01/17		No Opt. Call		AAA		1,403,165
	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+		1,574,340
	1,000	Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/26		6/16 at 100.00		BBB+		1,032,640

Nuveen Investments 147

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	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–	$	5,126,619
		Jacksonville, Florida, Special Revenue Bonds, Series 20120C:
	2,000	5.000%, 10/01/19		No Opt. Call		AA–		2,353,380
	1,275	5.000%, 10/01/20		No Opt. Call		AA–		1,522,337
		Manatee County, Florida, Revenue Refunding and Improvement Bonds, Series 2013:
	1,000	5.000%, 10/01/15		No Opt. Call		AA+		1,044,220
	2,500	5.000%, 10/01/20		No Opt. Call		AA+		2,987,325
	1,540	Marion County School Board, Florida, Certificates of Participation, Series 2007B, 5.000%, 6/01/18 – AMBAC Insured		6/17 at 100.00		A2		1,676,321
	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		372,246
		Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2014B:
	3,000	5.000%, 7/01/20		No Opt. Call		A–		3,547,770
	2,250	5.000%, 7/01/21		No Opt. Call		A–		2,678,625
	1,750	5.000%, 7/01/22		No Opt. Call		A–		2,083,760
	4,000	5.000%, 7/01/23		No Opt. Call		A–		4,783,440
		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–		4,027,247
	4,000	3.750%, 12/01/18		No Opt. Call		A–		4,324,560
		Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquistion, Series 2010E:
	1,515	4.000%, 4/01/15		No Opt. Call		AA–		1,538,604
	1,640	4.000%, 4/01/17		No Opt. Call		AA–		1,759,835
	1,705	5.000%, 4/01/18		No Opt. Call		AA–		1,919,114
	1,790	5.000%, 4/01/19		No Opt. Call		AA–		2,048,530
	1,880	5.000%, 4/01/20		No Opt. Call		AA–		2,174,690
	2,910	Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 5.250%, 10/01/17 – AGM Insured		No Opt. Call		AA		3,295,633
	1,145	North Brevard County Hospital District, Florida, Revenue Bonds, Parrish Medical Center Project, Refunding Series 2008, 5.125%, 10/01/16		No Opt. Call		A–		1,227,967
	12,035	North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.000%, 10/01/20		No Opt. Call		A		13,872,985
	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–		2,062,920
	2,060	Orlando-Orange County Expressway Authority, Florida, Senior Lien Revenue Bonds, Series 1986, 7.625%, 7/01/18 – AMBAC Insured (ETM)		No Opt. Call		AA (4)		2,452,245
	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+		5,898,000
	3,960	Port Everglades Authority, Florida, Port Facilities Revenue Bonds, Series 1986, 7.125%, 11/01/16 (ETM)		No Opt. Call		Aaa		4,227,934
		Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2014:
	550	5.000%, 9/01/20 (WI/DD, Settling 11/13/14)		No Opt. Call		A+		642,208
	500	5.000%, 9/01/22 (WI/DD, Settling 11/13/14)		No Opt. Call		A+		588,080
	500	5.000%, 9/01/23 (WI/DD, Settling 11/13/14)		No Opt. Call		A+		590,610

148 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	2,275	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–	$	2,594,183
		Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A:
	425	3.000%, 9/01/15		No Opt. Call		A+		434,248
	425	4.000%, 9/01/17		No Opt. Call		A+		461,537
	1,020	5.000%, 9/01/18		No Opt. Call		A+		1,164,412
	1,275	5.000%, 9/01/19		No Opt. Call		A+		1,480,836
	815	5.000%, 9/01/20		No Opt. Call		A+		956,875
	610	5.000%, 9/01/21		No Opt. Call		A+		718,989
	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		80,729
	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		203,408
	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		50,974
	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
	5	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		5,060
	175	Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.375%, 5/01/17		No Opt. Call		N/R		173,915
	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		482,413
	3,110	Volusia County School Board, Florida, Sales Tax Revenue Bonds, Series 2004, 5.250%, 10/01/16 – AGM Insured		No Opt. Call		AA		3,332,863
	153,890	Total Florida						169,706,224
		Georgia – 3.0%
	2,400	Atlanta, Georgia, Airport Passenger Facilities Charge Revenue Bonds, Subordinate Lien Series 2010B, 5.000%, 1/01/19		No Opt. Call		A1		2,784,936
	7,150	Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/18 – FGIC Insured		No Opt. Call		AA–		8,407,828
	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+		9,081,072
	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+		17,326,400
	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+		13,053,560
	3,000	Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company, Fourth Series 1994, 0.000%, 10/01/32 (Mandatory put 4/02/19)		No Opt. Call		A+		3,067,410
	3,000	Cobb County Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Georgia Waste Management Project, Series 2004A, 2.000%, 4/01/33 (Mandatory put 10/01/19)		No Opt. Call		A–		3,015,390

Nuveen Investments 149

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia (continued)
		Columbia County, Georgia, General Obligation Sales Tax Bonds, Series 2009:
$	1,335	5.000%, 4/01/15		No Opt. Call		AAA	$	1,362,274
	1,450	5.000%, 4/01/17		No Opt. Call		AAA		1,607,470
	500	DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2011A, 4.000%, 10/01/15		No Opt. Call		Aa3		517,625
	1,500	DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution, Refunding Series 2013, 5.000%, 10/01/22		No Opt. Call		Aa3		1,807,530
	1,500	Forsyth County School District, Georgia, General Obligation Bonds, Series 2014, 5.000%, 2/01/20		No Opt. Call		AA+		1,777,920
	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		1,061,690
	215	Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1991V, 6.600%, 1/01/18 – NPFG Insured		No Opt. Call		AA–		234,855
	2,105	Georgia State, General Obligation Bonds, Series 2009B, 4.000%, 1/01/21		1/19 at 100.00		AAA		2,324,383
	11,440	Georgia State, General Obligation Bonds, Series 2009D, 5.000%, 5/01/20		5/19 at 100.00		AAA		13,397,727
	10,000	Gwinnett County School District, Georgia, General Obligation Bonds, Sales Tax Series 2012A, 4.000%, 10/01/16		No Opt. Call		AAA		10,698,600
	105	Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Series 1992N, 6.250%, 7/01/18 – NPFG Insured		No Opt. Call		Aa2		116,911
	1,000	Municipal Electric Authority of Georgia, Combined Cycle Project Revenue Bonds, Series 2012A, 4.000%, 11/01/14		No Opt. Call		A1		1,000,000
	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+		1,006,570
	7,630	Municipal Electric Authority of Georgia, Project One Subordinate Lien Revenue Bonds, Series 2008A, 5.250%, 1/01/18		No Opt. Call		A+		8,701,099
		Municipal Gas Authority of Georgia, Gas Revenue Bonds, Gas Portfolio III Project, Series 2014U:
	3,710	5.000%, 10/01/18		No Opt. Call		AA–		4,275,441
	2,905	5.000%, 10/01/19		No Opt. Call		AA–		3,412,213
		Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C:
	500	5.000%, 10/01/17		No Opt. Call		Baa2		553,985
	580	5.000%, 10/01/20		No Opt. Call		Baa2		666,756
		Richmond County Board of Education, Georgia, General Obligation Bonds, Sales Tax Series 2012:
	3,300	5.000%, 10/01/15		No Opt. Call		AA+		3,446,850
	2,000	3.000%, 10/01/15		No Opt. Call		AA+		2,052,380
	108,235	Total Georgia						116,758,875
		Hawaii – 1.0%
	6,415	Hawaii State, General Obligation Bonds, Series 2011DZ, 5.000%, 12/01/18		No Opt. Call		AA		7,462,377
	4,500	Hawaii State, General Obligation Bonds, Series 2012EE, 5.000%, 11/01/20		No Opt. Call		AA		5,423,760
	8,290	Hawaii State, General Obligation Bonds, Series 2012EF, 5.000%, 11/01/20		No Opt. Call		AA		9,991,771
	10,070	Hawaii State, General Obligation Bonds, Series 2013EH, 5.000%, 8/01/21		No Opt. Call		AA		12,215,212

150 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Hawaii (continued)
		Hawaii State, Highway Revenue Bonds, Series 2011A:
$	405	4.000%, 1/01/15		No Opt. Call		AA+	$	407,641
	2,145	4.000%, 1/01/16		No Opt. Call		AA+		2,239,037
	31,825	Total Hawaii						37,739,798
		Illinois – 8.6%
	1,240	Bourbonnais, Illinois, Industrial Project Revenue Bonds, Olivet Nazarene University Project, Series 2010, 5.000%, 11/01/20		No Opt. Call		BBB		1,409,595
	1,000	Bourbonnais, Illinois, Revenue Bonds, Olivet Nazarene University, Refunding Series 2007, 5.000%, 11/01/15 – RAAI Insured		No Opt. Call		BBB		1,041,790
	1,405	Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 12/01/17 – FGIC Insured		No Opt. Call		AA–		1,327,304
	4,020	Chicago, Illinois, General Obligation Bonds, Modern Schools Arcoss Chicago Program, Series 2007J, 5.000%, 12/01/21 – AMBAC Insured		12/16 at 100.00		A+		4,271,451
	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		2,342,320
	7,195	Cook County, Illinois, General Obligation Bonds, Refunding Series 2009A, 5.000%, 11/15/17		No Opt. Call		AA		8,047,464
	4,750	Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/22		11/20 at 100.00		AA		5,501,783
	3,315	Cook County, Illinois, General Obligation Bonds, Refunding Series 2011A, 5.000%, 11/15/18		No Opt. Call		AA		3,772,603
		Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C:
	3,445	5.000%, 11/15/27		11/22 at 100.00		AA		3,900,050
	3,000	5.000%, 11/15/33		11/22 at 100.00		AA		3,342,930
	720	Glendale Heights, Illinois, Hospital Revenue Bonds, Glendale Heights Hospital, Series 1985B, 7.100%, 12/01/15 (ETM)		No Opt. Call		Aaa		747,346
	721	Huntley, Illinois, Special Service Area 10, Special Tax Bonds, Series 2007, 4.600%, 3/01/17 – AGC Insured		No Opt. Call		AA		748,153
		IIllinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2014A:
	1,540	5.000%, 12/01/20		No Opt. Call		AA–		1,844,289
	1,665	5.000%, 12/01/21		No Opt. Call		AA–		2,004,294
	1,665	5.000%, 12/01/22		No Opt. Call		AA–		2,013,718
	1,330	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+		1,352,105
	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		1,267,402
	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		AA+		10,108,900
	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		AA+		13,247,916
	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		11,357,743
	920	Illinois Finance Authority, Revenue Bonds, Alexian Brothers Health System, Refunding Series 2005B, 5.000%, 1/01/20 – AGM Insured		4/18 at 100.00		A2		1,019,093

Nuveen Investments 151

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	950	Illinois Finance Authority, Revenue Bonds, Alexian Brothers Health System, Series 2010, 5.000%, 2/15/21		2/20 at 100.00		A2	$	1,071,914
	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+		3,071,400
		Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012:
	1,090	5.000%, 9/01/18		No Opt. Call		BBB		1,213,584
	905	5.000%, 9/01/19		No Opt. Call		BBB		1,012,451
	8,665	5.000%, 9/01/27		9/22 at 100.00		BBB		9,363,312
		Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A:
	125	5.000%, 9/01/19		No Opt. Call		BBB		139,841
	325	5.000%, 9/01/20		No Opt. Call		BBB		366,197
	350	5.000%, 9/01/21		No Opt. Call		BBB		394,478
	865	5.000%, 9/01/25		9/24 at 100.00		BBB		967,027
	2,000	Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008B, 5.500%, 8/15/21		8/18 at 100.00		AA–		2,264,240
	1,360	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 4.750%, 11/15/14		No Opt. Call		A		1,362,394
	1,200	Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.000%, 5/15/17		No Opt. Call		AA–		1,327,572
		Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2005:
	1,175	5.000%, 8/15/15		No Opt. Call		AA		1,211,002
	1,000	5.000%, 8/15/16 – AGC Insured		No Opt. Call		AA		1,066,810
	875	5.000%, 8/15/18		No Opt. Call		AA		971,416
	355	5.250%, 8/15/19		No Opt. Call		AA		402,829
	2,000	Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2009A, 5.500%, 2/15/16		No Opt. Call		AA		2,128,300
		Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2014A:
	1,000	5.000%, 10/01/19		No Opt. Call		AA+		1,175,390
	2,000	5.000%, 10/01/20		No Opt. Call		AA+		2,383,620
	5,000	Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/20		No Opt. Call		AA+		5,959,050
	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+		2,614,391
	410	Illinois Health Facilities Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 1999, 5.500%, 8/15/19		1/15 at 100.00		BBB–		411,583
	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–		3,387,701
	3,000	Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.250%, 2/01/16 – FGIC Insured		No Opt. Call		AA–		3,181,530
		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+		2,760,381
	3,085	5.000%, 12/15/18		6/16 at 100.00		AA+		3,305,886
	1,720	5.000%, 6/15/19		6/15 at 100.00		AA+		1,769,484
	3,250	5.000%, 12/15/19		12/14 at 100.00		AA+		3,268,655

152 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		Illinois State, General Obligation Bonds, February Series 2014:
$	655	5.000%, 2/01/19		No Opt. Call		A–	$	730,482
	1,250	5.000%, 2/01/20		No Opt. Call		A–		1,403,125
	3,500	5.000%, 2/01/21		No Opt. Call		A–		3,930,290
	4,050	5.000%, 2/01/22		No Opt. Call		A–		4,545,437
		Illinois State, General Obligation Bonds, Refunding Series 2006:
	190	5.000%, 1/01/15		No Opt. Call		A–		191,436
	3,570	5.000%, 1/01/16		No Opt. Call		A–		3,746,072
		Illinois State, General Obligation Bonds, Refunding Series 2007B:
	1,525	5.000%, 1/01/16		No Opt. Call		A–		1,600,213
	1,115	5.250%, 1/01/20		No Opt. Call		A–		1,263,585
	355	Illinois State, General Obligation Bonds, Refunding Series 2008, 4.250%, 4/01/16		No Opt. Call		A–		372,115
		Illinois State, General Obligation Bonds, Refunding Series 2010:
	1,505	5.000%, 1/01/16		No Opt. Call		A–		1,579,227
	5,045	5.000%, 1/01/17 – AGM Insured		No Opt. Call		AA		5,464,492
	490	5.000%, 1/01/17		No Opt. Call		A–		530,190
	4,995	5.000%, 1/01/18 – AGM Insured		No Opt. Call		AA		5,539,305
	22,035	5.000%, 1/01/18		No Opt. Call		A–		24,392,965
	6,745	5.000%, 1/01/24		1/20 at 100.00		A–		7,220,725
		Illinois State, General Obligation Bonds, Refunding Series 2012:
	5,000	5.000%, 8/01/16		No Opt. Call		A–		5,354,000
	5,170	5.000%, 8/01/19		No Opt. Call		A–		5,787,453
	4,055	5.000%, 8/01/20		No Opt. Call		A–		4,581,907
	6,975	Illinois State, General Obligation Bonds, Series 2003A, 5.000%, 10/01/19		1/15 at 100.00		A–		7,001,924
	560	Illinois State, General Obligation Bonds, Series 2003, 5.000%, 6/01/19 – NPFG Insured		1/15 at 100.00		AA–		562,083
	10	Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/22		1/15 at 100.00		A–		10,037
	2,000	Illinois State, General Obligation Bonds, Series 2005, 5.000%, 9/01/16 – AGM Insured		9/15 at 100.00		AA		2,068,480
		Illinois State, General Obligation Bonds, Series 2006A:
	1,060	5.000%, 6/01/17		No Opt. Call		A–		1,160,817
	6,400	5.000%, 6/01/23		12/16 at 100.00		A–		6,783,680
		Illinois State, General Obligation Bonds, Series 2006:
	4,060	5.000%, 1/01/16		No Opt. Call		A–		4,260,239
	1,005	5.000%, 1/01/17		1/16 at 100.00		A–		1,049,632
	2,550	5.000%, 1/01/19 – NPFG Insured		1/16 at 100.00		AA–		2,664,776
	1,000	Illinois State, General Obligation Bonds, Series 2007A, 5.000%, 6/01/22 – AGM Insured		6/17 at 100.00		AA		1,075,150
		Illinois State, General Obligation Bonds, Series 2013:
	1,500	5.000%, 7/01/17		No Opt. Call		A–		1,646,430
	3,565	5.000%, 7/01/21		No Opt. Call		A–		4,014,653
	2,520	5.500%, 7/01/25		7/23 at 100.00		A–		2,869,625
	2,030	Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2010, 5.000%, 6/15/16		No Opt. Call		AAA		2,182,372
		Illinois State, Sales Tax Revenue Bonds, Build Illinois, Junior Lien Series 2013:
	4,355	5.000%, 6/15/18		No Opt. Call		AAA		4,985,952
	6,000	5.000%, 6/15/19		No Opt. Call		AAA		7,009,020
		Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001:
	430	5.500%, 5/01/15 – AGM Insured		No Opt. Call		AA		440,810
	1,170	5.375%, 4/01/16 – NPFG Insured		No Opt. Call		AA–		1,244,903

Nuveen Investments 153

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	620	Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.500%, 8/01/15 – NPFG Insured		No Opt. Call		AA–	$	642,971
	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–		2,320,750
	2,000	Lake County Forest Preserve District, Illinois, General Obligation Bonds, Series 2007A, 0.610%, 12/15/16		12/14 at 100.00		AAA		2,000,680
	1,900	Peroia 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		1,380,464
		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
	290	5.000%, 6/01/15		No Opt. Call		A		297,598
	5,115	5.000%, 6/01/16		No Opt. Call		A		5,453,102
	7,570	5.000%, 6/01/17		No Opt. Call		A		8,323,594
	5,390	5.000%, 6/01/18		No Opt. Call		A		6,074,853
	10,095	5.000%, 6/01/19		No Opt. Call		A		11,589,767
	5,185	5.250%, 6/01/20		No Opt. Call		A		6,094,916
	20	5.250%, 6/01/21		No Opt. Call		A		23,660
	4,975	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		5,756,772
	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		7,744,191
	2,365	Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source, Series 2012, 4.000%, 11/01/19		No Opt. Call		A+		2,626,403
		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		1,249,434
	1,035	5.750%, 6/01/27		6/18 at 100.00		AA		1,184,061
	200	Winnebago-Boone Counties School District 205, Illinois, General Obligation Bonds, Series 2013, 4.000%, 2/01/15		No Opt. Call		AA–		201,780
	304,806	Total Illinois						331,449,285
		Indiana – 4.0%
	2,725	East Chicago Elementary School Building Corporation, Lake County, Indiana, First Mortgage Bonds, Series 1996 Refunding, 6.250%, 1/05/16		No Opt. Call		A		2,794,978
	570	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–		585,424
	6,800	Indiana Finance Authority, Environmental Improvement Revenue Bonds, Southern Indiana Gas & Electric Company, Refunding Series 2013D, 1.960%, 3/01/24 (Mandatory put 9/14/17)		No Opt. Call		Aa3		6,919,816
		Indiana Finance Authority, Hospital Revenue Bonds, Beacon Health System Obligated Group, Series 2013A:
	500	5.000%, 8/15/16		No Opt. Call		AA–		541,145
	635	5.000%, 8/15/18		No Opt. Call		AA–		727,488
		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		BBB		1,615,813
	2,115	5.000%, 3/01/20		No Opt. Call		BBB		2,388,723

154 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
		Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A:
$	1,025	4.000%, 10/01/20		No Opt. Call		BBB+	$	1,121,155
	435	4.000%, 10/01/21		No Opt. Call		BBB+		471,096
	105	5.000%, 10/01/23		No Opt. Call		BBB+		119,690
		Indiana Finance Authority, Hospital Revenue Bonds, Parkview Health System Obligated Group, Series 2012A:
	850	5.000%, 5/01/19		No Opt. Call		A+		975,018
	750	5.000%, 5/01/20		No Opt. Call		A+		871,313
	2,000	5.000%, 5/01/21		No Opt. Call		A+		2,335,340
	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		6,181,111
	12,020	Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011C, 3.000%, 10/01/16		No Opt. Call		AA–		12,564,145
		Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A:
	725	4.000%, 10/01/16		No Opt. Call		AA		774,206
	370	5.000%, 10/01/17		No Opt. Call		AA		415,221
	410	5.000%, 10/01/18		No Opt. Call		AA		471,808
	335	5.000%, 10/01/19		No Opt. Call		AA		393,491
	750	5.000%, 10/01/20		No Opt. Call		AA		892,920
	11,165	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+		11,981,720
	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+		5,288,333
	260	Indiana State University Board of Trustees, Indiana State University, Housing and Dining System Revenue Bonds, Series 2014, 4.000%, 4/01/22		No Opt. Call		AA–		289,328
	3,500	Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1993A, 0.000%, 12/01/15 – AMBAC Insured		No Opt. Call		AA+		3,486,700
	4,240	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/16 – AGC Insured		No Opt. Call		AA		4,489,100
		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–		1,216,033
	1,630	5.500%, 7/01/19 – NPFG Insured		No Opt. Call		AA–		1,915,918
	3,690	5.500%, 1/01/20 – NPFG Insured		No Opt. Call		AA–		4,363,610
	8,000	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2007B, 5.250%, 7/01/24 – NPFG Insured		No Opt. Call		AA–		9,706,240
		Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series 2014A:
	250	3.000%, 10/01/16		No Opt. Call		A		261,318
	250	4.000%, 10/01/17		No Opt. Call		A		272,258
	300	4.000%, 10/01/18		No Opt. Call		A		331,494
	200	5.000%, 10/01/19		No Opt. Call		A		232,640
	350	5.000%, 10/01/20		No Opt. Call		A		411,831
	450	5.000%, 10/01/21		No Opt. Call		A		531,932
	450	5.000%, 10/01/22		No Opt. Call		A		534,429
	600	5.000%, 10/01/23		No Opt. Call		A		714,852
	400	5.000%, 10/01/24		No Opt. Call		A		479,176
	500	5.000%, 10/01/25		10/24 at 100.00		A		597,175
	425	5.000%, 10/01/26		10/24 at 100.00		A		502,133

Nuveen Investments 155

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
$	3,175	IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2014, 5.000%, 1/15/18		No Opt. Call		AA+	$	3,596,608
	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–		4,400,933
	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		6,904,156
		Knox County, Indiana, Economic Development Revenue and Refunding Bonds, Good Samaritan Hospital Project, Series 2012A:
	355	3.000%, 4/01/16		No Opt. Call		Baa1		365,114
	880	4.000%, 4/01/17		No Opt. Call		Baa1		936,566
	400	4.000%, 4/01/18		No Opt. Call		Baa1		430,204
	550	3.000%, 4/01/19		No Opt. Call		Baa1		578,864
		Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012:
	870	3.000%, 2/01/15		No Opt. Call		N/R		872,158
	880	4.000%, 8/01/15		No Opt. Call		N/R		892,857
	900	4.000%, 2/01/16		No Opt. Call		N/R		918,702
	915	4.000%, 8/01/16		No Opt. Call		N/R		939,989
	1,525	State of Indiana, Indiana Toll Road Commission, East-West Toll Road Revenue Bonds, 1980 Series, 9.000%, 1/01/15 (ETM)		No Opt. Call		Aaa		1,545,694
		Vanderburgh County, Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014:
	150	2.000%, 2/01/15		No Opt. Call		A		150,621
	250	4.000%, 2/01/18		No Opt. Call		A		272,923
	520	4.000%, 2/01/19		No Opt. Call		A		574,553
	600	5.000%, 2/01/20		No Opt. Call		A		696,996
	640	5.000%, 2/01/21		No Opt. Call		A		749,338
	1,595	4.000%, 2/01/24		No Opt. Call		A		1,763,655
	31,605	Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. Project, Series 2008, 0.000%, 6/01/44 (WI/DD, Settling 11/03/14)		No Opt. Call		A		31,816,437
		Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Refunding Series 2014B:
	2,000	3.000%, 7/15/19		No Opt. Call		AA–		2,168,660
	1,195	4.000%, 1/15/20		No Opt. Call		AA–		1,353,529
	142,650	Total Indiana						152,694,678
		Iowa – 0.5%
		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		1,251,062
	1,330	5.000%, 1/01/19 – AGM Insured		No Opt. Call		AA		1,515,868
	1,380	5.000%, 1/01/20 – AGM Insured		No Opt. Call		AA		1,592,120
	1,245	5.000%, 1/01/22 – AGM Insured		1/21 at 100.00		AA		1,426,023
	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–		8,185,196
		Iowa State, Special Obligation Bonds, I-Jobs Program, Series 2009A:
	1,945	5.000%, 6/01/17		No Opt. Call		AA		2,169,278
	3,150	5.000%, 6/01/18		No Opt. Call		AA		3,612,987
	17,845	Total Iowa						19,752,534

156 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kansas – 1.0%
		Kansas Department of Transportation, Highway Revenue Bonds, Refunding Series 2009A:
$	4,680	5.000%, 9/01/16		No Opt. Call		AAA	$	5,070,827
	6,050	5.000%, 9/01/17		No Opt. Call		AAA		6,792,638
	650	Kansas Development Finance Authority, Health Facilities Revenue Bonds, Hays Medical Center Inc., Series 2005L, 5.250%, 11/15/14		No Opt. Call		A2		651,235
		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–		1,452,405
	1,475	5.000%, 1/01/23		1/20 at 100.00		AA–		1,675,998
		Saline County Unified School District 305, Kansas, General Obligation Bonds, Refunding & Improvement Series 2014:
	3,760	5.000%, 9/01/20		No Opt. Call		Aa2		4,505,796
	5,000	5.000%, 9/01/21		No Opt. Call		Aa2		6,053,450
		Topeka Public Building Commission, Kansas, Revenue Bonds, 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–		2,563,363
	2,945	5.000%, 6/01/26 – NPFG Insured		6/18 at 102.00		AA–		3,362,630
		Wyandotte County/Kansas City Unified Government Board of Public Utilities, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2014A:
	600	4.000%, 9/01/18		No Opt. Call		A+		663,966
	2,000	5.000%, 9/01/20		No Opt. Call		A+		2,364,340
	6,715	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–		4,723,734
	37,365	Total Kansas						39,880,382
		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		9,875,369
	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		4,276,875
	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		17,040,327
	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+		3,635,096
	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		15,622,042
	1,950	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		2,009,436
	1,550	Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011, 5.250%, 3/01/19		No Opt. Call		A3		1,778,951
	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		3,492,990
	53,460	Total Kentucky						57,731,086

Nuveen Investments 157

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana – 3.9%
$	1,000	Bossier City, Louisiana, Utility Revenue Bonds, Refunding Series 2014, 4.000%, 10/01/20		No Opt. Call		AA–	$	1,133,740
	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		5,017,500
	10,000	East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Variable Rate Demand Obligation Series 2011A, 0.609%, 2/01/46 (Mandatory put 8/01/18)		2/18 at 100.00		AA		10,007,300
		Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B:
	140	5.000%, 6/01/16 – AMBAC Insured		No Opt. Call		A–		149,842
	20	5.000%, 6/01/17 – AMBAC Insured		6/16 at 100.00		A–		21,382
	265	5.000%, 6/01/18 – AMBAC Insured		6/16 at 100.00		A–		283,094
	805	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+		921,065
		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		1,754,055
	435	6.000%, 12/15/37		1/15 at 100.00		N/R		241,795
		Louisiana Public Facilities Authority, Revenue Bonds, Hurricane Recovery Program, Refunding Series 2014:
	1,575	5.000%, 6/01/19		No Opt. Call		Aa3		1,844,561
	4,975	5.000%, 6/01/20		No Opt. Call		Aa3		5,921,842
		Louisiana Public Facilities Authority, Revenue Bonds, University of New Orleans Research and Technology Foundation, Inc. – Student Housing Project, Refunding Series 2014:
	585	5.000%, 9/01/21 – AGM Insured		No Opt. Call		AA		689,522
	580	5.000%, 9/01/22 – AGM Insured		No Opt. Call		AA		684,731
	1,445	5.000%, 9/01/23 – AGM Insured		No Opt. Call		AA		1,706,444
	1,565	5.000%, 9/01/24 – AGM Insured		No Opt. Call		AA		1,856,873
		Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A:
	475	5.000%, 7/01/18		No Opt. Call		A		542,583
	1,555	5.000%, 7/01/19		No Opt. Call		A		1,810,455
	1,010	5.000%, 7/01/20		No Opt. Call		A		1,194,416
	7,245	5.000%, 7/01/26		7/23 at 100.00		A		8,534,030
		Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Series 2012A-1:
	2,265	5.000%, 5/01/19		No Opt. Call		Aa1		2,647,309
	2,500	5.000%, 5/01/20		No Opt. Call		Aa1		2,976,575
	3,610	5.000%, 5/01/21		No Opt. Call		Aa1		4,349,797
	11,970	Louisiana State, General Obligation Bonds, Series 2012A, 5.000%, 8/01/19		No Opt. Call		Aa2		14,105,089
		Louisiana State, General Obligation Bonds, Series 2014A:
	6,000	5.000%, 2/01/19		No Opt. Call		AA		6,987,360
	6,000	5.000%, 2/01/20		No Opt. Call		AA		7,128,420
	7,130	New Orleans, Louisiana, General Obligation Bonds, Series 1998, 5.500%, 12/01/21 – FGIC Insured		No Opt. Call		A3		8,139,965
		New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2012:
	2,860	5.000%, 12/01/19		No Opt. Call		A3		3,286,598
	2,500	5.000%, 12/01/20		No Opt. Call		A3		2,890,675
	3,600	5.000%, 12/01/21		No Opt. Call		A3		4,165,848

158 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana (continued)
$	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–	$	4,358,394
		New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014:
	11,225	2.000%, 6/01/15		No Opt. Call		A		11,334,893
	500	4.000%, 6/01/16		No Opt. Call		A		526,110
	1,750	5.000%, 6/01/17		No Opt. Call		A		1,929,865
	1,000	5.000%, 6/01/18		No Opt. Call		A		1,128,560
	1,100	New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/19		No Opt. Call		BBB+		1,266,375
	40	Saint Bernard Parish, Louisiana, Sales and Use Tax Revenue Bonds, Series 2004, 5.000%, 3/01/17 – AGM Insured		1/15 at 100.00		AA		40,560
	4,690	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		5,058,728
	2,280	Shreveport, Louisiana, General Obligation Bonds, Series 2014, 5.000%, 9/01/21		No Opt. Call		A+		2,723,597
		Terrebonne Levee and Conservation District, Louisianna, Public Improvement Sales Tax Bonds, Series 2013:
	1,710	5.000%, 7/01/21		No Opt. Call		A+		1,991,569
	1,670	5.000%, 7/01/22		No Opt. Call		A+		1,946,953
		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–		5,068,950
	10,000	5.000%, 5/15/25		5/16 at 100.00		A–		10,401,400
	135,075	Total Louisiana						148,768,820
		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–		3,415,764
		Maryland – 1.9%
	1,095	Anne Arundel County, Maryland, General Obligation Bonds, Consolidated General Improvement, Series 2012, 5.000%, 4/01/15		No Opt. Call		AAA		1,117,437
	6,235	Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2009, 5.000%, 8/01/18		No Opt. Call		AAA		7,201,612
	1,000	Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Refunding Series 2013B, 5.000%, 10/15/15		No Opt. Call		AA		1,046,550
	1,500	Harford County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2009, 3.000%, 6/01/15		No Opt. Call		AAA		1,525,455
		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2014:
	6,190	5.000%, 7/01/18 (WI/DD, Settling 11/19/14)		No Opt. Call		BBB		6,971,797
	5,000	5.000%, 7/01/19 (WI/DD, Settling 11/19/14)		No Opt. Call		BBB		5,732,300
		Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2008:
	5,000	5.000%, 7/15/16		No Opt. Call		AAA		5,398,550
	5,640	5.000%, 7/15/17		No Opt. Call		AAA		6,317,364
	5,130	5.000%, 7/15/18		No Opt. Call		AAA		5,918,276
	13,610	Maryland State, General Obligation Bonds, State & Local Facilities Loan, Third Series 2009C, 5.000%, 11/01/17		No Opt. Call		AAA		15,392,638

Nuveen Investments 159

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Maryland (continued)
$	200	Maryland Transportation Authority, Revenue Refunding Bonds, Transportation Facilities Projects, First Series 1978, 6.800%, 7/01/16 – AMBAC Insured (ETM)		No Opt. Call		Aaa	$	213,812
	5,000	Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Refunding Series 2011A, 5.000%, 7/01/19		No Opt. Call		AAA		5,898,350
	10,000	Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2007A, 5.000%, 5/01/16		No Opt. Call		AAA		10,706,800
	65,600	Total Maryland						73,440,941
		Massachusetts – 1.4%
	3,500	Boston, Massachusetts, General Obligation Bonds, Refunding Series 2009C, 3.000%, 2/01/15		No Opt. Call		AAA		3,525,620
	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+		1,479,392
	440	Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2012L, 5.000%, 7/01/15		No Opt. Call		AA		454,441
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Series 2009A:
	2,015	5.000%, 11/15/15		No Opt. Call		AAA		2,117,221
	2,075	5.000%, 11/15/16		No Opt. Call		AAA		2,272,312
	1,510	5.000%, 11/15/17		No Opt. Call		AAA		1,709,411
	1,000	5.000%, 11/15/18		No Opt. Call		AAA		1,163,350
	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		11,218,376
	345	Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/16 – AGM Insured		8/15 at 100.00		AA+		357,938
		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)		218,058
	110	5.000%, 8/15/19 (Pre-refunded 8/15/15) – NPFG Insured		8/15 at 100.00		AA+ (4)		114,221
	785	5.000%, 8/15/20 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		815,120
	445	5.000%, 8/15/22 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		462,075
	35	5.000%, 8/15/23 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		36,343
	435	5.000%, 8/15/24 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		451,691
	755	5.000%, 8/15/25 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		783,969
	345	5.000%, 8/15/26 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		358,238
	10	5.000%, 8/15/27 (Pre-refunded 8/15/15) – NPFG Insured		8/15 at 100.00		AA+ (4)		10,384
	390	5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA (4)		404,964
	12,900	Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2002C, 5.500%, 11/01/17 – AGM Insured		No Opt. Call		AA+		14,779,659
		Norwood, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2009A:
	2,420	4.000%, 8/15/15		No Opt. Call		AA+		2,493,858
	2,420	4.000%, 8/15/16		No Opt. Call		AA+		2,577,953
	2,420	4.000%, 8/15/17		No Opt. Call		AA+		2,649,174
	2,420	4.000%, 8/15/18		No Opt. Call		AA+		2,697,647
	1,310	Quincy, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2014, 5.000%, 6/01/19		No Opt. Call		AA+		1,537,835
	50,120	Total Massachusetts						54,689,250

160 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan – 3.5%
		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–	$	904,234
	1,600	5.000%, 10/01/16		No Opt. Call		BBB–		1,701,152
	900	5.000%, 10/01/17		No Opt. Call		BBB–		974,898
	1,100	5.000%, 10/01/18		No Opt. Call		BBB–		1,207,998
	1,500	5.000%, 10/01/19 – AGM Insured		No Opt. Call		AA		1,678,695
		Lake Orion Community School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2012:
	775	4.000%, 5/01/15		No Opt. Call		AA–		789,260
	1,000	5.000%, 5/01/16		No Opt. Call		AA–		1,066,410
	1,000	4.000%, 5/01/17		No Opt. Call		AA–		1,078,500
	1,780	4.000%, 5/01/18		No Opt. Call		AA–		1,954,333
		Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012:
	1,700	5.000%, 6/01/15		No Opt. Call		A+		1,741,565
	1,600	5.000%, 6/01/16		No Opt. Call		A+		1,699,184
	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		1,775,973
	15,475	Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012A, 5.000%, 7/01/15		No Opt. Call		AAA		15,980,723
		Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B:
	8,790	5.000%, 7/01/21		7/18 at 100.00		AAA		10,045,476
	13,475	5.000%, 7/01/22		7/16 at 100.00		AAA		14,483,469
	3,180	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 5.000%, 11/15/17		No Opt. Call		AA+		3,582,238
	10,010	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding and Project Series 2010F-5, 1.500%, 11/15/47 (Mandatory put 3/15/17)		No Opt. Call		AA+		10,209,599
	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+		19,180,403
	3,155	Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009B, 4.375%, 10/01/19		10/18 at 100.00		AA		3,254,793
	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		6,654,849
	6,030	Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/01/20		11/19 at 100.00		AA+		7,056,065
	1,605	Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/21		5/19 at 100.00		Aa2		1,855,139
	2,000	Michigan State, General Obligation Refunding Bonds, Series 2002, 5.500%, 12/01/15		No Opt. Call		Aa2		2,115,840
		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		1,223,233
	1,000	5.000%, 5/01/21		No Opt. Call		Aa2		1,180,390
		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		882,611
	1,000	5.000%, 5/01/20		No Opt. Call		Aa2		1,171,350

Nuveen Investments 161

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
$	2,500	Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/22		No Opt. Call		A1	$	2,967,425
	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)		1,403,346
	1,025	South Redford School District, Wayne County, Michigan, General Obligation Bonds, Series 2004, 5.000%, 5/01/22 (Pre-refunded 12/01/14) – FGIC Insured		12/14 at 100.00		Aa2 (4)		1,029,182
	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		5,748,463
	8,150	Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/16		No Opt. Call		A		8,871,683
	126,110	Total Michigan						135,468,479
		Minnesota – 1.3%
		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+		813,629
	1,615	5.000%, 2/01/25		2/20 at 100.00		AA+		1,869,363
	1,690	5.000%, 2/01/26		2/20 at 100.00		AA+		1,950,683
	5,075	Minneapolis, Minnesota, General Obligation Bonds, Various Purpose Refunding Series 2009B, 4.000%, 12/01/15		No Opt. Call		AAA		5,286,222
	273	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+		284,122
	1,500	Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Series 2005A, 5.000%, 1/01/18 (Pre-refunded 1/01/15) – AMBAC Insured		1/15 at 100.00		A (4)		1,512,210
		Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2014A:
	1,350	4.000%, 1/01/17		No Opt. Call		A		1,452,452
	1,000	5.000%, 1/01/22		No Opt. Call		A		1,203,420
	1,245	5.000%, 1/01/23		No Opt. Call		A		1,507,869
	1,600	5.000%, 1/01/24		No Opt. Call		A		1,957,376
		Minnesota State, General Fund Appropriation Refunding Bonds, Series 2014A:
	2,695	5.000%, 6/01/20		No Opt. Call		AA		3,213,222
	4,000	5.000%, 6/01/21		No Opt. Call		AA		4,816,600
		Minnesota State, General Obligation Bonds, State Trunk Highway Series 2009E:
	4,000	4.500%, 8/01/17		No Opt. Call		AA+		4,427,880
	4,000	4.500%, 8/01/18		No Opt. Call		AA+		4,540,040
		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		1,643,382
	7,000	5.000%, 1/01/16 – AGC Insured		No Opt. Call		AA		7,385,000
	885	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 5.000%, 1/01/23		No Opt. Call		A–		1,064,513
	2,800	Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Refunding Series 2014B, 5.000%, 5/01/22 (WI/DD, Settling 11/19/14)		No Opt. Call		A1		3,324,552
	43,103	Total Minnesota						48,252,535

162 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		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 1/01/18)		No Opt. Call		A	$	11,497,125
	750	Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/16		1/15 at 100.00		A		752,843
	12,250	Total Mississippi						12,249,968
		Missouri – 2.0%
		Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Shoal Creek Parkway Project, Series 2011:
	1,400	5.625%, 6/01/23		6/16 at 100.00		N/R		1,428,266
	1,100	6.500%, 6/01/25		No Opt. Call		N/R		1,118,744
		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		2,811,992
	2,695	4.000%, 5/01/24		5/21 at 100.00		AAA		2,987,623
		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		3,988,608
	3,005	5.000%, 1/01/18		No Opt. Call		Aaa		3,413,530
		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+		621,313
	440	5.000%, 5/01/20		No Opt. Call		BBB+		499,475
	1,000	5.000%, 5/01/21		No Opt. Call		BBB+		1,138,130
	2,545	4.000%, 5/01/22		No Opt. Call		BBB+		2,726,331
	1,320	5.000%, 5/01/23		No Opt. Call		BBB+		1,499,322
	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+		1,067,930
		Missouri Highways and Transportation Commission, State Road Revenue Bonds, Refunding Second Lien Series 2014B:
	10,000	5.000%, 5/01/18		No Opt. Call		AAA		11,473,700
	3,000	5.000%, 5/01/21		No Opt. Call		AAA		3,649,170
		Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2013:
	505	4.000%, 7/01/15		No Opt. Call		A–		517,383
	445	5.000%, 7/01/16		No Opt. Call		A–		477,378
	715	5.000%, 7/01/17		No Opt. Call		A–		795,373
	765	5.000%, 7/01/18		No Opt. Call		A–		871,771
	8,825	Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 2012, 5.000%, 6/01/17		No Opt. Call		BBB+		9,576,890
	750	Springfield School District R12, Missouri, General Obligation Bonds, Refunding Series 2014B, 4.000%, 3/01/18		No Opt. Call		AA+		828,593
		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–		9,212,954
	11,995	5.500%, 7/01/18 – NPFG Insured		No Opt. Call		AA–		13,884,093
	1,725	St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2007A, 5.000%, 7/01/17 – AGM Insured		No Opt. Call		AA		1,921,823
	68,115	Total Missouri						76,510,392

Nuveen Investments 163

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Nebraska – 1.0%
		Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014:
$	4,390	5.000%, 5/15/21		No Opt. Call		BBB+	$	5,076,157
	10	4.000%, 5/15/33		5/24 at 100.00		BBB+		10,135
		Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2012:
	375	4.000%, 6/15/15		No Opt. Call		AA–		383,539
	500	4.000%, 6/15/16		No Opt. Call		AA–		527,835
	750	4.000%, 6/15/17		No Opt. Call		AA–		813,420
	600	4.000%, 6/15/18		No Opt. Call		AA–		662,046
	800	5.000%, 6/15/19		No Opt. Call		AA–		929,776
		Douglas County School District 17 Millard, Nebraska, General Obligation Bonds, Refunding Series 2014:
	3,050	3.000%, 6/15/16		No Opt. Call		Aa1		3,180,815
	6,600	4.000%, 6/15/17		No Opt. Call		Aa1		7,203,174
		Lancaster County School District 1, Lincoln, Nebraska, General Obligation Bonds, Refunding Series 2009:
	1,915	3.000%, 1/15/16		No Opt. Call		AAA		1,976,855
	3,475	3.000%, 1/15/17		No Opt. Call		AAA		3,661,955
	3,220	3.000%, 1/15/18		No Opt. Call		AAA		3,442,309
	2,520	3.000%, 1/15/19		No Opt. Call		AAA		2,715,930
	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–		2,288,958
	3,000	University of Nebraska Facilities Corporation, UNMC Cancer Center Bonds, Series 2014A, 5.000%, 2/15/21		No Opt. Call		Aa1		3,621,900
	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		3,064,793
	36,570	Total Nebraska						39,559,597
		Nevada – 0.5%
		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		1,157,630
	2,000	5.000%, 7/01/21 (Alternative Minimum Tax)		No Opt. Call		A		2,327,980
	1,685	Clark County, Nevada, Limited Tax General Obligation Bank Bonds, Series 2006, 5.000%, 11/01/21 – AMBAC Insured		11/16 at 100.00		Aa1		1,834,207
	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+		2,709,709
	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+		5,863,600
		Las Vegas, Nevada, Special Improvement District 607 Providence, Local Improvement Refunding Bonds, Series 2013:
	320	3.000%, 6/01/16		No Opt. Call		N/R		322,912
	970	3.000%, 6/01/17		No Opt. Call		N/R		975,296
	185	4.000%, 6/01/18		No Opt. Call		N/R		191,127
	2,825	Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2005, 5.000%, 12/01/15 – FGIC Insured		No Opt. Call		AAA		2,973,341
	16,610	Total Nevada						18,355,802

164 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		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	$	5,099,900
		New Jersey – 6.0%
	505	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		509,313
	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		262,406
	2,435	Camden County Improvement Authority, New Jersey, Healthcare Revenue Bonds, Cooper Health System, Series 2005B, 5.000%, 2/15/15 (ETM)		No Opt. Call		BBB (4)		2,468,944
	1,500	Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2005A, 5.000%, 2/15/15 (ETM)		No Opt. Call		BBB (4)		1,520,910
	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–		3,980,248
		Millville, New Jersey, General Obligation Bonds, Improvement Series 2011:
	1,000	5.000%, 11/01/16 – AGM Insured		No Opt. Call		AA		1,085,070
	1,445	5.000%, 11/01/19 – AGM Insured		No Opt. Call		AA		1,665,738
	920	5.000%, 11/01/20 – AGM Insured		No Opt. Call		AA		1,065,802
	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		250,923
	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		372,531
	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)		5,481
		New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
	650	5.375%, 6/15/15 (ETM)		No Opt. Call		Aaa		671,223
	1,095	5.375%, 6/15/15 – RAAI Insured (ETM)		No Opt. Call		Aaa		1,130,752
	1,430	5.500%, 6/15/16 (ETM)		No Opt. Call		Aaa		1,550,063
	1,240	5.500%, 6/15/16 – RAAI Insured (ETM)		No Opt. Call		Aaa		1,344,110
		New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
	4,125	5.000%, 6/15/15		No Opt. Call		BBB+		4,241,944
	2,970	5.000%, 6/15/16		No Opt. Call		BBB+		3,172,316
	6,265	5.000%, 6/15/17		No Opt. Call		BBB+		6,898,266
	8,510	5.000%, 6/15/18		No Opt. Call		BBB+		9,567,538
	5,250	5.000%, 6/15/19		No Opt. Call		BBB+		5,980,485
	245	4.000%, 6/15/19		No Opt. Call		BBB+		268,282
	10,990	5.000%, 6/15/20		No Opt. Call		BBB+		12,671,250
	7,410	5.000%, 6/15/21		No Opt. Call		BBB+		8,587,301
	1,320	5.000%, 6/15/22		No Opt. Call		BBB+		1,538,341
	495	5.000%, 6/15/22		No Opt. Call		AA		579,695
	6,500	5.000%, 6/15/23		6/22 at 100.00		BBB+		7,489,495
	4,500	5.000%, 6/15/24		6/22 at 100.00		BBB+		5,126,805
	8,570	5.000%, 6/15/25		6/22 at 100.00		BBB+		9,694,470
	6,000	5.000%, 6/15/26		6/22 at 100.00		BBB+		6,743,820
	685	4.250%, 6/15/27		6/22 at 100.00		BBB+		712,681
	4,890	New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/20		No Opt. Call		A2		5,605,211

Nuveen Investments 165

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
$	3,260	New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University Issue, Series 2007A, 5.250%, 7/01/21 – NPFG Insured		No Opt. Call		AA	$	3,579,187
	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)		425,109
		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+		4,333,969
	4,260	5.000%, 7/01/19		No Opt. Call		BB+		4,585,933
	410	New Jersey Highway Authority, Senior Revenue Bonds, Garden State Parkway, Series 1989, 6.000%, 1/01/19 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		476,539
	10,000	New Jersey Transit Corporation, Grant Anticipation Notes, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Series 2014A, 5.000%, 9/15/18		No Opt. Call		A		11,332,600
	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		5,159,400
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D:
	5,390	5.000%, 12/15/17		No Opt. Call		A2		5,998,854
	9,750	5.000%, 12/15/18		No Opt. Call		A2		11,051,333
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA:
	11,500	5.000%, 6/15/19		No Opt. Call		A2		13,026,050
	13,675	5.000%, 6/15/20		No Opt. Call		A2		15,641,465
		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
	2,285	6.500%, 1/01/16		No Opt. Call		A3		2,446,778
	5	6.500%, 1/01/16 – AMBAC Insured		No Opt. Call		A3		5,354
	805	6.500%, 1/01/16 – NPFG Insured		No Opt. Call		AA–		861,994
		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
	1,425	6.500%, 1/01/16 (ETM)		No Opt. Call		A3 (4)		1,528,769
	10	6.500%, 1/01/16 – AMBAC Insured (ETM)		No Opt. Call		A3 (4)		10,728
	460	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		493,497
	125	6.500%, 1/01/16 (ETM)		No Opt. Call		AA+ (4)		134,103
	245	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		262,841
	1,165	6.500%, 1/01/16 – AGM Insured (ETM)		No Opt. Call		AA (4)		1,186,156
	1,045	6.500%, 1/01/16 (ETM)		No Opt. Call		AA+ (4)		1,063,977
	45	6.500%, 1/01/16 – AMBAC Insured (ETM)		No Opt. Call		A3 (4)		45,817
	1,205	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		1,226,883
	5,945	New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/19		No Opt. Call		A+		6,864,275
		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		212,452
	500	5.000%, 8/15/23		No Opt. Call		AA		610,545
	1,125	Parsippany-Troy Hills Township, New Jersey, General Obligation Bonds, Refunding Series 2012, 4.000%, 7/15/20		No Opt. Call		AA		1,270,125
	1,700	Passaic Valley Sewage Commissioners, New Jersey, Sewer Revenue Bonds, Series 2010G, 5.750%, 12/01/22		No Opt. Call		A2		2,084,829

166 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
$	4,215	Salem County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (Alternative Minimum Tax)		No Opt. Call		BBB	$	4,751,443
		South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2012Q:
	4,340	3.000%, 1/01/18		No Opt. Call		A2		4,577,138
	4,850	3.000%, 1/01/19		No Opt. Call		A2		5,123,589
		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	5,660	5.000%, 6/01/15		No Opt. Call		Aaa		5,787,293
	105	5.000%, 6/01/17		No Opt. Call		Aa1		115,345
	4,610	4.500%, 6/01/23		6/17 at 100.00		BB		4,573,904
	2,065	4.625%, 6/01/26		6/17 at 100.00		B+		1,898,313
	207,405	Total New Jersey						229,508,001
		New Mexico – 1.0%
	1,010	Albuquerque Benralillo County Water Utility Authority, New Mexico, Joint Water and Sewer System Revenue Bonds, Refunding Subordinate Lien Series 2014B, 5.000%, 7/01/19		No Opt. Call		AA		1,182,407
	15,340	New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19)		8/19 at 100.00		Aa3		17,783,048
	14,955	State of New Mexico, State Severance Tax Revenue Bonds, Series 2014A, 5.000%, 7/01/23		7/19 at 100.00		Aa1		17,274,820
	31,305	Total New Mexico						36,240,275
		New York – 11.0%
	500	Buffalo and Fort Erie Public Bridge Authority, New York, Toll Bridge System Revenue Bonds, Refunding Series 2014, 5.000%, 1/01/22		No Opt. Call		A+		598,015
	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–		505,840
	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		1,862,676
	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)		5,908
	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		1,496,438
	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)		2,535,300
	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		14,723,389
	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)		6,115
	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		3,986,559
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
	770	0.000%, 6/01/16 – AGM Insured		No Opt. Call		AA		762,246
	400	0.000%, 6/01/19 – AGM Insured		No Opt. Call		AA		371,768

Nuveen Investments 167

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	480	0.000%, 6/01/21 – AGM Insured		No Opt. Call		AA	$	420,494
	450	0.000%, 6/01/22 – AGM Insured		No Opt. Call		AA		381,681
	1,095	0.000%, 6/01/23 – AGM Insured		No Opt. Call		AA		891,111
	2,390	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2003B, 5.250%, 12/01/14		No Opt. Call		A–		2,399,990
	850	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.250%, 12/01/20 (Pre-refunded 6/01/16) – FGIC Insured		6/16 at 100.00		AA– (4)		916,827
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
	5,915	5.000%, 12/01/16 – AGM Insured		6/16 at 100.00		AA		6,328,340
	870	4.250%, 12/01/16 – AGM Insured		No Opt. Call		AA		918,824
	970	4.000%, 12/01/16 – AGM Insured		No Opt. Call		AA		1,020,624
	240	5.000%, 12/01/25 – FGIC Insured		6/16 at 100.00		AA–		254,702
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006D:
	600	5.000%, 9/01/17 – NPFG Insured		9/16 at 100.00		AA–		648,042
	85	5.000%, 9/01/20 – NPFG Insured		9/16 at 100.00		AA–		91,562
	520	5.000%, 9/01/23 – NPFG Insured		9/16 at 100.00		AA–		558,360
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006E:
	4,910	5.000%, 12/01/17 – FGIC Insured		12/16 at 100.00		AA–		5,351,753
	2,375	5.000%, 12/01/17		12/16 at 100.00		A–		2,586,090
	2,170	5.000%, 12/01/18 – FGIC Insured		12/16 at 100.00		AA–		2,362,870
	13,015	5.000%, 12/01/18 – NPFG Insured		12/16 at 100.00		AA–		14,171,773
	205	5.000%, 12/01/20 – NPFG Insured		12/16 at 100.00		AA–		222,774
	1,000	5.000%, 12/01/21 – FGIC Insured		12/16 at 100.00		AA–		1,085,620
	1,035	5.000%, 12/01/21 – NPFG Insured		12/16 at 100.00		AA–		1,123,617
	715	5.000%, 12/01/21 – AGM Insured		12/16 at 100.00		AA		776,218
	4,510	5.000%, 12/01/22 – FGIC Insured		12/16 at 100.00		AA–		4,891,230
	200	5.000%, 12/01/22		12/16 at 100.00		A–		216,560
	10	4.125%, 12/01/22 – FGIC Insured		12/16 at 100.00		AA–		10,605
		Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A:
	480	5.000%, 4/01/18		No Opt. Call		A–		540,451
	3,440	5.000%, 4/01/19		No Opt. Call		A–		3,951,872
	1,250	5.500%, 4/01/22		4/19 at 100.00		A–		1,430,725
	420	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 5.000%, 5/01/15 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		430,244
		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F:
	2,620	5.000%, 5/01/15 – NPFG Insured		No Opt. Call		AA–		2,682,120
	885	5.000%, 5/01/16 – NPFG Insured		No Opt. Call		AA–		943,543
	8,810	5.000%, 5/01/17 – NPFG Insured		No Opt. Call		AA–		9,717,606
	2,940	5.000%, 5/01/18 – NPFG Insured		11/16 at 100.00		AA–		3,191,840
	720	5.000%, 5/01/19 – NPFG Insured		11/16 at 100.00		AA–		780,919
	1,100	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/16		No Opt. Call		A–		1,171,973
	1,000	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012B, 5.000%, 9/01/21		No Opt. Call		A–		1,166,920

168 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	5,500	Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 5.000%, 11/15/20		No Opt. Call		AA	$	6,603,080
		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012-B2:
	3,985	5.000%, 11/15/21		No Opt. Call		AA–		4,771,798
	2,000	5.000%, 11/15/22		No Opt. Call		AA–		2,401,600
		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012H:
	5,135	5.000%, 11/15/20		No Opt. Call		AA–		6,104,077
	5,790	4.000%, 11/15/22		No Opt. Call		AA–		6,547,274
	1,290	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.000%, 11/15/19		No Opt. Call		AA–		1,516,898
	1,000	Monroe County, New York, General Obligation Bonds, Refunding Series 2012, 5.000%, 3/01/15		No Opt. Call		A		1,015,410
		Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014B:
	2,000	5.000%, 7/01/23		No Opt. Call		BBB+		2,353,320
	1,000	5.000%, 7/01/24		No Opt. Call		BBB+		1,181,910
	625	5.000%, 7/01/25		7/24 at 100.00		BBB+		729,488
	1,000	5.000%, 7/01/26		7/24 at 100.00		BBB+		1,154,470
	1,500	5.000%, 7/01/27		7/24 at 100.00		BBB+		1,722,900
	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)		8,475,382
	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		3,058,058
	10,100	New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/17		No Opt. Call		AA		11,282,104
	16,720	New York City, New York, General Obligation Bonds, Fiscal 2014 Series J, 5.000%, 8/01/19		No Opt. Call		AA		19,537,654
	30,510	New York City, New York, General Obligation Bonds, Fiscal 2015 Series A, 5.000%, 8/01/18		No Opt. Call		AA		35,048,668
	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–		7,674,840
	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–		2,117,980
	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–		2,110,580
	41,690	New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19		No Opt. Call		A–		48,283,274
	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+		3,212,625
	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)		490,915
		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		5,254,750
	5,000	4.000%, 4/01/17		No Opt. Call		AA		5,402,900
	6,845	5.000%, 4/01/18		No Opt. Call		AA		7,792,211

Nuveen Investments 169

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2011B:
$	7,800	5.000%, 6/01/15		No Opt. Call		AA	$	8,023,392
	5,560	5.000%, 6/01/16		No Opt. Call		AA		5,973,664
	4,100	5.000%, 6/01/17		No Opt. Call		AA		4,563,013
	2,800	5.000%, 6/01/18		No Opt. Call		AA		3,201,744
		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		4,685,470
	3,315	5.000%, 6/01/21		6/16 at 100.00		AA		3,546,818
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2013B:
	5,000	5.000%, 6/01/19		6/15 at 100.00		AA		5,137,550
	2,090	5.000%, 6/01/20		6/15 at 100.00		AA		2,147,203
	3,105	5.000%, 6/01/20		6/16 at 100.00		AA		3,328,405
	14,250	5.000%, 6/01/21		6/16 at 100.00		AA		15,255,908
	1,500	5.000%, 6/01/21		6/17 at 100.00		AA		1,665,105
	6,030	5.000%, 6/01/22		6/17 at 100.00		AA		6,688,898
	10,000	New York State Urban Development Corporation, Service Contract Revenue Bonds, Refunding Series 2010A-1, 5.000%, 1/01/17		No Opt. Call		AA		10,978,700
	3,105	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2009A-1, 5.000%, 12/15/16		No Opt. Call		AAA		3,408,110
	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		9,396,468
	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		3,097,987
		Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014:
	500	5.000%, 7/01/25		7/24 at 100.00		BBB+		583,590
	500	5.000%, 7/01/27		7/24 at 100.00		BBB+		574,300
	16,120	Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2012B, 4.000%, 11/15/20		No Opt. Call		AA–		18,358,584
	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–		5,828,101
		TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
	1,570	4.750%, 6/01/22		6/16 at 100.00		BBB–		1,563,814
	3,620	5.000%, 6/01/26		6/16 at 100.00		BB–		3,561,139
		Yonkers, New York, General Obligation Bonds, Series 2012C:
	2,440	3.000%, 8/15/22		No Opt. Call		A		2,492,436
	2,510	3.000%, 8/15/23		No Opt. Call		A		2,514,342
	380,825	Total New York						422,911,041
		North Carolina – 1.1%
		Fayetteville Public Works Commission, North Carolina, Revenue Bonds, Refunding Series 2009A:
	3,000	5.000%, 3/01/16		No Opt. Call		AA		3,189,510
	2,010	5.000%, 3/01/17		No Opt. Call		AA		2,221,975
	2,090	5.000%, 3/01/18		No Opt. Call		AA		2,382,809

170 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		North Carolina (continued)
		Mecklenburg County Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Refunding Series 2009:
$	5,500	5.000%, 3/01/16		No Opt. Call		AA+	$	5,845,400
	3,025	5.000%, 3/01/18		No Opt. Call		AA+		3,442,359
		New Hanover County, North Carolina, General Obligation Bonds, School Series 2009:
	1,500	3.000%, 6/01/15		No Opt. Call		AAA		1,525,455
	1,500	3.000%, 6/01/16		No Opt. Call		AAA		1,564,155
	765	3.000%, 6/01/17		No Opt. Call		AAA		814,021
		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		2,687,173
	3,290	3.500%, 2/15/16 – AGC Insured		No Opt. Call		AA		3,424,364
	2,760	4.000%, 2/15/17 – AGC Insured		No Opt. Call		AA		2,978,592
		North Carolina State, Capital Improvement Limited Obligation Bonds, Series 2009A:
	1,000	5.000%, 5/01/19		No Opt. Call		AA+		1,169,270
	5,195	5.000%, 5/01/20		5/19 at 100.00		AA+		6,035,447
	3,540	North Carolina State, Capital Improvement Limited Obligation Bonds, Series 2009A, 5.000%, 5/01/21 (Pre-refunded 5/01/19)		5/19 at 100.00		AA+ (4)		4,159,642
	420	Wilmington, North Carolina, Limited Obligation Bonds, Refunding Series 2012, 3.000%, 6/01/15 – AGM Insured		No Opt. Call		AA+		427,132
	235	Wilmington, North Carolina, Limited Obligation Bonds, Refunding Series 2014A, 5.000%, 6/01/20		No Opt. Call		AA+		279,725
	38,495	Total North Carolina						42,147,029
		North Dakota – 0.4%
		Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A:
	300	5.000%, 7/01/21		No Opt. Call		BBB+		345,693
	100	5.000%, 7/01/22		7/21 at 100.00		BBB+		113,586
	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–		4,774,306
	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–		1,051,450
	1,130	West Fargo, North Dakota, General Obligation Bonds, Refunding & Improvement Series 2012C, 3.000%, 5/01/17		No Opt. Call		Aa3		1,191,472
	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		2,837,495
	6,035	Williston, North Dakota, Sales Tax Revenue Bonds, Series 2013A, 4.000%, 5/01/20 – AGM Insured		5/17 at 100.00		AA		6,449,906
	15,765	Total North Dakota						16,763,908
		Ohio – 4.7%
		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		2,364,960
	2,655	5.000%, 11/15/22		5/22 at 100.00		A1		3,116,227

Nuveen Investments 171

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
		Akron, Ohio, Waterworks System Mortgage Revenue Improvement Bonds, Refunding Series 2009:
$	2,220	5.000%, 3/01/15 – AGC Insured		No Opt. Call		A3	$	2,255,054
	2,650	5.000%, 3/01/17 – AGC Insured		No Opt. Call		A3		2,916,643
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-1:
	9,515	5.000%, 6/01/15		No Opt. Call		Aaa		9,716,242
	6,665	5.000%, 6/01/16		No Opt. Call		Aa1		7,020,578
	3,495	5.000%, 6/01/17		No Opt. Call		A1		3,777,676
	20,210	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–		16,926,279
	3,220	Cleveland, Ohio, Airport System Revenue Bonds, Series 2009C, 5.000%, 1/01/18 – AGM Insured		No Opt. Call		AA		3,586,790
		Cleveland, Ohio, General Obligation Bonds, Series 2011:
	1,470	5.000%, 12/01/19		No Opt. Call		AA		1,731,248
	1,540	5.000%, 12/01/20		12/19 at 100.00		AA		1,790,789
	1,620	5.000%, 12/01/21		12/19 at 100.00		AA		1,866,046
		Cuyahoga County, Ohio, Certificates of Participation, Convention Hotel Project, Series 2014:
	4,650	5.000%, 12/01/17		No Opt. Call		AA–		5,245,340
	5,515	5.000%, 12/01/20		No Opt. Call		AA–		6,565,938
		Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013:
	500	4.000%, 6/15/17		No Opt. Call		Baa2		530,675
	1,015	5.000%, 6/15/19		No Opt. Call		Baa2		1,129,807
	1,000	5.000%, 6/15/21		No Opt. Call		Baa2		1,118,830
		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		1,375,412
	275	5.000%, 5/15/22		No Opt. Call		AA		328,336
	1,000	5.000%, 5/15/23		No Opt. Call		AA		1,200,440
	1,600	Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2014, 5.000%, 2/01/20		No Opt. Call		A–		1,846,224
		Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of Greater Cincinnati, Refunding Series 2014A:
	1,595	5.000%, 12/01/19 (WI/DD, Settling 11/19/14)		No Opt. Call		AA+		1,889,660
	3,350	5.000%, 12/01/20 (WI/DD, Settling 11/19/14)		No Opt. Call		AA+		4,025,561
	1,550	5.000%, 12/01/21 (WI/DD, Settling 11/19/14)		No Opt. Call		AA+		1,880,925
	1,000	5.000%, 12/01/22 (WI/DD, Settling 11/19/14)		No Opt. Call		AA+		1,224,460
		JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A:
	2,490	5.000%, 1/01/20		No Opt. Call		AA		2,926,397
	1,700	5.000%, 1/01/23		No Opt. Call		AA		2,039,218
	2,175	Marysville, Union County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.000%, 12/01/20 – AMBAC Insured		No Opt. Call		Aa3		2,505,622
		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+		1,037,500

172 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
$	2,000	5.000%, 2/15/17		No Opt. Call		BB+	$	2,117,360
	1,630	5.000%, 2/15/18		No Opt. Call		BB+		1,750,881
	1,000	5.000%, 2/15/19		No Opt. Call		BB+		1,083,660
	270	5.000%, 2/15/20		No Opt. Call		BB+		293,034
	2,000	5.000%, 2/15/21		No Opt. Call		BB+		2,162,060
		New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C:
	730	3.000%, 10/01/15		No Opt. Call		A1		746,936
	870	3.000%, 10/01/16		No Opt. Call		A1		905,644
	1,100	4.000%, 10/01/17		No Opt. Call		A1		1,185,536
	11,085	Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18)		No Opt. Call		BBB–		11,724,272
	2,440	Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2009B, 0.000%, 3/01/23 (Mandatory put 3/01/19)		No Opt. Call		BBB–		2,482,822
	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–		4,536,160
	1,415	Ohio Higher Education Facilities Commission, Revenue Bonds, John Carroll University, Series 2014, 2.250%, 9/01/33 (Mandatory put 9/01/18)		No Opt. Call		A3		1,448,918
	4,000	Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2014R, 4.000%, 5/01/16		No Opt. Call		AAA		4,221,440
	6,685	Ohio State, General Obligation Bonds, Infrastructure Improvement Series 2013B, 5.000%, 8/01/21		No Opt. Call		AA+		8,109,106
	6,450	Ohio State, General Obligation Bonds, Refunding Common Schools Series 2011A, 5.000%, 9/15/21		No Opt. Call		AA+		7,835,976
	12,625	Ohio State, General Obligation Bonds, Refunding Common Schools Series 2011C, 5.000%, 9/15/20		No Opt. Call		AA+		15,162,246
		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		898,950
	500	5.000%, 1/01/18		No Opt. Call		Aa2		566,120
	65	Ohio Water Development Authority, Loan Revenue Bonds, Pure Water Development, Series 1990I, 6.000%, 12/01/16 – AMBAC Insured (ETM)		No Opt. Call		Aaa		68,173
	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–		10,761,503
	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–		2,062,920
	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		5,047,345
	2,230	University of Toledo, Ohio, General Receipts Bonds, Series 2009, 4.000%, 6/01/18		No Opt. Call		A1		2,453,290
	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		32,960
	168,995	Total Ohio						181,596,189

Nuveen Investments 173

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Oklahoma – 1.4%
		Canadian County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Mustang Public Schools Project, Series 2012:
$	1,420	4.000%, 9/01/18		No Opt. Call		A+	$	1,557,754
	1,435	4.000%, 9/01/19		No Opt. Call		A+		1,577,768
	2,685	4.500%, 9/01/20		No Opt. Call		A+		3,036,654
	5,500	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		6,252,290
		Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Norman Public Schools Project, Series 2014:
	1,500	5.000%, 7/01/16		No Opt. Call		A+		1,612,020
	520	5.000%, 7/01/17		No Opt. Call		A+		578,308
	1,515	5.000%, 7/01/18		No Opt. Call		A+		1,725,858
	2,145	5.000%, 7/01/19		No Opt. Call		A+		2,488,929
		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+		5,249,300
	2,820	4.000%, 3/01/18		No Opt. Call		A+		3,082,965
	1,850	Oklahoma Development Finance Authority, Solid Waste Disposal Revenue Bonds, Series 2004A, 2.375%, 12/01/21		No Opt. Call		A–		1,875,438
		Pontotoc County Educational Facilities Authority, Oklahoma, Facilities Lease Revenue Bonds, Ada Public Schools Project, Series 2014:
	210	4.000%, 9/01/17		No Opt. Call		A–		228,176
	475	4.000%, 9/01/18		No Opt. Call		A–		522,011
	525	5.000%, 9/01/19		No Opt. Call		A–		605,346
	685	5.000%, 9/01/20		No Opt. Call		A–		798,881
	745	5.000%, 9/01/21		No Opt. Call		A–		870,041
		Stillwater Utilities Authority, Oklahoma, Utility System and Sales Tax Revenue Bonds, Series 2014A:
	150	4.000%, 10/01/18		No Opt. Call		AA–		167,577
	150	4.000%, 10/01/19		No Opt. Call		AA–		169,761
	250	5.000%, 10/01/20		No Opt. Call		AA–		299,358
	315	5.000%, 10/01/21		No Opt. Call		AA–		380,501
	2,415	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–		2,512,904
		Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2009A:
	1,000	4.000%, 6/01/15		No Opt. Call		BBB+		1,019,420
	1,200	4.500%, 6/01/16		6/15 at 100.00		BBB+		1,224,444
	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)		6,763,323
	7,445	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–		8,710,054
	1,365	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–		1,539,638
	49,610	Total Oklahoma						54,848,719
		Oregon – 0.5%
	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+		2,958,546

174 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Oregon (continued)
$	1,770	Gilliam County, Oregon, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2007, 1.500%, 10/01/18		No Opt. Call		A–	$	1,772,319
	1,000	Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/22 (Pre-refunded 5/15/19)		5/19 at 100.00		AAA		1,173,110
	2,000	Tri-County Metropolitan Transportation District, Oregon, Capital Grant Receipt Revenue Bonds, Series 2011A, 5.000%, 10/01/18		No Opt. Call		A		2,299,420
	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		10,590,448
	17,795	Total Oregon						18,793,843
		Pennsylvania – 5.5%
	385	Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Duquesne University, Series 2013A, 3.000%, 3/01/15		No Opt. Call		A2		388,684
		Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Jefferson Regional Medical Center, Series 2006B:
	1,985	5.000%, 5/01/15		No Opt. Call		Baa2		2,014,934
	1,620	5.000%, 5/01/16		No Opt. Call		Baa2		1,686,128
	1,285	5.000%, 5/01/18		5/16 at 100.00		Baa2		1,328,716
	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		5,731,950
		Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2011:
	6,550	5.000%, 12/01/17 – AGM Insured		No Opt. Call		AA		7,388,597
	4,400	5.000%, 12/01/18 – AGM Insured		No Opt. Call		AA		5,085,168
	5,745	Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014C-73, 5.000%, 12/01/19		No Opt. Call		AA–		6,736,702
	1,900	Berks County, Pennsylvania, General Obligation Bonds, Series 2008, 5.000%, 11/15/21		11/18 at 100.00		Aa1		2,184,772
	1,120	Centre County, Pennsylvania, General Obligation Bonds, Series 2012A, 3.000%, 7/01/19		No Opt. Call		AA		1,199,878
	7,910	Coatesville Area School District, Chester County, Pennsylvania, General Obligation Bonds, Series 2014A, 4.000%, 8/15/19 – BAM Insured		No Opt. Call		AA		8,671,654
		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+		455,602
	20	4.250%, 12/01/17 – RAAI Insured		12/15 at 100.00		BBB+		20,400
	210	5.000%, 12/01/19 – RAAI Insured		12/15 at 100.00		BBB+		214,612
	75	5.000%, 12/01/21 – RAAI Insured		12/15 at 100.00		BBB+		76,211
		Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014:
	450	4.000%, 5/01/18		No Opt. Call		Baa3		483,156
	450	5.000%, 5/01/19		No Opt. Call		Baa3		504,198
		Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2010:
	1,010	4.000%, 12/01/16		No Opt. Call		A+		1,085,720
	500	5.000%, 12/01/18		No Opt. Call		A+		579,925
	3,335	Lancaster County, Pennsylvania, General Obligation Bonds, Series 2009A, 5.000%, 11/01/18 – AGM Insured		No Opt. Call		A1		3,838,051

Nuveen Investments 175

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	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	$	1,002,290
	2,805	Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Refunding Series 2004, 5.000%, 11/15/18		1/15 at 100.00		B+		2,806,403
	2,700	Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.500%, 12/15/19		No Opt. Call		N/R		2,799,144
	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–		2,359,937
	1,080	Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Series 2012, 4.000%, 5/01/19		No Opt. Call		A		1,166,972
	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		3,982,715
	504	Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23		1/15 at 100.00		N/R		451,087
	650	Pennsylvania Convention Center Authority, Revenue Bonds, Series 1989A, 6.700%, 9/01/16 – FGIC Insured (ETM)		No Opt. Call		AA+ (4)		700,115
	3,285	Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds, Albert Einstein Healthcare, Series 2009A, 5.250%, 10/15/15		No Opt. Call		BBB+		3,405,297
		Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012A:
	2,500	5.000%, 7/01/15		No Opt. Call		Aaa		2,581,700
	4,990	5.000%, 7/01/19		No Opt. Call		Aaa		5,869,088
		Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012B:
	20	5.000%, 1/01/20		No Opt. Call		Aaa		23,494
	225	5.000%, 7/01/20		7/19 at 100.00		Aaa		263,410
	5,725	5.000%, 7/01/21		1/18 at 100.00		Aaa		6,445,606
	23,760	5.000%, 1/01/22		7/17 at 100.00		Aaa		26,401,162
	8,440	5.000%, 7/01/22		7/16 at 100.00		Aaa		9,068,611
	15,750	5.000%, 1/01/23		1/16 at 100.00		Aaa		16,583,805
	13,270	5.000%, 7/01/23		7/15 at 100.00		Aaa		13,686,811
	15	5.000%, 7/01/23		1/15 at 100.00		Aaa		15,119
	1,775	Pennsylvania Public School Building Authority, Lease Revenue Bonds, Philadelphia School District Project, Series 2006A, 4.500%, 6/01/15 – AGM Insured		No Opt. Call		AA		1,815,044
	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		12,028,802
		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009B:
	4,000	5.000%, 6/01/15		No Opt. Call		A–		4,112,400
	4,000	5.000%, 6/01/16		No Opt. Call		A–		4,281,200
	16,040	Pennsylvania, General Obligation Bonds, Refunding 3rd Series 2004, 5.375%, 7/01/16 – NPFG Insured		No Opt. Call		AA–		17,376,774
	2,535	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		2,996,370
	10,000	Philadelphia School District, Pennsylvania, General Obligation Bonds, Refunding Series 2010C, 5.000%, 9/01/16		No Opt. Call		A+		10,792,300

176 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
		Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2011D:
$	1,795	5.000%, 9/01/17		No Opt. Call		A+	$	2,000,097
	1,525	5.000%, 9/01/18		No Opt. Call		A+		1,733,529
	620	Pittsburgh Water and Sewerage Authority, Pennsylvania, Water and Sewerage System Revenue Refunding Bonds, Series 1986, 6.000%, 9/01/16 – FGIC Insured (ETM)		No Opt. Call		Aaa		662,780
		Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2013:
	260	4.000%, 12/01/14		No Opt. Call		BBB–		260,676
	1,205	4.000%, 12/01/16		No Opt. Call		BBB–		1,261,346
	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+		1,327,600
	2,500	University of Pittsburgh of the Commonwealth System of Higher Education, University Capital Project Bonds, Series 2009B, 5.500%, 9/15/21		3/19 at 100.00		AA+		2,942,500
	196,029	Total Pennsylvania						212,879,242
		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–		155,303
		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		786,618
	1,165	5.000%, 7/01/20		No Opt. Call		A3		1,320,935
	1,360	5.000%, 7/01/21		No Opt. Call		A3		1,548,346
		Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, University of Rhode Island Auxiliary Enterprise, Refunding Series 2013C:
	450	4.000%, 9/15/16		No Opt. Call		A+		477,275
	520	4.000%, 9/15/18		No Opt. Call		A+		573,123
	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–		2,097,800
	520	Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23		1/15 at 100.00		A2		523,120
	6,715	Total Rhode Island						7,327,217
		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		3,105,029
		Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Refunding Series 2012:
	1,500	3.500%, 2/01/20		No Opt. Call		Aa1		1,664,205
	1,000	4.500%, 2/01/21		No Opt. Call		Aa1		1,171,030
	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)		6,035,723
		Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Building Equity Sooner Series 2012:
	3,365	5.000%, 12/01/21		No Opt. Call		AA		4,035,914
	4,910	5.000%, 12/01/22		No Opt. Call		AA		5,925,879

Nuveen Investments 177

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		South Carolina (continued)
$	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	$	5,699,742
	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)		1,578,436
		South Carolina JOBS Economic Development Authority, Economic Development Revenue, FMU Student Housing, LLC – Francis Marion University Project, Series 2014A:
	1,020	5.000%, 8/01/22 (WI/DD, Settling 11/12/14)		No Opt. Call		Baa3		1,156,068
	1,035	5.000%, 8/01/24 (WI/DD, Settling 11/12/14)		No Opt. Call		Baa3		1,171,465
	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–		1,656,548
	1,660	South Carolina Public Service Authority, Revenue Bonds, Santee Cooper Electric System, Series 2005A, 5.250%, 1/01/22 – NPFG Insured		No Opt. Call		AA–		1,753,508
	1,000	South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/21		No Opt. Call		AA–		1,200,970
	32,700	Total South Carolina						36,154,517
		South Dakota – 0.2%
		Deadwood, South Dakota, Certificates of Participation, Refunding Series 2012:
	1,580	3.000%, 11/01/17		No Opt. Call		A		1,655,492
	770	3.000%, 11/01/18		No Opt. Call		A		810,517
	1,320	Heartland Consumers Power District, South Dakota, Electric System Revenue Bonds, Series 1977, 6.375%, 1/01/16 (ETM)		No Opt. Call		Aaa		1,370,490
	400	South Dakota Building Authority, Revenue Bonds, Series 2013B, 5.000%, 6/01/20		No Opt. Call		AA		475,420
		South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B:
	400	4.000%, 11/01/19		No Opt. Call		A+		450,112
	315	4.000%, 11/01/20		No Opt. Call		A+		355,194
	500	4.000%, 11/01/21		No Opt. Call		A+		560,440
	650	5.000%, 11/01/24		No Opt. Call		A+		784,778
	5,935	Total South Dakota						6,462,443
		Tennessee – 1.0%
		First Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Series 2012A:
	425	2.000%, 12/01/14		No Opt. Call		AA+		425,667
	225	2.000%, 12/01/15		No Opt. Call		AA+		229,313
	225	2.000%, 12/01/16		No Opt. Call		AA+		232,191
	710	4.000%, 12/01/20		No Opt. Call		AA+		807,206
	740	4.000%, 12/01/21		No Opt. Call		AA+		843,126
		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		1,182,255
	2,500	5.000%, 1/01/20		No Opt. Call		A		2,913,100
	1,500	4.000%, 1/01/21		No Opt. Call		A		1,676,895
		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+		1,390,776

178 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tennessee (continued)
$	250	3.000%, 11/01/18		No Opt. Call		BBB+	$	261,145
	1,070	4.000%, 11/01/19		No Opt. Call		BBB+		1,165,904
	810	4.000%, 11/01/20		No Opt. Call		BBB+		884,366
	500	4.000%, 11/01/21		No Opt. Call		BBB+		544,470
	1,030	5.000%, 11/01/22		11/21 at 100.00		BBB+		1,183,470
		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+		3,087,187
	1,320	5.000%, 7/01/22		No Opt. Call		A+		1,595,497
		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		A		2,076,980
	5,000	5.000%, 9/01/16		No Opt. Call		A		5,404,750
	2,500	5.000%, 9/01/18		No Opt. Call		A		2,847,875
	7,530	Tennessee State, General Obligation Bonds, Series 2009A, 5.000%, 5/01/17		No Opt. Call		Aaa		8,373,887
	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		1,111,890
	205	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/18		No Opt. Call		A		233,530
	1,400	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/17		No Opt. Call		A		1,516,088
	35,875	Total Tennessee						39,987,568
		Texas – 6.1%
	2,940	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		3,001,152
	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		25,283,044
		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		1,014,190
	1,000	5.000%, 2/15/16		No Opt. Call		AA		1,060,250
		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–		1,178,670
	650	5.000%, 9/01/22		No Opt. Call		AA–		769,919
	6,975	Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/15 – AMBAC Insured		No Opt. Call		AAA		7,287,410
		Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012B:
	2,595	5.000%, 11/01/20		No Opt. Call		A+		3,090,411
	5,000	5.000%, 11/01/21		11/20 at 100.00		A+		5,894,050
	10,470	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		11,029,307
	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+		1,951,700

Nuveen Investments 179

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	3,000	Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2014A, 5.000%, 12/01/24		No Opt. Call		A+	$	3,654,510
	6,010	Harris County, Texas, General Obligation Bonds, Refunding Road Series 2009A, 5.250%, 10/01/18		No Opt. Call		AAA		7,011,266
	1,500	Houston Independent School District, Harris County, Texas, General Obligation Bonds, Schoolhouse Series 2013A, 4.000%, 2/15/16		No Opt. Call		AAA		1,572,285
	1,780	Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2012D, 5.000%, 11/15/21		No Opt. Call		AA		2,157,645
		Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2014C:
	3,900	5.000%, 5/15/20		No Opt. Call		AA		4,646,577
	3,000	5.000%, 5/15/21		No Opt. Call		AA		3,614,610
	11,520	Houston, Texas, General Obligation Bonds, Public Improvement Refunding Series 2009A, 5.000%, 3/01/20		3/19 at 100.00		AA+		13,387,622
		Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A:
	1,360	5.000%, 7/01/15		No Opt. Call		AA–		1,403,982
	1,110	5.000%, 7/01/16		No Opt. Call		AA–		1,192,506
	2,250	Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011B, 5.000%, 7/01/20		No Opt. Call		A		2,637,540
		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–		3,449,382
	3,000	5.000%, 7/01/20		No Opt. Call		AA–		3,492,960
		McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
	1,635	3.000%, 12/01/18		No Opt. Call		Baa2		1,652,805
	1,510	4.000%, 12/01/21		No Opt. Call		Baa2		1,565,417
	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–		5,781,633
		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		Aa2		1,964,050
	2,785	5.000%, 8/15/21		No Opt. Call		Aa2		3,306,853
	2,000	5.000%, 8/15/22		No Opt. Call		Aa2		2,379,120
	5,480	5.000%, 8/15/23		8/22 at 100.00		Aa2		6,461,578
	7,625	North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 2011D, 5.000%, 9/01/24		9/21 at 100.00		AA+		9,124,685
	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		10,371,800
	2,555	San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Series 1992, 5.000%, 2/01/17 (ETM)		No Opt. Call		AA+ (4)		2,678,509
	15,000	San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Series 2012, 5.000%, 2/01/21		No Opt. Call		Aa1		18,009,600
	8,420	Texas A&M University, Financing System Revenue Bonds, Series 2008, 5.000%, 5/15/15		No Opt. Call		Aaa		8,643,130
	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		6,388,030

180 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
		Texas Public Finance Authority, Unemployment Compensation Obligation Assessment Revenue Bonds, Refunding Series 2014B:
$	7,000	4.000%, 7/01/18		1/16 at 100.00		AAA	$	7,276,640
	5,000	4.000%, 1/01/19		7/15 at 100.00		AAA		5,117,850
	6,535	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2007, 5.000%, 4/01/16		No Opt. Call		AAA		6,972,714
		Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A:
	10,000	5.000%, 4/01/18		No Opt. Call		AAA		11,442,000
	4,515	5.000%, 4/01/20		No Opt. Call		AAA		5,392,535
	2,670	Texas State, Public Financing Authority, General Obligation Bonds, Refunding Series 2009A, 5.000%, 10/01/17		No Opt. Call		AAA		3,014,110
		Val Verde County, Texas, Pass-Through Toll Revenue and Limited Tax Bonds, Series 2011:
	2,565	3.000%, 8/15/15		No Opt. Call		A		2,607,451
	2,640	3.000%, 8/15/16		No Opt. Call		A		2,721,814
	2,720	3.000%, 8/15/17		No Opt. Call		A		2,826,298
	208,870	Total Texas						235,479,610
		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–		4,077,160
	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		2,144,340
		Utah Associated Municipal Power Systems, Revenue Bonds, Horse Butte Wind Project, Series 2012A:
	550	5.000%, 9/01/15		No Opt. Call		A–		571,060
	875	5.000%, 9/01/16		No Opt. Call		A–		943,101
	500	5.000%, 9/01/17		No Opt. Call		A–		556,785
	515	5.000%, 9/01/18		No Opt. Call		A–		587,497
	625	5.000%, 9/01/19		No Opt. Call		A–		724,631
	1,065	5.000%, 9/01/20		No Opt. Call		A–		1,248,255
	2,065	5.000%, 9/01/21		No Opt. Call		A–		2,431,083
	12,195	Total Utah						13,283,912
		Virgin Islands – 0.4%
		Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B:
	4,455	5.000%, 10/01/15		No Opt. Call		BBB		4,619,479
	4,375	5.000%, 10/01/16		No Opt. Call		BBB		4,687,288
	4,000	5.000%, 10/01/17		No Opt. Call		BBB		4,388,960
	12,830	Total Virgin Islands						13,695,727
		Virginia – 0.3%
	400	Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 4.125%, 9/01/15		No Opt. Call		BBB		411,484
	1,000	Hanover County, Virginia, General Obligation Bonds, Refunding & Public Improvement Series 2009, 5.000%, 7/15/19		No Opt. Call		AAA		1,176,670

Nuveen Investments 181

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

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, 0.700%, 11/01/35 (Mandatory put 12/01/16)		No Opt. Call		A2	$	2,503,000
		Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Refunding Series 2014B:
	1,025	5.000%, 2/01/19		No Opt. Call		AA+		1,193,674
	1,135	5.000%, 2/01/20		No Opt. Call		AA+		1,346,564
	1,750	Virginia College Building Authority, Educational Facilities Revenue Refunding Bonds, Marymount University, Series 1998, 5.100%, 7/01/18 – RAAI Insured		1/15 at 100.00		N/R		1,754,988
	2,750	York County Economic Development Authority, Virginia, Pollution Control Revenue Bonds, Virginia Electric and Power Company Project, Refunding Series 2009A, 1.875%, 5/01/33 (Mandatory put 5/16/19)		No Opt. Call		A2		2,807,613
	10,560	Total Virginia						11,193,993
		Washington – 2.7%
	1,700	Central Washington University, Washington, System Revenue Bonds, Refunding Series 2013, 4.000%, 5/01/15		No Opt. Call		A1		1,732,334
	4,135	Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement Series 2010B, 5.000%, 2/01/17		No Opt. Call		AA		4,553,834
		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+		1,261,876
	1,500	5.000%, 12/01/20		No Opt. Call		A+		1,774,425
	2,095	5.000%, 12/01/21		No Opt. Call		A+		2,496,046
	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		3,269,460
	1,015	Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A, 5.000%, 11/15/21		No Opt. Call		A+		1,208,236
	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		11,268,600
	10,600	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		12,625,544
	3,500	Washington State Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds, Specialty Chemical Products, LLC Project, Series 2007, 2.125%, 6/01/20		6/19 at 100.00		A–		3,583,510
	2,600	Washington State Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2005D, 1.250%, 11/01/17		No Opt. Call		A–		2,614,482
		Washington State, General Obligation Bonds, Refunding Various Purpose Series 2013R-13C:
	9,355	4.000%, 7/01/15		No Opt. Call		AA+		9,598,417
	20,070	5.000%, 7/01/21		No Opt. Call		AA+		24,277,264
	10,380	Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, 2010 Series 2009B, 5.000%, 8/01/15		No Opt. Call		AA+		10,760,946
	8,715	Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008B, 5.000%, 7/01/19		7/18 at 100.00		AA+		10,017,544
	615	Washington, General Obligation Bonds, Series 1990A, 6.750%, 2/01/15		No Opt. Call		AA+		625,160
	90,380	Total Washington						101,667,678

182 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		West Virginia – 0.6%
$	6,210	Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company, Series 2003L, 0.000%, 10/01/22 (Mandatory put 10/01/18)		No Opt. Call		Baa1	$	6,257,010
	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		5,069,250
	7,010	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		7,081,915
	1,000	West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2014A, 5.000%, 9/01/24		No Opt. Call		A3		1,161,160
	435	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		482,976
	2,480	West Virginia University, Revenue Bonds, West Virginia University Projects, Series 2000A, 0.000%, 4/01/17 – AMBAC Insured		No Opt. Call		Aa3		2,430,276
	22,135	Total West Virginia						22,482,587
		Wisconsin – 1.8%
	950	Wisconsin Health & Educational Facs Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2014A, 5.000%, 12/01/19		No Opt. Call		Aa3		1,109,581
	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+		3,317,160
		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		5,490,500
	5,000	5.000%, 7/15/18		No Opt. Call		A		5,586,500
	5,680	5.000%, 7/15/19		No Opt. Call		A		6,406,699
	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		3,202,901
		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–		591,062
	1,105	5.000%, 8/15/18		No Opt. Call		AA–		1,274,187
	500	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2006A, 5.000%, 2/15/15		No Opt. Call		A–		506,285
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of Wisconisin, Inc., Series 2010:
	1,475	5.000%, 12/01/16		No Opt. Call		A+		1,590,109
	1,555	5.000%, 12/01/17		No Opt. Call		A+		1,715,056
	1,635	5.000%, 12/01/18		No Opt. Call		A+		1,837,527
	1,710	5.000%, 12/01/19		No Opt. Call		A+		1,947,126
	6,900	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2010A, 5.000%, 6/01/19		No Opt. Call		A2		7,196,069
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C:
	500	5.000%, 8/15/16		No Opt. Call		AA		540,465
	750	5.000%, 8/15/18		No Opt. Call		AA		851,678
	315	5.000%, 8/15/20		No Opt. Call		AA		365,435
	1,480	5.000%, 8/15/21		No Opt. Call		AA		1,725,177
	55	5.000%, 8/15/23		8/22 at 100.00		AA		64,751

Nuveen Investments 183

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)			Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin (continued)
$	2,050	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/18				8/16 at 100.00		A–	$	2,195,960
		Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
	6,680	5.250%, 5/01/20				5/19 at 100.00		AA–		7,844,848
	1,425	5.750%, 5/01/29				5/19 at 100.00		AA–		1,700,524
		Wisconsin State, Transportation Revenue Bonds, Series 2014-1:
	5,000	5.000%, 7/01/21				7/19 at 100.00		AA+		5,851,850
	595	5.000%, 7/01/22				7/19 at 100.00		AA+		694,895
	1,515	5.000%, 7/01/23				7/19 at 100.00		AA+		1,766,369
		WPPI Energy, Wisconsin, Power Supply System Revenue Bonds, Refunding Series 2014A:
	650	5.000%, 7/01/25				7/24 at 100.00		A1		784,739
	1,000	5.000%, 7/01/26				7/24 at 100.00		A1		1,194,530
	700	5.000%, 7/01/27				7/24 at 100.00		A1		829,941
	60,610	Total Wisconsin								68,181,924
$	3,447,153	Total Municipal Bonds (cost $3,668,700,416)								3,783,321,510
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		CORPORATE BONDS – 0.0%
		Transportation – 0.0%
$	130	Las Vegas Monorail Company, Senior Interest Bonds (6), (7)		5.500%		7/15/19		N/R	$	23,381
	35	Las Vegas Monorail Company, Senior Interest Bonds (6), (7)		3.000%		7/15/55		N/R		4,684
	165	Total Corporate Bonds (cost $13,158)								28,065
		Total Long-Term Investments (cost $3,668,713,574)								3,783,349,575
Principal Amount (000)		Description (1)			Optional Call Provisions (2)		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 0.9%
		MUNICIPAL BONDS – 0.9%
		Arkansas – 0.3%
$	10,645	University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Variable Rate Demand Obligations, Tender Option Bond Trust 3693Z, 0.140%, 3/01/15 – NPFG Insured (8)				No Opt. Call		VMIG-1	$	10,645,000
		California – 0.0%
	1,535	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (6)				No Opt. Call		N/R		1,560,481
	150	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (6)				No Opt. Call		N/R		152,490
	225	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (6)				No Opt. Call		N/R		228,735
	1,910	Total California								1,941,706

184 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		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, 0.070%, 7/01/39 (8)		7/19 at 100.00		VMIG-1	$	6,665,000
		Missouri – 0.4%
	14,895	St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Variable Rate Demand Obligations, Tender Option Bond Trust DCL-017, 0.380%, 7/01/26 (8)		No Opt. Call		A-2		14,895,000
$	34,115	Total Short-Term Investments (cost $34,115,000)						34,146,706
		Total Investments (cost $3,702,828,574) – 99.3%						3,817,496,281
		Other Assets Less Liabilities – 0.7%						25,487,939
		Net Assets – 100%					$	3,842,984,220

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

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

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

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

(5) At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, 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. 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 185

Nuveen Short Term Municipal Bond Fund

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 96.8%
		MUNICIPAL BONDS – 96.8%
		Arizona – 3.8%
$	1,000	Arizona Sports and Tourism Authority, Subordinate Tax Revenue Refunding Bonds, Professional Baseball Training Facilities Project, Series 2013, 5.000%, 7/01/15		No Opt. Call		A3	$	1,021,860
	1,175	Avondale, Arizona, Pledged Revenue Bonds, Refunding Series 2013, 2.000%, 7/01/15		No Opt. Call		AA		1,188,019
	500	Creighton Elementary School District 14, Maricopa County, Arizona, General Obligation Bonds, Series 2014B, 3.000%, 7/01/18		No Opt. Call		A1		534,135
	1,545	Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2010, 5.000%, 5/15/19		No Opt. Call		A+		1,757,638
		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		1,547,085
	1,775	1.000%, 7/01/19		No Opt. Call		Aa1		1,902,321
	440	Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 4.000%, 7/01/17		No Opt. Call		AA		476,766
		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		1,073,890
	1,940	5.000%, 7/01/17		No Opt. Call		A		2,152,896
	1,100	Maricopa County Unified School District 11, Peoria, Arizona, General Obligation Bonds, School Improvement, Series 2014, 2.000%, 7/01/18		No Opt. Call		AA–		1,137,686
	6,055	Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/17		No Opt. Call		A+		6,737,338
	1,495	Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/17 (Alternative Minimum Tax)		No Opt. Call		AA–		1,663,890
	1,090	Phoenix Civic Improvement Corporation, Arizona, Transit Excise Tax Revenue Refunding Bonds, Light Rail Project, Series 2013, 5.000%, 7/01/16		No Opt. Call		AA		1,174,050
		Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012:
	130	3.000%, 7/01/15 (Alternative Minimum Tax)		No Opt. Call		AA+		132,534
	300	3.000%, 7/01/16 (Alternative Minimum Tax)		No Opt. Call		AA+		313,224
	1,300	Pima County Regional Transportation Authority, Arizona, Transportation Excise Tax Revenue Bonds, Regional Transportation Fund, Series 2014, 5.000%, 6/01/18		No Opt. Call		AA+		1,489,579
	1,260	Pima County Unified School District 12 Sunnyside, Arizona, General Obligation Bonds, School Improvement Project 2011, Series 2014D, 2.000%, 7/01/18 – AGM Insured		No Opt. Call		AA		1,305,940
	790	Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 2.500%, 7/01/15		No Opt. Call		A		802,182
	955	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+		1,106,177
	970	Sun Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project, Series 2008, 5.000%, 7/01/18		No Opt. Call		AA–		1,106,508
	400	Yuma & La Paz Counties Community College District, Arizona, General Obligation Bonds, Refunding Series 2014, 4.000%, 7/01/18		No Opt. Call		Aa3		440,736

186 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	780	Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional Medical Center, Series 2014A, 5.000%, 8/01/19		No Opt. Call		A–	$	893,240
	27,500	Total Arizona						29,957,694
		Arkansas – 0.4%
	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+		3,340,826
		California – 8.3%
	350	Azusa Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Merged Central Business District & West End Redevelopment Project Areas, Series 2014A, 4.000%, 8/01/17 – AGM Insured		No Opt. Call		AA		378,504
		Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C, Series 2013A:
	495	2.250%, 9/01/15		No Opt. Call		N/R		499,762
	480	3.000%, 9/01/16		No Opt. Call		N/R		494,026
	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–		1,258,256
	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+		1,033,010
	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		841,976
	495	California Health Facilities Financing Authority, Insured Refunding Revenue Bonds, Marshall Medical Center, Series 2012A, 4.000%, 11/01/14		No Opt. Call		A		495,000
	2,015	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–		2,278,905
	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		283,542
	895	California Municipal Finance Authority, Revenue Bonds, Northbay Healthcare Group, Refunding Series 2013B, 5.000%, 11/01/14		No Opt. Call		BBB–		895,000
	2,330	California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Series 2011C, 4.000%, 10/01/15		No Opt. Call		A1		2,412,039
	3,000	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2011A, 4.000%, 10/01/15		No Opt. Call		A1		3,105,630
	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		2,538,875
	875	California Statewide Community Development Authority, Revenue Bonds, Los Angeles Jewish Home for the Aging-Fountainview Gonda, Series 2014C, 2.500%, 8/01/20		11/16 at 100.00		A		897,671
	175	California Statewide Community Development Authority, Revenue Bonds, Los Angeles Jewish Home for the Aging-Fountainview Gonda, Series 2014D, 4.750%, 8/01/20		11/16 at 100.00		N/R		175,662
	250	Carlsbad, California, Limited Obligation Refunding Bonds, Reassessment District 12-1, Series 2013, 2.000%, 9/01/15		No Opt. Call		N/R		252,303
	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–		1,480,752
	2,135	Cathedral City Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Merged Redevelopment Project Area, Series 2014A, 4.000%, 8/01/17		No Opt. Call		BBB+		2,308,170

Nuveen Investments 187

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	1,000	Chula Vista Municipal Finance Authority, California, Special Tax Revenue Bonds, Refunding Series 2013, 5.000%, 9/01/15		No Opt. Call		BBB+	$	1,037,120
		Clovis, California, Water Revenue Bonds, Refudning Series 2013:
	225	4.000%, 3/01/16 – BAM Insured		No Opt. Call		AA		235,098
	250	4.000%, 3/01/17 – BAM Insured		No Opt. Call		AA		268,810
	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		1,090,570
		Corona-Norco Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Senior Lien Series 2013A:
	550	2.000%, 9/01/15		No Opt. Call		BBB+		556,716
	500	4.000%, 9/01/17		No Opt. Call		BBB+		539,135
		Fontana, California, Community Facilities District No. 22, Special Tax Refunding Bonds, Sierra Hills South, Series 2014:
	400	4.000%, 9/01/16		No Opt. Call		N/R		420,828
	475	4.000%, 9/01/17		No Opt. Call		N/R		509,547
		Fresno, California, Airport Revenue Bonds, Refunding Series 2013B:
	1,275	4.000%, 7/01/15 (Alternative Minimum Tax)		No Opt. Call		Baa1		1,302,795
	875	4.000%, 7/01/16 (Alternative Minimum Tax)		No Opt. Call		Baa1		917,753
	905	4.000%, 7/01/17 (Alternative Minimum Tax)		No Opt. Call		Baa1		965,753
	2,380	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013A, 5.000%, 6/01/17		No Opt. Call		A1		2,655,199
	2,500	Inland Valley Development Agency, California, Tax Allocation Bonds, Series 2011B, 4.250%, 3/01/41 (Pre-refunded 3/01/15)		3/15 at 100.00		AA– (4)		2,534,375
	685	Irvine, California, Limited Obligation Improvement Bonds, Reassessment District 12-1, Series 2012, 3.000%, 9/02/15		No Opt. Call		BBB+		699,967
	780	Irvine, California, Limited Obligation Improvement Bonds, Reassessment District 13-1, Series 2013, 2.000%, 9/02/15		No Opt. Call		BBB–		787,839
	685	Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Community Facilities District 88-3, Series 2013B, 2.000%, 9/01/15		No Opt. Call		N/R		691,864
	1,440	Lee Lake Public Financing Authority, California, Senior Lien Revenue Bonds, Refunding Series 2013A, 4.000%, 9/01/15		No Opt. Call		BBB		1,481,501
	3,425	Los Angeles County Redevelopment Authority, California, Tax Allocation Revenue Bonds, Various Redevelopment Project Areas, Refunding Series 2013D, 5.000%, 9/01/16		No Opt. Call		A–		3,698,521
	1,000	Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2014A, 5.000%, 7/01/18		No Opt. Call		Aa2		1,151,260
	500	Northern California Power Agency, Hydroelectric Project Number One Revenue Bonds, Refunding Series 2010A, 5.000%, 7/01/16		No Opt. Call		A+		539,695
	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–		2,596,800
		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		460,692
	320	3.000%, 10/01/16		No Opt. Call		A		333,923
	360	3.000%, 10/01/17		No Opt. Call		A		380,214
	300	4.000%, 10/01/18		No Opt. Call		A		328,719
	2,145	Patterson Public Finance Authority, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A , 3.000%, 9/01/16		No Opt. Call		N/R		2,189,616

188 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	500	Riverside County Transportation Commission, California, Sales Tax Revenue Bonds, Limited Tax Series 2013A, 5.000%, 6/01/18		No Opt. Call		AA+	$	575,405
		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+		1,025,613
	550	3.000%, 9/01/16		No Opt. Call		BBB+		571,951
	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		475,776
		San Benito Health Care District, San Benito County, California, Revenue Bonds, Refunding Series 2013:
	300	3.000%, 3/01/16		No Opt. Call		A		309,600
	350	4.000%, 3/01/18		No Opt. Call		A		381,654
	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		671,070
		San Francisco City and County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series 2014A:
	200	5.000%, 8/01/17		No Opt. Call		BBB+		221,364
	300	5.000%, 8/01/18		No Opt. Call		BBB+		339,369
	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		1,018,240
		Santa Cruz County Redevelopment Successor Agency, Tax Allocation Bonds, Refunding Series 2014:
	1,000	5.000%, 9/01/17 – BAM Insured		No Opt. Call		AA		1,114,260
	600	5.000%, 9/01/18 – BAM Insured		No Opt. Call		AA		685,350
	815	South Orange County Public Financing Authority, California, Special Tax Revenue Bonds, Ladera Ranch, Refunding Series 2014A, 4.000%, 8/15/17		No Opt. Call		BBB+		888,798
	580	Successor Agency to the Redevelopment Agency of the City of San Pablo, Tax Allocation Refunding Bonds, Series 2014A, 4.000%, 6/15/17 – AGM Insured		No Opt. Call		AA		629,700
	880	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		954,606
	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		310,926
	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		1,123,757
		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		922,905
	425	3.000%, 10/01/17 – BAM Insured		No Opt. Call		AA		448,864
	260	4.000%, 10/01/18 – BAM Insured		No Opt. Call		AA		287,136
		West Kern Water District, California, Certificates of Participation, Series 2011:
	860	3.000%, 6/01/15		No Opt. Call		AA–		872,952
	600	3.000%, 6/01/16		No Opt. Call		AA–		621,834
	1,580	West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2014, 3.000%, 9/01/15		No Opt. Call		N/R		1,591,076
	62,460	Total California						66,045,599

Nuveen Investments 189

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado – 3.3%
$	1,000	Broomfield, Colorado, Water Activity Enterprise, Water Revenue Bonds, Series 2012, 4.000%, 12/01/16		No Opt. Call		A1	$	1,072,150
		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		177,181
	250	3.000%, 6/01/16		No Opt. Call		A		256,948
	175	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Douglas County School District RE-1 – DCS Montessori School, Refunding & Improvement Series 2012, 2.250%, 7/15/17		No Opt. Call		A		178,169
	300	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Refunding Series 2014, 3.000%, 8/15/17		No Opt. Call		A		314,916
		Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Classical Academy Charter School, Refunding & Improvement Series 2014:
	610	2.000%, 12/01/16		No Opt. Call		A		624,024
	375	3.000%, 12/01/17		No Opt. Call		A		394,549
	250	3.000%, 12/01/18		No Opt. Call		A		263,218
	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		495,112
	4,095	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.000%, 7/01/15		No Opt. Call		A+		4,225,590
	500	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Communities Project, Series 2012, 4.000%, 1/01/15		No Opt. Call		N/R		501,170
	3,950	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan, Series 2009B, 5.000%, 6/01/39 (Pre-refunded 12/01/14)		12/14 at 100.00		A3 (4)		3,966,037
	505	Colorado Health Facilities Authority, Colorado, Revenue Bonds, National Jewish Medical and Research Center, Series 2012, 4.000%, 1/01/15		No Opt. Call		BB+		507,020
	840	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Series 2012, 3.000%, 9/01/15		No Opt. Call		A3		856,682
		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		401,162
	600	4.000%, 12/01/16 – AGM Insured		No Opt. Call		AA		641,004
	375	Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014, 2.000%, 8/01/18 – AGM Insured		No Opt. Call		AA		388,061
	520	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		549,052
	540	Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012A, 4.000%, 11/15/17 (Alternative Minimum Tax)		No Opt. Call		A+		591,397
		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		259,988
	250	5.000%, 11/15/16 (Alternative Minimum Tax)		No Opt. Call		A		272,740
		Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B:
	100	3.000%, 11/15/15		No Opt. Call		A		102,904
	475	4.000%, 11/15/16		No Opt. Call		A		508,635
	375	5.000%, 11/15/17		No Opt. Call		A		422,404

190 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	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–	$	2,094,477
	355	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/17 – NPFG Insured		No Opt. Call		AA–		339,100
	345	Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, Refunding Series 2011A, 3.500%, 5/01/15 (Alternative Minimum Tax)		No Opt. Call		Baa2		349,195
	1,240	Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding Bonds, Series 2011A, 3.000%, 12/01/15		No Opt. Call		A		1,271,756
		Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013:
	730	4.000%, 12/01/15		No Opt. Call		N/R		738,490
	1,015	4.000%, 12/01/16		No Opt. Call		N/R		1,034,305
		Sand Creek Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013B:
	480	3.000%, 12/01/15		No Opt. Call		A		493,627
	490	3.000%, 12/01/16		No Opt. Call		A		514,289
	510	3.000%, 12/01/17		No Opt. Call		A		541,768
	235	Tallyn’s Reach Metropolitan District 3, Aurora, Colorado, General Obligation Bonds, Refunding Series 2012, 3.000%, 12/01/15		No Opt. Call		BBB		240,123
	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		450,927
	25,135	Total Colorado						26,038,170
		Connecticut – 1.1%
	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		1,496,750
	765	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2011G, 4.000%, 7/01/15		No Opt. Call		BBB+		779,918
	535	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011N, 4.000%, 7/01/16		No Opt. Call		A		564,291
	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		5,570,913
	8,270	Total Connecticut						8,411,872
		Delaware – 0.0%
	225	Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013, 4.000%, 7/01/15		No Opt. Call		BBB–		228,654
		District of Columbia – 0.9%
	325	District of Columbia, Revenue Bonds, Association of Amercian Medical Colleges, Series 2011A, 3.000%, 10/01/16		No Opt. Call		A+		339,141
	1,600	District of Columbia, Revenue Bonds, Medlantic/Helix Isssue, Series 1998B, 5.000%, 8/15/17 – AGM Insured		No Opt. Call		AA		1,778,624
	3,500	Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2014A, 5.000%, 10/01/17 (Alternative Minimum Tax)		No Opt. Call		AA–		3,918,565
	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		792,672
	6,185	Total District of Columbia						6,829,002

Nuveen Investments 191

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida – 5.8%
		Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A:
$	300	3.000%, 11/15/16		No Opt. Call		BBB	$	308,712
	600	4.000%, 11/15/17		No Opt. Call		BBB		635,484
	1,400	Broward County, Florida, Port Facilities Revenue Bonds, Refunding Series 2011B, 5.000%, 9/01/15 (Alternative Minimum Tax)		No Opt. Call		A2		1,456,294
		Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A–1:
	1,855	6.000%, 6/01/16		No Opt. Call		A+		2,016,200
	1,375	5.000%, 6/01/16 – AGC Insured		No Opt. Call		AA		1,474,756
	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+		5,649,410
	1,310	Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/15 – AGM Insured		No Opt. Call		AA		1,347,047
		Crossings at Fleming Island Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Senior Lien Series 2014A-1:
	1,200	1.000%, 5/01/15		No Opt. Call		BBB		1,199,700
	1,220	1.500%, 5/01/16		No Opt. Call		BBB		1,222,708
	1,240	1.750%, 5/01/17		No Opt. Call		BBB		1,241,835
	770	Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2014B, 4.000%, 4/01/17		No Opt. Call		Baa1		817,594
	4,200	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+		4,499,502
	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+		861,178
		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		222,893
	480	4.000%, 4/01/16		No Opt. Call		Baa1		498,994
	750	Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/16		No Opt. Call		BBB+		797,160
		Hernando County, Florida, Water and Sewer Revenue Bonds, Refunding Series 2013A:
	450	3.000%, 6/01/15		No Opt. Call		Aa3		457,079
	440	4.000%, 6/01/17		No Opt. Call		Aa3		475,728
	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		Aa2		1,049,280
	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		Aa2		2,186,620
	1,000	Lee County, Florida, Transportation Facilities Revenue Bonds, Refunding Series 2014, 5.000%, 10/01/18 – AGM Insured		No Opt. Call		AA		1,146,390
	1,000	Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A, 5.000%, 2/01/17		No Opt. Call		AA		1,095,100
	3,305	Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/17		No Opt. Call		A–		3,681,175
		Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2014B:
	750	5.000%, 7/01/16		No Opt. Call		A–		806,663
	500	5.000%, 7/01/17		No Opt. Call		A–		556,065

192 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
		Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH Corporation Obligated Group, Refunding Series 2014:
$	1,000	3.000%, 12/01/16		No Opt. Call		BBB	$	1,043,340
	1,000	3.000%, 12/01/17		No Opt. Call		BBB		1,052,650
	730	Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 4.000%, 11/01/15		No Opt. Call		BBB+		751,287
		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		1,221,236
	1,060	4.000%, 10/01/16		No Opt. Call		BBB		1,120,314
	305	Pinellas County Educational Facilities Authority, Florida, General Revenue Bonds, Barry University, Refunding Series 2012, 4.000%, 10/01/15		No Opt. Call		BBB		313,653
		Saint Lucie County, Florida, Sales Tax Revenue Bonds, Refunding Series 2013A:
	370	4.000%, 10/01/15 – AGM Insured		No Opt. Call		AA		382,225
	585	4.000%, 10/01/16 – AGM Insured		No Opt. Call		AA		621,802
	790	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–		842,535
		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		A3		101,601
	265	4.000%, 7/01/17		No Opt. Call		A3		285,137
	1,670	Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014B, 4.000%, 7/01/18 (WI/DD, Settling 11/05/14)		No Opt. Call		A3		1,819,632
	1,275	Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 4.000%, 10/15/15 – AGM Insured		No Opt. Call		AA		1,319,459
	44,035	Total Florida						46,578,438
		Georgia – 1.3%
	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		2,519,188
	500	Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company – Vogtle Plant Project, Fifth Series 1995, 1.375%, 10/01/32 (Mandatory put 4/04/17)		No Opt. Call		A+		503,200
	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		3,276,160
		Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014:
	529	5.500%, 7/15/23		7/21 at 100.00		N/R		536,988
	1,035	5.500%, 7/15/30		7/21 at 100.00		N/R		1,051,125
	1,136	5.500%, 1/15/36		7/21 at 100.00		N/R		1,153,953
	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		1,014,030
	9,850	Total Georgia						10,054,644
		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		1,031,120

Nuveen Investments 193

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois – 6.9%
$	1,390	Arlington Heights, Illinois, General Obligation Bonds, Series 2014, 3.000%, 12/01/18 (ETM)		No Opt. Call		Aa1 (4)	$	1,498,142
	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–		693,022
	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		2,016,280
	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		1,157,441
	715	Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2004B, 5.250%, 1/01/16 – NPFG Insured		No Opt. Call		AA		756,055
	1,070	Decatur, Illinois, General Obligation Bonds, Refunding Series 2013, 3.000%, 3/01/16		No Opt. Call		A1		1,102,774
	2,000	Illinois Finance Authority, National Rural Utilities Cooperative Finance Corporation Guaranteed Solid Waste Disposal Revenue Bonds, Prairie Power, Inc. Project, Series 2008A, 0.000%, 7/01/42		No Opt. Call		A		2,020,920
	4,955	Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Refunding Series 2010A, 5.000%, 3/01/15		No Opt. Call		AA–		5,034,082
		Illinois Finance Authority, Revenue Bonds, Benedictine University Project, Series 2013A:
	1,000	4.000%, 10/01/17		No Opt. Call		BBB		1,062,360
	500	5.000%, 10/01/19		No Opt. Call		BBB		562,155
	310	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/19		No Opt. Call		BBB		346,806
	225	Illinois Finance Authority, Revenue Bonds, DePaul University, Refunding Series 2013, 5.000%, 10/01/17		No Opt. Call		A		251,771
	500	Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 6.250%, 2/01/19		No Opt. Call		Baa3		539,150
	1,195	Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 5.000%, 7/01/18		No Opt. Call		A–		1,320,654
	1,125	Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 5.000%, 11/01/14		No Opt. Call		A+		1,125,000
	360	Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2005, 5.000%, 8/15/15		No Opt. Call		AA		371,030
	300	Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Capitol Appreciation Series 2010B, 0.000%, 5/15/50 (5)		1/15 at 100.00		N/R		3
	700	Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Refunding Series 2010A, 5.100%, 5/15/14 (5)		No Opt. Call		N/R		7
		Illinois State, General Obligation Bonds, February Series 2014:
	2,550	4.000%, 2/01/18		No Opt. Call		A–		2,746,580
	1,100	5.000%, 2/01/19		No Opt. Call		A–		1,226,764
	1,250	5.000%, 2/01/20		No Opt. Call		A–		1,403,125
	2,000	Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/17		No Opt. Call		A–		2,185,180
	1,295	Illinois State, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/15		No Opt. Call		A–		1,304,790
	1,610	Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/17		No Opt. Call		A–		1,770,823
	700	Illinois State, General Obligation Bonds, Series 2006A, 5.000%, 6/01/15		No Opt. Call		A–		718,263
	940	Illinois State, General Obligation Bonds, Series 2006, 5.000%, 1/01/15		No Opt. Call		A–		947,106
	5,905	Illinois State, General Obligation Bonds, Series 2013, 4.000%, 7/01/16		No Opt. Call		A–		6,207,572

194 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	3,575	Illinois State, Sales Tax Revenue Bonds, Build Illinois, Junior Lien Series 2013, 4.000%, 6/15/15		No Opt. Call		AAA	$	3,661,444
	2,600	Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013B, 5.000%, 12/01/17		No Opt. Call		AA–		2,944,084
	1,560	Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.500%, 8/01/15 – SYNCORA GTY Insured		No Opt. Call		AA–		1,617,798
	520	Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 2.000%, 1/01/15 – AGM Insured		No Opt. Call		A2		521,399
		Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014:
	155	2.000%, 3/01/16 – AGM Insured		No Opt. Call		AA		157,258
	475	3.000%, 3/01/17 – AGM Insured		No Opt. Call		AA		492,703
		Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014:
	505	3.000%, 3/01/18 – AGM Insured		No Opt. Call		AA		525,442
	535	3.000%, 3/01/19 – AGM Insured		No Opt. Call		AA		554,517
	250	Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012, 3.000%, 10/01/16		No Opt. Call		Baa1		257,320
	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		1,888,935
		St Clair County, Illinois, Highway Revenue Bonds, Series 2013A:
	350	5.000%, 1/01/16		No Opt. Call		AA–		367,896
	360	5.000%, 1/01/17		No Opt. Call		AA–		391,882
		Waukegan, Illinois, General Obligation Bonds, Refunding Series 2012A:
	1,120	4.000%, 12/30/14 – AGM Insured		No Opt. Call		A2		1,126,675
	885	4.000%, 12/30/15 – AGM Insured		No Opt. Call		A2		919,037
		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		396,766
	450	5.750%, 12/01/15 – AGM Insured		No Opt. Call		AA		474,867
	52,965	Total Illinois						54,665,878
		Indiana – 3.9%
		Greater Clark County School Building Corporation, Jeffersonville, Indiana, First Mortgage Bonds, Refunding Series 2014B:
	1,120	5.000%, 1/15/18		No Opt. Call		AA+		1,263,371
	1,045	5.000%, 7/15/18		No Opt. Call		AA+		1,193,275
	1,570	Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.000%, 3/01/16		No Opt. Call		BBB		1,653,885
	895	Indiana Finance Authority, Hospital Revenue Bonds, Indiana Unversity Health Obligation Group, Refunding Series 2014A, 4.000%, 12/01/18		No Opt. Call		AA–		1,002,525
	1,605	Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax)		1/17 at 100.00		BBB		1,732,870
	410	Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A, 5.000%, 10/01/18		No Opt. Call		AA		471,808
	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–		1,137,164

Nuveen Investments 195

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
$	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	$	1,139,171
	1,360	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2007L, 5.000%, 7/01/17 – NPFG Insured		No Opt. Call		AA–		1,504,867
	3,140	Indianapolis, Indiana, Gas Utility System Revenue Bonds, Refunding 2nd Lien Series 2008C, 5.000%, 6/01/17		No Opt. Call		AA		3,472,369
	840	Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series 2014A, 2.000%, 10/01/15		No Opt. Call		A		852,978
	5,335	IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2014, 5.000%, 7/15/18		No Opt. Call		AA+		6,123,300
	650	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–		665,373
	1,000	Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A, 3.000%, 12/01/14		No Opt. Call		Baa1		1,001,870
	610	Knox County, Indiana, Economic Development Revenue and Refunding Bonds, Good Samaritan Hospital Project, Series 2012A, 3.000%, 4/01/15		No Opt. Call		Baa1		615,978
		Plainfield Community High School Building Corporation, Hendricks County, Indiana, Ad Valorem Property Tax First Mortgage Bonds, Refunding Series 2014:
	500	4.000%, 1/15/17		No Opt. Call		AA+		537,960
	600	4.000%, 1/15/18		No Opt. Call		AA+		660,522
	6,000	Rockport, Indiana, Pollution Control Revenue Refunding Bonds, Indiana Michigan Power Company Project, Series 2009A, 0.000%, 6/01/25 (Mandatory put 6/01/18)		No Opt. Call		Baa1		6,034,620
	285	Vanderburgh County,Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014, 3.000%, 2/01/17		No Opt. Call		A		298,677
	29,155	Total Indiana						31,362,583
		Iowa – 1.3%
	500	Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 4.000%, 6/15/15		No Opt. Call		A2		510,575
		Iowa Finance Authority, Healthcare Revenue Bonds, Gensisi Health System, Refunding Series 2010:
	1,150	5.000%, 7/01/16		No Opt. Call		A1		1,233,180
	2,495	5.000%, 7/01/20		No Opt. Call		A1		2,920,323
	290	Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19		No Opt. Call		BB–		310,491
	1,565	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		1,567,066
		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		1,262,290
	1,130	5.000%, 7/01/19 – AGM Insured		No Opt. Call		AA		1,296,867
	1,090	West Des Moines Community School District, Polk and Dallas Counties, Iowa, School Infrastructure Sales, Services, and Use Tax Bonds, Series 2014, 2.000%, 7/01/18 – BAM Insured		No Opt. Call		AA		1,128,542
	9,390	Total Iowa						10,229,334

196 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kansas – 0.7%
$	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	$	1,148,906
	500	Manhattan, Kansas, Hospital Revenue Bonds, Mercy Regional Health Center, Inc., Refunding Series 2013, 4.000%, 11/15/15		No Opt. Call		A+		519,560
	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)		1,050,520
		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)		1,001,900
	1,000	5.000%, 11/15/16 (ETM)		No Opt. Call		N/R (4)		1,094,440
	500	Wyandotte County/Kansas City Unified Government Board of Public Utilities, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2014A, 4.000%, 9/01/18		No Opt. Call		A+		553,305
	5,100	Total Kansas						5,368,631
		Kentucky – 1.3%
	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+		2,774,725
	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		2,285,301
	1,000	Louisville Regional Airport Authority, Kentucky, Airport System Revenue Bonds, Refunding Series 2014A, 3.000%, 7/01/17 (Alternative Minimum Tax)		No Opt. Call		A+		1,064,350
	1,100	Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/18		No Opt. Call		A+		1,270,896
	1,365	Louisville-Jefferson County Metro Government, Kentucky, Mortgage Revenue Bonds, Refunding & Improvement, University of Louisville Papa John’s Cardinal Stadium Project, Series 2008A, 5.000%, 3/01/18		No Opt. Call		AA–		1,553,479
	1,270	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		1,291,666
	500	Russell, Kentucky, Revenue Bonds, Bon Secours Health System, Series 2013, 4.000%, 11/01/15		No Opt. Call		A–		516,805
	9,805	Total Kentucky						10,757,222
		Louisiana – 1.4%
		Calcasieu Parish Public Trust Authority, Louisiana, Student Lease Revenue Bonds, McNeese State University Student Housing-Cowboy Facilities, Inc. Project, Refunding Series 2011:
	315	3.000%, 5/01/15 – AGM Insured		No Opt. Call		A2		319,356
	315	3.000%, 5/01/16 – AGM Insured		No Opt. Call		A2		326,683
		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		261,480
	500	3.000%, 12/01/17 – AGM Insured		No Opt. Call		AA		529,365
		Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B:
	1,280	5.000%, 6/01/15 – AMBAC Insured		No Opt. Call		A–		1,315,661
	1,995	5.000%, 6/01/16 – AMBAC Insured		No Opt. Call		A–		2,135,249

Nuveen Investments 197

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana (continued)
$	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	$	1,354,225
	1,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Refunding Bonds, Parking Facilties Corporation – Phase I Project, Series 2012, 3.000%, 10/01/16 – AGM Insured		No Opt. Call		AA		1,037,960
	1,110	Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2011, 5.000%, 10/01/17		No Opt. Call		A		1,240,703
	1,100	New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2005, 5.250%, 12/01/21 – NPFG Insured		12/15 at 100.00		AA–		1,154,659
	1,350	New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2012, 4.000%, 12/01/15		No Opt. Call		A3		1,401,030
	10,465	Total Louisiana						11,076,371
		Maine – 0.1%
		Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013:
	500	3.000%, 7/01/16		No Opt. Call		BBB+		518,385
	535	3.000%, 7/01/17		No Opt. Call		BBB+		561,852
	1,035	Total Maine						1,080,237
		Maryland – 0.1%
	280	Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury University Project, Refunding Series 2013, 3.000%, 6/01/16		No Opt. Call		Baa3		285,662
	405	Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury University Project, Series 2012, 3.000%, 6/01/15		No Opt. Call		Baa3		408,795
	220	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial Hospital Issue, Series 2012A, 3.000%, 7/01/15		No Opt. Call		Baa1		223,403
	905	Total Maryland						917,860
		Massachusetts – 1.1%
	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+		305,523
	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		1,504,829
	1,555	Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 4.500%, 1/01/16 (Alternative Minimum Tax)		No Opt. Call		AA		1,613,981
		Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2014:
	600	4.000%, 1/01/17 (Alternative Minimum Tax)		No Opt. Call		AA		638,148
	1,500	4.000%, 1/01/18 (Alternative Minimum Tax)		No Opt. Call		AA		1,618,665
	1,255	3.000%, 1/01/19 (Alternative Minimum Tax)		No Opt. Call		AA		1,307,723
	357	Massachusetts Housing Finance Agency, Construction Loan Notes, Series 2012F, 0.650%, 12/01/14		No Opt. Call		Aa3		357,093
	1,000	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2005-11, 5.250%, 8/01/18		No Opt. Call		AAA		1,164,250
	7,992	Total Massachusetts						8,510,212

198 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan – 2.2%
$	1,250	Bridgeport Spaulding Community School District, Saginaw County, Michigan, General Obligation Bonds, Refunding Series 2011, 3.000%, 5/01/15 – AGM Insured		No Opt. Call		Aa2	$	1,265,888
		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		257,153
	750	5.000%, 5/01/18		No Opt. Call		Aa2		849,113
	475	Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation Bonds, Building Authority Stadium Refunding Series 2012, 5.000%, 10/01/15		No Opt. Call		BBB–		490,870
	965	Grand Blanc Community Schools, Genesee County, Michigan, General Obligation Bonds, Refunding Series 2013, 4.000%, 5/01/17		No Opt. Call		AA–		1,040,753
	430	Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Healthcare Group, Series 2011A, 4.000%, 5/15/15		No Opt. Call		A2		436,717
	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		500,300
	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		1,073,340
	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		543,160
	2,090	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 5.000%, 11/15/16		No Opt. Call		AA+		2,282,343
	1,000	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding Series 2010F-3, 0.000%, 11/15/47		No Opt. Call		AA+		1,013,490
	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		1,158,650
	1,500	Michigan State Trunk Line Fund Refunding Bonds, Series 2014, 5.000%, 11/15/18		No Opt. Call		AA+		1,737,735
	1,000	Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/18 (WI/DD, Settling 11/18/14)		No Opt. Call		Aa2		1,136,710
	200	Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/17		No Opt. Call		A1		221,752
	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–		1,419,525
	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		1,333,339
	500	Western Michigan University, General Revenue Bonds, Refunding Series 2008, 3.625%, 11/15/14 – AGM Insured		No Opt. Call		AA		500,650
	500	Western Michigan University, General Revenue Bonds, Refunding Series 2013, 5.000%, 11/15/17		No Opt. Call		A1		560,955
	16,510	Total Michigan						17,822,443
		Minnesota – 5.8%
	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+		3,108,192

Nuveen Investments 199

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Minnesota (continued)
		Brainerd, Minnesota, Electric Utility Revenue Bonds, Series 2014A:
$	325	2.000%, 12/01/15		No Opt. Call		AA	$	329,505
	360	3.000%, 12/01/16		No Opt. Call		AA		374,857
	360	3.000%, 12/01/17		No Opt. Call		AA		378,490
	365	3.000%, 12/01/18		No Opt. Call		AA		386,031
	655	Central Minnesota Municipal Power Agency, Revenue Bonds, Brookings – Southeast Twin Cities Transmission Project, Series 2012, 5.000%, 1/01/18		No Opt. Call		A–		733,731
	585	Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy PRoject, Series 2013A, 1.900%, 7/01/15		No Opt. Call		BBB–		585,421
	3,020	Farmington Independent School District 192, Dakota County, Minnesota, General Obligation Bonds, Crossover School Building Refunding Series 2014A, 4.000%, 2/01/18		No Opt. Call		Aa2		3,334,261
	2,910	Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, School Building Series 2013C, 5.000%, 2/01/16		No Opt. Call		AA+		3,081,545
	2,985	Minneapolis Special School District 1, Minnesota, Certificates of Participation, Refunding Series 2013D, 5.000%, 2/01/18		No Opt. Call		AA+		3,380,960
	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		1,365,287
	2,500	Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010, 5.000%, 8/01/17		No Opt. Call		BBB+		2,700,900
		Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012:
	400	2.250%, 11/15/14		No Opt. Call		N/R		400,080
	705	2.600%, 11/15/15		No Opt. Call		N/R		708,814
	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–		2,521,075
		Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2014B:
	800	4.000%, 1/01/17 (Alternative Minimum Tax)		No Opt. Call		A		858,552
	600	5.000%, 1/01/18 (Alternative Minimum Tax)		No Opt. Call		A		675,522
	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		1,352,168
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Series 2014-8-C:
	200	1.250%, 5/01/16		No Opt. Call		Baa3		200,396
	215	1.550%, 5/01/17		No Opt. Call		Baa3		215,026
	300	2.000%, 5/01/18		No Opt. Call		Baa3		301,167
		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		940,685
	1,065	5.500%, 5/01/17		No Opt. Call		N/R		1,122,904
		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		200,352
	210	3.000%, 12/01/15		No Opt. Call		Baa2		214,391
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine University, Series 2012-7Q:
	450	4.000%, 10/01/15		No Opt. Call		Baa1		463,626
	650	4.000%, 10/01/16		No Opt. Call		Baa1		686,537

200 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Minnesota (continued)
$	1,115	Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2009-7A, 4.000%, 10/01/17		No Opt. Call		A2	$	1,216,967
	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		1,064,320
	3,635	Minnesota State, General Obligation Bonds, Various Purpose Refunding Series 2013F, 5.000%, 10/01/18		No Opt. Call		AA+		4,217,109
	1,210	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2008A, 5.000%, 1/01/18 – AGC Insured		No Opt. Call		AA		1,366,344
		Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Refunding Series 2013A:
	135	2.250%, 12/01/15		No Opt. Call		BBB–		135,706
	320	2.500%, 12/01/16		No Opt. Call		BBB–		322,528
	220	3.000%, 12/01/17		No Opt. Call		BBB–		224,435
	120	Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2011, 0.000%, 11/15/38 (Mandatory put 11/15/18)		No Opt. Call		AA		134,431
	1,000	Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.000%, 5/01/15		No Opt. Call		A1		1,023,890
	2,380	Saint Michael Independent School District 885, Wright County, Minnesota, General Obligation Bonds, Refunding Series 2014A, 4.000%, 2/01/18		No Opt. Call		Aa2		2,622,831
		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		235,698
	300	4.000%, 1/01/16		No Opt. Call		N/R		305,361
	545	Shakopee Independent School District 720, Scott County, Minnesota, Certificates of Participation, Series 2013B, 2.000%, 2/01/17		No Opt. Call		Aa3		559,404
	1,280	Shakopee Independent School District 720, Scott County, Minnesota, General Obligation Bonds, Series 2013A, 3.000%, 2/01/17		No Opt. Call		Aa2		1,352,422
		Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional Medical Center, Refunding Series 2014:
	655	3.000%, 9/01/15		No Opt. Call		A		669,259
	450	5.000%, 9/01/17		No Opt. Call		A		502,920
	43,375	Total Minnesota						46,574,100
		Mississippi – 0.5%
	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–		801,480
	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		3,316,296
	4,035	Total Mississippi						4,117,776
		Missouri – 4.7%
		Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A:
	2,570	4.000%, 10/01/16		No Opt. Call		AA+		2,749,026
	1,565	5.000%, 10/01/18		No Opt. Call		AA+		1,813,647

Nuveen Investments 201

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Missouri (continued)
		Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2012:
$	1,000	3.000%, 8/01/15		No Opt. Call		A	$	1,016,570
	1,000	4.000%, 8/01/17		No Opt. Call		A		1,073,900
	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–		1,083,170
	1,560	Cole County, Missouri, Certificates of Participation, Refunding Jail Project Series 2014, 4.000%, 12/01/17		No Opt. Call		Aa3		1,705,220
		Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2007A:
	275	5.000%, 11/01/33 (Pre-refunded 11/01/17)		11/17 at 100.00		AA+ (4)		310,813
	160	5.000%, 11/01/35 (Pre-refunded 11/01/17)		11/17 at 100.00		AA+ (4)		180,837
	2,295	Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2006, 5.000%, 3/01/18		No Opt. Call		AA+		2,530,031
	205	Joplin Industrial Development Authority, Missouri, Revenue Bonds, Christian Homes Inc., Series 2007F, 5.500%, 5/15/17		No Opt. Call		BBB–		218,161
		Kansas City Industrial Development Authority, Missouri, Special Obligation Revenue Bonds, Plaza Library Project, Refunding Series 2014:
	500	3.000%, 3/01/16		No Opt. Call		N/R		511,020
	250	3.000%, 3/01/17		No Opt. Call		N/R		257,095
	1,000	3.000%, 3/01/18		No Opt. Call		N/R		1,024,240
	1,250	Kansas City, Missouri, Airport Revenue Bonds, Refunding General Improvement Series 2013A, 5.000%, 9/01/17		No Opt. Call		A+		1,397,188
	4,000	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		4,060,680
		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+		371,340
	995	5.000%, 5/01/17		No Opt. Call		BBB+		1,086,013
		Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012:
	480	3.000%, 10/01/15		No Opt. Call		BBB–		488,424
	495	3.000%, 10/01/16		No Opt. Call		BBB–		507,504
		Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Freeman Health System, Series 2012:
	1,245	5.000%, 2/15/15		No Opt. Call		BBB+		1,260,861
	555	5.000%, 2/15/17		No Opt. Call		BBB+		603,851
	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+		759,074
	255	Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2014A, 4.000%, 2/01/18		No Opt. Call		BBB+		276,224
	1,435	Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 4.000%, 4/01/17		No Opt. Call		A2		1,550,259
	595	Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Series 2006, 5.000%, 1/01/16 – NPFG Insured		No Opt. Call		AA–		620,430
	175	Northeast Public Sewer District, Jefferson County, Missouri, Sewerage System Revenue Bonds, Refunding Series 2014, 4.000%, 1/01/15		No Opt. Call		A+		176,089

202 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Missouri (continued)
$	830	Raymore, Missouri, Tax Increment Revenue Bonds, Raymore Galleria Project, Refunding & Improvement Series 2014A, 3.000%, 5/01/17		No Opt. Call		N/R	$	844,459
	530	Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, City Parks, Series 2014, 4.000%, 6/15/18 – AGM Insured		No Opt. Call		AA		582,587
	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–		480,366
		Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2013:
	500	4.000%, 7/01/15		No Opt. Call		A–		512,260
	890	5.000%, 7/01/16		No Opt. Call		A–		954,756
	250	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		250,105
	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–		577,647
	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–		1,514,355
	785	St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/18 – NPFG Insured		No Opt. Call		AA–		908,630
	950	St. Louis, Missouri, Airport Revenue Bonds, Series 1970, 5.000%, 7/01/15		No Opt. Call		A–		979,612
	1,500	State of Missouri, Certificates of Participation, Refunding, Series 2011A, 1.500%, 10/01/15		No Opt. Call		AA+		1,518,120
	520	Truman State University, Missouri, Housing System Revenue Bonds, Refunding Series 2013, 3.000%, 6/01/16		No Opt. Call		A1		540,010
	35,160	Total Missouri						37,294,574
		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–		2,001,400
		Nebraska – 1.2%
	310	Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 12/01/21		No Opt. Call		A		359,997
		Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014:
	800	3.000%, 5/15/16		No Opt. Call		BBB+		829,248
	360	4.000%, 5/15/17		No Opt. Call		BBB+		387,533
	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–		973,896
	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+		1,154,419
	2,000	Nebraska Public Power District, General Revenue Bonds, Refunding Series 2012C, 5.000%, 1/01/16		No Opt. Call		A1		2,112,180
	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+		1,142,670
	1,235	University of Nebraska Facilities Corporation, UNMC Cancer Center Bonds, Series 2014A, 4.000%, 2/15/18		No Opt. Call		Aa1		1,364,514

Nuveen Investments 203

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Nebraska (continued)
$	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	$	1,132,313
	8,895	Total Nebraska						9,456,770
		Nevada – 1.3%
		City of Henderson, Nevada, Local Improvement District No. T-4C Green Valley Properties, Limited Obligation Bonds, Refunding Series 2014:
	1,630	4.000%, 11/01/17		No Opt. Call		N/R		1,759,667
	1,135	4.000%, 11/01/18		No Opt. Call		N/R		1,238,455
	5,020	Clark County, Nevada, Airport Revenue Bonds, junior Lien Series 2014B-1, 5.000%, 7/01/18		No Opt. Call		A		5,740,119
		Las Vegas, Nevada, Special Improvement District 607 Providence, Local Improvement Refunding Bonds, Series 2013:
	480	2.000%, 6/01/15		No Opt. Call		N/R		479,971
	325	3.000%, 6/01/16		No Opt. Call		N/R		327,958
	1,150	Reno, Nevada, General Obligation Bonds, Medium Tern Various Purpose Series 2013B, 4.000%, 6/01/16		No Opt. Call		A1		1,206,500
	9,740	Total Nevada						10,752,670
		New Jersey – 4.0%
		Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A:
	1,000	5.000%, 2/15/17 (WI/DD, Settling 11/18/14)		No Opt. Call		BBB		1,089,690
	1,000	5.000%, 2/15/18 (WI/DD, Settling 11/18/14)		No Opt. Call		BBB		1,117,790
	1,350	New Jersey Economic Development Authority, Solid Waste Revenue Bonds, Waste Management Inc., Series 2004A, 5.300%, 6/01/15 (Alternative Minimum Tax)		No Opt. Call		A–		1,350,459
		New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
	2,615	4.000%, 7/01/15		No Opt. Call		BBB+		2,674,491
	3,450	2.000%, 7/01/16		No Opt. Call		BBB+		3,512,894
	500	5.000%, 7/01/17		No Opt. Call		BBB+		549,640
	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		A–		4,383,493
	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		4,015,560
	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		1,289,022
	2,000	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2014-1A-1, 4.000%, 12/01/17 (Alternative Minimum Tax)		No Opt. Call		AA		2,167,800
		New Jersey Transit Corporation, Grant Anticipation Notes, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Series 2014A:
	1,500	5.000%, 9/15/17		No Opt. Call		A		1,658,340
	2,000	5.000%, 9/15/18		No Opt. Call		A		2,266,520
	3,100	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/18		No Opt. Call		A2		3,513,757
	2,000	Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 3.000%, 5/01/15		No Opt. Call		AA–		2,028,500
	90	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		89,295
	30,140	Total New Jersey						31,707,251

204 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Mexico – 0.9%
$	4,910	New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19)		8/19 at 100.00		Aa3	$	5,691,967
		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		753,938
	750	3.000%, 4/01/16 – BAM Insured		No Opt. Call		AA		770,565
	6,410	Total New Mexico						7,216,470
		New York – 9.3%
	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–		383,473
	5,000	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–		5,034,500
	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+		1,342,536
	1,375	Dormitory Authority of the State of New York, School Districts Financing Program Revenue Bonds, Series 2014A, 5.000%, 10/01/18 – AGM Insured		No Opt. Call		AA		1,588,579
	2,165	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		2,466,195
	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		4,657,680
	1,750	Long Beach, New York, General Obligation Bonds, Bond Anticipation Note Series 2014, 2.250%, 2/18/15		No Opt. Call		N/R		1,754,113
	1,225	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A, 0.000%, 6/01/16 – AGM Insured		No Opt. Call		AA		1,212,664
	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)		152,895
	450	Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014, 3.000%, 7/01/17		No Opt. Call		BBB+		473,742
	2,660	Nassau Health Care Corporation, New York, Revenue Anticipation Notes, Series 2014, 2.250%, 1/15/15		No Opt. Call		N/R		2,662,633
	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		2,317,280
	8,300	New York City, New York, General Obligation Bonds, Fiscal 2014 Series G, 5.000%, 8/01/17		No Opt. Call		AA		9,271,432
	2,000	New York City, New York, General Obligation Bonds, Fiscal 2014 Series J, 5.000%, 8/01/18		No Opt. Call		AA		2,297,520
	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		2,010,780
	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		2,794,350
	900	New York State Thruway Authority, General Revenue Bonds, Series 2012I, 4.000%, 1/01/15		No Opt. Call		A		905,733
	1,920	New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19		No Opt. Call		A–		2,223,648

Nuveen Investments 205

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
		Niagara Falls,New York, General Obligation Bonds, Series 2014:
$	1,000	2.000%, 3/01/17 – AGM Insured		No Opt. Call		AA	$	1,020,650
	620	2.000%, 3/01/18 – AGM Insured		No Opt. Call		AA		630,968
	1,150	Niagara Frontier Transportation Authority, New York, Airport Revenue Bonds, Buffalo International Airport, Series 2014A, 4.000%, 4/01/17 (Alternative Minimum Tax)		No Opt. Call		Baa1		1,235,181
	1,500	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Fifth Series 2014, 5.000%, 9/01/17 (Alternative Minimum Tax)		No Opt. Call		AA–		1,675,275
	6,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Sixth Series 2014, 5.000%, 10/15/18 (Alternative Minimum Tax)		No Opt. Call		AA–		6,880,200
	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–		3,937,255
	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–		7,357,380
	1,125	Rockland County, New York, General Obligation Bonds, Series 2014A, 5.000%, 3/01/17 – AGM Insured		No Opt. Call		AA		1,232,325
	1,275	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+		1,278,608
	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		1,472,954
	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		453,947
	2,000	Westchester County, New York, General Obligation Bonds, Series 2013B, 4.000%, 7/01/15		No Opt. Call		AAA		2,052,180
	1,250	Yonkers, New York, General Obligation Refunding Bonds, Series 2012A, 4.000%, 7/01/15		No Opt. Call		A		1,281,075
	68,445	Total New York						74,057,751
		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+		646,413
	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		1,009,330
	1,610	Total North Carolina						1,655,743
		North Dakota – 1.1%
	3,040	Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 3.500%, 11/01/16		No Opt. Call		A+		3,218,722
	300	Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, Series 2012A, 2.000%, 3/01/15		No Opt. Call		A		301,266
	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		2,837,495
		Williston, North Dakota, Sales Tax Revenue Bonds, Series 2013A:
	1,000	3.000%, 5/01/15 – AGM Insured		No Opt. Call		AA		1,006,290
	1,000	3.000%, 5/01/16 – AGM Insured		No Opt. Call		AA		1,034,290
	8,175	Total North Dakota						8,398,063

206 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio – 2.6%
$	1,805	Cincinnati, Ohio, General Obligation Bonds, Various Purpose Series 2011A, 5.000%, 12/01/16		No Opt. Call		Aa2	$	1,974,832
	375	Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2014, 4.000%, 2/01/17		No Opt. Call		A–		401,464
	685	Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18)		No Opt. Call		BBB–		724,504
	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–		7,111,336
	595	Ohio Higher Education Facilities Commission, Revenue Bonds, Case Western Reserve University, Series 2008C, 5.000%, 12/01/17		No Opt. Call		AA–		673,713
	485	Ohio Higher Education Facilities Commission, Revenue Bonds, John Carroll University, Series 2014, 2.250%, 9/01/33 (Mandatory put 9/01/18)		No Opt. Call		A3		496,625
	320	Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2009, 5.000%, 12/01/16		No Opt. Call		A		348,592
	1,000	Ohio State Higher Educational Facility Commission, Higher Education Facility Revenue Bonds, Xavier University 2008C, 5.000%, 5/01/18		No Opt. Call		A–		1,131,420
	1,000	Ohio State, Capital Facilities Lease-Appropriation Bonds, Administrative Building Fund Projects, Series 2013A, 5.000%, 10/01/17		No Opt. Call		AA		1,124,220
	1,035	Ohio State, Capital Facilities Lease-Appropriation Bonds, Adult Correctional Building Fund Projects, Series 2014A, 4.000%, 4/01/18		No Opt. Call		AA		1,142,174
	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		1,954,500
	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		1,062,990
	465	Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 2013A, 4.000%, 1/15/16		No Opt. Call		A		483,865
	1,170	University of Toledo, Ohio, General Receipts Bonds, Refunding Series 2010, 5.000%, 6/01/18		No Opt. Call		A1		1,328,114
	1,000	Warren County, Ohio, Healthcare Facilities Revenue Bonds, Otterbein Homes Obligated Group, Refunding Series 2013A, 3.000%, 7/01/15		No Opt. Call		A		1,016,010
	19,655	Total Ohio						20,974,359
		Oklahoma – 1.5%
	2,765	Canadian County Independent School District 69, Mustang, Oaklahoma, General Obligation Bond, Combined Purpose Series 2014, 2.000%, 6/01/18		No Opt. Call		AA–		2,855,139
		Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Public Schools Project, Series 2013:
	2,550	5.000%, 6/01/15		No Opt. Call		A		2,621,655
	870	5.000%, 6/01/16		No Opt. Call		A		932,040
	2,215	Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Norman Public Schools Project, Series 2014, 5.000%, 7/01/18		No Opt. Call		A+		2,523,284
	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–		1,147,350
	2,000	Tulsa County Independent School District 11 Owasso, Oklahoma, General Obligation Bonds, Combined Purpose Series 2014, 2.000%, 6/01/18		No Opt. Call		AA–		2,069,500
	11,400	Total Oklahoma						12,148,968

Nuveen Investments 207

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Oregon – 1.3%
$	1,500	Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Deferred Interest Series 2014A, 0.000%, 6/15/18		No Opt. Call		AA+	$	1,435,935
		Emerald Peoples Utility District, Oregon, Electric System Revenue Bonds, Refunding Series 2013:
	475	3.000%, 11/01/15		No Opt. Call		A1		487,160
	1,000	3.000%, 11/01/16		No Opt. Call		A1		1,045,150
	660	Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Sky Lakes Medical Center Project, Series 2012, 4.000%, 9/01/15		No Opt. Call		A–		677,015
	880	Local Oregon Capital Assets Program, Certificates of Participation, City of Cottage Grove, Oregon, Series 2013A, 4.000%, 9/15/15		No Opt. Call		Baa2		903,030
	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		2,951,403
	360	Multnomah County Hospital Facilities Authority, Oregon, Revenue Refunding Bond, Terwilliger Plaza, Inc., Series 2012, 2.000%, 12/01/14		No Opt. Call		BBB		360,364
	1,930	Port of Portland, Oregon, International Airport Revenue Bonds, Series 2011-21, 5.000%, 7/01/17 (Alternative Minimum Tax)		No Opt. Call		AA–		2,146,951
	9,655	Total Oregon						10,007,008
		Pennsylvania – 4.4%
	1,390	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		1,467,618
	1,115	Corry Area School District, Erie County, Pennsylvania, General Obligation Bonds, Refunding Series 2014, 3.000%, 12/15/18		No Opt. Call		AA		1,196,585
	800	Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2014, 4.000%, 8/01/18		No Opt. Call		A+		890,184
		East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc – Student Housing Project at Millersville University, Series 2014:
	300	2.000%, 7/01/17		No Opt. Call		BBB–		302,343
	500	2.250%, 7/01/18		No Opt. Call		BBB–		503,735
		Economy Municipal Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2013:
	350	3.000%, 12/15/17		No Opt. Call		AA		371,504
	300	3.000%, 12/15/18		No Opt. Call		AA		320,190
		Indiana County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Indiana Regional Medical Center, Series 2014A:
	125	4.000%, 6/01/15		No Opt. Call		Baa3		127,348
	180	4.000%, 6/01/16		No Opt. Call		Baa3		188,005
	185	4.000%, 6/01/17		No Opt. Call		Baa3		195,932
	250	4.000%, 6/01/18		No Opt. Call		Baa3		266,413
		Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village Project, Series 2013:
	360	3.000%, 5/01/15		No Opt. Call		BBB		363,449
	300	5.000%, 5/01/16		No Opt. Call		BBB		315,090
	1,000	5.000%, 5/01/18		No Opt. Call		BBB		1,074,720
	1,000	Manheim Township School District, Lancaster County, Pennsylvania, General Obligation Bonds, Libor Index Rate Mode, Series 2014A, 0.000%, 5/01/25 (Mandatory put 5/01/18)		11/17 at 100.00		Aa3		999,920

208 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	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	$	1,504,174
	1,300	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc Project, Refunding Series 2010A, 0.370%, 4/01/19 (Mandatory put 1/02/15) (Alternative Minimum Tax)		No Opt. Call		BBB+		1,300,078
	3,000	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc Project, Series 2014, 0.000%, 6/01/44 (Alternative Minimum Tax)		No Opt. Call		BBB+		3,000,120
	420	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–		425,174
	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		869,593
	320	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A, 3.000%, 7/01/15		No Opt. Call		BBB+		324,314
		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A:
	275	4.000%, 7/15/15		No Opt. Call		A–		281,611
	825	5.000%, 7/15/17		No Opt. Call		A–		910,808
		Pennsylvania Higher Educational Facilities Authority, Revenue Refunding Bonds, Lock Haven University Foundation Student Housing Project, Series 2013A:
	610	2.000%, 7/01/15		No Opt. Call		BBB–		610,720
	540	3.000%, 7/01/16		No Opt. Call		BBB–		547,555
	640	3.000%, 7/01/17		No Opt. Call		BBB–		652,365
	300	Pennsylvania Higher Educational Facilities Authority, Widener University Revenue Bonds, Series 2014, 4.000%, 7/15/17		No Opt. Call		A–		323,571
	1,350	Philadelphia Authority for Industrial Development, Pennsylvania, Lease Revenue Bonds, Refunding Series 2014B, 4.000%, 10/01/17		No Opt. Call		A+		1,471,406
	1,070	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Eighth Series 2009A, 5.000%, 8/01/16		No Opt. Call		A–		1,146,462
	1,000	Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Refunding Series 2014A, 5.000%, 7/01/18		No Opt. Call		A1		1,145,010
	1,275	Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014B, 4.000%, 9/01/18 – BAM Insured		No Opt. Call		AA		1,414,141
	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		3,348,576
	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		1,065,710
	540	Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 3.500%, 12/01/14 – AGM Insured		No Opt. Call		AA		541,382
	250	Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated Group, Series 2014A, 5.000%, 6/01/18 (WI/DD, Settling 11/10/14)		No Opt. Call		Aa3		285,030
		State Public School Building Authority, Pennsylvania, College Revenue Bonds, Harrisburg Area Community College Project, Series 2014B2:
	1,090	3.000%, 10/01/17		No Opt. Call		AA		1,149,111
	1,255	4.000%, 10/01/18		No Opt. Call		AA		1,378,668

Nuveen Investments 209

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
		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+	$	1,409,154
	1,440	4.250%, 8/01/16		No Opt. Call		BBB+		1,497,586
	33,225	Total Pennsylvania						35,185,355
		Rhode Island – 0.5%
	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		281,354
	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		1,048,524
		Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, Board of Education Auxiliary Enterprise, Refunding Series 2013D:
	650	5.000%, 9/15/16		No Opt. Call		A2		700,824
	1,020	5.000%, 9/15/17		No Opt. Call		A2		1,134,413
		Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, Board of Education Educational & General, Refunding Series 2013B:
	250	3.000%, 9/15/16		No Opt. Call		A1		260,275
	555	3.000%, 9/15/17		No Opt. Call		A1		586,241
	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+		259,015
	4,020	Total Rhode Island						4,270,646
		South Carolina – 0.9%
	2,390	Charleston County, South Carolina, General Obligation Bonds, Refunding Series 2014A, 5.000%, 6/01/18		No Opt. Call		AAA		2,749,671
	1,010	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–		1,044,461
	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–		594,142
	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+		514,600
		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+		1,542,070
	1,000	5.000%, 8/01/16		No Opt. Call		BBB+		1,061,730
	7,010	Total South Carolina						7,506,674
		South Dakota – 0.6%
	1,000	Sioux Falls School District 49-5, Minnehaha and Lincoln Counties, South Dakota, General Obligation Bonds, Refunding Certificate Series 2012, 4.000%, 1/01/18		No Opt. Call		AA–		1,101,340
	1,305	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2009, 4.500%, 11/01/15		No Opt. Call		A+		1,360,580
	500	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 3.000%, 11/01/18		No Opt. Call		A+		537,065
	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		758,309

210 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		South Dakota (continued)
$	1,225	South Dakota Housing Development Authority, Multiple Purpose Revenue Bonds, Series 2013A, 1.600%, 5/01/18		No Opt. Call		Aa3	$	1,235,817
	4,760	Total South Dakota						4,993,111
		Tennessee – 1.6%
	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		1,072,940
	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–		1,524,329
		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+		1,000,000
	1,050	2.000%, 11/01/15		No Opt. Call		BBB+		1,061,519
	1,000	3.000%, 11/01/16		No Opt. Call		BBB+		1,034,620
	1,500	Metropolitan Government of Nashville-Davidson County, Tennessee, Exempt Facilities Revenue Bonds, Waste Management Inc., Series 2001, 3.750%, 8/01/31 (Mandatory put 8/01/17) (Alternative Minimum Tax)		8/16 at 102.00		A–		1,502,400
	500	Metropolitan Government of Nashville-Davidson County, Tennessee, General Obligation Bonds, Refunding & Improvement Series 2010A, 4.000%, 7/01/15		No Opt. Call		AA		513,010
	700	Metropolitan Government of Nashville-Daviston County, Tennessee, Electric System Revenue Bonds, Series 2014A, 5.000%, 5/15/18		No Opt. Call		AA+		801,493
	1,800	Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 7/01/16		No Opt. Call		A+		1,928,160
	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		1,914,174
	11,550	Total Tennessee						12,352,645
		Texas – 4.3%
		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–		944,794
	1,000	4.000%, 9/01/18		No Opt. Call		AA–		1,104,230
	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+		1,089,790
	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+		3,272,400
	1,300	Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2014D, 5.000%, 11/01/18 (Alternative Minimum Tax)		No Opt. Call		A+		1,494,974
	1,920	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		2,022,566
	645	Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2014A, 5.000%, 12/01/17		No Opt. Call		A+		727,683
	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		868,376
	1,000	Harrison County Health Facilities Development Corporation, Hospital Revenue Bonds, Good Shepherd Health System, Refunding Series 2010, 4.000%, 7/01/15		No Opt. Call		BB–		1,001,790

Nuveen Investments 211

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	310	Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/18		No Opt. Call		A2	$	354,640
	500	Laredo Community College District, Webb County, Texas, General Obligation Bonds, Series 2014, 5.000%, 8/01/18		No Opt. Call		AA–		574,545
	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		2,607,974
	1,000	McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, 3.000%, 12/01/18		No Opt. Call		Baa2		1,010,890
	2,005	Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2011, 4.000%, 1/01/15		No Opt. Call		A–		2,016,649
		New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing College Station I LLC – Texas A&M University Project, Series 2014A:
	125	4.000%, 4/01/18 – AGM Insured		No Opt. Call		AA		135,305
	300	4.000%, 4/01/19 – AGM Insured		No Opt. Call		AA		326,637
		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		1,465,114
	1,260	4.000%, 9/01/16 – AGC Insured		No Opt. Call		AA		1,333,685
	1,425	4.375%, 9/01/18 – AGC Insured		No Opt. Call		AA		1,582,634
		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		744,126
	490	4.000%, 9/01/16		No Opt. Call		A2		518,008
	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		414,640
	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		3,230,910
	2,000	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A, 5.000%, 4/01/19		No Opt. Call		AAA		2,343,400
	2,830	Texas State, General Obligation Bonds, Public Financing Authority, Refunding Series 2011, 5.000%, 10/01/17		No Opt. Call		AAA		3,194,730
	31,955	Total Texas						34,380,490
		Utah – 0.8%
	2,325	Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Subordinate Lien Refunding Series 2014, 5.000%, 7/01/18		No Opt. Call		AA–		2,665,775
	4,000	Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2014A, 1.350%, 6/15/17		12/16 at 100.00		A+		4,043,120
	6,325	Total Utah						6,708,895
		Vermont – 0.1%
	745	Vermont Housing Finance Agency, Multiple Purpose Bonds, Series 2012B, 1.900%, 11/01/16 (Alternative Minimum Tax)		No Opt. Call		AA		755,639
		Virgin Islands – 0.9%
	360	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2006, 5.000%, 10/01/15 – FGIC Insured		No Opt. Call		AA–		373,291

212 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Virgin Islands (continued)
$	5,315	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2012C, 3.000%, 10/01/17		No Opt. Call		BBB+	$	5,529,992
	1,035	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B, 5.000%, 10/01/19		No Opt. Call		BBB		1,169,074
	6,710	Total Virgin Islands						7,072,357
		Virginia – 0.7%
	1,100	Dulles Town Center Community Development Authority, Loudon County, Virginia Special Assessment Refunding Bonds, Dulles Town Center Project, Series 2012, 3.000%, 3/01/16		No Opt. Call		N/R		1,103,806
	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		2,830,150
	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–		1,356,820
	4,995	Total Virginia						5,290,776
		Washington – 2.0%
	4,000	Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2014A, 5.000%, 7/01/18		No Opt. Call		Aa1		4,597,200
	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		400,972
		Port of Pasco, Washington, Airport and General Port Revenue Bonds, Series 2014A:
	700	3.000%, 12/01/16 (Alternative Minimum Tax)		No Opt. Call		A–		728,882
	860	3.000%, 12/01/17 (Alternative Minimum Tax)		No Opt. Call		A–		900,927
	1,000	Port of Seattle, Washington, Revenue Bonds, Refunding Inter-Lien Series 2010C, 5.000%, 2/01/16		No Opt. Call		A+		1,058,930
	1,000	Port of Seattle, Washington, Revenue Bonds, Subordinate Lien Series 1999A, 5.500%, 9/01/17 – NPFG Insured		No Opt. Call		AA–		1,132,640
		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		494,948
	1,425	4.000%, 12/01/17		No Opt. Call		Baa2		1,516,670
	610	5.000%, 12/01/18		No Opt. Call		Baa2		673,568
	205	Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012, 4.000%, 12/01/16		No Opt. Call		Baa3		215,709
		Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A:
	320	5.000%, 11/15/17		No Opt. Call		A+		360,528
	450	5.000%, 11/15/18		No Opt. Call		A+		519,386
	275	Washington Higher Education Facilities Authority Revenue Bonds, Whitworth University Project, Series 2012, 4.000%, 10/01/16		No Opt. Call		Baa1		288,767
	900	Washington State Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2005D, 1.250%, 11/01/17		No Opt. Call		A–		905,013
	500	Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 5.000%, 1/01/18		No Opt. Call		A		551,460
	500	Washington State Housing Finance Commission, Non-Profit Revenue Bonds, Emerald Heights Project, Refunding 2013, 3.000%, 7/01/15		No Opt. Call		A–		506,425

Nuveen Investments 213

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments October 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Washington (continued)
$	1,000	Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Refunding Series 2012, 5.000%, 7/01/18		No Opt. Call		AA+	$	1,149,290
	14,615	Total Washington						16,001,315
		West Virginia – 0.5%
	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		3,801,938
		Wisconsin – 0.7%
	325	Wisconsin Health & Educational Facs Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2014A, 5.000%, 12/01/17		No Opt. Call		Aa3		367,406
	220	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2009B, 1.250%, 8/15/25 (Mandatory put 8/15/17)		8/17 at 100.00		A		222,011
	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		1,060,860
	1,050	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beaver Dam Community Hospitals Inc., Series 2013A, 3.000%, 8/15/15		No Opt. Call		BBB–		1,063,577
	610	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/17		No Opt. Call		A–		658,214
	290	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Series 2010A, 5.000%, 8/15/15		No Opt. Call		AA		300,890
	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+		509,145
	200	Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014, 2.750%, 10/01/17		No Opt. Call		N/R		200,054
	1,300	Wisconsin State, Master Lease Certificates of Participation, Series 2014A, 5.000%, 3/01/18		No Opt. Call		AA–		1,471,226
	5,495	Total Wisconsin						5,853,383
		Wyoming – 0.1%
		Natrona County, Wyoming, Hospital Revenue Bonds, Wyoming Medical Center Project, Series 2011:
	530	4.000%, 9/15/15		No Opt. Call		A3		543,160
	300	4.000%, 9/15/16		No Opt. Call		A3		314,318
	830	Total Wyoming						857,478
$	725,312	Total Municipal Bonds (cost $762,371,175)						771,700,395
Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 3.2%
		MUNICIPAL BONDS – 3.2%
		Arizona – 0.7%
$	5,500	Glendale Industrial Development Authority, Arizona, Senior Living Facility Revenue Bonds, Variable Rate Demand Obligations, Friendship Retirement Corporation, Senior Lien, Series 1997, 0.140%, 1/01/27 (6)		2/15 at 100.00		A-1	$	5,500,000
		California – 0.6%
	5,000	California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Variable Rate Demand Obligations, Republic Services Inc., Series 2010A, 0.450%, 8/01/23 (Mandatory put 11/03/14) (Alternative Minimum Tax) (6)		No Opt. Call		A-2		5,000,000

214 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado – 0.2%
$	1,700	Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Denver Seminary Project, Variable Rate Demand Obligations, Series 2004, 0.140% 7/01/34 (6)		2/15 at 100.00		A-1	$	1,700,000
		Indiana – 0.4%
	3,000	Indiana Finance Authority, Economic Development Revenue Bonds, Republic Service, Inc. Project, Variable Rate Demand Obligations, Refunding Series 2010A, 0.400%, 5/01/34 (Mandatory put 12/01/14) (Alternative Minimum Tax) (6)		No Opt. Call		A-2		3,000,000
		Iowa – 0.1%
	1,000	Iowa Higher Education Loan Authority, Revenue Anticipation Notes, University of Dubuque, Variable Rate Demand Obligations, Private Education Working Capital Loan Program Series 2014A, 2.000%, 5/14/15 (6)		No Opt. Call		SP-1		1,007,160
		Michigan – 0.0%
	325	Michigan Finance Authority, General Obligation Bonds, Detroit City School District, Variable Rate Demand Obligations, State Aid Notes Series 2014E, 2.850%, 8/20/15 (6)		No Opt. Call		SP-1		326,294
		Missouri – 0.3%
	2,020	Missouri Development Finance Board, Independence, Infrastructure Facilities Revenue Bonds, Variable Rate Demand Obligations, Water System Improvement Projects, Series 2009E, 4.000%, 11/01/16 (6)		11/14 at 100.00		A–		2,020,000
		North Carolina – 0.5%
	4,000	North Carolina Capital Facilities Financing Agency, Solid Waste Disposal Revenue Bonds, Republic Services Inc., Project, Variable Rate Demand Obligations, Series 2013, 0.400%, 6/01/38 (Mandatory put 12/16/14) (Alternative Minimum Tax) (6)		3/15 at 100.00		A-2		4,000,000
		Pennsylvania – 0.4%
	2,965	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Variable Rate Demand Obligations, Association of Independent Colleges and Universities of Pennsylvania Financing Program-Messiah College Project, Series 2001-13, 0.550%, 11/01/31 (6)		11/15 at 100.00		A-1		2,965,000
$	25,510	Total Short-Term Investments (cost $25,516,859)						25,518,454
		Total Investments (cost $787,888,034) – 100.0%						797,218,849
		Other Assets Less Liabilities – 0.0%						(285,970	)
		Net Assets – 100%					$	796,932,879

(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) During July 2010, the original issue for this security (1,000,000 par, 5.500% coupon and May, 15, 2015 maturity) was restructured into two new securities. The first security, which is 30% of the original issue, has 300,000 par, 0.000% coupon and May 15, 2050 maturity. The second security, which is the remaining 70% of the issue, has a 700,000 par, 5.100% 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.

(6) 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.

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.

Nuveen Investments 215

Statement of

Assets and Liabilities October 31, 2014 (Unaudited)

	All-American			Inflation Protected			Intermediate Duration			Limited Term			Short Term
Assets
Long-term investments, at value (cost $2,060,686,813, $71,586,996, $4,369,064,819, $3,668,713,574 and $762,371,175, respectively)	$	2,274,455,227		$	73,094,415		$	4,604,697,488		$	3,783,349,575		$	771,700,395
Short-term investments, at value (cost $8,085,000, $—, $2,740,000, $34,115,000 and $25,516,859, respectively)		8,219,211			—			2,785,484			34,146,706			25,518,454
Cash		76,725,211			231,095			4,866,955			4,773,023			—
Credit default swaps premiums paid		—			106,663			—			—			—
Unrealized appreciation on credit default swaps, net		—			17,714			—			—			—
Receivable for:
Interest		33,759,254			907,449			61,622,408			49,588,766			8,351,536
Investments sold		42,740,656			468,285			12,506,886			4,612,482			—
Shares sold		5,086,314			233,800			10,978,386			13,752,444			1,402,708
Other assets		279,920			36,468			472,845			251,220			66,893
Total assets		2,441,265,793			75,095,889			4,697,930,452			3,890,474,216			807,039,986
Liabilities
Cash overdraft		—			—			—			—			52,458
Floating rate obligations		6,525,000			—			—			—			—
Unrealized depreciation on consumer price index swaps		—			3,690,093			—			—			—
Payable for:
Dividends		2,660,168			2,315			3,929,158			2,178,597			383,369
Investments purchased		85,937,895			517,161			74,497,955			36,877,027			7,497,682
Shares redeemed		3,776,801			100,749			7,414,464			5,875,005			1,673,589
Accrued expenses:
Management fees		845,694			21,195			1,611,282			1,164,023			276,924
Directors/Trustees fees		112,542			613			422,783			217,099			20,096
12b-1 distribution and service fees		393,317			11,503			266,422			486,512			45,661
Other		514,745			35,664			879,482			691,733			157,328
Total liabilities		100,766,162			4,379,293			89,021,546			47,489,996			10,107,107
Net assets	$	2,340,499,631		$	70,716,596		$	4,608,908,906		$	3,842,984,220		$	796,932,879
Class A Shares
Net assets	$	919,494,525		$	28,491,319		$	1,028,128,912		$	1,126,736,891		$	197,862,803
Shares outstanding		79,362,931			2,617,295			111,079,151			100,944,369			19,478,894
Net asset value (“NAV”) per share	$	11.59		$	10.89		$	9.26		$	11.16		$	10.16
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)	$	12.10		$	11.23		$	9.55		$	11.45		$	10.42
Class C Shares
Net assets	$	23,341,550		$	1,192,355		$	8,942,798		$	29,988,427		$	2,622,648
Shares outstanding		2,013,597			109,677			964,883			2,696,676			258,590
NAV and offering price per share	$	11.59		$	10.87		$	9.27		$	11.12		$	10.14
Class C2 Shares
Net assets	$	343,321,443		$	9,311,908		$	120,032,329		$	574,633,837		$	21,712,048
Shares outstanding		29,618,035			855,843			12,937,052			51,657,491			2,139,979
NAV and offering price per share	$	11.59		$	10.88		$	9.28		$	11.12		$	10.15
Class I Shares
Net assets	$	1,054,342,113		$	31,721,014		$	3,451,804,867		$	2,111,625,065		$	574,735,380
Shares outstanding		90,649,138			2,909,709			371,909,123			190,081,142			56,566,253
NAV and offering price per share	$	11.63		$	10.90		$	9.28		$	11.11		$	10.16
Net assets consist of:
Capital paid-in	$	2,207,156,363		$	75,596,617		$	4,381,634,693		$	3,747,474,931		$	788,712,064
Undistributed (Over-distribution of) net investment income		6,771,670			118,175			7,940,110			3,524,582			(268,084	)
Accumulated net realized gain (loss)		(87,331,027	)		(2,833,236	)		(16,344,050	)		(22,683,000	)		(841,916	)
Net unrealized appreciation (depreciation)		213,902,625			(2,164,960	)		235,678,153			114,667,707			9,330,815
Net assets	$	2,340,499,631		$	70,716,596		$	4,608,908,906		$	3,842,984,220		$	796,932,879
Authorized shares – per class		Unlimited			Unlimited			Unlimited			Unlimited			2 billion
Par value per share	$	0.01		$	0.01		$	0.001		$	0.01		$	0.0001

See accompanying notes to financial statements.

216 Nuveen Investments

Statement of

Operations Six Months Ended October 31, 2014 (Unaudited)

	All-American		Inflation Protected			Intermediate Duration		Limited Term			Short Term
Investment Income	$	55,046,971	$	1,100,833		$	80,340,292	$	47,988,591		$	6,640,178
Expenses
Management fees		4,920,996		158,810			9,251,025		6,836,680			1,602,755
12b-1 service fees – Class A Shares(1)		925,828		29,719			996,366		1,242,742			204,520
12b-1 distribution and service fees – Class C Shares		67,978		2,179			26,756		100,439			8,266
12b-1 distribution and service fees – Class C2 Shares		1,311,935		36,803			465,326		1,661,376			67,370
Shareholder servicing agent fees and expenses		474,294		16,777			1,111,241		695,441			116,091
Interest expense		18,243		—			—		—			—
Custodian fees and expenses		177,357		23,156			333,707		292,244			163,256
Directors/Trustees fees and expenses		37,824		1,395			72,905		62,386			12,987
Professional fees		57,866		16,018			116,818		74,725			32,188
Shareholder reporting expenses		107,252		6,389			210,915		198,810			21,920
Federal and state registration fees		60,410		27,953			145,796		89,726			52,095
Other expenses		50,554		3,730			79,870		74,295			7,011
Total expenses before fee waiver/expense reimbursement		8,210,537		322,929			12,810,725		11,328,864			2,288,459
Fee waiver/expense reimbursement		—		(60,921	)		—		(25,110	)		(3,720	)
Net expenses		8,210,537		262,008			12,810,725		11,303,754			2,284,739
Net investment income (loss)		46,836,434		838,825			67,529,567		36,684,837			4,355,439
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		7,632,242		51,080			1,773,977		1,946,147			(388,276	)
Swaps		—		(536	)		—		—			—
Change in net unrealized appreciation (depreciation) of:
Investments		63,496,620		1,856,080			61,072,603		14,393,648			1,175,729
Swaps		—		(1,297,539	)		—		—			—
Net realized and unrealized gain (loss)		71,128,862		609,085			62,846,580		16,339,795			787,453
Net increase (decrease) in net assets from operations	$	117,965,296	$	1,447,910		$	130,376,147	$	53,024,632		$	5,142,892

(1) Includes 12b-1 distribution and service fees incurred on All American’s and Intermediate Duration’s Class B Shares during the period. Class B Shares of All American and Intermediate Duration converted to Class A Shares at the close of business on June 23, 2014, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds.

See accompanying notes to financial statements.

Nuveen Investments 217

Statement of

Changes in Net Assets (Unaudited)

	All-American						Inflation Protected
	Six Months Ended 10/31/14			Year Ended 4/30/14			Six Months Ended 10/31/14			Year Ended 4/30/14
Operations
Net investment income (loss)	$	46,836,434		$	107,491,461		$	838,825		$	2,116,268
Net realized gain (loss) from:
Investments		7,632,242			(49,447,036	)		51,080			(1,626,649	)
Swaps		—			—			(536	)		(1,151,072	)
Change in net unrealized appreciation (depreciation) of:
Investments		63,496,620			(115,133,862	)		1,856,080			(2,987,472	)
Swaps		—			—			(1,297,539	)		(1,296,982	)
Net increase (decrease) in net assets from operations		117,965,296			(57,089,437	)		1,447,910			(4,945,907	)
Distributions to Shareholders
From net investment income:
Class A(1)		(19,256,009	)		(41,233,306	)		(354,872	)		(981,814	)
Class B		—			(99,506	)		—			—
Class C(2)		(225,652	)		(16,146	)		(3,320	)		(470	)
Class C2(3)		(6,386,785	)		(14,101,670	)		(90,769	)		(211,076	)
Class I		(22,014,751	)		(44,641,920	)		(361,222	)		(733,286	)
From accumulated net realized gains:
Class A		—			—			—			—
Class B		—			—			—			—
Class C(2)		—			—			—			—
Class C2(3)		—			—			—			—
Class I		—			—			—			—
Decrease in net assets from distributions to shareholders		(47,883,197	)		(100,092,548	)		(810,183	)		(1,926,646	)
Fund Share Transactions
Proceeds from sale of shares		217,372,388			418,658,782			16,023,057			33,875,438
Proceeds from shares issued to shareholders due to reinvestment of distributions		31,870,725			67,022,468			798,208			1,877,397
		249,243,113			485,681,250			16,821,265			35,752,835
Cost of shares redeemed		(208,437,045	)		(1,112,102,624	)		(11,023,601	)		(76,635,434	)
Net increase (decrease) in net assets from Fund share transactions		40,806,068			(626,421,374	)		5,797,664			(40,882,599	)
Net increase (decrease) in net assets		110,888,167			(783,603,359	)		6,435,391			(47,755,152	)
Net assets at the beginning of period		2,229,611,464			3,013,214,823			64,281,205			112,036,357
Net assets at the end of period	$	2,340,499,631		$	2,229,611,464		$	70,716,596		$	64,281,205
Undistributed (Over-distribution of) net investment income at the end of period	$	6,771,670		$	7,818,433		$	118,175		$	89,533

(1) Includes 12b-1 distribution and service fees incurred on All American’s Class B Shares during the six months ended October 31, 2014. Class B Shares of All American converted to Class A Shares at the close of business on June 23, 2014, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds.

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

(3) 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.

218 Nuveen Investments

	Intermediate Duration						Limited Term
	Six Months Ended 10/31/14			Year Ended 4/30/14			Six Months Ended 10/31/14			Year Ended 4/30/14
Operations
Net investment income (loss)	$	67,529,567		$	128,851,379		$	36,684,837		$	74,775,968
Net realized gain (loss) from:
Investments		1,773,977			(5,101,078	)		1,946,147			(4,617,663	)
Swaps		—			—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments		61,072,603			(105,739,417	)		14,393,648			(52,891,617	)
Swaps		—			—			—			—
Net increase (decrease) in net assets from operations		130,376,147			18,010,884			53,024,632			17,266,688
Distributions to Shareholders
From net investment income:
Class A(1)		(14,782,266	)		(19,186,975	)		(11,908,170	)		(25,337,930	)
Class B		—			(35,487	)		—			—
Class C(2)		(57,669	)		(5,649	)		(137,708	)		(14,519	)
Class C2(3)		(1,522,102	)		(3,471,647	)		(4,694,172	)		(10,195,064	)
Class I		(53,218,202	)		(101,637,242	)		(20,228,462	)		(34,775,272	)
From accumulated net realized gains:
Class A		—			—			—			—
Class B		—			—			—			—
Class C(2)		—			—			—			—
Class C2(3)		—			—			—			—
Class I		—			—			—			—
Decrease in net assets from distributions to shareholders		(69,580,239	)		(124,337,000	)		(36,968,512	)		(70,322,785	)
Fund Share Transactions
Proceeds from sale of shares		744,659,980			1,313,738,074			799,711,597			1,625,969,490
Proceeds from shares issued to shareholders due to reinvestment of distributions		46,246,705			80,864,299			24,028,254			45,185,752
		790,906,685			1,394,602,373			823,739,851			1,671,155,242
Cost of shares redeemed		(459,964,904	)		(1,263,883,765	)		(690,096,366	)		(1,634,003,530	)
Net increase (decrease) in net assets from Fund share transactions		330,941,781			130,718,608			133,643,485			37,151,712
Net increase (decrease) in net assets		391,737,689			24,392,492			149,699,605			(15,904,385	)
Net assets at the beginning of period		4,217,171,217			4,192,778,725			3,693,284,615			3,709,189,000
Net assets at the end of period	$	4,608,908,906		$	4,217,171,217		$	3,842,984,220		$	3,693,284,615
Undistributed (Over-distribution of) net investment income at the end of period	$	7,940,110		$	9,990,782		$	3,524,582		$	3,808,257

(1) Includes 12b-1 distribution and service fees incurred on Intermediate Duration’s Class B Shares during the six months ended October 31, 2014. Class B Shares of Intermediate Duration converted to Class A Shares at the close of business on June 23, 2014, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds.

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

(3) 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 219

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

	Short Term
	Six Months Ended 10/31/14			Year Ended 4/30/14
Operations
Net investment income (loss)	$	4,355,439		$	8,286,952
Net realized gain (loss) from:
Investments		(388,276	)		(74,202	)
Swaps		—			—
Change in net unrealized appreciation (depreciation) of:
Investments		1,175,729			(2,086,107	)
Swaps		—			—
Net increase (decrease) in net assets from operations		5,142,892			6,126,643
Distributions to Shareholders
From net investment income:
Class A		(1,017,997	)		(2,195,247	)
Class B		—			—
Class C(1)		(5,081	)		(516	)
Class C2(2)		(79,526	)		(246,169	)
Class I		(3,284,672	)		(6,085,756	)
From accumulated net realized gains:
Class A		—			—
Class B		—			—
Class C(1)		—			—
Class C2(2)		—			—
Class I		—			—
Decrease in net assets from distributions to shareholders		(4,387,276	)		(8,527,688	)
Fund Share Transactions
Proceeds from sale of shares		233,895,374			655,155,533
Proceeds from shares issued to shareholders due to reinvestment of distributions		2,016,888			3,537,642
		235,912,262			658,693,175
Cost of shares redeemed		(167,198,433	)		(424,622,088	)
Net increase (decrease) in net assets from Fund share transactions		68,713,829			234,071,087
Net increase (decrease) in net assets		69,469,445			231,670,042
Net assets at the beginning of period		727,463,434			495,793,392
Net assets at the end of period	$	796,932,879		$	727,463,434
Undistributed (Over-distribution of) net investment income at the end of period	$	(268,084	)	$	(236,247	)

(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.

220 Nuveen Investments

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Nuveen Investments 221

Financial

Highlights (Unaudited)

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)
2015(g)	$	11.23	$	0.23	$	0.37		$	0.60		$	(0.24	)	$	—	$	(0.24	)	$	11.59
2014		11.76		0.49		(0.56	)		(0.07	)		(0.46	)		—		(0.46	)		11.23
2013		11.36		0.47		0.41			0.88			(0.48	)		—		(0.48	)		11.76
2012		10.24		0.54		1.13			1.67			(0.55	)		—		(0.55	)		11.36
2011		10.63		0.56		(0.40	)		0.16			(0.55	)		—		(0.55	)		10.24
2010		9.54		0.56		1.06			1.62			(0.53	)		—		(0.53	)		10.63
Class C (2/14)
2015(g)		11.24		0.18		0.37			0.55			(0.20	)		—		(0.20	)		11.59
2014(e)		10.99		0.02		0.32			0.34			(0.09	)		—		(0.09	)		11.24
Class C2 (6/93)(f)
2015(g)		11.24		0.20		0.36			0.56			(0.21	)		—		(0.21	)		11.59
2014		11.76		0.43		(0.55	)		(0.12	)		(0.40	)		—		(0.40	)		11.24
2013		11.37		0.40		0.41			0.81			(0.42	)		—		(0.42	)		11.76
2012		10.24		0.48		1.14			1.62			(0.49	)		—		(0.49	)		11.37
2011		10.63		0.50		(0.39	)		0.11			(0.50	)		—		(0.50	)		10.24
2010		9.55		0.50		1.06			1.56			(0.48	)		—		(0.48	)		10.63
Class I (2/97)
2015(g)		11.28		0.25		0.35			0.60			(0.25	)		—		(0.25	)		11.63
2014		11.80		0.51		(0.55	)		(0.04	)		(0.48	)		—		(0.48	)		11.28
2013		11.40		0.49		0.41			0.90			(0.50	)		—		(0.50	)		11.80
2012		10.28		0.55		1.14			1.69			(0.57	)		—		(0.57	)		11.40
2011		10.67		0.58		(0.39	)		0.19			(0.58	)		—		(0.58	)		10.28
2010		9.58		0.58		1.07			1.65			(0.56	)		—		(0.56	)		10.67

222 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)
	5.30	%	$	919,495		0.71	%*		0.71	%*		4.08	%*		9	%
	(0.42	)		907,137		0.72			0.72			4.46			13
	7.83			1,230,356		0.72			0.72			4.01			17
	16.68			969,745		0.78			0.77			4.98			18
	1.53			350,778		0.78			0.78			5.34			26
	17.36			352,666		0.80			0.80			5.46			33
	4.88			23,342		1.50	*		1.50	*		3.17	*		9
	3.06			4,923		1.50	*		1.50	*		3.39	*		13
	5.02			343,321		1.26	*		1.26	*		3.54	*		9
	(0.90	)		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
	0.99			167,535		1.33			1.33			4.78			26
	16.62			151,025		1.34			1.34			4.91			33
	5.39			1,054,342		0.51	*		0.51	*		4.28	*		9
	(0.14	)		962,101		0.52			0.52			4.66			13
	8.03			1,283,660		0.52			0.52			4.22			17
	16.71			1,120,747		0.56			0.55			5.13			18
	1.84			93,633		0.58			0.58			5.53			26
	17.52			39,683		0.59			0.59			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) Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014.

(g) For the six months ended October 31, 2014.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 223

Financial Highlights (Unaudited) (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)
2015(i)	$	10.77	$	0.14	$	0.11		$	0.25		$	(0.13	)	$	—		$	(0.13	)	$	10.89
2014		11.31		0.26		(0.55	)		(0.29	)		(0.25	)		—			(0.25	)		10.77
2013		11.01		0.24		0.35			0.59			(0.28	)		(0.01	)		(0.29	)		11.31
2012		10.36		0.33		0.66			0.99			(0.34	)		—			(0.34	)		11.01
2011(e)		10.00		0.04		0.34			0.38			(0.02	)		—			(0.02	)		10.36
Class C (2/14)
2015(i)		10.76		0.08		0.12			0.20			(0.09	)		—			(0.09	)		10.87
2014(g)		10.61		0.02		0.17			0.19			(0.04	)		—			(0.04	)		10.76
Class C2 (3/11)(h)
2015(i)		10.76		0.11		0.11			0.22			(0.10	)		—			(0.10	)		10.88
2014		11.30		0.21		(0.57	)		(0.36	)		(0.18	)		—			(0.18	)		10.76
2013		11.00		0.18		0.35			0.53			(0.22	)		(0.01	)		(0.23	)		11.30
2012		10.36		0.27		0.66			0.93			(0.29	)		—			(0.29	)		11.00
2011(e)		10.00		0.03		0.35			0.38			(0.02	)		—			(0.02	)		10.36
Class I (3/11)
2015(i)		10.78		0.15		0.11			0.26			(0.14	)		—			(0.14	)		10.90
2014		11.32		0.29		(0.57	)		(0.28	)		(0.26	)		—			(0.26	)		10.78
2013		11.01		0.26		0.36			0.62			(0.30	)		(0.01	)		(0.31	)		11.32
2012		10.37		0.35		0.65			1.00			(0.36	)		—			(0.36	)		11.01
2011(e)		10.00		0.05		0.34			0.39			(0.02	)		—			(0.02	)		10.37

224 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)
	2.34	%	$	28,491		0.94	%*		0.94	%*		2.28	%*		0.77	%*		0.77	%*		2.46	%*		4	%
	(2.53	)		28,862		0.96			0.96			2.29			0.77			0.77			2.49			19
	5.39			61,926		1.01			1.01			1.87			0.77			0.77			2.11			9
	9.74			7,339		1.46			1.46			2.44			0.78			0.78			3.13			14
	3.82			1,801		4.87	*		4.87	*		(1.27	)*		0.78	*		0.78	*		2.83	*		6
	1.83			1,192		1.70	*		1.70	*		1.46	*		1.57	*		1.57	*		1.59	*		4
	1.79			238		1.69	*		1.69	*		1.66	*		1.59	*		1.59	*		1.75	*		19
	2.06			9,312		1.50	*		1.50	*		1.74	*		1.32	*		1.32	*		1.92	*		4
	(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
	2.42			31,721		0.74	*		0.74	*		2.48	*		0.57	*		0.57	*		2.66	*		4
	(2.36	)		24,960		0.77			0.77			2.52			0.57			0.57			2.72			19
	5.65			35,046		0.82			0.82			2.10			0.57			0.57			2.35			9
	9.82			6,704		1.22			1.22			2.64			0.58			0.58			3.28			14
	3.93			1,728		4.69	*		4.69	*		(1.07	)*		0.58	*		0.58	*		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) Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014.

(i) For the six months ended October 31, 2014.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 225

Financial Highlights (Unaudited) (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)
2015(h)	$	9.13	$	0.13	$	0.14		$	0.27			(0.14	)	$	—	$	(0.14	)	$	9.26
2014		9.38		0.29		(0.26	)		0.03			(0.28	)		—		(0.28	)		9.13
2013		9.25		0.30		0.14			0.44			(0.31	)		—		(0.31	)		9.38
2012		8.84		0.34		0.42			0.76			(0.35	)		—		(0.35	)		9.25
2011		8.98		0.34		(0.14	)		0.20			(0.34	)		—		(0.34	)		8.84
2010		8.54		0.35		0.43			0.78			(0.34	)		—		(0.34	)		8.98
Class C (2/14)
2015(h)		9.14		0.09		0.14			0.23			(0.10	)		—		(0.10	)		9.27
2014(f)		9.05		0.01		0.12			0.13			(0.04	)		—		(0.04	)		9.14
Class C2 (6/95)(g)
2015(h)		9.15		0.11		0.13			0.24			(0.11	)		—		(0.11	)		9.28
2014		9.41		0.24		(0.27	)		(0.03	)		(0.23	)		—		(0.23	)		9.15
2013		9.27		0.25		0.15			0.40			(0.26	)		—		(0.26	)		9.41
2012		8.87		0.29		0.41			0.70			(0.30	)		—		(0.30	)		9.27
2011		9.01		0.29		(0.14	)		0.15			(0.29	)		—		(0.29	)		8.87
2010		8.57		0.30		0.43			0.73			(0.29	)		—		(0.29	)		9.01
Class I (11/76)
2015(h)		9.16		0.14		0.13			0.27			(0.15	)		—		(0.15	)		9.28
2014		9.41		0.31		(0.26	)		0.05			(0.30	)		—		(0.30	)		9.16
2013		9.27		0.32		0.15			0.47			(0.33	)		—		(0.33	)		9.41
2012		8.86		0.36		0.41			0.77			(0.36	)		—		(0.36	)		9.27
2011		9.00		0.36		(0.15	)		0.21			(0.35	)		—		(0.35	)		8.86
2010		8.56		0.36		0.43			0.79			(0.35	)		—		(0.35	)		9.00

226 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)
	2.95	%	$	1,028,129		0.70	%*		0.70	%*		2.87	%*		7	%
	0.39			876,456		0.70			0.70			3.20			17
	4.83			512,139		0.70			0.70			3.24			15
	8.68			450,036		0.72			0.72			3.70			10
	2.21			373,176		0.74			0.74			3.82			6
	9.24			374,528		0.75			0.75			3.91			5
	2.55			8,943		1.50	*		1.50	*		2.00	*		7
	1.49			2,412		1.49	*		1.49	*		2.17	*		17
	2.68			120,032		1.25	*		1.25	*		2.33	*		7
	(0.25	)		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
	2.93			3,451,805		0.50	*		0.50	*		3.07	*		7
	0.59			3,210,180		0.50			0.50			3.40			17
	5.13			3,520,696		0.50			0.50			3.44			15
	8.87			3,039,743		0.52			0.52			3.91			10
	2.41			2,013,504		0.54			0.54			4.02			6
	9.41			2,044,122		0.55			0.55			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 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) Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014.

(h) For the six months ended October 31, 2014.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 227

Financial Highlights (Unaudited) (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)
2015(h)	$	11.12	$	0.11	$	0.04		$	0.15	$	(0.11	)	$	—	$	(0.11	)	$	11.16
2014		11.27		0.22		(0.16	)		0.06		(0.21	)		—		(0.21	)		11.12
2013		11.20		0.24		0.07			0.31		(0.24	)		—		(0.24	)		11.27
2012		10.85		0.29		0.34			0.63		(0.28	)		—		(0.28	)		11.20
2011		10.85		0.30		(0.01	)		0.29		(0.29	)		—		(0.29	)		10.85
2010		10.60		0.32		0.28			0.60		(0.35	)		—		(0.35	)		10.85
Class C (2/14)
2015(h)		11.08		0.07		0.05			0.12		(0.08	)		—		(0.08	)		11.12
2014(f)		11.06		0.01		0.04			0.05		(0.03	)		—		(0.03	)		11.08
Class C2 (12/95)(g)
2015(h)		11.08		0.09		0.04			0.13		(0.09	)		—		(0.09	)		11.12
2014		11.23		0.18		(0.16	)		0.02		(0.17	)		—		(0.17	)		11.08
2013		11.15		0.20		0.08			0.28		(0.20	)		—		(0.20	)		11.23
2012		10.81		0.25		0.34			0.59		(0.25	)		—		(0.25	)		11.15
2011		10.82		0.26		(0.02	)		0.24		(0.25	)		—		(0.25	)		10.81
2010		10.57		0.28		0.28			0.56		(0.31	)		—		(0.31	)		10.82
Class I (2/97)
2015(h)		11.06		0.12		0.05			0.17		(0.12	)		—		(0.12	)		11.11
2014		11.21		0.24		(0.16	)		0.08		(0.23	)		—		(0.23	)		11.06
2013		11.13		0.26		0.08			0.34		(0.26	)		—		(0.26	)		11.21
2012		10.79		0.31		0.33			0.64		(0.30	)		—		(0.30	)		11.13
2011		10.79		0.32		(0.01	)		0.31		(0.31	)		—		(0.31	)		10.79
2010		10.54		0.34		0.28			0.62		(0.37	)		—		(0.37	)		10.79

228 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets
Total Return(b)			Ending Net Assets (000)		Expenses Including Interest(c)(d)			Expenses Excluding Interest(c)			Net Investment Income (Loss)(c)			Portfolio Turnover Rate(e)
	1.34	%	$	1,126,737		0.64	%*		0.64	%*		1.89	%*		10	%
	0.55			1,279,131		0.65			0.65			1.99			20
	2.79			1,438,077		0.66			0.66			2.10			12
	5.88			1,113,802		0.66			0.66			2.63			12
	2.68			953,517		0.68			0.68			2.72			13
	5.73			1,001,241		0.71			0.71			2.98			10
	1.07			29,988		1.43	*		1.43	*		1.04	*		10
	0.49			9,695		1.43	*		1.43	*		1.10	*		20
	1.15			574,634		0.99	*		0.99	*		1.54	*		10
	0.17			623,242		1.00			1.00			1.64			20
	2.51			721,302		1.01			1.01			1.76			12
	5.45			641,602		1.01			1.01			2.29			12
	2.26			566,098		1.03			1.03			2.37			13
	5.39			509,512		1.06			1.06			2.63			10
	1.52			2,111,625		0.44	*		0.44	*		2.09	*		10
	0.72			1,781,216		0.45			0.45			2.19			20
	3.07			1,549,809		0.46			0.46			2.31			12
	6.00			1,196,319		0.46			0.46			2.83			12
	2.87			812,730		0.48			0.48			2.92			13
	5.94			694,430		0.51			0.51			3.16			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) The expenses and net investment income (loss) ratios to average net assets for Class C Shares do not reflect a fee waiver/expense reimbursement from the Adviser during the periods presented in the following table. The expenses and net investment income (loss) ratios to average net assets including this fee waiver/expense reimbursement from the Adviser are as follows:

	Ratios to Average Net Assets After Waiver/Reimbursement
	Expenses Including Interest(d)			Expenses Excluding Interest(d)			Net Investment Income (Loss)
Year Ended April 30,
Class C (2/14)
2015(h)		1.18	%*		1.18	%*		1.29	%*
2014(f)		1.18	*		1.18	*		1.35	*

(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) Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014.

(h) For the six months ended October 31, 2014.

* Annualized.

N/A Not applicable.

See accompanying notes to financial statements.

Nuveen Investments 229

Financial Highlights (Unaudited) (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
2015(i)	$	10.15	$	0.05		$	0.01		$	0.06	$	(0.05	)	$	—	$	(0.05	)	$	10.16
2014		10.20		0.12			(0.05	)		0.07		(0.12	)		—		(0.12	)		10.15
2013		10.19		0.15			0.04			0.19		(0.18	)		—		(0.18	)		10.20
2012		9.98		0.20			0.21			0.41		(0.20	)		—		(0.20	)		10.19
2011(d)		9.98		0.16			(0.02	)		0.14		(0.14	)		—		(0.14	)		9.98
Year Ended 6/30
2010		9.74		0.20			0.22			0.42		(0.18	)		—		(0.18	)		9.98
2009		9.79		0.28			(0.07	)		0.21		(0.26	)		—		(0.26	)		9.74
Class C (2/14)
Year Ended 4/30
2015(i)		10.14		0.03			—	**		0.03		(0.03	)		—		(0.03	)		10.14
2014(g)		10.15		—	**		0.01			0.01		(0.02	)		—		(0.02	)		10.14
Class C2 (8/11)(h)
Year Ended 4/30
2015(i)		10.14		0.03			0.01			0.04		(0.03	)		—		(0.03	)		10.15
2014		10.18		0.08			(0.03	)		0.05		(0.09	)		—		(0.09	)		10.14
2013		10.18		0.11			0.03			0.14		(0.14	)		—		(0.14	)		10.18
2012(e)		10.13		0.10			0.06			0.16		(0.11	)		—		(0.11	)		10.18
Class I (10/02)
Year Ended 4/30
2015(i)		10.15		0.06			0.01			0.07		(0.06	)		—		(0.06	)		10.16
2014		10.20		0.14			(0.05	)		0.09		(0.14	)		—		(0.14	)		10.15
2013		10.19		0.18			0.03			0.21		(0.20	)		—		(0.20	)		10.20
2012		9.98		0.23			0.20			0.43		(0.22	)		—		(0.22	)		10.19
2011(d)		9.98		0.17			(0.02	)		0.15		(0.15	)		—		(0.15	)		9.98
Year Ended 6/30
2010		9.74		0.20			0.24			0.44		(0.20	)		—		(0.20	)		9.98
2009		9.79		0.27			(0.05	)		0.22		(0.27	)		—		(0.27	)		9.74

230 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)
	0.60	%	$	197,863		0.71	%*		0.97	%*		0.71	%*		0.97	%*		19	%
	0.74			201,145		0.71			1.16			0.71			1.16			35
	1.88			101,836		0.73			1.49			0.73			1.49			30
	4.15			34,793		0.73			2.01			0.73			2.01			39
	1.41			7,790		0.89	*		1.73	*		0.71	*		1.91	*		21
	4.38			7,168		1.06			1.49			0.74			1.81			45
	2.17			3,376		1.11			2.35			0.75			2.71			70
	0.33			2,623		1.50	*		0.13	*		1.05	*		0.58	*		19
	0.08			822		1.57	*		0.18	*		1.08	*		0.63	*		35
	0.42			21,712		1.06	*		0.62	*		1.06	*		0.62	*		19
	0.48			28,134		1.06			0.82			1.06			0.82			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
	0.69			574,735		0.51	*		1.17	*		0.51	*		1.17	*		19
	0.92			497,363		0.51			1.37			0.51			1.37			35
	2.06			383,339		0.53			1.74			0.53			1.74			30
	4.33			304,109		0.53			2.27			0.53			2.27			39
	1.54			277,347		0.67	*		1.94	*		0.55	*		2.06	*		21
	4.53			310,783		0.81			1.74			0.59			1.96			45
	2.32			178,950		0.86			2.58			0.60			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) Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014.

(i) For the six months ended October 31, 2014.

* Annualized.

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

See accompanying notes to financial statements.

Nuveen Investments 231

Notes to

Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Trust Information

Nuveen Municipal Trust and 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. Nuveen Municipal Trust is comprised of 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 Nuveen Investment Funds, Inc. is comprised of Nuveen Short Term Municipal Bond Fund (“Short Term”), among others, (each a “Fund” and collectively, the “Funds”), as diversified funds. 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.

Purchase and Sale Agreement

On October 1, 2014, TIAA-CREF, a national financial services organization, completed its previously announced acquisition of Nuveen, the parent company of the Adviser. The transaction has not resulted in any change in the portfolio management of the Funds or in the Funds’ investment objectives or policies.

Because the consummation of the acquisition resulted in the “assignment” (as defined in the Investment Company Act of 1940) and automatic termination of the Funds’ investment management agreements and investment sub-advisory agreements, Fund shareholders were asked to approve new investment management agreements with the Adviser and new investment sub-advisory agreements with each Fund’s sub-adviser. These new agreements were approved by shareholders of each of the Funds, and went into effect on October 1, 2014. The terms of the new agreements, including the fees payable to each Fund’s Adviser and Sub-Adviser, are substantially identical to those of the investment management agreements and investment sub-advisory agreements in place immediately prior to the closing.

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. These municipal bonds include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) 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 maintains a weighted average portfolio duration between 3 and 10 years, and expects to generally 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 in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. Each Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. Each Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (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

232 Nuveen Investments

any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax. These municipal bonds include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund generally invests in intermediate and long-term bonds with a duration of between 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. The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature.

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, 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 may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund normally may invest up to 20% of its net assets in taxable obligations. The Fund will attempt to maintain the weighted average maturity of its portfolio securities at 3 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 in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. 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, options on futures contracts and swap agreements, including interest rate swaps, and options on swap agreements 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 B Shares

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

Significant Accounting Policies

Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” 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 October 31, 2014, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
Outstanding when-issued/delayed delivery purchase commitments	$	85,937,895	$	517,161	$	72,764,769	$	36,661,247	$	5,441,908

Nuveen Investments 233

Notes to Financial Statements (Unaudited) (continued)

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.

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 0.20% annual 12b-1 service fee. Class A Share purchases of $1 million or more for All American, Inflation Protected and Intermediate Duration, and $250,000 or more 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. Class B Shares were sold without an up-front sales charge but incurred a 0.75% annual 12b-1 distribution fee and a 0.20% annual 12b-1 service fee. Class B Shares were subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC was reduced to 0% at the end of six years). Class B Shares automatically converted to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% 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 0.55% (0.35% for Limited Term and Short Term) annual 12b-1 distribution fee and a 0.20% 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 certain securities and derivatives with a specific counterparty as well as 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.

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.

234 Nuveen Investments

Use of Estimates

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

2. Investment Valuation and Fair Value Measurements

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

Investment Valuation

Prices of fixed-income securities are provided by a pricing service approved by the Funds’ Board of Directors/Trustees (the “Board”). 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. These securities are generally classified as Level 2. 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.

Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above, and are generally classified as Level 2.

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 Board or its appointee 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 Board or its appointee.

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).

Nuveen Investments 235

Notes to Financial Statements (Unaudited) (continued)

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	$	—	$	2,274,425,686		$	—	$	2,274,425,686
Corporate Bonds		—		—			29,541		29,541
Short-Term Investments*:
Municipal Bonds		—		—			8,219,211		8,219,211
Total	$	—	$	2,274,425,686		$	8,248,752	$	2,282,674,438
Inflation Protected
Long-Term Investments*:
Municipal Bonds	$	—	$	73,094,415		$	—	$	73,094,415
Investments in Derivatives**:
Consumer Price Index Swaps		—		(3,690,093	)		—		(3,690,093	)
Credit Default Swaps		—		17,714			—		17,714
Total	$	—	$	69,422,036		$	—	$	69,422,036
Intermediate Duration
Long-Term Investments*:
Municipal Bonds	$	—	$	4,604,651,980		$	—	$	4,604,651,980
Corporate Bonds		—		—			45,508		45,508
Short-Term Investments*:
Municipal Bonds		—		—			2,785,484		2,785,484
Total	$	—	$	4,604,651,980		$	2,830,992	$	4,607,482,972
Limited Term
Long-Term Investments*:
Municipal Bonds	$	—	$	3,783,321,510		$	—	$	3,783,321,510
Corporate Bonds		—		—			28,065		28,065
Short-Term Investments*:
Municipal Bonds		—		32,205,000			1,941,706		34,146,706
Total	$	—	$	3,815,526,510		$	1,969,771	$	3,817,496,281
Short Term
Long-Term Investments*:
Municipal Bonds	$	—	$	771,700,395		$	—	$	771,700,395
Short-Term Investments*:
Municipal Bonds		—		25,518,454			—		25,518,454
Total	$	—	$	797,218,849		$	—	$	797,218,849

* Refer to the Fund’s Portfolio of Investments for state and/or industry classifications.

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

*** Refer to the Fund’s Portfolio of Investments of these securities classified as Level 3.

The Board is responsible for the valuation process and has appointed 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, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. 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.

236 Nuveen Investments

(ii) If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, 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.

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 during the six months ended October 31, 2014, were as follows:

	All-American			Intermediate Duration			Limited Term			Short Term
Average floating rate obligations outstanding	$	6,525,000		$	—		$	—		$	—
Average annual interest rate and fees		0.55	%		—	%		—	%		—	%

As of October 31, 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		Limited Term		Short Term
Floating rate obligations: self-deposited inverse floaters	$	6,525,000	$	—	$	—	$	—
Floating rate obligations: externally-deposited inverse floaters		107,765,000		60,880,000		—		—
Total	$	114,290,000	$	60,880,000	$	—	$	—

Nuveen Investments 237

Notes to Financial Statements (Unaudited) (continued)

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

As of October 31, 2014, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts was as follows:

	All-American		Intermediate Duration		Limited Term		Short Term
Maximum exposure to Recourse Trusts	$	39,215,000	$	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

Each Fund is authorized to invest in certain derivative instruments. 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 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 CPI 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.

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.”

Upon the termination of a swap contract, 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.” 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 six months ended October 31, 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 six months ended October 31, 2014, was as follows:

	Inflation Protected
Average notional amount of CPI swap contracts outstanding*	$	68,050,000

* 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.

Credit Default Swaps

A Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment or portion of its portfolio, or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap contracts involve one party making a stream of payments to another party in exchange for the right to receive a specified return if/ when there is a credit event by a third party. Generally, a credit event means bankruptcy, failure to pay, or restructuring. The specific credit events applicable for each credit default swap are stated in the terms

238 Nuveen Investments

of the particular swap agreement. As a purchaser of a credit default swap contract, the Fund pays to the counterparty a periodic interest fee based on the notional amount of the credit default swap. This interest fee is accrued daily and, for over-the-counter swaps, is recognized with the daily change in the market value of the contract as a component of “Unrealized appreciation or depreciation on credit default swaps (, net)” on the Statement of Assets and Liabilities. This interest fee is recorded as a realized loss upon payment. Credit default swap contracts are valued daily.

Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund is obligated to deliver that security, or an equivalent amount of cash, to the counterparty in exchange for receipt of the notional amount from the counterparty. The difference between the value of the security delivered and the notional amount received is recorded as a realized gain or loss. Payments received or made at the beginning of the measurement period are recognized as a component of “Credit default swaps premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable. As a seller of a credit default swap contract, the Fund generally receives from the counterparty a periodic interest fee based on the notional amount of the credit default swap. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either receive that security, or an equivalent amount of cash, from the counterparty in exchange for payment of the notional amount to the counterparty, or pay a net settlement amount of the credit default swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The difference between the value of the security received and the notional amount paid is recorded as a realized loss.

Changes in the value of a credit default swap during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps,” and realized gains and losses are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations. Investments in swaps cleared through an exchange obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the swap. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit a Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities. The maximum potential amount of future payments the Fund could incur as a buyer of protection in a credit default swap contract is limited to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if any, of the respective referenced entity.

During the six months ended October 31, 2014, Inflation Protected managed credit risk by investing in credit default swaps to purchasing credit protection.

The average notional amount of credit default swap contracts outstanding during the six months ended October 31, 2014, was as follows:

	Inflation Protected
Average notional amount of credit default swap contracts outstanding*	$	171,667

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

The following table presents the fair value of all swap contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

		Location on the Statement of Asset and Liabilities
		Asset Derivatives			(Liability) Derivatives
Underlying Risk Exposure	Derivative Instrument	Location	Value		Location	Value
Inflation Protected
Credit	Swaps	Unrealized appreciation on credit default swaps, net**	$	17,714	—	$	—
Inflation	Swaps	—		—	Unrealized depreciation on consumer price index swaps		(3,690,093	)
Total			$	17,714		$	(3,690,093	)

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

Nuveen Investments 239

Notes to Financial Statements (Unaudited) (continued)

The following tables present the swap contracts, which are subject to netting agreements, as well as the collateral delivered related to those swap contracts as of the end of the reporting period.

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	$	—	$	(2,525,264	)	$	—	$	(2,525,264	)	$	2,525,264	$	—
	JPMorgan		—		(221,923	)		—		(221,923	)		221,923		—
	Morgan Stanley		—		(942,906	)		—		(942,906	)		923,159		(19,747	)
Total		$	—	$	(3,690,093	)	$	—	$	(3,690,093	)	$	3,670,346	$	(19,747	)

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

Fund	Counterparty	Gross Unrealized Appreciation on Credit Default Swaps***		Gross Unrealized (Depreciation) on Credit Default Swaps***			Amounts Netted on Statement of Assets and Liabilities		Net Unrealized Appreciation (Depreciation) on Credit Default Swaps		Collateral Pledged to (from) Counterparty		Net Exposure
Inflation Protected	Goldman Sachs	$	18,485	$	(771	)	$	17,714	$	17,714	$	—	$	17,714

*** 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 swap contracts on the Statement of Operations during the current fiscal period, 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
	Credit	Swaps	$	(536	)	$	(1,315,253	)
	Inflation	Swaps		—			17,714
Total			$	(536	)	$	(1,297,539	)

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.

240 Nuveen Investments

4. Fund Shares

Transactions in Fund shares were as follows:

	Six Months Ended 10/31/14						Year Ended 4/30/14
All American	Shares			Amount			Shares			Amount
Shares sold:
Class A		6,725,636		$	76,694,950			12,719,041		$	139,341,313
Class A – automatic conversion of Class B Shares		—			—			10,797			119,139
Class B – exchanges		45			523			685			7,509
Class C		1,595,933			18,233,224			440,015			4,889,994
Class C2		185,054			2,120,448			3,630,019			39,981,174
Class I		10,501,738			120,323,243			21,314,117			234,319,653
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,384,383			15,837,558			3,080,486			33,706,331
Class B		429			4,889			6,665			73,122
Class C		14,895			170,948			1,197			13,402
Class C2		381,319			4,364,118			881,134			9,647,877
Class I		1,000,517			11,493,212			2,146,680			23,581,736
		21,789,949			249,243,113			44,230,836			485,681,250
Shares redeemed:
Class A		(9,490,532	)		(108,189,620	)		(39,729,988	)		(432,939,176	)
Class B		(198,622	)		(2,252,080	)		(176,490	)		(1,942,907	)
Class B – automatic conversion to Class A Shares		—			—			(10,778	)		(119,139	)
Class C		(35,094	)		(401,910	)		(3,349	)		(37,640	)
Class C2		(2,368,664	)		(27,012,102	)		(15,162,720	)		(165,122,028	)
Class I		(6,160,727	)		(70,581,333	)		(46,956,473	)		(511,941,734	)
		(18,253,639	)		(208,437,045	)		(102,039,798	)		(1,112,102,624	)
Net increase (decrease)		3,536,310		$	40,806,068			(57,808,962	)	$	(626,421,374	)

	Six Months Ended 10/31/14						Year Ended 4/30/14
Inflation Protected	Shares			Amount			Shares			Amount
Shares sold:
Class A		462,012		$	5,054,131			1,401,328		$	15,100,629
Class C		89,145			974,402			22,156			236,306
Class C2		6,109			67,076			177,060			1,924,839
Class I		902,048			9,927,448			1,572,003			16,613,664
Shares issued to shareholders due to reinvestment of distributions:
Class A		31,763			348,390			90,106			951,420
Class C		265			2,888			35			376
Class C2		7,911			86,732			18,857			198,961
Class I		32,813			360,198			68,729			726,640
		1,532,066			16,821,265			3,350,274			35,752,835
Shares redeemed:
Class A		(556,863	)		(6,095,441	)		(4,285,061	)		(45,055,357	)
Class C		(1,901	)		(20,670	)		(23	)		(242	)
Class C2		(107,931	)		(1,182,142	)		(578,775	)		(6,096,689	)
Class I		(340,415	)		(3,725,348	)		(2,420,380	)		(25,483,146	)
		(1,007,110	)		(11,023,601	)		(7,284,239	)		(76,635,434	)
Net increase (decrease)		524,956		$	5,797,664			(3,933,965	)	$	(40,882,599	)

Nuveen Investments 241

Notes to Financial Statements (Unaudited) (continued)

	Six Months Ended 10/31/14						Year Ended 4/30/14
Intermediate Duration	Shares			Amount			Shares			Amount
Shares sold:
Class A		31,935,214		$	293,491,538			62,899,084		$	562,779,554
Class A – automatic conversion of Class B Shares		—			—			3,414			30,892
Class B – exchanges		53			481			32,474			298,589
Class C		789,543			7,275,925			274,160			2,491,887
Class C2		96,387			888,856			2,446,934			22,006,271
Class I		48,022,622			443,003,180			80,373,783			726,130,881
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,498,925			13,810,736			1,908,486			17,181,212
Class B		158			1,462			2,746			24,740
Class C		5,137			47,435			539			4,917
Class C2		108,743			1,004,173			255,116			2,299,525
Class I		3,398,085			31,382,899			6,805,271			61,353,905
		85,854,867			790,906,685			155,002,007			1,394,602,373
Shares redeemed:
Class A		(18,343,196	)		(169,040,444	)		(23,409,601	)		(210,127,906	)
Class B		(128,220	)		(1,176,988	)		(109,993	)		(992,036	)
Class B – automatic conversion to Class A Shares		—			—			(3,403	)		(30,892	)
Class C		(93,582	)		(862,818	)		(10,914	)		(99,373	)
Class C2		(1,136,670	)		(10,471,545	)		(5,630,686	)		(50,660,027	)
Class I		(30,157,217	)		(278,413,109	)		(110,829,288	)		(1,001,973,531	)
		(49,858,885	)		(459,964,904	)		(139,993,885	)		(1,263,883,765	)
Net increase (decrease)		35,995,982		$	330,941,781			15,008,122		$	130,718,608

	Six Months Ended 10/31/14						Year Ended 4/30/14
Limited Term	Shares			Amount			Shares			Amount
Shares sold:
Class A		16,595,545		$	185,003,322			40,318,158		$	445,841,472
Class C		1,934,601			21,487,352			899,294			9,951,409
Class C2		241,996			2,688,656			8,917,219			98,111,052
Class I		53,226,512			590,532,267			97,380,477			1,072,065,557
Shares issued to shareholders due to reinvestment of distributions:
Class A		904,574			10,088,619			1,965,298			21,711,675
Class C		9,817			109,106			1,145			12,663
Class C2		299,634			3,329,892			659,801			7,262,578
Class I		945,818			10,500,637			1,473,647			16,198,836
		74,158,497			823,739,851			151,615,039			1,671,155,242
Shares redeemed:
Class A		(31,635,840	)		(352,677,924	)		(54,839,890	)		(604,950,854	)
Class C		(123,077	)		(1,368,413	)		(25,104	)		(277,587	)
Class C2		(5,151,894	)		(57,236,692	)		(17,567,359	)		(193,196,191	)
Class I		(25,128,279	)		(278,813,337	)		(76,078,446	)		(835,578,898	)
		(62,039,090	)		(690,096,366	)		(148,510,799	)		(1,634,003,530	)
Net increase (decrease)		12,119,407		$	133,643,485			3,104,240		$	37,151,712

242 Nuveen Investments

	Six Months Ended 10/31/14						Year Ended 4/30/14
Short Term	Shares			Amount			Shares			Amount
Shares sold:
Class A		5,057,629		$	51,384,596			26,249,463		$	266,170,489
Class C		188,909			1,916,575			88,396			896,533
Class C2		43,619			442,655			3,700,423			37,443,708
Class I		17,728,783			180,151,548			34,566,597			350,644,803
Shares issued to shareholders due to reinvestment of distributions:
Class A		90,015			914,859			195,668			1,984,118
Class C		492			4,986			46			470
Class C2		7,649			77,641			23,809			241,086
Class I		100,305			1,019,402			129,361			1,311,968
		23,217,401			235,912,262			64,953,763			658,693,175
Shares redeemed:
Class A		(5,489,577	)		(55,771,616	)		(16,612,146	)		(168,323,242	)
Class C		(11,856	)		(120,310	)		(7,397	)		(75,082	)
Class C2		(686,923	)		(6,970,288	)		(1,991,170	)		(20,165,708	)
Class I		(10,266,405	)		(104,336,219	)		(23,290,718	)		(236,058,056	)
		(16,454,761	)		(167,198,433	)		(41,901,431	)		(424,622,088	)
Net increase (decrease)		6,762,640		$	68,713,829			23,052,332		$	234,071,087

5. Investment Transactions

Long-term purchases and sales (including maturities but excluding derivative transactions) during the six months ended October 31, 2014, were as follows:

	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
Purchases	$	245,516,008	$	9,681,539	$	755,590,734	$	540,545,934	$	217,882,729
Sales and maturities		200,443,308		2,505,797		321,405,834		380,982,720		144,790,482

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 NAVs of the Funds.

As of October 31, 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	$	2,061,895,441		$	71,569,519		$	4,368,782,675		$	3,700,417,547		$	787,597,562
Gross unrealized:
Appreciation	$	225,644,339		$	1,768,132		$	257,249,103		$	121,559,195		$	10,152,964
Depreciation		(11,390,342	)		(243,236	)		(18,548,806	)		(4,480,461	)		(531,677	)
Net unrealized appreciation (depreciation) of investments	$	214,253,997		$	1,524,896		$	238,700,297		$	117,078,734		$	9,621,287

Nuveen Investments 243

Notes to Financial Statements (Unaudited) (continued)

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’ last 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’ last 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’ last tax year ended April 30, 2014, was designated for purposes of the dividends paid deduction as follows:

	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
Distributions from net tax-exempt income	$	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		—		—		—		—		—

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

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

	All- American3		Inflation Protected		Intermediate Duration3		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

³  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’ last 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 current fiscal year. The Funds have elected to defer losses as follows:

	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
Post-October capital losses4	$	11,969,160	$	1,520,098	$	1,999,677	$	2,728,723	$	39,390
Late-year ordinary losses5		—		—		—		—		—

⁴  Capital losses incurred from November 1, 2013 through April 30, 2014, the Funds’ last tax year end.

⁵  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.

244 Nuveen Investments

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		0.3000	%		0.3000	%		0.3000	%		0.2500	%		0.2500	%
For the next $125 million		0.2875			0.2875			0.2875			0.2375			0.2375
For the next $250 million		0.2750			0.2750			0.2750			0.2250			0.2250
For the next $500 million		0.2625			0.2625			0.2625			0.2125			0.2125
For the next $1 billion		0.2500			0.2500			0.2500			0.2000			0.2000
For net assets over $2 billion		—			0.2250			—			—			0.1750
For the next $3 billion		0.2250			—			0.2250			0.1750			—
For net assets over $5 billion		0.2125			—			0.2125			0.1625			—

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		0.2000	%
$56 billion		0.1996
$57 billion		0.1989
$60 billion		0.1961
$63 billion		0.1931
$66 billion		0.1900
$71 billion		0.1851
$76 billion		0.1806
$80 billion		0.1773
$91 billion		0.1691
$125 billion		0.1599
$200 billion		0.1505
$250 billion		0.1469
$300 billion		0.1445

* 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 October 31, 2014, the complex-level fee rate for each Fund was as follows:

Fund	Complex-Level Fee Rate
All-American		0.1705	%
Inflation Protected		0.1643
Intermediate Duration		0.1694
Limited Term		0.1643
Short Term		0.1767

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		0.60	%		August 31, 2015		1.05	%
Intermediate Duration		N/A			N/A		0.75

N/A – Not applicable.

Nuveen Investments 245

Notes to Financial Statements (Unaudited) (continued)

The Adviser has agreed to waive 0.25% of the 12b-1 distribution and/or service fees for Class C Shares of Limited Term through August 31, 2015 and 0.45% 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 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 six months ended October 31, 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	$	784,957	$	15,522	$	273,184	$	585,582	$	204,214
Paid to financial intermediaries		682,115		13,250		246,064		562,583		199,991

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

During the six months ended October 31, 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	$	324,453	$	14,140	$	218,722	$	683,068	$	199,265

To compensate for commissions advanced to financial intermediaries, 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 six months ended October 31, 2014, the Distributor retained such 12b-1 fees as follows:

	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
12b-1 fees retained	$	116,629	$	3,351	$	53,871	$	191,947	$	5,236

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

The Distributor also collected and retained CDSC on share redemptions during the six months ended October 31, 2014, as follows:

	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
CDSC retained	$	18,434	$	278	$	9,753	$	46,362	$	14,788

246 Nuveen Investments

Additional

Fund Information

Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 Independent Registered
Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL 60606 Custodians State Street Bank & Trust Company Boston, MA 02111 U.S. Bank National Association Milwaukee, WI 53202 Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 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 247

Glossary of Terms

Used in this Report

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

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

Barclays 3-Year Municipal Bond Index: An unmanaged index comprised of investment-grade municipal bonds with maturity dates of between 1 year and 3 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 & Insured Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper General & Insured 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.

248 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 249

Notes

250 Nuveen Investments

Notes

Nuveen Investments 251

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 $229 billion as of September 30, 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

MSA-NAT-1014D        4926-INV-B12/15

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

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

Item 11. Controls and Procedures.

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

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

File the exhibits listed below as part of this Form.

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

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

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

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

SIGNATURES

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

(Registrant) Nuveen Investment Funds, Inc.

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

Date: January 8, 2015

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: January 8, 2015

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

Date: January 8, 2015