Nuveen Multistate Trust Ii N-CSR Certified 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: February 28, 2015

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Mutual Funds

Nuveen Municipal

Bond Funds

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

Annual Report  February 28, 2015

	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

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Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations and Dividend Information	10
Fund Performance, Expense Ratios and Effective Leverage Ratios	11
Yields	16
Holding Summaries	17
Expense Examples	19
Shareholder Meeting Report	21
Report of Independent Registered Public Accounting Firm	23
Portfolios of Investments	24
Statement of Assets and Liabilities	63
Statement of Operations	64
Statement of Changes in Net Assets	65
Financial Highlights	66
Notes to Financial Statements	70
Additional Fund Information	82
Glossary of Terms Used in this Report	83
Annual Investment Management Agreement Approval Process	85
Trustees and Officers	94

Nuveen Investments 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

A pattern of divergence has emerged in the past year. Steady and moderate growth in the U.S. economy helped sustain the stock market’s bull run another year. U.S. bonds also performed well, amid subdued inflation, interest rates that remained unexpectedly low and concerns about the economic well-being of the rest of the world. The stronger domestic economy enabled the U.S. Federal Reserve (Fed) to gradually reduce its large scale bond purchases, known as quantitative easing (QE), without disruption to the markets, as well as begin to set expectations for a transition into tightening mode.

The economic story outside the U.S. continues to improve. Despite the drama over Greece’s debt negotiations, the European economy appears to be stabilizing. Japan is on a moderate recovery path as it emerged from recession late last quarter. China’s economy decelerated and, despite running well above the rate of other major global economies, investors feared it looked slow by China’s standards. Some areas of concern were a surprisingly steep decline in oil prices, the U.S. dollar’s rally and an increase in geopolitical tensions, including the Russia-Ukraine crisis and terrorist attacks across the Middle East and Africa, as well as more recently in Europe.

While a backdrop of healthy economic growth in the U.S. and the continuation of accommodative monetary policy (with the central banks of Japan and potentially Europe stepping in where the Fed has left off) bodes well for the markets, the global outlook has become more uncertain. Indeed, volatility is likely to feature more prominently in the investment landscape going forward. Such conditions underscore the importance of professional investment management. Experienced investment teams have weathered the market’s ups and downs in the past and emerged with a better understanding of the sensitivities of their asset class and investment style, particularly in times of turbulence. We recognize the importance of maximizing gains, while striving to minimize volatility.

And, the same is true for investors like you. Maintaining an appropriate time horizon, diversification and relying on practiced investment teams are among your best strategies for achieving your long-term investment objectives. Additionally, I encourage you to communicate with your financial consultant if you have 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

April 22, 2015

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 economic and market conditions, key investment strategies and the Funds’ performance during the twelve-month reporting period ended February 28, 2015. 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.

What factors affected the U.S. economy, the national municipal bond market during the twelve-month reporting period ended February 28, 2015?

During this reporting period, the U.S. economy continued to expand at a moderate pace. The Federal Reserve (Fed) maintained efforts to bolster growth and promote progress toward its mandates of maximum employment and price stability by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. At its October 2014 meeting, the Fed announced that it would end its bond-buying stimulus program as of November 1, 2014, after tapering its monthly asset purchases of mortgage-backed and longer-term Treasury securities from the original $85 billion per month to $15 billion per month over the course of seven consecutive meetings (December 2013 through September 2014). In making the announcement, the Fed cited substantial improvement in the outlook for the labor market since the inception of the current asset purchase program as well as sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability. The Fed also reiterated that it would continue to look at a wide range of factors, including labor market conditions, indicators of inflationary pressures and readings on financial developments, in determining future actions. Additionally, the Fed stated that it would likely maintain the current target range for the fed funds rate for a considerable time after the end of the asset purchase program, especially if projected inflation continues to run below the Fed’s 2% longer run goal. However, if economic data shows faster progress, the Fed indicated it could raise the fed funds rate sooner than expected.

The Fed changed its language slightly in December, indicating it would be “patient” in normalizing monetary policy. This shift helped ease investors’ worries that the Fed might raise rates too soon. As the reporting period drew to a close, expectations were that the Fed would drop the word patient from its March post-meeting statement, in an effort to telegraph that a rate hike was likely in June. The March statement (issued after the close of this reporting period) did indeed remove the word patient but also highlighted the Fed’s less optimistic view of the economy’s overall health as well as downgraded its inflation projections.

In the fourth quarter of 2014, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at a 2.2% annual rate, compared with 4.6% in the second quarter and 5.0% in the third quarter of 2014. The decline in real GDP growth rate from the third quarter to the fourth quarter primarily reflects an upturn in imports, a downturn in federal government spending and a decline in exports. These were partly offset by an upturn in consumer spending. The Consumer Price Index (CPI) fell 0.1% year-over-year as of

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.

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

Nuveen Investments 5

Portfolio Managers’ Comments (continued)

January 2015 (most recent data available at the time this report was prepared), the first negative twelve-month change since October 2009. The core CPI (which excludes food and energy) increased 1.6% during the same period, below the Fed’s unofficial longer term inflation objective of 2.0%. As of February 28, 2015, the national unemployment rate was 5.5%, the lowest level since May 2008 and the level considered “full employment” by some Fed officials, down from the 6.7% reported in February 2014. The housing market continued to post gains, although price growth has shown signs of deceleration in recent months. The average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 4.6% for the twelve months ended January 2015 (most recent data available at the time this report was prepared).

Municipal bonds enjoyed strong performance during the twelve-month reporting period, buoyed by a backdrop of low interest rates, improving investor sentiment and favorable supply-demand dynamics. Interest rates were widely expected to rise in 2014, as the economy improved and the Fed wound down its asset purchases. However, the 10-year Treasury yield ended the year even lower than where it began. As a result, fixed income asset classes performed surprisingly well (as yields fall, prices rise and vice versa). At the same time, investors grew more confident that the Fed’s tapering would proceed at a measured pace and that the credit woes of Detroit and Puerto Rico would be contained. In addition, credit fundamentals for state and local governments were generally stabilizing, although pockets of trouble remained. California and New York showed marked improvements during 2014, whereas Illinois, New Jersey and Puerto Rico, for example, still face considerable challenges.

Investors’ declining risk aversion bolstered demand for higher yielding assets, including municipal bonds, which reversed the tide of outflows municipal bond funds suffered in 2013. While demand and inflows rose, supply continued to be subdued. More municipal bonds left the market than were added in 2014, a condition known as net negative issuance. Part of the reason for net negative issuance was that a significant portion of issuer activity focused on current refundings, in which a new bond is issued to replace the called bond (in contrast to an advanced refunding, where the called bond remains in the market as a pre-refunded bond).

These factors helped drive municipal bond yields lower and tightened yield spreads relative to Treasuries in 2014 overall. However, as the new year began, market conditions turned more volatile. A series of disappointing economic data underscored the fragility of the U.S. recovery, as well as cast further uncertainty on the timing of the Fed’s first rate hike. A change in the supply-demand balance also hampered the municipal bond sector. Issuance was unusually strong in the first two months of 2015, up 72.5% compared to the same two-month period in 2014. Over the twelve months ended February 28, 2015, municipal bond issuance nationwide totaled $358.8 billion, an increase of 13% from the issuance for the twelve-month period ended February 28, 2014. Finally, divergence in economic growth and foreign central bank policies have reinforced an interest rate differential that favors demand for U.S. Treasuries, maintaining downward pressure on yields.

How were the economic and market environments in California during the twelve-month reporting period ended February 28, 2015?

California’s economy is the largest in the United States and ranks 8^th in the world according to the International Monetary Fund and continues to strengthen with employment growth driven by high technology, international trade and tourism but also supplemented by better residential construction and real estate conditions. The state’s labor force participation rate saw a large rebound reducing the risk to recovery. As of February 2015, California’s preliminary unemployment rate was 6.7%, down from 8% as of February 2014. According to the S&P/Case-Shiller Index, home prices in San Diego, Los Angeles and San Francisco rose 5.1%, 5.7% and 7.9%, respectively, over the twelve months ended January 2015 (most recent data available at the time this report was prepared) compared with an average increase of 4.6% nationally. California entered its fourth straight year of drought conditions resulting in the Governor issuing mandatory water cuts. In looking at the impact of the drought more broadly, the non-partisan Legislative Analyst Office says the drought is not likely to have a significant effect on California’s economy or state government revenues in the short term. Agriculture is exempt from the mandate though farms consume 80% of California’s water but only generate 2% of the state’s economic activity. The most significant economic risk would be a slowdown in California’s home building industry, which is a major part of the state’s economy. On the fiscal front, the Fiscal 2014 general fund budget totaled $97.1 billion and did not require major expenditure cuts and revenue raising. Fiscal Year 2015 is projected to transfer excess revenue to the rainy day fund for the first time since Fiscal Year 2008. The enacted Fiscal 2015 budget continues to pay down budgetary deferrals; implements a funding plan for California State Teachers Retirement System (teachers’ pension system); transfers funds to the rainy day fund; and provides funds for deferred maintenance and infrastructure projects. Strong revenue growth due to a recovering economy and the passage of Proposition 30 (increases state sales and personal income taxes temporarily) have aided in the State’s fiscal recovery. For Fiscal 2015-2016,

6 Nuveen Investments

the proposed General Fund Governor’s Budget totals $113.3 billion (up 1.4% over the forecast in the 2014 Budget Act). The proposed budget is expected to be again balanced, add to reserves, continue to pay down the “Wall of Debt” (education funding deferrals and budgetary obligations) and proposes to address the state’s retiree health liabilities over the next few decades. In November 2014, S&P upgraded its rating on California general obligation (GO) debt to A+ from A and revised the outlook to stable from positive. Moody’s upgraded the State GO to Aa3 with stable outlook from A1 in June 2014. During the twelve months ended February 28, 2015, municipal issuance in California totaled $48.7 billion, an increase of 6.8% for the twelve months ended February 28, 2014. For this reporting period, California was the largest state issuer in the nation, representing approximately 13.9% of total issuance nationwide.

How did the Funds perform during the twelve-month reporting period ended February 28, 2015?

The tables in the Fund Performance, Expense Ratios and Effective Leverage Ratios section of this report provide total returns for the Funds for the one-year, five-year, ten-year and/or since inception periods ended February 28, 2015. Each Fund’s Class A Share total returns at net asset value (NAV) are compared with the performance of their benchmark index and corresponding Lipper classification average. During the twelve-month reporting period, both Funds significantly outperformed their respective S&P benchmarks and their Lipper classification average.

What strategies were used to manage the Funds during the twelve-month reporting period 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.

Nuveen California High Yield Municipal Bond Fund

The Nuveen California High Yield Municipal Bond Fund significantly outperformed the S&P Municipal Yield Index during the twelve-month reporting period. As California’s credit quality strengthened during the reporting period, it provided a meaningful tailwind for the Fund’s results relative to the national high yield municipal bond market.

For most of the reporting period, yields on municipal bonds fell, while their prices rose accordingly (a bond’s yield and price move in opposite directions). The decline reflected improving demand for tax-exempt securities, moderate supply and falling interest rates, particularly on longer dated issues. Because the portfolio’s duration was longer than that of the index, the Fund benefited more as rates fell. Our position in inverse floating rate securities (inverse floaters) was a big reason for the longer duration, as the coupon income of these securities goes up when interest rates go down. Our zero coupon bond holdings also added value. Because such bonds do not pay interest, they tend to benefit disproportionately in a falling rate environment.

To keep the Fund’s interest rate sensitivity in a desired range, we held several LIBOR interest rate swaps. Despite the use of these swaps, we maintained a duration longer than the index. These securities performed as intended, lowering the Fund’s duration and making the portfolio less vulnerable to a rise in rates. As rates fell during the reporting period, however, these securities performed poorly. They were the only material detractors from results for the reporting period. If rates were to rise in the future, we would expect these interest rate swaps to contribute.

The Fund also invested in credit default swap contracts to manage credit risk. Using credit default swaps, the Fund purchased credit protection, which had a negligible impact on performance.

The Fund’s credit quality positioning further added to results. Relative to the index, the Fund was helped by having very little exposure to the debt of Puerto Rico, a U.S. territory whose bonds offer triple exemption (i.e., exemption from most federal, state and local taxes) and are often used by municipal bond portfolio managers for diversification purposes. Because of the island’s well-documented credit challenges, Puerto Rico’s bonds did not keep pace with the rest of the high yield municipal bond market. Our focus on lower rated bonds outside of this territory, therefore, was a significant positive for relative performance.

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

Effective sector positioning and individual security selection also added value in relative terms. The Fund was meaningfully overweighted in land-secured bonds, otherwise known as community development district bonds. These issues, which finance basic infrastructure in various communities, are closely tied to the health of individual property markets and continued to benefit from a rebound in California’s economy and real estate values. The Fund was also helped by a relatively large stake in two strong performing highway bonds, those issued for the San Joaquin Hills and Foothill/Eastern toll roads. As traffic on both routes increased, revenues also grew, enabling the issuers to refinance their debt terms at more favorable rates. This further strengthened the issuers’ financial position and lifted the prices of their bonds. In making new purchases, we emphasized bonds with maturities from 20 to 30 years and coupon income of 5% to 6%. We found various lower rated and non-rated credits with these characteristics that we believed provided good long term value for shareholders and that simultaneously allowed us to achieve our portfolio management objectives. Our purchases continued to focus on issuers in market segments where we have traditionally identified good value including community development districts, hospitals, higher education and charter schools.

Most of the reporting period provided was a strong backdrop for municipal bond investors, but the first two months of 2015 was considerably more volatile. At the end of the reporting period, our view about the high yield municipal bond market remained positive, given that most investors’ concerns seemed to surround the direction of interest rates rather than the credit quality of California issuers. Even as we continued to follow our disciplined credit-by-credit research process in search of value for shareholders, we allowed the Fund’s duration to drift downward with the market, in light of what we saw as increased potential for higher rates.

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 (refer to page 12 for more detail) 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 net asset value (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 NAV 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 the S&P Municipal Bond Index during the twelve-month reporting period. It was a favorable time frame for the Fund, both in absolute terms and relative to the index, and accordingly little detracted materially from results.

The Fund’s credit quality positioning was a particularly helpful performance factor. During the reporting period, lower rated bonds tended to outperform higher quality issues, reflecting investors’ desire for income in an environment of low interest rates. The Fund was significantly overweighted in BBB-rated bonds, the lowest credit tier of the investment grade bond universe, as well as underweighted in highly rated debt. Both factors provided a significant boost to results in relative terms.

The Fund’s duration and yield curve stance also provided a meaningfully positive impact. During the reporting period, yields on all but very short dated bonds declined and the drop was significantly greater on longer dated issues. In light of our overweighting in bonds with extended maturities, the best performers in the marketplace, the portfolio’s duration was longer than that of its benchmark, which left the Fund well positioned to benefit from the favorable market conditions.

8 Nuveen Investments

Throughout most of the reporting period, we were continuing our strategy of emphasizing lower rated, higher yielding municipal bonds trading at we found to be unusually attractive prices in light of market conditions that served to limit competition from traditional buyers of high yield debt. As the reporting period progressed, however, inflows began to return to the tax-exempt high yield bond market amid increased demand. This left valuations in this part of the market increasingly less attractive.

Accordingly, in the first two months of 2015, we shifted our management focus. Our approach became more conservative both from a duration and credit quality standpoint. Given how low interest rates had fallen, we thought it would be prudent to focus on highly rated, highly liquid credits that would be easier to sell at a reasonable price if market conditions turned challenging. This involved buying very creditworthy names that were well known in the marketplace, including California general obligation bonds, which after a series of upgrades finished the period rated Aa3/A+ by Moody’s and S&P, respectively. We also increased exposure to Los Angeles community college district general obligation debt.

Another strategy employed during the period was to engage to bond swapping when we saw compelling opportunities to improve the portfolio’s structure. This entailed selling some of our longer-dated tobacco bond investments and using the proceeds to buy shorter-dated issues offering nearly as much income but with significantly less anticipated volatility. We also sold out of certain long-dated bonds and purchased comparable intermediate-dated holdings, which, in light of recent underperformance seen in this part of the yield curve, we believed offered better value and less interest rate risk.

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.

On February 6, 2015, a federal court found Puerto Rico’s Recovery Act to be unconstitutional. Though the Commonwealth is pursuing an appeal of the ruling, the outcome is uncertain. Puerto Rico’s non-voting Representative in Congress recently introduced legislation that would make chapter 9 bankruptcy available to the Commonwealth’s public corporations. A congressional committee hearing was held on February 26, 2015, but the bill has not advanced out of committee.

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 restructuring of public corporations and we 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 totaled 0.36% of assets under management as of February 28, 2015. As of February 28, 2015, the Funds’ limited exposure to Puerto Rico generally was invested in bonds that were insured (which we believe adds value), pre-refunded (and therefore backed by securities such as U.S. Treasuries), or tobacco settlement bonds. Overall, the small size of our exposures meant that our Puerto Rico holdings had a negligible impact on performance.

Nuveen Investments 9

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 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 February 28, 2015, the Funds had positive UNII balances for tax purposes and positive UNII balances for financial reporting purposes.

All monthly dividends paid by each Fund during the current reporting period, were paid from net investment income. If a portion of the 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, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.

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 an agreement by the investment adviser to waive certain fees and/or reimburse expenses; during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and 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 February 28, 2015

	Average Annual
	1-Year		5-Year		Since Inception
Class A Shares at NAV		14.83%		9.94%		5.11%
Class A Shares at maximum Offering Price		10.04%		8.98%		4.60%
S&P Municipal Yield Index		9.67%		7.81%		5.18%
Lipper California Municipal Debt Funds Classification Average		8.51%		6.01%		4.52%
Class C2 Shares		14.14%		9.32%		4.52%
Class I Shares		15.08%		10.16%		5.30%

	Average Annual
	1-Year		Since Inception
Class C Shares		13.96%		15.22%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		Since Inception
Class A Shares at NAV		14.22%		9.91%		5.13%
Class A Shares at maximum Offering Price		9.38%		8.96%		4.63%
Class C2 Shares		13.65%		9.33%		4.56%
Class I Shares		14.59%		10.13%		5.34%

	Average Annual
	1-Year		Since Inception
Class C Shares		13.36%		14.60%

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.

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 February 28, 2015

Effective Leverage Ratio 13.78%

12 Nuveen Investments

Growth of an Assumed $10,000 Investment as of February 28, 2015 – Class A Shares

The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

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 February 28, 2015

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		10.20%		7.20%		5.15%
Class A Shares at maximum Offering Price		5.59%		6.28%		4.69%
S&P Municipal Bond Index		6.47%		5.19%		4.75%
S&P Municipal Bond California Index		7.46%		6.27%		5.11%
Lipper California Municipal Debt Funds Classification Average		8.51%		6.01%		4.39%
Class C2 Shares		9.61%		6.60%		4.58%
Class I Shares		10.38%		7.41%		5.36%

	Average Annual
	1-Year		Since Inception
Class C Shares		9.26%		10.06%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		10.07%		7.23%		5.28%
Class A Shares at maximum Offering Price		5.48%		6.31%		4.83%
Class C2 Shares		9.48%		6.65%		4.71%
Class I Shares		10.36%		7.46%		5.49%

	Average Annual
	1-Year		Since Inception
Class C Shares		9.23%		9.61%

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 February 28, 2015

Effective Leverage Ratio 0.00%

14 Nuveen Investments

Growth of an Assumed $10,000 Investment as of February 28, 2015 – Class A Shares

The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 15

Yields as of February 28, 2015

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		4.02%		3.44%		3.70%		4.39%
SEC 30-Day Yield		3.23%		2.60%		2.81%		3.57%
Taxable-Equivalent Yield (34.7%)2		4.95%		3.98%		4.30%		5.47%

Nuveen California Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		3.76%		3.13%		3.34%		4.08%
SEC 30-Day Yield		2.03%		1.35%		1.57%		2.32%
Taxable-Equivalent Yield (34.7%)2		3.11%		2.07%		2.40%		3.55%

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 February 28, 2015

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)

Long-Term Municipal Bonds	98.7%
Common Stocks	0.8%
Short-Term Municipal Bonds	0.6%
Other Assets Less Liabilities	0.1%
Net Assets Plus Floating Rate Obligations	100.2%
Floating Rate Obligations	(0.2)%
Net Assets	100%

Portfolio Composition¹

(% of total investments)

Tax Obligation/Limited	45.8%
Health Care	10.5%
Education and Civic Organizations	8.9%
Tax Obligation/General	5.9%
Transportation	5.8%
Consumer Staples	5.4%
Other	17.7%
Total	100%

Bond Credit Quality¹

(% of total investment exposure)

AAA/U.S. Guaranteed	2.6%
AA	22.4%
A	11.4%
BBB	16.2%
BB or Lower	14.5%
N/R (not rated)	32.2%
N/A (not applicable)	0.7%
Total	100%

1 Excluding investments in derivatives.

Nuveen Investments 17

Holding Summaries (continued)

Nuveen California Municipal Bond Fund

Fund Allocation

(% of net assets)

Long-Term Municipal Bonds	97.7%
Short-Term Municipal Bonds	0.8%
Other Assets Less Liabilities	1.5%
Net Assets	100%

Portfolio Composition

(% of total investments)

Tax Obligation/Limited	30.4%
Tax Obligation/General	28.5%
Health Care	13.9%
U.S. Guaranteed	5.0%
Education and Civic Organizations	5.0%
Other	17.2%
Total	100%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	6.0%
AA	45.6%
A	17.7%
BBB	12.8%
BB or Lower	8.6%
N/R (not rated)	9.3%
Total	100%

18 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 February 28, 2015.

The beginning of the period is September 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	$	1,052.30	$	1,048.40	$	1,048.70	$	1,053.40
Expenses Incurred During the Period	$	4.33	$	8.33	$	7.11	$	3.31
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	$	1,020.58	$	1,016.66	$	1,017.85	$	1,021.57
Expenses Incurred During the Period	$	4.26	$	8.20	$	7.00	$	3.26

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.85%, 1.64%, 1.40% and 0.65% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Investments 19

Expense Examples (continued)

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	$	1,039.50	$	1,036.40	$	1,037.60	$	1,041.30
Expenses Incurred During the Period	$	3.94	$	7.98	$	6.72	$	2.94
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	$	1,020.93	$	1,016.96	$	1,018.20	$	1,021.92
Expenses Incurred During the Period	$	3.91	$	7.90	$	6.66	$	2.91

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.78%, 1.58%, 1.33% and 0.58% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

20 Nuveen Investments

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; 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 and again to September 19, 2014.

	Nuveen California High Yield Municipal Bond Fund
To approve a new investment management agreement between each Trust and Nuveen Fund Advisors, LLC.
For		20,641,183
Against		436,925
Abstain		835,501
Broker Non-Votes		6,660,074
Total		28,573,683
To approve a new sub-advisory agreement between Nuveen Fund Advisors and Nuveen Asset Management, LLC.
For		20,539,794
Against		471,688
Abstain		902,126
Broker Non-Votes		6,660,075
Total		28,573,683
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		20,495,397
Against		546,122
Abstain		872,088
Broker Non-Votes		6,660,076
Total		28,573,683
b. Revise the fundamental policy related to issuing senior securities.
For		20,551,649
Against		478,644
Abstain		883,314
Broker Non-Votes		6,660,076
Total		28,573,683
c. Revise the fundamental policy related to underwriting.
For		20,536,408
Against		497,622
Abstain		879,577
Broker Non-Votes		6,660,076
Total		28,573,683

Nuveen Investments 21

Shareholder Meeting Report (continued)

	Nuveen California High Yield Municipal Bond Fund
d. Revise the fundamental policy related to the purchase and sale of real estate.
For		20,529,513
Against		541,127
Abstain		842,966
Broker Non-Votes		6,660,077
Total		28,573,683
e. Revise the fundamental policy related to diversification.
For		20,530,087
Against		539,545
Abstain		843,975
Broker Non-Votes		6,660,076
Total		28,573,683
f. Eliminate the fundamental policy related to permitted investments.
For		20,509,789
Against		539,148
Abstain		864,669
Broker Non-Votes		6,660,077
Total		28,573,683
g. Eliminate the fundamental policy related to pledging assets.
For		20,036,786
Against		1,002,605
Abstain		874,215
Broker Non-Votes		6,660,077
Total		28,573,683
i. Eliminate the fundamental policy related to short sales and purchases on margin.
For		20,052,407
Against		987,392
Abstain		873,807
Broker Non-Votes		6,660,077
Total		28,573,683
j. Eliminate the fundamental policy related to writing options.
For		20,072,014
Against		979,453
Abstain		862,141
Broker Non-Votes		6,660,075
Total		28,573,683

22 Nuveen Investments

Report of

Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of

Nuveen Multistate Trust II:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen California High Yield Municipal Bond Fund and Nuveen California Municipal Bond Fund (each a series of the Nuveen Multistate Trust II, hereinafter referred to as the “Funds”) at February 28, 2015, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Chicago, IL

April 27, 2015

Nuveen Investments 23

Nuveen California High Yield Municipal Bond Fund

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 99.5%
		MUNICIPAL BONDS – 98.7%
		Consumer Discretionary – 0.2%
$	75	Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Third Tier Series 2001C, 9.750%, 1/01/26		7/15 at 100.00		N/R	$	75,726
		Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007A:
	1,000	6.750%, 12/15/37 (4)		12/17 at 100.00		N/R		648,990
	160	6.000%, 12/15/37		6/15 at 100.00		N/R		88,830
	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		8,329
	500	Morongo Band of Mission Indians, California, Enterprise Revenue Bonds, Series 2008B, 6.500%, 3/01/28		3/18 at 100.00		N/R		569,350
	75	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		75,122
	1,825	Total Consumer Discretionary						1,466,347
		Consumer Staples – 5.4%
	27,000	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Subordinate Series 2006A, 0.000%, 6/01/50		6/16 at 12.54		B		1,647,810
	1,155	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		921,551
	150	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.700%, 6/01/46		12/18 at 100.00		B+		134,350
	50	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.250%, 6/01/45		6/15 at 100.00		B–		41,905
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	10,750	5.000%, 6/01/33		6/17 at 100.00		B		9,100,628
	3,695	5.750%, 6/01/47		6/17 at 100.00		B		3,177,220
	7,500	5.125%, 6/01/47		6/17 at 100.00		B		5,889,525
	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		2,619,903
	10,600	Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 0.000%, 6/01/36		6/17 at 28.99		B–		2,130,812

24 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Consumer Staples (continued)
$	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–	$	841,730
		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		6/15 at 100.00		BB+		856,500
	6,345	5.125%, 6/01/46		6/15 at 100.00		B+		5,338,746
	72,345	Total Consumer Staples						32,700,680
		Education and Civic Organizations – 8.9%
		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+		1,048,170
	1,000	6.000%, 6/01/44		6/24 at 100.00		BB+		1,046,140
	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		Baa2		2,010,440
	1,065	California Educational Facilities Authority, Revenue Bonds, Dominican University, Series 2006, 5.000%, 12/01/36		12/16 at 100.00		Baa3		1,119,059
	35	California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35		10/15 at 100.00		A3		35,355
	95	California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/36		11/15 at 100.00		A2		95,993
	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		1,081,560
		California Municipal Finance Authority, Charter School Revenue Bonds, John Adams Academies, Inc. Project, Series 2014A:
	1,400	5.000%, 10/01/34		10/22 at 102.00		BBB–		1,459,542
	465	5.000%, 10/01/44		10/22 at 102.00		BBB–		476,374
		California Municipal Finance Authority, Charter School Revenue Bonds, Partnerships to Uplift Communities Project, Series 2012A:
	1,330	5.000%, 8/01/32		No Opt. Call		BB+		1,397,923
	2,700	5.250%, 8/01/42		No Opt. Call		BB+		2,847,096
	1,795	5.300%, 8/01/47		8/22 at 100.00		BB+		1,891,445
	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		2,257,040
		California Municipal Finance Authority, Charter School Revenue Bonds, Urban Discovery Academy Project, Series 2014A:
	875	5.500%, 8/01/34		8/24 at 100.00		BB		901,565
	1,650	6.000%, 8/01/44		8/24 at 100.00		BB		1,702,635
	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–		1,949,820
	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		1,419,505
	1,500	California Municipal Finance Authority, Revenue Bonds, Biola University, Refunding Series 2008A, 5.875%, 10/01/34		4/18 at 100.00		Baa1		1,660,575
	500	California Municipal Finance Authority, Revenue Bonds, Emerson College, Series 2011, 5.000%, 1/01/28		No Opt. Call		BBB+		561,770

Nuveen Investments 25

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
$	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	$	327,939
	1,850	California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2014A, 5.250%, 1/01/45		1/25 at 100.00		N/R		1,825,155
	625	California Municipal Finance Authority, Revenue Bonds, Touro College and University System, Series 2014A, 5.250%, 1/01/34		7/24 at 100.00		BBB–		708,944
	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–		620,934
	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		1,072,259
		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		1,549,188
	2,040	6.750%, 8/01/44		2/24 at 100.00		BB		2,323,621
		California School finance Authority, School Facility Revenue Bonds, ICEF – View Park Elementary and Middle Schools, Series 2014A:
	575	5.625%, 10/01/34		10/24 at 100.00		BB		587,144
	1,000	5.875%, 10/01/44		10/24 at 100.00		BB		1,022,740
	520	6.000%, 10/01/49		10/24 at 100.00		BB		531,445
	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		1,052,565
	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+		639,234
	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+		1,373,550
	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		1,037,850
		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		1,354,217
	1,500	5.250%, 7/01/42		7/17 at 100.00		N/R		1,507,770
	1,000	California Statewide Communities Development Authority, Revenue Bonds, Buck Institute for Research on Aging, Tender Option Bond Trust 1385, 22.170%, 11/15/49 – AGM Insured (IF) (5)		11/24 at 100.00		AA		1,653,000
	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–		1,201,023
	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		1,178,480
	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+		958,187
	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		1,038,270
	2,015	California Statewide Community Development Authority, Revenue Bonds, Drew School, Series 2007, 5.300%, 10/01/37		10/15 at 102.00		N/R		2,035,150

26 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
$	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	$	202,586
	370	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		373,596
	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		201,676
	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		100,787
	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+		66,006
	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		358,937
	1,250	University of California, General Revenue Bonds, Tender Option Bond Trust 2013-24U, 18.361%, 5/15/39 (IF) (5)		5/23 at 100.00		AA		1,949,800
	49,750	Total Education and Civic Organizations						53,814,060
		Health Care – 10.5%
	970	Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, 3/01/26		No Opt. Call		Ba2		1,104,093
	625	California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Tender Option Bond Trust 1270, 17.479%, 4/01/42 (IF) (5)		4/22 at 100.00		A+		921,125
	1,220	California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51 (UB) (5)		8/22 at 100.00		AA		1,366,534
		California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Tender Option Trust 4726:
	260	18.395%, 8/15/43 (IF) (5)		8/24 at 100.00		AA		407,956
	695	18.423%, 8/15/51 (IF) (5)		8/22 at 100.00		AA		1,028,906
		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 1384:
	3,600	22.763%, 10/01/44 (IF) (5)		10/24 at 100.00		AA		6,098,400
	795	22.679%, 10/01/44 (IF) (5)		10/24 at 100.00		AA		1,344,647
	80	California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 3878, 22.843%, 10/01/21 (IF) (5)		No Opt. Call		AA		141,568
		California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
	250	18.333%, 8/15/41 (IF) (5)		8/22 at 100.00		AA		365,890
	1,000	18.328%, 8/15/41 (IF) (5)		8/22 at 100.00		AA		1,463,420
		California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 4448:
	200	22.762%, 8/15/20 (IF) (5)		No Opt. Call		AA		315,890
	200	22.750%, 8/15/20 (IF) (5)		No Opt. Call		AA		315,824
	750	California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40		7/20 at 100.00		Baa2		834,075
	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		1,052,200

Nuveen Investments 27

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A:
$	6,050	5.250%, 12/01/44		12/24 at 100.00		BBB	$	6,612,287
	1,000	5.500%, 12/01/54		12/24 at 100.00		BBB		1,106,960
	1,500	California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System Obligated Group, Series 2015, 5.000%, 11/01/43		11/24 at 100.00		AA–		1,715,730
		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		2,847,061
	1,625	5.250%, 10/01/43 – AGM Insured		10/24 at 100.00		AA		1,847,203
	1,480	California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 5.000%, 7/01/44		7/24 at 100.00		A		1,656,194
	1,000	California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.698%, 7/01/47 – AGM Insured (IF)		7/18 at 100.00		AA		1,353,720
	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		3,450,869
	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		539,999
		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–		266,095
	5,750	5.000%, 8/15/47		8/17 at 100.00		BBB+		6,052,508
		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
	750	5.250%, 7/01/30		7/15 at 100.00		CCC		716,468
	750	5.250%, 7/01/35		7/15 at 100.00		CCC		710,467
	715	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3048, 19.176%, 11/15/32 (IF)		5/18 at 100.00		AA–		979,550
	1,285	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102, 19.206%, 11/15/48 (IF) (5)		5/18 at 100.00		AA–		1,760,450
	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+		396,214
	1,060	Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 7.000%, 11/01/35		11/20 at 100.00		BB		1,134,931
		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
	1,025	5.500%, 11/01/19		No Opt. Call		Ba1		1,132,717
	500	6.750%, 11/01/39		11/19 at 100.00		Ba1		554,945
	500	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41		11/20 at 100.00		Ba1		536,140
	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		5,759,105
		San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011:
	1,000	8.000%, 12/01/26		12/21 at 100.00		BB		1,329,170
	600	7.500%, 12/01/41		12/21 at 100.00		BB		737,856

28 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	2,500	Tulare Local Health Care District, California, Revenue Bonds, Series 2007, 5.200%, 11/01/32		11/17 at 100.00		B	$	2,224,225
	1,150	Washington Township Health Care District, California, Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/32		7/17 at 100.00		Baa1		1,197,012
	60	Weatherford Hospital Authority, Oklahoma, Sales Tax Revenue Bonds, Series 2006, 6.000%, 5/01/31		5/16 at 103.00		N/R		62,495
	54,420	Total Health Care						63,440,899
		Housing/Multifamily – 3.1%
	2,000	California Housing Finance Agency, Multifamily Housing Revenue Bonds, Series 2014A-III, 4.600%, 8/01/39		2/24 at 100.00		AA+		2,087,760
	1,270	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc. Projects, Series 2014B, 5.875%, 8/15/49		8/24 at 100.00		N/R		1,383,741
	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		1,545,502
	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		544,613
	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		2,273,340
		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		1,324,200
	240	5.250%, 8/15/49		8/24 at 100.00		BBB		263,342
	400	California Municipal Finance Authority, Revenue Bonds, University Students Coop Association, Series 2007, 4.750%, 4/01/27		4/17 at 100.00		BBB		417,164
	1,000	California Statewide Communities 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		1,032,930
	340	California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, Magnolia City Lights, Series 1999X, 6.650%, 7/01/39		7/15 at 100.00		N/R		340,347
		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–		780,722
	1,010	5.000%, 5/15/47		5/22 at 100.00		A–		1,057,420
	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		1,410,015
	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+		1,013,050
	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		333,890
	1,897	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		1,720,033
	480	Santa Clara County Housing Authority, California, Multifamily Housing Revenue Bonds, Blossom River Project, Series 1998A, 6.500%, 9/01/39		9/15 at 100.00		N/R		480,451
	574	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		570,987

Nuveen Investments 29

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Multifamily (continued)
$	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	$	374,202
	18,171	Total Housing/Multifamily						18,953,709
		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–		503,965
	600	California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206, 9.406%, 8/01/25 (Alternative Minimum Tax) (IF)		2/16 at 100.00		A–		603,252
	1,100	Total Housing/Single Family						1,107,217
		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–		68,540
	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		N/R		3,450
	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		24,608
	1,815	Total Industrials						96,598
		Long-Term Care – 3.2%
	3,000	ABAG Finance Authority for Nonprofit Corporations, California, Revenue Bonds, Episcopal Senior Communities, Series 2012A, 5.000%, 7/01/47		No Opt. Call		BBB+		3,271,830
	1,000	California Health Facilities Financing Authority, Insured Senior Living Revenue Bonds, Aldersly Project, Series 2015A, 5.000%, 5/15/40		5/25 at 100.00		BBB+		1,089,710
		California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009:
	500	8.000%, 11/01/29		11/19 at 100.00		A3		618,795
	1,040	8.500%, 11/01/39		11/19 at 100.00		AA		1,299,958
	2,200	California Statewide Communities Development Authority, Revenue Bonds, 899 Charleston Project, Refunding Series 2014A, 5.250%, 11/01/44		11/24 at 100.00		N/R		2,254,362
	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+		591,651
	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		1,072,140
	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		452,709
	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–		3,648,260
	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		1,012,310
	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		51,164
	2,476	Municipal Tax Exempt Asset Trust, Delaware, Trust Receipt, Series 2010-7 Loma Linda University Behavioral Medicine Center, Inc., 4.390%, 12/01/26		No Opt. Call		N/R		2,460,451

30 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Long-Term Care (continued)
$	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	$	1,211,550
	17,841	Total Long-Term Care						19,034,890
		Tax Obligation/General – 5.9%
	1,000	Aromas-San Juan Unified School District, San Benito, Santa Cruz and Monterey Counties, California, General Obligation Bonds, Series 2013B, 0.000%, 8/01/52 – AGM Insured		8/37 at 100.00		AA		474,210
		Bakersfield City School District, Kern County, California, General Obligation Bonds, Series 2012C:
	1,700	0.000%, 5/01/37		No Opt. Call		Aa2		830,365
	5,575	0.000%, 5/01/42		5/40 at 100.00		Aa2		2,812,142
	5,500	0.000%, 5/01/47		5/40 at 100.00		Aa2		2,767,765
	1,250	California State, General Obligation Bonds, Tender Option Bond Trust 1342, 17.780%, 10/01/44 (IF) (5)		10/24 at 100.00		Aa3		2,019,600
		California State, General Obligation Bonds, Various Purpose Series 2013:
	1,000	5.000%, 2/01/43		No Opt. Call		Aa3		1,135,630
	1,630	5.000%, 4/01/43		4/23 at 100.00		Aa3		1,855,168
		California State, General Obligation Bonds, Various Purpose, Tender Option Bond Trust 1364:
	545	13.764%, 11/01/22 (IF) (5)		No Opt. Call		Aa3		628,298
	1,250	13.764%, 11/01/44 (IF) (5)		11/24 at 100.00		Aa3		1,441,050
	750	13.764%, 11/01/44 (IF) (5)		11/24 at 100.00		Aa3		864,630
	1,005	13.747%, 11/01/44 (IF) (5)		11/24 at 100.00		Aa3		1,158,403
	1,250	California State, General Obligation Bonds, Various Purpose, Tender Option Bond Trust 1387, 17.759%, 8/01/35 (IF) (5)		8/24 at 100.00		Aa3		2,070,250
	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		1,476,952
		Chabot-Las Positas Community College District, California, General Obligation Bonds, Series 2006C:
	5,000	0.000%, 8/01/45 – AMBAC Insured		No Opt. Call		Aa3		1,093,750
	7,000	0.000%, 8/01/46 – AMBAC Insured		No Opt. Call		Aa3		1,455,720
	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–		692,370
		Guam Government, General Obligation Bonds, 2009 Series A:
	1,000	6.750%, 11/15/29		11/19 at 100.00		BB–		1,149,490
	1,500	7.000%, 11/15/39		11/19 at 100.00		BB–		1,773,555
	500	Guam Government, General Obligation Bonds, Series 2007A, 5.250%, 11/15/37		11/17 at 100.00		BB–		511,120
	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–		715,734
	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–		661,870
	2,250	Orland Joint Unified School District, Glenn and Tehama Counties, California, General Obligation Bonds, 2008 Election, Series 2012B, 0.000%, 8/01/51 – AGM Insured		8/37 at 100.00		AA		1,078,020
	970	Orland Joint Unified School District, Glenn and Tehama Counties, California, General Obligation Bonds, 2008 Election, Series 2013C, 0.000%, 8/01/43 – BAM Insured		8/38 at 100.00		AA		440,603

Nuveen Investments 31

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	250	Palomar Pomerado Health, California, General Obligation Bonds, Tender Option Bond Trust 4683, 18.102%, 8/01/37 – NPFG Insured (IF) (5)		8/17 at 100.00		AA–	$	327,390
	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		571,995
	1,980	San Diego Unified School District, San Diego County, California, General Obligation Bonds, Tender Option Bond Trust Series 3330, 14.399%, 1/01/21 (IF) (5)		No Opt. Call		AA–		2,287,375
	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		1,679,953
	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–		503,605
	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		1,189,984
	57,055	Total Tax Obligation/General						35,666,997
		Tax Obligation/Limited – 45.9%
		Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C:
	330	0.000%, 9/01/28 – AGM Insured		No Opt. Call		AA		208,289
	240	0.000%, 9/01/30 – AGM Insured		No Opt. Call		AA		126,242
	4,475	0.000%, 9/01/34 – AGM Insured		No Opt. Call		AA		1,923,400
	4,305	0.000%, 9/01/35 – AGM Insured		No Opt. Call		AA		1,761,348
	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		437,105
	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		1,031,590
		Azusa, California, Special Tax Bonds, Community Facilities District 2005-1 Rosedale Improvement Area 1, Series 2007:
	580	5.000%, 9/01/27		9/17 at 100.00		N/R		597,452
	975	5.000%, 9/01/37		9/17 at 100.00		N/R		1,002,554
	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		1,141,201
	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		1,111,270
	1,000	Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 8C, Series 2007E, 6.250%, 9/01/38		9/15 at 100.00		N/R		1,001,760
		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		60,836
	125	8.625%, 9/01/39		9/16 at 100.00		N/R		126,711
		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–		856,725
	2,300	0.000%, 8/01/29 – AMBAC Insured		No Opt. Call		AA–		1,252,879
	6,710	0.000%, 8/01/30 – AMBAC Insured		No Opt. Call		AA–		3,488,596
	1,700	Brentwood Infrastructure Financing Authority, California, Infrastructure Revenue Bonds, Refunding Subordinated Series 2014B, 5.000%, 9/02/36		9/24 at 100.00		N/R		1,897,047

32 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	5,600	California Community College Financing Authority, Lease Revenue Bonds, Refunding Series 2003, 0.000%, 6/01/33 – AMBAC Insured		No Opt. Call		A+	$	2,269,792
	1,000	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		1,149,450
	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		2,277,320
	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		1,075,320
		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		1,101,070
	2,000	5.125%, 9/01/42		No Opt. Call		N/R		2,194,720
	2,000	California Statewide Communities Development Authority, Lease Revenue Bonds, Community Center Project, Series 2014, 5.000%, 10/01/34 – AGM Insured		10/24 at 100.00		AA		2,263,540
	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		1,145,153
	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		2,461,755
		California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2014B:
	1,750	4.000%, 9/02/34		9/24 at 100.00		N/R		1,747,620
	2,060	5.000%, 9/02/44		9/24 at 100.00		N/R		2,226,757
	1,000	California Statewide Community Development Authority, Infrastructure Program Revenue Bonds, Series 2006A, 5.200%, 9/02/36		9/15 at 100.00		N/R		1,035,000
	250	California Statewide Community Development Authority, Revenue Bonds, Epidaurus Project, Series 2004A, 7.750%, 3/01/34		3/16 at 100.00		N/R		252,960
	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–		594,140
	650	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+		654,589
	850	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		BBB–		847,722
	1,845	Cathedral City Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Merged Redevelopment Project Area, Series 2014A, 5.000%, 8/01/34 – AGM Insured		8/24 at 100.00		AA		2,095,699
	315	Chino Public Financing Authority, California, Revenue Refunding Bonds, Series 2012, 5.000%, 9/01/38		9/22 at 100.00		N/R		348,308
	590	Chula Vista, California, Special Tax Bonds, Community Facilities District 12-1 McMillin Otay Ranch Village Seven, Series 2005, 5.250%, 9/01/30		9/15 at 100.00		N/R		599,369
	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		1,048,380
	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		539,640

Nuveen Investments 33

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
		Compton Public Finance Authority, California, Lease Revenue Bonds, Refunding & Various Capital Projects, Series 2008:
$	3,000	5.000%, 9/01/22 – AMBAC Insured		9/18 at 100.00		N/R	$	3,169,200
	2,000	5.250%, 9/01/27 – AMBAC Insured		9/18 at 100.00		N/R		2,076,820
	835	5.000%, 9/01/32 – AMBAC Insured		9/18 at 100.00		N/R		846,389
	1,750	Corona-Norco Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Senior Lien Series 2013A, 5.000%, 9/01/32		9/23 at 100.00		BBB+		1,951,320
		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		283,428
	1,250	5.000%, 9/01/45		9/23 at 100.00		N/R		1,401,637
	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+		1,253,924
		Desert Hot Springs Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Series 2008A-2:
	1,610	5.000%, 9/01/23		9/18 at 100.00		CCC+		1,433,415
	2,010	5.600%, 9/01/38		9/18 at 100.00		CCC+		1,720,138
	1,800	Eastern Municipal Water District, California, Special Tax Bonds, Community Facilities District 2001-01 French Valley Improvement Area A, Series 2015, 5.000%, 9/01/36		9/25 at 100.00		N/R		2,043,648
	950	El Dorado County, California, Special Tax Bonds, Blackstone Community Facilities District 2005-1, Series 2005, 5.250%, 9/01/35		9/16 at 100.00		N/R		964,735
	250	El Dorado County, California, Special Tax Bonds, Community Facilities District 2005-2, Series 2006, 5.100%, 9/01/36		9/16 at 100.00		N/R		254,050
		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		82,257
	10	5.000%, 9/01/20		9/17 at 100.00		N/R		10,267
	50	5.125%, 9/01/22		9/15 at 100.00		N/R		51,300
	1,200	5.250%, 9/01/37		9/15 at 102.00		N/R		1,222,308
	470	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		518,819
	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		716,113
	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		1,537,218
	1,000	Fontana, California, Special Tax Bonds, Community Facilities District 31 Citrus Heights North, Series 2006, 5.000%, 9/01/36		9/15 at 101.00		N/R		1,018,560
		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bond Trust 1011:
	750	17.309%, 6/01/45 (IF) (5)		6/15 at 100.00		A1		784,680
	1,000	17.287%, 6/01/45 – AMBAC Insured (IF) (5)		6/15 at 100.00		A1		1,046,170
	500	Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42		1/22 at 100.00		A		545,275
		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+		990,651
	1,000	6.875%, 12/01/40		12/20 at 100.00		B+		1,126,430
	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		1,025,150

34 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	1,000	Hemet Unified School District Financing Authority, California, Special Tax Revenue Bonds, Series 2015, 5.000%, 9/01/39		3/25 at 100.00		N/R	$	1,126,060
		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		1,002,750
	1,000	5.000%, 8/01/35 – AMBAC Insured		8/15 at 100.00		N/R		1,001,610
	500	4.750%, 8/01/35 – AMBAC Insured		8/15 at 100.00		N/R		500,325
		Hercules Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2007A:
	365	4.625%, 8/01/37 – AMBAC Insured		2/18 at 100.00		N/R		367,935
	150	5.000%, 8/01/42 – AMBAC Insured		2/18 at 100.00		N/R		152,530
	745	4.750%, 8/01/42 – AMBAC Insured		2/18 at 100.00		N/R		751,891
		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		1,311,425
	1,000	5.500%, 9/01/27 – SYNCORA GTY Insured		No Opt. Call		N/R		1,044,080
	1,105	5.000%, 9/01/31 – SYNCORA GTY Insured		9/17 at 100.00		N/R		1,141,995
	1,920	5.000%, 9/01/37 – SYNCORA GTY Insured		9/17 at 100.00		N/R		1,972,819
		Hesperia, California, Special Tax Bonds, Community Facilities District 2005-1 Belgate Development Restructuring Series 2014:
	1,990	5.000%, 9/01/35		9/24 at 100.00		N/R		2,208,164
	1,910	4.000%, 9/01/35		9/24 at 100.00		N/R		1,943,807
	250	Imperial, California, Special Tax Bonds, Community Facilities District 2004-3 Bratton Development, Series 2006B, 5.000%, 9/01/37		9/16 at 100.00		N/R		252,880
		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–		713,347
	500	5.250%, 8/15/28		8/18 at 100.00		BBB–		533,715
		Inglewood Public Financing Authority, California, Lease Revenue Bonds, Refunding Series 2012:
	2,530	0.000%, 8/01/23		No Opt. Call		Baa1		1,693,430
	1,600	0.000%, 8/01/25		No Opt. Call		Baa1		933,840
	1,050	0.000%, 8/01/28		8/22 at 66.37		Baa1		486,234
	2,430	0.000%, 8/01/33		No Opt. Call		Baa1		762,145
	1,650	0.000%, 8/01/35		No Opt. Call		Baa1		443,405
	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		122,884
	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		569,045
	250	Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Series 2014A, 5.000%, 9/01/42		9/24 at 100.00		BBB+		276,280
	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		370,734
	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		1,230,175
	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		3,180,990
	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		2,101,900

Nuveen Investments 35

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	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	$	829,330
		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–		512,010
	1,000	4.750%, 8/01/33 – NPFG Insured		8/15 at 102.00		AA–		1,016,810
		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		1,130,490
	500	5.250%, 9/01/32		9/23 at 100.00		N/R		566,410
		Lincoln, California, Special Tax Bonds, Community Facilities District 2005-1 Sorrento Project, Series 2014A:
	600	5.000%, 9/01/34		9/24 at 100.00		N/R		662,562
	935	5.000%, 9/01/39		9/24 at 100.00		N/R		1,019,440
	1,825	5.000%, 9/01/43		9/24 at 100.00		N/R		1,974,705
	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–		1,967,160
	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–		1,623,916
	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–		846,247
		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–		381,246
	1,550	7.500%, 8/01/41		8/21 at 100.00		A–		1,992,541
	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–		642,755
		Menifee Union School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2004-6, Series 2014:
	500	4.125%, 9/01/39		3/15 at 103.00		N/R		511,495
	500	4.250%, 9/01/44		3/15 at 103.00		N/R		512,795
		Menifee Union School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2011-1, Improvement Area 1, Series 2015:
	2,000	5.000%, 9/01/39		No Opt. Call		N/R		2,146,020
	1,000	5.000%, 9/01/44		No Opt. Call		N/R		1,068,670
	500	4.250%, 9/01/44		No Opt. Call		N/R		500,190
		Merced Redevelopment Agency, California, Tax Allocation Bonds, Merced Redevelopment Project 2, Series 2003A:
	1,890	0.000%, 12/01/21 – AMBAC Insured		No Opt. Call		N/R		1,398,127
	1,055	0.000%, 12/01/23 – AMBAC Insured		No Opt. Call		N/R		675,495
	130	Merced, California, Community Facilities District 2005-1, Special Tax Bonds, Bellevue Ranch West, Series 2006, 5.300%, 9/01/36		9/15 at 100.00		N/R		102,684
	795	Monrovia Financing Authority, California, Lease Revenue Bonds, Hillside Wilderness Preserve Project, Series 2002, 5.000%, 12/01/20 – AMBAC Insured		6/15 at 100.00		A+		797,242
	1,185	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		1,321,654
	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		66,245

36 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	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	$	1,028,960
	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		1,499,151
	590	Murrieta, California, Special Tax Bonds, Community Facilities District 2003-3, Creekside Village Improvement Area 1, Series 2005, 5.200%, 9/01/35		9/15 at 100.00		N/R		595,823
	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–		2,544,820
	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+		403,207
	1,265	Oakdale Public Financing Authority, California, Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/35		9/25 at 100.00		N/R		1,390,159
	2,500	Oakley Public Financing Authority, Contra Costa County, California, Revenue Bonds, Refunding Series 2014, 5.000%, 9/02/36 – BAM Insured		9/24 at 100.00		AA		2,818,475
	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		472,067
	1,000	Pacifica, California, Certificates of Participation, Series 2008, 5.375%, 1/01/37 – AMBAC Insured		1/16 at 102.00		A–		1,036,080
		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		562,344
	1,560	0.000%, 8/01/32		No Opt. Call		N/R		551,320
	1,625	0.000%, 8/01/33		No Opt. Call		N/R		540,345
	1,705	0.000%, 8/01/34		No Opt. Call		N/R		533,358
	2,075	0.000%, 8/01/35		8/16 at 31.93		N/R		611,004
	3,530	Palm Desert, California, Limited Obligation Improvement Bonds, Section 29 Assessment District 2004-02, Series 2007, 5.100%, 9/02/37		9/15 at 100.00		N/R		3,657,151
		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		295,745
	910	5.450%, 9/01/32		9/16 at 100.00		N/R		925,679
	350	5.300%, 9/01/32		9/16 at 100.00		N/R		355,768
	1,345	5.500%, 9/01/36		9/16 at 100.00		N/R		1,367,704
	1,600	Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.500%, 4/01/35		4/15 at 100.00		BB		1,589,984
	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		971,540
	500	Palm Springs Financing Authority, California, Lease Revenue Bonds, Downtown Revitalization Project, Series 2012B, 5.000%, 6/01/35		No Opt. Call		AA		553,440
	1,000	Palmdale Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project Areas, Refunding Series 2004A, 5.000%, 9/01/34 – NPFG Insured		9/18 at 100.00		AA–		1,023,650
	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–		603,868
	1,290	Palmdale, California, Special Tax Bonds, Community Facilities District 2005-1, Series 2005, 6.750%, 9/01/35		3/15 at 100.00		N/R		1,291,355

Nuveen Investments 37

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	995	Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A, 5.750%, 9/01/39		9/23 at 100.00		N/R	$	1,150,887
	1,000	Perris Joint Powers Authority, California, Local Agency Revenue Bonds, Community Facilities District 2001-1 May Farms Improvement Area 6 &7, Refunding Series 2014E, 4.250%, 9/01/38		9/24 at 100.00		N/R		1,042,260
	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		1,254,500
	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		1,097,284
	4,750	Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2015, 5.000%, 9/01/41		3/25 at 100.00		N/R		5,340,235
	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–		1,672,125
		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		1,731,539
	2,500	0.000%, 8/01/28 – AMBAC Insured		No Opt. Call		A		1,381,725
	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–		1,584,234
	350	Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project, Series 2001, 5.125%, 6/15/33 – AMBAC Insured		6/15 at 100.00		N/R		350,550
	1,000	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		1,113,610
	2,000	Rancho Cordova, 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		2,113,800
	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		3,063,990
	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		657,814
	500	Rancho Cordova, California, Special Tax Bonds, Community Facilities District 2003-1 Sunridge Anatolia Area, Series 2005, 5.500%, 9/01/37		9/15 at 100.00		N/R		504,410
	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+		1,158,610
		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–		929,887
	1,260	0.000%, 7/15/31 – AMBAC Insured		No Opt. Call		A–		605,342
	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		546,565
	680	Rio Elementary School District, California, Special Tax Bonds, Community Facilities District 1, Refunding Series 2014, 5.000%, 9/01/35		9/24 at 100.00		N/R		760,356
	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–		890,261
	180	Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects, Series 2004, 5.000%, 10/01/35 – SYNCORA GTY Insured		4/15 at 100.00		BBB+		180,187

38 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	1,380	Riverside County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Desert Communities Redevelopment Project, Refunding Series 2014A, 5.000%, 10/01/32 – AGM Insured		10/24 at 100.00		AA	$	1,575,215
	3,160	Riverside County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Interstate 215 Corridor Redevelopment Project Area, Refunding Series 2014E, 4.000%, 10/01/37 – AGM Insured		10/24 at 100.00		AA		3,211,255
	955	Riverside County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, Refunding Series 2014A, 5.000%, 10/01/30 – AGM Insured		10/24 at 100.00		AA		1,098,575
	2,000	Riverside County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Refunding Series 2014A, 5.000%, 10/01/34 – AGM Insured		10/24 at 100.00		AA		2,290,000
	500	Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Interstate 215 Corridor Redevelopment Project Area, Series 2010E, 6.500%, 10/01/40		10/20 at 100.00		BBB+		592,960
	205	Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2011A, 7.125%, 10/01/42		10/21 at 100.00		A–		260,129
	2,115	Riverside County, California, Special Tax Bonds, Community Facilities District 03-1 Newport Road, Series 2014, 5.000%, 9/01/30		9/24 at 100.00		N/R		2,191,098
	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		959,967
		Riverside County, California, Special Tax Bonds, Community Facilities District 05-8 Scott Road, Series 2013:
	660	5.000%, 9/01/32		9/22 at 100.00		N/R		737,042
	2,000	5.000%, 9/01/42		9/22 at 100.00		N/R		2,206,820
		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–		2,046,120
	510	5.000%, 8/01/37 – NPFG Insured		8/17 at 100.00		AA–		524,770
	1,000	Riverside Unified School District Finance Authority, Riverside County, California, Special Tax Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/35 – BAM Insured		3/25 at 100.00		AA		1,129,360
		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–		400,394
	1,155	0.000%, 9/01/35 – NPFG Insured		No Opt. Call		AA–		435,666
	935	Rohnert Park Community Development Agency, California, Tax Allocation Bonds, Series 1999, 0.000%, 8/01/33		No Opt. Call		AA–		412,896
	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		4,043,176
	1,000	Roseville, California, Special Tax Bonds, Community Facilities District 1 Diamond Creek, Series 2007, 5.000%, 9/01/37		9/15 at 100.00		N/R		1,027,230
	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		1,834,416
	1,100	Roseville, California, Special Tax Bonds, Community Facilities District 1 Westbrook, Series 2014, 5.000%, 9/01/34		9/24 at 100.00		N/R		1,125,916
	1,510	Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program Facilities Projects, Tender Option Bond Trust 4698, 18.705%, 12/01/33 – AMBAC Insured (IF) (5)		No Opt. Call		A+		2,916,776

Nuveen Investments 39

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	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+	$	516,084
		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–		2,028,829
	4,435	0.000%, 12/01/32 – FGIC Insured		No Opt. Call		AA–		1,992,867
	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		366,873
	428	Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Grace Lofts Redevelopment Projects, Series 2007A, 6.000%, 3/27/26		6/15 at 100.00		N/R		402,247
	480	San Bernardino County Financing Authority, California, Revenue Bonds, Courthouse Facilities Project, Series 2007, 5.500%, 6/01/37 – NPFG Insured		No Opt. Call		AA–		515,674
	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		1,103,000
	1,250	San Francisco City and County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series 2014A, 5.000%, 8/01/43		8/24 at 100.00		BBB+		1,386,713
		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–		580,705
	500	6.500%, 8/01/39		8/19 at 100.00		A–		584,225
		San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013A:
	500	5.000%, 8/01/27		8/22 at 100.00		N/R		572,550
	405	5.000%, 8/01/33		8/22 at 100.00		N/R		454,054
	100	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2003, 4.900%, 8/01/33 – FGIC Insured		8/15 at 100.00		AA–		101,711
	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–		367,117
	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+		167,440
		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–		536,210
	1,000	3.750%, 8/01/28 – NPFG Insured		8/17 at 100.00		AA–		1,015,890
	320	4.250%, 8/01/30 – NPFG Insured		8/17 at 100.00		AA–		327,558
	4,025	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+		4,078,050
	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–		1,031,250
	1,000	San Marcos Public Facilities Authority, California, Special Tax Revenue Bonds, Refunding Series 2014A, 5.000%, 9/01/33 – AGM Insured		9/24 at 100.00		AA		1,136,930
	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–		1,901,013
	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–		319,195

40 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	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	$	511,365
	1,000	South Tahoe Joint Powers Financing Authority, California, Revenue Bonds, South Tahoe Redevelopment Project Area 1, Series 2014A, 4.000%, 10/01/34 – AGM Insured		10/24 at 100.00		AA		1,017,930
		Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004:
	305	5.125%, 9/01/30 – FGIC Insured		9/15 at 100.00		AA–		305,024
	235	5.250%, 9/01/34 – FGIC Insured		9/15 at 100.00		AA–		235,012
	1,655	Stockton Public Financing Authority, California, Revenue Bonds, Stockton Redevelopment Project, Series 2006A, 5.250%, 9/01/31 – RAAI Insured		9/16 at 100.00		B+		1,656,374
		Stockton Redevelopment Agency, California, Revenue Bonds, Stockton Events Center Arena Project, Series 2004:
	135	4.250%, 9/01/25 – FGIC Insured		9/15 at 100.00		AA–		132,975
	420	5.000%, 9/01/28 – FGIC Insured		9/15 at 100.00		AA–		420,038
	1,700	5.000%, 9/01/36 – FGIC Insured		9/15 at 100.00		AA–		1,700,102
	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		2,595,850
	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+		5,502,250
	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		2,089,460
		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		1,809,504
	500	5.500%, 9/01/33		9/22 at 100.00		N/R		548,920
	1,000	Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2006, 5.450%, 9/01/26		9/15 at 100.00		N/R		1,004,590
	1,575	Temecula Valley Unified School District Financing Authority, Riverside County, California, Special Tax Revenue Bonds, Series 2015, 5.000%, 9/01/40 – BAM Insured		No Opt. Call		AA		1,785,877
	400	Temecula Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2011-1, Series 2014, 4.250%, 9/01/44		3/15 at 103.00		N/R		413,324
	1,000	Tulare Public Financing Authority, California, Lease Revenue Bonds, Series 2008, 5.375%, 4/01/35		No Opt. Call		AA		1,111,520
	530	Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.250%, 9/01/29		3/21 at 100.00		A–		665,945
	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+		828,594
	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		629,450
	2,000	Val Verde Unified School District Financing Authority, California, Special Tax Revenue Bonds, Series 2015, 5.000%, 9/01/37		3/25 at 100.00		N/R		2,201,800
	1,000	Ventura County Public Financing Authority, California, Lease Revenue Bonds Series 2013A, 5.000%, 11/01/43		11/22 at 100.00		AA+		1,129,620
	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		512,885

Nuveen Investments 41

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	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	$	755,489
	2,000	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32		No Opt. Call		BBB+		2,212,540
	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–		1,013,520
	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–		773,112
	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		4,139,745
	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		585,060
		Westside Union School District, California, Special Tax Bonds, Community Facilities District 2005-3, Series 2006:
	700	5.000%, 9/01/26		9/15 at 101.00		N/R		714,742
	1,340	5.000%, 9/01/36		9/15 at 101.00		N/R		1,365,567
	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		174,000
	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		510,482
	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		136,145
	297,295	Total Tax Obligation/Limited						276,537,790
		Transportation – 5.9%
	1,125	Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 2985, 18.012%, 4/01/17 (IF)		No Opt. Call		AA		1,857,623
	3,000	Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.250%, 1/15/33		1/24 at 100.00		BB+		3,594,660
	2,255	Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A, 0.000%, 1/15/33		No Opt. Call		BBB–		1,011,548
		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
	5,000	0.000%, 1/15/37 – AGM Insured		No Opt. Call		AA		2,054,900
	1,775	5.000%, 1/15/42 – AGM Insured		1/24 at 100.00		AA		1,981,024
	1,030	5.750%, 1/15/46		1/24 at 100.00		BBB–		1,208,169
		Guam International Airport Authority, Revenue Bonds, Series 2013C:
	745	6.250%, 10/01/34 (Alternative Minimum Tax)		10/23 at 100.00		BBB		881,328
	500	6.125%, 10/01/43 – AGM Insured (Alternative Minimum Tax)		10/23 at 100.00		AA		594,630
		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		35,466
	40	5.550%, 7/01/28 (Alternative Minimum Tax)		7/16 at 100.00		N/R		40,240
		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		254,022
	430	6.500%, 7/01/27 (Alternative Minimum Tax)		7/16 at 100.00		N/R		436,764

42 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Transportation (continued)
$	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	$	3,355,080
	1,290	San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Tender Option Bond Trust Series 1381, 17.742%, 5/01/44 (IF) (5)		5/24 at 100.00		A+		2,066,903
		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B:
	5,000	5.250%, 1/15/44		1/25 at 100.00		BB+		5,497,300
	800	5.250%, 1/15/49		1/25 at 100.00		BB+		872,752
		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:
	6,000	5.000%, 1/15/44		1/25 at 100.00		BBB–		6,608,640
	650	5.000%, 1/15/50		1/25 at 100.00		BBB–		701,506
	1,000	San Jose, California, Airport Revenue Bonds, Refunding Series 2014C, 5.000%, 3/01/31		3/24 at 100.00		A2		1,152,630
	1,000	San Jose, California, Airport Revenue Bonds, Series 2007B, 5.000%, 3/01/33 – AMBAC Insured		3/17 at 100.00		A2		1,061,300
	34,925	Total Transportation						35,266,485
		U.S. Guaranteed – 2.6% (6)
	365	Bessemer, Alabama, General Obligation Warrants, Series 2007, 6.500%, 2/01/37 (Pre-refunded 2/01/17)		2/17 at 101.00		N/R (6)		399,189
	40	California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35 (Pre-refunded 10/01/15)		10/15 at 100.00		N/R (6)		41,152
	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 (6)		5,166
	1,000	California Statewide Communities Development Authority, Recovery Zone Facility Bonds, SunEdison Huntington Beach Solar Projects, Series 2010, 7.500%, 1/01/31 (Pre-refunded 1/01/21)		1/21 at 100.00		N/R (6)		1,331,530
	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 (Pre-refunded 1/01/21)		1/21 at 100.00		N/R (6)		1,811,780
	1,000	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 5.875%, 7/01/35 (Pre-refunded 7/01/15)		7/15 at 100.00		A– (6)		1,019,190
	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 (6)		1,392,512
	995	Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2004-3, Rosetta Canyon Improvement Area 2, Series 2006, 5.250%, 9/01/37 (Pre-refunded 3/30/15)		3/15 at 100.00		N/R (6)		996,562
	815	Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2005-1, Series 2006A, 5.350%, 9/01/36 (Pre-refunded 3/30/15)		3/15 at 100.00		N/R (6)		816,369
	1,440	Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2005-2, Improvement Area A, Series 2005A, 5.450%, 9/01/36 (Pre-refunded 3/30/15)		3/15 at 100.00		N/R (6)		1,439,986
	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 (6)		1,195,975
	1,490	Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)		12/17 at 100.00		BBB (6)		1,796,150

Nuveen Investments 43

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		U.S. Guaranteed (continued)
$	250	Los Banos Redevelopment Agency, California, Tax Allocation Bonds, Los Banos Redevelopment Project, Series 2006, 5.000%, 9/01/36 (Pre-refunded 9/01/16) – RAAI Insured		9/16 at 100.00		AA (6)	$	266,775
	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 (6)		2,556,044
	250	Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 (ETM) – NPFG Insured		No Opt. Call		AA– (6)		320,447
	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 (6)		108,840
	19,125	Total U.S. Guaranteed						15,497,667
		Utilities – 2.4%
		Guam Power Authority, Revenue Bonds, Series 2014A:
	500	5.000%, 10/01/39		10/24 at 100.00		AA		573,390
	2,000	5.000%, 10/01/44		10/24 at 100.00		AA		2,284,680
		Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:
	25	5.500%, 11/15/28		No Opt. Call		A		30,075
	325	5.000%, 11/15/29		No Opt. Call		A		374,195
	410	5.000%, 11/15/35		No Opt. Call		A		478,794
	3,155	5.500%, 11/15/37		No Opt. Call		A		3,899,990
	50	M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 6.500%, 11/01/39		No Opt. Call		A		69,095
	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		1,381,910
	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–		1,053,560
		Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A:
	1,000	5.000%, 11/01/29		No Opt. Call		A		1,177,290
	720	5.000%, 11/01/33		No Opt. Call		A		852,919
	2,500	1.641%, 11/01/38		No Opt. Call		A		2,203,050
	12,685	Total Utilities						14,378,948
		Water and Sewer – 4.5%
		California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012:
	200	5.000%, 7/01/37 (Alternative Minimum Tax)		No Opt. Call		Baa3		218,730
	2,000	5.000%, 11/21/45 (Alternative Minimum Tax)		No Opt. Call		Baa3		2,167,120
		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		2,082,900
	7,750	5.000%, 11/21/45		No Opt. Call		Baa3		8,056,978
	500	Dinuba Financing Authority, California, Wastewater System Revenue Bonds, Series 2007, 5.375%, 9/01/38		9/17 at 100.00		N/R		512,505

44 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Water and Sewer (continued)
		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–	$	1,114,500
	1,000	5.500%, 7/01/30		7/20 at 100.00		A–		1,109,010
		Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013:
	500	5.250%, 7/01/33		7/23 at 100.00		A–		569,025
	4,125	5.500%, 7/01/43		7/23 at 100.00		A–		4,782,030
	2,000	Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Tender Option Bond Trust 3403, 22.923%, 7/01/22 (IF)		No Opt. Call		AA		3,574,340
	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–		1,731,885
	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		1,479,175
	23,825	Total Water and Sewer						27,398,198
$	662,177	Total Municipal Bonds (cost $552,156,233)						595,360,485
Shares		Description (1)					Value
		COMMON STOCKS – 0.8%
		Industrials – 0.8%
	94,060	American Airlines Group Inc. (7)					$	4,505,474
		Total Common Stocks (cost $2,851,418)						4,505,474
		Total Long-Term Investments (cost $555,007,651)					$	599,865,959

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 0.6%
		MUNICIPAL BONDS – 0.6%
		Health Care – 0.6%
$	2,900	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (8)		No Opt. Call		N/R	$	2,924,737
	280	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (8)		No Opt. Call		N/R		282,388
	430	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (8)		No Opt. Call		N/R		433,668
$	3,610	Total Short-Term Investments (cost $3,610,000)						3,640,793
		Total Investments (cost $558,617,651) – 100.1%						603,506,752
		Floating Rate Obligations – (0.2)%						(915,000	)
		Other Assets Less Liabilities – 0.1% (9)						402,495
		Net Assets – 100%					$	602,994,247

Nuveen Investments 45

Nuveen California High Yield Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Investments in Derivatives as of February 28, 2015

Credit Default Swaps outstanding:

Counterparty	Referenced entity		Buy/Sell Protection (10)		Current Credit Spread (11)			Notional Amount		Fixed Rate (Annualized)			Termination Date		Value		Unrealized Appreciation (Depreciation)
Citibank		Commonwealth of Puerto Rico		Buy		30.0	%	$	2,000,000		5.000	%		12/20/19	$	562,144	$	95,140

Interest Rate Swaps outstanding:

Counterparty	Notional Amount		Fund Pay/Receive Floating Rate		Floating Rate Index	Fixed Rate (Annualized)			Fixed Rate Payment Frequency		Effective Date (12)		Termination Date		Unrealized Appreciation (Depreciation)
Barclays PLC	$	6,000,000		Receive	USD-BMA		3.254	%		Quarterly		8/28/15		8/28/45	$	(1,251,694	)
JPMorgan		15,000,000		Receive	USD-BMA		3.240			Quarterly		7/27/15		7/27/45		(3,115,406	)
	$	21,000,000													$	(4,367,100	)

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

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

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

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

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

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

(7) 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.

(8) 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.

(9) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.

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

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

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

(ETM) Escrowed to maturity.

(IF) Inverse floating rate investment.

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

USD-BMA United States Dollar-Bond Market Association

See accompanying notes to financial statements.

46 Nuveen Investments

Nuveen California Municipal Bond Fund

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 97.7%
		MUNICIPAL BONDS – 97.7%
		Consumer Staples – 3.8%
$	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		6/15 at 100.00		Baa1	$	2,625,420
		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
	1,980	5.600%, 6/01/36		12/18 at 100.00		B+		1,842,707
	3,500	5.650%, 6/01/41		12/18 at 100.00		B+		3,151,540
	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		BBB+		229,998
	11,085	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33		6/17 at 100.00		B		9,384,228
		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–		7,996,435
	3,105	5.500%, 6/01/45		6/15 at 100.00		B–		2,531,134
	3,700	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		6/15 at 100.00		BB+		3,169,050
	35,725	Total Consumer Staples						30,930,512
		Education and Civic Organizations – 4.9%
	1,000	California Educational Facilities Authority, Revenue Bonds, Pitzer College, Refunding Series 2009, 5.375%, 4/01/34		4/20 at 100.00		A2		1,151,160
	1,000	California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2008A, 5.000%, 8/01/28		8/18 at 100.00		A3		1,103,680
		California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
	105	5.000%, 11/01/21		11/15 at 100.00		A2		108,214
	1,000	5.000%, 11/01/30		11/15 at 100.00		A2		1,028,530
	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		1,710,210
	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		1,282,781
	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–		400,596
		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		1,017,984
	1,500	7.000%, 10/01/39		10/18 at 100.00		N/R		1,594,950

Nuveen Investments 47

Nuveen California Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
		California Municipal Finance Authority, Revenue Bonds, Biola University, Refunding Series 2008A:
$	1,000	5.000%, 10/01/18		No Opt. Call		Baa1	$	1,110,690
	500	5.625%, 10/01/23		4/18 at 100.00		Baa1		553,690
	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		928,838
	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		1,771,905
		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+		2,216,920
	4,040	7.000%, 7/01/48		7/23 at 100.00		BB+		4,476,401
	695	California State Public Works Board, Lease Revenue Bonds, California State University, J. Paul Leonard & Sutro Library, Series 2009J, 5.500%, 11/01/26		11/19 at 100.00		Aa3		810,697
	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		585,595
		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		3,435,540
	4,000	5.000%, 9/01/34		No Opt. Call		Aa3		4,554,600
	1,035	California State Public Works Board, Lease Revenue Refunding Bonds, Community College Projects, Series 2004B, 5.500%, 6/01/19		6/15 at 100.00		A1		1,039,606
	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–		1,963,211
	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		1,012,930
	5,690	University of California, General Revenue Bonds, Refunding Series 2009O, 5.250%, 5/15/39		5/19 at 100.00		AA		6,514,481
	36,105	Total Education and Civic Organizations						40,373,209
		Health Care – 13.7%
	2,000	Antelope Valley Healthcare District, California, Revenue Bonds, Refunding Insured Series 1997A, 5.200%, 1/01/27 – AGM Insured		7/15 at 100.00		AA		2,005,380
		Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A:
	1,810	7.000%, 3/01/31		3/21 at 100.00		Ba2		2,046,006
	2,000	7.250%, 3/01/36		3/21 at 100.00		Ba2		2,268,840
	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		2,432,005
	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		577,135
	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		1,131,410
	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		3,441,510
	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+		1,086,870

48 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	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	$	1,204,930
	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		948,267
	1,760	California Health Facilities Financing Authority, Revenue Bonds, Marshall Medical Center, Series 2004A, 4.750%, 11/01/19		5/15 at 100.00		A+		1,766,178
	905	California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014A, 5.000%, 10/01/38		10/24 at 100.00		AA		1,044,298
	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		2,078,310
	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		AA–		7,011,420
	200	California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Refunding Series 2008A, 5.000%, 10/01/22		10/18 at 100.00		AA		228,390
	1,830	California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46		11/16 at 100.00		AA–		1,973,637
	2,000	California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42		8/20 at 100.00		AA–		2,408,580
	2,010	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		2,246,999
	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–		2,455,320
	1,500	California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System Obligated Group, Series 2015, 5.000%, 11/01/43		11/24 at 100.00		AA–		1,715,730
	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		6,695,715
	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		1,116,330
		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+		143,430
	500	5.500%, 8/15/23		8/18 at 100.00		A+		575,140
	2,155	6.250%, 8/15/28		8/18 at 100.00		A+		2,524,863
	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+		501,925
	2,235	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/30		7/15 at 100.00		CCC		2,135,073
	4,230	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005G, 5.000%, 7/01/22		7/15 at 100.00		CCC		4,133,218
	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+		3,740,753
	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+		1,708,008
	3,000	California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2007B, 0.938%, 4/01/36		4/17 at 100.00		A+		2,668,950

Nuveen Investments 49

Nuveen California Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	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	$	2,421,045
	8,225	California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured		7/18 at 100.00		AA–		9,319,254
	1,100	California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007B, 5.500%, 7/01/27 – FGIC Insured		7/18 at 100.00		AA–		1,244,551
	500	California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007C, 5.500%, 7/01/27 – FGIC Insured		7/18 at 100.00		AA–		563,180
		Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011:
	2,015	5.250%, 1/01/27		1/21 at 100.00		A		2,286,924
	3,705	5.250%, 1/01/35		1/21 at 100.00		A		4,126,629
	2,500	5.250%, 1/01/42		1/21 at 100.00		A		2,788,750
	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		1,515,706
	1,580	Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 7.000%, 11/01/35		11/20 at 100.00		BB		1,691,690
	7,600	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39		11/19 at 100.00		Ba1		8,435,164
	3,625	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41		11/20 at 100.00		Ba1		3,887,015
	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+		4,884,480
	3,040	Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41		1/21 at 100.00		A–		3,589,389
	102,330	Total Health Care						112,768,397
		Housing/Multifamily – 1.7%
	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		1,659,977
	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		1,731,633
	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		1,134,610
		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		187,595
	455	5.250%, 8/15/49		8/24 at 100.00		BBB		499,253
	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		453,743
	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)		6/15 at 100.00		N/R		4,182,884
	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		7/15 at 100.00		N/R		1,887,130

50 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Multifamily (continued)
$	1,470	San Jose, California, Multifamily Housing Senior Lien Revenue Bonds, Fallen Leaves Apartments, Series 2002J1, 4.950%, 12/01/22 – AMBAC Insured (Alternative Minimum Tax)		6/15 at 100.00		N/R	$	1,471,191
	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		1,007,630
	13,635	Total Housing/Multifamily						14,215,646
		Housing/Single Family – 0.0%
	110	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–		114,797
		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–		511,090
	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–		506,855
	1,000	Total Industrials						1,017,945
		Long-Term Care – 1.1%
	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+		3,384,090
	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		1,237,590
	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+		2,353,220
	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+		603,120
	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		754,515
	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+		1,081,900
	8,310	Total Long-Term Care						9,414,435
		Tax Obligation/General – 28.1%
	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		720,910
	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–		5,009,480
	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		3,329,172
		California State, General Obligation Bonds, Various Purpose Refunding Series 2014:
	29,845	5.000%, 8/01/31		8/24 at 100.00		Aa3		35,170,542
	6,880	5.000%, 8/01/32		8/24 at 100.00		Aa3		8,076,570
	10,000	5.000%, 10/01/32		10/24 at 100.00		Aa3		11,765,900

Nuveen Investments 51

Nuveen California Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
		California State, General Obligation Bonds, Various Purpose Series 2009:
$	600	5.625%, 4/01/26		4/19 at 100.00		Aa3	$	702,090
	5,000	5.500%, 11/01/34		11/19 at 100.00		Aa3		5,922,500
	4,060	6.000%, 11/01/39		11/19 at 100.00		Aa3		4,989,578
		California State, General Obligation Bonds, Various Purpose Series 2010:
	5,000	5.250%, 3/01/30		3/20 at 100.00		Aa3		5,802,200
	10,000	5.500%, 3/01/40		3/20 at 100.00		Aa3		11,744,400
	4,000	5.250%, 11/01/40		11/20 at 100.00		Aa3		4,687,320
	2,000	California State, General Obligation Bonds, Various Purpose Series 2011, 5.250%, 10/01/32		10/21 at 100.00		Aa3		2,355,040
		California State, General Obligation Bonds, Various Purpose Series 2013:
	5,860	5.000%, 2/01/38		No Opt. Call		Aa3		6,659,187
	1,430	5.000%, 2/01/43		No Opt. Call		Aa3		1,623,951
		California State, General Obligation Bonds, Various Purpose Series 2014:
	15,000	5.000%, 10/01/37		10/24 at 100.00		Aa3		17,443,950
	3,470	5.000%, 5/01/44		5/24 at 100.00		Aa3		3,984,011
	3,000	4.000%, 11/01/44		11/24 at 100.00		Aa3		3,114,630
	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		983,934
	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		1,341,850
	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		1,147,180
	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		607,140
	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		567,445
	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+		745,358
	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		3,623,225
	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		415,771
		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		3,004,848
	19,700	0.000%, 8/01/41		8/22 at 34.18		Aa3		4,961,642
		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–		393,219
	345	5.800%, 8/01/23 – NPFG Insured		No Opt. Call		AA–		428,952
	950	Grossmont Union High School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2009A, 5.500%, 8/01/31		8/19 at 100.00		AA–		1,109,486

52 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	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–	$	570,635
	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		586,575
		Los Angeles Community College District, California, General Obligation Bonds, Series 2015A:
	3,235	5.000%, 8/01/28		No Opt. Call		AA+		3,911,730
	10,480	5.000%, 8/01/30		8/24 at 100.00		AA+		12,561,118
	6,000	5.000%, 8/01/31		8/24 at 100.00		AA+		7,158,300
	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		170,340
	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		125,181
	2,000	Menlo Park City School District, San Mateo County, California, General Obligation Bonds, Series 2010, 0.000%, 7/01/44		7/32 at 100.00		AAA		1,457,280
	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		2,095,200
	10,000	Palomar Community College District, San Diego County, California, General Obligation Bonds, Series 2010B, 0.000%, 8/01/45		No Opt. Call		Aa2		6,365,600
	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		1,306,894
	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–		941,372
	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		3,064,125
	25,000	San Bernardino Community College District, California, General Obligation Bonds, Election of 2008 Series 2009B, 0.000%, 8/01/44		No Opt. Call		Aa2		6,738,750
	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–		1,858,740
	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		1,035,634
	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+		1,219,840
	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		Aa3		1,136,060
	1,000	Santa Barbara Community College District, California, General Obligation Bonds, Series 2008A, 5.250%, 8/01/27		8/18 at 100.00		AA+		1,145,280
	15,040	Santa Barbara Secondary High School District, Santa Barbara County, California, General Obligation Bonds, Election 2010 Series 2011A, 0.000%, 8/01/40		No Opt. Call		AA–		5,230,461
	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		9,596,585
		Tulare Local Health Care District, California, General Obligation Bonds, Series 2009B-1:
	500	6.375%, 8/01/25		8/19 at 100.00		Baa3		580,820
	1,005	6.500%, 8/01/26		8/19 at 100.00		Baa3		1,169,016

Nuveen Investments 53

Nuveen California Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	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	$	1,760,820
	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		1,906,840
	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		777,135
	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		1,449,459
	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–		909,686
	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–		351,360
	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		2,029,160
	293,895	Total Tax Obligation/General						231,641,477
		Tax Obligation/Limited – 29.9%
	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		1,129,100
	2,950	Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2004D, 5.800%, 9/01/35		9/16 at 100.00		N/R		3,014,192
	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		1,563,065
	2,250	Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured		8/15 at 100.00		AA		2,259,045
		Brea Public Finance Authority, California, Revenue Bonds, Series 2008A:
	2,105	7.000%, 9/01/23		9/16 at 102.00		BBB+		2,342,928
	2,000	7.125%, 9/01/26		9/16 at 102.00		BBB+		2,223,800
	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–		756,220
	2,725	California Community College Financing Authority, Lease Revenue Bonds, Refunding Series 2003, 0.000%, 6/01/33 – AMBAC Insured		No Opt. Call		A+		1,104,497
	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		6/15 at 100.00		AA+		1,967,879
	5,000	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		5,741,800
	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		1,178,630
		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		5,977,395
	2,600	5.000%, 10/01/33		10/24 at 100.00		A1		3,025,958
	3,820	5.000%, 10/01/34		10/24 at 100.00		A1		4,435,478
	2,000	5.000%, 10/01/39		10/24 at 100.00		A1		2,298,900

54 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	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	$	1,151,470
	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		2,982,850
	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		2,459,320
	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		3,602,820
	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		860,234
		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+		2,340,711
	2,230	5.500%, 9/01/29		9/23 at 100.00		BBB+		2,611,308
	1,570	5.500%, 9/01/30		9/23 at 100.00		BBB+		1,828,281
	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		691,931
	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		1,490,678
	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+		1,342,585
	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		1,585,530
	1,650	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 4.550%, 6/01/22 – AGM Insured		6/18 at 100.00		AA		1,810,924
	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		4,064,720
	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		BBB–		2,084,794
	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+		1,811,409
	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		1,156,090
	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+		449,526
	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		174,369
	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		881,162
		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		569,045
	750	5.000%, 9/01/44		9/24 at 100.00		N/R		850,080

Nuveen Investments 55

Nuveen California Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	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	$	891,523
		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		1,195,370
	1,750	6.000%, 9/01/43		9/23 at 100.00		N/R		2,085,703
	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		251,135
	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		6/15 at 100.00		A		1,877,050
		Lancaster Redevelopment Agency, California, Tax Allocation Refunding Bonds, Combined Fire Protection Facilities Project, Series 2004:
	800	5.250%, 12/01/17 – SYNCORA GTY Insured		6/15 at 100.00		A		802,720
	1,120	5.000%, 12/01/23 – SYNCORA GTY Insured		6/15 at 100.00		A		1,124,222
	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–		4,574,268
	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		1,228,944
	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		5/15 at 100.00		A2		331,607
	795	Milpitas, California, Local Improvement District 20 Limited Obligation Bonds, Series 1998A, 5.700%, 9/02/18		3/15 at 103.00		N/R		831,339
	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–		1,690,597
		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		9/15 at 100.00		N/R		1,509,087
	1,500	5.875%, 9/01/43		9/15 at 100.00		N/R		1,561,920
	340	Murrieta, California, Special Tax Bonds, Community Facilities District 2000-2, The Oaks Improvement Area A, Series 2004A, 5.750%, 9/01/20		9/15 at 100.00		N/R		341,190
	205	Murrieta, California, Special Tax Bonds, Community Facilities District 2003-3, Creekside Village Improvement Area 1, Series 2005, 5.200%, 9/01/35		9/15 at 100.00		N/R		207,023
		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–		796,444
	5,455	7.000%, 8/01/32		8/21 at 100.00		A–		6,940,997
	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+		1,191,420
	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+		4,954,561
	2,500	Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.500%, 4/01/35		4/15 at 100.00		BB		2,484,350

56 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
		Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
$	2,700	5.250%, 9/01/30		9/23 at 100.00		N/R	$	3,081,429
	2,425	5.750%, 9/01/39		9/23 at 100.00		N/R		2,804,925
	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		506,840
	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–		3,739,986
	750	Poway Redevelopment Agency, California, Tax Allocation Bonds, Paugay Redevelopment Project, Series 2003A, 5.250%, 6/15/20 – NPFG Insured		6/15 at 100.00		AA–		752,977
		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		1,860,208
	2,800	5.000%, 9/01/31		9/24 at 100.00		AA		3,240,300
	2,400	5.000%, 9/01/32		9/24 at 100.00		AA		2,768,856
	1,390	Rancho Cucamonga, California, Limited Obligation Improvement Bonds, Masi Plaza Assessment District 93-1, Series 1997, 6.250%, 9/02/22		3/15 at 100.00		N/R		1,414,422
	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+		1,200,496
	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		1,452,950
	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+		262,335
		Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Interstate 215 Corridor Redevelopment Project Area, Series 2010E:
	2,950	6.250%, 10/01/30		10/20 at 100.00		BBB+		3,527,079
	480	6.500%, 10/01/40		10/20 at 100.00		BBB+		569,242
	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–		125,438
	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+		7,548,484
	1,700	Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – AMBAC Insured		No Opt. Call		A+		1,887,935
	500	Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B, 5.400%, 11/01/20		No Opt. Call		A+		555,275
	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		865,173
	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		496,350
	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		2,244,008
	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		6,123,967
	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–		609,740

Nuveen Investments 57

Nuveen California Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	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–	$	1,453,083
		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+		97,568
	105	7.000%, 8/01/41		2/21 at 100.00		BBB+		128,058
	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		3,896,935
	2,990	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2003, 5.000%, 8/01/19 – FGIC Insured		8/15 at 100.00		AA–		3,001,721
	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–		356,920
	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–		632,728
		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+		2,085,953
	645	5.000%, 8/01/19 – AMBAC Insured		8/17 at 100.00		BBB+		707,146
	540	5.000%, 8/01/21 – AMBAC Insured		8/17 at 100.00		BBB+		588,346
		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+		1,231,073
	480	6.500%, 8/01/23		8/18 at 100.00		BBB+		539,213
	5,475	San Marcos Redevelopment Agency, California, Tax Allocation Bonds, Affordable Housing Project, Series 1997A, 6.000%, 10/01/27 (Alternative Minimum Tax)		4/15 at 100.00		AA–		5,499,692
	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+		2,629,739
	3,500	Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, Series 1999A, 5.500%, 6/01/23 – AMBAC Insured		6/15 at 100.00		A–		3,547,460
		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		2,189,146
	2,805	7.000%, 9/01/36		9/19 at 100.00		A		3,324,935
	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		4,325,230
	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		1,702,845
	1,485	Shafter Joint Powers Financing Authority, California, Lease Revenue Bonds, Community Correctional Facility Acquisition Project, Series 1997A, 6.050%, 1/01/17		7/15 at 100.00		A		1,490,643
	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		207,445
	205	Soledad Redevelopment Agency, California, Tax Allocation Bonds, Soledad Redevelopment Project, Series 2007A, 4.500%, 12/01/16 – SYNCORA GTY Insured		No Opt. Call		N/R		207,585

58 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
		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	$	122,518
	125	4.500%, 10/01/16		10/15 at 102.00		N/R		129,947
	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		620,720
	300	Travis Unified School District, Solano County, California, Certificates of Participation, Series 2006, 4.500%, 9/01/16 – FGIC Insured		No Opt. Call		A3		316,233
	1,225	Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.000%, 9/01/25		3/21 at 100.00		A–		1,551,144
	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		2,112,780
	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		1,284,524
	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		301,774
	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–		25,108
		Vista Community Development Commission Taxable Non-Housing Tax Allocation Revenue Bonds, California, Vista Redevelopment Project, Series 2011:
	7,600	6.000%, 9/01/33		9/21 at 100.00		AA–		9,085,268
	7,920	6.125%, 9/01/37		9/21 at 100.00		AA–		9,557,698
		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		12,796,951
	2,395	5.750%, 11/01/45		11/19 at 100.00		AA		2,805,958
	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		1,798,951
	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–		393,302
	1,965	Yuba City Redevelopment Agency, California, Housing Set-Aside Revenue Bonds, Series 2004B, 6.000%, 9/01/31		9/15 at 100.00		N/R		1,969,519
	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		1,755,433
	222,185	Total Tax Obligation/Limited						246,799,901
		Transportation – 4.6%
	3,780	Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43		1/24 at 100.00		BB+		4,552,670
		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
	8,335	5.750%, 1/15/46		1/24 at 100.00		BBB–		9,776,788
	8,340	6.000%, 1/15/53		1/24 at 100.00		BBB–		9,870,807

Nuveen Investments 59

Nuveen California Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Transportation (continued)
		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	$	288,790
	190	5.550%, 7/01/28 (Alternative Minimum Tax)		7/16 at 100.00		N/R		191,140
		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–		4,057,795
	8,250	5.750%, 6/01/48		6/23 at 100.00		BBB–		9,528,915
	32,680	Total Transportation						38,266,905
		U.S. Guaranteed – 5.0% (4)
	3,000	Brentwood Infrastructure Financing Authority, California, Water Revenue Bonds, Series 2008, 5.750%, 7/01/38 (Pre-refunded 7/01/18)		7/18 at 100.00		AA (4)		3,487,440
	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		1,457,487
		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+ (4)		556,685
	400	5.000%, 10/01/27 (Pre-refunded 10/01/17)		10/17 at 100.00		A+ (4)		445,348
	4,000	Central Unified School District, Fresno County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/31 (Pre-refunded 8/01/16) – AGM Insured		8/16 at 100.00		AA (4)		4,265,840
	600	Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series 2008B, 5.000%, 8/01/30 (Pre-refunded 8/01/16) – AGC Insured		8/16 at 102.00		AA (4)		652,638
		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 (4)		1,248,890
	3,205	8.875%, 9/01/38 (Pre-refunded 9/01/18)		9/18 at 100.00		N/R (4)		4,057,722
	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 (4)		356,913
	3,065	Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)		12/17 at 100.00		BBB (4)		3,694,765
	945	Los Angeles Harbors Department, California, Revenue Bonds, Series 1988, 7.600%, 10/01/18 (ETM)		No Opt. Call		AA+ (4)		1,075,675
		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 (4)		2,907,887
	27,110	0.000%, 9/01/33 (Pre-refunded 9/01/16)		9/16 at 32.62		A (4)		8,782,556
	12,000	0.000%, 9/01/38 (Pre-refunded 9/01/16)		9/16 at 23.21		A (4)		2,766,600
		Rowland Water District, California, Certificates of Participation, Recycled Water Project, Series 2008:
	565	5.750%, 12/01/24 (Pre-refunded 12/01/18)		12/18 at 100.00		AA– (4)		667,367
	480	5.750%, 12/01/25 (Pre-refunded 12/01/18)		12/18 at 100.00		AA– (4)		566,966
	500	6.250%, 12/01/39 (Pre-refunded 12/01/18)		12/18 at 100.00		AA– (4)		599,825
	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 (4)		1,506,172

60 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		U.S. Guaranteed (4) (continued)
$	1,505	San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured		12/17 at 100.00		N/R (4)	$	1,686,473
	66,210	Total U.S. Guaranteed						40,783,249
		Utilities – 0.7%
	2,160	California Statewide Community Development Authority, Certificates of Participation Refunding, Rio Bravo Fresno Project, Series 1999A, 6.500%, 12/01/18		6/15 at 100.00		N/R		2,116,865
	1,985	Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2014D, 5.000%, 7/01/44		7/24 at 100.00		AA–		2,288,864
	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		1,219,995
	5,355	Total Utilities						5,625,724
		Water and Sewer – 4.1%
		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		5,468,250
	5,010	5.000%, 11/21/45 (Alternative Minimum Tax)		No Opt. Call		Baa3		5,428,636
	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		2,079,220
	355	California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2003A, 5.250%, 10/01/23 – AGM Insured		4/15 at 100.00		AA		356,441
	1,060	Compton, California, Sewer Revenue Bonds, Series 1998 Refunding, 5.375%, 9/01/23 – NPFG Insured		9/15 at 100.00		AA–		1,061,261
	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		1,322,137
	5,155	East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/31 (WI/DD, Settling 3/03/15)		6/25 at 100.00		AAA		6,257,603
	3,745	Los Angeles, California, Wastewater System Revenue Bonds, Refunding Series 2009A, 5.750%, 6/01/26		6/19 at 100.00		AA+		4,394,645
	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		3,004,638
	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		1,149,690
	805	Oakdale Irrigation District, California, Certificates of Participation, Water Facilities Project, Series 2009, 5.500%, 8/01/34		8/19 at 100.00		AA		925,621
	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+		1,919,122
	29,750	Total Water and Sewer						33,367,264
$	847,290	Total Long-Term Investments (cost $735,730,108)						805,319,461

Nuveen Investments 61

Nuveen California Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

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%
$	5,440	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (5)		No Opt. Call		N/R	$	5,486,403
	530	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (5)		No Opt. Call		N/R		534,521
	805	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (5)		No Opt. Call		N/R		811,867
$	6,775	Total Short-Term Investments (cost $6,775,000)						6,832,791
		Total Investments (cost $742,505,108) – 98.5%						812,152,252
		Other Assets Less Liabilities – 1.5%						12,603,727
		Net Assets – 100%					$	824,755,979

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

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

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

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

(5) Investment 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.

(ETM) Escrowed to maturity.

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

See accompanying notes to financial statements.

62 Nuveen Investments

Statement of

Assets and Liabilities February 28, 2015

	California High Yield			California
Assets
Long-term investments, at value (cost $555,007,651 and $735,730,108, respectively)	$	599,865,959		$	805,319,461
Short-term investments, at value (cost $3,610,000 and $6,775,000, respectively)		3,640,793			6,832,791
Credit default swaps premiums paid		467,004			—
Unrealized appreciation on credit default swaps		95,140			—
Cash		—			7,820,297
Cash collateral at brokers(1)		2,680,000			—
Receivable for:
Interest		8,623,072			10,154,684
Investments sold		2,157,850			751,450
Shares sold		4,275,856			2,983,839
Other assets		36,805			53,073
Total assets		621,842,479			833,915,595
Liabilities
Cash overdraft		10,733,798			—
Floating rate obligations		915,000			—
Unrealized depreciation on interest rate swaps		4,367,100			—
Payable for:
Dividends		431,780			697,333
Investments purchased		—			6,219,971
Shares redeemed		1,910,002			1,640,010
Accrued expenses:
Management fees		255,797			303,258
Trustees fees		11,363			38,012
12b-1 distribution and service fees		92,019			92,914
Other		131,373			168,118
Total liabilities		18,848,232			9,159,616
Net assets	$	602,994,247		$	824,755,979
Class A Shares
Net assets	$	294,922,208		$	304,489,673
Shares outstanding		30,759,606			27,255,113
Net asset value (“NAV”) per share	$	9.59		$	11.17
Offering price per share (NAV per share plus maximum sales charge of 4.20% of offering price)	$	10.01		$	11.66
Class C Shares
Net assets	$	21,791,175		$	16,841,074
Shares outstanding		2,274,624			1,513,632
NAV and offering price per share	$	9.58		$	11.13
Class C2 Shares
Net assets	$	52,872,796		$	59,360,869
Shares outstanding		5,522,226			5,330,395
NAV and offering price per share	$	9.57		$	11.14
Class I Shares
Net assets	$	233,408,068		$	444,064,363
Shares outstanding		24,377,002			39,766,995
NAV and offering price per share	$	9.57		$	11.17
Net assets consist of:
Capital paid-in	$	571,125,213		$	764,190,463
Undistributed (Over-distribution of) net investment income		608,070			2,008,114
Accumulated net realized gain (loss)		(9,356,177	)		(11,089,742	)
Net unrealized appreciation (depreciation)		40,617,141			69,647,144
Net assets	$	602,994,247		$	824,755,979
Authorized shares – per class		Unlimited			Unlimited
Par value per share	$	0.01		$	0.01

(1) Cash pledged to collateralize the net payment obligations for investments in derivatives.

See accompanying notes to financial statements.

Nuveen Investments 63

Statement of

Operations Year Ended February 28, 2015

	California High Yield			California
Investment Income	$	25,492,820		$	34,309,315
Expenses
Management fees		2,588,053			3,515,279
12b-1 service fees – Class A Shares		481,318			562,962
12b-1 distribution and service fees – Class C Shares		102,905			77,482
12b-1 distribution and service fees – Class C2 Shares		403,622			451,207
Interest expense		5,141			—
Custodian fees		111,405			119,924
Trustees fees		14,134			21,222
Professional fees		53,735			55,423
Shareholder reporting expenses		56,152			76,947
Shareholder servicing agent fees		133,148			237,689
Federal and state registration fees		67,853			23,131
Other		25,479			33,757
Total expenses		4,042,945			5,175,023
Net investment income (loss)		21,449,875			29,134,292
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		3,588,270			5,343,584
Swaps		488,014			—
Change in net unrealized appreciation (depreciation) of:
Investments		40,376,433			33,274,003
Swaps		(5,091,860	)		—
Net realized and unrealized gain (loss)		39,360,857			38,617,587
Net increase (decrease) in net assets from operations	$	60,810,732		$	67,751,879

See accompanying notes to financial statements.

64 Nuveen Investments

Statement of

Changes in Net Assets

	California High Yield						California
	Year Ended 2/28/15			Year Ended 2/28/14			Year Ended 2/28/15			Year Ended 2/28/14
Operations
Net investment income (loss)	$	21,449,875		$	15,852,385		$	29,134,292		$	28,720,221
Net realized gain (loss) from:
Investments		3,588,270			(4,537,751	)		5,343,584			(8,005,823	)
Swaps		488,014			—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments		40,376,433			(19,387,057	)		33,274,003			(21,966,123	)
Swaps		(5,091,860	)		410,679			—			—
Net increase (decrease) in net assets from operations		60,810,732			(7,661,744	)		67,751,879			(1,251,725	)
Distributions to Shareholders
From net investment income:
Class A Shares		(10,949,891	)		(8,065,249	)		(11,297,880	)		(11,231,958	)
Class C Shares(1)		(382,187	)		(245	)		(245,024	)		(210	)
Class C2 Shares(2)		(2,188,295	)		(2,503,672	)		(2,085,236	)		(2,459,351	)
Class I Shares		(7,921,452	)		(4,792,740	)		(14,977,704	)		(14,592,904	)
Decrease in net assets from distributions to shareholders		(21,441,825	)		(15,361,906	)		(28,605,844	)		(28,284,423	)
Fund Share Transactions
Proceeds from sale of shares		415,028,024			213,359,348			249,507,726			186,338,394
Proceeds from shares issued to shareholders due to reinvestment of distributions		16,604,102			11,278,936			20,305,826			19,119,660
		431,632,126			224,638,284			269,813,552			205,458,054
Cost of shares redeemed		(194,294,554	)		(220,309,156	)		(128,917,767	)		(246,653,709	)
Net increase (decrease) in net assets from Fund share transactions		237,337,572			4,329,128			140,895,785			(41,195,655	)
Net increase (decrease) in net assets		276,706,479			(18,694,522	)		180,041,820			(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	$	602,994,247		$	326,287,768		$	824,755,979		$	644,714,159
Undistributed (Over-distribution of) net investment income at the end of period	$	608,070		$	693,665		$	2,008,114		$	1,493,285

(1) Established and commenced operations on February 10, 2014.

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

See accompanying notes to financial statements.

Nuveen Investments 65

Financial

Highlights

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	$	8.74	$	0.42	$	0.85		$	1.27		$	(0.42	)	$	—	$	(0.42	)	$	9.59
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
Class C (2/14)
2015		8.73		0.34		0.86			1.20			(0.35	)		—		(0.35	)		9.58
2014(f)		8.59		0.01		0.15			0.16			(0.02	)		—		(0.02	)		8.73
Class C2 (3/06)(g)
2015		8.73		0.37		0.85			1.22			(0.38	)		—		(0.38	)		9.57
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
Class I (3/06)
2015		8.72		0.44		0.85			1.29			(0.44	)		—		(0.44	)		9.57
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

66 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)
	14.83	%	$	294,922		0.85	%		0.85	%		4.56	%		0.85	%		0.85	%		4.56	%		10	%
	(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
	13.96			21,791		1.64			1.64			3.65			1.64			1.64			3.65			10
	1.85			249		1.75	*		1.75	*		3.30	*		1.75	*		1.75	*		3.30	*		36
	14.14			52,873		1.40			1.40			4.05			1.40			1.40			4.05			10
	(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
	15.08			233,408		0.65			0.65			4.75			0.65			0.65			4.75			10
	(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

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

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 67

Financial Highlights (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	$	10.55	$	0.44	$	0.62		$	1.06		$	(0.44	)	$	—	$	(0.44	)	$	11.17
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
Class C (2/14)
2015		10.52		0.35		0.61			0.96			(0.35	)		—		(0.35	)		11.13
2014(e)		10.41		0.01		0.12			0.13			(0.02	)		—		(0.02	)		10.52
Class C2 (9/94)(f)
2015		10.52		0.38		0.62			1.00			(0.38	)		—		(0.38	)		11.14
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
Class I (7/86)
2015		10.55		0.47		0.61			1.08			(0.46	)		—		(0.46	)		11.17
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

68 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)
	10.20	%		$	304,490		0.78	%		0.78	%		4.07	%		14	%
	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
	9.26				16,841		1.57			1.57			3.15			14
	1.24				309		1.62	*		1.62	*		2.93	*		41
	9.61				59,361		1.33			1.33			3.54			14
	(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
			��
	10.38				444,064		0.58			0.58			4.28			14
	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

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

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 69

Notes to

Financial Statements

1. General Information and Significant Accounting Policies

General Information

Trust and Fund Information

The Nuveen Multistate Trust II (the “Trust”) is an open-end management 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.

The end of the reporting period for the Funds is February 28, 2015, and the period covered by these Notes to Financial Statements is the fiscal year ended February 28, 2015 (“the current fiscal period”).

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.

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% 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

70 Nuveen Investments

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

Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Investment Transactions

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

As of the end of the reporting period, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

	California High Yield		California
Outstanding when-issued/delayed delivery purchase commitments	$	—	$	6,219,971

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.

Nuveen Investments 71

Notes to Financial Statements (continued)

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 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, 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.

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).

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.

72 Nuveen Investments

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

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

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	$	—	$	595,360,485		$	—		$	595,360,485
Common Stocks		4,505,474		—			—			4,505,474
Short-Term Investments*:
Municipal Bonds		—		—			3,640,793	***		3,640,793
Investments in Derivatives:
Interest Rate Swaps**		—		(4,367,100	)		—			(4,367,100	)
Credit Default Swaps**		—		95,140			—			95,140
Total	$	4,505,474	$	591,088,525		$	3,640,793		$	599,234,792
California
Long-Term Investments*:
Municipal Bonds	$	—	$	805,319,461		$	—		$	805,319,461
Short-Term Investments*:
Municipal Bonds		—		—			6,832,791	***		6,832,791
Total	$	—	$	805,319,461		$	6,832,791		$	812,152,252

* 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.

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

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

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

(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

Nuveen Investments 73

Notes to Financial Statements (continued)

analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

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

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

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities

Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose trust (referred to as the “Trust”) created by or at the direction of one or more Funds. In turn, the Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the Trust from a third party liquidity provider, or by the sale of assets from the Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, 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 value of an Inverse Floater 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 Floaters, and because the Inverse Floater 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 to (a) cause the holders of the Floaters to tender their certificates at par, and (b) have the trustee of the Trust transfer the Underlying Bond held by the Trust to the Fund, thereby collapsing the Trust.

The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a Trust created at its direction, and in return receives the Inverse Floater of the Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).

An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing the Floaters issued by the Trust as liabilities, at their liquidation value on the Statement of Assets and Liabilities as “Floating rate obligations.” In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond and recognizes the related interest paid to the holders of the Floaters as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the inverse floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters 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.

The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited Inverse Floaters during the current fiscal period were as follows:

Self-Deposited Inverse Floaters	California High Yield			California
Average floating rate obligations outstanding	$	915,000		$	—
Average annual interest rate and fees		0.56	%		—	%

74 Nuveen Investments

As of the end of the reporting period, the total amount of floating rate obligations associated with each Fund’s self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

Floating Rate Obligations Outstanding	California High Yield		California
Floating rate obligations: self-deposited inverse floaters	$	915,000	$	—
Floating rate obligations: externally-deposited inverse floaters		95,465,000		—
Total	$	96,380,000	$	—

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement” or “credit recovery swap”) (Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the liquidity provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the Trust may fall short of the liquidation value of the Floaters 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 an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters. At period end, any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.

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

Floating Rate Obligations – Externally-Deposited Recourse Trusts	California High Yield		California
Maximum exposure to Recourse Trusts	$	92,465,000	$	—

Zero Coupon Securities

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

Investments in Derivatives

In addition to the inverse floating rate securities in which each Fund invests, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other 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.

Interest Rate 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 current fiscal period, 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.

Nuveen Investments 75

Notes to Financial Statements (continued)

The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:

	California High Yield
Average notional amount of interest rate swap contracts outstanding*	$	14,440,000

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

Credit Default Swaps

A Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment or portion of its portfolio, or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap contracts involve one party making a stream of payments to another party in exchange for the right to receive a specified return if/ when there is a credit event by a third party. Generally, a credit event means bankruptcy, failure to pay, or restructuring. The specific credit events applicable for each credit default swap are stated in the terms of the particular swap agreement. As a purchaser of a credit default swap contract, a Fund pays to the counterparty a periodic interest fee based on the notional amount of the credit default swap. This interest fee is accrued daily and, for over-the-counter swaps, is recognized with the daily change in

the market value of the contract as a component of “Unrealized appreciation or depreciation on credit default swaps (, net)” on the Statement of Assets and Liabilities. This interest fee is recorded as a realized loss upon payment. Credit default swap contracts are valued daily.

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

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

During the current fiscal period, California High Yield invested in credit default swaps to manage credit risk by purchasing credit protection.

The average notional amount of credit default swap contracts outstanding during the current fiscal period was as follows:

	California High Yield
Average notional amount of credit default swap contracts outstanding*	$	800,000

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

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

		Location on the Statement of Assets and Liabilities
		Asset Derivatives			(Liability) Derivatives
Underlying Risk Exposure	Derivative Instrument	Location	Value		Location	Value
California High Yield
Interest rate	Swaps	—	$	—	Unrealized depreciation on interest rate swaps		(4,367,100	)
Credit	Swaps	Unrealized appreciation on credit default swaps**		95,140	—		—
Total			$	95,140		$	(4,367,100	)

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

76 Nuveen Investments

The following tables presents the Fund’s swap contracts, which are subject to netting agreements and the collateral delivered related to those swap contracts, as of the end of the reporting period.

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	$	—	$	(1,251,694	)	$	—	$	(1,251,694	)	$	1,251,694	$	—	$	—
	JPMorgan		—		(3,115,406	)		—		(3,115,406	)		525,406		2,590,000		—
Total		$	—	$	(4,367,100	)	$	—	$	(4,367,100	)	$	1,777,100	$	2,590,000	$	—

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

** Represents inverse floating rate securities.

Fund	Counterparty	Gross Unrealized Appreciation on Credit Default Swaps*		Gross Unrealized Depreciation on Credit Default Swaps*		Amounts Netted on Statement of Assets and Liabilities		Net Unrealized Appreciation (Deprecation) on Credit Default Swaps		Collateral Pledged to (from) Counterparty			Net Exposure
California High Yield	Citigroup	$	95,140	$	—	$	—	$	95,140	$	(95,140	)	$	—

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

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

Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Swaps			Change in Net Unrealized Appreciation (Depreciation) of Swaps
California High Yield
	Credit	Swaps	$	(49,386	)	$	95,140
	Interest Rate	Swaps		537,400			(5,187,000	)
Total			$	488,014		$	(5,091,860	)

Market and Counterparty Credit Risk

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

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

Nuveen Investments 77

Notes to Financial Statements (continued)

4. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

	Year Ended 2/28/15						Year Ended 2/28/14
California High Yield	Shares			Amount			Shares			Amount
Shares sold:
Class A		20,719,489		$	192,548,993			14,686,321		$	126,003,326
Class C		2,312,977			21,496,445			28,449			244,839
Class C2		38,819			361,263			1,444,052			12,621,302
Class I		21,446,783			200,621,323			8,619,938			74,489,881
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,006,984			9,408,813			744,205			6,375,159
Class C		30,357			287,227			21			179
Class C2		195,108			1,812,804			225,737			1,925,302
Class I		543,791			5,095,258			347,456			2,978,296
		46,294,308			431,632,126			26,096,179			224,638,284
Shares redeemed:
Class A		(10,855,219	)		(101,464,769	)		(15,718,089	)		(132,823,776	)
Class C		(97,174	)		(917,889	)		(6	)		(53	)
Class C2		(1,023,187	)		(9,379,795	)		(1,996,801	)		(16,931,244	)
Class I		(8,754,703	)		(82,532,101	)		(8,316,412	)		(70,554,083	)
		(20,730,283	)		(194,294,554	)		(26,031,308	)		(220,309,156	)
Net increase (decrease)		25,564,025		$	237,337,572			64,871		$	4,329,128
	Year Ended 2/28/15						Year Ended 2/28/14
California	Shares			Amount			Shares			Amount
Shares sold:
Class A		7,403,606		$	81,314,863			10,531,878		$	109,086,733
Class A – automatic conversion of Class B Shares		—			—			73,838			766,968
Class B – exchanges		—			—			195			2,061
Class C		1,522,776			16,615,010			29,421			307,006
Class C2		44,579			486,535			1,373,973			14,519,756
Class I		13,712,892			151,091,318			5,878,406			61,655,870
Shares issued to shareholders due to reinvestment of distributions:
Class A		869,139			9,520,626			889,905			9,286,169
Class B		—			—			1,091			11,483
Class C		14,705			162,406			16			164
Class C2		121,588			1,326,602			154,276			1,607,634
Class I		847,973			9,296,192			786,662			8,214,210
		24,537,258			269,813,552			19,719,661			205,458,054
Shares redeemed:
Class A		(6,423,804	)		(70,144,422	)		(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		(53,276	)		(588,575	)		(10	)		(101	)
Class C2		(776,579	)		(8,378,284	)		(2,341,252	)		(24,183,652	)
Class I		(4,547,791	)		(49,806,486	)		(10,355,969	)		(106,945,782	)
		(11,801,450	)		(128,917,767	)		(23,848,150	)		(246,653,709	)
Net increase (decrease)		12,735,808		$	140,895,785			(4,128,489	)	$	(41,195,655	)

5. Investment Transactions

Long-term purchases and sales (including maturities but excluding derivative transactions) during the current fiscal period were as follows:

	California High Yield		California
Purchases	$	273,694,039	$	235,832,834
Sales and maturities		47,385,745		99,152,414

78 Nuveen Investments

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 February 28, 2015, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:

	California High Yield			California
Cost of investments	$	556,865,955		$	742,055,576
Gross unrealized:
Appreciation	$	49,166,543		$	70,779,061
Depreciation		(3,440,746	)		(682,385	)
Net unrealized appreciation (depreciation) of investments	$	45,725,797		$	70,096,676

Permanent differences, primarily due to treatment of notional principal contracts, paydowns and taxable market discount, resulted in reclassifications among the Funds’ components of net assets as of February 28, 2015, the Funds’ tax year end, as follows:

	California High Yield			California
Capital paid-in	$	2		$	1
Undistributed (Over-distribution of) net investment income		(93,645	)		(13,619	)
Accumulated net realized gain (loss)		93,643			13,618

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of February 28, 2015, the Funds’ tax year end, were as follows:

	California High Yield		California
Undistributed net tax-exempt income1	$	1,253,627	$	4,169,096
Undistributed net ordinary income2		261,789		16,786
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, 2015, through February 28, 2015, and paid on March 2, 2015.

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

The tax character of distributions paid during the Funds’ tax years ended February 28, 2015 and February 28, 2014, was designated for purposes of the dividends paid deduction as follows:

2015	California High Yield		California
Distributions from net tax-exempt income3	$	20,234,182	$	28,152,877
Distributions from net ordinary income2		331,558		72,707
Distributions from net long-term capital gains		—		—

2014	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.

³  The Fund hereby designate these amounts paid during the fiscal year ended February 28, 2015, as Exempt Interest Dividends.

Nuveen Investments 79

Notes to Financial Statements (continued)

As of February 28, 2015, the Funds’ tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

	California High Yield		California4
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		2,785,560		2,560,687
Total	$	8,996,769	$	11,089,742

⁴  A portion of California’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.

During the Funds’ tax year ended February 28, 2015, the following Funds utilized capital loss carryforwards as follows:

	California High Yield		California
Utilized capital loss carryforwards	$	2,583,849	$	5,252,733

7. Management Fees and Other Transactions with Affiliates

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

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

The annual fund-level fee, payable monthly, for each Fund 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, payable monthly, for each Fund 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 February 28, 2015, the complex-level fee for each Fund was as follows:

Fund	Complex-Level Fee
California High Yield		0.1635	%
California		0.1672

80 Nuveen Investments

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	Permanent Expense Cap
California High Yield		1.000	%
California		0.750

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 current fiscal period, 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 (Unaudited)	$	790,653	$	760,959
Paid to financial intermediaries (Unaudited)		715,556		670,350

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 current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	California High Yield		California
Commission advances (Unaudited)	$	499,135	$	402,970

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 current fiscal period, the Distributor retained such 12b-1 fees as follows:

	California High Yield		California
12b-1 fees retained (Unaudited)	$	116,636	$	102,905

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 current fiscal period, as follows:

	California High Yield		California
CDSC retained (Unaudited)	$	33,103	$	5,375

Nuveen Investments 81

Additional

Fund Information (Unaudited)

Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606   Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606   Independent Registered
Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL 60606   Custodian State Street Bank & Trust
Company Boston, MA 02111 Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 Transfer Agent and
Shareholder Services Boston Financial Data Services, Inc. Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787

Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.

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

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

82 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. 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.

Nuveen Investments 83

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.

84 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 85

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

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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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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

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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.

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).

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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

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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 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

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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 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.

92 Nuveen Investments

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.

III.

Recent Developments

The Transaction closed on October 1, 2014. As of such date, new investment management agreements and new sub-advisory agreements took effect for those Nuveen funds that had obtained shareholder approval. For Nuveen funds that had not obtained shareholder approval as of such date, interim investment management agreements and interim sub-advisory agreements were put in place.

Nuveen Investments 93

Trustees

and Officers (Unaudited)

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

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

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustee:
William J. Schneider 1944 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1996	Chairman of Miller-Valentine Partners, a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; owner in several other Miller-Valentine entities; Board Member of Med-America Health System, and WDPR Public Radio Station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.	195
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	195
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since 2012) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.	195
David J. Kundert 1942 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013); retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.	195

94 Nuveen Investments

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
John K. Nelson 1962 333 West Wacker Drive Chicago, IL 60606	Trustee	2013	Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets—the Americas (2006-2007), CEO of Wholesale Banking—North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading—North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.	195
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	195
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006), C2 Options Exchange, Incorporated (since 2009) Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).	195
Virginia L. Stringer 1944 333 W. Wacker Drive Chicago, IL 60606	Trustee	2011	Board Member, Mutual Fund Directors Forum; non-profit board member and former governance consultant; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).	195
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	195

Nuveen Investments 95

Trustees and Officers (Unaudited) (continued)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Interested Trustee:
William Adams IV(2) 1955 333 W. Wacker Drive Chicago, IL 60606	Trustee	2013	Senior Executive Vice President, Global Structured Products (since 2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda’s Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010).	195
Thomas S. Schreier, Jr.(2) 1962 333 W. Wacker Drive Chicago, IL 60606	Trustee	2013	Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman’s Council of the Investment Company Institute; Director of Allina Health and a Member of its Finance, Audit and Investment Committees, formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).	195

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds:
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	196
Margo L. Cook 1964 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Chartered Financial Analyst.	196
Lorna C. Ferguson 1945 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).	196

96 Nuveen Investments

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	196
Scott S. Grace 1970 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2009	Managing Director, Head of Business Development and Strategy, Global Structured Products Group (since November 2014); Managing Director (since 2009) and, formerly, Treasurer, of Nuveen Investments Advisers Inc., Nuveen Investments Holdings, Inc., Nuveen Fund Advisors, LLC, Nuveen Securities, LLC and (since 2011) Nuveen Asset Management LLC; Vice President and, formerly, Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; Chartered Accountant Designation.	196
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc.	196
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President of Nuveen Investment Holdings, Inc. and Nuveen Securities, LLC	196
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary, Nuveen Investments, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.	196
Kathleen L. Prudhomme 1953 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2011	Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).	196
Joel T. Slager 1978 333 West Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2013	Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).	196

Nuveen Investments 97

Trustees and Officers (Unaudited) (continued)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Jeffery M. Wilson 1956 333 West Wacker Drive Chicago, IL 60606	Vice President	2011	Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010).	107

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

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

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 $233 billion as of March 31, 2015.
		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

MAN-CA-0215D        7184-INV-Y-04/16

Mutual Funds

Nuveen Municipal

Bond Funds

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

Annual Report  February 28, 2015

	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

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Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations and Dividend Information	11
Fund Performance, Expense Ratios and Effective Leverage Ratios	13
Yields	22
Holding Summaries	23
Expense Examples	27
Report of Independent Registered Public Accounting Firm	29
Portfolios of Investments	30
Statement of Assets and Liabilities	66
Statement of Operations	67
Statement of Changes in Net Assets	68
Financial Highlights	70
Notes to Financial Statements	78
Additional Fund Information	89
Glossary of Terms Used in this Report	90
Annual Investment Management Agreement Approval Process	92
Trustees and Officers	102

Nuveen Investments 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

A pattern of divergence has emerged in the past year. Steady and moderate growth in the U.S. economy helped sustain the stock market’s bull run another year. U.S. bonds also performed well, amid subdued inflation, interest rates that remained unexpectedly low and concerns about the economic well-being of the rest of the world. The stronger domestic economy enabled the U.S. Federal Reserve (Fed) to gradually reduce its large scale bond purchases, known as quantitative easing (QE), without disruption to the markets, as well as begin to set expectations for a transition into tightening mode.

The economic story outside the U.S. continues to improve. Despite the drama over Greece’s debt negotiations, the European economy appears to be stabilizing. Japan is on a moderate recovery path as it emerged from recession late last quarter. China’s economy decelerated and, despite running well above the rate of other major global economies, investors feared it looked slow by China’s standards. Some areas of concern were a surprisingly steep decline in oil prices, the U.S. dollar’s rally and an increase in geopolitical tensions, including the Russia-Ukraine crisis and terrorist attacks across the Middle East and Africa, as well as more recently in Europe.

While a backdrop of healthy economic growth in the U.S. and the continuation of accommodative monetary policy (with the central banks of Japan and potentially Europe stepping in where the Fed has left off) bodes well for the markets, the global outlook has become more uncertain. Indeed, volatility is likely to feature more prominently in the investment landscape going forward. Such conditions underscore the importance of professional investment management. Experienced investment teams have weathered the market’s ups and downs in the past and emerged with a better understanding of the sensitivities of their asset class and investment style, particularly in times of turbulence. We recognize the importance of maximizing gains, while striving to minimize volatility.

And, the same is true for investors like you. Maintaining an appropriate time horizon, diversification and relying on practiced investment teams are among your best strategies for achieving your long-term investment objectives. Additionally, I encourage you to communicate with your financial consultant if you have 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

April 22, 2015

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 market conditions, key investment strategies and the Funds’ performance during the twelve-month reporting period ended February 28, 2015. 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.

What factors affected the U.S. economy, the national municipal bond market and the state municipal bond markets during the twelve-month reporting period ended February 28, 2015?

During this reporting period, the U.S. economy continued to expand at a moderate pace. The Federal Reserve (Fed) maintained efforts to bolster growth and promote progress toward its mandates of maximum employment and price stability by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. At its October 2014 meeting, the Fed announced that it would end its bond-buying stimulus program as of November 1, 2014, after tapering its monthly asset purchases of mortgage-backed and longer-term Treasury securities from the original $85 billion per month to $15 billion per month over the course of seven consecutive meetings (December 2013 through September 2014). In making the announcement, the Fed cited substantial improvement in the outlook for the labor market since the inception of the current asset purchase program as well as sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability. The Fed also reiterated that it would continue to look at a wide range of factors, including labor market conditions, indicators of inflationary pressures and readings on financial developments, in determining future actions. Additionally, the Fed stated that it would likely maintain the current target range for the fed funds rate for a considerable time after the end of the asset purchase program, especially if projected inflation continues to run below the Fed’s 2% longer run goal. However, if economic data shows faster progress, the Fed indicated it could raise the fed funds rate sooner than expected.

The Fed changed its language slightly in December, indicating it would be “patient” in normalizing monetary policy. This shift helped ease investors’ worries that the Fed might raise rates too soon. As the reporting period drew to a close, expectations were that the Fed would drop the word patient from its March post-meeting statement, in an effort to telegraph that a rate hike was likely in June. The March statement (issued after the close of this reporting period) did indeed remove the word patient but also highlighted the Fed’s less optimistic view of the economy’s overall health as well as downgraded its inflation projections.

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.

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

Nuveen Investments 5

Portfolio Managers’ Comments (continued)

In the fourth quarter of 2014, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at a 2.2% annual rate, compared with 4.6% in the second quarter and 5.0% in the third quarter of 2014. The decline in real GDP growth rate from the third quarter to the fourth quarter primarily reflects an upturn in imports, a downturn in federal government spending and a decline in exports. These were partly offset by an upturn in consumer spending. The Consumer Price Index (CPI) fell 0.1% year-over-year as of January 2015 (most recent data available at the time this report was prepared), the first negative twelve-month change since October 2009. The core CPI (which excludes food and energy) increased 1.6% during the same period, below the Fed’s unofficial longer term inflation objective of 2.0%. As of February 28, 2015, the national unemployment rate was 5.5%, the lowest level since May 2008 and the level considered “full employment” by some Fed officials, down from the 6.7% reported in February 2014. The housing market continued to post gains, although price growth has shown signs of deceleration in recent months. The average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 4.6% for the twelve months ended January 2015 (most recent data available at the time this report was prepared).

Municipal bonds enjoyed strong performance during the twelve-month reporting period, buoyed by a backdrop of low interest rates, improving investor sentiment and favorable supply-demand dynamics. Interest rates were widely expected to rise in 2014, as the economy improved and the Fed wound down its asset purchases. However, the 10-year Treasury yield ended the year even lower than where it began. As a result, fixed income asset classes performed surprisingly well (as yields fall, prices rise and vice versa). At the same time, investors grew more confident that the Fed’s tapering would proceed at a measured pace and that the credit woes of Detroit and Puerto Rico would be contained. In addition, credit fundamentals for state and local governments were generally stabilizing, although pockets of trouble remained. California and New York showed marked improvements during 2014, whereas Illinois, New Jersey and Puerto Rico, for example, still face considerable challenges.

Investors’ declining risk aversion bolstered demand for higher yielding assets, including municipal bonds, which reversed the tide of outflows municipal bond funds suffered in 2013. While demand and inflows rose, supply continued to be subdued. More municipal bonds left the market than were added in 2014, a condition known as net negative issuance. Part of the reason for net negative issuance was that a significant portion of issuer activity focused on current refundings, in which a new bond is issued to replace the called bond (in contrast to an advanced refunding, where the called bond remains in the market as a pre-refunded bond).

These factors helped drive municipal bond yields lower and tightened yield spreads relative to Treasuries in 2014 overall. However, as the new year began, market conditions turned more volatile. A series of disappointing economic data underscored the fragility of the U.S. recovery, as well as cast further uncertainty on the timing of the Fed’s first rate hike. A change in the supply-demand balance also hampered the municipal bond sector. Issuance was unusually strong in the first two months of 2015, up 72.5% compared to the same two-month period in 2014. Over the twelve months ended February 28, 2015, municipal bond issuance nationwide totaled $358.8 billion, an increase of 13% from the issuance for the twelve-month period ended February 28, 2014. Finally, divergence in economic growth and foreign central bank policies have reinforced an interest rate differential that favors demand for U.S. Treasuries, maintaining downward pressure on yields.

How were the economic and market environments in Connecticut, Massachusetts, New Jersey and New York during the twelve-month reporting period ended February 28, 2015?

The Connecticut economy continues its slow recovery, and is expected to continue to lag the national recovery for the near term. Employment declines in local government and the financial sector are cited as reasons for the weakness. As of February 2015, Connecticut’s unemployment rate was 6.4%, its lowest level since December 2008, down from 7.0% in February 2014. Connecticut has a high number of defense-related industries that could be vulnerable to cuts in federal defense spending. On February 18, 2015, Gov. Malloy released his proposed $40 billion 2016-2017 biennium budget. It is 6.1% larger than the adopted 2014-2015 biennium budget. Under this proposed budget, the state sales tax would be reduced from the current 6.35% to 6.20% beginning November 1, 2015 and to 5.95% in 2017. According to Moody’s, Connecticut’s per-capita debt burden was the highest in the nation at $5,457 in 2013, in contrast to the national median of $1,054. Connecticut enjoyed the highest per-capita income of the 50 states, at 135% of the national average in 2014. Approximately $7.3 billion in Connecticut municipal bonds were issued during the twelve-month reporting period ended February 28, 2015, a 54% year-over-year increase. At period end, Moody’s rated Connecticut Aa3 with a stable outlook. Moody’s downgraded the state’s rating from Aa2 to Aa3 on January 20, 2012, citing its depleted reserves and high debt burden. S&P rates Connecticut AA with a negative outlook. S&P changed its outlook to negative on March 9, 2015 (subsequent to the close of this reporting period) citing weak economic growth and underperforming revenues.

Massachusetts continued to benefit from a highly diverse economy. Its recent economic downturn was milder than that of the nation as a whole, as the Commonwealth’s economy was somewhat protected by significant levels of employment in the relatively stable

6 Nuveen Investments

education and health care sectors. Aided by recent growth in biotechnology, pharmaceuticals and software development, Massachusetts’ economy is expected to gain additional momentum. In February 2015, unemployment in the Commonwealth was 4.9%, down from 6.0% in February 2014, and its lowest point since March 2008. According to the U.S. Department of Commerce, Bureau of Economic Analysis, Massachusetts’ per capita income is second highest among the 50 states. At $59,182 for calendar year 2014, it is 128% of the national average. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, housing prices in Boston rose 4.7% over the twelve months ended January 2015 (most recent data available at the time this report was prepared), compared with an average increase of 4.6% nationally. In March 2015, the Commonwealth’s $38.1 billion budget for Fiscal 2016 was introduced, representing a 4.4% increase over the adopted Fiscal 2015 budget. The proposed budget calls for no new taxes or fees, but proposes $457 million in “revenue solutions,” including a tax amnesty program and the sale of a former courthouse in Cambridge. It anticipates 4.8% growth in tax revenues. According to Moody’s, Massachusetts’ debt burden is second highest in the nation (after Connecticut) on a per capita basis ($4,999 versus the median of $1,054) and third highest as a percentage of the state GDP (8.3% versus the median of 2.4%). As of March 2015 (subsequent to the close of this reporting period), Moody’s rated Massachusetts Aa1 with a stable outlook, and S&P rated the commonwealth AA+ with a stable outlook. For the twelve months ended February 28, 2015, Massachusetts’ tax-exempt bond supply totaled $9.8 billion, a 3.1% increase over the prior twelve months.

New Jersey’s economy continues to struggle despite favorable characteristics that position it to do quite well, such as its proximity to New York City’s extensive job market, a shoreline along the Atlantic coast that benefits a strong tourism industry, and two large transportation hubs in the Port of New York and Newark and Newark airport. While the state’s economy is fairly diverse and average wages are above national counterparts in nearly every sector, it has lagged its neighbors and the nation in recovering from the recession. New Jersey has the slowest job growth rate in the northeast and total employment remains below pre-recession levels. The state’s unemployment rate as of February 2015 ranked 42^nd among all states at 6.4% and compares to the nation’s 5.5%. The sluggishness of the state’s economy exacerbates fiscal pressures caused by growing pension, retirement health care, and debt service payments. In Fiscal Year 2015 expenditures on these three line items constitutes 17% of budgeted revenues, though the pension payment equals just 30% of the court-mandated pension payment. The $33 billion Fiscal Year 2016 budget proposed by Governor Christie underfunds the court-mandated pension payment by more than half. The budget also fails to appropriate any new money for transportation capital projects; instead, all revenues generated by the state’s gas tax goes to pay debt service. Maintaining and upgrading infrastructure is key to economic growth and the state has put itself at a disadvantage by overleveraging these revenues. The state has been downgraded several times in recent years and now carries an A rating by S&P, a A2 with negative outlook by Moody’s, and an A with negative outlook by Fitch. For the twelve months ending February 28, 2015, the state issued $11.1 billion in tax-exempt debt, a year-over-year decrease of 1.6%.

New York State’s $1.3 trillion economy represents 7.8% of U.S. gross domestic product and, according to the International Monetary Fund, would be the 14th largest economy in the world on a stand-alone basis. As of February 2015, the state’s unemployment rate registered 5.8%, down from 6.7% in February 2014 and above the national rate of 5.5%. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, housing prices in New York City rose 2.1% over the twelve months ended January 2015 (most recent data available at the time this report was prepared), compared with an average increase of 4.6% nationally. The state’s budget picture has improved considerably over the past few years. Revenues have been increased through tax hikes and expenditures have been more tightly controlled. On a significant positive note, New York State has collected approximately $5 billion in various settlements and assessments from the financial industry through March 2015, and additional settlement monies are possible. The adopted $142 billion budget for Fiscal 2016 is 3% higher than the adopted Fiscal 2015 budget. The Fiscal 2016 budget contains no new taxes. Approximately $850 million of the $5 billion of settlements will go into a reserve fund. Another $1.5 billion will go towards economic development upstate. Another $1.3 billion would go to the Tappan Zee Bridge project. The budget also includes a $1.1 billion increase in education spending. New York is a high-income state, with per-capita income at 122% of the U.S. average, fourth-highest among the 50 states. New York is a heavily indebted state. According to Moody’s, New York ranked 5th in the nation in debt per capita in 2013 (NY: $3,204; median: $1,054), 6th in debt per capita as a percentage of personal income (NY: 6.0%; median: 2.6%) and 6th in debt to gross state domestic product (NY: 5.2%; median: 2.4%). The state’s pensions have traditionally been well funded, though they did decline with the stock market financial crisis. As of March 2015, Moody’s rates New York Aa1 with a stable outlook. Moody’s upgraded New York State from Aa2 to Aa1 on June 16, 2014 citing the State’s sustained improvements in fiscal governance. S&P rates the state AA+ with a stable outlook. S&P upgraded New York State from AA to AA+ on July 23, 2014, citing the State’s improved budget framework. New York municipal bond supply totaled $36.7 billion for the twelve-month reporting period ended February 28, 2015, a year-over-year decrease of 11%. This ranked New York third among state issuers behind California and Texas.

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

How did the Funds perform during the twelve-month reporting period ended February 28, 2015?

The tables in the Fund Performance, Expense Ratios and Effective Leverage Ratios section of this report provide total returns for the Funds for the one-year, five-year and ten-year periods ended February 28, 2015. Each Fund’s Class A Share total returns at net asset value (NAV) are compared with the performance of its benchmark and corresponding Lipper classification average. During the reporting period, each of the four Funds outperformed the S&P Municipal Bond Index and respective Lipper classification average to varying degrees.

What strategies were used to manage the Funds during the twelve-month reporting period 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.

Nuveen Connecticut Municipal Bond Fund

During the reporting period, the Nuveen Connecticut Municipal Bond Fund outperformed the S&P Municipal Bond Index. For most of the reporting period, the market backdrop for tax-exempt bond investors was favorable. As interest rates unexpectedly fell, especially on longer-dated issues, investors became increasingly willing to take on credit risk in exchange for yield as most municipal debt enjoyed strong price appreciation.

In this positive environment, our duration and yield curve positioning proved helpful. Specifically, the portfolio’s duration was longer than that of the benchmark, meaning the Fund was better positioned to take advantage of the drop in rates. We opted to overweight the long end of the yield curve while remaining underweighted in shorter dated paper. Both stances added to results, as bonds with longer maturities significantly outperformed securities with shorter maturities.

Credit quality positioning also contributed to performance. We maintained more limited exposure to highly rated bonds while staying overweight in A-rated credits and lower. This proved helpful in light of narrowing credit spreads, meaning that yields on lower-rated bonds gradually moved closer to those of more creditworthy issues, as investors became more tolerant of risk.

Sector positioning also added value. The Fund was underweighted in state and local general obligation (GO) debt. While both categories gained ground in absolute terms, they trailed the index, and our reduced exposure to this part of the market proved helpful on a relative basis. The Fund’s exposure to the health care sector further contributed to performance, most notable were those positions in Stamford Hospital and Yale-New Haven Hospital bonds. In contrast, underweighting the transportation sector detracted modestly, given the group’s relative outperformance.

The Fund was helped by some of its dedicated-tax bonds, especially various issues of two U.S. territories, the U.S. Virgin Islands and Guam. These bonds offered the same tax advantages as Puerto Rico debt, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes), but without the same credit concerns. We did hold several issues that were indirectly connected to Puerto Rico although not direct obligations of the territory’s government. These included insured Puerto Rico electric power bonds, which performed well. At the end of the reporting period, roughly 3.4% of the portfolio’s net assets was invested in bonds with a Puerto Rico connection. All of these holdings consisted of insured debt, advance refunded bonds backed by U.S. Treasuries or tobacco-securitization bonds.

When making new purchases, we generally emphasized bonds with maturities ranging from 15 to 20 years, as this was the portion of the yield curve where we identified the best relative value, especially early in the reporting period. The new purchases took place across multiple sectors, especially health care, higher education, utilities and local general obligation debt.

Throughout the reporting period, our approach centered on managing the Fund’s call structure while trying to limit potential reinvestment risk associated with an excess of bond redemptions in any given year. We were pleased with our ability to generate solid absolute and relative performance while accomplishing our goal of limiting call exposure. Selling bonds with short call dates or near-term maturities helped fund our purchases during the reporting period, as did the proceeds of bond calls.

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Nuveen Massachusetts Municipal Bond Fund

The Nuveen Massachusetts Municipal Bond Fund outperformed the S&P Municipal Bond Index, with duration positioning playing an important role. We were overweight in longer dated bonds while underweight in shorter dated issues. This proved helpful, given that the longer a bond was, the better it tended to perform during the time frame.

Credit quality positioning provided a lesser but still meaningful positive contribution. In particular, we were underweighted in AAA-rated bonds, which did not fare as well as riskier, higher yielding issues. On a sector basis, the Fund benefited significantly from various utility system bonds associated with the U.S. territories, insured Puerto Rico electric power bonds and Guam public utility bonds. Various U.S. Virgin Islands dedicated-tax bonds also contributed to performance. At the end of the reporting period, just 2.7% of the Fund’s net assets was invested in debt associated with Puerto Rico. All of these holdings consisted of insured or tobacco-securitization bonds and were unrelated to the territory’s known credit problems. In contrast, the Fund was hurt by its position in North Berkshire Community Hospital Systems bonds. Early in the reporting period, this health care issuer declared bankruptcy and, in April 2014, closed its doors. At the end of the reporting period, the bankruptcy terms for North Berkshire Community Hospital Systems and any possible financial recovery due to the Fund were still being finalized.

New purchases were focused on longer dated issues, especially early in the reporting period. Similarly, buying and selling activity focused on managing the portfolio’s call structure and seeking to avoid an undesirable concentration of bond redemptions in future years. We were pleased with our ability to achieve this objective during the reporting period.

To generate the cash needed to finance purchases, we used the proceeds of called bonds and sold credits with short term call dates, whose performance prospects were limited. These sales included some short dated insured Puerto Rico general obligation bonds, as well as an insured hospital bond issue whose credit quality we found less attractive over time.

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

Relative to the S&P Municipal Bond Index, the Nuveen New Jersey Municipal Bond Fund benefited from effective duration and yield curve positioning. Throughout the reporting period, the portfolio’s duration was longer than that of the index. This allowed the Fund to benefit as rates fell, especially on the long end of the curve. Specifically, our increased exposure to longer dated bonds and limited weighting in shorter issues proved helpful.

Favorable credit positioning also added value, as lower rated bonds benefited from a stronger economy and the healthier finances of many municipalities. Accordingly, the Fund’s overweighting in lower investment grade credits, which included a variety of health care, corporate-backed industrial development revenue, toll-road, higher education and tobacco securitization bonds and corresponding underweighting in higher grade debt contributed positively to performance. In contrast, exposure to New Jersey tax supported debt posed some difficulty, given the state’s notable fiscal challenges and multiple credit rating downgrades during the reporting period. Not surprisingly, this Fund had more exposure to New Jersey bonds than the national benchmark. We have sought to limit the Fund’s exposure to state tax supported debt, while seeking more opportunities in tax-supported bonds issued at the county and municipal level, but our exposure at the state level still hurt relative performance.

Buying and selling activity was limited, as we believed the portfolio was well positioned for a downward movement in interest rates, which ultimately came to pass. That said, as the reporting period progressed and the economy continued to strengthen, we saw an increased likelihood of a short term rate increase from the Fed. In our view, this was a good rationale for allowing the Fund’s duration to drift modestly lower along with the market.

When we did buy new bonds, we sought creditworthy issues that we concluded would provide good value for shareholders. Some of our new acquisitions included toll-road bonds. We also found opportunities in the health care sector, taking advantage of improving hospital industry fundamentals in New Jersey. Funds for these purchases came from new investment inflows, bond calls and occasional bond sales. We also liquidated various short dated, highly rated bonds whose performance potential we found limited.

Nuveen Investments 9

Portfolio Managers’ Comments (continued)

At period end, roughly 2.5% of the portfolio was invested in Puerto Rico-affiliated bonds. Our holdings in these territorial issues fit into one of three categories, advance refunded bonds (meaning they were backed by short-term U.S. Treasuries held in escrow), issues backed by municipal bond insurance, or debt backed by a revenue stream independent of the credit challenged Puerto Rico government.

Nuveen New York Municipal Bond Fund

The Nuveen New York Municipal Bond Fund outperformed both the S&P Municipal Bond Index and the S&P Municipal Bond New York Index. It was a favorable time frame for the Fund, both in absolute terms and relative to the index and accordingly little detracted materially from results. The Fund’s duration and yield curve stance provided a meaningfully positive performance impact. During the reporting period, yields on bonds of all maturities declined, although the drop was significantly greater on longer dated issues. In light of our overweighting in bonds with extended maturities, which were the best performers in the marketplace, the portfolio’s duration was longer than that of its benchmark, which left the Fund well positioned to benefit from the favorable market conditions.

The Fund’s credit quality positioning also added value. Lower rated bonds tended to outperform higher quality issues, reflecting investors’ desire for income in an environment of low interest rates. The Fund was overweighted in bonds with lower investment grade credit ratings, as well as underweighted in highly rated debt. Both factors provided a significant boost to results.

Early in the reporting period, we found opportunities to add lower rated bonds at what we believed were good values in a variety of sectors. Some of these credits included health care bonds, transportation bonds, lower rated electric utility bonds and bonds for New York City development projects.

As the reporting period progressed and by the time we reached the first two months of 2015, when market conditions became more volatile, we shifted our management focus. Our approach became more conservative both from a duration and credit quality standpoint. Given how low interest rates had fallen, we thought it would be prudent to focus on higher rated, more liquid credits that would be easier to sell at a reasonable price if market conditions turned challenging. We also looked to manage the Fund’s interest rate risk by focusing new purchases on the 15- to 20-year portion of the yield curve, rather than emphasizing the long end of the curve, whose bonds had appreciated the most. Our search for liquidity also led us to bonds that we believed would continue to be in demand because of their relative scarcity in the marketplace, as many New York bonds are issued by a small number of entities. In accordance with this theme, we added a highly rated sales-tax bond issue by an infrequent borrower in the state, as well as debt securitization bonds issued by the Long Island Power Authority. In both cases, we were able to simultaneously achieve our quality and liquidity goals.

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.

On February 6, 2015, a federal court found Puerto Rico’s Recovery Act to be unconstitutional. Though the Commonwealth is pursuing an appeal of the ruling, the outcome is uncertain. Puerto Rico’s non-voting Representative in Congress recently introduced legislation that would make chapter 9 bankruptcy available to the Commonwealth’s public corporations. A congressional committee hearing was held on February 26, 2015, but the bill has not advanced out of committee.

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 restructuring of public corporations and we 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 totaled 0.36% of assets under management as of February 28, 2015. As of February 28, 2015, the Funds’ limited exposure to Puerto Rico generally was invested in bonds that were insured (which we believe adds value), pre-refunded (and therefore backed by securities such as U.S. Treasuries), or tobacco settlement bonds. Overall, the small size of our exposures meant that our Puerto Rico holdings had a negligible impact on performance.

10 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 February 28, 2015, the Funds had positive UNII balances for tax purposes and positive UNII balances for financial reporting purposes.

All monthly dividends paid by each Fund during the current reporting period, 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, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s monthly dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.

Nuveen Investments 11

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12 Nuveen Investments

Fund Performance, Expense Ratios

and Effective Leverage Ratios

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

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

Returns may reflect an agreement by the investment adviser to waive certain fees and/or reimburse expenses during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and 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 13

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 February 28, 2015

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		7.06%		4.57%		4.22%
Class A Shares at maximum Offering Price		2.56%		3.67%		3.78%
S&P Municipal Bond Index		6.47%		5.19%		4.75%
Lipper Other States Municipal Debt Funds Classification Average		6.77%		4.24%		3.85%
Class C2 Shares		6.47%		4.01%		3.66%
Class I Shares		7.37%		4.78%		4.43%

	Average Annual
	1-Year		Since Inception
Class C Shares		6.13%		6.64%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		7.05%		4.66%		4.33%
Class A Shares at maximum Offering Price		2.55%		3.76%		3.88%
Class C2 Shares		6.46%		4.08%		3.76%
Class I Shares		7.16%		4.85%		4.53%

	Average Annual
	1-Year		Since Inception
Class C Shares		6.13%		6.33%

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 February 28, 2015

Effective Leverage Ratio 0.00%

14 Nuveen Investments

Growth of an Assumed $10,000 Investment as of February 28, 2015 – Class A Shares

The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 15

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

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 February 28, 2015

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		7.42%		5.11%		4.40%
Class A Shares at maximum Offering Price		2.95%		4.21%		3.96%
S&P Municipal Bond Index		6.47%		5.19%		4.75%
Lipper Massachusetts Municipal Debt Funds Classification Average		6.97%		4.51%		4.01%
Class C2 Shares		6.74%		4.52%		3.83%
Class I Shares		7.52%		5.31%		4.60%

	Average Annual
	1-Year		Since Inception
Class C Shares		6.50%		7.06%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		7.61%		5.15%		4.54%
Class A Shares at maximum Offering Price		3.12%		4.25%		4.09%
Class C2 Shares		6.94%		4.57%		3.96%
Class I Shares		7.82%		5.36%		4.74%

	Average Annual
	1-Year		Since Inception
Class C Shares		6.69%		6.82%

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 February 28, 2015

Effective Leverage Ratio 0.62%

16 Nuveen Investments

Growth of an Assumed $10,000 Investment as of February 28, 2015 – Class A Shares

The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 17

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 February 28, 2015

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		7.22%		5.51%		4.71%
Class A Shares at maximum Offering Price		2.69%		4.60%		4.26%
S&P Municipal Bond Index		6.47%		5.19%		4.75%
Lipper New Jersey Municipal Debt Funds Classification Average		6.66%		4.56%		3.99%
Class C2 Shares		6.59%		4.93%		4.14%
Class I Shares		7.42%		5.71%		4.92%

	Average Annual
	1-Year		Since Inception
Class C Shares		6.31%		7.15%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		7.11%		5.61%		4.84%
Class A Shares at maximum Offering Price		2.59%		4.71%		4.39%
Class C2 Shares		6.48%		5.01%		4.27%
Class I Shares		7.40%		5.81%		5.06%

	Average Annual
	1-Year		Since Inception
Class C Shares		6.30%		6.97%

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 February 28, 2015

Effective Leverage Ratio 1.04%

18 Nuveen Investments

Growth of an Assumed $10,000 Investment as of February 28, 2015 – Class A Shares

The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 19

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

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 February 28, 2015

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		7.95%		4.82%		4.47%
Class A Shares at maximum Offering Price		3.41%		3.93%		4.02%
S&P Municipal Bond Index		6.47%		5.19%		4.75%
S&P Municipal Bond New York Index		6.26%		4.86%		4.73%
Lipper New York Municipal Debt Funds Classification Average		7.58%		4.59%		3.97%
Class C2 Shares		7.36%		4.26%		3.90%
Class I Shares		8.16%		5.05%		4.68%

	Average Annual
	1-Year		Since Inception
Class C Shares		7.13%		7.80%

Average Annual Total Returns as of March 31, 2015 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		7.93%		4.93%		4.61%
Class A Shares at maximum Offering Price		3.40%		4.03%		4.16%
Class C2 Shares		7.25%		4.34%		4.03%
Class I Shares		8.14%		5.14%		4.82%

	Average Annual
	1-Year		Since Inception
Class C Shares		7.01%		7.50%

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 February 28, 2015

Effective Leverage Ratio 2.47%

20 Nuveen Investments

Growth of an Assumed $10,000 Investment as of February 28, 2015 – Class A Shares

The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 21

Yields as of February 28, 2015

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		3.17%		2.54%		2.76%		3.52%
SEC 30-Day Yield		1.75%		1.04%		1.28%		2.03%
Taxable-Equivalent Yield (32.3%)2		2.58%		1.54%		1.89%		3.00%

Nuveen Massachusetts Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		3.37%		2.72%		2.96%		3.70%
SEC 30-Day Yield		1.75%		1.13%		1.27%		2.03%
Taxable-Equivalent Yield (31.7%)2		2.56%		1.65%		1.86%		2.97%

Nuveen New Jersey Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		3.25%		2.62%		2.88%		3.59%
SEC 30-Day Yield		2.05%		1.34%		1.60%		2.34%
Taxable-Equivalent Yield (32.6%)2		3.04%		1.99%		2.37%		3.47%

Nuveen New York Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		3.51%		2.85%		3.13%		3.87%
SEC 30-Day Yield		1.86%		1.14%		1.40%		2.14%
Taxable-Equivalent Yield (32.8%)2		2.77%		1.70%		2.08%		3.18%

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.

22 Nuveen Investments

Holding

Summaries February 28, 2015

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

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

Nuveen Connecticut Municipal Bond Fund

Fund Allocation

(% of net assets)

Municipal Bonds	98.8%
Other Assets Less Liabilities	1.2%
Net Assets	100%

Portfolio Composition

(% of total investments)

Education and Civic Organizations	23.0%
Health Care	16.3%
Tax Obligation/Limited	14.9%
Tax Obligation/General	14.6%
Water and Sewer	11.5%
Utilities	9.8%
U.S. Guaranteed	5.8%
Other	4.1%
Total	100%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	14.4%
AA	49.5%
A	20.3%
BBB	8.6%
BB or Lower	1.3%
N/R (not rated)	5.9%
Total	100%

Nuveen Investments 23

Holding Summaries February 28, 2015 (continued)

Nuveen Massachusetts Municipal Bond Fund

Fund Allocation

(% of net assets)

Municipal Bonds	98.5%
Other Assets Less Liabilities	1.5%
Net Assets	100%

Portfolio Composition

(% of total investments)

Education and Civic Organizations	28.9%
Health Care	19.5%
Tax Obligation/Limited	15.2%
U.S. Guaranteed	9.8%
Transportation	7.2%
Water and Sewer	6.6%
Other Industries	12.8%
Total	100%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	16.1%
AA	47.6%
A	14.9%
BBB	14.8%
BB or Lower	2.8%
N/R (not rated)	3.8%
Total	100%

24 Nuveen Investments

Nuveen New Jersey Municipal Bond Fund

Fund Allocation

(% of net assets)

Municipal Bonds	97.4%
Other Assets Less Liabilities	2.6%
Net Assets	100%

Portfolio Composition

(% of total investments)

Tax Obligation/Limited	18.8%
Health Care	15.3%
Transportation	15.0%
Education and Civic Organizations	13.6%
U.S. Guaranteed	12.0%
Tax Obligation/General	10.4%
Other Industries	14.9%
Total	100%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	13.3%
AA	35.5%
A	32.7%
BBB	9.8%
BB or Lower	5.4%
N/R (not rated)	3.3%
Total	100%

Nuveen Investments 25

Holding Summaries February 28, 2015 (continued)

Nuveen New York Municipal Bond Fund

Fund Allocation

(% of net assets)

Municipal Bonds	99.1%
Common Stocks	0.1%
Other Assets Less Liabilities	1.9%
Net Assets Plus Floating Rate Obligations	101.1%
Floating Rate Obligations	(1.1)%
Net Assets	100%

Portfolio Composition

(% of total investments)

Tax Obligation/Limited	26.5%
Education and Civic Organizations	16.3%
Utilities	13.4%
Transportation	12.7%
Health Care	6.6%
U.S. Guaranteed	5.6%
Tax Obligation/General	5.2%
Other Industries	13.7%
Total	100%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	24.7%
AA	38.6%
A	14.3%
BBB	6.6%
BB or Lower	10.2%
N/R (not rated)	5.5%
N/A (not applicable)	0.1%
Total	100%

26 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 February 28, 2015.

The beginning of the period for the Funds is September 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	$	1,025.30	$	1,020.40	$	1,022.50	$	1,026.30
Expenses Incurred During the Period	$	3.97	$	7.97	$	6.72	$	2.96
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	$	1,020.88	$	1,016.91	$	1,018.15	$	1,021.87
Expenses Incurred During the Period	$	3.96	$	7.95	$	6.71	$	2.96

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.79%, 1.59%, 1.34% and 0.59% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Investments 27

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	$	1,023.50	$	1,019.50	$	1,020.70	$	1,024.40
Expenses Incurred During the Period	$	4.11	$	8.06	$	6.86	$	3.11
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	$	1,020.73	$	1,016.81	$	1,018.00	$	1,021.72
Expenses Incurred During the Period	$	4.11	$	8.05	$	6.85	$	3.11

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.82%, 1.61%, 1.37% and 0.62% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (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	$	1,020.80	$	1,016.90	$	1,018.20	$	1,021.80
Expenses Incurred During the Period	$	4.11	$	8.05	$	6.86	$	3.11
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	$	1,020.73	$	1,016.81	$	1,018.00	$	1,021.72
Expenses Incurred During the Period	$	4.11	$	8.05	$	6.85	$	3.11

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.82%, 1.61%, 1.40% and 0.49% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (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	$	1,027.90	$	1,024.00	$	1,025.10	$	1,028.90
Expenses Incurred During the Period	$	3.92	$	7.93	$	6.68	$	2.92
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	$	1,020.93	$	1,016.96	$	1,018.20	$	1,021.92
Expenses Incurred During the Period	$	3.91	$	7.90	$	6.66	$	2.91

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.78, 1.58%, 1.33% and 0.58% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

28 Nuveen Investments

Report of

Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of

Nuveen Multistate Trust II:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Connecticut Municipal Bond Fund, Nuveen Massachusetts Municipal Bond Fund, Nuveen New Jersey Municipal Bond Fund, and Nuveen New York Municipal Bond Fund (each a series of the Nuveen Multistate Trust II, hereinafter referred to as the “Funds”) at February 28, 2015, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Chicago, IL

April 27, 2015

Nuveen Investments 29

Nuveen Connecticut Municipal Bond Fund

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 98.8%
		MUNICIPAL BONDS – 98.8%
		Consumer Staples – 0.7%
$	1,930	Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33		5/15 at 100.00		BBB+	$	1,934,883
		Education and Civic Organizations – 22.8%
	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		B+		210,695
	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–		2,057,280
	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		1,306,545
	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–		4,418,400
		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+		1,132,330
	500	5.000%, 7/01/32		7/22 at 100.00		A+		564,755
		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		995,501
	400	5.000%, 7/01/32 – RAAI Insured		7/17 at 100.00		N/R		412,236
		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–		3,608,381
	1,000	5.000%, 7/01/40		7/20 at 100.00		A–		1,118,360
	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		1,093,071
	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–		4,191,640
	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–		4,838,886
		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+		1,098,260
	2,500	5.625%, 7/01/41		7/21 at 100.00		BBB+		2,759,375
		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		1,413,582
	1,750	5.000%, 7/01/27 – AGM Insured		7/22 at 100.00		AA		1,955,888
	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–		2,135,444
	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+		1,501,878

30 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of Hartford, Series 2006G:
$	2,800	5.250%, 7/01/26 – RAAI Insured		7/16 at 100.00		BBB–	$	2,896,572
	2,250	5.250%, 7/01/36 – RAAI Insured		7/16 at 100.00		BBB–		2,314,620
	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		4,016,250
	950	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Westminster School, Series 2014H, 3.250%, 7/01/32		7/24 at 100.00		A		947,473
	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		10,618,827
	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		3,278,640
	1,270	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		1,322,642
	630	University of Connecticut, Student Fee Revenue Bonds, Refunding Series 2010A, 5.000%, 11/15/27		11/19 at 100.00		Aa2		727,430
	2,000	University of Connecticut, Student Fee Revenue Bonds, Refunding Series 2012A, 5.000%, 11/15/28		No Opt. Call		Aa2		2,359,240
	60,325	Total Education and Civic Organizations						65,294,201
		Health Care – 16.1%
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Bristol Hospital, Series 2002B:
	750	5.500%, 7/01/21 – RAAI Insured		5/15 at 100.00		N/R		751,178
	4,025	5.500%, 7/01/32 – RAAI Insured		5/15 at 100.00		N/R		4,029,146
	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		2,250,797
	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		7,688,332
		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–		526,720
	1,055	5.250%, 7/01/32 – RAAI Insured		7/17 at 100.00		BBB–		1,104,764
	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		1,105,900
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2011N:
	495	5.000%, 7/01/25		7/21 at 100.00		A2		552,702
	500	5.000%, 7/01/27		7/21 at 100.00		A2		552,345
	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		4,502,641
	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		4,338,240
	4,160	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011M, 5.375%, 7/01/41		7/21 at 100.00		A		4,692,189
	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		2,231,280

Nuveen Investments 31

Nuveen Connecticut Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
		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	$	2,771,616
	2,520	5.000%, 7/01/33		7/24 at 100.00		Aa3		2,896,942
	830	5.000%, 7/01/34		7/24 at 100.00		Aa3		951,977
	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+		3,267,626
	1,670	Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2009, 5.125%, 10/01/26		10/19 at 100.00		A		1,878,416
	42,060	Total Health Care						46,092,811
		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		750,275
	3,410	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2006D, 4.650%, 11/15/27		5/16 at 100.00		AAA		3,479,803
	4,155	Total Housing/Single Family						4,230,078
		Long-Term Care – 1.8%
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Duncaster, Inc., Series 2014A, 5.000%, 8/01/44		8/24 at 100.00		N/R		1,015,370
	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		3,066,651
		Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A:
	800	7.625%, 1/01/30		1/20 at 100.00		N/R		834,768
	350	7.750%, 1/01/43		1/20 at 100.00		N/R		361,158
	4,975	Total Long-Term Care						5,277,947
		Tax Obligation/General – 14.4%
		Bridgeport, Connecticut, General Obligation Bonds, Series 2014A:
	600	5.000%, 7/01/32 – AGM Insured		7/24 at 100.00		AA		684,528
	1,000	5.000%, 7/01/33 – AGM Insured		7/24 at 100.00		AA		1,139,150
	1,065	5.000%, 7/01/34 – AGM Insured		7/24 at 100.00		AA		1,208,605
	4,650	Connecticut State, General Obligation Bonds, Green Series 2014G, 5.000%, 11/15/31		11/24 at 100.00		AA		5,497,463
		Connecticut State, General Obligation Bonds, Refunding Series 2012E:
	1,000	5.000%, 9/15/30		9/22 at 100.00		AA		1,182,340
	2,000	5.000%, 9/15/32		9/22 at 100.00		AA		2,346,560
	2,000	Connecticut State, General Obligation Bonds, Series 2006A, 4.750%, 12/15/24		12/16 at 100.00		AA		2,152,300
		Connecticut State, General Obligation Bonds, Series 2008C:
	1,000	5.000%, 11/01/26		11/18 at 100.00		AA		1,130,470
	1,015	5.000%, 11/01/27		11/18 at 100.00		AA		1,145,864
	1,015	5.000%, 11/01/28		11/18 at 100.00		AA		1,151,568
	1,000	Connecticut State, General Obligation Bonds, Series 2011D, 5.000%, 11/01/31		11/21 at 100.00		AA		1,156,570
	2,400	Connecticut State, General Obligation Bonds, Series 2014A, 5.000%, 3/01/31		3/24 at 100.00		AA		2,809,584
	3,000	Connecticut State, General Obligation Bonds, Series 2014F, 5.000%, 11/15/34		11/24 at 100.00		AA		3,505,110

32 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		Tax Obligation/General (continued)
		New Haven, Connecticut, General Obligation Bonds, Series 2014A:
$	700	5.000%, 8/01/31 – AGM Insured		8/24 at 100.00		AA		$	800,604
	850	5.000%, 8/01/32 – AGM Insured		8/24 at 100.00		AA	��		969,196
	850	5.000%, 8/01/34 – AGM Insured		8/24 at 100.00		AA			966,238
	485	North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24		No Opt. Call		Aa1			600,095
	1,000	Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A, 5.500%, 7/01/16 – AGM Insured		No Opt. Call		AA			1,036,490
	600	Stratford, Connecticut, General Obligation Bonds, Series 2014, 5.000%, 12/15/34		12/22 at 100.00		AA			686,916
	3,000	Waterbury, Connecticut, General Obligation Bonds, Series 2012A, 5.000%, 8/01/30		8/22 at 100.00		AA–			3,411,750
	2,000	West Haven, Connecticut, General Obligation Bonds, Series 2012, 5.000%, 8/01/24 – AGM Insured		8/22 at 100.00		AA			2,288,260
		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			1,585,050
	1,415	7.000%, 12/01/25 – AGM Insured		12/20 at 100.00		AA			1,752,223
	1,725	7.000%, 12/01/27 – AGM Insured		12/20 at 100.00		AA			2,121,716
	35,650	Total Tax Obligation/General							41,328,650
		Tax Obligation/Limited – 14.7%
	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			1,429,231
	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			5,486,800
	5,000	Connecticut State, Special Tax Obligation Transportation Infrastructure Purposes Bonds, Series 2008A, 5.000%, 11/01/28		11/18 at 100.00		AA			5,634,250
	2,500	Connecticut State, Special Tax Obligation Transportation Infrastructure Purposes Bonds, Series 2013A, 5.000%, 10/01/33		10/23 at 100.00		AA			2,902,975
		Connecticut, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Series 2014A:
	915	5.000%, 9/01/33		9/24 at 100.00		AA			1,070,404
	1,625	5.000%, 9/01/34		9/24 at 100.00		AA			1,896,586
		Government of Guam, Business Privilege Tax Bonds, Series 2011A:
	2,400	5.250%, 1/01/36		1/22 at 100.00		A			2,684,520
	600	5.125%, 1/01/42		1/22 at 100.00		A			663,084
	2,200	Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34		12/19 at 100.00		BBB+			2,440,680
		University of Connecticut, General Obligation Bonds, Series 2009A:
	1,000	5.000%, 2/15/27		2/19 at 100.00		AA			1,135,220
	1,000	5.000%, 2/15/28		2/19 at 100.00		AA			1,129,660
		University of Connecticut, General Obligation Bonds, Series 2013A:
	2,290	5.000%, 8/15/20		No Opt. Call		AA			2,718,001
	2,500	5.000%, 8/15/32		8/23 at 100.00		AA			2,893,650
	740	University of Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 2/15/31		2/24 at 100.00		AA			864,461
	4,025	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32		No Opt. Call		BBB+			4,452,737

Nuveen Investments 33

Nuveen Connecticut Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

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	$	1,504,931
	3,000	Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note-Diageo Project, Series 2009A, 6.625%, 10/01/29		10/19 at 100.00		Baa3		3,427,410
	37,425	Total Tax Obligation/Limited						42,334,600
		U.S. Guaranteed – 5.8% (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)		7/15 at 100.00		Aaa		676,040
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Renbrook School, Series 2007A:
	395	5.000%, 7/01/30 (Pre-refunded 7/01/17) – AMBAC Insured		7/17 at 100.00		N/R (4)		435,934
	965	5.000%, 7/01/37 (Pre-refunded 7/01/17) – AMBAC Insured		7/17 at 100.00		N/R (4)		1,065,003
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, William W. Backus Hospital, Series 2005F:
	2,000	5.000%, 7/01/28 (Pre-refunded 7/01/18) – AGM Insured		7/18 at 100.00		AA (4)		2,274,860
	20	5.125%, 7/01/35 (Pre-refunded 7/01/18) – AGM Insured		7/18 at 100.00		AA (4)		22,831
	6,210	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale–New Haven Hospital, Series 2006J–1, 5.000%, 7/01/31 (Pre–refunded 7/01/16) – AMBAC Insured		7/16 at 100.00		Aa3 (4)		6,596,509
	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)		1,595,780
	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)		1,659,576
	1,720	Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41 (Pre–refunded 4/01/21)		4/21 at 100.00		N/R (4)		2,247,404
	14,600	Total U.S. Guaranteed						16,573,937
		Utilities – 9.6%
	160	Connecticut Development Authority, Water Facility Revenue Bonds, Aquarion Water Company Project, Refunding Series 2005B, 4.400%, 8/01/29 – SYNCORA GTY Insured		5/15 at 100.00		N/R		160,115
	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		5,834,869
	500	Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, Series 2013A, 5.000%, 1/01/20		No Opt. Call		Aa3		582,995
		Connecticut Municipal Electric Energy Cooperative, Transmission Services Revenue Bonds, Series 2012A:
	955	5.000%, 1/01/24		1/22 at 100.00		Aa3		1,118,066
	880	5.000%, 1/01/25		1/22 at 100.00		Aa3		1,021,187
	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)		5/15 at 100.00		Ba1		3,406,936
	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		3,563,714
	6,685	Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax)		7/15 at 100.00		A–		6,750,378
	5,000	Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series 2002, 5.000%, 7/01/20 – NPFG Insured		No Opt. Call		AA–		5,197,950
	26,375	Total Utilities						27,636,210

34 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Water and Sewer – 11.4%
$	5,000	Connecticut, State Revolving Fund General Revenue Bonds, Series 2013A, 5.000%, 3/01/25		3/23 at 100.00		AAA	$	6,086,800
		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+		583,670
	1,000	5.000%, 8/15/32		8/24 at 100.00		A+		1,159,280
	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–		61,863
	2,350	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40		7/20 at 100.00		A–		2,611,931
	6,085	Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Green Bond Series 2014A, 5.000%, 11/01/42		11/24 at 100.00		AA		7,045,029
	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		2,825,850
	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+		1,181,240
		South Central Connecticut Regional Water Authority Water System Revenue Bonds, Thirtieth Series 2014A:
	1,010	5.000%, 8/01/39		8/24 at 100.00		Aa3		1,160,470
	705	5.000%, 8/01/44		8/24 at 100.00		Aa3		806,943
	5,130	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		5,796,695
	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		563,295
	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		2,287,420
	500	Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 2013A, 5.250%, 8/15/43		8/23 at 100.00		AA+		567,550
	28,340	Total Water and Sewer						32,738,036
$	255,835	Total Long-Term Investments (cost $264,692,499)						283,441,353
		Other Assets Less Liabilities – 1.2%						3,519,749
		Net Assets – 100%					$	286,961,102

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

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

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

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

(ETM) Escrowed to maturity.

See accompanying notes to financial statements.

Nuveen Investments 35

Nuveen Massachusetts Municipal Bond Fund

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 98.5%
		MUNICIPAL BONDS – 98.5%
		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)		5/15 at 100.00		Caa3	$	1,030,973
		Consumer Staples – 0.3%
	700	Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33		5/15 at 100.00		BBB+		701,771
		Education and Civic Organizations – 28.5%
	1,270	Massachusetts Development Finance Agency, Revenue Bonds, Bentley University, Series 2010, 5.000%, 7/01/28		7/20 at 100.00		A3		1,376,236
	3,000	Massachusetts Development Finance Agency, Revenue Bonds, Boston College Issue, Series 2013S, 5.000%, 7/01/32		7/23 at 100.00		AA–		3,473,490
	1,500	Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2010R-1, 5.000%, 7/01/40		7/20 at 100.00		AA–		1,711,470
	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		998,644
	1,015	Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2008U-4, 5.600%, 10/01/35		10/19 at 100.00		A1		1,193,914
	750	Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2009V-1, 5.000%, 10/01/29		10/19 at 100.00		A1		859,823
	5,000	Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2013X, 5.000%, 10/01/48		10/23 at 100.00		A1		5,637,899
	3,000	Massachusetts Development Finance Agency, Revenue Bonds, Brandeis University, Series 2008N, 5.000%, 10/01/39		10/18 at 100.00		A1		3,337,350
	1,000	Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2010A, 5.000%, 1/01/40		1/20 at 100.00		BBB+		1,063,970
	3,000	Massachusetts Development Finance Agency, Revenue Bonds, Harvard University, Series 2010B-1, 5.000%, 10/15/40		10/20 at 100.00		AAA		3,471,150
		Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, Series 2014A:
	1,125	5.000%, 3/01/39		3/24 at 100.00		A2		1,274,895
	1,850	5.000%, 3/01/44		3/24 at 100.00		A2		2,088,798
	1,550	Massachusetts Development Finance Agency, Revenue Bonds, Phillips Academy , Series 2014A, 5.000%, 9/01/43		9/23 at 100.00		AAA		1,788,886
	1,000	Massachusetts Development Finance Agency, Revenue Bonds, Simmons College, Series 2013J, 5.250%, 10/01/39		No Opt. Call		BBB+		1,107,750
	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		1,108,630
	3,500	Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2011A, 5.250%, 4/01/37		4/21 at 100.00		AA–		4,029,760

36 Nuveen Investments

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	$	1,174,710
	875	Massachusetts Development Finance Agency, Revenue Bonds, Tufts University, Series 2015Q, 5.000%, 8/15/38		8/25 at 100.00		Aa2		1,021,773
		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		101,161
	3,090	5.000%, 10/01/37 – SYNCORA GTY Insured		10/15 at 100.00		Baa2		3,111,846
	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–		972,373
	2,400	Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2012, 5.000%, 9/01/50		9/22 at 100.00		A+		2,671,152
	2,100	Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured		No Opt. Call		A		2,720,298
		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		2,822,175
	2,365	5.250%, 7/01/29 (Alternative Minimum Tax)		7/22 at 100.00		AA		2,608,832
	1,305	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		1,378,472
	1,375	Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2009I, 6.000%, 1/01/28		1/20 at 100.00		AA		1,466,988
	1,300	Massachusetts Educational Financing Authority, Educational Loan Revenue, Series 2011J, 5.625%, 7/01/33 (Alternative Minimum Tax)		7/21 at 100.00		AA		1,427,959
	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		1,119,540
	800	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.696%, 12/15/34 (IF) (5)		12/19 at 100.00		AAA		1,184,408
	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		1,126,000
	90	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Williams College, Series 2007L, 5.000%, 7/01/31		7/16 at 100.00		AA+		95,094
	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		1,704,435
	2,500	University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 2015-1, 5.000%, 11/01/40 (WI/DD, Settling 3/25/15)		11/25 at 100.00		Aa2		2,923,925
	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		8,538,072
	64,230	Total Education and Civic Organizations						72,691,878
		Health Care – 19.2%
	3,200	Massachusetts Development Finance Agency Revenue Bonds, Baystate Medical Center Issue, Series 2014N, 5.000%, 7/01/44		7/24 at 100.00		A+		3,589,120
	4,000	Massachusetts Development Finance Agency Revenue Bonds, Partners HealthCare System Issue, Series 2015-O1, 5.000%, 7/01/45		7/25 at 100.00		AA		4,591,679

Nuveen Investments 37

Nuveen Massachusetts Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	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	$	5,666,799
	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–		2,633,062
		Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Health Systems, Series 2012G:
	3,005	5.000%, 10/01/28		10/21 at 100.00		A–		3,359,229
	500	5.000%, 10/01/30		10/21 at 100.00		A–		557,355
	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–		1,481,594
	1,413	Massachusetts Development Finance Agency, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012A, 6.000%, 2/15/43 (6), (7)		5/15 at 103.00		N/R		78,805
	907	Massachusetts Development Finance Agency, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012B, 0.000%, 2/15/43 (6), (7)		5/15 at 16.97		N/R		50,606
	1,603	Massachusetts Development Finance Agency, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012C, 0.000%, 2/15/43 (6), (7)		5/15 at 103.00		N/R		89,383
	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		1,116,510
	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+		4,060,186
	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		3,840
	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+		2,375,411
	2,685	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Boston Medical Center, Series 2008B, 5.250%, 7/01/38		7/18 at 100.00		BBB		2,879,743
	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		1,127,460
	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–		1,118,060
	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–		391,738
		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–		555,955
	100	5.375%, 2/01/27 – NPFG Insured		8/18 at 100.00		AA–		112,436
	1,500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard Pilgrim Healthcare, Series 1998A, 4.750%, 7/01/22 – AGM Insured		7/15 at 100.00		AA		1,503,135
	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–		3,474,018
	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+		2,157,680

38 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford Regional Medical Center, Series 2007E:
$	2,040	5.000%, 7/15/32		7/17 at 100.00		BBB–	$	2,091,673
	1,000	5.000%, 7/15/37		7/17 at 100.00		BBB–		1,021,680
	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+		1,405,698
	1,565	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+		1,574,875
	50,193	Total Health Care						49,067,730
		Housing/Multifamily – 1.9%
	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		1,714,810
	3,090	Massachusetts Development Finance Authority, Multifamily Housing Revenue Bonds, Emerson Manor Project, Series 2007, 4.800%, 7/20/48		7/17 at 100.00		BB		3,163,480
	4,625	Total Housing/Multifamily						4,878,290
		Long-Term Care – 2.9%
	240	Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village, Series 2010, 5.625%, 12/01/30		12/19 at 100.00		A–		274,385
		Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A:
	240	5.250%, 1/01/26		1/23 at 100.00		BBB–		267,449
	790	5.750%, 1/01/28		1/23 at 100.00		BBB–		883,102
	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		1,085,150
	4,220	Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26		5/15 at 101.00		N/R		4,265,365
	35	Massachusetts Development Finance Authority, First Mortgage Revenue Bonds, Berkshire Retirement Community-Edgecombe Project, Series 2001A, 6.750%, 7/01/21		7/15 at 100.00		BBB		35,162
	655	Massachusetts Industrial Finance Agency, First Mortgage Revenue Bonds, Berkshire Retirement Community, Series 1994B, 4.750%, 7/01/17		5/15 at 100.00		BBB		655,956
	7,180	Total Long-Term Care						7,466,569
		Tax Obligation/General – 4.8%
	1,045	Boston, Massachusetts, General Obligation Bonds, Series 2013A, 4.000%, 3/01/25		3/23 at 100.00		AAA		1,189,628
	1,750	Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011, 5.000%, 2/15/32		2/20 at 100.00		AA		1,996,610
	1,005	Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21		No Opt. Call		AA+		1,235,155
	1,220	Massachusetts State, General Obligation Bonds, Consolidated Loan, Refunding Series 2014C, 5.000%, 8/01/22		No Opt. Call		AA+		1,493,134
	360	Newburyport, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2013, 4.000%, 1/15/30		1/23 at 100.00		AA+		385,621
	1,000	North Reading, Massachusetts, General Obligation Bonds, Series 2012, 5.000%, 5/15/35 – AMBAC Insured		5/22 at 100.00		Aa2		1,131,640

Nuveen Investments 39

Nuveen Massachusetts Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	1,490	Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A, 5.500%, 7/01/17 – AGM Insured		No Opt. Call		AA	$	1,562,787
	2,000	Quincy, Massachusetts, General Obligation Bonds, Series 2011, 5.125%, 12/01/33		12/20 at 100.00		Aa2		2,305,480
	690	Westfield, Massachusetts, General Obligation Bonds, Series 2004, 5.000%, 8/01/19 – AMBAC Insured		8/15 at 100.00		AA		704,014
	120	Worcester, Massachusetts, General Obligation Bonds, Series 2001A, 5.500%, 8/15/18 – FGIC Insured		8/15 at 100.00		AA–		120,530
	10,680	Total Tax Obligation/General						12,124,599
		Tax Obligation/Limited – 15.0%
	1,505	Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42		1/22 at 100.00		A		1,663,236
	805	Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37		1/22 at 100.00		A		883,029
	1,010	Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2014, 5.000%, 5/01/33 – BAM Insured		11/24 at 100.00		AA		1,166,601
	2,545	Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A, 5.000%, 7/01/41		7/22 at 100.00		AAA		2,883,561
		Massachusetts College Building Authority, Project Revenue Bonds, Green Series 2014B:
	540	5.000%, 5/01/39		5/24 at 100.00		AA		621,383
	1,890	5.000%, 5/01/44		5/24 at 100.00		AA		2,168,340
	2,500	Massachusetts College Building Authority, Project Revenue Bonds, Series 2008A, 5.000%, 5/01/33 – AGC Insured		5/18 at 100.00		AA		2,763,675
		Massachusetts College Building Authority, Project Revenue Refunding Bonds, Series 2003B:
	2,025	5.375%, 5/01/22 – SYNCORA GTY Insured		No Opt. Call		Aa2		2,513,511
	1,125	5.375%, 5/01/23 – SYNCORA GTY Insured		No Opt. Call		Aa2		1,416,589
	1,310	Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2011A, 5.000%, 5/01/24		No Opt. Call		AA		1,621,479
	1,145	Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/01/37		5/22 at 100.00		AA		1,297,377
	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+		3,581,906
		Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A:
	1,400	5.000%, 8/15/22 – AMBAC Insured		8/17 at 100.00		AA+		1,550,906
	1,000	5.000%, 8/15/37 – AMBAC Insured		8/17 at 100.00		AA+		1,090,180
	2,000	Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2011B, 5.000%, 10/15/41		10/21 at 100.00		AA+		2,278,500
	1,130	Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2005, 5.000%, 1/01/20 – FGIC Insured		No Opt. Call		AA–		1,302,687
	800	Massachusetts, Transportation Fund Revenue Bonds, Accelerated Bridge Program, Series 2012A, 4.000%, 6/01/35		6/21 at 100.00		AAA		842,056
	1,650	Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J, 5.000%, 7/01/18 – NPFG Insured		5/15 at 100.00		AA–		1,650,248
	3,500	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32		No Opt. Call		BBB+		3,871,945
	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		27,462

40 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	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	$	1,825,346
	1,130	Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note-Diageo Project, Series 2009A, 6.625%, 10/01/29		10/19 at 100.00		Baa3		1,290,991
	33,810	Total Tax Obligation/Limited						38,311,008
		Transportation – 7.0%
	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+		2,070,957
	2,000	Massachusetts Port Authority, Airport System Revenue Bonds, Series 2010A, 5.000%, 7/01/30		7/20 at 100.00		AA		2,316,400
	2,750	Massachusetts Port Authority, Revenue Bonds, Series 2012B, 5.000%, 7/01/32		No Opt. Call		AA		3,188,598
	1,780	Massachusetts Port Authority, Revenue Bonds, Series 2014A, 5.000%, 7/01/34		7/24 at 100.00		AA		2,069,731
	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–		2,775,890
	500	Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41		7/21 at 100.00		A		553,940
	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)		7/15 at 100.00		N/R		4,055,811
	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+		941,674
	16,365	Total Transportation						17,973,001
		U.S. Guaranteed – 9.6% (8)
	685	Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21 (ETM)		3/17 at 100.00		N/R (8)		728,888
	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		85,281
	1,375	Massachusetts College Building Authority, Project Revenue Bonds, Series 2006A, 5.000%, 5/01/31 (Pre-refunded 5/01/16) – AMBAC Insured		5/16 at 100.00		Aa2 (8)		1,451,684
	6,000	Massachusetts Development Finance Agency, Revenue Bonds, Draper Laboratory, Series 2008, 5.875%, 9/01/30 (Pre-refunded 9/01/18)		9/18 at 100.00		Aa3 (8)		7,014,539
	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)		596,825
	3,075	Massachusetts Development Finance Authority, Revenue Bonds, Massachusetts College of Pharmacy and Allied Health Sciences, Series 2005D, 5.000%, 7/01/27 (Pre-refunded 7/01/15) – AGC Insured		7/15 at 100.00		AA (8)		3,126,291
	315	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Boston Medical Center, Series 2008B, 5.250%, 7/01/38 (Pre-refunded 7/01/18)		7/18 at 100.00		N/R (8)		359,538
	295	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 1998A, 5.000%, 7/01/25 (Pre-refunded 7/01/21) – NPFG Insured		7/21 at 100.00		AA– (8)		345,855
	3,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Tufts University, Series 2008O, 5.375%, 8/15/38 (Pre-refunded 8/15/18)		8/18 at 100.00		Aa2 (8)		3,455,010
	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)		658,936

Nuveen Investments 41

Nuveen Massachusetts Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		U.S. Guaranteed (8) (continued)
		Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A:
$	2,500	5.000%, 8/15/18 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (8)	$	2,557,150
	2,200	5.000%, 8/15/20 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (8)		2,250,292
		Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A:
	100	5.000%, 8/01/27 (Pre-refunded 8/01/17)		8/17 at 100.00		Aa1 (8)		110,588
	45	5.000%, 8/01/28 (Pre-refunded 8/01/17)		8/17 at 100.00		Aa1 (8)		49,765
	130	5.000%, 8/01/29 (Pre-refunded 8/01/17)		8/17 at 100.00		Aa1 (8)		143,764
	1,500	Massachusetts Water Resources Authority, General Revenue Bonds, Series 2006A, 5.000%, 8/01/31 (Pre-refunded 8/01/16) – AMBAC Insured		8/16 at 100.00		AA+ (8)		1,599,990
	22,415	Total U.S. Guaranteed						24,534,396
		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		1,584,871
	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+		1,603,430
	2,900	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2004PP, 5.000%, 7/01/22 – NPFG Insured		7/15 at 100.00		AA–		2,900,493
	5,895	Total Utilities						6,088,794
		Water and Sewer – 6.5%
	1,700	Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured		11/19 at 100.00		AA		1,955,068
	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+		1,147,590
	2,700	Massachusetts Clean Water Trust, State Revolving Fund Bonds, Green 18 Series 2015, 5.000%, 2/01/45		2/24 at 100.00		AAA		3,127,005
	60	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2003-9, 5.000%, 8/01/22		5/15 at 100.00		AAA		60,242
	1,000	Massachusetts Water Resources Authority, General Revenue Bonds, Series 2002J, 5.250%, 8/01/19 – AGM Insured		No Opt. Call		AA+		1,180,830
		Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A:
	1,550	5.000%, 8/01/27		8/17 at 100.00		AA+		1,700,908
	705	5.000%, 8/01/28		8/17 at 100.00		AA+		769,486
	1,950	5.000%, 8/01/29		8/17 at 100.00		AA+		2,128,367
	2,500	Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005B, 5.000%, 8/01/35 – NPFG Insured		8/17 at 100.00		AA+		2,732,300
	1,500	Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured		11/20 at 100.00		AA		1,737,420
	14,665	Total Water and Sewer						16,539,216
$	232,183	Total Long-Term Investments (cost $233,880,848)						251,408,225
		Other Assets Less Liabilities – 1.5%						3,899,830
		Net Assets – 100%					$	255,308,055

42 Nuveen Investments

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

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

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

(4) 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) As of, 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 ceased accruing additional income on the Fund’s records.

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

(8) 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 of such securities.

(ETM) Escrowed to maturity

(IF) Inverse floating rate investment

(WI/DD) Purchased on a when-issued or delayed delivery basis

See accompanying notes to financial statements.

Nuveen Investments 43

Nuveen New Jersey Municipal Bond Fund

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 97.4%
		MUNICIPAL BONDS – 97.4%
		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		5/15 at 100.00		Caa1	$	213,643
	240	5.125%, 1/01/37		5/15 at 100.00		Caa1		183,638
	520	Total Consumer Discretionary						397,281
		Consumer Staples – 3.5%
		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		3,009,480
	7,280	4.750%, 6/01/34		6/17 at 100.00		B2		5,670,319
	1,740	5.000%, 6/01/41		6/17 at 100.00		B2		1,360,541
	12,020	Total Consumer Staples						10,040,340
		Education and Civic Organizations – 13.2%
	870	New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding Series 2015, 5.000%, 3/01/25 (WI/DD, Settling 3/04/15)		No Opt. Call		A		1,066,507
		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		860,306
	1,015	5.000%, 7/01/43		7/23 at 100.00		AA		1,133,643
	1,000	New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23		5/15 at 100.00		BBB		1,003,810
	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		2,115,043
	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–		1,292,142
	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–		1,089,141
	1,725	New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey City University, Series 2015A, 5.000%, 7/01/45		7/25 at 100.00		AA		1,947,870
		New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2012B:
	525	5.000%, 7/01/37		7/22 at 100.00		A		580,246
	100	5.000%, 7/01/42		7/22 at 100.00		A		110,523
	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+		2,235,540
		New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
	250	5.000%, 7/01/32		7/21 at 100.00		BBB+		271,158
	230	5.000%, 7/01/37		7/21 at 100.00		BBB+		248,244
	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–		509,935

44 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
$	740	New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38		7/23 at 100.00		A	$	826,787
	3,605	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		3,914,886
	500	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25		12/19 at 100.00		AA		528,960
	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		554,844
	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		2,276,810
	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		439,980
		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		1,615,920
	1,000	4.000%, 12/01/28 (Alternative Minimum Tax)		12/22 at 100.00		AA		1,021,670
	1,585	4.000%, 12/01/31 (Alternative Minimum Tax)		12/22 at 100.00		AA		1,600,454
	1,670	4.125%, 12/01/35 (Alternative Minimum Tax)		12/22 at 100.00		AA		1,687,401
		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		1,532,130
	1,500	4.500%, 12/01/36 (Alternative Minimum Tax)		12/23 at 100.00		AA		1,565,040
	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+		1,601,557
	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–		455,257
	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–		151,095
	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		5/15 at 100.00		BBB–		1,320,195
	2,320	Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43		5/23 at 100.00		AA–		2,627,214
	35,735	Total Education and Civic Organizations						38,184,308
		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		1,128,930
	500	6.500%, 4/01/28		No Opt. Call		Ba2		629,355
	1,500	Total Financials						1,758,285
		Health Care – 14.9%
	1,720	Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A, 5.000%, 2/15/25		No Opt. Call		BBB		1,988,148

Nuveen Investments 45

Nuveen New Jersey Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	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	$	922,688
	4,445	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+		4,892,389
		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+		899,792
	75	6.250%, 7/01/35		7/21 at 100.00		BB+		83,436
	360	New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Barnabas Health, Series 2012A, 5.000%, 7/01/24		No Opt. Call		A–		414,688
		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		892,240
	440	5.500%, 7/01/43		7/23 at 100.00		BBB		496,562
	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+		1,226,410
	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		1,587,645
	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		141,361
		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Refunding Series 2014A:
	595	5.000%, 7/01/45		7/24 at 100.00		A		661,824
	1,025	4.000%, 7/01/45		7/24 at 100.00		A		1,009,881
		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group Issue, Refunding Series 2012:
	1,420	4.000%, 7/01/17		No Opt. Call		A3		1,518,619
	1,125	5.000%, 7/01/31		7/22 at 100.00		A3		1,249,954
	1,080	5.000%, 7/01/42		7/22 at 100.00		A3		1,179,317
	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		621,330
	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		5,695,743
		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital Issue, Series 2014A:
	570	5.000%, 7/01/39		7/24 at 100.00		A		640,275
	630	5.000%, 7/01/43		7/24 at 100.00		A		702,343
		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		2,512,875
	775	5.000%, 7/01/35 – RAAI Insured		7/15 at 100.00		N/R		778,046
	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		A–		5,903,142
	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		A–		414,770
	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		A–		783,360

46 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–	$	3,404,318
	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		A–		563,797
		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		893,201
	100	5.000%, 7/01/26		7/16 at 100.00		A2		104,366
	810	5.000%, 7/01/36		7/16 at 100.00		A2		839,638
	50,510	Total Health Care						43,022,158
		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		2,328,048
	1,100	5.875%, 6/01/42		6/20 at 100.00		Baa3		1,243,935
		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		2,321,798
	1,125	4.600%, 11/01/38 (Alternative Minimum Tax)		11/22 at 100.00		AA		1,177,898
	1,125	4.750%, 11/01/46 (Alternative Minimum Tax)		11/22 at 100.00		AA		1,171,136
	3,000	New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2009A, 4.950%, 5/01/41		11/19 at 100.00		AA–		3,072,720
	10,655	Total Housing/Multifamily						11,315,535
		Housing/Single Family – 0.9%
	1,545	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		1,570,044
	1,070	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		1,113,089
	2,615	Total Housing/Single Family						2,683,133
		Industrials – 0.6%
	1,660	Gloucester County Improvement Authority, New Jersey, Solid Waste Resource Recovery Revenue Refunding Bonds, Waste Management Inc. Project, Series 1999B, 6.850%, 12/01/29 (Mandatory put 12/01/17)		No Opt. Call		A–		1,719,793
		Long-Term Care – 1.0%
	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		705,502
	495	New Jersey Economic Development Authority, First Mortgage Fixed Rate Revenue Bonds, Cadbury Corporation, Series 1998A, 5.500%, 7/01/18 – ACA Insured		7/15 at 100.00		N/R		480,358
	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		157,511
	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–		1,176,402

Nuveen Investments 47

Nuveen New Jersey Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Long-Term Care (continued)
$	205	New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29		7/24 at 100.00		BBB–	$	224,104
	2,630	Total Long-Term Care						2,743,877
		Tax Obligation/General – 10.1%
		Cumberland County Improvement Authority, New Jersey, County General Obligation Revenue Bonds, Technical High School Project, Series 2014:
	1,750	3.000%, 9/01/30 – AGM Insured		9/24 at 100.00		AA		1,703,695
	1,775	5.000%, 9/01/39 – AGM Insured		9/24 at 100.00		AA		2,013,400
	415	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–		414,502
		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–		840,745
	1,270	4.000%, 9/15/27		9/22 at 100.00		AA–		1,403,782
	525	Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27		8/20 at 100.00		AA		596,216
	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		640,435
	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–		1,113,650
		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+		337,511
	220	5.000%, 1/01/37		1/24 at 100.00		AA+		252,294
	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+		643,701
	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		3,306,435
		Readington Township, New Jersey, General Obligation Bonds, General Improvement Series 2011:
	875	5.125%, 1/15/28		1/21 at 100.00		AA		997,272
	875	5.250%, 1/15/30		1/21 at 100.00		AA		997,132
		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+		507,339
	305	4.000%, 12/01/24		6/22 at 100.00		AA+		341,539
	1,010	Sparta Township Board of Education, Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2015, 5.000%, 2/15/33		2/25 at 100.00		AA–		1,171,570
	1,630	Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 2/15/21		No Opt. Call		AA+		1,849,675
	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+		4,070,082
	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+		2,840,189

48 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	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	$	2,194,295
	1,000	West Deptford Township, Gloucester County, New Jersey, General Obligation Bonds, Refunding Bonds, Series 2014, 4.000%, 9/01/28 – BAM Insured		9/24 at 100.00		AA		1,070,510
	26,435	Total Tax Obligation/General						29,305,969
		Tax Obligation/Limited – 18.3%
	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		830,973
	825	Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22 – AMBAC Insured		No Opt. Call		Aa2		1,020,154
	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		3,180,175
	1,050	Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36		1/22 at 100.00		A		1,174,477
		New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
	1,310	5.000%, 6/15/19		No Opt. Call		BBB+		1,468,130
	700	5.000%, 6/15/21		No Opt. Call		BBB+		799,610
	2,850	5.000%, 6/15/25		6/22 at 100.00		BBB+		3,205,908
	450	5.000%, 6/15/28		No Opt. Call		BBB+		496,566
	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		1,003,760
	1,000	New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.000%, 7/01/29 – NPFG Insured		5/15 at 100.00		AA–		1,015,790
		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		88,539
	145	5.125%, 6/15/37		6/17 at 100.00		Baa3		149,800
	1,500	New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/22		No Opt. Call		A2		1,709,640
	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–		331,053
		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		A2		3,577,385
	1,950	5.250%, 10/01/38		10/18 at 100.00		A2		2,118,499
	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		A2		2,301,040
	14,635	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30		No Opt. Call		A2		7,095,341
	1,900	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22		No Opt. Call		A2		2,228,643
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
	4,000	0.000%, 12/15/32 – AGM Insured		No Opt. Call		AA		1,784,920
	4,000	0.000%, 12/15/33 – AGM Insured		No Opt. Call		AA		1,705,840
	5,450	0.000%, 12/15/34 – AGM Insured		No Opt. Call		AA		2,212,591

Nuveen Investments 49

Nuveen New Jersey Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	500	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/26 – AMBAC Insured		12/17 at 100.00		A2	$	547,390
	5,505	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/39		No Opt. Call		A2		1,623,424
	1,510	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24		No Opt. Call		A2		1,721,385
	1,500	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 5.000%, 6/15/38		No Opt. Call		A2		1,607,805
		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		1,702,271
	2,000	3.500%, 5/01/35		5/22 at 100.00		Aa3		2,007,500
	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		B		408,710
	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+		3,794,250
	67,515	Total Tax Obligation/Limited						52,911,569
		Transportation – 14.6%
	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		1,238,798
		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		414,648
	1,510	4.125%, 1/01/39		1/24 at 100.00		A1		1,594,741
	2,000	5.000%, 1/01/44		1/24 at 100.00		A1		2,275,320
		Delaware River Joint Toll Bridge Commission, Pennsylvania, Revenue Bonds, Refunding Series 2012A:
	500	5.000%, 7/01/26		7/22 at 100.00		A1		578,665
	500	3.000%, 7/01/28		7/22 at 100.00		A1		503,740
	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		2,000,838
		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		1,254,027
	1,100	5.000%, 1/01/27		No Opt. Call		BBB		1,256,024
	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–		1,416,556
		New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:
	400	5.125%, 9/15/23 (Alternative Minimum Tax)		3/15 at 100.00		B+		437,516
	800	5.250%, 9/15/29 (Alternative Minimum Tax)		9/22 at 101.00		B+		876,568
	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+		340,176
		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
	75	6.500%, 1/01/16		No Opt. Call		A3		78,908
	415	6.500%, 1/01/16 – NPFG Insured		No Opt. Call		AA–		436,626

50 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Transportation (continued)
$	1,300	New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured		No Opt. Call		AA	$	1,615,952
	3,500	New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35		1/20 at 100.00		A+		3,882,620
	1,380	New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/28		1/23 at 100.00		A+		1,586,144
	5,000	New Jersey Turnpike Authority, Revenue Bonds, Series 2013A, 5.000%, 1/01/43		7/22 at 100.00		A+		5,553,600
	900	Passaic County Improvement Authority, New Jersey, County Guaranteed Parking Revenue Bonds, 200 Hospital Plaza Project, Series 2010, 5.000%, 5/01/42		5/20 at 100.00		Aa3		1,013,778
	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–		2,235,000
		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
	1,500	5.000%, 12/01/28 – SYNCORA GTY Insured		6/15 at 101.00		AA–		1,534,770
	500	5.000%, 12/01/34		6/15 at 101.00		AA–		511,460
	420	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 18.172%, 8/15/32 – AGM Insured (IF)		8/17 at 100.00		AA		581,398
	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–		2,073,482
		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)		6/15 at 100.00		AA–		2,011,360
	3,125	5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)		6/15 at 100.00		AA–		3,134,563
		South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2012Q:
	765	3.000%, 1/01/23		No Opt. Call		A2		790,421
	870	3.000%, 1/01/24		1/23 at 100.00		A2		890,184
	38,240	Total Transportation						42,117,883
		U.S. Guaranteed – 11.7% (4)
		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)		396,837
	920	5.000%, 4/01/35 – AMBAC Insured (Pre-refunded 4/01/15)		4/15 at 100.00		AA (4)		924,278
	735	Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2005, 4.000%, 12/01/17 (Pre-refunded 12/01/15) – AMBAC Insured		12/15 at 100.00		N/R (4)		749,039
	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)		2,393,186
	375	New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Series 2005, 5.000%, 12/01/24 (Pre-refunded 6/01/15) – AMBAC Insured		6/15 at 100.00		N/R (4)		379,755
	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)		376,827
	525	New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U, 5.000%, 9/01/37 (Pre-refunded 9/01/17) – AMBAC Insured		9/17 at 100.00		AAA		581,296
	420	New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2005B, 5.000%, 7/01/30 (Pre-refunded 7/01/16) – NPFG Insured		7/16 at 100.00		AA– (4)		446,200

Nuveen Investments 51

Nuveen New Jersey Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		U.S. Guaranteed (4) (continued)
		New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2005F:
$	1,400	5.000%, 7/01/16 (Pre-refunded 7/01/15) – FGIC Insured		7/15 at 100.00		A1 (4)	$	1,423,688
	1,825	5.000%, 7/01/24 (Pre-refunded 7/01/15) – FGIC Insured		7/15 at 100.00		A1 (4)		1,855,879
	525	5.000%, 7/01/32 (Pre-refunded 7/01/15) – FGIC Insured		7/15 at 100.00		A1 (4)		533,883
	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)		3,165,775
		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 (Pre-refunded 9/15/15) – AMBAC Insured		9/15 at 100.00		A2 (4)		1,078,319
	1,875	5.000%, 9/15/24 (Pre-refunded 9/15/15) – AMBAC Insured		9/15 at 100.00		A2 (4)		1,925,569
	4,495	5.000%, 9/15/26 (Pre-refunded 9/15/15) – AMBAC Insured		9/15 at 100.00		A2 (4)		4,616,230
	1,325	5.000%, 9/15/28 (Pre-refunded 9/15/15) – AMBAC Insured		9/15 at 100.00		A2 (4)		1,360,735
	2,000	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006B, 5.000%, 7/01/26 (Pre-refunded 7/01/16)		7/16 at 100.00		A– (4)		2,125,880
	1,510	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006, 5.125%, 7/01/35 (Pre-refunded 7/01/16)		7/16 at 100.00		A– (4)		1,607,576
	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)		1,010,747
	1,295	New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 (Pre-refunded 9/15/15) – FGIC Insured		9/15 at 100.00		AA– (4)		1,329,926
		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
	35	6.500%, 1/01/16 (ETM)		1/16 at 100.00		A3 (4)		36,864
	200	6.500%, 1/01/16 – NPFG Insured (ETM)		1/16 at 100.00		AA– (4)		210,652
	50	6.500%, 1/01/16 (ETM)		No Opt. Call		AA+ (4)		52,663
	255	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		268,581
	10	6.500%, 1/01/16 – AMBAC Insured (ETM)		No Opt. Call		A3 (4)		10,533
	5	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		5,266
	4,000	Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 – AMBAC Insured		No Opt. Call		Aaa		4,811,760
	31,155	Total U.S. Guaranteed						33,677,944
		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		525,760
	1,000	5.125%, 6/15/43 (Alternative Minimum Tax)		6/22 at 100.00		Baa3		1,053,720
	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		1,039,728
	2,460	Total Utilities						2,619,208
		Water and Sewer – 3.1%
		New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 2012C:
	1,040	5.000%, 10/01/23		No Opt. Call		A		1,243,050
	2,175	4.250%, 10/01/47 (Alternative Minimum Tax)		10/22 at 100.00		A		2,235,639

52 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Water and Sewer (continued)
$	1,770	New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Tender Option Bond Trust 4729, 7.508%, 9/01/21 (IF) (5)		No Opt. Call		N/R	$	2,318,753
		North Hudson Sewerage Authority, New Jersey, Gross Revenue Senior Lien Lease Certificates, Series 2012A:
	1,500	5.000%, 6/01/27 – NPFG Insured		6/22 at 100.00		A		1,713,390
	1,210	5.000%, 6/01/42 – NPFG Insured		6/22 at 100.00		A		1,333,577
	7,695	Total Water and Sewer						8,844,409
$	291,345	Total Long-Term Investments (cost $262,204,794)						281,341,692
		Other Assets Less Liabilities – 2.6%						7,481,259
		Net Assets – 100%					$	288,822,951

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

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

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

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

(ETM) Escrowed to maturity

(IF) Inverse floating rate investment

(WI/DD) Purchased on a when-issued or delayed delivery basis

See accompanying notes to financial statements.

Nuveen Investments 53

Nuveen New York Municipal Bond Fund

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 99.2%
		MUNICIPAL BONDS – 99.1%
		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	$	676,717
		Consumer Staples – 2.3%
	260	New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25		6/15 at 100.00		A1		260,400
	75	Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25		5/15 at 100.00		A1		74,711
	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–		6,701,604
		TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
	1,640	4.750%, 6/01/22		6/16 at 100.00		BBB–		1,654,088
	1,325	5.000%, 6/01/26		6/16 at 100.00		BB–		1,332,990
	7,335	5.125%, 6/01/42		6/16 at 100.00		B		6,278,467
	17,285	Total Consumer Staples						16,302,260
		Education and Civic Organizations – 16.1%
	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		682,367
		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		B+		521,721
	1,000	5.000%, 4/01/27		4/17 at 100.00		B+		951,110
	290	5.000%, 4/01/37		4/17 at 100.00		B+		259,304
	1,000	Allegany County Industrial Development Agency, New York, Revenue Bonds, Alfred University, Series 1998, 5.000%, 8/01/28 – NPFG Insured		8/15 at 100.00		A3		1,001,320
	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–		4,616,132
	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		2,273,614
		Build New York City 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–		1,749,365
	1,000	5.500%, 4/01/43		4/23 at 100.00		BBB–		1,105,410
		Build New York City Resource Corporation, New York, Revenue Bonds, City University of New York-Queens College, Q Student Residences, LLC Project, Refunding Series 2014A:
	1,000	5.000%, 6/01/38		6/24 at 100.00		Aa2		1,147,990
	4,050	5.000%, 6/01/43		6/24 at 100.00		Aa2		4,614,448
	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–		221,878
	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		Baa1		1,986,967

54 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	$	2,755,917
	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–		1,405,017
	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–		2,031,378
		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–		1,937,801
	735	5.250%, 7/01/34 – FGIC Insured		No Opt. Call		AA–		860,068
	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		1,780,200
	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–		469,939
	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		8,857,037
	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		882,600
	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–		400,610
	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–		640,089
	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–		1,692,660
	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		1,386,864
	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		280,280
	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		1,326,340
	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–		2,755,500
		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–		5,810,242
	2,000	5.000%, 8/01/36		8/16 at 100.00		A–		2,083,760
		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		BB+		4,138,720
	1,060	5.000%, 1/01/39 – AMBAC Insured		1/17 at 100.00		BB+		1,093,485
	1,795	4.750%, 1/01/42 – AMBAC Insured		1/17 at 100.00		BB+		1,840,808
	5,170	5.000%, 1/01/46 – AMBAC Insured		1/17 at 100.00		BB+		5,338,956

Nuveen Investments 55

Nuveen New York Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

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	$	741,442
	2,500	5.000%, 3/01/36 – NPFG Insured		9/16 at 100.00		AA–		2,635,750
	2,140	4.500%, 3/01/39 – FGIC Insured		9/16 at 100.00		BBB		2,165,873
	1,150	4.750%, 3/01/46 – NPFG Insured		9/16 at 100.00		AA–		1,198,001
	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+		2,240,020
	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		828,452
	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–		6,211,296
		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–		4,342,412
	10,000	5.000%, 8/01/43		8/23 at 100.00		AA–		11,332,100
		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		1,078,890
	1,745	5.000%, 7/01/42		7/22 at 100.00		Baa2		1,869,925
	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		449,655
	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–		1,770,672
		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		1,432,768
	2,300	6.250%, 10/15/40		10/20 at 100.00		BB		2,466,267
	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		1,146,300
	102,545	Total Education and Civic Organizations						112,809,720
		Financials – 1.6%
	5,710	New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35		No Opt. Call		A		6,830,302
	3,475	New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37		No Opt. Call		A		4,286,898
	9,185	Total Financials						11,117,200
		Health Care – 6.6%
	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		5/15 at 100.00		AA–		1,917,564
		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		5/15 at 100.00		AA–		3,011,730
	1,775	5.000%, 2/01/28 – FGIC Insured		5/15 at 100.00		AA–		1,781,461
	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		A		621,374

56 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	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	$	2,749,600
		Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008:
	6,895	6.125%, 12/01/29		12/18 at 100.00		Ba1		7,643,935
	4,500	6.250%, 12/01/37		12/18 at 100.00		Ba1		4,958,100
	245	Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured		5/15 at 100.00		AA		246,960
	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		636,198
	500	Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2006B, 5.000%, 11/01/34		11/16 at 100.00		A3		530,165
	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		1,126,310
		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		636,669
	950	5.500%, 4/01/34		10/20 at 100.00		AA		1,102,750
		Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
	115	4.500%, 2/01/17		No Opt. Call		BB+		119,142
	710	5.250%, 2/01/27		2/17 at 100.00		BB+		728,432
	785	5.500%, 2/01/32		2/17 at 100.00		BB+		803,024
		Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010:
	2,720	5.750%, 8/15/35		2/21 at 100.00		Aa2		3,257,363
	5,000	5.500%, 8/15/40		2/21 at 100.00		Aa2		5,894,600
	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–		1,512,864
		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–		1,080,700
	500	5.250%, 12/01/32		12/17 at 100.00		A–		541,320
	1,965	Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28		7/21 at 100.00		BBB+		2,168,338
	2,000	Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31		7/15 at 100.00		B+		2,003,700
	1,060	Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001B, 7.125%, 7/01/31		5/15 at 100.00		B+		1,061,961
	42,220	Total Health Care						46,134,260
		Housing/Multifamily – 1.5%
	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		1,764,928
	230	East Syracuse Housing Authority, New York, FHA-Insured Section 8 Assisted Revenue Refunding Bonds, Bennet Project, Series 2001A, 6.700%, 4/01/21		4/15 at 100.00		AA		230,750

Nuveen Investments 57

Nuveen New York Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Multifamily (continued)
$	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–	$	1,011,930
	5	New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2002A, 5.500%, 11/01/34 (Alternative Minimum Tax)		5/15 at 100.00		AA+		5,016
	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+		901,127
	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		2,583,850
	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		725,769
		New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A:
	35	6.100%, 11/01/15 – AGM Insured		5/15 at 100.00		AA		35,174
	190	6.125%, 11/01/20 – AGM Insured		5/15 at 100.00		AA		190,523
	1,680	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		1,729,795
	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)		8/15 at 100.00		Aa1		1,001,140
	9,800	Total Housing/Multifamily						10,180,002
		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		2,307,443
		Industrials – 1.7%
	460	Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (Alternative Minimum Tax)		1/25 at 100.00		N/R		492,849
	10,520	New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44		11/24 at 100.00		N/R		11,099,126
	10,980	Total Industrials						11,591,975
		Long-Term Care – 2.5%
	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+		1,135,516
	2,000	Dormitory Authority of the State of New York, Insured Revenue Bonds, NYSARC Inc. Projects, Series 2005A, 5.000%, 7/01/34 – AGM Insured		7/15 at 100.00		AA		2,029,520
		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		333,593
	310	6.000%, 7/01/27 – AMBAC Insured		7/19 at 100.00		Aa2		356,047
	330	6.000%, 7/01/28 – AMBAC Insured		7/19 at 100.00		Aa2		378,431
	350	6.000%, 7/01/29 – AMBAC Insured		7/19 at 100.00		Aa2		401,909
	1,460	6.000%, 7/01/36 – AMBAC Insured		7/19 at 100.00		Aa2		1,667,787
	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		1,169,710
	650	Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31		11/16 at 100.00		Ba3		665,828

58 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Long-Term Care (continued)
		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	$	50,150
	555	5.000%, 7/01/35 – ACA Insured		7/15 at 100.00		N/R		556,049
	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		1,730,056
	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		2,824,153
	50	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19		7/15 at 100.00		N/R		50,198
		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		992,810
	1,175	6.100%, 7/01/28		7/16 at 101.00		N/R		1,159,196
	800	6.200%, 7/01/33		7/16 at 101.00		N/R		786,176
	1,225	Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic Landing At Southold, Inc. Project, Refunding Series 2010, 6.000%, 12/01/40		12/20 at 100.00		BBB–		1,359,505
	125	Suffolk County Industrial Development Agency, New York, Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001C–1, 7.250%, 7/01/16		7/15 at 100.00		N/R		126,388
	16,910	Total Long-Term Care						17,773,022
		Tax Obligation/General – 5.1%
	1,035	Mount Sinai Union Free School District, Suffolk County, New York, General Obligation Refunding Bonds, Series 1992, 6.200%, 2/15/16 – AMBAC Insured		No Opt. Call		Aa3		1,093,312
	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		1,388,329
		New York City, New York, General Obligation Bonds, Fiscal 2012 Series A-1:
	1,900	5.000%, 10/01/30		No Opt. Call		AA		2,212,379
	1,915	5.000%, 10/01/31		No Opt. Call		AA		2,222,683
	3,000	5.000%, 10/01/33		10/22 at 100.00		AA		3,464,160
		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		2,073,011
	6,100	5.000%, 3/01/37		3/23 at 100.00		AA		6,949,059
	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		2,320,100
	2,500	New York City, New York, General Obligation Bonds, Fiscal 2015 Series A, 5.000%, 8/01/32		8/24 at 100.00		AA		2,919,075
	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		66,622
	350	New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/19 – FGIC Insured		3/15 at 100.00		AA		351,421
	6,670	New York City, New York, General Obligation Bonds, Series 2011D-I, 5.000%, 10/01/34		No Opt. Call		AA		7,627,679
		Yonkers, New York, General Obligation Bonds, Series 2005B:
	1,495	5.000%, 8/01/17		8/15 at 100.00		A3		1,525,139
	1,570	5.000%, 8/01/18		8/15 at 100.00		A3		1,601,384
	31,650	Total Tax Obligation/General						35,814,353
		Tax Obligation/Limited – 26.3%
	835	Albany Parking Authority, New York, Revenue Refunding Bonds, Series 1992A, 0.000%, 11/01/17		No Opt. Call		N/R		748,519

Nuveen Investments 59

Nuveen New York Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
		Dormitory Authority of the State of New York, Residential Institutions for Children Revenue Bonds, Series 2008-A1:
$	2,000	5.000%, 6/01/33		6/18 at 100.00		Aa1	$	2,202,840
	2,500	5.000%, 6/01/38		6/18 at 100.00		Aa1		2,753,550
	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		5/15 at 100.00		AA		2,419,616
	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		1,711,665
	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		844,897
	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		4,471,976
	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		6,819,487
		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		3,241,709
	1,000	5.000%, 2/15/37		No Opt. Call		AAA		1,134,630
	1,000	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		1,136,610
	3,000	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014C. Group C, 5.000%, 3/15/44		3/24 at 100.00		AAA		3,425,160
	6,000	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014E, 5.000%, 2/15/32		2/25 at 100.00		AAA		7,046,880
	3,025	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		3,411,474
		Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2014A:
	15,210	5.000%, 3/15/32		3/24 at 100.00		AAA		17,915,099
	3,000	5.000%, 3/15/33		3/24 at 100.00		AAA		3,523,050
	3,000	5.000%, 3/15/35		3/24 at 100.00		AAA		3,502,170
	2,825	5.000%, 3/15/38		3/24 at 100.00		AAA		3,288,102
	3,000	5.000%, 3/15/44		No Opt. Call		AAA		3,481,440
	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		1,661,319
	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		13,370,760
	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		12,436,910
	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		4,650,720
	1,680	Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34		7/15 at 100.00		A–		1,686,972
	7,800	New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured		1/17 at 100.00		AA		8,363,004
	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		AA		5,130,155

60 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	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	$	4,539,063
		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		3,010,982
	2,500	5.000%, 11/01/36		5/24 at 100.00		AAA		2,888,675
	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		6,592,195
		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		12,072,060
	9,000	5.000%, 11/01/39		11/20 at 100.00		AAA		10,426,230
		New York Convention Center Development Corporation, Hotel Fee Revenue Bonds, Tender Option Bonds Trust 3095:
	440	13.816%, 11/15/30 – AMBAC Insured (IF) (5)		11/15 at 100.00		AA+		477,365
	1,395	13.805%, 11/15/44 – AMBAC Insured (IF) (5)		11/15 at 100.00		AA+		1,523,368
		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		5,582,068
	60	5.000%, 12/15/27 (UB)		12/17 at 100.00		AAA		66,322
	5,500	New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, Trust 2800, 5.500%, 4/01/20 – AMBAC Insured (UB) (5)		No Opt. Call		AA+		6,629,810
	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+		5,769,350
	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+		2,420,727
	1,500	Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note-Diageo Project, Series 2009A, 6.625%, 10/01/29		10/19 at 100.00		Baa3		1,713,705
	162,175	Total Tax Obligation/Limited						184,090,634
		Transportation – 12.6%
	2,125	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012H, 5.000%, 11/15/31		No Opt. Call		AA–		2,447,341
	4,845	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.250%, 11/15/40		11/20 at 100.00		AA–		5,472,476
	3,520	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 5.000%, 11/15/31		5/23 at 100.00		AA–		4,045,747
	1,000	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013C, 5.000%, 11/15/32		5/23 at 100.00		AA–		1,143,080
	2,500	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E, 5.000%, 11/15/32		11/23 at 100.00		AA–		2,876,750
		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B:
	2,000	5.250%, 11/15/38		5/24 at 100.00		AA–		2,330,140
	2,325	5.250%, 11/15/44		5/24 at 100.00		AA–		2,690,909

Nuveen Investments 61

Nuveen New York Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Transportation (continued)
$	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	$	3,261,960
		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 (6)		10/17 at 100.00		N/R		1,032,500
	2,000	5.875%, 10/01/46 (7)		10/17 at 102.00		N/R		737,500
	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		10,502,915
	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)		6/15 at 100.00		BB		1,979,365
	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)		5/15 at 100.00		BB		4,638,951
	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 100.50		N/R		3,616,760
	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		3,817,717
	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)		5/15 at 100.00		B		35,019
	3,040	New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44		11/21 at 100.00		A+		3,382,213
	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–		639,897
	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–		3,862,600
	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–		5,382,050
	1,535	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, Trust 2920, 18.172%, 8/15/32 – AGM Insured (IF)		8/17 at 100.00		AA		2,124,870
	4,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 6/01/33		12/23 at 100.00		AA–		4,659,040
	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		4,241,521
	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)		6/15 at 100.00		AA–		4,599,030
	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–		4,490,633
	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–		1,909,346
	1,500	Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2008C, Tender Option Bond Trust 1184, 9.415%, 11/15/16 (IF)		No Opt. Call		AA–		1,883,520
	82,025	Total Transportation						87,803,850

62 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		U.S. Guaranteed – 5.5% (4)
$	1,000	Albany Capital Resource Corporation, New York, St. Peter’s Hospital Project, Series 2011, 6.125%, 11/15/30 (Pre-refunded 11/15/20)		11/20 at 100.00		A3 (4)	$	1,266,880
	8,065	Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 2008A, 5.250%, 11/15/32 (Pre-refunded 11/15/17)		11/17 at 100.00		A3 (4)		9,068,205
	5,600	Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37 (Pre-refunded 7/01/17)		7/17 at 100.00		A3 (4)		6,264,552
	5	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2009A, 5.000%, 2/15/34 (Pre-refunded 2/15/19)		2/19 at 100.00		N/R (4)		5,784
	3,000	Erie County, New York, General Obligation Bonds, Series 2005A, 5.000%, 12/01/18 (Pre-refunded 12/01/15) – NPFG Insured		12/15 at 100.00		AA– (4)		3,111,330
	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 (4)		632,675
		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 (Pre-refunded 7/01/15) – FGIC Insured		7/15 at 100.00		AA+ (4)		406,572
	4,030	5.000%, 7/01/25 (Pre-refunded 7/01/15) – FGIC Insured		7/15 at 100.00		AA+ (4)		4,096,213
	55	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19 (Pre-refunded 3/19/15)		3/15 at 100.00		N/R (4)		55,426
	3,555	New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 (Pre-refunded 9/01/15) – SYNCORA GTY Insured		9/15 at 100.00		Aa2 (4)		3,643,697
		New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A:
	180	5.000%, 3/15/36 (Pre-refunded 9/15/15)		9/15 at 100.00		N/R (4)		184,840
	1,920	5.000%, 3/15/36 (Pre-refunded 9/15/15)		9/15 at 100.00		AAA		1,971,629
	3,000	New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/32 (Pre-refunded 7/01/15) – AGM Insured		7/15 at 100.00		AA (4)		3,049,800
	4,000	Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2005C, 5.000%, 6/01/28 (Pre-refunded 6/01/15) – NPFG Insured		6/15 at 100.00		AA+ (4)		4,050,720
		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 (4)		500,266
	515	5.000%, 8/01/18 (Pre-refunded 8/01/15)		8/15 at 100.00		A3 (4)		525,789
	36,430	Total U.S. Guaranteed						38,834,378
		Utilities – 13.3%
	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		3,471,157
	1,200	Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured		10/20 at 100.00		AA		1,325,328
	420	Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34		10/22 at 100.00		BBB		467,905
	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		5,534,100
		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		2,145,832
	2,000	0.000%, 6/01/24 – AGM Insured		No Opt. Call		AA		1,583,720
	2,000	0.000%, 6/01/25 – AGM Insured		No Opt. Call		AA		1,526,940

Nuveen Investments 63

Nuveen New York Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utilities (continued)
		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–	$	3,995,738
	1,200	5.000%, 12/01/24 – FGIC Insured		6/16 at 100.00		AA–		1,260,564
	2,615	5.000%, 12/01/25 – FGIC Insured		6/16 at 100.00		AA–		2,744,286
	750	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured		6/16 at 100.00		A–		787,673
	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+		5,324,400
	2,980	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44		9/24 at 100.00		A–		3,341,534
	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–		1,466,575
		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A:
	10,250	6.000%, 5/01/33		5/19 at 100.00		A–		12,036,677
	5,000	5.500%, 5/01/33 – BHAC Insured		5/19 at 100.00		AA+		5,834,900
	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–		5,580,800
	2,400	Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax)		5/15 at 100.00		A–		2,409,504
	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+		12,269,481
	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		Aa1		538,190
	3,435	Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)		7/15 at 100.00		N/R		3,435,756
	13,555	Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 5.000%, 12/15/41		12/23 at 100.00		AAA		15,774,225
	86,535	Total Utilities						92,855,285
		Water and Sewer – 3.6%
	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		2,225,659
	7,215	New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds Fiscal 2015 Series CC, 4.000%, 6/15/45		No Opt. Call		AA+		7,513,557
	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+		11,534,800
	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		603,825
	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		N/R		2,971,388
	22,770	Total Water and Sewer						24,849,229
$	633,480	Total Municipal Bonds (cost $643,955,762)						693,140,328

64 Nuveen Investments

Shares		Description (1)	Value
		COMMON STOCKS – 0.1%
		Airlines – 0.1%
	9,589	American Airlines Group Inc. (8)	$	459,313
		Total Common Stocks (cost $297,878)		459,313
		Total Long-Term Investments (cost $644,253,640)		693,599,641
		Floating Rate Obligations – (1.1)%		(7,955,000	)
		Other Assets Less Liabilities – 1.9%		13,631,375
		Net Assets – 100%	$	699,276,016

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

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

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

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

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

(6) 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%.

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

(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.

(IF) Inverse floating rate investment.

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

See accompanying notes to financial statements.

Nuveen Investments 65

Statement of

Assets and Liabilities February 28, 2015

	Connecticut			Massachusetts			New Jersey			New York
Assets
Investments, at value (cost $264,692,499, $233,880,848, $262,204,794 and $644,253,640, respectively)	$	283,441,353		$	251,408,225		$	281,341,692		$	693,599,641
Cash		2,471,975			1,935,053			5,848,734			6,120,400
Receivable for:
Interest		2,868,950			2,929,035			3,044,200			8,230,894
Investments sold		—			2,864,639			—			250,000
Shares sold		634,033			952,058			480,844			752,923
Other assets		31,018			3,430			7,638			80,766
Total assets		289,447,329			260,092,440			290,723,108			709,034,624
Liabilities
Floating rate obligations		—			—			—			7,955,000
Payable for:
Dividends		217,386			139,963			187,104			394,093
Investments purchased		1,770,955			4,003,074			1,063,827			—
Shares redeemed		227,156			425,035			388,804			771,780
Accrued expenses:
Management fees		110,356			102,174			112,067			273,844
Trustees fees		32,413			2,399			8,400			98,199
12b-1 distribution and service fees		53,885			29,320			52,362			89,689
Other		74,076			82,420			87,593			176,003
Total liabilities		2,486,227			4,784,385			1,900,157			9,758,608
Net assets	$	286,961,102		$	255,308,055		$	288,822,951		$	699,276,016
Class A Shares
Net assets	$	176,461,050		$	84,367,325		$	130,663,544		$	269,664,431
Shares outstanding		16,248,681			8,242,695			11,360,736			24,196,245
Net asset value (“NAV”) per share	$	10.86		$	10.24		$	11.50		$	11.14
Offering price per share (NAV per share plus maximum sales charge of 4.20% of offering price)	$	11.34		$	10.69		$	12.00		$	11.63
Class C Shares
Net assets	$	2,294,855		$	2,382,280		$	6,689,691		$	7,209,427
Shares outstanding		211,629			234,740			584,065			647,924
NAV and offering price per share	$	10.84		$	10.15		$	11.45		$	11.13
Class C2 Shares
Net assets	$	43,580,042		$	25,254,290		$	46,891,518		$	74,706,529
Shares outstanding		4,016,935			2,487,072			4,092,465			6,705,711
NAV and offering price per share	$	10.85		$	10.15		$	11.46		$	11.14
Class I Shares
Net assets	$	64,625,155		$	143,304,160		$	104,578,198		$	347,695,629
Shares outstanding		5,930,832			14,018,542			9,061,307			31,150,970
NAV and offering price per share	$	10.90		$	10.22		$	11.54		$	11.16
Net assets consist of:
Capital paid-in	$	272,529,335		$	244,411,845		$	267,693,010		$	658,898,647
Undistributed (Over-distribution of) net investment income		915,338			565,185			2,080,788			3,106,829
Accumulated net realized gain (loss)		(5,232,425	)		(7,196,352	)		(87,745	)		(12,075,461	)
Net unrealized appreciation (depreciation)		18,748,854			17,527,377			19,136,898			49,346,001
Net assets	$	286,961,102		$	255,308,055		$	288,822,951		$	699,276,016
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.

66 Nuveen Investments

Statement of

Operations Year Ended February 28, 2015

	Connecticut		Massachusetts		New Jersey		New York
Investment Income	$	12,055,510	$	10,646,783	$	12,599,772	$	31,059,963
Expenses
Management fees		1,437,332		1,250,219		1,445,400		3,376,657
12b-1 service fees – Class A Shares		372,189		183,326		284,544		580,208
12b-1 distribution and service fees – Class C Shares		11,909		11,786		38,601		35,592
12b-1 distribution and service fees – Class C2 Shares		334,298		203,149		366,016		576,420
Interest expense		—		—		—		40,912
Shareholder servicing agent fees		92,677		108,429		121,905		291,181
Custodian fees		47,916		46,022		55,463		113,958
Trustees fees		8,738		7,576		8,761		20,645
Professional fees		37,644		36,168		37,462		55,204
Shareholder reporting expenses		37,123		37,928		43,227		88,359
Federal and state registration fees		6,738		8,412		5,354		9,127
Other		17,682		16,295		20,608		30,934
Total expenses		2,404,246		1,909,310		2,427,341		5,219,197
Net investment income (loss)		9,651,264		8,737,473		10,172,431		25,840,766
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		1,904,036		976,066		1,560,008		1,634,661
Change in net unrealized appreciation (depreciation) of investments		7,712,801		7,690,587		7,955,512		25,273,087
Net realized and unrealized gain (loss)		9,616,837		8,666,653		9,515,520		26,907,748
Net increase (decrease) in net assets from operations	$	19,268,101	$	17,404,126	$	19,687,951	$	52,748,514

See accompanying notes to financial statements.

Nuveen Investments 67

Statement of

Changes in Net Assets

	Connecticut						Massachusetts
	Year Ended 2/28/15			Year Ended 2/28/14			Year Ended 2/28/15			Year Ended 2/28/14
Operations
Net investment income (loss)	$	9,651,264		$	11,842,781		$	8,737,473		$	8,967,230
Net realized gain (loss) from investments		1,904,036			(7,152,950	)		976,066			(5,273,374	)
Change in net unrealized appreciation (depreciation) of investments		7,712,801			(14,381,560	)		7,690,587			(8,423,898	)
Net increase (decrease) in net assets from operations		19,268,101			(9,691,729	)		17,404,126			(4,730,042	)
Distributions to Shareholders
From net investment income:
Class A Shares		(6,258,818	)		(8,428,765	)		(3,384,685	)		(3,742,219	)
Class C Shares(1)		(30,465	)		(80	)		(33,632	)		(40	)
Class C2 Shares(2)		(1,251,821	)		(1,662,385	)		(847,446	)		(1,004,283	)
Class I Shares		(1,859,039	)		(1,760,025	)		(4,880,391	)		(4,556,521	)
From accumulated net realized gains:
Class A Shares		—			(24,325	)		—			—
Class C Shares(1)		—			—			—			—
Class C2 Shares(2)		—			(5,743	)		—			—
Class I Shares		—			(4,867	)		—			—
Decrease in net assets from distributions to shareholders		(9,400,143	)		(11,886,190	)		(9,146,154	)		(9,303,063	)
Fund Share Transactions
Proceeds from sale of shares		41,966,247			54,443,404			53,764,335			112,381,344
Proceeds from shares issued to shareholders due to reinvestment of distributions		6,710,009			8,274,303			7,458,998			7,574,787
		48,676,256			62,717,707			61,223,333			119,956,131
Cost of shares redeemed		(56,796,907	)		(139,639,764	)		(55,574,333	)		(108,614,113	)
Net increase (decrease) in net assets from Fund share transactions		(8,120,651	)		(76,922,057	)		5,649,000			11,342,018
Net increase (decrease) in net assets		1,747,307			(98,499,976	)		13,906,972			(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	$	286,961,102		$	285,213,795		$	255,308,055		$	241,401,083
Undistributed (Over-distribution of) net investment income at the end of period	$	915,338		$	664,310		$	565,185		$	1,034,462

(1) Established and commenced operations on February 10, 2014.

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

See accompanying notes to financial statements.

68 Nuveen Investments

	New Jersey						New York
	Year Ended 2/28/15			Year Ended 2/28/14			Year Ended 2/28/15			Year Ended 2/28/14
Operations
Net investment income (loss)	$	10,172,431		$	11,010,891		$	25,840,766		$	26,961,652
Net realized gain (loss) from investments		1,560,008			(595,608	)		1,634,661			(13,786,009	)
Change in net unrealized appreciation (depreciation) of investments		7,955,512			(15,827,977	)		25,273,087			(29,568,192	)
Net increase (decrease) in net assets from operations		19,687,951			(5,412,694	)		52,748,514			(16,392,549	)
Distributions to Shareholders
From net investment income:
Class A Shares		(4,894,748	)		(5,848,584	)		(10,802,560	)		(11,859,220	)
Class C Shares(1)		(101,905	)		(37	)		(103,978	)		(150	)
Class C2 Shares(2)		(1,428,676	)		(1,597,417	)		(2,445,479	)		(2,634,783	)
Class I Shares		(3,298,394	)		(3,077,252	)		(12,337,942	)		(11,187,140	)
From accumulated net realized gains:
Class A Shares		—			—			—			(252,570	)
Class C Shares(1)		—			—			—			—
Class C2 Shares(2)		—			—			—			(64,387	)
Class I Shares		—			—			—			(222,447	)
Decrease in net assets from distributions to shareholders		(9,723,723	)		(10,523,290	)		(25,689,959	)		(26,220,697	)
Fund Share Transactions
Proceeds from sale of shares		59,137,316			68,617,402			118,578,313			120,104,376
Proceeds from shares issued to shareholders due to reinvestment of distributions		7,419,052			7,859,206			20,882,676			21,052,820
		66,556,368			76,476,608			139,460,989			141,157,196
Cost of shares redeemed		(66,607,904	)		(102,943,047	)		(140,159,353	)		(203,115,365	)
Net increase (decrease) in net assets from Fund share transactions		(51,536	)		(26,466,439	)		(698,364	)		(61,958,169	)
Net increase (decrease) in net assets		9,912,692			(42,402,423	)		26,360,191			(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	$	288,822,951		$	278,910,259		$	699,276,016		$	672,915,825
Undistributed (Over-distribution of) net investment income at the end of period	$	2,080,788		$	1,681,281		$	3,106,829		$	3,002,948

(1) Established and commenced operations on February 10, 2014.

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

See accompanying notes to financial statements.

Nuveen Investments 69

Financial

Highlights

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	$	10.49	$	0.37	$	0.36		$	0.73		$	(0.36	)	$	—		$	(0.36	)	$	10.86
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
Class C (2/14)
2015		10.48		0.28		0.36			0.64			(0.28	)		—			(0.28	)		10.84
2014(f)		10.41		0.01		0.07			0.08			(0.01	)		—			(0.01	)		10.48
Class C2 (10/93)(e)
2015		10.48		0.31		0.36			0.67			(0.30	)		—			(0.30	)		10.85
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
Class I (2/97)
2015		10.52		0.39		0.37			0.76			(0.38	)		—			(0.38	)		10.90
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

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)
	7.06	%	$	176,461		0.79	%		0.79	%		3.45	%		16	%
	(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
	6.13			2,295		1.59			1.59			2.61			16
	0.81			278		1.66	**		1.65	**		3.62	**		10
	6.47			43,580		1.34			1.34			2.91			16
	(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
	7.37			64,625		0.59			0.59			3.65			16
	(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

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

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

* Rounds to less than $0.01 per share.

** Annualized.

See accompanying notes to financial statements.

Nuveen Investments 71

Financial Highlights (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	$	9.89	$	0.36	$	0.36		$	0.72		$	(0.37	)	$	—	$	(0.37	)	$	10.24
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
Class C (2/14)
2015		9.81		0.27		0.36			0.63			(0.29	)		—		(0.29	)		10.15
2014(g)		9.74		0.02		0.07			0.09			(0.02	)		—		(0.02	)		9.81
Class C2 (10/94)(f)
2015		9.81		0.30		0.35			0.65			(0.31	)		—		(0.31	)		10.15
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
Class I (12/86)
2015		9.88		0.38		0.35			0.73			(0.39	)		—		(0.39	)		10.22
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

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)
	7.42	%	$	84,367		0.81	%			0.81	%		3.52	%		11	%
	(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
	6.50			2,382		1.61		��		1.61			2.65			11
	0.88			26		1.62	*			1.62	*		3.48	*		29
	6.74			25,254		1.36				1.36			2.97			11
	(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
	7.52			143,304		0.62				0.62			3.72			11
	(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

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

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

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 73

Financial Highlights (continued)

New Jersey

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	$	11.10	$	0.41	$	0.38		$	0.79		$	(0.39	)	$	—	$	(0.39	)	$	11.50
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
Class C (2/14)
2015		11.06		0.32		0.37			0.69			(0.30	)		—		(0.30	)		11.45
2014(e)		10.95		0.02		0.11			0.13			(0.02	)		—		(0.02	)		11.06
Class C2 (9/94)(f)
2015		11.07		0.35		0.37			0.72			(0.33	)		—		(0.33	)		11.46
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
Class I (2/92)
2015		11.14		0.44		0.38			0.82			(0.42	)		—		(0.42	)		11.54
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

74 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)
	7.22	%	$	130,664		0.81	%		0.81	%		3.60	%		11	%
	(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
	6.31			6,690		1.61			1.61			2.81			11
	1.15			31		1.64	*		1.64	*		3.57	*		13
	6.59			46,892		1.36			1.36			3.05			11
	(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
	7.42			104,578		0.61			0.61			3.81			11
	(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

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

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

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

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

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

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

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 75

Financial Highlights (continued)

New York

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	$	10.71	$	0.41	$	0.43		$	0.84		$	(0.41	)	$	—		$	(0.41	)	$	11.14
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
Class C (2/14)
2015		10.70		0.31		0.45			0.76			(0.33	)		—			(0.33	)		11.13
2014(f)		10.61		0.01		0.10			0.11			(0.02	)		—			(0.02	)		10.70
Class C2 (9/94)(g)
2015		10.71		0.35		0.43			0.78			(0.35	)		—			(0.35	)		11.14
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
Class I (12/86)
2015		10.73		0.43		0.43			0.86			(0.43	)		—			(0.43	)		11.16
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

76 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)
	7.95	%	$	269,664		0.78	%		0.78	%		3.76	%		23	%
	(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
	7.13			7,209		1.58			1.58			2.86			23
	1.01			302		1.59	*		1.59	*		3.38	*		47
	7.36			74,707		1.33			1.33			3.20			23
	(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
	8.16			347,696		0.58			0.58			3.94			23
	(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

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

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

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 77

Notes to

Financial Statements

1. General Information and Significant Accounting Policies

General Information

Trust and Fund Information

The Nuveen Multistate Trust II (the “Trust”) is an open-end management 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.

The end of the reporting period for the Funds is February 28, 2015, and the period covered by these Notes to Financial Statements is the fiscal year ended February 28, 2015 (“the current fiscal period”).

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.

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.

Significant Accounting Policies

Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis

78 Nuveen Investments

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 the end of the reporting period, 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	$	—	$	2,909,075	$	1,063,827	$	—

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 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 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.

Nuveen Investments 79

Notes to Financial Statements (continued)

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.

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).

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

80 Nuveen 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	$	—	$	283,441,353	$	—		$	283,441,353
Massachusetts
Long-Term Investments*:
Municipal Bonds	$	—	$	251,189,431	$	218,794	**	$	251,408,225
New Jersey
Long-Term Investments*:
Municipal Bonds	$	—	$	281,341,692	$	—		$	281,341,692
New York
Long-Term Investments*:
Municipal Bonds	$	—	$	693,140,328	$	—		$	693,140,328
Common Stocks		459,313		—		—			459,313
Total	$	459,313	$	693,140,328	$	—		$	693,599,641

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

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

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

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

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

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

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities

Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose trust (referred to as the “Trust”) created by or at the direction of one or more Funds. In turn, the Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the Trust from a

Nuveen Investments 81

Notes to Financial Statements (continued)

third party liquidity provider, or by the sale of assets from the Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, 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 value of an Inverse Floater 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 Floaters, and because the Inverse Floater 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 to (a) cause the holders of the Floaters to tender their certificates at par, and (b) have the trustee of the Trust transfer the Underlying Bond held by the Trust to the Fund, thereby collapsing the Trust.

The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a Trust created at its direction, and in return receives the Inverse Floater of the Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).

An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing the Floaters issued by the Trust as liabilities, at their liquidation value on the Statement of Assets and Liabilities as “Floating rate obligations.” In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond and recognizes the related interest paid to the holders of the Floaters as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the inverse floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters 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.

The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited Inverse Floaters during the current fiscal period were as follows:

Self-Deposited Inverse Floaters	Connecticut			Massachusetts			New Jersey			New York
Average floating rate obligations outstanding	$	—		$	—		$	—		$	7,955,000
Average annual interest rate and fees		—	%		—	%		—	%		0.51	%

As of the end of the reporting period, the total amount of floating rate obligations associated with each Fund’s self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

Floating Rate Obligations Outstanding	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 arrangement” or “credit recovery swap”) (Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the liquidity provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the Trust may fall short of the liquidation value of the Floaters 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 an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters. At period end, any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.

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

Floating Rate Obligations – Externally-Deposited Recourse Trusts	Connecticut		Massachusetts		New Jersey		New York
Maximum exposure to Recourse Trusts	$	—	$	1,600,000	$	1,770,000	$	3,670,000

82 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

In addition to the inverse floating rate securities in which each Fund invests, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other 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 current fiscal period.

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 during the current and prior fiscal period were as follows:

	Year Ended 2/28/15						Year Ended 2/28/14
Connecticut	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,287,387		$	13,816,697			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		189,160			2,028,382			26,486			276,698
Class C2		20,332			218,027			375,533			3,997,991
Class I		2,402,790			25,903,141			1,277,148			13,486,019
Shares issued to shareholders due to reinvestment of distributions:
Class A		443,262			4,760,008			612,086			6,421,555
Class B		—			—			926			9,856
Class C		1,826			19,693			4			44
Class C2		69,498			745,708			92,306			966,914
Class I		109,599			1,184,600			83,289			875,934
		4,523,854			48,676,256			5,959,480			62,717,707
Shares redeemed:
Class A		(4,191,477	)		(44,928,224	)		(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		(5,843	)		(63,283	)		(4	)		(41	)
Class C2		(488,559	)		(5,210,590	)		(1,743,065	)		(18,112,640	)
Class I		(613,334	)		(6,594,810	)		(1,972,460	)		(20,646,715	)
		(5,299,213	)		(56,796,907	)		(13,432,866	)		(139,639,764	)
Net increase (decrease)		(775,359	)	$	(8,120,651	)		(7,473,386	)	$	(76,922,057	)

Nuveen Investments 83

Notes to Financial Statements (continued)

	Year Ended 2/28/15						Year Ended 2/28/14
Massachusetts	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,291,965		$	13,055,837			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		231,071			2,320,196			2,607			25,400
Class C2		17,585			176,595			442,528			4,428,045
Class I		3,772,017			38,211,707			8,861,737			86,794,200
Shares issued to shareholders due to reinvestment of distributions:
Class A		290,974			2,947,069			335,876			3,316,536
Class B		—			—			907			9,077
Class C		2,397			24,263			—			—
Class C2		57,270			575,774			67,333			659,824
Class I		385,835			3,911,892			365,399			3,589,350
		6,049,114			61,223,333			12,225,583			119,956,131
Shares redeemed:
Class A		(3,614,275	)		(36,499,748	)		(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		(1,335	)		(13,543	)		—			—
Class C2		(487,444	)		(4,897,217	)		(1,014,995	)		(9,809,499	)
Class I		(1,401,777	)		(14,163,825	)		(7,976,814	)		(76,971,048	)
		(5,504,831	)		(55,574,333	)		(11,211,995	)		(108,614,113	)
Net increase (decrease)		544,283		$	5,649,000			1,013,588		$	11,342,018
	Year Ended 2/28/15						Year Ended 2/28/14
New Jersey	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,329,034		$	15,124,483			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		615,400			6,955,382			2,761			30,245
Class C2		33,586			380,203			629,889			6,937,981
Class I		3,210,330			36,677,248			1,037,766			11,475,766
Shares issued to shareholders due to reinvestment of distributions:
Class A		366,074			4,174,531			455,043			5,013,283
Class B		—			—			2,109			23,358
Class C		7,005			79,918			—			—
Class C2		88,341			1,004,669			99,250			1,090,696
Class I		188,235			2,159,934			156,468			1,731,869
		5,838,005			66,556,368			6,951,534			76,476,608
Shares redeemed:
Class A		(4,124,694	)		(46,932,092	)		(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		(41,101	)		(470,383	)		—			—
Class C2		(563,929	)		(6,392,699	)		(1,273,322	)		(13,905,091	)
Class I		(1,120,574	)		(12,812,730	)		(2,200,232	)		(24,127,758	)
		(5,850,298	)		(66,607,904	)		(9,460,947	)		(102,943,047	)
Net increase (decrease)		(12,293	)	$	(51,536	)		(2,509,413	)	$	(26,466,439	)

84 Nuveen Investments

	Year Ended 2/28/15						Year Ended 2/28/14
New York	Shares			Amount			Shares			Amount
Shares sold:
Class A		2,933,063		$	32,183,942			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		618,485			6,790,411			28,200			299,487
Class C2		71,109			783,509			660,572			7,120,631
Class I		7,160,327			78,820,451			994,853			10,693,631
Shares issued to shareholders due to reinvestment of distributions:
Class A		821,486			9,042,897			951,888			10,161,103
Class B		—			—			4,836			51,812
Class C		7,194			79,607			10			109
Class C2		151,896			1,673,197			171,544			1,832,757
Class I		912,741			10,086,975			841,335			9,007,039
		12,676,301			139,460,989			13,229,528			141,157,196
Shares redeemed:
Class A		(8,896,827	)		(97,468,672	)		(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		(5,964	)		(65,868	)		(1	)		(17	)
Class C2		(937,122	)		(10,268,445	)		(2,156,517	)		(22,876,004	)
Class I		(2,934,423	)		(32,356,368	)		(5,044,931	)		(53,763,216	)
		(12,774,336	)		(140,159,353	)		(19,182,907	)		(203,115,365	)
Net increase (decrease)		(98,035	)	$	(698,364	)		(5,953,379	)	$	(61,958,169	)

5. Investment Transactions

Long-term purchases and sales (including maturities) during the current fiscal period were as follows:

	Connecticut		Massachusetts		New Jersey		New York
Purchases	$	44,038,356	$	35,777,848	$	30,236,843	$	160,238,801
Sales and maturities		50,624,668		26,906,683		33,666,858		157,343,657

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 February 28, 2015, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

	Connecticut			Massachusetts			New Jersey			New York
Cost of investments	$	264,059,260		$	233,648,101		$	261,388,350		$	635,796,149
Gross unrealized:
Appreciation	$	19,566,343		$	19,752,076		$	20,798,760		$	52,335,106
Depreciation		(184,250	)		(1,991,952	)		(845,418	)		(2,487,229	)
Net unrealized appreciation (depreciation) of investments	$	19,382,093		$	17,760,124		$	19,953,342		$	49,847,877

Nuveen Investments 85

Notes to Financial Statements (continued)

Permanent differences, primarily due to federal taxes paid and taxable market discount resulted in reclassifications among the Funds’ components of net assets as of February 28, 2015, the Funds’ tax year end, as follows:

	Connecticut			Massachusetts			New Jersey			New York
Capital paid-in	$	3		$	(3	)	$	(25	)	$	(2	)
Undistributed (Over-distribution of) net investment income		(93	)		(60,596	)		(49,201	)		(46,927	)
Accumulated net realized gain (loss)		90			60,599			49,226			46,929

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of February 28, 2015, the Funds’ tax year end, were as follows:

	Connecticut		Massachusetts		New Jersey		New York
Undistributed net tax-exempt income1	$	1,030,311	$	1,077,981	$	1,792,027	$	4,511,005
Undistributed net ordinary income2		26,781		5,016		270,601		11,073
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, 2015, through February 28, 2015 and paid on March 2, 2015.

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

The tax character of distributions paid during the Funds’ tax years ended February 28, 2015 and February 28, 2014, was designated for purposes of the dividends paid deduction as follows:

2015	Connecticut		Massachusetts		New Jersey		New York
Distributions from net tax-exempt income3	$	9,407,063	$	9,081,554	$	9,670,143	$	25,570,822
Distributions from net ordinary income2		20.865		72,433		54,883		105,177
Distributions from net long-term capital gains		—		—		—		—
2014	Connecticut		Massachusetts		New Jersey		New York
Distributions from net-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 gains		34,471		—		—		535,841

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

³  The Funds hereby designate these amounts paid during the fiscal year ended February 28, 2015, as Exempt Interest Dividends.

As of February 28, 2015, the Funds’ tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

	Connecticut		Massachusetts		New Jersey		New York
Expiration:
February 28, 2017	$	—	$	12,497	$	—	$	—
February 28, 2018		—		98,330		—		—
February 28, 2019		—		—		78,535		—
Not subject to expiration		5,232,425		7,085,525		—		11,845,862
Total	$	5,232,425	$	7,196,352	$	78,535	$	11,845,862

During the Funds’ tax year ended February 28, 2015, the following Funds utilized capital loss carryforwards as follows:

	Connecticut		Massachusetts		New Jersey
Utilized capital loss carryforwards	$	843,069	$	795,915	$	1,405,723

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.

86 Nuveen Investments

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

Average Daily Net Assets
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, payable monthly, for each Fund 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 February 28, 2015, the complex-level fee for each Fund was 0.1635%.

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 current fiscal period, 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 (Unaudited)	$	123,581	$	101,157	$	132,534	$	249,467
Paid to financial intermediaries (Unaudited)		110,752		86,835		116,233		226,907

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 current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Connecticut		Massachusetts		New Jersey		New York
Commission advances (Unaudited)	$	57,599	$	35,418	$	89,121	$	160,473

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 current fiscal period, the Distributor retained such 12b-1 fees as follows:

	Connecticut		Massachusetts		New Jersey		New York
12b-1 fees retained (Unaudited)	$	18,649	$	19,195	$	61,275	$	53,777

Nuveen Investments 87

Notes to Financial Statements (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 current fiscal period, as follows:

	Connecticut		Massachusetts		New Jersey		New York
CDSC retained (Unaudited)	$	3,282	$	17,635	$	5,834	$	19,321

88 Nuveen Investments

Additional

Fund Information (Unaudited)

Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606   Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606   Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL 60606   Custodian State Street Bank & Trust Company Boston, MA 02111 Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 Transfer Agent and Shareholder Services Boston Financial Data Services, Inc. Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787

Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.

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

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

Nuveen Investments 89

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. 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.

90 Nuveen Investments

Glossary of Terms

Used in this Report (Unaudited)(continued)

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 91

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.

92 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

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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

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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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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).

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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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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

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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

Nuveen Investments 99

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.

100 Nuveen Investments

III.

Recent Developments

The Transaction closed on October 1, 2014. As of such date, new investment management agreements and new sub-advisory agreements took effect for those Nuveen funds that had obtained shareholder approval. For Nuveen funds that had not obtained shareholder approval as of such date, interim investment management agreements and interim sub-advisory agreements were put in place.

Nuveen Investments 101

Trustees

and Officers (Unaudited)

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

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

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustee:
William J. Schneider 1944 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1996	Chairman of Miller-Valentine Partners, a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; owner in several other Miller-Valentine entities; Board Member of Med-America Health System, and WDPR Public Radio Station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.	195
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	195
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since 2012) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.	195
David J. Kundert 1942 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013); retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.	195

102 Nuveen Investments

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
John K. Nelson 1962 333 West Wacker Drive Chicago, IL 60606	Trustee	2013	Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets—the Americas (2006-2007), CEO of Wholesale Banking—North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading—North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.	195
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	195
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006), C2 Options Exchange, Incorporated (since 2009) Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).	195
Virginia L. Stringer 1944 333 W. Wacker Drive Chicago, IL 60606	Trustee	2011	Board Member, Mutual Fund Directors Forum; non-profit board member and former governance consultant; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).	195
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	195

Nuveen Investments 103

Trustees and Officers (Unaudited) (continued)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Interested Trustee:
William Adams IV(2) 1955 333 W. Wacker Drive Chicago, IL 60606	Trustee	2013	Senior Executive Vice President, Global Structured Products (since 2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda’s Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010).	195
Thomas S. Schreier, Jr.(2) 1962 333 W. Wacker Drive Chicago, IL 60606	Trustee	2013	Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman’s Council of the Investment Company Institute; Director of Allina Health and a Member of its Finance, Audit and Investment Committees, formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).	195

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds:
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	196
Margo L. Cook 1964 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Chartered Financial Analyst.	196
Lorna C. Ferguson 1945 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).	196

104 Nuveen Investments

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	196
Scott S. Grace 1970 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2009	Managing Director, Head of Business Development and Strategy, Global Structured Products Group (since November 2014); Managing Director (since 2009) and, formerly, Treasurer, of Nuveen Investments Advisers Inc., Nuveen Investments Holdings, Inc., Nuveen Fund Advisors, LLC, Nuveen Securities, LLC and (since 2011) Nuveen Asset Management LLC; Vice President and, formerly, Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; Chartered Accountant Designation.	196
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc.	196
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President of Nuveen Investment Holdings, Inc. and Nuveen Securities, LLC	196
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary, Nuveen Investments, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.	196
Kathleen L. Prudhomme 1953 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2011	Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).	196
Joel T. Slager 1978 333 West Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2013	Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).	196

Nuveen Investments 105

Trustees and Officers (Unaudited) (continued)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Jeffery M. Wilson 1956 333 West Wacker Drive Chicago, IL 60606	Vice President	2011	Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010).	107

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

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

106 Nuveen Investments

Notes

Nuveen Investments 107

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 $233 billion as of March 31, 2015.
		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

MAN-MS3-0215D        7185-INV-Y-04/16

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

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

SERVICES THAT THE AUDITOR BILLED TO THE FUNDS

Fiscal Year Ended February 28, 2015	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Fund Name
Nuveen Connecticut Municipal Bond Fund		26,267		0		0		0
Nuveen California Municipal Bond Fund		27,857		0		0		0
Nuveen California High Yield Municipal Bond Fund		26,530		0		0		0
Nuveen New Jersey Municipal Bond Fund		26,255		0		0		0
Nuveen New York Municipal Bond Fund		27,953		0		0		0
Nuveen Massachusetts Municipal Bond Fund		26,069		0		0		0
Total	$	160,931	$	0	$	0	$	0

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

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”.

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

⁴  “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Connecticut Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen California Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen California High Yield Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen New Jersey Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen New York Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen Massachusetts Municipal Bond Fund		0	%		0	%		0	%		0	%
February 28, 2014	Audit Fees Billed to Funds 1			Audit-Related Fees Billed to Funds 2			Tax Fees Billed to Funds 3			All Other Fees Billed to Funds 4
Fund Name
Nuveen Connecticut Municipal Bond Fund		25,653			0			0			0
Nuveen California Municipal Bond Fund		27,039			2,000			6,450			0
Nuveen California High Yield Municipal Bond Fund		25,569			0			0			0
Nuveen New Jersey Municipal Bond Fund		25,431			0			0			0
Nuveen New York Municipal Bond Fund		27,263			0			0			0
Nuveen Massachusetts Municipal Bond Fund		25,120			0			0			0
Total	$	156,075		$	2,000		$	6,450		$	0

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

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”.

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

⁴  “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Connecticut Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen California Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen California High Yield Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen New Jersey Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen New York Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen Massachusetts Municipal Bond Fund		0	%		0	%		0	%		0	%

Fiscal Year Ended February 28, 2015	Audit-Related Fees Billed to Adviser  and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen MultiState Trust II	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%
Fiscal Year Ended February 28, 2014	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen MultiState Trust II	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%

Fiscal Year Ended February 28, 2015	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Fund Name
Nuveen Connecticut Municipal Bond Fund		0		0		0		0
Nuveen California Municipal Bond Fund		0		0		0		0
Nuveen California High Yield Municipal Bond Fund		0		0		0		0
Nuveen New Jersey Municipal Bond Fund		0		0		0		0
Nuveen New York Municipal Bond Fund		0		0		0		0
Nuveen Massachusetts Municipal Bond Fund		0		0		0		0
Total	$	0	$	0	$	0	$	0

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

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

Fiscal Year Ended February 28, 2014	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Fund Name
Nuveen Connecticut Municipal Bond Fund		0		0		0		0
Nuveen California Municipal Bond Fund		6,450		0		0		6,450
Nuveen California High Yield Municipal Bond Fund		0		0		0		0
Nuveen New Jersey Municipal Bond Fund		0		0		0		0
Nuveen New York Municipal Bond Fund		0		0		0		0
Nuveen Massachusetts Municipal Bond Fund		0		0		0		0
Total	$	6,450	$	0	$	0	$	6,450

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END

MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to this registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)	Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3)	Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(b)	If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen Multistate Trust II

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

Date: May 6, 2015

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

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

Date: May 6, 2015

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

Date: May 6, 2015