Nuveen Small Cap Value Fund (FSCAX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05309

Nuveen Investment Funds, Inc.

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: April 30

Date of reporting period: April 30, 2015

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Mutual Funds

Nuveen Municipal

Bond Funds

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

Annual Report  April 30, 2015

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

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Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations and Dividend Information	13
Fund Performance, Expense Ratios and Effective Leverage Ratios	15
Yields	26
Holding Summaries	28
Expense Examples	33
Report of Independent Registered Public Accounting Firm	36
Portfolios of Investments	37
Statement of Assets and Liabilities	213
Statement of Operations	214
Statement of Changes in Net Assets	215
Financial Highlights	218
Notes to Financial Statements	228
Additional Fund Information	243
Glossary of Terms Used in this Report	244
Trustees and Officers	246

Nuveen Investments 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

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

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

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

And, the same is true for investors like you. Maintaining an appropriate time horizon, diversification and relying on practiced investment teams are among your best strategies for achieving your long-term investment objectives. Additionally, I encourage you to communicate with your financial consultant if you have questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

William J. Schneider

Chairman of the Board

June 22, 2015

4 Nuveen Investments

Portfolio Managers’

Comments

Nuveen All-American Municipal Bond Fund

Nuveen Inflation Protected Municipal Bond Fund

Nuveen Intermediate Duration Municipal Bond Fund

Nuveen Limited Term Municipal Bond Fund

Nuveen Short Term Municipal Bond Fund

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. John Miller, CFA, and Doug White, CFA, manage the Nuveen All-American Municipal Bond Fund. John began managing the Fund in 2010 and Doug joined him as co-manager of the Fund in 2011. Dan Close, CFA, and Doug Baker, CFA, have managed the Nuveen Inflation Protected Municipal Bond Fund since its inception in 2011. Paul Brennan, CFA, has managed the Nuveen Intermediate Duration Municipal Bond Fund since 2007 and the Nuveen Limited Term Municipal Bond Fund since 2006. Chris Drahn, CFA, has managed the Nuveen Short Term Municipal Bond Fund since 2002.

Recently, the portfolio managers discussed economic and municipal market conditions, key investment strategies and the Funds’ performance for the twelve-month reporting period ended April 30, 2015.

What factors affected the U.S. economy and the national municipal bond market during the twelve-month reporting period ended April 30, 2015?

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

The Fed changed its language slightly in December, indicating it would be “patient” in normalizing monetary policy. This shift helped ease investors’ worries that the Fed might raise rates too soon. However, as employment data released early in the year

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

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

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

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

Nuveen Investments 5

Portfolio Managers’ Comments (continued)

continued to look strong, anticipation began building that the Fed could raise its main policy rate as soon as June. As widely expected, after its March meeting, the Fed eliminated “patient” from its statement but also highlighted the policy makers’ less optimistic view of the economy’s overall health as well as downgraded their inflation projections. The Fed’s April meeting seemed to further signal that a June rate hike was off the table. While the Fed attributed the first quarter’s economic weakness to temporary factors, the meeting minutes from April revealed that many Committee members believed the economic data available in June would be insufficient to meet the Fed’s criteria for initiating a rate increase.

According to the government’s second estimate, the U.S. economy contracted at a 0.7% annualized rate in the first quarter of 2015, as measured by GDP, compared with an increase of 4.6% in the second quarter of 2014, 5.0% in the third quarter and 2.2% in the fourth quarter. The decline in real GDP growth rate from the fourth quarter of 2014 to the first quarter of 2015 primarily reflects a downturn in both state and local government spending, a decline in exports and consumer spending. These were partly offset by an upturn in federal government spending. The Consumer Price Index (CPI) fell 0.2% year-over-year as of April 2015. The core CPI (which excludes food and energy) increased 1.8% during the same period, below the Fed’s unofficial longer term inflation objective of 2.0%. As of April 30, 2015, the national unemployment rate was 5.4%, the lowest level since May 2008 and the level considered “full employment” by some Fed officials, down from the 6.2% reported in April 2014. The housing market continued to post consistent gains, with 35 consecutive months of year-over-year increases as of its most recent reading in March 2015. The average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 5.0% for the twelve months ended March 2015 (most recent data available at the time this report was prepared).

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

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

These factors helped drive municipal bond yields lower and tightened yield spreads relative to Treasuries in 2014 overall. However, as 2015 began, market conditions turned more volatile. A series of disappointing economic data underscored the fragility of the U.S. recovery, as well as cast further uncertainty on the timing of the Fed’s first rate hike. Issuance was unusually strong at the beginning of 2015, fueling concerns about potential oversupply conditions. Over the twelve months ended April 30, 2015, municipal bond issuance nationwide totaled $391.9 billion, an increase of 30.8% from the issuance for the twelve-month period ended April 30, 2014. The surge in gross issuance is due mostly to increased refunding deals as issuers have been actively and aggressively refunding their outstanding debt given the very low interest rate environment. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. In fact, the total municipal bonds outstanding has actually declined in each of the past four calendar years. So, the gross is surging, but the net is not and this has been an overall positive technical factor on municipal bond investment performance. At the same time, regulatory changes, increased risk aversion and expectations for rising interest rates have encouraged bond dealers, typically brokers and banks, to reduce the size of their inventories in recent years. By holding smaller amounts of bonds on their books, dealers seek to mitigate their exposure to bonds that could potentially be worth less or be more difficult to sell in the future. As a result, there has been less liquidity in the marketplace, which contributed to periods of increased price volatility in early 2015. The municipal bond market also experienced some seasonal weakness in the first few months of 2015 due to tax-related selling. Finally, divergence in economic growth and central bank policies around the world have reinforced an interest rate differential that favors demand for U.S. Treasuries, maintaining downward pressure on yields.

6 Nuveen Investments

How did the Funds perform during the twelve-month reporting period ended April 30, 2015?

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 the applicable one-year, five-year, ten-year and since-inception periods ended April 30, 2015. The returns for each Fund’s Class A Shares at net asset value (NAV) are compared to the performance of a corresponding market index and Lipper classification average.

Nuveen All-American Municipal Bond Fund

For the twelve months ended April 30, 2015, the Nuveen All-American Municipal Bond Fund’s Class A Shares at NAV outperformed both the S&P Municipal Bond Index and the Lipper General & Insured Municipal Debt Funds Classification Average.

Effective security selection was the primary driver behind the Fund’s outperformance of the S&P Municipal Bond Index. In other words, the individual bonds chosen for the portfolio tended to outpace those in the index. This was especially true among our state and local general obligation (GO) and dedicated-tax holdings.

Duration and yield curve positioning were also helpful in relative terms. In much of the first half of the reporting period, the portfolio’s duration was significantly longer than that of the benchmark, meaning it was more sensitive to the beneficial effects of falling rates. In particular, our exposure to bonds with maturities of 10 years and longer was helpful. Over time, we reduced the Fund’s duration considerably, ending the reporting period slightly longer than the benchmark. Our goal was to make the Fund more defensive in the event rates rose off their extremely low levels in early 2015. In fact, this situation came to pass, and our repositioning proved opportune.

The Fund’s credit quality stance further contributed. Our overweighting in bonds with credit ratings of A rated and lower proved helpful in light of narrowing credit spreads, meaning investors were willing to invest in steadily riskier debt in exchange for additional income. The Fund also benefited from underweightings in the market’s highest rated bonds, those with AAA and AA credit ratings, which lagged their lower rated counterparts during the reporting period. Another positive impact came from the Fund’s position in inverse floating rate securities.

Favorable sector positioning also added value. The Fund was overweighted in various strong performing sectors, such as tobacco and corporate-backed industrial development revenue, the two top-performing groups in the index, respectively, as well as health care, the third best performer. All of these sectors outperformed the benchmark and added to results.

In light of the strong relative performance, there were few meaningful detractors. One modestly negative impact came from our allocation to advance refunded bonds. In a market environment generally favoring longer dated, lower rated securities, these securities were laggards, owing to their high credit quality and short maturities.

Nuveen Inflation Protected Municipal Bond Fund

For the twelve months ended April 30, 2015, the Nuveen Inflation Protected Municipal Bond Fund’s Class A Shares at NAV trailed the Barclays 1–10 Year Municipal Bond Index as well as the Lipper Intermediate Municipal Debt Funds Classification Average.

The Fund’s performance is shaped by its two portfolio components: intermediate duration municipal bonds and inflation-linked swaps, the latter of which are designed to hedge the Fund against changes in inflation expectations, which can influence municipal bond prices. For this reporting period, the Fund’s municipal bond portfolio made a strong contribution to performance relative to the benchmark, while its inflation-protection component significantly detracted from results.

The Fund’s municipal bond portfolio benefited from favorable duration and yield curve positioning. As overall interest rates declined, the Fund’s longer duration, meaning its sensitivity to changes in interest rates, was beneficial. In particular, the portfolio was underweighted in short maturity bonds and overweighted in longer dated issues. In both instances, this stance contributed, as longer bonds outperformed shorter bonds.

The Fund similarly benefited from effective credit positioning. In light of historically low bond yields, investors were willing to take on more credit risk to obtain income. In this environment, our exposure to debt BBB rated, the lowest tier of the investment grade bond universe, as well as BB rated and B rated, proved helpful, as did a corresponding underweighting in the highest credit rating categories.

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

On a sector basis, the Fund was helped the most by underweighting categories that lagged the overall market, such as local general obligation bonds and advance refunded bonds. The Fund did see some underperformance, however, from its water/sewer bond holdings.

As we mentioned, the Fund’s inflation-linked swaps materially detracted. These securities accomplished their objective of hedging against fluctuations in inflation expectations and realized inflation. For two reasons, however, these securities meaningfully hampered relative performance for the reporting period. First, because realized inflation was lower than anticipated, the value of the swaps declined accordingly. Second, because the market anticipated lower inflation in the future, the market value of the swaps predictably dropped.

Nuveen Intermediate Duration Municipal Bond Fund

For the twelve months ended April 30, 2015, the Nuveen Intermediate Duration Municipal Bond Fund’s Class A Shares at NAV performed closely in-line with the S&P Municipal Bond Intermediate Index, while outperforming the Lipper Intermediate Municipal Debt Funds Classification Average.

The Fund’s emphasis on intermediate bonds, including substantial exposure to maturities of ten years and longer, was helpful as rates declined in that portion of the yield curve. Simultaneously, however, the Fund’s allocation to maturities of four years and shorter detracted, given rising rates on debt with shorter terms.

From the standpoint of credit quality, the Fund benefited from being overweighted in the lower investment grade rating tier of the market. By overweighting bonds with credit ratings of A rated and BBB rated, which together made up nearly half of the portfolio’s assets at period end, the Fund benefited from improving credit conditions and investors’ continued willingness to take on more credit risk.

Our overweightings in various strong performing sectors also contributed. We maintained elevated exposure to health care and hospital bonds, which were among the municipal market’s best performers of the reporting period. Tobacco securitization bonds and industrial development revenue bonds also performed very well; the Fund benefited from its overweighting in both categories. We also benefited from the performance of various tax-supported bonds with lower investment grade credit ratings.

In contrast, the Fund was hampered by its exposure to certain categories that did not keep pace with the benchmark. Our allocation to advance refunded bonds, limited our relative results; these high quality, short duration issues failed to keep pace with lower quality, long duration credits. In addition, our weighting in state general obligation bonds provided only subdued gains.

Nuveen Limited Term Municipal Bond Fund

For the twelve months ended April 30, 2015, 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.

The Fund was helped by its credit quality positioning. Namely, we were overweighted in the lower investment grade bond rating categories of BBB rated and A rated bonds, both of which outpaced their higher rated counterparts. Similarly, the Fund was helped by its increased exposure to various categories with a dominance of lower rated issuance; these included tobacco securitization, health care and industrial development revenue bonds. Our A rated tax-supported bond holdings also added value.

At the same time, the Fund’s allocation to sectors that lagged the index detracted from results. In particular, the Fund was hampered by its exposure to both state general obligation and advance refunded bonds, two high quality sectors that failed to keep up with other predominantly lower rated categories. We were also hindered by the performance of some of our holdings in Illinois debt. Although we remained confident in the credit quality of the individual issues we chose to own, the market’s concern about this state’s credit quality limited these securities’ return.

The Fund’s duration and yield curve positioning also had a neutral impact on results. Although the portfolio’s overweighting in bonds at the long end of our limited maturity universe was helpful, a corresponding underweighting in short dated securities, which we used to balance our longer duration holdings and maintain the Fund’s duration at our desired range, proved detrimental amid rising short-term interest rates.

Some of the cash that flowed into the Fund during the reporting period was also used to purchase short dated issues.

8 Nuveen Investments

Nuveen Short Term Municipal Bond Fund

For the twelve months ended April 30, 2015, the Nuveen Short Term Municipal Bond Fund’s Class A Shares at NAV underperformed the S&P Municipal Bond Short Index and performed closely in line with the Lipper Short Municipal Debt Funds Classification Average.

While yields on long-term bonds declined over the course of the twelve-month reporting period, those on the short end of the yield curve drifted higher. This situation posed a headwind for the Fund, which on an absolute basis finished the period in only modestly positive territory. Relative to the benchmark, the Fund benefited from its overweighting in bonds with maturities exceeding three years, but exposure to bonds with maturities of six months and shorter was a drag on performance.

Credit quality positioning, however, added to results. We were overweighted in A rated, BBB rated and non-rated issues. These lower rated bonds benefited both from their higher level of income and in many cases from narrowing credit spreads, meaning that investors were willing to accept increasing amounts of credit risk in exchange for income in a historically low interest rate environment.

On a sector basis, the Fund benefited from overweightings in the health care and higher education sectors. These categories are traditionally somewhat higher yielding and therefore also enjoyed an advantage in many cases from their higher levels of income in addition to some instances of credit spread tightening. We were also underweighted in advance refunded bonds, which lagged the benchmark.

What key strategies were used to manage these Funds during the twelve-month reporting period ended April 30, 2015?

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

As the reporting period progressed, we took steps to position the portfolio’s duration more defensively to protect against what we saw as the increasing likelihood of higher interest rates. While maintaining our overweighting in longer dated issues and seeking to add value through careful security selection, we simultaneously sold some of the Fund’s longer maturity debt and reinvested proceeds in short dated issues. Some of the cash that flowed into the Fund during the reporting period was also used to purchase short-dated issues. Many of these securities have high credit ratings, which further added to their defensiveness.

This adjustment to the portfolio’s duration began in the first half of the reporting period but accelerated in late 2014 and early 2015. In fact, rates did begin rising around February. At this point, the Fund’s duration was slightly longer than that of the benchmark, and we did not wish to make the portfolio any more defensive for fear of negatively impacting the Fund’s earnings. We maintained this general positioning through the end of the reporting period.

In terms of the Fund’s sector exposure, the portfolio continued to reflect our view that the economy was steadily improving. Accordingly, we tended to favor bonds and sectors that we believed could be well positioned to benefit from broader economic growth. This included maintaining exposure to transportation (especially tollroad and airport bonds), corporate-backed industrial development revenue bonds and sales-tax revenue bonds. Our largest sector weighting remained in health care, an area of the market to which Nuveen devotes substantial research resources and where we regularly find opportunities we believe are attractive.

Of final note, the Fund maintained little or no exposure to certain bond issuers that continued to garner headlines for their financial difficulties. The Fund has no exposure to bonds associated with the U.S. territory of Puerto Rico and does not own any general obligation (GO) debt of the city of Detroit, although we did maintain a small position in a Detroit water/sewer bond backed by an AA rated municipal bond insurer. We also lacked any holdings in GO debt of the city of Chicago and had minimal exposure to Illinois state GOs which is approximately 1% of the portfolio.

Nuveen Inflation Protected Municipal Bond Fund

Although the Fund experienced investment inflows during the first half of the reporting period, outflows were more common in the second half, especially late in calendar year 2014. To generate the proceeds needed to meet these redemptions, we tended to sell securities more often than we bought them during this time. In our view, it provided an opportune time to reduce the Fund’s exposure to various credits for which we had developed concerns.

Nuveen Investments 9

Portfolio Managers’ Comments (continued)

This included selling out of bonds tied to Detroit and its surrounding area. Even though the city has emerged from bankruptcy protection, we still lacked confidence in its underlying credit quality. Accordingly, we sold the Fund’s holdings in Detroit school district bonds. In addition, as our outlook for Wayne County (which includes Detroit) worsened, we eliminated exposure to the issuer’s uninsured general obligation (GO) debt and pared exposure to Detroit Water and Sewer bonds, which had already performed well for the Fund and no longer offered compelling value, in our opinion.

We also cut the Fund’s allocation to private higher education bond issuers, particularly lower rated institutions that are heavily dependent on tuition payments to meet their debt obligations. We developed concerns about these issuers’ long term financial prospects.

Purchase activity was more frequent in the first half of the reporting period, when we had more proceeds to invest. During the second half of the reporting period, new bond acquisitions were limited and, aside from periodic odd-lot transactions, consisted of two major purchases: one highly rated GO bond issue, as well as a utility bond issue whose characteristics we liked. As a result of our purchases and sales, the Fund became somewhat more defensive, meaning its credit quality modestly improved while its duration decreased slightly.

During the reporting period, we established a portfolio hedge by purchasing credit default swaps 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. Despite our low holdings of Puerto Rico, we note that there is a correlation between Puerto Rico and the high yield 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 opportunities to invest in the lower quality portion of the market. The use of credit default swaps had a negligible impact on performance.

The Fund’s level of inflation protection increased only incrementally during the reporting period, reflecting our mandate to keep a consistent level of inflation protection. 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

During the reporting period, we maintained the Fund’s duration so that it increased only incrementally and remained essentially neutral to that of the index. This positioning was appropriate, in our opinion, because of the potential for higher interest rates from the Fed offset by the prospect of steady economic growth with little sign of inflation. Accordingly, we wanted the Fund’s interest rate sensitivity to be comparable to that of the benchmark, so that we could participate in both the market’s upside if conditions remained favorable, as well as avoid excessive downside if the backdrop for intermediate bonds worsened.

We continued to emphasize credit selection as a source of potential value for our shareholders, looking for individual bonds and sectors where we believed the Fund could be well compensated for taking on intelligent credit risk. We remained selective about our new bond purchases. After years of narrowing credit spreads, it has become more difficult to find bonds offering exceptional values. As yields have steadily declined, we have been careful to invest only in those bonds in which we believed the risk/reward tradeoff was in our investors’ favor.

During the reporting period, we were active in the health care and transportation bond categories. To finance these and other purchases, we applied the proceeds of bond calls. We also sold various high quality, shorter maturity holdings that offered limited total return prospects; selling these bonds better enabled us to maintain our desired credit quality and duration positioning.

Nuveen Limited Term Municipal Bond Fund

We were successful in our goal of maintaining a consistent duration for the portfolio, as we liked the Fund’s interest rate positioning going into the period. When we made new bond purchases, we tended to emphasize securities across a range of maturities from 2018 to 2024. Our objective was to balance some of our shorter-dated purchases with those a little longer out on the yield curve. This approach enabled us to maintain the Fund’s duration at our desired level while also taking advantage of the better performance prospects we anticipated from longer maturities.

10 Nuveen Investments

We remained focused on trying to add value through disciplined credit research and finding attractively valued bonds with lower investment grade credit ratings. That said, after several years of strong market performance, it has become more challenging to obtain adequate compensation for taking on credit risk. Therefore, as with our approach to the Nuveen Intermediate Duration Municipal Bond Fund, we remained selective in our new purchases, paying close attention to the tradeoff between risk and reward opportunities. In this Fund, many of our new purchases during the reporting period were in the AA rated credit category, as we saw better value in this part of the market than in the lower quality segments we often favor.

The Nuveen Limited Term Municipal Bond Fund experienced investment inflows for the overall reporting period. These proceeds, along with those coming from bond maturities and our occasional sales of shorter dated issues, provided the funds necessary to finance new purchases. These acquisitions included various short maturity public utility and transportation bonds. We also bought a variety of local general obligation bonds, primarily debt issued by municipal governments and local school districts.

Nuveen Short Term Municipal Bond Fund

We received substantial new inflows into the Fund early on in the reporting period. To put these proceeds to work, we tended to emphasize bonds with maturities of three to four years. Given that interest rates had crept upwards in this portion of the yield curve, we saw better potential here than in other areas. In the second half of the reporting period, however, and particularly in its final few months, inflows turned to outflows, as rates began to rise again on shorter maturity bonds. To finance the outflows, we used the proceeds generated from bond maturities, as well as from sales of short dated bonds with more limited prospects for total return. In rare instances, we sold a few of our longer dated issues with lower embedded book yields to better support the Fund’s dividend.

We also reduced exposure during the reporting period to credits that we no longer wished to hold. We sold positions in Detroit school district bonds as well as those issued by Wayne County Stadium Authority (Detroit is the largest city in Wayne County). Given the past financial troubles experienced by Detroit and our worsening outlook for Wayne County, we opted to reduce the Fund’s risk by eliminating these credits from the portfolio.

Otherwise, we remained generally comfortable with the Fund’s overall positioning and were successful in our goal of keeping the portfolio’s duration relatively stable throughout the period. Many of our new purchases during the reporting period were in the AA rated credit category, as we frequently saw better value in this part of the market than in the lower quality segments we often favor.

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 City of Detroit’s bankruptcy case. 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. Puerto Rico general obligation debt is rated Caa2/CCC+/B (below investment grade) by Moody’s, S&P and Fitch, respectively, with negative outlooks.

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

In light of the evolving economic situation in Puerto Rico, Nuveen’s credit analysis of the Commonwealth had previously considered the possibility of a default and restructuring of public corporations and we adjusted our portfolios to prepare for such an outcome, although no such default or restructuring has occurred to date. The Nuveen complex’s entire exposure to obligations of the government of Puerto Rico and other Puerto Rico issuers totaled 0.33% of assets under management as of April 30, 2015. As of April 30, 2015, the Funds’ limited exposure to Puerto Rico generally was invested in bonds that were insured, pre-refunded (and therefore backed by securities such as U.S. Treasuries), or tobacco settlement bonds. Overall, the small size of our exposures meant that our Puerto Rico holdings had a negligible impact on performance.

Nuveen Investments 11

Portfolio Managers’ Comments (continued)

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 on November 7, 2014. 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 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. 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 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 also were permanently removed from the city’s bankruptcy case, which led to a rally in the bonds’ price.

12 Nuveen Investments

Risk Considerations

and Dividend Information

Risk Considerations

Nuveen All-American Municipal Bond Fund

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. In addition, the Fund periodically engages in a moderate amount of portfolio leverage and in doing so, assumes a higher level of risk in pursuit of its objectives. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility, interest rate risk and credit risk.

Nuveen Inflation Protected Municipal Bond Fund

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund are subject to market risk, credit risk, interest rate risk, non-diversification risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuer’s ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The Fund’s use of derivative instruments may involve a small amount of cash investment relative to the total notional principal amount of the transaction, the magnitude of losses from derivatives may be greater than the amount originally invested. There can be no assurance that the Fund’s inflation hedging strategy will be successful or perform as expected.

Nuveen Intermediate Duration Municipal Bond Fund

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

Nuveen Limited Term Municipal Bond Fund

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

Nuveen Short Term Municipal Bond Fund

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

Nuveen Investments 13

Risk Considerations and Dividend Information (continued)

Dividend Information

Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a 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 a 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 April 30, 2015, the Funds had positive UNII balances for tax purposes. Nuveen Short Term Municipal Bond Fund had a negative UNII balance, while the other Funds and positive UNII balances for financial reporting purposes.

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

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 Ratios and Effective Leverage Ratios (continued)

Nuveen All-American Municipal Bond Fund

Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of April 30, 2015

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		7.38%		6.43%		5.19%
Class A Shares at maximum Offering Price		2.89%		5.51%		4.75%
S&P Municipal Bond Index		4.86%		4.92%		4.63%
Lipper General & Insured Municipal Debt Funds Classification Average		5.12%		4.83%		4.02%
Class C2 Shares		6.82%		5.87%		4.62%
Class I Shares		7.57%		6.64%		5.38%

	Average Annual
	1-Year		Since Inception
Class C Shares		6.54%		7.97%

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

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		9.40%		6.82%		5.40%
Class A Shares at maximum Offering Price		4.78%		5.91%		4.95%
Class C2 Shares		8.74%		6.24%		4.82%
Class I Shares		9.69%		7.00%		5.60%

	Average Annual
	1-Year		Since Inception
Class C Shares		8.55%		9.06%

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

Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C and C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

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 April 30, 2015

Effective Leverage Ratio 4.13%

Growth of an Assumed $10,000 Investment as of April 30, 2015 – Class A Shares

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 17

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

Nuveen Inflation Protected Municipal Bond Fund

Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of April 30, 2015

	Average Annual
	1-Year		Since Inception
Class A Shares at NAV		1.14%		4.15%
Class A Shares at maximum Offering Price		(1.89)%		3.39%
Barclays 1-10 Year Municipal Bond Index		2.74%		3.65%
Lipper Intermediate Municipal Debt Funds Classification Average		2.83%		4.04%
Class C Shares		0.31%		1.72%
Class C2 Shares		0.59%		3.56%
Class I Shares		1.31%		4.34%

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

	Average Annual
	1-Year		Since Inception
Class A Shares at NAV		2.18%		4.06%
Class A Shares at maximum Offering Price		(0.88)%		3.28%
Class C Shares		1.35%		1.31%
Class C2 Shares		1.72%		3.50%
Class I Shares		2.45%		4.27%

Since inception returns for Class A, Class C2 and Class I Shares, and the index and Lipper average 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 April 30, 2015

Effective Leverage Ratio 0.00%

Growth of an Assumed $10,000 Investment as of April 30, 2015 – Class A Shares

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 19

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

Nuveen Intermediate Duration Municipal Bond Fund

Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of April 30, 2015

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		3.95%		3.97%		3.86%
Class A Shares at maximum Offering Price		0.85%		3.33%		3.55%
S&P Municipal Bond Intermediate Index		3.94%		4.65%		4.76%
Lipper Intermediate Municipal Debt Funds Classification Average		2.83%		3.57%		3.61%
Class C2 Shares		3.40%		3.39%		3.30%
Class I Shares		4.14%		4.19%		4.08%

	Average Annual
	1-Year		Since Inception
Class C Shares		3.14%		3.82%

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

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		5.45%		4.24%		4.07%
Class A Shares at maximum Offering Price		2.29%		3.60%		3.75%
Class C2 Shares		4.89%		3.66%		3.50%
Class I Shares		5.64%		4.43%		4.27%

	Average Annual
	1-Year		Since Inception
Class C Shares		4.63%		4.54%

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 April 30, 2015

Effective Leverage Ratio 1.34%

Growth of an Assumed $10,000 Investment as of April 30, 2015 – Class A Shares

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

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 Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of April 30, 2015

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		1.72%		2.71%		3.19%
Class A Shares at maximum Offering Price		(0.86)%		2.19%		2.92%
S&P Municipal Bond Short-Intermediate Index		2.01%		2.88%		3.69%
Lipper Short-Intermediate Municipal Debt Funds Classification Average		1.33%		2.23%		2.84%
Class C2 Shares		1.34%		2.33%		2.82%
Class I Shares		1.99%		2.91%		3.39%

	Average Annual
	1-Year		Since Inception
Class C Shares		1.18%		1.38%

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

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		2.47%		2.86%		3.31%
Class A Shares at maximum Offering Price		(0.06)%		2.33%		3.05%
Class C2 Shares		2.18%		2.50%		2.95%
Class I Shares		2.74%		3.06%		3.50%

	Average Annual
	1-Year		Since Inception
Class C Shares		1.92%		1.62%

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 and/or service 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 April 30, 2015

Effective Leverage Ratio 0.00%

Growth of an Assumed $10,000 Investment as of April 30, 2015 – Class A Shares

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

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, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of April 30, 2015

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		0.57%		1.84%		2.44%
Class A Shares at maximum Offering Price		(1.94)%		1.31%		2.18%
S&P Municipal Bond Short Index		0.77%		1.49%		2.72%
Lipper Short Municipal Debt Funds Classification Average		0.55%		1.19%		2.01%
Class I Shares		0.75%		2.01%		2.60%

	Average Annual
	1-Year		Since Inception
Class C Shares		0.22%		0.25%
Class C2 Shares		0.22%		1.02%

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

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		0.80%		1.91%		2.47%
Class A Shares at maximum Offering Price		(1.72)%		1.40%		2.21%
Class I Shares		1.07%		2.10%		2.56%

	Average Annual
	1-Year		Since Inception
Class C Shares		0.54%		0.31%
Class C2 Shares		0.54%		1.05%

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 and/or service fees for Class C Shares through August 31, 2015. The fee waiver will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

Effective Leverage Ratio as of April 30, 2015

Effective Leverage Ratio 0.00%

Growth of an Assumed $10,000 Investment as of April 30, 2015 – Class A Shares

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 25

Yields as of April 30, 2015

Dividend Yield is the most recent dividend per share (annualized) divided by the offering price per share.

The SEC 30-Day Yield is a standardized measure of a Fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the Fund’s portfolio. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Subsidized yields reflect fee waivers and/or expense reimbursements from the investment adviser during the period. If any such waivers and/or reimbursements had not been in place, yields would have been reduced. Unsubsidized yields do not reflect waivers and/or reimbursements from the investment adviser during the period. Refer to the Fund Performance and Expense Ratios page for further details on the investment adviser’s most recent agreement with the Fund to waive fees and/or reimburse expenses, where applicable. 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		3.87%		3.26%		3.52%		4.23%
SEC 30-Day Yield		2.03%		1.32%		1.57%		2.32%
Taxable-Equivalent Yield (28.0%)2		2.82%		1.83%		2.18%		3.22%

Nuveen Inflation Protected Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		2.41%		1.64%		1.92%		2.65%
SEC 30-Day Yield-Subsidized		1.82%		1.07%		1.33%		2.07%
SEC 30-Day Yield-Unsubsidized		1.57%		0.77%		1.02%		1.77%
Taxable-Equivalent Yield-Subsidized (28.0%)2		2.53%		1.49%		1.85%		2.88%
Taxable-Equivalent Yield-Unsubsidized (28.0%)2		2.18%		1.07%		1.42%		2.46%

Nuveen Intermediate Duration Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		2.71%		2.02%		2.27%		2.98%
SEC 30-Day Yield		1.47%		0.71%		0.97%		1.72%
Taxable-Equivalent Yield (28.0%)2		2.04%		0.99%		1.35%		2.39%

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		1.79%		1.30%		1.46%		2.01%
SEC 30-Day Yield-Subsidized		0.80%		0.27%		0.48%		1.02%
SEC 30-Day Yield-Unsubsidized		0.80%		0.03%		0.48%		1.02%
Taxable-Equivalent Yield-Subsidized (28.0%)2		1.11%		0.38%		0.67%		1.42%
Taxable-Equivalent Yield-Unsubsidized (28.0%)2		1.11%		0.04%		0.67%		1.42%

Nuveen Short Term Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		0.87%		0.53%		0.53%		1.07%
SEC 30-Day Yield-Subsidized		0.43%		0.10%		0.09%		0.64%
SEC 30-Day Yield-Unsubsidized		0.43%		(0.35)%		0.09%		0.64%
Taxable-Equivalent Yield-Subsidized (28.0%)2		0.60%		0.14%		0.13%		0.89%
Taxable-Equivalent Yield-Unsubsidized (28.0%)2		0.60%		(0.49)%		0.13%		0.89%

1 The SEC Yield for Class A shares quoted in the table reflects the maximum sales load. Investors paying a reduced load because of volume discounts, investors paying no load because they qualify for one of the several exclusions from the load, and existing shareholders who previously paid a load but would like to know the SEC Yield applicable to their shares on a going-forward basis, should understand that the SEC Yield effectively applicable to them would be higher than the figure quoted in the table.

2 The Taxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a federal income tax rate shown in the respective table above.

Nuveen Investments 27

Holding

Summaries as of April 30, 2015

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

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

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	96.4%
Corporate Bonds	0.0%
Short-Term Municipal Bonds	0.8%
Floating Rate Obligations	(0.2)%
Other Assets Less Liabilities	3.0%
Net Assets	100%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	16.4%
AA	29.9%
A	20.7%
BBB	15.7%
BB or Lower	8.6%
N/R (not rated)	8.7%
Total	100%

Portfolio Composition

(% of total investments)

Health Care	16.5%
Tax Obligation/Limited	12.5%
Tax Obligation/General	12.3%
Transportation	11.4%
Education and Civic Organizations	11.3%
Utilities	9.6%
U.S. Guaranteed	8.2%
Long-Term Care	5.0%
Other	13.2%
Total	100%

States and Territories

(% of total municipal bonds)

California	11.8%
Texas	11.2%
Illinois	9.2%
Florida	6.5%
Wisconsin	4.7%
Colorado	4.6%
Pennsylvania	4.4%
New York	4.1%
Indiana	3.6%
Ohio	3.6%
Arizona	3.5%
Washington	3.0%
Louisiana	2.6%
Michigan	2.4%
Missouri	2.1%
New Jersey	1.7%
Georgia	1.5%
Other	19.5%
Total	100%

28 Nuveen Investments

Nuveen Inflation Protected Municipal Bond Fund

Fund Allocation

(% of net assets)

Long-Term Municipal Bonds	105.9%
Other Assets Less Liabilities	(5.9)%
Net Assets	100%

Bond Credit Quality

(% of total investments)¹

AAA/U.S. Guaranteed	6.9%
AA	34.9%
A	30.7%
BBB	14.8%
BB or Lower	4.3%
N/R (not rated)	8.4%
Total	100%

Portfolio Composition

(% of total investments)¹

Tax Obligation/Limited	32.1%
Transportation	23.1%
Tax Obligation/General	12.4%
Health Care	8.3%
Education and Civic Organizations	6.9%
Utilities	5.7%
Other	11.5%
Total	100%

States and Territories

(% of total municipal bonds)

Illinois	12.2%
Colorado	10.9%
California	10.9%
Louisiana	5.5%
New York	4.5%
North Carolina	4.2%
Georgia	3.8%
Ohio	3.7%
Texas	3.3%
Indiana	3.0%
Michigan	2.8%
Kansas	2.6%
Wisconsin	2.6%
Pennsylvania	2.5%
Kentucky	2.4%
Iowa	2.4%
Florida	2.3%
New Jersey	2.3%
Other	18.1%
Total	100%

1 Excluding investments in derivatives.

Nuveen Investments 29

Holding Summaries as of April 30, 2015(continued)

Nuveen Intermediate Duration Municipal Bond Fund

Fund Allocation

(% of net assets)

Long-Term Municipal Bonds		98.2%
Corporate Bonds		0.0%
Short-Term Municipal Bonds		0.1%
Other Assets Less Liabilities		1.7%
Net Assets	��	100%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	13.8%
AA	39.1%
A	29.9%
BBB	12.7%
BB or Lower	3.1%
N/R (not rated)	1.4%
Total	100%

Portfolio Composition

(% of total investments)

Tax Obligation/Limited	23.5%
Tax Obligation/General	19.3%
Health Care	17.3%
Transportation	10.1%
Utilities	9.1%
U.S. Guaranteed	7.8%
Other	12.9%
Total	100%

States and Territories

(% of total municipal bonds)

Texas	9.9%
Illinois	9.8%
California	7.2%
New York	6.7%
Florida	5.5%
New Jersey	5.1%
Wisconsin	4.2%
Ohio	3.9%
Arizona	3.8%
Pennsylvania	3.7%
Indiana	2.8%
Nevada	2.8%
Colorado	2.6%
Michigan	2.4%
Louisiana	2.1%
Massachusetts	1.9%
Kentucky	1.8%
Missouri	1.8%
Georgia	1.6%
Iowa	1.6%
Other	18.8%
Total	100%

30 Nuveen Investments

Nuveen Limited Term Municipal Bond Fund

Fund Allocation

(% of net assets)

Long-Term Municipal Bonds	98.8%
Corporate Bonds	0.0%
Short-Term Municipal Bonds	0.8%
Other Assets Less Liabilities	0.4%
Net Assets	100%

Bond Credit Quality

(% of total investments)

AAA/U.S. Guaranteed	16.5%
AA	45.1%
A	27.1%
BBB	7.7%
BB or Lower	2.9%
N/R (not rated)	0.7%
Total	100%

Portfolio Composition

(% of total investments)

Tax Obligation/Limited	24.1%
Tax Obligation/General	22.3%
Utilities	13.4%
Health Care	10.4%
Transportation	7.9%
Education and Civic Organizations	6.2%
Water and Sewer	5.8%
Other	9.9%
Total	100%

States and Territories

(% of total municipal bonds)

New York	10.3%
Illinois	9.8%
Texas	6.9%
Pennsylvania	5.3%
Florida	4.8%
New Jersey	4.6%
Ohio	4.6%
California	4.4%
Indiana	4.3%
Arizona	4.2%
Louisiana	3.9%
Washington	3.0%
Missouri	2.5%
Maryland	2.4%
Wisconsin	2.4%
Georgia	2.3%
Michigan	2.2%
New Mexico	1.8%
Kentucky	1.7%
Other	18.6%
Total	100%

Nuveen Investments 31

Holding Summaries as of April 30, 2015(continued)

Nuveen Short Term Municipal Bond Fund

Fund Allocation

(% of net assets)

Long-Term Municipal Bonds	98.1%
Short-Term Municipal Bonds	1.3%
Other Assets Less Liabilities	0.6%
Net Assets	100%

Bond Credit Quality

(% of total investments)

AAA/U.S. Guaranteed	3.4%
AA	39.3%
A	35.5%
BBB	16.1%
BB or Lower	1.3%
N/R (not rated)	4.4%
Total	100%

Portfolio Composition

(% of total investments)

Tax Obligation/Limited	25.9%
Health Care	18.7%
Tax Obligation/General	15.3%
Transportation	12.3%
Education and Civic Organizations	10.7%
Utilities	9.8%
Other	7.3%
Total	100%

States and Territories

(% of total municipal bonds)

California	8.9%
New York	8.8%
Florida	6.9%
Minnesota	6.6%
Arizona	5.5%
Illinois	5.0%
Missouri	4.8%
Indiana	4.2%
Pennsylvania	4.1%
Texas	3.9%
Michigan	3.5%
New Jersey	2.9%
Colorado	2.7%
Ohio	2.6%
Nebraska	2.0%
Washington	2.0%
Oklahoma	2.0%
Louisiana	1.7%
Kentucky	1.7%
Wisconsin	1.6%
Other	18.6%
Total	100%

32 Nuveen Investments

Expense

Examples

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

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended April 30, 2015.

The beginning of the period is November 1, 2014.

The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.

The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense 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	$	1,019.80	$	1,015.80	$	1,017.10	$	1,020.70
Expenses Incurred During Period	$	3.56	$	7.55	$	6.30	$	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	$	1,021.27	$	1,017.31	$	1,018.55	$	1,022.27
Expenses Incurred During Period	$	3.56	$	7.55	$	6.31	$	2.56

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.71%, 1.51%, 1.26% and 0.51% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Investments 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	$	988.30	$	985.10	$	985.60	$	989.20
Expenses Incurred During Period	$	3.75	$	7.68	$	6.45	$	2.76
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	$	1,021.03	$	1,017.06	$	1,018.30	$	1,022.02
Expenses Incurred During Period	$	3.81	$	7.80	$	6.56	$	2.81

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.76%, 1.56%, 1.31% and 0.56% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen 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	$	1,009.60	$	1,005.70	$	1,007.00	$	1,011.70
Expenses Incurred During Period	$	3.49	$	7.46	$	6.22	$	2.49
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	$	1,017.36	$	1,018.60	$	1,022.32
Expenses Incurred During Period	$	3.51	$	7.50	$	6.26	$	2.51

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 181/365 (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	$	1,003.80	$	1,001.10	$	1,001.90	$	1,004.60
Expenses Incurred During Period	$	3.18	$	5.90	$	4.91	$	2.19
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	$	1,021.62	$	1,018.89	$	1,019.89	$	1,022.61
Expenses Incurred During Period	$	3.21	$	5.96	$	4.96	$	2.21

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.64%, 1.19%, 0.99% and 0.44% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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	$	999.70	$	998.90	$	997.90	$	1,000.60
Expenses Incurred During Period	$	3.47	$	5.25	$	5.25	$	2.48
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	$	1,019.54	$	1,019.54	$	1,022.32
Expenses Incurred During Period	$	3.51	$	5.31	$	5.31	$	2.51

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.70%, 1.06%, 1.06% and 0.50% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Investments 35

Report of

Independent Registered Public Accounting Firm

To the Board of Trustees/Directors and Shareholders of

Nuveen Municipal Trust and Nuveen Investment Funds, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen All-American Municipal Bond Fund, Nuveen Inflation Protected Municipal Bond Fund, Nuveen Intermediate Duration Municipal Bond Fund and Nuveen Limited Term Municipal Bond Fund (each a series of the Nuveen Municipal Trust, collectively the “Nuveen Municipal Trust”) and Nuveen Short Term Municipal Bond Fund (a series of Nuveen Investment Funds, Inc.) (hereinafter, collectively referred to as the “Funds”) at April 30, 2015, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented for each series of Nuveen Municipal Trust, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the four years in the period then ended for Nuveen Short Term Municipal Bond Fund, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial statements of Nuveen Short Term Municipal Bond Fund for the periods ended April 30, 2011 and prior were audited by other independent auditors whose report dated June 24, 2011 expressed an unqualified opinion on those statements.

PRICEWATERHOUSECOOPERS LLP

Chicago, IL

June 26, 2015

36 Nuveen Investments

Nuveen All-American Municipal Bond Fund

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 96.4%
		MUNICIPAL BONDS – 96.4%
		Alabama – 0.5%
$	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	$	6,187,256
	2,750	Courtland Industrial Development Board, Alabama, Solid Waste Revenue Bonds, International Paper Company Project, Series 2005A, 5.200%, 6/01/25 (Pre-refunded 6/01/15) (Alternative Minimum Tax)		6/15 at 100.00		BBB (4)		2,761,413
		Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A:
	1,000	5.500%, 1/01/21 – AGM Insured		7/15 at 100.00		AA		1,002,560
	1,000	5.500%, 1/01/22		7/15 at 100.00		A–		1,004,980
	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		2,226,580
	12,915	Total Alabama						13,182,789
		Alaska – 0.1%
	2,000	Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32		7/15 at 100.00		B2		1,753,760
		Arizona – 3.4%
	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)		142,268
	500	Arizona School Facilities Board, Certificates of Participation, Series 2008, 5.250%, 9/01/23		9/18 at 100.00		A+		565,795
	5,000	Arizona State Transportation Board, Highway Revenue Bonds, Refunding Subordinate Series 2011A, 5.000%, 7/01/16		No Opt. Call		AA+		5,275,350
	2,300	Arizona State Transportation Board, Transportation Excise Tax Revenue Bonds, Maricopa County Regional Area Road Fund, Series 2009, 5.000%, 7/01/16		No Opt. Call		AA+		2,426,661
	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		213,562
	250	Cottonwood, Arizona, Water Revenue Bonds, Series 2006, 5.000%, 7/01/17 – SYNCORA GTY Insured		7/16 at 100.00		BBB+		260,100
	6,630	Gila County Unified School District 10 Payson, Arizona, General Obligation Bonds, Project of 2006, Series 2007A, 5.250%, 7/01/22 (Pre-refunded 7/01/17) – AMBAC Insured		7/17 at 100.00		Aa3 (4)		7,283,585
	500	Gilbert, Arizona, Public Facilities Municipal Property Corporation, Revenue Bonds, Series 2009, 5.500%, 7/01/27		7/19 at 100.00		AA+		571,920
	3,430	Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2007, 5.000%, 12/01/42 (Pre-refunded 12/01/17)		12/17 at 100.00		N/R (4)		3,796,701
	750	Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2004B, 5.250%, 8/01/26		7/15 at 100.00		A1		752,820
	750	Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006-1, 4.500%, 8/01/25 (Pre-refunded 8/01/16) – NPFG Insured		8/16 at 100.00		AA– (4)		788,895
	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)		288,505

Nuveen Investments 37

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

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+	$	312,458
	465	Peoria, Arizona, Improvement District 601, Improvement Bonds, Series 2007, 4.250%, 1/01/22		1/18 at 101.00		AA		496,969
	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+		4,506,840
		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		2,068,770
	6,000	5.500%, 7/01/39 – FGIC Insured		No Opt. Call		AA		7,658,940
	1,000	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Choice Academies Charter Schools Project, Series 2012, 4.875%, 9/01/22		No Opt. Call		BB+		1,061,310
	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		1,071,220
		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		1,903,567
	2,000	6.000%, 7/01/43		7/20 at 102.00		BB		1,986,480
	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+		864,724
	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		784,290
	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)		295,167
	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		4,096,433
	1,000	Pinal County Unified School District 1 Florence, Arizona, General Obligation Bonds, Series 2007A, 5.000%, 7/01/27 (Pre-refunded 7/01/17) – FGIC Insured		7/17 at 100.00		AA– (4)		1,093,210
	300	Queen Creek, Arizona, Improvement District 1 Improvement Bonds, Series 2006, 5.000%, 1/01/20		1/16 at 100.00		A–		302,226
		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–		1,187,900
	7,725	5.000%, 12/01/32		No Opt. Call		A–		8,788,346
	7,000	5.000%, 12/01/37		No Opt. Call		A–		7,966,630
	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		1,104,730
	500	Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Series 2005C, 4.550%, 7/01/21 (Pre-refunded 7/01/17) – AMBAC Insured		7/17 at 100.00		AAA		541,655
	4,300	Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Series 2008A, 5.000%, 7/01/21 (Pre-refunded 7/01/18)		7/18 at 100.00		AAA		4,840,252
	2,220	Scottsdale, Arizona, General Obligation Bonds, Refunding Series 2015, 4.000%, 7/01/16		No Opt. Call		AAA		2,316,614
		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		2,865,110
	1,080	6.000%, 12/01/32		12/21 at 100.00		N/R		1,174,608
	1,100	6.250%, 12/01/42		12/21 at 100.00		N/R		1,199,462

38 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	85	University Medical Center Corporation, Arizona, Hospital Revenue Bonds, Series 2005, 5.000%, 7/01/16 (Pre-refunded 7/01/15)		7/15 at 100.00		N/R (4)	$	85,675
	1,000	University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 6.000%, 7/01/39 (Pre-refunded 7/01/21)		7/21 at 100.00		N/R (4)		1,255,840
	899	Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30		7/16 at 100.00		N/R		912,485
	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–		412,900
	76,734	Total Arizona						85,520,973
		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–		543,725
	1,000	6.000%, 6/01/40		6/20 at 100.00		BBB–		1,100,840
	1,500	Total Arkansas						1,644,565
		California – 11.2%
	2,400	Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured		No Opt. Call		BBB+		2,143,656
	1,000	Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 2985, 17.701%, 4/01/34 (Pre-refunded 4/01/18) (IF)		4/18 at 100.00		AA (4)		1,477,040
	1,715	California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2008AE, 5.000%, 12/01/21 (Pre-refunded 6/01/18)		6/18 at 100.00		AA+ (4)		1,926,202
	285	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		321,648
	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		1,020,860
	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		5,879,331
	485	California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44		10/24 at 100.00		AA		545,004
	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–		2,453,995
	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		3,784,981
	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–		14,979,080
	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		1,176,830
	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		1,156,020
	600	California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 – AMBAC Insured		5/15 at 100.00		Aa2		602,400
	3,500	California State, General Obligation Bonds, Refunding Series 2005, 5.000%, 5/01/15		No Opt. Call		Aa3		3,500,490

Nuveen Investments 39

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	700	California State, General Obligation Bonds, Tender Option Bond Trust 3162, 19.500%, 3/01/18 – AGM Insured (IF)		No Opt. Call		AA	$	1,186,220
	20,000	California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 3/01/16		No Opt. Call		Aa3		20,801,599
	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		1,631,896
	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+		1,932,259
	1,575	California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.428%, 7/01/47 – AGM Insured (IF)		7/18 at 100.00		AA		2,070,054
	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		927,639
		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		CCC		760,081
	5,300	5.250%, 7/01/35		7/15 at 100.00		CCC		4,883,473
	2,000	5.000%, 7/01/39		7/15 at 100.00		CCC		1,810,080
	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–		1,123,610
	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–		1,177,911
	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–		1,177,911
	675	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3048, 18.906%, 11/15/46 (IF)		5/16 at 100.00		AA–		824,283
	2,175	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		1,883,093
	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+		502,740
	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		1,991,713
	510	Etiwanda School District, California, Special Tax Bonds, Coyote Canyon Community Facilities District 2004-1 Improvement Area 2, Series 2009, 6.500%, 9/01/32		9/19 at 100.00		N/R		578,136
		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A:
	1,695	0.000%, 1/15/33		No Opt. Call		BBB–		757,936
	10,000	0.000%, 1/15/35 – AGM Insured		No Opt. Call		AA		4,228,800
	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		1,395,443
		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
	6,000	5.000%, 6/01/35 (Pre-refunded 6/01/15) – FGIC Insured		6/15 at 100.00		A1 (4)		6,024,300
	1,300	5.000%, 6/01/35 (Pre-refunded 6/01/15) – AGC Insured		6/15 at 100.00		AA (4)		1,304,836
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	10,050	4.500%, 6/01/27		6/17 at 100.00		B		9,781,866
	3,480	5.000%, 6/01/33		6/17 at 100.00		B		2,932,526
	8,740	5.750%, 6/01/47		6/17 at 100.00		B		7,598,469

40 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	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	$	1,102,570
	1,980	Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured		No Opt. Call		AA		1,580,891
	1,500	Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)		12/17 at 100.00		BBB (4)		1,784,430
	1,000	Los Angeles Harbors Department, California, Revenue Bonds, Series 2009B, 5.250%, 8/01/39		8/19 at 100.00		AA		1,141,900
	20,000	Los Angeles Community College District, California, General Obligation Bonds, 2008 Election, Series 2015G, 5.000%, 8/01/15		No Opt. Call		AA+		20,248,199
	500	Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31		9/21 at 100.00		A–		624,525
	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		AA–		3,358,350
	1,000	Manteca Financing Authority, California, Sewer Revenue Bonds, Series 2009, 5.750%, 12/01/36		12/19 at 100.00		Aa3		1,168,580
	1,000	Modesto Irrigation District, California, Electric System Revenue Bonds, Refunding Series 2011A, 5.000%, 7/01/26		7/21 at 100.00		A+		1,131,400
		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		3,906,420
	2,500	6.500%, 11/01/39		No Opt. Call		A		3,398,225
	13,750	Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.800%, 8/01/23 – NPFG Insured (ETM)		7/15 at 100.00		AA– (4)		16,074,437
	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		7/15 at 102.00		N/R		1,196,064
	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		1,769,023
	3,000	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29		11/19 at 100.00		Ba1		3,351,660
	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		1,993,296
	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		2,986,327
	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		1,634,350
	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		11,347,050
	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–		4,638,680
	2,500	Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series 2005B, 4.750%, 12/01/21 (Pre-refunded 12/01/15) – FGIC Insured		12/15 at 100.00		AA (4)		2,566,125
	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		968,015
	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+		2,284,920

Nuveen Investments 41

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	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–	$	776,262
	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		1/25 at 100.00		BB+		14,659,659
	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		1/25 at 100.00		BBB–		10,711,412
	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–		8,604,708
	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)		3,491,849
	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		541,323
	2,355	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		A+		2,668,144
	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–		4,525,520
	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		629,180
	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		1,026,748
	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		225,879
	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		1,018,660
	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		4,722,150
	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		1,689,225
		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		1,682,842
	1,405	0.000%, 8/01/28 – AGC Insured		No Opt. Call		AA		863,738
	2,920	0.000%, 8/01/29 – AGC Insured		No Opt. Call		AA		1,708,755
	281,690	Total California						279,382,640
		Colorado – 4.5%
	1,000	Arista Metropolitan District, Colorado, Special Revenue Bonds, Series 2008, 9.250%, 12/01/37		12/15 at 100.00		N/R		556,840
		Baptist Road Rural Transportation Authority, Colorado, Sales and Use Tax Revenue Bonds, Series 2007:
	390	4.800%, 12/01/17		No Opt. Call		N/R		393,767
	905	5.000%, 12/01/26		12/17 at 100.00		N/R		872,420
	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		1,103,402

42 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
		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	$	1,257,126
	2,140	5.250%, 9/15/32 – SYNCORA GTY Insured		9/15 at 100.00		A		2,156,820
	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		2,146,609
	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		3,580,512
	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		1,059,461
	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		2,638,125
	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		980,769
	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		3,364,770
	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		1,682,565
		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		1,404,401
	1,375	7.125%, 6/01/47		6/22 at 100.00		N/R		1,424,761
	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+		13,180,875
	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		816,618
	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		110,077
	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–		3,448,410
	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+		1,218,734
	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		2,675,615
	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–		1,812,107
	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		AA		561,238
	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		1,087,740
	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+		2,149,652

Nuveen Investments 43

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	470	Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.250%, 12/01/17		No Opt. Call		N/R	$	448,911
	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+		2,019,879
	10,000	Denver City and County, Colorado, Airport System Revenue Bonds, Series 2011B, 5.000%, 11/15/15 (Alternative Minimum Tax)		No Opt. Call		A+		10,257,900
	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		5,532,200
	11,555	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/24 – NPFG Insured		No Opt. Call		AA–		8,645,220
		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
	20	0.000%, 9/01/29 – NPFG Insured		No Opt. Call		AA–		11,733
	395	0.000%, 9/01/30 – NPFG Insured		No Opt. Call		AA–		220,260
	20	0.000%, 9/01/32 – NPFG Insured		No Opt. Call		AA–		9,972
	25	0.000%, 9/01/33 – NPFG Insured		No Opt. Call		AA–		11,910
	9,890	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured		No Opt. Call		AA–		6,536,796
	2,050	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		2,270,765
	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		1,459,267
	770	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		856,386
	2,350	Fossil Ridge Metropolitan District No. 3, In the City of Lakewood, Jefferson County, Colorado, General Obligation Limited Tax Bonds, Series 2014, 5.000%, 12/01/44		12/20 at 100.00		BBB		2,475,326
	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		2,346,368
	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		4,401,781
		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		2,693,554
	3,010	6.500%, 11/15/38		No Opt. Call		A		4,071,838
		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		1,154,611
	4,265	6.000%, 1/15/41		7/20 at 100.00		Baa3		4,874,170
	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		877,519
	20	University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/26 – FGIC Insured (Pre-refunded 6/01/15)		6/15 at 100.00		Aa2 (4)		20,083
	111,960	Total Colorado						112,879,863
		Connecticut – 0.7%
	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+		1,092,570

44 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Connecticut (continued)
$	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Tender Option Bond Trust 1080, 18.228%, 7/01/15 (IF) (5)		No Opt. Call		AAA	$	1,320,680
	9,595	Connecticut State, General Obligation Bonds, Series 2014F, 5.000%, 11/15/18		No Opt. Call		AA		10,847,531
	818	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		972,970
	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)		2,324,520
	14,213	Total Connecticut						16,558,271
		Delaware – 1.1%
	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		1,092,060
	7,525	Delaware State, General Obligation Bonds, Series 2009B, 5.000%, 1/01/16		No Opt. Call		AAA		7,768,058
	11,925	Delaware State, General Obligation Bonds, Series 2014, 5.000%, 3/01/16		No Opt. Call		AAA		12,403,311
	5,000	Delaware Transportation Authority, Transportation System Revenue Bonds, Senior Lien Series 2008, 5.000%, 7/01/19		No Opt. Call		AA+		5,781,400
	650	Wilmington, Delaware, Replacement Housing Factor Fund Securitization Revenue Bonds, Wilmington Housing Authority-Lincoln Towers Project, Series 2011, 5.750%, 7/15/16		7/15 at 100.00		N/R		650,546
	26,100	Total Delaware						27,695,375
		District of Columbia – 0.2%
	4,000	District of Columbia, General Obligation Bonds, Refunding Series 2014D, 5.000%, 6/01/17		No Opt. Call		Aa1		4,359,760
	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		1,013,790
	5,000	Total District of Columbia						5,373,550
		Florida – 6.4%
		Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A:
	300	5.000%, 11/15/23		No Opt. Call		BBB		337,128
	2,300	5.000%, 11/15/28		11/23 at 100.00		BBB		2,511,278
	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–		1,341,663
	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		599,950
	500	Boynton Village Community Development District, Florida, Special Assessment Bonds, Series 2007-A1, 5.750%, 5/01/37		5/17 at 100.00		N/R		493,550
	500	Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Health First, Inc. Project, Series 2005, 5.000%, 4/01/34 (Pre-refunded 4/01/16)		4/16 at 100.00		A– (4)		521,775
	855	Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Health First, Inc. Project, Series 2009B, 7.000%, 4/01/39 (Pre-refunded 4/01/19)		4/19 at 100.00		A– (4)		1,043,382
	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		6,073,925
	4,710	Citizens Property Insurance Corporation, Florida, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/19		No Opt. Call		A+		5,359,603

Nuveen Investments 45

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	1,025	Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26		No Opt. Call		A	$	1,160,413
	1,000	Clearwater, Florida, Water and Sewer Revenue Bonds, Series 2009A, 5.250%, 12/01/39 – AGC Insured		12/19 at 100.00		AA–		1,132,140
	1,265	Country Greens Community Development District, Florida, Special Assessment Bonds, Series 2003, 6.625%, 5/01/34		7/15 at 100.00		N/R		1,265,987
	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		3,088,796
	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+		1,053,290
		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		1,046,670
	500	6.000%, 6/15/32		No Opt. Call		N/R		512,465
	1,100	6.125%, 6/15/43		No Opt. Call		N/R		1,125,036
	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		2,342,900
	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		1,520,395
	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		3,203,786
	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		7,484,420
		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		1,364,323
	1,000	5.000%, 12/01/31		12/22 at 100.00		A2		1,123,940
	3,000	5.000%, 12/01/37		12/22 at 100.00		A2		3,335,460
	1,000	Florida Housing Finance Agency, Housing Revenue Bonds, Stoddert Arms Apartments, Series 1996O, 6.300%, 9/01/36 – AMBAC Insured (Alternative Minimum Tax)		9/15 at 100.00		N/R		1,001,330
		Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006:
	2,250	5.250%, 6/01/26		6/16 at 100.00		A–		2,330,865
	375	5.000%, 6/01/38		6/16 at 100.00		A–		385,995
	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–		2,052,437
	975	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		996,353
		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		934,929
	1,375	5.750%, 6/15/42		6/22 at 100.00		BB		1,472,639
		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		921,435
	8,000	4.200%, 12/15/25 (Alternative Minimum Tax)		6/20 at 100.00		Ba1		8,164,240
	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		2,217,580

46 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	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	$	1,826,728
	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		2,256,980
	10,000	Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2005, 5.000%, 7/01/33 (Pre-refunded 7/01/15) – AGM Insured		7/15 at 100.00		AA (4)		10,081,200
	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		1,184,123
	1,900	Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012, 4.000%, 7/01/16		No Opt. Call		AA		1,981,776
	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		24,528,460
	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		1,020,420
	3,215	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		3,250,397
		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–		578,056
	625	5.000%, 6/01/32		6/21 at 100.00		A–		666,263
	750	5.000%, 6/01/36		6/21 at 100.00		A–		797,423
	750	5.125%, 6/01/42		6/21 at 100.00		A–		802,050
	145	Orange County, Florida, Sales Tax Revenue Bonds, Series 1989, 6.125%, 1/01/19 – FGIC Insured (ETM)		7/15 at 100.00		N/R (4)		167,397
	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–		2,703,665
	2,415	Palm Beach County School Board, Florida, Certificates of Participation, Series 2007, 5.000%, 8/01/18 (Pre-refunded 8/01/17) – FGIC Insured		8/17 at 100.00		AA– (4)		2,645,125
	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)		1,498,590
	1,790	Panther Trails Community Development District, Florida, Special Assessment Bonds, Series 2005, 5.600%, 5/01/36		5/15 at 100.00		BB		1,797,733
	1,795	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–		1,932,587
	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)		663,007
	2,870	Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27		10/17 at 100.00		BBB–		3,045,070
	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		904,689
	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		550,340
	535	Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 – AMBAC Insured		10/18 at 100.00		AA–		596,771

Nuveen Investments 47

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	1,000	Tallahassee, Florida, Consolidated Utility System Revenue Bonds, Series 2005, 5.000%, 10/01/25 – AMBAC Insured		10/15 at 100.00		AA+	$	1,020,220
	2,820	Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured		10/15 at 100.00		AA		2,876,964
	35	Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33		5/22 at 100.00		Aa2		39,532
	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		121,122
	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		173,545
	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		93,118
	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		15,386
	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		118,458
		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		95,397
	305	6.650%, 5/01/40		5/17 at 100.00		N/R		310,618
	435	Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40		5/18 at 100.00		N/R		268,304
	270	Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40		5/18 at 100.00		N/R		140,883
	290	Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40		5/18 at 100.00		N/R		3
	2,710	Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37		5/15 at 100.00		N/R		2,712,060
	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		265,733
	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		1,589,340
	13,000	Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015, 5.000%, 6/01/40		6/25 at 100.00		A–		14,182,609
	150,535	Total Florida						159,022,227
		Georgia – 1.5%
	2,000	Atlanta and Fulton County Recreation Authority, Georgia, Guaranteed Revenue Bonds, Park Improvement, Series 2005A, 5.000%, 12/01/30 (Pre-refunded 12/01/15) – NPFG Insured		12/15 at 100.00		AA (4)		2,056,380
	690	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31		1/19 at 100.00		A2		808,356

48 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia (continued)
$	1,340	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 1/01/20		1/19 at 100.00		A2	$	1,580,878
	10	Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005A, 5.625%, 1/01/16 (Alternative Minimum Tax)		7/15 at 100.00		A–		10,073
	500	Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005B, 5.400%, 1/01/20		7/15 at 100.00		A–		503,770
	495	Atlanta, Georgia, Tax Allocation Bonds, Princeton Lakes Project, Series 2006, 5.500%, 1/01/31		1/16 at 100.00		BBB–		498,717
	7,000	Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured		11/19 at 100.00		AA		7,987,000
	980	Augusta, Georgia, Airport Revenue Bonds, General Series 2005C, 5.450%, 1/01/31 (Alternative Minimum Tax)		7/15 at 100.00		Baa2		981,068
	3,105	Fulton County Development Authority, Georgia, Local District Cooling Authority Revenue Bonds, Maxon Atlantic Station LLC, Series 2005A, 5.125%, 3/01/26 (Alternative Minimum Tax)		9/15 at 100.00		BBB		3,118,289
	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+		11,573,899
	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–		1,312,575
	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		1,150,990
		Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A:
	955	5.000%, 3/15/22		No Opt. Call		A+		1,104,276
	1,000	5.500%, 9/15/28		No Opt. Call		A		1,181,540
	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		1,784,378
	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)		1,008,130
	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		1,067,410
	33,765	Total Georgia						37,727,729
		Guam – 0.2%
	1,020	Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31		1/22 at 100.00		A		1,125,570
	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+		2,241,620
	880	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40		7/20 at 100.00		A–		971,626
	1,610	Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)		10/23 at 100.00		BBB		1,903,728
	5,510	Total Guam						6,242,544
		Hawaii – 0.5%
	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		A		1,715,490

Nuveen Investments 49

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Hawaii (continued)
$	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+	$	1,140,050
		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		1,255,970
	1,250	9.000%, 11/15/44		11/19 at 100.00		N/R		1,558,975
	7,000	Hawaii State, Airport System Revenue Bonds, Refunding Series 2010B, 5.000%, 7/01/15 (Alternative Minimum Tax)		No Opt. Call		A		7,056,770
	11,750	Total Hawaii						12,727,255
		Idaho – 0.5%
	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–		9,178,381
		Idaho Health Facilities Authority, Revenue Bonds, Trinity Health Group, Refunding Series 2008B:
	1,000	6.000%, 12/01/23 (Pre-refunded 12/01/18)		12/18 at 100.00		AA– (4)		1,173,480
	760	6.250%, 12/01/33 (Pre-refunded 12/01/18)		12/18 at 100.00		AA– (4)		898,518
		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+		1,052,290
	1,065	5.000%, 7/15/24 – NPFG Insured		7/16 at 100.00		A+		1,119,624
	12,950	Total Idaho						13,422,293
		Illinois – 9.0%
	2,000	Bensenville, Illinois, General Obligation Bonds, Series 2011A, 5.000%, 12/15/30 – AGM Insured		12/21 at 100.00		AA		2,173,480
	971	Cary, Illinois, Special Service Area 1 Special Tax Bonds, Series 2006, 5.000%, 3/01/30 – RAAI Insured		3/16 at 100.00		AA		982,128
		Champaign, Illinois, General Obligation Sales Tax Bonds, Public Safety Series 1999:
	1,140	8.250%, 1/01/21 – FGIC Insured		No Opt. Call		AA–		1,509,257
	1,275	8.250%, 1/01/22 – FGIC Insured		No Opt. Call		AA–		1,720,855
	10,000	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		10,507,499
	2,100	Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40		12/21 at 100.00		AA		2,320,941
	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–		2,968,495
		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		314,450
	750	0.000%, 2/01/36		2/21 at 100.00		AA		219,458
	4,440	Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33		11/20 at 100.00		AA		4,883,867
	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		2,159,020

50 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	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	$	2,761,175
	850	Illinois Finance Authority Revenue Bonds, Christian Homes, Inc. Obligated Group, Series 2007A, 5.750%, 5/15/31		5/17 at 100.00		BBB–		874,667
	525	Illinois Finance Authority Revenue Bonds, Christian Homes, Inc. Obligated Group, Series 2007A, 5.750%, 5/15/31 (Pre-refunded 5/15/17)		5/17 at 100.00		N/R (4)		577,957
		Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010:
	580	6.125%, 5/15/27		5/15 at 100.00		BBB–		580,812
	1,290	6.125%, 5/15/27		5/20 at 100.00		BBB–		1,394,245
	710	Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010, 6.125%, 5/15/27 (Pre-refunded 5/15/20)		5/20 at 100.00		N/R (4)		869,523
	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		9,382,118
	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–		1,146,740
	2,195	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/34		9/24 at 100.00		BBB		2,344,216
	1,255	Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39		11/19 at 100.00		AA		1,405,085
	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		1,081,780
	4,050	Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 7.125%, 2/01/34		2/19 at 100.00		Baa3		4,352,616
	3,865	Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 4.250%, 5/15/43		5/22 at 100.00		Baa1		3,685,200
	2,000	Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 5.375%, 8/15/24		8/19 at 100.00		AA+		2,287,640
	2,545	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39		5/20 at 100.00		A		2,969,684
	500	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37		11/17 at 100.00		A		544,415
	1,545	Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35		5/20 at 100.00		AA–		1,692,996
	2,900	Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34		8/19 at 100.00		BBB+		3,564,912
		Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A:
	895	5.500%, 7/01/28		7/23 at 100.00		A–		1,044,716
	3,000	6.500%, 7/01/34		7/18 at 100.00		A–		3,293,580
	3,680	Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 7.250%, 11/01/30 (Pre-refunded 11/01/18)		11/18 at 100.00		Aaa		4,437,381
		Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C:
	1,335	6.625%, 11/01/39 (Pre-refunded 5/01/19)		5/19 at 100.00		Aaa		1,607,834
	1,665	6.625%, 11/01/39 (Pre-refunded 5/01/19) (UB) (5)		5/19 at 100.00		Aaa		2,005,276
	6,255	Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 (Pre-refunded 8/01/17)		8/17 at 100.00		N/R (4)		6,897,076

Nuveen Investments 51

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	1,105	Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/35		8/25 at 100.00		Baa1	$	1,195,953
	9,000	Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38 (Pre-refunded 8/15/19)		8/19 at 100.00		BBB+ (4)		11,044,349
	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		1,034,344
	4,000	Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41		8/21 at 100.00		AA–		4,720,840
	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–		1,577,604
	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–		1,684,365
	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		2,378,059
	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+		3,785,616
	3,895	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+		4,014,304
	255	Illinois Housing Development Authority, Housing Finance Bonds, Series 2006K, 4.600%, 7/01/23		7/16 at 100.00		AA		258,221
	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+		4,026,920
	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		8,281,068
	10,000	Illinois State, General Obligation Bonds, April Series 2014, 5.000%, 4/01/25		4/24 at 100.00		A–		11,148,699
		Illinois State, General Obligation Bonds, Series 2012A:
	5,520	5.000%, 3/01/25		3/22 at 100.00		A–		6,025,246
	5,910	5.000%, 3/01/26		3/22 at 100.00		A–		6,369,621
	500	5.000%, 3/01/27		3/22 at 100.00		A–		533,325
		Illinois State, General Obligation Bonds, Series 2013:
	1,390	5.250%, 7/01/28		7/23 at 100.00		A–		1,508,484
	1,800	5.500%, 7/01/38		7/23 at 100.00		A–		1,982,520
	5,000	Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 5.000%, 6/15/28		6/21 at 100.00		AAA		5,795,250
	960	Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 (7)		1/16 at 100.00		N/R		478,080
	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		CC		2,199,990
	1,630	Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B, 5.250%, 1/01/36 (8)		1/16 at 100.00		D		475,960
	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		930,414
	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		3,949,800
	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–		6,717,166

52 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	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	$	2,011,216
	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		892,531
		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
	3,890	5.250%, 6/01/21		No Opt. Call		A		4,569,038
	3,000	6.250%, 6/01/24		6/16 at 100.00		A		3,191,550
	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		5,765,554
	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		1,044,300
		University of Illinois, Auxiliary Facilities Systems Revenue Bonds, Series 2013A:
	10,000	4.000%, 4/01/30		4/23 at 100.00		AA–		10,370,999
	5,000	4.000%, 4/01/32		4/23 at 100.00		AA–		5,136,650
	7,405	University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42		10/23 at 100.00		A		8,474,504
	215,286	Total Illinois						224,133,634
		Indiana – 3.5%
	425	Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/32		4/17 at 100.00		BB+		408,727
		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)		1,059,170
	500	5.250%, 8/01/36 (Pre-refunded 8/01/16)		8/16 at 100.00		N/R (4)		530,365
		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		3,711,465
	5,215	5.250%, 10/15/20		No Opt. Call		A		6,040,430
		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–		3,760,700
	6,465	7.250%, 7/01/43		7/23 at 100.00		BB–		7,147,058
		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–		2,507,134
	5,240	7.250%, 7/01/43		7/23 at 100.00		BB–		5,829,133
	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–		1,414,224
	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		1,072,820
	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+		3,321,270
	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–		9,691,200
	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		5,459,035

Nuveen Investments 53

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
$	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	$	2,990,772
	4,130	Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured		1/17 at 100.00		AA–		4,353,309
	345	Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1992A, 6.800%, 12/01/16		No Opt. Call		AA+		366,911
	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		3,975,125
	3,000	Jasper County, Indiana Pollution Control (Northern Indiana Public Service) Commercial Paper, 5.600%, 11/01/16 – NPFG Insured		No Opt. Call		AA–		3,190,860
		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		1,702,462
	1,400	5.000%, 4/01/27		4/22 at 100.00		Baa1		1,538,866
	1,560	5.000%, 4/01/29		4/22 at 100.00		Baa1		1,681,274
		Portage, Indiana, Economic Development Revenue Bonds, Ameriplex Project, Series 2006:
	1,000	5.000%, 7/15/23		7/16 at 100.00		A		1,025,440
	775	5.000%, 1/15/27		7/16 at 100.00		A		789,245
	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		7,825,198
	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		6,056,250
	78,835	Total Indiana						87,448,443
		Iowa – 0.4%
	2,275	Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36		6/20 at 100.00		A2		2,470,787
	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		565,370
	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+		1,530,871
	3,710	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		3,992,146
	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		1,097,800
	8,975	Total Iowa						9,656,974
		Kansas – 0.5%
	500	Kansas Department of Transportation, Highway Revenue Bonds, Series 2004B, 5.000%, 9/01/22		9/18 at 100.00		AAA		564,475
	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		5,235,074
	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		2,022,920
	2,335	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+		2,367,270

54 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kansas (continued)
$	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	$	1,310,940
	10,575	Total Kansas						11,500,679
		Kentucky – 0.9%
		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+		2,832,825
	2,015	6.000%, 6/01/30		6/20 at 100.00		BBB+		2,292,526
	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+		1,657,320
		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+		2,922,461
	2,750	5.000%, 7/01/19 (Alternative Minimum Tax)		No Opt. Call		A+		3,148,338
	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		1,603,709
	1,540	Paducah, Kentucky, Electric Board Revenue Bonds, Series 2009A, 5.250%, 10/01/35 – AGC Insured		4/19 at 100.00		A3		1,702,162
	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		5,968,650
	19,395	Total Kentucky						22,127,991
		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–		3,772,705
	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+		1,109,740
		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		3,243,500
	800	6.000%, 12/15/37		7/15 at 100.00		N/R		443,920
	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		36,075
	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		31,793,723
	3,635	Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Refunding Series 2015A, 4.000%, 7/01/39		7/25 at 100.00		A+		3,565,753
	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		1,125,710
	2,000	Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Refunding Series 2009A, 6.000%, 7/01/29		7/19 at 100.00		A+		2,316,700
	675	Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Series 2008B, 5.750%, 7/01/18 – AGC Insured		No Opt. Call		AA		732,503
	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)		201,898

Nuveen Investments 55

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana (continued)
$	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	$	1,565,115
	10,000	Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.750%, 5/01/39 (Pre-refunded 5/01/16) – AGM Insured		5/16 at 100.00		Aa1 (4)		10,443,399
	375	New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44		6/24 at 100.00		A		412,620
	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		3,157,170
	60,755	Total Louisiana						63,920,531
		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–		2,294,400
	10,390	6.750%, 7/01/41		7/21 at 100.00		BBB–		11,901,017
	1,665	Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40		7/20 at 100.00		AA		1,817,714
		Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013:
	460	5.000%, 7/01/26		7/23 at 100.00		BBB+		513,139
	1,000	5.000%, 7/01/27		7/23 at 100.00		BBB+		1,105,370
	15,515	Total Maine						17,631,640
		Maryland – 0.3%
	1,000	Baltimore County, Maryland, General Obligation Bonds, Metroplitan District Refunding Series 2009, 5.000%, 8/01/16		No Opt. Call		AAA		1,058,650
		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		Ba1		1,077,059
	1,750	5.250%, 9/01/28 – SYNCORA GTY Insured		9/16 at 100.00		Ba1		1,794,748
	1,000	Harford County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2009, 5.000%, 7/01/17		No Opt. Call		AAA		1,093,320
	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–		1,050,070
	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		2,682,701
	8,450	Total Maryland						8,756,548
		Massachusetts – 1.3%
	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		4,533,614
	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+		6,977,475
	1,035	Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A, 4.875%, 1/01/24		1/23 at 100.00		BBB–		1,147,204
	590	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		614,284

56 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Massachusetts (continued)
$	6,665	Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Trust 2015-XF0047, 13.569%, 7/01/29 (IF)		7/19 at 100.00		AA	$	9,253,753
	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		11,985
	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		AA		504,155
	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		5,130,944
		Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:
	1,260	5.500%, 1/01/22 – AMBAC Insured (Alternative Minimum Tax)		7/15 at 100.00		N/R		1,263,074
	700	5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)		7/15 at 100.00		N/R		701,708
	2,335	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2989, 13.600%, 8/01/38 (IF)		8/19 at 100.00		AAA		3,303,301
	33,435	Total Massachusetts						33,441,497
		Michigan – 2.3%
	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+		9,245,971
	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–		5,673,218
	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		896,568
	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		8,411,648
	2,080	Kalkaska County Hospital Authority, Michigan, Hospital Revenue Bonds, Series 2007, 5.375%, 5/01/17		No Opt. Call		A–		2,212,018
	8,000	Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding Series 2015, 4.000%, 11/15/40		5/25 at 100.00		A+		7,732,400
	725	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–		755,885
		Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service Learning Academy Project, Refunding Series 2011:
	615	6.000%, 10/01/21		No Opt. Call		BB–		635,123
	435	7.000%, 10/01/31		10/21 at 100.00		BB–		460,017
	1,000	7.000%, 10/01/36		10/21 at 100.00		BB–		1,050,430
	1,550	Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 5.000%, 10/01/35		10/20 at 100.00		AA		1,639,497
	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		1,262,288
	1,310	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		1,314,755
		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		867,180
	2,000	5.500%, 10/15/45		10/21 at 100.00		Aa3		2,257,740

Nuveen Investments 57

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
		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–	$	566,685
	1,480	5.750%, 11/15/39		11/19 at 100.00		A–		1,666,317
	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		AA		1,737,645
	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)		401,591
	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		1,403,484
	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		7,384,126
	57,105	Total Michigan						57,574,586
		Minnesota – 1.2%
	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–		1,069,120
	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		1,050,050
		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		3,492,420
	3,000	6.625%, 11/15/28		11/18 at 100.00		A		3,508,050
	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		3,045,120
	95	Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29		7/15 at 100.00		A		95,428
		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–		4,600,665
	4,000	6.000%, 11/15/30		11/15 at 100.00		BBB–		4,088,800
	2,000	6.000%, 11/15/35		11/15 at 100.00		BBB–		2,043,080
	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		2,445,632
	3,750	Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 5.000%, 1/01/46		1/24 at 100.00		Aa3		4,215,038
	27,585	Total Minnesota						29,653,403
		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		5,721,950
		Missouri – 2.0%
	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		3,936,724

58 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Missouri (continued)
$	380	Chesterfield Valley Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2015, 3.250%, 5/15/28		5/23 at 100.00		A–	$	370,276
	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–		2,776,774
	13,335	Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2015A, 4.000%, 1/01/45		No Opt. Call		AA		13,106,704
	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+		1,378,938
	4,455	Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Tender Option Bond Trust 2015-XF0046, 13.574%, 5/15/17 (IF)		No Opt. Call		AAA		6,274,377
	2,250	Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2014A, 5.000%, 1/01/28		1/25 at 100.00		A–		2,598,615
	2,000	Saint Louis County School District C2 Parkway, Missouri, General Obligation Bonds, Series 2015A, 5.000%, 3/01/16		No Opt. Call		AAA		2,079,520
		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		2,506,950
	7,000	0.000%, 7/15/32 – AGC Insured		No Opt. Call		AA		3,301,690
	6,250	0.000%, 7/15/33 – AGC Insured		No Opt. Call		AA		2,816,938
	7,000	0.000%, 7/15/34 – AGC Insured		No Opt. Call		AA		3,008,530
	6,000	0.000%, 7/15/35 – AGC Insured		No Opt. Call		AA		2,453,220
	2,000	0.000%, 7/15/36 – AGC Insured		No Opt. Call		AA		782,340
	1,600	Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square Redevelopment Project, Series 2008A, 6.300%, 8/22/26		9/15 at 100.00		N/R		1,545,920
	1,437	Saint Louis, Missouri, Tax Increment Financing Revenue Notes, Marquette Building Redevelopment Project, Series 2008-A, 6.500%, 1/23/28		No Opt. Call		N/R		1,097,609
	65,612	Total Missouri						50,035,125
		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		2,561,075
		Nebraska – 1.0%
	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		4,360,720
	11,930	Central Plains Energy Project, Nebraska, Gas Supply Revenue Bonds, Refunding Series 2014, 5.000%, 8/01/39 (Mandatory put 12/01/19)		12/19 at 100.00		Aa3		13,722,243
		Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2015:
	1,000	4.000%, 12/15/33		12/24 at 100.00		AA–		1,052,230
	1,710	4.000%, 12/15/34		12/24 at 100.00		AA–		1,793,568
	2,750	Nebraska Public Power District, General Revenue Bonds, Series 2008B, 5.000%, 1/01/20 (Pre-refunded 1/01/18)		1/18 at 100.00		A1 (4)		3,048,623
	21,390	Total Nebraska						23,977,384

Nuveen Investments 59

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Nevada – 0.6%
$	90	Clark County, Nevada, Industrial Development Revenue Bonds, Southwest Gas Corporation, Senior Lien Series 2006A, 4.750%, 9/01/36 – FGIC Insured (Alternative Minimum Tax)		9/16 at 100.00		A	$	90,930
	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+		2,227,600
	2,100	Henderson Redevelopment Agency, Nevada, Senior Lien Tax Allocation Bonds, Series 2002A, 5.250%, 10/01/25 – AMBAC Insured		7/15 at 100.00		BBB		2,101,386
		Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A:
	2,000	7.500%, 6/15/23		6/19 at 100.00		BBB		2,297,520
	1,500	8.000%, 6/15/30		6/19 at 100.00		BBB		1,732,980
	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+		2,757,325
		Las Vegas, Nevada, Special Improvement District 607 Providence, Local Improvement Refunding Bonds, Series 2013:
	150	4.000%, 6/01/19		No Opt. Call		N/R		154,869
	130	4.000%, 6/01/20		No Opt. Call		N/R		133,948
	945	4.000%, 6/01/21		No Opt. Call		N/R		968,162
	425	5.000%, 6/01/23		No Opt. Call		N/R		460,075
	200	4.250%, 6/01/24		6/23 at 103.00		N/R		204,272
		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		665,229
	1,325	6.750%, 9/01/27		9/18 at 100.00		N/R		1,406,315
	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		459,409
	14,385	Total Nevada						15,660,020
		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–		3,642,275
	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)		807,688
	3,305	New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Tender Option Bond Trust 09-7W, 14.175%, 6/01/39 (IF) (5)		6/19 at 100.00		AA+		4,654,894
	7,605	Total New Hampshire						9,104,857
		New Jersey – 1.6%
	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+		5,142,077
	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		1,668,697
		New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
	1,775	5.000%, 7/01/22 – NPFG Insured		7/15 at 100.00		AA–		1,802,530
	1,775	5.000%, 7/01/23 – NPFG Insured		7/15 at 100.00		AA–		1,802,530

60 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
		New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:
$	1,000	5.125%, 9/15/23 (Alternative Minimum Tax)		9/15 at 100.00		B+	$	1,103,700
	1,650	5.250%, 9/15/29 (Alternative Minimum Tax)		9/22 at 101.00		B+		1,813,268
	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+		2,440,973
	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		936,686
	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)		2,372,884
	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)		749,736
	1,335	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.730%, 6/01/30 (IF) (5)		6/19 at 100.00		AA		1,914,604
	3,175	New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/26 – AGM Insured		No Opt. Call		AA		3,897,916
	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		1,148,660
	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		4,039,913
	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		2,307,700
		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	5,805	4.625%, 6/01/26		6/17 at 100.00		B+		5,606,817
	2,000	4.750%, 6/01/34		6/17 at 100.00		B2		1,550,960
	36,445	Total New Jersey						40,299,651
		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+		4,817,064
	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–		3,171,870
	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		3,487,459
	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		688,309
	11,545	Total New Mexico						12,164,702
		New York – 4.0%
		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–		1,282,457
	7,745	6.375%, 7/15/43		1/20 at 100.00		BBB–		9,107,578

Nuveen Investments 61

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	520	Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 4.000%, 7/01/45		7/25 at 100.00		BBB+	$	501,847
	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		7/15 at 100.00		AA–		1,887,313
	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		5,707,863
		Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
	2,000	13.711%, 2/15/33 (IF)		2/19 at 100.00		AAA		2,710,780
	2,335	13.699%, 2/15/33 (IF)		2/19 at 100.00		AAA		3,162,874
	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		460,560
	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–		4,233,258
	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–		3,491,700
		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		1,110,280
	1,980	5.000%, 5/01/38		5/21 at 100.00		A–		2,169,842
	4,600	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30		11/15 at 100.00		AA–		4,710,538
		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+		277,403
	300	5.000%, 7/01/24		No Opt. Call		BBB+		355,305
	210	5.000%, 7/01/26		7/24 at 100.00		BBB+		242,718
		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 (9)		10/17 at 100.00		N/R		1,125,000
	1,000	5.875%, 10/01/46 (10)		10/17 at 102.00		N/R		375,000
	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		852,738
	1,500	New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)		6/15 at 100.00		BB		1,503,255
	1,000	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 2015-XF0097, 17.747%, 6/15/33 (IF)		6/19 at 100.00		AA+		1,497,800
	2,180	New York City, New York, General Obligation Bonds, Fiscal 2012 Series A-1, 5.000%, 10/01/15		No Opt. Call		AA		2,224,821
	5	New York City, New York, General Obligation Bonds, Series 1991B, 7.000%, 2/01/18 – AMBAC Insured		7/15 at 100.00		AA		5,028
	13,000	New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44		11/24 at 100.00		N/R		13,591,889
	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+		912,658
	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)		142,831

62 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	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	$	627,049
	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		2,348,210
	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+		3,630,410
	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–		9,466,020
	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		937,392
	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		4,691,660
	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–		1,287,152
	1,400	Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010B, 5.000%, 9/01/20		No Opt. Call		A–		1,621,760
	12,150	TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/26		6/16 at 100.00		BB–		12,212,329
	94,700	Total New York						100,465,318
		North Carolina – 0.6%
	1,780	Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.585%, 7/01/38 (IF) (5)		7/20 at 100.00		AAA		2,559,871
	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		1,015,780
		North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2008, Tender Option Bond Trust 2015-XF0095:
	585	26.776%, 4/01/34 (IF)		10/15 at 100.00		AA+		953,965
	1,920	26.563%, 10/01/36 (IF)		10/16 at 100.00		AA+		3,544,627
	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–		1,191,870
	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		1,238,690
	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		1,643,595
	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		2,245,160
	10,865	Total North Carolina						14,393,558
		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 (Pre-refunded 7/01/22)		7/22 at 100.00		BBB+ (4)		3,140,982
		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–		2,158,737
	3,535	5.000%, 12/01/32		12/21 at 100.00		A–		3,778,950
	8,220	Total North Dakota						9,078,669

Nuveen Investments 63

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio – 3.4%
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
$	8,670	5.125%, 6/01/24		6/17 at 100.00		B–	$	7,396,724
	8,920	5.875%, 6/01/30		6/17 at 100.00		B–		7,565,944
	3,990	5.750%, 6/01/34		6/17 at 100.00		B–		3,256,159
		Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:
	3,000	5.250%, 11/01/29		11/20 at 100.00		A–		3,414,780
	2,000	5.750%, 11/01/40		11/20 at 100.00		A–		2,301,160
	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–		3,302,474
	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+		8,607,655
	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		3,624,075
	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–		776,818
	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		7,038,301
	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		2,300,749
	1,000	Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center Inc., Series 2006, 5.250%, 5/15/26		5/16 at 100.00		A		1,036,600
	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		1,613,460
	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–		3,805,060
	2,730	Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19		No Opt. Call		BBB–		3,066,527
	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–		4,163,960
	5,000	Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Series 2014, 5.000%, 12/01/20		No Opt. Call		AAA		5,953,450
		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		BB		2,504,616
	1,250	5.000%, 12/01/22		No Opt. Call		BB		1,349,725
	3,000	5.750%, 12/01/32		12/22 at 100.00		BB		3,225,660
	2,000	6.000%, 12/01/42		12/22 at 100.00		BB		2,157,600
	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		3,104,160
		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		2,179,060
	2,500	5.000%, 12/01/32		No Opt. Call		Baa2		2,634,500
	83,985	Total Ohio						86,379,217

64 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Oklahoma – 0.0%
$	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+	$	1,353,543
		Oregon – 0.6%
	1,600	Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Mirabella South Waterfront, Refunding Series 2014A, 5.500%, 10/01/49		10/24 at 100.00		N/R		1,777,216
	1,400	Oregon Department of Administrative Services, Certificates of Participation, Series 2009A, 5.250%, 5/01/39		5/19 at 100.00		AA		1,509,760
	950	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		986,015
	1,040	Oregon State Facilities Authority, Revenue Bonds, Concordia University Project, Series 2010A, 6.125%, 9/01/30		9/20 at 100.00		BB+		1,114,922
	1,080	Oregon State Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2015A, 4.000%, 4/01/40 (WI/DD, Settling 5/20/15)		4/25 at 100.00		A–		1,046,801
	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–		8,187,109
	13,225	Total Oregon						14,621,823
		Pennsylvania – 3.9%
	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–		1,304,449
	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–		1,006,700
	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+		1,104,290
	2,000	Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.125%, 10/01/34		10/18 at 100.00		BBB		2,244,700
	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		800,817
	910	Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 17.694%, 8/01/38 (IF) (5)		8/20 at 100.00		AA		1,446,573
	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–		4,282,228
	825	Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)		11/24 at 100.00		N/R		850,295
	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		Baa2		3,619,723
	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		1,302,492
	7,000	Pennsylvania State, General Obligation Bonds, First Series 2015, 5.000%, 3/15/24		No Opt. Call		AA–		8,460,480
	1,050	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured		6/16 at 100.00		A+		1,099,791

Nuveen Investments 65

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	15,000	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured		6/26 at 100.00		AA	$	17,516,699
	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–		503,851
	4,980	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/23 – AGM Insured		7/15 at 100.00		AA		4,998,177
	2,000	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Nineth Series, 2010, 5.000%, 8/01/30		8/20 at 100.00		A–		2,201,140
	115	Philadelphia Redevelopment Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Pavilion Apartments, Series 2003A, 4.250%, 10/01/16 (Alternative Minimum Tax)		7/15 at 100.00		A		115,247
	260	Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured		6/20 at 100.00		AA		283,826
	2,380	Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41		8/20 at 100.00		A+		2,857,452
	8,875	Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Refunding Series 2012, 5.000%, 11/01/28		No Opt. Call		A1		10,180,423
	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		2,659,368
	2,430	Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2005A, 5.000%, 9/01/16 (Pre-refunded 9/01/15) – NPFG Insured		9/15 at 100.00		AA– (4)		2,469,196
	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+		3,340,110
	1,600	State Public School Building Authority, Pennsylvania, College Revenue Bonds, Delaware County Community College, Series 2008, 5.000%, 10/01/24 (Pre-refunded 4/01/18) – AGM Insured		4/18 at 100.00		A1 (4)		1,786,640
	19,300	Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33		No Opt. Call		Baa3		19,488,561
		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)		1,243,656
	1,400	5.875%, 1/01/32 (Pre-refunded 1/01/16)		1/16 at 100.00		N/R (4)		1,452,108
	89,340	Total Pennsylvania						98,618,992
		South Carolina – 0.6%
	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		708,904
	480	Greenville, South Carolina, Hospital Facilities Revenue Bonds, Series 1990, 6.000%, 5/01/20		No Opt. Call		AA–		546,077
	595	South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2006C-2, 5.500%, 7/01/37 – AGM Insured (Alternative Minimum Tax)		7/16 at 101.00		Aa1		618,324
	7,000	South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Series 2006A, 5.000%, 1/01/25 (Pre-refunded 1/01/16) – NPFG Insured		1/16 at 100.00		AA– (4)		7,223,930

66 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		South Carolina (continued)
$	70	South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Series 2008A, 5.375%, 1/01/28		1/19 at 100.00		AA–	$	79,165
	1,930	South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Series 2008A, 5.375%, 1/01/28 (Pre-refunded 1/01/19)		1/19 at 100.00		AAA		2,221,005
	4,035	South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A, 3.000%, 12/01/16		No Opt. Call		AA–		4,196,723
	14,810	Total South Carolina						15,594,128
		South Dakota – 0.5%
	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		2,839,900
	1,000	Rapid City, South Dakota, Airport Revenue Bonds, Passenger Facility Charge Supported, Refunding Series 2011A, 7.000%, 12/01/35		12/19 at 100.00		Baa3		1,133,470
	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+		2,087,240
	6,750	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Vocational Education Program, Series 2008, 5.500%, 8/01/38 (Pre-refunded 8/01/18) – AGC Insured		8/18 at 100.00		AA (4)		7,709,445
	12,250	Total South Dakota						13,770,055
		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		Aa2		3,843,187
		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+		585,077
	1,500	6.125%, 10/01/28		10/18 at 100.00		A+		1,722,270
	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		3,265,320
	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		1,083,810
		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+		749,563
	755	5.000%, 7/01/17		7/16 at 100.00		BBB+		791,965
	4,680	5.500%, 7/01/36		7/16 at 100.00		BBB+		4,903,938
	1,695	Knox County, Tennessee, General Obligation Bonds, Refunding Series 2015, 5.000%, 4/01/16		No Opt. Call		AA+		1,769,207
	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+		1,599,408
	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+		1,137,510
	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		2,283,440

Nuveen Investments 67

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tennessee (continued)
$	1,000	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/21		No Opt. Call		A	$	1,150,070
	22,970	Total Tennessee						24,884,765
		Texas – 10.9%
	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		5,839,627
	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–		3,934,960
	2,315	Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2008, 5.000%, 9/01/27 – AGM Insured		No Opt. Call		AA		2,543,282
	3,500	Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding Series 2010, 5.000%, 7/01/19		7/17 at 100.00		A+		3,765,125
	1,745	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 5.750%, 1/01/25		1/20 at 100.00		BBB		1,984,257
	3,400	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46		1/21 at 100.00		BBB		3,969,092
	2,745	Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2012, 5.000%, 8/15/32		8/22 at 100.00		BBB		2,990,897
	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		1,503,575
	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+		2,261,805
		Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, School Building & Refunding Series 2014A:
	2,540	3.000%, 2/15/16		No Opt. Call		AAA		2,595,728
	5,885	4.000%, 2/15/17		No Opt. Call		AAA		6,238,865
	1,000	Cypress-Fairbanks Independent School District, Harris County, Texas, General Obligation Bonds, Refunding Series 2006, 5.000%, 2/15/16		No Opt. Call		AAA		1,037,750
		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+		4,061,645
	1,500	5.000%, 11/01/25		11/20 at 100.00		A+		1,734,900
	20	Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012B, 5.000%, 11/01/35		11/20 at 100.00		A+		22,265
	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		BBB–		1,540,782
	1,750	Fort Worth, Texas, Water and Sewerage Revenue Bonds, Refunding & Improvement Series 2014, 4.000%, 2/15/17		No Opt. Call		Aa1		1,855,630
	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		1,129,341
	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		9,149,954

68 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	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)	$	2,429,980
	5,000	Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured		2/17 at 100.00		AA–		5,156,550
	510	Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C, 2.000%, 11/15/15		No Opt. Call		A3		514,090
	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–		2,892,030
	1,000	Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc. Terminal Improvement Project, Refunding Series 2015B-1, 5.000%, 7/15/30 (Alternative Minimum Tax)		7/25 at 100.00		B+		1,062,810
	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		2,213,842
	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		373,016
		Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011A:
	6,500	5.000%, 7/01/16 (Alternative Minimum Tax)		No Opt. Call		A		6,840,600
	1,270	5.000%, 7/01/25 (Alternative Minimum Tax)		7/21 at 100.00		A		1,439,964
	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		Aa1		2,926,431
	4,720	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		5,291,073
		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		1,045,580
	2,500	5.250%, 11/01/37		11/17 at 100.00		BBB		2,596,375
	5,585	McKinney Independent School District, Collin County, Texas, General Obligation Bonds, Refunding School Building Series 2014, 5.000%, 2/15/16		No Opt. Call		AAA		5,795,834
	755	New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Wesleyan Homes, Inc. Project, Series 2014, 5.500%, 1/01/43		1/25 at 100.00		N/R		775,445
	6,625	New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University Project, Series 2014A, 4.100%, 4/01/34 – AGM Insured		4/24 at 100.00		AA		6,753,459
	1,250	New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – Stephenville II, L.L.C. – Tarleton State University Project, Series 2014A, 5.000%, 4/01/34		4/24 at 100.00		BBB–		1,342,300
	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		3,251,970
	1,200	North Texas Municipal Water District, Water System Revenue Bonds, Series 2008, 5.000%, 9/01/16		No Opt. Call		AAA		1,274,796
	2,000	North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/33 (Pre-refunded 1/01/18) (UB) (5)		1/18 at 100.00		A3 (4)		2,249,880
		North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
	2,000	5.500%, 9/01/41		9/21 at 100.00		AA+		2,350,520
	10,880	4.000%, 9/01/45		9/31 at 100.00		AA+		10,886,201

Nuveen Investments 69

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	3,000	North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.000%, 1/01/28		1/19 at 100.00		A2	$	3,484,830
	4,500	North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Variable Rate Demand Series 2008-E3, 5.750%, 1/01/38 (Pre-refunded 1/01/16)		1/16 at 100.00		A2 (4)		4,665,285
	4,410	North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/34		1/25 at 100.00		A3		4,894,968
	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		2,327,620
		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		702,677
	1,805	5.000%, 2/01/34		2/24 at 100.00		Baa2		1,898,246
	385	5.125%, 2/01/39		2/24 at 100.00		Baa2		402,933
	525	SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007, 5.500%, 8/01/27		No Opt. Call		A		630,609
		San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Junior Lien Series 2014:
	8,500	5.000%, 2/01/16		No Opt. Call		AA+		8,808,040
	12,010	5.000%, 2/01/17		No Opt. Call		AA+		12,936,691
	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		11,459,199
	4,000	San Antonio, Texas, Electric and Gas System Revenue Bonds, Series 2008, 5.000%, 2/01/25		2/18 at 100.00		Aa1		4,419,560
		San Marcos, Texas, General Obligation Bonds, Series 2008:
	1,000	5.000%, 8/15/25 (Pre-refunded 8/15/17) – AGM Insured		8/17 at 100.00		AA (4)		1,095,730
	1,000	5.000%, 8/15/27 (Pre-refunded 8/15/17) – AGM Insured		8/17 at 100.00		AA (4)		1,095,730
	1,000	San Marcos, Texas, Waterworks and Wastewater System Revenue Bonds, Series 2008, 5.000%, 8/15/26 (Pre-refunded 8/15/17) – AGM Insured		8/17 at 100.00		AA (4)		1,095,730
	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–		10,140,780
	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		1,681,760
	870	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		AA–		1,014,533
	70	Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010, 5.500%, 8/15/45 (Pre-refunded 8/15/20)		8/20 at 100.00		N/R (4)		84,644
	515	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–		552,976
	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		4,105,813
	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		1,004,181
	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		9,438,390

70 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	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–	$	8,887,020
	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)		1,097,410
	6,765	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A, 5.000%, 4/01/20		No Opt. Call		AAA		7,934,669
	1,750	Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust 2015-XF0075, 17.847%, 2/01/17 (IF)		8/19 at 100.00		AAA		2,671,900
	5,315	Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/17 – AMBAC Insured		No Opt. Call		A–		5,162,460
	14,685	Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/17 – AMBAC Insured (ETM)		No Opt. Call		A3 (4)		14,352,385
		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		1,312,129
	4,100	5.650%, 11/15/35		11/15 at 100.00		N/R		4,129,438
	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+		879,540
	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		2,070,320
	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		553,115
	6,140	Ysleta Independent School District, El Paso County, Texas, General Obligation Bonds, Refunding Series 2014, 5.000%, 8/15/24		No Opt. Call		AAA		7,586,216
	249,790	Total Texas						272,199,753
		Utah – 0.5%
		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+		927,615
	850	6.300%, 7/15/32		7/22 at 100.00		BB+		932,051
	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		1,072,250
		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		452,107
	950	6.500%, 6/15/38		6/17 at 100.00		N/R		967,015
	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–		1,371,113
	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–		1,170,242
		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+		2,491,267
	3,520	8.000%, 7/15/41		7/21 at 100.00		BB+		4,147,123
	12,140	Total Utah						13,530,783

Nuveen Investments 71

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Vermont – 0.2%
$	1,000	Vermont Economic Development Authority, Mortgage Revenue Bonds, Wake Robin Corporation Project, Refunding Series 2006A, 5.250%, 5/01/26 (Pre-refunded 5/01/16)		5/16 at 100.00		N/R (4)	$	1,044,000
		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		1,921,268
	1,000	6.250%, 1/01/33		1/21 at 100.00		Ba1		1,055,560
	3,815	Total Vermont						4,020,828
		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		549,040
	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		2,827,448
	2,980	Total Virgin Islands						3,376,488
		Virginia – 1.5%
	675	Arlington County Industrial Development Authority, Virginia, Multifamily Housing Mortgage Revenue Bonds, Berkeley Apartments, Series 2000, 5.850%, 12/01/20 (Alternative Minimum Tax)		5/15 at 100.00		AA		676,924
	11,370	Fairfax County, Virginia, General Obligation Bonds, Public Improvement Series 2015A, 5.000%, 10/01/16		No Opt. Call		AAA		12,113,597
	2,000	Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Series 2011C, 5.000%, 10/01/26 (Alternative Minimum Tax)		10/21 at 100.00		AA–		2,286,520
	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		1,863,887
	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–		2,854,480
	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–		5,860,305
		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–		3,867,941
	6,490	5.500%, 1/01/42 (Alternative Minimum Tax)		7/22 at 100.00		BBB–		7,097,529
	37,295	Total Virginia						36,621,183
		Washington – 2.9%
	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		A1		6,961,611
	960	FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Tender Option Bond Trust 2009-14A&B, 19.382%, 6/01/34 (IF) (5)		6/19 at 100.00		AA		1,497,869
	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		2,698,871
	2,335	King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.486%, 7/01/32 – AGM Insured (Pre-refunded 7/01/17) (IF) (5)		7/17 at 100.00		AA+ (4)		2,975,187
	1,050	Ocean Shores, Washington, Local Improvement District 2007-01 Bonds, 2011, 7.250%, 2/01/31		No Opt. Call		BBB+		1,381,412

72 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Washington (continued)
$	3,000	Snohomish County School District 15, Edmonds, Washington, General Obligation Bonds, Series 2006, 5.000%, 12/01/19 (Pre-refunded 6/01/16) – NPFG Insured		6/16 at 100.00		AA+ (4)	$	3,152,760
	5,660	Spokane, Washington, General Obligation Bonds, Series 2015, 3.000%, 12/01/32		12/24 at 100.00		AA		5,344,795
	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		2,235,800
	3,535	Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.250%, 12/01/30 (Pre-refunded 12/01/20)		12/20 at 100.00		N/R (4)		4,241,823
		Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012:
	2,775	5.000%, 12/01/27 (Pre-refunded 12/01/21)		12/21 at 100.00		N/R (4)		3,346,428
	2,435	5.000%, 12/01/42 (Pre-refunded 12/01/21)		12/21 at 100.00		N/R (4)		2,936,415
	1,500	Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A, 5.000%, 11/15/28		5/24 at 100.00		A+		1,721,460
	600	Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1989B, 7.125%, 7/01/16		No Opt. Call		Aa1		647,172
	2,000	Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009, 6.250%, 7/01/24		7/19 at 100.00		Baa1		2,252,460
	2,000	Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009, 7.000%, 7/01/39 (Pre-refunded 7/01/19)		7/19 at 100.00		Baa1 (4)		2,469,880
	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		3,244,980
	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–		1,191,102
	2,340	Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community Refunding, Series 2012, 5.000%, 1/01/48		No Opt. Call		BBB–		2,414,272
	10,885	Washington State, General Obligation Bonds, Motor Vehicle Fuel Tax, Series 2006B, 5.000%, 7/01/29 (Pre-refunded 7/01/16) – AGM Insured		7/16 at 100.00		AA+ (4)		11,474,531
	3,335	Washington State, General Obligation Bonds, Tender Option Bond Trust 1121, 13.624%, 7/01/29 – AGM Insured (Pre-refunded 7/01/16) (IF)		7/16 at 100.00		AA+ (4)		3,876,571
	5,895	Washington State, General Obligation Bonds, Various Purpose Series 2012D, 5.000%, 2/01/16		No Opt. Call		AA+		6,108,635
	65,075	Total Washington						72,174,034
		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		515,385
	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		1,137,728
	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		1,052,650
	2,520	Total West Virginia						2,705,763
		Wisconsin – 4.6%
	1,455	Eau Claire, Wisconsin, General Obligation Bonds, Refunding Series 2007B, 4.000%, 4/01/16 – NPFG Insured		No Opt. Call		Aa1		1,505,081
	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–		5,826,950

Nuveen Investments 73

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin (continued)
		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	$	1,647,272
	5,000	6.250%, 12/01/42		No Opt. Call		N/R		5,145,450
	970	Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax)		11/24 at 100.00		N/R		992,514
		Public Finance Authority of Wisconsin, for the Charter School Revenue Bonds, Voyager Foundation, Inc. of North Carolina Project, Series 2014A:
	580	5.000%, 10/01/34		10/22 at 100.00		BB+		591,501
	500	5.125%, 10/01/45		10/22 at 100.00		BB+		506,440
	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+		1,787,987
		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+		395,875
	375	6.000%, 10/01/32		10/22 at 100.00		BB+		406,200
	2,550	Superior, Wisconsin, Limited Obligation Revenue Refunding Bonds, Midwest Energy Resources Company, Series 1991E, 6.900%, 8/01/21 – FGIC Insured		No Opt. Call		AA–		3,265,785
	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		1,634,853
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital, Series 2015:
	2,145	3.250%, 12/01/30		No Opt. Call		A+		2,057,248
	1,750	3.375%, 12/01/31		No Opt. Call		A+		1,671,548
	6,000	4.000%, 12/01/35		6/24 at 100.00		A+		5,937,540
	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		1,362,127
	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+		15,771,451
	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–		1,067,790
	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		20,021,039
	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		7,700,980
	435	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39		8/24 at 100.00		A+		477,482
	595	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/39 (Pre-refunded 2/15/19)		2/19 at 100.00		A+ (4)		714,898
		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+		3,255,739
	2,100	4.350%, 7/01/36		7/21 at 100.00		BBB+		2,115,834
	3,200	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–		3,374,048
	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–		2,614,371

74 Nuveen Investments

Principal Amount (000)		Description (1)			Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin (continued)
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014:
$	5,000	5.000%, 12/01/34				12/22 at 102.00		N/R	$	5,083,600
	4,435	5.000%, 12/01/44				12/22 at 102.00		N/R		4,458,284
	4,225	5.250%, 12/01/49				12/22 at 102.00		N/R		4,277,263
		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		1,919,837
	1,000	5.375%, 10/01/44				10/22 at 102.00		N/R		1,023,510
	3,500	5.500%, 10/01/49				10/22 at 102.00		N/R		3,585,260
	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)		1,779,349
	106,145	Total Wisconsin								113,975,106
		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		2,296,180
	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		5,130,630
		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+		906,432
	2,500	6.000%, 12/01/36				12/21 at 100.00		BBB+		2,854,450
	3,650	West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40				6/21 at 100.00		BBB		4,301,963
	13,450	Total Wyoming								15,489,655
$	2,291,775	Total Municipal Bonds (cost $2,201,259,070)								2,411,758,185
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		CORPORATE BONDS – 0.0%
		Transportation – 0.0%
$	139	Las Vegas Monorail Company, Senior Interest Bonds (11), (12)		5.500%		7/15/19		N/R	$	24,949
	37	Las Vegas Monorail Company, Senior Interest Bonds (11), (12)		3.000%		7/15/55		N/R		4,930
$	176	Total Corporate Bonds (cost $15,730)								29,879
		Total Long-Term Investments (cost $2,201,274,800)								2,411,788,064
Principal Amount (000)		Description (1)			Optional Call Provisions (2)		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 0.8%
		MUNICIPAL BONDS – 0.8%
		California – 0.3%
$	6,495	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (12)				No Opt. Call		N/R	$	6,523,318
	630	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (12)				No Opt. Call		N/R		632,747

Nuveen Investments 75

Nuveen All-American Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	960	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (12)		No Opt. Call		N/R	$	964,186
	8,085	Total California						8,120,251
		North Carolina – 0.2%
	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 (Alternative Minimum Tax) (13)		12/14 at 100.00		N/R		4,000,000
		Pennsylvania – 0.3%
	7,300	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc Project, Variable Rate Demand Obligations, Series 2014, 0.400%, 6/01/44 (Mandatory put 7/01/15) (Alternative Minimum Tax) (13)		1/16 at 100.00		A-2		7,300,000
$	19,385	Total Short-Term Investments (cost $19,385,000)						19,420,251
		Total Investments (cost $2,220,659,800) – 97.2%						2,431,208,315
		Floating Rate Obligations – (0.2)%						(6,525,000	)
		Other Assets Less Liabilities – 3.0%						75,915,716
		Net Assets – 100%					$	2,500,599,031

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

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

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

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

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

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

(7) On January 7, 2015, 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 7.125% to 5.700%.

(8) On May 7, 2015, 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 5.250% to 2.100%.

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

(10) 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%.

(11) 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 is not accruing income for either senior interest corporate bond.

(12) 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.

(13) 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.

(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.

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

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.

76 Nuveen Investments

Nuveen Inflation Protected Municipal Bond Fund

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 105.9%
		MUNICIPAL BONDS – 105.9%
		Arizona – 0.9%
$	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+	$	439,183
	50	Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/15 – AGM Insured		No Opt. Call		AA		50,412
	440	Total Arizona						489,595
		California – 11.5%
	1,000	Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2013A, 5.000%, 10/01/27 – AGM Insured		10/23 at 100.00		AA		1,182,280
	305	Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.300%, 10/01/23 – AMBAC Insured		No Opt. Call		BBB+		334,661
	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)		45,374
	850	California Municipal Finance Authority, Revenue Bonds, University of San Diego, Refunding Series 2012A, 5.000%, 10/01/31		No Opt. Call		A1		961,707
	470	El Camino Community College District, California, General Obligation Bonds, Election of 2002 Series 2012C, 0.000%, 8/01/21		No Opt. Call		Aa1		418,234
	555	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/21		No Opt. Call		A1		659,529
	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–		959,808
	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		151,484
	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		918,024
	475	San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 1/15/17		No Opt. Call		BBB–		510,041
	5,590	Total California						6,141,142
		Colorado – 11.5%
	555	Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012A, 5.000%, 11/15/22 (Alternative Minimum Tax)		No Opt. Call		A+		654,478
	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–		1,170,180
	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		1,105,980
	525	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured		No Opt. Call		AA–		452,429
	1,000	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/20 – NPFG Insured		No Opt. Call		AA–		888,940
	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		1,331,737

Nuveen Investments 77

Nuveen Inflation Protected Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	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	$	563,225
	5,830	Total Colorado						6,166,969
		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+		182,423
		District of Columbia – 0.6%
	10	District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33		No Opt. Call		Baa1		12,698
	260	District of Columbia, Revenue Bonds, Association of American Medical Colleges, Series 2011A, 5.000%, 10/01/24		10/23 at 100.00		A+		310,211
	270	Total District of Columbia						322,909
		Florida – 2.4%
	450	Miami, Florida, Limited Ad Valorem Tax Bonds, Homeland Defense / Neighborhood Capital Improvement Project, Series 2009, 5.000%, 1/01/19		No Opt. Call		A		502,088
	620	Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/22		No Opt. Call		AA		737,502
	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+		46,700
	1,110	Total Florida						1,286,290
		Georgia – 4.0%
	1,000	Atlanta, Georgia, Tax Allocation Bonds, Princeton Lakes Project, Series 2006, 5.500%, 1/01/31		1/16 at 100.00		BBB–		1,007,510
		Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014:
	188	5.500%, 7/15/23		7/21 at 100.00		N/R		191,407
	374	5.500%, 7/15/30		7/21 at 100.00		N/R		380,325
	410	5.500%, 1/15/36		7/21 at 100.00		N/R		417,404
	110	Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26		No Opt. Call		A		131,751
	2,082	Total Georgia						2,128,397
		Illinois – 12.9%
	305	Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2001A, 5.500%, 1/01/30 – NPFG Insured		No Opt. Call		AA–		362,160
	590	Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 12/01/19 (5)		No Opt. Call		AA–		683,922
	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		369,750
	325	Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2012A, 5.000%, 3/01/22		No Opt. Call		AA–		384,920
	500	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/21		No Opt. Call		BBB		562,150
	645	Illinois Finance Authority, Revenue Bonds, Lake Forest College, Series 2012A, 5.000%, 10/01/22		No Opt. Call		BBB–		708,062

78 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	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	$	1,179,390
	1,000	Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 6/15/32 – AGM Insured		6/24 at 100.00		AA		1,124,010
	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–		107,374
	535	Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 5.000%, 6/01/19		No Opt. Call		A		604,812
	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		803,890
	6,345	Total Illinois						6,890,440
		Indiana – 3.2%
	500	Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/24		5/23 at 100.00		A		586,135
	490	Indiana Finance Authority, Hospital Revenue Bonds, Parkview Health System Obligated Group, Series 2012A, 5.000%, 5/01/22		No Opt. Call		A+		571,404
	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		489,311
	30	Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011A, 5.250%, 10/01/23		10/21 at 100.00		AA		35,732
	1,480	Total Indiana						1,682,582
		Iowa – 2.5%
	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		1,357,661
		Kansas – 2.8%
	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+		1,214,348
	390	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–		282,504
	1,415	Total Kansas						1,496,852
		Kentucky – 2.6%
	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+		68,943
		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		405,661
	525	6.000%, 12/01/33 – AGC Insured		6/18 at 100.00		AA		563,220
	175	Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Program Revenue Bonds, Series 2012A, 5.000%, 2/01/27		2/22 at 100.00		AAA		206,367
	130	Kentucky State Property and Buildings Commission, Revenue Bonds, Project 85, Series 2005, 5.000%, 8/01/15 – AGM Insured		No Opt. Call		AA		131,587
	1,270	Total Kentucky						1,375,778

Nuveen Investments 79

Nuveen Inflation Protected Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana – 5.9%
$	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	$	201,024
	1,000	Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/23		No Opt. Call		A		1,200,040
	500	New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2012, 5.000%, 12/01/27 – AGM Insured		12/22 at 100.00		AA		560,385
	1,015	Regional Transit Authority, Louisiana, Sales Tax Revenue Bonds, Series 2010, 5.000%, 12/01/19 – AGM Insured (5)		No Opt. Call		AA		1,164,398
	2,715	Total Louisiana						3,125,847
		Maine – 0.7%
	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		211,052
	120	Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/23		No Opt. Call		BBB+		138,070
	305	Total Maine						349,122
		Massachusetts – 1.2%
	80	Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series 2011H, 5.000%, 7/01/21		No Opt. Call		BBB+		89,547
	530	Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/21 – AMBAC Insured		7/15 at 100.00		N/R		531,293
	610	Total Massachusetts						620,840
		Michigan – 3.0%
	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		51,321
		Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation Bonds, Building Authority Stadium Refunding Series 2012:
	500	5.000%, 10/01/19 – AGM Insured		No Opt. Call		AA		549,780
	190	5.000%, 10/01/20 – AGM Insured		No Opt. Call		AA		210,550
	75	Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service Learning Academy Project, Refunding Series 2011, 6.000%, 10/01/21		No Opt. Call		BB–		77,454
	500	Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/27		No Opt. Call		AAA		583,730
	95	Michigan State, General Obligation Refunding Bonds, Series 2002, 5.500%, 12/01/15		No Opt. Call		Aa2		97,993
	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		10,198
	1,445	Total Michigan						1,581,026
		Missouri – 2.2%
	1,000	Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2014A, 5.000%, 1/01/24		No Opt. Call		A–		1,187,740
		Nevada – 0.8%
	390	Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/23 – AGM Insured		7/19 at 100.00		AA		445,216

80 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey – 2.4%
$	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+	$	395,966
	420	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B, 5.250%, 12/15/15 – AMBAC Insured		No Opt. Call		A–		432,134
	180	New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16		No Opt. Call		A3		187,412
	50	New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 (ETM)		No Opt. Call		A3 (4)		52,098
	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		210,407
	1,235	Total New Jersey						1,278,017
		New York – 4.8%
	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–		441,904
	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		541,425
	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		78,381
	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–		1,491,588
	2,235	Total New York						2,553,298
		North Carolina – 4.5%
	1,000	Mecklenburg County, North Carolina, General Obligation Bonds, Refunding Series 2013A, 5.000%, 12/01/25 (5)		No Opt. Call		AAA		1,269,250
	160	North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University, Series 2012, 5.000%, 3/01/19		No Opt. Call		BBB		179,952
	795	North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series 2011, 5.000%, 7/01/21 (5)		No Opt. Call		AA		948,045
	1,955	Total North Carolina						2,397,247
		North Dakota – 0.8%
	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–		428,136
		Ohio – 3.9%
	100	Akron, Ohio, Waterworks System Mortgage Revenue Bonds, Refunding & Improvement Series 2009, 5.000%, 3/01/17 – AGC Insured		No Opt. Call		A3		107,781
	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–		507,618
	270	Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 – NPFG Insured		No Opt. Call		Aa1		305,254
	1,000	New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C, 5.000%, 10/01/22		No Opt. Call		A1		1,171,650
	1,965	Total Ohio						2,092,303

Nuveen Investments 81

Nuveen Inflation Protected Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Oregon – 2.2%
$	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–	$	1,192,860
		Pennsylvania – 2.6%
	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		968,915
	170	Pennsylvania Higher Educational Facilities Authority, Philadelphia University Refunding Revenue Bonds, Refunding Series 2013, 5.000%, 6/01/21		No Opt. Call		BBB		191,639
	220	Pennsylvania, General Obligation Bonds, Refunding 3rd Series 2004, 5.375%, 7/01/16 – NPFG Insured		No Opt. Call		AA–		232,995
	5	Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/24 – AGM Insured		9/22 at 100.00		A+		5,866
	1,235	Total Pennsylvania						1,399,415
		Rhode Island – 2.0%
	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		1,056,691
		South Carolina – 0.8%
	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		423,770
		Texas – 3.5%
	365	Central Texas Regional Mobility Authority, Revenue Bonds, Subordinate Lien Refunding Series 2013, 5.000%, 1/01/23		No Opt. Call		BBB–		411,070
	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		225,868
	855	Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/23 – NPFG Insured		No Opt. Call		AA–		616,275
	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–		100,338
	500	McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, 4.000%, 12/01/21		No Opt. Call		Baa2		518,875
	2,165	Total Texas						1,872,426
		Utah – 2.1%
	25	Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 2012, 5.000%, 5/15/23		5/21 at 100.00		AA+		29,395
	935	Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/22		No Opt. Call		A+		1,112,940
	960	Total Utah						1,142,335
		Virginia – 1.4%
		Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
	185	0.000%, 7/01/25		No Opt. Call		BBB–		120,026
	690	0.000%, 7/01/26		No Opt. Call		BBB–		422,508
	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–		203,576
	1,060	Total Virginia						746,110

82 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Washington – 1.0%
$	500	Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012, 4.000%, 12/01/19 (ETM)		No Opt. Call		N/R (4)	$	558,800
		West Virginia – 0.4%
	235	Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company, Series 2003L, 1.625%, 10/01/22 (Mandatory put 10/01/18)		No Opt. Call		Baa1		234,918
		Wisconsin – 2.8%
	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–		1,171,016
	260	Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.250%, 5/01/20		5/19 at 100.00		AA–		301,109
	1,275	Total Wisconsin						1,472,125
		Wyoming – 1.7%
	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+		912,501
$	51,972	Total Long-Term Investments (cost $55,309,840)						56,591,781
		Other Assets Less Liabilities – (5.9)% (6)						(3,163,292	)
		Net Assets – 100%					$	53,428,489

Investments in Derivatives as of April 30, 2015

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)
Barclays PLC	$	3,000,000		Receive		CPURNSA		2.055	%		9/05/16		9/02/16	$	(81,085	)
Barclays PLC		5,000,000		Receive		CPURNSA		2.600			2/06/18		2/05/18		(321,135	)
Barclays PLC		4,000,000		Receive		CPURNSA		2.560			12/31/18		12/28/18		(294,376	)
Barclays PLC		3,500,000		Receive		CPURNSA		2.509			2/11/19		2/08/19		(230,598	)
Barclays PLC		4,500,000		Receive		CPURNSA		2.645			12/30/19		12/28/19		(387,364	)
Barclays PLC		5,000,000		Receive		CPURNSA		2.693			2/03/20		2/01/20		(427,712	)
Barclays PLC		5,500,000		Receive		CPURNSA		2.645			10/01/21		9/30/21		(444,914	)
Barclays PLC		8,000,000		Receive		CPURNSA		2.777			2/21/22		2/19/22		(832,736	)
Morgan Stanley		3,000,000		Receive		CPURNSA		2.468			11/15/16		11/14/16		(120,894	)
Morgan Stanley		3,750,000		Receive		CPURNSA		2.440			9/28/17		9/27/17		(172,652	)
Morgan Stanley		3,800,000		Receive		CPURNSA		2.595			11/06/18		11/05/18		(228,645	)
Morgan Stanley		6,000,000		Receive		CPURNSA		2.714			3/01/21		2/27/21		(550,070	)
Morgan Stanley		3,000,000		Receive		CPURNSA		2.283			9/16/21		9/15/21		(139,719	)
Morgan Stanley		3,000,000		Receive		CPURNSA		2.650			8/08/24		8/07/24		(274,213	)
	$	61,050,000												$	(4,506,113	)

Credit Default Swaps outstanding:

Counterparty	Referenced Entity		Buy/Sell Protec tion (8)		Current Credit Spread (9)			Notional Amount		Fixed Rate (Annua lized)			Termination Date		Value		Unrealized Appreciation (Depreciation)
Goldman Sachs		Commonwealth of Puerto Rico		Buy		21.75 - 23.75	%	$	345,000		5.000	%		9/20/19	$	92,171	$	34,437
Goldman Sachs		Commonwealth of Puerto Rico		Buy		22.25 - 24.25			170,000		5.000			12/20/19		46,684		8,368
								$	515,000						$	138,855	$	42,805

Nuveen Investments 83

Nuveen Inflation Protected Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

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

(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

See accompanying notes to financial statements.

84 Nuveen Investments

Nuveen Intermediate Duration Municipal Bond Fund

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 98.2%
		MUNICIPAL BONDS – 98.2%
		Alabama – 0.4%
		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	$	3,070,260
	2,290	5.250%, 11/15/20		11/15 at 100.00		Baa2		2,327,716
		Health Care Authority for Baptist Health, Alabama, Revenue Bonds, Baptist Health, Series 2006D:
	1,575	5.000%, 11/15/15		No Opt. Call		A3		1,604,894
	2,935	5.000%, 11/15/16		11/15 at 100.00		A3		3,009,696
	1,130	Huntsville, Alabama, Electric System Revenue Warrants, Refunding Series 2007, 4.000%, 12/01/18 – AGM Insured		12/17 at 100.00		AA+		1,209,857
	2,000	Mobile, Alabama, General Obligation Warrants, Improvement and Refunding Series 2008B, 5.000%, 2/15/20		2/18 at 100.00		Aa2		2,214,520
		University of Alabama, Birmingham, Hospital Revenue Bonds, Birmingham Hospital, Series 2008A:
	1,500	5.000%, 9/01/18		No Opt. Call		A+		1,681,170
	4,000	5.750%, 9/01/22		9/18 at 100.00		A+		4,571,680
	18,430	Total Alabama						19,689,793
		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		3,393,750
	400	Aleutians East Burough Project, Alaska, Revenue Bonds, Series 2006, 4.375%, 6/01/15 – ACA Insured		No Opt. Call		N/R		400,144
	6,000	Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32		7/15 at 100.00		B2		5,261,280
	9,400	Total Alaska						9,055,174
		Arizona – 3.7%
	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		4,394,227
		Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Childrens Hospital, Refunding Series 2012A:
	1,220	5.000%, 2/01/20		No Opt. Call		BBB+		1,401,219
	6,255	5.000%, 2/01/27		2/22 at 100.00		BBB+		6,941,549
	1,445	Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/24		No Opt. Call		A2		1,730,980
		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		11,445,607
	16,235	5.000%, 7/01/26		7/22 at 100.00		A1		17,950,877
	16,760	5.000%, 7/01/27		7/22 at 100.00		A1		18,302,422
	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		151,022

Nuveen Investments 85

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

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	$	2,143,687
		Arizona State, State Lottery Revenue Bonds, Series 2010A:
	30	5.000%, 7/01/17 – AGM Insured		No Opt. Call		AA		32,670
	40	5.000%, 7/01/18 – AGM Insured		No Opt. Call		AA		44,660
	5,165	5.000%, 7/01/19 – AGM Insured		No Opt. Call		AA		5,895,124
	5,015	5.000%, 7/01/20 – AGM Insured		No Opt. Call		AA		5,813,137
	6,130	5.000%, 7/01/21 – AGM Insured		1/20 at 100.00		AA		7,108,961
	7,500	5.000%, 7/01/22 – AGM Insured		1/20 at 100.00		AA		8,679,375
		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		1,053,610
	1,050	5.000%, 7/01/17 – AMBAC Insured		No Opt. Call		Aa3		1,145,361
	6,000	Gilbert, Arizona, Public Facilities Municipal Property Corporation, Revenue Bonds, Series 2009, 5.500%, 7/01/27		7/19 at 100.00		AA+		6,863,040
	2,810	Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B, 5.250%, 12/01/20 (Pre-refunded 12/01/15)		12/15 at 100.00		N/R (4)		2,892,530
	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–		2,254,960
	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+		1,528,535
	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		592,335
		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)		310,367
	290	4.750%, 7/01/18 (Pre-refunded 7/01/16) – AGM Insured		7/16 at 100.00		Aa1 (4)		305,106
		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		A+		1,863,375
	1,940	3.500%, 7/01/33		7/24 at 100.00		A+		1,943,376
	3,670	Mesa, Arizona, Excise Tax Revenue Bonds, Series 2013, 5.000%, 7/01/27		7/17 at 100.00		AA+		3,979,895
		Northern Arizona University, System Revenue Bonds, Refunding Series 2014:
	850	5.000%, 6/01/21		No Opt. Call		A+		1,000,765
	385	5.000%, 6/01/22		No Opt. Call		A+		458,597
	500	5.000%, 6/01/23		No Opt. Call		A+		599,025
		Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A:
	2,015	5.000%, 7/01/22		7/20 at 100.00		A+		2,350,860
	10,370	5.000%, 7/01/40		7/20 at 100.00		A+		11,304,544
	8,850	Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Refunding Series 2014B, 5.000%, 7/01/23		No Opt. Call		AAA		10,864,437
	500	Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2014A, 5.000%, 7/01/23		No Opt. Call		AAA		613,810
	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		A3		2,765,885

86 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
		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	$	1,066,220
	1,000	4.500%, 7/01/19 – FGIC Insured		7/17 at 100.00		Aa2		1,063,120
	2,670	Pima County, Arizona, Sewer Revenue Bonds, Series 2010, 5.000%, 7/01/24 – AGM Insured		7/20 at 100.00		AA		3,089,190
	645	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+		801,722
	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		3,409,140
	3,925	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Tender Option Bond Trust 3284, 13.733%, 6/01/19 (IF)		No Opt. Call		AA		6,308,064
	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		1,115,750
	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 (Pre-refunded 7/01/19)		7/19 at 100.00		Aa2 (4)		1,580,027
	145,890	Total Arizona						165,159,163
		Arkansas – 1.3%
	1,000	Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Series 2013, 5.000%, 12/01/33		12/23 at 100.00		A1		1,134,980
	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		1,530,990
		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		7,142,280
	6,740	4.500%, 11/01/19 – AGM Insured		11/16 at 100.00		AA		7,112,385
		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–		1,340,691
	1,000	5.000%, 10/01/21 – FGIC Insured		10/17 at 100.00		AA–		1,097,170
	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–		4,615,601
		Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax Bonds, Series 2014:
	500	5.000%, 7/01/22		No Opt. Call		A+		598,800
	800	5.000%, 7/01/23		No Opt. Call		A+		954,776
	1,610	5.000%, 7/01/26		7/24 at 100.00		A+		1,897,514
	1,485	5.000%, 7/01/28		7/24 at 100.00		A+		1,715,695
	1,935	5.000%, 7/01/29		7/24 at 100.00		A+		2,224,747
	1,000	5.000%, 7/01/30		7/24 at 100.00		A+		1,142,020
	4,585	5.000%, 7/01/34		7/24 at 100.00		A+		5,181,692
	3,900	4.000%, 7/01/41		7/24 at 100.00		A+		3,992,547
		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		609,638
	1,130	5.000%, 8/01/22 – CIFG Insured		8/17 at 100.00		N/R		1,194,060
	1,185	5.000%, 8/01/23 – CIFG Insured		8/17 at 100.00		N/R		1,247,331
	1,245	5.000%, 8/01/24 – CIFG Insured		8/17 at 100.00		N/R		1,305,943
	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+		1,148,230

Nuveen Investments 87

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arkansas (continued)
		Pulaksi County Public Facilities Board, Arkansas, Healthcare Revenue Bonds, Baptist Health, Series 2014:
$	1,950	5.000%, 12/01/25		12/24 at 100.00		A+	$	2,313,987
	1,780	5.000%, 12/01/27		12/24 at 100.00		A+		2,073,006
	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		1,021,140
		University of Arkansas, Various Facilities Revenue Bonds, UAMS Campus, Series 2014A:
	1,000	5.000%, 3/01/21		No Opt. Call		Aa2		1,182,010
	1,200	5.000%, 3/01/23		No Opt. Call		Aa2		1,452,336
	3,555	3.750%, 3/01/36		3/25 at 100.00		Aa2		3,522,436
	54,125	Total Arkansas						58,752,005
		California – 7.1%
	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)		1,668,564
	1,565	ABC Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2003A, 4.900%, 2/01/20 – NPFG Insured		No Opt. Call		AA–		1,800,204
		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2013A:
	1,860	5.000%, 10/01/23		No Opt. Call		A		2,262,634
	5,000	5.000%, 10/01/24		10/23 at 100.00		A		6,016,200
	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+		975,255
	1,740	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+		1,954,646
	7,170	California Department of Water Resources, Power Supply Revenue Bonds, Series 2010L, 5.000%, 5/01/17		No Opt. Call		AA+		7,794,650
	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		7,768,375
	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		565,820
	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)		3,282,049
	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		3,534,365
	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		1,227,860
	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		1,461,254
	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		2,672,111
	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		1,631,602
	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		5,802,850

88 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		California State, Economic Recovery Revenue Bonds, Refunding Series 2009A:
$	2,040	5.000%, 7/01/20 (Pre-refunded 7/01/19)		7/19 at 100.00		Aaa	$	2,361,076
	3,815	5.250%, 7/01/21 (Pre-refunded 7/01/19)		7/19 at 100.00		Aaa		4,454,165
	2,190	5.250%, 7/01/21 (Pre-refunded 7/01/19)		7/19 at 100.00		Aaa		2,556,913
	520	California State, General Obligation Bonds, Refunding Series 2007, 5.000%, 8/01/19		2/17 at 100.00		Aa3		560,518
	1,000	California State, General Obligation Bonds, Series 2007, 5.000%, 12/01/23		12/17 at 100.00		Aa3		1,105,650
	15	California State, General Obligation Bonds, Various Purpose Series 2001, 5.000%, 11/01/18		7/15 at 100.00		Aa3		15,061
	1,450	California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/29		12/24 at 100.00		BBB		1,616,939
	700	California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/30		6/15 at 100.00		A		701,400
	800	California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 5.000%, 7/01/25		7/24 at 100.00		A		942,864
	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)		1,135,760
	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		CCC		999,936
	10,000	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2003A, 5.000%, 8/15/38 – AMBAC Insured		8/17 at 100.00		AA–		10,569,099
	1,120	Contra Costa County Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2003A, 5.500%, 8/01/23 – RAAI Insured		7/15 at 100.00		AA		1,122,542
		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–		3,771,810
	4,095	0.000%, 11/01/28		11/21 at 56.33		BBB–		1,719,900
		Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 2012:
	1,685	5.000%, 1/01/22		No Opt. Call		BBB–		1,855,691
	1,530	5.000%, 1/01/23		No Opt. Call		BBB–		1,699,983
	1,635	5.000%, 1/01/24		No Opt. Call		BBB–		1,802,686
	1,325	5.000%, 1/01/25		No Opt. Call		BBB–		1,454,347
		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		565,370
	2,025	5.000%, 8/01/24		8/18 at 100.00		Aa2		2,273,630
	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		2,293,431
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	7,795	5.000%, 6/01/17		No Opt. Call		Aa1		8,463,265
	11,145	4.500%, 6/01/27		6/17 at 100.00		B		10,847,651
	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		853,528

Nuveen Investments 89

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		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	$	1,121,070
	1,015	5.000%, 9/01/32		9/24 at 100.00		N/R		1,124,508
	465	5.000%, 9/01/34		No Opt. Call		N/R		513,104
	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		6,870,317
	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		1,245,532
	2,395	Long Beach Financing Authority, California, Revenue Bonds, Series 1992, 6.000%, 11/01/17 – AMBAC Insured		No Opt. Call		N/R		2,498,320
		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2014B:
	1,010	5.000%, 7/01/25		1/24 at 100.00		AA–		1,223,666
	5,000	5.000%, 7/01/43		1/24 at 100.00		AA–		5,652,200
		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		949,840
	1,050	5.000%, 9/01/24		No Opt. Call		BBB		1,251,894
	1,250	5.000%, 9/01/25		9/24 at 100.00		BBB		1,469,638
	1,000	5.000%, 9/01/26		9/24 at 100.00		BBB		1,160,580
	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		AA– (4)		406,661
		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		2,349,315
	2,145	5.000%, 9/01/22 – AMBAC Insured		9/16 at 100.00		AAA		2,269,946
	2,000	5.000%, 9/01/23 – AMBAC Insured		9/16 at 100.00		AAA		2,116,500
	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		1,253,278
	10,240	M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 6.125%, 11/01/29		No Opt. Call		A		12,655,411
	10,045	M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.125%, 11/01/29		No Opt. Call		A		12,414,414
		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		5,283,036
	3,000	5.000%, 8/01/27 – BAM Insured		8/24 at 100.00		AA		3,564,420
	2,070	5.000%, 8/01/28 – BAM Insured		8/24 at 100.00		AA		2,433,471
	570	3.125%, 8/01/31 – BAM Insured		8/24 at 100.00		AA		553,521
	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+		2,039,240
	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		1,146,560
	6,000	Oakland State Building Authority, California, Lease Revenue Bonds, Elihu M. Harris State Office Building, Series 1998A, 5.000%, 4/01/23 – AMBAC Insured		10/15 at 100.00		A1		6,023,880

90 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	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+	$	7,721,680
		Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A:
	1,815	0.000%, 8/01/21 – AGC Insured		No Opt. Call		AA		1,557,216
	2,095	0.000%, 8/01/22 – AGC Insured		No Opt. Call		AA		1,714,632
	4,085	0.000%, 8/01/23 – AGC Insured		No Opt. Call		AA		3,174,290
	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		7,587,580
		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–		2,799,243
	1,230	5.000%, 11/01/19 – NPFG Insured		11/17 at 100.00		AA–		1,360,159
	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		2,463,354
	2,910	Rancho Cucamonga Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Rancho Redevelopment Project, Series 2014, 5.000%, 9/01/24		No Opt. Call		AA		3,566,612
	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		2,444,680
		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–		855,581
	2,000	0.000%, 10/01/36		No Opt. Call		A–		729,740
	5,000	Sacramento County, California, Airport System Revenue Bonds, Senior Lien Series 20010, 5.000%, 7/01/40		7/20 at 100.00		A		5,572,700
	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)		1,179,320
	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		AA		583,263
		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		1/25 at 100.00		BBB–		5,652,150
	26,000	5.000%, 1/15/34		1/25 at 100.00		BBB–		28,801,499
	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+		2,981,490
	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+		979,280
	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–		2,873,408
	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)		2,869,533
	1,000	Santa Ana Unified School District, Orange County, California, General Obligation Bonds, Series 2008A, 5.250%, 8/01/28		8/18 at 100.00		Aa3		1,129,370
	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)		1,913,560

Nuveen Investments 91

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		Santa Paula Utility Authority, California, Water Enterprise Revenie Bonds, Series 2010:
$	2,510	5.000%, 2/01/28		2/20 at 100.00		A+	$	2,856,706
	2,630	5.000%, 2/01/29		2/20 at 100.00		A+		2,981,763
	2,765	5.000%, 2/01/30		2/20 at 100.00		A+		3,112,865
		South Bayside Waste Management Authority, California, Solida Waste Enterprise Revenue Bonds, Shoreway Environmental Center, Series 2009A:
	2,500	5.250%, 9/01/24		9/19 at 100.00		A1		2,877,625
	1,200	6.250%, 9/01/29		9/19 at 100.00		A1		1,429,116
		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		1,367,254
	1,410	6.125%, 8/01/23		8/19 at 100.00		Baa3		1,628,649
	1,585	6.250%, 8/01/24		8/19 at 100.00		Baa3		1,829,423
	1,265	6.375%, 8/01/25		8/19 at 100.00		Baa3		1,461,227
	500	6.500%, 8/01/26		8/19 at 100.00		Baa3		578,315
	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		1,112,980
	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–		1,605,892
	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		2,833,290
	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		3,283,650
	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–		1,064,819
	302,140	Total California						316,285,890
		Colorado – 2.5%
	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)		1,300,860
	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–		5,117,519
	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		182,614
	1,000	Colorado Health Facilities Authority, Colorado, Hospital Improvement Revenue Bonds, NCMC Inc., Series 2003B, 6.000%, 5/15/26 – AGM Insured		5/19 at 100.00		AA		1,133,820
	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+		17,750,768
	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		779,788
	1,500	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2008D, 5.125%, 10/01/17		No Opt. Call		A+		1,653,210
	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		348,564
	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+		1,502,144

92 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	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+	$	7,113,840
	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)		9,227,600
	500	Colorado Health Facilities Authority, Revenue Bonds, Covenant Retirement Communities Inc., Series 2005, 5.000%, 12/01/16 (Pre-refunded 12/01/15)		12/15 at 100.00		BBB+ (4)		513,770
		Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2006:
	1,000	5.000%, 6/01/16		No Opt. Call		A3		1,044,580
	1,000	5.250%, 6/01/18		6/16 at 100.00		A3		1,044,580
	1,250	Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2007B, 4.250%, 12/01/15 – RAAI Insured		No Opt. Call		AA		1,271,363
	1,510	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)		1,728,165
	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–		1,582,665
	11,000	Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32		11/22 at 100.00		A+		12,459,039
	6,050	Denver, Colorado, Airport System Revenue Bonds, Refunding Series 2006A, 5.000%, 11/15/19 – FGIC Insured		11/16 at 100.00		AA–		6,484,572
	4,025	Denver, 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)		4,306,871
	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–		5,078,150
	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–		3,277,400
	1,500	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004C, 5.000%, 9/01/17 – NPFG Insured		No Opt. Call		AA–		1,623,855
		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		1,798,525
	2,215	5.000%, 12/15/21		No Opt. Call		Aa2		2,656,826
	1,530	5.000%, 12/15/22		12/21 at 100.00		Aa2		1,819,170
	250	High Plains Metropolitan District, Colorado, General Obligation Bonds, Series 2005B, 4.375%, 12/01/15		No Opt. Call		BBB		252,920
	2,170	Montrose, Colorado, Enterprise Revenue Bonds, Montrose Memorial Hospital, Series 2003, 5.700%, 12/01/17		7/15 at 100.50		BBB–		2,200,467
	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		1,008,870
	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)		2,263,883
	775	Platte River Power Authority, Colorado, Power Revenue Bonds, Refunding Series 2007GG, 4.500%, 6/01/17 – AGM Insured		No Opt. Call		AA		835,853
		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		1,422,296
	500	5.000%, 12/01/20		No Opt. Call		N/R		536,515

Nuveen Investments 93

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	1,000	Pueblo County School District 60, Pueblo, Colorado, General Obligation Bonds, Refunding Series 2009, 5.000%, 12/15/22		No Opt. Call		Aa2	$	1,215,490
	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		1,440,606
	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		1,114,259
		Sand Creek Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2010A:
	2,190	4.250%, 12/01/23		12/20 at 100.00		A		2,427,681
	2,030	4.000%, 12/01/24		12/20 at 100.00		A		2,216,780
	1,000	Walker Field Public Airport Authority, Colorado, Airport Revenue Bonds, Series 2007, 5.000%, 12/01/22		12/17 at 100.00		Baa2		1,079,960
	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		1,369,667
	112,480	Total Colorado						112,185,505
		Connecticut – 0.1%
	3,170	Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax)		7/15 at 100.00		A–		3,200,654
		Stratford, Connecticut, General Obligation Bonds, Series 2014:
	350	5.000%, 12/15/24		12/22 at 100.00		AA		417,134
	495	5.000%, 12/15/26		12/22 at 100.00		AA		579,373
	4,015	Total Connecticut						4,197,161
		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–		1,032,060
	3,995	5.000%, 7/01/28		7/23 at 100.00		BBB–		4,262,266
	4,995	Total Delaware						5,294,326
		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–		4,072,875
		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001:
	3,185	6.250%, 5/15/24		5/15 at 100.00		A1		3,185,382
	4,690	6.500%, 5/15/33		No Opt. Call		Baa1		5,955,128
	10,165	District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Series 1998, 5.500%, 10/01/18 – AGM Insured		No Opt. Call		AA+		11,678,364
		District of Columbia, Hospital Revenue Bonds, Sibley Memorial Hospital, Series 2009:
	420	6.500%, 10/01/20		10/19 at 100.00		AA–		512,282
	1,715	6.500%, 10/01/23		10/19 at 100.00		AA–		2,058,154
	825	6.500%, 10/01/24		10/19 at 100.00		AA–		984,547
	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		4,169,165
	28,620	Total District of Columbia						32,615,897

94 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida – 5.4%
		Broward County School Board, Florida, Certificates of Participation, Series 2015A:
$	5,000	5.000%, 7/01/24		No Opt. Call		A1	$	5,962,050
	7,500	5.000%, 7/01/25		No Opt. Call		A1		9,013,875
	33,115	Citizens Property Insurance Corporation, Florida, High Risk Account Revenue Bonds, Series 2007A, 5.000%, 3/01/17 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		35,760,225
		Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1:
	2,260	6.000%, 6/01/16		No Opt. Call		A+		2,395,261
	2,245	5.500%, 6/01/17		No Opt. Call		A+		2,461,777
		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		AA–		150,626
	3,250	5.000%, 6/01/18		No Opt. Call		AA–		3,618,648
	275	5.000%, 6/01/19		No Opt. Call		AA–		312,928
		Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1:
	245	5.250%, 6/01/17		No Opt. Call		A+		267,393
	400	4.250%, 6/01/17		No Opt. Call		A+		428,304
	1,065	4.000%, 6/01/17 – AGM Insured		No Opt. Call		AA		1,134,864
		Citizens Property Insurance Corporation, Florida, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1:
	85	5.000%, 6/01/16		No Opt. Call		A+		89,177
	85	5.000%, 6/01/18		No Opt. Call		A+		94,642
	480	5.000%, 6/01/19		No Opt. Call		A+		546,202
	4,545	5.000%, 6/01/20		No Opt. Call		A+		5,273,154
	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+		2,216,841
	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–		2,076,820
	810	Escambia County, Florida, Pollution Control Revenue Bonds, Gulf Power Company, Refunding Series 1997, 2.100%, 7/01/22		No Opt. Call		A		819,939
	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–		3,332,509
	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		2,732,373
	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+		1,529,190
	2,385	Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/26		6/16 at 100.00		A–		2,470,717
	2,000	Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2008A, 6.500%, 11/15/38 (Mandatory put 11/17/15)		No Opt. Call		AA		2,069,040
	2,240	Jacksonville, Florida, Capital Improvement Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/20		No Opt. Call		AA		2,634,128
		Jacksonville, Florida, Special Revenue Bonds, Refunding Series 2013C:
	4,275	5.250%, 10/01/27		10/23 at 100.00		AA–		5,042,491
	5,780	5.250%, 10/01/29		10/23 at 100.00		AA–		6,750,520

Nuveen Investments 95

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
		Jacksonville, Florida, Special Revenue Bonds, Series 20120C:
$	2,000	5.000%, 10/01/23		No Opt. Call		AA–	$	2,408,620
	1,940	5.000%, 10/01/24		No Opt. Call		AA–		2,314,323
	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–		2,628,360
		Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2014B:
	2,370	5.000%, 7/01/24		No Opt. Call		A–		2,835,610
	2,220	5.000%, 7/01/25		7/24 at 100.00		A–		2,631,255
	1,750	5.000%, 7/01/26		7/24 at 100.00		A–		2,057,878
	1,250	5.000%, 7/01/27		7/24 at 100.00		A–		1,458,350
		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		1,069,531
	5,000	5.000%, 10/01/22 (Alternative Minimum Tax)		No Opt. Call		A		5,890,700
	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		6,800,308
	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–		5,017,900
		Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2010E:
	1,575	4.000%, 4/01/16		No Opt. Call		AA–		1,625,715
	1,975	5.000%, 4/01/21		4/20 at 100.00		AA–		2,246,819
	5,015	5.250%, 4/01/30		4/20 at 100.00		AA–		5,725,024
	5,000	Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Refunding Series 2012B, 5.000%, 10/01/35		10/22 at 100.00		A+		5,537,850
	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		5,749,350
	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–		674,212
	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)		1,718,398
	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		3,440,732
	3,015	Orlando-Orange County Expressway Authority, Florida, Expressway Revenue Bonds, Series 2012, 5.000%, 7/01/20		No Opt. Call		A		3,528,967
	2,525	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		2,823,480
	4,235	Palm Beach County School Board, Florida, Certificates of Participation, Series 2014B, 5.000%, 8/01/22		No Opt. Call		Aa3		5,042,742
	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+		11,713,300
	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		10,895,443
	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		25,195,164

96 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
		Tallahassee, Florida, Capital Improvement Revenue Bonds, Series 2014:
$	2,880	5.000%, 10/01/32		10/22 at 100.00		Aa2	$	3,258,490
	3,025	5.000%, 10/01/33		10/22 at 100.00		Aa2		3,413,955
		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+		689,458
	2,600	5.000%, 9/01/23		9/22 at 100.00		A+		3,016,728
	1,240	3.125%, 9/01/24		9/22 at 100.00		A+		1,260,200
	1,260	5.000%, 9/01/25		9/22 at 100.00		A+		1,461,650
	1,500	5.000%, 9/01/27		9/22 at 100.00		A+		1,710,660
	1,965	5.000%, 9/01/28		No Opt. Call		A+		2,225,657
	5,755	4.000%, 9/01/33		No Opt. Call		A+		5,898,300
	350	Vero Beach, Florida, Electric Refunding Revenue Bonds, Series 2003A, 4.000%, 12/01/19 – AGM Insured		12/18 at 100.00		A1		377,776
	219,470	Total Florida						243,526,599
		Georgia – 1.6%
		Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B:
	2,010	5.000%, 1/01/23		No Opt. Call		Aa3		2,358,655
	1,500	5.000%, 1/01/28		No Opt. Call		Aa3		1,700,415
		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+		12,844,155
	4,275	5.000%, 1/01/29		1/24 at 100.00		A+		4,916,207
	6,750	5.000%, 1/01/30		1/24 at 100.00		A+		7,734,758
	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		2,128,200
	2,090	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31		1/19 at 100.00		A2		2,448,498
	3,125	Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/24		No Opt. Call		AA–		3,818,594
		Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Refunding and Improvement Revenue Bonds, Memorial Health University Medical Center, Inc., Series 2012A:
	2,000	5.000%, 1/01/18		No Opt. Call		AA		2,204,600
	3,325	5.000%, 1/01/23		1/22 at 100.00		AA		3,877,050
	5,560	5.000%, 1/01/24		1/22 at 100.00		AA		6,468,170
	8,990	5.000%, 1/01/25		1/22 at 100.00		AA		10,392,350
	1,000	Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical Center, Series 2004, 5.000%, 12/01/15		7/15 at 100.00		BB–		996,490
	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–		1,379,400
		Forsyth County School District, Georgia, General Obligation Bonds, Series 2014:
	1,000	5.000%, 2/01/27		No Opt. Call		AA+		1,212,690
	1,250	5.000%, 2/01/28		No Opt. Call		AA+		1,501,138
	200	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		221,426

Nuveen Investments 97

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia (continued)
$	1,800	Glynn-Brunswick Memorial Hospital Authority, Georgia, Revenue Bonds, Southeast Georgia Health Systems, Anticipation Certificates Series 2008A, 5.250%, 8/01/23 (Pre-refunded 8/01/18)		8/18 at 100.00		N/R (4)	$	2,046,258
	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–		3,290,289
	61,905	Total Georgia						71,539,343
		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–		4,647,929
		Hawaii – 1.1%
	5,005	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		A		5,606,501
	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		A		1,173,502
		Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queen’s Health Systems, Series 2015A:
	5,500	5.000%, 7/01/26		7/25 at 100.00		AA–		6,574,920
	4,500	5.000%, 7/01/27		7/25 at 100.00		AA–		5,335,650
	7,825	5.000%, 7/01/28		7/25 at 100.00		AA–		9,195,079
	9,180	5.000%, 7/01/29		7/25 at 100.00		AA–		10,717,191
	8,195	5.000%, 7/01/30		7/25 at 100.00		AA–		9,543,897
	41,230	Total Hawaii						48,146,740
		Idaho – 0.3%
	3,095	Idaho Health Facilities Authority, Revenue Bonds, Trinity Health Group, Refunding Series 2008B, 6.000%, 12/01/23 (Pre-refunded 12/01/18)		12/18 at 100.00		AA– (4)		3,631,921
		Madison County School District 321, Idaho, General Obligation Bonds, Sales Tax and Credit Enhancement Guaranty, Refunding Series 2014BX:
	2,595	5.000%, 8/15/21		No Opt. Call		Aaa		3,122,875
	2,710	5.000%, 8/15/22		No Opt. Call		Aaa		3,308,666
		Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006:
	450	5.250%, 9/01/16		No Opt. Call		BB+		469,845
	1,300	5.250%, 9/01/20		9/16 at 100.00		BB+		1,338,259
	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		1,080,460
	11,150	Total Idaho						12,952,026
		Illinois – 9.6%
	1,840	Bolingbrook Park District, Illinois, General Obligation Bonds, Series 2007A, 4.500%, 1/01/17 – CIFG Insured		No Opt. Call		Aa2		1,950,437
		Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A:
	2,800	0.000%, 1/01/30		7/23 at 72.73		A1		1,412,852
	2,550	0.000%, 1/01/31		7/23 at 68.94		A1		1,214,948
	2,750	0.000%, 1/01/32		7/23 at 65.28		A1		1,232,770
	4,000	0.000%, 1/01/33		7/23 at 61.69		A1		1,693,000

98 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	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	$	13,906,675
	2,300	Chicago Park District, Illinois, General Obligation Bonds, Series 2010A, 4.500%, 1/01/23		7/20 at 100.00		AA+		2,469,694
		Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011:
	3,530	5.250%, 12/01/25		12/21 at 100.00		AA		4,046,192
	3,235	5.250%, 12/01/26		12/21 at 100.00		AA		3,678,713
	2,000	Chicago, Illinois, General Obligation Bonds, Series 2001A, 5.300%, 1/01/16 – NPFG Insured		No Opt. Call		AA–		2,056,260
	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		1,772,535
	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+		1,550,958
	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		3,914,376
	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		1,056,990
	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–		2,242,913
	1,175	Cook County School District 88, Bellwood, Illinois, General Obligation Bonds, Refunding Series 2004B, 5.000%, 12/01/17 – AGM Insured		7/15 at 100.00		A2		1,179,700
		Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C:
	2,600	5.000%, 11/15/20		No Opt. Call		AA		2,973,672
	2,770	5.000%, 11/15/21		No Opt. Call		AA		3,196,137
	2,400	5.000%, 11/15/22		No Opt. Call		AA		2,797,728
	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)		1,026,170
		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		1,764,706
	2,100	5.875%, 2/01/22		8/18 at 100.00		Aa3		2,401,119
	2,545	5.875%, 2/01/24		8/18 at 100.00		Aa3		2,906,441
		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2014A:
	1,695	5.000%, 12/01/21		No Opt. Call		AA–		2,021,118
	3,335	5.000%, 12/01/22		No Opt. Call		AA–		4,017,875
	4,110	5.000%, 1/01/33		1/23 at 100.00		AA–		4,636,244
		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–		12,285,130
	6,000	5.000%, 1/01/37		1/24 at 100.00		AA–		6,691,440
	11,380	Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014D, 5.000%, 1/01/24		No Opt. Call		AA–		13,692,984
	1,515	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 – AGC Insured		No Opt. Call		Aa3		1,433,402
	1,235	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 (ETM)		No Opt. Call		Aa3 (4)		1,200,791

Nuveen Investments 99

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		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–	$	1,053,780
	500	4.125%, 3/01/30 (Mandatory put 3/01/16)		No Opt. Call		AA–		513,895
	1,555	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		1,619,175
	4,000	Illinois Finance Authority, Revenue and Refunding Bonds, Roosevelt University Project, Series 2009, 5.750%, 4/01/24		10/19 at 100.00		Baa3		4,362,040
	1,000	Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2014, 5.000%, 8/01/23		No Opt. Call		AA		1,201,800
	13,685	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/27		9/22 at 100.00		BBB		14,722,596
		Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A:
	1,320	5.000%, 9/01/34		9/24 at 100.00		BBB		1,409,734
	2,080	4.625%, 9/01/39		9/24 at 100.00		BBB		2,066,355
	5,000	5.000%, 9/01/42		9/24 at 100.00		BBB		5,308,000
		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		1,329,912
	1,280	6.000%, 2/01/26 – AMBAC Insured		2/18 at 100.00		A		1,416,781
	500	6.000%, 2/01/28 – AMBAC Insured		2/18 at 100.00		A		553,430
	1,000	Illinois Finance Authority, Revenue Bonds, Franciscan Communities Inc., Refunding Series 2007A, 5.500%, 5/15/27		5/17 at 100.00		BBB–		1,046,300
	1,000	Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 6.500%, 2/01/23		2/19 at 100.00		Baa3		1,076,590
	4,220	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.000%, 11/15/29		5/19 at 100.00		A		5,006,946
	2,000	Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2007A, 5.000%, 5/15/21 – NPFG Insured		5/17 at 100.00		AA–		2,143,240
	9,800	Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25		1/16 at 100.00		Aa3		10,096,450
		Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007:
	500	5.250%, 4/01/22		4/17 at 100.00		Baa3		517,175
	3,600	5.400%, 4/01/27		4/17 at 100.00		Baa3		3,699,972
	2,030	Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 6.750%, 11/01/24 (Pre-refunded 11/01/18)		11/18 at 100.00		Aaa		2,413,102
	1,505	Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.375%, 11/01/29 (Pre-refunded 5/01/19)		5/19 at 100.00		Aaa		1,797,963
	2,560	Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015A, 5.000%, 11/15/38		5/25 at 100.00		A+		2,824,550
	2,215	Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/35		8/25 at 100.00		Baa1		2,397,317
	5,000	Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38 (Pre-refunded 8/15/19)		8/19 at 100.00		BBB+ (4)		6,135,750
	2,000	Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2009A, 5.500%, 2/15/17		No Opt. Call		AA		2,165,360

100 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	600	Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Capitol Appreciation Series 2010B, 0.000%, 5/15/50 (5), (6)		7/15 at 17.88		N/R	$	6
		Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Refunding Series 2010A:
	700	5.400%, 5/15/17 (5)		7/15 at 100.00		N/R		7
	700	5.500%, 5/15/18 (6)		7/15 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+		3,627,269
	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)		1,645,564
		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+		3,117,181
	2,530	5.000%, 6/15/18		12/16 at 100.00		AA+		2,713,197
	9,955	Illinois State, General Obligation Bonds, April Series 2014, 5.000%, 4/01/23		No Opt. Call		A–		11,190,515
		Illinois State, General Obligation Bonds, February Series 2014:
	4,000	5.000%, 2/01/23		No Opt. Call		A–		4,493,320
	3,000	5.000%, 2/01/24		No Opt. Call		A–		3,363,990
	4,630	5.000%, 2/01/25		2/24 at 100.00		A–		5,158,052
	4,675	5.000%, 2/01/26		2/24 at 100.00		A–		5,128,896
	6,000	5.000%, 2/01/27		2/24 at 100.00		A–		6,496,620
	555	Illinois State, General Obligation Bonds, Refunding Series 2007B, 5.000%, 1/01/16		No Opt. Call		A–		570,374
		Illinois State, General Obligation Bonds, Refunding Series 2010:
	550	5.000%, 1/01/16		No Opt. Call		A–		565,235
	520	5.000%, 1/01/17		No Opt. Call		A–		551,663
	1,785	5.000%, 1/01/18		No Opt. Call		A–		1,931,727
	6,040	5.000%, 1/01/19 – AGM Insured		No Opt. Call		AA		6,673,354
	5,000	5.000%, 1/01/19		No Opt. Call		A–		5,490,800
		Illinois State, General Obligation Bonds, Refunding Series 2012:
	7,750	5.000%, 8/01/20		No Opt. Call		A–		8,625,905
	6,365	5.000%, 8/01/21		No Opt. Call		A–		7,127,018
	15,265	5.000%, 8/01/22		No Opt. Call		A–		17,203,196
	2,730	5.000%, 8/01/23		No Opt. Call		A–		3,072,069
	270	5.000%, 8/01/25		8/22 at 100.00		A–		295,429
		Illinois State, General Obligation Bonds, Series 2004A:
	2,590	5.000%, 3/01/18		7/15 at 100.00		A–		2,600,438
	805	5.000%, 3/01/22		7/15 at 100.00		A–		808,067
		Illinois State, General Obligation Bonds, Series 2006A:
	1,075	5.000%, 6/01/17		No Opt. Call		A–		1,152,357
	10,000	5.000%, 6/01/18		No Opt. Call		A–		10,904,800
	350	5.000%, 6/01/22		No Opt. Call		A–		368,221
	75	5.000%, 6/01/26		12/16 at 100.00		A–		78,028
	1,405	Illinois State, General Obligation Bonds, Series 2006, 5.000%, 1/01/27		1/16 at 100.00		A–		1,432,468
	1,000	Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34		9/18 at 100.00		A–		1,031,200
		Illinois State, General Obligation Bonds, Series 2012A:
	7,790	4.000%, 1/01/20		No Opt. Call		A–		8,259,348
	12,110	4.000%, 1/01/22		No Opt. Call		A–		12,866,753

Nuveen Investments 101

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		Illinois State, General Obligation Bonds, Series 2013:
$	4,200	5.500%, 7/01/25		7/23 at 100.00		A–	$	4,792,158
	2,760	5.500%, 7/01/26		7/23 at 100.00		A–		3,132,352
	1,000	5.500%, 7/01/27		7/23 at 100.00		A–		1,125,850
		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+		12,029,795
	1,200	9.000%, 1/01/23 – AGM Insured		No Opt. Call		AA+		1,731,852
	5,150	9.000%, 1/01/25 – AGM Insured		No Opt. Call		AA+		7,911,688
	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–		3,615,018
	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		1,897,497
		McCook, Illinois, General Obligation Bonds, Series 2008:
	500	5.000%, 12/01/26		12/18 at 100.00		BBB		542,430
	1,000	5.100%, 12/01/28		12/18 at 100.00		BBB		1,088,270
	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		1,089,580
	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		1,623,705
	2,270	Peroia 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		1,641,823
	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		1,651,695
		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		330,955
	275	5.000%, 10/01/24		10/22 at 100.00		Baa1		304,772
		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
	7,610	5.250%, 6/01/21		No Opt. Call		A		8,938,402
	11,150	5.500%, 6/01/23		6/21 at 100.00		A		13,064,677
		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		1,114,870
	1,100	5.000%, 10/01/22		10/19 at 100.00		AA		1,241,482
	1,680	School District 122, Winnebago County, Illinois, Capital Appreciation Bonds, Series 1998, 0.000%, 1/01/17 – AGM Insured		No Opt. Call		A2		1,645,829
	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)		1,304,582
	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		1,095,520
	2,000	Southwestern Illinois Development Authority, Revenue Bonds, Anderson Hospital, Series 2006, 5.125%, 8/15/26		2/17 at 100.00		BBB–		2,031,180
	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–		1,064,060

102 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		Illinois (continued)
		Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source, Series 2012:
$	3,205	4.000%, 11/01/21		No Opt. Call		A+		$	3,544,858
	2,830	4.000%, 11/01/22		No Opt. Call		A+			3,139,489
	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		A1			3,026,818
	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			3,733,312
		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	��		615,641
	1,005	5.750%, 6/01/25		6/18 at 100.00		AA			1,138,052
	335	5.750%, 6/01/26		6/18 at 100.00		AA			378,805
		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)			372,115
	85	5.750%, 6/01/26 (Pre-refunded 6/01/18)		6/18 at 100.00		N/R (4)			97,322
	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			9,644,904
		Winnebago-Boone Counties School District 205, Illinois, General Obligation Bonds, Series 2013:
	4,070	0.000%, 2/01/25		No Opt. Call		AA–			2,841,715
	3,340	0.000%, 2/01/26		No Opt. Call		AA–			2,209,644
	401,985	Total Illinois							430,597,974
		Indiana – 2.7%
	710	Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/17		4/17 at 100.00		BB+			731,449
	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		AA+			1,073,980
	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			583,308
		Carmel Redevelopment Authority, Indiana, County Option Income Tax Lease Rental Revenue Bonds, Refunding Series 2014B:
	520	5.000%, 7/01/17		No Opt. Call		AA			568,053
	500	4.000%, 1/01/18		No Opt. Call		AA			540,100
	1,000	4.000%, 1/01/19		No Opt. Call		AA			1,099,070
	435	5.000%, 1/01/20		No Opt. Call		AA			504,043
	1,000	5.000%, 7/01/20		No Opt. Call		AA			1,169,930
	500	5.000%, 1/01/21		No Opt. Call		AA			587,330
		Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A:
	1,130	3.500%, 10/01/26		10/23 at 100.00		BBB+			1,120,779
	500	5.000%, 10/01/29		10/23 at 100.00		BBB+			546,830
	9,450	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			10,052,154
	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			6,947,806

Nuveen Investments 103

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
$	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	$	6,214,197
		Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A:
	810	5.000%, 10/01/21		No Opt. Call		AA		960,522
	675	5.000%, 10/01/22		No Opt. Call		AA		808,954
	620	5.000%, 10/01/23		No Opt. Call		AA		746,672
	600	5.000%, 10/01/24		No Opt. Call		AA		727,002
	1,215	5.000%, 10/01/25		10/24 at 100.00		AA		1,459,458
	1,710	5.000%, 10/01/26		10/24 at 100.00		AA		2,030,061
	8,000	Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, First Lien Series 2014A, 2.950%, 10/01/22		7/15 at 100.00		A		8,288,320
		Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligation Group, Series 2006A:
	4,970	5.000%, 2/15/36 (Pre-refunded 2/15/16)		2/16 at 100.00		AA– (4)		5,157,170
	540	5.250%, 2/15/40 (Pre-refunded 2/15/16)		2/16 at 100.00		AA– (4)		561,406
		Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2013A:
	2,750	5.250%, 1/01/33		7/23 at 100.00		A+		3,162,995
	2,500	5.250%, 1/01/34		7/23 at 100.00		A+		2,867,700
	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–		3,336,536
	5,000	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2007B, 5.250%, 7/01/23 – NPFG Insured		No Opt. Call		AA–		5,981,700
		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–		9,172,453
	10,000	5.250%, 8/15/29		8/23 at 100.00		AA–		11,552,999
		Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series 2014A:
	500	5.000%, 10/01/27		10/24 at 100.00		A		581,180
	720	5.000%, 10/01/28		10/24 at 100.00		A		827,978
	1,000	5.000%, 10/01/29		10/24 at 100.00		A		1,145,360
	1,360	5.000%, 10/01/31		10/24 at 100.00		A		1,541,125
	1,215	5.000%, 10/01/33		10/24 at 100.00		A		1,368,442
	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–		3,398,214
		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		1,924,458
	940	5.000%, 4/01/22		No Opt. Call		Baa1		1,087,345
	2,015	5.000%, 4/01/24		4/22 at 100.00		Baa1		2,269,777

104 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
		Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012:
$	500	4.000%, 2/01/17		No Opt. Call		N/R	$	511,925
	500	4.000%, 8/01/17		No Opt. Call		N/R		513,465
	500	4.250%, 2/01/18		No Opt. Call		N/R		516,660
	500	4.250%, 8/01/18		No Opt. Call		N/R		517,820
	500	4.500%, 2/01/19		No Opt. Call		N/R		521,315
	500	4.500%, 8/01/19		No Opt. Call		N/R		522,450
	500	4.750%, 2/01/20		No Opt. Call		N/R		527,285
	500	4.750%, 8/01/20		No Opt. Call		N/R		528,065
	250	4.750%, 2/01/21		No Opt. Call		N/R		261,988
	500	4.750%, 8/01/21		No Opt. Call		N/R		523,710
	500	5.000%, 2/01/22		No Opt. Call		N/R		529,575
	500	5.000%, 8/01/22		2/22 at 100.00		N/R		527,615
	500	5.000%, 8/01/23		2/22 at 100.00		N/R		522,130
	500	5.000%, 2/01/24		2/22 at 100.00		N/R		518,850
	1,300	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+		1,386,359
	1,245	Southwind Housing Inc., Evansville, Indiana, First Mortgage Revenue Bonds, Series 1978A, 7.125%, 11/15/21 (ETM)		11/15 at 100.00		N/R (4)		1,482,907
	5,210	St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005, 5.000%, 2/15/17 (7)		7/15 at 100.00		N/R		260,500
		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		466,524
	230	5.550%, 5/15/19		7/15 at 100.00		N/R		230,465
		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		1,176,700
	1,000	5.000%, 2/01/26		8/24 at 100.00		A		1,160,930
	1,805	5.000%, 2/01/27		8/24 at 100.00		A		2,082,862
	1,750	5.000%, 2/01/29		8/24 at 100.00		A		1,982,488
	2,700	5.000%, 2/01/31		8/24 at 100.00		A		3,038,067
	114,800	Total Indiana						123,007,511
		Iowa – 1.5%
		Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011:
	1,000	5.250%, 6/15/25		6/20 at 100.00		A2		1,120,400
	2,000	5.250%, 6/15/26		6/20 at 100.00		A2		2,230,660
	3,135	5.250%, 6/15/27		6/20 at 100.00		A2		3,473,611
	2,000	5.375%, 6/15/28		6/20 at 100.00		A2		2,217,040
	2,035	5.500%, 6/15/29		6/20 at 100.00		A2		2,264,202
	1,000	5.500%, 6/15/30		No Opt. Call		A2		1,110,630
		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		2,062,117
	1,890	5.000%, 1/01/24 – AGM Insured		1/21 at 100.00		AA		2,153,258
	1,520	5.000%, 1/01/25 – AGM Insured		1/21 at 100.00		AA		1,718,801
	1,000	5.000%, 1/01/26 – AGM Insured		1/21 at 100.00		AA		1,122,360
	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		11,183,899

Nuveen Investments 105

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Iowa (continued)
		Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A:
$	4,460	5.250%, 7/01/15		No Opt. Call		BB+	$	4,486,448
	2,000	5.250%, 7/01/16		No Opt. Call		BB+		2,076,840
	820	5.000%, 7/01/19		7/16 at 100.00		BB+		842,066
		Iowa Finance Authority, Healthcare Revenue Bonds, Genesis Health System, Series 2013:
	8,655	5.000%, 7/01/27		7/23 at 100.00		A1		9,877,086
	6,820	5.000%, 7/01/28		7/23 at 100.00		A1		7,717,035
	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–		9,351,936
	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		1,301,050
	2,000	Iowa State, Special Obligation Bonds, Prison Infrastructure Fund, Refunding Series 2010, 4.500%, 6/15/22		6/20 at 100.00		AA		2,249,640
	62,055	Total Iowa						68,559,079
		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		16,962,307
	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		10,308,300
	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		1,917,964
	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		1,435,685
	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		2,550,922
	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		3,443,542
	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–		2,011,265
	1,000	Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2008, 5.125%, 9/01/21		9/17 at 100.00		A+		1,082,250
	820	Olathe, Kansas, Senior Living Facility Revenue Bonds, Catholic Care Campus Santa Marta, Series 2006A, 5.750%, 11/15/15		No Opt. Call		N/R		834,202
	60	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		60,793
	10,060	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)		12,081,254
		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+		1,181,360
	660	5.000%, 9/01/22		No Opt. Call		A+		785,195
	1,505	5.000%, 9/01/23		No Opt. Call		A+		1,790,634
	6,315	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–		4,574,397
	58,250	Total Kansas						61,020,070

106 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kentucky – 1.8%
$	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+	$	2,729,006
	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		8,727,058
	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		5,146,803
	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		23,356,844
	460	Laurel County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2006, 4.500%, 8/01/24 (Pre-refunded 8/01/16) – AMBAC Insured		8/16 at 100.00		Aa3 (4)		483,630
	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		8,029,280
	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		1,238,716
		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+		1,549,297
	3,280	5.000%, 7/01/28 (Alternative Minimum Tax)		7/24 at 100.00		A+		3,769,737
	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		4,456,288
	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		10,325,868
	2,045	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		2,087,291
		University of Kentucky, General Receipts Bonds, Series 2014A:
	2,265	5.000%, 4/01/17		No Opt. Call		AA		2,453,312
	3,580	5.000%, 4/01/20		No Opt. Call		AA		4,182,228
	1,435	University of Kentucky, General Receipts Bonds, Series 2014B, 5.000%, 4/01/17		No Opt. Call		AA		1,554,306
	73,200	Total Kentucky						80,089,664
		Louisiana – 2.0%
	5,035	De Soto Parrish, Louisiana, Pollution Control Revenue Bonds, Southwestern Electric Power Company Project, Refunding Series 2010, 1.600%, 1/01/19		No Opt. Call		BBB		5,019,996
		East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2014B:
	965	5.000%, 2/01/23		No Opt. Call		AA		1,158,926
	505	5.000%, 2/01/24		No Opt. Call		AA		610,404
	800	5.000%, 2/01/25		No Opt. Call		AA		970,816
	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		497,811

Nuveen Investments 107

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana (continued)
		Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B:
$	12,280	5.000%, 6/01/15 – AMBAC Insured		No Opt. Call		A–	$	12,330,715
	1,330	5.000%, 6/01/17 – AMBAC Insured		6/16 at 100.00		A–		1,395,143
	40	5.000%, 6/01/21 – AMBAC Insured		6/16 at 100.00		A–		41,861
	865	5.000%, 6/01/22 – AMBAC Insured		6/16 at 100.00		A–		904,288
	245	Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006-C1, 5.875%, 6/01/23		6/18 at 100.00		AA		278,119
	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		5,723
		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–		2,614,521
	2,850	5.000%, 2/01/29		2/24 at 100.00		AA–		3,255,156
	2,000	5.000%, 2/01/30		2/24 at 100.00		AA–		2,269,560
		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		1,297,400
	320	6.000%, 12/15/37		7/15 at 100.00		N/R		177,568
	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		16,650
		Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
	2,015	5.000%, 5/15/16		No Opt. Call		Baa1		2,091,086
	5,155	5.000%, 5/15/20		5/17 at 100.00		Baa1		5,463,733
		Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A:
	1,000	5.000%, 7/01/22		No Opt. Call		A		1,190,610
	2,750	5.000%, 7/01/29		7/23 at 100.00		A		3,130,820
	5,000	5.000%, 7/01/31		7/23 at 100.00		A		5,638,450
	3,835	5.000%, 7/01/32		7/23 at 100.00		A		4,286,725
		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–		1,331,059
	5,070	5.000%, 9/01/31		9/23 at 100.00		AA–		5,740,812
	4,000	5.000%, 9/01/32		9/23 at 100.00		AA–		4,510,520
		New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2012:
	4,140	5.000%, 12/01/19		No Opt. Call		A–		4,696,457
	3,940	5.000%, 12/01/20		No Opt. Call		A–		4,515,516
	5,400	5.000%, 12/01/21		No Opt. Call		A–		6,222,636
		New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014:
	1,100	5.000%, 6/01/20		No Opt. Call		A		1,267,398
	100	5.000%, 6/01/24		No Opt. Call		A		117,561
	500	5.000%, 6/01/25		6/24 at 100.00		A		578,005
	500	5.000%, 6/01/26		6/24 at 100.00		A		572,870
	500	5.000%, 6/01/27		6/24 at 100.00		A		567,545
	330	5.000%, 6/01/28		6/24 at 100.00		A		370,715
	570	5.000%, 6/01/29		6/24 at 100.00		A		636,981

108 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana (continued)
$	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		A3	$	544,610
	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		5,429,350
	84,540	Total Louisiana						91,748,116
		Maine – 0.2%
		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–		1,147,200
	3,850	6.750%, 7/01/41		7/21 at 100.00		BBB–		4,409,906
	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		679,298
	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)		119,335
		Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013:
	500	4.000%, 7/01/18		No Opt. Call		BBB+		536,610
	225	4.000%, 7/01/20		No Opt. Call		BBB+		245,088
	290	5.000%, 7/01/22		No Opt. Call		BBB+		334,944
	6,605	Total Maine						7,472,381
		Maryland – 0.5%
		Baltimore, Maryland, Revenue Bonds, Water Projects, Series 2013A:
	500	5.000%, 7/01/21		No Opt. Call		AA		596,900
	1,210	5.000%, 7/01/22		No Opt. Call		AA		1,464,366
	1,000	5.000%, 7/01/26		1/24 at 100.00		AA		1,197,630
	1,715	5.000%, 7/01/27		1/24 at 100.00		AA		2,036,254
	100	Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 5.875%, 7/01/16		7/15 at 100.00		Aa2		100,332
	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		269,885
	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		2,250,180
	10,325	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2014, 5.250%, 7/01/25		7/24 at 100.00		BBB		12,247,824
	2,475	Maryland State, General Obligation Bonds, State & Local Facilities Loan, First Series 2011A, 5.000%, 3/15/19		No Opt. Call		AAA		2,835,682
	700	Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006, 4.000%, 11/01/15		No Opt. Call		BBB+		710,318
	20,275	Total Maryland						23,709,371
		Massachusetts – 1.9%
	13,745	Boston Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Senior Lien Series 2014A, 3.625%, 11/01/44		No Opt. Call		AA+		13,534,151
	2,375	Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21 – FGIC Insured		No Opt. Call		AA+		2,806,633
	10,000	Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Refunding Senior Lien Series 2004B, 5.250%, 7/01/20		No Opt. Call		AAA		11,952,000

Nuveen Investments 109

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Massachusetts (continued)
$	500	Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Series 2014A, 5.000%, 7/01/22		No Opt. Call		AAA	$	609,230
	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		2,617,950
		Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007:
	1,040	5.000%, 10/01/17		No Opt. Call		N/R		1,092,894
	515	5.000%, 10/01/18		10/17 at 100.00		N/R		538,731
	450	5.250%, 10/01/37		10/15 at 101.00		N/R		454,667
		Massachusetts Development Finance Agency, Revenue Bonds, Roxbury Latin School, Series 2014A:
	890	3.250%, 7/01/33		7/25 at 100.00		AA–		857,960
	2,365	3.500%, 7/01/44		7/25 at 100.00		AA–		2,204,251
		Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University, Series 2010:
	915	4.500%, 7/01/21		7/20 at 100.00		Baa2		988,456
	1,765	4.500%, 7/01/22		7/20 at 100.00		Baa2		1,894,357
	1,705	4.625%, 7/01/23		7/20 at 100.00		Baa2		1,854,614
	910	Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 4.800%, 1/01/17 (Alternative Minimum Tax)		No Opt. Call		AA		960,005
	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		2,034,240
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Springfield College, Series 2010:
	500	5.125%, 10/15/22		10/19 at 100.00		Baa1		553,685
	2,595	5.500%, 10/15/26		10/19 at 100.00		Baa1		2,872,587
	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		3,497,940
		Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:
	140	5.500%, 1/01/17 – AMBAC Insured (Alternative Minimum Tax)		7/15 at 100.00		N/R		140,342
	50	5.200%, 1/01/20 – AMBAC Insured (Alternative Minimum Tax)		7/15 at 100.00		N/R		50,122
	1,465	5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)		7/15 at 100.00		N/R		1,468,575
	27,360	Massachusetts State, General Obligation Bonds, Series 2004C, 5.500%, 12/01/16 – AGM Insured		No Opt. Call		AA+		29,540,865
	915	Springfield, Massachusetts, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/20 – AGM Insured		2/17 at 100.00		AA		971,721
	530	Springfield, Massachusetts, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/20 (Pre-refunded 2/01/17) – AGM Insured		2/17 at 100.00		AA (4)		566,586
	78,230	Total Massachusetts						84,062,562
		Michigan – 2.4%
	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		850,040
		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		1,936,018
	2,650	0.000%, 7/01/23		No Opt. Call		BB		1,565,859
	2,880	0.000%, 7/01/24		No Opt. Call		BB		1,588,550

110 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
$	1,206	Detroit, Michigan, General Obligation Bonds, Series 2004B-1, 5.250%, 4/01/17 – AMBAC Insured		7/15 at 100.00		N/R	$	1,207,926
	1,020	Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 3.625%, 12/01/32		12/24 at 100.00		A+		1,007,862
	2,675	Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist Hospital, Refunding Series 2003A, 5.000%, 5/15/20 – AGM Insured		5/18 at 100.00		AA		2,966,334
	6,574	Michigan Finance Authority, Detroit, Michigan, Local Government Loan Program, Unlimited Tax General Obligation Bonds, Series 2014G-6A, 5.250%, 4/01/17 – AMBAC Insured		7/15 at 100.00		A–		6,585,144
	3,540	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 5.000%, 11/15/23		11/19 at 100.00		AA+		4,029,334
	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+		10,246,393
		Michigan Hospital Financing Authority, Revenue Bonds, Oakwood Obligated Group, Series 2007A:
	2,000	5.000%, 7/15/18 (Pre-refunded 7/15/17)		7/17 at 100.00		A1 (4)		2,183,260
	3,530	5.000%, 7/15/19 (Pre-refunded 7/15/17)		7/17 at 100.00		A1 (4)		3,853,454
	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		1,910,125
	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		5,743,600
	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		6,231,806
	1,600	Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/01/23		11/19 at 100.00		AA+		1,819,680
		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		AA–		1,319,371
	1,330	5.500%, 6/01/18		6/16 at 100.00		AA–		1,386,951
	4,750	Romulus Community Schools, Wayne County, Michigan, General Obligation Bonds, Refunding Series 2013, 5.000%, 5/01/22		No Opt. Call		Aa2		5,603,338
	1,300	Romulus Economic Development Corporation, Michigan, Limited Obligation Revenue Refunding Bonds, Romulus HIR LP Project, Series 1992, 7.000%, 11/01/15 (ETM)		7/15 at 100.00		N/R (4)		1,344,057
		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		1,154,040
	2,000	5.000%, 9/01/27		3/24 at 100.00		A1		2,282,520
	2,555	5.000%, 9/01/28		3/24 at 100.00		A1		2,880,916
	3,770	5.000%, 9/01/29		3/24 at 100.00		A1		4,230,468
	5,000	5.000%, 9/01/30		3/24 at 100.00		A1		5,583,700
	2,270	5.000%, 9/01/31		3/24 at 100.00		A1		2,520,404
		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		5,639,830
	4,845	5.000%, 5/01/21		11/20 at 100.00		Aa2		5,609,929
	3,845	5.000%, 5/01/22		11/20 at 100.00		Aa2		4,443,320
	8,000	Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/16		No Opt. Call		A		8,535,840
	1,300	Western Michigan University, General Revenue Bonds, Refunding Series 2008, 5.000%, 11/15/23 (Pre-refunded 5/15/18) – AGM Insured		5/18 at 100.00		AA (4)		1,456,988
	102,015	Total Michigan						107,717,057

Nuveen Investments 111

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		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	$	1,625,107
	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+		1,958,685
	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		577,455
	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		2,462,156
		Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010:
	2,650	5.000%, 8/01/18		No Opt. Call		BBB+		2,848,883
	1,240	4.250%, 8/01/20		8/18 at 100.00		BBB+		1,289,600
		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		2,984,350
	3,000	5.000%, 1/01/32		1/24 at 100.00		A		3,388,920
		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		1,313,307
	815	5.500%, 5/01/21		5/17 at 100.00		N/R		850,436
		Minnesota State, General Fund Appropriation Refunding Bonds, Series 2014A:
	4,280	5.000%, 6/01/22		No Opt. Call		AA		5,169,684
	4,675	5.000%, 6/01/23		No Opt. Call		AA		5,710,185
	2,625	5.000%, 6/01/24		6/23 at 100.00		AA		3,169,583
	425	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 4.000%, 1/01/28		1/23 at 100.00		A–		450,917
	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–		725,329
		Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Refunding Series 2014B:
	2,000	5.000%, 5/01/23		No Opt. Call		A1		2,399,980
	1,500	5.000%, 5/01/24		No Opt. Call		A1		1,807,140
	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		1,057,120
	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–		1,128,490
	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		484,348
	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–		2,727,992
	38,675	Total Minnesota						44,129,667
		Mississippi – 0.4%
	7,255	Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22		10/15 at 100.00		BBB		7,298,530
	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+		1,515,355
	8,860	Mississippi State, General Obligation Bonds, Series 2013B, 5.000%, 12/01/28		12/23 at 100.00		AA+		10,423,257
	17,555	Total Mississippi						19,237,142

112 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Missouri – 1.8%
		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		B	$	1,244,950
	3,030	5.000%, 6/01/20		6/17 at 100.00		B		3,027,970
		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+		1,044,300
	2,000	4.125%, 12/30/33		12/23 at 100.00		A+		2,096,420
	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–		1,069,550
	1,515	Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 4.450%, 3/01/16		No Opt. Call		BBB+		1,552,724
	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		559,591
	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–		2,180,860
	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		1,199,054
	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+		1,529,864
	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–		2,025,060
	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–		1,458,180
	430	Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011, 4.400%, 2/01/19		No Opt. Call		BBB+		469,096
	930	Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2005B, 4.375%, 2/01/16		No Opt. Call		BBB+		954,933
		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		1,563,302
	2,525	5.000%, 1/01/26		1/24 at 100.00		A2		2,956,220
	1,000	5.000%, 1/01/32		1/24 at 100.00		A2		1,123,210
	4,150	Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2014A, 5.000%, 1/01/23		No Opt. Call		A–		4,927,171
	1,000	Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Series 2006, 4.200%, 1/01/18 (Pre-refunded 1/01/16) – NPFG Insured		1/16 at 100.00		AA– (4)		1,026,530
	4,330	Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds, Series 2007A, 5.000%, 1/01/18 (Pre-refunded 1/01/17) – AMBAC Insured		1/17 at 100.00		A2 (4)		4,647,865
	370	Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Transportation Development District, Series 2006, 4.800%, 5/01/16		7/15 at 100.00		N/R		370,063
	7,370	Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 2012, 5.000%, 6/01/18		No Opt. Call		BBB+		8,072,066
	500	St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A, 5.100%, 11/01/19		7/15 at 100.00		N/R		500,300

Nuveen Investments 113

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Missouri (continued)
		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–	$	12,665,295
	17,305	5.500%, 7/01/19 – NPFG Insured		No Opt. Call		AA–		19,985,891
	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		1,289,244
	72,145	Total Missouri						79,539,709
		Montana – 0.1%
		Montana Facilities Finance Authority, Revenue Bonds, Saint John’s Lutheran Ministries Project, Series 2006A:
	490	5.750%, 5/15/16		No Opt. Call		N/R		509,360
	1,675	6.000%, 5/15/25		5/16 at 100.00		N/R		1,725,602
	2,500	Montana Facilities Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Camposite Deal Series 2010B, 5.000%, 1/01/24		1/20 at 100.00		AA–		2,811,300
	4,665	Total Montana						5,046,262
		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–		1,235,147
		Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014:
	1,390	4.000%, 5/15/33		5/24 at 100.00		BBB+		1,387,317
	6,775	5.000%, 5/15/44		5/24 at 100.00		BBB+		7,314,019
	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–		655,656
		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–		742,433
	1,830	4.000%, 6/15/24		6/22 at 100.00		AA–		2,020,906
	1,265	4.000%, 6/15/25		6/22 at 100.00		AA–		1,384,580
		Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2015:
	890	5.000%, 12/15/21		No Opt. Call		AA–		1,064,458
	370	5.000%, 12/15/22		No Opt. Call		AA–		448,270
		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–		802,466
	1,000	5.125%, 1/01/23		1/20 at 100.00		AA–		1,098,540
	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		2,054,560
	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–		6,502,773
	3,380	Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/25		9/22 at 100.00		AA		4,047,347
		Nebraska Public Power District, General Revenue Bonds, Series 2012A:
	1,465	5.000%, 1/01/23		1/22 at 100.00		A1		1,732,070
	1,500	5.000%, 1/01/24		1/22 at 100.00		A1		1,759,170
	950	5.000%, 1/01/25		1/22 at 100.00		A1		1,106,456

114 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Nebraska (continued)
		Nebraska Public Power District, General Revenue Bonds, Series 2015A-1:
$	1,900	5.000%, 1/01/24		No Opt. Call		A1	$	2,296,093
	1,500	5.000%, 1/01/25		No Opt. Call		A1		1,828,935
	1,230	Papillion-LaVista School District 27, Sarpy County, Nebraska, General Obligation Bonds, Series 2014, 5.000%, 12/01/22		No Opt. Call		Aa2		1,500,994
	36,485	Total Nebraska						40,982,190
		Nevada – 2.7%
	3,000	Clark County School District, Nevada, General Obligation Bonds, Series 2008A, 5.000%, 6/15/24		No Opt. Call		AA–		3,330,630
		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		2,332,740
	1,000	5.000%, 7/01/23 (Alternative Minimum Tax)		1/23 at 100.00		A		1,161,000
	1,905	5.000%, 7/01/24 (Alternative Minimum Tax)		1/23 at 100.00		A		2,181,797
	21,000	Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42		1/20 at 100.00		A+		24,554,669
	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		27,970,309
		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+		1,833,325
	1,000	5.000%, 6/01/24		6/21 at 100.00		AA+		1,179,000
	12,450	5.000%, 6/01/25		6/21 at 100.00		AA+		14,650,413
	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+		5,960,211
		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+		2,400,608
	1,500	5.000%, 6/01/25		6/22 at 100.00		AA+		1,757,700
	2,000	5.000%, 6/01/26		6/22 at 100.00		AA+		2,325,760
		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		103,246
	50	4.000%, 6/01/20		No Opt. Call		N/R		51,519
	425	5.000%, 6/01/22		No Opt. Call		N/R		459,115
	4,660	Nevada State, General Obligation Bonds, Capital Improvement & Cultural Affairs, Refunding Series 2012B, 5.000%, 8/01/22		No Opt. Call		AA+		5,632,868
	11,130	Nevada State, General Obligation Bonds, Capital Improvement & Cultural Affairs, Refunding Series 2013D-1, 5.000%, 3/01/22		No Opt. Call		AA+		13,365,126
		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		2,653,946
	4,710	5.000%, 7/01/23		7/21 at 100.00		AA		5,462,470
	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+		1,667,991
	105,470	Total Nevada						121,034,443

Nuveen Investments 115

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		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		A–	$	433,191
	445	5.000%, 7/01/16		No Opt. Call		A–		466,253
	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)		1,008,980
	5,660	New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Series 2009, 5.250%, 6/01/39		6/19 at 100.00		AA+		6,430,892
	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		1,018,980
	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		1,400,191
	12,125	New Hampshire Municipal Bond Bank, Non-State Guaranteed Bonds, Series 2005D, 5.000%, 7/15/29 (Pre-refunded 7/15/15) – NPFG Insured		7/15 at 100.00		AA (4)		12,246,249
	21,960	Total New Hampshire						23,004,736
		New Jersey – 5.1%
	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–		603,764
		New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
	8,005	5.375%, 6/15/15 (ETM)		No Opt. Call		Aaa		8,056,712
	2,135	5.500%, 6/15/16 (ETM)		No Opt. Call		Aaa		2,258,446
	4,320	5.500%, 6/15/16 – RAAI Insured (ETM)		No Opt. Call		Aaa		4,569,782
		New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
	1,100	5.000%, 6/15/17		No Opt. Call		BBB+		1,182,951
	5,505	5.000%, 6/15/19		No Opt. Call		BBB+		6,164,444
	5,905	5.000%, 6/15/20		No Opt. Call		BBB+		6,551,893
	13,995	5.000%, 6/15/21		No Opt. Call		BBB+		15,980,470
	2,330	5.000%, 6/15/22		No Opt. Call		BBB+		2,681,550
	1,000	5.000%, 6/15/22		No Opt. Call		AA		1,163,960
	7,180	5.000%, 6/15/23		6/22 at 100.00		BBB+		8,176,584
	2,965	5.000%, 6/15/24		6/22 at 100.00		BBB+		3,339,806
	7,580	5.000%, 6/15/25		6/22 at 100.00		BBB+		8,485,734
	4,950	5.000%, 6/15/26		6/22 at 100.00		BBB+		5,501,084
	900	4.250%, 6/15/27		6/22 at 100.00		BBB+		937,494
	4,625	5.000%, 6/15/28		No Opt. Call		BBB+		5,064,514
		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–		1,509,341
	1,685	5.000%, 1/01/31 – AGM Insured (Alternative Minimum Tax)		1/24 at 100.00		AA		1,881,201
	400	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Children’s Specialized Hospital, Series 2005A, 5.000%, 7/01/18 (Pre-refunded 7/01/15)		7/15 at 100.00		BBB+ (4)		403,176
	31,440	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B, 5.250%, 12/15/15 – AMBAC Insured		No Opt. Call		A–		32,348,301
	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)		8,330,897

116 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
$	1,340	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/31 – FGIC Insured		No Opt. Call		AA–	$	642,048
	10,050	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23		No Opt. Call		A–		11,222,534
	3,670	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31		6/21 at 100.00		A–		4,071,351
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA:
	20,200	5.000%, 6/15/21		No Opt. Call		A–		22,429,473
	14,000	5.000%, 6/15/22		No Opt. Call		A–		15,563,799
	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		6,375,608
		South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2012Q:
	4,965	3.000%, 1/01/20		No Opt. Call		A3		5,198,802
	2,950	3.000%, 1/01/21		No Opt. Call		A3		3,071,894
		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		10,350,040
	5,075	4.625%, 6/01/26		6/17 at 100.00		B+		4,901,740
	20,570	5.000%, 6/01/29		6/17 at 100.00		B		17,681,766
	214,745	Total New Jersey						226,701,159
		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		16,869,303
	4,000	State of New Mexico, State Severance Tax Revenue Bonds, Refunding Series 2010C, 5.000%, 7/01/15		No Opt. Call		Aa1		4,033,120
	18,850	Total New Mexico						20,902,423
		New York – 6.6%
	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–		4,727,603
		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+		360,972
	500	5.000%, 1/01/25		No Opt. Call		A+		603,420
	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		5,621,715
	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		8,406,914
	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		7,940,548
		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		11,918,199
	9,230	5.000%, 5/15/25		5/22 at 100.00		AA		11,000,499

Nuveen Investments 117

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
		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	$	155,883
	110	0.000%, 6/01/22 – AGM Insured		No Opt. Call		AA		94,478
	500	0.000%, 6/01/23 – AGM Insured		No Opt. Call		AA		410,635
	1,755	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/19 (Pre-refunded 6/01/16) – FGIC Insured		6/16 at 100.00		AA– (4)		1,844,698
		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		943,335
	225	4.000%, 12/01/16 – AGM Insured		No Opt. Call		AA		233,084
	705	5.000%, 12/01/23 – FGIC Insured		6/16 at 100.00		AA–		736,147
	600	5.000%, 12/01/26 – SYNCORA GTY Insured		6/16 at 100.00		A–		625,974
	325	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35		6/16 at 100.00		A–		338,839
	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		36,832
	460	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35		9/16 at 100.00		A–		483,511
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006E:
	2,875	5.000%, 12/01/17 – FGIC Insured		12/16 at 100.00		AA–		3,071,535
	1,335	5.000%, 12/01/17		12/16 at 100.00		A–		1,430,453
	1,645	5.000%, 12/01/18 – FGIC Insured		12/16 at 100.00		AA–		1,756,909
	13,600	5.000%, 12/01/18 – NPFG Insured		12/16 at 100.00		AA–		14,525,207
	220	5.000%, 12/01/20 – NPFG Insured		12/16 at 100.00		AA–		234,676
	1,795	5.000%, 12/01/21 – FGIC Insured		12/16 at 100.00		AA–		1,912,393
	195	5.000%, 12/01/21 – NPFG Insured		12/16 at 100.00		AA–		207,753
	1,720	5.000%, 12/01/22 – FGIC Insured		12/16 at 100.00		AA–		1,832,488
	1,060	5.000%, 12/01/22		12/16 at 100.00		A–		1,129,324
	5,400	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/34		9/24 at 100.00		A–		6,008,256
		Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A:
	160	5.000%, 4/01/19		No Opt. Call		A–		180,846
	225	5.250%, 4/01/20		4/19 at 100.00		A–		254,043
	545	5.250%, 4/01/21		4/19 at 100.00		A–		613,588
	1,745	5.500%, 4/01/22		4/19 at 100.00		A–		1,973,944
	260	5.000%, 4/01/23		4/19 at 100.00		A–		286,754
	380	6.250%, 4/01/33		4/19 at 100.00		A–		441,872
		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F:
	850	5.000%, 5/01/16 – NPFG Insured		No Opt. Call		AA–		888,242
	915	5.000%, 5/01/17 – NPFG Insured		No Opt. Call		AA–		990,259
	10,285	5.000%, 5/01/18 – NPFG Insured		11/16 at 100.00		AA–		10,951,776
	1,320	5.000%, 5/01/19 – NPFG Insured		11/16 at 100.00		AA–		1,404,770
	25	4.000%, 5/01/21 – NPFG Insured		11/16 at 100.00		AA–		26,142
	1,200	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/16		No Opt. Call		A–		1,253,460

118 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	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–	$	1,404,059
	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)		15,709,743
	1,000	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.000%, 11/15/23		No Opt. Call		AA–		1,209,380
		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+		735,290
	2,455	5.000%, 7/01/32		7/24 at 100.00		BBB+		2,736,490
		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+		1,702,815
	1,000	5.000%, 7/01/29		7/24 at 100.00		BBB+		1,128,030
	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		2,169,380
	1,715	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/30 (Pre-refunded 6/15/15)		6/15 at 100.00		N/R (4)		1,724,707
	1,285	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		1,292,633
	10,180	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		10,880,995
	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		11,470,600
	20,000	New York City, New York, General Obligation Bonds, Fiscal 2015 Series A, 5.000%, 8/01/20		No Opt. Call		AA		23,423,399
	100	New York City, New York, General Obligation Bonds, Fiscal Series 2002A, 5.750%, 8/01/15		7/15 at 100.00		AA		100,477
	5,005	New York City, New York, General Obligation Bonds, Fiscal Series 2007C-1, 5.000%, 10/01/18		10/17 at 100.00		AA		5,533,278
	16,230	New York City, New York, General Obligation Bonds, Fiscal Series 2007C-1, 5.000%, 10/01/18 (Pre-refunded 10/01/17)		10/17 at 100.00		Aa2 (4)		17,909,318
	18,945	New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19		No Opt. Call		A–		21,560,735
	9,090	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		10,178,346
		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		1,803,477
	1,675	5.000%, 6/01/21		6/16 at 100.00		AA		1,760,392
		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		1,004,140
	560	5.000%, 6/01/20		6/15 at 100.00		AA		562,318
	1,040	5.000%, 6/01/20		6/16 at 100.00		AA		1,093,539
	2,905	5.000%, 6/01/21		6/16 at 100.00		AA		3,053,097
	1,535	5.000%, 6/01/21		6/17 at 100.00		AA		1,670,356
	8,770	5.000%, 6/01/22		6/17 at 100.00		AA		9,543,339

Nuveen Investments 119

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	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	$	1,073,530
	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–		12,062,999
	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		937,392
		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+		2,764,236
	2,695	5.000%, 7/01/29		7/24 at 100.00		BBB+		3,040,041
	4,200	5.000%, 7/01/30		7/24 at 100.00		BBB+		4,714,836
	2,100	5.000%, 7/01/31		7/24 at 100.00		BBB+		2,346,918
	1,335	5.000%, 7/01/32		7/24 at 100.00		BBB+		1,488,071
	3,080	5.000%, 7/01/33		7/24 at 100.00		BBB+		3,433,153
	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–		3,125,586
	263,550	Total New York						294,205,071
		North Carolina – 0.7%
		Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2014A:
	215	5.000%, 7/01/23		No Opt. Call		Aa3		261,492
	1,250	5.000%, 7/01/26		7/24 at 100.00		Aa3		1,493,888
	950	5.000%, 7/01/27		7/24 at 100.00		Aa3		1,124,287
	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		637,047
	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		981,711
	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–		2,289,160
		North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012B:
	5,000	5.000%, 1/01/20		No Opt. Call		A–		5,749,650
	10,000	5.000%, 1/01/21		No Opt. Call		A–		11,635,099
	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		1,884,110
	4,965	North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/26		1/19 at 100.00		A		5,594,463
	1,020	North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2012A, 4.000%, 1/01/20		No Opt. Call		A		1,131,649
	200	University of North Carolina, Greensboro, General Revenue Bonds, Series 2014A, 4.000%, 4/01/19		No Opt. Call		Aa3		220,490
	28,810	Total North Carolina						33,003,046

120 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		North Dakota – 0.4%
		Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A:
$	120	5.000%, 7/01/23 (Pre-refunded 7/01/21)		7/21 at 100.00		BBB+ (4)	$	143,683
	1,240	5.000%, 7/01/26 (Pre-refunded 7/01/21)		7/21 at 100.00		BBB+ (4)		1,484,726
	2,835	5.000%, 7/01/27 (Pre-refunded 7/01/21)		7/21 at 100.00		BBB+ (4)		3,394,516
	1,485	5.000%, 7/01/28 (Pre-refunded 7/01/21)		7/21 at 100.00		BBB+ (4)		1,778,080
	1,000	5.000%, 7/01/31 (Pre-refunded 7/01/21)		7/21 at 100.00		BBB+ (4)		1,197,360
	2,750	5.000%, 7/01/35 (Pre-refunded 7/01/21)		7/21 at 100.00		BBB+ (4)		3,292,740
	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+		3,365,395
	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–		2,480,830
	14,590	Total North Dakota						17,137,330
		Ohio – 3.9%
	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)		1,004,150
	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–		2,095,491
	1,260	Barberton City School District, Summit County, Ohio, General Obligation Bonds, School Improvement Series 2008, 4.750%, 12/01/21 (Pre-refunded 6/01/18)		6/18 at 100.00		AA (4)		1,407,307
		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		376,260
	1,875	5.000%, 6/01/16		No Opt. Call		Aa1		1,949,588
	135	5.000%, 6/01/17		No Opt. Call		A1		144,675
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
	45,520	5.125%, 6/01/24		6/17 at 100.00		B–		38,834,932
	435	5.875%, 6/01/30		6/17 at 100.00		B–		368,967
	550	5.750%, 6/01/34		6/17 at 100.00		B–		448,844
	3,240	Cleveland, Ohio, Airport System Revenue Bonds, Series 2009C, 5.000%, 1/01/21 – AGM Insured		1/19 at 100.00		AA		3,593,095
		Cleveland, Ohio, General Obligation Bonds, Series 2011:
	1,700	5.000%, 12/01/22		12/19 at 100.00		AA		1,935,994
	1,780	5.000%, 12/01/23		12/19 at 100.00		AA		2,022,062
	4,740	Columbus, Ohio, Sewerage System Revenue Bonds, Tender Option Bomd Trust 2456, 18.036%, 12/01/15 (Pre-refunded 12/01/17) (IF)		12/17 at 100.00		AA+ (4)		6,771,043
	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		3,248,691
	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		1,160,514
		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		1,974,098
	750	5.250%, 5/15/16		No Opt. Call		A		786,593
	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+		7,933,803

Nuveen Investments 121

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
		New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C:
$	775	4.000%, 10/01/18		No Opt. Call		A1	$	835,156
	870	4.000%, 10/01/19		No Opt. Call		A1		949,005
	1,150	4.000%, 10/01/20		No Opt. Call		A1		1,263,977
	1,205	5.000%, 10/01/21		No Opt. Call		A1		1,397,137
	965	5.000%, 10/01/22		No Opt. Call		A1		1,130,642
	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–		6,932,069
	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–		1,759,024
	11,015	Ohio State, General Obligation Bonds, Common Schools Series 2007A, 5.000%, 6/15/15		No Opt. Call		AA+		11,082,080
	7,500	Ohio State, General Obligation Bonds, Highway Capital Improvement Series 2012Q, 5.000%, 5/01/21		No Opt. Call		AAA		8,981,175
	6,960	Ohio State, General Obligation Bonds, Refunding Common Schools Series 2011B, 4.000%, 9/15/21		No Opt. Call		AA+		7,926,326
	24,230	Ohio State, General Obligation Bonds, Refunding Common Schools Series 2014A, 5.000%, 9/15/19		No Opt. Call		AA+		28,062,216
	8,160	Ohio State, General Obligation Bonds, Refunding Higher Education Series 2012C, 5.000%, 8/01/21		No Opt. Call		AA+		9,765,072
	12,000	Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Series 2014, 5.000%, 6/01/21		No Opt. Call		AAA		14,390,519
	500	Richland County, Ohio, General Obligation Bonds, Correctional Facilities Improvement Refunding Series 2008, 5.875%, 12/01/24 (Pre-refunded 12/01/18) – AGC Insured		12/18 at 100.00		A2 (4)		584,995
	805	Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006, 5.000%, 11/15/16 (ETM)		No Opt. Call		N/R (4)		861,213
		Rocky River City School District, Ohio, General Obligation School Improvement Bonds, Refunding Series 2014:
	930	3.250%, 12/01/35		12/23 at 100.00		Aa2		890,475
	345	3.750%, 12/01/44		12/23 at 100.00		Aa2		334,115
	164,430	Total Ohio						173,201,303
		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+		2,577,716
	2,810	4.000%, 9/01/22		9/21 at 100.00		A+		3,052,615
	1,415	4.000%, 9/01/23		9/21 at 100.00		A+		1,519,144
	2,495	Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.500%, 9/01/23		9/16 at 100.00		BBB–		2,616,606
		Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Refunding Series 2014A:
	1,245	5.000%, 7/01/22		No Opt. Call		AA		1,507,645
	2,000	5.000%, 7/01/23		No Opt. Call		AA		2,448,460
	1,500	5.000%, 7/01/24		No Opt. Call		AA		1,851,210
	2,500	5.000%, 7/01/25		7/24 at 100.00		AA		3,049,375

122 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Oklahoma (continued)
$	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)	$	10,080,799
		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–		871,298
	500	3.000%, 9/01/23		No Opt. Call		A–		505,760
	600	5.000%, 9/01/24		No Opt. Call		A–		699,354
	1,505	5.000%, 9/01/25		No Opt. Call		A–		1,760,037
	3,000	Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2009A, 5.375%, 6/01/24		6/15 at 100.00		BBB+ (4)		3,013,350
	32,610	Total Oklahoma						35,553,369
		Oregon – 1.2%
		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+		6,738,862
	3,340	4.000%, 6/15/23		No Opt. Call		AA+		3,790,165
	4,145	Clackamas Community College District, Oregon, General Obligation Bonds, Series 2007, 5.000%, 6/15/20 – FGIC Insured		No Opt. Call		AA		4,871,826
	4,000	Oregon Department of Administrative Services, State Lottery Revenue Bonds, Refunding Series 2014C, 5.000%, 4/01/22		No Opt. Call		AAA		4,844,480
		Oregon Department of Administrative Services, State Lottery Revenue Bonds, Refunding Series 2015D:
	5,000	5.000%, 4/01/20		No Opt. Call		AAA		5,877,500
	7,500	5.000%, 4/01/21		No Opt. Call		AAA		8,972,250
	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		12,766,649
	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		4,602,240
		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		1,187,800
	1,080	5.000%, 6/15/29		6/24 at 100.00		Aa1		1,273,936
	47,085	Total Oregon						54,925,708
		Pennsylvania – 3.6%
	1,695	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		1,892,434
	1,000	Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 5.000%, 12/01/25		12/22 at 100.00		AA–		1,165,490
		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–		1,810,358
	20,815	2.500%, 12/01/41 (Mandatory put 6/01/17)		No Opt. Call		BBB–		21,184,882
	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		1,455,679

Nuveen Investments 123

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
		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		AA	$	1,308,227
	1,405	5.000%, 12/15/17 – RAAI Insured		12/15 at 100.00		AA		1,438,032
		Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008:
	535	5.250%, 10/01/20		10/18 at 100.00		BBB		587,574
	565	5.375%, 10/01/21		10/18 at 100.00		BBB		618,782
		Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann University, Series 2010:
	1,000	5.000%, 10/01/21		10/20 at 100.00		BBB		1,093,960
	1,050	5.000%, 10/01/25		10/20 at 100.00		BBB		1,122,293
	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		3,265,631
	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		1,351,259
	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		Baa2		3,863,750
		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		2,411,771
	2,265	5.500%, 1/01/26		1/24 at 100.00		AA		2,744,410
	2,260	5.500%, 1/01/27		1/24 at 100.00		AA		2,707,480
		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		610,575
	1,095	5.500%, 1/01/26 – AGM Insured		1/24 at 100.00		AA		1,326,768
	2,505	5.500%, 1/01/28 – AGM Insured		1/24 at 100.00		AA		2,975,639
	2,050	5.500%, 1/01/29 – AGM Insured		1/24 at 100.00		AA		2,418,016
	1,255	5.500%, 1/01/31 – AGM Insured		1/24 at 100.00		AA		1,470,935
		Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012B:
	2,240	5.000%, 1/01/21		1/19 at 100.00		Aaa		2,538,592
	9,575	5.000%, 7/01/21		1/18 at 100.00		Aaa		10,583,918
	7,800	5.000%, 1/01/22		7/17 at 100.00		Aaa		8,514,948
	11,820	5.000%, 7/01/22		7/16 at 100.00		Aaa		12,464,545
	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		10,106,927
	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–		1,559,620
	16,020	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38		12/27 at 100.00		A–		17,504,412
	3,000	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Ninth Series, 2010, 5.000%, 8/01/30		8/20 at 100.00		A–		3,301,710
	10,000	Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2005A, 5.000%, 8/01/19 (Pre-refunded 8/01/15) – AMBAC Insured		8/15 at 100.00		A+ (4)		10,121,300
	4,270	Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2010A, 5.000%, 6/01/16		No Opt. Call		A+		4,474,490

124 Nuveen Investments

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, 0.955%, 12/01/24		12/17 at 100.00		AA–	$	10,502,473
		Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2013:
	1,400	5.000%, 12/01/19		No Opt. Call		BBB–		1,575,714
	730	5.000%, 12/01/20		No Opt. Call		BBB–		828,645
	1,105	5.000%, 12/01/21		No Opt. Call		BBB–		1,261,545
	1,625	5.000%, 12/01/22		No Opt. Call		BBB–		1,857,716
	1,705	5.000%, 12/01/23		6/23 at 100.00		BBB–		1,939,318
	1,795	5.000%, 12/01/24		6/23 at 100.00		BBB–		2,010,292
	60	Trinity Area School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/19 – AGM Insured		No Opt. Call		A2		66,404
	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)		1,246,416
	151,260	Total Pennsylvania						161,282,930
		Puerto Rico – 0.2%
	3,000	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT, 5.000%, 7/01/24 – NPFG Insured		7/17 at 100.00		AA–		3,004,980
	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		CCC+		1,040,822
	4,515	Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/16 – NPFG Insured		No Opt. Call		AA–		4,612,389
	8,530	Total Puerto Rico						8,658,191
		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		4,737,138
		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		13,563,981
	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–		2,807,975
		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)		1,544,055
	2,000	5.250%, 12/01/24 (Pre-refunded 12/01/15)		12/15 at 100.00		A1 (4)		2,058,740
		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		2,147,739
	7,500	5.000%, 11/01/27		11/22 at 100.00		A		8,450,025
	13,190	5.000%, 11/01/28		11/22 at 100.00		A		14,768,710
	1,225	5.000%, 11/01/29		11/22 at 100.00		A		1,364,564
		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		8/24 at 100.00		Baa3		2,127,052
	3,925	5.000%, 8/01/32		No Opt. Call		Baa3		4,286,846

Nuveen Investments 125

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		South Carolina (continued)
$	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+	$	1,101,350
	6,835	South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2004B, 5.250%, 10/01/16 – AMBAC Insured		No Opt. Call		A1		7,295,064
	500	Spartanburg Regional Health Services District Inc., South Carolina, Hospital Revenue Bonds, Refunding Series 2008D, 5.250%, 4/15/20		4/18 at 100.00		AA		556,860
	1,450	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		1,604,498
	58,085	Total South Carolina						63,677,459
		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		2,422,778
		South Dakota Building Authority, Revenue Bonds, Series 2013B:
	525	5.000%, 6/01/22		No Opt. Call		AA		628,803
	1,000	5.000%, 6/01/24		6/23 at 100.00		AA		1,197,900
	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+		1,074,290
	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+		1,127,340
	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+		4,602,098
	1,500	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Vocational Education Program, Series 2008, 5.125%, 8/01/28 (Pre-refunded 8/01/18) – AGC Insured		8/18 at 100.00		AA (4)		1,695,270
	11,535	Total South Dakota						12,748,479
		Tennessee – 1.4%
	2,265	Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2008D, 6.125%, 10/01/28		10/18 at 100.00		A+		2,600,628
	2,265	Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/28		10/24 at 100.00		Baa2		2,513,969
	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		3,730,295
	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		1,218,660
	985	Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, Refunding Series 2008, 5.250%, 4/01/23		4/18 at 100.00		A+		1,080,703
	2,665	Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, Refunding Series 2008, 5.250%, 4/01/23 (Pre-refunded 4/01/18)		4/18 at 100.00		N/R (4)		2,995,007
		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+		719,698
	750	5.000%, 7/01/18		7/16 at 100.00		BBB+		783,660
	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+		5,219,650

126 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tennessee (continued)
		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	$	1,554,112
	3,180	5.000%, 1/01/23		No Opt. Call		A		3,771,830
	1,300	4.000%, 1/01/23		No Opt. Call		A		1,446,328
	1,760	5.000%, 1/01/24		No Opt. Call		A		2,068,651
		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–		1,727,249
	1,560	5.250%, 4/01/24		4/21 at 100.00		AA–		1,814,966
	1,240	5.250%, 4/01/25		4/21 at 100.00		AA–		1,442,666
	1,035	Memphis, Tennessee, General Improvement Bonds, Series 2005, 5.000%, 10/01/16 – NPFG Insured		No Opt. Call		AA		1,102,461
	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–		3,483,070
	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–		5,050,067
		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–		1,167,870
	1,860	5.250%, 11/01/25		11/19 at 100.00		AA–		2,135,540
	1,285	Metropolitan Government of Nashville-Davidson County, Tennessee, General Obligation Bonds, Series 2007A, 5.000%, 5/15/23 (Pre-refunded 5/15/17)		5/17 at 100.00		AA (4)		1,398,427
	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)		1,484,378
	11,910	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/20		No Opt. Call		A		13,625,873
	57,320	Total Tennessee						64,135,758
		Texas – 9.8%
	245	Alvin Independent School District, Brazoria County, Texas, General Obligation Bonds, Refunding Series 2007, 4.125%, 2/15/19		2/16 at 100.00		AAA		252,127
	865	Alvin Independent School District, Brazoria County, Texas, General Obligation Bonds, Refunding Series 2007, 4.125%, 2/15/19 (Pre-refunded 2/15/16)		2/16 at 100.00		Aaa		891,720
	5,820	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		5,876,570
	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		3,626,271
	3,380	Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46		1/21 at 100.00		BBB		3,945,744
	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		9,439,280
	1,180	Corinth, Texas, Certificates of Obligation, Series 2007, 4.500%, 2/15/19 – NPFG Insured		2/17 at 100.00		AA		1,244,428
	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–		6,078,817

Nuveen Investments 127

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	975	Dallas, Texas, General Obligation Bonds, Refunding & Improvements Series 2007, 4.500%, 2/15/27 – NPFG Insured		2/17 at 100.00		AA+	$	1,030,185
		Dallas, Texas, General Obligation Bonds, Refunding & Improvements Series 2007:
	5	4.500%, 2/15/27 (Pre-refunded 2/15/17)		2/17 at 100.00		Aa1 (4)		5,350
	4,225	4.500%, 2/15/27 (Pre-refunded 2/15/17) – NPFG Insured		2/17 at 100.00		Aa1 (4)		4,514,455
	10,100	Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/15 – AMBAC Insured		No Opt. Call		AAA		10,305,938
	2,440	El Paso County, Texas, General Obligation Bonds, Refunding Series 2007, 5.000%, 2/15/18 – NPFG Insured		No Opt. Call		AA		2,706,399
	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		1,194,950
	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+		2,236,740
	2,045	Frisco, Collins and Denton Counties, Texas, Certificates of Obligation, Series 2007, 4.500%, 2/15/16 – AMBAC Insured		No Opt. Call		AA+		2,114,182
	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		920,631
	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+		7,964,373
	635	Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2007A, 4.500%, 2/15/18 (Pre-refunded 2/15/17)		2/17 at 100.00		AAA		678,504
		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–		932,803
	500	4.000%, 3/01/22		3/21 at 100.00		A–		529,555
	800	4.000%, 3/01/23		3/21 at 100.00		A–		842,608
	440	4.250%, 3/01/25		3/21 at 100.00		A–		462,414
	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+		2,159,193
		Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2014A:
	3,160	5.000%, 12/01/26		12/24 at 100.00		A+		3,755,723
	3,735	5.000%, 12/01/27		12/24 at 100.00		A+		4,397,477
	3,000	5.000%, 12/01/28		12/24 at 100.00		A+		3,503,580
	6,115	5.000%, 12/01/29		12/24 at 100.00		A+		7,102,267
	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		6,124,300
	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)		2,360,690
	6,875	Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, St. Luke’s Episcopal Hospital, Series 1991A, 6.750%, 2/15/21 (ETM)		7/15 at 100.00		AA+ (4)		7,759,606
		Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Contractual Obligation Series 2014:
	5,705	5.000%, 11/01/27		11/24 at 100.00		AA+		6,834,419
	1,250	5.000%, 11/01/28		11/24 at 100.00		AA+		1,483,775
	1,575	5.000%, 11/01/29		11/24 at 100.00		AA+		1,865,241

128 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
		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+	$	5,942,579
	5,385	5.000%, 11/01/23		11/19 at 100.00		AA+		6,242,454
	5,660	5.000%, 11/01/24		11/19 at 100.00		AA+		6,542,960
	2,320	Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 1014, 13.463%, 11/01/41 (IF) (8)		11/21 at 100.00		AA+		3,095,715
		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C:
	270	5.000%, 11/15/22		No Opt. Call		A3		315,349
	425	5.000%, 11/15/23		No Opt. Call		A3		498,546
		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A:
	4,795	5.000%, 11/15/24 – AGM Insured		No Opt. Call		AA		5,735,587
	4,450	5.000%, 11/15/25 – AGM Insured		11/24 at 100.00		AA		5,288,870
	4,095	5.000%, 11/15/26 – AGM Insured		11/24 at 100.00		AA		4,818,996
	11,525	5.000%, 11/15/27 – AGM Insured		11/24 at 100.00		AA		13,444,718
		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–		2,327,749
	2,380	5.000%, 7/01/20		No Opt. Call		BB–		2,431,432
	1,180	Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29		7/24 at 100.00		B+		1,255,968
		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		6,742,591
	6,920	5.250%, 9/01/25		9/16 at 100.00		A2		7,314,371
	4,295	5.250%, 9/01/26		9/16 at 100.00		A2		4,530,323
		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		6,270,320
	3,815	0.000%, 9/01/23 – AMBAC Insured		No Opt. Call		A2		2,832,332
		Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011B:
	1,900	5.000%, 7/01/25		7/21 at 100.00		A		2,196,438
	2,025	5.000%, 7/01/26		7/21 at 100.00		A		2,333,387
		Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012B:
	18,675	5.000%, 7/01/31		7/22 at 100.00		A		21,003,398
	5,000	5.000%, 7/01/32		7/22 at 100.00		A		5,602,900
	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–		754,647
	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–		2,307,020
	6,075	Laredo, Texas, International Toll Bridge Revenue Bonds, Series 2005B, 5.000%, 10/01/18 – AGM Insured		10/15 at 100.00		AA		6,196,865
		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		1,314,446
	1,315	4.375%, 2/15/23 – AGM Insured		2/17 at 100.00		AA		1,394,742

Nuveen Investments 129

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

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	$	2,179,860
	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		1,043,030
	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		798,860
		McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
	3,045	5.000%, 12/01/25		No Opt. Call		Baa2		3,312,442
	2,720	5.250%, 12/01/28		12/25 at 100.00		Baa2		2,990,232
		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		5,083,442
	4,710	5.000%, 8/15/25		8/22 at 100.00		Aa2		5,460,915
	3,920	5.000%, 8/15/26		8/22 at 100.00		Aa2		4,518,584
	7,025	5.000%, 8/15/27		8/22 at 100.00		Aa2		8,037,654
		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+		10,294,887
	5,005	5.250%, 9/01/26		9/21 at 100.00		AA+		6,002,396
		North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
	2,370	0.000%, 9/01/43		9/31 at 100.00		AA+		2,155,302
	9,130	0.000%, 9/01/45		9/31 at 100.00		AA+		9,135,204
	305	North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 6.000%, 1/01/24		1/18 at 100.00		A2		338,907
	2,200	North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 6.000%, 1/01/24 (Pre-refunded 1/01/18)		1/18 at 100.00		N/R (4)		2,489,322
	3,095	North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Variable Rate Demand Series 2008-E3, 5.750%, 1/01/38 (Pre-refunded 1/01/16)		1/16 at 100.00		A2 (4)		3,208,679
	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		1,052,579
	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		1,107,840
	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+		930,370
	1,575	San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Series 1992, 5.000%, 2/01/17 (ETM)		No Opt. Call		AA+ (4)		1,648,568
		San Antonio, Texas, General Obligation Bonds, Series 2006:
	400	4.125%, 2/01/19		2/16 at 100.00		AAA		411,272
	460	4.250%, 2/01/20		2/16 at 100.00		AAA		473,248
		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)		617,286
	680	4.250%, 2/01/20 (Pre-refunded 2/01/16)		2/16 at 100.00		N/R (4)		700,305
	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+		612,640
	870	Sunnyvale School District, Texas, General Obligation Bonds, School Building Series 2007, 4.400%, 2/15/20		2/17 at 100.00		AAA		925,054

130 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	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		AA–	$	5,473,453
	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		A		1,411,868
	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		5,402,675
	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		2,460,636
	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		5,805,050
	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		20,877,599
	2,055	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2007, 5.000%, 4/01/17		No Opt. Call		AAA		2,227,928
	3,250	Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Refunding Series 2014A, 5.000%, 10/01/22		No Opt. Call		AAA		3,953,495
	4,645	Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2008, Trust 2568, 17.931%, 10/01/15 (IF)		No Opt. Call		AAA		6,745,840
	1,500	Texas State, General Obligation Bonds, Water Financial Assistance, Refunding Series 2007A, 5.000%, 8/01/17		No Opt. Call		AAA		1,645,245
	16,250	Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/31		8/24 at 100.00		BBB+		18,045,787
		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		1,015,750
	900	5.500%, 11/15/25		11/15 at 100.00		N/R		908,397
		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		5,253,750
	11,300	5.250%, 7/01/28		7/17 at 100.00		Baa1		11,829,631
		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		2,809,633
	2,900	4.000%, 8/15/19		No Opt. Call		A		3,124,663
	3,015	4.000%, 8/15/20		No Opt. Call		A		3,258,642
	3,135	4.000%, 8/15/21		No Opt. Call		A		3,390,158
	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		539,970
	1,000	Victoria, Texas, Utility System Revenue Refunding Bonds, Series 2007, 4.400%, 12/01/19 – AMBAC Insured		12/17 at 100.00		AA–		1,072,090
	8,830	Williamson County, Texas, General Obligation Bonds, Limited Tax Refunding Series 2012, 5.000%, 2/15/26		2/22 at 100.00		AAA		10,467,258
	395,815	Total Texas						437,123,414
		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+		6,972,901

Nuveen Investments 131

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

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–	$	3,882,616
	2,000	5.000%, 9/01/25		9/22 at 100.00		A–		2,320,080
	2,265	5.000%, 9/01/26		9/22 at 100.00		A–		2,603,006
		Utah, General Obligation Bonds, Series 2009, Trust 2987:
	1,250	17.900%, 7/01/21 (Pre-refunded 7/01/18) (IF)		7/18 at 100.00		AAA		1,881,550
	2,500	17.900%, 7/01/22 (Pre-refunded 7/01/18) (IF)		7/18 at 100.00		AAA		3,763,100
	17,700	Total Utah						21,423,253
		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		1,722,074
	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		6,623,820
	7,580	Total Virgin Islands						8,345,894
		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		758,460
	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–		1,377,949
	2,010	Total Virginia						2,136,409
		Washington – 1.2%
	2,950	Clark County Public Utility District 1, Washington, Electric System Revenue Bonds, Series 2007, 5.000%, 1/01/19 – NPFG Insured		1/17 at 100.00		AA–		3,155,527
	1,980	Clark County Public Utility District 1, Washington, Electric System Revenue Bonds, Series 2007, 5.000%, 1/01/19 (Pre-refunded 1/01/17)		1/17 at 100.00		AA– (4)		2,125,352
	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)		2,277,697
	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)		586,355
	265	King County School District 412 Shoreline, Washington, General Obligation Bonds, Series 2008, 5.750%, 12/01/21		12/18 at 100.00		AA+		307,397
	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		1,197,736
	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		AA (4)		1,004,180
	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		6,659,940
		Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A:
	1,250	5.000%, 11/15/22		No Opt. Call		A+		1,491,163
	2,000	5.000%, 11/15/24		5/24 at 100.00		A+		2,415,420
	3,135	Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009, 6.250%, 7/01/24		7/19 at 100.00		Baa1		3,530,731

132 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Washington (continued)
$	2,000	Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009, 6.750%, 7/01/29 (Pre-refunded 7/01/19)		7/19 at 100.00		Baa1 (4)	$	2,449,600
	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		3,558,068
	3,005	Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008, Trust 2599, 18.140%, 1/01/16 (IF)		No Opt. Call		AA+		4,302,980
	9,345	Washington, General Obligation Bonds, Series 1992B and Series 1992AT-7, 6.400%, 6/01/17 – NPFG Insured		No Opt. Call		AA+		9,953,266
	3,010	Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/16 – FGIC Insured		No Opt. Call		AA+		3,002,776
	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		Baa3		4,842,990
	47,495	Total Washington						52,861,178
		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		1,166,040
	1,635	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		1,804,697
	2,635	Total West Virginia						2,970,737
		Wisconsin – 4.1%
	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–		2,089,020
		University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A:
	335	5.000%, 4/01/20		No Opt. Call		Aa3		388,332
	460	5.000%, 4/01/22		No Opt. Call		Aa3		545,169
		Wisconsin Health & Educational Facs Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2014A:
	585	5.000%, 12/01/26		11/24 at 100.00		Aa3		684,280
	3,855	5.000%, 12/01/27		11/24 at 100.00		Aa3		4,478,007
		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		1,158,067
	14,370	5.000%, 7/15/27 – AGM Insured		7/21 at 100.00		A2		16,118,541
	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		2,313,277
		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–		1,563,520
	8,670	5.500%, 8/15/29		2/20 at 100.00		AA–		9,917,440
	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–		2,067,720
	2,015	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, EastCastle Place Inc., Series, 5.750%, 12/01/19		7/15 at 100.00		N/R		2,015,202

Nuveen Investments 133

Nuveen Intermediate Duration Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin (continued)
		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+	$	2,415,709
	2,505	5.000%, 9/01/22		9/17 at 100.00		BBB+		2,647,810
	2,625	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2010A, 5.000%, 6/01/19		No Opt. Call		A2		2,714,565
	4,860	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured		No Opt. Call		Aa3		5,387,456
	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		2,036,773
	4,365	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39		8/24 at 100.00		A+		4,791,286
		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–		2,589,730
	11,955	5.250%, 8/15/20		8/16 at 100.00		A–		12,611,089
	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–		10,574,811
		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare Inc, Series 2015:
	815	5.000%, 12/15/23		No Opt. Call		AA–		981,219
	1,200	5.000%, 12/15/25		12/24 at 100.00		AA–		1,424,484
	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)		548,099
		Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
	9,000	6.000%, 5/01/27		5/19 at 100.00		AA–		10,650,420
	1,920	6.000%, 5/01/33		5/19 at 100.00		AA–		2,261,568
	5,215	5.750%, 5/01/33		5/19 at 100.00		AA–		6,030,470
	41,970	6.000%, 5/01/36		5/19 at 100.00		AA–		49,150,227
	5,800	Wisconsin State, General Obligation Bonds, Refunding Series 2014-2, 5.000%, 5/01/24		5/22 at 100.00		AA		6,950,024
	5,000	Wisconsin State, General Obligation Bonds, Refunding Series 2014-4, 5.000%, 5/01/25		11/24 at 100.00		AA		6,165,850
		Wisconsin State, Transportation Revenue Bonds, Series 2014-1:
	1,100	5.000%, 7/01/24 (Pre-refunded 7/01/19)		7/19 at 100.00		AA+ (4)		1,270,214
	3,340	5.000%, 7/01/25 (Pre-refunded 7/01/19)		7/19 at 100.00		AA+ (4)		3,856,832
	3,980	5.000%, 7/01/26 (Pre-refunded 7/01/19)		7/19 at 100.00		AA+ (4)		4,595,865
	161,465	Total Wisconsin						182,993,076
		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		5,900,456
$	4,032,720	Total Municipal Bonds (cost $4,187,997,107)						4,399,629,266

134 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		CORPORATE BONDS – 0.0%
		Transportation – 0.0%
$	214	Las Vegas Monorail Company, Senior Interest Bonds (9), (10)		5.500%		7/15/19		N/R	$	38,434
	57	Las Vegas Monorail Company, Senior Interest Bonds (9), (10)		3.000%		7/15/55		N/R		7,595
$	271	Total Corporate Bonds (cost $24,234)								46,029
		Total Long-Term Investments (cost $4,188,021,341)								4,399,675,295
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	$	2,209,592
	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		215,937
	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		326,417
$	2,740	Total Short-Term Investments (cost $2,740,000)								2,751,946
		Total Investments (cost $4,190,761,341) – 98.3%								4,402,427,241
		Other Assets Less Liabilities – 1.7%								75,630,825
		Net Assets – 100%							$	4,478,058,066

(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, 5.40% coupon and May, 15, 2014 maturity) was restructured into two new securities. The first security, which is 30% of the original issue, has 300,000 par, 0.0% coupon and May 15, 2050 maturity. The second security, which is the remaining 70% of the issue, has a 700,000 par, 5.4% coupon and May 15, 2017 maturity. During September 2011, the Adviser concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.

(6) During July 2010, the original issue for this security (1,000,000 par, 5.50% coupon and May, 15, 2015 maturity) was restructured into two new securities. The first security, which is 30% of the original issue, has 300,000 par, 0.0% coupon and May 15, 2050 maturity. The second security, which is the remaining 70% of the issue, has a 700,000 par, 5.5% coupon and May 15, 2018 maturity. During September 2011, the Adviser concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.

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

(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 is not accruing income 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.

(ETM) Escrowed to maturity.

(IF) Inverse floating rate investment.

See accompanying notes to financial statements.

Nuveen Investments 135

Nuveen Limited Term Municipal Bond Fund

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 98.8%
		MUNICIPAL BONDS – 98.8%
		Alabama – 0.2%
$	6,100	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	$	6,177,226
	1,745	The Special Care Facilities Financing Authority of the City of Birmingham, Alabama, Medical Center East Health Care Facility Revenue Bonds, Series 1986 Refunding, 7.250%, 7/01/15 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		1,765,800
	7,845	Total Alabama						7,943,026
		Alaska – 0.3%
		Alaska State, Sport Fishing Revenue Bonds, Refunding Series 2011:
	2,680	5.000%, 4/01/18		No Opt. Call		A1		2,953,414
	1,360	5.000%, 4/01/19		No Opt. Call		A1		1,529,470
	5,435	Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 4.625%, 6/01/23		7/15 at 100.00		Ba1		5,435,924
	9,475	Total Alaska						9,918,808
		Arizona – 4.2%
	3,355	Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Series 2015B, 5.000%, 7/01/20		No Opt. Call		AA		3,938,804
	180	Arizona Board of Regents, University of Arizona, System Revenue Refunding Bonds, Series 1992A, 6.200%, 6/01/16		No Opt. Call		Aa2		183,868
		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+		1,018,350
	1,000	4.000%, 2/01/17		No Opt. Call		BBB+		1,054,340
	2,000	5.000%, 2/01/18		No Opt. Call		BBB+		2,202,640
	2,980	Arizona School Facilities Board, Certificates of Participation, Series 2008, 5.500%, 9/01/16		No Opt. Call		A+		3,181,984
	895	Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 (Pre-refunded 7/01/15) – AMBAC Insured		7/15 at 100.00		Aa3 (4)		901,865
		Arizona State, Certificates of Participation, Department of Administration Series 2010B:
	11,950	5.000%, 10/01/16 – AGC Insured		No Opt. Call		AA		12,717,428
	760	5.000%, 10/01/17 – AGM Insured		No Opt. Call		AA		835,939
	7,785	Arizona State, Certificates of Participation, Series 2008A, 5.000%, 9/01/21 – AGM Insured		3/18 at 100.00		AA		8,589,658
		Arizona State, Certificates of Participation, Series 2010A:
	4,700	5.000%, 10/01/16 – AGM Insured		No Opt. Call		AA		5,001,834
	11,935	5.000%, 10/01/17 – AGM Insured		No Opt. Call		AA		13,127,544
	2,970	5.000%, 10/01/19 – AGM Insured		No Opt. Call		AA		3,421,084
		Arizona State, State Lottery Revenue Bonds, Series 2010A:
	4,540	5.000%, 7/01/15 – AGM Insured		No Opt. Call		AA		4,577,364
	1,945	5.000%, 7/01/16 – AGM Insured		No Opt. Call		AA		2,049,038
	2,480	5.000%, 7/01/17 – AGM Insured		No Opt. Call		AA		2,700,745
	5,140	5.000%, 7/01/18 – AGM Insured		No Opt. Call		AA		5,738,759
	95	5.000%, 7/01/20 – AGM Insured		No Opt. Call		AA		110,119

136 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
		Chandler, Arizona, General Obligation Bonds, Refunding Series 2014:
$	4,000	5.000%, 7/01/23		No Opt. Call		AAA	$	4,932,520
	1,500	5.000%, 7/01/24		No Opt. Call		AAA		1,871,715
		Dysart Unified School District Number 89, Maricopa County, Arizona, General Obligation Bonds, Refunding Series 2014:
	675	5.000%, 7/01/18		No Opt. Call		AA–		754,076
	335	5.000%, 7/01/19		No Opt. Call		AA–		382,647
	575	5.000%, 7/01/20		No Opt. Call		AA–		668,518
	750	5.000%, 7/01/21		No Opt. Call		AA–		883,313
	2,205	Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006A, 5.000%, 8/01/19 – NPFG Insured		8/16 at 100.00		AA–		2,330,972
	4,535	Maricopa County School District 3 Tempe Elementary, Arizona, General Obligation Bonds, School Improvement Project 2009, Series 2015C, 3.000%, 7/01/18		No Opt. Call		Aa2		4,804,062
		Maricopa County Unified School District 60 Higley, Arizona, General Obligation Bonds, Refunding School Improvement Series 2015:
	500	4.000%, 7/01/19 – AGM Insured		No Opt. Call		AA		548,420
	575	4.000%, 7/01/20 – AGM Insured		No Opt. Call		AA		636,571
	1,565	4.000%, 7/01/21 – AGM Insured		No Opt. Call		AA		1,743,410
	750	4.000%, 7/01/22 – AGC Insured		No Opt. Call		AA		837,240
	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		A+		1,435,214
	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		1,399,763
	3,800	Mesa, Arizona, Excise Tax Revenue Bonds, Series 2013, 5.000%, 7/01/27		7/17 at 100.00		AA+		4,120,872
		Mesa, Arizona, General Obligation Bonds, Refunding Series 2012:
	1,425	4.000%, 7/01/20		No Opt. Call		Aa2		1,600,802
	2,225	4.000%, 7/01/21		No Opt. Call		Aa2		2,520,747
	2,055	4.000%, 7/01/22		No Opt. Call		Aa2		2,343,707
		Mesa, Arizona, Street and Highway User Revenue Bonds, Refunding Series 2012:
	2,020	5.000%, 7/01/16		No Opt. Call		AA		2,130,252
	2,040	5.000%, 7/01/21		No Opt. Call		AA		2,438,004
	4,015	5.000%, 7/01/22		No Opt. Call		AA		4,862,004
	3,615	Mesa, Arizona, Street and Highway User Revenue Bonds, Refunding Series 2015, 5.000%, 7/01/26		7/25 at 100.00		AA		4,337,530
		Mesa, Arizona, Utility System Revenue Bonds, Refunding Series 2012:
	5,370	5.000%, 7/01/20		No Opt. Call		Aa2		6,297,077
	6,115	5.000%, 7/01/21		No Opt. Call		Aa2		7,272,447
	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		3,090,231
	10	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		A3		10,437
		Pinal County, Arizona, Pledged Revenue Obligations, Refunding Series 2014:
	1,285	5.000%, 8/01/22		No Opt. Call		AA–		1,526,297
	2,000	5.000%, 8/01/23		No Opt. Call		AA–		2,383,180
	2,000	5.000%, 8/01/24		No Opt. Call		AA–		2,394,840
	1,000	Pinal County, Arizona, Pledged Revenue Obligations, Series 2014, 5.000%, 8/01/24		No Opt. Call		AA–		1,197,420

Nuveen Investments 137

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	19,770	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2009B, 4.000%, 1/01/18		No Opt. Call		Aa1	$	21,420,992
	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–		799,319
	1,225	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		1,165,208
	149,990	Total Arizona						166,491,170
		Arkansas – 0.3%
	3,010	Jefferson County, Arkansas, Pollution Control Revenue Refunding Bonds, Entergy Arkansas, Inc. Project, Series 2013, 1.550%, 10/01/17		No Opt. Call		A–		3,051,598
		Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax Bonds, Series 2014:
	500	3.000%, 7/01/17		No Opt. Call		A+		524,270
	500	5.000%, 7/01/19		No Opt. Call		A+		573,300
	670	5.000%, 7/01/21		No Opt. Call		A+		792,945
		Pulaksi County Public Facilities Board, Arkansas, Healthcare Revenue Bonds, Baptist Health, Series 2014:
	500	5.000%, 12/01/22		No Opt. Call		A+		590,260
	1,740	5.000%, 12/01/23		No Opt. Call		A+		2,071,627
	2,000	5.000%, 12/01/24		No Opt. Call		A+		2,395,820
		University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Refunding Series 2015A:
	1,535	5.000%, 11/01/19		No Opt. Call		Aa2		1,780,631
	1,265	5.000%, 11/01/20		No Opt. Call		Aa2		1,494,193
	11,720	Total Arkansas						13,274,644
		California – 4.4%
	2,300	Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior Lien Series 2013A, 5.000%, 10/01/21		No Opt. Call		A		2,747,741
	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		470,283
		California Department of Water Resources, Power Supply Revenue Bonds, Series 2010L:
	3,930	5.000%, 5/01/16		No Opt. Call		AA+		4,118,483
	2,460	5.000%, 5/01/17		No Opt. Call		AA+		2,674,315
	4,685	California Department of Water Resources, Power Supply Revenue Bonds, Series 2010M, 4.000%, 5/01/16		No Opt. Call		AA+		4,863,264
	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–		4,636,840
	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–		5,894,350
		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		2,459,913
	1,700	5.000%, 10/01/20		No Opt. Call		A1		1,993,811
	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		293,208

138 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I:
$	4,440	5.000%, 11/01/16		No Opt. Call		A1	$	4,743,785
	3,675	5.000%, 11/01/17		No Opt. Call		A1		4,055,987
	1,865	California State, Economic Recovery Revenue Bonds, Refunding Series 2009A, 5.000%, 7/01/16		No Opt. Call		AA		1,970,186
		California State, Economic Recovery Revenue Bonds, Refunding Series 2009A:
	235	5.250%, 7/01/21 (Pre-refunded 7/01/19)		7/19 at 100.00		Aaa		274,372
	120	5.250%, 7/01/21 (Pre-refunded 7/01/19)		7/19 at 100.00		Aaa		140,105
	750	California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 5.000%, 7/01/24		No Opt. Call		A		898,358
	5,105	California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2009A, 5.000%, 4/01/16		No Opt. Call		A+		5,320,533
	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+		2,366,318
	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		653,270
		Delano, California, Certificates of Participation, Delano Regional Medical Center, Series 2012:
	1,355	4.000%, 1/01/18		No Opt. Call		BBB–		1,422,723
	1,410	5.000%, 1/01/19		No Opt. Call		BBB–		1,534,616
	1,500	5.000%, 1/01/20		No Opt. Call		BBB–		1,646,550
	1,595	5.000%, 1/01/21		No Opt. Call		BBB–		1,767,563
		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		6,380,660
	2,775	5.000%, 6/01/23		No Opt. Call		AAA		3,439,085
		East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2015A:
	2,700	5.000%, 6/01/23		No Opt. Call		AAA		3,341,547
	2,150	5.000%, 6/01/24		No Opt. Call		AAA		2,692,037
		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		3,181,412
	2,665	5.000%, 6/01/16		No Opt. Call		Aaa		2,785,645
	22,865	4.500%, 6/01/27		6/17 at 100.00		B		22,254,961
	650	5.000%, 6/01/33		6/17 at 100.00		B		547,742
	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)		11,656,349
	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		570,600
		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2013B:
	1,760	5.000%, 7/01/21		No Opt. Call		AA		2,125,165
	2,730	5.000%, 7/01/22		No Opt. Call		AA		3,340,838
	685	Los Angeles Harbors Department, California, Revenue Bonds, Series 1988, 7.600%, 10/01/18 (ETM)		No Opt. Call		AA+ (4)		770,789

Nuveen Investments 139

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	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	$	1,384,356
	13,020	Metropolitan Water District of Southern California, Water Revenue Refunding Bonds, Series 2014A, 3.000%, 7/01/25 (Mandatory put 10/01/20)		7/20 at 100.00		AAA		13,965,902
		Moulton Niguel Water District, California, Certificates of Participation, Refunding Series 2003:
	1,850	5.000%, 9/01/19 – AMBAC Insured		9/16 at 100.00		AAA		1,937,209
	2,255	5.000%, 9/01/20 – AMBAC Insured		9/16 at 100.00		AAA		2,355,483
	6,170	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		Aa3 (4)		6,170,000
		New Haven Unified School District, California, General Obligation Bonds, Refunding Series 2014A:
	500	5.000%, 8/01/20 – BAM Insured		No Opt. Call		AA		589,425
	2,640	5.000%, 8/01/25 – BAM Insured		8/24 at 100.00		AA		3,214,570
	6,250	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21		11/20 at 100.00		Ba1		6,802,938
	150	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		186,372
	1,500	San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/15		No Opt. Call		Baa1		1,519,710
	2,315	San Francisco Public Utilities Commission, California, Wastewater Revenue Bonds, Refunding Series 2013A, 4.000%, 10/01/15		No Opt. Call		AA–		2,352,850
	5,000	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 4.250%, 8/01/15 – NPFG Insured		7/15 at 100.00		AA–		5,015,100
	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–		1,004,602
	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)		1,010,280
		Sierra View Local Health Care District, California, Revenue Bonds, Refunding Series 2010:
	500	3.500%, 7/01/16		No Opt. Call		A		510,605
	500	3.800%, 7/01/17		No Opt. Call		A		518,245
	3,500	Southern California Public Power Authority, Transmission Project Revenue Bonds, Southern Transmission Project, Subordinate Refunding Series 2015C, 5.000%, 7/01/24		No Opt. Call		AA–		4,334,260
	160,450	Total California						172,905,311
		Colorado – 1.3%
	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		3,050,658
	7,245	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		8,691,247
	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		2,429,017
		Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014:
	400	2.000%, 8/01/15 – AGM Insured		No Opt. Call		AA		401,772
	240	4.000%, 8/01/16 – AGM Insured		No Opt. Call		AA		250,711
	275	1.750%, 8/01/17 – AGM Insured		No Opt. Call		AA		280,528
	250	2.000%, 8/01/19 – AGM Insured		No Opt. Call		AA		255,490

140 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	1,500	Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/19		No Opt. Call		A	$	1,731,990
	2,295	Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, Stapleton Senior Refunding Series 2013A-1, 5.000%, 12/01/15		No Opt. Call		A–		2,357,676
	6,560	Denver, Colorado, Airport System Revenue Bonds, Refunding Series 2006A, 5.000%, 11/15/21 – FGIC Insured		11/16 at 100.00		AA–		7,027,006
	4,205	Denver, Colorado, Airport System Revenue Bonds, Series 2005A, 5.000%, 11/15/21 – SYNCORA GTY Insured		11/15 at 100.00		A+		4,313,952
	4,500	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004C, 5.000%, 9/01/17 – NPFG Insured		No Opt. Call		AA–		4,871,565
	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		2,740,713
	520	Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, Series 2007, 6.100%, 1/01/17		No Opt. Call		N/R		548,402
	10,000	Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 5.800%, 6/15/25 (Pre-refunded 6/15/16) – AGM Insured		6/16 at 100.00		AA (4)		10,611,899
		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		1,207,944
	1,000	5.000%, 12/01/17		No Opt. Call		N/R		1,045,600
	1,000	5.000%, 12/01/18		No Opt. Call		N/R		1,057,120
	48,925	Total Colorado						52,873,290
		Connecticut – 0.8%
	4,100	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series 1999B, 1.550%, 11/15/29 (Mandatory put 2/01/17)		No Opt. Call		AA+		4,155,186
	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		452,756
	5,000	Connecticut State, Special Tax Obligation Transportation Infrastructure Purposes Bonds, Series 2013A, 5.000%, 10/01/20		No Opt. Call		AA		5,891,850
	1,000	Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax)		7/15 at 100.00		A–		1,009,670
		New Britain, Connecticut, General Obligation Bonds, Series 2012:
	2,670	3.000%, 3/15/16 – AGM Insured		No Opt. Call		A2		2,732,585
	2,670	3.000%, 3/15/17 – AGM Insured		No Opt. Call		A2		2,784,463
		New Haven, Connecticut, General Obligation Bonds, Refunding Series 2014B:
	1,915	4.000%, 8/01/19 – AGM Insured		No Opt. Call		AA		2,104,279
	2,000	5.000%, 8/01/20 – AGM Insured		No Opt. Call		AA		2,318,980
	775	South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twenty-Ninth Series 2014, 5.000%, 8/01/22		No Opt. Call		Aa3		935,534
		Stratford, Connecticut, General Obligation Bonds, Series 2014:
	350	3.000%, 12/15/19		No Opt. Call		AA		372,866
	525	5.000%, 12/15/21		No Opt. Call		AA		623,590

Nuveen Investments 141

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Connecticut (continued)
		West Haven, Connecticut, General Obligation Bonds, Series 2012:
$	2,500	5.000%, 8/01/16 – AGM Insured		No Opt. Call		AA	$	2,631,750
	2,095	5.000%, 8/01/22 – AGM Insured		No Opt. Call		AA		2,441,513
	2,000	5.000%, 8/01/23 – AGM Insured		8/22 at 100.00		AA		2,293,400
	1,000	5.000%, 8/01/25 – AGM Insured		8/22 at 100.00		AA		1,126,210
	29,030	Total Connecticut						31,874,632
		Delaware – 0.8%
		Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013:
	275	4.000%, 7/01/15		No Opt. Call		BBB–		276,139
	600	4.000%, 7/01/16		No Opt. Call		BBB–		614,106
	1,810	5.000%, 7/01/18		No Opt. Call		BBB–		1,946,420
	1,905	5.000%, 7/01/19		No Opt. Call		BBB–		2,075,040
	2,000	5.000%, 7/01/20		No Opt. Call		BBB–		2,196,680
	275	5.000%, 7/01/21		No Opt. Call		BBB–		303,311
	3,640	Delaware State, General Obligation Bonds, Series 2010A, 5.000%, 7/01/16		No Opt. Call		AAA		3,841,765
		New Castle County, Delaware, General Obligation Bonds, Series 2015:
	6,465	5.000%, 10/01/19		No Opt. Call		AAA		7,510,132
	7,470	5.000%, 10/01/20		No Opt. Call		AAA		8,884,743
	5,000	University of Delaware, Revenue Bonds, Series 2013C, 0.700%, 11/01/37 (Mandatory put 5/01/16)		No Opt. Call		AA+		5,015,000
	29,440	Total Delaware						32,663,336
		District of Columbia – 0.3%
		District of Columbia, Income Tax Secured Revenue Bonds, Series 2009D:
	1,120	5.000%, 12/01/16		No Opt. Call		AAA		1,200,987
	1,105	5.000%, 12/01/17		No Opt. Call		AAA		1,225,091
	10,025	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–		11,222,987
	12,250	Total District of Columbia						13,649,065
		Florida – 4.8%
		Broward County School Board, Florida, Certificates of Participation, Series 2015A:
	2,500	5.000%, 7/01/19		No Opt. Call		A1		2,863,225
	4,000	5.000%, 7/01/20		No Opt. Call		A1		4,674,280
		Citizens Property Insurance Corporation, Florida, High Risk Account Revenue Bonds, Series 2007A:
	1,235	5.000%, 3/01/16 – NPFG Insured (ETM)		No Opt. Call		AA–(4)		1,283,918
	3,545	5.000%, 3/01/17 – NPFG Insured (ETM)		No Opt. Call		AA–(4)		3,828,175
		Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1:
	7,985	6.000%, 6/01/16		No Opt. Call		A+		8,462,902
	1,160	5.375%, 6/01/16		No Opt. Call		A+		1,221,712
	915	5.000%, 6/01/16 – AGC Insured		No Opt. Call		AA		960,842
	2,260	5.500%, 6/01/17		No Opt. Call		A+		2,478,226
		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		100,267
	3,810	5.000%, 6/01/18		No Opt. Call		AA–		4,242,168
	175	5.000%, 6/01/19		No Opt. Call		AA–		199,136

142 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
		Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1:
$	10	5.000%, 6/01/15 – AGM Insured		No Opt. Call		AA	$	10,042
	50	4.000%, 6/01/15		No Opt. Call		A+		50,166
	1,135	5.000%, 6/01/16		No Opt. Call		A+		1,190,774
	160	4.000%, 6/01/16		No Opt. Call		A+		166,131
	655	5.250%, 6/01/17		No Opt. Call		A+		714,867
	455	4.250%, 6/01/17 – AGM Insured		No Opt. Call		AA		487,196
		Citizens Property Insurance Corporation, Florida, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1:
	100	3.000%, 6/01/16		No Opt. Call		A+		102,750
	7,380	5.000%, 6/01/17		No Opt. Call		A+		8,016,451
	6,100	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		6,178,507
	1,690	Escambia County, Florida, Pollution Control Revenue Bonds, Gulf Power Company, Refunding Series 1997, 2.100%, 7/01/22		No Opt. Call		A		1,710,736
		Florida Department of Environmental Protection, Florida Forever Revenue Bonds, Series 2007B:
	4,480	5.000%, 7/01/17 – NPFG Insured		No Opt. Call		AA–		4,895,027
	6,575	5.000%, 7/01/19 – NPFG Insured		7/17 at 101.00		AA–		7,237,300
	10,035	Florida Hurricane Catastrophe Fund, Financial Corporation Revenue Bonds, Series 2010A, 5.000%, 7/01/15 (ETM)		No Opt. Call		AAA		10,117,487
	660	Florida Municipal Power Agency, Revenue Bonds, Saint Lucie Project, Refunding Series 2012A, 4.000%, 10/01/15		No Opt. Call		A1		670,355
	2,640	Florida Municipal Power Agency, Revenue Bonds, St. Lucie Project, Refunding Series 2011A, 5.000%, 10/01/20		No Opt. Call		A2		3,064,670
		Florida State Board of Education, Lottery Revenue Bonds, Series 2010A:
	6,175	5.000%, 7/01/15		No Opt. Call		AAA		6,226,129
	2,830	5.000%, 7/01/16		No Opt. Call		AAA		2,984,801
	1,285	5.000%, 7/01/17		No Opt. Call		AAA		1,403,451
	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+		1,539,480
	1,000	Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/26		6/16 at 100.00		A–		1,035,940
	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–		4,985,261
		Jacksonville, Florida, Special Revenue Bonds, Series 20120C:
	2,000	5.000%, 10/01/19		No Opt. Call		AA–		2,311,180
	1,275	5.000%, 10/01/20		No Opt. Call		AA–		1,499,336
	2,500	Manatee County, Florida, Revenue Refunding and Improvement Bonds, Series 2013, 5.000%, 10/01/20		No Opt. Call		AA+		2,945,925
	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		1,646,645
	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		369,615

Nuveen Investments 143

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
		Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2014B:
$	3,000	5.000%, 7/01/20		No Opt. Call		A–	$	3,493,590
	2,250	5.000%, 7/01/21		No Opt. Call		A–		2,649,938
	1,750	5.000%, 7/01/22		No Opt. Call		A–		2,073,995
	4,000	5.000%, 7/01/23		No Opt. Call		A–		4,762,440
		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–		4,008,398
	4,000	3.750%, 12/01/18		No Opt. Call		A–		4,304,320
		Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2010E:
	1,640	4.000%, 4/01/17		No Opt. Call		AA–		1,734,923
	1,705	5.000%, 4/01/18		No Opt. Call		AA–		1,884,895
	1,790	5.000%, 4/01/19		No Opt. Call		AA–		2,016,310
	1,880	5.000%, 4/01/20		No Opt. Call		AA–		2,149,366
	3,425	Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 5.250%, 10/01/17 – AGM Insured		No Opt. Call		AA		3,792,914
	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–		1,206,464
	12,035	North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.000%, 10/01/20		No Opt. Call		A		13,552,853
	2,000	Okeechobee County, Florida, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004A, 2.250%, 7/01/21 (Mandatory put 7/01/16)		No Opt. Call		A–		2,046,920
	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		A (4)		2,378,517
	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+		5,856,650
	3,960	Port Everglades Authority, Florida, Port Facilities Revenue Bonds, Series 1986, 7.125%, 11/01/16 (ETM)		No Opt. Call		Aaa		4,212,252
		Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2014:
	550	5.000%, 9/01/20		No Opt. Call		A+		635,102
	500	5.000%, 9/01/22		No Opt. Call		A+		586,705
	500	5.000%, 9/01/23		No Opt. Call		A+		588,440
	2,275	Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole Electric Cooperative, Series 2007A, 5.350%, 3/15/42 (Mandatory put 5/01/18) – AMBAC Insured		No Opt. Call		A–		2,542,404
	3,060	South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 5.000%, 5/01/19		No Opt. Call		AA–		3,493,847
	5,730	Tampa Bay, Florida, Regional Water Supply Authority, Utility System Revenue Bonds, Series 2015A, 5.000%, 10/01/26		10/25 at 100.00		AA+		7,050,077

144 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
		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+	$	428,770
	495	4.000%, 9/01/17		No Opt. Call		A+		529,269
	1,045	5.000%, 9/01/18		No Opt. Call		A+		1,169,209
	3,475	5.000%, 9/01/19		No Opt. Call		A+		3,967,373
	865	5.000%, 9/01/20		No Opt. Call		A+		1,001,220
	680	5.000%, 9/01/21		No Opt. Call		A+		793,907
	545	Tampa, Florida, Revenue Bonds, University of Tampa, Refunding Series 2015, 5.000%, 4/01/21		No Opt. Call		BBB+		630,658
	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		80,748
	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		203,466
	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		50,993
	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		5,054
	120	Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.375%, 5/01/17		No Opt. Call		N/R		119,525
	460	Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40		5/18 at 100.00		N/R		283,723
	280	Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40		5/18 at 100.00		N/R		146,101
	305	Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40		5/18 at 100.00		N/R		3
	3,110	Volusia County School Board, Florida, Sales Tax Revenue Bonds, Series 2004, 5.250%, 10/01/16 – AGM Insured		No Opt. Call		AA		3,277,411
	175,405	Total Florida						191,583,825
		Georgia – 2.3%
	2,490	Atlanta, Georgia, Airport Passenger Facilities Charge Revenue Bonds, Subordinate Lien Series 2010B, 5.000%, 1/01/19		No Opt. Call		A1		2,830,557
	2,130	Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/23		No Opt. Call		AA–		2,588,014
	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		9,010,594
	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		17,191,929
	3,000	Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company, Fourth Series 1994, 2.200%, 10/01/32 (Mandatory put 4/02/19)		No Opt. Call		A+		3,060,660
	3,000	Cobb County Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Georgia Waste Management Project, Series 2004A, 1.875%, 4/01/33 (Mandatory put 10/01/19)		No Opt. Call		A–		2,996,790

Nuveen Investments 145

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia (continued)
$	1,450	Columbia County, Georgia, General Obligation Sales Tax Bonds, Series 2009, 5.000%, 4/01/17		No Opt. Call		AAA	$	1,571,438
	500	DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2011A, 4.000%, 10/01/15		No Opt. Call		Aa3		508,100
	1,500	DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution, Refunding Series 2013, 5.000%, 10/01/22		No Opt. Call		Aa3		1,799,670
	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		1,040,110
	155	Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1991V, 6.600%, 1/01/18 – NPFG Insured		No Opt. Call		AA–		167,769
	2,105	Georgia State, General Obligation Bonds, Series 2009B, 4.000%, 1/01/21		1/19 at 100.00		AAA		2,299,270
	11,440	Georgia State, General Obligation Bonds, Series 2009D, 5.000%, 5/01/20		5/19 at 100.00		AAA		13,236,079
	10,215	Gwinnett County School District, Georgia, General Obligation Bonds, Sales Tax Series 2012A, 4.000%, 10/01/16		No Opt. Call		AAA		10,738,620
	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		114,431
	7,630	Municipal Electric Authority of Georgia, Project One Subordinate Lien Revenue Bonds, Series 2008A, 5.250%, 1/01/18		No Opt. Call		A+		8,494,784
		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–		4,186,179
	2,905	5.000%, 10/01/19		No Opt. Call		AA–		3,351,586
		Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C:
	500	5.000%, 10/01/17		No Opt. Call		Baa2		544,100
	580	5.000%, 10/01/20		No Opt. Call		Baa2		668,369
	3,315	Richmond County Board of Education, Georgia, General Obligation Bonds, Sales Tax Series 2012, 5.000%, 10/01/15		No Opt. Call		AA+		3,382,593
	83,640	Total Georgia						89,781,642
		Hawaii – 1.0%
	6,415	Hawaii State, General Obligation Bonds, Series 2011DZ, 5.000%, 12/01/18		No Opt. Call		AA		7,295,844
	4,500	Hawaii State, General Obligation Bonds, Series 2012EE, 5.000%, 11/01/20		No Opt. Call		AA		5,334,030
	8,290	Hawaii State, General Obligation Bonds, Series 2012EF, 5.000%, 11/01/20		No Opt. Call		AA		9,826,469
	10,070	Hawaii State, General Obligation Bonds, Series 2013EH, 5.000%, 8/01/21		No Opt. Call		AA		12,050,768
	2,145	Hawaii State, Highway Revenue Bonds, Series 2011A, 4.000%, 1/01/16		No Opt. Call		AA+		2,200,084
	2,355	Honolulu City and County, Hawaii, General Obligation Bonds, Series 2015B, 5.000%, 10/01/18		No Opt. Call		Aa1		2,665,318
	33,775	Total Hawaii						39,372,513
		Illinois – 9.8%
	1,240	Bourbonnais, Illinois, Industrial Project Revenue Bonds, Olivet Nazarene University Project, Series 2010, 5.000%, 11/01/20		No Opt. Call		BBB		1,398,422
	1,000	Bourbonnais, Illinois, Revenue Bonds, Olivet Nazarene University, Refunding Series 2007, 5.000%, 11/01/15 – RAAI Insured		No Opt. Call		AA		1,022,140

146 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	1,405	Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 12/01/17 – FGIC Insured		No Opt. Call		AA–	$	1,304,304
	4,020	Chicago, Illinois, General Obligation Bonds, Modern Schools Across Chicago Program, Series 2007J, 5.000%, 12/01/21 – AMBAC Insured		12/16 at 100.00		A+		4,126,530
	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		2,328,600
	7,195	Cook County, Illinois, General Obligation Bonds, Refunding Series 2009A, 5.000%, 11/15/17		No Opt. Call		AA		7,873,129
	4,750	Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/22		11/20 at 100.00		AA		5,488,198
	3,315	Cook County, Illinois, General Obligation Bonds, Refunding Series 2011A, 5.000%, 11/15/18		No Opt. Call		AA		3,685,551
		Cook County, Illinois, General Obligation Bonds, Refunding Series 2012C:
	3,445	5.000%, 11/15/27		11/22 at 100.00		AA		3,881,860
	3,000	5.000%, 11/15/33		11/22 at 100.00		AA		3,295,980
	720	Glendale Heights, Illinois, Hospital Revenue Bonds, Glendale Heights Hospital, Series 1985B, 7.100%, 12/01/15 (ETM)		No Opt. Call		Aaa		749,153
	502	Huntley, Illinois, Special Service Area 10, Special Tax Bonds, Series 2007, 4.600%, 3/01/17 – AGC Insured		No Opt. Call		AA		520,047
		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Refunding Senior Lien Series 2014A:
	1,545	5.000%, 12/01/20		No Opt. Call		AA–		1,822,111
	1,665	5.000%, 12/01/21		No Opt. Call		AA–		1,985,346
	1,665	5.000%, 12/01/22		No Opt. Call		AA–		2,005,925
	11,620	Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014D, 5.000%, 1/01/24		No Opt. Call		AA–		13,981,764
	10,330	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+		10,429,477
	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		1,243,479
	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+		10,020,600
	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+		13,135,980
	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		11,298,982
	1,000	Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2014, 5.000%, 8/01/20		No Opt. Call		AA		1,165,860
	890	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		978,769
	950	Illinois Finance Authority, Revenue Bonds, Alexian Brothers Health System, Series 2010, 5.000%, 2/15/21		2/20 at 100.00		A2		1,082,620
	10,000	Illinois Finance Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2012E-1, 2.250%, 11/15/42 (Mandatory put 4/29/22)		No Opt. Call		Aa2		9,999,400

Nuveen Investments 147

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012:
$	1,090	5.000%, 9/01/18		No Opt. Call		BBB	$	1,194,182
	905	5.000%, 9/01/19		No Opt. Call		BBB		999,935
	8,665	5.000%, 9/01/27		9/22 at 100.00		BBB		9,321,980
		Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A:
	125	5.000%, 9/01/19		No Opt. Call		BBB		138,113
	325	5.000%, 9/01/20		No Opt. Call		BBB		363,184
	350	5.000%, 9/01/21		No Opt. Call		BBB		393,505
	865	5.000%, 9/01/25		9/24 at 100.00		BBB		967,407
	2,000	Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008B, 5.500%, 8/15/21		8/18 at 100.00		AA–		2,258,660
		Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Series 2008A:
	1,580	5.000%, 7/01/17		No Opt. Call		A+		1,716,338
	1,175	5.000%, 7/01/18		No Opt. Call		A+		1,302,958
	1,200	Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.000%, 5/15/17		No Opt. Call		AA–		1,298,892
		Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015A:
	1,155	5.000%, 11/15/17		No Opt. Call		A+		1,271,505
	1,000	5.000%, 11/15/18		No Opt. Call		A+		1,128,310
	1,000	5.000%, 11/15/20		No Opt. Call		A+		1,170,790
		Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2005:
	1,175	5.000%, 8/15/15 (ETM)		No Opt. Call		AA (4)		1,191,403
	1,000	5.000%, 8/15/16 – AGC Insured (ETM)		No Opt. Call		AA (4)		1,059,210
	875	5.000%, 8/15/18 (ETM)		No Opt. Call		AA (4)		986,458
	355	5.250%, 8/15/19 (ETM)		No Opt. Call		AA (4)		413,792
	2,000	Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2009A, 5.500%, 2/15/16		No Opt. Call		AA		2,078,700
		Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2014A:
	1,000	5.000%, 10/01/19		No Opt. Call		AA+		1,154,200
	2,000	5.000%, 10/01/20		No Opt. Call		AA+		2,359,020
	5,000	Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/20		No Opt. Call		AA+		5,883,300
	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+		2,593,859
		Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Refunding Series 2015A:
	3,000	5.000%, 2/01/18		No Opt. Call		A1		3,316,140
	3,000	5.000%, 2/01/19		No Opt. Call		A1		3,389,070
	4,000	5.000%, 2/01/20		No Opt. Call		A1		4,601,080
	10,820	5.000%, 2/01/21		No Opt. Call		A1		12,593,831
	5,000	5.000%, 2/01/22		No Opt. Call		A1		5,866,700
	3,225	Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2006, 5.000%, 2/01/22 (Pre-refunded 2/01/16) – NPFG Insured		2/16 at 100.00		AA– (4)		3,338,101
	3,000	Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.250%, 2/01/16 – FGIC Insured		No Opt. Call		AA–		3,111,840

148 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		Illinois State Department of Employment Security, Unemployment Insurance Fund Building Receipts Revenue Bonds, Series 2012B:
$	2,555	5.000%, 6/15/18		12/16 at 100.00		AA+	$	2,740,008
	3,085	5.000%, 12/15/18		6/16 at 100.00		AA+		3,250,078
	1,720	5.000%, 6/15/19		6/15 at 100.00		AA+		1,730,526
		Illinois State, General Obligation Bonds, February Series 2014:
	655	5.000%, 2/01/19		No Opt. Call		A–		720,140
	1,350	5.000%, 2/01/20		No Opt. Call		A–		1,492,115
	3,500	5.000%, 2/01/21		No Opt. Call		A–		3,896,970
	4,050	5.000%, 2/01/22		No Opt. Call		A–		4,549,244
	620	Illinois State, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.500%, 8/01/15 – NPFG Insured		No Opt. Call		AA–		627,626
	3,570	Illinois State, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/16		No Opt. Call		A–		3,668,889
		Illinois State, General Obligation Bonds, Refunding Series 2007B:
	1,525	5.000%, 1/01/16		No Opt. Call		A–		1,567,243
	1,115	5.250%, 1/01/20		No Opt. Call		A–		1,243,058
	355	Illinois State, General Obligation Bonds, Refunding Series 2008, 4.250%, 4/01/16		No Opt. Call		A–		365,913
		Illinois State, General Obligation Bonds, Refunding Series 2010:
	1,505	5.000%, 1/01/16		No Opt. Call		A–		1,546,689
	5,045	5.000%, 1/01/17 – AGM Insured		No Opt. Call		AA		5,365,156
	525	5.000%, 1/01/17		No Opt. Call		A–		556,967
	4,995	5.000%, 1/01/18 – AGM Insured		No Opt. Call		AA		5,436,958
	22,035	5.000%, 1/01/18		No Opt. Call		A–		23,846,276
	6,745	5.000%, 1/01/24		1/20 at 100.00		A–		7,213,036
		Illinois State, General Obligation Bonds, Refunding Series 2012:
	5,000	5.000%, 8/01/16		No Opt. Call		A–		5,250,600
	5,170	5.000%, 8/01/19		No Opt. Call		A–		5,719,674
	4,055	5.000%, 8/01/20		No Opt. Call		A–		4,513,296
	6,975	Illinois State, General Obligation Bonds, Series 2003A, 5.000%, 10/01/19		7/15 at 100.00		A–		7,003,040
	560	Illinois State, General Obligation Bonds, Series 2003, 5.000%, 6/01/19 – NPFG Insured		7/15 at 100.00		AA–		562,167
	10	Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/22		7/15 at 100.00		A–		10,038
	2,000	Illinois State, General Obligation Bonds, Series 2005, 5.000%, 9/01/16 – AGM Insured		9/15 at 100.00		AA		2,028,100
		Illinois State, General Obligation Bonds, Series 2006A:
	1,060	5.000%, 6/01/17		No Opt. Call		A–		1,136,278
	6,400	5.000%, 6/01/23		12/16 at 100.00		A–		6,710,528
		Illinois State, General Obligation Bonds, Series 2006:
	4,110	5.000%, 1/01/16		No Opt. Call		A–		4,223,847
	1,005	5.000%, 1/01/17		1/16 at 100.00		A–		1,031,120
	2,550	5.000%, 1/01/19 – NPFG Insured		1/16 at 100.00		AA–		2,612,985
	1,000	Illinois State, General Obligation Bonds, Series 2007A, 5.000%, 6/01/22 – AGM Insured		6/17 at 100.00		AA		1,066,340
		Illinois State, General Obligation Bonds, Series 2013:
	1,500	5.000%, 7/01/17		No Opt. Call		A–		1,610,955
	3,565	5.000%, 7/01/21		No Opt. Call		A–		3,988,237
	2,520	5.500%, 7/01/25		7/23 at 100.00		A–		2,875,295
	2,030	Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2010, 5.000%, 6/15/16		No Opt. Call		AAA		2,136,108
		Illinois State, Sales Tax Revenue Bonds, Build Illinois, Junior Lien Series 2013:
	4,370	5.000%, 6/15/18		No Opt. Call		AAA		4,866,694
	6,000	5.000%, 6/15/19		No Opt. Call		AAA		6,825,780

Nuveen Investments 149

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
		Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001:
$	430	5.500%, 5/01/15 – AGM Insured		No Opt. Call		A2	$	430,060
	1,170	5.375%, 4/01/16 – NPFG Insured		No Opt. Call		AA–		1,217,993
		Kane, Cook and DuPage Counties School District 46, Elgin, Illinois, General Obligation Bonds, Refunding Series 2015C:
	1,000	4.000%, 1/01/18		No Opt. Call		AA–		1,077,990
	1,250	5.000%, 1/01/19		No Opt. Call		AA–		1,412,300
	1,360	Lake County Forest Preserve District, Illinois, General Obligation Bonds, Series 2007A, 0.631%, 12/15/16		No Opt. Call		AAA		1,359,728
	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		1,407,045
		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
	290	5.000%, 6/01/15		No Opt. Call		A		291,151
	5,115	5.000%, 6/01/16		No Opt. Call		A		5,359,190
	7,590	5.000%, 6/01/17		No Opt. Call		A		8,205,018
	5,400	5.000%, 6/01/18		No Opt. Call		A		5,981,310
	10,095	5.000%, 6/01/19		No Opt. Call		A		11,412,296
	5,185	5.250%, 6/01/20		No Opt. Call		A		6,000,756
	20	5.250%, 6/01/21		No Opt. Call		A		23,491
	4,980	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		5,797,567
	5,515	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		6,263,661
	2,365	Sterling, Whiteside County, Illinois, General Obligation Bonds, Alternate Revenue Source, Series 2012, 4.000%, 11/01/19		No Opt. Call		A+		2,591,874
		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		1,232,528
	1,035	5.750%, 6/01/27		6/18 at 100.00		AA		1,168,329
	357,947	Total Illinois						387,506,951
		Indiana – 4.3%
	1,855	East Chicago Elementary School Building Corporation, Lake County, Indiana, First Mortgage Bonds, Series 1996 Refunding, 6.250%, 1/05/16		No Opt. Call		A		1,884,680
		Hamilton Southeastern Consolidated School Building Corporation, Hamilton County, Indiana, First Mortgage Bonds, Refunding Series 2015D:
	1,035	5.000%, 1/15/17		No Opt. Call		AA+		1,109,882
	1,190	5.000%, 1/15/18		No Opt. Call		AA+		1,313,796
	1,250	5.000%, 7/15/18		No Opt. Call		AA+		1,397,788
	2,250	5.000%, 1/15/19		No Opt. Call		AA+		2,540,183
	2,000	5.000%, 1/15/20		No Opt. Call		AA+		2,301,560
	1,000	5.000%, 7/15/20		No Opt. Call		AA+		1,160,980
	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–		580,881
	6,800	Indiana Finance Authority, Environmental Improvement Revenue Bonds, Southern Indiana Gas & Electric Company, Refunding Series 2013D, 1.950%, 3/01/24 (Mandatory put 9/14/17)		No Opt. Call		Aa3		6,869,360

150 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
		Indiana Finance Authority, Hospital Revenue Bonds, Beacon Health System Obligated Group, Series 2013A:
$	500	5.000%, 8/15/16		No Opt. Call		AA–	$	529,100
	635	5.000%, 8/15/18		No Opt. Call		AA–		711,556
		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		1,587,925
	2,115	5.000%, 3/01/20		No Opt. Call		BBB		2,363,111
		Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A:
	1,025	4.000%, 10/01/20		No Opt. Call		BBB+		1,114,380
	435	4.000%, 10/01/21		No Opt. Call		BBB+		473,337
	105	5.000%, 10/01/23		No Opt. Call		BBB+		121,683
		Indiana Finance Authority, Hospital Revenue Bonds, Parkview Health System Obligated Group, Series 2012A:
	850	5.000%, 5/01/19		No Opt. Call		A+		958,868
	750	5.000%, 5/01/20		No Opt. Call		A+		861,435
	2,000	5.000%, 5/01/21		No Opt. Call		A+		2,322,120
	7,070	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		7,520,500
	12,020	Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011C, 3.000%, 10/01/16		No Opt. Call		AA–		12,426,155
		Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A:
	725	4.000%, 10/01/16		No Opt. Call		AA		761,424
	370	5.000%, 10/01/17		No Opt. Call		AA		407,155
	410	5.000%, 10/01/18		No Opt. Call		AA		462,181
	335	5.000%, 10/01/19		No Opt. Call		AA		386,111
	750	5.000%, 10/01/20		No Opt. Call		AA		878,768
		Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2015A:
	1,400	5.000%, 10/01/18		No Opt. Call		AA		1,578,178
	1,400	5.000%, 10/01/19		No Opt. Call		AA		1,613,598
	680	5.000%, 10/01/20		No Opt. Call		AA		796,749
	550	5.000%, 10/01/23		No Opt. Call		AA		662,371
	1,000	5.000%, 10/01/24		No Opt. Call		AA		1,211,670
	1,800	5.000%, 10/01/25		10/24 at 100.00		AA		2,152,602
	1,240	5.000%, 10/01/26		10/24 at 100.00		AA		1,466,722
	800	5.000%, 10/01/27		10/24 at 100.00		AA		937,768
	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+		11,765,118
	5,225	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+		5,300,815
	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–		288,787
	3,500	Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1993A, 0.000%, 12/01/15 – AMBAC Insured		No Opt. Call		AA+		3,492,510
	4,240	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/16 – AGC Insured		No Opt. Call		AA		4,384,966

Nuveen Investments 151

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
		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–	$	1,188,456
	1,630	5.500%, 7/01/19 – NPFG Insured		No Opt. Call		AA–		1,880,384
	3,690	5.500%, 1/01/20 – NPFG Insured		No Opt. Call		AA–		4,289,736
	8,000	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2007B, 5.250%, 7/01/24 – NPFG Insured		No Opt. Call		AA–		9,639,760
		Indianapolis, Indiana, Thermal Energy System Revenue Bonds, Refunding First Lien Series 2014A:
	260	3.000%, 10/01/16		No Opt. Call		A		268,785
	250	4.000%, 10/01/17		No Opt. Call		A		267,973
	300	4.000%, 10/01/18		No Opt. Call		A		326,106
	200	5.000%, 10/01/19		No Opt. Call		A		228,714
	350	5.000%, 10/01/20		No Opt. Call		A		406,056
	450	5.000%, 10/01/21		No Opt. Call		A		527,027
	450	5.000%, 10/01/22		No Opt. Call		A		532,517
	600	5.000%, 10/01/23		No Opt. Call		A		711,486
	420	5.000%, 10/01/24		No Opt. Call		A		499,859
	500	5.000%, 10/01/25		10/24 at 100.00		A		592,785
	725	5.000%, 10/01/26		10/24 at 100.00		A		850,345
	3,175	IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2014, 5.000%, 1/15/18		No Opt. Call		AA+		3,519,773
	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–		4,339,570
	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		6,787,099
		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		361,646
	880	4.000%, 4/01/17		No Opt. Call		Baa1		924,299
	400	4.000%, 4/01/18		No Opt. Call		Baa1		426,448
	550	3.000%, 4/01/19		No Opt. Call		Baa1		573,914
		Lake County Building Corporation, Indiana, First Mortgage Bonds, Series 2012:
	880	4.000%, 8/01/15		No Opt. Call		N/R		884,506
	900	4.000%, 2/01/16		No Opt. Call		N/R		911,880
	915	4.000%, 8/01/16		No Opt. Call		N/R		933,712
	1,000	Richmond Hospital Authority, Indiana, Revenue Bonds, Reid Hospital Project, Refunding Series 2015A, 5.000%, 1/01/22		No Opt. Call		A		1,168,390
		Vanderburgh County, Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014:
	250	4.000%, 2/01/18		No Opt. Call		A		268,528
	520	4.000%, 2/01/19		No Opt. Call		A		565,989
	600	5.000%, 2/01/20		No Opt. Call		A		686,346
	640	5.000%, 2/01/21		No Opt. Call		A		740,397
	1,595	4.000%, 2/01/24		No Opt. Call		A		1,758,663
	32,085	Whiting, Indiana, Environmental Facilities Revenue Bonds, BP Products North America Inc. Project, Series 2008, 1.850%, 6/01/44 (Mandatory put 10/01/19)		No Opt. Call		A		32,217,831

152 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
		Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Refunding Series 2014B:
$	2,000	3.000%, 7/15/19		No Opt. Call		AA–	$	2,144,080
	1,195	4.000%, 1/15/20		No Opt. Call		AA–		1,332,807
	160,035	Total Indiana						171,452,640
		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		1,231,190
	1,330	5.000%, 1/01/19 – AGM Insured		No Opt. Call		AA		1,488,483
	1,380	5.000%, 1/01/20 – AGM Insured		No Opt. Call		AA		1,568,936
	1,245	5.000%, 1/01/22 – AGM Insured		1/21 at 100.00		AA		1,417,706
	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–		8,274,948
		Iowa State, Special Obligation Bonds, I-Jobs Program, Series 2009A:
	1,945	5.000%, 6/01/17		No Opt. Call		AA		2,120,361
	3,240	5.000%, 6/01/18		No Opt. Call		AA		3,641,987
	17,935	Total Iowa						19,743,611
		Kansas – 0.9%
		Kansas Department of Transportation, Highway Revenue Bonds, Refunding Series 2009A:
	4,710	5.000%, 9/01/16		No Opt. Call		AAA		5,002,256
	6,050	5.000%, 9/01/17		No Opt. Call		AAA		6,650,100
		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–		1,432,273
	1,475	5.000%, 1/01/23		1/20 at 100.00		AA–		1,703,330
		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		4,438,642
	5,000	5.000%, 9/01/21		No Opt. Call		Aa2		5,994,750
		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–		2,523,582
	2,945	5.000%, 6/01/26 – NPFG Insured		6/18 at 102.00		AA–		3,310,445
		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+		653,040
	2,000	5.000%, 9/01/20		No Opt. Call		A+		2,333,020
	3,300	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–		2,390,421
	33,330	Total Kansas						36,431,859
		Kentucky – 1.7%
	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		9,722,947
	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		4,171,350

Nuveen Investments 153

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kentucky (continued)
$	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	$	16,657,968
	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		3,609,392
	4,500	Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2001B, 1.350%, 11/01/27 (Mandatory put 5/01/18)		No Opt. Call		A1		4,482,495
	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		15,549,541
	2,015	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		2,056,670
	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		1,747,873
	3,090	Trimble County, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2001B, 1.350%, 11/01/27 (Mandatory put 5/01/18) (Alternative Minimum Tax)		No Opt. Call		A1		3,077,980
	3,250	Trimble County, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2002A, 1.050%, 9/01/26 (Mandatory put 3/01/18)		No Opt. Call		A1		3,237,715
	3,535	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		4,116,614
	64,900	Total Kentucky						68,430,545
		Louisiana – 3.9%
	1,000	Bossier City, Louisiana, Utility Revenue Bonds, Refunding Series 2014, 4.000%, 10/01/20		No Opt. Call		AA–		1,120,640
	7,555	De Soto Parrish, Louisiana, Pollution Control Revenue Bonds, Southwestern Electric Power Company Project, Refunding Series 2010, 1.600%, 1/01/19		No Opt. Call		BBB		7,532,486
	2,140	East Baton Rouge Parish, Louisiana, Sales Tax Revenue Bonds, Road & Street Improvement, Refunding Series 2015, 5.000%, 8/01/22		No Opt. Call		AA–		2,548,162
	9,805	East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Variable Rate Demand Obligation Series 2011A, 0.628%, 2/01/46 (Mandatory put 8/01/18)		2/18 at 100.00		AA		9,833,631
		Ernest N. Morial-New Orleans Exhibition Hall Authority, Louisiana, Special Tax Bonds, Refunding Series 2014:
	2,500	5.000%, 7/15/19		No Opt. Call		A1		2,855,850
	2,045	5.000%, 7/15/20		No Opt. Call		A1		2,377,006
		Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B:
	190	5.000%, 6/01/16 – AMBAC Insured		No Opt. Call		A–		199,337
	455	5.000%, 6/01/17 – AMBAC Insured		6/16 at 100.00		A–		477,286
	800	5.000%, 6/01/18 – AMBAC Insured		6/16 at 100.00		A–		838,728
		Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, East Baton Rouge Parish Road Improvements Project, Series 2015:
	1,545	5.000%, 8/01/19		No Opt. Call		AA		1,771,157
	2,235	5.000%, 8/01/24		No Opt. Call		AA		2,680,301

154 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana (continued)
$	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+	$	906,317
		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		1,751,490
	435	6.000%, 12/15/37		7/15 at 100.00		N/R		241,382
		Louisiana Public Facilities Authority, Revenue Bonds, Hurricane Recovery Program, Refunding Series 2014:
	1,775	5.000%, 6/01/19		No Opt. Call		Aa3		2,038,055
	5,015	5.000%, 6/01/20		No Opt. Call		Aa3		5,865,343
		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		682,993
	580	5.000%, 9/01/22 – AGM Insured		No Opt. Call		AA		682,283
	1,445	5.000%, 9/01/23 – AGM Insured		No Opt. Call		AA		1,700,187
	1,565	5.000%, 9/01/24 – AGM Insured		No Opt. Call		AA		1,846,997
		Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A:
	585	5.000%, 7/01/18		No Opt. Call		A		652,761
	1,555	5.000%, 7/01/19		No Opt. Call		A		1,772,793
	1,100	5.000%, 7/01/20		No Opt. Call		A		1,278,310
	7,245	5.000%, 7/01/26		7/23 at 100.00		A		8,438,976
		Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Series 2012A-1:
	15	5.000%, 5/01/19		No Opt. Call		Aa1		17,207
	2,500	5.000%, 5/01/20		No Opt. Call		Aa1		2,930,775
	3,610	5.000%, 5/01/21		No Opt. Call		Aa1		4,302,362
	7,000	Louisiana State, General Obligation Bonds, Refunding Series 2014C, 5.000%, 8/01/22		No Opt. Call		AA		8,461,390
	12,325	Louisiana State, General Obligation Bonds, Series 2012A, 5.000%, 8/01/19		No Opt. Call		Aa2		14,212,819
		Louisiana State, General Obligation Bonds, Series 2014A:
	6,000	5.000%, 2/01/19		No Opt. Call		AA		6,833,220
	6,000	5.000%, 2/01/20		No Opt. Call		AA		6,979,140
		New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2012:
	2,860	5.000%, 12/01/19		No Opt. Call		A–		3,244,413
	2,500	5.000%, 12/01/20		No Opt. Call		A–		2,865,175
	3,600	5.000%, 12/01/21		No Opt. Call		A–		4,148,424
	7,130	New Orleans, Louisiana, General Obligation Bonds, Series 1998, 5.500%, 12/01/21 – FGIC Insured		No Opt. Call		A3		8,093,049
		New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014:
	500	4.000%, 6/01/16		No Opt. Call		A		518,310
	1,750	5.000%, 6/01/17		No Opt. Call		A		1,894,778
	1,000	5.000%, 6/01/18		No Opt. Call		A		1,108,610
	1,100	New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/19		No Opt. Call		BBB+		1,251,998
	40	Saint Bernard Parish, Louisiana, Sales and Use Tax Revenue Bonds, Series 2004, 5.000%, 3/01/17 – AGM Insured		7/15 at 100.50		AA		40,361
	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		5,092,730
	2,295	Shreveport, Louisiana, General Obligation Bonds, Series 2014, 5.000%, 9/01/21		No Opt. Call		A+		2,710,739

Nuveen Investments 155

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Louisiana (continued)
		Terrebonne Levee and Conservation District, Louisiana, Public Improvement Sales Tax Bonds, Series 2013:
$	1,710	5.000%, 7/01/21		No Opt. Call		A+	$	1,976,794
	1,680	5.000%, 7/01/22		No Opt. Call		A+		1,953,487
		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		5,011,750
	10,000	5.000%, 5/15/25		5/16 at 100.00		A		10,306,599
	138,965	Total Louisiana						154,046,601
		Maine – 0.1%
		Augusta, Maine, General Obligation Bonds, Refunding Series 2015A:
	615	5.000%, 12/01/18		No Opt. Call		AA		698,745
	770	5.000%, 12/01/19		No Opt. Call		AA		894,809
	3,300	Maine Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004, 3.800%, 11/01/15		No Opt. Call		A–		3,359,829
	4,685	Total Maine						4,953,383
		Maryland – 2.4%
	6,235	Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement, Refunding Series 2009, 5.000%, 8/01/18		No Opt. Call		AAA		7,038,879
		Baltimore County, Maryland, General Obligation Bonds, Metroplitan District 77th Issue, Series 2014:
	2,800	5.000%, 8/01/17		No Opt. Call		AAA		3,071,572
	2,800	5.000%, 8/01/18		No Opt. Call		AAA		3,161,004
	1,180	Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Refunding Series 2013B, 5.000%, 10/15/15		No Opt. Call		AA		1,206,456
	3,445	Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2007D, 5.000%, 7/01/32 (Pre-refunded 7/01/17) – AMBAC Insured		7/17 at 100.00		AA (4)		3,767,659
	1,500	Harford County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2009, 3.000%, 6/01/15		No Opt. Call		AAA		1,503,750
		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2014:
	6,190	5.000%, 7/01/18		No Opt. Call		BBB		6,883,466
	4,000	5.000%, 7/01/19		No Opt. Call		BBB		4,554,160
		Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2008:
	5,120	5.000%, 7/15/16		No Opt. Call		AAA		5,410,918
	5,790	5.000%, 7/15/17		No Opt. Call		AAA		6,342,424
	5,130	5.000%, 7/15/18		No Opt. Call		AAA		5,784,793
	13,815	Maryland State, General Obligation Bonds, State & Local Facilities Loan, Third Series 2009C, 5.000%, 11/01/17		No Opt. Call		AAA		15,275,106
	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		207,936
	10,100	Montgomery County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2007A, 5.000%, 5/01/16		No Opt. Call		AAA		10,580,860
	9,975	Montgomery County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2014A, 5.000%, 11/01/18		No Opt. Call		AAA		11,332,497

156 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Maryland (continued)
$	5,000	Montgomery County, Maryland, General Obligation Bonds, Refunding Consolidated Public Improvement Series 2011A, 5.000%, 7/01/19		No Opt. Call		AAA	$	5,774,800
	3,850	Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland, General Obligation Bonds, Consolidated Public Improvement, Second Series 2014, 5.000%, 6/01/18		No Opt. Call		AAA		4,327,015
	87,130	Total Maryland						96,223,295
		Massachusetts – 1.2%
	460	Massachusetts Bay Transportation Authority, General Obligation Transportation System Refunding Bonds, Series 1992B, 6.200%, 3/01/16 – NPFG Insured		No Opt. Call		AA+		480,295
	440	Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2012L, 5.000%, 7/01/15		No Opt. Call		AA		443,696
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Series 2009A:
	2,015	5.000%, 11/15/15		No Opt. Call		AAA		2,068,236
	2,175	5.000%, 11/15/16		No Opt. Call		AAA		2,327,663
	1,535	5.000%, 11/15/17		No Opt. Call		AAA		1,699,245
	1,000	5.000%, 11/15/18		No Opt. Call		AAA		1,137,160
	10,410	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Series 2009O, 5.000%, 7/01/16		No Opt. Call		AAA		10,984,527
		Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A:
	345	5.000%, 8/15/16 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		349,878
	310	5.000%, 8/15/17 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		314,383
	110	5.000%, 8/15/19 (Pre-refunded 8/15/15) – NPFG Insured		8/15 at 100.00		AA+ (4)		111,555
	785	5.000%, 8/15/20 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		796,100
	510	5.000%, 8/15/22 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		517,211
	35	5.000%, 8/15/23 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		35,495
	435	5.000%, 8/15/24 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		441,151
	815	5.000%, 8/15/25 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		826,524
	345	5.000%, 8/15/26 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA+ (4)		349,878
	25	5.000%, 8/15/27 (Pre-refunded 8/15/15) – NPFG Insured		8/15 at 100.00		AA+ (4)		25,354
	465	5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured		8/15 at 100.00		AA (4)		471,575
	12,900	Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2002C, 5.500%, 11/01/17 – AGM Insured		No Opt. Call		AA+		14,411,750
		Norwood, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2009A:
	2,420	4.000%, 8/15/15		No Opt. Call		AA+		2,447,273
	2,420	4.000%, 8/15/16		No Opt. Call		AA+		2,533,909
	2,420	4.000%, 8/15/17		No Opt. Call		AA+		2,599,370
	2,420	4.000%, 8/15/18		No Opt. Call		AA+		2,653,094
	44,795	Total Massachusetts						48,025,322
		Michigan – 2.2%
	1,500	Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation Bonds, Building Authority Stadium Refunding Series 2012, 5.000%, 10/01/19 – AGM Insured		No Opt. Call		AA		1,649,340

Nuveen Investments 157

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
		Lake Orion Community School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2012:
$	775	4.000%, 5/01/15		No Opt. Call		N/R	$	775,078
	1,000	5.000%, 5/01/16		No Opt. Call		AA–		1,044,990
	1,000	4.000%, 5/01/17		No Opt. Call		AA–		1,061,740
	1,780	4.000%, 5/01/18		No Opt. Call		AA–		1,926,405
	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		1,734,884
	8,790	Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/21		7/18 at 100.00		AAA		9,818,694
	3,195	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 5.000%, 11/15/17		No Opt. Call		AA+		3,524,500
	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+		10,140,029
	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+		18,916,720
	2,505	Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009B, 4.375%, 10/01/19		10/18 at 100.00		AA		2,569,704
	6,030	Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/01/20		11/19 at 100.00		AA+		6,977,795
	1,605	Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/21		5/19 at 100.00		Aa2		1,831,819
	2,000	Michigan State, General Obligation Refunding Bonds, Series 2002, 5.500%, 12/01/15		No Opt. Call		Aa2		2,063,020
		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		1,205,567
	1,000	5.000%, 5/01/21		No Opt. Call		Aa2		1,171,400
		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		868,122
	1,000	5.000%, 5/01/20		No Opt. Call		Aa2		1,155,040
	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		2,965,850
	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		5,644,983
	8,150	Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/16		No Opt. Call		A		8,695,887
	79,910	Total Michigan						85,741,567
		Minnesota – 1.1%
		Cass Lake Independent School District 115, Minnesota, General Obligation Bonds, School Building Refunding Series 2010A:
	745	4.000%, 2/01/23		2/20 at 100.00		AA+		811,089
	1,615	5.000%, 2/01/25		2/20 at 100.00		AA+		1,854,569
	1,690	5.000%, 2/01/26		2/20 at 100.00		AA+		1,935,777
	5,075	Minneapolis, Minnesota, General Obligation Bonds, Various Purpose Refunding Series 2009B, 4.000%, 12/01/15		No Opt. Call		AAA		5,189,340

158 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Minnesota (continued)
		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	$	1,427,517
	1,060	5.000%, 1/01/22		No Opt. Call		A		1,266,371
	1,245	5.000%, 1/01/23		No Opt. Call		A		1,498,519
	1,600	5.000%, 1/01/24		No Opt. Call		A		1,943,344
		Minnesota State, General Fund Appropriation Refunding Bonds, Series 2014A:
	2,695	5.000%, 6/01/20		No Opt. Call		AA		3,164,604
	4,000	5.000%, 6/01/21		No Opt. Call		AA		4,766,120
		Minnesota State, General Obligation Bonds, State Trunk Highway Series 2009E:
	4,000	4.500%, 8/01/17		No Opt. Call		AA+		4,341,400
	4,000	4.500%, 8/01/18		No Opt. Call		AA+		4,449,120
	7,100	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/16 – AGC Insured		No Opt. Call		AA		7,326,916
	885	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 5.000%, 1/01/23		No Opt. Call		A–		1,058,283
	2,800	Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Refunding Series 2014B, 5.000%, 5/01/22		No Opt. Call		A1		3,318,644
	39,860	Total Minnesota						44,351,613
		Mississippi – 0.4%
	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		11,569,230
	3,670	Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2015A, 5.000%, 9/01/24		No Opt. Call		A–		4,238,300
	15,170	Total Mississippi						15,807,530
		Missouri – 2.1%
	50	Jackson County, Missouri, Special Obligation Bonds, Harry S. Truman Sports Complex, Series 2006, 4.500%, 12/01/31 (Pre-refunded 12/01/16) – AMBAC Insured		12/16 at 100.00		Aa3 (4)		53,151
	1,100	Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Shoal Creek Parkway Project, Series 2011, 6.500%, 6/01/25		No Opt. Call		N/R		1,113,695
		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		2,801,308
	2,695	4.000%, 5/01/24		5/21 at 100.00		AAA		2,980,805
		Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2010A:
	3,740	5.000%, 1/01/17		No Opt. Call		Aaa		4,016,835
	3,025	5.000%, 1/01/18		No Opt. Call		Aaa		3,351,367
		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+		613,327
	440	5.000%, 5/01/20		No Opt. Call		BBB+		494,591
	1,000	5.000%, 5/01/21		No Opt. Call		BBB+		1,131,230
	2,545	4.000%, 5/01/22		No Opt. Call		BBB+		2,729,080
	1,320	5.000%, 5/01/23		No Opt. Call		BBB+		1,496,246

Nuveen Investments 159

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Missouri (continued)
$	1,000	Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2007A, 4.875%, 2/01/19		2/17 at 100.00		BBB+	$	1,051,400
		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		11,213,200
	3,000	5.000%, 5/01/21		No Opt. Call		AAA		3,602,610
		Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2014A:
	2,285	5.000%, 1/01/25		No Opt. Call		A–		2,731,695
	5,000	5.000%, 1/01/26		1/25 at 100.00		A–		5,902,750
		Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2013:
	505	4.000%, 7/01/15		No Opt. Call		A–		508,212
	530	5.000%, 7/01/16		No Opt. Call		A–		557,518
	715	5.000%, 7/01/17		No Opt. Call		A–		779,772
	765	5.000%, 7/01/18		No Opt. Call		A–		855,637
	8,825	Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 2012, 5.000%, 6/01/17		No Opt. Call		BBB+		9,455,988
	750	Springfield School District R12, Greene County, Missouri, General Obligation Bonds, Refunding Series 2014B, 4.000%, 3/01/18		No Opt. Call		AA+		814,013
		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–		9,014,386
	11,995	5.500%, 7/01/18 – NPFG Insured		No Opt. Call		AA–		13,602,209
	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		1,883,234
	74,265	Total Missouri						82,754,259
		Nebraska – 1.3%
	4,390	Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014, 5.000%, 5/15/21		No Opt. Call		BBB+		5,051,266
		Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2012:
	375	4.000%, 6/15/15		No Opt. Call		AA–		376,718
	500	4.000%, 6/15/16		No Opt. Call		AA–		519,610
	750	4.000%, 6/15/17		No Opt. Call		AA–		799,313
	600	4.000%, 6/15/18		No Opt. Call		AA–		652,314
	800	5.000%, 6/15/19		No Opt. Call		AA–		913,200
		Douglas County School District 17 Millard, Nebraska, General Obligation Bonds, Refunding Series 2014:
	3,050	3.000%, 6/15/16		No Opt. Call		Aa1		3,143,117
	6,600	4.000%, 6/15/17		No Opt. Call		Aa1		7,062,858
		Lancaster County School District 1, Lincoln, Nebraska, General Obligation Bonds, Refunding Series 2009:
	1,915	3.000%, 1/15/16		No Opt. Call		AAA		1,951,883
	3,475	3.000%, 1/15/17		No Opt. Call		AAA		3,615,390
	3,220	3.000%, 1/15/18		No Opt. Call		AAA		3,396,037
	2,520	3.000%, 1/15/19		No Opt. Call		AAA		2,677,903

160 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Nebraska (continued)
$	1,000	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–	$	985,530
	1,700	Nebraska Public Power District, General Revenue Bonds, Series 2015A-2, 5.000%, 1/01/24		1/22 at 100.00		A1		1,993,726
		Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Refunding Series 2015A:
	6,245	5.000%, 1/01/18 (WI/DD, Settling 5/28/15)		No Opt. Call		A2		6,875,183
	2,125	5.000%, 1/01/19 (WI/DD, Settling 5/28/15)		No Opt. Call		A2		2,386,290
	2,500	5.000%, 1/01/20 (WI/DD, Settling 5/28/15)		No Opt. Call		A2		2,850,675
	3,000	University of Nebraska Facilities Corporation, UNMC Cancer Center Bonds, Series 2014A, 5.000%, 2/15/21		No Opt. Call		Aa1		3,580,350
	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		3,052,734
	47,810	Total Nebraska						51,884,097
		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		1,152,200
	2,000	5.000%, 7/01/21 (Alternative Minimum Tax)		No Opt. Call		A		2,318,300
	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		1,802,579
	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+		2,646,499
	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+		5,895,000
		Las Vegas, Nevada, Special Improvement District 607 Providence, Local Improvement Refunding Bonds, Series 2013:
	315	3.000%, 6/01/16		No Opt. Call		N/R		317,180
	950	3.000%, 6/01/17		No Opt. Call		N/R		955,349
	180	4.000%, 6/01/18		No Opt. Call		N/R		185,488
	2,825	Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2005, 5.000%, 12/01/15 – FGIC Insured		No Opt. Call		AAA		2,905,739
	16,580	Total Nevada						18,178,334
		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		5,025,750
		New Jersey – 4.5%
	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		509,116
	245	Bergen County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Bergen County Guaranteed, Series 2014B, 5.000%, 2/15/19		No Opt. Call		Aaa		279,650
	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–		3,903,654

Nuveen Investments 161

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
		Millville, New Jersey, General Obligation Bonds, Improvement Series 2011:
$	1,000	5.000%, 11/01/16 – AGM Insured		No Opt. Call		AA	$	1,063,070
	1,445	5.000%, 11/01/19 – AGM Insured		No Opt. Call		AA		1,634,295
	920	5.000%, 11/01/20 – AGM Insured		No Opt. Call		AA		1,051,689
	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		366,166
	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)		5,360
		New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
	650	5.375%, 6/15/15 (ETM)		No Opt. Call		Aaa		654,199
	1,095	5.375%, 6/15/15 – RAAI Insured (ETM)		No Opt. Call		Aaa		1,102,074
	1,430	5.500%, 6/15/16 (ETM)		No Opt. Call		Aaa		1,512,683
		New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
	4,150	5.000%, 6/15/15		No Opt. Call		BBB+		4,174,070
	4,250	5.000%, 6/15/16		No Opt. Call		BBB+		4,447,498
	6,565	5.000%, 6/15/17		No Opt. Call		BBB+		7,060,067
	8,510	5.000%, 6/15/18		No Opt. Call		BBB+		9,355,469
	5,250	5.000%, 6/15/19		No Opt. Call		BBB+		5,878,898
	245	4.000%, 6/15/19		No Opt. Call		BBB+		264,688
	10,990	5.000%, 6/15/20		No Opt. Call		BBB+		12,193,954
	2,810	5.000%, 6/15/21		No Opt. Call		BBB+		3,208,655
	1,370	5.000%, 6/15/22		No Opt. Call		BBB+		1,576,706
	520	5.000%, 6/15/22		No Opt. Call		AA		605,259
	6,500	5.000%, 6/15/23		6/22 at 100.00		BBB+		7,402,200
	4,500	5.000%, 6/15/24		6/22 at 100.00		BBB+		5,068,845
	8,570	5.000%, 6/15/25		6/22 at 100.00		BBB+		9,594,029
	6,000	5.000%, 6/15/26		6/22 at 100.00		BBB+		6,667,980
	685	4.250%, 6/15/27		6/22 at 100.00		BBB+		713,537
	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		3,534,036
	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)		412,355
		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+		4,327,676
	4,260	5.000%, 7/01/19		No Opt. Call		BB+		4,587,935
	410	New Jersey Highway Authority, Senior Revenue Bonds, Garden State Parkway, Series 1989, 6.000%, 1/01/19 – NPFG Insured (ETM)		No Opt. Call		Aaa		464,247
	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		11,165,099
	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		5,031,450
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D:
	5,070	5.000%, 12/15/17		No Opt. Call		A–		5,487,210
	9,750	5.000%, 12/15/18		No Opt. Call		A–		10,678,589

162 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Jersey (continued)
		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
$	2,290	6.500%, 1/01/16		No Opt. Call		A3	$	2,384,302
	5	6.500%, 1/01/16 – AMBAC Insured		No Opt. Call		A3		5,206
	860	6.500%, 1/01/16 – NPFG Insured		No Opt. Call		AA–		895,415
		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
	1,425	6.500%, 1/01/16 (ETM)		No Opt. Call		A3 (4)		1,484,779
	10	6.500%, 1/01/16 – AMBAC Insured (ETM)		No Opt. Call		A3 (4)		10,420
	460	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		479,297
	125	6.500%, 1/01/16 (ETM)		No Opt. Call		AA+ (4)		130,253
	245	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		255,278
	335	6.500%, 1/01/16 – AGM Insured (ETM)		No Opt. Call		AA (4)		349,053
	185	6.500%, 1/01/16 (ETM)		No Opt. Call		AA+ (4)		192,761
	10	6.500%, 1/01/16 – AMBAC Insured (ETM)		No Opt. Call		A3 (4)		10,420
	165	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		171,922
	6,005	New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/19		No Opt. Call		A+		6,798,501
		Parsippany-Troy Hills Township Board of Education, Morris County, New Jersey, General Obligation Bonds, Refunding Series 2014:
	205	5.000%, 8/15/22		No Opt. Call		AA		247,732
	500	5.000%, 8/15/23		No Opt. Call		AA		608,655
	1,125	Parsippany-Troy Hills Township, New Jersey, General Obligation Bonds, Refunding Series 2012, 4.000%, 7/15/20		No Opt. Call		AA		1,253,948
	1,700	Passaic Valley Sewer Commissioners, New Jersey, Sewer Revenue Bonds, Series 2010G, 5.750%, 12/01/22		No Opt. Call		A2		2,071,484
	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		4,785,964
		South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Refunding Bonds, Series 2012Q:
	4,340	3.000%, 1/01/18		No Opt. Call		A3		4,525,926
	4,850	3.000%, 1/01/19		No Opt. Call		A3		5,073,294
		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		5,681,678
	140	5.000%, 6/01/17		No Opt. Call		Aa1		150,475
	4,610	4.500%, 6/01/23		6/17 at 100.00		BB		4,618,943
	2,065	4.625%, 6/01/26		6/17 at 100.00		B+		1,994,501
	166,115	Total New Jersey						180,162,615
		New Mexico – 1.8%
	3,470	Albuquerque Benralillo County Water Utility Authority, New Mexico, Joint Water and Sewer System Revenue Bonds, Refunding & Improvement Senior Lien Series 2015, 5.000%, 7/01/18		No Opt. Call		AA+		3,900,766
	1,100	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		1,264,637
		Farmington, New Mexico, Pollution Control Revenue Refunding Bonds, Southern California Edison Company, Four Corners Project, Series 2005B:
	7,285	1.875%, 4/01/29 (Mandatory put 4/01/20)		No Opt. Call		Aa3		7,267,079
	10,000	1.875%, 4/01/29 (Mandatory put 4/01/20)		No Opt. Call		A+		9,975,400

Nuveen Investments 163

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New Mexico (continued)
$	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	$	17,425,932
		San Juan County, New Mexico, Gross Receipts Tax Revenue Bonds, Refunding Series 2015A:
	845	4.000%, 6/15/18		No Opt. Call		A+		915,515
	1,340	5.000%, 6/15/19		No Opt. Call		A+		1,523,379
	1,305	5.000%, 6/15/20		No Opt. Call		A+		1,507,719
	1,455	5.000%, 6/15/21		No Opt. Call		A+		1,701,855
	1,510	5.000%, 6/15/22		No Opt. Call		A+		1,777,693
	1,565	5.000%, 6/15/23		No Opt. Call		A+		1,850,362
	1,625	5.000%, 6/15/24		No Opt. Call		A+		1,928,859
	1,690	5.000%, 6/15/25		No Opt. Call		A+		2,014,734
	1,760	5.000%, 6/15/26		6/25 at 100.00		A+		2,075,920
	14,955	State of New Mexico, State Severance Tax Revenue Bonds, Series 2014A, 5.000%, 7/01/23		7/19 at 100.00		Aa1		17,096,556
	65,245	Total New Mexico						72,226,406
		New York – 10.2%
	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+		593,895
	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		7/15 at 100.00		AA–		501,975
	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		1,828,662
	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)		5,799
	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		1,489,488
	325	Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2014, 5.000%, 7/01/23		No Opt. Call		A–		387,608
	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		14,741,559
	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)		6,058
	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		3,973,252
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
	890	0.000%, 6/01/16 – AGM Insured		No Opt. Call		AA		884,509
	400	0.000%, 6/01/19 – AGM Insured		No Opt. Call		AA		372,660
	515	0.000%, 6/01/21 – AGM Insured		No Opt. Call		AA		456,671
	450	0.000%, 6/01/22 – AGM Insured		No Opt. Call		AA		386,501
	1,270	0.000%, 6/01/23 – AGM Insured		No Opt. Call		AA		1,043,013
		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		6,199,807
	870	4.250%, 12/01/16 – AGM Insured		No Opt. Call		AA		903,608
	1,095	4.000%, 12/01/16 – AGM Insured		No Opt. Call		AA		1,134,343
	240	5.000%, 12/01/25 – FGIC Insured		6/16 at 100.00		AA–		250,176

164 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006D:
$	610	5.000%, 9/01/17 – NPFG Insured		9/16 at 100.00		AA–	$	645,728
	85	5.000%, 9/01/20 – NPFG Insured		9/16 at 100.00		AA–		89,867
	520	5.000%, 9/01/23 – NPFG Insured		9/16 at 100.00		AA–		547,695
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006E:
	5,175	5.000%, 12/01/17 – FGIC Insured		12/16 at 100.00		AA–		5,528,763
	3,805	5.000%, 12/01/17		12/16 at 100.00		A–		4,077,058
	2,280	5.000%, 12/01/18 – FGIC Insured		12/16 at 100.00		AA–		2,435,108
	13,015	5.000%, 12/01/18 – NPFG Insured		12/16 at 100.00		AA–		13,900,410
	205	5.000%, 12/01/20 – NPFG Insured		12/16 at 100.00		AA–		218,676
	1,100	5.000%, 12/01/21 – FGIC Insured		12/16 at 100.00		AA–		1,171,940
	1,035	5.000%, 12/01/21 – NPFG Insured		12/16 at 100.00		AA–		1,102,689
	715	5.000%, 12/01/21 – AGM Insured		12/16 at 100.00		AA		763,170
	4,510	5.000%, 12/01/22 – FGIC Insured		12/16 at 100.00		AA–		4,804,954
	200	5.000%, 12/01/22		12/16 at 100.00		A–		213,080
	20	4.125%, 12/01/22 – FGIC Insured		12/16 at 100.00		AA–		20,987
		Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A:
	585	5.000%, 4/01/18		No Opt. Call		A–		646,899
	3,715	5.000%, 4/01/19		No Opt. Call		A–		4,199,027
	1,250	5.500%, 4/01/22		4/19 at 100.00		A–		1,414,000
	420	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 5.000%, 5/01/15 – NPFG Insured (ETM)		No Opt. Call		A3 (4)		420,055
		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F:
	2,620	5.000%, 5/01/15 – NPFG Insured		No Opt. Call		A3		2,620,341
	885	5.000%, 5/01/16 – NPFG Insured		No Opt. Call		AA–		924,816
	8,860	5.000%, 5/01/17 – NPFG Insured		No Opt. Call		AA–		9,588,735
	3,000	5.000%, 5/01/18 – NPFG Insured		11/16 at 100.00		AA–		3,194,490
	730	5.000%, 5/01/19 – NPFG Insured		11/16 at 100.00		AA–		776,881
	1,100	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/16		No Opt. Call		A–		1,149,005
	1,000	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012B, 5.000%, 9/01/21		No Opt. Call		A–		1,158,950
	5,500	Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 5.000%, 11/15/20		No Opt. Call		AA		6,503,530
	3,985	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012-B2, 5.000%, 11/15/21		No Opt. Call		AA–		4,737,527
		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012H:
	5,135	5.000%, 11/15/20		No Opt. Call		AA–		6,034,652
	5,790	4.000%, 11/15/22		No Opt. Call		AA–		6,556,307
	1,290	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B, 5.000%, 11/15/19		No Opt. Call		AA–		1,491,511

Nuveen Investments 165

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
		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+	$	2,360,880
	1,000	5.000%, 7/01/24		No Opt. Call		BBB+		1,184,350
	625	5.000%, 7/01/25		7/24 at 100.00		BBB+		730,000
	1,000	5.000%, 7/01/26		7/24 at 100.00		BBB+		1,155,800
	1,500	5.000%, 7/01/27		7/24 at 100.00		BBB+		1,717,545
	10,150	New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/17		No Opt. Call		AA		11,099,330
	16,720	New York City, New York, General Obligation Bonds, Fiscal 2014 Series J, 5.000%, 8/01/19		No Opt. Call		AA		19,178,843
	30,510	New York City, New York, General Obligation Bonds, Fiscal 2015 Series A, 5.000%, 8/01/18		No Opt. Call		AA		34,311,241
	12,380	New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, New York State Electric and Gas Corporation, Series 2005A, 2.375%, 7/01/26 (Mandatory put 5/01/20) (Alternative Minimum Tax)		No Opt. Call		AA–		12,338,527
	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–		7,543,656
	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–		2,084,080
	2,190	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–		2,257,693
	52,900	New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19		No Opt. Call		A–		60,203,902
	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+		3,141,877
	475	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)		484,605
		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		5,171,850
	5,000	4.000%, 4/01/17		No Opt. Call		AA		5,318,050
	6,845	5.000%, 4/01/18		No Opt. Call		AA		7,625,604
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2011B:
	5,560	5.000%, 6/01/16		No Opt. Call		AA		5,845,395
	1,600	5.000%, 6/01/17		No Opt. Call		AA		1,743,904
	2,800	5.000%, 6/01/18		No Opt. Call		AA		3,135,244
		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		4,595,448
	3,360	5.000%, 6/01/21		6/16 at 100.00		AA		3,531,293
		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		5,020,700
	2,090	5.000%, 6/01/20		6/15 at 100.00		AA		2,098,653
	3,105	5.000%, 6/01/20		6/16 at 100.00		AA		3,264,845
	14,250	5.000%, 6/01/21		6/16 at 100.00		AA		14,976,464
	1,545	5.000%, 6/01/21		6/17 at 100.00		AA		1,681,238
	6,230	5.000%, 6/01/22		6/17 at 100.00		AA		6,779,361

166 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	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	$	10,743,600
	3,145	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2009A-1, 5.000%, 12/15/16		No Opt. Call		AAA		3,378,611
	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		9,184,722
		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+		584,000
	500	5.000%, 7/01/27		7/24 at 100.00		BBB+		572,515
	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–		18,303,614
		TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
	1,570	4.750%, 6/01/22		6/16 at 100.00		BBB–		1,581,508
	3,640	5.000%, 6/01/26		6/16 at 100.00		BB–		3,658,673
		Yonkers, New York, General Obligation Bonds, Series 2012C:
	2,440	3.000%, 8/15/22		No Opt. Call		A		2,507,320
	2,510	3.000%, 8/15/23		No Opt. Call		A		2,530,482
	369,480	Total New York						405,721,858
		North Carolina – 1.0%
		Fayetteville Public Works Commission, North Carolina, Revenue Bonds, Refunding Series 2009A:
	3,000	5.000%, 3/01/16		No Opt. Call		AA		3,120,510
	2,035	5.000%, 3/01/17		No Opt. Call		AA		2,199,184
	2,105	5.000%, 3/01/18		No Opt. Call		AA		2,349,096
		Mecklenburg County Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Refunding Series 2009:
	5,500	5.000%, 3/01/16		No Opt. Call		AA+		5,716,150
	3,050	5.000%, 3/01/18		No Opt. Call		AA+		3,390,045
		New Hanover County, North Carolina, General Obligation Bonds, School Series 2009:
	1,500	3.000%, 6/01/15		No Opt. Call		AAA		1,503,750
	1,500	3.000%, 6/01/16		No Opt. Call		AAA		1,544,595
	765	3.000%, 6/01/17		No Opt. Call		AAA		801,995
		North Carolina Medical Care Commission, Hospital Revenue Bonds, CaroMont Health, Series 2008:
	3,290	3.500%, 2/15/16 – AGC Insured		No Opt. Call		AA		3,372,053
	2,885	4.000%, 2/15/17 – AGC Insured		No Opt. Call		AA		3,056,744
		North Carolina State, Capital Improvement Limited Obligation Bonds, Series 2009A:
	1,000	5.000%, 5/01/19		No Opt. Call		AA+		1,146,680
	5,195	5.000%, 5/01/20		5/19 at 100.00		AA+		5,958,457
	3,555	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)		4,078,189
	495	Wilmington, North Carolina, Limited Obligation Bonds, Refunding Series 2012, 3.000%, 6/01/15 – AGM Insured		No Opt. Call		AA+		496,238
	235	Wilmington, North Carolina, Limited Obligation Bonds, Refunding Series 2014A, 5.000%, 6/01/20		No Opt. Call		AA+		275,225
	36,110	Total North Carolina						39,008,911

Nuveen Investments 167

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		North Dakota – 0.5%
$	300	Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A, 5.000%, 7/01/21 (ETM)		No Opt. Call		N/R (4)	$	356,688
	100	Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A, 5.000%, 7/01/22 (Pre-refunded 7/01/21)		7/21 at 100.00		BBB+ (4)		119,736
	3,745	Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System, Series 2007, 5.500%, 12/01/17		No Opt. Call		A–		4,069,617
	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–		1,034,560
	1,130	West Fargo, North Dakota, General Obligation Bonds, Refunding & Improvement Series 2012C, 3.000%, 5/01/17		No Opt. Call		Aa3		1,176,240
		Williston, North Dakota, General Obligation Bonds, Refunding Improvement Series 2014:
	450	4.000%, 5/01/15		No Opt. Call		N/R		450,045
	800	4.000%, 5/01/16		No Opt. Call		A		826,336
	800	4.000%, 5/01/17		No Opt. Call		A		846,928
	800	4.000%, 5/01/18		No Opt. Call		A		863,008
	725	4.000%, 5/01/19		No Opt. Call		A		792,606
	800	4.000%, 5/01/20		No Opt. Call		A		881,304
	800	4.000%, 5/01/21		No Opt. Call		A		886,288
	310	Williston, North Dakota, Limited Obligation Bonds, Certificates of Indebtedness, Series 2013A, 2.500%, 11/01/15		7/15 at 100.00		N/R		310,298
	6,035	Williston, North Dakota, Sales Tax Revenue Bonds, Series 2013A, 4.000%, 5/01/20 – AGM Insured		5/17 at 100.00		AA		6,381,831
	17,795	Total North Dakota						18,995,485
		Ohio – 4.5%
		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		2,353,460
	2,655	5.000%, 11/15/22		5/22 at 100.00		A1		3,113,173
	2,650	Akron, Ohio, Waterworks System Mortgage Revenue Bonds, Refunding & Improvement Series 2009, 5.000%, 3/01/17 – AGC Insured		No Opt. Call		A3		2,856,197
		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		9,546,970
	6,680	5.000%, 6/01/16		No Opt. Call		Aa1		6,945,730
	3,495	5.000%, 6/01/17		No Opt. Call		A1		3,745,487
	20,765	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–		17,715,451
	3,220	Cleveland, Ohio, Airport System Revenue Bonds, Series 2009C, 5.000%, 1/01/18 – AGM Insured		No Opt. Call		AA		3,523,517
		Cleveland, Ohio, General Obligation Bonds, Series 2011:
	1,470	5.000%, 12/01/19		No Opt. Call		AA		1,699,041
	1,540	5.000%, 12/01/20		12/19 at 100.00		AA		1,765,826
	1,620	5.000%, 12/01/21		12/19 at 100.00		AA		1,851,028
		Cuyahoga County, Ohio, Certificates of Participation, Convention Hotel Project, Series 2014:
	4,650	5.000%, 12/01/17		No Opt. Call		AA–		5,127,974
	5,515	5.000%, 12/01/20		No Opt. Call		AA–		6,442,899

168 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
		Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013:
$	500	4.000%, 6/15/17		No Opt. Call		Baa2	$	524,295
	1,015	5.000%, 6/15/19		No Opt. Call		Baa2		1,115,181
	1,000	5.000%, 6/15/21		No Opt. Call		Baa2		1,116,000
	1,000	Franklin County Convention Facilities Authority, Ohio, Tax and Lease Revenue Anticipation and Refunding Bonds, Columbus City & Franklin County Lessees, Series 2014, 5.000%, 12/01/23		No Opt. Call		Aaa		1,215,480
		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		1,360,646
	275	5.000%, 5/15/22		No Opt. Call		AA		327,157
	1,000	5.000%, 5/15/23		No Opt. Call		AA		1,197,530
	1,600	Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2014, 5.000%, 2/01/20		No Opt. Call		A–		1,825,104
		Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of Greater Cincinnati, Refunding Series 2014A:
	1,595	5.000%, 12/01/19		No Opt. Call		AA+		1,850,439
	3,350	5.000%, 12/01/20		No Opt. Call		AA+		3,959,198
	1,550	5.000%, 12/01/21		No Opt. Call		AA+		1,858,125
	1,000	5.000%, 12/01/22		No Opt. Call		AA+		1,214,800
		JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A:
	2,490	5.000%, 1/01/20		No Opt. Call		AA		2,877,892
	1,700	5.000%, 1/01/23		No Opt. Call		AA		2,027,573
	2,175	Marysville, Union County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.000%, 12/01/20 – AMBAC Insured		No Opt. Call		Aa3		2,476,868
		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+		1,023,700
	2,000	5.000%, 2/15/17		No Opt. Call		BB+		2,089,520
	1,630	5.000%, 2/15/18		No Opt. Call		BB+		1,733,261
	1,000	5.000%, 2/15/19		No Opt. Call		BB+		1,077,080
	270	5.000%, 2/15/20		No Opt. Call		BB+		294,033
	2,000	5.000%, 2/15/21		No Opt. Call		BB+		2,187,740
		New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C:
	730	3.000%, 10/01/15		No Opt. Call		A1		738,052
	870	3.000%, 10/01/16		No Opt. Call		A1		896,953
	1,100	4.000%, 10/01/17		No Opt. Call		A1		1,169,542
	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–		11,598,789
	2,440	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–		2,502,635
	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–		4,493,080

Nuveen Investments 169

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
$	1,915	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	$	1,950,619
	4,540	Ohio State, Capital Facilities Lease Appropriation Bonds, Mental Health Facilities Improvement Fund Project, Series 2012A, 5.000%, 6/01/17 – NPFG Insured		No Opt. Call		AA		4,943,379
	4,000	Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2014R, 4.000%, 5/01/16		No Opt. Call		AAA		4,149,720
	6,685	Ohio State, General Obligation Bonds, Infrastructure Improvement Series 2013B, 5.000%, 8/01/21		No Opt. Call		AA+		7,999,940
	6,450	Ohio State, General Obligation Bonds, Refunding Common Schools Series 2011A, 5.000%, 9/15/21		No Opt. Call		AA+		7,733,744
	12,625	Ohio State, General Obligation Bonds, Refunding Common Schools Series 2011C, 5.000%, 9/15/20		No Opt. Call		AA+		14,907,599
		Ohio State, Hospital Facility Revenue Bonds, Cleveland Clinic Health System Obligated Group, Refunding Series 2009B:
	820	5.000%, 1/01/17		No Opt. Call		Aa2		878,983
	500	5.000%, 1/01/18		No Opt. Call		Aa2		551,850
	50	Ohio Water Development Authority, Loan Revenue Bonds, Pure Water Development, Series 1990I, 6.000%, 12/01/16 – AMBAC Insured (ETM)		No Opt. Call		Aaa		51,766
	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–		10,752,181
	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–		2,046,920
	2,230	University of Toledo, Ohio, General Receipts Bonds, Series 2009, 4.000%, 6/01/18		No Opt. Call		A1		2,415,179
	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		5,510
	168,830	Total Ohio						179,824,816
		Oklahoma – 1.3%
		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+		1,534,239
	1,435	4.000%, 9/01/19		No Opt. Call		A+		1,559,185
	2,685	4.500%, 9/01/20		No Opt. Call		A+		3,003,307
	6,300	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		7,028,532
		Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Norman Public Schools Project, Series 2014:
	2,185	5.000%, 7/01/16		No Opt. Call		A+		2,302,400
	520	5.000%, 7/01/17		No Opt. Call		A+		566,992
	1,525	5.000%, 7/01/18		No Opt. Call		A+		1,705,179
	2,260	5.000%, 7/01/19		No Opt. Call		A+		2,581,440
		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+		5,192,050
	2,870	4.000%, 3/01/18		No Opt. Call		A+		3,087,345
	1,850	Oklahoma Development Finance Authority, Solid Waste Disposal Revenue Bonds, Series 2004A, 2.375%, 12/01/21		No Opt. Call		A–		1,880,821

170 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Oklahoma (continued)
		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–	$	224,639
	475	4.000%, 9/01/18		No Opt. Call		A–		513,860
	525	5.000%, 9/01/19		No Opt. Call		A–		595,691
	685	5.000%, 9/01/20		No Opt. Call		A–		788,367
	745	5.000%, 9/01/21		No Opt. Call		A–		862,785
		Stillwater Utilities Authority, Oklahoma, Utility System and Sales Tax Revenue Bonds, Series 2014A:
	190	4.000%, 10/01/18		No Opt. Call		AA–		208,538
	150	4.000%, 10/01/19		No Opt. Call		AA–		167,268
	250	5.000%, 10/01/20		No Opt. Call		AA–		294,770
	315	5.000%, 10/01/21		No Opt. Call		AA–		376,479
	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–		2,479,964
		Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2009A:
	1,000	4.000%, 6/01/15		No Opt. Call		BBB+		1,002,950
	1,200	4.500%, 6/01/16 (Pre-refunded 6/01/15)		6/15 at 100.00		BBB+ (4)		1,204,440
	3,920	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)		4,110,355
	7,450	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–		8,561,764
	1,425	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–		1,595,801
	49,005	Total Oklahoma						53,429,161
		Oregon – 1.0%
	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+		2,941,114
		Clackamas and Washington Counties School District 3JT, Oregon, General Obligation Bonds, Refunding Series 2015:
	11,045	5.000%, 6/15/25		No Opt. Call		AA+		13,746,385
	5,000	5.000%, 6/15/26		6/25 at 100.00		AA+		6,155,850
	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–		1,759,716
	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		1,150,560
	3,000	Oregon State, General Obligation Bonds, Article XI-Q State Projects Series 2015F, 5.000%, 5/01/18		No Opt. Call		AA+		3,359,190
	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		10,472,781
	34,840	Total Oregon						39,585,596

Nuveen Investments 171

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania – 5.1%
		Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Jefferson Regional Medical Center, Series 2006B:
$	1,985	5.000%, 5/01/15		No Opt. Call		Baa3	$	1,985,179
	1,620	5.000%, 5/01/16		No Opt. Call		Baa3		1,664,015
	1,285	5.000%, 5/01/18		5/16 at 100.00		Baa3		1,311,253
	5,685	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		6,347,189
		Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2011:
	6,550	5.000%, 12/01/17 – AGM Insured		No Opt. Call		AA		7,237,816
	4,400	5.000%, 12/01/18 – AGM Insured		No Opt. Call		AA		4,980,096
	5,750	Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014C-73, 5.000%, 12/01/19		No Opt. Call		AA–		6,645,448
	1,925	Berks County, Pennsylvania, General Obligation Bonds, Series 2008, 5.000%, 11/15/21 (Pre-refunded 11/15/18)		11/18 at 100.00		Aa1 (4)		2,189,572
	915	Bucks County Community College Authority, Pennsylvania, Revenue Bonds, College Building County Guaranteed, Series 2014, 3.000%, 6/15/16		No Opt. Call		AAA		942,734
	1,120	Centre County, Pennsylvania, General Obligation Bonds, Series 2012A, 3.000%, 7/01/19		No Opt. Call		AA		1,187,637
	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		8,506,651
		Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Presbyterian Homes Inc., Refunding Series 2005A:
	475	5.000%, 12/01/15 – RAAI Insured		No Opt. Call		AA		486,220
	20	4.250%, 12/01/17 – RAAI Insured		12/15 at 100.00		AA		20,406
	210	5.000%, 12/01/19 – RAAI Insured		12/15 at 100.00		AA		214,473
	75	5.000%, 12/01/21 – RAAI Insured		12/15 at 100.00		AA		76,441
		Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014:
	450	4.000%, 5/01/18		No Opt. Call		Baa3		479,241
	450	5.000%, 5/01/19		No Opt. Call		Baa3		500,643
		Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2010:
	1,010	4.000%, 12/01/16		No Opt. Call		A+		1,066,732
	500	5.000%, 12/01/18		No Opt. Call		A+		567,520
	3,335	Lancaster County, Pennsylvania, General Obligation Bonds, Series 2009A, 5.000%, 11/01/18 – AGM Insured		No Opt. Call		A1		3,758,945
	2,805	Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Refunding Series 2004, 5.000%, 11/15/18		7/15 at 100.00		B+		2,806,767
	2,105	Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.500%, 12/15/19		No Opt. Call		N/R		2,188,126
	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–		2,321,053
	1,080	Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Series 2012, 4.000%, 5/01/19		No Opt. Call		A		1,156,108
	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		4,001,414

172 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
$	504	Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23		7/15 at 100.00		N/R	$	457,440
	650	Pennsylvania Convention Center Authority, Revenue Bonds, Series 1989A, 6.700%, 9/01/16 – FGIC Insured (ETM)		No Opt. Call		AA+ (4)		681,324
	3,285	Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds, Albert Einstein Healthcare, Series 2009A, 5.250%, 10/15/15		No Opt. Call		Baa2		3,343,736
	2,500	Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012A, 5.000%, 7/01/15		No Opt. Call		Aaa		2,520,700
		Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012B:
	55	5.000%, 1/01/20		No Opt. Call		Aaa		63,717
	225	5.000%, 7/01/20		7/19 at 100.00		Aaa		259,520
	5,750	5.000%, 7/01/21		1/18 at 100.00		Aaa		6,355,878
	23,760	5.000%, 1/01/22		7/17 at 100.00		Aaa		25,937,841
	8,530	5.000%, 7/01/22		7/16 at 100.00		Aaa		8,995,141
	15,750	5.000%, 1/01/23		1/16 at 100.00		Aaa		16,246,755
	13,270	5.000%, 7/01/23		7/15 at 100.00		Aaa		13,377,752
	15	5.000%, 7/01/23		7/15 at 100.00		Aaa		15,060
	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		1,781,035
	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		12,188,220
		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009B:
	4,000	5.000%, 6/01/15		No Opt. Call		A–		4,016,600
	4,200	5.000%, 6/01/16		No Opt. Call		A–		4,406,388
	16,040	Pennsylvania, General Obligation Bonds, Refunding 3rd Series 2004, 5.375%, 7/01/16 – NPFG Insured		No Opt. Call		AA–		16,987,482
	2,175	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)		No Opt. Call		AA– (4)		2,499,619
	10,000	Philadelphia School District, Pennsylvania, General Obligation Bonds, Refunding Series 2010C, 5.000%, 9/01/16		No Opt. Call		A+		10,578,500
		Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2011D:
	1,795	5.000%, 9/01/17		No Opt. Call		A+		1,959,871
	1,525	5.000%, 9/01/18		No Opt. Call		A+		1,702,907
	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		646,660
	1,205	Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2013, 4.000%, 12/01/16		No Opt. Call		BBB–		1,249,416
	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+		1,311,938
	2,500	University of Pittsburgh of the Commonwealth System of Higher Education, Pennsylvania, University Capital Project Bonds, Series 2009B, 5.500%, 9/15/21		3/19 at 100.00		AA+		2,904,575
	190,454	Total Pennsylvania						203,129,754

Nuveen Investments 173

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		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	$	777,063
	1,165	5.000%, 7/01/20		No Opt. Call		A3		1,308,994
	1,360	5.000%, 7/01/21		No Opt. Call		A3		1,540,363
		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+		470,214
	520	4.000%, 9/15/18		No Opt. Call		A+		563,982
	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–		2,070,960
	6,195	Total Rhode Island						6,731,576
		South Carolina – 0.6%
		Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Refunding Series 2012:
	1,500	3.500%, 2/01/20		No Opt. Call		Aa1		1,646,115
	1,000	4.500%, 2/01/21		No Opt. Call		Aa1		1,159,140
		Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Building Equity Sooner Series 2012:
	3,365	5.000%, 12/01/21		No Opt. Call		AA		3,998,663
	4,910	5.000%, 12/01/22		No Opt. Call		AA		5,903,588
	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		5,601,817
	1,155	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)		1,443,184
		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		No Opt. Call		Baa3		1,159,740
	1,035	5.000%, 8/01/24		No Opt. Call		Baa3		1,177,996
	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–		1,715,710
	1,000	South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/21		No Opt. Call		AA–		1,189,900
	21,890	Total South Carolina						24,995,853
		South Dakota – 0.1%
		Deadwood, South Dakota, Certificates of Participation, Refunding Series 2012:
	1,580	3.000%, 11/01/17		No Opt. Call		A		1,632,582
	770	3.000%, 11/01/18		No Opt. Call		A		795,918
	680	Heartland Consumers Power District, South Dakota, Electric System Revenue Bonds, Series 1977, 6.375%, 1/01/16 (ETM)		No Opt. Call		Aaa		704,596
	400	South Dakota Building Authority, Revenue Bonds, Series 2013B, 5.000%, 6/01/20		No Opt. Call		AA		466,404
		South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B:
	400	4.000%, 11/01/19		No Opt. Call		A+		444,576
	320	4.000%, 11/01/20		No Opt. Call		A+		357,875
	500	4.000%, 11/01/21		No Opt. Call		A+		555,580
	650	5.000%, 11/01/24		No Opt. Call		A+		784,134
	5,300	Total South Dakota						5,741,665

174 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tennessee – 1.0%
		First Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Series 2012A:
$	225	2.000%, 12/01/15		No Opt. Call		AA+	$	227,360
	225	2.000%, 12/01/16		No Opt. Call		AA+		230,216
	710	4.000%, 12/01/20		No Opt. Call		AA+		799,680
	740	4.000%, 12/01/21		No Opt. Call		AA+		839,352
		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		1,160,388
	2,500	5.000%, 1/01/20		No Opt. Call		A		2,876,650
	1,500	4.000%, 1/01/21		No Opt. Call		A		1,670,655
		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+		1,379,976
	250	3.000%, 11/01/18		No Opt. Call		BBB+		259,155
	1,070	4.000%, 11/01/19		No Opt. Call		BBB+		1,156,413
	810	4.000%, 11/01/20		No Opt. Call		BBB+		879,830
	500	4.000%, 11/01/21		No Opt. Call		BBB+		543,390
	1,030	5.000%, 11/01/22		11/21 at 100.00		BBB+		1,180,658
		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+		3,058,094
	1,320	5.000%, 7/01/22		No Opt. Call		A+		1,588,646
		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–		2,031,460
	5,000	5.000%, 9/01/16		No Opt. Call		A–		5,288,800
	2,500	5.000%, 9/01/18		No Opt. Call		A–		2,781,300
	7,530	Tennessee State, General Obligation Bonds, Series 2009A, 5.000%, 5/01/17		No Opt. Call		Aaa		8,189,703
	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		1,087,230
	205	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/18		No Opt. Call		A		229,493
	1,400	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/17		No Opt. Call		A		1,488,564
	35,450	Total Tennessee						38,947,013
		Texas – 6.9%
	2,915	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		2,943,334
	20,395	Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding Series 2012A, 5.000%, 8/15/23		No Opt. Call		AAA		25,120,928
	1,000	Canadian River Municipal Water Authority, Texas, Contract Revenue Bonds, Conjunctive Use Groundwater Supply Project, Subordinate Lien Series 2011, 5.000%, 2/15/16		No Opt. Call		AA		1,037,600
		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–		1,167,510
	650	5.000%, 9/01/22		No Opt. Call		AA–		767,026

Nuveen Investments 175

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	7,045	Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/15 – AMBAC Insured		No Opt. Call		AAA	$	7,188,648
		Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012B:
	2,595	5.000%, 11/01/20		No Opt. Call		A+		3,052,447
	5,000	5.000%, 11/01/21		11/20 at 100.00		A+		5,850,750
	3,020	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+		3,677,665
	6,045	Harris County, Texas, General Obligation Bonds, Refunding Road Series 2009A, 5.250%, 10/01/18		No Opt. Call		AAA		6,905,264
		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C:
	700	5.000%, 11/15/19		No Opt. Call		A3		794,808
	575	5.000%, 11/15/20		No Opt. Call		A3		662,492
	450	5.000%, 11/15/21		No Opt. Call		A3		521,294
		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A:
	11,635	5.000%, 11/15/22 – AGM Insured		No Opt. Call		AA		13,889,746
	8,630	5.000%, 11/15/23 – AGM Insured		No Opt. Call		AA		10,305,773
	5,205	5.000%, 11/15/24 – AGM Insured		No Opt. Call		AA		6,226,013
	1,500	Houston Independent School District, Harris County, Texas, General Obligation Bonds, Schoolhouse Series 2013A, 4.000%, 2/15/16		No Opt. Call		AAA		1,544,760
		Houston, Texas, Airport System Revenue Bonds, Refunding Senior Lien Series 2009A:
	1,360	5.000%, 7/01/15		No Opt. Call		AA–		1,371,138
	1,110	5.000%, 7/01/16		No Opt. Call		AA–		1,168,830
	1,800	Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2012D, 5.000%, 11/15/21		No Opt. Call		AA		2,158,884
	3,900	Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2014C, 5.000%, 5/15/20		No Opt. Call		AA		4,567,329
	11,520	Houston, Texas, General Obligation Bonds, Public Improvement Refunding Series 2009A, 5.000%, 3/01/20		3/19 at 100.00		AA+		13,192,128
	2,250	Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011B, 5.000%, 7/01/20		No Opt. Call		A		2,599,043
		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–		3,365,966
	3,000	5.000%, 7/01/20		No Opt. Call		AA–		3,441,480
		McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
	1,635	3.000%, 12/01/18		No Opt. Call		Baa2		1,644,843
	1,510	4.000%, 12/01/21		No Opt. Call		Baa2		1,567,003
	5,660	Mission Economic Development Corporation, Texas, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2006, 1.800%, 12/01/18		No Opt. Call		A–		5,677,376
		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		1,935,320
	2,785	5.000%, 8/15/21		No Opt. Call		Aa2		3,294,488
	2,000	5.000%, 8/15/22		No Opt. Call		Aa2		2,388,720
	5,480	5.000%, 8/15/23		8/22 at 100.00		Aa2		6,486,676

176 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	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+	$	9,056,213
		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2014A:
	4,000	5.000%, 1/01/22		No Opt. Call		A2		4,742,920
	4,945	5.000%, 1/01/23		No Opt. Call		A2		5,894,044
	7,000	5.000%, 1/01/24		No Opt. Call		A2		8,350,160
		North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F:
	50	5.750%, 1/01/33 (Pre-refunded 1/01/18)		1/18 at 100.00		A3 (4)		56,247
	245	5.750%, 1/01/38 (Pre-refunded 1/01/18)		1/18 at 100.00		A3 (4)		275,610
	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		10,140,499
	1,590	San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Series 1992, 5.000%, 2/01/17 (ETM)		No Opt. Call		AA+ (4)		1,664,269
	15,000	San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Series 2012, 5.000%, 2/01/21		No Opt. Call		Aa1		17,797,649
	8,420	Texas A&M University, Financing System Revenue Bonds, Series 2008, 5.000%, 5/15/15		No Opt. Call		Aaa		8,437,345
	4,500	Texas A&M University, Financing System Revenue Bonds, Series 2015A, 4.000%, 5/15/17		No Opt. Call		Aaa		4,805,100
	1,805	Texas A&M University, Financing System Revenue Bonds, Series 2015B, 4.000%, 5/15/17		No Opt. Call		Aaa		1,927,379
	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		6,329,345
	7,000	Texas Public Finance Authority, Unemployment Compensation Obligation Assessment Revenue Bonds, Refunding Series 2014B, 4.000%, 7/01/18		1/16 at 100.00		AAA		7,172,130
		Texas Southmost College District, Texas, General Obligation Bonds, Limited Tax Refunding Series 2014A:
	1,460	4.000%, 2/15/17		No Opt. Call		AA–		1,542,461
	2,485	5.000%, 2/15/18		No Opt. Call		AA–		2,749,603
	2,560	5.000%, 2/15/19		No Opt. Call		AA–		2,898,867
	2,745	5.000%, 2/15/20		No Opt. Call		AA–		3,166,632
	6,585	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2007, 5.000%, 4/01/16		No Opt. Call		AAA		6,874,542
	10,025	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A, 5.000%, 4/01/18		No Opt. Call		AAA		11,219,078
	2,695	Texas State, Public Financing Authority, General Obligation Bonds, Refunding Series 2009A, 5.000%, 10/01/17		No Opt. Call		AAA		2,970,779
		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		2,581,313
	2,640	3.000%, 8/15/16		No Opt. Call		A		2,701,222
	2,720	3.000%, 8/15/17		No Opt. Call		A		2,804,891
	241,250	Total Texas						272,673,580
		Utah – 0.4%
	4,040	Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Subordinate Lien Refunding Series 2013A, 3.000%, 7/01/15		No Opt. Call		AA–		4,059,715
	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		2,137,120

Nuveen Investments 177

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

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:
$	550	5.000%, 9/01/15		No Opt. Call		A–	$	558,547
	875	5.000%, 9/01/16		No Opt. Call		A–		925,094
	500	5.000%, 9/01/17		No Opt. Call		A–		544,550
	515	5.000%, 9/01/18		No Opt. Call		A–		573,834
	1,250	5.000%, 9/01/19		No Opt. Call		A–		1,419,988
	1,090	5.000%, 9/01/20		No Opt. Call		A–		1,251,505
	2,065	5.000%, 9/01/21		No Opt. Call		A–		2,396,309
	12,885	Total Utah						13,866,662
		Virgin Islands – 0.3%
		Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B:
	4,455	5.000%, 10/01/15		No Opt. Call		BBB		4,530,512
	4,375	5.000%, 10/01/16		No Opt. Call		BBB		4,608,844
	4,000	5.000%, 10/01/17		No Opt. Call		BBB		4,324,880
	12,830	Total Virgin Islands						13,464,236
		Virginia – 0.2%
	400	Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 4.125%, 9/01/15		No Opt. Call		B–		397,104
	1,000	Hanover County, Virginia, General Obligation Bonds, Refunding & Public Improvement Series 2009, 5.000%, 7/15/19		No Opt. Call		AAA		1,156,090
	1,025	Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Refunding Series 2014B, 5.000%, 2/01/19		No Opt. Call		AA+		1,168,152
		Virginia Small Business Financing Authority, Revenue Bonds, Hampton University, Refunding Series 2014:
	1,000	5.000%, 10/01/17		No Opt. Call		A–		1,089,820
	1,000	5.000%, 10/01/18		No Opt. Call		A–		1,114,090
	1,000	5.000%, 10/01/19		No Opt. Call		A–		1,135,330
	2,765	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		2,810,733
	8,190	Total Virginia						8,871,319
		Washington – 3.0%
	1,700	Central Washington University, Washington, System Revenue Bonds, Refunding Series 2013, 4.000%, 5/01/15		No Opt. Call		A1		1,700,187
	14,065	Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2015A, 5.000%, 7/01/23 (WI/DD, Settling 5/21/15)		No Opt. Call		Aa1		17,147,766
	4,160	Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement Series 2010B, 5.000%, 2/01/17		No Opt. Call		AA		4,478,739
		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+		1,238,622
	1,500	5.000%, 12/01/20		No Opt. Call		A+		1,756,725
	2,095	5.000%, 12/01/21		No Opt. Call		A+		2,477,191
	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		3,329,970

178 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Washington (continued)
$	1,015	Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A, 5.000%, 11/15/21		No Opt. Call		A+	$	1,202,562
	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		11,234,400
	10,640	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		12,592,546
	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–		3,563,245
	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–		2,620,150
		Washington State, General Obligation Bonds, Refunding Various Purpose Series 2013R-13C:
	9,355	4.000%, 7/01/15		No Opt. Call		AA+		9,416,649
	20,070	5.000%, 7/01/21		No Opt. Call		AA+		23,946,720
	10,380	Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, 2010 Series 2009B, 5.000%, 8/01/15		No Opt. Call		AA+		10,508,193
	8,715	Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008B, 5.000%, 7/01/19 (Pre-refunded 7/01/18)		7/18 at 100.00		AA+ (4)		9,809,953
	103,895	Total Washington						117,023,618
		West Virginia – 0.6%
	6,210	Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company, Series 2003L, 1.625%, 10/01/22 (Mandatory put 10/01/18)		No Opt. Call		Baa1		6,207,827
	6,465	West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company – Amos Project, Refunding Series 2015A, 1.900%, 3/01/40		No Opt. Call		Baa1		6,466,681
	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		5,054,050
	1,020	West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2014A, 5.000%, 9/01/24		No Opt. Call		A3		1,200,591
	440	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		481,254
	2,480	West Virginia University, Revenue Bonds, West Virginia University Projects, Series 2000A, 0.000%, 4/01/17 – AMBAC Insured		No Opt. Call		Aa3		2,429,730
	21,615	Total West Virginia						21,840,133
		Wisconsin – 2.4%
	950	Wisconsin Health & Educational Facs Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2014A, 5.000%, 12/01/19		No Opt. Call		Aa3		1,087,579
	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+		3,242,910
		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		5,393,950
	5,000	5.000%, 7/15/18		No Opt. Call		A		5,509,450
	5,680	5.000%, 7/15/19		No Opt. Call		A		6,376,595

Nuveen Investments 179

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin (continued)
$	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	$	3,191,180
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Hospital Sisters Services, Inc., Refunding Series 2012B:
	590	4.000%, 8/15/17		No Opt. Call		AA–		632,893
	1,465	5.000%, 8/15/18		No Opt. Call		AA–		1,637,592
	6,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Hospital Sisters Services, Inc., Refunding Series 2014A, 5.000%, 11/15/22		No Opt. Call		AA–		7,120,320
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of Wisconsin, Inc., Series 2010:
	1,475	5.000%, 12/01/16		No Opt. Call		A+		1,563,780
	1,555	5.000%, 12/01/17		No Opt. Call		A+		1,687,750
	1,635	5.000%, 12/01/18		No Opt. Call		A+		1,809,455
	1,710	5.000%, 12/01/19		No Opt. Call		A+		1,925,289
	5,240	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2010A, 5.000%, 6/01/19		No Opt. Call		A2		5,418,789
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C:
	500	5.000%, 8/15/16		No Opt. Call		AA		529,100
	750	5.000%, 8/15/18		No Opt. Call		AA		835,853
	315	5.000%, 8/15/20		No Opt. Call		AA		361,589
	1,480	5.000%, 8/15/21		No Opt. Call		AA		1,717,066
	55	5.000%, 8/15/23		8/22 at 100.00		AA		64,749
	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–		2,165,415
		Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
	7,030	5.250%, 5/01/20		5/19 at 100.00		AA–		8,141,513
	5	5.375%, 5/01/25		5/19 at 100.00		AA–		5,775
	2,800	5.750%, 5/01/29		5/19 at 100.00		AA–		3,282,636
		Wisconsin State, Transportation Revenue Bonds, Refunding Series 2015-1:
	7,500	5.000%, 7/01/17		No Opt. Call		AA+		8,194,800
	9,815	5.000%, 7/01/18		No Opt. Call		AA+		11,043,248
		Wisconsin State, Transportation Revenue Bonds, Series 2014-1:
	5,000	5.000%, 7/01/21 (Pre-refunded 7/01/19)		7/19 at 100.00		AA+ (4)		5,773,700
	595	5.000%, 7/01/22 (Pre-refunded 7/01/19)		7/19 at 100.00		AA+ (4)		687,070
	1,515	5.000%, 7/01/23 (Pre-refunded 7/01/19)		7/19 at 100.00		AA+ (4)		1,749,431
		WPPI Energy, Wisconsin, Power Supply System Revenue Bonds, Refunding Series 2014A:
	670	5.000%, 7/01/25		7/24 at 100.00		A1		802,546
	1,000	5.000%, 7/01/26		7/24 at 100.00		A1		1,183,920
	700	5.000%, 7/01/27		7/24 at 100.00		A1		820,365
	83,925	Total Wisconsin						93,956,308
$	3,591,561	Total Municipal Bonds (cost $3,830,387,503)						3,923,085,184

180 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		CORPORATE BONDS – 0.0%
		Transportation – 0.0%
$	132	Las Vegas Monorail Company, Senior Interest Bonds (6), (7)		5.500%		7/15/19		N/R	$	23,702
	35	Las Vegas Monorail Company, Senior Interest Bonds (6), (7)		3.000%		7/15/55		N/R		4,684
$	167	Total Corporate Bonds (cost $14,944)								28,386
		Total Long-Term Investments (cost $3,830,402,447)								3,923,113,570
Principal Amount (000)		Description (1)			Optional Call Provisions (2)		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 0.8%
		MUNICIPAL BONDS – 0.8%
		National – 0.2%
$	959	BB&T Municipal Trust Pool Tax Exempt Lease Certificates Class A, Variable Rate Demand Obligations, Series 2014, 0.300%, 5/15/15				No Opt. Call		N/R	$	959,394
	5,000	BB&T Municipal Trust Pool Tax Exempt Lease Certificates Class B, Variable Rate Demand Obligations, Series 2014, 0.410%, 12/15/15				No Opt. Call		A+		5,000,000
	1,500	BB&T Municipal Trust Pool Tax Exempt Lease Certificates Class C, Variable Rate Demand Obligations, Series 2014, 0.810%, 11/15/17 (8)				No Opt. Call		A+		1,500,000
	7,459	Total National								7,459,394
		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		1,541,692
	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		150,654
	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		225,981
	1,910	Total California								1,918,327
		Pennsylvania – 0.2%
	6,800	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Association of Independent Colleges and Universities of Pennsylvania Financing Program-Messiah College Project, Variable Rate Demand Obligations, Series 2001-14, 1.500%, 11/01/31 (Mandatory put 5/01/18) (8)				5/18 at 100.00		A-1		6,800,000
		Missouri – 0.4%
	14,870	St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Variable Rate Demand Obligations, Tender Option Bond Trust DCL-017, 0.420%, 7/01/22 (8)				No Opt. Call		A-2		14,870,000
$	31,039	Total Short-Term Investments (cost $31,039,394)								31,047,721
		Total Investments (cost $3,861,441,841) – 99.6%								3,954,161,291
		Other Assets Less Liabilities – 0.4%								16,635,856
		Net Assets – 100%							$	3,970,797,147

Nuveen Investments 181

Nuveen Limited Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

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

(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 categorized 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 is not accruing income 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.

(ETM) Escrowed to maturity.

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

See accompanying notes to financial statements.

182 Nuveen Investments

Nuveen Short Term Municipal Bond Fund

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 98.1%
		MUNICIPAL BONDS – 98.1%
		Alaska – 0.0%
$	40	Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 4.625%, 6/01/23		7/15 at 100.00		Ba1	$	40,007
		Arizona – 4.7%
	500	Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/17		No Opt. Call		A2		550,610
	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		1,005,680
	660	Creighton Elementary School District 14, Maricopa County, Arizona, General Obligation Bonds, Series 2014B, 3.000%, 7/01/18		No Opt. Call		A1		696,406
	1,545	Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2010, 5.000%, 5/15/19		No Opt. Call		A+		1,732,918
		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		1,544,535
	1,775	1.000%, 7/01/19		No Opt. Call		Aa1		1,895,594
	440	Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 4.000%, 7/01/17		No Opt. Call		AA		469,432
	1,995	Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.000%, 7/01/17		No Opt. Call		A		2,169,642
	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–		1,129,711
	6,230	Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/17		No Opt. Call		A+		6,794,375
	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–		1,632,480
	1,365	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		1,439,666
		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+		130,445
	300	3.000%, 7/01/16 (Alternative Minimum Tax)		No Opt. Call		AA+		305,967
	1,345	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+		1,509,682
	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		1,294,826
	790	Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 2.500%, 7/01/15		No Opt. Call		A		793,073
		Pinal County, Arizona, Pledged Revenue Obligations, Refunding Series 2014:
	1,000	5.000%, 8/01/18		No Opt. Call		AA–		1,121,120
	3,195	3.000%, 8/01/19		No Opt. Call		AA–		3,390,981

Nuveen Investments 183

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Arizona (continued)
$	1,195	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+	$	1,355,847
	1,070	Sun Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project, Series 2008, 5.000%, 7/01/18		No Opt. Call		AA–		1,196,057
	435	Yuma & La Paz Counties Community College District, Arizona, General Obligation Bonds, Refunding Series 2014, 4.000%, 7/01/18		No Opt. Call		Aa3		471,631
	500	Yuma County Elementary School District 1, Arizona, General Obligation Bonds, School Improvement Project 2014, Series 2015A, 4.000%, 7/01/18 – BAM Insured		No Opt. Call		AA		543,080
	815	Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional Medical Center, Series 2014A, 5.000%, 8/01/19		No Opt. Call		A–		919,320
	31,640	Total Arizona						34,093,078
		Arkansas – 0.5%
	2,910	North Little Rock Health Facilities Board, Arkansas, Healthcare Revenue Bonds, Baptist Health, Series 1996B, 5.375%, 12/01/19		12/18 at 100.00		A+		3,286,438
		California – 8.8%
	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		373,041
		Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C, Series 2013A:
	495	2.250%, 9/01/15		No Opt. Call		N/R		495,980
	480	3.000%, 9/01/16		No Opt. Call		N/R		486,485
	1,125	Brea Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Redevelopment Project Area AB, Refunding Series 2013, 5.000%, 8/01/17		No Opt. Call		AA–		1,233,090
	1,000	Burbank-Glendale-Pasadena Airport Authority, California, Airport Revenue Bonds, Series 2005B, 5.250%, 7/01/16 (Pre-refunded 7/01/15) – AMBAC Insured (Alternative Minimum Tax)		7/15 at 100.00		A+ (4)		1,008,370
	700	Calexico Community Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Merged Central Business District and Residential Redevelopment Project Area, Refunding Series 2014, 5.000%, 8/01/18 – AGM Insured		No Opt. Call		AA		785,701
	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+		831,776
	2,045	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–		2,260,236
	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+		280,291
	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		2,368,049
	3,000	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2011A, 4.000%, 10/01/15		No Opt. Call		A1		3,048,989
	2,500	California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/16		6/15 at 100.00		A		2,510,425
	1,020	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+		1,040,431

184 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
$	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	$	175,880
	250	Carlsbad, California, Limited Obligation Refunding Bonds, Reassessment District 12-1, Series 2013, 2.000%, 9/01/15		No Opt. Call		N/R		250,513
	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–		1,459,062
	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+		2,282,891
	1,000	Chula Vista Municipal Finance Authority, California, Special Tax Revenue Bonds, Refunding Series 2013, 5.000%, 9/01/15		No Opt. Call		BBB+		1,015,420
		Clovis, California, Water Revenue Bonds, Refunding Series 2013:
	225	4.000%, 3/01/16 – BAM Insured		No Opt. Call		AA		231,498
	250	4.000%, 3/01/17 – BAM Insured		No Opt. Call		AA		264,775
	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		1,074,390
		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+		552,816
	500	4.000%, 9/01/17		No Opt. Call		BBB+		531,780
		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		415,256
	475	4.000%, 9/01/17		No Opt. Call		N/R		504,141
		Fresno, California, Airport Revenue Bonds, Refunding Series 2013B:
	1,275	4.000%, 7/01/15 (Alternative Minimum Tax)		No Opt. Call		Baa1		1,282,166
	875	4.000%, 7/01/16 (Alternative Minimum Tax)		No Opt. Call		Baa1		905,958
	905	4.000%, 7/01/17 (Alternative Minimum Tax)		No Opt. Call		Baa1		953,897
	2,680	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/17		No Opt. Call		A1		2,927,605
	685	Irvine, California, Limited Obligation Improvement Bonds, Reassessment District 12-1, Series 2012, 3.000%, 9/02/15		No Opt. Call		BBB+		691,309
	780	Irvine, California, Limited Obligation Improvement Bonds, Reassessment District 13-1, Series 2013, 2.000%, 9/02/15		No Opt. Call		BBB–		782,527
	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		687,891
	1,440	Lee Lake Public Financing Authority, California, Senior Lien Revenue Bonds, Refunding Series 2013A, 4.000%, 9/01/15		No Opt. Call		BBB		1,457,021
	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–		3,626,595
	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		1,127,820
	500	Northern California Power Agency, Hydroelectric Project Number One Revenue Bonds, Refunding Series 2010A, 5.000%, 7/01/16		No Opt. Call		A+		528,140
	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–		2,539,950

Nuveen Investments 185

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		Orange City, California, Special Tax Bonds, Community Facilities District 91-2, Serrano Heights Public Improvements, Refunding Series 2013:
$	450	3.000%, 10/01/15		No Opt. Call		A	$	455,031
	320	3.000%, 10/01/16		No Opt. Call		A		330,512
	360	3.000%, 10/01/17		No Opt. Call		A		376,236
	300	4.000%, 10/01/18		No Opt. Call		A		325,161
	2,135	Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A, 3.000%, 9/01/16		No Opt. Call		N/R		2,162,435
	940	Richmond Community Development Agency Successor Agency, California, Tax Allocation Bonds, Refunding Series 2014A, 4.000%, 9/01/17 – BAM Insured		No Opt. Call		AA		1,004,616
	275	Rio Elementary School District, California, Special Tax Bonds, Community Facilities District 1, Refunding Series 2014, 4.000%, 9/01/18		No Opt. Call		N/R		297,036
	500	Riverside County Transportation Commission, California, Sales Tax Revenue Bonds, Limited Tax Series 2013A, 5.000%, 6/01/18		No Opt. Call		AA+		563,010
		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+		1,013,512
	550	3.000%, 9/01/16		No Opt. Call		BBB+		566,412
	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		467,544
		San Benito Health Care District, San Benito County, California, Revenue Bonds, Refunding Series 2013:
	300	3.000%, 3/01/16		No Opt. Call		A+		306,558
	350	4.000%, 3/01/18		No Opt. Call		A+		378,354
	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		657,648
		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+		217,342
	300	5.000%, 8/01/18		No Opt. Call		BBB+		333,555
	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		1,005,830
		Santa Cruz County Redevelopment Successor Agency, California, Tax Allocation Bonds, Refunding Series 2014:
	1,000	5.000%, 9/01/17 – BAM Insured		No Opt. Call		AA		1,093,390
	600	5.000%, 9/01/18 – BAM Insured		No Opt. Call		AA		672,708
	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+		874,886
	605	Successor Agency to the Redevelopment Agency of the City of San Pablo, California, Tax Allocation Refunding Bonds, Series 2014A, 4.000%, 6/15/17 – AGM Insured		No Opt. Call		AA		646,630
	895	Sulphur Springs Union School District, Los Angeles County, California, General Obligation Bonds, Anticipation Notes Series 2014A, 0.000%, 1/01/18		No Opt. Call		N/R		866,181
	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		306,449
	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		1,103,978

186 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		California (continued)
		Val Verde Unified School District Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 2014:
$	885	3.000%, 10/01/16 – BAM Insured		No Opt. Call		AA	$	913,630
	425	3.000%, 10/01/17 – BAM Insured		No Opt. Call		AA		444,168
	260	4.000%, 10/01/18 – BAM Insured		No Opt. Call		AA		282,942
		West Kern Water District, California, Certificates of Participation, Series 2011:
	860	3.000%, 6/01/15		No Opt. Call		AA–		861,935
	600	3.000%, 6/01/16		No Opt. Call		AA–		615,510
	1,580	West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2014, 3.000%, 9/01/15		No Opt. Call		N/R		1,584,803
	60,990	Total California						63,720,167
		Colorado – 2.7%
	370	Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds, Monument Academy Charter School Project, Refunding Series 2014, 2.000%, 10/01/16		No Opt. Call		A		375,857
		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		175,336
	250	3.000%, 6/01/16		No Opt. Call		A		254,990
	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		177,452
	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		311,949
		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, The Classical Academy Project, Refunding & Improvement Series 2014:
	610	2.000%, 12/01/16		No Opt. Call		A		620,858
	375	3.000%, 12/01/17		No Opt. Call		A		390,615
	250	3.000%, 12/01/18		No Opt. Call		A		260,855
	235	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, The Classical Academy Project, Refunding Series 2015A, 4.000%, 12/01/18		No Opt. Call		A		253,678
	625	Colorado Health Facilities Authority, Colorado, Hospital Revenue Bonds, Boulder Community Hospital Project, Refunding Series 2010A, 4.000%, 10/01/18		No Opt. Call		A		679,500
	3,000	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.000%, 7/01/15		No Opt. Call		A+		3,024,449
	840	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Series 2012, 3.000%, 9/01/15		No Opt. Call		A3		846,880
	390	Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013, 3.000%, 12/01/15 – AGM Insured		No Opt. Call		AA		396,224
	375	Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014, 2.000%, 8/01/18 – AGM Insured		No Opt. Call		AA		385,020
	450	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		470,241
	500	Denver City and County, Colorado, Airport System Revenue Bonds, Series 2011A, 5.250%, 11/15/18 (Alternative Minimum Tax)		No Opt. Call		A+		568,190

Nuveen Investments 187

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Colorado (continued)
$	540	Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012A, 4.000%, 11/15/17 (Alternative Minimum Tax)		No Opt. Call		A+	$	580,981
		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		255,038
	250	5.000%, 11/15/16 (Alternative Minimum Tax)		No Opt. Call		A		266,415
		Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B:
	100	3.000%, 11/15/15		No Opt. Call		A		101,523
	475	4.000%, 11/15/16		No Opt. Call		A		500,579
	375	5.000%, 11/15/17		No Opt. Call		A		413,726
	1,975	Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, Stapleton Senior Refunding Series 2013A-1, 5.000%, 12/01/16		No Opt. Call		A–		2,107,009
	355	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/17 – NPFG Insured		No Opt. Call		AA–		340,484
	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		345,024
	175	Fossil Ridge Metropolitan District No. 3, In the City of Lakewood, Jefferson County, Colorado, General Obligation Limited Tax Bonds, Series 2014, 3.000%, 12/01/16		No Opt. Call		BBB		180,269
	1,240	Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding Bonds, Series 2011A, 3.000%, 12/01/15		No Opt. Call		A		1,257,881
		Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013:
	730	4.000%, 12/01/15		No Opt. Call		N/R		734,833
	1,015	4.000%, 12/01/16		No Opt. Call		N/R		1,030,590
		Sand Creek Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013B:
	480	3.000%, 12/01/15		No Opt. Call		A		487,594
	490	3.000%, 12/01/16		No Opt. Call		A		508,218
	510	3.000%, 12/01/17		No Opt. Call		A		535,566
	235	Tallyn’s Reach Metropolitan District 3, Aurora, Colorado, General Obligation Bonds, Refunding Series 2012, 3.000%, 12/01/15		No Opt. Call		BBB		237,797
	500	Weld County School District RE7, Colorado, General Obligation Bonds, Series 2015, 3.000%, 12/01/18		No Opt. Call		Aa2		531,395
	18,960	Total Colorado						19,607,016
		Connecticut – 0.2%
	765	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2011G, 4.000%, 7/01/15		No Opt. Call		BBB+		768,840
	535	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011N, 4.000%, 7/01/16		No Opt. Call		A		555,619
	1,300	Total Connecticut						1,324,459
		Delaware – 0.0%
	225	Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013, 4.000%, 7/01/15		No Opt. Call		BBB–		225,932

188 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		District of Columbia – 0.4%
$	325	District of Columbia, Revenue Bonds, Association of American Medical Colleges, Series 2011A, 3.000%, 10/01/16		No Opt. Call		A+	$	335,559
	1,600	District of Columbia, Revenue Bonds, Medlantic/Helix Issue, Series 1998B, 5.000%, 8/15/17 – AGM Insured		No Opt. Call		AA		1,743,968
	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		775,154
	2,685	Total District of Columbia						2,854,681
		Florida – 6.7%
		Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A:
	300	3.000%, 11/15/16		No Opt. Call		BBB		306,531
	600	4.000%, 11/15/17		No Opt. Call		BBB		628,488
	425	Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Health First, Inc. Project, Refunding Series 2014, 5.000%, 4/01/18		No Opt. Call		A–		469,196
	1,400	Broward County, Florida, Port Facilities Revenue Bonds, Refunding Series 2011B, 5.000%, 9/01/15 (Alternative Minimum Tax)		No Opt. Call		A1		1,422,386
		Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1:
	2,040	6.000%, 6/01/16		No Opt. Call		A+		2,162,093
	1,375	5.000%, 6/01/16 – AGC Insured		No Opt. Call		AA		1,443,888
	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		AA–		5,517,914
	4,305	Citizens Property Insurance Corporation, Florida, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/16		No Opt. Call		A+		4,516,547
		Crossings at Fleming Island Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Senior Lien Series 2014A-1:
	1,220	1.500%, 5/01/16		No Opt. Call		BBB		1,222,550
	1,240	1.750%, 5/01/17		No Opt. Call		BBB		1,242,914
	770	Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2014B, 4.000%, 4/01/17		No Opt. Call		Baa1		817,070
	500	Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2012A, 4.000%, 4/01/16		No Opt. Call		Baa1		513,250
	750	Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/16		No Opt. Call		A–		788,055
		Hernando County, Florida, Water and Sewer Revenue Bonds, Refunding Series 2013A:
	450	3.000%, 6/01/15		No Opt. Call		Aa3		451,058
	550	4.000%, 6/01/17		No Opt. Call		Aa3		585,508
	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		1,026,080
	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		2,138,200
	1,000	Lee County, Florida, Transportation Facilities Revenue Bonds, Refunding Series 2014, 5.000%, 10/01/18 – AGM Insured		No Opt. Call		AA		1,126,200
	1,000	Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A, 5.000%, 2/01/17		No Opt. Call		AA		1,071,760

Nuveen Investments 189

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Florida (continued)
$	3,315	Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/17		No Opt. Call		A–	$	3,618,322
		Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2014B:
	800	5.000%, 7/01/16		No Opt. Call		A–		843,080
	500	5.000%, 7/01/17		No Opt. Call		A–		545,070
	1,300	Miami-Dade County School Board, Florida, Certificates of Participation, Series 2015A, 5.000%, 5/01/18		No Opt. Call		A1		1,449,227
		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		1,032,750
	1,000	3.000%, 12/01/17		No Opt. Call		BBB		1,041,950
	730	Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 4.000%, 11/01/15		No Opt. Call		BBB+		740,950
		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		1,195,010
	1,060	4.000%, 10/01/16		No Opt. Call		BBB		1,100,874
	305	Pinellas County Educational Facilities Authority, Florida, General Revenue Bonds, Barry University, Refunding Series 2012, 4.000%, 10/01/15		No Opt. Call		BBB		308,947
	3,465	Saint Johns County School Board, Florida, Certificates of Participation, Master Lease Program, Refunding Series 2015, 5.000%, 7/01/18		No Opt. Call		A+		3,890,501
		Saint Lucie County, Florida, Sales Tax Revenue Bonds, Refunding Series 2013A:
	370	4.000%, 10/01/15 – AGM Insured		No Opt. Call		AA		375,661
	585	4.000%, 10/01/16 – AGM Insured		No Opt. Call		AA		612,513
	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–		825,400
		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		100,415
	265	4.000%, 7/01/17		No Opt. Call		A3		281,046
	1,670	Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014B, 4.000%, 7/01/18		No Opt. Call		A3		1,793,630
	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		1,296,535
	46,125	Total Florida						48,501,569
		Georgia – 1.4%
	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		2,521,687
	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+		502,025
	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–		3,231,327

190 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Georgia (continued)
		Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014:
$	529	5.500%, 7/15/23		7/21 at 100.00		N/R	$	538,188
	1,035	5.500%, 7/15/30		7/21 at 100.00		N/R		1,053,475
	1,136	5.500%, 1/15/36		7/21 at 100.00		N/R		1,156,532
	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		1,007,080
	9,850	Total Georgia						10,010,314
		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		1,014,810
		Illinois – 5.0%
	1,390	Arlington Heights, Illinois, General Obligation Bonds, Series 2014, 3.000%, 12/01/18		No Opt. Call		Aa1		1,474,429
	715	Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2004B, 5.250%, 1/01/16 – NPFG Insured		No Opt. Call		AA		737,809
	1,070	Decatur, Illinois, General Obligation Bonds, Refunding Series 2013, 3.000%, 3/01/16		No Opt. Call		A1		1,090,929
	2,000	Illinois Finance Authority, National Rural Utilities Cooperative Finance Corporation Guaranteed Solid Waste Disposal Revenue Bonds, Prairie Power, Inc. Project, Series 2008A, 1.300%, 7/01/42 (Mandatory put 5/08/17)		No Opt. Call		A		2,001,420
		Illinois Finance Authority, Revenue Bonds, Benedictine University Project, Series 2013A:
	1,000	4.000%, 10/01/17		No Opt. Call		BBB		1,050,620
	500	5.000%, 10/01/19		No Opt. Call		BBB		555,740
	310	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/19		No Opt. Call		BBB		342,519
	225	Illinois Finance Authority, Revenue Bonds, DePaul University, Refunding Series 2013, 5.000%, 10/01/17		No Opt. Call		A		246,769
	410	Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 6.250%, 2/01/19		No Opt. Call		Baa3		438,470
	1,195	Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 5.000%, 7/01/18		No Opt. Call		A–		1,299,730
	1,000	Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015A, 5.000%, 11/15/19		No Opt. Call		A+		1,152,160
	360	Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2005, 5.000%, 8/15/15 (ETM)		No Opt. Call		AA (4)		365,026
	300	Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Capitol Appreciation Series 2010B, 0.000%, 5/15/50 (5)		7/15 at 17.88		N/R		3
	700	Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Refunding Series 2010A, 5.100%, 5/15/14 (5)		5/14 at 100.00		N/R		7
		Illinois State, General Obligation Bonds, February Series 2014:
	2,550	4.000%, 2/01/18		No Opt. Call		A–		2,695,911
	1,100	5.000%, 2/01/19		No Opt. Call		A–		1,209,395
	1,250	5.000%, 2/01/20		No Opt. Call		A–		1,381,588
	2,000	Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/17		No Opt. Call		A–		2,139,820
	1,805	Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/17		No Opt. Call		A–		1,942,144

Nuveen Investments 191

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Illinois (continued)
$	700	Illinois State, General Obligation Bonds, Series 2006A, 5.000%, 6/01/15		No Opt. Call		A–	$	702,681
	5,905	Illinois State, General Obligation Bonds, Series 2013, 4.000%, 7/01/16		No Opt. Call		A–		6,115,276
	2,625	Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013B, 5.000%, 12/01/17		No Opt. Call		AA–		2,907,765
		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		156,525
	475	3.000%, 3/01/17 – AGM Insured		No Opt. Call		AA		488,937
	505	3.000%, 3/01/18 – AGM Insured		No Opt. Call		AA		521,448
	535	3.000%, 3/01/19 – AGM Insured		No Opt. Call		AA		551,328
	250	Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012, 3.000%, 10/01/16		No Opt. Call		Baa1		255,583
	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		1,853,710
		St Clair County, Illinois, Highway Revenue Bonds, Series 2013A:
	350	5.000%, 1/01/16		No Opt. Call		AA–		360,437
	360	5.000%, 1/01/17		No Opt. Call		AA–		384,336
	885	Waukegan, Illinois, General Obligation Bonds, Refunding Series 2012A, 4.000%, 12/30/15 – AGM Insured		No Opt. Call		A2		904,868
	450	Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011, 5.750%, 12/01/15 – AGM Insured		No Opt. Call		AA		463,721
	34,780	Total Illinois						35,791,104
		Indiana – 4.1%
		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+		1,235,875
	1,045	5.000%, 7/15/18		No Opt. Call		AA+		1,167,850
		Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010:
	1,570	5.000%, 3/01/16		No Opt. Call		BBB		1,623,066
	1,165	5.000%, 3/01/18		No Opt. Call		BBB		1,258,375
	920	Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding Series 2014A, 4.000%, 12/01/18		No Opt. Call		AA–		1,009,001
	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		1,707,271
	435	Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A, 5.000%, 10/01/18		No Opt. Call		AA		490,362
	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–		1,111,778
	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		1,128,325
	1,360	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2007L, 5.000%, 7/01/17 – NPFG Insured		No Opt. Call		AA–		1,476,443
	3,140	Indianapolis, Indiana, Gas Utility System Revenue Bonds, Refunding 2nd Lien Series 2008C, 5.000%, 6/01/17		No Opt. Call		AA		3,403,289

192 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Indiana (continued)
$	5,335	IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2014, 5.000%, 7/15/18		No Opt. Call		AA+	$	5,996,112
	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–		657,937
		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+		528,950
	600	4.000%, 1/15/18		No Opt. Call		AA+		648,978
	6,000	Rockport, Indiana, Pollution Control Revenue Refunding Bonds, Indiana Michigan Power Company Project, Series 2009A, 1.750%, 6/01/25 (Mandatory put 6/01/18)		No Opt. Call		Baa1		6,008,639
	285	Vanderburgh County, Indiana, Redevelopment District Tax Increment Revenue bonds, Refunding Series 2014, 3.000%, 2/01/17		No Opt. Call		A		295,440
	27,920	Total Indiana						29,747,691
		Iowa – 1.2%
	500	Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 4.000%, 6/15/15		No Opt. Call		A2		502,160
		Iowa Finance Authority, Healthcare Revenue Bonds, Gensisi Health System, Refunding Series 2010:
	1,150	5.000%, 7/01/16		No Opt. Call		A1		1,208,248
	2,520	5.000%, 7/01/20		No Opt. Call		A1		2,915,665
	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–		313,896
		Johnston Community School District, Iowa, School Infrastructure Sales, Services and Use Tax Revenue Bonds, Series 2014:
	1,170	4.000%, 7/01/17 – AGC Insured		No Opt. Call		AA		1,249,303
	1,130	5.000%, 7/01/19 – AGM Insured		No Opt. Call		AA		1,291,714
	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		1,119,092
	7,850	Total Iowa						8,600,078
		Kansas – 0.6%
	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		1,125,905
	500	Manhattan, Kansas, Hospital Revenue Bonds, Mercy Regional Health Center, Inc., Refunding Series 2013, 4.000%, 11/15/15		No Opt. Call		A+		510,315
	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)		1,026,190
	1,000	Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Via Christi Health System Inc., Series 2009A-III, 5.000%, 11/15/16 (ETM)		No Opt. Call		N/R (4)		1,070,310
	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+		544,200
	4,100	Total Kansas						4,276,920
		Kentucky – 1.7%
	2,800	Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2009A, 5.000%, 8/15/17		No Opt. Call		A+		3,048,611

Nuveen Investments 193

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Kentucky (continued)
$	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	$	2,250,028
	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+		1,047,440
	1,100	Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/18		No Opt. Call		A+		1,243,781
	1,365	Louisville-Jefferson County Metro Government, Kentucky, Mortgage Revenue Bonds, University of Louisville Papa John’s Cardinal Stadium Project, Refunding & Improvement, Series 2008A, 5.000%, 3/01/18		No Opt. Call		AA–		1,519,341
	1,420	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		1,437,523
	500	Russell, Kentucky, Revenue Bonds, Bon Secours Health System, Series 2013, 4.000%, 11/01/15		No Opt. Call		A		508,745
	910	Trimble County, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2001B, 1.350%, 11/01/27 (Mandatory put 5/01/18) (Alternative Minimum Tax)		No Opt. Call		A1		906,460
	11,165	Total Kentucky						11,961,929
		Louisiana – 1.7%
		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		315,025
	315	3.000%, 5/01/16 – AGM Insured		No Opt. Call		A2		323,029
	700	De Soto Parrish, Louisiana, Pollution Control Revenue Bonds, Southwestern Electric Power Company Project, Refunding Series 2010, 1.600%, 1/01/19		No Opt. Call		BBB		697,914
	1,940	Ernest N. Morial-New Orleans Exhibition Hall Authority, Louisiana, Special Tax Bonds, Refunding Series 2014, 5.000%, 7/15/18		No Opt. Call		A1		2,168,066
		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		258,683
	500	3.000%, 12/01/17 – AGM Insured		No Opt. Call		AA		523,320
	2,435	Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B, 5.000%, 6/01/16 – AMBAC Insured		No Opt. Call		A–		2,554,656
	1,270	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		1,355,027
	1,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Refunding Bonds, Parking Facilities Corporation – Phase I Project, Series 2012, 3.000%, 10/01/16 – AGM Insured		No Opt. Call		AA		1,028,540
	1,575	Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2011, 5.000%, 10/01/17		No Opt. Call		A–		1,725,791
	1,100	New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2005, 5.250%, 12/01/21 – NPFG Insured		12/15 at 100.00		AA–		1,130,415
	11,400	Total Louisiana						12,080,466

194 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Maine – 0.1%
		Portland, Maine, General Airport Revenue Bonds, Refunding Series 2013:
$	500	3.000%, 7/01/16		No Opt. Call		BBB+	$	513,365
	535	3.000%, 7/01/17		No Opt. Call		BBB+		556,491
	1,035	Total Maine						1,069,856
		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		285,695
	405	Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury University Project, Series 2012, 3.000%, 6/01/15		No Opt. Call		Baa3		405,705
	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		220,882
	905	Total Maryland						912,282
		Massachusetts – 0.9%
	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		AA–		301,443
	1,450	Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 4.500%, 1/01/16 (Alternative Minimum Tax)		No Opt. Call		AA		1,482,060
		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		629,412
	1,500	4.000%, 1/01/18 (Alternative Minimum Tax)		No Opt. Call		AA		1,597,335
	1,255	3.000%, 1/01/19 (Alternative Minimum Tax)		No Opt. Call		AA		1,296,465
	1,000	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2005-11, 5.250%, 8/01/18		No Opt. Call		AAA		1,136,920
	6,105	Total Massachusetts						6,443,635
		Michigan – 3.5%
		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		255,533
	750	5.000%, 5/01/18		No Opt. Call		Aa2		833,738
	500	East Lansing School District, Ingham County, Michigan, General Obligation Bonds, Refunding Series 2015, 5.000%, 5/01/18		No Opt. Call		AA–		555,825
	980	Grand Blanc Community Schools, Genesee County, Michigan, General Obligation Bonds, Refunding Series 2013, 4.000%, 5/01/17		No Opt. Call		AA–		1,040,505
	1,730	Huron Valley School District, Oakland and Livingston Counties, Michigan, General Obligation Bonds, Refunding Series 2015, 5.000%, 5/01/18		No Opt. Call		AA–		1,928,587
	430	Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Healthcare Group, Series 2011A, 4.000%, 5/15/15		No Opt. Call		A2		430,529
	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		1,058,460
	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		537,773
	1,210	Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, Refunding Series 2015A, 4.000%, 8/01/18		No Opt. Call		A1		1,318,077

Nuveen Investments 195

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Michigan (continued)
$	2,000	Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015, 5.000%, 12/01/18		No Opt. Call		AA	$	2,254,920
	2,415	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 5.000%, 11/15/16		No Opt. Call		AA+		2,579,558
	1,785	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+		1,822,253
	1,000	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding Series 2010F-3, 1.400%, 11/15/47 (Mandatory put 6/29/18)		No Opt. Call		AA+		1,002,200
	1,000	Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2008A-1, 6.000%, 12/01/17		No Opt. Call		AA		1,129,560
	1,500	Michigan State Trunk Line Fund Refunding Bonds, Series 2014, 5.000%, 11/15/18		No Opt. Call		AA+		1,701,960
	1,000	Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/18		No Opt. Call		Aa2		1,113,850
	200	Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/17		No Opt. Call		A1		217,620
	1,000	Saint Joseph Public Schools, Berrien County, Michigan, General Obligation Bonds, Refunding Series 2015, 5.000%, 5/01/18		No Opt. Call		AA–		1,111,650
	400	Sturgis Public School District, Saint Joseph County, Michigan, General Obligation Bonds, Refunding Series 2015A, 4.000%, 5/01/18		No Opt. Call		AA–		432,900
	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–		1,395,131
	1,600	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		1,702,352
	500	Western Michigan University, General Revenue Bonds, Refunding Series 2013, 5.000%, 11/15/17		No Opt. Call		A1		551,000
	23,125	Total Michigan						24,973,981
		Minnesota – 6.6%
	2,805	Bemidji Independent School District 31, Beltrami County, Minnesota, General Obligation Bonds, Refunding Series 2013A, 5.000%, 4/01/17		No Opt. Call		AA+		3,038,208
	4,105	Bloomington Independent School District 271, Hennepin County, Minnesota, General Obligation Bonds, Refunding School Building Series 2014A, 5.000%, 2/01/18		No Opt. Call		AA+		4,561,886
		Brainerd, Minnesota, Electric Utility Revenue Bonds, Series 2014A:
	325	2.000%, 12/01/15		No Opt. Call		AA		327,912
	360	3.000%, 12/01/16		No Opt. Call		AA		372,164
	360	3.000%, 12/01/17		No Opt. Call		AA		376,351
	365	3.000%, 12/01/18		No Opt. Call		AA		382,407
	660	Central Minnesota Municipal Power Agency, Revenue Bonds, Brookings – Southeast Twin Cities Transmission Project, Series 2012, 5.000%, 1/01/18		No Opt. Call		A–		724,588
	610	Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation Bonds, School Building Series 2015A, 0.000%, 2/01/19		No Opt. Call		AA+		578,695
	585	Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2013A, 1.900%, 7/01/15		No Opt. Call		BBB–		585,117
	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		3,274,193

196 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Minnesota (continued)
$	2,985	Minneapolis Special School District 1, Minnesota, Certificates of Participation, Refunding Series 2013D, 5.000%, 2/01/18		No Opt. Call		AA+	$	3,313,767
	1,365	Minneapolis, Minnesota, Multifamily Housing Revenue Bonds, Greenway Heights Family Housing Project, Series 2014B, 3.000%, 7/15/15		No Opt. Call		N/R		1,365,137
	2,500	Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010, 5.000%, 8/01/17		No Opt. Call		BBB+		2,661,350
	705	Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012, 2.600%, 11/15/15		No Opt. Call		N/R		707,009
		Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series 2015:
	220	1.950%, 3/01/17		No Opt. Call		N/R		219,958
	280	2.350%, 3/01/18		No Opt. Call		N/R		279,930
		Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village at St. Anthony Falls Project, Refunding Series 2015:
	490	2.000%, 3/01/17		No Opt. Call		N/R		489,995
	460	2.400%, 3/01/18		No Opt. Call		N/R		460,009
	605	3.000%, 3/01/20		No Opt. Call		N/R		605,115
		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		843,048
	600	5.000%, 1/01/18 (Alternative Minimum Tax)		No Opt. Call		A		661,050
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Series 2014-8-C:
	200	1.250%, 5/01/16		No Opt. Call		Baa3		200,546
	215	1.550%, 5/01/17		No Opt. Call		Baa3		215,333
	300	2.000%, 5/01/18		No Opt. Call		Baa3		300,411
		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		935,680
	1,065	5.500%, 5/01/17		No Opt. Call		N/R		1,119,773
	210	Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Inc., Series 2012-7R, 3.000%, 12/01/15		No Opt. Call		Baa2		212,495
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine University, Series 2012-7Q:
	450	4.000%, 10/01/15		No Opt. Call		Baa1		456,426
	650	4.000%, 10/01/16		No Opt. Call		Baa1		677,593
	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		1,197,387
	1,010	Minnesota Higher Education Facilities Authority, Revenue Bonds, University of St. Thomas, Series 2006-6I, 5.000%, 4/01/16		No Opt. Call		A2		1,052,834
		Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C:
	790	1.050%, 7/01/17 (Alternative Minimum Tax)		No Opt. Call		AA+		789,502
	1,385	1.400%, 7/01/18 (Alternative Minimum Tax)		No Opt. Call		AA+		1,381,177
	3,635	Minnesota State, General Obligation Bonds, Various Purpose Refunding Series 2013F, 5.000%, 10/01/18		No Opt. Call		AA+		4,118,563
	1,405	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2008A, 5.000%, 1/01/18 – AGC Insured		No Opt. Call		AA		1,553,045

Nuveen Investments 197

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Minnesota (continued)
		Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Refunding Series 2013A:
$	135	2.250%, 12/01/15		No Opt. Call		BBB–	$	135,398
	320	2.500%, 12/01/16		No Opt. Call		BBB–		321,984
	220	3.000%, 12/01/17		No Opt. Call		BBB–		224,015
	545	Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2011, 4.000%, 11/15/38 (Mandatory put 11/15/18)		No Opt. Call		AA		597,015
	425	Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Refunding Series 2014B, 4.000%, 5/01/18		No Opt. Call		A1		460,679
	1,000	Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.000%, 5/01/15		No Opt. Call		A1		1,000,140
	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		2,576,255
	300	Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Luthran Home, Refunding Series 2013, 4.000%, 1/01/16		No Opt. Call		N/R		303,372
	545	Shakopee Independent School District 720, Scott County, Minnesota, Certificates of Participation, Series 2013B, 2.000%, 2/01/17		No Opt. Call		Aa3		555,791
		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		660,869
	450	5.000%, 9/01/17		No Opt. Call		A		492,782
	44,520	Total Minnesota						47,366,954
		Mississippi – 0.6%
	800	Mississippi Business Finance Corporation, Solid Waste Disposal Revenue Bonds, Waste Management, Inc. Project, Series 2002, 1.375%, 3/01/27 (Mandatory put 3/01/17) (Alternative Minimum Tax)		No Opt. Call		A–		798,200
	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		3,255,735
	4,035	Total Mississippi						4,053,935
		Missouri – 4.7%
	1,710	Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/18		No Opt. Call		AA+		1,939,020
		Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2012:
	1,000	3.000%, 8/01/15		No Opt. Call		A		1,005,710
	1,000	4.000%, 8/01/17		No Opt. Call		A		1,059,120
	1,090	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–		1,161,504
		Cape Girardeau County Reorganized School District R2, Missouri, Certificates of Participation, Refunding Series 2014:
	200	3.000%, 4/01/17 – BAM Insured		No Opt. Call		AA		207,412
	300	3.000%, 4/01/18 – BAM Insured		No Opt. Call		AA		313,509
	1,470	Chesterfield Valley Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2015, 3.250%, 5/15/28		5/23 at 100.00		A–		1,432,383

198 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Missouri (continued)
$	1,560	Cole County, Missouri, Certificates of Participation, Refunding Jail Project Series 2014, 4.000%, 12/01/17		No Opt. Call		Aa3	$	1,677,702
		Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2007A:
	365	5.000%, 11/01/33 (Pre-refunded 11/01/17)		11/17 at 100.00		AA+ (4)		403,369
	160	5.000%, 11/01/35 (Pre-refunded 11/01/17)		11/17 at 100.00		AA+ (4)		176,819
	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+		2,480,849
	205	Joplin Industrial Development Authority, Missouri, Revenue Bonds, Christian Homes Inc., Series 2007F, 5.500%, 5/15/17		No Opt. Call		BBB–		216,074
		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		506,045
	250	3.000%, 3/01/17		No Opt. Call		N/R		254,958
	1,000	3.000%, 3/01/18		No Opt. Call		N/R		1,019,770
	1,250	Kansas City, Missouri, Airport Revenue Bonds, Refunding General Improvement Series 2013A, 5.000%, 9/01/17		No Opt. Call		A+		1,369,288
	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		4,046,839
		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+		367,884
	995	5.000%, 5/01/17		No Opt. Call		BBB+		1,067,625
		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–		484,037
	495	3.000%, 10/01/16		No Opt. Call		BBB–		504,573
	505	Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/17		No Opt. Call		A2		555,404
	555	Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Freeman Health System, Series 2012, 5.000%, 2/15/17		No Opt. Call		BBB+		592,984
	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+		744,206
	275	Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2014A, 4.000%, 2/01/18		No Opt. Call		BBB+		293,310
	1,435	Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 4.000%, 4/01/17		No Opt. Call		A2		1,525,276
	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–		610,631
	830	Raymore, Missouri, Tax Increment Revenue Bonds, Raymore Galleria Project, Refunding & Improvement Series 2014A, 3.000%, 5/01/17		No Opt. Call		N/R		842,616
	600	Saint Louis Industrial Development Authority, Missouri, Tax Increment Bonds, Southtown Redevelopment Project, Refunding Series 2015, 3.000%, 11/01/22		No Opt. Call		N/R		599,898
	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		573,365
	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–		471,853

Nuveen Investments 199

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Missouri (continued)
$	890	Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2013, 5.000%, 7/01/16		No Opt. Call		A–	$	936,209
	250	St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A, 5.100%, 11/01/19		7/15 at 100.00		N/R		250,150
	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–		569,257
	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–		1,507,740
	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–		890,182
	950	St. Louis, Missouri, Airport Revenue Bonds, Series 1970, 5.000%, 7/01/15		No Opt. Call		A–		957,657
	520	Truman State University, Missouri, Housing System Revenue Bonds, Refunding Series 2013, 3.000%, 6/01/16		No Opt. Call		A1		534,118
	32,590	Total Missouri						34,149,346
		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–		1,965,922
		Nebraska – 2.0%
	410	Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 12/01/21		No Opt. Call		A		472,152
	6,180	Central Plains Energy Project, Nebraska, Gas Supply Revenue Bonds, Refunding Series 2014, 5.000%, 8/01/39 (Mandatory put 12/01/19)		12/19 at 100.00		Aa3		7,108,420
		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+		819,768
	360	4.000%, 5/15/17		No Opt. Call		BBB+		381,780
	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–		957,343
	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+		1,147,928
	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+		1,120,740
	1,235	University of Nebraska Facilities Corporation, UNMC Cancer Center Bonds, Series 2014A, 4.000%, 2/15/18		No Opt. Call		Aa1		1,340,840
	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		1,127,858
	13,175	Total Nebraska						14,476,829
		Nevada – 1.5%
	5,040	Clark County, Nevada, Airport Revenue Bonds, Junior Lien Series 2014B, 5.000%, 7/01/18		No Opt. Call		A		5,645,505
		Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-4C Green Valley Properties, Refunding Series 2014:
	1,630	4.000%, 11/01/17		No Opt. Call		N/R		1,740,987
	1,135	4.000%, 11/01/18		No Opt. Call		N/R		1,228,342

200 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Nevada (continued)
		Las Vegas, Nevada, Special Improvement District 607 Providence, Local Improvement Refunding Bonds, Series 2013:
$	470	2.000%, 6/01/15		No Opt. Call		N/R	$	470,014
	315	3.000%, 6/01/16		No Opt. Call		N/R		317,180
	1,150	Reno, Nevada, General Obligation Bonds, Medium Tern Various Purpose Series 2013B, 4.000%, 6/01/16		No Opt. Call		A1		1,189,813
	9,740	Total Nevada						10,591,841
		New Jersey – 2.9%
		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		No Opt. Call		BBB+		1,069,730
	1,000	5.000%, 2/15/18		No Opt. Call		BBB+		1,096,120
		New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
	3,450	2.000%, 7/01/16		No Opt. Call		BBB+		3,496,851
	1,100	5.000%, 7/01/17		No Opt. Call		BBB+		1,187,747
	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–		4,284,254
	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		2,136,660
		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		1,637,985
	2,000	5.000%, 9/15/18		No Opt. Call		A		2,233,020
	3,100	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/18		No Opt. Call		A–		3,395,244
	425	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		425,825
	19,825	Total New Jersey						20,963,436
		New Mexico – 0.9%
	4,930	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		5,600,381
	750	Taos County, New Mexico, Gross Receipts Tax Revenue Bonds, County Education Improvement Series 2013, 3.000%, 4/01/16 – BAM Insured		No Opt. Call		AA		764,070
	5,680	Total New Mexico						6,364,451
		New York – 8.7%
	1,060	Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 5.000%, 7/01/18		No Opt. Call		BBB+		1,176,653
	380	Build New York City Resource Corporation, New York, Revenue Bonds, Bronx Charter School for Excellence, Series 2013A, 3.000%, 4/01/18		No Opt. Call		BBB–		384,579
	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–		5,006,899
	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+		1,330,394

Nuveen Investments 201

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	575	Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2015, 5.000%, 7/01/18		No Opt. Call		A–	$	642,459
	1,395	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		1,577,564
	2,235	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		2,486,683
	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		4,556,120
	1,245	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A, 0.000%, 6/01/16 – AGM Insured		No Opt. Call		AA		1,237,318
	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)		150,017
	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+		468,720
	2,000	Nassau Health Care Corporation, New York, Revenue Anticipation Notes, Series 2015, 2.250%, 1/15/16		No Opt. Call		N/R		2,015,120
	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		2,269,100
	8,315	New York City, New York, General Obligation Bonds, Fiscal 2014 Series G, 5.000%, 8/01/17		No Opt. Call		AA		9,092,702
	2,000	New York City, New York, General Obligation Bonds, Fiscal 2014 Series J, 5.000%, 8/01/18		No Opt. Call		AA		2,249,180
	1,750	New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, New York State Electric and Gas Corporation, Series 1994B, 2.000%, 2/01/29		No Opt. Call		A3		1,751,120
	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		2,730,225
	1,920	New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2013A, 5.000%, 5/01/19		No Opt. Call		A–		2,185,094
		Niagara Falls, New York, General Obligation Bonds, Series 2014:
	1,000	2.000%, 3/01/17 – AGM Insured		No Opt. Call		AA		1,017,480
	620	2.000%, 3/01/18 – AGM Insured		No Opt. Call		AA		628,705
	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		1,206,649
	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–		1,644,975
	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–		6,753,359
	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–		3,866,555
	1,000	Rockland County, New York, General Obligation Bonds, Refunding Series 2014, 2.000%, 2/15/17 – BAM Insured		No Opt. Call		AA		1,016,950
	1,125	Rockland County, New York, General Obligation Bonds, Series 2014A, 5.000%, 3/01/17 – AGM Insured		No Opt. Call		AA		1,209,454
	1,020	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+		1,022,183

202 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		New York (continued)
$	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	$	1,465,138
	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		452,376
	1,250	Yonkers, New York, General Obligation Refunding Bonds, Series 2012A, 4.000%, 7/01/15		No Opt. Call		A		1,257,975
	58,340	Total New York						62,851,746
		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+		634,900
	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		996,978
	1,610	Total North Carolina						1,631,878
		North Dakota – 0.8%
	3,040	Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 3.500%, 11/01/16		No Opt. Call		A+		3,171,906
	785	Williston, North Dakota, Limited Obligation Bonds, Certificates of Indebtedness, Series 2013A, 2.500%, 11/01/15		7/15 at 100.00		N/R		785,754
		Williston, North Dakota, Sales Tax Revenue Bonds, Series 2013A:
	505	3.000%, 5/01/15 – AGM Insured		No Opt. Call		A2		505,035
	1,000	3.000%, 5/01/16 – AGM Insured		No Opt. Call		AA		1,023,620
	5,330	Total North Dakota						5,486,315
		Ohio – 2.6%
	375	Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2014, 4.000%, 2/01/17		No Opt. Call		A–		395,378
	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–		716,750
	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–		7,071,406
	595	Ohio Higher Education Facilities Commission, Revenue Bonds, Case Western Reserve University, Series 2008C, 5.000%, 12/01/17		No Opt. Call		AA–		659,093
	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		494,021
	320	Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2009, 5.000%, 12/01/16		No Opt. Call		A		341,706
	1,000	Ohio State Higher Educational Facility Commission, Higher Education Facility Revenue Bonds, Xavier University 2008C, 5.000%, 5/01/18 (ETM)		No Opt. Call		A– (4)		1,120,420
	1,000	Ohio State, Capital Facilities Lease-Appropriation Bonds, Administrative Building Fund Projects, Series 2013A, 5.000%, 10/01/17		No Opt. Call		AA		1,099,280
	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		1,122,872

Nuveen Investments 203

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Ohio (continued)
$	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	$	1,913,477
	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		1,047,820
	510	Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 2013A, 4.000%, 1/15/16		No Opt. Call		A		522,296
	1,170	University of Toledo, Ohio, General Receipts Bonds, Refunding Series 2010, 5.000%, 6/01/18		No Opt. Call		A1		1,302,467
	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		1,004,150
	17,895	Total Ohio						18,811,136
		Oklahoma – 2.0%
	2,765	Canadian County Independent School District 69, Mustang, Oklahoma, General Obligation Bond, Combined Purpose Series 2014, 2.000%, 6/01/18		No Opt. Call		AA–		2,832,079
	895	Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Moore Public Schools Project, Series 2013, 5.000%, 6/01/16		No Opt. Call		A		939,840
	2,525	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+		2,823,329
	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–		1,119,140
	1,000	Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Refunding Series 2015A, 5.000%, 8/15/18		No Opt. Call		AA–		1,122,800
		Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Refunding Series 2015B:
	550	4.000%, 6/01/17 – BAM Insured (Alternative Minimum Tax)		No Opt. Call		AA		579,233
	860	4.000%, 6/01/18 – BAM Insured (Alternative Minimum Tax)		No Opt. Call		AA		915,960
		Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2015A:
	525	4.000%, 6/01/17 – BAM Insured (Alternative Minimum Tax)		No Opt. Call		AA		552,904
	1,200	4.000%, 6/01/18 – BAM Insured (Alternative Minimum Tax)		No Opt. Call		AA		1,278,084
	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–		2,052,200
	13,320	Total Oklahoma						14,215,569
		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+		1,440,960
	1,000	Emerald Peoples Utility District, Oregon, Electric System Revenue Bonds, Refunding Series 2013, 3.000%, 11/01/16		No Opt. Call		A1		1,033,950
	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–		666,989
	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		890,199
	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		2,887,934
	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–		2,106,170
	8,820	Total Oregon						9,026,202

204 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania – 4.0%
$	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	$	1,433,563
	665	Butler County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Butler Health System Project, Series 2015A, 3.000%, 7/01/18		No Opt. Call		A–		697,758
	1,115	Corry Area School District, Erie County, Pennsylvania, General Obligation Bonds, Refunding Series 2014, 3.000%, 12/15/18		No Opt. Call		AA		1,179,068
	800	Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2014, 4.000%, 8/01/18		No Opt. Call		A+		874,896
		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–		302,931
	500	2.250%, 7/01/18		No Opt. Call		BBB–		506,000
		Economy Municipal Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2013:
	350	3.000%, 12/15/17		No Opt. Call		AA		367,101
	300	3.000%, 12/15/18		No Opt. Call		AA		316,149
		Indiana County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Indiana Regional Medical Center, Series 2014A:
	125	4.000%, 6/01/15		No Opt. Call		Baa3		125,353
	180	4.000%, 6/01/16		No Opt. Call		Baa3		185,585
	185	4.000%, 6/01/17		No Opt. Call		Baa3		194,455
	250	4.000%, 6/01/18		No Opt. Call		Baa3		266,048
		Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village Project, Series 2013:
	360	3.000%, 5/01/15		No Opt. Call		N/R		360,018
	300	5.000%, 5/01/16		No Opt. Call		BBB		310,173
	1,000	5.000%, 5/01/18		No Opt. Call		BBB		1,060,720
	1,000	Manheim Township School District, Lancaster County, Pennsylvania, General Obligation Bonds, Libor Index Rate Mode, Series 2014A, 0.520%, 5/01/25 (Mandatory put 5/01/18)		11/17 at 100.00		Aa3		1,002,350
	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–		422,289
	690	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		708,464
	1,135	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Mount Aloysius College Project, Series 2011R-1, 0.850%, 11/01/41 (Mandatory put 5/01/16)		5/16 at 100.00		A		1,137,009
	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+		321,136
		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A:
	275	4.000%, 7/15/15		No Opt. Call		A–		276,942
	825	5.000%, 7/15/17		No Opt. Call		A–		892,832

Nuveen Investments 205

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Pennsylvania (continued)
		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–	$	610,195
	540	3.000%, 7/01/16		No Opt. Call		BBB–		545,389
	640	3.000%, 7/01/17		No Opt. Call		BBB–		650,784
	400	Pennsylvania Higher Educational Facilities Authority, Widener University Revenue Bonds, Series 2014, 4.000%, 7/15/17		No Opt. Call		A–		425,528
	1,350	Philadelphia Authority for Industrial Development, Pennsylvania, Lease Revenue Bonds, Refunding Series 2014B, 4.000%, 10/01/17		No Opt. Call		A+		1,448,564
	1,070	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Eighth Series 2009A, 5.000%, 8/01/16		No Opt. Call		A–		1,125,726
	1,275	Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014B, 4.000%, 9/01/18 – BAM Insured		No Opt. Call		AA		1,390,770
	2,900	Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Refunding Bonds, Series 2002A, 5.500%, 9/01/18 – AGM Insured		No Opt. Call		AA		3,299,996
	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		1,048,090
	250	Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated Group, Series 2014A, 5.000%, 6/01/18		No Opt. Call		Aa3		278,010
		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		1,137,164
	1,255	4.000%, 10/01/18		No Opt. Call		AA		1,357,646
		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+		1,393,310
	1,440	4.250%, 8/01/16		No Opt. Call		BBB+		1,481,414
	27,690	Total Pennsylvania						29,133,426
		Rhode Island – 0.4%
	270	Rhode Island 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		278,443
		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		687,616
	1,020	5.000%, 9/15/17		No Opt. Call		A2		1,112,830
		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		257,643
	555	3.000%, 9/15/17		No Opt. Call		A1		579,831
	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+		255,453
	2,995	Total Rhode Island						3,171,816
		South Carolina – 1.0%
	2,390	Charleston County, South Carolina, General Obligation Bonds, Refunding Series 2014A, 5.000%, 6/01/18		No Opt. Call		AAA		2,688,463

206 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		South Carolina (continued)
$	1,125	Coastal Carolina University, South Carolina, Higher Education Revenue Bonds, Series 2015, 5.000%, 6/01/18		No Opt. Call		A1	$	1,254,971
	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+		505,310
		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+		1,527,630
	1,060	5.000%, 8/01/16		No Opt. Call		BBB+		1,112,290
	6,595	Total South Carolina						7,088,664
		South Dakota – 0.7%
	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–		1,081,300
	1,305	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2009, 4.500%, 11/01/15		No Opt. Call		A+		1,333,345
	500	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 3.000%, 11/01/18		No Opt. Call		A+		530,860
	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		750,644
	1,225	South Dakota Housing Development Authority, Multiple Purpose Revenue Bonds, Series 2013A, 1.600%, 5/01/18		No Opt. Call		Aa3		1,234,016
	4,760	Total South Dakota						4,930,165
		Tennessee – 1.5%
	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		1,049,980
	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–		1,506,552
		Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Series 2012:
	1,050	2.000%, 11/01/15		No Opt. Call		BBB+		1,056,321
	1,000	3.000%, 11/01/16		No Opt. Call		BBB+		1,026,670
	700	Metropolitan Government of Nashville-Davidson County, Tennessee, Electric System Revenue Bonds, Series 2014A, 5.000%, 5/15/18		No Opt. Call		AA+		785,155
	1,500	Metropolitan Government of Nashville-Davidson County, Tennessee, Exempt Facilities Revenue Bonds, Waste Management Inc., Series 2001, 1.500%, 8/01/31 (Mandatory put 8/01/17) (Alternative Minimum Tax)		8/16 at 102.00		A–		1,495,410
	1,800	Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 7/01/16		No Opt. Call		A+		1,891,494
	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		1,874,656
	10,050	Total Tennessee						10,686,238
		Texas – 3.8%
		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–		930,230
	1,000	4.000%, 9/01/18		No Opt. Call		AA–		1,086,350

Nuveen Investments 207

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Texas (continued)
$	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+	$	1,070,560
	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+		3,197,760
	1,525	Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2014D, 5.000%, 11/01/18 (Alternative Minimum Tax)		No Opt. Call		A+		1,718,858
	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+		712,557
	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		854,920
		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C:
	590	4.000%, 11/15/17		No Opt. Call		A3		630,238
	2,415	4.000%, 11/15/18		No Opt. Call		A3		2,610,108
	1,000	Harrison County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Good Shepherd Health System, Refunding Series 2010, 4.000%, 7/01/15		No Opt. Call		BB–		1,000,540
	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		346,847
	500	Laredo Community College District, Webb County, Texas, General Obligation Bonds, Series 2014, 5.000%, 8/01/18		No Opt. Call		AA–		562,580
	735	McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, 3.000%, 12/01/18		No Opt. Call		Baa2		739,425
		New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University Project, Series 2014A:
	125	4.000%, 4/01/18 – AGM Insured		No Opt. Call		AA		133,560
	300	4.000%, 4/01/19 – AGM Insured		No Opt. Call		AA		322,980
		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		1,441,445
	1,260	4.000%, 9/01/16 – AGC Insured		No Opt. Call		AA		1,313,714
	1,425	4.375%, 9/01/18 – AGC Insured		No Opt. Call		AA		1,557,539
		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		A		735,833
	490	4.000%, 9/01/16		No Opt. Call		A		510,418
	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		AA–		405,476
	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		3,169,140
	2,210	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A, 5.000%, 4/01/19		No Opt. Call		AAA		2,537,920
	25,755	Total Texas						27,588,998

208 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utah – 0.6%
$	2,345	Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Subordinate Lien Refunding Series 2014, 5.000%, 7/01/18		No Opt. Call		AA–	$	2,632,966
	2,000	Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2014A, 1.350%, 6/15/17		12/16 at 100.00		A+		2,018,580
	4,345	Total Utah						4,651,546
		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		753,553
		Virgin Islands – 1.0%
	360	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2006, 5.000%, 10/01/15 – FGIC Insured		No Opt. Call		AA–		366,102
	5,315	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2012C, 3.000%, 10/01/17		No Opt. Call		BBB+		5,495,284
	1,035	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B, 5.000%, 10/01/19		No Opt. Call		BBB		1,157,999
	6,710	Total Virgin Islands						7,019,385
		Virginia – 1.3%
	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		1,103,135
	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		2,787,601
	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		1,336,302
	3,500	Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Series 2014A, 5.000%, 10/01/17 (Alternative Minimum Tax)		No Opt. Call		AA–		3,847,025
	8,495	Total Virginia						9,074,063
		Washington – 2.0%
	4,130	Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2014A, 5.000%, 7/01/18		No Opt. Call		Aa1		4,646,828
		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–		722,225
	860	3.000%, 12/01/17 (Alternative Minimum Tax)		No Opt. Call		A–		892,921
	1,000	Port of Seattle, Washington, Revenue Bonds, Refunding Inter-Lien Series 2010C, 5.000%, 2/01/16		No Opt. Call		A+		1,036,260
		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		488,908
	1,425	4.000%, 12/01/17		No Opt. Call		Baa2		1,502,235
	610	5.000%, 12/01/18		No Opt. Call		Baa2		670,305
	205	Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012, 4.000%, 12/01/16 (ETM)		No Opt. Call		N/R (4)		216,201
		Washington Health Care Facilities Authority, Revenue Bonds, PeaceHealth, Refunding Series 2014A:
	320	5.000%, 11/15/17		No Opt. Call		A+		353,043
	450	5.000%, 11/15/18		No Opt. Call		A+		508,244

Nuveen Investments 209

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Washington (continued)
$	275	Washington Higher Education Facilities Authority Revenue Bonds, Whitworth University Project, Series 2012, 4.000%, 10/01/16		No Opt. Call		Baa1	$	285,387
	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–		906,975
	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		541,440
	500	Washington State Housing Finance Commission, Non-Profit Revenue Bonds, Emerald Heights Project, Refunding 2013, 3.000%, 7/01/15		No Opt. Call		A–		501,670
	1,010	Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Refunding Series 2012, 5.000%, 7/01/18		No Opt. Call		AA+		1,137,068
	13,355	Total Washington						14,409,710
		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		3,790,538
		Wisconsin – 1.6%
	1,980	Maple School District, Douglas and Bayfield Counties, Wisconsin, General Obligation Bonds, Refunding Series 2015A, 2.000%, 4/01/18		No Opt. Call		A1		2,031,064
	455	Wisconsin Health & Educational Facs Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2014A, 5.000%, 12/01/17		No Opt. Call		Aa3		501,733
	230	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		231,392
	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		1,040,320
	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–		1,055,177
	530	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital, Series 2015, 3.000%, 12/01/18		No Opt. Call		A+		559,362
	610	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/17		No Opt. Call		A–		647,912
	700	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Hospital Sisters Services, Inc., Refunding Series 2014A, 5.000%, 11/15/18		No Opt. Call		AA–		789,103
	290	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Series 2010A, 5.000%, 8/15/15		No Opt. Call		AA		294,054
	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+		506,645
	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		199,116
		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Fort Healthcare, Series 2014:
	200	4.000%, 5/01/16		No Opt. Call		BBB		206,282
	385	4.000%, 5/01/17		No Opt. Call		BBB		405,817
	375	4.000%, 5/01/18		No Opt. Call		BBB		399,750
	300	4.000%, 5/01/19		No Opt. Call		BBB		321,438

210 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Wisconsin (continued)
		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare Inc, Series 2015:
$	435	5.000%, 12/15/17		No Opt. Call		AA–	$	480,401
	350	5.000%, 12/15/18		No Opt. Call		AA–		396,141
	1,300	Wisconsin State, Master Lease Certificates of Participation, Series 2014A, 5.000%, 3/01/18		No Opt. Call		AA–		1,440,946
	10,890	Total Wisconsin						11,506,653
		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		535,777
	300	4.000%, 9/15/16		No Opt. Call		A3		310,521
	830	Total Wyoming						846,298
$	667,695	Total Long-Term Investments (cost $701,570,107)						707,143,026
Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		SHORT-TERM INVESTMENTS – 1.3%
		MUNICIPAL BONDS – 1.3%
		National – 0.2%
$	1,500	BB&T Municipal Trust Pool Tax Exempt Lease Certificates Class C, Variable Rate Demand Obligations, Series 2014, 0.810%, 11/15/17 (6)		No Opt. Call		A+	$	1,500,000
		Arizona – 0.8%
	5,500	Glendale Industrial Development Authority, Arizona, Senior Living Facility Revenue Bonds, Friendship Retirement Corporation, Variable Rate Demand Obligations, Senior Lien, Series 1997, 0.220%, 1/01/27 (6)		8/15 at 100.00		A-1		5,500,000
		Florida – 0.2%
	1,200	Crossings at Fleming Island Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Senior Lien Series 2014A-1, 1.000%, 5/01/15		No Opt. Call		BBB		1,200,000
		Iowa – 0.1%
	1,000	Iowa Higher Education Loan Authority, Revenue Anticipation Notes, University of Dubuque, Private Education Working Capital Loan Program Series 2014A, 2.000%, 5/14/15		No Opt. Call		SP-1		1,000,550
$	9,200	Total Short-Term Investments (cost $9,200,460)						9,200,550
		Total Investments (cost $710,770,567) – 99.4%						716,343,576
		Other Assets Less Liabilities – 0.6%						4,427,736
		Net Assets – 100%					$	720,771,312

Nuveen Investments 211

Nuveen Short Term Municipal Bond Fund (continued)

Portfolio of Investments April 30, 2015

(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, 5.50% coupon and May, 15, 2015 maturity) was restructured into two new securities. The first security, which is 30% of the original issue, has 300,000 par, 0.0% coupon and May 15, 2050 maturity. The second security, which is the remaining 70% of the issue, has a 700,000 par, 5.1% coupon and May 15, 2014 maturity. During September 2011, the Adviser concluded this issue is not likely to meet its future interest payment obligations and the Fund has ceased accruing additional income.

(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 at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.

(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.

212 Nuveen Investments

Statement of

Assets and Liabilities April 30, 2015

	All-American			Inflation Protected			Intermediate Duration			Limited Term			Short Term
Assets
Long-term investments, at value (cost $2,201,274,800, $55,309,840, $4,188,021,341, $3,830,402,447 and $701,570,107, respectively)	$	2,411,788,064		$	56,591,781		$	4,399,675,295		$	3,923,113,570		$	707,143,026
Short-term investments, at value (cost $19,385,000, $—, $2,740,000, $31,039,394 and $9,200,460, respectively)		19,420,251			—			2,751,946			31,047,721			9,200,550
Cash		7,024,788			77,944			6,133,307			1,033,855			62,226
Cash collateral at brokers(1)		—			310,000			—			—			—
Credit default swaps premiums paid		—			96,050			—			—			—
Unrealized appreciation on credit default swaps		—			42,805			—			—			—
Receivable for:
Interest		36,147,184			750,584			60,953,964			51,095,315			8,026,262
Investments sold		34,504,316			132,719			17,441,951			15,400,632			—
Shares sold		7,855,527			20,029			7,625,228			8,056,478			1,505,611
Other assets		370,678			41,887			583,576			342,957			58,529
Total assets		2,517,110,808			58,063,799			4,495,165,267			4,030,090,528			725,996,204
Liabilities
Floating rate obligations		6,525,000			—			—			—			—
Unrealized depreciation on consumer price index swaps		—			4,506,113			—			—			—
Payable for:
Dividends		2,690,273			2,062			3,798,128			2,007,534			339,652
Investments purchased		1,068,196			—			3,193,270			46,948,777			66,125
Shares redeemed		4,238,947			61,368			7,080,950			7,744,010			4,359,479
Accrued expenses:
Management fees		869,619			7,014			1,521,832			1,155,143			247,580
Directors/Trustees fees		314,222			484			537,381			263,218			23,276
12b-1 distribution and service fees		405,115			9,922			222,356			475,104			40,746
Other		400,405			48,347			753,284			699,595			148,034
Total liabilities		16,511,777			4,635,310			17,107,201			59,293,381			5,224,892
Net assets	$	2,500,599,031		$	53,428,489		$	4,478,058,066		$	3,970,797,147		$	720,771,312
Class A Shares
Net assets	$	989,476,570		$	24,103,752		$	773,091,099		$	1,168,645,828		$	184,316,880
Shares outstanding		85,509,581			2,268,135			83,853,353			105,299,753			18,230,823
Net asset value (“NAV”) per share	$	11.57		$	10.63		$	9.22		$	11.10		$	10.11
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)	$	12.08		$	10.96		$	9.51		$	11.38		$	10.37
Class C Shares
Net assets	$	48,472,339		$	1,343,988		$	17,705,511		$	51,973,248		$	4,615,412
Shares outstanding		4,186,850			126,606			1,918,074			4,700,913			457,146
NAV and offering price per share	$	11.58		$	10.62		$	9.23		$	11.06		$	10.10
Class C2 Shares
Net assets	$	328,648,954		$	7,696,938		$	112,700,279		$	528,286,608		$	16,523,660
Shares outstanding		28,391,635			724,560			12,196,211			47,757,183			1,636,177
NAV and offering price per share	$	11.58		$	10.62		$	9.24		$	11.06		$	10.10
Class I Shares
Net assets	$	1,134,001,168		$	20,283,811		$	3,574,561,177		$	2,221,891,463		$	515,315,360
Shares outstanding		97,614,086			1,905,559			386,635,743			201,125,452			50,951,417
NAV and offering price per share	$	11.62		$	10.64		$	9.25		$	11.05		$	10.11
Net assets consist of:
Capital paid-in	$	2,371,385,579		$	59,971,237		$	4,267,647,223		$	3,890,285,103		$	716,045,653
Undistributed (Over-distribution of) net investment income		4,521,694			99,376			9,161,486			4,523,031			(229,666	)
Accumulated net realized gain (loss)		(85,856,757	)		(3,460,757	)		(10,416,543	)		(16,730,437	)		(617,684	)
Net unrealized appreciation (depreciation)		210,548,515			(3,181,367	)		211,665,900			92,719,450			5,573,009
Net assets	$	2,500,599,031		$	53,428,489		$	4,478,058,066		$	3,970,797,147		$	720,771,312
Authorized shares – per class		Unlimited			Unlimited			Unlimited			Unlimited			2 billion
Par value per share	$	0.01		$	0.01		$	0.001		$	0.01		$	0.0001

(1) Cash pledged to collateralize the net payment obligations for investments in derivatives in addition to the Fund’s securities pledged as collateral as noted in the Fund’s portfolio of investments.

See accompanying notes to financial statements.

Nuveen Investments 213

Statement of

Operations Year Ended April 30, 2015

	All-American		Inflation Protected			Intermediate Duration		Limited Term			Short Term
Investment Income	$	111,105,321	$	2,089,925		$	162,589,141	$	97,227,928		$	13,176,081
Expenses
Management fees		10,034,073		299,057			18,711,232		13,796,453			3,174,430
12b-1 service fees – Class A Shares(1)		1,873,607		55,560			1,984,281		2,387,265			397,399
12b-1 distribution and service fees – Class C Shares		242,239		8,320			93,757		304,329			27,411
12b-1 distribution and service fees – Class C2 Shares		2,570,263		67,488			900,467		3,172,104			120,997
Shareholder servicing agent fees		983,092		34,133			2,273,215		1,441,019			226,026
Interest expense		35,540		—			—		—			—
Custodian fees		357,538		50,105			684,449		575,347			328,854
Directors/Trustees fees		72,234		2,331			135,667		116,683			24,661
Professional fees		106,612		30,616			180,915		131,836			73,736
Shareholder reporting expenses		216,197		16,645			442,543		432,794			43,376
Federal and state registration fees		176,170		62,843			256,613		209,825			85,682
Other		101,308		9,203			168,908		145,666			15,628
Total expenses before fee waiver/expense reimbursement		16,768,873		636,301			25,832,047		22,713,321			4,518,200
Fee waiver/expense reimbursement		—		(140,952	)		—		(76,082	)		(12,335	)
Net expenses		16,768,873		495,349			25,832,047		22,637,239			4,505,865
Net investment income (loss)		94,336,448		1,594,576			136,757,094		74,590,689			8,670,216
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		8,973,367		550,399			7,526,894		520,320			(351,346	)
Swaps		—		(1,151,952	)		—		—			—
Change in net unrealized appreciation (depreciation) of:
Investments		60,142,510		1,630,602			37,060,350		(7,554,609	)		(2,582,077	)
Swaps		—		(2,088,468	)		—		—			—
Net realized and unrealized gain (loss)		69,115,877		(1,059,419	)		44,587,244		(7,034,289	)		(2,933,423	)
Net increase (decrease) in net assets from operations	$	163,452,325	$	535,157		$	181,344,338	$	67,556,400		$	5,736,793

(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.

214 Nuveen Investments

Statement of

Changes in Net Assets

	All-American						Inflation Protected
	Year Ended 4/30/15			Year Ended 4/30/14			Year Ended 4/30/15			Year Ended 4/30/14
Operations
Net investment income (loss)	$	94,336,448		$	107,491,461		$	1,594,576		$	2,116,268
Net realized gain (loss) from:
Investments		8,973,367			(49,447,036	)		550,399			(1,626,649	)
Swaps		—			—			(1,151,952	)		(1,151,072	)
Change in net unrealized appreciation (depreciation) of:
Investments		60,142,510			(115,133,862	)		1,630,602			(2,987,472	)
Swaps		—			—			(2,088,468	)		(1,296,982	)
Net increase (decrease) in net assets from operations		163,452,325			(57,089,437	)		535,157			(4,945,907	)
Distributions to Shareholders
From net investment income:
Class A Shares(1)		(38,795,730	)		(41,233,306	)		(678,852	)		(981,814	)
Class B Shares		—			(99,506	)		—			—
Class C Shares(2)		(800,859	)		(16,146	)		(13,507	)		(470	)
Class C2 Shares(3)		(12,441,818	)		(14,101,670	)		(170,443	)		(211,076	)
Class I Shares		(45,483,221	)		(44,641,920	)		(697,354	)		(733,286	)
Decrease in net assets from distributions to shareholders		(97,521,628	)		(100,092,548	)		(1,560,156	)		(1,926,646	)
Fund Share Transactions
Proceeds from sale of shares		524,467,148			418,658,782			22,696,064			33,875,438
Proceeds from shares issued to shareholders due to reinvestment of distributions		65,321,832			67,022,468			1,534,007			1,877,397
		589,788,980			485,681,250			24,230,071			35,752,835
Cost of shares redeemed		(384,732,110	)		(1,112,102,624	)		(34,057,788	)		(76,635,434	)
Net increase (decrease) in net assets from Fund share transactions		205,056,870			(626,421,374	)		(9,827,717	)		(40,882,599	)
Net increase (decrease) in net assets		270,987,567			(783,603,359	)		(10,852,716	)		(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	$	2,500,599,031		$	2,229,611,464		$	53,428,489		$	64,281,205
Undistributed (Over-distribution of) net investment income at the end of period	$	4,521,694		$	7,818,433		$	99,376		$	89,533

(1) Includes distributions to shareholders of Class B Shares during the year ended April 30, 2015. 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) Established and commenced operations on February 10, 2014.

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

See accompanying notes to financial statements.

Nuveen Investments 215

Statement of Changes in Net Assets (continued)

	Intermediate Duration						Limited Term
	Year Ended 4/30/15			Year Ended 4/30/14			Year Ended 4/30/15			Year Ended 4/30/14
Operations
Net investment income (loss)	$	136,757,094		$	128,851,379		$	74,590,689		$	74,775,968
Net realized gain (loss) from:
Investments		7,526,894			(5,101,078	)		520,320			(4,617,663	)
Swaps		—			—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments		37,060,350			(105,739,417	)		(7,554,609	)		(52,891,617	)
Swaps		—			—			—			—
Net increase (decrease) in net assets from operations		181,344,338			18,010,884			67,556,400			17,266,688
Distributions to Shareholders
From net investment income:
Class A Shares(1)		(28,640,186	)		(19,186,975	)		(22,511,391	)		(25,337,930	)
Class B Shares		—			(35,487	)		—			—
Class C Shares(2)		(192,477	)		(5,649	)		(404,357	)		(14,519	)
Class C2 Shares(3)		(2,849,160	)		(3,471,647	)		(8,764,069	)		(10,195,064	)
Class I Shares		(105,729,977	)		(101,637,242	)		(42,100,723	)		(34,775,272	)
Decrease in net assets from distributions to shareholders		(137,411,800	)		(124,337,000	)		(73,780,540	)		(70,322,785	)
Fund Share Transactions
Proceeds from sale of shares		1,309,069,536			1,313,738,074			1,464,411,917			1,625,969,490
Proceeds from shares issued to shareholders due to reinvestment of distributions		91,558,445			80,864,299			48,558,051			45,185,752
		1,400,627,981			1,394,602,373			1,512,969,968			1,671,155,242
Cost of shares redeemed		(1,183,673,670	)		(1,263,883,765	)		(1,229,233,296	)		(1,634,003,530	)
Net increase (decrease) in net assets from Fund share transactions		216,954,311			130,718,608			283,736,672			37,151,712
Net increase (decrease) in net assets		260,886,849			24,392,492			277,512,532			(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	$	4,478,058,066		$	4,217,171,217		$	3,970,797,147		$	3,693,284,615
Undistributed (Over-distribution of) net investment income at the end of period	$	9,161,486		$	9,990,782		$	4,523,031		$	3,808,257

(1) Includes distributions to shareholders of Class B Shares during the year ended April 30, 2015. 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) Established and commenced operations on February 10, 2014.

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

See accompanying notes to financial statements.

216 Nuveen Investments

	Short Term
	Year Ended 4/30/15			Year Ended 4/30/14
Operations
Net investment income (loss)	$	8,670,216		$	8,286,952
Net realized gain (loss) from:
Investments		(351,346	)		(74,202	)
Swaps		—			—
Change in net unrealized appreciation (depreciation) of:
Investments		(2,582,077	)		(2,086,107	)
Swaps		—			—
Net increase (decrease) in net assets from operations		5,736,793			6,126,643
Distributions to Shareholders
From net investment income:
Class A Shares		(1,918,292	)		(2,195,247	)
Class B Shares		—			—
Class C Shares(2)		(15,985	)		(516	)
Class C2 Shares(3)		(136,183	)		(246,169	)
Class I Shares		(6,417,765	)		(6,085,756	)
Decrease in net assets from distributions to shareholders		(8,488,225	)		(8,527,688	)
Fund Share Transactions
Proceeds from sale of shares		385,939,783			655,155,533
Proceeds from shares issued to shareholders due to reinvestment of distributions		3,909,343			3,537,642
		389,849,126			658,693,175
Cost of shares redeemed		(393,789,816	)		(424,622,088	)
Net increase (decrease) in net assets from Fund share transactions		(3,940,690	)		234,071,087
Net increase (decrease) in net assets		(6,692,122	)		231,670,042
Net assets at the beginning of period		727,463,434			495,793,392
Net assets at the end of period	$	720,771,312		$	727,463,434
Undistributed (Over-distribution of) net investment income at the end of period	$	(229,666	)	$	(236,247	)

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

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

See accompanying notes to financial statements.

Nuveen Investments 217

Financial

Highlights

All-American

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended April 30,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending NAV
Class A (10/88)
2015	$	11.23	$	0.46	$	0.36		$	0.82		$	(0.48	)	$	—	$	(0.48	)	$	11.57
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
Class C (2/14)
2015		11.24		0.36		0.37			0.73			(0.39	)		—		(0.39	)		11.58
2014(e)		10.99		0.02		0.32			0.34			(0.09	)		—		(0.09	)		11.24
Class C2 (6/93)(f)
2015		11.24		0.40		0.36			0.76			(0.42	)		—		(0.42	)		11.58
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
Class I (2/97)
2015		11.28		0.49		0.35			0.84			(0.50	)		—		(0.50	)		11.62
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

218 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets
Total Return(b)			Ending Net Assets (000)		Expenses Including Interest(c)			Expenses Excluding Interest				Net Investment Income (Loss)			Portfolio Turnover Rate(d)
	7.38	%	$	989,477		0.71	%		0.71	%			4.01	%		18	%
	(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
	6.54			48,472		1.51			1.51				3.09			18
	3.06			4,923		1.50	*		1.50	*			3.39	*		13
	6.82			328,649		1.26			1.26				3.47			18
	(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
	7.57			1,134,001		0.51			0.51				4.21			18
	(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

(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.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 219

Financial Highlights (continued)

Inflation Protected

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended April 30,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (3/11)
2015	$	10.77	$	0.27	$	(0.14	)	$	0.13		$	(0.27	)	$	—		$	(0.27	)	$	10.63
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(d)		10.00		0.04		0.34			0.38			(0.02	)		—			(0.02	)		10.36
Class C (2/14)
2015		10.76		0.18		(0.14	)		0.04			(0.18	)		—			(0.18	)		10.62
2014(f)		10.61		0.02		0.17			0.19			(0.04	)		—			(0.04	)		10.76
Class C2 (3/11)(g)
2015		10.76		0.21		(0.14	)		0.07			(0.21	)		—			(0.21	)		10.62
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(d)		10.00		0.03		0.35			0.38			(0.02	)		—			(0.02	)		10.36
Class I (3/11)
2015		10.78		0.29		(0.15	)		0.14			(0.28	)		—			(0.28	)		10.64
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(d)		10.00		0.05		0.34			0.39			(0.02	)		—			(0.02	)		10.37

220 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(e)
	1.14	%	$	24,104		0.99	%		2.26	%		0.77	%		2.48	%		20	%
	(2.53	)		28,862		0.96			2.29			0.77			2.49			19
	5.39			61,926		1.01			1.87			0.77			2.11			9
	9.74			7,339		1.46			2.44			0.78			3.13			14
	3.82			1,801		4.87	*		(1.27	)*		0.78	*		2.83	*		6
	0.31			1,344		1.80			1.41			1.57			1.65			20
	1.79			238		1.69	*		1.66	*		1.59	*		1.75	*		19
	0.59			7,697		1.54			1.72			1.32			1.94			20
	(3.10	)		10,221		1.52			1.76			1.32			1.96			19
	4.81			15,064		1.57			1.33			1.32			1.58			9
	9.07			4,209		2.03			1.87			1.33			2.57			14
	3.78			1,727		5.44	*		(1.82	)*		1.33	*		2.28	*		6
	1.31			20,284		0.78			2.46			0.57			2.68			20
	(2.36	)		24,960		0.77			2.52			0.57			2.72			19
	5.65			35,046		0.82			2.10			0.57			2.35			9
	9.82			6,704		1.22			2.64			0.58			3.28			14
	3.93			1,728		4.69	*		(1.07	)*		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) For the period March 8, 2011 (commencement of operations) through April 30, 2011.

(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.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 221

Financial Highlights (continued)

Intermediate Duration

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended April 30,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending NAV
Class A (6/95)
2015	$	9.13	$	0.26	$	0.10		$	0.36			(0.27	)	$	—	$	(0.27	)	$	9.22
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
Class C (2/14)
2015		9.14		0.19		0.10			0.29			(0.20	)		—		(0.20	)		9.23
2014(f)		9.05		0.01		0.12			0.13			(0.04	)		—		(0.04	)		9.14
Class C2 (6/95)(g)
2015		9.15		0.22		0.09			0.31			(0.22	)		—		(0.22	)		9.24
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
Class I (11/76)
2015		9.16		0.28		0.10			0.38			(0.29	)		—		(0.29	)		9.25
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

222 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets(c)
Total Return(b)			Ending Net Assets (000)		Expenses Including Interest(d)			Expenses Excluding Interest			Net Investment Income (Loss)			Portfolio Turnover Rate(e)
	3.95	%	$	773,091		0.70	%		0.70	%		2.86	%		19	%
	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
	3.14			17,706		1.50			1.50			2.03			19
	1.49			2,412		1.49	*		1.49	*		2.17	*		17
	3.40			112,700		1.25			1.25			2.32			19
	(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
	4.14			3,574,561		0.50			0.50			3.07			19
	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

(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.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 223

Financial Highlights (continued)

Limited Term

Selected data for a share outstanding throughout each period:

			Investment Operations							Less Distributions
Class (Commencement Date) Year Ended April 30,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain(Loss)			Total		From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending NAV
Class A (10/87)
2015	$	11.12	$	0.21	$	(0.02	)	$	0.19	$	(0.21	)	$	—	$	(0.21	)	$	11.10
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
Class C (2/14)
2015		11.08		0.15		(0.02	)		0.13		(0.15	)		—		(0.15	)		11.06
2014(f)		11.06		0.01		0.04			0.05		(0.03	)		—		(0.03	)		11.08
Class C2 (12/95)(g)
2015		11.08		0.17		(0.02	)		0.15		(0.17	)		—		(0.17	)		11.06
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
Class I (2/97)
2015		11.06		0.23		(0.01	)		0.22		(0.23	)		—		(0.23	)		11.05
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

224 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement									Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses Including Interest(d)			Expenses Excluding Interest			Net Investment Income (Loss)			Expenses Including Interest(d)			Expenses Excluding Interest			Net Investment Income (Loss)			Portfolio Turnover Rate(e)
	1.72	%	$	1,168,646		0.64	%		0.64	%		1.89	%		0.64	%		0.64	%		1.89	%		20	%
	0.55			1,279,131		0.65			0.65			1.99			0.65			0.65			1.99			20
	2.79			1,438,077		0.66			0.66			2.10			0.66			0.66			2.10			12
	5.88			1,113,802		0.66			0.66			2.63			0.66			0.66			2.63			12
	2.68			953,517		0.68			0.68			2.72			0.68			0.68			2.72			13
	1.18			51,973		1.43			1.43			1.07			1.18			1.18			1.32			20
	0.49			9,695		1.43	*		1.43	*		1.10	*		1.18	*		1.18	*		1.35	*		20
	1.34			528,287		0.99			0.99			1.54			0.99			0.99			1.54			20
	0.17			623,242		1.00			1.00			1.64			1.00			1.00			1.64			20
	2.51			721,302		1.01			1.01			1.76			1.01			1.01			1.76			12
	5.45			641,602		1.01			1.01			2.29			1.01			1.01			2.29			12
	2.26			566,098		1.03			1.03			2.37			1.03			1.03			2.37			13
	1.99			2,221,891		0.44			0.44			2.09			0.44			0.44			2.09			20
	0.72			1,781,216		0.45			0.45			2.19			0.45			0.45			2.19			20
	3.07			1,549,809		0.46			0.46			2.31			0.46			0.46			2.31			12
	6.00			1,196,319		0.46			0.46			2.83			0.46			0.46			2.83			12
	2.87			812,730		0.48			0.48			2.92			0.48			0.48			2.92			13

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

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

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable.

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

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

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

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

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 225

Financial Highlights (continued)

Short Term

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date)	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain(Loss)			Total		From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending NAV
Class A (10/02)
Year Ended 4/30
2015	$	10.15	$	0.10		$	(0.04	)	$	0.06	$	(0.10	)	$	—	$	(0.10	)	$	10.11
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
Class C (2/14)
Year Ended 4/30
2015		10.14		0.06			(0.04	)		0.02		(0.06	)		—		(0.06	)		10.10
2014(g)		10.15		—	**		0.01			0.01		(0.02	)		—		(0.02	)		10.14
Class C2 (8/11)(h)
Year Ended 4/30
2015		10.14		0.06			(0.04	)		0.02		(0.06	)		—		(0.06	)		10.10
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		10.15		0.12			(0.04	)		0.08		(0.12	)		—		(0.12	)		10.11
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

226 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)
	0.57	%	$	184,317		0.71	%		0.97	%		0.71	%		0.97	%		36	%
	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
	0.22			4,615		1.50			0.16			1.05			0.61			36
	0.08			822		1.57	*		0.18	*		1.08	*		0.63	*		35
	0.22			16,524		1.06			0.63			1.06			0.63			36
	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
	0.75			515,315		0.50			1.17			0.50			1.17			36
	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

(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.

* Annualized.

** Rounds to less than $0.01 per share.

See accompanying notes to financial statements.

Nuveen Investments 227

Notes to

Financial Statements

1. General Information and Significant Accounting Policies

General Information

Trust and Fund Information

Nuveen Municipal Trust and Nuveen Investment Funds, Inc. (each a “Trust” and collectively, the “Trusts”), are open-end management 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.

The end of the reporting period for the Funds is April 30, 2015, and the period covered by these Notes to Financial Statements is the fiscal year ended April 30, 2015 (“the current fiscal period”).

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.

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 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

228 Nuveen Investments

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 the end of the reporting period, 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	$	1,068,196	$	—	$	—	$	29,247,717	$	—

Investment Income

Dividend income is recorded on the ex-dividend date. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also reflects paydown gains and losses, if any.

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.

Nuveen Investments 229

Notes to Financial Statements (continued)

Dividends and Distributions to Shareholders

Dividends from net investment income are declared daily and distributed to shareholders monthly. Fund shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares are collected by the transfer agent.

Net realized capital gains and/or market discount from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Share Classes and Sales Charges

Class A Shares are generally sold with an up-front sales charge and incur a 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 are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Indemnifications

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

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

Use of Estimates

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

2. Investment Valuation and Fair Value Measurements

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

Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from

230 Nuveen Investments

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).

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

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	$	—	$	2,411,758,185		$	—		$	2,411,758,185
Corporate Bonds		—		—			29,879			29,879
Short-Term Investments*:
Municipal Bonds		—		11,300,000			8,120,251	***		19,420,251
Total	$	—	$	2,423,058,185		$	8,150,130		$	2,431,208,315
Inflation Protected
Long-Term Investments*:
Municipal Bonds	$	—	$	56,591,781		$	—		$	56,591,781
Investments in Derivatives:
Consumer Price Index Swaps**		—		(4,506,113	)		—			(4,506,113	)
Credit Default Swaps**		—		42,805			—			42,805
Total	$	—	$	52,128,473		$	—		$	52,128,473

Nuveen Investments 231

Notes to Financial Statements (continued)

Intermediate Duration	Level 1		Level 2		Level 3			Total
Long-Term Investments*:
Municipal Bonds	$	—	$	4,399,629,266	$	—		$	4,399,629,266
Corporate Bonds		—		—		46,029			46,029
Short-Term Investments*:
Municipal Bonds		—		—		2,751,946			2,751,946
Total	$	—	$	4,399,629,266	$	2,797,975		$	4,402,427,241
Limited Term
Long-Term Investments*:
Municipal Bonds	$	—	$	3,923,085,184	$	—		$	3,923,085,184
Corporate Bonds		—		—		28,386			28,386
Short-Term Investments*:
Municipal Bonds		—		29,129,394		1,918,327	***		31,047,721
Total	$	—	$	3,952,214,578	$	1,946,713		$	3,954,161,291
Short Term
Long-Term Investments*:
Municipal Bonds	$	—	$	707,143,026	$	—		$	707,143,026
Short-Term Investments*:
Municipal Bonds		—		9,200,550		—			9,200,550
Total	$	—	$	716,343,576	$	—		$	716,343,576

* 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 for the breakdown of these securities classified as Level 3.

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

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

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

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

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

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

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities

Each Fund (except Inflation Protected) is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose trust (referred to as the “Trust”) created by or at the direction of one or more Funds. In turn, the Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts

232 Nuveen Investments

equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the Trust from a third party liquidity provider, or by the sale of assets from the Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss of the greater face value of the Underlying Bond.

The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par, and (b) have the trustee of the Trust transfer the Underlying Bond held by the Trust to the Fund, thereby collapsing the Trust.

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

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

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

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

Self-Deposited Inverse Floaters	All-American			Intermediate Duration			Limited Term			Short Term
Average floating rate obligations outstanding	$	6,525,000		$	—		$	—		$	—
Average annual interest rate and fees		0.54	%		—	%		—	%		—	%

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

Floating Rate Obligations Outstanding	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		101,100,000		60,880,000		—		—
Total	$	107,625,000	$	60,880,000	$	—	$	—

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

Nuveen Investments 233

Notes to Financial Statements (continued)

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

Floating Rate Obligations-Externally-Deposited Recourse Trusts	All-American		Intermediate Duration		Limited Term		Short Term
Maximum exposure to Recourse Trusts	$	36,215,000	$	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

In addition to the inverse floating rate securities in which certain Funds invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

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 current fiscal period, 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 current fiscal period, was as follows:

	Inflation Protected
Average notional amount of CPI swap contracts outstanding*	$	65,250,000

* 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 of the particular swap agreement. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either

(i) receive that security, or an equivalent amount of cash, from the counterparty in exchange for payment of the notional amount to the counterparty, or (ii) 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 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.

234 Nuveen Investments

Credit default swap contracts are valued daily. 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.

For over-the-counter swaps, the daily change in the market value of the swap contract, along with any daily interest fees accrued, are recognized as components of “Unrealized appreciation or depreciation on credit default swaps (, net)” on the Statement of Assets and Liabilities.

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 day’s “mark-to-market” of the swap. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to the appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit a Fund’s account with an amount equal to the depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities. The maximum potential amount of future payments the Fund could incur as a buyer or seller of protection in a credit default swap contract is limited to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if any, of the respective referenced entity. In certain instances, a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open swap contracts, if any, is recognized as “Cash collateral at brokers” on the Statement of Assets and Liabilities.

During the current fiscal period, Inflation Protected managed credit risk by investing in credit default swaps to purchase credit protection.

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

	Inflation Protected
Average notional amount of credit default swap contracts outstanding*	$	309,000

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

The following table presents the fair value of all swap contracts held by 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**	$	42,805	—	$	—
Inflation	Swaps	—		—	Unrealized depreciation on consumer price index swaps		(4,506,113	)
Total			$	42,805		$	(4,506,113	)

** 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.

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

Fund	Counterparty	Gross Unrealized Appreciation on 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	$	—	$	(3,019,920	)	$	—	$	(3,019,920	)	$	3,019,920	$	—
	Morgan Stanley		—		(1,486,193	)		—		(1,486,193	)		1,486,193		—
Total		$	—	$	(4,506,113	)	$	—	$	(4,506,113	)	$	4,506,113	$	—

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

Nuveen Investments 235

Notes to Financial Statements (continued)

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	$	42,805	$	—	$	—	$	42,805	$	—	$	42,805

*** 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	$	(23,952	)	$	42,805
	Inflation	Swaps		(1,128,000	)		(2,131,273	)
Total			$	(1,151,952	)	$	(2,088,468	)

Market and Counterparty Credit Risk

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

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

4. Fund Shares

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

	Year Ended 4/30/15						Year Ended 4/30/14
All-American	Shares			Amount			Shares			Amount
Shares sold:
Class A		17,881,976		$	206,831,082			12,719,041		$	139,341,313
Class A – automatic conversion of Class B Shares		187,266			2,119,899			10,797			119,139
Class B – exchanges		46			523			685			7,509
Class C		3,922,006			45,359,571			440,015			4,889,994
Class C2		409,484			4,731,991			3,630,019			39,981,174
Class I		22,905,515			265,424,082			21,314,117			234,319,653
Shares issued to shareholders due to reinvestment of distributions:
Class A		2,783,235			32,130,804			3,080,486			33,706,331
Class B		428			4,890			6,665			73,122
Class C		52,877			613,647			1,197			13,402
Class C2		739,010			8,532,228			881,134			9,647,877
Class I		2,073,426			24,040,263			2,146,680			23,581,736
		50,955,269			589,788,980			44,230,836			485,681,250
Shares redeemed:
Class A		(16,086,340	)		(185,017,033	)		(39,729,988	)		(432,939,176	)
Class B		(11,686	)		(132,181	)		(176,490	)		(1,942,907	)
Class B – automatic conversion to Class A Shares		(186,936	)		(2,119,899	)		(10,778	)		(119,139	)
Class C		(225,896	)		(2,631,153	)		(3,349	)		(37,640	)
Class C2		(4,177,185	)		(48,085,489	)		(15,162,720	)		(165,122,028	)
Class I		(12,672,465	)		(146,746,355	)		(46,956,473	)		(511,941,734	)
		(33,360,508	)		(384,732,110	)		(102,039,798	)		(1,112,102,624	)
Net increase (decrease)		17,594,761		$	205,056,870			(57,808,962	)	$	(626,421,374	)

236 Nuveen Investments

	Year Ended 4/30/15						Year Ended 4/30/14
Inflation Protected	Shares			Amount			Shares			Amount
Shares sold:
Class A		814,867		$	8,835,261			1,401,328		$	15,100,629
Class C		114,397			1,242,761			22,156			236,306
Class C2		11,404			123,251			177,060			1,924,839
Class I		1,140,754			12,494,791			1,572,003			16,613,664
Shares issued to shareholders due to reinvestment of distributions:
Class A		61,354			664,688			90,106			951,420
Class C		1,133			12,163			35			376
Class C2		14,973			162,154			18,857			198,961
Class I		64,084			695,002			68,729			726,640
		2,222,966			24,230,071			3,350,274			35,752,835
Shares redeemed:
Class A		(1,288,469	)		(13,932,743	)		(4,285,061	)		(45,055,357	)
Class C		(11,092	)		(118,268	)		(23	)		(242	)
Class C2		(251,571	)		(2,715,833	)		(578,775	)		(6,096,689	)
Class I		(1,614,542	)		(17,290,944	)		(2,420,380	)		(25,483,146	)
		(3,165,674	)		(34,057,788	)		(7,284,239	)		(76,635,434	)
Net increase (decrease)		(942,708	)	$	(9,827,717	)		(3,933,965	)	$	(40,882,599	)

	Year Ended 4/30/15						Year Ended 4/30/14
Intermediate Duration	Shares			Amount			Shares			Amount
Shares sold:
Class A		49,083,204		$	452,283,382			62,899,084		$	562,779,554
Class A – automatic conversion of Class B Shares		118,455			1,083,860			3,414			30,892
Class B – exchanges		52			481			32,474			298,589
Class C		1,811,412			16,765,697			274,160			2,491,887
Class C2		267,428			2,477,514			2,446,934			22,006,271
Class I		90,319,681			836,458,602			80,373,783			726,130,881
Shares issued to shareholders due to reinvestment of distributions:
Class A		2,893,107			26,753,963			1,908,486			17,181,212
Class B		158			1,462			2,746			24,740
Class C		16,699			154,818			539			4,917
Class C2		202,855			1,879,382			255,116			2,299,525
Class I		6,771,916			62,768,820			6,805,271			61,353,905
		151,484,967			1,400,627,981			155,002,007			1,394,602,373
Shares redeemed:
Class A		(64,229,621	)		(594,646,460	)		(23,409,601	)		(210,127,906	)
Class B		(10,151	)		(93,128	)		(109,993	)		(992,036	)
Class B – automatic conversion to Class A Shares		(118,068	)		(1,083,860	)		(3,403	)		(30,892	)
Class C		(173,822	)		(1,607,168	)		(10,914	)		(99,373	)
Class C2		(2,142,664	)		(19,821,017	)		(5,630,686	)		(50,660,027	)
Class I		(61,101,487	)		(566,422,037	)		(110,829,288	)		(1,001,973,531	)
		(127,775,813	)		(1,183,673,670	)		(139,993,885	)		(1,263,883,765	)
Net increase (decrease)		23,709,154		$	216,954,311			15,008,122		$	130,718,608

Nuveen Investments 237

Notes to Financial Statements (continued)

	Year Ended 4/30/15						Year Ended 4/30/14
Limited Term	Shares			Amount			Shares			Amount
Shares sold:
Class A		34,710,016		$	386,982,851			40,318,158		$	445,841,472
Class C		4,198,352			46,625,207			899,294			9,951,409
Class C2		452,759			5,029,160			8,917,219			98,111,052
Class I		92,453,352			1,025,774,699			97,380,477			1,072,065,557
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,708,836			19,053,083			1,965,298			21,711,675
Class C		28,228			313,522			1,145			12,663
Class C2		558,740			6,208,595			659,801			7,262,578
Class I		2,070,899			22,982,851			1,473,647			16,198,836
		136,181,182			1,512,969,968			151,615,039			1,671,155,242
Shares redeemed:
Class A		(46,199,189	)		(514,996,900	)		(54,839,890	)		(604,950,854	)
Class C		(401,002	)		(4,453,746	)		(25,104	)		(277,587	)
Class C2		(9,522,071	)		(105,782,059	)		(17,567,359	)		(193,196,191	)
Class I		(54,435,890	)		(604,000,591	)		(76,078,446	)		(835,578,898	)
		(110,558,152	)		(1,229,233,296	)		(148,510,799	)		(1,634,003,530	)
Net increase (decrease)		25,623,030		$	283,736,672			3,104,240		$	37,151,712
	Year Ended 4/30/15						Year Ended 4/30/14
Short Term	Shares			Amount			Shares			Amount
Shares sold:
Class A		8,586,124		$	87,155,010			26,249,463		$	266,170,489
Class C		429,077			4,347,843			88,396			896,533
Class C2		95,624			969,580			3,700,423			37,443,708
Class I		28,902,371			293,467,350			34,566,597			350,644,803
Shares issued to shareholders due to reinvestment of distributions:
Class A		168,492			1,710,132			195,668			1,984,118
Class C		1,445			14,637			46			470
Class C2		13,127			133,105			23,809			241,086
Class I		202,092			2,051,469			129,361			1,311,968
		38,398,352			389,849,126			64,953,763			658,693,175
Shares redeemed:
Class A		(10,344,620	)		(104,980,940	)		(16,612,146	)		(168,323,242	)
Class C		(54,421	)		(551,119	)		(7,397	)		(75,082	)
Class C2		(1,248,208	)		(12,651,132	)		(1,991,170	)		(20,165,708	)
Class I		(27,156,616	)		(275,606,625	)		(23,290,718	)		(236,058,056	)
		(38,803,865	)		(393,789,816	)		(41,901,431	)		(424,622,088	)
Net increase (decrease)		(405,513	)	$	(3,940,690	)		23,052,332		$	234,071,087

5. Investment Transactions

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

	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
Purchases	$	586,824,377	$	12,455,895	$	1,097,225,688	$	1,153,132,444	$	292,147,552
Sales and maturities		401,316,566		21,731,167		830,750,379		762,373,992		275,604,790

238 Nuveen Investments

6. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal 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 April 30, 2015, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:

	All- American			Inflation Protected			Intermediate Duration			Limited Term			Short Term
Cost of investments	$	2,213,358,433		$	55,285,623		$	4,187,499,275		$	3,859,060,066		$	710,770,567
Gross unrealized:
Appreciation	$	222,942,183		$	1,483,884		$	234,036,451		$	99,381,565		$	6,599,231
Depreciation		(11,617,301	)		(177,726	)		(19,108,485	)		(4,280,340	)		(1,026,222	)
Net unrealized appreciation (depreciation) of investments	$	211,324,882		$	1,306,158		$	214,927,966		$	95,101,225		$	5,573,009

Permanent differences, primarily due to treatment of notional principal contracts, 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, 2015, the Funds’ tax year end, as follows:

	All- American			Inflation Protected			Intermediate Duration			Limited Term			Short Term
Capital paid-in	$	(21,586	)	$	—		$	—		$	(7,283,015	)	$	(11,914	)
Undistributed (Over-distribution of) net investment income		(111,559	)		(24,577	)		(174,590	)		(95,375	)		(175,410	)
Accumulated net realized gain (loss)		133,145			24,577			174,590			7,378,390			187,324

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of April 30, 2015, the Funds’ tax year end, were as follows:

	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
Undistributed net tax-exempt income1	$	9,151,400	$	181,432	$	16,516,424	$	7,977,039	$	283,241
Undistributed net ordinary income2		59,998		—		21,242		254,033		43,253
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, 2015 through April 30, 2015, and paid on May 1, 2015.

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

The tax character of distributions paid during the Funds’ tax years ended April 30, 2015 and April 30, 2014, was designated for purposes of the dividends paid deduction as follows:

2015	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
Distributions from net tax-exempt income3	$	96,817,053	$	1,574,949	$	137,050,292	$	73,455,736	$	8,645,467
Distributions from net ordinary income2		284,523		6,360		201,182		208,876		—
Distributions from net long-term capital gains		—		—		—		—		—

Nuveen Investments 239

Notes to Financial Statements (continued)

2014	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.

³  The Funds hereby designate these amounts paid during the fiscal year ended April 30, 2015, as Exempt Interest Dividends.

As of April 30, 2015, the Funds’ tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

	All- American4		Inflation Protected		Intermediate Duration4		Limited Term			Short Term
Expiration:
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		—		9,051,684		543,730	��		—
April 30, 2019		881,168		—		1,043,786		1,598,268			—
Not subject to expiration:		42,168,660		3,460,181		—		11,471,917			305,575
Total	$	82,944,563	$	3,460,181	$	10,095,470	$	15,231,661		$	617,684

⁴  A portion of All-American’s and Intermediate Duration’s capital loss carryforward is subject to an annual limitation under Internal Revenue Code and related regulations.

As of April 30, 2015, the Funds’ tax year end, the following Funds’ capital loss carryforwards expired as follows:

	All- American		Limited Term		Short Term
Expired capital loss carryforwards	$	21,571	$	7,283,015	$	11,893

During the Funds’ tax year ended April 30, 2015, Intermediate Duration utilized $5,910,592 of its capital loss carryforward.

The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The following Fund has elected to defer losses as follows:

	Limited Term
Post-October capital losses5	$	1,406,548
Late-year ordinary losses6		—

⁵  Capital losses incurred from November 1, 2014 through April 30, 2015, the Fund’s tax year end.

⁶  Ordinary losses incurred from January 1, 2015 through April 30, 2015 and specified losses incurred from November 1, 2014 through April 30, 2015.

7. Management Fees and Other Transactions with Affiliates

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

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

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

Average Daily Net Assets	All- American Fund-Level Fee			Inflation Protected Fund-Level Fee			Intermediate Duration Fund-Level Fee			Limited Term Fund-Level Fee			Short Term Fund-Level Fee
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			—

240 Nuveen Investments

The annual complex-level fee, payable monthly, for each Fund 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 April 30, 2015, the complex-level fee for each Fund was as follows:

Fund	Complex-Level Fee
All-American		0.1694	%
Inflation Protected		0.1635
Intermediate Duration		0.1690
Limited Term		0.1635
Short Term		0.1778

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.

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 current fiscal period, Nuveen Securities, LLC, (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
Sales charges collected (Unaudited)	$	1,999,015	$	26,623	$	533,907	$	1,288,923	$	348,641
Paid to financial intermediaries (Unaudited)		1,746,525		22,594		478,280		1,241,278		341,648

Nuveen Investments 241

Notes to Financial Statements (continued)

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

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

	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
Commission advances (Unaudited)	$	429,539	$	10,079	$	193,400	$	656,413	$	180,610

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C and Class C2 Shares during the first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:

	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
12b-1 fees retained (Unaudited)	$	141,000	$	4,389	$	62,664	$	193,550	$	12,649

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 current fiscal period, as follows:

	All- American		Inflation Protected		Intermediate Duration		Limited Term		Short Term
CDSC retained (Unaudited)	$	12,238	$	30	$	23,873	$	46,940	$	18,106

242 Nuveen Investments

Additional

Fund Information (Unaudited)

Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606   Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 Independent Registered
Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL 60606   Custodians State Street Bank & Trust
Company Boston, MA 02111   U.S. Bank National Association Milwaukee, WI 53202 Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 Transfer Agent and
Shareholder Services Boston Financial Data Services, Inc. Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787

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

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

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

Nuveen Investments 243

Glossary of Terms

Used in this Report (Unaudited)

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

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

Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s (or bond fund’s) value to changes when market interest rates change. Generally, the longer a bond or fund’s duration, the more the price of the bond or fund will change as interest rates change.

Effective Leverage (Effective Leverage Ratio): Effective leverage is investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.

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

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. 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.

244 Nuveen Investments

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

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

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

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.

Pre-Refundings: Pre-Refundings, also known as advance refundings or refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and interest payments of older existing bonds. This process often results in lower borrowing costs for bond issuers.

S&P Municipal Bond Intermediate Index: An unleveraged, market value-weighted index containing all bonds in the S&P Municipal Bond Index that mature between 3 and 14.999 years. Index returns assume reinvestment of dividends but do not reflect any applicable sales charges or management fees.

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

S&P Municipal Bond Short Index: An unleveraged, market value-weighted index containing all of the bonds in the S&P Municipal Bond Index with maturities between 6 months and 3.999 years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P Municipal Bond Short-Intermediate Index: An unleveraged, market value-weighted index containing all bonds in the S&P Municipal Bond Index that mature between 1 and 7.999 years. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.

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

Nuveen Investments 245

Trustees

and Officers (Unaudited)

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

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

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

246 Nuveen Investments

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

Nuveen Investments 247

Trustees and Officers (Unaudited) (continued)

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

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds:
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	196
Margo L. Cook 1964 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011); Co-Chief Executive Officer (since 2015) of Nuveen Securities, LLC; previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Chartered Financial Analyst.	196
Lorna C. Ferguson 1945 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).	196

248 Nuveen Investments

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

Nuveen Investments 249

Trustees and Officers (Unaudited) (continued)

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

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

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

250 Nuveen Investments

Notes

Nuveen Investments 251

Nuveen Investments:
	Serving Investors for Generations
	Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
		Focused on meeting investor needs. Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $233 billion as of March 31, 2015.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MAN-NAT-0415D        8575-INV-Y-06/16

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

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

SERVICES THAT THE AUDITOR BILLED TO THE FUNDS

Fiscal Year Ended April 30, 2015	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees  Billed to  Funds 3		All Other Fees Billed to Funds 4
Fund Name
Nuveen Short Term Municipal Bond Fund		19,736		0		0		0
Total	$	19,736	$	0	$	0	$	0

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

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

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

⁴  “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Short Term Municipal Bond Fund		0	%		0	%		0	%		0	%
Fiscal Year Ended April 30, 2014	Audit Fees Billed to Funds 1			Audit-Related Fees Billed to Funds 2			Tax Fees Billed to Funds 3			All Other Fees Billed to Funds 4
Fund Name
Nuveen Short Term Municipal Bond Fund		19,354			0			2,323			0
Total	$	19,354		$	0		$	2,323		$	0

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

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

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

⁴  “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Short Term Municipal Bond Fund		0	%		0	%		0	%		0	%

Fiscal Year Ended April 30, 2015	Audit-Related Fees Billed to Adviser  and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%
Fiscal Year Ended April 30, 2014	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%

Fiscal Year Ended April 30, 2015	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Fund Name
Nuveen Short Term Municipal Bond Fund		0		0		0		0
Total	$	0	$	0	$	0	$	0

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

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

Fiscal Year Ended April 30, 2014	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Fund Name
Nuveen Short Term Municipal Bond Fund		2,323		0		0		2,323
Total	$	2,323	$	0	$	0	$	2,323

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

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

SIGNATURES

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

(Registrant) Nuveen Investment Funds, Inc.

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

Date: July 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: July 8, 2015

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

Date: July 8, 2015