UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-05309
Nuveen Investment Funds, Inc.
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: April 30
Date of reporting period: October 31, 2014
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
Item 1. Reports to Stockholders.
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| Mutual Funds |
Nuveen Municipal
Bond Funds |
| It’s not what you earn, its what you keep.® |
| Semi-Annual Report October 31, 2014 |
| Share Class / Ticker Symbol | ||||||||||||||
| Fund Name | Class A | Class C | Class C2 | Class I | ||||||||||
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Nuveen All-American Municipal Bond Fund | FLAAX | FACCX | FAACX | FAARX | ||||||||||
Nuveen Inflation Protected Municipal Bond Fund | NITAX | NAADX | NIPCX | NIPIX | ||||||||||
Nuveen Intermediate Duration Municipal Bond Fund | NMBAX | NNCCX | NNSCX | NUVBX | ||||||||||
Nuveen Limited Term Municipal Bond Fund | FLTDX | FAFJX | FLTCX | FLTRX | ||||||||||
Nuveen Short Term Municipal Bond Fund | FSHAX | NAAEX | NSVCX | FSHYX | ||||||||||
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NUVEEN INVESTMENTS ACQUIRED BY TIAA-CREF | ||||||||||||
On October 1, 2014, TIAA-CREF completed its previously announced acquisition of Nuveen Investments, Inc., the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $840 billion in assets under management as of October 1, 2014 and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen expects to operate as a separate subsidiary within TIAA-CREF’s asset management business. Nuveen’s existing leadership and key investment teams have remained in place following the transaction.
NFAL and your fund’s sub-adviser(s) continue to manage your fund according to the same objectives and policies as before, and there have been no changes to your fund’s operations. | ||||||||||||
Must be preceded by or accompanied by a prospectus.
NOT FDIC INSURED MAY LOSE VALUE | ||||||||||||
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Fund Performance, Expense Ratios and Effective Leverage Ratios | 15 | |||
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to Shareholders
Dear Shareholders,
Over the past year, global financial markets were generally strong as stocks of many countries rose due to strengthening economies and abundant central bank support. A low and stable interest rate environment allowed the bond market to generate modest but positive returns.
More recently, markets have been less certain as economic growth is strengthening in some parts of the world, but in other areas recovery has been slow or uneven at best. Despite increasing market volatility, geopolitical turmoil and concerns over rising rates, better-than-expected earnings results and economic data have supported U.S. stocks. Europe continues to face challenges as disappointing growth and inflation measures led the European Central Bank to further cut interest rates. Japan is suffering from the burden of the recent consumption tax as the government’s structural reforms continue to steadily progress. Flare-ups in hotspots, such as the ongoing Russia-Ukraine conflict and Middle East, have not yet been able to derail the markets, though that remains a possibility. With all the challenges facing the markets, accommodative monetary policy around the world has helped lessen the impact of these events.
It is in such changeable markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.
As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
December 22, 2014
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Comments
Nuveen All-American Municipal Bond Fund
Nuveen Inflation Protected Municipal Bond Fund
Nuveen Intermediate Duration Municipal Bond Fund
Nuveen Limited Term Municipal Bond Fund
Nuveen Short Term Municipal Bond Fund
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. John Miller, CFA, and Doug White, CFA, manage the Nuveen All-American Municipal Bond Fund. John began managing the Fund in 2010 and Doug joined him as co-manager of the Fund in 2011. Dan Close, CFA, and Doug Baker, CFA, have managed the Nuveen Inflation Protected Municipal Bond Fund since its inception in 2011. Paul Brennan, CFA, has managed the Nuveen Intermediate Duration Municipal Bond Fund since 2007 and the Nuveen Limited Term Municipal Bond Fund since 2006. Chris Drahn, CFA, has managed the Nuveen Short Term Municipal Bond Fund since 2002.
Recently, the portfolio managers discussed key investment strategies and the Funds’ performance for the six-month reporting period ended October 31, 2014.
How did the Funds perform during the six-month reporting period ended October 31, 2014?
The tables in the Fund Performance, Expense Ratios and Effective Leverage Ratios section of this report provide each Fund’s total return performance information for its Class A Shares at net asset value (NAV) for the applicable six-month, one-year, five-year, ten-year and since-inception periods ended October 31, 2014. Each Fund’s returns are compared to the performance of a corresponding market index and Lipper classification average.
Nuveen All-American Municipal Bond Fund
The Nuveen All-American Municipal Bond Fund’s Class A Shares at NAV significantly outperformed both the benchmark S&P Municipal Bond Index and the Lipper General & Insured Municipal Debt Funds Classification Average during the six-month reporting period ended October 31, 2014.
Favorable security selection was the biggest factor behind the Fund’s relative outperformance compared to the benchmark. The Fund owned a number of bond issues that benefited from improving credit quality, which in turn helped lift the securities’ prices. In particular, we made effective investment choices within the health care, transportation and corporate-backed industrial development revenue bond sectors.
Duration and yield curve positioning also provided positive influences on the Fund’s results compared to the benchmark. Although we were gradually reducing the Fund’s duration, meaning its sensitivity to changes in interest rates and finished the reporting period
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
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Portfolio Managers’ Comments (continued)
positioned essentially neutral, the portfolio’s duration was longer than the benchmark during the reporting period. This strategy helped the Fund’s results during a time when interest rates were falling, an advantageous situation for the Fund. It also helped reduce interest risk in the event the bond rally should falter.
Moreover, the Fund was well positioned on the yield curve, with an overweighting in bonds with maturities of 22 years and longer. This approach also was opportune, given that longer dated bonds occupied the best performing segment of the yield curve during the reporting period and our additional exposure there added value. This overweighting easily compensated for the modest negative effect of being slightly overweighted in bonds with maturities of 8–12 years, a category that slightly underperformed.
To a lesser extent, the Fund’s credit quality allocation also contributed to results. In an environment in which higher quality bonds trailed their lower quality counterparts, it proved beneficial for the Fund to maintain lower relative exposure to bonds with credit ratings of AAA and AA. Another positive impact came from the Fund’s position in inverse floating rate securities, or inverse floaters, which performed well owing to their long duration.
In a period of strong performance, very few factors detracted from results. The Fund’s minimal exposure to shorter maturity, higher rated bonds during the reporting period slightly limited its upside.
Nuveen Inflation Protected Municipal Bond Fund
The Nuveen Inflation Protected Municipal Bond Fund’s Class A Shares at NAV outperformed the Barclays 1–10 Year Municipal Bond Index and trailed the Lipper Intermediate Municipal Debt Funds Classification Average during the six-month reporting period ended October 31, 2014.
The Fund’s performance is shaped by its two portfolio components, intermediate duration municipal bonds and inflation-linked swaps, the latter of which are designed to hedge the Fund against changes in inflation expectations, which can influence municipal bond prices. During this reporting period, the Fund’s municipal portfolio was a strong contributor to relative performance, while its inflation-protection component detracted from results.
Compared to the Barclays benchmark, the Fund had favorable duration and yield curve positioning. In an environment of declining interest rates, the Fund’s longer duration, meaning its sensitivity to rate changes, was beneficial. More specifically, the Fund was supported both by its relative overweighting in long dated securities and its corresponding underweighting in shorter dated issues. This strategy proved helpful, given that longer bonds outperformed their shorter counterparts during the reporting period.
Another positive factor was our credit rating exposure. With relatively low yields in the municipal bond marketplace, securities with lower ratings and higher yields enjoyed a performance advantage over higher-quality securities offering less income. Accordingly, the Fund benefited from its relative overweighting in BBB-rated bonds, the lowest quality tier of the investment grade bond universe, as well as its underweighting in the very highest quality bonds, those with AAA-rated credits.
The Fund’s sector selection also proved beneficial to performance, most notably from underweightings in state and local general obligation bonds, as well as pre-refunded issues. These two categories generated a positive return but failed to keep pace with the overall market. The Fund also gained an advantage from its relative overweighting in health care, an outperforming sector.
The Fund’s inflation linked swaps provided the biggest negative impact on performance during the reporting period. These securities accomplished their objective of hedging against fluctuations in inflation expectations and realized inflation. During the reporting period, however, these securities meaningfully hampered relative performance for two reasons. First, realized inflation was lower than expected, so the swaps accrued at a negative rate. Second, because the market consensus for future inflation decreased, the market value of the swaps decreased as would be expected.
Nuveen Intermediate Duration Municipal Bond Fund
The Nuveen Intermediate Duration Municipal Bond Fund’s Class A Shares at NAV modestly outperformed both the benchmark S&P Municipal Bond Intermediate Index and Lipper Intermediate Municipal Debt Funds Classification Average during the six-month reporting period ended October 31, 2014.
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One of the main factors behind the Fund’s outperformance compared to the benchmark was effective credit quality positioning. Specifically, the Fund had overweightings in lower investment grade categories, namely A-rated and BBB-rated bonds. Amid improving municipal issuer credit quality, low yields and declining risk aversion, these bonds enjoyed attractive results as investors searched for higher yield and were willing to take on added credit risk to obtain it.
Another positive performance factor was favorable sector allocation, as the Fund had relatively large exposure to areas of the market that saw comparatively strong performance during the reporting period. For example, health care and transportation bonds were among the market’s best performers. Given that these two groups combined represent a large portion of the portfolio at the start of the reporting period, the Fund was well positioned to benefit from the performance of securities from these sectors.
The Fund’s duration and yield curve positioning were also positive factors for relative performance. In particular, the Fund was structured to benefit slightly more than the benchmark from falling interest rates, due primarily to our relative overweighting in bonds on the longer end of the intermediate range of the municipal yield curve. Tempering some of the duration related outperformance, however, was the Fund’s small overweighting in very short maturity issues, which did not fare as well as their longer dated counterparts.
To the limited extent that the Fund owned shorter dated, higher rated securities, which trailed the market during the reporting period, the Fund’s upside was restrained. But otherwise, this was a period in which most strategies worked out well for the Fund on a relative basis.
Nuveen Limited Term Municipal Bond Fund
The Nuveen Limited Term Municipal Bond Fund’s Class A Shares at NAV underperformed the S&P Municipal Bond Short Intermediate Index but surpassed the results of the Lipper Short-Intermediate Municipal Debt Funds Classification Average during the six-month reporting period ended October 31, 2014.
The Fund’s allocation to bonds in the lower investment grade credit tier of the municipal bond market added to the Fund’s results on a relative basis. Lower rated issues gained from an improving economic backdrop, which in turn helped strengthen the credit quality of issuers of tax-exempt debt. With roughly one-third of the portfolio invested in A-rated and BBB-rated bonds during the reporting period, the Fund was able to benefit as these securities’ prices increased.
The Fund’s relative performance was also lifted by favorable yield curve positioning. Although our duration (interest-rate sensitivity) was roughly neutral to that of our target, the Fund received a slight boost from its overweighting in bonds at the longer end of our investment universe, specifically 7–10 years. The Fund also was modestly overweighted in shorter dated issues, which did not perform as well as longer bonds and therefore hindered returns on a relative basis.
The Fund’s sector allocation also contributed to favorable results. The positive relative impact took place across multiple areas, including tobacco and health care, both of which represented strong areas of performance and where the Fund had sizeable allocations throughout the period. The Fund also gained an advantage from our investments in local general obligation bond holdings, which as a category were the beneficiaries of improving credit fundamentals for state and local municipal debt issuers. On the other hand, given their very high credit quality and short maturities, pre-refunded bonds were weak performers, but the Fund’s modest stake here kept the impact on relative performance modest.
Nuveen Short Term Municipal Bond Fund
The Nuveen Short Term Municipal Bond Fund’s Class A Shares at NAV slightly outpaced the S&P Municipal Bond Short Index and the Lipper Short Municipal Debt Funds Classification Average during the six-month reporting period ended October 31, 2014.
Yield curve positioning was, on balance, a neutral factor for performance relative to the benchmark. Because short term interest rates remained extremely low, the Fund’s very shortest holdings provided limited appreciation during the reporting period. Conversely, however, to the extent that the Fund was positioned in bonds with maturities exceeding four years (the upper end of the range found in the index), we were able to capture a modest relative performance advantage.
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Portfolio Managers’ Comments (continued)
The Fund benefited from its credit quality positioning in light of our overweightings in the lower investment grade tier of the municipal bond marketplace, meaning A-rated and BBB-rated bonds. Because of their added credit risk, which we seek to manage through extensive credit research, these bonds provided increased income and a small degree of price appreciation. At the end of the reporting period, roughly half of the portfolio was invested in bonds in these two ratings categories.
What strategies were used to manage the Funds during the six-month reporting period ended October 31, 2014?
All of the Funds continued to employ the same fundamental investment strategies and tactics long relied upon by Nuveen Asset Management. Our municipal bond portfolios are managed with a value-oriented approach and close input from Nuveen Asset Management’s experienced research team. Below, we highlight the specific factors influencing each Fund’s investment strategy, as well as how we managed each portfolio in light of recent market conditions.
Nuveen All-American Municipal Bond Fund
At the beginning of the reporting period, we identified a future rise in interest rates as the biggest threat to the Fund’s performance. We saw this as an increasing possibility, given how low municipal rates had been for so long and the mounting evidence of a recovering U.S. economy. Accordingly, the primary change we made to the portfolio was to gradually and consistently reduce the Fund’s duration to make it less sensitive to a potential rate rise.
Accomplishing this goal involved being methodical about both the bond sales and new purchases we made during the reporting period. We looked to sell longer maturity holdings across a variety of sectors and credit ratings while maintaining the Fund’s basic structure, which we liked coming into the reporting period and wished to preserve as best we could.
In contrast, new purchases emphasized shorter dated holdings, especially those with maturities of five years and earlier, which would enable us to bring down duration relatively quickly. We also bought some longer dated bonds when they presented what we saw as an attractive risk-reward tradeoff, but these extended maturity acquisitions tended to be the exception.
New purchases typically focused on sectors we anticipated could do well if the economy continued to improve. We made purchases in the transportation sector, especially toll roads, a category that enjoyed strong results during the reporting period. Accordingly, we also found opportunities in the tax-exempt corporate-backed industrial development revenue bonds and in sales-tax revenue bonds, as we would expect municipalities to see increased sales tax collections in conjunction with an improving economy.
Nuveen Inflation Protected Municipal Bond Fund
The Fund received a steady stream of investment inflows, which we subsequently put to work in the marketplace, along with the proceeds of bond calls and the sale of an individual position that we believed had become fairly valued.
Coming into the reporting period, we were pleased with the portfolio’s overall structure. Accordingly, when we bought new bonds, our emphasis was on trying to maintain the Fund’s existing duration, credit quality and sector characteristics.
New purchases, which took place in both the primary and secondary municipal markets, generally focused on bonds with maturities of about 10 years and longer. We were emphasizing lower investment grade rated securities with coupons of 5% or higher and that we believed offered a favorable risk/reward tradeoff for our shareholders. To finance these purchases, we largely relied on new investment activity into the Fund as well as bond calls taking place during the reporting period.
New additions to the portfolio came from multiple sectors and included a local general obligation bond issue, an appropriation bond, an electric utility deal, three transportation bonds and two water/sewer credits. In this last category, we took advantage of an opportunity to sell an existing position in Detroit water/sewer bonds and use the proceeds to invest in more attractively structured bonds of the same issuer.
During the reporting period, we established a portfolio hedge by purchasing a credit default swap on the debt obligations of the U.S. territory of Puerto Rico. We have previously noted a correlation between the credit quality of Puerto Rico bonds and that of the overall high yield municipal bond market. Given that this portfolio regularly maintains a meaningful stake in BBB-rated and below investment grade rated bonds, we saw this as a way to reduce the portfolio’s overall risk while continuing to take advantage of
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opportunities to invest in the lower-quality portion of the market. The Fund invested in credit default swap contracts to manage credit risk. Using credit default swaps, the Fund purchased credit protection, which had a negligible impact on performance.
With the Fund growing larger from new investment activity, we correspondingly increased the number of inflation-linked swap positions in the portfolio. By adding these swaps, we were able to maintain a consistent level of inflation protection throughout the reporting period. These inflation-linked swaps continued to be classified as non-exchange-cleared derivatives, a beneficial situation for the Fund, given that it enables us to use the Fund’s municipal bond positions as collateral for the securities.
Nuveen Intermediate Duration Municipal Bond Fund
Coming into the reporting period, we believed the portfolio was well positioned. Accordingly, when we made new bond purchases, we were mindful of keeping the Fund’s essential structure intact. As a result, we bought bonds across a variety of sectors and the credit quality spectrum, wherever we saw suitable opportunities to add value for shareholders.
Our new purchases included hospital bonds that we believed provided a good risk/reward tradeoff. We also purchased several bonds of local tax-supported issuers, many of which have seen improving credit quality in conjunction with the recovering national economy. The transportation sector was another area of opportunity, as we bought bonds to finance the Illinois State Toll Highway Authority, the Miami-Dade Expressway in South Florida and the San Joaquin Hills toll road in Southern California.
Our purchases favored bonds with maturities from seven to twenty years, as this is where we were generally finding good value and it was also the range that enabled us to keep the Fund’s duration reasonably stable. That said, we did occasionally invest both longer and shorter than this range when individual opportunities presented themselves. To finance the Fund’s purchases, we used a combination of investment inflows, bond maturities and, occasionally, the proceeds from sales of high quality bonds that we believed had less appreciation potential than the bonds we wished to add.
In general, our new purchases were made on an individual basis, as opposed to a wholesale effort to restructure the portfolio or a preference for a particular area of the market. In an environment of falling bond yields, especially for intermediate and shorter bonds, coupled with relatively limited supply and issuers demanding ever more favorable terms, we have become more selective in choosing the right bonds for the Fund. In this environment, we think we are serving our shareholders best by staying focused on our long-term approach.
Nuveen Limited Term Municipal Bond Fund
The investment backdrop for tax-exempt securities was competitive during the reporting period, as the yields available to investors declined in conjunction with limited supply and strong demand. In this environment, our basic approach remained consistent in that we continued to look for value opportunities in the marketplace, even as other participants in the municipal market appeared to become less selective. Our discriminating style will not necessarily maximize short-term performance, but we wholeheartedly believe our approach is in the best long-term interests of our shareholders.
We were unwilling to compromise our quality standards amid a scarcity of municipal bonds, so we had to redouble our efforts to find investments that we believed offered sufficient reward prospects in exchange for their risk. In some cases, this meant purchasing higher rated bonds with lower yields, rather than buying lower rated issues that offered an unfavorable risk/reward tradeoff, or other securities that we believed provided insufficient protections for investors. Coming into the reporting period, we were pleased with the Fund’s overall positioning from a sector, credit quality and duration standpoint, so we were careful to keep those characteristics relatively consistent as we bought and sold securities throughout the period. Our management activity involved trying to keep the Fund fully invested in an environment of relatively meager issuance while avoiding big changes to the portfolio that we did not think would serve our shareholders well.
During the reporting period, we did find some good value on a case-by-case basis among local tax-obligation bonds, as well as among health care issues, which we regularly see as a good source of opportunity, given Nuveen’s health care credit research experience. Funding for these purchases came from new shareholder inflows and bond maturities. We also periodically sold bonds with shorter maturities and higher credit quality that had been lagging in the marketplace and had unattractive prospects for future performance.
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Portfolio Managers’ Comments (continued)
Nuveen Short Term Municipal Bond Fund
We are always sensitive to the fact that the Nuveen Short Term Municipal Bond Fund is intended as a low volatility investment for shareholders. Accordingly, we continued to look for ways to achieve an appropriate balance between the Fund’s income stream and total return while striving for low volatility.
With short-term municipal bond yields remaining historically low, we looked to lower rated bonds as a source of additional income. As the investment environment has become increasingly competitive, we have sometimes found it challenging to find suitable lower investment grade bonds that provide significant return in exchange for the increasingly limited income, especially in light of our desire to limit volatility. In this type of environment, we are more willing to invest in higher quality bonds, despite their lower yields, as a means of keeping the Fund fully invested while we search for relative values in the marketplace. During the reporting period, in fact, we began to see what we identified as a somewhat more attractive risk/reward balance in the AA-rated credit tier of the marketplace and the portfolio’s allocation to this credit segment rose modestly during the reporting period. By maintaining our discipline and avoiding investments that we believe provide insufficient income in exchange for credit risk, we think we are better serving our shareholders and their desire for principal preservation.
The Fund’s sector exposure remained relatively consistent, as did its duration (interest rate) positioning. While we emphasized higher yielding sectors when possible, such as hospitals and airports, we took advantage of purchase opportunities across multiple segments of the marketplace. On a yield curve basis, we were tending to find the best value among bonds with maturities of three or four years, which offered slightly more total return potential than shorter bonds.
The Fund received new investment inflows throughout most of the reporting period, so we were able to finance the majority of our purchases through these proceeds, as well as from maturing bonds. On the rare occasion when we needed to sell securities in order to fund our purchases, we chose shorter dated, high quality issues with limited prospects for future performance.
An Update Involving Detroit and Puerto Rico
We continued to monitor two situations in the broader municipal market for any impact on the Funds’ holdings and performance: the ongoing economic problems of Puerto Rico and the bankruptcy filing of Detroit, Michigan. The Puerto Rico bonds were originally added to our portfolios to keep assets fully invested and working for the Funds’ as well as to enhance diversity, duration, and credit. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). However, Puerto Rico’s continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Following the latest rating reduction by Moody’s in July 2014, Puerto Rico general obligation debt was rated B2/BB+/BB (below investment grade) by Moody’s, S&P and Fitch, respectively, with negative outlooks. In late June 2014, Puerto Rico approved new legislation creating a judicial framework and formal process that would allow several of the commonwealth’s public corporations to restructure their public debt. As of October 2014, the Nuveen complex held $69.8 million in bonds backed by public corporations in Puerto Rico that could be restructured under this legislation, representing less than 0.1% of our municipal assets under management. In light of the evolving economic situation in Puerto Rico, Nuveen’s credit analysis of the commonwealth had previously considered the possibility of a default and the restructuring of public corporations, and we had adjusted our portfolios to prepare for such an outcome, although no such default or restructuring has occurred to date. The Nuveen complex’s entire exposure to obligations of the government of Puerto Rico and other Puerto Rico issuers totals 0.35% of assets under management as of October 31, 2014. For the reporting period ended October 31, 2014, the small size of our exposures meant that our Puerto Rico holdings had a negligible impact on performance.
The second situation that we continued to monitor was the City of Detroit’s filing for Chapter 9 in federal bankruptcy court in July 2013. Burdened by decades of population loss, changes in the auto manufacturing industry and significant tax base deterioration, Detroit had been under severe financial stress for an extended period prior to the filing. Before Detroit could exit bankruptcy, issues surrounding the city’s complex debt portfolio, numerous union contracts, significant legal questions and more than 100,000 creditors had to be resolved. By October 2014, all of the major creditors had reached an agreement on the city’s plan to restructure its $18.5 billion of debt and emerge from bankruptcy and on November 7, 2014 (subsequent to the close of this reporting period). The U.S. Bankruptcy Court approved the city’s bankruptcy exit plan, thereby erasing approximately $7 billion in debt. The settlement plan also provided for $1.7 billion to be reinvested in the city for improved public safety, blight removal and upgraded basic services. In
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August 2014, Detroit announced a tender offer for the city’s water and sewer bonds, aimed at replacing some of the $5.2 billion of existing debt with lower cost bonds. (Not all of the Detroit water and sewer bonds were eligible for the tender offer.) Approximately $1.5 billion in existing water and sewer bonds were returned to the city by investors under the tender offer, which enabled Detroit to issue $1.8 billion in new water and sewer bonds, resulting in savings of $250 million over the life of the bonds. The city also raised about $150 million to finance sewer system improvements. As part of the deal, Detroit water and sewer bonds were permanently removed from the city’s bankruptcy case. In general, Detroit water and sewer credits rallied following these positive developments.
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and Dividend Information
Risk Considerations
Nuveen All-American Municipal Bond Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. In addition, the Fund periodically engages in a moderate amount of portfolio leverage and in doing so, assumes a higher level of risk in pursuit of its objectives. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility, interest rate risk and credit risk.
Nuveen Inflation Protected Municipal Bond Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund are subject to market risk, credit risk, interest rate risk, non-diversification risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuer’s ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The Fund’s use of derivative instruments may involve a small amount of cash investment relative to the total notional principal amount of the transaction, the magnitude of losses from derivatives may be greater than the amount originally invested. There can be no assurance that the Fund’s inflation hedging strategy will be successful or perform as expected.
Nuveen Intermediate Duration Municipal Bond Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The Fund’s use of inverse floaters creates effective leverage. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility and interest rate risk.
Nuveen Limited Term Municipal Bond Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The Fund’s use of inverse floaters creates effective leverage. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility and interest rate risk.
Nuveen Short Term Municipal Bond Fund
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The Fund’s use of inverse floaters creates effective leverage. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility and interest rate risk.
| 12 | Nuveen Investments |
Dividend Information
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit a Fund to maintain a more stable monthly dividend, the Fund may pay dividends consisting only of net investment income at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of October 31, 2014, the Funds had positive UNII balances, based upon our best estimate, for tax purposes. Nuveen Short Term Municipal Bond Fund had a negative UNII balance, while the other four Funds had positive UNII balances for financial reporting purposes.
All monthly dividends paid by each Fund during the six-months ended October 31, 2014 were paid from net investment income. If a portion of a Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, the Fund’s shareholders would have received a notice to that effect. The composition and per share amounts of each Fund’s monthly dividends for the reporting period are presented in the Statement of Changes in Net Assets and Financial Highlights, respectively (for reporting purposes) and in Note 6 – Income Tax Information within the accompany Notes to Financial Statements (for income tax purposes), later in this report.
| Nuveen Investments | 13 |
THIS PAGE INTENTIONALLY LEFT BLANK
| 14 | Nuveen Investments |
Fund Performance, Expense Ratios
and Effective Leverage Ratios
The Fund Performance, Expense Ratios and Effective Leverage Ratios for each Fund are shown within this section of the report.
Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local income taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Returns may reflect an agreement by the investment adviser to waive certain fees and/or reimburse expenses during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.
The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the most recent prospectus. The expense ratios include management fees and other fees and expenses.
Leverage is created whenever a Fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. The effective leverage ratio shown is the amount of investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.
| Nuveen Investments | 15 |
Fund Performance, Expense and Effective Leverage Ratios (continued)
Nuveen All-American Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of October 31, 2014
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 5.30% | 11.57% | 7.09% | 5.19% | ||||||||||||
Class A Shares at maximum Offering Price | 0.90% | 6.93% | 6.19% | 4.74% | ||||||||||||
S&P Municipal Bond Index | 3.54% | 7.94% | 5.45% | 4.74% | ||||||||||||
Lipper General Municipal Debt Funds Classification Average | 3.91% | 8.80% | 5.34% | 4.04% | ||||||||||||
Class C2 Shares | 5.02% | 11.07% | 6.51% | 4.62% | ||||||||||||
Class I Shares | 5.39% | 11.84% | 7.28% | 5.39% | ||||||||||||
| Cumulative | ||||||||
| 6-Month | Since Inception | |||||||
Class C Shares | 4.88% | 8.10% | ||||||
Average Annual Total Returns as of September 30, 2014 (Most Recent Calendar Quarter)
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 5.62% | 11.31% | 6.37% | 5.17% | ||||||||||||
Class A Shares at maximum Offering Price | 1.16% | 6.66% | 5.46% | 4.72% | ||||||||||||
Class C2 Shares | 5.34% | 10.71% | 5.82% | 4.60% | ||||||||||||
Class I Shares | 5.80% | 11.59% | 6.58% | 5.37% | ||||||||||||
| Cumulative | ||||||||
| 6-Month | Since Inception | |||||||
Class C Shares | 5.20% | 6.96% | ||||||
Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C and C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
| 16 | Nuveen Investments |
Expense Ratios as of Most Recent Prospectus
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Expense Ratios | 0.72% | 1.52% | 1.27% | 0.52% | ||||||||||||
Effective Leverage Ratio as of October 31, 2014
Effective Leverage Ratio | 4.66% |
| Nuveen Investments | 17 |
Fund Performance, Expense and Effective Leverage Ratios (continued)
Nuveen Inflation Protected Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of October 31, 2014
| Cumulative | Average Annual | |||||||||||
| 6-Month | 1-Year | Since Inception | ||||||||||
Class A Shares at NAV | 2.34% | 5.85% | 5.06% | |||||||||
Class A Shares at maximum Offering Price | (0.73%) | 2.68% | 4.19% | |||||||||
Barclays 1-10 Year Municipal Bond Index | 2.01% | 4.14% | 3.95% | |||||||||
Lipper Intermediate Municipal Debt Funds Classification Average | 2.39% | 5.15% | 4.44% | |||||||||
Class C2 Shares | 2.06% | 5.17% | 4.47% | |||||||||
Class I Shares | 2.42% | 6.03% | 5.26% | |||||||||
| Cumulative | ||||||||
| 6-Month | Since Inception | |||||||
Class C Shares | 1.83% | 3.65% | ||||||
Average Annual Total Returns as of September 30, 2014 (Most Recent Calendar Quarter)
| Cumulative | Average Annual | |||||||||||
| 6-Month | 1-Year | Since Inception | ||||||||||
Class A Shares at NAV | 4.07% | 6.43% | 5.18% | |||||||||
Class A Shares at maximum Offering Price | 0.95% | 3.24% | 4.28% | |||||||||
Class C2 Shares | 3.79% | 5.75% | 4.59% | |||||||||
Class I Shares | 4.15% | 6.61% | 5.37% | |||||||||
| Cumulative | ||||||||
| 6-Month | Since Inception | |||||||
Class C Shares | 3.56% | 3.70% | ||||||
Since inception returns are from 3/08/11. Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 3.00% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C and C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
| 18 | Nuveen Investments |
Expense Ratios as of Most Recent Prospectus
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Gross Expense Ratios | 0.96% | 1.77% | 1.52% | 0.77% | ||||||||||||
Net Expense Ratios | 0.77% | 1.57% | 1.32% | 0.57% | ||||||||||||
The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through August 31, 2015 so that total annual Fund operating expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.60% (1.05% after August 31, 2015) of the average daily net assets of any class of Fund shares. The expense limitation expiring August 31, 2015 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. The expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of the Fund.
Effective Leverage Ratio as of October 31, 2014
Effective Leverage Ratio | 0.00% |
| Nuveen Investments | 19 |
Fund Performance, Expense and Effective Leverage Ratios (continued)
Nuveen Intermediate Duration Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of October 31, 2014
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 2.95% | 6.43% | 4.49% | 3.93% | ||||||||||||
Class A Shares at maximum Offering Price | (0.11%) | 3.20% | 3.87% | 3.61% | ||||||||||||
S&P Municipal Bond Intermediate Index | 2.81% | 5.95% | 5.19% | 4.76% | ||||||||||||
Lipper Intermediate Municipal Debt Funds Classification Average | 2.39% | 5.15% | 4.16% | 3.61% | ||||||||||||
Class C2 Shares | 2.68% | 5.86% | 3.91% | 3.36% | ||||||||||||
Class I Shares | 2.93% | 6.62% | 4.69% | 4.13% | ||||||||||||
| Cumulative | ||||||||
| 6-Month | Since Inception | |||||||
Class C Shares | 2.55% | 4.08% | ||||||
Average Annual Total Returns as of September 30, 2014 (Most Recent Calendar Quarter)
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 3.30% | 6.45% | 4.02% | 3.93% | ||||||||||||
Class A Shares at maximum Offering Price | 0.21% | 3.21% | 3.38% | 3.61% | ||||||||||||
Class C2 Shares | 3.14% | 5.99% | 3.46% | 3.38% | ||||||||||||
Class I Shares | 3.51% | 6.76% | 4.24% | 4.15% | ||||||||||||
| Cumulative | ||||||||
| 6-Month | Since Inception | |||||||
Class C Shares | 3.01% | 3.55% | ||||||
Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 3.00% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C and C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
| 20 | Nuveen Investments |
Expense Ratios as of Most Recent Prospectus
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Expense Ratios | 0.70% | 1.50% | 1.25% | 0.50% | ||||||||||||
Effective Leverage Ratio as of October 31, 2014
Effective Leverage Ratio | 1.30% |
| Nuveen Investments | 21 |
Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Limited Term Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of October 31, 2014
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 1.34% | 2.97% | 3.19% | 3.19% | ||||||||||||
Class A Shares at maximum Offering Price | (1.24)% | 0.42% | 2.68% | 2.93% | ||||||||||||
S&P Municipal Bond Short-Intermediate Index | 1.46% | 2.89% | 3.30% | 3.68% | ||||||||||||
Lipper Short-Intermediate Municipal Debt Funds Classification Average | 1.07% | 2.31% | 2.43% | 2.77% | ||||||||||||
Class C2 Shares | 1.15% | 2.59% | 2.82% | 2.83% | ||||||||||||
Class I Shares | 1.52% | 3.15% | 3.40% | 3.39% | ||||||||||||
| Cumulative | ||||||||
| 6-Month | Since Inception | |||||||
Class C Shares | 1.07% | 1.56% | ||||||
Average Annual Total Returns as of September 30, 2014 (Most Recent Calendar Quarter)
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 1.70% | 3.33% | 2.87% | 3.20% | ||||||||||||
Class A Shares at maximum Offering Price | (0.81)% | 0.77% | 2.35% | 2.94% | ||||||||||||
Class C2 Shares | 1.52% | 2.96% | 2.50% | 2.85% | ||||||||||||
Class I Shares | 1.89% | 3.61% | 3.08% | 3.41% | ||||||||||||
| Cumulative | ||||||||
| 6-Month | Since Inception | |||||||
Class C Shares | 1.43% | 1.36% | ||||||
Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 2.50% sales charge (Offering Price). Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C and C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
| 22 | Nuveen Investments |
Expense Ratios as of Most Recent Prospectus
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Gross Expense Ratios | 0.65% | 1.45% | 1.00% | 0.45% | ||||||||||||
Net Expense Ratios | 0.65% | 1.20% | 1.00% | 0.45% | ||||||||||||
The Fund’s investment adviser has contractually agreed to waive 0.25% of the Fund’s 12b-1 distribution fees for Class C Shares through August 31, 2015. The fee waiver will not be terminated prior to that time without the approval of the Fund’s Board of Trustees.
Effective Leverage Ratio as of October 31, 2014
Effective Leverage Ratio | 0.00% |
| Nuveen Investments | 23 |
Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)
Nuveen Short Term Municipal Bond Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of October 31, 2014
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 0.60% | 1.21% | 2.15% | 2.41% | ||||||||||||
Class A Shares at maximum Offering Price | (1.91)% | (1.32)% | 1.65% | 2.15% | ||||||||||||
S&P Municipal Bond Short Index | 0.57% | 1.19% | 1.76% | 2.71% | ||||||||||||
Lipper Short Municipal Debt Funds Classification Average | 0.52% | 1.09% | 1.44% | 2.00% | ||||||||||||
Class I Shares | 0.69% | 1.39% | 2.33% | 2.57% | ||||||||||||
| Cumulative | Annualized | |||||||||||
| 6-month | 1-Year | Since Inception | ||||||||||
Class C Shares | 0.33% | N/A | 0.41% | |||||||||
Class C2 Shares | 0.42% | 0.96% | 1.24% | |||||||||
Average Annual Total Returns as of September 30, 2013 (Most Recent Calendar Quarter)
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 0.72% | 1.54% | 2.05% | 2.42% | ||||||||||||
Class A Shares at maximum Offering Price | (1.80)% | (1.01)% | 1.53% | 2.16% | ||||||||||||
Class I Shares | 0.81% | 1.72% | 2.23% | 2.59% | ||||||||||||
| Cumulative | Annualized | |||||||||
| 6-month | 1-Year | Since Inception | ||||||||
Class C Shares | 0.54% | N/A | 0.36% | |||||||
Class C2 Shares | 0.64% | 1.18% | 1.26% | |||||||
Since inception returns for Class C and C2 Shares are from 2/10/14 and 8/31/11, respectively. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 2.50% sales charge (Offering Price). Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C and C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
| 24 | Nuveen Investments |
Expense Ratios as of Most Recent Prospectus
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Gross Expense Ratios | 0.71% | 1.51% | 1.06% | 0.51% | ||||||||||||
Net Expense Ratios | 0.71% | 1.06% | 1.06% | 0.51% | ||||||||||||
The Fund’s investment adviser has contractually agreed to waive 0.45% of the Fund’s 12b-1 distribution fees for Class C Shares through August 31, 2015. The fee waiver will not be terminated prior to that time without the approval of the Fund’s Board of Directors.
Effective Leverage Ratio as of October 31, 2014
Effective Leverage Ratio | 0.00% |
| Nuveen Investments | 25 |
Dividend Yield is the most recent dividend per share (annualized) divided by the offering price per share.
The SEC 30-Day Yield is a standardized measure of a Fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the Fund’s portfolio. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Dividend Yield may differ from the SEC 30-Day Yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.
The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at a specified tax rate. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the Taxable-Equivalent Yield is lower.
Nuveen All-American Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 3.97% | 3.36% | 3.62% | 4.33% | ||||||||||||
SEC Yield | 2.30% | 1.59% | 1.85% | 2.60% | ||||||||||||
Taxable-Equivalent Yield (28.0%)2 | 3.19% | 2.21% | 2.57% | 3.61% | ||||||||||||
Nuveen Inflation Protected Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 2.35% | 1.60% | 1.88% | 2.59% | ||||||||||||
SEC Yield | 2.01% | 1.14% | 1.53% | 2.28% | ||||||||||||
Taxable-Equivalent Yield2 | 2.79% | 1.58% | 2.13% | 3.17% | ||||||||||||
Nuveen Intermediate Duration Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 2.89% | 2.20% | 2.46% | 3.17% | ||||||||||||
SEC Yield | 1.42% | 0.65% | 0.91% | 1.66% | ||||||||||||
Taxable-Equivalent Yield (28.0%)2 | 1.97% | 0.90% | 1.26% | 2.31% | ||||||||||||
| 1 | The SEC Yield for Class A shares quoted in the table reflects the maximum sales load. Investors paying a reduced load because of volume discounts, investors paying no load because they qualify for one of the several exclusions from the load, and existing shareholders who previously paid a load but would like to know the SEC Yield applicable to their shares on a going-forward basis, should understand that the SEC Yield effectively applicable to them would be higher than the figure quoted in the table. |
| 2 | The Taxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a federal income tax rate shown in the respective table above. |
| 26 | Nuveen Investments |
Nuveen Limited Term Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 1.89% | 1.40% | 1.56% | 2.11% | ||||||||||||
SEC Yield | 0.76% | 0.22% | 0.43% | 0.98% | ||||||||||||
Taxable-Equivalent Yield (28.0%)2 | 1.06% | 0.31% | 0.60% | 1.36% | ||||||||||||
Nuveen Short Term Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A1 | Class C | Class C2 | Class I | |||||||||||||
Dividend Yield | 0.92% | 0.59% | 0.59% | 1.12% | ||||||||||||
SEC Yield | 0.30% | -0.04% | -0.04% | 0.50% | ||||||||||||
Taxable-Equivalent Yield (28.0%)2 | 0.42% | -0.06% | -0.06% | 0.69% | ||||||||||||
| 1 | The SEC Yield for Class A shares quoted in the table reflects the maximum sales load. Investors paying a reduced load because of volume discounts, investors paying no load because they qualify for one of the several exclusions from the load, and existing shareholders who previously paid a load but would like to know the SEC Yield applicable to their shares on a going-forward basis, should understand that the SEC Yield effectively applicable to them would be higher than the figure quoted in the table. |
| 2 | The Taxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a federal income tax rate shown in the respective table above. |
| Nuveen Investments | 27 |
Summaries as of October 31, 2014
This data relates to the securities held in each Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Refer to the Glossary of Terms used in this Report for further definition of the terms used within this section.
Nuveen All-American Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 97.1% | |||
Corporate Bonds | 0.0% | |||
Short-Term Municipal Bonds | 0.4% | |||
Floating Rate Obligations | (0.3)% | |||
Other Assets Less Liabilities | 2.8% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 10.2% | |||
AA | 31.6% | |||
A | 22.0% | |||
BBB | 18.8% | |||
BB or Lower | 7.7% | |||
N/R (not rated) | 9.7% |
Portfolio Composition
(% of total investments)
Health Care | 18.6% | |||
Tax Obligation/Limited | 17.1% | |||
Transportation | 11.7% | |||
Education and Civic Organizations | 11.6% | |||
Utilities | 9.4% | |||
Tax Obligation/General | 8.8% | |||
Long-Term Care | 5.8% | |||
Water and Sewer | 4.5% | |||
Other | 12.5% |
States and Territories
(% of total municipal bonds)
Texas | 12.2% | |||
California | 11.5% | |||
Illinois | 9.5% | |||
Florida | 6.9% | |||
Pennsylvania | 4.6% | |||
Wisconsin | 4.6% | |||
Colorado | 4.4% | |||
New York | 4.0% | |||
Indiana | 3.8% | |||
Ohio | 3.7% | |||
Arizona | 3.4% | |||
New Jersey | 2.7% | |||
Michigan | 2.7% | |||
Louisiana | 2.6% | |||
Washington | 2.3% | |||
Georgia | 1.7% | |||
Other | 19.4% |
| 28 | Nuveen Investments |
Nuveen Inflation Protected Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 103.4% | |||
Other Assets Less Liabilities | (3.4)% |
Bond Credit Quality
(% of total investments)1
AAA/U.S. Guaranteed | 4.8% | |||
AA | 36.5% | |||
A | 25.8% | |||
BBB | 18.9% | |||
BB or Lower | 6.1% | |||
N/R (not rated) | 7.9% |
Portfolio Composition
(% of total investments)1
Tax Obligation/Limited | 28.9% | |||
Transportation | 19.6% | |||
Tax Obligation/General | 12.6% | |||
Education and Civic Organizations | 9.8% | |||
Health Care | 9.0% | |||
Utilities | 8.9% | |||
Water and Sewer | 6.7% | |||
Other | 4.5% |
States and Territories
(% of total municipal bonds)
Illinois | 12.4% | |||
Colorado | 8.4% | |||
California | 8.4% | |||
Michigan | 7.1% | |||
Florida | 6.5% | |||
New York | 4.5% | |||
Louisiana | 4.3% | |||
Ohio | 4.0% | |||
Pennsylvania | 3.8% | |||
New Jersey | 3.3% | |||
Kansas | 3.3% | |||
Iowa | 3.2% | |||
Texas | 3.2% | |||
Georgia | 2.7% | |||
Arizona | 2.4% | |||
Washington | 2.4% | |||
North Carolina | 2.3% | |||
Other | 17.8% |
| 1 | Excluding investments in derivatives. |
| Nuveen Investments | 29 |
Holding Summaries as of October 31, 2014 (continued)
Nuveen Intermediate Duration Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 99.9% | |||
Corporate Bonds | 0.0% | |||
Short-Term Municipal Bonds | 0.1% | |||
Other Assets Less Liabilities | 0.0% |
Bond Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed | 11.4% | |||
AA | 41.8% | |||
A | 29.7% | |||
BBB | 12.6% | |||
BB or Lower | 3.1% | |||
N/R (not rated) | 1.4% |
Portfolio Composition
(% of total investments)
Tax Obligation/Limited | 26.2% | |||
Tax Obligation/General | 21.6% | |||
Health Care | 16.7% | |||
Transportation | 9.2% | |||
Utilities | 9.0% | |||
U.S. Guaranteed | 4.6% | |||
Other | 12.7% |
States and Territories
(% of total municipal bonds)
Illinois | 9.1% | |||
Texas | 8.8% | |||
California | 7.5% | |||
New York | 6.5% | |||
Florida | 6.0% | |||
New Jersey | 5.7% | |||
Ohio | 4.3% | |||
Michigan | 3.9% | |||
Wisconsin | 3.9% | |||
Pennsylvania | 3.5% | |||
Arizona | 3.4% | |||
Colorado | 2.8% | |||
Louisiana | 2.7% | |||
Nevada | 2.6% | |||
Indiana | 2.6% | |||
Massachusetts | 2.0% | |||
Missouri | 2.0% | |||
Kentucky | 1.9% | |||
Iowa | 1.6% | |||
Other | 19.2% |
| 30 | Nuveen Investments |
Nuveen Limited Term Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 98.4% | |||
Corporate Bonds | 0.0% | |||
Short-Term Municipal Bonds | 0.9% | |||
Other Assets Less Liabilities | 0.7% |
Bond Credit Quality
(% of total investments)
AAA/U.S. Guaranteed | 18.6% | |||
AA | 43.4% | |||
A | 26.0% | |||
BBB | 8.4% | |||
BB or Lower | 2.4% | |||
N/R (not rated) | 1.2% |
Portfolio Composition
(% of total investments)
Tax Obligation/Limited | 25.9% | |||
Tax Obligation/General | 22.3% | |||
Utilities | 11.8% | |||
Health Care | 10.2% | |||
Transportation | 7.6% | |||
Water and Sewer | 6.1% | |||
Education and Civic Organizations | 5.6% | |||
Other | 10.5% |
States and Territories
(% of total municipal bonds)
New York | 11.1% | |||
Illinois | 8.7% | |||
Texas | 6.2% | |||
New Jersey | 6.0% | |||
Pennsylvania | 5.6% | |||
Ohio | 4.8% | |||
California | 4.5% | |||
Florida | 4.4% | |||
Indiana | 4.0% | |||
Louisiana | 3.9% | |||
Arizona | 3.8% | |||
Michigan | 3.5% | |||
Georgia | 3.1% | |||
Washington | 2.7% | |||
Missouri | 2.4% | |||
Maryland | 1.9% | |||
Wisconsin | 1.8% | |||
Colorado | 1.5% | |||
Kentucky | 1.5% | |||
Other | 18.6% |
| Nuveen Investments | 31 |
Holding Summaries as of October 31, 2014 (continued)
Nuveen Short Term Municipal Bond Fund
Fund Allocation
(% of net assets)
Long-Term Municipal Bonds | 96.8% | |||
Short-Term Municipal Bonds | 3.2% | |||
Other Assets Less Liabilities | (0.0)% |
Bond Credit Quality
(% of total municipal bonds)
AAA/U.S. Guaranteed | 8.8% | |||
AA | 36.1% | |||
A | 34.2% | |||
BBB | 15.9% | |||
BB or Lower | 0.4% | |||
N/R (not rated) | 4.6% |
Portfolio Composition
(% of total municipal bonds)
Tax Obligation/Limited | 23.1% | |||
Health Care | 16.3% | |||
Tax Obligation/General | 16.0% | |||
Education and Civic Organizations | 13.0% | |||
Transportation | 13.0% | |||
Utilities | 8.5% | |||
Other | 10.1% |
States and Territories
(% of total municipal bonds)
New York | 9.3% | |||
California | 9.0% | |||
Illinois | 6.9% | |||
Florida | 5.9% | |||
Minnesota | 5.9% | |||
Missouri | 5.0% | |||
Pennsylvania | 4.8% | |||
Arizona | 4.5% | |||
Texas | 4.3% | |||
Indiana | 4.3% | |||
New Jersey | 4.0% | |||
Colorado | 3.5% | |||
Ohio | 2.6% | |||
Michigan | 2.3% | |||
Washington | 2.0% | |||
Tennessee | 1.6% | |||
Oklahoma | 1.5% | |||
Iowa | 1.4% | |||
Louisiana | 1.4% | |||
Other | 19.8% |
| 32 | Nuveen Investments |
Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended October 31, 2014.
The beginning of the period is May 1, 2014.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen All-American Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,053.00 | $ | 1,048.80 | $ | 1,050.20 | $ | 1,053.90 | ||||||||
Expenses Incurred During Period | $ | 3.67 | $ | 7.75 | $ | 6.51 | $ | 2.64 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,021.63 | $ | 1,017.64 | $ | 1,018.85 | $ | 1,022.63 | ||||||||
Expenses Incurred During Period | $ | 3.62 | $ | 7.63 | $ | 6.41 | $ | 2.60 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.71%, 1.50%, 1.26% and 0.51% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
| Nuveen Investments | 33 |
Expense Examples (continued)
Nuveen Inflation Protected Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,023.40 | $ | 1,018.30 | $ | 1,020.60 | $ | 1,024.20 | ||||||||
Expenses Incurred During Period | $ | 3.93 | $ | 7.99 | $ | 6.72 | $ | 2.91 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,021.32 | $ | 1,017.29 | $ | 1,018.55 | $ | 1,022.33 | ||||||||
Expenses Incurred During Period | $ | 3.92 | $ | 7.98 | $ | 6.72 | $ | 2.91 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.77%, 1.57%, 1.32% and 0.57% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen Intermediate Duration Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,029.50 | $ | 1,025.50 | $ | 1,026.80 | $ | 1,029.30 | ||||||||
Expenses Incurred During Period | $ | 3.58 | $ | 7.66 | $ | 6.39 | $ | 2.56 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,021.68 | $ | 1,017.64 | $ | 1,018.90 | $ | 1,022.68 | ||||||||
Expenses Incurred During Period | $ | 3.57 | $ | 7.63 | $ | 6.36 | $ | 2.55 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.70%, 1.50%, 1.25% and 0.50% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen Limited Term Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,013.40 | $ | 1,010.70 | $ | 1,011.50 | $ | 1,015.20 | ||||||||
Expenses Incurred During Period | $ | 3.25 | $ | 5.98 | $ | 5.02 | $ | 2.23 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,021.98 | $ | 1,019.26 | $ | 1,020.21 | $ | 1,022.99 | ||||||||
Expenses Incurred During Period | $ | 3.26 | $ | 6.01 | $ | 5.04 | $ | 2.24 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.64%, 1.18%, 0.99% and 0.44% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
| 34 | Nuveen Investments |
Nuveen Short Term Municipal Bond Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class C2 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,006.00 | $ | 1,003.30 | $ | 1,004.20 | $ | 1,006.90 | ||||||||
Expenses Incurred During Period | $ | 3.59 | $ | 5.30 | $ | 5.35 | $ | 2.58 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,021.63 | $ | 1,019.91 | $ | 1,019.86 | $ | 1,022.63 | ||||||||
Expenses Incurred During Period | $ | 3.62 | $ | 5.35 | $ | 5.40 | $ | 2.60 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.71%, 1.05%, 1.06% and 0.51% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
| Nuveen Investments | 35 |
A special shareholder meeting was held in the offices of Nuveen Investments on August 5, 2014 for Nuveen All-American Municipal Bond Fund, Nuveen Inflation Protected Municipal Bond Fund, Nuveen Intermediate Duration Municipal Bond Fund, Nuveen Limited Term Municipal Bond Fund and Nuveen Short Term Municipal Bond Fund; at this meeting the shareholders were asked to vote to approve a new investment management agreement, to approve a new sub-advisory agreement, to approve revisions to, or elimination of, certain fundamental investment policies and to elect Board Members. The meeting was subsequently adjourned to August 15, 2014 for Nuveen Inflation Protected Municipal Bond Fund.
| Nuveen All-American Municipal Bond Fund | Nuveen Inflation Protected Municipal Bond Fund | Nuveen Intermediate Duration Municipal Bond Fund | Nuveen Limited Term Municipal Bond Fund | Nuveen Short Term Municipal Bond Fund | ||||||||||||||||
To approve a new investment management agreement between each Trust and Nuveen Advisors, LLC. | ||||||||||||||||||||
For | 100,678,329 | 3,036,046 | 331,660,526 | 172,068,731 | 47,218,147 | |||||||||||||||
Against | 1,642,820 | 97,454 | 3,845,562 | 1,809,250 | 274,626 | |||||||||||||||
Abstain | 4,068,758 | 118,451 | 6,621,237 | 3,202,704 | 434,875 | |||||||||||||||
Broker Non-Votes | 26,786,559 | 979,564 | 82,361,832 | 42,789,144 | 23,191,343 | |||||||||||||||
Total | 133,176,466 | 4,231,515 | 424,489,157 | 219,869,829 | 71,118,991 | |||||||||||||||
To approve a new sub-advisory agreement between Nuveen Fund Advisors and Nuveen Asset Management, LLC. | ||||||||||||||||||||
For | 100,292,274 | 3,024,531 | 331,277,553 | 171,616,271 | 47,218,973 | |||||||||||||||
Against | 1,781,978 | 97,454 | 4,003,179 | 1,999,106 | 277,166 | |||||||||||||||
Abstain | 4,315,652 | 129,966 | 6,846,592 | 3,465,305 | 431,509 | |||||||||||||||
Broker Non-Votes | 26,786,562 | 979,564 | 82,361,833 | 42,789,147 | 23,191,343 | |||||||||||||||
Total | 133,176,466 | 4,231,515 | 424,489,157 | 219,869,829 | 71,118,991 | |||||||||||||||
To approve revisions to, or eilimation of, certain fundamental investment policies: | ||||||||||||||||||||
a. Revise the fundamental policy related to the purchase and sale of commodities. | ||||||||||||||||||||
For | 99,249,239 | 3,044,754 | 328,400,392 | 170,642,990 | 47,210,485 | |||||||||||||||
Against | 2,556,796 | 105,633 | 6,529,165 | 2,825,053 | 290,640 | |||||||||||||||
Abstain | 4,583,854 | 101,565 | 7,197,751 | 3,612,632 | 426,523 | |||||||||||||||
Broker Non-Votes | 26,786,577 | 979,563 | 82,361,849 | 42,789,154 | 23,191,343 | |||||||||||||||
Total | 133,176,466 | 4,231,515 | 424,489,157 | 219,869,829 | 71,118,991 | |||||||||||||||
b. Revise the fundamental policy related to issuing senior securities. | ||||||||||||||||||||
For | 99,274,668 | 3,027,667 | 328,533,290 | 170,752,316 | — | |||||||||||||||
Against | 2,429,871 | 117,947 | 6,285,966 | 2,700,031 | — | |||||||||||||||
Abstain | 4,685,362 | 106,338 | 7,308,059 | 3,628,332 | — | |||||||||||||||
Broker Non-Votes | 26,786,565 | 979,563 | 82,361,842 | 42,789,150 | — | |||||||||||||||
Total | 133,176,466 | 4,231,515 | 424,489,157 | 219,869,829 | — | |||||||||||||||
| 36 | Nuveen Investments |
| Nuveen All-American Municipal Bond Fund | Nuveen Inflation Protected Municipal Bond Fund | Nuveen Intermediate Duration Municipal Bond Fund | Nuveen Limited Term Municipal Bond Fund | Nuveen Short Term Municipal Bond Fund | ||||||||||||||||
b. Eliminate the fundamental policy related to investing for control. | ||||||||||||||||||||
For | — | — | — | — | 47,204,587 | |||||||||||||||
Against | — | — | — | — | 292,695 | |||||||||||||||
Abstain | — | — | — | — | 430,365 | |||||||||||||||
Broker Non-Votes | — | — | — | — | 23,191,344 | |||||||||||||||
Total | — | — | — | — | 71,118,991 | |||||||||||||||
c. Revise the fundamental policy related to underwriting. | �� | |||||||||||||||||||
For | 99,311,705 | 3,042,839 | 329,103,977 | 170,893,356 | — | |||||||||||||||
Against | 2,097,910 | 101,026 | 5,735,925 | 2,525,051 | — | |||||||||||||||
Abstain | 4,980,277 | 108,087 | 7,287,413 | 3,662,272 | — | |||||||||||||||
Broker Non-Votes | 26,786,574 | 979,563 | 82,361,842 | 42,789,150 | — | |||||||||||||||
Total | 133,176,466 | 4,231,515 | 424,489,157 | 219,869,829 | — | |||||||||||||||
c. Eliminate the fundamental policy related to alternative minimum tax. | ||||||||||||||||||||
For | — | — | — | — | 47,166,674 | |||||||||||||||
Against | — | — | ��� | — | 325,668 | |||||||||||||||
Abstain | — | — | — | — | 435,306 | |||||||||||||||
Broker Non-Votes | — | — | — | — | 23,191,343 | |||||||||||||||
Total | — | — | — | — | 71,118,991 | |||||||||||||||
d. Revise the fundamental policy related to the purchase and sale of real estate. | ||||||||||||||||||||
For | 99,178,992 | 3,043,942 | 328,642,165 | 170,835,912 | — | |||||||||||||||
Against | 2,349,343 | 105,738 | 6,405,924 | 2,692,943 | — | |||||||||||||||
Abstain | 4,861,560 | 102,271 | 7,079,222 | 3,551,824 | — | |||||||||||||||
Broker Non-Votes | 26,786,571 | 979,564 | 82,361,846 | 42,789,150 | — | |||||||||||||||
Total | 133,176,466 | 4,231,515 | 424,489,157 | 219,869,829 | — | |||||||||||||||
e. Revise the fundamental policy related to diversification. | ||||||||||||||||||||
For | 99,184,690 | — | 329,836,982 | 171,087,198 | — | |||||||||||||||
Against | 2,099,551 | — | 5,440,612 | 2,432,784 | — | |||||||||||||||
Abstain | 5,105,657 | — | 6,849,720 | 3,561,164 | — | |||||||||||||||
Broker Non-Votes | 26,786,568 | — | 82,361,843 | 42,788,683 | — | |||||||||||||||
Total | 133,176,466 | — | 424,489,157 | 219,869,829 | — | |||||||||||||||
f. Eliminate the fundamental policy related to permitted investments. | ||||||||||||||||||||
For | 98,570,915 | 3,027,853 | 328,251,900 | 170,362,018 | — | |||||||||||||||
Against | 2,819,450 | 113,052 | 6,221,436 | 2,963,237 | — | |||||||||||||||
Abstain | 4,999,519 | 111,046 | 7,653,968 | 3,755,416 | — | |||||||||||||||
Broker Non-Votes | 26,786,582 | 979,564 | 82,361,853 | 42,789,158 | — | |||||||||||||||
Total | 133,176,466 | 4,231,515 | 424,489,157 | 219,869,829 | — | |||||||||||||||
| Nuveen Investments | 37 |
Shareholder Meeting Report (continued)
| Nuveen All-American Municipal Bond Fund | Nuveen Inflation Protected Municipal Bond Fund | Nuveen Intermediate Duration Municipal Bond Fund | Nuveen Limited Term Municipal Bond Fund | Nuveen Short Term Municipal Bond Fund | ||||||||||||||||
g. Eliminate the fundamental policy related to pledging assets. | ||||||||||||||||||||
For | 98,302,551 | 3,032,767 | 327,728,066 | 170,140,065 | — | |||||||||||||||
Against | 2,994,189 | 113,664 | 6,906,460 | 3,261,633 | — | |||||||||||||||
Abstain | 5,093,142 | 105,520 | 7,492,777 | 3,678,972 | — | |||||||||||||||
Broker Non-Votes | 26,786,584 | 979,564 | 82,361,854 | 42,789,159 | — | |||||||||||||||
Total | 133,176,466 | 4,231,515 | 424,489,157 | 219,869,829 | — | |||||||||||||||
h. Eliminate the fundamental policy related to investment in issuers whose shares are owned by the Fund’s Board Members or officers. | ||||||||||||||||||||
For | 97,958,465 | 2,989,971 | 326,740,845 | 169,498,004 | — | |||||||||||||||
Against | 3,481,503 | 153,474 | 7,954,075 | 3,818,548 | — | |||||||||||||||
Abstain | 4,949,921 | 108,506 | 7,432,388 | 3,764,114 | — | |||||||||||||||
Broker Non-Votes | 26,786,577 | 979,564 | 82,361,849 | 42,789,163 | — | |||||||||||||||
Total | 133,176,466 | 4,231,515 | 424,489,157 | 219,869,829 | — | |||||||||||||||
i. Eliminate the fundamental policy related to short sales and purchases on margin. | ||||||||||||||||||||
For | 98,541,670 | 2,992,278 | 327,312,104 | 170,127,615 | — | |||||||||||||||
Against | 3,346,994 | 155,370 | 7,866,599 | 3,580,340 | — | |||||||||||||||
Abstain | 4,501,214 | 104,303 | 6,948,606 | 3,372,710 | — | |||||||||||||||
Broker Non-Votes | 26,786,588 | 979,564 | 82,361,848 | 42,789,164 | — | |||||||||||||||
Total | 133,176,466 | 4,231,515 | 424,489,157 | 219,869,829 | — | |||||||||||||||
j. Eliminate the fundamental policy related to writing options. | ||||||||||||||||||||
For | 98,322,530 | 3,004,238 | 327,659,677 | 170,175,523 | — | |||||||||||||||
Against | 3,116,681 | 141,974 | 7,100,879 | 3,419,577 | — | |||||||||||||||
Abstain | 4,950,672 | 105,740 | 7,366,755 | 3,485,573 | — | |||||||||||||||
Broker Non-Votes | 26,786,583 | 979,563 | 82,361,846 | 42,789,156 | — | |||||||||||||||
Total | 133,176,466 | 4,231,515 | 424,489,157 | 219,869,829 | — | |||||||||||||||
Approval of the Board Members was reached as follows: | ||||||||||||||||||||
| William Adams IV | ||||||||||||||||||||
For | 1,171,566,272 | 1,171,566,272 | 1,171,566,272 | 1,171,566,272 | 875,153,250 | |||||||||||||||
Withhold | 21,716,854 | 21,716,854 | 21,716,854 | 21,716,854 | 6,616,294 | |||||||||||||||
Total | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 881,769,544 | |||||||||||||||
| Robert P. Bremner | ||||||||||||||||||||
For | 1,171,312,607 | 1,171,312,607 | 1,171,312,607 | 1,171,312,607 | 767,672,659 | |||||||||||||||
Withhold | 21,970,519 | 21,970,519 | 21,970,519 | 21,970,519 | 114,096,885 | |||||||||||||||
Total | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 881,769,544 | |||||||||||||||
| Jack B. Evans | ||||||||||||||||||||
For | 1,171,633,448 | 1,171,633,448 | 1,171,633,448 | 1,171,633,448 | 767,867,187 | |||||||||||||||
Withhold | 21,649,678 | 21,649,678 | 21,649,678 | 21,649,678 | 113,902,357 | |||||||||||||||
Total | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 881,769,544 | |||||||||||||||
| 38 | Nuveen Investments |
| Nuveen All-American Municipal Bond Fund | Nuveen Inflation Protected Municipal Bond Fund | Nuveen Intermediate Duration Municipal Bond Fund | Nuveen Limited Term Municipal Bond Fund | Nuveen Short Term Municipal Bond Fund | ||||||||||||||||
| William C. Hunter | ||||||||||||||||||||
For | 1,171,492,084 | 1,171,492,084 | 1,171,492,084 | 1,171,492,084 | 875,066,364 | |||||||||||||||
Withhold | 21,791,042 | 21,791,042 | 21,791,042 | 21,791,042 | 6,703,180 | |||||||||||||||
Total | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 881,769,544 | |||||||||||||||
| David J. Kundert | ||||||||||||||||||||
For | 1,171,381,351 | 1,171,381,351 | 1,171,381,351 | 1,171,381,351 | 767,748,278 | |||||||||||||||
Withhold | 21,901,775 | 21,901,775 | 21,901,775 | 21,901,775 | 114,021,266 | |||||||||||||||
Total | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 881,769,544 | |||||||||||||||
| John K. Nelson | ||||||||||||||||||||
For | 1,171,666,005 | 1,171,666,005 | 1,171,666,005 | 1,171,666,005 | 875,059,020 | |||||||||||||||
Withhold | 21,617,121 | 21,617,121 | 21,617,121 | 21,617,121 | 6,710,524 | |||||||||||||||
Total | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 881,769,544 | |||||||||||||||
| William J. Schneider | ||||||||||||||||||||
For | 1,171,442,331 | 1,171,442,331 | 1,171,442,331 | 1,171,442,331 | 874,871,626 | |||||||||||||||
Withhold | 21,840,795 | 21,840,795 | 21,840,795 | 21,840,795 | 6,897,918 | |||||||||||||||
Total | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 881,769,544 | |||||||||||||||
| Thomas S. Schreier, Jr. | ||||||||||||||||||||
For | 1,171,584,719 | 1,171,584,719 | 1,171,584,719 | 1,171,584,719 | 874,799,740 | |||||||||||||||
Withhold | 21,698,407 | 21,698,407 | 21,698,407 | 21,698,407 | 6,969,804 | |||||||||||||||
Total | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 881,769,544 | |||||||||||||||
| Judith M. Stockdale | ||||||||||||||||||||
For | 1,171,713,032 | 1,171,713,032 | 1,171,713,032 | 1,171,713,032 | 874,933,639 | |||||||||||||||
Withhold | 21,570,094 | 21,570,094 | 21,570,094 | 21,570,094 | 6,835,905 | |||||||||||||||
Total | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 881,769,544 | |||||||||||||||
| Carole E. Stone | ||||||||||||||||||||
For | 1,171,513,741 | 1,171,513,741 | 1,171,513,741 | 1,171,513,741 | 767,948,250 | |||||||||||||||
Withhold | 21,769,385 | 21,769,385 | 21,769,385 | 21,769,385 | 113,821,294 | |||||||||||||||
Total | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 881,769,544 | |||||||||||||||
| Virginia L. Stringer | ||||||||||||||||||||
For | 1,171,646,103 | 1,171,646,103 | 1,171,646,103 | 1,171,646,103 | 875,081,812 | |||||||||||||||
Withhold | 21,637,023 | 21,637,023 | 21,637,023 | 21,637,023 | 6,687,732 | |||||||||||||||
Total | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 881,769,544 | |||||||||||||||
| Terence J. Toth | ||||||||||||||||||||
For | 1,171,550,402 | 1,171,550,402 | 1,171,550,402 | 1,171,550,402 | 767,738,756 | |||||||||||||||
Withhold | 21,732,724 | 21,732,724 | 21,732,724 | 21,732,724 | 114,030,788 | |||||||||||||||
Total | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 1,193,283,126 | 881,769,544 | |||||||||||||||
| Nuveen Investments | 39 |
Nuveen All-American Municipal Bond Fund
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
LONG-TERM INVESTMENTS – 97.1% | ||||||||||||||||||
MUNICIPAL BONDS – 97.1% | ||||||||||||||||||
| Alabama – 0.8% | ||||||||||||||||||
| $ | 6,165 | Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A, 5.000%, 11/15/30 | 11/15 at 100.00 | Baa2 | $ | 6,214,505 | ||||||||||||
| 2,750 | Courtland Industrial Development Board, Alabama, Solid Waste Revenue Bonds, International Paper Company Project, Series 2005A, 5.200%, 6/01/25 (Alternative Minimum Tax) | 6/15 at 100.00 | BBB | 2,777,473 | ||||||||||||||
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A: | ||||||||||||||||||
| 5,165 | 5.250%, 1/01/15 | No Opt. Call | BBB | 5,195,990 | ||||||||||||||
| 1,000 | 5.500%, 1/01/21 – AGM Insured | 1/15 at 100.00 | AA | 1,001,320 | ||||||||||||||
| 1,000 | 5.500%, 1/01/22 | 1/15 at 100.00 | BBB | 1,008,800 | ||||||||||||||
| 2,000 | Pell City, Alabama, Special Care Facilities Financing Authority, Revenue Bonds, Noland Health Services, Series 2007A, 5.250%, 12/01/34 (Pre-refunded 12/01/17) | 12/17 at 100.00 | Aaa | 2,278,500 | ||||||||||||||
| 18,080 | Total Alabama | 18,476,588 | ||||||||||||||||
| Alaska – 0.1% | ||||||||||||||||||
| 2,000 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32 | 12/14 at 100.00 | B2 | 1,600,440 | ||||||||||||||
| Arizona – 3.3% | ||||||||||||||||||
| 140 | Arizona Board of Regents, Certificates of Participation, Northern Arizona University Research Projects, Series 2005, 5.000%, 9/01/23 (Pre-refunded 9/01/15) – AMBAC Insured | 9/15 at 100.00 | A (4) | 145,618 | ||||||||||||||
| 500 | Arizona School Facilities Board, Certificates of Participation, Series 2008, 5.250%, 9/01/23 | 9/18 at 100.00 | A+ | 576,515 | ||||||||||||||
| 200 | Arizona State University Nanotechnology LLC, Lease Revenue Refunding Bonds, Arizona State University Project, Series 2009A, 5.000%, 3/01/34 – AGC Insured | 3/19 at 100.00 | AA | 215,838 | ||||||||||||||
| 250 | Cottonwood, Arizona, Water Revenue Bonds, Series 2006, 5.000%, 7/01/17 – SYNCORA GTY Insured | 7/16 at 100.00 | BBB+ | 264,408 | ||||||||||||||
| 6,630 | Gila County Unified School District 10 Payson, Arizona, General Obligation Bonds, Project of 2006, Series 2007A, 5.250%, 7/01/22 – AMBAC Insured | 7/17 at 100.00 | Aa3 | 7,354,924 | ||||||||||||||
| 500 | Gilbert, Arizona, Public Facilities Municipal Property Corporation, Revenue Bonds, Series 2009, 5.500%, 7/01/27 | 7/19 at 100.00 | AA | 578,510 | ||||||||||||||
| 3,430 | Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2007, 5.000%, 12/01/42 | 12/17 at 100.00 | A– | 3,556,670 | ||||||||||||||
| 595 | Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2007, 5.000%, 5/15/31 | 5/22 at 100.00 | A– | 668,560 | ||||||||||||||
| 750 | Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2004B, 5.250%, 8/01/26 | 2/15 at 100.00 | A1 | 752,798 | ||||||||||||||
| 750 | Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006-1, 4.500%, 8/01/25 – NPFG Insured | 8/16 at 100.00 | AA– | 797,213 | ||||||||||||||
| 245 | Maricopa County, Arizona, Hospital Revenue Bonds, Sun Health Corporation, Series 2005, 5.000%, 4/01/25 (Pre-refunded 4/01/24) | 4/24 at 100.00 | N/R (4) | 292,248 | ||||||||||||||
| 40 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Arizona (continued) | ||||||||||||||||||
| $ | 310 | Peoria Municipal Development Authority, Arizona, Revenue Bonds, Series 2006, 5.000%, 7/01/15 | No Opt. Call | AA+ | $ | 319,706 | ||||||||||||
| 465 | Peoria, Arizona, Improvement District 601, Improvement Bonds, Series 2007, 4.250%, 1/01/22 | 1/18 at 101.00 | AA | 500,931 | ||||||||||||||
| 4,000 | Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/31 | 7/20 at 100.00 | A+ | 4,508,320 | ||||||||||||||
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B: | ||||||||||||||||||
| 1,650 | 5.500%, 7/01/31 – FGIC Insured | No Opt. Call | AA | 2,094,081 | ||||||||||||||
| 6,000 | 5.500%, 7/01/39 – FGIC Insured | No Opt. Call | AA | 7,788,900 | ||||||||||||||
| 1,000 | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Choice Academies Charter Schools Project, Series 2012, 4.875%, 9/01/22 | No Opt. Call | BB+ | 1,049,710 | ||||||||||||||
| 1,000 | Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.400%, 7/01/47 | 7/21 at 100.00 | BB | 1,076,510 | ||||||||||||||
Pima County Industrial Development Authority, Arizona, Education Facility Revenue and Refunding Bonds, Edkey Charter Schools Project, Series 2013: | ||||||||||||||||||
| 1,885 | 6.000%, 7/01/33 | 7/20 at 102.00 | BB+ | 1,900,909 | ||||||||||||||
| 2,000 | 6.000%, 7/01/43 | 7/20 at 102.00 | BB+ | 1,964,940 | ||||||||||||||
| 825 | Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010, 6.000%, 6/01/40 | 6/19 at 100.00 | BB+ | 860,096 | ||||||||||||||
| 730 | Pima County Unified School District 1, Tucson, Arizona, School Improvement Bonds, Series 2007C, 5.000%, 7/01/27 – FGIC Insured | 7/17 at 100.00 | Aa2 | 794,350 | ||||||||||||||
| 270 | Pima County Unified School District 1, Tucson, Arizona, School Improvement Bonds, Series 2007C, 5.000%, 7/01/27 (Pre-refunded 7/01/17) – FGIC Insured | 7/17 at 100.00 | Aa2 (4) | 301,798 | ||||||||||||||
| 3,705 | Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/41 | 7/21 at 100.00 | A | 4,128,148 | ||||||||||||||
| 1,000 | Pinal County Unified School District 1 Florence, Arizona, General Obligation Bonds, Series 2007A, 5.000%, 7/01/27 – FGIC Insured | 7/17 at 100.00 | AA– | 1,088,150 | ||||||||||||||
| 300 | Queen Creek, Arizona, Improvement District 1 Improvement Bonds, Series 2006, 5.000%, 1/01/20 | 1/15 at 100.00 | A– | 301,227 | ||||||||||||||
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007: | ||||||||||||||||||
| 1,000 | 5.250%, 12/01/28 | No Opt. Call | A– | 1,193,240 | ||||||||||||||
| 7,725 | 5.000%, 12/01/32 | No Opt. Call | A– | 8,841,649 | ||||||||||||||
| 7,000 | 5.000%, 12/01/37 | No Opt. Call | A– | 7,934,220 | ||||||||||||||
| 1,000 | Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.000%, 9/01/22 | 9/18 at 100.00 | A2 | 1,103,590 | ||||||||||||||
| 500 | Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Series 2005C, 4.550%, 7/01/21 – AMBAC Insured | 7/17 at 100.00 | AAA | 546,490 | ||||||||||||||
| 4,300 | Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Series 2008A, 5.000%, 7/01/21 | 7/18 at 100.00 | AAA | 4,912,492 | ||||||||||||||
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe Project, Refunding Series 2012A: | ||||||||||||||||||
| 2,590 | 6.000%, 12/01/27 | 12/21 at 100.00 | N/R | 2,836,439 | ||||||||||||||
| 1,080 | 6.000%, 12/01/32 | 12/21 at 100.00 | N/R | 1,166,411 | ||||||||||||||
| 1,100 | 6.250%, 12/01/42 | 12/21 at 100.00 | N/R | 1,185,195 | ||||||||||||||
| Nuveen Investments | 41 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Arizona (continued) | ||||||||||||||||||
| $ | 450 | University Medical Center Corporation, Arizona, Hospital Revenue Bonds, Refunding Series 2004, 5.000%, 7/01/24 | 1/15 at 100.00 | BBB | $ | 451,085 | ||||||||||||
| 85 | University Medical Center Corporation, Arizona, Hospital Revenue Bonds, Series 2005, 5.000%, 7/01/16 | 7/15 at 100.00 | BBB | 88,471 | ||||||||||||||
| 1,000 | University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 6.000%, 7/01/39 | 7/21 at 100.00 | BBB | 1,153,870 | ||||||||||||||
| 935 | Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30 | 7/16 at 100.00 | N/R | 959,936 | ||||||||||||||
| 400 | Yavapai County Industrial Development Authority, Arizona, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2003A-1, 4.900%, 3/01/28 (Alternative Minimum Tax) | 3/16 at 101.00 | A– | 417,500 | ||||||||||||||
| 68,295 | Total Arizona | 76,671,666 | ||||||||||||||||
| Arkansas – 0.1% | ||||||||||||||||||
Benton County Public Facilities Board, Arkansas, Charter School Lease Revenue Bonds, BCCSO Project, Series 2010A: | ||||||||||||||||||
| 500 | 5.750%, 6/01/30 | 6/20 at 100.00 | BBB | 549,275 | ||||||||||||||
| 1,000 | 6.000%, 6/01/40 | 6/20 at 100.00 | BBB | 1,106,790 | ||||||||||||||
| 1,500 | Total Arkansas | 1,656,065 | ||||||||||||||||
| California – 10.9% | ||||||||||||||||||
| 2,400 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured | No Opt. Call | BBB+ | 2,090,136 | ||||||||||||||
| 1,000 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 2985, 17.980%, 4/01/34 (Pre-refunded 4/01/18) (IF) | 4/18 at 100.00 | AA (4) | 1,581,160 | ||||||||||||||
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC: | ||||||||||||||||||
| 10 | 5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured | 12/14 at 100.00 | AAA | 10,041 | ||||||||||||||
| 55 | 5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured | 12/14 at 100.00 | Aa1 (4) | 55,224 | ||||||||||||||
| 935 | 5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured | 12/14 at 100.00 | AAA | 938,815 | ||||||||||||||
| 2,000 | California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2008AE, 5.000%, 12/01/21 | 6/18 at 100.00 | AAA | 2,305,460 | ||||||||||||||
| 1,000 | California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/30 | 11/15 at 100.00 | A2 | 1,036,860 | ||||||||||||||
| 1,065 | California Educational Facilities Authority, Revenue Bonds, Woodbury University, Series 2006, 5.000%, 1/01/36 | 1/15 at 100.00 | Baa3 | 1,065,351 | ||||||||||||||
| 5,100 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39 | 10/19 at 100.00 | AA | 5,924,007 | ||||||||||||||
| 485 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44 | 10/24 at 100.00 | AA | 549,626 | ||||||||||||||
| 2,185 | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37 | 7/23 at 100.00 | AA– | 2,481,417 | ||||||||||||||
| 3,415 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45 | 8/20 at 100.00 | BBB | 3,846,758 | ||||||||||||||
| 14,500 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2005C, 5.125%, 11/01/23 (Alternative Minimum Tax) | 11/15 at 101.00 | A– | 15,148,440 | ||||||||||||||
| 42 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| California (continued) | ||||||||||||||||||
| $ | 1,000 | California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2011D, 5.000%, 12/01/20 | No Opt. Call | A1 | $ | 1,195,670 | ||||||||||||
| 1,000 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30 | 3/20 at 100.00 | A1 | 1,168,640 | ||||||||||||||
| 600 | California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 – AMBAC Insured | 5/15 at 100.00 | Aa2 | 614,196 | ||||||||||||||
| 1,650 | California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 (Pre-refunded 5/01/15) – AMBAC Insured | 5/15 at 100.00 | Aa2 (4) | 1,689,485 | ||||||||||||||
| 3,500 | California State, General Obligation Bonds, Refunding Series 2005, 5.000%, 5/01/15 | No Opt. Call | Aa3 | 3,585,575 | ||||||||||||||
| 700 | California State, General Obligation Bonds, Tender Option Bond Trust 3162, 20.015%, 3/01/18 – AGM Insured (IF) | No Opt. Call | AA | 1,161,720 | ||||||||||||||
| 4,500 | California State, General Obligation Bonds, Various Purpose Series 2004, 5.000%, 6/01/31 (Pre-refunded 12/01/14) – AMBAC Insured | 12/14 at 100.00 | Aa3 (4) | 4,518,360 | ||||||||||||||
| 8,475 | California State, General Obligation Bonds, Various Purpose Series 2008, 5.000%, 4/01/38 | 4/18 at 100.00 | Aa3 | 9,326,738 | ||||||||||||||
| 1,400 | California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 3/01/30 | 3/20 at 100.00 | Aa3 | 1,632,512 | ||||||||||||||
| 1,725 | California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 5.750%, 10/01/25 | 10/19 at 100.00 | BBB+ | 1,948,508 | ||||||||||||||
| 1,575 | California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.294%, 7/01/47 – AGM Insured (IF) | 7/18 at 100.00 | AA | 2,039,373 | ||||||||||||||
| 850 | California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008E, 5.500%, 7/01/31 | 7/17 at 100.00 | A | 945,982 | ||||||||||||||
| 1,000 | California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47 | 8/17 at 100.00 | BBB+ | 1,029,810 | ||||||||||||||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: | ||||||||||||||||||
| 825 | 5.250%, 7/01/30 | 7/15 at 100.00 | B– | 821,453 | ||||||||||||||
| 5,300 | 5.250%, 7/01/35 | 7/15 at 100.00 | B– | 5,286,326 | ||||||||||||||
| 2,000 | 5.000%, 7/01/39 | 7/15 at 100.00 | B– | 2,000,000 | ||||||||||||||
| 1,000 | California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured | 7/18 at 100.00 | AA– | 1,134,400 | ||||||||||||||
| 1,050 | California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007B, 5.450%, 7/01/26 – FGIC Insured | 7/18 at 100.00 | AA– | 1,198,586 | ||||||||||||||
| 1,050 | California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007C, 5.450%, 7/01/26 – FGIC Insured | 7/18 at 100.00 | AA– | 1,198,586 | ||||||||||||||
| 675 | California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3048, 18.772%, 11/15/46 (IF) | 11/16 at 100.00 | AA– | 882,927 | ||||||||||||||
| 2,690 | Contra Costa Home Mortgage Finance Authority, California, Home Mortgage Revenue Bonds, Series 1984, 0.000%, 9/01/17 – NPFG Insured (ETM) | No Opt. Call | Aaa | 2,252,741 | ||||||||||||||
| 400 | Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36 | 12/21 at 100.00 | A+ | 500,972 | ||||||||||||||
| 1,960 | Elk Grove Community Facilities District 2005-1, California, Special Tax Bonds, Series 2007, 5.250%, 9/01/37 | 9/15 at 102.00 | N/R | 1,994,986 | ||||||||||||||
| 510 | Etiwanda School District, California, Coyote Canyon Community Facilities District 2004-1 Improvement Area 2 Special Tax Bonds, Series 2009, 6.500%, 9/01/32 | 9/19 at 100.00 | N/R | 583,919 | ||||||||||||||
| Nuveen Investments | 43 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| California (continued) | ||||||||||||||||||
| $ | 1,385 | Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured | 9/15 at 100.00 | A | $ | 1,411,190 | ||||||||||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A: | ||||||||||||||||||
| 6,000 | 5.000%, 6/01/35 – FGIC Insured | 6/15 at 100.00 | A1 | 6,162,960 | ||||||||||||||
| 1,300 | 5.000%, 6/01/35 – AGC Insured | 6/15 at 100.00 | AA | 1,335,698 | ||||||||||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | ||||||||||||||||||
| 5,880 | 4.500%, 6/01/27 | 6/17 at 100.00 | B | 5,523,848 | ||||||||||||||
| 3,480 | 5.000%, 6/01/33 | 6/17 at 100.00 | B | 2,859,168 | ||||||||||||||
| 8,740 | 5.750%, 6/01/47 | 6/17 at 100.00 | B | 7,145,562 | ||||||||||||||
| 1,000 | Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Superior Lien Series 2010A, 5.000%, 9/01/33 | 9/20 at 100.00 | AA | 1,079,850 | ||||||||||||||
| 1,980 | Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured | No Opt. Call | AA | 1,542,994 | ||||||||||||||
| 1,500 | Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 | 12/17 at 100.00 | BBB | 1,723,530 | ||||||||||||||
| 6,000 | Los Angeles Community Redevelopment Agency, California, Tax Allocation Bonds, Bunker Hill Project, Series 2004A, 5.000%, 12/01/24 (Pre-refunded 12/01/14) – AGM Insured | 12/14 at 100.00 | AA (4) | 6,024,000 | ||||||||||||||
| 1,000 | Los Angeles Harbors Department, California, Revenue Bonds, Series 2009B, 5.250%, 8/01/39 | 8/19 at 100.00 | AA | 1,153,250 | ||||||||||||||
| 500 | Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31 | 9/21 at 100.00 | A– | 622,190 | ||||||||||||||
| 3,000 | Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36 | 3/20 at 100.00 | A+ | 3,381,930 | ||||||||||||||
| 1,000 | Manteca Financing Authority, California, Sewer Revenue Bonds, Series 2009, 5.750%, 12/01/36 | 12/19 at 100.00 | Aa3 | 1,177,370 | ||||||||||||||
| 1,000 | Modesto Irrigation District, California, Electric System Revenue Bonds, Refunding Series 2011A, 5.000%, 7/01/26 | 7/21 at 100.00 | A+ | 1,138,140 | ||||||||||||||
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A: | ||||||||||||||||||
| 2,800 | 7.000%, 11/01/34 | No Opt. Call | A | 3,920,056 | ||||||||||||||
| 2,500 | 6.500%, 11/01/39 | No Opt. Call | A | 3,403,875 | ||||||||||||||
| 13,750 | Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.800%, 8/01/23 – NPFG Insured (ETM) | 1/15 at 100.00 | AA– (4) | 15,759,013 | ||||||||||||||
| 1,220 | Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25 | 4/15 at 100.00 | BB | 1,137,186 | ||||||||||||||
| 1,740 | Palmdale, California, Special Tax Bonds, Community Facilities District 2003-1, Anaverde Project, Series 2005A, 5.350%, 9/01/30 | 9/15 at 101.00 | N/R | 1,782,247 | ||||||||||||||
| 3,000 | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29 | 11/19 at 100.00 | Ba1 | 3,293,850 | ||||||||||||||
| 1,710 | Perris Public Financing Authority, California, Tax Allocation Revenue Bonds, Housing Loan Series 2010A, 6.125%, 10/01/40 | 10/20 at 100.00 | A | 1,999,435 | ||||||||||||||
| 3,775 | Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2009A, 0.000%, 8/01/23 | No Opt. Call | Aa2 | 2,948,275 | ||||||||||||||
| 44 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| California (continued) | ||||||||||||||||||
| $ | 5,000 | Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/41 | No Opt. Call | Aa2 | $ | 1,593,850 | ||||||||||||
| 15,000 | Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/41 – AGM Insured | 8/36 at 100.00 | AA | 11,229,900 | ||||||||||||||
| 4,000 | Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37 | 6/20 at 100.00 | A– | 4,660,520 | ||||||||||||||
| 2,500 | Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series 2005B, 4.750%, 12/01/21 – FGIC Insured | 12/15 at 100.00 | AA | 2,618,050 | ||||||||||||||
| 915 | Sacramento, California, Community Facilities District 05-1, College Square Special Tax Bonds, Series 2007, 5.900%, 9/01/37 | 9/17 at 100.00 | N/R | 971,410 | ||||||||||||||
| 8,965 | San Diego County Water Authority, California, Water Revenue Certificates of Participation, Series 2004A, 5.000%, 5/01/30 (Pre-refunded 5/01/15) | 5/15 at 100.00 | AA (4) | 9,183,656 | ||||||||||||||
| 1,035 | San Diego County Water Authority, California, Water Revenue Certificates of Participation, Series 2004A, 5.000%, 5/01/30 | 5/15 at 100.00 | AA+ | 1,058,153 | ||||||||||||||
| 2,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series A of 2009, 4.900%, 5/01/29 | 11/19 at 100.00 | A+ | 2,307,000 | ||||||||||||||
| 670 | San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 | 8/19 at 100.00 | A– | 784,932 | ||||||||||||||
| 13,300 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 (WI/DD, Settling 11/06/14) | 1/25 at 100.00 | BB+ | 14,175,539 | ||||||||||||||
| 9,745 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 1/15/44 (WI/DD, Settling 11/06/14) | 1/25 at 100.00 | BBB– | 10,495,170 | ||||||||||||||
| 8,400 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured | 8/17 at 100.00 | AA– | 8,533,728 | ||||||||||||||
| 3,450 | San Jose Unified School District, Santa Clara County, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/26 (Pre-refunded 8/01/15) – FGIC Insured | 8/15 at 100.00 | AA (4) | 3,575,580 | ||||||||||||||
| 440 | Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/31 | 2/21 at 100.00 | A | 539,176 | ||||||||||||||
| 2,050 | Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 | 12/19 at 100.00 | AA– | 2,331,281 | ||||||||||||||
| 4,000 | Southern California Public Power Authority, Transmission Project Revenue Bonds, Southern Transmission Subordinate Lien Refunding Series 2008A, 5.000%, 7/01/20 | 7/18 at 100.00 | AA– | 4,622,960 | ||||||||||||||
| 500 | Temecula Redevelopment Agency, California, Redevelopment Project 1 Tax Allocation Housing Bonds Series 2011A, 6.750%, 8/01/31 | 8/21 at 100.00 | A | 624,690 | ||||||||||||||
| 920 | Tustin Community Redevelopment Agency, California, Tax Allocation Housing Bonds Series 2010, 5.000%, 9/01/30 – AGM Insured | 9/20 at 100.00 | AA | 1,000,555 | ||||||||||||||
| 205 | Val Verde Unified School District, Riverside County, California, Certificates of Participation, Series 2009A, 5.125%, 3/01/36 – AGC Insured | 3/19 at 100.00 | AA | 227,150 | ||||||||||||||
| 1,000 | Ventura County Area Housing Authority, California, Multifamily Revenue Bonds, Mira Vista Senior Apartments Project, Series 2006A, 5.000%, 12/01/22 – AMBAC Insured (Alternative Minimum Tax) | 12/16 at 100.00 | N/R | 1,019,870 | ||||||||||||||
| 5,000 | Victor Valley Union High School District, San Bernardino County, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/31 – AGC Insured | 8/26 at 100.00 | AA | 4,710,450 | ||||||||||||||
| Nuveen Investments | 45 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| California (continued) | ||||||||||||||||||
| $ | 1,500 | Western Placer Unified School District, Placer County, California, Certificates of Participation, Refunding Series 2009, 5.250%, 8/01/35 – AGM Insured | 8/19 at 100.00 | AA | $ | 1,630,635 | ||||||||||||
Westminster School District, Orange County, California, General Obligation Bonds, Series 2009-A1: | ||||||||||||||||||
| 2,485 | 0.000%, 8/01/26 – AGC Insured | No Opt. Call | AA | 1,660,800 | ||||||||||||||
| 1,405 | 0.000%, 8/01/28 – AGC Insured | No Opt. Call | AA | 844,124 | ||||||||||||||
| 2,920 | 0.000%, 8/01/29 – AGC Insured | No Opt. Call | AA | 1,668,634 | ||||||||||||||
| 251,250 | Total California | 254,338,190 | ||||||||||||||||
| Colorado – 4.3% | ||||||||||||||||||
| 1,000 | Arista Metropolitan District, Colorado, Special Revenue Bonds, Series 2008, 9.250%, 12/01/37 | 12/15 at 100.00 | N/R | 553,930 | ||||||||||||||
Baptist Road Rural Transportation Authority, Colorado, Sales and Use Tax Revenue Bonds, Series 2007: | ||||||||||||||||||
| 500 | 4.800%, 12/01/17 | No Opt. Call | N/R | 504,855 | ||||||||||||||
| 905 | 5.000%, 12/01/26 | 12/17 at 100.00 | N/R | 866,782 | ||||||||||||||
| 1,075 | Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2013, 7.000%, 12/01/23 | 7/18 at 100.00 | N/R | 1,105,304 | ||||||||||||||
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Bromley School, Series 2005: | ||||||||||||||||||
| 1,245 | 5.125%, 9/15/25 – SYNCORA GTY Insured | 9/15 at 100.00 | A | 1,272,228 | ||||||||||||||
| 2,140 | 5.250%, 9/15/32 – SYNCORA GTY Insured | 9/15 at 100.00 | A | 2,181,345 | ||||||||||||||
| 2,065 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy Project, Series 2008, 6.500%, 7/01/38 | 7/18 at 100.00 | BB | 2,141,529 | ||||||||||||||
| 3,040 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy, Inc. Second Campus Project, Series 2013, 7.350%, 8/01/43 | 8/23 at 100.00 | BB | 3,545,187 | ||||||||||||||
| 1,025 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Crown Pointe Academy of Westminster Project, Chartered Through Adams County School District 50, Series 2009, 5.000%, 7/15/39 | 7/19 at 100.00 | BBB | 1,062,054 | ||||||||||||||
| 2,500 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Pinnacle Charter School, Inc. High School Project, Series 2010, 5.125%, 12/01/39 | 12/19 at 100.00 | BBB | 2,610,600 | ||||||||||||||
| 930 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Pikes Peak School of Expeditionary Learning Charter School, Series 2008, 6.625%, 6/01/38 | 6/18 at 102.00 | N/R | 978,016 | ||||||||||||||
| 3,000 | Colorado Health Facilities Authority, Colorado, Hospital Improvement Revenue Bonds, NCMC Inc., Series 2003A, 5.500%, 5/15/30 – AGM Insured | 5/19 at 100.00 | AA | 3,374,970 | ||||||||||||||
| 1,500 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2009A, 7.750%, 8/01/29 | 8/19 at 100.00 | N/R | 1,688,775 | ||||||||||||||
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Colorado Senior Residences Project, Series 2012: | ||||||||||||||||||
| 1,370 | 7.000%, 6/01/42 | 6/22 at 100.00 | N/R | 1,468,763 | ||||||||||||||
| 1,375 | 7.125%, 6/01/47 | 6/22 at 100.00 | N/R | 1,483,790 | ||||||||||||||
| 12,500 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement Communities Inc., Refunding Series 2012A, 5.000%, 12/01/33 | 12/22 at 100.00 | BBB+ | 13,302,375 | ||||||||||||||
| 725 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43 | 6/23 at 100.00 | A3 | 818,279 | ||||||||||||||
| 100 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005B, 5.250%, 3/01/36 – AGM Insured | 9/18 at 102.00 | AA | 110,544 | ||||||||||||||
| 46 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Colorado (continued) | ||||||||||||||||||
| $ | 3,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Refunding Composite Deal Series 2010B, 5.250%, 1/01/25 | 1/20 at 100.00 | AA– | $ | 3,457,950 | ||||||||||||
| 1,100 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Long-Term Care National Obligated Group Project, Series 2010A, 6.250%, 11/15/40 | 11/20 at 100.00 | BBB | 1,213,069 | ||||||||||||||
| 2,610 | Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2006, 5.250%, 6/01/36 | 6/16 at 100.00 | A3 | 2,677,234 | ||||||||||||||
| 1,590 | Colorado Housing and Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2004, 5.700%, 7/01/18 (Alternative Minimum Tax) | No Opt. Call | A– | 1,808,418 | ||||||||||||||
| 540 | Compark Business Campus Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007A, 5.750%, 12/01/27 – RAAI Insured | 12/17 at 100.00 | N/R | 566,725 | ||||||||||||||
| 1,000 | Compark Business Campus Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Series 2012A, 6.750%, 12/01/39 – RAAI Insured | 12/22 at 100.00 | N/R | 1,059,210 | ||||||||||||||
| 1,995 | Concord Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Refunding Series 2010, 5.375%, 12/01/40 | 12/20 at 100.00 | BBB | 2,155,737 | ||||||||||||||
| 470 | Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.250%, 12/01/17 | No Opt. Call | N/R | 461,888 | ||||||||||||||
| 1,730 | Denver City and County, Colorado, Airport System Revenue Bonds, Refunding Series 2010A, 5.000%, 11/15/21 | 11/20 at 100.00 | A+ | 2,027,889 | ||||||||||||||
| 5,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013A, 5.250%, 11/15/43 (Alternative Minimum Tax) | 11/23 at 100.00 | A | 5,524,000 | ||||||||||||||
| 11,555 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/24 – NPFG Insured | No Opt. Call | AA– | 8,475,593 | ||||||||||||||
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | ||||||||||||||||||
| 20 | 0.000%, 9/01/29 – NPFG Insured | No Opt. Call | AA– | 11,409 | ||||||||||||||
| 395 | 0.000%, 9/01/30 – NPFG Insured | No Opt. Call | AA– | 214,623 | ||||||||||||||
| 20 | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | AA– | 9,564 | ||||||||||||||
| 25 | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | AA– | 11,240 | ||||||||||||||
| 9,890 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured | No Opt. Call | AA– | 6,280,249 | ||||||||||||||
| 2,102 | Fitzsimons Village Metropolitan District 1, Aurora, Arapahoe County, Colorado, Tax Increment Public Improvement Fee Supported Revenue Bonds, Series 2010A, 7.500%, 3/01/40 | 3/20 at 100.00 | N/R | 2,342,448 | ||||||||||||||
| 1,365 | Foothills Metropolitan District In the City of Fort Collins, Colorado, Special Revenue Bonds, Series 2014, 6.000%, 12/01/38 | 12/24 at 100.00 | N/R | 1,374,064 | ||||||||||||||
| 775 | Fossil Ridge Metropolitan District 1, Lakewood, Colorado, Tax-Supported Revenue Bonds, Refunding Series 2010, 7.250%, 12/01/40 | 12/20 at 100.00 | N/R | 818,137 | ||||||||||||||
| 2,025 | Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, Series 2009, 6.375%, 12/01/37 – AGC Insured | 12/19 at 100.00 | AA | 2,325,895 | ||||||||||||||
| 4,300 | Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013, 4.500%, 12/01/30 | 12/22 at 100.00 | N/R | 4,401,050 | ||||||||||||||
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008: | ||||||||||||||||||
| 2,140 | 6.250%, 11/15/28 | No Opt. Call | A | 2,757,904 | ||||||||||||||
| 3,010 | 6.500%, 11/15/38 | No Opt. Call | A | 4,113,406 | ||||||||||||||
| Nuveen Investments | 47 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Colorado (continued) | ||||||||||||||||||
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010: | ||||||||||||||||||
| $ | 1,025 | 5.250%, 7/15/24 | 7/20 at 100.00 | Baa3 | $ | 1,159,419 | ||||||||||||
| 4,265 | 6.000%, 1/15/41 | 7/20 at 100.00 | Baa3 | 4,788,443 | ||||||||||||||
| 815 | Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39 | 12/20 at 100.00 | N/R | 879,507 | ||||||||||||||
| 20 | University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/26 – FGIC Insured | 6/15 at 100.00 | Aa2 | 20,547 | ||||||||||||||
| 99,777 | Total Colorado | 100,004,944 | ||||||||||||||||
| Connecticut – 0.2% | ||||||||||||||||||
| 1,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2011G, 5.625%, 7/01/41 | 7/21 at 100.00 | BBB+ | 1,098,810 | ||||||||||||||
| 1,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Tender Option Bond Trust 1080, 18.104%, 7/01/15 (IF) (5) | No Opt. Call | AAA | 1,370,880 | ||||||||||||||
| 887 | Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22 | 4/20 at 100.00 | N/R | 1,047,272 | ||||||||||||||
| 1,800 | Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41 (Pre-refunded 4/01/21) | 4/21 at 100.00 | N/R (4) | 2,367,720 | ||||||||||||||
| 4,687 | Total Connecticut | 5,884,682 | ||||||||||||||||
| Delaware – 0.3% | ||||||||||||||||||
| 1,000 | Delaware Economic Development Authority, Exempt Facility Revenue Bonds, Indian River Power LLC Project, Series 2010, 5.375%, 10/01/45 | 10/20 at 100.00 | Baa3 | 1,072,320 | ||||||||||||||
| 5,000 | Delaware Transportation Authority, Transportation System Revenue Bonds, Senior Lien Series 2008, 5.000%, 7/01/19 | No Opt. Call | AA+ | 5,893,350 | ||||||||||||||
| 650 | Wilmington, Delaware, Replacement Housing Factor Fund Securitization Revenue Bonds, Wilmington Housing Authority-Lincoln Towers Project, Series 2011, 5.750%, 7/15/16 | 1/15 at 100.00 | N/R | 650,533 | ||||||||||||||
| 6,650 | Total Delaware | 7,616,203 | ||||||||||||||||
| District of Columbia – 0.2% | ||||||||||||||||||
| 4,000 | District of Columbia, General Obligation Bonds, Refunding Series 2014D, 5.000%, 6/01/17 | No Opt. Call | AA | 4,460,120 | ||||||||||||||
| 1,000 | District of Columbia, Revenue Bonds, Friendship Public Charter School Inc., Series 2006, 5.000%, 6/01/26 – ACA Insured | 6/16 at 100.00 | BBB | 1,017,780 | ||||||||||||||
| 5,000 | Total District of Columbia | 5,477,900 | ||||||||||||||||
| Florida – 6.7% | �� | |||||||||||||||||
Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A: | ||||||||||||||||||
| 300 | 5.000%, 11/15/23 | No Opt. Call | BBB | 335,658 | ||||||||||||||
| 2,300 | 5.000%, 11/15/28 | 11/23 at 100.00 | BBB | 2,533,473 | ||||||||||||||
| 1,250 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2010A, 6.000%, 9/01/40 | 9/20 at 100.00 | BBB– | 1,331,975 | ||||||||||||||
| 1,000 | Boynton Beach, Florida, Revenue Bonds, Charter Schools of Boynton Beach, Series 2012A, 6.800%, 6/01/42 (6) | 6/22 at 100.00 | CC | 600,000 | ||||||||||||||
| 510 | Boynton Village Community Development District, Florida, Special Assessment Bonds, Series 2007-A1, 5.750%, 5/01/37 | 5/17 at 100.00 | N/R | 499,606 | ||||||||||||||
| 48 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Florida (continued) | ||||||||||||||||||
| $ | 500 | Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2005, 5.000%, 4/01/34 | 4/16 at 100.00 | A– | $ | 509,915 | ||||||||||||
| 855 | Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2009B, 7.000%, 4/01/39 | 4/19 at 100.00 | A– | 995,844 | ||||||||||||||
| 5,500 | Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured | 10/21 at 100.00 | AA | 5,990,435 | ||||||||||||||
| 1,025 | Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26 | No Opt. Call | A | 1,158,322 | ||||||||||||||
| 1,000 | Clearwater, Florida, Water and Sewer Revenue Bonds, Series 2009A, 5.250%, 12/01/39 – AGC Insured | 12/19 at 100.00 | AA– | 1,139,360 | ||||||||||||||
| 1,295 | Country Greens Community Development District, Florida, Special Assessment Bonds, Series 2003, 6.625%, 5/01/34 | 11/14 at 100.00 | N/R | 1,295,945 | ||||||||||||||
| 4,710 | Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/19 | No Opt. Call | A+ | 5,445,372 | ||||||||||||||
| 2,885 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Bay Area Charter Foundation, LLC Projects, Series 2011A, 7.750%, 6/15/42 | 12/21 at 101.00 | N/R | 3,104,029 | ||||||||||||||
| 1,000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2010A, 6.000%, 9/15/30 | 9/20 at 100.00 | BB+ | 1,046,650 | ||||||||||||||
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2012A: | ||||||||||||||||||
| 1,000 | 5.500%, 6/15/22 | No Opt. Call | N/R | 1,031,950 | ||||||||||||||
| 500 | 6.000%, 6/15/32 | No Opt. Call | N/R | 506,665 | ||||||||||||||
| 1,100 | 6.125%, 6/15/43 | No Opt. Call | N/R | 1,108,888 | ||||||||||||||
| 2,000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2013A, 8.500%, 6/15/44 | 6/23 at 100.00 | N/R | 2,262,620 | ||||||||||||||
| 1,520 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2014A, 6.125%, 6/15/44 | 6/24 at 100.00 | N/R | 1,478,413 | ||||||||||||||
| 3,180 | Florida Development Finance Corporation, Revenue Bonds, Learning Gate Community Charter School Project, Series 2007A, 6.000%, 2/15/37 | 2/17 at 100.00 | BB | 3,194,469 | ||||||||||||||
| 6,800 | Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2012A, 5.000%, 4/01/27 | 4/22 at 100.00 | Baa1 | 7,520,732 | ||||||||||||||
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Rollins College Project, Series 2012A: | ||||||||||||||||||
| 1,210 | 5.000%, 12/01/30 | 12/22 at 100.00 | A2 | 1,380,199 | ||||||||||||||
| 1,000 | 5.000%, 12/01/31 | 12/22 at 100.00 | A2 | 1,135,290 | ||||||||||||||
| 3,000 | 5.000%, 12/01/37 | 12/22 at 100.00 | A2 | 3,351,300 | ||||||||||||||
| 1,000 | Florida Housing Finance Agency, Housing Revenue Bonds, Stoddert Arms Apartments, Series 1996O, 6.300%, 9/01/36 – AMBAC Insured (Alternative Minimum Tax) | 3/15 at 100.00 | N/R | 1,001,150 | ||||||||||||||
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006: | ||||||||||||||||||
| 2,250 | 5.250%, 6/01/26 | 6/16 at 100.00 | BBB+ | 2,323,440 | ||||||||||||||
| 375 | 5.000%, 6/01/38 | 6/16 at 100.00 | BBB+ | 379,249 | ||||||||||||||
| 1,900 | Hernando County, Florida, Revenue Bonds, Criminal Justice Complex Financing Program, Series 1986, 7.650%, 7/01/16 – FGIC Insured | No Opt. Call | AA– | 2,110,634 | ||||||||||||||
| 1,005 | JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured | 4/15 at 100.00 | AA | 1,021,603 | ||||||||||||||
| Nuveen Investments | 49 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Florida (continued) | ||||||||||||||||||
| $ | 925 | Keys Cove Community Development District, Florida, Special Assessment Revenue Bonds, Series 2004, 5.875%, 5/01/35 | 5/15 at 101.00 | N/R | $ | 949,272 | ||||||||||||
| 1,000 | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A, 5.250%, 6/15/27 | 6/17 at 100.00 | BB | 1,023,300 | ||||||||||||||
Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2012A: | ||||||||||||||||||
| 875 | 5.500%, 6/15/32 | 6/22 at 100.00 | BB | 926,258 | ||||||||||||||
| 1,375 | 5.750%, 6/15/42 | 6/22 at 100.00 | BB | 1,454,778 | ||||||||||||||
| 675 | Lexington Community Development District, Florida, Special Assessment Revenue Bonds, Series 2004, 6.125%, 5/01/34 | 5/15 at 100.00 | A– | 683,168 | ||||||||||||||
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013: | ||||||||||||||||||
| 885 | 3.950%, 12/15/21 (Alternative Minimum Tax) | 6/20 at 100.00 | Ba1 | 927,993 | ||||||||||||||
| 8,000 | 4.200%, 12/15/25 (Alternative Minimum Tax) | 6/20 at 100.00 | Ba1 | 8,199,040 | ||||||||||||||
| 2,000 | Miami Beach Health Facilities Authority, Florida, Hospital Revenue Bonds, Mount Sinai Medical Center of Florida Project, Refunding 2012, 5.000%, 11/15/29 | 11/22 at 100.00 | Baa1 | 2,202,720 | ||||||||||||||
| 7,020 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2004A, 5.000%, 10/01/30 – FGIC Insured (Alternative Minimum Tax) | 4/15 at 100.00 | AA– | 7,037,971 | ||||||||||||||
| 1,585 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/35 | 10/20 at 100.00 | A | 1,831,769 | ||||||||||||||
| 2,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Series 2008A, 5.500%, 10/01/27 – AGC Insured (Alternative Minimum Tax) | 10/18 at 100.00 | AA | 2,295,820 | ||||||||||||||
| 10,000 | Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2005, 5.000%, 7/01/33 – AGM Insured | 7/15 at 100.00 | AA | 10,291,600 | ||||||||||||||
| 1,040 | Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2009, 5.625%, 6/01/34 – AGC Insured (UB) (5) | 6/19 at 100.00 | AA | 1,167,670 | ||||||||||||||
| 22,160 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42 | 10/22 at 100.00 | Aa3 | 24,610,231 | ||||||||||||||
| 1,000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 46B, Series 2007A, 5.350%, 8/01/41 | 8/17 at 100.00 | N/R | 1,023,140 | ||||||||||||||
| 3,295 | Old Palm Community Development District, Florida, Special Assessment Bonds, Palm Beach Gardens, Series 2004A, 5.900%, 5/01/35 | 5/15 at 101.00 | N/R | 3,348,313 | ||||||||||||||
Orange County Health Facilities Authority, Florida, Revenue Bond, Mayflower Retirement Center, Refunding Series 2012: | ||||||||||||||||||
| 550 | 4.500%, 6/01/27 | 6/21 at 100.00 | A– | 579,761 | ||||||||||||||
| 625 | 5.000%, 6/01/32 | 6/21 at 100.00 | A– | 673,963 | ||||||||||||||
| 750 | 5.000%, 6/01/36 | 6/21 at 100.00 | A– | 803,768 | ||||||||||||||
| 750 | 5.125%, 6/01/42 | 6/21 at 100.00 | A– | 806,018 | ||||||||||||||
Orange County Health Facilities Authority, Florida, Revenue Bonds, Nemours Foundation, Series 2005: | ||||||||||||||||||
| 295 | 5.000%, 1/01/21 (Pre-refunded 1/01/15) | 1/15 at 100.00 | N/R (4) | 297,401 | ||||||||||||||
| 275 | 5.000%, 1/01/22 (Pre-refunded 1/01/15) | 1/15 at 100.00 | N/R (4) | 277,239 | ||||||||||||||
| 145 | Orange County, Florida, Sales Tax Revenue Bonds, Series 1989, 6.125%, 1/01/19 – FGIC Insured (ETM) | 1/15 at 100.00 | N/R (4) | 171,702 | ||||||||||||||
| 50 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Florida (continued) | ||||||||||||||||||
| $ | 2,690 | Palm Beach County Health Facilities Authority, Florida, Retirement Community Revenue Bonds, Adult Communities Total Services Retirement Life, Series 2006A, 4.500%, 11/15/36 | 11/16 at 100.00 | A– | $ | 2,711,332 | ||||||||||||
| 2,415 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2007, 5.000%, 8/01/18 – FGIC Insured | 8/17 at 100.00 | AA– | 2,677,028 | ||||||||||||||
| 1,500 | Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%, 10/01/15 – AMBAC Insured (ETM) | No Opt. Call | AA+ (4) | 1,497,120 | ||||||||||||||
| 1,835 | Panther Trails Community Development District, Florida, Special Assessment Bonds, Series 2005, 5.600%, 5/01/36 | 5/15 at 100.00 | BB | 1,842,340 | ||||||||||||||
| 2,000 | Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured | 7/17 at 100.00 | AA– | 2,161,520 | ||||||||||||||
| 650 | Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 2005-1, 5.000%, 10/01/25 (Pre-refunded 10/01/15) – AMBAC Insured | 10/15 at 100.00 | A1 (4) | 678,834 | ||||||||||||||
| 2,870 | Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27 | 10/17 at 100.00 | BBB– | 3,059,736 | ||||||||||||||
| 875 | Stoneybrook Venice Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007, 6.750%, 5/01/38 | 5/18 at 100.00 | N/R | 907,498 | ||||||||||||||
| 500 | Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A, 5.000%, 7/01/29 | 1/24 at 100.00 | A3 | 555,455 | ||||||||||||||
| 535 | Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 – AMBAC Insured | 10/18 at 100.00 | AA– | 573,124 | ||||||||||||||
| 1,000 | Tallahassee, Florida, Consolidated Utility System Revenue Bonds, Series 2005, 5.000%, 10/01/25 – AMBAC Insured | 10/15 at 100.00 | AA+ | 1,043,200 | ||||||||||||||
| 2,820 | Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured | 10/15 at 100.00 | AA | 2,933,505 | ||||||||||||||
| 2,095 | Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial Healthcare Inc., Series 2000, 6.375%, 12/01/30 | 12/14 at 100.00 | Baa1 | 2,102,835 | ||||||||||||||
| 35 | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 | 5/22 at 100.00 | Aa2 | 38,979 | ||||||||||||||
| 165 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 | 5/17 at 100.00 | N/R | 121,094 | ||||||||||||||
| 290 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 | 5/19 at 100.00 | N/R | 173,495 | ||||||||||||||
| 210 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 | 5/22 at 100.00 | N/R | 93,083 | ||||||||||||||
| 170 | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (6) | 5/18 at 100.00 | N/R | 2 | ||||||||||||||
| 475 | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007A-2, 5.250%, 5/01/39 (6) | 5/17 at 100.00 | N/R | 5 | ||||||||||||||
| 15 | Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 (6) | 5/18 at 100.00 | N/R | 15,415 | ||||||||||||||
| 125 | Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007A-1. RMKT, 5.250%, 5/01/39 (6) | 5/17 at 100.00 | N/R | 117,449 | ||||||||||||||
| Nuveen Investments | 51 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Florida (continued) | ||||||||||||||||||
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1: | ||||||||||||||||||
| $ | 95 | 5.250%, 5/01/39 | 5/17 at 100.00 | N/R | $ | 95,359 | ||||||||||||
| 305 | 6.650%, 5/01/40 | 5/17 at 100.00 | N/R | 311,500 | ||||||||||||||
| 2,815 | Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37 | 5/15 at 100.00 | N/R | 2,828,202 | ||||||||||||||
| 705 | Tolomato Community Development District, Florida, Special Assessment Bonds, Southern/Forbearance Parcel Series 2007-2, 6.650%, 5/01/40 (6) | 5/18 at 100.00 | N/R | 419,722 | ||||||||||||||
| 250 | Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2012-A1, 6.125%, 5/01/42 | 5/22 at 100.00 | N/R | 265,670 | ||||||||||||||
| 1,500 | Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2012-A2, 5.500%, 5/01/34 | 5/22 at 100.00 | N/R | 1,588,665 | ||||||||||||||
| 475 | Waters Edge Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.300%, 5/01/36 | 5/15 at 101.00 | N/R | 476,492 | ||||||||||||||
| 148,610 | Total Florida | 156,664,740 | ||||||||||||||||
| Georgia – 1.7% | ||||||||||||||||||
| 2,000 | Atlanta and Fulton County Recreation Authority, Georgia, Guaranteed Revenue Bonds, Park Improvement, Series 2005A, 5.000%, 12/01/30 – NPFG Insured | 12/15 at 100.00 | AA | 2,077,160 | ||||||||||||||
| 715 | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31 | 1/19 at 100.00 | A2 | 850,442 | ||||||||||||||
| 1,550 | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 1/01/20 | 1/19 at 100.00 | A2 | 1,869,610 | ||||||||||||||
| 140 | Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005A, 5.625%, 1/01/16 (Alternative Minimum Tax) | 7/15 at 100.00 | A– | 144,008 | ||||||||||||||
| 500 | Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005B, 5.400%, 1/01/20 | 7/15 at 100.00 | A– | 514,475 | ||||||||||||||
| 495 | Atlanta, Georgia, Tax Allocation Bonds, Princeton Lakes Project, Series 2006, 5.500%, 1/01/31 | 1/16 at 100.00 | BBB– | 501,093 | ||||||||||||||
| 7,000 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured | 11/19 at 100.00 | AA | 8,036,700 | ||||||||||||||
| 1,000 | Augusta, Georgia, Airport Revenue Bonds, General Series 2005C, 5.450%, 1/01/31 (Alternative Minimum Tax) | 1/15 at 100.00 | Baa2 | 1,002,000 | ||||||||||||||
| 3,300 | Fulton County Development Authority, Georgia, Local District Cooling Authority Revenue Bonds, Maxon Atlantic Station LLC, Series 2005A, 5.125%, 3/01/26 (Mandatory put 3/01/15) (Alternative Minimum Tax) | 9/15 at 100.00 | BBB | 3,312,738 | ||||||||||||||
| 10,000 | Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Athletic Association, Series 2011, 5.750%, 10/01/41 | 4/21 at 100.00 | A+ | 11,746,400 | ||||||||||||||
| 1,100 | Georgia Municipal Electric Authority, Senior Lien General Power Revenue Bonds, Series 1993BB, 5.250%, 1/01/25 – NPFG Insured | No Opt. Call | AA– | 1,295,591 | ||||||||||||||
| 1,000 | Lavonia Hospital Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Regional Medical Center , Series 2010, 6.000%, 12/01/40 – AGM Insured | 12/20 at 100.00 | AA | 1,125,680 | ||||||||||||||
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A: | ||||||||||||||||||
| 955 | 5.000%, 3/15/22 | No Opt. Call | A+ | 1,108,602 | ||||||||||||||
| 1,000 | 5.500%, 9/15/28 | No Opt. Call | A | 1,212,110 | ||||||||||||||
| 1,590 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.250%, 10/01/27 | 10/21 at 100.00 | Baa2 | 1,772,230 | ||||||||||||||
| 52 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Georgia (continued) | ||||||||||||||||||
| $ | 1,000 | Richmond County Development Authority, Georgia, Revenue Bonds, Augusta State University, Jaguar Student Center Project, Series 2005A, 5.000%, 7/01/29 (Pre-refunded 7/01/15) – SYNCORA GTY Insured | 7/15 at 100.00 | A1 (4) | $ | 1,032,200 | ||||||||||||
| 1,000 | Savannah Economic Development Authority, Georgia, Revenue Bonds, Armstrong Atlantic State University, Windward Commons LLC Project, Series 2009, 5.000%, 6/15/39 – AGC Insured | 6/19 at 100.00 | AA | 1,074,290 | ||||||||||||||
| 34,345 | Total Georgia | 38,675,329 | ||||||||||||||||
| Guam – 0.3% | ||||||||||||||||||
| 1,020 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31 | 1/22 at 100.00 | A | 1,114,503 | ||||||||||||||
| 2,000 | Guam Government Department of Education, Certificates of Participation, John F. Kennedy High School Project, Series 2010A, 6.625%, 12/01/30 | 12/20 at 100.00 | B+ | 2,245,560 | ||||||||||||||
| 880 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40 | 7/20 at 100.00 | A– | 967,014 | ||||||||||||||
| 1,610 | Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax) | 10/23 at 100.00 | BBB | 1,855,187 | ||||||||||||||
| 5,510 | Total Guam | 6,182,264 | ||||||||||||||||
| Hawaii – 0.2% | ||||||||||||||||||
| 1,500 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43 | 7/23 at 100.00 | A2 | 1,717,095 | ||||||||||||||
| 1,000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43 | 7/23 at 100.00 | BB+ | 1,127,290 | ||||||||||||||
Hawaii Department of Budget and Finance, Special Purpose Senior Living Revenue Bonds, 15 Craigside Project, Series 2009A: | ||||||||||||||||||
| 1,000 | 8.750%, 11/15/29 | 11/19 at 100.00 | N/R | 1,239,540 | ||||||||||||||
| 1,250 | 9.000%, 11/15/44 | 11/19 at 100.00 | N/R | 1,540,988 | ||||||||||||||
| 4,750 | Total Hawaii | 5,624,913 | ||||||||||||||||
| Idaho – 0.6% | ||||||||||||||||||
| 9,125 | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2014A, 4.125%, 3/01/37 | 3/24 at 100.00 | A– | 9,280,399 | ||||||||||||||
Idaho Health Facilities Authority, Revenue Bonds, Trinity Health Group, Refunding Series 2008B: | ||||||||||||||||||
| 1,000 | 6.000%, 12/01/23 | 12/18 at 100.00 | Aa2 | 1,173,890 | ||||||||||||||
| 760 | 6.250%, 12/01/33 | 12/18 at 100.00 | Aa2 | 887,270 | ||||||||||||||
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006: | ||||||||||||||||||
| 1,000 | 5.000%, 7/15/23 – NPFG Insured | 7/16 at 100.00 | A+ | 1,070,490 | ||||||||||||||
| 1,065 | 5.000%, 7/15/24 – NPFG Insured | 7/16 at 100.00 | A+ | 1,138,560 | ||||||||||||||
| 12,950 | Total Idaho | 13,550,609 | ||||||||||||||||
| Illinois – 9.3% | ||||||||||||||||||
| 2,000 | Bensenville, Illinois, General Obligation Bonds, Series 2011A, 5.000%, 12/15/30 – AGM Insured | 12/21 at 100.00 | AA | 2,197,520 | ||||||||||||||
| 971 | Cary, Illinois, Special Service Area 1 Special Tax Bonds, Series 2006, 5.000%, 3/01/30 – RAAI Insured | 3/16 at 100.00 | N/R | 979,720 | ||||||||||||||
| Nuveen Investments | 53 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Illinois (continued) | ||||||||||||||||||
Champaign, Illinois, General Obligation Sales Tax Bonds, Public Safety Series 1999: | ||||||||||||||||||
| $ | 1,140 | 8.250%, 1/01/21 – FGIC Insured | No Opt. Call | AA– | $ | 1,539,160 | ||||||||||||
| 1,275 | 8.250%, 1/01/22 – FGIC Insured | No Opt. Call | AA– | 1,740,681 | ||||||||||||||
| 3,335 | Chicago Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Tender Option Bonds Trust 1130, 13.517%, 12/01/24 (IF) | 6/16 at 100.00 | AAA | 4,017,675 | ||||||||||||||
| 2,100 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 | 12/21 at 100.00 | AA | 2,360,253 | ||||||||||||||
| 2,875 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 – NPFG Insured | 1/16 at 100.00 | AA– | 3,026,168 | ||||||||||||||
Community College District 523, Counties of DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago, and Boone, Illinois, General Obligation Bonds, Kishwaukee Community College, Series 2011B: | ||||||||||||||||||
| 1,000 | 0.000%, 2/01/35 | 2/21 at 100.00 | AA | 308,000 | ||||||||||||||
| 750 | 0.000%, 2/01/36 | 2/21 at 100.00 | AA | 214,710 | ||||||||||||||
| 4,440 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 | 11/20 at 100.00 | AA | 4,914,325 | ||||||||||||||
| 2,000 | Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40 | 10/20 at 100.00 | B3 | 2,149,620 | ||||||||||||||
| 2,500 | Harvey, Cook County, Illinois, Tax Increment Allocation Revenue Bonds, Amended Center Street Redevelopment Project Area, Series 2010, 7.500%, 12/01/19 | No Opt. Call | N/R | 2,777,925 | ||||||||||||||
| 1,375 | Illinois Finance Authority Revenue Bonds, Christian Homes, Inc. Obligated Group, Series 2007A, 5.750%, 5/15/31 | 5/17 at 100.00 | BBB– | 1,420,774 | ||||||||||||||
Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010: | ||||||||||||||||||
| 900 | 6.125%, 5/15/27 | 5/15 at 100.00 | BBB– | 908,514 | ||||||||||||||
| 2,000 | 6.125%, 5/15/27 | 5/20 at 100.00 | BBB– | 2,175,460 | ||||||||||||||
| 9,300 | Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation, Series 2007, 5.000%, 12/01/36 | 12/16 at 100.00 | BBB | 9,412,344 | ||||||||||||||
| 1,000 | Illinois Finance Authority, Charter School Revenue Bonds, Uno Charter School Network, Refunding and Improvement Series 2011A, 7.125%, 10/01/41 | 10/21 at 100.00 | BBB– | 1,172,320 | ||||||||||||||
| 2,195 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/34 | 9/24 at 100.00 | BBB | 2,355,279 | ||||||||||||||
| 1,255 | Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39 | 11/19 at 100.00 | AA | 1,391,657 | ||||||||||||||
| 1,000 | Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured | 2/18 at 100.00 | A | 1,076,660 | ||||||||||||||
| 4,050 | Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 7.125%, 2/01/34 | 2/19 at 100.00 | Baa3 | 4,405,104 | ||||||||||||||
| 4,865 | Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 4.250%, 5/15/43 | 5/22 at 100.00 | Baa1 | 4,708,542 | ||||||||||||||
| 2,000 | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 5.375%, 8/15/24 | 8/19 at 100.00 | AA+ | 2,297,540 | ||||||||||||||
| 2,545 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 | 5/20 at 100.00 | A | 2,898,501 | ||||||||||||||
| 500 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 | 11/17 at 100.00 | A | 541,540 | ||||||||||||||
| 54 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Illinois (continued) | ||||||||||||||||||
| $ | 1,545 | Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35 | 5/20 at 100.00 | AA– | $ | 1,712,633 | ||||||||||||
| 2,900 | Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 | 8/19 at 100.00 | BBB+ | 3,641,907 | ||||||||||||||
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A: | ||||||||||||||||||
| 895 | 5.500%, 7/01/28 | 7/23 at 100.00 | A– | 1,037,198 | ||||||||||||||
| 3,000 | 6.500%, 7/01/34 | 7/18 at 100.00 | A– | 3,322,260 | ||||||||||||||
| 3,680 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 7.250%, 11/01/30 | 11/18 at 100.00 | A+ | 4,407,389 | ||||||||||||||
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C: | ||||||||||||||||||
| 1,335 | 6.625%, 11/01/39 | 5/19 at 100.00 | A+ | 1,549,187 | ||||||||||||||
| 1,665 | 6.625%, 11/01/39 (UB) (5) | 5/19 at 100.00 | A+ | 1,932,133 | ||||||||||||||
| 6,255 | Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 | 8/17 at 100.00 | A | 6,821,078 | ||||||||||||||
| 9,000 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38 | 8/19 at 100.00 | BBB+ | 10,422,540 | ||||||||||||||
| 925 | Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured | 3/20 at 100.00 | AA | 1,044,584 | ||||||||||||||
| 4,000 | Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 | 8/21 at 100.00 | AA– | 4,630,760 | ||||||||||||||
| 1,400 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2009B, 5.000%, 8/15/26 | 8/20 at 100.00 | AA– | 1,583,862 | ||||||||||||||
| 1,500 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 | 2/21 at 100.00 | AA– | 1,696,410 | ||||||||||||||
| 2,350 | Illinois Finance Authority, Revenue Bonds, Three Crowns Park Plaza, Series 2006A, 5.875%, 2/15/26 | 2/16 at 100.00 | N/R | 2,391,454 | ||||||||||||||
| 3,485 | Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30 | 8/18 at 100.00 | BBB+ | 3,750,627 | ||||||||||||||
| 3,905 | Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34 | 5/17 at 100.00 | BBB+ | 4,039,840 | ||||||||||||||
| 255 | Illinois Housing Development Authority, Housing Finance Bonds, Series 2006K, 4.600%, 7/01/23 | 7/16 at 100.00 | AA | 258,769 | ||||||||||||||
| 4,000 | Illinois Housing Development Authority, Multifamily Housing Revenue Bonds, GNMA Collateralized – Lifelink Developments, Series 2006, 4.850%, 4/20/41 (Alternative Minimum Tax) (UB) (5) | 4/16 at 100.00 | AA+ | 4,041,720 | ||||||||||||||
| 7,335 | Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 6/15/31 – AGM Insured | 6/24 at 100.00 | AA | 8,302,046 | ||||||||||||||
| 10,000 | Illinois State, General Obligation Bonds, April Series 2014, 5.000%, 4/01/25 | 4/24 at 100.00 | A– | 11,103,200 | ||||||||||||||
Illinois State, General Obligation Bonds, Series 2012A: | ||||||||||||||||||
| 5,520 | 5.000%, 3/01/25 | 3/22 at 100.00 | A– | 6,012,770 | ||||||||||||||
| 5,910 | 5.000%, 3/01/26 | 3/22 at 100.00 | A– | 6,389,478 | ||||||||||||||
| 500 | 5.000%, 3/01/27 | 3/22 at 100.00 | A– | 536,955 | ||||||||||||||
Illinois State, General Obligation Bonds, Series 2013: | ||||||||||||||||||
| 1,390 | 5.250%, 7/01/28 | 7/23 at 100.00 | A– | 1,529,487 | ||||||||||||||
| 1,800 | 5.500%, 7/01/38 | 7/23 at 100.00 | A– | 1,974,582 | ||||||||||||||
| Nuveen Investments | 55 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Illinois (continued) | ||||||||||||||||||
| $ | 5,000 | Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 5.000%, 6/15/28 | 6/21 at 100.00 | AAA | $ | 5,636,400 | ||||||||||||
| 960 | Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 | 1/16 at 100.00 | N/R | 533,290 | ||||||||||||||
| 3,000 | Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2, 5.500%, 1/01/30 – ACA Insured | 1/16 at 100.00 | CCC– | 2,100,300 | ||||||||||||||
| 1,630 | Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B, 5.250%, 1/01/36 | 1/16 at 100.00 | D | 570,663 | ||||||||||||||
| 875 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012A, 5.000%, 6/15/42 – NPFG Insured | 6/22 at 100.00 | AAA | 945,385 | ||||||||||||||
| 10,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured | No Opt. Call | AAA | 3,866,300 | ||||||||||||||
| 8,025 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 12/15/21 – NPFG Insured | No Opt. Call | AA– | 6,498,966 | ||||||||||||||
| 1,845 | Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014, 5.000%, 3/01/34 – AGM Insured | 3/24 at 100.00 | AA | 2,021,308 | ||||||||||||||
| 845 | Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012, 4.750%, 10/01/29 | 10/22 at 100.00 | Baa1 | 894,965 | ||||||||||||||
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010: | ||||||||||||||||||
| 3,890 | 5.250%, 6/01/21 | No Opt. Call | A | 4,601,909 | ||||||||||||||
| 3,000 | 6.250%, 6/01/24 | 6/16 at 100.00 | A– | 3,261,810 | ||||||||||||||
| 4,450 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2001A, 6.000%, 7/01/27 – FGIC Insured | No Opt. Call | AA | 5,831,547 | ||||||||||||||
| 1,000 | Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe Ad Valorem Tax Bonds, Series 2010, 7.500%, 3/01/32 | 3/17 at 102.00 | N/R | 1,048,920 | ||||||||||||||
University of Illinois, Auxiliary Facilities Systems Revenue Bonds, Series 2013A: | ||||||||||||||||||
| 10,000 | 4.000%, 4/01/30 | 4/23 at 100.00 | AA– | 10,476,800 | ||||||||||||||
| 5,000 | 4.000%, 4/01/32 | 4/23 at 100.00 | AA– | 5,204,850 | ||||||||||||||
| 7,405 | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42 | 10/23 at 100.00 | A | 8,530,264 | ||||||||||||||
| 208,846 | Total Illinois | 217,146,538 | ||||||||||||||||
| Indiana – 3.7% | ||||||||||||||||||
| 425 | Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/32 | 4/15 at 100.00 | BB+ | 411,783 | ||||||||||||||
Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006: | ||||||||||||||||||
| 1,000 | 5.125%, 8/01/29 (Pre-refunded 8/01/16) | 8/16 at 100.00 | N/R (4) | 1,083,100 | ||||||||||||||
| 500 | 5.250%, 8/01/36 (Pre-refunded 8/01/16) | 8/16 at 100.00 | N/R (4) | 542,640 | ||||||||||||||
Indiana Bond Bank, Special Program Gas Revenue Bonds, JP Morgan Ventures Energy Corporation Guaranteed, Series 2007A: | ||||||||||||||||||
| 3,325 | 5.250%, 10/15/18 | No Opt. Call | A | 3,755,887 | ||||||||||||||
| 5,215 | 5.250%, 10/15/20 | No Opt. Call | A | 6,108,069 | ||||||||||||||
Indiana Finance Authority, Educational Facilities Revenue Bonds, CFM-Northwest Indiana, LLC Project, Refunding Series 2013A: | ||||||||||||||||||
| 3,420 | 7.000%, 7/01/33 | 7/23 at 100.00 | BB– | 3,727,697 | ||||||||||||||
| 6,465 | 7.250%, 7/01/43 | 7/23 at 100.00 | BB– | 7,059,004 | ||||||||||||||
| 56 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Indiana (continued) | ||||||||||||||||||
Indiana Finance Authority, Educational Facilities Revenue Bonds, Charter Facilities Management Indianapolis LLC Project, Series 2013A: | ||||||||||||||||||
| $ | 2,280 | 7.000%, 7/01/33 | 7/23 at 100.00 | BB– | $ | 2,485,132 | ||||||||||||
| 5,240 | 7.250%, 7/01/43 | 7/23 at 100.00 | BB– | 5,758,760 | ||||||||||||||
| 1,400 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29 | 10/19 at 100.00 | BB– | 1,434,594 | ||||||||||||||
| 1,000 | Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.125%, 3/01/30 | 3/20 at 100.00 | BBB | 1,077,380 | ||||||||||||||
| 3,000 | Indiana Finance Authority, Hospital Revenue Bonds, Marion General Hospital Project, Series 2012A, 5.000%, 7/01/36 | 7/21 at 100.00 | A+ | 3,219,240 | ||||||||||||||
| 9,000 | Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/32 – AGM Insured | 6/22 at 100.00 | BBB– | 9,547,110 | ||||||||||||||
| 5,115 | Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax) | 7/23 at 100.00 | BBB | 5,394,177 | ||||||||||||||
| 2,830 | Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 | 3/17 at 100.00 | A | 2,991,112 | ||||||||||||||
| 4,030 | Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured | 1/17 at 100.00 | AA– | 4,299,607 | ||||||||||||||
| 500 | Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1992A, 6.800%, 12/01/16 | No Opt. Call | AA+ | 532,895 | ||||||||||||||
| 3,500 | Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured | 1/19 at 100.00 | AA | 3,947,650 | ||||||||||||||
| 3,000 | Jasper County, Indiana Pollution Control (Northern Indiana Public Service) Commercial Paper, 5.600%, 11/01/16 – NPFG Insured | No Opt. Call | AA– | 3,235,980 | ||||||||||||||
Knox County, Indiana, Economic Development Revenue and Refunding Bonds, Good Samaritan Hospital Project, Series 2012A: | ||||||||||||||||||
| 1,530 | 5.000%, 4/01/26 | 4/22 at 100.00 | Baa1 | 1,677,171 | ||||||||||||||
| 1,400 | 5.000%, 4/01/27 | 4/22 at 100.00 | Baa1 | 1,526,070 | ||||||||||||||
| 1,560 | 5.000%, 4/01/29 | 4/22 at 100.00 | Baa1 | 1,680,994 | ||||||||||||||
Portage, Indiana, Economic Development Revenue Bonds, Ameriplex Project, Series 2006: | ||||||||||||||||||
| 1,000 | 5.000%, 7/15/23 | 7/16 at 100.00 | A | 1,033,140 | ||||||||||||||
| 775 | 5.000%, 1/15/27 | 7/16 at 100.00 | A | 795,080 | ||||||||||||||
| 6,380 | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax) | 1/24 at 100.00 | N/R | 7,313,585 | ||||||||||||||
| 5,000 | Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 8.000%, 9/01/41 | 9/21 at 100.00 | N/R | 6,048,650 | ||||||||||||||
| 78,890 | Total Indiana | 86,686,507 | ||||||||||||||||
| Iowa – 0.6% | ||||||||||||||||||
| 2,275 | Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36 | 6/20 at 100.00 | A2 | 2,495,971 | ||||||||||||||
| 500 | Iowa Finance Authority, Health Facilities Revenue Bonds, Iowa Health System, Series 2008A, 5.250%, 8/15/29 – AGC Insured | 8/19 at 100.00 | Aa3 | 568,160 | ||||||||||||||
| 1,490 | Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.500%, 7/01/25 | 7/16 at 100.00 | BB+ | 1,543,893 | ||||||||||||||
| Nuveen Investments | 57 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Iowa (continued) | ||||||||||||||||||
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa University Project, Series 2012: | ||||||||||||||||||
| $ | 965 | 5.000%, 9/01/33 | 9/23 at 100.00 | BB | $ | 930,704 | ||||||||||||
| 2,405 | 5.000%, 9/01/43 | 9/23 at 100.00 | BB | 2,231,912 | ||||||||||||||
| 3,905 | Iowa Student Loan Liquidity Corporation Student Loan Revenue Bonds, Senior Lien Series 2011A-2, 5.750%, 12/01/28 (Alternative Minimum Tax) | 12/19 at 102.00 | A | 4,254,732 | ||||||||||||||
| 1,000 | Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25 | 12/19 at 100.00 | A1 | 1,108,070 | ||||||||||||||
| 12,540 | Total Iowa | 13,133,442 | ||||||||||||||||
| Kansas – 0.7% | ||||||||||||||||||
| 500 | Kansas Department of Transportation, Highway Revenue Bonds, Series 2004B, 5.000%, 9/01/22 | 9/18 at 100.00 | AAA | 575,700 | ||||||||||||||
| 4,540 | Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009C, 5.500%, 11/15/29 | 11/19 at 100.00 | Aa2 | 5,237,980 | ||||||||||||||
| 3,135 | Kansas Development Finance Authority, Revenue Bonds, State Projects, Series 2005H, 5.000%, 5/01/32 – NPFG Insured | 5/15 at 100.00 | AA– | 3,190,239 | ||||||||||||||
| 2,000 | Olathe, Kansas, Senior Living Facility Revenue Bonds, Catholic Care Campus Santa Marta, Series 2006A, 6.000%, 11/15/38 | 11/16 at 100.00 | N/R | 2,023,020 | ||||||||||||||
| 2,525 | Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured | 1/17 at 100.00 | BB+ | 2,562,799 | ||||||||||||||
| 1,200 | Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32 | 4/20 at 100.00 | BBB | 1,322,592 | ||||||||||||||
| 1,270 | Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Refunding Series 2012A, 5.000%, 9/01/28 | 9/22 at 100.00 | A+ | 1,460,919 | ||||||||||||||
| 15,170 | Total Kansas | 16,373,249 | ||||||||||||||||
| Kentucky – 1.0% | ||||||||||||||||||
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A: | ||||||||||||||||||
| 2,500 | 5.750%, 6/01/25 | 6/20 at 100.00 | BBB+ | 2,853,825 | ||||||||||||||
| 2,015 | 6.000%, 6/01/30 | 6/20 at 100.00 | BBB+ | 2,329,179 | ||||||||||||||
| 1,500 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2009A, 5.375%, 8/15/24 | 8/19 at 100.00 | A+ | 1,683,225 | ||||||||||||||
| 3,000 | Kentucky State Property and Buildings Commission, Revenue Refunding Bonds, Project 87 Series 2007, 4.000%, 3/01/15 – NPFG Insured | No Opt. Call | AA– | 3,039,210 | ||||||||||||||
Louisville Regional Airport Authority, Kentucky, Airport System Revenue Bonds, Refunding Series 2014A: | ||||||||||||||||||
| 2,685 | 4.000%, 7/01/18 (Alternative Minimum Tax) | No Opt. Call | A+ | 2,976,833 | ||||||||||||||
| 2,750 | 5.000%, 7/01/19 (Alternative Minimum Tax) | No Opt. Call | A+ | 3,195,005 | ||||||||||||||
| 1,405 | Louisville-Jefferson County Metropolitan Government, Kentucky, Health Facilities Revenue Bonds, Jewish Hospital & Saint Mary’s HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37 (Pre-refunded 2/01/18) | 2/18 at 100.00 | Aaa | 1,649,287 | ||||||||||||||
| 1,000 | Paducah, Kentucky, Electric Board Revenue Bonds, Series 2009A, 5.250%, 10/01/35 – AGC Insured | 4/19 at 100.00 | A3 | 1,125,900 | ||||||||||||||
| 58 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Kentucky (continued) | ||||||||||||||||||
| $ | 5,000 | Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011, 6.500%, 3/01/41 | 3/21 at 100.00 | A3 | $ | 5,762,350 | ||||||||||||
| 21,855 | Total Kentucky | 24,614,814 | ||||||||||||||||
| Louisiana – 2.6% | ||||||||||||||||||
| 3,605 | Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B, 5.000%, 6/01/21 – AMBAC Insured | 6/16 at 100.00 | A– | 3,837,559 | ||||||||||||||
| 1,000 | Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 | 11/17 at 100.00 | BBB | 1,120,870 | ||||||||||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007A: | ||||||||||||||||||
| 5,000 | 6.750%, 12/15/37 (6) | 12/17 at 100.00 | N/R | 3,248,250 | ||||||||||||||
| 800 | 6.000%, 12/15/37 | 12/14 at 100.00 | N/R | 444,680 | ||||||||||||||
| 65 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007B, 9.000%, 12/15/14 | No Opt. Call | N/R | 36,130 | ||||||||||||||
| 27,900 | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36 (Alternative Minimum Tax) | 7/23 at 100.00 | N/R | 31,158,965 | ||||||||||||||
| 1,000 | Louisiana Public Facilities Authority, Revenue Bonds, Belle Chasse Educational Foundation Project, Series 2011, 6.750%, 5/01/41 | 5/21 at 100.00 | BBB | 1,125,020 | ||||||||||||||
| 2,000 | Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Refunding Series 2009A, 6.000%, 7/01/29 | 7/19 at 100.00 | A+ | 2,305,960 | ||||||||||||||
| 675 | Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Series 2008B, 5.750%, 7/01/18 – AGC Insured | No Opt. Call | AA | 744,674 | ||||||||||||||
| 200 | Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Series 2008B, 5.750%, 7/01/18 (Pre-refunded 7/01/15) – AGC Insured | 7/15 at 100.00 | AA (4) | 207,438 | ||||||||||||||
| 1,500 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.250%, 5/15/38 | 5/17 at 100.00 | Baa1 | 1,574,760 | ||||||||||||||
| 10,000 | Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.750%, 5/01/39 – AGM Insured | 5/16 at 100.00 | Aa1 | 10,487,100 | ||||||||||||||
| 375 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 | 6/24 at 100.00 | A | 414,180 | ||||||||||||||
| 3,000 | St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37 | 6/17 at 100.00 | Baa1 | 3,180,210 | ||||||||||||||
| 57,120 | Total Louisiana | 59,885,796 | ||||||||||||||||
| Maine – 0.7% | ||||||||||||||||||
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011: | ||||||||||||||||||
| 2,000 | 6.750%, 7/01/36 | 7/21 at 100.00 | BBB– | 2,260,240 | ||||||||||||||
| 10,390 | 6.750%, 7/01/41 | 7/21 at 100.00 | BBB– | 11,659,242 | ||||||||||||||
| 1,665 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40 | 7/20 at 100.00 | AA | 1,798,949 | ||||||||||||||
Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013: | ||||||||||||||||||
| 460 | 5.000%, 7/01/26 | 7/23 at 100.00 | BBB+ | 513,006 | ||||||||||||||
| 1,000 | 5.000%, 7/01/27 | 7/23 at 100.00 | BBB+ | 1,112,060 | ||||||||||||||
| 15,515 | Total Maine | 17,343,497 | ||||||||||||||||
| Nuveen Investments | 59 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Maryland – 0.3% | ||||||||||||||||||
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A: | ||||||||||||||||||
| $ | 1,050 | 5.250%, 9/01/27 – SYNCORA GTY Insured | 9/16 at 100.00 | BB+ | $ | 1,082,960 | ||||||||||||
| 1,750 | 5.250%, 9/01/28 – SYNCORA GTY Insured | 9/16 at 100.00 | BB+ | 1,801,800 | ||||||||||||||
| 1,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 5.750%, 7/01/30 | 7/20 at 100.00 | BBB– | 1,046,450 | ||||||||||||||
| 2,650 | Maryland State, General Obligation Bonds, State and Local Facilities Loan, Refunding Second Series 2011E, 5.000%, 8/01/15 | No Opt. Call | AAA | 2,747,176 | ||||||||||||||
| 6,450 | Total Maryland | 6,678,386 | ||||||||||||||||
| Massachusetts – 1.4% | ||||||||||||||||||
| 4,350 | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2007A, 6.750%, 10/15/37 | 10/17 at 100.00 | N/R | 4,545,098 | ||||||||||||||
| 6,750 | Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012C, 5.250%, 11/01/42 (Alternative Minimum Tax) | 11/17 at 100.00 | BB+ | 6,942,105 | ||||||||||||||
| 1,035 | Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A, 4.875%, 1/01/24 | 1/23 at 100.00 | BBB– | 1,146,128 | ||||||||||||||
| 635 | Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 5.500%, 1/01/23 (Alternative Minimum Tax) | 1/20 at 100.00 | AA | 662,750 | ||||||||||||||
| 6,665 | Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Bond Trust 3627, 13.706%, 7/01/29 (IF) | 7/19 at 100.00 | AA | 9,367,724 | ||||||||||||||
| 4,700 | Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A, 6.250%, 1/15/28 (6) | 1/18 at 100.00 | N/R | 12,220 | ||||||||||||||
| 500 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital, Series 2005E, 5.000%, 8/15/25 – RAAI Insured | 8/15 at 100.00 | N/R | 502,575 | ||||||||||||||
| 4,550 | Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39 | 7/19 at 100.00 | BBB | 5,031,390 | ||||||||||||||
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A: | ||||||||||||||||||
| 1,260 | 5.500%, 1/01/22 – AMBAC Insured (Alternative Minimum Tax) | 1/15 at 100.00 | N/R | 1,261,651 | ||||||||||||||
| 700 | 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax) | 1/15 at 100.00 | N/R | 700,042 | ||||||||||||||
| 2,335 | Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2989, 13.494%, 8/01/38 (IF) | 8/19 at 100.00 | AAA | 3,304,772 | ||||||||||||||
| 33,480 | Total Massachusetts | 33,476,455 | ||||||||||||||||
| Michigan – 2.6% | ||||||||||||||||||
| 12,130 | Bay City, Bay County, Michigan, Unlimited Tax General Street Improvement Bonds, Series 1991, 0.000%, 6/01/21 – AMBAC Insured | No Opt. Call | A+ | 9,121,517 | ||||||||||||||
| 8,575 | Charlotte Public School District, Easton County, Michigan, General Obligation Bonds, Series 2005, 5.000%, 5/01/29 – NPFG Insured | 5/15 at 100.00 | Aa2 | 8,736,210 | ||||||||||||||
| 5,595 | Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured | 7/15 at 100.00 | AA– | 5,595,895 | ||||||||||||||
| 800 | Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, W.A. Foote Memorial Hospital, Refunding Series 2006B-2, 5.000%, 6/01/27 – AGM Insured | 6/20 at 100.00 | AA | 882,968 | ||||||||||||||
| 7,665 | Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist Hospital, Refunding Series 2003A, 5.000%, 5/15/26 – AGM Insured | 5/18 at 100.00 | AA | 8,545,479 | ||||||||||||||
| 60 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Michigan (continued) | ||||||||||||||||||
| $ | 3,040 | Kalkaska County Hospital Authority, Michigan, Hospital Revenue Bonds, Series 2007, 5.375%, 5/01/17 | No Opt. Call | A– | $ | 3,288,611 | ||||||||||||
| 500 | Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health System, Series 2008A, 5.500%, 1/15/47 (Pre-refunded 1/15/15) | 1/15 at 100.00 | AA (4) | 505,405 | ||||||||||||||
Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding Bonds, Detroit Service Learning Academy Project, Series 2011: | ||||||||||||||||||
| 615 | 6.000%, 10/01/21 | No Opt. Call | BB– | 637,079 | ||||||||||||||
| 435 | 7.000%, 10/01/31 | 10/21 at 100.00 | BB– | 464,349 | ||||||||||||||
| 1,000 | 7.000%, 10/01/36 | 10/21 at 100.00 | BB– | 1,058,720 | ||||||||||||||
| 820 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Creative Montessori Academy Project, Series 2011, 6.125%, 5/01/21 | 5/18 at 100.00 | BBB– | 853,554 | ||||||||||||||
| 1,550 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 5.000%, 10/01/35 | 10/20 at 100.00 | AA | 1,668,513 | ||||||||||||||
| 1,250 | Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Chandler Park Academy Project, Series 2008, 6.500%, 11/01/35 | 11/15 at 100.00 | BBB | 1,271,488 | ||||||||||||||
| 1,350 | Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, David Ellis Academy-West Charter School Project, Series 2007, 5.875%, 6/01/37 | 6/17 at 100.00 | N/R | 1,364,715 | ||||||||||||||
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A: | ||||||||||||||||||
| 750 | 5.375%, 10/15/41 | 10/21 at 100.00 | Aa3 | 849,743 | ||||||||||||||
| 2,000 | 5.500%, 10/15/45 | 10/21 at 100.00 | Aa3 | 2,278,760 | ||||||||||||||
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009: | ||||||||||||||||||
| 500 | 5.625%, 11/15/29 | 11/19 at 100.00 | A– | 563,940 | ||||||||||||||
| 1,480 | 5.750%, 11/15/39 | 11/19 at 100.00 | A– | 1,645,582 | ||||||||||||||
| 1,635 | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 | 12/16 at 100.00 | Aa2 | 1,706,417 | ||||||||||||||
| 375 | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16) | 12/16 at 100.00 | Aa2 (4) | 410,640 | ||||||||||||||
| 1,200 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/20 | No Opt. Call | A1 | 1,416,060 | ||||||||||||||
| 6,010 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.000%, 9/01/29 (Pre-refunded 9/01/18) | 9/18 at 100.00 | Aaa | 7,634,443 | ||||||||||||||
| 59,275 | Total Michigan | 60,500,088 | ||||||||||||||||
| Minnesota – 1.5% | ||||||||||||||||||
| 1,000 | Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40 | 11/20 at 100.00 | BBB– | 1,065,610 | ||||||||||||||
| 1,000 | Faribault, Minnesota, Housing Revenue Bonds, Faribault Senior Living LLC Project, Series 2010, 7.000%, 5/01/45 | 5/18 at 102.00 | N/R | 1,049,120 | ||||||||||||||
Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A: | ||||||||||||||||||
| 3,000 | 6.375%, 11/15/23 | 11/18 at 100.00 | A | 3,519,750 | ||||||||||||||
| 3,000 | 6.625%, 11/15/28 | 11/18 at 100.00 | A | 3,551,940 | ||||||||||||||
| 3,000 | Minneapolis, Minnesota, Recovery Zone Facility Revenue Bonds, Mozaic Parking, LLC Project, Series 2010A, 8.500%, 1/01/41 | 1/21 at 100.00 | N/R | 3,028,800 | ||||||||||||||
| Nuveen Investments | 61 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Minnesota (continued) | ||||||||||||||||||
| $ | 95 | Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29 | 11/14 at 100.00 | A | $ | 95,414 | ||||||||||||
St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005: | ||||||||||||||||||
| 4,500 | 6.000%, 11/15/25 | 11/15 at 100.00 | BBB– | 4,695,840 | ||||||||||||||
| 4,000 | 6.000%, 11/15/30 | 11/15 at 100.00 | BBB– | 4,174,440 | ||||||||||||||
| 2,000 | 6.000%, 11/15/35 | 11/15 at 100.00 | BBB– | 2,083,840 | ||||||||||||||
| 2,240 | Wayzata, Minnesota, Senior Housing Revenue Bonds, Folkestone Senior Living Community, Series 2012A, 6.000%, 5/01/47 | 5/19 at 102.00 | N/R | 2,465,859 | ||||||||||||||
| 8,000 | Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 5.000%, 1/01/46 | 1/24 at 100.00 | Aa3 | 9,105,200 | ||||||||||||||
| 31,835 | Total Minnesota | 34,835,813 | ||||||||||||||||
| Mississippi – 0.2% | ||||||||||||||||||
| 5,000 | Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System Project, Series 2005, 5.250%, 7/01/24 – AGM Insured | No Opt. Call | AA | 5,717,850 | ||||||||||||||
| Missouri – 1.4% | ||||||||||||||||||
| 3,185 | Bi-State Development Agency, Bi-State MetroLink District, Missouri, St Clair County Metrolink Extension Project Bonds, Refunding Series 2006, 5.250%, 7/01/27 – AGM Insured | No Opt. Call | AA | 3,849,391 | ||||||||||||||
| 2,470 | Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 | 10/19 at 100.00 | A– | 2,704,749 | ||||||||||||||
| 1,250 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011, 6.000%, 2/01/41 | 2/21 at 100.00 | BBB+ | 1,389,138 | ||||||||||||||
| 4,455 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Tender Option Bond Trust 3604, 13.896%, 5/15/17 (IF) | No Opt. Call | AAA | 6,325,432 | ||||||||||||||
Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Series 2010A: | ||||||||||||||||||
| 5,000 | 0.000%, 7/15/31 – AGC Insured | No Opt. Call | AA | 2,492,850 | ||||||||||||||
| 7,000 | 0.000%, 7/15/32 – AGC Insured | No Opt. Call | AA | 3,312,960 | ||||||||||||||
| 6,250 | 0.000%, 7/15/33 – AGC Insured | No Opt. Call | AA | 2,804,625 | ||||||||||||||
| 7,000 | 0.000%, 7/15/34 – AGC Insured | No Opt. Call | AA | 3,009,440 | ||||||||||||||
| 6,000 | 0.000%, 7/15/35 – AGC Insured | No Opt. Call | AA | 2,431,620 | ||||||||||||||
| 2,000 | 0.000%, 7/15/36 – AGC Insured | No Opt. Call | AA | 784,240 | ||||||||||||||
| 1,661 | Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square Redevelopment Project, Series 2008A, 6.300%, 8/22/26 | 2/15 at 100.00 | N/R | 1,595,407 | ||||||||||||||
| 1,437 | Saint Louis, Missouri, Tax Increment Financing Revenue Notes, Marquette Building Redevelopment Project, Series 2008-A, 6.500%, 1/23/28 | 1/15 at 100.00 | N/R | 1,085,768 | ||||||||||||||
| 47,708 | Total Missouri | 31,785,620 | ||||||||||||||||
| Montana – 0.1% | ||||||||||||||||||
| 2,500 | Montana Facilities Finance Authority, Revenue Bonds, Saint John’s Lutheran Ministries Project, Series 2006A, 6.125%, 5/15/36 | 5/16 at 100.00 | N/R | 2,583,775 | ||||||||||||||
| Nebraska – 0.3% | ||||||||||||||||||
| 4,000 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42 | 9/22 at 100.00 | A | 4,316,760 | ||||||||||||||
| 62 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Nebraska (continued) | ||||||||||||||||||
| $ | 2,750 | Nebraska Public Power District, General Revenue Bonds, Series 2008B, 5.000%, 1/01/20 | 1/18 at 100.00 | A1 | $ | 3,093,365 | ||||||||||||
| 6,750 | Total Nebraska | 7,410,125 | ||||||||||||||||
| Nevada – 0.7% | ||||||||||||||||||
| 90 | Clark County, Nevada, Industrial Development Revenue Bonds, Southwest Gas Corporation, Senior Lien Series 2006A, 4.750%, 9/01/36 – FGIC Insured (Alternative Minimum Tax) | 9/16 at 100.00 | A | 91,082 | ||||||||||||||
| 2,000 | Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.000%, 7/01/30 | 1/20 at 100.00 | A+ | 2,251,100 | ||||||||||||||
| 2,100 | Henderson Redevelopment Agency, Nevada, Senior Lien Tax Allocation Bonds, Series 2002A, 5.250%, 10/01/25 – AMBAC Insured | 4/15 at 100.00 | BBB | 2,101,260 | ||||||||||||||
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A: | ||||||||||||||||||
| 2,000 | 7.500%, 6/15/23 | 6/19 at 100.00 | BBB– | 2,295,740 | ||||||||||||||
| 1,500 | 8.000%, 6/15/30 | 6/19 at 100.00 | BBB– | 1,734,000 | ||||||||||||||
| 2,500 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water & Refunding Series 2011C, 5.000%, 6/01/38 | 6/21 at 100.00 | AA+ | 2,772,200 | ||||||||||||||
Las Vegas, Nevada, Special Improvement District 607 Providence, Local Improvement Refunding Bonds, Series 2013: | ||||||||||||||||||
| 155 | 4.000%, 6/01/19 | No Opt. Call | N/R | 160,206 | ||||||||||||||
| 130 | 4.000%, 6/01/20 | No Opt. Call | N/R | 133,888 | ||||||||||||||
| 965 | 4.000%, 6/01/21 | No Opt. Call | N/R | 986,867 | ||||||||||||||
| 435 | 5.000%, 6/01/23 | No Opt. Call | N/R | 470,735 | ||||||||||||||
| 200 | 4.250%, 6/01/24 | 6/23 at 103.00 | N/R | 203,484 | ||||||||||||||
Sparks Local Improvement District 3, Legends at Sparks Marina, Nevada, Limited Obligation Improvement Bonds, Series 2008: | ||||||||||||||||||
| 610 | 6.500%, 9/01/20 | 9/18 at 100.00 | N/R | 667,505 | ||||||||||||||
| 1,325 | 6.750%, 9/01/27 | 9/18 at 100.00 | N/R | 1,416,120 | ||||||||||||||
| 410 | Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011, 5.000%, 7/01/32 | 7/21 at 100.00 | AA | 462,234 | ||||||||||||||
| 14,420 | Total Nevada | 15,746,421 | ||||||||||||||||
| New Hampshire – 0.4% | ||||||||||||||||||
| 3,500 | New Hampshire Business Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2002, 5.200%, 5/01/27 (Alternative Minimum Tax) | 5/16 at 101.00 | A– | 3,688,510 | ||||||||||||||
| 800 | New Hampshire Health and Education Facilities Authority, Hospital Revenue Bonds, Speare Memorial Hospital, Series 2004, 5.875%, 7/01/34 (Pre-refunded 7/01/15) | 7/15 at 100.00 | N/R (4) | 830,424 | ||||||||||||||
| 3,305 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Tender Option Bond Trust 09-7W, 14.216%, 6/01/39 (IF) (5) | 6/19 at 100.00 | AA+ | 4,761,943 | ||||||||||||||
| 7,605 | Total New Hampshire | 9,280,877 | ||||||||||||||||
| New Jersey – 2.6% | ||||||||||||||||||
| 4,510 | Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42 | 2/23 at 100.00 | BBB | 5,178,427 | ||||||||||||||
| 1,335 | Manalapan-Englishtown Regional Board of Education, New Jersey, General Obligation Bonds, Series 2004, 5.750%, 12/01/21 – FGIC Insured | No Opt. Call | Aa3 | 1,687,307 | ||||||||||||||
| Nuveen Investments | 63 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| New Jersey (continued) | ||||||||||||||||||
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A: | ||||||||||||||||||
| $ | 1,775 | 5.000%, 7/01/22 – NPFG Insured | 1/15 at 100.00 | AA– | $ | 1,803,791 | ||||||||||||
| 1,775 | 5.000%, 7/01/23 – NPFG Insured | 1/15 at 100.00 | AA– | 1,803,791 | ||||||||||||||
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999: | ||||||||||||||||||
| 1,000 | 5.125%, 9/15/23 (Alternative Minimum Tax) | 3/15 at 100.00 | B | 1,075,780 | ||||||||||||||
| 1,650 | 5.250%, 9/15/29 (Alternative Minimum Tax) | 9/22 at 101.00 | B | 1,754,544 | ||||||||||||||
| 2,165 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax) | 3/24 at 101.00 | B | 2,358,096 | ||||||||||||||
| 835 | New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A, 5.750%, 6/01/31 | 6/20 at 100.00 | Baa3 | 924,821 | ||||||||||||||
| 2,015 | New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 6.250%, 12/01/18 (ETM) | No Opt. Call | N/R (4) | 2,441,999 | ||||||||||||||
| 600 | New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19) | 6/19 at 100.00 | N/R (4) | 772,926 | ||||||||||||||
| 1,335 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.797%, 6/01/30 (IF) (5) | 6/19 at 100.00 | AA | 2,013,821 | ||||||||||||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A: | ||||||||||||||||||
| 2,185 | 5.250%, 12/15/20 | No Opt. Call | A2 | 2,543,406 | ||||||||||||||
| 7,000 | 5.500%, 12/15/23 | No Opt. Call | A2 | 8,349,950 | ||||||||||||||
| 7,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013A, 5.000%, 12/15/19 | No Opt. Call | A2 | 7,985,810 | ||||||||||||||
| 3,175 | New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/26 – AGM Insured | No Opt. Call | AA | 3,952,653 | ||||||||||||||
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A: | ||||||||||||||||||
| 3,000 | 5.000%, 1/01/21 (Pre-refunded 1/01/15) – AGM Insured | 1/15 at 100.00 | AA (4) | 3,024,450 | ||||||||||||||
| 3,315 | 5.000%, 1/01/25 (Pre-refunded 1/01/15) – AGM Insured | 1/15 at 100.00 | AA (4) | 3,342,017 | ||||||||||||||
| 1,000 | Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward Police Facility, Series 2009A, 5.750%, 12/01/30 – AGC Insured | 12/19 at 100.00 | A3 | 1,123,970 | ||||||||||||||
| 3,470 | North Hudson Sewerage Authority, New Jersey, Gross Revenue Senior Lien Lease Certificates, Series 2012A, 5.000%, 6/01/23 | 6/22 at 100.00 | A | 4,076,105 | ||||||||||||||
| 2,000 | Passaic Valley Water Commission, New Jersey, Water System Revenue Bonds, Series 2003, 5.000%, 12/15/19 – AGM Insured | No Opt. Call | AA | 2,344,440 | ||||||||||||||
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | ||||||||||||||||||
| 805 | 4.625%, 6/01/26 | 6/17 at 100.00 | B+ | 740,020 | ||||||||||||||
| 2,000 | 4.750%, 6/01/34 | 6/17 at 100.00 | B2 | 1,497,140 | ||||||||||||||
| 53,945 | Total New Jersey | 60,795,264 | ||||||||||||||||
| New Mexico – 0.5% | ||||||||||||||||||
| 4,790 | Clayton, New Mexico, Appropriation Debt, Jail Project, Series 2006, 4.650%, 11/01/29 – CIFG Insured | 11/16 at 100.00 | BBB+ | 4,829,182 | ||||||||||||||
| 64 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| New Mexico (continued) | ||||||||||||||||||
| $ | 3,000 | New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena Project, Series 2010A, 5.875%, 7/01/30 | 7/20 at 100.00 | BBB– | $ | 3,204,090 | ||||||||||||
| 3,070 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19) | 8/19 at 100.00 | Aa3 | 3,558,928 | ||||||||||||||
| 685 | The Trails Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2008, 7.500%, 10/01/18 | No Opt. Call | N/R | 689,028 | ||||||||||||||
| 11,545 | Total New Mexico | 12,281,228 | ||||||||||||||||
| New York – 3.9% | ||||||||||||||||||
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009: | ||||||||||||||||||
| 1,100 | 6.000%, 7/15/30 | 1/20 at 100.00 | BBB– | 1,236,444 | ||||||||||||||
| 7,745 | 6.375%, 7/15/43 | 1/20 at 100.00 | BBB– | 8,806,452 | ||||||||||||||
| 1,880 | Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured | 2/15 at 100.00 | AA– | 1,901,188 | ||||||||||||||
| 4,955 | Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.500%, 7/01/43 – AGM Insured | 7/20 at 100.00 | AA | 5,723,025 | ||||||||||||||
| 1,665 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 (Pre-refunded 3/15/15) – AMBAC Insured | 3/15 at 100.00 | AAA | 1,695,270 | ||||||||||||||
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518: | ||||||||||||||||||
| 2,000 | 13.603%, 2/15/33 (IF) | 2/19 at 100.00 | AAA | 2,697,620 | ||||||||||||||
| 2,335 | 13.592%, 2/15/33 (IF) | 2/19 at 100.00 | AAA | 3,148,584 | ||||||||||||||
| 400 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47 | 2/21 at 100.00 | A | 461,172 | ||||||||||||||
| 4,055 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured | 2/17 at 100.00 | AA– | 4,242,665 | ||||||||||||||
| 3,000 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 6.000%, 5/01/33 | 5/19 at 100.00 | A– | 3,522,720 | ||||||||||||||
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A: | ||||||||||||||||||
| 1,000 | 5.000%, 5/01/36 – AGM Insured | 5/21 at 100.00 | AA | 1,109,520 | ||||||||||||||
| 1,980 | 5.000%, 5/01/38 | 5/21 at 100.00 | A– | 2,178,515 | ||||||||||||||
| 4,600 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30 | 11/15 at 100.00 | AA– | 4,766,428 | ||||||||||||||
Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014: | ||||||||||||||||||
| 235 | 5.000%, 7/01/23 | No Opt. Call | BBB+ | 276,515 | ||||||||||||||
| 300 | 5.000%, 7/01/24 | No Opt. Call | BBB+ | 354,573 | ||||||||||||||
| 210 | 5.000%, 7/01/26 | 7/24 at 100.00 | BBB+ | 242,439 | ||||||||||||||
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007: | ||||||||||||||||||
| 3,000 | 5.750%, 10/01/37 (7) | 10/17 at 100.00 | N/R | 1,108,500 | ||||||||||||||
| 1,000 | 5.875%, 10/01/46 (8) | 10/17 at 102.00 | N/R | 363,950 | ||||||||||||||
| 715 | New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured | 3/19 at 100.00 | AA | 871,263 | ||||||||||||||
| 1,500 | New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax) | 12/14 at 100.00 | BB | 1,500,090 | ||||||||||||||
| Nuveen Investments | 65 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| New York (continued) | ||||||||||||||||||
| $ | 1,000 | New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 3484, 18.312%, 6/15/33 (IF) (5) | 6/19 at 100.00 | AA+ | $ | 1,493,280 | ||||||||||||
| 2,180 | New York City, New York, General Obligation Bonds, Fiscal 2012 Series A-1, 5.000%, 10/01/15 | No Opt. Call | AA | 2,276,509 | ||||||||||||||
| 5,000 | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – FGIC Insured | 4/15 at 100.00 | AA | 5,097,950 | ||||||||||||||
| 5 | New York City, New York, General Obligation Bonds, Series 1991B, 7.000%, 2/01/18 – AMBAC Insured | 2/15 at 100.00 | AA | 5,028 | ||||||||||||||
| 11,000 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 (WI/DD, Settling 11/20/14) | 11/24 at 100.00 | N/R | 11,094,820 | ||||||||||||||
| 895 | New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/24 – AMBAC Insured | 10/15 at 100.00 | AA+ | 932,966 | ||||||||||||||
| 140 | New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/24 (Pre-refunded 10/01/15) – AMBAC Insured | 10/15 at 100.00 | N/R (4) | 146,230 | ||||||||||||||
| 560 | New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2011B, 5.000%, 6/01/18 | No Opt. Call | AA | 640,349 | ||||||||||||||
| 2,125 | New York State Urban Development Corporation, Special Project Revenue Bonds, University Facilities Grants, Series 1995, 5.500%, 1/01/19 | No Opt. Call | AA | 2,395,895 | ||||||||||||||
| 3,500 | Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42 | No Opt. Call | BB+ | 3,608,360 | ||||||||||||||
| 9,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Sixth Series 2014, 4.000%, 10/15/16 (Alternative Minimum Tax) | No Opt. Call | AA– | 9,605,430 | ||||||||||||||
| 795 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 | 12/20 at 100.00 | BBB | 923,814 | ||||||||||||||
| 4,250 | Sales Tax Asset Receivable Corporation of New York City, New York, Sales Tax Asset Revenue Bonds, Fiscal 2015 Series A, 5.000%, 10/15/17 | No Opt. Call | AAA | 4,802,500 | ||||||||||||||
| 1,170 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic Landing At Southold, Inc. Project, Refunding Series 2010, 5.875%, 12/01/30 | 12/20 at 100.00 | BBB– | 1,302,725 | ||||||||||||||
| 1,400 | Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010B, 5.000%, 9/01/20 | No Opt. Call | A– | 1,645,126 | ||||||||||||||
| 86,695 | Total New York | 92,177,915 | ||||||||||||||||
| North Carolina – 0.6% | ||||||||||||||||||
| 1,780 | Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.479%, 7/01/38 (IF) (5) | 7/20 at 100.00 | AAA | 2,570,658 | ||||||||||||||
| 1,000 | Columbus County Industrial Facilities and Pollution Control Financing Authority, North Carolina, Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2007A, 4.625%, 3/01/27 | 3/17 at 100.00 | BBB | 1,017,310 | ||||||||||||||
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2008, Tender Option Bonds Trust 3248: | ||||||||||||||||||
| 1,920 | 27.533%, 10/01/21 (IF) | 10/16 at 100.00 | AA+ | 3,695,251 | ||||||||||||||
| 585 | 27.753%, 10/01/34 (IF) | 10/15 at 100.00 | AA+ | 1,009,669 | ||||||||||||||
| 1,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2008C, 6.750%, 1/01/24 | 1/19 at 100.00 | A– | 1,214,650 | ||||||||||||||
| 1,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 1993B, 6.000%, 1/01/22 – FGIC Insured | No Opt. Call | A3 | 1,250,270 | ||||||||||||||
| 66 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| North Carolina (continued) | ||||||||||||||||||
| $ | 1,580 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Presbyterian Homes, Series 2006B, 5.200%, 10/01/21 | 10/16 at 100.00 | N/R | $ | 1,660,833 | ||||||||||||
| 2,000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 – AGC Insured | 1/19 at 100.00 | AA | 2,267,900 | ||||||||||||||
| 10,865 | Total North Carolina | 14,686,541 | ||||||||||||||||
| North Dakota – 0.4% | ||||||||||||||||||
| 2,585 | Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 5.000%, 7/01/38 | 7/22 at 100.00 | BBB+ | 2,771,740 | ||||||||||||||
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012: | ||||||||||||||||||
| 2,100 | 4.000%, 12/01/27 | 12/21 at 100.00 | A– | 2,165,310 | ||||||||||||||
| 3,535 | 5.000%, 12/01/32 | 12/21 at 100.00 | A– | 3,823,527 | ||||||||||||||
| 8,220 | Total North Dakota | 8,760,577 | ||||||||||||||||
| Ohio – 3.6% | ||||||||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | ||||||||||||||||||
| 4,525 | 5.125%, 6/01/24 | 6/17 at 100.00 | B– | 3,789,778 | ||||||||||||||
| 8,920 | 5.875%, 6/01/30 | 6/17 at 100.00 | B– | 7,337,235 | ||||||||||||||
| 3,990 | 5.750%, 6/01/34 | 6/17 at 100.00 | B– | 3,158,604 | ||||||||||||||
| 4,145 | 5.875%, 6/01/47 | 6/17 at 100.00 | B | 3,294,902 | ||||||||||||||
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010: | ||||||||||||||||||
| 3,000 | 5.250%, 11/01/29 | 11/20 at 100.00 | A– | 3,352,410 | ||||||||||||||
| 2,000 | 5.750%, 11/01/40 | 11/20 at 100.00 | A– | 2,246,240 | ||||||||||||||
| 3,040 | Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26 | 7/21 at 100.00 | BBB– | 3,314,664 | ||||||||||||||
| 8,505 | Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured | 12/16 at 100.00 | A+ | 8,661,917 | ||||||||||||||
| 3,250 | Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 5.625%, 8/15/29 | 8/18 at 100.00 | A3 | 3,617,478 | ||||||||||||||
| 700 | Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40 | 12/20 at 100.00 | BB– | 775,908 | ||||||||||||||
| 5,820 | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 | 11/21 at 100.00 | AA | 6,959,149 | ||||||||||||||
| 2,240 | Marysville Exempted Village School District, Union County, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 – AGM Insured | 12/15 at 100.00 | AA | 2,349,782 | ||||||||||||||
| 1,000 | Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center Inc., Series 2006, 5.250%, 5/15/26 | 5/16 at 100.00 | A | 1,054,870 | ||||||||||||||
| 1,500 | Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/41 | 8/21 at 100.00 | A2 | 1,621,845 | ||||||||||||||
| 3,500 | Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30 | 4/20 at 100.00 | BBB– | 3,852,800 | ||||||||||||||
| 2,270 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19 | No Opt. Call | BBB– | 2,574,271 | ||||||||||||||
| 4,000 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008C, 3.950%, 11/01/32 (Mandatory put 5/01/20) (Alternative Minimum Tax) | No Opt. Call | BBB– | 4,084,520 | ||||||||||||||
| Nuveen Investments | 67 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Ohio (continued) | ||||||||||||||||||
| $ | 5,000 | Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Series 2014, 5.000%, 12/01/20 | No Opt. Call | AAA | $ | 6,034,150 | ||||||||||||
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012: | ||||||||||||||||||
| 2,370 | 5.000%, 12/01/17 | No Opt. Call | N/R | 2,499,947 | ||||||||||||||
| 1,250 | 5.000%, 12/01/22 | No Opt. Call | N/R | 1,285,938 | ||||||||||||||
| 3,000 | 5.750%, 12/01/32 | 12/22 at 100.00 | N/R | 3,092,640 | ||||||||||||||
| 2,000 | 6.000%, 12/01/42 | 12/22 at 100.00 | N/R | 2,060,500 | ||||||||||||||
| 3,000 | Trumbull County, Ohio, Multifamily Housing Revenue Bonds, Royal Mall Apartments, Series 2007, 5.000%, 5/20/49 (Alternative Minimum Tax) | 11/17 at 102.00 | Aa1 | 3,120,630 | ||||||||||||||
Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood County Hospital Project, Series 2012: | ||||||||||||||||||
| 2,000 | 5.000%, 12/01/27 | No Opt. Call | Baa2 | 2,192,120 | ||||||||||||||
| 2,500 | 5.000%, 12/01/32 | No Opt. Call | Baa2 | 2,664,025 | ||||||||||||||
| 83,525 | Total Ohio | 84,996,323 | ||||||||||||||||
| Oklahoma – 0.1% | ||||||||||||||||||
| 1,185 | Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Norman Public Schools Project, Series 2014, 5.000%, 7/01/19 | No Opt. Call | A+ | 1,375,003 | ||||||||||||||
| Oregon – 0.6% | ||||||||||||||||||
| 1,400 | Oregon Department of Administrative Services, Certificates of Participation, Series 2009A, 5.250%, 5/01/39 | 5/19 at 100.00 | AA | 1,522,150 | ||||||||||||||
| 1,000 | Oregon Housing and Community Services Department, Multifamily Housing Revenue Bonds, Refunding Series 2010A, 5.150%, 7/01/42 (Alternative Minimum Tax) | 1/20 at 100.00 | Aaa | 1,042,710 | ||||||||||||||
| 1,040 | Oregon State Facilities Authority, Revenue Bonds, Concordia University Project, Series 2010A, 6.125%, 9/01/30 | 9/20 at 100.00 | BB+ | 1,112,717 | ||||||||||||||
Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Mirabella South Waterfront, Refunding Series 2014A: | ||||||||||||||||||
| 875 | 5.400%, 10/01/44 | 10/24 at 100.00 | N/R | 919,100 | ||||||||||||||
| 1,600 | 5.500%, 10/01/49 | 10/24 at 100.00 | N/R | 1,677,264 | ||||||||||||||
| 7,155 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2010-20C, 5.000%, 7/01/27 (Alternative Minimum Tax) | 7/20 at 100.00 | AA– | 8,239,412 | ||||||||||||||
| 13,070 | Total Oregon | 14,513,353 | ||||||||||||||||
| Pennsylvania – 4.5% | ||||||||||||||||||
| 1,125 | Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carlow University, Series 2011, 6.750%, 11/01/31 | 11/21 at 100.00 | BBB– | 1,302,975 | ||||||||||||||
| 1,000 | Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37 | 3/17 at 100.00 | BBB– | 1,003,270 | ||||||||||||||
| 1,000 | Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 | 1/19 at 100.00 | BBB+ | 1,114,030 | ||||||||||||||
| 2,000 | Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.125%, 10/01/34 | 10/18 at 100.00 | BBB | 2,215,620 | ||||||||||||||
| 705 | Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 | 8/20 at 100.00 | AA | 795,769 | ||||||||||||||
| 68 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Pennsylvania (continued) | ||||||||||||||||||
| $ | 910 | Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 17.974%, 8/01/38 (IF) (5) | 8/20 at 100.00 | AA | $ | 1,419,291 | ||||||||||||
Montgomery County Industrial Development Authority, Pennsylvania, First Mortgage Revenue Bonds, Whitemarsh Continuing Care, Series 2005: | ||||||||||||||||||
| 6,145 | 6.125%, 2/01/28 | 2/15 at 100.00 | N/R | 6,180,088 | ||||||||||||||
| 500 | 6.250%, 2/01/35 | 2/15 at 100.00 | N/R | 502,630 | ||||||||||||||
| 3,990 | Montgomery County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project, Series 2007A, 5.250%, 7/01/42 | 7/18 at 100.00 | AA– | 4,223,176 | ||||||||||||||
| 3,115 | Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 | 10/19 at 100.00 | BBB+ | 3,651,652 | ||||||||||||||
| 3,240 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc. Project, Refunding Series 2010A, 0.370%, 4/01/19 (Mandatory put 1/02/15) (Alternative Minimum Tax) | No Opt. Call | BBB+ | 3,240,194 | ||||||||||||||
| 1,200 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30 | 7/20 at 100.00 | Baa3 | 1,302,972 | ||||||||||||||
| 1,050 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured | 6/16 at 100.00 | A+ | 1,119,111 | ||||||||||||||
| 15,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured | 6/26 at 100.00 | AA | 17,572,500 | ||||||||||||||
| 480 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Global Leadership Academy Project, Series 2010, 5.750%, 11/15/30 | 11/20 at 100.00 | BBB– | 500,333 | ||||||||||||||
| 4,980 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/23 – AGM Insured | 3/15 at 100.00 | AA | 4,998,028 | ||||||||||||||
| 2,000 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Ninth Series, 2010, 5.000%, 8/01/30 | 8/20 at 100.00 | A– | 2,200,300 | ||||||||||||||
| 150 | Philadelphia Redevelopment Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Pavilion Apartments, Series 2003A, 4.250%, 10/01/16 (Alternative Minimum Tax) | 4/15 at 100.00 | A | 150,309 | ||||||||||||||
| 260 | Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured | 6/20 at 100.00 | AA | 279,669 | ||||||||||||||
| 2,380 | Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 | 8/20 at 100.00 | A+ | 2,828,559 | ||||||||||||||
| 8,875 | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Refunding Series 2012, 5.000%, 11/01/28 | No Opt. Call | A1 | 10,283,019 | ||||||||||||||
| 2,400 | Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/30 – AGM Insured | 8/20 at 100.00 | AA | 2,616,576 | ||||||||||||||
| 2,430 | Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2005A, 5.000%, 9/01/16 – NPFG Insured | 9/15 at 100.00 | AA– | 2,523,677 | ||||||||||||||
| 5,200 | Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2005A, 5.000%, 11/15/28 – AGM Insured | 5/15 at 100.00 | Aa1 | 5,316,376 | ||||||||||||||
| 3,000 | Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts Bonds, Federal Transit Administration Section 5309 Fixed Guideway Modernization Formula Funds, Series 2011, 5.000%, 6/01/28 | 6/21 at 100.00 | A+ | 3,381,720 | ||||||||||||||
| 1,600 | State Public School Building Authority, Pennsylvania, College Revenue Bonds, Delaware County Community College, Series 2008, 5.000%, 10/01/24 – AGM Insured | 4/18 at 100.00 | A1 | 1,795,904 | ||||||||||||||
| Nuveen Investments | 69 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Pennsylvania (continued) | ||||||||||||||||||
| $ | 19,300 | Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33 | No Opt. Call | Baa3 | $ | 19,344,583 | ||||||||||||
Westmoreland County Industrial Development Authority, Pennsylvania, Retirement Community Revenue Bonds, Redstone Presbyterian SeniorCare Obligated Group, Series 2005A: | ||||||||||||||||||
| 1,200 | 5.750%, 1/01/26 (Pre-refunded 1/01/16) | 1/16 at 100.00 | N/R (4) | 1,274,868 | ||||||||||||||
| 1,400 | 5.875%, 1/01/32 (Pre-refunded 1/01/16) | 1/16 at 100.00 | N/R (4) | 1,489,376 | ||||||||||||||
| 96,635 | Total Pennsylvania | 104,626,575 | ||||||||||||||||
| Rhode Island – 0.1% | ||||||||||||||||||
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A: | ||||||||||||||||||
| 1,855 | 6.125%, 6/01/32 | 12/14 at 100.00 | BBB+ | 1,864,331 | ||||||||||||||
| 1,360 | 6.250%, 6/01/42 | 12/14 at 100.00 | BBB– | 1,359,891 | ||||||||||||||
| 3,215 | Total Rhode Island | 3,224,222 | ||||||||||||||||
| South Carolina – 0.2% | ||||||||||||||||||
| 700 | Georgetown County, South Carolina, Environmental Improvement Revenue Bonds, International Paper Company, Senior Lien Series 2005A, 5.550%, 12/01/29 (Alternative Minimum Tax) | 12/15 at 100.00 | BBB | 715,477 | ||||||||||||||
| 480 | Greenville, South Carolina, Hospital Facilities Revenue Bonds, Series 1990, 6.000%, 5/01/20 | No Opt. Call | AA– | 554,669 | ||||||||||||||
| 765 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2006C-2, 5.500%, 7/01/37 – AGM Insured (Alternative Minimum Tax) | 1/15 at 100.00 | Aa1 | 798,645 | ||||||||||||||
| 2,000 | South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Series 2008A, 5.375%, 1/01/28 | 1/19 at 100.00 | AA– | 2,293,960 | ||||||||||||||
| 3,945 | Total South Carolina | 4,362,751 | ||||||||||||||||
| South Dakota – 0.6% | ||||||||||||||||||
| 2,500 | Rapid City, South Dakota, Airport Customer Facility Charge Revenue Bonds, Recovery Zone Facility Bond Series 2010B, 7.000%, 12/01/30 | 12/20 at 102.00 | N/R | 2,865,250 | ||||||||||||||
| 1,000 | Rapid City, South Dakota, Airport Revenue Refunding Bonds, Passenger Facility Charge Supported, Series 2011A, 7.000%, 12/01/35 | 12/19 at 100.00 | Baa3 | 1,146,370 | ||||||||||||||
| 2,000 | South Dakota Economic Development Finance Authority, Economic Development Revenue Bonds, Spearfish Products Project, Pooled Loan Program, Series 2008A, 5.875%, 4/01/28 (Alternative Minimum Tax) | 4/16 at 100.00 | A+ | 2,120,500 | ||||||||||||||
| 6,750 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Vocational Education Program, Series 2008, 5.500%, 8/01/38 – AGC Insured | 8/18 at 100.00 | AA | 7,615,350 | ||||||||||||||
| 12,250 | Total South Dakota | 13,747,470 | ||||||||||||||||
| Tennessee – 1.0% | ||||||||||||||||||
| 3,670 | Blount County Public Building Authority, Tennessee, Local Government Public Improvement Loan Bonds, Washington County, Series 2007B-12-A, 4.375%, 6/01/35 – SYNCORA GTY Insured | 6/19 at 100.00 | AA | 3,877,245 | ||||||||||||||
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2008D: | ||||||||||||||||||
| 510 | 6.000%, 10/01/23 | 10/18 at 100.00 | A+ | 595,716 | ||||||||||||||
| 1,500 | 6.125%, 10/01/28 | 10/18 at 100.00 | A+ | 1,742,250 | ||||||||||||||
| 70 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Tennessee (continued) | ||||||||||||||||||
| $ | 3,000 | Claiborne County, Tennessee, Industrial Development Board, Revenue Refunding Bonds, Lincoln Memorial University Project, Series 2009, 6.625%, 10/01/39 | 10/19 at 100.00 | N/R | $ | 3,285,840 | ||||||||||||
| 1,000 | Clarksville Natural Gas Acquisition Corporation, Tennessee, Natural Gas Revenue Bonds, Series 2006, 5.000%, 12/15/17 – SYNCORA GTY Insured | No Opt. Call | A | 1,103,800 | ||||||||||||||
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A: | ||||||||||||||||||
| 720 | 5.000%, 7/01/16 | No Opt. Call | BBB+ | 761,926 | ||||||||||||||
| 755 | 5.000%, 7/01/17 | 7/16 at 100.00 | BBB+ | 801,025 | ||||||||||||||
| 4,680 | 5.500%, 7/01/36 | 7/16 at 100.00 | BBB+ | 4,903,330 | ||||||||||||||
| 135 | Memphis Health, Educational and Housing Facilities Board, Tennessee, Multifamily Housing Revenue Bonds, Goodwill Village Apartments, Series 2010A, 5.500%, 12/01/30 | 12/20 at 100.00 | A– | 140,470 | ||||||||||||||
| 1,440 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Series 2012, 5.000%, 11/01/26 | 11/21 at 100.00 | BBB+ | 1,604,894 | ||||||||||||||
| 1,000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Series 2009A, 5.000%, 10/01/39 | 10/19 at 100.00 | AA+ | 1,138,790 | ||||||||||||||
| 2,000 | South Blount County Utility District, Tennessee, Waterworks Revenue Bonds, Improvement and Refunding Series 2009, 5.250%, 12/01/39 – AGM Insured | 12/19 at 100.00 | AA | 2,312,140 | ||||||||||||||
| 1,000 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/21 | No Opt. Call | A | 1,156,090 | ||||||||||||||
| 21,410 | Total Tennessee | 23,423,516 | ||||||||||||||||
| Texas – 11.9% | ||||||||||||||||||
| 5,280 | Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured | 8/19 at 100.00 | AA | 5,762,486 | ||||||||||||||
| 3,635 | Brazos County Health Facilities Development Corporation, Texas, Franciscan Services Corporation Obligated Group-St Joseph Regional, Revenue Bonds, Series 2008, 5.000%, 1/01/23 | 7/18 at 100.00 | A– | 3,882,907 | ||||||||||||||
| 2,315 | Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2008, 5.000%, 9/01/27 – AGM Insured | No Opt. Call | AA | 2,582,984 | ||||||||||||||
| 3,500 | Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding Series 2010, 5.000%, 7/01/19 | 7/17 at 100.00 | A+ | 3,832,955 | ||||||||||||||
| 1,745 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 5.750%, 1/01/25 | 1/20 at 100.00 | BBB | 1,956,599 | ||||||||||||||
| 3,400 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46 | 1/21 at 100.00 | BBB | 3,969,772 | ||||||||||||||
| 2,745 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2012, 5.000%, 8/15/32 | 8/22 at 100.00 | BBB | 2,989,580 | ||||||||||||||
| 1,250 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2013, 6.000%, 8/15/33 | 8/23 at 100.00 | BBB | 1,491,238 | ||||||||||||||
| 2,100 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Tejano Center for Community Concerns, Inc.-Raul Yzaguirre School for Success, Refunding Series 2009A, 8.750%, 2/15/28 | 2/18 at 100.00 | B+ | 2,244,606 | ||||||||||||||
| Nuveen Investments | 71 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Texas (continued) | ||||||||||||||||||
Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, School Building & Refunding Series 2014A: | ||||||||||||||||||
| $ | 2,540 | 3.000%, 2/15/16 (WI/DD, Settling 11/20/14) | No Opt. Call | AAA | $ | 2,629,738 | ||||||||||||
| 5,885 | 4.000%, 2/15/17 (WI/DD, Settling 11/20/14) | No Opt. Call | AAA | 6,361,920 | ||||||||||||||
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2011C: | ||||||||||||||||||
| 3,500 | 5.000%, 11/01/24 | 11/20 at 100.00 | A+ | 4,086,845 | ||||||||||||||
| 1,500 | 5.000%, 11/01/25 | 11/20 at 100.00 | A+ | 1,745,985 | ||||||||||||||
| 20 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012B, 5.000%, 11/01/35 | 11/20 at 100.00 | A+ | 22,277 | ||||||||||||||
| 1,460 | Danbury Higher Education Authority Inc., Texas, Golden Rule Charter School Revenue Bonds, Series 2008A, 6.500%, 8/15/38 | 2/18 at 100.00 | BB+ | 1,534,095 | ||||||||||||||
| 2,500 | Gregg County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Good Shepherd Health System, Series 2012C, 5.000%, 7/01/32 | 7/22 at 100.00 | BB– | 2,552,500 | ||||||||||||||
| 1,075 | Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax) | 10/22 at 100.00 | BB+ | 1,125,396 | ||||||||||||||
| 8,575 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A, 5.000%, 6/01/33 | 6/23 at 100.00 | Baa3 | 9,266,917 | ||||||||||||||
| 2,000 | Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2008B, 7.250%, 12/01/35 (Pre-refunded 12/01/18) | 12/18 at 100.00 | A1 (4) | 2,504,640 | ||||||||||||||
| 5,000 | Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured | 2/17 at 100.00 | AA– | 5,199,000 | ||||||||||||||
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G: | ||||||||||||||||||
| 5,000 | 5.250%, 11/15/21 – NPFG Insured | 11/14 at 100.00 | AA– | 5,015,050 | ||||||||||||||
| 6,500 | 5.250%, 11/15/22 – NPFG Insured | 11/14 at 100.00 | AA– | 6,507,020 | ||||||||||||||
| 7,800 | 5.250%, 11/15/30 – NPFG Insured | 11/14 at 100.00 | AA– | 7,804,758 | ||||||||||||||
| 2,500 | 5.375%, 11/15/41 – NPFG Insured | 11/14 at 100.00 | AA– | 2,501,700 | ||||||||||||||
| 3,000 | Harrison County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Good Shepherd Health System, Refunding Series 2010, 5.250%, 7/01/28 | 7/20 at 100.00 | BB– | 3,040,830 | ||||||||||||||
| 1,955 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011A, 5.250%, 9/01/28 | 9/21 at 100.00 | A2 | 2,226,804 | ||||||||||||||
| 335 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/34 | No Opt. Call | A2 | 380,516 | ||||||||||||||
| 1,270 | Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011A, 5.000%, 7/01/25 (Alternative Minimum Tax) | 7/21 at 100.00 | A | 1,456,271 | ||||||||||||||
| 2,635 | Humble Independent School District, Harris County, Texas, General Obligation Bonds, Series 2008A, 5.250%, 2/15/22 – AGC Insured | 2/18 at 100.00 | AA | 2,980,475 | ||||||||||||||
| 5,720 | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/28 (Alternative Minimum Tax) | 11/22 at 100.00 | BBB | 6,144,767 | ||||||||||||||
Lubbock Educational Facilities Authority, Texas, Revenue Bonds, Lubbock Christian University, Refunding & Improvement Series 2007: | ||||||||||||||||||
| 1,000 | 5.125%, 11/01/27 | 11/17 at 100.00 | BBB | 1,047,930 | ||||||||||||||
| 2,500 | 5.250%, 11/01/37 | 11/17 at 100.00 | BBB | 2,613,425 | ||||||||||||||
| 5,585 | McKinney Independent School District, Collin County, Texas, General Obligation Bonds, Refunding School Building Series 2014, 5.000%, 2/15/16 (WI/DD, Settling 11/18/14) | No Opt. Call | AAA | 5,925,964 | ||||||||||||||
| 72 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Texas (continued) | ||||||||||||||||||
| $ | 6,625 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing College Station I LLC – Texas A&M University Project, Series 2014A, 4.100%, 4/01/34 – AGM Insured | 4/24 at 100.00 | AA | $ | 6,785,259 | ||||||||||||
| 3,000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, Series 2014A, 5.000%, 4/01/34 | 4/24 at 100.00 | Baa3 | 3,161,520 | ||||||||||||||
| 1,250 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, Tarleton State University Project, Series 2014A, 5.000%, 4/01/34 | 4/24 at 100.00 | BBB– | 1,342,338 | ||||||||||||||
| 4,500 | North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Variable Rate Demand Series 2008-E3, 5.750%, 1/01/38 (Mandatory put 1/01/16) (Pre-refunded 1/01/16) | 1/16 at 100.00 | A2 (4) | 4,765,995 | ||||||||||||||
| 2,000 | North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/33 (UB) (5) | 1/18 at 100.00 | A3 | 2,227,980 | ||||||||||||||
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A: | ||||||||||||||||||
| 2,000 | 5.500%, 9/01/41 | 9/21 at 100.00 | AA+ | 2,361,860 | ||||||||||||||
| 10,880 | 0.000%, 9/01/45 | 9/31 at 100.00 | AA+ | 10,492,237 | ||||||||||||||
| 3,000 | North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.000%, 1/01/28 | 1/19 at 100.00 | A2 | 3,529,290 | ||||||||||||||
| 2,000 | Port of Houston Authority, Harris County, Texas, General Obligation Bonds, Series 2010D-1, 5.000%, 10/01/30 | 10/20 at 100.00 | AAA | 2,317,760 | ||||||||||||||
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A: | ||||||||||||||||||
| 655 | 5.000%, 2/01/29 | 2/24 at 100.00 | Baa2 | 709,935 | ||||||||||||||
| 1,805 | 5.000%, 2/01/34 | 2/24 at 100.00 | Baa2 | 1,917,470 | ||||||||||||||
| 385 | 5.125%, 2/01/39 | 2/24 at 100.00 | Baa2 | 405,101 | ||||||||||||||
| 525 | SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007, 5.500%, 8/01/27 | No Opt. Call | A | 634,631 | ||||||||||||||
San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Junior Lien Series 2014: | ||||||||||||||||||
| 8,500 | 5.000%, 2/01/16 (WI/DD, Settling 11/05/14) | No Opt. Call | AA+ | 8,999,290 | ||||||||||||||
| 12,010 | 5.000%, 2/01/17 (WI/DD, Settling 11/05/14) | No Opt. Call | AA+ | 13,220,848 | ||||||||||||||
| 10,000 | San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Series 2009A, 5.250%, 2/01/25 | 2/19 at 100.00 | Aa1 | 11,636,900 | ||||||||||||||
| 4,000 | San Antonio, Texas, Electric and Gas System Revenue Bonds, Series 2008, 5.000%, 2/01/25 | 2/18 at 100.00 | Aa1 | 4,487,360 | ||||||||||||||
| 5,745 | San Antonio, Texas, General Obligation Bonds, General Improvement & Refunding Series 2014, 4.000%, 2/01/31 | 2/24 at 100.00 | AAA | 6,193,799 | ||||||||||||||
San Marcos, Texas, General Obligation Bonds, Series 2008: | ||||||||||||||||||
| 1,000 | 5.000%, 8/15/25 – AGM Insured | 8/17 at 100.00 | AA | 1,103,690 | ||||||||||||||
| 1,000 | 5.000%, 8/15/27 – AGM Insured | 8/17 at 100.00 | AA | 1,101,660 | ||||||||||||||
| 1,000 | San Marcos, Texas, Waterworks and Wastewater System Revenue Bonds, Series 2008, 5.000%, 8/15/26 – AGM Insured | 8/17 at 100.00 | AA | 1,101,660 | ||||||||||||||
| 9,030 | Southwest Higher Education Authority Inc., Texas, Revenue Bonds, Southern Methodist University, Series 2009, 5.000%, 10/01/36 | 10/19 at 100.00 | AA– | 10,219,973 | ||||||||||||||
| 1,600 | Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Northwest Senior Housing-Edgemere Project, Series 2006A, 6.000%, 11/15/26 | 11/16 at 100.00 | BBB | 1,667,600 | ||||||||||||||
| Nuveen Investments | 73 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Texas (continued) | ||||||||||||||||||
| $ | 940 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010, 5.500%, 8/15/45 | 8/20 at 100.00 | Aa3 | $ | 1,063,713 | ||||||||||||
| 660 | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 5.625%, 12/15/17 | No Opt. Call | A– | 719,954 | ||||||||||||||
| 3,670 | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/27 | No Opt. Call | A3 | 4,080,820 | ||||||||||||||
| 845 | Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39 | 12/19 at 100.00 | Baa2 | 1,002,685 | ||||||||||||||
| 7,800 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40 | 6/20 at 100.00 | Baa3 | 9,430,200 | ||||||||||||||
| 7,300 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013, 6.750%, 6/30/43 (Alternative Minimum Tax) | 9/23 at 100.00 | BBB– | 8,865,923 | ||||||||||||||
| 1,000 | Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured | 8/17 at 100.00 | BBB (4) | 1,121,810 | ||||||||||||||
| 6,765 | Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A, 5.000%, 4/01/20 | No Opt. Call | AAA | 8,079,845 | ||||||||||||||
| 1,750 | Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust 3479, 17.936%, 2/01/17 (IF) | No Opt. Call | AAA | 2,709,350 | ||||||||||||||
| 20,000 | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/17 – AMBAC Insured | No Opt. Call | A– | 19,373,400 | ||||||||||||||
Travis County Health Facilities Development Corporation, Texas, Retirement Facility Revenue Bonds, Querencia Barton Creek, Series 2005: | ||||||||||||||||||
| 1,300 | 5.500%, 11/15/25 | 11/15 at 100.00 | N/R | 1,321,489 | ||||||||||||||
| 4,100 | 5.650%, 11/15/35 | 11/15 at 100.00 | N/R | 4,150,512 | ||||||||||||||
| 750 | Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30 | 11/20 at 100.00 | BB+ | 874,185 | ||||||||||||||
| 2,000 | Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances Hospital Regional Healthcare Center, Series 2007, 5.000%, 7/01/33 | 7/17 at 100.00 | Baa1 | 2,059,700 | ||||||||||||||
| 500 | Uptown Development Authority, Houston, Texas, Tax Increment Revenue Bonds, Infrastructure Improvement Facilities, Series 2009, 5.250%, 9/01/24 | 9/19 at 100.00 | BBB | 550,480 | ||||||||||||||
| 257,715 | Total Texas | 279,176,172 | ||||||||||||||||
| Utah – 0.6% | ||||||||||||||||||
Utah State Charter School Finance Authority Charter School Revenue Bonds, Vista at Entrada School of Performing Arts and Technology) Series 2012: | ||||||||||||||||||
| 855 | 5.600%, 7/15/22 | No Opt. Call | BB+ | 919,638 | ||||||||||||||
| 850 | 6.300%, 7/15/32 | 7/22 at 100.00 | BB+ | 924,741 | ||||||||||||||
| 1,000 | Utah State Charter School Finance Authority, Charter School Revenue Bonds, Navigator Pointe Academy Project, Series 2010A, 5.625%, 7/15/40 | 7/20 at 100.00 | BBB | 1,064,780 | ||||||||||||||
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Noah Webster Academy, Series 2008A: | ||||||||||||||||||
| 445 | 6.250%, 6/15/28 | 6/17 at 100.00 | N/R | 451,929 | ||||||||||||||
| 950 | 6.500%, 6/15/38 | 6/17 at 100.00 | N/R | 965,191 | ||||||||||||||
| 74 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Utah (continued) | ||||||||||||||||||
| $ | 1,250 | Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis Preparatory Academy, Series 2010, 6.250%, 7/15/30 | 7/20 at 100.00 | BBB– | $ | 1,367,438 | ||||||||||||
| 1,135 | Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.375%, 7/15/40 | 7/20 at 100.00 | BB– | 1,139,585 | ||||||||||||||
Utah State Charter School Finance Authority, Revenue Bonds, George Washington Academy Project, Series 2011A: | ||||||||||||||||||
| 2,135 | 7.750%, 7/15/31 | 7/21 at 100.00 | BB+ | 2,491,588 | ||||||||||||||
| 3,520 | 8.000%, 7/15/41 | 7/21 at 100.00 | BB+ | 4,132,480 | ||||||||||||||
| 12,140 | Total Utah | 13,457,370 | ||||||||||||||||
| Vermont – 0.2% | ||||||||||||||||||
| 1,000 | Vermont Economic Development Authority, Mortgage Revenue Bonds, Wake Robin Corporation Project, Refunding Series 2006A, 5.250%, 5/01/26 | 5/16 at 100.00 | N/R | 1,019,630 | ||||||||||||||
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School Project, Series 2011A: | ||||||||||||||||||
| 1,815 | 6.125%, 1/01/28 | 1/21 at 100.00 | Ba1 | 1,940,072 | ||||||||||||||
| 1,000 | 6.250%, 1/01/33 | 1/21 at 100.00 | Ba1 | 1,064,540 | ||||||||||||||
| 3,815 | Total Vermont | 4,024,242 | ||||||||||||||||
| Virgin Islands – 0.1% | ||||||||||||||||||
| 500 | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2009A, 6.000%, 10/01/39 | 10/19 at 100.00 | Baa3 | 558,750 | ||||||||||||||
| 2,480 | Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37 | 10/19 at 100.00 | Baa3 | 2,858,746 | ||||||||||||||
| 2,980 | Total Virgin Islands | 3,417,496 | ||||||||||||||||
| Virginia – 1.0% | ||||||||||||||||||
| 720 | Arlington County Industrial Development Authority, Virginia, Multifamily Housing Mortgage Revenue Bonds, Berkeley Apartments, Series 2000, 5.850%, 12/01/20 (Alternative Minimum Tax) | 11/14 at 100.00 | AA | 721,951 | ||||||||||||||
| 2,000 | Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Bonds, Series 2011C, 5.000%, 10/01/26 (Alternative Minimum Tax) | 10/21 at 100.00 | AA– | 2,290,440 | ||||||||||||||
| 3,745 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/31 – AGC Insured | No Opt. Call | AA | 1,808,386 | ||||||||||||||
| 4,000 | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 | 6/17 at 100.00 | B– | 2,747,480 | ||||||||||||||
| 5,500 | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax) | 1/22 at 100.00 | BBB– | 5,752,230 | ||||||||||||||
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012: | ||||||||||||||||||
| 3,515 | 5.250%, 1/01/32 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB– | 3,845,164 | ||||||||||||||
| 6,490 | 5.500%, 1/01/42 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB– | 7,068,389 | ||||||||||||||
| 25,970 | Total Virginia | 24,234,040 | ||||||||||||||||
| Washington – 2.3% | ||||||||||||||||||
| 6,220 | Clark County Public Utility District 1, Washington, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 1/01/31 | 1/21 at 100.00 | A+ | 6,941,085 | ||||||||||||||
| Nuveen Investments | 75 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Washington (continued) | ||||||||||||||||||
| $ | 960 | FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Tender Option Bond Trust 2009-14A&B, 19.603%, 6/01/34 (IF) (5) | 6/19 at 100.00 | AA | $ | 1,511,962 | ||||||||||||
| 2,450 | King County Public Hospital District 4, Washington, General Obligation Bonds, Snoqualmie Valley Hospital, Refunding Improvement Series 2011, 7.000%, 12/01/40 | 12/21 at 100.00 | N/R | 2,663,052 | ||||||||||||||
King County, Washington, General Obligation Sewer Bonds, Series 2005: | ||||||||||||||||||
| 5,115 | 5.000%, 1/01/35 (Pre-refunded 1/01/15) – FGIC Insured | 1/15 at 100.00 | Aa1 (4) | 5,156,687 | ||||||||||||||
| 1,885 | 5.000%, 1/01/35 (Pre-refunded 1/01/15) – FGIC Insured | 1/15 at 100.00 | AAA | 1,900,363 | ||||||||||||||
| 2,335 | King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.521%, 7/01/32 – AGM Insured (IF) (5) | 7/17 at 100.00 | AA+ | 2,948,498 | ||||||||||||||
| 1,340 | Ocean Shores, Washington, Local Improvement District 2007-01 Bonds, 2011, 7.250%, 2/01/31 | No Opt. Call | BBB+ | 1,761,122 | ||||||||||||||
| 2,000 | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 | 1/21 at 100.00 | A | 2,195,400 | ||||||||||||||
| 3,535 | Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.250%, 12/01/30 | 12/20 at 100.00 | Baa3 | 4,146,802 | ||||||||||||||
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012: | ||||||||||||||||||
| 2,775 | 5.000%, 12/01/27 | 12/21 at 100.00 | Baa3 | 3,323,257 | ||||||||||||||
| 2,435 | 5.000%, 12/01/42 | 12/21 at 100.00 | Baa3 | 2,852,870 | ||||||||||||||
| 1,500 | Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A, 5.000%, 11/15/28 | 5/24 at 100.00 | A+ | 1,759,470 | ||||||||||||||
| 600 | Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1989B, 7.125%, 7/01/16 | No Opt. Call | Aa1 | 667,224 | ||||||||||||||
Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009: | ||||||||||||||||||
| 2,000 | 6.250%, 7/01/24 | 7/19 at 100.00 | Baa2 | 2,249,920 | ||||||||||||||
| 2,000 | 7.000%, 7/01/39 | 7/19 at 100.00 | Baa2 | 2,278,520 | ||||||||||||||
| 3,000 | Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, Series 2009, 5.375%, 10/01/29 | 10/19 at 100.00 | Baa1 | 3,281,730 | ||||||||||||||
| 1,100 | Washington State Housing Finance Commission, Non-Profit Revenue Bonds, Emerald Heights Project, Refunding 2013, 5.000%, 7/01/28 | 7/23 at 100.00 | A– | 1,200,881 | ||||||||||||||
| 2,340 | Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community Refunding, Series 2012, 5.000%, 1/01/48 | No Opt. Call | BBB– | 2,392,580 | ||||||||||||||
| 3,335 | Washington State, General Obligation Bonds, Tender Option Bond Trust 1121, 13.517%, 7/01/29 (Pre-refunded 7/01/16) – AGM Insured (IF) | 7/16 at 100.00 | AA+ (4) | 4,116,591 | ||||||||||||||
| 46,925 | Total Washington | 53,348,014 | ||||||||||||||||
| West Virginia – 0.1% | ||||||||||||||||||
| 500 | Ohio County Commission, West Virginia, Tax Increment Revenue Bonds, Fort Henry Centre Financing District, Series 2007A, 5.850%, 6/01/34 | 6/17 at 100.00 | N/R | 518,130 | ||||||||||||||
| 1,020 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32 | 9/19 at 100.00 | A3 | 1,121,276 | ||||||||||||||
| 1,000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008, 6.500%, 10/01/28 | 10/18 at 100.00 | N/R | 1,055,610 | ||||||||||||||
| 2,520 | Total West Virginia | 2,695,016 | ||||||||||||||||
| 76 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Wisconsin – 4.4% | ||||||||||||||||||
| $ | 5,000 | Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A, 6.500%, 2/01/31 | 2/19 at 102.00 | AA– | $ | 5,905,450 | ||||||||||||
Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cottonwood Classical Preparatory School in Albuquerque, New Mexico, Series 2012A: | ||||||||||||||||||
| 1,610 | 6.000%, 12/01/32 | No Opt. Call | N/R | 1,627,340 | ||||||||||||||
| 5,000 | 6.250%, 12/01/42 | No Opt. Call | N/R | 5,069,250 | ||||||||||||||
| 1,575 | Public Finance Authority of Wisconsin, Revenue Bonds, Carolina International School, Series 2013A, 7.000%, 8/01/43 | 8/23 at 100.00 | BB+ | 1,731,429 | ||||||||||||||
Public Finance Authority, Wisconsin, Charter School Revenue Bonds, Voyager Foundation Inc. of North Carolina, Series 2012A: | ||||||||||||||||||
| 355 | 5.500%, 10/01/22 | No Opt. Call | BB+ | 386,293 | ||||||||||||||
| 375 | 6.000%, 10/01/32 | 10/22 at 100.00 | BB+ | 396,240 | ||||||||||||||
| 2,000 | Superior, Wisconsin, Limited Obligation Revenue Refunding Bonds, Midwest Energy Resources Company, Series 1991E, 6.900%, 8/01/21 – FGIC Insured | No Opt. Call | AA– | 2,595,940 | ||||||||||||||
| 1,455 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.250%, 4/15/24 | 4/20 at 100.00 | A | 1,644,383 | ||||||||||||||
| 1,225 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2010A, 6.125%, 6/01/39 | 6/20 at 100.00 | Baa2 | 1,375,540 | ||||||||||||||
| 3,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/29 | 11/14 at 100.00 | BBB | 3,010,770 | ||||||||||||||
| 13,950 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39 | 10/21 at 100.00 | A+ | 15,354,905 | ||||||||||||||
| 1,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/40 | 2/22 at 100.00 | A– | 1,073,080 | ||||||||||||||
| 18,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/32 | 6/22 at 100.00 | A2 | 20,230,200 | ||||||||||||||
| 7,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32 | 8/22 at 100.00 | AA | 7,811,160 | ||||||||||||||
| 595 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/39 | 2/19 at 100.00 | A+ | 695,918 | ||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A: | ||||||||||||||||||
| 2,980 | 5.000%, 7/01/34 | 7/24 at 100.00 | BBB+ | 3,289,741 | ||||||||||||||
| 2,100 | 4.350%, 7/01/36 | 7/21 at 100.00 | BBB+ | 2,124,864 | ||||||||||||||
| 5,185 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/43 | 8/23 at 100.00 | A– | 5,475,204 | ||||||||||||||
| 2,535 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30 | 8/16 at 100.00 | A– | 2,603,470 | ||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014: | ||||||||||||||||||
| 5,000 | 5.000%, 12/01/34 (WI/DD, Settling 11/13/14) | 12/22 at 102.00 | N/R | 4,999,800 | ||||||||||||||
| 4,435 | 5.000%, 12/01/44 (WI/DD, Settling 11/13/14) | 12/22 at 102.00 | N/R | 4,268,022 | ||||||||||||||
| 4,225 | 5.250%, 12/01/49 (WI/DD, Settling 11/13/14) | 12/22 at 102.00 | N/R | 4,161,625 | ||||||||||||||
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014: | ||||||||||||||||||
| 1,880 | 5.250%, 10/01/39 | 10/22 at 102.00 | N/R | 1,893,649 | ||||||||||||||
| 1,000 | 5.375%, 10/01/44 | 10/22 at 102.00 | N/R | 1,011,250 | ||||||||||||||
| 3,500 | 5.500%, 10/01/49 | 10/22 at 102.00 | N/R | 3,545,360 | ||||||||||||||
| Nuveen Investments | 77 |
Nuveen All-American Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
| Wisconsin (continued) | ||||||||||||||||||||
| $ | 1,765 | Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A, 5.000%, 7/01/30 (Pre-refunded 7/01/15) – AMBAC Insured | 7/15 at 100.00 | A1 (4) | $ | 1,821,233 | ||||||||||||||
| 96,745 | Total Wisconsin | 104,102,116 | ||||||||||||||||||
| Wyoming – 0.6% | ||||||||||||||||||||
| 2,000 | Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 | 7/19 at 100.00 | A1 | 2,246,600 | ||||||||||||||||
| 4,500 | Natrona County, Wyoming, Hospital Revenue Bonds, Wyoming Medical Center Project, Series 2011, 6.350%, 9/15/31 | 3/21 at 100.00 | A3 | 5,113,800 | ||||||||||||||||
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B: | ||||||||||||||||||||
| 800 | 5.500%, 12/01/27 | 12/21 at 100.00 | BBB+ | 888,984 | ||||||||||||||||
| 2,500 | 6.000%, 12/01/36 | 12/21 at 100.00 | BBB+ | 2,835,350 | ||||||||||||||||
| 3,650 | West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40 | 6/21 at 100.00 | BBB | 4,291,962 | ||||||||||||||||
| 13,450 | Total Wyoming | 15,376,696 | ||||||||||||||||||
| $ | 2,157,128 | Total Municipal Bonds (cost $2,060,672,962) | 2,274,425,686 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
CORPORATE BONDS – 0.0% | ||||||||||||||||||||
| Transportation – 0.0% | ||||||||||||||||||||
| $ | 137 | Las Vegas Monorail Company, Senior Interest Bonds (9), (10) | 5.500% | 7/15/19 | N/R | $ | 24,611 | |||||||||||||
| 37 | Las Vegas Monorail Company, Senior Interest Bonds (9), (10) | 3.000% | 7/15/55 | N/R | 4,930 | |||||||||||||||
| $ | 174 | Total Corporate Bonds (cost $13,851) | 29,541 | |||||||||||||||||
Total Long-Term Investments (cost $2,060,686,813) | 2,274,455,227 | |||||||||||||||||||
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
SHORT-TERM INVESTMENTS – 0.4% | ||||||||||||||||||||
MUNICIPAL BONDS – 0.4% | ||||||||||||||||||||
| California – 0.4% | ||||||||||||||||||||
| $ | 6,495 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (10) | No Opt. Call | N/R | $ | 6,602,817 | ||||||||||||||
| 630 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (10) | No Opt. Call | N/R | 640,458 | ||||||||||||||||
| 960 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (10) | No Opt. Call | N/R | 975,936 | ||||||||||||||||
| $ | 8,085 | Total Short-Term Investments (cost $8,085,000) | 8,219,211 | |||||||||||||||||
Total Investments (cost $2,068,771,813) – 97.5% | 2,282,674,438 | |||||||||||||||||||
Floating Rate Obligations – (0.3)% | (6,525,000 | ) | ||||||||||||||||||
Other Assets Less Liabilities – 2.8% | 64,350,193 | |||||||||||||||||||
Net Assets – 100% | $ | 2,340,499,631 | ||||||||||||||||||
| 78 | Nuveen Investments |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (5) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (6) | At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. |
| (7) | On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.750% to 2.300%. |
| (8) | On April 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.875% to 2.350%. |
| (9) | During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond. |
| (10) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| WI/DD | Investment, or portion of investment purchased on a when-issued or delayed delivery basis. |
| (ETM) | Escrowed to maturity. |
| (IF) | Inverse floating rate investment. |
| (UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
See accompanying notes to financial statements.
| Nuveen Investments | 79 |
Nuveen Inflation Protected Municipal Bond Fund
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
LONG-TERM INVESTMENTS – 103.4% | ||||||||||||||||||
MUNICIPAL BONDS – 103.4% | ||||||||||||||||||
| Arizona – 2.5% | ||||||||||||||||||
| $ | 390 | Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A, 5.000%, 2/01/19 | No Opt. Call | BBB+ | $ | 446,152 | ||||||||||||
| 50 | Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/15 – AGM Insured | No Opt. Call | AA | 51,624 | ||||||||||||||
| 1,110 | Pima County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, San Juan Porject, Series 2009A, 4.950%, 10/01/20 | No Opt. Call | BBB+ | 1,254,122 | ||||||||||||||
| 1,550 | Total Arizona | 1,751,898 | ||||||||||||||||
| California – 8.7% | ||||||||||||||||||
| 305 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.300%, 10/01/23 – AMBAC Insured | No Opt. Call | BBB+ | 330,327 | ||||||||||||||
| 1,000 | Alameda Corridor Transportation Authority, California, Senior Lien Revenue Refunding Bonds, Series 2013A, 5.000%, 10/01/27 – AGM Insured | 10/23 at 100.00 | AA | 1,185,300 | ||||||||||||||
| 45 | California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008H, 5.125%, 7/01/22 (Pre-refunded 7/01/15) | 7/15 at 100.00 | A (4) | 46,486 | ||||||||||||||
| 850 | California Municipal Finance Authority, Revenue Bonds, University of San Diego, Refunding Series 2012A, 5.000%, 10/01/31 | No Opt. Call | A1 | 955,281 | ||||||||||||||
| 470 | El Camino Community College District, California, General Obligation Bonds, Election of 2002 Series 2012C, 0.000%, 8/01/21 | No Opt. Call | Aa1 | 413,431 | ||||||||||||||
| 545 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013A, 5.000%, 6/01/21 | No Opt. Call | A1 | 656,104 | ||||||||||||||
| 960 | Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 5.000%, 6/01/21 | 6/17 at 100.00 | B– | 945,274 | ||||||||||||||
| 130 | Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Refunding Bonds, LAXFUEL Corporation at Los Angeles International Airport, Series 2012, 5.000%, 1/01/21 (Alternative Minimum Tax) | No Opt. Call | A | 152,723 | ||||||||||||||
| 15 | Port of Oakland, California, Revenue Refunding Bonds, Series 2011-O, 5.000%, 5/01/21 (Alternative Minimum Tax) | No Opt. Call | A+ | 17,759 | ||||||||||||||
| 800 | San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/25 | 8/22 at 100.00 | N/R | 907,608 | ||||||||||||||
| 475 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 1/15/17 (WI/DD, Settling 11/06/14) | No Opt. Call | BBB– | 518,415 | ||||||||||||||
| 5,595 | Total California | 6,128,708 | ||||||||||||||||
| Colorado – 8.7% | ||||||||||||||||||
| 555 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012A, 5.000%, 11/15/22 (Alternative Minimum Tax) | No Opt. Call | A+ | 655,594 | ||||||||||||||
| 1,000 | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, Stapleton Senior Refunding Series 2013A-1, 5.000%, 12/01/23 | 12/22 at 100.00 | A– | 1,169,360 | ||||||||||||||
| 1,000 | Denver West Metropolitan District, Jefferson County, Colorado, General Obligation Refunding Bonds, Series 2012A, 4.000%, 12/01/20 – AGM Insured | No Opt. Call | AA | 1,117,130 | ||||||||||||||
| 80 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Colorado (continued) | ||||||||||||||||||
| $ | 525 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured | No Opt. Call | AA– | $ | 443,620 | ||||||||||||
| 1,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/20 – NPFG Insured | No Opt. Call | AA– | 875,780 | ||||||||||||||
| 1,250 | Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013, 5.000%, 12/01/19 | No Opt. Call | N/R | 1,339,875 | ||||||||||||||
| 500 | Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 5.250%, 7/15/24 | 7/20 at 100.00 | Baa3 | 565,570 | ||||||||||||||
| 5,830 | Total Colorado | 6,166,929 | ||||||||||||||||
| Connecticut – 0.3% | ||||||||||||||||||
| 180 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series 1999B, 1.550%, 11/15/29 (Mandatory put 2/01/17) | No Opt. Call | AA+ | 183,699 | ||||||||||||||
| District of Columbia – 0.5% | ||||||||||||||||||
| 10 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 | No Opt. Call | Baa1 | 11,563 | ||||||||||||||
| 260 | District of Columbia, Revenue Bonds, Association of Amercian Medical Colleges, Series 2011A, 5.000%, 10/01/24 | 10/23 at 100.00 | A+ | 307,554 | ||||||||||||||
| 270 | Total District of Columbia | 319,117 | ||||||||||||||||
| Florida – 6.7% | ||||||||||||||||||
| 215 | Florida Hurricane Catastrophe Fund, Financial Corporation Revenue Bonds, Series 2010A, 5.000%, 7/01/15 (ETM) | No Opt. Call | AAA | 221,981 | ||||||||||||||
| 1,000 | Greater Orlando Aviation Authority, Florida, Special Purpose Airport Facilities Revenue Bonds, JetBlue Airways Corporation, Series 2013, 5.000%, 11/15/26 (Alternative Minimum Tax) | 5/23 at 100.00 | N/R | 1,014,210 | ||||||||||||||
| 500 | Jacksonville, Florida, Special Revenue Bonds, Series 20120C, 5.000%, 10/01/22 | No Opt. Call | AA– | 602,915 | ||||||||||||||
| 1,000 | Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 3.950%, 12/15/21 (Alternative Minimum Tax) | 6/20 at 100.00 | Ba1 | 1,048,580 | ||||||||||||||
| 450 | Miami, Florida, Limited Ad Valorem Tax Bonds, Homeland Defense / Neighborhood Capital Improvement Project, Series 2009, 5.000%, 1/01/19 | No Opt. Call | A3 | 499,608 | ||||||||||||||
| 620 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/22 | No Opt. Call | AA | 741,136 | ||||||||||||||
| 500 | Saint Lucie County School Board, Florida, Refunding Certificates of Participation, Florida Master Lease Program, Series 2013A, 5.000%, 7/01/24 | 7/23 at 100.00 | Aa3 | 583,905 | ||||||||||||||
| 40 | Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A, 5.000%, 9/01/21 | No Opt. Call | A+ | 47,147 | ||||||||||||||
| 4,325 | Total Florida | 4,759,482 | ||||||||||||||||
| Georgia – 2.8% | ||||||||||||||||||
| 1,000 | Atlanta, Georgia, Tax Allocation Bonds, Princeton Lakes Project, Series 2006, 5.500%, 1/01/31 | 1/16 at 100.00 | BBB– | 1,012,310 | ||||||||||||||
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014: | ||||||||||||||||||
| 188 | 5.500%, 7/15/23 | 7/21 at 100.00 | N/R | 190,980 | ||||||||||||||
| 374 | 5.500%, 7/15/30 | 7/21 at 100.00 | N/R | 379,477 | ||||||||||||||
| 410 | 5.500%, 1/15/36 | 7/21 at 100.00 | N/R | 416,473 | ||||||||||||||
| 1,972 | Total Georgia | 1,999,240 | ||||||||||||||||
| Nuveen Investments | 81 |
Nuveen Inflation Protected Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Illinois – 12.8% | ||||||||||||||||||
| $ | 260 | Chicago Public Building Commission, Illinois, General Obligation Lease Certificates, Chicago Board of Education, Series 1999B, 5.250%, 12/01/18 – FGIC Insured | No Opt. Call | AA– | $ | 292,786 | ||||||||||||
| 280 | Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2001A, 5.500%, 1/01/30 – NPFG Insured | No Opt. Call | AA– | 331,584 | ||||||||||||||
| 590 | IIllinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 12/01/19 | No Opt. Call | AA– | 697,138 | ||||||||||||||
| 335 | Illinois Finance Authority, Revenue Bonds, Alexian Brothers Health System, Refunding Series 2005B, 5.250%, 1/01/22 – AGM Insured | 4/18 at 100.00 | A2 | 367,736 | ||||||||||||||
| 325 | Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2012A, 5.000%, 3/01/22 | No Opt. Call | AA– | 386,529 | ||||||||||||||
| 500 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/21 | No Opt. Call | BBB | 563,540 | ||||||||||||||
| 645 | Illinois Finance Authority, Revenue Bonds, Lake Forest College, Series 2012A, 5.000%, 10/01/22 | No Opt. Call | BBB– | 703,747 | ||||||||||||||
| 1,000 | Illinois Finance Authority, State of Illinois Clean Water Initiative Revolving Fund Revenue Bonds, Series 2013, 5.000%, 1/01/21 (5) | No Opt. Call | AAA | 1,192,080 | ||||||||||||||
Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014: | ||||||||||||||||||
| 1,000 | 5.000%, 6/15/26 – AGM Insured | 6/24 at 100.00 | AA | 1,123,630 | ||||||||||||||
| 1,000 | 5.250%, 6/15/32 – AGM Insured | 6/24 at 100.00 | AA | 1,128,370 | ||||||||||||||
| 690 | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/21 | No Opt. Call | A– | 777,402 | ||||||||||||||
| 110 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.010%, 6/15/17 – FGIC Insured | No Opt. Call | AA– | 105,940 | ||||||||||||||
| 535 | Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 5.000%, 6/01/19 | No Opt. Call | A | 614,217 | ||||||||||||||
| 1,000 | Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/22 – AGM Insured | No Opt. Call | AA | 792,780 | ||||||||||||||
| 8,270 | Total Illinois | 9,077,479 | ||||||||||||||||
| Indiana – 2.4% | ||||||||||||||||||
| 500 | Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/24 | 5/23 at 100.00 | A | 587,105 | ||||||||||||||
| 490 | Indiana Finance Authority, Hospital Revenue Bonds, Parkview Health System Obligated Group, Series 2012A, 5.000%, 5/01/22 | No Opt. Call | A+ | 572,227 | ||||||||||||||
| 460 | Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax) | 1/17 at 100.00 | BBB | 496,648 | ||||||||||||||
| 30 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011A, 5.250%, 10/01/23 | 10/21 at 100.00 | AA | 36,038 | ||||||||||||||
| 1,480 | Total Indiana | 1,692,018 | ||||||||||||||||
| Iowa – 3.3% | ||||||||||||||||||
| 1,125 | Dubuque, Iowa, General Obligation Bonds, Sales Tax Increment, Second Lien Series 2014, 5.000%, 6/01/25 | 6/24 at 100.00 | Aa2 | 1,366,110 | ||||||||||||||
| 1,000 | Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg College, Series 2005A, 5.000%, 10/01/23 | 1/15 at 100.00 | BB | 1,000,080 | ||||||||||||||
| 2,125 | Total Iowa | 2,366,190 | ||||||||||||||||
| 82 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Kansas – 3.5% | ||||||||||||||||||
| $ | 600 | Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A, 5.000%, 12/01/19 | No Opt. Call | Baa1 | $ | 673,452 | ||||||||||||
| 1,025 | Wyandotte County/Kansas City Unified Government Board of Public Utilities, Kansas, Utility System Revenue Bonds, Improvement Series 2012B, 5.000%, 9/01/23 | No Opt. Call | A+ | 1,210,628 | ||||||||||||||
| 795 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 | No Opt. Call | A– | 559,251 | ||||||||||||||
| 2,420 | Total Kansas | 2,443,331 | ||||||||||||||||
| Kentucky – 2.0% | ||||||||||||||||||
| 60 | Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 5.500%, 6/01/21 | 6/20 at 100.00 | BBB+ | 69,458 | ||||||||||||||
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1: | ||||||||||||||||||
| 380 | 5.750%, 12/01/28 – AGC Insured | 6/18 at 100.00 | AA | 410,609 | ||||||||||||||
| 525 | 6.000%, 12/01/33 – AGC Insured | 6/18 at 100.00 | AA | 570,024 | ||||||||||||||
| 175 | Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Revenue Bonds, Series 2012A, 5.000%, 2/01/27 | 2/22 at 100.00 | AAA | 206,124 | ||||||||||||||
| 130 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 85, Series 2005, 5.000%, 8/01/15 – AGM Insured | No Opt. Call | AA | 134,687 | ||||||||||||||
| 1,270 | Total Kentucky | 1,390,902 | ||||||||||||||||
| Louisiana – 4.5% | ||||||||||||||||||
| 200 | Louisiana Offshore Terminal Authority, Deepwater Port Revenue Refunding Bonds, LOOP Inc. Project, Series 2007B-1A, 1.375%, 10/01/37 (Mandatory put 10/01/16) | No Opt. Call | A3 | 202,296 | ||||||||||||||
| 1,000 | Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/23 | No Opt. Call | A | 1,213,230 | ||||||||||||||
| 500 | New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2012, 5.000%, 12/01/27 – AGM Insured | 12/22 at 100.00 | AA | 564,750 | ||||||||||||||
| 1,015 | Regional Transit Authority, Louisiana, Sales Tax Revenue Bonds, Series 2010, 5.000%, 12/01/19 – AGM Insured (5) | No Opt. Call | AA | 1,184,069 | ||||||||||||||
| 2,715 | Total Louisiana | 3,164,345 | ||||||||||||||||
| Maine – 0.4% | ||||||||||||||||||
| 185 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/25 | 7/23 at 100.00 | Baa1 | 211,455 | ||||||||||||||
| 85 | Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/23 | No Opt. Call | BBB+ | 98,063 | ||||||||||||||
| 270 | Total Maine | 309,518 | ||||||||||||||||
| Massachusetts – 0.9% | ||||||||||||||||||
| 80 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series 2011H, 5.000%, 7/01/21 | No Opt. Call | BBB+ | 87,005 | ||||||||||||||
| 530 | Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/21 – AMBAC Insured | 1/15 at 100.00 | N/R | 530,694 | ||||||||||||||
| 610 | Total Massachusetts | 617,699 | ||||||||||||||||
| Nuveen Investments | 83 |
Nuveen Inflation Protected Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Michigan – 7.3% | ||||||||||||||||||
| $ | 85 | Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A, 6.000%, 5/01/21 – FGIC Insured | No Opt. Call | Aa2 | $ | 102,345 | ||||||||||||
| 1,000 | Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2005, 5.250%, 5/01/26 – AGM Insured | No Opt. Call | AA | 1,177,510 | ||||||||||||||
| 75 | Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds, Development Area 1 Projects, Series 1996C-1, 0.000%, 7/01/21 | No Opt. Call | BB | 49,343 | ||||||||||||||
| 505 | Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured | 7/15 at 100.00 | AA– | 505,081 | ||||||||||||||
| 420 | Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 1997A, 6.000%, 7/01/15 – NPFG Insured | No Opt. Call | AA– | 435,368 | ||||||||||||||
Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation Bonds, Building Authority Stadium Refunding Series 2012: | ||||||||||||||||||
| 200 | 5.000%, 10/01/17 | No Opt. Call | BBB– | 216,644 | ||||||||||||||
| 500 | 5.000%, 10/01/19 – AGM Insured | No Opt. Call | AA | 559,565 | ||||||||||||||
| 190 | 5.000%, 10/01/20 – AGM Insured | No Opt. Call | AA | 213,771 | ||||||||||||||
| 1,000 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, 5.000%, 7/01/23 – AGM Insured | No Opt. Call | AA | 1,157,390 | ||||||||||||||
| 75 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding Bonds, Detroit Service Learning Academy Project, Series 2011, 6.000%, 10/01/21 | No Opt. Call | BB– | 77,693 | ||||||||||||||
| 500 | Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/27 | No Opt. Call | AAA | 582,540 | ||||||||||||||
| 95 | Michigan State, General Obligation Refunding Bonds, Series 2002, 5.500%, 12/01/15 | No Opt. Call | Aa2 | 100,502 | ||||||||||||||
| 10 | Wayne Charter County, Michigan, General Obligation Bonds, Capital Improvements Series 2008A, 4.500%, 2/01/27 – AGM Insured | 2/18 at 100.00 | AA | 10,323 | ||||||||||||||
| 4,655 | Total Michigan | 5,188,075 | ||||||||||||||||
| Minnesota – 0.5% | ||||||||||||||||||
| 335 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured | No Opt. Call | AA | 337,750 | ||||||||||||||
| Nevada – 0.6% | ||||||||||||||||||
| 365 | Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/23 – AGM Insured | 7/19 at 100.00 | AA | 420,020 | ||||||||||||||
| New Jersey – 3.5% | ||||||||||||||||||
| 375 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 4.875%, 9/15/19 (Alternative Minimum Tax) | No Opt. Call | B | 394,688 | ||||||||||||||
| 1,000 | New Jersey Educational Facilities Authority, Revenue Bonds, Drew University, Series 2003C, 5.250%, 7/01/20 – FGIC Insured | No Opt. Call | A3 | 1,153,870 | ||||||||||||||
| 420 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B, 5.250%, 12/15/15 – AMBAC Insured | No Opt. Call | A2 | 442,751 | ||||||||||||||
| 180 | New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 | No Opt. Call | A3 | 192,744 | ||||||||||||||
| 50 | New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 (ETM) | No Opt. Call | A3 (4) | 53,641 | ||||||||||||||
| 210 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.500%, 6/01/23 | 6/17 at 100.00 | BB | 208,356 | ||||||||||||||
| 2,235 | Total New Jersey | 2,446,050 | ||||||||||||||||
| 84 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| New York – 4.6% | ||||||||||||||||||
| $ | 415 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 5.000%, 5/01/18 – NPFG Insured | 11/16 at 100.00 | AA– | $ | 450,549 | ||||||||||||
| 240 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005C, 5.250%, 11/15/14 | No Opt. Call | AA– | 240,482 | ||||||||||||||
| 370 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2012A, 5.000%, 6/01/25 | 6/22 at 100.00 | Aa3 | 415,739 | ||||||||||||||
| 500 | New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.625%, 8/01/25 (Alternative Minimum Tax) | 8/16 at 101.00 | N/R | 545,770 | ||||||||||||||
| 70 | New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2011B, 5.000%, 6/01/18 | No Opt. Call | AA | 80,044 | ||||||||||||||
| 45 | Onongada County Trust For Cultural Resources, New York, Revenue Bonds, Syracuse University Project, Series 2011, 5.000%, 12/01/21 | No Opt. Call | AA– | 54,602 | ||||||||||||||
| 1,250 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Eighth Series 2013, 5.000%, 12/01/22 (Alternative Minimum Tax) (5) | No Opt. Call | AA– | 1,496,513 | ||||||||||||||
| 2,890 | Total New York | 3,283,699 | ||||||||||||||||
| North Carolina – 2.4% | ||||||||||||||||||
| 160 | North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University, Series 2012, 5.000%, 3/01/19 | No Opt. Call | BBB | 183,533 | ||||||||||||||
| 530 | North Carolina Medical Care Commission, Health Care Facilities Revenue and Refunding Revenue Bonds, Columbus Regional Healthcare System, Series 2013A, 4.000%, 10/01/18 | No Opt. Call | BBB | 565,701 | ||||||||||||||
| 795 | North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series 2011, 5.000%, 7/01/21 (5) | No Opt. Call | AA | 957,760 | ||||||||||||||
| 1,485 | Total North Carolina | 1,706,994 | ||||||||||||||||
| North Dakota – 0.6% | ||||||||||||||||||
| 400 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 4.000%, 12/01/21 | No Opt. Call | A– | 427,560 | ||||||||||||||
| Ohio – 4.1% | ||||||||||||||||||
| 100 | Akron, Ohio, Waterworks System Mortgage Revenue Improvement Bonds, Refunding Series 2009, 5.000%, 3/01/17 – AGC Insured | No Opt. Call | A3 | 110,062 | ||||||||||||||
| 595 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24 | 6/17 at 100.00 | B– | 498,324 | ||||||||||||||
| 270 | Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 – NPFG Insured | No Opt. Call | Aa1 | 312,954 | ||||||||||||||
| 1,000 | New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C, 5.000%, 10/01/22 | No Opt. Call | A1 | 1,173,830 | ||||||||||||||
| 715 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19 | No Opt. Call | BBB– | 810,839 | ||||||||||||||
| 2,680 | Total Ohio | 2,906,009 | ||||||||||||||||
| Oregon – 1.7% | ||||||||||||||||||
| 1,000 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2014-22, 5.000%, 7/01/24 (Alternative Minimum Tax) | No Opt. Call | AA– | 1,199,220 | ||||||||||||||
| Nuveen Investments | 85 |
Nuveen Inflation Protected Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Pennsylvania – 3.9% | ||||||||||||||||||
| $ | 840 | Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012, 5.000%, 1/01/24 | No Opt. Call | BBB | $ | 968,738 | ||||||||||||
| 645 | Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 | 10/19 at 100.00 | BBB+ | 756,121 | ||||||||||||||
Pennsylvania Higher Educational Facilities Authority, Philadelphia University Refunding Revenue Bonds, Refunding Series 2013: | ||||||||||||||||||
| 565 | 5.000%, 6/01/20 | No Opt. Call | BBB | 637,834 | ||||||||||||||
| 170 | 5.000%, 6/01/21 | No Opt. Call | BBB | 192,753 | ||||||||||||||
| 180 | Pennsylvania, General Obligation Bonds, Refunding 3rd Series 2004, 5.375%, 7/01/16 – NPFG Insured | No Opt. Call | AA– | 195,001 | ||||||||||||||
| 5 | Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/24 – AGM Insured | 9/22 at 100.00 | A+ | 5,915 | ||||||||||||||
| 2,405 | Total Pennsylvania | 2,756,362 | ||||||||||||||||
| Rhode Island – 1.5% | ||||||||||||||||||
| 895 | Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, Providence College, Refunding Series 2012B, 5.000%, 11/01/22 | No Opt. Call | A | 1,059,984 | ||||||||||||||
| South Carolina – 0.6% | ||||||||||||||||||
| 500 | Connector 2000 Association Inc., South Carolina, Senior Lien Toll Road Revenue Bonds, Series 2011A, 0.000%, 1/01/16 | No Opt. Call | N/R | 420,300 | ||||||||||||||
| Texas – 3.3% | ||||||||||||||||||
| 365 | Central Texas Regional Mobility Authority, Revenue Bonds, Subordinate Lien Refunding Series 2013, 5.000%, 1/01/23 | No Opt. Call | BBB– | 407,563 | ||||||||||||||
| 215 | Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax) | 10/22 at 100.00 | BB+ | 225,079 | ||||||||||||||
| 855 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/23 – NPFG Insured | No Opt. Call | AA– | 561,573 | ||||||||||||||
| 230 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/31 – NPFG Insured | 11/24 at 66.52 | AA– | 88,824 | ||||||||||||||
| 500 | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, 4.000%, 12/01/21 | No Opt. Call | Baa2 | 518,350 | ||||||||||||||
| 420 | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26 | No Opt. Call | A– | 518,267 | ||||||||||||||
| 2,585 | Total Texas | 2,319,656 | ||||||||||||||||
| Utah – 1.6% | ||||||||||||||||||
| 25 | Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 2012, 5.000%, 5/15/23 | 5/21 at 100.00 | AA+ | 29,357 | ||||||||||||||
| 935 | Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/22 | No Opt. Call | A1 | 1,118,671 | ||||||||||||||
| 960 | Total Utah | 1,148,028 | ||||||||||||||||
| Virginia – 1.0% | ||||||||||||||||||
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B: | ||||||||||||||||||
| 185 | 0.000%, 7/01/25 | No Opt. Call | BBB– | 117,760 | ||||||||||||||
| 690 | 0.000%, 7/01/26 | No Opt. Call | BBB– | 415,511 | ||||||||||||||
| 86 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Virginia (continued) | ||||||||||||||||||
| $ | 185 | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.250%, 1/01/32 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB– | $ | 202,377 | ||||||||||||
| 1,060 | Total Virginia | 735,648 | ||||||||||||||||
| Washington – 2.5% | ||||||||||||||||||
| 1,000 | Issaquah School District 411, King County, Washington, General Obligation Bonds, Refunding Series 2012, 5.000%, 12/01/25 (5) | 12/22 at 100.00 | Aaa | 1,200,620 | ||||||||||||||
| 500 | Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012, 4.000%, 12/01/19 | No Opt. Call | Baa3 | 535,000 | ||||||||||||||
| 1,500 | Total Washington | 1,735,620 | ||||||||||||||||
| West Virginia – 0.3% | ||||||||||||||||||
| 235 | Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company, Series 2003L, 0.000%, 10/01/22 (Mandatory put 10/01/18) | No Opt. Call | Baa1 | 236,779 | ||||||||||||||
| Wisconsin – 2.1% | ||||||||||||||||||
| 1,015 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian HealthCare, Inc., Series 2013B, 5.000%, 7/01/24 | 7/23 at 100.00 | A– | 1,171,807 | ||||||||||||||
| 260 | Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.250%, 5/01/20 | 5/19 at 100.00 | AA– | 305,336 | ||||||||||||||
| 1,275 | Total Wisconsin | 1,477,143 | ||||||||||||||||
| Wyoming – 1.3% | ||||||||||||||||||
| 755 | Consolidated Wyoming Municipalities Electric Power System Joint Powers Board, Wyoming, Electric Facilities Improvement Lease Revenue Bonds, Gillette Electrical System Project, Series 2014A, 5.000%, 6/01/24 | No Opt. Call | A+ | 918,963 | ||||||||||||||
| $ | 67,097 | Total Long-Term Investments (cost $71,586,996) | 73,094,415 | |||||||||||||||
Other Assets Less Liabilities – (3.4)% (6) | (2,377,819 | ) | ||||||||||||||||
Net Assets – 100% | $ | 70,716,596 | ||||||||||||||||
Investments in Derivatives as of October 31, 2014
Consumer Price Index Swaps outstanding:
| Counterparty | Notional Amount | Fund Pay/Receive Floating Rate | Floating Rate Index | Fixed Rate (Annualized) | Fixed Rate Payment Date (7) | Termination Date | Unrealized Appreciation (Depreciation) (6) | |||||||||||||||||||||
Barclays PLC | $ | 3,000,000 | Receive | CPURNSA | 2.055 | % | 9/03/16 | 9/02/16 | $ | (44,643 | ) | |||||||||||||||||
Barclays PLC | 5,000,000 | Receive | CPURNSA | 2.600 | 2/06/18 | 2/05/18 | (237,730 | ) | ||||||||||||||||||||
Barclays PLC | 4,000,000 | Receive | CPURNSA | 2.560 | 12/31/18 | 12/28/18 | (211,894 | ) | ||||||||||||||||||||
Barclays PLC | 3,500,000 | Receive | CPURNSA | 2.509 | 2/11/19 | 2/08/19 | (158,050 | ) | ||||||||||||||||||||
Barclays PLC | 4,500,000 | Receive | CPURNSA | 2.645 | 12/30/19 | 12/28/19 | (279,728 | ) | ||||||||||||||||||||
Barclays PLC | 5,000,000 | Receive | CPURNSA | 2.693 | 2/03/20 | 2/01/20 | (307,520 | ) | ||||||||||||||||||||
Barclays PLC | 5,500,000 | Receive | CPURNSA | 2.645 | 10/01/21 | 9/30/21 | (282,067 | ) | ||||||||||||||||||||
Barclays PLC | 8,000,000 | Receive | CPURNSA | 2.777 | 2/21/22 | 2/19/22 | (578,733 | ) | ||||||||||||||||||||
Barclays PLC | 6,000,000 | Receive | CPURNSA | 2.773 | 4/04/23 | 4/03/23 | (424,899 | ) | ||||||||||||||||||||
JPMorgan | 4,000,000 | Receive | CPURNSA | 2.600 | 4/25/23 | 4/24/23 | (221,923 | ) | ||||||||||||||||||||
Morgan Stanley | 3,000,000 | Receive | CPURNSA | 2.468 | 11/15/16 | 11/14/16 | (81,853 | ) | ||||||||||||||||||||
Morgan Stanley | 3,750,000 | Receive | CPURNSA | 2.440 | 9/28/17 | 9/27/17 | (115,472 | ) | ||||||||||||||||||||
Morgan Stanley | 3,800,000 | Receive | CPURNSA | 2.595 | 11/06/18 | 11/05/18 | (154,860 | ) | ||||||||||||||||||||
Morgan Stanley | 6,000,000 | Receive | CPURNSA | 2.714 | 3/01/21 | 2/27/21 | (383,149 | ) | ||||||||||||||||||||
| Nuveen Investments | 87 |
Nuveen Inflation Protected Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
Investments in Derivatives as of October 31,2014 (continued)
Consumer Price Index Swaps outstanding (continued):
| Counterparty | Notional Amount | Fund Pay/Receive Floating Rate | Floating Rate Index | Fixed Rate (Annualized) | Fixed Rate Payment Date (7) | Termination Date | Unrealized Appreciation (Depreciation) (6) | |||||||||||||||||||||
Morgan Stanley | $ | 3,000,000 | Receive | CPURNSA | 2.283 | %�� | 9/16/21 | 9/15/21 | $ | (55,973 | ) | |||||||||||||||||
Morgan Stanley | 3,000,000 | Receive | CPURNSA | 2.650 | 8/08/24 | 8/07/24 | (151,599 | ) | ||||||||||||||||||||
| $ | 71,050,000 | $ | (3,690,093 | ) | ||||||||||||||||||||||||
Credit Default Swaps outstanding:
| Counterparty | Referenced Entity | Buy/Sell Protection (8) | Current Credit Spread (9) | Notional Amount | Fixed Rate (Annualized) | Termination Date | Value | Unrealized Appreciation (Depreciation) (6) | ||||||||||||||||||||||||
Goldman Sachs | Commonwealth of Puerto Rico | Buy | 23.25 | % | $ | 345,000 | 5.000 | % | 9/20/19 | $ | 82,739 | $ | 18,485 | |||||||||||||||||||
Goldman Sachs | Commonwealth of Puerto Rico | Buy | 24.25 | 170,000 | 5.000 | 12/20/19 | 41,638 | (771 | ) | |||||||||||||||||||||||
| $ | 515,000 | $ | 124,377 | $ | 17,714 | |||||||||||||||||||||||||||
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (5) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives. |
| (6) | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period. |
| (7) | Fixed Rate Payment is due one business day after contract Termination Date. |
| (8) | The Fund entered into the credit default swap to gain investment exposure to the referenced entity. Selling protection has a similar credit risk position to owning that referenced entity. Buying protection has a similar credit risk position to selling the referenced entity short. |
| (9) | The credit spread generally serves as an indication of the current status of the payment/performance risk and therefore the likelihood of default of the credit derivative. The credit spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a credit default swap contract. Higher credit spreads are indicative of a higher likelihood of performance by the seller of protection. |
| (ETM) | Escrowed to maturity. |
| CPURNSA | US CPI Urban Consumers Non-Seasonally Adjusted. |
| WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
| 88 | Nuveen Investments |
Nuveen Intermediate Duration Municipal Bond Fund
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
LONG-TERM INVESTMENTS – 99.9% | ||||||||||||||||||
MUNICIPAL BONDS – 99.9% | ||||||||||||||||||
| Alabama – 0.5% | ||||||||||||||||||
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A: | ||||||||||||||||||
| $ | 3,000 | 5.250%, 11/15/16 | 11/15 at 100.00 | Baa2 | $ | 3,128,970 | ||||||||||||
| 2,290 | 5.250%, 11/15/20 | 11/15 at 100.00 | Baa2 | 2,361,631 | ||||||||||||||
Health Care Authority for Baptist Health, Alabama, Revenue Bonds, Baptist Health, Series 2006D: | ||||||||||||||||||
| 1,575 | 5.000%, 11/15/15 | No Opt. Call | A3 | 1,631,149 | ||||||||||||||
| 2,935 | 5.000%, 11/15/16 | 11/15 at 100.00 | A3 | 3,029,830 | ||||||||||||||
| 1,130 | Huntsville, Alabama, Electric System Revenue Warrants, Refunding Series 2007, 4.000%, 12/01/18 – AGM Insured | 12/17 at 100.00 | AA+ | 1,229,542 | ||||||||||||||
| 2,000 | Mobile, Alabama, General Obligation Warrants, Improvement and Refunding Series 2008B, 5.000%, 2/15/20 | 2/18 at 100.00 | Aa2 | 2,253,040 | ||||||||||||||
| 1,645 | Pell City, Alabama, Special Care Facilities Financing Authority, Revenue Bonds, Noland Health Services, Series 2007A, 5.000%, 12/01/14 (ETM) | No Opt. Call | Aaa | 1,651,712 | ||||||||||||||
University of Alabama, Birmingham, Hospital Revenue Bonds, Birmingham Hospital, Series 2008A: | ||||||||||||||||||
| 1,500 | 5.000%, 9/01/18 | No Opt. Call | A+ | 1,713,870 | ||||||||||||||
| 4,000 | 5.750%, 9/01/22 | 9/18 at 100.00 | A+ | 4,533,560 | ||||||||||||||
| 20,075 | Total Alabama | 21,533,304 | ||||||||||||||||
| Alaska – 0.2% | ||||||||||||||||||
| 3,000 | Alaska State, Sport Fishing Revenue Bonds, Refunding Series 2011, 5.000%, 4/01/21 | 4/20 at 100.00 | A1 | 3,431,280 | ||||||||||||||
| 400 | Aleutians East Burough Project, Alaska, Revenue Bonds, Series 2006, 4.375%, 6/01/15 – ACA Insured | No Opt. Call | N/R | 400,812 | ||||||||||||||
| 6,000 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32 | 12/14 at 100.00 | B2 | 4,801,320 | ||||||||||||||
| 9,400 | Total Alaska | 8,633,412 | ||||||||||||||||
| Arizona – 3.4% | ||||||||||||||||||
| 4,120 | Arizona Board of Regents, Certificates of Participation, University of Arizona Projects, Refunding Series 2007B, 4.500%, 6/01/18 – AMBAC Insured | 6/17 at 100.00 | Aa3 | 4,472,466 | ||||||||||||||
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A: | ||||||||||||||||||
| 1,220 | 5.000%, 2/01/20 | No Opt. Call | BBB+ | 1,415,676 | ||||||||||||||
| 6,255 | 5.000%, 2/01/27 | 2/22 at 100.00 | BBB+ | 6,990,963 | ||||||||||||||
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A: | ||||||||||||||||||
| 10,270 | 5.000%, 7/01/25 | 7/22 at 100.00 | A1 | 11,495,519 | ||||||||||||||
| 16,235 | 5.000%, 7/01/26 | 7/22 at 100.00 | A1 | 18,020,850 | ||||||||||||||
| 16,760 | 5.000%, 7/01/27 | 7/22 at 100.00 | A1 | 18,555,834 | ||||||||||||||
| 150 | Arizona State Game and Fish Department and Commission, Beneficial Interest Certificates in Lease Purchase Agreement, AGF Administration Building Project, Series 2006, 4.500%, 7/01/15 | No Opt. Call | A3 | 153,942 | ||||||||||||||
| Nuveen Investments | 89 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Arizona (continued) | ||||||||||||||||||
| $ | 1,995 | Arizona State, Certificates of Participation, Series 2008A, 4.000%, 9/01/17 – AGM Insured | No Opt. Call | AA | $ | 2,178,241 | ||||||||||||
Arizona State, State Lottery Revenue Bonds, Series 2010A: | ||||||||||||||||||
| 5 | 5.000%, 7/01/17 – AGM Insured | No Opt. Call | AA | 5,554 | ||||||||||||||
| 40 | 5.000%, 7/01/18 – AGM Insured | No Opt. Call | AA | 45,567 | ||||||||||||||
| 5,145 | 5.000%, 7/01/19 – AGM Insured | No Opt. Call | AA | 5,977,564 | ||||||||||||||
| 5,015 | 5.000%, 7/01/20 – AGM Insured | No Opt. Call | AA | 5,900,950 | ||||||||||||||
| 6,130 | 5.000%, 7/01/21 – AGM Insured | 1/20 at 100.00 | AA | 7,065,867 | ||||||||||||||
| 7,500 | 5.000%, 7/01/22 – AGM Insured | 1/20 at 100.00 | AA | 8,561,625 | ||||||||||||||
Gila County Unified School District 10 Payson, Arizona, General Obligation Bonds, Project of 2006, Series 2007A: | ||||||||||||||||||
| 1,000 | 5.000%, 7/01/16 – AMBAC Insured | No Opt. Call | Aa3 | 1,070,510 | ||||||||||||||
| 1,050 | 5.000%, 7/01/17 – AMBAC Insured | No Opt. Call | Aa3 | 1,159,799 | ||||||||||||||
| 6,000 | Gilbert, Arizona, Public Facilities Municipal Property Corporation, Revenue Bonds, Series 2009, 5.500%, 7/01/27 | 7/19 at 100.00 | AA | 6,942,120 | ||||||||||||||
| 2,810 | Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B, 5.250%, 12/01/20 | 12/15 at 100.00 | A– | 2,918,129 | ||||||||||||||
| 2,000 | Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2007, 5.000%, 5/15/26 | 5/22 at 100.00 | A– | 2,263,640 | ||||||||||||||
| 1,355 | Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2010, 5.000%, 5/15/21 | 5/20 at 100.00 | A+ | 1,541,597 | ||||||||||||||
| 565 | Maricopa County Unified School District 48, Scottsdale, Arizona, General Obligation Bonds, Series 2006B, 4.750%, 7/01/18 – AGM Insured | 7/16 at 100.00 | Aa1 | 602,533 | ||||||||||||||
Maricopa County Unified School District 48, Scottsdale, Arizona, General Obligation Bonds, Series 2006B: | ||||||||||||||||||
| 295 | 4.750%, 7/01/18 (Pre-refunded 7/01/16) – AGM Insured | 7/16 at 100.00 | Aa1 (4) | 316,833 | ||||||||||||||
| 290 | 4.750%, 7/01/18 (Pre-refunded 7/01/16) – AGM Insured | 7/16 at 100.00 | Aa1 (4) | 311,463 | ||||||||||||||
Maricopa County Unified School District 60 Higley, Arizona, General Obligation Bonds, School Improvement Project of 2013, Series 2014A: | ||||||||||||||||||
| 1,875 | 3.375%, 7/01/32 | 7/24 at 100.00 | AA– | 1,868,944 | ||||||||||||||
| 1,940 | 3.500%, 7/01/33 | 7/24 at 100.00 | AA– | 1,948,517 | ||||||||||||||
| 3,670 | Mesa, Arizona, Excise Tax Revenue Bonds, Series 2013, 5.000%, 7/01/27 | 7/17 at 100.00 | AA+ | 4,039,055 | ||||||||||||||
| 1,420 | Mesa, Arizona, Utility System Revenue Bonds, Refunding Series 2014, 3.250%, 7/01/30 | No Opt. Call | Aa2 | 1,385,508 | ||||||||||||||
Northern Arizona University, System Revenue Bonds, Refunding Series 2014: | ||||||||||||||||||
| 850 | 5.000%, 6/01/21 | No Opt. Call | A+ | 1,012,342 | ||||||||||||||
| 375 | 5.000%, 6/01/22 | No Opt. Call | A+ | 449,081 | ||||||||||||||
| 500 | 5.000%, 6/01/23 | No Opt. Call | A+ | 602,340 | ||||||||||||||
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A: | ||||||||||||||||||
| 2,000 | 5.000%, 7/01/22 | 7/20 at 100.00 | A+ | 2,330,980 | ||||||||||||||
| 10,370 | 5.000%, 7/01/40 | 7/20 at 100.00 | A+ | 11,094,033 | ||||||||||||||
| 2,650 | Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company Project, Series 2013A, 4.000%, 9/01/29 | 3/23 at 100.00 | BBB+ | 2,716,012 | ||||||||||||||
| 1,200 | Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Refunding Series 2008, 5.750%, 9/01/29 | 1/15 at 100.00 | BBB+ | 1,207,824 | ||||||||||||||
Pima County Unified School District 1, Tucson, Arizona, School Improvement Bonds, Series 2007C: | ||||||||||||||||||
| 1,000 | 4.375%, 7/01/18 – FGIC Insured | 7/17 at 100.00 | Aa2 | 1,084,580 | ||||||||||||||
| 1,000 | 4.500%, 7/01/19 – FGIC Insured | 7/17 at 100.00 | Aa2 | 1,079,620 | ||||||||||||||
| 90 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Arizona (continued) | ||||||||||||||||||
| $ | 2,670 | Pima County, Arizona, Sewer Revenue Bonds, Series 2010, 5.000%, 7/01/24 – AGM Insured | 7/20 at 100.00 | AA | $ | 3,111,858 | ||||||||||||
| 635 | Regional Public Transportation Authority, Arizona, Transportation Excise Tax Revenue Bonds, Maricopa County Public Transportation Fund Series 2014, 5.250%, 7/01/23 | No Opt. Call | AA+ | 792,455 | ||||||||||||||
| 3,000 | Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2009A, 5.000%, 1/01/25 | No Opt. Call | Aa1 | 3,457,290 | ||||||||||||||
| 3,925 | Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Tender Option Bond Trust 3284, 13.776%, 6/01/19 (IF) | No Opt. Call | Aa1 | 6,381,972 | ||||||||||||||
| 1,000 | Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.000%, 9/01/20 | 9/18 at 100.00 | A2 | 1,116,010 | ||||||||||||||
| 1,350 | Sedona-Oak Creek Joint Unified School District 9, Coconino and Yavapi Counties, Arizona, General Obligation Bonds, School Improvement Project 2007, Series 2009B., 5.375%, 7/01/28 | 7/19 at 100.00 | Aa2 | 1,559,520 | ||||||||||||||
| 137,635 | Total Arizona | 155,205,183 | ||||||||||||||||
| Arkansas – 1.1% | ||||||||||||||||||
| 1,000 | Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Series 2013, 5.000%, 12/01/33 | 12/23 at 100.00 | A1 | 1,132,880 | ||||||||||||||
| 1,490 | Conway, Arkansas, Restaurant Gross Receipts Tax Revenue Bonds, Series 2007, 5.000%, 12/01/22 – AGM Insured | 12/15 at 100.00 | AA | 1,564,694 | ||||||||||||||
| 1,665 | Fayetteville, Arkansas, Hotel Motel and Restaurant Gross Receipts Tax & Tourism Revenue Bonds, Refunding Improvement Capital Series 2014, 3.750%, 11/01/39 (WI/DD, Settling 11/19/14) – BAM Insured | 11/24 at 100.00 | AA | 1,630,401 | ||||||||||||||
Fayetteville, Arkansas, Sales and Use Tax Revenue Bonds, Series 2006A: | ||||||||||||||||||
| 6,730 | 5.000%, 11/01/17 – AGM Insured | 11/16 at 100.00 | AA | 7,301,108 | ||||||||||||||
| 6,740 | 4.500%, 11/01/19 – AGM Insured | 11/16 at 100.00 | AA | 7,218,405 | ||||||||||||||
Fort Smith, Arkansas, Water and Sewer Revenue Bonds, Series 2007: | ||||||||||||||||||
| 1,235 | 5.000%, 10/01/19 – FGIC Insured | 10/17 at 100.00 | AA– | 1,364,971 | ||||||||||||||
| 1,000 | 5.000%, 10/01/21 – FGIC Insured | 10/17 at 100.00 | AA– | 1,113,260 | ||||||||||||||
| 4,495 | Independence County, Arkansas, Pollution Control Revenue Bonds, Arkansas Power and Light Company Project, Series 2013, 2.375%, 1/01/21 | No Opt. Call | A– | 4,626,254 | ||||||||||||||
Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax Bonds, Series 2014: | ||||||||||||||||||
| 500 | 5.000%, 7/01/22 | No Opt. Call | A+ | 601,990 | ||||||||||||||
| 800 | 5.000%, 7/01/23 | No Opt. Call | A+ | 959,792 | ||||||||||||||
| 1,610 | 5.000%, 7/01/26 | 7/24 at 100.00 | A+ | 1,912,632 | ||||||||||||||
| 1,485 | 5.000%, 7/01/28 | 7/24 at 100.00 | A+ | 1,735,950 | ||||||||||||||
| 1,935 | 5.000%, 7/01/29 | 7/24 at 100.00 | A+ | 2,256,694 | ||||||||||||||
| 1,000 | 5.000%, 7/01/30 | 7/24 at 100.00 | A+ | 1,159,880 | ||||||||||||||
| 4,585 | 5.000%, 7/01/34 | 7/24 at 100.00 | A+ | 5,235,612 | ||||||||||||||
| 3,900 | 4.000%, 7/01/41 | 7/24 at 100.00 | A+ | 3,991,962 | ||||||||||||||
Magnolia, Arkansas, Sales and Use Tax Revenue Bonds, Series 2007: | ||||||||||||||||||
| 575 | 5.000%, 8/01/21 – CIFG Insured | 8/17 at 100.00 | N/R | 616,193 | ||||||||||||||
| 1,130 | 5.000%, 8/01/22 – CIFG Insured | 8/17 at 100.00 | N/R | 1,204,693 | ||||||||||||||
| 1,185 | 5.000%, 8/01/23 – CIFG Insured | 8/17 at 100.00 | N/R | 1,258,695 | ||||||||||||||
| 1,245 | 5.000%, 8/01/24 – CIFG Insured | 8/17 at 100.00 | N/R | 1,316,899 | ||||||||||||||
| 1,000 | North Little Rock Health Facilities Board, Arkansas, Healthcare Revenue Bonds, Baptist Health, Series 1996B, 5.750%, 12/01/21 | 12/18 at 100.00 | A+ | 1,151,090 | ||||||||||||||
| 1,000 | University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2005B, 4.500%, 11/01/16 – FGIC Insured | 11/15 at 100.00 | Aa2 | 1,040,450 | ||||||||||||||
| Nuveen Investments | 91 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Arkansas (continued) | ||||||||||||||||||
Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B: | ||||||||||||||||||
| $ | 1,000 | 5.000%, 2/01/17 | 2/15 at 100.00 | Baa1 | $ | 1,008,980 | ||||||||||||
| 1,165 | 5.000%, 2/01/18 | 2/15 at 100.00 | Baa1 | 1,174,681 | ||||||||||||||
| 48,470 | Total Arkansas | 52,578,166 | ||||||||||||||||
| California – 7.4% | ||||||||||||||||||
| 1,525 | ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, Childrens Hospital & Research Center at Oakland, Refunding Series 2007A, 4.500%, 12/01/18 (Pre-refunded 12/01/17) | 12/17 at 100.00 | N/R (4) | 1,705,667 | ||||||||||||||
| 1,565 | ABC Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2003A, 4.900%, 2/01/20 – NPFG Insured | No Opt. Call | AA– | 1,803,913 | ||||||||||||||
Alameda Corridor Transportation Authority, California, Senior Lien Revenue Refunding Bonds, Series 2013A: | ||||||||||||||||||
| 2,185 | 5.000%, 10/01/22 | No Opt. Call | A | 2,647,565 | ||||||||||||||
| 1,860 | 5.000%, 10/01/23 | No Opt. Call | A | 2,269,033 | ||||||||||||||
| 5,000 | 5.000%, 10/01/24 | 10/23 at 100.00 | A | 6,061,300 | ||||||||||||||
| 920 | Apple Valley Redevelopment Agency, California, Tax Allocation Bonds, Project Area 2 Series 2007, 4.500%, 6/01/18 – AMBAC Insured | 6/17 at 100.00 | BBB+ | 994,216 | ||||||||||||||
| 1,710 | California Department of Water Resources, Power Supply Revenue Bonds, Refunding Series 2008H, 5.000%, 5/01/22 – AGM Insured | 5/18 at 100.00 | AA | 1,960,259 | ||||||||||||||
| 9,060 | California Department of Water Resources, Power Supply Revenue Bonds, Series 2010L, 5.000%, 5/01/17 | No Opt. Call | Aa2 | 10,084,867 | ||||||||||||||
| 1,000 | California Educational Facilities Authority, Revenue Bonds, Lutheran University, Series 2004C, 5.000%, 10/01/24 (Pre-refunded 11/04/14) | 11/14 at 100.00 | Baa1 (4) | 1,001,900 | ||||||||||||||
| 7,250 | California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2007A, 4.500%, 10/01/33 | 10/17 at 100.00 | Aa1 | 7,839,715 | ||||||||||||||
| 500 | California Health Facilities Financing Authority, Revenue Bonds, Adventist Health System/West, Series 2009C, 5.125%, 3/01/20 | 3/19 at 100.00 | A | 573,730 | ||||||||||||||
| 3,255 | California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008H, 5.125%, 7/01/22 (Pre-refunded 7/01/15) | 7/15 at 100.00 | A (4) | 3,362,513 | ||||||||||||||
| 3,160 | California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital of Orange County, Series 2009A, 5.750%, 11/01/18 | No Opt. Call | A | 3,596,649 | ||||||||||||||
| 1,210 | California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2008B, 1.450%, 8/15/33 (Mandatory put 3/15/17) | No Opt. Call | AA | 1,236,850 | ||||||||||||||
| 1,440 | California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012C, 1.450%, 8/15/23 (Mandatory put 3/15/17) | No Opt. Call | AA | 1,471,954 | ||||||||||||||
| 5,000 | California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2014A, 4.000%, 8/15/34 | 8/24 at 100.00 | AA | 5,182,400 | ||||||||||||||
| 2,245 | California State Public Works Board, Lease Revenue Bonds, California State University Monterey Bay Campus Library Project, Series 2009D, 6.000%, 4/01/25 | 4/19 at 100.00 | Aa3 | 2,696,649 | ||||||||||||||
| 1,400 | California State Public Works Board, Lease Revenue Bonds, California State University, Various University Projects, Series 2010B-1, 5.375%, 3/01/25 | 3/20 at 100.00 | Aa3 | 1,629,796 | ||||||||||||||
| 5,000 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.250%, 10/01/24 | 10/19 at 100.00 | A1 | 5,856,300 | ||||||||||||||
| 6,000 | California State, Economic Recovery Revenue Bonds, Refunding Series 2009A, 5.250%, 7/01/21 | 7/19 at 100.00 | AA | 7,084,620 | ||||||||||||||
| 92 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| California (continued) | ||||||||||||||||||
| $ | 2,040 | California State, Economic Recovery Revenue Bonds, Refunding Series 2009A, 5.000%, 7/01/20 (Pre-refunded 7/01/19) | 7/19 at 100.00 | AA (4) | $ | 2,401,427 | ||||||||||||
| 520 | California State, General Obligation Bonds, Refunding Series 2007, 5.000%, 8/01/19 | 2/17 at 100.00 | Aa3 | 569,156 | ||||||||||||||
| 1,000 | California State, General Obligation Bonds, Series 2007, 5.000%, 12/01/23 | 12/17 at 100.00 | Aa3 | 1,120,010 | ||||||||||||||
| 15 | California State, General Obligation Bonds, Various Purpose Series 2001, 5.000%, 11/01/18 | 11/14 at 100.00 | Aa3 | 15,060 | ||||||||||||||
| 700 | California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/30 | 3/15 at 100.00 | A | 705,348 | ||||||||||||||
| 1,000 | California Statewide Community Development Authority, Insured Health Facility Revenue Bonds, Henry Mayo Newhall Memorial Hospital, Series 2007B, 5.200%, 10/01/37 (Pre-refunded 10/01/18) – AMBAC Insured | 10/18 at 100.00 | A (4) | 1,170,150 | ||||||||||||||
| 1,085 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005G, 5.000%, 7/01/22 | 7/15 at 100.00 | B– | 1,071,340 | ||||||||||||||
| 10,000 | California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2007C, 5.000%, 8/15/38 – AMBAC Insured | 8/17 at 100.00 | AA– | 10,662,100 | ||||||||||||||
| 1,120 | Contra Costa County Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2003A, 5.500%, 8/01/23 – RAAI Insured | 2/15 at 100.00 | BBB+ | 1,121,792 | ||||||||||||||
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Capital Appreciation Series 2011A: | ||||||||||||||||||
| 7,475 | 0.000%, 11/01/26 | 11/21 at 66.91 | BBB– | 3,710,366 | ||||||||||||||
| 4,095 | 0.000%, 11/01/28 | 11/21 at 56.33 | BBB– | 1,684,642 | ||||||||||||||
Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 2012: | ||||||||||||||||||
| 1,685 | 5.000%, 1/01/22 | No Opt. Call | BBB– | 1,853,989 | ||||||||||||||
| 1,530 | 5.000%, 1/01/23 | No Opt. Call | BBB– | 1,695,164 | ||||||||||||||
| 1,635 | 5.000%, 1/01/24 | No Opt. Call | BBB– | 1,800,495 | ||||||||||||||
| 1,325 | 5.000%, 1/01/25 | No Opt. Call | BBB– | 1,455,181 | ||||||||||||||
Desert Sands Unified School District, Riverside County, California, General Obligation Bonds, Election 2001, Series 2008: | ||||||||||||||||||
| 500 | 5.250%, 8/01/23 | 8/18 at 100.00 | Aa2 | 576,340 | ||||||||||||||
| 2,025 | 5.000%, 8/01/24 | 8/18 at 100.00 | Aa2 | 2,315,608 | ||||||||||||||
| 2,500 | East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2014A, 5.000%, 6/01/27 | 6/24 at 100.00 | AAA | 3,075,150 | ||||||||||||||
| 2,100 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 4.550%, 6/01/22 – AGM Insured | 6/18 at 100.00 | AA | 2,311,407 | ||||||||||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | ||||||||||||||||||
| 7,770 | 5.000%, 6/01/17 | No Opt. Call | Aa1 | 8,418,950 | ||||||||||||||
| 11,980 | 4.500%, 6/01/27 | 6/17 at 100.00 | B | 11,254,371 | ||||||||||||||
| 1,300 | Grant Joint Union High School District, Sacramento County, California, General Obligation Bonds, Capital Appreciation Election 2006 Series 2008, 0.000%, 8/01/26 – AGM Insured | No Opt. Call | A1 | 832,520 | ||||||||||||||
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area A & C, Series 2014C: | ||||||||||||||||||
| 1,000 | 5.000%, 9/01/30 | 9/24 at 100.00 | N/R | 1,128,870 | ||||||||||||||
| 1,015 | 5.000%, 9/01/32 | 9/24 at 100.00 | N/R | 1,136,506 | ||||||||||||||
| 465 | 5.000%, 9/01/34 | No Opt. Call | N/R | 518,759 | ||||||||||||||
| Nuveen Investments | 93 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| California (continued) | ||||||||||||||||||
| $ | 6,425 | Lake Elsinore Redevelopment Agency, California, Special Tax Bonds, Community Facilities District 90-2, Series 2007A, 4.500%, 10/01/24 – AGM Insured | 10/17 at 100.00 | AA | $ | 6,755,438 | ||||||||||||
| 2,015 | Las Virgenes Unified School District, Los Angeles County, California, General Obligation Bonds, 2006 Election, Series 2009B, 0.000%, 8/01/27 | No Opt. Call | Aa2 | 1,223,992 | ||||||||||||||
| 2,395 | Long Beach Financing Authority, California, Revenue Bonds, Series 1992, 6.000%, 11/01/17 – AMBAC Insured | No Opt. Call | N/R | 2,501,865 | ||||||||||||||
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2014B: | ||||||||||||||||||
| 660 | 5.000%, 7/01/24 | 1/24 at 100.00 | AA– | 811,721 | ||||||||||||||
| 1,010 | 5.000%, 7/01/25 | 1/24 at 100.00 | AA– | 1,230,473 | ||||||||||||||
| 5,000 | 5.000%, 7/01/43 | 1/24 at 100.00 | AA– | 5,669,550 | ||||||||||||||
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2013B: | ||||||||||||||||||
| 490 | 5.000%, 7/01/19 | No Opt. Call | AA | 580,003 | ||||||||||||||
| 1,750 | 5.000%, 7/01/20 | No Opt. Call | AA | 2,110,588 | ||||||||||||||
Los Angeles, California, Special Tax Bonds, Community Facilities District 4, Playa Vista Phase I, Series 2014: | ||||||||||||||||||
| 800 | 5.000%, 9/01/23 | No Opt. Call | BBB | 961,232 | ||||||||||||||
| 1,000 | 5.000%, 9/01/24 | No Opt. Call | BBB | 1,206,210 | ||||||||||||||
| 1,250 | 5.000%, 9/01/25 | 9/24 at 100.00 | BBB | 1,493,013 | ||||||||||||||
| 1,000 | 5.000%, 9/01/26 | 9/24 at 100.00 | BBB | 1,183,040 | ||||||||||||||
| 405 | Los Angeles, California, Wastewater System Revenue Bonds, Subordinate Lien, Refunding Series 2013A, 5.000%, 6/01/34 (Pre-refunded 6/01/15) | 6/15 at 100.00 | Aa2 (4) | 416,494 | ||||||||||||||
| 1,140 | Los Angeles, California, Wastewater System Revenue Bonds, Subordinate Lien, Refunding Series 2013A, 5.000%, 6/01/34 | No Opt. Call | AA+ | 1,168,762 | ||||||||||||||
Moulton Niguel Water District, California, Certificates of Participation, Refunding Series 2003: | ||||||||||||||||||
| 2,220 | 5.000%, 9/01/21 – AMBAC Insured | 9/16 at 100.00 | AAA | 2,391,162 | ||||||||||||||
| 2,145 | 5.000%, 9/01/22 – AMBAC Insured | 9/16 at 100.00 | AAA | 2,310,380 | ||||||||||||||
| 2,000 | 5.000%, 9/01/23 – AMBAC Insured | 9/16 at 100.00 | AAA | 2,154,200 | ||||||||||||||
| 1,475 | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/28 | 2/28 at 100.00 | AA | 1,175,487 | ||||||||||||||
| 10,000 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 6.125%, 11/01/29 | No Opt. Call | A | 12,759,100 | ||||||||||||||
| 10,000 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.125%, 11/01/29 | No Opt. Call | A | 12,759,100 | ||||||||||||||
New Haven Unified School District, California, General Obligation Bonds, Refunding Series 2014A: | ||||||||||||||||||
| 4,400 | 5.000%, 8/01/26 – BAM Insured | 8/24 at 100.00 | AA | 5,333,724 | ||||||||||||||
| 3,000 | 5.000%, 8/01/27 – BAM Insured | 8/24 at 100.00 | AA | 3,608,340 | ||||||||||||||
| 2,070 | 5.000%, 8/01/28 – BAM Insured | 8/24 at 100.00 | AA | 2,466,840 | ||||||||||||||
| 2,250 | 3.000%, 8/01/30 – BAM Insured | 8/24 at 100.00 | AA | 2,169,743 | ||||||||||||||
| 2,350 | 3.125%, 8/01/31 – BAM Insured | 8/24 at 100.00 | AA | 2,284,929 | ||||||||||||||
| 2,470 | 3.125%, 8/01/32 – BAM Insured | 8/24 at 100.00 | AA | 2,387,971 | ||||||||||||||
| 2,000 | North Monterey County Unified School District, California, General Obligation Bonds, Election of 2013, Series 2014A, 4.000%, 5/01/44 | 5/24 at 100.00 | A+ | 2,034,360 | ||||||||||||||
| 1,000 | Northern Inyo County Local Hospital District, Inyo County, California, Revenue Bonds, Series 2010, 6.000%, 12/01/21 | 12/20 at 100.00 | BB+ | 1,148,870 | ||||||||||||||
| 94 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| California (continued) | ||||||||||||||||||
| $ | 6,000 | Oakland State Building Authority, California, Lease Revenue Bonds, Elihu M. Harris State Office Building, Series 1998A, 5.000%, 4/01/23 – AMBAC Insured | 4/15 at 100.00 | A1 | $ | 6,007,800 | ||||||||||||
| 8,000 | Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/40 | 8/30 at 100.00 | A+ | 7,414,800 | ||||||||||||||
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A: | ||||||||||||||||||
| 1,815 | 0.000%, 8/01/21 – AGC Insured | No Opt. Call | AA | 1,546,180 | ||||||||||||||
| 2,095 | 0.000%, 8/01/22 – AGC Insured | No Opt. Call | AA | 1,702,271 | ||||||||||||||
| 4,085 | 0.000%, 8/01/23 – AGC Insured | No Opt. Call | AA | 3,152,109 | ||||||||||||||
| 7,000 | Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2011, 0.000%, 10/01/25 – AGM Insured | 10/21 at 100.00 | AA | 7,455,980 | ||||||||||||||
Port of Oakland, California, Revenue Refunding Bonds, Inter Lien, Series 2007B: | ||||||||||||||||||
| 2,530 | 5.000%, 11/01/18 – NPFG Insured | 11/17 at 100.00 | AA– | 2,850,450 | ||||||||||||||
| 1,120 | 5.000%, 11/01/19 – NPFG Insured | 11/17 at 100.00 | AA– | 1,260,011 | ||||||||||||||
| 5,350 | Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/34 | No Opt. Call | Aa2 | 2,418,789 | ||||||||||||||
| 2,900 | Rancho Cucamonga Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Rancho Redevelopment Project, Series 2014, 5.000%, 9/01/24 | No Opt. Call | AA | 3,573,496 | ||||||||||||||
| 2,410 | Riverside County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Refunding Series 2014A, 4.000%, 10/01/37 – AGM Insured | 10/24 at 100.00 | AA | 2,432,630 | ||||||||||||||
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B: | ||||||||||||||||||
| 2,115 | 0.000%, 10/01/34 | No Opt. Call | A– | 822,291 | ||||||||||||||
| 2,000 | 0.000%, 10/01/36 | No Opt. Call | A– | 698,520 | ||||||||||||||
| 5,000 | Sacramento County, California, Airport System Revenue Bonds, Senior Lien Series 20010, 5.000%, 7/01/40 | 7/20 at 100.00 | A | 5,614,600 | ||||||||||||||
| 1,000 | San Bernardino Community College District, California, General Obligation Bonds, Series 2008A, 6.500%, 8/01/27 (Pre-refunded 8/01/18) | 8/18 at 100.00 | Aa2 (4) | 1,208,760 | ||||||||||||||
| 575 | San Bernardino County Redevelopment Agency, California, Tax Allocation Refunding Bonds, San Sevaine Project, Series 2005A, 5.000%, 9/01/16 – RAAI Insured | 9/15 at 100.00 | BBB | 592,020 | ||||||||||||||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A: | ||||||||||||||||||
| 5,000 | 5.000%, 1/15/29 (WI/DD, Settling 11/06/14) | 1/25 at 100.00 | BBB– | 5,615,900 | ||||||||||||||
| 25,000 | 5.000%, 1/15/34 (WI/DD, Settling 11/06/14) | 1/25 at 100.00 | BBB– | 27,295,750 | ||||||||||||||
| 2,770 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D, 5.000%, 8/01/23 – AMBAC Insured | 8/17 at 100.00 | BBB | 2,974,592 | ||||||||||||||
| 1,000 | San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/17 – FGIC Insured | No Opt. Call | AA+ | 985,390 | ||||||||||||||
| 2,250 | Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 | No Opt. Call | AA– | 2,864,340 | ||||||||||||||
| 2,255 | Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 (ETM) | No Opt. Call | AA– (4) | 2,845,787 | ||||||||||||||
| 1,000 | Santa Ana Unified School District, Orange County, California, General Obligation Bonds, Series 2008A, 5.250%, 8/01/28 | 8/18 at 100.00 | AA– | 1,143,800 | ||||||||||||||
| 2,000 | Santa Monica Community College District, Los Angeles County, California, General Obligation Bonds, Series 2005C, 0.000%, 8/01/16 (Pre-refunded 8/01/15) – NPFG Insured | 8/15 at 95.72 | AA (4) | 1,911,780 | ||||||||||||||
| Nuveen Investments | 95 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| California (continued) | ||||||||||||||||||
Santa Paula Utility Authority, California, Water Enterprise Revenue Bonds, Series 2010: | ||||||||||||||||||
| $ | 2,510 | 5.000%, 2/01/28 | 2/20 at 100.00 | A+ | $ | 2,760,373 | ||||||||||||
| 2,630 | 5.000%, 2/01/29 | 2/20 at 100.00 | A+ | 2,889,660 | ||||||||||||||
| 2,765 | 5.000%, 2/01/30 | 2/20 at 100.00 | A+ | 3,026,735 | ||||||||||||||
South Bayside Waste Management Authority, California, Solid Waste Enterprise Revenue Bonds, Shoreway Environmental Center, Series 2009A: | ||||||||||||||||||
| 2,500 | 5.250%, 9/01/24 | 9/19 at 100.00 | A– | 2,806,425 | ||||||||||||||
| 1,200 | 6.250%, 9/01/29 | 9/19 at 100.00 | A– | 1,416,900 | ||||||||||||||
Tulare Local Health Care District, California, General Obligation Bonds, Series 2009B-1: | ||||||||||||||||||
| 1,180 | 6.000%, 8/01/22 | 8/19 at 100.00 | Baa3 | 1,380,718 | ||||||||||||||
| 1,410 | 6.125%, 8/01/23 | 8/19 at 100.00 | Baa3 | 1,643,834 | ||||||||||||||
| 1,585 | 6.250%, 8/01/24 | 8/19 at 100.00 | Baa3 | 1,849,505 | ||||||||||||||
| 1,265 | 6.375%, 8/01/25 | 8/19 at 100.00 | Baa3 | 1,478,823 | ||||||||||||||
| 500 | 6.500%, 8/01/26 | 8/19 at 100.00 | Baa3 | 585,340 | ||||||||||||||
| 2,580 | University of California, General Revenue Bonds, Series 2013AI, 5.000%, 5/15/38 | 5/23 at 100.00 | AA | 2,946,283 | ||||||||||||||
| 1,100 | Upland Community Redevelopment Agency, California, Tax Allocation Refunding Bonds, A Merged Project, Series 2006, 4.250%, 9/01/26 – AMBAC Insured | 9/16 at 100.00 | A | 1,115,620 | ||||||||||||||
| 2,030 | Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/23 – FGIC Insured | No Opt. Call | AA– | 1,585,430 | ||||||||||||||
| 3,000 | Victor Valley Union High School District, San Bernardino County, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/31 – AGC Insured | 8/26 at 100.00 | AA | 2,826,270 | ||||||||||||||
| 2,500 | West Contra Costa Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2008B, 6.000%, 8/01/25 | No Opt. Call | Aa3 | 3,286,650 | ||||||||||||||
| 995 | Whittier Public Financing Authority, California, Tax Allocation Revenue Bonds, Whittier Redevelopment Agency, Series 2007A, 5.000%, 11/01/21 – AMBAC Insured | 11/17 at 100.00 | A– | 1,076,849 | ||||||||||||||
| 324,905 | Total California | 341,024,645 | ||||||||||||||||
| Colorado – 2.8% | ||||||||||||||||||
| 1,125 | Adams and Arapahoe Counties Joint School District 28J, Aurora, Colorado, General Obligation Bonds, Series 2008, 5.500%, 12/01/21 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Aa2 (4) | 1,332,664 | ||||||||||||||
| 5,050 | Adams County, Colorado, Pollution Control Refunding Revenue Bonds, Public Service Company of Colorado Projects, Senior Lien Series 2005A, 4.375%, 9/01/17 – NPFG Insured | 9/15 at 100.00 | AA– | 5,213,267 | ||||||||||||||
| 175 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Cheyenne Mountain Charter Academy, Series 2007A, 4.750%, 6/15/22 | 6/17 at 100.00 | A | 183,656 | ||||||||||||||
| 1,000 | Colorado Health Facilities Authority, Colorado, Hospital Improvement Revenue Bonds, NCMC Inc., Series 2003B, 6.000%, 5/15/26 – AGM Insured | 5/19 at 100.00 | AA | 1,146,090 | ||||||||||||||
| 16,830 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 5.000%, 9/01/26 | 9/16 at 100.00 | A+ | 18,006,249 | ||||||||||||||
| 725 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-7, 4.350%, 9/01/20 – AGM Insured | 5/18 at 100.00 | AA | 788,198 | ||||||||||||||
| 1,500 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2008D, 5.125%, 10/01/17 | No Opt. Call | A+ | 1,688,955 | ||||||||||||||
| 620 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Communities Project, Series 2006A, 5.250%, 1/01/15 | No Opt. Call | N/R | 622,728 | ||||||||||||||
| 310 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.500%, 6/01/33 | 6/23 at 100.00 | A3 | 350,948 | ||||||||||||||
| 96 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Colorado (continued) | ||||||||||||||||||
| $ | 1,400 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Long-Term Care National Obligated Group Project, Series 2010A, 5.250%, 11/15/20 | No Opt. Call | BBB | $ | 1,518,902 | ||||||||||||
| 6,725 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Yampa Valley Medical Center, Series 2007, 5.000%, 9/15/22 | 9/17 at 100.00 | BBB+ | 7,015,722 | ||||||||||||||
| 10,000 | Colorado Health Facilities Authority, Retirement Facilities Revenue Bonds, Liberty Heights, Series 1990B, 0.000%, 7/15/20 (ETM) | No Opt. Call | AA+ (4) | 9,158,500 | ||||||||||||||
| 500 | Colorado Health Facilities Authority, Revenue Bonds, Covenant Retirement Communities Inc., Series 2005, 5.000%, 12/01/16 | 12/15 at 100.00 | BBB+ | 521,020 | ||||||||||||||
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2006: | ||||||||||||||||||
| 1,000 | 5.000%, 6/01/16 | No Opt. Call | A3 | 1,064,680 | ||||||||||||||
| 1,000 | 5.250%, 6/01/18 | 6/16 at 100.00 | A3 | 1,057,980 | ||||||||||||||
| 1,250 | Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2007B, 4.250%, 12/01/15 – RAAI Insured | No Opt. Call | Baa2 | 1,280,900 | ||||||||||||||
| 1,500 | Colorado State Higher Education Capital Construction Lease Purchase Financing Program Certificates of Participation, Series 2008, 5.250%, 11/01/23 (Pre-refunded 11/01/18) | 11/18 at 100.00 | Aa2 (4) | 1,756,500 | ||||||||||||||
| 1,500 | Delta County Memorial Hospital District, Colorado, Enterprise Revenue Bonds, Refunding Series 2010, 5.500%, 9/01/25 | 3/20 at 100.00 | BBB– | 1,584,270 | ||||||||||||||
| 6,050 | Denver City and County, Colorado, Airport System Revenue Bonds, Refunding Series 2006A, 5.000%, 11/15/19 – FGIC Insured | 11/16 at 100.00 | AA– | 6,597,828 | ||||||||||||||
| 4,025 | Denver City and County, Colorado, Airport System Revenue Bonds, Refunding Series 2006A, 5.000%, 11/15/19 (Pre-refunded 11/15/16) – FGIC Insured | 11/16 at 100.00 | AA– (4) | 4,402,545 | ||||||||||||||
| 11,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32 | 11/22 at 100.00 | A+ | 12,675,520 | ||||||||||||||
Denver School District 1, Colorado, General Obligation Bonds, Series 2012B: | ||||||||||||||||||
| 6,600 | 4.000%, 12/01/21 | No Opt. Call | AA+ | 7,543,338 | ||||||||||||||
| 6,445 | 4.000%, 12/01/22 | No Opt. Call | AA+ | 7,381,394 | ||||||||||||||
| 5,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2007B-1, 5.500%, 9/01/24 – NPFG Insured | 9/15 at 100.00 | AA– | 5,188,650 | ||||||||||||||
| 10,000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 3/01/36 – NPFG Insured | 9/20 at 41.72 | AA– | 3,183,500 | ||||||||||||||
| 1,500 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004C, 5.000%, 9/01/17 – NPFG Insured | No Opt. Call | AA– | 1,656,345 | ||||||||||||||
El Paso County School District 20, Academy, Colorado, General Obligation Bonds, Refunding Series 2010: | ||||||||||||||||||
| 1,520 | 5.000%, 12/15/20 | No Opt. Call | Aa2 | 1,822,647 | ||||||||||||||
| 2,215 | 5.000%, 12/15/21 | No Opt. Call | Aa2 | 2,679,153 | ||||||||||||||
| 1,530 | 5.000%, 12/15/22 | 12/21 at 100.00 | Aa2 | 1,827,922 | ||||||||||||||
| 255 | High Plains Metropolitan District, Colorado, General Obligation Bonds, Series 2005B, 4.375%, 12/01/15 | No Opt. Call | BBB | 260,225 | ||||||||||||||
| 2,170 | Montrose, Colorado, Enterprise Revenue Bonds, Montrose Memorial Hospital, Series 2003, 5.700%, 12/01/17 | 12/14 at 100.00 | BBB– | 2,211,252 | ||||||||||||||
| 1,000 | North Range Metropolitan District 1, Adams County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2007, 4.300%, 12/15/19 – ACA Insured | 12/16 at 100.00 | N/R | 1,010,270 | ||||||||||||||
| 2,250 | Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 5.250%, 6/15/15 – AMBAC Insured (ETM) | No Opt. Call | N/R (4) | 2,320,853 | ||||||||||||||
| Nuveen Investments | 97 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Colorado (continued) | ||||||||||||||||||
| $ | 725 | Platte River Power Authority, Colorado, Power Revenue Bonds, Refunding Series 2007GG, 4.500%, 6/01/17 – AGM Insured | No Opt. Call | AA | $ | 798,319 | ||||||||||||
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013: | ||||||||||||||||||
| 1,335 | 5.000%, 12/01/19 | No Opt. Call | N/R | 1,430,987 | ||||||||||||||
| 500 | 5.000%, 12/01/20 | No Opt. Call | N/R | 537,970 | ||||||||||||||
| 1,000 | Pueblo County School District 60, Pueblo, Colorado, General Obligation Bonds, Refunding Series 2009, 5.000%, 12/15/22 | No Opt. Call | Aa2 | 1,219,870 | ||||||||||||||
| 1,325 | Rangeview Library District, Adams County, Colorado, Certificates of Participation, Rangeview Library Projects, Series 2008, 4.500%, 12/15/20 – AGC Insured | 12/18 at 100.00 | AA | 1,457,831 | ||||||||||||||
| 975 | Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41 | 7/20 at 100.00 | Baa3 | 1,094,662 | ||||||||||||||
Sand Creek Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2010A: | ||||||||||||||||||
| 2,190 | 4.250%, 12/01/23 | 12/20 at 100.00 | A | 2,448,464 | ||||||||||||||
| 2,030 | 4.000%, 12/01/24 | 12/20 at 100.00 | A | 2,229,671 | ||||||||||||||
| 1,000 | Walker Field Public Airport Authority, Colorado, Airport Revenue Bonds, Series 2007, 5.000%, 12/01/22 | 12/17 at 100.00 | Baa2 | 1,090,980 | ||||||||||||||
| 1,240 | Westminster, Colorado, Special Purpose Sales and Use Tax Revenue Bonds, Series 2007D, 5.000%, 12/01/23 – AGM Insured | 12/17 at 100.00 | AA | 1,389,209 | ||||||||||||||
| 126,090 | Total Colorado | 128,750,634 | ||||||||||||||||
| Connecticut – 0.1% | ||||||||||||||||||
| 3,470 | Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax) | 1/15 at 100.00 | A– | 3,476,871 | ||||||||||||||
| Delaware – 0.1% | ||||||||||||||||||
Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013: | ||||||||||||||||||
| 1,000 | 4.000%, 7/01/22 | No Opt. Call | BBB– | 1,021,840 | ||||||||||||||
| 3,995 | 5.000%, 7/01/28 | 7/23 at 100.00 | BBB– | 4,245,846 | ||||||||||||||
| 4,995 | Total Delaware | 5,267,686 | ||||||||||||||||
| District of Columbia – 0.7% | ||||||||||||||||||
| 3,880 | District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/30 | 10/22 at 100.00 | BBB– | 4,096,776 | ||||||||||||||
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001: | ||||||||||||||||||
| 3,185 | 6.250%, 5/15/24 | 11/14 at 100.00 | A1 | 3,184,650 | ||||||||||||||
| 2,980 | 6.500%, 5/15/33 | No Opt. Call | Baa1 | 3,445,834 | ||||||||||||||
| 10,165 | District of Columbia Water and Sewerage Authority, Public Utility Revenue Bonds, Series 1998, 5.500%, 10/01/18 – AGM Insured | 4/15 at 100.00 | AA+ | 11,938,894 | ||||||||||||||
District of Columbia, Hospital Revenue Bonds, Sibley Memorial Hospital, Series 2009: | ||||||||||||||||||
| 420 | 6.500%, 10/01/20 | 10/19 at 100.00 | AA– | 517,595 | ||||||||||||||
| 1,715 | 6.500%, 10/01/23 | 10/19 at 100.00 | AA– | 2,069,508 | ||||||||||||||
| 825 | 6.500%, 10/01/24 | 10/19 at 100.00 | AA– | 991,997 | ||||||||||||||
| 3,740 | District of Columbia, Revenue Bonds, The Catholic University of America, Series 2010, 5.000%, 10/01/23 | 10/18 at 100.00 | A | 4,239,215 | ||||||||||||||
| 26,910 | Total District of Columbia | 30,484,469 | ||||||||||||||||
| 98 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Florida – 6.0% | ||||||||||||||||||
Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1: | ||||||||||||||||||
| $ | 1,875 | 6.000%, 6/01/16 | No Opt. Call | A+ | $ | 2,037,938 | ||||||||||||
| 2,060 | 5.500%, 6/01/17 | No Opt. Call | A+ | 2,307,612 | ||||||||||||||
Citizens Property Insurance Corporation, Florida, High-Risk Account Revenue Bonds, Coastal Account Senior Secured Series 2011A-1: | ||||||||||||||||||
| 150 | 5.000%, 6/01/15 | No Opt. Call | A+ | 154,215 | ||||||||||||||
| 3,250 | 5.000%, 6/01/18 | No Opt. Call | A+ | 3,684,103 | ||||||||||||||
| 275 | 5.000%, 6/01/19 | No Opt. Call | A+ | 317,936 | ||||||||||||||
Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1: | ||||||||||||||||||
| 165 | 5.250%, 6/01/17 | No Opt. Call | A+ | 183,780 | ||||||||||||||
| 185 | 4.250%, 6/01/17 | No Opt. Call | A+ | 201,336 | ||||||||||||||
| 555 | 4.000%, 6/01/17 – AGM Insured | No Opt. Call | AA | 602,253 | ||||||||||||||
| 2,205 | Clay County School Board, Florida, Certificates of Participation, Refunding Series 2005B, 5.000%, 7/01/18 – NPFG Insured | 7/15 at 100.00 | A+ | 2,252,319 | ||||||||||||||
| 1,860 | Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Series 2013, 6.000%, 11/01/33 | 11/23 at 100.00 | BBB– | 2,063,596 | ||||||||||||||
| 810 | Escambia County, Florida, Pollution Control Revenue Bonds, Gulf Power Company, Refunding Series 1997, 0.000%, 7/01/22 | No Opt. Call | A | 834,567 | ||||||||||||||
Florida Citizens Property Insurance Corporation, High Risk Account Revenue Bonds, Series 2007A: | ||||||||||||||||||
| 12,740 | 5.000%, 3/01/15 – NPFG Insured | No Opt. Call | AA– | 12,946,770 | ||||||||||||||
| 32,990 | 5.000%, 3/01/17 – NPFG Insured | No Opt. Call | AA– | 36,328,258 | ||||||||||||||
Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1: | ||||||||||||||||||
| 85 | 5.000%, 6/01/16 | No Opt. Call | A+ | 91,061 | ||||||||||||||
| 85 | 5.000%, 6/01/18 | No Opt. Call | A+ | 96,353 | ||||||||||||||
| 480 | 5.000%, 6/01/19 | No Opt. Call | A+ | 554,942 | ||||||||||||||
| 4,545 | 5.000%, 6/01/20 | No Opt. Call | A+ | 5,323,649 | ||||||||||||||
| 3,275 | Florida Governmental Utility Authority, Utility Revenue Bonds, Lake Aqua Utility System, Series 2013A, 4.250%, 10/01/33 | 10/22 at 100.00 | A– | 3,349,408 | ||||||||||||||
| 2,700 | Florida Governmental Utility Authority, Utility Revenue Bonds, Pasco Aqua Utility System, Series 2013A, 4.250%, 10/01/33 | 10/22 at 100.00 | Baa1 | 2,745,954 | ||||||||||||||
| 1,500 | Florida State Department of Children and Families, Certificates of Participation, South Florida Evaluation Treatment Project, Series 2005, 5.000%, 10/01/25 | 10/15 at 100.00 | AA+ | 1,562,400 | ||||||||||||||
| 2,385 | Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/26 | 6/16 at 100.00 | BBB+ | 2,462,846 | ||||||||||||||
| 2,000 | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2008A, 6.500%, 11/15/38 (Mandatory put 11/17/15) | No Opt. Call | Aa2 | 2,130,440 | ||||||||||||||
Jacksonville, Florida, Capital Improvement Refunding Revenue Bonds, Series 2012: | ||||||||||||||||||
| 2,240 | 5.000%, 10/01/20 | No Opt. Call | AA | 2,674,538 | ||||||||||||||
| 2,385 | 5.000%, 10/01/21 | No Opt. Call | AA | 2,860,331 | ||||||||||||||
| 4,605 | 5.000%, 10/01/27 | No Opt. Call | AA | 5,392,869 | ||||||||||||||
Jacksonville, Florida, Special Revenue Bonds, Refunding Series 2013C: | ||||||||||||||||||
| 4,275 | 5.250%, 10/01/27 | 10/23 at 100.00 | AA– | 5,105,590 | ||||||||||||||
| 5,575 | 5.250%, 10/01/28 | 10/23 at 100.00 | AA– | 6,629,065 | ||||||||||||||
| Nuveen Investments | 99 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Florida (continued) | ||||||||||||||||||
| $ | 5,780 | 5.250%, 10/01/29 | 10/23 at 100.00 | AA– | $ | 6,822,943 | ||||||||||||
| 8,085 | 5.250%, 10/01/30 | 10/23 at 100.00 | AA– | 9,509,173 | ||||||||||||||
Jacksonville, Florida, Special Revenue Bonds, Series 20120C: | ||||||||||||||||||
| 2,000 | 5.000%, 10/01/23 | No Opt. Call | AA– | 2,421,840 | ||||||||||||||
| 1,920 | 5.000%, 10/01/24 | No Opt. Call | AA– | 2,311,699 | ||||||||||||||
| 2,520 | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2008A, 5.150%, 4/01/23 | 4/16 at 100.00 | A– | 2,678,584 | ||||||||||||||
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2014B: | ||||||||||||||||||
| 2,360 | 5.000%, 7/01/24 | No Opt. Call | A– | 2,842,431 | ||||||||||||||
| 2,220 | 5.000%, 7/01/25 | 7/24 at 100.00 | A– | 2,650,791 | ||||||||||||||
| 1,750 | 5.000%, 7/01/26 | 7/24 at 100.00 | A– | 2,074,048 | ||||||||||||||
| 1,250 | 5.000%, 7/01/27 | 7/24 at 100.00 | A– | 1,472,750 | ||||||||||||||
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A: | ||||||||||||||||||
| 925 | 5.000%, 10/01/20 (Alternative Minimum Tax) | No Opt. Call | A | 1,083,036 | ||||||||||||||
| 3,000 | 5.000%, 10/01/21 (Alternative Minimum Tax) | No Opt. Call | A | 3,524,070 | ||||||||||||||
| 5,000 | 5.000%, 10/01/22 (Alternative Minimum Tax) | No Opt. Call | A | 5,900,550 | ||||||||||||||
| 6,290 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/41 | 10/20 at 100.00 | A | 6,837,419 | ||||||||||||||
| 5,000 | Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005B, 5.000%, 6/01/25 – NPFG Insured | 6/15 at 100.00 | AA– | 5,124,800 | ||||||||||||||
Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2010E: | ||||||||||||||||||
| 1,575 | 4.000%, 4/01/16 | No Opt. Call | AA– | 1,651,451 | ||||||||||||||
| 1,975 | 5.000%, 4/01/21 | 4/20 at 100.00 | AA– | 2,273,916 | ||||||||||||||
| 5,015 | 5.250%, 4/01/30 | 4/20 at 100.00 | AA– | 5,632,447 | ||||||||||||||
| 5,000 | Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Refunding Series 2012B, 5.000%, 10/01/35 | 10/22 at 100.00 | A+ | 5,552,850 | ||||||||||||||
| 5,000 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/29 – AGM Insured | 10/20 at 100.00 | AA | 5,740,450 | ||||||||||||||
| 605 | North Brevard County Hospital District, Florida, Revenue Bonds, Parrish Medical Center Project, Refunding Series 2008, 5.500%, 10/01/28 | 10/18 at 100.00 | A– | 672,185 | ||||||||||||||
| 1,495 | North Brevard County Hospital District, Florida, Revenue Bonds, Parrish Medical Center Project, Refunding Series 2008, 5.500%, 10/01/28 (Pre-refunded 10/01/18) | 10/18 at 100.00 | N/R (4) | 1,759,047 | ||||||||||||||
| 3,400 | Orange County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/25 – AMBAC Insured | 8/15 at 100.00 | AA | 3,518,660 | ||||||||||||||
| 2,000 | Orlando Utilities Commission, Florida, Utility System Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/25 | No Opt. Call | AA | 2,503,840 | ||||||||||||||
| 3,015 | Orlando-Orange County Expressway Authority, Florida, Expressway Revenue Bonds, Series 2012, 5.000%, 7/01/20 | No Opt. Call | A | 3,585,287 | ||||||||||||||
| 2,185 | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH Corporation Obligated Group, Refunding Series 2014, 5.000%, 12/01/31 | 12/24 at 100.00 | BBB | 2,455,459 | ||||||||||||||
| 4,235 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2014B, 5.000%, 8/01/22 | No Opt. Call | Aa3 | 5,106,309 | ||||||||||||||
| 10,000 | Palm Beach County Solid Waste Authority, Florida, Refunding Revenue Bonds, Series 2011, 5.000%, 10/01/25 | 10/21 at 100.00 | AA+ | 11,796,000 | ||||||||||||||
| 100 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Florida (continued) | ||||||||||||||||||
| $ | 10,300 | Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2006A, 5.000%, 9/01/26 – NPFG Insured | 9/16 at 100.00 | A1 | $ | 11,075,487 | ||||||||||||
| 23,175 | South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/27 | 8/17 at 100.00 | AA | 25,551,133 | ||||||||||||||
Tallahassee, Florida, Capital Improvement Revenue Bonds, Series 2014: | ||||||||||||||||||
| 2,880 | 5.000%, 10/01/32 | 10/22 at 100.00 | Aa2 | 3,317,098 | ||||||||||||||
| 3,025 | 5.000%, 10/01/33 | 10/22 at 100.00 | Aa2 | 3,472,549 | ||||||||||||||
| 6,020 | Tampa Sports Authority, Hillsborough County, Florida, Local Option Sales Tax Payments Revenue Bonds, Stadium Project, Series 2005, 5.000%, 1/01/20 – AGM Insured | 1/15 at 100.00 | AA+ | 6,068,040 | ||||||||||||||
Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A: | ||||||||||||||||||
| 585 | 5.000%, 9/01/22 | No Opt. Call | A+ | 692,008 | ||||||||||||||
| 2,600 | 5.000%, 9/01/23 | 9/22 at 100.00 | A+ | 3,032,536 | ||||||||||||||
| 1,220 | 3.125%, 9/01/24 | 9/22 at 100.00 | A+ | 1,238,788 | ||||||||||||||
| 1,260 | 5.000%, 9/01/25 | 9/22 at 100.00 | A+ | 1,447,816 | ||||||||||||||
| 1,500 | 5.000%, 9/01/27 | 9/22 at 100.00 | A+ | 1,705,920 | ||||||||||||||
| 1,965 | 5.000%, 9/01/28 | No Opt. Call | A+ | 2,219,173 | ||||||||||||||
| 5,500 | 4.000%, 9/01/33 | No Opt. Call | A+ | 5,688,705 | ||||||||||||||
| 350 | Vero Beach, Florida, Electric Refunding Revenue Bonds, Series 2003A, 4.000%, 12/01/19 – AGM Insured | 12/18 at 100.00 | A1 | 382,606 | ||||||||||||||
| 249,235 | Total Florida | 278,288,023 | ||||||||||||||||
| Georgia – 1.5% | ||||||||||||||||||
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B: | ||||||||||||||||||
| 2,010 | 5.000%, 1/01/23 | No Opt. Call | Aa3 | 2,374,634 | ||||||||||||||
| 1,500 | 5.000%, 1/01/28 | No Opt. Call | Aa3 | 1,720,755 | ||||||||||||||
Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Refunding Subordinate Lien Series 2014A: | ||||||||||||||||||
| 11,010 | 5.000%, 1/01/27 | 1/24 at 100.00 | A+ | 12,990,038 | ||||||||||||||
| 4,275 | 5.000%, 1/01/29 | 1/24 at 100.00 | A+ | 4,994,825 | ||||||||||||||
| 6,750 | 5.000%, 1/01/30 | 1/24 at 100.00 | A+ | 7,868,813 | ||||||||||||||
| 2,000 | Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Series 2007, 4.375%, 12/01/18 – AGC Insured | 12/17 at 100.00 | AA | 2,157,800 | ||||||||||||||
| 2,165 | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31 | 1/19 at 100.00 | A2 | 2,575,116 | ||||||||||||||
Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Refunding and Improvement Revenue Bonds, Memorial Health University Medical Center, Inc., | ||||||||||||||||||
| 2,000 | 5.000%, 1/01/18 | No Opt. Call | AA | 2,261,120 | ||||||||||||||
| 3,325 | 5.000%, 1/01/23 | 1/22 at 100.00 | AA | 3,830,699 | ||||||||||||||
| 5,560 | 5.000%, 1/01/24 | 1/22 at 100.00 | AA | 6,343,293 | ||||||||||||||
| 8,990 | 5.000%, 1/01/25 | 1/22 at 100.00 | AA | 10,175,421 | ||||||||||||||
| 1,000 | Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical Center, Series 2004, 5.000%, 12/01/15 | 12/14 at 100.00 | BB– | 1,002,140 | ||||||||||||||
| 1,250 | DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 | 9/20 at 100.00 | BBB | 1,397,450 | ||||||||||||||
| 265 | Fayette County School District, Georgia, General Obligation Bonds, Deferred Interest Series 2005, 4.250%, 3/01/15 – AGM Insured | No Opt. Call | AA+ | 268,620 | ||||||||||||||
| Nuveen Investments | 101 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Georgia (continued) | ||||||||||||||||||
Forsyth County School District, Georgia, General Obligation Bonds, Series 2014: | ||||||||||||||||||
| $ | 1,000 | 5.000%, 2/01/27 | No Opt. Call | AA+ | $ | 1,211,790 | ||||||||||||
| 1,250 | 5.000%, 2/01/28 | No Opt. Call | AA+ | 1,504,688 | ||||||||||||||
| 2,000 | Glynn-Brunswick Memorial Hospital Authority, Georgia, Revenue Bonds, Southeast Georgia Health Systems, Anticipation Certificates Series 2008A, 5.250%, 8/01/23 | 8/18 at 100.00 | A2 | 2,242,440 | ||||||||||||||
| 2,770 | Municipal Gas Authority of Georgia, Gas Revenue Bonds, Gas Portfolio III Project, Series 2014U, 5.000%, 10/01/21 | No Opt. Call | AA– | 3,324,055 | ||||||||||||||
| 59,120 | Total Georgia | 68,243,697 | ||||||||||||||||
| Guam – 0.1% | ||||||||||||||||||
| 4,060 | Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 | 7/23 at 100.00 | A– | 4,589,383 | ||||||||||||||
| Hawaii – 0.1% | ||||||||||||||||||
| 5,000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010A, 5.250%, 7/01/30 | 7/20 at 100.00 | A2 | 5,562,750 | ||||||||||||||
| 1,025 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010B, 5.625%, 7/01/30 | 7/20 at 100.00 | A2 | 1,162,494 | ||||||||||||||
| 6,025 | Total Hawaii | 6,725,244 | ||||||||||||||||
| Idaho – 0.3% | ||||||||||||||||||
| 3,065 | Idaho Health Facilities Authority, Revenue Bonds, Trinity Health Group, Refunding Series 2008B, 6.000%, 12/01/23 | 12/18 at 100.00 | Aa2 | 3,597,973 | ||||||||||||||
Madison County School District 321, Idaho, General Obligation Bonds, Sales Tax and Credit Enhancement Guaranty, Refunding Series 2014B: | ||||||||||||||||||
| 2,455 | 5.000%, 8/15/20 | No Opt. Call | Aaa | 2,953,561 | ||||||||||||||
| 2,595 | 5.000%, 8/15/21 | No Opt. Call | Aaa | 3,153,107 | ||||||||||||||
| 2,710 | 5.000%, 8/15/22 | No Opt. Call | Aaa | 3,326,362 | ||||||||||||||
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006: | ||||||||||||||||||
| 450 | 5.250%, 9/01/16 | No Opt. Call | BB+ | 474,683 | ||||||||||||||
| 1,300 | 5.250%, 9/01/20 | 9/16 at 100.00 | BB+ | 1,342,718 | ||||||||||||||
| 1,000 | University of Idaho, General Revenue Bonds, Series 2007B, 4.500%, 4/01/41 (Mandatory put 4/01/18) – AGM Insured | No Opt. Call | AA | 1,101,660 | ||||||||||||||
| 13,575 | Total Idaho | 15,950,064 | ||||||||||||||||
| Illinois – 9.1% | ||||||||||||||||||
| 1,840 | Bolingbrook Park District, Illinois, General Obligation Bonds, Series 2007A, 4.500%, 1/01/17 – CIFG Insured | No Opt. Call | Aa2 | 1,984,900 | ||||||||||||||
Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A: | ||||||||||||||||||
| 2,800 | 0.000%, 1/01/30 | 7/23 at 72.73 | A1 | 1,370,684 | ||||||||||||||
| 2,550 | 0.000%, 1/01/31 | 7/23 at 68.94 | A1 | 1,177,386 | ||||||||||||||
| 2,750 | 0.000%, 1/01/32 | 7/23 at 65.28 | A1 | 1,199,275 | ||||||||||||||
| 4,000 | 0.000%, 1/01/33 | 7/23 at 61.69 | A1 | 1,642,760 | ||||||||||||||
| 13,235 | Chicago Greater Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Unlimited Tax Refunding Series 2006, 5.000%, 12/01/24 | 6/16 at 100.00 | AAA | 14,138,553 | ||||||||||||||
| 5,545 | Chicago Park District, Illinois, General Obligation Bonds, Refunding Series 2005B, 5.000%, 1/01/20 (Pre-refunded 1/01/15) – AMBAC Insured | 1/15 at 100.00 | AA+ (4) | 5,590,136 | ||||||||||||||
| 102 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Illinois (continued) | ||||||||||||||||||
| $ | 2,300 | Chicago Park District, Illinois, General Obligation Bonds, Series 2010A, 4.500%, 1/01/23 | 7/20 at 100.00 | AA+ | $ | 2,531,978 | ||||||||||||
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011: | ||||||||||||||||||
| 3,530 | 5.250%, 12/01/25 | 12/21 at 100.00 | AA | 4,084,951 | ||||||||||||||
| 3,235 | 5.250%, 12/01/26 | 12/21 at 100.00 | AA | 3,716,853 | ||||||||||||||
| 7,000 | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/15 – FGIC Insured | No Opt. Call | AA– | 6,995,380 | ||||||||||||||
| 2,000 | Chicago, Illinois, General Obligation Bonds, Series 2001A, 5.300%, 1/01/16 – NPFG Insured | No Opt. Call | AA– | 2,101,280 | ||||||||||||||
| 1,500 | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.000%, 12/01/24 | 12/23 at 100.00 | AA | 1,764,540 | ||||||||||||||
| 1,410 | Cook County Community High School District 219, Niles Township, Illinois, General Obligation Bonds, Refunding Series 2007A, 5.000%, 12/01/26 – AGM Insured | No Opt. Call | AA+ | 1,565,128 | ||||||||||||||
| 3,465 | Cook County High School District 205 Thornton Township, Illinois, General Obligation Bonds, Series 2008, 5.250%, 12/01/21 – AGC Insured | 12/18 at 100.00 | AA | 3,960,738 | ||||||||||||||
| 1,000 | Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds, Series 2004, 5.000%, 12/01/16 – AGM Insured | No Opt. Call | AA | 1,084,780 | ||||||||||||||
| 2,250 | Cook County School District 123 Oak Lawn, Illinois, General Obligation Bonds, Series 2002, 0.000%, 12/01/15 – NPFG Insured | No Opt. Call | AA– | 2,229,368 | ||||||||||||||
| 1,175 | Cook County School District 88, Bellwood, Illinois, General Obligation Bonds, Refunding Series 2004B, 5.000%, 12/01/17 – AGM Insured | 12/14 at 100.00 | A2 | 1,179,524 | ||||||||||||||
| 500 | Cook County School District 88, Bellwood, Illinois, General Obligation Bonds, Refunding Series 2004B, 5.000%, 12/01/17 (Pre-refunded 12/01/14) – AGM Insured | 12/14 at 100.00 | A2 (4) | 502,040 | ||||||||||||||
Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C: | ||||||||||||||||||
| 2,600 | 5.000%, 11/15/20 | No Opt. Call | AA | 3,011,372 | ||||||||||||||
| 2,770 | 5.000%, 11/15/21 | No Opt. Call | AA | 3,220,014 | ||||||||||||||
| 2,400 | 5.000%, 11/15/22 | No Opt. Call | AA | 2,806,200 | ||||||||||||||
| 1,000 | Elk Grove Village, Cook and DuPage Counties, Illinois, General Obligation Bonds, Improvement Series 2007, 4.125%, 1/01/19 (Pre-refunded 1/01/16) – NPFG Insured | 1/16 at 100.00 | Aa1 (4) | 1,045,230 | ||||||||||||||
Grundy and Will Counties Community Unit School District 1 Coal City, Illinois, General Obligation Bonds, Series 2008: | ||||||||||||||||||
| 1,550 | 5.875%, 2/01/19 | 8/18 at 100.00 | Aa3 | 1,804,526 | ||||||||||||||
| 2,100 | 5.875%, 2/01/22 | 8/18 at 100.00 | Aa3 | 2,435,916 | ||||||||||||||
| 2,545 | 5.875%, 2/01/24 | 8/18 at 100.00 | Aa3 | 2,948,077 | ||||||||||||||
| 2,750 | Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/18 – AGM Insured | No Opt. Call | Aa3 | 2,599,108 | ||||||||||||||
Illinois Educational Facilities Authority, Revenue Bonds, Art Institute of Chicago, Series 1998A: | ||||||||||||||||||
| 1,000 | 4.750%, 3/01/30 (Mandatory put 3/01/17) | No Opt. Call | AA– | 1,072,940 | ||||||||||||||
| 500 | 4.125%, 3/01/30 (Mandatory put 3/01/16) | No Opt. Call | AA– | 520,175 | ||||||||||||||
| 1,525 | Illinois Finance Authority, Gas Supply Revenue Refunding Bonds, Peoples Gas, Light and Coke Company, Senior Lien Series 2005A, 4.300%, 6/01/35 (Mandatory put 6/01/16) – AMBAC Insured | No Opt. Call | Aa3 | 1,611,452 | ||||||||||||||
| 4,000 | Illinois Finance Authority, Revenue and Refunding Bonds, Roosevelt University Project, Series 2009, 5.750%, 4/01/24 | 10/19 at 100.00 | BBB | 4,406,000 | ||||||||||||||
| 13,685 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/27 | 9/22 at 100.00 | BBB | 14,787,874 | ||||||||||||||
| Nuveen Investments | 103 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Illinois (continued) | ||||||||||||||||||
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | ||||||||||||||||||
| $ | 1,320 | 5.000%, 9/01/34 | 9/24 at 100.00 | BBB | $ | 1,416,386 | ||||||||||||
| 365 | 4.625%, 9/01/39 | 9/24 at 100.00 | BBB | 364,978 | ||||||||||||||
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A: | ||||||||||||||||||
| 1,200 | 6.000%, 2/01/25 – AMBAC Insured | 2/18 at 100.00 | A | 1,335,996 | ||||||||||||||
| 1,280 | 6.000%, 2/01/26 – AMBAC Insured | 2/18 at 100.00 | A | 1,422,976 | ||||||||||||||
| 500 | 6.000%, 2/01/28 – AMBAC Insured | 2/18 at 100.00 | A | 554,690 | ||||||||||||||
| 1,000 | Illinois Finance Authority, Revenue Bonds, Franciscan Communities Inc., Refunding Series 2007A, 5.500%, 5/15/27 | 5/17 at 100.00 | BBB– | 1,036,590 | ||||||||||||||
| 465 | Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 5.000%, 2/15/15 | No Opt. Call | BB– | 468,311 | ||||||||||||||
| 1,000 | Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 6.500%, 2/01/23 | 2/19 at 100.00 | Baa3 | 1,088,740 | ||||||||||||||
| 4,220 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.000%, 11/15/29 | 5/19 at 100.00 | A | 5,085,016 | ||||||||||||||
| 2,000 | Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2007A, 5.000%, 5/15/21 – NPFG Insured | 5/17 at 100.00 | AA– | 2,155,640 | ||||||||||||||
| 9,800 | Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25 | 1/16 at 100.00 | Aa3 | 10,268,146 | ||||||||||||||
Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007: | ||||||||||||||||||
| 500 | 5.250%, 4/01/22 | 4/17 at 100.00 | BBB | 519,680 | ||||||||||||||
| 3,600 | 5.400%, 4/01/27 | 4/17 at 100.00 | BBB | 3,755,124 | ||||||||||||||
| 2,000 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 6.750%, 11/01/24 | 11/18 at 100.00 | A+ | 2,346,420 | ||||||||||||||
| 1,500 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.375%, 11/01/29 | 5/19 at 100.00 | A+ | 1,746,975 | ||||||||||||||
| 5,000 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38 | 8/19 at 100.00 | BBB+ | 5,790,300 | ||||||||||||||
| 2,000 | Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2009A, 5.500%, 2/15/17 | No Opt. Call | AA | 2,213,480 | ||||||||||||||
| 600 | Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Capitol Appreciation Series 2010B, 0.000%, 5/15/50 (5), (6) | 11/14 at 100.00 | N/R | 6 | ||||||||||||||
Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Refunding Series 2010A: | ||||||||||||||||||
| 700 | 5.400%, 5/15/17 (5) | 11/14 at 100.00 | N/R | 7 | ||||||||||||||
| 700 | 5.500%, 5/15/18 (6) | 11/14 at 100.00 | N/R | 7 | ||||||||||||||
| 3,510 | Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25 | 11/16 at 100.00 | BBB+ | 3,655,981 | ||||||||||||||
| 115 | Illinois Health Facilities Authority, Revenue Refunding Bonds, Series 1983 (Mercy Hospital and Medical Center), Chicago, Illinois, 10.000%, 1/01/15 (ETM) | No Opt. Call | N/R (4) | 116,727 | ||||||||||||||
| 1,620 | Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.100%, 6/15/16 (Pre-refunded 6/15/15) – AMBAC Insured | 6/15 at 101.00 | A (4) | 1,685,902 | ||||||||||||||
Illinois State Department of Employment Security, Unemployment Insurance Fund Building Receipts Revenue Bonds, Series 2012B: | ||||||||||||||||||
| 2,900 | 5.000%, 12/15/17 | 12/16 at 100.00 | AA+ | 3,173,412 | ||||||||||||||
| 2,530 | 5.000%, 6/15/18 | 12/16 at 100.00 | AA+ | 2,765,847 | ||||||||||||||
| 104 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Illinois (continued) | ||||||||||||||||||
| $ | 9,955 | Illinois State, General Obligation Bonds, April Series 2014, 5.000%, 4/01/23 | No Opt. Call | A– | $ | 11,110,278 | ||||||||||||
Illinois State, General Obligation Bonds, February Series 2014: | ||||||||||||||||||
| 4,000 | 5.000%, 2/01/23 | No Opt. Call | A– | 4,459,600 | ||||||||||||||
| 3,000 | 5.000%, 2/01/24 | No Opt. Call | A– | 3,353,010 | ||||||||||||||
| 4,630 | 5.000%, 2/01/25 | 2/24 at 100.00 | A– | 5,136,152 | ||||||||||||||
| 4,675 | 5.000%, 2/01/26 | 2/24 at 100.00 | A– | 5,139,415 | ||||||||||||||
| 6,000 | 5.000%, 2/01/27 | 2/24 at 100.00 | A– | 6,540,120 | ||||||||||||||
| 555 | Illinois State, General Obligation Bonds, Refunding Series 2007B, 5.000%, 1/01/16 | No Opt. Call | A– | 582,373 | ||||||||||||||
Illinois State, General Obligation Bonds, Refunding Series 2010: | ||||||||||||||||||
| 550 | 5.000%, 1/01/16 | No Opt. Call | A– | 577,126 | ||||||||||||||
| 520 | 5.000%, 1/01/17 | No Opt. Call | A– | 562,650 | ||||||||||||||
| 1,785 | 5.000%, 1/01/18 | No Opt. Call | A– | 1,976,013 | ||||||||||||||
| 6,040 | 5.000%, 1/01/19 – AGM Insured | No Opt. Call | AA | 6,808,469 | ||||||||||||||
| 5,000 | 5.000%, 1/01/19 | No Opt. Call | A– | 5,572,300 | ||||||||||||||
Illinois State, General Obligation Bonds, Refunding Series 2012: | ||||||||||||||||||
| 7,750 | 5.000%, 8/01/20 | No Opt. Call | A– | 8,757,035 | ||||||||||||||
| 6,365 | 5.000%, 8/01/21 | No Opt. Call | A– | 7,171,255 | ||||||||||||||
| 15,265 | 5.000%, 8/01/22 | No Opt. Call | A– | 17,135,420 | ||||||||||||||
| 2,730 | 5.000%, 8/01/23 | No Opt. Call | A– | 3,052,413 | ||||||||||||||
| 270 | 5.000%, 8/01/25 | 8/22 at 100.00 | A– | 294,891 | ||||||||||||||
Illinois State, General Obligation Bonds, Series 2004A: | ||||||||||||||||||
| 2,590 | 5.000%, 3/01/18 | 3/15 at 100.00 | A– | 2,600,023 | ||||||||||||||
| 805 | 5.000%, 3/01/22 | 3/15 at 100.00 | A– | 807,938 | ||||||||||||||
Illinois State, General Obligation Bonds, Series 2006A: | ||||||||||||||||||
| 1,075 | 5.000%, 6/01/17 | No Opt. Call | A– | 1,177,243 | ||||||||||||||
| 10,000 | 5.000%, 6/01/18 | No Opt. Call | A– | 11,148,400 | ||||||||||||||
| 350 | 5.000%, 6/01/22 | No Opt. Call | A– | 372,610 | ||||||||||||||
| 75 | 5.000%, 6/01/26 | 12/16 at 100.00 | A– | 78,727 | ||||||||||||||
| 1,405 | Illinois State, General Obligation Bonds, Series 2006, 5.000%, 1/01/27 | 1/16 at 100.00 | A– | 1,450,269 | ||||||||||||||
| 1,000 | Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34 | 9/18 at 100.00 | A– | 1,038,580 | ||||||||||||||
Illinois State, General Obligation Bonds, Series 2012A: | ||||||||||||||||||
| 7,790 | 4.000%, 1/01/20 | No Opt. Call | A– | 8,358,748 | ||||||||||||||
| 12,110 | 4.000%, 1/01/22 | No Opt. Call | A– | 12,801,239 | ||||||||||||||
Illinois State, General Obligation Bonds, Series 2013: | ||||||||||||||||||
| 4,200 | 5.500%, 7/01/25 | 7/23 at 100.00 | A– | 4,782,708 | ||||||||||||||
| 2,760 | 5.500%, 7/01/26 | 7/23 at 100.00 | A– | 3,115,543 | ||||||||||||||
| 1,000 | 5.500%, 7/01/27 | 7/23 at 100.00 | A– | 1,122,120 | ||||||||||||||
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2014A: | ||||||||||||||||||
| 1,685 | 5.000%, 12/01/21 | No Opt. Call | AA– | 2,028,369 | ||||||||||||||
| 3,335 | 5.000%, 12/01/22 | No Opt. Call | AA– | 4,033,482 | ||||||||||||||
| 4,085 | 5.000%, 1/01/33 | 1/23 at 100.00 | AA– | 4,661,598 | ||||||||||||||
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014B: | ||||||||||||||||||
| 11,000 | 5.000%, 1/01/36 | 1/24 at 100.00 | AA– | 12,408,000 | ||||||||||||||
| 6,000 | 5.000%, 1/01/37 | 1/24 at 100.00 | AA– | 6,762,960 | ||||||||||||||
Kane County Community Unit School District 304 Geneva, Illinois, General Obligation Bonds, Series 2007A: | ||||||||||||||||||
| 8,570 | 9.000%, 1/01/22 – AGM Insured | No Opt. Call | AA+ | 12,200,338 | ||||||||||||||
| Nuveen Investments | 105 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Illinois (continued) | ||||||||||||||||||
| $ | 1,000 | 9.000%, 1/01/23 – AGM Insured | No Opt. Call | AA+ | $ | 1,459,350 | ||||||||||||
| 5,150 | 9.000%, 1/01/25 – AGM Insured | No Opt. Call | AA+ | 8,014,430 | ||||||||||||||
| 3,270 | Kendall County Forest Preserve District, Illinois, General Obligation Bonds, Series 2007, 5.250%, 1/01/24 – FGIC Insured | 1/18 at 100.00 | AA– | 3,660,176 | ||||||||||||||
| 2,100 | Madison and Jersey Counties Community Unit School District 11, Alton, Illinois, General Obligation Bonds, Series 2002, 0.000%, 12/01/19 – AGM Insured | No Opt. Call | AA | 1,880,340 | ||||||||||||||
McCook, Illinois, General Obligation Bonds, Series 2008: | ||||||||||||||||||
| 500 | 5.000%, 12/01/26 | 12/18 at 100.00 | BBB | 564,080 | ||||||||||||||
| 1,000 | 5.100%, 12/01/28 | 12/18 at 100.00 | BBB | 1,123,980 | ||||||||||||||
| 1,000 | Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax Revenue Bonds, Refunding Series 2002B, 5.200%, 6/15/17 – NPFG Insured | No Opt. Call | AAA | 1,114,020 | ||||||||||||||
| 1,500 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012B, 5.000%, 12/15/22 | No Opt. Call | AAA | 1,639,395 | ||||||||||||||
| 2,270 | Peoria Public Building Commission, Illinois, School District Facility Revenue Bonds, Peoria County School District 150 Project, Series 2011., 0.000%, 12/01/24 | No Opt. Call | A+ | 1,617,398 | ||||||||||||||
| 1,500 | Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014, 5.000%, 3/01/29 – AGM Insured | No Opt. Call | AA | 1,668,285 | ||||||||||||||
Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012: | ||||||||||||||||||
| 295 | 5.000%, 10/01/23 | 10/22 at 100.00 | Baa1 | 331,813 | ||||||||||||||
| 275 | 5.000%, 10/01/24 | 10/22 at 100.00 | Baa1 | 305,709 | ||||||||||||||
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010: | ||||||||||||||||||
| 7,610 | 5.250%, 6/01/21 | No Opt. Call | A | 9,002,706 | ||||||||||||||
| 11,125 | 5.500%, 6/01/23 | 6/21 at 100.00 | A– | 13,031,158 | ||||||||||||||
Saint Clair County, Illinois, General Obligation Bonds, Alternative Revenue Source Refunding Series 2009: | ||||||||||||||||||
| 1,000 | 4.500%, 10/01/20 | 10/19 at 100.00 | AA | 1,128,870 | ||||||||||||||
| 1,100 | 5.000%, 10/01/22 | 10/19 at 100.00 | AA | 1,238,127 | ||||||||||||||
| 1,680 | School District 122, Winnebago County, Illinois, Capital Appreciation Bonds, Series 1998, 0.000%, 1/01/17 – AGM Insured | No Opt. Call | A2 | 1,634,892 | ||||||||||||||
| 1,320 | School District 122, Winnebago County, Illinois, Capital Appreciation Bonds, Series 1998, 0.000%, 1/01/17 – AGM Insured (ETM) | No Opt. Call | A2 (4) | 1,304,107 | ||||||||||||||
| 1,000 | Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 5.000%, 12/01/17 – AGM Insured | No Opt. Call | AA | 1,117,630 | ||||||||||||||
| 2,000 | Southwestern Illinois Development Authority, Revenue Bonds, Anderson Hospital, Series 2006, 5.125%, 8/15/26 | 2/17 at 100.00 | BBB– | 2,037,060 | ||||||||||||||
| 1,000 | Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, Madison County, Illinois, Series 2006, 5.000%, 10/01/18 – NPFG Insured | 10/16 at 100.00 | AA– | 1,079,800 | ||||||||||||||
Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source, Series 2012: | ||||||||||||||||||
| 3,205 | 4.000%, 11/01/21 | No Opt. Call | A+ | 3,556,813 | ||||||||||||||
| 2,830 | 4.000%, 11/01/22 | No Opt. Call | A+ | 3,132,046 | ||||||||||||||
| 5,675 | Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2013B, 0.000%, 1/01/30 | No Opt. Call | Aa3 | 2,941,750 | ||||||||||||||
| 106 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Illinois (continued) | ||||||||||||||||||
| $ | 3,870 | Will County School District 86, Joliet, Illinois, General Obligation Bonds, Series 2002, 0.000%, 11/01/17 – AGM Insured | No Opt. Call | AA | $ | 3,695,889 | ||||||||||||
Will, Grundy, Kendall, LaSalle, Kankakee, Livingston and Cook Counties Community College District 525 Joliet Junior College, Illinois, General Obligation Bond, Series 2008: | ||||||||||||||||||
| 535 | 6.250%, 6/01/24 | 6/18 at 100.00 | AA | 624,992 | ||||||||||||||
| 1,005 | 5.750%, 6/01/25 | 6/18 at 100.00 | AA | 1,153,901 | ||||||||||||||
| 335 | 5.750%, 6/01/26 | 6/18 at 100.00 | AA | 384,000 | ||||||||||||||
Will, Grundy, Kendall, LaSalle, Kankakee, Livingston and Cook Counties Community College District 525 Joliet Junior College, Illinois, General Obligation Bond, Series 2008: | ||||||||||||||||||
| 325 | 5.750%, 6/01/25 (Pre-refunded 6/01/18) | 6/18 at 100.00 | N/R (4) | 381,378 | ||||||||||||||
| 85 | 5.750%, 6/01/26 (Pre-refunded 6/01/18) | 6/18 at 100.00 | N/R (4) | 99,745 | ||||||||||||||
| 8,585 | Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, Limited Tax General Obligation Lease Certificates, Series 2011, 7.000%, 10/15/22 | 10/19 at 103.00 | BBB | 9,663,448 | ||||||||||||||
Winnebago-Boone Counties School District 205, Illinois, General Obligation Bonds, Series 2013: | ||||||||||||||||||
| 4,070 | 0.000%, 2/01/25 | No Opt. Call | AA– | 2,862,472 | ||||||||||||||
| 3,340 | 0.000%, 2/01/26 | No Opt. Call | AA– | 2,212,583 | ||||||||||||||
| 391,415 | Total Illinois | 418,896,233 | ||||||||||||||||
| Indiana – 2.6% | ||||||||||||||||||
| 710 | Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/17 | 4/15 at 100.00 | BB+ | 731,967 | ||||||||||||||
| 1,000 | Avon Community School Building Corporation, Hendricks County, Indiana, First Mortgage Bonds, Refunding Series 2007, 4.500%, 7/15/20 – AMBAC Insured | 7/17 at 100.00 | A | 1,086,520 | ||||||||||||||
| 540 | Carmel Redevelopment Authority, Indiana, County Option Income Tax Lease Rental Revenue Bonds, Refunding Series 2014A, 4.000%, 1/01/18 | No Opt. Call | AA | 593,654 | ||||||||||||||
Carmel Redevelopment Authority, Indiana, County Option Income Tax Lease Rental Revenue Bonds, Refunding Series 2014B: | ||||||||||||||||||
| 500 | 5.000%, 7/01/17 | No Opt. Call | AA | 557,475 | ||||||||||||||
| 500 | 4.000%, 1/01/18 | No Opt. Call | AA | 549,680 | ||||||||||||||
| 1,000 | 4.000%, 1/01/19 | No Opt. Call | AA | 1,117,560 | ||||||||||||||
| 435 | 5.000%, 1/01/20 | No Opt. Call | AA | 512,665 | ||||||||||||||
| 1,000 | 5.000%, 7/01/20 | No Opt. Call | AA | 1,188,560 | ||||||||||||||
| 500 | 5.000%, 1/01/21 | No Opt. Call | AA | 595,395 | ||||||||||||||
Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A: | ||||||||||||||||||
| 1,440 | 3.500%, 10/01/26 | 10/23 at 100.00 | BBB+ | 1,418,904 | ||||||||||||||
| 500 | 5.000%, 10/01/29 | 10/23 at 100.00 | BBB+ | 552,970 | ||||||||||||||
| 5,550 | Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax) | 1/17 at 100.00 | BBB | 5,992,169 | ||||||||||||||
| 6,275 | Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax) | 9/24 at 100.00 | BBB | 6,961,046 | ||||||||||||||
| 5,300 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.250%, 10/01/24 – AGM Insured | 10/21 at 100.00 | AA | 6,275,783 | ||||||||||||||
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A: | ||||||||||||||||||
| 810 | 5.000%, 10/01/21 | No Opt. Call | AA | 971,004 | ||||||||||||||
| 675 | 5.000%, 10/01/22 | No Opt. Call | AA | 812,977 | ||||||||||||||
| 600 | 5.000%, 10/01/23 | No Opt. Call | AA | 727,092 | ||||||||||||||
| Nuveen Investments | 107 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Indiana (continued) | ||||||||||||||||||
| $ | 600 | 5.000%, 10/01/24 | No Opt. Call | AA | $ | 733,518 | ||||||||||||
| 1,200 | 5.000%, 10/01/25 | 10/24 at 100.00 | AA | 1,450,884 | ||||||||||||||
| 1,710 | 5.000%, 10/01/26 | 10/24 at 100.00 | AA | 2,044,784 | ||||||||||||||
| 8,000 | Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, First Lien Series 2014A, 2.950%, 10/01/22 | 7/22 at 100.00 | A | 8,249,040 | ||||||||||||||
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligation Group, Series 2006A: | ||||||||||||||||||
| 4,925 | 5.000%, 2/15/36 | 2/16 at 100.00 | AA– | 5,040,541 | ||||||||||||||
| 540 | 5.250%, 2/15/40 | 2/16 at 100.00 | AA– | 555,881 | ||||||||||||||
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2013A: | ||||||||||||||||||
| 2,750 | 5.250%, 1/01/33 | 7/23 at 100.00 | A+ | 3,179,248 | ||||||||||||||
| 2,500 | 5.250%, 1/01/34 | 7/23 at 100.00 | A+ | 2,877,975 | ||||||||||||||
| 2,800 | Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Refunding Series 2006, 5.500%, 7/01/21 – NPFG Insured | No Opt. Call | AA– | 3,375,848 | ||||||||||||||
| 5,000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2007B, 5.250%, 7/01/23 – NPFG Insured | No Opt. Call | AA– | 6,013,550 | ||||||||||||||
Indianapolis, Indiana, Gas Utility Distribution System Revenue Bonds, Refunding 2nd Lien Series 2013A: | ||||||||||||||||||
| 7,900 | 5.250%, 8/15/28 | 8/23 at 100.00 | AA– | 9,287,319 | ||||||||||||||
| 10,000 | 5.250%, 8/15/29 | 8/23 at 100.00 | AA– | 11,722,300 | ||||||||||||||
Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series 2014A: | ||||||||||||||||||
| 500 | 5.000%, 10/01/27 | 10/24 at 100.00 | A | 586,855 | ||||||||||||||
| 720 | 5.000%, 10/01/28 | 10/24 at 100.00 | A | 838,346 | ||||||||||||||
| 1,000 | 5.000%, 10/01/29 | 10/24 at 100.00 | A | 1,161,580 | ||||||||||||||
| 1,360 | 5.000%, 10/01/31 | 10/24 at 100.00 | A | 1,562,205 | ||||||||||||||
| 1,215 | 5.000%, 10/01/33 | 10/24 at 100.00 | A | 1,387,895 | ||||||||||||||
| 2,985 | Jasper County, Indiana, Pollution Control Revenue Refunding Bonds, Northern Indiana Public Service Company Project, Series 1994A Remarketed, 5.850%, 4/01/19 – NPFG Insured | No Opt. Call | AA– | 3,413,019 | ||||||||||||||
Knox County, Indiana, Economic Development Revenue and Refunding Bonds, Good Samaritan Hospital Project, Series 2012A: | ||||||||||||||||||
| 1,675 | 5.000%, 4/01/21 | No Opt. Call | Baa1 | 1,911,979 | ||||||||||||||
| 940 | 5.000%, 4/01/22 | No Opt. Call | Baa1 | 1,069,711 | ||||||||||||||
| 2,015 | 5.000%, 4/01/24 | 4/22 at 100.00 | Baa1 | 2,243,239 | ||||||||||||||
Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012: | ||||||||||||||||||
| 500 | 4.000%, 2/01/17 | No Opt. Call | N/R | 515,325 | ||||||||||||||
| 500 | 4.000%, 8/01/17 | No Opt. Call | N/R | 516,940 | ||||||||||||||
| 500 | 4.250%, 2/01/18 | No Opt. Call | N/R | 520,685 | ||||||||||||||
| 500 | 4.250%, 8/01/18 | No Opt. Call | N/R | 521,595 | ||||||||||||||
| 500 | 4.500%, 2/01/19 | No Opt. Call | N/R | 525,130 | ||||||||||||||
| 500 | 4.500%, 8/01/19 | No Opt. Call | N/R | 525,400 | ||||||||||||||
| 500 | 4.750%, 2/01/20 | No Opt. Call | N/R | 529,930 | ||||||||||||||
| 500 | 4.750%, 8/01/20 | No Opt. Call | N/R | 529,975 | ||||||||||||||
| 250 | 4.750%, 2/01/21 | No Opt. Call | N/R | 262,480 | ||||||||||||||
| 500 | 4.750%, 8/01/21 | No Opt. Call | N/R | 523,550 | ||||||||||||||
| 500 | 5.000%, 2/01/22 | No Opt. Call | N/R | 529,165 | ||||||||||||||
| 500 | 5.000%, 8/01/22 | 2/22 at 100.00 | N/R | 525,975 | ||||||||||||||
| 500 | 5.000%, 8/01/23 | 2/22 at 100.00 | N/R | 521,785 | ||||||||||||||
| 500 | 5.000%, 2/01/24 | 2/22 at 100.00 | N/R | 518,335 | ||||||||||||||
| 108 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Indiana (continued) | ||||||||||||||||||
| $ | 1,250 | Portage Township Multi-School Building Corporation, Porter County, Indiana, First Mortgage Bonds, Series 2007, 4.000%, 7/15/18 – NPFG Insured | 7/17 at 100.00 | AA+ | $ | 1,353,100 | ||||||||||||
| 1,245 | Southwind Housing Inc., Evansville, Indiana, First Mortgage Revenue Bonds, Series 1978A, 7.125%, 11/15/21 (ETM) | 5/15 at 100.00 | N/R (4) | 1,504,271 | ||||||||||||||
| 5,210 | St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005, 5.000%, 2/15/17 (7) | 2/15 at 100.00 | N/R | 429,304 | ||||||||||||||
St. Joseph County, Indiana, Economic Development Revenue Bonds, Holy Cross Village at Notre Dame, Series 2006A: | ||||||||||||||||||
| 450 | 5.750%, 5/15/16 | No Opt. Call | N/R | 474,633 | ||||||||||||||
| 230 | 5.550%, 5/15/19 | 11/14 at 100.00 | N/R | 230,474 | ||||||||||||||
Vanderburgh County, Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014: | ||||||||||||||||||
| 1,000 | 5.000%, 2/01/25 | 8/24 at 100.00 | A | 1,184,570 | ||||||||||||||
| 1,000 | 5.000%, 2/01/26 | 8/24 at 100.00 | A | 1,168,770 | ||||||||||||||
| 1,805 | 5.000%, 2/01/27 | 8/24 at 100.00 | A | 2,099,973 | ||||||||||||||
| 1,750 | 5.000%, 2/01/29 | 8/24 at 100.00 | A | 2,008,020 | ||||||||||||||
| 2,700 | 5.000%, 2/01/31 | 8/24 at 100.00 | A | 3,076,245 | ||||||||||||||
| 111,060 | Total Indiana | 119,946,768 | ||||||||||||||||
| Iowa – 1.6% | ||||||||||||||||||
Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011: | ||||||||||||||||||
| 1,000 | 5.250%, 6/15/25 | 6/20 at 100.00 | A2 | 1,127,610 | ||||||||||||||
| 2,000 | 5.250%, 6/15/26 | 6/20 at 100.00 | A2 | 2,244,160 | ||||||||||||||
| 3,135 | 5.250%, 6/15/27 | 6/20 at 100.00 | A2 | 3,502,485 | ||||||||||||||
| 2,000 | 5.375%, 6/15/28 | 6/20 at 100.00 | A2 | 2,242,900 | ||||||||||||||
| 2,035 | 5.500%, 6/15/29 | 6/20 at 100.00 | A2 | 2,295,215 | ||||||||||||||
| 1,000 | 5.500%, 6/15/30 | No Opt. Call | A2 | 1,126,220 | ||||||||||||||
Fort Dodge Community School District, Webster County, Iowa, School Infrastructure Sales, Services, and Use Tax Revenue Bonds, Series 2011: | ||||||||||||||||||
| 1,830 | 5.000%, 1/01/23 – AGM Insured | 1/21 at 100.00 | AA | 2,073,665 | ||||||||||||||
| 1,890 | 5.000%, 1/01/24 – AGM Insured | 1/21 at 100.00 | AA | 2,129,047 | ||||||||||||||
| 1,520 | 5.000%, 1/01/25 – AGM Insured | 1/21 at 100.00 | AA | 1,699,451 | ||||||||||||||
| 1,000 | 5.000%, 1/01/26 – AGM Insured | 1/21 at 100.00 | AA | 1,112,090 | ||||||||||||||
| 10,000 | Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2013A, 5.250%, 2/15/44 | 2/23 at 100.00 | Aa3 | 11,237,700 | ||||||||||||||
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A: | ||||||||||||||||||
| 4,460 | 5.250%, 7/01/15 | No Opt. Call | BB+ | 4,559,280 | ||||||||||||||
| 2,000 | 5.250%, 7/01/16 | No Opt. Call | BB+ | 2,103,600 | ||||||||||||||
| 820 | 5.000%, 7/01/19 | 7/16 at 100.00 | BB+ | 849,077 | ||||||||||||||
Iowa Finance Authority, Healthcare Revenue Bonds, Genesis Health System, Series 2013: | ||||||||||||||||||
| 8,655 | 5.000%, 7/01/27 | 7/23 at 100.00 | A1 | 9,910,235 | ||||||||||||||
| 6,820 | 5.000%, 7/01/28 | 7/23 at 100.00 | A1 | 7,759,046 | ||||||||||||||
| 8,640 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19 | No Opt. Call | BB– | 9,250,502 | ||||||||||||||
| 1,250 | Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa University Project, Refunding Series 2010, 5.500%, 9/01/25 | 9/20 at 100.00 | BB | 1,291,563 | ||||||||||||||
| Nuveen Investments | 109 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Iowa (continued) | ||||||||||||||||||
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg College, Series 2005A: | ||||||||||||||||||
| $ | 925 | 4.700%, 10/01/16 | 4/15 at 100.00 | BB | $ | 925,777 | ||||||||||||
| 1,100 | 4.750%, 10/01/17 | 4/15 at 100.00 | BB | 1,100,814 | ||||||||||||||
| 1,155 | 4.800%, 10/01/18 | 4/15 at 100.00 | BB | 1,155,705 | ||||||||||||||
| 2,000 | Iowa State, Special Obligation Bonds, Prison Infrastructure Fund, Refunding Series 2010, 4.500%, 6/15/22 | 6/20 at 100.00 | AA | 2,264,360 | ||||||||||||||
| 65,235 | Total Iowa | 71,960,502 | ||||||||||||||||
| Kansas – 1.4% | ||||||||||||||||||
| 16,455 | Burlington, Kansas, Environmental Improvement Revenue Bonds, Kansas City Power and Light Company Project, Refunding Series 1993A, 2.950%, 12/01/23 | 4/23 at 101.00 | A | 16,889,083 | ||||||||||||||
| 10,000 | Burlington, Kansas, Environmental Improvement Revenue Bonds, Kansas City Power and Light Company Project, Refunding Series 1993B, 2.950%, 12/01/23 | 4/23 at 101.00 | A | 10,263,800 | ||||||||||||||
| 1,745 | Johnson County Unified School District 512, Shawnee Mission, Kansas, General Obligation Refunding Bonds, Refunding Series 1996, 4.875%, 10/01/19 | No Opt. Call | Aaa | 1,951,434 | ||||||||||||||
| 1,405 | Kansas Development Finance Authority, Health Facilities Revenue Bonds, Hays Medical Center Inc., Series 2005L, 4.500%, 11/15/17 | 11/15 at 100.00 | A2 | 1,462,563 | ||||||||||||||
| 2,200 | Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009C, 5.500%, 11/15/23 | 11/19 at 100.00 | Aa2 | 2,577,982 | ||||||||||||||
| 3,175 | Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009D, 5.000%, 11/15/29 | 11/17 at 100.00 | Aa2 | 3,481,324 | ||||||||||||||
| 1,850 | Kansas Development Finance Authority, Revenue Bonds, Kansas State Projects, Series 2007K, 4.500%, 11/01/19 – NPFG Insured | 11/17 at 100.00 | AA– | 2,035,352 | ||||||||||||||
| 1,000 | Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2008, 5.125%, 9/01/21 | 9/17 at 100.00 | A+ | 1,090,400 | ||||||||||||||
Olathe, Kansas, Senior Living Facility Revenue Bonds, Catholic Care Campus Santa Marta, Series 2006A: | ||||||||||||||||||
| 765 | 5.750%, 11/15/14 | No Opt. Call | N/R | 766,048 | ||||||||||||||
| 820 | 5.750%, 11/15/15 | No Opt. Call | N/R | 847,068 | ||||||||||||||
| 70 | Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed Securities Program Single Family Revenue Bonds, Series 1997A-2, 6.700%, 6/01/29 | No Opt. Call | Aaa | 71,024 | ||||||||||||||
| 10,050 | Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Via Christi Health System Inc., Series 2011A-IV, 5.000%, 11/15/29 (Pre-refunded 11/15/21) | 11/21 at 100.00 | N/R (4) | 12,324,717 | ||||||||||||||
Wyandotte County/Kansas City Unified Government Board of Public Utilities, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2014A: | ||||||||||||||||||
| 1,000 | 5.000%, 9/01/21 | No Opt. Call | A+ | 1,189,860 | ||||||||||||||
| 660 | 5.000%, 9/01/22 | No Opt. Call | A+ | 788,522 | ||||||||||||||
| 1,500 | 5.000%, 9/01/23 | No Opt. Call | A+ | 1,797,930 | ||||||||||||||
| 12,865 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 | No Opt. Call | A– | 9,050,013 | ||||||||||||||
| 65,560 | Total Kansas | 66,587,120 | ||||||||||||||||
| Kentucky – 1.9% | ||||||||||||||||||
| 2,450 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2009A, 5.625%, 8/15/27 | 8/19 at 100.00 | A+ | 2,752,869 | ||||||||||||||
| 110 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| �� | ||||||||||||||||||
| Kentucky (continued) | ||||||||||||||||||
| $ | 8,175 | Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 5.750%, 12/01/28 – AGC Insured | 6/18 at 100.00 | AA | $ | 8,833,496 | ||||||||||||
| 4,735 | Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A, 5.000%, 7/01/17 | No Opt. Call | Baa3 | 5,227,487 | ||||||||||||||
| 20,700 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 83, Series 2004, 5.000%, 10/01/18 – AMBAC Insured | No Opt. Call | Aa3 | 23,798,997 | ||||||||||||||
| 460 | Laurel County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2006, 4.500%, 8/01/24 – AMBAC Insured | 8/16 at 100.00 | Aa3 | 489,376 | ||||||||||||||
| 7,000 | Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/28 | 6/21 at 100.00 | Aa3 | 8,017,590 | ||||||||||||||
| 1,135 | Louisville and Jefferson County Metropolitan Government, Kentucky, General Revenue Bonds, Bellarmine University, Series 2008A, 6.000%, 5/01/28 | 5/18 at 100.00 | Baa3 | 1,254,674 | ||||||||||||||
Louisville Regional Airport Authority, Kentucky, Airport System Revenue Bonds, Refunding Series 2014A: | ||||||||||||||||||
| 1,320 | 5.000%, 7/01/26 (Alternative Minimum Tax) | 7/24 at 100.00 | A+ | 1,569,968 | ||||||||||||||
| 3,280 | 5.000%, 7/01/28 (Alternative Minimum Tax) | 7/24 at 100.00 | A+ | 3,825,300 | ||||||||||||||
| 4,420 | Louisville-Jefferson County Metropolitan Government, Kentucky, Environmental Facilities Revenue, Louisville Gas & Electric Company Project, Series 2007B, 1.600%, 6/01/33 (Mandatory put 6/01/17) | No Opt. Call | A– | 4,488,024 | ||||||||||||||
| 10,200 | Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2003A, 1.650%, 10/01/33 (Mandatory put 4/03/17) | No Opt. Call | A1 | 10,374,012 | ||||||||||||||
| 1,990 | Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2005A, 2.200%, 2/01/35 (Mandatory put 8/01/19) | No Opt. Call | A1 | 2,050,655 | ||||||||||||||
University of Kentucky, General Receipts Bonds, Series 2014A: | ||||||||||||||||||
| 2,265 | 5.000%, 4/01/17 | No Opt. Call | Aa2 | 2,509,824 | ||||||||||||||
| 2,380 | 5.000%, 4/01/18 | No Opt. Call | Aa2 | 2,715,842 | ||||||||||||||
| 3,580 | 5.000%, 4/01/20 | No Opt. Call | Aa2 | 4,256,190 | ||||||||||||||
University of Kentucky, General Receipts Bonds, Series 2014B: | ||||||||||||||||||
| 1,435 | 5.000%, 4/01/17 | No Opt. Call | Aa2 | 1,590,109 | ||||||||||||||
| 1,665 | 5.000%, 4/01/20 | No Opt. Call | Aa2 | 1,979,485 | ||||||||||||||
| 77,190 | Total Kentucky | 85,733,898 | ||||||||||||||||
| Louisiana – 2.7% | ||||||||||||||||||
| 425 | Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Refunding Series 2012, 5.000%, 6/01/24 – AGM Insured | 6/22 at 100.00 | AA | 493,565 | ||||||||||||||
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B: | ||||||||||||||||||
| 12,280 | 5.000%, 6/01/15 – AMBAC Insured | No Opt. Call | A– | 12,622,121 | ||||||||||||||
| 1,330 | 5.000%, 6/01/17 – AMBAC Insured | 6/16 at 100.00 | A– | 1,421,903 | ||||||||||||||
| 40 | 5.000%, 6/01/21 – AMBAC Insured | 6/16 at 100.00 | A– | 42,580 | ||||||||||||||
| 165 | 5.000%, 6/01/22 – AMBAC Insured | 6/16 at 100.00 | A– | 175,352 | ||||||||||||||
| 180 | Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006-C1, 5.875%, 6/01/23 | 6/18 at 100.00 | AA | 207,997 | ||||||||||||||
| 5 | Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3, 6.125%, 6/01/25 – AGC Insured | 6/18 at 100.00 | AA | 5,816 | ||||||||||||||
| Nuveen Investments | 111 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Louisiana (continued) | ||||||||||||||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien Series 2014A: | ||||||||||||||||||
| $ | 2,275 | 5.000%, 2/01/28 | 2/24 at 100.00 | AA– | $ | 2,637,066 | ||||||||||||
| 1,525 | 5.000%, 2/01/29 | 2/24 at 100.00 | AA– | 1,763,708 | ||||||||||||||
| 2,000 | 5.000%, 2/01/30 | 2/24 at 100.00 | AA– | 2,297,400 | ||||||||||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007A: | ||||||||||||||||||
| 2,000 | 6.750%, 12/15/37 (7) | 12/17 at 100.00 | N/R | 1,299,300 | ||||||||||||||
| 320 | 6.000%, 12/15/37 | 12/14 at 100.00 | N/R | 177,872 | ||||||||||||||
| 30 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007B, 9.000%, 12/15/14 | No Opt. Call | N/R | 16,676 | ||||||||||||||
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A: | ||||||||||||||||||
| 2,015 | 5.000%, 5/15/16 | No Opt. Call | Baa1 | 2,126,651 | ||||||||||||||
| 5,155 | 5.000%, 5/15/20 | 5/17 at 100.00 | Baa1 | 5,535,078 | ||||||||||||||
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A: | ||||||||||||||||||
| 1,000 | 5.000%, 7/01/22 | No Opt. Call | A | 1,204,760 | ||||||||||||||
| 2,750 | 5.000%, 7/01/29 | 7/23 at 100.00 | A | 3,174,848 | ||||||||||||||
| 5,000 | 5.000%, 7/01/31 | 7/23 at 100.00 | A | 5,714,900 | ||||||||||||||
| 3,835 | 5.000%, 7/01/32 | 7/23 at 100.00 | A | 4,345,937 | ||||||||||||||
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A: | ||||||||||||||||||
| 2,765 | 5.250%, 5/01/18 (Pre-refunded 5/01/15) – FGIC Insured | 5/15 at 100.00 | Aa1 (4) | 2,835,618 | ||||||||||||||
| 5,500 | 5.000%, 5/01/24 (Pre-refunded 5/01/15) – FGIC Insured | 5/15 at 100.00 | Aa1 (4) | 5,633,595 | ||||||||||||||
| 7,265 | 5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured | 5/15 at 100.00 | Aa1 (4) | 7,441,467 | ||||||||||||||
| 22,115 | Louisiana State, General Obligation Bonds, Series 2012A, 5.000%, 8/01/26 | 8/22 at 100.00 | Aa2 | 26,358,205 | ||||||||||||||
Louisiana State, Unclaimed Property Special Revenue Bonds, Interstate 49 North Project, Series 2013: | ||||||||||||||||||
| 1,165 | 5.000%, 9/01/29 | 9/23 at 100.00 | AA– | 1,335,335 | ||||||||||||||
| 5,070 | 5.000%, 9/01/31 | 9/23 at 100.00 | AA– | 5,752,574 | ||||||||||||||
| 4,000 | 5.000%, 9/01/32 | 9/23 at 100.00 | AA– | 4,528,640 | ||||||||||||||
New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2012: | ||||||||||||||||||
| 4,140 | 5.000%, 12/01/19 | No Opt. Call | A3 | 4,757,522 | ||||||||||||||
| 3,940 | 5.000%, 12/01/20 | No Opt. Call | A3 | 4,555,704 | ||||||||||||||
| 5,400 | 5.000%, 12/01/21 | No Opt. Call | A3 | 6,248,772 | ||||||||||||||
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014: | ||||||||||||||||||
| 1,100 | 5.000%, 6/01/20 | No Opt. Call | A | 1,282,831 | ||||||||||||||
| 100 | 5.000%, 6/01/24 | No Opt. Call | A | 117,894 | ||||||||||||||
| 500 | 5.000%, 6/01/25 | 6/24 at 100.00 | A | 578,050 | ||||||||||||||
| 500 | 5.000%, 6/01/26 | 6/24 at 100.00 | A | 573,585 | ||||||||||||||
| 500 | 5.000%, 6/01/27 | 6/24 at 100.00 | A | 570,845 | ||||||||||||||
| 330 | 5.000%, 6/01/28 | 6/24 at 100.00 | A | 373,877 | ||||||||||||||
| 570 | 5.000%, 6/01/29 | 6/24 at 100.00 | A | 643,792 | ||||||||||||||
| 500 | Port New Orleans Board of Commissioners, Louisiana, Revenue Bonds, Port Facilities, Refunding Series 2013B, 5.000%, 4/01/30 (Alternative Minimum Tax) | 4/23 at 100.00 | BBB+ | 547,955 | ||||||||||||||
| 5,000 | Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory put 6/01/22) | No Opt. Call | BBB | 5,393,100 | ||||||||||||||
| 112,790 | Total Louisiana | 124,792,891 | ||||||||||||||||
| 112 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Maine – 0.2% | ||||||||||||||||||
| $ | 320 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 3.000%, 7/01/23 | No Opt. Call | Baa1 | $ | 319,757 | ||||||||||||
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011: | ||||||||||||||||||
| 1,000 | 6.750%, 7/01/36 | 7/21 at 100.00 | BBB– | 1,130,120 | ||||||||||||||
| 3,850 | 6.750%, 7/01/41 | 7/21 at 100.00 | BBB– | 4,320,316 | ||||||||||||||
| 630 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2007B, 4.125%, 7/01/18 – FGIC Insured | 1/18 at 100.00 | AA | 690,486 | ||||||||||||||
| 110 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2007B, 4.125%, 7/01/18 (Pre-refunded 1/01/18) – FGIC Insured | 1/18 at 100.00 | A1 (4) | 121,631 | ||||||||||||||
Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013: | ||||||||||||||||||
| 500 | 4.000%, 7/01/18 | No Opt. Call | BBB+ | 543,400 | ||||||||||||||
| 225 | 4.000%, 7/01/20 | No Opt. Call | BBB+ | 246,591 | ||||||||||||||
| 290 | 5.000%, 7/01/22 | No Opt. Call | BBB+ | 335,257 | ||||||||||||||
| 6,925 | Total Maine | 7,707,558 | ||||||||||||||||
| Maryland – 0.9% | ||||||||||||||||||
| 5,000 | Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2012, 5.000%, 8/01/21 | No Opt. Call | AAA | 6,098,750 | ||||||||||||||
Baltimore, Maryland, Revenue Bonds, Water Projects, Series 2013A: | ||||||||||||||||||
| 500 | 5.000%, 7/01/21 | No Opt. Call | AA | 603,065 | ||||||||||||||
| 1,210 | 5.000%, 7/01/22 | No Opt. Call | AA | 1,473,562 | ||||||||||||||
| 1,000 | 5.000%, 7/01/26 | 1/24 at 100.00 | AA | 1,205,470 | ||||||||||||||
| 1,715 | 5.000%, 7/01/27 | 1/24 at 100.00 | AA | 2,056,491 | ||||||||||||||
| 160 | Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 5.875%, 7/01/16 | 1/15 at 100.00 | Aa2 | 160,531 | ||||||||||||||
| 250 | Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35 | 6/20 at 100.00 | Baa3 | 270,130 | ||||||||||||||
| 2,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 2010, 5.250%, 7/01/24 | 7/19 at 100.00 | A2 | 2,270,500 | ||||||||||||||
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2014: | ||||||||||||||||||
| 7,750 | 5.000%, 7/01/24 (WI/DD, Settling 11/19/14) | No Opt. Call | BBB | 9,059,750 | ||||||||||||||
| 10,325 | 5.250%, 7/01/25 (WI/DD, Settling 11/19/14) | 7/24 at 100.00 | BBB | 12,190,315 | ||||||||||||||
| 2,475 | Maryland State, General Obligation Bonds, State & Local Facilities Loan, First Series 2011A, 5.000%, 3/15/19 | No Opt. Call | AAA | 2,899,166 | ||||||||||||||
| 1,990 | Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2009B, 5.250%, 8/15/16 | No Opt. Call | AAA | 2,164,762 | ||||||||||||||
| 700 | Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006, 4.000%, 11/01/15 | No Opt. Call | BBB+ | 719,768 | ||||||||||||||
| 35,075 | Total Maryland | 41,172,260 | ||||||||||||||||
| Massachusetts – 2.0% | ||||||||||||||||||
| 14,175 | Boston Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Senior Lien Series 2014A, 3.625%, 11/01/44 | No Opt. Call | AA+ | 14,057,064 | ||||||||||||||
| 2,680 | Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21 – FGIC Insured | No Opt. Call | AA+ | 3,191,264 | ||||||||||||||
| Nuveen Investments | 113 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Massachusetts (continued) | ||||||||||||||||||
| $ | 10,000 | Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Refunding Senior Lien Series 2004B, 5.250%, 7/01/20 | No Opt. Call | AAA | $ | 12,142,000 | ||||||||||||
| 500 | Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Series 2014A, 5.000%, 7/01/22 | No Opt. Call | AAA | 612,905 | ||||||||||||||
| 2,500 | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2007A, 6.650%, 10/15/28 | 10/17 at 100.00 | N/R | 2,632,700 | ||||||||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007: | ||||||||||||||||||
| 1,040 | 5.000%, 10/01/17 | No Opt. Call | N/R | 1,109,347 | ||||||||||||||
| 515 | 5.000%, 10/01/18 | 10/17 at 100.00 | N/R | 545,174 | ||||||||||||||
| 450 | 5.250%, 10/01/37 | 4/15 at 101.00 | N/R | 454,604 | ||||||||||||||
Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University, Series 2010: | ||||||||||||||||||
| 915 | 4.500%, 7/01/21 | 7/20 at 100.00 | Baa2 | 992,482 | ||||||||||||||
| 1,765 | 4.500%, 7/01/22 | 7/20 at 100.00 | Baa2 | 1,897,216 | ||||||||||||||
| 1,705 | 4.625%, 7/01/23 | 7/20 at 100.00 | Baa2 | 1,860,428 | ||||||||||||||
| 980 | Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 4.800%, 1/01/17 (Alternative Minimum Tax) | 1/15 at 100.00 | AA | 1,043,602 | ||||||||||||||
| 2,000 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2005F, 5.000%, 10/01/15 – AGC Insured | No Opt. Call | AA | 2,073,640 | ||||||||||||||
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Springfield College, Series 2010: | ||||||||||||||||||
| 500 | 5.125%, 10/15/22 | 10/19 at 100.00 | Baa1 | 556,435 | ||||||||||||||
| 2,595 | 5.500%, 10/15/26 | 10/19 at 100.00 | Baa1 | 2,894,152 | ||||||||||||||
| 3,000 | Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 6.000%, 7/01/24 | 7/19 at 100.00 | BBB | 3,543,510 | ||||||||||||||
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A: | ||||||||||||||||||
| 330 | 5.500%, 1/01/15 – AMBAC Insured (Alternative Minimum Tax) | No Opt. Call | N/R | 330,244 | ||||||||||||||
| 140 | 5.500%, 1/01/17 – AMBAC Insured (Alternative Minimum Tax) | 1/15 at 100.00 | N/R | 140,183 | ||||||||||||||
| 50 | 5.200%, 1/01/20 – AMBAC Insured (Alternative Minimum Tax) | 1/15 at 100.00 | N/R | 50,066 | ||||||||||||||
| 1,465 | 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax) | 1/15 at 100.00 | N/R | 1,465,088 | ||||||||||||||
| 10,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2004D, 5.000%, 12/01/22 (Pre-refunded 12/01/14) – AGM Insured | 12/14 at 100.00 | AA+ (4) | 10,040,400 | ||||||||||||||
| 27,360 | Massachusetts State, General Obligation Bonds, Series 2004C, 5.500%, 12/01/16 – AGM Insured | No Opt. Call | AA+ | 30,248,942 | ||||||||||||||
| 1,400 | Springfield, Massachusetts, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/20 – AGM Insured | 2/17 at 100.00 | AA | 1,507,282 | ||||||||||||||
| 86,065 | Total Massachusetts | 93,388,728 | ||||||||||||||||
| Michigan – 3.9% | ||||||||||||||||||
| 790 | Algonac Community Schools, Saint Clair County, Michigan, General Obligation Bonds, School Building & Site Series 2008-I, 4.000%, 5/01/19 – AGM Insured | 5/18 at 100.00 | AA | 864,142 | ||||||||||||||
Detroit Downtown Development Authority, Michigan, Tax Increment Refunding Bonds, Development Area 1 Projects, Series 1996B: | ||||||||||||||||||
| 3,050 | 0.000%, 7/01/22 | No Opt. Call | BB | 1,857,237 | ||||||||||||||
| 2,650 | 0.000%, 7/01/23 | No Opt. Call | BB | 1,499,423 | ||||||||||||||
| 2,880 | 0.000%, 7/01/24 | No Opt. Call | BB | 1,518,826 | ||||||||||||||
| 114 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Michigan (continued) | ||||||||||||||||||
| $ | 7,780 | Detroit, Michigan, General Obligation Bonds, Series 2004B-1, 5.250%, 4/01/17 – AMBAC Insured | 4/15 at 100.00 | Caa3 | $ | 7,746,935 | ||||||||||||
| 1,195 | Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 3.625%, 12/01/32 | 12/24 at 100.00 | A+ | 1,201,238 | ||||||||||||||
| 2,675 | Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist Hospital, Refunding Series 2003A, 5.000%, 5/15/20 – AGM Insured | 5/18 at 100.00 | AA | 3,020,048 | ||||||||||||||
| 2,400 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-7, 5.000%, 7/01/32 – NPFG Insured | 7/24 at 100.00 | AA– | 2,634,120 | ||||||||||||||
Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012: | ||||||||||||||||||
| 1,535 | 5.000%, 6/01/17 | No Opt. Call | A+ | 1,681,071 | ||||||||||||||
| 800 | 4.000%, 6/01/17 | No Opt. Call | A+ | 852,688 | ||||||||||||||
| 2,220 | 5.000%, 6/01/18 | No Opt. Call | A+ | 2,484,824 | ||||||||||||||
| 1,900 | 5.000%, 6/01/19 | No Opt. Call | A+ | 2,161,516 | ||||||||||||||
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B: | ||||||||||||||||||
| 15,250 | 5.000%, 7/01/21 | 7/18 at 100.00 | AAA | 17,428,158 | ||||||||||||||
| 17,575 | 5.000%, 7/01/22 | 7/16 at 100.00 | AAA | 18,890,313 | ||||||||||||||
| 11,090 | 5.000%, 1/01/23 | 1/16 at 100.00 | AAA | 11,682,428 | ||||||||||||||
| 5,645 | 5.000%, 7/01/23 | 1/15 at 100.00 | AAA | 5,667,749 | ||||||||||||||
| 3,540 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 5.000%, 11/15/23 | 11/19 at 100.00 | AA+ | 4,063,566 | ||||||||||||||
| 10,115 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding and Project Series 2010F-5, 1.500%, 11/15/47 (Mandatory put 3/15/17) | No Opt. Call | AA+ | 10,316,693 | ||||||||||||||
Michigan Hospital Financing Authority, Revenue Bonds, Oakwood Obligated Group, Series 2007A: | ||||||||||||||||||
| 2,000 | 5.000%, 7/15/18 | 7/17 at 100.00 | A | 2,197,240 | ||||||||||||||
| 3,530 | 5.000%, 7/15/19 | 7/17 at 100.00 | A | 3,847,700 | ||||||||||||||
| 1,850 | Michigan Municipal Bond Authority, AMBAC Insured Bonds, Series 2007B-A, 5.000%, 12/01/18 – AMBAC Insured | 6/17 at 100.00 | N/R | 1,953,619 | ||||||||||||||
| 5,000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A, 5.000%, 10/15/28 | 10/21 at 100.00 | Aa3 | 5,638,550 | ||||||||||||||
| 5,425 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.000%, 10/15/28 | 10/21 at 100.00 | Aa3 | 6,117,827 | ||||||||||||||
| 6,930 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005I, 5.000%, 10/15/33 – AMBAC Insured | 10/15 at 100.00 | Aa3 | 7,155,641 | ||||||||||||||
| 1,600 | Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/01/23 | 11/19 at 100.00 | AA+ | 1,835,472 | ||||||||||||||
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006: | ||||||||||||||||||
| 1,260 | 5.500%, 6/01/17 | 6/16 at 100.00 | BBB | 1,347,520 | ||||||||||||||
| 1,330 | 5.500%, 6/01/18 | 6/16 at 100.00 | BBB | 1,415,359 | ||||||||||||||
| 4,750 | Romulus Community Schools, Wayne County, Michigan, General Obligation Bonds, Refunding Series 2013, 5.000%, 5/01/22 | No Opt. Call | Aa2 | 5,597,448 | ||||||||||||||
| 1,300 | Romulus Economic Development Corporation, Michigan, Limited Obligation Revenue Refunding Bonds, Romulus HIR LP Project, Series 1992, 7.000%, 11/01/15 (ETM) | 1/15 at 100.00 | N/R (4) | 1,387,009 | ||||||||||||||
| Nuveen Investments | 115 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Michigan (continued) | ||||||||||||||||||
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D: | ||||||||||||||||||
| $ | 1,000 | 5.000%, 9/01/26 | 3/24 at 100.00 | A1 | $ | 1,164,670 | ||||||||||||
| 2,000 | 5.000%, 9/01/27 | 3/24 at 100.00 | A1 | 2,300,600 | ||||||||||||||
| 2,555 | 5.000%, 9/01/28 | 3/24 at 100.00 | A1 | 2,927,877 | ||||||||||||||
| 3,770 | 5.000%, 9/01/29 | 3/24 at 100.00 | A1 | 4,303,832 | ||||||||||||||
| 5,000 | 5.000%, 9/01/30 | 3/24 at 100.00 | A1 | 5,699,350 | ||||||||||||||
| 2,270 | 5.000%, 9/01/31 | 3/24 at 100.00 | A1 | 2,573,817 | ||||||||||||||
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2011: | ||||||||||||||||||
| 4,885 | 5.000%, 5/01/20 | No Opt. Call | Aa2 | 5,721,117 | ||||||||||||||
| 4,845 | 5.000%, 5/01/21 | 11/20 at 100.00 | Aa2 | 5,655,714 | ||||||||||||||
| 3,845 | 5.000%, 5/01/22 | 11/20 at 100.00 | Aa2 | 4,424,249 | ||||||||||||||
| 1,415 | Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A, 6.750%, 11/01/39 | 12/19 at 100.00 | BBB– | 1,487,307 | ||||||||||||||
| 8,000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/16 | No Opt. Call | A | 8,708,400 | ||||||||||||||
| 1,300 | Western Michigan University, General Revenue Bonds, Refunding Series 2008, 5.000%, 11/15/23 – AGM Insured | 5/18 at 100.00 | AA | 1,464,333 | ||||||||||||||
| 168,950 | Total Michigan | 180,495,626 | ||||||||||||||||
| Minnesota – 1.0% | ||||||||||||||||||
| 1,590 | Aitkin, Minnesota Health Care Revenue Bonds, Riverwood Healthcare Center, Series 2006, 5.375%, 2/01/17 | 2/16 at 100.00 | N/R | 1,651,994 | ||||||||||||||
| 1,710 | Cass Lake Independent School District 115, Minnesota, General Obligation Bonds, School Building Refunding Series 2010A, 5.000%, 2/01/27 | 2/20 at 100.00 | AA+ | 1,973,768 | ||||||||||||||
| 500 | Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford Foundation Project, Series 2014, 5.000%, 11/01/29 | 11/24 at 100.00 | A3 | 585,370 | ||||||||||||||
| 2,115 | Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.375%, 11/15/23 | 11/18 at 100.00 | A | 2,481,424 | ||||||||||||||
Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010: | ||||||||||||||||||
| 2,650 | 5.000%, 8/01/18 | No Opt. Call | BBB+ | 2,888,765 | ||||||||||||||
| 1,240 | 4.250%, 8/01/20 | 8/18 at 100.00 | BBB+ | 1,296,110 | ||||||||||||||
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2014A: | ||||||||||||||||||
| 2,500 | 5.000%, 1/01/25 | 1/24 at 100.00 | A | 3,021,625 | ||||||||||||||
| 3,000 | 5.000%, 1/01/32 | 1/24 at 100.00 | A | 3,481,530 | ||||||||||||||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2007-6-R: | ||||||||||||||||||
| 1,255 | 5.500%, 5/01/20 | 5/17 at 100.00 | N/R | 1,311,249 | ||||||||||||||
| 815 | 5.500%, 5/01/21 | 5/17 at 100.00 | N/R | 849,344 | ||||||||||||||
Minnesota State, General Fund Appropriation Refunding Bonds, Series 2014A: | ||||||||||||||||||
| 4,280 | 5.000%, 6/01/22 | No Opt. Call | AA | 5,204,223 | ||||||||||||||
| 4,675 | 5.000%, 6/01/23 | No Opt. Call | AA | 5,728,605 | ||||||||||||||
| 2,625 | 5.000%, 6/01/24 | 6/23 at 100.00 | AA | 3,188,220 | ||||||||||||||
| 1,325 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured | No Opt. Call | AA | 1,335,878 | ||||||||||||||
| 116 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Minnesota (continued) | ||||||||||||||||||
| $ | 425 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 4.000%, 1/01/28 | 1/23 at 100.00 | A– | $ | 453,819 | ||||||||||||
| 650 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2013, 5.000%, 7/01/33 | 7/23 at 100.00 | A– | 734,240 | ||||||||||||||
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Refunding Series 2014B: | ||||||||||||||||||
| 2,000 | 5.000%, 5/01/23 (WI/DD, Settling 11/19/14) | No Opt. Call | A1 | 2,398,880 | ||||||||||||||
| 1,500 | 5.000%, 5/01/24 (WI/DD, Settling 11/19/14) | No Opt. Call | A1 | 1,807,875 | ||||||||||||||
| 1,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/21 | 11/16 at 100.00 | A | 1,069,630 | ||||||||||||||
| 1,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.000%, 11/15/24 | 11/19 at 100.00 | AA– | 1,137,590 | ||||||||||||||
| 300 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Gillette Children’s Specialty Healthcare, Series 2005, 5.000%, 2/01/15 | No Opt. Call | N/R | 302,781 | ||||||||||||||
| 475 | Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/21 | 8/16 at 100.00 | N/R | 487,222 | ||||||||||||||
| 2,670 | St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 5.750%, 11/15/21 | 11/15 at 100.00 | BBB– | 2,779,363 | ||||||||||||||
| 40,300 | Total Minnesota | 46,169,505 | ||||||||||||||||
| Mississippi – 0.4% | ||||||||||||||||||
| 8,660 | Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 | 4/15 at 100.00 | BBB | 8,667,881 | ||||||||||||||
| 1,440 | Mississippi Hospital Equipment and Facilities Authority, Revenue Refunding and Improvement Bonds, Mississippi Baptist Health System Inc., Series 2007A, 5.000%, 8/15/16 | No Opt. Call | BBB+ | 1,544,198 | ||||||||||||||
| 8,860 | Mississippi State, General Obligation Bonds, Series 2013B, 5.000%, 12/01/28 | 12/23 at 100.00 | AA+ | 10,670,984 | ||||||||||||||
| 18,960 | Total Mississippi | 20,883,063 | ||||||||||||||||
| Missouri – 2.0% | ||||||||||||||||||
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007: | ||||||||||||||||||
| 1,245 | 5.000%, 6/01/18 | 6/17 at 100.00 | BBB– | 1,321,779 | ||||||||||||||
| 3,030 | 5.000%, 6/01/20 | 6/17 at 100.00 | BBB– | 3,178,319 | ||||||||||||||
| 8,090 | Curators of the University of Missouri, System Facilities Revenue Bonds, Refunding Series 2012A, 5.000%, 11/01/19 | No Opt. Call | AA+ | 9,598,219 | ||||||||||||||
Great Rivers Greenway Metropolitan Park & Recreation District, Missouri, Sales Tax Appropriation Bonds, Gateway Arch Project, Series 2014: | ||||||||||||||||||
| 1,000 | 3.000%, 12/30/24 | 12/23 at 100.00 | A+ | 1,045,320 | ||||||||||||||
| 2,000 | 4.125%, 12/30/33 | 12/23 at 100.00 | A+ | 2,120,520 | ||||||||||||||
| 1,000 | Grundy County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Wright Memorial Hospital, Series 2009, 5.600%, 9/01/21 | 9/19 at 100.00 | BBB– | 1,073,100 | ||||||||||||||
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006: | ||||||||||||||||||
| 1,465 | 4.400%, 3/01/15 | No Opt. Call | BBB+ | 1,480,441 | ||||||||||||||
| 1,515 | 4.450%, 3/01/16 | No Opt. Call | BBB+ | 1,574,449 | ||||||||||||||
| Nuveen Investments | 117 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Missouri (continued) | ||||||||||||||||||
| $ | 6,020 | Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/19 | 2/15 at 102.00 | BBB+ | $ | 6,203,610 | ||||||||||||
| 505 | Kansas City, Missouri, Special Obligation Bonds, East Village Project, Series 2008B, 5.000%, 4/15/22 – AGC Insured | 4/18 at 100.00 | AA | 569,054 | ||||||||||||||
| 2,000 | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Independence, Crackerneck Creek Project, Series 2008B, 5.125%, 3/01/22 | 3/18 at 100.00 | A– | 2,139,060 | ||||||||||||||
| 1,130 | Missouri Development Finance Board, Research Facility Revenue Bonds, Midwest Research Institute Project, Series 2007, 5.000%, 11/01/16 | No Opt. Call | Baa2 | 1,213,936 | ||||||||||||||
| 1,400 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33 | 5/23 at 100.00 | BBB+ | 1,542,548 | ||||||||||||||
| 2,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM Health Care, Series 2014A, 4.000%, 6/01/33 | 6/24 at 100.00 | AA– | 2,070,880 | ||||||||||||||
| 1,390 | Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still University of Health Sciences, Series 2014, 4.250%, 10/01/32 | 10/23 at 100.00 | A– | 1,475,249 | ||||||||||||||
| 430 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011, 4.400%, 2/01/19 | No Opt. Call | BBB+ | 475,898 | ||||||||||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2005B: | ||||||||||||||||||
| 850 | 4.350%, 2/01/15 | No Opt. Call | BBB+ | 857,744 | ||||||||||||||
| 930 | 4.375%, 2/01/16 | No Opt. Call | BBB+ | 970,976 | ||||||||||||||
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Iatan 2 Project, Refunding Series 2014A: | ||||||||||||||||||
| 1,320 | 5.000%, 1/01/25 | 1/24 at 100.00 | A2 | 1,582,218 | ||||||||||||||
| 2,500 | 5.000%, 1/01/26 | 1/24 at 100.00 | A2 | 2,971,900 | ||||||||||||||
| 1,000 | 5.000%, 1/01/32 | 1/24 at 100.00 | A2 | 1,153,580 | ||||||||||||||
| 1,000 | Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Series 2006, 4.200%, 1/01/18 – NPFG Insured | 1/16 at 100.00 | AA– | 1,027,040 | ||||||||||||||
| 4,330 | Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds, Series 2007A, 5.000%, 1/01/18 – AMBAC Insured | 1/17 at 100.00 | A | 4,717,362 | ||||||||||||||
| 730 | Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Transportation Development District, Series 2006, 4.800%, 5/01/16 | 11/14 at 100.00 | N/R | 730,226 | ||||||||||||||
| 5,830 | Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 2012, 5.000%, 6/01/18 | No Opt. Call | BBB+ | 6,416,207 | ||||||||||||||
| 500 | St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A, 5.100%, 11/01/19 | 11/14 at 100.00 | N/R | 500,210 | ||||||||||||||
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005: | ||||||||||||||||||
| 11,500 | 5.500%, 7/01/17 – NPFG Insured | No Opt. Call | AA– | 12,944,285 | ||||||||||||||
| 17,305 | 5.500%, 7/01/19 – NPFG Insured | No Opt. Call | AA– | 20,323,511 | ||||||||||||||
| 1,200 | St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2007A, 5.000%, 7/01/25 – AGM Insured | No Opt. Call | AA | 1,305,780 | ||||||||||||||
| 83,215 | Total Missouri | 92,583,421 | ||||||||||||||||
| 118 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Montana – 0.1% | ||||||||||||||||||
Montana Facilities Finance Authority, Revenue Bonds, Saint John’s Lutheran Ministries Project, Series 2006A: | ||||||||||||||||||
| $ | 950 | 5.750%, 5/15/16 | No Opt. Call | N/R | $ | 1,002,972 | ||||||||||||
| 1,675 | 6.000%, 5/15/25 | 5/16 at 100.00 | N/R | 1,745,367 | ||||||||||||||
| 2,500 | Montana Facilities Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Composite Deal Series 2010B, 5.000%, 1/01/24 | 1/20 at 100.00 | AA– | 2,818,525 | ||||||||||||||
| 5,125 | Total Montana | 5,566,864 | ||||||||||||||||
| Nebraska – 0.9% | ||||||||||||||||||
| 1,130 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Immanuel Obligated Group, Refunding Series 2010, 5.125%, 1/01/23 | 1/20 at 100.00 | AA– | 1,238,424 | ||||||||||||||
Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014: | ||||||||||||||||||
| 1,670 | 4.000%, 5/15/33 | 5/24 at 100.00 | BBB+ | 1,692,478 | ||||||||||||||
| 6,775 | 5.000%, 5/15/44 | 5/24 at 100.00 | BBB+ | 7,341,322 | ||||||||||||||
| 600 | Douglas County Hospital Authority 3, Nebraska, Health Facilities Refunding and Revenue Bonds, Nebraska Methodist Health System, Series 2008, 5.750%, 11/01/28 | 11/18 at 100.00 | A– | 657,726 | ||||||||||||||
Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2012: | ||||||||||||||||||
| 665 | 4.000%, 6/15/23 | 6/22 at 100.00 | AA– | 742,659 | ||||||||||||||
| 1,830 | 4.000%, 6/15/24 | 6/22 at 100.00 | AA– | 2,024,566 | ||||||||||||||
| 1,265 | 4.000%, 6/15/25 | 6/22 at 100.00 | AA– | 1,384,264 | ||||||||||||||
Lancaster County Hospital Authority 1, Nebraska, Health Facilities Revenue Bonds, Immanuel Obligated Group, Refunding Series 2010: | ||||||||||||||||||
| 735 | 4.750%, 1/01/19 | No Opt. Call | AA– | 814,468 | ||||||||||||||
| 1,000 | 5.125%, 1/01/23 | 1/20 at 100.00 | AA– | 1,101,970 | ||||||||||||||
| 2,000 | Lancaster County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, BryanLGH Medical Center Project, Refunding Series 2006, 4.000%, 6/01/18 | 6/16 at 100.00 | A1 | 2,083,160 | ||||||||||||||
| 5,910 | Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/32 | No Opt. Call | A– | 6,456,202 | ||||||||||||||
Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012: | ||||||||||||||||||
| 3,380 | 5.000%, 9/01/25 | 9/22 at 100.00 | AA | 4,014,189 | ||||||||||||||
| 3,215 | 5.000%, 9/01/26 | 9/22 at 100.00 | AA | 3,798,908 | ||||||||||||||
Nebraska Public Power District, General Revenue Bonds, Series 2012A: | ||||||||||||||||||
| 1,465 | 5.000%, 1/01/23 | 1/22 at 100.00 | A1 | 1,748,946 | ||||||||||||||
| 1,500 | 5.000%, 1/01/24 | 1/22 at 100.00 | A1 | 1,784,130 | ||||||||||||||
| 950 | 5.000%, 1/01/25 | 1/22 at 100.00 | A1 | 1,123,033 | ||||||||||||||
Papillion-LaVista School District 27, Sarpy County, Nebraska, General Obligation Bonds, Series 2014: | ||||||||||||||||||
| 725 | 5.000%, 12/01/21 | No Opt. Call | Aa2 | 880,324 | ||||||||||||||
| 1,230 | 5.000%, 12/01/22 | No Opt. Call | Aa2 | 1,507,119 | ||||||||||||||
| 36,045 | Total Nebraska | 40,393,888 | ||||||||||||||||
| Nevada – 2.6% | ||||||||||||||||||
| 3,000 | Clark County School District, Nevada, General Obligation Bonds, Series 2008A, 5.000%, 6/15/24 | No Opt. Call | AA– | 3,385,290 | ||||||||||||||
| Nuveen Investments | 119 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Nevada (continued) | ||||||||||||||||||
Clark County, Nevada, Airport Revenue Bonds, Jet Aviation Fuel Tax, Refunding Series 2013A: | ||||||||||||||||||
| $ | 2,000 | 5.000%, 7/01/22 (Alternative Minimum Tax) | No Opt. Call | A | $ | 2,337,000 | ||||||||||||
| 1,000 | 5.000%, 7/01/23 (Alternative Minimum Tax) | 1/23 at 100.00 | A | 1,165,950 | ||||||||||||||
| 1,905 | 5.000%, 7/01/24 (Alternative Minimum Tax) | 1/23 at 100.00 | A | 2,202,237 | ||||||||||||||
| 21,000 | Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 | 1/20 at 100.00 | A+ | 24,795,750 | ||||||||||||||
| 25,495 | Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2008, 5.000%, 6/01/38 | No Opt. Call | Aa1 | 28,125,319 | ||||||||||||||
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water & Refunding Series 2011C: | ||||||||||||||||||
| 1,550 | 5.000%, 6/01/23 | 6/21 at 100.00 | AA+ | 1,829,543 | ||||||||||||||
| 1,000 | 5.000%, 6/01/24 | 6/21 at 100.00 | AA+ | 1,172,720 | ||||||||||||||
| 12,450 | 5.000%, 6/01/25 | 6/21 at 100.00 | AA+ | 14,509,106 | ||||||||||||||
| 5,685 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Improvement Series 2006A, 5.000%, 6/01/25 – AGM Insured | 6/16 at 100.00 | AA+ | 6,073,172 | ||||||||||||||
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B: | ||||||||||||||||||
| 2,035 | 5.000%, 6/01/24 | 6/22 at 100.00 | AA+ | 2,435,651 | ||||||||||||||
| 1,500 | 5.000%, 6/01/25 | 6/22 at 100.00 | AA+ | 1,782,645 | ||||||||||||||
| 2,000 | 5.000%, 6/01/26 | 6/22 at 100.00 | AA+ | 2,364,260 | ||||||||||||||
Las Vegas, Nevada, Special Improvement District 607 Providence, Local Improvement Refunding Bonds, Series 2013: | ||||||||||||||||||
| 100 | 4.000%, 6/01/19 | No Opt. Call | N/R | 103,359 | ||||||||||||||
| 50 | 4.000%, 6/01/20 | No Opt. Call | N/R | 51,496 | ||||||||||||||
| 435 | 5.000%, 6/01/22 | No Opt. Call | N/R | 470,209 | ||||||||||||||
| 4,660 | Nevada State, General Obligation Bonds, Capital Improvement & Cultural Affairs, Refunding Series 2012B, 5.000%, 8/01/22 | No Opt. Call | AA+ | 5,657,426 | ||||||||||||||
| 11,130 | Nevada State, General Obligation Bonds, Capital Improvement & Cultural Affairs, Refunding Series 2013D-1, 5.000%, 3/01/22 | No Opt. Call | AA+ | 13,453,610 | ||||||||||||||
Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011: | ||||||||||||||||||
| 2,265 | 5.000%, 7/01/22 | 7/21 at 100.00 | AA | 2,632,610 | ||||||||||||||
| 4,710 | 5.000%, 7/01/23 | 7/21 at 100.00 | AA | 5,417,960 | ||||||||||||||
| 1,510 | Washoe County, Nevada, Highway Revenue, Motor Vehicle Fuel Tax Bonds, Series 2013, 5.000%, 2/01/43 | 2/19 at 100.00 | A+ | 1,676,478 | ||||||||||||||
| 105,480 | Total Nevada | 121,641,791 | ||||||||||||||||
| New Hampshire – 0.5% | ||||||||||||||||||
New Hampshire Health and Education Facilities Authority, Hospital Revenue Bonds, Catholic Medical Center, Series 2006: | ||||||||||||||||||
| 430 | 5.000%, 7/01/15 | No Opt. Call | BBB+ | 442,418 | ||||||||||||||
| 445 | 5.000%, 7/01/16 | No Opt. Call | BBB+ | 475,184 | ||||||||||||||
| 1,000 | New Hampshire Health and Education Facilities Authority, Hospital Revenue Bonds, Speare Memorial Hospital, Series 2004, 5.500%, 7/01/25 (Pre-refunded 7/01/15) | 7/15 at 100.00 | N/R (4) | 1,035,530 | ||||||||||||||
| 5,660 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Series 2009, 5.250%, 6/01/39 | 6/19 at 100.00 | AA+ | 6,492,020 | ||||||||||||||
| 1,000 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, The Memorial Hospital, Series 2006, 5.250%, 6/01/21 | 6/16 at 100.00 | BBB | 1,026,220 | ||||||||||||||
| 120 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| New Hampshire (continued) | ||||||||||||||||||
| $ | 1,300 | New Hampshire Municipal Bond Bank, Non-State Guaranteed Bonds, Refunding Series 2007A, 4.500%, 2/15/20 – NPFG Insured | 8/17 at 100.00 | AA | $ | 1,416,285 | ||||||||||||
| 12,125 | New Hampshire Municipal Bond Bank, Non-State Guaranteed Bonds, Series 2005d, 5.000%, 7/15/29 – NPFG Insured | 7/15 at 100.00 | AA– | 12,461,833 | ||||||||||||||
| 21,960 | Total New Hampshire | 23,349,490 | ||||||||||||||||
| New Jersey – 5.7% | ||||||||||||||||||
| 535 | Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax) | No Opt. Call | BBB– | 600,206 | ||||||||||||||
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004: | ||||||||||||||||||
| 8,005 | 5.375%, 6/15/15 (ETM) | No Opt. Call | Aaa | 8,266,363 | ||||||||||||||
| 2,135 | 5.500%, 6/15/16 (ETM) | No Opt. Call | Aaa | 2,314,255 | ||||||||||||||
| 4,320 | 5.500%, 6/15/16 – RAAI Insured (ETM) | No Opt. Call | Aaa | 4,682,707 | ||||||||||||||
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012: | ||||||||||||||||||
| 1,100 | 5.000%, 6/15/17 | No Opt. Call | BBB+ | 1,211,188 | ||||||||||||||
| 5,505 | 5.000%, 6/15/19 | No Opt. Call | BBB+ | 6,270,966 | ||||||||||||||
| 5,905 | 5.000%, 6/15/20 | No Opt. Call | BBB+ | 6,808,347 | ||||||||||||||
| 17,495 | 5.000%, 6/15/21 | No Opt. Call | BBB+ | 20,274,606 | ||||||||||||||
| 2,130 | 5.000%, 6/15/22 | No Opt. Call | BBB+ | 2,482,323 | ||||||||||||||
| 1,000 | 5.000%, 6/15/22 | No Opt. Call | AA | 1,171,100 | ||||||||||||||
| 7,180 | 5.000%, 6/15/23 | 6/22 at 100.00 | BBB+ | 8,273,011 | ||||||||||||||
| 2,965 | 5.000%, 6/15/24 | 6/22 at 100.00 | BBB+ | 3,377,995 | ||||||||||||||
| 7,580 | 5.000%, 6/15/25 | 6/22 at 100.00 | BBB+ | 8,574,572 | ||||||||||||||
| 4,950 | 5.000%, 6/15/26 | 6/22 at 100.00 | BBB+ | 5,563,652 | ||||||||||||||
| 900 | 4.250%, 6/15/27 | 6/22 at 100.00 | BBB+ | 936,369 | ||||||||||||||
| 4,625 | 5.000%, 6/15/28 | No Opt. Call | BBB+ | 5,139,346 | ||||||||||||||
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013: | ||||||||||||||||||
| 1,350 | 5.000%, 1/01/28 (Alternative Minimum Tax) | 1/24 at 100.00 | BBB– | 1,521,099 | ||||||||||||||
| 1,685 | 5.000%, 1/01/31 – AGM Insured (Alternative Minimum Tax) | 1/24 at 100.00 | AA | 1,874,664 | ||||||||||||||
| 25,035 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/21 | No Opt. Call | A2 | 28,746,439 | ||||||||||||||
| 400 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Children’s Specialized Hospital, Series 2005A, 5.000%, 7/01/18 | 7/15 at 100.00 | BBB | 409,812 | ||||||||||||||
| 31,440 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B, 5.250%, 12/15/15 – AMBAC Insured | No Opt. Call | A2 | 33,143,105 | ||||||||||||||
| 8,075 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B, 5.250%, 12/15/17 (Pre-refunded 12/15/15) – FGIC Insured | 12/15 at 100.00 | AA+ (4) | 8,536,325 | ||||||||||||||
| 1,340 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/31 – FGIC Insured | No Opt. Call | AA– | 596,823 | ||||||||||||||
| 10,050 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23 | No Opt. Call | A2 | 11,590,866 | ||||||||||||||
| 3,670 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31 | 6/21 at 100.00 | A2 | 4,251,805 | ||||||||||||||
| Nuveen Investments | 121 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| New Jersey (continued) | ||||||||||||||||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA: | ||||||||||||||||||
| $ | 20,200 | 5.000%, 6/15/21 | No Opt. Call | A2 | $ | 23,165,966 | ||||||||||||
| 14,000 | 5.000%, 6/15/22 | No Opt. Call | A2 | 16,050,300 | ||||||||||||||
| 5,615 | Salem County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (Alternative Minimum Tax) | No Opt. Call | BBB | 6,329,621 | ||||||||||||||
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2012Q: | ||||||||||||||||||
| 4,965 | 3.000%, 1/01/20 | No Opt. Call | A2 | 5,228,741 | ||||||||||||||
| 2,950 | 3.000%, 1/01/21 | No Opt. Call | A2 | 3,075,818 | ||||||||||||||
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | ||||||||||||||||||
| 10,330 | 4.500%, 6/01/23 | 6/17 at 100.00 | BB | 10,249,116 | ||||||||||||||
| 5,075 | 4.625%, 6/01/26 | 6/17 at 100.00 | B+ | 4,665,346 | ||||||||||||||
| 20,570 | 5.000%, 6/01/29 | 6/17 at 100.00 | B | 17,679,092 | ||||||||||||||
| 243,080 | Total New Jersey | 263,061,944 | ||||||||||||||||
| New Mexico – 0.5% | ||||||||||||||||||
| 14,850 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19) | 8/19 at 100.00 | Aa3 | 17,215,011 | ||||||||||||||
| 4,000 | State of New Mexico, State Severance Tax Revenue Bonds, Refunding Series 2010C, 5.000%, 7/01/15 | No Opt. Call | Aa1 | 4,130,440 | ||||||||||||||
| 18,850 | Total New Mexico | 21,345,451 | ||||||||||||||||
| New York – 6.5% | ||||||||||||||||||
| 4,055 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.000%, 7/15/30 | 1/20 at 100.00 | BBB– | 4,557,982 | ||||||||||||||
Buffalo and Fort Erie Public Bridge Authority, New York, Toll Bridge System Revenue Bonds, Refunding Series 2014: | ||||||||||||||||||
| 300 | 5.000%, 1/01/24 | No Opt. Call | A+ | 363,417 | ||||||||||||||
| 500 | 5.000%, 1/01/25 | No Opt. Call | A+ | 607,830 | ||||||||||||||
| 355 | Dormitory Authority of the State of New York, Mortgage Insurance Fund Project Pool Bonds, State of New York Mortgage Agency – AIDS Long Term Health Care Facility, Series 2005, 5.000%, 11/01/14 | No Opt. Call | Aa1 | 355,000 | ||||||||||||||
| 5,125 | Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, Series 2009, 5.000%, 7/01/24 | 7/19 at 100.00 | Baa2 | 5,472,475 | ||||||||||||||
| 7,050 | Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, Upstate Community Colleges, Series 2005A, 5.500%, 7/01/20 – FGIC Insured | No Opt. Call | AA | 8,552,990 | ||||||||||||||
| 6,665 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014A, 5.000%, 2/15/21 | No Opt. Call | AAA | 7,967,141 | ||||||||||||||
Dormitory Authority of the State of New York, Third General Resolution Revenue Bonds, State University Educational Facilities Issue, Series 2012A: | ||||||||||||||||||
| 10,000 | 5.000%, 5/15/24 | 5/22 at 100.00 | AA | 11,984,800 | ||||||||||||||
| 9,230 | 5.000%, 5/15/25 | 5/22 at 100.00 | AA | 11,019,420 | ||||||||||||||
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A: | ||||||||||||||||||
| 160 | 0.000%, 6/01/17 – AGM Insured | No Opt. Call | AA | 155,157 | ||||||||||||||
| 122 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| New York (continued) | ||||||||||||||||||
| $ | 110 | 0.000%, 6/01/22 – AGM Insured | No Opt. Call | AA | $ | 93,300 | ||||||||||||
| 400 | 0.000%, 6/01/23 – AGM Insured | No Opt. Call | AA | 325,520 | ||||||||||||||
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A: | ||||||||||||||||||
| 1,755 | 5.000%, 12/01/19 (Pre-refunded 6/01/16) – FGIC Insured | 6/16 at 100.00 | AA– (4) | 1,886,063 | ||||||||||||||
| 600 | 5.250%, 12/01/20 (Pre-refunded 6/01/16) – FGIC Insured | 6/16 at 100.00 | AA– (4) | 647,172 | ||||||||||||||
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A: | ||||||||||||||||||
| 900 | 5.000%, 12/01/16 – AGM Insured | 6/16 at 100.00 | AA | 962,892 | ||||||||||||||
| 225 | 4.000%, 12/01/16 – AGM Insured | No Opt. Call | AA | 236,743 | ||||||||||||||
| 705 | 5.000%, 12/01/23 – FGIC Insured | 6/16 at 100.00 | AA– | 750,480 | ||||||||||||||
| 600 | 5.000%, 12/01/26 – SYNCORA GTY Insured | 6/16 at 100.00 | A– | 635,868 | ||||||||||||||
| 300 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 | 6/16 at 100.00 | A– | 316,362 | ||||||||||||||
| 35 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 – AGC Insured | 9/16 at 100.00 | AA | 37,267 | ||||||||||||||
| 450 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 | 9/16 at 100.00 | A– | 478,382 | ||||||||||||||
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006E: | ||||||||||||||||||
| 2,675 | 5.000%, 12/01/17 – FGIC Insured | 12/16 at 100.00 | AA– | 2,915,670 | ||||||||||||||
| 660 | 5.000%, 12/01/17 | 12/16 at 100.00 | A– | 718,661 | ||||||||||||||
| 1,595 | 5.000%, 12/01/18 – FGIC Insured | 12/16 at 100.00 | AA– | 1,736,764 | ||||||||||||||
| 13,600 | 5.000%, 12/01/18 – NPFG Insured | 12/16 at 100.00 | AA– | 14,808,768 | ||||||||||||||
| 220 | 5.000%, 12/01/20 – NPFG Insured | 12/16 at 100.00 | AA– | 239,074 | ||||||||||||||
| 1,795 | 5.000%, 12/01/21 – FGIC Insured | 12/16 at 100.00 | AA– | 1,948,688 | ||||||||||||||
| 195 | 5.000%, 12/01/21 – NPFG Insured | 12/16 at 100.00 | AA– | 211,696 | ||||||||||||||
| 1,720 | 5.000%, 12/01/22 – FGIC Insured | 12/16 at 100.00 | AA– | 1,865,392 | ||||||||||||||
| 1,050 | 5.000%, 12/01/22 | 12/16 at 100.00 | A– | 1,136,940 | ||||||||||||||
Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A: | ||||||||||||||||||
| 160 | 5.000%, 4/01/19 | No Opt. Call | A– | 183,808 | ||||||||||||||
| 225 | 5.250%, 4/01/20 | 4/19 at 100.00 | A– | 257,009 | ||||||||||||||
| 500 | 5.250%, 4/01/21 | 4/19 at 100.00 | A– | 569,310 | ||||||||||||||
| 1,735 | 5.500%, 4/01/22 | 4/19 at 100.00 | A– | 1,985,846 | ||||||||||||||
| 255 | 5.000%, 4/01/23 | 4/19 at 100.00 | A– | 283,774 | ||||||||||||||
| 380 | 6.250%, 4/01/33 | 4/19 at 100.00 | A– | 446,709 | ||||||||||||||
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F: | ||||||||||||||||||
| 850 | 5.000%, 5/01/16 – NPFG Insured | No Opt. Call | AA– | 906,228 | ||||||||||||||
| 915 | 5.000%, 5/01/17 – NPFG Insured | No Opt. Call | AA– | 1,009,263 | ||||||||||||||
| 10,285 | 5.000%, 5/01/18 – NPFG Insured | 11/16 at 100.00 | AA– | 11,166,013 | ||||||||||||||
| 1,320 | 5.000%, 5/01/19 – NPFG Insured | 11/16 at 100.00 | AA– | 1,431,685 | ||||||||||||||
| 25 | 4.000%, 5/01/21 – NPFG Insured | 11/16 at 100.00 | AA– | 26,415 | ||||||||||||||
| 1,200 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/16 | No Opt. Call | A– | 1,278,516 | ||||||||||||||
| 1,235 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012B, 5.000%, 9/01/26 | 9/22 at 100.00 | A– | 1,419,719 | ||||||||||||||
| 15,310 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/16 (Pre-refunded 11/15/15) – AMBAC Insured | 11/15 at 100.00 | AA– (4) | 16,080,859 | ||||||||||||||
| Nuveen Investments | 123 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| New York (continued) | ||||||||||||||||||
| $ | 1,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.000%, 11/15/23 | No Opt. Call | AA– | $ | 1,208,000 | ||||||||||||
Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014B: | ||||||||||||||||||
| 655 | 5.000%, 7/01/30 | 7/24 at 100.00 | BBB+ | 744,165 | ||||||||||||||
| 2,355 | 5.000%, 7/01/32 | 7/24 at 100.00 | BBB+ | 2,663,128 | ||||||||||||||
Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014: | ||||||||||||||||||
| 1,500 | 5.000%, 7/01/28 | 7/24 at 100.00 | BBB+ | 1,716,195 | ||||||||||||||
| 1,000 | 5.000%, 7/01/29 | 7/24 at 100.00 | BBB+ | 1,140,570 | ||||||||||||||
| 2,000 | New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax) | 8/16 at 101.00 | N/R | 2,196,520 | ||||||||||||||
| 3,000 | New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/30 | 6/15 at 100.00 | AAA | 3,082,170 | ||||||||||||||
| 10,155 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/16 (ETM) | No Opt. Call | AAA | 11,094,845 | ||||||||||||||
| 10,000 | New York City, New York, General Obligation Bonds, Fiscal 2003 Series C-A. RMKT, 5.000%, 8/01/19 | No Opt. Call | AA | 11,685,200 | ||||||||||||||
| 20,000 | New York City, New York, General Obligation Bonds, Fiscal 2015 Series A, 5.000%, 8/01/20 | No Opt. Call | AA | 23,721,800 | ||||||||||||||
| 100 | New York City, New York, General Obligation Bonds, Fiscal Series 2002A, 5.750%, 8/01/15 | 2/15 at 100.00 | AA | 100,471 | ||||||||||||||
| 21,235 | New York City, New York, General Obligation Bonds, Fiscal Series 2007C-1, 5.000%, 10/01/18 | 10/17 at 100.00 | AA | 23,818,662 | ||||||||||||||
| 16,405 | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19 | No Opt. Call | A– | 18,999,451 | ||||||||||||||
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2011B: | ||||||||||||||||||
| 8,040 | 5.000%, 6/01/17 | No Opt. Call | AA | 8,947,957 | ||||||||||||||
| 9,040 | 5.000%, 6/01/18 | No Opt. Call | AA | 10,337,059 | ||||||||||||||
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2013A: | ||||||||||||||||||
| 1,715 | 5.000%, 6/01/20 | 6/16 at 100.00 | AA | 1,838,806 | ||||||||||||||
| 1,675 | 5.000%, 6/01/21 | 6/16 at 100.00 | AA | 1,792,133 | ||||||||||||||
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2013B: | ||||||||||||||||||
| 1,000 | 5.000%, 6/01/19 | 6/15 at 100.00 | AA | 1,027,510 | ||||||||||||||
| 560 | 5.000%, 6/01/20 | 6/15 at 100.00 | AA | 575,327 | ||||||||||||||
| 1,040 | 5.000%, 6/01/20 | 6/16 at 100.00 | AA | 1,114,828 | ||||||||||||||
| 2,905 | 5.000%, 6/01/21 | 6/16 at 100.00 | AA | 3,110,064 | ||||||||||||||
| 1,535 | 5.000%, 6/01/21 | 6/17 at 100.00 | AA | 1,703,957 | ||||||||||||||
| 8,770 | 5.000%, 6/01/22 | 6/17 at 100.00 | AA | 9,728,298 | ||||||||||||||
| 1,000 | Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2014A, 5.125%, 7/01/31 | 7/19 at 100.00 | BB | 1,056,560 | ||||||||||||||
| 10,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/25 | 12/23 at 100.00 | AA– | 12,147,600 | ||||||||||||||
| 795 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 | 12/20 at 100.00 | BBB | 923,814 | ||||||||||||||
| 124 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| New York (continued) | ||||||||||||||||||
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014: | ||||||||||||||||||
| $ | 2,435 | 5.000%, 7/01/28 | 7/24 at 100.00 | BBB+ | $ | 2,785,957 | ||||||||||||
| 2,695 | 5.000%, 7/01/29 | 7/24 at 100.00 | BBB+ | 3,073,836 | ||||||||||||||
| 4,200 | 5.000%, 7/01/30 | 7/24 at 100.00 | BBB+ | 4,771,746 | ||||||||||||||
| 2,100 | 5.000%, 7/01/31 | 7/24 at 100.00 | BBB+ | 2,376,612 | ||||||||||||||
| 1,335 | 5.000%, 7/01/32 | 7/24 at 100.00 | BBB+ | 1,509,671 | ||||||||||||||
| 3,080 | 5.000%, 7/01/33 | 7/24 at 100.00 | BBB+ | 3,474,856 | ||||||||||||||
| 2,550 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2014A, 5.000%, 11/15/22 | No Opt. Call | AA– | 3,104,141 | ||||||||||||||
| 263,300 | Total New York | 297,604,977 | ||||||||||||||||
| North Carolina – 1.0% | ||||||||||||||||||
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2014A: | ||||||||||||||||||
| 200 | 5.000%, 7/01/23 (WI/DD, Settling 11/06/14) | No Opt. Call | Aa3 | 244,762 | ||||||||||||||
| 500 | 5.000%, 7/01/24 (WI/DD, Settling 11/06/14) | No Opt. Call | Aa3 | 616,160 | ||||||||||||||
| 1,250 | 5.000%, 7/01/26 (WI/DD, Settling 11/06/14) | 7/24 at 100.00 | Aa3 | 1,503,175 | ||||||||||||||
| 950 | 5.000%, 7/01/27 (WI/DD, Settling 11/06/14) | 7/24 at 100.00 | Aa3 | 1,133,008 | ||||||||||||||
| 610 | North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University, Series 2012, 3.750%, 3/01/24 | 3/22 at 100.00 | BBB | 636,218 | ||||||||||||||
| 900 | North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Series 2008A, 5.250%, 6/01/20 | 6/18 at 100.00 | BBB | 983,961 | ||||||||||||||
| 2,000 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2009A, 5.500%, 1/01/26 | 1/19 at 100.00 | A– | 2,317,960 | ||||||||||||||
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012B: | ||||||||||||||||||
| 5,000 | 5.000%, 1/01/20 | No Opt. Call | A– | 5,843,750 | ||||||||||||||
| 21,620 | 5.000%, 1/01/21 | No Opt. Call | A– | 25,481,548 | ||||||||||||||
| 1,700 | North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 2008A, 5.250%, 1/01/22 – AGC Insured | 1/18 at 100.00 | AA | 1,918,093 | ||||||||||||||
| 4,955 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/26 | 1/19 at 100.00 | A | 5,643,150 | ||||||||||||||
| 1,020 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2012A, 4.000%, 1/01/20 (WI/DD, Settling 11/03/14) | No Opt. Call | A | 1,146,572 | ||||||||||||||
| 200 | University of North Carolina, Greensboro, General Revenue Bonds, Series 2014A, 4.000%, 4/01/19 | No Opt. Call | Aa3 | 223,974 | ||||||||||||||
| 40,905 | Total North Carolina | 47,692,331 | ||||||||||||||||
| North Dakota – 0.3% | ||||||||||||||||||
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A: | ||||||||||||||||||
| 120 | 5.000%, 7/01/23 | 7/21 at 100.00 | BBB+ | 134,941 | ||||||||||||||
| 1,240 | 5.000%, 7/01/26 | 7/21 at 100.00 | BBB+ | 1,376,549 | ||||||||||||||
| 2,835 | 5.000%, 7/01/27 | 7/21 at 100.00 | BBB+ | 3,135,482 | ||||||||||||||
| 1,485 | 5.000%, 7/01/28 | 7/21 at 100.00 | BBB+ | 1,635,831 | ||||||||||||||
| 1,000 | 5.000%, 7/01/31 | 7/21 at 100.00 | BBB+ | 1,094,680 | ||||||||||||||
| 1,750 | 5.000%, 7/01/35 | 7/21 at 100.00 | BBB+ | 1,892,905 | ||||||||||||||
| Nuveen Investments | 125 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| North Dakota (continued) | ||||||||||||||||||
| $ | 2,750 | Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31 | 11/21 at 100.00 | A+ | $ | 3,297,085 | ||||||||||||
| 2,410 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2006, 5.125%, 7/01/20 | 7/16 at 100.00 | BBB– | 2,509,750 | ||||||||||||||
| 13,590 | Total North Dakota | 15,077,223 | ||||||||||||||||
| Ohio – 4.3% | ||||||||||||||||||
| 1,000 | Akron, Ohio, Certificates of Participation, Refunding Series 2005, 5.000%, 12/01/15 (Pre-refunded 6/01/15) – AGC Insured | 6/15 at 100.00 | AA (4) | 1,028,320 | ||||||||||||||
| 1,900 | Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A, 5.000%, 5/01/33 | 5/22 at 100.00 | AA– | 2,115,061 | ||||||||||||||
| 1,260 | Barberton City School District, Summit County, Ohio, General Obligation Bonds, School Improvement Series 2008, 4.750%, 12/01/21 | 6/18 at 100.00 | AA | 1,412,246 | ||||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-1: | ||||||||||||||||||
| 375 | 5.000%, 6/01/15 | No Opt. Call | Aaa | 382,931 | ||||||||||||||
| 1,875 | 5.000%, 6/01/16 | No Opt. Call | Aa1 | 1,975,031 | ||||||||||||||
| 135 | 5.000%, 6/01/17 | No Opt. Call | A1 | 145,919 | ||||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | ||||||||||||||||||
| 45,400 | 5.125%, 6/01/24 | 6/17 at 100.00 | B– | 38,023,408 | ||||||||||||||
| 435 | 5.875%, 6/01/30 | 6/17 at 100.00 | B– | 357,814 | ||||||||||||||
| 255 | 5.750%, 6/01/34 | 6/17 at 100.00 | B– | 201,866 | ||||||||||||||
| 1,000 | Cincinnati, Ohio, General Obligation Bonds, Various Purpose, Refunding & Improvement Series 2014A, 5.000%, 12/01/17 | No Opt. Call | Aa2 | 1,129,720 | ||||||||||||||
| 3,240 | Cleveland, Ohio, Airport System Revenue Bonds, Series 2009C, 5.000%, 1/01/21 – AGM Insured | 1/19 at 100.00 | AA | 3,606,736 | ||||||||||||||
Cleveland, Ohio, General Obligation Bonds, Series 2011: | ||||||||||||||||||
| 1,700 | 5.000%, 12/01/22 | 12/19 at 100.00 | AA | 1,952,858 | ||||||||||||||
| 1,780 | 5.000%, 12/01/23 | 12/19 at 100.00 | AA | 2,039,168 | ||||||||||||||
| 14,575 | Columbus, Ohio, General Obligation Bonds, Various Purpose, Series 2014A, 5.000%, 2/15/20 | No Opt. Call | AAA | 17,405,028 | ||||||||||||||
| 4,740 | Columbus, Ohio, Sewerage System Revenue Bonds, Tender Option Bond Trust 2456, 18.116%, 12/01/15 (IF) | No Opt. Call | AA+ | 7,020,224 | ||||||||||||||
Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of Greater Cincinnati, Refunding Series 2014A: | ||||||||||||||||||
| 1,000 | 5.000%, 12/01/23 (WI/DD, Settling 11/19/14) | No Opt. Call | AA+ | 1,235,390 | ||||||||||||||
| 1,200 | 5.000%, 12/01/24 (WI/DD, Settling 11/19/14) | No Opt. Call | AA+ | 1,497,624 | ||||||||||||||
| 2,905 | Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 5.500%, 8/15/24 | 8/18 at 100.00 | A3 | 3,245,117 | ||||||||||||||
| 1,095 | Mason City School District, Warren and Butler Counties, Ohio, General Obligation Bonds, Refunding Series 2007, 4.375%, 12/01/19 – AGM Insured | 12/16 at 100.00 | Aa1 | 1,175,362 | ||||||||||||||
Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center Inc., Series 2006: | ||||||||||||||||||
| 1,970 | 5.250%, 5/15/15 | No Opt. Call | A | 2,022,244 | ||||||||||||||
| 750 | 5.250%, 5/15/16 | No Opt. Call | A | 804,308 | ||||||||||||||
| 126 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Ohio (continued) | ||||||||||||||||||
| $ | 7,450 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/27 | 2/23 at 100.00 | BB+ | $ | 7,799,331 | ||||||||||||
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C: | ||||||||||||||||||
| 775 | 4.000%, 10/01/18 | No Opt. Call | A1 | 846,099 | ||||||||||||||
| 870 | 4.000%, 10/01/19 | No Opt. Call | A1 | 958,357 | ||||||||||||||
| 1,150 | 4.000%, 10/01/20 | No Opt. Call | A1 | 1,272,130 | ||||||||||||||
| 1,205 | 5.000%, 10/01/21 | No Opt. Call | A1 | 1,406,271 | ||||||||||||||
| 965 | 5.000%, 10/01/22 | No Opt. Call | A1 | 1,132,746 | ||||||||||||||
| 6,625 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18) | No Opt. Call | BBB– | 7,007,064 | ||||||||||||||
| 1,715 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2009B, 3.100%, 3/01/23 (Mandatory put 3/01/19) | No Opt. Call | BBB– | 1,745,098 | ||||||||||||||
| 1,000 | Ohio Higher Education Facilities Commission, Revenue Bonds, John Carroll University, Series 1997, 4.500%, 4/01/15 | No Opt. Call | A3 | 1,014,850 | ||||||||||||||
| 11,015 | Ohio State, General Obligation Bonds, Common Schools Series 2007A, 5.000%, 6/15/15 | No Opt. Call | AA+ | 11,349,636 | ||||||||||||||
| 8,000 | Ohio State, General Obligation Bonds, Highway Capital Improvement Series 2012Q, 5.000%, 5/01/21 | No Opt. Call | AAA | 9,683,280 | ||||||||||||||
| 6,960 | Ohio State, General Obligation Bonds, Refunding Common Schools Series 2011B, 4.000%, 9/15/21 | No Opt. Call | AA+ | 7,976,438 | ||||||||||||||
| 24,230 | Ohio State, General Obligation Bonds, Refunding Common Schools Series 2014A, 5.000%, 9/15/19 | No Opt. Call | AA+ | 28,629,199 | ||||||||||||||
| 8,160 | Ohio State, General Obligation Bonds, Refunding Higher Education Series 2012C, 5.000%, 8/01/21 | No Opt. Call | AA+ | 9,898,325 | ||||||||||||||
| 12,000 | Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Series 2014, 5.000%, 6/01/21 | No Opt. Call | AAA | 14,541,240 | ||||||||||||||
| 500 | Richland County, Ohio, General Obligation Bonds, Correctional Facilities Improvement Refunding Series 2008, 5.875%, 12/01/24 – AGC Insured | 12/18 at 100.00 | A2 | 566,610 | ||||||||||||||
Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006: | ||||||||||||||||||
| 735 | 5.000%, 11/15/14 (ETM) | No Opt. Call | N/R (4) | 736,389 | ||||||||||||||
| 805 | 5.000%, 11/15/16 (ETM) | No Opt. Call | N/R (4) | 880,332 | ||||||||||||||
| 182,750 | Total Ohio | 196,219,770 | ||||||||||||||||
| Oklahoma – 0.8% | ||||||||||||||||||
Canadian County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Mustang Public Schools Project, Series 2012: | ||||||||||||||||||
| 2,290 | 4.500%, 9/01/21 | No Opt. Call | A+ | 2,590,540 | ||||||||||||||
| 2,810 | 4.000%, 9/01/22 | 9/21 at 100.00 | A+ | 3,052,587 | ||||||||||||||
| 1,415 | 4.000%, 9/01/23 | 9/21 at 100.00 | A+ | 1,521,252 | ||||||||||||||
| 2,495 | Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.500%, 9/01/23 | 9/16 at 100.00 | BBB– | 2,625,913 | ||||||||||||||
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Refunding Series 2014A: | ||||||||||||||||||
| 1,245 | 5.000%, 7/01/22 | No Opt. Call | AA | 1,517,169 | ||||||||||||||
| Nuveen Investments | 127 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Oklahoma (continued) | ||||||||||||||||||
| $ | 2,000 | 5.000%, 7/01/23 | No Opt. Call | AA | $ | 2,454,720 | ||||||||||||
| 1,500 | 5.000%, 7/01/24 | No Opt. Call | AA | 1,857,285 | ||||||||||||||
| 2,500 | 5.000%, 7/01/25 | 7/24 at 100.00 | AA | 3,067,450 | ||||||||||||||
| 10,000 | Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/27 (Pre-refunded 7/01/15) – AMBAC Insured | 7/15 at 100.00 | AA (4) | 10,323,400 | ||||||||||||||
Pontotoc County Educational Facilities Authority, Oklahoma, Facilities Lease Revenue Bonds, Ada Public Schools Project, Series 2014: | ||||||||||||||||||
| 750 | 5.000%, 9/01/22 | No Opt. Call | A– | 873,233 | ||||||||||||||
| 500 | 3.000%, 9/01/23 | No Opt. Call | A– | 502,625 | ||||||||||||||
| 600 | 5.000%, 9/01/24 | No Opt. Call | A– | 701,412 | ||||||||||||||
| 1,505 | 5.000%, 9/01/25 | No Opt. Call | A– | 1,766,102 | ||||||||||||||
| 3,000 | Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2009A, 5.375%, 6/01/24 | 6/15 at 100.00 | BBB+ | 3,050,580 | ||||||||||||||
| 32,610 | Total Oklahoma | 35,904,268 | ||||||||||||||||
| Oregon – 0.9% | ||||||||||||||||||
Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Refunding Bonds, Series 2012B: | ||||||||||||||||||
| 5,900 | 4.000%, 6/15/22 | No Opt. Call | AA+ | 6,778,805 | ||||||||||||||
| 3,340 | 4.000%, 6/15/23 | No Opt. Call | AA+ | 3,795,008 | ||||||||||||||
| 4,145 | Clackamas Community College District, Oregon, General Obligation Bonds, Series 2007, 5.000%, 6/15/20 – FGIC Insured | No Opt. Call | AA | 4,945,068 | ||||||||||||||
| 4,000 | Oregon Department of Administrative Services, State Lottery Revenue Bonds, Refunding Series 2014C, 5.000%, 4/01/22 | No Opt. Call | AAA | 4,885,840 | ||||||||||||||
| 11,120 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 2013A, 5.000%, 11/15/38 | 11/23 at 100.00 | AAA | 12,931,337 | ||||||||||||||
| 4,000 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/22 (Pre-refunded 5/15/19) | 5/19 at 100.00 | AAA | 4,692,440 | ||||||||||||||
Umatilla County School District 016R Pendleton, Oregon, General Obligation Bonds, Series 2014A: | ||||||||||||||||||
| 1,000 | 5.000%, 6/15/28 | 6/24 at 100.00 | Aa1 | 1,212,220 | ||||||||||||||
| 1,080 | 5.000%, 6/15/29 | 6/24 at 100.00 | Aa1 | 1,301,929 | ||||||||||||||
| 34,585 | Total Oregon | 40,542,647 | ||||||||||||||||
| Pennsylvania – 3.5% | ||||||||||||||||||
| 2,015 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center System, Series 2008B, 5.000%, 6/15/18 | No Opt. Call | Aa3 | 2,309,976 | ||||||||||||||
| 1,000 | Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 5.000%, 12/01/25 | 12/22 at 100.00 | AA– | 1,158,920 | ||||||||||||||
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B: | ||||||||||||||||||
| 1,750 | 3.500%, 12/01/35 (Mandatory put 6/01/20) | No Opt. Call | BBB– | 1,803,183 | ||||||||||||||
| 20,815 | 2.500%, 12/01/41 (Mandatory put 6/01/17) | No Opt. Call | BBB– | 21,207,571 | ||||||||||||||
| 1,315 | Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 4.125%, 8/01/20 | 8/19 at 100.00 | Aa2 | 1,474,588 | ||||||||||||||
Delaware County Authority, Pennsylvania, Hospital Revenue Bonds, Crozer-Chester Medical Center, Refunding Series 2005: | ||||||||||||||||||
| 1,275 | 5.000%, 12/15/15 – RAAI Insured | No Opt. Call | Ba1 | 1,322,711 | ||||||||||||||
| 128 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Pennsylvania (continued) | ||||||||||||||||||
| $ | 1,405 | 5.000%, 12/15/17 – RAAI Insured | 12/15 at 100.00 | Ba1 | $ | 1,451,182 | ||||||||||||
Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008: | ||||||||||||||||||
| 535 | 5.250%, 10/01/20 | 10/18 at 100.00 | BBB | 592,454 | ||||||||||||||
| 565 | 5.375%, 10/01/21 | 10/18 at 100.00 | BBB | 622,681 | ||||||||||||||
Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann University, Series 2010: | ||||||||||||||||||
| 1,000 | 5.000%, 10/01/21 | 10/20 at 100.00 | BBB | 1,103,100 | ||||||||||||||
| 1,050 | 5.000%, 10/01/25 | 10/20 at 100.00 | BBB | 1,125,369 | ||||||||||||||
| 3,140 | Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.750%, 12/15/27 | 12/19 at 100.00 | N/R | 3,258,504 | ||||||||||||||
| 1,300 | Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.000%, 1/01/27 | 1/17 at 100.00 | A | 1,365,689 | ||||||||||||||
| 1,000 | Montgomery County Industrial Development Authority, Pennsylvania, First Mortgage Revenue Bonds, Whitemarsh Continuing Care, Series 2005, 6.125%, 2/01/28 | 2/15 at 100.00 | N/R | 1,005,710 | ||||||||||||||
| 3,325 | Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 | 10/19 at 100.00 | BBB+ | 3,897,831 | ||||||||||||||
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Junior Guaranteed Series 2013B: | ||||||||||||||||||
| 1,975 | 5.500%, 1/01/25 | 1/24 at 100.00 | AA | 2,424,016 | ||||||||||||||
| 2,265 | 5.500%, 1/01/26 | 1/24 at 100.00 | AA | 2,759,382 | ||||||||||||||
| 2,260 | 5.500%, 1/01/27 | 1/24 at 100.00 | AA | 2,730,939 | ||||||||||||||
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Junior Insured Series 2013C: | ||||||||||||||||||
| 500 | 5.500%, 1/01/25 – AGM Insured | No Opt. Call | AA | 613,675 | ||||||||||||||
| 1,095 | 5.500%, 1/01/26 – AGM Insured | 1/24 at 100.00 | AA | 1,334,006 | ||||||||||||||
| 2,505 | 5.500%, 1/01/28 – AGM Insured | 1/24 at 100.00 | AA | 3,004,647 | ||||||||||||||
| 2,050 | 5.500%, 1/01/29 – AGM Insured | 1/24 at 100.00 | AA | 2,453,440 | ||||||||||||||
| 1,255 | 5.500%, 1/01/31 – AGM Insured | 1/24 at 100.00 | AA | 1,490,927 | ||||||||||||||
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012B: | ||||||||||||||||||
| 2,240 | 5.000%, 1/01/21 | 1/19 at 100.00 | Aaa | 2,576,515 | ||||||||||||||
| 9,575 | 5.000%, 7/01/21 | 1/18 at 100.00 | Aaa | 10,780,205 | ||||||||||||||
| 7,800 | 5.000%, 1/01/22 | 7/17 at 100.00 | Aaa | 8,667,048 | ||||||||||||||
| 11,765 | 5.000%, 7/01/22 | 7/16 at 100.00 | Aaa | 12,641,257 | ||||||||||||||
| 9,785 | Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured | 12/16 at 100.00 | AA | 9,974,731 | ||||||||||||||
| 2,000 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A, 0.000%, 12/01/34 | No Opt. Call | AA– | 1,556,500 | ||||||||||||||
| 16,020 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 | 12/27 at 100.00 | A– | 17,173,600 | ||||||||||||||
| 3,000 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Ninth Series, 2010, 5.000%, 8/01/30 | 8/20 at 100.00 | A– | 3,300,450 | ||||||||||||||
| 10,000 | Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2005A, 5.000%, 8/01/19 – AMBAC Insured | 8/15 at 100.00 | A+ | 10,347,500 | ||||||||||||||
| 4,270 | Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2010A, 5.000%, 6/01/16 | No Opt. Call | A+ | 4,565,954 | ||||||||||||||
| Nuveen Investments | 129 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Pennsylvania (continued) | ||||||||||||||||||
| $ | 11,050 | Sayre Healthcare Facility Authority, Pennsylvania, Revenue Bonds, Guthrie Healthcare System, Series 2007, 0.937%, 12/01/24 | 12/17 at 100.00 | AA– | $ | 10,387,221 | ||||||||||||
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2013: | ||||||||||||||||||
| 1,400 | 5.000%, 12/01/19 | No Opt. Call | BBB– | 1,538,432 | ||||||||||||||
| 730 | 5.000%, 12/01/20 | No Opt. Call | BBB– | 806,117 | ||||||||||||||
| 1,105 | 5.000%, 12/01/21 | No Opt. Call | BBB– | 1,214,992 | ||||||||||||||
| 1,625 | 5.000%, 12/01/22 | No Opt. Call | BBB– | 1,779,976 | ||||||||||||||
| 1,705 | 5.000%, 12/01/23 | 6/23 at 100.00 | BBB– | 1,861,212 | ||||||||||||||
| 1,795 | 5.000%, 12/01/24 | 6/23 at 100.00 | BBB– | 1,956,353 | ||||||||||||||
| 60 | Trinity Area School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/19 – AGM Insured | No Opt. Call | A2 | 67,244 | ||||||||||||||
| 1,205 | Westmoreland County Industrial Development Authority, Pennsylvania, Retirement Community Revenue Bonds, Redstone Presbyterian SeniorCare Obligated Group, Series 2005A, 5.500%, 1/01/16 (ETM) | No Opt. Call | N/R (4) | 1,275,505 | ||||||||||||||
| 152,525 | Total Pennsylvania | 162,981,313 | ||||||||||||||||
| Puerto Rico – 0.2% | ||||||||||||||||||
| 3,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT, | 7/17 at 100.00 | AA– | 2,947,950 | ||||||||||||||
| 1,015 | Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2007M, 5.500%, 7/01/35 (Mandatory put 7/01/17) – AMBAC Insured | 7/17 at 100.00 | BB | 1,024,653 | ||||||||||||||
| 4,515 | Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, | No Opt. Call | AA– | 4,624,353 | ||||||||||||||
| 8,530 | Total Puerto Rico | 8,596,956 | ||||||||||||||||
| Rhode Island – 0.1% | ||||||||||||||||||
| 4,300 | Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England Health System, Series 2013A, 5.500%, 9/01/28 | 9/23 at 100.00 | BBB | 4,725,399 | ||||||||||||||
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A: | ||||||||||||||||||
| 565 | 6.000%, 6/01/23 | 12/14 at 100.00 | A2 | 568,390 | ||||||||||||||
| 665 | 6.125%, 6/01/32 | 12/14 at 100.00 | BBB+ | 668,345 | ||||||||||||||
| 5,530 | Total Rhode Island | 5,962,134 | ||||||||||||||||
| South Carolina – 1.4% | ||||||||||||||||||
| 12,700 | Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24 | 12/16 at 100.00 | AA | 13,801,090 | ||||||||||||||
| 2,500 | Greenville Hospital System Board of Trustees, South Carolina, Hospital Revenue Bonds, Series 2014B, 5.000%, 5/01/34 | 5/24 at 100.00 | AA– | 2,834,350 | ||||||||||||||
Newberry Investing in Children’s Education, South Carolina, Installment Purchase Revenue Bonds, Newberry County School District Project, Series 2005: | ||||||||||||||||||
| 1,500 | 5.250%, 12/01/23 (Pre-refunded 12/01/15) | 12/15 at 100.00 | A1 (4) | 1,581,615 | ||||||||||||||
| 2,000 | 5.250%, 12/01/24 (Pre-refunded 12/01/15) | 12/15 at 100.00 | A1 (4) | 2,108,820 | ||||||||||||||
South Carolina JOBS Economic Development Authority, Hospital Revenue Bonds, Bon Secours Health System Obligated Group, Series 2012: | ||||||||||||||||||
| 1,850 | 5.000%, 11/01/20 | No Opt. Call | A– | 2,171,419 | ||||||||||||||
| 7,500 | 5.000%, 11/01/27 | 11/22 at 100.00 | A– | 8,514,150 | ||||||||||||||
| 130 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| South Carolina (continued) | ||||||||||||||||||
| $ | 13,190 | 5.000%, 11/01/28 | 11/22 at 100.00 | A– | $ | 14,923,694 | ||||||||||||
| 1,225 | 5.000%, 11/01/29 | 11/22 at 100.00 | A– | 1,381,396 | ||||||||||||||
South Carolina JOBS Economic Development Authority, Economic Development Revenue, FMU Student Housing, LLC – Francis Marion University Project, Series 2014A: | ||||||||||||||||||
| 1,910 | 5.000%, 8/01/27 (WI/DD, Settling 11/12/14) | 8/24 at 100.00 | Baa3 | 2,113,358 | ||||||||||||||
| 3,925 | 5.000%, 8/01/32 (WI/DD, Settling 11/12/14) | 8/24 at 100.00 | Baa3 | 4,259,135 | ||||||||||||||
| 1,000 | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding & Improvement Series 2009, 5.000%, 8/01/18 | No Opt. Call | BBB+ | 1,096,490 | ||||||||||||||
| 6,810 | South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2004B, | No Opt. Call | A1 | 7,433,047 | ||||||||||||||
| 500 | Spartanburg Regional Health Services District Inc., South Carolina, Hospital Revenue Bonds, Refunding | 4/18 at 100.00 | AA | 562,965 | ||||||||||||||
| 1,350 | Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32 | 4/22 at 100.00 | A1 | 1,514,781 | ||||||||||||||
| 57,960 | Total South Carolina | 64,296,310 | ||||||||||||||||
| South Dakota – 0.3% | ||||||||||||||||||
| 2,385 | Deadwood, South Dakota, Certificates of Participation, Crossover Refunding Series 2005, 5.000%, 11/01/18 – ACA Insured | 11/15 at 100.00 | A | 2,468,618 | ||||||||||||||
South Dakota Building Authority, Revenue Bonds, Series 2013B: | ||||||||||||||||||
| 525 | 5.000%, 6/01/22 | No Opt. Call | AA | 634,835 | ||||||||||||||
| 1,000 | 5.000%, 6/01/24 | 6/23 at 100.00 | AA | 1,207,470 | ||||||||||||||
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Huron Regional Medical Center, Series 2005: | ||||||||||||||||||
| 760 | 5.000%, 4/01/17 | 4/15 at 100.00 | A– | 762,888 | ||||||||||||||
| 800 | 5.000%, 4/01/18 | 4/15 at 100.00 | A– | 802,968 | ||||||||||||||
| 840 | 5.000%, 4/01/19 | 4/15 at 100.00 | A– | 842,957 | ||||||||||||||
| 820 | 5.000%, 4/01/20 | 4/15 at 100.00 | A– | 822,747 | ||||||||||||||
| 1,000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2007, 5.000%, 11/01/19 | 5/17 at 100.00 | A+ | 1,090,020 | ||||||||||||||
| 1,000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2009, 5.000%, 11/01/24 | 11/19 at 100.00 | A+ | 1,124,740 | ||||||||||||||
| 4,125 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/34 | 11/24 at 100.00 | A+ | 4,703,078 | ||||||||||||||
| 1,500 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Vocational Education Program, Series 2008, 5.125%, 8/01/28 – AGC Insured | 8/18 at 100.00 | AA | 1,667,490 | ||||||||||||||
| 14,755 | Total South Dakota | 16,127,811 | ||||||||||||||||
| Tennessee – 1.3% | ||||||||||||||||||
| 2,265 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2008D, 6.125%, 10/01/28 | 10/18 at 100.00 | A+ | 2,630,798 | ||||||||||||||
| 3,460 | Claiborne County, Tennessee, Industrial Development Board, Revenue Refunding Bonds, Lincoln Memorial University Project, Series 2009, 6.125%, 10/01/29 | 10/19 at 100.00 | N/R | 3,771,400 | ||||||||||||||
| 1,200 | Harpeth Valley Utilities District of Davidson and Williamson Counties, Tennessee Utilities Revenue Bonds, Series 2014, 4.000%, 9/01/39 | 9/24 at 100.00 | AA | 1,226,916 | ||||||||||||||
| 3,650 | Jackson, Tennessee, Hospital Revenue Refunding Bonds, Jackson-Madison County General Hospital Project, Series 2008, 5.250%, 4/01/23 | 4/18 at 100.00 | A+ | 4,015,402 | ||||||||||||||
| Nuveen Investments | 131 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Tennessee (continued) | ||||||||||||||||||
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A: | ||||||||||||||||||
| $ | 715 | 5.000%, 7/01/15 | No Opt. Call | BBB+ | $ | 733,268 | ||||||||||||
| 750 | 5.000%, 7/01/18 | 7/16 at 100.00 | BBB+ | 791,760 | ||||||||||||||
| 5,000 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2007, 5.250%, 4/01/27 | 4/17 at 100.00 | BBB+ | 5,219,800 | ||||||||||||||
Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2012A: | ||||||||||||||||||
| 1,400 | 4.000%, 1/01/22 | No Opt. Call | A | 1,553,454 | ||||||||||||||
| 3,180 | 5.000%, 1/01/23 | No Opt. Call | A | 3,761,304 | ||||||||||||||
| 1,300 | 4.000%, 1/01/23 | No Opt. Call | A | 1,442,194 | ||||||||||||||
| 1,750 | 5.000%, 1/01/24 | No Opt. Call | A | 2,047,360 | ||||||||||||||
Memphis and Shelby County Port Commission, Tennessee, Port Development Revenue Bonds, Series 2011: | ||||||||||||||||||
| 1,480 | 5.250%, 4/01/23 | 4/21 at 100.00 | AA– | 1,724,674 | ||||||||||||||
| 1,560 | 5.250%, 4/01/24 | 4/21 at 100.00 | AA– | 1,805,840 | ||||||||||||||
| 1,240 | 5.250%, 4/01/25 | 4/21 at 100.00 | AA– | 1,440,000 | ||||||||||||||
| 1,000 | Memphis, Tennessee, General Improvement Bonds, Series 2005, 5.000%, 10/01/16 – NPFG Insured | No Opt. Call | AA | 1,087,940 | ||||||||||||||
| 3,175 | Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Refunding Series 2007C, 5.000%, 11/01/17 – NPFG Insured | No Opt. Call | AA– | 3,507,772 | ||||||||||||||
| 4,430 | Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Refunding Series 2009A, 5.125%, 11/01/24 | 11/19 at 100.00 | AA– | 4,950,879 | ||||||||||||||
Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Refunding Series 2009B: | ||||||||||||||||||
| 1,000 | 5.500%, 11/01/20 | 11/19 at 100.00 | AA– | 1,181,650 | ||||||||||||||
| 1,860 | 5.250%, 11/01/25 | 11/19 at 100.00 | AA– | 2,059,039 | ||||||||||||||
| 1,400 | Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.000%, 9/01/19 (Pre-refunded 9/01/16) | 9/16 at 100.00 | BBB+ (4) | 1,517,278 | ||||||||||||||
| 11,910 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/20 | No Opt. Call | A | 13,635,402 | ||||||||||||||
| 53,725 | Total Tennessee | 60,104,130 | ||||||||||||||||
| Texas – 8.8% | ||||||||||||||||||
| 1,110 | Alvin Independent School District, Brazoria County, Texas, General Obligation Bonds, Refunding Series 2007, 4.125%, 2/15/19 | 2/16 at 100.00 | AAA | 1,151,425 | ||||||||||||||
| 5,865 | Bexar County Housing Finance Corporation, Texas, FNMA Guaranteed Multifamily Housing Revenue Bonds, Villas Sonterra Apartments Project, Series 2007A, 4.700%, 10/01/15 (Alternative Minimum Tax) | No Opt. Call | N/R | 5,986,992 | ||||||||||||||
| 2,125 | Brownsville, Texas, General Obligation Bonds, Refunding Series 2005, 5.000%, 2/15/17 – NPFG Insured | 2/15 at 100.00 | AA– | 2,154,219 | ||||||||||||||
| 3,290 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/33 | 1/23 at 100.00 | BBB | 3,582,876 | ||||||||||||||
| 3,380 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46 | 1/21 at 100.00 | BBB | 3,946,420 | ||||||||||||||
| 8,000 | Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, Refunding School Building Series 2012, 5.000%, 2/15/26 | 2/21 at 100.00 | AAA | 9,518,880 | ||||||||||||||
| 132 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Texas (continued) | ||||||||||||||||||
| $ | 1,180 | Corinth, Texas, Certificates of Obligation, Series 2007, 4.500%, 2/15/19 – NPFG Insured | 2/17 at 100.00 | AA | $ | 1,265,220 | ||||||||||||
| 5,715 | Dallas County Utility and Reclamation District, Texas, General Obligation Bonds, Refunding Series 2005A, 5.150%, 2/15/22 – AMBAC Insured | 2/17 at 100.00 | A– | 6,168,600 | ||||||||||||||
| 4,995 | Dallas, Texas, General Obligation Bonds, Refunding & Improvements Series 2007, 4.500%, 2/15/27 | 2/17 at 100.00 | AA+ | 5,335,359 | ||||||||||||||
| 5 | Dallas, Texas, General Obligation Bonds, Refunding & Improvements Series 2007, 4.500%, 2/15/27 (Pre-refunded 2/15/17) | 2/17 at 100.00 | Aa1 (4) | 5,458 | ||||||||||||||
| 10,100 | Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/15 – AMBAC Insured | No Opt. Call | AAA | 10,552,379 | ||||||||||||||
| 2,440 | El Paso County, Texas, General Obligation Bonds, Refunding Series 2007, 5.000%, 2/15/18 – NPFG Insured | No Opt. Call | AA | 2,766,448 | ||||||||||||||
| 650 | El Paso, Texas, Water and Sewer Revenue Bonds, Refunding Series 2006A, 4.000%, 3/01/18 – AGM Insured | 3/15 at 100.00 | AA+ | 657,488 | ||||||||||||||
| 1,120 | Elgin Independent School District, Bastrop County, Texas, General Obligation Bonds, School Building Series 2007, 4.375%, 8/01/19 | 8/17 at 100.00 | AAA | 1,216,253 | ||||||||||||||
| 2,000 | Fort Bend Independent School District, Fort Bend County, Texas, General Obligation Bonds, School Building Series 2009, 4.550%, 2/15/25 | 8/19 at 100.00 | AA+ | 2,251,680 | ||||||||||||||
| 2,045 | Frisco, Collins and Denton Counties, Texas, Certificates of Obligation, Series 2007, 4.500%, 2/15/16 – AMBAC Insured | No Opt. Call | AA+ | 2,155,962 | ||||||||||||||
| 875 | Giddings Independent School District, Fayette, Lee, and Washington Counties, Texas, General Obligation Bonds, School Building Series 2007A, 4.250%, 2/15/19 | 2/17 at 100.00 | Aaa | 936,863 | ||||||||||||||
| 7,300 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53 | 10/23 at 100.00 | AA+ | 7,925,391 | ||||||||||||||
| 635 | Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2007A, 4.500%, 2/15/18 | 2/17 at 100.00 | AAA | 688,975 | ||||||||||||||
Hale Center Education Facilities Corporation, Texas, Revenue Bonds, Wayland Baptist University Project, Improvement and Refunding Series 2010: | ||||||||||||||||||
| 875 | 4.000%, 3/01/21 | No Opt. Call | A– | 936,626 | ||||||||||||||
| 500 | 4.000%, 3/01/22 | 3/21 at 100.00 | A– | 530,275 | ||||||||||||||
| 800 | 4.000%, 3/01/23 | 3/21 at 100.00 | A– | 843,856 | ||||||||||||||
| 440 | 4.250%, 3/01/25 | 3/21 at 100.00 | A– | 462,506 | ||||||||||||||
| 1,820 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Refunding Series 2013A, 5.000%, 12/01/23 | No Opt. Call | A+ | 2,158,174 | ||||||||||||||
Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2014A: | ||||||||||||||||||
| 3,150 | 5.000%, 12/01/26 | 12/24 at 100.00 | A+ | 3,781,355 | ||||||||||||||
| 3,735 | 5.000%, 12/01/27 | 12/24 at 100.00 | A+ | 4,452,419 | ||||||||||||||
| 3,000 | 5.000%, 12/01/28 | 12/24 at 100.00 | A+ | 3,561,750 | ||||||||||||||
| 6,115 | 5.000%, 12/01/29 | 12/24 at 100.00 | A+ | 7,201,330 | ||||||||||||||
| 5,000 | Harris County Flood Control District, Texas, General Obligation Bonds, Refunding Contract Tax Series 2014A, 5.000%, 10/01/25 | 10/24 at 100.00 | Aaa | 6,187,100 | ||||||||||||||
| 1,950 | Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2008B, 7.125%, 12/01/31 (Pre-refunded 12/01/18) | 12/18 at 100.00 | A1 (4) | 2,432,294 | ||||||||||||||
| Nuveen Investments | 133 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Texas (continued) | ||||||||||||||||||
| $ | 6,900 | Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, St. Luke’s Episcopal Hospital, Series 1991A, 6.750%, 2/15/21 (ETM) | 1/15 at 100.00 | AA+ (4) | $ | 7,922,649 | ||||||||||||
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Contractual Obligation Series 2014: | ||||||||||||||||||
| 5,690 | 5.000%, 11/01/27 | 11/24 at 100.00 | AA+ | 6,921,088 | ||||||||||||||
| 1,250 | 5.000%, 11/01/28 | 11/24 at 100.00 | AA+ | 1,516,150 | ||||||||||||||
| 1,575 | 5.000%, 11/01/29 | 11/24 at 100.00 | AA+ | 1,906,742 | ||||||||||||||
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Series 2009A: | ||||||||||||||||||
| 5,120 | 5.000%, 11/01/22 | 11/19 at 100.00 | AA+ | 6,004,224 | ||||||||||||||
| 5,385 | 5.000%, 11/01/23 | 11/19 at 100.00 | AA+ | 6,300,773 | ||||||||||||||
| 5,660 | 5.000%, 11/01/24 | 11/19 at 100.00 | AA+ | 6,604,711 | ||||||||||||||
| 2,320 | Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 1014, 13.703%, 11/01/41 (IF) (8) | 11/21 at 100.00 | AA+ | 3,239,277 | ||||||||||||||
Harrison County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Good Shepherd Health System, Refunding Series 2010: | ||||||||||||||||||
| 2,270 | 5.000%, 7/01/19 | No Opt. Call | BB– | 2,352,923 | ||||||||||||||
| 2,380 | 5.000%, 7/01/20 | No Opt. Call | BB– | 2,474,391 | ||||||||||||||
| 1,180 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax) | 7/24 at 100.00 | B | 1,250,446 | ||||||||||||||
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2014C: | ||||||||||||||||||
| 2,600 | 5.000%, 5/15/20 | No Opt. Call | AA | 3,097,718 | ||||||||||||||
| 2,000 | 5.000%, 5/15/21 | No Opt. Call | AA | 2,409,740 | ||||||||||||||
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B: | ||||||||||||||||||
| 6,355 | 5.250%, 9/01/24 | 9/16 at 100.00 | A2 | 6,867,213 | ||||||||||||||
| 6,920 | 5.250%, 9/01/25 | 9/16 at 100.00 | A2 | 7,440,176 | ||||||||||||||
| 4,295 | 5.250%, 9/01/26 | 9/16 at 100.00 | A2 | 4,604,412 | ||||||||||||||
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B: | ||||||||||||||||||
| 8,000 | 0.000%, 9/01/22 – AMBAC Insured | No Opt. Call | A2 | 6,149,440 | ||||||||||||||
| 3,810 | 0.000%, 9/01/23 – AMBAC Insured | No Opt. Call | A2 | 2,784,843 | ||||||||||||||
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011B: | ||||||||||||||||||
| 1,900 | 5.000%, 7/01/25 | 7/21 at 100.00 | A | 2,211,562 | ||||||||||||||
| 2,025 | 5.000%, 7/01/26 | 7/21 at 100.00 | A | 2,348,919 | ||||||||||||||
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012B: | ||||||||||||||||||
| 18,225 | 5.000%, 7/01/31 | 7/22 at 100.00 | A | 20,804,749 | ||||||||||||||
| 5,000 | 5.000%, 7/01/32 | 7/22 at 100.00 | A | 5,696,700 | ||||||||||||||
| 715 | Howard County Junior College District, Texas, General Obligation Bonds, Series 2007, 4.250%, 2/15/18 – AMBAC Insured | 2/17 at 100.00 | AA– | 767,746 | ||||||||||||||
| 2,000 | Laredo Community College District, Webb County, Texas, General Obligation Bonds, Series 2014, 5.000%, 8/01/32 | 8/24 at 100.00 | AA– | 2,347,900 | ||||||||||||||
| 6,075 | Laredo, Texas, International Toll Bridge Revenue Bonds, Series 2005B, 5.000%, 10/01/18 – AGM Insured | 10/15 at 100.00 | AA | 6,336,164 | ||||||||||||||
League City, Texas, Waterworks and Sewer System Revenue Bonds, Series 2008: | ||||||||||||||||||
| 1,245 | 4.000%, 2/15/18 – AGM Insured | 2/17 at 100.00 | AA | 1,333,881 | ||||||||||||||
| 1,315 | 4.375%, 2/15/23 – AGM Insured | 2/17 at 100.00 | AA | 1,413,822 | ||||||||||||||
| 134 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Texas (continued) | ||||||||||||||||||
| $ | 2,000 | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 | 11/20 at 100.00 | BBB | $ | 2,149,300 | ||||||||||||
| 1,000 | Lubbock Educational Facilities Authority, Texas, Revenue Bonds, Lubbock Christian University, Refunding & Improvement Series 2007, 5.000%, 11/01/16 | No Opt. Call | BBB | 1,062,440 | ||||||||||||||
| 770 | Mansfield Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2006, 5.000%, 2/15/22 (Pre-refunded 2/15/16) | 2/16 at 100.00 | AAA | 816,955 | ||||||||||||||
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: | ||||||||||||||||||
| 3,045 | 5.000%, 12/01/25 | No Opt. Call | Baa2 | 3,311,651 | ||||||||||||||
| 2,720 | 5.250%, 12/01/28 | 12/25 at 100.00 | Baa2 | 3,016,752 | ||||||||||||||
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012: | ||||||||||||||||||
| 4,340 | 5.000%, 8/15/24 | 8/22 at 100.00 | Aa2 | 5,077,496 | ||||||||||||||
| 4,710 | 5.000%, 8/15/25 | 8/22 at 100.00 | Aa2 | 5,476,505 | ||||||||||||||
| 3,920 | 5.000%, 8/15/26 | 8/22 at 100.00 | Aa2 | 4,535,950 | ||||||||||||||
| 7,025 | 5.000%, 8/15/27 | 8/22 at 100.00 | Aa2 | 7,975,834 | ||||||||||||||
| 2,505 | North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008A, 6.000%, 1/01/24 | 1/18 at 100.00 | A2 | 2,833,581 | ||||||||||||||
| 3,095 | North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Variable Rate Demand Series 2008-E3, 5.750%, 1/01/38 (Mandatory put 1/01/16) (Pre-refunded 1/01/16) | 1/16 at 100.00 | A2 (4) | 3,277,945 | ||||||||||||||
North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 2011D: | ||||||||||||||||||
| 8,600 | 5.250%, 9/01/25 | 9/21 at 100.00 | AA+ | 10,391,810 | ||||||||||||||
| 5,000 | 5.250%, 9/01/26 | 9/21 at 100.00 | AA+ | 5,999,300 | ||||||||||||||
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A: | ||||||||||||||||||
| 2,370 | 0.000%, 9/01/43 | 9/31 at 100.00 | AA+ | 2,078,395 | ||||||||||||||
| 9,130 | 0.000%, 9/01/45 | 9/31 at 100.00 | AA+ | 8,804,607 | ||||||||||||||
| 1,020 | Northwest Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2006, 4.500%, 2/15/26 | 2/16 at 100.00 | Aaa | 1,070,357 | ||||||||||||||
| 1,000 | Plano Independent School District, Collin County, Texas, General Obligation Bonds, Series 2008A, 5.000%, 2/15/25 | 2/18 at 100.00 | Aaa | 1,127,910 | ||||||||||||||
| 875 | San Angelo, Texas, Certificates of Obligation Bonds, Tom Green County Series 2007A, 4.400%, 2/15/19 – NPFG Insured | 2/17 at 100.00 | AA+ | 944,475 | ||||||||||||||
| 2,535 | San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Series 1992, 5.000%, 2/01/17 (ETM) | No Opt. Call | AA+ (4) | 2,657,542 | ||||||||||||||
San Antonio, Texas, General Obligation Bonds, Series 2006: | ||||||||||||||||||
| 400 | 4.125%, 2/01/19 | 2/16 at 100.00 | AAA | 417,348 | ||||||||||||||
| 460 | 4.250%, 2/01/20 | 2/16 at 100.00 | AAA | 480,645 | ||||||||||||||
San Antonio, Texas, General Obligation Bonds, Series 2006: | ||||||||||||||||||
| 600 | 4.125%, 2/01/19 (Pre-refunded 2/01/16) | 2/16 at 100.00 | N/R (4) | 628,956 | ||||||||||||||
| 680 | 4.250%, 2/01/20 (Pre-refunded 2/01/16) | 2/16 at 100.00 | N/R (4) | 714,007 | ||||||||||||||
| 575 | San Leanna Education Facilities Corporation, Texas, Higher Education Revenue Bonds, Saint Edward’s University Project, Series 2007, 5.000%, 6/01/19 | 6/17 at 100.00 | BBB+ | 617,981 | ||||||||||||||
| 870 | Sunnyvale School District, Texas, General Obligation Bonds, School Building Series 2007, 4.400%, 2/15/20 | 2/17 at 100.00 | AAA | 929,552 | ||||||||||||||
| Nuveen Investments | 135 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Texas (continued) | ||||||||||||||||||
| $ | 1,235 | Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Northwest Senior Housing-Edgemere Project, Series 2006A, 5.750%, 11/15/14 | No Opt. Call | BBB | $ | 1,237,297 | ||||||||||||
| 4,830 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30 | 11/21 at 100.00 | Aa3 | 5,404,673 | ||||||||||||||
| 1,285 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Series 2013, 5.125%, 9/01/33 | 9/23 at 100.00 | A2 | 1,427,982 | ||||||||||||||
| 5,020 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/19 | 2/17 at 100.00 | AA | 5,515,775 | ||||||||||||||
| 2,210 | Teague Independent School District, Freestone County, Texas, Unlimited Tax General Obligation Bonds, School Building Series 2008, 5.000%, 2/15/19 | 2/18 at 100.00 | AAA | 2,510,383 | ||||||||||||||
| 5,000 | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/21 | No Opt. Call | A3 | 5,882,450 | ||||||||||||||
| 20,000 | Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2006, 5.000%, 4/01/24 (Pre-refunded 4/01/16) | 4/16 at 100.00 | AAA | 21,333,800 | ||||||||||||||
| 2,030 | Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2007, 5.000%, 4/01/17 | No Opt. Call | AAA | 2,250,722 | ||||||||||||||
| 4,515 | Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A, 5.000%, 4/01/20 | No Opt. Call | AAA | 5,392,535 | ||||||||||||||
| 4,645 | Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2008, Trust 2568, 18.211%, 10/01/15 (IF) | No Opt. Call | AAA | 7,117,812 | ||||||||||||||
| 1,500 | Texas State, General Obligation Bonds, Water Financial Assistance, Refunding Series 2007A, 5.000%, 8/01/17 | No Opt. Call | AAA | 1,683,960 | ||||||||||||||
Travis County Health Facilities Development Corporation, Texas, Retirement Facility Revenue Bonds, Querencia Barton Creek, Series 2005: | ||||||||||||||||||
| 1,000 | 5.250%, 11/15/17 | 11/15 at 100.00 | N/R | 1,032,140 | ||||||||||||||
| 900 | 5.500%, 11/15/25 | 11/15 at 100.00 | N/R | 914,877 | ||||||||||||||
Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances Hospital Regional Healthcare Center, Series 2007: | ||||||||||||||||||
| 5,000 | 5.250%, 7/01/26 | 7/17 at 100.00 | Baa1 | 5,250,000 | ||||||||||||||
| 11,300 | 5.250%, 7/01/28 | 7/17 at 100.00 | Baa1 | 11,834,038 | ||||||||||||||
Val Verde County, Texas, Pass-Through Toll Revenue and Limited Tax Bonds, Series 2011: | ||||||||||||||||||
| 2,675 | 3.500%, 8/15/18 | No Opt. Call | A | 2,837,560 | ||||||||||||||
| 2,900 | 4.000%, 8/15/19 | No Opt. Call | A | 3,155,287 | ||||||||||||||
| 3,015 | 4.000%, 8/15/20 | No Opt. Call | A | 3,281,737 | ||||||||||||||
| 3,135 | 4.000%, 8/15/21 | No Opt. Call | A | 3,402,541 | ||||||||||||||
| 500 | Victoria Independent School District, Victoria County, Texas, General Obligation Bonds, School Building Series 2007, 5.000%, 2/15/18 | 2/17 at 100.00 | AAA | 551,060 | ||||||||||||||
| 1,000 | Victoria, Texas, Utility System Revenue Refunding Bonds, Series 2007, 4.400%, 12/01/19 –AMBAC Insured | 12/17 at 100.00 | AA– | 1,088,040 | ||||||||||||||
| 8,830 | Williamson County, Texas, General Obligation Bonds, Limited Tax Refunding Series 2012, 5.000%, 2/15/26 | 2/22 at 100.00 | AAA | 10,464,345 | ||||||||||||||
| 364,195 | Total Texas | 403,889,240 | ||||||||||||||||
| Utah – 0.5% | ||||||||||||||||||
| 6,345 | Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41 | 8/19 at 100.00 | AA+ | 6,970,744 | ||||||||||||||
| 136 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Utah (continued) | ||||||||||||||||||
Utah Associated Municipal Power Systems, Revenue Bonds, Horse Butte Wind Project, Series 2012A: | ||||||||||||||||||
| $ | 3,340 | 5.000%, 9/01/23 | 9/22 at 100.00 | A– | $ | 3,903,358 | ||||||||||||
| 2,000 | 5.000%, 9/01/25 | 9/22 at 100.00 | A– | 2,304,180 | ||||||||||||||
| 2,265 | 5.000%, 9/01/26 | 9/22 at 100.00 | A– | 2,588,963 | ||||||||||||||
Utah, General Obligation Bonds, Series 2009, Trust 2987: | ||||||||||||||||||
| 1,250 | 17.782%, 7/01/21 (Pre-refunded 7/01/18) (IF) | 7/18 at 100.00 | AAA | 2,012,150 | ||||||||||||||
| 2,500 | 17.782%, 7/01/22 (Pre-refunded 7/01/18) (IF) | 7/18 at 100.00 | AAA | 4,024,300 | ||||||||||||||
| 17,700 | Total Utah | 21,803,695 | ||||||||||||||||
| Virgin Islands – 0.2% | ||||||||||||||||||
| 1,580 | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29 | 10/20 at 100.00 | BBB | 1,743,356 | ||||||||||||||
| 6,000 | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B, 5.000%, 10/01/25 | 10/19 at 100.00 | BBB | 6,569,040 | ||||||||||||||
| 7,580 | Total Virgin Islands | 8,312,396 | ||||||||||||||||
| Virginia – 0.0% | ||||||||||||||||||
| 750 | Roanoke Economic Development Authority, Virginia, Residential Care Facility Mortgage Revenue Refunding Bonds, Virginia Lutheran Homes Brandon Oaks Project, Series 2012, 5.000%, 12/01/32 | No Opt. Call | N/R | 750,953 | ||||||||||||||
| 1,260 | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB– | 1,372,291 | ||||||||||||||
| 2,010 | Total Virginia | 2,123,244 | ||||||||||||||||
| Washington – 1.4% | ||||||||||||||||||
| 4,930 | Clark County Public Utility District 1, Washington, Electric System Revenue Bonds, Series 2007, 5.000%, 1/01/19 – FGIC Insured | 1/17 at 100.00 | AA– | 5,339,930 | ||||||||||||||
| 1,515 | Clark County School District 37, Vancouver, Washington, General Obligation Bonds, Series 1998, 5.250%, 12/01/14 – AGM Insured | No Opt. Call | AA | 1,521,484 | ||||||||||||||
| 2,170 | Douglas County Public Utility District 1, Washington, Revenue Bonds, Wells Hydroelectric, Series 1963, 4.000%, 9/01/18 (ETM) | No Opt. Call | AA (4) | 2,312,873 | ||||||||||||||
| 545 | King County School District 401, Highline, Washington, General Obligation Bonds, Series 2006, 5.250%, 12/01/25 (Pre-refunded 12/01/16) – AGM Insured | 12/16 at 100.00 | AA+ (4) | 600,100 | ||||||||||||||
| 265 | King County School District 412 Shoreline, Washington, General Obligation Bonds, Series 2008, 5.750%, 12/01/21 | 12/18 at 100.00 | AA+ | 314,128 | ||||||||||||||
| 1,175 | Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley Hospital, Series 2005, 5.375%, 12/01/22 | 12/15 at 100.00 | Baa2 | 1,208,076 | ||||||||||||||
| 5,690 | Spokane County School District 356 Central Valley, Washington, General Obligation Bonds, Unlimited Tax Deferred Interest Series 1998B, 0.000%, 12/01/14 – FGIC Insured | No Opt. Call | Aa2 | 5,688,919 | ||||||||||||||
| 1,000 | Spokane County School District 81, Spokane, Washington, General Obligation Bonds, Series 2005, 5.000%, 6/01/16 (Pre-refunded 6/01/15) – NPFG Insured | 6/15 at 100.00 | Aa1 (4) | 1,028,440 | ||||||||||||||
| 6,000 | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31 | 1/21 at 100.00 | A | 6,538,920 | ||||||||||||||
Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A: | ||||||||||||||||||
| 1,250 | 5.000%, 11/15/22 | No Opt. Call | A+ | 1,491,238 | ||||||||||||||
| 2,000 | 5.000%, 11/15/24 | 5/24 at 100.00 | A+ | 2,434,780 | ||||||||||||||
| Nuveen Investments | 137 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Washington (continued) | ||||||||||||||||||
Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009: | ||||||||||||||||||
| $ | 3,125 | 6.250%, 7/01/24 | 7/19 at 100.00 | Baa2 | $ | 3,515,500 | ||||||||||||
| 2,000 | 6.750%, 7/01/29 | 7/19 at 100.00 | Baa2 | 2,269,200 | ||||||||||||||
| 3,250 | Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, Series 2009, 5.125%, 10/01/24 | 10/19 at 100.00 | Baa1 | 3,581,793 | ||||||||||||||
| 3,005 | Washington State, General Obligation Bonds, Various Purpose Refunding Series 2005A, 5.000%, 1/01/25 (Pre-refunded 1/01/15) – AMBAC Insured | 1/15 at 100.00 | AA+ (4) | 3,029,461 | ||||||||||||||
| 3,005 | Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008, Trust 2599, 18.018%, 1/01/16 (IF) | No Opt. Call | AA+ | 4,634,341 | ||||||||||||||
| 9,345 | Washington, General Obligation Bonds, Series 1992B and Series 1992AT-7, 6.400%, 6/01/17 –NPFG Insured | No Opt. Call | AA+ | 10,204,833 | ||||||||||||||
| 3,010 | Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/16 – FGIC Insured | No Opt. Call | AA+ | 2,997,569 | ||||||||||||||
| 4,415 | Whidbey Island Public Hospital District, Island County, Washington, General Obligation Bonds, Whidbey General Series 2013, 5.500%, 12/01/33 | 12/22 at 100.00 | A2 | 5,061,974 | ||||||||||||||
| 57,695 | Total Washington | 63,773,559 | ||||||||||||||||
| West Virginia – 0.1% | ||||||||||||||||||
| 1,000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2014A, 5.000%, 9/01/25 | No Opt. Call | A3 | 1,153,820 | ||||||||||||||
| 1,630 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding Series 2008E, 5.375%, 6/01/28 | 12/18 at 100.00 | A | 1,805,796 | ||||||||||||||
| 2,630 | Total West Virginia | 2,959,616 | ||||||||||||||||
| Wisconsin – 3.9% | ||||||||||||||||||
| 2,000 | Franklin, Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management of Wisconsin, Inc. Project, Series 2006A, 4.950%, 11/01/16 (Mandatory put 5/01/16) (Alternative Minimum Tax) | No Opt. Call | A– | 2,137,360 | ||||||||||||||
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A: | ||||||||||||||||||
| 335 | 5.000%, 4/01/20 | No Opt. Call | Aa3 | 396,928 | ||||||||||||||
| 460 | 5.000%, 4/01/22 | No Opt. Call | Aa3 | 548,913 | ||||||||||||||
Wisconsin Health & Educational Facts Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2014A: | ||||||||||||||||||
| 585 | 5.000%, 12/01/26 | 11/24 at 100.00 | Aa3 | 690,148 | ||||||||||||||
| 3,855 | 5.000%, 12/01/27 | 11/24 at 100.00 | Aa3 | 4,511,391 | ||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A: | ||||||||||||||||||
| 1,020 | 5.000%, 7/15/25 | 7/21 at 100.00 | A | 1,139,911 | ||||||||||||||
| 14,270 | 5.000%, 7/15/27 – AGM Insured | 7/21 at 100.00 | A2 | 16,065,166 | ||||||||||||||
| 2,060 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2010A, 6.000%, 6/01/30 | 6/20 at 100.00 | Baa2 | 2,338,059 | ||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Childrens Hospital of Wisconsin Inc., Series 2008B: | ||||||||||||||||||
| 1,400 | 4.350%, 8/15/19 | No Opt. Call | AA– | 1,593,620 | ||||||||||||||
| 8,670 | 5.500%, 8/15/29 | 2/20 at 100.00 | AA– | 9,929,924 | ||||||||||||||
| 138 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Wisconsin (continued) | ||||||||||||||||||
| $ | 2,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/23 | 5/16 at 100.00 | BBB | $ | 2,046,320 | ||||||||||||
| 2,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, EastCastle Place Inc., Series, 5.750%, 12/01/19 | 12/14 at 100.00 | N/R | 1,999,980 | ||||||||||||||
| 1,250 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.375%, 5/01/18 | 11/14 at 100.00 | BBB | 1,254,788 | ||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity HealthCare Ministry, Series 2007: | ||||||||||||||||||
| 2,275 | 5.000%, 9/01/20 | 9/17 at 100.00 | BBB+ | 2,411,591 | ||||||||||||||
| 2,505 | 5.000%, 9/01/22 | 9/17 at 100.00 | BBB+ | 2,618,477 | ||||||||||||||
| 3,455 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2010A, 5.000%, 6/01/19 | No Opt. Call | A2 | 3,603,254 | ||||||||||||||
| 5,325 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured | No Opt. Call | Aa3 | 5,938,919 | ||||||||||||||
| 1,750 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/24 | 8/22 at 100.00 | AA | 2,042,530 | ||||||||||||||
| 1,450 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, The Medical College of Wisconsin, Inc., Series 2004A, 5.000%, 12/01/15 – NPFG Insured | 12/14 at 100.00 | AA– | 1,455,264 | ||||||||||||||
| 170 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Vernon Memorial Healthcare Inc., Series 2005, 4.650%, 3/01/15 | No Opt. Call | BBB | 172,169 | ||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A: | ||||||||||||||||||
| 2,455 | 5.250%, 8/15/19 | 8/16 at 100.00 | A– | 2,626,163 | ||||||||||||||
| 11,955 | 5.250%, 8/15/20 | 8/16 at 100.00 | A– | 12,748,932 | ||||||||||||||
| 10,050 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/21 | 8/16 at 100.00 | A– | 10,677,522 | ||||||||||||||
| 515 | Wisconsin Housing and Economic Development Authority, Insured Mortgage Revenue Refunding Bonds, Series 1977A, 5.800%, 6/01/17 (ETM) | No Opt. Call | N/R (4) | 560,598 | ||||||||||||||
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A: | ||||||||||||||||||
| 9,000 | 6.000%, 5/01/27 | 5/19 at 100.00 | AA– | 10,815,750 | ||||||||||||||
| 1,780 | 6.000%, 5/01/33 | 5/19 at 100.00 | AA– | 2,139,507 | ||||||||||||||
| 5,215 | 5.750%, 5/01/33 | 5/19 at 100.00 | AA– | 6,164,026 | ||||||||||||||
| 35,755 | 6.000%, 5/01/36 | 5/19 at 100.00 | AA– | 42,460,083 | ||||||||||||||
| 5,800 | Wisconsin State, General Obligation Bonds, Refunding Series 2014-2, 5.000%, 5/01/24 | 5/22 at 100.00 | AA | 6,974,268 | ||||||||||||||
| 10,170 | Wisconsin State, General Obligation Bonds, Series 2005I, 5.000%, 5/01/16 – NPFG Insured | 5/15 at 100.00 | AA | 10,411,843 | ||||||||||||||
Wisconsin State, Transportation Revenue Bonds, Series 2014-1: | ||||||||||||||||||
| 1,100 | 5.000%, 7/01/24 | 7/19 at 100.00 | AA+ | 1,279,795 | ||||||||||||||
| 3,340 | 5.000%, 7/01/25 | 7/19 at 100.00 | AA+ | 3,877,740 | ||||||||||||||
| 3,980 | 5.000%, 7/01/26 | 7/19 at 100.00 | AA+ | 4,609,039 | ||||||||||||||
| 157,950 | Total Wisconsin | 178,239,978 | ||||||||||||||||
| Wyoming – 0.1% | ||||||||||||||||||
| 5,500 | Sweetwater County, Wyoming, Hospital Revenue Bonds, Memorial Hospital Project, Refunding Series 2013A, 5.000%, 9/01/30 | 9/23 at 100.00 | BBB | 6,012,600 | ||||||||||||||
| $ | 4,203,270 | Total Municipal Bonds (cost $4,369,043,481) | 4,604,651,980 | |||||||||||||||
| Nuveen Investments | 139 |
Nuveen Intermediate Duration Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
CORPORATE BONDS – 0.0% | ||||||||||||||||||||
| Transportation – 0.0% | ||||||||||||||||||||
| $ | 210 | Las Vegas Monorail Company, Senior Interest Bonds (9), (10) | 5.500% | 7/15/19 | N/R | $ | 37,913 | |||||||||||||
| 57 | Las Vegas Monorail Company, Senior Interest Bonds (9), (10) | 3.000% | 7/15/55 | N/R | 7,595 | |||||||||||||||
| $ | 267 | Total Corporate Bonds (cost $21,338) | 45,508 | |||||||||||||||||
Total Long-Term Investments (cost $4,369,064,819) | 4,604,697,488 | |||||||||||||||||||
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
SHORT-TERM INVESTMENTS – 0.1% | ||||||||||||||||||||
MUNICIPAL BONDS – 0.1% | ||||||||||||||||||||
| California – 0.1% | ||||||||||||||||||||
| $ | 2,200 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (10) | No Opt. Call | N/R | $ | 2,236,520 | ||||||||||||||
| 215 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (10) | No Opt. Call | N/R | 218,569 | ||||||||||||||||
| 325 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (10) | No Opt. Call | N/R | 330,395 | ||||||||||||||||
| $ | 2,740 | Total Short-Term Investments (cost $2,740,000) | 2,785,484 | |||||||||||||||||
Total Investments (cost $4,371,804,819) – 100.0% | 4,607,482,972 | |||||||||||||||||||
Other Assets Less Liabilities – 0.0% | 1,425,934 | |||||||||||||||||||
Net Assets – 100% | $ | 4,608,908,906 | ||||||||||||||||||
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (5) | During July 2010, the original issue for this security (1,000,000 par, 5.40% coupon and May, 15, 2014 maturity) was restructured into two new securities. The first security, which is 30% of the original issue, has 300,000 par, 0.000% coupon and May 15, 2050 maturity. The second security, which is the remaining 70% of the issue, has a 700,000 par, 5.400% coupon and May 15, 2017 maturity. During September 2011, the Adviser concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. |
| (6) | During July 2010, the original issue for this security (1,000,000 par, 5.50% coupon and May, 15, 2015 maturity) was restructured into two new securities. The first security, which is 30% of the original issue, has 300,000 par, 0.000% coupon and May 15, 2050 maturity. The second security, which is the remaining 70% of the issue, has a 700,000 par, 5.500% coupon and May 15, 2018 maturity. During September 2011, the Adviser concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. |
| (7) | At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. |
| (8) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (9) | During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond. |
| (10) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
| (ETM) | Escrowed to maturity. |
| (IF) | Inverse floating rate investment. |
See accompanying notes to financial statements.
| 140 | Nuveen Investments |
Nuveen Limited Term Municipal Bond Fund
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
LONG-TERM INVESTMENTS – 98.4% | ||||||||||||||||||
MUNICIPAL BONDS – 98.4% | ||||||||||||||||||
| Alabama – 0.2% | ||||||||||||||||||
| $ | 1,000 | Health Care Authority for Baptist Health, Alabama, Revenue Bonds, Baptist Health, | No Opt. Call | A3 | $ | 1,001,470 | ||||||||||||
| 1,075 | Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/15 | 12/14 at 100.00 | BBB | 1,081,450 | ||||||||||||||
| 5,100 | Mobile Industrial Development Board, Alabama, Pollution Control Revenue Refunding Bonds, Alabama Power Company Barry Plan, Series 2007A, 1.650%, 6/01/34 (Mandatory put 3/20/17) | No Opt. Call | A1 | 5,214,852 | ||||||||||||||
| 1,745 | The Special Care Facilities Financing Authority of the City of Birmingham, Alabama, Medical Center East Health Care Facility Revenue Bonds, Series 1986 Refunding, | No Opt. Call | AA– (4) | 1,827,102 | ||||||||||||||
| 8,920 | Total Alabama | 9,124,874 | ||||||||||||||||
| Alaska – 0.3% | ||||||||||||||||||
Alaska State, Sport Fishing Revenue Bonds, Refunding Series 2011: | ||||||||||||||||||
| 2,680 | 5.000%, 4/01/18 | No Opt. Call | A1 | 3,010,337 | ||||||||||||||
| 1,360 | 5.000%, 4/01/19 | No Opt. Call | A1 | 1,556,112 | ||||||||||||||
| 5,975 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 4.625%, 6/01/23 | 1/15 at 100.00 | Ba1 | 5,974,701 | ||||||||||||||
| 10,015 | Total Alaska | 10,541,150 | ||||||||||||||||
| Arizona – 3.8% | ||||||||||||||||||
| 180 | Arizona Board of Regents, University of Arizona, System Revenue Refunding Bonds, | No Opt. Call | Aa2 | 188,505 | ||||||||||||||
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A: | ||||||||||||||||||
| 1,000 | 3.000%, 2/01/16 | No Opt. Call | BBB+ | 1,029,540 | ||||||||||||||
| 950 | 4.000%, 2/01/17 | No Opt. Call | BBB+ | 1,015,721 | ||||||||||||||
| 2,000 | 5.000%, 2/01/18 | No Opt. Call | BBB+ | 2,243,280 | ||||||||||||||
| 2,970 | Arizona School Facilities Board, Certificates of Participation, Series 2008, 5.500%, 9/01/16 | No Opt. Call | A+ | 3,243,181 | ||||||||||||||
| 895 | Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured | 7/15 at 100.00 | Aa3 | 922,199 | ||||||||||||||
Arizona State, Certificates of Participation, Department of Administration Series 2010B: | ||||||||||||||||||
| 11,950 | 5.000%, 10/01/16 – AGC Insured | No Opt. Call | AA | 12,981,644 | ||||||||||||||
| 760 | 5.000%, 10/01/17 – AGM Insured | No Opt. Call | AA | 853,351 | ||||||||||||||
| 7,760 | Arizona State, Certificates of Participation, Series 2008A, 5.000%, 9/01/21 – AGM Insured | 3/18 at 100.00 | AA | 8,521,334 | ||||||||||||||
Arizona State, Certificates of Participation, Series 2010A: | ||||||||||||||||||
| 4,700 | 5.000%, 10/01/16 – AGM Insured | No Opt. Call | AA | 5,105,751 | ||||||||||||||
| 11,935 | 5.000%, 10/01/17 – AGM Insured | No Opt. Call | AA | 13,400,976 | ||||||||||||||
| 2,960 | 5.000%, 10/01/19 – AGM Insured | No Opt. Call | AA | 3,470,659 | ||||||||||||||
| Nuveen Investments | 141 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Arizona (continued) | ||||||||||||||||||
Arizona State, State Lottery Revenue Bonds, Series 2010A: | ||||||||||||||||||
| $ | 4,520 | 5.000%, 7/01/15 – AGM Insured | No Opt. Call | AA | $ | 4,666,764 | ||||||||||||
| 1,945 | 5.000%, 7/01/16 – AGM Insured | No Opt. Call | AA | 2,090,914 | ||||||||||||||
| 2,460 | 5.000%, 7/01/17 – AGM Insured | No Opt. Call | AA | 2,732,371 | ||||||||||||||
| 5,140 | 5.000%, 7/01/18 – AGM Insured | No Opt. Call | AA | 5,855,385 | ||||||||||||||
| 95 | 5.000%, 7/01/20 – AGM Insured | No Opt. Call | AA | 111,783 | ||||||||||||||
Chandler, Arizona, General Obligation Bonds, Refunding Series 2014: | ||||||||||||||||||
| 4,000 | 5.000%, 7/01/23 | No Opt. Call | AAA | 4,954,080 | ||||||||||||||
| 1,500 | 5.000%, 7/01/24 | No Opt. Call | AAA | 1,881,735 | ||||||||||||||
Dysart Unified School District Number 89, Maricopa County, Arizona, General Obligation Bonds, Refunding Series 2014: | ||||||||||||||||||
| 345 | 5.000%, 7/01/18 | No Opt. Call | AA– | 393,286 | ||||||||||||||
| 335 | 5.000%, 7/01/19 | No Opt. Call | AA– | 389,538 | ||||||||||||||
| 575 | 5.000%, 7/01/20 | No Opt. Call | AA– | 678,793 | ||||||||||||||
| 750 | 5.000%, 7/01/21 | No Opt. Call | AA– | 892,875 | ||||||||||||||
| 2,205 | Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006A, 5.000%, 8/01/19 – NPFG Insured | 8/16 at 100.00 | AA– | 2,374,168 | ||||||||||||||
| 1,270 | Maricopa County Unified School District 60 Higley, Arizona, General Obligation Bonds, School Improvement Project of 2013, Series 2014A, 4.000%, 7/01/24 | No Opt. Call | AA– | 1,435,583 | ||||||||||||||
| 1,250 | Maricopa County Unified School District 90 Saddle Mountain, Arizona, General Obligation Bonds, School Improvement Project 2013, Series 2014, 5.000%, 7/01/18 | No Opt. Call | AA | 1,428,825 | ||||||||||||||
| 3,000 | Maricopa County, Arizona, Hospital Revenue Bonds, Sun Health Corporation, Series 2005, 5.000%, 4/01/15 (ETM) | No Opt. Call | N/R (4) | 3,060,270 | ||||||||||||||
| 3,550 | Mesa, Arizona, Excise Tax Revenue Bonds, Series 2013, 5.000%, 7/01/27 | 7/17 at 100.00 | AA+ | 3,906,988 | ||||||||||||||
Mesa, Arizona, General Obligation Bonds, Refunding Series 2012: | ||||||||||||||||||
| 1,425 | 4.000%, 7/01/20 | No Opt. Call | Aa2 | 1,619,085 | ||||||||||||||
| 2,225 | 4.000%, 7/01/21 | No Opt. Call | Aa2 | 2,538,013 | ||||||||||||||
| 2,055 | 4.000%, 7/01/22 | No Opt. Call | Aa2 | 2,350,530 | ||||||||||||||
Mesa, Arizona, Street and Highway User Revenue Refunding Bonds, Series 2012: | ||||||||||||||||||
| 2,020 | 5.000%, 7/01/16 | No Opt. Call | AA | 2,176,126 | ||||||||||||||
| 2,040 | 5.000%, 7/01/21 | No Opt. Call | AA | 2,464,075 | ||||||||||||||
| 4,015 | 5.000%, 7/01/22 | No Opt. Call | AA | 4,903,921 | ||||||||||||||
Mesa, Arizona, Utility System Revenue Bonds, Refunding Series 2012: | ||||||||||||||||||
| 5,370 | 5.000%, 7/01/20 | No Opt. Call | Aa2 | 6,398,624 | ||||||||||||||
| 6,115 | 5.000%, 7/01/21 | No Opt. Call | Aa2 | 7,358,363 | ||||||||||||||
| 3,070 | Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Refunding Series 2011, 4.000%, 7/01/15 | No Opt. Call | AAA | 3,149,667 | ||||||||||||||
| 19,700 | Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2009B, 4.000%, 1/01/18 | No Opt. Call | Aa1 | 21,735,601 | ||||||||||||||
| 755 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/16 | No Opt. Call | A– | 812,712 | ||||||||||||||
| 1,585 | Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.500%, 12/01/17 (Alternative Minimum Tax) | No Opt. Call | N/R | 1,488,759 | ||||||||||||||
| 131,375 | Total Arizona | 146,824,975 | ||||||||||||||||
| Arkansas – 0.1% | ||||||||||||||||||
| 3,000 | Jefferson County, Arkansas, Pollution Control Revenue Refunding Bonds, Entergy Arkansas, Inc. Project, Series 2013, 1.550%, 10/01/17 | No Opt. Call | A– | 3,048,270 | ||||||||||||||
| 142 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Arkansas (continued) | ||||||||||||||||||
Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax Bonds, Series 2014: | ||||||||||||||||||
| $ | 500 | 3.000%, 7/01/17 | No Opt. Call | A+ | $ | 530,530 | ||||||||||||
| 500 | 5.000%, 7/01/19 | No Opt. Call | A+ | 583,865 | ||||||||||||||
| 670 | 5.000%, 7/01/21 | No Opt. Call | A+ | 802,037 | ||||||||||||||
| 4,670 | Total Arkansas | 4,964,702 | ||||||||||||||||
| California – 4.4% | ||||||||||||||||||
| 2,300 | Alameda Corridor Transportation Authority, California, Senior Lien Revenue Refunding Bonds, Series 2013A, 5.000%, 10/01/21 | No Opt. Call | A | 2,768,303 | ||||||||||||||
| 455 | Anaheim Redevelopment Agency, California, Tax Allocation Refunding Bonds, Merged Redevelopment Project Areas, Series 2007A, 5.000%, 2/01/16 – AGM Insured | No Opt. Call | AA | 479,861 | ||||||||||||||
| 1,370 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/18 (Pre-refunded 4/01/16) | 4/16 at 100.00 | AA (4) | 1,461,763 | ||||||||||||||
| 3,780 | California Department of Water Resources, Power Supply Revenue Bonds, Series 2010L, 5.000%, 5/01/16 | No Opt. Call | Aa2 | 4,048,153 | ||||||||||||||
| 3,990 | California Department of Water Resources, Power Supply Revenue Bonds, Series 2010M, 4.000%, 5/01/16 | No Opt. Call | Aa2 | 4,213,999 | ||||||||||||||
| 4,000 | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013C, 5.000%, 7/01/43 (Mandatory put 10/15/19) | No Opt. Call | AA– | 4,732,400 | ||||||||||||||
| 5,000 | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013D, 5.000%, 7/01/43 (Mandatory put 10/15/20) | No Opt. Call | AA– | 5,957,350 | ||||||||||||||
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, North Kern State Prison:Various Buildings Series 2014C: | ||||||||||||||||||
| 2,215 | 4.000%, 10/01/19 | No Opt. Call | A1 | 2,499,472 | ||||||||||||||
| 1,700 | 5.000%, 10/01/20 | No Opt. Call | A1 | 2,027,131 | ||||||||||||||
| 1,250 | California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, New Stockton Courthouse, Series 2014B, 5.000%, 10/01/20 | No Opt. Call | A1 | 1,490,538 | ||||||||||||||
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, | ||||||||||||||||||
| 4,440 | 5.000%, 11/01/16 | No Opt. Call | A1 | 4,851,233 | ||||||||||||||
| 3,675 | 5.000%, 11/01/17 | No Opt. Call | A1 | 4,139,924 | ||||||||||||||
California State, Economic Recovery Revenue Bonds, Refunding Series 2009A: | ||||||||||||||||||
| 1,695 | 5.000%, 7/01/16 | No Opt. Call | AA | 1,827,193 | ||||||||||||||
| 320 | 5.250%, 7/01/21 | 7/19 at 100.00 | AA | 377,846 | ||||||||||||||
| 5,105 | California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2009A, 5.000%, 4/01/16 | No Opt. Call | A+ | 5,440,909 | ||||||||||||||
| 2,310 | California Statewide Community Development Authority, Revenue Bonds, Los Angeles Jewish Home for the Aging-Fountainview Gonda, Series 2014B, 3.000%, 8/01/21 | 11/16 at 100.00 | A | 2,372,139 | ||||||||||||||
| 650 | California Statewide Community Development Authority, Revenue Bonds, Los Angeles Jewish Home for the Aging-Fountainview Gonda, Series 2014D, 4.750%, 8/01/20 | 11/16 at 100.00 | N/R | 652,457 | ||||||||||||||
Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 2012: | ||||||||||||||||||
| 1,355 | 4.000%, 1/01/18 | No Opt. Call | BBB– | 1,441,585 | ||||||||||||||
| 1,410 | 5.000%, 1/01/19 | No Opt. Call | BBB– | 1,556,852 | ||||||||||||||
| 1,500 | 5.000%, 1/01/20 | No Opt. Call | BBB– | 1,659,945 | ||||||||||||||
| 1,595 | 5.000%, 1/01/21 | No Opt. Call | BBB– | 1,773,305 | ||||||||||||||
| Nuveen Investments | 143 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| California (continued) | ||||||||||||||||||
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2014B: | ||||||||||||||||||
| $ | 5,200 | 5.000%, 6/01/22 | No Opt. Call | AAA | $ | 6,426,212 | ||||||||||||
| 2,775 | 5.000%, 6/01/23 | No Opt. Call | AAA | 3,465,170 | ||||||||||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | ||||||||||||||||||
| 3,170 | 5.000%, 6/01/15 | No Opt. Call | Aaa | 3,231,023 | ||||||||||||||
| 2,665 | 5.000%, 6/01/16 | No Opt. Call | Aaa | 2,811,495 | ||||||||||||||
| 24,580 | 4.500%, 6/01/27 | 6/17 at 100.00 | B | 23,091,189 | ||||||||||||||
| 650 | 5.000%, 6/01/33 | 6/17 at 100.00 | B | 534,040 | ||||||||||||||
| 11,250 | Inland Valley Development Agency, California, Tax Allocation Bonds, Series 2011C, 4.500%, 3/01/41 (Pre-refunded 3/01/16) | 3/16 at 100.00 | AA– (4) | 11,888,438 | ||||||||||||||
| 500 | Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area A & C, Series 2014C, 5.000%, 9/01/21 | No Opt. Call | N/R | 573,880 | ||||||||||||||
| 1,835 | Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales Tax Revenue Bonds, Senior Lien Series 2010B, 5.000%, 6/01/20 | No Opt. Call | AAA | 2,216,350 | ||||||||||||||
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2013B: | ||||||||||||||||||
| 1,750 | 5.000%, 7/01/21 | No Opt. Call | AA | 2,137,853 | ||||||||||||||
| 2,720 | 5.000%, 7/01/22 | No Opt. Call | AA | 3,360,478 | ||||||||||||||
| 685 | Los Angeles Harbors Department, California, Revenue Bonds, Series 1988, 7.600%, 10/01/18 (ETM) | No Opt. Call | AA+ (4) | 794,168 | ||||||||||||||
| 1,200 | Los Angeles, California, Special Tax Bonds, Community Facilities District 4, Playa Vista Phase I, Series 2014, 5.000%, 9/01/20 | No Opt. Call | BBB | 1,412,772 | ||||||||||||||
| 13,020 | Metropolitan Water District of Southern California, Water Revenue Refunding Bonds, Series 2014A, 0.000%, 7/01/25 | 7/20 at 100.00 | AAA | 14,069,542 | ||||||||||||||
Moulton Niguel Water District, California, Certificates of Participation, Refunding | ||||||||||||||||||
| 1,850 | 5.000%, 9/01/19 – AMBAC Insured | 9/16 at 100.00 | AAA | 1,970,824 | ||||||||||||||
| 2,255 | 5.000%, 9/01/20 – AMBAC Insured | 9/16 at 100.00 | AAA | 2,392,420 | ||||||||||||||
| 6,160 | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Bond Anticipation Notes Series 2010, 0.000%, 5/01/15 (ETM) | No Opt. Call | AA (4) | 6,154,702 | ||||||||||||||
New Haven Unified School District, California, General Obligation Bonds, Refunding Series 2014A: | ||||||||||||||||||
| 500 | 5.000%, 8/01/20 – BAM Insured | No Opt. Call | AA | 600,935 | ||||||||||||||
| 1,555 | 5.000%, 8/01/24 – BAM Insured | No Opt. Call | AA | 1,927,438 | ||||||||||||||
| 2,640 | 5.000%, 8/01/25 – BAM Insured | 8/24 at 100.00 | AA | 3,242,263 | ||||||||||||||
| 6,250 | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21 | 11/20 at 100.00 | Ba1 | 6,652,813 | ||||||||||||||
| 1,500 | Rancho Cucamonga Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Rancho Redevelopment Project, Series 2014, 5.000%, 9/01/22 | No Opt. Call | AA | 1,818,060 | ||||||||||||||
| 155 | San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM) | No Opt. Call | Aaa | 195,991 | ||||||||||||||
| 1,500 | San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, | No Opt. Call | Baa1 | 1,548,975 | ||||||||||||||
| 2,200 | San Francisco Public Utilities Commission, California, Wastewater Revenue Bonds, Refunding Series 2013A, 4.000%, 10/01/15 | No Opt. Call | AA– | 2,278,386 | ||||||||||||||
| 5,000 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 4.250%, 8/01/15 – NPFG Insured | 1/15 at 100.00 | AA– | 5,015,200 | ||||||||||||||
| 144 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| California (continued) | ||||||||||||||||||
| $ | 995 | Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/15 | No Opt. Call | AA– | $ | 1,032,890 | ||||||||||||
| 1,000 | Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/15 (ETM) | No Opt. Call | AA– (4) | 1,040,390 | ||||||||||||||
Sierra View Local Health Care District, California, Revenue Bonds, Refunding Series 2010: | ||||||||||||||||||
| 500 | 3.500%, 7/01/16 | No Opt. Call | A | 516,100 | ||||||||||||||
| 500 | 3.800%, 7/01/17 | No Opt. Call | A | 525,715 | ||||||||||||||
| 156,675 | Total California | 168,698,070 | ||||||||||||||||
| Colorado – 1.5% | ||||||||||||||||||
| 2,750 | Broomfield, Colorado, Sewer Activity Enterprise, Sewer and Wastewater Reclamation Revenue Bonds, Refunding Series 2012, 4.000%, 12/01/20 | No Opt. Call | A2 | 3,082,173 | ||||||||||||||
| 7,230 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Adventist Health, Sunbelt Obligated Group, Series 2014E, 5.000%, 11/15/24 | 5/24 at 100.00 | Aa2 | 8,740,130 | ||||||||||||||
| 2,320 | Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2006, 5.250%, 6/01/17 | 6/16 at 100.00 | A3 | 2,466,021 | ||||||||||||||
| 1,120 | Colorado State Board of Community Colleges and Occupational Education, Systemwide Revenue Bonds, Series 2010C, 4.000%, 11/01/14 | No Opt. Call | Aa3 | 1,120,000 | ||||||||||||||
Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014: | ||||||||||||||||||
| 400 | 2.000%, 8/01/15 – AGM Insured | No Opt. Call | AA | 405,120 | ||||||||||||||
| 200 | 4.000%, 8/01/16 – AGM Insured | No Opt. Call | AA | 212,144 | ||||||||||||||
| 275 | 1.750%, 8/01/17 – AGM Insured | No Opt. Call | AA | 281,793 | ||||||||||||||
| 250 | 2.000%, 8/01/19 – AGM Insured | No Opt. Call | AA | 256,555 | ||||||||||||||
| 6,560 | Denver City and County, Colorado, Airport System Revenue Bonds, Refunding | 11/16 at 100.00 | AA– | 7,148,563 | ||||||||||||||
| 4,205 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2005A, | 11/15 at 100.00 | A+ | 4,410,036 | ||||||||||||||
| 1,500 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/19 | No Opt. Call | A | 1,757,655 | ||||||||||||||
Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, Stapleton Senior Refunding Series 2013A-1: | ||||||||||||||||||
| 3,290 | 5.000%, 12/01/14 | No Opt. Call | A– | 3,303,061 | ||||||||||||||
| 2,295 | 5.000%, 12/01/15 | No Opt. Call | A– | 2,409,727 | ||||||||||||||
| 4,500 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004C, | No Opt. Call | AA– | 4,969,035 | ||||||||||||||
| 2,665 | Eagle, Garfield and Routt Counties School District RE50J, Colorado, General Obligation Bonds, Series 2005, 5.000%, 12/01/15 – AGM Insured | No Opt. Call | AA | 2,804,353 | ||||||||||||||
| 755 | Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, Series 2007, 6.100%, 1/01/17 | No Opt. Call | N/R | 808,175 | ||||||||||||||
| 10,000 | Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior | 6/16 at 100.00 | AA (4) | 10,876,200 | ||||||||||||||
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013: | ||||||||||||||||||
| 1,200 | 4.000%, 12/01/15 | No Opt. Call | N/R | 1,213,956 | ||||||||||||||
| 1,000 | 5.000%, 12/01/17 | No Opt. Call | N/R | 1,052,480 | ||||||||||||||
| 1,000 | 5.000%, 12/01/18 | No Opt. Call | N/R | 1,064,560 | ||||||||||||||
| 53,515 | Total Colorado | 58,381,737 | ||||||||||||||||
| Nuveen Investments | 145 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Connecticut – 0.8% | ||||||||||||||||||
| $ | 4,055 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, | No Opt. Call | AA+ | $ | 4,138,330 | ||||||||||||
| 430 | Connecticut State Development Authority, Health Facilities Revenue Bonds, Alzheimer’s Resource Center of Connecticut, Inc., Series 2007, 5.200%, 8/15/17 | No Opt. Call | N/R | 459,894 | ||||||||||||||
| 5,000 | Connecticut State, Special Tax Obligation Transportation Infrastructure Purposes Bonds, Series 2013A, 5.000%, 10/01/20 | No Opt. Call | AA | 5,980,900 | ||||||||||||||
| 1,700 | Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax) | 1/15 at 100.00 | A– | 1,703,366 | ||||||||||||||
New Britain, Connecticut, General Obligation Bonds, Series 2012: | ||||||||||||||||||
| 2,670 | 3.000%, 3/15/16 – AGM Insured | No Opt. Call | A2 | 2,765,666 | ||||||||||||||
| 2,670 | 3.000%, 3/15/17 – AGM Insured | No Opt. Call | A2 | 2,817,758 | ||||||||||||||
New Haven, Connecticut, General Obligation Bonds, Refunding Series 2014B: | ||||||||||||||||||
| 1,915 | 4.000%, 8/01/19 – AGM Insured | No Opt. Call | AA | 2,128,676 | ||||||||||||||
| 2,000 | 5.000%, 8/01/20 – AGM Insured | No Opt. Call | AA | 2,346,660 | ||||||||||||||
| 750 | South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twenty-Ninth Series 2014, 5.000%, 8/01/22 | No Opt. Call | Aa3 | 910,275 | ||||||||||||||
West Haven, Connecticut, General Obligation Bonds, Series 2012: | ||||||||||||||||||
| 2,500 | 5.000%, 8/01/16 – AGM Insured | No Opt. Call | AA | 2,680,850 | ||||||||||||||
| 2,095 | 5.000%, 8/01/22 – AGM Insured | No Opt. Call | AA | 2,447,274 | ||||||||||||||
| 2,000 | 5.000%, 8/01/23 – AGM Insured | 8/22 at 100.00 | AA | 2,301,060 | ||||||||||||||
| 1,000 | 5.000%, 8/01/25 – AGM Insured | 8/22 at 100.00 | AA | 1,127,330 | ||||||||||||||
| 28,785 | Total Connecticut | 31,808,039 | ||||||||||||||||
| Delaware – 0.7% | ||||||||||||||||||
Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013: | ||||||||||||||||||
| 275 | 4.000%, 7/01/15 | No Opt. Call | BBB– | 279,466 | ||||||||||||||
| 600 | 4.000%, 7/01/16 | No Opt. Call | BBB– | 620,514 | ||||||||||||||
| 1,810 | 5.000%, 7/01/18 | No Opt. Call | BBB– | 1,974,837 | ||||||||||||||
| 1,905 | 5.000%, 7/01/19 | No Opt. Call | BBB– | 2,098,472 | ||||||||||||||
| 2,000 | 5.000%, 7/01/20 | No Opt. Call | BBB– | 2,207,500 | ||||||||||||||
| 275 | 5.000%, 7/01/21 | No Opt. Call | BBB– | 302,588 | ||||||||||||||
| 3,170 | Delaware State, General Obligation Bonds, Series 2010A, 5.000%, 7/01/16 | No Opt. Call | AAA | 3,417,767 | ||||||||||||||
| 8,850 | Delaware State, General Obligation Bonds, Series 2013A, 5.000%, 8/01/17 | No Opt. Call | AAA | 9,932,709 | ||||||||||||||
| 5,000 | University of Delaware, Revenue Bonds, Series 2013C, 0.700%, 11/01/37 (Mandatory put 5/01/16) | No Opt. Call | AA+ | 5,023,100 | ||||||||||||||
| 23,885 | Total Delaware | 25,856,953 | ||||||||||||||||
| District of Columbia – 0.4% | ||||||||||||||||||
District of Columbia, Income Tax Secured Revenue Bonds, Series 2009D: | ||||||||||||||||||
| 1,100 | 5.000%, 12/01/16 | No Opt. Call | AAA | 1,206,161 | ||||||||||||||
| 1,105 | 5.000%, 12/01/17 | No Opt. Call | AAA | 1,253,413 | ||||||||||||||
| 10,000 | District of Columbia, Revenue Bonds, Georgetown University, Series 2001C, 5.250%, 4/01/34 (Mandatory put 4/01/23) | 10/18 at 100.00 | A– | 11,376,400 | ||||||||||||||
| 12,205 | Total District of Columbia | 13,835,974 | ||||||||||||||||
| 146 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Florida – 4.4% | ||||||||||||||||||
Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1: | ||||||||||||||||||
| $ | 7,320 | 6.000%, 6/01/16 | No Opt. Call | A+ | $ | 7,956,108 | ||||||||||||
| 825 | 5.375%, 6/01/16 | No Opt. Call | A+ | 888,707 | ||||||||||||||
| 185 | 5.000%, 6/01/16 – AGC Insured | No Opt. Call | AA | 198,422 | ||||||||||||||
| 1,950 | 5.500%, 6/01/17 | No Opt. Call | A+ | 2,184,390 | ||||||||||||||
Citizens Property Insurance Corporation, Florida, High-Risk Account Revenue Bonds, Coastal Account Senior Secured Series 2011A-1: | ||||||||||||||||||
| 100 | 3.250%, 6/01/15 – AGM Insured | No Opt. Call | AA | 101,808 | ||||||||||||||
| 3,810 | 5.000%, 6/01/18 | No Opt. Call | A+ | 4,318,902 | ||||||||||||||
| 175 | 5.000%, 6/01/19 | No Opt. Call | A+ | 202,323 | ||||||||||||||
Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1: | ||||||||||||||||||
| 10 | 5.000%, 6/01/15 – AGM Insured | No Opt. Call | AA | 10,283 | ||||||||||||||
| 50 | 4.000%, 6/01/15 | No Opt. Call | A+ | 51,114 | ||||||||||||||
| 265 | 5.000%, 6/01/16 | No Opt. Call | A+ | 283,897 | ||||||||||||||
| 110 | 4.000%, 6/01/16 | No Opt. Call | A+ | 116,112 | ||||||||||||||
| 640 | 5.250%, 6/01/17 | No Opt. Call | A+ | 712,845 | ||||||||||||||
| 60 | 4.250%, 6/01/17 – AGM Insured | No Opt. Call | AA | 65,492 | ||||||||||||||
| 6,000 | Escambia County, Florida, Pollution Control Revenue Bonds, Gulf Power Company Project, Refunding Series 2003, 1.550%, 6/01/23 (Mandatory put 6/15/16) | No Opt. Call | A2 | 6,106,680 | ||||||||||||||
| 1,690 | Escambia County, Florida, Pollution Control Revenue Bonds, Gulf Power Company, Refunding Series 1997, 0.000%, 7/01/22 | No Opt. Call | A | 1,741,258 | ||||||||||||||
Florida Citizens Property Insurance Corporation, High Risk Account Revenue Bonds, Series 2007A: | ||||||||||||||||||
| 735 | 5.000%, 3/01/16 – NPFG Insured | No Opt. Call | AA– | 780,438 | ||||||||||||||
| 2,840 | 5.000%, 3/01/17 – NPFG Insured | No Opt. Call | AA– | 3,127,380 | ||||||||||||||
Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1: | ||||||||||||||||||
| 75 | 3.000%, 6/01/16 | No Opt. Call | A+ | 77,985 | ||||||||||||||
| 7,275 | 5.000%, 6/01/17 | No Opt. Call | A+ | 8,056,626 | ||||||||||||||
Florida Deparmtent of Environmental Protection, Florida Forever Revenue Bonds, Series 2007B: | ||||||||||||||||||
| 4,480 | 5.000%, 7/01/17 – NPFG Insured | No Opt. Call | AA– | 4,998,739 | ||||||||||||||
| 6,575 | 5.000%, 7/01/19 – NPFG Insured | 7/17 at 101.00 | AA– | 7,359,200 | ||||||||||||||
| 10,035 | Florida Hurricane Catastrophe Fund, Financial Corporation Revenue Bonds, Series 2010A, 5.000%, 7/01/15 (ETM) | No Opt. Call | AAA | 10,360,836 | ||||||||||||||
| 500 | Florida Municipal Power Agency, Revenue Bonds, Saint Lucie Project, Refunding | No Opt. Call | A1 | 516,965 | ||||||||||||||
| 2,640 | Florida Municipal Power Agency, Revenue Bonds, St. Lucie Project, Refunding | No Opt. Call | A2 | 3,108,415 | ||||||||||||||
Florida State Board of Education, Lottery Revenue Bonds, Series 2010A: | ||||||||||||||||||
| 6,155 | 5.000%, 7/01/15 | No Opt. Call | AAA | 6,355,284 | ||||||||||||||
| 2,830 | 5.000%, 7/01/16 | No Opt. Call | AAA | 3,048,221 | ||||||||||||||
| 1,255 | 5.000%, 7/01/17 | No Opt. Call | AAA | 1,403,165 | ||||||||||||||
| 1,500 | Florida State Department of General Services, Division of Facilities Management, Florida Facilities Pool Revenue Bonds, Series 2005A, 5.000%, 9/01/18 – AMBAC Insured | No Opt. Call | AA+ | 1,574,340 | ||||||||||||||
| 1,000 | Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/26 | 6/16 at 100.00 | BBB+ | 1,032,640 | ||||||||||||||
| Nuveen Investments | 147 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Florida (continued) | ||||||||||||||||||
| $ | 4,615 | Hernando County, Florida, Revenue Bonds, Criminal Justice Complex Financing Program, Series 1986, 7.650%, 7/01/16 – FGIC Insured | No Opt. Call | AA– | $ | 5,126,619 | ||||||||||||
Jacksonville, Florida, Special Revenue Bonds, Series 20120C: | ||||||||||||||||||
| 2,000 | 5.000%, 10/01/19 | No Opt. Call | AA– | 2,353,380 | ||||||||||||||
| 1,275 | 5.000%, 10/01/20 | No Opt. Call | AA– | 1,522,337 | ||||||||||||||
Manatee County, Florida, Revenue Refunding and Improvement Bonds, Series 2013: | ||||||||||||||||||
| 1,000 | 5.000%, 10/01/15 | No Opt. Call | AA+ | 1,044,220 | ||||||||||||||
| 2,500 | 5.000%, 10/01/20 | No Opt. Call | AA+ | 2,987,325 | ||||||||||||||
| 1,540 | Marion County School Board, Florida, Certificates of Participation, Series 2007B, 5.000%, 6/01/18 – AMBAC Insured | 6/17 at 100.00 | A2 | 1,676,321 | ||||||||||||||
| 355 | Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 3.950%, 12/15/21 (Alternative Minimum Tax) | 6/20 at 100.00 | Ba1 | 372,246 | ||||||||||||||
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2014B: | ||||||||||||||||||
| 3,000 | 5.000%, 7/01/20 | No Opt. Call | A– | 3,547,770 | ||||||||||||||
| 2,250 | 5.000%, 7/01/21 | No Opt. Call | A– | 2,678,625 | ||||||||||||||
| 1,750 | 5.000%, 7/01/22 | No Opt. Call | A– | 2,083,760 | ||||||||||||||
| 4,000 | 5.000%, 7/01/23 | No Opt. Call | A– | 4,783,440 | ||||||||||||||
Miami-Dade County Industrial Development Authority, Florida, Solid Waste Revenue Bonds, Waste Management Inc. of Florida Projects 1 & 2, Series 2004: | ||||||||||||||||||
| 3,725 | 3.750%, 12/01/18 | No Opt. Call | A– | 4,027,247 | ||||||||||||||
| 4,000 | 3.750%, 12/01/18 | No Opt. Call | A– | 4,324,560 | ||||||||||||||
Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquistion, | ||||||||||||||||||
| 1,515 | 4.000%, 4/01/15 | No Opt. Call | AA– | 1,538,604 | ||||||||||||||
| 1,640 | 4.000%, 4/01/17 | No Opt. Call | AA– | 1,759,835 | ||||||||||||||
| 1,705 | 5.000%, 4/01/18 | No Opt. Call | AA– | 1,919,114 | ||||||||||||||
| 1,790 | 5.000%, 4/01/19 | No Opt. Call | AA– | 2,048,530 | ||||||||||||||
| 1,880 | 5.000%, 4/01/20 | No Opt. Call | AA– | 2,174,690 | ||||||||||||||
| 2,910 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding | No Opt. Call | AA | 3,295,633 | ||||||||||||||
| 1,145 | North Brevard County Hospital District, Florida, Revenue Bonds, Parrish Medical Center Project, Refunding Series 2008, 5.125%, 10/01/16 | No Opt. Call | A– | 1,227,967 | ||||||||||||||
| 12,035 | North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.000%, 10/01/20 | No Opt. Call | A | 13,872,985 | ||||||||||||||
| 2,000 | Okeechobee County, Florida, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004A, 2.250%, 7/01/39 (Mandatory put 7/01/16) | No Opt. Call | A– | 2,062,920 | ||||||||||||||
| 2,060 | Orlando-Orange County Expressway Authority, Florida, Senior Lien Revenue Bonds, Series 1986, 7.625%, 7/01/18 – AMBAC Insured (ETM) | No Opt. Call | AA (4) | 2,452,245 | ||||||||||||||
| 5,000 | Palm Beach County Solid Waste Authority, Florida, Refunding Revenue Bonds, Series 2011, 5.000%, 10/01/25 | 10/21 at 100.00 | AA+ | 5,898,000 | ||||||||||||||
| 3,960 | Port Everglades Authority, Florida, Port Facilities Revenue Bonds, Series 1986, 7.125%, 11/01/16 (ETM) | No Opt. Call | Aaa | 4,227,934 | ||||||||||||||
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2014: | ||||||||||||||||||
| 550 | 5.000%, 9/01/20 (WI/DD, Settling 11/13/14) | No Opt. Call | A+ | 642,208 | ||||||||||||||
| 500 | 5.000%, 9/01/22 (WI/DD, Settling 11/13/14) | No Opt. Call | A+ | 588,080 | ||||||||||||||
| 500 | 5.000%, 9/01/23 (WI/DD, Settling 11/13/14) | No Opt. Call | A+ | 590,610 | ||||||||||||||
| 148 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Florida (continued) | ||||||||||||||||||
| $ | 2,275 | Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole Electric Cooperative, Series 2007A, 5.350%, 3/15/42 (Mandatory put | No Opt. Call | A– | $ | 2,594,183 | ||||||||||||
Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A: | ||||||||||||||||||
| 425 | 3.000%, 9/01/15 | No Opt. Call | A+ | 434,248 | ||||||||||||||
| 425 | 4.000%, 9/01/17 | No Opt. Call | A+ | 461,537 | ||||||||||||||
| 1,020 | 5.000%, 9/01/18 | No Opt. Call | A+ | 1,164,412 | ||||||||||||||
| 1,275 | 5.000%, 9/01/19 | No Opt. Call | A+ | 1,480,836 | ||||||||||||||
| 815 | 5.000%, 9/01/20 | No Opt. Call | A+ | 956,875 | ||||||||||||||
| 610 | 5.000%, 9/01/21 | No Opt. Call | A+ | 718,989 | ||||||||||||||
| 110 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 | 5/17 at 100.00 | N/R | 80,729 | ||||||||||||||
| 340 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 | 5/19 at 100.00 | N/R | 203,408 | ||||||||||||||
| 115 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 | 5/22 at 100.00 | N/R | 50,974 | ||||||||||||||
| 165 | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.375%, 5/01/17 (5) | No Opt. Call | N/R | 2 | ||||||||||||||
| 5 | Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.375%, 5/01/17 (5) | No Opt. Call | N/R | 5,060 | ||||||||||||||
| 175 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.375%, 5/01/17 | No Opt. Call | N/R | 173,915 | ||||||||||||||
| 740 | Tolomato Community Development District, Florida, Special Assessment Bonds, Southern/Forbearance Parcel Series 2007-2, 6.375%, 5/01/17 (5) | No Opt. Call | N/R | 482,413 | ||||||||||||||
| 3,110 | Volusia County School Board, Florida, Sales Tax Revenue Bonds, Series 2004, | No Opt. Call | AA | 3,332,863 | ||||||||||||||
| 153,890 | Total Florida | 169,706,224 | ||||||||||||||||
| Georgia – 3.0% | ||||||||||||||||||
| 2,400 | Atlanta, Georgia, Airport Passenger Facilities Charge Revenue Bonds, Subordinate Lien Series 2010B, 5.000%, 1/01/19 | No Opt. Call | A1 | 2,784,936 | ||||||||||||||
| 7,150 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, | No Opt. Call | AA– | 8,407,828 | ||||||||||||||
| 8,910 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company – Vogtle Plant, First Series 2012, 1.750%, 12/01/49 (Mandatory put 6/01/17) | No Opt. Call | A+ | 9,081,072 | ||||||||||||||
| 17,000 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company – Vogtle Plant, Second Series 2012, 1.750%, 12/01/49 (Mandatory put 6/01/17) | No Opt. Call | A+ | 17,326,400 | ||||||||||||||
| 13,000 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company – Vogtle Plant, Series 2008, 1.400%, 11/01/48 (Mandatory put 4/01/15) | No Opt. Call | A+ | 13,053,560 | ||||||||||||||
| 3,000 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company, Fourth Series 1994, 0.000%, 10/01/32 (Mandatory put 4/02/19) | No Opt. Call | A+ | 3,067,410 | ||||||||||||||
| 3,000 | Cobb County Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Georgia Waste Management Project, Series 2004A, 2.000%, 4/01/33 (Mandatory put 10/01/19) | No Opt. Call | A– | 3,015,390 | ||||||||||||||
| Nuveen Investments | 149 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Georgia (continued) | ||||||||||||||||||
Columbia County, Georgia, General Obligation Sales Tax Bonds, Series 2009: | ||||||||||||||||||
| $ | 1,335 | 5.000%, 4/01/15 | No Opt. Call | AAA | $ | 1,362,274 | ||||||||||||
| 1,450 | 5.000%, 4/01/17 | No Opt. Call | AAA | 1,607,470 | ||||||||||||||
| 500 | DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2011A, 4.000%, 10/01/15 | No Opt. Call | Aa3 | 517,625 | ||||||||||||||
| 1,500 | DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution, Refunding Series 2013, 5.000%, 10/01/22 | No Opt. Call | Aa3 | 1,807,530 | ||||||||||||||
| 1,500 | Forsyth County School District, Georgia, General Obligation Bonds, Series 2014, 5.000%, 2/01/20 | No Opt. Call | AA+ | 1,777,920 | ||||||||||||||
| 1,000 | Fulton County Development Authority, Georgia, Revenue Bonds, Robert W. Woodruff Arts Center, Inc. Project, Refunding Series 2009B, 5.000%, 3/15/16 | No Opt. Call | A2 | 1,061,690 | ||||||||||||||
| 215 | Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1991V, 6.600%, 1/01/18 – NPFG Insured | No Opt. Call | AA– | 234,855 | ||||||||||||||
| 2,105 | Georgia State, General Obligation Bonds, Series 2009B, 4.000%, 1/01/21 | 1/19 at 100.00 | AAA | 2,324,383 | ||||||||||||||
| 11,440 | Georgia State, General Obligation Bonds, Series 2009D, 5.000%, 5/01/20 | 5/19 at 100.00 | AAA | 13,397,727 | ||||||||||||||
| 10,000 | Gwinnett County School District, Georgia, General Obligation Bonds, Sales Tax Series 2012A, 4.000%, 10/01/16 | No Opt. Call | AAA | 10,698,600 | ||||||||||||||
| 105 | Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Series 1992N, 6.250%, 7/01/18 – NPFG Insured | No Opt. Call | Aa2 | 116,911 | ||||||||||||||
| 1,000 | Municipal Electric Authority of Georgia, Combined Cycle Project Revenue Bonds, Series 2012A, 4.000%, 11/01/14 | No Opt. Call | A1 | 1,000,000 | ||||||||||||||
| 1,000 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Refunding Subordinate Lien Series 2011A, 4.000%, 1/01/15 | No Opt. Call | A+ | 1,006,570 | ||||||||||||||
| 7,630 | Municipal Electric Authority of Georgia, Project One Subordinate Lien Revenue Bonds, Series 2008A, 5.250%, 1/01/18 | No Opt. Call | A+ | 8,701,099 | ||||||||||||||
Municipal Gas Authority of Georgia, Gas Revenue Bonds, Gas Portfolio III Project, Series 2014U: | ||||||||||||||||||
| 3,710 | 5.000%, 10/01/18 | No Opt. Call | AA– | 4,275,441 | ||||||||||||||
| 2,905 | 5.000%, 10/01/19 | No Opt. Call | AA– | 3,412,213 | ||||||||||||||
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C: | ||||||||||||||||||
| 500 | 5.000%, 10/01/17 | No Opt. Call | Baa2 | 553,985 | ||||||||||||||
| 580 | 5.000%, 10/01/20 | No Opt. Call | Baa2 | 666,756 | ||||||||||||||
Richmond County Board of Education, Georgia, General Obligation Bonds, Sales Tax Series 2012: | ||||||||||||||||||
| 3,300 | 5.000%, 10/01/15 | No Opt. Call | AA+ | 3,446,850 | ||||||||||||||
| 2,000 | 3.000%, 10/01/15 | No Opt. Call | AA+ | 2,052,380 | ||||||||||||||
| 108,235 | Total Georgia | 116,758,875 | ||||||||||||||||
| Hawaii – 1.0% | ||||||||||||||||||
| 6,415 | Hawaii State, General Obligation Bonds, Series 2011DZ, 5.000%, 12/01/18 | No Opt. Call | AA | 7,462,377 | ||||||||||||||
| 4,500 | Hawaii State, General Obligation Bonds, Series 2012EE, 5.000%, 11/01/20 | No Opt. Call | AA | 5,423,760 | ||||||||||||||
| 8,290 | Hawaii State, General Obligation Bonds, Series 2012EF, 5.000%, 11/01/20 | No Opt. Call | AA | 9,991,771 | ||||||||||||||
| 10,070 | Hawaii State, General Obligation Bonds, Series 2013EH, 5.000%, 8/01/21 | No Opt. Call | AA | 12,215,212 | ||||||||||||||
| 150 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Hawaii (continued) | ||||||||||||||||||
Hawaii State, Highway Revenue Bonds, Series 2011A: | ||||||||||||||||||
| $ | 405 | 4.000%, 1/01/15 | No Opt. Call | AA+ | $ | 407,641 | ||||||||||||
| 2,145 | 4.000%, 1/01/16 | No Opt. Call | AA+ | 2,239,037 | ||||||||||||||
| 31,825 | Total Hawaii | 37,739,798 | ||||||||||||||||
| Illinois – 8.6% | ||||||||||||||||||
| 1,240 | Bourbonnais, Illinois, Industrial Project Revenue Bonds, Olivet Nazarene University Project, Series 2010, 5.000%, 11/01/20 | No Opt. Call | BBB | 1,409,595 | ||||||||||||||
| 1,000 | Bourbonnais, Illinois, Revenue Bonds, Olivet Nazarene University, Refunding Series 2007, 5.000%, 11/01/15 – RAAI Insured | No Opt. Call | BBB | 1,041,790 | ||||||||||||||
| 1,405 | Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 12/01/17 – FGIC Insured | No Opt. Call | AA– | 1,327,304 | ||||||||||||||
| 4,020 | Chicago, Illinois, General Obligation Bonds, Modern Schools Arcoss Chicago Program, Series 2007J, 5.000%, 12/01/21 – AMBAC Insured | 12/16 at 100.00 | A+ | 4,271,451 | ||||||||||||||
| 2,000 | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.000%, 12/01/20 | No Opt. Call | AA | 2,342,320 | ||||||||||||||
| 7,195 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2009A, 5.000%, 11/15/17 | No Opt. Call | AA | 8,047,464 | ||||||||||||||
| 4,750 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/22 | 11/20 at 100.00 | AA | 5,501,783 | ||||||||||||||
| 3,315 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2011A, 5.000%, 11/15/18 | No Opt. Call | AA | 3,772,603 | ||||||||||||||
Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C: | ||||||||||||||||||
| 3,445 | 5.000%, 11/15/27 | 11/22 at 100.00 | AA | 3,900,050 | ||||||||||||||
| 3,000 | 5.000%, 11/15/33 | 11/22 at 100.00 | AA | 3,342,930 | ||||||||||||||
| 720 | Glendale Heights, Illinois, Hospital Revenue Bonds, Glendale Heights Hospital, Series 1985B, 7.100%, 12/01/15 (ETM) | No Opt. Call | Aaa | 747,346 | ||||||||||||||
| 721 | Huntley, Illinois, Special Service Area 10, Special Tax Bonds, Series 2007, 4.600%, 3/01/17 – AGC Insured | No Opt. Call | AA | 748,153 | ||||||||||||||
IIllinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2014A: | ||||||||||||||||||
| 1,540 | 5.000%, 12/01/20 | No Opt. Call | AA– | 1,844,289 | ||||||||||||||
| 1,665 | 5.000%, 12/01/21 | No Opt. Call | AA– | 2,004,294 | ||||||||||||||
| 1,665 | 5.000%, 12/01/22 | No Opt. Call | AA– | 2,013,718 | ||||||||||||||
| 1,330 | Illinois Development Finance Authority, Revenue Bonds, St Vincent de Paul Center Project, Series 2013A, 1.875%, 11/15/39 (Mandatory put 3/01/19) | No Opt. Call | AA+ | 1,352,105 | ||||||||||||||
| 1,175 | Illinois Educational Facilities Authority, Revenue Bonds, Art Institute of Chicago, Series 1998A, 5.000%, 3/01/30 (Mandatory put 3/01/17) | No Opt. Call | A1 | 1,267,402 | ||||||||||||||
| 10,000 | Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Series 1998B, 1.650%, 7/01/25 (Mandatory put 2/01/19) | No Opt. Call | AA+ | 10,108,900 | ||||||||||||||
| 13,200 | Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Series 2004B2, 1.100%, 7/01/36 (Mandatory put 2/15/18) | No Opt. Call | AA+ | 13,247,916 | ||||||||||||||
| 11,300 | Illinois Finance Authority, Midwestern Disaster Area Industrial Development Revenue Bonds, Cargill, Incorporated Project, Series 2012, 1.550%, 11/01/38 (Mandatory put 11/01/17) | No Opt. Call | A | 11,357,743 | ||||||||||||||
| 920 | Illinois Finance Authority, Revenue Bonds, Alexian Brothers Health System, Refunding Series 2005B, 5.000%, 1/01/20 – AGM Insured | 4/18 at 100.00 | A2 | 1,019,093 | ||||||||||||||
| Nuveen Investments | 151 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Illinois (continued) | ||||||||||||||||||
| $ | 950 | Illinois Finance Authority, Revenue Bonds, Alexian Brothers Health System, Series 2010, 5.000%, 2/15/21 | 2/20 at 100.00 | A2 | $ | 1,071,914 | ||||||||||||
| 3,000 | Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2012E-1, 5.000%, 11/15/42 (Mandatory put 5/01/15) | No Opt. Call | AA+ | 3,071,400 | ||||||||||||||
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012: | ||||||||||||||||||
| 1,090 | 5.000%, 9/01/18 | No Opt. Call | BBB | 1,213,584 | ||||||||||||||
| 905 | 5.000%, 9/01/19 | No Opt. Call | BBB | 1,012,451 | ||||||||||||||
| 8,665 | 5.000%, 9/01/27 | 9/22 at 100.00 | BBB | 9,363,312 | ||||||||||||||
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | ||||||||||||||||||
| 125 | 5.000%, 9/01/19 | No Opt. Call | BBB | 139,841 | ||||||||||||||
| 325 | 5.000%, 9/01/20 | No Opt. Call | BBB | 366,197 | ||||||||||||||
| 350 | 5.000%, 9/01/21 | No Opt. Call | BBB | 394,478 | ||||||||||||||
| 865 | 5.000%, 9/01/25 | 9/24 at 100.00 | BBB | 967,027 | ||||||||||||||
| 2,000 | Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008B, 5.500%, 8/15/21 | 8/18 at 100.00 | AA– | 2,264,240 | ||||||||||||||
| 1,360 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 4.750%, 11/15/14 | No Opt. Call | A | 1,362,394 | ||||||||||||||
| 1,200 | Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.000%, 5/15/17 | No Opt. Call | AA– | 1,327,572 | ||||||||||||||
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2005: | ||||||||||||||||||
| 1,175 | 5.000%, 8/15/15 | No Opt. Call | AA | 1,211,002 | ||||||||||||||
| 1,000 | 5.000%, 8/15/16 – AGC Insured | No Opt. Call | AA | 1,066,810 | ||||||||||||||
| 875 | 5.000%, 8/15/18 | No Opt. Call | AA | 971,416 | ||||||||||||||
| 355 | 5.250%, 8/15/19 | No Opt. Call | AA | 402,829 | ||||||||||||||
| 2,000 | Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2009A, 5.500%, 2/15/16 | No Opt. Call | AA | 2,128,300 | ||||||||||||||
Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2014A: | ||||||||||||||||||
| 1,000 | 5.000%, 10/01/19 | No Opt. Call | AA+ | 1,175,390 | ||||||||||||||
| 2,000 | 5.000%, 10/01/20 | No Opt. Call | AA+ | 2,383,620 | ||||||||||||||
| 5,000 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/20 | No Opt. Call | AA+ | 5,959,050 | ||||||||||||||
| 2,510 | Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25 | 11/16 at 100.00 | BBB+ | 2,614,391 | ||||||||||||||
| 410 | Illinois Health Facilities Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 1999, 5.500%, 8/15/19 | 1/15 at 100.00 | BBB– | 411,583 | ||||||||||||||
| 3,225 | Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2006, 5.000%, 2/01/22 – NPFG Insured | 2/16 at 100.00 | AA– | 3,387,701 | ||||||||||||||
| 3,000 | Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.250%, 2/01/16 – FGIC Insured | No Opt. Call | AA– | 3,181,530 | ||||||||||||||
Illinois State Department of Employment Security, Unemployment Insurance Fund Building Receipts Revenue Bonds, Series 2012B: | ||||||||||||||||||
| 2,525 | 5.000%, 6/15/18 | 12/16 at 100.00 | AA+ | 2,760,381 | ||||||||||||||
| 3,085 | 5.000%, 12/15/18 | 6/16 at 100.00 | AA+ | 3,305,886 | ||||||||||||||
| 1,720 | 5.000%, 6/15/19 | 6/15 at 100.00 | AA+ | 1,769,484 | ||||||||||||||
| 3,250 | 5.000%, 12/15/19 | 12/14 at 100.00 | AA+ | 3,268,655 | ||||||||||||||
| 152 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Illinois (continued) | ||||||||||||||||||
Illinois State, General Obligation Bonds, February Series 2014: | ||||||||||||||||||
| $ | 655 | 5.000%, 2/01/19 | No Opt. Call | A– | $ | 730,482 | ||||||||||||
| 1,250 | 5.000%, 2/01/20 | No Opt. Call | A– | 1,403,125 | ||||||||||||||
| 3,500 | 5.000%, 2/01/21 | No Opt. Call | A– | 3,930,290 | ||||||||||||||
| 4,050 | 5.000%, 2/01/22 | No Opt. Call | A– | 4,545,437 | ||||||||||||||
Illinois State, General Obligation Bonds, Refunding Series 2006: | ||||||||||||||||||
| 190 | 5.000%, 1/01/15 | No Opt. Call | A– | 191,436 | ||||||||||||||
| 3,570 | 5.000%, 1/01/16 | No Opt. Call | A– | 3,746,072 | ||||||||||||||
Illinois State, General Obligation Bonds, Refunding Series 2007B: | ||||||||||||||||||
| 1,525 | 5.000%, 1/01/16 | No Opt. Call | A– | 1,600,213 | ||||||||||||||
| 1,115 | 5.250%, 1/01/20 | No Opt. Call | A– | 1,263,585 | ||||||||||||||
| 355 | Illinois State, General Obligation Bonds, Refunding Series 2008, 4.250%, 4/01/16 | No Opt. Call | A– | 372,115 | ||||||||||||||
Illinois State, General Obligation Bonds, Refunding Series 2010: | ||||||||||||||||||
| 1,505 | 5.000%, 1/01/16 | No Opt. Call | A– | 1,579,227 | ||||||||||||||
| 5,045 | 5.000%, 1/01/17 – AGM Insured | No Opt. Call | AA | 5,464,492 | ||||||||||||||
| 490 | 5.000%, 1/01/17 | No Opt. Call | A– | 530,190 | ||||||||||||||
| 4,995 | 5.000%, 1/01/18 – AGM Insured | No Opt. Call | AA | 5,539,305 | ||||||||||||||
| 22,035 | 5.000%, 1/01/18 | No Opt. Call | A– | 24,392,965 | ||||||||||||||
| 6,745 | 5.000%, 1/01/24 | 1/20 at 100.00 | A– | 7,220,725 | ||||||||||||||
Illinois State, General Obligation Bonds, Refunding Series 2012: | ||||||||||||||||||
| 5,000 | 5.000%, 8/01/16 | No Opt. Call | A– | 5,354,000 | ||||||||||||||
| 5,170 | 5.000%, 8/01/19 | No Opt. Call | A– | 5,787,453 | ||||||||||||||
| 4,055 | 5.000%, 8/01/20 | No Opt. Call | A– | 4,581,907 | ||||||||||||||
| 6,975 | Illinois State, General Obligation Bonds, Series 2003A, 5.000%, 10/01/19 | 1/15 at 100.00 | A– | 7,001,924 | ||||||||||||||
| 560 | Illinois State, General Obligation Bonds, Series 2003, 5.000%, 6/01/19 – NPFG Insured | 1/15 at 100.00 | AA– | 562,083 | ||||||||||||||
| 10 | Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/22 | 1/15 at 100.00 | A– | 10,037 | ||||||||||||||
| 2,000 | Illinois State, General Obligation Bonds, Series 2005, 5.000%, 9/01/16 – AGM Insured | 9/15 at 100.00 | AA | 2,068,480 | ||||||||||||||
Illinois State, General Obligation Bonds, Series 2006A: | ||||||||||||||||||
| 1,060 | 5.000%, 6/01/17 | No Opt. Call | A– | 1,160,817 | ||||||||||||||
| 6,400 | 5.000%, 6/01/23 | 12/16 at 100.00 | A– | 6,783,680 | ||||||||||||||
Illinois State, General Obligation Bonds, Series 2006: | ||||||||||||||||||
| 4,060 | 5.000%, 1/01/16 | No Opt. Call | A– | 4,260,239 | ||||||||||||||
| 1,005 | 5.000%, 1/01/17 | 1/16 at 100.00 | A– | 1,049,632 | ||||||||||||||
| 2,550 | 5.000%, 1/01/19 – NPFG Insured | 1/16 at 100.00 | AA– | 2,664,776 | ||||||||||||||
| 1,000 | Illinois State, General Obligation Bonds, Series 2007A, 5.000%, 6/01/22 – AGM Insured | 6/17 at 100.00 | AA | 1,075,150 | ||||||||||||||
Illinois State, General Obligation Bonds, Series 2013: | ||||||||||||||||||
| 1,500 | 5.000%, 7/01/17 | No Opt. Call | A– | 1,646,430 | ||||||||||||||
| 3,565 | 5.000%, 7/01/21 | No Opt. Call | A– | 4,014,653 | ||||||||||||||
| 2,520 | 5.500%, 7/01/25 | 7/23 at 100.00 | A– | 2,869,625 | ||||||||||||||
| 2,030 | Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2010, 5.000%, 6/15/16 | No Opt. Call | AAA | 2,182,372 | ||||||||||||||
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Junior Lien Series 2013: | ||||||||||||||||||
| 4,355 | 5.000%, 6/15/18 | No Opt. Call | AAA | 4,985,952 | ||||||||||||||
| 6,000 | 5.000%, 6/15/19 | No Opt. Call | AAA | 7,009,020 | ||||||||||||||
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001: | ||||||||||||||||||
| 430 | 5.500%, 5/01/15 – AGM Insured | No Opt. Call | AA | 440,810 | ||||||||||||||
| 1,170 | 5.375%, 4/01/16 – NPFG Insured | No Opt. Call | AA– | 1,244,903 | ||||||||||||||
| Nuveen Investments | 153 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Illinois (continued) | ||||||||||||||||||
| $ | 620 | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.500%, 8/01/15 – NPFG Insured | No Opt. Call | AA– | $ | 642,971 | ||||||||||||
| 2,295 | Kane County School District 129, Aurora West, Illinois, General Obligation Bonds, Series 2005B, 5.000%, 2/01/19 – FGIC Insured | 2/15 at 100.00 | AA– | 2,320,750 | ||||||||||||||
| 2,000 | Lake County Forest Preserve District, Illinois, General Obligation Bonds, Series 2007A, 0.610%, 12/15/16 | 12/14 at 100.00 | AAA | 2,000,680 | ||||||||||||||
| 1,900 | Peroia Public Building Commission, Illinois, School District Facility Revenue Bonds, Peoria County School District 150 Project, Series 2009A, 0.000%, 12/01/22 – AGC Insured | 12/18 at 79.62 | AA | 1,380,464 | ||||||||||||||
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010: | ||||||||||||||||||
| 290 | 5.000%, 6/01/15 | No Opt. Call | A | 297,598 | ||||||||||||||
| 5,115 | 5.000%, 6/01/16 | No Opt. Call | A | 5,453,102 | ||||||||||||||
| 7,570 | 5.000%, 6/01/17 | No Opt. Call | A | 8,323,594 | ||||||||||||||
| 5,390 | 5.000%, 6/01/18 | No Opt. Call | A | 6,074,853 | ||||||||||||||
| 10,095 | 5.000%, 6/01/19 | No Opt. Call | A | 11,589,767 | ||||||||||||||
| 5,185 | 5.250%, 6/01/20 | No Opt. Call | A | 6,094,916 | ||||||||||||||
| 20 | 5.250%, 6/01/21 | No Opt. Call | A | 23,660 | ||||||||||||||
| 4,975 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured | No Opt. Call | AA | 5,756,772 | ||||||||||||||
| 6,650 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1994D, 7.750%, 6/01/19 – FGIC Insured | No Opt. Call | AA | 7,744,191 | ||||||||||||||
| 2,365 | Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source, Series 2012, 4.000%, 11/01/19 | No Opt. Call | A+ | 2,626,403 | ||||||||||||||
Will, Grundy, Kendall, LaSalle, Kankakee, Livingston and Cook Counties Community College District 525 Joliet Junior College, Illinois, General Obligation Bond, Series 2008: | ||||||||||||||||||
| 1,090 | 5.750%, 6/01/26 | 6/18 at 100.00 | AA | 1,249,434 | ||||||||||||||
| 1,035 | 5.750%, 6/01/27 | 6/18 at 100.00 | AA | 1,184,061 | ||||||||||||||
| 200 | Winnebago-Boone Counties School District 205, Illinois, General Obligation Bonds, Series 2013, 4.000%, 2/01/15 | No Opt. Call | AA– | 201,780 | ||||||||||||||
| 304,806 | Total Illinois | 331,449,285 | ||||||||||||||||
| Indiana – 4.0% | ||||||||||||||||||
| 2,725 | East Chicago Elementary School Building Corporation, Lake County, Indiana, First Mortgage Bonds, Series 1996 Refunding, 6.250%, 1/05/16 | No Opt. Call | A | 2,794,978 | ||||||||||||||
| 570 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.000%, 10/01/21 | 10/19 at 100.00 | BB– | 585,424 | ||||||||||||||
| 6,800 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, Southern Indiana Gas & Electric Company, Refunding Series 2013D, 1.960%, 3/01/24 (Mandatory put 9/14/17) | No Opt. Call | Aa3 | 6,919,816 | ||||||||||||||
Indiana Finance Authority, Hospital Revenue Bonds, Beacon Health System Obligated Group, Series 2013A: | ||||||||||||||||||
| 500 | 5.000%, 8/15/16 | No Opt. Call | AA– | 541,145 | ||||||||||||||
| 635 | 5.000%, 8/15/18 | No Opt. Call | AA– | 727,488 | ||||||||||||||
Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010: | ||||||||||||||||||
| 1,445 | 5.000%, 3/01/19 | No Opt. Call | BBB | 1,615,813 | ||||||||||||||
| 2,115 | 5.000%, 3/01/20 | No Opt. Call | BBB | 2,388,723 | ||||||||||||||
| 154 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Indiana (continued) | ||||||||||||||||||
Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A: | ||||||||||||||||||
| $ | 1,025 | 4.000%, 10/01/20 | No Opt. Call | BBB+ | $ | 1,121,155 | ||||||||||||
| 435 | 4.000%, 10/01/21 | No Opt. Call | BBB+ | 471,096 | ||||||||||||||
| 105 | 5.000%, 10/01/23 | No Opt. Call | BBB+ | 119,690 | ||||||||||||||
Indiana Finance Authority, Hospital Revenue Bonds, Parkview Health System Obligated Group, Series 2012A: | ||||||||||||||||||
| 850 | 5.000%, 5/01/19 | No Opt. Call | A+ | 975,018 | ||||||||||||||
| 750 | 5.000%, 5/01/20 | No Opt. Call | A+ | 871,313 | ||||||||||||||
| 2,000 | 5.000%, 5/01/21 | No Opt. Call | A+ | 2,335,340 | ||||||||||||||
| 5,725 | Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax) | 1/17 at 100.00 | BBB | 6,181,111 | ||||||||||||||
| 12,020 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011C, 3.000%, 10/01/16 | No Opt. Call | AA– | 12,564,145 | ||||||||||||||
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A: | ||||||||||||||||||
| 725 | 4.000%, 10/01/16 | No Opt. Call | AA | 774,206 | ||||||||||||||
| 370 | 5.000%, 10/01/17 | No Opt. Call | AA | 415,221 | ||||||||||||||
| 410 | 5.000%, 10/01/18 | No Opt. Call | AA | 471,808 | ||||||||||||||
| 335 | 5.000%, 10/01/19 | No Opt. Call | AA | 393,491 | ||||||||||||||
| 750 | 5.000%, 10/01/20 | No Opt. Call | AA | 892,920 | ||||||||||||||
| 11,165 | Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006B-7, 4.100%, 11/15/46 (Mandatory put 11/03/16) | No Opt. Call | AA+ | 11,981,720 | ||||||||||||||
| 5,175 | Indiana Health Facility Financing Authority, Revenue Bonds, Ascension Health, Series 2012A-2, 1.600%, 11/15/36 (Mandatory put 2/01/17) | No Opt. Call | AA+ | 5,288,333 | ||||||||||||||
| 260 | Indiana State University Board of Trustees, Indiana State University, Housing and Dining System Revenue Bonds, Series 2014, 4.000%, 4/01/22 | No Opt. Call | AA– | 289,328 | ||||||||||||||
| 3,500 | Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1993A, 0.000%, 12/01/15 – AMBAC Insured | No Opt. Call | AA+ | 3,486,700 | ||||||||||||||
| 4,240 | Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/16 – AGC Insured | No Opt. Call | AA | 4,489,100 | ||||||||||||||
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Refunding Series 2006: | ||||||||||||||||||
| 1,150 | 5.500%, 1/01/16 – NPFG Insured | No Opt. Call | AA– | 1,216,033 | ||||||||||||||
| 1,630 | 5.500%, 7/01/19 – NPFG Insured | No Opt. Call | AA– | 1,915,918 | ||||||||||||||
| 3,690 | 5.500%, 1/01/20 – NPFG Insured | No Opt. Call | AA– | 4,363,610 | ||||||||||||||
| 8,000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2007B, 5.250%, 7/01/24 – NPFG Insured | No Opt. Call | AA– | 9,706,240 | ||||||||||||||
Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series 2014A: | ||||||||||||||||||
| 250 | 3.000%, 10/01/16 | No Opt. Call | A | 261,318 | ||||||||||||||
| 250 | 4.000%, 10/01/17 | No Opt. Call | A | 272,258 | ||||||||||||||
| 300 | 4.000%, 10/01/18 | No Opt. Call | A | 331,494 | ||||||||||||||
| 200 | 5.000%, 10/01/19 | No Opt. Call | A | 232,640 | ||||||||||||||
| 350 | 5.000%, 10/01/20 | No Opt. Call | A | 411,831 | ||||||||||||||
| 450 | 5.000%, 10/01/21 | No Opt. Call | A | 531,932 | ||||||||||||||
| 450 | 5.000%, 10/01/22 | No Opt. Call | A | 534,429 | ||||||||||||||
| 600 | 5.000%, 10/01/23 | No Opt. Call | A | 714,852 | ||||||||||||||
| 400 | 5.000%, 10/01/24 | No Opt. Call | A | 479,176 | ||||||||||||||
| 500 | 5.000%, 10/01/25 | 10/24 at 100.00 | A | 597,175 | ||||||||||||||
| 425 | 5.000%, 10/01/26 | 10/24 at 100.00 | A | 502,133 | ||||||||||||||
| Nuveen Investments | 155 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Indiana (continued) | ||||||||||||||||||
| $ | 3,175 | IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2014, 5.000%, 1/15/18 | No Opt. Call | AA+ | $ | 3,596,608 | ||||||||||||
| 4,080 | Jasper County, Indiana, Pollution Control Revenue Refunding Bonds, Northern Indiana Public Service Company Project, Series 1988A Remarketed, 5.600%, 11/01/16 – NPFG Insured | No Opt. Call | AA– | 4,400,933 | ||||||||||||||
| 6,290 | Jasper County, Indiana, Pollution Control Revenue Refunding Bonds, Northern Indiana Public Service Company Project, Series 2003 Remarketed, 5.700%, 7/01/17 – AMBAC Insured | No Opt. Call | Baa1 | 6,904,156 | ||||||||||||||
Knox County, Indiana, Economic Development Revenue and Refunding Bonds, Good Samaritan Hospital Project, Series 2012A: | ||||||||||||||||||
| 355 | 3.000%, 4/01/16 | No Opt. Call | Baa1 | 365,114 | ||||||||||||||
| 880 | 4.000%, 4/01/17 | No Opt. Call | Baa1 | 936,566 | ||||||||||||||
| 400 | 4.000%, 4/01/18 | No Opt. Call | Baa1 | 430,204 | ||||||||||||||
| 550 | 3.000%, 4/01/19 | No Opt. Call | Baa1 | 578,864 | ||||||||||||||
Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012: | ||||||||||||||||||
| 870 | 3.000%, 2/01/15 | No Opt. Call | N/R | 872,158 | ||||||||||||||
| 880 | 4.000%, 8/01/15 | No Opt. Call | N/R | 892,857 | ||||||||||||||
| 900 | 4.000%, 2/01/16 | No Opt. Call | N/R | 918,702 | ||||||||||||||
| 915 | 4.000%, 8/01/16 | No Opt. Call | N/R | 939,989 | ||||||||||||||
| 1,525 | State of Indiana, Indiana Toll Road Commission, East-West Toll Road Revenue Bonds, 1980 Series, 9.000%, 1/01/15 (ETM) | No Opt. Call | Aaa | 1,545,694 | ||||||||||||||
Vanderburgh County, Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014: | ||||||||||||||||||
| 150 | 2.000%, 2/01/15 | No Opt. Call | A | 150,621 | ||||||||||||||
| 250 | 4.000%, 2/01/18 | No Opt. Call | A | 272,923 | ||||||||||||||
| 520 | 4.000%, 2/01/19 | No Opt. Call | A | 574,553 | ||||||||||||||
| 600 | 5.000%, 2/01/20 | No Opt. Call | A | 696,996 | ||||||||||||||
| 640 | 5.000%, 2/01/21 | No Opt. Call | A | 749,338 | ||||||||||||||
| 1,595 | 4.000%, 2/01/24 | No Opt. Call | A | 1,763,655 | ||||||||||||||
| 31,605 | Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. Project, Series 2008, 0.000%, 6/01/44 (WI/DD, Settling 11/03/14) | No Opt. Call | A | 31,816,437 | ||||||||||||||
Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Refunding Series 2014B: | ||||||||||||||||||
| 2,000 | 3.000%, 7/15/19 | No Opt. Call | AA– | 2,168,660 | ||||||||||||||
| 1,195 | 4.000%, 1/15/20 | No Opt. Call | AA– | 1,353,529 | ||||||||||||||
| 142,650 | Total Indiana | 152,694,678 | ||||||||||||||||
| Iowa – 0.5% | ||||||||||||||||||
Fort Dodge Community School District, Webster County, Iowa, School Infrastructure Sales, Services, and Use Tax Revenue Bonds, Series 2011: | ||||||||||||||||||
| 1,150 | 4.000%, 1/01/18 – AGM Insured | No Opt. Call | AA | 1,251,062 | ||||||||||||||
| 1,330 | 5.000%, 1/01/19 – AGM Insured | No Opt. Call | AA | 1,515,868 | ||||||||||||||
| 1,380 | 5.000%, 1/01/20 – AGM Insured | No Opt. Call | AA | 1,592,120 | ||||||||||||||
| 1,245 | 5.000%, 1/01/22 – AGM Insured | 1/21 at 100.00 | AA | 1,426,023 | ||||||||||||||
| 7,645 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19 | No Opt. Call | BB– | 8,185,196 | ||||||||||||||
Iowa State, Special Obligation Bonds, I-Jobs Program, Series 2009A: | ||||||||||||||||||
| 1,945 | 5.000%, 6/01/17 | No Opt. Call | AA | 2,169,278 | ||||||||||||||
| 3,150 | 5.000%, 6/01/18 | No Opt. Call | AA | 3,612,987 | ||||||||||||||
| 17,845 | Total Iowa | 19,752,534 | ||||||||||||||||
| 156 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Kansas – 1.0% | ||||||||||||||||||
Kansas Department of Transportation, Highway Revenue Bonds, Refunding Series 2009A: | ||||||||||||||||||
| $ | 4,680 | 5.000%, 9/01/16 | No Opt. Call | AAA | $ | 5,070,827 | ||||||||||||
| 6,050 | 5.000%, 9/01/17 | No Opt. Call | AAA | 6,792,638 | ||||||||||||||
| 650 | Kansas Development Finance Authority, Health Facilities Revenue Bonds, Hays Medical Center Inc., Series 2005L, 5.250%, 11/15/14 | No Opt. Call | A2 | 651,235 | ||||||||||||||
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A: | ||||||||||||||||||
| 1,245 | 5.000%, 1/01/20 | No Opt. Call | AA– | 1,452,405 | ||||||||||||||
| 1,475 | 5.000%, 1/01/23 | 1/20 at 100.00 | AA– | 1,675,998 | ||||||||||||||
Saline County Unified School District 305, Kansas, General Obligation Bonds, Refunding & Improvement Series 2014: | ||||||||||||||||||
| 3,760 | 5.000%, 9/01/20 | No Opt. Call | Aa2 | 4,505,796 | ||||||||||||||
| 5,000 | 5.000%, 9/01/21 | No Opt. Call | Aa2 | 6,053,450 | ||||||||||||||
Topeka Public Building Commission, Kansas, Revenue Bonds, Kansas Department of Administration – 10th and Jackson Projects, Series 2007A: | ||||||||||||||||||
| 2,245 | 5.000%, 6/01/25 – NPFG Insured | 6/18 at 102.00 | AA– | 2,563,363 | ||||||||||||||
| 2,945 | 5.000%, 6/01/26 – NPFG Insured | 6/18 at 102.00 | AA– | 3,362,630 | ||||||||||||||
Wyandotte County/Kansas City Unified Government Board of Public Utilities, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2014A: | ||||||||||||||||||
| 600 | 4.000%, 9/01/18 | No Opt. Call | A+ | 663,966 | ||||||||||||||
| 2,000 | 5.000%, 9/01/20 | No Opt. Call | A+ | 2,364,340 | ||||||||||||||
| 6,715 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 | No Opt. Call | A– | 4,723,734 | ||||||||||||||
| 37,365 | Total Kansas | 39,880,382 | ||||||||||||||||
| Kentucky – 1.5% | ||||||||||||||||||
| 8,945 | Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A, 5.000%, 7/01/17 | No Opt. Call | Baa3 | 9,875,369 | ||||||||||||||
| 3,750 | Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.000%, 6/01/18 | No Opt. Call | Aa3 | 4,276,875 | ||||||||||||||
| 15,325 | Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 2009B, 5.000%, 5/15/17 | No Opt. Call | AA | 17,040,327 | ||||||||||||||
| 3,580 | Louisville-Jefferson County Metropolitan Government, Kentucky, Environmental Facilities Revenue, Louisville Gas & Electric Company Project, Series 2007B, 1.600%, 6/01/33 (Mandatory put 6/01/17) | No Opt. Call | A+ | 3,635,096 | ||||||||||||||
| 15,360 | Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2003A, 1.650%, 10/01/33 (Mandatory put 4/03/17) | No Opt. Call | A1 | 15,622,042 | ||||||||||||||
| 1,950 | Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2005A, 2.200%, 2/01/35 (Mandatory put 8/01/19) | No Opt. Call | A1 | 2,009,436 | ||||||||||||||
| 1,550 | Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011, 5.250%, 3/01/19 | No Opt. Call | A3 | 1,778,951 | ||||||||||||||
| 3,000 | Warren County, Kentucky, Hospital Refunding Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2013, 5.000%, 4/01/23 | No Opt. Call | A | 3,492,990 | ||||||||||||||
| 53,460 | Total Kentucky | 57,731,086 | ||||||||||||||||
| Nuveen Investments | 157 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Louisiana – 3.9% | ||||||||||||||||||
| $ | 1,000 | Bossier City, Louisiana, Utility Revenue Bonds, Refunding Series 2014, 4.000%, 10/01/20 | No Opt. Call | AA– | $ | 1,133,740 | ||||||||||||
| 5,000 | De Soto Parrish, Louisiana, Pollution Control Revenue Refunding Bonds, Southwestern Electric Power Company Project, Series 2010, 3.250%, 1/01/19 (Mandatory put 1/02/15) | No Opt. Call | BBB | 5,017,500 | ||||||||||||||
| 10,000 | East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Variable Rate Demand Obligation Series 2011A, 0.609%, 2/01/46 (Mandatory put 8/01/18) | 2/18 at 100.00 | AA | 10,007,300 | ||||||||||||||
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B: | ||||||||||||||||||
| 140 | 5.000%, 6/01/16 – AMBAC Insured | No Opt. Call | A– | 149,842 | ||||||||||||||
| 20 | 5.000%, 6/01/17 – AMBAC Insured | 6/16 at 100.00 | A– | 21,382 | ||||||||||||||
| 265 | 5.000%, 6/01/18 – AMBAC Insured | 6/16 at 100.00 | A– | 283,094 | ||||||||||||||
| 805 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Livingston Parish North Park Project, Series 2008, 6.100%, 10/01/19 | 10/18 at 100.00 | A+ | 921,065 | ||||||||||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007A: | ||||||||||||||||||
| 2,700 | 6.500%, 12/15/15 (5) | No Opt. Call | N/R | 1,754,055 | ||||||||||||||
| 435 | 6.000%, 12/15/37 | 1/15 at 100.00 | N/R | 241,795 | ||||||||||||||
Louisiana Public Facilities Authority, Revenue Bonds, Hurricane Recovery Program, Refunding Series 2014: | ||||||||||||||||||
| 1,575 | 5.000%, 6/01/19 | No Opt. Call | Aa3 | 1,844,561 | ||||||||||||||
| 4,975 | 5.000%, 6/01/20 | No Opt. Call | Aa3 | 5,921,842 | ||||||||||||||
Louisiana Public Facilities Authority, Revenue Bonds, University of New Orleans Research and Technology Foundation, Inc. – Student Housing Project, Refunding Series 2014: | ||||||||||||||||||
| 585 | 5.000%, 9/01/21 – AGM Insured | No Opt. Call | AA | 689,522 | ||||||||||||||
| 580 | 5.000%, 9/01/22 – AGM Insured | No Opt. Call | AA | 684,731 | ||||||||||||||
| 1,445 | 5.000%, 9/01/23 – AGM Insured | No Opt. Call | AA | 1,706,444 | ||||||||||||||
| 1,565 | 5.000%, 9/01/24 – AGM Insured | No Opt. Call | AA | 1,856,873 | ||||||||||||||
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A: | ||||||||||||||||||
| 475 | 5.000%, 7/01/18 | No Opt. Call | A | 542,583 | ||||||||||||||
| 1,555 | 5.000%, 7/01/19 | No Opt. Call | A | 1,810,455 | ||||||||||||||
| 1,010 | 5.000%, 7/01/20 | No Opt. Call | A | 1,194,416 | ||||||||||||||
| 7,245 | 5.000%, 7/01/26 | 7/23 at 100.00 | A | 8,534,030 | ||||||||||||||
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Series 2012A-1: | ||||||||||||||||||
| 2,265 | 5.000%, 5/01/19 | No Opt. Call | Aa1 | 2,647,309 | ||||||||||||||
| 2,500 | 5.000%, 5/01/20 | No Opt. Call | Aa1 | 2,976,575 | ||||||||||||||
| 3,610 | 5.000%, 5/01/21 | No Opt. Call | Aa1 | 4,349,797 | ||||||||||||||
| 11,970 | Louisiana State, General Obligation Bonds, Series 2012A, 5.000%, 8/01/19 | No Opt. Call | Aa2 | 14,105,089 | ||||||||||||||
Louisiana State, General Obligation Bonds, Series 2014A: | ||||||||||||||||||
| 6,000 | 5.000%, 2/01/19 | No Opt. Call | AA | 6,987,360 | ||||||||||||||
| 6,000 | 5.000%, 2/01/20 | No Opt. Call | AA | 7,128,420 | ||||||||||||||
| 7,130 | New Orleans, Louisiana, General Obligation Bonds, Series 1998, 5.500%, 12/01/21 – FGIC Insured | No Opt. Call | A3 | 8,139,965 | ||||||||||||||
New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2012: | ||||||||||||||||||
| 2,860 | 5.000%, 12/01/19 | No Opt. Call | A3 | 3,286,598 | ||||||||||||||
| 2,500 | 5.000%, 12/01/20 | No Opt. Call | A3 | 2,890,675 | ||||||||||||||
| 3,600 | 5.000%, 12/01/21 | No Opt. Call | A3 | 4,165,848 | ||||||||||||||
| 158 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Louisiana (continued) | ||||||||||||||||||
| $ | 4,300 | New Orleans, Louisiana, Limited Tax General Obligation Bonds, Series 2005, 5.000%, 3/01/21 – NPFG Insured | 3/15 at 100.00 | AA– | $ | 4,358,394 | ||||||||||||
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014: | ||||||||||||||||||
| 11,225 | 2.000%, 6/01/15 | No Opt. Call | A | 11,334,893 | ||||||||||||||
| 500 | 4.000%, 6/01/16 | No Opt. Call | A | 526,110 | ||||||||||||||
| 1,750 | 5.000%, 6/01/17 | No Opt. Call | A | 1,929,865 | ||||||||||||||
| 1,000 | 5.000%, 6/01/18 | No Opt. Call | A | 1,128,560 | ||||||||||||||
| 1,100 | New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/19 | No Opt. Call | BBB+ | 1,266,375 | ||||||||||||||
| 40 | Saint Bernard Parish, Louisiana, Sales and Use Tax Revenue Bonds, Series 2004, 5.000%, 3/01/17 – AGM Insured | 1/15 at 100.00 | AA | 40,560 | ||||||||||||||
| 4,690 | Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory put 6/01/22) | No Opt. Call | BBB | 5,058,728 | ||||||||||||||
| 2,280 | Shreveport, Louisiana, General Obligation Bonds, Series 2014, 5.000%, 9/01/21 | No Opt. Call | A+ | 2,723,597 | ||||||||||||||
Terrebonne Levee and Conservation District, Louisianna, Public Improvement Sales Tax Bonds, Series 2013: | ||||||||||||||||||
| 1,710 | 5.000%, 7/01/21 | No Opt. Call | A+ | 1,991,569 | ||||||||||||||
| 1,670 | 5.000%, 7/01/22 | No Opt. Call | A+ | 1,946,953 | ||||||||||||||
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2013A: | ||||||||||||||||||
| 5,000 | 5.000%, 5/15/24 | 5/15 at 100.00 | A– | 5,068,950 | ||||||||||||||
| 10,000 | 5.000%, 5/15/25 | 5/16 at 100.00 | A– | 10,401,400 | ||||||||||||||
| 135,075 | Total Louisiana | 148,768,820 | ||||||||||||||||
| Maine – 0.1% | ||||||||||||||||||
| 3,300 | Maine Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004, 3.800%, 11/01/15 | No Opt. Call | A– | 3,415,764 | ||||||||||||||
| Maryland – 1.9% | ||||||||||||||||||
| 1,095 | Anne Arundel County, Maryland, General Obligation Bonds, Consolidated General Improvement, Series 2012, 5.000%, 4/01/15 | No Opt. Call | AAA | 1,117,437 | ||||||||||||||
| 6,235 | Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2009, 5.000%, 8/01/18 | No Opt. Call | AAA | 7,201,612 | ||||||||||||||
| 1,000 | Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Refunding Series 2013B, 5.000%, 10/15/15 | No Opt. Call | AA | 1,046,550 | ||||||||||||||
| 1,500 | Harford County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2009, 3.000%, 6/01/15 | No Opt. Call | AAA | 1,525,455 | ||||||||||||||
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2014: | ||||||||||||||||||
| 6,190 | 5.000%, 7/01/18 (WI/DD, Settling 11/19/14) | No Opt. Call | BBB | 6,971,797 | ||||||||||||||
| 5,000 | 5.000%, 7/01/19 (WI/DD, Settling 11/19/14) | No Opt. Call | BBB | 5,732,300 | ||||||||||||||
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2008: | ||||||||||||||||||
| 5,000 | 5.000%, 7/15/16 | No Opt. Call | AAA | 5,398,550 | ||||||||||||||
| 5,640 | 5.000%, 7/15/17 | No Opt. Call | AAA | 6,317,364 | ||||||||||||||
| 5,130 | 5.000%, 7/15/18 | No Opt. Call | AAA | 5,918,276 | ||||||||||||||
| 13,610 | Maryland State, General Obligation Bonds, State & Local Facilities Loan, Third Series 2009C, 5.000%, 11/01/17 | No Opt. Call | AAA | 15,392,638 | ||||||||||||||
| Nuveen Investments | 159 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Maryland (continued) | ||||||||||||||||||
| $ | 200 | Maryland Transportation Authority, Revenue Refunding Bonds, Transportation Facilities Projects, First Series 1978, 6.800%, 7/01/16 – AMBAC Insured (ETM) | No Opt. Call | Aaa | $ | 213,812 | ||||||||||||
| 5,000 | Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Refunding Series 2011A, 5.000%, 7/01/19 | No Opt. Call | AAA | 5,898,350 | ||||||||||||||
| 10,000 | Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2007A, 5.000%, 5/01/16 | No Opt. Call | AAA | 10,706,800 | ||||||||||||||
| 65,600 | Total Maryland | 73,440,941 | ||||||||||||||||
| Massachusetts – 1.4% | ||||||||||||||||||
| 3,500 | Boston, Massachusetts, General Obligation Bonds, Refunding Series 2009C, 3.000%, 2/01/15 | No Opt. Call | AAA | 3,525,620 | ||||||||||||||
| 1,425 | Massachusetts Bay Transportation Authority, General Obligation Transportation System Refunding Bonds, Series 1992B, 6.200%, 3/01/16 – NPFG Insured | No Opt. Call | AA+ | 1,479,392 | ||||||||||||||
| 440 | Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2012L, 5.000%, 7/01/15 | No Opt. Call | AA | 454,441 | ||||||||||||||
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Series 2009A: | ||||||||||||||||||
| 2,015 | 5.000%, 11/15/15 | No Opt. Call | AAA | 2,117,221 | ||||||||||||||
| 2,075 | 5.000%, 11/15/16 | No Opt. Call | AAA | 2,272,312 | ||||||||||||||
| 1,510 | 5.000%, 11/15/17 | No Opt. Call | AAA | 1,709,411 | ||||||||||||||
| 1,000 | 5.000%, 11/15/18 | No Opt. Call | AAA | 1,163,350 | ||||||||||||||
| 10,400 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Series 2009O, 5.000%, 7/01/16 | No Opt. Call | AAA | 11,218,376 | ||||||||||||||
| 345 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/16 – AGM Insured | 8/15 at 100.00 | AA+ | 357,938 | ||||||||||||||
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A: | ||||||||||||||||||
| 210 | 5.000%, 8/15/17 (Pre-refunded 8/15/15) – AGM Insured | 8/15 at 100.00 | AA+ (4) | 218,058 | ||||||||||||||
| 110 | 5.000%, 8/15/19 (Pre-refunded 8/15/15) – NPFG Insured | 8/15 at 100.00 | AA+ (4) | 114,221 | ||||||||||||||
| 785 | 5.000%, 8/15/20 (Pre-refunded 8/15/15) – AGM Insured | 8/15 at 100.00 | AA+ (4) | 815,120 | ||||||||||||||
| 445 | 5.000%, 8/15/22 (Pre-refunded 8/15/15) – AGM Insured | 8/15 at 100.00 | AA+ (4) | 462,075 | ||||||||||||||
| 35 | 5.000%, 8/15/23 (Pre-refunded 8/15/15) – AGM Insured | 8/15 at 100.00 | AA+ (4) | 36,343 | ||||||||||||||
| 435 | 5.000%, 8/15/24 (Pre-refunded 8/15/15) – AGM Insured | 8/15 at 100.00 | AA+ (4) | 451,691 | ||||||||||||||
| 755 | 5.000%, 8/15/25 (Pre-refunded 8/15/15) – AGM Insured | 8/15 at 100.00 | AA+ (4) | 783,969 | ||||||||||||||
| 345 | 5.000%, 8/15/26 (Pre-refunded 8/15/15) – AGM Insured | 8/15 at 100.00 | AA+ (4) | 358,238 | ||||||||||||||
| 10 | 5.000%, 8/15/27 (Pre-refunded 8/15/15) – NPFG Insured | 8/15 at 100.00 | AA+ (4) | 10,384 | ||||||||||||||
| 390 | 5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured | 8/15 at 100.00 | AA (4) | 404,964 | ||||||||||||||
| 12,900 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2002C, 5.500%, 11/01/17 – AGM Insured | No Opt. Call | AA+ | 14,779,659 | ||||||||||||||
Norwood, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2009A: | ||||||||||||||||||
| 2,420 | 4.000%, 8/15/15 | No Opt. Call | AA+ | 2,493,858 | ||||||||||||||
| 2,420 | 4.000%, 8/15/16 | No Opt. Call | AA+ | 2,577,953 | ||||||||||||||
| 2,420 | 4.000%, 8/15/17 | No Opt. Call | AA+ | 2,649,174 | ||||||||||||||
| 2,420 | 4.000%, 8/15/18 | No Opt. Call | AA+ | 2,697,647 | ||||||||||||||
| 1,310 | Quincy, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2014, 5.000%, 6/01/19 | No Opt. Call | AA+ | 1,537,835 | ||||||||||||||
| 50,120 | Total Massachusetts | 54,689,250 | ||||||||||||||||
| 160 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Michigan – 3.5% | ||||||||||||||||||
Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation Bonds, Building Authority Stadium Refunding Series 2012: | ||||||||||||||||||
| $ | 875 | 5.000%, 10/01/15 | No Opt. Call | BBB– | $ | 904,234 | ||||||||||||
| 1,600 | 5.000%, 10/01/16 | No Opt. Call | BBB– | 1,701,152 | ||||||||||||||
| 900 | 5.000%, 10/01/17 | No Opt. Call | BBB– | 974,898 | ||||||||||||||
| 1,100 | 5.000%, 10/01/18 | No Opt. Call | BBB– | 1,207,998 | ||||||||||||||
| 1,500 | 5.000%, 10/01/19 – AGM Insured | No Opt. Call | AA | 1,678,695 | ||||||||||||||
Lake Orion Community School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2012: | ||||||||||||||||||
| 775 | 4.000%, 5/01/15 | No Opt. Call | AA– | 789,260 | ||||||||||||||
| 1,000 | 5.000%, 5/01/16 | No Opt. Call | AA– | 1,066,410 | ||||||||||||||
| 1,000 | 4.000%, 5/01/17 | No Opt. Call | AA– | 1,078,500 | ||||||||||||||
| 1,780 | 4.000%, 5/01/18 | No Opt. Call | AA– | 1,954,333 | ||||||||||||||
Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012: | ||||||||||||||||||
| 1,700 | 5.000%, 6/01/15 | No Opt. Call | A+ | 1,741,565 | ||||||||||||||
| 1,600 | 5.000%, 6/01/16 | No Opt. Call | A+ | 1,699,184 | ||||||||||||||
| 1,700 | Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate Refunding Series 2013, 5.000%, 10/01/15 | No Opt. Call | AAA | 1,775,973 | ||||||||||||||
| 15,475 | Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012A, 5.000%, 7/01/15 | No Opt. Call | AAA | 15,980,723 | ||||||||||||||
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B: | ||||||||||||||||||
| 8,790 | 5.000%, 7/01/21 | 7/18 at 100.00 | AAA | 10,045,476 | ||||||||||||||
| 13,475 | 5.000%, 7/01/22 | 7/16 at 100.00 | AAA | 14,483,469 | ||||||||||||||
| 3,180 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 5.000%, 11/15/17 | No Opt. Call | AA+ | 3,582,238 | ||||||||||||||
| 10,010 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding and Project Series 2010F-5, 1.500%, 11/15/47 (Mandatory put 3/15/17) | No Opt. Call | AA+ | 10,209,599 | ||||||||||||||
| 18,530 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding Series 2010F-1, 2.000%, 11/15/47 (Mandatory put 5/30/18) | No Opt. Call | AA+ | 19,180,403 | ||||||||||||||
| 3,155 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009B, 4.375%, 10/01/19 | 10/18 at 100.00 | AA | 3,254,793 | ||||||||||||||
| 6,445 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005I, 5.000%, 10/15/33 – AMBAC Insured | 10/15 at 100.00 | Aa3 | 6,654,849 | ||||||||||||||
| 6,030 | Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/01/20 | 11/19 at 100.00 | AA+ | 7,056,065 | ||||||||||||||
| 1,605 | Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/21 | 5/19 at 100.00 | Aa2 | 1,855,139 | ||||||||||||||
| 2,000 | Michigan State, General Obligation Refunding Bonds, Series 2002, 5.500%, 12/01/15 | No Opt. Call | Aa2 | 2,115,840 | ||||||||||||||
Plymouth-Canton Community School District, Wayne and Washtenaw Counties, Michigan, General Obligation Bonds, Refunding Series 2012A: | ||||||||||||||||||
| 1,100 | 4.000%, 5/01/19 | No Opt. Call | Aa2 | 1,223,233 | ||||||||||||||
| 1,000 | 5.000%, 5/01/21 | No Opt. Call | Aa2 | 1,180,390 | ||||||||||||||
Plymouth-Canton Community School District, Wayne and Washtenaw Counties, Michigan, General Obligation Bonds, School Building & Site Series 2013A: | ||||||||||||||||||
| 765 | 5.000%, 5/01/19 | No Opt. Call | Aa2 | 882,611 | ||||||||||||||
| 1,000 | 5.000%, 5/01/20 | No Opt. Call | Aa2 | 1,171,350 | ||||||||||||||
| Nuveen Investments | 161 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Michigan (continued) | ||||||||||||||||||
| $ | 2,500 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/22 | No Opt. Call | A1 | $ | 2,967,425 | ||||||||||||
| 1,370 | South Lyon Community Schools, Oakland, Washtenaw and Livingston Counties, Michigan, General Obligation Bonds, Series 2005, 5.000%, 5/01/19 (Pre-refunded 5/01/15) – AGM Insured | 5/15 at 100.00 | AA (4) | 1,403,346 | ||||||||||||||
| 1,025 | South Redford School District, Wayne County, Michigan, General Obligation Bonds, Series 2004, 5.000%, 5/01/22 (Pre-refunded 12/01/14) – FGIC Insured | 12/14 at 100.00 | Aa2 (4) | 1,029,182 | ||||||||||||||
| 4,975 | Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2011, 5.000%, 5/01/19 | No Opt. Call | Aa2 | 5,748,463 | ||||||||||||||
| 8,150 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/16 | No Opt. Call | A | 8,871,683 | ||||||||||||||
| 126,110 | Total Michigan | 135,468,479 | ||||||||||||||||
| Minnesota – 1.3% | ||||||||||||||||||
Cass Lake Independent School District 115, Minnesota, General Obligation Bonds, School Building Refunding Series 2010A: | ||||||||||||||||||
| 745 | 4.000%, 2/01/23 | 2/20 at 100.00 | AA+ | 813,629 | ||||||||||||||
| 1,615 | 5.000%, 2/01/25 | 2/20 at 100.00 | AA+ | 1,869,363 | ||||||||||||||
| 1,690 | 5.000%, 2/01/26 | 2/20 at 100.00 | AA+ | 1,950,683 | ||||||||||||||
| 5,075 | Minneapolis, Minnesota, General Obligation Bonds, Various Purpose Refunding Series 2009B, 4.000%, 12/01/15 | No Opt. Call | AAA | 5,286,222 | ||||||||||||||
| 273 | Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2006A-3, 5.700%, 4/01/27 | 2/16 at 100.00 | AA+ | 284,122 | ||||||||||||||
| 1,500 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Series 2005A, 5.000%, 1/01/18 (Pre-refunded 1/01/15) – AMBAC Insured | 1/15 at 100.00 | A (4) | 1,512,210 | ||||||||||||||
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2014A: | ||||||||||||||||||
| 1,350 | 4.000%, 1/01/17 | No Opt. Call | A | 1,452,452 | ||||||||||||||
| 1,000 | 5.000%, 1/01/22 | No Opt. Call | A | 1,203,420 | ||||||||||||||
| 1,245 | 5.000%, 1/01/23 | No Opt. Call | A | 1,507,869 | ||||||||||||||
| 1,600 | 5.000%, 1/01/24 | No Opt. Call | A | 1,957,376 | ||||||||||||||
Minnesota State, General Fund Appropriation Refunding Bonds, Series 2014A: | ||||||||||||||||||
| 2,695 | 5.000%, 6/01/20 | No Opt. Call | AA | 3,213,222 | ||||||||||||||
| 4,000 | 5.000%, 6/01/21 | No Opt. Call | AA | 4,816,600 | ||||||||||||||
Minnesota State, General Obligation Bonds, State Trunk Highway Series 2009E: | ||||||||||||||||||
| 4,000 | 4.500%, 8/01/17 | No Opt. Call | AA+ | 4,427,880 | ||||||||||||||
| 4,000 | 4.500%, 8/01/18 | No Opt. Call | AA+ | 4,540,040 | ||||||||||||||
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A: | ||||||||||||||||||
| 1,630 | 5.000%, 1/01/15 – AGC Insured | No Opt. Call | AA | 1,643,382 | ||||||||||||||
| 7,000 | 5.000%, 1/01/16 – AGC Insured | No Opt. Call | AA | 7,385,000 | ||||||||||||||
| 885 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 5.000%, 1/01/23 | No Opt. Call | A– | 1,064,513 | ||||||||||||||
| 2,800 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Refunding Series 2014B, 5.000%, 5/01/22 (WI/DD, Settling 11/19/14) | No Opt. Call | A1 | 3,324,552 | ||||||||||||||
| 43,103 | Total Minnesota | 48,252,535 | ||||||||||||||||
| 162 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Mississippi – 0.3% | ||||||||||||||||||
| $ | 11,500 | Mississippi Business Finance Corporation, Revenue Bonds, Mississippi Power Company Project, First Series 2010, 1.625%, 12/01/40 (Mandatory put 1/01/18) | No Opt. Call | A | $ | 11,497,125 | ||||||||||||
| 750 | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/16 | 1/15 at 100.00 | A | 752,843 | ||||||||||||||
| 12,250 | Total Mississippi | 12,249,968 | ||||||||||||||||
| Missouri – 2.0% | ||||||||||||||||||
Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Shoal Creek Parkway Project, Series 2011: | ||||||||||||||||||
| 1,400 | 5.625%, 6/01/23 | 6/16 at 100.00 | N/R | 1,428,266 | ||||||||||||||
| 1,100 | 6.500%, 6/01/25 | No Opt. Call | N/R | 1,118,744 | ||||||||||||||
Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2011B: | ||||||||||||||||||
| 2,520 | 4.000%, 5/01/23 | 5/21 at 100.00 | AAA | 2,811,992 | ||||||||||||||
| 2,695 | 4.000%, 5/01/24 | 5/21 at 100.00 | AAA | 2,987,623 | ||||||||||||||
Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2010A: | ||||||||||||||||||
| 3,630 | 5.000%, 1/01/17 | No Opt. Call | Aaa | 3,988,608 | ||||||||||||||
| 3,005 | 5.000%, 1/01/18 | No Opt. Call | Aaa | 3,413,530 | ||||||||||||||
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013: | ||||||||||||||||||
| 550 | 5.000%, 5/01/19 | No Opt. Call | BBB+ | 621,313 | ||||||||||||||
| 440 | 5.000%, 5/01/20 | No Opt. Call | BBB+ | 499,475 | ||||||||||||||
| 1,000 | 5.000%, 5/01/21 | No Opt. Call | BBB+ | 1,138,130 | ||||||||||||||
| 2,545 | 4.000%, 5/01/22 | No Opt. Call | BBB+ | 2,726,331 | ||||||||||||||
| 1,320 | 5.000%, 5/01/23 | No Opt. Call | BBB+ | 1,499,322 | ||||||||||||||
| 1,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2007A, 4.875%, 2/01/19 | 2/17 at 100.00 | BBB+ | 1,067,930 | ||||||||||||||
Missouri Highways and Transportation Commission, State Road Revenue Bonds, Refunding Second Lien Series 2014B: | ||||||||||||||||||
| 10,000 | 5.000%, 5/01/18 | No Opt. Call | AAA | 11,473,700 | ||||||||||||||
| 3,000 | 5.000%, 5/01/21 | No Opt. Call | AAA | 3,649,170 | ||||||||||||||
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2013: | ||||||||||||||||||
| 505 | 4.000%, 7/01/15 | No Opt. Call | A– | 517,383 | ||||||||||||||
| 445 | 5.000%, 7/01/16 | No Opt. Call | A– | 477,378 | ||||||||||||||
| 715 | 5.000%, 7/01/17 | No Opt. Call | A– | 795,373 | ||||||||||||||
| 765 | 5.000%, 7/01/18 | No Opt. Call | A– | 871,771 | ||||||||||||||
| 8,825 | Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 2012, 5.000%, 6/01/17 | No Opt. Call | BBB+ | 9,576,890 | ||||||||||||||
| 750 | Springfield School District R12, Missouri, General Obligation Bonds, Refunding Series 2014B, 4.000%, 3/01/18 | No Opt. Call | AA+ | 828,593 | ||||||||||||||
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005: | ||||||||||||||||||
| 8,185 | 5.500%, 7/01/17 – NPFG Insured | No Opt. Call | AA– | 9,212,954 | ||||||||||||||
| 11,995 | 5.500%, 7/01/18 – NPFG Insured | No Opt. Call | AA– | 13,884,093 | ||||||||||||||
| 1,725 | St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2007A, 5.000%, 7/01/17 – AGM Insured | No Opt. Call | AA | 1,921,823 | ||||||||||||||
| 68,115 | Total Missouri | 76,510,392 | ||||||||||||||||
| Nuveen Investments | 163 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Nebraska – 1.0% | ||||||||||||||||||
Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014: | ||||||||||||||||||
| $ | 4,390 | 5.000%, 5/15/21 | No Opt. Call | BBB+ | $ | 5,076,157 | ||||||||||||
| 10 | 4.000%, 5/15/33 | 5/24 at 100.00 | BBB+ | 10,135 | ||||||||||||||
Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2012: | ||||||||||||||||||
| 375 | 4.000%, 6/15/15 | No Opt. Call | AA– | 383,539 | ||||||||||||||
| 500 | 4.000%, 6/15/16 | No Opt. Call | AA– | 527,835 | ||||||||||||||
| 750 | 4.000%, 6/15/17 | No Opt. Call | AA– | 813,420 | ||||||||||||||
| 600 | 4.000%, 6/15/18 | No Opt. Call | AA– | 662,046 | ||||||||||||||
| 800 | 5.000%, 6/15/19 | No Opt. Call | AA– | 929,776 | ||||||||||||||
Douglas County School District 17 Millard, Nebraska, General Obligation Bonds, Refunding Series 2014: | ||||||||||||||||||
| 3,050 | 3.000%, 6/15/16 | No Opt. Call | Aa1 | 3,180,815 | ||||||||||||||
| 6,600 | 4.000%, 6/15/17 | No Opt. Call | Aa1 | 7,203,174 | ||||||||||||||
Lancaster County School District 1, Lincoln, Nebraska, General Obligation Bonds, Refunding Series 2009: | ||||||||||||||||||
| 1,915 | 3.000%, 1/15/16 | No Opt. Call | AAA | 1,976,855 | ||||||||||||||
| 3,475 | 3.000%, 1/15/17 | No Opt. Call | AAA | 3,661,955 | ||||||||||||||
| 3,220 | 3.000%, 1/15/18 | No Opt. Call | AAA | 3,442,309 | ||||||||||||||
| 2,520 | 3.000%, 1/15/19 | No Opt. Call | AAA | 2,715,930 | ||||||||||||||
| 2,320 | Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 3.500%, 11/01/27 | No Opt. Call | A– | 2,288,958 | ||||||||||||||
| 3,000 | University of Nebraska Facilities Corporation, UNMC Cancer Center Bonds, Series 2014A, 5.000%, 2/15/21 | No Opt. Call | Aa1 | 3,621,900 | ||||||||||||||
| 3,045 | Washington County, Nebraska, Wastewater and Solid Waste Disposal Facilities Revenue Bonds, Cargill Inc. Project, Variable Rate Demand Series 2012, 1.375%, 9/01/30 (Mandatory put 9/01/15) (Alternative Minimum Tax) | No Opt. Call | A | 3,064,793 | ||||||||||||||
| 36,570 | Total Nebraska | 39,559,597 | ||||||||||||||||
| Nevada – 0.5% | ||||||||||||||||||
Clark County, Nevada, Airport Revenue Bonds, Jet Aviation Fuel Tax, Refunding Series 2013A: | ||||||||||||||||||
| 1,000 | 5.000%, 7/01/20 (Alternative Minimum Tax) | No Opt. Call | A | 1,157,630 | ||||||||||||||
| 2,000 | 5.000%, 7/01/21 (Alternative Minimum Tax) | No Opt. Call | A | 2,327,980 | ||||||||||||||
| 1,685 | Clark County, Nevada, Limited Tax General Obligation Bank Bonds, Series 2006, 5.000%, 11/01/21 – AMBAC Insured | 11/16 at 100.00 | Aa1 | 1,834,207 | ||||||||||||||
| 2,625 | Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Refunding Series 2010F-1, 5.000%, 7/01/15 | No Opt. Call | A+ | 2,709,709 | ||||||||||||||
| 5,000 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water & Refunding Series 2011C, 5.000%, 6/01/24 | 6/21 at 100.00 | AA+ | 5,863,600 | ||||||||||||||
Las Vegas, Nevada, Special Improvement District 607 Providence, Local Improvement Refunding Bonds, Series 2013: | ||||||||||||||||||
| 320 | 3.000%, 6/01/16 | No Opt. Call | N/R | 322,912 | ||||||||||||||
| 970 | 3.000%, 6/01/17 | No Opt. Call | N/R | 975,296 | ||||||||||||||
| 185 | 4.000%, 6/01/18 | No Opt. Call | N/R | 191,127 | ||||||||||||||
| 2,825 | Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2005, 5.000%, 12/01/15 – FGIC Insured | No Opt. Call | AAA | 2,973,341 | ||||||||||||||
| 16,610 | Total Nevada | 18,355,802 | ||||||||||||||||
| 164 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| New Hampshire – 0.1% | ||||||||||||||||||
| $ | 5,000 | New Hampshire Business Finance Authority, Pollution Control Revenue Bonds, United Illuminating Company, Series 2010A, 4.500%, 7/01/27 (Mandatory put 7/01/15) (Alternative Minimum Tax) | No Opt. Call | Baa1 | $ | 5,099,900 | ||||||||||||
| New Jersey – 6.0% | ||||||||||||||||||
| 505 | Bayonne Redevelopment Agency, New Jersey, Revenue Bonds, Royal Caribbean Cruises Project, Series 2006A, 4.750%, 11/01/16 (Alternative Minimum Tax) | No Opt. Call | BB | 509,313 | ||||||||||||||
| 225 | Bergen County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Bergen County Guaranteed, Series 2014B, 5.000%, 2/15/19 | No Opt. Call | Aaa | 262,406 | ||||||||||||||
| 2,435 | Camden County Improvement Authority, New Jersey, Healthcare Revenue Bonds, Cooper Health System, Series 2005B, 5.000%, 2/15/15 (ETM) | No Opt. Call | BBB (4) | 2,468,944 | ||||||||||||||
| 1,500 | Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2005A, 5.000%, 2/15/15 (ETM) | No Opt. Call | BBB (4) | 1,520,910 | ||||||||||||||
| 3,890 | Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20 – NPFG Insured | 6/15 at 100.00 | AA– | 3,980,248 | ||||||||||||||
Millville, New Jersey, General Obligation Bonds, Improvement Series 2011: | ||||||||||||||||||
| 1,000 | 5.000%, 11/01/16 – AGM Insured | No Opt. Call | AA | 1,085,070 | ||||||||||||||
| 1,445 | 5.000%, 11/01/19 – AGM Insured | No Opt. Call | AA | 1,665,738 | ||||||||||||||
| 920 | 5.000%, 11/01/20 – AGM Insured | No Opt. Call | AA | 1,065,802 | ||||||||||||||
| 250 | Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2005, 5.000%, 12/01/14 – AMBAC Insured | No Opt. Call | N/R | 250,923 | ||||||||||||||
| 345 | Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2007, 5.000%, 12/01/16 – AMBAC Insured | No Opt. Call | N/R | 372,531 | ||||||||||||||
| 5 | Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2007, 5.000%, 12/01/16 – AMBAC Insured (ETM) | No Opt. Call | N/R (4) | 5,481 | ||||||||||||||
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004: | ||||||||||||||||||
| 650 | 5.375%, 6/15/15 (ETM) | No Opt. Call | Aaa | 671,223 | ||||||||||||||
| 1,095 | 5.375%, 6/15/15 – RAAI Insured (ETM) | No Opt. Call | Aaa | 1,130,752 | ||||||||||||||
| 1,430 | 5.500%, 6/15/16 (ETM) | No Opt. Call | Aaa | 1,550,063 | ||||||||||||||
| 1,240 | 5.500%, 6/15/16 – RAAI Insured (ETM) | No Opt. Call | Aaa | 1,344,110 | ||||||||||||||
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012: | ||||||||||||||||||
| 4,125 | 5.000%, 6/15/15 | No Opt. Call | BBB+ | 4,241,944 | ||||||||||||||
| 2,970 | 5.000%, 6/15/16 | No Opt. Call | BBB+ | 3,172,316 | ||||||||||||||
| 6,265 | 5.000%, 6/15/17 | No Opt. Call | BBB+ | 6,898,266 | ||||||||||||||
| 8,510 | 5.000%, 6/15/18 | No Opt. Call | BBB+ | 9,567,538 | ||||||||||||||
| 5,250 | 5.000%, 6/15/19 | No Opt. Call | BBB+ | 5,980,485 | ||||||||||||||
| 245 | 4.000%, 6/15/19 | No Opt. Call | BBB+ | 268,282 | ||||||||||||||
| 10,990 | 5.000%, 6/15/20 | No Opt. Call | BBB+ | 12,671,250 | ||||||||||||||
| 7,410 | 5.000%, 6/15/21 | No Opt. Call | BBB+ | 8,587,301 | ||||||||||||||
| 1,320 | 5.000%, 6/15/22 | No Opt. Call | BBB+ | 1,538,341 | ||||||||||||||
| 495 | 5.000%, 6/15/22 | No Opt. Call | AA | 579,695 | ||||||||||||||
| 6,500 | 5.000%, 6/15/23 | 6/22 at 100.00 | BBB+ | 7,489,495 | ||||||||||||||
| 4,500 | 5.000%, 6/15/24 | 6/22 at 100.00 | BBB+ | 5,126,805 | ||||||||||||||
| 8,570 | 5.000%, 6/15/25 | 6/22 at 100.00 | BBB+ | 9,694,470 | ||||||||||||||
| 6,000 | 5.000%, 6/15/26 | 6/22 at 100.00 | BBB+ | 6,743,820 | ||||||||||||||
| 685 | 4.250%, 6/15/27 | 6/22 at 100.00 | BBB+ | 712,681 | ||||||||||||||
| 4,890 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/20 | No Opt. Call | A2 | 5,605,211 | ||||||||||||||
| Nuveen Investments | 165 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| New Jersey (continued) | ||||||||||||||||||
| $ | 3,260 | New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University Issue, Series 2007A, 5.250%, 7/01/21 – NPFG Insured | No Opt. Call | AA | $ | 3,579,187 | ||||||||||||
| 330 | New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19) | 6/19 at 100.00 | N/R (4) | 425,109 | ||||||||||||||
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011: | ||||||||||||||||||
| 4,060 | 5.000%, 7/01/18 | No Opt. Call | BB+ | 4,333,969 | ||||||||||||||
| 4,260 | 5.000%, 7/01/19 | No Opt. Call | BB+ | 4,585,933 | ||||||||||||||
| 410 | New Jersey Highway Authority, Senior Revenue Bonds, Garden State Parkway, Series 1989, 6.000%, 1/01/19 – NPFG Insured (ETM) | No Opt. Call | AA– (4) | 476,539 | ||||||||||||||
| 10,000 | New Jersey Transit Corporation, Grant Anticipation Notes, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Series 2014A, 5.000%, 9/15/18 | No Opt. Call | A | 11,332,600 | ||||||||||||||
| 5,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005C, 5.250%, 6/15/15 – NPFG Insured (ETM) | No Opt. Call | Aaa | 5,159,400 | ||||||||||||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D: | ||||||||||||||||||
| 5,390 | 5.000%, 12/15/17 | No Opt. Call | A2 | 5,998,854 | ||||||||||||||
| 9,750 | 5.000%, 12/15/18 | No Opt. Call | A2 | 11,051,333 | ||||||||||||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA: | ||||||||||||||||||
| 11,500 | 5.000%, 6/15/19 | No Opt. Call | A2 | 13,026,050 | ||||||||||||||
| 13,675 | 5.000%, 6/15/20 | No Opt. Call | A2 | 15,641,465 | ||||||||||||||
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C: | ||||||||||||||||||
| 2,285 | 6.500%, 1/01/16 | No Opt. Call | A3 | 2,446,778 | ||||||||||||||
| 5 | 6.500%, 1/01/16 – AMBAC Insured | No Opt. Call | A3 | 5,354 | ||||||||||||||
| 805 | 6.500%, 1/01/16 – NPFG Insured | No Opt. Call | AA– | 861,994 | ||||||||||||||
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C: | ||||||||||||||||||
| 1,425 | 6.500%, 1/01/16 (ETM) | No Opt. Call | A3 (4) | 1,528,769 | ||||||||||||||
| 10 | 6.500%, 1/01/16 – AMBAC Insured (ETM) | No Opt. Call | A3 (4) | 10,728 | ||||||||||||||
| 460 | 6.500%, 1/01/16 – NPFG Insured (ETM) | No Opt. Call | AA– (4) | 493,497 | ||||||||||||||
| 125 | 6.500%, 1/01/16 (ETM) | No Opt. Call | AA+ (4) | 134,103 | ||||||||||||||
| 245 | 6.500%, 1/01/16 – NPFG Insured (ETM) | No Opt. Call | AA– (4) | 262,841 | ||||||||||||||
| 1,165 | 6.500%, 1/01/16 – AGM Insured (ETM) | No Opt. Call | AA (4) | 1,186,156 | ||||||||||||||
| 1,045 | 6.500%, 1/01/16 (ETM) | No Opt. Call | AA+ (4) | 1,063,977 | ||||||||||||||
| 45 | 6.500%, 1/01/16 – AMBAC Insured (ETM) | No Opt. Call | A3 (4) | 45,817 | ||||||||||||||
| 1,205 | 6.500%, 1/01/16 – NPFG Insured (ETM) | No Opt. Call | AA– (4) | 1,226,883 | ||||||||||||||
| 5,945 | New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/19 | No Opt. Call | A+ | 6,864,275 | ||||||||||||||
Parsippany-Troy Hills Township Board of Education, Morris County, New Jersey, General Obligation Bonds, Refunding Series 2014: | ||||||||||||||||||
| 175 | 5.000%, 8/15/22 | No Opt. Call | AA | 212,452 | ||||||||||||||
| 500 | 5.000%, 8/15/23 | No Opt. Call | AA | 610,545 | ||||||||||||||
| 1,125 | Parsippany-Troy Hills Township, New Jersey, General Obligation Bonds, Refunding Series 2012, 4.000%, 7/15/20 | No Opt. Call | AA | 1,270,125 | ||||||||||||||
| 1,700 | Passaic Valley Sewage Commissioners, New Jersey, Sewer Revenue Bonds, Series 2010G, 5.750%, 12/01/22 | No Opt. Call | A2 | 2,084,829 | ||||||||||||||
| 166 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| New Jersey (continued) | ||||||||||||||||||
| $ | 4,215 | Salem County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (Alternative Minimum Tax) | No Opt. Call | BBB | $ | 4,751,443 | ||||||||||||
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2012Q: | ||||||||||||||||||
| 4,340 | 3.000%, 1/01/18 | No Opt. Call | A2 | 4,577,138 | ||||||||||||||
| 4,850 | 3.000%, 1/01/19 | No Opt. Call | A2 | 5,123,589 | ||||||||||||||
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | ||||||||||||||||||
| 5,660 | 5.000%, 6/01/15 | No Opt. Call | Aaa | 5,787,293 | ||||||||||||||
| 105 | 5.000%, 6/01/17 | No Opt. Call | Aa1 | 115,345 | ||||||||||||||
| 4,610 | 4.500%, 6/01/23 | 6/17 at 100.00 | BB | 4,573,904 | ||||||||||||||
| 2,065 | 4.625%, 6/01/26 | 6/17 at 100.00 | B+ | 1,898,313 | ||||||||||||||
| 207,405 | Total New Jersey | 229,508,001 | ||||||||||||||||
| New Mexico – 1.0% | ||||||||||||||||||
| 1,010 | Albuquerque Benralillo County Water Utility Authority, New Mexico, Joint Water and Sewer System Revenue Bonds, Refunding Subordinate Lien Series 2014B, 5.000%, 7/01/19 | No Opt. Call | AA | 1,182,407 | ||||||||||||||
| 15,340 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19) | 8/19 at 100.00 | Aa3 | 17,783,048 | ||||||||||||||
| 14,955 | State of New Mexico, State Severance Tax Revenue Bonds, Series 2014A, 5.000%, 7/01/23 | 7/19 at 100.00 | Aa1 | 17,274,820 | ||||||||||||||
| 31,305 | Total New Mexico | 36,240,275 | ||||||||||||||||
| New York – 11.0% | ||||||||||||||||||
| 500 | Buffalo and Fort Erie Public Bridge Authority, New York, Toll Bridge System Revenue Bonds, Refunding Series 2014, 5.000%, 1/01/22 | No Opt. Call | A+ | 598,015 | ||||||||||||||
| 500 | Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 2/01/19 – FGIC Insured | 2/15 at 100.00 | AA– | 505,840 | ||||||||||||||
| 1,585 | Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue Bonds, Series 2010A, 5.000%, 8/15/19 | No Opt. Call | AA | 1,862,676 | ||||||||||||||
| 5 | Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue Bonds, Series 2010A, 5.000%, 8/15/19 (ETM) | No Opt. Call | N/R (4) | 5,908 | ||||||||||||||
| 1,250 | Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer Center, Series 2012-1, 5.000%, 7/01/23 | 1/22 at 100.00 | AA | 1,496,438 | ||||||||||||||
| 2,500 | Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005A, 5.000%, 2/15/19 (Pre-refunded 2/15/15) – AMBAC Insured | 2/15 at 100.00 | AA (4) | 2,535,300 | ||||||||||||||
| 12,195 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012A, 5.000%, 12/15/21 | No Opt. Call | AAA | 14,723,389 | ||||||||||||||
| 5 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012A, 5.000%, 12/15/21 (ETM) | No Opt. Call | N/R (4) | 6,115 | ||||||||||||||
| 3,335 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014A, 5.000%, 2/15/21 | No Opt. Call | AAA | 3,986,559 | ||||||||||||||
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A: | ||||||||||||||||||
| 770 | 0.000%, 6/01/16 – AGM Insured | No Opt. Call | AA | 762,246 | ||||||||||||||
| 400 | 0.000%, 6/01/19 – AGM Insured | No Opt. Call | AA | 371,768 | ||||||||||||||
| Nuveen Investments | 167 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| New York (continued) | ||||||||||||||||||
| $ | 480 | 0.000%, 6/01/21 – AGM Insured | No Opt. Call | AA | $ | 420,494 | ||||||||||||
| 450 | 0.000%, 6/01/22 – AGM Insured | No Opt. Call | AA | 381,681 | ||||||||||||||
| 1,095 | 0.000%, 6/01/23 – AGM Insured | No Opt. Call | AA | 891,111 | ||||||||||||||
| 2,390 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2003B, 5.250%, 12/01/14 | No Opt. Call | A– | 2,399,990 | ||||||||||||||
| 850 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.250%, 12/01/20 (Pre-refunded 6/01/16) – FGIC Insured | 6/16 at 100.00 | AA– (4) | 916,827 | ||||||||||||||
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A: | ||||||||||||||||||
| 5,915 | 5.000%, 12/01/16 – AGM Insured | 6/16 at 100.00 | AA | 6,328,340 | ||||||||||||||
| 870 | 4.250%, 12/01/16 – AGM Insured | No Opt. Call | AA | 918,824 | ||||||||||||||
| 970 | 4.000%, 12/01/16 – AGM Insured | No Opt. Call | AA | 1,020,624 | ||||||||||||||
| 240 | 5.000%, 12/01/25 – FGIC Insured | 6/16 at 100.00 | AA– | 254,702 | ||||||||||||||
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006D: | ||||||||||||||||||
| 600 | 5.000%, 9/01/17 – NPFG Insured | 9/16 at 100.00 | AA– | 648,042 | ||||||||||||||
| 85 | 5.000%, 9/01/20 – NPFG Insured | 9/16 at 100.00 | AA– | 91,562 | ||||||||||||||
| 520 | 5.000%, 9/01/23 – NPFG Insured | 9/16 at 100.00 | AA– | 558,360 | ||||||||||||||
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006E: | ||||||||||||||||||
| 4,910 | 5.000%, 12/01/17 – FGIC Insured | 12/16 at 100.00 | AA– | 5,351,753 | ||||||||||||||
| 2,375 | 5.000%, 12/01/17 | 12/16 at 100.00 | A– | 2,586,090 | ||||||||||||||
| 2,170 | 5.000%, 12/01/18 – FGIC Insured | 12/16 at 100.00 | AA– | 2,362,870 | ||||||||||||||
| 13,015 | 5.000%, 12/01/18 – NPFG Insured | 12/16 at 100.00 | AA– | 14,171,773 | ||||||||||||||
| 205 | 5.000%, 12/01/20 – NPFG Insured | 12/16 at 100.00 | AA– | 222,774 | ||||||||||||||
| 1,000 | 5.000%, 12/01/21 – FGIC Insured | 12/16 at 100.00 | AA– | 1,085,620 | ||||||||||||||
| 1,035 | 5.000%, 12/01/21 – NPFG Insured | 12/16 at 100.00 | AA– | 1,123,617 | ||||||||||||||
| 715 | 5.000%, 12/01/21 – AGM Insured | 12/16 at 100.00 | AA | 776,218 | ||||||||||||||
| 4,510 | 5.000%, 12/01/22 – FGIC Insured | 12/16 at 100.00 | AA– | 4,891,230 | ||||||||||||||
| 200 | 5.000%, 12/01/22 | 12/16 at 100.00 | A– | 216,560 | ||||||||||||||
| 10 | 4.125%, 12/01/22 – FGIC Insured | 12/16 at 100.00 | AA– | 10,605 | ||||||||||||||
Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A: | ||||||||||||||||||
| 480 | 5.000%, 4/01/18 | No Opt. Call | A– | 540,451 | ||||||||||||||
| 3,440 | 5.000%, 4/01/19 | No Opt. Call | A– | 3,951,872 | ||||||||||||||
| 1,250 | 5.500%, 4/01/22 | 4/19 at 100.00 | A– | 1,430,725 | ||||||||||||||
| 420 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 5.000%, 5/01/15 – NPFG Insured (ETM) | No Opt. Call | AA– (4) | 430,244 | ||||||||||||||
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F: | ||||||||||||||||||
| 2,620 | 5.000%, 5/01/15 – NPFG Insured | No Opt. Call | AA– | 2,682,120 | ||||||||||||||
| 885 | 5.000%, 5/01/16 – NPFG Insured | No Opt. Call | AA– | 943,543 | ||||||||||||||
| 8,810 | 5.000%, 5/01/17 – NPFG Insured | No Opt. Call | AA– | 9,717,606 | ||||||||||||||
| 2,940 | 5.000%, 5/01/18 – NPFG Insured | 11/16 at 100.00 | AA– | 3,191,840 | ||||||||||||||
| 720 | 5.000%, 5/01/19 – NPFG Insured | 11/16 at 100.00 | AA– | 780,919 | ||||||||||||||
| 1,100 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/16 | No Opt. Call | A– | 1,171,973 | ||||||||||||||
| 1,000 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012B, 5.000%, 9/01/21 | No Opt. Call | A– | 1,166,920 | ||||||||||||||
| 168 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| New York (continued) | ||||||||||||||||||
| $ | 5,500 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 5.000%, 11/15/20 | No Opt. Call | AA | $ | 6,603,080 | ||||||||||||
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012-B2: | ||||||||||||||||||
| 3,985 | 5.000%, 11/15/21 | No Opt. Call | AA– | 4,771,798 | ||||||||||||||
| 2,000 | 5.000%, 11/15/22 | No Opt. Call | AA– | 2,401,600 | ||||||||||||||
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012H: | ||||||||||||||||||
| 5,135 | 5.000%, 11/15/20 | No Opt. Call | AA– | 6,104,077 | ||||||||||||||
| 5,790 | 4.000%, 11/15/22 | �� | No Opt. Call | AA– | 6,547,274 | |||||||||||||
| 1,290 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.000%, 11/15/19 | No Opt. Call | AA– | 1,516,898 | ||||||||||||||
| 1,000 | Monroe County, New York, General Obligation Bonds, Refunding Series 2012, 5.000%, 3/01/15 | No Opt. Call | A | 1,015,410 | ||||||||||||||
Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014B: | ||||||||||||||||||
| 2,000 | 5.000%, 7/01/23 | No Opt. Call | BBB+ | 2,353,320 | ||||||||||||||
| 1,000 | 5.000%, 7/01/24 | No Opt. Call | BBB+ | 1,181,910 | ||||||||||||||
| 625 | 5.000%, 7/01/25 | 7/24 at 100.00 | BBB+ | 729,488 | ||||||||||||||
| 1,000 | 5.000%, 7/01/26 | 7/24 at 100.00 | BBB+ | 1,154,470 | ||||||||||||||
| 1,500 | 5.000%, 7/01/27 | 7/24 at 100.00 | BBB+ | 1,722,900 | ||||||||||||||
| 8,425 | New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005B, 5.000%, 6/15/20 (Pre-refunded 12/15/14) – AMBAC Insured | 12/14 at 100.00 | Aa1 (4) | 8,475,382 | ||||||||||||||
| 3,040 | New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005B, 5.000%, 6/15/20 – AMBAC Insured | 12/14 at 100.00 | AAA | 3,058,058 | ||||||||||||||
| 10,100 | New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/17 | No Opt. Call | AA | 11,282,104 | ||||||||||||||
| 16,720 | New York City, New York, General Obligation Bonds, Fiscal 2014 Series J, 5.000%, 8/01/19 | No Opt. Call | AA | 19,537,654 | ||||||||||||||
| 30,510 | New York City, New York, General Obligation Bonds, Fiscal 2015 Series A, 5.000%, 8/01/18 | No Opt. Call | AA | 35,048,668 | ||||||||||||||
| 7,200 | New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation, Series 1997C, 5.000%, 8/01/32 (Mandatory put 8/01/16) – NPFG Insured | No Opt. Call | AA– | 7,674,840 | ||||||||||||||
| 2,000 | New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation, Series 2004A, 4.750%, 5/15/32 (Mandatory put 7/01/16) – NPFG Insured | No Opt. Call | AA– | 2,117,980 | ||||||||||||||
| 2,000 | New York State Environmental Facilities Corporation, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Refunding Series 2013, 2.750%, 7/01/17 | No Opt. Call | A– | 2,110,580 | ||||||||||||||
| 41,690 | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19 | No Opt. Call | A– | 48,283,274 | ||||||||||||||
| 3,080 | New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/19 – AMBAC Insured | 10/15 at 100.00 | AA+ | 3,212,625 | ||||||||||||||
| 470 | New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.000%, 4/01/19 (Pre-refunded 10/01/15) – AMBAC Insured | 10/15 at 100.00 | N/R (4) | 490,915 | ||||||||||||||
New York State Thruway Authority, Local Highway and Bridge Service Contract Bonds, Series 2009: | ||||||||||||||||||
| 5,000 | 4.000%, 4/01/16 | No Opt. Call | AA | 5,254,750 | ||||||||||||||
| 5,000 | 4.000%, 4/01/17 | No Opt. Call | AA | 5,402,900 | ||||||||||||||
| 6,845 | 5.000%, 4/01/18 | No Opt. Call | AA | 7,792,211 | ||||||||||||||
| Nuveen Investments | 169 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| New York (continued) | ||||||||||||||||||
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2011B: | ||||||||||||||||||
| $ | 7,800 | 5.000%, 6/01/15 | No Opt. Call | AA | $ | 8,023,392 | ||||||||||||
| 5,560 | 5.000%, 6/01/16 | No Opt. Call | AA | 5,973,664 | ||||||||||||||
| 4,100 | 5.000%, 6/01/17 | No Opt. Call | AA | 4,563,013 | ||||||||||||||
| 2,800 | 5.000%, 6/01/18 | No Opt. Call | AA | 3,201,744 | ||||||||||||||
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2013A: | ||||||||||||||||||
| 4,370 | 5.000%, 6/01/20 | 6/16 at 100.00 | AA | 4,685,470 | ||||||||||||||
| 3,315 | 5.000%, 6/01/21 | 6/16 at 100.00 | AA | 3,546,818 | ||||||||||||||
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2013B: | ||||||||||||||||||
| 5,000 | 5.000%, 6/01/19 | 6/15 at 100.00 | AA | 5,137,550 | ||||||||||||||
| 2,090 | 5.000%, 6/01/20 | 6/15 at 100.00 | AA | 2,147,203 | ||||||||||||||
| 3,105 | 5.000%, 6/01/20 | 6/16 at 100.00 | AA | 3,328,405 | ||||||||||||||
| 14,250 | 5.000%, 6/01/21 | 6/16 at 100.00 | AA | 15,255,908 | ||||||||||||||
| 1,500 | 5.000%, 6/01/21 | 6/17 at 100.00 | AA | 1,665,105 | ||||||||||||||
| 6,030 | 5.000%, 6/01/22 | 6/17 at 100.00 | AA | 6,688,898 | ||||||||||||||
| 10,000 | New York State Urban Development Corporation, Service Contract Revenue Bonds, Refunding Series 2010A-1, 5.000%, 1/01/17 | No Opt. Call | AA | 10,978,700 | ||||||||||||||
| 3,105 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2009A-1, 5.000%, 12/15/16 | No Opt. Call | AAA | 3,408,110 | ||||||||||||||
| 8,085 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2009C, 5.000%, 12/15/18 | No Opt. Call | AAA | 9,396,468 | ||||||||||||||
| 3,080 | North Babylon Union Free School District, Suffolk County, New York, General Obligation Bonds, Refunding Series 2013, 3.000%, 1/15/15 | No Opt. Call | Aa3 | 3,097,987 | ||||||||||||||
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014: | ||||||||||||||||||
| 500 | 5.000%, 7/01/25 | 7/24 at 100.00 | BBB+ | 583,590 | ||||||||||||||
| 500 | 5.000%, 7/01/27 | 7/24 at 100.00 | BBB+ | 574,300 | ||||||||||||||
| 16,120 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2012B, 4.000%, 11/15/20 | No Opt. Call | AA– | 18,358,584 | ||||||||||||||
| 5,150 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2013B, 4.000%, 11/15/19 | No Opt. Call | AA– | 5,828,101 | ||||||||||||||
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: | ||||||||||||||||||
| 1,570 | 4.750%, 6/01/22 | 6/16 at 100.00 | BBB– | 1,563,814 | ||||||||||||||
| 3,620 | 5.000%, 6/01/26 | 6/16 at 100.00 | BB– | 3,561,139 | ||||||||||||||
Yonkers, New York, General Obligation Bonds, Series 2012C: | ||||||||||||||||||
| 2,440 | 3.000%, 8/15/22 | No Opt. Call | A | 2,492,436 | ||||||||||||||
| 2,510 | 3.000%, 8/15/23 | No Opt. Call | A | 2,514,342 | ||||||||||||||
| 380,825 | Total New York | 422,911,041 | ||||||||||||||||
| North Carolina – 1.1% | ||||||||||||||||||
Fayetteville Public Works Commission, North Carolina, Revenue Bonds, Refunding Series 2009A: | ||||||||||||||||||
| 3,000 | 5.000%, 3/01/16 | No Opt. Call | AA | 3,189,510 | ||||||||||||||
| 2,010 | 5.000%, 3/01/17 | No Opt. Call | AA | 2,221,975 | ||||||||||||||
| 2,090 | 5.000%, 3/01/18 | No Opt. Call | AA | 2,382,809 | ||||||||||||||
| 170 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| North Carolina (continued) | ||||||||||||||||||
Mecklenburg County Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Refunding Series 2009: | ||||||||||||||||||
| $ | 5,500 | 5.000%, 3/01/16 | No Opt. Call | AA+ | $ | 5,845,400 | ||||||||||||
| 3,025 | 5.000%, 3/01/18 | No Opt. Call | AA+ | 3,442,359 | ||||||||||||||
New Hanover County, North Carolina, General Obligation Bonds, School Series 2009: | ||||||||||||||||||
| 1,500 | 3.000%, 6/01/15 | No Opt. Call | AAA | 1,525,455 | ||||||||||||||
| 1,500 | 3.000%, 6/01/16 | No Opt. Call | AAA | 1,564,155 | ||||||||||||||
| 765 | 3.000%, 6/01/17 | No Opt. Call | AAA | 814,021 | ||||||||||||||
North Carolina Medical Care Commission, Hospital Revenue Bonds, CaroMont Health, Series 2008: | ||||||||||||||||||
| 2,665 | 3.000%, 2/15/15 – AGC Insured | No Opt. Call | AA | 2,687,173 | ||||||||||||||
| 3,290 | 3.500%, 2/15/16 – AGC Insured | No Opt. Call | AA | 3,424,364 | ||||||||||||||
| 2,760 | 4.000%, 2/15/17 – AGC Insured | No Opt. Call | AA | 2,978,592 | ||||||||||||||
North Carolina State, Capital Improvement Limited Obligation Bonds, Series 2009A: | ||||||||||||||||||
| 1,000 | 5.000%, 5/01/19 | No Opt. Call | AA+ | 1,169,270 | ||||||||||||||
| 5,195 | 5.000%, 5/01/20 | 5/19 at 100.00 | AA+ | 6,035,447 | ||||||||||||||
| 3,540 | North Carolina State, Capital Improvement Limited Obligation Bonds, Series 2009A, 5.000%, 5/01/21 (Pre-refunded 5/01/19) | 5/19 at 100.00 | AA+ (4) | 4,159,642 | ||||||||||||||
| 420 | Wilmington, North Carolina, Limited Obligation Bonds, Refunding Series 2012, 3.000%, 6/01/15 – AGM Insured | No Opt. Call | AA+ | 427,132 | ||||||||||||||
| 235 | Wilmington, North Carolina, Limited Obligation Bonds, Refunding Series 2014A, 5.000%, 6/01/20 | No Opt. Call | AA+ | 279,725 | ||||||||||||||
| 38,495 | Total North Carolina | 42,147,029 | ||||||||||||||||
| North Dakota – 0.4% | ||||||||||||||||||
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A: | ||||||||||||||||||
| 300 | 5.000%, 7/01/21 | No Opt. Call | BBB+ | 345,693 | ||||||||||||||
| 100 | 5.000%, 7/01/22 | 7/21 at 100.00 | BBB+ | 113,586 | ||||||||||||||
| 4,365 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System, Series 2007, 5.500%, 12/01/17 | No Opt. Call | A– | 4,774,306 | ||||||||||||||
| 1,000 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2006, 5.125%, 7/01/18 | 7/16 at 100.00 | BBB– | 1,051,450 | ||||||||||||||
| 1,130 | West Fargo, North Dakota, General Obligation Bonds, Refunding & Improvement Series 2012C, 3.000%, 5/01/17 | No Opt. Call | Aa3 | 1,191,472 | ||||||||||||||
| 2,835 | Williston, North Dakota, Limited Obligation Bonds, Certificates of Indebtedness, Series 2013A, 2.500%, 11/01/15 | 11/14 at 100.00 | N/R | 2,837,495 | ||||||||||||||
| 6,035 | Williston, North Dakota, Sales Tax Revenue Bonds, Series 2013A, 4.000%, 5/01/20 – AGM Insured | 5/17 at 100.00 | AA | 6,449,906 | ||||||||||||||
| 15,765 | Total North Dakota | 16,763,908 | ||||||||||||||||
| Ohio – 4.7% | ||||||||||||||||||
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012: | ||||||||||||||||||
| 2,000 | 5.000%, 11/15/21 | No Opt. Call | A1 | 2,364,960 | ||||||||||||||
| 2,655 | �� | 5.000%, 11/15/22 | 5/22 at 100.00 | A1 | 3,116,227 | |||||||||||||
| Nuveen Investments | 171 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Ohio (continued) | ||||||||||||||||||
Akron, Ohio, Waterworks System Mortgage Revenue Improvement Bonds, Refunding Series 2009: | ||||||||||||||||||
| $ | 2,220 | 5.000%, 3/01/15 – AGC Insured | No Opt. Call | A3 | $ | 2,255,054 | ||||||||||||
| 2,650 | 5.000%, 3/01/17 – AGC Insured | No Opt. Call | A3 | 2,916,643 | ||||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-1: | ||||||||||||||||||
| 9,515 | 5.000%, 6/01/15 | No Opt. Call | Aaa | 9,716,242 | ||||||||||||||
| 6,665 | 5.000%, 6/01/16 | No Opt. Call | Aa1 | 7,020,578 | ||||||||||||||
| 3,495 | 5.000%, 6/01/17 | No Opt. Call | A1 | 3,777,676 | ||||||||||||||
| 20,210 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24 | 6/17 at 100.00 | B– | 16,926,279 | ||||||||||||||
| 3,220 | Cleveland, Ohio, Airport System Revenue Bonds, Series 2009C, 5.000%, 1/01/18 – AGM Insured | No Opt. Call | AA | 3,586,790 | ||||||||||||||
Cleveland, Ohio, General Obligation Bonds, Series 2011: | ||||||||||||||||||
| 1,470 | 5.000%, 12/01/19 | No Opt. Call | AA | 1,731,248 | ||||||||||||||
| 1,540 | 5.000%, 12/01/20 | 12/19 at 100.00 | AA | 1,790,789 | ||||||||||||||
| 1,620 | 5.000%, 12/01/21 | 12/19 at 100.00 | AA | 1,866,046 | ||||||||||||||
Cuyahoga County, Ohio, Certificates of Participation, Convention Hotel Project, Series 2014: | ||||||||||||||||||
| 4,650 | 5.000%, 12/01/17 | No Opt. Call | AA– | 5,245,340 | ||||||||||||||
| 5,515 | 5.000%, 12/01/20 | No Opt. Call | AA– | 6,565,938 | ||||||||||||||
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013: | ||||||||||||||||||
| 500 | 4.000%, 6/15/17 | No Opt. Call | Baa2 | 530,675 | ||||||||||||||
| 1,015 | 5.000%, 6/15/19 | No Opt. Call | Baa2 | 1,129,807 | ||||||||||||||
| 1,000 | 5.000%, 6/15/21 | No Opt. Call | Baa2 | 1,118,830 | ||||||||||||||
Hamilton County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children’s Hospital Medical Center, Refunding Series 2014S: | ||||||||||||||||||
| 1,150 | 5.000%, 5/15/21 | No Opt. Call | AA | 1,375,412 | ||||||||||||||
| 275 | 5.000%, 5/15/22 | No Opt. Call | AA | 328,336 | ||||||||||||||
| 1,000 | 5.000%, 5/15/23 | No Opt. Call | AA | 1,200,440 | ||||||||||||||
| 1,600 | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2014, 5.000%, 2/01/20 | No Opt. Call | A– | 1,846,224 | ||||||||||||||
Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of Greater Cincinnati, Refunding Series 2014A: | ||||||||||||||||||
| 1,595 | 5.000%, 12/01/19 (WI/DD, Settling 11/19/14) | No Opt. Call | AA+ | 1,889,660 | ||||||||||||||
| 3,350 | 5.000%, 12/01/20 (WI/DD, Settling 11/19/14) | No Opt. Call | AA+ | 4,025,561 | ||||||||||||||
| 1,550 | 5.000%, 12/01/21 (WI/DD, Settling 11/19/14) | No Opt. Call | AA+ | 1,880,925 | ||||||||||||||
| 1,000 | 5.000%, 12/01/22 (WI/DD, Settling 11/19/14) | No Opt. Call | AA+ | 1,224,460 | ||||||||||||||
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A: | ||||||||||||||||||
| 2,490 | 5.000%, 1/01/20 | No Opt. Call | AA | 2,926,397 | ||||||||||||||
| 1,700 | 5.000%, 1/01/23 | No Opt. Call | AA | 2,039,218 | ||||||||||||||
| 2,175 | Marysville, Union County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.000%, 12/01/20 – AMBAC Insured | No Opt. Call | Aa3 | 2,505,622 | ||||||||||||||
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013: | ||||||||||||||||||
| 1,000 | 5.000%, 2/15/16 | No Opt. Call | BB+ | 1,037,500 | ||||||||||||||
| 172 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Ohio (continued) | ||||||||||||||||||
| $ | 2,000 | 5.000%, 2/15/17 | No Opt. Call | BB+ | $ | 2,117,360 | ||||||||||||
| 1,630 | 5.000%, 2/15/18 | No Opt. Call | BB+ | 1,750,881 | ||||||||||||||
| 1,000 | 5.000%, 2/15/19 | No Opt. Call | BB+ | 1,083,660 | ||||||||||||||
| 270 | 5.000%, 2/15/20 | No Opt. Call | BB+ | 293,034 | ||||||||||||||
| 2,000 | 5.000%, 2/15/21 | No Opt. Call | BB+ | 2,162,060 | ||||||||||||||
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C: | ||||||||||||||||||
| 730 | 3.000%, 10/01/15 | No Opt. Call | A1 | 746,936 | ||||||||||||||
| 870 | 3.000%, 10/01/16 | No Opt. Call | A1 | 905,644 | ||||||||||||||
| 1,100 | 4.000%, 10/01/17 | No Opt. Call | A1 | 1,185,536 | ||||||||||||||
| 11,085 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18) | No Opt. Call | BBB– | 11,724,272 | ||||||||||||||
| 2,440 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2009B, 0.000%, 3/01/23 (Mandatory put 3/01/19) | No Opt. Call | BBB– | 2,482,822 | ||||||||||||||
| 4,000 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19 | No Opt. Call | BBB– | 4,536,160 | ||||||||||||||
| 1,415 | Ohio Higher Education Facilities Commission, Revenue Bonds, John Carroll University, Series 2014, 2.250%, 9/01/33 (Mandatory put 9/01/18) | No Opt. Call | A3 | 1,448,918 | ||||||||||||||
| 4,000 | Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2014R, 4.000%, 5/01/16 | No Opt. Call | AAA | 4,221,440 | ||||||||||||||
| 6,685 | Ohio State, General Obligation Bonds, Infrastructure Improvement Series 2013B, 5.000%, 8/01/21 | No Opt. Call | AA+ | 8,109,106 | ||||||||||||||
| 6,450 | Ohio State, General Obligation Bonds, Refunding Common Schools Series 2011A, 5.000%, 9/15/21 | No Opt. Call | AA+ | 7,835,976 | ||||||||||||||
| 12,625 | Ohio State, General Obligation Bonds, Refunding Common Schools Series 2011C, 5.000%, 9/15/20 | No Opt. Call | AA+ | 15,162,246 | ||||||||||||||
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Series 2009B: | ||||||||||||||||||
| 820 | 5.000%, 1/01/17 | No Opt. Call | Aa2 | 898,950 | ||||||||||||||
| 500 | 5.000%, 1/01/18 | No Opt. Call | Aa2 | 566,120 | ||||||||||||||
| 65 | Ohio Water Development Authority, Loan Revenue Bonds, Pure Water Development, Series 1990I, 6.000%, 12/01/16 – AMBAC Insured (ETM) | No Opt. Call | Aaa | 68,173 | ||||||||||||||
| 10,715 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B, 2.200%, 6/01/33 (Mandatory put 6/01/16) | No Opt. Call | BBB– | 10,761,503 | ||||||||||||||
| 2,000 | Ohio Water Development Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004, 2.250%, 7/01/21 (Mandatory put 7/01/16) | No Opt. Call | A– | 2,062,920 | ||||||||||||||
| 4,540 | Ohio, State Appropriation Lease Bonds, Mental Health Capital Facilities, Refunding Series 2012A, 5.000%, 6/01/17 – NPFG Insured | No Opt. Call | AA | 5,047,345 | ||||||||||||||
| 2,230 | University of Toledo, Ohio, General Receipts Bonds, Series 2009, 4.000%, 6/01/18 | No Opt. Call | A1 | 2,453,290 | ||||||||||||||
| 1,000 | Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., Series 2007A, 6.100%, 7/01/17 (Alternative Minimum Tax) (5) | No Opt. Call | N/R | 32,960 | ||||||||||||||
| 168,995 | Total Ohio | 181,596,189 | ||||||||||||||||
| Nuveen Investments | 173 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Oklahoma – 1.4% | ||||||||||||||||||
Canadian County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Mustang Public Schools Project, Series 2012: | ||||||||||||||||||
| $ | 1,420 | 4.000%, 9/01/18 | No Opt. Call | A+ | $ | 1,557,754 | ||||||||||||
| 1,435 | 4.000%, 9/01/19 | No Opt. Call | A+ | 1,577,768 | ||||||||||||||
| 2,685 | 4.500%, 9/01/20 | No Opt. Call | A+ | 3,036,654 | ||||||||||||||
| 5,500 | Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Public Schools Project, Series 2013, 5.000%, 6/01/18 | No Opt. Call | A | 6,252,290 | ||||||||||||||
Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Norman Public Schools Project, Series 2014: | ||||||||||||||||||
| 1,500 | 5.000%, 7/01/16 | No Opt. Call | A+ | 1,612,020 | ||||||||||||||
| 520 | 5.000%, 7/01/17 | No Opt. Call | A+ | 578,308 | ||||||||||||||
| 1,515 | 5.000%, 7/01/18 | No Opt. Call | A+ | 1,725,858 | ||||||||||||||
| 2,145 | 5.000%, 7/01/19 | No Opt. Call | A+ | 2,488,929 | ||||||||||||||
Oklahoma County Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Midwest City-Del City Public Schools Project, Series 2012: | ||||||||||||||||||
| 5,000 | 3.000%, 3/01/17 | No Opt. Call | A+ | 5,249,300 | ||||||||||||||
| 2,820 | 4.000%, 3/01/18 | No Opt. Call | A+ | 3,082,965 | ||||||||||||||
| 1,850 | Oklahoma Development Finance Authority, Solid Waste Disposal Revenue Bonds, Series 2004A, 2.375%, 12/01/21 | No Opt. Call | A– | 1,875,438 | ||||||||||||||
Pontotoc County Educational Facilities Authority, Oklahoma, Facilities Lease Revenue Bonds, Ada Public Schools Project, Series 2014: | ||||||||||||||||||
| 210 | 4.000%, 9/01/17 | No Opt. Call | A– | 228,176 | ||||||||||||||
| 475 | 4.000%, 9/01/18 | No Opt. Call | A– | 522,011 | ||||||||||||||
| 525 | 5.000%, 9/01/19 | No Opt. Call | A– | 605,346 | ||||||||||||||
| 685 | 5.000%, 9/01/20 | No Opt. Call | A– | 798,881 | ||||||||||||||
| 745 | 5.000%, 9/01/21 | No Opt. Call | A– | 870,041 | ||||||||||||||
Stillwater Utilities Authority, Oklahoma, Utility System and Sales Tax Revenue Bonds, Series 2014A: | ||||||||||||||||||
| 150 | 4.000%, 10/01/18 | No Opt. Call | AA– | 167,577 | ||||||||||||||
| 150 | 4.000%, 10/01/19 | No Opt. Call | AA– | 169,761 | ||||||||||||||
| 250 | 5.000%, 10/01/20 | No Opt. Call | AA– | 299,358 | ||||||||||||||
| 315 | 5.000%, 10/01/21 | No Opt. Call | AA– | 380,501 | ||||||||||||||
| 2,415 | Tulsa (Oklahoma), Industrial Authority, Revenue and Refunding Bonds (The University of Tulsa), Series 1996A, 6.000%, 10/01/16 – NPFG Insured | No Opt. Call | AA– | 2,512,904 | ||||||||||||||
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2009A: | ||||||||||||||||||
| 1,000 | 4.000%, 6/01/15 | No Opt. Call | BBB+ | 1,019,420 | ||||||||||||||
| 1,200 | 4.500%, 6/01/16 | 6/15 at 100.00 | BBB+ | 1,224,444 | ||||||||||||||
| 6,290 | Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Tulsa International Airport, Series 1997B, 7.050%, 6/01/17 – NPFG Insured (ETM) | No Opt. Call | AA– (4) | 6,763,323 | ||||||||||||||
| 7,445 | Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Broken Arrow Public Schools Project, Series 2011, 5.000%, 9/01/19 | No Opt. Call | AA– | 8,710,054 | ||||||||||||||
| 1,365 | Tulsa County Industrial Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Broken Arrow Public Schools Project, Series 2012, 4.000%, 9/01/22 | No Opt. Call | AA– | 1,539,638 | ||||||||||||||
| 49,610 | Total Oklahoma | 54,848,719 | ||||||||||||||||
| Oregon – 0.5% | ||||||||||||||||||
| 2,575 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Refunding Bonds, Series 2012B, 4.000%, 6/15/22 | No Opt. Call | AA+ | 2,958,546 | ||||||||||||||
| 174 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Oregon (continued) | ||||||||||||||||||
| $ | 1,770 | Gilliam County, Oregon, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2007, 1.500%, 10/01/18 | No Opt. Call | A– | $ | 1,772,319 | ||||||||||||
| 1,000 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/22 (Pre-refunded 5/15/19) | 5/19 at 100.00 | AAA | 1,173,110 | ||||||||||||||
| 2,000 | Tri-County Metropolitan Transportation District, Oregon, Capital Grant Receipt Revenue Bonds, Series 2011A, 5.000%, 10/01/18 | No Opt. Call | A | 2,299,420 | ||||||||||||||
| 10,450 | Tri-County Metropolitan Transportation District, Oregon, Revenue Bonds, Payroll Tax and Grant Receipt Series 2013, 3.000%, 11/01/16 | 5/15 at 100.00 | Aa3 | 10,590,448 | ||||||||||||||
| 17,795 | Total Oregon | 18,793,843 | ||||||||||||||||
| Pennsylvania – 5.5% | ||||||||||||||||||
| 385 | Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Duquesne University, Series 2013A, 3.000%, 3/01/15 | No Opt. Call | A2 | 388,684 | ||||||||||||||
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Jefferson Regional Medical Center, Series 2006B: | ||||||||||||||||||
| 1,985 | 5.000%, 5/01/15 | No Opt. Call | Baa2 | 2,014,934 | ||||||||||||||
| 1,620 | 5.000%, 5/01/16 | No Opt. Call | Baa2 | 1,686,128 | ||||||||||||||
| 1,285 | 5.000%, 5/01/18 | 5/16 at 100.00 | Baa2 | 1,328,716 | ||||||||||||||
| 5,000 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center System, Series 2008B, 5.000%, 6/15/18 | No Opt. Call | Aa3 | 5,731,950 | ||||||||||||||
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2011: | ||||||||||||||||||
| 6,550 | 5.000%, 12/01/17 – AGM Insured | No Opt. Call | AA | 7,388,597 | ||||||||||||||
| 4,400 | 5.000%, 12/01/18 – AGM Insured | No Opt. Call | AA | 5,085,168 | ||||||||||||||
| 5,745 | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014C-73, 5.000%, 12/01/19 | No Opt. Call | AA– | 6,736,702 | ||||||||||||||
| 1,900 | Berks County, Pennsylvania, General Obligation Bonds, Series 2008, 5.000%, 11/15/21 | 11/18 at 100.00 | Aa1 | 2,184,772 | ||||||||||||||
| 1,120 | Centre County, Pennsylvania, General Obligation Bonds, Series 2012A, 3.000%, 7/01/19 | No Opt. Call | AA | 1,199,878 | ||||||||||||||
| 7,910 | Coatesville Area School District, Chester County, Pennsylvania, General Obligation Bonds, Series 2014A, 4.000%, 8/15/19 – BAM Insured | No Opt. Call | AA | 8,671,654 | ||||||||||||||
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Presbyterian Homes Inc., Refunding Series 2005A: | ||||||||||||||||||
| 440 | 5.000%, 12/01/15 – RAAI Insured | No Opt. Call | BBB+ | 455,602 | ||||||||||||||
| 20 | 4.250%, 12/01/17 – RAAI Insured | 12/15 at 100.00 | BBB+ | 20,400 | ||||||||||||||
| 210 | 5.000%, 12/01/19 – RAAI Insured | 12/15 at 100.00 | BBB+ | 214,612 | ||||||||||||||
| 75 | 5.000%, 12/01/21 – RAAI Insured | 12/15 at 100.00 | BBB+ | 76,211 | ||||||||||||||
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014: | ||||||||||||||||||
| 450 | 4.000%, 5/01/18 | No Opt. Call | Baa3 | 483,156 | ||||||||||||||
| 450 | 5.000%, 5/01/19 | No Opt. Call | Baa3 | 504,198 | ||||||||||||||
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2010: | ||||||||||||||||||
| 1,010 | 4.000%, 12/01/16 | No Opt. Call | A+ | 1,085,720 | ||||||||||||||
| 500 | 5.000%, 12/01/18 | No Opt. Call | A+ | 579,925 | ||||||||||||||
| 3,335 | Lancaster County, Pennsylvania, General Obligation Bonds, Series 2009A, 5.000%, 11/01/18 – AGM Insured | No Opt. Call | A1 | 3,838,051 | ||||||||||||||
| Nuveen Investments | 175 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Pennsylvania (continued) | ||||||||||||||||||
| $ | 1,000 | Lebanon County Health Facilities Authority, Pennsylvania, Health Center Revenue Bonds, Pleasant View Retirement Community, Series 2005A, 5.125%, 12/15/20 | 12/14 at 100.00 | N/R | $ | 1,002,290 | ||||||||||||
| 2,805 | Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Refunding Series 2004, 5.000%, 11/15/18 | 1/15 at 100.00 | B+ | 2,806,403 | ||||||||||||||
| 2,700 | Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.500%, 12/15/19 | No Opt. Call | N/R | 2,799,144 | ||||||||||||||
| 2,165 | Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009A, 5.000%, 7/01/17 | No Opt. Call | A– | 2,359,937 | ||||||||||||||
| 1,080 | Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Series 2012, 4.000%, 5/01/19 | No Opt. Call | A | 1,166,972 | ||||||||||||||
| 3,450 | Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital Obligated Group, Series 2012A, 5.000%, 6/01/23 | No Opt. Call | A | 3,982,715 | ||||||||||||||
| 504 | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23 | 1/15 at 100.00 | N/R | 451,087 | ||||||||||||||
| 650 | Pennsylvania Convention Center Authority, Revenue Bonds, Series 1989A, 6.700%, 9/01/16 – FGIC Insured (ETM) | No Opt. Call | AA+ (4) | 700,115 | ||||||||||||||
| 3,285 | Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds, Albert Einstein Healthcare, Series 2009A, 5.250%, 10/15/15 | No Opt. Call | BBB+ | 3,405,297 | ||||||||||||||
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012A: | ||||||||||||||||||
| 2,500 | 5.000%, 7/01/15 | No Opt. Call | Aaa | 2,581,700 | ||||||||||||||
| 4,990 | 5.000%, 7/01/19 | No Opt. Call | Aaa | 5,869,088 | ||||||||||||||
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012B: | ||||||||||||||||||
| 20 | 5.000%, 1/01/20 | No Opt. Call | Aaa | 23,494 | ||||||||||||||
| 225 | 5.000%, 7/01/20 | 7/19 at 100.00 | Aaa | 263,410 | ||||||||||||||
| 5,725 | 5.000%, 7/01/21 | 1/18 at 100.00 | Aaa | 6,445,606 | ||||||||||||||
| 23,760 | 5.000%, 1/01/22 | 7/17 at 100.00 | Aaa | 26,401,162 | ||||||||||||||
| 8,440 | 5.000%, 7/01/22 | 7/16 at 100.00 | Aaa | 9,068,611 | ||||||||||||||
| 15,750 | 5.000%, 1/01/23 | 1/16 at 100.00 | Aaa | 16,583,805 | ||||||||||||||
| 13,270 | 5.000%, 7/01/23 | 7/15 at 100.00 | Aaa | 13,686,811 | ||||||||||||||
| 15 | 5.000%, 7/01/23 | 1/15 at 100.00 | Aaa | 15,119 | ||||||||||||||
| 1,775 | Pennsylvania Public School Building Authority, Lease Revenue Bonds, Philadelphia School District Project, Series 2006A, 4.500%, 6/01/15 – AGM Insured | No Opt. Call | AA | 1,815,044 | ||||||||||||||
| 11,800 | Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured | 12/16 at 100.00 | AA | 12,028,802 | ||||||||||||||
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009B: | ||||||||||||||||||
| 4,000 | 5.000%, 6/01/15 | No Opt. Call | A– | 4,112,400 | ||||||||||||||
| 4,000 | 5.000%, 6/01/16 | No Opt. Call | A– | 4,281,200 | ||||||||||||||
| 16,040 | Pennsylvania, General Obligation Bonds, Refunding 3rd Series 2004, 5.375%, 7/01/16 – NPFG Insured | No Opt. Call | AA– | 17,376,774 | ||||||||||||||
| 2,535 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM) | No Opt. Call | AA– (4) | 2,996,370 | ||||||||||||||
| 10,000 | Philadelphia School District, Pennsylvania, General Obligation Bonds, Refunding Series 2010C, 5.000%, 9/01/16 | No Opt. Call | A+ | 10,792,300 | ||||||||||||||
| 176 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Pennsylvania (continued) | ||||||||||||||||||
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2011D: | ||||||||||||||||||
| $ | 1,795 | 5.000%, 9/01/17 | No Opt. Call | A+ | $ | 2,000,097 | ||||||||||||
| 1,525 | 5.000%, 9/01/18 | No Opt. Call | A+ | 1,733,529 | ||||||||||||||
| 620 | Pittsburgh Water and Sewerage Authority, Pennsylvania, Water and Sewerage System Revenue Refunding Bonds, Series 1986, 6.000%, 9/01/16 – FGIC Insured (ETM) | No Opt. Call | Aaa | 662,780 | ||||||||||||||
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2013: | ||||||||||||||||||
| 260 | 4.000%, 12/01/14 | No Opt. Call | BBB– | 260,676 | ||||||||||||||
| 1,205 | 4.000%, 12/01/16 | No Opt. Call | BBB– | 1,261,346 | ||||||||||||||
| 1,250 | Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011, 4.625%, 8/01/17 | No Opt. Call | BBB+ | 1,327,600 | ||||||||||||||
| 2,500 | University of Pittsburgh of the Commonwealth System of Higher Education, University Capital Project Bonds, Series 2009B, 5.500%, 9/15/21 | 3/19 at 100.00 | AA+ | 2,942,500 | ||||||||||||||
| 196,029 | Total Pennsylvania | 212,879,242 | ||||||||||||||||
| Puerto Rico – 0.0% | ||||||||||||||||||
| 150 | Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/20 – NPFG Insured | No Opt. Call | AA– | 155,303 | ||||||||||||||
| Rhode Island – 0.2% | ||||||||||||||||||
Rhode Island Economic Development Corporation, Airport Revenue Bonds, Refunding Series 2013B: | ||||||||||||||||||
| 700 | 5.000%, 7/01/19 | No Opt. Call | A3 | 786,618 | ||||||||||||||
| 1,165 | 5.000%, 7/01/20 | No Opt. Call | A3 | 1,320,935 | ||||||||||||||
| 1,360 | 5.000%, 7/01/21 | No Opt. Call | A3 | 1,548,346 | ||||||||||||||
Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, University of Rhode Island Auxiliary Enterprise, Refunding Series 2013C: | ||||||||||||||||||
| 450 | 4.000%, 9/15/16 | No Opt. Call | A+ | 477,275 | ||||||||||||||
| 520 | 4.000%, 9/15/18 | No Opt. Call | A+ | 573,123 | ||||||||||||||
| 2,000 | Rhode Island Industrial Facilities Corporation, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004A, 4.625%, 4/01/16 (Alternative Minimum Tax) | No Opt. Call | A– | 2,097,800 | ||||||||||||||
| 520 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23 | 1/15 at 100.00 | A2 | 523,120 | ||||||||||||||
| 6,715 | Total Rhode Island | 7,327,217 | ||||||||||||||||
| South Carolina – 0.9% | ||||||||||||||||||
| 3,065 | Cherokee County School District 1, South Carolina, General Obligation Bonds, Series 2013A, 4.000%, 3/01/15 | No Opt. Call | Aa1 | 3,105,029 | ||||||||||||||
Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Refunding Series 2012: | ||||||||||||||||||
| 1,500 | 3.500%, 2/01/20 | No Opt. Call | Aa1 | 1,664,205 | ||||||||||||||
| 1,000 | 4.500%, 2/01/21 | No Opt. Call | Aa1 | 1,171,030 | ||||||||||||||
| 6,010 | Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/19 (Pre-refunded 12/01/14) | 12/14 at 100.00 | AA– (4) | 6,035,723 | ||||||||||||||
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Building Equity Sooner Series 2012: | ||||||||||||||||||
| 3,365 | 5.000%, 12/01/21 | No Opt. Call | AA | 4,035,914 | ||||||||||||||
| 4,910 | 5.000%, 12/01/22 | No Opt. Call | AA | 5,925,879 | ||||||||||||||
| Nuveen Investments | 177 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| South Carolina (continued) | ||||||||||||||||||
| $ | 5,245 | Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24 | 12/16 at 100.00 | AA | $ | 5,699,742 | ||||||||||||
| 1,245 | McCormick County, South Carolina, Hospital Facilities Revenue Refunding and Improvement Bonds, McCormick Health Care Center Project, Series 2006, 8.000%, 3/01/21 (ETM) | No Opt. Call | N/R (4) | 1,578,436 | ||||||||||||||
South Carolina JOBS Economic Development Authority, Economic Development Revenue, FMU Student Housing, LLC – Francis Marion University Project, Series 2014A: | ||||||||||||||||||
| 1,020 | 5.000%, 8/01/22 (WI/DD, Settling 11/12/14) | No Opt. Call | Baa3 | 1,156,068 | ||||||||||||||
| 1,035 | 5.000%, 8/01/24 (WI/DD, Settling 11/12/14) | No Opt. Call | Baa3 | 1,171,465 | ||||||||||||||
| 1,645 | South Carolina JOBS Economic Development Authority, Revenue Bonds, Waste Management of South Carolina, Inc. Project, Series 2008, 2.875%, 2/01/15 | No Opt. Call | A– | 1,656,548 | ||||||||||||||
| 1,660 | South Carolina Public Service Authority, Revenue Bonds, Santee Cooper Electric System, Series 2005A, 5.250%, 1/01/22 – NPFG Insured | No Opt. Call | AA– | 1,753,508 | ||||||||||||||
| 1,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/21 | No Opt. Call | AA– | 1,200,970 | ||||||||||||||
| 32,700 | Total South Carolina | 36,154,517 | ||||||||||||||||
| South Dakota – 0.2% | ||||||||||||||||||
Deadwood, South Dakota, Certificates of Participation, Refunding Series 2012: | ||||||||||||||||||
| 1,580 | 3.000%, 11/01/17 | No Opt. Call | A | 1,655,492 | ||||||||||||||
| 770 | 3.000%, 11/01/18 | No Opt. Call | A | 810,517 | ||||||||||||||
| 1,320 | Heartland Consumers Power District, South Dakota, Electric System Revenue Bonds, Series 1977, 6.375%, 1/01/16 (ETM) | No Opt. Call | Aaa | 1,370,490 | ||||||||||||||
| 400 | South Dakota Building Authority, Revenue Bonds, Series 2013B, 5.000%, 6/01/20 | No Opt. Call | AA | 475,420 | ||||||||||||||
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B: | ||||||||||||||||||
| 400 | 4.000%, 11/01/19 | No Opt. Call | A+ | 450,112 | ||||||||||||||
| 315 | 4.000%, 11/01/20 | No Opt. Call | A+ | 355,194 | ||||||||||||||
| 500 | 4.000%, 11/01/21 | No Opt. Call | A+ | 560,440 | ||||||||||||||
| 650 | 5.000%, 11/01/24 | No Opt. Call | A+ | 784,778 | ||||||||||||||
| 5,935 | Total South Dakota | 6,462,443 | ||||||||||||||||
| Tennessee – 1.0% | ||||||||||||||||||
First Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Series 2012A: | ||||||||||||||||||
| 425 | 2.000%, 12/01/14 | No Opt. Call | AA+ | 425,667 | ||||||||||||||
| 225 | 2.000%, 12/01/15 | No Opt. Call | AA+ | 229,313 | ||||||||||||||
| 225 | 2.000%, 12/01/16 | No Opt. Call | AA+ | 232,191 | ||||||||||||||
| 710 | 4.000%, 12/01/20 | No Opt. Call | AA+ | 807,206 | ||||||||||||||
| 740 | 4.000%, 12/01/21 | No Opt. Call | AA+ | 843,126 | ||||||||||||||
Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2012A: | ||||||||||||||||||
| 1,030 | 5.000%, 1/01/19 | No Opt. Call | A | 1,182,255 | ||||||||||||||
| 2,500 | 5.000%, 1/01/20 | No Opt. Call | A | 2,913,100 | ||||||||||||||
| 1,500 | 4.000%, 1/01/21 | No Opt. Call | A | 1,676,895 | ||||||||||||||
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Series 2012: | ||||||||||||||||||
| 1,335 | 3.000%, 11/01/17 | No Opt. Call | BBB+ | 1,390,776 | ||||||||||||||
| 178 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Tennessee (continued) | ||||||||||||||||||
| $ | 250 | 3.000%, 11/01/18 | No Opt. Call | BBB+ | $ | 261,145 | ||||||||||||
| 1,070 | 4.000%, 11/01/19 | No Opt. Call | BBB+ | 1,165,904 | ||||||||||||||
| 810 | 4.000%, 11/01/20 | No Opt. Call | BBB+ | 884,366 | ||||||||||||||
| 500 | 4.000%, 11/01/21 | No Opt. Call | BBB+ | 544,470 | ||||||||||||||
| 1,030 | 5.000%, 11/01/22 | 11/21 at 100.00 | BBB+ | 1,183,470 | ||||||||||||||
Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage Revenue Bonds, Subordinate Lien Refunding Series 2012: | ||||||||||||||||||
| 2,570 | 5.000%, 7/01/21 | No Opt. Call | A+ | 3,087,187 | ||||||||||||||
| 1,320 | 5.000%, 7/01/22 | No Opt. Call | A+ | 1,595,497 | ||||||||||||||
Shelby County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Baptist Memorial Healthcare, Series 2004A: | ||||||||||||||||||
| 2,000 | 5.000%, 9/01/15 | No Opt. Call | A | 2,076,980 | ||||||||||||||
| 5,000 | 5.000%, 9/01/16 | No Opt. Call | A | 5,404,750 | ||||||||||||||
| 2,500 | 5.000%, 9/01/18 | No Opt. Call | A | 2,847,875 | ||||||||||||||
| 7,530 | Tennessee State, General Obligation Bonds, Series 2009A, 5.000%, 5/01/17 | No Opt. Call | Aaa | 8,373,887 | ||||||||||||||
| 1,000 | Tennessee State, General Obligation Bonds, Series 2009A, 5.000%, 5/01/19 (Pre-refunded 5/01/17) | 5/17 at 100.00 | Aaa | 1,111,890 | ||||||||||||||
| 205 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/18 | No Opt. Call | A | 233,530 | ||||||||||||||
| 1,400 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/17 | No Opt. Call | A | 1,516,088 | ||||||||||||||
| 35,875 | Total Tennessee | 39,987,568 | ||||||||||||||||
| Texas – 6.1% | ||||||||||||||||||
| 2,940 | Bexar County Housing Finance Corporation, Texas, FNMA Guaranteed Multifamily Housing Revenue Bonds, Villas Sonterra Apartments Project, Series 2007A, 4.700%, 10/01/15 (Alternative Minimum Tax) | No Opt. Call | N/R | 3,001,152 | ||||||||||||||
| 20,350 | Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding Series 2012A, 5.000%, 8/15/23 | No Opt. Call | AAA | 25,283,044 | ||||||||||||||
Canadian River Municipal Water Authority, Texas, Contract Revenue Bonds, Conjunctive Use Groundwater Supply Project, Subordinate Lien Series 2011: | ||||||||||||||||||
| 1,000 | 5.000%, 2/15/15 | No Opt. Call | AA | 1,014,190 | ||||||||||||||
| 1,000 | 5.000%, 2/15/16 | No Opt. Call | AA | 1,060,250 | ||||||||||||||
Corpus Christi Business and Job Development Corporation, Texas, Sales Tax Revenue Bonds, Arena Project, Refunding Series 2014: | ||||||||||||||||||
| 1,000 | 5.000%, 9/01/21 | No Opt. Call | AA– | 1,178,670 | ||||||||||||||
| 650 | 5.000%, 9/01/22 | No Opt. Call | AA– | 769,919 | ||||||||||||||
| 6,975 | Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/15 – AMBAC Insured | No Opt. Call | AAA | 7,287,410 | ||||||||||||||
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012B: | ||||||||||||||||||
| 2,595 | 5.000%, 11/01/20 | No Opt. Call | A+ | 3,090,411 | ||||||||||||||
| 5,000 | 5.000%, 11/01/21 | 11/20 at 100.00 | A+ | 5,894,050 | ||||||||||||||
| 10,470 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding Bond Anticipation Note Series 2014A, 3.000%, 12/15/16 | No Opt. Call | N/R | 11,029,307 | ||||||||||||||
| 1,925 | Grapevine, Tarrant County, Texas, Combination Tax and Tax Increment Reinvestment Zone Revenue, Refunding Series 2005A, 5.000%, 8/15/20 – NPFG Insured | 2/15 at 100.00 | AA+ | 1,951,700 | ||||||||||||||
| Nuveen Investments | 179 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Texas (continued) | ||||||||||||||||||
| $ | 3,000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2014A, 5.000%, 12/01/24 | No Opt. Call | A+ | $ | 3,654,510 | ||||||||||||
| 6,010 | Harris County, Texas, General Obligation Bonds, Refunding Road Series 2009A, 5.250%, 10/01/18 | No Opt. Call | AAA | 7,011,266 | ||||||||||||||
| 1,500 | Houston Independent School District, Harris County, Texas, General Obligation Bonds, Schoolhouse Series 2013A, 4.000%, 2/15/16 | No Opt. Call | AAA | 1,572,285 | ||||||||||||||
| 1,780 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2012D, 5.000%, 11/15/21 | No Opt. Call | AA | 2,157,645 | ||||||||||||||
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2014C: | ||||||||||||||||||
| 3,900 | 5.000%, 5/15/20 | No Opt. Call | AA | 4,646,577 | ||||||||||||||
| 3,000 | 5.000%, 5/15/21 | No Opt. Call | AA | 3,614,610 | ||||||||||||||
| 11,520 | Houston, Texas, General Obligation Bonds, Public Improvement Refunding Series 2009A, 5.000%, 3/01/20 | 3/19 at 100.00 | AA+ | 13,387,622 | ||||||||||||||
Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A: | ||||||||||||||||||
| 1,360 | 5.000%, 7/01/15 | No Opt. Call | AA– | 1,403,982 | ||||||||||||||
| 1,110 | 5.000%, 7/01/16 | No Opt. Call | AA– | 1,192,506 | ||||||||||||||
| 2,250 | Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011B, 5.000%, 7/01/20 | No Opt. Call | A | 2,637,540 | ||||||||||||||
Lubbock Health Facilities Development Corporation, Texas, Revenue Bonds, Saint Joseph Health System, Refunding Series 2008B: | ||||||||||||||||||
| 3,030 | 5.000%, 7/01/18 | No Opt. Call | AA– | 3,449,382 | ||||||||||||||
| 3,000 | 5.000%, 7/01/20 | No Opt. Call | AA– | 3,492,960 | ||||||||||||||
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: | ||||||||||||||||||
| 1,635 | 3.000%, 12/01/18 | No Opt. Call | Baa2 | 1,652,805 | ||||||||||||||
| 1,510 | 4.000%, 12/01/21 | No Opt. Call | Baa2 | 1,565,417 | ||||||||||||||
| 5,660 | Mission Economic Development Corporation, Texas, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2006, 3.750%, 12/01/18 (Mandatory put 6/01/15) | No Opt. Call | A– | 5,781,633 | ||||||||||||||
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012: | ||||||||||||||||||
| 1,690 | 5.000%, 8/15/19 | No Opt. Call | Aa2 | 1,964,050 | ||||||||||||||
| 2,785 | 5.000%, 8/15/21 | No Opt. Call | Aa2 | 3,306,853 | ||||||||||||||
| 2,000 | 5.000%, 8/15/22 | No Opt. Call | Aa2 | 2,379,120 | ||||||||||||||
| 5,480 | 5.000%, 8/15/23 | 8/22 at 100.00 | Aa2 | 6,461,578 | ||||||||||||||
| 7,625 | North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 2011D, 5.000%, 9/01/24 | 9/21 at 100.00 | AA+ | 9,124,685 | ||||||||||||||
| 10,000 | San Antonio Independent School District, Bexar County, Texas, General Obligation Bonds, Series 2005, 5.000%, 8/15/21 | 8/15 at 100.00 | AAA | 10,371,800 | ||||||||||||||
| 2,555 | San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Series 1992, 5.000%, 2/01/17 (ETM) | No Opt. Call | AA+ (4) | 2,678,509 | ||||||||||||||
| 15,000 | San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Series 2012, 5.000%, 2/01/21 | No Opt. Call | Aa1 | 18,009,600 | ||||||||||||||
| 8,420 | Texas A&M University, Financing System Revenue Bonds, Series 2008, 5.000%, 5/15/15 | No Opt. Call | Aaa | 8,643,130 | ||||||||||||||
| 5,500 | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/20 | No Opt. Call | A3 | 6,388,030 | ||||||||||||||
| 180 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Texas (continued) | ||||||||||||||||||
Texas Public Finance Authority, Unemployment Compensation Obligation Assessment Revenue Bonds, Refunding Series 2014B: | ||||||||||||||||||
| $ | 7,000 | 4.000%, 7/01/18 | 1/16 at 100.00 | AAA | $ | 7,276,640 | ||||||||||||
| 5,000 | 4.000%, 1/01/19 | 7/15 at 100.00 | AAA | 5,117,850 | ||||||||||||||
| 6,535 | Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2007, 5.000%, 4/01/16 | No Opt. Call | AAA | 6,972,714 | ||||||||||||||
Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A: | ||||||||||||||||||
| 10,000 | 5.000%, 4/01/18 | No Opt. Call | AAA | 11,442,000 | ||||||||||||||
| 4,515 | 5.000%, 4/01/20 | No Opt. Call | AAA | 5,392,535 | ||||||||||||||
| 2,670 | Texas State, Public Financing Authority, General Obligation Bonds, Refunding Series 2009A, 5.000%, 10/01/17 | No Opt. Call | AAA | 3,014,110 | ||||||||||||||
Val Verde County, Texas, Pass-Through Toll Revenue and Limited Tax Bonds, Series 2011: | ||||||||||||||||||
| 2,565 | 3.000%, 8/15/15 | No Opt. Call | A | 2,607,451 | ||||||||||||||
| 2,640 | 3.000%, 8/15/16 | No Opt. Call | A | 2,721,814 | ||||||||||||||
| 2,720 | 3.000%, 8/15/17 | No Opt. Call | A | 2,826,298 | ||||||||||||||
| 208,870 | Total Texas | 235,479,610 | ||||||||||||||||
| Utah – 0.4% | ||||||||||||||||||
| 4,000 | Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Subordinate Lien Refunding Series 2013A, 3.000%, 7/01/15 | No Opt. Call | AA– | 4,077,160 | ||||||||||||||
| 2,000 | Salt Lake County, Utah, Research Facility Revenue Bonds, Huntsman Cancer Foundation, Series 2013A-1, 5.000%, 12/01/33 (Mandatory put 12/15/20) | 12/18 at 100.00 | N/R | 2,144,340 | ||||||||||||||
Utah Associated Municipal Power Systems, Revenue Bonds, Horse Butte Wind Project, Series 2012A: | ||||||||||||||||||
| 550 | 5.000%, 9/01/15 | No Opt. Call | A– | 571,060 | ||||||||||||||
| 875 | 5.000%, 9/01/16 | No Opt. Call | A– | 943,101 | ||||||||||||||
| 500 | 5.000%, 9/01/17 | No Opt. Call | A– | 556,785 | ||||||||||||||
| 515 | 5.000%, 9/01/18 | No Opt. Call | A– | 587,497 | ||||||||||||||
| 625 | 5.000%, 9/01/19 | No Opt. Call | A– | 724,631 | ||||||||||||||
| 1,065 | 5.000%, 9/01/20 | No Opt. Call | A– | 1,248,255 | ||||||||||||||
| 2,065 | 5.000%, 9/01/21 | No Opt. Call | A– | 2,431,083 | ||||||||||||||
| 12,195 | Total Utah | 13,283,912 | ||||||||||||||||
| Virgin Islands – 0.4% | ||||||||||||||||||
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B: | ||||||||||||||||||
| 4,455 | 5.000%, 10/01/15 | No Opt. Call | BBB | 4,619,479 | ||||||||||||||
| 4,375 | 5.000%, 10/01/16 | No Opt. Call | BBB | 4,687,288 | ||||||||||||||
| 4,000 | 5.000%, 10/01/17 | No Opt. Call | BBB | 4,388,960 | ||||||||||||||
| 12,830 | Total Virgin Islands | 13,695,727 | ||||||||||||||||
| Virginia – 0.3% | ||||||||||||||||||
| 400 | Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 4.125%, 9/01/15 | No Opt. Call | BBB | 411,484 | ||||||||||||||
| 1,000 | Hanover County, Virginia, General Obligation Bonds, Refunding & Public Improvement Series 2009, 5.000%, 7/15/19 | No Opt. Call | AAA | 1,176,670 | ||||||||||||||
| Nuveen Investments | 181 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Virginia (continued) | ||||||||||||||||||
| $ | 2,500 | Louisa Industrial Development Authority, Virginia, Pollution Control Revenue Bonds, Virginia Electric and Power Company, Series 2008c, 0.700%, 11/01/35 (Mandatory put 12/01/16) | No Opt. Call | A2 | $ | 2,503,000 | ||||||||||||
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Refunding Series 2014B: | ||||||||||||||||||
| 1,025 | 5.000%, 2/01/19 | No Opt. Call | AA+ | 1,193,674 | ||||||||||||||
| 1,135 | 5.000%, 2/01/20 | No Opt. Call | AA+ | 1,346,564 | ||||||||||||||
| 1,750 | Virginia College Building Authority, Educational Facilities Revenue Refunding Bonds, Marymount University, Series 1998, 5.100%, 7/01/18 – RAAI Insured | 1/15 at 100.00 | N/R | 1,754,988 | ||||||||||||||
| 2,750 | York County Economic Development Authority, Virginia, Pollution Control Revenue Bonds, Virginia Electric and Power Company Project, Refunding Series 2009A, 1.875%, 5/01/33 (Mandatory put 5/16/19) | No Opt. Call | A2 | 2,807,613 | ||||||||||||||
| 10,560 | Total Virginia | 11,193,993 | ||||||||||||||||
| Washington – 2.7% | ||||||||||||||||||
| 1,700 | Central Washington University, Washington, System Revenue Bonds, Refunding Series 2013, 4.000%, 5/01/15 | No Opt. Call | A1 | 1,732,334 | ||||||||||||||
| 4,135 | Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement Series 2010B, 5.000%, 2/01/17 | No Opt. Call | AA | 4,553,834 | ||||||||||||||
Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds, Refunding Series 2013B: | ||||||||||||||||||
| 1,100 | 5.000%, 12/01/18 | No Opt. Call | A+ | 1,261,876 | ||||||||||||||
| 1,500 | 5.000%, 12/01/20 | No Opt. Call | A+ | 1,774,425 | ||||||||||||||
| 2,095 | 5.000%, 12/01/21 | No Opt. Call | A+ | 2,496,046 | ||||||||||||||
| 3,000 | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31 | 1/21 at 100.00 | A | 3,269,460 | ||||||||||||||
| 1,015 | Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A, 5.000%, 11/15/21 | No Opt. Call | A+ | 1,208,236 | ||||||||||||||
| 10,000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012B, 4.000%, 10/01/42 (Mandatory put 10/01/21) | No Opt. Call | AA | 11,268,600 | ||||||||||||||
| 10,600 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/42 (Mandatory put 10/01/21) | No Opt. Call | AA | 12,625,544 | ||||||||||||||
| 3,500 | Washington State Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds, Specialty Chemical Products, LLC Project, Series 2007, 2.125%, 6/01/20 | 6/19 at 100.00 | A– | 3,583,510 | ||||||||||||||
| 2,600 | Washington State Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2005D, 1.250%, 11/01/17 | No Opt. Call | A– | 2,614,482 | ||||||||||||||
Washington State, General Obligation Bonds, Refunding Various Purpose Series 2013R-13C: | ||||||||||||||||||
| 9,355 | 4.000%, 7/01/15 | No Opt. Call | AA+ | 9,598,417 | ||||||||||||||
| 20,070 | 5.000%, 7/01/21 | No Opt. Call | AA+ | 24,277,264 | ||||||||||||||
| 10,380 | Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, 2010 Series 2009B, 5.000%, 8/01/15 | No Opt. Call | AA+ | 10,760,946 | ||||||||||||||
| 8,715 | Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008B, 5.000%, 7/01/19 | 7/18 at 100.00 | AA+ | 10,017,544 | ||||||||||||||
| 615 | Washington, General Obligation Bonds, Series 1990A, 6.750%, 2/01/15 | No Opt. Call | AA+ | 625,160 | ||||||||||||||
| 90,380 | Total Washington | 101,667,678 | ||||||||||||||||
| 182 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| West Virginia – 0.6% | ||||||||||||||||||
| $ | 6,210 | Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company, Series 2003L, 0.000%, 10/01/22 (Mandatory put 10/01/18) | No Opt. Call | Baa1 | $ | 6,257,010 | ||||||||||||
| 5,000 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company – Amos Project, Series 2011A, 2.250%, 1/01/41 (Mandatory put 9/01/16) (Alternative Minimum Tax) | No Opt. Call | Baa1 | 5,069,250 | ||||||||||||||
| 7,010 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Ohio Power Company – Amos Project, Series 2010A, 3.125%, 3/01/43 (Mandatory put 4/01/15) | No Opt. Call | Baa1 | 7,081,915 | ||||||||||||||
| 1,000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2014A, 5.000%, 9/01/24 | No Opt. Call | A3 | 1,161,160 | ||||||||||||||
| 435 | West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail and Corrections Facility, Series 1998A, 5.375%, 7/01/18 – AMBAC Insured | No Opt. Call | N/R | 482,976 | ||||||||||||||
| 2,480 | West Virginia University, Revenue Bonds, West Virginia University Projects, Series 2000A, 0.000%, 4/01/17 – AMBAC Insured | No Opt. Call | Aa3 | 2,430,276 | ||||||||||||||
| 22,135 | Total West Virginia | 22,482,587 | ||||||||||||||||
| Wisconsin – 1.8% | ||||||||||||||||||
| 950 | Wisconsin Health & Educational Facs Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2014A, 5.000%, 12/01/19 | No Opt. Call | Aa3 | 1,109,581 | ||||||||||||||
| 3,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2013B, 4.000%, 11/15/43 (Mandatory put 3/01/18) | No Opt. Call | AA+ | 3,317,160 | ||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010B: | ||||||||||||||||||
| 5,000 | 5.000%, 7/15/17 | No Opt. Call | A | 5,490,500 | ||||||||||||||
| 5,000 | 5.000%, 7/15/18 | No Opt. Call | A | 5,586,500 | ||||||||||||||
| 5,680 | 5.000%, 7/15/19 | No Opt. Call | A | 6,406,699 | ||||||||||||||
| 2,845 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/27 – AGM Insured | 7/21 at 100.00 | A2 | 3,202,901 | ||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Hospital Sisters Services, Inc., Refunding Series 2012B: | ||||||||||||||||||
| 540 | 4.000%, 8/15/17 | No Opt. Call | AA– | 591,062 | ||||||||||||||
| 1,105 | 5.000%, 8/15/18 | No Opt. Call | AA– | 1,274,187 | ||||||||||||||
| 500 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2006A, 5.000%, 2/15/15 | No Opt. Call | A– | 506,285 | ||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of Wisconisin, Inc., Series 2010: | ||||||||||||||||||
| 1,475 | 5.000%, 12/01/16 | No Opt. Call | A+ | 1,590,109 | ||||||||||||||
| 1,555 | 5.000%, 12/01/17 | No Opt. Call | A+ | 1,715,056 | ||||||||||||||
| 1,635 | 5.000%, 12/01/18 | No Opt. Call | A+ | 1,837,527 | ||||||||||||||
| 1,710 | 5.000%, 12/01/19 | No Opt. Call | A+ | 1,947,126 | ||||||||||||||
| 6,900 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2010A, 5.000%, 6/01/19 | No Opt. Call | A2 | 7,196,069 | ||||||||||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C: | ||||||||||||||||||
| 500 | 5.000%, 8/15/16 | No Opt. Call | AA | 540,465 | ||||||||||||||
| 750 | 5.000%, 8/15/18 | No Opt. Call | AA | 851,678 | ||||||||||||||
| 315 | 5.000%, 8/15/20 | No Opt. Call | AA | 365,435 | ||||||||||||||
| 1,480 | 5.000%, 8/15/21 | No Opt. Call | AA | 1,725,177 | ||||||||||||||
| 55 | 5.000%, 8/15/23 | 8/22 at 100.00 | AA | 64,751 | ||||||||||||||
| Nuveen Investments | 183 |
Nuveen Limited Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
| Wisconsin (continued) | ||||||||||||||||||||
| $ | 2,050 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/18 | 8/16 at 100.00 | A– | $ | 2,195,960 | ||||||||||||||
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A: | ||||||||||||||||||||
| 6,680 | 5.250%, 5/01/20 | 5/19 at 100.00 | AA– | 7,844,848 | ||||||||||||||||
| 1,425 | 5.750%, 5/01/29 | 5/19 at 100.00 | AA– | 1,700,524 | ||||||||||||||||
Wisconsin State, Transportation Revenue Bonds, Series 2014-1: | ||||||||||||||||||||
| 5,000 | 5.000%, 7/01/21 | 7/19 at 100.00 | AA+ | 5,851,850 | ||||||||||||||||
| 595 | 5.000%, 7/01/22 | 7/19 at 100.00 | AA+ | 694,895 | ||||||||||||||||
| 1,515 | 5.000%, 7/01/23 | 7/19 at 100.00 | AA+ | 1,766,369 | ||||||||||||||||
WPPI Energy, Wisconsin, Power Supply System Revenue Bonds, Refunding Series 2014A: | ||||||||||||||||||||
| 650 | 5.000%, 7/01/25 | 7/24 at 100.00 | A1 | 784,739 | ||||||||||||||||
| 1,000 | 5.000%, 7/01/26 | 7/24 at 100.00 | A1 | 1,194,530 | ||||||||||||||||
| 700 | 5.000%, 7/01/27 | 7/24 at 100.00 | A1 | 829,941 | ||||||||||||||||
| 60,610 | Total Wisconsin | 68,181,924 | ||||||||||||||||||
| $ | 3,447,153 | Total Municipal Bonds (cost $3,668,700,416) | 3,783,321,510 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value | |||||||||||||||
CORPORATE BONDS – 0.0% | ||||||||||||||||||||
| Transportation – 0.0% | ||||||||||||||||||||
| $ | 130 | Las Vegas Monorail Company, Senior Interest Bonds (6), (7) | 5.500% | 7/15/19 | N/R | $ | 23,381 | |||||||||||||
| 35 | Las Vegas Monorail Company, Senior Interest Bonds (6), (7) | 3.000% | 7/15/55 | N/R | 4,684 | |||||||||||||||
| 165 | Total Corporate Bonds (cost $13,158) | 28,065 | ||||||||||||||||||
Total Long-Term Investments (cost $3,668,713,574) | 3,783,349,575 | |||||||||||||||||||
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||||
SHORT-TERM INVESTMENTS – 0.9% | ||||||||||||||||||||
MUNICIPAL BONDS – 0.9% | ||||||||||||||||||||
| Arkansas – 0.3% | ||||||||||||||||||||
| $ | 10,645 | University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Variable Rate Demand Obligations, Tender Option Bond Trust 3693Z, 0.140%, 3/01/15 – NPFG Insured (8) | No Opt. Call | VMIG-1 | $ | 10,645,000 | ||||||||||||||
| California – 0.0% | ||||||||||||||||||||
| 1,535 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (6) | No Opt. Call | N/R | 1,560,481 | ||||||||||||||||
| 150 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (6) | No Opt. Call | N/R | 152,490 | ||||||||||||||||
| 225 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (6) | No Opt. Call | N/R | 228,735 | ||||||||||||||||
| 1,910 | Total California | 1,941,706 | ||||||||||||||||||
| 184 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Maine – 0.2% | ||||||||||||||||||
| $ | 6,665 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, Variable Rate Demand Obligations, Tender Option Bond Trust 2009-5B, 0.070%, 7/01/39 (8) | 7/19 at 100.00 | VMIG-1 | $ | 6,665,000 | ||||||||||||
| Missouri – 0.4% | ||||||||||||||||||
| 14,895 | St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Variable Rate Demand Obligations, Tender Option Bond Trust DCL-017, 0.380%, 7/01/26 (8) | No Opt. Call | A-2 | 14,895,000 | ||||||||||||||
| $ | 34,115 | Total Short-Term Investments (cost $34,115,000) | 34,146,706 | |||||||||||||||
Total Investments (cost $3,702,828,574) – 99.3% | 3,817,496,281 | |||||||||||||||||
Other Assets Less Liabilities – 0.7% | 25,487,939 | |||||||||||||||||
Net Assets – 100% | $ | 3,842,984,220 | ||||||||||||||||
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (5) | At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. |
| (6) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| (7) | During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond. |
| (8) | Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
| WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
| (ETM) | Escrowed to maturity. |
See accompanying notes to financial statements.
| Nuveen Investments | 185 |
Nuveen Short Term Municipal Bond Fund
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
LONG-TERM INVESTMENTS – 96.8% | ||||||||||||||||||
MUNICIPAL BONDS – 96.8% | ||||||||||||||||||
| Arizona – 3.8% | ||||||||||||||||||
| $ | 1,000 | Arizona Sports and Tourism Authority, Subordinate Tax Revenue Refunding Bonds, Professional Baseball Training Facilities Project, Series 2013, 5.000%, 7/01/15 | No Opt. Call | A3 | $ | 1,021,860 | ||||||||||||
| 1,175 | Avondale, Arizona, Pledged Revenue Bonds, Refunding Series 2013, 2.000%, 7/01/15 | No Opt. Call | AA | 1,188,019 | ||||||||||||||
| 500 | Creighton Elementary School District 14, Maricopa County, Arizona, General Obligation Bonds, Series 2014B, 3.000%, 7/01/18 | No Opt. Call | A1 | 534,135 | ||||||||||||||
| 1,545 | Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2010, 5.000%, 5/15/19 | No Opt. Call | A+ | 1,757,638 | ||||||||||||||
Kyrene Elementary School District 28, Maricopa County, Arizona, School Improvement Bonds, Project 2010, Series 2013B: | ||||||||||||||||||
| 1,500 | 1.000%, 7/01/18 | No Opt. Call | Aa1 | 1,547,085 | ||||||||||||||
| 1,775 | 1.000%, 7/01/19 | No Opt. Call | Aa1 | 1,902,321 | ||||||||||||||
| 440 | Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 4.000%, 7/01/17 | No Opt. Call | AA | 476,766 | ||||||||||||||
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A: | ||||||||||||||||||
| 1,000 | 5.000%, 7/01/16 | No Opt. Call | A | 1,073,890 | ||||||||||||||
| 1,940 | 5.000%, 7/01/17 | No Opt. Call | A | 2,152,896 | ||||||||||||||
| 1,100 | Maricopa County Unified School District 11, Peoria, Arizona, General Obligation Bonds, School Improvement, Series 2014, 2.000%, 7/01/18 | No Opt. Call | AA– | 1,137,686 | ||||||||||||||
| 6,055 | Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/17 | No Opt. Call | A+ | 6,737,338 | ||||||||||||||
| 1,495 | Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/17 (Alternative Minimum Tax) | No Opt. Call | AA– | 1,663,890 | ||||||||||||||
| 1,090 | Phoenix Civic Improvement Corporation, Arizona, Transit Excise Tax Revenue Refunding Bonds, Light Rail Project, Series 2013, 5.000%, 7/01/16 | No Opt. Call | AA | 1,174,050 | ||||||||||||||
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012: | ||||||||||||||||||
| 130 | 3.000%, 7/01/15 (Alternative Minimum Tax) | No Opt. Call | AA+ | 132,534 | ||||||||||||||
| 300 | 3.000%, 7/01/16 (Alternative Minimum Tax) | No Opt. Call | AA+ | 313,224 | ||||||||||||||
| 1,300 | Pima County Regional Transportation Authority, Arizona, Transportation Excise Tax Revenue Bonds, Regional Transportation Fund, Series 2014, 5.000%, 6/01/18 | No Opt. Call | AA+ | 1,489,579 | ||||||||||||||
| 1,260 | Pima County Unified School District 12 Sunnyside, Arizona, General Obligation Bonds, School Improvement Project 2011, Series 2014D, 2.000%, 7/01/18 – AGM Insured | No Opt. Call | AA | 1,305,940 | ||||||||||||||
| 790 | Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 2.500%, 7/01/15 | No Opt. Call | A | 802,182 | ||||||||||||||
| 955 | Regional Public Transportation Authority, Arizona, Transportation Excise Tax Revenue Bonds, Maricopa County Public Transportation Fund Series 2014, 5.250%, 7/01/18 | No Opt. Call | AA+ | 1,106,177 | ||||||||||||||
| 970 | Sun Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project, Series 2008, 5.000%, 7/01/18 | No Opt. Call | AA– | 1,106,508 | ||||||||||||||
| 400 | Yuma & La Paz Counties Community College District, Arizona, General Obligation Bonds, Refunding Series 2014, 4.000%, 7/01/18 | No Opt. Call | Aa3 | 440,736 | ||||||||||||||
| 186 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Arizona (continued) | ||||||||||||||||||
| $ | 780 | Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional Medical Center, Series 2014A, 5.000%, 8/01/19 | No Opt. Call | A– | $ | 893,240 | ||||||||||||
| 27,500 | Total Arizona | 29,957,694 | ||||||||||||||||
| Arkansas – 0.4% | ||||||||||||||||||
| 2,910 | North Little Rock Health Facilities Board, Arkansas, Healthcare Revenue Bonds, Baptist Health, Series 1996B, 5.375%, 12/01/19 | 12/18 at 100.00 | A+ | 3,340,826 | ||||||||||||||
| California – 8.3% | ||||||||||||||||||
| 350 | Azusa Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Merged Central Business District & West End Redevelopment Project Areas, Series 2014A, 4.000%, 8/01/17 – AGM Insured | No Opt. Call | AA | 378,504 | ||||||||||||||
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C, Series 2013A: | ||||||||||||||||||
| 495 | 2.250%, 9/01/15 | No Opt. Call | N/R | 499,762 | ||||||||||||||
| 480 | 3.000%, 9/01/16 | No Opt. Call | N/R | 494,026 | ||||||||||||||
| 1,125 | Brea Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Redevelopement Project Area AB, Refunding Series 2013, 5.000%, 8/01/17 | No Opt. Call | AA– | 1,258,256 | ||||||||||||||
| 1,000 | Burbank-Glendale-Pasadena Airport Authority, California, Airport Revenue Bonds, Series 2005B, 5.250%, 7/01/16 – AMBAC Insured (Alternative Minimum Tax) | No Opt. Call | A+ | 1,033,010 | ||||||||||||||
| 800 | California Health Facilities Financing Authority, Cal-Mortgage Insured Revenue Bonds, Northern California Retired Officers Community Corporation – Paradise Valley Estates, Refunding Series 2013, 3.000%, 1/01/17 | No Opt. Call | A | 841,976 | ||||||||||||||
| 495 | California Health Facilities Financing Authority, Insured Refunding Revenue Bonds, Marshall Medical Center, Series 2012A, 4.000%, 11/01/14 | No Opt. Call | A | 495,000 | ||||||||||||||
| 2,015 | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013B, 5.000%, 7/01/43 (Mandatory put 10/17/17) | No Opt. Call | AA– | 2,278,905 | ||||||||||||||
| 275 | California Municipal Finance Authority, Revenue Bonds, Centro De Salud De La Communidad De Ysidero, Inc., Series 2013, 3.000%, 3/01/16 | No Opt. Call | A | 283,542 | ||||||||||||||
| 895 | California Municipal Finance Authority, Revenue Bonds, Northbay Healthcare Group, Refunding Series 2013B, 5.000%, 11/01/14 | No Opt. Call | BBB– | 895,000 | ||||||||||||||
| 2,330 | California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Series 2011C, 4.000%, 10/01/15 | No Opt. Call | A1 | 2,412,039 | ||||||||||||||
| 3,000 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2011A, 4.000%, 10/01/15 | No Opt. Call | A1 | 3,105,630 | ||||||||||||||
| 2,500 | California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/16 | 3/15 at 100.00 | A | 2,538,875 | ||||||||||||||
| 875 | California Statewide Community Development Authority, Revenue Bonds, Los Angeles Jewish Home for the Aging-Fountainview Gonda, Series 2014C, 2.500%, 8/01/20 | 11/16 at 100.00 | A | 897,671 | ||||||||||||||
| 175 | California Statewide Community Development Authority, Revenue Bonds, Los Angeles Jewish Home for the Aging-Fountainview Gonda, Series 2014D, 4.750%, 8/01/20 | 11/16 at 100.00 | N/R | 175,662 | ||||||||||||||
| 250 | Carlsbad, California, Limited Obligation Refunding Bonds, Reassessment District 12-1, Series 2013, 2.000%, 9/01/15 | No Opt. Call | N/R | 252,303 | ||||||||||||||
| 1,365 | Carson Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, Refunding Series 2014A, 4.000%, 10/01/17 | No Opt. Call | A– | 1,480,752 | ||||||||||||||
| 2,135 | Cathedral City Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Merged Redevelopment Project Area, Series 2014A, 4.000%, 8/01/17 | No Opt. Call | BBB+ | 2,308,170 | ||||||||||||||
| Nuveen Investments | 187 |
Nuveen Short Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| California (continued) | ||||||||||||||||||
| $ | 1,000 | Chula Vista Municipal Finance Authority, California, Special Tax Revenue Bonds, Refunding Series 2013, 5.000%, 9/01/15 | No Opt. Call | BBB+ | $ | 1,037,120 | ||||||||||||
Clovis, California, Water Revenue Bonds, Refudning Series 2013: | ||||||||||||||||||
| 225 | 4.000%, 3/01/16 – BAM Insured | No Opt. Call | AA | 235,098 | ||||||||||||||
| 250 | 4.000%, 3/01/17 – BAM Insured | No Opt. Call | AA | 268,810 | ||||||||||||||
| 1,000 | Colton Joint Unified School District, San Bernardino County, California, General Obligation Bonds, Refunding Series 2013, 4.000%, 8/01/17 – AGM Insured | No Opt. Call | AA | 1,090,570 | ||||||||||||||
Corona-Norco Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Senior Lien Series 2013A: | ||||||||||||||||||
| 550 | 2.000%, 9/01/15 | No Opt. Call | BBB+ | 556,716 | ||||||||||||||
| 500 | 4.000%, 9/01/17 | No Opt. Call | BBB+ | 539,135 | ||||||||||||||
Fontana, California, Community Facilities District No. 22, Special Tax Refunding Bonds, Sierra Hills South, Series 2014: | ||||||||||||||||||
| 400 | 4.000%, 9/01/16 | No Opt. Call | N/R | 420,828 | ||||||||||||||
| 475 | 4.000%, 9/01/17 | No Opt. Call | N/R | 509,547 | ||||||||||||||
Fresno, California, Airport Revenue Bonds, Refunding Series 2013B: | ||||||||||||||||||
| 1,275 | 4.000%, 7/01/15 (Alternative Minimum Tax) | No Opt. Call | Baa1 | 1,302,795 | ||||||||||||||
| 875 | 4.000%, 7/01/16 (Alternative Minimum Tax) | No Opt. Call | Baa1 | 917,753 | ||||||||||||||
| 905 | 4.000%, 7/01/17 (Alternative Minimum Tax) | No Opt. Call | Baa1 | 965,753 | ||||||||||||||
| 2,380 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013A, 5.000%, 6/01/17 | No Opt. Call | A1 | 2,655,199 | ||||||||||||||
| 2,500 | Inland Valley Development Agency, California, Tax Allocation Bonds, Series 2011B, 4.250%, 3/01/41 (Pre-refunded 3/01/15) | 3/15 at 100.00 | AA– (4) | 2,534,375 | ||||||||||||||
| 685 | Irvine, California, Limited Obligation Improvement Bonds, Reassessment District 12-1, Series 2012, 3.000%, 9/02/15 | No Opt. Call | BBB+ | 699,967 | ||||||||||||||
| 780 | Irvine, California, Limited Obligation Improvement Bonds, Reassessment District 13-1, Series 2013, 2.000%, 9/02/15 | No Opt. Call | BBB– | 787,839 | ||||||||||||||
| 685 | Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Community Facilities District 88-3, Series 2013B, 2.000%, 9/01/15 | No Opt. Call | N/R | 691,864 | ||||||||||||||
| 1,440 | Lee Lake Public Financing Authority, California, Senior Lien Revenue Bonds, Refunding Series 2013A, 4.000%, 9/01/15 | No Opt. Call | BBB | 1,481,501 | ||||||||||||||
| 3,425 | Los Angeles County Redevelopment Authority, California, Tax Allocation Revenue Bonds, Various Redevelopment Project Areas, Refunding Series 2013D, 5.000%, 9/01/16 | No Opt. Call | A– | 3,698,521 | ||||||||||||||
| 1,000 | Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2014A, 5.000%, 7/01/18 | No Opt. Call | Aa2 | 1,151,260 | ||||||||||||||
| 500 | Northern California Power Agency, Hydroelectric Project Number One Revenue Bonds, Refunding Series 2010A, 5.000%, 7/01/16 | No Opt. Call | A+ | 539,695 | ||||||||||||||
| 2,500 | Oakland Redevelopment Successor Agency, California, Tax Allocation Bonds, Central District Redevelopment Project, Subordinate Refunding Series 2013, 5.000%, 9/01/15 | No Opt. Call | A– | 2,596,800 | ||||||||||||||
Orange City, California, Special Tax Bonds, Community Facilities District 91-2, Serrano Heights Public Improvements, RefundingSeries 2013: | ||||||||||||||||||
| 450 | 3.000%, 10/01/15 | No Opt. Call | A | 460,692 | ||||||||||||||
| 320 | 3.000%, 10/01/16 | No Opt. Call | A | 333,923 | ||||||||||||||
| 360 | 3.000%, 10/01/17 | No Opt. Call | A | 380,214 | ||||||||||||||
| 300 | 4.000%, 10/01/18 | No Opt. Call | A | 328,719 | ||||||||||||||
| 2,145 | Patterson Public Finance Authority, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A , 3.000%, 9/01/16 | No Opt. Call | N/R | 2,189,616 | ||||||||||||||
| 188 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| California (continued) | ||||||||||||||||||
| $ | 500 | Riverside County Transportation Commission, California, Sales Tax Revenue Bonds, Limited Tax Series 2013A, 5.000%, 6/01/18 | No Opt. Call | AA+ | $ | 575,405 | ||||||||||||
Sacramento City Financing Authority, California, Special Tax Revenue Bonds, Westlake and Regency Park, Refunding Series 2013A: | ||||||||||||||||||
| 1,005 | 3.000%, 9/01/15 | No Opt. Call | BBB+ | 1,025,613 | ||||||||||||||
| 550 | 3.000%, 9/01/16 | No Opt. Call | BBB+ | 571,951 | ||||||||||||||
| 420 | Salinas Valley Solid Waste Authority, California, Revenue Bonds, Refunding Series 2014A, 5.000%, 8/01/18 – AGM Insured (Alternative Minimum Tax) | No Opt. Call | AA | 475,776 | ||||||||||||||
San Benito Health Care District, San Benito County, California, Revenue Bonds, Refunding Series 2013: | ||||||||||||||||||
| 300 | 3.000%, 3/01/16 | No Opt. Call | A | 309,600 | ||||||||||||||
| 350 | 4.000%, 3/01/18 | No Opt. Call | A | 381,654 | ||||||||||||||
| 600 | San Bernardino City Unified School District, San Bernardino County, California, General Obligation Bonds, Refunding Series 2013A, 5.000%, 8/01/17 | No Opt. Call | A | 671,070 | ||||||||||||||
San Francisco City and County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series 2014A: | ||||||||||||||||||
| 200 | 5.000%, 8/01/17 | No Opt. Call | BBB+ | 221,364 | ||||||||||||||
| 300 | 5.000%, 8/01/18 | No Opt. Call | BBB+ | 339,369 | ||||||||||||||
| 1,000 | San Francisco Redevelopment Agency, California, Special Tax Bonds, Community Facilities District 6, Mission Bay South, Series 2002, 3.000%, 8/01/15 | No Opt. Call | N/R | 1,018,240 | ||||||||||||||
Santa Cruz County Redevelopment Successor Agency, Tax Allocation Bonds, Refunding Series 2014: | ||||||||||||||||||
| 1,000 | 5.000%, 9/01/17 – BAM Insured | No Opt. Call | AA | 1,114,260 | ||||||||||||||
| 600 | 5.000%, 9/01/18 – BAM Insured | No Opt. Call | AA | 685,350 | ||||||||||||||
| 815 | South Orange County Public Financing Authority, California, Special Tax Revenue Bonds, Ladera Ranch, Refunding Series 2014A, 4.000%, 8/15/17 | No Opt. Call | BBB+ | 888,798 | ||||||||||||||
| 580 | Successor Agency to the Redevelopment Agency of the City of San Pablo, Tax Allocation Refunding Bonds, Series 2014A, 4.000%, 6/15/17 – AGM Insured | No Opt. Call | AA | 629,700 | ||||||||||||||
| 880 | Successor Agency to the Richmond Community Development Agency, California, Tax Allocation Refunding Bonds, Series 2014A, 4.000%, 9/01/17 – BAM Insured | No Opt. Call | AA | 954,606 | ||||||||||||||
| 280 | Twin Rivers Unified School District, County of Sacramento and County of Placer, California, General Obligation Refunding Bonds, Series 2014A, 4.000%, 8/01/18 – BAM Insured | No Opt. Call | AA | 310,926 | ||||||||||||||
| 985 | Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 5.000%, 12/01/18 | No Opt. Call | A | 1,123,757 | ||||||||||||||
Val Verde Unified School District Financing Authority, California, Special Tax Revenue, Series 2014: | ||||||||||||||||||
| 885 | 3.000%, 10/01/16 – BAM Insured | No Opt. Call | AA | 922,905 | ||||||||||||||
| 425 | 3.000%, 10/01/17 – BAM Insured | No Opt. Call | AA | 448,864 | ||||||||||||||
| 260 | 4.000%, 10/01/18 – BAM Insured | No Opt. Call | AA | 287,136 | ||||||||||||||
West Kern Water District, California, Certificates of Participation, Series 2011: | ||||||||||||||||||
| 860 | 3.000%, 6/01/15 | No Opt. Call | AA– | 872,952 | ||||||||||||||
| 600 | 3.000%, 6/01/16 | No Opt. Call | AA– | 621,834 | ||||||||||||||
| 1,580 | West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2014, 3.000%, 9/01/15 | No Opt. Call | N/R | 1,591,076 | ||||||||||||||
| 62,460 | Total California | 66,045,599 | ||||||||||||||||
| Nuveen Investments | 189 |
Nuveen Short Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Colorado – 3.3% | ||||||||||||||||||
| $ | 1,000 | Broomfield, Colorado, Water Activity Enterprise, Water Revenue Bonds, Series 2012, 4.000%, 12/01/16 | No Opt. Call | A1 | $ | 1,072,150 | ||||||||||||
Colorado Educational and Cultural Facilities Authority, Charter School Refunding Revenue Bonds, Pinnacle Charter School, Inc. K-8 Facility Project, Series 2013: | ||||||||||||||||||
| 175 | 3.000%, 6/01/15 | No Opt. Call | A | 177,181 | ||||||||||||||
| 250 | 3.000%, 6/01/16 | No Opt. Call | A | 256,948 | ||||||||||||||
| 175 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Douglas County School District RE-1 – DCS Montessori School, Refunding & Improvement Series 2012, 2.250%, 7/15/17 | No Opt. Call | A | 178,169 | ||||||||||||||
| 300 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Refunding Series 2014, 3.000%, 8/15/17 | No Opt. Call | A | 314,916 | ||||||||||||||
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Classical Academy Charter School, Refunding & Improvement Series 2014: | ||||||||||||||||||
| 610 | 2.000%, 12/01/16 | No Opt. Call | A | 624,024 | ||||||||||||||
| 375 | 3.000%, 12/01/17 | No Opt. Call | A | 394,549 | ||||||||||||||
| 250 | 3.000%, 12/01/18 | No Opt. Call | A | 263,218 | ||||||||||||||
| 460 | Colorado Health Facilities Authority, Colorado, Hospital Revenue Bonds, Boulder Community Hospital Project, Refunding Series 2010A, 4.000%, 10/01/18 | No Opt. Call | A | 495,112 | ||||||||||||||
| 4,095 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.000%, 7/01/15 | No Opt. Call | A+ | 4,225,590 | ||||||||||||||
| 500 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Communities Project, Series 2012, 4.000%, 1/01/15 | No Opt. Call | N/R | 501,170 | ||||||||||||||
| 3,950 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan, Series 2009B, 5.000%, 6/01/39 (Pre-refunded 12/01/14) | 12/14 at 100.00 | A3 (4) | 3,966,037 | ||||||||||||||
| 505 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, National Jewish Medical and Research Center, Series 2012, 4.000%, 1/01/15 | No Opt. Call | BB+ | 507,020 | ||||||||||||||
| 840 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Series 2012, 3.000%, 9/01/15 | No Opt. Call | A3 | 856,682 | ||||||||||||||
Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013: | ||||||||||||||||||
| 390 | 3.000%, 12/01/15 – AGM Insured | No Opt. Call | AA | 401,162 | ||||||||||||||
| 600 | 4.000%, 12/01/16 – AGM Insured | No Opt. Call | AA | 641,004 | ||||||||||||||
| 375 | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014, | No Opt. Call | AA | 388,061 | ||||||||||||||
| 520 | Denver City & County Housing Authority, Colorado, Capital Fund Program Revenue Bonds, Three Tower Rehabilitation, Series 2007, 4.550%, 11/01/17 – AGM Insured (Alternative Minimum Tax) (ETM) | No Opt. Call | Aaa | 549,052 | ||||||||||||||
| 540 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012A, 4.000%, 11/15/17 (Alternative Minimum Tax) | No Opt. Call | A+ | 591,397 | ||||||||||||||
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013A: | ||||||||||||||||||
| 250 | 4.000%, 11/15/15 (Alternative Minimum Tax) | No Opt. Call | A | 259,988 | ||||||||||||||
| 250 | 5.000%, 11/15/16 (Alternative Minimum Tax) | No Opt. Call | A | 272,740 | ||||||||||||||
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B: | ||||||||||||||||||
| 100 | 3.000%, 11/15/15 | No Opt. Call | A | 102,904 | ||||||||||||||
| 475 | 4.000%, 11/15/16 | No Opt. Call | A | 508,635 | ||||||||||||||
| 375 | 5.000%, 11/15/17 | No Opt. Call | A | 422,404 | ||||||||||||||
| 190 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Colorado (continued) | ||||||||||||||||||
| $ | 1,925 | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, Stapleton Senior Refunding Series 2013A-1, 5.000%, 12/01/16 | No Opt. Call | A– | $ | 2,094,477 | ||||||||||||
| 355 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/17 – NPFG Insured | No Opt. Call | AA– | 339,100 | ||||||||||||||
| 345 | Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, Refunding Series 2011A, 3.500%, 5/01/15 (Alternative Minimum Tax) | No Opt. Call | Baa2 | 349,195 | ||||||||||||||
| 1,240 | Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding Bonds, Series 2011A, 3.000%, 12/01/15 | No Opt. Call | A | 1,271,756 | ||||||||||||||
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013: | ||||||||||||||||||
| 730 | 4.000%, 12/01/15 | No Opt. Call | N/R | 738,490 | ||||||||||||||
| 1,015 | 4.000%, 12/01/16 | No Opt. Call | N/R | 1,034,305 | ||||||||||||||
Sand Creek Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013B: | ||||||||||||||||||
| 480 | 3.000%, 12/01/15 | No Opt. Call | A | 493,627 | ||||||||||||||
| 490 | 3.000%, 12/01/16 | No Opt. Call | A | 514,289 | ||||||||||||||
| 510 | 3.000%, 12/01/17 | No Opt. Call | A | 541,768 | ||||||||||||||
| 235 | Tallyn’s Reach Metropolitan District 3, Aurora, Colorado, General Obligation Bonds, Refunding Series 2012, 3.000%, 12/01/15 | No Opt. Call | BBB | 240,123 | ||||||||||||||
| 450 | Westminster Economic Development Authority, Colorado, Tax Increment Revenue Bonds, Mandalay Gardens Urban Renewal Project, Series 2012, 3.000%, 12/01/14 | No Opt. Call | A | 450,927 | ||||||||||||||
| 25,135 | Total Colorado | 26,038,170 | ||||||||||||||||
| Connecticut – 1.1% | ||||||||||||||||||
| 1,490 | Connecticut Development Authority, Pollution Control Revenue Bonds, Connecticut Light and Power Company, Series 1996A, 1.550%, 5/01/31 (Mandatory put 4/01/15) (Alternative Minimum Tax) | No Opt. Call | A | 1,496,750 | ||||||||||||||
| 765 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2011G, 4.000%, 7/01/15 | No Opt. Call | BBB+ | 779,918 | ||||||||||||||
| 535 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011N, 4.000%, 7/01/16 | No Opt. Call | A | 564,291 | ||||||||||||||
| 5,480 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2013A, 1.350%, 7/01/42 (Mandatory put 7/21/16) | No Opt. Call | AAA | 5,570,913 | ||||||||||||||
| 8,270 | Total Connecticut | 8,411,872 | ||||||||||||||||
| Delaware – 0.0% | ||||||||||||||||||
| 225 | Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013, 4.000%, 7/01/15 | No Opt. Call | BBB– | 228,654 | ||||||||||||||
| District of Columbia – 0.9% | ||||||||||||||||||
| 325 | District of Columbia, Revenue Bonds, Association of Amercian Medical Colleges, Series 2011A, 3.000%, 10/01/16 | No Opt. Call | A+ | 339,141 | ||||||||||||||
| 1,600 | District of Columbia, Revenue Bonds, Medlantic/Helix Isssue, Series 1998B, 5.000%, 8/15/17 – AGM Insured | No Opt. Call | AA | 1,778,624 | ||||||||||||||
| 3,500 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2014A, 5.000%, 10/01/17 (Alternative Minimum Tax) | No Opt. Call | AA– | 3,918,565 | ||||||||||||||
| 760 | Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 5.000%, 10/01/15 – AMBAC Insured | No Opt. Call | A1 | 792,672 | ||||||||||||||
| 6,185 | Total District of Columbia | 6,829,002 | ||||||||||||||||
| Nuveen Investments | 191 |
Nuveen Short Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Florida – 5.8% | ||||||||||||||||||
Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A: | ||||||||||||||||||
| $ | 300 | 3.000%, 11/15/16 | No Opt. Call | BBB | $ | 308,712 | ||||||||||||
| 600 | 4.000%, 11/15/17 | No Opt. Call | BBB | 635,484 | ||||||||||||||
| 1,400 | Broward County, Florida, Port Facilities Revenue Bonds, Refunding Series 2011B, 5.000%, 9/01/15 (Alternative Minimum Tax) | No Opt. Call | A2 | 1,456,294 | ||||||||||||||
Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A–1: | ||||||||||||||||||
| 1,855 | 6.000%, 6/01/16 | No Opt. Call | A+ | 2,016,200 | ||||||||||||||
| 1,375 | 5.000%, 6/01/16 – AGC Insured | No Opt. Call | AA | 1,474,756 | ||||||||||||||
| 5,495 | Citizens Property Insurance Corporation, Florida, High–Risk Account Revenue Bonds, Coastal Account Senior Secured Series 2011A-1, 5.000%, 6/01/15 | No Opt. Call | A+ | 5,649,410 | ||||||||||||||
| 1,310 | Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/15 – AGM Insured | No Opt. Call | AA | 1,347,047 | ||||||||||||||
Crossings at Fleming Island Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Senior Lien Series 2014A-1: | ||||||||||||||||||
| 1,200 | 1.000%, 5/01/15 | No Opt. Call | BBB | 1,199,700 | ||||||||||||||
| 1,220 | 1.500%, 5/01/16 | No Opt. Call | BBB | 1,222,708 | ||||||||||||||
| 1,240 | 1.750%, 5/01/17 | No Opt. Call | BBB | 1,241,835 | ||||||||||||||
| 770 | Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2014B, 4.000%, 4/01/17 | No Opt. Call | Baa1 | 817,594 | ||||||||||||||
| 4,200 | Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/16 | No Opt. Call | A+ | 4,499,502 | ||||||||||||||
| 850 | Florida Higher Educational Facilities Financing Authority, Revenue and Revenue Refunding Bonds, University of Tampa Project, Series 2012A, 4.000%, 4/01/15 | No Opt. Call | BBB+ | 861,178 | ||||||||||||||
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2012A: | ||||||||||||||||||
| 220 | 4.000%, 4/01/15 | No Opt. Call | Baa1 | 222,893 | ||||||||||||||
| 480 | 4.000%, 4/01/16 | No Opt. Call | Baa1 | 498,994 | ||||||||||||||
| 750 | Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/16 | No Opt. Call | BBB+ | 797,160 | ||||||||||||||
Hernando County, Florida, Water and Sewer Revenue Bonds, Refunding Series 2013A: | ||||||||||||||||||
| 450 | 3.000%, 6/01/15 | No Opt. Call | Aa3 | 457,079 | ||||||||||||||
| 440 | 4.000%, 6/01/17 | No Opt. Call | Aa3 | 475,728 | ||||||||||||||
| 1,000 | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Refunding Series 2009E, 5.000%, 11/15/15 | No Opt. Call | Aa2 | 1,049,280 | ||||||||||||||
| 2,000 | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Variable Rate Demand Series 2005I, 5.000%, 11/15/16 | No Opt. Call | Aa2 | 2,186,620 | ||||||||||||||
| 1,000 | Lee County, Florida, Transportation Facilities Revenue Bonds, Refunding Series 2014, 5.000%, 10/01/18 – AGM Insured | No Opt. Call | AA | 1,146,390 | ||||||||||||||
| 1,000 | Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A, 5.000%, 2/01/17 | No Opt. Call | AA | 1,095,100 | ||||||||||||||
| 3,305 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/17 | No Opt. Call | A– | 3,681,175 | ||||||||||||||
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2014B: | ||||||||||||||||||
| 750 | 5.000%, 7/01/16 | No Opt. Call | A– | 806,663 | ||||||||||||||
| 500 | 5.000%, 7/01/17 | No Opt. Call | A– | 556,065 | ||||||||||||||
| 192 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Florida (continued) | ||||||||||||||||||
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, BRCH Corporation Obligated Group, Refunding Series 2014: | ||||||||||||||||||
| $ | 1,000 | 3.000%, 12/01/16 | No Opt. Call | BBB | $ | 1,043,340 | ||||||||||||
| 1,000 | 3.000%, 12/01/17 | No Opt. Call | BBB | 1,052,650 | ||||||||||||||
| 730 | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 4.000%, 11/01/15 | No Opt. Call | BBB+ | 751,287 | ||||||||||||||
Pinellas County Educational Facilities Authority, Florida, General Revenue Bonds, Barry University, Refunding Series 2011: | ||||||||||||||||||
| 1,175 | 5.000%, 10/01/15 | No Opt. Call | BBB | 1,221,236 | ||||||||||||||
| 1,060 | 4.000%, 10/01/16 | No Opt. Call | BBB | 1,120,314 | ||||||||||||||
| 305 | Pinellas County Educational Facilities Authority, Florida, General Revenue Bonds, Barry University, Refunding Series 2012, 4.000%, 10/01/15 | No Opt. Call | BBB | 313,653 | ||||||||||||||
Saint Lucie County, Florida, Sales Tax Revenue Bonds, Refunding Series 2013A: | ||||||||||||||||||
| 370 | 4.000%, 10/01/15 – AGM Insured | No Opt. Call | AA | 382,225 | ||||||||||||||
| 585 | 4.000%, 10/01/16 – AGM Insured | No Opt. Call | AA | 621,802 | ||||||||||||||
| 790 | South Broward Hospital District, Florida, Hospital Refunding Revenue Bonds, Memorial Health System, Series 2006, 5.000%, 5/01/18 – NPFG Insured | 5/16 at 100.00 | AA– | 842,535 | ||||||||||||||
Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A: | ||||||||||||||||||
| 100 | 3.000%, 7/01/15 | No Opt. Call | A3 | 101,601 | ||||||||||||||
| 265 | 4.000%, 7/01/17 | No Opt. Call | A3 | 285,137 | ||||||||||||||
| 1,670 | Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014B, 4.000%, 7/01/18 (WI/DD, Settling 11/05/14) | No Opt. Call | A3 | 1,819,632 | ||||||||||||||
| 1,275 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 4.000%, 10/15/15 – AGM Insured | No Opt. Call | AA | 1,319,459 | ||||||||||||||
| 44,035 | Total Florida | 46,578,438 | ||||||||||||||||
| Georgia – 1.3% | ||||||||||||||||||
| 2,450 | Bartow County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company Plant Bowen Project, Series 1997, 2.375%, 9/01/29 (Mandatory put 8/10/17) | No Opt. Call | A | 2,519,188 | ||||||||||||||
| 500 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company – Vogtle Plant Project, Fifth Series 1995, 1.375%, 10/01/32 (Mandatory put 4/04/17) | No Opt. Call | A+ | 503,200 | ||||||||||||||
| 3,200 | DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 4.000%, 9/01/15 | No Opt. Call | BBB | 3,276,160 | ||||||||||||||
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014: | ||||||||||||||||||
| 529 | 5.500%, 7/15/23 | 7/21 at 100.00 | N/R | 536,988 | ||||||||||||||
| 1,035 | 5.500%, 7/15/30 | 7/21 at 100.00 | N/R | 1,051,125 | ||||||||||||||
| 1,136 | 5.500%, 1/15/36 | 7/21 at 100.00 | N/R | 1,153,953 | ||||||||||||||
| 1,000 | Monroe County Development Authority, Georgia, Pollution Control Revenue Bonds, Gulf Power Company – Scherer Project, First Series 2010, 1.700%, 6/01/49 (Mandatory put 6/21/17) | No Opt. Call | A | 1,014,030 | ||||||||||||||
| 9,850 | Total Georgia | 10,054,644 | ||||||||||||||||
| Guam – 0.1% | ||||||||||||||||||
| 1,000 | Guam International Airport Authority, Revenue Bonds, Series 2013B, 4.000%, 10/01/15 (Alternative Minimum Tax) | No Opt. Call | BBB | 1,031,120 | ||||||||||||||
| Nuveen Investments | 193 |
Nuveen Short Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Illinois – 6.9% | ||||||||||||||||||
| $ | 1,390 | Arlington Heights, Illinois, General Obligation Bonds, Series 2014, 3.000%, 12/01/18 (ETM) | No Opt. Call | Aa1 (4) | $ | 1,498,142 | ||||||||||||
| 680 | Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System Revenue Bonds, Series 2006A, 5.000%, 4/01/15 – NPFG Insured | No Opt. Call | AA– | 693,022 | ||||||||||||||
| 2,000 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Refunding Series 2012A, 5.000%, 1/01/15 (Alternative Minimum Tax) | No Opt. Call | A2 | 2,016,280 | ||||||||||||||
| 1,150 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Refunding Series 2012B, 4.000%, 1/01/15 (Alternative Minimum Tax) | No Opt. Call | A2 | 1,157,441 | ||||||||||||||
| 715 | Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2004B, 5.250%, 1/01/16 – NPFG Insured | No Opt. Call | AA | 756,055 | ||||||||||||||
| 1,070 | Decatur, Illinois, General Obligation Bonds, Refunding Series 2013, 3.000%, 3/01/16 | No Opt. Call | A1 | 1,102,774 | ||||||||||||||
| 2,000 | Illinois Finance Authority, National Rural Utilities Cooperative Finance Corporation Guaranteed Solid Waste Disposal Revenue Bonds, Prairie Power, Inc. Project, Series 2008A, 0.000%, 7/01/42 | No Opt. Call | A | 2,020,920 | ||||||||||||||
| 4,955 | Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Refunding Series 2010A, 5.000%, 3/01/15 | No Opt. Call | AA– | 5,034,082 | ||||||||||||||
Illinois Finance Authority, Revenue Bonds, Benedictine University Project, Series 2013A: | ||||||||||||||||||
| 1,000 | 4.000%, 10/01/17 | No Opt. Call | BBB | 1,062,360 | ||||||||||||||
| 500 | 5.000%, 10/01/19 | No Opt. Call | BBB | 562,155 | ||||||||||||||
| 310 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/19 | No Opt. Call | BBB | 346,806 | ||||||||||||||
| 225 | Illinois Finance Authority, Revenue Bonds, DePaul University, Refunding Series 2013, 5.000%, 10/01/17 | No Opt. Call | A | 251,771 | ||||||||||||||
| 500 | Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 6.250%, 2/01/19 | No Opt. Call | Baa3 | 539,150 | ||||||||||||||
| 1,195 | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 5.000%, 7/01/18 | No Opt. Call | A– | 1,320,654 | ||||||||||||||
| 1,125 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 5.000%, 11/01/14 | No Opt. Call | A+ | 1,125,000 | ||||||||||||||
| 360 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2005, 5.000%, 8/15/15 | No Opt. Call | AA | 371,030 | ||||||||||||||
| 300 | Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Capitol Appreciation Series 2010B, 0.000%, 5/15/50 (5) | 1/15 at 100.00 | N/R | 3 | ||||||||||||||
| 700 | Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Refunding Series 2010A, 5.100%, 5/15/14 (5) | No Opt. Call | N/R | 7 | ||||||||||||||
Illinois State, General Obligation Bonds, February Series 2014: | ||||||||||||||||||
| 2,550 | 4.000%, 2/01/18 | No Opt. Call | A– | 2,746,580 | ||||||||||||||
| 1,100 | 5.000%, 2/01/19 | No Opt. Call | A– | 1,226,764 | ||||||||||||||
| 1,250 | 5.000%, 2/01/20 | No Opt. Call | A– | 1,403,125 | ||||||||||||||
| 2,000 | Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/17 | No Opt. Call | A– | 2,185,180 | ||||||||||||||
| 1,295 | Illinois State, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/15 | No Opt. Call | A– | 1,304,790 | ||||||||||||||
| 1,610 | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/17 | No Opt. Call | A– | 1,770,823 | ||||||||||||||
| 700 | Illinois State, General Obligation Bonds, Series 2006A, 5.000%, 6/01/15 | No Opt. Call | A– | 718,263 | ||||||||||||||
| 940 | Illinois State, General Obligation Bonds, Series 2006, 5.000%, 1/01/15 | No Opt. Call | A– | 947,106 | ||||||||||||||
| 5,905 | Illinois State, General Obligation Bonds, Series 2013, 4.000%, 7/01/16 | No Opt. Call | A– | 6,207,572 | ||||||||||||||
| 194 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Illinois (continued) | ||||||||||||||||||
| $ | 3,575 | Illinois State, Sales Tax Revenue Bonds, Build Illinois, Junior Lien Series 2013, 4.000%, 6/15/15 | No Opt. Call | AAA | $ | 3,661,444 | ||||||||||||
| 2,600 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013B, 5.000%, 12/01/17 | No Opt. Call | AA– | 2,944,084 | ||||||||||||||
| 1,560 | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.500%, 8/01/15 – SYNCORA GTY Insured | No Opt. Call | AA– | 1,617,798 | ||||||||||||||
| 520 | Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 2.000%, 1/01/15 – AGM Insured | No Opt. Call | A2 | 521,399 | ||||||||||||||
Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014: | ||||||||||||||||||
| 155 | 2.000%, 3/01/16 – AGM Insured | No Opt. Call | AA | 157,258 | ||||||||||||||
| 475 | 3.000%, 3/01/17 – AGM Insured | No Opt. Call | AA | 492,703 | ||||||||||||||
Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014: | ||||||||||||||||||
| 505 | 3.000%, 3/01/18 – AGM Insured | No Opt. Call | AA | 525,442 | ||||||||||||||
| 535 | 3.000%, 3/01/19 – AGM Insured | No Opt. Call | AA | 554,517 | ||||||||||||||
| 250 | Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012, 3.000%, 10/01/16 | No Opt. Call | Baa1 | 257,320 | ||||||||||||||
| 1,705 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2014A, 4.000%, 6/01/18 | No Opt. Call | AA | 1,888,935 | ||||||||||||||
St Clair County, Illinois, Highway Revenue Bonds, Series 2013A: | ||||||||||||||||||
| 350 | 5.000%, 1/01/16 | No Opt. Call | AA– | 367,896 | ||||||||||||||
| 360 | 5.000%, 1/01/17 | No Opt. Call | AA– | 391,882 | ||||||||||||||
Waukegan, Illinois, General Obligation Bonds, Refunding Series 2012A: | ||||||||||||||||||
| 1,120 | 4.000%, 12/30/14 – AGM Insured | No Opt. Call | A2 | 1,126,675 | ||||||||||||||
| 885 | 4.000%, 12/30/15 – AGM Insured | No Opt. Call | A2 | 919,037 | ||||||||||||||
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011: | ||||||||||||||||||
| 395 | 5.750%, 12/01/14 – AGM Insured | No Opt. Call | AA | 396,766 | ||||||||||||||
| 450 | 5.750%, 12/01/15 – AGM Insured | No Opt. Call | AA | 474,867 | ||||||||||||||
| 52,965 | Total Illinois | 54,665,878 | ||||||||||||||||
| Indiana – 3.9% | ||||||||||||||||||
Greater Clark County School Building Corporation, Jeffersonville, Indiana, First Mortgage Bonds, Refunding Series 2014B: | ||||||||||||||||||
| 1,120 | 5.000%, 1/15/18 | No Opt. Call | AA+ | 1,263,371 | ||||||||||||||
| 1,045 | 5.000%, 7/15/18 | No Opt. Call | AA+ | 1,193,275 | ||||||||||||||
| 1,570 | Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.000%, 3/01/16 | No Opt. Call | BBB | 1,653,885 | ||||||||||||||
| 895 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana Unversity Health Obligation Group, Refunding Series 2014A, 4.000%, 12/01/18 | No Opt. Call | AA– | 1,002,525 | ||||||||||||||
| 1,605 | Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 1/01/19 (Alternative Minimum Tax) | 1/17 at 100.00 | BBB | 1,732,870 | ||||||||||||||
| 410 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A, 5.000%, 10/01/18 | No Opt. Call | AA | 471,808 | ||||||||||||||
| 1,090 | Indiana Health and Educational Facility Financing Authority, Educational Facilities Revenue Bonds, University of Indianapolis, Refunding Series 2007, 5.000%, 10/01/15 | No Opt. Call | A– | 1,137,164 | ||||||||||||||
| Nuveen Investments | 195 |
Nuveen Short Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Indiana (continued) | ||||||||||||||||||
| $ | 1,100 | Indiana Health Facility Financing Authority, Revenue Bonds, Ascension Health, Series 2005A-5, 2.000%, 11/01/27 (Mandatory put 8/01/17) | No Opt. Call | AA | $ | 1,139,171 | ||||||||||||
| 1,360 | Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2007L, 5.000%, 7/01/17 – NPFG Insured | No Opt. Call | AA�� | 1,504,867 | ||||||||||||||
| 3,140 | Indianapolis, Indiana, Gas Utility System Revenue Bonds, Refunding 2nd Lien Series 2008C, 5.000%, 6/01/17 | No Opt. Call | AA | 3,472,369 | ||||||||||||||
| 840 | Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series 2014A, 2.000%, 10/01/15 | No Opt. Call | A | 852,978 | ||||||||||||||
| 5,335 | IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2014, 5.000%, 7/15/18 | No Opt. Call | AA+ | 6,123,300 | ||||||||||||||
| 650 | Jasper Hospital Authority, Indiana, Revenue and Refunding Bonds, Memorial Hospital and Health Care Center Project, Series 2013, 3.000%, 11/01/15 | No Opt. Call | A– | 665,373 | ||||||||||||||
| 1,000 | Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A, 3.000%, 12/01/14 | No Opt. Call | Baa1 | 1,001,870 | ||||||||||||||
| 610 | Knox County, Indiana, Economic Development Revenue and Refunding Bonds, Good Samaritan Hospital Project, Series 2012A, 3.000%, 4/01/15 | No Opt. Call | Baa1 | 615,978 | ||||||||||||||
Plainfield Community High School Building Corporation, Hendricks County, Indiana, Ad Valorem Property Tax First Mortgage Bonds, Refunding Series 2014: | ||||||||||||||||||
| 500 | 4.000%, 1/15/17 | No Opt. Call | AA+ | 537,960 | ||||||||||||||
| 600 | 4.000%, 1/15/18 | No Opt. Call | AA+ | 660,522 | ||||||||||||||
| 6,000 | Rockport, Indiana, Pollution Control Revenue Refunding Bonds, Indiana Michigan Power Company Project, Series 2009A, 0.000%, 6/01/25 (Mandatory put 6/01/18) | No Opt. Call | Baa1 | 6,034,620 | ||||||||||||||
| 285 | Vanderburgh County,Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014, 3.000%, 2/01/17 | No Opt. Call | A | 298,677 | ||||||||||||||
| 29,155 | Total Indiana | 31,362,583 | ||||||||||||||||
| Iowa – 1.3% | ||||||||||||||||||
| 500 | Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 4.000%, 6/15/15 | No Opt. Call | A2 | 510,575 | ||||||||||||||
Iowa Finance Authority, Healthcare Revenue Bonds, Gensisi Health System, Refunding Series 2010: | ||||||||||||||||||
| 1,150 | 5.000%, 7/01/16 | No Opt. Call | A1 | 1,233,180 | ||||||||||||||
| 2,495 | 5.000%, 7/01/20 | No Opt. Call | A1 | 2,920,323 | ||||||||||||||
| 290 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19 | No Opt. Call | BB– | 310,491 | ||||||||||||||
| 1,565 | Iowa Student Loan Liquidity Corporation Student Loan Revenue Bonds, Senior Lien Series 2011A-1, 3.100%, 12/01/14 (Alternative Minimum Tax) | No Opt. Call | A | 1,567,066 | ||||||||||||||
Johnston Community School District, Iowa, School Infrastructure Sales, Sericves and Use Tax Revenue Bonds, Series 2014: | ||||||||||||||||||
| 1,170 | 4.000%, 7/01/17 – AGC Insured | No Opt. Call | AA | 1,262,290 | ||||||||||||||
| 1,130 | 5.000%, 7/01/19 – AGM Insured | No Opt. Call | AA | 1,296,867 | ||||||||||||||
| 1,090 | West Des Moines Community School District, Polk and Dallas Counties, Iowa, School Infrastructure Sales, Services, and Use Tax Bonds, Series 2014, 2.000%, 7/01/18 – BAM Insured | No Opt. Call | AA | 1,128,542 | ||||||||||||||
| 9,390 | Total Iowa | 10,229,334 | ||||||||||||||||
| 196 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Kansas – 0.7% | ||||||||||||||||||
| $ | 1,100 | Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2008F, 5.000%, 11/15/15 | No Opt. Call | A2 | $ | 1,148,906 | ||||||||||||
| 500 | Manhattan, Kansas, Hospital Revenue Bonds, Mercy Regional Health Center, Inc., Refunding Series 2013, 4.000%, 11/15/15 | No Opt. Call | A+ | 519,560 | ||||||||||||||
| 1,000 | Wichita, Kansas, Hospital Facilities Revenue Bonds, Via Christi Health System, Inc., Refunding Series 2009X, 5.000%, 11/15/15 (ETM) | No Opt. Call | N/R (4) | 1,050,520 | ||||||||||||||
Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Via Christi Health System Inc., Series 2009A-III: | ||||||||||||||||||
| 1,000 | 5.000%, 11/15/14 (ETM) | No Opt. Call | N/R (4) | 1,001,900 | ||||||||||||||
| 1,000 | 5.000%, 11/15/16 (ETM) | No Opt. Call | N/R (4) | 1,094,440 | ||||||||||||||
| 500 | Wyandotte County/Kansas City Unified Government Board of Public Utilities, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2014A, 4.000%, 9/01/18 | No Opt. Call | A+ | 553,305 | ||||||||||||||
| 5,100 | Total Kansas | 5,368,631 | ||||||||||||||||
| Kentucky – 1.3% | ||||||||||||||||||
| 2,500 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2009A, 5.000%, 8/15/17 | No Opt. Call | A+ | 2,774,725 | ||||||||||||||
| 2,070 | Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A, 5.000%, 7/01/17 | No Opt. Call | Baa3 | 2,285,301 | ||||||||||||||
| 1,000 | Louisville Regional Airport Authority, Kentucky, Airport System Revenue Bonds, Refunding Series 2014A, 3.000%, 7/01/17 (Alternative Minimum Tax) | No Opt. Call | A+ | 1,064,350 | ||||||||||||||
| 1,100 | Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/18 | No Opt. Call | A+ | 1,270,896 | ||||||||||||||
| 1,365 | Louisville-Jefferson County Metro Government, Kentucky, Mortgage Revenue Bonds, Refunding & Improvement, University of Louisville Papa John’s Cardinal Stadium Project, Series 2008A, 5.000%, 3/01/18 | No Opt. Call | AA– | 1,553,479 | ||||||||||||||
| 1,270 | Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2003A, 1.650%, 10/01/33 (Mandatory put 4/03/17) | No Opt. Call | A1 | 1,291,666 | ||||||||||||||
| 500 | Russell, Kentucky, Revenue Bonds, Bon Secours Health System, Series 2013, 4.000%, 11/01/15 | No Opt. Call | A– | 516,805 | ||||||||||||||
| 9,805 | Total Kentucky | 10,757,222 | ||||||||||||||||
| Louisiana – 1.4% | ||||||||||||||||||
Calcasieu Parish Public Trust Authority, Louisiana, Student Lease Revenue Bonds, McNeese State University Student Housing-Cowboy Facilities, Inc. Project, Refunding Series 2011: | ||||||||||||||||||
| 315 | 3.000%, 5/01/15 – AGM Insured | No Opt. Call | A2 | 319,356 | ||||||||||||||
| 315 | 3.000%, 5/01/16 – AGM Insured | No Opt. Call | A2 | 326,683 | ||||||||||||||
Evangeline Parish Road & Drainage Sales Tax District 1, Louisiana, Sales and Use Tax Revenue Bonds, Series 2013: | ||||||||||||||||||
| 250 | 3.000%, 12/01/16 – AGM Insured | No Opt. Call | AA | 261,480 | ||||||||||||||
| 500 | 3.000%, 12/01/17 – AGM Insured | No Opt. Call | AA | 529,365 | ||||||||||||||
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B: | ||||||||||||||||||
| 1,280 | 5.000%, 6/01/15 – AMBAC Insured | No Opt. Call | A– | 1,315,661 | ||||||||||||||
| 1,995 | 5.000%, 6/01/16 – AMBAC Insured | No Opt. Call | A– | 2,135,249 | ||||||||||||||
| Nuveen Investments | 197 |
Nuveen Short Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Louisiana (continued) | ||||||||||||||||||
| $ | 1,250 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southeastern Louisiana University Student Housing/University Facilities Project, Series 2013, 4.000%, 8/01/17 | No Opt. Call | A3 | $ | 1,354,225 | ||||||||||||
| 1,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Refunding Bonds, Parking Facilties Corporation – Phase I Project, Series 2012, 3.000%, 10/01/16 – AGM Insured | No Opt. Call | AA | 1,037,960 | ||||||||||||||
| 1,110 | Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2011, 5.000%, 10/01/17 | No Opt. Call | A | 1,240,703 | ||||||||||||||
| 1,100 | New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2005, 5.250%, 12/01/21 – NPFG Insured | 12/15 at 100.00 | AA– | 1,154,659 | ||||||||||||||
| 1,350 | New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2012, 4.000%, 12/01/15 | No Opt. Call | A3 | 1,401,030 | ||||||||||||||
| 10,465 | Total Louisiana | 11,076,371 | ||||||||||||||||
| Maine – 0.1% | ||||||||||||||||||
Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013: | ||||||||||||||||||
| 500 | 3.000%, 7/01/16 | No Opt. Call | BBB+ | 518,385 | ||||||||||||||
| 535 | 3.000%, 7/01/17 | No Opt. Call | BBB+ | 561,852 | ||||||||||||||
| 1,035 | Total Maine | 1,080,237 | ||||||||||||||||
| Maryland – 0.1% | ||||||||||||||||||
| 280 | Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury University Project, Refunding Series 2013, 3.000%, 6/01/16 | No Opt. Call | Baa3 | 285,662 | ||||||||||||||
| 405 | Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury University Project, Series 2012, 3.000%, 6/01/15 | No Opt. Call | Baa3 | 408,795 | ||||||||||||||
| 220 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial Hospital Issue, Series 2012A, 3.000%, 7/01/15 | No Opt. Call | Baa1 | 223,403 | ||||||||||||||
| 905 | Total Maryland | 917,860 | ||||||||||||||||
| Massachusetts – 1.1% | ||||||||||||||||||
| 300 | Massachusetts Development Finance Agency, Revenue Bonds, Massachusetts College of Pharmacy and Allied Health Sciences, Series 2013F, 3.000%, 7/01/15 | No Opt. Call | A+ | 305,523 | ||||||||||||||
| 1,425 | Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, | No Opt. Call | AA | 1,504,829 | ||||||||||||||
| 1,555 | Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 4.500%, 1/01/16 (Alternative Minimum Tax) | No Opt. Call | AA | 1,613,981 | ||||||||||||||
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2014: | ||||||||||||||||||
| 600 | 4.000%, 1/01/17 (Alternative Minimum Tax) | No Opt. Call | AA | 638,148 | ||||||||||||||
| 1,500 | 4.000%, 1/01/18 (Alternative Minimum Tax) | No Opt. Call | AA | 1,618,665 | ||||||||||||||
| 1,255 | 3.000%, 1/01/19 (Alternative Minimum Tax) | No Opt. Call | AA | 1,307,723 | ||||||||||||||
| 357 | Massachusetts Housing Finance Agency, Construction Loan Notes, Series 2012F, 0.650%, 12/01/14 | No Opt. Call | Aa3 | 357,093 | ||||||||||||||
| 1,000 | Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2005-11, 5.250%, 8/01/18 | No Opt. Call | AAA | 1,164,250 | ||||||||||||||
| 7,992 | Total Massachusetts | 8,510,212 | ||||||||||||||||
| 198 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Michigan – 2.2% | ||||||||||||||||||
| $ | 1,250 | Bridgeport Spaulding Community School District, Saginaw County, Michigan, General Obligation Bonds, Refunding Series 2011, 3.000%, 5/01/15 – AGM Insured | No Opt. Call | Aa2 | $ | 1,265,888 | ||||||||||||
Brighton Area School District, Livingston County, Michigan, General Obligation Bonds, School Building & Site Series 2013II: | ||||||||||||||||||
| 250 | 2.000%, 5/01/17 | No Opt. Call | Aa2 | 257,153 | ||||||||||||||
| 750 | 5.000%, 5/01/18 | No Opt. Call | Aa2 | 849,113 | ||||||||||||||
| 475 | Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation Bonds, Building Authority Stadium Refunding Series 2012, 5.000%, 10/01/15 | No Opt. Call | BBB– | 490,870 | ||||||||||||||
| 965 | Grand Blanc Community Schools, Genesee County, Michigan, General Obligation Bonds, Refunding Series 2013, 4.000%, 5/01/17 | No Opt. Call | AA– | 1,040,753 | ||||||||||||||
| 430 | Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Healthcare Group, Series 2011A, 4.000%, 5/15/15 | No Opt. Call | A2 | 436,717 | ||||||||||||||
| 500 | Lake Superior State University Board of Trustees, Michigan, General Revenue Refunding Bonds, Series 2012, 2.000%, 11/15/14 – AGM Insured | No Opt. Call | AA | 500,300 | ||||||||||||||
| 1,000 | Livonia Public Schools, Wayne County, Michigan, General Obligation Bonds, Refunding Series 2014, 4.000%, 5/01/17 – BAM Insured | No Opt. Call | AA | 1,073,340 | ||||||||||||||
| 525 | Livonia Public Schools, Wayne County, Michigan, General Obligation Bonds, School Building & Site Series 2013I, 3.000%, 5/01/16 – AGM Insured | No Opt. Call | AA | 543,160 | ||||||||||||||
| 2,090 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, | No Opt. Call | AA+ | 2,282,343 | ||||||||||||||
| 1,000 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding Series 2010F-3, 0.000%, 11/15/47 | No Opt. Call | AA+ | 1,013,490 | ||||||||||||||
| 1,000 | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2008A-1, 6.000%, 12/01/17 | No Opt. Call | Aa2 | 1,158,650 | ||||||||||||||
| 1,500 | Michigan State Trunk Line Fund Refunding Bonds, Series 2014, 5.000%, 11/15/18 | No Opt. Call | AA+ | 1,737,735 | ||||||||||||||
| 1,000 | Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/18 (WI/DD, Settling 11/18/14) | No Opt. Call | Aa2 | 1,136,710 | ||||||||||||||
| 200 | Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2013A, | No Opt. Call | A1 | 221,752 | ||||||||||||||
| 1,350 | Warren Consolidated Schools, Macomb and Oakland Counties, Michigan, General Obligation Bonds, Refunding Series 2013, 4.000%, 5/01/16 | No Opt. Call | AA– | 1,419,525 | ||||||||||||||
| 1,225 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010A, 5.000%, 12/01/16 (Alternative Minimum Tax) | No Opt. Call | A | 1,333,339 | ||||||||||||||
| 500 | Western Michigan University, General Revenue Bonds, Refunding Series 2008, | No Opt. Call | AA | 500,650 | ||||||||||||||
| 500 | Western Michigan University, General Revenue Bonds, Refunding Series 2013, 5.000%, 11/15/17 | No Opt. Call | A1 | 560,955 | ||||||||||||||
| 16,510 | Total Michigan | 17,822,443 | ||||||||||||||||
| Minnesota – 5.8% | ||||||||||||||||||
| 2,805 | Bemidji Independent School District 31, Beltrami County, Minnesota, General Obligation Bonds, Refunding Series 2013A, 5.000%, 4/01/17 | No Opt. Call | AA+ | 3,108,192 | ||||||||||||||
| Nuveen Investments | 199 |
Nuveen Short Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Minnesota (continued) | ||||||||||||||||||
Brainerd, Minnesota, Electric Utility Revenue Bonds, Series 2014A: | ||||||||||||||||||
| $ | 325 | 2.000%, 12/01/15 | No Opt. Call | AA | $ | 329,505 | ||||||||||||
| 360 | 3.000%, 12/01/16 | No Opt. Call | AA | 374,857 | ||||||||||||||
| 360 | 3.000%, 12/01/17 | No Opt. Call | AA | 378,490 | ||||||||||||||
| 365 | 3.000%, 12/01/18 | No Opt. Call | AA | 386,031 | ||||||||||||||
| 655 | Central Minnesota Municipal Power Agency, Revenue Bonds, Brookings – Southeast Twin Cities Transmission Project, Series 2012, 5.000%, 1/01/18 | No Opt. Call | A– | 733,731 | ||||||||||||||
| 585 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy PRoject, Series 2013A, 1.900%, 7/01/15 | No Opt. Call | BBB– | 585,421 | ||||||||||||||
| 3,020 | Farmington Independent School District 192, Dakota County, Minnesota, General Obligation Bonds, Crossover School Building Refunding Series 2014A, 4.000%, 2/01/18 | No Opt. Call | Aa2 | 3,334,261 | ||||||||||||||
| 2,910 | Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, School Building Series 2013C, 5.000%, 2/01/16 | No Opt. Call | AA+ | 3,081,545 | ||||||||||||||
| 2,985 | Minneapolis Special School District 1, Minnesota, Certificates of Participation, Refunding Series 2013D, 5.000%, 2/01/18 | No Opt. Call | AA+ | 3,380,960 | ||||||||||||||
| 1,365 | Minneapolis, Minnesota, Multifamily Housing Revenue Bonds, Greenway Heights Family Housing Project, Series 2014B, 3.000%, 7/15/15 | 1/15 at 100.00 | N/R | 1,365,287 | ||||||||||||||
| 2,500 | Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010, 5.000%, 8/01/17 | No Opt. Call | BBB+ | 2,700,900 | ||||||||||||||
Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012: | ||||||||||||||||||
| 400 | 2.250%, 11/15/14 | No Opt. Call | N/R | 400,080 | ||||||||||||||
| 705 | 2.600%, 11/15/15 | No Opt. Call | N/R | 708,814 | ||||||||||||||
| 2,500 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Senior Lien Series 2009B, 5.000%, 1/01/15 (Alternative Minimum Tax) | No Opt. Call | AA– | 2,521,075 | ||||||||||||||
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2014B: | ||||||||||||||||||
| 800 | 4.000%, 1/01/17 (Alternative Minimum Tax) | No Opt. Call | A | 858,552 | ||||||||||||||
| 600 | 5.000%, 1/01/18 (Alternative Minimum Tax) | No Opt. Call | A | 675,522 | ||||||||||||||
| 1,335 | Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2008C-1, 5.000%, 2/15/15 – AGC Insured | No Opt. Call | AA | 1,352,168 | ||||||||||||||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Series 2014-8-C: | ||||||||||||||||||
| 200 | 1.250%, 5/01/16 | No Opt. Call | Baa3 | 200,396 | ||||||||||||||
| 215 | 1.550%, 5/01/17 | No Opt. Call | Baa3 | 215,026 | ||||||||||||||
| 300 | 2.000%, 5/01/18 | No Opt. Call | Baa3 | 301,167 | ||||||||||||||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2007-6-R: | ||||||||||||||||||
| 910 | 5.500%, 5/01/16 | No Opt. Call | N/R | 940,685 | ||||||||||||||
| 1,065 | 5.500%, 5/01/17 | No Opt. Call | N/R | 1,122,904 | ||||||||||||||
Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Inc., Series 2012-7R: | ||||||||||||||||||
| 200 | 3.000%, 12/01/14 | No Opt. Call | Baa2 | 200,352 | ||||||||||||||
| 210 | 3.000%, 12/01/15 | No Opt. Call | Baa2 | 214,391 | ||||||||||||||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine University, Series 2012-7Q: | ||||||||||||||||||
| 450 | 4.000%, 10/01/15 | No Opt. Call | Baa1 | 463,626 | ||||||||||||||
| 650 | 4.000%, 10/01/16 | No Opt. Call | Baa1 | 686,537 | ||||||||||||||
| 200 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Minnesota (continued) | ||||||||||||||||||
| $ | 1,115 | Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2009-7A, 4.000%, 10/01/17 | No Opt. Call | A2 | $ | 1,216,967 | ||||||||||||
| 1,000 | Minnesota Higher Education Facilities Authority, Revenue Bonds, University of St. Thomas, Series 2006-6I, 5.000%, 4/01/16 | No Opt. Call | A2 | 1,064,320 | ||||||||||||||
| 3,635 | Minnesota State, General Obligation Bonds, Various Purpose Refunding Series 2013F, 5.000%, 10/01/18 | No Opt. Call | AA+ | 4,217,109 | ||||||||||||||
| 1,210 | Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2008A, 5.000%, 1/01/18 – AGC Insured | No Opt. Call | AA | 1,366,344 | ||||||||||||||
Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Refunding Series 2013A: | ||||||||||||||||||
| 135 | 2.250%, 12/01/15 | No Opt. Call | BBB– | 135,706 | ||||||||||||||
| 320 | 2.500%, 12/01/16 | No Opt. Call | BBB– | 322,528 | ||||||||||||||
| 220 | 3.000%, 12/01/17 | No Opt. Call | BBB– | 224,435 | ||||||||||||||
| 120 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2011, 0.000%, 11/15/38 (Mandatory put 11/15/18) | No Opt. Call | AA | 134,431 | ||||||||||||||
| 1,000 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.000%, 5/01/15 | No Opt. Call | A1 | 1,023,890 | ||||||||||||||
| 2,380 | Saint Michael Independent School District 885, Wright County, Minnesota, General Obligation Bonds, Refunding Series 2014A, 4.000%, 2/01/18 | No Opt. Call | Aa2 | 2,622,831 | ||||||||||||||
Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Luthran Home, Refunding Series 2013: | ||||||||||||||||||
| 235 | 4.000%, 1/01/15 | No Opt. Call | N/R | 235,698 | ||||||||||||||
| 300 | 4.000%, 1/01/16 | No Opt. Call | N/R | 305,361 | ||||||||||||||
| 545 | Shakopee Independent School District 720, Scott County, Minnesota, Certificates of Participation, Series 2013B, 2.000%, 2/01/17 | No Opt. Call | Aa3 | 559,404 | ||||||||||||||
| 1,280 | Shakopee Independent School District 720, Scott County, Minnesota, General Obligation Bonds, Series 2013A, 3.000%, 2/01/17 | No Opt. Call | Aa2 | 1,352,422 | ||||||||||||||
Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional Medical Center, Refunding Series 2014: | ||||||||||||||||||
| 655 | 3.000%, 9/01/15 | No Opt. Call | A | 669,259 | ||||||||||||||
| 450 | 5.000%, 9/01/17 | No Opt. Call | A | 502,920 | ||||||||||||||
| 43,375 | Total Minnesota | 46,574,100 | ||||||||||||||||
| Mississippi – 0.5% | ||||||||||||||||||
| 800 | Mississippi Business Finance Corporation, Solid Waste Disposal Revenue Bonds, Waste Management, Inc. Project, Series 2002, 1.375%, 3/01/27 (Mandatory put 3/01/17) (Alternative Minimum Tax) | No Opt. Call | A– | 801,480 | ||||||||||||||
| 3,235 | Mississippi Development Bank, Special Obligation Bonds, Jackson County Limited Tax Note, Series 2009B-1, 4.000%, 7/01/15 – AGC Insured | No Opt. Call | AA | 3,316,296 | ||||||||||||||
| 4,035 | Total Mississippi | 4,117,776 | ||||||||||||||||
| Missouri – 4.7% | ||||||||||||||||||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A: | ||||||||||||||||||
| 2,570 | 4.000%, 10/01/16 | No Opt. Call | AA+ | 2,749,026 | ||||||||||||||
| 1,565 | 5.000%, 10/01/18 | No Opt. Call | AA+ | 1,813,647 | ||||||||||||||
| Nuveen Investments | 201 |
Nuveen Short Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Missouri (continued) | ||||||||||||||||||
Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2012: | ||||||||||||||||||
| $ | 1,000 | 3.000%, 8/01/15 | No Opt. Call | A | $ | 1,016,570 | ||||||||||||
| 1,000 | 4.000%, 8/01/17 | No Opt. Call | A | 1,073,900 | ||||||||||||||
| 1,000 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2013A, 4.000%, 6/01/17 | No Opt. Call | AA– | 1,083,170 | ||||||||||||||
| 1,560 | Cole County, Missouri, Certificates of Participation, Refunding Jail Project Series 2014, 4.000%, 12/01/17 | No Opt. Call | Aa3 | 1,705,220 | ||||||||||||||
Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2007A: | ||||||||||||||||||
| 275 | 5.000%, 11/01/33 (Pre-refunded 11/01/17) | 11/17 at 100.00 | AA+ (4) | 310,813 | ||||||||||||||
| 160 | 5.000%, 11/01/35 (Pre-refunded 11/01/17) | 11/17 at 100.00 | AA+ (4) | 180,837 | ||||||||||||||
| 2,295 | Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2006, 5.000%, 3/01/18 | No Opt. Call | AA+ | 2,530,031 | ||||||||||||||
| 205 | Joplin Industrial Development Authority, Missouri, Revenue Bonds, Christian Homes Inc., Series 2007F, 5.500%, 5/15/17 | No Opt. Call | BBB– | 218,161 | ||||||||||||||
Kansas City Industrial Development Authority, Missouri, Special Obligation Revenue Bonds, Plaza Library Project, Refunding Series 2014: | ||||||||||||||||||
| 500 | 3.000%, 3/01/16 | No Opt. Call | N/R | 511,020 | ||||||||||||||
| 250 | 3.000%, 3/01/17 | No Opt. Call | N/R | 257,095 | ||||||||||||||
| 1,000 | 3.000%, 3/01/18 | No Opt. Call | N/R | 1,024,240 | ||||||||||||||
| 1,250 | Kansas City, Missouri, Airport Revenue Bonds, Refunding General Improvement Series 2013A, 5.000%, 9/01/17 | No Opt. Call | A+ | 1,397,188 | ||||||||||||||
| 4,000 | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Kansas City Power & Light Company Project, Series 1992, 1.250%, 7/01/17 | No Opt. Call | A | 4,060,680 | ||||||||||||||
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013: | ||||||||||||||||||
| 360 | 3.000%, 5/01/16 | No Opt. Call | BBB+ | 371,340 | ||||||||||||||
| 995 | 5.000%, 5/01/17 | No Opt. Call | BBB+ | 1,086,013 | ||||||||||||||
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012: | ||||||||||||||||||
| 480 | 3.000%, 10/01/15 | No Opt. Call | BBB– | 488,424 | ||||||||||||||
| 495 | 3.000%, 10/01/16 | No Opt. Call | BBB– | 507,504 | ||||||||||||||
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Freeman Health System, Series 2012: | ||||||||||||||||||
| 1,245 | 5.000%, 2/15/15 | No Opt. Call | BBB+ | 1,260,861 | ||||||||||||||
| 555 | 5.000%, 2/15/17 | No Opt. Call | BBB+ | 603,851 | ||||||||||||||
| 720 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2012, Reg S, 5.000%, 2/15/16 | No Opt. Call | BBB+ | 759,074 | ||||||||||||||
| 255 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2014A, 4.000%, 2/01/18 | No Opt. Call | BBB+ | 276,224 | ||||||||||||||
| 1,435 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 4.000%, 4/01/17 | No Opt. Call | A2 | 1,550,259 | ||||||||||||||
| 595 | Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Series 2006, 5.000%, 1/01/16 – NPFG Insured | No Opt. Call | AA– | 620,430 | ||||||||||||||
| 175 | Northeast Public Sewer District, Jefferson County, Missouri, Sewerage System Revenue Bonds, Refunding Series 2014, 4.000%, 1/01/15 | No Opt. Call | A+ | 176,089 | ||||||||||||||
| 202 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Missouri (continued) | ||||||||||||||||||
| $ | 830 | Raymore, Missouri, Tax Increment Revenue Bonds, Raymore Galleria Project, Refunding & Improvement Series 2014A, 3.000%, 5/01/17 | No Opt. Call | N/R | $ | 844,459 | ||||||||||||
| 530 | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, City Parks, Series 2014, 4.000%, 6/15/18 – AGM Insured | No Opt. Call | AA | 582,587 | ||||||||||||||
| 435 | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2012, 5.000%, 7/01/17 (Alternative Minimum Tax) | No Opt. Call | A– | 480,366 | ||||||||||||||
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2013: | ||||||||||||||||||
| 500 | 4.000%, 7/01/15 | No Opt. Call | A– | 512,260 | ||||||||||||||
| 890 | 5.000%, 7/01/16 | No Opt. Call | A– | 954,756 | ||||||||||||||
| 250 | St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A, 5.100%, 11/01/19 | 11/14 at 100.00 | N/R | 250,105 | ||||||||||||||
| 530 | St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2012, 5.000%, 9/01/17 | No Opt. Call | A– | 577,647 | ||||||||||||||
| 1,500 | St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 2.850%, 9/01/18 | 3/16 at 100.00 | A– | 1,514,355 | ||||||||||||||
| 785 | St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/18 – NPFG Insured | No Opt. Call | AA– | 908,630 | ||||||||||||||
| 950 | St. Louis, Missouri, Airport Revenue Bonds, Series 1970, 5.000%, 7/01/15 | No Opt. Call | A– | 979,612 | ||||||||||||||
| 1,500 | State of Missouri, Certificates of Participation, Refunding, Series 2011A, 1.500%, 10/01/15 | No Opt. Call | AA+ | 1,518,120 | ||||||||||||||
| 520 | Truman State University, Missouri, Housing System Revenue Bonds, Refunding Series 2013, 3.000%, 6/01/16 | No Opt. Call | A1 | 540,010 | ||||||||||||||
| 35,160 | Total Missouri | 37,294,574 | ||||||||||||||||
| Montana – 0.3% | ||||||||||||||||||
| 1,740 | Montana Facilities Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Camposite Deal Series 2010B, 5.000%, 1/01/19 | No Opt. Call | AA– | 2,001,400 | ||||||||||||||
| Nebraska – 1.2% | ||||||||||||||||||
| 310 | Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 12/01/21 | No Opt. Call | A | 359,997 | ||||||||||||||
Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014: | ||||||||||||||||||
| 800 | 3.000%, 5/15/16 | No Opt. Call | BBB+ | 829,248 | ||||||||||||||
| 360 | 4.000%, 5/15/17 | No Opt. Call | BBB+ | 387,533 | ||||||||||||||
| 940 | Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 4.000%, 11/01/15 | No Opt. Call | A– | 973,896 | ||||||||||||||
| 1,125 | Nebraska Cooperative Republican Platte Enhancement, Middle Republica Natural Resources District, Platte River Flow Revenue, Series 2013, 2.000%, 12/15/16 | No Opt. Call | A+ | 1,154,419 | ||||||||||||||
| 2,000 | Nebraska Public Power District, General Revenue Bonds, Refunding Series 2012C, 5.000%, 1/01/16 | No Opt. Call | A1 | 2,112,180 | ||||||||||||||
| 1,000 | Nebraska State Colleges Facilities Corporation, Building Bonds, CSC Rangeland Center and WCS U.S. Conn Library Projects, Series 2014, 5.000%, 6/15/18 | No Opt. Call | AA+ | 1,142,670 | ||||||||||||||
| 1,235 | University of Nebraska Facilities Corporation, UNMC Cancer Center Bonds, Series 2014A, 4.000%, 2/15/18 | No Opt. Call | Aa1 | 1,364,514 | ||||||||||||||
| Nuveen Investments | 203 |
Nuveen Short Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Nebraska (continued) | ||||||||||||||||||
| $ | 1,125 | Washington County, Nebraska, Wastewater and Solid Waste Disposal Facilities Revenue Bonds, Cargill Inc. Project, Variable Rate Demand Series 2012, 1.375%, 9/01/30 (Mandatory put 9/01/15) (Alternative Minimum Tax) | No Opt. Call | A | $ | 1,132,313 | ||||||||||||
| 8,895 | Total Nebraska | 9,456,770 | ||||||||||||||||
| Nevada – 1.3% | ||||||||||||||||||
City of Henderson, Nevada, Local Improvement District No. T-4C Green Valley Properties, Limited Obligation Bonds, Refunding Series 2014: | ||||||||||||||||||
| 1,630 | 4.000%, 11/01/17 | No Opt. Call | N/R | 1,759,667 | ||||||||||||||
| 1,135 | 4.000%, 11/01/18 | No Opt. Call | N/R | 1,238,455 | ||||||||||||||
| 5,020 | Clark County, Nevada, Airport Revenue Bonds, junior Lien Series 2014B-1, 5.000%, 7/01/18 | No Opt. Call | A | 5,740,119 | ||||||||||||||
Las Vegas, Nevada, Special Improvement District 607 Providence, Local Improvement Refunding Bonds, Series 2013: | ||||||||||||||||||
| 480 | 2.000%, 6/01/15 | No Opt. Call | N/R | 479,971 | ||||||||||||||
| 325 | 3.000%, 6/01/16 | No Opt. Call | N/R | 327,958 | ||||||||||||||
| 1,150 | Reno, Nevada, General Obligation Bonds, Medium Tern Various Purpose Series 2013B, 4.000%, 6/01/16 | No Opt. Call | A1 | 1,206,500 | ||||||||||||||
| 9,740 | Total Nevada | 10,752,670 | ||||||||||||||||
| New Jersey – 4.0% | ||||||||||||||||||
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A: | ||||||||||||||||||
| 1,000 | 5.000%, 2/15/17 (WI/DD, Settling 11/18/14) | No Opt. Call | BBB | 1,089,690 | ||||||||||||||
| 1,000 | 5.000%, 2/15/18 (WI/DD, Settling 11/18/14) | No Opt. Call | BBB | 1,117,790 | ||||||||||||||
| 1,350 | New Jersey Economic Development Authority, Solid Waste Revenue Bonds, Waste Management Inc., Series 2004A, 5.300%, 6/01/15 (Alternative Minimum Tax) | No Opt. Call | A– | 1,350,459 | ||||||||||||||
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A: | ||||||||||||||||||
| 2,615 | 4.000%, 7/01/15 | No Opt. Call | BBB+ | 2,674,491 | ||||||||||||||
| 3,450 | 2.000%, 7/01/16 | No Opt. Call | BBB+ | 3,512,894 | ||||||||||||||
| 500 | 5.000%, 7/01/17 | No Opt. Call | BBB+ | 549,640 | ||||||||||||||
| 4,250 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.000%, 7/01/15 | No Opt. Call | A– | 4,383,493 | ||||||||||||||
| 4,000 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.000%, 12/01/14 (Alternative Minimum Tax) | No Opt. Call | Aa3 | 4,015,560 | ||||||||||||||
| 1,285 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1A, 4.000%, 12/01/14 (Alternative Minimum Tax) | No Opt. Call | AA | 1,289,022 | ||||||||||||||
| 2,000 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2014-1A-1, 4.000%, 12/01/17 (Alternative Minimum Tax) | No Opt. Call | AA | 2,167,800 | ||||||||||||||
New Jersey Transit Corporation, Grant Anticipation Notes, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Series 2014A: | ||||||||||||||||||
| 1,500 | 5.000%, 9/15/17 | No Opt. Call | A | 1,658,340 | ||||||||||||||
| 2,000 | 5.000%, 9/15/18 | No Opt. Call | A | 2,266,520 | ||||||||||||||
| 3,100 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/18 | No Opt. Call | A2 | 3,513,757 | ||||||||||||||
| 2,000 | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 3.000%, 5/01/15 | No Opt. Call | AA– | 2,028,500 | ||||||||||||||
| 90 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.500%, 6/01/23 | 6/17 at 100.00 | BB | 89,295 | ||||||||||||||
| 30,140 | Total New Jersey | 31,707,251 | ||||||||||||||||
| 204 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| New Mexico – 0.9% | ||||||||||||||||||
| $ | 4,910 | New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue Bonds, Refunding Sub-Series 2014A, 5.000%, 11/01/39 (Mandatory put 8/01/19) | 8/19 at 100.00 | Aa3 | $ | 5,691,967 | ||||||||||||
Taos County, New Mexico, Gross Receipts Tax Revenue Bonds, County Education Improvement Series 2013: | ||||||||||||||||||
| 750 | 2.000%, 4/01/15 – BAM Insured | No Opt. Call | AA | 753,938 | ||||||||||||||
| 750 | 3.000%, 4/01/16 – BAM Insured | No Opt. Call | AA | 770,565 | ||||||||||||||
| 6,410 | Total New Mexico | 7,216,470 | ||||||||||||||||
| New York – 9.3% | ||||||||||||||||||
| 380 | Build NYC Resource Corporation, New York, Revenue Bonds, Bronx Charter School for Excellence, Series 2013A, 3.000%, 4/01/18 | No Opt. Call | BBB– | 383,473 | ||||||||||||||
| 5,000 | Chautauqua County Capital resource Corporation, New York, Revenue Refunding Bonds, Jamestown Center City Development Corporation Project, Guaranteed by the Gebbie foundation, Series 2013D, 1.350%, 11/01/31 (Mandatory put 11/01/17) | No Opt. Call | AA– | 5,034,500 | ||||||||||||||
| 1,300 | Dormitory Authority of the State of New York, Insured Revenue Bonds, Pace University, Series 2013A, 4.000%, 5/01/16 | No Opt. Call | BB+ | 1,342,536 | ||||||||||||||
| 1,375 | Dormitory Authority of the State of New York, School Districts Financing Program Revenue Bonds, Series 2014A, 5.000%, 10/01/18 – AGM Insured | No Opt. Call | AA | 1,588,579 | ||||||||||||||
| 2,165 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012B, 5.000%, 3/15/18 | No Opt. Call | AAA | 2,466,195 | ||||||||||||||
| 4,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014A, 5.000%, 2/15/19 | No Opt. Call | AAA | 4,657,680 | ||||||||||||||
| 1,750 | Long Beach, New York, General Obligation Bonds, Bond Anticipation Note Series 2014, 2.250%, 2/18/15 | No Opt. Call | N/R | 1,754,113 | ||||||||||||||
| 1,225 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A, 0.000%, 6/01/16 – AGM Insured | No Opt. Call | AA | 1,212,664 | ||||||||||||||
| 150 | Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2010A, 4.000%, 5/01/15 (ETM) | No Opt. Call | A– (4) | 152,895 | ||||||||||||||
| 450 | Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014, 3.000%, 7/01/17 | No Opt. Call | BBB+ | 473,742 | ||||||||||||||
| 2,660 | Nassau Health Care Corporation, New York, Revenue Anticipation Notes, Series 2014, 2.250%, 1/15/15 | No Opt. Call | N/R | 2,662,633 | ||||||||||||||
| 2,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series B-1, 5.000%, 11/01/18 | No Opt. Call | AAA | 2,317,280 | ||||||||||||||
| 8,300 | New York City, New York, General Obligation Bonds, Fiscal 2014 Series G, 5.000%, 8/01/17 | No Opt. Call | AA | 9,271,432 | ||||||||||||||
| 2,000 | New York City, New York, General Obligation Bonds, Fiscal 2014 Series J, 5.000%, 8/01/18 | No Opt. Call | AA | 2,297,520 | ||||||||||||||
| 2,000 | New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, New York State Electric and Gas Corporation, Series 2011A, 2.125%, 3/15/15 | No Opt. Call | A3 | 2,010,780 | ||||||||||||||
| 2,500 | New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Series 2013A, 5.000%, 6/15/17 | No Opt. Call | AAA | 2,794,350 | ||||||||||||||
| 900 | New York State Thruway Authority, General Revenue Bonds, Series 2012I, 4.000%, 1/01/15 | No Opt. Call | A | 905,733 | ||||||||||||||
| 1,920 | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19 | No Opt. Call | A– | 2,223,648 | ||||||||||||||
| Nuveen Investments | 205 |
Nuveen Short Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| New York (continued) | ||||||||||||||||||
Niagara Falls,New York, General Obligation Bonds, Series 2014: | ||||||||||||||||||
| $ | 1,000 | 2.000%, 3/01/17 – AGM Insured | No Opt. Call | AA | $ | 1,020,650 | ||||||||||||
| 620 | 2.000%, 3/01/18 – AGM Insured | No Opt. Call | AA | 630,968 | ||||||||||||||
| 1,150 | Niagara Frontier Transportation Authority, New York, Airport Revenue Bonds, Buffalo International Airport, Series 2014A, 4.000%, 4/01/17 (Alternative Minimum Tax) | No Opt. Call | Baa1 | 1,235,181 | ||||||||||||||
| 1,500 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Fifth Series 2014, 5.000%, 9/01/17 (Alternative Minimum Tax) | No Opt. Call | AA– | 1,675,275 | ||||||||||||||
| 6,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Sixth Series 2014, 5.000%, 10/15/18 (Alternative Minimum Tax) | No Opt. Call | AA– | 6,880,200 | ||||||||||||||
| 3,500 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Eighth Series 2013, 5.000%, 12/01/17 (Alternative Minimum Tax) | No Opt. Call | AA– | 3,937,255 | ||||||||||||||
| 7,050 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Second Series 2012, 5.000%, 10/01/15 (Alternative Minimum Tax) | No Opt. Call | AA– | 7,357,380 | ||||||||||||||
| 1,125 | Rockland County, New York, General Obligation Bonds, Series 2014A, 5.000%, 3/01/17 – AGM Insured | No Opt. Call | AA | 1,232,325 | ||||||||||||||
| 1,275 | Schenectady County Capital Resource Corporation, New York, FHA insured Mortgage Revenue Bonds, Ellis Hospital Project, Refunding Series 2012, 1.750%, 2/15/18 – AGM Insured | No Opt. Call | AA+ | 1,278,608 | ||||||||||||||
| 1,450 | St. Lawrence County Industrial Development Agency Civic Development Corporation, New York, Revenue Bonds, Clarkson University Project, Series 2012B, 2.500%, 9/01/42 (Mandatory put 3/01/16) | No Opt. Call | A3 | 1,472,954 | ||||||||||||||
| 450 | Westchester County Local Development Corporation, New York, Revenue Refunding Bonds, Kendal on Hudson Project, Series 2013, 2.000%, 1/01/16 | No Opt. Call | BBB | 453,947 | ||||||||||||||
| 2,000 | Westchester County, New York, General Obligation Bonds, Series 2013B, 4.000%, 7/01/15 | No Opt. Call | AAA | 2,052,180 | ||||||||||||||
| 1,250 | Yonkers, New York, General Obligation Refunding Bonds, Series 2012A, 4.000%, 7/01/15 | No Opt. Call | A | 1,281,075 | ||||||||||||||
| 68,445 | Total New York | 74,057,751 | ||||||||||||||||
| North Carolina – 0.2% | ||||||||||||||||||
| 625 | New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Refunding Series 2013, 4.000%, 10/01/15 | No Opt. Call | A+ | 646,413 | ||||||||||||||
| 985 | North Carolina Medical Care Commission, Health Care Facilities Revenue and Refunding Revenue Bonds, Columbus Regional Healthcare System, Series 2013A, 4.000%, 10/01/15 | No Opt. Call | BBB | 1,009,330 | ||||||||||||||
| 1,610 | Total North Carolina | 1,655,743 | ||||||||||||||||
| North Dakota – 1.1% | ||||||||||||||||||
| 3,040 | Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 3.500%, 11/01/16 | No Opt. Call | A+ | 3,218,722 | ||||||||||||||
| 300 | Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, Series 2012A, 2.000%, 3/01/15 | No Opt. Call | A | 301,266 | ||||||||||||||
| 2,835 | Williston, North Dakota, Limited Obligation Bonds, Certificates of Indebtedness, Series 2013A, 2.500%, 11/01/15 | 11/14 at 100.00 | N/R | 2,837,495 | ||||||||||||||
Williston, North Dakota, Sales Tax Revenue Bonds, Series 2013A: | ||||||||||||||||||
| 1,000 | 3.000%, 5/01/15 – AGM Insured | No Opt. Call | AA | 1,006,290 | ||||||||||||||
| 1,000 | 3.000%, 5/01/16 – AGM Insured | No Opt. Call | AA | 1,034,290 | ||||||||||||||
| 8,175 | Total North Dakota | 8,398,063 | ||||||||||||||||
| 206 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Ohio – 2.6% | ||||||||||||||||||
| $ | 1,805 | Cincinnati, Ohio, General Obligation Bonds, Various Purpose Series 2011A, 5.000%, 12/01/16 | No Opt. Call | Aa2 | $ | 1,974,832 | ||||||||||||
| 375 | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2014, 4.000%, 2/01/17 | No Opt. Call | A– | 401,464 | ||||||||||||||
| 685 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18) | No Opt. Call | BBB– | 724,504 | ||||||||||||||
| 7,005 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2009D, 2.250%, 8/01/29 (Mandatory put 9/15/16) | No Opt. Call | BBB– | 7,111,336 | ||||||||||||||
| 595 | Ohio Higher Education Facilities Commission, Revenue Bonds, Case Western Reserve University, Series 2008C, 5.000%, 12/01/17 | No Opt. Call | AA– | 673,713 | ||||||||||||||
| 485 | Ohio Higher Education Facilities Commission, Revenue Bonds, John Carroll University, Series 2014, 2.250%, 9/01/33 (Mandatory put 9/01/18) | No Opt. Call | A3 | 496,625 | ||||||||||||||
| 320 | Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2009, 5.000%, 12/01/16 | No Opt. Call | A | 348,592 | ||||||||||||||
| 1,000 | Ohio State Higher Educational Facility Commission, Higher Education Facility Revenue Bonds, Xavier University 2008C, 5.000%, 5/01/18 | No Opt. Call | A– | 1,131,420 | ||||||||||||||
| 1,000 | Ohio State, Capital Facilities Lease-Appropriation Bonds, Administrative Building Fund Projects, Series 2013A, 5.000%, 10/01/17 | No Opt. Call | AA | 1,124,220 | ||||||||||||||
| 1,035 | Ohio State, Capital Facilities Lease-Appropriation Bonds, Adult Correctional Building Fund Projects, Series 2014A, 4.000%, 4/01/18 | No Opt. Call | AA | 1,142,174 | ||||||||||||||
| 1,715 | Ohio State, Capital Facilities Lease-Appropriation Bonds, Cultural & Sports Facilities Building Fund Projects, Series 2013B, 5.000%, 4/01/18 | No Opt. Call | AA | 1,954,500 | ||||||||||||||
| 1,000 | Ohio State, Capital Facilities Lease-Appropriation Bonds, Parks & Recreation Improvement Fund Projects, Series 2013A, 3.000%, 8/01/17 | No Opt. Call | AA | 1,062,990 | ||||||||||||||
| 465 | Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 2013A, 4.000%, 1/15/16 | No Opt. Call | A | 483,865 | ||||||||||||||
| 1,170 | University of Toledo, Ohio, General Receipts Bonds, Refunding Series 2010, 5.000%, 6/01/18 | No Opt. Call | A1 | 1,328,114 | ||||||||||||||
| 1,000 | Warren County, Ohio, Healthcare Facilities Revenue Bonds, Otterbein Homes Obligated Group, Refunding Series 2013A, 3.000%, 7/01/15 | No Opt. Call | A | 1,016,010 | ||||||||||||||
| 19,655 | Total Ohio | 20,974,359 | ||||||||||||||||
| Oklahoma – 1.5% | ||||||||||||||||||
| 2,765 | Canadian County Independent School District 69, Mustang, Oaklahoma, General Obligation Bond, Combined Purpose Series 2014, 2.000%, 6/01/18 | No Opt. Call | AA– | 2,855,139 | ||||||||||||||
Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Public Schools Project, Series 2013: | ||||||||||||||||||
| 2,550 | 5.000%, 6/01/15 | No Opt. Call | A | 2,621,655 | ||||||||||||||
| 870 | 5.000%, 6/01/16 | No Opt. Call | A | 932,040 | ||||||||||||||
| 2,215 | Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Norman Public Schools Project, Series 2014, 5.000%, 7/01/18 | No Opt. Call | A+ | 2,523,284 | ||||||||||||||
| 1,000 | Edmond Public Works Authority, Oklahoma, Sales Tax and Utility Systems Revenue Bonds, Series 2014, 5.000%, 7/01/18 | No Opt. Call | AA– | 1,147,350 | ||||||||||||||
| 2,000 | Tulsa County Independent School District 11 Owasso, Oklahoma, General Obligation Bonds, Combined Purpose Series 2014, 2.000%, 6/01/18 | No Opt. Call | AA– | 2,069,500 | ||||||||||||||
| 11,400 | Total Oklahoma | 12,148,968 | ||||||||||||||||
| Nuveen Investments | 207 |
Nuveen Short Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Oregon – 1.3% | ||||||||||||||||||
| $ | 1,500 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Deferred Interest Series 2014A, 0.000%, 6/15/18 | No Opt. Call | AA+ | $ | 1,435,935 | ||||||||||||
Emerald Peoples Utility District, Oregon, Electric System Revenue Bonds, Refunding Series 2013: | ||||||||||||||||||
| 475 | 3.000%, 11/01/15 | No Opt. Call | A1 | 487,160 | ||||||||||||||
| 1,000 | 3.000%, 11/01/16 | No Opt. Call | A1 | 1,045,150 | ||||||||||||||
| 660 | Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Sky Lakes Medical Center Project, Series 2012, 4.000%, 9/01/15 | No Opt. Call | A– | 677,015 | ||||||||||||||
| 880 | Local Oregon Capital Assets Program, Certificates of Participation, City of Cottage Grove, Oregon, Series 2013A, 4.000%, 9/15/15 | No Opt. Call | Baa2 | 903,030 | ||||||||||||||
| 2,850 | Medford Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Asante Health System, Refunding Series 2010, 5.000%, 8/15/15 – AGM Insured | No Opt. Call | AA | 2,951,403 | ||||||||||||||
| 360 | Multnomah County Hospital Facilities Authority, Oregon, Revenue Refunding Bond, Terwilliger Plaza, Inc., Series 2012, 2.000%, 12/01/14 | No Opt. Call | BBB | 360,364 | ||||||||||||||
| 1,930 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2011-21, 5.000%, 7/01/17 (Alternative Minimum Tax) | No Opt. Call | AA– | 2,146,951 | ||||||||||||||
| 9,655 | Total Oregon | 10,007,008 | ||||||||||||||||
| Pennsylvania – 4.4% | ||||||||||||||||||
| 1,390 | Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Refunding Series 2010A, 5.000%, 1/01/16 – AGM Insured (Alternative Minimum Tax) | No Opt. Call | AA | 1,467,618 | ||||||||||||||
| 1,115 | Corry Area School District, Erie County, Pennsylvania, General Obligation Bonds, Refunding Series 2014, 3.000%, 12/15/18 | No Opt. Call | AA | 1,196,585 | ||||||||||||||
| 800 | Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2014, 4.000%, 8/01/18 | No Opt. Call | A+ | 890,184 | ||||||||||||||
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc – Student Housing Project at Millersville University, Series 2014: | ||||||||||||||||||
| 300 | 2.000%, 7/01/17 | No Opt. Call | BBB– | 302,343 | ||||||||||||||
| 500 | 2.250%, 7/01/18 | No Opt. Call | BBB– | 503,735 | ||||||||||||||
Economy Municipal Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2013: | ||||||||||||||||||
| 350 | 3.000%, 12/15/17 | No Opt. Call | AA | 371,504 | ||||||||||||||
| 300 | 3.000%, 12/15/18 | No Opt. Call | AA | 320,190 | ||||||||||||||
Indiana County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Indiana Regional Medical Center, Series 2014A: | ||||||||||||||||||
| 125 | 4.000%, 6/01/15 | No Opt. Call | Baa3 | 127,348 | ||||||||||||||
| 180 | 4.000%, 6/01/16 | No Opt. Call | Baa3 | 188,005 | ||||||||||||||
| 185 | 4.000%, 6/01/17 | No Opt. Call | Baa3 | 195,932 | ||||||||||||||
| 250 | 4.000%, 6/01/18 | No Opt. Call | Baa3 | 266,413 | ||||||||||||||
Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village Project, Series 2013: | ||||||||||||||||||
| 360 | 3.000%, 5/01/15 | No Opt. Call | BBB | 363,449 | ||||||||||||||
| 300 | 5.000%, 5/01/16 | No Opt. Call | BBB | 315,090 | ||||||||||||||
| 1,000 | 5.000%, 5/01/18 | No Opt. Call | BBB | 1,074,720 | ||||||||||||||
| 1,000 | Manheim Township School District, Lancaster County, Pennsylvania, General Obligation Bonds, Libor Index Rate Mode, Series 2014A, 0.000%, 5/01/25 (Mandatory put 5/01/18) | 11/17 at 100.00 | Aa3 | 999,920 | ||||||||||||||
| 208 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Pennsylvania (continued) | ||||||||||||||||||
| $ | 1,465 | Marion Center Area School District, Indiana County, Pennsylvania, General Obligation Bonds, Refunding Series 2013, 2.000%, 9/01/16 | No Opt. Call | A | $ | 1,504,174 | ||||||||||||
| 1,300 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc Project, Refunding Series 2010A, 0.370%, 4/01/19 (Mandatory put 1/02/15) (Alternative Minimum Tax) | No Opt. Call | BBB+ | 1,300,078 | ||||||||||||||
| 3,000 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc Project, Series 2014, 0.000%, 6/01/44 (Alternative Minimum Tax) | No Opt. Call | BBB+ | 3,000,120 | ||||||||||||||
| 420 | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2009, 1.750%, 12/01/33 (Mandatory put 12/01/15) | No Opt. Call | A– | 425,174 | ||||||||||||||
| 840 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Delaware Valley College of Science and Agriculture Project, Series 2012 LL1, 4.000%, 11/01/16 | No Opt. Call | Baa3 | 869,593 | ||||||||||||||
| 320 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A, 3.000%, 7/01/15 | No Opt. Call | BBB+ | 324,314 | ||||||||||||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A: | ||||||||||||||||||
| 275 | 4.000%, 7/15/15 | No Opt. Call | A– | 281,611 | ||||||||||||||
| 825 | 5.000%, 7/15/17 | No Opt. Call | A– | 910,808 | ||||||||||||||
Pennsylvania Higher Educational Facilities Authority, Revenue Refunding Bonds, Lock Haven University Foundation Student Housing Project, Series 2013A: | ||||||||||||||||||
| 610 | 2.000%, 7/01/15 | No Opt. Call | BBB– | 610,720 | ||||||||||||||
| 540 | 3.000%, 7/01/16 | No Opt. Call | BBB– | 547,555 | ||||||||||||||
| 640 | 3.000%, 7/01/17 | No Opt. Call | BBB– | 652,365 | ||||||||||||||
| 300 | Pennsylvania Higher Educational Facilities Authority, Widener University Revenue Bonds, Series 2014, 4.000%, 7/15/17 | No Opt. Call | A– | 323,571 | ||||||||||||||
| 1,350 | Philadelphia Authority for Industrial Development, Pennsylvania, Lease Revenue Bonds, Refunding Series 2014B, 4.000%, 10/01/17 | No Opt. Call | A+ | 1,471,406 | ||||||||||||||
| 1,070 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Eighth Series 2009A, 5.000%, 8/01/16 | No Opt. Call | A– | 1,146,462 | ||||||||||||||
| 1,000 | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Refunding Series 2014A, | No Opt. Call | A1 | 1,145,010 | ||||||||||||||
| 1,275 | Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014B, 4.000%, 9/01/18 – BAM Insured | No Opt. Call | AA | 1,414,141 | ||||||||||||||
| 2,880 | Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Refunding Bonds, Series 2002A, 5.500%, 9/01/18 – AGM Insured | No Opt. Call | AA | 3,348,576 | ||||||||||||||
| 1,000 | Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System First Lien Revenue Refunding Bonds, Series 2013A, 4.000%, 9/01/16 – AGM Insured | No Opt. Call | AA | 1,065,710 | ||||||||||||||
| 540 | Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 3.500%, 12/01/14 – AGM Insured | No Opt. Call | AA | 541,382 | ||||||||||||||
| 250 | Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated Group, Series 2014A, 5.000%, 6/01/18 (WI/DD, Settling 11/10/14) | No Opt. Call | Aa3 | 285,030 | ||||||||||||||
State Public School Building Authority, Pennsylvania, College Revenue Bonds, Harrisburg Area Community College Project, Series 2014B2: | ||||||||||||||||||
| 1,090 | 3.000%, 10/01/17 | No Opt. Call | AA | 1,149,111 | ||||||||||||||
| 1,255 | 4.000%, 10/01/18 | No Opt. Call | AA | 1,378,668 | ||||||||||||||
| Nuveen Investments | 209 |
Nuveen Short Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Pennsylvania (continued) | ||||||||||||||||||
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011: | ||||||||||||||||||
| $ | 1,385 | 4.000%, 8/01/15 | No Opt. Call | BBB+ | $ | 1,409,154 | ||||||||||||
| 1,440 | 4.250%, 8/01/16 | No Opt. Call | BBB+ | 1,497,586 | ||||||||||||||
| 33,225 | Total Pennsylvania | 35,185,355 | ||||||||||||||||
| Rhode Island – 0.5% | ||||||||||||||||||
| 270 | Rhode Isalnd Health and Educational Building Corporation, Higher Education Facility Revenue Refunding Bonds, University of Rhode Island General Revenue Bonds, Series 2013A, 3.000%, 9/15/16 | No Opt. Call | Aa3 | 281,354 | ||||||||||||||
| 1,025 | Rhode Island Economic Development Corporation, Airport Revenue Bonds, Refunding Series 2013C, 4.000%, 7/01/15 (Alternative Minimum Tax) | No Opt. Call | A3 | 1,048,524 | ||||||||||||||
Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, Board of Education Auxiliary Enterprise, Refunding Series 2013D: | ||||||||||||||||||
| 650 | 5.000%, 9/15/16 | No Opt. Call | A2 | 700,824 | ||||||||||||||
| 1,020 | 5.000%, 9/15/17 | No Opt. Call | A2 | 1,134,413 | ||||||||||||||
Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, Board of Education Educational & General, Refunding Series 2013B: | ||||||||||||||||||
| 250 | 3.000%, 9/15/16 | No Opt. Call | A1 | 260,275 | ||||||||||||||
| 555 | 3.000%, 9/15/17 | No Opt. Call | A1 | 586,241 | ||||||||||||||
| 250 | Rhode Island Student Loan Authority, Student Loan Program Revenue Bonds, Senior Series 2013A, 4.000%, 12/01/15 (Alternative Minimum Tax) | No Opt. Call | A+ | 259,015 | ||||||||||||||
| 4,020 | Total Rhode Island | 4,270,646 | ||||||||||||||||
| South Carolina – 0.9% | ||||||||||||||||||
| 2,390 | Charleston County, South Carolina, General Obligation Bonds, Refunding Series 2014A, | No Opt. Call | AAA | 2,749,671 | ||||||||||||||
| 1,010 | South Carolina JOBS Economic Development Authority, Hospital Revenue Bonds, Bon Secours Health System Obligated Group, Series 2012, 4.000%, 11/01/15 | No Opt. Call | A– | 1,044,461 | ||||||||||||||
| 590 | South Carolina JOBS Economic Development Authority, Revenue Bonds, Waste Management of South Carolina, Inc. Project, Series 2008, 2.875%, 2/01/15 | No Opt. Call | A– | 594,142 | ||||||||||||||
| 500 | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding & Improvement Series 2009, 5.000%, 8/01/15 | No Opt. Call | BBB+ | 514,600 | ||||||||||||||
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2013A: | ||||||||||||||||||
| 1,520 | 3.000%, 8/01/15 | No Opt. Call | BBB+ | 1,542,070 | ||||||||||||||
| 1,000 | 5.000%, 8/01/16 | No Opt. Call | BBB+ | 1,061,730 | ||||||||||||||
| 7,010 | Total South Carolina | 7,506,674 | ||||||||||||||||
| South Dakota – 0.6% | ||||||||||||||||||
| 1,000 | Sioux Falls School District 49-5, Minnehaha and Lincoln Counties, South Dakota, General Obligation Bonds, Refunding Certificate Series 2012, 4.000%, 1/01/18 | No Opt. Call | AA– | 1,101,340 | ||||||||||||||
| 1,305 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2009, 4.500%, 11/01/15 | No Opt. Call | A+ | 1,360,580 | ||||||||||||||
| 500 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, | No Opt. Call | A+ | 537,065 | ||||||||||||||
| 730 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Westhills Village Retirement Community, Series 2012, 3.500%, 9/01/16 | No Opt. Call | A | 758,309 | ||||||||||||||
| 210 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| South Dakota (continued) | ||||||||||||||||||
| $ | 1,225 | South Dakota Housing Development Authority, Multiple Purpose Revenue Bonds, Series 2013A, 1.600%, 5/01/18 | No Opt. Call | Aa3 | $ | 1,235,817 | ||||||||||||
| 4,760 | Total South Dakota | 4,993,111 | ||||||||||||||||
| Tennessee – 1.6% | ||||||||||||||||||
| 1,000 | Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2010B, 5.000%, 7/01/16 (Alternative Minimum Tax) | No Opt. Call | A | 1,072,940 | ||||||||||||||
| 1,290 | Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Refunding Series 2009B, 5.500%, 11/01/20 | 11/19 at 100.00 | AA– | 1,524,329 | ||||||||||||||
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Series 2012: | ||||||||||||||||||
| 1,000 | 2.000%, 11/01/14 | No Opt. Call | BBB+ | 1,000,000 | ||||||||||||||
| 1,050 | 2.000%, 11/01/15 | No Opt. Call | BBB+ | 1,061,519 | ||||||||||||||
| 1,000 | 3.000%, 11/01/16 | No Opt. Call | BBB+ | 1,034,620 | ||||||||||||||
| 1,500 | Metropolitan Government of Nashville-Davidson County, Tennessee, Exempt Facilities Revenue Bonds, Waste Management Inc., Series 2001, 3.750%, 8/01/31 (Mandatory put 8/01/17) (Alternative Minimum Tax) | 8/16 at 102.00 | A– | 1,502,400 | ||||||||||||||
| 500 | Metropolitan Government of Nashville-Davidson County, Tennessee, General Obligation Bonds, Refunding & Improvement Series 2010A, 4.000%, 7/01/15 | No Opt. Call | AA | 513,010 | ||||||||||||||
| 700 | Metropolitan Government of Nashville-Daviston County, Tennessee, Electric System Revenue Bonds, Series 2014A, 5.000%, 5/15/18 | No Opt. Call | AA+ | 801,493 | ||||||||||||||
| 1,800 | Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 7/01/16 | No Opt. Call | A+ | 1,928,160 | ||||||||||||||
| 1,710 | Shelby County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Methodist Healthcare, Series 2004, 5.000%, 9/01/17 – AGM Insured | No Opt. Call | AA | 1,914,174 | ||||||||||||||
| 11,550 | Total Tennessee | 12,352,645 | ||||||||||||||||
| Texas – 4.3% | ||||||||||||||||||
Corpus Christi Business and Job Development Corporation, Texas, Sales Tax Revenue Bonds, Arena Project, Refunding Series 2014: | ||||||||||||||||||
| 870 | 4.000%, 9/01/17 | No Opt. Call | AA– | 944,794 | ||||||||||||||
| 1,000 | 4.000%, 9/01/18 | No Opt. Call | AA– | 1,104,230 | ||||||||||||||
| 1,000 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2009A, 5.000%, 11/01/21 | 11/16 at 100.00 | A+ | 1,089,790 | ||||||||||||||
| 3,000 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2013E, 5.000%, 11/01/16 (Alternative Minimum Tax) | No Opt. Call | A+ | 3,272,400 | ||||||||||||||
| 1,300 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2014D, 5.000%, 11/01/18 (Alternative Minimum Tax) | No Opt. Call | A+ | 1,494,974 | ||||||||||||||
| 1,920 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding Bond Anticipation Note Series 2014A, 3.000%, 12/15/16 | No Opt. Call | N/R | 2,022,566 | ||||||||||||||
| 645 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2014A, 5.000%, 12/01/17 | No Opt. Call | A+ | 727,683 | ||||||||||||||
| 800 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A, 5.000%, 6/01/17 | No Opt. Call | Baa3 | 868,376 | ||||||||||||||
| 1,000 | Harrison County Health Facilities Development Corporation, Hospital Revenue Bonds, Good Shepherd Health System, Refunding Series 2010, 4.000%, 7/01/15 | No Opt. Call | BB– | 1,001,790 | ||||||||||||||
| Nuveen Investments | 211 |
Nuveen Short Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Texas (continued) | ||||||||||||||||||
| $ | 310 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/18 | No Opt. Call | A2 | $ | 354,640 | ||||||||||||
| 500 | Laredo Community College District, Webb County, Texas, General Obligation Bonds, Series 2014, 5.000%, 8/01/18 | No Opt. Call | AA– | 574,545 | ||||||||||||||
| 2,620 | Longview Independent School District, Gregg County, Texas, General Obligation Bonds, School Building Series 2008, 0.000%, 2/15/16 | No Opt. Call | AAA | 2,607,974 | ||||||||||||||
| 1,000 | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, 3.000%, 12/01/18 | No Opt. Call | Baa2 | 1,010,890 | ||||||||||||||
| 2,005 | Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2011, 4.000%, 1/01/15 | No Opt. Call | A– | 2,016,649 | ||||||||||||||
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing College Station I LLC – Texas A&M University Project, Series 2014A: | ||||||||||||||||||
| 125 | 4.000%, 4/01/18 – AGM Insured | No Opt. Call | AA | 135,305 | ||||||||||||||
| 300 | 4.000%, 4/01/19 – AGM Insured | No Opt. Call | AA | 326,637 | ||||||||||||||
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Series 2009A: | ||||||||||||||||||
| 1,425 | 4.000%, 9/01/15 – AGC Insured | No Opt. Call | AA | 1,465,114 | ||||||||||||||
| 1,260 | 4.000%, 9/01/16 – AGC Insured | No Opt. Call | AA | 1,333,685 | ||||||||||||||
| 1,425 | 4.375%, 9/01/18 – AGC Insured | No Opt. Call | AA | 1,582,634 | ||||||||||||||
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Series 2013: | ||||||||||||||||||
| 730 | 3.000%, 9/01/15 | No Opt. Call | A2 | 744,126 | ||||||||||||||
| 490 | 4.000%, 9/01/16 | No Opt. Call | A2 | 518,008 | ||||||||||||||
| 400 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2013A, 5.000%, 8/15/15 | No Opt. Call | Aa3 | 414,640 | ||||||||||||||
| 3,000 | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/16 | No Opt. Call | A3 | 3,230,910 | ||||||||||||||
| 2,000 | Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A, 5.000%, 4/01/19 | No Opt. Call | AAA | 2,343,400 | ||||||||||||||
| 2,830 | Texas State, General Obligation Bonds, Public Financing Authority, Refunding Series 2011, 5.000%, 10/01/17 | No Opt. Call | AAA | 3,194,730 | ||||||||||||||
| 31,955 | Total Texas | 34,380,490 | ||||||||||||||||
| Utah – 0.8% | ||||||||||||||||||
| 2,325 | Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Subordinate Lien Refunding Series 2014, 5.000%, 7/01/18 | No Opt. Call | AA– | 2,665,775 | ||||||||||||||
| 4,000 | Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2014A, 1.350%, 6/15/17 | 12/16 at 100.00 | A+ | 4,043,120 | ||||||||||||||
| 6,325 | Total Utah | 6,708,895 | ||||||||||||||||
| Vermont – 0.1% | ||||||||||||||||||
| 745 | Vermont Housing Finance Agency, Multiple Purpose Bonds, Series 2012B, 1.900%, 11/01/16 (Alternative Minimum Tax) | No Opt. Call | AA | 755,639 | ||||||||||||||
| Virgin Islands – 0.9% | ||||||||||||||||||
| 360 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2006, 5.000%, 10/01/15 – FGIC Insured | No Opt. Call | AA– | 373,291 | ||||||||||||||
| 212 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Virgin Islands (continued) | ||||||||||||||||||
| $ | 5,315 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2012C, 3.000%, 10/01/17 | No Opt. Call | BBB+ | $ | 5,529,992 | ||||||||||||
| 1,035 | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B, 5.000%, 10/01/19 | No Opt. Call | BBB | 1,169,074 | ||||||||||||||
| 6,710 | Total Virgin Islands | 7,072,357 | ||||||||||||||||
| Virginia – 0.7% | ||||||||||||||||||
| 1,100 | Dulles Town Center Community Development Authority, Loudon County, Virginia Special Assessment Refunding Bonds, Dulles Town Center Project, Series 2012, 3.000%, 3/01/16 | No Opt. Call | N/R | 1,103,806 | ||||||||||||||
| 2,620 | Fredericksburg Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2007, 5.000%, 6/15/17 | No Opt. Call | Baa1 | 2,830,150 | ||||||||||||||
| 1,275 | Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 4.000%, 11/01/16 | No Opt. Call | A– | 1,356,820 | ||||||||||||||
| 4,995 | Total Virginia | 5,290,776 | ||||||||||||||||
| Washington – 2.0% | ||||||||||||||||||
| 4,000 | Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2014A, 5.000%, 7/01/18 | No Opt. Call | Aa1 | 4,597,200 | ||||||||||||||
| 400 | King and Pierce Counties School District 408 Auburn, Washington, General Obligation Bonds, Refunding Series 2013, 3.000%, 12/01/14 | No Opt. Call | Aa1 | 400,972 | ||||||||||||||
Port of Pasco, Washington, Airport and General Port Revenue Bonds, Series 2014A: | ||||||||||||||||||
| 700 | 3.000%, 12/01/16 (Alternative Minimum Tax) | No Opt. Call | A– | 728,882 | ||||||||||||||
| 860 | 3.000%, 12/01/17 (Alternative Minimum Tax) | No Opt. Call | A– | 900,927 | ||||||||||||||
| 1,000 | Port of Seattle, Washington, Revenue Bonds, Refunding Inter-Lien Series 2010C, 5.000%, 2/01/16 | No Opt. Call | A+ | 1,058,930 | ||||||||||||||
| 1,000 | Port of Seattle, Washington, Revenue Bonds, Subordinate Lien Series 1999A, 5.500%, 9/01/17 – NPFG Insured | No Opt. Call | AA– | 1,132,640 | ||||||||||||||
Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Regional Health, Improvement & Refunding Series 2013A: | ||||||||||||||||||
| 470 | 4.000%, 12/01/16 | No Opt. Call | Baa2 | 494,948 | ||||||||||||||
| 1,425 | 4.000%, 12/01/17 | No Opt. Call | Baa2 | 1,516,670 | ||||||||||||||
| 610 | 5.000%, 12/01/18 | No Opt. Call | Baa2 | 673,568 | ||||||||||||||
| 205 | Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012, 4.000%, 12/01/16 | No Opt. Call | Baa3 | 215,709 | ||||||||||||||
Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A: | ||||||||||||||||||
| 320 | 5.000%, 11/15/17 | No Opt. Call | A+ | 360,528 | ||||||||||||||
| 450 | 5.000%, 11/15/18 | No Opt. Call | A+ | 519,386 | ||||||||||||||
| 275 | Washington Higher Education Facilities Authority Revenue Bonds, Whitworth University Project, Series 2012, 4.000%, 10/01/16 | No Opt. Call | Baa1 | 288,767 | ||||||||||||||
| 900 | Washington State Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2005D, 1.250%, 11/01/17 | No Opt. Call | A– | 905,013 | ||||||||||||||
| 500 | Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 5.000%, 1/01/18 | No Opt. Call | A | 551,460 | ||||||||||||||
| 500 | Washington State Housing Finance Commission, Non-Profit Revenue Bonds, Emerald Heights Project, Refunding 2013, 3.000%, 7/01/15 | No Opt. Call | A– | 506,425 | ||||||||||||||
| Nuveen Investments | 213 |
Nuveen Short Term Municipal Bond Fund (continued)
| Portfolio of Investments | October 31, 2014 (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Washington (continued) | ||||||||||||||||||
| $ | 1,000 | Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Refunding Series 2012, 5.000%, 7/01/18 | No Opt. Call | AA+ | $ | 1,149,290 | ||||||||||||
| 14,615 | Total Washington | 16,001,315 | ||||||||||||||||
| West Virginia – 0.5% | ||||||||||||||||||
| 3,750 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company – Amos Project, Series 2011A, 2.250%, 1/01/41 (Mandatory put 9/01/16) (Alternative Minimum Tax) | No Opt. Call | Baa1 | 3,801,938 | ||||||||||||||
| Wisconsin – 0.7% | ||||||||||||||||||
| 325 | Wisconsin Health & Educational Facs Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2014A, 5.000%, 12/01/17 | No Opt. Call | Aa3 | 367,406 | ||||||||||||||
| 220 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2009B, 1.250%, 8/15/25 (Mandatory put 8/15/17) | 8/17 at 100.00 | A | 222,011 | ||||||||||||||
| 1,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.000%, 4/15/16 | No Opt. Call | A | 1,060,860 | ||||||||||||||
| 1,050 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beaver Dam Community Hospitals Inc., Series 2013A, 3.000%, 8/15/15 | No Opt. Call | BBB– | 1,063,577 | ||||||||||||||
| 610 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/17 | No Opt. Call | A– | 658,214 | ||||||||||||||
| 290 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Series 2010A, 5.000%, 8/15/15 | No Opt. Call | AA | 300,890 | ||||||||||||||
| 500 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Watertown Regional Medical Center, Inc., Series 2012, 2.000%, 9/01/16 | No Opt. Call | BBB+ | 509,145 | ||||||||||||||
| 200 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014, 2.750%, 10/01/17 | No Opt. Call | N/R | 200,054 | ||||||||||||||
| 1,300 | Wisconsin State, Master Lease Certificates of Participation, Series 2014A, 5.000%, 3/01/18 | No Opt. Call | AA– | 1,471,226 | ||||||||||||||
| 5,495 | Total Wisconsin | 5,853,383 | ||||||||||||||||
| Wyoming – 0.1% | ||||||||||||||||||
Natrona County, Wyoming, Hospital Revenue Bonds, Wyoming Medical Center Project, Series 2011: | ||||||||||||||||||
| 530 | 4.000%, 9/15/15 | No Opt. Call | A3 | 543,160 | ||||||||||||||
| 300 | 4.000%, 9/15/16 | No Opt. Call | A3 | 314,318 | ||||||||||||||
| 830 | Total Wyoming | 857,478 | ||||||||||||||||
| $ | 725,312 | Total Municipal Bonds (cost $762,371,175) | 771,700,395 | |||||||||||||||
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
SHORT-TERM INVESTMENTS – 3.2% | ||||||||||||||||||
MUNICIPAL BONDS – 3.2% | ||||||||||||||||||
| Arizona – 0.7% | ||||||||||||||||||
| $ | 5,500 | Glendale Industrial Development Authority, Arizona, Senior Living Facility Revenue Bonds, Variable Rate Demand Obligations, Friendship Retirement Corporation, Senior Lien, Series 1997, 0.140%, 1/01/27 (6) | 2/15 at 100.00 | A-1 | $ | 5,500,000 | ||||||||||||
| California – 0.6% | ||||||||||||||||||
| 5,000 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Variable Rate Demand Obligations, Republic Services Inc., Series 2010A, 0.450%, 8/01/23 (Mandatory put 11/03/14) (Alternative Minimum Tax) (6) | No Opt. Call | A-2 | 5,000,000 | ||||||||||||||
| 214 | Nuveen Investments |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||||||||
| Colorado – 0.2% | ||||||||||||||||||
| $ | 1,700 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Denver Seminary Project, Variable Rate Demand Obligations, Series 2004, 0.140% 7/01/34 (6) | 2/15 at 100.00 | A-1 | $ | 1,700,000 | ||||||||||||
| Indiana – 0.4% | ||||||||||||||||||
| 3,000 | Indiana Finance Authority, Economic Development Revenue Bonds, Republic Service, Inc. Project, Variable Rate Demand Obligations, Refunding Series 2010A, 0.400%, 5/01/34 (Mandatory put 12/01/14) (Alternative Minimum Tax) (6) | No Opt. Call | A-2 | 3,000,000 | ||||||||||||||
| Iowa – 0.1% | ||||||||||||||||||
| 1,000 | Iowa Higher Education Loan Authority, Revenue Anticipation Notes, University of Dubuque, Variable Rate Demand Obligations, Private Education Working Capital Loan Program Series 2014A, 2.000%, 5/14/15 (6) | No Opt. Call | SP-1 | 1,007,160 | ||||||||||||||
| Michigan – 0.0% | ||||||||||||||||||
| 325 | Michigan Finance Authority, General Obligation Bonds, Detroit City School District, Variable Rate Demand Obligations, State Aid Notes Series 2014E, 2.850%, 8/20/15 (6) | No Opt. Call | SP-1 | 326,294 | ||||||||||||||
| Missouri – 0.3% | ||||||||||||||||||
| 2,020 | Missouri Development Finance Board, Independence, Infrastructure Facilities Revenue Bonds, Variable Rate Demand Obligations, Water System Improvement Projects, Series 2009E, 4.000%, 11/01/16 (6) | 11/14 at 100.00 | A– | 2,020,000 | ||||||||||||||
| North Carolina – 0.5% | ||||||||||||||||||
| 4,000 | North Carolina Capital Facilities Financing Agency, Solid Waste Disposal Revenue Bonds, Republic Services Inc., Project, Variable Rate Demand Obligations, Series 2013, 0.400%, 6/01/38 (Mandatory put 12/16/14) (Alternative Minimum Tax) (6) | 3/15 at 100.00 | A-2 | 4,000,000 | ||||||||||||||
| Pennsylvania – 0.4% | ||||||||||||||||||
| 2,965 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Variable Rate Demand Obligations, Association of Independent Colleges and Universities of Pennsylvania Financing Program-Messiah College Project, Series 2001-13, 0.550%, 11/01/31 (6) | 11/15 at 100.00 | A-1 | 2,965,000 | ||||||||||||||
| $ | 25,510 | Total Short-Term Investments (cost $25,516,859) | 25,518,454 | |||||||||||||||
Total Investments (cost $787,888,034) – 100.0% | 797,218,849 | |||||||||||||||||
Other Assets Less Liabilities – 0.0% | (285,970 | ) | ||||||||||||||||
Net Assets – 100% | $ | 796,932,879 | ||||||||||||||||
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (5) | During July 2010, the original issue for this security (1,000,000 par, 5.500% coupon and May, 15, 2015 maturity) was restructured into two new securities. The first security, which is 30% of the original issue, has 300,000 par, 0.000% coupon and May 15, 2050 maturity. The second security, which is the remaining 70% of the issue, has a 700,000 par, 5.100% coupon and May 15, 2014 maturity. During September 2011, the Adviser concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. |
| (6) | Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
| WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
| (ETM) | Escrowed to maturity. |
| Reg S | Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States. |
See accompanying notes to financial statements.
| Nuveen Investments | 215 |
| Assets and Liabilities | October 31, 2014 (Unaudited) |
| All-American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
Assets | ||||||||||||||||||||
Long-term investments, at value (cost $2,060,686,813, $71,586,996, $4,369,064,819, $3,668,713,574 and $762,371,175, respectively) | $ | 2,274,455,227 | $ | 73,094,415 | $ | 4,604,697,488 | $ | 3,783,349,575 | $ | 771,700,395 | ||||||||||
Short-term investments, at value (cost $8,085,000, $—, $2,740,000, $34,115,000 and $25,516,859, respectively) | 8,219,211 | — | 2,785,484 | 34,146,706 | 25,518,454 | |||||||||||||||
Cash | 76,725,211 | 231,095 | 4,866,955 | 4,773,023 | — | |||||||||||||||
Credit default swaps premiums paid | — | 106,663 | — | — | — | |||||||||||||||
Unrealized appreciation on credit default swaps, net | — | 17,714 | — | — | — | |||||||||||||||
Receivable for: | ||||||||||||||||||||
Interest | 33,759,254 | 907,449 | 61,622,408 | 49,588,766 | 8,351,536 | |||||||||||||||
Investments sold | 42,740,656 | 468,285 | 12,506,886 | 4,612,482 | — | |||||||||||||||
Shares sold | 5,086,314 | 233,800 | 10,978,386 | 13,752,444 | 1,402,708 | |||||||||||||||
Other assets | 279,920 | 36,468 | 472,845 | 251,220 | 66,893 | |||||||||||||||
Total assets | 2,441,265,793 | 75,095,889 | 4,697,930,452 | 3,890,474,216 | 807,039,986 | |||||||||||||||
Liabilities | ||||||||||||||||||||
Cash overdraft | — | — | — | — | 52,458 | |||||||||||||||
Floating rate obligations | 6,525,000 | — | — | — | — | |||||||||||||||
Unrealized depreciation on consumer price index swaps | — | 3,690,093 | — | — | — | |||||||||||||||
Payable for: | ||||||||||||||||||||
Dividends | 2,660,168 | 2,315 | 3,929,158 | 2,178,597 | 383,369 | |||||||||||||||
Investments purchased | 85,937,895 | 517,161 | 74,497,955 | 36,877,027 | 7,497,682 | |||||||||||||||
Shares redeemed | 3,776,801 | 100,749 | 7,414,464 | 5,875,005 | 1,673,589 | |||||||||||||||
Accrued expenses: | ||||||||||||||||||||
Management fees | 845,694 | 21,195 | 1,611,282 | 1,164,023 | 276,924 | |||||||||||||||
Directors/Trustees fees | 112,542 | 613 | 422,783 | 217,099 | 20,096 | |||||||||||||||
12b-1 distribution and service fees | 393,317 | 11,503 | 266,422 | 486,512 | 45,661 | |||||||||||||||
Other | 514,745 | 35,664 | 879,482 | 691,733 | 157,328 | |||||||||||||||
Total liabilities | 100,766,162 | 4,379,293 | 89,021,546 | 47,489,996 | 10,107,107 | |||||||||||||||
Net assets | $ | 2,340,499,631 | $ | 70,716,596 | $ | 4,608,908,906 | $ | 3,842,984,220 | $ | 796,932,879 | ||||||||||
Class A Shares | ||||||||||||||||||||
Net assets | $ | 919,494,525 | $ | 28,491,319 | $ | 1,028,128,912 | $ | 1,126,736,891 | $ | 197,862,803 | ||||||||||
Shares outstanding | 79,362,931 | 2,617,295 | 111,079,151 | 100,944,369 | 19,478,894 | |||||||||||||||
Net asset value (“NAV”) per share | $ | 11.59 | $ | 10.89 | $ | 9.26 | $ | 11.16 | $ | 10.16 | ||||||||||
Offering price per share (NAV per share plus maximum sales charge of 4.20%, 3.00%, 3.00%, 2.50% and 2.50%, respectively, of offering price) | $ | 12.10 | $ | 11.23 | $ | 9.55 | $ | 11.45 | $ | 10.42 | ||||||||||
Class C Shares | ||||||||||||||||||||
Net assets | $ | 23,341,550 | $ | 1,192,355 | $ | 8,942,798 | $ | 29,988,427 | $ | 2,622,648 | ||||||||||
Shares outstanding | 2,013,597 | 109,677 | 964,883 | 2,696,676 | 258,590 | |||||||||||||||
NAV and offering price per share | $ | 11.59 | $ | 10.87 | $ | 9.27 | $ | 11.12 | $ | 10.14 | ||||||||||
Class C2 Shares | ||||||||||||||||||||
Net assets | $ | 343,321,443 | $ | 9,311,908 | $ | 120,032,329 | $ | 574,633,837 | $ | 21,712,048 | ||||||||||
Shares outstanding | 29,618,035 | 855,843 | 12,937,052 | 51,657,491 | 2,139,979 | |||||||||||||||
NAV and offering price per share | $ | 11.59 | $ | 10.88 | $ | 9.28 | $ | 11.12 | $ | 10.15 | ||||||||||
Class I Shares | ||||||||||||||||||||
Net assets | $ | 1,054,342,113 | $ | 31,721,014 | $ | 3,451,804,867 | $ | 2,111,625,065 | $ | 574,735,380 | ||||||||||
Shares outstanding | 90,649,138 | 2,909,709 | 371,909,123 | 190,081,142 | 56,566,253 | |||||||||||||||
NAV and offering price per share | $ | 11.63 | $ | 10.90 | $ | 9.28 | $ | 11.11 | $ | 10.16 | ||||||||||
Net assets consist of: | ||||||||||||||||||||
Capital paid-in | $ | 2,207,156,363 | $ | 75,596,617 | $ | 4,381,634,693 | $ | 3,747,474,931 | $ | 788,712,064 | ||||||||||
Undistributed (Over-distribution of) net investment income | 6,771,670 | 118,175 | 7,940,110 | 3,524,582 | (268,084 | ) | ||||||||||||||
Accumulated net realized gain (loss) | (87,331,027 | ) | (2,833,236 | ) | (16,344,050 | ) | (22,683,000 | ) | (841,916 | ) | ||||||||||
Net unrealized appreciation (depreciation) | 213,902,625 | (2,164,960 | ) | 235,678,153 | 114,667,707 | 9,330,815 | ||||||||||||||
Net assets | $ | 2,340,499,631 | $ | 70,716,596 | $ | 4,608,908,906 | $ | 3,842,984,220 | $ | 796,932,879 | ||||||||||
Authorized shares – per class | Unlimited | Unlimited | Unlimited | Unlimited | 2 billion | |||||||||||||||
Par value per share | $ | 0.01 | $ | 0.01 | $ | 0.001 | $ | 0.01 | $ | 0.0001 | ||||||||||
See accompanying notes to financial statements.
| 216 | Nuveen Investments |
| Operations | Six Months Ended October 31, 2014 (Unaudited) |
| All-American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
Investment Income | $ | 55,046,971 | $ | 1,100,833 | $ | 80,340,292 | $ | 47,988,591 | $ | 6,640,178 | ||||||||||
Expenses | ||||||||||||||||||||
Management fees | 4,920,996 | 158,810 | 9,251,025 | 6,836,680 | 1,602,755 | |||||||||||||||
12b-1 service fees – Class A Shares(1) | 925,828 | 29,719 | 996,366 | 1,242,742 | 204,520 | |||||||||||||||
12b-1 distribution and service fees – Class C Shares | 67,978 | 2,179 | 26,756 | 100,439 | 8,266 | |||||||||||||||
12b-1 distribution and service fees – Class C2 Shares | 1,311,935 | 36,803 | 465,326 | 1,661,376 | 67,370 | |||||||||||||||
Shareholder servicing agent fees and expenses | 474,294 | 16,777 | 1,111,241 | 695,441 | 116,091 | |||||||||||||||
Interest expense | 18,243 | — | — | — | — | |||||||||||||||
Custodian fees and expenses | 177,357 | 23,156 | 333,707 | 292,244 | 163,256 | |||||||||||||||
Directors/Trustees fees and expenses | 37,824 | 1,395 | 72,905 | 62,386 | 12,987 | |||||||||||||||
Professional fees | 57,866 | 16,018 | 116,818 | 74,725 | 32,188 | |||||||||||||||
Shareholder reporting expenses | 107,252 | 6,389 | 210,915 | 198,810 | 21,920 | |||||||||||||||
Federal and state registration fees | 60,410 | 27,953 | 145,796 | 89,726 | 52,095 | |||||||||||||||
Other expenses | 50,554 | 3,730 | 79,870 | 74,295 | 7,011 | |||||||||||||||
Total expenses before fee waiver/expense reimbursement | 8,210,537 | 322,929 | 12,810,725 | 11,328,864 | 2,288,459 | |||||||||||||||
Fee waiver/expense reimbursement | — | (60,921 | ) | — | (25,110 | ) | (3,720 | ) | ||||||||||||
Net expenses | 8,210,537 | 262,008 | 12,810,725 | 11,303,754 | 2,284,739 | |||||||||||||||
Net investment income (loss) | 46,836,434 | 838,825 | 67,529,567 | 36,684,837 | 4,355,439 | |||||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments | 7,632,242 | 51,080 | 1,773,977 | 1,946,147 | (388,276 | ) | ||||||||||||||
Swaps | — | (536 | ) | — | — | — | ||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments | 63,496,620 | 1,856,080 | 61,072,603 | 14,393,648 | 1,175,729 | |||||||||||||||
Swaps | — | (1,297,539 | ) | — | — | — | ||||||||||||||
Net realized and unrealized gain (loss) | 71,128,862 | 609,085 | 62,846,580 | 16,339,795 | 787,453 | |||||||||||||||
Net increase (decrease) in net assets from operations | $ | 117,965,296 | $ | 1,447,910 | $ | 130,376,147 | $ | 53,024,632 | $ | 5,142,892 | ||||||||||
| (1) | Includes 12b-1 distribution and service fees incurred on All American’s and Intermediate Duration’s Class B Shares during the period. Class B Shares of All American and Intermediate Duration converted to Class A Shares at the close of business on June 23, 2014, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds. |
See accompanying notes to financial statements.
| Nuveen Investments | 217 |
| Changes in Net Assets | (Unaudited) |
| All-American | Inflation Protected | |||||||||||||||||
Six Months Ended | Year Ended 4/30/14 | Six Months Ended 10/31/14 | Year Ended 4/30/14 | |||||||||||||||
Operations | ||||||||||||||||||
Net investment income (loss) | $ | 46,836,434 | $ | 107,491,461 | $ | 838,825 | $ | 2,116,268 | ||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments | 7,632,242 | (49,447,036 | ) | 51,080 | (1,626,649 | ) | ||||||||||||
Swaps | — | — | (536 | ) | (1,151,072 | ) | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||
Investments | 63,496,620 | (115,133,862 | ) | 1,856,080 | (2,987,472 | ) | ||||||||||||
Swaps | — | — | (1,297,539 | ) | (1,296,982 | ) | ||||||||||||
Net increase (decrease) in net assets from operations | 117,965,296 | (57,089,437 | ) | 1,447,910 | (4,945,907 | ) | ||||||||||||
Distributions to Shareholders | ||||||||||||||||||
From net investment income: | ||||||||||||||||||
Class A(1) | (19,256,009 | ) | (41,233,306 | ) | (354,872 | ) | (981,814 | ) | ||||||||||
Class B | — | (99,506 | ) | — | — | |||||||||||||
Class C(2) | (225,652 | ) | (16,146 | ) | (3,320 | ) | (470 | ) | ||||||||||
Class C2(3) | (6,386,785 | ) | (14,101,670 | ) | (90,769 | ) | (211,076 | ) | ||||||||||
Class I | (22,014,751 | ) | (44,641,920 | ) | (361,222 | ) | (733,286 | ) | ||||||||||
From accumulated net realized gains: | ||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||
Class B | — | — | — | — | ||||||||||||||
Class C(2) | — | — | — | — | ||||||||||||||
Class C2(3) | — | — | — | — | ||||||||||||||
Class I | — | — | — | — | ||||||||||||||
Decrease in net assets from distributions to shareholders | (47,883,197 | ) | (100,092,548 | ) | (810,183 | ) | (1,926,646 | ) | ||||||||||
Fund Share Transactions | ||||||||||||||||||
Proceeds from sale of shares | 217,372,388 | 418,658,782 | 16,023,057 | 33,875,438 | ||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 31,870,725 | 67,022,468 | 798,208 | 1,877,397 | ||||||||||||||
| 249,243,113 | 485,681,250 | 16,821,265 | 35,752,835 | |||||||||||||||
Cost of shares redeemed | (208,437,045 | ) | (1,112,102,624 | ) | (11,023,601 | ) | (76,635,434 | ) | ||||||||||
Net increase (decrease) in net assets from Fund share transactions | 40,806,068 | (626,421,374 | ) | 5,797,664 | (40,882,599 | ) | ||||||||||||
Net increase (decrease) in net assets | 110,888,167 | (783,603,359 | ) | 6,435,391 | (47,755,152 | ) | ||||||||||||
Net assets at the beginning of period | 2,229,611,464 | 3,013,214,823 | 64,281,205 | 112,036,357 | ||||||||||||||
Net assets at the end of period | $ | 2,340,499,631 | $ | 2,229,611,464 | $ | 70,716,596 | $ | 64,281,205 | ||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 6,771,670 | $ | 7,818,433 | $ | 118,175 | $ | 89,533 | ||||||||||
| (1) | Includes 12b-1 distribution and service fees incurred on All American’s Class B Shares during the six months ended October 31, 2014. Class B Shares of All American converted to Class A Shares at the close of business on June 23, 2014, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds. |
| (2) | Class C Shares were established and commenced operations on February 10, 2014. |
| (3) | Class C2 Shares (formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014) are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts. |
See accompanying notes to financial statements.
| 218 | Nuveen Investments |
| Intermediate Duration | Limited Term | |||||||||||||||||
Six Months Ended | Year Ended 4/30/14 | Six Months Ended 10/31/14 | Year Ended 4/30/14 | |||||||||||||||
Operations | ||||||||||||||||||
Net investment income (loss) | $ | 67,529,567 | $ | 128,851,379 | $ | 36,684,837 | $ | 74,775,968 | ||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments | 1,773,977 | (5,101,078 | ) | 1,946,147 | (4,617,663 | ) | ||||||||||||
Swaps | — | — | — | — | ||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||
Investments | 61,072,603 | (105,739,417 | ) | 14,393,648 | (52,891,617 | ) | ||||||||||||
Swaps | — | — | — | — | ||||||||||||||
Net increase (decrease) in net assets from operations | 130,376,147 | 18,010,884 | 53,024,632 | 17,266,688 | ||||||||||||||
Distributions to Shareholders | ||||||||||||||||||
From net investment income: | ||||||||||||||||||
Class A(1) | (14,782,266 | ) | (19,186,975 | ) | (11,908,170 | ) | (25,337,930 | ) | ||||||||||
Class B | — | (35,487 | ) | — | — | |||||||||||||
Class C(2) | (57,669 | ) | (5,649 | ) | (137,708 | ) | (14,519 | ) | ||||||||||
Class C2(3) | (1,522,102 | ) | (3,471,647 | ) | (4,694,172 | ) | (10,195,064 | ) | ||||||||||
Class I | (53,218,202 | ) | (101,637,242 | ) | (20,228,462 | ) | (34,775,272 | ) | ||||||||||
From accumulated net realized gains: | ||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||
Class B | — | — | — | — | ||||||||||||||
Class C(2) | — | — | — | — | ||||||||||||||
Class C2(3) | — | — | — | — | ||||||||||||||
Class I | — | — | — | — | ||||||||||||||
Decrease in net assets from distributions to shareholders | (69,580,239 | ) | (124,337,000 | ) | (36,968,512 | ) | (70,322,785 | ) | ||||||||||
Fund Share Transactions | ||||||||||||||||||
Proceeds from sale of shares | 744,659,980 | 1,313,738,074 | 799,711,597 | 1,625,969,490 | ||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 46,246,705 | 80,864,299 | 24,028,254 | 45,185,752 | ||||||||||||||
| 790,906,685 | 1,394,602,373 | 823,739,851 | 1,671,155,242 | |||||||||||||||
Cost of shares redeemed | (459,964,904 | ) | (1,263,883,765 | ) | (690,096,366 | ) | (1,634,003,530 | ) | ||||||||||
Net increase (decrease) in net assets from Fund share transactions | 330,941,781 | 130,718,608 | 133,643,485 | 37,151,712 | ||||||||||||||
Net increase (decrease) in net assets | 391,737,689 | 24,392,492 | 149,699,605 | (15,904,385 | ) | |||||||||||||
Net assets at the beginning of period | 4,217,171,217 | 4,192,778,725 | 3,693,284,615 | 3,709,189,000 | ||||||||||||||
Net assets at the end of period | $ | 4,608,908,906 | $ | 4,217,171,217 | $ | 3,842,984,220 | $ | 3,693,284,615 | ||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 7,940,110 | $ | 9,990,782 | $ | 3,524,582 | $ | 3,808,257 | ||||||||||
| (1) | Includes 12b-1 distribution and service fees incurred on Intermediate Duration’s Class B Shares during the six months ended October 31, 2014. Class B Shares of Intermediate Duration converted to Class A Shares at the close of business on June 23, 2014, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds. |
| (2) | Class C Shares were established and commenced operations on February 10, 2014. |
| (3) | Class C2 Shares (formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014) are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts. |
See accompanying notes to financial statements.
| Nuveen Investments | 219 |
Statement of Changes in Net Assets (Unaudited) (continued)
| Short Term | ||||||||
Six Months Ended | Year Ended 4/30/14 | |||||||
Operations | ||||||||
Net investment income (loss) | $ | 4,355,439 | $ | 8,286,952 | ||||
Net realized gain (loss) from: | ||||||||
Investments | (388,276 | ) | (74,202 | ) | ||||
Swaps | — | — | ||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||
Investments | 1,175,729 | (2,086,107 | ) | |||||
Swaps | — | �� | ||||||
Net increase (decrease) in net assets from operations | 5,142,892 | 6,126,643 | ||||||
Distributions to Shareholders | ||||||||
From net investment income: | ||||||||
Class A | (1,017,997 | ) | (2,195,247 | ) | ||||
Class B | — | — | ||||||
Class C(1) | (5,081 | ) | (516 | ) | ||||
Class C2(2) | (79,526 | ) | (246,169 | ) | ||||
Class I | (3,284,672 | ) | (6,085,756 | ) | ||||
From accumulated net realized gains: | ||||||||
Class A | — | — | ||||||
Class B | — | — | ||||||
Class C(1) | — | — | ||||||
Class C2(2) | — | — | ||||||
Class I | — | — | ||||||
Decrease in net assets from distributions to shareholders | (4,387,276 | ) | (8,527,688 | ) | ||||
Fund Share Transactions | ||||||||
Proceeds from sale of shares | 233,895,374 | 655,155,533 | ||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 2,016,888 | 3,537,642 | ||||||
| 235,912,262 | 658,693,175 | |||||||
Cost of shares redeemed | (167,198,433 | ) | (424,622,088 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions | 68,713,829 | 234,071,087 | ||||||
Net increase (decrease) in net assets | 69,469,445 | 231,670,042 | ||||||
Net assets at the beginning of period | 727,463,434 | 495,793,392 | ||||||
Net assets at the end of period | $ | 796,932,879 | $ | 727,463,434 | ||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (268,084 | ) | $ | (236,247 | ) | ||
| (1) | Class C Shares were established and commenced operations on February 10, 2014. |
| (2) | Class C2 Shares (formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014) are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts. |
See accompanying notes to financial statements.
| 220 | Nuveen Investments |
THIS PAGE INTENTIONALLY LEFT BLANK
| Nuveen Investments | 221 |
Highlights (Unaudited)
All-American
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended April 30, | Beginning NAV | Net Investment Income (Loss)(a) | Net Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||
Class A (10/88) |
| |||||||||||||||||||||||||||||||||
2015(g) | $ | 11.23 | $ | 0.23 | $ | 0.37 | $ | 0.60 | $ | (0.24 | ) | $ | — | $ | (0.24 | ) | $ | 11.59 | ||||||||||||||||
2014 | 11.76 | 0.49 | (0.56 | ) | (0.07 | ) | (0.46 | ) | — | (0.46 | ) | 11.23 | ||||||||||||||||||||||
2013 | 11.36 | 0.47 | 0.41 | 0.88 | (0.48 | ) | — | (0.48 | ) | 11.76 | ||||||||||||||||||||||||
2012 | 10.24 | 0.54 | 1.13 | 1.67 | (0.55 | ) | — | (0.55 | ) | 11.36 | ||||||||||||||||||||||||
2011 | 10.63 | 0.56 | (0.40 | ) | 0.16 | (0.55 | ) | — | (0.55 | ) | 10.24 | |||||||||||||||||||||||
2010 | 9.54 | 0.56 | 1.06 | 1.62 | (0.53 | ) | — | (0.53 | ) | 10.63 | ||||||||||||||||||||||||
Class C (2/14) |
| |||||||||||||||||||||||||||||||||
2015(g) | 11.24 | 0.18 | 0.37 | 0.55 | (0.20 | ) | — | (0.20 | ) | 11.59 | ||||||||||||||||||||||||
2014(e) | 10.99 | 0.02 | 0.32 | 0.34 | (0.09 | ) | — | (0.09 | ) | 11.24 | ||||||||||||||||||||||||
Class C2 (6/93)(f) |
| |||||||||||||||||||||||||||||||||
2015(g) | 11.24 | 0.20 | 0.36 | 0.56 | (0.21 | ) | — | (0.21 | ) | 11.59 | ||||||||||||||||||||||||
2014 | 11.76 | 0.43 | (0.55 | ) | (0.12 | ) | (0.40 | ) | — | (0.40 | ) | 11.24 | ||||||||||||||||||||||
2013 | 11.37 | 0.40 | 0.41 | 0.81 | (0.42 | ) | — | (0.42 | ) | 11.76 | ||||||||||||||||||||||||
2012 | 10.24 | 0.48 | 1.14 | 1.62 | (0.49 | ) | — | (0.49 | ) | 11.37 | ||||||||||||||||||||||||
2011 | 10.63 | 0.50 | (0.39 | ) | 0.11 | (0.50 | ) | — | (0.50 | ) | 10.24 | |||||||||||||||||||||||
2010 | 9.55 | 0.50 | 1.06 | 1.56 | (0.48 | ) | — | (0.48 | ) | 10.63 | ||||||||||||||||||||||||
Class I (2/97) |
| |||||||||||||||||||||||||||||||||
2015(g) | 11.28 | 0.25 | 0.35 | 0.60 | (0.25 | ) | — | (0.25 | ) | 11.63 | ||||||||||||||||||||||||
2014 | 11.80 | 0.51 | (0.55 | ) | (0.04 | ) | (0.48 | ) | — | (0.48 | ) | 11.28 | ||||||||||||||||||||||
2013 | 11.40 | 0.49 | 0.41 | 0.90 | (0.50 | ) | — | (0.50 | ) | 11.80 | ||||||||||||||||||||||||
2012 | 10.28 | 0.55 | 1.14 | 1.69 | (0.57 | ) | — | (0.57 | ) | 11.40 | ||||||||||||||||||||||||
2011 | 10.67 | 0.58 | (0.39 | ) | 0.19 | (0.58 | ) | — | (0.58 | ) | 10.28 | |||||||||||||||||||||||
2010 | 9.58 | 0.58 | 1.07 | 1.65 | (0.56 | ) | — | (0.56 | ) | 10.67 | ||||||||||||||||||||||||
| 222 | Nuveen Investments |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||
| Ratios to Average Net Assets | ||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses Including Interest(c) | Expenses Excluding Interest | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |||||||||||||||||||||
| 5.30 | % | $ | 919,495 | 0.71 | %* | 0.71 | %* | 4.08 | %* | 9 | % | |||||||||||||||
| (0.42 | ) | 907,137 | 0.72 | 0.72 | 4.46 | 13 | ||||||||||||||||||||
| 7.83 | 1,230,356 | 0.72 | 0.72 | 4.01 | 17 | |||||||||||||||||||||
| 16.68 | 969,745 | 0.78 | 0.77 | 4.98 | 18 | |||||||||||||||||||||
| 1.53 | 350,778 | 0.78 | 0.78 | 5.34 | 26 | |||||||||||||||||||||
| 17.36 | 352,666 | 0.80 | 0.80 | 5.46 | 33 | |||||||||||||||||||||
| 4.88 | 23,342 | 1.50 | * | 1.50 | * | 3.17 | * | 9 | ||||||||||||||||||
| 3.06 | 4,923 | 1.50 | * | 1.50 | * | 3.39 | * | 13 | ||||||||||||||||||
| 5.02 | 343,321 | 1.26 | * | 1.26 | * | 3.54 | * | 9 | ||||||||||||||||||
| (0.90 | ) | 353,220 | 1.27 | 1.27 | 3.91 | 13 | ||||||||||||||||||||
| 7.17 | 494,747 | 1.27 | 1.27 | 3.45 | 17 | |||||||||||||||||||||
| 16.14 | 361,364 | 1.33 | 1.32 | 4.43 | 18 | |||||||||||||||||||||
| 0.99 | 167,535 | 1.33 | 1.33 | 4.78 | 26 | |||||||||||||||||||||
| 16.62 | 151,025 | 1.34 | 1.34 | 4.91 | 33 | |||||||||||||||||||||
| 5.39 | 1,054,342 | 0.51 | * | 0.51 | * | 4.28 | * | 9 | ||||||||||||||||||
| (0.14 | ) | 962,101 | 0.52 | 0.52 | 4.66 | 13 | ||||||||||||||||||||
| 8.03 | 1,283,660 | 0.52 | 0.52 | 4.22 | 17 | |||||||||||||||||||||
| 16.71 | 1,120,747 | 0.56 | 0.55 | 5.13 | 18 | |||||||||||||||||||||
| 1.84 | 93,633 | 0.58 | 0.58 | 5.53 | 26 | |||||||||||||||||||||
| 17.52 | 39,683 | 0.59 | 0.59 | 5.64 | 33 | |||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
| (c) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities. |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (e) | For the period February 10, 2014 (commencement of operations) through April 30, 2014. |
| (f) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014. |
| (g) | For the six months ended October 31, 2014. |
| * | Annualized. |
See accompanying notes to financial statements.
| Nuveen Investments | 223 |
Financial Highlights (Unaudited) (continued)
Inflation Protected
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended April 30, | Beginning NAV | Net Investment Income (Loss)(a) | Net Gain (Loss) | Total | From Net Investment Income | From Gains | Total | Ending NAV | ||||||||||||||||||||||||||
Class A (3/11) |
| |||||||||||||||||||||||||||||||||
2015(i) | $ | 10.77 | $ | 0.14 | $ | 0.11 | $ | 0.25 | $ | (0.13 | ) | $ | — | $ | (0.13 | ) | $ | 10.89 | ||||||||||||||||
2014 | 11.31 | 0.26 | (0.55 | ) | (0.29 | ) | (0.25 | ) | — | (0.25 | ) | 10.77 | ||||||||||||||||||||||
2013 | 11.01 | 0.24 | 0.35 | 0.59 | (0.28 | ) | (0.01 | ) | (0.29 | ) | 11.31 | |||||||||||||||||||||||
2012 | 10.36 | 0.33 | 0.66 | 0.99 | (0.34 | ) | — | (0.34 | ) | 11.01 | ||||||||||||||||||||||||
2011(e) | 10.00 | 0.04 | 0.34 | 0.38 | (0.02 | ) | — | (0.02 | ) | 10.36 | ||||||||||||||||||||||||
Class C (2/14) |
| |||||||||||||||||||||||||||||||||
2015(i) | 10.76 | 0.08 | 0.12 | 0.20 | (0.09 | ) | — | (0.09 | ) | 10.87 | ||||||||||||||||||||||||
2014(g) | 10.61 | 0.02 | 0.17 | 0.19 | (0.04 | ) | — | (0.04 | ) | 10.76 | ||||||||||||||||||||||||
Class C2 (3/11)(h) |
| |||||||||||||||||||||||||||||||||
2015(i) | 10.76 | 0.11 | 0.11 | 0.22 | (0.10 | ) | — | (0.10 | ) | 10.88 | ||||||||||||||||||||||||
2014 | 11.30 | 0.21 | (0.57 | ) | (0.36 | ) | (0.18 | ) | — | (0.18 | ) | 10.76 | ||||||||||||||||||||||
2013 | 11.00 | 0.18 | 0.35 | 0.53 | (0.22 | ) | (0.01 | ) | (0.23 | ) | 11.30 | |||||||||||||||||||||||
2012 | 10.36 | 0.27 | 0.66 | 0.93 | (0.29 | ) | — | (0.29 | ) | 11.00 | ||||||||||||||||||||||||
2011(e) | 10.00 | 0.03 | 0.35 | 0.38 | (0.02 | ) | — | (0.02 | ) | 10.36 | ||||||||||||||||||||||||
Class I (3/11) |
| |||||||||||||||||||||||||||||||||
2015(i) | 10.78 | 0.15 | 0.11 | 0.26 | (0.14 | ) | — | (0.14 | ) | 10.90 | ||||||||||||||||||||||||
2014 | 11.32 | 0.29 | (0.57 | ) | (0.28 | ) | (0.26 | ) | — | (0.26 | ) | 10.78 | ||||||||||||||||||||||
2013 | 11.01 | 0.26 | 0.36 | 0.62 | (0.30 | ) | (0.01 | ) | (0.31 | ) | 11.32 | |||||||||||||||||||||||
2012 | 10.37 | 0.35 | 0.65 | 1.00 | (0.36 | ) | — | (0.36 | ) | 11.01 | ||||||||||||||||||||||||
2011(e) | 10.00 | 0.05 | 0.34 | 0.39 | (0.02 | ) | — | (0.02 | ) | 10.37 | ||||||||||||||||||||||||
| 224 | Nuveen Investments |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses Including Interest(d) | Expenses Excluding Interest | Net (Loss) | Expenses Including Interest(d) | Expenses Excluding Interest | Net Investment Income (Loss) | Portfolio Turnover Rate(f) | ||||||||||||||||||||||||||||||
| 2.34 | % | $ | 28,491 | 0.94 | %* | 0.94 | %* | 2.28 | %* | 0.77 | %* | 0.77 | %* | 2.46 | %* | 4 | % | |||||||||||||||||||||
| (2.53 | ) | 28,862 | 0.96 | 0.96 | 2.29 | 0.77 | 0.77 | 2.49 | 19 | |||||||||||||||||||||||||||||
| 5.39 | 61,926 | 1.01 | 1.01 | 1.87 | 0.77 | 0.77 | 2.11 | 9 | ||||||||||||||||||||||||||||||
| 9.74 | 7,339 | 1.46 | 1.46 | 2.44 | 0.78 | 0.78 | 3.13 | 14 | ||||||||||||||||||||||||||||||
| 3.82 | 1,801 | 4.87 | * | 4.87 | * | (1.27 | )* | 0.78 | * | 0.78 | * | 2.83 | * | 6 | ||||||||||||||||||||||||
| 1.83 | 1,192 | 1.70 | * | 1.70 | * | 1.46 | * | 1.57 | * | 1.57 | * | 1.59 | * | 4 | ||||||||||||||||||||||||
| 1.79 | 238 | 1.69 | * | 1.69 | * | 1.66 | * | 1.59 | * | 1.59 | * | 1.75 | * | 19 | ||||||||||||||||||||||||
| 2.06 | 9,312 | 1.50 | * | 1.50 | * | 1.74 | * | 1.32 | * | 1.32 | * | 1.92 | * | 4 | ||||||||||||||||||||||||
| (3.10 | ) | 10,221 | 1.52 | 1.52 | 1.76 | 1.32 | 1.32 | 1.96 | 19 | |||||||||||||||||||||||||||||
| 4.81 | 15,064 | 1.57 | 1.57 | 1.33 | 1.32 | 1.32 | 1.58 | 9 | ||||||||||||||||||||||||||||||
| 9.07 | 4,209 | 2.03 | 2.03 | 1.87 | 1.33 | 1.33 | 2.57 | 14 | ||||||||||||||||||||||||||||||
| 3.78 | 1,727 | 5.44 | * | 5.44 | * | (1.82 | )* | 1.33 | * | 1.33 | * | 2.28 | * | 6 | ||||||||||||||||||||||||
| 2.42 | 31,721 | 0.74 | * | 0.74 | * | 2.48 | * | 0.57 | * | 0.57 | * | 2.66 | * | 4 | ||||||||||||||||||||||||
| (2.36 | ) | 24,960 | 0.77 | 0.77 | 2.52 | 0.57 | 0.57 | 2.72 | 19 | |||||||||||||||||||||||||||||
| 5.65 | 35,046 | 0.82 | 0.82 | 2.10 | 0.57 | 0.57 | 2.35 | 9 | ||||||||||||||||||||||||||||||
| 9.82 | 6,704 | 1.22 | 1.22 | 2.64 | 0.58 | 0.58 | 3.28 | 14 | ||||||||||||||||||||||||||||||
| 3.93 | 1,728 | 4.69 | * | 4.69 | * | (1.07 | )* | 0.58 | * | 0.58 | * | 3.03 | * | 6 | ||||||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
| (d) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities. |
| (e) | For the period March 8, 2011 (commencement of operations) through April 30, 2011. |
| (f) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (g) | For the period February 10, 2014 (commencement of operations) through April 30, 2014. |
| (h) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014. |
| (i) | For the six months ended October 31, 2014. |
| * | Annualized. |
See accompanying notes to financial statements.
| Nuveen Investments | 225 |
Financial Highlights (Unaudited) (continued)
Intermediate Duration
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended April 30, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||
Class A (6/95) |
| |||||||||||||||||||||||||||||||||
2015(h) | $ | 9.13 | $ | 0.13 | $ | 0.14 | $ | 0.27 | (0.14 | ) | $ | — | $ | (0.14 | ) | $ | 9.26 | |||||||||||||||||
2014 | 9.38 | 0.29 | (0.26 | ) | 0.03 | (0.28 | ) | — | (0.28 | ) | 9.13 | |||||||||||||||||||||||
2013 | 9.25 | 0.30 | 0.14 | 0.44 | (0.31 | ) | — | (0.31 | ) | 9.38 | ||||||||||||||||||||||||
2012 | 8.84 | 0.34 | 0.42 | 0.76 | (0.35 | ) | — | (0.35 | ) | 9.25 | ||||||||||||||||||||||||
2011 | 8.98 | 0.34 | (0.14 | ) | 0.20 | (0.34 | ) | — | (0.34 | ) | 8.84 | |||||||||||||||||||||||
2010 | 8.54 | 0.35 | 0.43 | 0.78 | (0.34 | ) | — | (0.34 | ) | 8.98 | ||||||||||||||||||||||||
Class C (2/14) | ||||||||||||||||||||||||||||||||||
2015(h) | 9.14 | 0.09 | 0.14 | 0.23 | (0.10 | ) | — | (0.10 | ) | 9.27 | ||||||||||||||||||||||||
2014(f) | 9.05 | 0.01 | 0.12 | 0.13 | (0.04 | ) | — | (0.04 | ) | 9.14 | ||||||||||||||||||||||||
Class C2 (6/95)(g) |
| |||||||||||||||||||||||||||||||||
2015(h) | 9.15 | 0.11 | 0.13 | 0.24 | (0.11 | ) | — | (0.11 | ) | 9.28 | ||||||||||||||||||||||||
2014 | 9.41 | 0.24 | (0.27 | ) | (0.03 | ) | (0.23 | ) | — | (0.23 | ) | 9.15 | ||||||||||||||||||||||
2013 | 9.27 | 0.25 | 0.15 | 0.40 | (0.26 | ) | — | (0.26 | ) | 9.41 | ||||||||||||||||||||||||
2012 | 8.87 | 0.29 | 0.41 | 0.70 | (0.30 | ) | — | (0.30 | ) | 9.27 | ||||||||||||||||||||||||
2011 | 9.01 | 0.29 | (0.14 | ) | 0.15 | (0.29 | ) | — | (0.29 | ) | 8.87 | |||||||||||||||||||||||
2010 | 8.57 | 0.30 | 0.43 | 0.73 | (0.29 | ) | — | (0.29 | ) | 9.01 | ||||||||||||||||||||||||
Class I (11/76) |
| |||||||||||||||||||||||||||||||||
2015(h) | 9.16 | 0.14 | 0.13 | 0.27 | (0.15 | ) | — | (0.15 | ) | 9.28 | ||||||||||||||||||||||||
2014 | 9.41 | 0.31 | (0.26 | ) | 0.05 | (0.30 | ) | — | (0.30 | ) | 9.16 | |||||||||||||||||||||||
2013 | 9.27 | 0.32 | 0.15 | 0.47 | (0.33 | ) | — | (0.33 | ) | 9.41 | ||||||||||||||||||||||||
2012 | 8.86 | 0.36 | 0.41 | 0.77 | (0.36 | ) | — | (0.36 | ) | 9.27 | ||||||||||||||||||||||||
2011 | 9.00 | 0.36 | (0.15 | ) | 0.21 | (0.35 | ) | — | (0.35 | ) | 8.86 | |||||||||||||||||||||||
2010 | 8.56 | 0.36 | 0.43 | 0.79 | (0.35 | ) | — | (0.35 | ) | 9.00 | ||||||||||||||||||||||||
| 226 | Nuveen Investments |
| Ratios/Supplemental Data | ||||||||||||||||||||||||
| Ratios to Average Net Assets(c) | ||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses Including Interest(d) | Expenses Excluding Interest | Net Income | Portfolio Turnover Rate(e) | |||||||||||||||||||
| 2.95 | % | $ | 1,028,129 | 0.70 | %* | 0.70 | %* | 2.87 | %* | 7 | % | |||||||||||||
| 0.39 | 876,456 | 0.70 | 0.70 | 3.20 | 17 | |||||||||||||||||||
| 4.83 | 512,139 | 0.70 | 0.70 | 3.24 | 15 | |||||||||||||||||||
| 8.68 | 450,036 | 0.72 | 0.72 | 3.70 | 10 | |||||||||||||||||||
| 2.21 | 373,176 | 0.74 | 0.74 | 3.82 | 6 | |||||||||||||||||||
| 9.24 | 374,528 | 0.75 | 0.75 | 3.91 | 5 | |||||||||||||||||||
| 2.55 | 8,943 | 1.50 | * | 1.50 | * | 2.00 | * | 7 | ||||||||||||||||
| 1.49 | 2,412 | 1.49 | * | 1.49 | * | 2.17 | * | 17 | ||||||||||||||||
| 2.68 | 120,032 | 1.25 | * | 1.25 | * | 2.33 | * | 7 | ||||||||||||||||
| (0.25 | ) | 126,951 | 1.25 | 1.25 | 2.65 | 17 | ||||||||||||||||||
| 4.39 | 158,004 | 1.25 | 1.25 | 2.69 | 15 | |||||||||||||||||||
| 7.96 | 134,478 | 1.27 | 1.27 | 3.14 | 10 | |||||||||||||||||||
| 1.66 | 110,310 | 1.29 | 1.29 | 3.27 | 6 | |||||||||||||||||||
| 8.62 | 100,047 | 1.30 | 1.30 | 3.35 | 5 | |||||||||||||||||||
| 2.93 | 3,451,805 | 0.50 | * | 0.50 | * | 3.07 | * | 7 | ||||||||||||||||
| 0.59 | 3,210,180 | 0.50 | 0.50 | 3.40 | 17 | |||||||||||||||||||
| 5.13 | 3,520,696 | 0.50 | 0.50 | 3.44 | 15 | |||||||||||||||||||
| 8.87 | 3,039,743 | 0.52 | 0.52 | 3.91 | 10 | |||||||||||||||||||
| 2.41 | 2,013,504 | 0.54 | 0.54 | 4.02 | 6 | |||||||||||||||||||
| 9.41 | 2,044,122 | 0.55 | 0.55 | 4.11 | 5 | |||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
| (c) | The Fund has a fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense reimbursement during the periods presented herein. |
| (d) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities. |
| (e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (f) | For the period February 10, 2014 (commencement of operations) through April 30, 2014. |
| (g) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014. |
| (h) | For the six months ended October 31, 2014. |
| * | Annualized. |
See accompanying notes to financial statements.
| Nuveen Investments | 227 |
Financial Highlights (Unaudited) (continued)
Limited Term
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended April 30, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain(Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||
Class A (10/87) |
| |||||||||||||||||||||||||||||||||
2015(h) | $ | 11.12 | $ | 0.11 | $ | 0.04 | $ | 0.15 | $ | (0.11 | ) | $ | — | $ | (0.11 | ) | $ | 11.16 | ||||||||||||||||
2014 | 11.27 | 0.22 | (0.16 | ) | 0.06 | (0.21 | ) | — | (0.21 | ) | 11.12 | |||||||||||||||||||||||
2013 | 11.20 | 0.24 | 0.07 | 0.31 | (0.24 | ) | — | (0.24 | ) | 11.27 | ||||||||||||||||||||||||
2012 | 10.85 | 0.29 | 0.34 | 0.63 | (0.28 | ) | — | (0.28 | ) | 11.20 | ||||||||||||||||||||||||
2011 | 10.85 | 0.30 | (0.01 | ) | 0.29 | (0.29 | ) | — | (0.29 | ) | 10.85 | |||||||||||||||||||||||
2010 | 10.60 | 0.32 | 0.28 | 0.60 | (0.35 | ) | — | (0.35 | ) | 10.85 | ||||||||||||||||||||||||
Class C (2/14) |
| |||||||||||||||||||||||||||||||||
2015(h) | 11.08 | 0.07 | 0.05 | 0.12 | (0.08 | ) | — | (0.08 | ) | 11.12 | ||||||||||||||||||||||||
2014(f) | 11.06 | 0.01 | 0.04 | 0.05 | (0.03 | ) | — | (0.03 | ) | 11.08 | ||||||||||||||||||||||||
Class C2 (12/95)(g) |
| |||||||||||||||||||||||||||||||||
2015(h) | 11.08 | 0.09 | 0.04 | 0.13 | (0.09 | ) | — | (0.09 | ) | 11.12 | ||||||||||||||||||||||||
2014 | 11.23 | 0.18 | (0.16 | ) | 0.02 | (0.17 | ) | — | (0.17 | ) | 11.08 | |||||||||||||||||||||||
2013 | 11.15 | 0.20 | 0.08 | 0.28 | (0.20 | ) | — | (0.20 | ) | 11.23 | ||||||||||||||||||||||||
2012 | 10.81 | 0.25 | 0.34 | 0.59 | (0.25 | ) | — | (0.25 | ) | 11.15 | ||||||||||||||||||||||||
2011 | 10.82 | 0.26 | (0.02 | ) | 0.24 | (0.25 | ) | — | (0.25 | ) | 10.81 | |||||||||||||||||||||||
2010 | 10.57 | 0.28 | 0.28 | 0.56 | (0.31 | ) | — | (0.31 | ) | 10.82 | ||||||||||||||||||||||||
Class I (2/97) |
| |||||||||||||||||||||||||||||||||
2015(h) | 11.06 | 0.12 | 0.05 | 0.17 | (0.12 | ) | — | (0.12 | ) | 11.11 | ||||||||||||||||||||||||
2014 | 11.21 | 0.24 | (0.16 | ) | 0.08 | (0.23 | ) | — | (0.23 | ) | 11.06 | |||||||||||||||||||||||
2013 | 11.13 | 0.26 | 0.08 | 0.34 | (0.26 | ) | — | (0.26 | ) | 11.21 | ||||||||||||||||||||||||
2012 | 10.79 | 0.31 | 0.33 | 0.64 | (0.30 | ) | — | (0.30 | ) | 11.13 | ||||||||||||||||||||||||
2011 | 10.79 | 0.32 | (0.01 | ) | 0.31 | (0.31 | ) | — | (0.31 | ) | 10.79 | |||||||||||||||||||||||
2010 | 10.54 | 0.34 | 0.28 | 0.62 | (0.37 | ) | — | (0.37 | ) | 10.79 | ||||||||||||||||||||||||
| 228 | Nuveen Investments |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||
| Ratios to Average Net Assets | ||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses Including Interest(c)(d) | Expenses Excluding Interest(c) | Net Investment Income (Loss)(c) | Portfolio Turnover Rate(e) | |||||||||||||||||||||
| 1.34 | % | $ | 1,126,737 | 0.64 | %* | 0.64 | %* | 1.89 | %* | 10 | % | |||||||||||||||
| 0.55 | 1,279,131 | 0.65 | 0.65 | 1.99 | 20 | |||||||||||||||||||||
| 2.79 | 1,438,077 | 0.66 | 0.66 | 2.10 | 12 | |||||||||||||||||||||
| 5.88 | 1,113,802 | 0.66 | 0.66 | 2.63 | 12 | |||||||||||||||||||||
| 2.68 | 953,517 | 0.68 | 0.68 | 2.72 | 13 | |||||||||||||||||||||
| 5.73 | 1,001,241 | 0.71 | 0.71 | 2.98 | 10 | |||||||||||||||||||||
| 1.07 | 29,988 | 1.43 | * | 1.43 | * | 1.04 | * | 10 | ||||||||||||||||||
| 0.49 | 9,695 | 1.43 | * | 1.43 | * | 1.10 | * | 20 | ||||||||||||||||||
| 1.15 | 574,634 | 0.99 | * | 0.99 | * | 1.54 | * | 10 | ||||||||||||||||||
| 0.17 | 623,242 | 1.00 | 1.00 | 1.64 | 20 | |||||||||||||||||||||
| 2.51 | 721,302 | 1.01 | 1.01 | 1.76 | 12 | |||||||||||||||||||||
| 5.45 | 641,602 | 1.01 | 1.01 | 2.29 | 12 | |||||||||||||||||||||
| 2.26 | 566,098 | 1.03 | 1.03 | 2.37 | 13 | |||||||||||||||||||||
| 5.39 | 509,512 | 1.06 | 1.06 | 2.63 | 10 | |||||||||||||||||||||
| 1.52 | 2,111,625 | 0.44 | * | 0.44 | * | 2.09 | * | 10 | ||||||||||||||||||
| 0.72 | 1,781,216 | 0.45 | 0.45 | 2.19 | 20 | |||||||||||||||||||||
| 3.07 | 1,549,809 | 0.46 | 0.46 | 2.31 | 12 | |||||||||||||||||||||
| 6.00 | 1,196,319 | 0.46 | 0.46 | 2.83 | 12 | |||||||||||||||||||||
| 2.87 | 812,730 | 0.48 | 0.48 | 2.92 | 13 | |||||||||||||||||||||
| 5.94 | 694,430 | 0.51 | 0.51 | 3.16 | 10 | |||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
| (c) | The expenses and net investment income (loss) ratios to average net assets for Class C Shares do not reflect a fee waiver/expense reimbursement from the Adviser during the periods presented in the following table. The expenses and net investment income (loss) ratios to average net assets including this fee waiver/expense reimbursement from the Adviser are as follows: |
| Ratios to Average Net Assets After Waiver/Reimbursement | ||||||||||||
| Expenses Including Interest(d) | Expenses Excluding Interest(d) | Net Investment Income (Loss) | ||||||||||
Year Ended April 30, |
| |||||||||||
Class C (2/14) |
| |||||||||||
2015(h) | 1.18 | %* | 1.18 | %* | 1.29 | %* | ||||||
2014(f) | 1.18 | * | 1.18 | * | 1.35 | * | ||||||
| (d) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities. |
| (e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (f) | For the period February 10, 2014 (commencement of operations) through April 30, 2014. |
| (g) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014. |
| (h) | For the six months ended October 31, 2014. |
| * | Annualized. |
| N/A | Not applicable. |
See accompanying notes to financial statements.
| Nuveen Investments | 229 |
Financial Highlights (Unaudited) (continued)
Short Term
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||
Class (Commencement Date) | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain(Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||
Class A (10/02) |
| |||||||||||||||||||||||||||||||||
Year Ended 4/30 |
| |||||||||||||||||||||||||||||||||
2015(i) | $ | 10.15 | $ | 0.05 | $ | 0.01 | $ | 0.06 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | 10.16 | ||||||||||||||||
2014 | 10.20 | 0.12 | (0.05 | ) | 0.07 | (0.12 | ) | — | (0.12 | ) | 10.15 | |||||||||||||||||||||||
2013 | 10.19 | 0.15 | 0.04 | 0.19 | (0.18 | ) | — | (0.18 | ) | 10.20 | ||||||||||||||||||||||||
2012 | 9.98 | 0.20 | 0.21 | 0.41 | (0.20 | ) | — | (0.20 | ) | 10.19 | ||||||||||||||||||||||||
2011(d) | 9.98 | 0.16 | (0.02 | ) | 0.14 | (0.14 | ) | — | (0.14 | ) | 9.98 | |||||||||||||||||||||||
Year Ended 6/30 |
| |||||||||||||||||||||||||||||||||
2010 | 9.74 | 0.20 | 0.22 | 0.42 | (0.18 | ) | — | (0.18 | ) | 9.98 | ||||||||||||||||||||||||
2009 | 9.79 | 0.28 | (0.07 | ) | 0.21 | (0.26 | ) | — | (0.26 | ) | 9.74 | |||||||||||||||||||||||
Class C (2/14) |
| |||||||||||||||||||||||||||||||||
Year Ended 4/30 |
| |||||||||||||||||||||||||||||||||
2015(i) | 10.14 | 0.03 | — | ** | 0.03 | (0.03 | ) | — | (0.03 | ) | 10.14 | |||||||||||||||||||||||
2014(g) | 10.15 | — | ** | 0.01 | 0.01 | (0.02 | ) | — | (0.02 | ) | 10.14 | |||||||||||||||||||||||
Class C2 (8/11)(h) |
| |||||||||||||||||||||||||||||||||
Year Ended 4/30 | ||||||||||||||||||||||||||||||||||
2015(i) | 10.14 | 0.03 | 0.01 | 0.04 | (0.03 | ) | — | (0.03 | ) | 10.15 | ||||||||||||||||||||||||
2014 | 10.18 | 0.08 | (0.03 | ) | 0.05 | (0.09 | ) | — | (0.09 | ) | 10.14 | |||||||||||||||||||||||
2013 | 10.18 | 0.11 | 0.03 | 0.14 | (0.14 | ) | — | (0.14 | ) | 10.18 | ||||||||||||||||||||||||
2012(e) | 10.13 | 0.10 | 0.06 | 0.16 | (0.11 | ) | — | (0.11 | ) | 10.18 | ||||||||||||||||||||||||
Class I (10/02) |
| |||||||||||||||||||||||||||||||||
Year Ended 4/30 |
| |||||||||||||||||||||||||||||||||
2015(i) | 10.15 | 0.06 | 0.01 | 0.07 | (0.06 | ) | — | (0.06 | ) | 10.16 | ||||||||||||||||||||||||
2014 | 10.20 | 0.14 | (0.05 | ) | 0.09 | (0.14 | ) | — | (0.14 | ) | 10.15 | |||||||||||||||||||||||
2013 | 10.19 | 0.18 | 0.03 | 0.21 | (0.20 | ) | — | (0.20 | ) | 10.20 | ||||||||||||||||||||||||
2012 | 9.98 | 0.23 | 0.20 | 0.43 | (0.22 | ) | — | (0.22 | ) | 10.19 | ||||||||||||||||||||||||
2011(d) | 9.98 | 0.17 | (0.02 | ) | 0.15 | (0.15 | ) | — | (0.15 | ) | 9.98 | |||||||||||||||||||||||
Year Ended 6/30 |
| |||||||||||||||||||||||||||||||||
2010 | 9.74 | 0.20 | 0.24 | 0.44 | (0.20 | ) | — | (0.20 | ) | 9.98 | ||||||||||||||||||||||||
2009 | 9.79 | 0.27 | (0.05 | ) | 0.22 | (0.27 | ) | — | (0.27 | ) | 9.74 | |||||||||||||||||||||||
| 230 | Nuveen Investments |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(f) | ||||||||||||||||||||||||
| 0.60 | % | $ | 197,863 | 0.71 | %* | 0.97 | %* | 0.71 | %* | 0.97 | %* | 19 | % | |||||||||||||||||
| 0.74 | 201,145 | 0.71 | 1.16 | 0.71 | 1.16 | 35 | ||||||||||||||||||||||||
| 1.88 | 101,836 | 0.73 | 1.49 | 0.73 | 1.49 | 30 | ||||||||||||||||||||||||
| 4.15 | 34,793 | 0.73 | 2.01 | 0.73 | 2.01 | 39 | ||||||||||||||||||||||||
| 1.41 | 7,790 | 0.89 | * | 1.73 | * | 0.71 | * | 1.91 | * | 21 | ||||||||||||||||||||
| 4.38 | 7,168 | 1.06 | 1.49 | 0.74 | 1.81 | 45 | ||||||||||||||||||||||||
| 2.17 | 3,376 | 1.11 | 2.35 | 0.75 | 2.71 | 70 | ||||||||||||||||||||||||
| 0.33 | 2,623 | 1.50 | * | 0.13 | * | 1.05 | * | 0.58 | * | 19 | ||||||||||||||||||||
| 0.08 | 822 | 1.57 | * | 0.18 | * | 1.08 | * | 0.63 | * | 35 | ||||||||||||||||||||
| 0.42 | 21,712 | 1.06 | * | 0.62 | * | 1.06 | * | 0.62 | * | 19 | ||||||||||||||||||||
| 0.48 | 28,134 | 1.06 | 0.82 | 1.06 | 0.82 | 35 | ||||||||||||||||||||||||
| 1.42 | 10,618 | 1.08 | 1.10 | 1.08 | 1.10 | 30 | ||||||||||||||||||||||||
| 1.61 | 1,026 | 1.07 | * | 1.49 | * | 1.07 | * | 1.49 | * | 39 | ||||||||||||||||||||
| 0.69 | 574,735 | 0.51 | * | 1.17 | * | 0.51 | * | 1.17 | * | 19 | ||||||||||||||||||||
| 0.92 | 497,363 | 0.51 | 1.37 | 0.51 | 1.37 | 35 | ||||||||||||||||||||||||
| 2.06 | 383,339 | 0.53 | 1.74 | 0.53 | 1.74 | 30 | ||||||||||||||||||||||||
| 4.33 | 304,109 | 0.53 | 2.27 | 0.53 | 2.27 | 39 | ||||||||||||||||||||||||
| 1.54 | 277,347 | 0.67 | * | 1.94 | * | 0.55 | * | 2.06 | * | 21 | ||||||||||||||||||||
| 4.53 | 310,783 | 0.81 | 1.74 | 0.59 | 1.96 | 45 | ||||||||||||||||||||||||
| 2.32 | 178,950 | 0.86 | 2.58 | 0.60 | 2.84 | 70 | ||||||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
| (d) | For the ten months ended April 30, 2011. |
| (e) | For the period August 31, 2011 (commencement of operations) through April 30, 2012. |
| (f) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (g) | For the period February 10, 2014 (commencement of operations) through April 30, 2014. |
| (h) | Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014. |
| (i) | For the six months ended October 31, 2014. |
| * | Annualized. |
| ** | Rounds to less than $.01 per share. |
See accompanying notes to financial statements.
| Nuveen Investments | 231 |
Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust Information
Nuveen Municipal Trust and Nuveen Investment Funds, Inc. (each a “Trust” and collectively, the “Trusts”), are open-end investment companies registered under the Investment Company Act of 1940, as amended. Nuveen Municipal Trust is comprised of Nuveen All-American Municipal Bond Fund (“All-American”), Nuveen Inflation Protected Municipal Bond Fund (“Inflation Protected”), Nuveen Intermediate Duration Municipal Bond Fund (“Intermediate Duration”) and Nuveen Limited Term Municipal Bond Fund (“Limited Term”), among others, and Nuveen Investment Funds, Inc. is comprised of Nuveen Short Term Municipal Bond Fund (“Short Term”), among others, (each a “Fund” and collectively, the “Funds”), as diversified funds. Nuveen Municipal Trust was organized as a Massachusetts business trust on July 1, 1996. Nuveen Investment Funds, Inc. was incorporated in the State of Maryland on August 20, 1987. The Funds, with the exception of Inflation Protected, were each organized as a series of predecessor trusts or corporations prior to that date.
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisor, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Purchase and Sale Agreement
On October 1, 2014, TIAA-CREF, a national financial services organization, completed its previously announced acquisition of Nuveen, the parent company of the Adviser. The transaction has not resulted in any change in the portfolio management of the Funds or in the Funds’ investment objectives or policies.
Because the consummation of the acquisition resulted in the “assignment” (as defined in the Investment Company Act of 1940) and automatic termination of the Funds’ investment management agreements and investment sub-advisory agreements, Fund shareholders were asked to approve new investment management agreements with the Adviser and new investment sub-advisory agreements with each Fund’s sub-adviser. These new agreements were approved by shareholders of each of the Funds, and went into effect on October 1, 2014. The terms of the new agreements, including the fees payable to each Fund’s Adviser and Sub-Adviser, are substantially identical to those of the investment management agreements and investment sub-advisory agreements in place immediately prior to the closing.
Investment Objectives and Principal Investment Strategies
All-American’s, Intermediate Duration’s and Limited Term’s investment objective is to provide as high a level of current interest income exempt from regular federal income taxes as is consistent with preservation of capital. Under normal market conditions, each Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax. These municipal bonds include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal personal income tax. Each Fund may invest without limit in securities that generate income subject to the alternative minimum tax. All American will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 years. Intermediate Duration maintains a weighted average portfolio duration between 3 and 10 years, and expects to generally maintain a weighted average portfolio duration between 4.5 and 7 years. Limited Term generally invests in bonds with short- to intermediate-term maturities. Limited Term will attempt to maintain the weighted average maturity of its portfolio securities at 3 to 7 years under normal market conditions. Each Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency, or, if unrated, judged by the Sub-Adviser, to be of comparable quality. Each Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” bonds. Each Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. Each Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. Each Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (i.e., inverse floating rate securities).
Inflation Protected’s investment objective is to provide after-tax total return, protected from inflation, through a combination of federally tax-exempt income and inflation-linked investments. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of
| 232 | Nuveen Investments |
any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax. These municipal bonds include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund generally invests in intermediate and long-term bonds with a duration of between 2 and 10 years, and generally maintain a weighted average duration of between 4 and 7 years. The Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency, or, if unrated, judged by the Sub-Adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” bonds. The Fund seeks to mitigate the effect that subsequent increases in inflation expectations may have on the purchasing power of the Fund by investing in inflation-linked instruments, such as Consumer Price Index (“CPI”) swaps, in amounts sufficient to approximate the duration characteristics of the Fund’s underlying municipal bond portfolio. The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature.
Short Term’s investment objective is to provide current income that is exempt from federal income tax to the extent consistent with preservation of capital. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal securities that pay interest that is exempt from regular federal personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund normally may invest up to 20% of its net assets in taxable obligations. The Fund will attempt to maintain the weighted average maturity of its portfolio securities at 3 years or less under normal market conditions. The Fund invests mainly in securities that, at the time of purchase, are either rated investment grade or are unrated and determined to be of comparable quality by the Sub-Adviser. However, the Fund may invest up to 20% of its total assets in securities that, at the time of purchase, are rated lower than investment grade or are unrated and of comparable quality, commonly referred to as “high yield” or “junk” bonds. The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. The Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (i.e., inverse floating rate securities).
All-American, Intermediate Duration, Limited Term and Short Term may utilize futures contracts, options on futures contracts and swap agreements, including interest rate swaps, and options on swap agreements in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in the Fund’s portfolio.
The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies, and principal risks.
Class B Shares
During the current fiscal period, All-American and Intermediate Duration offered Class B Shares. Effective at the close of business on June 23, 2014, Class B Shares of the Funds were converted to Class A Shares and are no longer available through an exchange from other Nuveen mutual funds.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of October 31, 2014, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
| All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
| Outstanding when-issued/delayed delivery purchase commitments | $ | 85,937,895 | $ | 517,161 | $ | 72,764,769 | $ | 36,661,247 | $ | 5,441,908 | ||||||||||
| Nuveen Investments | 233 |
Notes to Financial Statements (Unaudited) (continued)
Investment Income
Dividend income is recorded on the ex-dividend date. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also reflects paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared daily and distributed to shareholders monthly. Fund shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares are collected by the transfer agent.
Net realized capital gains and/or market discount from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge and incur a 0.20% annual 12b-1 service fee. Class A Share purchases of $1 million or more for All American, Inflation Protected and Intermediate Duration, and $250,000 or more for Limited Term and Short Term are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within eighteen months of purchase. Class B Shares were sold without an up-front sales charge but incurred a 0.75% annual 12b-1 distribution fee and a 0.20% annual 12b-1 service fee. Class B Shares were subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC was reduced to 0% at the end of six years). Class B Shares automatically converted to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. The Funds will issue Class C2 Shares upon the exchange of Class C2 Shares from another Nuveen mutual fund or for the purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts. Class C2 Shares incur a 0.55% (0.35% for Limited Term and Short Term) annual 12b-1 distribution fee and a 0.20% annual 12b-1 service fee. Class C and C2 Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
Multiclass Operations and Allocations
Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative settled shares of each class. Expenses directly attributable to a class of shares, which presently only include 12b-1 distribution and service fees, are recorded to the specific class.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Indemnifications
Under each Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to each Trust. In addition, in the normal course of business, each Trust enters into contracts that provide general indemnifications to other parties. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred. However, each Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Netting Arrangements
In the ordinary course of business, the Funds have entered into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
| 234 | Nuveen Investments |
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Investment Valuation
Prices of fixed-income securities are provided by a pricing service approved by the Funds’ Board of Directors/Trustees (the “Board”). The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above, and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board or its appointee.
Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. | |
| Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
| Level 3 – | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
| Nuveen Investments | 235 |
Notes to Financial Statements (Unaudited) (continued)
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
| All-American | Level 1 | Level 2 | Level 3*** | Total | ||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 2,274,425,686 | $ | — | $ | 2,274,425,686 | ||||||||
Corporate Bonds | — | — | 29,541 | 29,541 | ||||||||||||
| Short-Term Investments*: | ||||||||||||||||
Municipal Bonds | — | — | 8,219,211 | 8,219,211 | ||||||||||||
| Total | $ | — | $ | 2,274,425,686 | $ | 8,248,752 | $ | 2,282,674,438 | ||||||||
| Inflation Protected | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 73,094,415 | $ | — | $ | 73,094,415 | ||||||||
| Investments in Derivatives**: | ||||||||||||||||
Consumer Price Index Swaps | — | (3,690,093 | ) | — | (3,690,093 | ) | ||||||||||
Credit Default Swaps | — | 17,714 | — | 17,714 | ||||||||||||
| Total | $ | — | $ | 69,422,036 | $ | — | $ | 69,422,036 | ||||||||
| Intermediate Duration | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 4,604,651,980 | $ | — | $ | 4,604,651,980 | ||||||||
Corporate Bonds | — | — | 45,508 | 45,508 | ||||||||||||
| Short-Term Investments*: | ||||||||||||||||
Municipal Bonds | — | — | 2,785,484 | 2,785,484 | ||||||||||||
| Total | $ | — | $ | 4,604,651,980 | $ | 2,830,992 | $ | 4,607,482,972 | ||||||||
| Limited Term | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 3,783,321,510 | $ | — | $ | 3,783,321,510 | ||||||||
Corporate Bonds | — | — | 28,065 | 28,065 | ||||||||||||
| Short-Term Investments*: | ||||||||||||||||
Municipal Bonds | — | 32,205,000 | 1,941,706 | 34,146,706 | ||||||||||||
| Total | $ | — | $ | 3,815,526,510 | $ | 1,969,771 | $ | 3,817,496,281 | ||||||||
| Short Term | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 771,700,395 | $ | — | $ | 771,700,395 | ||||||||
| Short-Term Investments*: | ||||||||||||||||
Municipal Bonds | — | 25,518,454 | — | 25,518,454 | ||||||||||||
Total | $ | — | $ | 797,218,849 | $ | — | $ | 797,218,849 | ||||||||
| * | Refer to the Fund’s Portfolio of Investments for state and/or industry classifications. |
| ** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
| *** | Refer to the Fund’s Portfolio of Investments of these securities classified as Level 3. |
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
| (i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
| 236 | Nuveen Investments |
| (ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund (except Inflation Protected) is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust.
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”).
An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” The Fund’s Statement of Assets and Liabilities shows only the inverse floaters and not the underlying bonds as an asset and does not reflect the short-term floating rate certificates as liabilities. Also, the Fund reflects in “Investment Income” only the net amount of earnings on its inverse floater investment (net of the interest paid to the holders of the short-term floating rate certificates and the expenses of the trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.
An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust, at their liquidation value, as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense” on the Statement of Operations.
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended October 31, 2014, were as follows:
| All-American | Intermediate Duration | Limited Term | Short Term | |||||||||||||
| Average floating rate obligations outstanding | $ | 6,525,000 | $ | — | $ | — | $ | — | ||||||||
| Average annual interest rate and fees | 0.55 | % | — | % | — | % | — | % | ||||||||
As of October 31, 2014, the total amount of floating rate obligations issued by each Fund’s self-deposited inverse floaters and externally-deposited inverse floaters was as follows:
| All-American | Intermediate Duration | Limited Term | Short Term | |||||||||||||
| Floating rate obligations: self-deposited inverse floaters | $ | 6,525,000 | $ | — | $ | — | $ | — | ||||||||
| Floating rate obligations: externally-deposited inverse floaters | 107,765,000 | 60,880,000 | — | — | ||||||||||||
| Total | $ | 114,290,000 | $ | 60,880,000 | $ | — | $ | — | ||||||||
| Nuveen Investments | 237 |
Notes to Financial Statements (Unaudited) (continued)
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
As of October 31, 2014, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts was as follows:
| All-American | Intermediate Duration | Limited Term | Short Term | |||||||||||||
| Maximum exposure to Recourse Trusts | $ | 39,215,000 | $ | 11,250,000 | $ | — | $ | — | ||||||||
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Consumer Price Index Swaps
Inflation Protected seeks to hedge inflation risk by investing in inflation-linked instruments, such as CPI swaps, in amounts sufficient to approximate the duration characteristics of the Fund’s underlying municipal bond portfolio. A CPI swap is a fixed maturity, over-the-counter derivative in which the Fund pays to the counterparty a predetermined fixed annualized rate over the life of the CPI swap and receives in return the “realized” rate of inflation as measured by the CPI for All Urban Consumers Non-Seasonally Adjusted over the life of the swap. The Fund will benefit from a CPI swap if actual inflation during the swap’s period is greater than the level of inflation expected for that period at the time the swap was entered into, and conversely the Fund will lose money on a CPI swap if actual inflation turns out to be less than expected.
The amount of the payment obligation is based on the notional amount of the CPI swap contract and the termination date of the swap (which is akin to a bond’s maturity). CPI swap contracts are valued daily. The net amount recorded on these transactions, for each counterparty, is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on consumer price index swaps (,net)” with the change during the fiscal period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of swaps.”
Upon the termination of a swap contract, a realized gain or loss is recognized. When a CPI swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Net realized gains and losses during the fiscal period are recognized on the Statement of Operations as a component of “Net realized gain (loss) from swaps.” Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination.
During the six months ended October 31, 2014, Inflation Protected continued to invest in CPI swap contracts to hedge against unexpected increases in inflation.
The average notional amount of CPI swap contracts outstanding during the six months ended October 31, 2014, was as follows:
| Inflation Protected | ||||
| Average notional amount of CPI swap contracts outstanding* | $ | 68,050,000 | ||
| * | The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
Credit Default Swaps
A Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment or portion of its portfolio, or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap contracts involve one party making a stream of payments to another party in exchange for the right to receive a specified return if/ when there is a credit event by a third party. Generally, a credit event means bankruptcy, failure to pay, or restructuring. The specific credit events applicable for each credit default swap are stated in the terms
| 238 | Nuveen Investments |
of the particular swap agreement. As a purchaser of a credit default swap contract, the Fund pays to the counterparty a periodic interest fee based on the notional amount of the credit default swap. This interest fee is accrued daily and, for over-the-counter swaps, is recognized with the daily change in the market value of the contract as a component of “Unrealized appreciation or depreciation on credit default swaps (, net)” on the Statement of Assets and Liabilities. This interest fee is recorded as a realized loss upon payment. Credit default swap contracts are valued daily.
Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund is obligated to deliver that security, or an equivalent amount of cash, to the counterparty in exchange for receipt of the notional amount from the counterparty. The difference between the value of the security delivered and the notional amount received is recorded as a realized gain or loss. Payments received or made at the beginning of the measurement period are recognized as a component of “Credit default swaps premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable. As a seller of a credit default swap contract, the Fund generally receives from the counterparty a periodic interest fee based on the notional amount of the credit default swap. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either receive that security, or an equivalent amount of cash, from the counterparty in exchange for payment of the notional amount to the counterparty, or pay a net settlement amount of the credit default swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The difference between the value of the security received and the notional amount paid is recorded as a realized loss.
Changes in the value of a credit default swap during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps,” and realized gains and losses are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations. Investments in swaps cleared through an exchange obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the swap. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit a Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities. The maximum potential amount of future payments the Fund could incur as a buyer of protection in a credit default swap contract is limited to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if any, of the respective referenced entity.
During the six months ended October 31, 2014, Inflation Protected managed credit risk by investing in credit default swaps to purchasing credit protection.
The average notional amount of credit default swap contracts outstanding during the six months ended October 31, 2014, was as follows:
| Inflation Protected | ||||
| Average notional amount of credit default swap contracts outstanding* | $ | 171,667 | ||
| * | The average notional amount is calculated based on the outstanding notional the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
The following table presents the fair value of all swap contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
Location on the Statement of Asset and Liabilities | ||||||||||||||
Asset Derivatives | (Liability) Derivatives | |||||||||||||
| Underlying Risk Exposure | Derivative Instrument | Location | Value | Location | Value | |||||||||
Inflation Protected | ||||||||||||||
Credit | Swaps | Unrealized appreciation on credit default swaps, net** | $ | 17,714 | — | $ | — | |||||||
Inflation | Swaps | — | — | Unrealized depreciation on consumer price index swaps | (3,690,093 | ) | ||||||||
Total | $ | 17,714 | $ | (3,690,093 | ) | |||||||||
| ** | Some swap contracts require a counterparty to pay or receive a premium, which is disclosed on the Statement of Assets and Liabilities and not reflected in the cumulative unrealized appreciation (depreciation) presented above. |
| Nuveen Investments | 239 |
Notes to Financial Statements (Unaudited) (continued)
The following tables present the swap contracts, which are subject to netting agreements, as well as the collateral delivered related to those swap contracts as of the end of the reporting period.
| Fund | Counterparty | Gross Unrealized Appreciation on CPI Swaps*** | Gross Unrealized (Depreciation) on CPI Swaps*** | Amounts Netted on Statement of Assets and Liabilities | Net Unrealized Appreciation (Depreciation) on CPI Swaps | Collateral Pledged to (from) Counterparty | Net Exposure | |||||||||||||||||||
Inflation Protected | ||||||||||||||||||||||||||
| Barclays PLC | $ | — | $ | (2,525,264 | ) | $ | — | $ | (2,525,264 | ) | $ | 2,525,264 | $ | — | ||||||||||||
| JPMorgan | — | (221,923 | ) | — | (221,923 | ) | 221,923 | — | ||||||||||||||||||
| Morgan Stanley | — | (942,906 | ) | — | (942,906 | ) | 923,159 | (19,747 | ) | |||||||||||||||||
| Total | $ | — | $ | (3,690,093 | ) | $ | — | $ | (3,690,093 | ) | $ | 3,670,346 | $ | (19,747 | ) | |||||||||||
| *** | Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments. |
| Fund | Counterparty | Gross Unrealized Appreciation on Credit Default Swaps*** | Gross Unrealized (Depreciation) on Credit Default Swaps*** | Amounts Netted on Statement of Assets and Liabilities | Net Unrealized Appreciation (Depreciation) on Credit Default Swaps | Collateral Pledged to (from) Counterparty | Net Exposure | |||||||||||||||||||
| Inflation Protected | Goldman Sachs | $ | 18,485 | $ | (771 | ) | $ | 17,714 | $ | 17,714 | $ | — | $ | 17,714 | ||||||||||||
| *** | Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments. |
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
| Fund | Underlying Risk Exposure | Derivative Instrument | Net Realized Gain (Loss) from Swaps | Change in Net Unrealized Appreciation (Depreciation) of Swaps | ||||||||
| Inflation Protected | ||||||||||||
Credit | Swaps | $ | (536 | ) | $ | (1,315,253 | ) | |||||
Inflation | Swaps | — | 17,714 | |||||||||
| Total | $ | (536 | ) | $ | (1,297,539 | ) | ||||||
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
| 240 | Nuveen Investments |
4. Fund Shares
Transactions in Fund shares were as follows:
| Six Months Ended 10/31/14 | Year Ended 4/30/14 | |||||||||||||||
| All American | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 6,725,636 | $ | 76,694,950 | 12,719,041 | $ | 139,341,313 | ||||||||||
Class A – automatic conversion of Class B Shares | — | — | 10,797 | 119,139 | ||||||||||||
Class B – exchanges | 45 | 523 | 685 | 7,509 | ||||||||||||
Class C | 1,595,933 | 18,233,224 | 440,015 | 4,889,994 | ||||||||||||
Class C2 | 185,054 | 2,120,448 | 3,630,019 | 39,981,174 | ||||||||||||
Class I | 10,501,738 | 120,323,243 | 21,314,117 | 234,319,653 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 1,384,383 | 15,837,558 | 3,080,486 | 33,706,331 | ||||||||||||
Class B | 429 | 4,889 | 6,665 | 73,122 | ||||||||||||
Class C | 14,895 | 170,948 | 1,197 | 13,402 | ||||||||||||
Class C2 | 381,319 | 4,364,118 | 881,134 | 9,647,877 | ||||||||||||
Class I | 1,000,517 | 11,493,212 | 2,146,680 | 23,581,736 | ||||||||||||
| 21,789,949 | 249,243,113 | 44,230,836 | 485,681,250 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (9,490,532 | ) | (108,189,620 | ) | (39,729,988 | ) | (432,939,176 | ) | ||||||||
Class B | (198,622 | ) | (2,252,080 | ) | (176,490 | ) | (1,942,907 | ) | ||||||||
Class B – automatic conversion to Class A Shares | — | — | (10,778 | ) | (119,139 | ) | ||||||||||
Class C | (35,094 | ) | (401,910 | ) | (3,349 | ) | (37,640 | ) | ||||||||
Class C2 | (2,368,664 | ) | (27,012,102 | ) | (15,162,720 | ) | (165,122,028 | ) | ||||||||
Class I | (6,160,727 | ) | (70,581,333 | ) | (46,956,473 | ) | (511,941,734 | ) | ||||||||
| (18,253,639 | ) | (208,437,045 | ) | (102,039,798 | ) | (1,112,102,624 | ) | |||||||||
| Net increase (decrease) | 3,536,310 | $ | 40,806,068 | (57,808,962 | ) | $ | (626,421,374 | ) | ||||||||
| Six Months Ended 10/31/14 | Year Ended 4/30/14 | |||||||||||||||
| Inflation Protected | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 462,012 | $ | 5,054,131 | 1,401,328 | $ | 15,100,629 | ||||||||||
Class C | 89,145 | 974,402 | 22,156 | 236,306 | ||||||||||||
Class C2 | 6,109 | 67,076 | 177,060 | 1,924,839 | ||||||||||||
Class I | 902,048 | 9,927,448 | 1,572,003 | 16,613,664 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 31,763 | 348,390 | 90,106 | 951,420 | ||||||||||||
Class C | 265 | 2,888 | 35 | 376 | ||||||||||||
Class C2 | 7,911 | 86,732 | 18,857 | 198,961 | ||||||||||||
Class I | 32,813 | 360,198 | 68,729 | 726,640 | ||||||||||||
| 1,532,066 | 16,821,265 | 3,350,274 | 35,752,835 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (556,863 | ) | (6,095,441 | ) | (4,285,061 | ) | (45,055,357 | ) | ||||||||
Class C | (1,901 | ) | (20,670 | ) | (23 | ) | (242 | ) | ||||||||
Class C2 | (107,931 | ) | (1,182,142 | ) | (578,775 | ) | (6,096,689 | ) | ||||||||
Class I | (340,415 | ) | (3,725,348 | ) | (2,420,380 | ) | (25,483,146 | ) | ||||||||
| (1,007,110 | ) | (11,023,601 | ) | (7,284,239 | ) | (76,635,434 | ) | |||||||||
| Net increase (decrease) | 524,956 | $ | 5,797,664 | (3,933,965 | ) | $ | (40,882,599 | ) | ||||||||
| Nuveen Investments | 241 |
Notes to Financial Statements (Unaudited) (continued)
| Six Months Ended 10/31/14 | Year Ended 4/30/14 | |||||||||||||||
| Intermediate Duration | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 31,935,214 | $ | 293,491,538 | 62,899,084 | $ | 562,779,554 | ||||||||||
Class A – automatic conversion of Class B Shares | — | — | 3,414 | 30,892 | ||||||||||||
Class B – exchanges | 53 | 481 | 32,474 | 298,589 | ||||||||||||
Class C | 789,543 | 7,275,925 | 274,160 | 2,491,887 | ||||||||||||
Class C2 | 96,387 | 888,856 | 2,446,934 | 22,006,271 | ||||||||||||
Class I | 48,022,622 | 443,003,180 | 80,373,783 | 726,130,881 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 1,498,925 | 13,810,736 | 1,908,486 | 17,181,212 | ||||||||||||
Class B | 158 | 1,462 | 2,746 | 24,740 | ||||||||||||
Class C | 5,137 | 47,435 | 539 | 4,917 | ||||||||||||
Class C2 | 108,743 | 1,004,173 | 255,116 | 2,299,525 | ||||||||||||
Class I | 3,398,085 | 31,382,899 | 6,805,271 | 61,353,905 | ||||||||||||
| 85,854,867 | 790,906,685 | 155,002,007 | 1,394,602,373 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (18,343,196 | ) | (169,040,444 | ) | (23,409,601 | ) | (210,127,906 | ) | ||||||||
Class B | (128,220 | ) | (1,176,988 | ) | (109,993 | ) | (992,036 | ) | ||||||||
Class B – automatic conversion to Class A Shares | — | — | (3,403 | ) | (30,892 | ) | ||||||||||
Class C | (93,582 | ) | (862,818 | ) | (10,914 | ) | (99,373 | ) | ||||||||
Class C2 | (1,136,670 | ) | (10,471,545 | ) | (5,630,686 | ) | (50,660,027 | ) | ||||||||
Class I | (30,157,217 | ) | (278,413,109 | ) | (110,829,288 | ) | (1,001,973,531 | ) | ||||||||
| (49,858,885 | ) | (459,964,904 | ) | (139,993,885 | ) | (1,263,883,765 | ) | |||||||||
| Net increase (decrease) | 35,995,982 | $ | 330,941,781 | 15,008,122 | $ | 130,718,608 | ||||||||||
| Six Months Ended 10/31/14 | Year Ended 4/30/14 | |||||||||||||||
| Limited Term | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 16,595,545 | $ | 185,003,322 | 40,318,158 | $ | 445,841,472 | ||||||||||
Class C | 1,934,601 | 21,487,352 | 899,294 | 9,951,409 | ||||||||||||
Class C2 | 241,996 | 2,688,656 | 8,917,219 | 98,111,052 | ||||||||||||
Class I | 53,226,512 | 590,532,267 | 97,380,477 | 1,072,065,557 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 904,574 | 10,088,619 | 1,965,298 | 21,711,675 | ||||||||||||
Class C | 9,817 | 109,106 | 1,145 | 12,663 | ||||||||||||
Class C2 | 299,634 | 3,329,892 | 659,801 | 7,262,578 | ||||||||||||
Class I | 945,818 | 10,500,637 | 1,473,647 | 16,198,836 | ||||||||||||
| 74,158,497 | 823,739,851 | 151,615,039 | 1,671,155,242 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (31,635,840 | ) | (352,677,924 | ) | (54,839,890 | ) | (604,950,854 | ) | ||||||||
Class C | (123,077 | ) | (1,368,413 | ) | (25,104 | ) | (277,587 | ) | ||||||||
Class C2 | (5,151,894 | ) | (57,236,692 | ) | (17,567,359 | ) | (193,196,191 | ) | ||||||||
Class I | (25,128,279 | ) | (278,813,337 | ) | (76,078,446 | ) | (835,578,898 | ) | ||||||||
| (62,039,090 | ) | (690,096,366 | ) | (148,510,799 | ) | (1,634,003,530 | ) | |||||||||
| Net increase (decrease) | 12,119,407 | $ | 133,643,485 | 3,104,240 | $ | 37,151,712 | ||||||||||
| 242 | Nuveen Investments |
| Six Months Ended 10/31/14 | Year Ended 4/30/14 | |||||||||||||||
| Short Term | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 5,057,629 | $ | 51,384,596 | 26,249,463 | $ | 266,170,489 | ||||||||||
Class C | 188,909 | 1,916,575 | 88,396 | 896,533 | ||||||||||||
Class C2 | 43,619 | 442,655 | 3,700,423 | 37,443,708 | ||||||||||||
Class I | 17,728,783 | 180,151,548 | 34,566,597 | 350,644,803 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 90,015 | 914,859 | 195,668 | 1,984,118 | ||||||||||||
Class C | 492 | 4,986 | 46 | 470 | ||||||||||||
Class C2 | 7,649 | 77,641 | 23,809 | 241,086 | ||||||||||||
Class I | 100,305 | 1,019,402 | 129,361 | 1,311,968 | ||||||||||||
| 23,217,401 | 235,912,262 | 64,953,763 | 658,693,175 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (5,489,577 | ) | (55,771,616 | ) | (16,612,146 | ) | (168,323,242 | ) | ||||||||
Class C | (11,856 | ) | (120,310 | ) | (7,397 | ) | (75,082 | ) | ||||||||
Class C2 | (686,923 | ) | (6,970,288 | ) | (1,991,170 | ) | (20,165,708 | ) | ||||||||
Class I | (10,266,405 | ) | (104,336,219 | ) | (23,290,718 | ) | (236,058,056 | ) | ||||||||
| (16,454,761 | ) | (167,198,433 | ) | (41,901,431 | ) | (424,622,088 | ) | |||||||||
| Net increase (decrease) | 6,762,640 | $ | 68,713,829 | 23,052,332 | $ | 234,071,087 | ||||||||||
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions) during the six months ended October 31, 2014, were as follows:
| All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
| Purchases | $ | 245,516,008 | $ | 9,681,539 | $ | 755,590,734 | $ | 540,545,934 | $ | 217,882,729 | ||||||||||
| Sales and maturities | 200,443,308 | 2,505,797 | 321,405,834 | 380,982,720 | 144,790,482 | |||||||||||||||
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of October 31, 2014, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:
| All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
| Cost of investments | $ | 2,061,895,441 | $ | 71,569,519 | $ | 4,368,782,675 | $ | 3,700,417,547 | $ | 787,597,562 | ||||||||||
| Gross unrealized: | ||||||||||||||||||||
Appreciation | $ | 225,644,339 | $ | 1,768,132 | $ | 257,249,103 | $ | 121,559,195 | $ | 10,152,964 | ||||||||||
Depreciation | (11,390,342 | ) | (243,236 | ) | (18,548,806 | ) | (4,480,461 | ) | (531,677 | ) | ||||||||||
| Net unrealized appreciation (depreciation) of investments | $ | 214,253,997 | $ | 1,524,896 | $ | 238,700,297 | $ | 117,078,734 | $ | 9,621,287 | ||||||||||
| Nuveen Investments | 243 |
Notes to Financial Statements (Unaudited) (continued)
Permanent differences, primarily due to federal taxes paid, taxable market discount, expiration of capital loss carryforwards and paydowns, resulted in reclassifications among the Funds’ components of net assets as of April 30, 2014, the Funds’ last tax year end, as follows:
| All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
| Capital paid-in | $ | 1,551,451 | $ | — | $ | 290,001 | $ | (1,066,826 | ) | $ | (10 | ) | ||||||||
| Undistributed (Over-distribution of) net investment income | (1,611,595 | ) | (3,258 | ) | (355,729 | ) | (12,485 | ) | (1,463 | ) | ||||||||||
| Accumulated net realized gain (loss) | 60,144 | 3,258 | 65,728 | 1,079,311 | 1,473 | |||||||||||||||
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of April 30, 2014, the Funds’ last tax year end, were as follows:
| All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
| Undistributed net tax-exempt income1 | $ | 12,568,477 | $ | 200,357 | $ | 17,776,113 | $ | 7,435,546 | $ | 275,593 | ||||||||||
| Undistributed net ordinary income2 | 260,187 | 1,256 | 12,317 | 36,304 | — | |||||||||||||||
| Undistributed net long-term capital gains | — | — | — | — | — | |||||||||||||||
| 1 | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period April 1, 2014 through April 30, 2014, and paid on May 1, 2014. |
| 2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ last tax year ended April 30, 2014, was designated for purposes of the dividends paid deduction as follows:
| All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
| Distributions from net tax-exempt income | $ | 101,890,246 | $ | 1,974,662 | $ | 124,281,882 | $ | 69,465,076 | $ | 8,409,806 | ||||||||||
| Distributions from net ordinary income2 | 62,491 | 2,227 | 845,008 | 668,272 | — | |||||||||||||||
| Distributions from net long-term capital gains | — | — | — | — | — | |||||||||||||||
| 2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
As of April 30, 2014, the Funds’ last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.
| All- American3 | Inflation Protected | Intermediate Duration3 | Limited Term | Short Term | ||||||||||||||||
| Expiration: | ||||||||||||||||||||
April 30, 2015 | $ | 21,571 | $ | — | $ | — | $ | 7,283,015 | $ | 11,893 | ||||||||||
April 30, 2016 | 2,298,768 | — | — | 546,020 | — | |||||||||||||||
April 30, 2017 | 22,698,037 | — | — | 1,071,726 | 312,109 | |||||||||||||||
April 30, 2018 | 14,897,930 | — | 9,207,679 | 543,730 | — | |||||||||||||||
April 30, 2019 | 881,168 | — | 1,043,786 | 1,598,268 | — | |||||||||||||||
| Not subject to expiration: | 39,284,442 | 1,362,193 | 5,754,597 | 10,738,518 | 90,271 | |||||||||||||||
| Total | $ | 80,081,916 | $ | 1,362,193 | $ | 16,006,062 | $ | 21,781,277 | $ | 414,273 | ||||||||||
| 3 | A portion of All-American’s and Intermediate Duration’s capital loss carryforward is subject to an annual limitation under Internal Revenue Code and related regulations. |
As of April 30, 2014, the Funds’ last tax year end, $1,064,312 of Limited Term’s capital loss carryforward expired.
The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The Funds have elected to defer losses as follows:
| All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
| Post-October capital losses4 | $ | 11,969,160 | $ | 1,520,098 | $ | 1,999,677 | $ | 2,728,723 | $ | 39,390 | ||||||||||
| Late-year ordinary losses5 | — | — | — | — | — | |||||||||||||||
| 4 | Capital losses incurred from November 1, 2013 through April 30, 2014, the Funds’ last tax year end. |
| 5 | Ordinary losses incurred from January 1, 2014 through April 30, 2014 and specified losses incurred from November 1, 2013 through April 30, 2014. |
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
| 244 | Nuveen Investments |
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
| Average Daily Net Assets | All- American Fund-Level Fee Rate | Inflation Protected Fund-Level Fee Rate | Intermediate Duration Fund-Level Fee Rate | Limited Term Fund-Level Fee Rate | Short Term Fund-Level Fee Rate | |||||||||||||||
| For the first $125 million | 0.3000 | % | 0.3000 | % | 0.3000 | % | 0.2500 | % | 0.2500 | % | ||||||||||
| For the next $125 million | 0.2875 | 0.2875 | 0.2875 | 0.2375 | 0.2375 | |||||||||||||||
| For the next $250 million | 0.2750 | 0.2750 | 0.2750 | 0.2250 | 0.2250 | |||||||||||||||
| For the next $500 million | 0.2625 | 0.2625 | 0.2625 | 0.2125 | 0.2125 | |||||||||||||||
| For the next $1 billion | 0.2500 | 0.2500 | 0.2500 | 0.2000 | 0.2000 | |||||||||||||||
| For net assets over $2 billion | — | 0.2250 | — | — | 0.1750 | |||||||||||||||
| For the next $3 billion | 0.2250 | — | 0.2250 | 0.1750 | — | |||||||||||||||
| For net assets over $5 billion | 0.2125 | — | 0.2125 | 0.1625 | — | |||||||||||||||
The annual complex-level fee for the Funds, payable monthly, is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen Funds as set forth in the schedule below, and for Short Term, making, as appropriate, an upward adjustment to that rate based upon the percentage of the Fund’s assets that are not “eligible assets.” The complex level fee schedule for the Funds is as follows:
| Complex-Level Asset Breakpoint Level* | Effective Rate at Breakpoint Level | |||
| $55 billion | 0.2000 | % | ||
| $56 billion | 0.1996 | |||
| $57 billion | 0.1989 | |||
| $60 billion | 0.1961 | |||
| $63 billion | 0.1931 | |||
| $66 billion | 0.1900 | |||
| $71 billion | 0.1851 | |||
| $76 billion | 0.1806 | |||
| $80 billion | 0.1773 | |||
| $91 billion | 0.1691 | |||
| $125 billion | 0.1599 | |||
| $200 billion | 0.1505 | |||
| $250 billion | 0.1469 | |||
| $300 billion | 0.1445 | |||
| * | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of October 31, 2014, the complex-level fee rate for each Fund was as follows: |
| Fund | Complex-Level Fee Rate | |||
| All-American | 0.1705 | % | ||
| Inflation Protected | 0.1643 | |||
| Intermediate Duration | 0.1694 | |||
| Limited Term | 0.1643 | |||
| Short Term | 0.1767 | |||
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of the following Funds so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table.
| Fund | Temporary Expense Cap | Temporary Expense Cap Expiration Date | Permanent Expense Cap | |||||||||
| Inflation Protected | 0.60 | % | August 31, 2015 | 1.05 | % | |||||||
| Intermediate Duration | N/A | N/A | 0.75 | |||||||||
| N/A | – Not applicable. |
| Nuveen Investments | 245 |
Notes to Financial Statements (Unaudited) (continued)
The Adviser has agreed to waive 0.25% of the 12b-1 distribution and/or service fees for Class C Shares of Limited Term through August 31, 2015 and 0.45% of the 12b-1 distribution and/or service fees for Class C Shares of the Short Term through August 31, 2015.
Neither Trust pays compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to each Trust from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
During the six months ended October 31, 2014, Nuveen Securities, LLC, (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
| All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
| Sales charges collected | $ | 784,957 | $ | 15,522 | $ | 273,184 | $ | 585,582 | $ | 204,214 | ||||||||||
| Paid to financial intermediaries | 682,115 | 13,250 | 246,064 | 562,583 | 199,991 | |||||||||||||||
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the six months ended October 31, 2014, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
| All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
| Commission advances | $ | 324,453 | $ | 14,140 | $ | 218,722 | $ | 683,068 | $ | 199,265 | ||||||||||
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C and Class C2 Shares during the first year following a purchase are retained by the Distributor. During the six months ended October 31, 2014, the Distributor retained such 12b-1 fees as follows:
| All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
| 12b-1 fees retained | $ | 116,629 | $ | 3,351 | $ | 53,871 | $ | 191,947 | $ | 5,236 | ||||||||||
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the six months ended October 31, 2014, as follows:
| All- American | Inflation Protected | Intermediate Duration | Limited Term | Short Term | ||||||||||||||||
| CDSC retained | $ | 18,434 | $ | 278 | $ | 9,753 | $ | 46,362 | $ | 14,788 | ||||||||||
| 246 | Nuveen Investments |
Fund Information
Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 | Independent Registered PricewaterhouseCoopers LLP Chicago, IL 60606 Custodians State Street Bank & Trust Company Boston, MA 02111 U.S. Bank National Association Milwaukee, WI 53202 | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | Transfer Agent and Boston Financial Data Services, Inc. Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787 | |||||||
| ||||||||||||||
| Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation. | ||||||||||||||
| ||||||||||||||
| Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov. | ||||||||||||||
| ||||||||||||||
FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org. | ||||||||||||||
| Nuveen Investments | 247 |
Used in this Report
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Barclays 1-10 Year Municipal Bond Index: An unmanaged index comprised of investment-grade municipal bonds with maturity dates of more than 1 year and less than 10 years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Barclays 3-Year Municipal Bond Index: An unmanaged index comprised of investment-grade municipal bonds with maturity dates of between 1 year and 3 years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s (or bond fund’s) value to changes when market interest rates change. Generally, the longer a bond or fund’s duration, the more the price of the bond or fund will change as interest rates change.
Effective Leverage (Effective Leverage Ratio): Effective leverage is investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.
Inflation Linked Swap: A contractual agreement between two counterparties under which one party agrees to make periodic interest payments to the other for an agreed period of time based on a fixed rate (alternatively, a floating rate based on an interest rate index), while the other party agrees to make periodic payments based on a floating rate of interest based on the Consumer Price Index.
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
Lipper General & Insured Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper General & Insured Municipal Debt Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
| 248 | Nuveen Investments |
Lipper Intermediate Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Intermediate Municipal Debt Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Short-Intermediate Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Short-Intermediate Municipal Debt Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Short Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Short Municipal Debt Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.
Pre-Refundings: Pre-Refundings, also known as advance refundings or refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and interest payments of older existing bonds. This process often results in lower borrowing costs for bond issuers.
S&P Municipal Bond Intermediate Index: An unleveraged, market value-weighted index containing all bonds in the S&P Municipal Bond Index that mature between 3 and 14.999 years. Index returns assume reinvestment of dividends but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Short Index: An unleveraged, market value-weighted index containing all of the bonds in the S&P Municipal Bond Index with maturities between 6 months and 3.999 years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Short-Intermediate Index: An unleveraged, market value-weighted index containing all bonds in the S&P Municipal Bond Index that mature between 1 and 7.999 years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
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Notes
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Notes
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| Serving Investors for Generations | ||||||||||||||
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| 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. | ||||||||||||||
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Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $229 billion as of September 30, 2014. | ||||||||||||||
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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 | ||||||||||||||
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| Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com | ||||||||||||||
MSA-NAT-1014D 4926-INV-B12/15
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this registrant.
Item 6. Schedule of Investments.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to this registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
Item 11. Controls and Procedures.
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Investment Funds, Inc.
| By | (Signature and Title) | /s/ Kevin J. McCarthy | ||||
Kevin J. McCarthy Vice President and Secretary |
Date: January 8, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By | (Signature and Title) | /s/ Gifford R. Zimmerman | ||||
Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) |
Date: January 8, 2015
| By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date: January 8, 2015