Nuveen Municipal Trust

N-Q 1 d221092dnq.htm NUVEEN MUNICIPAL TRUST Nuveen Municipal Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811- 07873

Nuveen Municipal Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy—Vice President and Secretary

333 West Wacker Drive, Chicago, Illinois 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: July 31, 2011

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.

Item 1. Schedule of Investments.

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Alabama – 1.8%

5,060

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

4,402,251

2,550

Courtland Industrial Development Board, Alabama, Solid Waste Revenue Bonds, International Paper Company Project, Series 2005A,
5.200%, 6/01/25 (Alternative Minimum Tax)

6/15 at 100.00

BBB

2,469,165

Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A:

1,000

5.250%, 1/01/14

No Opt. Call

BBB–

981,340

1,000

5.500%, 1/01/21 – AGM Insured

1/14 at 100.00

AA+

967,150

1,000

5.500%, 1/01/22

1/14 at 100.00

BBB–

909,210

2,000

Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 – AMBAC Insured

7/13 at 100.00

Aa3

2,070,480

12,610

Total Alabama

11,799,596

Arizona – 0.9%

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

BBB–

707,933

Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007:

1,500

5.250%, 12/01/19

No Opt. Call

1,548,030

1,000

5.250%, 12/01/28

No Opt. Call

956,070

2,000

5.000%, 12/01/37

No Opt. Call

1,797,580

964

Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30

7/16 at 100.00

N/R

786,402

6,289

Total Arizona

5,796,015

Arkansas – 0.2%

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

518,890

1,000

6.000%, 6/01/40

6/20 at 100.00

BBB

1,021,910

1,500

Total Arkansas

1,540,800

California – 9.3%

2,000

Bay Area Governments Association, California, BART SFO Extension, Airport Premium Fare Revenue Bonds, Series 2002A, 5.000%, 8/01/32 – AMBAC Insured

8/12 at 100.00

N/R

1,693,260

1,000

Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 2985, 17.814%, 4/01/34 (IF)

4/18 at 100.00

1,087,280

2,000

California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 6.000%, 5/01/14 (Pre-refunded 5/01/12)

5/12 at 101.00

AA–

(4)

2,106,680

1,065

California Educational Facilities Authority, Revenue Bonds, Woodbury University, Series 2006, 5.000%, 1/01/36

1/15 at 100.00

Baa3

868,476

3,480

California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45

8/20 at 100.00

BBB–

3,330,708

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

1,026,160

700

California State, General Obligation Bonds, Tender Option Bond Trust 3162, 19.710%, 3/01/18 – AGM Insured (IF)

No Opt. Call

AA+

811,524

1,400

California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 3/01/30

3/20 at 100.00

1,451,338

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

1,725,949

845

California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008E,
5.500%, 7/01/31

7/17 at 100.00

856,881


Nuveen Investments			1

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

California (continued)

675

California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3048, 18.502%, 11/15/46 (IF)

11/16 at 100.00

AA–

569,322

500

Chino Hill, California, Community Facilities District 10 Special Tax Bonds, Series 2010, 5.000%, 9/01/30 – AGM Insured

9/20 at 100.00

AA+

501,610

1,000

Chino, California, Community Facilities District 2009-1, Watson Commerce Center, Special Tax Bonds, Series 2010, 6.750%, 9/01/40

9/20 at 100.00

N/R

1,005,310

7,200

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

4,669,992

1,575

California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.714%, 7/01/47 – AGM Insured (IF)

7/18 at 100.00

AA+

1,472,625

2,000

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

1,286,940

510

Etiwanda School District, California, Coyote Canyon Community Facilties District 2004-1 Improvement Area 2 Special Tax Bonds, Series 2009, 6.500%, 9/01/32

9/19 at 100.00

N/R

514,743

1,300

Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – AGC Insured

6/15 at 100.00

AA+

1,206,010

Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:

3,480

5.000%, 6/01/33

6/17 at 100.00

Baa3

2,505,217

3,440

5.750%, 6/01/47

6/17 at 100.00

Baa3

2,574,393

1,000

Jurupa Public Financing Authority, California,Superior Lien Revenue Bonds, Series 2010A, 5.000%, 9/01/33

9/20 at 100.00

AA+

964,330

500

Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010A, 5.000%, 5/15/31

5/20 at 100.00

520,725

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

2,774,640

500

Metropolitan Water District of Southern California, Water Revenue Bonds, Series 2006C, 5.000%, 7/01/29

7/16 at 100.00

AAA

529,940

2,700

M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009A, 7.000%, 11/01/34

No Opt. Call

3,114,288

1,460

Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25

No Opt. Call

1,400,432

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

1,468,769

3,000

Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29

11/19 at 100.00

Baa3

3,065,520

1,710

Perris Public Financing Authority, California, Tax Allocation Revenue Bonds, Housing Loan Series 2010A, 6.125%, 10/01/40

No Opt. Call

1,714,583

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–

3,918,400

1,000

Riverside County Community Facilities District 05-8 Scott Road, California, Special Tax Bonds, Series 2008, 7.250%, 9/01/38

9/17 at 100.00

N/R

973,360

930

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

789,496

1,000

San Bernardino County Redevelopment Agency, California, Cedar Glen Disaster Recovery Project Area Tax Allocation Bonds, Series 2010, 5.750%, 9/01/30

9/18 at 100.00

BBB+

895,470

1,660

San Diego Redevelopment Agency, California, City Heights Redevelopment Project Tax Allocation Bonds, Series 2010A, 5.625%, 9/01/40

9/20 at 100.00

A–

1,506,201


	2			Nuveen Investments

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–

683,166

2,050

Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38

12/19 at 100.00

AA–

2,072,858

Tustin Community Redevelopment Agency, California, MCAS Project Area Tax Allocation Bonds, Series 2010:

425

5.000%, 9/01/29

9/18 at 102.00

388,310

500

5.000%, 9/01/35

9/18 at 102.00

437,565

920

Tustin Community Redevelopment Agency, California, Tax Allocation Housing Bonds Series 2010, 5.000%, 9/01/30 – AGM Insured

No Opt. Call

AA+

927,654

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+

199,406

485

West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 1999F, 6.100%, 9/01/29

3/12 at 100.00

N/R

472,545

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+

1,443,585

67,850

Total California

61,525,661

Colorado – 4.7%

1,000

Arista Metropolitan District, Colorado, Special Revenue Bonds, Series 2008, 9.250%, 12/01/37

12/15 at 100.00

N/R

922,730

Baptist Road Rural Transportation Authority, Colorado, Sales and Use Tax Revenue Bonds, Series 2007:

845

4.800%, 12/01/17

No Opt. Call

N/R

724,875

1,150

5.000%, 12/01/26

12/17 at 100.00

N/R

763,336

1,230

Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Bromley School, Series 2005, 5.125%, 9/15/25 – SYNCORA GTY Insured

9/15 at 100.00

1,238,561

1,000

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

N/R

897,630

975

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

N/R

951,317

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

N/R

2,379,750

975

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

884,354

1,500

Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2009A, 7.750%, 8/01/29

No Opt. Call

N/R

1,530,285

1,100

Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Longterm Care National Obligated Group Project, Series 2010A, 6.250%, 11/15/40

11/20 at 100.00

N/R

1,106,798

2,000

Colorado Health Facilities Authority, Hospital Improvement Revenue Bonds, NCMC Inc., Series 2003A, 5.500%, 5/15/30 – AGM Insured

5/19 at 100.00

AA+

2,078,780

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

A–

2,355,551

Compark Business Campus Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007A:

540

5.750%, 12/01/27 – RAAI Insured

12/17 at 100.00

N/R

474,844

395

5.600%, 12/01/34 – RAAI Insured

12/17 at 100.00

N/R

315,396


Nuveen Investments			3

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Colorado (continued)

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

1,902,951

790

Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.250%, 12/01/17

No Opt. Call

N/R

722,384

2,145

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

2,147,467

775

Fossil Ridge Metropolitan District 1, Lakewood, Colorado, Tax-Supported Revenue Bonds, Refunding Series 2010, 7.250%, 12/01/40

12/20 at 100.00

N/R

753,819

700

Pinery West Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.000%, 12/01/27 – RAAI Insured

12/17 at 100.00

N/R

590,219

Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008:

1,080

6.250%, 11/15/28

No Opt. Call

1,149,584

2,775

6.500%, 11/15/38

No Opt. Call

3,055,525

Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:

1,000

5.250%, 7/15/24

7/20 at 100.00

Baa3

1,002,100

2,365

6.000%, 1/15/41

7/20 at 100.00

Baa3

2,387,751

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

805,204

32,260

Total Colorado

31,141,211

Connecticut – 1.1%

5,115

Connecticut Development Authority, Pollution Control Revenue Refunding Bonds, Western Massachusetts Electric Company, Series 1993A, 5.850%, 9/01/28

10/11 at 100.50

BBB+

5,157,915

1,000

Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-2, Trust 1080, 17.984%, 7/01/15 (IF) (6)

No Opt. Call

AAA

1,149,960

1,000

Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22

4/20 at 100.00

N/R

1,091,450

7,115

Total Connecticut

7,399,325

Delaware – 0.2%

1,015

Wilmington, Delaware, Replacement Housing Factor Fund Securitization Revenue Bonds, Wilmington Housing Authority-Lincoln Towers Project, Series 2011, 5.750%, 7/15/16

No Opt. Call

N/R

1,015,112

District of Columbia – 0.8%

4,365

District of Columbia, Certificates of Participation, Series 2003,
5.500%, 1/01/18 – AMBAC Insured

1/14 at 100.00

4,616,424

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

853,360

5,365

Total District of Columbia

5,469,784

Florida – 4.7%

1,250

Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2010A, 6.000%, 9/01/40

No Opt. Call

BBB

1,128,238

540

Boynton Village Community Development District, Florida, Special Assessment Bonds, Series 2007-A1, 5.750%, 5/01/37

5/17 at 100.00

N/R

367,886

850

Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2009B, 7.000%, 4/01/39

4/19 at 100.00

A–

927,180

1,450

Colonial Country Club Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2003, 6.400%, 5/01/33

5/13 at 101.00

1,483,539


	4			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Florida (continued)

1,380

Country Greens Community Development District, Florida, Special Assessment Bonds, Series 2003, 6.625%, 5/01/34

5/13 at 101.00

N/R

1,328,912

1,000

East Park Community Development District, Florida, Special Assessment Revenue Bonds, Series 2008, 7.500%, 5/01/15

No Opt. Call

N/R

852,580

1,555

Florida Development Finance Corporation, Revenue Bonds, Learning Gate Community Charter School Project, Series 2007A, 6.000%, 2/15/37

2/17 at 100.00

BBB–

1,349,647

3,510

Florida Housing Finance Corporation, Revenue Bonds, Wyndham Place Apartments, Series 2000W-1, 5.850%, 1/01/41 – AGM Insured (Alternative Minimum Tax)

1/12 at 100.00

AA+

3,511,229

985

Keys Cove Community Development District, Florida, Special Assessment Revenue Bonds, Series 2004, 5.875%, 5/01/35

5/15 at 101.00

N/R

929,042

1,245

Lakes by the Bay South Community Development District, Florida, Special Assessment Bonds, Series 2004A, 6.100%, 5/01/23

5/14 at 101.00

N/R

1,187,643

1,000

Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A, 5.250%, 6/15/27

6/17 at 100.00

BB+

839,680

720

Lexington Community Development District, Florida, Special Assessment Revenue Bonds, Series 2004, 6.125%, 5/01/34

5/14 at 101.00

A–

733,543

1,500

Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/35

10/20 at 100.00

1,508,505

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+

2,046,800

1,040

Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2009, 5.625%, 6/01/34 – AGC Insured

6/19 at 100.00

AA+

1,059,698

1,000

Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and Improvement Development Unit 46B, Series 2007A, 5.350%, 8/01/41

8/17 at 100.00

N/R

839,860

1,635

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

1,466,121

1,955

Panther Trails Community Development District, Floridia, Special Assessment Bonds, Series 2005, 5.600%, 5/01/36

5/15 at 100.00

1,744,036

440

Poinciana West Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.875%, 5/01/22

5/17 at 100.00

N/R

397,421

500

Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 – AMBAC Insured

10/18 at 100.00

AA–

514,375

3,265

Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37

5/14 at 101.00

N/R

2,469,711

Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007:

970

5.250%, 5/01/39

No Opt. Call

N/R

594,775

500

6.650%, 5/01/40

5/18 at 100.00

N/R

305,305

Westchester Community Development District 1, Florida, Special Assessment Bonds, Series 2003:

595

6.000%, 5/01/23

5/13 at 101.00

N/R

549,572

3,750

6.125%, 5/01/35

5/13 at 101.00

N/R

3,328,800

34,635

Total Florida

31,464,098

Georgia – 2.7%

750

Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31

1/19 at 100.00

N/R

776,618

2,000

Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 1/01/20

1/19 at 100.00

N/R

2,049,000


Nuveen Investments			5

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Georgia (continued)

1,380

Dekalb County Housing Authority, Georgia, Subordinate Multifamily Housing Revenue Bonds, Greens of Stonecrest Project, 2001B Pass-Through Ceritificate Series 2001-8, 5.900%, 11/01/34 (Mandatory put 11/01/18) (Alternative Minimum Tax)

12/11 at 100.00

N/R

1,373,431

1,240

Effingham County Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Ft. James Project, Series 1998, 5.625%, 7/01/18 (Alternative Minimum Tax)

10/11 at 100.00

BBB–

1,240,099

5,000

Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Athletic Association, Series 2011, 5.750%, 10/01/41

4/21 at 100.00

5,189,200

1,000

Lavonia Hospital Authority, Georgia, Revenue Anticpation Certificates, Ty Cobb Regional Medical Center , Series 2010, 6.000%, 12/01/40 – AGM Insured

12/20 at 100.00

AA+

1,039,750

850

Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds,
Series 2007A, 5.000%, 3/15/22

No Opt. Call

Aa3

884,230

5,500

The Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project,
Series 2010, 5.000%, 8/01/41

8/20 at 100.00

AA+

5,321,635

17,720

Total Georgia

17,873,963

Guam – 0.4%

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

2,000,720

880

Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40

7/20 at 100.00

Ba2

797,025

2,880

Total Guam

2,797,745

Hawaii – 0.1%

1,000

Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010A, 5.500%, 7/01/40

7/20 at 100.00

915,100

Idaho – 0.2%

1,000

Idaho Health Facilities Authority, Revenue Bonds, Trinity Health Group, Refunding Series 2008B, 6.000%, 12/01/23

12/18 at 100.00

1,142,440

Illinois – 13.8%

1,000

Bryant, Illinois, Pollution Control Revenue Refunding Bonds, Central Illinois Light Company, Series 1993, 5.900%, 8/01/23

10/11 at 100.00

BBB+

1,000,660

982

Cary, Illinois, Special Service Area 1 Special Tax Bonds, Series 2006, 5.000%, 3/01/30 – RAAI Insured

3/16 at 100.00

N/R

896,419

2,500

CenterPoint Intermodal Center Program, Illinois, Trust Series 2004 Class A Certificates, 8.500%, 6/15/23

12/11 at 100.00

N/R

2,500,825

Champaign, Illinois, General Obligation Public Safety Sales Tax Bonds, Series 1999:

1,140

8.250%, 1/01/21 – FGIC Insured

No Opt. Call

BBB

1,567,511

1,275

8.250%, 1/01/22 – FGIC Insured

No Opt. Call

BBB

1,760,801

5,000

Chicago, Illinois, Chicago O’Hare International Airport, General Airport Third Lien Revenue Bonds , Series 2011A, 5.750%, 1/01/39

No Opt. Call

5,231,000

1,534

Chicago, Illinois, FNMA/GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 2007-2G, Trust 1060, 21.453%, 6/01/39 (Alternative Minimum Tax) (IF) (6)

6/17 at 104.00

Aaa

1,870,314

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

2,473,775

5,000

Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds – CIPS Debt, Series 1993C-2, 5.950%, 8/15/26

10/11 at 100.00

BBB–

4,999,900

1,375

Illinois Finance Authority Revenue Bonds, Christian Homes, Inc. Obligated Group, Series 2007A, 5.750%, 5/15/31

5/17 at 100.00

N/R

1,262,346


	6			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Illinois (continued)

Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010:

900

6.125%, 5/15/27

5/15 at 100.00

N/R

902,763

2,000

6.125%, 5/15/27

5/20 at 100.00

N/R

2,012,600

500

Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Series 2010A, 7.750%, 5/15/30

5/20 at 100.00

N/R

492,630

1,000

Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Temps 65 Series 2010D-2, 6.375%, 5/15/17

5/12 at 100.00

N/R

999,540

1,215

Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39

11/19 at 100.00

1,215,705

1,250

Illinois Finance Authority, Revenue Bonds, Little Company of Mary Hospital and Health Care Centers, Series 2010, 5.375%, 8/15/40

No Opt. Call

A+

1,157,650

2,000

Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 5.375%, 8/15/24

8/19 at 100.00

AA+

2,187,540

2,570

Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39

5/20 at 100.00

2,622,479

500

Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37

11/17 at 100.00

500,475

1,500

Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35

5/20 at 100.00

N/R

1,452,795

1,900

Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34

8/19 at 100.00

BBB+

2,095,624

1,665

Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39

5/19 at 100.00

1,760,271

6,000

Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37

8/17 at 100.00

BBB

5,585,100

3,000

Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38

8/19 at 100.00

BBB

3,107,430

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+

939,976

4,000

Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41

8/21 at 100.00

A+

4,051,000

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–

1,465,282

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–

1,523,895

3,935

Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34

5/17 at 100.00

Baa3

3,333,771

Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002:

4,000

5.500%, 1/01/22

1/13 at 100.00

Baa1

4,025,880

1,000

5.625%, 1/01/28

1/13 at 100.00

Baa1

969,230

255

Illinois Housing Development Authority, Housing Finance Bonds, Series 2006K, 4.600%, 7/01/23

7/16 at 100.00

248,010

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) (6)

4/16 at 100.00

N/R

3,777,520

1,000

Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36

1/16 at 100.00

N/R

679,410

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

B–

1,813,830

1,875

Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B, 5.250%, 1/01/36

1/16 at 100.00

B–

1,321,725


Nuveen Investments			7

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Illinois (continued)

1,260

Markham, Illinois, Alternative Source Revenue Bonds, Series 2005A, 5.250%, 4/01/23 – RAAI Insured

4/15 at 100.00

N/R

1,240,483

1,294

Pingree Grove Village, Illinois, Tax Assessment Bonds, Special Service Area 1 –Cambridge Lakes Project, Series 2005-1, 5.250%, 3/01/15

No Opt. Call

N/R

1,249,681

Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:

3,890

5.250%, 6/01/21

No Opt. Call

4,084,889

3,000

6.250%, 6/01/24

No Opt. Call

A–

3,136,890

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

5,155,859

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

990,600

1,645

Warren Township School District 121, Lake County, Gurnee, Illinois, General Obligation Bonds, Series 2004C, 5.500%, 3/01/22 – AMBAC Insured

3/14 at 101.00

AA+

1,793,346

91,735

Total Illinois

91,457,430

Indiana – 3.0%

1,235

Hendricks County Building Facilities Corporation, Indiana, First Mortgage Revenue Bonds, Series 2004, 5.500%, 7/15/24

7/14 at 100.00

Aa2

1,295,231

500

Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.250%, 8/01/36

8/16 at 100.00

Baa3

439,455

Indiana Bond Bank, Special Program Gas Revenue Bonds, JP Morgan Ventures Energy Corporation Guaranteed, Series 2007A:

1,500

5.250%, 10/15/18

No Opt. Call

Aa3

1,661,295

5,000

5.250%, 10/15/20

No Opt. Call

Aa3

5,468,800

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

BBB–

1,399,384

1,000

Indiana Finance Authority, Hospital Refunding Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Series 2010, 5.125%, 3/01/30

3/20 at 100.00

A–

977,110

905

Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1992A, 6.800%, 12/01/16

No Opt. Call

AA+

1,023,256

2,000

Indianapolis, Indiana, Multifamily Housing Revenue Bonds, GMF-Berkley Commons Apartments, Series 2010A, 6.000%, 7/01/40

7/20 at 100.00

A+

1,986,300

3,000

Jasper County, Indiana Pollution Control (Northern Indiana Public Service) Commercial Paper, 5.600%, 11/01/16 – NPFG Insured

No Opt. Call

Baa1

3,390,990

2,000

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

2,127,920

18,540

Total Indiana

19,769,741

Iowa – 0.4%

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

520,780

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+

1,259,065

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

1,027,850

2,990

Total Iowa

2,807,695

Kansas – 1.0%

2,815

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

Baa3

2,616,965

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

1,240,164


	8			Nuveen Investments


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value

		Kansas (continued)

$	1,015	Sedgwick and Shawnee Counties, Kansas, FNMA/GNMA Mortgage-Backed Securities Program Single Family Revenue Bonds, Series 2002A, 6.250%, 12/01/33 (Alternative Minimum Tax)		12/11 at 104.50		Aaa		$	1,041,035

	2,980	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		BBB			1,700,984
	8,010	Total Kansas							6,599,148
		Kentucky – 2.0%

	1,670	Columbia, Kentucky, Educational Development Revenue Bonds, Lindsey Wilson College Project, Series 2001, 6.250%, 4/01/21		10/11 at 101.00		BBB–			1,687,418

		Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A:
	2,000	5.750%, 6/01/25		6/20 at 100.00		Baa2			2,021,760
	2,000	6.000%, 6/01/30		6/20 at 100.00		Baa2			2,043,820

	1,500	Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System, Series 2009A, 5.375%, 8/15/24		8/19 at 100.00		Aa3			1,601,775

	1,995	Kentucky Economic Development Finance Authority, Hospital System Revenue Refunding and Improvement Bonds, Appalachian Regional Healthcare Inc., Series 1997, 5.875%, 10/01/22		10/11 at 100.00		BB–			1,769,944

	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		2/18 at 100.00		A–			1,413,585

	2,500	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			2,630,925
	13,070	Total Kentucky							13,169,227
		Louisiana – 2.6%

	500	Louisana Public Facilities Authority, Revenue Bonds, Belle Chasse Educational Foundation Project, Series 2011, 6.750%, 5/01/41		5/21 at 100.00		N/R			518,360

	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–			3,613,832

	2,525	Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Baton Rouge Community College Facilities Corporation, Series 2002, 5.375%, 12/01/21 – NPFG Insured		12/12 at 100.00		Baa1			2,555,654

	4,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Hotel LLC Project, Series 2007A, 6.750%, 12/15/37 (5), (7), (8)		12/17 at 100.00		N/R			2,021,280

	2,000	Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Refunding Series 2009A, 6.000%, 7/01/29		7/19 at 100.00		A+			2,132,100

	1,590	Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Series 2008B, 5.750%, 7/01/18 – AGC Insured		No Opt. Call		AA+			1,710,156

	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			1,371,285

	1,000	Rapides Finance Authority, Louisiana, Revenue Bonds, Cleco Power LLC Project, Series 2008, 6.000%, 10/01/38 (Mandatory put 10/01/11)		10/11 at 100.00		BBB			1,006,710

	1,000	St. James Parish, Louisiana, Solid Waste Disposal Revenue Bonds, Freeport McMoran Project, Series 1992, 7.700%, 10/01/22 (Alternative Minimum Tax) (Pre-refunded 9-15-11)		9/11 at 100.00		N/R	(4)		1,003,960

	1,245	Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39		11/11 at 101.00		A–			1,237,281
	18,965	Total Louisiana							17,170,618
		Maine – 1.1%

	1,665	Maine Health and Higher Educational Facilities Authority Revenue Bonds, Series 2010A, 5.000%, 7/01/40		7/20 at 100.00		A1			1,672,676


Nuveen Investments			9

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Maine (continued)

Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011:

1,000

6.750%, 7/01/36 (WI/DD, Settling 8/11/11)

7/21 at 100.00

Baa3

1,003,510

4,460

6.750%, 7/01/41 (WI/DD, Settling 8/11/11)

7/21 at 100.00

Baa3

4,459,688

7,125

Total Maine

7,135,874

Maryland – 0.8%

1,000

Maryland Health and HIgher Edcuational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 5.750%, 7/01/30

7/20 at 100.00

BBB–

950,220

4,000

University of Maryland, Auxiliary Facility and Tuition Revenue Bonds,
Series 2003A, 5.000%, 4/01/21 (Pre-refunded 4/01/13)

4/13 at 100.00

AA+

(4)

4,313,000

5,000

Total Maryland

5,263,220

Massachusetts – 1.6%

275

Massachusetts Development Finance Agency, Education Facility Revenue Bonds, Academy of the Pacific Rim Project, Series 2006A, 5.125%, 6/01/31 – ACA Insured

6/16 at 100.00

N/R

236,998

4,700

Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A, 6.250%, 1/15/28 (5)

1/18 at 100.00

N/R

3,911,246

500

Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital, Series 2005E, 5.000%, 8/15/25 – RAAI Insured

8/15 at 100.00

N/R

450,780

1,550

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

1,552,852

3,000

Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)

12/11 at 100.00

A–

3,009,150

Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:

1,260

5.500%, 1/01/22 – AMBAC Insured (Alternative Minimum Tax)

1/12 at 100.00

N/R

1,070,068

700

5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)

1/12 at 100.00

N/R

518,763

11,985

Total Massachusetts

10,749,857

Michigan – 2.8%

2,755

Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2003B, 5.000%, 5/01/20 – FGIC Insured

5/13 at 100.00

Aa2

2,793,846

1,250

Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 5.000%, 11/01/30

11/20 at 100.00

1,267,013

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+

827,976

500

Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health System, Series 2008A, 5.500%, 1/15/47 (Mandatory put 1/15/15)

No Opt. Call

567,930

1,550

Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 5.000%, 10/01/35

10/20 at 100.00

1,526,797

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

1,202,713

1,420

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

1,135,034

2,000

Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-I-A, 5.375%, 10/15/41

No Opt. Call

Aa3

2,020,180

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

509,405

1,470

5.750%, 11/15/39

11/19 at 100.00

1,470,809


	10			Nuveen Investments


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value

		Michigan (continued)

$	1,500	Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding Bonds, Fixed Rate Conversion, Detroit Edison Company, Series 1999C, 5.650%, 9/01/29 – SYNCORA GTY Insured (Alternative Minimum Tax)		9/11 at 100.00		A	$	1,500,660

	3,000	Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.000%, 9/01/29		9/18 at 100.00		A1		3,477,120
	17,995	Total Michigan						18,299,483
		Minnesota – 1.8%

	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–		892,320

	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		950,440

	3,000	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		3,365,640

	2,000	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		2,045,460

		St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005:
	2,500	6.000%, 11/15/25		11/15 at 100.00		BB+		2,509,100
	2,500	6.000%, 11/15/35		11/15 at 100.00		BB+		2,425,175
	12,000	Total Minnesota						12,188,135
		Mississippi – 0.3%

	975	Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, Roberts Hotel of Jackson, LLC Project, Series 2010, 8.500%, 2/01/30 (5)		2/21 at 102.00		NA		948,587

	1,000	Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22		10/11 at 100.00		BBB		1,001,300
	1,975	Total Mississippi						1,949,887
		Missouri – 1.1%

	2,540	Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services - Heisinger Project, Series 2004, 5.500%, 2/01/35		2/14 at 100.00		N/R		2,359,965

	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–		2,503,320

	1,802	Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square Redevelopment Project, Series 2008A, 6.300%, 8/22/26		3/12 at 100.00		N/R		1,523,897

	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		1,248,566
	8,249	Total Missouri						7,635,748
		Nebraska – 0.3%

	1,700	Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2010A, 5.700%, 9/01/31		9/20 at 100.00		AAA		1,812,829
		Nevada – 1.1%

	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		Aa3		2,025,300

	2,000	Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 7.500%, 6/15/23		6/19 at 100.00		A		2,280,200

		Sparks Local Improvement District 3, Legends at Sparks Marina, Nevada, Limited Obligation Improvement Bonds, Series 2008:
	1,310	6.500%, 9/01/20		9/18 at 100.00		N/R		1,297,529
	1,900	6.750%, 9/01/27		9/18 at 100.00		N/R		1,793,277
	7,210	Total Nevada						7,396,306


Nuveen Investments			11

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

New Hampshire – 1.5%

3,500

New Hampshire Business Finance Authority, Pollution Control Revenue Refunding Bonds, Public Service Company of New Hampshire,
Series 2001C, 5.450%, 5/01/21 – NPFG Insured

5/12 at 101.00

A–

3,617,285

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

BBB

3,513,545

1,090

New Hampshire Health and Education Facilities Authority, Revenue Bonds, Elliot Hospital, Refunding Series 2003B, 5.600%, 10/01/22

No Opt. Call

BBB+

1,133,317

1,445

New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Series 2010C Subseries 2006J, 5.150%, 1/01/37

No Opt. Call

Aa2

1,502,988

9,535

Total New Hampshire

9,767,135

New Jersey – 3.6%

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

Aa2

1,670,272

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

822,308

New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine and Dentistry of New Jersey, Series 2009B:

2,000

6.250%, 12/01/18

No Opt. Call

Baa1

2,346,640

600

7.500%, 12/01/32

6/19 at 100.00

Baa1

688,068

1,335

New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 20.067%, 6/01/30 (IF) (6)

6/19 at 100.00

1,589,398

7,000

New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/23

No Opt. Call

A+

7,913,710

3,000

New Jersey Turnpike Authority, Revenue Bonds, Series 2005A,
5.250%, 1/01/26 – AGM Insured

No Opt. Call

AA+

3,430,920

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

Aa3

1,070,610

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+

2,302,460

770

Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12)

6/12 at 100.00

AAA

806,098

2,000

Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34

6/17 at 100.00

Baa3

1,379,760

21,875

Total New Jersey

24,020,244

New Mexico – 0.6%

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

N/R

2,885,640

1,195

The Trails Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2008, 7.500%, 10/01/18

No Opt. Call

N/R

1,224,696

4,195

Total New Mexico

4,110,336

New York – 3.9%

Brooklyn Areba 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–

1,125,949

2,000

6.375%, 7/15/43

No Opt. Call

BBB–

2,048,860

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–

3,317,460

4,000

Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29

7/12 at 100.00

AA–

4,023,080


	12			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

New York (continued)

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

10/17 at 100.00

N/R

1,672,890

1,000

5.875%, 10/01/46

10/17 at 102.00

N/R

562,750

2,100

New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43

12/20 at 100.00

AA+

2,231,775

1,000

New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 3484, 17.892%, 6/15/33 (IF)

6/19 at 100.00

AA+

1,082,000

135

New York City, New York, General Obligation Bonds, Fiscal Series 2002A, 5.750%, 8/01/16 (Pre-refunded 8/01/12)

8/12 at 100.00

Aa2

(4)

142,572

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–

2,520,356

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–

807,124

5,000

Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 7.000%, 12/01/12 – NPFG Insured (Alternative Minimum Tax)

No Opt. Call

Baa1

5,217,950

1,170

Suffolk County Economic Development Corporation, New York, Revenue Refunding Bonds, Peconic Landing At Southold, Inc. Project, Series 2010, 5.875%, 12/01/30

12/20 at 100.00

N/R

1,199,894

26,425

Total New York

25,952,660

North Carolina – 1.4%

1,000

Buncombe County, North Carolina, Project Development Financing Revenue Bonds, Woodfin Downtown Corridor Development, Series 2008,
6.750%, 8/01/24

8/18 at 100.00

N/R

888,990

2,000

Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, Carolinas HealthCare System, Series 2011A,
5.250%, 1/15/42

1/21 at 100.00

AA–

2,025,240

North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2008, Tender Option Bonds Trust 3248:

1,920

26.900%, 10/01/21 (IF)

10/16 at 100.00

AA+

3,118,656

585

27.025%, 10/01/34 (IF)

10/15 at 100.00

AA+

964,051

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–

1,178,570

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

Baa1

1,197,370

7,505

Total North Carolina

9,372,877

Ohio – 3.6%

2,435

American Municipal Power Ohio Inc., Genoa Village, Electric System Improvement Revenue Bonds, Series 2004, 5.250%, 2/15/24 – AGC Insured

2/14 at 100.00

AA+

2,506,711

2,620

Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.750%, 6/01/34

6/17 at 100.00

Baa3

1,981,323

Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:

3,000

5.250%, 11/01/29

11/20 at 100.00

BBB+

2,903,940

2,000

5.750%, 11/01/40

11/20 at 100.00

BBB+

1,920,600

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

3,032,248

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

715,120


Nuveen Investments			13

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Ohio (continued)

5,765

Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41

11/21 at 100.00

AA–

6,176,045

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–

3,441,550

1,270

Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19

No Opt. Call

BBB–

1,349,756

24,330

Total Ohio

24,027,293

Oklahoma – 0.3%

1,730

Durant Community Facilities Authority, Bryan County, Oklahoma, Sales Tax Revenue Bonds, Series 2004, 5.750%, 11/01/24 – SYNCORA GTY Insured

11/14 at 100.00

A+

1,909,297

Oregon – 0.2%

1,000

Oregon Housing and Community Services Department, Multifamily Housing Revenue Bonds, Refunding Series 2010A, 5.150%, 7/01/42 (Alternative Minimum Tax)

1/20 at 100.00

Aaa

969,140

265

Oregon, Economic Development Revenue Refunding Bonds, Georgia Pacific Corp., Series 1997-183, 5.700%, 12/01/25

10/11 at 100.00

Ba2

260,649

1,265

Total Oregon

1,229,789

Pennsylvania – 1.6%

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–

1,156,264

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

821,460

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

N/R

1,019,920

1,000

Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.125%, 10/01/34

10/18 at 100.00

BBB

1,014,070

940

Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 18.029%, 8/01/38 (IF) (6)

8/20 at 100.00

1,201,113

3,000

Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A,
6.250%, 10/15/23

No Opt. Call

Baa1

3,122,850

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

BBB–

1,194,480

525

Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2010-110A, 4.750%, 10/01/25

10/19 at 100.00

AA+

520,690

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–

433,368

360

Philadelphia Redevelopment Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Pavilion Apartments, Series 2003A, 4.250%, 10/01/16 (Alternative Minimum Tax)

10/13 at 100.00

361,926

10,630

Total Pennsylvania

10,846,141

Puerto Rico – 1.4%

1,030

Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 5.000%, 12/01/20

12/13 at 100.00

AA+

1,059,571

Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C:

4,000

5.500%, 7/01/25 – AMBAC Insured

No Opt. Call

4,162,000

1,000

5.500%, 7/01/27 – AMBAC Insured

No Opt. Call

1,035,470


	14			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Puerto Rico (continued)

3,750

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32

8/26 at 100.00

A+

3,095,850

9,780

Total Puerto Rico

9,352,891

Rhode Island – 0.1%

1,000

Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32

6/12 at 100.00

BBB

1,001,430

South Carolina – 1.6%

370

Greenville, South Carolina, Hospital Facilities Revenue Bonds, Series 1990, 6.000%, 5/01/20

No Opt. Call

AA–

431,742

Greenwood County, South Carolina, Hospital Revenue Bonds, Self Memorial Hospital, Series 2001:

2,500

5.500%, 10/01/26

10/11 at 100.00

A+

2,502,275

3,250

5.500%, 10/01/31

10/11 at 100.00

A+

3,251,723

2,065

South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2006C-2, 5.500%, 7/01/37 – AGM Insured (Alternative Minimum Tax)

2/13 at 100.00

Aa1

2,190,366

2,000

South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Series 2008A, 5.375%, 1/01/28

1/19 at 100.00

AA–

2,201,320

10,185

Total South Carolina

10,577,426

Tennessee – 1.0%

Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2008D:

500

6.000%, 10/01/23

10/18 at 100.00

569,805

1,500

6.125%, 10/01/28

10/18 at 100.00

1,654,665

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

1,051,790

3,080

Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36

7/16 at 100.00

BBB+

2,900,929

135

Memphis Health, Educational and Housing Facilities Board, Tennessee, Multifamily Housing Revenue Bonds, Goodwill Village Apartments, Series 2010A, 5.500%, 12/01/30

12/20 at 100.00

A–

125,141

1,000

Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/37 (5), (7)

11/17 at 100.00

N/R

74,890

7,215

Total Tennessee

6,377,220

Texas – 8.3%

1,000

Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., Series 2007, 5.750%, 12/01/29 (Alternative Minimum Tax)

10/11 at 100.00

CCC+

715,850

1,745

Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2010, 5.750%, 1/01/25

1/20 at 100.00

BBB–

1,812,113

1,700

Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.250%, 1/01/46

1/21 at 100.00

BBB–

1,702,890

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

No Opt. Call

BBB–

2,337,300

Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2011C:

3,500

5.000%, 11/01/24 (WI/DD, Settling 8/02/11)

11/20 at 100.00

A+

3,809,260

1,500

5.000%, 11/01/25 (WI/DD, Settling 8/02/11)

11/20 at 100.00

A+

1,619,205

1,500

Danbury Higher Education Authority Inc., Texas, Golden Rule Charter School Revenue Bonds, Series 2008A, 6.500%, 8/15/38

2/18 at 100.00

BB+

1,300,995

1,190

Fort Worth, Texas, General Obligation Bonds, Series 2003, 5.000%, 3/01/21 – FGIC Insured

3/13 at 100.00

AA+

1,261,019


Nuveen Investments			15

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Texas (continued)

1,955

Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Refunding Series 2011A, 5.250%, 9/01/28, (WI/DD, Setting 8/31/11)

9/21 at 100.00

2,006,514

1,250

Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011A, 5.000%, 7/01/25 (Alternative Minimum Tax)

7/21 at 100.00

1,253,350

5,000

Liberty Hill Independent School District, Williamosn County, Texas, General Obligation Bonds, Series 2011, 5.000%, 8/01/40

8/19 at 100.00

Aaa

5,188,600

1,080

Mesquite Health Facilities Development Corporation, Texas, Retirement Facility Revenue Bonds, Christian Care Centers Inc., Refunding Series 2005, 5.625%, 2/15/35

2/16 at 100.00

BBB–

980,068

1,000

Mission Economic Development Corporation, Texas, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2008, 6.000%, 8/01/20 (Mandatory put 8/01/13)

No Opt. Call

BBB

1,075,790

1,500

Montgomery County, Texas, General Obligation Bonds, Refunding Series 2008B, 5.125%, 3/01/31

3/19 at 100.00

1,595,025

2,000

North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/33

1/18 at 100.00

2,030,960

5,440

North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 0.000%, 9/01/45

9/31 at 100.00

3,147,258

3,000

North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.000%, 1/01/28

1/19 at 100.00

3,239,910

1,000

Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, Series 2004, 6.000%, 12/01/34

12/13 at 100.00

1,006,170

500

SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007, 5.500%, 8/01/27

No Opt. Call

514,515

3,150

Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series 2002A, 6.000%, 10/01/21

10/12 at 100.00

Baa2

3,207,110

1,000

Tarrant County Cultural and Educational Facilities Finance Corporaton, Texas, Retirement Facility Revenue Bonds, C.C. Young Memorial Home Project, Series 2009-B2, 6.500%, 2/15/14

11/11 at 100.00

N/R

990,080

890

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

895,011

810

Texas Private Activity Bond Surface Transporation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 6.875%, 12/31/39

12/19 at 100.00

Baa2

856,259

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

8,321,118

1,000

Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured

8/17 at 100.00

BBB

847,020

1,750

Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust 3479, 17.900%, 2/01/17 (IF)

No Opt. Call

Aaa

2,090,970

750

Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30

No Opt. Call

N/R

769,380

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

506,550

55,610

Total Texas

55,080,290

Utah – 1.5%

3,525

Carbon County, Utah, Solid Waste Disposal Revenue Bonds, Laidlaw/ECDC Project, Guaranteed by Allied Waste Industries, Series 1997A,
7.450%, 7/01/17 (Alternative Minimum Tax)

10/11 at 100.00

N/R

3,538,113


	16			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Utah (continued)

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

890,020

Utah State Charter School Finance Authority, Charter School Revenue Bonds, Noah Webster Academy, Series 2008A:

500

6.250%, 6/15/28

6/17 at 100.00

N/R

455,785

950

6.500%, 6/15/38

6/17 at 100.00

N/R

847,723

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–

1,196,513

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

BBB–

1,033,781

2,135

Utah State Charter School Finance Authority, Revenue Bonds, George Washington Academy Project, Series 2011A, 7.750%, 7/15/31

7/21 at 100.00

BB+

2,175,629

10,495

Total Utah

10,137,564

Vermont – 0.3%

1,815

Vermont Educational and Health Buildings FInancing Agency, Revenue Bonds, Vermont Law School Project, Series 2011A, 6.125%, 1/01/28

1/21 at 100.00

Baa2

1,887,981

Virgin Islands – 1.0%

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

504,445

1,240

Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37

10/19 at 100.00

BBB

1,307,754

875

Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series 2003, 6.125%, 7/01/22 (Alternative Minimum Tax)

1/14 at 100.00

Baa3

836,736

1,500

Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project Hovensa LLC, Series 2007, 4.700%, 7/01/22 (Alternative Minimum Tax)

1/15 at 100.00

Baa3

1,262,820

2,625

Virgin Islands Water and Power Authority, Electric System Revenue Refunding Bonds, Series 1998, 5.300%, 7/01/21

10/11 at 100.00

N/R

2,615,865

6,740

Total Virgin Islands

6,527,620

Virginia – 0.5%

Goochland County Industrial Development Authority, Virginia, Industrial Development Revenue Refunding Bonds, Nekoosa Packaging Corporation Project, Series 1998, 5.650%, 12/01/25 (Alternative Minimum Tax)

12/11 at 100.00

Ba2

83,196

1,075

Henrico County Industrial Development Authority, Virginia, Solid Waste Revenue Bonds, Browning-Ferris Industries of South Atlantic Inc., Series 1997A, 5.875%, 3/01/17 (Alternative Minimum Tax)

10/11 at 100.00

BBB

1,077,559

2,000

Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47

6/17 at 100.00

Baa3

1,282,000

1,000

Virginia Small Business Financing Authority, Revenue Bonds Hampton Roads Proton Beam Therapy Institute at Hampton University, LLC Project, Series 2009, 9.000%, 7/01/39

7/14 at 102.00

N/R

1,052,050

4,160

Total Virginia

3,494,805

Washington – 1.8%

4,150

Clark County Public Utility District 1, Washington, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 1/01/31

1/21 at 100.00

4,285,290

175

Franklin County Public Utility District 1, Washington, Electric Revenue Refunding Bonds, Series 2002, 5.625%, 9/01/20 – NPFG Insured

9/12 at 100.00

Aa3

182,901

960

FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Tender Option Bond Trust 2009-14A&B, 19.625%, 6/01/34 (IF) (6)

6/19 at 100.00

1,129,805

3,500

Washington State Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.250%, 12/01/30

12/20 at 100.00

Baa2

3,308,760


Nuveen Investments			17

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Washington (continued)

3,315

Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26

6/13 at 100.00

BBB

3,361,509

12,100

Total Washington

12,268,265

West Virginia – 0.2%

500

Ohio County Commission, West Virginia, Tax Increment Revenue Bonds, Fort Henry Centre Financing District, Series 2007A, 5.850%, 6/01/34

No Opt. Call

N/R

450,060

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

985,660

1,500

Total West Virginia

1,435,720

Wisconsin – 3.3%

1,020

Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27 (Pre-refunded 6/01/12)

6/12 at 100.00

AAA

1,061,738

2,760

Manitowoc, Wisconsin, Power System Revenue Bonds, Series 2004, 5.000%, 10/01/23 – FGIC Insured

10/14 at 100.00

A+

2,873,464

2,500

Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2010, 144A, 6.500%, 2/01/31

2/19 at 102.00

AA–

2,680,275

1,920

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care Inc., Series 1999A, 5.600%, 2/15/29

10/11 at 100.00

1,920,269

1,000

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.250%, 4/15/24

4/20 at 100.00

1,022,220

4,635

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.125%, 4/01/36

4/20 at 100.00

N/R

4,176,367

3,000

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/29

5/14 at 100.00

BBB+

2,966,820

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009:

1,800

6.625%, 2/15/32

2/14 at 100.00

A+

1,855,152

595

6.625%, 2/15/39

2/19 at 100.00

A+

634,728

2,500

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Tender Option Bond Trust 2113, 14.682%, 8/15/33 (IF)

8/13 at 100.00

BBB+

1,337,400

1,250

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30

8/16 at 100.00

BBB+

1,125,488

22,980

Total Wisconsin

21,653,921

Wyoming – 0.9%

2,250

Natrona County, Wyoming, Hospital Revenue Bonds, Wyoming Medical Center Project, Series 2011, 6.350%, 9/15/31

3/21 at 100.00

2,365,519

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

802,440

1,620

6.000%, 12/01/36

12/21 at 100.00

BBB

1,622,317

1,000

West Park Hospital District, State of Wyoming, Hospital Revenue Bonds, West Park Hospital Project, Series 2011A, 7.000%, 6/01/40

6/21 at 100.00

BBB

1,068,030

5,670

Total Wyoming

5,858,306

674,528

Total Investments (cost $642,076,479) – 99.4%

660,175,259

Floating Rate Obligations – (0.5)%

(3,000,000)

Other Assets Less Liabilities – 1.1%

6,947,392

Net Assets – 100%

664,122,651


	18			Nuveen Investments

Fair Value Measurements

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


Level 1 –		Quoted prices in active markets for identical securities.
Level 2 –		Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –		Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of July 31, 2011:


	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	658,079,089	$	2,096,170	$	660,175,259

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


	Level 3 Municipal Bonds
Balance at the beginning of period	$	50,100
Gains (losses):
Net realized gains (losses)		—
Net change in unrealized appreciation (depreciation)		24,790
Purchases at cost		—
Sales at proceeds		—
Net discounts (premiums)		—
Transfers in to		2,021,280
Transfers out of		—
Balance at the end of period	$	2,096,170

During the period ended July 31, 2011, the Fund recognized no significant transfers to or from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.

Income Tax Information

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 on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At July 31, 2011, the cost of investments was $637,875,562.

Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2011, were as follows:


Gross unrealized:
Appreciation	$	32,688,173
Depreciation		(13,388,556	)
Net unrealized appreciation (depreciation) of investments	$	19,299,617


Nuveen Investments			19

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund (continued)

July 31, 2011

(1)

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

(2)

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

(3)

Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor 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. Such investments are normally considered to be equivalent to AAA rated securities.

(5)

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

(6)

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

(7)

For fair value measurement disclosure purposes, investment categorized as Level 3.

(8)

Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees.

N/R

Not rated.

WI/DD

Purchased on a when-issued or delayed delivery basis.

(ETM)

Escrowed to maturity.

(IF)

Inverse floating rate investment.

(UB)

Underlying bond of an inverse floating rate trust reflected as a financing transaction.

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.


	20			Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Municipal Bonds – 101.2%

Alabama – 2.2%

16,000

Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Green Mountain Management LLC Project, Series 2010, 8.750%, 8/01/30

8/20 at 100.00

N/R

15,451,680

15,555

Bessemer, Alabama, General Obligation Warrants, Series 2007, 6.500%, 2/01/37

2/17 at 102.00

N/R

10,960,520

Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A:

4,000

5.250%, 1/01/12

No Opt. Call

BBB–

3,921,440

2,020

5.250%, 1/01/13

No Opt. Call

BBB–

1,981,277

5,865

5.250%, 1/01/14

No Opt. Call

BBB–

5,755,559

2,235

5.250%, 1/01/15

No Opt. Call

BBB–

2,171,973

470

5.250%, 1/01/16

1/14 at 100.00

BBB–

455,928

5,060

5.250%, 1/01/17

1/14 at 100.00

BBB–

4,820,409

3,000

5.250%, 1/01/19

1/14 at 100.00

BBB–

2,815,200

11,415

5.250%, 1/01/20

No Opt. Call

BBB–

10,543,921

1,710

5.500%, 1/01/21 – AGM Insured

1/14 at 100.00

AA+

1,653,827

4,200

5.500%, 1/01/22

1/14 at 100.00

BBB–

3,818,682

3,785

5.250%, 1/01/23

1/14 at 100.00

BBB–

3,385,493

5,440

5.000%, 1/01/24

1/14 at 100.00

BBB–

4,813,040

140

4.750%, 1/01/25

1/14 at 100.00

BBB–

117,562

530

4.750%, 1/01/25 – AMBAC Insured

1/14 at 100.00

BBB–

439,741

Montgomery Medical Clinic Board, Alabama, Health Care Facility Revenue Bonds, Jackson Hospital, Series 2006:

1,635

4.750%, 3/01/26

3/16 at 100.00

BBB

1,467,462

3,025

4.750%, 3/01/36

3/16 at 100.00

BBB

2,481,589

15,100

Phenix City Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, MeadWestvaco Corporation, Series 2002A, 6.350%, 5/15/35 (Alternative Minimum Tax)

5/12 at 100.00

BBB

15,043,073

Rainbow City Special Healthcare Facilities Financing Authority, Alabama, First Mortgage Revenue Bonds, Regency Pointe, Series 2001A:

7.650%, 1/01/11 (5)

No Opt. Call

N/R

6,643

2,365

8.125%, 1/01/21 (5)

1/13 at 100.00

N/R

1,571,046

1,420

8.250%, 1/01/31 (5)

1/13 at 100.00

N/R

943,292

2,630

Rainbow City Special Healthcare Facilities Financing Authority, Alabama, First Mortgage Revenue Bonds, Regency Pointe, Series 2001B, 7.250%, 1/01/06 (5)

No Opt. Call

N/R

1,747,083

Sylacauga Health Care Authority, Alabama, Revenue Bonds, Coosa Valley Medical Center, Series 2005A:

2,000

6.000%, 8/01/25

8/15 at 100.00

N/R

1,811,700

16,045

6.000%, 8/01/35

8/15 at 100.00

N/R

13,602,951

125,655

Total Alabama

111,781,091

Alaska – 0.2%

Alaska Housing Finance Corporation, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3188:

4,740

19.388%, 12/01/15 (Alternative Minimum Tax) (IF)

No Opt. Call

AA+

4,844,944

2,030

19.562%, 12/01/15 (Alternative Minimum Tax) (IF)

No Opt. Call

AA+

2,017,861

Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:

2,000

5.000%, 6/01/32

6/14 at 100.00

Baa3

1,451,920

5,050

5.000%, 6/01/46

6/14 at 100.00

Baa3

3,349,918

13,820

Total Alaska

11,664,643

Arizona – 2.9%

4,250

Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 3256, 19.437%, 7/01/27 (IF)

1/18 at 100.00

AA–

4,717,840


Nuveen Investments			21

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Arizona (continued)

1,750

Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 4695, 18.930%, 1/01/31 (IF) (8)

1/18 at 100.00

AA–

1,910,370

Downtown Phoenix Hotel Corporation, Arizona, Senior Revenue Bonds, Series 2005A:

1,540

5.250%, 7/01/26 – FGIC Insured

1/16 at 100.00

BB+

1,404,557

4,145

5.000%, 7/01/36 – FGIC Insured

1/16 at 100.00

BB+

3,317,741

618

Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment Lien Bonds, Series 2001A, 7.875%, 7/01/25

7/12 at 100.00

N/R

624,137

Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005:

700

4.700%, 12/01/28

12/15 at 100.00

BBB

603,372

345

4.750%, 12/01/29

12/15 at 100.00

BBB

297,062

1,835

4.750%, 12/01/30

12/15 at 100.00

BBB

1,572,558

20,000

Maricopa County Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, Privado Park Apartments Project, Series 2006A, 5.000%, 11/01/46 (Mandatory put 11/01/15)

10/11 at 100.00

N/R

19,235,000

6,720

Maricopa County Industrial Development Authority, Arizona, Senior Living Facility Revenue Bonds, Christian Care Mesa II Inc., Series 2004A, 6.625%, 1/01/34 (Alternative Minimum Tax)

1/14 at 100.00

5,197,651

1,615

Maricopa County Industrial Development Authority, Arizona, Solid Waste Disposal Revenue Bonds, Rainbow Valley Landfill Project, Series 1999A, 7.500%, 12/01/20 (Alternative Minimum Tax)

12/11 at 100.00

N/R

1,533,604

420

Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds, Series 2006, 5.300%, 7/15/25

7/16 at 100.00

N/R

354,698

Phoenix Industrial Development Authority, Arizona, Educational Revenue Bonds, Keystone Montessori School, Series 2004A:

150

6.375%, 11/01/13

11/11 at 103.00

N/R

151,962

790

7.250%, 11/01/23

11/11 at 103.00

N/R

768,986

1,710

7.500%, 11/01/33

11/11 at 103.00

N/R

1,598,012

5,325

Phoenix Industrial Development Authority, Arizona, Senior Living Revenue Bonds, Christian Care Manor I and Christian Care Manor II, Inc. Project, Series 2005A, 5.500%, 7/01/35

7/15 at 100.00

Baa2

4,688,663

Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B:

3,935

0.000%, 7/01/28 – FGIC Insured (8)

No Opt. Call

AA+

4,007,286

7,985

0.000%, 7/01/29 – FGIC Insured (8)

No Opt. Call

AA+

8,074,911

3,745

Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Cambridge Academy-East, Inc. Project, Series 2010, 6.625%, 4/01/40

4/20 at 100.00

N/R

3,533,070

550

Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Noah Webster Basic Schools Inc., Series 2004,
6.125%, 12/15/34

12/14 at 100.00

BBB–

502,007

Pima County Industrial Development Authority, Arizona, Choice Education and Development Charter School Revenue Bonds, Series 2006:

335

6.000%, 6/01/16

No Opt. Call

N/R

334,414

1,465

6.250%, 6/01/26

6/16 at 100.00

N/R

1,295,368

3,000

6.375%, 6/01/36

6/16 at 100.00

N/R

2,514,900

3,500

Pima County Industrial Development Authority, Arizona, Education Revenue Bonds Legacy Traditional School Project, Series 2009, 8.500%, 7/01/39

No Opt. Call

N/R

3,669,750

1,250

Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010, 6.100%, 6/01/45

6/19 at 100.00

BBB–

1,069,388

Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Paradise Education Center Charter School, Series 2006:

250

5.875%, 6/01/22

6/16 at 100.00

BBB–

232,803

475

6.000%, 6/01/36

6/16 at 100.00

BBB–

403,175


	22			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Arizona (continued)

2,815

Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Valley Academy Charter School Project, Series 2008, 6.500%, 7/01/38

7/18 at 100.00

Baa3

2,654,995

3,165

Pima County Industrial Development Authority, Arizona, Lease Revenue Bonds, Clark County Detention Facility Project, Trust 2835, 16.312%, 3/01/16 (IF) (8)

No Opt. Call

2,889,740

Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008:

2,330

6.625%, 12/01/17

No Opt. Call

N/R

2,258,562

14,060

7.000%, 12/01/27

12/17 at 102.00

N/R

13,193,904

Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007:

5.250%, 12/01/22

No Opt. Call

59,712

5.250%, 12/01/28

No Opt. Call

76,486

8,120

5.500%, 12/01/29 (8)

No Opt. Call

7,936,082

7,100

5.000%, 12/01/32

No Opt. Call

6,449,640

8,550

5.000%, 12/01/37

No Opt. Call

7,684,655

Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:

3,000

4.700%, 4/01/22

4/14 at 100.00

N/R

3,011,100

4,425

4.900%, 4/01/32

4/17 at 100.00

N/R

3,987,014

Tucson Industrial Development Authority, Arizona, Charter School Revenue Bonds, Arizona Agribusiness and Equine Center Charter School, Series 2004A:

1,620

5.850%, 9/01/24

9/14 at 100.00

BB+

1,460,592

1,035

6.125%, 9/01/34

9/14 at 100.00

BB+

896,020

Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005:

100

5.200%, 7/01/13

No Opt. Call

N/R

100,373

1,476

5.400%, 7/01/15

No Opt. Call

N/R

1,460,044

700

5.500%, 7/01/16

No Opt. Call

N/R

684,943

7,586

5.750%, 7/01/22

7/16 at 100.00

N/R

6,684,783

10,397

6.000%, 7/01/30

7/16 at 100.00

N/R

8,481,561

Yavapai County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Arizona Agribusiness and Equine Center Charter School, Series 2011:

3,530

7.625%, 3/01/31

3/21 at 100.00

BB+

3,693,686

1,330

7.875%, 3/01/42

3/21 at 100.00

BB+

1,395,303

1,340

Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)

12/17 at 100.00

N/R

1,189,196

161,222

Total Arizona

149,861,676

California – 16.0%

2,370

Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Tender Option Bond Trust 3145, 19.275%, 5/01/45 – AGM Insured (IF)

5/19 at 100.00

AA+

2,378,129

255

Azusa Redevelopment Agency, California, Tax Allocation Refunding Bonds, Merged West End Development, Series 2007B, 5.300%, 8/01/36

No Opt. Call

N/R

192,158

Azusa, California, Special Tax Bonds, Community Facilities District 2005-1 Rosedale Improvement Area 1, Series 2007:

3,980

5.000%, 9/01/27

9/11 at 103.00

N/R

3,285,490

9,970

5.000%, 9/01/37

9/17 at 100.00

N/R

7,422,864

2,500

Bay Area Governments Association, California, BART SFO Extension, Airport Premium Fare Revenue Bonds, Series 2002A, 5.000%, 8/01/32 – AMBAC Insured

8/12 at 100.00

N/R

2,116,575


Nuveen Investments			23

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

California (continued)

Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 2985:

1,085

17.761%, 4/01/31 (IF)

4/17 at 100.00

1,206,097

1,250

17.821%, 4/01/34 (IF)

4/18 at 100.00

1,359,150

2,445

17.814%, 4/01/34 (IF)

4/18 at 100.00

2,658,400

325

17.689%, 4/01/34 (IF)

4/18 at 100.00

353,158

2,185

17.821%, 4/01/39 (IF)

4/18 at 100.00

2,290,667

500

17.821%, 4/01/39 (IF)

4/18 at 100.00

524,180

1,250

19.810%, 4/01/43 (IF)

4/18 at 100.00

1,466,300

1,075

17.761%, 4/01/47 (IF)

4/18 at 100.00

1,126,804

1,000

18.318%, 4/01/47 (IF)

4/18 at 100.00

1,039,320

1,250

18.009%, 4/01/47 (IF)

4/18 at 100.00

1,299,150

1,050

Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C, Series 2008A, 6.875%, 9/01/36

9/16 at 100.00

N/R

1,068,113

1,000

Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 8C, Series 2007E, 6.250%, 9/01/38

No Opt. Call

N/R

938,110

Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2004D:

1,455

5.500%, 9/01/24

9/14 at 102.00

N/R

1,401,078

1,875

5.800%, 9/01/35

9/14 at 102.00

N/R

1,724,719

Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2005A:

1,730

5.600%, 9/01/25

9/15 at 102.00

N/R

1,683,601

2,315

5.650%, 9/01/30

9/15 at 102.00

N/R

2,186,355

2,500

5.700%, 9/01/35

9/15 at 102.00

N/R

2,296,675

Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2005B:

930

5.350%, 9/01/28

9/15 at 102.00

N/R

854,521

1,390

5.400%, 9/01/35

9/15 at 102.00

N/R

1,216,042

Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2005C:

855

5.500%, 9/01/29

9/14 at 102.00

N/R

791,277

2,065

5.500%, 9/01/35

9/14 at 102.00

N/R

1,822,053

Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2006B:

685

5.000%, 9/01/27

9/11 at 101.50

N/R

574,325

1,000

5.050%, 9/01/37

9/11 at 101.50

N/R

764,720

2,300

Blythe Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project 1, Series 2011, 9.750%, 5/01/38

5/21 at 100.00

N/R

2,328,129

3,260

Borrego Water District, California, Community Facilities District 2007-1 Montesoro, Special Tax Bonds, Series 2007, 5.750%, 8/01/32 (5), (6)

8/17 at 102.00

N/R

1,631,630

10,000

Calfornia Enterprise Development Authority, Recovery Zone Facility Revenue Bonds, SunPower Cporporation - Headquarters Project, Series 2010, 8.500%, 4/01/31

No Opt. Call

N/R

10,304,000

7,000

California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.250%, 6/01/45

6/15 at 100.00

BBB–

4,585,490

7,660

California Health Facilities Financing Authority, Hospital Revenue Bonds, Adventist Health System West, Tender Option Bonds Trust 4699,
19.881%, 9/01/28 – NPFG Insured (IF) (8)

9/18 at 100.00

N/R

8,430,290

3,155

California Health Facilities Financing Authority, Hospital Revenue Bonds, Downey Community Hospital, Series 1993, 5.750%, 5/15/15 (6)

11/11 at 100.00

N/R

2,572,903

California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Tender Option Bond Trust 3267:

2,500

19.980%, 5/15/19 (IF)

No Opt. Call

Aa3

2,800,300

4,000

18.990%, 5/15/31 (IF)

11/21 at 100.00

Aa3

4,099,840


	24			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

California (continued)

1,500

19.980%, 11/15/40 (IF)

11/21 at 100.00

Aa3

1,680,180

California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 11952:

2,500

19.980%, 8/15/18 (IF)

No Opt. Call

AA–

3,190,200

2,000

22.268%, 8/15/18 (IF)

No Opt. Call

AA–

2,552,160

California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3248:

2,500

22.328%, 8/15/18 (IF)

No Opt. Call

AA–

3,190,200

2,500

22.328%, 8/15/18 (IF)

No Opt. Call

AA–

3,190,200

1,250

22.328%, 8/15/18 (IF)

No Opt. Call

AA–

1,595,100

4,320

California Housing Finance Agency, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206, 8.664%, 2/01/24 (Alternative Minimum Tax) (IF)

2/17 at 100.00

BBB

2,855,261

20,250

California Municipal Finance Authority, Certificates of Participation, Community Hospitals of Central California Obligated Group, Series 2009, 5.500%, 2/01/39

2/19 at 100.00

Baa2

17,715,105

2,600

California Municipal Finance Authority, Education Revenue Bonds, American Heritage Education Foundation Project, Series 2006A, 5.250%, 6/01/36

6/16 at 100.00

BBB–

2,088,086

California Municipal Finance Authority, Educational Facilities Revenue Bonds, OCEAA Project, Series 2008A:

1,000

6.750%, 10/01/28

No Opt. Call

N/R

963,050

1,000

7.000%, 10/01/39

No Opt. Call

N/R

949,390

1,990

California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45

8/20 at 100.00

BBB–

1,904,629

8,735

California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010B, 7.250%, 8/15/45

8/20 at 100.00

N/R

8,472,339

California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009:

500

8.000%, 11/01/29

11/19 at 100.00

Baa1

542,935

1,040

8.500%, 11/01/39

11/19 at 100.00

Baa1

1,141,847

California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007:

1,000

5.000%, 2/01/21

2/17 at 100.00

Baa2

985,150

2,500

5.250%, 2/01/27

2/17 at 100.00

Baa2

2,298,250

3,000

California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009I-1, 6.375%, 11/01/34

11/19 at 100.00

3,190,410

750

California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 6.000%, 3/01/35

3/20 at 100.00

775,613

4,500

California State, General Obligation Bonds, Tender Option Bond Trust 3162, 19.710%, 3/01/18 – AGM Insured (IF)

No Opt. Call

AA+

5,216,940

2,410

California Statewide Communities Development Authority, Recovery Zone Facility Bonds, SunEdison Huntington Beach Solar Projects, Series 2010, 7.500%, 1/01/31

1/21 at 100.00

N/R

2,434,389

1,415

California Statewide Communities Development Authority, Recovery Zone Facility Bonds, SunEdison Irvine Unified School District Solar Projects, Series 2010, 7.500%, 7/01/30

1/20 at 100.00

N/R

1,428,117

4,650

California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.250%, 10/01/39

10/19 at 100.00

BBB

4,655,394

40,600

California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (5)

No Opt. Call

CCC+

8,985,998

500

California Statewide Communities Development Authority, Revenue Bonds, Inland Regional Center Project, Series 2007, 5.375%, 12/01/37

12/17 at 100.00

Baa1

457,005

2,625

California Statewide Communities Development Authority, School Facility Revenue Bonds, Aspire Public Schools, Series 2010, 6.000%, 7/01/40

1/19 at 100.00

N/R

2,497,241


Nuveen Investments			25

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

California (continued)

5,000

California Statewide Community Development Authority, Charter School Revenue Bonds, Rocklin Academy Charter, Series 2011A, 8.250%, 6/01/41

6/21 at 100.00

BB+

5,039,200

California Statewide Community Development Authority, Lancer Educational Student Housing Revenue Bonds, California Baptist University, Series 2007:

295

9.125%, 6/01/13

No Opt. Call

N/R

299,693

1,000

5.625%, 6/01/33

6/17 at 102.00

N/R

841,300

2,000

California Statewide Community Development Authority, Lancer Educational Student Housing Revenue Bonds, California Baptist University, Series 2010A, 7.500%, 6/01/42

6/19 at 100.00

N/R

2,044,780

590

California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, Magnolia City Lights, Series 1999X, 6.650%, 7/01/39

10/11 at 100.00

N/R

542,098

490

California Statewide Community Development Authority, Revenue Bonds, Brentwood Infrastructure Program, Series 2005A, 5.200%, 9/02/25

3/12 at 103.00

N/R

429,701

1,500

California Statewide Community Development Authority, Revenue Bonds, California Baptist University, Series 2007A, 5.500%, 11/01/38

No Opt. Call

N/R

1,243,380

California Statewide Community Development Authority, Revenue Bonds, California Baptist University, Series 2011A:

1,250

7.250%, 11/01/31

11/21 at 100.00

N/R

1,304,463

2,250

7.500%, 11/01/41

11/21 at 100.00

N/R

2,344,365

California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007:

600

5.000%, 8/15/39 - NPFG Insured

8/17 at 100.00

Baa1

502,722

10,030

5.000%, 8/15/47

8/17 at 100.00

BBB+

8,029,316

California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:

6,215

5.250%, 7/01/30

7/15 at 100.00

BBB

5,238,499

2,000

5.000%, 7/01/39

7/15 at 100.00

BBB

1,511,160

750

California Statewide Community Development Authority, Revenue Bonds, Drew School, Series 2007, 5.300%, 10/01/37

10/15 at 102.00

N/R

599,378

2,925

California Statewide Community Development Authority, Revenue Bonds, Epidaurus Project, Series 2004A, 7.750%, 3/01/34

3/14 at 102.00

N/R

2,936,934

California Statewide Community Development Authority, Revenue Bonds, International School of the Peninsula, Palo Alto, California, Series 2006:

2,425

5.000%, 11/01/21

11/16 at 100.00

N/R

2,186,186

1,300

5.000%, 11/01/25

11/16 at 100.00

N/R

1,102,114

800

5.000%, 11/01/29

11/16 at 100.00

N/R

645,608

330

California Statewide Community Development Authority, Revenue Bonds, Live Oak School, Series 2000, 6.250%, 10/01/12

No Opt. Call

N/R

338,474

4,405

California Statewide Community Development Authority, Revenue Bonds, Montessori in Redlands School, Series 2007A, 5.125%, 12/01/36

12/16 at 100.00

N/R

3,213,844

2,800

California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.714%, 7/01/47 – AGM Insured (IF)

7/18 at 100.00

AA+

2,618,000

6,915

California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3048, 18.499%, 11/15/32 (IF)

5/18 at 100.00

AA–

6,176,271

California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102:

2,125

18.706%, 11/15/46 (IF)

11/16 at 100.00

AA–

1,792,395

6,555

18.712%, 11/15/48 (IF)

5/18 at 100.00

AA–

5,854,664

1,010

California Statewide Community Development Authority, Subordinate Lien Multifamily Housing Revenue Bonds, Corona Park Apartments,
Series 2004I-S, 7.750%, 1/01/34 (Alternative Minimum Tax)

1/14 at 100.00

N/R

949,400

4,260

Carson Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 4, Series 2006, 4.500%, 10/01/41 – AMBAC Insured

10/17 at 100.00

A–

3,115,764


	26			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

California (continued)

Chino, California, Community Facilities District 03-3 Improvement Area 2 Special Tax Bonds, Series 2006:

1,000

5.000%, 9/01/26

3/16 at 100.00

N/R

809,770

5,310

5.000%, 9/01/31

3/16 at 100.00

N/R

4,023,759

2,000

5.000%, 9/01/36

3/16 at 100.00

N/R

1,438,320

4,205

Corona, California, Special Tax Bonds, Community Facilities District 2002-1, Dos Lagos, Series 2005A, 5.050%, 9/01/34

9/15 at 100.00

N/R

3,264,594

5,000

East Side Union High School District, Santa Clara County, California, General Obligation Bonds, Tender Option Bond Trust 2010-3171, 18.333%, 8/01/33 – AGC Insured (IF)

8/19 at 100.00

AA+

4,718,200

410

Eastern Municipal Water District, California, Community Facility District No 2005-38 Improvement Area A, Special Tax Bonds, Series 2006,
5.200%, 9/01/36

9/11 at 102.00

N/R

341,805

5,150

El Dorado County, California, Special Tax Bonds, Blackstone Community Facilities District 2005-1, Series 2005, 5.250%, 9/01/35

9/14 at 102.00

N/R

3,871,461

Elk Grove Community Facilities District 2005-1, California, Special Tax Bonds, Series 2007:

7,280

5.200%, 9/01/27

9/15 at 102.00

N/R

5,264,459

15,800

5.250%, 9/01/37

9/15 at 102.00

N/R

10,166,826

4,000

Fairfield, California, Community Facilities District 2007-1 Special Tax Bonds, Fairfield Commons Project, Series 2008, 6.875%, 9/01/38

9/18 at 100.00

N/R

3,822,800

1,500

Fillmore Redevelopment Agency, Ventura County, California, Central City Redevelopment Project, Subordinate Lien Tax Allocation Bonds, Series 2006A, 5.375%, 5/01/31

11/16 at 100.00

N/R

996,660

Fontana, California, Special Tax Bonds, Community Facilities District 31 Citrus Heights North Special Tax Bonds, Series 2006:

3,610

5.000%, 9/01/26

9/14 at 102.00

N/R

2,990,668

1,000

5.000%, 9/01/36

9/14 at 102.00

N/R

753,650

Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 1999:

18,000

0.000%, 1/15/25 – NPFG Insured

1/12 at 46.25

AAA

7,658,640

1,000

0.000%, 1/15/30 – NPFG Insured

1/12 at 34.20

Baa1

296,230

10,000

0.000%, 1/15/32 – NPFG Insured

1/12 at 30.24

Baa1

2,500,700

12,000

Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 0.000%, 1/15/31 – NPFG Insured

1/12 at 32.16

AAA

3,265,920

7,575

Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 3107, 17.813%, 6/01/45 – AMBAC Insured (IF)

6/15 at 100.00

AA+

5,967,888

31,935

Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A,
5.000%, 6/01/45 – AMBAC Insured (UB)

6/15 at 100.00

28,509,013

Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:

14,685

5.000%, 6/01/33

6/17 at 100.00

Baa3

10,571,585

30,340

5.750%, 6/01/47

6/17 at 100.00

Baa3

22,705,546

18,250

5.125%, 6/01/47

6/17 at 100.00

Baa3

12,298,493

27,000

Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37

6/22 at 100.00

BB+

17,578,890

1,535

Gonzales Redevelopment Agency, Monterey County, California, Tax Allocation Refunding Bonds, Gonzalez Redevelopment Project, Series 2011, 8.000%, 12/01/44

12/21 at 100.00

BB+

1,531,193

1,875

Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 3253, 22.485%, 1/15/19 (IF)

No Opt. Call

Aa2

2,542,800


Nuveen Investments			27

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

California (continued)

Hawthorne, California, Special Tax Bonds, Community Facilities District 2006-1, Three Sixty Degrees @ South Bay, Series 2006:

1,000

4.600%, 9/01/21

9/16 at 102.00

N/R

815,970

2,000

5.000%, 9/01/30

9/16 at 102.00

N/R

1,469,140

2,000

5.000%, 9/01/36

9/16 at 102.00

N/R

1,359,460

585

Hemet Unified School District, California, Community Facilities District 2005-1 Special Tax Bonds, Series 2006, 5.125%, 9/01/36

9/13 at 100.00

N/R

486,077

Hercules Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005:

5,675

5.000%, 8/01/25 – AMBAC Insured

8/15 at 100.00

CCC

3,805,088

3,750

4.750%, 8/01/35 – AMBAC Insured

No Opt. Call

CCC

2,133,788

Hesperia, California, Improvement Act of 1915, Assessment District, 91-1, Joshua West Main Street, Series 1992, 8.500%, 9/02/24

3/12 at 103.00

N/R

97,881

2,500

Independent Cities Lease Finance Authority, California, Revenue Bonds, El Granada Mobile Home Park, Series 2004A, 6.450%, 5/15/44

5/14 at 100.00

N/R

2,428,100

3,345

Independent Cities Lease Finance Authority, California, Second Senior Subordinate Lien Revenue Bonds, Caritas Affordable Housing Project Mobile Home Park, Series 2005C, 7.000%, 9/01/40

9/15 at 100.00

N/R

3,114,429

1,015

Independent Cities Lease Finance Authority, California, Subordinate Lien Revenue Bonds, El Granada Mobile Home Park, Series 2004B, 6.500%, 5/15/44

5/14 at 100.00

N/R

948,731

1,010

Indio Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Subordinate Lien Refunding Series 2008A, 5.250%, 8/15/28

8/18 at 100.00

BBB+

864,297

Indio, California, Special Tax Bonds, Community Facilities District 2004-3 Terra Lago, Improvement Area 1, Series 2005:

2,050

5.100%, 9/01/30

9/15 at 102.00

N/R

1,674,707

3,825

5.150%, 9/01/35

9/15 at 102.00

N/R

2,984,495

Indio, California, Special Tax Bonds, Community Facilities District 2006-1 Sonora Wells, Series 2006:

630

5.050%, 9/01/26

9/16 at 100.00

N/R

540,786

1,830

5.125%, 9/01/36

9/16 at 100.00

N/R

1,432,304

1,500

Jurupa Community Services District, California, Special Tax Bonds, Community Facilities District 34 Eastvale Area, Series 2010A,
6.500%, 9/01/40

9/20 at 100.00

N/R

1,497,945

5,240

King Comunity Development Agency, California, Tax Allocation Bonds, King City Redevelopment Project, Series 2011, 7.250%, 8/01/34

No Opt. Call

BBB

5,455,416

2,500

Lake Elsinore Public Finance Authority, California, Local Agency Revenue Refunding Bonds, Series 2003H, 6.375%, 10/01/33

10/13 at 102.00

N/R

2,448,925

1,345

Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Villages at Wasson Canyon, Series 2009B, 6.875%, 9/01/38

9/13 at 100.00

N/R

1,349,506

1,200

Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2003-2 Improvement Area A, Canyon Hills, Series 2004A, 5.950%, 9/01/34

9/13 at 102.00

N/R

1,110,792

Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2003-2, Canyon Hills Improvement Area B, Series 2006A:

3,000

5.100%, 9/01/26

9/14 at 100.00

N/R

2,589,420

6,750

5.150%, 9/01/36

9/14 at 100.00

N/R

5,302,935

Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2004-3, Rosetta Canyon Improvement Area 1,Series 2005:

1,195

5.250%, 9/01/30

9/15 at 102.00

N/R

1,054,301

1,225

5.250%, 9/01/35

9/15 at 102.00

N/R

1,033,263

Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2004-3, Rosetta Canyon Improvement Area 2, Series 2006:

910

5.200%, 9/01/26

9/14 at 100.00

N/R

822,413

4,660

5.250%, 9/01/37

9/14 at 100.00

N/R

3,866,635


	28			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

California (continued)

Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2005-1, Series 2006A:

980

5.200%, 9/01/26

9/12 at 102.00

N/R

901,002

1,100

5.350%, 9/01/36

9/12 at 102.00

N/R

951,467

8,500

Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2005-2 Improvement Area A, Series 2005A, 5.450%, 9/01/36

9/12 at 102.00

N/R

7,305,155

2,000

Lammersville School District, San Joaquin County, California, Special Tax Bonds, Community Facilities District of Mountain House, Series 2002, 6.375%, 9/01/32

9/12 at 101.00

N/R

2,003,140

2,000

Lancaster Redevelopment Agency, California, Combined Project Areas Housing Programs, Tax Allocation Bonds, Series 2009, 6.875%, 8/01/34

8/19 at 100.00

BBB+

2,017,720

1,155

Lancaster Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Combined Redevelopment Project Areas, Series 2003,
4.750%, 8/01/33 – NPFG Insured

8/15 at 102.00

BBB+

895,472

1,180

Lathrop Financing Authority, California, Revenue Bonds, Water Supply Project Series 2003, 6.000%, 6/01/35

6/13 at 100.00

N/R

1,122,558

4,050

Lee Lake Water District, Riverside County, California, Special Tax Bonds, Community Facilities District 3, Series 2004, 5.950%, 9/01/34

9/13 at 102.00

N/R

3,491,991

1,335

Lemoore Redevelopment Agency, Kings County, California, Lemorre Redevelopment Project Tax Allocation Bonds, Series 2011, 7.250%, 8/01/31

8/16 at 100.00

A–

1,379,496

630

Lincoln, California, Community Facility District 2006-1 Area 2 Special Tax Bonds, Series 2006, 5.000%, 9/01/26

9/16 at 100.00

N/R

499,237

2,050

Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37

No Opt. Call

1,991,575

6,640

Los Angeles County, California, Multifamily Housing Revenue Bonds, HDR Preservation Apartment Project, Series 2007C, 6.250%, 7/01/42

No Opt. Call

N/R

5,476,738

Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Tender Option Bond Trust 10-27B:

1,875

18.070%, 5/15/40 (IF) (8)

5/20 at 100.00

1,999,875

4,550

18.070%, 5/15/40 (IF) (8)

5/20 at 100.00

4,839,926

Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Tender Option Bond Trust 2011-27B:

3,565

18.058%, 5/15/40 (IF) (8)

5/20 at 100.00

3,791,984

5,000

18.058%, 5/15/40 (WI/DD, Settling 8/04/11) (IF)

5/20 at 100.00

5,268,000

585

Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002B, 7.500%, 12/01/24 (Alternative Minimum Tax)

12/12 at 102.00

B–

592,406

5,000

12/12 at 102.00

B–

5,063,300

6,500

Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Refunding Bonds, Los Angeles International, Delta Airlines Inc., Series 1996, 6.350%, 11/01/25

11/11 at 100.00

6,394,635

2,500

Los Angeles, California, Wastewater System Revenue Bonds, Tender Option Bond Trust 2009-2W, 20.471%, 6/01/34 (IF) (8)

6/19 at 100.00

3,460,500

1,000

Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31

9/21 at 100.00

A–

1,056,190

March Joint Powers Redevelopment Agency, California, March Air Force Base Redevelopment Project Series 2011A:

1,185

7.000%, 8/01/26

8/21 at 100.00

BBB+

1,254,891

2,650

7.250%, 8/01/31

No Opt. Call

BBB+

2,802,508

8,010

7.500%, 8/01/41

8/21 at 100.00

BBB+

8,471,696


Nuveen Investments			29

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

California (continued)

625

Menifee Union School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2004-5, Series 2006, 5.200%, 9/01/26

9/15 at 100.00

N/R

568,269

Merced Irrigation District, California, Revenue Certificates of Participation, Electric System Project, Series 2003, 5.700%, 9/01/36

9/13 at 102.00

Baa3

4,305

Merced, California, Community Facilities District 2005-1, Special Tax Bonds, Bellevue Ranch West, Series 2006:

1,270

5.250%, 9/01/26

9/14 at 103.00

N/R

869,302

1,245

5.300%, 9/01/36

9/11 at 103.00

N/R

760,571

Monrovia Redevelopment Agency, California, Central Project Area 1 Housing Tax Allocation Bonds, Series 2011:

1,540

6.500%, 5/01/26

5/21 at 100.00

A–

1,607,036

1,075

6.900%, 5/01/36

5/21 at 100.00

A–

1,116,968

220

Moreno Valley Unified School District, Riverside County, California, Community Facilities District 2005-2 Special Tax Bonds, Series 2006, 5.000%, 9/01/26

9/15 at 101.00

N/R

201,001

615

Moreno Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District, Series 2006, 5.200%, 9/01/36

3/16 at 100.00

N/R

530,235

Moreno Valley, California, Community Facilities District 5, Special Tax Bonds, Series 2007:

1,010

5.000%, 9/01/27

9/17 at 100.00

N/R

813,414

1,325

5.000%, 9/01/37

9/17 at 100.00

N/R

962,122

M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009A:

3,700

7.000%, 11/01/34

No Opt. Call

4,267,728

22,050

6.500%, 11/01/39 (8)

No Opt. Call

24,017,081

1,200

M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009B, 6.500%, 11/01/39

No Opt. Call

1,307,052

2,300

M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 7.000%, 11/01/34

No Opt. Call

2,652,912

830

Multifamily Housing Revenue Bond Pass-Through Certificates, Series 2001-17, Stanford Arms Seniors Apartments 01-P2, 5.750%, 11/01/34 (Mandatory put 11/01/16) (Alternative Minimum Tax)

12/11 at 100.00

N/R

830,523

Murrieta Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2002-4, Series 2006B:

365

5.375%, 9/01/26

9/16 at 100.00

N/R

313,904

550

5.450%, 9/01/38

9/16 at 100.00

N/R

429,281

1,300

Murrieta, California, Special Tax Bonds, Community Facilities District 2003-3, Creekside Village Improvement Area 1, Series 2005, 5.200%, 9/01/35

9/12 at 100.00

N/R

1,125,319

2,355

National City Community Development Commission, San Diego County, California, Redevelopment Project Tax Allocation Bonds, Series 2011, 7.000%, 8/01/32

8/21 at 100.00

A–

2,438,862

Palm Desert, California, Community Facilities District 2005-1, University Park Special Tax Bonds, Series 2006:

4,000

5.450%, 9/01/32

9/16 at 100.00

N/R

3,308,600

6,150

5.500%, 9/01/36

9/16 at 100.00

N/R

4,973,874

9,000

Palm Desert, California, Community Facilities District 2005-1, University Park Special Tax Bonds, Series 2007, 5.200%, 9/01/37

9/11 at 103.00

N/R

6,911,550

Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010:

1,230

7.000%, 4/01/25

No Opt. Call

1,179,816

1,605

7.500%, 4/01/35

No Opt. Call

1,554,780

Palmdale, California, Special Tax Bonds, Community Facilities District 2003-1, Anaverde Project, Series 2005A:

675

5.000%, 9/01/19

9/15 at 101.00

N/R

648,486

915

5.150%, 9/01/22

9/15 at 101.00

N/R

840,794

1,015

5.250%, 9/01/24

9/15 at 101.00

N/R

909,196

1,000

5.350%, 9/01/30

9/15 at 101.00

N/R

844,120

2,855

5.400%, 9/01/35

9/15 at 101.00

N/R

2,327,196


	30			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

California (continued)

4,265

Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39

11/19 at 100.00

Baa3

4,305,176

17,360

Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41

11/20 at 100.00

Baa3

15,916,516

3,000

Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured

8/29 at 100.00

AA+

1,948,650

3,250

Palomar Pomerado Health, California, General Obligation Bonds, Tender Option Bond Trust 11872, 18.289%, 2/01/16 – NPFG Insured (IF)

No Opt. Call

2,692,300

Palomar Pomerado Health, California, General Obligation Bonds, Tender Option Bond Trust 4683:

3,750

17.248%, 8/01/37 – NPFG Insured (IF) (8)

8/17 at 100.00

3,106,500

7,000

17.248%, 8/01/37 – NPFG Insured (IF) (8)

8/17 at 100.00

5,798,800

5,000

Peralta Community College District, Alameda County, California, General Obligation Bonds, Series 2009, Trust 3019, 17.960%, 8/01/37 – AGM Insured (IF)

8/17 at 100.00

AA+

5,005,000

560

Perris, California, Community Facilities District 2001-1 Improvement Area 5-A Special Tax Bonds, Series 2006, 5.000%, 9/01/26

9/11 at 101.50

N/R

482,866

Perris, California, Special Tax Bonds, Community Facilities District 2001-1, May Farms Improvement Area 4, Series 2005A:

1,290

5.100%, 9/01/30

9/15 at 102.00

N/R

1,131,098

2,475

5.150%, 9/01/35

9/15 at 102.00

N/R

2,086,772

Perris, California, Special Tax Bonds, Community Facilities District 2001-2, Villages of Avalon, Series 2005:

515

5.000%, 9/01/24

9/12 at 102.00

N/R

476,658

1,500

5.100%, 9/01/28

9/12 at 102.00

N/R

1,337,700

1,050

5.150%, 9/01/32

9/12 at 102.00

N/R

906,791

1,365

Perris, California, Special Tax Bonds, Community Facilities District 2004-3, Monument Ranch Improvement Area 2, Series 2005A, 5.300%, 9/01/35

9/15 at 102.00

N/R

1,176,371

2,000

Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32

12/11 at 102.00

N/R

1,864,100

1,455

Pomona Public Financing Authority, California, Merged Projects Revenue Bonds, Series 2007AX, 5.000%, 2/01/41

2/17 at 100.00

BBB–

1,130,972

1,285

Pomona Public Financing Authority, California, Merged Projects Revenue Bonds, Series 2007, 5.125%, 2/01/33

2/12 at 100.00

BBB–

1,071,459

3,500

Rancho Cardova, California, Special Tax Bonds, Sunridge Park Area Community Facilities District 2004-1, Series, 6.125%, 9/01/37

9/17 at 100.00

N/R

3,237,045

4,000

Rancho Cucamonga, California, Community Facilities District 2004-01 Special Tax Bonds, Rancho Etiwanda Estates, Series 2006, 5.375%, 9/01/36

9/11 at 103.00

N/R

3,252,480

Redwood City, California, Special Tax Bonds, Community Facilities District 2010-1 One Marina, Series 2011:

775

7.500%, 9/01/31

9/16 at 103.00

N/R

803,388

1,440

7.750%, 9/01/41

9/16 at 103.00

N/R

1,492,243

Richmond, California, Joint Powers Financing Agency Multifamily Housing Revenue Bonds, Westridge Hilltop Apartments, Series 2007:

1,000

5.000%, 12/15/26

12/12 at 100.00

Baa1

871,290

1,750

5.000%, 12/15/33

12/12 at 100.00

Baa1

1,424,833

2,000

Riverside County Community Facilities District 05-8 Scott Road, California, Special Tax Bonds, Series 2008, 7.250%, 9/01/38

9/17 at 100.00

N/R

1,946,720

2,475

Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects, Series 2004, 5.000%, 10/01/35 – SYNCORA GTY Insured

10/14 at 100.00

BBB

1,947,305

1,000

Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2011A, 7.125%, 10/01/42

No Opt. Call

A–

1,051,560

2,955

Riverside Unified School District, Riverside County, California, General Obligation Bonds, Series 2009, Trust 3017, 17.975%, 9/01/25 – AGC Insured (IF)

8/15 at 100.00

AA+

3,136,910


Nuveen Investments			31

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

California (continued)

Riverside, California, Improvement Bond Act of 1915, Special Assessment Bonds, Hunter Park Assessment District, Series 2006:

2,000

5.100%, 9/02/26

9/16 at 101.00

N/R

1,726,240

1,500

5.200%, 9/02/36

9/16 at 101.00

N/R

1,172,550

Roseville, California, Special Tax Bonds, Community Facilities District 1 – Westpark, Series 2005:

2,265

5.250%, 9/01/25

9/15 at 100.00

N/R

2,084,615

4,800

5.200%, 9/01/36

9/15 at 100.00

N/R

3,971,040

Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Series 2006:

2,370

5.200%, 9/01/26

9/16 at 100.00

N/R

2,141,888

3,255

5.250%, 9/01/37

9/16 at 100.00

N/R

2,700,836

6,145

Roseville, California, Special Tax Bonds, Community Facilities District 1, Fiddyment Ranch, Series 2005, 5.050%, 9/01/30

9/15 at 100.00

N/R

5,249,919

7,085

Roseville, California, Special Tax Bonds, Community Facilities District 1, Fiddyment Ranch, Series 2006, 5.250%, 9/01/36

9/16 at 100.00

N/R

5,904,426

6,830

Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program Facilities Projects, Tender Option Bond Trust 4698, 18.885%, 12/01/33 – AMBAC Insured (IF) (8)

No Opt. Call

Aa3

5,836,645

8,945

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

7,593,589

1,000

San Bernardino County Financing Authority, California, Revenue Bonds, Courthouse Facilities Project, Series 2007, 5.500%, 6/01/37 – NPFG Insured

No Opt. Call

Baa1

943,170

2,935

San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.999%, 2/01/33 (IF)

8/19 at 100.00

Aa2

3,567,551

San Francisco Redevelopment Agency, California, Special Tax Bonds, Community Facilities District 6, Mission Bay South, Series 2005B:

1,375

0.000%, 8/01/30

8/15 at 41.62

N/R

344,300

3,020

0.000%, 8/01/34

8/15 at 32.64

N/R

541,728

900

San Jacinto Unified School District, Riverside County, California, Community Facilities District 2006-1 Special Tax Bonds, Infrastructure Projects, Series 2006, 5.200%, 9/01/36

9/16 at 100.00

N/R

750,303

San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:

37,500

0.000%, 1/15/25 – NPFG Insured

No Opt. Call

Baa1

11,688,750

65,635

0.000%, 1/15/26 – NPFG Insured

No Opt. Call

Baa1

18,503,819

1,000

0.000%, 1/15/27 – NPFG Insured

No Opt. Call

Baa1

258,280

14,880

0.000%, 1/15/28 – NPFG Insured

No Opt. Call

Baa1

3,521,054

19,200

0.000%, 1/15/31 – NPFG Insured

No Opt. Call

Baa1

3,493,824

21,380

0.000%, 1/15/34 – NPFG Insured

No Opt. Call

Baa1

2,991,703

San Jose, California, Airport Revenue Bonds, Tender Option Bond Trust 3923:

470

17.520%, 9/01/30 – AMBAC Insured (IF) (8)

3/17 at 100.00

AA+

428,969

1,500

17.610%, 9/01/31 – AMBAC Insured (IF) (8)

3/17 at 100.00

AA+

1,368,360

3,860

San Luis Obispo County Financing Authority, California, Revenue Bonds, Nacimiento Water Project, Tender Option Bond Trust 3030, 17.717%, 9/01/38 – NPFG Insured (IF)

9/17 at 100.00

AA+

4,122,519

5,350

Santa Ana Unified School District (1999 Financing Project) Certificates of Participation (Orange County, California), 0.000%, 4/01/32 – AGM Insured

No Opt. Call

AA+

1,310,964

Santa Ana Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 2004-1, Central Park Project, Series 2005:

1,180

4.950%, 9/01/25

9/15 at 100.00

N/R

983,377

1,050

5.050%, 9/01/30

9/15 at 100.00

N/R

828,650

2,320

5.100%, 9/01/35

9/15 at 100.00

N/R

1,742,854

6,040

Santa Clara County Housing Authority, California, Multifamily Housing Revenue Bonds, Blossom River Project, Series 1998A, 6.500%, 9/01/39

10/11 at 100.00

N/R

5,066,956


	32			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

California (continued)

3,250

Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/41

2/21 at 100.00

3,393,130

2,500

Saugus Union School District, Los Angeles County, California, Special Tax Bonds, Community Facilities District 2005-1, Series 2006, 5.300%, 9/01/36

3/15 at 103.00

N/R

1,894,400

900

Sierra Kings Health Care District, Fresno County, California, Revenue Bonds, Series 2006A, 5.750%, 12/01/36

12/16 at 100.00

N/R

539,091

22,000

Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/36

6/17 at 34.85

BBB

1,967,460

2,000

South Bayside Waste Management Authority, California, Solida Waste Enterprise Revenue Bonds, Shoreway Environmental Center, Series 2009A, 6.250%, 9/01/29

9/19 at 100.00

A–

2,125,580

Stockton, California, Community Facilties District 2006-3, Northbrook Woodside Improvement Area 1 Special Tax Bonds, Series 2007:

1,935

6.125%, 9/01/31

No Opt. Call

N/R

1,773,137

2,930

6.250%, 9/01/37

9/14 at 103.00

N/R

2,704,097

7,500

Stockton, California, Special Tax Bonds, Arch Road Community Facilities District 99-02, Refunding Series 2007, 5.875%, 9/01/37

9/17 at 102.00

N/R

6,542,625

460

Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1, Series 2002, 5.250%, 8/01/36 – NPFG Insured

10/11 at 100.00

A–

396,750

Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:

9,685

5.375%, 6/01/38

6/15 at 100.00

Baa3

6,925,840

500

5.500%, 6/01/45

6/15 at 100.00

Baa3

327,050

1,180

Tulare Local Health Care District, California, Revenue Bonds, Series 2007, 5.200%, 11/01/32

11/17 at 100.00

N/R

1,050,471

1,210

Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.500%, 9/01/39

3/21 at 100.00

BBB+

1,259,598

Twentynine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners Project Area, Series 2011A:

760

7.400%, 9/01/32

9/21 at 100.00

BBB+

797,924

3,460

7.650%, 9/01/42

9/21 at 100.00

BBB+

3,633,242

2,415

Val Verde Unified School District Financing Authority, California, Special Tax Revenue, Junior Lien Refunding Series 2003, 6.250%, 10/01/28

10/13 at 102.00

N/R

2,350,375

3,958

Ventura County Area Housing Authority, California, Mira Vista Senior Apartments Project, Junior Subordinate Series 2006C, 6.500%, 12/01/39 (Mandatory put 7/01/16) (Alternative Minimum Tax)

No Opt. Call

N/R

3,629,921

600

West Hollywood Community Development Commission, California, East Side Redevelopment Project Series 2011 Tax Allocation Bonds Series 2011A, 7.500%, 9/01/42

9/21 at 100.00

BBB

632,490

1,000

West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Refunding Series 2009A, 8.625%, 9/01/39

9/14 at 105.00

N/R

1,064,760

2,620

West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Refunding Series 2009B, 10.000%, 9/01/32

9/14 at 105.00

N/R

2,835,469

West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Series 2003B:

1,100

6.750%, 9/01/30

9/13 at 103.00

N/R

1,033,813

3,400

7.000%, 9/01/38

9/13 at 103.00

N/R

3,166,828

7,500

West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Series 2004B, 6.000%, 9/01/39

9/13 at 102.00

N/R

6,107,400

3,900

West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 2001-1, Series 2004A, 6.125%, 9/01/39

9/13 at 103.00

N/R

3,232,008

2,325

West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 1999F, 6.100%, 9/01/29

3/12 at 100.00

N/R

2,265,294


Nuveen Investments			33

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

California (continued)

Western Hills Water District, Stanislaus County, California, Special Tax Bonds, Diablo Grande Community Facilities District 1, Series 2005:

1,000

5.625%, 9/01/24

9/13 at 102.00

N/R

607,900

3,755

5.800%, 9/01/31

9/13 at 102.00

N/R

2,058,191

Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Subordinate Lien Series 2011A:

1,775

5.750%, 11/01/36

11/21 at 100.00

1,743,512

3,885

5.875%, 11/01/41

11/21 at 100.00

3,815,575

700

Westside Union School District, California, Community Facilities District 2005-3 Special Tax Bonds, Series 2006, 5.000%, 9/01/26

9/14 at 102.00

N/R

597,548

4,600

William S. Hart Union High School District, Los Angeles County, California, Special Tax Bonds, Community Facilities District 2005-1, Series 2006, 5.300%, 9/01/36

9/15 at 100.00

N/R

3,485,696

Yuba County, California, Special Tax Bonds, Community Facilities District 2004-1, Edgewater, Series 2005:

2,575

5.000%, 9/01/23

3/15 at 100.00

N/R

2,124,427

7,270

5.125%, 9/01/35

3/15 at 100.00

N/R

5,092,926

1,143,433

Total California

830,184,854

Colorado – 6.9%

Adonea Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2005A:

3,000

6.125%, 12/01/25

12/15 at 100.00

N/R

2,531,580

5,380

6.250%, 12/01/35

12/15 at 100.00

N/R

4,102,896

6,825

Alpine Mountain Ranch Metropolitan District, Special Improvement District 1, Routt County, Colorado, Special Assessment Revenue Bonds, Series 2011, 9.000%, 12/01/30

12/20 at 100.00

N/R

7,027,293

1,750

Antelope Heights Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.000%, 12/01/37 – RAAI Insured

12/17 at 100.00

N/R

1,229,043

19,375

Arista Metropolitan District, Colorado, Special Revenue Bonds, Series 2005, 6.750%, 12/01/35

12/15 at 100.00

N/R

14,220,863

3,500

Arista Metropolitan District, Colorado, Special Revenue Bonds, Series 2008, 9.250%, 12/01/37

12/15 at 100.00

N/R

3,229,555

14,495

Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured

10/16 at 100.00

BBB

12,568,325

1,675

BNC Metropolitan District 1, Colorado, General Obligation Bonds, Series 2004, 8.050%, 12/01/34

12/14 at 101.00

N/R

1,625,102

1,015

Bradburn Metropolitan District 3, Westminster, Adams County, Colorado, General Obligation Limited Tax Refunding Bonds, Series 2010, 7.500%, 12/01/39

12/13 at 102.00

N/R

1,011,305

Bromley Park Metropolitan District 2, Brighton, Colorado, General Obligation Bonds, Refunding Series 2007A:

125

5.000%, 12/01/27 – RAAI Insured

12/17 at 100.00

N/R

99,226

5,795

5.125%, 12/01/37 – RAAI Insured

12/17 at 100.00

N/R

4,205,084

Bromley Park Metropolitan District 3, Brighton, Colorado, General Obligation Bonds, Refunding & Improvement Series 2007:

505

4.625%, 12/01/29 – RAAI Insured

12/17 at 100.00

N/R

322,882

1,275

4.750%, 12/01/37 – RAAI Insured

12/17 at 100.00

N/R

790,768

1,500

Buckhorn Valley Metropolitan District 2, Gypsum, Eagle County, Colorado, General Obligation Bonds, Series 2003, 7.000%, 12/01/23

12/13 at 100.00

N/R

1,482,285

5,870

Buckhorn Valley Metropolitan District 2, Gypsum, Eagle County, Colorado, General Obligation Limited Tax Refunding and Improvement Bonds, Series 2010, 8.500%, 12/01/39

12/19 at 100.00

N/R

5,862,604

1,425

Buckley Ranch Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2006, 6.000%, 12/01/35

12/16 at 100.00

N/R

901,541

Buffalo Ridge Metropolitan District, Colorado, Limited Obligation Assessment Bonds, Series 2003, 7.500%, 12/01/33 (Pre-refunded 12/01/13)

12/13 at 101.00

N/R

(4)

5,666


	34			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Colorado (continued)

Castle Oaks Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2005:

685

6.000%, 12/01/25

12/15 at 100.00

N/R

570,804

1,428

6.125%, 12/01/35

12/15 at 100.00

N/R

1,100,460

6,525

Central Marksheffel Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2004, 7.250%, 12/01/29

12/14 at 100.00

N/R

6,436,978

1,150

Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Carbon Valley Academy, Series 2006, 5.625%, 12/01/36

12/16 at 100.00

N/R

903,636

3,360

Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Cesar Chavez Academy, Series 2003, 8.000%, 5/01/34

5/14 at 101.00

N/R

2,716,258

500

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

N/R

448,815

Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Compass for Lifelong Discovery Charter School,
Series 1999A:

6.125%, 7/01/12

10/11 at 102.00

N/R

81,054

1,710

6.500%, 7/01/24

10/11 at 102.00

N/R

1,640,745

Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Elbert County Charter School, Series 2004:

275

6.750%, 3/01/14

No Opt. Call

N/R

280,371

730

7.250%, 3/01/24

3/14 at 100.00

N/R

720,766

1,570

7.375%, 3/01/35

3/14 at 100.00

N/R

1,475,596

425

Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Excel Academy Charter School, Series 2003, 7.300%, 12/01/23 (Pre-refunded 12/01/11)

12/11 at 100.00

AAA

434,890

4,360

Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Series 2008A, 7.000%, 8/01/38

8/18 at 100.00

N/R

4,246,684

Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Jefferson County School District R-1 - Compass Montessori Secondary School, Series 2006:

2,585

5.500%, 2/15/26

2/16 at 101.00

N/R

2,200,998

2,370

5.625%, 2/15/36

2/16 at 101.00

N/R

1,868,034

1,860

Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Knowledge Quest Academy Charter School, Series 2005, 6.500%, 5/01/36

5/15 at 100.00

N/R

1,642,343

765

Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Windsor Academy, Series 2007A, 5.700%, 5/01/37

5/17 at 100.00

BBB–

652,614

3,965

Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori Peaks Academy, Series 2006A, 5.500%, 5/01/36

5/16 at 102.00

N/R

3,103,802

1,940

Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori School of Evergreen, Series 2005A, 6.500%, 12/01/35

12/15 at 100.00

N/R

1,724,175

2,920

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

2,648,528

1,000

Colorado Educational and Cultural Facility Authority, Charter School Revenue Bonds, New Vision Charter School Series 2008A, 6.750%, 4/01/40

No Opt. Call

N/R

907,090

1,000

Colorado Educational and Cultural Facility Authority, Charter School Revenue Bonds, Twin Peaks Charter Academy, Series 2011B, 7.500%, 3/15/35

3/21 at 100.00

BBB–

1,041,700

27,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2007A, 5.900%, 8/01/37

8/17 at 100.00

N/R

21,947,490

2,945

Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2009A, 7.750%, 8/01/39

No Opt. Call

N/R

2,959,754

3,240

Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 1033, 16.811%, 9/01/40 (IF) (8)

9/16 at 100.00

2,260,354


Nuveen Investments			35

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Colorado (continued)

Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Tender Option Bond Trust 3702:

1,000

18.900%, 1/01/18 (IF) (8)

No Opt. Call

1,112,160

1,250

18.890%, 1/01/18 (IF) (8)

No Opt. Call

1,390,200

3,500

17.910%, 1/01/18 (IF) (8)

No Opt. Call

3,652,880

1,570

Colorado Housing and Finance Authority, Multifamily Housing Revenue Senior Bonds, Castle Highlands Apartments Project, Series 2000A-1,
5.900%, 12/01/20 – AMBAC Insured (Alternative Minimum Tax)

10/11 at 100.00

N/R

1,513,150

Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2007:

0.000%, 4/21/14 (Alternative Minimum Tax) (11)

No Opt. Call

N/R

67,877

258

0.000%, 4/21/14 (Alternative Minimum Tax) (11)

No Opt. Call

N/R

25,800

1,310

6.200%, 4/01/16 (Alternative Minimum Tax) (5), (11)

No Opt. Call

N/R

539,720

2,655

Colorado Housing Finance Authority, Multifamily Housing Revenue Senior Bonds, Reserve at Northglenn Project, Series 2000-A1, Pass Through Certificates, 6.000%, 11/01/33 (Mandatory put 11/01/22) (Alternative Minimum Tax)

10/11 at 100.00

N/R

2,543,729

Compark Business Campus Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007A:

1,095

5.300%, 12/01/22 – RAAI Insured

12/17 at 100.00

N/R

982,500

3,400

5.750%, 12/01/27 – RAAI Insured

12/17 at 100.00

N/R

2,989,756

8,700

5.600%, 12/01/34 – RAAI Insured

12/17 at 100.00

N/R

6,946,689

Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007:

6,910

5.400%, 12/01/27

12/17 at 100.00

N/R

5,282,695

9,465

5.450%, 12/01/34

12/17 at 100.00

N/R

6,765,487

Copperleaf Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2006:

3,000

5.850%, 12/01/26

12/16 at 100.00

N/R

2,276,760

3,980

5.950%, 12/01/36

12/16 at 100.00

N/R

2,749,145

5,200

Cornerstone Metropolitan District 2, Montrose and Ouray Counties, Colorado, Limited Tax General Obligation Refunding Bonds, Series 2010A,
8.000%, 12/01/40

12/21 at 100.00

N/R

5,272,020

4,126

Crystal Crossing Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2006, 6.000%, 12/01/36

12/16 at 100.00

N/R

2,870,293

1,500

Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United Air Lines Corporation, Series 2007A, 5.750%, 10/01/32 (Alternative Minimum Tax)

10/17 at 100.00

1,378,695

Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2006:

2,495

5.000%, 12/01/35 – SYNCORA GTY Insured

No Opt. Call

BBB–

2,088,290

500

4.750%, 12/01/35 – SYNCORA GTY Insured

11/16 at 100.00

BBB–

400,965

E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:

6,295

0.000%, 9/01/22 – NPFG Insured

No Opt. Call

Baa1

3,178,975

45,245

0.000%, 9/01/29 – NPFG Insured

No Opt. Call

Baa1

13,379,851

225

0.000%, 9/01/32 – NPFG Insured

No Opt. Call

Baa1

52,943

19,900

E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – NPFG Insured

No Opt. Call

Baa1

3,927,663

3,000

E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/27 – NPFG Insured

9/20 at 67.94

Baa1

970,350

355

Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, Improvement Series 2006B, 5.250%, 5/01/20 (Alternative Minimum Tax)

5/16 at 100.00

N/R

346,942


	36			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Colorado (continued)

Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007:

250

5.000%, 12/01/22 – RAAI Insured

12/17 at 100.00

N/R

203,465

100

5.200%, 12/01/27 – RAAI Insured

12/17 at 100.00

N/R

75,810

14,855

5.350%, 12/01/37 – RAAI Insured

12/17 at 100.00

N/R

10,276,243

3,609

Elbert and Highway 86 Metropolitan District, Colorado, General Obligation Bonds, Series 2006, 5.750%, 12/01/36

12/16 at 100.00

N/R

2,617,355

3,417

Elkhorn Ranch Metropolitan District 1, Colorado, General Obligation Limited Tax Bonds, Series 2005, 6.375%, 12/01/35

12/15 at 100.00

N/R

2,721,641

4,467

Fallbrook Metropolitan District, Colorado, General Obligation Bonds, Series 2006, 5.625%, 12/01/26

12/16 at 100.00

N/R

3,528,483

1,788

Fallbrook Metropolitan District, Colorado, Limited Tax Bonds, Series 2007, 6.750%, 12/15/26

12/16 at 100.00

N/R

1,405,797

5,570

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

5,576,406

775

Fossil Ridge Metropolitan District 1, Lakewood, Colorado, Tax-Supported Revenue Bonds, Refunding Series 2010, 7.250%, 12/01/40

12/20 at 100.00

N/R

753,819

5,075

Granby Ranch Metropolitan District, Colorado, General Obligation Bonds, Series 2006, 6.750%, 12/01/36

12/15 at 100.00

N/R

4,613,480

6,960

Heritage Todd Creek Metropolitan District, Colorado, General Obligation Bonds Limited Tax, Series 2007A, 5.500%, 12/01/37

12/17 at 100.00

N/R

4,793,143

825

High Point Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2006, 6.000%, 12/01/35

12/16 at 100.00

N/R

642,692

729

Horse Creek Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2006, 5.750%, 12/01/36

12/16 at 100.00

N/R

523,407

Huntington Trails Metropolitan District, Colorado, General Obligation Bonds, Series 2008:

1,000

6.250%, 12/01/36

12/16 at 100.00

N/R

943,050

1,695

8.250%, 12/01/37

12/16 at 100.00

N/R

1,532,941

3,645

Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, Series 2007, 6.750%, 1/01/34

No Opt. Call

N/R

3,396,703

2,282

Laredo Metropolitan District, Colorado, General Obligation Bonds, Series 2003, 7.500%, 12/01/33

12/13 at 101.00

N/R

2,038,328

1,628

Liberty Ranch Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2006, 6.250%, 12/01/36

12/16 at 100.00

N/R

1,236,922

735

Maher Ranch Metropolitan District 4, Colorado, General Obligation Bonds, Series 2003, 7.875%, 12/01/33 (Pre-refunded 12/01/13)

12/13 at 102.00

N/R

(4)

868,968

2,695

Mead Western Meadows Metropolitan District, Colorado, General Obligation Bonds, Series 2007, 5.750%, 12/01/36

12/17 at 100.00

N/R

2,019,633

Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007:

1,000

5.500%, 12/01/27

12/16 at 100.00

N/R

768,850

2,300

5.625%, 12/01/37

12/16 at 100.00

N/R

1,641,740

2,500

Park Creek Metropolitan District, Colorado, Limited Tax Obligation Revenue Bonds, Series 2003CR-1, 144A, 7.875%, 12/01/32 (Mandatory put 12/01/13)

12/13 at 100.00

N/R

2,632,625

1,495

Park Creek Metropolitan District, Colorado, Limited Tax Obligation Revenue Bonds, Series 2003CR-2, 7.875%, 12/01/32 (Mandatory put 12/01/13)

12/13 at 100.00

N/R

1,521,910

2,158

Piney Creek Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2005, 5.500%, 12/01/35

12/15 at 100.00

N/R

1,846,709

Prairie Center Metropolitan District 3, Colorado, Limited Property Tax Revenue Bonds, Series 2006A:

5,175

5.250%, 12/15/21

12/16 at 100.00

N/R

4,566,679

10,930

5.400%, 12/15/31

12/16 at 100.00

N/R

8,637,323


Nuveen Investments			37

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Colorado (continued)

Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008:

630

6.250%, 11/15/28

No Opt. Call

670,591

20,555

6.500%, 11/15/38

No Opt. Call

22,632,905

Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:

4,000

6.500%, 1/15/30

7/20 at 100.00

Baa3

4,259,520

2,500

6.000%, 1/15/34

7/20 at 100.00

Baa3

2,539,725

4,530

6.000%, 1/15/41

7/20 at 100.00

Baa3

4,573,579

3,000

Rendezous Residential Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2007, 5.375%, 12/01/21

No Opt. Call

N/R

2,542,860

1,955

River Oaks Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2006, 6.000%, 12/01/35

12/16 at 100.00

N/R

1,522,984

1,240

River Park Metropolitan District, New Castle, Garfield County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2009, 6.990%, 6/15/39

9/14 at 100.00

N/R

1,195,757

1,810

Silver Peaks Metropolitan District 2, Colorado, Limited Tax Obligation Bonds, Series 2006, 5.750%, 12/01/36

12/16 at 100.00

N/R

1,282,385

Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 2007:

1,500

4.625%, 12/01/22 – RAAI Insured

12/17 at 100.00

N/R

1,261,710

865

5.250%, 12/01/34 – RAAI Insured

12/17 at 100.00

N/R

669,484

2,295

Southlands Metropolitan District 2, Aurora, Colorado, General Obligation Bonds, Series 2010, 7.375%, 12/01/35

12/20 at 100.00

N/R

2,323,206

1,335

Stoneridge Metropolitan District, Colorado, General Obligation Bonds, Series 2007, 5.625%, 12/01/36

12/17 at 100.00

N/R

955,059

2,550

Tabernash Meadows Water and Sanitation District, Grand County, Colorado, General Obligation Refunding Bonds, Series 2010, 7.125%, 12/01/34

12/20 at 100.00

N/R

2,545,920

Tallyn’s Reach Metropolitan District 3, Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2007:

1,040

5.100%, 12/01/26

12/16 at 100.00

N/R

976,674

1,000

5.200%, 12/01/36

12/16 at 100.00

N/R

883,390

3,955

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

3,907,461

9,841

Tollgate Crossing Metropolitan District 2, Colorado, General Obligation Bonds, Series 2004, 7.000%, 12/01/33

12/14 at 100.00

N/R

9,269,928

1,195

Traditions Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Series 2006, 5.750%, 12/01/36

12/16 at 100.00

N/R

989,496

9,500

Valagua Metropolitan District, Eagle County, Coloardo, General Obligation Limited Tax Bonds, Series 2008, 7.750%, 12/01/37

12/18 at 100.00

N/R

7,670,775

Wheatlands Metropolitan District 2, City of Aurora, Colorado, General Obligation Bonds, Subordinate Limited Tax Convertible to Unlimited Tax, Series 2008:

2,364

6.000%, 12/01/25

12/15 at 100.00

N/R

1,969,898

4,946

6.125%, 12/01/35

12/15 at 100.00

N/R

3,770,089

7,000

8.250%, 12/15/35

12/15 at 100.00

N/R

6,588,400

2,100

Wildgrass Metropolitan District, Colorado, General Obligation Bonds, Series 2007, 6.200%, 12/01/34

12/16 at 100.00

N/R

1,960,329

Wyndham Hill Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2005:

500

6.250%, 12/01/25

12/15 at 100.00

N/R

417,850

893

6.375%, 12/01/35

12/15 at 100.00

N/R

692,334

465,651

Total Colorado

357,391,923


	38			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Connecticut – 1.2%

12,250

Connecticut Development Authority, Airport Facilities Revenue Bonds, Learjet Inc., Series 2004, 7.950%, 4/01/26 (Alternative Minimum Tax)

10/14 at 101.00

Ba2

12,804,068

235

Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/15 (Alternative Minimum Tax)

10/11 at 100.00

BBB

235,583

Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A:

1,250

7.625%, 1/01/30

1/20 at 100.00

N/R

1,306,250

3,570

7.750%, 1/01/43

1/20 at 100.00

N/R

3,703,482

37,720

Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A,
7.875%, 4/01/39

4/20 at 100.00

N/R

41,067,650

1,000

Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series 2006A, 5.500%, 9/01/36

9/16 at 100.00

N/R

381,790

8,170

Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series 2007A, 5.750%, 9/01/34

11/17 at 100.00

N/R

3,089,404

64,195

Total Connecticut

62,588,227

Delaware – 0.1%

1,250

Kent County, Delaware, Revenue Bonds, Charter School, Inc. Project, Refunding Series 2011, 7.375%, 5/01/37

5/21 at 100.00

BBB–

1,264,763

1,430

Wilmington, Delaware, Multifamily Rental Housing Revenue Bonds, Lincoln Towers Associates, LLC Project, Series 2011A and Series 2011B, 8.250%, 7/15/48 (Mandatory put 7/15/28)

7/21 at 100.00

N/R

1,457,928

2,680

Total Delaware

2,722,691

District of Columbia – 0.7%

District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001:

8,550

6.500%, 5/15/33

No Opt. Call

BBB

8,770,676

3,500

6.750%, 5/15/40

11/11 at 101.00

BBB

3,421,390

District of Columbia, Hospital Revenue Bonds, Children’s Hospital Obligated Group, Tender Option Bond Trust 11839:

2,450

19.198%, 7/15/17 – AGM Insured (IF)

No Opt. Call

AA+

2,585,461

1,230

19.133%, 7/15/17 – AGM Insured (IF)

No Opt. Call

AA+

1,297,761

2,050

District of Columbia, Revenue Bonds, Center for Strategic and International Studies, Inc., Series 2011, 6.625%, 3/01/41

3/21 at 100.00

BBB–

2,062,116

District of Columbia, Revenue Bonds, Cesar Chavez Public Charter Schools for Public Policy, Series 2011:

2,590

7.125%, 11/15/26

11/20 at 100.00

BBB–

2,649,259

2,740

7.500%, 11/15/31

11/20 at 100.00

BBB–

2,803,869

175

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

149,338

2,500

District of Columbia, Revenue Bonds, Howard University, Tender Option Bond Trust 1006, 11.333%, 10/01/37 (IF) (8)

4/21 at 100.00

A–

2,962,600

District of Columbia, Revenue Bonds, National Public Radio, Tender Option Bond Trust 3163:

3,000

18.040%, 4/01/33 (IF)

4/15 at 100.00

AA–

2,839,440

2,375

18.040%, 4/01/33 (IF)

4/15 at 100.00

AA–

2,247,890

900

Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2006B, 5.000%, 10/01/36 – AGM Insured

10/16 at 100.00

AA+

886,626

5,000

Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Tender Option Bond Trust 11798, 17.705%, 4/01/31 – AGM Insured (Alternative Minimum Tax) (IF)

10/16 at 100.00

AA+

4,702,800

37,060

Total District of Columbia

37,379,226


Nuveen Investments			39

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Florida – 12.0%

4,130

Amelia National Community Development District, Nassau County, Florida, Special Assessment Bonds, Series 2004A, 6.300%, 5/01/35

5/14 at 101.00

N/R

3,239,531

3,215

Amelia National Community Development District, Nassau County, Florida, Special Assessment Bonds, Series 2006A, 5.375%, 5/01/37

5/15 at 100.00

N/R

2,051,492

2,545

Anthem Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2004, 5.800%, 5/01/36 (6)

5/15 at 101.00

N/R

1,414,027

15,125

Ave Maria Stewardship Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2006A, 5.125%, 5/01/38

5/16 at 100.00

N/R

11,522,679

1,945

Bainebridge Community Development District, Florida, Special Assessment Revenue Bonds, Series 2007, 5.500%, 5/01/38

5/17 at 100.00

N/R

1,159,220

15,405

Bartram Park Community Development District, Florida, Special Assessment Bonds, Series 2005, 5.300%, 5/01/35

5/15 at 101.00

N/R

12,636,722

19,380

Bartram Park Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37

5/16 at 100.00

N/R

9,699,690

1,750

Bay Laurel Center Community Development District, Marion County, Florida, Candler Hills Project, Special Assessment Bonds, Series 2006A, 5.450%, 5/01/37

5/16 at 100.00

N/R

1,447,950

13,940

Beacon Lakes Community Development District, Florida, Special Assessment Bonds, Series 2003A, 6.900%, 5/01/35

5/13 at 101.00

N/R

13,993,251

9,870

Beacon Lakes Community Development District, Florida, Special Assessment Bonds, Series 2007A, 6.000%, 5/01/38

5/17 at 100.00

N/R

8,969,066

7,675

Beacon Lakes Community Development District, Florida, Special Assessment Bonds, Subordinate Lien Series 2007B, 6.200%, 5/01/38

5/17 at 100.00

N/R

7,163,461

1,985

Beeline Community Development District, Palm Beach County, Florida, Special Assessment Bonds, Series 2008A, 7.000%, 5/01/37

5/18 at 100.00

N/R

1,988,930

3,750

Bella Vida Community Development District, Florida, Special Assessment Revenue Bonds, Series 2006, 5.375%, 5/01/37

5/16 at 100.00

N/R

2,720,288

2,010

Bloomingdale Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2004, 5.875%, 5/01/36

5/15 at 101.00

N/R

1,737,122

1,650

Boynton Village Community Development District, Florida, Special Assessment Bonds, Series 2007-A1, 5.750%, 5/01/37

5/17 at 100.00

N/R

1,124,096

2,880

Boynton Village Community Development District, Florida, Special Assessment Bonds, Series 2007A2, 6.000%, 5/01/38

5/17 at 100.00

N/R

2,025,821

1,750

Boyton Beach, Florida, Clipper Cove Apartments Multifamily Housing Mortgage Revenue Bonds, Refunding Series 2002, 5.750%, 1/01/28 – ACA Insured

1/13 at 100.00

1,498,735

9,155

Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Pembroke Gardens, Series 1999, 6.150%, 6/01/39 (Mandatory put 6/01/29) (Alternative Minimum Tax)

10/11 at 100.00

N/R

8,264,768

2,000

Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc., Series 2000, 7.500%, 11/01/20 (Alternative Minimum Tax)

11/14 at 101.00

Ba2

2,073,200

2,500

Capital Trust Agency, Florida, Revenue Bonds, Miami Community Charter School Project, Series 2010A, 7.000%, 10/15/40

10/20 at 100.00

N/R

2,273,250

1,450

Caribe Palm Community Development District, Florida, Special Assessment Bonds, Series 2005A, 5.850%, 5/01/35

5/15 at 101.00

N/R

1,363,203

3,100

Cascades at Groveland Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2006, 5.300%, 5/01/36

5/16 at 100.00

N/R

2,116,680

3,715

Coconut Cay Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.375%, 5/01/36

5/15 at 100.00

N/R

3,269,757

1,470

Colonial Country Club Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2003, 6.400%, 5/01/33

5/13 at 101.00

1,504,001

3,320

Copper Oaks Community Development District, Florida, Special Assessment Bonds, Series 2005A, 5.450%, 5/01/35

5/15 at 100.00

N/R

2,531,168


	40			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Florida (continued)

2,920

Country Greens Community Development District, Florida, Special Assessment Bonds, Series 2003, 6.625%, 5/01/34

5/13 at 101.00

N/R

2,811,902

1,760

Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy Residential Services Inc., Series 1995, 8.000%, 6/01/22

12/11 at 100.00

N/R

1,680,835

475

Duval County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Eagles Pointe North, Series 1997A,
5.700%, 7/01/27 – NPFG Insured

10/11 at 100.00

Baa1

443,422

5,250

East Homestead Community Development District, Florida, Special Assessment Revenue Bonds, Series 2005, 5.450%, 5/01/36

5/15 at 101.00

N/R

4,433,783

3,375

East Homestead Community Development District, Florida, Special Assessment Revenue Bonds, Series 2006, 5.375%, 5/01/36

5/15 at 100.00

N/R

2,459,160

7,090

East Homestead Community Development District, Florida, Special Assessment Revenue Bonds, Series 2011B, 7.250%, 5/01/21

No Opt. Call

N/R

7,128,215

4,725

East Park Community Development District, Florida, Special Assessment Revenue Bonds, Series 2002, 6.850%, 5/01/33

5/13 at 101.00

N/R

4,455,061

1,795

East Park Community Development District, Florida, Special Assessment Revenue Bonds, Series 2008, 7.500%, 5/01/15

No Opt. Call

N/R

1,530,381

5,200

Enclave at Black Point Marina Community Development District, Florida, Special Assessment Bonds, Series 2007B, 5.200%, 5/01/14

No Opt. Call

N/R

4,611,828

1,980

Flora Ridge Educational Facilities Benefit District, Florida, Capital Improvement Revenue Bonds, Series 2007, 5.300%, 5/01/37

5/17 at 100.00

N/R

1,506,186

Florida Housing Finance Agency, Housing Revenue Bonds, Brittany of Rosemont Apartments Phase II, Series 1995C-1:

1,350

6.875%, 8/01/26 – AMBAC Insured (Alternative Minimum Tax)

2/12 at 100.00

N/R

1,350,500

3,385

7.000%, 2/01/35 – AMBAC Insured (Alternative Minimum Tax)

10/11 at 100.00

N/R

3,385,677

1,862

Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Trust 1034, 17.812%, 7/01/26 (Alternative Minimum Tax) (IF) (8)

1/16 at 100.00

AA+

1,930,633

4,300

Florida Housing Finance Corporation, Multifamily Mortgage Revenue Bonds, Crossroads Apartments, Series 2010A-2, 7.250%, 8/15/27

8/20 at 100.00

N/R

4,363,726

2,580

Grand Hampton Community Development District, Capital Improvement Revenue Bonds, Series 2003, 6.150%, 5/01/34

5/13 at 101.00

N/R

2,511,965

1,000

Habitat Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2004, 5.850%, 5/01/35

No Opt. Call

N/R

911,660

7,120

Harmony Community Development District, Florida, Special Assessment Bonds, Series 2001, 7.250%, 5/01/32

5/14 at 103.25

N/R

7,133,884

5,395

Heritage park Community Development District, Florida, Special Assessment Revenue Bond, Series 2004A, 6.300%, 5/01/35

5/14 at 101.00

N/R

5,084,680

4,370

Heron Isles Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.750%, 5/01/36

5/15 at 101.00

N/R

3,539,482

5,245

Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Tender Option Bond Trust 11797, 18.277%, 5/15/15 (IF)

No Opt. Call

AA–

5,335,004

3,130

Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Tender Option Bond Trust 3187, 18.473%, 5/15/15 (IF)

No Opt. Call

AA–

3,183,617

1,875

Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Tender Option Bond Trust 3251, 18.990%, 5/15/31 – BHAC Insured (IF)

11/16 at 100.00

AA+

2,042,925

2,600

Hillsborough County Industrial Development Authority, Florida, Charter School Revenue Bonds, Terrace Community Middle School, Series 2007A, 5.125%, 5/15/37

5/17 at 100.00

BBB–

2,052,362

7,225

Islands at Doral III Community Development District, Doral, Florida, Special Assessment Bonds, Series 2004A, 5.900%, 5/01/35

5/12 at 101.00

N/R

6,565,574


Nuveen Investments			41

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Florida (continued)

495

Islands at Doral Northeast Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Series 2004, 6.125%, 5/01/24

5/14 at 101.00

N/R

482,774

5,810

Jacksonville, Florida, Health Facilities Authority, Health Facilities Revenue Bonds, Brooks Health System, Tender Option Bond Trust 1004, 12.248%, 11/01/32 (IF) (8)

11/17 at 100.00

5,256,075

11,095

Jacksonville, Florida, Economic Development Commission Health Care Facilities Revenue Bonds, The Florida Proton Therapy Institute Project, Series 2007, 6.250%, 9/01/27

9/17 at 100.00

N/R

11,096,997

2,605

Jacksonville, Florida, Special Revenue Bonds, Tender Option Bond Trust 3918, 17.985%, 4/01/35 (IF) (8)

10/21 at 100.00

Aa2

2,649,624

3,540

Keys Cove Community Development District, Florida, Special Assessment Revenue Bonds, Series 2004, 5.875%, 5/01/35

5/15 at 101.00

N/R

3,338,893

2,760

Keys Cove II Community Development District, Florida, Special Assessment Revenue Bonds, Series 2005, 5.500%, 5/01/36

5/15 at 100.00

N/R

2,264,801

1,125

Lake Frances Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.300%, 5/01/37

5/17 at 100.00

N/R

639,000

Lakes by the Bay South Community Development District, Florida, Special Assessment Bonds, Series 2004A:

2,820

6.100%, 5/01/23

5/14 at 101.00

N/R

2,690,083

4,030

6.250%, 5/01/34

5/14 at 101.00

N/R

3,692,165

675

Lakeside Landings Community Development District, Florida, Special Assessment Bonds, Series 2007A, 5.500%, 5/01/38 (5)

5/17 at 100.00

N/R

276,818

2,390

Lakeside Landings Community Development District, Florida, Special Assessment Bonds, Series 2007B, 5.250%, 5/01/13 (5)

No Opt. Call

N/R

980,139

1,880

Lee County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Janies Garden Phase 2, Series 2010B, 7.250%, 9/15/47 (Mandatory put 9/15/27)

9/20 at 100.00

N/R

1,865,674

Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A:

10,435

5.250%, 6/15/27

6/17 at 100.00

BB+

8,762,061

20,120

5.375%, 6/15/37

6/17 at 100.00

BB+

15,855,767

Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Park Royal Psychiatric Hospital, Series 2010:

7,460

9.000%, 12/01/30

12/18 at 104.00

N/R

7,438,068

15,540

9.500%, 12/01/40

12/18 at 104.00

N/R

15,445,051

Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A:

6,800

5.000%, 4/01/32 (UB)

4/17 at 100.00

6,264,432

23,920

5.000%, 4/01/37 (UB)

4/17 at 100.00

21,291,431

326

Lexington Community Development District, Florida, Special Assessment Revenue Bonds, Series 2007, 5.400%, 5/01/37

5/17 at 100.00

N/R

239,630

10,625

Madison County, Florida, First Mortgage Revenue Bonds, Twin Oaks Project, Series 2005A, 6.000%, 7/01/25

7/15 at 100.00

N/R

9,792,531

4,250

Magnolia Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007B, 5.600%, 5/01/14 (5)

No Opt. Call

N/R

1,914,625

8,525

Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)

12/11 at 100.00

BB+

8,560,805

310

Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 1995B, 8.050%, 12/15/25 (Alternative Minimum Tax)

12/11 at 100.00

BB+

311,302

2,000

Mediterra North Community Development District, Bonita Springs, Lee County, Florida, Capital Improvement Revenue Bonds, Series 2001A, 6.800%, 5/01/31

5/12 at 100.00

N/R

2,004,960

3,500

Miami-Dade County, Florida, Aviation Revenue Bonds, Series 2008, Trust 1145, 18.580%, 4/01/32 – AGC Insured (Alternative Minimum Tax) (IF) (8)

10/18 at 100.00

AA+

2,735,040


	42			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Florida (continued)

3,210

Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Tender option Bond Trust 3271, 21.062%, 6/01/17 – AGM Insured (IF)

No Opt. Call

AA+

3,452,516

16,975

Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Series 2005A, 0.000%, 10/01/40 – NPFG Insured

10/15 at 100.00

A+

2,257,336

Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Tender Option Bond Trust 11834:

3,750

17.795%, 10/01/33 – AGM Insured (IF)

10/20 at 100.00

AA+

3,941,700

2,065

17.774%, 10/01/33 – AGM Insured (IF)

10/20 at 100.00

AA+

2,170,418

Mid-Bay Bridge Authority, Florida, Springing Lien Revenue Bonds, Series 2011:

1,500

7.250%, 10/01/34

No Opt. Call

BBB–

1,544,115

12,000

7.250%, 10/01/40

10/21 at 100.00

BBB–

12,263,040

Midtown Miami Community Development District, Florida, Special Assessment Revenue Bonds, Parking Garage Project, Series 2004A:

345

6.000%, 5/01/24

5/14 at 100.00

N/R

341,033

14,250

6.250%, 5/01/37

5/14 at 100.00

N/R

13,753,958

7,810

Midtown Miami Community Development District, Florida, Special Assessment Revenue Bonds, Series 2004B, 6.500%, 5/01/37

5/14 at 100.00

N/R

7,779,932

1,330

Mira Lago West Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.375%, 5/01/36

5/15 at 101.00

N/R

1,155,717

3,570

Myrtle Creek Improvement District, Florida, Special Assessment Revenue Bonds, Series 2006A, 5.200%, 5/01/37

5/16 at 100.00

N/R

2,678,107

1,265

Naturewalk Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007A, 5.500%, 5/01/38 (6)

5/17 at 100.00

N/R

633,386

2,320

Naturewalk Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007B, 5.300%, 5/01/16 (6)

No Opt. Call

N/R

1,161,624

950

North Springs Improvement District, Broward County, Florida, Special Assessment Bonds, Parkland Golf and Country Club Area A, Series 2005-A2, 5.500%, 5/01/26

5/15 at 100.00

N/R

806,104

1,955

Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and Improvement Development Unit 46B, Series 2007A, 5.350%, 8/01/41

8/17 at 100.00

N/R

1,641,926

1,890

Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 46, Series 2007B,
8.250%, 8/01/21

8/14 at 100.00

N/R

1,862,293

940

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

842,907

1,845

Orange County Housoing Finance Authority, Florida, Multifamily Housing Bonds, Buena Vista Place II, Series 1999-I, 6.900%, 7/01/39 (Alternative Minimum Tax)

10/11 at 100.00

N/R

1,689,743

Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH Corporation Obligated Group, Series 2001:

595

5.500%, 12/01/21

12/11 at 101.00

BBB–

581,214

2,200

5.625%, 12/01/31

12/11 at 101.00

BBB–

1,993,464

5,665

Palm Glades Community Development District, Florida, Special Assessment Bonds, Series 2006A, 5.300%, 5/01/36

5/16 at 100.00

N/R

4,276,225

2,150

Panther Trails Community Development District, Floridia, Special Assessment Bonds, Series 2011, 7.150%, 11/01/41

11/18 at 100.00

N/R

2,183,626

15,470

Pine Island Community Development District, Florida, Special Assessment Bonds, Bella Collina, Series 2004, 5.750%, 5/01/35

5/12 at 101.00

N/R

10,822,193

2,790

Pine Ridge Plantation Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2006A, 5.400%, 5/01/37

5/15 at 100.00

N/R

1,780,634

Poinciana West Community Development District, Florida, Special Assessment Bonds, Series 2007:

770

5.875%, 5/01/22

5/17 at 100.00

N/R

695,487

675

6.000%, 5/01/37

5/17 at 100.00

N/R

570,929


Nuveen Investments			43

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Florida (continued)

Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007:

4,000

5.000%, 7/01/27 – NPFG Insured

7/17 at 100.00

Baa1

3,635,240

9,500

5.000%, 7/01/33 – NPFG Insured

7/17 at 100.00

Baa1

8,163,255

8,000

5.000%, 7/01/40 – NPFG Insured

7/17 at 100.00

Baa1

6,595,920

2,680

Punta Gorda Housing Authority, Florida, Gulf Breeze Apartments Multifamily Housing Revenue Bonds, Series 2007A, 6.125%, 1/01/45 (Mandatory put 11/01/24) (Alternative Minimum Tax)

1/22 at 100.00

N/R

2,487,951

4,625

Renaissance Commons Community Development District, Florida, Special Assessment Bonds, Series 2005A, 5.600%, 5/01/36

5/15 at 100.00

N/R

3,698,798

5,050

Reunion East Community Development District, Osceola County, Florida, Special Assessment Bonds, Series 2002A, 7.375%, 5/01/33

5/12 at 101.00

N/R

3,515,608

1,965

Reunion East Community Development District, Osceola County, Florida, Special Assessment Bonds, Series 2005, 5.800%, 5/01/36 (5)

No Opt. Call

N/R

963,774

10,470

Reunion West Community Development District, Florida, Special Assessment Bonds, Series 2004, 6.250%, 5/01/36 (5)

5/12 at 101.00

N/R

5,429,219

645

Rolling Hills Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2006A, 5.125%, 11/01/13

No Opt. Call

N/R

339,792

Sarasota County Health Facility Authority, Florida, Revenue Bonds, Sarasota-Manatee Jewish Housing Council, Inc., Series 2007:

4,550

5.625%, 7/01/27

7/17 at 100.00

N/R

3,843,613

2,285

5.750%, 7/01/37

7/17 at 100.00

N/R

1,861,772

2,640

5.750%, 7/01/45

7/17 at 100.00

N/R

2,077,152

Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A:

2,000

5.750%, 10/01/22

10/17 at 100.00

BBB–

2,004,040

17,650

5.250%, 10/01/27

10/17 at 100.00

BBB–

15,821,813

3,000

Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A,
5.500%, 10/01/24

10/17 at 100.00

BBB–

2,802,300

8,765

Somerset Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.300%, 5/01/37

5/15 at 101.00

N/R

5,588,564

2,285

South Kendall Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Series 2008A, 6.750%, 11/01/38

11/16 at 100.00

N/R

2,299,693

375

South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Tender Option Bond Trust 3119,
18.056%, 8/15/37 (IF)

8/17 at 100.00

341,010

14,975

South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Tender Option Bond Trust 1117, 8.621%, 2/15/28 (IF)

8/17 at 100.00

13,217,235

South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Tender Option Bond Trust 2749:

750

17.556%, 8/15/23 (IF)

8/17 at 100.00

831,750

6,250

16.048%, 8/15/42 (IF)

8/17 at 100.00

6,053,000

335

17.489%, 8/15/42 (IF)

8/17 at 100.00

304,549

South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Trust 1030:

2,130

15.926%, 8/15/15 (IF) (8)

No Opt. Call

2,526,074

3,835

15.944%, 8/15/15 (IF) (8)

No Opt. Call

4,402,657

1,290

South Village Community Development District, Clay County, Florida, Capital Improvement Revenue Bonds, Series 2005A, 5.700%, 5/01/35

5/13 at 100.00

N/R

1,010,431

St Johns County Industrial Development Authority, Florida, Health Care Revenue Bonds, Glenmoor at Saint Johns, Series 2006A:

2,300

5.250%, 1/01/26

10/16 at 100.00

N/R

1,932,506

8,500

5.375%, 1/01/40

10/16 at 100.00

N/R

6,421,665

985

Stoenbrier Community Development District, Hillsborough County Florida, Special Assessment Bonds, Series 2006, 5.500%, 5/01/37

5/16 at 100.00

N/R

828,129


	44			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Florida (continued)

Terra Bella Community Development District, Pasco County, Florida, Special Assessment Bonds, Series 2011A:

555

6.750%, 11/01/27

11/18 at 100.00

N/R

555,549

2,730

7.850%, 11/01/41

11/18 at 100.00

N/R

2,788,340

43,510

Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37

5/14 at 101.00

N/R

32,911,834

Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007:

1,000

6.450%, 5/01/23

5/18 at 100.00

N/R

661,440

2,150

6.550%, 5/01/27

5/18 at 100.00

N/R

1,422,569

7,655

5.250%, 5/01/39

No Opt. Call

N/R

4,693,816

20,615

6.650%, 5/01/40

5/18 at 100.00

N/R

12,587,725

10,500

Trails Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.375%, 5/01/38 (5), (6)

5/16 at 100.00

N/R

6,751,920

3,200

Venetian Community Development District, Sarasota County, FLorida, Capital Improvement Revenue Bonds ,Series 2002A, 6.750%, 5/01/34

5/12 at 102.00

N/R

3,105,600

Villa Vizcaya Community Development District, Florida, Special Assessment Revenue Bonds, Series 2007:

1,520

5.350%, 5/01/12 (5), (6)

No Opt. Call

N/R

766,232

1,000

5.350%, 5/01/17 (5), (6)

No Opt. Call

N/R

504,100

1,500

5.550%, 5/01/39 (5), (6)

5/17 at 100.00

N/R

756,120

3,075

Waters Edge Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.300%, 5/01/36

5/15 at 101.00

N/R

2,583,800

Westchester Community Development District 1, Florida, Special Assessment Bonds, Series 2003:

13,370

6.000%, 5/01/23

5/13 at 101.00

N/R

12,349,201

27,845

6.125%, 5/01/35

5/13 at 101.00

N/R

24,717,450

755,103

Total Florida

623,122,149

Georgia – 1.8%

6,225

Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31

1/19 at 100.00

N/R

6,445,925

3,000

Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008C. Remarketed, 7.500%, 1/01/31

1/19 at 100.00

N/R

3,080,220

1,050

Atlanta, Georgia, Tax Allocation Bonds, Princeton Lakes Project, Series 2006, 5.500%, 1/01/31

1/16 at 100.00

N/R

963,176

Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 1998:

890

5.250%, 12/01/22

10/11 at 100.00

780,165

5.375%, 12/01/28

12/11 at 100.00

78,358

15,500

Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29

6/20 at 100.00

CCC+

18,013,170

12,830

Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009B, 9.000%, 6/01/35 (Alternative Minimum Tax)

6/15 at 100.00

CCC+

13,784,680

Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical Center, Series 2004:

3,490

5.250%, 12/01/22

12/14 at 100.00

BBB–

3,532,857

3,310

5.000%, 12/01/26

12/14 at 100.00

BBB–

3,116,862

1,830

DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.125%, 9/01/40

9/20 at 100.00

N/R

1,821,253

Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010:

5,300

7.625%, 12/01/30

12/20 at 100.00

N/R

5,355,491

5,200

8.000%, 12/01/40

12/20 at 100.00

N/R

5,246,644

3,500

8.125%, 12/01/45

12/20 at 100.00

N/R

3,530,765


Nuveen Investments			45

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value

		Georgia (continued)

$	6,060	Fulton County Development Authority, Georgia, Local District Cooling Authority Revenue Bonds, Maxon Atlantic Station LLC, Series 2005A, 5.125%, 3/01/26 (Mandatory put 3/01/15) (Alternative Minimum Tax)		9/15 at 100.00		BBB	$	5,967,646

		Fulton County Residential Care Facilities Authority, Georgia, Revenue Bonds, Elderly Care, Lenbrook Square Project, Series 2006A:
	3,500	5.000%, 7/01/27		7/17 at 100.00		N/R		2,599,415
	8,000	5.125%, 7/01/37		7/17 at 100.00		N/R		5,402,640
	20,900	5.125%, 7/01/42		7/17 at 100.00		N/R		13,742,377

	1,380	Fulton County Residential Care Facilities Authority, Georgia, Revenue Bonds, St. Anne’s Terrace, Series 2003, 7.625%, 12/01/33		12/13 at 102.00		N/R		1,386,831

	200	Fulton County Residential Care Facilities Elderly Authority, Georgia, Revenue Bonds, Canterbury Court, Refunding Series 2004A, 6.125%, 2/15/34		2/14 at 101.00		N/R		176,636

	750	Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007B, 5.000%, 3/15/17		No Opt. Call		A		787,583
	103,010	Total Georgia						95,812,694
		Guam – 0.2%

	6,000	Guam Government Department of Education, Certificates of Participation, John F. Kennedy High School Project, Series 2010A, 6.875%, 12/01/40		12/20 at 100.00		B		6,036,960

	4,380	Guam Government, General Obligation Bonds, 2009 Series A, 7.000%, 11/15/39		No Opt. Call		B+		4,532,862
	10,380	Total Guam						10,569,822
		Hawaii – 0.2%

	4,165	Hawaii State Department of Budget and Finance, Private School Revenue Bonds, Montessori of Maui, Series 2007, 5.500%, 1/01/37		2/17 at 100.00		N/R		3,435,958

	8,425	Hawaii State Department of Transportation, Special Facility Revenue Bonds, Continental Airlines Inc., Series 1997, 5.625%, 11/15/27		10/11 at 100.00		B		7,515,016

	955	Hawaii State Department of Transportation, Special Facility Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 6/01/20 (Alternative Minimum Tax)		10/11 at 100.00		B		954,943
	13,545	Total Hawaii						11,905,917
		Idaho – 0.1%

	3,920	Harris Ranch Community Infrastructure District 1, Boise, Idaho, Special Assessment Bonds, Assessment Area One, Series 2011, 9.000%, 9/01/40		9/21 at 100.00		N/R		4,061,238

	1,000	Idaho Housing and Finance Association NonProfit Facilities Revenue Bonds, Liberty Charter School, Inc, Series 2008A, 6.000%, 6/01/38		6/18 at 100.00		BBB		919,040

	5,755	Kootenai County Industrial Development Corporation, Idaho, Industrial Development Revenue Bonds, Coer d’Alene Fiber Fuels, Inc., Series 2006, 6.750%, 12/01/26 (5), (6)		12/16 at 100.00		N/R		1,431,556
	10,675	Total Idaho						6,411,834
		Illinois – 8.7%

	4,500	Bolingbrook, DuPage & Will Counties, Illinois, Special Tax Revenue Bonds, Special Service Areas 2001-1, 2001-2, 2001-3, and 2002-1, Refunding Series 2007, 4.500%, 3/01/32 – NPFG Insured		4/21 at 100.00		Baa1		3,585,780

	7,850	Bolingbrook, Illinois, Sales Tax Revenue Bonds, Series 2005, 6.250%, 1/01/24		1/15 at 102.00		N/R		5,235,636

	4,000	Bolingbrook, Illinois, Special Tax Bonds, Special Service Area 1, Forest City Project, Series 2005, 5.900%, 3/01/27		3/15 at 102.00		N/R		3,271,080

	3,825	Bolingbrook, Will and DuPage Counties, Illinois, Wastewater Facilities Revenue Bonds, Crossroads Treatment LLC, Series 2005, 6.600%, 1/01/35		1/15 at 102.00		N/R		3,017,543

	3,010	Bradley, Illinois, Tax Increment Bonds, Bradley Commons, Series 2007, 6.100%, 1/01/27		1/17 at 102.00		N/R		2,686,395

	933	Cary, Illinois, Special Service Area 1 Special Tax Bonds, Series 2006, 5.000%, 3/01/30 – RAAI Insured		3/16 at 100.00		N/R		851,689


	46			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Illinois (continued)

9,000

CenterPoint Intermodal Center Program Trust Series 2004 Class A Certificates, 8.500%, 6/15/23

12/11 at 100.00

N/R

9,002,970

984

Chicago, Illinois, Certificates of Participation Tax Increment Bonds, MetraMarket Project, Series 2010, 6.870%, 2/15/24

5/15 at 100.00

Baa1

1,015,162

5,545

Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds, Diversey-Narragansett Project, Series 2006,
7.460%, 2/15/26

10/11 at 100.00

N/R

5,460,106

8,325

Chicago, Illinois, Chicago O’Hare International Airport Special Facility Revenue Refunding Bonds, American Air Lines, Inc. Project, Series 2007,
5.500%, 12/01/30

12/12 at 100.00

Caa2

6,610,716

725

Chicago, Illinois, Tax Increment Allocation Bonds, Irving/Cicero Redevelopment Project, Series 1998, 7.000%, 1/01/14

1/12 at 100.00

N/R

726,225

5,350

Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40

10/20 at 100.00

BB–

5,517,509

2,483

Crystal Lake Special Service Area 46, Illinois, Limited Tax Obligation Bonds, Series 2007, 5.750%, 3/01/36

3/17 at 100.00

N/R

2,002,912

1,500

Deerfield, Illinois, Educational Facility Revenue Bonds, Chicagoland Jewish High School Project, Series 2006, 5.850%, 5/01/26 (5), (6)

5/14 at 102.00

N/R

785,775

Evanston, Illinois, Educational Facility Revenue Bonds, Roycemore School Project, Series 2011:

7,865

7.750%, 7/01/30

7/21 at 100.00

N/R

7,899,291

1,545

8.000%, 7/01/35

7/21 at 100.00

N/R

1,552,184

2,000

8.250%, 7/01/41

7/21 at 100.00

N/R

2,007,840

5,000

Gilberts, Illinois. Special Service Area 19 Special Tax Bonds, The Conservancy Project, Series 2006-1, 5.375%, 3/01/16 (5)

No Opt. Call

N/R

2,254,500

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

2,473,775

3,900

Hillside, Cook County, Illinois, Senior Lien Tax Increment Revenue Bonds, Mannheim Redevelopment Project, Series 2008, 7.000%, 1/01/28

1/18 at 102.00

N/R

3,526,848

790

Illinois Development Finance Authority, Environmental Services Revenue Bonds, Citgo Petroleum Corporation Project, Series 2002, 8.000%, 6/01/32 (Alternative Minimum Tax)

6/12 at 100.00

BB+

795,096

1,150

Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds – CIPS Debt, Series 1993C-2, 5.950%, 8/15/26

10/11 at 100.00

BBB–

1,149,977

2,000

Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010, 5.500%, 5/15/23

5/15 at 100.00

N/R

2,003,080

4,500

Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation, Series 2007, 5.000%, 12/01/36

No Opt. Call

BBB+

3,808,980

2,750

Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40

10/20 at 100.00

BB–

2,836,103

200

Illinois Finance Authority, Revenue and Refunding Bonds, Roosevelt University Project, Series 2009, 6.500%, 4/01/44

10/19 at 100.00

Baa2

205,974

Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Series 2010A:

1,400

7.750%, 5/15/30

5/20 at 100.00

N/R

1,379,364

10,000

8.000%, 5/15/40

5/20 at 100.00

N/R

9,832,500

10,625

8.000%, 5/15/46

5/20 at 100.00

N/R

10,439,488

4,870

Illinois Finance Authority, Revenue Bonds, Central Baptist Village, Series 2007, 5.375%, 11/15/39

11/17 at 100.00

N/R

3,851,586

Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Tender Option Bond Trust 1098:

1,500

19.002%, 8/15/15 – AGC Insured (IF) (8)

No Opt. Call

AA+

1,543,740

1,625

18.533%, 2/15/39 – AGC Insured (IF) (8)

8/18 at 100.00

AA+

1,518,400

2,495

18.533%, 8/15/47 – AGC Insured (IF) (8)

8/18 at 100.00

AA+

2,331,328


Nuveen Investments			47

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Illinois (continued)

975

Illinois Finance Authority, Revenue Bonds, De Kalb Supportive Living Project, Series 2007, 6.100%, 12/01/41 (Alternative Minimum Tax)

12/17 at 102.00

N/R

776,675

16,715

Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37

1/18 at 100.00

Baa1

15,097,991

Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 2006A:

6,670

5.000%, 4/01/31

4/16 at 100.00

Baa3

4,764,448

9,250

5.000%, 4/01/36

4/16 at 100.00

Baa3

6,370,475

6,000

Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 7.125%, 2/01/34

2/19 at 100.00

Baa3

5,585,460

Illinois Finance Authority, Revenue Bonds, Kewanee Hospital, Series 2006:

3,825

5.000%, 8/15/26

8/16 at 100.00

N/R

3,256,452

7,060

5.100%, 8/15/31

8/16 at 100.00

N/R

5,774,092

15,645

Illinois Finance Authority, Revenue Bonds, Midwest Regional Medical Center Galena-Stauss Hospital, Series 2006, 6.750%, 10/01/46 (6)

10/16 at 100.00

N/R

10,306,457

Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A:

410

5.250%, 5/15/15

No Opt. Call

N/R

402,382

2,900

5.500%, 5/15/26

5/17 at 100.00

N/R

2,566,239

6,750

5.750%, 5/15/38

5/17 at 100.00

N/R

5,614,785

350

5.400%, 5/15/38

5/12 at 100.00

N/R

276,091

3,125

Illinois Finance Authority, Revenue Bonds, Northshore University HealthSystem, Tender Option Bond Trust 3764, 17.910%, 5/01/26 (IF) (8)

5/20 at 100.00

3,301,125

24,500

Illinois Finance Authority, Revenue Bonds, Northwestern University, Series 2006, 5.000%, 12/01/42 (UB)

12/15 at 100.00

AAA

25,097,800

1,900

Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 (UB) (8)

11/17 at 100.00

1,901,805

Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Tender Option Bond Trust 4702:

1,125

20.464%, 11/15/33 (IF) (8)

11/17 at 100.00

1,157,535

4,385

21.513%, 5/15/39 (IF) (8)

5/20 at 100.00

4,743,167

4,880

21.487%, 5/15/39 (IF) (8)

5/20 at 100.00

5,278,452

14,545

Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25

1/16 at 100.00

BB+

12,330,524

1,110

Illinois Finance Authority, Revenue Bonds, Provena Health Series 2010A, 6.000%, 5/01/28

5/20 at 100.00

BBB+

1,131,057

8,120

Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34

8/19 at 100.00

BBB+

8,956,035

10,855

Illinois Finance Authority, Revenue Bonds, Rogers Park Montessori School, Series 2004, 7.125%, 11/01/34

11/14 at 102.00

N/R

9,871,103

9,040

Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 7.250%, 11/01/38 (UB)

11/18 at 100.00

9,873,307

2,450

Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009B, 7.250%, 11/01/38 (UB)

11/18 at 100.00

2,675,841

5,550

Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39 (UB)

5/19 at 100.00

5,867,571

Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Tender Option Bond Trust 3089:

300

19.395%, 5/01/17 (IF)

No Opt. Call

376,344

250

20.384%, 5/01/17 (IF)

No Opt. Call

307,220

3,067

20.373%, 5/01/17 (IF)

No Opt. Call

3,768,975

1,065

20.338%, 5/01/17 (IF)

No Opt. Call

1,308,140

315

20.228%, 5/01/17 (IF)

No Opt. Call

386,376

815

20.324%, 11/01/39 (IF)

5/19 at 100.00

1,001,065


	48			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Illinois (continued)

3,770

Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37

8/17 at 100.00

BBB

3,509,305

Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009:

650

6.875%, 8/15/38

8/19 at 100.00

BBB

673,277

23,000

7.000%, 8/15/44

8/19 at 100.00

BBB

24,017,750

Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 3908:

1,030

21.938%, 2/15/19 – AGM Insured (IF) (8)

No Opt. Call

AA+

1,153,559

665

21.818%, 2/15/19 – AGM Insured (IF) (8)

No Opt. Call

AA+

744,321

Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Tender Option Bond Trust 11783-1:

490

20.098%, 2/15/19 (IF)

No Opt. Call

AA–

528,573

625

20.098%, 2/15/31 (IF)

8/19 at 100.00

AA–

690,250

2,285

20.099%, 2/15/31 (IF)

8/19 at 100.00

AA–

2,523,554

Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Tender Option Bond Trust 3907:

3,025

20.165%, 2/15/19 (IF) (8)

No Opt. Call

AA–

3,217,753

4,250

20.165%, 2/15/35 (IF) (8)

2/21 at 100.00

AA–

4,520,810

1,500

Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B,
5.000%, 5/01/25

No Opt. Call

Baa3

1,352,910

2,600

Illinois Health Facilities Authority, Revenue Bonds, Smith Crossing, Series 2003A, 7.000%, 11/15/32

No Opt. Call

N/R

2,380,170

2,325

Illinois Housing Development Authority, Homeowner Mortgage Revenue Bonds, Tender Option Bond Trust 3721, 18.541%, 8/01/16 (IF) (8)

No Opt. Call

2,048,441

22,010

Illinois Housing Development Authority, Multifamily Housing Revenue Bonds, GNMA Collateralized – Lifelink Developments, Series 2006, 4.850%, 4/20/41 (Alternative Minimum Tax) (UB) (8)

4/16 at 100.00

N/R

20,785,804

24,350

Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36

1/16 at 100.00

N/R

16,543,634

Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2:

5,260

5.500%, 1/01/25 – ACA Insured

1/16 at 100.00

B–

3,566,753

3,000

5.500%, 1/01/30 – ACA Insured

1/16 at 100.00

B–

1,813,830

10,915

5.500%, 1/01/36 – ACA Insured

1/16 at 100.00

B–

7,553,726

12,431

Lombard Public Facilities Corporation, Illinois, Third Tier Conference Center and Hotel Revenue Bonds, Series 2005C-3, 12.000%, 1/01/36 (5)

7/18 at 100.00

N/R

2,952,361

9,300

Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 3220, 18.923%, 6/15/42 (IF)

6/20 at 100.00

AAA

7,657,992

3,298

Minooka, Illinois, Special Assessment Bonds, Lakewood Trails Project, Series 2003, 6.625%, 3/01/33

3/13 at 102.00

N/R

3,240,219

4,775

Pingree Grove Village, Illinois, Charter School Revenue Bonds, Cambridge Lakes Learning Center, Series 2007, 6.000%, 6/01/36

6/16 at 102.00

N/R

3,646,906

5,725

Pingree Grove Village, Illinois, Special Service Area 7, Cambridge Lakes Project, Special Tax Bonds, Series 2006-1, 6.000%, 3/01/36

3/16 at 102.00

N/R

5,033,134

6,011

Pingree Grove Village, Illinois, Tax Assessment Bonds, Special Service Area 1 – Cambridge Lakes Project, Series 2005-1, 5.250%, 3/01/15

No Opt. Call

N/R

5,805,123

5,861

Pingree Grove Village, Illinois, Tax Assessment Bonds, Special Service Area 2 – Cambridge Lakes Project, Series 2005-2, 6.000%, 3/01/35

3/15 at 102.00

N/R

5,225,492

2,164

Plano Special Service Area 1, Illinois, Special Tax Bonds, Lakewood Springs Project, Series 2004A, 6.200%, 3/01/34

3/14 at 102.00

N/R

2,087,503

4,291

Plano Special Service Area 3, Illinois, Special Tax Bonds, Lakewood Springs Project, Series 2005A, 6.100%, 3/01/35

3/15 at 102.00

N/R

4,085,032


Nuveen Investments			49

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Illinois (continued)

3,665

Quad Cities Regional Economic Development Authority, Illinois, Multifamily Housing Revenue Bonds, Heritage Woods of Moline SLF Project, Series 2006, 6.000%, 12/01/41

12/16 at 102.00

N/R

2,877,428

—

(10)

Robbins, Illinois, Resource Recovery Revenue Bonds, Restructuring Project Guaranteed by Foster Wheeler Ltd., Series 1999C, 7.250%, 10/15/24 (Alternative Minimum Tax)

No Opt. Call

N/R

172

2,800

Rosemont, Illinois, Tax Increment Bonds, River Road Hotel Partners Project, Series 2007, 5.100%, 12/30/23

10/11 at 100.00

N/R

2,214,772

Saint Charles, Kane and DuPage Counties, Illinois, Senior Lien Limited Incremental Sales Tax Revenue Bonds, Series 2008 Zylstra Project:

2,935

6.950%, 1/01/21

1/18 at 100.00

N/R

2,848,212

2,000

6.950%, 1/01/25

1/18 at 100.00

N/R

1,896,440

3,805

Southwestern Illinois Development Authority Local Government Program Revenue Bonds, Granite City Project, Series 2009C, 7.750%, 3/01/22

3/14 at 100.00

N/R

3,842,137

3,210

Southwestern Illinois Development Authority, Local Government Program Revenue Bonds, Granite City Project, Series 2009B, 7.750%, 3/01/22

3/14 at 100.00

N/R

3,241,330

3,000

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

2,971,800

1,750

Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special Assessment Bonds, Series 2009, 7.875%, 3/01/32

3/17 at 102.00

N/R

1,778,193

4,484

Volo Village, Illinois, Special Service Area 3 Special Tax Bonds, Symphony Meadows Project 1, Series 2006, 6.000%, 3/01/36 (Mandatory put 2/29/16)

3/16 at 102.00

N/R

3,541,508

2,343

Waukegan, Illinois, Special Assessment Improvement Bonds, Fountain Square, Series 2005, 6.125%, 3/01/30

3/15 at 102.00

N/R

1,851,204

830

Wayne Village, Illinois, Special Service Area 5 Assessment Bonds, Series 2007, 5.800%, 1/15/23

1/18 at 100.00

N/R

716,996

3,215

Wheeling, Illinois, Tax Increment Revenue Bonds, North Milwaukee/Lake-Cook TIF Project, Series 2005, 6.000%, 1/01/25

1/13 at 102.00

N/R

2,950,984

3,592

Wonder Lake Village, McHenry County, Illinois, Special Tax Bonds, Special Service Area 1 – Woods Creek, Series 2004, 6.750%, 3/01/34

3/14 at 102.00

N/R

3,538,551

2,385

Yorkville United City Business District, Illinois, Storm Water and Water Improvement Project Revenue Bonds, Series 2007, 6.000%, 1/01/26

1/17 at 102.00

N/R

1,486,904

7,340

Yorkville United City, Illinois, Special Service Area 2006-113 Cannoball & Beecher Special Tax Bonds, Series 2007, 5.750%, 3/01/28

3/17 at 102.00

N/R

6,633,892

3,646

Yorkville, Illinois, Special Service Area 2005-108 Assessment Bonds, Autumn Creek Project, Series 2006, 6.000%, 3/01/36

3/16 at 102.00

N/R

2,784,450

515,298

Total Illinois

453,837,696

Indiana – 2.5%

1,695

Anderson, Indiana, Multifamily Housing Revenue Bonds, Cross Lakes and Giant Oaks Apartments, Series 2011A, 7.250%, 12/01/45

12/20 at 100.00

A–

1,760,512

1,260

Carmel Redevelopment District, Indiana, Tax Increment Revenue Bonds, Series 2004A, 6.650%, 7/15/14

7/12 at 103.00

N/R

1,294,915

5,520

East Chicago, Indiana, Solid Waste Disposal Revenue Bonds, USG Corporation, Series 1998, 5.500%, 9/01/28 (Alternative Minimum Tax)

No Opt. Call

B–

4,497,917

835

East Chicago, Indiana, Solid Waste Disposal Revenue Bonds, USG Corporation, Series 1999, 6.375%, 8/01/29 (Alternative Minimum Tax)

10/11 at 100.00

B–

748,310

5,100

Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.125%, 8/01/29

8/16 at 100.00

Baa3

4,681,086

1,595

Indiana Bond Bank, Special Program Bonds, Hendricks Regional Health Project, Tender Option Bond Trust 10-77W, 18.674%, 4/01/30 – AMBAC Insured (IF) (8)

No Opt. Call

1,881,239


	50			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Indiana (continued)

3,750

Indiana Bond Bank, Special Program Gas Revenue Bonds, JP Morgan Ventures Energy Corporation Guaranteed, Series 2007A,
18.241%, 4/15/17 (IF)

No Opt. Call

Aa3

5,381,400

2,400

Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A,
7.000%, 10/01/39

10/19 at 100.00

BBB–

2,411,520

Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Tender Option Bond Trust 3611:

3,085

19.031%, 6/01/17 (IF) (8)

No Opt. Call

3,283,952

1,250

19.005%, 6/01/17 (IF) (8)

No Opt. Call

1,330,650

1,460

18.884%, 6/01/17 (IF) (8)

No Opt. Call

1,554,112

330

19.005%, 12/01/32 (IF) (8)

12/19 at 100.00

351,292

5,000

15.776%, 12/01/32 (IF) (8)

12/19 at 100.00

5,322,600

Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Ascension Health, Tender Option Bond Trust 3301:

2,750

17.811%, 5/15/31 (IF) (8)

11/16 at 100.00

AA+

2,799,940

1,500

17.606%, 5/15/31 (IF) (8)

11/16 at 100.00

AA+

1,527,240

2,000

Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Community Foundation of Northwest Indiana, Series 2004A, 6.000%, 3/01/34

3/14 at 101.00

BBB+

2,027,820

4,200

Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37

3/17 at 100.00

BBB+

3,984,624

10,000

Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured (UB)

1/19 at 100.00

AA+

10,473,700

Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Tender Option Bond Trust 11779:

310

19.495%, 1/01/17 – AGC Insured (IF)

No Opt. Call

AA+

368,739

2,500

19.495%, 1/01/17 – AGC Insured (IF)

No Opt. Call

AA+

2,973,700

4,995

20.470%, 1/01/32 – AGC Insured (IF)

1/19 at 100.00

AA+

6,135,658

6,250

19.495%, 1/01/32 – AGC Insured (IF)

1/19 at 100.00

AA+

7,434,250

330

Jasper County, Indiana, Economic Development Revenue Refunding Bonds, Georgia Pacific Corporation Project, Series 2000, 6.700%, 4/01/29 (Alternative Minimum Tax)

10/11 at 100.00

Ba2

330,188

1,750

Petersburg, Indiana, Pollution Control Revenue Bonds, Indiana Power and Light Company, Series 1996, 6.375%, 11/01/29 (Alternative Minimum Tax)

8/15 at 100.00

Baa2

1,775,218

1,550

Portage, Indiana, Revenue Bonds, Series 2006, 5.000%, 1/15/27

7/16 at 100.00

1,490,232

3,643

Portage, Indiana, Special Improvement District Revenue Bonds, Marina Shores Project, Series 2005, 6.375%, 3/01/35 (5)

3/15 at 102.00

N/R

1,640,807

St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005:

3,065

5.250%, 2/15/23 (5)

2/15 at 100.00

N/R

528,375

2,500

5.375%, 2/15/34 (5)

2/15 at 100.00

N/R

430,975

2,155

St. Joseph County, Indiana, Economic Development Revenue Bonds, Chicago Trail Village Apartments, Series 2005A, 7.500%, 7/01/35

7/15 at 103.00

N/R

1,985,100

230

St. Joseph County, Indiana, Economic Development Revenue Bonds, Holy Cross Village at Notre Dame, Series 2006A, 5.550%, 5/15/19

10/11 at 100.00

N/R

223,010

Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011:

5,000

7.750%, 9/01/31

9/21 at 100.00

N/R

5,275,050

5,000

8.000%, 9/01/41

9/21 at 100.00

N/R

5,319,800

Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007:

2,000

5.700%, 9/01/37

9/17 at 100.00

N/R

1,698,120

15,000

5.750%, 9/01/42

9/17 at 100.00

N/R

12,652,350

29,500

5.800%, 9/01/47

9/17 at 100.00

N/R

24,903,015

139,508

Total Indiana

130,477,416


Nuveen Investments			51

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Iowa – 0.5%

12,000

Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.500%, 7/01/25

7/16 at 100.00

BB+

10,140,120

5,665

Iowa Finance Authority, Multifamily Housing Bonds, Series 2006A, 4.600%, 7/01/41 (UB)

7/16 at 100.00

5,289,187

11,425

Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42

6/15 at 100.00

BBB

8,572,520

2,250

Scott County, Iowa, Revenue Bonds, Ridgecrest Village, Series 2006, 5.250%, 11/15/27

11/16 at 100.00

N/R

1,864,845

31,340

Total Iowa

25,866,672

Kansas – 0.3%

5,495

Fredonia, Kansas, Hospital Revenue Bonds, Series 2007, 6.125%, 8/15/37

8/17 at 100.00

N/R

4,587,556

1,000

Manhattan Health Care Facility Revenue Bonds, Kansas, Meadowlarks Hills Retirement, Series 2007B, 5.125%, 5/15/42

5/14 at 103.00

N/R

779,400

1,000

Neosho County, Kansas, Hospital Revenue Bonds, Neosho Memorial Regional Medical Center, Series 2006A, 5.150%, 9/01/31

9/14 at 100.00

N/R

850,700

Olathe, Kansas, Tax Increment Revenue Bonds, Gateway Area 1 Special Obligation Series 2006:

1,000

5.000%, 3/01/16

No Opt. Call

N/R

618,320

4,780

5.000%, 3/01/26

3/16 at 100.00

N/R

2,319,686

2,790

Olathe, Kansas, Transportation Development District Sales Tax Revenue Bonds, Gateway Project Area lA, Series 2006, 5.000%, 12/01/28

12/16 at 100.00

N/R

1,286,246

2,470

Wyandotte County-Kansas City Unified Government, Kansas, Multifamily Housing Revenue Bond, Crestwood Apartments Project, Series 2006, 6.950%, 6/01/37 (Alternative Minimum Tax) (5), (6)

6/13 at 100.00

N/R

186,930

7,450

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

BBB

4,252,460

25,985

Total Kansas

14,881,298

Kentucky – 0.6%

Kentucky Economic Development Finance Authority, Hospital System Revenue Refunding and Improvement Bonds, Appalachian Regional Healthcare Inc., Series 1997:

500

5.800%, 10/01/12

10/12 at 100.00

BB–

499,060

2,000

5.850%, 10/01/17

10/11 at 100.00

BB–

1,895,180

6,375

5.875%, 10/01/22

10/11 at 100.00

BB–

5,655,836

1,000

Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 – AGC Insured

6/18 at 100.00

AA+

1,046,930

1,000

Louisville and Jefferson County Metropolitan Government, Kentucky, General Revenue Bonds, Bellarmine University, Series 2008A, 6.000%, 5/01/38

5/18 at 100.00

Baa3

1,008,720

19,215

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

2/18 at 100.00

A–

19,332,404

2,190

Rockcastle County, Kentucky, First Mortgage Revenue Bonds, Rockcastle Hospital and Respiratory Care Center Inc. Project, Series 2005, 5.550%, 6/01/30

6/15 at 100.00

BBB–

2,063,002

32,280

Total Kentucky

31,501,132

Louisiana – 1.5%

1,940

Carter Plantation Community Development District, Livingston Parish, Louisiana, Special Assessment Bonds, Series 2004, 5.500%, 5/01/16 (5), (6)

10/11 at 100.00

N/R

874,358

13,220

Carter Plantation Community Development District, Livingston Parish, Louisiana, Special Assessment Bonds, Series 2005A, 5.900%, 5/01/17 (5), (6)

10/11 at 100.00

N/R

5,958,254


	52			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Louisiana (continued)

1,395

Carter Plantation Community Development District, Livingston Parish, Louisiana, Special Assessment Bonds, Series 2005B, 5.900%, 5/01/17 (5), (6)

10/11 at 100.00

N/R

628,727

10,290

Carter Plantation Land LLC, Louisiana, 9.000%, 7/01/17 (5), (6)

11/11 at 100.00

N/R

1,023,855

100

DeSoto Parish, Louisiana, Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2004A, 5.000%, 11/01/18 (Alternative Minimum Tax)

11/14 at 100.00

BBB

99,536

825

East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds, Georgia Pacific Corporation Project, Series 1998, 5.350%, 9/01/11 (Alternative Minimum Tax)

8/11 at 100.00

Ba2

825,289

15,000

Hodge, Louisiana, Combined Utility System Revenue Bonds, Smurfit-Stone Container Corporation, Series 2003, 7.450%, 3/01/24 (Alternative Minimum Tax) (5), (11)

No Opt. Call

N/R

250,050

1,160

Juban Parc Community Development District, Livingston Parish, Louisiana, Special Assessment Bonds, Series 2006, 5.150%, 10/01/14 (5)

No Opt. Call

N/R

581,508

6,938

Lakeshore Villages Master Community Development District, Louisiana, Special Assessment Revenue Bonds, Series 2007, 5.250%, 7/01/17 (5)

No Opt. Call

N/R

3,472,469

1,000

Louisana Public Facilities Authority, Revenue Bonds, Belle Chasse Educational Foundation Project, Series 2011, 6.750%, 5/01/41

5/21 at 100.00

N/R

1,036,720

6,900

Louisiana Local Government Environment Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 (Mandatory put 8/01/20)

No Opt. Call

BBB–

7,224,231

6,475

Louisiana Local Government Environment Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35

11/20 at 100.00

BBB–

6,724,417

10,850

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–

11,359,950

11,535

Louisiana Local Government Environmental Facilities and Community Development Authority, Carter Plantation Hotel Project Revenue Bonds, Series 2006A, 6.000%, 9/01/36 (5), (6)

9/16 at 100.00

N/R

2,177,231

2,265

Louisiana Local Government Environmental Facilities and Community Development Authority, Carter Plantation Hotel Project Revenue Bonds, Series 2006B, 8.500%, 9/01/17 (5), (6)

9/16 at 100.00

N/R

427,519

660

Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Capital Projects and Equipment Acquisition Program, Series 2000A, 6.300%, 7/01/30 – AMBAC Insured (8)

No Opt. Call

N/R

666,151

9,900

Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, CDF Healthcare of Louisiana LLC, Series 2006A, 7.000%, 6/01/36

6/16 at 101.00

N/R

8,327,979

5,800

Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Hotel LLC Project, Series 2007A, 6.750%, 12/15/37 (5), (11)

12/17 at 100.00

N/R

2,930,856

Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:

5,750

5.250%, 5/15/38

5/17 at 100.00

Baa1

5,256,593

9,000

5.375%, 5/15/43

5/17 at 100.00

Baa1

8,264,250

Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011:

2,000

6.500%, 5/15/37

5/21 at 100.00

Baa1

2,104,800

600

6.750%, 5/15/41

5/21 at 100.00

Baa1

639,762

2,000

Orange Grove Community Development District, Louisiana, Special Assessment Revenue Bonds, Series 2006, 5.300%, 11/01/21 (5)

10/11 at 100.00

N/R

1,001,400

4,560

St. James Parish, Louisiana, Solid Waste Disposal Revenue Bonds, Freeport McMoran Project, Series 1992, 7.700%, 10/01/22 (Alternative Minimum Tax) (Pre-refunded 9/15/11)

9/11 at 100.00

N/R

(4)

4,578,058


Nuveen Investments			53

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Louisiana (continued)

2,290

Whispering Springs Community Development District, Livingston Parish, Louisiana, Special Assessment Bonds, Series 2006, 5.200%, 10/01/21 (5)

10/11 at 100.00

N/R

1,146,603

132,453

Total Louisiana

77,580,566

Maine – 0.1%

6,500

Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011, 7.000%, 7/01/41 (WI/DD, Settling 8/11/11)

7/21 at 100.00

Baa3

6,615,635

Maryland – 1.8%

Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:

1,615

5.250%, 9/01/20 – SYNCORA GTY Insured

9/16 at 100.00

Baa3

1,573,963

7,850

5.250%, 9/01/39 – SYNCORA GTY Insured

9/16 at 100.00

Baa3

6,590,232

500

Baltimore, Maryland, Special Obligation Bonds, North Locust Point Project, Series 2005, 5.500%, 9/01/34

9/15 at 101.00

N/R

452,765

19,255

Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.875%, 9/01/39

9/16 at 100.00

Ba1

16,776,111

Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Series 2007A:

455

5.250%, 4/01/27

4/17 at 100.00

N/R

346,965

1,000

5.250%, 4/01/33

4/17 at 100.00

N/R

714,540

5,455

Maryland Community Development Administration, Department of Housing and Community Development, Housing Revenue Bonds, Tender Option Bond Trust 2849, 10.753%, 1/01/15 (Alternative Minimum Tax) (IF)

No Opt. Call

AA+

4,665,825

7,335

Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2007A, 4.800%, 9/01/42 (Alternative Minimum Tax) (UB)

9/16 at 100.00

Aa2

6,874,069

Maryland Community Development Administration, Residential Revenue Bonds, Series 2007D, Trust 1023:

940

17.181%, 3/01/30 (Alternative Minimum Tax) (IF) (8)

3/17 at 100.00

Aa2

717,887

1,710

17.386%, 3/01/30 (Alternative Minimum Tax) (IF) (8)

3/17 at 100.00

Aa2

1,279,542

Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A:

1,925

5.000%, 12/01/16

No Opt. Call

N/R

1,629,051

54,100

5.000%, 12/01/31

12/16 at 100.00

N/R

33,174,120

2,080

Maryland Economic Development Corporation, Student Housing Revenue Bonds, Frostburg State University Project, Series 2002A, 6.250%, 10/01/33

10/12 at 101.00

Ba3

1,961,045

3,505

Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax)

10/11 at 100.00

N/R

3,512,606

1,500

Maryland Health and HIgher Edcuational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.125%, 7/01/45

7/20 at 100.00

BBB–

1,415,445

Maryland Health and Higher Educational Facilities Authority, Private School Revenue Bonds, Washington Christian Academy, Series 2006:

750

5.250%, 7/01/18 (5), (6)

1/17 at 100.00

N/R

299,888

6,260

5.500%, 7/01/38 (5), (6)

1/17 at 100.00

N/R

2,501,559

4,345

Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, King Farm Presbyterian Community, Series 2007A, 5.300%, 1/01/37

1/17 at 100.00

N/R

3,139,263

Prince George’s County, Maryland, Revenue Bonds, Dimensions Health Corporation, Series 1994:

380

5.375%, 7/01/14 (6)

1/12 at 100.00

327,385

9,435

5.300%, 7/01/24 (6)

1/12 at 100.00

6,242,385

130,395

Total Maryland

94,194,646

Massachusetts – 1.1%

12,225

Boston Industrial Development Financing Authority, Massachusetts, Senior Revenue Bonds, Crosstown Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax)

9/12 at 102.00

Caa3

8,639,285


	54			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Massachusetts (continued)

4,080

Boston Industrial Development Financing Authority, Massachusetts, Subordinate Revenue Bonds, Crosstown Center Project, Series 2002, 8.000%, 9/01/35 (Alternative Minimum Tax)

9/12 at 102.00

N/R

1,429,795

2,000

Massachusetts Development Finance Agency, Education Facility Revenue Bonds, Academy of the Pacific Rim Project, Series 2006A,
5.125%, 6/01/31 – ACA Insured

6/16 at 100.00

N/R

1,723,620

435

Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2000A,
8.375%, 7/01/14 (Alternative Minimum Tax)

No Opt. Call

N/R

446,275

1,685

Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2006,
5.875%, 7/01/14 (Alternative Minimum Tax)

No Opt. Call

N/R

1,621,425

870

Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill Associates, Series 1998B, 5.300%, 12/01/14 (Alternative Minimum Tax)

10/11 at 100.00

A–

870,539

315

Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill Associates, Series 1999A, 6.700%, 12/01/14 (Alternative Minimum Tax)

12/11 at 100.00

A–

315,895

3,500

Massachusetts Development Finance Agency, Revenue Bonds, The Sabis International Charter School, Series 2009A, 8.000%, 4/15/39

10/19 at 100.00

BBB

3,897,740

Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A:

5,950

6.250%, 1/15/28 (5)

1/18 at 100.00

N/R

4,951,471

5,300

6.500%, 1/15/38 (5)

1/18 at 100.00

N/R

4,255,582

Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caritas Christi Obligated Group, Series 2002B, 6.500%, 7/01/12

No Opt. Call

N/R

47,273

430

Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caritas Christi Obligated Group, Series 2002B, 6.250%, 7/01/22
(Pre-refunded 7/01/12)

7/12 at 101.00

N/R

(4)

457,894

Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital, Series 2005E:

3,500

5.000%, 8/15/25 – RAAI Insured

8/15 at 100.00

N/R

3,155,460

400

5.000%, 8/15/35 – RAAI Insured

8/15 at 100.00

N/R

322,956

2,750

Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Jordan Hospital, Series 1998D, 5.250%, 10/01/23

10/11 at 100.00

BB–

2,450,883

2,000

Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford Regional Medical Center, Series 2007E, 5.000%, 7/15/37

7/17 at 100.00

BBB–

1,669,720

1,250

Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2001C, 5.500%, 7/01/16

10/11 at 100.00

BB–

1,216,900

3,000

Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%, 7/01/30

7/15 at 100.00

BB–

2,486,700

1,870

Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2004A,
6.375%, 7/01/34 (5)

7/14 at 100.00

836,619

Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2004B:

4,425

6.250%, 7/01/24 (5)

7/14 at 100.00

1,979,701

10,555

6.375%, 7/01/34 (5)

7/14 at 100.00

4,722,201

2,500

Massachusetts Housing Finance Agency, Housing Bonds, Tender Option Bond Trust 2010-64W., 19.957%, 6/01/41 (IF) (8)

6/20 at 100.00

AA–

2,533,900

Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A:

845

5.200%, 1/01/20 – AMBAC Insured (Alternative Minimum Tax)

1/12 at 100.00

N/R

752,996

285

5.000%, 1/01/21 – AMBAC Insured

1/12 at 100.00

N/R

234,404

4,000

5.500%, 1/01/22 – AMBAC Insured (Alternative Minimum Tax)

1/12 at 100.00

N/R

3,397,040


Nuveen Investments			55

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Massachusetts (continued)

4,050

5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)

1/12 at 100.00

N/R

3,001,415

78,265

Total Massachusetts

57,417,689

Michigan – 2.8%

Advanced Technology Academy, Michigan, Public School Academy Revenue Bonds, Series 2008:

3,695

6.000%, 11/01/28

11/18 at 100.00

BBB–

3,280,384

5,105

6.000%, 11/01/37

11/18 at 100.00

BBB–

4,297,236

1,050

Chandler Park Academy, Michigan, Public School Academy Charter School Revenue Bonds, Series 2005, 5.125%, 11/01/30

11/15 at 100.00

BBB

879,428

1,955

Concord Academy, Boyne City, Michigan, Certificates of Participation, Series 2007, 5.600%, 11/01/36

11/17 at 100.00

N/R

1,337,709

Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007:

3,885

5.000%, 11/01/26

11/16 at 100.00

BB+

2,996,034

3,750

5.250%, 11/01/31

11/16 at 100.00

BB+

2,783,813

3,090

5.250%, 11/01/36

11/16 at 100.00

BB+

2,171,374

1,125

Countryside Charter School, Berrien County, Michigan, Charter School Revenue Bonds, Series 1999, 7.000%, 4/01/29

10/11 at 100.00

N/R

1,003,804

820

Countryside Charter School, Berrien County, Michigan, Charter School Revenue Bonds, Series 2000, 8.000%, 4/01/29

4/12 at 100.00

N/R

813,735

4,710

Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Tender Option Bond Trust 4697, 18.430%, 5/01/29 – AGM Insured (IF) (8)

No Opt. Call

AA+

4,892,936

5,500

Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Tender Option Bonds Trust 11784, 18.746%, 5/01/27 – AGM Insured (IF)

No Opt. Call

AA+

5,650,700

Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005:

1,200

5.650%, 11/01/25

11/15 at 100.00

BB+

1,001,016

500

5.750%, 11/01/30

11/15 at 100.00

BB+

397,795

2,425

5.750%, 11/01/35

11/15 at 100.00

BB+

1,842,273

7,670

Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21

11/11 at 100.00

B–

4,518,934

2,500

Detroit, Michigan, Distributable State Aid General Obligation Bonds, Tender Option Bond Trust 3789, 18.750%, 5/01/18 (IF) (8)

No Opt. Call

2,465,200

1,095

Doctor Charles Drew Academy, Michigan Certificates of Participation, Series 2006, 5.700%, 11/01/36

11/16 at 102.00

N/R

718,167

3,500

Flint International Academy, Michigan, Public School Academy Revenue Bonds, Series 2007, 5.750%, 10/01/37

10/17 at 100.00

BBB–

2,916,130

Garden City Hospital Finance Authority, Michigan, Revenue Bonds, Garden City Hospital Obligated Group, Series 2007A:

7,825

4.875%, 8/15/27

8/17 at 100.00

N/R

6,021,651

4,850

5.000%, 8/15/38

8/17 at 100.00

N/R

3,407,077

Gaylord Hospital Finance Authority, Michigan, Revenue Bonds, Otsego Memorial Hospital, Series 2004:

1,000

6.200%, 1/01/25

1/15 at 100.00

N/R

887,250

1,500

6.500%, 1/01/37

1/15 at 100.00

N/R

1,256,910

180

Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 5.500%, 7/01/20

7/15 at 100.00

BB+

172,643

Michigan Finance Authoirty, Public School Academy Limited Obligation Revenue Bonds, Voyageur Academy Project, Series 2011:

1,500

7.750%, 7/15/26 (WI/DD, Settling 8/09/11)

7/21 at 100.00

1,467,510

9,000

8.000%, 7/15/41 (WI/DD, Settling 8/09/11)

7/21 at 100.00

8,750,610

1,170

Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Holly Academy Project, Refunding Series 2011,
8.000%, 10/01/40

10/21 at 100.00

BBB–

1,215,981


	56			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Michigan (continued)

4,000

Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope Academy Project, Series 2011, 8.125%, 4/01/41

4/21 at 100.00

N/R

4,164,960

6,170

Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.200%, 10/01/42 – AGM Insured (Alternative Minimum Tax) (UB) (8)

7/15 at 100.00

AA+

6,115,889

Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of Arts and Sciences Charter School, Series 2001A:

600

7.500%, 10/01/12

10/11 at 100.00

600,492

2,900

7.900%, 10/01/21

10/11 at 100.00

2,786,320

10,550

8.000%, 10/01/31

10/11 at 100.00

9,870,369

Michigan Municipal Bond Authority, Revenue Bonds, YMCA Service Learning Academy Charter School, Series 2001:

200

7.250%, 10/01/11

9/11 at 101.00

Ba1

200,878

750

7.625%, 10/01/21

10/11 at 100.00

Ba1

750,458

1,000

Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2007, 6.500%, 12/01/37

12/17 at 100.00

N/R

871,360

Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, Michigan Technical Academy, Series 2006:

645

6.000%, 2/01/16

No Opt. Call

BB+

641,988

1,055

6.375%, 2/01/26

2/16 at 100.00

BB+

940,459

2,855

6.500%, 2/01/36

2/16 at 100.00

BB+

2,403,310

1,505

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

1,448,066

1,000

Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Richfield Public School Academy, Series 2007, 5.000%, 9/01/36

9/17 at 100.00

BBB–

731,580

3,720

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

2,973,470

Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Dr. Joseph F. Pollack Academic Center of Excellence Project, Series 2010:

350

7.250%, 4/01/20

No Opt. Call

BB+

360,259

1,140

8.000%, 4/01/30

4/20 at 100.00

BB+

1,163,313

500

8.000%, 4/01/40

4/20 at 100.00

BB+

503,320

10,275

Michigan State Hospital Finance Authority, Revenue Bonds, Hills and Dales General Hospital, Series 2005A, 6.750%, 11/15/38

11/15 at 102.00

N/R

8,912,227

Michigan State Hospital Finance Authority, Revenue Bonds, Presbyterian Villages of Michigan Obligated Group, Series 2005:

2,250

5.250%, 11/15/25

5/15 at 100.00

N/R

1,892,250

11,200

5.500%, 11/15/35

5/15 at 100.00

N/R

8,995,952

570

Michigan Strategic Fund, Limited Obligation Revenue Bonds, Ford Motor Company, Series 1992A, 6.550%, 10/01/22

10/11 at 100.00

BB–

569,977

3,300

Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35

6/16 at 100.00

BBB–

2,979,933

Summit Academy North, Michigan, Revenue Bonds, Public School Academy Series 2005:

175

4.750%, 11/01/11

No Opt. Call

BB+

175,163

1,070

5.000%, 11/01/15

No Opt. Call

BB+

1,046,171

1,705

5.250%, 11/01/20

11/15 at 100.00

BB+

1,514,705

750

6.750%, 5/01/21

No Opt. Call

BB+

754,793

4,795

5.350%, 11/01/25

11/15 at 100.00

BB+

3,911,953

3,685

5.500%, 11/01/30

11/15 at 100.00

BB+

2,880,528

1,615

7.750%, 5/01/31

5/21 at 100.00

BB+

1,630,633

5,900

5.500%, 11/01/35

11/15 at 100.00

BB+

4,400,751

3,460

8.000%, 5/01/41

5/21 at 100.00

BB+

3,491,901

170,290

Total Michigan

146,829,728


Nuveen Investments			57

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Minnesota – 1.2%

1,000

Baytown Township, Minnesota, Lease Revenue Bonds, Saint Croix Preparatory Academy Project, Series 2008A, 7.000%, 8/01/38

8/16 at 102.00

N/R

979,820

8,970

Bloomington Port Authority, Minnesota, Recovery Zone Facility Revenue Bonds, Radisson Blu MOA, LLC Project, Series 2010, 9.000%, 12/01/35

No Opt. Call

N/R

9,162,048

9,410

Duluth Economic Development Authority, Minnesota, Healthcare Facilities Revenue Bonds, St. Luke’s Hospital, Series 2002, 7.250%, 6/15/32

6/12 at 101.00

BB–

9,429,196

Falcon Heights, Minnesota, Lease Revenue Bonds, Kaleidoscope Charter School Revenue Bonds, Series 2007A:

425

6.000%, 11/01/27

11/15 at 100.00

N/R

384,838

1,000

6.000%, 11/01/37

11/15 at 100.00

N/R

855,060

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

950,440

Minneapolis, Minnesota, Recovery Zone Facility Revenue Bonds, Mozaic Parking, LLC Project, Series 2010A:

1,000

7.750%, 1/01/33

1/21 at 100.00

N/R

1,012,820

1,000

8.500%, 1/01/41

1/21 at 100.00

N/R

1,022,730

600

Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Series 2006, 5.200%, 2/01/22

2/14 at 100.00

N/R

556,278

1,500

Oak Park Heights, Minnesota, Senior Housing Revenue Bonds, Oakgreen Commons Project, Series 2010, 7.000%, 8/01/45

8/20 at 100.00

N/R

1,480,830

1,525

Ramsey, Anoka County, Minnesota, Charter School Lease Revenue Bonds, PACT Charter School, Series 2004A, 6.750%, 12/01/33

6/14 at 102.00

N/R

1,461,347

2,400

Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Higher Ground Academy Project, Series 2009, 8.500%, 12/01/38

6/14 at 102.00

N/R

2,520,864

465

Saint Paul Port Authority, Minnesota, Great Northern Project Tax Increment Revenue Bonds, Series 2, 6.000%, 3/01/30

No Opt. Call

N/R

424,220

1,600

St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Achieve Charter School, Series 2003A, 7.000%, 12/01/32

12/11 at 102.00

N/R

1,585,808

St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2004A:

445

6.625%, 12/01/23

6/14 at 102.00

N/R

446,166

2,120

6.875%, 12/01/33

6/14 at 102.00

N/R

2,049,892

St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Hmong Academy, Series 2006A:

400

5.750%, 9/01/26

9/14 at 102.00

N/R

358,640

500

6.000%, 9/01/36

9/14 at 102.00

N/R

431,790

1,300

St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, HOPE Community Academy Charter School, Series 2004A, 6.750%, 12/01/33

6/14 at 102.00

N/R

1,147,172

2,185

St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, HOPE Community Academy Charter School, Series 2005A, 6.250%, 12/01/33

6/14 at 102.00

N/R

1,807,214

St. Paul Housing and Redevelopment Authority, Minnesota, Collateralized Multifamily Housing Revenue Bonds, Marian Center Project, Series 2007A:

845

5.300%, 11/01/30

5/14 at 101.00

N/R

695,638

1,225

5.375%, 5/01/43

5/14 at 101.00

N/R

952,425

2,195

St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/25

11/15 at 100.00

BB+

2,202,990

St. Paul Port Authority, Minnesota, Lease Revenue Bonds, HealthEast Midway Campus, Series 2005A:

2,700

5.750%, 5/01/25

5/15 at 100.00

2,624,805

2,800

5.875%, 5/01/30

5/15 at 100.00

2,655,072

8,300

St. Paul Port Authority, Minnesota, Lease Revenue Bonds, HealthEast Midway Campus, Series 2005B, 6.000%, 5/01/30

5/15 at 100.00

N/R

7,983,189


	58			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Minnesota (continued)

Stillwater, Minnesota, Multifamily Housing Revenue Bonds, Orleans Homes LP, Series 2007:

1,500

5.250%, 2/01/27 (Alternative Minimum Tax)

2/15 at 102.00

N/R

1,288,320

800

5.500%, 2/01/42 (Alternative Minimum Tax)

2/15 at 102.00

N/R

637,856

Winsted, Minnesota, Health Care Revenue Bonds, Saint Marys Care Center Project, Series 2010A:

1,000

6.250%, 9/01/30

9/17 at 100.00

N/R

954,430

3,250

6.875%, 9/01/42

9/17 at 100.00

N/R

3,259,328

63,460

Total Minnesota

61,321,226

Mississippi – 0.2%

300

Biloxi Housing Authority, Mississippi, Multifamily Housing Revenue Bonds, Beauvoir Manor Apartments, Series 2001B-1, 6.250%, 9/01/31 (Alternative Minimum Tax)

9/11 at 102.00

Ba3

206,604

2,650

Mississippi Business Finance Corporation Pollution Control Revenue Refunding Bonds (System Energy Resources, Inc. Project) Series 1999, 5.900%, 5/01/22

11/11 at 100.00

BBB

2,653,472

4,865

Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, Roberts Hotel of Jackson, LLC Project, Series 2010,
8.500%, 2/01/30 (5)

2/21 at 102.00

4,733,207

1,728

Mississippi Home Corporation, Multifamily Housing Revenue Bonds, Tupelo Personal Care Apartments, Series 2004-2, 6.125%, 9/01/34 (Alternative Minimum Tax)

10/19 at 101.00

N/R

1,236,832

9,543

Total Mississippi

8,830,115

Missouri – 1.7%

Belton, Missouri, Town Center Project Tax Increment Revenue Bonds, Series 2006:

250

5.500%, 3/01/20

3/16 at 100.00

N/R

231,553

600

5.625%, 3/01/25

3/16 at 100.00

N/R

517,968

Branson Regional Airport Transportation Development District, Missouri, Project Revenue Bonds, Series 2007B:

3,000

6.000%, 7/01/25 (Alternative Minimum Tax)

7/12 at 100.00

N/R

1,290,360

5,800

6.000%, 7/01/37 (Alternative Minimum Tax)

7/17 at 100.00

N/R

2,490,752

Carthage, Missouri, Hospital Revenue Bonds, McCune-Brooks Hospital, Series 2005:

8,595

5.750%, 4/01/22

4/16 at 100.00

N/R

7,938,514

3,165

5.875%, 4/01/30

4/16 at 100.00

N/R

2,721,710

1,500

Cass County, Missouri, Hospital Revenue Bonds, Series 2007, 5.625%, 5/01/38

11/16 at 100.00

N/R

1,318,935

Cottleville, Missouri, Certificates of Participation, Series 2006:

200

5.125%, 8/01/26

8/14 at 100.00

N/R

189,664

600

5.250%, 8/01/31

8/14 at 100.00

N/R

545,382

Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006:

590

5.000%, 6/01/20

6/16 at 100.00

N/R

540,440

3,000

5.000%, 6/01/28

6/16 at 100.00

N/R

2,409,120

1,475

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–

1,494,898

7,685

Hawk Ridge Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2006A, 5.000%, 2/01/30

2/17 at 100.00

N/R

4,537,301

Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Briarcliff West Project, Series 2006A:

1,870

5.150%, 6/01/16

6/14 at 102.00

N/R

1,860,856

3,000

5.400%, 6/01/24

6/14 at 102.00

N/R

2,597,460

17,000

Lakeside 370 Levee District, Saint Charles, Missouri, Levee District Improvement Bonds, Series 2008, 7.000%, 4/01/28

4/16 at 100.00

N/R

15,890,580


Nuveen Investments			59

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Missouri (continued)

1,500

Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2007A, 5.125%, 8/15/26

8/17 at 100.00

N/R

1,404,960

500

Missouri Development Finance Board. Infrastructure Facilities Revenue Bonds, City of Independence, Missouri – Events Center Project, Series 2009F, 6.250%, 4/01/38

4/14 at 100.00

A–

514,150

550

Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2005, 5.375%, 2/01/35

No Opt. Call

N/R

506,336

Saint Louis Industrial Development Authority, Missouri, Confluence Academy Project, Series 2007A:

1,295

5.250%, 6/15/25

6/15 at 103.00

N/R

1,091,672

3,400

5.350%, 6/15/32

6/15 at 103.00

N/R

2,703,952

7,500

Saint Louis Industrial Development Authority, Missouri, Multifamily Housing Revenue Bonds, Councils Towers Apartments, Series 2010B, 7.250%, 12/15/13

9/12 at 100.00

N/R

7,529,850

9,000

Saint Louis, Missouri, Land Clearance for Redevelopment Authority, Tax-Exempt Recovery Zone Facilities Improvement, Special Revenue Bonds, Kiel Opera House Project, Series 2010B, 7.000%, 9/01/35

9/20 at 100.00

N/R

8,641,980

5,635

Saint Louis, Missouri, Orpheum Theater Community Improvement District, Saint Louis, Missouri, Property and Sales Tax Revenue Bonds, Series 2009, 9.000%, 3/01/29

No Opt. Call

N/R

5,665,542

1,664

Saint Louis, Missouri, Tax Increment Bonds, 410 North Jefferson Lofts Project, Series 2007, 5.500%, 9/01/27

10/11 at 100.00

N/R

1,273,692

2,159

Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, City Hospital Tax Increment District, Series 2007, 6.000%, 8/23/26

10/11 at 100.00

N/R

1,769,948

2,587

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

2,247,767

1,427

Saint Louis, Missouri, Tax-Exempt Revenue Notes, City Block 1859, Grand Avenue/Cozens/Evans Redevelopment Project, Series 2008-A, 6.500%, 12/11/29

No Opt. Call

N/R

1,018,849

1,520

St Louis, Missouri, Tax Increment Financing District Revenue Bonds, Gaslight Square East Project, Series 2006, 5.500%, 1/22/28

No Opt. Call

N/R

1,182,317

2,205

St Louis, Missouri, Tax Increment Financing District Revenue Bonds, Printers Lofts Project, Series 2006, 6.000%, 8/21/26

No Opt. Call

N/R

1,750,924

St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A:

500

5.100%, 11/01/19

11/14 at 100.00

N/R

482,775

1,000

5.375%, 11/01/24

11/14 at 100.00

N/R

913,400

2,000

St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005B, 5.375%, 11/01/23

11/14 at 100.00

N/R

1,824,300

675

Strother Interchange Transportation Development District, Missouri, Revenue Bonds, Lees Summit, Series 2006, 5.000%, 5/01/24

5/16 at 100.00

N/R

561,755

1,500

Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc., Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax)

6/13 at 101.00

Baa3

1,326,795

University Place Transportation Development District, St. Louis County, Missouri, Transportation Sales Tax and Special Assessment Revenue Bonds, Series 2006:

1,000

5.000%, 3/01/26

3/15 at 100.00

N/R

736,690

2,500

5.000%, 3/01/32

3/15 at 100.00

N/R

1,672,050

108,447

Total Missouri

91,395,197

Montana – 0.6%

17,140

Montana Board of Investments, Exempt Facility Revenue Bonds, Stillwater Mining Company, Series 2000, 8.000%, 7/01/20 (Alternative Minimum Tax)

7/12 at 100.00

B+

17,209,246

16,504

Montana Board of Investments, Resource Recovery Revenue Bonds, Yellowstone Energy LP, Series 1993, 7.000%, 12/31/19 (Alternative Minimum Tax)

No Opt. Call

N/R

15,699,595

33,644

Total Montana

32,908,841


	60			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Nebraska – 0.1%

4,000

Gage County Hospital Authority 1, Nebraska, Health Care Facility Revenue Bonds, Beatrice Community Hospital and Health Project, Series 2010B, 6.750%, 6/01/35

No Opt. Call

N/R

3,971,400

Nevada – 0.9%

4,250

Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 11823, 19.915%, 1/01/36 (IF)

1/20 at 100.00

Aa3

4,933,230

1,200

Clark County, Nevada, Local Improvement Bonds, Mountain’s Edge Special Improvement District 142, Series 2003, 6.375%, 8/01/23

8/16 at 100.00

N/R

1,220,760

1,035

Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Tender Option Bond Trust 11823, 17.874%, 1/01/18 (IF)

No Opt. Call

Aa3

981,987

Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000:

2,000

5.625%, 1/01/32 – AMBAC Insured (5)

1/12 at 100.00

N/R

480,180

1,000

5.375%, 1/01/40 – AMBAC Insured (5)

1/12 at 100.00

N/R

239,970

Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, Second Tier, Series 2000:

1,000

7.250%, 1/01/23 (5)

1/12 at 100.00

N/R

1,600

41,800

7.375%, 1/01/40 (5)

1/12 at 100.00

N/R

66,880

1,585

Henderson Local Improvement Districts T-17, Nevada, Limited Obligation Improvement Bonds, Madeira Canyon Project, Series 2005, 5.000%, 9/01/25

3/18 at 100.00

N/R

1,403,835

1,000

Las Vegas Paiute Tribe, Nevada, Revenue Bonds, Series 2002A, 6.625%, 11/01/17 – ACA Insured

10/12 at 101.00

N/R

794,940

5,000

Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30

6/19 at 100.00

5,680,450

3,155

Las Vegas, Nevada, Local Improvement Bonds, District 607, Series 2004, 6.250%, 6/01/24

12/16 at 100.00

N/R

2,994,663

Mesquite Special Improvement District 07-01, Nevada, Anthem at Mesquite Local Improvement Bonds, Series 2007:

510

6.000%, 8/01/27

4/15 at 102.00

N/R

424,850

2,565

6.150%, 8/01/37

4/15 at 102.00

N/R

1,994,082

2,375

Reno, Nevada, Redevelopment Agency Downtown Project Tax Allocation Bonds, Series 2007C, 5.400%, 6/01/27

6/17 at 100.00

N/R

1,765,314

Sparks Local Improvement District 3, Legends at Sparks Marina, Nevada, Limited Obligation Improvement Bonds, Series 2008:

2,340

6.500%, 9/01/20

9/18 at 100.00

N/R

2,317,723

2,000

6.750%, 9/01/27

9/18 at 100.00

N/R

1,887,660

Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax Revenue Bonds Series 2008A:

6,975

6.500%, 6/15/20

6/18 at 100.00

6,392,727

13,090

6.750%, 6/15/28

6/18 at 100.00

10,982,772

92,880

Total Nevada

44,563,623

New Hampshire – 0.0%

200

New Hampshire Health and Education Facilities Authority, Revenue Bonds, The Memorial Hospital, Series 2006, 5.250%, 6/01/26

6/16 at 100.00

Baa3

185,566

New Jersey – 3.6%

6,422

Bayonne Medical Center Inc., New Jersey, Revenue Bonds, Bond Anticipation Notes, Series 2006, 8.050%, 12/01/11 (7), (11)

No Opt. Call

N/R

647,315

8,255

Bayonne Redevelopment Agency, New Jersey, Revenue Bonds, Royal Caribbean Cruises Project, Series 2006A, 5.375%, 11/01/35 (Alternative Minimum Tax)

11/16 at 100.00

6,999,580

1,000

Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38

1/18 at 100.00

N/R

844,870

5,215

New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.750%, 6/15/29

6/14 at 100.00

BBB

5,191,585


Nuveen Investments			61

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

New Jersey (continued)

1,000

New Jersey Economic Development Authority, Economic Development Revenue Bonds, Glimcher Properties LP, Series 1998, 6.000%, 11/01/28 (Alternative Minimum Tax)

10/11 at 100.00

N/R

859,970

985

New Jersey Economic Development Authority, Revenue Bonds, American Airlines Inc., Series 1991, 7.100%, 11/01/31 (Alternative Minimum Tax)

11/11 at 100.00

CCC+

819,904

640

New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1998, 5.500%, 4/01/28 (Alternative Minimum Tax)

10/11 at 100.00

545,222

New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:

2,000

6.250%, 9/15/19 (Alternative Minimum Tax)

9/11 at 100.00

1,991,640

5,045

6.400%, 9/15/23 (Alternative Minimum Tax)

9/11 at 100.00

5,029,815

10,565

6.250%, 9/15/29 (Alternative Minimum Tax)

9/11 at 100.00

10,138,702

New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000:

1,500

7.200%, 11/15/30 (Alternative Minimum Tax)

11/11 at 100.00

1,501,845

3,185

7.000%, 11/15/30 (Alternative Minimum Tax)

11/11 at 100.00

3,187,102

3,300

New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2003, 9.000%, 6/01/33 (Mandatory put 6/01/13) (Alternative Minimum Tax)

6/15 at 100.00

3,415,797

1,500

New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A, 5.875%, 6/01/42

6/20 at 100.00

Baa3

1,441,140

2,400

New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine and Dentistry of New Jersey, Series 2009B, 7.500%, 12/01/32

6/19 at 100.00

Baa1

2,752,272

New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 3018:

1,575

19.206%, 7/01/38 – AGC Insured (IF)

1/14 at 100.00

AA+

1,687,644

5,000

19.701%, 7/01/38 – AGC Insured (IF)

7/19 at 100.00

AA+

5,640,000

1,250

19.701%, 7/01/38 – AGC Insured (IF)

7/19 at 100.00

AA+

1,410,000

1,815

19.675%, 7/01/38 – AGC Insured (IF)

7/19 at 100.00

AA+

2,047,320

1,000

New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 6.250%, 7/01/35 (WI/DD, Settling 8/09/11)

7/21 at 100.00

BBB–

1,001,400

23,230

New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37

7/18 at 100.00

BBB–

21,747,229

New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Palisades Medical Center of New York Presbyterian Healthcare System, Series 2002:

1,320

6.500%, 7/01/21

7/12 at 101.00

BB+

1,320,620

1,500

6.625%, 7/01/31

7/12 at 101.00

BB+

1,413,585

25,935

New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38

7/18 at 100.00

BBB–

26,327,656

New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003:

590

5.500%, 7/01/23

7/13 at 100.00

Ba2

521,383

3,765

5.500%, 7/01/33

7/13 at 100.00

Ba2

2,891,068

2,000

New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Bayshore Community Hospital, Series 2002, 5.125%, 7/01/32 – RAAI Insured

1/12 at 100.00

N/R

1,640,400

1,535

New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, 21.996%, 6/01/16 (IF)

No Opt. Call

AA+

1,731,296

42,515

New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 – AGC Insured (Alternative Minimum Tax) (UB)

6/18 at 100.00

AA+

43,874,630


	62			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

New Jersey (continued)

Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:

3,310

5.000%, 6/01/29

6/17 at 100.00

BBB–

2,615,794

37,500

4.750%, 6/01/34

6/17 at 100.00

Baa3

25,870,500

206,852

Total New Jersey

187,107,284

New Mexico – 0.3%

Cabezon Public Improvement District, Rio Rancho, New Mexico, Special Levy Revenue Bonds, Series 2005:

1,505

6.000%, 9/01/24

9/15 at 102.00

N/R

1,377,256

1,490

6.300%, 9/01/34

9/15 at 102.00

N/R

1,290,653

Mariposa East Public Improvement District, New Mexico, General Obligation Bonds, Series 2006:

1,095

5.500%, 9/01/16

No Opt. Call

N/R

1,038,597

1,655

5.750%, 9/01/21

9/16 at 100.00

N/R

1,392,236

7,550

6.000%, 9/01/32

9/16 at 100.00

N/R

5,653,289

The Trails Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2008:

1,190

7.625%, 10/01/23

10/18 at 100.00

N/R

1,154,324

3,400

7.750%, 10/01/38

10/18 at 100.00

N/R

3,066,426

17,885

Total New Mexico

14,972,781

New York – 3.4%

750

Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 2008A, 5.250%, 11/15/32

11/17 at 100.00

BBB+

688,703

500

Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.100%, 5/01/31

5/16 at 100.00

BBB–

454,735

New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005:

10,150

7.500%, 8/01/16 (Alternative Minimum Tax)

No Opt. Call

B–

10,401,923

8,960

7.625%, 8/01/25 (Mandatory put 8/01/16) (Alternative Minimum Tax)

8/18 at 100.00

B–

9,241,971

12,600

8.000%, 8/01/28

No Opt. Call

B–

13,156,920

500

7.750%, 8/01/31 (Alternative Minimum Tax)

8/16 at 101.00

B–

516,910

New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007:

7,500

5.750%, 10/01/27

10/17 at 100.00

N/R

4,218,900

28,560

5.750%, 10/01/37

10/17 at 100.00

N/R

15,925,913

61,500

5.875%, 10/01/46

10/17 at 102.00

N/R

34,609,125

8,500

New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35

9/15 at 100.00

BB+

7,765,685

4,275

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+

4,745,678

New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, American Airlines Inc., Series 1990:

200

5.400%, 7/01/19 (Alternative Minimum Tax)

8/11 at 100.00

CCC+

166,082

430

5.400%, 7/01/20 (Alternative Minimum Tax)

8/11 at 100.00

CCC+

350,803

2,305

New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, American Airlines Inc., Series 1994, 6.900%, 8/01/24 (Alternative Minimum Tax)

10/11 at 100.00

CCC+

1,995,923

19,645

New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)

12/11 at 100.00

BB–

16,245,826

6,595

New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 2002, 7.625%, 12/01/32 (Alternative Minimum Tax)

12/12 at 101.00

BB–

6,681,724


Nuveen Investments			63

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

New York (continued)

New York City Industrial Development Agency, New York, Special Facility Revenue Bonds, JetBlue Airways Corporation Project, Series 2006:

2,295

5.000%, 5/15/20 (Alternative Minimum Tax)

5/12 at 100.00

B–

2,026,760

5,370

5.125%, 5/15/30 (Alternative Minimum Tax)

5/12 at 100.00

B–

4,381,383

New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 3484:

2,500

17.832%, 6/15/15 (IF)

No Opt. Call

AA+

2,675,100

375

17.832%, 6/15/15 (IF)

No Opt. Call

AA+

405,750

1,290

17.799%, 6/15/15 (IF)

No Opt. Call

AA+

1,380,171

1,250

17.832%, 6/15/32 (IF)

6/17 at 100.00

AA+

1,332,400

7,500

17.832%, 6/15/33 (IF)

6/19 at 100.00

AA+

8,115,000

625

17.832%, 6/15/33 (IF)

6/19 at 100.00

AA+

676,250

5,500

New York Liberty Development Corporation, Second Priority Liberty Revenue Refunding Bonds, Bank of America Tower at One Bryant Park Project, Series 2010, 6.375%, 7/15/49

1/20 at 100.00

BBB

5,675,560

1,875

New York Liberty Development Corporation, Second Priority Liberty Revenue Refunding Bonds, Bank of America Tower at One Bryant Park Project, Tender Option Bond Trust PT4704, 18.435%, 1/15/44 (IF) (8)

1/20 at 100.00

1,787,100

16,000

Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fifty Second Series 2008, 5.250%, 11/01/35 (Alternative Minimum Tax) (UB)

5/18 at 100.00

Aa2

16,359,040

1,665

Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fifty Second Series 2009, Trust 2977, 13.906%, 11/01/35
(Alternative Minimum Tax) (IF)

5/18 at 100.00

Aa2

1,777,088

1,000

Seneca Nation of Indians Capital Improvements Authority, New York, Special Obligation Bonds, Series 2007A, 5.000%, 12/01/23

6/17 at 100.00

836,290

1,305

Suffolk County Industrial Development Agency, New York, Industrial Development Revenue Bonds, Windmill Village LLC Facility, Series 2001, 5.750%, 12/01/31 (Alternative Minimum Tax)

12/11 at 102.00

Aaa

1,316,327

100

Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)

1/12 at 100.00

N/R

95,276

1,000

Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31

1/12 at 101.00

1,000,340

222,620

Total New York

177,006,656

North Carolina – 0.3%

1,500

Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series 2007, 5.250%, 10/01/38

10/17 at 100.00

N/R

1,202,580

Buncombe County, North Carolina, Project Development Financing Revenue Bonds, Woodfin Downtown Corridor Development, Series 2008:

750

6.750%, 8/01/24

8/18 at 100.00

N/R

666,743

3,470

7.250%, 8/01/34

8/18 at 100.00

N/R

2,974,692

1,565

Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, Carolinas HealthCare System, Tender Option Bond Trust 11963, 18.893%, 1/15/19 (IF)

No Opt. Call

AA–

1,643,829

5,250

North Carolina Capital Facilities Finance Agency, Solid Waste Facilities Revenue Bonds, Liberty Tire Services of North Carolina LLC, Series 2004A, 6.750%, 7/01/29

7/12 at 106.00

N/R

4,625,828

North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Presbyterian Homes, Series 2006:

2,800

5.400%, 10/01/27

10/16 at 100.00

N/R

2,512,384

1,655

5.600%, 10/01/36

10/16 at 100.00

N/R

1,431,244

16,990

Total North Carolina

15,057,300

Ohio – 2.7%

1,140

Blue Ash, Ohio, Tax Increment Financing Revenue Bonds, Duke Realty Ohio, Series 2006, 5.000%, 12/01/35

12/16 at 102.00

N/R

934,675


	64			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Ohio (continued)

Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:

14,500

5.125%, 6/01/24

6/17 at 100.00

Baa3

11,888,550

41,000

5.875%, 6/01/30

6/17 at 100.00

Baa3

32,255,930

38,785

5.750%, 6/01/34

6/17 at 100.00

Baa3

29,330,381

1,750

6.000%, 6/01/42

6/17 at 100.00

Baa3

1,341,620

2,750

County of Greene, Ohio, Greene Town Center Improvement Revenue Bonds, Series 2009, 8.000%, 12/01/34

12/19 at 100.00

N/R

2,818,283

Jeffrey Place New Community Authority, Ohio, Jeffrey Place Redevelopment Bonds, Series 2007A:

1,000

5.000%, 12/01/22

12/16 at 100.00

N/R

859,930

1,000

5.000%, 12/01/32

12/16 at 100.00

N/R

740,940

4,085

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

4,173,236

2,500

Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.625%, 4/01/40

4/20 at 100.00

BBB–

2,435,600

1,745

Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 3260, 29.668%, 5/01/29 (IF)

5/19 at 100.00

2,025,666

500

Ohio State, Solid Waste Disposal Revenue Bonds, USG Corporation Project, Series 1999, 6.050%, 8/01/34 (Alternative Minimum Tax)

10/11 at 100.00

424,465

890

Ohio, Environmental Facilities Revenue Bonds, Ford Motor Company, Series 1999, 5.950%, 9/01/29 (Alternative Minimum Tax)

9/11 at 100.00

BB–

878,795

1,785

Ohio, Environmental Facilities Revenue Bonds, Ford Motor Company, Series 2000, 6.150%, 6/01/30 (Alternative Minimum Tax)

6/12 at 100.00

BB–

1,786,000

16,750

Ohio, Environmental Facilities Revenue Bonds, Ford Motor Company, Series 2005, 5.750%, 4/01/35 (Alternative Minimum Tax)

4/15 at 100.00

BB–

15,740,143

Port Authority of Columbiana County, Ohio, Solid Waste Facility Revenue Bonds, APEX Environmental LLC, Series 2004A:

3,240

7.125%, 8/01/25 (Alternative Minimum Tax)

8/12 at 106.00

N/R

2,720,110

11,000

7.250%, 8/01/34 (Alternative Minimum Tax)

8/12 at 106.00

N/R

8,923,860

7,300

Port Authority of Columbiana County, Ohio, Solid Waste Facility Revenue Bonds, Liberty Waste Transportation LLC, Series 2004A, 7.000%, 8/01/21 (Alternative Minimum Tax)

8/12 at 106.00

N/R

6,344,430

500

Port of Greater Cincinnati Development Authority, Ohio, Economic Development Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/25

10/16 at 100.00

N/R

500,260

5,790

State of Ohio, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1997 Remarketed, 5.600%, 8/01/32 (Alternative Minimum Tax)

8/11 at 100.00

4,671,951

2,320

Summit County Port Authority, Ohio, Development Revenue Bonds, Garfield Heights Inc. Project, Series 2004A, 5.250%, 5/15/23

5/14 at 102.00

BBB

2,115,538

505

Toledo-Lucas County Port Authority, Ohio, Special Assessment Revenue Bonds, Crocker Park Project, Series 2003, 5.375%, 12/01/35

12/13 at 102.00

N/R

429,977

Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., Series 2007A:

11,750

6.100%, 7/01/17 (Alternative Minimum Tax) (5), (6)

No Opt. Call

N/R

2,126,750

18,400

6.350%, 7/01/27 (Alternative Minimum Tax) (5), (6)

7/17 at 102.00

N/R

3,330,400

5,000

Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., Series 2007B, 7.250%, 7/01/27 (5), (6)

7/17 at 102.00

N/R

195,985

Total Ohio

138,797,540

Oklahoma – 1.5%

3,460

Okeene Municipal Hospital and Schallmo Authority, Oklahoma, Revenue Bonds, Series 2006, 7.000%, 1/01/35

1/16 at 101.00

N/R

2,939,062


Nuveen Investments			65

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Oklahoma (continued)

2,000

Oklahoma Development Finance Authority, Hospital Revenue Bonds, Great Plains Regional Medical Center, Series 2007, 5.125%, 12/01/36

12/17 at 100.00

BBB–

1,684,320

Sayre Memorial Hospital Authority, Oklahoma, Hospital and Sales Tax Revenue Bonds, Series 2007:

2,110

6.000%, 7/01/27

7/17 at 100.00

N/R

1,808,038

3,540

6.000%, 7/01/37

7/17 at 100.00

N/R

2,754,757

Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc Project, Series 2010A:

7,500

7.250%, 11/01/40

5/20 at 100.00

N/R

7,669,200

10,275

7.250%, 11/01/45

5/20 at 100.00

N/R

10,506,804

805

Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Series 1992, 7.350%, 12/01/11

10/11 at 100.00

B–

807,165

39,070

Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Series 1995, 6.250%, 6/01/20

12/11 at 100.00

B–

38,089,734

9,055

Tulsa Municipal Airport Trust, Oklahoma, Revenue Refunding Bonds, American Airlines Inc., Series 2004A, 7.750%, 6/01/35 (Mandatory put 12/01/14)

No Opt. Call

Caa2

9,371,110

Weatherford Hospital Authority, Oklahoma, Sales Tax Revenue Bonds, Series 2006:

2,085

6.000%, 5/01/25

5/16 at 103.00

N/R

1,824,021

3,640

6.000%, 5/01/31

5/16 at 103.00

N/R

3,022,911

83,540

Total Oklahoma

80,477,122

Oregon – 0.3%

3,000

Cow Creek Band of the Umpqua Tribe of Indians, Oregon, Revenue Bonds, Series 2006C, 5.625%, 10/01/26

10/16 at 100.00

N/R

2,399,430

Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Refunding Bonds, Cascade Healthcare Community, Inc., Series 2008:

900

8.000%, 1/01/28

1/19 at 100.00

1,082,988

2,670

8.250%, 1/01/38

1/19 at 100.00

3,222,663

Oregon Health, Housing, Educational and Cultural Facilities Authority, Revenue Bonds, Oregon Coast Aquarium Project, Series 2005A:

500

4.850%, 10/01/20

10/11 at 100.00

N/R

330,845

130

5.000%, 10/01/21

10/11 at 100.00

N/R

84,726

735

5.350%, 10/01/31

10/11 at 100.00

N/R

380,877

1,600

Oregon State Facilities Authority, Revenue Bonds, Concordia University Project, Series 2010A, 6.375%, 9/01/40

No Opt. Call

BB+

1,620,784

8,270

Oregon State Solid Waste Disposal Facilities Economic Development Revenue Bonds, USG Corporation Project, Series 192 of 1999, 6.400%, 12/01/29 (Alternative Minimum Tax)

9/11 at 100.00

7,423,317

1,610

Western Generation Agency, Oregon, Cogeneration Project Revenue Bonds, Series 2006C, 5.000%, 1/01/21

No Opt. Call

N/R

1,435,460

19,415

Total Oregon

17,981,090

Pennsylvania – 2.0%

Allegheny Country Industrial Development Authority, Allegheny County, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009:

1,500

6.750%, 11/01/24

No Opt. Call

1,613,235

3,200

6.875%, 5/01/30

11/19 at 100.00

3,384,928

Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carlow University, Series 2011:

500

6.750%, 11/01/31

11/21 at 100.00

BBB–

513,895

2,500

7.000%, 11/01/40

11/21 at 100.00

BBB–

2,577,075

1,900

Allegheny County Higher Education Building Authority, Pennsylvania, University Revenue Bonds, Robert Morris University, Series 2008A, 6.000%, 10/15/38

10/18 at 100.00

Baa3

1,882,178

6,550

Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, Sacred Heart Hospital, Series 2005, 6.000%, 11/15/16

No Opt. Call

6,202,654


	66			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Pennsylvania (continued)

5,120

Berks County Industrial Development Authority, Pennsylvania, First Mortgage Revenue Bonds, One Douglassville Properties Project, Series 2007A, 6.125%, 11/01/34 (Alternative Minimum Tax)

11/17 at 101.00

N/R

4,257,485

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

821,460

Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Immaculata University, Series 2005:

2,155

5.125%, 10/15/15

No Opt. Call

N/R

2,192,842

4,925

5.500%, 10/15/25

10/15 at 102.00

N/R

4,655,258

12,180

5.750%, 10/15/37

10/15 at 102.00

N/R

10,854,451

Fulton County, Pennsylvania, Industrial Development Authority Hospital Revenue Bonds, Fulton County Medical Center Project, Series 2006:

7,475

5.875%, 7/01/31

7/16 at 100.00

N/R

6,516,780

4,455

5.900%, 7/01/40

7/16 at 100.00

N/R

3,738,369

500

Lebanon County Health Facilities Authority, Pennsylvania, Health Center Revenue Bonds, Pleasant View Retirement Community, Series 2005A, 5.300%, 12/15/26

12/14 at 100.00

N/R

447,455

1,450

Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 19.543%, 8/01/38 (IF) (8)

8/20 at 100.00

1,622,985

10,000

Montgomery County Industrial Development Authority, Pennsylvania, First Mortgage Revenue Bonds, Whitemarsh Continuing Care, Series 2005, 6.250%, 2/01/35

2/15 at 100.00

N/R

8,369,700

1,020

Northumberland County Industrial Development Authority, Pennsylvania, Facility Revenue Bonds, NHS Youth Services Inc., Series 2002, 7.500%, 2/15/29

2/13 at 102.00

N/R

783,523

32,250

Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax)

12/11 at 100.00

27,987,840

Pennsylvania Economic Development Financing Authority, Revenue Bonds, Northwestern Human Services Inc., Series 1998A:

2,000

5.250%, 6/01/14

10/11 at 100.00

1,964,780

200

5.125%, 6/01/18

10/11 at 100.00

184,264

Pennsylvania Economic Development Financing Authority, Senior Lien Resource Recovery Revenue Bonds, Northampton Generating Project, Series 1994A:

200

6.500%, 1/01/13 (Alternative Minimum Tax)

1/12 at 100.00

137,128

1,500

6.600%, 1/01/19 (Alternative Minimum Tax)

1/12 at 100.00

842,790

1,000

Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32

1/20 at 100.00

Baa3

1,038,360

2,000

Pennsylvania Economic Development Financing Authority, Special Facilities Revenue Bonds, US Airways Group Inc. Project, Series 2010B, 8.000%, 5/01/29

No Opt. Call

CCC+

2,065,060

Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System Revenue Bonds, Tender Option Bond Trust 3252:

1,205

21.759%, 2/15/19 (IF)

No Opt. Call

AA–

1,494,730

750

21.252%, 2/15/19 (IF)

No Opt. Call

AA–

898,808

1,000

Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35

5/15 at 102.00

Baa3

865,210

5,580

Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Leadership Learning Partners, Series 2005A, 5.375%, 7/01/36

1/13 at 102.00

N/R

4,088,075

Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen Preparatory Charter School, Series 2006:

695

5.800%, 5/01/16

No Opt. Call

BBB–

719,999


Nuveen Investments			67

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value

		Pennsylvania (continued)
$	1,380	6.050%, 5/01/23		5/16 at 100.00		BBB–		$	1,341,457
	985	6.250%, 5/01/33		5/16 at 100.00		BBB–			913,292

	500	Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pottsville Hospital and Warne Clinic, Series 1998, 5.625%, 7/01/24		1/12 at 100.00		N/R			441,035
	117,675	Total Pennsylvania							105,417,101
		Puerto Rico – 0.3%

	7,000	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/38		7/18 at 100.00		Baa1			7,052,710

	3,000	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Bonds, Auxilio Mutuo Hospital, Series 2011A, 6.000%, 7/01/33		7/21 at 100.00		A–			3,036,720

	20	Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1993A, 6.300%, 6/01/23 (Alternative Minimum Tax)		12/11 at 100.00		CCC+			17,083

	780	Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax)		12/11 at 100.00		CCC+			646,612

	5,375	Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2009Q, 5.625%, 7/01/39		7/19 at 100.00		A3	(3)		5,370,969

	30	Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39		5/12 at 100.00		BBB			25,921
	16,205	Total Puerto Rico							16,150,015
		Rhode Island – 0.7%

	480	Central Falls Detention Facility Corporation, Rhode Island, Detention Facility Revenue Bonds, Series 2005, 6.750%, 1/15/13		No Opt. Call		N/R			469,978

	1,325	Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, Series 2008, Trust 3210, 22.205%, 10/01/32		4/18 at 100.00		AA+			1,828,222

	2,450	Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, Tender Option Bond Trust 3189, 18.408%, 10/01/26 (IF)		10/16 at 100.00		AA+			2,213,820

	2,635	Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, Tender Option Bond Trust 3185, 19.387%, 10/01/42 (IF)		4/17 at 100.00		AA+			2,308,339

	8,630	Rhode Island Housing and Mortgage Finance Corporation, Housing Bonds, Rental Housing Program, Series 2006-A1, 4.750%, 10/01/43 – FGIC Insured (Alternative Minimum Tax)		4/16 at 100.00		A+			7,326,352

	1,550	Rhode Island Student Loan Authority, Student Loan Program Revenue Bonds, Series 2008A, 6.750%, 12/01/28 (Alternative Minimum Tax)		12/17 at 100.00		A			1,633,731

		Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
	1,280	6.125%, 6/01/32		6/12 at 100.00		BBB			1,281,830
	15,695	6.250%, 6/01/42		6/12 at 100.00		BBB			14,816,080

	2,135	Tiverton, Rhode Island, Special Obligation Tax Increment Bonds, Village at Mount Hope Bay, Series 2002A, 6.875%, 5/01/22		5/12 at 102.00		N/R			2,060,168
	36,180	Total Rhode Island							33,938,520
		South Carolina – 0.8%

	5,229	Lancaster County, South Carolina, Assessment Bonds, Edgewater II Improvement District, Series 2007A, 7.750%, 11/01/39 (5), (6)		11/17 at 100.00		N/R			2,618,160

	14,058	Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District, Series 2007B, 7.700%, 11/01/17 (5), (6)		No Opt. Call		N/R			7,038,841

	4,040	Lancaster County, South Carolina, Special Assessment Revenue Bonds, Sun City Carolina Lakes Improvement District, Series 2006, 5.450%, 12/01/37		12/15 at 100.00		N/R			3,278,743

	3,060	Lancaster County, South Carolina, Special Source Revenue Bonds, Bailes Ridge Project, Series 2006, 5.750%, 5/01/20		5/16 at 101.00		N/R			2,767,709


	68			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

South Carolina (continued)

Myrtle Beach, South Carolina, Tax Increment Bonds, Air Force Base Redevelopment Project, Series 2006:

2,935

5.250%, 10/01/26

11/16 at 100.00

N/R

2,319,795

4,465

5.300%, 10/01/35

11/16 at 100.00

N/R

3,254,717

5,000

South Carolina Association of Governmental Organizations, Educational Facilities Corporation for Calhoun School District, Installment Purchase Revenue Bonds, Series 2006, 4.500%, 12/01/31 – RAAI Insured

12/16 at 100.00

N/R

4,182,000

South Carolina JOBS Economic Development Authority, First Mortgage Revenue Bonds, Lutheran Homes, Series 2007:

1,100

5.500%, 5/01/28

5/17 at 100.00

N/R

925,199

1,000

5.625%, 5/01/42

5/17 at 100.00

N/R

796,220

South Carolina JOBS Economic Development Authority, Hospital Facilities Revenue Bonds, Palmetto Health Alliance, Series 2003A:

6.125%, 8/01/23

8/13 at 100.00

BBB+

71,278

7,490

6.250%, 8/01/31

8/13 at 100.00

BBB+

7,569,843

2,005

South Carolina JOBS Economic Development Authority, Revenue Bonds, Burroughs & Chapin, Series 2007A, 4.700%, 4/01/35 – RAAI Insured

4/17 at 100.00

N/R

1,597,905

3,000

South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding & Improvement Series 2009, 5.750%, 8/01/39

8/19 at 100.00

BBB+

2,930,640

1,250

South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured

8/21 at 100.00

AA+

1,307,025

2,500

South Carolina Public Service Authority, Revenue Bonds, Santee Cooper Electric System, Tender Option Bond Trust 1002, 15.374%, 1/01/37 – AGM Insured (IF) (8)

1/12 at 100.00

AA+

2,501,900

57,202

Total South Carolina

43,159,975

South Dakota – 0.1%

South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Tender Option Bond Trust 3109:

1,250

17.122%, 11/01/40 (IF)

11/19 at 100.00

AA–

1,376,200

250

17.122%, 11/01/40 (IF)

11/19 at 100.00

AA–

275,240

2,905

17.115%, 11/01/40 (IF)

11/19 at 100.00

AA–

3,198,289

4,405

Total South Dakota

4,849,729

Tennessee – 2.2%

Chattanooga Health, Educational, and Housing Facility Board, Tennessee, Revenue Refunding Bonds, CDFI Phase I, LLC Project, Series 2005A:

5,065

6.000%, 10/01/35

10/15 at 100.00

N/R

4,705,588

2,000

5.125%, 10/01/35

10/15 at 100.00

N/R

1,757,240

Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A:

11,500

6.500%, 7/01/38

7/20 at 100.00

BBB+

12,094,780

4,605

6.000%, 7/01/38

7/20 at 100.00

BBB+

4,693,877

4,635

Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36

7/16 at 100.00

BBB+

4,365,521

9,015

Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36

9/16 at 100.00

BBB+

8,164,886

Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc.,
Series 2007:

1,500

5.500%, 11/01/37 (5), (6)

11/17 at 100.00

N/R

112,335

19,500

5.500%, 11/01/46 (5), (6)

11/17 at 100.00

N/R

1,460,355

70,000

The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds,
Series 2006B, 5.625%, 9/01/26

No Opt. Call

N/R

67,926,600

12,240

Wilson County Health and Educational Facilities Board, Tennessee, Senior Living Revenue Bonds, Rutland Place, Series 2007A, 6.300%, 7/01/37 (6)

7/17 at 100.00

N/R

7,413,278

140,060

Total Tennessee

112,694,460


Nuveen Investments			69

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Texas – 8.4%

1,500

Abilene Health Facilities Development Corporation, Texas, Retirement Facility Revenue Bonds, Sears Methodist Retirement System, Series 2003A,
7.000%, 11/15/33

11/13 at 101.00

N/R

1,297,725

Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, First Tier Series 2006A:

780

5.250%, 1/01/15 – SYNCORA GTY Insured

No Opt. Call

BB+

776,833

1,000

5.250%, 1/01/18 – SYNCORA GTY Insured

1/17 at 100.00

BB+

969,250

1,000

5.250%, 1/01/24 – SYNCORA GTY Insured

No Opt. Call

BB+

929,960

1,665

5.000%, 1/01/34 – SYNCORA GTY Insured

1/17 at 100.00

BB+

1,355,393

Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier Series 2006B:

8,000

5.750%, 1/01/24

1/17 at 100.00

Ba2

7,794,080

26,850

5.750%, 1/01/34

1/17 at 100.00

Ba2

24,052,767

8,255

Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Third Tier Series 2001C, 9.750%, 1/01/26

1/12 at 100.00

N/R

8,327,314

Beasley Higher Education Finance Corporation, Texas, Education Revenue Bonds, FOCUS Learning Academy Charter School, Series 2011:

1,565

7.500%, 8/15/31

8/21 at 100.00

N/R

1,599,195

3,525

7.750%, 8/15/41

8/21 at 100.00

N/R

3,599,906

2,330

Bexar County Housing Finance Corporation, Texas, Multifamily Houisng Revenue Bonds, Dymaxion & Marbach Park Apartments, Series 2000A, 6.100%, 8/01/30 – NPFG Insured

8/12 at 100.00

Baa1

2,006,573

1,990

Bexar County Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, America Opportunity for Housing – Colinas LLC Project, Series 2001A, 5.800%, 1/01/31 – NPFG Insured

1/13 at 100.00

Baa1

1,624,736

Bexar County Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Honey Creek Apartments Project, Series 2000A:

250

6.125%, 4/01/20 – NPFG Insured

8/11 at 101.00

Baa1

250,340

1,385

6.200%, 4/01/30 – NPFG Insured

4/12 at 100.00

Baa1

1,324,448

2,590

Brazos River Authority, Texas, Collateralized Pollution Control Revenue Bonds, Texas Utilities Company, Series 1999B, 6.750%, 9/01/34 (Mandatory put 4/01/13) (Alternative Minimum Tax)

No Opt. Call

2,313,362

2,105

Brazos River Authority, Texas, Collateralized Pollution Control Revenue Bonds, Texas Utilities Electric Company, Series 2003B, 6.300%, 7/01/32 (Alternative Minimum Tax)

7/13 at 101.00

771,104

1,400

Brazos River Authority, Texas, Collateralized Pollution Control Revenue Bonds, Texas Utilities Electric Company, Series 2003D, 5.400%, 10/01/29 (Mandatory put 10/01/14)

No Opt. Call

1,150,842

2,820

Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company Project, Series 1999A, 7.700%, 4/01/33 (Alternative Minimum Tax)

4/13 at 101.00

1,032,374

4,425

Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax)

10/13 at 101.00

1,576,008

1,550

Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)

4/13 at 101.00

567,440

18,250

Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001C, 5.750%, 5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax)

No Opt. Call

17,965,483

1,300

Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax)

7/18 at 100.00

CCC

495,417

2,000

Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Energy Company LLC, Series 2003A, 6.750%, 4/01/38 (Mandatory put 4/01/13) (Alternative Minimum Tax)

No Opt. Call

1,780,200

4,500

Brazos, Texas, River Authority, Electrical Utilities, Series 1975, 8.250%, 10/01/30 (Alternative Minimum Tax)

7/18 at 100.00

CCC

1,714,995


	70			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Texas (continued)

6,410

Cameron Education Finance Corporation, Texas, Charter School Revenue Bonds, Faith Family Academy Charter School, Series 2006A, 5.250%, 8/15/36 – ACA Insured

8/16 at 100.00

BBB–

5,150,820

Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds,
Series 2011:

22,000

6.750%, 1/01/41

1/21 at 100.00

BB+

21,639,420

2,950

6.000%, 1/01/41

1/21 at 100.00

BBB–

2,929,675

6,250

Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2010A, 6.125%, 12/01/40

12/20 at 100.00

BBB–

5,783,000

7,500

Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Tejano Center for Community Concerns, Inc. – Raul Yzaguirre School for Success, Refunding Series 2009A, 9.000%, 2/15/38

No Opt. Call

BBB–

8,317,875

25,400

Dallas-Ft. Worth International Airport Facility Improvement Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 2000A-3, 9.125%, 5/01/29 (Alternative Minimum Tax)

5/15 at 101.00

CCC+

25,171,400

2,500

Danbury Higher Education Authority Inc., Texas, Golden Rule Charter School Revenue Bonds, Series 2008A, 6.500%, 8/15/38

2/18 at 100.00

BB+

2,168,325

Danbury Higher Education Authority, Texas, Charter School Revenue Bonds, Arlington Classics Academy, Series 2004A:

290

6.000%, 2/15/14 (Pre-refunded 2/15/13)

2/13 at 100.00

N/R

(4)

306,840

895

7.000%, 2/15/24 (Pre-refunded 2/15/13)

2/13 at 100.00

N/R

(4)

982,263

1,085

7.250%, 2/15/29 (Pre-refunded 2/15/13)

2/13 at 100.00

N/R

(4)

1,194,769

Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2004A:

3,670

7.000%, 9/01/25

9/14 at 100.00

N/R

3,676,716

18,760

7.125%, 9/01/34

9/14 at 100.00

N/R

18,421,007

500

Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995,
7.500%, 5/01/25 (Mandatory put 10/01/12) (Alternative Minimum Tax)

10/12 at 100.00

BB+

504,255

2,530

Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998,
8.000%, 4/01/28 (Alternative Minimum Tax)

4/12 at 100.00

Ba2

2,546,394

1,050

Gulf Coast Waste Disposal Authority, Texas, Waste Disposal Revenue Bonds, Valero Energy Corporation, Series 1999, 5.700%, 4/01/32 (Alternative Minimum Tax)

10/11 at 100.00

BBB

985,121

900

Gulf Coast Waste Disposal Authority, Texas, Waste Disposal Revenue Bonds, Valero Energy Corporation, Series 2001, 6.650%, 4/01/32 (Alternative Minimum Tax)

10/11 at 101.00

BBB

903,636

Hackberry, Texas, Combination Special Assessment and Contract Revenue Road and Utility Bonds, Hidden Cove Improvements Series 2009-2A:

890

8.625%, 9/01/29

9/19 at 100.00

N/R

896,194

8,665

9.000%, 9/01/38

9/19 at 100.00

N/R

8,708,065

4,831

Harris County, Texas, Lease Purchase Agreement Bonds, Murworth Project II Series 2000, 6.750%, 5/01/20

4/12 at 100.00

N/R

4,648,240

Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Bonds, Series 2001H:

10,415

0.000%, 11/15/24 – NPFG Insured

No Opt. Call

Baa1

4,004,776

11,000

0.000%, 11/15/25 – NPFG Insured

No Opt. Call

Baa1

3,936,240

650

0.000%, 11/15/26

No Opt. Call

Baa1

216,463

1,375

0.000%, 11/15/30 – NPFG Insured

No Opt. Call

Baa1

340,285

3,890

0.000%, 11/15/36 – NPFG Insured

11/31 at 73.51

Baa1

598,282

415

0.000%, 11/15/38 – NPFG Insured

11/31 at 64.91

Baa1

53,614

4,745

0.000%, 11/15/40 – NPFG Insured

11/31 at 57.27

Baa1

520,242

3,425

0.000%, 11/15/41 – NPFG Insured

11/31 at 53.78

Baa1

343,185

15,655

Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured

11/11 at 100.00

Baa1

13,043,120


Nuveen Investments			71

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Texas (continued)

Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004-A3:

110

0.000%, 11/15/35 – NPFG Insured

11/24 at 52.47

Baa1

18,090

17,675

0.000%, 11/15/39

11/24 at 41.26

Baa1

2,072,924

Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series 2001G:

1,050

5.250%, 11/15/21 – NPFG Insured

11/11 at 100.00

Baa1

987,000

320

5.250%, 11/15/30 – NPFG Insured

11/11 at 100.00

Baa1

284,026

Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Refunding Bonds, Series 2001A:

10,000

0.000%, 11/15/38 – NPFG Insured

11/30 at 61.17

Baa1

1,454,400

400

0.000%, 11/15/40 – NPFG Insured

11/30 at 54.04

Baa1

50,508

Harris County-Houston Sports Authority, Texas, Senior Lien Special Revenue Bonds, Series 1998A:

880

5.000%, 11/15/25 – NPFG Insured

10/11 at 100.00

Baa1

789,228

1,155

5.000%, 11/15/28 – NPFG Insured

10/11 at 100.00

Baa1

1,007,449

3,500

Health Facilities Development District of Central Texas, Revenue Bonds, Lutheran Social Services of the South Inc., Series 2004A, 6.875%, 2/15/32

2/14 at 100.00

N/R

3,262,735

175

Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy Revenue Bonds, Series 2006, 8.000%, 2/15/12

No Opt. Call

N/R

176,551

8,755

Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy, Series 2006A, 6.000%, 2/15/36

8/16 at 100.00

N/R

7,316,466

6,620

Hidalgo Willacy Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Heritage Square Apartments Project, Series 2003A, 7.000%, 1/01/39

1/14 at 102.00

N/R

6,222,138

4,500

Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, Cosmos Foundation, Inc., Series 2011A, 6.875%, 5/15/41

5/21 at 100.00

BBB

4,740,210

Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Air Lines Inc., Series 2001E:

1,505

6.750%, 7/01/21 (Alternative Minimum Tax)

7/12 at 100.00

1,506,279

9,350

7.000%, 7/01/29

7/12 at 100.00

9,370,290

2,990

6.750%, 7/01/29 (Alternative Minimum Tax)

7/12 at 100.00

2,990,957

500

Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines Inc. – Airport Improvement Project, Series 1997C, 6.125%, 7/15/27 (Alternative Minimum Tax)

10/11 at 100.00

473,230

2,970

Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines Inc. – Terminal Improvement Project, Series 1997B, 6.125%, 7/15/27 (Alternative Minimum Tax)

10/11 at 100.00

2,810,986

4,680

La Vernia Education Financing Corporation, Texas, Charter School Revenue Bonds, Riverwalk Education Foundation, Series 2007A, 5.450%, 8/15/36

8/11 at 100.00

N/R

3,659,620

145

La Vernia Education Financing Corporation, Texas, Charter School Revenue Bonds, Riverwalk Education Foundation, Series 2007B, 8.750%, 8/15/12

8/11 at 100.00

N/R

145,764

4,500

La Vernia Higher Education Finance Corporation, Texas, Education Revenue Bonds, Cosmos Foundation Inc., Series 2008A, 7.125%, 2/15/38

2/17 at 100.00

BBB

4,705,470

11,090

North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds,Tender Option Bond Trust 2903, 17.778%, 1/01/30 (IF)

1/18 at 100.00

12,797,195

1,600

North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39

1/19 at 100.00

1,667,296

3,500

Port Corpus Christi Authority, Nueces County, Texas, Pollution Control Revenue Bonds, Celanese Project, Refunding Series 2002A., 6.450%, 11/01/30

No Opt. Call

B+

3,535,525

18,240

Port Corpus Christi Authority, Nueces County, Texas, Pollution Control Revenue Bonds, Celanese Project, Refunding Series 2002B, 6.700%, 11/01/30 (Alternative Minimum Tax)

5/12 at 101.00

B+

18,276,480

9,400

Red River Authority, Texas, Pollution Control Revenue Bonds, Hoechst Celanese Corporation Project, Series 2002B, 6.700%, 11/01/30 (Alternative Minimum Tax)

5/12 at 101.00

B+

9,418,800


	72			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Texas (continued)

7,000

Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001A, 5.500%, 5/01/22 (Mandatory put 11/01/11)

No Opt. Call

6,890,870

2,075

Tarrant County Cultural and Educational Facilities Finance Corporaton, Texas, Retirement Facility Revenue Bonds, C.C. Young Memorial Home Project, Series 2009A, 8.000%, 2/15/38

2/20 at 100.00

N/R

2,083,757

1,350

Tarrant County Cultural Education Facilities Finance Corporation, Texas, Charter School Revenue Bonds, Trinity Basin Preparatory Project,
Series 2009A, 7.750%, 6/01/39

12/19 at 100.00

BBB–

1,430,528

735

Tarrant County Cultural Education Facilities Finance Corporation, Texas, Charter School Revenue Bonds, Trinity Basin Preparatory Project,
Series 2009B, 9.750%, 6/01/27

10/11 at 100.00

N/R

714,177

16,185

Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26

No Opt. Call

17,362,782

100

Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006A, 5.250%, 12/15/22

No Opt. Call

99,655

5,000

Texas Private Activity Bond Surface Transporation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 6.875%, 12/31/39

12/19 at 100.00

Baa2

5,285,550

Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010:

6,050

7.500%, 6/30/32

6/20 at 100.00

Baa3

6,735,647

2,715

7.500%, 6/30/33

6/20 at 100.00

Baa3

3,044,764

25,900

7.000%, 6/30/40

6/20 at 100.00

Baa3

27,630,379

1,000

Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured

8/17 at 100.00

BBB

847,020

8,230

Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Cosmos Foundation Inc., Series 2007A, 5.375%, 2/15/37

2/15 at 100.00

BBB

7,423,131

3,640

Texas Public Finance Authority, Charter School Revenue Bonds, School of Excellence Charter School, Series 2004A, 7.000%, 12/01/34

12/14 at 100.00

BB+

3,369,002

1,500

Texas Student Housing Authority, Revenue Bonds, Austin Project, Senior Series 2001A, 5.500%, 1/01/33 – NPFG Insured

1/12 at 102.00

Baa1

1,009,230

15,000

Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/36 – AMBAC Insured

8/12 at 24.17

BBB+

3,134,400

50,000

Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, Second Tier Series 2002, 0.000%, 8/15/35 – AMBAC Insured

8/12 at 25.67

BBB+

11,226,500

3,055

Tomball Hospital Authority, Texas, Hospital Revenue Bonds, Tomball Regional Hospital, Series 2005, 5.000%, 7/01/23

7/15 at 100.00

Ba1

2,575,060

7,000

Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.125%, 11/01/40

11/20 at 100.00

N/R

7,119,700

535

Trinity River Authority of Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2003, 6.250%, 5/01/28 (Alternative Minimum Tax)

5/13 at 101.00

182,526

3,610

Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, East Texas Medical Center Regional Healthcare System, Series 2007A, 5.250%, 11/01/32

11/17 at 100.00

Baa2

3,215,391

500

Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances Hospital Regional Healthcare Center, Series 2007B, 5.000%, 7/01/37

7/17 at 100.00

Baa1

428,805

556,471

Total Texas

434,814,458

Utah – 0.8%

715

Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds, South Davis Community Hospital Project, Series 1998, 5.750%, 12/15/18

12/11 at 100.00

N/R

668,210


Nuveen Investments			73

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Utah (continued)

2,700

Carbon County, Utah, Solid Waste Disposal Facility Revenue Bonds, Sunnyside Cogeneration Associates, Series 1999A, 7.100%, 8/15/23 (Alternative Minimum Tax)

No Opt. Call

N/R

2,737,395

2,050

Carbon County, Utah, Solid Waste Disposal Revenue Bonds, Laidlaw/ECDC Project, Guaranteed by Allied Waste Industries, Series 1997A,
7.450%, 7/01/17 (Alternative Minimum Tax)

10/11 at 100.00

N/R

2,057,626

Spanish Fork City, Utah, Charter School Revenue Bonds, American Leadership Academy, Series 2006:

2,945

5.550%, 11/15/21

11/16 at 100.00

N/R

2,702,038

1,145

5.550%, 11/15/26

11/16 at 100.00

N/R

984,723

5,845

5.700%, 11/15/36

11/16 at 100.00

N/R

4,698,328

485

Toole County, Utah, Hazardous Waste Treatment Revenue Bonds, Union Pacific Corporation, Series 1992A, 5.700%, 11/01/26 (Alternative Minimum Tax)

4/12 at 100.00

BBB+

487,381

1,300

Utah County, Utah, Charter School Revenue Bonds, Lakeview Academy, Series 2007A, 5.625%, 7/15/37

7/15 at 102.00

N/R

1,030,419

1,750

Utah County, Utah, Charter School Revenue Bonds, Lincoln Academy, Series 2007A, 5.875%, 6/15/37

6/17 at 100.00

N/R

1,428,770

Utah State Charter School Finance Authority, Charter School Revenue Bonds, Noah Webster Academy, Series 2008A:

2,075

6.250%, 6/15/28

6/17 at 100.00

N/R

1,891,508

1,475

6.500%, 6/15/38

6/17 at 100.00

N/R

1,316,202

2,690

Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis Preparatory Academy, Series 2010, 6.375%, 7/15/40

7/20 at 100.00

BBB–

2,512,326

Utah State Charter School Finance Authority, Charter School Revenue Bonds, Oquirrh Mountain Charter School, Series 2010:

2,135

8.000%, 7/15/30

7/18 at 102.00

N/R

2,198,047

3,910

8.000%, 7/15/41

7/18 at 102.00

N/R

3,964,545

5,145

Utah State Charter School Finance Authority, Charter School Revenue Bonds, Summit Academy High School, Series 2011A, 8.500%, 5/15/41

5/21 at 100.00

N/R

5,369,579

Utah State Charter School Finance Authority, Revenue Bonds, Channing Hall Project, Series 2007A:

1,600

5.750%, 7/15/22

7/15 at 102.00

N/R

1,462,352

750

5.875%, 7/15/27

7/15 at 102.00

N/R

654,653

1,375

6.000%, 7/15/37

7/15 at 102.00

N/R

1,148,758

2,000

Utah State Charter School Finance Authority, Revenue Bonds, Summit Academy Project, Series 2007A, 5.800%, 6/15/38

12/17 at 100.00

BBB–

1,743,400

42,090

Total Utah

39,056,260

Virgin Islands – 0.4%

1,240

Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37

10/19 at 100.00

BBB

1,307,754

7,500

Virgin Islands Public Finance Authority, Refinery Facilities Revenue Bonds, Hovensa Coker Project, Senior Lien Series 2002, 6.500%, 7/01/21 (Alternative Minimum Tax)

1/13 at 100.00

Baa3

7,434,225

750

Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series 2003, 6.125%, 7/01/22 (Alternative Minimum Tax)

1/14 at 100.00

Baa3

717,203

5,600

Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project Hovensa LLC, Series 2007, 4.700%, 7/01/22 (Alternative Minimum Tax)

1/15 at 100.00

Baa3

4,714,528

6,145

Virgin Islands, Senior Secured Revenue Bonds, Government Refinery Facilities – Hovensa LLC Coker, Series 2002, 6.500%, 7/01/21 (Alternative Minimum Tax)

1/13 at 100.00

Baa3

6,095,533

21,235

Total Virgin Islands

20,269,243

Virginia – 1.1%

6,255

Bedford County Industrial Development Authority, Virginia, Industrial Development Revenue Refunding Bonds, Nekoosa Packaging Corporation, Series 1998, 5.600%, 12/01/25 (Alternative Minimum Tax)

2/12 at 100.00

Ba2

5,998,670


	74			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Virginia (continued)

312

Bell Creek Community Development Authority, Virginia, Special Assessment Bonds, Series 2003A, 6.750%, 3/01/22

3/13 at 101.00

N/R

308,958

2,469

Broad Street Community Development Authority, Virginia, Revenue Bonds, Series 2003, 7.500%, 6/01/33 (Pre-refunded 6/01/13)

6/13 at 102.00

N/R

(4)

2,811,500

2,163

Celebrate Virginia North Community Development Authority, Special Assessment Revenue Bonds, Series 2003B, 6.750%, 3/01/34

3/14 at 102.00

N/R

1,517,885

Chesterfield County Health Center Commission, Virginia, Mortgage Revenue Bonds, Lucy Corr Village, Series 2005:

3,750

5.375%, 12/01/28

12/15 at 100.00

N/R

3,234,225

12,000

5.625%, 12/01/39

12/15 at 100.00

N/R

9,764,160

260

Giles County Industrial Development Authority, Virginia, Exempt Facility Revenue Bonds, Hoechst Celanese Corporation Project, Series 1995, 5.950%, 12/01/25 (Alternative Minimum Tax)

12/11 at 100.00

B+

248,747

Giles County Industrial Development Authority, Virginia, Solid Waste Faciltiy Revenue Bonds, Hoechst Celanese Corporation Project, Series 1992, 6.625%, 12/01/22 (Alternative Minimum Tax)

10/11 at 100.00

B+

44,850

Lexington Industrial Development Authority, Virginia, Hospital Facility Revenue Refunding, Bonds, Stonewall Jackson Hospital, Series 2000:

6.350%, 7/01/12

10/11 at 100.00

N/R

40,266

110

6.550%, 7/01/14

7/12 at 100.00

N/R

110,541

6.625%, 7/01/15

7/12 at 100.00

N/R

45,180

1,250

Lexington Industrial Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Kendall at Lexington Retirement Community, Inc., Series 2007A, 5.500%, 1/01/37

1/17 at 100.00

N/R

1,038,925

Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Capital Appriciation Series 2009B-2:

2,450

0.000%, 10/01/27 – AGC Insured

No Opt. Call

AA+

962,728

6,060

0.000%, 10/01/32 – AGC Insured

No Opt. Call

AA+

1,636,442

7,245

0.000%, 10/01/33 – AGC Insured

No Opt. Call

AA+

1,827,334

8,060

0.000%, 10/01/34 – AGC Insured

No Opt. Call

AA+

1,897,646

Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Capital Appriciation Series 2009B-2:

1,400

0.000%, 10/01/29 – AGC Insured

No Opt. Call

AA+

477,316

1,300

0.000%, 10/01/35 – AGC Insured

No Opt. Call

AA+

285,532

4,350

Norfolk Economic Development Authority, Virginia, Empowerment Zone Facility Revenue Bonds, BBL Old Dominion University LLC Project, Series 2006A, 6.000%, 11/01/36 (Alternative Minimum Tax)

11/16 at 102.00

N/R

3,036,822

725

Suffolk Industrial Development Authority, Virginia, Retirement Facilities First Mortgage Revenue Bonds, Lake Prince Center, Series 2006,
5.150%, 9/01/24

9/16 at 100.00

N/R

660,424

10,000

Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47

6/17 at 100.00

Baa3

6,410,000

962

Virginia Gateway Community Development Authority, Prince William County, Special Assessment Bonds, Series 2003, 6.375%, 3/01/30

3/13 at 102.00

N/R

941,962

13,000

Virginia Small Business Financing Authority, Revenue Bonds Hampton Roads Proton Beam Therapy Institute at Hampton University, LLC Project, Series 2009, 9.000%, 7/01/39

7/14 at 102.00

N/R

13,676,650

84,251

Total Virginia

56,976,763

Washington – 1.0%

1,595

FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Series 2009,
5.500%, 6/01/34 (UB) (8)

6/19 at 100.00

1,665,531

FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Tender Option Bond Trust 2009-14A&B:

2,500

19.355%, 6/01/39 (IF) (8)

6/19 at 100.00

2,843,200

750

19.355%, 6/01/39 (IF) (8)

6/19 at 100.00

852,960


Nuveen Investments			75

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Washington (continued)

Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing Revenue Bonds, Series 2007:

1,760

5.500%, 6/01/27 (Alternative Minimum Tax)

6/17 at 100.00

N/R

1,446,597

2,310

5.600%, 6/01/37 (Alternative Minimum Tax)

6/17 at 100.00

N/R

1,760,821

24,220

Port of Seattle, Washington, Special Facilities Revenue Bonds, Northwest Airlines Project, Series 2001, 7.250%, 4/01/30

4/12 at 100.00

N/R

24,267,471

2,150

Snohomish County Housing Authority, Washington, Revenue Bonds, Westwood Crossing Apartments, Series 2007, 5.250%, 5/01/37 (Alternative Minimum Tax)

5/17 at 100.00

N/R

1,584,206

Vancouver Downtown Redevelopment Authority, Washington, Revenue Bonds, Conference Center Project, Series 2003A:

1,655

6.000%, 1/01/28 – ACA Insured

1/14 at 100.00

N/R

951,873

6,290

6.000%, 1/01/34 – ACA Insured

1/14 at 100.00

N/R

3,614,108

7,710

Washington State Economic Development Finance Authority, Revenue Bonds, Coeur D’Alene Fiber Project, Series 2007G, 7.000%, 12/01/27 (Alternative Minimum Tax) (5), (6)

12/17 at 100.00

N/R

1,927,500

3,545

Washington State Health Care Facilities Authority, Revenue Bonds, Children’s Hospital and Regional Medical Center, Tender Option Bond Trust 1180, 19.875%, 4/1/16 (IF) (8)

No Opt. Call

Aa3

3,941,038

1,875

Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health & Services Project, Tender Option Bond Trust 4679, 19.066%, 10/01/39 (IF) (8)

4/20 at 100.00

1,978,705

4,495

Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Refunding Series 2007C, 5.500%, 8/15/42 – RAAI Insured

8/17 at 100.00

BBB

4,098,982

60,855

Total Washington

50,931,992

West Virginia – 1.0%

365

Ohio County Commission, West Virginia, Special District Excise Tax Revenue Bonds, Fort Henry Economic Development, Series 2006B, 5.625%, 3/01/36

3/16 at 100.00

BBB

364,737

1,675

Ohio County Commission, West Virginia, Tax Increment Revenue Bonds, Fort Henry Centre Tax Increment Financing District 1, The Highlands Project, Series 2008A, 6.500%, 6/01/34

6/18 at 100.00

N/R

1,633,996

West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008:

21,165

6.500%, 10/01/38

10/18 at 100.00

N/R

20,104,825

28,275

6.750%, 10/01/43

10/18 at 100.00

N/R

27,494,873

51,480

Total West Virginia

49,598,431

Wisconsin – 1.1%

450

Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, Revenue Bonds, Series 2003A, 7.750%, 6/01/16 (Pre-refunded 12/01/14)

12/14 at 101.00

N/R

(4)

557,298

8,990

Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, Revenue Bonds, Series 2006, 7.000%, 12/01/26

12/18 at 102.00

N/R

8,220,007

300

Milwaukee Redevelopment Authority, Wisconsin, Academy of Learning and Leadership Charter School, Series 2007A, 5.500%, 8/01/22 (5)

8/15 at 102.00

N/R

90,018

Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Thomas Jefferson Classical Academy, Series 2011:

660

7.000%, 7/01/31

7/19 at 100.00

BBB–

675,220

500

7.125%, 7/01/42

7/19 at 100.00

BBB–

507,745

1,070

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care Inc., Series 1999A, 5.600%, 2/15/29

10/11 at 100.00

1,070,150

1,225

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2010A, 6.125%, 6/01/39

No Opt. Call

Baa2

1,196,274

5,250

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Childrens Hospital of Wisconsin Inc., Tender Option Bond Trust 2009-15W, 19.625%, 8/15/37 (IF) (8)

2/20 at 100.00

AA–

5,500,320


	76			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Wisconsin (continued)

2,250

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Community Memorial Hospital Inc. – Oconto Falls, Series 2003, 7.250%, 1/15/33

1/13 at 101.00

N/R

2,169,473

955

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 3592, 19.005%, 4/01/17 (IF) (8)

No Opt. Call

AA–

978,684

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A:

1,000

5.750%, 5/01/35

5/21 at 100.00

A+

1,017,070

4,400

6.000%, 5/01/41

5/21 at 100.00

A+

4,520,472

5,425

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Healthcare Inc., Tender Option Bond Trust 09-3114, 16.393%, 2/15/32 – NPFG Insured (IF)

2/12 at 101.00

A+

4,918,088

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Southwest Health Center Inc., Series 2004A:

790

5.000%, 4/01/13

No Opt. Call

N/R

782,100

875

6.125%, 4/01/24

4/14 at 100.00

N/R

860,326

1,000

6.250%, 4/01/34

4/14 at 100.00

N/R

940,600

500

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ThedaCare, Inc., Series 2009A, 5.500%, 12/15/38

12/19 at 100.00

503,635

3,200

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Upland Hills Health Inc., Series 2006B, 5.000%, 5/15/36

5/16 at 100.00

BBB

2,785,824

2,800

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Vernon Memorial Healthcare Inc., Series 2005, 5.250%, 3/01/35

3/15 at 100.00

BBB–

2,488,248

1,335

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Health, Tender Option Bond Trust 2113, 14.682%, 8/15/26 (IF)

8/16 at 100.00

BBB+

976,312

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006:

9,750

14.682%, 8/15/30 (IF)

8/16 at 100.00

BBB+

5,865,210

3,535

15.175%, 8/15/31 (IF)

8/16 at 100.00

BBB+

2,369,970

3,750

15.185%, 8/15/34 (IF)

8/16 at 100.00

BBB+

2,148,750

7,855

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/26 (UB)

8/16 at 100.00

BBB+

7,327,380

67,865

Total Wisconsin

58,469,174

Wyoming – 0.1%

3,950

Wyoming Community Development Authority, Housing Revenue Bonds, Tender Option Bond Trust 3715, 19.007%, 12/01/15 (IF) (8)

No Opt. Call

AA+

3,658,293

6,504,128

Total Municipal Bonds (cost $5,607,712,202) – 101.2%

5,255,159,380

Shares

Description (1)

Value

Common Stocks – 0.0%

Containers & Packaging – 0.0%

7,884

Rock-Tenn Company (12)

484,551

Total Common Stocks (cost $484,551)

484,551

Total Investments (cost $5,608,196,753) – 101.2%

5,225,643,931

Floating Rate Obligations – (3.1)%

(159,429,000)

Other Assets Less Liabilities – 1.9% (13)

98,680,154

Net Assets – 100%

5,194,895,085


Nuveen Investments			77

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

July 31, 2011

Investments in Derivatives

Forward Swaps outstanding at July 31, 2011:


Counterparty	Notional Amount		Fund Pay/Receive Floating Rate		Floating Rate Index		Fixed Rate (Annualized)			Fixed Rate Payment Frequency		Effective Date (9)		Termination Date		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	$	75,400,000		Receive		3-Month USD-LIBOR		4.259	%		Semi-Annually		6/28/12		6/28/41	$	(3,625,433	)
Morgan Stanley		38,000,000		Receive		3-Month USD-LIBOR		4.721			Semi-Annually		3/09/12		3/09/35		(5,090,143	)
Morgan Stanley		20,000,000		Receive		3-Month USD-LIBOR		3.903			Semi-Annually		8/26/11		8/26/40		(305,544	)
Morgan Stanley		42,600,000		Receive		3-Month USD-LIBOR		4.479			Semi-Annually		5/11/12		5/11/41		(3,899,351	)
Morgan Stanley		67,000,000		Receive		3-Month USD-LIBOR		4.356			Semi-Annually		5/25/12		5/25/41		(4,587,006	)
Morgan Stanley		38,000,000		Receive		3-Month USD-LIBOR		4.228			Semi-Annually		7/09/12		7/09/41		(1,575,501	)
																$	(19,082,978	)

Fair Value Measurements


Level 1 –		Quoted prices in active markets for identical securities.
Level 2 –		Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –		Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).


	Level 1		Level 2			Level 3		Total
Investments:
Municipal Bonds	$	—	$	5,175,306,272		$	79,853,108	$	5,255,159,380
Common Stocks		484,551		—			—		484,551
Derivatives:
Forward Swaps*		—		(19,082,978	)		—		(19,082,978	)
Total	$	484,551	$	5,156,223,294		$	79,853,108	$	5,236,560,953

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

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


	Level 3 Municipal Bonds
Balance at the beginning of period	$	77,433,318
Gains (losses):
Net realized gains (losses)		34,654
Net change in unrealized appreciation (depreciation)		(2,352,990	)
Purchases at cost		—
Sales at proceeds		(555,273	)
Net discounts (premiums)		1,950
Transfers in to		6,250,779
Transfers out of		(959,350	)
Balance at the end of period	$	79,853,108

During the period ended July 31, 2011, the Fund recognized no significant transfers to or from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.

Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.


	78			Nuveen Investments

The following table presents the fair value of all derivative instruments held by the Fund as of July 31, 2011, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

Location on the Statement of Assets and Liabilities

Underlying

Risk Exposure

Derivative

Instrument

Asset Derivatives

Liability Derivatives

Location

Value

Location

Value

Interest Rate

Forward
Swaps

Unrealized appreciation on
Forward swaps*

—

Unrealized depreciation on
forward swaps*

19,082,978

*	Value represents cumulative gross appreciation (depreciation) of swap contracts as reported in the Fund’s Portfolio of Investments.

Income Tax Information

At July 31, 2011, the cost of investments (excluding investments in derivatives) was $5,436,151,702.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) at July 31, 2011, were as follows:


Gross unrealized:
Appreciation	$	225,999,602
Depreciation		(565,935,956	)
Net unrealized appreciation (depreciation) of investments	$	(339,936,354	)

(1)

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

(2)

(3)

(4)

(5)

(6)

For fair value measurement disclosure purposes, investment categorized as Level 3.

(7)

On March 5, 2007, Bayonne Medical Center (“Bayonne”) received an “event of default notice” resulting from their failure to pay a $5,000,000 bank line of credit. As senior creditors of Bayonne, the Adviser, on behalf of the Fund, issued an event of default notice to Bayonne on March 15, 2007, under default provisions of the debt agreements. Under such notice, Bayonne became obligated to increase the interest rate it paid on the debt from 8.050% annually to 10.750% annually and the Adviser had instructed the custodian to reflect such change in the Fund’s records. On April 30, 2007, the Adviser concluded that Bayonne was not likely able to meet its interest obligations and directed the Fund’s custodian to cease accruing additional income and to “write-off” any remaining recorded balances on the Fund’s records.

(8)

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

(9)

Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each forward swap contract.

(10)

Principal Amount (000) rounds to less than $1,000.

(11)

Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment categorized as Level 3.

(12)

Common stock received as part of the bankruptcy settlement for Hodge, Louisiana, Combined Utility System Revenue Bonds, Smurfit-Stone Container Corporation, Series 2003, coupon 7.45%, Maturity 3/01/24, as described in Footnote 5 above.

(13)

Other Assets Less Liabilities includes the Value and/or the Net Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives.

N/R

Not rated.

WI/DD

Purchased on a when-issued or delayed delivery basis.

(IF)

Inverse floating rate investment.

(UB)

Underlying bond of an inverse floating rate trust reflected as a financing transaction.

144A

USD-LIBOR

United States Dollar-London Inter-Bank Offered Rate


Nuveen Investments			79

Portfolio of Investments (Unaudited)

Nuveen Municipal Bond Fund

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Alabama – 1.2%

12,255

Walker County, Alabama, General Obligation Bonds, Series 2002, 0.000%, 2/01/32 – NPFG Insured

8/12 at 77.49

Baa1

9,053,381

Arizona – 1.1%

1,000

Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds, Series 2004, 5.000%, 7/01/24 – NPFG Insured

7/14 at 100.00

AA+

1,057,460

6,000

Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza,
Series 2005B, 0.000%, 7/01/39 – FGIC Insured

No Opt. Call

5,353,080

1,000

Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured

9/20 at 100.00

AA+

997,870

1,000

University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 6.000%, 7/01/39 (WI/DD, Settling 8/09/11)

7/21 at 100.00

BBB+

994,580

9,000

Total Arizona

8,402,990

Arkansas – 0.3%

2,000

University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B, 5.000%, 11/01/26 – NPFG Insured

11/14 at 100.00

Aa2

2,073,040

California – 16.8%

2,400

Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/20 – AMBAC Insured

No Opt. Call

A–

1,446,384

California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured

12/14 at 100.00

AAA

11,479

990

California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/27 – NPFG Insured

12/14 at 100.00

AAA

1,061,151

1,000

California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/30

11/15 at 100.00

1,004,680

1,000

California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/27

11/15 at 100.00

AAA

1,001,460

4,285

California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37

4/16 at 100.00

A+

4,014,231

5,100

California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39

10/19 at 100.00

5,234,538

5,000

California State Public Works Board, Lease Revenue Bonds, Department of General Services, Series 2002B, 5.000%, 3/01/27 – AMBAC Insured

3/12 at 100.00

4,949,100

2,250

California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 – AMBAC Insured

5/15 at 100.00

Aa2

2,307,465

4,500

California State, General Obligation Bonds, Series 2004, 5.000%, 6/01/31 – AMBAC Insured

12/14 at 100.00

4,508,595

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

1,291,305

6,000

Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured

6/15 at 100.00

5,551,260

1,525

Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation Bonds, Series 2006, 5.000%, 3/01/36 – SYNCORA GTY Insured

3/16 at 100.00

A–

1,282,876

1,980

Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured

No Opt. Call

AA+

1,032,867

6,000

Los Angeles Community Redevelopment Agency, California, Tax Allocation Bonds, Bunker Hill Project, Series 2004A, 5.000%, 12/01/24 – AGM Insured

12/14 at 100.00

AA+

6,223,500

5,025

Los Angeles County Sanitation Districts Financing Authority, California, Capital Projects Revenue Bonds, District 14, Series 2005, 5.000%, 10/01/26 – FGIC Insured

10/15 at 100.00

A+

5,174,192


	80			Nuveen Investments


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value

		California (continued)

$	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)		10/11 at 100.00		BBB	(4)	$	15,623,850

	10,000	Orange County Sanitation District, California, Certificates of Participation, Series 2003, 5.250%, 2/01/27 (Pre-refunded 8/01/13) – FGIC Insured		8/13 at 100.00		AAA			10,970,400

	2,035	Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 – FGIC Insured		6/15 at 100.00		BBB			1,763,612

	2,500	Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series 2005B, 4.750%, 12/01/21 – FGIC Insured		12/15 at 100.00		AA			2,668,575

	10,000	San Diego County Water Authority, California, Water Revenue Certificates of Participation, Series 2004A, 5.000%, 5/01/30 – AGM Insured		5/15 at 100.00		AA+			10,213,600

	1,500	San Diego Unified Port District, California, Revenue Bonds, Series 2004B, 5.000%, 9/01/29 – NPFG Insured		9/14 at 100.00		A+			1,514,235

	6,995	San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International Airport, Second Series 2001, Issue 27A, 5.250%, 5/01/31 – NPFG Insured (Alternative Minimum Tax)		11/11 at 100.00		A+			6,905,534

	2,405	San Francisco Unified School District, California, General Obligation Bonds, Series 2007A, 3.000%, 6/15/24 – AGM Insured		6/17 at 100.00		AA+			2,254,207

		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
	8,390	0.000%, 1/15/24 – NPFG Insured		No Opt. Call		Baa1			2,991,287
	51,000	0.000%, 1/15/31 – NPFG Insured		No Opt. Call		Baa1			9,280,470

	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		BBB+			6,098,064

	3,450	San Jose Unified School District, Santa Clara County, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/26 – FGIC Insured		8/15 at 100.00		AA			3,588,828

	5,000	San Luis Obispo County, California, Certificates of Participation, New County Government Center, Series 2002A, 5.000%, 10/15/27 – NPFG Insured		10/12 at 100.00		AA–			5,026,750

	2,000	Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation District, Series 2004A, 5.000%, 1/01/34 – AMBAC Insured		1/14 at 100.00		A+			1,964,200
	175,875	Total California							126,958,695
		Colorado – 1.4%

	2,140	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Bromley School, Series 2005, 5.250%, 9/15/32 – SYNCORA GTY Insured		9/15 at 100.00		A			2,046,461

	15,000	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/31 – NPFG Insured		No Opt. Call		Baa1			3,794,850

	1,095	El Paso County, Colorado, GNMA Collateralized Mortgage Revenue Bonds, Stetson Meadows Project, Series 2002A, 5.100%, 12/20/22 (Alternative Minimum Tax)		12/12 at 100.00		Aaa			1,104,888

	2,000	Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured		12/20 at 100.00		AA+			2,044,800

	1,390	University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/26 – FGIC Insured		6/15 at 100.00		Aa2			1,466,116
	21,625	Total Colorado							10,457,115
		Connecticut – 0.8%

	3,475	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42		7/16 at 100.00		AAA			3,571,675

	2,125	Connecticut, Special Tax Obligation Transportation Infrastructure Bonds, Series 2004A, 5.000%, 7/01/24 – AMBAC Insured		7/15 at 100.00		AA			2,275,811
	5,600	Total Connecticut							5,847,486


Nuveen Investments			81

Portfolio of Investments (Unaudited)

Nuveen Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Florida – 4.4%

3,930

Florida Housing Finance Corporation, Housing Revenue Bonds, Sundance Pointe Apartments, Series 2000N-1, 6.050%, 2/01/41 – AGM Insured (Alternative Minimum Tax)

2/12 at 100.00

AA+

3,931,926

5,980

Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Sunset Bay Apartments, Series 2000-5A, 6.050%, 1/01/41 – AGM Insured (Alternative Minimum Tax)

1/12 at 101.00

AA+

6,036,272

Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002:

3,500

5.250%, 10/01/22 – FGIC Insured (Alternative Minimum Tax)

10/12 at 100.00

3,558,870

6,350

5.375%, 10/01/27 – FGIC Insured (Alternative Minimum Tax)

10/12 at 100.00

6,401,880

10,000

Miami-Dade County, Florida, General Obligation Bonds, Series 2005, 5.000%, 7/01/33 – AGM Insured

7/15 at 100.00

AA+

10,147,100

Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Pinnacle Palms Apartments, Series 2001A:

750

5.550%, 7/01/21 – AGM Insured (Alternative Minimum Tax)

1/12 at 100.00

AA+

750,683

2,505

5.750%, 7/01/37 – AGM Insured (Alternative Minimum Tax)

1/12 at 100.00

AA+

2,505,927

33,015

Total Florida

33,332,658

Georgia – 3.3%

2,000

Atlanta and Fulton County Recreation Authority, Georgia, Guaranteed Revenue Bonds, Park Improvement, Series 2005A, 5.000%, 12/01/30 – NPFG Insured

12/15 at 100.00

Aa2

2,045,620

7,000

Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured

11/19 at 100.00

AA+

7,191,870

4,955

Cobb County Development Authority, Georgia, University Facilities Revenue Bonds, Kennesaw State University Foundations Project, Student Housing Subordinate Series 2004C, 5.250%, 7/15/24 – NPFG Insured

7/14 at 100.00

5,148,146

Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science Building, Series 2004:

1,250

5.250%, 5/01/21 – NPFG Insured

5/14 at 100.00

Aa3

1,336,525

2,490

5.250%, 5/01/23 – NPFG Insured

5/14 at 100.00

Aa3

2,628,270

2,440

5.000%, 5/01/36 – NPFG Insured

5/14 at 100.00

Aa3

2,441,976

2,250

Oconee County Industrial Development Authority, Georgia, Revenue Bonds, University of Georgia Office of Information and Instructional Technology, Series 2003, 5.250%, 7/01/23 – SYNCORA GTY Insured

7/13 at 100.00

Aa3

2,374,943

1,000

Richmond County Development Authority, Georgia, Revenue Bonds, Augusta State University, Jaguar Student Center Project, Series 2005A, 5.000%, 7/01/29 – SYNCORA GTY Insured

7/15 at 100.00

1,003,670

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+

1,010,650

24,385

Total Georgia

25,181,670

Hawaii – 0.6%

4,205

Hawaii, General Obligation Bonds, Series 2002CX, 5.500%, 2/01/21 (Pre-refunded 2/01/12) – AGM Insured

2/12 at 100.00

AA+

(4)

4,318,956

Idaho – 0.5%

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

Aa2

1,065,510

1,065

5.000%, 7/15/24 – NPFG Insured

7/16 at 100.00

Aa2

1,124,885

1,330

Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2009BI, 5.500%, 7/01/38

7/19 at 100.00

Aa1

1,376,523

3,395

Total Idaho

3,566,918


	82			Nuveen Investments


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value

		Illinois – 4.5%

$	3,335	Chicago Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Tender Option Bonds Trust 1130, 13.570%, 6/01/14 (IF)		No Opt. Call		AAA		$	4,028,547

	8,000	Chicago, Illinois, Second Lien General Airport Revenue Refunding Bonds, O’Hare International Airport, Series 1999, 5.500%, 1/01/18 – AMBAC Insured (Alternative Minimum Tax)		1/12 at 100.00		AA–			8,061,280

	2,875	Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured		1/16 at 100.00		A1			2,993,824

	3,000	Chicago, Illinois, Third Lien General Airport Revenue Refunding Bonds, O’Hare International Airport, Series 2002A, 5.750%, 1/01/19 – NPFG Insured (Alternative Minimum Tax)		1/12 at 100.00		A1			3,041,760

	310	Cicero, Cook County, Illinois, General Obligation Corporate Purpose Bonds, Series 1994A, 6.400%, 12/01/14 – NPFG Insured		12/11 at 100.00		Baa1			311,045

	4,440	Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33		11/20 at 100.00		AA			4,620,175

	1,945	Illinois Development Finance Authority, Local Government Program Revenue Bonds, O’Fallon Project, Series 2002, 5.250%, 1/01/24 (Pre-refunded 1/01/12) – FGIC Insured		1/12 at 100.00		BBB	(4)		1,984,036

	13,000	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45 – AGM Insured		No Opt. Call		AAA			1,528,280

	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			2,251,900

	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–			4,917,239
	54,930	Total Illinois							33,738,086
		Indiana – 4.6%

	4,000	Huntington Countywide School Building Corporation II, Indiana, First Mortgage Bonds, Series 2002, 5.125%, 7/15/22 (Pre-refunded 7/15/12) – NPFG Insured		7/12 at 100.00		AA+	(4)		4,189,400

	4,030	Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured		1/17 at 100.00		A+			4,007,996

	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+			3,665,795

		Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A:
	11,915	5.125%, 7/01/27 (Pre-refunded 7/01/12) – NPFG Insured		7/12 at 100.00		A+	(4)		12,451,413
	6,085	5.125%, 7/01/27 (Pre-refunded 7/01/12) – NPFG Insured		7/12 at 100.00		A+	(4)		6,358,947

	3,000	Portage Township Multi-School Building Corporation, Porter County, Indiana, First Mortgage Bonds, Series 2002, 5.125%, 7/15/22 (Pre-refunded 7/15/12) – FGIC Insured		7/12 at 100.00		AA+	(4)		3,142,050

	1,005	St. Joseph County, Indiana, Economic Development Revenue Bonds, St. Mary’s College, Series 2002, 5.375%, 4/01/22 (Pre-refunded 4/01/12) – NPFG Insured		4/12 at 100.00		A–	(4)		1,040,366
	33,535	Total Indiana							34,855,967
		Kansas – 1.6%

	6,000	Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40		No Opt. Call		AA			6,069,660

	3,135	Kansas Development Finance Authority, Revenue Bonds, State Projects, Series 2005H, 5.000%, 5/01/32 – NPFG Insured		5/15 at 100.00		AA			3,193,280

	3,065	Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%, 9/01/26 – AGM Insured		9/14 at 101.00		AA+			3,225,483
	12,200	Total Kansas							12,488,423


Nuveen Investments			83

Portfolio of Investments (Unaudited)

Nuveen Municipal Bond Fund (continued)

July 31, 2011


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value

		Louisiana – 2.6%

$	3,020	Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/22 – NPFG Insured		11/14 at 100.00		A+		$	3,287,874

	2,685	Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/31		8/15 at 100.00		A+			2,655,411

	2,600	Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – NPFG Insured		7/14 at 100.00		Baa1			2,697,786

	10,000	Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.750%, 5/01/39 – AGM Insured (UB)		5/16 at 100.00		AA+			9,885,200

	1,165	Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39		11/11 at 101.00		A–			1,157,777
	19,470	Total Louisiana							19,684,048
		Maine – 0.8%

	5,930	Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011, 6.750%, 7/01/41 (WI/DD, Settling 8/11/11)		7/21 at 100.00		Baa3			5,929,585
		Maryland – 0.3%

		Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
	1,050	5.250%, 9/01/27 – SYNCORA GTY Insured		9/16 at 100.00		Baa3			931,665
	1,750	5.250%, 9/01/28 – SYNCORA GTY Insured		9/16 at 100.00		Baa3			1,545,915
	2,800	Total Maryland							2,477,580
		Massachusetts – 2.5%

	6,665	Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Bond Trust 3627, 13.586%, 7/01/29 (IF)		7/19 at 100.00		AA			6,938,332

	425	Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, Series 2001A, 5.800%, 7/01/30 – AMBAC Insured (Alternative Minimum Tax)		1/12 at 100.00		N/R			424,970

	8,000	Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/23 (Pre-refunded 1/01/14) – FGIC Insured		1/14 at 100.00		A1	(4)		8,867,600

	2,335	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2989, 13.660%, 8/01/38 (IF)		8/19 at 100.00		AAA			2,656,880
	17,425	Total Massachusetts							18,887,782
		Michigan – 3.8%

	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+			7,534,428

	8,575	Charlotte Public School District, Easton County, Michigan, General Obligation Bonds, Series 2005, 5.000%, 5/01/29 – NPFG Insured		5/15 at 100.00		Aa2			8,755,247

	2,995	Detroit, Michigan, General Obligation Bonds, Series 2003A, 5.250%, 4/01/16 – SYNCORA GTY Insured		4/13 at 100.00		BB			2,753,034

	1,720	Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 1997A, 6.100%, 10/01/33 – AMBAC Insured (Alternative Minimum Tax)		10/11 at 100.00		AA			1,720,447

	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			1,641,736

	365	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		N/R	(4)		434,638

	5,455	Wayne County, Michigan, Airport Revenue Bonds, Detroit Metropolitan Airport, Series 2002D, 5.500%, 12/01/16 – FGIC Insured (Alternative Minimum Tax)		12/12 at 100.00		A2			5,620,014
	32,875	Total Michigan							28,459,544


	84			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Mississippi – 0.7%

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+

5,447,800

Missouri – 2.8%

7,600

Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 10/01/23 – AGM Insured

10/13 at 100.00

AA+

7,964,800

4,455

Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Tender Option Bond Trust 3604,
13.720%, 5/15/17 (IF)

No Opt. Call

AAA

5,105,876

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+

1,438,400

7,000

0.000%, 7/15/32 – AGC Insured

No Opt. Call

AA+

1,880,480

6,250

0.000%, 7/15/33 – AGC Insured

No Opt. Call

AA+

1,566,875

7,000

0.000%, 7/15/34 – AGC Insured

No Opt. Call

AA+

1,640,450

6,000

0.000%, 7/15/35 – AGC Insured

No Opt. Call

AA+

1,313,880

2,000

0.000%, 7/15/36 – AGC Insured

No Opt. Call

AA+

409,080

45,305

Total Missouri

21,319,841

Nevada – 1.2%

3,625

Clark County, Nevada, Industrial Development Revenue Bonds, Southwest Gas Corporation, Series 1999A, 6.100%, 12/01/38 – AMBAC Insured (Alternative Minimum Tax)

12/11 at 100.00

BBB+

3,629,278

2,000

Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%, 7/01/25 – FGIC Insured

7/14 at 100.00

Aa3

2,028,600

Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000:

4,070

0.000%, 1/01/15 – AMBAC Insured

No Opt. Call

N/R

912,982

2,000

5.375%, 1/01/40 – AMBAC Insured (5)

1/12 at 100.00

N/R

479,940

2,100

Henderson Redevelopment Agency, Nevada, Senior Lien Tax Allocation Bonds, Series 2002A, 5.250%, 10/01/25 – AMBAC Insured

10/12 at 101.00

BBB+

1,961,337

13,795

Total Nevada

9,012,137

New Hampshire – 0.5%

3,305

New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Tender Option Bond Trust 09-7W,
14.172%, 6/01/39 (IF) (6)

6/19 at 100.00

AA+

3,908,625

New Jersey – 3.1%

New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:

1,775

5.000%, 7/01/22 – NPFG Insured

7/14 at 100.00

1,855,585

1,775

5.000%, 7/01/23 – NPFG Insured

7/14 at 100.00

1,847,047

2,150

New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20

No Opt. Call

A+

2,424,469

New Jersey Turnpike Authority, Revenue Bonds, Series 2003A:

6,500

5.000%, 1/01/19 – FGIC Insured

7/13 at 100.00

A+

6,925,555

4,000

5.000%, 1/01/23 – AGM Insured

7/13 at 100.00

AA+

4,161,120

New Jersey Turnpike Authority, Revenue Bonds, Series 2005A:

3,000

5.000%, 1/01/21 – AGM Insured

1/15 at 100.00

AA+

3,174,150

3,315

5.000%, 1/01/25 – AGM Insured

1/15 at 100.00

AA+

3,427,975

22,515

Total New Jersey

23,815,901

New Mexico – 0.6%

4,230

University of New Mexico, FHA-Insured Mortgage Hospital Revenue Bonds, Series 2004, 5.000%, 7/01/23 – AGM Insured

7/14 at 100.00

AA+

4,419,039


Nuveen Investments			85

Portfolio of Investments (Unaudited)

Nuveen Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

New York – 4.6%

1,880

Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured

2/15 at 100.00

BBB

2,000,677

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+

5,143,984

1,665

Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 – AMBAC Insured

3/15 at 100.00

AAA

1,797,934

Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:

2,000

13.606%, 2/15/33 (IF)

2/19 at 100.00

AAA

2,172,560

2,335

13.595%, 2/15/33 (IF)

2/19 at 100.00

AAA

2,536,464

4,055

Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured

2/17 at 100.00

3,442,533

4,600

Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30

11/15 at 100.00

4,680,500

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+

793,722

5,000

New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – FGIC Insured

4/15 at 100.00

5,212,300

135

New York City, New York, General Obligation Bonds, Series 1991B, 7.000%, 2/01/18 – AMBAC Insured

No Opt. Call

135,738

1,035

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

1,107,181

New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2004A-1:

2,655

5.000%, 3/15/24 – FGIC Insured

3/14 at 100.00

AAA

2,854,311

1,515

5.000%, 3/15/25 – FGIC Insured

3/14 at 100.00

AAA

1,606,930

1,000

5.000%, 3/15/26 – FGIC Insured

3/14 at 100.00

AAA

1,042,960

33,545

Total New York

34,527,794

North Carolina – 0.7%

1,780

Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.439%, 7/01/38 (IF) (6)

7/20 at 100.00

AAA

2,040,272

3,000

North Carolina Capital Facilities Financing Agency, Educational Facility Revenue Bonds, Wake Forest University, Series 2009, 5.000%, 1/01/38

1/19 at 100.00

3,090,780

4,780

Total North Carolina

5,131,052

North Dakota – 0.7%

5,000

Fargo, North Dakota, Health System Revenue Bonds, MeritCare Obligated Group, Series 2002A, 5.125%, 6/01/27 (Pre-refunded 6/01/12) – AMBAC Insured

6/12 at 100.00

(4)

5,203,300

Ohio – 3.3%

Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:

1,130

5.125%, 6/01/24

6/17 at 100.00

Baa3

926,487

1,420

5.875%, 6/01/30

6/17 at 100.00

Baa3

1,117,157

1,370

5.750%, 6/01/34

6/17 at 100.00

Baa3

1,036,035

3,145

5.875%, 6/01/47

6/17 at 100.00

Baa3

2,328,055

1,000

Cleveland Municipal School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.250%, 12/01/23 – AGM Insured

6/14 at 100.00

AA+

1,069,260

2,500

Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 2004A, 5.000%, 12/01/23 – AMBAC Insured

6/14 at 100.00

BBB+

2,565,800

8,505

Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006, 4.250%, 12/01/32 – AMBAC Insured

12/16 at 100.00

7,751,627

2,240

Marysville Exempt Village School District, Union County, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 – AGM Insured

12/15 at 100.00

AA+

2,372,496


	86			Nuveen Investments


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value

		Ohio (continued)

$	2,640	Ross Local School District, Butler County, Ohio, General Obligation Bonds, Series 2003, 5.000%, 12/01/28 (Pre-refunded 12/01/13) – AGM Insured		12/13 at 100.00		Aa2	(4)	$	2,922,480

	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		Aaa			2,891,340
	26,950	Total Ohio							24,980,737
		Oregon – 0.8%

	2,500	Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2004A, 5.000%, 11/15/21 (Pre-refunded 11/15/14)		11/14 at 100.00		AAA			2,857,400

	3,000	Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/33		5/19 at 100.00		AAA			3,161,010
	5,500	Total Oregon							6,018,410
		Pennsylvania – 4.8%

	1,000	Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured		1/20 at 100.00		AA+			1,005,760

	710	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			731,194

	1,050	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured		6/16 at 100.00		Aa3			1,097,838

	12,000	Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured		6/26 at 100.00		AA+			9,533,880

	4,980	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/23 – AGM Insured		9/14 at 100.00		AA+			5,119,091

	7,000	Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured		6/20 at 100.00		AA+			6,994,260

		Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010:
	2,400	5.000%, 2/01/30 – AGM Insured		8/20 at 100.00		AA+			2,467,464
	1,500	5.000%, 2/01/35 – AGC Insured		8/20 at 100.00		AA+			1,498,965

	2,430	Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2005A, 5.000%, 9/01/16 – NPFG Insured		9/15 at 100.00		A1			2,661,506

	5,200	Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2005A, 5.000%, 11/15/28 – AGM Insured		5/15 at 100.00		Aa2			5,419,232
	38,270	Total Pennsylvania							36,529,190
		Puerto Rico – 1.8%

	1,250	Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.250%, 7/01/18 – FGIC Insured		7/13 at 100.00		A3			1,283,488

		Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A:
	2,550	5.500%, 7/01/16 – AGM Insured		No Opt. Call		AA+			2,863,217
	3,000	5.500%, 7/01/17 – AGM Insured		No Opt. Call		AA+			3,352,320
	3,440	5.500%, 7/01/18 – AGM Insured		No Opt. Call		AA+			3,840,554
	2,250	5.500%, 7/01/19 – AGM Insured		No Opt. Call		AA+			2,501,348
	12,490	Total Puerto Rico							13,840,927
		Rhode Island – 0.3%

	550	Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.650%, 7/01/15 – NPFG Insured		1/12 at 100.00		Baa1			551,727

		Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
	715	6.125%, 6/01/32		6/12 at 100.00		BBB			716,022
	735	6.250%, 6/01/42		6/12 at 100.00		BBB			693,840
	2,000	Total Rhode Island							1,961,589


Nuveen Investments			87

Portfolio of Investments (Unaudited)

Nuveen Municipal Bond Fund (continued)

July 31, 2011


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value

		South Carolina – 1.7%

$	2,105	Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 8/15/23 – NPFG Insured		8/14 at 100.00		Baa1		$	2,220,312

	3,785	Spartanburg County Health Service District, South Carolina, Hospital Revenue Refunding Bonds, Series 2002, 5.250%, 4/15/32 – AGM Insured		4/12 at 100.00		AA+			3,794,500

	6,565	Spartanburg County Health Service District, South Carolina, Hospital Revenue Refunding Bonds, Series 2002, 5.250%, 4/15/32 (Pre-refunded 4/15/12) – AGM Insured		4/12 at 100.00		AA+	(4)		6,800,815
	12,455	Total South Carolina							12,815,627
		Tennessee – 1.2%

	4,800	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			4,726,368

		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+			773,820
	755	5.000%, 7/01/17		7/16 at 100.00		BBB+			798,775
	1,600	5.500%, 7/01/36		7/16 at 100.00		BBB+			1,506,976

	1,000	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+			1,050,190
	8,875	Total Tennessee							8,856,129
		Texas – 9.6%

	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+			5,405,558

		Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A:
	8,000	5.625%, 11/01/26 – NPFG Insured (Alternative Minimum Tax)		11/11 at 100.00		A+			8,020,560
	3,855	5.500%, 11/01/31 – NPFG Insured (Alternative Minimum Tax)		11/11 at 100.00		A+			3,855,617

	5,000	Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured		2/17 at 100.00		A1			5,039,300

		Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series 2001G:
	5,000	5.250%, 11/15/21 – NPFG Insured		11/11 at 100.00		Baa1			4,700,000
	6,500	5.250%, 11/15/22 – NPFG Insured		11/11 at 100.00		Baa1			6,058,130
	6,800	5.250%, 11/15/30 – NPFG Insured		11/11 at 100.00		Baa1			6,035,544
	2,500	5.375%, 11/15/41 – NPFG Insured		11/11 at 100.00		Baa1			2,132,275

	3,755	Houston, Texas, General Obligation Refunding Bonds, Series 2002, 5.000%, 3/01/25 – NPFG Insured		3/12 at 100.00		AA			3,830,325

	1,255	Houston, Texas, General Obligation Refunding Bonds, Series 2002, 5.000%, 3/01/25 (Pre-refunded 3/01/12) – NPFG Insured		3/12 at 100.00		Aa2	(4)		1,289,412

	1,190	Mansfield, Texas, General Obligation Bonds, Series 2004A, 5.250%, 2/15/25 – AMBAC Insured		2/14 at 100.00		AA			1,283,617

	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–			9,263,877

	20,000	Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/17 – AMBAC Insured		No Opt. Call		BBB+			15,731,000
	78,165	Total Texas							72,645,215
		Utah – 1.9%

	5,000	Emery County, Utah, Pollution Control Revenue Refunding Bonds, PacifiCorp Project, Series 1993A, 5.650%, 11/01/23 – AMBAC Insured		11/11 at 100.00		A			5,007,300

	6,335	Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41		8/19 at 100.00		AA+			6,355,652

	6,830	Utah Transit Authority, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 6/15/29 – NPFG Insured		6/17 at 55.29		AA–			2,648,401
	18,165	Total Utah							14,011,353


	88			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Vermont – 0.0%

190

Vermont Housing Finance Agency, Single Family Housing Bonds,
Series 2000-12A, 6.300%, 11/01/31 – AGM Insured

11/11 at 100.00

AA+

192,371

Washington – 7.2%

5,040

Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2002A, 5.450%, 7/01/37 – AMBAC Insured (Alternative Minimum Tax)

7/12 at 100.00

5,042,671

10,000

Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station, Series 2002A, 5.750%, 7/01/18 – NPFG Insured

7/12 at 100.00

Aaa

10,444,800

7,000

King County, Washington, General Obligation Sewer Bonds, Series 2005, 5.000%, 1/01/35 – FGIC Insured

No Opt. Call

AAA

7,132,930

2,335

King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.573%, 7/01/32 – AGM Insured (IF)

7/17 at 100.00

AA+

2,487,639

6,000

Port of Seattle, Washington, Revenue Bonds, Series 1999A, 5.000%, 9/01/24 – FGIC Insured

9/12 at 100.00

6,140,760

7,475

Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999B, 6.250%, 9/01/26 – NPFG Insured (Alternative Minimum Tax)

10/11 at 100.00

Baa1

7,479,784

8,775

Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999C, 6.000%, 9/01/20 – NPFG Insured (Alternative Minimum Tax)

9/11 at 100.00

Baa1

8,786,144

1,785

Port of Seattle, Washington, Subordinate Lien Revenue Bonds, Series 1999B, 5.500%, 9/01/16 – FGIC Insured (Alternative Minimum Tax)

9/12 at 100.00

1,842,673

1,000

Snohomish County Public Utility District 1, Washington, Water Revenue Bonds, Refunding Series 2002, 5.500%, 12/01/22 – FGIC Insured

6/12 at 100.00

1,030,910

510

Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.625%, 6/01/32

6/13 at 100.00

BBB

515,508

3,335

Washington State, General Obligation Bonds, Tender Option Bond Trust 1121, 13.497%, 7/01/14 – AGM Insured (IF)

No Opt. Call

AA+

3,898,982

53,255

Total Washington

54,802,801

Wisconsin – 1.3%

2,000

Superior, Wisconsin, Limited Obligation Revenue Refunding Bonds, Midwest Energy Resources Company, Series 1991E, 6.900%, 8/01/21 – FGIC Insured

No Opt. Call

2,498,040

1,650

Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A, 5.000%, 7/01/30 – AMBAC Insured

7/15 at 100.00

1,677,220

5,000

Wisconsin, General Obligation Bonds, Series 2002G, 5.000%, 5/01/18 (Pre-refunded 5/01/13) – NPFG Insured

5/13 at 100.00

(4)

5,407,000

8,650

Total Wisconsin

9,582,260

872,960

Total Investments (cost $749,267,997) – 99.9%

754,736,022

Floating Rate Obligations – (1.0)%

(7,495,000)

Other Assets Less Liabilities – 1.1%

8,323,203

Net Assets – 100%

755,564,225

Fair Value Measurements


Level 1 –		Quoted prices in active markets for identical securities.
Level 2 –		Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –		Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).


Nuveen Investments			89

Portfolio of Investments (Unaudited)

Nuveen Municipal Bond Fund (continued)

July 31, 2011


	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	754,736,022	$	—	$	754,736,022

During the period ended July 31, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.

Income Tax Information

At July 31, 2011, the cost of investments was $743,338,412.

Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2011, were as follows:


Gross unrealized:
Appreciation	$	29,210,492
Depreciation		(25,308,112	)
Net unrealized appreciation (depreciation) of investments	$	3,902,380

(1)

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

(2)

(3)

(4)

(5)

(6)

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

N/R

Not rated.

WI/DD

Purchased on a when-issued or delayed delivery basis.

(ETM)

Escrowed to maturity.

(IF)

Inverse floating rate investment.

(UB)

Underlying bond of an inverse floating rate trust reflected as a financing transaction.


	90			Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Inflation Protected Municipal Bond Fund

July 31, 2011


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value

		Arizona – 1.2%

$	45	Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/15 – AGM Insured		No Opt. Call		AA+		$	50,757

	10	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2003, 5.000%, 12/01/18 – NPFG Insured		12/13 at 100.00		Aa2			10,740

	25	Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.250%, 12/01/19		No Opt. Call		A			25,801
	80	Total Arizona							87,298
		Arkansas – 1.2%

	85	North Little Rock, Arkansas, Electric Revenue Refunding Bonds, Series 1992A, 6.500%, 7/01/15 – NPFG Insured		No Opt. Call		Baa1			93,361
		California – 8.4%

	90	Alameda Corridor Transportation Authority, California, Senior Lien Revenue Bonds, Series 1999A, 5.000%, 10/01/29 – NPFG Insured		10/11 at 100.00		A			87,739

	5	California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.500%, 5/01/13 (Pre-refunded 5/01/12) – AMBAC Insured		5/12 at 101.00		Aa3	(4)		5,248

	100	California Department of Water Resources, Power Supply Revenue Bonds, Series 2010L, 5.000%, 5/01/16		No Opt. Call		AA–			116,630

	90	California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/33		3/13 at 100.00		A			85,110

	45	California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008H, 5.125%, 7/01/22		7/15 at 100.00		A			47,676

	50	California Pollution Control Financing Authority, Remarketed Revenue Bonds, Pacific Gas and Electric Company, Series 1996A, 5.350%, 12/01/16 – NPFG Insured (Alternative Minimum Tax)		10/11 at 102.00		A3			51,069

	60	California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 1993E, 5.500%, 6/01/15		No Opt. Call		A2			63,714

	75	California Statewide Communities Development Authority, Revenue Bonds, State of California Proposition 1A Receivables Program, Series 2009, 5.000%, 6/15/13		No Opt. Call		A1			80,875

	50	Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010A, 5.000%, 5/15/31		5/20 at 100.00		AA			52,073

	50	Madera County, California, Certificates of Participation, Valley Children’s Hospital Project, Series 1995, 5.750%, 3/15/28 – NPFG Insured		9/11 at 100.00		A3			50,008
	615	Total California							640,142
		Colorado – 3.3%

	205	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured		No Opt. Call		Baa1			112,061

	35	Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, Series 2009, 6.250%, 12/01/30 – AGC Insured		12/19 at 100.00		AA+			39,101

	100	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			100,210
	340	Total Colorado							251,372
		District of Columbia – 3.6%

	60	District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33		No Opt. Call		BBB			61,549

	80	District of Columbia, Income Tax Secured Revenue Bonds, Series 2009D, 5.000%, 12/01/16		No Opt. Call		AAA			95,209

	100	Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 5.000%, 10/01/16 – AMBAC Insured		No Opt. Call		A1			113,589
	240	Total District of Columbia							270,347


Nuveen Investments			91

Portfolio of Investments (Unaudited)

Nuveen Inflation Protected Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Florida – 3.0%

100

Florida Hurricane Catastrophe Fund, Financial Corporation Revenue Bonds, Series 2010A, 5.000%, 7/01/15

No Opt. Call

AA–

111,281

Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/26

6/16 at 100.00

A–

74,612

Lake County School District, Florida, Sales Tax Revenue Bonds, Series 2004, 5.000%, 10/01/15 – AMBAC Insured

10/14 at 100.00

16,495

Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B, 5.000%, 10/01/18 – AMBAC Insured

10/12 at 100.00

N/R

25,432

215

Total Florida

227,820

Georgia – 2.9%

Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005A, 5.625%, 1/01/16 (Alternative Minimum Tax)

No Opt. Call

A–

36,734

Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Refunding Bonds, Series 1993:

5.500%, 10/01/18 – NPFG Insured

No Opt. Call

Baa1

53,137

5.625%, 10/01/26 – NPFG Insured

10/19 at 100.00

Baa1

42,559

Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical Center, Series 2004, 5.000%, 12/01/19

12/14 at 100.00

BBB–

5,111

Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Series 1992P, 6.250%, 7/01/20 – AMBAC Insured

No Opt. Call

Aa2

83,211

200

Total Georgia

220,752

Idaho – 0.2%

Idaho Health Facilities Authority, Revenue Bonds, Trinity Health Group, Refunding Series 2008B, 6.000%, 12/01/23

12/18 at 100.00

11,424

Illinois – 8.5%

Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.125%, 1/01/26 – AGM Insured (Alternative Minimum Tax)

1/12 at 100.00

AA+

60,013

Cook County, Illinois, General Obligation Bonds, Refunding Series 2009A, 5.000%, 11/15/17

No Opt. Call

73,530

Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/27 – AMBAC Insured

2/12 at 100.00

BBB

64,444

100

Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 6.250%, 1/01/17

1/13 at 100.00

Baa1

103,105

100

Illinois State, General Obligation Bonds, Series 2006, 5.000%, 1/01/17

1/16 at 100.00

A+

109,089

155

Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/17 – FGIC Insured

No Opt. Call

126,023

100

Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2011A, 5.000%, 6/01/19 – AGM Insured

No Opt. Call

AA+

113,508

650

Total Illinois

649,712

Indiana – 1.5%

100

Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Refunding Series 2006, 5.500%, 1/01/20 – NPFG Insured

No Opt. Call

A+

115,780

Iowa – 0.2%

Iowa State, Special Obligation Bonds, I-Jobs Program, Series 2009A, 5.000%, 6/01/18

No Opt. Call

11,862

Kentucky – 1.9%

100

Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 – AGC Insured

6/18 at 100.00

AA+

104,693


	92			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Kentucky (continued)

Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Series 1991B, 0.000%, 1/01/17 – AMBAC Insured

No Opt. Call

41,492

150

Total Kentucky

146,185

Louisiana – 0.5%

DeSoto Parish, Louisiana, Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2004A, 5.000%, 11/01/18 (Alternative Minimum Tax)

11/14 at 100.00

BBB

14,930

Louisiana Local Government Environment Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 (Mandatory put 8/01/20)

No Opt. Call

BBB–

26,175

Total Louisiana

41,105

Maryland – 0.5%

Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax)

10/11 at 100.00

N/R

40,087

Massachusetts – 3.0%

100

Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior Lien Series 2010B, 5.000%, 1/01/32

1/20 at 100.00

102,518

100

Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series 2011H, 5.000%, 7/01/21 (WI/DD, Settling 8/10/11)

No Opt. Call

A–

103,154

Massachusetts Water Resources Authority, General Revenue Bonds, Series 1993C, 5.250%, 12/01/15 – NPFG Insured

No Opt. Call

Aa1

22,151

220

Total Massachusetts

227,823

Michigan – 4.2%

Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A, 6.000%, 5/01/21 – FGIC Insured

No Opt. Call

Aa2

96,183

Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 1.350%, 11/15/47 (Mandatory put 4/01/13)

No Opt. Call

AA+

50,745

Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.000%, 11/15/20

11/19 at 100.00

53,563

100

Michigan, General Obligation Refunding Bonds, Series 2002, 5.500%, 12/01/15

No Opt. Call

Aa2

116,630

285

Total Michigan

317,121

Minnesota – 0.6%

Minnesota Higher Education Facilities Authority, St. John’s University Revenue Bonds, Series 2005-6G, 5.000%, 10/01/13

No Opt. Call

43,303

Nebraska – 1.2%

Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A, 5.000%, 12/01/14

No Opt. Call

Ba3

90,857

Nevada – 0.8%

Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital, Series 2002, 6.000%, 9/01/13

9/12 at 101.00

BBB+

31,236

Las Vegas Valley Water District, Nevada, General Obligation Bonds, Series 2003B Refunding, 5.000%, 6/01/25 – NPFG Insured

12/12 at 100.00

AA+

25,688

Total Nevada

56,924

New Jersey – 5.9%

New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.000%, 6/15/13 – FGIC Insured

No Opt. Call

BBB

51,820

New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18

No Opt. Call

BBB–

76,422


Nuveen Investments			93

Portfolio of Investments (Unaudited)

Nuveen Inflation Protected Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

New Jersey (continued)

New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/23

No Opt. Call

A+

79,137

105

New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B, 5.250%, 12/15/15 – AMBAC Insured

No Opt. Call

A+

120,233

New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16

No Opt. Call

A+

47,684

Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.500%, 6/01/23

6/17 at 100.00

BBB

54,582

Union County Utilities Authority, New Jersey, Solid Waste Facility Subordinate Lease Revenue Bonds, Ogden Martin Systems of Union Inc., Series 1998A, 5.350%, 6/01/23 – AMBAC Insured (Alternative Minimum Tax)

12/11 at 100.00

Baa3

19,999

415

Total New Jersey

449,877

New York – 8.0%

Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/23 – FGIC Insured

6/16 at 100.00

A–

58,444

Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 5.000%, 5/01/18 – NPFG Insured

11/16 at 100.00

A–

56,466

100

Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29

7/12 at 100.00

AA–

100,577

Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005C, 5.250%, 11/15/14

No Opt. Call

78,829

New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/21 – AGM Insured

11/14 at 100.00

AA+

5,402

New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C:

5.500%, 6/01/19

No Opt. Call

AA–

48,175

5.500%, 6/01/21

6/13 at 100.00

AA–

53,472

New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2009A-1, 5.000%, 12/15/16

No Opt. Call

AAA

23,776

100

Onongada County Trust For Cultural Resources, New York, Revenue Bonds, Syracuse University Project, Series 2011, 5.000%, 12/01/21

No Opt. Call

Aa3

115,677

Tobacco Settlement Financing Corporation, New York, Asset-Backed Revenue Bonds, State Contingency Contract Secured, Series 2011B, 5.000%, 6/01/18

No Opt. Call

AA–

69,215

555

Total New York

610,033

North Carolina – 3.1%

Buncombe County, North Carolina, Project Development Financing Revenue Bonds, Woodfin Downtown Corridor Development, Series 2008, 6.750%, 8/01/24

8/18 at 100.00

N/R

44,450

North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 1993B, 6.000%, 1/01/22

No Opt. Call

A–

113,750

North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.500%, 1/01/29 – AGC Insured

1/19 at 100.00

AA+

79,953

220

Total North Carolina

238,153

Ohio – 8.0%

100

Akron, Ohio, Waterworks System Mortgage Revenue Improvement and Refunding Bonds, Series 2009, 5.000%, 3/01/17 – AGC Insured

No Opt. Call

Aa3

115,478

Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-1:

100

5.000%, 6/01/16

No Opt. Call

BBB

103,633

5.000%, 6/01/17

No Opt. Call

BBB

15,380

100

Cleveland, Ohio, Airport System Revenue Bonds, Series 2001A, 5.000%, 1/01/31 – AGM Insured

10/11 at 100.00

AA+

98,712


	94			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Ohio (continued)

100

Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 – NPFG Insured

No Opt. Call

Aa1

118,087

Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19

No Opt. Call

BBB–

79,710

Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville Hydroelectric Project – Joint Venture 5, Series 2004, 5.000%, 2/15/22 – AMBAC Insured

2/14 at 100.00

41,384

Ohio Turnpike Commission, Revenue Refunding Bonds, Series 1998A, 5.500%, 2/15/18 – FGIC Insured

No Opt. Call

35,949

560

Total Ohio

608,333

Oregon – 0.3%

Oregon Health Sciences University, Revenue Bonds, Series 2002A, 5.250%, 7/01/22 – NPFG Insured

1/13 at 100.00

25,517

Pennsylvania – 2.5%

100

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/24 – AMBAC Insured

6/16 at 100.00

Aa3

105,752

Pennsylvania, General Obligation Bonds, Refunding 3rd Series 2004, 5.375%, 7/01/16 – NPFG Insured

No Opt. Call

Aa1

83,835

170

Total Pennsylvania

189,587

Puerto Rico – 0.7%

Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/16 – FGIC Insured

No Opt. Call

55,716

South Carolina – 1.8%

110

Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 6.750%, 1/01/19 – FGIC Insured

No Opt. Call

Baa1

136,639

Tennessee – 2.1%

100

Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2004, 5.000%, 10/01/18 – AGM Insured

No Opt. Call

AA+

113,382

Shelby County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Baptist Memorial Healthcare, Series 2004A,
5.000%, 9/01/15

No Opt. Call

28,330

The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.000%, 9/01/13

No Opt. Call

Ba3

21,134

145

Total Tennessee

162,846

Texas – 7.8%

Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2010, 5.750%, 1/01/25

1/20 at 100.00

BBB–

77,885

Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Refunding Bonds, Series 2001A, 0.000%, 11/15/20 – NPFG Insured

No Opt. Call

Baa1

26,166

Houston, Texas, General Obligation Public Improvement Refunding Bonds, Series 2009A, 5.000%, 3/01/20

3/19 at 100.00

34,714

100

Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011B, 5.000%, 7/01/25

7/21 at 100.00

106,059

Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1995, 4.000%, 10/15/15 – NPFG Insured

10/13 at 101.00

15,534

100

Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2011, 5.250%, 1/01/20 (WI/DD, Settling 8/31/11)

No Opt. Call

A–

109,047

100

Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26

No Opt. Call

107,277


Nuveen Investments			95

Portfolio of Investments (Unaudited)

Nuveen Inflation Protected Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Texas (continued)

100

Texas State, Public Financing Authority, General Obligation Bonds, Series 2009A, 5.000%, 10/01/17

No Opt. Call

Aaa

119,884

570

Total Texas

596,566

Washington – 3.3%

100

Clark County Public Utility District 1, Washington, Electric System Revenue Bonds, Series 2007, 5.000%, 1/01/19 – FGIC Insured

1/17 at 100.00

108,971

Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999C, 6.000%, 9/01/29 – NPFG Insured (Alternative Minimum Tax)

10/11 at 100.00

Baa1

90,020

Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 5.500%, 6/01/12

No Opt. Call

BBB

51,173

240

Total Washington

250,164

Wisconsin – 1.8%

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert and Community Health Obligated Group, Series 2001, 5.375%, 10/01/30

10/11 at 101.00

AA–

75,506

Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.250%, 5/01/20

5/19 at 100.00

AA–

34,959

Wisconsin State, General Obligation Bonds, Series 2005I, 5.000%, 5/01/16 – NPFG Insured

5/15 at 100.00

22,760

125

Total Wisconsin

133,225

Wyoming – 1.3%

100

Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B, 5.000%, 12/01/21

No Opt. Call

BBB

101,389

6,745

Total Investments (cost $6,824,960) – 93.3%

7,101,320

Other Assets Less Liabilities – 6.7% (7)

506,028

Net Assets – 100%

7,607,348

Investments in Derivatives

Forward Swaps outstanding at July 31, 2011:

Counterparty

Notional
Amount

Fund
Pay/Receive
Floating Rate

Floating Rate
Index

Fixed Rate
(Annualized)

Fixed Rate
Payment
Frequency

Effective
Date (5)

Termination
Date

Unrealized
Appreciation
(Depreciation)

Barclays Bank PLC

3,000,000

Receive

CPURNSA

2.443

3/20/17

(6)

3/19/12

3/19/17

21,719

Morgan Stanley

2,000,000

Receive

CPURNSA

2.730

3/20/22

(6)

3/19/12

3/19/22

46,052

67,771

Fair Value Measurements


Level 1 –		Quoted prices in active markets for identical securities.
Level 2 –		Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –		Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).


	96			Nuveen Investments


	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	7,101,320	$	—	$	7,101,320
Derivatives:
Forward Swaps*		—		67,771		—		67,771
Total	$	—	$	7,169,091	$	—	$	7,169,091

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

During the period ended July 31, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.

Derivative Instruments and Hedging Activities

Location on the Statement of Assets and Liabilities

Underlying
Risk Exposure

Derivative
Instrument

Asset Derivatives

Liability Derivatives

Location

Value

Location

Value

Interest Rate

Forward
Swaps

Unrealized appreciation on
forward swaps*

67,771

Unrealized depreciation on
forward swaps*

—

*	Value represents cumulative gross appreciation (depreciation) of swap contracts as reported in the Fund’s Portfolio of Investments.

Income Tax Information

At July 31, 2011, the cost of investments was $6,823,423.

Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2011, were as follows:


Gross unrealized:
Appreciation	$	277,897
Depreciation		—
Net unrealized appreciation (depreciation) of investments	$	277,897


Nuveen Investments			97

Portfolio of Investments (Unaudited)

Nuveen Inflation Protected Municipal Bond Fund (continued)

July 31, 2011

(1)

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

(2)

(3)

(4)

(5)

Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each forward swap contract.

(6)

Fixed Rate Payment is due one business day after contract Termination Date.

(7)

Other Assets Less Liabilities includes the Value and/or the Net Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives.

N/R

Not rated.

WI/DD

Purchased on a when-issued or delayed delivery basis.

CPURNSA

US CPI Urban Consumers Non-Seasonally Adjusted.


	98			Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Alabama – 2.2%

7,440

Alabama Public School and College Authority, Capital Improvement Revenue Bonds, Series 2002A, 5.000%, 2/01/21

2/12 at 100.00

Aa1

7,566,182

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

3,168,270

2,290

5.250%, 11/15/20

11/15 at 100.00

Baa2

2,298,542

Health Care Authority for Baptist Health, Alabama, Revenue Bonds, Baptist Health, Series 2006D:

750

5.000%, 11/15/12

No Opt. Call

775,980

820

5.000%, 11/15/15

No Opt. Call

884,550

2,925

5.000%, 11/15/16

11/15 at 100.00

3,121,853

Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A:

10,200

5.250%, 1/01/12

No Opt. Call

BBB–

9,999,672

7,000

5.250%, 1/01/13

No Opt. Call

BBB–

6,865,810

10,000

5.250%, 1/01/14

No Opt. Call

BBB–

9,813,400

9,280

Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002D, 5.000%, 2/01/42 (Pre-refunded 8/01/12) – FGIC Insured

8/12 at 100.00

AAA

9,714,861

1,645

Pell City, Alabama, Special Care Facilities Financing Authority, Revenue Bonds, Noland Health Services, Series 2007A, 5.000%, 12/01/14

No Opt. Call

A–

1,776,337

55,350

Total Alabama

55,985,457

Alaska – 0.2%

4,275

Valdez, Alaska, Marine Terminal Revenue Refunding Bonds, BP Pipelines Inc. Project, Refunding Series 2003B, 5.000%, 1/01/21

No Opt. Call

4,695,746

Arizona – 2.6%

Arizona Health Facilities Authority, Revenue Bonds, Blood Systems Inc., Series 2004:

2,695

4.000%, 4/01/13

No Opt. Call

2,814,712

1,000

5.000%, 4/01/17

4/14 at 100.00

1,053,720

Arizona State, State Lottery Revenue Bonds, Series 2010A:

5,000

5.000%, 7/01/19 – AGM Insured

No Opt. Call

AA+

5,681,450

5,015

5.000%, 7/01/20 – AGM Insured

No Opt. Call

AA+

5,667,100

6,130

5.000%, 7/01/21 – AGM Insured

1/20 at 100.00

AA+

6,809,694

7,500

5.000%, 7/01/22 – AGM Insured

1/20 at 100.00

AA+

8,202,675

6,000

Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Series 2003A, 5.375%, 7/01/19 (Pre-refunded 7/01/13) – NPFG Insured

7/13 at 100.00

(4)

6,558,240

2,810

Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B, 5.250%, 12/01/20

12/15 at 100.00

BBB

2,850,576

2,740

Maricopa County, Arizona, Hospital Revenue Bonds, Sun Health Corporation, Series 2005, 5.000%, 4/01/14 (ETM)

No Opt. Call

N/R

(4)

3,060,662

9,720

Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40

No Opt. Call

A+

9,465,919

1,200

Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Refunding Series 2008, 5.750%, 9/01/29

1/15 at 100.00

BBB–

1,216,416

11,000

Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2003, 5.000%, 12/01/14 – NPFG Insured

12/13 at 100.00

Aa2

11,967,670

60,810

Total Arizona

65,348,834

Arkansas – 1.3%

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+

1,570,028

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+

7,795,292

6,740

4.500%, 11/01/19 – AGM Insured

11/16 at 100.00

AA+

7,386,231


Nuveen Investments			99

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Arkansas (continued)

5,330

Fort Smith, Arkansas, Sales and Use Tax Revenue Bonds, Series 2006, 4.000%, 9/01/13 – FGIC Insured

No Opt. Call

5,676,610

Fort Smith, Arkansas, Water and Sewer Revenue Bonds, Series 2007:

1,235

5.000%, 10/01/19 – FGIC Insured

10/17 at 100.00

1,396,797

1,000

5.000%, 10/01/21 – FGIC Insured

10/17 at 100.00

1,108,440

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

615,595

1,130

5.000%, 8/01/22 – CIFG Insured

8/17 at 100.00

N/R

1,194,613

1,185

5.000%, 8/01/23 – CIFG Insured

8/17 at 100.00

N/R

1,243,065

1,245

5.000%, 8/01/24 – CIFG Insured

8/17 at 100.00

N/R

1,293,368

Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B:

1,270

5.000%, 2/01/14

No Opt. Call

Baa1

1,366,152

1,000

5.000%, 2/01/17

2/15 at 100.00

Baa1

1,071,860

1,165

5.000%, 2/01/18

2/15 at 100.00

Baa1

1,235,483

30,095

Total Arkansas

32,953,534

California – 8.1%

California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A:

3,000

6.000%, 5/01/15 (Pre-refunded 5/01/12)

5/12 at 101.00

Aaa

3,160,020

10,000

5.875%, 5/01/16 (Pre-refunded 5/01/12)

5/12 at 101.00

Aaa

10,524,000

7,500

California Department of Water Resources, Power Supply Revenue Bonds, Series 2010L, 5.000%, 5/01/17

No Opt. Call

AA–

8,859,975

2,620

California Department of Water Resources, Power Supply Revenue Bonds, Series 2010M, 4.000%, 5/01/16

No Opt. Call

AA–

2,932,933

6,755

California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008H, 5.125%, 7/01/22

7/15 at 100.00

7,156,652

California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 2003C:

8,075

5.500%, 6/01/14

12/13 at 100.00

8,780,755

3,940

5.500%, 6/01/17

12/13 at 100.00

4,183,374

California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005G:

750

5.250%, 7/01/13

No Opt. Call

BBB

771,638

1,200

5.000%, 7/01/22

7/15 at 100.00

BBB

1,113,888

10,000

California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2007C, 5.000%, 8/15/38 – AMBAC Insured

8/17 at 100.00

AA–

9,654,800

California, Economic Recovery Revenue Bonds, Series 2004A:

10,000

5.250%, 7/01/13

No Opt. Call

Aa3

10,912,600

5,805

5.250%, 7/01/14

No Opt. Call

Aa3

6,559,534

1,710

California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 (ETM)

No Opt. Call

AAA

1,942,919

10,870

California, General Obligation Bonds, Series 2003, 5.250%, 2/01/14 – NPFG Insured

2/13 at 100.00

11,560,245

6,000

California, State Economic Recovery Revenue Bonds, Refunding Series 2009A, 5.250%, 7/01/21

7/19 at 100.00

Aa3

6,945,480

11,965

California, Various Purpose General Obligation Bonds, Series 1992, 6.250%, 9/01/12 – NPFG Insured

No Opt. Call

12,262,450

1,120

Contra Costa County Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2003A, 5.500%, 8/01/23 – RAAI Insured

8/13 at 100.00

1,023,266

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

2,313,662

4,095

0.000%, 11/01/28

11/21 at 56.33

1,055,486


	100			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

California (continued)

535

Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.250%, 6/01/33 (Pre-refunded 6/01/13)

6/13 at 100.00

AAA

577,875

Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:

7,500

5.000%, 6/01/17

No Opt. Call

BBB

7,732,950

9,400

4.500%, 6/01/27

6/17 at 100.00

BBB–

7,877,200

5,000

Long Beach Financing Authority, California, Revenue Bonds, Series 1992, 6.000%, 11/01/17 – AMBAC Insured

No Opt. Call

N/R

5,350,000

5,025

Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A, 5.250%, 7/01/19 (Pre-refunded 7/01/13) – AGM Insured

7/13 at 100.00

AA+

(4)

5,500,868

Moulton Niguel Water District, California, Certificates of Participation, Refunding Series 2003:

2,220

5.000%, 9/01/21 – AMBAC Insured

No Opt. Call

AA+

2,385,923

2,145

5.000%, 9/01/22 – AMBAC Insured

No Opt. Call

AA+

2,278,505

2,000

5.000%, 9/01/23 – AMBAC Insured

No Opt. Call

AA+

2,110,220

10,000

M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009A, 6.125%, 11/01/29

No Opt. Call

10,477,300

10,000

M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.125%, 11/01/29

No Opt. Call

10,477,300

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

10/11 at 100.00

5,999,640

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

4,638,080

Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A:

1,815

0.000%, 8/01/21 – AGC Insured

No Opt. Call

AA+

1,074,571

2,095

0.000%, 8/01/22 – AGC Insured

No Opt. Call

AA+

1,159,122

4,075

0.000%, 8/01/23 – AGC Insured

No Opt. Call

AA+

2,091,127

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+

5,284,090

5,350

Poway Unified School District, San Diego County, California, School Facilities Improvement District 2007-1 General Obligation Bonds, Series 2011A, 0.000%, 8/01/34 (WI/DD, Settling 8/11/11)

No Opt. Call

Aa2

1,193,050

Riverside County Redevelopment Agency, California, Jurupa Valley Project Area 2011 Tax Allocation Bonds Series B:

2,115

0.000%, 10/01/34

No Opt. Call

A–

387,468

2,000

0.000%, 10/01/36

No Opt. Call

A–

311,140

5,000

Sacramento County, California, Airport System Revenue Bonds, Senior Lien Series 20010, 5.000%, 7/01/40

7/20 at 100.00

4,825,700

2,005

Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 – NPFG Insured

No Opt. Call

Baa1

2,189,540

8,000

University of California, General Revenue Bonds, Series 2005F, 5.000%, 5/15/19 – AGM Insured

5/13 at 101.00

AA+

8,602,960

205

Yuba County Water Agency, California, Yuba River Development Revenue Bonds, Pacific Gas and Electric Company, Series 1966A, 4.000%, 3/01/16

9/11 at 100.00

Baa1

201,369

220,365

Total California

204,439,675

Colorado – 2.4%

16,830

Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 5.000%, 9/01/26

9/16 at 100.00

17,362,670

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

6,762,660


Nuveen Investments			101

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Colorado (continued)

Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2006:

1,000

5.000%, 6/01/16

No Opt. Call

A–

1,085,430

1,000

5.250%, 6/01/18

6/16 at 100.00

A–

1,065,220

10,025

Denver City and County, Colorado, Airport Revenue Bonds, Series 2006, 5.000%, 11/15/19 – FGIC Insured

11/16 at 100.00

A+

10,958,729

9,915

Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2001A, 5.500%, 11/15/16 – FGIC Insured (Alternative Minimum Tax)

11/11 at 100.00

A+

10,021,586

5,775

Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2003A, 5.000%, 12/01/15 (Pre-refunded 12/01/13) – SYNCORA GTY Insured

12/13 at 100.00

N/R

(4)

6,335,579

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

Baa1

4,854,550

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

Baa1

1,684,200

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

984,380

67,245

Total Colorado

61,115,004

Connecticut – 0.1%

3,460

Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax)

1/12 at 100.00

BBB

3,461,038

District of Columbia – 1.8%

District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001:

3,550

5.800%, 5/15/13

5/12 at 100.00

BBB

3,592,352

3,730

5.875%, 5/15/14

5/12 at 100.00

BBB

3,773,082

7,440

6.250%, 5/15/24

11/11 at 101.00

BBB

7,450,565

2,920

6.500%, 5/15/33

No Opt. Call

BBB

2,995,365

10,065

District of Columbia Water and Sewerage Authority, Public Utility Revenue Bonds, Series 1998, 5.500%, 10/01/18 – AGM Insured

No Opt. Call

AA+

12,203,813

11,530

District of Columbia, General Obligation Bonds, Series 2003B, 5.000%, 6/01/15 – AMBAC Insured

6/13 at 100.00

Aa2

12,269,419

District of Columbia, Hospital Revenue Bonds, Sibley Memorial Hospital, Series 2009:

420

6.500%, 10/01/20

10/19 at 100.00

497,864

1,715

6.500%, 10/01/23

10/19 at 100.00

1,959,216

825

6.500%, 10/01/24

10/19 at 100.00

929,511

42,195

Total District of Columbia

45,671,187

Florida – 6.3%

5,000

Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/23 – NPFG Insured

7/13 at 100.00

Aa3

5,054,100

2,000

Citizens Property Insurance Corporation, Florida, High-Risk Account Revenue Bonds, Coastal Account Senior Secured Series 2011A-1, 5.000%, 6/01/18

No Opt. Call

A+

2,112,760

Florida Citizens Property Insurance Corporation, High Risk Account Revenue Bonds, Series 2007A:

12,380

5.000%, 3/01/15 – NPFG Insured

No Opt. Call

A+

13,328,556

33,060

5.000%, 3/01/17 – NPFG Insured

No Opt. Call

A+

35,485,282

5,000

Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2002B, 5.375%, 6/01/17

6/12 at 101.00

AAA

5,239,100

7,695

Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Series 2003A, 5.000%, 7/01/16 – AGM Insured

7/13 at 101.00

AA+

8,299,519

7,215

Hillsborough County, Florida, Capital Improvement Program Revenue Bonds, Junior Lien Refunding Series 2003, 5.000%, 8/01/13 – FGIC Insured

No Opt. Call

Aa2

7,874,595


	102			Nuveen Investments


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value

		Florida (continued)

$	5,000	Key West Utility Board, Florida, Electric System Revenue Refunding Bonds, Series 2000, 6.000%, 10/01/12 – AMBAC Insured		No Opt. Call		A2		$	5,299,300

	685	Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 1998A, 5.000%, 10/01/24 – FGIC Insured (Alternative Minimum Tax)		10/11 at 100.00		A2			685,041

	6,475	Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/41		10/20 at 100.00		A2			6,283,211

	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		Aa3			4,999,150

		Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquistion, Series 2010E:
	1,575	4.000%, 4/01/16		No Opt. Call		Aa3			1,709,521
	1,975	5.000%, 4/01/21		4/20 at 100.00		Aa3			2,139,202
	5,000	5.250%, 4/01/30		4/20 at 100.00		Aa3			5,109,650

	5,750	Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2002, 6.250%, 11/15/24 (Pre-refunded 11/15/12)		11/12 at 100.00		N/R	(4)		6,174,810

	4,150	Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2003B, 5.000%, 10/01/16		4/13 at 100.00		Aa1			4,416,679

	7,540	Palm Beach County, Florida, Airport System Revenue Bonds, Series 2002, 5.750%, 10/01/13 – NPFG Insured		No Opt. Call		A			8,216,263

	10,300	Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2006A, 5.000%, 9/01/26 – NPFG Insured		9/16 at 100.00		Aa3			10,614,150

	21,115	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			21,690,384

	6,020	Tampa Sports Authority, Hillsborough County, Florida, Local Option Sales Tax Payments Revenue Bonds, Stadium Project, Series 2005, 5.000%, 1/01/20 – AGM Insured		1/15 at 100.00		AA+			6,484,082
	152,935	Total Florida							161,215,355
		Georgia – 0.1%

	2,275	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31		1/19 at 100.00		N/R			2,355,740

	1,000	Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical Center, Series 2004, 5.000%, 12/01/15		12/14 at 100.00		BBB–			1,060,860
	3,275	Total Georgia							3,416,600
		Idaho – 0.1%

		Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006:
	450	5.250%, 9/01/16		No Opt. Call		BB+			452,772
	1,300	5.250%, 9/01/20		9/16 at 100.00		BB+			1,253,083
	1,750	Total Idaho							1,705,855
		Illinois – 7.9%

	17,500	Chicago Housing Authority, Illinois, Revenue Bonds, Capital Fund Program, Series 2001, 5.375%, 7/01/19 (Pre-refunded 7/01/12)		7/12 at 100.00		Aaa			18,328,100

	4,415	Chicago Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Tender Option Bonds Trust 1130, 13.570%, 6/01/14 (IF)		No Opt. Call		AAA			5,333,143

	9,100	Chicago Public Building Commission, Illinois, General Obligation Lease Bonds, Chicago Transit Authority, Series 2003, 5.250%, 3/01/22 (Pre-refunded 3/01/13) – AMBAC Insured		3/13 at 100.00		N/R	(4)		9,797,060

	7,010	Chicago, Illinois, General Airport Revenue Refunding Bonds, O’Hare International Airport, Series 1993A, 5.000%, 1/01/16		1/12 at 100.00		AA			7,027,595

	10,000	Chicago, Illinois, Second Lien General Airport Revenue Refunding Bonds, O’Hare International Airport, Series 1999, 5.500%, 1/01/17 – AMBAC Insured (Alternative Minimum Tax)		1/12 at 100.00		AA–			10,076,600


Nuveen Investments			103

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Illinois (continued)

20,000

Cook County, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 11/15/17 – AMBAC Insured

5/14 at 101.00

21,405,400

6,500

Cook County, Illinois, General Obligation Refunding Bonds, Series 2002D, 5.250%, 11/15/19 – AMBAC Insured

11/12 at 100.00

6,650,735

1,850

Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007, 5.400%, 4/01/27

4/17 at 100.00

Baa2

1,789,098

5,000

Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38

8/19 at 100.00

BBB

5,179,050

2,000

Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25

No Opt. Call

Baa3

1,803,880

600

Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 5.250%, 5/15/12 (ETM)

No Opt. Call

Aaa

623,502

7,410

Illinois Health Facilities Authority, Revenue Refunding Bonds, University of Chicago Hospitals, Series 2003, 5.000%, 8/15/14 – NPFG Insured

8/13 at 100.00

AA–

7,953,524

Illinois State, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/13

No Opt. Call

A+

52,744

485

Illinois State, General Obligation Bonds, Refunding Series 2007B, 5.000%, 1/01/16

No Opt. Call

A+

537,385

Illinois State, General Obligation Bonds, Refunding Series 2010:

385

5.000%, 1/01/16

No Opt. Call

A+

426,584

1,040

5.000%, 1/01/18

No Opt. Call

A+

1,154,244

5,900

5.000%, 1/01/19 – AGM Insured

No Opt. Call

AA+

6,506,343

16,875

5.000%, 1/01/19

No Opt. Call

A+

18,574,481

2,505

Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/18

No Opt. Call

A+

2,624,939

Illinois State, General Obligation Bonds, Series 2006A:

800

5.000%, 6/01/16

No Opt. Call

A+

890,712

1,000

5.000%, 6/01/17

No Opt. Call

A+

1,114,400

10,000

5.000%, 6/01/18

No Opt. Call

A+

11,127,200

1,000

Illinois State, General Obligation Bonds, Series 2006, 5.000%, 1/01/27

1/16 at 100.00

A+

1,004,290

1,000

Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34

9/18 at 100.00

A+

962,840

1,760

Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.000%, 10/01/16 – NPFG Insured

10/12 at 100.00

A+

1,817,851

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+

12,510,058

5,150

9.000%, 1/01/25 – AGM Insured

No Opt. Call

AA+

7,793,650

23,000

Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 5.750%, 6/15/41 – NPFG Insured

6/12 at 101.00

AAA

23,172,960

1,829

Pingree Grove Village, Illinois, Tax Assessment Bonds, Special Service Area 1 – Cambridge Lakes Project, Series 2005-1, 5.250%, 3/01/15

No Opt. Call

N/R

1,766,357

11,250

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+

11,553,750

183,984

Total Illinois

199,558,475

Indiana – 0.8%

3,000

Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Methodist Hospitals Inc., Series 2001, 5.375%, 9/15/22

9/11 at 100.00

BBB

2,793,780

2,575

Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Methodist Hospital of Indiana Inc., Series 1992A, 5.750%, 9/01/11 – AMBAC Insured (ETM)

8/11 at 100.00

N/R

(4)

2,585,480


	104			Nuveen Investments


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value

		Indiana (continued)

$	2,800	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Refunding Series 2006, 5.500%, 7/01/21 – NPFG Insured		No Opt. Call		A+		$	3,251,920

	5,000	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2007B, 5.250%, 7/01/23 – NPFG Insured		No Opt. Call		A+			5,625,800

	2,750	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		Baa1			3,099,553

	1,685	Southwind Housing Inc., Evansville, Indiana, First Mortgage Revenue Bonds, Series 1978A, 7.125%, 11/15/21 (ETM)		11/11 at 100.00		N/R	(4)		2,102,813

	5,210	St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005, 5.000%, 2/15/17 (5)		2/15 at 100.00		N/R			898,152
	23,020	Total Indiana							20,357,498
		Iowa – 0.4%

		Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A:
	1,290	5.250%, 7/01/13		No Opt. Call		BB+			1,269,644
	2,235	5.250%, 7/01/14		No Opt. Call		BB+			2,171,392
	4,460	5.250%, 7/01/15		No Opt. Call		BB+			4,314,247
	2,000	5.250%, 7/01/16		No Opt. Call		BB+			1,922,800
	820	5.000%, 7/01/19		7/16 at 100.00		BB+			732,080
	10,805	Total Iowa							10,410,163
		Kansas – 0.3%

	2,100	Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Via Christi Health System Inc., Series 2009A-III, 5.000%, 11/15/34		11/19 at 100.00		A+			2,102,667

	3,175	Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Redevelopment Project Area B, Series 2005, 5.000%, 12/01/20		12/15 at 100.00		N/R			3,264,472

	5,590	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		BBB			3,190,772
	10,865	Total Kansas							8,557,911
		Kentucky – 1.5%

	6,175	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+			6,525,987

	20,670	Kentucky State Property and Buildings Commission, Revenue Bonds, Project 83, Series 2004, 5.000%, 10/01/18 – AMBAC Insured		No Opt. Call		Aa3			23,848,013

	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			7,316,890
	33,845	Total Kentucky							37,690,890
		Louisiana – 3.1%

		Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B:
	9,000	5.250%, 6/01/13 – AMBAC Insured		No Opt. Call		A–			9,537,750
	12,180	5.000%, 6/01/15 – AMBAC Insured		No Opt. Call		A–			13,016,035

	10,255	Louisiana Local Government Environmental Facilities and Community Development Authority, Multifamily Housing Revenue Bonds, Oakleigh Apartments, Series 2003A, 6.375%, 6/01/38 (Pre-refunded 6/01/13)		6/13 at 102.00		Aaa			11,571,434

	2,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Hotel LLC Project, Series 2007A, 6.750%, 12/15/37 (5), (6)		12/17 at 100.00		N/R			1,010,640


Nuveen Investments			105

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Louisiana (continued)

Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:

2,000

5.000%, 5/15/16

No Opt. Call

Baa1

2,186,460

5,155

5.000%, 5/15/20

5/17 at 100.00

Baa1

5,321,455

Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:

2,745

5.250%, 5/01/18 – FGIC Insured

5/15 at 100.00

Aa1

3,046,044

5,500

5.000%, 5/01/24 – FGIC Insured

5/15 at 100.00

Aa1

5,792,050

7,220

5.000%, 5/01/26 – FGIC Insured

5/15 at 100.00

Aa1

7,539,413

5,030

New Orleans, Louisiana, Refunding Certificates of Indebtedness, Series 1998B, 5.000%, 12/01/12 – AGM Insured

10/11 at 100.00

AA+

5,041,116

2,400

St. Martin Parish, Louisiana, Industrial Development Revenue Bonds, Cargill Inc., Series 2004, 4.350%, 10/01/12

No Opt. Call

2,480,136

12,950

Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39

11/11 at 101.00

A–

12,869,710

76,435

Total Louisiana

79,412,243

Maine – 0.2%

Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011:

1,000

6.750%, 7/01/36 (WI/DD, Settling 8/11/11)

7/21 at 100.00

Baa3

1,003,510

3,850

6.750%, 7/01/41 (WI/DD, Settling 8/11/11)

7/21 at 100.00

Baa3

3,849,731

4,850

Total Maine

4,853,241

Maryland – 0.1%

565

Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 5.875%, 7/01/16

1/12 at 100.00

Aa2

566,203

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

246,563

2,000

Maryland Health and Higher Education Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2010, 5.250%, 7/01/24

7/19 at 100.00

2,116,720

2,815

Total Maryland

2,929,486

Massachusetts – 5.8%

3,500

Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21 – FGIC Insured

No Opt. Call

Aa1

4,367,615

8,140

Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2002A, 5.250%, 7/01/15 (Pre-refunded 7/01/12) – AGM Insured

7/12 at 100.00

AAA

8,511,917

10,000

Massachusetts Bay Transportation Authority, Senior Lien Sales Tax Revenue Refunding Bonds, Series 2004B, 5.250%, 7/01/20

No Opt. Call

AAA

12,018,400

Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove,
Series 2007:

2,210

5.000%, 10/01/17

No Opt. Call

N/R

2,073,356

515

5.000%, 10/01/18

10/17 at 100.00

N/R

474,835

470

Massachusetts Health and Educational Facilities Authority, Revenue Bonds, New England Medical Center Hospitals, Series 2002H, 5.000%, 5/15/25 (Pre-refunded 5/15/12) – FGIC Insured

5/12 at 100.00

N/R

(4)

488,137

Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A:

1,500

5.450%, 12/01/12 (Alternative Minimum Tax)

12/11 at 100.00

A–

1,500,420

1,825

5.500%, 12/01/13 (Alternative Minimum Tax)

12/11 at 100.00

A–

1,830,621

1,465

Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)

1/12 at 100.00

N/R

1,085,697


	106			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Massachusetts (continued)

10,000

Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2001D, 5.500%, 11/01/14

No Opt. Call

Aa1

11,538,000

12,500

Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2003A, 5.000%, 1/01/21 (Pre-refunded 1/01/13)

1/13 at 100.00

Aa1

(4)

13,324,750

7,040

Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2003C, 5.000%, 8/01/21 (Pre-refunded 8/01/13)

8/13 at 100.00

Aa1

(4)

7,688,032

10,000

Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2004D, 5.000%, 12/01/22 (Pre-refunded 12/01/14) – AGM Insured

12/14 at 100.00

AA+

(4)

11,431,500

29,290

Massachusetts, General Obligation Bonds, Series 2004C, 5.500%, 12/01/16 – AGM Insured

No Opt. Call

AA+

35,422,740

Massachusetts, Special Obligation Refunding Notes, Federal Highway Grant Anticipation Note Program, Series 2003A:

20,835

5.000%, 12/15/12 – AGM Insured

No Opt. Call

AAA

22,183,650

12,000

5.000%, 12/15/13 – AGM Insured

No Opt. Call

AAA

13,194,480

131,290

Total Massachusetts

147,134,150

Michigan – 4.2%

9,295

Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006A, 5.000%, 7/01/19 – AGM Insured

7/16 at 100.00

AA+

9,816,821

7,780

Detroit, Michigan, General Obligation Bonds, Series 2004B-1, 5.250%, 4/01/17 – AMBAC Insured

4/14 at 100.00

7,008,924

10,850

Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001D-2, 5.500%, 7/01/32 (Mandatory put 1/01/12) – NPFG Insured

1/12 at 100.00

10,964,576

7,500

Dickinson County Economic Development Corporation, Michigan, Environmental Improvement Revenue Bonds, International Paper Company, Series 2002A, 5.750%, 6/01/16

6/12 at 100.00

BBB

7,584,825

7,050

Dickinson County Economic Development Corporation, Michigan, Pollution Control Revenue Bonds, International Paper Company, Series 2004A, 4.800%, 11/01/18

11/14 at 100.00

BBB

7,158,147

1,080

Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 5.500%, 7/01/14

No Opt. Call

BB+

1,080,518

Michigan Hospital Financing Authority, Revenue Bonds, Oakwood Obligated Group, Series 2007A:

2,000

5.000%, 7/15/18

7/17 at 100.00

2,141,120

3,530

5.000%, 7/15/19

7/17 at 100.00

3,721,820

1,250

Michigan Municipal Bond Authority, AMBAC Insured Bonds, Series 2007B-A, 5.000%, 12/01/18 – AMBAC Insured

6/17 at 100.00

N/R

1,240,838

8,860

Michigan Municipal Bond Authority, General Obligation Bonds, Detroit City School District, Series 2005, 5.000%, 6/01/18 – AGM Insured

6/15 at 100.00

AA+

9,198,452

3,530

Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003I, 5.250%, 10/15/15 – AGM Insured

10/13 at 100.00

AA+

3,829,168

5,000

Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-I-A, 5.000%, 10/15/28

No Opt. Call

Aa3

5,053,450

5,425

Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-II-A, 5.000%, 10/15/28

No Opt. Call

Aa3

5,482,993

1,500

Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/01/23

11/19 at 100.00

AA+

1,644,030

Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006:

1,080

5.000%, 6/01/14

No Opt. Call

BBB–

1,099,364

1,260

5.500%, 6/01/17

6/16 at 100.00

BBB–

1,291,588

1,330

5.500%, 6/01/18

6/16 at 100.00

BBB–

1,355,882

1,470

Saginaw Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Covenant Medical Center, Series 2004G, 5.000%, 7/01/12

No Opt. Call

1,510,763


Nuveen Investments			107

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Michigan (continued)

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

5,386,348

4,845

5.000%, 5/01/21

11/20 at 100.00

Aa2

5,300,769

3,845

5.000%, 5/01/22

11/20 at 100.00

Aa2

4,145,641

1,485

Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A, 6.750%, 11/01/39

12/19 at 100.00

1,544,742

8,000

Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/16

No Opt. Call

8,808,080

102,850

Total Michigan

106,368,859

Minnesota – 1.1%

9,275

Becker, Minnesota, Pollution Control Revenue Bonds, Northern States Power Company, Series 1993A, 8.500%, 9/01/19

8/12 at 101.00

10,064,766

1,000

Becker, Minnesota, Pollution Control Revenue Bonds, Northern States Power Company, Series 1993B, 8.500%, 9/01/19

8/12 at 101.00

1,085,150

1,710

Cass Lake Independent School District 115, Minnesota, General Obligation Bonds, School Building Refunding Series 2010A, 5.000%, 2/01/27

No Opt. Call

AAA

1,862,481

3,130

Minneapolis-St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, HealthPartners Inc., Series 2003, 5.250%, 12/01/11

No Opt. Call

3,179,204

125

Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.800%, 8/01/11 – NPFG Insured

No Opt. Call

AA+

125,034

1,215

Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured

No Opt. Call

AA+

1,367,373

1,000

Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facilities Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/21

11/16 at 100.00

1,046,660

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

483,982

St. Paul Housing and Redevelopment Authority, Minnesota, Healthcare Revenue Bonds, Gillette Children’s Specialty Healthcare, Series 2005:

225

5.000%, 2/01/12

No Opt. Call

N/R

227,203

375

5.000%, 2/01/13

No Opt. Call

N/R

385,916

400

5.000%, 2/01/14

No Opt. Call

N/R

417,064

300

5.000%, 2/01/15

No Opt. Call

N/R

315,138

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

BB+

2,674,753

2,535

St. Paul Port Authority, Minnesota, Lease Revenue Bonds, Office Building at Cedar Street, Series 2003, 5.000%, 12/01/13

No Opt. Call

AA+

2,794,914

1,150

White Earth Band of Chippewa Indians, Minnesota, Revenue Bonds,
Series 2000A, 7.000%, 12/01/11 – ACA Insured

No Opt. Call

N/R

1,161,512

25,585

Total Minnesota

27,191,150

Mississippi – 0.8%

8,660

Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22

10/11 at 100.00

BBB

8,671,258

10,140

Mississippi Hospital Equipment and Facilities Authority, Revenue Refunding and Improvement Bonds, Mississippi Baptist Health System Inc.,
Series 2007A, 5.000%, 8/15/20

8/17 at 100.00

A–

10,759,351

18,800

Total Mississippi

19,430,609

Missouri – 3.1%

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

N/R

1,304,436

3,030

5.000%, 6/01/20

6/17 at 100.00

N/R

3,102,932


	108			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Missouri (continued)

Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006:

1,290

4.250%, 3/01/12

No Opt. Call

BBB+

1,307,686

1,465

4.400%, 3/01/15

No Opt. Call

BBB+

1,544,681

1,515

4.450%, 3/01/16

No Opt. Call

BBB+

1,599,825

6,020

Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/19

2/15 at 102.00

BBB+

6,367,775

2,400

Kansas City Industrial Development Authority, Missouri, Retirement Center Revenue Refunding and Improvement Bonds, Kingswood Project,
Series 1998A, 5.800%, 11/15/17

11/11 at 100.00

N/R

2,318,856

13,180

Kansas City, Missouri, Airport Revenue Bonds, General Improvement Projects,
Series 2003B, 5.375%, 9/01/15 – FGIC Insured

9/12 at 100.00

A+

13,726,179

Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2007A:

1,630

5.000%, 8/15/12

No Opt. Call

N/R

1,666,382

1,700

5.000%, 8/15/13

No Opt. Call

N/R

1,767,864

14,380

Missouri State Board of Public Building, Special Obligation Bonds, Series 2003A, 5.000%, 10/15/16

10/13 at 100.00

AA+

15,645,871

500

St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A, 5.100%, 11/01/19

11/14 at 100.00

N/R

482,775

St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005:

10,000

5.500%, 7/01/17 (WI/DD, Settling 8/11/11) – NPFG Insured

No Opt. Call

A–

11,223,000

14,780

5.500%, 7/01/19 – NPFG Insured

No Opt. Call

A–

16,377,866

73,135

Total Missouri

78,436,128

Nevada – 0.9%

16,000

Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien Series 2010B, 5.750%, 7/01/42

1/20 at 100.00

Aa3

16,643,040

Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000:

2,795

0.000%, 1/01/11 – AMBAC Insured

No Opt. Call

635,863

2,870

0.000%, 1/01/12 – AMBAC Insured

No Opt. Call

652,925

3,210

0.000%, 1/01/16 – AMBAC Insured

No Opt. Call

662,191

0.000%, 1/01/18 – AMBAC Insured

No Opt. Call

11,589

1,495

0.000%, 1/01/22 – AMBAC Insured

No Opt. Call

204,576

1,425

0.000%, 1/01/26 – AMBAC Insured

No Opt. Call

151,962

1,800

0.000%, 1/01/29 – AMBAC Insured

No Opt. Call

126,918

1,890

Henderson Local Improvement District T-4C, Nevada, Limited Obligation Refunding Bonds, Green Valley Properties, Series 1999A, 5.900%, 11/01/18

11/11 at 100.00

N/R

1,890,473

3,000

Las Vegas Paiute Tribe, Nevada, Revenue Bonds, Series 2002A, 6.625%, 11/01/17 – ACA Insured

10/12 at 101.00

N/R

2,384,820

34,550

Total Nevada

23,364,357

New Hampshire – 0.7%

New Hampshire Health and Education Facilities Authority, Hospital Revenue Bonds, Catholic Medical Center, Series 2006:

405

5.000%, 7/01/14

No Opt. Call

BBB+

427,725

430

5.000%, 7/01/15

No Opt. Call

BBB+

459,124

445

5.000%, 7/01/16

No Opt. Call

BBB+

476,386

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+

6,004,581

New Hampshire Health and Education Facilities Authority, Revenue Bonds, The Memorial Hospital, Series 2006:

415

5.250%, 6/01/13

No Opt. Call

Baa3

430,417

1,000

5.250%, 6/01/21

6/16 at 100.00

Baa3

1,003,020


Nuveen Investments			109

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

New Hampshire (continued)

10,000

New Hampshire Housing Finance Authority, Multifamily Housing Bonds, Series 1994I, 5.600%, 1/01/24 (Alternative Minimum Tax)

12/11 at 100.00

Aaa

10,007,200

18,355

Total New Hampshire

18,808,453

New Jersey – 5.4%

1,130

Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2004A, 5.000%, 2/15/13

No Opt. Call

BBB

1,169,211

New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:

7,860

5.375%, 6/15/15

No Opt. Call

BBB

8,357,459

4,125

5.500%, 6/15/16 – RAAI Insured

No Opt. Call

Baa3

4,413,503

1,500

5.625%, 6/15/19

10/11 at 100.00

BBB

1,500,540

3,145

New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Capital Health System Obligated Group, Series 2003A, 5.500%, 7/01/12 (ETM)

No Opt. Call

N/R

(4)

3,283,663

400

New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Children’s Specialized Hospital, Series 2005A, 5.000%, 7/01/18

7/15 at 100.00

Baa3

413,420

New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B:

31,175

5.250%, 12/15/15 – AMBAC Insured

No Opt. Call

A+

35,698,181

8,040

5.250%, 12/15/17 – FGIC Insured

12/15 at 100.00

A+

8,983,414

10,000

New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23

No Opt. Call

A+

10,824,900

6,340

Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.500%, 6/01/12 (ETM)

No Opt. Call

AAA

6,618,453

Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002:

100

5.000%, 6/01/14 (Pre-refunded 6/01/12)

6/12 at 100.00

AAA

104,060

100

5.000%, 6/01/15 (Pre-refunded 6/01/12)

6/12 at 100.00

AAA

104,060

9,535

5.750%, 6/01/16 (Pre-refunded 6/01/12)

6/12 at 100.00

AAA

9,982,001

6,925

5.375%, 6/01/18 (Pre-refunded 6/01/12)

6/12 at 100.00

AAA

7,227,900

1,075

5.750%, 6/01/32 (Pre-refunded 6/01/12)

6/12 at 100.00

AAA

1,125,396

Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:

19,445

4.500%, 6/01/23

6/17 at 100.00

BBB

17,689,117

25,000

5.000%, 6/01/29

6/17 at 100.00

BBB–

19,756,750

135,895

Total New Jersey

137,252,028

New York – 8.7%

4,055

Brooklyn Areba 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–

4,150,657

Dormitory Authority of the State of New York, Mortgage Insurance Fund Project Pool Bonds, State of New York Mortgage Agency – AIDS Long Term Health Care Facility, Series 2005:

1,450

5.000%, 11/01/13

10/11 at 100.00

Aa1

1,455,075

720

5.000%, 11/01/14

10/11 at 100.00

Aa1

722,470

15,500

Dormitory Authority of the State of New York, New York City, Lease Revenue Bonds, Court Facilities, Series 2003A, 5.500%, 5/15/18 (Pre-refunded 5/15/13)

5/13 at 100.00

AA–

(4)

16,936,850

900

Dormitory Authority of the State of New York, Revenue Bonds, Lenox Hill Hospital Obligated Group, Series 2001, 5.750%, 7/01/15

7/12 at 100.00

Baa3

910,062

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

5,257,943

10,000

Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/11 – AGM Insured

No Opt. Call

AA+

10,022,800


	110			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

New York (continued)

8,200

Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002E, 5.500%, 10/01/17 – NPFG Insured

10/12 at 100.00

A+

8,593,026

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–

8,293,761

11,500

Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2003B, 5.250%, 12/01/13

No Opt. Call

A–

12,682,200

10,000

Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 5.000%, 5/01/18 – NPFG Insured

11/16 at 100.00

A–

11,293,100

15,310

Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/16 – AMBAC Insured

11/15 at 100.00

17,234,314

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

B–

2,067,640

890

New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1, 5.700%, 7/01/13

No Opt. Call

N/R

878,377

10,025

New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/16

No Opt. Call

AAA

11,886,943

New York City, New York, General Obligation Bonds, Fiscal Series 1998J, 5.375%, 8/01/13

10/11 at 100.00

10,040

5,775

New York City, New York, General Obligation Bonds, Fiscal Series 2004I, 5.000%, 8/01/17 – NPFG Insured

8/14 at 100.00

6,380,278

5,000

New York City, New York, General Obligation Bonds, Fiscal Series 2005H, 5.000%, 8/01/17 – NPFG Insured

8/14 at 100.00

5,524,050

21,145

New York City, New York, General Obligation Bonds, Fiscal Series 2007C-1, 5.000%, 10/01/18

10/17 at 100.00

24,570,490

255

New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.000%, 6/01/27

6/13 at 100.00

BBB

252,509

15,870

New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 101, 5.350%, 4/01/26 (Alternative Minimum Tax)

10/11 at 100.00

Aa1

15,880,316

New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:

1,425

5.250%, 6/01/20 – AMBAC Insured

6/13 at 100.00

AA–

1,518,309

5,345

5.250%, 6/01/21 – AMBAC Insured

6/13 at 100.00

AA–

5,691,997

New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C:

10,000

5.500%, 6/01/18

6/12 at 100.00

AA–

10,333,100

4,430

5.500%, 6/01/19

No Opt. Call

AA–

4,742,581

1,000

5.500%, 6/01/20

6/13 at 100.00

AA–

1,069,990

5,695

5.500%, 6/01/21

6/13 at 100.00

AA–

6,090,404

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–

807,124

Tobacco Settlement Financing Corporation, New York, Asset-Backed Revenue Bonds, State Contingency Contract Secured, Series 2011B:

7,500

5.000%, 6/01/16

No Opt. Call

AA–

8,619,600

7,300

5.000%, 6/01/17

No Opt. Call

AA–

8,434,420

8,450

5.000%, 6/01/18

No Opt. Call

AA–

9,747,751

202,720

Total New York

222,058,177


Nuveen Investments			111

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

North Carolina – 2.1%

North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 2003D:

20,000

5.375%, 1/01/13

No Opt. Call

A–

21,203,000

11,000

5.125%, 1/01/23

1/13 at 100.00

A–

11,188,870

2,000

North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Novant Health Obligated Group, Series 2003A, 5.000%, 11/01/17

11/13 at 100.00

A+

2,081,320

2,240

North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.500%, 1/01/13 (ETM)

No Opt. Call

N/R

(4)

2,403,677

North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A:

4,760

5.500%, 1/01/13

No Opt. Call

5,078,158

10,000

5.250%, 1/01/18 – NPFG Insured

1/13 at 100.00

10,550,300

50,000

Total North Carolina

52,505,325

North Dakota – 0.1%

2,750

Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31

11/21 at 100.00

AA–

2,972,475

Ohio – 2.4%

3,930

Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facility Revenue Bonds, Akron General Medical Center, Series 2006, 5.000%, 1/01/13

No Opt. Call

BBB+

4,049,079

1,480

Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-1, 5.000%, 6/01/16

No Opt. Call

BBB

1,533,768

31,820

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

Baa3

26,089,218

3,240

Cleveland, Ohio, Airport System Revenue Bonds, Series 2009C, 5.000%, 1/01/21 – AGM Insured

No Opt. Call

AA+

3,360,820

Cleveland, Ohio, General Obligation Bonds, Series 2011:

1,700

5.000%, 12/01/22

12/19 at 100.00

1,840,879

1,780

5.000%, 12/01/23

12/19 at 100.00

1,903,763

4,740

Columbus, Ohio, Sewerage System Revenue Bonds, Tender Option Bomd Trust 2456, 17.627%, 12/01/15 (IF)

No Opt. Call

AA+

6,203,712

1,970

Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center Inc., Series 2006, 5.250%, 5/15/15

No Opt. Call

A–

2,167,197

11,000

Ohio State, General Obligation Bonds, Common Schools Series 2007A, 5.000%, 6/15/15

No Opt. Call

AA+

12,692,460

Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006:

735

5.000%, 11/15/14

No Opt. Call

A–

804,524

805

5.000%, 11/15/16

No Opt. Call

A–

899,451

63,200

Total Ohio

61,544,871

Oklahoma – 0.7%

2,495

Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.500%, 9/01/23

9/16 at 100.00

BB+

2,417,830

8,375

Oklahoma State, General Obligation Bonds, Series 2003A, 5.000%, 7/15/17 (Pre-refunded 7/15/13) – FGIC Insured

7/13 at 101.00

AA+

(4)

9,221,964

Stillwater Medical Center Authority, Oklahoma, Hospital Revenue Bonds, Series 2005:

120

5.250%, 5/15/12

No Opt. Call

BBB+

122,563

700

5.250%, 5/15/13

No Opt. Call

BBB+

730,009

790

5.250%, 5/15/14

No Opt. Call

BBB+

838,095

1,050

5.250%, 5/15/15

5/14 at 100.00

BBB+

1,109,094

3,000

Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2009A, 5.375%, 6/01/24

6/15 at 100.00

3,110,670

16,530

Total Oklahoma

17,550,225


	112			Nuveen Investments


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value

		Oregon – 0.4%

$	4,120	Clackamas Community College District, Oregon, General Obligation Bonds, Series 2007, 5.000%, 6/15/20 – FGIC Insured		No Opt. Call		AA		$	4,812,448

	4,000	Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/22		5/19 at 100.00		AAA			4,556,360
	8,120	Total Oregon							9,368,808
		Pennsylvania – 2.2%

	4,630	Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.100%, 7/01/13 (Mandatory put 1/01/13)		10/11 at 100.00		Ba1			4,642,501

	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			3,086,275

	1,250	Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.000%, 1/01/27		1/17 at 100.00		A–			1,222,363

	1,025	Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23		No Opt. Call		Baa1			1,066,974

	15,020	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38		12/27 at 100.00		A–			10,686,430

	10,000	Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2005A, 5.000%, 8/01/19 – AMBAC Insured		8/15 at 100.00		Aa2			10,611,000

	4,270	Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2010A, 5.000%, 6/01/16		No Opt. Call		Aa2			4,772,750

	10,490	Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2006B, 5.000%, 9/01/12 – AGM Insured		No Opt. Call		AA+			10,949,147

	11,050	Sayre Healthcare Facility Authority, Pennsylvania, Revenue Bonds, Guthrie Healthcare System, Series 2007, 0.950%, 12/01/24		12/17 at 100.00		AA–			8,678,670
	60,875	Total Pennsylvania							55,716,110
		Puerto Rico – 2.4%

		Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II:
	4,200	5.375%, 7/01/19 (Pre-refunded 7/01/12) – NPFG Insured		7/12 at 101.00		A3	(4)		4,443,096
	5,000	5.000%, 7/01/20 (Pre-refunded 7/01/12) – NPFG Insured		7/12 at 101.00		A3	(4)		5,272,100

	3,000	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT, 5.000%, 7/01/24 – NPFG Insured		7/17 at 100.00		A3			3,039,750

	10,000	Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2003H, 5.250%, 7/01/14 – FGIC Insured		No Opt. Call		A3			10,738,200

	11,000	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32		8/26 at 100.00		A+			9,081,160

	5,000	Puerto Rico, General Obligation and Public Improvement Bonds, Series 1998, 5.750%, 7/01/12 – NPFG Insured		No Opt. Call		A3			5,187,500

	10,000	Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/16 – NPFG Insured		No Opt. Call		A3			11,184,400

	10,625	Puerto Rico, General Obligation Refunding Bonds, Series 2002, 5.500%, 7/01/12– FGIC Insured		No Opt. Call		A3			10,995,175
	58,825	Total Puerto Rico							59,941,381
		Rhode Island – 0.2%

	4,185	Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23		6/12 at 100.00		BBB			4,200,568
		South Carolina – 0.6%

	4,000	Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2002, 5.500%, 12/01/28 (Pre-refunded 12/01/12)		12/12 at 101.00		Aaa			4,322,200


Nuveen Investments			113

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

South Carolina (continued)

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

12/15 at 100.00

1,550,970

2,000

5.250%, 12/01/24

12/15 at 100.00

2,057,600

6,750

South Carolina Transportation Infrastructure Bank, Revenue Bonds,
Series 2004B, 5.250%, 10/01/16 – AMBAC Insured

No Opt. Call

7,881,233

14,250

Total South Carolina

15,812,003

South Dakota – 0.4%

South Dakota Health and Educational Facilities Authority, Revenue Bonds, Huron Regional Medical Center, Series 2005:

760

5.000%, 4/01/17

4/13 at 100.00

A–

779,631

800

5.000%, 4/01/18

4/13 at 100.00

A–

816,584

840

5.000%, 4/01/19

4/13 at 100.00

A–

853,406

820

5.000%, 4/01/20

4/13 at 100.00

A–

830,373

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

AA–

1,091,580

4,000

South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley Hospitals, Series 2001E, 5.375%, 11/01/24

11/11 at 101.00

AA–

4,067,760

South Dakota Health and Educational Facilities Authority, Revenue Bonds, Westhills Village Retirement Community Project, Series 2006:

295

4.500%, 9/01/12

No Opt. Call

A–

303,478

300

4.550%, 9/01/14

No Opt. Call

A–

318,195

8,815

Total South Dakota

9,061,007

Tennessee – 2.0%

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+

766,158

750

5.000%, 7/01/18

7/16 at 100.00

BBB+

782,678

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+

4,874,550

10,000

Memphis, Tennessee, Subordinate Lien Electric System Revenue Bonds,
Series 2003A, 5.000%, 12/01/15 (Pre-refunded 12/01/13) – NPFG Insured

12/13 at 100.00

AA+

(4)

11,047,000

12,145

Memphis, Tennessee, Subordinate Lien Electric System Revenue Bonds,
Series 2003A, 5.000%, 12/01/13 – NPFG Insured

No Opt. Call

AA+

13,366,180

500

Memphis-Shelby County Airport Authority, Tennessee, Special Facilities Revenue Refunding Bonds, FedEx Inc., Series 1997, 5.350%, 9/01/12

No Opt. Call

BBB

520,315

1,400

Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.000%, 9/01/19

9/16 at 100.00

BBB+

1,454,236

The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds,
Series 2006A:

5,790

5.000%, 9/01/12

No Opt. Call

Ba3

6,021,253

11,885

5.250%, 9/01/20

No Opt. Call

Ba3

12,062,087

48,185

Total Tennessee

50,894,457

Texas – 8.2%

8,800

Austin, Texas, Electric Utility System Revenue Refunding Bonds, Series 2003, 5.250%, 11/15/20 – NPFG Insured

5/13 at 100.00

A+

9,352,992

6,000

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

6,371,580

3,380

Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds,
Series 2011, 6.250%, 1/01/46

1/21 at 100.00

BBB–

3,385,746

10,000

Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/15 – AMBAC Insured

No Opt. Call

AAA

11,659,400


	114			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Texas (continued)

Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2004A:

1,000

5.250%, 12/01/11

No Opt. Call

A+

1,014,130

1,150

5.250%, 12/01/12

No Opt. Call

A+

1,209,547

1,000

5.250%, 12/01/13

No Opt. Call

A+

1,082,120

7,000

Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, St. Luke’s Episcopal Hospital, Series 1991A,
6.750%, 2/15/21 (ETM)

10/11 at 100.00

AA+

(4)

8,141,140

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

5,770,701

5,385

5.000%, 11/01/23

11/19 at 100.00

5,990,166

5,660

5.000%, 11/01/24

11/19 at 100.00

6,217,906

Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Refunding Series 2011B:

6,355

5.250%, 9/01/24 (WI/DD, Settling 8/31/11)

9/16 at 100.00

6,570,816

6,920

5.250%, 9/01/25 (WI/DD, Settling 8/31/11)

9/16 at 100.00

7,110,646

4,295

5.250%, 9/01/26 (WI/DD, Settling 8/31/11)

9/16 at 100.00

4,393,785

Houston, Texas, Junior Lien Water and Sewerage System Revenue Forward Refunding Bonds, Series 2002B:

6,000

5.750%, 12/01/15 (Pre-refunded 12/01/12) – AMBAC Insured

12/12 at 100.00

(4)

6,438,120

5,385

5.750%, 12/01/16 (Pre-refunded 12/01/12) – AMBAC Insured

12/12 at 100.00

(4)

5,778,213

10,000

Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2001A, 5.500%, 12/01/14 – AGM Insured

12/11 at 100.00

AA+

10,169,700

10,000

Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2002A, 5.000%, 12/01/30 (Pre-refunded 12/01/12) – AGM Insured

12/12 at 100.00

AA+

(4)

10,630,000

Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011B:

1,900

5.000%, 7/01/25

7/21 at 100.00

2,015,121

2,000

5.000%, 7/01/26

7/21 at 100.00

2,107,920

1,595

Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.000%, 8/15/14

No Opt. Call

BBB–

1,689,424

6,075

Laredo, Texas, International Toll Bridge Revenue Bonds, Series 2005B, 5.000%, 10/01/18 – AGM Insured

10/15 at 100.00

AA+

6,708,501

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–

1,906,560

4,515

Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services Corporation, Series 2003C, 5.250%, 5/15/17 – AMBAC Insured

5/13 at 100.00

4,817,821

3,465

North Harris County Regional Water Authority, Texas, Senior Water Revenue Bonds, Series 2003, 5.250%, 12/15/17 – FGIC Insured

12/13 at 100.00

A+

3,744,244

North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011C:

2,370

0.000%, 9/01/43

9/31 at 100.00

1,226,214

9,130

0.000%, 9/01/45

9/31 at 100.00

5,282,070

Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series 2002A:

8,615

6.000%, 10/01/16

10/12 at 100.00

Baa2

8,915,147

9,450

6.000%, 10/01/21

10/12 at 100.00

Baa2

9,621,329

5,000

San Antonio, Texas, Electric and Gas System Revenue Refunding Bonds,
New Series 1992, 5.000%, 2/01/17 (ETM)

No Opt. Call

AA+

(4)

5,556,550

5,000

Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/19

2/17 at 100.00

AA–

5,472,450


Nuveen Investments			115

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

July 31, 2011


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value

		Texas (continued)

$	4,825	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		Aa2		$	4,949,678

	5,000	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Tender Option Bond Trust 3216, 18.144%, 10/01/14 (IF)		No Opt. Call		AAA			7,041,800

	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			6,428,680

	2,635	Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, East Texas Medical Center Regional Healthcare System, Series 2007A, 5.000%, 11/01/12		No Opt. Call		Baa2			2,692,469

		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			4,785,350
	11,300	5.250%, 7/01/28		7/17 at 100.00		Baa1			10,716,694

	785	Weslaco Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Knapp Medical Center, Series 2002, 6.000%, 6/01/17 (Pre-refunded 6/01/12)		6/12 at 100.00		N/R	(4)		813,943
	198,755	Total Texas							207,778,673
		Utah – 0.5%

	6,330	Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41		8/19 at 100.00		AA+			6,350,636

		Utah, General Obligation Bonds, Series 2009, Trust 2987:
	1,250	17.722%, 7/01/21 (IF)		7/18 at 100.00		AAA			2,346,900
	2,500	17.722%, 7/01/22 (IF)		7/18 at 100.00		AAA			4,693,800
	10,080	Total Utah							13,391,336
		Virgin Islands – 0.3%

	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			1,553,962

	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			6,019,560
	7,580	Total Virgin Islands							7,573,522
		Virginia – 0.1%

	2,370	Chesapeake Hospital Authority, Virginia, Revenue Bonds, Chesapeake General Hospital, Series 2004A, 5.250%, 7/01/13		No Opt. Call		A2			2,552,300

	1,130	Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2005, 5.250%, 6/01/19 (Pre-refunded 6/01/12)		6/12 at 100.00		AAA			1,176,974
	3,500	Total Virginia							3,729,274
		Washington – 2.4%

	4,930	Clark County Public Utility District 1, Washington, Electric System Revenue Bonds, Series 2007, 5.000%, 1/01/19 – FGIC Insured		1/17 at 100.00		A			5,372,270

	2,710	Douglas County Public Utility District 1, Washington, Revenue Bonds, Wells Hydroelectric, Series 1963, 4.000%, 9/01/18 (ETM)		No Opt. Call		AA	(4)		2,945,716

	5,000	Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 2002A, 5.500%, 7/01/15 – NPFG Insured		7/12 at 100.00		Aaa			5,224,700

	5,055	King County, Washington, General Obligation Bonds, Harborview Medical Center, Series 2004, 5.000%, 12/01/14 – AMBAC Insured		6/14 at 100.00		AAA			5,673,378

	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			1,200,404

	8,900	Tacoma, Washington, Electric System Revenue Bonds, Series 2004A, 5.250%, 1/01/16 – FGIC Insured		7/14 at 100.00		AA			9,819,637

	6,000	Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31		1/21 at 100.00		A			6,001,920


	116			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Washington (continued)

Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002:

380

5.500%, 6/01/12

No Opt. Call

BBB

388,910

5,330

6.500%, 6/01/26

6/13 at 100.00

BBB

5,404,779

12,000

Washington State, General Obligation Bonds, Series 1992B, 6.400%, 6/01/17 – NPFG Insured

No Opt. Call

AA+

14,370,119

3,005

Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008, Trust 2599, 17.838%, 1/01/16 (IF)

No Opt. Call

AA+

4,321,670

54,485

Total Washington

60,723,503

Wisconsin – 3.4%

100

Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/12 (ETM)

No Opt. Call

AAA

104,632

4,100

Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.000%, 6/01/17
(Pre-refunded 6/01/12)

6/12 at 100.00

AAA

4,298,521

2,825

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital Inc., Series 2003, 5.625%, 2/15/13 – AMBAC Insured

No Opt. Call

2,911,472

8,670

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Childrens Hospital of Wisconsin Inc., Series 2008B, 5.500%, 8/15/29

2/20 at 100.00

AA–

9,115,897

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

1,970,159

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+

2,319,134

2,505

5.000%, 9/01/22

9/17 at 100.00

BBB+

2,507,479

5,000

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2010A, 5.000%, 6/01/19

No Opt. Call

5,250,899

6,555

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured

No Opt. Call

7,517,732

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006:

2,455

5.250%, 8/15/19

8/16 at 100.00

BBB+

2,560,269

11,955

5.250%, 8/15/20

8/16 at 100.00

BBB+

12,351,546

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

BBB+

10,241,854

2,870

Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Series 2002A, 5.300%, 9/01/18 (Alternative Minimum Tax)

9/11 at 100.00

2,872,783

1,430

Wisconsin Housing and Economic Development Authority, Insured Mortgage Revenue Refunding Bonds, Series 1977, 5.800%, 6/01/17 (ETM)

No Opt. Call

(4)

1,603,058

9,000

Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/27

5/19 at 100.00

AA–

10,302,389

10,035

Wisconsin State, General Obligation Bonds, Series 2005I, 5.000%, 5/01/16 – NPFG Insured

5/15 at 100.00

11,419,929

81,825

Total Wisconsin

87,347,753

2,423,514

Total Investments (cost $2,423,349,741) – 98.6%

2,503,933,394

Other Assets Less Liabilities – 1.4%

35,743,239

Net Assets – 100%

2,539,676,633


Nuveen Investments			117

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

July 31, 2011

Fair Value Measurements


Level 1 –		Quoted prices in active markets for identical securities.
Level 2 –		Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –		Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).


	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	2,502,922,754	$	1,010,640	$	2,503,933,394

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


	Level 3 Municipal Bonds
Balance at the beginning of period	$	—
Gains (losses):
Net realized gains (losses)		—
Net change in unrealized appreciation (depreciation)		—
Purchases at cost		—
Sales at proceeds		—
Net discounts (premiums)		—
Transfers in to		1,010,640
Transfers out of		—
Balance at the end of period	$	1,010,640

During the period ended July 31, 2011, the Fund recognized no significant transfers to or from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.

Income Tax Information

At July 31, 2011, the cost of investments was $2,420,009,590.

Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2011, were as follows:


Gross unrealized:
Appreciation	$	119,077,786
Depreciation		(35,153,982	)
Net unrealized appreciation (depreciation) of investments	$	83,923,804


	118			Nuveen Investments

(1)

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

(2)

(3)

(4)

(5)

(6)

N/R

Not rated.

WI/DD

Purchased on a when-issued or delayed delivery basis.

(ETM)

Escrowed to maturity.

(IF)

Inverse floating rate investment.


Nuveen Investments			119

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Alabama – 1.3%

Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2001:

3,815

5.500%, 12/01/12

12/11 at 101.00

A–

3,900,723

350

5.750%, 12/01/17

12/11 at 101.00

A–

356,059

3,820

5.500%, 12/01/21

12/11 at 101.00

A–

3,840,475

3,830

Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A, 5.000%, 11/15/12

No Opt. Call

Baa2

3,953,058

Health Care Authority for Baptist Health, Alabama, Revenue Bonds, Baptist Health, Series 2006D:

1,000

5.000%, 11/15/13

No Opt. Call

1,053,770

1,000

5.000%, 11/15/14

No Opt. Call

1,067,530

1,075

Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/15

No Opt. Call

BBB–

1,044,685

4,500

Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 2003B, 5.250%, 2/01/12 – AGM Insured

8/11 at 100.00

AA+

4,452,795

1,500

Mobile Industrial Development Board, Alabama, Pollution Control Revenue Bonds, International Paper Company, Series 1994A, 4.650%, 12/01/11

No Opt. Call

BBB

1,514,250

Pell City, Alabama, Special Care Facilities Financing Authority, Revenue Bonds, Noland Health Services, Series 2007A:

925

5.000%, 12/01/11

No Opt. Call

A–

935,638

745

5.000%, 12/01/12

No Opt. Call

A–

776,037

570

5.000%, 12/01/13

No Opt. Call

A–

607,022

6,305

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

BBB

(4)

7,236,249

29,435

Total Alabama

30,738,291

Alaska – 0.5%

8,155

Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 4.625%, 6/01/23

6/14 at 100.00

Baa3

7,600,134

3,420

Valdez, Alaska, Marine Terminal Revenue Refunding Bonds, BP Pipelines Inc. Project, Refunding Series 2003B, 5.000%, 1/01/21

No Opt. Call

3,756,596

11,575

Total Alaska

11,356,730

Arizona – 4.6%

500

Arizona Board of Regents, University of Arizona, System Revenue Refunding Bonds, Series 1992A, 6.200%, 6/01/16

No Opt. Call

559,350

2,870

Arizona School Facilities Board, Certificates of Participation, Series 2008, 5.500%, 9/01/16

No Opt. Call

A+

3,255,183

895

Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured

7/15 at 100.00

Aa3

913,312

Arizona State, Certificates of Participation, Department of Administration Series 2010B:

11,950

5.000%, 10/01/16 – AGC Insured

No Opt. Call

AA+

13,649,290

445

5.000%, 10/01/17 – AGM Insured

No Opt. Call

AA+

508,524

7,760

Arizona State, Certificates of Participation, Series 2008A, 5.000%, 9/01/21 – AGM Insured

No Opt. Call

AA+

8,421,385

Arizona State, Certificates of Participation, Series 2010A:

4,660

5.000%, 10/01/16 – AGM Insured

No Opt. Call

AA+

5,322,652

11,835

5.000%, 10/01/17 – AGM Insured

No Opt. Call

AA+

13,524,446

2,100

5.000%, 10/01/19 – AGM Insured

No Opt. Call

AA+

2,372,748

Arizona State, State Lottery Revenue Bonds, Series 2010A:

3,815

5.000%, 7/01/15 – AGM Insured

No Opt. Call

AA+

4,303,053

1,890

5.000%, 7/01/16 – AGM Insured

No Opt. Call

AA+

2,161,177

2,305

5.000%, 7/01/17 – AGM Insured

No Opt. Call

AA+

2,644,250

5,000

5.000%, 7/01/18 – AGM Insured

No Opt. Call

AA+

5,718,150


	120			Nuveen Investments


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value

		Arizona (continued)

$	1,000	Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Series 2004, 5.250%, 5/15/12		No Opt. Call		A–		$	1,032,770

	2,205	Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006A, 5.000%, 8/01/19 – NPFG Insured		8/16 at 100.00		AA–			2,358,689

		Maricopa County, Arizona, Hospital Revenue Bonds, Sun Health Corporation, Series 2005:
	3,080	5.000%, 4/01/13 (ETM)		No Opt. Call		N/R	(4)		3,315,066
	3,000	5.000%, 4/01/15 (ETM)		No Opt. Call		N/R	(4)		3,440,940

	10,000	Navajo County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding Bonds, Arizona Public Serivce Company, Cholla Project, Series 2009A, 5.000%, 6/01/34 (Mandatory put 6/01/12)		No Opt. Call		BBB			10,275,200

	19,515	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2009B, 4.000%, 1/01/18		No Opt. Call		Aa1			21,824,795

	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			791,157

	300	Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007, 4.500%, 4/01/17		4/12 at 100.00		N/R			300,570

	1,735	Vistancia Community Facilities District, Arizona, Restricted General Obligation Bonds, Series 2005, 5.000%, 7/15/14		No Opt. Call		A1			1,810,559

	2,545	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			2,467,937
	100,160	Total Arizona							110,971,203
		Arkansas – 0.3%

	1,620	Sebastian County Health Facilities Board, Arkansas, Hospital Revenue Improvement Bonds, Sparks Regional Medical Center, Series 2001A, 5.500%, 11/01/11		No Opt. Call		N/R			1,639,732

	3,415	Sebastian County Health Facilities Board, Arkansas, Hospital Revenue Improvement Bonds, Sparks Regional Medical Center, Series 2001A, 5.500%, 11/01/12 (Pre-refunded 11/01/11)		11/11 at 101.00		N/R	(4)		3,494,433

	1,605	Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B, 5.000%, 2/01/12		No Opt. Call		Baa1			1,637,100
	6,640	Total Arkansas							6,771,265
		California – 6.3%

	6,600	California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.500%, 5/01/13 (Pre-refunded 5/01/12) – AMBAC Insured		5/12 at 101.00		Aa3	(4)		6,927,162

	3,300	California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.500%, 5/01/13 – AMBAC Insured		5/12 at 101.00		AA–			3,456,024

		California Department of Water Resources, Power Supply Revenue Bonds, Series 2010L:
	3,190	5.000%, 5/01/16		No Opt. Call		AA–			3,720,497
	3,125	5.000%, 5/01/17		No Opt. Call		AA–			3,691,656

	3,575	California Department of Water Resources, Power Supply Revenue Bonds, Series 2010M, 4.000%, 5/01/16		No Opt. Call		AA–			4,001,998

	3,015	California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2009F, 5.000%, 7/01/27 (Mandatory put 7/01/14)		No Opt. Call		A+			3,296,088

	1,000	California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/13		No Opt. Call		AAA			1,088,780

		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009I-1:
	4,440	5.000%, 11/01/16		No Opt. Call		A2			4,981,680
	3,675	5.000%, 11/01/17		No Opt. Call		A2			4,102,329


Nuveen Investments			121

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

California (continued)

9,650

California State, General Obligation Bonds, Series 2006, 5.000%, 3/01/13

No Opt. Call

10,295,199

5,000

California State, General Obligation Bonds, Various Purpose Series 2009, 5.000%, 10/01/16

No Opt. Call

5,793,950

California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2009A:

5,000

5.000%, 4/01/14

No Opt. Call

A+

5,507,850

5,000

5.000%, 4/01/16

No Opt. Call

A+

5,708,950

10,495

California Statewide Communities Development Authority, Revenue Bonds, State of California Proposition 1A Receivables Program, Series 2009, 5.000%, 6/15/13

No Opt. Call

11,317,073

1,000

California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005G, 5.250%, 7/01/13

No Opt. Call

BBB

1,028,850

California, State Economic Recovery Revenue Bonds, Refunding Series 2009A:

1,650

5.000%, 7/01/16

No Opt. Call

Aa3

1,921,310

5.250%, 7/01/21

7/19 at 100.00

Aa3

23,152

4,000

California, State Economic Recovery Revenue Bonds, Refunding Series 2009B, 5.000%, 7/01/23 (Mandatory put 7/01/14)

No Opt. Call

Aa3

4,484,880

6,645

California, Various Purpose General Obligation Bonds, Series 1992, 6.250%, 9/01/12 – NPFG Insured

No Opt. Call

6,810,195

Del Mar Race Track Authority, California, Revenue Bonds, Series 2005:

1,505

5.000%, 8/15/12

No Opt. Call

N/R

1,517,130

1,000

5.000%, 8/15/13

No Opt. Call

N/R

1,003,340

Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:

1,115

5.000%, 6/01/12 – AMBAC Insured

No Opt. Call

1,144,325

1,180

5.000%, 6/01/17

10/11 at 100.00

1,180,366

11,985

Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.250%, 6/01/33 (Pre-refunded 6/01/13)

6/13 at 100.00

AAA

12,945,478

Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:

3,170

5.000%, 6/01/15

No Opt. Call

BBB

3,299,938

2,665

5.000%, 6/01/16

No Opt. Call

BBB

2,770,347

8,905

4.500%, 6/01/27

6/17 at 100.00

BBB–

7,462,390

12,000

Inland Valley Development Agency, California, Tax Allocation Bonds, Series 2011C, 4.500%, 3/01/41 (Mandatory put 3/01/16)

No Opt. Call

12,494,040

1,770

Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales Tax Revenue Bonds, Senior Lien Series 2010B, 5.000%, 6/01/20

No Opt. Call

AAA

2,106,707

350

Los Angeles Harbors Department, California, Revenue Bonds,
Series 1988, 7.600%, 10/01/18 (ETM)

No Opt. Call

AA+

(4)

422,261

Moulton Niguel Water District, California, Certificates of Participation, Refunding Series 2003:

1,850

5.000%, 9/01/19 – AMBAC Insured

No Opt. Call

AA+

2,021,366

2,255

5.000%, 9/01/20 – AMBAC Insured

No Opt. Call

AA+

2,439,211

4,100

Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Bond Anticipation Notes Series 2010, 0.000%, 5/01/15

No Opt. Call

3,784,136

6,250

Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21

11/20 at 100.00

Baa3

6,299,625

Sacramento Municipal Utility District, California, Electric Revenue Bonds,
Series M, 9.000%, 4/01/13 (ETM)

No Opt. Call

AAA

70,870

190

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

249,953


	122			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

California (continued)

San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:

1,420

5.000%, 9/01/14

No Opt. Call

Baa3

1,487,748

1,500

5.000%, 9/01/15

No Opt. Call

Baa3

1,576,800

Sierra View Local Health Care District, California, Revenue Bonds, Refunding Series 2010:

500

3.500%, 7/01/16

No Opt. Call

N/R

509,630

500

3.800%, 7/01/17

No Opt. Call

N/R

511,175

144,655

Total California

153,454,459

Colorado – 2.0%

2,900

Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2008-C8, 4.100%, 9/01/36 (Mandatory put 11/10/11)

No Opt. Call

2,930,131

Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2006:

1,000

5.000%, 6/01/14

No Opt. Call

A–

1,066,140

2,320

5.250%, 6/01/17

6/16 at 100.00

A–

2,504,742

1,120

Colorado State Board of Community Colleges and Occupational Education, Systemwide Revenue Bonds, Series 2010C, 4.000%, 11/01/14

No Opt. Call

Aa3

1,224,709

3,920

Colorado Water Resources and Power Development Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004A, 5.000%, 9/01/23

9/14 at 100.00

AAA

4,226,113

15,935

E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2007C-2, 5.000%, 9/01/39 (Mandatory put 9/02/13) – NPFG Insured

No Opt. Call

Baa1

16,895,721

4,500

E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004C, 5.000%, 9/01/17 – NPFG Insured

No Opt. Call

Baa1

4,681,755

2,550

E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2006A, 5.000%, 9/01/13 – NPFG Insured (ETM)

No Opt. Call

Baa1

(4)

2,791,613

1,315

Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, Series 2007, 6.100%, 1/01/17

No Opt. Call

N/R

1,281,849

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)

12,008,300

45,560

Total Colorado

49,611,073

Connecticut – 0.7%

730

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

736,001

10,000

Connecticut, General Obligation Bonds, Series 2002E, 5.500%, 11/15/13 – AGM Insured

11/12 at 100.00

AA+

10,640,200

Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:

5.500%, 1/01/14 (Alternative Minimum Tax)

1/12 at 100.00

BBB

10,027

1,700

5.500%, 1/01/20 (Alternative Minimum Tax)

1/12 at 100.00

BBB

1,700,510

New Haven, Connecticut, General Obligation Bonds, Refunding
Series 2010A-1:

1,325

5.000%, 2/01/13

No Opt. Call

1,409,230

1,915

5.000%, 2/01/14

No Opt. Call

2,099,319

15,680

Total Connecticut

16,595,287

Delaware – 0.0%

755

Delaware Health Facilities Authority, Revenue Bonds, Beebe Medical Center, Series 2005A, 5.000%, 6/01/14

No Opt. Call

Ba3

675,936


Nuveen Investments			123

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

District of Columbia – 0.1%

District of Columbia, Income Tax Secured Revenue Bonds, Series 2009D:

1,100

5.000%, 12/01/16

No Opt. Call

AAA

1,309,121

1,100

5.000%, 12/01/17

No Opt. Call

AAA

1,313,521

2,200

Total District of Columbia

2,622,642

Florida – 5.5%

Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1:

5,315

6.000%, 6/01/16

No Opt. Call

A+

5,990,696

515

5.500%, 6/01/17

No Opt. Call

A+

566,629

4,000

Citizens Property Insurance Corporation, Florida, High-Risk Account Revenue Bonds, Coastal Account Senior Secured Series 2011A-1, 5.000%, 6/01/18

No Opt. Call

A+

4,225,520

5,000

Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/14

No Opt. Call

A+

5,319,800

1,000

Florida Board of Education, Lottery Revenue Bonds, Series 2008B, 4.000%, 7/01/13

No Opt. Call

AAA

1,062,700

Florida Citizens Property Insurance Corporation, High Risk Account Revenue Bonds, Series 2007A:

5.000%, 3/01/14 – NPFG Insured

No Opt. Call

A+

10,572

5,560

5.000%, 3/01/15 – NPFG Insured

No Opt. Call

A+

5,986,007

5.000%, 3/01/17 – NPFG Insured

No Opt. Call

A+

91,236

Florida Deparmtent of Environmental Protection, Florida Forever Revenue Bonds, Series 2007B:

4,445

5.000%, 7/01/17 – NPFG Insured

No Opt. Call

AA–

5,160,601

6,575

5.000%, 7/01/19 – NPFG Insured

7/17 at 101.00

AA–

7,281,944

10,000

Florida Hurricane Catastrophe Fund, Financial Corporation Revenue Bonds, Series 2010A, 5.000%, 7/01/15

No Opt. Call

AA–

11,128,100

2,500

Florida Municipal Power Agency, Revenue Bonds, St. Lucie Project, Refunding Series 2011A, 5.000%, 10/01/20

No Opt. Call

2,755,825

Florida State Board of Education, Lottery Revenue Bonds, Series 2010A:

6,155

5.000%, 7/01/15

No Opt. Call

AAA

7,028,087

2,830

5.000%, 7/01/16

No Opt. Call

AAA

3,285,121

1,115

5.000%, 7/01/17

No Opt. Call

AAA

1,301,261

8,000

Florida State Division of Bond Finance, Preservation 2000 Revenue Bonds, Department of Environmental Protection, Series 1998A, 6.000%, 7/01/13 – AGM Insured

No Opt. Call

AA+

8,779,760

250

Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System, Series 2005A, 5.000%, 11/15/12

No Opt. Call

AA–

264,153

780

Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2001A, 6.000%, 11/15/31 (Pre-refunded 11/15/11)

11/11 at 101.00

N/R

(4)

800,951

500

Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2003D, 5.875%, 11/15/29 (Pre-refunded 11/15/13)

11/13 at 100.00

N/R

(4)

557,085

1,650

Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Refunding Bonds, Tampa General Hospital, Series 2003A,
5.000%, 10/01/13

No Opt. Call

1,766,144

2,700

Hillsborough County Industrial Development Authority, Florida, Pollution Control Revenue Bonds, Tampa Electric Company Project, Series 2002, 5.100%, 10/01/13

10/12 at 100.00

BBB+

2,805,057

1,515

Marion County School Board, Florida, Certificates of Participation,
Series 2007B, 5.000%, 6/01/18 – AMBAC Insured

6/17 at 100.00

Aa3

1,671,348

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

BBB

3,813,804

4,000

3.750%, 12/01/18

No Opt. Call

BBB

4,095,360


	124			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Florida (continued)

Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquistion, Series 2010E:

1,515

4.000%, 4/01/15

No Opt. Call

Aa3

1,634,746

1,640

4.000%, 4/01/17

No Opt. Call

Aa3

1,740,729

1,705

5.000%, 4/01/18

No Opt. Call

Aa3

1,896,983

1,790

5.000%, 4/01/19

No Opt. Call

Aa3

1,977,198

1,880

5.000%, 4/01/20

No Opt. Call

Aa3

2,056,156

2,665

Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 5.250%, 10/01/17 – AGM Insured

No Opt. Call

AA+

3,140,063

North Brevard County Hospital District, Florida, Revenue Bonds, Parrish Medical Center Project, Refunding Series 2008:

1,220

5.000%, 10/01/14

No Opt. Call

1,324,664

1,145

5.125%, 10/01/16

No Opt. Call

1,274,935

5,250

North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.000%, 10/01/20

No Opt. Call

BBB

5,401,410

5,000

Orlando Utilities Commission, Florida, Water and Electric Revenue Bonds, Series 1996A, 3.750%, 10/01/23 (Mandatory put 10/01/13)

No Opt. Call

Aa1

5,320,300

1,680

Orlando-Orange County Expressway Authority, Florida, Senior Lien Revenue Bonds, Series 1988, 7.625%, 7/01/18 – AMBAC Insured (ETM)

No Opt. Call

(4)

2,160,312

2,085

Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH Corporation Obligated Group, Series 2001, 5.000%, 12/01/12

No Opt. Call

BBB–

2,132,621

10,430

Port Everglades Authority, Florida, Port Facilities Revenue Bonds, Series 1986, 7.125%, 11/01/16 (ETM)

No Opt. Call

AAA

12,081,278

2,150

Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole Electric Cooperative, Series 2007B, 5.350%, 3/15/42 (Mandatory put 5/01/18) – AMBAC Insured

No Opt. Call

A–

2,416,084

1,595

Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007, 6.375%, 5/01/17

No Opt. Call

N/R

1,136,422

3,110

Volusia County School Board, Florida, Sales Tax Revenue Bonds, Series 2004, 5.250%, 10/01/16 – AGM Insured

No Opt. Call

AA+

3,423,550

123,085

Total Florida

134,865,212

Georgia – 1.7%

3,000

Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/12 – FGIC Insured

No Opt. Call

3,188,490

4,000

Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company – Vogtle Plant, Series 2008, 5.050%, 11/01/48 (Mandatory put 1/12/12)

No Opt. Call

4,080,760

Columbia County, Georgia, General Obligation Sales Tax Bonds, Series 2009:

1,260

5.000%, 4/01/15

No Opt. Call

AA+

1,448,395

1,425

5.000%, 4/01/17

No Opt. Call

AA+

1,692,045

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

1,097,160

Georgia Municipal Electric Authority, General Power Revenue Bonds,
Series 1991V:

1,355

6.500%, 1/01/12 – FGIC Insured

No Opt. Call

A+

1,383,184

350

6.600%, 1/01/18 – NPFG Insured

No Opt. Call

408,517

610

Georgia Municipal Electric Authority, Project One Special Obligation Bonds, Fifth Crossover Series 1998Y, 6.400%, 1/01/13 – AMBAC Insured

No Opt. Call

A+

636,145

2,100

Georgia State, General Obligation Bonds, Series 2009B, 4.000%, 1/01/21

1/19 at 100.00

AAA

2,297,988

11,440

Georgia State, General Obligation Bonds, Series 2009D, 5.000%, 5/01/20

5/19 at 100.00

AAA

13,499,314

3,200

Glynn County School District, Georgia, General Obligation Sales Tax Bonds, Series 2010, 3.000%, 9/01/11

No Opt. Call

Aa1

3,208,224

195

Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Series 1992N, 6.250%, 7/01/18 – NPFG Insured

No Opt. Call

Aa2

228,164


Nuveen Investments			125

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Georgia (continued)

7,530

Municipal Electric Authority of Georgia, Project One Subordinate Lien Revenue Bonds, Series 2008A, 5.250%, 1/01/18

No Opt. Call

8,749,032

Private Colleges and University Facilities Authority, Georgia, Revenue Bonds, Mercer University, Series 1991, 6.400%, 11/01/11 – NPFG Insured (ETM)

No Opt. Call

AAA

66,000

37,530

Total Georgia

41,983,418

Hawaii – 0.3%

3,750

Hawaii State, General Obligation Bonds, Series 2008, Trust 3215, 18.044%, 5/01/14 (IF)

No Opt. Call

6,370,800

Illinois – 8.8%

1,240

Bourbonnais, Illinois, Industrial Project Revenue Bonds, Olivet Nazarene University Project, Series 2010, 5.000%, 11/01/20

No Opt. Call

BBB

1,249,970

1,000

Bourbonnais, Illinois, Revenue Bonds, Olivet Nazarene University, Refunding Series 2007, 5.000%, 11/01/15 – RAAI Insured

No Opt. Call

BBB

1,066,930

1,405

Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 12/01/17 – FGIC Insured

No Opt. Call

Aa2

1,088,664

5,000

Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Series 2006, 4.000%, 6/01/12 – AMBAC Insured

No Opt. Call

5,116,350

4,020

Chicago, Illinois, General Obligation Bonds, Modern Schools Arcoss Chicago Program, Series 2007J, 5.000%, 12/01/21 – AMBAC Insured

No Opt. Call

Aa3

4,229,884

7,095

Cook County, Illinois, General Obligation Bonds, Refunding Series 2009A, 5.000%, 11/15/17

No Opt. Call

8,026,077

3,500

Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/22

11/20 at 100.00

3,826,655

2,895

Glendale Heights, Illinois, Hospital Revenue Bonds, Glendale Heights Hospital, Series 1985B, 7.100%, 12/01/15 (ETM)

No Opt. Call

AAA

3,315,122

1,266

Huntley, Illinois, Special Service Area 10, Special Tax Bonds, Series 2007, 4.600%, 3/01/17 – AGC Insured

No Opt. Call

AA+

1,353,000

1,095

Illinois Development Finance Authority, Revenue Bonds, Provena Health, Series 1998A, 5.750%, 5/15/14 – NPFG Insured

10/11 at 100.00

Baa1

1,096,993

Illinois Development Finance Authority, Revenue Refunding Bonds, East St. Louis Project, Series 2003:

1,135

5.000%, 11/15/11 – SYNCORA GTY Insured

No Opt. Call

BBB+

1,148,926

1,030

5.000%, 11/15/12 – SYNCORA GTY Insured

No Opt. Call

BBB+

1,079,162

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

1,295,191

2,500

Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Series 1998B, 3.375%, 7/01/25 (Mandatory put 2/03/14)

No Opt. Call

Aa1

2,644,325

2,000

Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2008A-3, 3.875%, 11/01/30 (Mandatory put 5/01/12)

No Opt. Call

2,053,680

3,575

Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2008C-3B, 4.375%, 11/01/38 (Mandatory put 7/01/14)

No Opt. Call

Aa2

3,858,676

1,687

Illinois Finance Authority, Revenue Bonds, Monarch Landing Inc. Facility, Series 2007A, 5.500%, 12/01/13 (5)

No Opt. Call

N/R

1,360

Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 4.750%, 11/15/14

No Opt. Call

1,452,276

Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B:

1,000

5.000%, 5/01/13

No Opt. Call

Baa3

1,022,990

2,510

5.000%, 5/01/25

No Opt. Call

Baa3

2,263,869

410

Illinois Health Facilities Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 1999, 5.500%, 8/15/19

8/11 at 100.00

BBB

410,320

4,375

Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.500%, 1/01/13

No Opt. Call

Baa1

4,414,331


	126			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Illinois (continued)

3,000

Illinois Municipal Electric Agency, Power Supply System Revenue Bonds,
Series 2007A, 5.250%, 2/01/16 – FGIC Insured

No Opt. Call

A+

3,408,660

Illinois State, General Obligation Bonds, Refunding Series 2004B:

2,435

5.000%, 3/01/13 – AMBAC Insured

No Opt. Call

A+

2,583,511

3,305

5.000%, 3/01/14

No Opt. Call

A+

3,600,864

Illinois State, General Obligation Bonds, Refunding Series 2006:

5.000%, 1/01/13

No Opt. Call

A+

73,842

650

5.000%, 1/01/14

No Opt. Call

A+

705,367

115

5.000%, 1/01/15

No Opt. Call

A+

126,275

3,335

5.000%, 1/01/16

No Opt. Call

A+

3,695,213

Illinois State, General Obligation Bonds, Refunding Series 2007B:

1,010

5.000%, 1/01/13

No Opt. Call

A+

1,065,429

1,525

5.000%, 1/01/16

No Opt. Call

A+

1,689,715

1,050

5.250%, 1/01/20

No Opt. Call

A+

1,154,055

210

Illinois State, General Obligation Bonds, Refunding Series 2008, 4.250%, 4/01/16

No Opt. Call

A+

226,470

Illinois State, General Obligation Bonds, Refunding Series 2010:

6,100

5.000%, 1/01/13

No Opt. Call

A+

6,434,768

3,630

5.000%, 1/01/14

No Opt. Call

A+

3,939,203

1,255

5.000%, 1/01/15

No Opt. Call

A+

1,378,040

1,985

5.000%, 1/01/16

No Opt. Call

A+

2,199,400

5,000

5.000%, 1/01/17 – AGM Insured

No Opt. Call

AA+

5,576,350

490

5.000%, 1/01/17

No Opt. Call

A+

543,871

4,910

5.000%, 1/01/18 – AGM Insured

No Opt. Call

AA+

5,452,408

21,765

5.000%, 1/01/18

No Opt. Call

A+

24,155,885

500

5.000%, 1/01/19

No Opt. Call

A+

550,355

6,975

Illinois State, General Obligation Bonds, Series 2003A, 5.000%, 10/01/19

10/13 at 100.00

A+

7,202,455

1,840

Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/16 – NPFG Insured

3/14 at 100.00

A+

1,961,974

Illinois State, General Obligation Bonds, Series 2004:

820

5.000%, 11/01/13 – AMBAC Insured

No Opt. Call

A+

889,429

915

5.000%, 9/01/14 – NPFG Insured

No Opt. Call

A+

1,007,507

Illinois State, General Obligation Bonds, Series 2005:

795

5.000%, 4/01/14 – AMBAC Insured

No Opt. Call

A+

867,774

2,000

5.000%, 9/01/16 – AGM Insured

9/15 at 100.00

AA+

2,197,480

620

Illinois State, General Obligation Bonds, Series 2006A, 5.000%, 6/01/17

No Opt. Call

A+

690,928

Illinois State, General Obligation Bonds, Series 2006:

3,955

5.000%, 1/01/16

No Opt. Call

A+

4,382,180

1,005

5.000%, 1/01/17

1/16 at 100.00

A+

1,096,344

1,000

Illinois State, General Obligation Bonds, Series 2007A, 5.000%, 6/01/22 – AGM Insured

6/17 at 100.00

AA+

1,033,610

Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2010:

3,000

5.000%, 6/15/15

No Opt. Call

AAA

3,383,910

2,030

5.000%, 6/15/16

No Opt. Call

AAA

2,322,503

Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001:

5.250%, 10/01/11 – AGM Insured

No Opt. Call

AA+

60,456

170

5.500%, 5/01/15 – AGM Insured

No Opt. Call

AA+

191,444

990

5.375%, 4/01/16 – NPFG Insured

No Opt. Call

A+

1,116,512

2,355

5.000%, 8/01/21

10/11 at 100.00

A+

2,361,123

Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002:

1,135

5.500%, 4/01/12 – AGM Insured

No Opt. Call

AA+

1,169,549

865

5.250%, 8/01/12 – NPFG Insured

No Opt. Call

A+

901,788

955

5.500%, 8/01/13 – NPFG Insured

No Opt. Call

A+

1,036,968

570

5.500%, 8/01/14 – NPFG Insured

No Opt. Call

A+

634,940

450

5.500%, 8/01/15 – NPFG Insured

No Opt. Call

A+

507,596

300

5.250%, 12/01/19 – AGM Insured

12/12 at 100.00

AA+

311,550

1,420

Illinois, Sales Tax Revenue Refunding Bonds, Series 1992Q, 6.000%, 6/15/12 – NPFG Insured

No Opt. Call

AAA

1,475,323


Nuveen Investments			127

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Illinois (continued)

2,295

Kane County School District 129, Aurora West, Illinois, General Obligation Bonds, Series 2005B, 5.000%, 2/01/19 – FGIC Insured

2/15 at 100.00

A+

2,410,278

Lake County Forest Preserve District, Illinois, General Obligation Bonds,
Series 2007A:

1,765

0.516%, 12/15/13

No Opt. Call

AAA

1,739,002

1,000

0.660%, 12/15/16

12/14 at 100.00

AAA

981,180

917

Pingree Grove Village, Illinois, Tax Assessment Bonds, Special Service Area 1 – Cambridge Lakes Project, Series 2005-1, 5.250%, 3/01/15

No Opt. Call

N/R

885,593

Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:

5,000

4.000%, 6/01/12

No Opt. Call

5,099,100

5.000%, 6/01/15

No Opt. Call

43,241

5,000

5.000%, 6/01/16

No Opt. Call

A–

5,416,600

6,035

5.000%, 6/01/17

No Opt. Call

6,515,627

5,100

5.000%, 6/01/18

No Opt. Call

5,443,128

5,000

5.000%, 6/01/19

No Opt. Call

5,281,650

5,185

5.250%, 6/01/20

No Opt. Call

5,504,552

5.250%, 6/01/21

No Opt. Call

21,002

7,310

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

Aa3

8,798,608

6,650

Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1994D,
7.750%, 6/01/19 – FGIC Insured

No Opt. Call

8,245,003

199,155

Total Illinois

213,760,996

Indiana – 2.4%

6,145

East Chicago Elementary School Building Corporation, Lake County, Indiana, First Mortgage Bonds, Series 1996 Refunding, 6.250%, 1/05/16

No Opt. Call

6,654,175

750

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

BBB–

751,943

2,500

Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2005-A3, 1.700%, 11/01/27 (Mandatory put 9/01/14)

No Opt. Call

2,516,075

11,065

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+

12,185,331

1,000

Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligation Group, Series 2006B, 5.000%, 2/15/12

No Opt. Call

A+

1,022,820

3,000

Indiana Health Facility Financing Authority, Revenue Bonds, Ascension Health, Series 2005A-5, 5.000%, 11/01/27 (Mandatory put 8/01/13)

No Opt. Call

3,248,490

3,500

Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1993A, 0.000%, 12/01/15 – AMBAC Insured

No Opt. Call

AA+

3,213,105

4,240

Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/16 – AGC Insured

No Opt. Call

AA+

4,928,449

Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Refunding Series 2006:

1,150

5.500%, 1/01/16 – NPFG Insured

No Opt. Call

A+

1,323,995

1,580

5.500%, 7/01/19 – NPFG Insured

No Opt. Call

A+

1,838,488

3,690

5.500%, 1/01/20 – NPFG Insured

No Opt. Call

A+

4,272,282

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

Baa1

4,611,746

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

Baa2

7,108,518


	128			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Indiana (continued)

5,045

State of Indiana, Indiana Toll Road Commission, East-West Toll Road Revenue Bonds, 1980 Series, 9.000%, 1/01/15 (ETM)

No Opt. Call

AAA

5,852,957

54,035

Total Indiana

59,528,374

Iowa – 0.4%

930

Iowa Finance Authority, Health Facilities Revenue Bonds, Iowa Health System, Series 2008A, 5.000%, 8/15/12 – AGC Insured

No Opt. Call

Aa3

969,488

3,100

Iowa Finance Authority, Health Facilities Revenue Bonds, Iowa Health System, Series 2009F, 5.000%, 8/15/39 (Mandatory put 8/15/12)

No Opt. Call

Aa3

3,233,920

Iowa State, Special Obligation Bonds, I-Jobs Program, Series 2009A:

1,865

5.000%, 6/01/17

No Opt. Call

2,206,127

3,000

5.000%, 6/01/18

No Opt. Call

3,558,600

120

Muscatine, Iowa, Electric Revenue Bonds, Series 1980, 9.700%, 1/01/13 (ETM)

No Opt. Call

AAA

129,935

9,015

Total Iowa

10,098,070

Kansas – 0.9%

Kansas Department of Transportation, Highway Revenue Bonds, Refunding Series 2009A:

4,525

5.000%, 9/01/16

No Opt. Call

AAA

5,364,207

6,000

5.000%, 9/01/17

No Opt. Call

AAA

7,179,720

Kansas Development Finance Authority, Health Facilities Revenue Bonds, Hays Medical Center Inc., Series 2005L:

1,000

5.250%, 11/15/11

No Opt. Call

1,013,260

650

5.250%, 11/15/14

No Opt. Call

722,573

3,665

Wyandotte County/Kansas City Unified Government, Kansas, General Obligation Bonds, Series 2005A, 5.000%, 9/01/12 – AGM Insured

No Opt. Call

AA+

3,856,276

2,135

Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Redevelopment Project Area B, Series 2005,
5.000%, 12/01/20

12/15 at 100.00

N/R

2,195,164

3,730

No Opt. Call

BBB

2,129,084

21,705

Total Kansas

22,460,284

Kentucky – 1.1%

5,739

Louisville and Jefferson County Metropolitan Government, Kentucky, General Revenue Bonds, Bellarmine University Project, Refunding and Improvement Series 2006, 5.200%, 8/01/22 (Pre-refunded 6/27/12)

6/12 at 102.00

AAA

6,053,702

15,325

Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 2009B, 5.000%, 5/15/17

No Opt. Call

AA–

17,839,986

2,305

Louisville and Jefferson County Regional Airport Authority, Kentucky, Airport System Revenue Bonds, Series 2003C, 5.500%, 7/01/12 – AGM Insured (Alternative Minimum Tax)

No Opt. Call

AA+

2,411,007

23,369

Total Kentucky

26,304,695

Louisiana – 1.0%

5,000

De Soto Parrish, Louisiana, Pollution Control Revenue Refunding Bonds, Southwestern Electric Power Company Project, Series 2010, 3.250%, 1/01/19 (Mandatory put 1/02/15)

1/15 at 100.00

BBB

5,156,350

400

Louisiana Local Government Environmental Facilities and Community Development Authority, Multifamily Housing Revenue Bonds, Oakleigh Apartments, Series 2003A, 8.500%, 6/01/38 (Pre-refunded 6/01/13)

6/13 at 102.00

Aaa

460,116

1,300

Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Livingston Parish North Park Project, Series 2008, 6.100%, 10/01/19

No Opt. Call

A+

1,487,317


Nuveen Investments			129

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Louisiana (continued)

2,700

Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Hotel LLC Project, Series 2007A, 6.500%, 12/15/15 (5), (6), (8)

No Opt. Call

N/R

1,364,364

Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004:

585

5.000%, 1/01/14 – NPFG Insured

No Opt. Call

Baa1

629,097

265

5.250%, 7/01/24 – NPFG Insured

7/14 at 100.00

Baa1

274,967

5,000

Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 2008, 7.000%, 12/01/38 (Mandatory put 12/01/11)

12/11 at 100.00

BBB

5,085,850

6,000

New Orleans, Louisiana, General Obligation Bonds, Series 1998, 5.500%, 12/01/21 – FGIC Insured

No Opt. Call

6,656,880

2,245

Saint Bernard Parish, Louisiana, Sales and Use Tax Revenue Bonds,
Series 2004, 5.000%, 3/01/17 – AGM Insured

3/14 at 101.00

AA+

2,412,432

23,495

Total Louisiana

23,527,373

Maine – 0.1%

3,300

Maine Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004, 3.800%, 11/01/15 (Alternative Minimum Tax)

No Opt. Call

BBB

3,481,632

Maryland – 2.3%

6,235

Baltimore County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2009, 5.000%, 8/01/18

No Opt. Call

AAA

7,507,189

2,350

Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 4.500%, 1/01/13

No Opt. Call

BBB–

2,409,902

455

Maryland Transportation Authority, Revenue Refunding Bonds, Transportation Facilities Projects, First Series 1978, 6.800%, 7/01/16 (ETM)

No Opt. Call

AAA

528,633

Maryland, General Obligation Bonds, State and Local Facilities Loan, Second Series 2008:

5,000

5.000%, 7/15/16

No Opt. Call

AAA

5,931,000

5,500

5.000%, 7/15/17

No Opt. Call

AAA

6,595,160

5,085

5.000%, 7/15/18

No Opt. Call

AAA

6,118,933

12,910

Maryland, General Obligation Bonds, State and Local Facilities Loan, Third Series 2009C, 5.000%, 11/01/17

No Opt. Call

AAA

15,557,841

10,000

Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2007A, 5.000%, 5/01/16

No Opt. Call

AAA

11,801,000

47,535

Total Maryland

56,449,658

Massachusetts – 3.1%

3,825

Massachusetts Bay Transportation Authority, General Obligation Transportation System Refunding Bonds, Series 1992B, 6.200%, 3/01/16 – NPFG Insured

No Opt. Call

Aa1

4,318,502

1,005

Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax)

No Opt. Call

N/R

967,081

885

Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill Associates, Series 1998B, 5.200%, 12/01/13 (Alternative Minimum Tax)

12/11 at 100.00

A–

885,620

Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, SEMass System, Series 2001A:

5,100

5.625%, 1/01/12 – NPFG Insured

No Opt. Call

Baa1

5,180,376

625

5.625%, 1/01/14 – NPFG Insured

1/12 at 101.00

Baa1

637,669

1,625

Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2001E, 5.000%, 10/01/11 – RAAI Insured

No Opt. Call

BBB+

1,630,574

Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Series 2009A:

2,000

5.000%, 11/15/15

No Opt. Call

AAA

2,347,400

2,000

5.000%, 11/15/16

No Opt. Call

AAA

2,391,300


	130			Nuveen Investments


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value

		Massachusetts (continued)
$	1,500	5.000%, 11/15/17		No Opt. Call		AAA		$	1,808,775
	1,000	5.000%, 11/15/18		No Opt. Call		AAA			1,208,310

	10,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Series 2009O, 5.000%, 7/01/16		No Opt. Call		AAA			11,850,400

	8,555	Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.000%, 1/01/34 (Pre-refunded 1/01/14) – FGIC Insured		1/14 at 100.00		A1	(4)		9,431,545

	12,900	Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002C, 5.500%, 11/01/17 – AGM Insured		No Opt. Call		AA+			15,696,978

	5,000	Massachusetts, Special Obligation Refunding Notes, Federal Highway Grant Anticipation Note Program, Series 2003A, 5.000%, 12/15/13 – AGM Insured		No Opt. Call		AAA			5,497,700

		Norwood, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2009A:
	2,420	4.000%, 8/15/15		No Opt. Call		AA			2,717,805
	2,420	4.000%, 8/15/16		No Opt. Call		AA			2,751,709
	2,420	4.000%, 8/15/17		No Opt. Call		AA			2,747,208
	2,420	4.000%, 8/15/18		No Opt. Call		AA			2,736,367
	65,700	Total Massachusetts							74,805,319
		Michigan – 2.8%

	2,450	Jackson Public Schools, Jackson County, Michigan, General Obligation School Building and Site Bonds, Series 2004, 5.000%, 5/01/21 – AGM Insured		5/14 at 100.00		AA+			2,609,471

	1,170	Kent Hospital Finance Authority (Michigan), Hospital Revenue Refunding Bonds (Butterworth Hospital), Series 1993A, 7.250%, 1/15/13 – NPFG Insured		No Opt. Call		AA			1,223,890

	3,130	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 2010B, 5.000%, 11/15/17		No Opt. Call		AA+			3,592,833

	7,160	Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009B, 4.375%, 10/01/19		10/18 at 100.00		AA			7,312,222

	2,350	Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Refunding Series 2002, 5.000%, 10/01/22		10/12 at 100.00		AAA			2,462,495

	1,885	Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I, 5.500%, 10/15/17		No Opt. Call		Aa3			1,900,325

	115	Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I, 5.500%, 10/15/17 (Pre-refunded 10/15/11)		10/11 at 100.00		A+	(4)		116,289

	1,010	Michigan State Building Authority, Revenue Bonds, State Police Communications System Project, Series 2004, 5.375%, 10/01/15 – NPFG Insured		10/14 at 100.00		A+			1,122,312

	6,165	Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003I, 5.250%, 10/15/13 – AGM Insured		No Opt. Call		AA+			6,755,422

	3,000	Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health System, Series 2003A, 5.500%, 3/01/13 (ETM)		No Opt. Call		A1	(4)		3,244,170

	1,415	Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, McLaren Healthcare Corporation, Series 1998A, 5.100%, 6/01/13		10/11 at 100.00		Aa3			1,419,217

	6,000	Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/01/20		11/19 at 100.00		AA+			6,794,100

	7,000	Michigan Strategic Fund, Limited Obligation Revenue Bonds, Detriot Edison Project, Refunding Series 2008, 5.250%, 8/01/29 (Mandatory put 8/01/14)		No Opt. Call		A			7,722,540

	1,605	Michigan, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/21		5/19 at 100.00		Aa2			1,835,703

	2,000	Michigan, General Obligation Refunding Bonds, Series 2002, 5.500%, 12/01/15		No Opt. Call		Aa2			2,332,600

	1,000	Pinckney Community Schools, Livingston and Washtenaw Counties, Michigan, General Obligation Bonds, Series 2004, 5.000%, 5/01/19 – AGM Insured		5/14 at 100.00		AA+			1,079,200

	1,025	South Redford School District, Wayne County, Michigan, General Obligation Bonds, Series 2004, 5.000%, 5/01/22 – FGIC Insured		No Opt. Call		Aa2			1,101,844


Nuveen Investments			131

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Michigan (continued)

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

5,521,255

8,150

Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2010C, 5.000%, 12/01/16

No Opt. Call

8,973,232

61,605

Total Michigan

67,119,120

Minnesota – 1.8%

4,100

Becker, Minnesota, Pollution Control Revenue Bonds, Northern States Power Company, Series 1993A, 8.500%, 9/01/19

8/12 at 101.00

4,449,115

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

AAA

782,891

1,615

5.000%, 2/01/25

2/20 at 100.00

AAA

1,784,753

1,690

5.000%, 2/01/26

No Opt. Call

AAA

1,853,592

5,000

Minneapolis, Minnesota, General Obligation Bonds, Various Purpose Refunding Series 2009B, 4.000%, 12/01/15

No Opt. Call

AAA

5,663,750

3,155

Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2006 A3, 5.700%, 4/01/27

2/16 at 100.00

AAA

3,286,846

1,500

Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Series 2005A, 5.000%, 1/01/18 – AMBAC Insured

1/15 at 100.00

1,596,090

1,250

Minnesota Higher Education Facilities Authority, St. John’s University Revenue Bonds, Series 2005-6G, 5.000%, 10/01/13

No Opt. Call

1,353,213

Minnesota State, General Obligation Bonds, State Trunk Highway Series 2009E:

4,000

4.500%, 8/01/17

No Opt. Call

AAA

4,665,680

4,000

4.500%, 8/01/18

No Opt. Call

AAA

4,662,600

5,050

Minnesota State, General Obligation Bonds, Various Purpose, Refunding
Series 2010D, 5.000%, 8/01/16

No Opt. Call

AAA

5,996,623

Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A:

1,000

5.000%, 1/01/14 – AGC Insured

No Opt. Call

AA+

1,094,600

1,000

5.000%, 1/01/15 – AGC Insured

No Opt. Call

AA+

1,125,410

5,500

5.000%, 1/01/16 – AGC Insured

No Opt. Call

AA+

6,309,160

39,605

Total Minnesota

44,624,323

Mississippi – 0.1%

1,790

Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/16

No Opt. Call

1,950,044

1,340

Mississippi Hospital Equipment and Facilities Authority, Revenue Refunding Bonds, Southwest Regional Medical Center, Series 2003, 5.000%, 4/01/13

No Opt. Call

BBB–

1,367,323

3,130

Total Mississippi

3,317,367

Missouri – 1.7%

Fenton, Missouri, Tax Increment Revenue Bonds, Gravois Bluffs Redevelopment Project, Series 2006:

1,355

5.000%, 4/01/12

No Opt. Call

N/R

1,387,615

500

5.000%, 4/01/13

No Opt. Call

N/R

525,730

Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Shoal Creek Parkway Project, Series 2011:

360

5.000%, 6/01/21

6/16 at 100.00

N/R

362,128

2,000

5.625%, 6/01/23

6/16 at 100.00

N/R

2,001,920

Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2010A:

3,500

5.000%, 1/01/17

No Opt. Call

Aaa

4,154,675

2,975

5.000%, 1/01/18

No Opt. Call

Aaa

3,552,894

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

N/R

1,028,760


	132			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Missouri (continued)

300

St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005B, 5.000%, 11/01/11

No Opt. Call

N/R

301,278

St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005:

7,425

5.500%, 7/01/17 (WI/DD, Settling 8/11/11) – NPFG Insured

No Opt. Call

A–

8,333,078

11,640

5.500%, 7/01/18 – NPFG Insured

No Opt. Call

A–

12,984,071

5,020

St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2007A, 5.000%, 7/01/14 – AGM Insured

No Opt. Call

AA+

5,454,280

36,075

Total Missouri

40,086,429

Nebraska – 0.5%

Lancaster County School District 1, Lincoln, Nebraska, General Obligation Bonds, Series 2009:

1,915

3.000%, 1/15/16

No Opt. Call

AAA

2,076,454

3,475

3.000%, 1/15/17

No Opt. Call

AAA

3,764,051

3,220

3.000%, 1/15/18

No Opt. Call

AAA

3,456,509

2,520

3.000%, 1/15/19

No Opt. Call

AAA

2,670,318

11,130

Total Nebraska

11,967,332

Nevada – 0.8%

535

Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital,
Series 2002, 6.000%, 9/01/13

9/12 at 101.00

BBB+

557,037

435

Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital,
Series 2002, 6.000%, 9/01/13 (Pre-refunded 9/01/12)

9/12 at 101.00

BBB+

(4)

464,963

4,515

Clark County School District, Nevada, General Obligation Refunding Bonds, Series 2002A, 5.500%, 6/15/15 – AGM Insured

12/12 at 103.00

AA+

4,899,272

2,500

Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Refunding Series 2010, 5.000%, 7/01/15

No Opt. Call

Aa3

2,813,750

Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000:

1,000

0.000%, 1/01/11 – AMBAC Insured

No Opt. Call

227,500

345

0.000%, 1/01/14 – AMBAC Insured

No Opt. Call

85,670

5,000

0.000%, 1/01/15 – AMBAC Insured

No Opt. Call

1,121,600

0.000%, 1/01/16 – AMBAC Insured

No Opt. Call

13,409

1,220

0.000%, 1/01/18 – AMBAC Insured

No Opt. Call

217,514

7,060

Nevada State Motor Vehicle Fuel Tax Revenue Bonds, Series 2006, 5.000%, 12/01/11 – AGM Insured

No Opt. Call

AA+

7,168,724

2,525

Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds,
Series 2005, 5.000%, 12/01/15 – FGIC Insured

No Opt. Call

AA+

2,881,833

25,200

Total Nevada

20,451,272

New Hampshire – 0.2%

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

BBB

5,351,000

New Jersey – 5.0%

1,375

Bayonne Redevelopment Agency, New Jersey, Revenue Bonds, Royal Caribbean Cruises Project, Series 2006A, 4.750%, 11/01/16 (Alternative Minimum Tax)

No Opt. Call

1,307,653

250

Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2005, 5.000%, 12/01/14 – AMBAC Insured

No Opt. Call

N/R

270,353

350

Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2007, 5.000%, 12/01/16 – AMBAC Insured

No Opt. Call

N/R

385,172

New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:

6,860

5.000%, 6/15/12 – FGIC Insured

No Opt. Call

BBB

6,996,377


Nuveen Investments			133

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

July 31, 2011


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value

		New Jersey (continued)
$	7,415	5.000%, 6/15/13 – FGIC Insured		No Opt. Call		BBB		$	7,684,906
	3,565	5.375%, 6/15/14		No Opt. Call		BBB			3,767,349
	300	5.375%, 6/15/15		No Opt. Call		BBB			318,987
	45	5.375%, 6/15/15 – RAAI Insured		No Opt. Call		Baa3			47,848
	30	5.500%, 6/15/16 – RAAI Insured		No Opt. Call		Baa3			32,098
	330	5.625%, 6/15/18		10/11 at 100.00		BBB			330,175
	2,150	5.625%, 6/15/19		10/11 at 100.00		BBB			2,150,774

		New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P:
	2,000	5.000%, 9/01/13		No Opt. Call		A+			2,158,800
	2,325	5.000%, 9/01/14		No Opt. Call		A+			2,573,031

	3,710	New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital Improvement Fund, Series 2004A, 5.250%, 9/01/14 – AGM Insured		No Opt. Call		AA+			4,098,140

	4,290	New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University Issue, Series 2007A, 5.250%, 7/01/21 – NPFG Insured		No Opt. Call		AA+			4,726,250

		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 (WI/DD, Settling 8/09/11)		No Opt. Call		BBB–			4,192,843
	4,260	5.000%, 7/01/19 (WI/DD, Settling 8/09/11)		No Opt. Call		BBB–			4,301,450

	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			504,251

	1,400	New Jersey Transit Corporation, Certificates of Participation Refunding, Series 2003, 5.500%, 10/01/14 – AGM Insured		No Opt. Call		AA+			1,566,110

	5,115	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2001C, 5.750%, 12/15/12 – AGM Insured		No Opt. Call		AA+			5,482,206

	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			5,849,700

		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D:
	5,260	5.000%, 12/15/17		No Opt. Call		A+			5,941,591
	9,730	5.000%, 12/15/18		No Opt. Call		A+			10,947,320

	54	New Jersey Turnpike Authority, Revenue and Improvement Bonds, First Series 1973, 5.700%, 5/01/13 (ETM)		No Opt. Call		Aaa			57,057

	425	New Jersey Turnpike Authority, Revenue Bonds, Series 1984, 7.000%, 1/01/14 (ETM)		No Opt. Call		AA+			454,444

		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
	3,265	6.500%, 1/01/16		No Opt. Call		A+			3,892,207
	1,200	6.500%, 1/01/16 – NPFG Insured		No Opt. Call		A+			1,430,520

		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
	95	6.500%, 1/01/16 (ETM)		No Opt. Call		AA+	(4)		116,185
	235	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		A+	(4)		289,454
	2,965	6.500%, 1/01/16 – AGM Insured (ETM)		No Opt. Call		AA+	(4)		3,303,010
	1,635	6.500%, 1/01/16 (ETM)		No Opt. Call		AA+	(4)		1,826,769
	100	6.500%, 1/01/16 – AMBAC Insured (ETM)		No Opt. Call		A3	(4)		111,447
	1,050	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		A+	(4)		1,174,110

	1,365	New Jersey Turnpike Authority, Revenue Refunding Bonds, First Series 1977, 6.000%, 1/01/14 (ETM)		No Opt. Call		AAA			1,444,552

	2,625	North Hudson Sewerage Authority, New Jersey, Sewerage Revenue Refunding Bonds, Series 2002A, 5.000%, 8/01/12 – FGIC Insured		No Opt. Call		N/R			2,715,011

	1,700	Passaic Valley Sewage Commissioners, New Jersey, Sewer Revenue Bonds, Series 2010G, 5.750%, 12/01/22		No Opt. Call		A2			1,914,710

	4,915	Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12)		6/12 at 100.00		AAA			5,145,415

	3,290	Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003, 6.375%, 6/01/32 (Pre-refunded 6/01/13)		6/13 at 100.00		AAA			3,598,109


	134			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

New Jersey (continued)

Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:

3,985

5.000%, 6/01/14

No Opt. Call

BBB

4,119,932

5,640

5.000%, 6/01/15

No Opt. Call

BBB

5,848,736

8,860

4.500%, 6/01/23

6/17 at 100.00

BBB

8,059,942

113,634

Total New Jersey

121,134,994

New Mexico – 0.5%

Clayton, New Mexico, Appropriation Debt, Jail Project, Series 2006:

2,460

5.000%, 11/01/11 – CIFG Insured

No Opt. Call

BBB+

2,480,812

2,590

5.000%, 11/01/12 – CIFG Insured

No Opt. Call

BBB+

2,687,954

2,720

5.000%, 11/01/13 – CIFG Insured

No Opt. Call

BBB+

2,872,184

3,505

New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2001A, 4.900%, 8/01/11

No Opt. Call

AA–

3,505,771

1,215

New Mexico Housing Authority, Multifamily Housing Revenue Bonds, Villa Del Oso Apartments, Series 2003B, 7.500%, 1/01/38 (Pre-refunded 1/01/13)

1/13 at 102.00

Aaa

1,360,156

12,490

Total New Mexico

12,906,877

New York – 8.7%

500

Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 2/01/19 – FGIC Insured

2/15 at 100.00

BBB

543,160

1,500

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–

1,735,500

1,875

Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2000B, 6.250%, 8/15/15

8/12 at 100.00

AAA

1,952,644

Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, Series 2006A:

1,570

5.000%, 7/01/12 – AMBAC Insured

No Opt. Call

1,634,480

1,785

5.000%, 7/01/13 – AMBAC Insured

No Opt. Call

1,920,232

Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University Hospital Association, Series 2003A:

985

5.500%, 7/01/12

No Opt. Call

Baa1

1,018,628

1,040

5.500%, 7/01/13

No Opt. Call

Baa1

1,105,853

5,525

Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A, 5.500%, 12/01/12 – AGM Insured (ETM)

No Opt. Call

AA+

(4)

5,909,209

1,000

Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005C, 5.250%, 11/15/14

No Opt. Call

1,126,130

3,500

Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/12

No Opt. Call

3,701,110

1,585

New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1, 5.700%, 7/01/13

No Opt. Call

N/R

1,564,300

10,065

New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/17

No Opt. Call

11,851,135

5,025

New York City, New York, General Obligation Bonds, Fiscal Series 2003B, 5.500%, 8/01/12

No Opt. Call

5,292,732

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

BBB

7,828,704

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

A–

2,166,160

7,330

New York State Energy Research and Development Authority, Pollution Control Revenue Refunding Bonds, New York State Electric and Gas Corporation, Remarketed Series 1994C, 3.000%, 6/01/29 (Mandatory put 6/03/13)

No Opt. Call

Baa2

7,494,925


Nuveen Investments			135

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

New York (continued)

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–

5,503,700

5,000

4.000%, 4/01/17

No Opt. Call

AA–

5,478,200

6,480

5.000%, 4/01/18

No Opt. Call

AA–

7,431,070

New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1C:

1,075

5.250%, 6/01/20 – AMBAC Insured

6/13 at 100.00

AA+

1,145,391

500

5.250%, 6/01/21 – AMBAC Insured

6/13 at 100.00

AA+

532,460

New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:

6,740

5.500%, 6/01/18

6/12 at 100.00

AA–

6,964,509

9,105

5.500%, 6/01/19

6/13 at 100.00

AA–

9,747,449

1,675

5.250%, 6/01/20 – AMBAC Insured

6/13 at 100.00

AA–

1,784,679

11,170

5.250%, 6/01/21 – AMBAC Insured

6/13 at 100.00

AA–

11,895,156

8,380

5.250%, 6/01/22 – AMBAC Insured

6/13 at 100.00

AA–

8,916,152

New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C:

6,060

5.500%, 6/01/18

6/12 at 100.00

AA–

6,261,859

3,880

5.500%, 6/01/19

No Opt. Call

AA–

4,153,773

9,845

5.500%, 6/01/20

6/13 at 100.00

AA–

10,534,052

220

5.500%, 6/01/20 – FGIC Insured

6/13 at 100.00

AA–

235,398

13,685

5.500%, 6/01/21

6/13 at 100.00

AA–

14,635,150

3,820

5.500%, 6/01/22

6/13 at 100.00

AA–

4,081,632

10,000

New York State Urban Development Corporation, Service Contract Revenue Bonds, Refunding Series 2010A, 5.000%, 1/01/17

No Opt. Call

AA–

11,581,500

New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2009A-1:

3,000

5.000%, 12/15/16

No Opt. Call

AAA

3,566,460

1,000

5.000%, 12/15/17

No Opt. Call

AAA

1,191,440

7,100

New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2009C, 5.000%, 12/15/18

No Opt. Call

AAA

8,416,553

5,175

New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, State Facilities and Equipment, Series 2002C-1, 5.500%, 3/15/14 – FGIC Insured

3/13 at 100.00

AAA

5,603,387

1,515

Niagara County Industrial Development Agency, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, American Ref-Fuel Company of Niagara LP, Series 2001B, 5.550%, 11/15/24 (Mandatory put 11/15/13) (Alternative Minimum Tax)

No Opt. Call

Baa2

1,535,453

240

Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008-B1, 5.700%, 7/01/13

No Opt. Call

N/R

236,866

Tobacco Settlement Financing Corporation, New York, Asset-Backed Revenue Bonds, State Contingency Contract Secured, Series 2011B:

7,800

5.000%, 6/01/15

No Opt. Call

AA–

8,830,458

5,000

5.000%, 6/01/16

No Opt. Call

AA–

5,746,400

3,600

5.000%, 6/01/17

No Opt. Call

AA–

4,159,440

2,800

5.000%, 6/01/18

No Opt. Call

AA–

3,230,024

1,890

TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 4.750%, 6/01/22

6/16 at 100.00

BBB

1,833,791

210

Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special Needs Facilities Pooled Program Bonds, Series 2008-C1, 5.700%, 7/01/13

No Opt. Call

N/R

207,257

194,450

Total New York

212,284,561


	136			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

North Carolina – 2.0%

Fayetteville Public Works Commission, North Carolina, Revenue Bonds, Refunding Series 2009A:

3,000

5.000%, 3/01/16

No Opt. Call

Aa2

3,504,420

2,010

5.000%, 3/01/17

No Opt. Call

Aa2

2,367,700

2,000

5.000%, 3/01/18

No Opt. Call

Aa2

2,365,520

Mecklenburg County Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Refunding Series 2009:

5,500

5.000%, 3/01/16

No Opt. Call

AA+

6,435,495

3,000

5.000%, 3/01/18

No Opt. Call

AA+

3,558,450

New Hanover County, North Carolina, General Obligation Bonds, School
Series 2009:

1,500

3.000%, 6/01/14

No Opt. Call

Aaa

1,602,360

1,500

3.000%, 6/01/15

No Opt. Call

Aaa

1,623,615

1,500

3.000%, 6/01/16

No Opt. Call

Aaa

1,632,975

765

3.000%, 6/01/17

No Opt. Call

Aaa

829,987

4,000

North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 2003A, 5.500%, 1/01/12

No Opt. Call

A–

4,079,240

North Carolina Medical Care Commission, Hospital Revenue Bonds, CaroMont Health, Series 2008:

2,665

3.000%, 2/15/15 – AGC Insured

No Opt. Call

AA+

2,769,015

3,155

3.500%, 2/15/16 – AGC Insured

No Opt. Call

AA+

3,350,831

2,750

4.000%, 2/15/17 – AGC Insured

No Opt. Call

AA+

2,976,380

North Carolina State, Capital Improvement Limited Obligation Bonds,
Series 2009A:

1,000

5.000%, 5/01/19

No Opt. Call

AA+

1,183,890

5,155

5.000%, 5/01/20

5/19 at 100.00

AA+

6,031,350

3,000

5.000%, 5/01/21

5/19 at 100.00

AA+

3,462,780

42,500

Total North Carolina

47,774,008

North Dakota – 0.3%

800

Fargo Public School District 1, County, North Dakota, General Obligation Bonds, Limited Tax School Building Series 2008, 4.000%, 5/01/14

No Opt. Call

Aa3

862,448

6,705

Grand Forks, North Dakota, Healthcare System Revenue Bonds, Altru Health System, Series 2007, 5.500%, 12/01/17

No Opt. Call

Baa1

7,397,761

7,505

Total North Dakota

8,260,209

Ohio – 2.4%

895

Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facility Revenue Bonds, Akron General Medical Center, Series 1982,
7.000%, 1/01/12 (ETM)

No Opt. Call

AA+

(4)

917,348

2,250

Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facility Revenue Bonds, Akron General Medical Center, Series 2006, 5.000%, 1/01/12

No Opt. Call

BBB+

2,273,040

Akron, Ohio, Waterworks System Mortgage Revenue Improvement and Refunding Bonds, Series 2009:

2,220

5.000%, 3/01/15 – AGC Insured

No Opt. Call

Aa3

2,507,845

2,580

5.000%, 3/01/17 – AGC Insured

No Opt. Call

Aa3

2,979,332

Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-1:

4,890

5.000%, 6/01/14

No Opt. Call

BBB

5,055,575

5,660

5.000%, 6/01/15

No Opt. Call

BBB

5,869,477

5,730

5.000%, 6/01/16

No Opt. Call

BBB

5,938,171

2,625

5.000%, 6/01/17

No Opt. Call

BBB

2,691,570

8,470

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

Baa3

6,944,553

2,000

Cleveland, Ohio, Airport System Revenue Bonds, Series 2009C,
5.000%, 1/01/18 – AGM Insured

No Opt. Call

AA+

2,158,620


Nuveen Investments			137

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Ohio (continued)

Cleveland, Ohio, General Obligation Bonds, Series 2011:

1,470

5.000%, 12/01/19

No Opt. Call

1,658,704

1,540

5.000%, 12/01/20

12/19 at 100.00

1,706,443

1,620

5.000%, 12/01/21

12/19 at 100.00

1,776,184

2,000

Cuyahoga County, Ohio, Revenue Refunding Bonds, Cleveland Clinic Health System, Series 2003A, 5.500%, 1/01/12

No Opt. Call

Aa2

2,044,140

Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center, Series 2002A:

1,140

5.500%, 8/15/11

No Opt. Call

A–

1,141,573

845

5.500%, 8/15/12

No Opt. Call

A–

871,322

270

Lorain County, Ohio, Healthcare Facilities Revenue Refunding Bonds, Kendal at Oberlin, Series 1998A, 5.375%, 2/01/12

10/11 at 100.00

BBB+

270,656

3,000

Ohio Air Quality Development Authority, Air Quality Revenue Refunding Bonds, Columbus Southern Power Company Project, Series 2009A,
3.875%, 12/01/38 (Mandatory put 6/01/14)

No Opt. Call

3,126,360

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–

4,251,200

Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Series 2009B:

675

5.000%, 1/01/17

No Opt. Call

Aa2

776,682

500

5.000%, 1/01/18

No Opt. Call

Aa2

576,615

140

Ohio Water Development Authority, Loan Revenue Bonds, Pure Water Development, Series 1990I, 6.000%, 12/01/16 – AMBAC Insured (ETM)

No Opt. Call

Aaa

157,555

2,230

University of Toledo, Ohio, General Receipts Bonds, Series 2009, 4.000%, 6/01/18

No Opt. Call

A+

2,394,150

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), (8)

No Opt. Call

N/R

181,000

57,750

Total Ohio

58,268,115

Oklahoma – 1.8%

Cleveland County Public Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Norman Public Schools Project, Series 2010:

1,000

3.500%, 6/01/12

No Opt. Call

A+

1,025,320

4,845

4.000%, 6/01/14

No Opt. Call

A+

5,211,912

1,935

Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/12 – AMBAC Insured

No Opt. Call

2,020,817

3,825

Oklahoma County Finance Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Putnam City Schools Project, Series 2010, 3.500%, 3/01/12

No Opt. Call

3,889,949

850

Sayre Memorial Hospital Authority, Oklahoma, Hospital and Sales Tax Revenue Bonds, Series 2007, 5.350%, 7/01/17

No Opt. Call

N/R

785,995

3,750

Tulsa (Oklahoma), Industrial Authority, Revenue and Refunding Bonds (The University of Tulsa), Series 1996A, 6.000%, 10/01/16 – NPFG Insured

No Opt. Call

4,212,263

Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2009A:

1,000

4.000%, 6/01/15

No Opt. Call

1,065,550

1,200

4.500%, 6/01/16

6/15 at 100.00

1,284,480

12,700

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

(4)

15,051,151

7,325

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–

8,340,758

38,430

Total Oklahoma

42,888,195


	138			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Oregon – 0.1%

1,000

Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/22

5/19 at 100.00

AAA

1,139,090

2,000

Tri-County Metropolitan Transportation District, Oregon, Capital Grant Receipt Revenue Bonds, Series 2011A, 5.000%, 10/01/18

No Opt. Call

2,327,520

3,000

Total Oregon

3,466,610

Pennsylvania – 5.9%

Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2006A:

755

4.200%, 2/15/12

No Opt. Call

Baa3

759,115

785

4.300%, 2/15/13

No Opt. Call

Baa3

794,938

1,480

4.375%, 2/15/14

No Opt. Call

Baa3

1,502,940

Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Jefferson Regional Medical Center, Series 2006B:

1,710

5.000%, 5/01/12

No Opt. Call

Baa2

1,734,863

1,800

5.000%, 5/01/13

No Opt. Call

Baa2

1,848,276

1,865

5.000%, 5/01/14

No Opt. Call

Baa2

1,922,423

1,985

5.000%, 5/01/15

No Opt. Call

Baa2

2,048,560

1,620

5.000%, 5/01/16

No Opt. Call

Baa2

1,665,392

1,285

5.000%, 5/01/18

5/16 at 100.00

Baa2

1,283,445

5,000

Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center System, Series 2008B, 5.000%, 6/15/18

No Opt. Call

Aa3

5,717,650

5,000

Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical Center Revenue Bonds, Series 2010A, 4.000%, 5/15/12

No Opt. Call

Aa3

5,148,700

1,010

Central Dauphin School District, Dauphin County, Pennsylvania, General Obligation Bonds, Series 2006, 5.250%, 2/01/14 – NPFG Insured (ETM)

No Opt. Call

(4)

1,128,907

Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Presbyterian Homes Inc., Refunding Series 2005A:

100

5.000%, 12/01/15 – RAAI Insured

No Opt. Call

BBB+

107,364

4.250%, 12/01/17 – RAAI Insured

12/15 at 100.00

BBB+

20,374

210

5.000%, 12/01/19 – RAAI Insured

12/15 at 100.00

BBB+

215,273

5.000%, 12/01/21 – RAAI Insured

12/15 at 100.00

BBB+

75,849

Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Presbyterian Homes Inc., Series 2003A:

3,170

4.750%, 12/01/19 – RAAI Insured

12/12 at 100.00

BBB+

3,185,850

5.000%, 12/01/26 – RAAI Insured

12/12 at 100.00

BBB+

46,546

Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2010:

1,000

4.000%, 12/01/16

No Opt. Call

A+

1,111,870

500

5.000%, 12/01/18

No Opt. Call

A+

581,355

2,670

Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.100%, 7/01/13 (Mandatory put 1/01/13)

10/11 at 100.00

Ba1

2,677,209

1,000

Lebanon County Health Facilities Authority, Pennsylvania, Health Center Revenue Bonds, Pleasant View Retirement Community, Series 2005A, 5.125%, 12/15/20

12/14 at 100.00

N/R

943,070

3,400

Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan Hospital Project, Refunding Series 2004, 5.000%, 11/15/18

11/13 at 100.00

BB+

3,189,744

2,705

Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.500%, 12/15/19

No Opt. Call

N/R

2,647,302

2,165

Lycoming County Athority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009, 5.000%, 7/01/17

No Opt. Call

BBB+

2,300,377

1,220

Pennsylvania Convention Center Authority, Revenue Bonds, Series 1989A, 6.700%, 9/01/16 – FGIC Insured (ETM)

No Opt. Call

AAA

1,393,045


Nuveen Investments			139

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Pennsylvania (continued)

Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert Einstein Healthcare, Series 2009A:

2,000

5.000%, 10/15/11

No Opt. Call

Baa1

2,007,760

3,000

5.000%, 10/15/12

No Opt. Call

Baa1

3,062,970

2,350

5.000%, 10/15/13

No Opt. Call

Baa1

2,441,744

3,050

5.250%, 10/15/14

No Opt. Call

Baa1

3,207,014

3,275

5.250%, 10/15/15

No Opt. Call

Baa1

3,476,871

800

Pennsylvania Economic Development Financing Authority, Senior Lien Resource Recovery Revenue Bonds, Northampton Generating Project, Series 1994A, 6.500%, 1/01/13 (Alternative Minimum Tax)

1/12 at 100.00

548,512

10,000

Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2011, 2.625%, 7/01/41 (Mandatory put 7/01/14) (Alternative Minimum Tax)

No Opt. Call

10,044,700

Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009B:

2,725

4.000%, 6/01/13

No Opt. Call

A–

2,846,590

4,000

5.000%, 6/01/14

No Opt. Call

A–

4,360,160

4,000

5.000%, 6/01/15

No Opt. Call

A–

4,446,040

4,000

5.000%, 6/01/16

No Opt. Call

A–

4,496,280

15,325

Pennsylvania, General Obligation Bonds, Refunding 3rd Series 2004, 5.375%, 7/01/16 – NPFG Insured

No Opt. Call

Aa1

18,353,833

3,300

Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)

No Opt. Call

BBB

(4)

4,124,439

3,000

Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Hospital, Series 1993A, 6.625%, 11/15/23

10/11 at 100.00

BBB

2,993,370

Philadelphia School District, Pennsylvania, General Obligation Bonds, Refunding Series 2010C:

5,000

2.000%, 9/01/11

No Opt. Call

Aa2

5,006,900

10,000

5.000%, 9/01/16

No Opt. Call

Aa2

11,215,400

Pittsburgh Water and Sewerage Authority, Pennsylvania, Water and Sewerage System Revenue Refunding Bonds, Series 1986:

2,109

7.250%, 9/01/14 – FGIC Insured (ETM)

No Opt. Call

Aaa

2,319,984

585

6.000%, 9/01/16 – FGIC Insured (ETM)

No Opt. Call

Aaa

690,130

Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2005A:

4,225

5.000%, 9/01/11 – NPFG Insured

No Opt. Call

4,240,844

2,750

5.000%, 9/01/12 – NPFG Insured

No Opt. Call

2,866,820

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+

1,306,825

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

Aa1

2,961,200

1,590

West Shore Area Hospital Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2001, 5.900%, 1/01/17 (Pre-refunded 1/01/12)

1/12 at 100.00

BBB+

(4)

1,627,985

133,414

Total Pennsylvania

142,696,808

Puerto Rico – 0.8%

7,000

Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ, 5.250%, 7/01/24

7/20 at 100.00

7,231,280

12,500

Puerto Rico Government Development Bank, Adjustable Refunding Bonds, Variable Rate Demand Obligations, Series 1985, 4.750%, 12/01/15 – NPFG Insured

12/12 at 101.00

BBB

12,964,000

19,500

Total Puerto Rico

20,195,280


	140			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Rhode Island – 0.2%

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

BBB

2,163,300

3,760

Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23

6/12 at 100.00

BBB

3,773,987

5,760

Total Rhode Island

5,937,287

South Carolina – 0.6%

7,110

Georgetown County, South Carolina, Environmental Improvement Revenue Refunding Bonds, International Paper Company, Series 2002A, 5.700%, 4/01/14

No Opt. Call

BBB

7,686,621

1,075

Lexington County Health Service District, South Carolina, Hospital Revenue Refunding and Improvement Bonds, Series 2003, 5.500%, 11/01/13

No Opt. Call

AA–

1,178,523

1,485

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)

1,963,779

1,060

South Carolina JOBS Economic Development Authority, Hospital Facilities Revenue Bonds, Palmetto Health Alliance, Series 2003A, 6.000%, 8/01/13

No Opt. Call

BBB+

1,126,663

2,000

South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement Revenue Bonds, Palmetto Health Alliance, Series 2003C, 5.250%, 8/01/11

No Opt. Call

BBB+

2,000,300

1,000

South Carolina JOBS-Economic Development Authority, Residential Care Facilities First Mortgage Revenue Bonds, South Carolina Episcopal Home at Still Hopes, Series 2004A, 6.000%, 5/15/17

10/11 at 100.00

N/R

998,930

13,730

Total South Carolina

14,954,816

South Dakota – 0.1%

3,010

Heartland Consumers Power District, South Dakota, Electric System Revenue Bonds, Series 1977, 6.375%, 1/01/16 (ETM)

No Opt. Call

AAA

3,378,243

Tennessee – 1.4%

6,000

Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee Subordinate Utilities Revenue Bonds, Series 2010, 5.000%, 3/01/14

9/12 at 100.00

6,212,580

Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A:

525

5.000%, 7/01/13

No Opt. Call

BBB+

548,667

695

5.000%, 7/01/14

No Opt. Call

BBB+

735,998

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

2,266,380

5,000

5.000%, 9/01/16

No Opt. Call

5,719,650

2,500

5.000%, 9/01/18

No Opt. Call

2,868,150

Tennessee State, General Obligation Bonds, Series 2009A:

7,500

5.000%, 5/01/17

No Opt. Call

Aaa

8,923,425

1,000

5.000%, 5/01/19

5/17 at 100.00

Aaa

1,154,770

The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds,
Series 2006A:

4,175

5.000%, 9/01/13

No Opt. Call

Ba3

4,411,681

250

5.000%, 9/01/14

No Opt. Call

Ba3

266,643

200

5.250%, 9/01/18

No Opt. Call

Ba3

206,644

1,395

The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds,
Series 2006C, 5.000%, 2/01/17

No Opt. Call

BBB

1,453,172

31,240

Total Tennessee

34,767,760

Texas – 5.7%

2,235

Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, First Tier Series 2006A, 5.250%, 1/01/13 – SYNCORA GTY Insured

No Opt. Call

BB+

2,240,051


Nuveen Investments			141

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Texas (continued)

5,000

Austin, Texas, Combined Utility System Revenue Bonds, Series 1992A, 0.000%, 11/15/11 – NPFG Insured

No Opt. Call

4,992,000

3,000

Bexar County Housing Finance Corporation, Texas, FNMA Guaranteed Multifamily Housing Revenue Bonds, Villas Sonterra Apartments Project, Series 2007A, 4.700%, 10/01/15 (Alternative Minimum Tax)

No Opt. Call

N/R

3,185,790

4,000

Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Energy Company LLC, Series 2003A, 6.750%, 4/01/38 (Mandatory put 4/01/13) (Alternative Minimum Tax)

No Opt. Call

3,560,400

City of Houston, Texas, Sewer System Revenue Bonds, Series 1984:

2,065

9.375%, 10/01/13 – NPFG Insured (ETM)

4/12 at 100.00

Aaa

2,269,001

9.375%, 10/01/13 – NPFG Insured (ETM)

4/12 at 100.00

Aaa

87,903

Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2007:

5,000

5.000%, 10/01/13 – AMBAC Insured

No Opt. Call

AAA

5,494,650

6,725

5.000%, 10/01/15 – AMBAC Insured

No Opt. Call

AAA

7,840,947

2,150

Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/15

No Opt. Call

AAA

2,506,771

Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Methodist Hospital System, Series 2009B:

3,000

5.000%, 12/01/28 (Mandatory put 6/01/12)

No Opt. Call

3,115,440

5,000

5.000%, 12/01/41 (Mandatory put 6/01/13)

No Opt. Call

5,396,600

6,000

Harris County, Texas, General Obligation Bonds, Refunding Road Series 2009A, 5.250%, 10/01/18

No Opt. Call

AAA

7,309,260

11,510

Houston, Texas, General Obligation Public Improvement Refunding Bonds, Series 2009A, 5.000%, 3/01/20

3/19 at 100.00

13,318,681

2,000

Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Refunding Series 2011A, 5.000%, 9/01/14 (WI/DD, Settling 8/31/11)

No Opt. Call

2,215,940

Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding
Series 2009A:

1,300

5.000%, 7/01/15

No Opt. Call

AA–

1,471,613

1,100

5.000%, 7/01/16

No Opt. Call

AA–

1,263,966

400

Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 1998B, 5.200%, 7/01/18 (Pre-refunded 8/22/11) – NPFG Insured (Alternative Minimum Tax)

8/11 at 100.00

A (4)

401,264

2,250

Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011B, 5.000%, 7/01/20

No Opt. Call

2,516,738

Lubbock Health Facilities Development Corporation, Texas, Revenue Bonds, St. Joseph Health System, Refunding Series 2008B:

3,030

5.000%, 7/01/18

No Opt. Call

AA–

3,396,145

3,000

5.000%, 7/01/20

No Opt. Call

AA–

3,298,770

5,660

Mission Economic Development Corporation, Texas, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2006, 3.750%, 12/01/18 (Mandatory put 5/01/15)

No Opt. Call

5,927,888

2,000

Mission Economic Development Corporation, Texas, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2008, 6.000%, 8/01/20 (Mandatory put 8/01/13)

No Opt. Call

2,151,580

10,050

North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008H, 5.000%, 1/01/42 (Mandatory put 1/01/13)

No Opt. Call

10,640,538

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

11,097,800

5,030

San Antonio, Texas, Electric and Gas System Revenue Refunding Bonds, New Series 1992, 5.000%, 2/01/17 (ETM)

No Opt. Call

AA+

(4)

5,589,889

8,420

Texas A&M University Financing System Revenue Bonds, Series 2008,
5.000%, 5/15/15

No Opt. Call

Aaa

9,708,597


	142			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Texas (continued)

6,465

Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2007, 5.000%, 4/01/16

No Opt. Call

AAA

7,590,750

2,250

Texas State, Public Financing Authority, General Obligation Bonds,
Series 2009A, 5.000%, 10/01/17

No Opt. Call

Aaa

2,697,413

5,200

Texas State, Transportation Commission Highway Fund Revenue Bonds, First Tier Series 2006A, 5.000%, 4/01/12

No Opt. Call

AAA

5,369,208

935

Weslaco Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Knapp Medical Center, Series 2002, 6.000%, 6/01/17 (Pre-refunded 6/01/12)

6/12 at 100.00

N/R

(4)

969,473

124,855

Total Texas

137,625,066

Virgin Islands – 0.7%

Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B:

2,500

5.000%, 10/01/14

No Opt. Call

BBB

2,706,875

4,455

5.000%, 10/01/15

No Opt. Call

BBB

4,908,029

4,375

5.000%, 10/01/16

No Opt. Call

BBB

4,867,625

4,000

5.000%, 10/01/17

No Opt. Call

BBB

4,430,920

15,330

Total Virgin Islands

16,913,449

Virginia – 0.6%

Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006:

400

4.000%, 9/01/12

No Opt. Call

BBB

410,492

400

4.000%, 9/01/13

No Opt. Call

BBB

416,952

400

4.000%, 9/01/14

No Opt. Call

BBB

419,668

400

4.125%, 9/01/15

No Opt. Call

BBB

421,364

1,000

Hanover County, Virginia, General Obligation Bonds, Refunding & Public Improvement Series 2009, 5.000%, 7/15/19

No Opt. Call

AAA

1,199,330

Louisa Industrial Development Authority, Virginia, Pollution Control Revenue Bonds, Virginia Electric and Power Company, Series 2008:

2,000

5.000%, 11/01/35 (Mandatory put 12/01/11)

No Opt. Call

A–

2,028,060

4,750

5.375%, 11/01/35 (Mandatory put 12/02/13)

No Opt. Call

A–

5,154,225

490

Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2005, 5.250%, 6/01/19 (Pre-refunded 6/01/12)

6/12 at 100.00

AAA

510,369

1,250

Virginia College Building Authority, Educational Facilities Revenue Bonds, Public Higher Education Financing Program, Series 2009A, 5.000%, 9/01/15

No Opt. Call

Aa1

1,453,538

1,750

Virginia College Building Authority, Educational Facilities Revenue Refunding Bonds, Marymount University, Series 1998, 5.100%, 7/01/18 – RAAI Insured

1/12 at 100.00

N/R

1,751,610

12,840

Total Virginia

13,765,608

Washington – 1.3%

4,040

Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement Series 2010B, 5.000%, 2/01/17

No Opt. Call

Aa2

4,759,039

3,000

Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31

1/21 at 100.00

3,000,959

10,380

Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, 2010 Series 2009B, 5.000%, 8/01/15

No Opt. Call

AA+

12,042,148

8,715

Washington State, General Obligation Motor Vehicle Fuel Tax Bonds,
Series 2008B, 5.000%, 7/01/19

7/18 at 100.00

AA+

10,173,193

2,230

Washington, General Obligation Bonds, Series 1990A, 6.750%, 2/01/15

No Opt. Call

AA+

2,462,410

28,365

Total Washington

32,437,749

West Virginia – 0.4%

2,000

West Virginia Economic Development Authority, Pollution Control Revenue Bonds, Appalachian Power Company – Amos Project, Series 2008, 4.850%, 5/01/19 (Mandatory put 9/04/13)

No Opt. Call

BBB

2,126,199


Nuveen Investments			143

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

West Virginia (continued)

7,000

West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Ohio Power Company – Amos Project,
Series 2010A, 3.125%, 3/01/43 (Mandatory put 4/01/15)

No Opt. Call

Baa1

7,171,009

9,000

Total West Virginia

9,297,208

Wisconsin – 2.8%

135

Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/12 (ETM)

No Opt. Call

AAA

141,255

Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002:

100

6.000%, 6/01/17 (Pre-refunded 6/01/12)

6/12 at 100.00

AAA

104,841

6,150

6.125%, 6/01/27 (Pre-refunded 6/01/12)

6/12 at 100.00

AAA

6,401,657

7,955

6.375%, 6/01/32 (Pre-refunded 6/01/12)

6/12 at 100.00

AAA

8,365,159

4,070

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2009B, 4.750%, 8/15/25 (Mandatory put 8/15/14)

No Opt. Call

4,397,715

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010B:

5,000

5.000%, 7/15/17

No Opt. Call

5,459,049

5,000

5.000%, 7/15/18

No Opt. Call

5,424,049

5,650

5.000%, 7/15/19

No Opt. Call

6,068,947

1,100

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert and Community Health Obligated Group, Series 2001,
5.625%, 10/01/11

No Opt. Call

AA–

1,110,075

1,250

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2001B, 6.500%, 2/15/12

No Opt. Call

BBB+

1,281,549

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2006A:

450

5.000%, 2/15/12

No Opt. Call

BBB+

457,721

400

5.000%, 2/15/13

No Opt. Call

BBB+

416,619

450

5.000%, 2/15/14

No Opt. Call

BBB+

476,680

500

5.000%, 2/15/15

No Opt. Call

BBB+

537,214

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of Wisconisin, Inc., Series 2010:

1,475

5.000%, 12/01/16

No Opt. Call

A+

1,645,671

1,555

5.000%, 12/01/17

No Opt. Call

A+

1,734,197

1,635

5.000%, 12/01/18

No Opt. Call

A+

1,809,388

1,710

5.000%, 12/01/19

No Opt. Call

A+

1,881,050

10,000

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2010A, 5.000%, 6/01/19

No Opt. Call

10,501,799

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006:

4,000

5.000%, 8/15/14

No Opt. Call

BBB+

4,243,999

2,000

5.250%, 8/15/18

8/16 at 100.00

BBB+

2,111,359

480

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.000%, 8/15/13

No Opt. Call

BBB+

502,737

2,005

Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.250%, 5/01/20

5/19 at 100.00

AA–

2,336,405

63,070

Total Wisconsin

67,409,135

2,079,952

Total Long-Term Investments (cost $2,169,439,290) – 92.6%

2,255,711,538

SHORT-TERM INVESTMENTS – 6.1%

California – 0.1%

3,100

Los Angeles Unified School District, California, Certificates of Participation, Administration Building Project III, Variable Rate Demand Obligations, Refunding Series 2008B, 0.050%, 10/01/31 (7)

10/11 at 100.00

A–1

3,100,000


	144			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Connecticut – 0.8%

4,345

Connecticut Health and Educational Facilities Authority, Revenue Bonds, Choate Rosemary Hall, Variable Rate Demand Obligations, Series 2008D, 0.070%, 7/01/37 (7)

11/11 at 100.00

VMIG–1

4,345,000

7,000

Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Variable Rate Demand Obligations, Series 1999-U2, 0.020%, 7/01/33 (7)

10/11 at 100.00

A–1+

7,000,000

7,730

Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Variable Rate Demand Obligations, Trust 2862, 0.210%, 7/01/15 (7)

No Opt. Call

A–1+

7,730,000

19,075

Total Connecticut

19,075,000

Georgia – 0.5%

11,910

Georgia, General Obligation Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 1881, 0.070%, 4/01/27 (7)

4/17 at 100.00

VMIG–1

11,910,000

Illinois – 0.5%

13,000

BB&T Municipal Trust Pool, Variable Rate Demand Obligations, Series 2011, 1.000%, 9/01/14 (7)

No Opt. Call

N/R

13,000,000

Maine – 0.3%

6,665

Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, Variable Rate Demand Obligations, Tender Option Bond Trust 2009-5B, 0.090%, 7/01/39 (7)

7/19 at 100.00

VMIG–1

6,665,000

Maryland – 0.3%

8,110

Maryland Health and Higher Educational Facilities Authority, Variable Rate Demand Revenue Bonds, Goucher College, Series 2007, 0.100%, 7/01/37 (7)

11/11 at 100.00

A–1

8,110,000

Massachusetts – 0.6%

10,000

Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Variable Rate Demand Obligations, Tender Option Bond Trust 3529, 0.120%, 11/15/16 (7)

No Opt. Call

A–1+

10,000,000

3,000

Massachusetts, General Obligation Bonds, SIFMA Index Bonds, Variable Rate Demand Obligaiton Series 2010A, 0.320%, 2/01/12 (7)

10/11 at 100.00

A–1+

3,000,000

2,700

Massachusetts, General Obligation Bonds, Variable Rate Demand Obligations Tender Option Bond Trust 2755, 0.080%, 8/01/27 – AGM Insured (7)

8/17 at 100.00

A–1

2,700,000

15,700

Total Massachusetts

15,700,000

Michigan – 0.2%

4,000

Detroit City School District, Wayne County, Michigan, Variable Rate Demand Obligations General Obligation Bonds, Tender Option Bonds Trust
DCL-045. 2.000%, 5/01/30 (7)

No Opt. Call

A–1

4,000,000

Missouri – 0.2%

5,000

St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Variable Rate Demand Obligations, Tender Option Bond Trust
DCL-017, 2.600%, 7/01/26 (7)

No Opt. Call

A–1

5,000,000

North Carolina – 0.2%

5,000

University of North Carolina, Chapel Hill, System Net Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 1287, 0.800%, 7/01/22 (7)

No Opt. Call

A–1

5,000,000

Oregon – 0.2%

5,880

Eugene, Oregon, Electric Utility Revenue Bonds, Variable Rate Demand Obligations, Series 2003A, 1.200%, 8/01/22 – AGM Insured (7)

8/13 at 100.00

A–1

5,880,000

Pennsylvania – 0.2%

4,330

Pennsylvania State University, General Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 1971, 0.120%, 9/01/13 (7)

No Opt. Call

VMIG–1

4,330,000


Nuveen Investments			145

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

July 31, 2011

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

South Carolina – 0.3%

7,440

Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Refunding Building Equity Sooner, Variable Rate Demand Obligations, Tender Option Bond Trust 2056, 0.070%, 12/01/20 – AGC Insured (7)

No Opt. Call

VMIG–1

7,440,000

Tennessee – 0.4%

8,735

Chattanooga, Tennessee, Electric System Enterprise Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 08-29, 0.080%, 9/01/33 (7)

No Opt. Call

A–1

8,735,000

Virginia – 0.7%

6,005

The Rector and Visitors of the University of Virginia, General Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 2876, 0.120%, 6/01/13 (7)

No Opt. Call

AAA

6,005,000

5,000

Virginia Resources Authority, Clean Water State Revolving Fund Revenue Bonds, Variable Rate Demand Obligations, Series 2008, Trust 2917, 0.090%, 10/01/28 (7)

No Opt. Call

A–1

5,000,000

4,875

Madison County Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, Variable Rate Demand Obligations, The Woodberry Forest School, Variable Rate Demand Obligations, Series 2007, 0.330%, 10/01/37 (7)

10/11 at 100.00

VMIG–2

4,875,000

15,880

Total Virginia

15,880,000

Washington – 0.6%

15,000

Central Puget Sound Regional Transit Authority, Washington, Sales and Use Tax Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 2007-1C, 0.080%, 11/01/32 – AGM Insured (7)

11/17 at 100.00

VMIG–1

15,000,000

148,825

Total Short-Term Investments (cost $148,825,000)

148,825,000

Total Investments (cost $2,318,264,290) – 98.7%

2,404,536,538

Other Assets Less Liabilities – 1.3%

30,564,623

Net Assets – 100%

2,435,101,161

Fair Value Measurements


Level 1 –		Quoted prices in active markets for identical securities.
Level 2 –		Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –		Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).


	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	2,254,166,174	$	1,545,364	$	2,255,711,538
Short-Term Investments		—		148,825,000		—		148,825,000
Total	$	—	$	2,402,991,174	$	1,545,364	$	2,404,536,538


	146			Nuveen Investments

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


	Level 3 Municipal Bonds
Balance at the beginning of period	$	182,500
Gains (losses):
Net realized gains (losses)		—
Net change in unrealized appreciation (depreciation)		(1,500	)
Purchases at cost		—
Sales at proceeds		—
Net discounts (premiums)		—
Transfers in to		1,364,364
Transfers out of		—
Balance at the end of period	$	1,545,364

During the period ended July 31, 2011, the Fund recognized no significant transfers to or from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.

Income Tax Information

At July 31, 2011, the cost of investments was $2,317,168,443.

Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2011, were as follows:


Gross unrealized:
Appreciation	$	99,411,649
Depreciation		(12,043,554	)
Net unrealized appreciation (depreciation) of investments	$	87,368,095

(1)

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

(2)

(3)

(4)

(5)

(6)

(7)

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.

(8)

For fair value measurement disclosure purposes, investment categorized as Level 3.

N/R

Not rated.

WI/DD

Purchased on a when-issued or delayed delivery basis.

(ETM)

Escrowed to maturity.

(IF)

Inverse floating rate investment.


Nuveen Investments			147

Item 2. 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 (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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form 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)), exactly as set forth below: See Ex-99. 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 Municipal Trust


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

Date: September 29, 2011

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

Chief Administrative Officer

(principal executive officer)

Date: September 29, 2011

By (Signature and Title)

/s/ Stephen D. Foy

Vice President and Controller

(principal financial officer)

Date: September 29, 2011