Nuveen Multistate Trust Ii N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07755

Nuveen Multistate Trust II

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: February 28

Date of reporting period: August 31, 2014

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.

Item 1. Reports to Stockholders.

Mutual Funds

Nuveen Municipal

Bond Funds

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

Semi-Annual Report  August 31, 2014

	Share Class / Ticker Symbol
Fund Name	Class A	Class C	Class C2	Class I
Nuveen Connecticut Municipal Bond Fund	FCTTX	FDCDX	FCTCX	FCTRX
Nuveen Massachusetts Municipal Bond Fund	NMAAX	NAAGX	NMACX	NBMAX
Nuveen New Jersey Municipal Bond Fund	NNJAX	NJCCX	NNJCX	NMNJX
Nuveen New York Municipal Bond Fund	NNYAX	NAJPX	NNYCX	NTNYX

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 $613 billion in assets under management as of June 30, 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. Your fund investment will not change as a result of Nuveen’s change of ownership. You will still own the same fund shares and the underlying value of those shares will not change as a result of the transaction. NFAL and your fund’s sub-adviser(s) will continue to manage your fund according to the same objectives and policies as before, and we do not anticipate any 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	9
Fund Performance, Expense and Effective Leverage Ratios	11
Yields	16
Holding Summaries	17
Expense Examples	21
Shareholder Meeting Report	23
Portfolios of Investments	27
Statement of Assets and Liabilities	62
Statement of Operations	63
Statement of Changes in Net Assets	64
Financial Highlights	66
Notes to Financial Statements	74
Additional Fund Information	85
Glossary of Terms Used in this Report	86
Annual Investment Management Agreement Approval Process	88

Nuveen Investments 3

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

October 23, 2014

4 Nuveen Investments

Portfolio Managers’

Comments

Nuveen Connecticut Municipal Bond Fund

Nuveen Massachusetts Municipal Bond Fund

Nuveen New Jersey Municipal Bond Fund

Nuveen New York Municipal Bond Fund

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio managers Michael S. Hamilton, Paul L. Brennan, CFA, and Scott R. Romans, PhD, review key investment strategies and the Funds’ performance during the six-month reporting period ended August 31, 2014. Since 2011, Michael has managed the Connecticut Municipal Bond Fund and the Nuveen Massachusetts Municipal Bond Fund, Paul has managed the Nuveen New Jersey Municipal Bond Fund and Scott has managed the Nuveen New York Municipal Bond Fund.

How did the Funds perform during the six-month reporting period ended August 31, 2014?

The tables in the Fund Performance, Expense Ratios and Effective Leverage Ratios section of this report provide Class A Share total returns for the Funds for the six-month, one-year, five-year and ten-year periods ending August 31, 2014. Each Fund’s Class A Share total returns at net asset value (NAV) are compared with the performance of its benchmark, the S&P Municipal Bond Index, and corresponding Lipper classification average.

During the reporting period, each of the four Funds outperformed both the S&P Municipal Bond Index and their respective Lipper classification average.

What strategies were used to manage the Funds during the six-month reporting period ended August 31, 2014 and how did these strategies influence performance?

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 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. This reporting period provided a healthy backdrop for municipal bonds. Weaker-than-expected economic growth, consistently subdued inflation and continued stimulative policies from the U.S. Federal Reserve contributed to an environment of declining interest rates, which in turn helped boost the values of tax-exempt debt and other fixed-income securities. Improving state and local tax revenues also meant better credit quality for many municipal bond issuers. These factors, coupled with limited new bond supply and enhanced demand on the part of investors, helped lift the performance of the tax-exempt bond market.

Nuveen Connecticut Municipal Bond Fund

The Nuveen Connecticut Municipal Bond Fund outperformed the S&P Municipal Bond Index during the six-month reporting period, largely because of the Fund’s longer duration. In other words, our portfolio was more sensitive to the beneficial effects of falling long-term interest rates.

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

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

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

Nuveen Investments 5

Portfolio Managers’ Comments (continued)

Specifically, the Fund was overweighted in bonds with durations of eight years and longer while underweighted in securities with durations of up to four years. As long term rates fell more than short term rates did, a phenomenon known as yield curve “flattening”, the Fund benefited from its additional exposure to the better performing segment of the market.

Meanwhile, our credit quality positioning had a mixed performance impact. Given that lower rated bonds generally outperformed their higher quality counterparts, our decision to underweight AAA-rated bonds, the highest credit tier, was helpful. An overweighting in BBB-rated, the lowest rating category in the investment grade universe, also helped, but this was counterbalanced by the shorter duration of those investments we happened to own. The Fund’s overweighting in another outperforming category, non-rated bonds, added value.

Favorable sector allocation also added to the Fund’s results, especially with respect to state and local general obligation issues. Here, our holdings in dedicated-tax bonds issued by two U.S. territories, the U.S. Virgin Islands and Guam, were especially helpful, as investors increasingly favored tax-exempt alternatives to Puerto Rico bonds, whose values were depressed because of credit worries.

The Fund also benefited from underweighting public power bonds, a category that lagged the market, as well as a position in insured Puerto Rico Electric Power Authority debt, which actually gained in value during the reporting period as the island’s credit quality failed to weaken to the extent the market had been fearing. Despite this individual performance contribution, we continued to maintain limited exposure to Puerto Rico debt, which made up 3.8% of the portfolio at the end of the reporting period.

During the reporting period, we held a stake in Yale-New Haven Hospital bonds, which were pre-refunded during the reporting period and subsequently contributed meaningfully to the Fund’s results. Overall, our purchase and sale activity was limited, given net investment outflows, a rising market that left fewer attractively valued opportunities and limited issuance of new bonds. The purchases we did make tended to emphasize bonds of issuers that met our criteria for creditworthiness, featured maturities of 16 years or longer and happened to be available at those times when we had funds available for investment. By favoring longer bonds, we were able to accomplish our goal of improving the Fund’s structure by reducing its weighting in securities with short-term call dates, an approach we believed would better position the Fund if the market were to rally in the future. Sales during the reporting period included various other shorter term issues, whose proceeds we used to finance longer dated purchases.

Nuveen Massachusetts Municipal Bond Fund

Favorable duration positioning helped the Nuveen Massachusetts Municipal Bond Fund outperform the S&P Municipal Bond Index during the six-month reporting period. Specifically, the Fund was underweighted in bonds with durations of six years and less and overweighted in longer dated issues with durations exceeding eight years. This stance left us well positioned to benefit from a market environment in which longer bonds generally fared the best amid falling interest rates.

The portfolio’s credit allocation also contributed to relative performance. As mentioned earlier, lower rated bonds generally outperformed higher quality bonds. The Fund was well situated because of its overweighting in the BBB-rated category, the lowest credit tier of the investment grade bond universe and underweighting in AAA-rated bonds.

Also adding value was relatively limited exposure to public power bonds, a category that failed to keep pace with the benchmark. Further, the credits we did hold in this group tended to be longer in duration, further helping relative performance.

In contrast, the Fund was hurt by a position in Northern Berkshire Community Services bonds. During the reporting period, this issuer defaulted on its debt for the second time and filed for Chapter 7 bankruptcy protection. Soon after, the health care provider was taken over by another local institution, Berkshire Health Systems, whose bonds we also happened to hold. At the end of the reporting period, bankruptcy terms for Northern Berkshire Community Services, including any possible financial recovery due to Nuveen, were still being finalized.

Buying and selling activity was relatively limited, due to a lack of significant new investment inflows, tight supplies of newly issued Massachusetts bonds and our general comfort with the portfolio’s structure coming into the reporting period. When we did purchase, we tended to favor longer dated credits with maturities of 20 years or longer. These acquisitions were financed using the proceeds of bond calls and, to a lesser extent, sales of certain shorter duration bonds.

6 Nuveen Investments

We continued to maintain only limited exposure to Puerto Rico debt, due to the island’s ongoing credit challenges. At the end of the reporting period, 2.9% of the portfolio was invested in this U.S. territory.

While the Fund had no derivatives employed for hedging purposes, the Fund was supported by a modest degree of leverage in a small tender option bond trust position, which remained in the portfolio to provide additional income.

Nuveen New Jersey Municipal Bond Fund

Effective duration and yield curve positioning were the primary factors behind the outperformance of the Nuveen New Jersey Municipal Bond Fund relative to the S&P Municipal Bond Index. The Fund’s duration, meaning its sensitivity to interest rate changes, was longer than that of the benchmark, due in part to portfolio moves made late in 2013, when we found opportunities to purchase longer dated bonds at relatively attractive prices. Maintaining this longer-than-average duration proved helpful as interest rates fell. From the standpoint of yield curve positioning, we were overweighted among longer dated issues, which fared better than shorter dated bonds. A secondary positive influence was the Fund’s overweighting in lower rated bonds, especially those with an A credit rating. Lower rated issues outperformed, given improving credit fundamentals and investors’ desire to capture higher yields in a low rate environment.

Exposure to tollroad bonds was another positive factor. We continued to be active purchasers in this part of the market. Because toll-roads are economically sensitive projects, the securities fared well as the economy grew and the market became more comfortable with credit risk.

Although most factors worked out well, the Fund did see subpar results from tobacco bonds. These securities did not experience any material decline in credit quality but nevertheless failed to keep pace with the overall market. Not surprisingly given market conditions, the Fund’s allocation to higher rated and very short dated securities provided similarly muted gains.

Purchase and sale activity was limited because we came into the reporting period generally satisfied with the portfolio’s positioning. When we did add new bonds, we were highly selective, seeking new opportunities to add value amid limited new bond supply in New Jersey. Notable purchases included tollroad and student loan bonds, as well as debt issued by Robert Wood Johnson University Hospital, a premier health care facility in the state. We funded these acquisitions through the proceeds of bond calls and redemptions. Our new purchases tended to favor longer maturities, enabling us to maintain the portfolio’s desired duration positioning. That said, as the municipal bond market rallied, we allowed the portfolio’s duration to drift downward to reduce interest-rate risk.

At the end of the reporting period, 2.5% of the Fund was invested in Puerto Rico bonds. All of our holdings belonged to one of three categories. They were insured, pre-refunded (backed by short term U.S. Treasuries held in escrow) or had a revenue stream that did not depend on the government’s credit quality.

Nuveen New York Municipal Bond Fund

The Nuveen New York Municipal Bond Fund outperformed both the national S&P Municipal Bond Index and the S&P Municipal Bond New York Index during the six-month reporting period. Favorable duration positioning proved beneficial, meaning the portfolio was more sensitive to the positive effects of falling interest rates, especially on the long end of the yield curve.

Credit quality positioning also helped. Given limited new supply of municipal bonds coupled with healthy demand, the securities’ prices rose while their yields fell accordingly. Bonds with lower credit ratings generally outperformed more highly rated issues, which helped the Fund because we were overweighted in BB-rated issues while significantly underweighting the AAA- rated category.

While sector allocation modestly lifted the Fund’s overall results, one very small negative impact came from a slight overweighting in resource recovery bonds.

In our last report to shareholders six months ago, we described how we had been seeking to take advantage of market turmoil amid rising interest rates. Our approach then was to buy lower rated, higher yielding bonds with longer call dates. During this reporting period, however, as rates fell and investors were increasingly willing to accept credit risk, we adopted a more defensive investment

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

approach. One source of defensiveness was to favor bonds with slightly shorter than normal maturity dates. During the reporting period, this entailed bonds with maturities ranging from 15 to 20 years, although we were still willing to invest longer out on the yield curve when we found compelling opportunities to do so. Because of the generally high quality nature of the New York municipal bond market, we tended to add AAA-rated and AA-rated issues.

Our new acquisitions tended to focus on those securities we believed could best maintain their value in the event of a market downturn. Thus, we looked for relatively unique holdings in the marketplace, on the assumption that these issues could benefit from greater demand from investors should market conditions deteriorate. We did, of course, continue to purchase bonds from more widely held issuers in the state, though we were selective about the timing of these purchases so that we could get what we saw as acceptable value.

Modest investment inflows represented one source of funds for these purchases; the proceeds of bond calls was another. We also engaged in a limited number of bond swaps. This entailed selling bonds with low embedded yields that we had acquired in previous years and then buying new securities with similar risk but more favorable yield characteristics.

While the Fund had no derivatives employed for hedging purposes, the Fund was supported by a modest degree of leverage in a tender option bond trust positions, which remained in the portfolio to provide additional income.

An Update Regarding Puerto Rico

We continue to monitor ongoing economic developments in Puerto Rico for any impact on the Funds’ holdings and performance. 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 September 2014, the Nuveen complex held $70.9 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 September 30, 2014. For the reporting period ended August 31, 2014, Puerto Rico paper underperformed the municipal market as a whole.

8 Nuveen Investments

Risk Considerations

and Dividend Information

Risk Considerations

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

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 August 31, 2014, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.

All monthly dividends paid by each Fund during the fiscal year ended August 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 9

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10 Nuveen Investments

Fund Performance, Expense Ratios

and Effective Leverage Ratios

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

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

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

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

Comparative index and Lipper return information is provided for 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 11

Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)

Nuveen Connecticut Municipal Bond Fund

Refer to the first page of this Fund Performance, Expense Ratios 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 August 31, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		4.42%		10.48%		4.91%		4.23%
Class A Shares at maximum Offering Price		0.03%		5.86%		4.01%		3.79%
S&P Municipal Bond Index		4.21%		10.55%		5.65%		4.82%
Lipper Oher States Municipal Debt Funds Classification Average		4.39%		10.00%		4.66%		3.83%
Class C2 Shares		4.13%		9.86%		4.33%		3.67%
Class I Shares		4.62%		10.69%		5.13%		4.44%

	Cumulative
	6-Month		Since Inception
Class C Shares		4.01%		4.86%

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		4.41%		8.51%		4.24%		4.20%
Class A Shares at maximum Offering Price		0.02%		3.96%		3.36%		3.76%
Class C2 Shares		4.12%		7.90%		3.66%		3.64%
Class I Shares		4.51%		8.72%		4.46%		4.41%

	Cumulative
	6-Month		Since Inception
Class C Shares		4.01%		5.08%

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.

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class C2		Class I
Expense Ratios		0.82%		1.62%		1.37%		0.62%

Effective Leverage Ratio as of August 31, 2014

Effective Leverage Ratio 0.00%

12 Nuveen Investments

Nuveen Massachusetts Municipal Bond Fund

Refer to the first page of this Fund Performance, Expense Ratios 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 August 31, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		4.95%		11.37%		5.95%		4.46%
Class A Shares at maximum Offering Price		0.58%		6.65%		5.04%		4.01%
S&P Municipal Bond Index		4.21%		10.55%		5.65%		4.82%
Lipper Massachusetts Municipal Debt Funds Classification Average		4.61%		10.64%		4.98%		3.96%
Class C2 Shares		4.58%		10.56%		5.37%		3.88%
Class I Shares		4.95%		11.48%		6.15%		4.66%

	Cumulative
	6-Month		Since Inception
Class C Shares		4.46%		5.38%

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		4.84%		9.07%		4.73%		4.41%
Class A Shares at maximum Offering Price		0.47%		4.53%		3.84%		3.96%
Class C2 Shares		4.57%		8.48%		4.17%		3.84%
Class I Shares		5.05%		9.39%		4.95%		4.62%

	Cumulative
	6-Month		Since Inception
Class C Shares		4.45%		5.53%

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.

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class C2		Class I
Expense Ratios		0.84%		1.63%		1.38%		0.63%

Effective Leverage Ratio as of August 31, 2014

Effective Leverage Ratio 0.64%

Nuveen Investments 13

Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)

Nuveen New Jersey Municipal Bond Fund

Refer to the first page of this Fund Performance, Expense Ratios 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 August 31, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		5.03%		12.30%		6.03%		4.82%
Class A Shares at maximum Offering Price		0.59%		7.62%		5.12%		4.37%
S&P Municipal Bond Index		4.21%		10.55%		5.65%		4.82%
Lipper New Jersey Municipal Debt Funds Classification Average		4.53%		10.53%		5.08%		4.11%
Class C2 Shares		4.68%		11.63%		5.46%		4.25%
Class I Shares		5.13%		12.50%		6.24%		5.03%

	Cumulative
	6-Month		Since Inception
Class C Shares		4.54%		5.75%

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		4.56%		9.70%		5.15%		4.76%
Class A Shares at maximum Offering Price		0.15%		5.13%		4.26%		4.31%
Class C2 Shares		4.30%		9.04%		4.59%		4.20%
Class I Shares		4.75%		9.90%		5.37%		4.98%

	Cumulative
	6-Month		Since Inception
Class C Shares		4.26%		5.89%

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.

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class C2		Class I
Expense Ratios		0.83%		1.62%		1.37%		0.62%

Effective Leverage Ratio as of August 31, 2014

Effective Leverage Ratio 1.05%

14 Nuveen Investments

Nuveen New York Municipal Bond Fund

Refer to the first page of this Fund Performance, Expense Ratios 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 August 31, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		5.02%		11.33%		5.34%		4.48%
Class A Shares at maximum Offering Price		0.61%		6.67%		4.43%		4.03%
S&P Municipal Bond Index		4.21%		10.55%		5.65%		4.82%
S&P Municipal Bond New York Index		4.12%		10.08%		5.29%		4.78%
Lipper New York Municipal Debt Funds Classification Average		4.96%		11.03%		5.12%		3.97%
Class C2 Shares		4.74%		10.82%		4.77%		3.91%
Class I Shares		5.12%		11.62%		5.55%		4.70%

	Cumulative
	6-Month		Since Inception
Class C Shares		4.63%		5.68%

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		4.72%		9.12%		4.44%		4.44%
Class A Shares at maximum Offering Price		0.33%		4.54%		3.54%		3.99%
Class C2 Shares		4.44%		8.62%		3.88%		3.88%
Class I Shares		4.82%		9.41%		4.65%		4.65%

	Cumulative
	6-Month		Since Inception
Class C Shares		4.33%		5.85%

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.

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class C2		Class I
Expense Ratios		0.81%		1.60%		1.35%		0.60%

Effective Leverage Ratio as of August 31, 2014

Effective Leverage Ratio 2.51%

Nuveen Investments 15

Yields as of August 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 Connecticut Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		3.20%		2.57%		2.79%		3.55%
SEC 30-Day Yield		2.01%		1.30%		1.56%		2.29%
Taxable-Equivalent Yield (32.3%)2		2.97%		1.92%		2.30%		3.38%

Nuveen Massachusetts Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		3.50%		2.85%		3.09%		3.83%
SEC 30-Day Yield		2.09%		1.41%		1.64%		2.38%
Taxable-Equivalent Yield (31.7%)2		3.06%		2.06%		2.40%		3.48%

Nuveen New Jersey Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		3.26%		2.63%		2.89%		3.60%
SEC 30-Day Yield		2.33%		1.62%		1.89%		2.62%
Taxable-Equivalent Yield (32.6%)2		3.46%		2.40%		2.80%		3.89%

Nuveen New York Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		3.54%		2.94%		3.15%		3.91%
SEC 30-Day Yield		2.18%		1.48%		1.73%		2.46%
Taxable-Equivalent Yield (32.8%)2		3.24%		2.20%		2.57%		3.66%

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 combined federal and state income tax rate as shown in the respective table above.

16 Nuveen Investments

Holding

Summaries as of August 31, 2014

This data relates to the securities held in each Fund’s portfolio of investments as of the end of this 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 definitions of terms used within this section.

Nuveen Connecticut Municipal Bond Fund

Fund Allocation

(% of net assets)

Municipal Bonds	99.3%
Other Assets Less Liabilities	0.7%

Portfolio Composition

(% of total investments)

Education and Civic Organizations	24.9%
Tax Obligation/Limited	16.4%
Health Care	16.2%
Tax Obligation/General	11.6%
U.S. Guaranteed	10.1%
Utilities	10.0%
Water and Sewer	7.1%
Other Industries	3.7%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	18.7%
AA	43.4%
A	20.5%
BBB	9.4%
BB or Lower	1.6%
N/R (not rated)	6.4%

Nuveen Investments 17

Holding Summaries as of August 31, 2014(continued)

Nuveen Massachusetts Municipal Bond Fund

Fund Allocation

(% of net assets)

Municipal Bonds	98.3%
Other Assets Less Liabilities	1.7%

Portfolio Composition

(% of total investments)

Education and Civic Organizations	31.7%
Health Care	18.8%
Tax Obligation/Limited	13.7%
U.S. Guaranteed	8.6%
Transportation	7.3%
Water and Sewer	6.0%
Other Industries	13.9%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	12.8%
AA	47.8%
A	16.8%
BBB	13.7%
BB or Lower	3.3%
N/R (not rated)	5.6%

18 Nuveen Investments

Nuveen New Jersey Municipal Bond Fund

Fund Allocation

(% of net assets)

Municipal Bonds	99.0%
Other Assets Less Liabilities	1.0%

Portfolio Composition

(% of total investments)

Tax Obligation/Limited	19.5%
Health Care	16.5%
Transportation	15.9%
Education and Civic Organizations	12.6%
U.S. Guaranteed	11.3%
Tax Obligation/General	8.3%
Other Industries	15.9%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	14.1%
AA	32.1%
A	32.1%
BBB	14.6%
BB or Lower	5.1%
N/R (not rated)	2.0%

Nuveen Investments 19

Holding Summaries as of August 31, 2014(continued)

Nuveen New York Municipal Bond Fund

Fund Allocation

(% of net assets)

Municipal Bonds	99.7%
Common Stocks	0.0%
Floating Rate Obligations	(1.1)%
Other Assets Less Liabilities	1.4%

Portfolio Composition

(% of total investments)

Tax Obligation/Limited	25.2%
Education and Civic Organizations	16.9%
Transportation	16.4%
Utilities	11.6%
Health Care	9.6%
Tax Obligation/General	5.7%
Other Industries	14.6%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	19.4%
AA	42.8%
A	16.6%
BBB	6.9%
BB or Lower	10.7%
N/R (not rated)	3.5%
N/A (not applicable)	0.1%

20 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 August 31, 2014.

The beginning of the period for the Funds is March 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 each Fund’s actual expense ratios 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 following tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.

Nuveen Connecticut Municipal Bond Fund

	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	$	1,044.20	$	1,040.10	$	1,041.30	$	1,046.20
Expenses Incurred During the Period	$	4.07	$	8.12	$	6.89	$	3.04
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	$	1,021.22	$	1,017.24	$	1,018.45	$	1,022.23
Expenses Incurred During the Period	$	4.02	$	8.03	$	6.82	$	3.01

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.79%, 1.58%, 1.34% and 0.59% 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 21

Expense Examples (continued)

Nuveen Massachusetts 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	$	1,049.50	$	1,044.60	$	1,045.80	$	1,049.50
Expenses Incurred During the Period	$	4.18	$	8.19	$	7.01	$	3.15
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	$	1,021.12	$	1,017.19	$	1,018.35	$	1,022.13
Expenses Incurred During the Period	$	4.13	$	8.08	$	6.92	$	3.11

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.81%, 1.59%, 1.36% and 0.61% 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 New Jersey 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	$	1,050.30	$	1,045.40	$	1,046.80	$	1,051.30
Expenses Incurred During the Period	$	4.13	$	8.20	$	6.96	$	3.10
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	$	1,021.17	$	1,017.19	$	1,018.40	$	1,022.18
Expenses Incurred During the Period	$	4.08	$	8.08	$	6.87	$	3.06

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.80%, 1.59%, 1.35% and 0.60% 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 New York 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	$	1,050.20	$	1,046.30	$	1,047.40	$	1,051.20
Expenses Incurred During the Period	$	4.05	$	8.12	$	6.88	$	3.02
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	$	1,021.25	$	1,017.27	$	1,018.48	$	1,022.26
Expenses Incurred During the Period	$	3.99	$	8.00	$	6.79	$	2.98

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.78, 1.57%, 1.33% and 0.58% 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).

22 Nuveen Investments

Shareholder Meeting Report

A special shareholder meeting was held in the offices of Nuveen Investments on August 5, 2014, for Nuveen Connecticut, Massachusetts, New Jersey and New York Municipal Bond Funds; 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.

	Nuveen Connecticut Municipal Bond Fund		Nuveen Massachusetts Municipal Bond Fund		Nuveen New Jersey Municipal Bond Fund		Nuveen New York Municipal Bond Fund
To approve a new investment management agreement between each Trust and Nuveen Advisors, LLC.
For		12,236,269		12,995,571		12,901,089		29,527,114
Against		244,898		322,141		268,422		811,350
Abstain		969,821		262,638		372,661		1,516,678
Broker Non-Votes		3,903,197		3,648,443		3,300,173		8,214,267
Total		17,354,185		17,228,793		16,842,345		40,069,409
To approve a new sub-advisory agreement between Nuveen Fund Advisors and Nuveen Asset Management, LLC.
For		12,197,846		12,963,725		12,886,395		29,408,984
Against		295,796		358,083		267,221		726,525
Abstain		957,343		258,541		388,555		1,719,631
Broker Non-Votes		3,903,200		3,648,444		3,300,174		8,214,269
Total		17,354,185		17,228,793		16,842,345		40,069,409
To approve revisions to, or elimination of, certain fundamental investment policies:
a. Revise the fundamental policy related to the purchase and sale of commodities.
For		12,136,390		12,667,474		12,817,043		28,907,336
Against		299,879		565,137		337,669		1,431,344
Abstain		1,014,712		347,738		387,458		1,516,451
Broker Non-Votes		3,903,204		3,648,444		3,300,175		8,214,278
Total		17,354,185		17,228,793		16,842,345		40,069,409
b. Revise the fundamental policy related to issuing senior securities.
For		12,089,753		12,915,676		12,829,380		29,098,197
Against		331,461		332,397		333,634		1,014,558
Abstain		1,029,769		332,275		379,155		1,742,374
Broker Non-Votes		3,903,202		3,648,445		3,300,176		8,214,280
Total		17,354,185		17,228,793		16,842,345		40,069,409

Nuveen Investments 23

Shareholder Meeting Report (continued)

	Nuveen Connecticut Municipal Bond Fund		Nuveen Massachusetts Municipal Bond Fund		Nuveen New Jersey Municipal Bond Fund		Nuveen New York Municipal Bond Fund
c. Revise the fundamental policy related to underwriting.
For		12,150,725		12,950,064		12,842,712		28,946,331
Against		528,373		317,403		321,001		1,248,278
Abstain		771,884		312,882		378,457		1,660,528
Broker Non-Votes		3,903,203		3,648,444		3,300,175		8,214,272
Total		17,354,185		17,228,793		16,842,345		40,069,409
d. Revise the fundamental policy related to the purchase and sale of real estate.
For		12,120,958		12,950,458		12,804,862		28,866,057
Against		328,534		304,710		334,720		1,514,218
Abstain		1,001,491		325,182		402,589		1,474,859
Broker Non-Votes		3,903,202		3,648,443		3,300,174		8,214,275
Total		17,354,185		17,228,793		16,842,345		40,069,409
e. Revise the fundamental policy related to diversification.
For		12,109,359		13,009,057		12,837,132		29,191,201
Against		354,113		233,749		304,062		975,411
Abstain		987,510		337,542		400,978		1,688,522
Broker Non-Votes		3,903,203		3,648,445		3,300,173		8,214,275
Total		17,354,185		17,228,793		16,842,345		40,069,409
f. Eliminate the fundamental policy related to permitted investments.
For		12,029,975		13,004,884		12,805,180		28,899,738
Against		347,788		269,276		318,983		1,297,196
Abstain		1,073,220		306,190		418,009		1,658,200
Broker Non-Votes		3,903,202		3,648,443		3,300,173		8,214,275
Total		17,354,185		17,228,793		16,842,345		40,069,409
g. Eliminate the fundamental policy related to pledging assets.
For		11,969,045		12,714,939		12,748,262		28,637,446
Against		372,193		522,705		374,995		1,645,302
Abstain		1,109,742		342,705		418,912		1,572,384
Broker Non-Votes		3,903,205		3,648,444		3,300,176		8,214,277
Total		17,354,185		17,228,793		16,842,345		40,069,409
h. Eliminate the fundamental policy related to investment in issuers whose shares are owned by the Fund’s Board Members or officers.
For		11,857,793		12,434,586		12,684,799		28,481,897
Against		520,897		782,760		461,817		1,792,444
Abstain		1,072,290		363,001		395,553		1,580,789
Broker Non-Votes		3,903,205		3,648,446		3,300,176		8,214,279
Total		17,354,185		17,228,793		16,842,345		40,069,409

24 Nuveen Investments

	Nuveen Connecticut Municipal Bond Fund		Nuveen Massachusetts Municipal Bond Fund		Nuveen New Jersey Municipal Bond Fund		Nuveen New York Municipal Bond Fund
i. Eliminate the fundamental policy related to short sales and purchases on margin.
For		11,948,020		12,430,485		12,727,444		28,726,135
Against		701,810		812,171		428,623		1,628,584
Abstain		801,152		337,691		386,102		1,500,419
Broker Non-Votes		3,903,203		3,648,446		3,300,176		8,214,271
Total		17,354,185		17,228,793		16,842,345		40,069,409
j. Eliminate the fundamental policy related to writing options.
For		11,931,838		12,824,628		12,810,809		28,767,146
Against		460,288		416,810		339,237		1,556,895
Abstain		1,058,858		338,911		392,124		1,531,093
Broker Non-Votes		3,903,201		3,648,444		3,300,175		8,214,275
Total		17,354,185		17,228,793		16,842,345		40,069,409
Approval of the Board Members was reached as follows:
William Adams IV
For		155,636,901		155,636,901		155,636,901		155,636,901
Withhold		3,633,809		3,633,809		3,633,809		3,633,809
Total		159,270,710		159,270,710		159,270,710		159,270,710
Robert P. Bremner
For		155,607,724		155,607,724		155,607,724		155,607,724
Withhold		3,662,986		3,662,986		3,662,986		3,662,986
Total		159,270,710		159,270,710		159,270,710		159,270,710
Jack B. Evans
For		155,641,792		155,641,792		155,641,792		155,641,792
Withhold		3,628,918		3,628,918		3,628,918		3,628,918
Total		159,270,710		159,270,710		159,270,710		159,270,710
William C. Hunter
For		155,624,722		155,624,722		155,624,722		155,624,722
Withhold		3,645,988		3,645,988		3,645,988		3,645,988
Total		159,270,710		159,270,710		159,270,710		159,270,710
David J. Kundert
For		155,747,106		155,747,106		155,747,106		155,747,106
Withhold		3,523,604		3,523,604		3,523,604		3,523,604
Total		159,270,710		159,270,710		159,270,710		159,270,710
John K. Nelson
For		155,691,515		155,691,515		155,691,515		155,691,515
Withhold		3,579,195		3,579,195		3,579,195		3,579,195
Total		159,270,710		159,270,710		159,270,710		159,270,710

Nuveen Investments 25

Shareholder Meeting Report (continued)

	Nuveen Connecticut Municipal Bond Fund		Nuveen Massachusetts Municipal Bond Fund		Nuveen New Jersey Municipal Bond Fund		Nuveen New York Municipal Bond Fund
William J. Schneider
For		155,648,373		155,648,373		155,648,373		155,648,373
Withhold		3,622,337		3,622,337		3,622,337		3,622,337
Total		159,270,710		159,270,710		159,270,710		159,270,710
Thomas S. Schreier, Jr.
For		155,684,729		155,684,729		155,684,729		155,684,729
Withhold		3,585,981		3,585,981		3,585,981		3,585,981
Total		159,270,710		159,270,710		159,270,710		159,270,710
Judith M. Stockdale
For		155,645,265		155,645,265		155,645,265		155,645,265
Withhold		3,625,445		3,625,445		3,625,445		3,625,445
Total		159,270,710		159,270,710		159,270,710		159,270,710
Carole E. Stone
For		155,623,201		155,623,201		155,623,201		155,623,201
Withhold		3,647,509		3,647,509	��	3,647,509		3,647,509
Total		159,270,710		159,270,710		159,270,710		159,270,710
Virginia L. Stringer
For		155,680,106		155,680,106		155,680,106		155,680,106
Withhold		3,590,604		3,590,604		3,590,604		3,590,604
Total		159,270,710		159,270,710		159,270,710		159,270,710
Terence J. Toth
For		155,784,673		155,784,673		155,784,673		155,784,673
Withhold		3,486,037		3,486,037		3,486,037		3,486,037
Total		159,270,710		159,270,710		159,270,710		159,270,710

26 Nuveen Investments

Nuveen Connecticut Municipal Bond Fund

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 99.3%
		MUNICIPAL BONDS – 99.3%
		Consumer Staples – 0.7%
$	1,940	Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33		11/14 at 100.00		BBB+	$	1,942,134
		Education And Civic Organizations – 24.7%
	210	Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/20		4/17 at 100.00		BB+		216,464
	2,000	Connecticut Health and Education Facilities Authority, Revenue Bonds, Connecticut College, Series 2007G, 4.500%, 7/01/37 – NPFG Insured		7/17 at 100.00		AA–		2,057,060
	1,185	Connecticut Health and Education Facilities Authority, Revenue Bonds, Connecticut College, Series 2011H, 5.000%, 7/01/41		7/21 at 100.00		A2		1,287,337
	4,000	Connecticut Health and Education Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2007K-2, 5.000%, 7/01/31 – NPFG Insured		7/18 at 100.00		AA–		4,425,640
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Brunswick School, Series 2012C:
	1,000	5.000%, 7/01/31		7/22 at 100.00		A+		1,130,910
	500	5.000%, 7/01/32		7/22 at 100.00		A+		563,975
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Chase Collegiate School, Series 2007A:
	960	5.000%, 7/01/27 – RAAI Insured		7/17 at 100.00		N/R		992,899
	400	5.000%, 7/01/32 – RAAI Insured		7/17 at 100.00		N/R		409,588
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2010-O:
	3,205	5.000%, 7/01/35		7/20 at 100.00		A–		3,455,855
	1,000	5.000%, 7/01/40		7/20 at 100.00		A–		1,072,810
	650	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Kent School, Series 2004D, 5.000%, 7/01/16 – NPFG Insured		1/15 at 100.00		A3		658,976
	1,050	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Norwich Free Academy, Series 2013B, 4.000%, 7/01/34		7/23 at 100.00		A1		1,102,217
	4,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2006H, 5.000%, 7/01/36 – AMBAC Insured		7/16 at 100.00		A–		4,234,160
	4,450	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2007-I, 5.000%, 7/01/25 – NPFG Insured		7/17 at 100.00		AA–		4,889,171
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2011G:
	1,000	5.125%, 7/01/26		7/21 at 100.00		BBB+		1,092,000
	2,500	5.625%, 7/01/41		7/21 at 100.00		BBB+		2,741,625
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2012H:
	1,255	5.000%, 7/01/26 – AGM Insured		7/22 at 100.00		AA		1,404,483
	1,750	5.000%, 7/01/27 – AGM Insured		7/22 at 100.00		AA		1,948,835
	2,010	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity College, Series 2007J, 4.500%, 7/01/37 – NPFG Insured		7/17 at 100.00		AA–		2,061,878

Nuveen Investments 27

Nuveen Connecticut Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education And Civic Organizations (continued)
$	1,400	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity College, Series 2010M, 4.250%, 7/01/28		7/20 at 100.00		A+	$	1,503,138
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of Hartford, Series 2006G:
	4,995	5.250%, 7/01/26 – RAAI Insured		7/16 at 100.00		BBB–		5,153,641
	2,250	5.250%, 7/01/36 – RAAI Insured		7/16 at 100.00		BBB–		2,302,470
	3,500	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39		7/20 at 100.00		AA		3,981,075
	950	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Westminster School, Series 2014H, 3.250%, 7/01/32 (WI/DD, Settling 9/24/14)		7/24 at 100.00		A		935,408
	10,050	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42		7/16 at 100.00		AAA		10,722,445
	3,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-3, 5.050%, 7/01/42		7/17 at 100.00		AAA		3,287,850
	1,370	Connecticut Higher Education Supplemental Loan Authority, Revenue Bonds, Family Education Loan Program, Series 2010A, 4.000%, 11/15/30		11/20 at 100.00		Aa3		1,423,800
	630	University of Connecticut, Student Fee Revenue Bonds, Refunding Series 2010A, 5.000%, 11/15/27		11/19 at 100.00		Aa2		728,564
	4,000	University of Connecticut, Student Fee Revenue Bonds, Refunding Series 2012A, 5.000%, 11/15/28		No Opt. Call		Aa2		4,704,320
	65,270	Total Education and Civic Organizations						70,488,594
		Health Care – 16.0%
	2,920	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Series 2010A, 5.000%, 11/15/40		11/19 at 100.00		AA+		3,207,795
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Bristol Hospital, Series 2002B:
	750	5.500%, 7/01/21 – RAAI Insured		11/14 at 100.00		N/R		750,945
	4,025	5.500%, 7/01/32 – RAAI Insured		11/14 at 100.00		N/R		4,027,536
	640	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Eastern Connecticut Health Network, Series 2000A, 6.000%, 7/01/25 – RAAI Insured		11/14 at 100.00		N/R		640,909
	2,240	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Eastern Connecticut Health Network, Series 2005, 5.000%, 7/01/25 – RAAI Insured		7/15 at 100.00		N/R		2,260,675
	6,975	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford Healthcare, Series 2011A, 5.000%, 7/01/41		7/21 at 100.00		A		7,487,593
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hospital For Special Care, Series 2007C:
	500	5.250%, 7/01/22 – RAAI Insured		7/17 at 100.00		BBB–		529,960
	1,055	5.250%, 7/01/32 – RAAI Insured		7/17 at 100.00		BBB–		1,108,225
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Lawrence and Memorial Hospitals, Series 2011F, 5.000%, 7/01/36		7/21 at 100.00		A		1,087,950
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2011N:
	495	5.000%, 7/01/25		7/21 at 100.00		A2		551,900
	500	5.000%, 7/01/27		7/21 at 100.00		A2		550,995
	4,020	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2010-I, 5.000%, 7/01/30		7/20 at 10.00		A		4,342,364

28 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	4,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2012J, 5.000%, 7/01/42		7/22 at 100.00		A	$	4,288,920
	3,910	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011M, 5.375%, 7/01/41		7/21 at 100.00		A		4,294,900
	2,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011N, 5.000%, 7/01/29		7/21 at 100.00		A		2,183,500
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Health Issue, Series 2014E:
	2,400	5.000%, 7/01/32		7/24 at 100.00		Aa3		2,744,640
	2,520	5.000%, 7/01/33		7/24 at 100.00		Aa3		2,867,105
	830	5.000%, 7/01/34		7/24 at 100.00		Aa3		942,830
	1,670	Orange County Health Facilities Authority, Florida, Orlando Regional Healthcare System Revenue Bonds, Series 2009, 5.125%, 10/01/26		10/19 at 100.00		A		1,816,960
	42,450	Total Health Care						45,685,702
		Housing/Single Family – 1.5%
	745	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2006-A1, 4.800%, 11/15/31 (Alternative Minimum Tax)		11/15 at 100.00		AAA		752,934
	3,410	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2006D, 4.650%, 11/15/27		5/16 at 100.00		AAA		3,499,376
	4,155	Total Housing/Single Family						4,252,310
		Long-Term Care – 1.5%
	2,825	Connecticut Housing Finance Authority, State Supported Special Obligation Bonds, Refunding Series 2010-16, 5.000%, 6/15/30		6/20 at 100.00		AA		3,095,776
		Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A:
	830	7.625%, 1/01/30		1/20 at 100.00		N/R		865,383
	350	7.750%, 1/01/43		1/20 at 100.00		N/R		359,912
	4,005	Total Long-Term Care						4,321,071
		Tax Obligation/General – 11.5%
		Bridgeport, Connecticut, General Obligation Bonds, Series 2014A:
	1,000	5.000%, 7/01/33 – AGM Insured		7/24 at 100.00		AA		1,135,940
	665	5.000%, 7/01/34 – AGM Insured		7/24 at 100.00		AA		751,829
		Connecticut State, General Obligation Bonds, Refunding Series 2012E:
	1,000	5.000%, 9/15/30		9/22 at 100.00		AA		1,157,860
	2,000	5.000%, 9/15/32		9/22 at 100.00		AA		2,295,540
	2,000	Connecticut State, General Obligation Bonds, Series 2006A, 4.750%, 12/15/24		12/16 at 100.00		AA		2,186,860
	2,200	Connecticut State, General Obligation Bonds, Series 2006C, 5.000%, 6/01/23 – AGM Insured		6/16 at 100.00		AA		2,373,888
		Connecticut State, General Obligation Bonds, Series 2008C:
	1,000	5.000%, 11/01/26		11/18 at 100.00		AA		1,148,340
	1,015	5.000%, 11/01/27		11/18 at 100.00		AA		1,162,459
	1,015	5.000%, 11/01/28		11/18 at 100.00		AA		1,164,926
	1,000	Connecticut State, General Obligation Bonds, Series 2011D, 5.000%, 11/01/31		11/21 at 100.00		AA		1,152,190
	2,400	Connecticut State, General Obligation Bonds, Series 2014A, 5.000%, 3/01/31		3/24 at 100.00		AA		2,817,192
	1,000	New Haven, Connecticut, General Obligation Bonds, Refunding Series 2012A, 5.000%, 11/01/18		No Opt. Call		A3		1,133,250

Nuveen Investments 29

Nuveen Connecticut Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	450	New Haven, Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 8/01/34 – AGM Insured		8/24 at 100.00		AA	$	507,974
	485	North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24		No Opt. Call		Aa1		602,181
		Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A:
	2,125	5.500%, 7/01/16 – AGM Insured		No Opt. Call		AA		2,187,666
	40	5.500%, 7/01/19 – AGM Insured		No Opt. Call		AA		41,992
	3,000	Waterbury, Connecticut, General Obligation Bonds, Series 2012A, 5.000%, 8/01/30		8/22 at 100.00		AA–		3,374,040
	2,000	West Haven, Connecticut, General Obligation Bonds, Series 2012, 5.000%, 8/01/24 – AGM Insured		8/22 at 100.00		AA		2,280,260
		Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011:
	1,280	7.000%, 12/01/24 – AGM Insured		12/20 at 100.00		AA		1,537,139
	1,415	7.000%, 12/01/25 – AGM Insured		12/20 at 100.00		AA		1,686,807
	1,725	7.000%, 12/01/27 – AGM Insured		12/20 at 100.00		AA		2,047,213
	28,815	Total Tax Obligation/General						32,745,546
		Tax Obligation/Limited – 16.3%
	2,600	Connecticut Health and Educational Facilities Authority, Child Care Facilities Program Revenue Bonds, Series 2006F, 5.000%, 7/01/36 – AGC Insured		7/16 at 100.00		AA		2,756,338
	1,260	Connecticut Health and Educational Facilities Authority, Child Care Facilities Program Revenue Bonds, Series 2008G, 6.000%, 7/01/28 – AGC Insured		7/18 at 100.00		AA		1,404,031
	5,000	Connecticut State, Special Tax Obligation Transportation Infrastructure Bonds, Series 2007A, 5.000%, 8/01/26 – AMBAC Insured		8/17 at 100.00		AA		5,554,900
	5,000	Connecticut State, Special Tax Obligation Transportation Infrastructure Purposes Bonds, Series 2008A, 5.000%, 11/01/28		11/18 at 100.00		AA		5,694,900
	2,500	Connecticut State, Special Tax Obligation Transportation Infrastructure Purposes Bonds, Series 2013A, 5.000%, 10/01/33		10/23 at 100.00		AA		2,902,675
		Connecticut, Certificates of Participation, Juvenile Training School, Series 2001:
	1,275	5.000%, 12/15/20		11/14 at 100.00		AA–		1,306,862
	1,000	5.000%, 12/15/30		11/14 at 100.00		AA–		1,003,860
		Government of Guam, Business Privilege Tax Bonds, Series 2011A:
	2,400	5.250%, 1/01/36		1/22 at 100.00		A		2,604,120
	600	5.130%, 1/01/42		1/22 at 100.00		A		643,518
	2,200	Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34		12/19 at 100.00		BBB+		2,437,292
	1,720	Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41		4/21 at 100.00		N/R		1,882,729
		University of Connecticut, General Obligation Bonds, Series 2009A:
	1,000	5.000%, 2/15/27		2/19 at 100.00		AA		1,140,890
	1,000	5.000%, 2/15/28		2/19 at 100.00		AA		1,140,740
		University of Connecticut, General Obligation Bonds, Series 2013A:
	2,290	5.000%, 8/15/20		No Opt. Call		AA		2,742,252
	2,500	5.000%, 8/15/32		8/23 at 100.00		AA		2,902,025
	740	University of Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 2/15/31		2/24 at 100.00		AA		867,435
	4,025	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32		No Opt. Call		BBB+		4,439,535

30 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		Tax Obligation/Limited (continued)
$	1,370	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29		10/20 at 100.00		BBB		$	1,500,246
	3,000	Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note - Diageo Project, Series 2009A, 6.630%, 10/01/29		10/19 at 100.00		BBB			3,437,940
	41,480	Total Tax Obligation/Limited							46,362,288
		U.S. Guaranteed – 10.0% (4)
	590	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Lutheran General Healthcare System – Parkside Lodges Projects, Series 1989, 7.375%, 7/01/19 (ETM)		11/14 at 100.00		Aaa			692,642
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Renbrook School, Series 2007A:
	395	5.000%, 7/01/30 – AMBAC Insured (Pre-refunded 7/01/17)		7/17 at 100.00		N/R	(4)		444,383
	965	5.000%, 7/01/37 – AMBAC Insured (Pre-refunded 7/01/17)		7/17 at 100.00		N/R	(4)		1,085,644
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, William W. Backus Hospital, Series 2005F:
	2,000	5.000%, 7/01/28 – AGM Insured (Pre-refunded 7/01/18)		7/18 at 100.00		AA	(4)		2,314,860
	20	5.125%, 7/01/35 – AGM Insured (Pre-refunded 7/01/18)		7/18 at 100.00		AA	(4)		23,243
	10,210	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1, 5.000%, 7/01/31 – AMBAC Insured (Pre-refunded 7/01/16)		7/16 at 100.00		Aa3	(4)		11,078,463
	1,305	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Hospital, Series 2010M, 5.500%, 7/01/40 (Pre-refunded 7/01/20)		7/20 at 100.00		Aa3	(4)		1,602,749
		Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A:
	3,840	5.000%, 11/15/30 – NPFG Insured (Pre-refunded 11/15/15)		11/15 at 100.00		AA–	(4)		4,064,179
	3,000	5.000%, 8/15/35 – NPFG Insured (Pre-refunded 11/15/15)		11/15 at 100.00		AA–	(4)		3,175,140
	1,395	Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured (ETM)		No Opt. Call		A3	(4)		1,676,511
	2,000	South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twenty-Seventh Series 2012, 5.000%, 8/01/30 – FGIC Insured		8/22 at 100.00		Aa3	(4)		2,302,200
	25,720	Total U.S. Guaranteed							28,460,014
		Utilities – 10.0%
	160	Connecticut Development Authority, Water Facility Revenue Bonds, Aquarion Water Company Project, Refunding Series 2005B, 4.400%, 8/01/29 – SYNCORA GTY Insured		11/14 at 100.00		N/R			160,106
	5,625	Connecticut Development Authority, Water Facility Revenue Bonds, Aquarion Water Company Project, Series 2007, 5.100%, 9/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax)		9/17 at 100.00		N/R			5,821,931
	500	Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, Series 2013A, 5.000%, 1/01/20		No Opt. Call		Aa3			589,595
		Connecticut Municipal Electric Energy Cooperative, Transmission Services Revenue Bonds, Series 2012A:
	955	5.000%, 1/01/24		1/22 at 100.00		Aa3			1,120,082
	880	5.000%, 1/01/25		1/22 at 100.00		Aa3			1,024,399
	3,400	Connecticut Resource Recovery Authority, Revenue Bonds, American Ref-Fuel Company of Southeastern Connecticut LP, Series 1992A, 6.450%, 11/15/22 (Alternative Minimum Tax)		11/14 at 100.00		Ba1			3,405,984
	1,000	Connecticut Resource Recovery Authority, Revenue Bonds, American Ref-Fuel Company of Southeastern Connecticut LP, Series 1998A-II, 5.500%, 11/15/15 (Alternative Minimum Tax)		11/14 at 100.00		Ba1			1,000,920

Nuveen Investments 31

Nuveen Connecticut Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utilities (continued)
$	3,170	Connecticut Transmission Municipal Electric Energy Cooperative, Transmission System Revenue Bonds, Series 2012A, 5.000%, 1/01/42		1/22 at 100.00		Aa3	$	3,513,121
	6,685	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–		6,697,367
	5,000	Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series 2002, 5.000%, 7/01/20 – NPFG Insured		No Opt. Call		AA–		5,067,850
	27,375	Total Utilities						28,401,355
		Water And Sewer – 7.1%
	5,000	Connecticut, State Revolving Fund General Revenue Bonds, Series 2013A, 5.000%, 3/01/25		3/23 at 100.00		AAA		6,095,900
		Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Refunding Series 2014B:
	500	5.000%, 8/15/30		8/24 at 100.00		A+		582,505
	1,000	5.000%, 8/15/32		8/24 at 100.00		A+		1,153,870
	60	Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A, 5.000%, 8/15/35 – NPFG Insured		11/15 at 100.00		AA–		62,616
	2,350	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.630%, 7/01/40		7/20 at 100.00		A–		2,561,641
	2,500	Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Series 2013A, 5.000%, 4/01/39		4/22 at 100.00		AA		2,810,850
	1,000	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43		12/20 at 100.00		AA+		1,172,760
	500	South Central Connecticut Regional Water Authority, Water System Revenue Bonds Twenty-Eighth Series 2013A, 5.000%, 8/01/38		8/22 at 100.00		Aa3		561,600
	4,130	South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twentieth-Sixth Series, 2011, 5.000%, 8/01/41		8/21 at 100.00		Aa3		4,567,945
	500	Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 2013A, 5.250%, 8/15/43		8/23 at 100.00		AA+		566,595
	17,540	Total Water and Sewer						20,136,282
$	258,750	Total Long-Term Investments (cost $265,193,637)						282,795,296
		Other Assets Less Liabilities – 0.7%						1,917,332
		Net Assets – 100%					$	284,712,628

(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.

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.

32 Nuveen Investments

Nuveen Massachusetts Municipal Bond Fund

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 98.3%
		MUNICIPAL BONDS – 98.3%
		Consumer Discretionary – 0.4%
$	1,425	Boston Industrial Development Financing Authority, Massachusetts, Senior Revenue Bonds, Crosstown Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax) (4)		9/14 at 100.00		Caa3	$	1,082,572
		Consumer Staples – 0.3%
	705	Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33		11/14 at 100.00		BBB+		705,776
		Education And Civic Organizations – 31.1%
	1,270	Massachusetts Development Finance Agency, Revenue Bonds, Bentley University, Series 2010, 5.000%, 7/01/28		7/20 at 100.00		A3		1,378,483
	3,000	Massachusetts Development Finance Agency, Revenue Bonds, Boston College Issue, Series 2013S, 5.000%, 7/01/32		7/23 at 100.00		AA–		3,484,170
	1,500	Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2010R-1, 5.000%, 7/01/40		7/20 at 100.00		AA–		1,644,795
	975	Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2005T-1, 5.000%, 10/01/39 – AMBAC Insured		10/15 at 100.00		A1		1,012,138
	1,015	Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2008U-4, 5.600%, 10/01/35		10/19 at 100.00		A1		1,195,518
	750	Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2009V-1, 5.000%, 10/01/29		10/19 at 100.00		A1		864,817
	5,000	Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2013X, 5.000%, 10/01/48		10/23 at 100.00		A1		5,513,150
	3,000	Massachusetts Development Finance Agency, Revenue Bonds, Brandeis University, Series 2008N, 5.000%, 10/01/39		10/18 at 100.00		A1		3,340,050
	6,000	Massachusetts Development Finance Agency, Revenue Bonds, Draper Laboratory, Series 2008, 5.875%, 9/01/30		9/18 at 100.00		Aa3		6,910,260
	1,000	Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2010A, 5.000%, 1/01/40		1/20 at 100.00		BBB+		1,055,710
	3,000	Massachusetts Development Finance Agency, Revenue Bonds, Harvard University, Series 2010B-1, 5.000%, 10/15/40		10/20 at 100.00		AAA		3,470,820
		Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, Series 2014A:
	1,125	5.000%, 3/01/39		3/24 at 100.00		A2		1,260,934
	1,850	5.000%, 3/01/44		3/24 at 100.00		A2		2,065,618
	1,000	Massachusetts Development Finance Agency, Revenue Bonds, Simmons College, Series 2013J, 5.250%, 10/01/39		No Opt. Call		BBB+		1,093,240
	1,000	Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art Institute, Series 2011A, 5.000%, 7/01/41		7/21 at 100.00		AA		1,096,540
	3,500	Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2011A, 5.250%, 4/01/37		4/21 at 100.00		AA–		3,988,425

Nuveen Investments 33

Nuveen Massachusetts Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education And Civic Organizations (continued)
$	1,000	Massachusetts Development Finance Agency, Revenue Bonds, The Sabis International Charter School, Series 2009A, 8.000%, 4/15/39		10/19 at 100.00		BBB	$	1,174,830
		Massachusetts Development Finance Agency, Revenue Bonds, Williston Northampton School, Series 2005B:
	100	5.000%, 10/01/25 – SYNCORA GTY Insured		10/15 at 100.00		Baa2		101,895
	3,090	5.000%, 10/01/37 – SYNCORA GTY Insured		10/15 at 100.00		Baa2		3,122,661
	895	Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2007, 5.000%, 9/01/37 – NPFG Insured		9/17 at 100.00		AA–		977,465
	2,400	Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2012, 5.000%, 9/01/50		9/22 at 100.00		A+		2,629,272
	2,100	Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured		No Opt. Call		A		2,624,097
		Massachusetts Educational Financing Authority, Education Loan Revenue Bonds Issue K Series 2013:
	2,500	5.000%, 7/01/20 (Alternative Minimum Tax)		No Opt. Call		AA		2,848,475
	2,500	5.250%, 7/01/29 (Alternative Minimum Tax)		7/22 at 100.00		AA		2,744,525
	1,400	Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2008H, 6.350%, 1/01/30 – AGC Insured (Alternative Minimum Tax)		1/18 at 100.00		AA		1,481,718
	1,475	Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2009I, 6.000%, 1/01/28		1/20 at 100.00		AA		1,578,147
	1,360	Massachusetts Educational Financing Authority, Educational Loan Revenue, Series 2011J, 5.625%, 7/01/33 (Alternative Minimum Tax)		7/21 at 100.00		AA		1,487,187
	1,000	Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2014, 5.000%, 1/01/27 (Alternative Minimum Tax)		1/25 at 100.00		AA		1,112,160
	800	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.561%, 12/15/34 (IF) (5)		12/19 at 100.00		AAA		1,150,960
	1,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lesley University, Series 2009A, 5.000%, 7/01/29 – AGC Insured		7/19 at 100.00		AA		1,119,390
	3,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Tufts University, Series 2008O, 5.375%, 8/15/38		8/18 at 100.00		Aa2		3,419,880
	90	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Williams College, Series 2007L, 5.000%, 7/01/31		7/16 at 100.00		AA+		95,894
	1,500	Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39		7/19 at 100.00		BBB		1,639,530
	7,500	University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series 2013-1, 5.000%, 11/01/39		11/22 at 100.00		Aa2		8,472,375
	68,695	Total Education and Civic Organizations						77,155,129
		Health Care – 18.5%
	5,000	Massachusetts Development Finance Agency Revenue Bonds, Children’s Hospital Issue, Series 2014P, 5.000%, 10/01/46		10/24 at 100.00		AA		5,671,400
	2,340	Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2013, 5.250%, 11/15/41		11/23 at 100.00		A–		2,593,820
		Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Health Systems, Series 2012G:
	3,005	5.000%, 10/01/28		10/21 at 100.00		A–		3,305,530
	500	5.000%, 10/01/30		10/21 at 100.00		A–		543,765

34 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	1,320	Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2014F, 5.750%, 7/15/43		7/23 at 100.00		BBB–	$	1,448,700
	1,413	Massachusetts Development Finance Agency, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012A, 6.000%, 2/15/43 (6),(7)		11/14 at 100.00		D		733,277
	907	Massachusetts Development Finance Agency, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012B, 0.000%, 2/15/43 (6),(7)		11/14 at 100.00		D		9
	1,603	Massachusetts Development Finance Agency, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012C, 0.000%, 2/15/43 (6)		11/14 at 100.00		D		16
	1,000	Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System Obligated Group Issue, Series 2013F, 5.000%, 7/01/37		7/23 at 100.00		A		1,094,830
	3,800	Massachusetts Development Finance Agency, Revenue Bonds, The Lowell General Hospital, Series 2013G, 5.000%, 7/01/44		7/23 at 100.00		BBB+		3,999,386
	1,500	Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A, 6.500%, 1/15/38 (6)		1/18 at 100.00		N/R		3,945
	2,065	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Baystate Medical Center, Series 2009I, 5.750%, 7/01/36		7/19 at 100.00		A+		2,310,033
	3,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Boston Medical Center, Series 2008B, 5.250%, 7/01/38		7/18 at 100.00		BBB+		3,151,680
	1,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2004D, 5.125%, 11/15/35 – AGC Insured		11/19 at 100.00		AA		1,115,820
	1,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Auction Rate Series 2004D, 5.250%, 7/01/24 – NPFG Insured		7/18 at 100.00		AA–		1,130,530
	350	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B1 Capital Asset Program Converted June 13,2008, 5.375%, 2/01/28 – NPFG Insured		8/18 at 100.00		AA–		393,932
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B2, Capital Asset Program, Converted June 9, 2009:
	500	5.000%, 2/01/25 – NPFG Insured		8/18 at 100.00		AA–		556,830
	100	5.375%, 2/01/27 – NPFG Insured		8/18 at 100.00		AA–		112,774
	1,770	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital, Series 2005E, 5.000%, 8/15/35 – RAAI Insured		8/15 at 100.00		N/R		1,733,945
	1,500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard Pilgrim Healthcare, Series 1998A, 4.750%, 7/01/22 – AGM Insured		1/15 at 100.00		AA		1,502,850
	3,400	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lahey Clinic Medical Center, Series 2005C, 5.000%, 8/15/21 – FGIC Insured		8/15 at 100.00		AA–		3,543,990
	2,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lahey Medical Center, Series 2007D, 5.250%, 8/15/28		8/17 at 100.00		A+		2,188,940
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford Regional Medical Center, Series 2007E:
	2,040	5.000%, 7/15/32		7/17 at 100.00		BBB–		2,078,719
	1,000	5.000%, 7/15/37		7/17 at 100.00		BBB–		1,010,620
	1,400	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%, 7/01/30		7/15 at 100.00		BB+		1,410,178
	4,065	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial Health Care, Series 2005D, 5.000%, 7/01/33		7/15 at 100.00		BBB+		4,108,739
	47,578	Total Health Care						45,744,258

Nuveen Investments 35

Nuveen Massachusetts Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Multifamily – 3.0%
$	1,535	Boston Housing Authority, Massachusetts, Capital Program Revenue Bonds, Series 2008, 5.000%, 4/01/20 – AGM Insured		4/18 at 100.00		AA	$	1,709,637
	3,110	Massachusetts Development Finance Authority, Multifamily Housing Revenue Bonds, Emerson Manor Project, Series 2007, 4.800%, 7/20/48		7/17 at 100.00		BB		3,198,853
	2,575	Somerville Housing Authority, Massachusetts, GNMA Collateralized Mortgage Revenue Bonds, Clarendon Hill Towers, Series 2002, 5.200%, 11/20/22		5/15 at 100.00		N/R		2,605,848
	7,220	Total Housing/Multifamily						7,514,338
		Long-Term Care – 3.0%
	240	Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village, Series 2010, 5.625%, 12/01/30		12/19 at 100.00		A–		260,078
		Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A:
	240	5.250%, 1/01/26		1/23 at 100.00		BBB–		265,925
	790	5.750%, 1/01/28		1/23 at 100.00		BBB–		869,514
	1,000	Massachusetts Development Finance Agency, Revenue Bonds, North Hill Communities Issue, Series 2013A, 6.250%, 11/15/28		11/23 at 100.00		N/R		1,062,070
	4,220	Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26		10/14 at 101.00		N/R		4,304,062
	35	Massachusetts Development Finance Authority, First Mortgage Revenue Bonds, Berkshire Retirement Community - Edgecombe Project, Series 2001A, 6.750%, 7/01/21		1/15 at 100.00		BBB		35,090
	655	Massachusetts Industrial Finance Agency, First Mortgage Revenue Bonds, Berkshire Retirement Community, Series 1994B, 4.750%, 7/01/17		11/14 at 100.00		BBB		655,963
	7,180	Total Long-Term Care						7,452,702
		Tax Obligation/General – 4.5%
	1,045	Boston, Massachusetts, General Obligation Bonds, Series 2013A, 4.000%, 3/01/25		3/23 at 100.00		AAA		1,184,570
	1,750	Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011, 5.000%, 2/15/32		2/20 at 100.00		AA		1,982,785
	1,005	Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21		No Opt. Call		AA+		1,255,536
	360	Newburyport, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2013, 4.000%, 1/15/30		1/23 at 100.00		AA+		386,899
	1,000	North Reading, Massachusetts, General Obligation Bonds, Series 2012, 5.000%, 5/15/35 – AMBAC Insured		5/22 at 100.00		Aa2		1,131,210
		Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A:
	1,490	5.500%, 7/01/17 – AGM Insured		No Opt. Call		AA		1,533,806
	480	5.500%, 7/01/19 – AGM Insured		No Opt. Call		AA		503,909
	2,000	Quincy, Massachusetts, General Obligation Bonds, Series 2011, 5.125%, 12/01/33		12/20 at 100.00		Aa2		2,233,180
	690	Westfield, Massachusetts, General Obligation Bonds, Series 2004, 5.000%, 8/01/19 – AMBAC Insured		8/15 at 100.00		AA		707,133
	120	Worcester, Massachusetts, General Obligation Bonds, Series 2001A, 5.500%, 8/15/18 – FGIC Insured		2/15 at 100.00		AA–		120,522
	9,940	Total Tax Obligation/General						11,039,550

36 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited – 13.5%
$	1,500	Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.130%, 1/01/42		1/22 at 100.00		A	$	1,608,795
	805	Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37		1/22 at 100.00		A		859,144
	680	Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Series 2002, 5.000%, 5/01/32 – AMBAC Insured		11/14 at 100.00		A–		682,482
	395	Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Series 2004, 5.000%, 5/01/26 – AMBAC Insured		11/14 at 100.00		A–		396,469
	2,545	Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A, 5.000%, 7/01/41		7/22 at 100.00		AAA		2,881,016
	2,500	Massachusetts College Building Authority, Project Revenue Bonds, Series 2008A, 5.000%, 5/01/33 – AGC Insured		5/18 at 100.00		AA		2,771,900
		Massachusetts College Building Authority, Project Revenue Refunding Bonds, Series 2003B:
	2,025	5.375%, 5/01/22 – SYNCORA GTY Insured		No Opt. Call		Aa2		2,523,292
	1,125	5.375%, 5/01/23 – SYNCORA GTY Insured		No Opt. Call		Aa2		1,418,603
	1,310	Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2011A, 5.000%, 5/01/24		No Opt. Call		AA		1,614,496
	1,145	Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/01/37		5/22 at 100.00		AA		1,287,908
	3,125	Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/38		5/23 at 100.00		AA+		3,571,250
	1,400	Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A, 5.000%, 8/15/22 – AMBAC Insured		8/17 at 100.00		AA+		1,567,034
	2,000	Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2011B, 5.000%, 10/15/41		10/21 at 100.00		AA+		2,278,580
	1,130	Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2005, 5.000%, 1/01/20 – FGIC Insured		No Opt. Call		AA–		1,316,077
	1,650	Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J, 5.000%, 7/01/18 – NPFG Insured		11/14 at 100.00		AA–		1,650,033
	3,500	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32		No Opt. Call		BBB+		3,860,465
	25	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		27,377
	1,650	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/32		10/22 at 100.00		BBB		1,819,934
	1,130	Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.630%, 10/01/29		10/19 at 100.00		BBB		1,294,957
	29,640	Total Tax Obligation/Limited						33,429,812
		Transportation – 7.2%
	1,840	Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior Lien Series 2010B, 5.000%, 1/01/32		1/20 at 100.00		A+		2,035,058
	2,000	Massachusetts Port Authority, Airport System Revenue Bonds, Series 2010A, 5.000%, 7/01/30		7/20 at 100.00		AA		2,318,900
	2,750	Massachusetts Port Authority, Revenue Bonds, Series 2012B, 5.000%, 7/01/32		No Opt. Call		AA		3,128,455
	1,780	Massachusetts Port Authority, Revenue Bonds, Series 2014A, 5.000%, 7/01/34		7/24 at 100.00		AA		2,060,742
	2,600	Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation, Series 2007, 5.000%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)		7/17 at 100.00		AA–		2,696,928

Nuveen Investments 37

Nuveen Massachusetts Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		Transportation (continued)
$	500	Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41		7/21 at 100.00		A		$	546,945
	4,055	Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)		1/15 at 100.00		N/R			4,059,907
	840	Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41		7/21 at 100.00		A+			938,742
	16,365	Total Transportation							17,785,677
		U.S. Guaranteed – 8.5% (8)
	905	Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21 (Pre-refunded 3/01/17)		3/17 at 100.00		N/R	(8)		988,514
	75	Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2006C, 5.000%, 7/01/26 (Pre-refunded 7/01/18)		7/18 at 100.00		AAA			87,147
	1,375	Massachusetts College Building Authority, Project Revenue Bonds, Series 2006A, 5.000%, 5/01/31 – AMBAC Insured (Pre-refunded 5/01/16)		5/16 at 100.00		Aa2	(8)		1,483,391
	500	Massachusetts Development Finance Agency, Solid Waste Disposal Revenue Bonds, Dominion Energy Brayton Point Project, Refunding Series 2009, 5.750%, 12/01/42 (Pre-refunded 5/01/19)		5/19 at 100.00		BBB+	(8)		607,430
		Massachusetts Development Finance Authority, Revenue Bonds, Hampshire College, Series 2004:
	1,000	5.625%, 10/01/24 (Pre-refunded 10/01/14)		10/14 at 100.00		BBB	(8)		1,004,890
	1,000	5.700%, 10/01/34 (Pre-refunded 10/01/14)		10/14 at 100.00		BBB	(8)		1,004,960
	3,075	Massachusetts Development Finance Authority, Revenue Bonds, Massachusetts College of Pharmacy and Allied Health Sciences, Series 2005D, 5.000%, 7/01/27 – AGC Insured (Pre-refunded 7/01/15)		7/15 at 100.00		AA	(8)		3,200,921
	295	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 1998A, 5.000%, 7/01/25 – NPFG Insured (Pre-refunded 7/01/21)		7/21 at 100.00		AA–	(8)		346,259
	620	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Williams College, Series 2007L, 5.000%, 7/01/31 (Pre-refunded 7/01/16)		7/16 at 100.00		N/R	(8)		673,816
		Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A:
	5,000	5.000%, 8/15/18 – AGM Insured (Pre-refunded 8/15/15)		8/15 at 100.00		AA+	(8)		5,234,450
	3,200	5.000%, 8/15/20 – AGM Insured (Pre-refunded 8/15/15)		8/15 at 100.00		AA+	(8)		3,350,048
	1,500	Massachusetts Water Resources Authority, General Revenue Bonds, Series 2006A, 5.000%, 8/01/31 – AMBAC Insured (Pre-refunded 8/01/16)		8/16 at 100.00		AA+	(8)		1,635,120
	1,350	Norwell, Massachusetts, General Obligation Bonds, Series 2005, 5.000%, 2/15/25 – AMBAC Insured (Pre-refunded 2/15/15)		2/15 at 101.00		AAA			1,393,997
	19,895	Total U.S. Guaranteed							21,010,943
		Utilities – 2.4%
	1,435	Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured		10/20 at 100.00		AA			1,550,848
	1,560	Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42		11/17 at 100.00		BB+			1,573,572
	2,900	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2004PP, 5.000%, 7/01/22 – NPFG Insured		11/14 at 100.00		AA–			2,900,174
	5,895	Total Utilities							6,024,594

38 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Water And Sewer – 5.9%
$	1,700	Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured		11/19 at 100.00		AA	$	1,870,629
	1,000	Boston Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Senior Lien Refunding Series 2010A, 5.000%, 11/01/30		11/19 at 100.00		AA+		1,153,490
	60	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2003-9, 5.000%, 8/01/22		11/14 at 100.00		AAA		60,243
	1,000	Massachusetts Water Resources Authority, General Revenue Bonds, Series 2002J, 5.250%, 8/01/19 – AGM Insured		No Opt. Call		AA+		1,199,610
		Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A:
	1,650	5.000%, 8/01/27 – NPFG Insured		8/17 at 100.00		AA+		1,833,117
	750	5.000%, 8/01/28 – NPFG Insured		8/17 at 100.00		AA+		826,410
	2,080	5.000%, 8/01/29 – NPFG Insured		8/17 at 100.00		AA+		2,291,910
	2,500	Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005B, 5.000%, 8/01/35 – NPFG Insured		8/17 at 100.00		AA+		2,751,675
	1,500	Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured		11/20 at 100.00		AA		1,683,690
	1,000	Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Series 2003A, 5.000%, 7/01/23 – NPFG Insured		11/14 at 100.00		AA–		1,003,890
	13,240	Total Water and Sewer						14,674,664
$	227,778	Total Long-Term Investments (cost $226,647,598)						243,620,015
		Other Assets Less Liabilities – 1.7%						4,099,531
		Net Assets – 100%					$	247,719,546

(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) On September 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 6.500% to 5.200%.

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

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

(7) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Nuveen funds’ Board of Directors/Trustees. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

(8) 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.

(IF) Inverse floating rate investment.

See accompanying notes to financial statements.

Nuveen Investments 39

Nuveen New Jersey Municipal Bond Fund

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 99.0%
		MUNICIPAL BONDS – 99.0%
		Consumer Discretionary – 0.1%
		Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A:
$	280	5.000%, 1/01/32		1/15 at 100.00		Caa1	$	200,205
	240	5.125%, 1/01/37		1/15 at 100.00		Caa1		171,953
	520	Total Consumer Discretionary						372,158
		Consumer Staples – 3.4%
		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	3,000	4.500%, 6/01/23		6/17 at 100.00		BB		2,975,190
	7,280	4.750%, 6/01/34		6/17 at 100.00		B2		5,405,182
	1,740	5.000%, 6/01/41		6/17 at 100.00		B2		1,319,529
	12,020	Total Consumer Staples						9,699,901
		Education And Civic Organizations – 12.5%
	375	New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Series 2005, 5.000%, 12/01/24 – AMBAC Insured		6/15 at 100.00		N/R		381,656
		New Jersey Education Facilities Authority Revenue Bonds, The College of New Jersey Issue, Series 2013A:
	770	5.000%, 7/01/38		7/23 at 100.00		AA		854,654
	1,015	5.000%, 7/01/43		7/23 at 100.00		AA		1,125,361
	1,000	New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23		11/14 at 100.00		BBB		1,003,620
	1,840	New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2009A, 5.500%, 9/01/36 – AGC Insured		9/19 at 100.00		AA		2,104,242
	1,195	New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D, 5.000%, 7/01/32 – FGIC Insured		7/17 at 100.00		AA–		1,299,312
	1,035	New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2006A, 5.000%, 7/01/36 – AMBAC Insured		7/16 at 100.00		AA–		1,096,748
		New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2012B:
	525	5.000%, 7/01/37		7/22 at 100.00		A		577,232
	100	5.000%, 7/01/42		7/22 at 100.00		A		109,806
	2,000	New Jersey Educational Facilities Authority, Revenue Bonds, Richard Stockton College of New Jersey, Refunding Series 2008A, 5.375%, 7/01/38		7/18 at 100.00		A+		2,241,900
		New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
	250	5.000%, 7/01/32		7/21 at 100.00		BBB+		267,985
	230	5.000%, 7/01/37		7/21 at 100.00		BBB+		243,418
	500	New Jersey Educational Facilities Authority, Revenue Bonds, Rowan College, Series 2007B, 4.250%, 7/01/34 – FGIC Insured		7/17 at 100.00		AA–		510,370
	740	New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38		7/23 at 100.00		A		821,356
	3,810	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 – AGC Insured (Alternative Minimum Tax)		6/18 at 100.00		AA		4,169,397

40 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education And Civic Organizations (continued)
$	515	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25		12/19 at 100.00		AA	$	545,318
	510	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-2, 5.000%, 12/01/30		12/20 at 100.00		Aa3		555,757
	2,125	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1A, 4.375%, 12/01/26 (Alternative Minimum Tax)		12/22 at 100.00		AA		2,255,114
	400	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1B, 5.750%, 12/01/39 (Alternative Minimum Tax)		12/22 at 100.00		A		428,292
		New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2013-1A:
	1,600	3.625%, 12/01/25 (Alternative Minimum Tax)		12/22 at 100.00		AA		1,610,032
	1,000	4.000%, 12/01/28 (Alternative Minimum Tax)		12/22 at 100.00		AA		1,017,150
	1,585	4.000%, 12/01/31 (Alternative Minimum Tax)		12/22 at 100.00		AA		1,586,268
	1,670	4.125%, 12/01/35 (Alternative Minimum Tax)		12/22 at 100.00		AA		1,658,460
		New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2014-1A-1:
	1,500	4.250%, 12/01/32 (Alternative Minimum Tax)		12/23 at 100.00		AA		1,523,745
	1,500	4.500%, 12/01/36 (Alternative Minimum Tax)		12/23 at 100.00		AA		1,538,175
	1,425	New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2012A, 5.000%, 7/01/42		7/22 at 100.00		A+		1,580,154
	550	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Refunding Series 2012, 5.125%, 4/01/32		4/22 at 100.00		BBB–		467,297
	150	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Inter-American University of Puerto Rico Project, Refunding Series 2012, 5.000%, 10/01/31		10/22 at 100.00		A–		139,505
	1,500	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University System, Series 2002, 5.500%, 12/01/31		11/14 at 100.00		BBB–		1,322,370
	2,320	Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43		5/23 at 100.00		AA–		2,633,014
	33,735	Total Education and Civic Organizations						35,667,708
		Financials – 0.6%
		New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002:
	1,000	5.750%, 10/01/21		No Opt. Call		Ba2		1,115,870
	500	6.500%, 4/01/28		No Opt. Call		Ba2		595,455
	1,500	Total Financials						1,711,325
		Health Care – 16.3%
	800	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		882,728
	2,455	Camden County Improvement Authority, New Jersey, Healthcare Revenue Bonds, Cooper Health System, Series 2005B, 5.250%, 2/15/27		2/15 at 100.00		BBB		2,492,488
	400	Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2004A, 5.750%, 2/15/34		11/14 at 100.00		BBB		400,976

Nuveen Investments 41

Nuveen New Jersey Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	2,955	Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2005A, 5.000%, 2/15/25		2/15 at 100.00		BBB	$	2,999,620
	4,425	New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27		7/18 at 100.00		A+		4,794,443
		New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011:
	800	6.000%, 7/01/26		7/21 at 100.00		BB+		885,776
	75	6.250%, 7/01/35		7/21 at 100.00		BB+		81,590
	360	New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Barnabas Health, Series 2012A, 5.000%, 7/01/24		No Opt. Call		BBB+		414,839
		New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades Medical Center Obligated Group Issue, Series 2013:
	800	5.250%, 7/01/31		7/23 at 100.00		BBB		876,288
	440	5.500%, 7/01/43		7/23 at 100.00		BBB		475,433
	1,160	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Atlanticare Regional Medical Center, Series 2007, 5.000%, 7/01/37		7/17 at 100.00		A+		1,227,350
	1,500	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, CentraState Medical Center, Series 2006A, 5.000%, 7/01/30 – AGC Insured		7/17 at 100.00		A3		1,569,330
	140	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Children’s Specialized Hospital, Series 2005A, 5.500%, 7/01/36		7/15 at 100.00		BBB		143,053
	1,510	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006, 5.125%, 7/01/35		7/16 at 100.00		A		1,547,841
	2,000	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006B, 5.000%, 7/01/26		7/16 at 100.00		A		2,063,000
		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group Issue, Refunding Series 2012:
	1,125	5.000%, 7/01/31		7/22 at 100.00		A3		1,241,381
	1,080	5.000%, 7/01/42		7/22 at 100.00		A3		1,155,006
	550	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2013A, 5.000%, 7/01/32		7/23 at 100.00		A		608,267
	5,290	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007, 5.000%, 7/01/38 – AGC Insured		7/18 at 100.00		AA		5,601,740
		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital Issue, Series 2014A:
	570	5.000%, 7/01/39 (WI/DD, Settling 9/10/14)		7/24 at 100.00		A		639,614
	580	5.000%, 7/01/43 (WI/DD, Settling 9/10/14)		7/24 at 100.00		A		646,746
		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Health Care Corporation, Series 2005B:
	2,500	5.000%, 7/01/25 – RAAI Insured		7/15 at 100.00		N/R		2,529,175
	775	5.000%, 7/01/35 – RAAI Insured		7/15 at 100.00		N/R		781,099
	16,225	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/35		1/17 at 39.39		BBB+		5,736,836
	360	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37		7/21 at 100.00		BBB+		397,170
	750	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Series 2006A, 5.000%, 7/01/29		1/17 at 100.00		BBB+		775,357

42 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	3,050	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38		7/18 at 100.00		BBB–	$	3,325,293
	560	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke’s Warren Hospital Obligated Group, Series 2013, 4.000%, 8/15/37		8/23 at 100.00		A3		552,535
		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Refunding Series 2006:
	855	5.000%, 7/01/25		7/16 at 100.00		A2		884,412
	100	5.000%, 7/01/26		7/16 at 100.00		A2		103,258
	810	5.000%, 7/01/36		7/16 at 100.00		A2		826,921
	55,000	Total Health Care						46,659,565
		Housing/Multifamily – 3.9%
		New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
	2,055	5.750%, 6/01/31		6/20 at 100.00		Baa3		2,272,029
	1,100	5.875%, 6/01/42		6/20 at 100.00		Baa3		1,216,633
	3,000	New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 2009A, 4.950%, 5/01/41		11/19 at 100.00		A+		3,078,900
		New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 2013-2:
	2,250	4.350%, 11/01/33 (Alternative Minimum Tax)		11/22 at 100.00		AA–		2,309,062
	1,125	4.600%, 11/01/38 (Alternative Minimum Tax)		11/22 at 100.00		AA–		1,166,670
	1,125	4.750%, 11/01/46 (Alternative Minimum Tax)		11/22 at 100.00		AA–		1,163,779
	10,655	Total Housing/Multifamily						11,207,073
		Housing/Single Family – 1.1%
	1,635	New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2007T, 4.700%, 10/01/37 (Alternative Minimum Tax)		4/17 at 100.00		AA		1,661,226
	1,290	New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2008AA, 6.375%, 10/01/28		10/18 at 100.00		AA		1,345,070
	2,925	Total Housing/Single Family						3,006,296
		Industrials – 0.6%
	1,660	Gloucester County Improvement Authority, New Jersey, Solid Waste Resource Recovery Revenue Refunding Bonds, Waste Management Inc. Project, Series 1999B, 2.125%, 12/01/29 (Mandatory Put 12/01/17)		No Opt. Call		A–		1,728,359
		Long-Term Care – 2.1%
	685	Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38		1/18 at 100.00		N/R		694,501
	595	New Jersey Economic Development Authority, First Mortgage Fixed Rate Revenue Bonds, Cadbury Corporation, Series 1998A, 5.500%, 7/01/18 – ACA Insured		1/15 at 100.00		N/R		582,791
	1,975	New Jersey Economic Development Authority, First Mortgage Revenue Bonds, Winchester Gardens at Wards Homestead, Series 2004A, 5.750%, 11/01/24		11/14 at 100.00		BBB		1,979,859
	150	New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014, 5.250%, 1/01/44		1/24 at 100.00		N/R		153,040
	1,095	New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34		7/23 at 100.00		BBB–		1,158,236

Nuveen Investments 43

Nuveen New Jersey Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Long-Term Care (continued)
$	1,500	New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group, Series 1998, 5.125%, 7/01/25		1/15 at 100.00		BBB–	$	1,500,315
	6,000	Total Long-Term Care						6,068,742
		Tax Obligation/General – 8.2%
	545	Haddon Heights School District, Camden County, New Jersey, General Obligation Bonds, Refunding Series 2012, 3.250%, 1/01/30		1/23 at 100.00		AA–		542,052
		Jefferson Township School District, Morris County, New Jersey, General Obligation Bonds, Refunding Series 2012:
	755	4.000%, 9/15/26		9/22 at 100.00		AA–		839,469
	1,270	4.000%, 9/15/27		9/22 at 100.00		AA–		1,403,807
	525	Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27		8/20 at 100.00		AA		600,789
	620	Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2006, 5.000%, 12/01/15 – AMBAC Insured		No Opt. Call		N/R		652,587
	1,000	Monroe Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2012, 4.000%, 8/01/24		8/22 at 100.00		AA–		1,113,270
		Montclair Township, Essex County, New Jersey, General Obligation Bonds, Parking Utility, Refunding Series 2014A:
	330	3.750%, 1/01/33		1/24 at 100.00		AA+		335,884
	220	5.000%, 1/01/37		1/24 at 100.00		AA+		251,264
	570	New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/30		9/22 at 100.00		A+		635,772
	2,750	Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward Police Facility, Series 2009A, 6.750%, 12/01/38 – AGC Insured		12/19 at 100.00		A3		3,249,263
		Readington Township, New Jersey, General Obligation Bonds, General Improvement Series 2011:
	875	5.125%, 1/15/28		1/21 at 100.00		AA		979,729
	875	5.250%, 1/15/30		1/21 at 100.00		AA		979,046
		South Brunswick Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2012:
	450	4.000%, 12/01/23		6/22 at 100.00		AA+		507,848
	305	4.000%, 12/01/24		6/22 at 100.00		AA+		341,628
	1,780	Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 2/15/21		No Opt. Call		AA+		2,026,316
	3,685	Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Refunding Bonds, Covantan Union Inc. Lessee, Series 2011B, 5.250%, 12/01/31 (Alternative Minimum Tax)		12/21 at 100.00		AA+		4,049,041
	2,515	Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency Revenue Bonds, Series 2011A, 5.000%, 6/15/41		6/21 at 100.00		AA+		2,780,458
	2,110	Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.000%, 1/01/21 – AGM Insured		1/16 at 100.00		Aa3		2,234,617
	21,180	Total Tax Obligation/General						23,522,840
		Tax Obligation/Limited – 19.3%
	650	Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Administration Complex Project, Series 2005, 5.000%, 11/15/26		No Opt. Call		Aaa		834,008
	70	Burlington County Bridge Commission, New Jersey, Governmental Leasing Program Revenue Bonds, County Guaranteed, Refunding Series 2014, 5.000%, 8/15/23		No Opt. Call		Aa2		84,692

44 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	825	Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22 – AMBAC Insured		No Opt. Call		Aa2	$	1,008,637
	2,500	Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005A, 5.750%, 11/01/28 – AGM Insured		No Opt. Call		AAA		3,247,000
	1,395	Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36		1/22 at 100.00		A		1,513,645
		New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
	1,310	5.000%, 6/15/19		No Opt. Call		BBB+		1,502,007
	700	5.000%, 6/15/21		No Opt. Call		BBB+		807,877
	2,850	5.000%, 6/15/25		6/22 at 100.00		BBB+		3,221,042
	450	5.000%, 6/15/28		No Opt. Call		BBB+		499,401
	1,000	New Jersey Economic Development Authority, Lease Revenue Bonds, Liberty State Park Project, Series 2005C, 5.000%, 3/01/27 – AGM Insured		3/15 at 100.00		AA		1,021,900
	1,000	New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.000%, 7/01/29 – NPFG Insured		11/14 at 100.00		AA–		1,016,810
		New Jersey Economic Development Authority, Revenue Bonds, Newark Downtown District Management Corporation Project, Series 2007:
	85	5.125%, 6/15/27		6/17 at 100.00		Baa3		88,412
	145	5.125%, 6/15/37		6/17 at 100.00		Baa3		148,916
	2,000	New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/22		No Opt. Call		A		2,311,960
	305	New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U, 5.000%, 9/01/37 – AMBAC Insured		9/17 at 100.00		A		332,633
		New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2008A:
	3,245	5.000%, 10/01/28		10/18 at 100.00		A		3,609,803
	1,950	5.250%, 10/01/38		10/18 at 100.00		A		2,072,791
	2,000	New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformation Program, Series 2009A, 5.750%, 10/01/31		10/19 at 100.00		A		2,292,780
	14,635	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30		No Opt. Call		A		7,098,560
	1,900	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22		No Opt. Call		A		2,265,180
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
	4,000	0.000%, 12/15/32 – AGM Insured		No Opt. Call		AA		1,778,480
	4,000	0.000%, 12/15/33 – AGM Insured		No Opt. Call		AA		1,653,920
	5,450	0.000%, 12/15/34 – AGM Insured		No Opt. Call		AA		2,156,892
	500	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/26 – AMBAC Insured		12/17 at 100.00		A		554,345
	5,505	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/39		No Opt. Call		A		1,602,065
	2,750	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24		No Opt. Call		A		3,212,138
	1,500	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 5.000%, 6/15/38		No Opt. Call		A		1,610,415

Nuveen Investments 45

Nuveen New Jersey Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
		Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Expansion Project, Series 2012:
$	1,465	5.000%, 5/01/21		No Opt. Call		Aa3	$	1,705,890
	2,000	3.500%, 5/01/35		5/22 at 100.00		Aa3		1,960,920
	485	Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 4.500%, 7/01/36 – CIFG Insured		7/16 at 100.00		BB		378,067
	3,000	Union County Improvement Authority, New Jersey, Lease Revenue Refunding Bonds, City of Plainfield - Park Madison Redevelopment Project, Series 2013A, 5.000%, 3/01/34		No Opt. Call		AA+		3,766,500
	69,670	Total Tax Obligation/Limited						55,357,686
		Transportation – 15.7%
	1,100	Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2012A, 5.000%, 1/01/42		1/23 at 100.00		A1		1,227,237
		Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A:
	360	5.000%, 1/01/34		1/24 at 100.00		A1		412,409
	1,510	4.125%, 1/01/39		1/24 at 100.00		A1		1,563,242
	2,000	5.000%, 1/01/44		1/24 at 100.00		A1		2,253,280
		Delaware River Joint Toll Bridge Commission, Pennsylvania, Revenue Bonds, Refunding Series 2012A:
	500	5.000%, 7/01/26		7/22 at 100.00		A		574,845
	500	3.000%, 7/01/28		7/22 at 100.00		A		492,125
	1,760	Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 5.000%, 1/01/40		1/24 at 100.00		A		1,978,381
		Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012:
	1,095	5.000%, 1/01/26		No Opt. Call		BBB		1,244,741
	1,000	5.000%, 1/01/27		No Opt. Call		BBB		1,124,560
	1,255	New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.625%, 1/01/52 (Alternative Minimum Tax)		1/24 at 100.00		BBB–		1,373,623
		New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:
	400	5.125%, 9/15/23 (Alternative Minimum Tax)		9/14 at 100.00		B		424,348
	800	5.250%, 9/15/29 (Alternative Minimum Tax)		9/22 at 101.00		B		837,216
	300	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		324,111
		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
	70	6.500%, 1/01/16		No Opt. Call		A3		75,706
	340	6.500%, 1/01/16 – NPFG Insured		No Opt. Call		AA–		367,761
	1,300	New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured		No Opt. Call		AA		1,620,658
	3,500	New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35		1/20 at 100.00		A+		3,915,520
	1,380	New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/28		1/23 at 100.00		A+		1,592,686
	5,000	New Jersey Turnpike Authority, Revenue Bonds, Series 2013A, 5.000%, 1/01/43		7/22 at 100.00		A+		5,537,150
	900	Passaic County Improvement Authority, New Jersey, County Guaranteed Parking Revenue Bonds, 200 Hospital Plaza Project, Series 2010, 5.000%, 5/01/42		5/20 at 100.00		Aa3		993,258
	2,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fifty Third Series 2008, 5.000%, 7/15/38		7/18 at 100.00		AA–		2,241,460

46 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		Transportation (continued)
		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
$	2,500	5.000%, 12/01/28 – SYNCORA GTY Insured		6/15 at 101.00		AA–		$	2,602,650
	500	5.000%, 12/01/34		6/15 at 101.00		AA–			520,245
	420	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.784%, 8/15/32 – AGM Insured (IF)		8/17 at 100.00		AA			594,770
	1,810	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43		12/23 at 100.00		AA–			2,054,368
		Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:
	2,000	5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)		12/14 at 100.00		AA–			2,012,440
	3,125	5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)		12/14 at 100.00		AA–			3,133,781
		South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2012Q:
	810	3.000%, 1/01/23		No Opt. Call		A2			828,322
	870	3.000%, 1/01/24		1/23 at 100.00		A2			883,163
	1,810	South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Refunding Series 2012, 5.000%, 11/01/22		No Opt. Call		A–			2,102,080
	40,915	Total Transportation							44,906,136
		U.S. Guaranteed – 11.2% (4)
		Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005:
	1,335	5.000%, 1/01/26 – NPFG Insured (Pre-refunded 1/01/15)		1/15 at 100.00		AA–	(4)		1,353,663
	500	5.000%, 1/01/27 – NPFG Insured (Pre-refunded 1/01/15)		1/15 at 100.00		AA–	(4)		506,990
		Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, County Services Building Project, Series 2005:
	395	5.000%, 4/01/25 – AMBAC Insured (Pre-refunded 4/01/15)		4/15 at 100.00		AA	(4)		406,415
	920	5.000%, 4/01/35 – AMBAC Insured (Pre-refunded 4/01/15)		4/15 at 100.00		AA	(4)		946,588
	735	Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2005, 4.000%, 12/01/17 – AMBAC Insured (Pre-refunded 12/01/15)		12/15 at 100.00		N/R	(4)		758,674
	2,255	New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/27 (Pre-refunded 6/15/16)		6/16 at 100.00		AA+	(4)		2,444,488
	330	New Jersey Economic Development Authority, Revenue Bonds, Yeshiva Ktana of Passaic, Series 1993, 8.000%, 9/15/18 (ETM)		No Opt. Call		N/R	(4)		380,510
	525	New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U, 5.000%, 9/01/37 – AMBAC Insured (Pre-refunded 9/01/17)		9/17 at 100.00		AAA			595,576
	420	New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2005B, 5.000%, 7/01/30 – NPFG Insured (Pre-refunded 7/01/16)		7/16 at 100.00		AA–	(4)		456,128
		New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2005F:
	1,400	5.000%, 7/01/16 – FGIC Insured (Pre-refunded 7/01/15)		7/15 at 100.00		A1	(4)		1,455,874
	1,825	5.000%, 7/01/24 – FGIC Insured (Pre-refunded 7/01/15)		7/15 at 100.00		A1	(4)		1,897,836
	525	5.000%, 7/01/32 – FGIC Insured (Pre-refunded 7/01/15)		7/15 at 100.00		A1	(4)		545,953
	2,500	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)		3,256,175

Nuveen Investments 47

Nuveen New Jersey Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		U.S. Guaranteed (4) (continued)
		New Jersey Health Care Facilities Financing Authority, Lease Revenue Bonds, Department of Human Services – Greystone Park Psychiatric Hospital, Series 2005:
$	1,050	5.000%, 9/15/18 – AMBAC Insured (Pre-refunded 9/15/15)		9/15 at 100.00		A	(4)	$	1,103,518
	1,875	5.000%, 9/15/24 – AMBAC Insured (Pre-refunded 9/15/15)		9/15 at 100.00		A	(4)		1,970,569
	4,495	5.000%, 9/15/26 – AMBAC Insured (Pre-refunded 9/15/15)		9/15 at 100.00		A	(4)		4,724,110
	1,325	5.000%, 9/15/28 – AMBAC Insured (Pre-refunded 9/15/15)		9/15 at 100.00		A	(4)		1,392,535
	845	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Clare’s Hospital, Series 2004A, 5.250%, 7/01/20 – RAAI Insured (ETM)		No Opt. Call		N/R	(4)		1,019,154
	1,295	New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 – FGIC Insured (Pre-refunded 9/15/15)		9/15 at 100.00		AA–	(4)		1,360,864
		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
	35	6.500%, 1/01/16 (ETM)		No Opt. Call		A3	(4)		37,900
	200	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		AA–	(4)		216,570
	50	6.500%, 1/01/16 (ETM)		No Opt. Call		AA+	(4)		54,143
	255	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		AA–	(4)		276,127
	65	6.500%, 1/01/16 – AMBAC Insured (ETM)		No Opt. Call		AA+	(4)		67,491
	40	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		AA–	(4)		41,533
	5	6.500%, 1/01/16 – AMBAC Insured (ETM)		No Opt. Call		AA–	(4)		5,192
	4,000	Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 5.130%, 6/01/24 – AMBAC Insured (ETM)		No Opt. Call		Aaa			4,827,640
	29,200	Total U.S. Guaranteed							32,102,216
		Utilities – 0.9%
		New Jersey Economic Development Authority, Energy Facilities Revenue Bonds, UMM Energy Partners, LLC Project, Series 2012A:
	500	5.000%, 6/15/37 (Alternative Minimum Tax)		No Opt. Call		Baa3			516,315
	1,000	5.125%, 6/15/43 (Alternative Minimum Tax)		6/22 at 100.00		Baa3			1,034,990
	960	New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010D, 4.875%, 11/01/29 (Alternative Minimum Tax)		11/20 at 100.00		A1			1,041,254
	2,460	Total Utilities							2,592,559
		Water And Sewer – 3.1%
	2,175	New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 2012C, 4.250%, 10/01/47 (Alternative Minimum Tax)		10/22 at 100.00		A			2,206,472
	1,040	New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 2012C, 5.000%, 10/01/23		No Opt. Call		A			1,225,879
	1,770	New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Tender Option Bond Trust 4729, 7.355%, 9/01/21 (IF) (5)		No Opt. Call		AAA			2,324,701
		North Hudson Sewerage Authority, Gross Revenue Senior Lien Lease Certificates, Series 2012A:
	1,500	5.000%, 6/01/27 – NPFG Insured		6/22 at 100.00		A			1,715,085
	1,210	5.000%, 6/01/42 – NPFG Insured		6/22 at 100.00		A			1,325,821
	7,695	Total Water and Sewer							8,797,958
$	295,135	Total Long-Term Investments (cost $ 263,598,382)							283,400,522
		Other Assets Less Liabilities – 1.0%							2,877,312
		Net Assets – 100%						$	286,277,834

48 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.

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

(IF) Inverse floating rate investment.

(ETM) Escrowed to maturity.

See accompanying notes to financial statements.

Nuveen Investments 49

Nuveen New York Municipal Bond Fund

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 99.7%
		MUNICIPAL BONDS – 99.7%
		Consumer Discretionary – 0.1%
$	665	New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35		9/15 at 100.00		BBB	$	667,992
		Consumer Staples – 2.2%
	260	New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25		12/14 at 100.00		A1		259,977
	75	Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25		11/14 at 100.00		A1		72,800
	6,650	Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2008C, 6.625%, 6/01/44		6/22 at 100.00		BB–		6,275,605
		TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
	1,640	4.750%, 6/01/22		6/16 at 100.00		BBB–		1,631,160
	1,325	5.000%, 6/01/26		6/16 at 100.00		BB–		1,287,502
	7,335	5.125%, 6/01/42		6/16 at 100.00		B		5,864,333
	17,285	Total Consumer Staples						15,391,377
		Education And Civic Organizations – 16.8%
	660	Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31		7/17 at 100.00		BBB		684,064
		Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A:
	520	5.000%, 4/01/20		4/17 at 100.00		BB+		536,006
	1,000	5.000%, 4/01/27		4/17 at 100.00		BB+		1,005,500
	290	5.000%, 4/01/37		4/17 at 100.00		BB+		285,740
	1,000	Allegany County Industrial Development Agency, New York, Revenue Bonds, Alfred University, Series 1998, 5.000%, 8/01/28 – NPFG Insured		2/15 at 100.00		A3		1,001,230
	3,875	Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.375%, 7/15/43		1/20 at 100.00		BBB–		4,392,661
	2,190	Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40		12/20 at 100.00		B		2,274,753
		Build NYC Resource Corp, New York, Revenue Bonds, City University of NY-Queens College, Q Student Residences, LLC Project, Refunding Series 2014:
	1,000	5.000%, 6/01/38 (WI/DD, Settling 9/05/14)		6/24 at 100.00		Aa2		1,138,530
	4,050	5.000%, 6/01/43 (WI/DD, Settling 9/05/14)		6/24 at 100.00		Aa2		4,589,379
		Build NYC Resource Corporation, New York, Revenue Bonds, Bronx Charter School for Excellence, Series 2013A:
	1,630	5.000%, 4/01/33		4/23 at 100.00		BBB–		1,679,764
	1,000	5.500%, 4/01/43		4/23 at 100.00		BBB–		1,051,930
	215	Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23		5/16 at 100.00		BBB–		223,705
	1,750	Dormitory Authority of the State of New York, Brooklyn Law School Revenue Bonds, Series 2009, 5.750%, 7/01/33		7/19 at 100.00		BBB+		1,946,420

50 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education And Civic Organizations (continued)
$	2,655	Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A, 5.000%, 7/01/32 – RAAI Insured		7/17 at 100.00		N/R	$	2,734,783
	1,055	Dormitory Authority of the State of New York, General Revenue Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 – AMBAC Insured		No Opt. Call		AA–		1,378,189
	1,880	Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2007A, 5.250%, 7/01/32 – NPFG Insured		7/17 at 100.00		AA–		1,982,930
		Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007:
	1,670	5.250%, 7/01/29 – FGIC Insured		No Opt. Call		AA–		1,958,225
	735	5.250%, 7/01/34 – FGIC Insured		No Opt. Call		AA–		863,853
	1,500	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2013A, 5.000%, 7/01/27		7/23 at 100.00		Aa3		1,752,930
	435	Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A, 5.000%, 7/01/37 – FGIC Insured		7/17 at 100.00		AA–		470,679
	7,740	Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41		4/21 at 100.00		AAA		8,885,288
	750	Dormitory Authority of the State of New York, Revenue Bonds, Convent of the Sacred Heart, Series 2011, 5.625%, 11/01/32 – AGM Insured		5/21 at 100.00		AA		879,698
	350	Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30		7/20 at 100.00		A–		390,190
	585	Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 5.000%, 7/01/32 – AMBAC Insured		7/17 at 100.00		AA–		645,302
	1,500	Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009B, 5.000%, 7/01/39		7/19 at 100.00		AA–		1,706,925
	1,200	Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2008C, 5.000%, 7/01/37		7/20 at 100.00		Aa1		1,377,120
	1,845	Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Project, Series 2007-A2, 4.500%, 8/01/36		8/17 at 100.00		Ba1		1,732,270
	250	Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2009B, 5.250%, 2/01/39		2/19 at 100.00		A		268,462
	1,175	Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39		7/19 at 100.00		BBB+		1,276,156
	2,660	Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Colgate University, Series 2005A, 5.000%, 7/01/40 – AMBAC Insured		7/15 at 100.00		AA+		2,701,310
	2,500	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Polytechnic University, Series 2007, 5.250%, 11/01/37 – ACA Insured		11/17 at 100.00		AA–		2,773,700
		New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, YMCA of Greater New York, Series 2006:
	5,520	5.000%, 8/01/26		8/16 at 100.00		A–		5,703,485
	2,000	5.000%, 8/01/36		8/16 at 100.00		A–		2,038,620
		New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
	4,000	5.000%, 1/01/31 – AMBAC Insured		1/17 at 100.00		Ba1		4,109,880
	1,060	5.000%, 1/01/39 – AMBAC Insured		1/17 at 100.00		Ba1		1,082,673
	1,795	4.750%, 1/01/42 – AMBAC Insured		1/17 at 100.00		Ba1		1,812,699
	5,170	5.000%, 1/01/46 – AMBAC Insured		1/17 at 100.00		Ba1		5,274,796

Nuveen Investments 51

Nuveen New York Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education And Civic Organizations (continued)
		New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
$	720	5.000%, 3/01/31 – FGIC Insured		9/16 at 100.00		BBB	$	738,144
	2,500	5.000%, 3/01/36 – NPFG Insured		9/16 at 100.00		AA–		2,560,550
	2,140	4.500%, 3/01/39 – FGIC Insured		9/16 at 100.00		BBB		2,166,386
	1,150	4.750%, 3/01/46 – NPFG Insured		9/16 at 100.00		AA–		1,170,113
	2,000	New York City Trust for Cultural Resources, New York, Revenue Bonds, Carnegie Hall, Series 2009A, 5.000%, 12/01/39		12/19 at 100.00		A+		2,136,340
	740	New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of American Art, Series 2011, 5.000%, 7/01/31		1/21 at 100.00		A		829,140
	5,375	New York City Trust for Cultural Resources, New York, Revenue Bonds, Wildlife Conservation Society, Series 2013A, 5.000%, 8/01/33		8/23 at 100.00		AA–		6,163,351
		New York City Trust for Cultural Resources, New York, Revenue Bonds, Wildlife Conservation Society, Series 2014A:
	3,800	5.000%, 8/01/38		8/23 at 100.00		AA–		4,309,808
	10,000	5.000%, 8/01/43		8/23 at 100.00		AA–		11,242,700
		Onondaga Civic Development Corporation, New York, Revenue Bonds, Le Moyne College Project, Series 2012:
	1,000	5.000%, 7/01/32		7/22 at 100.00		Baa2		1,073,280
	1,745	5.000%, 7/01/42		7/22 at 100.00		Baa2		1,855,895
	430	Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27		10/17 at 100.00		BBB		448,077
	1,600	Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40		9/20 at 100.00		A–		1,741,088
		Yonkers Economic Development Corporation, New York, Revenue Bonds, Charter School Educational Excellence Project, Series 2010A:
	1,340	6.000%, 10/15/30		10/20 at 100.00		BB		1,415,670
	2,300	6.250%, 10/15/40		10/20 at 100.00		BB		2,431,353
	1,000	Yonkers Industrial Development Agency, New York, Civic Facility Revenue Bonds, Sarah Lawrence College Project, Series 2001A Remarketed, 6.000%, 6/01/41		6/19 at 100.00		BBB		1,106,510
	107,050	Total Education and Civic Organizations						115,998,250
		Financials – 1.9%
	7,110	New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35		No Opt. Call		A		8,532,569
	3,475	New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37		No Opt. Call		A		4,282,798
	10,585	Total Financials						12,815,367
		Health Care – 9.5%
	1,000	Albany Capital Resource Corporation, New York, St. Peter’s Hospital Project, Series 2011, 6.125%, 11/15/30		11/20 at 100.00		A+		1,151,360
	8,065	Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 2008A, 5.250%, 11/15/32		11/17 at 100.00		A+		8,811,819
	1,910	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured		2/15 at 100.00		AA–		1,941,420

52 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
		Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005:
$	3,000	5.000%, 2/01/22 – FGIC Insured		2/15 at 100.00		AA–	$	3,056,430
	1,775	5.000%, 2/01/28 – FGIC Insured		2/15 at 100.00		AA–		1,805,281
	550	Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.200%, 7/01/32		7/20 at 100.00		A2		598,417
	2,500	Dormitory Authority of the State of New York, North Shore Long Island Jewish Obligated Group Revenue Bonds, Series 2011A, 5.000%, 5/01/41		5/21 at 100.00		A		2,707,375
		Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
	2,995	6.000%, 12/01/14		No Opt. Call		Ba1		3,028,125
	6,895	6.125%, 12/01/29		12/18 at 100.00		Ba1		7,334,970
	4,500	6.250%, 12/01/37		12/18 at 100.00		Ba1		4,746,285
	1,350	Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured		11/14 at 100.00		AA		1,367,132
	600	Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2005A, 5.000%, 11/01/34		11/16 at 100.00		A		624,966
	500	Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2006B, 5.000%, 11/01/34		11/16 at 100.00		A3		520,805
	1,000	Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2009A, 5.500%, 5/01/37		5/19 at 100.00		A		1,091,320
	5,600	Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37		7/17 at 100.00		A–		6,141,912
		Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vassar Brothers Medical Center Facility, Series 2005:
	545	5.500%, 4/01/30		10/20 at 100.00		AA		610,313
	950	5.500%, 4/01/34		10/20 at 100.00		AA		1,053,901
		Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
	170	4.500%, 2/01/17		No Opt. Call		BB+		176,157
	710	5.250%, 2/01/27		2/17 at 100.00		BB+		720,614
	785	5.500%, 2/01/32		2/17 at 100.00		BB+		797,215
		Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochestor Project, Series 2010:
	2,720	5.750%, 8/15/35		2/21 at 100.00		Aa2		3,283,122
	5,000	5.500%, 8/15/40		2/21 at 100.00		Aa2		5,880,000
	1,395	Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester General Hospital Project, Series 2013A., 5.000%, 12/01/42		12/22 at 100.00		A–		1,494,198
		Saratoga County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Saratoga Hospital Project, Series 2007B:
	1,000	5.125%, 12/01/27		12/17 at 100.00		A–		1,050,790
	500	5.250%, 12/01/32		12/17 at 100.00		A–		523,065
	1,965	Suffolk County Economic Development Corporation, New York, Revenue Refunding Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2011, 5.000%, 7/01/28		7/21 at 100.00		BBB+		2,155,330
	2,000	Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31		1/15 at 100.00		B+		2,001,640

Nuveen Investments 53

Nuveen New York Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	1,060	Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001B, 7.125%, 7/01/31		11/14 at 100.00		B+	$	1,060,869
	61,040	Total Health Care						65,734,831
		Housing/Multifamily – 1.6%
	1,600	Canton Capital Resource Corporation, New York, Student Housing Facility Revenue Bonds, Grasse River LLC at SUNY Canton Project Series 2010A, 5.000%, 5/01/40		5/20 at 100.00		AA		1,727,120
	240	East Syracuse Housing Authority, New York, FHA-Insured Section 8 Assisted Revenue Refunding Bonds, Bennet Project, Series 2001A, 6.700%, 4/01/21		10/14 at 100.00		AA		240,768
	1,000	Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Morrisville State College Foundation, Series 2005A, 5.000%, 6/01/37 – CIFG Insured		6/15 at 101.00		BBB–		1,006,690
	5	New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2002A, 5.500%, 11/01/34 (Alternative Minimum Tax)		11/14 at 100.00		AA		5,019
	540	New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2004-H2, 5.125%, 11/01/34 (Alternative Minimum Tax)		11/14 at 100.00		AA		540,940
	855	New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010D-1A, 5.000%, 11/01/42		5/20 at 100.00		AA		905,300
	2,500	New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2007B, 5.300%, 11/01/37 (Alternative Minimum Tax)		11/17 at 100.00		Aa2		2,586,725
	705	New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)		11/17 at 100.00		Aa2		725,671
		New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A:
	50	6.100%, 11/01/15 – AGM Insured		11/14 at 100.00		AA		50,247
	255	6.125%, 11/01/20 – AGM Insured		11/14 at 100.00		AA		255,688
	1,695	New York State Housing Finance Agency, Multifamily Housing Revenue Bonds, Cannon Street Senior Housing Project, Series 2007A, 5.300%, 2/15/39 (Alternative Minimum Tax)		2/17 at 100.00		Aa1		1,746,850
	1,000	New York State Housing Finance Agency, Secured Mortgage Program Multifamily Housing Revenue Bonds, Series 2001G, 5.400%, 8/15/33 (Alternative Minimum Tax)		2/15 at 100.00		Aa1		1,001,040
	10,445	Total Housing/Multifamily						10,792,058
		Housing/Single Family – 0.3%
	2,305	New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax)		4/15 at 100.00		Aa1		2,320,075
		Long-Term Care – 2.6%
	1,070	Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41		2/17 at 103.00		AA+		1,134,510
		Dormitory Authority of the State of New York, Insured Revenue Bonds, NYSARC Inc Projects, Series 2007B:
	290	6.000%, 7/01/26 – AMBAC Insured		7/19 at 100.00		Aa2		326,676
	310	6.000%, 7/01/27 – AMBAC Insured		7/19 at 100.00		Aa2		347,575
	330	6.000%, 7/01/28 – AMBAC Insured		7/19 at 100.00		Aa2		369,062
	350	6.000%, 7/01/29 – AMBAC Insured		7/19 at 100.00		Aa2		390,103
	1,460	6.000%, 7/01/36 – AMBAC Insured		7/19 at 100.00		Aa2		1,612,205
	1,000	Dormitory Authority of the State of New York, Insured Revenue Bonds, NYSARC Inc Projects, Series 2009A, 6.000%, 7/01/38		7/19 at 100.00		Aa2		1,135,350

54 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Long-Term Care (continued)
$	2,000	Dormitory Authority of the State of New York, Insured Revenue Bonds, NYSARC Inc., Series 2005A, 5.000%, 7/01/34 – AGM Insured		7/15 at 100.00		AA	$	2,060,760
	650	Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31		11/16 at 100.00		B1		622,492
		Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005:
	50	5.125%, 7/01/30 – ACA Insured		7/15 at 100.00		N/R		50,100
	555	5.000%, 7/01/35 – ACA Insured		7/15 at 100.00		N/R		550,704
	1,700	East Rochester Housing Authority, New York, Senior Living Revenue Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33		8/16 at 101.00		N/R		1,695,954
	2,770	Erie County Industrial Development Agency, New York, Revenue Bonds, Orchard Park CCRC Inc. Project, Series 2006A, 6.000%, 11/15/36		11/16 at 100.00		N/R		2,815,761
	105	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19		11/14 at 100.00		N/R		105,203
		New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1:
	1,000	5.800%, 7/01/23		7/16 at 101.00		N/R		969,760
	1,175	6.100%, 7/01/28		7/16 at 101.00		N/R		1,125,286
	800	6.200%, 7/01/33		7/16 at 101.00		N/R		759,096
	1,225	Suffolk County Economic Development Corporation, New York, Revenue Refunding Bonds, Peconic Landing At Southold, Inc. Project, Series 2010, 6.000%, 12/01/40		12/20 at 100.00		BBB–		1,350,060
	125	Suffolk County Industrial Development Agency, New York, Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001C-1, 7.250%, 7/01/16		1/15 at 100.00		N/R		125,669
	16,965	Total Long-Term Care						17,546,326
		Tax Obligation/General – 5.7%
		Mount Sinai Union Free School District, Suffolk County, New York, General Obligation Refunding Bonds, Series 1992:
	500	6.200%, 2/15/15 – AMBAC Insured		No Opt. Call		Aa3		513,820
	1,035	6.200%, 2/15/16 – AMBAC Insured		No Opt. Call		Aa3		1,121,981
	1,240	New York City, New York, General Obligation Bonds, Fiscal 2008 Series D, 5.125%, 12/01/26		12/17 at 100.00		AA		1,396,823
		New York City, New York, General Obligation Bonds, Fiscal 2012 Series A-1:
	1,900	5.000%, 10/01/30		No Opt. Call		AA		2,196,913
	1,915	5.000%, 10/01/31		No Opt. Call		AA		2,202,308
	3,000	5.000%, 10/01/33		10/22 at 100.00		AA		3,408,420
		New York City, New York, General Obligation Bonds, Fiscal 2013 Series F-1:
	1,810	5.000%, 3/01/32		3/23 at 100.00		AA		2,076,323
	6,100	5.000%, 3/01/37		3/23 at 100.00		AA		6,846,762
	2,000	New York City, New York, General Obligation Bonds, Fiscal 2014 Series D-1, 5.000%, 8/01/30		8/23 at 100.00		AA		2,322,080
	2,500	New York City, New York, General Obligation Bonds, Fiscal 2015 Series A, 5.000%, 8/01/32 (WI/DD, Settling 9/04/14)		8/24 at 100.00		AA		2,920,450
		New York City, New York, General Obligation Bonds, Fiscal Series 2004E:
	1,000	5.000%, 11/01/19 – AGM Insured		11/14 at 100.00		AA		1,008,270
	925	5.000%, 11/01/20 – AGM Insured		11/14 at 100.00		AA		932,594
	65	New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 – SYNCORA GTY Insured		9/15 at 100.00		AA		68,136
	600	New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/19 – FGIC Insured		3/15 at 100.00		AA		614,652

Nuveen Investments 55

Nuveen New York Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	6,670	New York City, New York, General Obligation Bonds, Series 2011D-I, 5.000%, 10/01/34		No Opt. Call		AA	$	7,556,510
	960	Rensselaer County, New York, General Obligation Bonds, Series 1991, 6.700%, 2/15/15 – AMBAC Insured		No Opt. Call		AA		988,781
		Yonkers, New York, General Obligation Bonds, Series 2005B:
	1,495	5.000%, 8/01/17		8/15 at 100.00		A3		1,557,835
	1,570	5.000%, 8/01/18		8/15 at 100.00		A3		1,633,852
	35,285	Total Tax Obligation/General						39,366,510
		Tax Obligation/Limited – 25.1%
	1,160	Albany Parking Authority, New York, Revenue Refunding Bonds, Series 1992A, 0.000%, 11/01/17		No Opt. Call		N/R		1,001,764
		Dormitory Authority of the State of New York, Residential Institutions for Children Revenue Bonds, Series 2008-A1:
	2,000	5.000%, 6/01/33		6/18 at 100.00		Aa1		2,186,140
	2,500	5.000%, 6/01/38		6/18 at 100.00		Aa1		2,710,275
	2,410	Dormitory Authority of the State of New York, Revenue Bonds, Department of Health, Series 2004-2, 5.000%, 7/01/20 – FGIC Insured		11/14 at 100.00		AA		2,419,495
	1,000	Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005D-1, 5.000%, 8/15/23 – NPFG Insured		2/15 at 100.00		AA		1,021,650
	1,500	Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2009C, 5.125%, 10/01/36 – AGC Insured		10/19 at 100.00		AA		1,701,990
	775	Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, Series 1993C, 5.250%, 5/15/19		No Opt. Call		AA		853,229
	4,025	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Education Series 2008A, 5.000%, 3/15/28		3/18 at 100.00		AAA		4,550,142
	5,955	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/34		No Opt. Call		AAA		6,801,861
		Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012D:
	2,835	5.000%, 2/15/33		No Opt. Call		AAA		3,226,712
	1,000	5.000%, 2/15/37		No Opt. Call		AAA		1,123,200
	2,500	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2013A, 5.000%, 2/15/43		2/23 at 100.00		AAA		2,810,525
	2,500	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014A, 5.000%, 2/15/26		2/24 at 100.00		AAA		3,027,200
	3,030	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2009A, 5.000%, 2/15/34		2/19 at 100.00		AAA		3,414,719
	1,460	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2008A, 5.750%, 5/01/27 – AGM Insured		5/18 at 100.00		AA		1,689,059
	12,000	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47		2/21 at 100.00		A		13,270,080
	11,675	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured		2/17 at 100.00		A		12,412,860
	4,000	Monroe County Industrial Development Agency, New York, School Facility Revenue Bonds, Rochester Schools Modernization Project, Series 2013, 5.000%, 5/01/28		5/23 at 100.00		AA		4,648,160

56 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	1,680	Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34		1/15 at 100.00		A–	$	1,685,023
		New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
	5,570	5.000%, 10/15/25 – NPFG Insured		10/14 at 100.00		AAA		5,603,921
	3,095	5.000%, 10/15/26 – NPFG Insured		10/14 at 100.00		AAA		3,114,127
	5,875	5.000%, 10/15/29 – AMBAC Insured		10/14 at 100.00		AAA		5,909,369
	500	5.000%, 10/15/32 – AMBAC Insured		10/14 at 100.00		AAA		502,855
	7,800	New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured		1/17 at 100.00		Aa2		8,441,238
	4,520	New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S1, 5.500%, 7/15/31		7/18 at 100.00		Aa2		5,150,043
	3,950	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38		5/23 at 100.00		AAA		4,479,734
		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series B-1:
	2,600	5.000%, 11/01/35		5/24 at 100.00		AAA		3,006,458
	2,500	5.000%, 11/01/36		5/24 at 100.00		AAA		2,879,550
	5,715	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/35		2/24 at 100.00		AAA		6,588,652
		New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C:
	10,050	5.500%, 11/01/35		11/20 at 100.00		AAA		11,752,570
	9,000	5.000%, 11/01/39		11/20 at 100.00		AAA		10,335,510
	1,000	New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Series 2011-D1, 5.250%, 2/01/30		2/21 at 100.00		AAA		1,174,780
		New York Convention Center Development Corporation, Hotel Fee Revenue Bonds, Tender Option Bonds Trust 3095:
	440	13.533%, 11/15/30 – AMBAC Insured (IF) (4)		11/15 at 100.00		AA+		495,638
	1,395	13.519%, 11/15/44 – AMBAC Insured (IF) (4)		11/15 at 100.00		AA+		1,573,797
		New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A:
	5,050	5.000%, 12/15/26 (UB)		12/17 at 100.00		AAA		5,666,201
	60	5.000%, 12/15/27 (UB)		12/17 at 100.00		AAA		67,066
	1,920	New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36		9/15 at 100.00		AAA		2,003,962
	5,500	New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (4)		No Opt. Call		AA+		6,713,135
	5,000	New York State Thruway Authority, Second General Highway and Bridge Trust Fund Bonds, Series 2011A-1, 5.000%, 4/01/31		4/21 at 100.00		AA+		5,754,600
	5,000	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose Series 2013A-1, 5.000%, 3/15/43		No Opt. Call		AAA		5,626,350
	960	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 – AGM Insured		3/15 at 100.00		AAA		983,539
	675	Niagara Falls City School District, Niagara County, New York, Certificates of Participation, High School Facility, Series 2005, 5.000%, 6/15/28 – AGM Insured		6/15 at 100.00		AA		686,158

Nuveen Investments 57

Nuveen New York Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	2,385	Syracuse Industrial Development Authority, New York, PILOT Mortgage Revenue Bonds, Carousel Center Project, Series 2007A, 5.000%, 1/01/36 – SYNCORA GTY Insured (Alternative Minimum Tax)		1/17 at 100.00		A+	$	2,412,905
	1,500	Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.630%, 10/01/29		10/19 at 100.00		BBB		1,718,970
	156,065	Total Tax Obligation/Limited						173,195,212
		Transportation – 16.4%
	2,125	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012H, 5.000%, 11/15/31		No Opt. Call		AA–		2,416,444
	4,845	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.250%, 11/15/40		11/20 at 100.00		AA–		5,384,345
	3,520	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 5.000%, 11/15/31		5/23 at 100.00		AA–		4,028,429
	1,000	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013C, 5.000%, 11/15/32		5/23 at 100.00		AA–		1,141,160
	2,500	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E, 5.000%, 11/15/32		11/23 at 100.00		AA–		2,870,400
		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B:
	2,000	5.250%, 11/15/38		5/24 at 100.00		AA–		2,290,380
	2,325	5.250%, 11/15/44		5/24 at 100.00		AA–		2,646,106
	3,000	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		3,313,140
		New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007:
	2,800	5.750%, 10/01/37 (5)		10/17 at 100.00		N/R		1,059,436
	2,000	5.875%, 10/01/46 (6)		10/17 at 102.00		N/R		756,740
	1,975	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		1,975,099
	4,610	New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 2002, 7.625%, 12/01/32 (Alternative Minimum Tax)		11/14 at 100.00		BB		4,634,802
	3,500	New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)		8/15 at 100.00		N/R		3,664,430
	3,670	New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, Terminal One Group JFK Project, Series 2005, 5.500%, 1/01/24 (Alternative Minimum Tax)		1/16 at 100.00		A3		3,882,199
	35	New York City Industrial Development Agency, New York, Special Facility Revenue Bonds, JetBlue Airways Corporation Project, Series 2006, 5.000%, 5/15/20 (Alternative Minimum Tax)		11/14 at 100.00		B		35,009
	9,500	New York City, Industrial Development Agency, New York, Senior Airport Facilities Revenue Refunding Bonds, TrIPs Obligated Group, Series 2012A, 5.000%, 7/01/28 (Alternative Minimum Tax)		No Opt. Call		BBB–		10,279,475
	3,040	New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44		11/21 at 100.00		A+		3,390,786
	580	New York State Thruway Authority, General Revenue Bonds, Refunding Series 2007H, 5.000%, 1/01/25 – FGIC Insured		1/18 at 100.00		AA–		647,767

58 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		Transportation (continued)
$	95	New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 – AMBAC Insured		1/15 at 100.00		A		$	96,276
		New York State Thruway Authority, General Revenue Bonds, Series 2005G:
	1,600	5.000%, 1/01/30 – AGM Insured		7/15 at 100.00		AA			1,655,792
	3,000	5.000%, 1/01/32 – AGM Insured		7/15 at 100.00		AA			3,107,070
	3,330	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Forth Series 2014, 5.000%, 9/01/39		9/24 at 100.00		AA–			3,828,967
	5,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fifty Second Series 2007, 5.000%, 11/01/28 (Alternative Minimum Tax)		5/18 at 100.00		AA–			5,449,900
	1,725	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005, 5.000%, 12/01/31 – SYNCORA GTY Insured		6/15 at 101.00		AA–			1,795,656
	1,535	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.784%, 8/15/32 – AGM Insured (IF)		8/17 at 100.00		AA			2,173,744
	5,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Sixty-Ninth Series 2011, 5.000%, 10/15/36 (Alternative Minimum Tax)		10/21 at 100.00		AA–			5,534,100
	3,585	Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/36		12/20 at 100.00		BBB			4,176,310
	4,585	Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)		12/14 at 100.00		AA–			4,597,884
	3,905	Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2014A, 5.000%, 11/15/39		5/24 at 100.00		AA–			4,450,802
	15,000	Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2011A, 5.000%, 1/01/28		1/22 at 100.00		AA–			17,516,100
	1,560	Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2002E, 5.500%, 11/15/20 – NPFG Insured		No Opt. Call		AA–			1,925,087
	1,500	Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.231%, 5/15/16 (IF)		No Opt. Call		AA–			1,899,480
	104,445	Total Transportation							112,623,315
		U.S. Guaranteed – 2.8% (7)
		Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F:
	650	5.000%, 3/15/21 – AGM Insured (Pre-refunded 3/15/15)		3/15 at 100.00		Aa1	(7)		667,336
	35	5.000%, 3/15/21 – AGM Insured (Pre-refunded 3/15/15)		3/15 at 100.00		AAA			35,933
	165	Erie County Water Authority, New York, Water Revenue Bonds, Series 1990B, 6.750%, 12/01/14 – AMBAC Insured (ETM)		No Opt. Call		AA	(7)		167,744
	3,000	Erie County, New York, General Obligation Bonds, Series 2005A, 5.000%, 12/01/18 – NPFG Insured (Pre-refunded 12/01/15)		12/15 at 100.00		AA–	(7)		3,182,940
	615	Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35 (Pre-refunded 10/01/15)		10/15 at 100.00		A	(7)		647,232
		New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, New York Housing Authority Program, Series 2005A:
	400	5.000%, 7/01/16 – FGIC Insured (Pre-refunded 7/01/15)		7/15 at 100.00		AA+	(7)		416,240
	4,030	5.000%, 7/01/25 – FGIC Insured (Pre-refunded 7/01/15)		7/15 at 100.00		AA+	(7)		4,193,618
		New York City, New York, General Obligation Bonds, Fiscal Series 2004E:
	600	5.000%, 11/01/19 – AGM Insured (Pre-refunded 11/01/14)		11/14 at 100.00		AA	(7)		605,076
	125	5.000%, 11/01/20 – AGM Insured (Pre-refunded 11/01/14)		11/14 at 100.00		AA	(7)		126,057

Nuveen Investments 59

Nuveen New York Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		U.S. Guaranteed (7) (continued)
$	3,555	New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 – SYNCORA GTY Insured (Pre-refunded 9/01/15)		9/15 at 100.00		Aa2	(7)	$	3,728,839
	180	New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36 (Pre-refunded 9/15/15)		9/15 at 100.00		N/R	(7)		189,155
	200	New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/30 – AMBAC Insured (Pre-refunded 1/01/15)		1/15 at 100.00		A2	(7)		203,330
	4,000	Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2005C, 5.000%, 6/01/28 – NPFG Insured (Pre-refunded 6/01/15)		6/15 at 100.00		AAA			4,145,400
		Yonkers, New York, General Obligation Bonds, Series 2005B:
	490	5.000%, 8/01/17 (Pre-refunded 8/01/15)		8/15 at 100.00		A3	(7)		512,109
	515	5.000%, 8/01/18 (Pre-refunded 8/01/15)		8/15 at 100.00		A3	(7)		538,237
	18,560	Total U.S. Guaranteed							19,359,246
		Utilities – 11.6%
	3,025	Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42		2/20 at 100.00		Baa3			3,320,542
	1,200	Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured		10/20 at 100.00		AA			1,296,876
	420	Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34		10/22 at 100.00		BBB			459,484
	6,000	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A, 0.000%, 12/01/19 – AGM Insured		No Opt. Call		AA			5,478,180
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
	2,350	0.000%, 6/01/20 – AGM Insured		No Opt. Call		AA			2,116,480
	2,000	0.000%, 6/01/24 – AGM Insured		No Opt. Call		AA			1,546,760
	2,000	0.000%, 6/01/25 – AGM Insured		No Opt. Call		AA			1,475,320
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
	3,800	5.000%, 12/01/23 – FGIC Insured		6/16 at 100.00		AA–			4,076,032
	1,200	5.000%, 12/01/24 – FGIC Insured		6/16 at 100.00		AA–			1,285,644
	2,615	5.000%, 12/01/25 – FGIC Insured		6/16 at 100.00		AA–			2,797,815
	1,050	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured		6/16 at 100.00		A–			1,111,016
	5,000	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 – BHAC Insured		9/16 at 100.00		AA+			5,370,700
	1,250	Long Island Power Authority,New York,Electric System Revenue Bonds, Refunding Series 2009A, 6.250%, 4/01/33		4/19 at 100.00		A–			1,470,713
		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A:
	5,000	5.500%, 5/01/33 – BHAC Insured		5/19 at 100.00		AA+			5,785,300
	10,250	6.000%, 5/01/33		5/19 at 100.00		A–			12,042,520
	5,000	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38		5/21 at 100.00		A–			5,410,150
	2,400	Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax)		11/14 at 100.00		A–			2,409,216
	11,785	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+			12,058,530
	520	Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%, 11/15/19 – FGIC Insured		11/15 at 100.00		Aa2			550,384

60 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utilities (continued)
$	3,720	Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)		1/15 at 100.00		N/R	$	3,720,037
	5,095	Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 5.000%, 12/15/41		12/23 at 100.00		AAA		5,860,218
	75,680	Total Utilities						79,641,917
		Water And Sewer – 3.1%
	3,400	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2009 Series 2008A, 5.750%, 6/15/40		No Opt. Call		AAA		3,922,274
	2,105	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/36 – NPFG Insured		6/16 at 100.00		AAA		2,238,268
	10,000	New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2013 Series DD, 5.000%, 6/15/35		6/23 at 100.00		AA+		11,481,300
	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 Subordinated Series 2014A, 5.000%, 6/15/30		6/24 at 100.00		AAA		603,395
	2,950	Niagara Falls Public Water Authority, New York, Water and Sewerage Revenue Bonds, Series 2005, 5.000%, 7/15/27 – SYNCORA GTY Insured		7/15 at 100.00		BBB–		2,995,577
	18,955	Total Water and Sewer						21,240,814
$	635,330	Total Municipal Bonds (cost $641,270,300)						686,693,290
Shares		Description (1)					Value
		COMMON STOCKS – 0.0%
		Industrials – 0.0%
	9,589	American Airlines Group Inc. (8)					$	373,108
		Total Common Stocks (cost $297,878)						373,108
		Total Long-Term Investments (cost $641,568,178)						687,066,398
		Floating Rate Obligations – (1.1)%						(7,955,000	)
		Other Assets Less Liabilities – 1.4%						9,923,788
		Net Assets – 100%					$	689,035,186

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

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

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

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

(5) 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%.

(6) 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%.

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

(8) On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120- day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.

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

(IF) Inverse floating rate investment.

(UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

(ETM) Escrowed to maturity.

See accompanying notes to financial statements.

Nuveen Investments 61

Statement of

Assets and Liabilities August 31, 2014 (Unaudited)

	Connecticut			Massachusetts			New Jersey			New York
Assets
Long-term investments, at value (cost $265,193,637, $226,647,598, $263,598,382 and $641,568,178, respectively)	$	282,795,296		$	243,620,015		$	283,400,522		$	687,066,398
Cash		726,895			1,971,837			1,617,406			1,653,089
Receivable for:
Interest		2,847,058			2,893,386			3,094,608			8,207,380
Investments sold		48,940			—			65,000			10,134,286
Shares sold		113,523			248,264			163,641			540,344
Other assets		32,857			4,911			6,629			86,953
Total assets		286,564,569			248,738,413			288,347,806			707,688,450
Liabilities
Floating rate obligations		—			—			—			7,955,000
Payable for:
Dividends		221,915			139,159			189,177			398,023
Investments purchased		967,090			—			1,268,469			8,501,542
Shares redeemed		370,974			655,810			343,330			1,110,632
Accrued expenses:
Management fees		121,803			111,147			122,052			293,342
Trustees fees		34,257			2,633			8,068			101,229
12b-1 distribution and service fees		61,000			34,119			58,251			101,608
Other		74,902			75,999			80,625			191,888
Total liabilities		1,851,941			1,018,867			2,069,972			18,653,264
Net assets	$	284,712,628		$	247,719,546		$	286,277,834		$	689,035,186
Class A Shares
Net assets	$	184,176,901		$	83,077,632		$	132,221,275		$	271,415,767
Shares outstanding		17,094,233			8,156,802			11,537,677			24,581,384
Net asset value (“NAV”) per share	$	10.77		$	10.19		$	11.46		$	11.04
Offering price per share (NAV per share plus maximum sales charge of 4.20% of offering price)	$	11.24		$	10.64		$	11.96		$	11.52
Class C Shares
Net assets	$	1,160,794		$	1,135,247		$	4,067,899		$	3,816,958
Shares outstanding		107,892			112,412			356,384			346,161
NAV and offering price per share	$	10.76		$	10.10		$	11.41		$	11.03
Class C2 Shares
Net assets	$	44,342,231		$	27,634,377		$	49,086,198		$	77,134,241
Shares outstanding		4,119,849			2,735,137			4,298,776			6,988,225
NAV and offering price per share	$	10.76		$	10.10		$	11.42		$	11.04
Class I Shares
Net assets	$	55,032,702		$	135,872,290		$	100,902,462		$	336,668,220
Shares outstanding		5,090,388			13,358,478			8,774,549			30,443,665
NAV and offering price per share	$	10.81		$	10.17		$	11.50		$	11.06
Net assets consist of:
Capital paid-in	$	272,519,740		$	238,031,954		$	266,153,520		$	655,008,903
Undistributed (Over-distribution of) net investment income		787,506			878,832			1,980,892			3,366,580
Accumulated net realized gain (loss)		(6,196,277	)		(8,163,657	)		(1,658,718	)		(14,838,517	)
Net unrealized appreciation (depreciation)		17,601,659			16,972,417			19,802,140			45,498,220
Net assets	$	284,712,628		$	247,719,546		$	286,277,834		$	689,035,186
Authorized shares – per class		Unlimited			Unlimited			Unlimited			Unlimited
Par value per share	$	0.01		$	0.01		$	0.01		$	0.01

See accompanying notes to financial statements.

62 Nuveen Investments

Statement of

Operations Six Months Ended August 31, 2014 (Unaudited)

	Connecticut		Massachusetts		New Jersey		New York
Investment Income	$	6,076,428	$	5,331,234	$	6,355,217	$	15,755,086
Expenses
Management fees		726,471		624,100		725,202		1,689,553
12b-1 service fees – Class A		196,016		100,833		154,163		314,688
12b-1 distribution and service fees – Class C		3,495		2,823		13,056		10,359
12b-1 distribution and service fees – Class C2		170,490		105,493		187,315		295,452
Interest expense		—		—		—		14,110
Shareholder servicing agent fees and expenses		52,716		52,719		59,313		158,657
Custodian fees and expenses		23,789		22,641		26,846		53,306
Trustees fees and expenses		3,901		3,365		3,919		9,334
Professional fees		16,097		15,846		16,156		21,020
Shareholder reporting expenses		13,784		14,994		16,672		33,510
Federal and state registration fees		3,559		4,098		2,816		4,791
Other expenses		9,565		8,634		9,752		17,977
Total expenses		1,219,883		955,546		1,215,210		2,622,757
Net investment income (loss)		4,856,545		4,375,688		5,140,007		13,132,329
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		940,274		69,360		38,239		(1,081,467	)
Change in net unrealized appreciation (depreciation) of investments		6,565,606		7,135,627		8,620,754		21,425,306
Net realized and unrealized gain (loss)		7,505,880		7,204,987		8,658,993		20,343,839
Net increase (decrease) in net assets from operations	$	12,362,425	$	11,580,675	$	13,799,000	$	33,476,168

See accompanying notes to financial statements.

Nuveen Investments 63

Statement of

Changes in Net Assets (Unaudited)

	Connecticut						Massachusetts
	Six Months Ended 8/31/14			Year Ended 2/28/14			Six Months Ended 8/31/14			Year Ended 2/28/14
Operations
Net investment income (loss)	$	4,856,545		$	11,842,781		$	4,375,688		$	8,967,230
Net realized gain (loss) from investments		940,274			(7,152,950	)		69,360			(5,273,374	)
Change in net unrealized appreciation (depreciation) of investments		6,565,606			(14,381,560	)		7,135,627			(8,423,898	)
Net increase (decrease) in net assets from operations		12,362,425			(9,691,729	)		11,580,675			(4,730,042	)
Distributions to Shareholders
From net investment income:
Class A(1)		(3,295,161	)		(8,428,765	)		(1,855,416	)		(3,742,219	)
Class C(2)		(8,824	)		(80	)		(7,865	)		(40	)
Class C2(3)		(637,919	)		(1,662,385	)		(438,132	)		(1,004,283	)
Class I		(791,445	)		(1,760,025	)		(2,229,905	)		(4,556,521	)
From accumulated net realized gains:
Class A(1)		—			(24,325	)		—			—
Class C(2)		—			—			—			—
Class C2(3)		—			(5,743	)		—			—
Class I		—			(4,867	)		—			—
Decrease in net assets from distributions to shareholders		(4,733,349	)		(11,886,190	)		(4,531,318	)		(9,303,063	)
Fund Share Transactions
Proceeds from sale of shares		20,963,318			54,443,404			35,115,899			112,381,344
Proceeds from shares issued to shareholders due to reinvestment of distributions		3,359,992			8,274,303			3,717,342			7,574,787
		24,323,310			62,717,707			38,833,241			119,956,131
Cost of shares redeemed		(32,453,553	)		(139,639,764	)		(39,564,135	)		(108,614,113	)
Net increase (decrease) in net assets from Fund share transactions		(8,130,243	)		(76,922,057	)		(730,894	)		11,342,018
Net increase (decrease) in net assets		(501,167	)		(98,499,976	)		6,318,463			(2,691,087	)
Net assets at the beginning of period		285,213,795			383,713,771			241,401,083			244,092,170
Net assets at the end of period	$	284,712,628		$	285,213,795		$	247,719,546		$	241,401,083
Undistributed (Over-distribution of) net investment income at the end of period	$	787,506		$	664,310		$	878,832		$	1,034,462

(1) Includes distributions to shareholders of Class B Shares during the year ended February 28, 2014. Class B Shares of Connecticut and Massachusetts converted to Class A Shares at the close of business on October 28, 2013 and are no longer available 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.

64 Nuveen Investments

	New Jersey						New York
	Six Months Ended 8/31/14			Year Ended 2/28/14			Six Months Ended 8/31/14			Year Ended 2/28/14
Operations
Net investment income (loss)	$	5,140,007		$	11,010,891		$	13,132,329		$	26,961,652
Net realized gain (loss) from investments		38,239			(595,608	)		(1,081,467	)		(13,786,009	)
Change in net unrealized appreciation (depreciation) of investments		8,620,754			(15,827,977	)		21,425,306			(29,568,192	)
Net increase (decrease) in net assets from operations		13,799,000			(5,412,694	)		33,476,168			(16,392,549	)
Distributions to Shareholders
From net investment income:
Class A(1)		(2,642,045	)		(5,848,584	)		(5,849,657	)		(11,859,220	)
Class C(2)		(33,704	)		(37	)		(29,725	)		(150	)
Class C2(3)		(727,591	)		(1,597,417	)		(1,250,632	)		(2,634,783	)
Class I		(1,437,056	)		(3,077,252	)		(5,638,683	)		(11,187,140	)
From accumulated net realized gains:
Class A(1)		—			—			—			(252,570	)
Class C(2)		—			—			—			—
Class C2(3)		—			—			—			(64,387	)
Class I		—			—			—			(222,447	)
Decrease in net assets from distributions to shareholders		(4,840,396	)		(10,523,290	)		(12,768,697	)		(26,220,697	)
Fund Share Transactions
Proceeds from sale of shares		39,924,524			68,617,402			83,589,492			120,104,376
Proceeds from shares issued to shareholders due to reinvestment of distributions		3,675,778			7,859,206			10,356,021			21,052,820
		43,600,302			76,476,608			93,945,513			141,157,196
Cost of shares redeemed		(45,191,331	)		(102,943,047	)		(98,533,623	)		(203,115,365	)
Net increase (decrease) in net assets from Fund share transactions		(1,591,029	)		(26,466,439	)		(4,588,110	)		(61,958,169	)
Net increase (decrease) in net assets		7,367,575			(42,402,423	)		16,119,361			(104,571,415	)
Net assets at the beginning of period		278,910,259			321,312,682			672,915,825			777,487,240
Net assets at the end of period	$	286,277,834		$	278,910,259		$	689,035,186		$	672,915,825
Undistributed (Over-distribution of) net investment income at the end of period	$	1,980,892		$	1,681,281		$	3,366,580		$	3,002,948

(1) Includes distributions to shareholders of Class B Shares during the year ended February 28, 2014. Class B Shares of New Jersey and New York converted to Class A Shares at the close of business on February 20, 2014 and are no longer available 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 65

Financial

Highlights (Unaudited)

Connecticut

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended February 28/29,	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 (7/87)
2015(g)	$	10.49	$	0.18	$	0.28		$	0.46		$	(0.18	)	$	—		$	(0.18	)	$	10.77
2014		11.07		0.38		(0.58	)		(0.20	)		(0.38	)		—	*		(0.38	)		10.49
2013		10.98		0.40		0.10			0.50			(0.40	)		(0.01	)		(0.41	)		11.07
2012		10.19		0.43		0.81			1.24			(0.42	)		(0.03	)		(0.45	)		10.98
2011		10.49		0.42		(0.30	)		0.12			(0.42	)		—	*		(0.42	)		10.19
2010		9.77		0.43		0.71			1.14			(0.42	)		—			(0.42	)		10.49
Class C (02/14)
2015(g)		10.48		0.13		0.29			0.42			(0.14	)		—			(0.14	)		10.76
2014(f)		10.41		0.01		0.07			0.08			(0.01	)		—			(0.01	)		10.48
Class C2 (10/93)(e)
2015(g)		10.48		0.16		0.27			0.43			(0.15	)		—			(0.15	)		10.76
2014		11.05		0.32		(0.57	)		(0.25	)		(0.32	)		—	*		(0.32	)		10.48
2013		10.97		0.34		0.09			0.43			(0.34	)		(0.01	)		(0.35	)		11.05
2012		10.19		0.37		0.81			1.18			(0.37	)		(0.03	)		(0.40	)		10.97
2011		10.48		0.36		(0.28	)		0.08			(0.37	)		—	*		(0.37	)		10.19
2010		9.77		0.37		0.71			1.08			(0.37	)		—			(0.37	)		10.48
Class I (02/97)
2015(g)		10.52		0.19		0.29			0.48			(0.19	)		—			(0.19	)		10.81
2014		11.11		0.40		(0.58	)		(0.18	)		(0.41	)		—	*		(0.41	)		10.52
2013		11.02		0.43		0.09			0.52			(0.42	)		(0.01	)		(0.43	)		11.11
2012		10.23		0.45		0.81			1.26			(0.44	)		(0.03	)		(0.47	)		11.02
2011		10.53		0.45		(0.31	)		0.14			(0.44	)		—	*		(0.44	)		10.23
2010		9.81		0.45		0.71			1.16			(0.44	)		—			(0.44	)		10.53

66 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)
	4.42	%	$	184,177		0.79	%**		0.79	%**		3.45	%**		6	%
	(1.71	)		196,238		0.82			0.81			3.63			10
	4.56			268,189		0.80			0.79			3.65			12
	12.40			259,183		0.82			0.81			4.08			9
	1.13			255,092		0.81			0.80			4.01			10
	11.86			257,989		0.85			0.83			4.20			4
	4.01			1,161		1.58	**		1.58	**		2.52	**		6
	0.81			278		1.66	**		1.65	**		3.62	**		10
	4.13			44,342		1.34	**		1.34	**		2.90	**		6
	(2.19	)		46,265		1.37			1.36			3.08			10
	3.90			62,912		1.35			1.34			3.10			12
	11.72			58,829		1.37			1.36			3.53			9
	0.71			53,317		1.36			1.35			3.48			10
	11.17			54,948		1.40			1.38			3.65			4
	4.62			55,033		0.59	**		0.59	**		3.63	**		6
	(1.58	)		42,434		0.62			0.61			3.83			10
	4.77			51,588		0.60			0.59			3.85			12
	12.60			41,475		0.62			0.61			4.27			9
	1.36			31,761		0.61			0.60			4.22			10
	12.07			25,590		0.65			0.63			4.40			4

(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) 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.

(f) For the period February 10, 2014 (commencement of operations) through February 28, 2014.

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

* Rounds to less than $0.01 per share.

** Annualized.

See accompanying notes to financial statements.

Nuveen Investments 67

Financial Highlights (Unaudited) (continued)

Massachusetts

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended February 28/29,	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 (9/94)
2015(h)	$	9.89	$	0.18	$	0.31		$	0.49		$	(0.19	)	$	—	$	(0.19	)	$	10.19
2014		10.44		0.36		(0.54	)		(0.18	)		(0.37	)		—		(0.37	)		9.89
2013		10.21		0.42		0.19			0.61			(0.38	)		—		(0.38	)		10.44
2012		9.47		0.42		0.75			1.17			(0.43	)		—		(0.43	)		10.21
2011		9.75		0.44		(0.27	)		0.17			(0.45	)		—		(0.45	)		9.47
2010		8.81		0.45		0.94			1.39			(0.45	)		—		(0.45	)		9.75
Class C (2/14)
2015(h)		9.81		0.13		0.31			0.44			(0.15	)		—		(0.15	)		10.10
2014(g)		9.74		0.02		0.07			0.09			(0.02	)		—		(0.02	)		9.81
Class C2 (10/94)(f)
2015(h)		9.81		0.15		0.30			0.45			(0.16	)		—		(0.16	)		10.10
2014		10.35		0.30		(0.53	)		(0.23	)		(0.31	)		—		(0.31	)		9.81
2013		10.13		0.36		0.18			0.54			(0.32	)		—		(0.32	)		10.35
2012		9.39		0.36		0.76			1.12			(0.38	)		—		(0.38	)		10.13
2011		9.67		0.39		(0.27	)		0.12			(0.40	)		—		(0.40	)		9.39
2010		8.74		0.39		0.93			1.32			(0.39	)		—		(0.39	)		9.67
Class I (12/86)
2015(h)		9.88		0.19		0.30			0.49			(0.20	)		—		(0.20	)		10.17
2014		10.42		0.37		(0.52	)		(0.15	)		(0.39	)		—		(0.39	)		9.88
2013		10.19		0.44		0.18			0.62			(0.39	)		—		(0.39	)		10.42
2012		9.45		0.44		0.75			1.19			(0.45	)		—		(0.45	)		10.19
2011		9.73		0.46		(0.27	)		0.19			(0.47	)		—		(0.47	)		9.45
2010		8.80		0.47		0.92			1.39			(0.46	)		—		(0.46	)		9.73

68 Nuveen Investments

			Ratios/Supplemental Data
					Ratio 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)
	4.95	%	$	83,078		0.81	%*		0.81	%*		3.55	%*		4	%
	(1.64	)		101,648		0.84			0.84			3.64			29
	6.01			103,508		0.82			0.82			4.08			11
	12.66			92,565		0.95			0.95			4.21			3
	1.69			61,883		0.85			0.85			4.54			7
	16.03			61,382		0.91			0.91			4.77			5
	4.46			1,135		1.59	*		1.59	*		2.59	*		4
	0.88			26		1.62	*		1.62	*		3.48	*		29
	4.58			27,634		1.36	*		1.36	*		3.00	*		4
	(2.15	)		28,457		1.38			1.38			3.06			29
	5.34			35,247		1.37			1.37			3.53			11
	12.14			30,815		1.49			1.49			3.63			3
	1.14			14,872		1.40			1.40			3.98			7
	15.37			12,550		1.46			1.46			4.23			5
	4.95			135,872		0.61	*		0.61	*		3.74	*		4
	(1.36	)		111,270		0.63			0.63			3.81			29
	6.20			104,360		0.62			0.62			4.29			11
	12.89			99,142		0.74			0.74			4.39			3
	1.91			52,930		0.65			0.65			4.74			7
	16.15			53,698		0.71			0.71			4.98			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 contractual 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) 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.

(g) For the period February 10, 2014 (commencement of operations) through February 28, 2014.

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

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 69

Financial Highlights (Unaudited) (continued)

New Jersey

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended February 28,	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 (9/94)
2015(e)	$	11.10	$	0.21	$	0.35		$	0.56		$	(0.20	)	$	—		$	(0.20	)	$	11.46
2014		11.63		0.41		(0.55	)		(0.14	)		(0.39	)		—			(0.39	)		11.10
2013		11.29		0.43		0.34			0.77			(0.43	)		—			(0.43	)		11.63
2012		10.22		0.46		1.05			1.51			(0.44	)		—			(0.44	)		11.29
2011		10.64		0.46		(0.44	)		0.02			(0.44	)		—			(0.44	)		10.22
2010		9.81		0.45		0.81			1.26			(0.43	)		—	*		(0.43	)		10.64
Class C (2/14)
2015(e)		11.06		0.15		0.35			0.50			(0.15	)		—			(0.15	)		11.41
2014(f)		10.95		0.02		0.11			0.13			(0.02	)		—			(0.02	)		11.06
Class C2 (9/94)(g)
2015(e)		11.07		0.18		0.34			0.52			(0.17	)		—			(0.17	)		11.42
2014		11.59		0.35		(0.54	)		(0.19	)		(0.33	)		—			(0.33	)		11.07
2013		11.26		0.36		0.34			0.70			(0.37	)		—			(0.37	)		11.59
2012		10.19		0.40		1.05			1.45			(0.38	)		—			(0.38	)		11.26
2011		10.61		0.40		(0.43	)		(0.03	)		(0.39	)		—			(0.39	)		10.19
2010		9.79		0.39		0.81			1.20			(0.38	)		—	*		(0.38	)		10.61
Class I (2/92)
2015(e)		11.14		0.22		0.35			0.57			(0.21	)		—			(0.21	)		11.50
2014		11.67		0.44		(0.55	)		(0.11	)		(0.42	)		—			(0.42	)		11.14
2013		11.33		0.45		0.35			0.80			(0.46	)		—			(0.46	)		11.67
2012		10.26		0.48		1.06			1.54			(0.47	)		—			(0.47	)		11.33
2011		10.68		0.48		(0.43	)		0.05			(0.47	)		—			(0.47	)		10.26
2010		9.85		0.47		0.81			1.28			(0.45	)		—	*		(0.45	)		10.68

70 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)
	5.03	%	$	132,221		0.80	%**		0.80	%**		3.65	%**		5	%
	(1.08	)		153,126		0.83			0.83			3.75			13
	6.93			169,891		0.81			0.81			3.71			12
	15.13			145,946		0.83			0.83			4.30			7
	0.14			125,945		0.82			0.82			4.29			7
	13.14			121,371		0.85			0.85			4.36			8
	4.54			4,068		1.59	**		1.59	**		2.73	**		5
	1.15			31		1.64	**		1.64	**		3.57	**		13
	4.68			49,086		1.35	**		1.35	**		3.10	**		5
	(1.57	)		50,176		1.37			1.37			3.18			13
	6.30			58,848		1.36			1.36			3.15			12
	14.54			45,046		1.38			1.38			3.75			7
	(0.41	)		37,511		1.37			1.37			3.74			7
	12.48			37,482		1.40			1.40			3.81			8
	5.13			100,902		0.60	**		0.60	**		3.84	**		5
	(0.86	)		75,577		0.62			0.62			3.93			13
	7.13			90,896		0.61			0.61			3.91			12
	15.30			79,361		0.63			0.63			4.51			7
	0.36			70,068		0.62			0.62			4.49			7
	13.32			77,172		0.65			0.65			4.57			8

(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 six months ended August 31, 2014.

(f) For the period February 10, 2014 (commencement of operations) through February 28, 2014.

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

* Rounds to less than $0.01 per share.

** Annualized.

See accompanying notes to financial statements.

Nuveen Investments 71

Financial Highlights (Unaudited) (continued)

New York

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended February 28,	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 (9/94)
2015(f)	$	10.71	$	0.21	$	0.32		$	0.53		$	(0.20	)	$	—		$	(0.20	)	$	11.04
2014		11.30		0.40		(0.60	)		(0.20	)		(0.38	)		(0.01	)		(0.39	)		10.71
2013		11.17		0.40		0.14			0.54			(0.40	)		(0.01	)		(0.41	)		11.30
2012		10.39		0.46		0.81			1.27			(0.46	)		(0.03	)		(0.49	)		11.17
2011		10.72		0.47		(0.34	)		0.13			(0.46	)		—			(0.46	)		10.39
2010		9.84		0.46		0.88			1.34			(0.46	)		—	*		(0.46	)		10.72
Class C (2/14)
2015(f)		10.70		0.16		0.33			0.49			(0.16	)		—			(0.16	)		11.03
2014(g)		10.61		0.01		0.10			0.11			(0.02	)		—			(0.02	)		10.70
Class C2 (9/94)(h)
2015(f)		10.71		0.18		0.32			0.50			(0.17	)		—			(0.17	)		11.04
2014		11.30		0.34		(0.60	)		(0.26	)		(0.32	)		(0.01	)		(0.33	)		10.71
2013		11.17		0.34		0.14			0.48			(0.34	)		(0.01	)		(0.35	)		11.30
2012		10.39		0.40		0.81			1.21			(0.40	)		(0.03	)		(0.43	)		11.17
2011		10.72		0.41		(0.34	)		0.07			(0.40	)		—			(0.40	)		10.39
2010		9.84		0.41		0.87			1.28			(0.40	)		—	*		(0.40	)		10.72
Class I (12/86)
2015(f)		10.73		0.22		0.33			0.55			(0.22	)		—			(0.22	)		11.06
2014		11.32		0.42		(0.60	)		(0.18	)		(0.40	)		(0.01	)		(0.41	)		10.73
2013		11.19		0.43		0.13			0.56			(0.42	)		(0.01	)		(0.43	)		11.32
2012		10.41		0.48		0.81			1.29			(0.48	)		(0.03	)		(0.51	)		11.19
2011		10.73		0.49		(0.33	)		0.16			(0.48	)		—			(0.48	)		10.41
2010		9.86		0.48		0.87			1.35			(0.48	)		—	*		(0.48	)		10.73

72 Nuveen Investments

			Ratios/Supplemental Data
					Ratio 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)
	5.02	%	$	271,416		0.78	%**		0.78	%**		3.83	%**		9	%
	(1.68	)		314,182		0.81			0.81			3.78			47
	4.89			344,364		0.79			0.79			3.57			18
	12.45			316,904		0.85			0.84			4.19			16
	1.12			209,283		0.83			0.81			4.38			7
	13.87			226,162		0.87			0.84			4.46			3
	4.63			3,817		1.57	**		1.57	**		2.87	**		9
	1.01			302		1.59	**		1.59	**		3.38	**		47
	4.74			77,134		1.33	**		1.33	**		3.28	**		9
	(2.23	)		79,435		1.35			1.35			3.20			47
	4.34			98,792		1.34			1.34			3.02			18
	11.83			91,281		1.40			1.39			3.65			16
	0.58			61,439		1.38			1.36			3.82			7
	13.28			60,840		1.42			1.39			3.91			3
	5.12			336,668		0.58	**		0.58	**		4.02	**		9
	(1.49	)		278,997		0.60			0.60			3.95			47
	5.10			330,733		0.59			0.59			3.78			18
	12.65			325,424		0.65			0.64			4.35			16
	1.44			141,171		0.63			0.61			4.58			7
	14.00			150,977		0.67			0.64			4.66			3

(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 contractual 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 six months ended August 31, 2014.

(g) For the period February 10, 2014 (commencement of operations) through February 28, 2014.

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

* Rounds to less than $0.01 per share.

** Annualized.

See accompanying notes to financial statements.

Nuveen Investments 73

Notes to

Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Trust Information

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

Investment Adviser

The Funds’ investment adviser is Nuveen Fund Advisors, 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

Each Fund’s investment objective is to provide as high a level of current interest income exempt from regular federal, state and, in some cases, local income taxes as is consistent with preservation of capital. Under normal market conditions, each Fund invests at least 80% of 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 and its respective state personal income tax. These municipal bonds include obligations issued by each Fund’s respective state and its 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 and each Fund’s personal income tax. Each Fund may invest without limit in securities that generate income subject to the alternative minimum tax. Each Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 years. Under normal market conditions, each Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency, or, if unrated, judged by 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 (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to under-lying municipal bonds. Each Fund’s investments in inverse floaters are designed to increase the Funds’ income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished. Each Fund may utilize futures contracts, swap contracts, options on futures contracts and options on swap contracts in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in each Fund’s portfolio.

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

74 Nuveen Investments

Significant Accounting Policies

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

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

As of August 31, 2014, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

	Connecticut		Massachusetts		New Jersey		New York
Outstanding when-issued/delayed delivery purchase commitments	$	967,090	$	—	$	1,268,469	$	8,501,542

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 paydowns 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 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 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 purpose of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts. Class C2 Shares include a 0.55% annual 12b-1 distribution fee and a 0.20% annual 12b-1 service fee. Class C and Class 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 are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and shareholder service fees.

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

Nuveen Investments 75

Notes to Financial Statements (Unaudited) (continued)

Netting Agreements

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

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.

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

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

Prices of fixed income securities are provided by a pricing service approved by the Funds’ Board of 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.

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

Fair Value Measurements

Fair value is defined as the price that would be received 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.

76 Nuveen Investments

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

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

Connecticut	Level 1		Level 2		Level 3			Total
Long-Term Investments*:
Municipal Bonds	$	—	$	282,795,296	$	—		$	282,795,296
Massachusetts
Long-Term Investments*:
Municipal Bonds	$	—	$	242,886,729	$	733,286	**	$	243,620,015
New Jersey
Long-Term Investments*:
Municipal Bonds	$	—	$	283,400,522	$	—		$	283,400,522
New York
Long-Term Investments*:
Municipal Bonds	$	—	$	686,693,290	$	—		$	686,693,290
Common Stocks		373,108		—		—			373,108
Total	$	373,108	$	686,693,290	$	—		$	687,066,398

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

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

The Board is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, 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.

(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.

Nuveen Investments 77

Notes to Financial Statements (Unaudited) (continued)

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities

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

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 August 31, 2014, were as follows:

	Connecticut			Massachusetts			New Jersey			New York
Average floating rate obligations outstanding	$	—		$	—		$	—		$	7,955,000
Average annual interest rate and fees		—	%		—	%		—	%		0.35	%

As of August 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:

	Connecticut		Massachusetts		New Jersey		New York
Floating rate obligations: self-deposited inverse floaters	$	—	$	—	$	—	$	7,955,000
Floating rate obligations: externally-deposited inverse floaters		—		1,600,000		3,030,000		9,775,000
Total	$	—	$	1,600,000	$	3,030,000	$	17,730,000

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements are 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 denoted as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.

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

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

78 Nuveen Investments

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.

Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the six months ended August 31, 2014.

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.

4. Fund Shares

Transactions in Fund shares were as follows:

	Connecticut
	Six Months Ended 8/31/14						Year Ended 2/28/14
	Shares			Amount			Shares			Amount
Shares sold:
Class A		509,286		$	5,386,173			3,432,848		$	36,075,369
Class A – automatic conversion of Class B Shares		—			—			58,803			606,784
Class B – exchanges		—			—			51			543
Class C		80,932			858,615			26,486			276,698
Class C21		11,332			120,534			375,533			3,997,991
Class I		1,360,451			14,597,996			1,277,148			13,486,019
Shares issued to shareholders due to reinvestment of distributions:
Class A		236,251			2,515,235			612,086			6,421,555
Class B		—			—			926			9,856
Class C		612			6,525			4			44
Class C2		35,796			380,651			92,306			966,914
Class I		42,805			457,581			83,289			875,934
		2,277,465			24,323,310			5,959,480			62,717,707
Shares redeemed:
Class A		(2,360,813	)		(25,146,408	)		(9,623,646	)		(99,897,362	)
Class B		—			—			(34,828	)		(376,222	)
Class B – automatic conversion to Class A Shares		—			—			(58,863	)		(606,784	)
Class C		(138	)		(1,466	)		(4	)		(41	)
Class C2		(342,943	)		(3,632,273	)		(1,743,065	)		(18,112,640	)
Class I		(344,645	)		(3,673,406	)		(1,972,460	)		(20,646,715	)
		(3,048,539	)		(32,453,553	)		(13,432,866	)		(139,639,764	)
Net increase (decrease)		(771,074	)	$	(8,130,243	)		(7,473,386	)	$	(76,922,057	)

¹  For the current fiscal period, subscriptions to Class C2 Shares represent exchanges from other Nuveen mutual funds.

Nuveen Investments 79

Notes to Financial Statements (Unaudited) (continued)

	Massachusetts
	Six Months Ended 8/31/14						Year Ended 2/28/14
	Shares			Amount			Shares			Amount
Shares sold:
Class A		808,705		$	8,112,084			2,082,589		$	20,486,765
Class A – automatic conversion of Class B Shares		—			—			66,431			645,156
Class B – exchanges		—			—			176			1,778
Class C		109,527			1,089,168			2,607			25,400
Class C21		9,769			97,272			442,528			4,428,045
Class I		2,560,258			25,817,375			8,861,737			86,794,200
Shares issued to shareholders due to reinvestment of distributions:
Class A		164,680			1,654,855			335,876			3,316,536
Class B		—			—			907			9,077
Class C		515			5,166			—			—
Class C2		30,177			300,859			67,333			659,824
Class I		174,915			1,756,462			365,399			3,589,350
		3,858,546			38,833,241			12,225,583			119,956,131
Shares redeemed:
Class A		(3,090,614	)		(31,147,784	)		(2,125,648	)		(20,908,144	)
Class B		—			—			(28,180	)		(280,266	)
Class B – automatic conversion to Class A Shares		—			—			(66,358	)		(645,156	)
Class C		(237	)		(2,364	)		—			—
Class C2		(204,470	)		(2,029,351	)		(1,014,995	)		(9,809,499	)
Class I		(639,162	)		(6,384,636	)		(7,976,814	)		(76,971,048	)
		(3,934,483	)		(39,564,135	)		(11,211,995	)		(108,614,113	)
Net increase (decrease)		(75,937	)	$	(730,894	)		1,013,588		$	11,342,018
	New Jersey
	Six Months Ended 8/31/14						Year Ended 2/28/14
	Shares			Amount			Shares			Amount
Shares sold:
Class A		681,318		$	7,668,378			4,490,710		$	49,318,042
Class A – automatic conversion of Class B Shares		—			—			77,333			853,089
Class B – exchanges		—			—			205			2,279
Class C		352,687			3,938,390			2,761			30,245
Class C21		22,016			247,610			629,889			6,937,981
Class I		2,464,042			28,070,146			1,037,766			11,475,766
Shares issued to shareholders due to reinvestment of distributions:
Class A		201,462			2,280,136			455,043			5,013,283
Class B		—			—			2,109			23,358
Class C		2,602			29,422			—			—
Class C2		44,757			504,839			99,250			1,090,696
Class I		75,794			861,381			156,468			1,731,869
		3,844,678			43,600,302			6,951,534			76,476,608
Shares redeemed:
Class A		(3,135,425	)		(35,565,495	)		(5,840,963	)		(63,284,502	)
Class B		—			—			(69,165	)		(772,607	)
Class B – automatic conversion to Class A Shares		—			—			(77,265	)		(853,089	)
Class C		(1,666	)		(18,870	)		—			—
Class C2		(302,464	)		(3,395,186	)		(1,273,322	)		(13,905,091	)
Class I		(548,603	)		(6,211,780	)		(2,200,232	)		(24,127,758	)
		(3,988,158	)		(45,191,331	)		(9,460,947	)		(102,943,047	)
Net increase (decrease)		(143,480	)	$	(1,591,029	)		(2,509,413	)	$	(26,466,439	)

80 Nuveen Investments

	New York
	Six Months Ended 8/31/14						Year Ended 2/28/14
	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,835,444		$	19,968,423			9,404,327		$	100,158,482
Class A – automatic conversion of Class B Shares		—			—			171,590			1,828,128
Class B – exchanges		—			—			373			4,017
Class C		318,913			3,461,355			28,200			299,487
Class C21		33,870			367,119			660,572			7,120,631
Class I		5,449,492			59,792,595			994,853			10,693,631
Shares issued to shareholders due to reinvestment of distributions:
Class A		454,918			4,964,134			951,888			10,161,103
Class B		—			—			4,836			51,812
Class C		2,210			24,184			10			109
Class C2		78,263			854,043			171,544			1,832,757
Class I		412,697			4,513,660			841,335			9,007,039
		8,585,807			93,945,513			13,229,528			141,157,196
Shares redeemed:
Class A		(7,047,501	)		(76,979,283	)		(11,657,463	)		(123,017,692	)
Class B		—			—			(152,391	)		(1,630,308	)
Class B – automatic conversion to Class A Shares		—			—			(171,604	)		(1,828,128	)
Class C		(3,171	)		(34,652	)		(1	)		(17	)
Class C2		(543,736	)		(5,908,153	)		(2,156,517	)		(22,876,004	)
Class I		(1,430,849	)		(15,611,535	)		(5,044,931	)		(53,763,216	)
		(9,025,257	)		(98,533,623	)		(19,182,907	)		(203,115,365	)
Net increase (decrease)		(439,450	)	$	(4,588,110	)		(5,953,379	)	$	(61,958,169	)

¹  For the current fiscal period, subscriptions to Class C2 Shares represent exchanges from other Nuveen mutual funds.

5. Investment Transactions

Long-term purchases and sales (including maturities) during the six months ended August 31, 2014, were as follows:

	Connecticut		Massachusetts		New Jersey		New York
Purchases	$	16,576,461	$	11,405,519	$	13,672,940	$	65,510,315
Sales and maturities		22,266,800		9,756,254		14,116,386		63,797,689

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 and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

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

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 August 31, 2014, the cost and unrealized appreciation (depreciation) of investments in securities, as determined on a federal income tax basis, were as follows:

	Connecticut			Massachusetts			New Jersey			New York
Cost of investments	$	264,582,354		$	226,320,163		$	262,513,092		$	633,164,707
Gross unrealized:
Appreciation	$	18,477,029		$	18,554,687		$	21,646,185		$	48,455,469
Depreciation		(264,087	)		(1,254,835	)		(758,755	)		(2,509,505	)
Net unrealized appreciation (depreciation) of investments	$	18,212,942		$	17,299,852		$	20,887,430		$	45,945,964

Nuveen Investments 81

Notes to Financial Statements (Unaudited) (continued)

Permanent differences, primarily due to federal taxes paid, taxable market discount and distribution character reclassifications resulted in reclassifications among the Funds’ components of net assets as of February 28, 2014, the Funds’ last tax year end, as follows:

	Connecticut			Massachusetts			New Jersey			New York
Capital paid-in	$	(16,337	)	$	—		$	(65	)	$	—
Undistributed (Over-distribution of) net investment income		(524	)		210			(12,526	)		(26,892	)
Accumulated net realized gain (loss)		16,861			(210	)		12,591			26,892

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of February 28, 2014, the Funds’ last tax year end, were as follows:

	Connecticut		Massachusetts		New Jersey		New York
Undistributed net tax-exempt income1	$	888,300	$	1,490,899	$	1,451,407	$	4,410,486
Undistributed net ordinary income2		8,919		19,757		1,051		70,296
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 February 1, 2014, through February 28, 2014 and paid on March 3, 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 February 28, 2014, was designated for purposes of the dividends paid deduction as follows:

	Connecticut		Massachusetts		New Jersey		New York
Distributions from net tax-exempt income	$	12,127,022	$	9,265,464	$	10,623,578	$	25,683,867
Distributions from net ordinary income2		9,198		2,453		23,508		42,556
Distributions from net long-term capital gains		34,471		—		—		535,841

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

As of February 28, 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.

	Connecticut		Massachusetts		New Jersey		New York
Expiration:
February 28, 2017	$	—	$	12,497	$	—	$	—
February 28, 2018		—		98,330		—		—
February 28, 2019		—		—		80,823		—
Not subject to expiration		6,075,494		7,881,440		1,403,435		8,775,391
Total	$	6,075,494	$	7,992,267	$	1,484,258	$	8,775,391

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:

	Connecticut		Massachusetts		New Jersey		New York
Post-October capital losses3	$	1,061,060	$	240,752	$	203,510	$	4,752,057
Late-year ordinary losses4		—		—		—		—

³  Capital losses incurred from November 1, 2013, through February 28, 2014, the Funds’ last tax year end.

⁴  Ordinary losses incurred from January 1, 2014, through February 28, 2014, and specified losses incurred from November 1, 2013, through February 28, 2014.

7. Management Fees and Other Transactions with Affiliates

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

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

82 Nuveen Investments

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

Average Daily Net Assets	Fund-Level Fee Rate
For the first $125 million		0.3500	%
For the next $125 million		0.3375
For the next $250 million		0.3250
For the next $500 million		0.3125
For the next $1 billion		0.3000
For the next $3 billion		0.2750
For net assets over $5 billion		0.2500

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

Complex-Level Asset Breakpoint Level*	Effective Rate at Breakpoint Level
$55 billion		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 August 31, 2014, the complex-level fee rate for these Funds was .1646%.

The Adviser has agreed to waive fees and/or reimburse expenses of Massachusetts and New York so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.750% of the average daily net assets of any class of Fund shares.

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

During the six months ended August 31, 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:

	Connecticut		Massachusetts		New Jersey		New York
Sales charges collected	$	60,580	$	57,483	$	50,471	$	107,149
Paid to financial intermediaries		53,619		51,003		44,076		97,454

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

During the six months ended August 31, 2014, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Connecticut		Massachusetts		New Jersey		New York
Commission advances	$	24,343	$	23,646	$	47,135	$	73,832

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 August 31, 2014, the Distributor retained such 12b-1 fees as follows:

	Connecticut		Massachusetts		New Jersey		New York
12b-1 fees retained	$	8,669	$	8,802	$	28,990	$	24,551

Nuveen Investments 83

Notes to Financial Statements (Unaudited) (continued)

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

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

	Connecticut		Massachusetts		New Jersey		New York
CDSC retained	$	2,656	$	17,530	$	150	$	16,924

8. New Accounting Pronouncement

Financial Accounting Standards Board (“FASB’’) Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements

During 2013, the FASB issued Accounting Standards Update (‘ASU”) 2013-08, “Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements,” which amends the criteria that define an investment company and clarifies the measurement guidance and requires new disclosures for investment companies. ASU 2013-08 is effective for fiscal years beginning on or after December 15, 2013. Management has evaluated the implications of ASU 2013-08 and determined that the Fund’s current disclosures already followed this guidance and therefore it does not have an impact on the Funds’ financial statements or footnote disclosures.

9. Subsequent Events

Purchase and Sale Agreement

As previously described in Note 1 – General Information and Significant Accounting Policies, Purchase and Sale Agreement, on October 1, 2014, TIAA-CREF completed its previously announced acquisition of Nuveen and new investment management agreements and new sub-advisory agreements have been approved by shareholders of the Funds and went into effect on October 1, 2014.

84 Nuveen Investments

Additional

Fund Information

Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606   Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606   Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL 60606   Custodian State Street Bank & Trust Company Boston, MA 02111 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, 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 or on Nuveen’s website at www.nuveen.com. 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 85

Glossary of Terms

Used in this Report

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

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.

Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

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 Massachusetts Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Massachusetts 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.

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

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

Lipper Other States Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Other States 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.

86 Nuveen Investments

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 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 New York Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade New York municipal bond market. 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 87

Annual Investment Management Agreement

Approval Process (Unaudited)

I.

The Approval Process

The Board of Trustees of each Fund (each, a “Board” and each Trustee, a “Board Member”), including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for overseeing the performance of the investment adviser and the sub-adviser to the respective Fund and determining whether to approve or continue such Fund’s advisory agreement (each, an “Original Investment Management Agreement”) between the Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and sub-advisory agreement (each, an “Original Sub-Advisory Agreement” and, together with the Original Investment Management Agreement, the “Original Advisory Agreements”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”). Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), each Board is required to consider the continuation of the respective Original Advisory Agreements on an annual basis. In addition, prior to its annual review, the Board Members were advised of the potential acquisition of Nuveen Investments, Inc. (“Nuveen”) by TIAA-CREF (the “Transaction”). For purposes of this section, references to “Nuveen” herein include all affiliates of Nuveen Investments, Inc. providing advisory, sub-advisory, distribution or other services to the Funds and references to the “Board” refer to the Board of each Fund. In accordance with the 1940 Act and the terms of the Original Advisory Agreements, the completion of the Transaction would terminate each of the Original Investment Management Agreements and the Original Sub-Advisory Agreements. Accordingly, at an in-person meeting held on April 30, 2014 (the “April Meeting”), the Board, including all of the Independent Board Members, performed its annual review of the Original Advisory Agreements and approved the continuation of the Original Advisory Agreements for the Funds. Furthermore, in anticipation of the termination of the Original Advisory Agreements that would occur upon the consummation of the Transaction, the Board also approved for each Fund a new advisory agreement (each, a “New Investment Management Agreement”) between the Fund and the Adviser and a new sub-advisory agreement (each, a “New Sub-Advisory Agreement” and, together with the New Investment Management Agreement, the “New Advisory Agreements”) between the Adviser and the Sub-Adviser, each on behalf of the respective Fund to be effective following the completion of the Transaction and the receipt of the requisite shareholder approval.

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

88 Nuveen Investments

In connection with their review of the Original Advisory Agreements and the New Advisory Agreements, the Independent Board Members received extensive information regarding the Funds and the Fund Advisers including, among other things: the nature, extent and quality of services provided by each Fund Adviser; the organization and operations of any Fund Adviser; the expertise and background of relevant personnel of each Fund Adviser; a review of each Fund’s performance (including performance comparisons against the performance of peer groups and appropriate benchmarks); a comparison of Fund fees and expenses relative to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of fund initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to peers in the managed fund business. In light of the proposed Transaction, the Independent Board Members, through their independent legal counsel, also requested in writing and received additional information regarding the proposed Transaction and its impact on the provision of services by the Fund Advisers.

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

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

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

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

The Board considered the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Original Advisory Agreements and its review of the New Advisory Agreements. The Independent Board Members also were assisted throughout the process by independent legal counsel. During the course of the year and during their deliberations regarding the review of advisory contracts, the Independent Board Members met with independent legal counsel in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the funds are the result of many years of review and discussion between the Independent Board Members and Nuveen fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.

The Board considered all factors it believed relevant with respect to each Fund, including, among other things: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and the Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. With respect to the New Advisory Agreements, the Board also considered the

Nuveen Investments 89

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

Transaction and its impact on the foregoing factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Original Advisory Agreements and New Advisory Agreements. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

1. The Original Advisory Agreements

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

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

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

In addition to the foregoing actions, the Board also considered other initiatives related to the open-end funds, including, among other things: the continued focus on enhancing the product line through the development of new funds, including the development of alternative strategies reflecting trends in the industry; the enhanced support provided to the Board by providing comprehensive in-depth presentations to the Open-End Funds Committee; and the development of a new class of shares for certain funds.

As noted, the Adviser also oversees the Sub-Adviser who provides the portfolio advisory services to the Funds. In reviewing the portfolio advisory services provided to each Fund, the Nuveen Investment Services Oversight Team of the Adviser analyzes the performance of the Sub-Adviser and may recommend changes to the investment team or investment strategies as appropriate. In assisting the Board’s review of the Sub-Adviser, the

90 Nuveen Investments

Adviser provides a report analyzing, among other things, the Sub-Adviser’s investment team and changes thereto, organization and history, assets under management, the investment team’s philosophy and strategies in managing each Fund, developments affecting the Sub-Adviser or the Funds and their performance. In their review of the Sub-Adviser, the Independent Board Members considered, among other things, the experience and qualifications of the relevant investment personnel, their investment philosophy and strategies, the Sub-Adviser’s organization and stability, its capabilities and any initiatives taken or planned to enhance its current capabilities or support potential growth of business and, as outlined in further detail below, the performance of the Funds. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance while not providing an inappropriate incentive to take undue risks.

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

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

2. The New Advisory Agreements

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

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

The Board Members also considered Nuveen’s proposed governance structure following the Transaction and noted that Nuveen was expected to remain a stand-alone business within the TIAA-CREF enterprise and operate relatively autonomously from the other TIAA-CREF businesses, but would receive the general support and oversight from certain TIAA-CREF functional groups (such as legal, finance, internal audit, compliance, and risk management groups). The Board recognized, however, that Nuveen may be subject to additional reporting requirements as it keeps TIAA-CREF abreast of developments affecting the Nuveen business, may be required to modify certain of its reports, policies and procedures as necessary to conform to the practices followed in the TIAA-CREF enterprise and may need to collaborate with TIAA-CREF with respect to strategic planning for its business.

In considering the implications of the Transaction, the Board Members also recognized the reputation and size of TIAA-CREF and the benefits that the Transaction may bring to the Nuveen funds and Nuveen. In this regard, the Board recognized, among other things, that the increased resources and support that may be available to Nuveen from TIAA-CREF and the improved capital structure of Nuveen Investments, Inc. (the parent of the

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

Adviser) that would result from the significant reduction in its debt level may reinforce and enhance Nuveen’s ability to provide quality services to the Nuveen funds and to invest further into its infrastructure.

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

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

B. The Investment Performance of the Funds and Fund Advisers

1. The Original Advisory Agreements

The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of each Fund’s performance and the applicable investment team. In considering each Fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds and the fund’s performance compared to its respective benchmark. Accordingly, the Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2013, as well as performance information reflecting the first quarter of 2014. This information supplemented the Nuveen fund performance information provided to the Board at each of its quarterly meetings.

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

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

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

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

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

• The usefulness of comparative performance data as a frame of reference to measure a fund’s performance may be limited because the Performance Peer Group, among other things, does not adequately reflect the objectives and strategies of the fund, has a different investable universe, or the composition of the peer set may be limited in size or number as well as other factors. In this regard, the Board noted that the Adviser classified the Performance Peer Groups of the Nuveen funds from highly relevant to less relevant. For funds classified with less relevant Performance Peer Groups, which include Nuveen Connecticut Municipal Bond Fund (the “Connecticut Fund”), the Board considered a fund’s performance compared to its benchmark to help assess the fund’s comparative performance. A fund was generally considered to have performed comparably to its benchmark if the fund’s performance was within certain thresholds compared to the performance of its benchmark and was considered to have outperformed or underperformed its benchmark if the fund’s performance was beyond these thresholds for the one- and three-year periods, subject to certain exceptions.ⁱ While the Board is cognizant of the relative performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the fund with its peers and/or benchmarks result in differences in performance results.

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

92 Nuveen Investments

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

In considering the performance data, the Independent Board Members noted that Nuveen New Jersey Municipal Bond Fund and Nuveen Massachusetts Municipal Bond Fund had demonstrated generally favorable performance in comparison to peers, performing in the first or second quartile over various periods. In addition, the Independent Board Members noted that Nuveen New York Municipal Bond Fund had demonstrated satisfactory performance compared to its peers, performing in the second or third quartile over various periods.

With respect to the Connecticut Fund, which had a Performance Peer Group classified as less relevant as noted above, the Board considered the Fund’s performance compared to its benchmark and noted that, although it underperformed its benchmark over the one- and three-year periods, it provided comparable performance to its benchmark in the five-year period. The Connecticut Fund’s underperformance compared to its benchmark in 2013 was due to, among other things, an overweight in longer duration bonds and in Puerto Rico securities. The Board recognized, however, that the Fund’s exposure to Puerto Rico was reduced in 2013. In addition, the Board noted that the Fund provided comparable performance to its benchmark for the first quarter of 2014.

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

2. The New Advisory Agreements

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

C. Fees, Expenses and Profitability

1. Fees and Expenses

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

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

In reviewing the fee schedule for a fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the majority of the Nuveen funds were at, close to or below their peer average based on the net total expense ratio. The Independent Board Members observed that the Funds had net management fees and net expense ratios (including fee waivers and expense reimbursements) that were in line with their respective peer averages, except for the Connecticut Fund which had a net management fee slightly higher than its peer average, but a net expense ratio below its peer average.

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

2. Comparisons with the Fees of Other Clients

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

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

The Independent Board Members reviewed the nature of services provided by the Adviser, including through its affiliated sub-advisers and the average fee the affiliated sub-advisers assessed such clients as well as the range of fees assessed to the different types of separately managed accounts (such as retail, institutional or wrap accounts) to the extent applicable to the respective sub-adviser. In their review, the Independent Board Members considered the differences in the product types, including, but not limited to: the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Nuveen funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. The Independent Board Members noted that, as a general matter, higher fee levels reflect higher levels of service, increased investment management complexity, greater product management requirements and higher levels of risk or a combination of the foregoing. The Independent Board Members further noted, in particular, that the range of services provided to the Funds (as discussed above) is generally much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. The Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data, an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2013 and Nuveen’s consolidated financial statements for 2013. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses and profit margin compared to that of various unaffiliated management firms.

In reviewing profitability, the Independent Board Members noted the Adviser’s continued investment in its business with expenditures to, among other things, upgrade its investment technology and compliance systems and provide for additional personnel and other resources. The Independent Board Members recognized the Adviser’s continued commitment to its business should enhance the Adviser’s capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. In addition, in evaluating profitability, the Independent Board Members also noted the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses and that various allocation methodologies may each be reasonable but yield different results. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available, and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, an adviser’s particular business mix, capital costs, size, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members noted the Adviser’s adjusted operating margin appears to be reasonable in relation to other investment advisers and sufficient to operate as a viable investment management firm meeting its obligations to the Nuveen funds. Based on their review, the Independent Board Members concluded that the Adviser’s level of profitability for its advisory activities was reasonable in light of the services provided.

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

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

4. The New Advisory Agreements

As noted above, the terms of the New Advisory Agreements are substantially identical to their corresponding Original Advisory Agreements. The fee schedule, including the breakpoint schedule and complex-wide fee schedule, in each New Advisory Agreement is identical to that under the corresponding Original Advisory Agreement. The Board Members also noted that Nuveen has committed for a period of two years from the date of closing the Transaction (i) not to increase contractual management fee rates for any Nuveen fund and (ii) not to raise expense cap levels for any

94 Nuveen Investments

Nuveen fund from levels currently in effect or scheduled to go into effect prior to the Transaction. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course. Based on the information provided, the Board Members did not believe that the overall expenses would increase as a result of the Transaction. In addition, the Board Members recognized that the Nuveen funds may gain access to the retirement platform and institutional client base of TIAA-CREF, and the investors in the retirement platforms may roll their investments into one or more Nuveen funds as they exit their retirement plans. The enhanced distribution access may result in additional sales of the Nuveen funds resulting in an increase in total assets under management in the complex and a corresponding decrease in overall management fees if additional breakpoints at the fund-level or complex-wide level are met. Based on its review, the Board determined that the management fees and expenses under each New Advisory Agreement were reasonable.

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

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

1. The Original Advisory Agreements

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

In addition to fund-level advisory fee breakpoints, the Board also considered the Nuveen funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base.

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

2. The New Advisory Agreements

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

E. Indirect Benefits

1. The Original Advisory Agreements

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

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research that may be useful to a Fund Adviser in managing the assets of the fund and other clients. Each Fund’s portfolio transactions are allocated by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the applicable Fund’s portfolio transactions. With respect to any fixed income securities, however, the Board recognized that such securities generally trade on a principal basis that does not generate soft dollar credits. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Funds and their shareholders to the extent the research

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

enhances the ability of the Sub-Adviser to manage the Funds. The Independent Board Members noted that the Sub-Adviser’s profitability may be somewhat lower if it did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.

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

2. The New Advisory Agreements

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

F. Other Considerations for the New Advisory Agreements

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

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

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

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

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

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

G. Other Considerations

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

II.

Approval of Interim Advisory Agreements

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

96 Nuveen Investments

Notes

Nuveen Investments 97

Notes

98 Nuveen Investments

Notes

Nuveen Investments 99

Nuveen Investments:
	Serving Investors for Generations
	Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
		Focused on meeting investor needs. Nuveen Investments provides high-quality investment services designed to help secure the long- term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates- Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed $231 billion as of June 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/mf

MSA-MS3-0814D        3768-INV-B10/15

Mutual Funds

Nuveen Municipal

Bond Funds

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

Semi-Annual Report  August 31, 2014

	Share Class / Ticker Symbol
Fund Name	Class A	Class C	Class C2	Class I
Nuveen California High Yield Municipal Bond Fund	NCHAX	NAWSX	NCHCX	NCHRX
Nuveen California Municipal Bond Fund	NCAAX	NAKFX	NCACX	NCSPX

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 $613 billion in assets under management as of June 30, 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. Your fund investment will not change as a result of Nuveen’s change of ownership. You will still own the same fund shares and the underlying value of those shares will not change as a result of the transaction. NFAL and your fund’s sub-adviser(s) will continue to manage your fund according to the same objectives and policies as before, and we do not anticipate any 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	9
Fund Performance, Expense and Effective Leverage Ratios	11
Yields	15
Holding Summaries	16
Expense Examples	18
Shareholder Meeting Report	20
Portfolios of Investments	24
Statement of Assets and Liabilities	60
Statement of Operations	61
Statement of Changes in Net Assets	62
Financial Highlights	64
Notes to Financial Statements	68
Additional Fund Information	80
Glossary of Terms Used in this Report	81
Annual Investment Management Agreement Approval Process	83

Nuveen Investments 3

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

October 23, 2014

4 Nuveen Investments

Portfolio Managers’

Comments

Nuveen California High Yield Municipal Bond Fund

Nuveen California Municipal Bond Fund

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio managers John V. Miller, CFA, and Scott R. Romans, PhD, review key investment strategies and the Funds’ performance during the six-month reporting period ended August 31, 2014. John has managed the Nuveen California High Yield Municipal Bond Fund since 2006 and Scott has managed the Nuveen California Municipal Bond Fund since 2003.

How did the Funds perform during the six-month reporting period ended August 31, 2014?

The tables in the Fund Performance, Expense Ratios and Effective Leverage Ratios section of this report provide Class A Share total returns for the Funds for the six-month, one-year, five-year, ten-year and since inception periods ended August 31, 2014. Each Fund’s Class A Share total returns at net asset value (NAV) are compared with the performance of its benchmark index and corresponding Lipper classification average. During the six-month reporting period, each Fund outperformed its respective benchmark and Lipper classification average.

What strategies were used to manage the Funds during the six-month reporting period ended August 31, 2014 and how did these strategies influence performance?

Both 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 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.

This reporting period provided a healthy backdrop for municipal bonds. Weaker-than-expected economic growth, consistently subdued inflation and continued stimulative policies from the U.S. Federal Reserve contributed to an environment of declining interest rates, which in turn helped boost the values of tax-exempt debt and other fixed-income securities. Improving state and local tax revenues also meant better credit quality for many municipal bond issuers. These factors, coupled with limited new bond supply and enhanced demand on the part of investors, helped lift the performance of the tax-exempt bond market.

Nuveen California High Yield Municipal Bond Fund

The Nuveen California High Yield Municipal Bond Fund significantly outpaced its benchmark, the S&P Municipal Yield Index, during the six-month reporting period. Good timing played a role in the strong results. The reporting period coincided with a very favorable backdrop for municipal bonds and California high yield municipal bonds in particular, given a favorable supply/demand environment and the state’s improving fiscal health. (In June, rating agency Moody’s lifted California’s credit rating to Aa3, the state’s highest rating in 13 years.)

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

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

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

Nuveen Investments 5

Portfolio Managers’ Comments (continued)

That said, the Fund was also very well positioned to take advantage of the strong market conditions. During the reporting period, when interest rates unexpectedly fell, long-term rates fell the most. This situation helped the Fund, whose emphasis on longer duration bonds left it able to disproportionately benefit from the productive environment.

Effective sector positioning also added to relative performance. Three of the best performing sectors included: land-secured, hospitals and charter schools. These were sectors to which the Fund typically has substantial exposure. As credit spreads narrowed significantly in all three sectors, meaning that investors were willing to accept less income in exchange for taking on credit risk, our investments saw meaningful price gains.

As we have discussed in previous reports, land-secured bonds are a big part of the California municipal bond marketplace and we have long been active participants in this sector. Coming into the reporting period, many land-secured bonds, which are backed by property tax revenues, had been unfairly tarnished because of difficulties in the state’s real estate market. Our approach to finding value in this sector involves selecting those specific projects we believe are fundamentally sound and likely to improve further in credit quality. During the reporting period, one notable purchase included Dana Point Special Tax Community Facilities District bonds. These credits satisfied our investment criteria, we liked the issuer’s underlying credit fundamentals and we believed the property development’s location on extremely desirable Southern California land was a particular source of value.

Favorable trends boosting health care issuers included an aging population, limited new supply of hospitals and glimpses of improving financial trends stemming from the Affordable Care Act. Within the health care sector, the Fund benefited from its allocation to several AA-rated hospital issues, notably, Stanford University Hospital, Sutter Health and Lucile Packard Children’s Hospital bonds, all of which offered what we believed were attractive yields for such highly rated credits.

Meanwhile, charter schools benefited from growing demand, a stable overarching regulatory environment and consistent financial support from the state. During the reporting period, our position in bonds issued for the Lakeview Charter Academy charter school was one of the Fund’s largest contributors. These bonds’ prices appreciated significantly, as investors became more comfortable with the issuer’s credit quality.

Further helping the Nuveen California High Yield Municipal Bond Fund’s relative performance was our limited allocation to certain types of bonds that lagged the overall municipal bond market. For example, we had only modest exposure to tobacco-securitization issues, a weaker-performing market segment. Similarly, we had no meaningful exposure to the debt of Puerto Rico, which continued to face credit challenges. Both at the start and end of the reporting period, we had no holdings in this U.S. territory, although in March we did buy an insured position in Puerto Rico infrastructure bonds that we sold three months later at a profit.

Amid strong relative performance, very little hampered the Fund’s results on a relative basis. The only material detractors, in fact, were the portfolio’s three LIBOR interest-rate swaps. These swaps performed as intended, reducing the Fund’s duration and limiting its vulnerability to rising rates. When rates fall, however, these securities will tend to perform poorly and this is exactly what happened during the reporting period. That said, if rates were to rise in the future, we would expect these same swaps to add value.

Our management approach continued to emphasize bonds that we believed had good total-return prospects, belonged to stable sectors and saw good potential for credit quality improvement. This focus often led us toward the three sectors we cited earlier, land-secured, health care and charter school bonds. At the same time, however, we periodically took advantage of attractive opportunities to diversify the portfolio by adding bonds in other sectors. In a few cases, this entailed investing in important California infrastructure projects, such as transportation bonds for the Foothill/Eastern Transportation Corridor Agency and a major water desalination plant near San Diego.

Another notable theme in the portfolio was to buy California state general obligation (GO) bonds. Even though these were not high yield credits, we particularly liked these securities’ potential for improving credit quality and their superior liquidity characteristics.

When we made new purchases, we tended to emphasize longer dated bonds with maturities of 20 years and longer. Given the steepness of the yield curve, meaning that yields on longer bonds remained significantly above those on shorter dated issues and continued low inflation expectations, we believed that these securities provided the best risk-reward tradeoff. We also emphasized higher coupon bonds when suitable opportunities presented themselves.

6 Nuveen Investments

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

One important factor impacting the returns of the Nuveen California High Yield Municipal Bond Fund relative to its comparative benchmark was the Fund’s use of leverage through its investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Fund uses leverage because our research has shown that, over time, leveraging provides opportunities for additional income and total returns, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also exposes the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its NAV if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its NAV if the bonds acquired through the use of leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease unlike unlevered funds, when short-term interest rates increase and increase when short-term interest rates decrease, and leverage would serve to reduce the Fund’s income if short-term interest rates rise such that they exceed the net income earned on the bonds purchased with the proceeds of leverage.

The Fund’s use of leverage through inverse floating rate securities generated additional net income and contributed to the performance of the Fund over this reporting period.

Nuveen California Municipal Bond Fund

The Nuveen California Municipal Bond Fund outperformed its benchmark, the S&P Municipal Bond California Index, during the six-month reporting period. Favorable duration positioning proved beneficial, meaning the portfolio was more sensitive to the positive effects of falling interest rates, especially on the long end of the yield curve.

Credit quality positioning also helped meaningfully. Given limited new supply of debt coupled with healthy demand, tax-exempt bonds’ prices rose while their yields fell accordingly. Bonds with lower credit ratings generally outperformed more highly rated issues, which helped the Fund because we were overweighted in BBB-rated and BB-rated issues while significantly underweighting the AAA and AA -rated categories. In fact, the Fund’s substantial underweighting in AA-rated debt grew in June, when rating agency Moody’s upgraded California’s credit rating to Aa3. This event increased the benchmark’s allocation to the AA-rated category much more than the Fund’s because we did not hold large positions in state-backed debt.

In our last report to shareholders six months ago, we described how we had been seeking to take advantage of market turmoil amid rising interest rates. Our approach then was to buy lower rated, higher yielding bonds with longer call dates. During this reporting period, however, as rates fell and investors were increasingly willing to accept credit risk, we adopted a more defensive investment approach. Thus, when buying bonds, we focused on securities we believed could best maintain their value in the event of a market downturn. This entailed adding exposure to California GO and public works bonds, as well as other highly rated issues in the state. We also selectively added to the Fund’s exposure to lower rated bonds, focusing on relatively liquid issues with coupons of 5% or better and priced at a premium.

Another source of defensiveness was to favor bonds with maturities ranging from 18 to 22 years, although we were still willing to invest longer out on the yield curve when we found compelling opportunities to do so.

Modest investment inflows represented one source of funds for our purchases; the proceeds of bond calls was another. We also engaged in a limited number of bond swaps. This entailed selling bonds with low embedded yields that we had acquired in previous years and then buying new securities with similar risk but more favorable yield characteristics.

Of final note, the Fund had minimal exposure to bonds of Puerto Rico, whose credit quality remained a source of concern for investors. During the reporting period, we held just one small position in a pre-refunded Puerto Rico transportation bonds, meaning they were backed by escrowed short-term U.S. government securities. In fact, this position was called from the portfolio during the reporting period, and at period end, we had no exposure.

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

An Update Involving Puerto Rico

We continue to monitor ongoing economic developments in Puerto Rico for any impact on the Funds’ holdings and performance. 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 September 2014, the Nuveen complex held $70.9 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 September 30, 2014. For the reporting period ended August 31, 2014, Puerto Rico paper underperformed the municipal market as a whole.

8 Nuveen Investments

Risk Considerations

and Dividend Information

Risk Considerations

Nuveen California High Yield Municipal Bond Fund

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

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

Nuveen California Municipal Bond Fund

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

Dividend Information

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 August 31, 2014, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.

All monthly dividends paid by each Fund during the fiscal year ended August 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 9

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10 Nuveen Investments

Fund Performance, Expense Ratios

and Effective Leverage Ratios

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

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

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

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

Comparative index and Lipper return information is provided for 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 11

Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)

Nuveen California High Yield Municipal Bond Fund

Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further expla- nation 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 August 31, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception
Class A Shares at NAV		9.12%		21.97%		11.26%		4.78%
Class A Shares at maximum Offering Price		4.57%		16.87%		10.30%		4.25%
S&P Municipal Yield Index		6.29%		14.54%		9.36%		5.10%
Lipper California Municipal Debt Funds Classification Average		5.42%		12.93%		6.50%		4.42%
Class C2 Shares		8.84%		21.33%		10.66%		4.21%
Class I Shares		9.25%		22.12%		11.46%		4.97%

	Cumulative
	6-Month		Since Inception
Class C Shares		8.70%		10.71%

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

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception
Class A Shares at NAV		8.69%		18.59%		9.05%		4.83%
Class A Shares at maximum Offering Price		4.08%		13.65%		8.13%		4.30%
Class C2 Shares		8.42%		17.97%		8.46%		4.26%
Class I Shares		8.93%		18.86%		9.30%		5.03%

	Cumulative
	6-Month		Since Inception
Class C Shares		8.39%		11.65%

Since inception returns for Class A, C2 and I Shares, and for the comparative index and Lipper category average, are from 3/28/06. 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.

12 Nuveen Investments

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class C2		Class I
Expense Ratios		0.87%		1.68%		1.43%		0.67%

Effective Leverage Ratio as of August 31, 2014

Effective Leverage Ratio 8.98%

Nuveen Investments 13

Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)

Nuveen California Municipal Bond Fund

Refer to the first page of this Fund Performance, Expense Ratios 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 August 31, 2014

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		6.01%		13.56%		7.74%		5.09%
Class A Shares at maximum Offering Price		1.58%		8.80%		6.83%		4.64%
S&P Municipal Bond Index		4.21%		10.55%		5.65%		4.82%
S&P Municipal Bond California Index		4.78%		12.30%		6.53%		5.18%
Lipper California Municipal Debt Funds Classification Average		5.42%		12.93%		6.50%		4.39%
Class C2 Shares		5.64%		12.86%		7.16%		4.51%
Class I Shares		6.01%		13.66%		7.96%		5.30%

	Cumulative
	6-Month		Since Inception
Class C Shares		5.42%		6.73%

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		6.28%		11.94%		6.55%		5.08%
Class A Shares at maximum Offering Price		1.85%		7.23%		5.64%		4.63%
Class C2 Shares		5.91%		11.24%		5.96%		4.51%
Class I Shares		6.38%		12.14%		6.75%		5.29%

	Cumulative
	6-Month		Since Inception
Class C Shares		5.79%		7.50%

Since inception returns 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.

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class C2		Class I
Expense Ratios		0.80%		1.59%		1.34%		0.59%

Effective Leverage Ratio as of August 31, 2014

Effective Leverage Ratio 0.00%

14 Nuveen Investments

Yields as of August 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 California High Yield Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		4.32%		3.74%		4.00%		4.71%
SEC 30-Day Yield		3.74%		3.09%		3.36%		4.11%
Taxable-Equivalent Yield (34.7%)2		5.73%		4.73%		5.15%		6.29%

Nuveen California Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		3.83%		3.19%		3.46%		4.16%
SEC 30-Day Yield		2.55%		1.86%		2.11%		2.85%
Taxable-Equivalent Yield (34.7%)2		3.91%		2.85%		3.23%		4.36%

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 combined federal and state income tax rate as shown in the respective table above.

Nuveen Investments 15

Holding

Summaries as of August 31, 2014

This data relates to the securities held in each Fund’s portfolio of investments as of the end of this 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 definitions of terms used within this section.

Nuveen California High Yield Municipal Bond Fund

Fund Allocation

(% of net assets)

Municipal Bonds	95.7%
Common Stocks	0.8%
Short-Term Investments	0.8%
Other Assets Less Liabilities	2.7%

Portfolio Composition¹

(% of total investments)

Tax Obligation/Limited	48.9%
Health Care	10.9%
Education and Civic Organizations	10.2%
Transportation	5.9%
Tax Obligation/General	4.8%
Other Industries	19.3%

Bond Credit Quality¹

(% of total investment exposure)

AAA/U.S. Guaranteed	1.5%
AA	25.4%
A	14.1%
BBB	14.6%
BB or Lower	11.9%
N/R (not rated)	31.7%
N/A (not applicable)	0.8%

1 Excluding investments in derivatives.

16 Nuveen Investments

Nuveen California Municipal Bond Fund

Fund Allocation

(% of net assets)

Municipal Bonds	98.1%
Short-Term Investments	1.0%
Other Assets Less Liabilities	0.9%

Portfolio Composition

(% of total investments)

Tax Obligation/Limited	35.8%
Health Care	17.0%
Tax Obligation/General	16.7%
Education and Civic Organizations	6.6%
Transportation	6.4%
Other Industries	17.5%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	4.9%
AA	34.8%
A	23.4%
BBB	16.1%
BB or Lower	10.0%
N/R (not rated)	10.8%

Nuveen Investments 17

Expense

Examples

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

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

The beginning of the period for the Funds is March 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 each Fund’s actual expense ratios 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 following tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.

Nuveen California High Yield 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	$	1,091.20	$	1,087.00	$	1,088.40	$	1,092.50
Expenses Incurred During the Period	$	4.48	$	8.57	$	7.37	$	3.43
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	$	1,020.92	$	1,016.99	$	1,018.15	$	1,021.93
Expenses Incurred During the Period	$	4.33	$	8.29	$	7.12	$	3.31

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.85%, 1.63%, 1.40% and 0.65% 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).

18 Nuveen Investments

Nuveen California 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	$	1,060.10	$	1,054.20	$	1,056.40	$	1,060.10
Expenses Incurred During the Period	$	4.00	$	8.08	$	6.84	$	3.01
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	$	1,017.34	$	1,018.55	$	1,022.28
Expenses Incurred During the Period	$	3.92	$	7.93	$	6.72	$	2.96

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.77%, 1.56%, 1.32% and 0.58% 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 19

Shareholder Meeting Report

A special shareholder meeting was held in the offices of Nuveen Investments on August 5, 2014, for Nuveen California High Yield Municipal Bond Fund and Nuveen California 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 for Nuveen California High Yield Municipal Bond Fund to August 15, 2014.

	Nuveen California High Yield Municipal Bond Fund		Nuveen California Municipal Bond Fund
To approve a new investment management agreement between each Trust and Nuveen Advisors, LLC.
For		16,932,682		32,735,923
Against		399,653		480,764
Abstain		749,117		906,154
Broker Non-Votes		8,532,757		7,484,125
Total		26,614,209		41,606,966
To approve a new sub-advisory agreement between Nuveen Fund Advisors and Nuveen Asset Management, LLC.
For		16,840,024		32,566,401
Against		425,685		577,947
Abstain		815,742		978,492
Broker Non-Votes		8,532,758		7,484,126
Total		26,614,209		41,606,966
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		16,789,808		32,341,642
Against		508,142		685,525
Abstain		783,500		1,095,668
Broker Non-Votes		8,532,759		7,484,131
Total		26,614,209		41,606,966
b. Revise the fundamental policy related to issuing senior securities.
For		16,842,773		32,354,011
Against		441,627		664,330
Abstain		797,049		1,104,495
Broker Non-Votes		8,532,760		7,484,130
Total		26,614,209		41,606,966
c. Revise the fundamental policy related to underwriting.
For		16,812,444		32,421,381
Against		459,643		662,856
Abstain		809,363		1,038,598
Broker Non-Votes		8,532,759		7,484,131
Total		26,614,209		41,606,966

20 Nuveen Investments

	Nuveen California High Yield Municipal Bond Fund		Nuveen California Municipal Bond Fund
d. Revise the fundamental policy related to the purchase and sale of real estate.
For		16,798,985		32,426,345
Against		505,201		667,931
Abstain		777,263		1,028,557
Broker Non-Votes		8,532,760		7,484,133
Total		26,614,209		41,606,966
e. Revise the fundamental policy related to diversification.
For		16,797,261		32,396,960
Against		502,875		685,022
Abstain		781,313		1,040,854
Broker Non-Votes		8,532,760		7,484,130
Total		26,614,209		41,606,966
f. Eliminate the fundamental policy related to permitted investments.
For		16,786,771		32,290,261
Against		498,917		730,253
Abstain		795,760		1,102,318
Broker Non-Votes		8,532,761		7,484,134
Total		26,614,209		41,606,966
g. Eliminate the fundamental policy related to pledging assets.
For		16,736,328		32,239,526
Against		554,014		836,671
Abstain		791,106		1,046,635
Broker Non-Votes		8,532,761		7,484,134
Total		26,614,209		41,606,966
h. Eliminate the fundamental policy related to investment in issuers whose shares are owned by the Fund’s Board Members or officers.
For		—		32,113,870
Against		—		923,845
Abstain		—		1,085,115
Broker Non-Votes		—		7,484,136
Total		—		41,606,966
i. Eliminate the fundamental policy related to short sales and purchases on margin.
For		16,749,991		32,095,513
Against		539,766		957,157
Abstain		791,693		1,070,162
Broker Non-Votes		8,532,759		7,484,134
Total		26,614,209		41,606,966
j. Eliminate the fundamental policy related to writing options.
For		16,775,331		32,126,422
Against		529,976		943,970
Abstain		776,142		1,052,442
Broker Non-Votes		8,532,760		7,484,132
Total		26,614,209		41,606,966

Nuveen Investments 21

Shareholder Meeting Report (continued)

	Nuveen California High Yield Municipal Bond Fund		Nuveen California Municipal Bond Fund
Approval of the Board Members was reached as follows:
William Adams IV
For		155,636,901		155,636,901
Withhold		3,633,809		3,633,809
Total		159,270,710		159,270,710
Robert P. Bremner
For		155,607,724		155,607,724
Withhold		3,662,986		3,662,986
Total		159,270,710		159,270,710
Jack B. Evans
For		155,641,792		155,641,792
Withhold		3,628,918		3,628,918
Total		159,270,710		159,270,710
William C. Hunter
For		155,624,722		155,624,722
Withhold		3,645,988		3,645,988
Total		159,270,710		159,270,710
David J. Kundert
For		155,747,106		155,747,106
Withhold		3,523,604		3,523,604
Total		159,270,710		159,270,710
John K. Nelson
For		155,691,515		155,691,515
Withhold		3,579,195		3,579,195
Total		159,270,710		159,270,710
William J. Schneider
For		155,648,373		155,648,373
Withhold		3,622,337		3,622,337
Total		159,270,710		159,270,710
Thomas S. Schreier, Jr.
For		155,684,729		155,684,729
Withhold		3,585,981		3,585,981
Total		159,270,710		159,270,710
Judith M. Stockdale
For		155,645,265		155,645,265
Withhold		3,625,445		3,625,445
Total		159,270,710		159,270,710
Carole E. Stone
For		155,623,201		155,623,201
Withhold		3,647,509		3,647,509
Total		159,270,710		159,270,710

22 Nuveen Investments

	Nuveen California High Yield Municipal Bond Fund		Nuveen California Municipal Bond Fund
Virginia L. Stringer
For		155,680,106		155,680,106
Withhold		3,590,604		3,590,604
Total		159,270,710		159,270,710
Terence J. Toth
For		155,784,673		155,784,673
Withhold		3,486,037		3,486,037
Total		159,270,710		159,270,710

Nuveen Investments 23

Nuveen California High Yield Municipal Bond Fund

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 96.5%
		MUNICIPAL BONDS – 95.7%
		Consumer Discretionary – 0.3%
$	115	Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Third Tier Series 2001C, 9.750%, 1/01/26		1/15 at 100.00		N/R	$	115,969
		Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007A:
	160	6.000%, 12/15/37		12/14 at 100.00		N/R		88,936
	1,000	6.750%, 12/15/37 (4)		12/17 at 100.00		N/R		649,650
	15	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		8,338
	500	Morongo Band of Mission Indians, California, Enterprise Revenue Bonds, Series 2008B, 6.500%, 3/01/28		3/18 at 100.00		N/R		544,515
	120	Norfolk Economic Development Authority, Virginia, Empowerment Zone Facility Revenue Bonds, BBL Old Dominion University LLC Project Revenue Bonds, Series 2006B, 5.625%, 11/01/15 (Alternative Minimum Tax)		No Opt. Call		N/R		119,908
	1,910	Total Consumer Discretionary						1,527,316
		Consumer Staples – 4.2%
	2,915	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold Country Settlement Funding Corporation, Series 2006, 0.000%, 6/01/33		12/14 at 100.00		CCC		690,272
	1,000	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/47		6/17 at 100.00		BB		767,980
	50	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.250%, 6/01/45		6/15 at 100.00		B–		40,088
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	7,750	5.000%, 6/01/33		6/17 at 100.00		B		6,403,050
	2,695	5.750%, 6/01/47		6/17 at 100.00		B		2,214,023
	1,000	5.125%, 6/01/47		6/17 at 100.00		B		748,720
	3,100	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37		6/22 at 100.00		B		2,455,324
	5,000	Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 0.000%, 6/01/36		6/17 at 28.99		B–		1,015,500
	1,000	Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.375%, 6/01/38		6/15 at 100.00		B–		821,980
		Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A:
	1,000	5.000%, 6/01/37		12/14 at 100.00		BB+		803,100
	3,845	5.125%, 6/01/46		12/14 at 100.00		B+		2,940,348
	29,355	Total Consumer Staples						18,900,385

24 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education And Civic Organizations – 9.9%
$	2,000	California Educational Facilities Authority, Revenue Bonds, California College of the Arts, Series 2005, 5.000%, 6/01/35		6/15 at 100.00		BBB–	$	2,025,360
	1,065	California Educational Facilities Authority, Revenue Bonds, Dominican University, Series 2006, 5.000%, 12/01/36		12/16 at 100.00		Baa3		1,085,618
	75	California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35		10/15 at 100.00		A3		76,234
	95	California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/36		11/15 at 100.00		A2		96,449
		California Educational Facilities Authority, Revenue Bonds, Woodbury University, Series 2006:
	2,165	5.000%, 1/01/30		1/15 at 100.00		Baa3		2,166,819
	500	5.000%, 1/01/36		1/15 at 100.00		Baa3		500,135
	1,000	California Municipal Finance Authority, Charter School Lease Revenue Bonds, Rocketship 7 – Alma Academy Elementary School, Series 2012A, 6.250%, 6/01/43		12/21 at 101.00		N/R		1,028,310
		California Municipal Finance Authority, Lakeview Charter Academy, School Revenue Bonds, Partnerships to Uplift Communities Project, Series 2012A:
	1,330	5.000%, 8/01/32		No Opt. Call		BB+		1,375,313
	2,700	5.250%, 8/01/42		No Opt. Call		BB+		2,796,498
	1,795	5.300%, 8/01/47		8/22 at 100.00		BB+		1,857,825
	2,000	California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education – Multiple Projects, Series 2014A, 7.000%, 6/01/34		6/22 at 102.00		N/R		2,167,100
	2,000	California Municipal Finance Authority, Education Revenue Bonds, American Heritage Education Foundation Project, Series 2006A, 5.250%, 6/01/36		6/16 at 100.00		BB–		1,939,300
	1,335	California Municipal Finance Authority, Educational Facilities Revenue Bonds, OCEAA Project, Series 2008A, 7.000%, 10/01/39		10/18 at 100.00		N/R		1,382,673
	1,500	California Municipal Finance Authority, Revenue Bonds, Biola University, Refunding Series 2008A, 5.875%, 10/01/34		4/18 at 100.00		Baa1		1,666,320
	300	California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2012A, 6.625%, 1/01/32		1/22 at 100.00		N/R		319,755
	625	California Municipal Finance Authority, Revenue Bonds, Touro College and University System, Series 2014A, 5.250%, 1/01/34		7/24 at 100.00		N/R		695,012
	1,015	California School Finance Authority School Facility Revenue Bonds, Alta Public Schools Project, Series 2014A, 6.500%, 11/01/34		11/24 at 100.00		N/R		1,029,961
	600	California School Finance Authority, Charter School Revenue Bonds, Coastal Academy Project, Series 2013A, 5.000%, 10/01/42		10/22 at 100.00		BBB–		621,600
	990	California School Finance Authority, Educational Facilities Revenue Bonds, Tri-Valley Learning Corporation, Series 2012A, 7.000%, 6/01/47		6/20 at 102.00		N/R		1,058,013
		California School Finance Authority, Educational Facility Revenue Bonds, New Designs Charter School Project, Series 2014A:
	1,000	5.750%, 6/01/34		6/24 at 100.00		BB+		1,022,370
	1,000	6.000%, 6/01/44		6/24 at 100.00		BB+		1,019,110
		California School Finance Authority, Educational Facility Revenue Bonds, Partnerships to Uplift Communities Valley Project, Series 2014:
	1,380	6.400%, 8/01/34		2/24 at 100.00		BB		1,516,951
	2,040	6.750%, 8/01/44		2/24 at 100.00		BB		2,273,886
	1,250	California School Finance Authority, School Facility Revenue Bonds, Value Schools, Series 2013, 6.650%, 7/01/33		7/23 at 100.00		BB+		1,351,575

Nuveen Investments 25

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education And Civic Organizations (continued)
$	1,000	California Statewide Communities Development Authority, Charter School Revenue Bonds – Albert Einstein Academy for Letters, Arts, & Sciences Charter School Series 2012, 6.000%, 11/01/32		No Opt. Call		N/R	$	1,017,330
	1,000	California Statewide Communities Development Authority, Charter School Revenue Bonds, Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41		12/21 at 100.00		N/R		1,164,350
		California Statewide Communities Development Authority, Educational Facilities Revenue Bonds, Huntington Park Charter School Project, Series 2007A:
	1,340	5.150%, 7/01/30		7/17 at 100.00		N/R		1,345,373
	1,500	5.250%, 7/01/42		7/17 at 100.00		N/R		1,469,790
	1,040	California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46		7/21 at 100.00		BBB–		1,186,671
	815	California Statewide Community Development Authority, Charter School Revenue Bonds, Rocklin Academy Charter, Series 2011A, 8.250%, 6/01/41		6/21 at 100.00		BB+		948,424
	1,000	California Statewide Community Development Authority, Revenue Bonds, California Baptist University, Series 2007A, 5.500%, 11/01/38		11/17 at 102.00		N/R		1,023,840
	2,135	California Statewide Community Development Authority, Revenue Bonds, Drew School, Series 2007, 5.300%, 10/01/37		10/15 at 102.00		N/R		2,156,350
	200	California Statewide Community Development Authority, Revenue Bonds, International School of the Peninsula, Palo Alto, California, Series 2006, 5.000%, 11/01/29		11/16 at 100.00		N/R		202,160
	380	California Statewide Community Development Authority, Revenue Bonds, Montessori in Redlands School, Series 2007A, 5.125%, 12/01/36		12/16 at 100.00		N/R		381,615
	600	California, School Finance Authority, School Facility Revenue Bonds, KIPP LA Projects, Series 2014A, 5.000%, 7/01/34		7/24 at 100.00		BB+		625,566
	200	Hawaii Department of Budget and Finance, Private School Revenue Bonds, Montessori of Maui, Series 2007, 5.500%, 1/01/37		2/17 at 100.00		N/R		200,272
	100	Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Choice Education and Development, Series 2006, 6.375%, 6/01/36		6/16 at 100.00		N/R		100,456
	65	Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Paradise Education Center Charter School, Series 2006, 6.000%, 6/01/36		6/16 at 100.00		BB+		65,644
	365	Pingree Grove Village, Illinois, Charter School Revenue Bonds, Cambridge Lakes Learning Center, Series 2007, 6.000%, 6/01/36		6/16 at 102.00		N/R		343,053
	1,250	University of California, General Revenue Bonds, Tender Option Bond Trust 2013-24U, 18.200%, 5/15/39 (IF) (5)		5/23 at 100.00		AA		1,935,400
	42,750	Total Education and Civic Organizations						45,238,481
		Health Care – 9.8%
	1,000	Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, 3/01/26		No Opt. Call		Ba2		1,126,960
	625	California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Tender Option Bond Trust 1270, 17.471%, 4/01/42 (IF) (5)		4/22 at 100.00		A+		872,950
		California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Tender Option Trust 4726:
	260	18.003%, 8/15/43 (IF) (5)		8/24 at 100.00		AA		393,284
	1,000	18.030%, 8/15/51 (IF) (5)		8/22 at 100.00		AA		1,400,560
	80	California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 3878, 22.597%, 10/01/21 (IF) (5)		No Opt. Call		AA		133,712

26 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
		California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
$	1,000	18.025%, 8/15/41 (IF) (5)		8/22 at 100.00		AA	$	1,438,510
	250	18.030%, 8/15/41 (IF) (5)		8/22 at 100.00		AA		359,660
		California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 4448:
	200	22.269%, 8/15/20 (IF) (5)		No Opt. Call		AA		309,660
	200	22.257%, 8/15/20 (IF) (5)		No Opt. Call		AA		309,598
	750	California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40		7/20 at 100.00		Baa2		805,380
	1,000	California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27		2/17 at 100.00		Baa1		1,053,120
		California Statewide Communities Development Authority, Revenue Bonds, Henry Mayo Newhall Memorial Hospital, Series 2014:
	2,540	5.000%, 10/01/34 – AGM Insured		10/24 at 100.00		AA		2,809,062
	1,625	5.250%, 10/01/43 – AGM Insured		10/24 at 100.00		AA		1,792,212
	1,000	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		1,268,120
	3,350	California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31		7/17 at 100.00		N/R		3,376,733
	485	California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008A, 5.500%, 7/01/30		7/17 at 100.00		A		532,666
		California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007:
	250	5.000%, 8/15/39 – NPFG Insured		8/17 at 100.00		AA–		256,700
	5,750	5.000%, 8/15/47		8/17 at 100.00		BBB+		5,853,615
		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
	750	5.250%, 7/01/30 (6)		7/15 at 100.00		B–		727,500
	750	5.250%, 7/01/35 (6)		7/15 at 100.00		B–		727,500
	715	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3048, 18.772%, 11/15/32 (IF)		5/18 at 100.00		AA–		939,624
	1,285	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102, 18.802%, 11/15/48 (IF) (5)		5/18 at 100.00		AA–		1,688,696
	1,490	Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38		12/17 at 100.00		BBB		1,655,867
	350	Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36		3/20 at 100.00		A+		376,593
	1,060	Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 7.000%, 11/01/35		11/20 at 100.00		BB		1,121,713
		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
	1,025	5.500%, 11/01/19		No Opt. Call		Ba1		1,116,615
	500	6.750%, 11/01/39		11/19 at 100.00		Ba1		540,250
	500	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41		11/20 at 100.00		Ba1		520,310

Nuveen Investments 27

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	5,500	Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/38		7/17 at 100.00		Baa2	$	5,608,900
		San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011:
	1,000	8.000%, 12/01/26		12/21 at 100.00		BB		1,235,450
	500	7.500%, 12/01/41		12/21 at 100.00		BB		585,650
	2,500	Tulare Local Health Care District, California, Revenue Bonds, Series 2007, 5.200%, 11/01/32		11/17 at 100.00		B		2,149,450
	1,150	Washington Township Health Care District, California, Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/32		7/17 at 100.00		Baa1		1,184,247
	60	Weatherford Hospital Authority, Oklahoma, Sales Tax Revenue Bonds, Series 2006, 6.000%, 5/01/31		5/16 at 103.00		N/R		61,538
	40,500	Total Health Care						44,332,405
		Housing/Multifamily – 4.2%
	2,000	California Housing Finance Agency, Multifamily Housing Revenue Bonds, Series 2014A-III, 4.600%, 8/01/39		2/24 at 100.00		AA		2,078,240
	1,400	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010B, 7.250%, 8/15/45		8/20 at 100.00		N/R		1,528,240
	480	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47		8/22 at 100.00		A1		535,450
	2,000	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Windsor Mobile Country Club, Subordinate Series 2013B, 7.000%, 11/01/48		11/23 at 100.00		N/R		2,194,380
		California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
	1,200	5.250%, 8/15/39		8/24 at 100.00		BBB		1,307,292
	240	5.250%, 8/15/49		8/24 at 100.00		BBB		260,129
	1,270	5.875%, 8/15/49		8/24 at 100.00		N/R		1,323,708
	400	California Municipal Finance Authority, Revenue Bonds, University Students Coop Association, Series 2007, 4.750%, 4/01/27		4/17 at 100.00		BBB–		404,264
	1,000	California Statewide Community Development Authority, Lancer Educational Student Housing Revenue Bonds, California Baptist University, Series 2007, 5.625%, 6/01/33		6/17 at 102.00		N/R		1,021,410
	345	California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, Magnolia City Lights, Series 1999X, 6.650%, 7/01/39		1/15 at 100.00		N/R		345,238
		Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Augusta Communities Mobile Home Park, Series 2012A:
	740	5.000%, 5/15/39		5/22 at 100.00		A–		781,351
	1,010	5.000%, 5/15/47		5/22 at 100.00		A–		1,060,510
	1,340	Independent Cities Lease Finance Authority, California, Mobile Home Park Refunding Bonds, Rancho Feliz and Las Casitas De Sonoma, Series 2012, 5.000%, 10/15/47		No Opt. Call		BBB		1,404,896
	1,000	Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San Juan Mobile Estates Project, Series 2006A, 5.125%, 5/15/41		5/16 at 100.00		A		1,015,470
	315	La Verne, California, Mobile Home Park Revenue Refunding Bonds, Copacabana Mobile Home Park, Series 2014, 5.000%, 6/15/49		6/24 at 100.00		A		334,832
	2,114	San Jose, California, Multifamily Housing Revenue Bonds, Almaden Family Apartments Project, Series 2007B, 4.720%, 11/15/37 (Alternative Minimum Tax)		No Opt. Call		N/R		1,910,170

28 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Multifamily (continued)
$	485	Santa Clara County Housing Authority, California, Multifamily Housing Revenue Bonds, Blossom River Project, Series 1998A, 6.500%, 9/01/39		9/14 at 100.00		N/R	$	485,291
	593	Ventura County Area Housing Authority, California, Mira Vista Senior Apartments Project, Junior Subordinate Series 2006C, 6.500%, 12/01/39 (Alternative Minimum Tax) (Mandatory Put 7/01/16)		No Opt. Call		N/R		585,564
	485	Wilson County Health and Educational Facilities Board, Tennessee, Senior Living Revenue Bonds, Rutland Place, Series 2007A, 6.300%, 7/01/37		7/17 at 100.00		N/R		372,606
	18,417	Total Housing/Multifamily						18,949,041
		Housing/Single Family – 0.2%
	500	California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007E, 4.800%, 8/01/37 (Alternative Minimum Tax)		2/17 at 100.00		A–		503,160
	600	California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206, 9.201%, 8/01/25 (Alternative Minimum Tax) (IF)		2/16 at 100.00		A–		602,802
	1,100	Total Housing/Single Family						1,105,962
		Industrials – 0.0%
	65	California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)		1/16 at 102.00		A–		69,436
	1,000	California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (4)		No Opt. Call		D		3,550
	750	Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (4)		7/17 at 102.00		N/R		24,682
	1,815	Total Industrials						97,668
		Long-Term Care – 2.1%
		California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009:
	500	8.000%, 11/01/29		11/19 at 100.00		A3		597,990
	1,040	8.500%, 11/01/39		11/19 at 100.00		AA		1,257,162
	520	California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.250%, 10/01/39		10/19 at 100.00		BBB+		564,398
	1,000	California Statewide Communities Development Authority, Revenue Bonds, Terraces San Joaquin Gardens, Series 2012A, 5.625%, 10/01/32		10/22 at 100.00		N/R		1,049,080
	450	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		450,522
	3,605	California Statewide Community Development Authority, Senior Living Revenue Bonds, Southern California Presbyterian Homes, Series 2006A, 4.875%, 11/15/36		11/16 at 100.00		BBB–		3,615,599
	1,000	Fulton County Residential Care Facilities Elderly Authority, Georgia, First Mortgage Revenue Bonds, Lenbrook Project, Series 2006A, 5.125%, 7/01/37		7/17 at 100.00		N/R		1,003,400
	50	Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, CDF Healthcare of Louisiana LLC, Series 2006A, 7.000%, 6/01/36		6/16 at 101.00		N/R		50,872
	1,000	Wisconsin Public Finance Authority, Revenue Bonds, SearStone Retirement Community of Cary North Carolina, Series 2012A, 8.625%, 6/01/47		6/22 at 100.00		N/R		1,200,610
	9,165	Total Long-Term Care						9,789,633

Nuveen Investments 29

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General – 4.6%
		Bakersfield City School District, Kern County, California, General Obligation Bonds, Series 2012C:
$	1,700	0.000%, 5/01/37		No Opt. Call		Aa2	$	744,328
	5,575	0.000%, 5/01/42		5/40 at 100.00		Aa2		2,460,582
	5,500	0.000%, 5/01/47		5/40 at 100.00		Aa2		2,423,520
		California State, General Obligation Bonds, Various Purpose Series 2013:
	1,000	5.000%, 2/01/43		No Opt. Call		Aa3		1,119,800
	1,630	5.000%, 4/01/43		4/23 at 100.00		Aa3		1,828,599
	4,610	Central Unified School District, Fresno County, California, General Obligation Bonds, Election 2008 Series 2013B, 0.000%, 8/01/37 – AGM Insured		8/22 at 44.31		AA		1,407,295
	1,115	Denair Unified School District, Stanislaus County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/26 – FGIC Insured		No Opt. Call		AA–		689,694
		Guam Government, General Obligation Bonds, 2009 Series A:
	1,000	6.750%, 11/15/29		11/19 at 100.00		BB–		1,124,670
	1,000	7.000%, 11/15/39		11/19 at 100.00		BB–		1,134,550
	500	Guam Government, General Obligation Bonds, Series 2007A, 5.250%, 11/15/37		11/17 at 100.00		BB–		503,185
	1,205	Jamul Dulzura Union School District, San Diego County, California, General Obligation Bonds, Election 1995 Series 2004A, 0.000%, 11/01/28 – NPFG Insured		No Opt. Call		AA–		674,800
	1,000	Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2004, 0.000%, 8/01/26 – FGIC Insured		No Opt. Call		AA–		631,660
	250	Palomar Pomerado Health, California, General Obligation Bonds, Tender Option Bond Trust 4683, 17.908%, 8/01/37 – NPFG Insured (IF) (5)		8/17 at 100.00		AA–		295,450
	1,350	Paso Robles Joint Unified School District, San Luis Obispo and Monteray Counties, California, General Obligation Bonds, Election 2006 Series 2010A, 0.000%, 9/01/34		No Opt. Call		A2		530,375
	1,980	San Diego Unified School District, San Diego County, California, General Obligation Bonds, Tender Option Bond Trust Series 3330, 14.073%, 1/01/21 (IF) (5)		No Opt. Call		AA–		2,238,905
	2,490	San Leandro Unified School District, Alameda County, California, General Obligation Bonds, Election 2006 Series 2010, 0.000%, 8/01/39		8/28 at 100.00		AA		1,500,972
	500	Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Series 2006, 4.550%, 9/01/30 – FGIC Insured		9/15 at 100.00		AA–		506,065
	1,880	Walnut Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2000 Series 2003D, 0.000%, 8/01/28 – FGIC Insured		No Opt. Call		Aa2		1,114,671
	34,285	Total Tax Obligation/General						20,929,121
		Tax Obligation/Limited – 47.6%
		Anaheim Public Financing Authority, California, Subordinate Lease Revenue Bonds, Public Improvement Project, Series 1997C:
	300	0.000%, 9/01/28 – AGM Insured		No Opt. Call		AA		169,926
	240	0.000%, 9/01/30 – AGM Insured		No Opt. Call		AA		115,356
	4,475	0.000%, 9/01/34 – AGM Insured		No Opt. Call		AA		1,719,026
	4,305	0.000%, 9/01/35 – AGM Insured		No Opt. Call		AA		1,541,362
	435	Arvin Community Redevelopment Agency, California, Tax Allocation Bonds, Arvin Redevelopment Project, Series 2005, 5.125%, 9/01/35		9/15 at 100.00		N/R		436,031
	1,000	Azusa Redevelopment Agency, California, Tax Allocation Refunding Bonds, Merged West End Development, Series 2007B, 5.300%, 8/01/36		8/17 at 100.00		N/R		977,670

30 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
		Azusa, California, Special Tax Bonds, Community Facilities District 2005-1 Rosedale Improvement Area 1, Series 2007:
$	585	5.000%, 9/01/27		9/17 at 100.00		N/R	$	606,399
	985	5.000%, 9/01/37		9/17 at 100.00		N/R		1,012,068
	1,035	Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 17A, Series 2013B, 5.000%, 9/01/34		9/23 at 100.00		N/R		1,097,079
	1,000	Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 20 Series 2012B, 5.950%, 9/01/35		9/22 at 100.00		N/R		1,064,070
	1,000	Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 8C, Series 2007E, 6.250%, 9/01/38		9/14 at 100.00		N/R		1,001,070
		Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 8D & 17B, Series 2009B:
	60	8.875%, 9/01/34		9/15 at 100.00		N/R		60,794
	125	8.625%, 9/01/39		9/16 at 100.00		N/R		126,609
		Brea Redevelopment Agency, Orange County, California, Tax Allocation Bonds, Project Area AB, Series 2003:
	1,500	0.000%, 8/01/28 – AMBAC Insured		No Opt. Call		AA–		812,790
	2,300	0.000%, 8/01/29 – AMBAC Insured		No Opt. Call		AA–		1,178,773
	6,710	0.000%, 8/01/30 – AMBAC Insured		No Opt. Call		AA–		3,267,904
	1,500	Brentwood Infrastructure Financing Authority, Contra Costa County, California, CIFP 2006-1 Infrastructure Revenue Bonds, Series 2006, 5.200%, 9/02/36		9/14 at 100.00		N/R		1,538,730
	5,600	California Community College Financing Authority, Lease Revenue Bonds, Refunding Series 2003, 0.000%, 6/01/33 – AMBAC Insured		No Opt. Call		A+		2,169,272
	2,000	California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, New Stockton Courthouse, Series 2014B, 5.000%, 10/01/39		10/24 at 100.00		A1		2,264,920
	2,000	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38		11/23 at 100.00		A1		2,247,740
	1,000	California Statewide Communities Development Authority, Community Facilities District 2012-01, Fancher Creek, Special Tax Bonds, Series 2013A, 5.700%, 9/01/43		9/23 at 100.00		N/R		1,040,360
		California Statewide Communities Development Authority, Community Facilities District 2012-02, Manteca Lifestyle Center, Special Tax Bonds, Series 2013A:
	1,000	5.000%, 9/01/33		No Opt. Call		N/R		1,050,030
	2,000	5.125%, 9/01/42		No Opt. Call		N/R		2,083,180
	1,000	California Statewide Communities Development Authority, Recovery Zone Facility Bonds, SunEdison Huntington Beach Solar Projects, Series 2010, 7.500%, 1/01/31		1/21 at 100.00		N/R		1,164,370
	1,415	California Statewide Communities Development Authority, Recovery Zone Facility Bonds, SunEdison Irvine Unified School District Solar Projects, Series 2010, 7.500%, 7/01/30		1/20 at 100.00		N/R		1,641,414
	1,045	California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41		9/21 at 100.00		N/R		1,122,403
	2,275	California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2014A, 5.000%, 9/02/43		9/22 at 100.00		N/R		2,349,233
	1,000	California Statewide Community Development Authority, Infrastructure Program Revenue Bonds, Series 2006A, 5.200%, 9/02/36		9/14 at 100.00		N/R		1,031,230
	250	California Statewide Community Development Authority, Revenue Bonds, Epidaurus Project, Series 2004A, 7.750%, 3/01/34		3/16 at 100.00		N/R		255,345

Nuveen Investments 31

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	500	Carson Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, Series 2009A, 7.000%, 10/01/36		10/19 at 100.00		A–	$	580,275
	460	Cathedral City Public Financing Authority, California, Tax Allocation Bonds, Merged Redevelopment Project Area, Series 2007A, 4.500%, 8/01/35 – AMBAC Insured		8/17 at 100.00		BBB–		461,297
	510	Cathedral City Public Financing Authority, California, Tax Allocation Bonds, Merged Redevelopment Project Area, Series 2007C, 4.500%, 8/01/35		8/15 at 102.00		B+		400,080
	315	Chino Public Financing Authority, California, Revenue Refunding Bonds, Series 2012, 5.000%, 9/01/38		9/22 at 100.00		N/R		333,005
	605	Chula Vista, California, Special Tax Bonds, Community Facilities District 12-1 McMillin Otay Ranch Village Seven, Series 2005, 5.250%, 9/01/30		9/14 at 100.00		N/R		609,792
	1,000	Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Housing Second Lien Series 2010A, 5.500%, 8/01/30		8/20 at 100.00		N/R		1,027,630
	500	Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Second Lien Series 2010B, 5.750%, 8/01/26		8/20 at 100.00		N/R		533,895
		Compton Public Finance Authority, California, Lease Revenue Bonds, Refunding & Various Capital Projects, Series 2008:
	1,500	5.000%, 9/01/22 – AMBAC Insured		9/18 at 100.00		N/R		1,538,542
	2,000	5.250%, 9/01/27 – AMBAC Insured		9/18 at 100.00		N/R		2,017,220
	835	5.000%, 9/01/32 – AMBAC Insured		9/18 at 100.00		N/R		801,015
		Dana Point, California, Special Tax Bonds, Community Facilities District No. 2006-1, Series 2014:
	250	5.000%, 9/01/38		9/23 at 100.00		N/R		269,665
	1,250	5.000%, 9/01/45		9/23 at 100.00		N/R		1,331,087
	990	Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36		12/21 at 100.00		A+		1,208,483
	1,610	Desert Hot Springs Redevelopment Agency, California, Merged Redevelopment Project Tax Allocation Bonds, Series 2008A-2, 5.000%, 9/01/23		9/18 at 100.00		CCC+		1,153,340
	950	El Dorado County, California, Special Tax Bonds, Blackstone Community Facilities District 2005-1, Series 2005, 5.250%, 9/01/35		9/14 at 102.00		N/R		957,628
	250	El Dorado County, California, Special Tax Bonds, Community Facilities District 2005-2, Series 2006, 5.100%, 9/01/36		9/14 at 102.00		N/R		252,645
		Elk Grove Community Facilities District 2005-1, California, Special Tax Bonds, Series 2007:
	80	5.000%, 9/01/18		9/17 at 100.00		N/R		82,946
	10	5.000%, 9/01/20		9/17 at 100.00		N/R		10,333
	50	5.125%, 9/01/22		9/14 at 100.00		N/R		51,481
	1,200	5.250%, 9/01/37		9/15 at 102.00		N/R		1,219,020
	500	Fairfield, California, Community Facilities District 2007-1 Special Tax Bonds, Fairfield Commons Project, Series 2008, 6.875%, 9/01/38		9/18 at 100.00		N/R		542,065
	710	Fillmore Redevelopment Agency, Ventura County, California, Central City Redevelopment Project, Subordinate Lien Tax Allocation Bonds, Series 2006A, 5.375%, 5/01/31		11/16 at 100.00		N/R		714,643
	1,350	Fontana, California, Community Facilities District No. 22, Special Tax Refunding Bonds, Sierra Hills South, Series 2014, 5.000%, 9/01/34		No Opt. Call		N/R		1,461,186
	1,000	Fontana, California, Special Tax Bonds, Community Facilities District 31 Citrus Heights North, Series 2006, 5.000%, 9/01/36		9/14 at 102.00		N/R		1,019,440

32 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bond Trust 1011:
$	750	17.451%, 6/01/45 (IF) (5)		6/15 at 100.00		A1	$	807,600
	1,000	17.429%, 6/01/45 (IF) (5)		6/15 at 100.00		A1		1,076,700
	500	Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42		1/22 at 100.00		A		532,320
		Guam Government Department of Education, Certificates of Participation, John F. Kennedy High School Project, Series 2010A:
	880	6.625%, 12/01/30		12/20 at 100.00		B+		984,007
	1,000	6.875%, 12/01/40		12/20 at 100.00		B+		1,117,250
	1,000	Hawthorne Community Redevelopment Agency, California, Project Area 2 Tax Allocation Bonds, Series 2006, 5.000%, 9/01/26 – SYNCORA GTY Insured		9/16 at 100.00		N/R		1,028,640
	1,000	Hemet Unified School District Community Facilities District 2005-3, Riverside County, California, Special Tax Bonds, Series 2007, 5.750%, 9/01/39		9/14 at 100.00		N/R		1,005,150
	200	Hemet Unified School District, California, Community Facilities District 2005-1 Special Tax Bonds, Series 2006, 5.125%, 9/01/36		9/14 at 100.00		N/R		200,928
		Hercules Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005:
	1,000	5.000%, 8/01/25 – AMBAC Insured		8/15 at 100.00		N/R		1,001,830
	1,000	5.000%, 8/01/35 – AMBAC Insured		8/15 at 100.00		N/R		986,300
	500	4.750%, 8/01/35 – AMBAC Insured		8/15 at 100.00		N/R		471,490
		Hercules Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2007A:
	175	4.750%, 8/01/42 – AMBAC Insured		2/18 at 100.00		N/R		145,737
	150	5.000%, 8/01/42 – AMBAC Insured		2/18 at 100.00		N/R		130,337
		Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax Allocation Bonds, Series 2007A:
	1,250	5.500%, 9/01/22 – SYNCORA GTY Insured		9/17 at 100.00		N/R		1,301,763
	1,000	5.500%, 9/01/27 – SYNCORA GTY Insured		No Opt. Call		N/R		1,034,160
	1,105	5.000%, 9/01/31 – SYNCORA GTY Insured		9/17 at 100.00		N/R		1,126,691
	1,920	5.000%, 9/01/37 – SYNCORA GTY Insured		9/17 at 100.00		N/R		1,942,387
		Indio Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Subordinate Lien Refunding Series 2008A:
	655	5.000%, 8/15/21		No Opt. Call		BBB–		700,365
	500	5.250%, 8/15/28		8/18 at 100.00		BBB–		517,765
		Inglewood Public Financing Authority, California, Lease Revenue Bonds, Refunding Series 2012:
	2,530	0.000%, 8/01/23		No Opt. Call		Baa2		1,496,394
	1,600	0.000%, 8/01/25		No Opt. Call		Baa2		817,664
	1,050	0.000%, 8/01/28		8/22 at 66.37		Baa2		422,751
	2,430	0.000%, 8/01/33		No Opt. Call		Baa2		649,636
	1,650	0.000%, 8/01/35		No Opt. Call		Baa2		378,048
	120	Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A, 5.125%, 9/01/36		9/16 at 100.00		N/R		122,620
	500	Irvine, California, Special Tax Bonds, Community Facilities District 2013-3 Great Park, Improvement Area 1, Refunding Series 2014, 5.000%, 9/01/39		9/24 at 100.00		N/R		541,895
	335	Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area C, Series 2012C, 5.000%, 9/01/37		No Opt. Call		N/R		354,929

Nuveen Investments 33

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	1,220	Lake Elsinore Unified School District, California, Special Tax Bonds, Community Facilities District 2004-2, Series 2005, 5.350%, 9/01/35		No Opt. Call		N/R	$	1,225,673
	995	Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2004-3, Rosetta Canyon Improvement Area 2, Series 2006, 5.250%, 9/01/37		9/14 at 100.00		N/R		995,935
	815	Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2005-1, Series 2006A, 5.350%, 9/01/36		9/14 at 100.00		N/R		816,214
	1,440	Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2005-2 Improvement Area A, Series 2005A, 5.450%, 9/01/36		9/14 at 100.00		N/R		1,441,094
	3,000	Lammersville Joint Unified School District, Special Tax Bonds, California, Community Facilities District 2002, Mountain House, Series 2013, 5.000%, 9/01/37		9/22 at 100.00		N/R		3,141,990
	2,000	Lammersville School District, California, Special Tax Refunding Bonds, Community Facilities District 2002 Mountain House, Series 2012, 0.000%, 9/01/32		9/22 at 100.00		N/R		1,902,320
	710	Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39		No Opt. Call		BBB		827,761
		Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Subordinate Refunding Series 2003:
	500	4.750%, 8/01/27 – NPFG Insured		8/15 at 102.00		AA–		509,195
	1,000	4.750%, 8/01/33 – NPFG Insured		8/15 at 102.00		AA–		1,007,150
		Lee Lake Public Financing Authority, California, Junior Lien Revenue Bonds, Series 2013B:
	1,000	5.125%, 9/01/28		9/23 at 100.00		N/R		1,080,950
	500	5.250%, 9/01/32		9/23 at 100.00		N/R		541,105
	2,615	Los Alamitos Unified School District, Orange County, California, Certificates of Participation, Series 2012, 0.000%, 8/01/42		8/29 at 100.00		AA–		1,785,967
	1,000	Los Angeles Community Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Bunker Hill Redevelopment Project, Series 2004L, 5.000%, 3/01/18		9/14 at 100.00		BBB–		1,002,480
	250	Los Banos Redevelopment Agency, California, Tax Allocation Bonds, Los Banos Redevelopment Project, Series 2006, 5.000%, 9/01/36 – RAAI Insured		9/16 at 100.00		BBB–		251,728
	1,275	Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.250%, 9/01/38		9/21 at 100.00		A–		1,564,004
	2,022	Manteca Unified School District, San Joaquin County, California, Certificates of Participation, Series 2004, 0.000%, 9/15/33 – NPFG Insured		No Opt. Call		AA–		782,696
		March Joint Powers Redevelopment Agency, California, March Air Force Base Redevelopment Project Tax Allocation Revenue Bonds, Series 2011A:
	300	7.250%, 8/01/31		8/21 at 100.00		A–		359,637
	1,550	7.500%, 8/01/41		8/21 at 100.00		A–		1,847,244
	500	March Joint Powers Redevelopment Agency, California, March Air Force Base Redevelopment Project Tax Allocation Revenue Bonds, Series 2011B, 7.500%, 8/01/41		8/21 at 100.00		A–		595,885
	1,890	Merced Redevelopment Agency, California, Tax Allocation Bonds, Merced Redevelopment Project 2, Series 2003A, 0.000%, 12/01/21 – AMBAC Insured		No Opt. Call		N/R		1,385,238
	130	Merced, California, Community Facilities District 2005-1, Special Tax Bonds, Bellevue Ranch West, Series 2006, 5.300%, 9/01/36		9/14 at 103.00		N/R		101,475
	905	Monrovia Financing Authority, California, Lease Revenue Bonds, Hillside Wilderness Preserve Project, Series 2002, 5.000%, 12/01/20 – AMBAC Insured		12/14 at 100.00		A+		912,367
	1,405	Moorpark, California, Special Tax Bonds, Community Facilities District 2004-1, Refunding Junior Lien Series 2014B, 5.000%, 9/01/33		9/24 at 100.00		N/R		1,487,417

34 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	65	Moreno Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2004-5, Series 2006, 5.200%, 9/01/36		3/16 at 100.00		N/R	$	66,028
	1,000	Moreno Valley, California, Special Tax Bonds, Community Facilities District 5, Series 2007, 5.000%, 9/01/37		9/17 at 100.00		N/R		1,013,350
	1,310	Murrieta Valley Unified School District Public Finance Authority, Riverside County, California, Refunding Bonds Series 2013, 5.000%, 9/01/33		9/23 at 100.00		N/R		1,431,725
	590	Murrieta, California, Special Tax Bonds, Community Facilities District 2003-3, Creekside Village Improvement Area 1, Series 2005, 5.200%, 9/01/35		9/14 at 100.00		N/R		593,623
	2,000	National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 7.000%, 8/01/32		8/21 at 100.00		A–		2,523,040
	330	Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40		9/21 at 100.00		BBB+		383,001
	455	Oceanside, California, Community Facilities District No. 2000-1, Special Tax Refunding Bonds, Ocean Ranch Corporate Centre, Series 2014A, 4.000%, 9/01/32		9/23 at 100.00		N/R		458,540
	1,000	Pacifica, California, Certificates of Participation, Series 2008, 5.375%, 1/01/37 – AMBAC Insured		1/16 at 102.00		A–		1,041,950
		Palm Desert Financing Authority, California, Tax Allocation Revenue Bonds, Project Area 2, Series 2006D:
	1,495	0.000%, 8/01/31		No Opt. Call		N/R		544,584
	1,560	0.000%, 8/01/32		No Opt. Call		N/R		533,832
	1,625	0.000%, 8/01/33		No Opt. Call		N/R		522,958
	1,705	0.000%, 8/01/34		No Opt. Call		N/R		516,035
	2,075	0.000%, 8/01/35		8/16 at 31.93		N/R		590,960
	3,530	Palm Desert, California, Limited Obligation Improvement Bonds, Section 29 Assessment District 2004-02, Series 2007, 5.100%, 9/02/37		9/14 at 100.00		N/R		3,595,729
		Palm Desert, California, Special Tax Bonds, Community Facilities District 2005-1 University Park, Series 2006:
	290	5.000%, 9/01/21		9/16 at 100.00		N/R		297,665
	350	5.300%, 9/01/32		9/16 at 100.00		N/R		354,162
	910	5.450%, 9/01/32		9/16 at 100.00		N/R		923,404
	1,345	5.500%, 9/01/36		9/16 at 100.00		N/R		1,362,754
	1,600	Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.500%, 4/01/35		10/14 at 100.00		BB		1,487,856
	1,000	Palm Drive Health Care District, Sonoma County, California, Parcel Tax Revenue Bonds, Series 2005, 5.250%, 4/01/30		4/15 at 100.00		BB		751,560
	500	Palm Springs Financing Authority, California, Lease Revenue Bonds, Downtown Revitalization Project, Series 2012B, 5.000%, 6/01/35		No Opt. Call		AA		550,350
	1,000	Palmdale Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project Areas, Refunding Series 2004A, 5.000%, 9/01/34 – NPFG Insured		9/14 at 102.00		AA–		1,023,600
	1,230	Palmdale Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project Areas, Series 2002, 0.000%, 12/01/30 – AMBAC Insured		No Opt. Call		A–		566,206
	1,000	Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A, 5.750%, 9/01/39		9/23 at 100.00		N/R		1,101,310
	1,150	Perris Joint Powers Authority, California, Local Agency Revenue Bonds, Community Facilities District 2006-1, Meritage Homes, Refunding Series 2014B, 5.000%, 9/01/38		9/23 at 100.00		N/R		1,191,895

Nuveen Investments 35

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		Tax Obligation/Limited (continued)
$	1,055	Perris Public Finance Authority, California, Local Agency Revenue Bonds, Perris Valley Vistas IA3, Series 2008B, 6.625%, 9/01/38		9/16 at 100.00		N/R		$	1,092,853
	220	Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011, 6.125%, 9/01/41		9/14 at 100.00		N/R			228,096
	1,500	Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28		9/18 at 100.00		BBB–			1,641,300
		Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999:
	2,990	0.000%, 8/01/27 – AMBAC Insured		No Opt. Call		A			1,642,676
	2,500	0.000%, 8/01/28 – AMBAC Insured		No Opt. Call		A			1,311,125
	1,580	Pittsburg Redevelopment Agency, California, Tax Allocation Refunding Bonds, Los Medanos Community Development Project, Series 2006C, 4.250%, 9/01/34 – AMBAC Insured		9/16 at 100.00		BBB–			1,481,613
	350	Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project, Series 2001, 5.125%, 6/15/33 – AMBAC Insured		12/14 at 100.00		N/R			350,340
	2,000	Poway Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2014, 5.000%, 10/01/41 – BAM Insured		10/23 at 100.00		AA			2,209,640
	2,000	Rancho Cardova, California, Special Tax Bonds, Community Facilities District 2004-1 Sunridge Park Area, Series 2007, 6.125%, 9/01/37		9/17 at 100.00		N/R			2,089,260
	3,000	Rancho Cordova, California, Special Tax Bonds, Community Facilities District 2003-1 Sunridge Anatolia Area, Junior Lien Series 2014, 5.650%, 10/01/38		10/15 at 102.00		N/R			3,038,640
	620	Rancho Cordova, California, Special Tax Bonds, Community Facilities District 2003-1 Sunridge Anatolia Area, Refunding Series 2012, 5.000%, 9/01/37		No Opt. Call		N/R			648,278
	500	Rancho Cordova, California, Special Tax Bonds, Community Facilities District 2003-1 Sunridge Anatolia Area, Series 2005, 5.500%, 9/01/37		9/14 at 100.00		N/R			504,960
	1,000	Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.500%, 9/01/26		9/21 at 100.00		BBB+			1,140,510
		Redwood City Redevelopment Agency, California, Tax Allocation Bonds, Project Area 2, Series 2003A:
	1,755	0.000%, 7/15/29 – AMBAC Insured		No Opt. Call		A–			874,148
	1,260	0.000%, 7/15/31 – AMBAC Insured		No Opt. Call		A–			561,191
	500	Redwood City, California, Special Tax Bonds, Community Facilities District 2010-1 One Marina, Series 2011, 7.500%, 9/01/31		9/16 at 103.00		N/R			548,265
	1,295	Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, Riverside County Hospital Project, Series 1997, 0.000%, 6/01/26 – NPFG Insured		No Opt. Call		AA–			850,465
	1,745	Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects, Series 2004, 5.000%, 10/01/35 – SYNCORA GTY Insured		10/14 at 100.00		BBB+			1,746,204
	500	Riverside County Redevelopment Agency, California, Interstate 215 Corridor Redevelopment Project Area Tax Allocation Bonds, Series 2010E, 6.500%, 10/01/40		10/20 at 100.00		BBB+	��		564,780
	205	Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2011A, 7.125%, 10/01/42		10/21 at 100.00		A–			246,084
		Riverside County, California, Community Facilities District 05-8, Scott Road, Special Tax Bonds Series 2013:
	660	5.000%, 9/01/32		9/22 at 100.00		N/R			707,322
	2,000	5.000%, 9/01/42		9/22 at 100.00		N/R			2,106,900

36 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	870	Riverside County, California, Special Tax Bonds, Community Facilities District 04-2 Lake Hill Crest, Series 2012, 5.000%, 9/01/35		9/22 at 100.00		N/R	$	919,929
		Riverside Public Financing Authority, California, Tax Allocation Bonds, University Corridor, Series 2007C:
	2,000	4.500%, 8/01/30 – NPFG Insured		No Opt. Call		AA–		2,028,920
	510	5.000%, 8/01/37 – NPFG Insured		8/17 at 100.00		AA–		520,812
	125	Riverside Unified School District, Riverside County, California, Community Facilities District 24 Special Tax Bonds, Series 2006, 5.100%, 9/01/36		9/14 at 102.00		N/R		126,586
		Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community Facilities District 2, Series 2007:
	1,010	0.000%, 9/01/34 – NPFG Insured		No Opt. Call		AA–		369,226
	1,155	0.000%, 9/01/35 – NPFG Insured		No Opt. Call		AA–		401,397
	935	Rohnert Park Community Development Agency, California, Tax Allocation Bonds, Series 1999, 0.000%, 8/01/33		No Opt. Call		AA–		369,980
	3,775	Romoland School District, California, Special Tax Bonds, Community Facilities District 2004-1 Heritage Lake Improvement Area 3, Series 2013, 5.000%, 9/01/43		9/23 at 100.00		N/R		4,025,736
	1,000	Roseville, California, Special Tax Bonds, Community Facilities District 1 Diamond Creek, Series 2007, 5.000%, 9/01/37		9/14 at 100.00		N/R		1,016,150
	1,800	Roseville, California, Special Tax Bonds, Community Facilities District 1, Fiddyment Ranch, Series 2006, 5.125%, 9/01/26		9/16 at 100.00		N/R		1,844,874
	1,510	Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program Facilities Projects, Tender Option Bond Trust 4698, 18.466%, 12/01/33 – AMBAC Insured (IF) (5)		No Opt. Call		A+		2,842,605
	445	Sacramento City Financing Authority, California, Special Tax Revenue Bonds, Westlake and Regency Park, Refunding Series 2013A, 5.000%, 9/01/25		3/23 at 100.00		BBB+		507,963
		Sacramento City Financing Authority, California, Tax Allocation Revenue Bonds, Merged Downtown Sacramento and Oak Park Projects, Series 2005A:
	4,295	0.000%, 12/01/31 – FGIC Insured		No Opt. Call		AA–		1,878,633
	4,435	0.000%, 12/01/32 – FGIC Insured		No Opt. Call		AA–		1,835,957
	345	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		363,188
	428	Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Grace Lofts Redevelopment Projects, Series 2007A, 6.000%, 3/27/26		9/14 at 100.00		N/R		395,352
	500	San Bernardino County Financing Authority, California, Revenue Bonds, Courthouse Facilities Project, Series 2007, 5.500%, 6/01/37 – NPFG Insured		No Opt. Call		AA–		515,095
	1,000	San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements, Refunding Series 2014, 5.000%, 8/01/39		No Opt. Call		N/R		1,041,590
		San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C:
	500	6.375%, 8/01/32		8/19 at 100.00		A–		574,820
	500	6.500%, 8/01/39		8/19 at 100.00		A–		572,495
	405	San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/33		8/22 at 100.00		N/R		441,681
	100	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2003., 4.900%, 8/01/33 – FGIC Insured		2/15 at 100.00		AA–		100,076

Nuveen Investments 37

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	360	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2005A, 5.000%, 8/01/20 – NPFG Insured		8/15 at 100.00		AA–	$	374,015
	165	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006B, 4.500%, 8/01/35 – RAAI Insured		8/16 at 100.00		BBB		166,044
		San Jose Redevelopment Agency, California, Tax Allocation Bonds,Merged Area Redevelopment Project, Series 2006C:
	500	5.000%, 8/01/24 – NPFG Insured		8/17 at 100.00		AA–		535,465
	1,000	3.750%, 8/01/28 – NPFG Insured		8/17 at 100.00		AA–		985,390
	320	4.250%, 8/01/30 – NPFG Insured		8/17 at 100.00		AA–		322,493
	3,025	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2007B, 4.250%, 8/01/36 – SYNCORA GTY Insured		8/17 at 100.00		BBB		3,030,475
	270	San Marcos Public Facilities Authority, California, Revenue Refunding Bonds, Series 2012C, 5.000%, 9/01/35 – AGM Insured		9/22 at 100.00		N/R		281,756
	1,000	San Marcos Public Facilities Authority, California, Special Tax Revenue Bonds, Refunding Series 2007, 4.750%, 9/01/35 – AMBAC Insured		9/17 at 100.00		A–		1,032,340
	1,865	San Marcos Public Facilities Authority, California, Tax Allocation Bonds, Project Areas 1, 2 and 3, Series 2003A, 5.000%, 8/01/33 – FGIC Insured		No Opt. Call		AA–		1,876,805
	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–		299,760
	500	Shafter Community Development Agency, Kern County, California, Tax Allocation Bonds, Shafter Community Development Project Area 2, Refunding Series 2006A, 5.450%, 11/01/36		11/16 at 100.00		N/R		507,075
		Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004:
	305	5.125%, 9/01/30 – FGIC Insured		9/14 at 100.00		AA–		304,979
	235	5.250%, 9/01/34 – FGIC Insured		9/14 at 100.00		AA–		234,883
		Stockton Redevelopment Agency, California, Revenue Bonds, Stockton Events Center Arena Project, Series 2004:
	135	4.250%, 9/01/25 – FGIC Insured		9/14 at 100.00		AA–		130,842
	420	5.000%, 9/01/28 – FGIC Insured		9/14 at 100.00		AA–		420,000
	1,700	5.000%, 9/01/36 – FGIC Insured		9/14 at 100.00		AA–		1,699,864
	2,500	Stockton, California, Special Tax Bonds, Arch Road Community Facilities District 99-02, Refunding Series 2007, 5.875%, 9/01/37		9/17 at 102.00		N/R		2,585,850
	1,250	Successor Agency to the San Francisco City and County Redevelopment Agency, California, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series 2014A, 5.000%, 8/01/43		8/24 at 100.00		BBB+		1,373,538
	5,000	Sulphur Springs Union School District, California, Special Tax Bonds, Community Facilities District 2002-1, Series 2014A, 5.000%, 9/01/39		3/24 at 100.00		BBB+		5,439,550
	2,000	Tejon Ranch Public Facilities Financing Authority, California, Community Facilities District 2008-1 Tejon Industrial Complex East 2012B, 5.250%, 9/01/42		No Opt. Call		N/R		2,133,180
		Tejon Ranch Public Facilities Financing Authority, California, Special Tax Bonds, Community Facilities District 2000-1, Tejon Industrial Complex Public Improvements, Refunding Series 2012:
	1,635	5.500%, 9/01/30		9/22 at 100.00		N/R		1,784,815
	500	5.500%, 9/01/33		9/22 at 100.00		N/R		541,215
	1,000	Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.450%, 9/01/26		9/14 at 102.00		N/R		1,001,870

38 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	400	Temecula Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2011-1, Series 2014, 4.250%, 9/01/44 (WI/DD, Settling 9/11/14)		3/15 at 103.00		N/R	$	400,484
	1,000	Tulare Public Financing Authority, California, Lease Revenue Bonds, Series 2008, 5.375%, 4/01/35		No Opt. Call		AA		1,116,770
	530	Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.250%, 9/01/29		3/21 at 100.00		BBB+		634,516
	650	Twentynine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners Project Area, Series 2011A, 7.650%, 9/01/42		9/21 at 100.00		BBB+		781,385
	500	Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.875%, 12/01/33		12/21 at 100.00		A		616,465
	1,000	Ventura County Public Financing Authority, California, Lease Revenue Bonds Series 2013A, 5.000%, 11/01/43		11/22 at 100.00		AA+		1,114,410
	500	Victor Elementary School District, Los Angeles County, California, Community Facilities District 2005-1 Special Tax Bonds, Series 2007A, 5.500%, 9/01/37		9/15 at 102.00		N/R		507,035
	700	Victor Valley Union High School District, San Bernardino County, California, Special Tax Bonds, Community Facilities District 2007-1, Series 2013, 5.000%, 9/01/43		9/23 at 100.00		N/R		751,947
	2,000	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32		No Opt. Call		BBB+		2,205,980
	1,000	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2006, 4.250%, 10/01/29 – FGIC Insured		10/16 at 100.00		AA–		1,010,830
	600	West Hollywood Community Development Commission, California, Tax Allocation Revenue Bonds, East Side Redevelopment Project Series 2011A, 7.500%, 9/01/42		9/21 at 100.00		A–		734,388
	3,705	West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2014, 5.500%, 9/01/31		9/22 at 102.00		N/R		3,964,869
	500	Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Subordinate Lien Series 2011A, 5.875%, 11/01/41		11/21 at 100.00		A		560,240
		Westside Union School District, California, Special Tax Bonds, Community Facilities District 2005-3, Series 2006:
	700	5.000%, 9/01/26		9/14 at 102.00		N/R		719,593
	1,340	5.000%, 9/01/36		9/14 at 102.00		N/R		1,368,649
	290	Yorkville United City Business District, Illinois, Storm Water and Water Improvement Project Revenue Bonds, Series 2007, 6.000%, 1/01/27		1/17 at 102.00		N/R		212,390
	490	Yuba City Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project, Series 2007, 5.250%, 9/01/39 – RAAI Insured		9/17 at 100.00		N/R		498,340
	135	Yuba County, California, Special Tax Bonds, Community Facilities District 2004-1, Edgewater, Series 2005, 5.125%, 9/01/35		3/15 at 100.00		N/R		135,645
	247,355	Total Tax Obligation/Limited						216,282,721
		Transportation – 5.8%
	1,125	Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 2985, 17.823%, 4/01/17 (IF)		No Opt. Call		AA		1,721,588
	3,000	Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Junior Lien Series 2013C, 6.250%, 1/15/33		1/24 at 100.00		BB+		3,518,220

Nuveen Investments 39

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)			Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Transportation (continued)
			Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
$	5,000		0.000%, 1/15/37 – AGM Insured		No Opt. Call		AA		$	1,714,700
	2,775		5.000%, 1/15/42 – AGM Insured		1/24 at 100.00		AA			3,003,188
	1,030		5.750%, 1/15/46		1/24 at 100.00		BBB–			1,174,942
			Guam International Airport Authority, Revenue Bonds, Series 2013C:
	745		6.250%, 10/01/34 (Alternative Minimum Tax)		10/23 at 100.00		BBB			843,720
	500		6.125%, 10/01/43 – AGM Insured (Alternative Minimum Tax)		10/23 at 100.00		AA			589,670
			Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006:
	35		5.450%, 7/01/20 (Alternative Minimum Tax)		7/16 at 100.00		N/R			35,452
	40		5.550%, 7/01/28 (Alternative Minimum Tax)		7/16 at 100.00		N/R			40,123
			Palm Springs, California, Airport Passenger Facility Charge Subordinate Refunding Revenue Bonds, Palm Springs International Airport, Series 2008:
	250		6.400%, 7/01/23 (Alternative Minimum Tax)		7/16 at 100.00		N/R			256,208
	430		6.500%, 7/01/27 (Alternative Minimum Tax)		7/16 at 100.00		N/R			440,522
	3,000		San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Refunding Subordinate Series 2010A, 5.000%, 7/01/40		7/20 at 100.00		A			3,324,810
			San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
	3,620	��	0.000%, 1/15/25 – NPFG Insured		No Opt. Call		AA–			2,232,997
	7,935		0.000%, 1/15/26 – NPFG Insured		No Opt. Call		AA–			4,594,841
	350		0.000%, 1/15/27 – NPFG Insured		No Opt. Call		AA–			190,848
	240		5.250%, 1/15/30 – NPFG Insured		1/15 at 100.00		AA–			240,017
	2,035		0.000%, 1/15/31 – NPFG Insured		No Opt. Call		AA–			855,738
	1,275		0.000%, 1/15/36 – NPFG Insured		No Opt. Call		AA–			390,698
	1,000		San Jose, California, Airport Revenue Bonds, Series 2007B, 5.000%, 3/01/33 – AMBAC Insured		3/17 at 100.00		A2			1,044,360
	34,385		Total Transportation							26,212,642
			U.S. Guaranteed – 1.6% (7)
	375		Bessemer, Alabama, General Obligation Warrants, Series 2007, 6.500%, 2/01/37 (Pre-refunded 2/01/17)		2/17 at 101.00		N/R	(7)		417,667
	5		California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/36 (Pre-refunded 11/01/15)		11/15 at 100.00		N/R	(7)		5,285
	100		California Statewide Community Development Authority, Revenue Bonds, Viewpoint School, Series 2004, 5.000%, 10/01/28 – ACA Insured (Pre-refunded 10/01/14)		10/14 at 100.00		BBB	(7)		100,434
	1,000		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 5.880%, 7/01/35 (Pre-refunded 7/01/15)		7/15 at 100.00		A–	(7)		1,047,580
	1,115		Jurupa Community Services District, California, Special Tax Bonds, Community Facilities District 25 Eastvale Area, Series 2008A, 8.375%, 9/01/28 (Pre-refunded 9/01/18)		9/18 at 100.00		N/R	(7)		1,437,302
	955		Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39 (Pre-refunded 8/01/19)		8/19 at 100.00		N/R	(7)		1,219,745
	7,890		Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric Series 2008B, 0.000%, 9/01/33 (Pre-refunded 9/01/16)		9/16 at 32.62		A	(7)		2,550,916
	250		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–	(7)		317,350

40 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		U.S. Guaranteed (7) (continued)
$	100	Sierra Kings Health Care District, Fresno County, California, Revenue Bonds, Series 2006A, 5.750%, 12/01/36 (Pre-refunded 12/01/16)		12/16 at 100.00		N/R	(7)	$	111,105
	11,790	Total U.S. Guaranteed							7,207,384
		Utilities – 1.7%
		Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:
	25	5.500%, 11/15/28		No Opt. Call		A			30,060
	325	5.000%, 11/15/29		No Opt. Call		A			371,345
	1,000	5.500%, 11/15/37		No Opt. Call		A			1,216,790
	50	Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A., 5.000%, 11/15/35		No Opt. Call		A			57,101
	50	M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 6.500%, 11/01/39		No Opt. Call		A			67,569
	1,000	M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39		No Opt. Call		A			1,351,370
	1,000	Sacramento Municipal Utility District Financing Authority, California, Consumnes Power Plant Project Revenue Bonds, Series 2006, 5.125%, 7/01/29 – NPFG Insured		7/16 at 100.00		AA–			1,063,890
		Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A:
	1,000	5.000%, 11/01/29		No Opt. Call		A			1,118,920
	220	5.000%, 11/01/33		No Opt. Call		A			241,474
	2,500	1.632%, 11/01/38		No Opt. Call		A			2,130,975
	7,170	Total Utilities							7,649,494
		Water And Sewer – 3.7%
	1,000	California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)		No Opt. Call		Baa3			1,049,840
		California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authority Desalination Project Pipeline, Series 2012:
	2,000	5.000%, 7/01/37		No Opt. Call		Baa3			2,049,280
	4,500	5.000%, 11/21/45		No Opt. Call		Baa3			4,609,665
	500	Dinuba Financing Authority, California, Wastewater System Revenue Bonds, Series 2007, 5.375%, 9/01/38		9/17 at 100.00		N/R			504,155
		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010:
	1,000	5.250%, 7/01/25		7/20 at 100.00		A–			1,099,970
	1,000	5.500%, 7/01/30		7/20 at 100.00		A–			1,101,690
		Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013:
	500	5.250%, 7/01/33		7/23 at 100.00		A–			555,360
	1,000	5.500%, 7/01/43		7/23 at 100.00		A–			1,118,200
	1,000	Oxnard Financing Authority, California, Wastewater Revenue Bonds, Redwood Trunk Sewer and Headworks Projects, Series 2004A, 5.250%, 6/01/34 – FGIC Insured		12/14 at 100.00		AA–			1,004,510
	365	Palmdale Water District Public Financing Authority, California, Water Revenue Bonds, Series 2013A, 5.000%, 10/01/34 – AGM Insured		10/23 at 100.00		AA			406,847
	1,500	Pico Rivera Water Authority, California, Water System Project, Revenue Refunding Bonds, Series 1999A, 5.500%, 5/01/29 – NPFG Insured		No Opt. Call		AA–			1,716,495

Nuveen Investments 41

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Water And Sewer (continued)
$	1,250	Stockton Public Financing Authority, California, Water Revenue Bonds, Delta Water Supply Project, Series 2010A, 6.250%, 10/01/40		10/23 at 100.00		A–	$	1,453,254
	15,615	Total Water and Sewer						16,669,266
$	495,612	Total Municipal Bonds (cost $405,002,545)						434,891,519
Shares		Description (1)					Value
		COMMON STOCKS – 0.8%
		Industrials – 0.8%
	94,060	American Airlines Group Inc. (8)					$	3,659,875
		Total Common Stocks (cost $2,851,418)						3,659,875
		Total Long-Term Investments (cost $407,853,963)						438,551,394
Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 0.8%
		MUNICIPAL BONDS – 0.8%
		Health Care – 0.8%
$	2,900	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014, 6.000%, 7/10/15 (6)		No Opt. Call		N/R	$	2,960,030
	280	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		285,796
	430	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		438,901
$	3,610	Total Short-Term Investments (cost $3,610,000)						3,684,727
		Total Investments (cost $411,463,963) – 97.3%						442,236,121
		Other Assets Less Liabilities – 2.7% (9)						12,139,008
		Net Assets – 100%					$	454,375,129

Investments in Derivatives as of August 31, 2014

Interest Rate Swaps outstanding:

Counterparty	Notional Amount		Fund Pay/Receive Floating Rate		Floating Rate Index		Fixed Rate (Annualized)			Fixed Rate Payment Frequency		Effective Date (10)		Termination Date		Unrealized Appreciation (Depreciation) (9)
Barclays PLC	$	6,000,000		Receive		USD-BMA		3.254	%		Quarterly		8/28/15		8/28/45	$	(416,102	)
JPMorgan		15,000,000		Receive		USD-BMA		3.240			Quarterly		7/27/15		7/27/45		(1,030,228	)
	$	21,000,000														$	(1,446,330	)

42 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) 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.

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

(6) 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) 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.

(8) On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.

(9) 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.

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

(IF) Inverse floating rate investment.

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

(ETM) Escrowed to maturity.

USD-BMA United States Dollar-Bond Market Association.

See accompanying notes to financial statements.

Nuveen Investments 43

Nuveen California Municipal Bond Fund

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 98.1%
		MUNICIPAL BONDS – 98.1%
		Consumer Staples – 4.2%
$	2,625	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29		12/14 at 100.00		Baa1	$	2,624,764
	3,500	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.650%, 6/01/41		12/18 at 100.00		B+		2,840,285
	1,980	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A., 5.600%, 6/01/36		12/18 at 100.00		B+		1,661,754
	230	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21		6/15 at 100.00		BB+		221,412
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	6,080	5.000%, 6/01/33		6/17 at 100.00		B		5,023,296
	3,575	5.750%, 6/01/47		6/17 at 100.00		B		2,936,970
	1,430	5.125%, 6/01/47		6/17 at 100.00		B		1,070,669
		Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
	9,500	5.375%, 6/01/38		6/15 at 100.00		B–		7,808,810
	3,105	5.500%, 6/01/45		6/15 at 100.00		B–		2,465,867
	3,500	Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A, 5.000%, 6/01/37		12/14 at 100.00		BB+		2,810,850
	35,525	Total Consumer Staples						29,464,677
		Education and Civic Organizations – 6.4%
	240	California Educational Facilities Authority, Revenue Bonds, Claremont Graduate University, Series 2007A, 5.000%, 3/01/20		3/17 at 100.00		Baa1		257,422
	865	California Educational Facilities Authority, Revenue Bonds, Claremont Graduate University, Series 2008A, 5.000%, 3/01/23		3/18 at 100.00		Baa1		944,667
	1,000	California Educational Facilities Authority, Revenue Bonds, Pitzer College, Refunding Series 2009, 5.375%, 4/01/34		4/20 at 100.00		A2		1,142,900
	1,000	California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2008A, 5.000%, 8/01/28		8/18 at 100.00		A3		1,070,210
		California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
	105	5.000%, 11/01/21		11/15 at 100.00		A2		110,279
	1,000	5.000%, 11/01/30		11/15 at 100.00		A2		1,043,180
		California Educational Facilities Authority, Revenue Bonds, Woodbury University, Series 2006:
	450	4.400%, 1/01/15		No Opt. Call		Baa3		451,638
	470	4.500%, 1/01/16		1/15 at 100.00		Baa3		471,692
	2,960	5.000%, 1/01/36		1/15 at 100.00		Baa3		2,960,799
	1,500	California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies Project, Series 2013A, 6.750%, 8/01/33		8/23 at 100.00		BB		1,679,565

44 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
$	1,125	California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education – Multiple Projects, Series 2014A, 7.250%, 6/01/43		6/22 at 102.00		N/R	$	1,219,421
	400	California Municipal Finance Authority, Education Revenue Bonds, American Heritage Education Foundation Project, Series 2006A, 5.250%, 6/01/26		6/16 at 100.00		BB–		400,764
		California Municipal Finance Authority, Educational Facilities Revenue Bonds, OCEAA Project, Series 2008A:
	960	6.750%, 10/01/28		10/18 at 100.00		N/R		999,254
	1,500	7.000%, 10/01/39		10/18 at 100.00		N/R		1,553,565
		California Municipal Finance Authority, Revenue Bonds, Biola University, Refunding Series 2008A:
	1,000	5.000%, 10/01/18		No Opt. Call		Baa1		1,126,830
	500	5.625%, 10/01/23		4/18 at 100.00		Baa1		559,090
	855	California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2012A, 5.750%, 1/01/22		No Opt. Call		N/R		903,598
	1,500	California Municipal Finance Authority, Revenue Bonds, University of La Verne, Series 2010A, 6.125%, 6/01/30		6/20 at 100.00		Baa1		1,709,010
		California School Finance Authority, School Facility Revenue Bonds, Value Schools, Series 2013:
	2,000	6.900%, 7/01/43		7/23 at 100.00		BB+		2,179,640
	4,040	7.000%, 7/01/48		7/23 at 100.00		BB+		4,401,338
	695	California State Public Works Board, Lease Revenue Bonds, California State University, J, 5.500%, 11/01/26		11/19 at 100.00		Aa3		809,105
	500	California State Public Works Board, Lease Revenue Bonds, California State University, Various University Projects, Series 2010B-1, 5.400%, 3/01/26		3/20 at 100.00		Aa3		587,525
		California State Public Works Board, Lease Revenue Bonds, California State University, Various University Projects, Series 2012D:
	3,000	5.000%, 9/01/33		No Opt. Call		Aa3		3,359,610
	4,000	5.000%, 9/01/34		No Opt. Call		Aa3		4,458,600
	1,035	California State Public Works Board, Lease Revenue Refunding Bonds, Community College Projects, Series 2004B, 5.500%, 6/01/19		12/14 at 100.00		A1		1,039,647
	200	California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges Projects, Series 1999A, 4.875%, 12/01/18		12/14 at 100.00		A1		200,706
	285	California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/25		11/15 at 100.00		Aa2		300,795
	1,700	California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46		7/21 at 100.00		BBB–		1,939,751
	1,000	California Statewide Community Development Authority, Revenue Bonds, International School of the Peninsula, Palo Alto, California, Series 2006, 5.000%, 11/01/29		11/16 at 100.00		N/R		1,010,800
	5,690	University of California, General Revenue Bonds, Refunding Series 2009O, 5.250%, 5/15/39		5/19 at 100.00		AA		6,534,112
	41,575	Total Education and Civic Organizations						45,425,513
		Health Care – 15.9%
	2,000	Antelope Valley Healthcare District, California, Insured Revenue Refunding Bonds, Series 1997A, 5.200%, 1/01/27 – AGM Insured		1/15 at 100.00		AA		2,003,620
		Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A:
	1,810	7.000%, 3/01/31		3/21 at 100.00		Ba2		2,019,562
	2,000	7.250%, 3/01/36		3/21 at 100.00		Ba2		2,240,220

Nuveen Investments 45

Nuveen California Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	2,025	California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Series 2010B, 5.750%, 11/15/31		11/20 at 100.00		AA	$	2,395,595
	500	California Health Facilities Financing Authority, Revenue Bonds, Adventist Health System/West, Series 2009C, 5.250%, 3/01/21		3/19 at 100.00		A		569,120
	1,000	California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008G, 5.500%, 7/01/25		7/18 at 100.00		A		1,140,580
	3,000	California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2009F, 5.625%, 7/01/25		7/19 at 100.00		A		3,463,140
	1,000	California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los Angeles, Series 2012A, 5.000%, 11/15/29		No Opt. Call		BBB+		1,080,240
	1,000	California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital of Orange County, Series 2009A, 6.500%, 11/01/38		11/19 at 100.00		A		1,179,330
	830	California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2014A, 5.000%, 8/15/43		8/24 at 100.00		AA		936,539
	1,760	California Health Facilities Financing Authority, Revenue Bonds, Marshall Medical Center, Series 2004A, 4.750%, 11/01/19		11/14 at 100.00		A		1,772,355
	905	California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38		10/24 at 100.00		AA		1,026,523
	1,825	California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44		10/24 at 100.00		AA		2,071,740
	6,000	California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011, 5.000%, 8/15/31		8/21 at 100.00		A1		6,657,240
	200	California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Refunding Series 2008A, 5.000%, 10/01/22		10/18 at 100.00		AA		231,890
	1,830	California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46		11/16 at 100.00		AA–		1,973,252
	2,000	California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42		8/20 at 100.00		AA–		2,410,620
	2,000	California Municipal Finance Authority, Certificates of Participation, Community Hospitals of Central California Obligated Group, Series 2009, 5.500%, 2/01/39		2/19 at 100.00		Baa1		2,100,580
	2,000	California Statewide Communities Development Authority, Health Facility Revenue Bonds, Community Hospital of the Monterey Peninsula, Series 2011A, 6.000%, 6/01/33		6/21 at 100.00		AA–		2,341,660
	6,500	California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31		7/17 at 100.00		N/R		6,551,870
	1,000	California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35		7/18 at 100.00		A		1,101,530
		California Statewide Community Development Authority, Health Revenue Bonds, Enloe Medical Center, Refunding Series 2008A:
	125	5.250%, 8/15/19		8/18 at 100.00		A		143,014
	500	5.500%, 8/15/23		8/18 at 100.00		A		575,595
	2,155	6.250%, 8/15/28		8/18 at 100.00		A		2,529,668
	500	California Statewide Community Development Authority, Hospital Revenue Bonds, Redlands Community Hospital, Series 2005A, 5.000%, 4/01/15 – RAAI Insured		No Opt. Call		BBB+		511,710
	2,235	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/30 (4)		7/15 at 100.00		B–		2,167,950

46 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	4,230	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005G, 5.000%, 7/01/22 (4)		7/15 at 100.00		B–	$	4,103,100
	3,540	California Statewide Community Development Authority, Revenue Bonds, John Muir Health System, Series 2006A, 5.000%, 8/15/34		8/16 at 100.00		A+		3,759,161
	1,615	California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31		8/16 at 100.00		A+		1,697,349
	3,000	California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2007B, 0.946%, 4/01/36		4/17 at 100.00		A+		2,485,800
	2,010	California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38		8/19 at 100.00		Aa2		2,437,025
		California Statewide Community Development Authority, Revenue Bonds, St:
	1,100	5.500%, 7/01/27 – FGIC Insured		7/18 at 100.00		AA–		1,259,049
	500	5.500%, 7/01/27 – FGIC Insured		7/18 at 100.00		AA–		570,290
	8,225	5.750%, 7/01/47 – FGIC Insured		7/18 at 100.00		AA–		9,375,513
	3,065	Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38		12/17 at 100.00		BBB		3,406,196
		Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011:
	2,015	5.250%, 1/01/27		1/21 at 100.00		A		2,211,422
	3,705	5.250%, 1/01/35		1/21 at 100.00		A		4,007,069
	2,500	5.250%, 1/01/42		1/21 at 100.00		A		2,674,750
	1,335	Northern Inyo County Local Hospital District, Inyo County, California, Revenue Bonds, Series 2010, 6.375%, 12/01/25		12/20 at 100.00		BB+		1,503,330
	1,580	Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 7.000%, 11/01/35		11/20 at 100.00		BB		1,671,988
	7,600	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39		11/19 at 100.00		Ba1		8,211,800
	3,625	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41		11/20 at 100.00		Ba1		3,772,248
	4,500	Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 – AMBAC Insured		8/17 at 100.00		A+		4,786,515
	3,040	Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41		1/21 at 100.00		A–		3,496,486
	103,885	Total Health Care						112,624,234
		Housing/Multifamily – 2.0%
	1,485	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45		8/20 at 100.00		BBB		1,654,439
	1,580	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47		8/22 at 100.00		BBB		1,711,598
	1,000	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47		8/22 at 100.00		A1		1,115,520
		California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas Affordable Housing, Inc. Projects, Series 2014A:
	170	5.250%, 8/15/39		8/24 at 100.00		BBB		185,200
	455	5.250%, 8/15/49		8/24 at 100.00		BBB		493,161

Nuveen Investments 47

Nuveen California Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Multifamily (continued)
$	410	California Statewide Communities Development Authority, Student Housing Revenue Bonds, CHF-Irvine, LLC-UCI East Campus Apartments, Phase II, Series 2008, 5.500%, 5/15/26		5/18 at 100.00		Baa2	$	449,778
	4,180	California Statewide Community Development Authority, Multifamily Housing Revenue Senior Bonds, Westgate Courtyards Apartments, Series 2001X-1, 5.420%, 12/01/34 – AMBAC Insured (Alternative Minimum Tax)		12/14 at 100.00		N/R		4,181,588
	1,885	San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28		1/15 at 100.00		N/R		1,886,621
	1,540	San Jose, California, Multifamily Housing Senior Lien Revenue Bonds, Fallen Leaves Apartments, Series 2002J1, 4.950%, 12/01/22 – AMBAC Insured (Alternative Minimum Tax)		12/14 at 100.00		N/R		1,540,832
	1,000	Ventura County Area Housing Authority, California, Multifamily Revenue Bonds, Mira Vista Senior Apartments Project, Series 2006A, 5.150%, 12/01/31 – AMBAC Insured (Alternative Minimum Tax)		12/16 at 100.00		N/R		1,001,630
	13,705	Total Housing/Multifamily						14,220,367
		Housing/Single Family – 0.0%
	145	California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)		2/16 at 100.00		A–		151,561
		Industrials – 0.1%
	500	California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2002B, 5.000%, 7/01/27 (Alternative Minimum Tax)		7/15 at 101.00		A–		515,980
	500	California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2005A-2, 5.400%, 4/01/25 (Alternative Minimum Tax)		4/15 at 101.00		A–		515,330
	1,000	Total Industrials						1,031,310
		Long-Term Care – 1.3%
	3,000	ABAG Finance Authority for Non-Profit Corporations, California, Health Facility Revenue Bonds, The Institute on Aging, Series 2008A, 5.650%, 8/15/38		8/18 at 100.00		A		3,261,600
	1,000	California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29		11/19 at 100.00		A3		1,195,980
	2,000	California Municipal Finance Authority, Senior Living Revenue Bonds, Pilgrim Place at Claremont, Series 2009A, 6.125%, 5/15/39		5/19 at 100.00		A		2,227,920
	560	California Statewide Community Development Authority, Revenue Bonds, Los Angeles Jewish Home for the Aging, Series 2008, 4.500%, 11/15/19		5/18 at 100.00		A		606,687
	750	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		750,870
	1,000	Eden Township Healthcare District, California, Certificates of Participation, Installment Sale Agreement with Eden Hospital Health Services Corporation, Series 2010, 6.000%, 6/01/30		6/20 at 100.00		BBB+		1,078,910
	8,310	Total Long-Term Care						9,121,967
		Tax Obligation/General – 16.6%
	1,000	Acalanes Union High School District, Contra Costa County, California, General Obligation Bonds, Refunding Series 2010A, 0.000%, 8/01/26		No Opt. Call		Aa1		694,550
	4,000	Alum Rock Union Elementary School District, Santa Clara County, California, General Obligation Bonds, Refunding Series 2013A, 6.000%, 8/01/39		8/23 at 100.00		AA–		4,988,160

48 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	6,600	Bakersfield City School District, Kern County, California, General Obligation Bonds, Series 2012C, 0.000%, 5/01/42		5/40 at 100.00		Aa2	$	2,912,976
	1,000	Baldwin Park Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2002 Series 2006, 0.000%, 8/01/20 – AMBAC Insured		8/16 at 83.04		A+		791,410
		California State, General Obligation Bonds, Various Purpose Series 2009:
	600	5.625%, 4/01/26		4/19 at 100.00		Aa3		711,252
	5,000	5.500%, 11/01/34		11/19 at 100.00		Aa3		5,808,950
	4,060	6.000%, 11/01/39		11/19 at 100.00		Aa3		4,930,911
		California State, General Obligation Bonds, Various Purpose Series 2010:
	5,000	5.250%, 3/01/30		3/20 at 100.00		Aa3		5,776,850
	10,000	5.500%, 3/01/40		3/20 at 100.00		Aa3		11,570,300
	4,000	5.250%, 11/01/40		11/20 at 100.00		Aa3		4,604,400
	2,000	California State, General Obligation Bonds, Various Purpose Series 2011, 5.250%, 10/01/32		10/21 at 100.00		Aa3		2,317,900
		California State, General Obligation Bonds, Various Purpose Series 2013:
	5,860	5.000%, 2/01/38		No Opt. Call		Aa3		6,603,224
	1,430	5.000%, 2/01/43		No Opt. Call		Aa3		1,601,314
	855	Central Unified School District, Fresno County, California, General Obligation Bonds, Election 2008 Series 2009A, 5.625%, 8/01/33 – AGC Insured		8/19 at 100.00		AA		979,078
	6,900	Central Unified School District, Fresno County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/31 – AGM Insured		8/16 at 100.00		AA		7,356,021
	5,000	Chabot-Las Positas Community College District, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/41 – AMBAC Insured		8/16 at 28.46		Aa3		1,292,150
	1,000	College of the Sequoias Visalia Area Improvement District 2, Tulare County, California, General Obligation Bonds, Sequoias Community College District, Election 2008 Series 2009A, 5.250%, 8/01/29 – AGC Insured		8/19 at 100.00		AA		1,151,660
	500	Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured		8/27 at 100.00		AA		539,580
	500	Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2006 Series 2009B, 5.375%, 2/01/34 – AGC Insured		8/18 at 100.00		AA		570,230
	1,705	Cupertino Union School District, Santa Clara County, California, General Obligation Bonds, Series 2010D, 0.000%, 8/01/30		8/20 at 52.75		AA+		726,143
	18,500	Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/46 – AGM Insured		No Opt. Call		AA		3,318,160
	365	Desert Sands Unified School District, Riverside County, California, General Obligation Bonds, Election 2001, Series 2008, 5.250%, 8/01/23		8/18 at 100.00		Aa2		420,349
		Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, Refunding Series 2012:
	11,200	0.000%, 8/01/40		No Opt. Call		Aa3		2,805,488
	19,700	0.000%, 8/01/41		8/22 at 34.18		Aa3		4,639,153
		Golden West Schools Financing Authority, California, General Obligation Revenue Refunding Bonds, School District Program, Series 1999A:
	320	5.800%, 8/01/22 – NPFG Insured		No Opt. Call		AA–		392,230
	345	5.800%, 8/01/23 – NPFG Insured		No Opt. Call		AA–		428,079
	950	Grossmont Union High School District, San Diego County, California, General Obligation Bonds, Series 2009A, 5.500%, 8/01/31		8/19 at 100.00		AA–		1,109,733

Nuveen Investments 49

Nuveen California Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	600	Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series 2008B, 5.000%, 8/01/30 – AGC Insured		8/16 at 102.00		AA	$	650,598
	460	Jefferson Union High School District, San Mateo County, California, General Obligation Bonds, Series 2000A, 6.250%, 8/01/20 – NPFG Insured		No Opt. Call		AA–		571,909
	500	Long Beach Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2009A, 5.500%, 8/01/29		8/19 at 100.00		Aa2		592,425
	150	Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2009D, 5.000%, 1/01/34		7/19 at 100.00		Aa2		170,099
	100	Lucia Mar Unified School District, San Luis Obispo County, California, General Obligation Bonds, Refunding Series 2005, 5.250%, 8/01/22 – FGIC Insured		No Opt. Call		Aa2		125,912
	10,000	Newport-Mesa Unified School District, Orange County, California, General Obligation Bonds, Election of 2005, Series 2011, 0.000%, 8/01/41		8/21 at 24.49		Aa1		1,948,800
	1,155	Pittsburg Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2009B, 5.500%, 8/01/34 – AGM Insured		8/18 at 100.00		AA		1,312,796
	855	Pomona Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2001A, 5.950%, 2/01/17 – NPFG Insured		No Opt. Call		AA–		962,456
	3,125	Rosemead School District, Los Angeles County, California, General Obligation Bonds, Election 2008 Series 2013B, 0.000%, 8/01/43 – AGM Insured		8/23 at 100.00		AA		2,857,625
	2,000	San Diego Unified School District, San Diego County, California, General Obligation Bonds, Series 2009A, 0.000%, 7/01/33		7/24 at 100.00		AA–		1,760,560
	1,535	San Leandro Unified School District, Alameda County, California, General Obligation Bonds, Election 2006 Series 2010, 0.000%, 8/01/39		8/28 at 100.00		AA		925,298
	1,000	San Lorenzo Unified School District, Alameda County, California, General Obligation Bonds, Election of 2008 Series 2011B, 6.000%, 8/01/41		No Opt. Call		A+		1,170,900
	1,000	Santa Ana Unified School District, Orange County, California, General Obligation Bonds, Series 2008A, 5.250%, 8/01/28		8/18 at 100.00		AA–		1,149,770
	1,000	Santa Barbara Community College District, California, General Obligation Bonds, Series 2008A, 5.250%, 8/01/27		8/18 at 100.00		AA+		1,163,740
	3,040	Sulphur Springs Union School District, Los Angeles County, California, General Obligation Bonds, Series 1991A, 0.000%, 9/01/15 – NPFG Insured		No Opt. Call		AA–		3,018,811
	8,500	Tahoe Forest Hospital District, Placer and Nevada Counties, California, General Obligation Bonds, Series 2010B, 5.500%, 8/01/35		8/18 at 100.00		Aa3		9,637,130
		Tulare Local Health Care District, California, General Obligation Bonds, Series 2009B-1:
	500	6.375%, 8/01/25		8/19 at 100.00		Baa1		577,540
	1,005	6.500%, 8/01/26		8/19 at 100.00		Baa1		1,163,076
	1,555	Victor Valley Community College District, San Bernardino County, California, General Obligation Bonds, Election of 2008 Series 2009A, 5.000%, 8/01/31		8/19 at 100.00		Aa2		1,760,540
	2,000	Victor Valley Union High School District, San Bernardino County, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/31 – AGC Insured		8/26 at 100.00		AA		1,777,260
	645	Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2012 Election Series 2013A, 5.500%, 8/01/40		8/24 at 100.00		Aa3		769,343
	1,100	West Contra Costa Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2008B, 6.000%, 8/01/24		No Opt. Call		Aa3		1,445,114
	770	West Covina Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2002A Refunding, 5.350%, 2/01/20 – NPFG Insured		No Opt. Call		AA–		907,614

50 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	1,000	Whittier Union High School District, Los Angeles County, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/34		8/19 at 38.81		AA–	$	341,710
	3,500	Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42		No Opt. Call		Aa2		1,797,005
	165,485	Total Tax Obligation/General						117,598,282
		Tax Obligation/Limited – 35.5%
	485	Apple Valley Public Financing Authority, California, Lease Revenue Bonds, Town Hall Annex Project, Series 2007A, 4.500%, 9/01/17 – AMBAC Insured		No Opt. Call		A		537,947
	55	Barstow Redevelopment Agency, California, Tax Allocation Bonds, Central Redevelopment Project, Series 1994A, 7.000%, 9/01/14 – NPFG Insured		No Opt. Call		AA–		55,016
	1,000	Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 17B, Series 2011A, 6.125%, 9/01/31		9/21 at 100.00		N/R		1,089,400
	2,950	Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2004D, 5.800%, 9/01/35		9/14 at 102.00		N/R		3,012,304
	1,655	Bell Community Housing Authority, California, Lease Revenue Bonds, Series 2005, 5.000%, 10/01/36 – AMBAC Insured		10/15 at 100.00		N/R		1,518,181
	2,250	Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured		2/15 at 100.00		AA		2,258,820
		Brea Public Finance Authority, California, Revenue Bonds, Series 2008A:
	2,105	7.000%, 9/01/23		9/16 at 102.00		BBB+		2,392,375
	2,000	7.125%, 9/01/26		9/16 at 102.00		BBB+		2,270,600
	2,665	Brea Redevelopment Agency, Orange County, California, Tax Allocation Bonds, Project Area AB, Series 2011A, 0.000%, 8/01/34		8/21 at 36.61		AA–		725,386
	2,725	California Community College Financing Authority, Lease Revenue Bonds, Refunding Series 2003, 0.000%, 6/01/33 – AMBAC Insured		No Opt. Call		A+		1,055,583
	1,960	California Infrastructure and Economic Development Bank, Revenue Bonds, North County Center for Self-Sufficiency Corporation, Series 2004, 5.000%, 12/01/25 – AMBAC Insured		12/14 at 100.00		AA+		1,967,938
	2,000	California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2014A., 5.000%, 9/01/39		9/24 at 100.00		A1		2,263,140
	1,000	California State Public Works Board, Lease Revenue Bonds, Department of Education Riverside Campus Project, Series 2009B, 5.750%, 4/01/23		4/19 at 100.00		A1		1,191,090
		California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, New Stockton Courthouse, Series 2014B:
	5,120	5.000%, 10/01/32		10/24 at 100.00		A1		5,940,275
	2,600	5.000%, 10/01/33		10/24 at 100.00		A1		2,999,516
	3,820	5.000%, 10/01/34		10/24 at 100.00		A1		4,392,771
	2,000	5.000%, 10/01/39		10/24 at 100.00		A1		2,264,920
	1,000	California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/30		No Opt. Call		A1		1,148,760
	2,500	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30		10/19 at 100.00		A1		2,944,125
	2,000	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34		11/19 at 100.00		A1		2,429,480
	3,000	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 6.000%, 3/01/35		3/20 at 100.00		A1		3,592,380

Nuveen Investments 51

Nuveen California Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	785	California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41		9/21 at 100.00		N/R	$	843,145
	225	Cathedral City Public Financing Authority, California, Tax Allocation Bonds, Housing Set-Aside, Series 2002D, 5.000%, 8/01/26 – NPFG Insured		2/15 at 100.00		AA–		225,380
		Chula Vista Municipal Finance Authority, California, Special Tax Revenue Bonds, Refunding Series 2013:
	1,975	5.500%, 9/01/27		9/23 at 100.00		BBB+		2,310,849
	2,230	5.500%, 9/01/29		9/23 at 100.00		BBB+		2,585,975
	1,570	5.500%, 9/01/30		9/23 at 100.00		BBB+		1,810,100
	660	Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Housing Second Lien Series 2010A, 5.500%, 8/01/30		8/20 at 100.00		N/R		678,236
	1,425	Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Second Lien Series 2010B, 5.000%, 8/01/25		8/20 at 100.00		N/R		1,472,481
	1,060	Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36		12/21 at 100.00		A+		1,293,931
	1,500	Glendale Redevelopment Agency, California, Tax Allocation Bonds, Central Glendale Redevelopment Project, Series 2010, 5.500%, 12/01/24		12/16 at 100.00		A		1,591,005
	2,120	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		2,262,612
	3,965	Hawthorne Community Redevelopment Agency, California, Project Area 2 Tax Allocation Bonds, Series 2006, 5.000%, 9/01/26 – SYNCORA GTY Insured		9/16 at 100.00		N/R		4,078,558
	2,075	Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured		9/15 at 100.00		BB+		2,079,420
	1,660	Highland, California, Special Tax Bonds, Community Facilities District 01-1, Refunding, Series 2011, 5.500%, 9/01/28		9/21 at 100.00		BBB+		1,784,417
	1,000	Huntington Beach, California, Special Tax Bonds, Community Facilities District 2003-1 Huntington Center, Refunding Series 2013, 5.375%, 9/01/33		9/23 at 100.00		N/R		1,105,240
	430	Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/24 – AMBAC Insured		5/17 at 100.00		BBB+		442,018
	170	Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A, 5.000%, 9/01/26		9/16 at 100.00		N/R		174,672
	740	Irvine Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 06-1, Series 2010, 6.700%, 9/01/35		9/20 at 100.00		N/R		847,855
		Irvine, California, Special Tax Bonds, Community Facilities District 2013-3 Great Park, Improvement Area 1, Refunding Series 2014:
	500	5.000%, 9/01/39		9/24 at 100.00		N/R		541,895
	750	5.000%, 9/01/44		9/24 at 100.00		N/R		812,632
	790	Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area A & C, Series 2014C, 5.000%, 9/01/40		No Opt. Call		N/R		841,634
		Lammersville Joint Unified School District, California, Community Facilities District 2007-1, Mountain House – Shea Homes, Improvement Area 1 Special Tax Bonds, Series 2013:
	1,000	6.000%, 9/01/38		9/23 at 100.00		N/R		1,129,540
	1,750	6.000%, 9/01/43		9/23 at 100.00		N/R		1,968,802
	215	Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39		No Opt. Call		BBB		250,660

52 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	1,870	Lancaster Redevelopment Agency, California, Tax Allocation Refunding Bonds, Combined Area Sheriff’s Facilities Projects, Series 2004, 5.000%, 12/01/23 – SYNCORA GTY Insured		12/14 at 100.00		A	$	1,891,037
		Lancaster Redevelopment Agency, California, Tax Allocation Refunding Bonds, Combined Fire Protection Facilities Project, Series 2004:
	800	5.250%, 12/01/17 – SYNCORA GTY Insured		12/14 at 100.00		A		808,416
	1,120	5.000%, 12/01/23 – SYNCORA GTY Insured		12/14 at 100.00		A		1,132,600
	4,555	Long Beach Bond Finance Authority, California, Multiple Project Tax Allocation Bonds, Housing and Gas Utility Financing Project Areas, Series 2005A-1, 5.000%, 8/01/35 – AMBAC Insured		8/15 at 100.00		A–		4,587,659
	1,200	Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, 9/01/16 – AMBAC Insured		9/15 at 100.00		A1		1,256,772
	2,565	Los Angeles Community Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Bunker Hill Redevelopment Project, Series 2004L, 5.000%, 3/01/17		9/14 at 100.00		BBB–		2,572,054
	1,000	Los Angeles Community Redevelopment Agency, California, Tax Allocation Bonds, Bunker Hill Project, Series 2004A, 5.000%, 12/01/20 – AGM Insured		12/14 at 100.00		AA		1,011,250
	330	Los Angeles, California, Certificates of Participation, Department of Public Social Services, Sonnenblick Del Rio West LA, Senior Lien Series 2000, 6.000%, 11/01/19 – AMBAC Insured		11/14 at 100.00		A2		331,617
	795	Milpitas, California, Local Improvement District 20 Limited Obligation Bonds, Series 1998A, 5.700%, 9/02/18		9/14 at 103.00		N/R		829,471
	1,505	Modesto, California, Special Tax Bonds, Community Facilities District 2004-1 Village One 2, Refunding Series 2014, 5.000%, 9/01/28		9/24 at 100.00		BBB–		1,682,725
		Murrieta Valley Unified School District, California, Special Tax Bonds, Community Facilities District 2006-1 Improvement Area B, Series 2013A:
	1,450	5.750%, 9/01/38		9/14 at 100.00		N/R		1,503,244
	1,500	5.875%, 9/01/43		9/14 at 100.00		N/R		1,555,575
	340	Murrieta, California, Special Tax Bonds, Community Facilities District 2000-2, The Oaks Improvement Area A, Series 2004A, 5.750%, 9/01/20		9/14 at 100.00		N/R		341,023
	205	Murrieta, California, Special Tax Bonds, Community Facilities District 2003-3, Creekside Village Improvement Area 1, Series 2005, 5.200%, 9/01/35		9/14 at 100.00		N/R		206,259
		National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011:
	625	6.500%, 8/01/24		8/21 at 100.00		A–		792,919
	5,455	7.000%, 8/01/32		8/21 at 100.00		A–		6,881,592
	1,000	Norco Redevelopment Agency, California, Tax Allocation Refunding Bonds, Project Area 1, Refunding Series 2010, 6.000%, 3/01/36		3/20 at 100.00		A+		1,189,660
	4,055	Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40		9/21 at 100.00		BBB+		4,706,274
	2,500	Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.500%, 4/01/35		10/14 at 100.00		BB		2,324,775
		Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
	2,710	5.250%, 9/01/30		9/23 at 100.00		N/R		2,954,767
	2,430	5.750%, 9/01/39		9/23 at 100.00		N/R		2,676,183
	440	Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39		9/23 at 100.00		N/R		481,774

Nuveen Investments 53

Nuveen California Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
		Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
$	225	6.000%, 9/01/33		9/14 at 100.00		N/R	$	233,460
	490	6.125%, 9/01/41		9/14 at 100.00		N/R		508,032
	3,355	Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28		9/18 at 100.00		BBB–		3,671,041
	750	Poway Redevelopment Agency, California, Tax Allocation Bonds, Paugay Redevelopment Project, Series 2003A, 5.250%, 6/15/20 – NPFG Insured		12/14 at 100.00		AA–		752,910
		Rancho Cucamonga Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Rancho Redevelopment Project, Series 2014:
	1,600	5.000%, 9/01/30		9/24 at 100.00		AA		1,854,576
	2,800	5.000%, 9/01/31		9/24 at 100.00		AA		3,224,732
	2,400	5.000%, 9/01/32		9/24 at 100.00		AA		2,752,992
	310	Rancho Cucamonga Redevelopment Agency, California, Tax Allocation Bonds, Housing Set-Aside, Rancho Project, Series 2007A, 4.125%, 9/01/18 – NPFG Insured		9/17 at 100.00		AA–		336,124
	1,390	Rancho Cucamonga, California, Limited Obligation Improvement Bonds, Masi Plaza Assessment District 93-1, Series 1997, 6.250%, 9/02/22		9/14 at 100.00		N/R		1,410,044
	1,045	Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30		9/21 at 100.00		BBB+		1,189,607
	1,250	Rio Elementary School District, California, Special Tax Bonds, Community Facilities District 1, Series 2013, 5.500%, 9/01/39		9/23 at 100.00		N/R		1,382,987
	260	Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects, Series 2005A, 5.000%, 10/01/24 – SYNCORA GTY Insured		10/15 at 100.00		BBB+		263,331
		Riverside County Redevelopment Agency, California, Interstate 215 Corridor Redevelopment Project Area Tax Allocation Bonds, Series 2010E:
	2,950	6.250%, 10/01/30		10/20 at 100.00		BBB+		3,352,350
	480	6.500%, 10/01/40		10/20 at 100.00		BBB+		542,189
	100	Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25		10/21 at 100.00		A–		121,681
	6,470	Riverside County Transportation Commission, California, Sales Tax Revenue Bonds, Limited Tax Series 2013A, 5.250%, 6/01/39		6/23 at 100.00		AA+		7,537,291
	1,000	Roseville, California, Special Tax Bonds, Community Facilities District 1 Diamond Creek, Series 2007, 5.000%, 9/01/37		9/14 at 100.00		N/R		1,016,150
	1,700	Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – AMBAC Insured		No Opt. Call		A+		1,913,163
		Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B:
	575	5.000%, 11/01/14		No Opt. Call		A+		578,548
	500	5.400%, 11/01/20		No Opt. Call		A+		562,695
	850	San Bernardino County Redevelopment Agency, California, Tax Allocation Refunding Bonds, San Sevaine Project, Series 2005A, 5.000%, 9/01/16 – RAAI Insured		9/15 at 100.00		BBB		879,996
	450	San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements, Refunding Series 2014, 5.000%, 8/01/39		No Opt. Call		N/R		468,716
	1,955	San Francisco City and County Redevelopment Agency, California, Hotel Occupancy Tax Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/25 – AGM Insured		6/21 at 100.00		AA		2,194,644

54 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	5,255	San Francisco City and County, California, Certificates of Participation, Refunding Series 2010A, 5.000%, 10/01/30		10/20 at 100.00		AA	$	5,982,450
	525	San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.375%, 8/01/32		8/19 at 100.00		A–		603,561
	1,185	San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41		2/21 at 100.00		A–		1,430,864
		San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
	80	7.000%, 8/01/33		2/21 at 100.00		BBB+		93,323
	105	7.000%, 8/01/41		2/21 at 100.00		BBB+		120,948
	3,500	San Jose Redevelopment Agency, California, Housing Set-Aside Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2010A-1, 5.500%, 8/01/35		8/20 at 100.00		A		3,770,445
	2,990	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2003, 5.000%, 8/01/19 – FGIC Insured		2/15 at 100.00		AA–		2,997,296
	350	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2005A, 5.000%, 8/01/20 – NPFG Insured		8/15 at 100.00		AA–		363,625
	590	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured		8/17 at 100.00		AA–		630,987
		San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D:
	1,900	5.000%, 8/01/18 – AMBAC Insured		8/17 at 100.00		BBB		2,078,467
	645	5.000%, 8/01/19 – AMBAC Insured		8/17 at 100.00		BBB		697,155
	540	5.000%, 8/01/21 – AMBAC Insured		8/17 at 100.00		BBB		581,234
		San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2008B:
	1,085	6.375%, 8/01/21		8/18 at 100.00		BBB		1,224,520
	480	6.500%, 8/01/23		8/18 at 100.00		BBB		536,827
	1,000	San Marcos Public Facilities Authority, California, Tax Allocation Bonds, Project Areas 1, 2 and 3, Series 2003A, 5.000%, 8/01/33 – FGIC Insured		No Opt. Call		AA–		1,006,330
	5,745	San Marcos Redevelopment Agency, California, Tax Allocation Bonds, Affordable Housing Project, Series 1997A, 6.000%, 10/01/27 (Alternative Minimum Tax)		10/14 at 100.00		AA–		5,770,393
	315	Sand City Redevelopment Agency, Monterrey County, California, Tax Allocation Revenue Bonds, Redevelopment Project, Series 2008A, 4.000%, 11/01/19 – AGC Insured		11/18 at 100.00		A3		329,959
	2,140	Santa Ana Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2011A, 6.750%, 9/01/28		3/21 at 100.00		A+		2,600,507
	3,500	Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, Series 1999A, 5.500%, 6/01/23 – AMBAC Insured		12/14 at 100.00		A		3,545,395
		Santa Cruz County Redevelopment Agency, California, Tax Allocation Bonds, Live Oak-Soquel Community Improvement Project Area, Series 2009A:
	1,860	6.625%, 9/01/29		9/19 at 100.00		A		2,198,855
	2,805	7.000%, 9/01/36		9/19 at 100.00		A		3,293,687
	3,500	Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 6.500%, 8/01/26		2/21 at 100.00		A		4,205,740
	1,665	Shafter Community Development Agency, Kern County, California, Tax Allocation Bonds, Shafter Community Development Project Area 2, Refunding Series 2006A, 5.450%, 11/01/36		11/16 at 100.00		N/R		1,688,560

Nuveen Investments 55

Nuveen California Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	2,170	Shafter Joint Powers Financing Authority, California, Lease Revenue Bonds, Community Correctional Facility Acquisition Project, Series 1997A, 6.050%, 1/01/17		1/15 at 100.00		A2	$	2,178,203
	180	Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26		4/21 at 100.00		N/R		202,187
	205	Soledad Redevelopment Agency, California, Tax Allocation Bonds, Soledad Redevelopment Project, Series 2007A, 4.500%, 12/01/16 – SYNCORA GTY Insured		No Opt. Call		BB+		207,312
		South Tahoe Redevelopment Agency, California, Community Facilities District 2001-1 , Heavenly Village, Special Tax Refunding Bonds, Series 2007:
	120	4.400%, 10/01/15		No Opt. Call		N/R		124,363
	125	4.500%, 10/01/16		10/15 at 102.00		N/R		131,803
	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		609,935
	300	Travis Unified School District, Solano County, California, Certificates of Participation, Series 2006, 4.500%, 9/01/16 – FGIC Insured		No Opt. Call		A3		321,687
	2,550	Tulare Public Financing Authority, California, Lease Revenue Bonds, Series 2008, 5.250%, 4/01/27 – AGC Insured		4/18 at 100.00		AA		2,880,684
	1,225	Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.000%, 9/01/25		3/21 at 100.00		BBB+		1,483,622
	2,000	Tustin, California, Community Facilities District 2007-1, Legacy-Retail Center Special Tax Bonds, 6.000%, 9/01/37		9/17 at 100.00		N/R		2,088,020
	1,045	Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project, Series 2011A, 6.500%, 12/01/28		6/21 at 100.00		A		1,220,456
	240	Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.375%, 12/01/23		12/21 at 100.00		A		298,704
	25	Vernon Redevelopment Agency, California, Tax Allocation Bonds, Industrial Redevelopment Project, Series 2005, 5.000%, 9/01/35 – NPFG Insured		9/15 at 100.00		AA–		25,096
		Vista, California, Community Development Commission Taxable Non-Housing Tax Allocation Revenue Bonds, Vista Redevelopment Project, Series 2011:
	7,600	6.000%, 9/01/33		9/21 at 100.00		A–		8,738,328
	7,920	6.125%, 9/01/37		9/21 at 100.00		A–		9,082,577
		Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009:
	10,710	6.250%, 11/01/39		11/19 at 100.00		AA		12,354,521
	2,395	5.750%, 11/01/45		11/19 at 100.00		AA		2,654,379
	1,540	Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Subordinate Lien Series 2011A, 5.875%, 11/01/45		11/21 at 100.00		A		1,723,491
	320	Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32		9/21 at 100.00		A–		383,693
	1,685	Yuba City Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project, Series 2007, 5.250%, 9/01/39 – RAAI Insured		9/17 at 100.00		N/R		1,713,679
	1,965	Yuba City Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 6.000%, 9/01/31		9/14 at 100.00		N/R		1,968,262
	231,420	Total Tax Obligation/Limited						251,788,099

56 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		Transportation – 6.3%
$	1,000	Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/14 – AMBAC Insured		No Opt. Call		BBB+		$	999,580
	6,525	Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35 – NPFG Insured		1/15 at 100.00		AA–			6,542,422
	3,780	Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Junior Lien Series 2013C, 6.500%, 1/15/43		1/24 at 100.00		BB+			4,441,538
		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
	8,335	5.750%, 1/15/46		1/24 at 100.00		BBB–			9,507,901
	8,340	6.000%, 1/15/53		1/24 at 100.00		BBB–			9,640,289
		Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006:
	285	5.450%, 7/01/20 (Alternative Minimum Tax)		7/16 at 100.00		N/R			288,679
	190	5.550%, 7/01/28 (Alternative Minimum Tax)		7/16 at 100.00		N/R			190,585
		Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A:
	3,500	5.750%, 6/01/44		6/23 at 100.00		BBB–			3,991,470
	8,250	5.750%, 6/01/48		6/23 at 100.00		BBB–			9,378,188
	40,205	Total Transportation							44,980,652
		U.S. Guaranteed – 4.8% (5)
	1,015	ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2007, 5.750%, 7/01/37 (Pre-refunded 7/01/15)		7/15 at 102.00		A1	(5)		1,083,218
	110	Barstow Redevelopment Agency, California, Tax Allocation Bonds, Central Redevelopment Project, Series 1994A, 7.000%, 9/01/14 – NPFG Insured (ETM)		No Opt. Call		N/R	(5)		110,039
	430	California Educational Facilities Authority, Revenue Bonds, Golden Gate University, Series 2005, 5.000%, 10/01/20 (Pre-refunded 10/01/15)		10/15 at 100.00		N/R	(5)		452,777
	1,250	California State Public Works Board, Lease Revenue Bonds, University of California Regents, Series 2009E, 5.000%, 4/01/34 (Pre-refunded 4/01/19)		4/19 at 100.00		Aaa			1,475,875
	2,500	California State Public Works Board, Lease Revenue Bonds, University of California, Institute Projects, Series 2005C, 5.000%, 4/01/30 – AMBAC Insured (Pre-refunded 4/01/15)		4/15 at 100.00		Aa2	(5)		2,571,650
	805	California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/25 (Pre-refunded 11/01/15)		11/15 at 100.00		Aa2	(5)		850,821
		California Statewide Community Development Authority, Insured Health Facility Revenue Bonds, Henry Mayo Newhall Memorial Hospital, Series 2007A:
	500	5.000%, 10/01/20 (Pre-refunded 10/01/17)		10/17 at 100.00		A	(5)		568,625
	400	5.000%, 10/01/27 (Pre-refunded 10/01/17)		10/17 at 100.00		A	(5)		454,900
	1,185	Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2004B, 5.000%, 10/01/27 – AGM Insured (Pre-refunded 10/01/14)		10/14 at 100.00		AA	(5)		1,190,178
		Jurupa Community Services District, California, Special Tax Bonds, Community Facilities District 25 Eastvale Area, Series 2008A:
	1,000	8.375%, 9/01/28 (Pre-refunded 9/01/18)		9/18 at 100.00		N/R	(5)		1,289,060
	3,205	8.875%, 9/01/38 (Pre-refunded 9/01/18)		9/18 at 100.00		N/R	(5)		4,194,223
	285	Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39 (Pre-refunded 8/01/19)		8/19 at 100.00		N/R	(5)		364,008

Nuveen Investments 57

Nuveen California Municipal Bond Fund (continued)

Portfolio of Investments August 31, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		U.S. Guaranteed (5) (continued)
$	1,140	Los Angeles Harbors Department, California, Revenue Bonds, Series 1988, 7.600%, 10/01/18 (ETM)		No Opt. Call		AA+	(5)	$	1,305,642
		Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric Series 2008B:
	4,535	0.000%, 9/01/23 (Pre-refunded 9/01/16)		9/16 at 64.56		A	(5)		2,902,083
	27,110	0.000%, 9/01/33 (Pre-refunded 9/01/16)		9/16 at 32.62		A	(5)		8,764,934
	12,000	0.000%, 9/01/38 (Pre-refunded 9/01/16)		9/16 at 23.21		A	(5)		2,761,080
	545	Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured (Pre-refunded 8/01/15)		8/15 at 100.00		AA	(5)		569,541
	1,265	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	(5)		1,550,270
	1,505	San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 – AMBAC Insured (Pre-refunded 12/15/17)		12/17 at 100.00		N/R	(5)		1,722,382
	60,785	Total U.S. Guaranteed							34,181,306
		Utilities – 0.5%
	2,235	California Statewide Community Development Authority, Certificates of Participation Refunding, Rio Bravo Fresno Project, Series 1999A, 6.500%, 12/01/18		12/14 at 100.00		N/R			2,159,613
	1,210	Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%, 9/01/31 – SYNCORA GTY Insured		9/15 at 100.00		N/R			1,223,879
	3,445	Total Utilities							3,383,492
		Water and Sewer – 4.5%
	3,000	Brentwood Infrastructure Financing Authority, California, Water Revenue Bonds, Series 2008, 5.750%, 7/01/38		7/18 at 100.00		AA			3,398,220
		California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012:
	5,000	5.000%, 7/01/37 (Alternative Minimum Tax)		No Opt. Call		Baa3			5,257,700
	5,010	5.000%, 11/21/45 (Alternative Minimum Tax)		No Opt. Call		Baa3			5,259,699
	2,000	California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authority Desalination Project Pipeline, Series 2012, 5.000%, 11/21/45		No Opt. Call		Baa3			2,048,740
	355	California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2003A, 5.250%, 10/01/23 – AGM Insured		10/14 at 100.00		AA			356,409
	1,060	Compton, California, Sewer Revenue Bonds, Series 1998 Refunding, 5.375%, 9/01/23 – NPFG Insured		9/14 at 100.00		AA–			1,060,763
	1,250	Cucamonga Valley Water District, California, Certificates of Participation, Series 2006, 5.000%, 9/01/36 – NPFG Insured		9/16 at 100.00		AA			1,330,863
	3,745	Los Angeles, California, Wastewater System Revenue Bonds, Refunding Series 2009A, 5.750%, 6/01/26		6/19 at 100.00		AA+			4,399,888
	2,600	Los Angeles, California, Wastewater System Revenue Bonds, Subordinate Lien, Refunding Series 2013A, 5.000%, 6/01/35		6/23 at 100.00		AA			2,998,762
	1,000	Norco Financing Authority, California, Enterprise Revenue Refunding Bonds, Series 2009, 5.625%, 10/01/34 – AGM Insured		10/19 at 100.00		AA			1,148,690
	805	Oakdale Irrigation District, California, Certificates of Participation, Water Facilities Project, Series 2009, 5.500%, 8/01/34		8/19 at 100.00		AA			889,646

58 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Water and Sewer (continued)
$	1,770	Pomona Public Financing Authority, California, Revenue Bonds, Water Facilities Project, Series 2007AY, 5.000%, 5/01/27 – AMBAC Insured		5/17 at 100.00		A+	$	1,942,876
		Rowland Water District, California, Certificates of Participation, Recycled Water Project, Series 2008:
	565	5.750%, 12/01/24		12/18 at 100.00		AA–		668,875
	480	5.750%, 12/01/25		12/18 at 100.00		AA–		565,195
	500	6.250%, 12/01/39		12/18 at 100.00		AA–		586,610
	29,140	Total Water and Sewer						31,912,936
$	734,625	Total Long-Term Investments (cost $636,531,407)						695,884,396
Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 1.0%
		MUNICIPAL BONDS – 1.0%
		Health Care – 1.0%
$	5,440	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014, 6.000%, 7/10/15 (4)		No Opt. Call		N/R	$	5,552,608
	530	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (4)		No Opt. Call		N/R		540,971
	805	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (4)		No Opt. Call		N/R		821,663
$	6,775	Total Short-Term Investments (cost $6,775,000)						6,915,242
		Total Investments (cost $643,306,407) – 99.1%						702,799,638
		Other Assets Less Liabilities – 0.9%						6,161,504
		Net Assets – 100%					$	708,961,142

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

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

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

(4) Investment 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.

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

(ETM) Escrowed to maturity.

See accompanying notes to financial statements.

Nuveen Investments 59

Statement of

Assets and Liabilities August 31, 2014 (Unaudited)

	California High Yield			California
Assets
Long-term investments, at value (cost $407,853,963 and $636,531,407, respectively)	$	438,551,394		$	695,884,396
Short-term investments, at value (cost $3,610,000 and $6,775,000, respectively)		3,684,727			6,915,242
Cash		2,720,023			—
Receivable for:
Interest		6,491,187			9,318,575
Investments sold		4,061,850			1,916,000
Shares sold		3,917,478			2,187,568
Other assets		25,727			54,914
Total assets		459,452,386			716,276,695
Liabilities
Cash overdraft		—			4,971,093
Unrealized depreciation on interest rate swaps		1,446,330			—
Payable for:
Dividends		373,733			701,035
Investments purchased		1,886,152			—
Shares redeemed		973,462			1,052,676
Accrued expenses:
Management fees		205,983			296,852
Trustees fees		8,434			38,822
12b-1 distribution and service fees		80,447			91,509
Other		102,716			163,566
Total liabilities		5,077,257			7,315,553
Net assets	$	454,375,129		$	708,961,142
Class A Shares
Net assets	$	234,747,332		$	273,444,739
Shares outstanding		25,193,441			24,952,331
Net asset value (“NAV”) per share	$	9.32		$	10.96
Offering price per share (NAV per share plus maximum sales charge of 4.20% of offering price)	$	9.73		$	11.44
Class C Shares
Net assets	$	10,115,165		$	8,168,541
Shares outstanding		1,086,221			748,432
NAV and offering price per share	$	9.31		$	10.91
Class C2 Shares
Net assets	$	53,895,158		$	59,866,712
Shares outstanding		5,790,881			5,480,930
NAV and offering price per share	$	9.31		$	10.92
Class I Shares
Net assets	$	155,617,474		$	367,481,150
Shares outstanding		16,724,362			33,555,242
NAV and offering price per share	$	9.30		$	10.95
Net assets consist of:
Capital paid-in	$	436,877,332		$	662,139,332
Undistributed (Over-distribution of) net investment income		1,052,493			1,908,199
Accumulated net realized gain (loss)		(12,880,524	)		(14,579,620	)
Net unrealized appreciation (depreciation)		29,325,828			59,493,231
Net assets	$	454,375,129		$	708,961,142
Authorized shares – per class		Unlimited			Unlimited
Par value per share	$	0.01		$	0.01

See accompanying notes to financial statements.

60 Nuveen Investments

Statement of

Operations Six Months Ended August 31, 2014 (Unaudited)

	California High Yield			California
Investment Income	$	11,196,512		$	16,664,968
Expenses
Management fees		1,101,353			1,689,225
12b-1 service fees – Class A		214,040			279,263
12b-1 distribution and service fees – Class C		24,287			18,786
12b-1 distribution and service fees – Class C2		204,904			228,630
Shareholder servicing agent fees and expenses		52,127			118,251
Custodian fees and expenses		49,275			55,314
Trustees fees and expenses		5,580			9,281
Professional fees		29,559			20,902
Shareholder reporting expenses		12,887			28,737
Federal and state registration fees		31,618			5,731
Other expenses		11,259			17,815
Total expenses		1,736,889			2,471,935
Net investment income (loss)		9,459,623			14,193,033
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		108,180			1,867,324
Swaps		537,400			—
Change in net unrealized appreciation (depreciation) of:
Investments		26,259,490			23,120,090
Swaps		(2,266,230	)		—
Net realized and unrealized gain (loss)		24,638,840			24,987,414
Net increase (decrease) in net assets from operations	$	34,098,463		$	39,180,447

See accompanying notes to financial statements.

Nuveen Investments 61

Statement of

Changes in Net Assets (Unaudited)

	California High Yield						California
	Six Months Ended 8/31/14			Year Ended 2/28/14			Six Months Ended 8/31/14			Year Ended 2/28/14
Operations
Net investment income (loss)	$	9,459,623		$	15,852,385		$	14,193,033		$	28,720,221
Net realized gain (loss) from:
Investments		108,180			(4,537,751	)		1,867,324			(8,005,823	)
Swaps		537,400			—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments		26,259,490			(19,387,057	)		23,120,090			(21,966,123	)
Swaps		(2,266,230	)		410,679			—			—
Net increase (decrease) in net assets from operations		34,098,463			(7,661,744	)		39,180,447			(1,251,725	)
Distributions to Shareholders
From net investment income:
Class A(1)		(4,899,005	)		(8,065,249	)		(5,636,822	)		(11,231,958	)
Class C(2)		(89,256	)		(245	)		(59,151	)		(210	)
Class C2(3)		(1,116,579	)		(2,503,672	)		(1,067,902	)		(2,459,351	)
Class I		(2,995,955	)		(4,792,740	)		(7,014,244	)		(14,592,904	)
Decrease in net assets from distributions to shareholders		(9,100,795	)		(15,361,906	)		(13,778,119	)		(28,284,423	)
Fund Share Transactions
Proceeds from sale of shares		166,345,259			213,359,348			100,019,722			186,338,394
Proceeds from shares issued to shareholders due to reinvestment of distributions		6,947,662			11,278,936			9,682,077			19,119,660
		173,292,921			224,638,284			109,701,799			205,458,054
Cost of shares redeemed		(70,203,228	)		(220,309,156	)		(70,857,144	)		(246,653,709	)
Net increase (decrease) in net assets from Fund share transactions		103,089,693			4,329,128			38,844,655			(41,195,655	)
Net increase (decrease) in net assets		128,087,361			(18,694,522	)		64,246,983			(70,731,803	)
Net assets at the beginning of period		326,287,768			344,982,290			644,714,159			715,445,962
Net assets at the end of period	$	454,375,129		$	326,287,768		$	708,961,142		$	644,714,159
Undistributed (Over-distribution of) net investment income at the end of period	$	1,052,493		$	693,665		$	1,908,199		$	1,493,285

(1) Includes distributions to shareholders of California’s Class B Shares during the period. Class B Shares of California converted to Class A Shares at the close of business on February 20, 2014 and are no longer available 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 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.

62 Nuveen Investments

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Nuveen Investments 63

Financial

Highlights (Unaudited)

California High Yield

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended February 28/29,	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 (3/06)
2015(h)	$	8.74	$	0.22	$	0.57		$	0.79		$	(0.21	)	$	—	$	(0.21	)	$	9.32
2014		9.25		0.44		(0.52	)		(0.08	)		(0.43	)		—		(0.43	)		8.74
2013		8.52		0.46		0.77			1.23			(0.50	)		—		(0.50	)		9.25
2012		7.36		0.53		1.14			1.67			(0.51	)		—		(0.51	)		8.52
2011		7.87		0.52		(0.54	)		(0.02	)		(0.49	)		—		(0.49	)		7.36
2010		6.51		0.51		1.34			1.85			(0.49	)		—		(0.49	)		7.87
Class C (2/14)
2015(h)		8.73		0.17		0.58			0.75			(0.17	)		—		(0.17	)		9.31
2014(f)		8.59		0.01		0.15			0.16			(0.02	)		—		(0.02	)		8.73
Class C2 (3/06)(g)
2015(h)		8.73		0.19		0.58			0.77			(0.19	)		—		(0.19	)		9.31
2014		9.24		0.39		(0.52	)		(0.13	)		(0.38	)		—		(0.38	)		8.73
2013		8.52		0.41		0.76			1.17			(0.45	)		—		(0.45	)		9.24
2012		7.36		0.49		1.14			1.63			(0.47	)		—		(0.47	)		8.52
2011		7.87		0.48		(0.54	)		(0.06	)		(0.45	)		—		(0.45	)		7.36
2010		6.51		0.47		1.34			1.81			(0.45	)		—		(0.45	)		7.87
Class I (3/06)
2015(h)		8.72		0.23		0.57			0.80			(0.22	)		—		(0.22	)		9.30
2014		9.24		0.46		(0.54	)		(0.08	)		(0.44	)		—		(0.44	)		8.72
2013		8.51		0.48		0.77			1.25			(0.52	)		—		(0.52	)		9.24
2012		7.35		0.55		1.14			1.69			(0.53	)		—		(0.53	)		8.51
2011		7.86		0.53		(0.53	)		—			(0.51	)		—		(0.51	)		7.35
2010		6.50		0.52		1.34			1.86			(0.50	)		—		(0.50	)		7.86

64 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement									Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses Including Interest(d)			Expenses Excluding Interest			Net Investment Income (Loss)			Expenses Including Interest(d)			Expenses Excluding Interest			Net Investment Income (Loss)			Portfolio Turnover Rate(e)
	9.12	%	$	234,747		0.85	%*		0.85	%*		4.76	%*		0.85	%*		0.85	%*		4.76	%*		4	%
	(0.69	)		173,753		0.87			0.87			5.09			0.87			0.87			5.09			36
	14.77			186,683		0.89			0.89			5.11			0.87			0.87			5.13			7
	23.45			70,416		0.89			0.89			6.77			0.88			0.88			6.77			19
	(0.56	)		60,178		0.90			0.90			6.53			0.90			0.90			6.53			17
	29.23			40,864		0.94			0.94			6.91			0.94			0.94			6.91			23
	8.70			10,115		1.63	*		1.63	*		3.76	*		1.63	*		1.63	*		3.76	*		4
	1.85			249		1.75	*		1.75	*		3.30	*		1.75	*		1.75	*		3.30	*		36
	8.84			53,895		1.40	*		1.40	*		4.26	*		1.40	*		1.40	*		4.26	*		4
	(1.25	)		55,083		1.43			1.43			4.58			1.43			1.43			4.58			36
	14.06			61,358		1.44			1.44			4.59			1.42			1.42			4.61			7
	22.84			32,156		1.44			1.44			6.17			1.43			1.43			6.17			19
	(1.07	)		19,035		1.45			1.45			6.00			1.45			1.45			6.00			17
	28.56			15,971		1.49			1.49			6.25			1.49			1.49			6.25			23
	9.25			155,617		0.65	*		0.65	*		4.97	*		0.65	*		0.65	*		4.97	*		4
	(0.60	)		97,202		0.67			0.67			5.32			0.67			0.67			5.32			36
	15.02			96,940		0.69			0.69			5.37			0.67			0.67			5.39			7
	23.76			53,736		0.69			0.69			6.97			0.68			0.68			6.97			19
	(0.34	)		37,004		0.70			0.70			6.74			0.70			0.70			6.74			17
	29.54			32,212		0.74			0.74			7.09			0.74			0.74			7.09			23

(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, when applicable.

(d) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.

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

(f) For the period February 10, 2014 (commencement of operations) through February 28, 2014.

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

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

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 65

Financial Highlights (Unaudited) (continued)

California

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended February 28/29,	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 (9/94)
2015(g)	$	10.55	$	0.22	$	0.41		$	0.63		$	(0.22	)	$	—	$	(0.22	)	$	10.96
2014		10.97		0.44		(0.42	)		0.02			(0.44	)		—		(0.44	)		10.55
2013		10.54		0.45		0.44			0.89			(0.46	)		—		(0.46	)		10.97
2012		9.46		0.48		1.07			1.55			(0.47	)		—		(0.47	)		10.54
2011		9.80		0.47		(0.36	)		0.11			(0.45	)		—		(0.45	)		9.46
2010		8.96		0.46		0.82			1.28			(0.44	)		—		(0.44	)		9.80
Class C (2/14)
2015(g)		10.52		0.17		0.40			0.57			(0.18	)		—		(0.18	)		10.91
2014(e)		10.41		0.01		0.12			0.13			(0.02	)		—		(0.02	)		10.52
Class C2 (9/94)(f)
2015(g)		10.52		0.19		0.40			0.59			(0.19	)		—		(0.19	)		10.92
2014		10.94		0.38		(0.42	)		(0.04	)		(0.38	)		—		(0.38	)		10.52
2013		10.50		0.39		0.45			0.84			(0.40	)		—		(0.40	)		10.94
2012		9.43		0.42		1.07			1.49			(0.42	)		—		(0.42	)		10.50
2011		9.78		0.41		(0.36	)		0.05			(0.40	)		—		(0.40	)		9.43
2010		8.94		0.41		0.82			1.23			(0.39	)		—		(0.39	)		9.78
Class I (7/86)
2015(g)		10.55		0.24		0.39			0.63			(0.23	)		—		(0.23	)		10.95
2014		10.96		0.46		(0.41	)		0.05			(0.46	)		—		(0.46	)		10.55
2013		10.52		0.47		0.44			0.91			(0.47	)		—		(0.47	)		10.96
2012		9.45		0.50		1.06			1.56			(0.49	)		—		(0.49	)		10.52
2011		9.79		0.49		(0.36	)		0.13			(0.47	)		—		(0.47	)		9.45
2010		8.95		0.48		0.82			1.30			(0.46	)		—		(0.46	)		9.79

66 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets(c)
Total Return(b)			Ending Net Assets (000)		Expenses Including Interest			Expenses Excluding Interest			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
	6.01	%	$	273,445		0.77	%*		0.77	%*		4.15	%*		6	%
	0.29			268,136		0.80			0.80			4.24			41
	8.57			274,043		0.80			0.80			4.14			13
	16.79			142,844		0.82			0.82			4.82			20
	1.05			136,513		0.81			0.81			4.77			18
	14.56			128,672		0.86			0.85			4.86			14
	5.42			8,169		1.56	*		1.56	*		3.16	*		6
	1.24			309		1.62	*		1.62	*		2.93	*		41
	5.64			59,867		1.32	*		1.32	*		3.61	*		6
	(0.28	)		62,495		1.34			1.34			3.68			41
	8.09			73,860		1.35			1.35			3.58			13
	16.10			40,317		1.37			1.37			4.25			20
	0.39			26,338		1.36			1.36			4.21			18
	14.00			25,552		1.41			1.40			4.31			14
	6.01			367,481		0.58	*		0.58	*		4.35	*		6
	0.55			313,773		0.59			0.59			4.43			41
	8.86			366,603		0.60			0.60			4.34			13
	16.91			158,186		0.62			0.62			5.02			20
	1.23			132,344		0.61			0.61			4.96			18
	14.80			144,962		0.66			0.65			5.07			14

(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 contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense reimbursement during the periods presented herein.

(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 February 28, 2014.

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

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

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 67

Notes to

Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Trust Information

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

Investment Adviser

The Funds’ investment adviser is Nuveen Fund Advisors, 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 Principle Investment Strategies

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

California’s investment objective is to provide as high a level of current interest income exempt from regular federal, California state and, in some cases, California local income taxes as is consistent with preservation of capital. Under normal market conditions, the Fund invests at least 80% of 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 and California personal income tax. These municipal bonds include obligations issued by the State of California and its 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 and California personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 years. Under normal market conditions, the Fund invests at least 80%

68 Nuveen Investments

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

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

Significant Accounting Policies

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

Investment 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 August 31, 2014, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

	California High Yield		California
Outstanding when-issued/delayed delivery purchase commitments	$	400,000	$	—

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 paydowns 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 .20% annual 12b-1 service fee. Class A Share purchases of $1 million or more 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 C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution

Nuveen Investments 69

Notes to Financial Statements (Unaudited) (continued)

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 purpose of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts. Class C2 Shares include a 0.55% annual 12b-1 distribution fee and a 0.20% annual 12b-1 service fee. Class C and Class 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.

Multi-Class 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 are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and shareholder service fees.

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

Netting Agreements

In the ordinary course of business, the Funds may enter 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, a 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.

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

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

Prices of fixed income securities are provided by a pricing service approved by the Funds’ Board of 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.

70 Nuveen Investments

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

Fair Value Measurements

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

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

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

California High Yield	Level 1		Level 2			Level 3			Total
Long-Term Investments*:
Municipal Bonds	$	—	$	433,436,519		$	1,455,000	***	$	434,891,519
Common Stocks		3,659,875		—			—			3,659,875
Short-Term Investments*:
Municipal Bonds		—		—			3,684,727			3,684,727
Investments in Derivatives:
Interest Rate Swaps**		—		(1,446,330	)		—			(1,446,330	)
Total	$	3,659,875	$	431,990,189		$	5,139,727		$	440,789,791
California
Long-Term Investments*:
Municipal Bonds	$	—	$	689,613,346		$	6,271,050	***	$	695,884,396
Short-Term Investments*:
Municipal Bonds		—		—			6,915,242			6,915,242
Total	$	—	$	689,613,346		$	13,186,292		$	702,799,638

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

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

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

Nuveen Investments 71

Notes to Financial Statements (Unaudited) (continued)

The following is a reconciliation of the Funds’ Level 3 investments held at the beginning and end of the measurement period:

	California High Yield Level 3 Municipal Bonds			California Level 3 Municipal Bonds
Balance at the beginning of period	$	95,936		$	—
Gains (losses):
Net realized gains (losses)		—			—
Change in net unrealized appreciation (depreciation)		(21,209	)		140,242
Purchases at cost		3,610,000			6,775,000
Sales at proceeds		—			—
Net discounts (premiums)		—			—
Transfer into		1,455,000			6,271,050
Transfer out of		—			—
Balance at the end of period	$	5,139,727		$	13,186,292
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of August 31, 2014	$	(136,190	)		(66,635	)

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of August 31, 2014, were as follows:

	Market Value		Techniques	Unobservable Inputs	Range
California High Yield
Long-Term Municipal Bonds	$	1,455,000	Expected Recovery	Recovery Rates	$	93.92 – $100.00
Short-Term Municipal Bonds		3,684,727	Discounted Cash Flow	Municipal BBB Benchmark B – Rated Hospital Sector		1% – 4%
Total	$	5,139,727
California
Long-Term Municipal Bonds	$	6,271,050	Expected Recovery	Recovery Rates	$	93.92 – $100.00
Short-Term Municipal Bonds		6,915,242	Discounted Cash Flow	Municipal BBB Benchmark B – Rated Hospital Sector		1% – 4%
Total	$	13,186,292

The Board is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, 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.

(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.

72 Nuveen Investments

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities

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

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 fiscal year ended August 31, 2014, were as follows:

	California High Yield			California
Average floating rate obligations outstanding	$	—		$	—
Average annual interest rate and fees		—	%		—	%

As of August 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:

	California High Yield		California
Floating rate obligations: self-deposited inverse floaters	$	—	$	—
Floating rate obligations: externally-deposited inverse floaters		44,805,000		—
Total	$	44,805,000	$	—

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements are 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 denoted as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.

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

	California High Yield		California
Maximum exposure to Recourse Trusts	$	41,805,000	$	—

Nuveen Investments 73

Notes to Financial Statements (Unaudited) (continued)

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.

Swap Contracts

Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund’s agreement with a counterparty to pay or receive, in the future, a fixed rate payment in exchange for the counterparty receiving or paying the Fund a variable rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap (which is akin to a bond’s maturity). Swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that a Fund is to receive. Swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. 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 interest rate 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.” Income received or paid by a Fund is recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gains or losses recognized upon the termination of a swap contract and are equal to the difference between a Fund’s basis in the swap and the proceeds from (or cost of) the closing transaction. Payments received or made at the beginning of the measurement period are recognized as a component of “Interest rate swap premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable. For tax purposes, periodic payments are treated as ordinary income or expense.

During the six months ended August 31, 2014, California High Yield continued to invest in interest rate swap contracts to shorten the duration of its portfolio and to reduce sensitivity to movements in U.S. interest rates.

The average notional amount of interest rate swap contracts outstanding during the six months ended August 31, 2014, was as follows:

	California High Yield
Average notional amount of interest rate swap contracts outstanding*	$	10,066,667

* 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.

The following table presents the fair value of all interest rate swap contracts held by California High Yield as of August 31, 2014, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

		Location on the Statement of Assets and Liabilities
		Asset Derivatives			(Liability) Derivatives
Underlying Risk Exposure	Derivative Instrument	Location	Value		Location	Value
Interest rate	Swaps	—	$	—	Unrealized depreciation on interest rate swaps	$	(1,446,330	)

The following table presents the Fund’s swap contracts, which are subject to netting agreements and the collateral delivered related to those swap contracts, as of August 31, 2014.

Fund	Counterparty	Gross Unrealized Appreciation on Interest Rate Swaps*		Gross Unrealized Depreciation on Interest Rate Swaps*			Amounts Netted on Statement of Assets and Liabilities		Net Unrealized Appreciation (Depreciation) on Interest Rate Swaps			Gross Amounts Not offset on the Statement of Assets and Liabilities				Net Exposure
												Financial Instruments**		Collateral Pledged to (from) Counterparty
California High Yield	Barclays PLC	$	—	$	(416,102	)	$	—	$	(416,102	)	$	—	$	416,102	$	—
	JPMorgan		—		(1,030,228	)		—		(1,030,228	)		749,800		192,000		88,428
Total		$	—	$	(1,446,330	)	$	—	$	(1,446,330	)	$	749,800	$	608,102	$	88,428

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

** Represents inverse floating rate securities.

74 Nuveen 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 six months ended August 31, 2014, and the primary underlying risk exposure.

Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Swaps		Change in Unrealized Appreciation (Depreciation) of Swaps
California High Yield	Interest rate	Swaps	$	537,400	$	(2,266,230	)

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.

4. Fund Shares

Transactions in Fund shares were as follows:

	California High Yield
	Six Months Ended 8/31/14						Year Ended 2/28/14
	Shares			Amount			Shares			Amount
Shares sold:
Class A		9,888,703		$	89,372,007			14,686,321		$	126,003,326
Class C		1,061,492			9,614,634			28,449			244,839
Class C2(1)		16,468			149,639			1,444,052			12,621,302
Class I		7,406,697			67,208,979			8,619,938			74,489,881
Shares issued to shareholders due to reinvestment of distributions:
Class A		453,806			4,136,088			744,205			6,375,159
Class C		6,623			60,908			21			179
Class C2		101,467			922,244			225,737			1,925,302
Class I		200,775			1,828,422			347,456			2,978,296
		19,136,031			173,292,921			26,096,179			224,638,284
Shares redeemed:
Class A		(5,037,420	)		(45,974,614	)		(15,718,089	)		(132,823,776	)
Class C		(10,358	)		(95,229	)		(6	)		(53	)
Class C2		(638,540	)		(5,741,781	)		(1,996,801	)		(16,931,244	)
Class I		(2,024,241	)		(18,391,604	)		(8,316,412	)		(70,554,083	)
		(7,710,559	)		(70,203,228	)		(26,031,308	)		(220,309,156	)
Net increase (decrease)		11,425,472		$	103,089,693			64,871		$	4,329,128

Nuveen Investments 75

Notes to Financial Statements (Unaudited) (continued)

	California
	Six Months Ended 8/31/14						Year Ended 2/28/14
	Shares			Amount			Shares			Amount
Shares sold:
Class A		3,165,313		$	34,012,264			10,531,878		$	109,086,733
Class A – automatic conversion of Class B(1) Shares		—			—			73,838			766,968
Class B – exchanges		—			—			195			2,061
Class C		718,761			7,706,380			29,421			307,006
Class C2		24,620			265,403			1,373,973			14,519,756
Class I		5,382,669			58,035,675			5,878,406			61,655,870
Shares issued to shareholders due to reinvestment of distributions:
Class A		440,324			4,748,385			889,905			9,286,169
Class B		—			—			1,091			11,483
Class C		2,830			30,593			16			164
Class C2		62,989			676,764			154,276			1,607,634
Class I		392,161			4,226,335			786,662			8,214,210
		10,189,667			109,701,799			19,719,661			205,458,054
Shares redeemed:
Class A		(4,059,478	)		(43,804,995	)		(11,063,918	)		(114,623,630	)
Class B		—			—			(13,089	)		(133,576	)
Class B – automatic conversion to Class A Shares		—			—			(73,912	)		(766,968	)
Class C		(2,586	)		(27,788	)		(10	)		(101	)
Class C2		(547,486	)		(5,842,195	)		(2,341,252	)		(24,183,652	)
Class I		(1,973,509	)		(21,182,166	)		(10,355,969	)		(106,945,782	)
		(6,583,059	)		(70,857,144	)		(23,848,150	)		(246,653,709	)
Net increase (decrease)		3,606,608		$	38,844,655			(4,128,489	)	$	(41,195,655	)

¹  For the current fiscal period subscriptions to Class C2 Shares represents exchanges from other Nuveen mutual funds.

5. Investment Transactions

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

	California High Yield		California
Purchases	$	99,999,634	$	80,212,216
Sales and maturities		15,440,167		38,874,355

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 and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

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

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 August 31, 2014, the cost and unrealized appreciation (depreciation) of investments in securities (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:

	California High Yield			California
Cost of investments	$	410,537,147		$	642,920,999
Gross unrealized:
Appreciation	$	35,534,174		$	60,598,319
Depreciation		(3,835,200	)		(719,680	)
Net unrealized appreciation (depreciation) of investments	$	31,698,974		$	59,878,639

76 Nuveen Investments

Permanent differences, primarily due to refund of federal taxes paid and taxable market discount, resulted in reclassifications among the Funds’ components of net assets as of February 28, 2014, the Funds’ last tax year end, as follows:

	California High Yield			California
Capital paid-in	$	—		$	337,602
Undistributed (Over-distribution of) net investment income		(6,376	)		(425,532	)
Accumulated net realized gain (loss)		6,376			87,930

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of February 28, 2014, the Funds’ last tax year end, were as follows:

	California High Yield			California
Undistributed net tax-exempt income1	$	655,053		$	3,398,202
Undistributed net ordinary income2		257,901			17,369
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 February 1, 2014, through February 28, 2014, and paid on March 3, 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 February 28, 2014, was designated for purposes of the dividends paid deduction as follows:

	California High Yield		California
Distributions from net tax-exempt income	$	15,296,844	$	28,395,138
Distributions from net ordinary income2		135,340		37,340
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 February 28, 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.

	California High Yield		California3
Expiration:
February 29, 2016	$	320,899	$	—
February 28, 2017		3,792,828		3,555,020
February 28, 2018		2,097,482		4,974,035
Not subject to expiration		5,369,409		7,813,420
Total	$	11,580,618	$	16,342,475

³  A portion of California’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.

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:

	California High Yield		California
Post-October capital losses4	$	1,586,080	$	104,473
Late-year ordinary losses5		—		—

⁴  Capital losses incurred from November 1, 2013 through February 28, 2014, the Funds’ last tax year end.

⁵  Ordinary losses incurred from January 1, 2014 through February 28, 2014, and specified losses incurred from November 1, 2013 through February 28, 2014.

7. Management Fees and Other Transactions with Affiliates

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

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

Nuveen Investments 77

Notes to Financial Statements (Unaudited) (continued)

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

Average Daily Net Assets	California High Yield			California
For the first $125 million		0.4000	%		0.3500	%
For the next $125 million		0.3875			0.3375
For the next $250 million		0.3750			0.3250
For the next $500 million		0.3625			0.3125
For the next $1 billion		0.3500			0.3000
For the next $3 billion		N/A			0.2750
For net assets over $2 billion		0.3250			N/A
For net assets over $5 billion		N/A			0.2500

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

Complex-Level Asset Breakpoint Level*	Effective Rate at Breakpoint Level
$55 billion		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 August 31, 2014, the complex-level fee rate for these Funds was as follows:

Fund	Complex-Level Fee Rate
California High Yield	0.1646%
California	0.1690

The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of each Fund so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, 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
California High Yield	N/A	N/A		1.000	%
California	N/A	N/A		0.750

N/A – Not applicable

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

During the six months ended August 31, 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:

	California High Yield		California
Sales charges collected	$	391,243	$	339,645
Paid to financial intermediaries		359,536		293,579

78 Nuveen Investments

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

During the six months ended August 31, 2014, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	California High Yield		California
Commission advances	$	271,802	$	160,122

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 August 31, 2014, the Distributor retained such 12b-1 fees as follows:

	California High Yield		California
12b-1 fees retained	$	40,949	$	41,511

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

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

	California High Yield		California
CDSC retained	$	30,460	$	1,655

8. New Accounting Pronouncement

Financial Accounting Standards Board (“FASB’’) Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements

During 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-08, “Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements,” which amends the criteria that define an investment company and clarifies the measurement guidance and requires new disclosures for investment companies. ASU 2013-08 is effective for fiscal years beginning on or after December 15, 2013. Management has evaluated the implications of ASU 2013-08 and determined that the Fund’s current disclosures already followed this guidance and therefore it does not have an impact on the Funds’ financial statements or footnote disclosures.

9. Subsequent Events

Purchase and Sale Agreement

As previously described in Note 1 – General Information and Significant Accounting Policies, Purchase and Sale Agreement, on October 1, 2014, TIAA-CREF completed its previously announced acquisition of Nuveen and new investment management agreements and new sub-advisory agreements have been approved by shareholders of the Funds and went into effect on October 1, 2014.

Nuveen Investments 79

Additional

Fund Information

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

80 Nuveen Investments

Glossary of Terms

Used in this Report (Unaudited)

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

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.

Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

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

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

Lipper California Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper California Municipal Debt Funds Classification. 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 California Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade California municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.

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Glossary of Terms Used in this Report (Unaudited) (continued)

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

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

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.

82 Nuveen Investments

Annual Investment Management Agreement

Approval Process (Unaudited)

I.

The Approval Process

The Board of Trustees of each Fund (each, a “Board” and each Trustee, a “Board Member”), including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for overseeing the performance of the investment adviser and the sub-adviser to the respective Fund and determining whether to approve or continue such Fund’s advisory agreement (each, an “Original Investment Management Agreement”) between the Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and sub-advisory agreement (each, an “Original Sub-Advisory Agreement” and, together with the Original Investment Management Agreement, the “Original Advisory Agreements”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”). Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), each Board is required to consider the continuation of the respective Original Advisory Agreements on an annual basis. In addition, prior to its annual review, the Board Members were advised of the potential acquisition of Nuveen Investments, Inc. (“Nuveen”) by TIAA-CREF (the “Transaction”). For purposes of this section, references to “Nuveen” herein include all affiliates of Nuveen Investments, Inc. providing advisory, sub-advisory, distribution or other services to the Funds and references to the “Board” refer to the Board of each Fund. In accordance with the 1940 Act and the terms of the Original Advisory Agreements, the completion of the Transaction would terminate each of the Original Investment Management Agreements and the Original Sub-Advisory Agreements. Accordingly, at an in-person meeting held on April 30, 2014 (the “April Meeting”), the Board, including all of the Independent Board Members, performed its annual review of the Original Advisory Agreements and approved the continuation of the Original Advisory Agreements for the Funds. Furthermore, in anticipation of the termination of the Original Advisory Agreements that would occur upon the consummation of the Transaction, the Board also approved for each Fund a new advisory agreement (each, a “New Investment Management Agreement”) between the Fund and the Adviser and a new sub-advisory agreement (each, a “New Sub-Advisory Agreement” and, together with the New Investment Management Agreement, the “New Advisory Agreements”) between the Adviser and the Sub-Adviser, each on behalf of the respective Fund to be effective following the completion of the Transaction and the receipt of the requisite shareholder approval.

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

Nuveen Investments 83

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

In connection with their review of the Original Advisory Agreements and the New Advisory Agreements, the Independent Board Members received extensive information regarding the Funds and the Fund Advisers including, among other things: the nature, extent and quality of services provided by each Fund Adviser; the organization and operations of any Fund Adviser; the expertise and background of relevant personnel of each Fund Adviser; a review of each Fund’s performance (including performance comparisons against the performance of peer groups and appropriate benchmarks); a comparison of Fund fees and expenses relative to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of fund initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to peers in the managed fund business. In light of the proposed Transaction, the Independent Board Members, through their independent legal counsel, also requested in writing and received additional information regarding the proposed Transaction and its impact on the provision of services by the Fund Advisers.

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

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

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

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

The Board considered the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Original Advisory Agreements and its review of the New Advisory Agreements. The Independent Board Members also were assisted throughout the process by independent legal counsel. During the course of the year and during their deliberations regarding the review of advisory contracts, the Independent Board Members met with independent legal counsel in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the funds are the result of many years of review and discussion between the Independent Board Members and Nuveen fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.

The Board considered all factors it believed relevant with respect to each Fund, including, among other things: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and the Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the

84 Nuveen Investments

Fund Advisers from the relationship with the Fund and (f) other factors. With respect to the New Advisory Agreements, the Board also considered the Transaction and its impact on the foregoing factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Original Advisory Agreements and New Advisory Agreements. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

1. The Original Advisory Agreements

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

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

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

In addition to the foregoing actions, the Board also considered other initiatives related to the open-end funds, including, among other things: the continued focus on enhancing the product line through the development of new funds, including the development of alternative strategies reflecting trends in the industry; the enhanced support provided to the Board by providing comprehensive in-depth presentations to the Open-End Funds Committee; and the development of a new class of shares for certain funds.

As noted, the Adviser also oversees the Sub-Adviser who provides the portfolio advisory services to the Funds. In reviewing the portfolio advisory services provided to each Fund, the Nuveen Investment Services Oversight Team of the Adviser analyzes the performance of the Sub-Adviser and

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

may recommend changes to the investment team or investment strategies as appropriate. In assisting the Board’s review of the Sub-Adviser, the Adviser provides a report analyzing, among other things, the Sub-Adviser’s investment team and changes thereto, organization and history, assets under management, the investment team’s philosophy and strategies in managing each Fund, developments affecting the Sub-Adviser or the Funds and their performance. In their review of the Sub-Adviser, the Independent Board Members considered, among other things, the experience and qualifications of the relevant investment personnel, their investment philosophy and strategies, the Sub-Adviser’s organization and stability, its capabilities and any initiatives taken or planned to enhance its current capabilities or support potential growth of business and, as outlined in further detail below, the performance of the Funds. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance while not providing an inappropriate incentive to take undue risks.

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

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

2. The New Advisory Agreements

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

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

The Board Members also considered Nuveen’s proposed governance structure following the Transaction and noted that Nuveen was expected to remain a stand-alone business within the TIAA-CREF enterprise and operate relatively autonomously from the other TIAA-CREF businesses, but would receive the general support and oversight from certain TIAA-CREF functional groups (such as legal, finance, internal audit, compliance, and risk management groups). The Board recognized, however, that Nuveen may be subject to additional reporting requirements as it keeps TIAA-CREF abreast of developments affecting the Nuveen business, may be required to modify certain of its reports, policies and procedures as necessary to conform to the practices followed in the TIAA-CREF enterprise and may need to collaborate with TIAA-CREF with respect to strategic planning for its business.

In considering the implications of the Transaction, the Board Members also recognized the reputation and size of TIAA-CREF and the benefits that the Transaction may bring to the Nuveen funds and Nuveen. In this regard, the Board recognized, among other things, that the increased resources

86 Nuveen Investments

and support that may be available to Nuveen from TIAA-CREF and the improved capital structure of Nuveen Investments, Inc. (the parent of the Adviser) that would result from the significant reduction in its debt level may reinforce and enhance Nuveen’s ability to provide quality services to the Nuveen funds and to invest further into its infrastructure.

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

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

B. The Investment Performance of the Funds and Fund Advisers

1. The Original Advisory Agreements

The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of each Fund’s performance and the applicable investment team. In considering each Fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds and the fund’s performance compared to its respective benchmark. Accordingly, the Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2013, as well as performance information reflecting the first quarter of 2014. This information supplemented the Nuveen fund performance information provided to the Board at each of its quarterly meetings.

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

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

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

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

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

• The usefulness of comparative performance data as a frame of reference to measure a fund’s performance may be limited because the Performance Peer Group, among other things, does not adequately reflect the objectives and strategies of the fund, has a different investable universe, or the composition of the peer set may be limited in size or number as well as other factors. In this regard, the Board noted that the Adviser classified the Performance Peer Groups of the Nuveen funds from highly relevant to less relevant. For funds classified with less relevant Performance Peer Groups, which include Nuveen California High Yield Municipal Bond Fund (the “California High Yield Fund”), the Board considered a fund’s performance compared to its benchmark to help assess the fund’s comparative performance. A fund was generally considered to have performed comparably to its benchmark if the fund’s performance was within certain thresholds compared to the performance of its benchmark and was considered to have outperformed or underperformed its benchmark if the fund’s performance was beyond these thresholds for the one- and three-year periods, subject to certain exceptions.ⁱ While the Board is cognizant of the relative performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the fund with its peers and/or benchmarks result in differences in performance results.

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

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

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

In considering the performance data, the Independent Board Members noted that Nuveen California Municipal Bond Fund (the “California Fund”) had demonstrated generally favorable performance in comparison to its peers, performing in the first quartile over various periods. With respect to the California High Yield Fund, which had a Performance Peer Group classified as less relevant as noted above, the Board considered the Fund’s performance compared to its benchmark and noted that its performance over time was satisfactory compared to the performance of its benchmark. In this regard, although the California High Yield Fund underperformed its benchmark in the one-year period, it outperformed its benchmark in the three- and five-year periods.

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

2. The New Advisory Agreements

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

C. Fees, Expenses and Profitability

1. Fees and Expenses

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

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

In reviewing the fee schedule for a fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the majority of the Nuveen funds were at, close to or below their peer average based on the net total expense ratio. The Independent Board Members observed that the California Fund had a net management fee in line with its peer average and a net expense ratio (including fee waivers and expense reimbursements) below its peer average and that the California High Yield Fund had a net management fee slightly higher than its peer average, but a net expense ratio in line with its peer average.

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

2. Comparisons with the Fees of Other Clients

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

The Independent Board Members reviewed the nature of services provided by the Adviser, including through its affiliated sub-advisers and the average fee the affiliated sub-advisers assessed such clients as well as the range of fees assessed to the different types of separately managed accounts (such as retail, institutional or wrap accounts) to the extent applicable to the respective sub-adviser. In their review, the Independent Board Members considered the differences in the product types, including, but not limited to: the services provided, the structure and operations, product

88 Nuveen Investments

distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Nuveen funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. The Independent Board Members noted that, as a general matter, higher fee levels reflect higher levels of service, increased investment management complexity, greater product management requirements and higher levels of risk or a combination of the foregoing. The Independent Board Members further noted, in particular, that the range of services provided to the Funds (as discussed above) is generally much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. The Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data, an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2013 and Nuveen’s consolidated financial statements for 2013. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses and profit margin compared to that of various unaffiliated management firms.

In reviewing profitability, the Independent Board Members noted the Adviser’s continued investment in its business with expenditures to, among other things, upgrade its investment technology and compliance systems and provide for additional personnel and other resources. The Independent Board Members recognized the Adviser’s continued commitment to its business should enhance the Adviser’s capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. In addition, in evaluating profitability, the Independent Board Members also noted the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses and that various allocation methodologies may each be reasonable but yield different results. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available, and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, an adviser’s particular business mix, capital costs, size, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members noted the Adviser’s adjusted operating margin appears to be reasonable in relation to other investment advisers and sufficient to operate as a viable investment management firm meeting its obligations to the Nuveen funds. Based on their review, the Independent Board Members concluded that the Adviser’s level of profitability for its advisory activities was reasonable in light of the services provided.

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

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

4. The New Advisory Agreements

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

Nuveen Investments 89

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

one or more Nuveen funds as they exit their retirement plans. The enhanced distribution access may result in additional sales of the Nuveen funds resulting in an increase in total assets under management in the complex and a corresponding decrease in overall management fees if additional breakpoints at the fund-level or complex-wide level are met. Based on its review, the Board determined that the management fees and expenses under each New Advisory Agreement were reasonable.

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

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

1. The Original Advisory Agreements

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

In addition to fund-level advisory fee breakpoints, the Board also considered the Nuveen funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base.

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

2. The New Advisory Agreements

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

E. Indirect Benefits

1. The Original Advisory Agreements

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

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research that may be useful to a Fund Adviser in managing the assets of the fund and other clients. Each Fund’s portfolio transactions are allocated by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the applicable Fund’s portfolio transactions. With respect to any fixed income securities, however, the Board recognized that such securities generally trade on a principal basis that does not generate soft dollar credits. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Funds and their shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Funds. The Independent Board Members noted that the Sub-Adviser’s profitability may be somewhat lower if it did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.

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

90 Nuveen Investments

2. The New Advisory Agreements

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

F. Other Considerations for the New Advisory Agreements

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

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

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

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

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

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

G. Other Considerations

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

II.

Approval of Interim Advisory Agreements

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

Nuveen Investments 91

Nuveen Investments:
	Serving Investors for Generations
	Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
		Focused on meeting investor needs. Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed $231 billion as of June 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/mf

MSA-CA-0814D        3767-INV-B10/15

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 Multistate Trust II

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

Date: November 6, 2014

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

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

Date: November 6, 2014

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

Date: November 6, 2014