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: January 31, 2010

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 High Yield Municipal Bond Fund

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		National – 0.0%
$	1,554	MMA Financial Mutlifamily Securitization Trust, Class B Certificates, Series 2005B, 9.000%, 7/01/40 (Alternative Minimum Tax)	8/10 at 100.00	N/R	$	1,398,231
		Alabama – 2.0%
	3,275	Alabama Housing Finance Authority, Single Family Mortgage Revenue Bonds, Series 2007B, Drivers 1954, 12.988%, 4/01/38 (Alternative Minimum Tax) (IF)	4/16 at 100.00	Aaa		3,038,185
	15,780	Bessemer, Alabama, General Obligation Warrants, Series 2007, 6.500%, 2/01/37	2/17 at 102.00	N/R		11,249,246
	24,950	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		20,663,091
	8,050	Butler Industrial Development Board, Alabama, Solid Waste Disposal Revenue Bonds, Georgia Pacific Corporation, Series 2004, 5.750%, 9/01/28 (Alternative Minimum Tax)	9/14 at 100.00	BB–		7,444,238
	4,315	Courtland Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, International Paper Company, Refunding Series 2006A, 5.000%, 8/01/27 (Alternative Minimum Tax)	8/11 at 100.00	BBB		3,745,852
	2,500	Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25	6/15 at 100.00	BBB		2,246,525
	5,025	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		4,495,566
		Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A:
	280	5.250%, 1/01/15	No Opt. Call	BBB		263,712
	960	5.250%, 1/01/17	1/14 at 100.00	BBB		865,930
	3,000	5.250%, 1/01/19	1/14 at 100.00	BBB		2,647,920
	2,400	5.500%, 1/01/21 – AGM Insured	1/14 at 100.00	AAA		2,383,752
		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	Baa2		1,440,811
	3,025	4.750%, 3/01/36	3/16 at 100.00	Baa2		2,464,558
	8,600	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		7,873,128
		Rainbow City Special Healthcare Facilities Financing Authority, Alabama, First Mortgage Revenue Bonds, Regency Pointe, Series 2001A:
	10	7.650%, 1/01/11 (4)	No Opt. Call	N/R		7,297
	2,365	8.125%, 1/01/21 (4)	1/11 at 102.00	N/R		1,727,656
	1,420	8.250%, 1/01/31 (4)	1/11 at 102.00	N/R		1,037,764
	2,630	Rainbow City Special Healthcare Facilities Financing Authority, Alabama, First Mortgage Revenue Bonds, Regency Pointe, Series 2001B, 7.250%, N/A (4)	No Opt. Call	N/R		1,918,848
	1,500	Selma Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2000B, 6.700%, 3/01/24	3/10 at 101.00	BBB		1,515,630
		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		1,755,940
	13,045	6.000%, 8/01/35	8/15 at 100.00	N/R		10,535,012
	106,765	Total Alabama				89,320,661
		Alaska – 0.1%
	1,000	Alaska Municipal Bond Bank Authority, Revenue Bonds, Series 2009, 5.750%, 9/01/33	9/18 at 100.00	A+		1,065,450
	500	Aleutians East Burough Project, Alaska, Revenue Bonds, Series 2006, 5.500%, 6/01/36 – ACA Insured	6/16 at 100.00	N/R		364,210

Nuveen Investments 1

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Alaska (continued)
		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		$	1,521,800
	50	5.000%, 6/01/46	6/14 at 100.00	Baa3			33,763
	3,550	Total Alaska					2,985,223
		Arizona – 2.9%
		Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health System, Tender Option Bond Trust 2008 – 1097:
	2,590	12.997%, 1/01/31 (IF)	1/18 at 100.00	A+			2,671,067
	315	12.744%, 1/01/35 (IF)	1/18 at 100.00	A+			287,919
	740	12.317%, 1/01/35 (IF)	1/18 at 100.00	A+			676,382
	185	12.317%, 1/01/35 (IF)	1/18 at 100.00	A+			169,096
	4,355	11.447%, 1/01/35 (IF)	1/18 at 100.00	A+			3,980,601
	711	Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment Lien Bonds, Series 2001A, 7.875%, 7/01/25	7/10 at 102.00	N/R			726,998
		Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005:
	1,400	4.625%, 12/01/26	12/15 at 100.00	BBB			1,258,250
	1,185	4.625%, 12/01/27	12/15 at 100.00	BBB			1,052,564
	1,700	4.700%, 12/01/28	12/15 at 100.00	BBB			1,519,545
	345	4.750%, 12/01/29	12/15 at 100.00	BBB			308,592
	1,835	4.750%, 12/01/30	12/15 at 100.00	BBB			1,634,104
	20,000	Maricopa County Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, Privado Park Apartments Project, Series 2006A, 5.250%, 11/01/41 (Mandatory put 11/01/11) (Alternative Minimum Tax)	4/10 at 100.00	N/R			19,413,800
	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)	1/11 at 103.00	CC			5,320,022
	1,720	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)	6/10 at 100.00	N/R			1,586,322
	1,195	Maricopa County, Arizona, Hospital Revenue Bonds, Sun Health Corporation, Series 2005, 5.000%, 4/01/25 (Pre-refunded 4/01/15)	4/15 at 100.00	N/R	(5)		1,380,823
	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			346,966
	4,790	Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Tender Option Bond Trust 3525, 17.755%, 7/01/39 (IF)	7/19 at 100.00	AAA			5,274,173
		Phoenix Industrial Development Authority, Arizona, Educational Revenue Bonds, Keystone Montessori School, Series 2004A:
	195	6.375%, 11/01/13	11/11 at 103.00	N/R			196,948
	790	7.250%, 11/01/23	11/11 at 103.00	N/R			766,853
	1,710	7.500%, 11/01/33	11/11 at 103.00	N/R			1,658,187
		Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B:
	3,935	0.000%, 7/01/28 – FGIC Insured	No Opt. Call	AA+			3,687,489
	7,985	0.000%, 7/01/29 – FGIC Insured	No Opt. Call	AA+			7,437,868
	2,430	Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Franklin Phonetic Charter School, Series 2006, 5.750%, 7/01/36	7/16 at 100.00	N/R			1,902,544
	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–			466,345
		Pima County Industrial Development Authority, Arizona, Choice Education and Development Charter School Revenue Bonds, Series 2006:
	450	6.000%, 6/01/16	No Opt. Call	N/R			416,597
	1,240	6.250%, 6/01/26	6/16 at 100.00	N/R			1,017,532
	3,000	6.375%, 6/01/36	6/16 at 100.00	N/R			2,316,720

2 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Arizona (continued)
		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	BB	$	191,223
	475	6.000%, 6/01/36	6/16 at 100.00	BB		312,517
	3,165	Pima County Industrial Development Authority, Arizona, Lease Revenue Bonds, Clark County Detention Facility Project, Trust 2835, 16.513%, 9/01/39 (IF)	3/18 at 100.00	AA		2,809,729
		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007:
	60	5.250%, 12/01/22	No Opt. Call	A		59,001
	80	5.250%, 12/01/28	No Opt. Call	A		74,991
	8,120	5.500%, 12/01/29	No Opt. Call	A		7,797,474
	8,100	5.000%, 12/01/32	No Opt. Call	A		7,154,244
	13,050	5.000%, 12/01/37	No Opt. Call	A		11,168,321
		Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:
	4,000	4.700%, 4/01/22	4/14 at 100.00	N/R		3,501,520
	5,425	4.900%, 4/01/32	4/17 at 100.00	N/R		4,360,452
	3,500	The Industrial Development Authority of the County of Pima Education Revenue Bonds, Arizona, Legacy Traditional School Project, Series 2009, 8.500%, 7/01/39	No Opt. Call	N/R		3,658,620
		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	BBB–		1,463,621
	1,035	6.125%, 9/01/34	9/14 at 100.00	BBB–		909,682
		Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005:
	100	5.200%, 7/01/13	No Opt. Call	N/R		97,637
	498	5.400%, 7/01/15	No Opt. Call	N/R		476,113
	700	5.500%, 7/01/16	No Opt. Call	N/R		659,827
	7,916	5.750%, 7/01/22	7/16 at 100.00	N/R		6,796,994
	9,790	6.000%, 7/01/30	7/16 at 100.00	N/R		7,851,580
	1,520	Winslow Industrial Development Authority, Arizona, Hospital Revenue Bonds, Winslow Memorial Hospital, Series 1998, 5.500%, 6/01/22	6/10 at 100.00	N/R		1,342,677
	141,895	Total Arizona				128,160,530
		Arkansas – 0.5%
	1,555	Calhoun County, Arkansas, Solid Waste Disposal Revenue Bonds, Georgia Pacific Corporation Project, Series 2001, 6.375%, 11/01/26 (Alternative Minimum Tax)	11/11 at 101.00	B2		1,542,964
	23,170	Little River County, Arkansas, Revenue Refunding Bonds, Georgia-Pacific Corporation, Series 1998, 5.600%, 10/01/26 (Alternative Minimum Tax)	4/10 at 100.00	B2		21,173,905
	24,725	Total Arkansas				22,716,869
		California – 11.8%
		American Canyon Financing Authority, California, Infrastructure Revenue Bonds, American Canyon Road East AD, Series 2005:
	2,000	5.000%, 9/02/30	9/14 at 102.00	N/R		1,527,660
	3,390	5.100%, 9/02/35	9/14 at 102.00	N/R		2,494,091
	2,370	Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Tender Option Bond Trust 3145, 6.840%, 5/01/45 – AGM Insured (IF)	5/19 at 100.00	AAA		2,205,332
	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		173,788
		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2009, Trust 2985-1:
	1,085	17.552%, 4/01/31 (IF)	4/17 at 100.00	AA		1,197,775
	1,250	17.610%, 4/01/34 (IF)	4/18 at 100.00	AA		1,336,925

Nuveen Investments 3

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		California (continued)
$	2,445	17.604%, 4/01/34 (IF)	4/18 at 100.00	AA	$	2,615,025
	325	17.481%, 4/01/34 (IF)	4/18 at 100.00	AA		347,376
	2,185	17.610%, 4/01/39 (IF)	4/18 at 100.00	AA		2,289,662
	500	17.610%, 4/01/39 (IF)	4/18 at 100.00	AA		523,950
	1,250	17.610%, 4/01/39 (IF)	4/18 at 100.00	AA		1,309,875
	2,325	17.583%, 4/01/39 (IF)	4/18 at 100.00	AA		2,436,368
	1,250	19.615%, 4/01/43 (IF)	4/18 at 100.00	AA		1,480,525
	1,000	18.111%, 4/01/47 (IF)	4/18 at 100.00	AA		1,057,060
	1,250	17.810%, 4/01/47 (IF)	4/18 at 100.00	AA		1,321,325
	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		983,892
		Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2004D:
	1,455	5.500%, 9/01/24	9/14 at 102.00	N/R		1,360,687
	1,875	5.800%, 9/01/35	9/14 at 102.00	N/R		1,673,831
		Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2005A:
	1,730	5.600%, 9/01/25	9/15 at 102.00	N/R		1,497,540
	2,315	5.650%, 9/01/30	9/15 at 102.00	N/R		1,924,413
	2,500	5.700%, 9/01/35	9/15 at 102.00	N/R		2,009,150
		Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2005B:
	930	5.350%, 9/01/28	9/15 at 102.00	N/R		815,322
	1,390	5.400%, 9/01/35	9/15 at 102.00	N/R		1,161,581
		Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2005C:
	855	5.500%, 9/01/29	9/14 at 102.00	N/R		759,249
	2,065	5.500%, 9/01/35	9/14 at 102.00	N/R		1,752,400
		Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2006B:
	685	5.000%, 9/01/27	9/10 at 102.00	N/R		543,486
	1,000	5.050%, 9/01/37	9/10 at 102.00	N/R		725,140
	3,260	Borrego Water District, California, Community Facilities District 2007-1 Montesoro, Special Tax Bonds, Series 2007, 5.750%, 8/01/32	8/17 at 102.00	N/R		2,687,055
	4,500	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 0.000%, 6/01/21	12/18 at 100.00	Baa3		3,798,495
	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		4,839,450
	2,500	California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 3144-1, 11.379%, 10/01/38 (IF)	10/18 at 100.00	AA+		2,815,300
	4,955	California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 3526, 17.756%, 10/01/39 (IF)	10/18 at 100.00	AA+		5,723,818
	1,600	California Enterprise Development Authority, Sewer Facilities Revenue, Anheuser-Busch Project, Senior Lien Series 2007, 5.300%, 9/01/47 (Alternative Minimum Tax)	9/12 at 100.00	BBB+		1,494,208
	4,700	California Health Facilities Financing Authority, Hospital Revenue Bonds, Downey Community Hospital, Series 1993, 5.750%, 5/15/15	5/10 at 100.00	N/R		3,113,468
	5,400	California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2007M, Trust 1022, 8.574%, 2/01/30 (Alternative Minimum Tax) (IF)	2/17 at 100.00	AA–		4,277,448
	9,000	California Municipal Finance Authority, Certificates of Participation, Community Hospitals of Central California Oblgiated Group, Series 2009, 5.500%, 2/01/39	2/19 at 100.00	Baa2		7,948,620
	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–		2,150,096

4 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		California (continued)
		California Municipal Finance Authority, Educational Facilities Revenue Bonds, OCEAA Project, Series 2008A:
$	1,000	6.750%, 10/01/28	No Opt. Call	N/R	$	943,790
	1,000	7.000%, 10/01/39	No Opt. Call	N/R		932,860
	1,040	California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.500%, 11/01/39	11/19 at 100.00	Ba1		1,052,875
		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		946,480
	2,000	5.250%, 2/01/27	2/17 at 100.00	Baa2		1,827,540
	1,980	California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Browning Ferris Industries Inc., Series 1989, 6.750%, 9/01/19 (Alternative Minimum Tax)	9/10 at 100.00	Baa3		1,981,861
	9,000	California Pollution Control Financing Authority, Solid Waste Revenue Bonds, Keller Canyon Landfill Company, Series 1992, 6.875%, 11/01/27 (Alternative Minimum Tax)	4/10 at 100.00	BBB		9,009,180
	3,505	California Rural Home Mortage Finance Authority, Home Buyers Fund, Single Family Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2007E, 6.100%, 2/01/46 (Alternative Minimum Tax)	2/17 at 105.00	Aaa		3,601,738
	4,100	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009I-1, 6.375%, 11/01/34	11/19 at 100.00	BBB+		4,179,991
	40,600	California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax)	No Opt. Call	BB		27,059,494
	500	California Statewide Communities Development Authority, Revenue Bonds, Inland Regional Center Project, Series 2007, 5.375%, 12/01/37	12/17 at 100.00	Ba1		384,565
	2,800	California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.719%, 7/01/47 – AGM Insured (IF)	7/18 at 100.00	AAA		2,886,688
	3,080	California Statewide Community Development Authority, Charter School Revenue Bonds, Lionel Wilson College Preparatory Academy, Series 2001A, 7.250%, 8/01/31	4/10 at 100.00	N/R		2,999,982
		California Statewide Community Development Authority, Lancer Educational Student Housing Revenue Bonds, California Baptist University, Series 2007:
	425	9.125%, 6/01/13	No Opt. Call	N/R		425,927
	1,000	5.625%, 6/01/33	6/17 at 102.00	N/R		790,140
	615	California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, Magnolia City Lights, Series 1999X, 6.650%, 7/01/39	7/11 at 100.00	N/R		519,860
	495	California Statewide Community Development Authority, Revenue Bonds, Brentwood Infrastructure Program, Series 2005A, 5.200%, 9/02/25	9/10 at 100.00	N/R		409,583
	1,500	California Statewide Community Development Authority, Revenue Bonds, California Baptist University, Series 2007A, 5.500%, 11/01/38	No Opt. Call	N/R		1,177,005
		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	A		509,394
	5,390	5.000%, 8/15/47	8/17 at 100.00	BBB+		4,453,326
		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		5,649,684
	590	5.250%, 7/01/35	7/15 at 100.00	BBB		512,622
	750	California Statewide Community Development Authority, Revenue Bonds, Drew School, Series 2007, 5.300%, 10/01/37	10/15 at 102.00	N/R		566,280
	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		2,927,486

Nuveen Investments 5

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		California (continued)
		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	$	2,043,911
	1,300	5.000%, 11/01/25	11/16 at 100.00	N/R		1,034,007
	800	5.000%, 11/01/29	11/16 at 100.00	N/R		604,904
	3,640	California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Trust 2635, 17.593%, 4/01/31 – BHAC Insured (IF)	4/17 at 100.00	AA+		3,840,491
	480	California Statewide Community Development Authority, Revenue Bonds, Live Oak School, Series 2000, 6.250%, 10/01/12	No Opt. Call	N/R		496,368
	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		3,171,556
	9,795	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3048, 13.550%, 11/15/48 (IF)	5/18 at 100.00	Aa3		8,122,406
		California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102:
	4,500	14.893%, 11/15/42 (IF)	11/16 at 100.00	Aa3		3,261,060
	2,400	14.890%, 11/15/43 (IF)	11/15 at 100.00	Aa3		1,709,568
	5,550	15.732%, 11/15/46 (IF)	11/16 at 100.00	Aa3		4,644,795
	7,865	15.730%, 11/15/48 (IF)	5/18 at 100.00	Aa3		6,521,973
	8,330	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43 (UB)	11/15 at 100.00	Aa3		7,610,038
	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		924,807
		California, General Obligation Bonds, Various Purpose Series 2009:
	4,000	6.000%, 11/01/39	11/19 at 100.00	A–		4,070,480
	3,635	5.500%, 11/01/39	11/19 at 100.00	A–		3,480,912
	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–		3,279,731
		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		788,070
	5,310	5.000%, 9/01/31	3/16 at 100.00	N/R		3,946,233
	2,000	5.000%, 9/01/36	3/16 at 100.00	N/R		1,416,780
	4,290	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		3,159,413
	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	3/10 at 102.00	N/R		320,243
		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		5,356,187
	15,800	5.250%, 9/01/37	9/15 at 102.00	N/R		10,449,488
	2,000	Etiwanda School District, California, Coyote Canyon Public Facilities CFD 2004-1 Improvement Area 2, 6.625%, 9/01/39	9/19 at 100.00	N/R		1,985,720
	3,000	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		2,780,190
	2,610	Fontana, California, Special Tax Bonds, Community Facilities District 31 Citrus Heights North Special Tax Bonds, Series 2006, 5.000%, 9/01/26	9/14 at 102.00	N/R		1,959,927
	7,575	Goden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 3107, 17.603%, 6/01/45 – AMBAC Insured (IF)	6/15 at 100.00	AA+		4,788,158
		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	3,835	5.000%, 6/01/33	6/17 at 100.00	BBB		2,991,760
	35,990	5.750%, 6/01/47	6/17 at 100.00	BBB		27,483,764
	4,000	5.125%, 6/01/47	6/17 at 100.00	BBB		2,762,920

6 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		California (continued)
$	31,935	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – AMBAC Insured (UB)	6/15 at 100.00	BBB+	$	26,426,532
	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		454,574
	120	Hesperia, California, Improvement Act of 1915, Assessment District, 91-1, Joshua West Main Street, Series 1992, 8.500%, 9/02/24	9/10 at 100.00	N/R		123,608
		Independent Cities Lease Finance Authority, California, Revenue Bonds, El Granada Mobile Home Park, Series 2004A:
	640	6.000%, 5/15/34	5/14 at 100.00	N/R		584,403
	790	6.125%, 5/15/38	5/14 at 100.00	N/R		723,308
	2,500	6.450%, 5/15/44	5/14 at 100.00	N/R		2,310,875
	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		3,009,764
	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		903,908
		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		1,555,438
	3,825	5.150%, 9/01/35	9/15 at 102.00	N/R		2,774,502
		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		481,868
	1,830	5.125%, 9/01/36	9/16 at 100.00	N/R		1,267,458
	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		2,426,975
	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		1,065,852
		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		2,528,790
	6,750	5.150%, 9/01/36	9/14 at 100.00	N/R		5,231,925
		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		988,982
	1,225	5.250%, 9/01/35	9/15 at 102.00	N/R		968,902
		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		744,489
	4,660	5.250%, 9/01/37	9/14 at 100.00	N/R		3,466,481
		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		822,818
	1,100	5.350%, 9/01/36	9/12 at 102.00	N/R		863,390
	5,500	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		4,252,930
	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		1,863,280
	2,000	Lancaster Redevelopment Agency Combined Project Areas, California, Housing Programs, Tax Allocation Bonds 2009, 6.875%, 8/01/34	8/19 at 100.00	A		2,152,380
	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		1,049,693

Nuveen Investments 7

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		California (continued)
$	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	$	3,254,054
	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		485,346
	2,460	Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2005A, 5.000%, 12/01/21	12/15 at 100.00	BBB		2,292,941
	6,770	Los Angeles County, California, Multifamily Housing Revenue Bonds, HDR Preservation Apartment Project, Series 2007C, 6.250%, 7/01/42	No Opt. Call	N/R		5,235,309
	2,500	Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax)	12/12 at 102.00	B–		2,471,250
	2,500	Los Angeles, California, Wastewater System Revenue Bonds, Tender Option Bond Trust 2009-2W, 20.488%, 6/01/34 (IF)	6/19 at 100.00	AA		3,516,050
		Menifee Union School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2004-5, Series 2006:
	625	5.200%, 9/01/26	9/15 at 100.00	N/R		516,644
	1,000	5.250%, 9/01/36	9/15 at 100.00	N/R		758,010
	5	Merced Irrigation District, California, Revenue Certificates of Participation, Electric System Project, Series 2003, 5.700%, 9/01/36	9/13 at 102.00	Baa3		4,479
		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		1,031,291
	1,245	5.300%, 9/01/36	9/10 at 103.00	N/R		924,923
		Moorpark, California, Special Tax Bonds, Community Facilities District 2004-1, Moorpark Highlands Project, Series 2006:
	1,795	5.250%, 9/01/26	9/16 at 100.00	N/R		1,465,097
	5,270	5.300%, 9/01/38	9/16 at 100.00	N/R		3,894,635
	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		183,260
	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		456,908
		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		793,648
	1,325	5.000%, 9/01/37	9/17 at 100.00	N/R		947,097
	2,300	M-S-R Energy Authority, Gas Revenue Bonds, California, Citigroup Prepay Contracts, Series 2009C, 7.000%, 11/01/34	No Opt. Call	A		2,581,474
		M-S-R Energy Authority, Gas Revenue Bonds, California, Series 2009:
	3,700	7.000%, 11/01/34	No Opt. Call	A		4,152,806
	22,050	6.500%, 11/01/39	No Opt. Call	A		23,314,127
	845	Multifamily Housing Revenue Bond Pass-Through Certificates, California, 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		781,946
		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		306,673
	550	5.450%, 9/01/38	9/16 at 100.00	N/R		423,500
		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		598,239
	915	5.150%, 9/01/22	9/15 at 101.00	N/R		784,430
	1,015	5.250%, 9/01/24	9/15 at 101.00	N/R		857,472
	1,755	5.400%, 9/01/35	9/15 at 101.00	N/R		1,369,690

8 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		California (continued)
$	1,765	Palomar Pomerado Health, Calfornia, Certificates of Participation, Series 2009, 6.750%, 11/01/39	11/19 at 100.00	Baa2		$	1,811,914
	5,000	Peralta Community College District, Alameda County, California, General Obligation Bonds, Series 2009, Trust 3019, 17.412%, 8/01/37 – AGM Insured (IF)	8/17 at 100.00	AAA			5,136,800
	570	Perris, California, Community Facilities District 2001-1 Improvement Area 5-A Special Tax Bonds, Series 2006, 5.000%, 9/01/26	9/10 at 102.00	N/R			433,308
		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			946,267
	2,475	5.150%, 9/01/35	9/15 at 102.00	N/R			1,731,906
		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			446,809
	1,500	5.100%, 9/01/28	9/12 at 102.00	N/R			1,266,630
	1,050	5.150%, 9/01/32	9/12 at 102.00	N/R			859,740
	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			1,030,834
	2,000	Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32	12/11 at 102.00	N/R			1,844,920
	1,455	Pomona Public Financing Authority, California, Merged Projects Revenue Bonds, Series 2007AX, 5.000%, 2/01/41	2/17 at 100.00	BBB–			1,107,721
	1,285	Pomona Public Financing Authority, California, Merged Projects Revenue Bonds, Series 2007, 5.125%, 2/01/33	2/12 at 100.00	BBB–			1,044,101
	3,575	Port of Oakland, California, Revenue Bonds, Series 2000K, 5.875%, 11/01/30 – FGIC Insured	5/10 at 100.00	A			3,577,932
	30	Port of Oakland, California, Revenue Bonds, Series 2000K, 5.875%, 11/01/30 (Pre-refunded 5/01/10) – FGIC Insured	5/10 at 100.00	A	(5)		30,376
		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	Baa3			830,510
	1,750	5.000%, 12/15/33	12/12 at 100.00	Baa3			1,363,373
	2,150	Riverside Unified School District, California, Community Facilities District 24 Special Tax Bonds, Series 2006, 5.100%, 9/01/36	9/14 at 102.00	N/R			1,685,686
	2,955	Riverside Unified School District, Riverside County, California, General Obligation Bonds, Series 2009, Trust 3017, 17.338%, 8/01/30 – MBIA Insured (IF)	8/15 at 100.00	AAA			3,142,406
		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			1,587,080
	1,500	5.200%, 9/02/36	9/16 at 101.00	N/R			1,090,050
		Riverside, California, Special Tax Bonds, Community Facilities District 92-1 – Sycamore Canyon Business Park, Series 2005A:
	1,000	5.125%, 9/01/25	9/15 at 101.00	N/R			841,320
	2,000	5.300%, 9/01/34	9/15 at 101.00	N/R			1,577,060
	3,500	Roseville, California, Special Tax Bonds, Community Facilities District 1 – Westpark, Series 2005, 5.200%, 9/01/36	9/15 at 100.00	N/R			2,632,700
		Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Series 2006:
	235	5.000%, 9/01/18	3/14 at 103.00	N/R			212,637
	645	5.100%, 9/01/20	9/16 at 100.00	N/R			566,246
	2,370	5.200%, 9/01/26	9/16 at 100.00	N/R			1,948,993
	3,255	5.250%, 9/01/37	9/16 at 100.00	N/R			2,436,433
	5,000	Roseville, California, Special Tax Bonds, Community Facilities District 1, Fiddyment Ranch, Series 2005, 5.050%, 9/01/30	3/10 at 103.00	N/R			3,890,300

Nuveen Investments 9

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		California (continued)
		Roseville, California, Special Tax Bonds, Community Facilities District 1, Fiddyment Ranch, Series 2006:
$	1,000	5.125%, 9/01/26	3/10 at 103.00	N/R	$	819,330
	7,085	5.250%, 9/01/36	9/16 at 100.00	N/R		5,370,501
	5,460	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		4,399,504
	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	A		976,160
	2,935	San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.428%, 8/01/39 (IF)	8/19 at 100.00	AA–		3,574,654
		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		338,085
	3,020	0.000%, 8/01/34	8/15 at 32.64	N/R		542,513
	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		668,646
	5,110	San Luis Obispo County Financing Authority, California, Revenue Bonds, Nacimiento Water Project, Tender Option Bond Trust 3030, 17.706%, 9/01/38 – MBIA Insured (IF)	9/17 at 100.00	AA+		4,894,562
		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		919,952
	1,050	5.050%, 9/01/30	9/15 at 100.00	N/R		780,486
	2,320	5.100%, 9/01/35	9/15 at 100.00	N/R		1,645,808
	6,065	Santa Clara County Housing Authority, California, Multifamily Housing Revenue Bonds, Blossom River Project, Series 1998A, 6.500%, 9/01/39	3/10 at 100.00	N/R		4,878,807
	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		1,755,475
	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		544,032
	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	N/R		2,329,140
		Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
	4,000	5.375%, 6/01/38	6/15 at 100.00	BBB		3,166,360
	500	5.500%, 6/01/45	6/15 at 100.00	BBB		361,920
	1,180	Tulare Local Health Care District, California, Revenue Bonds, Series 2007, 5.200%, 11/01/32	11/17 at 100.00	N/R		1,029,220
	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		2,370,443
	4,030	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		3,448,673
	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		1,059,780
	2,640	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		2,736,149
		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		966,207
	3,400	7.000%, 9/01/38	9/13 at 103.00	N/R		2,972,144

10 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		California (continued)
$	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		$	5,713,650
	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			3,025,308
	1,000	West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.000%, 9/01/34 – SYNCORA GTY Insured	No Opt. Call	BBB			847,300
		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			610,160
	3,755	5.800%, 9/01/31	9/13 at 102.00	N/R			2,102,913
	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			556,829
	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			3,230,074
		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			2,026,525
	7,270	5.125%, 9/01/35	3/15 at 100.00	N/R			5,013,756
	658,475	Total California					530,319,139
		Colorado – 5.8%
		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			2,430,270
	5,380	6.250%, 12/01/35	12/15 at 100.00	N/R			3,971,570
	19,375	Arista Metropolitan District, Colorado, Special Revenue Bonds, Series 2005, 6.750%, 12/01/35	12/15 at 100.00	N/R			13,795,775
	3,500	Arista Metropolitan District, Colorado, Special Revenue Bonds, Series 2008, 9.250%, 12/01/37	12/15 at 100.00	N/R			3,152,450
	4,250	Arkansas River Power Authority, Colorado, Power Improvement Bonds, Series 2008, 6.000%, 10/01/40	10/18 at 100.00	BBB			4,231,853
	2,515	Bell Mountain Ranch Consolidated Metropolitan District, Colorado, Subordinate Refunding and Improvement Bonds, Series 2003, 7.900%, 11/15/23	No Opt. Call	N/R			2,555,190
	1,675	BNC Metropolitan District 1, Colorado, General Obligation Bonds, Series 2004, 8.050%, 12/01/34	12/14 at 101.00	N/R			1,582,423
	920	Bradburn Metropolitan District 3, Colorado, General Obligation Bonds, Series 2003, 7.500%, 12/01/33	12/13 at 101.00	N/R			798,118
	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			872,556
	5	Buffalo Ridge Metropolitan District, Colorado, Limited Obligation Assessment Bonds, Series 2003, 7.500%, 12/01/33	12/13 at 101.00	N/R			4,828
	270	Canterberry Crossing Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2005, 6.500%, 12/01/35 (Pre-refunded 12/01/12)	12/12 at 100.00	N/R	(5)		304,622
		Castle Oaks Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2005:
	745	6.000%, 12/01/25	12/15 at 100.00	N/R			595,397
	1,428	6.125%, 12/01/35	12/15 at 100.00	N/R			1,064,660
	6,385	Central Marksheffel Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2004, 7.250%, 12/01/29	12/14 at 100.00	N/R			5,608,520
	1,170	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			909,078
	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			2,721,197

Nuveen Investments 11

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Colorado (continued)
$	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	$	427,600
		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Compass for Lifelong Discovery Charter School, Series 1999A:
	225	6.125%, 7/01/12	4/10 at 100.00	N/R		227,959
	1,460	6.500%, 7/01/24	4/10 at 102.00	N/R		1,365,407
		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Elbert County Charter School, Series 2004:
	430	6.750%, 3/01/14	No Opt. Call	N/R		440,883
	730	7.250%, 3/01/24	3/14 at 100.00	N/R		733,635
	1,570	7.375%, 3/01/35	3/14 at 100.00	N/R		1,549,198
	440	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		493,288
		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Series 2008A:
	1,215	6.750%, 8/01/28	8/18 at 100.00	N/R		1,177,031
	4,360	7.000%, 8/01/38	8/18 at 100.00	N/R		4,198,942
		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Jefferson County School District R-1 – Compass Montessori Secondary School, Series 2006:
	2,695	5.500%, 2/15/26	2/16 at 101.00	N/R		2,247,387
	2,370	5.625%, 2/15/36	2/16 at 101.00	N/R		1,846,680
	1,925	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		1,685,395
	4,925	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Pioneer ELOB Charter School, Series 2003, 7.750%, 10/15/33 (4)	10/13 at 100.00	N/R		1,366,491
	800	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Windsor Academy, Series 2007A, 5.700%, 5/01/37	5/17 at 100.00	BB+		638,352
	3,965	Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori Peaks Academy, Series 2006, 5.500%, 5/01/36	5/16 at 102.00	N/R		3,067,562
	1,970	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		1,502,421
	3,000	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		2,639,910
	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		902,500
	10,000	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		7,796,300
	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		2,893,080
	11,220	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, Trust 1033, 10.840%, 9/01/40 (IF)	9/16 at 100.00	AA		10,513,364
		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, Trust 1088:
	8,430	14.212%, 9/01/41 (IF)	9/16 at 100.00	AA		8,192,021
	2,185	13.574%, 9/01/41 (IF)	9/16 at 100.00	AA		2,123,317
	6,300	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 15.198%, 10/01/41 – AGM Insured (IF)	4/18 at 100.00	AAA		6,136,137

12 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Colorado (continued)
$	1,630	Colorado Housing & Finance Authority, Multifamily Housing Revenue Senior Bonds, Castle Highlands Project, Series 2000A-1, 5.900%, 12/01/20 – AMBAC Insured (Alternative Minimum Tax)	12/10 at 100.00	N/R		$	1,433,129
	1,515	Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2007, 6.200%, 4/01/16 (Alternative Minimum Tax)	No Opt. Call	N/R			1,321,277
	2,730	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)	12/10 at 100.00	N/R			2,421,674
		Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007:
	4,000	5.400%, 12/01/27	12/17 at 100.00	N/R			2,903,040
	4,465	5.450%, 12/01/34	12/17 at 100.00	N/R			3,027,627
		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			2,190,090
	3,980	5.950%, 12/01/36	12/16 at 100.00	N/R			2,659,516
	4,130	Crystal Crossing Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2006, 6.000%, 12/01/36	12/16 at 100.00	N/R			2,779,944
	1,935	Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2006, 5.250%, 12/01/23 – SYNCORA GTY Insured	11/16 at 100.00	BBB–			1,796,261
	355	Eagle County Air Terminal Corporation, Colorado, Airport Terminal Revenue Bonds, Series 2006, 5.250%, 5/01/20 (Alternative Minimum Tax)	5/16 at 100.00	N/R			298,420
	3,665	Elbert and Highway 86 Metropolitan District, Colorado, General Obligation Bonds, Series 2006, 5.750%, 12/01/36	12/16 at 100.00	N/R			2,568,102
	3,447	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			2,658,809
	4,497	Fallbrook Metropolitan District, Colorado, General Obligation Bonds, Series 2006, 5.625%, 12/01/26	12/16 at 100.00	N/R			3,418,934
	1,788	Fallbrook Metropolitan District, Colorado, Limited Tax Bonds, Series 2007, 0.000%, 12/15/26	No Opt. Call	N/R			1,205,631
	13,250	Fort Collins, Colorado, Pollution Control Revenue Bonds Anheuser-Busch Companies Project, Series 2007, 4.700%, 9/01/40 (UB)	3/12 at 100.00	BBB+			11,681,598
	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			4,627,774
	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			621,448
	1,039	Horse Creek Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2006, 5.750%, 12/01/36	12/16 at 100.00	N/R			720,785
		Huntington Trails Metropolitan District, Colorado, General Obligation Bonds, Series 2006:
	1,000	6.250%, 12/01/36	12/16 at 100.00	N/R			735,610
	1,695	8.250%, 12/01/37	12/16 at 100.00	N/R			1,680,999
	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			3,361,747
	2,307	Laredo Metropolitan District, Colorado, General Obligation Bonds, Series 2003, 7.500%, 12/01/33	12/13 at 101.00	N/R			2,001,369
	1,645	Liberty Ranch Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2006, 6.250%, 12/01/36	12/16 at 100.00	N/R			1,210,078
	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	(5)		918,706
	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			1,951,099

Nuveen Investments 13

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Colorado (continued)
$	3,500	Montrose, Colorado, Enterprise Revenue Bonds, Montrose Memorial Hospital, Series 2003, 6.000%, 12/01/33	12/13 at 102.00	BBB–	$	3,264,975
		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		706,260
	2,800	5.625%, 12/01/37	12/16 at 100.00	N/R		1,822,156
	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		2,582,750
	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		1,544,485
	1,092	Piney Creek Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2005, 5.500%, 12/01/35	12/15 at 100.00	N/R		885,273
	2,000	Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Series 2003, 8.000%, 12/01/25	6/14 at 101.00	N/R		1,981,980
		Prairie Center Metropolitan District 3, Colorado, Limited Property Tax Revenue Bonds, Series 2006A:
	5,345	5.250%, 12/15/21	12/16 at 100.00	N/R		4,517,968
	10,930	5.400%, 12/15/31	12/16 at 100.00	N/R		8,412,384
		Public Authority for Colorado Energy, Natural Gas Revenue Bonds, Colorado Springs Utilities, Series 2008:
	630	6.250%, 11/15/28	No Opt. Call	A		677,924
	20,555	6.500%, 11/15/38	No Opt. Call	A		22,372,062
	2,500	Reata North Metropolitan District, Colorado, General Obligation Bonds, Series 2007, 144A, 5.500%, 12/01/32	12/17 at 100.00	N/R		1,724,625
	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		1,472,643
	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		1,239,144
	1,500	Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 2007, 4.625%, 12/01/22 – RAAI Insured	12/17 at 100.00	N/R		1,253,475
	1,335	Stoneridge Metropolitan District, Colorado, General Obligation Bonds, Series 2007, 5.625%, 12/01/36	12/17 at 100.00	N/R		922,245
	500	Tallyn's Reach Metropolitan District 3, Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2004, 6.750%, 12/01/33	12/13 at 100.00	N/R		502,615
		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		915,450
	1,000	5.200%, 12/01/36	12/16 at 100.00	N/R		820,610
	10,797	Tollgate Crossing Metropolitan District 2, Colorado, General Obligation Bonds, Series 2004, 0.000%, 12/01/33	12/14 at 100.00	N/R		9,586,269
	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		829,007
	9,500	Valagua Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2008, 7.750%, 12/01/37	12/18 at 100.00	N/R		8,432,295
		Wheatlands Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2005:
	2,364	6.000%, 12/01/25	12/15 at 100.00	N/R		1,889,285
	4,946	6.125%, 12/01/35	12/15 at 100.00	N/R		3,647,477
	7,000	8.250%, 12/15/35	12/15 at 100.00	N/R		6,416,760
	4,100	Wildgrass Metropolitan District, Colorado, General Obligation Bonds, Series 2007, 6.200%, 12/01/34	12/16 at 100.00	N/R		3,481,925

14 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Colorado (continued)
		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	$	401,140
	893	6.375%, 12/01/35	12/15 at 100.00	N/R		670,491
	311,778	Total Colorado				261,930,707
		Connecticut – 0.9%
	11,250	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		12,159,113
	1,000	Connecticut Development Authority, Pollution Control Revenue Refunding Bonds, Connecticut Light and Power Company, Series 1993B, 5.950%, 9/01/28 (Alternative Minimum Tax)	10/12 at 100.00	Baa1		1,004,550
	235	Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/15 (Alternative Minimum Tax)	4/10 at 100.00	BBB		235,296
	1,820	Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A, 7.750%, 1/01/43	1/20 at 100.00	N/R		1,887,995
	20,000	Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 (WI/DD, Settling 2/04/10)	4/20 at 100.00	N/R		20,090,800
	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		523,920
	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		4,279,691
	43,475	Total Connecticut				40,181,365
		District of Columbia – 0.4%
		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001:
	13,550	6.500%, 5/15/33	No Opt. Call	BBB		13,451,898
	3,500	6.750%, 5/15/40	5/11 at 101.00	BBB		3,509,800
	17,050	Total District of Columbia				16,961,698
		Florida – 11.1%
	8,745	Aberdeen Community Development District, Florida, Special Assessment Bonds, Series 2005, 5.500%, 5/01/36	5/14 at 100.00	N/R		4,414,826
	1,605	Aberdeen Community Development District, Florida, Special Assessment Bonds, Series 2006-1, 5.250%, 11/01/15	No Opt. Call	N/R		881,466
		Alachua County Health Facilities Authority, Florida, Health Facilties Revenue Bonds, Shands Hospital Trust 2654:
	14,000	0.871%, 12/01/37 – BHAC Insured (IF)	6/17 at 100.00	AA+		1,828,820
	16,000	0.607%, 12/01/37 – BHAC Insured (IF)	6/17 at 100.00	AAA		2,090,080
	3,985	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		2,971,296
	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		1,785,643
	2,440	Amelia Walk Community Development District, Florida, Special Assessment Bonds, Series 2006A, 5.500%, 5/01/37	5/16 at 100.00	N/R		1,197,259
	5,010	Amelia Walk Community Development District, Florida, Special Assessment Bonds, Series 2006B, 5.200%, 5/01/14	No Opt. Call	N/R		3,003,495
	2,585	Anthem Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2004, 5.800%, 5/01/36	5/15 at 101.00	N/R		1,478,827
	12,725	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		9,243,440
	1,415	Bahia Lakes Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2006, 5.450%, 5/01/37	5/16 at 100.00	N/R		969,516

Nuveen Investments 15

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Florida (continued)
$	1,970	Bainebridge Community Development District, Florida, Special Assessment Revenue Bonds, Series 2007, 5.500%, 5/01/38	5/17 at 100.00	N/R	$	1,171,697
	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		12,243,894
	19,690	Bartram Park Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37	5/16 at 100.00	N/R		15,617,911
	1,815	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		1,337,474
	7,245	Beacon Lakes Community Development District, Florida, Special Assessment Bonds, Series 2003A, 6.900%, 5/01/35	5/13 at 101.00	N/R		6,911,802
	3,130	Beacon Lakes Community Development District, Florida, Special Assessment Bonds, Series 2007A, 6.000%, 5/01/38	5/17 at 100.00	N/R		2,645,695
	1,235	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		1,238,643
	3,875	Bella Vida Community Development District, Florida, Special Assessment Revenue Bonds, Series 2006, 5.375%, 5/01/37	5/16 at 100.00	N/R		2,679,446
	2,075	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		1,767,547
	1,700	Boynton Village Community Development District, Florida, Special Assessment Bonds, Series 2007-A1, 5.750%, 5/01/37	5/17 at 100.00	N/R		1,205,266
	2,960	Boynton Village Community Development District, Florida, Special Assessment Bonds, Series 2007A2, 6.000%, 5/01/38	5/17 at 100.00	N/R		2,169,354
	1,400	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–		1,526,364
	9,335	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)	4/10 at 101.00	N/R		8,187,168
	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		2,120,700
	1,500	Caribe Palm Community Development District, Florida, Special Assessment Bonds, Series 2005A, 5.850%, 5/01/35	5/15 at 101.00	N/R		1,362,435
	3,210	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		2,022,910
	1,020	Century Gardens Community Development District, Miami-Dade County, Florida, Special Assessment Revenue Bonds, Series 2007, 5.100%, 5/01/37	5/17 at 100.00	N/R		630,584
	4,865	Coconut Cay Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.375%, 5/01/36	5/15 at 100.00	N/R		3,970,327
	3,450	Copper Oaks Community Development District, Florida, Special Assessment Bonds, Series 2005A, 5.450%, 5/01/35	5/15 at 100.00	N/R		2,572,700
	6,000	Crosscreek Community Development District, Florida, Special Assessment Revenue Bonds, Series 2007A, 5.600%, 5/01/39	5/17 at 100.00	N/R		2,247,360
	2,025	Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy Residential Services Inc., Series 1995, 8.000%, 6/01/22	6/10 at 100.00	N/R		1,878,228
	5,840	East Homestead Community Development District, Florida, Special Assessment Revenue Bonds, Series 2005, 5.450%, 5/01/36	5/15 at 101.00	N/R		4,457,730
	8,665	East Homestead Community Development District, Florida, Special Assessment Revenue Bonds, Series 2006B, 5.000%, 5/01/11	No Opt. Call	N/R		6,061,168
	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		2,547,383
	4,910	East Park Community Development District, Florida, Special Assessment Revenue Bonds, Series 2002, 6.850%, 5/01/33	5/13 at 101.00	N/R		4,864,239

16 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Florida (continued)
$	1,795	East Park Community Development District, Florida, Special Assessment Revenue Bonds, Series 2008, 7.500%, 5/01/15	No Opt. Call	N/R	$	1,673,909
	3,950	Escambia County, Florida, Environmental Improvement Revenue Bonds, International Paper Company Projects, Series 2006B, 5.000%, 8/01/26 (Alternative Minimum Tax)	8/11 at 100.00	BBB		3,464,545
	11,385	Estates at Cherry Lake Community Development District, Groveland, Florida, Capital Improvement Revenue Bonds, Series 2006, 5.350%, 5/01/37 (4)	5/16 at 100.00	N/R		6,476,130
	1,995	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		1,468,260
	3,615	Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Trust 1034, 14.752%, 7/01/26 (Alternative Minimum Tax) (IF)	1/16 at 100.00	AA+		3,554,883
	8,450	Glen St Johns Community Development District, Florida, Special Assessment Revenue Bonds, Series 2006, 5.250%, 5/01/38	5/16 at 100.00	N/R		4,375,241
	5,600	Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Series 2007A, 6.000%, 5/01/17	No Opt. Call	N/R		3,754,352
	2,580	Grand Hampton Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2003, 6.150%, 5/01/34	5/13 at 101.00	N/R		2,221,199
	1,000	Habitat Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2004, 5.850%, 5/01/35	No Opt. Call	N/R		845,820
		Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006:
	500	5.000%, 6/01/38	6/16 at 100.00	A–		454,955
	5,245	5.375%, 6/01/46	6/16 at 100.00	A–		4,921,908
	7,420	Harmony Community Development District, Florida, Special Assessment Bonds, Series 2001, 7.250%, 5/01/32	5/14 at 103.25	N/R		7,674,506
	4,500	Hawks Point Community Development District, Florida, Special Assessment Revenue Bonds, Series 2007A, 5.300%, 5/01/39	5/17 at 100.00	N/R		3,019,995
	5,590	Heritage park Community Development District, Florida, Special Assessment Revenue Bond, Series 2004A, 6.300%, 5/01/35	5/14 at 101.00	N/R		4,931,219
	4,725	Heron Isles Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.750%, 5/01/36	5/15 at 101.00	N/R		3,375,020
	5,245	Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Tender Option Bond Trust 11797, 18.362%, 11/15/32 (IF)	11/16 at 100.00	AA–		5,114,400
	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–		1,986,738
	4,015	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		2,872,572
	540	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		529,643
		Jacksonville, Florida, Economic Development Commission Health Care Facilities Revenue Bonds, The Florida Proton Therapy Institute Project, Series 2007:
	3,470	6.000%, 9/01/17	No Opt. Call	N/R		3,556,819
	11,095	6.250%, 9/01/27	9/17 at 100.00	N/R		10,636,887
	5,000	Keys Cove Community Development District, Florida, Special Assessment Revenue Bonds, Series 2004, 5.875%, 5/01/35	5/15 at 101.00	N/R		4,450,400
	2,855	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		2,222,246
	1,140	Lake Frances Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.300%, 5/01/37	5/17 at 100.00	N/R		541,363
	675	Lakeside Landings Community Development District, Florida, Special Assessment Bonds, Series 2007A, 5.500%, 5/01/38 (4)	5/17 at 100.00	N/R		289,643

Nuveen Investments 17

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Florida (continued)
$	2,390	Lakeside Landings Community Development District, Florida, Special Assessment Bonds, Series 2007B, 5.250%, 5/01/13 (4)	No Opt. Call	N/R	$	1,025,549
		Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A:
	6,435	5.250%, 6/15/27	6/17 at 100.00	BB		5,088,348
	13,120	5.375%, 6/15/37	6/17 at 100.00	BB		9,728,480
		Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A:
	6,800	5.000%, 4/01/32 (UB)	4/17 at 100.00	A		6,408,456
	23,920	5.000%, 4/01/37 (UB)	4/17 at 100.00	A		22,114,758
	347	Lexington Community Development District, Florida, Special Assessment Revenue Bonds, Series 2007, 5.400%, 5/01/37	5/17 at 100.00	N/R		238,923
	7,475	Madeira Community Development District, Florida, Special Assessment Revenue, Series 2007B, 5.250%, 11/01/14	No Opt. Call	N/R		3,921,684
	6,880	Madison County, Florida, First Mortgage Revenue Bonds, Twin Oaks Project, Series 2005A, 6.000%, 7/01/25	7/15 at 100.00	N/R		5,181,672
	4,250	Magnolia Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007B, 5.600%, 5/01/14	No Opt. Call	N/R		2,618,213
	965	Marsh Harbour Community Development District, Florida, Special Assessment Bonds, Series 2005A, 5.450%, 5/01/36	5/15 at 100.00	N/R		793,249
	8,400	Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)	6/10 at 100.00	BB+		8,402,436
	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)	6/10 at 100.00	BB+		310,118
	5,600	Miami-Dade County, Florida, Aviation Revenue Bonds, Series 2008, Trust 1145, 11.814%, 10/01/38 – AGC Insured (Alternative Minimum Tax) (IF)	10/18 at 100.00	AAA		5,476,240
		Midtown Miami Community Development District, Florida, Special Assessment Revenue Bonds, Parking Garage Project, Series 2004A:
	380	6.000%, 5/01/24	5/14 at 100.00	N/R		337,554
	14,000	6.250%, 5/01/37	5/14 at 100.00	N/R		11,971,120
	5,955	Midtown Miami Community Development District, Florida, Special Assessment Revenue Bonds, Series 2004B, 6.500%, 5/01/37	5/14 at 100.00	N/R		5,263,744
	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		991,794
	3,730	Myrtle Creek Improvement District, Florida, Special Assessment Revenue Bonds, Series 2006A, 5.200%, 5/01/37	5/16 at 100.00	N/R		2,267,243
	1,280	Naturewalk Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007A, 5.500%, 5/01/38	5/17 at 100.00	N/R		654,618
	2,320	Naturewalk Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007B, 5.300%, 5/01/16	No Opt. Call	N/R		1,251,385
	1,000	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		782,670
	8,150	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		5,555,855
	2,120	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		1,966,830
	4,685	Old Palm Community Development District, Florida, Special Assessment Bonds, Palm Beach Gardens, Series 2004A, 5.900%, 5/01/35	5/15 at 101.00	N/R		3,956,389
	7,175	Orchid Grove Community Development District, Florida, Special Assessment Bonds, Series 2005, 5.450%, 5/01/36	5/15 at 101.00	N/R		3,893,442

18 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Florida (continued)
		Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH Corporation Obligated Group, Series 2001:
$	595	5.500%, 12/01/21	12/11 at 101.00	BBB–	$	530,948
	2,200	5.625%, 12/01/31	12/11 at 101.00	BBB–		1,814,934
	1,000	Palm Glades Community Development District, Florida, Special Assessment Bond, Series 2008A, 7.125%, 5/01/39	5/18 at 100.00	N/R		733,890
	5,880	Palm Glades Community Development District, Florida, Special Assessment Bonds, Series 2006A, 5.300%, 5/01/36	5/16 at 100.00	N/R		4,147,811
	895	Palm River Community Development District, Florida, Special Assessment Bonds, Series 2007A, 5.375%, 5/01/36 (4)	5/17 at 100.00	N/R		388,699
	9,420	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		6,165,202
	2,880	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		1,525,824
		Poinciana West Community Development District, Florida, Special Assessment Bonds, Series 2007:
	890	5.875%, 5/01/22	5/17 at 100.00	N/R		785,016
	675	6.000%, 5/01/37	5/17 at 100.00	N/R		558,056
	1,200	Portofino Springs Community Development District, Florida, Special Assessment Revenue Bonds, Series 2007A, 5.500%, 5/01/38 (4)	5/17 at 100.00	N/R		486,852
	2,700	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		2,193,318
	4,790	Renaissance Commons Community Development District, Florida, Special Assessment Bonds, Series 2005A, 5.600%, 5/01/36	5/15 at 100.00	N/R		3,454,692
	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		3,535,051
	1,965	Reunion East Community Development District, Osceola County, Florida, Special Assessment Bonds, Series 2005, 5.800%, 5/01/36	No Opt. Call	N/R		1,095,664
	11,840	Reunion West Community Development District, Florida, Special Assessment Bonds, Series 2004, 6.250%, 5/01/36	5/12 at 101.00	N/R		4,900,931
	2,850	Ridgewood Trails Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007A, 5.650%, 5/01/38	5/17 at 100.00	N/R		1,504,658
		Rolling Hills Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2006A:
	670	5.125%, 11/01/13	No Opt. Call	N/R		492,229
	7,480	5.450%, 5/01/37	5/16 at 100.00	N/R		4,670,362
		Sarasota County Health Facility Authority, Florida, Revenue Bonds, Sarasota-Manatee Jewish Housing Council, Inc., Series 2007:
	4,720	5.625%, 7/01/27	7/17 at 100.00	N/R		3,843,968
	2,285	5.750%, 7/01/37	7/17 at 100.00	N/R		1,779,055
	2,640	5.750%, 7/01/45	7/17 at 100.00	N/R		1,999,589
	9,500	Somerset Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.300%, 5/01/37	5/15 at 101.00	N/R		5,340,425
	2,310	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		2,314,643
	2,875	South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Tender Option Bond Trust 3119, 17.878%, 8/15/37 (IF)	8/17 at 100.00	AA–		2,556,795
	14,975	South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, tender Option Bond Trust 1117, 8.409%, 8/15/33 (IF)	8/17 at 100.00	AA–		12,825,039

Nuveen Investments 19

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Florida (continued)
		South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Tender Option Bond Trust 1122:
$	4,000	11.448%, 5/01/36 (IF)	5/18 at 100.00	AA–	$	3,898,600
	800	11.448%, 5/01/36 (IF)	5/18 at 100.00	AA–		779,720
		South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Tender Option Bond Trust 2749:
	750	17.294%, 8/15/27 (IF)	8/17 at 100.00	AA–		787,545
	6,250	15.782%, 8/15/29 (IF)	8/17 at 100.00	AA–		5,300,500
	335	17.233%, 8/15/37 (IF)	8/17 at 100.00	AA–		297,922
	495	17.253%, 8/15/42 (IF)	8/17 at 100.00	AA–		412,474
		South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Trust 1030:
	2,485	13.376%, 8/15/24 (IF)	8/17 at 100.00	AA–		2,630,298
	4,475	13.388%, 8/15/25 (IF)	8/17 at 100.00	AA–		4,719,604
	7,885	Split Pine Community Development District, Florida, Special Assessment Bonds, Series 2007A, 5.250%, 5/01/39	5/17 at 100.00	N/R		4,931,042
		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		1,789,561
	8,500	5.375%, 1/01/40	10/16 at 100.00	N/R		6,048,600
	45,310	Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37	5/14 at 101.00	N/R		30,910,935
		Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007:
	2,150	6.550%, 5/01/27	5/18 at 100.00	N/R		1,799,142
	14,620	6.650%, 5/01/40	5/18 at 100.00	N/R		11,771,001
	10,500	Trails Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.375%, 5/01/38	5/16 at 100.00	N/R		5,552,925
		Villa Vizcaya Community Development District, Florida, Special Assessment Revenue Bonds, Series 2007:
	1,520	5.350%, 5/01/12	No Opt. Call	N/R		1,114,677
	1,000	5.350%, 5/01/17	No Opt. Call	N/R		688,830
	1,500	5.550%, 5/01/39	5/17 at 100.00	N/R		878,760
	3,165	Waters Edge Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.300%, 5/01/36	5/15 at 101.00	N/R		2,286,238
	4,600	Waterstone Community Development District, Florida, Capitol Improvement Revenue Bonds, Series 2007B, 5.500%, 5/01/18 (4)	No Opt. Call	N/R		2,092,540
	2,520	Wentworth Estates Community Development District, Florida, Special Assessment Bonds, Series 2006A, 5.625%, 5/01/37	5/15 at 100.00	N/R		1,202,695
		Westchester Community Development District 1, Florida, Special Assessment Bonds, Series 2003:
	1,415	6.000%, 5/01/23	5/13 at 101.00	N/R		1,132,821
	27,395	6.125%, 5/01/35	5/13 at 101.00	N/R		19,649,064
	690,677	Total Florida				498,235,261
		Georgia – 1.9%
	4,725	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A, Series 2008B, Series 2008C, Series 2009B, Series 2009C, 7.500%, 1/01/31	1/19 at 100.00	N/R		4,745,885
	3,000	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008C. Remarketed, 7.500%, 1/01/31	1/19 at 100.00	N/R		2,993,460
		Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005B:
	1,250	5.400%, 1/01/20	7/15 at 100.00	N/R		1,229,238
	2,000	5.600%, 1/01/30	7/15 at 100.00	N/R		1,819,060
	1,050	Atlanta, Georgia, Tax Allocation Bonds, Princeton Lakes Project, Series 2006, 5.500%, 1/01/31	1/16 at 100.00	N/R		915,632

20 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Georgia (continued)
		Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 1998:
$	250	5.350%, 12/01/14	12/10 at 100.00	BB+	$	250,883
	595	5.400%, 12/01/15	12/10 at 100.00	BB+		595,738
	890	5.250%, 12/01/22	12/10 at 100.00	BB+		789,786
	95	5.375%, 12/01/28	6/10 at 101.00	BB+		78,127
	7,455	Brunswick and Glynn County Development Authority, Georgia, Revenue Refunding Bonds, Georgia Pacific Corporation, Series 1998, 5.550%, 3/01/26 (Alternative Minimum Tax)	3/10 at 100.00	B2		6,788,896
	8,580	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+		8,637,057
	10,500	Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009, 8.750%, 6/01/29	6/20 at 100.00	CCC+		10,838,625
		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–		3,425,889
	3,310	5.000%, 12/01/26	12/14 at 100.00	BBB–		3,034,840
	7,165	Effingham County Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Ft. James Project, Series 1998, 5.625%, 7/01/18 (Alternative Minimum Tax) (6)	7/10 at 100.00	BB–		7,009,305
	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		5,798,087
		Fulton County Residential Care Facilities Authority, Georgia, Revenue Bonds, Elderly Care, Lenbrook Square Project, Series 2006A:
	3,300	5.000%, 7/01/27	7/17 at 100.00	N/R		2,452,890
	8,000	5.125%, 7/01/37	7/17 at 100.00	N/R		5,421,920
	19,900	5.125%, 7/01/42	7/17 at 100.00	N/R		13,183,750
	1,400	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		1,412,208
	1,000	Gainesville Redevelopment Authority, Georgia, Educational Facilities Revenue Bonds, Riverside Military Academy Project, Series 2007, 5.125%, 3/01/37	3/17 at 100.00	N/R		620,020
	750	Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007B, 5.000%, 3/15/17	No Opt. Call	A		769,853
	1,000	Richmond County Development Authority, Georgia, Environmental Improvement Revenue Bonds, International Paper Company, Series 2003A, 5.750%, 11/01/27 (Alternative Minimum Tax)	11/13 at 100.00	BBB		946,710
	95,765	Total Georgia				83,757,859
		Guam – 0.1%
	4,380	Guam Government, General Obligation Bonds, 2009 Series A, 7.000%, 11/15/39	No Opt. Call	B+		4,513,853
		Hawaii – 0.2%
	4,240	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		3,288,841
	5,275	Hawaii State Department of Transportation, Special Facility Revenue Bonds, Continental Airlines Inc., Series 1997, 5.625%, 11/15/27	4/10 at 100.00	B		4,232,080
	9,515	Total Hawaii				7,520,921
		Idaho – 0.3%
	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		950,380
	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	12/16 at 100.00	N/R		3,547,497

Nuveen Investments 21

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Idaho (continued)
$	8,550	Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006, 5.250%, 9/01/37	9/16 at 100.00	BBB–	$	7,401,821
	1,675	Power County Industrial Development Corporation, Idaho, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 1999, 6.450%, 8/01/32 (Alternative Minimum Tax)	8/10 at 101.00	BBB+		1,675,938
	16,980	Total Idaho				13,575,636
		Illinois – 8.7%
	7,850	Bolingbrook, Illinois, Sales Tax Revenue Bonds, Series 2005, 6.250%, 1/01/24	1/15 at 102.00	N/R		4,178,869
	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		3,113,000
	3,943	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		2,891,430
	4,000	Bradley, Illinois, Tax Increment Bonds, Bradley Commons, Series 2007, 6.100%, 1/01/27	1/17 at 102.00	N/R		3,520,000
	935	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		830,635
	6,000	CenterPoint Intermodal Center Program, Illinois, Trust Series 2004 Class A Certificates, 7.500%, 6/15/23	No Opt. Call	N/R		6,000,000
	5,655	Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds, Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26	7/11 at 100.00	N/R		5,613,040
	7,265	Chicago, Illinois, Multifamily Housing Revenue Bonds, Drexel Preservation, Series 2007, 5.270%, 6/20/48 (Alternative Minimum Tax) (UB)	12/17 at 102.00	Aaa		7,213,636
	900	Chicago, Illinois, Tax Increment Allocation Bonds, Irving/Cicero Redevelopment Project, Series 1998, 7.000%, 1/01/14	7/10 at 100.00	N/R		900,747
	2,500	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		1,929,750
	1,500	Deerfield, Illinois, Educational Facility Revenue Bonds, Chicagoland Jewish High School Project, Series 2006, 5.850%, 5/01/26	5/14 at 102.00	N/R		749,670
	5,000	Gilberts, Illinois, Special Service Area 19 Special Tax Bonds, The Conservancy Project, Series 2006-1, 5.375%, 3/01/16 (4)	No Opt. Call	N/R		2,765,500
	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		3,431,025
	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+		799,480
	8,000	Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds – CIPS Debt, Series 1993C-2, 5.950%, 8/15/26	6/10 at 100.00	BBB–		7,925,040
	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	A–		5,821,062
	1,750	Illinois Finance Authority Revenue Bonds, Series 2009 (Northwestern Memorial Hospital), 6.000%, 8/15/39	8/14 at 100.00	AA+		1,836,975
	4,500	Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation, Series 2007, 5.000%, 12/01/36	No Opt. Call	BBB		3,876,390
	39,500	Illinois Finance Authority, Illinois, Northwestern University, Revenue Bonds, Series 2006, 5.000%, 12/01/42 (UB)	12/15 at 100.00	AAA		40,237,860
	2,500	Illinois Finance Authority, Illinois, Northwestern University, Revenue Bonds, Series 2009, Trust 3302, 17.587%, 12/01/42 (IF)	12/15 at 100.00	AAA		2,686,800
	4,870	Illinois Finance Authority, Revenue Bonds, Central Baptist Village, Series 2007, 5.375%, 11/15/39	11/17 at 100.00	N/R		3,610,715
		Illinois Finance Authority, Revenue Bonds, Children's Memorial Hospital, Tender Option Bond Trust 2008-1098:
	2,220	12.729%, 8/15/33 – AGC Insured (IF)	8/18 at 100.00	AAA		2,244,464
	2,405	12.465%, 8/15/47 – AGC Insured (IF)	8/18 at 100.00	AAA		2,314,861
	3,700	12.465%, 8/15/47 – AGC Insured (IF)	8/18 at 100.00	AAA		3,561,324

22 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Illinois (continued)
$	1,000	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	$	765,390
	4,500	Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37	1/18 at 100.00	Baa1		4,168,575
		Illinois Finance Authority, Revenue Bonds, Illinois Instittue of Technology, Refunding Series 2006A:
	4,170	5.000%, 4/01/31	4/16 at 100.00	Baa2		3,544,875
	4,250	5.000%, 4/01/36	4/16 at 100.00	Baa2		3,489,420
	3,000	Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 7.125%, 2/01/34	2/19 at 100.00	Baa2		3,245,190
		Illinois Finance Authority, Revenue Bonds, Kewanee Hospital, Series 2006:
	6,400	5.000%, 8/15/26	8/16 at 100.00	N/R		5,260,480
	7,400	5.100%, 8/15/31	8/16 at 100.00	N/R		5,772,074
	15,645	Illinois Finance Authority, Revenue Bonds, Midwest Regional Medical Center Galena-Stauss Hospital, Series 2006, 6.750%, 10/01/46	10/16 at 100.00	N/R		11,021,433
		Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A:
	500	5.250%, 5/15/15	No Opt. Call	N/R		496,205
	2,900	5.500%, 5/15/26	5/17 at 100.00	N/R		2,531,729
	350	5.400%, 5/15/38	5/12 at 100.00	N/R		271,527
		Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A:
	3,100	5.750%, 11/15/33	11/17 at 100.00	A		3,083,787
	1,900	5.750%, 11/15/37	11/17 at 100.00	A		1,879,024
	14,545	Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25	1/16 at 100.00	BBB–		12,138,384
	8,120	Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34	8/19 at 100.00	BBB+		9,147,180
	10,610	Illinois Finance Authority, Revenue Bonds, Rogers Park Montessori School, Series 2004, 7.125%, 11/01/34	11/14 at 102.00	N/R		9,482,051
	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	A–		9,896,450
	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	A–		2,682,125
		Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Tender Option Bond Trust 3089:
	300	19.425%, 11/01/29 (IF)	5/19 at 100.00	A–		373,464
	250	20.433%, 11/01/39 (IF)	5/19 at 100.00	A–		298,850
	1,065	20.387%, 11/01/39 (IF)	5/19 at 100.00	A–		1,272,590
	815	20.373%, 11/01/39 (IF)	5/19 at 100.00	A–		973,860
	315	20.277%, 11/01/39 (IF)	5/19 at 100.00	A–		375,937
	3,067	20.422%, 11/01/39 (IF)	5/19 at 100.00	A–		3,666,292
	25,775	Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37	8/17 at 100.00	BBB		22,730,715
		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		673,179
	25,000	7.000%, 8/15/44	8/19 at 100.00	BBB		25,942,250
	2,285	Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Tender Option Bond Trust 11783-1, 19.574%, 8/15/36 (IF)	8/19 at 100.00	AA–		2,544,439
	1,995	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		1,629,855
	5,040	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		4,341,053

Nuveen Investments 23

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)			Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
			Illinois (continued)
$	15		Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2000, 6.000%, 5/15/10 (ETM)	No Opt. Call	Aaa	$	15,257
	100		Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2000, 6.350%, 5/15/15 (Pre-refunded 5/15/10)	5/10 at 101.00	Aaa		102,782
	5,250		Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 5.500%, 5/15/32 (Pre-refunded 5/15/12)	5/12 at 100.00	Aaa		5,801,040
	2,600		Illinois Health Facilities Authority, Revenue Bonds, Smith Crossing, Series 2003A, 7.000%, 11/15/32	No Opt. Call	N/R		2,469,480
	5,505		Illinois Housing Development Authority, Multifamily Housing Revenue Bonds, GNMA Collateralized – Lifelink Developments, Tender Option Bond Trust 3589, 16.964%, 4/20/41 (Alternative Minimum Tax) (IF)	4/16 at 100.00	AAA		4,384,953
	24,000		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		19,291,440
			Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2:
	4,410		5.500%, 1/01/25 – ACA Insured	1/16 at 100.00	B+		3,175,729
	3,000		5.500%, 1/01/30 – ACA Insured	1/16 at 100.00	B+		2,022,690
	9,425		5.500%, 1/01/36 – ACA Insured	1/16 at 100.00	B+		6,060,369
	12,431		Lombard Public Facilities Corporation, Illinois, Third Tier Conference Center and Hotel Revenue Bonds, Series 2005C-3, 4.000%, 1/01/36	7/18 at 100.00	N/R		7,581,290
	3,381		Minooka, Illinois, Special Assessment Bonds, Lakewood Trails Project, Series 2003, 6.625%, 3/01/33	3/13 at 102.00	N/R		3,244,036
	4,880		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		3,835,973
	5,782		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		4,633,868
	3,566		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		3,195,243
	5,934		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		4,865,168
	2,000		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		1,814,840
	3,294		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		2,945,594
	3,750		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		2,778,600
	—	(7)	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		176
	2,900		Rosemont, Illinois, Tax Increment Bonds, River Road Hotel Partners Project, Series 2007, 5.100%, 12/30/23	4/10 at 100.00	N/R		2,161,660
			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		2,720,892
	2,000		6.950%, 1/01/25	1/18 at 100.00	N/R		1,804,140
	3,805		Southwestern Illinois Development Authority Local Government Program Revenue Bonds, Series 2009-C (City of Granite City Project), 7.750%, 3/01/22	3/14 at 100.00	N/R		3,762,118
	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		3,173,855
	1,750		Springfield, Sangamon County, Illinois, Special Service Area (Legacy Pointe) Ad Valorem Tax Bonds, Series 2009, 7.875%, 3/01/32	3/17 at 102.00	N/R		1,774,693

24 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Illinois (continued)
$	4,491	Volo Village, Illinois, Special Service Area 3 Special Tax Bonds, Symphony Meadows Project 1, Series 2006, 6.000%, 3/01/36	3/16 at 102.00	N/R	$	3,380,016
	2,467	Waukegan, Illinois, Special Assessment Improvement Bonds, Fountain Square, Series 2005, 6.125%, 3/01/30	3/15 at 102.00	N/R		1,868,555
	890	Wayne Village, Illinois, Special Service Area 5 Assessment Bonds, Series 2007, 5.800%, 1/15/23	1/18 at 100.00	N/R		730,646
	3,295	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		2,945,038
	3,142	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		3,026,186
	2,400	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		1,219,128
	7,450	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		6,454,308
	3,780	Yorkville, Illinois, Special Service Area 2004-104 Assessment Bonds, MPI Grande Reserve Project, Series 2004, 6.375%, 3/01/34	3/14 at 102.00	N/R		2,862,783
	3,687	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		2,684,062
	443,195	Total Illinois				390,537,264
		Indiana – 2.5%
	1,800	Carmel Redevelopment District, Indiana, Tax Increment Revenue Bonds, Series 2004A, 6.650%, 7/15/14	7/12 at 103.00	N/R		1,804,050
	4,520	East Chicago, Indiana, Solid Waste Disposal Revenue Bonds, USG Corporation, Series 1998, 5.500%, 9/01/28 (Alternative Minimum Tax)	No Opt. Call	B+		3,541,556
	1,735	Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.000%, 8/01/24	8/16 at 100.00	Baa3		1,563,825
	4,560	Indiana Bond Bank, Special Program Gas Revenue Bonds, JP Morgan Ventures Energy Corporation Guaranteed, Series 2007A, 16.001%, 10/15/19 (IF)	No Opt. Call	Aa3		4,890,053
	2,400	Indiana Finance Authority Educational Facilities Revenue Bonds, Series 2009 (Drexel Foundation For Educational Excellence, Inc. – Educational Facility Project), 7.000%, 10/01/39	10/19 at 100.00	BBB–		2,413,056
		Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Tender Option Bond Trust 3611:
	330	18.871%, 12/01/38 (IF)	12/19 at 100.00	AA		360,472
	1,460	18.651%, 12/01/38 (IF)	12/19 at 100.00	AA		1,594,816
	5,000	15.681%, 12/01/38 (IF)	12/19 at 100.00	AA		5,461,700
		Indiana Health and Educational Facility Financing Authority, Revenue Bonds, Ascension Health, Series 2009, Trust 3301:
	1,230	14.458%, 11/15/36 (IF)	11/16 at 100.00	Aa1		1,228,942
	7,010	14.222%, 11/15/39 (IF)	11/16 at 100.00	Aa1		6,954,411
	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		2,004,920
	4,000	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		3,836,840
	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	AAA		10,746,800
		Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Tender Option Bond Trust 11779:
	4,995	20.722%, 1/01/38 – AGC Insured (IF)	1/19 at 100.00	AAA		6,313,880
	6,250	19.728%, 1/01/38 – AGC Insured (IF)	1/19 at 100.00	AAA		8,117,125
	310	19.728%, 1/01/38 – AGC Insured (IF)	1/19 at 100.00	AAA		402,609
	2,500	19.728%, 1/01/38 – AGC Insured (IF)	1/19 at 100.00	AAA		3,246,850

Nuveen Investments 25

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Indiana (continued)
$	1,165	Jasper County, Indiana, Economic Development Revenue Bonds, Georgia Pacific Corporation Project, Series 1997, 5.625%, 12/01/27 (Alternative Minimum Tax) (6)	4/10 at 100.00	B2	$	1,063,890
	1,350	Jasper County, Indiana, Economic Development Revenue Bonds, Georgia Pacific Corporation Project, Series 1999, 5.600%, 4/01/29 (Alternative Minimum Tax) (6)	4/11 at 100.00	B2		1,224,639
	330	Jasper County, Indiana, Economic Development Revenue Refunding Bonds, Georgia Pacific Corporation Project, Series 2000, 6.700%, 4/01/29 (Alternative Minimum Tax) (6)	4/10 at 101.00	B2		330,878
	1,750	Petersburg, Indiana, Pollution Control Revenue Bonds, Indiana Power and Light Company, Series 1996, 6.375%, 11/01/29 (Alternative Minimum Tax)	8/11 at 102.00	Baa2		1,766,363
	890	Petersburg, Indiana, Pollution Control Revenue Refunding Bonds, Indianapolis Power and Light Company, Series 1991, 5.750%, 8/01/21	8/11 at 102.00	A3		908,476
	1,550	Portage, Indiana, Revenue Bonds, Series 2006, 5.000%, 1/15/27	7/16 at 100.00	BBB+		1,455,435
	3,643	Portage, Indiana, Special Improvement District Revenue Bonds, Marina Shores Project, Series 2005, 6.375%, 3/01/35	3/15 at 102.00	N/R		1,899,825
		St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005:
	3,065	5.250%, 2/15/23	2/15 at 100.00	BB+		2,684,787
	2,500	5.375%, 2/15/34	2/15 at 100.00	BB+		2,008,425
	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		2,081,450
	230	St. Joseph County, Indiana, Economic Development Revenue Bonds, Holy Cross Village at Notre Dame, Series 2006A, 5.550%, 5/15/19	5/11 at 100.00	N/R		220,395
		Vigo County, Indiana, Hospital Authority, Union Hospital, Revenue Bonds, Series 2007:
	2,000	5.700%, 9/01/37	9/17 at 100.00	N/R		1,665,120
	14,000	5.750%, 9/01/42	9/17 at 100.00	N/R		11,565,540
	15,500	5.800%, 9/01/47	9/17 at 100.00	N/R		12,729,840
	4,540	Whitley County, Indiana, Solid Waste and Sewerage Disposal Revenue Bonds, Steel Dynamics Inc., Series 1998, 7.250%, 11/01/18 (Alternative Minimum Tax)	11/10 at 102.00	N/R		4,338,696
	114,768	Total Indiana				110,425,664
		Iowa – 0.6%
	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+		9,621,360
	5,935	Iowa Finance Authority, Multifamily Housing Bonds, Series 2006A, 4.600%, 7/01/41 (UB)	7/16 at 100.00	AA		5,379,603
		Iowa Finance Authority, Senior Housing Revenue Bonds, Bethany Life Communities, Series 2006A:
	350	5.450%, 11/01/26	11/13 at 101.00	N/R		284,505
	1,000	5.550%, 11/01/41	11/13 at 100.00	N/R		740,460
	11,055	Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42	6/15 at 100.00	BBB		8,108,621
	2,250	Scott County, Iowa, Revenue Bonds, Ridgecrest Village, Series 2006, 5.250%, 11/15/27	11/16 at 100.00	N/R		1,830,938
	32,590	Total Iowa				25,965,487
		Kansas – 0.2%
	5,650	Fredonia, Kansas, Hospital Revenue Bonds, Series 2007, 6.125%, 8/15/37	8/17 at 100.00	N/R		4,938,496
	250	Manhattan Health Care Facility Revenue Bonds, Kansas, Meadowlarks Hills Retirement, Series 2007B, 5.125%, 5/15/42	5/14 at 103.00	N/R		182,600
	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		852,680

26 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Kansas (continued)
		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	$	555,580
	4,780	5.000%, 3/01/26	3/16 at 100.00	N/R		2,317,248
	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		1,342,018
	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) (4)	6/11 at 102.00	N/R		739,765
	17,940	Total Kansas				10,928,387
		Kentucky – 0.7%
		Kentucky Economic Development Finance Authority, Hospital System Revenue Refunding and Improvement Bonds, Appalachian Regional Healthcare Inc., Series 1997:
	500	5.800%, 10/01/12	4/10 at 100.00	BB–		495,310
	2,000	5.850%, 10/01/17	4/10 at 100.00	BB–		1,884,340
	6,390	5.875%, 10/01/22	4/10 at 100.00	BB–		5,681,988
	1,000	Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008A-1, 6.000%, 12/01/33 – AGC Insured	6/18 at 100.00	AAA		1,093,090
		Louisville & Jefferson County Metropolitan Government, Kentucky, Revenue Bonds, Farmdale Adult Citizens Towers Inc., Series 2006A:
	1,605	5.500%, 12/01/21	12/13 at 100.00	N/R		1,375,004
	1,550	5.625%, 12/01/31	12/13 at 100.00	N/R		1,198,879
	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	Baa2		995,840
	16,975	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		17,554,696
	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–		2,007,595
	33,210	Total Kentucky				32,286,742
		Louisiana – 2.9%
	1,000	Calcasieu Parish Inc., Louisiana, Industrial Development Board Revenue Bonds, Oil Corporation Project, Series 2002, 6.625%, 2/01/16	4/10 at 102.00	Ba1		1,002,800
	1,940	Carter Plantation Community Development District, Livingston Parish, Louisiana, Special Assessment Bonds, Series 2004, 5.500%, 5/01/16 (4)	4/10 at 100.00	N/R		1,505,130
	13,220	Carter Plantation Community Development District, Livingston Parish, Louisiana, Special Assessment Bonds, Series 2005A, 5.900%, 5/01/17 (4)	4/10 at 100.00	N/R		10,070,732
	1,395	Carter Plantation Community Development District, Livingston Parish, Louisiana, Special Assessment Bonds, Series 2005B, 5.900%, 5/01/17 (4)	5/10 at 100.00	N/R		1,062,683
	10,290	Carter Plantation Land LLC, Louisiana, 9.000%, 7/01/17 (4)	5/10 at 100.00	N/R		5,785,964
	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		96,824
	825	East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds, Georgia Pacific Corporation Project, Series 1998, 5.350%, 9/01/11 (Alternative Minimum Tax)	3/10 at 100.00	B2		817,550
	15,000	Hodge, Louisiana, Combined Utility System Revenue Bonds, Smurfit-Stone Container Corporation, Series 2003, 7.450%, 3/01/24 (Alternative Minimum Tax) (8)	No Opt. Call	D		13,200,000
	1,290	Juban Parc Community Development District, Livingston Parish, Louisiana, Special Assessment Bonds, Series 2006, 5.150%, 10/01/14	No Opt. Call	N/R		1,141,018

Nuveen Investments 27

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Louisiana (continued)
$	6,938	Lakeshore Villages Master Community Development District, Louisiana, Special Assessment Revenue Bonds, Series 2007, 5.250%, 7/01/17	No Opt. Call	N/R	$	5,763,258
	26,350	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	BB		27,270,933
	11,535	Louisiana Local Government Environmental Facilities and Community Development Authority, Carter Plantation Hotel Project Revenue Bonds, Series 2006A, 6.000%, 9/01/36 (4)	9/16 at 100.00	N/R		5,925,530
	2,265	Louisiana Local Government Environmental Facilities and Community Development Authority, Carter Plantation Hotel Project Revenue Bonds, Series 2006B, 8.500%, 9/01/17 (4)	9/16 at 100.00	N/R		1,186,339
	685	Louisiana Local Government Environmental Facilities and Community Development Authority, Federal Taxable Solid Waste Revenue Bonds, CWI White Oaks Landfill, Series 2007B, 9.750%, 3/01/22	3/10 at 102.00	N/R		533,581
	4,215	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 (9)	No Opt. Call	N/R		4,209,942
	9,800	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		8,632,036
	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	12/17 at 100.00	N/R		4,615,234
	1,050	Louisiana Local Government Environmental Facilities and Community Development Authority, Solid Waste Revenue Bonds, CWI White Oaks Landfill, Series 2007A, 7.000%, 3/01/24 (Alternative Minimum Tax)	3/10 at 102.00	N/R		776,958
	5,665	Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.250%, 5/15/38	5/17 at 100.00	Baa1		5,103,485
	1,895	Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation, Series 2007B, 5.500%, 5/15/47	5/17 at 100.00	Baa1		1,734,190
	2,000	Orange Grove Community Development District, Louisiana, Special Assessment Revenue Bonds, Series 2006, 5.300%, 11/01/21	10/11 at 100.00	N/R		1,429,280
		Ouachita Parish Industrial Development Authority, Louisiana, Solid Waste Disposal Revenue Bonds, White Oaks Project, Series 2004A:
	770	8.250%, 3/01/19 (Alternative Minimum Tax)	3/10 at 102.00	N/R		719,673
	800	8.500%, 3/01/24 (Alternative Minimum Tax)	3/10 at 102.00	N/R		743,696
	9,755	St. James Parish, Louisiana, Solid Waste Disposal Revenue Bonds, Freeport McMoran Project, Series 1992, 7.700%, 10/01/22 (Alternative Minimum Tax)	4/11 at 100.00	N/R		9,753,829
	14,380	Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39	5/11 at 101.00	BBB		13,547,686
	60	West Feliciana Parish, Louisiana, Pollution Control Revenue Bonds, Gulf States Utilities Company, Series 1985C, 7.000%, 11/01/15	5/10 at 100.00	BBB		60,070
	2,290	Whispering Springs Community Development District, Livingston Parish, Louisiana, Special Assessment Bonds, Series 2006, 5.200%, 10/01/21	10/11 at 100.00	N/R		1,529,239
	151,313	Total Louisiana				128,217,660
		Maryland – 1.4%
		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		1,527,031
	750	5.250%, 9/01/39 – SYNCORA GTY Insured	9/16 at 100.00	Baa3		611,550
	500	Baltimore, Maryland, Special Obligation Bonds, North Locust Point Project, Series 2005, 5.500%, 9/01/34	9/15 at 101.00	N/R		448,570
	12,850	Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.875%, 9/01/39	9/16 at 100.00	Ba1		9,923,413

28 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Maryland (continued)
$	1,000	Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Series 2007A, 5.250%, 4/01/33	4/17 at 100.00	N/R	$	765,100
		Maryland Community Development Administration, Department of Housing and Community Development, Housing Revenue Bonds, Tender Option Bond Trust 2849:
	675	10.769%, 7/01/37 (Alternative Minimum Tax) (IF)	1/17 at 100.00	Aa2		568,877
	4,780	10.769%, 1/01/49 (Alternative Minimum Tax) (IF)	3/17 at 100.00	Aa2		4,028,488
	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		6,726,048
		Maryland Community Development Administration, Residential Revenue Bonds, Series 2007D, Trust 1023:
	1,875	9.019%, 9/01/42 (Alternative Minimum Tax) (IF)	3/17 at 100.00	Aa2		1,641,675
	3,410	9.126%, 3/01/48 (Alternative Minimum Tax) (IF)	3/17 at 100.00	Aa2		2,969,189
	2,080	Maryland Economic Development Corporation Frostburg State Univ SeniorStudent Housing Revenue Bonds Series 2002A, 6.250%, 10/01/33	10/12 at 101.00	Ba3		1,835,371
	19,250	Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31	12/16 at 100.00	N/R		13,859,423
	3,505	Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax)	4/10 at 100.00	N/R		3,505,981
		Maryland Health and Higher Educational Facilities Authority, Private School Revenue Bonds, Washington Christian Academy, Series 2006:
	750	5.250%, 7/01/18	1/17 at 100.00	N/R		359,993
	6,260	5.500%, 7/01/38	1/17 at 100.00	N/R		3,004,737
	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		3,055,013
		Prince George's County, Maryland, Revenue Bonds, Dimensions Health Corporation, Series 1994:
	605	5.375%, 7/01/14	7/10 at 100.00	B3		551,427
	9,435	5.300%, 7/01/24	7/10 at 100.00	B3		6,373,626
	81,020	Total Maryland				61,755,512
		Massachusetts – 1.0%
	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		7,021,429
	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		2,670,890
	705	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		676,680
	2,360	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		2,124,283
	870	Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill Associates, Series 1998B, 5.300%, 12/01/14 (Alternative Minimum Tax)	12/10 at 100.00	BBB		848,476
	505	Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill Associates, Series 1999A, 6.700%, 12/01/14 (Alternative Minimum Tax)	6/10 at 102.00	BBB		510,348
	3,500	Massachusetts Development Finance Agency, RevenuE Bonds, The Sabis International Charter School Issue, Series 2009, 8.000%, 4/15/39	10/19 at 100.00	BBB		3,859,100
		Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series A (2008):
	5,950	6.250%, 1/15/28	1/18 at 100.00	N/R		5,370,113
	3,800	6.500%, 1/15/38	1/18 at 100.00	N/R		3,357,832

Nuveen Investments 29

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Massachusetts (continued)
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caritas Christi Obligated Group, Series 1999A:
$	245	5.700%, 7/01/15	1/11 at 100.00	BBB	$	246,384
	1,515	5.625%, 7/01/20	1/11 at 100.00	BBB		1,485,139
	230	5.750%, 7/01/28	1/11 at 100.00	BBB		213,711
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caritas Christi Obligated Group, Series 2002B:
	135	6.500%, 7/01/12	No Opt. Call	BBB		139,332
	430	6.250%, 7/01/22	7/12 at 101.00	BBB		433,122
	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–		1,565,180
	1,250	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2001C, 5.500%, 7/01/16	7/11 at 100.00	BB–		1,103,350
	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–		2,000,130
	1,870	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2004A, 6.375%, 7/01/34	7/14 at 100.00	BB		1,618,485
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2004B:
	2,425	6.250%, 7/01/24	7/14 at 100.00	BB		2,189,048
	7,550	6.375%, 7/01/34	7/14 at 100.00	BB		6,497,379
	54,645	Total Massachusetts				43,930,411
		Michigan – 3.6%
		Advanced Technology Academy, Michigan, Public School Academy Revenue Bonds, Series 2008:
	1,750	6.000%, 11/01/28	11/18 at 100.00	BBB–		1,556,870
	2,000	6.000%, 11/01/37	11/18 at 100.00	BBB–		1,688,100
	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		915,789
	1,780	Chippewa County Hospital Finance Authority, Michigan, Revenue Bonds, Chippewa County War Memorial Hospital, Series 1997B, 5.625%, 11/01/14	4/10 at 100.00	BB+		1,780,036
	1,955	Concord Academy, Boyne City, Michigan, Certificates of Participation, Series 2007, 5.600%, 11/01/36	11/17 at 100.00	N/R		1,350,475
		Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007:
	2,545	5.000%, 11/01/26	11/16 at 100.00	BB+		1,892,284
	1,500	5.250%, 11/01/31	11/16 at 100.00	BB+		1,080,180
	2,840	5.250%, 11/01/36	11/16 at 100.00	BB+		1,969,057
	1,185	Countryside Charter School, Berrien County, Michigan, Charter School Revenue Bonds, Series 1999, 7.000%, 4/01/29	4/10 at 100.00	N/R		1,038,238
	855	Countryside Charter School, Berrien County, Michigan, Charter School Revenue Bonds, Series 2000, 8.000%, 4/01/29	10/10 at 100.00	N/R		836,848
	5,500	Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Tender Option Bonds Trust 11784, 18.870%, 5/01/32 – AGM Insured (IF)	No Opt. Call	AAA		5,498,570
		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		950,664
	500	5.750%, 11/01/30	11/15 at 100.00	BB		379,120
	2,425	5.750%, 11/01/35	11/15 at 100.00	BB		1,759,410
	8,315	Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21	5/10 at 100.00	B–		2,500,653
	1,095	Doctor Charles Drew Academy, Michigan Certificates of Participation, Series 2006, 5.700%, 11/01/36	11/16 at 102.00	N/R		663,920

30 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Michigan (continued)
$	2,000	Flint International Academy, Michigan, Public School Academy Revenue Bonds, Series 2007, 5.750%, 10/01/37	10/17 at 100.00	BBB–	$	1,680,960
		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		5,633,139
	4,850	5.000%, 8/15/38	8/17 at 100.00	N/R		3,197,605
		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		896,750
	1,500	6.500%, 1/01/37	1/15 at 100.00	N/R		1,274,370
		Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A:
	180	5.500%, 7/01/20	7/15 at 100.00	BB+		159,759
	3,500	6.250%, 7/01/40	7/15 at 100.00	BB+		2,942,310
	7,420	Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.200%, 10/01/42 – AGM Insured (Alternative Minimum Tax) (UB)	7/15 at 100.00	AAA		7,478,915
		Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of Arts and Sciences Charter School, Series 2001A:
	800	7.500%, 10/01/12	10/11 at 100.00	Ba1		812,000
	2,900	7.900%, 10/01/21	4/10 at 102.00	Ba1		2,871,261
	10,550	8.000%, 10/01/31	4/10 at 102.00	Ba1		10,119,982
		Michigan Municipal Bond Authority, Revenue Bonds, YMCA Service Learning Academy Charter School, Series 2001:
	400	7.250%, 10/01/11	4/10 at 102.00	Ba1		407,508
	750	7.625%, 10/01/21	4/10 at 102.00	Ba1		745,425
	1,150	Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, Black River Public School Academy, Series 2006, 5.800%, 9/01/30	9/12 at 102.00	N/R		887,973
		Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, Michigan Technical Academy, Series 2006:
	755	6.000%, 2/01/16	No Opt. Call	BB+		719,553
	1,055	6.375%, 2/01/26	2/16 at 100.00	BB+		898,807
	2,855	6.500%, 2/01/36	2/16 at 100.00	BB+		2,302,872
	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		1,517,717
	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–		744,730
		Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center Obligated Group, Series 1998A:
	770	5.125%, 8/15/18	2/10 at 100.00	BB–		690,652
	2,645	5.250%, 8/15/23	2/10 at 100.00	Ba3		2,237,882
	5,170	5.250%, 8/15/28	2/10 at 100.00	BB–		3,864,006
	2,265	Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Series 2002A, 5.750%, 4/01/32	4/13 at 100.00	A		2,195,850
	19,570	Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Detroit Medical Center Obligated Group, Series 1993B, 5.500%, 8/15/23	2/10 at 100.00	BB–		16,980,693
	4,000	Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Detroit Medical Center Obligated Group, Series 1997A, 5.250%, 8/15/27 – AMBAC Insured	4/10 at 100.00	BB–		3,030,600
		Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Sinai Hospital, Series 1995:
	580	6.625%, 1/01/16	7/10 at 100.00	Ba3		579,988
	555	6.700%, 1/01/26	4/10 at 100.00	Ba3		506,415

Nuveen Investments 31

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Michigan (continued)
		Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, Series 2005:
$	240	5.000%, 5/15/25 (Pre-refunded 5/15/15)	5/15 at 100.00	AAA	$	278,890
	680	5.000%, 5/15/30 (Pre-refunded 5/15/15)	5/15 at 100.00	AAA		790,187
	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		9,209,174
		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		1,799,933
	11,200	5.500%, 11/15/35	5/15 at 100.00	N/R		8,464,400
		Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center Obligated Group, Series 1993A:
	2,460	6.250%, 8/15/13	2/10 at 100.00	BB–		2,460,148
	8,600	6.500%, 8/15/18	2/10 at 100.00	BB–		8,472,634
	305	Michigan Strategic Fund, Limited Obligation Revenue Bonds, Ford Motor Company, Series 1992A, 6.550%, 10/01/22	4/10 at 100.00	Caa1		262,245
	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	Baa3		2,586,738
		Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V:
	2,000	8.000%, 9/01/29	9/18 at 100.00	A1		2,329,540
	9,000	8.250%, 9/01/39	9/18 at 100.00	A1		10,467,810
		Summit Academy North Charter School, Michigan, Charter School Revenue Bonds, Series 2005:
	340	4.750%, 11/01/11	No Opt. Call	BB+		334,111
	1,070	5.000%, 11/01/15	No Opt. Call	BB+		988,038
	1,705	5.250%, 11/01/20	11/15 at 100.00	BB+		1,431,671
	4,795	5.350%, 11/01/25	11/15 at 100.00	BB+		3,779,707
	3,685	5.500%, 11/01/30	11/15 at 100.00	BB+		2,777,053
	5,900	5.500%, 11/01/35	11/15 at 100.00	BB+		4,270,125
	191,850	Total Michigan				161,940,340
		Minnesota – 1.2%
	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–		9,573,075
	1,000	Falcon Heights, Minnesota, Lease Revenue Bonds, Kaleidoscope Charter School Revenue Bonds, Series 2007A, 6.000%, 11/01/37	11/15 at 100.00	N/R		807,160
	2,400	Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, Lease Revenue Bonds (Higher Ground Academy Project) Series 2009, 8.500%, 12/01/38	6/14 at 102.00	N/R		2,522,112
	600	Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Series 2006, 5.200%, 2/01/22	2/14 at 100.00	N/R		532,368
	1,325	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		1,220,034
	4,825	Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Community of Pease Academy Project, Series 2006A, 5.000%, 12/01/36	12/15 at 100.00	BBB–		3,844,367
	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		418,444
	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		1,531,440
		St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2004A:
	465	6.625%, 12/01/23	6/14 at 102.00	N/R		446,944
	2,120	6.875%, 12/01/33	6/14 at 102.00	N/R		1,981,797

32 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Minnesota (continued)
		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	$	345,372
	500	6.000%, 9/01/36	9/14 at 102.00	N/R		415,070
	1,100	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		1,012,858
	2,045	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		1,772,954
		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		699,161
	1,225	5.375%, 5/01/43	5/14 at 101.00	N/R		995,656
		St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005:
	2,195	6.000%, 11/15/25	11/15 at 100.00	BB+		2,133,738
	10,500	6.000%, 11/15/35	11/15 at 100.00	BB+		9,674,385
		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	BB		2,568,159
	2,800	5.875%, 5/01/30	5/15 at 100.00	BB		2,545,620
	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		7,660,070
		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		1,266,405
	800	5.500%, 2/01/42 (Alternative Minimum Tax)	2/15 at 102.00	N/R		634,040
	59,120	Total Minnesota				54,601,229
		Mississippi – 0.4%
	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		195,312
	13,905	Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22	4/10 at 100.00	BBB		13,904,027
	1,342	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		975,251
	4,000	Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2008A, 6.500%, 9/01/32	9/18 at 100.00	BBB		4,106,000
	19,547	Total Mississippi				19,180,590
		Missouri – 2.4%
		Belton, Missouri, Town Center Project Tax Increment Revenue Bonds, Series 2006:
	250	5.500%, 3/01/20	3/16 at 100.00	N/R		228,238
	600	5.625%, 3/01/25	3/16 at 100.00	N/R		517,314
		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		2,152,890
	5,800	6.000%, 7/01/37 (Alternative Minimum Tax)	7/17 at 100.00	N/R		3,763,446
		Carthage, Missouri, Hospital Revenue Bonds, McCune-Brooks Hospital, Series 2005:
	9,040	5.750%, 4/01/22	4/16 at 100.00	N/R		7,898,338
	3,165	5.875%, 4/01/30	4/16 at 100.00	N/R		2,687,845

Nuveen Investments 33

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Missouri (continued)
		Cottleville, Missouri, Certificates of Participation, Series 2006:
$	200	5.125%, 8/01/26	8/14 at 100.00	N/R	$	177,790
	600	5.250%, 8/01/31	8/14 at 100.00	N/R		510,078
		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		513,589
	3,000	5.000%, 6/01/28	6/16 at 100.00	N/R		2,323,410
	1,475	Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Series 2009, 5.875%, 10/01/36	10/19 at 100.00	A–		1,500,429
	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		5,716,948
		Kansas City Tax Increment Financing District, Missouri, Tax Increment Revenue Bonds, Briarcliff West Project, Series 2006A:
	2,365	5.150%, 6/01/16	6/14 at 102.00	N/R		2,228,681
	3,000	5.400%, 6/01/24	6/14 at 102.00	N/R		2,509,890
	17,000	Lakeside 370 Levee District, Saint Charles County, Missouri, Levee District Improvement Bonds, Series 2008, 7.000%, 4/01/28	4/16 at 100.00	N/R		16,859,750
	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		1,369,035
	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+		510,965
	6,685	Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – AMBAC Insured (Alternative Minimum Tax) (UB)	12/16 at 100.00	AA+		5,965,895
	550	Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2005, 5.375%, 2/01/35	No Opt. Call	N/R		503,118
		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		1,020,628
	1,650	5.350%, 6/15/32	6/15 at 103.00	N/R		1,214,054
	8,750	Saint Louis Industrial Development Authority, Missouri, Empowerment Zone Hotel Facilities Revenue Bonds, Laurel Embassy Suites, Series 2009, 8.500%, 12/15/39	12/19 at 107.00	N/R		8,599,763
		Saint Louis Industrial Development Authority, Missouri, Saint Louis Convention Center Headquarters Hotel Project, Series 2000A:
	3,950	7.000%, 12/15/15 (Alternative Minimum Tax) (4)	12/10 at 102.00	Ca		1,365,831
	8,710	6.875%, 12/15/20 (Alternative Minimum Tax) (4)	12/10 at 102.00	Ca		2,982,565
	14,585	7.200%, 12/15/28 (Alternative Minimum Tax) (4)	12/10 at 102.00	Ca		4,972,756
	26,535	7.250%, 12/15/35 (Alternative Minimum Tax) (4)	12/10 at 102.00	Ca		9,038,882
	5,675	Saint Louis, Missouri, Orpheum Theater Community Improvement District, Property and Sales Tax Revenue Bonds, Series 2009, 9.000%, 3/01/29	No Opt. Call	N/R		5,687,258
	1,664	Saint Louis, Missouri, Tax Increment Bonds, 410 North Jefferson Lofts Project, Series 2007, 5.500%, 9/01/27	4/10 at 100.00	N/R		1,114,930
	2,318	Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, City Hospital Tax Increment District, Series 2007, 6.000%, 8/23/26	4/10 at 100.00	N/R		1,677,745
	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		1,923,926
	1,445	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		995,070
	1,632	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		1,074,313

34 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Missouri (continued)
$	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	$	1,596,045
		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		458,560
	1,000	5.375%, 11/01/24	11/14 at 100.00	N/R		872,670
	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		1,768,940
	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		533,196
		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		739,850
	2,500	5.000%, 3/01/32	3/15 at 100.00	N/R		1,693,325
	157,681	Total Missouri				107,267,956
		Montana – 0.5%
	9,810	Montana Board of Investments, Exempt Facility Revenue Bonds, Stillwater Mining Company, Series 2000, 8.000%, 7/01/20 (Alternative Minimum Tax)	7/10 at 101.00	B		7,287,260
	17,589	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		14,765,966
	27,399	Total Montana				22,053,226
		Nevada – 1.4%
	4,250	Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 11823-1, 0.000%, 7/01/42 (WI/DD, Settling 2/03/10) (IF)	1/20 at 100.00	A+		4,767,480
	8,000	Clark County, Nevada, Industrial Development Revenue Bonds, Nevada Power Company Project, Series 1995C, 5.500%, 10/01/30	4/10 at 100.00	BB+		7,572,480
	9,745	Clark County, Nevada, Industrial Development Revenue Bonds, Southwest Gas Corporation, Series 2005A, 4.850%, 10/01/35 – AMBAC Insured (Alternative Minimum Tax)	10/15 at 100.00	BBB		8,266,781
	1,225	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		1,151,684
		Clark County, Nevada, Pollution Control Revenue Bonds, Nevada Power Company, Series 1995D:
	25	5.300%, 10/01/11	4/10 at 100.00	BB+		25,000
	685	5.450%, 10/01/23	4/10 at 100.00	BB+		637,434
		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	1/12 at 100.00	Caa2		833,200
	1,000	5.375%, 1/01/40 – AMBAC Insured	7/10 at 100.00	Caa2		416,670
		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 (4)	1/12 at 100.00	N/R		55,000
	41,800	7.375%, 1/01/40 (4)	1/12 at 100.00	N/R		2,299,000
	1,610	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		1,179,277
	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		878,740
	5,000	Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30	6/19 at 100.00	A		5,598,250
	3,180	Las Vegas, Nevada, Local Improvement Bonds, District 607, Series 2004, 6.250%, 6/01/24	12/16 at 100.00	N/R		2,504,345

Nuveen Investments 35

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Nevada (continued)
		Mesquite Special Improvement District 07-01, Nevada, Anthem at Mesquite Local Improvement Bonds, Series 2007:
$	540	6.000%, 8/01/27	4/15 at 102.00	N/R	$	421,016
	2,700	6.150%, 8/01/37	4/15 at 102.00	N/R		1,967,301
	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		1,759,756
		Sparks Local Improvement District 3, Legends at Sparks Marina, Nevada, Limited Obligation Improvement Bonds, Series 2008:
	2,500	6.500%, 9/01/20	9/18 at 100.00	N/R		2,425,525
	2,000	6.750%, 9/01/27	9/18 at 100.00	N/R		1,867,500
		Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax Revenue Bonds Series 2008A:
	7,350	6.500%, 6/15/20	6/18 at 100.00	Ba3		7,081,358
	11,200	6.750%, 6/15/28	6/18 at 100.00	Ba3		10,284,848
	109,185	Total Nevada				61,992,645
		New Hampshire – 0.1%
	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		178,410
	2,960	New Hampshire Housing Finance Authority, Single Family Residential Mortgage Bonds, Series 2007-E, 5.750%, 1/01/37 (Alternative Minimum Tax)	7/17 at 100.00	Aa2		3,077,512
	3,160	Total New Hampshire				3,255,922
		New Jersey – 2.9%
	9,500	Bayonne Medical Center Inc., New Jersey, Revenue Bonds, Bond Anticipation Notes, Series 2006, 8.050%, 12/01/10 (10)	No Opt. Call	N/R		3,336,400
	6,255	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	BB–		4,700,195
	5,215	New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.750%, 6/15/29	6/14 at 100.00	BBB		5,142,720
	1,000	New Jersey Economic Development Authority, Economic Development Revenue Bonds, Glimcher Properties LP, Series 1998, 6.000%, 11/01/28 (Alternative Minimum Tax)	11/10 at 100.00	N/R		753,740
	2,055	New Jersey Economic Development Authority, Industrial Development Revenue Refunding Bonds, Newark Airport Marriott Hotel, Series 1996, 7.000%, 10/01/14	4/10 at 100.00	Ba1		2,036,258
	985	New Jersey Economic Development Authority, Revenue Bonds, American Airlines Inc., Series 1991, 7.100%, 11/01/31 (Alternative Minimum Tax)	5/10 at 100.00	CCC+		766,773
	365	New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1998, 5.500%, 4/01/28 (Alternative Minimum Tax)	4/10 at 100.00	B3		231,666
		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	B		1,880,020
	5,045	6.400%, 9/15/23 (Alternative Minimum Tax)	3/10 at 101.00	B		4,624,045
	9,000	6.250%, 9/15/29 (Alternative Minimum Tax)	3/10 at 101.00	B		7,911,090
		New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000:
	1,500	7.200%, 11/15/30 (Alternative Minimum Tax)	11/10 at 101.00	B		1,471,290
	2,605	7.000%, 11/15/30 (Alternative Minimum Tax)	11/10 at 101.00	B		2,500,201
	3,100	New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2003, 9.000%, 6/01/33 (Alternative Minimum Tax)	6/13 at 101.00	B		3,254,535
	2,400	New Jersey Educational Facilities Authority Revenue Refunding Bonds, University of Medicine and Dentistry of New Jersey Issue, Series 2009 B, 7.500%, 12/01/32	6/19 at 100.00	Baa2		2,714,808

36 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		New Jersey (continued)
		New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Series 2009, Trust 3018:
$	1,575	19.223%, 7/01/29 – AGC Insured (IF)	1/14 at 100.00	AAA	$	1,761,827
	5,000	19.727%, 7/01/38 – AGC Insured (IF)	7/19 at 100.00	AAA		5,926,900
	1,250	19.727%, 7/01/38 – AGC Insured (IF)	7/19 at 100.00	AAA		1,481,725
	1,815	19.701%, 7/01/38 – AGC Insured (IF)	7/19 at 100.00	AAA		2,151,465
		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Series 2008:
	2,990	6.000%, 7/01/18	No Opt. Call	BBB–		3,091,570
	9,100	6.625%, 7/01/38	7/18 at 100.00	BBB–		9,160,515
		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		499,606
	765	5.500%, 7/01/33	7/13 at 100.00	Ba2		573,000
	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		1,584,400
	11,715	New Jersey Health Care Facilities Financing Authority, Trinitas Hospital Obligated Group, Refunding Series 2007B, 6.500%, 7/01/23	7/17 at 100.00	BBB–		10,077,126
	42,515	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 – AGC Insured (Alternative Minimum Tax) (11)	6/18 at 100.00	AAA		44,968,116
		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		2,593,385
	4,630	5.000%, 6/01/41	6/17 at 100.00	BBB		3,214,933
	138,280	Total New Jersey				128,408,309
		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		1,271,304
	1,490	6.300%, 9/01/34	9/15 at 102.00	N/R		1,188,543
		Mariposa East Public Improvement District, New Mexico, General Obligation Bonds, Series 2006:
	1,095	5.500%, 9/01/16	No Opt. Call	N/R		998,071
	1,155	5.750%, 9/01/21	9/16 at 100.00	N/R		959,412
	5,400	6.000%, 9/01/32	9/16 at 100.00	N/R		4,110,372
		The Trails Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2008:
	1,190	7.625%, 10/01/28	10/18 at 100.00	N/R		1,080,532
	3,400	7.750%, 10/01/38	10/18 at 100.00	N/R		2,985,200
	15,235	Total New Mexico				12,593,434
		New York – 2.4%
	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+		705,345
	10,610	Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.375%, 7/15/43	No Opt. Call	BBB–		10,880,025
	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–		445,750
	5,790	Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35	No Opt. Call	A1		5,852,532
		New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005:
	10,000	7.500%, 8/01/16 (Alternative Minimum Tax)	No Opt. Call	B–		9,925,200

Nuveen Investments 37

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		New York (continued)
$	7,500	7.625%, 8/01/25 (Alternative Minimum Tax)	8/16 at 101.00	B–	$	7,361,250
	5,100	8.000%, 8/01/28	No Opt. Call	B–		5,133,609
	500	7.750%, 8/01/31 (Alternative Minimum Tax)	8/16 at 101.00	B–		498,080
	9,720	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.750%, 10/01/37	10/17 at 100.00	N/R		7,552,440
	1,230	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001A, 6.375%, 7/01/31	7/12 at 100.00	Ba2		1,135,917
	1,270	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2001B, 6.375%, 7/01/31	7/12 at 100.00	Ba2		1,172,858
	1,015	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Staten Island University Hospital, Series 2002C, 6.450%, 7/01/32	7/12 at 101.00	Ba2		936,652
		New York City Industrial Development Agency, New York, Liberty Revenue Bonds, 7 World Trade Center, Series 2005A:
	3,000	6.250%, 3/01/15	3/12 at 100.00	N/R		3,017,220
	1,000	6.500%, 3/01/35	3/12 at 100.00	N/R		1,000,500
	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	AAA		4,908,641
		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)	2/10 at 100.00	CCC+		151,416
	430	5.400%, 7/01/20 (Alternative Minimum Tax)	2/10 at 100.00	CCC+		318,862
	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)	4/10 at 100.00	CCC+		1,864,584
	95	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		87,288
	5,370	New York City Industrial Development Authority, New York, JetBlue, 5.125%, 5/15/30 (Alternative Minimum Tax)	5/12 at 100.00	B–		4,068,742
		New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 3484:
	2,500	17.764%, 6/15/37 (IF)	6/17 at 100.00	AA+		2,778,850
	1,290	17.731%, 6/15/37 (IF)	6/17 at 100.00	AA+		1,433,525
	1,250	17.764%, 6/15/38 (IF)	6/17 at 100.00	AA+		1,386,275
	7,500	17.764%, 6/15/39 (IF)	6/19 at 100.00	AA+		8,519,850
	1,875	17.764%, 6/15/39 (IF)	6/19 at 100.00	AA+		2,129,963
	375	17.764%, 6/15/40 (IF)	6/19 at 100.00	AA+		424,838
	1,665	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fifty Second Series 2009, Trust 2977, 13.951%, 11/01/35 (Alternative Minimum Tax) (IF)	5/18 at 100.00	AA–		1,738,127
	16,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Series 2009, 5.250%, 11/01/35 (Alternative Minimum Tax) (UB)	5/18 at 100.00	AA–		16,234,080
		Seneca Nation of Indians Capital Improvements Authority, New York, Special Obligation Bonds, Series 2007A:
	3,000	5.250%, 12/01/16	No Opt. Call	BB		2,819,580
	1,750	5.000%, 12/01/23	6/17 at 100.00	BB		1,447,810
	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		1,320,869
	100	Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)	7/10 at 100.50	N/R		83,153
	109,270	Total New York				107,333,831

38 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		North Carolina – 0.7%
$	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	$	1,142,655
		Buncombe County, North Carolina, Project Development Financing Revenue Bonds, Woodfin Downtown Corridor Development, Series 2008:
	500	6.750%, 8/01/24	8/18 at 100.00	N/R		458,925
	3,470	7.250%, 8/01/34	8/18 at 100.00	N/R		3,142,571
		Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149-3:
	2,650	13.566%, 1/15/47 (IF)	1/18 at 100.00	AA–		2,629,648
	670	13.121%, 1/15/47 (IF)	1/18 at 100.00	AA–		664,895
	5,500	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		4,911,610
		North Carolina Capital Facilities Financing Agency, General Revenue Bonds, Duke University, Series 2008, Tender Options Bond Trust 3248:
	1,225	17.868%, 10/01/44 (IF)	10/16 at 100.00	AA+		1,371,682
	645	17.901%, 10/01/44 (IF)	10/16 at 100.00	AA+		722,045
	7,920	26.935%, 10/01/44 (IF)	10/16 at 100.00	AA+		13,343,299
		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		2,644,460
	1,655	5.600%, 10/01/36	10/16 at 100.00	N/R		1,476,856
	28,535	Total North Carolina				32,508,646
		North Dakota – 0.0%
	2,000	Grand Forks, North Dakota, Senior Housing Revenue Bonds, 4000 Valley Square, Series 2006, 5.300%, 12/01/34	12/15 at 100.00	N/R		1,523,740
	265	Oakes, North Dakota, Industrial Development Revenue Bonds, Omniquip International Inc. Project, Series 1999, 5.800%, 2/01/14 (Alternative Minimum Tax)	4/10 at 100.00	N/R		260,646
	2,265	Total North Dakota				1,784,386
		Ohio – 4.3%
	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		878,131
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
	1,750	6.000%, 6/01/42	6/17 at 100.00	BBB		1,395,258
	39,125	6.500%, 6/01/47	6/17 at 100.00	BBB		32,973,376
	54,720	5.875%, 6/01/47	6/17 at 100.00	BBB		41,984,467
	12,950	Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center Project, Series 2006, 5.250%, 8/15/46	8/16 at 100.00	A		10,615,504
	2,760	Greene County, Ohio, Revenue Bonds, Greene Town Center Improvements, Series 2009, 8.000%, 12/01/34	12/19 at 100.00	N/R		2,827,399
		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		748,070
	1,000	5.000%, 12/01/32	12/16 at 100.00	N/R		631,230
	6,240	Ohio Higher Educational Facilities Commission, Revenue Bonds, Cleveland Clinic Health System Obligated Group, Series 2008, Trust 3140, 15.987%, 1/01/38 (IF)	1/18 at 100.00	AA–		7,036,973
		Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Tender Option Bond Trust 3551:
	695	20.299%, 1/01/34 (IF)	1/19 at 100.00	AA–		831,964
	3,500	19.787%, 1/01/39 (IF)	1/19 at 100.00	AA–		4,049,430
	2,500	19.787%, 1/01/39 (IF)	1/19 at 100.00	AA–		2,892,450

Nuveen Investments 39

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Ohio (continued)
		Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Tender Option Bond Trust 3591:
$	2,000	20.102%, 1/01/39 (IF)	1/19 at 100.00	AA–	$	2,313,960
	2,500	20.102%, 1/01/39 (IF)	1/19 at 100.00	AA–		2,892,450
	510	Ohio, Environmental Facilities Revenue Bonds, Ford Motor Company, Series 1999, 5.950%, 9/01/29 (Alternative Minimum Tax)	9/11 at 100.00	Caa1		399,009
	3,010	Ohio, Environmental Facilities Revenue Bonds, Ford Motor Company, Series 2000, 6.150%, 6/01/30 (Alternative Minimum Tax)	6/10 at 101.00	Caa1		2,415,435
	38,000	Ohio, Environmental Facilities Revenue Bonds, Ford Motor Company, Series 2005, 5.750%, 4/01/35 (Alternative Minimum Tax)	4/15 at 100.00	Caa1		28,303,160
		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		2,494,800
	11,000	7.250%, 8/01/34 (Alternative Minimum Tax)	8/12 at 106.00	N/R		8,104,030
	7,760	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		6,149,179
	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		467,200
	2,830	State of Ohio, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1997 Remarketed, 5.600%, 8/01/32 (Alternative Minimum Tax)	2/10 at 102.00	B+		2,196,618
	2,400	Summit County Port Authority, Ohio, Development Revenue Bonds, Garfield Heights Inc. Project, Series 2004A, 5.250%, 5/15/23	5/14 at 102.00	N/R		2,081,352
		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)	No Opt. Call	N/R		9,994,433
	18,400	6.350%, 7/01/27 (Alternative Minimum Tax)	7/17 at 102.00	N/R		14,060,912
	5,000	Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., Series 2007B, 7.250%, 7/01/27	7/17 at 102.00	N/R		3,890,500
	236,280	Total Ohio				192,627,290
		Oklahoma – 1.6%
	6,545	Okeene Municipal Hospital and Schallmo Authority, Oklahoma, Revenue Bonds, Series 2006, 7.000%, 1/01/35	1/16 at 101.00	N/R		5,709,662
	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–		1,677,080
		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		1,856,927
	3,540	6.000%, 7/01/37	7/17 at 100.00	N/R		2,773,802
	805	Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Series 1992, 7.350%, 12/01/11	4/10 at 100.00	B–		797,031
	30,585	Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Series 1995, 6.250%, 6/01/20	6/10 at 100.00	B–		26,039,457
	28,055	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		27,545,521
		Weatherford Hospital Authority, Oklahoma, Sales Tax Revenue Bonds, Series 2006:
	1,985	6.000%, 5/01/25	5/16 at 103.00	N/R		1,752,973
	3,640	6.000%, 5/01/31	5/16 at 103.00	N/R		3,046,862
	79,265	Total Oklahoma				71,199,315
		Oregon – 0.4%
	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		2,115,990

40 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Oregon (continued)
		Oregon Health, Housing, Educational and Cultural Facilities Authority, Revenue Bonds, Oregon Coast Aquarium Project, Series 2005A:
$	500	4.850%, 10/01/20	4/10 at 100.00	N/R	$	359,765
	130	5.000%, 10/01/21	7/10 at 100.00	N/R		91,920
	735	5.350%, 10/01/31	4/10 at 100.00	N/R		446,152
	4,570	Oregon, Economic Development Revenue Bonds, Georgia Pacific Corp., Series 1995CLVII, 6.350%, 8/01/25 (Alternative Minimum Tax) (6)	4/10 at 100.00	BB–		4,525,580
	2,545	Oregon, Economic Development Revenue Refunding Bonds, Georgia Pacific Corp., Series 1997-183, 5.700%, 12/01/25	4/10 at 100.00	B2		2,357,103
	1,500	Port Astoria, Oregon, Pollution Control Revenue Bonds, James River Project, Series 1993, 6.550%, 2/01/15	4/10 at 100.00	BB–		1,500,690
		The Hospital Facility Authority of Deschutes County, Oregon, Hospital Revenue Refunding Bonds (Cascade Healthcare Community, Inc.) Series 2008:
	900	8.000%, 1/01/28	1/19 at 100.00	A3		1,063,197
	2,670	8.250%, 1/01/38	1/19 at 100.00	A3		3,138,799
	2,115	Western Generation Agency, Oregon, Cogeneration Project Revenue Bonds, Series 2006C, 5.000%, 1/01/21	No Opt. Call	N/R		1,926,638
	18,665	Total Oregon				17,525,834
		Pennsylvania – 1.8%
		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	BB		1,560,090
	3,200	6.875%, 5/01/30	11/19 at 100.00	BB		3,310,016
	1,900	Allegheny County Higher Education Building Authority, Pennsylvania, University Revenue Bonds, Series A of 2008 (Robert Morris University), 6.000%, 10/15/38	10/18 at 100.00	Baa3		1,871,652
	7,360	Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, Sacred Heart Hospital, Series 2005, 6.000%, 11/15/16	No Opt. Call	BB–		7,058,387
	5,115	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		4,096,604
	25	Chester County Health and Education Facilities Authority, Pennsylvania, College Revenue Bonds, Immaculata College, Series 1998, 5.625%, 10/15/27	4/10 at 101.00	BB+		22,093
		Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Immaculata University, Series 2005:
	2,525	5.125%, 10/15/15	No Opt. Call	N/R		2,486,797
	4,925	5.500%, 10/15/25	10/15 at 102.00	N/R		4,439,641
	12,180	5.750%, 10/15/37	10/15 at 102.00	N/R		10,471,633
		Fulton County, Pennsylvania, Industrial Development Authority Hospital Revenue Bonds, Fulton County Medical Center Project, Series 2006:
	5,975	5.875%, 7/01/31	7/16 at 100.00	N/R		5,151,526
	4,455	5.900%, 7/01/40	7/16 at 100.00	N/R		3,806,486
	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		424,900
	40	New Morgan Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue Bonds, New Morgan Landfill Company Inc., Series 1994, 6.500%, 4/01/19 (Alternative Minimum Tax)	4/10 at 100.00	BBB		39,996
	710	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		704,285

Nuveen Investments 41

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Pennsylvania (continued)
$	25,170	Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax)	6/10 at 101.00	B+	$	20,700,060
	1,000	Pennsylvania Economic Development Financing Authority, Revenue Bonds, Amtrak 30th Street Station Parking Garage, Series 2002, 5.800%, 6/01/23 – ACA Insured (Alternative Minimum Tax)	6/12 at 102.00	BBB+		999,910
		Pennsylvania Economic Development Financing Authority, Revenue Bonds, Northwestern Human Services Inc., Series 1998A:
	2,000	5.250%, 6/01/14	4/10 at 100.00	BB		1,962,300
	200	5.125%, 6/01/18	4/10 at 100.00	BB		179,372
		Pennsylvania Economic Development Financing Authority, Senior Lien Resource Recovery Revenue Bonds, Northampton Generating Project, Series 1994A:
	600	6.500%, 1/01/13 (Alternative Minimum Tax)	7/10 at 100.00	CC		332,376
	1,500	6.600%, 1/01/19 (Alternative Minimum Tax)	7/10 at 100.00	CC		826,860
	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		1,027,460
	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		809,510
	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	BB		4,287,058
		Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen Preparatory Charter School, Series 2006:
	920	5.800%, 5/01/16	No Opt. Call	BBB–		922,769
	1,380	6.050%, 5/01/23	5/16 at 100.00	BBB–		1,337,110
	985	6.250%, 5/01/33	5/16 at 100.00	BBB–		938,567
	500	Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pottsville Hospital and Warne Clinic, Series 1998, 5.625%, 7/01/24	7/10 at 100.00	BB–		447,860
	995	Washington County Redevelopment Authority, Pennsylvania, Tanger Outlet Victory Center Tax Increment Bonds, Series 2006A, 5.450%, 7/01/35	7/17 at 100.00	N/R		822,089
	93,240	Total Pennsylvania				81,037,407
		Puerto Rico – 0.3%
	280	Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax)	6/10 at 100.00	CCC+		208,356
	16,500	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+		12,021,405
	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		25,881
	16,810	Total Puerto Rico				12,255,642
		Rhode Island – 0.7%
	915	Central Falls Detention Facility Corporation, Rhode Island, Detention Facility Revenue Bonds, Series 2005, 6.750%, 1/15/13	No Opt. Call	N/R		889,096
	4,800	Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond Program, Series 2008, Trust 3210, 21.497%, 10/01/38 (IF)	4/18 at 100.00	AA+		5,864,160
	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+		7,162,900
	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		1,622,184
		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		1,222,694
	15,540	6.250%, 6/01/42	6/12 at 100.00	BBB		14,795,323

42 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Rhode Island (continued)
$	1,345	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	$	1,347,502
	34,060	Total Rhode Island				32,903,859
		South Carolina – 1.1%
	5,229	Lancaster County, South Carolina, Assessment Bonds, Edgewater II Improvement District, Series 2007A, 7.750%, 11/01/39	11/17 at 100.00	N/R		4,533,072
	14,058	Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District, Series 2007B, 7.700%, 11/01/17	No Opt. Call	N/R		13,958,610
	4,110	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		3,181,633
	3,550	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		3,110,475
		Myrtle Beach, South Carolina, Tax Increment Bonds, Air Force Base Redevelopment Project, Series 2006:
	1,000	5.250%, 10/01/26	11/16 at 100.00	N/R		722,120
	3,215	5.300%, 10/01/35	11/16 at 100.00	N/R		2,085,281
	1,000	Richland County, South Carolina, Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2007, 5.950%, 9/01/31	9/12 at 100.00	BBB		953,280
	1,430	Richland County, South Carolina, Environmental Improvement Revenue Refunding Bonds, International Paper Company, Series 2003A, 6.100%, 4/01/23 (Alternative Minimum Tax)	4/13 at 101.00	BBB		1,442,927
	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		4,041,200
	7,950	South Carolina Association of Governmental Organizations, Educational Facilities Corporation for Union County School District, Installment Purchase Revenue Bonds, Series 2006, 4.500%, 12/01/31 – RAAI Insured	12/16 at 100.00	AA		6,193,289
		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		981,134
	1,000	5.625%, 5/01/42	5/17 at 100.00	N/R		822,190
		South Carolina JOBS Economic Development Authority, Hospital Facilities Revenue Bonds, Palmetto Health Alliance, Series 2003A:
	70	6.125%, 8/01/23	8/13 at 100.00	BBB+		71,915
	765	6.250%, 8/01/31	8/13 at 100.00	BBB+		776,988
	4,050	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		2,961,927
	1,000	South Carolina Jobs-Economic Development Authority Hospital Refunding and Improvement Revenue Bonds (Palmetto Health), Series 2009, 5.750%, 8/01/39	8/19 at 100.00	BBB+		975,050
	1,540	York County, South Carolina, Celanese, Series 1994, 5.700%, 1/01/24 (Alternative Minimum Tax)	4/10 at 100.00	B+		1,401,877
	56,067	Total South Carolina				48,212,968
		South Dakota – 0.2%
	5,000	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2007, 5.000%, 11/01/40 (UB)	5/17 at 100.00	AA–		4,854,400
		South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Tender Option Bond Trust 3109:
	1,250	17.106%, 11/01/40 (IF)	11/19 at 100.00	AA–		1,378,625
	250	16.817%, 11/01/40 (IF)	11/19 at 100.00	AA–		275,725
	2,905	16.810%, 11/01/40 (IF)	11/19 at 100.00	AA–		3,203,925
	9,405	Total South Dakota				9,712,675

Nuveen Investments 43

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Tennessee – 3.0%
$	1,000	Jackson, Tennessee, Hospital Revenue Refunding Bonds, Jackson-Madison County General Hospital Project, Series 2008, 5.750%, 4/01/41	4/18 at 100.00	A+	$	1,013,560
	5,635	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+		5,489,279
	30,645	Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Refunding Series 200A, 5.486%, 9/01/32	3/13 at 100.00	N/R		27,971,837
		Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C:
	2,000	5.250%, 9/01/26	9/16 at 100.00	BBB+		1,902,100
	6,515	5.250%, 9/01/36	9/16 at 100.00	BBB+		5,790,532
		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	11/17 at 100.00	N/R		870,000
	19,500	5.500%, 11/01/46	11/17 at 100.00	N/R		11,310,000
	4,750	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/26	No Opt. Call	BB+		4,616,573
	69,078	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26	No Opt. Call	N/R		65,901,794
	12,415	Wilson County Health and Educational Facilities Board, Tennessee, Senior Living Revenue Bonds, Rutland Place, Series 2007A, 6.300%, 7/01/37	7/17 at 100.00	N/R		10,478,012
	153,038	Total Tennessee				135,343,687
		Texas – 9.2%
	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		1,335,450
	2,000	Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax)	12/12 at 100.00	CCC+		1,251,920
	105	Angelina & Neches River Authority, Texas, Solid Waste Disposal Revenue Bonds, Champion International Project, Series 1995, 6.300%, 4/01/18 (Alternative Minimum Tax)	9/10 at 100.00	Baa3		105,091
	8,510	Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, First Tier Series 2001C-1, 9.750%, 1/01/26	1/11 at 100.00	N/R		8,030,547
		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	Baa3		797,285
	1,000	5.250%, 1/01/18 – SYNCORA GTY Insured	1/17 at 100.00	Baa3		965,410
	1,000	5.250%, 1/01/24 – SYNCORA GTY Insured	No Opt. Call	Baa3		911,860
		Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, First Tier Series 2006B:
	5,000	5.750%, 1/01/24	1/17 at 100.00	BB		4,388,800
	19,350	5.750%, 1/01/34	1/17 at 100.00	BB		15,340,487
	11,180	Austin Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Rutland Place Apartments, Series 1998A, 6.500%, 11/01/33	11/10 at 100.00	Caa1		6,669,653
	8,000	Brazos Harbor Industrial Development Corporation, Texas, Environmental Facilities Revenue Bonds, Dow Chemical Company Project, Series 2008, 5.900%, 5/01/38 (Mandatory put 5/01/28)	5/18 at 100.00	Baa1		7,807,200
	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	Caa3		2,134,393
	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	CCC		1,111,945

44 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Texas (continued)
$	7,800	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	CCC	$	5,571,852
	1,040	Brazos River Authority, Texas, Pollution Control Revenue Bonds, Texas Utilities, Series 1994, 5.400%, 5/01/29 (Alternative Minimum Tax)	11/15 at 100.00	CCC		498,233
	535	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	CCC		349,558
	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	CCC		2,535,746
	3,500	Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC Project, Series 2006, 5.000%, 3/01/41 (Alternative Minimum Tax)	3/11 at 100.00	CCC		1,619,170
	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	Caa3		1,005,051
	8,895	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	CCC		8,370,996
	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		913,861
	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	CCC		1,648,180
	5,250	Brazos River Harbor Navigation District of Brazoria County, Texas, Environmental Facilities Revenue Bonds, The Dow Chemical Company Project, Series 2002A-4, 5.950%, 5/15/33 (Alternative Minimum Tax)	5/18 at 102.00	BBB–		5,265,488
	2,000	Brazos, Texas, River Authority, Electrical Utilities, Series 1975, 8.250%, 10/01/30 (Alternative Minimum Tax)	7/18 at 100.00	CCC		1,386,940
	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–		5,136,718
		City of Hackberry, Texas Combination Special Assessment and Contract Revenue Road and Utility Bonds, Series 2009 (Hackberry Hidden Cove Public Improvement District No. 2 Project):
	890	8.625%, 9/01/29	9/19 at 100.00	N/R		891,202
	8,665	9.000%, 9/01/38	9/19 at 100.00	N/R		8,691,255
	5,500	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–		6,331,985
	2,850	Dallas-Ft. Worth International Airport Facility Improvement Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 1995, 6.000%, 11/01/14	4/10 at 100.00	CCC+		2,578,424
	3,795	Dallas-Ft. Worth International Airport Facility Improvement Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 1999, 6.375%, 5/01/35 (Alternative Minimum Tax)	5/10 at 101.00	CCC+		2,696,385
	2,400	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+		2,276,064
	6,250	Dallas-Ft. Worth International Airport Facility Improvement Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 2007, 5.500%, 11/01/30 (Alternative Minimum Tax)	11/12 at 100.00	CCC+		4,048,563
	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+		2,225,950

Nuveen Investments 45

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Texas (continued)
		Danbury Higher Education Authority, Texas, Charter School Revenue Bonds, Arlington Classics Academy, Series 2004A:
$	375	6.000%, 2/15/14	2/13 at 100.00	N/R	$	375,709
	895	7.000%, 2/15/24	2/13 at 100.00	N/R		876,984
	1,085	7.250%, 2/15/29	2/13 at 100.00	N/R		1,061,434
		Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2004A:
	3,070	7.000%, 9/01/25	9/14 at 100.00	N/R		3,038,226
	15,660	7.125%, 9/01/34	9/14 at 100.00	N/R		15,476,152
	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+		507,745
	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	Ba1		2,554,212
	1,570	Gulf Coast Waste Disposal Authority, Texas, Solid Waste Disposal Revenue Bonds, Waste Management of Texas Inc. Project, Series 2003C, 5.200%, 5/01/28 (Alternative Minimum Tax)	5/16 at 101.00	BBB		1,549,841
	9,500	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	A		8,715,110
	3,300	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		3,065,040
	630	Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy Revenue Bonds, Series 2006, 8.000%, 2/15/12	No Opt. Call	N/R		643,010
	8,605	Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy, Series 2006A, 6.000%, 2/15/36	8/16 at 100.00	N/R		7,061,005
	6,740	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		6,358,651
	1,240	Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Air Lines Inc., Series 1998B, 5.700%, 7/15/29 (Alternative Minimum Tax)	7/11 at 100.00	B3		1,010,104
		Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Air Lines Inc., Series 2001E:
	1,505	6.750%, 7/01/21 (Alternative Minimum Tax)	7/11 at 101.00	B3		1,443,731
	5,000	7.000%, 7/01/29	7/11 at 101.00	B3		4,866,350
	6,050	6.750%, 7/01/29 (Alternative Minimum Tax)	7/11 at 101.00	B3		5,718,884
	385	Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines Inc. – Airport Improvement Project, Series 1997C, 6.125%, 7/15/27 (Alternative Minimum Tax)	4/10 at 100.00	B3		329,587
	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)	4/10 at 100.00	B3		2,542,528
	340	Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.375%, 8/15/35	No Opt. Call	BBB–		302,668
	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		3,542,947
	220	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		221,047
	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	N/R		4,439,610
		Matagorda County Navigation District 1, Texas, Pollution Control Revenue Bonds, AEP Texas Central Company Project, Trust 2656:
	3,500	12.005%, 5/01/30 – AMBAC Insured (IF)	No Opt. Call	BBB		599,970
	4,110	11.391%, 5/01/30 – AMBAC Insured (IF)	No Opt. Call	BBB		1,783,781

46 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Texas (continued)
$	11,090	North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Tender Option Bond Trust 2903, 17.774%, 1/01/38 (IF)	1/18 at 100.00	A3	$	13,242,680
	6,400	North Texas Tollway Authority, System Revenue Bonds, Series 2009, 6.250%, 1/01/39	1/19 at 100.00	A2		6,785,472
	27,150	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+		26,995,788
	2,120	Port of Bay City Authority of Matagorda County, Texas, Revenue Bonds (Hoechst Celanese Corporation Project) Series 1996, 6.500%, 5/01/26 (Alternative Minimum Tax)	5/10 at 100.00	B+		2,066,661
	7,450	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+		7,407,684
	1,000	Richardson Hospital Authority, Texas, Hospital Revenue Refunding and Improvement Bonds, Baylor/Richardson Medical Center, Series 1998, 5.625%, 12/01/28	6/10 at 100.50	Baa2		904,620
		Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, Series 2004:
	4,745	6.000%, 12/01/19	12/13 at 100.00	Baa2		4,746,139
	3,275	5.875%, 12/01/24	12/13 at 100.00	Baa2		3,138,695
	4,150	6.000%, 12/01/34	12/13 at 100.00	Baa2		3,814,390
	715	Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC Project, Series 2000A, 6.450%, 6/01/21 (Alternative Minimum Tax)	6/10 at 101.00	CCC		441,291
	590	Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC Project, Series 2001B, 5.750%, 5/01/30 (Mandatory put 11/01/11) (Alternative Minimum Tax)	No Opt. Call	CCC		555,243
	3,365	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	CCC		3,166,734
	1,245	Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2003A, 5.800%, 7/01/22	7/13 at 101.00	CCC		723,395
	1,260	Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Energy Company LLC Project, Series 2003B, 6.150%, 8/01/22	8/13 at 101.00	CCC		793,787
	1,500	Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Tarrant County Health Resources, Series 2008, Trust 1197, 14.974%, 11/15/42 (IF)	11/17 at 100.00	AA–		1,366,380
	8,015	Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources Project, Trust 1031, 12.132%, 2/15/36 (IF)	2/17 at 100.00	AA–		7,797,633
	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		2,041,198
	1,350	Tarrant County Cultural Education Facilities Finance Corporation Charter School Revenue Bonds, Texas, Trinity Basin Preparatory Project, Tax-Exempt Series 2009A, 7.750%, 6/01/39	12/19 at 100.00	BBB–		1,451,898
	750	Tarrant County Cultural Education Facilities Finance Corporation, Texas, Charter School Revenue Bonds, Trinity Basin Preparatory Project, Series 2009B, 9.750%, 6/01/27	4/10 at 100.00	N/R		749,775
	27,185	Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26	No Opt. Call	A		29,136,067
		Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006A:
	1,000	5.250%, 12/15/17	No Opt. Call	A		1,040,080
	100	5.250%, 12/15/22	No Opt. Call	A		99,716

Nuveen Investments 47

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Texas (continued)
$	4,115	5.250%, 12/15/24	No Opt. Call	A	$	4,088,746
	1,740	5.250%, 12/15/25	No Opt. Call	A		1,721,434
	10,000	Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006C, 1.620%, 12/15/26	4/10 at 100.00	Baa1		6,797,500
	8,115	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		8,483,989
	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		819,800
	9,230	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	N/R		7,190,447
	3,695	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		3,487,711
	7,400	Texas Turnpike Authority, First Tier Revenue Bonds, Central Texas Turnpike System, Series 2002A, 0.000%, 8/15/31 – AMBAC Insured	8/12 at 32.81	BBB+		1,701,778
		Texas Turnpike Authority, Second Tier Revenue Bonds, Central Texas Turnpike System, Series 2002:
	50,000	0.000%, 8/15/35 – AMBAC Insured	8/12 at 25.67	BBB+		8,289,500
	50,055	0.000%, 8/15/37 – AMBAC Insured	8/12 at 22.71	BBB+		7,057,755
	4,055	Tomball Hospital Authority, Texas, Hospital Revenue Bonds, Tomball Regional Hospital, Series 2005, 5.000%, 7/01/23	7/15 at 100.00	Baa3		3,568,562
	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	CCC		292,094
	21,155	Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, East Texas Medical Center Regional Healthcare System, Series 2007A, 5.375%, 11/01/37	11/17 at 100.00	Baa3		20,661,242
	9,880	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		8,146,258
	8,640	Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances Hospital Regional Healthcare Center, Series 2007, 5.000%, 7/01/33	7/17 at 100.00	Baa1		7,264,426
	15,000	Waco Health Facilities Development Corporation, Texas, Hillcrest Health System Project, FHA Insured Mortgage Revenue Bonds, Series 2006A, 4.500%, 8/01/35 – NPFG Insured (UB)	8/16 at 100.00	A		13,078,500
	550,780	Total Texas				414,091,056
		Utah – 0.3%
	750	Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds, South Davis Community Hospital Project, Series 1998, 5.750%, 12/15/18	6/10 at 100.00	N/R		704,505
	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		2,511,594
	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)	4/10 at 100.00	N/R		2,053,260
		Spanish Fork City, Utah, Charter School Revenue Bonds, American Leadership Academy, Series 2006:
	1,335	5.550%, 11/15/21	11/16 at 100.00	N/R		1,192,983
	5,845	5.700%, 11/15/36	11/16 at 100.00	N/R		4,592,066
	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		488,056

48 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Utah (continued)
$	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	$	1,405,845
	675	Utah State Charter School Finance Authority, Revenue Bonds, Channing Hall Project, Series 2007A, 6.000%, 7/15/37	7/15 at 102.00	N/R		551,853
	15,590	Total Utah				13,500,162
		Virgin Islands – 0.0%
	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		1,327,755
	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		756,233
	1,990	Total Virgin Islands				2,083,988
		Virginia – 2.1%
	6,220	Bedford County Industrial Development Authority, Virginia, Industrial Development Revenue Refunding Bonds, Nekoosa Packaging Corporation, Series 1998, 5.600%, 12/01/25 (Alternative Minimum Tax) (6)	2/10 at 100.00	B2		5,619,583
	3,020	Bedford County Industrial Development Authority, Virginia, Industrial Development Revenue Refunding Bonds, Nekoosa Packaging Corporation, Series 1999A, 6.550%, 12/01/25 (Alternative Minimum Tax) (6)	6/10 at 101.00	B2		3,024,802
	3,540	Bedford County Industrial Development Authority, Virginia, Industrial Development Revenue Refunding Bonds, Nekoosa Packaging Corporation, Series 1999, 6.300%, 12/01/25, DD (Alternative Minimum Tax) (6)	6/10 at 101.00	B2		3,456,562
	468	Bell Creek Community Development Authority, Virginia, Special Assessment Bonds, Series 2003A, 6.750%, 3/01/22	3/13 at 101.00	N/R		425,852
	3,300	Broad Street Community Development Authority, Virginia, Revenue Bonds, Series 2003, 7.500%, 6/01/33	6/13 at 102.00	N/R		2,868,525
	2,222	Celebrate Virginia North Community Development Authority, Special Assessment Revenue Bonds, Series 2003B, 6.750%, 3/01/34	3/14 at 102.00	N/R		1,763,646
		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		3,385,500
	12,000	5.625%, 12/01/39	12/15 at 100.00	N/R		10,180,440
	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)	6/10 at 100.00	B+		243,448
	7,000	Giles County Industrial Development Authority, Virginia, Exempt Facility Revenue Bonds, Hoechst Celanese Project, Series 1996, 6.450%, 5/01/26	4/10 at 100.00	B+		6,893,320
	45	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)	4/10 at 100.00	B+		44,994
	2,950	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) (6)	6/10 at 100.50	B2		2,717,688
		Lexington Industrial Development Authority, Virginia, Hospital Facility Revenue Refunding, Bonds, Stonewall Jackson Hospital, Series 2000:
	25	6.250%, 7/01/11	7/10 at 102.00	N/R		25,632
	40	6.350%, 7/01/12	7/10 at 102.00	N/R		41,044
	110	6.550%, 7/01/14	7/10 at 102.00	N/R		112,921
	45	6.625%, 7/01/15	7/10 at 102.00	N/R		46,144
	3,000	Mecklenburg County Industrial Development Authority, Virginia, Revenue Bonds, UAE Mecklenburg Cogeneration LP, Series 2002, 6.500%, 10/15/17 (Alternative Minimum Tax)	10/12 at 100.00	Baa1		2,946,270
	900	Metropolitan Washington D.C. Airports Authority, Virginia, Airport System Revenue Bonds, Series 2006, 5.000%, 10/01/36 – FGIC Insured	10/16 at 100.00	AAA		876,654

Nuveen Investments 49

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Virginia (continued)
$	5,000	Metropolitan Washington D.C. Airports Authority, Virginia, Airport System Revenue Bonds, Tender Option Bond Trust 11798, 17.610%, 10/01/36 – FGIC Insured (Alternative Minimum Tax) (IF)	10/16 at 100.00	AAA	$	4,481,700
		Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Raod Revenue Bonds, Series 2009B:
	2,450	0.000%, 10/01/27 – AGC Insured	No Opt. Call	AAA		870,779
	1,400	0.000%, 10/01/29 – AGC Insured	No Opt. Call	AAA		436,744
	6,060	0.000%, 10/01/32 – AGC Insured	No Opt. Call	AAA		1,498,093
	7,245	0.000%, 10/01/33 – AGC Insured	No Opt. Call	AAA		1,630,705
	8,060	0.000%, 10/01/34 – AGC Insured	No Opt. Call	AAA		1,699,370
	1,300	0.000%, 10/01/35 – AGC Insured	No Opt. Call	AAA		256,048
	49,000	0.000%, 10/01/37	No Opt. Call	BBB+		7,164,780
	21,625	0.000%, 10/01/38	No Opt. Call	BBB+		2,917,213
	16,335	0.000%, 10/01/39	No Opt. Call	BBB+		2,031,584
	15,275	0.000%, 10/01/40	No Opt. Call	BBB+		1,755,098
	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		2,750,853
	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		635,774
	7,400	Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47	6/17 at 100.00	BBB		5,186,142
	977	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		923,636
	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		13,516,360
	209,097	Total Virginia				92,427,904
		Washington – 1.2%
	1,595	FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Series 2009, 5.500%, 6/01/34	6/19 at 100.00	AA		1,696,649
	2,500	FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Tender Option Bond Trust 2009-14A&B, 19.408%, 6/01/39 (IF)	6/19 at 100.00	AA		3,005,900
		Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing Revenue Bonds, Series 2007:
	1,890	5.500%, 6/01/27 (Alternative Minimum Tax)	6/17 at 100.00	N/R		1,486,372
	2,310	5.600%, 6/01/37 (Alternative Minimum Tax)	6/17 at 100.00	N/R		1,689,927
	24,220	Port of Seattle, Washington, Special Facilities Revenue Bonds, Northwest Airlines Project, Series 2001, 7.250%, 4/01/30	4/11 at 101.00	N/R		24,227,993
	2,230	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		1,564,702
		Vancouver Downtown Redevelopment Authority, Washington, Revenue Bonds, Conference Center Project, Series 2003A:
	1,525	6.000%, 1/01/28 – ACA Insured	1/14 at 100.00	N/R		1,304,470
	3,010	6.000%, 1/01/34 – ACA Insured	1/14 at 100.00	N/R		2,515,848
	3,000	Washington Health Care Facilities Authority, Revenue Bonds, Swedish Health Services, Series 2009A, 6.500%, 11/15/30	11/14 at 100.00	A2		3,143,910
	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)	12/17 at 100.00	N/R		5,500,083
	4,255	Washington State Healthcare Facilities Authority, Revenue Bonds, Children's Hospital and Regional Medical Center, Series 2008, Trust 1180, 16.598%, 10/01/35 (IF)	10/18 at 100.00	Aa3		4,637,227

50 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Washington (continued)
$	3,680	Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.625%, 6/01/32	6/13 at 100.00	BBB		$	3,689,899
	57,925	Total Washington					54,462,980
		West Virginia – 0.9%
	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	N/R			290,923
	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			1,623,159
		West Virginia Hospital Finance Authority Hospital Revenue Bonds (Thomas Health System, Inc.) Series 2008:
	14,500	6.500%, 10/01/38	10/18 at 100.00	N/R			13,505,300
	25,050	6.750%, 10/01/43	10/18 at 100.00	N/R			23,357,622
	41,590	Total West Virginia					38,777,004
		Wisconsin – 1.3%
	2,440	Green Bay Redevelopment Authority, Wisconsin, Industrial Development Revenue Bonds, Fort James Project, Series 1999, 5.600%, 5/01/19 (Alternative Minimum Tax)	No Opt. Call	N/R			2,296,870
	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	(5)		581,787
	300	Milwaukee Redevelopment Authority, Wisconsin, Academy of Learning and Leadership Charter School, Series 2007A, 5.500%, 8/01/22	8/15 at 102.00	N/R			248,025
	3,465	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series 2008, Trust 1155, 13.591%, 11/15/31 (IF)	11/16 at 100.00	AA			3,624,702
	1,115	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care Inc., Series 1999A, 5.600%, 2/15/29	2/10 at 100.00	A3			1,090,715
	90	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care Inc., Series 1999B, 5.625%, 2/15/20	2/10 at 100.00	BBB+			90,017
	5,250	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Childrens Hospital of Wisconsin Inc., Tender Option Bond Trust 2009-15W, 19.076%, 8/15/37 (IF)	2/20 at 100.00	AA–			5,715,675
	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			2,084,850
	6,125	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32	5/16 at 100.00	BBB			5,045,101
	9,605	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 1997, 5.750%, 2/15/27 – NPFG Insured	2/10 at 100.00	A			9,400,702
	5,425	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Healthcare Inc., Tender option Bond Trust 3114, 15.815%, 2/15/32 – NPFG Insured (IF)	2/12 at 101.00	A+			4,233,996
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Southwest Health Center Inc., Series 2004A:
	1,155	5.000%, 4/01/13	No Opt. Call	N/R			1,176,957
	875	6.125%, 4/01/24	4/14 at 100.00	N/R			878,255
	1,000	6.250%, 4/01/34	4/14 at 100.00	N/R			961,390
	500	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ThedaCare, Inc., Series 2009A, 5.500%, 12/15/38	12/19 at 100.00	A1			507,965
	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			2,650,848
	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–			2,369,556

Nuveen Investments 51

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Wisconsin (continued)
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006, Trust 2113:
$	9,750	14.078%, 8/15/30 (IF)	8/16 at 100.00	BBB+	$	5,581,290
	3,535	14.564%, 8/15/31 (IF)	8/16 at 100.00	BBB+		2,057,724
	3,750	14.574%, 8/15/34 (IF)	8/16 at 100.00	BBB+		1,862,850
	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+		7,223,457
	70,935	Total Wisconsin				59,682,732
		Wyoming – 0.3%
	13,125	Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax)	12/15 at 100.00	BBB+		12,153,840
$	5,574,654	Total Investments (cost $4,881,584,262) – 100.6%				4,506,543,937
		Floating Rate Obligations – (3.5)%				(158,752,000)
		Other Assets Less Liabilities – 2.9%				134,039,719
		Net Assets – 100%			$	4,481,831,656

Investments in Derivatives

Forward Swaps outstanding at January 31, 2010:

Counterparty

Notional Amount

Fund Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate (Annualized)

Fixed Rate Payment Frequency

Effective Date (12)

Termination Date

Unrealized Appreciation (Depreciation)

Barclays Bank PLC

$

89,000,000

Receive

3-Month USD-LIBOR

4.675

%

Semi-Annually

7/23/10

7/23/39

$

(2,162,700

)

JPMorgan

17,000,000

Receive

3-Month USD-LIBOR

3.265

Semi-Annually

1/15/10

1/15/39

3,065,100

JPMorgan

38,000,000

Receive

3-Month USD-LIBOR

3.413

Semi-Annually

4/09/10

4/09/39

6,551,200

Royal Bank of Canada

21,000,000

Receive

3-Month USD-LIBOR

3.327

Semi-Annually

4/23/10

4/23/39

3,945,900

$

11,399,500

Fair Value Measurements

In determining the value of the Fund’s investments, various inputs are used. These inputs are 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 methodology 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 January 31, 2010:

	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	4,506,543,937	$	—	$	4,506,543,937
Derivatives:
Forward Swaps*		—		11,399,500		—		11,399,500
Total	$	—	$	4,517,943,437	$	—	$	4,517,943,437

* Represents net unrealized appreciation (depreciation).

Derivative Instruments and Hedging Activities

During the current fiscal period, the Fund adopted amendments to authoritative guidance under GAAP on disclosure about derivative instruments and hedging activities. This guidance is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to better understand: a) how and why a fund uses derivative instruments; b) how derivative instruments are accounted for; and c) how derivative instruments affect a fund’s financial position, results of operations and cash flows,

52 Nuveen Investments

if any. The Fund records 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, under this guidance they are considered to be non-hedge transactions for financial reporting purposes.

The following table presents the fair value of all derivative instruments held by the Fund as of January 31, 2010, 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*	$	13,562,200	Unrealized depreciation on forward swaps*	$	2,162,700

* Represents cumulative appreciation (depreciation) of forward swap contracts as reported on the Portfolio of Investments.

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 January 31, 2010, the cost of investments was $4,724,161,713.

Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2010, were as follows:

Gross unrealized:
Appreciation	$	250,959,629
Depreciation		(627,327,469	)
Net unrealized appreciation (depreciation) of investments	$	(376,367,840	)

Nuveen Investments 53

Portfolio of Investments (Unaudited)

Nuveen High Yield Municipal Bond Fund (continued)

January 31, 2010

The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of January 31, 2010, investments with a value of $209,731,531 have been pledged as collateral for Borrowings. The Fund did not have any Borrowings outstanding as of January 31, 2010.

(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 higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade.

(4) At or subsequent to the reporting period, the Fund’s Adviser concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.

(5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.

(6) The issuer has received a formal adverse determination from the Internal Revenue Service (the “IRS”) regarding the tax-exempt status of the bonds’ coupon payments. The Fund will continue to treat coupon payments as tax-exempt income until such time that it is formally determined that the interest on the bonds should be treated as taxable.

(7) Principal Amount (000) rounds to less than $1,000.

(8) This issue is under protection of the Federal Bankruptcy Court. As a result, the Fund’s Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.

(9) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(10) 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 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.

(11) Investment, or portion of investment, has been pledged as collateral for inverse floating rate transactions.

(12) Effective Date represents the date on which both the Fund and counterparty commence interest payment accruals on each forward swap contract.

DD Portion of investment purchased on a delayed delivery basis.

N/A Not available.

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.

USD-LIBOR United States Dollar-London Inter-Bank Offered Rate

54 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Alabama – 2.5%
$	3,000	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		$	2,484,540
	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			2,281,332
	1,000	Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.500%, 1/01/21 – AGM Insured	1/14 at 100.00	AAA			993,230
	2,000	Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 – AMBAC Insured	7/13 at 100.00	A2			2,089,760
	5,000	Southeast Alabama Gas District, General System Revenue Bonds, Series 2000A, 5.500%, 6/01/20 (Pre-refunded 6/01/10) – AMBAC Insured	6/10 at 102.00	A3	(4)		5,190,450
	13,550	Total Alabama					13,039,312
		Arizona – 1.8%
	2,100	Arizona Health Facilities Authority, Hospital System Revenue Bonds, John C. Lincoln Health Network, Series 2000, 7.000%, 12/01/25 (Pre-refunded 12/01/10)	12/10 at 102.00	BBB	(4)		2,254,455
	1,000	Navajo County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding Bonds, Arizona Public Serivce Company, Cholla Project, Series 2009B, 5.500%, 6/01/34 (Mandatory put 6/01/14)	No Opt. Call	Baa2			1,052,110
	2,000	Pima County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, San Juan Porject, Series 2009A, 4.950%, 10/01/20	No Opt. Call	BBB–			1,986,780
		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007:
	1,000	5.250%, 12/01/28	No Opt. Call	A			937,390
	3,000	5.000%, 12/01/37	No Opt. Call	A			2,567,430
	1,000	Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30	7/16 at 100.00	N/R			802,000
	10,100	Total Arizona					9,600,165
		California – 7.8%
	1,000	Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2009, Trust 2985-1, 17.604%, 4/01/34 (IF)	4/18 at 100.00	AA			1,069,540
	2,000	California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 6.000%, 5/01/14	5/12 at 101.00	AA–			2,230,360
	500	California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Browning Ferris Industries Inc., Series 1996A, 5.800%, 12/01/16 (Alternative Minimum Tax)	4/10 at 100.00	BBB			500,060
	1,000	California Pollution Control Financing Authority, Solid Waste Revenue Bonds, Keller Canyon Landfill Company, Series 1992, 6.875%, 11/01/27 (Alternative Minimum Tax)	4/10 at 100.00	BBB			1,001,020
		California State Public Works Board, Lease Revenue Bonds, Department of General Services, Series 2003D:
	1,350	5.500%, 6/01/17	12/13 at 100.00	BBB+			1,400,396
	1,490	5.500%, 6/01/19	12/13 at 100.00	BBB+			1,525,179
	3,000	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009I-1, 6.125%, 11/01/29	11/19 at 100.00	BBB+			3,076,020
	1,575	California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.719%, 7/01/47 – AGM Insured (IF)	7/18 at 100.00	AAA			1,623,762
	1,000	California Statewide Community Development Authority, Insured Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008C, 5.500%, 7/01/31	7/17 at 100.00	A			1,012,090

Nuveen Investments 55

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		California (continued)
$	810	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3048, 13.549%, 11/15/46 (IF)	11/16 at 100.00	Aa3	$	677,889
	1,890	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102, 15.732%, 11/15/46 (IF)	11/16 at 100.00	Aa3		1,581,741
	2,605	Camarillo Community Development Commission, California, Corridor Project Tax Allocation Bonds, Series 2009, 6.000%, 9/01/41	9/19 at 100.00	A–		2,573,193
	205	Certificates of Participation, California, Refunding Project, 2009 Series A, 5.125%, 3/01/36 – AGC Insured	3/19 at 100.00	AAA		197,427
	8,000	Contra Costa Home Mortgage Finance Authority, California, Home Mortgage Revenue Bonds, Series 1984, 0.000%, 9/01/17 – MBIA Insured (ETM)	No Opt. Call	Aaa		4,806,640
	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		1,322,720
	510	Etiwanda School District Coyote Canyon Public Facilities, California, CFD 2004-1 Improvement Area 2, 6.500%, 9/01/32	9/19 at 100.00	N/R		508,169
	4,440	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47	6/17 at 100.00	BBB		3,390,606
	1,300	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 (WI/DD, Settling 2/01/10) – FGIC Insured	6/15 at 100.00	AAA		1,213,290
	500	Metropolitan Water District of Southern California, Water Revenue Bonds, Series 2006C, 5.000%, 7/01/29	7/16 at 100.00	AAA		525,885
	2,700	M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009, 7.000%, 11/01/34	No Opt. Call	A		3,030,426
	250	Palm Springs, California, Airport Passenger Facility Charge Subordinate Refunding Revenue Bonds, Palm Springs International Airport, Series 2008, 6.000%, 7/01/18 (Alternative Minimum Tax)	7/14 at 102.00	N/R		234,880
	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		1,411,053
	3,000	Palomar Pomerado Health, Calfornia, Certificates of Participation, Series 2009, 6.625%, 11/01/29	11/19 at 100.00	Baa2		3,111,930
	670	San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009, 6.500%, 8/01/39	8/19 at 100.00	A–		704,398
	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	AAA		1,487,505
	45,035	Total California				40,216,179
		Colorado – 3.0%
	1,000	Arista Metropolitan District, Colorado, Special Revenue Bonds, Series 2008, 9.250%, 12/01/37	12/15 at 100.00	N/R		900,700
		Baptist Road Rural Transportation Authority, Colorado, Sales and Use Tax Revenue Bonds, Series 2007:
	850	4.800%, 12/01/17	No Opt. Call	N/R		678,759
	1,150	5.000%, 12/01/26	12/17 at 100.00	N/R		741,739
	475	Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds (Crown Ponite Academy of Westminster Project) A Charter School Chartered Through Adams County School District No. 50 Adams County, Colorado Series 2009, 5.000%, 7/15/39	7/19 at 100.00	N/R		436,653
	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	A		1,230,812
	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		427,600

56 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Colorado (continued)
$	1,000	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	$	879,970
	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		1,510,890
	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	AAA		2,091,620
	325	Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.350%, 12/01/37 – RAAI Insured	12/17 at 100.00	N/R		254,079
	1,000	Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, Series 2009, 6.000%, 12/01/25 – AGC Insured	12/19 at 100.00	AAA		1,136,010
		Public Authority for Colorado Energy, Natural Gas Revenue Bonds, Colorado Springs Utilities, Series 2008:
	1,080	6.250%, 11/15/28	No Opt. Call	A		1,162,156
	2,775	6.500%, 11/15/38	No Opt. Call	A		3,020,310
	1,745	Tallgrass Metropolitan District, Colorado, General Obligation Bonds, Series 2007, 5.250%, 12/01/37	12/16 at 100.00	N/R		1,306,516
	16,630	Total Colorado				15,777,814
		Connecticut – 1.4%
	5,115	Connecticut Development Authority, Pollution Control Revenue Refunding Bonds, Western Massachusetts Electric Company, Series 1993A, 5.850%, 9/01/28	10/10 at 101.00	BBB		5,150,907
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-2, Trust 1080, 18.078%, 7/01/42 (IF)	7/17 at 100.00	AAA		1,216,080
	1,000	Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22 (WI/DD, Settling 2/04/10)	4/20 at 100.00	N/R		1,002,020
	7,115	Total Connecticut				7,369,007
		District of Columbia – 1.1%
	1,000	District of Columbia, Friendship Public Charter School, 5.000%, 6/01/26 – ACA Insured	6/16 at 100.00	BBB		838,750
	4,365	District of Columbia, Certificates of Participation, Series 2003, 5.500%, 1/01/18 – AMBAC Insured	1/14 at 100.00	A		4,667,364
	5,365	Total District of Columbia				5,506,114
		Florida – 6.1%
	560	Boynton Village Community Development District, Florida, Special Assessment Bonds, Series 2007-A1, 5.750%, 5/01/37	5/17 at 100.00	N/R		397,029
	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–		926,721
	1,500	Colonial Country Club Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2003, 6.400%, 5/01/33	5/13 at 101.00	A+		1,541,295
	790	East Homestead Community Development District, Florida, Special Assessment Revenue Bonds, Series 2005, 5.450%, 5/01/36	5/15 at 101.00	N/R		603,015
	350	East Homestead Community Development District, Florida, Special Assessment Revenue Bonds, Series 2006B, 5.000%, 5/01/11	No Opt. Call	N/R		244,825
	1,000	East Park Community Development District, Florida, Special Assessment Revenue Bonds, Series 2008, 7.500%, 5/01/15	No Opt. Call	N/R		932,540
	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–		1,352,197
	3,510	Florida Housing Finance Corporation, Revenue Bonds, Wyndham Place Apartments, Series 2000W-1, 5.850%, 1/01/41 – AGM Insured (Alternative Minimum Tax)	1/11 at 100.00	AAA		3,527,304

Nuveen Investments 57

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Florida (continued)
$	1,745	Habitat Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2004, 5.850%, 5/01/35	No Opt. Call	N/R	$	1,475,956
	750	Lexington Community Development District, Florida, Special Assessment Revenue Bonds, Series 2004, 6.125%, 5/01/34	5/14 at 101.00	A–		761,505
	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	A2		1,502,895
	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	AAA		2,051,120
	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	AAA		1,079,302
	1,000	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		782,670
	2,565	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		2,166,091
	1,000	Orange County Health Facilities Authority, Florida, Revenue Bonds, Nemours Foundation, Series 2009A, 5.000%, 1/01/39	1/19 at 100.00	AA+		1,001,390
	2,000	Palm Glades Community Development District, Florida, Special Assessment Bond, Series 2008A, 7.125%, 5/01/39	5/18 at 100.00	N/R		1,467,780
	1,950	Reunion West Community Development District, Florida, Special Assessment Bonds, Series 2004, 6.250%, 5/01/36	5/12 at 101.00	N/R		807,164
	1,000	Split Pine Community Development District, Florida, Special Assessment Bonds, Series 2007A, 5.250%, 5/01/39	5/17 at 100.00	N/R		625,370
	3,000	Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.500%, 10/01/18 – AMBAC Insured	No Opt. Call	N/R		3,412,110
	3,905	Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37	5/14 at 101.00	N/R		2,664,030
	500	Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007, 6.650%, 5/01/40	5/18 at 100.00	N/R		402,565
	3,000	Westchester Community Development District 1, Florida, Special Assessment Bonds, Series 2003, 6.125%, 5/01/35	5/13 at 101.00	N/R		2,151,750
	37,070	Total Florida				31,876,624
		Georgia – 2.1%
	750	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A, Series 2008B, Series 2008C, Series 2009B, Series 2009C, 7.500%, 1/01/31	1/19 at 100.00	N/R		753,315
	2,000	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 1/01/20	1/19 at 100.00	N/R		2,017,160
	1,415	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		1,305,493
	1,000	Effingham County Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Ft. James Project, Series 1998, 5.625%, 7/01/18 (Alternative Minimum Tax) (5)	7/10 at 100.00	BB–		978,270
	5,000	Georgia State, General Obligation Bonds, Refunding Series 2009E, 5.000%, 7/01/20 (6)	7/19 at 100.00	AAA		5,806,450
	10,165	Total Georgia				10,860,688
		Idaho – 0.2%
	1,000	Idaho Health Facilities Authority, Revenue Bonds, Trinity Health Group, Series 2008B, 6.000%, 12/01/23	12/18 at 100.00	AA		1,113,730

58 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Illinois – 8.5%
$	1,000	Bryant, Illinois, Pollution Control Revenue Refunding Bonds, Central Illinois Light Company, Series 1993, 5.900%, 8/01/23	4/10 at 100.00	BBB+	$	1,000,400
	985	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		875,054
	2,500	CenterPoint Intermodal Center Program, Illinois, Trust Series 2004 Class A Certificates, 7.500%, 6/15/23	No Opt. Call	N/R		2,500,000
		Champaign, Illinois, General Obligation Public Safety Sales Tax Bonds, Series 1999:
	1,140	8.250%, 1/01/21 – FGIC Insured	No Opt. Call	A		1,570,190
	1,275	8.250%, 1/01/22 – FGIC Insured	No Opt. Call	A		1,737,277
	2,337	Chicago, Illinois, FNMA/GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 2007-2G, Trust 1060, 21.270%, 6/01/39 (Alternative Minimum Tax) (IF)	6/17 at 104.00	Aaa		2,725,222
	5,000	Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds – CIPS Debt, Series 1993C-2, 5.950%, 8/15/26	6/10 at 100.00	BBB–		4,953,150
	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	A–		1,746,319
	2,000	Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 5.375%, 8/15/24	8/19 at 100.00	AA+		2,142,540
	500	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37	11/17 at 100.00	A		494,480
	1,900	Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34	8/19 at 100.00	BBB+		2,140,350
	5,000	Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37	8/17 at 100.00	BBB		4,409,450
	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		3,106,980
	925	Illinois FInance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005, 5.250%, 3/01/30 (WI/DD, Settling 2/18/10) – AGM Insured	3/20 at 100.00	AAA		913,687
	455	Illinois Housing Development Authority, Housing Finance Bonds, Series 2006K, 4.600%, 7/01/23	7/16 at 100.00	A+		458,635
	1,000	Illinois Housing Development Authority, Multifamily Housing Revenue Bonds, GNMA Collateralized – Lifelink Developments, Tender Option Bond Trust 3589, 16.964%, 4/20/41 (Alternative Minimum Tax) (IF)	4/16 at 100.00	AAA		796,540
	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		803,810
	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+		2,022,690
	1,260	Markham, Illinois, Alternative Source Revenue Bonds, Series 2005A, 5.250%, 4/01/23 – RAAI Insured	4/15 at 100.00	N/R		1,205,618
	1,417	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		1,269,675
	4,450	Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2001A, 6.000%, 7/01/27 – FGIC Insured	No Opt. Call	AA+		5,342,670
	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		1,813,251
	43,454	Total Illinois				44,027,988
		Indiana – 3.5%
	2,805	DeKalb Eastern High School Building Corporation, Indiana, First Mortgage Bonds, Series 2003, 6.000%, 1/15/18 – AGM Insured	1/12 at 100.00	AAA		3,045,276
	1,235	Hendricks County Building Facilities Corporation, Indiana, First Mortgage Revenue Bonds, Series 2004, 5.500%, 7/15/24	7/14 at 100.00	Aa3		1,343,063

Nuveen Investments 59

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Indiana (continued)
		Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006:
$	1,000	5.000%, 8/01/24	8/16 at 100.00	Baa3	$	901,340
	500	5.250%, 8/01/36	8/16 at 100.00	Baa3		425,945
		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		1,548,780
	5,000	5.250%, 10/15/20	No Opt. Call	Aa3		5,061,750
	1,400	Indiana Finance Authority Educational Facilities Revenue Bonds, Series 2009 (Drexel Foundation For Educational Excellence, Inc. – Educational Facility Project), 6.625%, 10/01/29	10/19 at 100.00	BBB–		1,391,768
	1,025	Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1992A, 6.800%, 12/01/16	No Opt. Call	AA+		1,185,874
	3,000	Jasper County, Indiana Pollution Control, Northern Indiana Public Service, Commercial Paper, 5.600%, 11/01/16 – MBIA Insured	No Opt. Call	Baa1		3,245,700
	17,465	Total Indiana				18,149,496
		Iowa – 0.8%
		Iowa Finance Authority, Health Facilities Revenue Bonds, Iowa Health System, Series 2009:
	500	5.250%, 8/15/29 – AGC Insured	8/19 at 100.00	Aa3		513,970
	800	5.625%, 8/15/37 – AGC Insured	8/19 at 100.00	Aa3		829,568
	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+		1,194,652
	1,500	Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25	12/19 at 100.00	A1		1,527,255
	4,290	Total Iowa				4,065,445
		Kansas – 0.3%
	1,385	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		1,452,643
		Kentucky – 1.3%
	1,900	Columbia, Kentucky, Educational Development Revenue Bonds, Lindsey Wilson College Project, Series 2001, 6.250%, 4/01/21	4/11 at 101.00	BBB–		1,908,987
	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		1,617,585
	2,000	Kentucky Economic Development Finance Authority, Hospital System Revenue Refunding and Improvement Bonds, Appalachian Regional Healthcare Inc., Series 1997, 5.875%, 10/01/22	4/10 at 100.00	BB–		1,778,400
	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		1,452,981
	6,805	Total Kentucky				6,757,953
		Louisiana – 5.6%
	2,075	Calcasieu Parish Inc., Louisiana, Industrial Development Board Revenue Bonds, Oil Corporation Project, Series 2002, 6.625%, 2/01/16	4/10 at 102.00	Ba1		2,080,810
	180	Calcasieu Parish Public Trust Authority, Louisiana, Single Family Mortgage Revenue Bonds, Series 2000A, 7.000%, 10/01/31 (Alternative Minimum Tax)	4/10 at 105.00	Aaa		186,251
	5,605	Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006, 5.000%, 6/01/21 – AMBAC Insured	6/16 at 100.00	A–		5,620,021
	3,000	Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32	11/17 at 100.00	BB		3,104,850

60 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Louisiana (continued)
$	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	A		$	2,696,953
	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	12/17 at 100.00	N/R			3,182,920
	2,000	Louisiana Publc Facilities Authority, Revenue Bonds, Christus Health, Refunding Series 2009A, 6.000%, 7/01/29	7/19 at 100.00	A+			2,111,800
	2,000	Louisiana Publc Facilities Authority, Revenue Bonds, Christus Health, Series 2008B, 5.750%, 7/01/18	No Opt. Call	AAA			2,133,980
	1,000	Rapides Parish Finance Authority, Louisiana, Pollution Control Revenue Bonds, Cleco Utility Group Inc. Project, Series, 6.000%, 10/01/38 (Mandatory put 10/01/11)	10/11 at 100.00	BBB			1,053,220
	1,000	St. James Parish, Louisiana, Solid Waste Disposal Revenue Bonds, Freeport McMoran Project, Series 1992, 7.700%, 10/01/22 (Alternative Minimum Tax)	4/11 at 100.00	N/R			999,880
		Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
	4,750	5.500%, 5/15/30	5/11 at 101.00	BBB			4,755,463
	1,245	5.875%, 5/15/39	5/11 at 101.00	BBB			1,172,939
	29,380	Total Louisiana					29,099,087
		Maryland – 1.0%
	5,000	University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2003A, 5.000%, 4/01/21	4/13 at 100.00	AA+			5,273,550
		Massachusetts – 2.7%
	4,700	Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series A (2008), 6.250%, 1/15/28	1/18 at 100.00	N/R			4,241,938
	1,550	Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series A (2009) Series B (2009) (Federally Taxable), 5.750%, 7/01/39	7/19 at 100.00	BBB			1,573,560
	3,000	Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)	6/10 at 101.00	BBB			2,826,480
	5,000	Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002D, 5.375%, 8/01/21 (Pre-refunded 8/01/12) – NPFG Insured	8/12 at 100.00	AA	(4)		5,543,250
	14,250	Total Massachusetts					14,185,228
		Michigan – 2.9%
	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	AA			2,787,178
	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	AA			555,220
	1,000	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			1,008,450
		Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center Obligated Group, Series 1998A:
	2,000	5.250%, 8/15/23	2/10 at 100.00	Ba3			1,692,160
	10	5.250%, 8/15/28	2/10 at 100.00	BB–			7,474
	500	Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.625%, 11/15/29	11/19 at 100.00	A1			494,950
	3,000	Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center Obligated Group, Series 1993A, 6.500%, 8/15/18	2/10 at 100.00	BB–			2,955,570
	2,000	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	A2			2,000,180

Nuveen Investments 61

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Michigan (continued)
$	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	$	3,494,310
	14,765	Total Michigan				14,995,492
		Minnesota – 1.3%
	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		3,335,460
	2,500	St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/35	11/15 at 100.00	BB+		2,303,425
	1,080	St. Paul Port Authority, Minnesota, Lease Revenue Bonds, Office Building at Cedar Street, Series 2003, 5.250%, 12/01/20	12/13 at 100.00	AA+		1,148,332
	6,580	Total Minnesota				6,787,217
		Missouri – 1.4%
	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		2,364,181
	2,470	Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Series 2009, 5.875%, 10/01/36	10/19 at 100.00	A–		2,512,583
	1,855	Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square Redevelopment Project, Series 2008A, 6.300%, 8/22/26	9/10 at 100.00	N/R		1,389,228
	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		1,068,683
	8,302	Total Missouri				7,334,675
		Nevada – 1.4%
	2,000	Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.000%, 7/01/30 (WI/DD, Settling 2/03/10)	1/20 at 100.00	Aa3		1,992,320
	2,000	Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 7.500%, 6/15/23	6/19 at 100.00	A		2,255,440
		Sparks Local Improvement District 3, Legends at Sparks Marina, Nevada, Limited Obligation Improvement Bonds, Series 2008:
	1,400	6.500%, 9/01/20	9/18 at 100.00	N/R		1,358,294
	1,900	6.750%, 9/01/27	9/18 at 100.00	N/R		1,774,125
	7,300	Total Nevada				7,380,179
		New Hampshire – 2.6%
	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		3,601,535
	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		3,477,635
	1,155	New Hampshire Health and Education Facilities Authority, Revenue Bonds, Elliot Hospital, Refunding Series 2003B, 5.600%, 10/01/22	No Opt. Call	BBB+		1,153,857
	3,250	New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition PAC Bonds, Series 2005D, 6.000%, 1/01/35 (Alternative Minimum Tax)	1/15 at 100.00	Aa2		3,402,230
	1,720	New Hampshire Housing Finance Authority, Single Family Residential Mortgage Bonds, Series 2006-I, 5.400%, 1/01/37 (Alternative Minimum Tax)	1/16 at 100.00	Aa2		1,726,570
	13,125	Total New Hampshire				13,361,827
		New Jersey – 4.6%
	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		1,650,661

62 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		New Jersey (continued)
		New Jersey Educational Facilities Authority Revenue Refunding Bonds, University of Medicine and Dentistry of New Jersey Issue, Series 2009 B:
$	2,000	6.250%, 12/01/18	No Opt. Call	Baa2	$	2,185,660
	600	7.500%, 12/01/32	6/19 at 100.00	Baa2		678,702
	1,335	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.460%, 6/01/30 (IF) (6)	6/19 at 100.00	AA		1,577,196
	7,000	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006A, 5.500%, 12/15/23	No Opt. Call	AA–		7,909,860
	3,000	New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/26 – AGM Insured	No Opt. Call	AAA		3,407,970
	700	New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40	1/19 at 100.00	A+		726,733
	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		1,072,920
	2,000	Passaic Valley Water Commission, New Jersey, Water System Revenue Bonds, Series 2003, 5.000%, 12/15/19 – AGM Insured	No Opt. Call	AAA		2,299,820
	1,010	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		1,094,648
	1,460	Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34	6/17 at 100.00	BBB		1,028,731
	21,440	Total New Jersey				23,632,901
		New Mexico – 0.6%
	2,000	Farmington, New Mexico, Pollution Control Revenue Refunding Bonds, Public Service Company of New Mexico – San Juan Project, Series 1997A, 5.800%, 4/01/22	4/10 at 100.00	Baa3		1,994,640
	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		1,171,781
	3,195	Total New Mexico				3,166,421
		New York – 6.6%
		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–		1,126,466
	2,000	6.375%, 7/15/43	No Opt. Call	BBB–		2,050,900
	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–		3,385,800
	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–		4,071,320
	1,000	New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.500%, 8/01/16 (Alternative Minimum Tax)	No Opt. Call	B–		992,520
	1,000	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 3484, 17.764%, 6/15/39 (IF)	6/19 at 100.00	AA+		1,135,980
	5,000	New York City, New York, General Obligation Bonds, Fiscal Series 2003A, 5.750%, 8/01/16	8/12 at 100.00	AA		5,470,400
	3,500	New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/21 – AMBAC Insured	6/13 at 100.00	AA–		3,693,515
	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–		2,422,011
	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	A		5,370,600

Nuveen Investments 63

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		New York (continued)
$	5,000	Port Authority of New York and New Jersey, Special Project Bonds, KIAC Partners, Fourth Series 1996, 6.750%, 10/01/19 (Alternative Minimum Tax)	4/10 at 100.00	N/R	$	4,512,550
	32,725	Total New York				34,232,062
		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		917,850
		North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2008, Tender Option Bonds Trust 3248:
	585	27.161%, 10/01/41 (IF)	10/15 at 100.00	AA+		998,379
	1,920	26.935%, 10/01/44 (IF)	10/16 at 100.00	AA+		3,234,739
	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–		1,171,020
	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		1,160,290
	5,505	Total North Carolina				7,482,278
		Ohio – 1.2%
	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	AAA		2,527,116
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
	2,000	6.500%, 6/01/47	6/17 at 100.00	BBB		1,685,540
	2,480	5.875%, 6/01/47	6/17 at 100.00	BBB		1,902,805
	200	Ohio Air Quality Development Authority, Ohio, Air Quality Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, Non-AMT, 5.625%, 10/01/19	No Opt. Call	BBB–		206,074
	7,115	Total Ohio				6,321,535
		Oklahoma – 0.4%
	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		1,832,900
		Oregon – 0.2%
	1,000	Port Astoria, Oregon, Pollution Control Revenue Bonds, James River Project, Series 1993, 6.550%, 2/01/15	4/10 at 100.00	BB–		1,000,460
		Pennsylvania – 1.2%
	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		967,890
	1,000	Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.125%, 10/01/34	10/18 at 100.00	BBB		1,034,890
	3,405	Pennsylvania Economic Development Financing Authority Health System Revenue Bonds Albert Einstein Healthcare Network Issue, Series 2009A, 6.250%, 10/15/23	No Opt. Call	A3		3,592,207
	445	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	A		460,223
	5,850	Total Pennsylvania				6,055,210
		Puerto Rico – 1.7%
	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+		1,050,569
		Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C:
	4,000	5.500%, 7/01/25 – AMBAC Insured	No Opt. Call	BBB+		4,024,640
	1,000	5.500%, 7/01/27 – AMBAC Insured	No Opt. Call	BBB+		984,550

64 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Puerto Rico (continued)
$	3,500	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+	$	2,549,995
	9,530	Total Puerto Rico				8,609,754
		Rhode Island – 0.2%
	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		955,230
		South Carolina – 2.3%
	200	Greenville, South Carolina, Hospital Facilities Revenue Bonds, Series 1990, 6.000%, 5/01/20	No Opt. Call	AA–		230,634
		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		2,510,275
	3,250	5.500%, 10/01/31	10/11 at 100.00	A		3,252,308
	1,280	Richland County, South Carolina, Environmental Improvement Revenue Refunding Bonds, International Paper Company, Series 2003A, 6.100%, 4/01/23 (Alternative Minimum Tax)	4/13 at 101.00	BBB		1,291,571
	2,400	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	Aa2		2,504,544
	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	Aa2		2,203,800
	11,630	Total South Carolina				11,993,132
		Tennessee – 2.4%
		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	AA		562,110
	1,500	6.125%, 10/01/28	10/18 at 100.00	AA		1,675,590
	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	A2		1,023,740
	2,435	Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.375%, 4/15/22	4/12 at 101.00	A1		2,587,991
	2,000	Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Refunding Series 200A, 5.486%, 9/01/32	3/13 at 100.00	N/R		1,825,540
	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	11/17 at 100.00	N/R		580,000
	4,602	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26	No Opt. Call	N/R		4,390,400
	13,037	Total Tennessee				12,645,371
		Texas – 5.4%
	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–		2,417,856
	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+		1,335,570
	1,190	Fort Worth, Texas, General Obligation Bonds, Series 2003, 5.000%, 3/01/21 – FGIC Insured	3/13 at 100.00	AA+		1,261,745
	2,000	Harris County-Houston Sports Authority, Texas, Junior Lien Special Revenue Bonds, Series 1998B, 0.000%, 11/15/14 – NPFG Insured	4/10 at 100.00	A		1,540,460
	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		1,077,010

Nuveen Investments 65

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Texas (continued)
$	1,500	Montgomery County, Texas, General Obligation Bonds, Refunding Series 2008B, 5.125%, 3/01/31	3/19 at 100.00	AA	$	1,578,390
	2,000	North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008, 5.750%, 1/01/33	1/18 at 100.00	A3		2,053,620
	3,000	North Texas Tollway Authority, System Revenue Bonds, Series 2009, 6.000%, 1/01/28	1/19 at 100.00	A2		3,198,120
	1,000	Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, Series 2004, 6.000%, 12/01/34	12/13 at 100.00	Baa2		919,130
	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		3,234,767
	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		1,001,380
	1,000	Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006A, 5.250%, 12/15/24	No Opt. Call	A		993,620
	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		846,831
	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		819,800
	1,750	Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust 3479, 17.362%, 8/01/34 (IF)	8/19 at 100.00	AA+		2,165,485
	3,020	Tom Green County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Shannon Health System Project, Series 2001, 6.750%, 5/15/21	5/11 at 101.00	Ba1		3,099,698
	500	Uptown Development Authority Tax Increment Revenue Bonds, Texas, Series 2009 Infrastructure Improvement Facilities, 5.250%, 9/01/24	9/19 at 100.00	BBB+		487,545
	27,520	Total Texas				28,031,027
		Utah – 0.9%
	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)	4/10 at 100.00	N/R		3,530,605
		Utah State Charter School Finance Authority, Noah Webster Academy Revenue Bonds, Series:
	500	6.250%, 6/15/28	6/17 at 100.00	N/R		443,140
	950	6.500%, 6/15/38	6/17 at 100.00	N/R		822,102
	4,975	Total Utah				4,795,847
		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		502,865
	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		1,327,755
	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		882,271
	2,625	Virgin Islands Water and Power Authority, Electric System Revenue Refunding Bonds, Series 1998, 5.300%, 7/01/21	7/10 at 100.00	N/R		2,501,599
	5,240	Total Virgin Islands				5,214,490
		Virginia – 1.0%
	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)	4/10 at 100.00	BBB		1,075,194

66 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Virginia (continued)
$	3,000	Prince William County Park Authority, Virginia, Park Facilities Revenue Refunding and Improvement Bonds, Series 1999, 6.000%, 10/15/28	4/10 at 101.00	Aa3	$	3,031,740
	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		1,039,720
	5,075	Total Virginia				5,146,654
		Washington – 1.2%
	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	A		190,461
	960	FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Tender Option Bond Trust 2009-14A&B, 19.590%, 6/01/34 (IF)	6/19 at 100.00	AA		1,204,742
	1,000	Washington Health Care Facilities Authority, Revenue Bonds, Swedish Health Services, Series 2009A, 6.500%, 11/15/30	11/14 at 100.00	A2		1,047,970
	3,490	Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26	6/13 at 100.00	BBB		3,609,847
	5,625	Total Washington				6,053,020
		West Virginia – 0.3%
	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		448,720
	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		977,710
	1,500	Total West Virginia				1,426,430
		Wisconsin – 4.1%
	1,700	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		1,837,921
	3,500	Madison, Wisconsin, Industrial Development Revenue Refunding Bonds, Madison Gas and Electric Company Projects, Series 2002A, 5.875%, 10/01/34 (Alternative Minimum Tax)	4/12 at 100.00	AA–		3,531,920
	2,760	Manitowoc, Wisconsin, Power System Revenue Bonds, Series 2004, 5.000%, 10/01/23 – FGIC Insured	10/14 at 100.00	A1		2,858,780
	335	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series 2008, Trust 1155, 13.591%, 11/15/31 (IF)	11/16 at 100.00	AA		350,440
	2,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care Inc., Series 1999A, 5.600%, 2/15/29	2/10 at 100.00	A3		1,956,440
	1,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010, 5.250%, 4/15/24	4/20 at 100.00	A3		991,030
	2,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital Inc., Series 2003, 5.500%, 2/15/19 – AMBAC Insured	No Opt. Call	A3		2,054,280
	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+		2,934,810
		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+		1,879,758
	525	6.625%, 2/15/39	2/19 at 100.00	A+		566,239
	2,500	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Health, Trust 2113, 14.078%, 8/15/33 (IF)	8/13 at 100.00	BBB+		1,211,250
	780	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006, 5.250%, 8/15/26	8/16 at 100.00	BBB+		727,506

Nuveen Investments 67

Portfolio of Investments (Unaudited)

Nuveen All-American Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Wisconsin (continued)
$	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+	$	223,273
	22,150	Total Wisconsin				21,123,647
		Wyoming – 0.8%
	1,325	Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39	7/19 at 100.00	A+		1,398,127
	1,120	Sweetwater County, Wyoming, Pollution Control Revenue Refunding Bonds, Idaho Power Company Project, Series 2006, 5.250%, 7/15/26 (Mandatory put 7/14/26)	No Opt. Call	A–		1,163,904
	1,500	Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax)	12/15 at 100.00	BBB+		1,389,010
	3,945	Total Wyoming				3,951,041
$	507,918	Total Investments (cost $484,395,850) – 96.8%				501,899,823
		Other Assets Less Liabilities – 3.2%				16,622,857
		Net Assets – 100%			$	518,522,680

Investments in Derivatives

Forward Swaps outstanding at January 31, 2010:

Counterparty

Notional Amount

Fund Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate (Annualized)

Fixed Rate Payment Frequency

Effective Date (7)

Termination Date

Unrealized Appreciation (Depreciation)

JPMorgan

$

3,000,000

Receive

3-Month USD-LIBOR

3.293

%

Semi-Annually

2/12/10

2/12/39

$

540,900

JPMorgan

2,000,000

Receive

3-Month USD-LIBOR

4.758

Semi-Annually

1/14/11

1/14/40

(36,800

)

Morgan Stanley

2,750,000

Receive

3-Month USD-LIBOR

4.698

Semi-Annually

1/28/11

1/28/40

(20,075

)

$

484,025

Fair Value Measurements

In determining the value of the Fund’s investments, various inputs are used. These inputs are 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 methodology 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 January 31, 2010:

	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	501,899,823	$	—	$	501,899,823
Derivatives:
Forward Swaps*		—		484,025		—		484,025
Total	$	—	$	502,383,848	$	—	$	502,383,848

* Represents net unrealized appreciation (depreciation).

Derivative Instruments and Hedging Activities

During the current fiscal period, the Fund adopted amendments to authoritative guidance under GAAP on disclosure about derivative instruments and hedging activities. This guidance is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to better understand: a) how and why a fund uses derivative instruments; b) how derivative instruments are accounted for; and c) how derivative instruments affect a fund’s financial position, results of operations and cash flows,

68 Nuveen Investments

if any. The Fund records 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, under this guidance they are considered to be non-hedge transactions for financial reporting purposes.

The following table presents the fair value of all derivative instruments held by the Fund as of January 31, 2010, 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*	$	540,900	Unrealized depreciation on forward swaps*	$	56,875

* Represents cumulative appreciation (depreciation) of forward swap contracts as reported on the Portfolio of Investments.

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 January 31, 2010, the cost of investments was $483,686,513.

Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2010, were as follows:

Gross unrealized:
Appreciation	$	30,291,530
Depreciation		(12,078,220	)
Net unrealized appreciation (depreciation) of investments	$	18,213,310

(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 higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade.

(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) The issuer has received a formal adverse determination from the Internal Revenue Service (the “IRS”) regarding the tax-exempt status of the bonds’ coupon payments. The Fund will continue to treat coupon payments as tax-exempt income until such time that it is formally determined that the interest on the bonds should be treated as taxable.

(6) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives entered into by the Fund during the period.

(7) Effective Date represents the date on which both the Fund and counterparty commence interest payment accruals on each forward swap contract.

N/R	Not rated.
WI/DD	Purchased on a when-issued or delayed delivery basis.
(ETM)	Escrowed to maturity.
(IF)	Inverse floating rate investment.
USD-LIBOR	United States Dollar-London Inter-Bank Offered Rate

Nuveen Investments 69

Portfolio of Investments (Unaudited)

Nuveen Insured Municipal Bond Fund

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Alabama – 2.1%
$	9,000	University of Alabama, Birmingham, Hospital Revenue Bonds, Birmingham Hospital, Series 2000A, 5.875%, 9/01/31 (Pre-refunded 9/01/10) – MBIA Insured	9/10 at 101.00	A	(4)	$	9,390,780
	12,255	Walker County, Alabama, General Obligation Bonds, Series 2002, 0.000%, 2/01/32 – NPFG Insured	8/12 at 77.49	A			8,411,955
	21,255	Total Alabama					17,802,735
		Arizona – 0.7%
	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+			1,036,850
	6,000	Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/39 – FGIC Insured	No Opt. Call	AA			5,066,580
	7,000	Total Arizona					6,103,430
		Arkansas – 0.4%
	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	Aa3			2,088,360
	1,000	University of Arkansas, Fort Smith, Student Fee Revenue Bonds, Series 20019, 4.750%, 12/01/34	6/19 at 100.00	Aa3			1,003,680
	3,000	Total Arkansas					3,092,040
		California – 15.3%
	2,400	Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/20 – AMBAC Insured	No Opt. Call	A–			1,273,752
	5,000	California Department of Veterans Affairs, Home Purchase Revenue Bonds, Series 2002A, 5.350%, 12/01/27 – AMBAC Insured	6/12 at 101.00	Aa2			5,019,300
	10	California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/27 (Pre-refunded 12/01/14) – MBIA Insured	12/14 at 100.00	AAA			11,708
	990	California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/27 – MBIA Insured	12/14 at 100.00	AAA			1,035,104
	1,000	California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/30	11/15 at 100.00	A2			985,950
	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			979,160
	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+			3,961,611
	5,100	California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39	10/19 at 100.00	AA			5,333,121
	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	BBB+			4,662,100
	2,250	California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 – AMBAC Insured	5/15 at 100.00	Aa3			2,330,730
	4,500	California, General Obligation Bonds, Series 2004, 5.000%, 6/01/31 –AMBAC Insured	12/14 at 100.00	A–			4,150,080
	1,385	Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured	9/15 at 100.00	A–			1,304,532
	6,000	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured	6/15 at 100.00	BBB+			5,258,400
	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–			1,323,319
	1,980	Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured	No Opt. Call	AAA			890,525

70 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		California (continued)
$	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	AAA		$	6,128,760
	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+			5,121,530
	13,750	Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.800%, 8/01/23 – MBIA Insured (ETM)	2/10 at 100.00	A	(4)		15,222,896
	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			11,493,298
	2,035	Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 – FGIC Insured	6/15 at 100.00	A			1,878,427
	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			2,630,150
	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	AAA			10,235,700
	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+			1,510,320
	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)	5/11 at 100.00	A1			6,932,535
	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	AAA			2,056,155
		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	A			2,717,521
	51,000	0.000%, 1/15/31 – NPFG Insured	No Opt. Call	A			8,748,540
	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	A			6,642,888
	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			3,586,137
	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–			5,091,950
	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+			1,964,320
	180,875	Total California					130,480,519
		Colorado – 2.8%
		Broomfield, Colorado, Master Facilities Lease Purchase Agreement, Certificates of Participation, Series 1999:
	5,030	5.875%, 12/01/19 – AMBAC Insured	6/10 at 100.00	A1			5,092,724
	5,000	6.000%, 12/01/29 – AMBAC Insured	6/10 at 100.00	A1			5,039,950
	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			2,125,855
	15,000	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/31 – NPFG Insured	No Opt. Call	A			3,593,100
	3,750	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/17 (Pre-refunded 9/01/10) – NPFG Insured	9/10 at 65.63	Aaa			2,452,838
	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			1,112,279

Nuveen Investments 71

Portfolio of Investments (Unaudited)

Nuveen Insured Municipal Bond Fund

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Colorado (continued)
$	2,785	Mesa County Valley School District 51, Grand Junction, Colorado, General Obligation Bonds, Series 2004A, 5.000%, 12/01/23 – NPFG Insured	12/14 at 100.00	Aa3	$	2,926,534
	1,390	University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/26 – FGIC Insured	6/15 at 100.00	AA–		1,452,077
	36,190	Total Colorado				23,795,357
		Connecticut – 0.7%
	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		3,630,958
	2,125	Connecticut, Special Tax Obligation Transportation Infrastructure Bonds, Series 2004A, 5.000%, 7/01/24 – AMBAC Insured	7/15 at 100.00	AA		2,259,003
	5,600	Total Connecticut				5,889,961
		Florida – 4.0%
	925	Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2000-4 , 6.250%, 7/01/22 – AGM Insured (Alternative Minimum Tax)	7/10 at 100.00	AAA		962,870
	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)	8/10 at 100.00	AAA		3,957,353
	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)	1/11 at 102.00	AAA		6,094,816
		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	A		3,523,380
	6,350	5.375%, 10/01/27 – FGIC Insured (Alternative Minimum Tax)	10/12 at 100.00	A		6,392,609
	10,000	Miami-Dade County, Florida, General Obligation Bonds, Series 2005, 5.000%, 7/01/33 – FGIC Insured	7/15 at 100.00	AAA		10,151,300
		Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Pinnacle Palms Apartments, Series 2001A:
	830	5.550%, 7/01/21 – AGM Insured (Alternative Minimum Tax)	7/11 at 100.00	AAA		840,815
	2,505	5.750%, 7/01/37 – AGM Insured (Alternative Minimum Tax)	7/11 at 100.00	AAA		2,521,834
	34,020	Total Florida				34,444,977
		Georgia – 4.3%
	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	A1		2,061,080
	7,000	Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured	11/19 at 100.00	AAA		7,189,280
	4,955	Cobb County Development Authority, Georgia, University Facilities Revenue Bonds, Kennesaw State University, Series 2004C, 5.250%, 7/15/24 – NPFG Insured	7/14 at 100.00	A3		5,061,433
		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		1,361,200
	2,490	5.250%, 5/01/23 – NPFG Insured	5/14 at 100.00	Aa3		2,548,839
	2,440	5.000%, 5/01/36 – NPFG Insured	5/14 at 100.00	Aa3		2,470,573
	11,075	Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Thrid Indenture Series 2009A, 5.000%, 7/01/39	7/19 at 100.00	AA+		11,483,114
	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		2,326,613
	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	A2		975,690

72 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Georgia (continued)
$	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	AAA		$	1,007,390
	35,460	Total Georgia					36,485,212
		Hawaii – 1.3%
	5,795	Hawaii, General Obligation Bonds, Series 2002CX, 5.500%, 2/01/21 – AGM Insured	2/12 at 100.00	AAA			6,213,921
	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	AAA			4,612,927
	10,000	Total Hawaii					10,826,848
		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	Aa3			1,067,510
	1,065	5.000%, 7/15/24 – NPFG Insured	7/16 at 100.00	Aa3			1,131,264
	2,210	Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2009BI, 5.500%, 7/01/38	7/19 at 100.00	N/R			2,285,405
	4,275	Total Idaho					4,484,179
		Illinois – 4.3%
	3,335	Chicago Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Tender Option Bonds Trust 1130, 13.506%, 12/01/24 (IF)	6/16 at 100.00	AAA			4,061,730
	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)	7/10 at 101.00	AA–			8,098,960
	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			2,995,003
	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			3,091,050
	310	Cicero, Cook County, Illinois, General Obligation Corporate Purpose Bonds, Series 1994A, 6.400%, 12/01/14 – NPFG Insured	6/10 at 100.00	AAA			310,763
	1,945	Illinois Development Finance Authority, Local Government Program Revenue Bonds, O’Fallon Project, Series 2002, 5.250%, 1/01/24 – FGIC Insured	1/12 at 100.00	A			1,994,345
	6,500	Illinois Development Finance Authority, Revenue Bonds, Adventist Health System – Sunbelt Obligated Group, Series 1997A, 5.875%, 11/15/20 – MBIA Insured	11/10 at 101.00	AA			6,611,280
	2,705	Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2000, 5.400%, 12/01/20 – NPFG Insured	12/10 at 100.00	A+			2,795,834
	10,000	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 – MBIA Insured	No Opt. Call	AAA			2,008,600
	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	A			4,387,268
	46,695	Total Illinois					36,354,833
		Indiana – 5.8%
		Boone County Hospital Association, Indiana, Lease Revenue Bonds, Series 2001:
	3,190	5.500%, 1/15/21 (Pre-refunded 7/15/11) – FGIC Insured	7/11 at 100.00	A+	(4)		3,422,296
	8,605	5.500%, 1/15/26 (Pre-refunded 7/15/11) – FGIC Insured	7/11 at 100.00	A+	(4)		9,231,616
	4,000	Huntington Countywide School Building Corporation II, Indiana, First Mortgage Bonds, Series 2002, 5.125%, 7/15/22 (Pre-refunded 7/15/12) – MBIA Insured	7/12 at 100.00	AA+	(4)		4,426,560

Nuveen Investments 73

Portfolio of Investments (Unaudited)

Nuveen Insured Municipal Bond Fund

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Indiana (continued)
$	4,000	Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured	1/17 at 100.00	A+		$	3,906,320
	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	AAA			3,761,380
		Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A:
	11,915	5.125%, 7/01/27 (Pre-refunded 7/01/12) – MBIA Insured	7/12 at 100.00	AA–	(4)		13,159,281
	6,085	5.125%, 7/01/27 (Pre-refunded 7/01/12) – NPFG Insured	7/12 at 100.00	AA–	(4)		6,720,457
	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)		3,319,920
	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) – MBIA Insured	4/12 at 100.00	A	(4)		1,106,907
	45,300	Total Indiana					49,054,737
		Kansas – 0.8%
	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			3,200,083
	3,065	Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%, 9/01/26 – AGM Insured	9/14 at 101.00	AAA			3,262,233
	6,200	Total Kansas					6,462,316
		Louisiana – 2.1%
	3,020	Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/22 – NPFG Insured	11/14 at 100.00	A1			3,202,227
	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+			2,561,705
	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	A			2,651,194
	10,000	Louisiana State, Gasoline Tax Revenue Bonds, Series 2006A, 4.750%, 5/01/39 – AGM Insured (UB)	5/16 at 100.00	AAA			9,805,500
	18,305	Total Louisiana					18,220,626
		Maine – 0.0%
	180	Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 1995A, 5.875%, 7/01/25 – AGM Insured	4/10 at 100.00	AAA			180,382
		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			939,876
	1,750	5.250%, 9/01/28 – SYNCORA GTY Insured	9/16 at 100.00	Baa3			1,552,058
	2,800	Total Maryland					2,491,934
		Massachusetts – 3.2%
	6,665	Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Bond Trust 3627, 13.656%, 7/01/34 (IF)	7/19 at 100.00	AA			6,843,755
	8,485	Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, Series 2001A, 5.800%, 7/01/30 – AMBAC Insured (Alternative Minimum Tax)	1/11 at 100.00	N/R			8,488,309
	2,335	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2009-14, 13.212%, 8/01/38 (IF)	8/19 at 100.00	AAA			2,717,099
	8,000	Massachusetts, 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	A	(4)		9,120,400
	25,485	Total Massachusetts					27,169,563

74 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Michigan – 3.3%
$	12,130	Bay City, Bay County, Michigan, Unlimited Tax General Street Improvement Bonds, Series 1991, 0.000%, 6/01/21 – AMBAC Insured	No Opt. Call	A+	$	6,766,963
	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	AA–		8,736,896
	2,995	Detroit, Michigan, General Obligation Bonds, Series 2003A, 5.250%, 4/01/16 – SYNCORA GTY Insured	4/13 at 100.00	BB		2,735,603
	2,420	Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 1997A, 6.100%, 10/01/33 – AMBAC Insured (Alternative Minimum Tax)	4/10 at 100.00	AA		2,421,137
	2,000	Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31	12/16 at 100.00	AA		1,960,800
	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	A		5,573,264
	33,575	Total Michigan				28,194,663
		Minnesota – 1.4%
	2,150	Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Subordinate Lien Airport Revenue Bonds, Series 2001D, 5.750%, 1/01/16 – FGIC Insured (Alternative Minimum Tax)	1/11 at 100.00	A		2,197,795
	9,675	St. Cloud, Minnesota, Healthcare Revenue Bonds, St. Cloud Hospital Obligated Group, Series 2000A, 5.875%, 5/01/30 – AGM Insured	5/10 at 101.00	Aa3		9,790,907
	11,825	Total Minnesota				11,988,702
		Missouri – 1.5%
	4,455	Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Tender Option Bond Trust 3604, 13.660%, 11/15/39 (IF)	11/19 at 100.00	AAA		5,266,924
	7,600	Missouri-Illinois Metropolitan District Bi-State Development Agency, 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	AAA		7,826,100
	12,055	Total Missouri				13,093,024
		Nevada – 1.1%
	3,625	Clark County, Nevada, Industrial Development Revenue Bonds, Southwest Gas Corporation, Series 1999A, 6.100%, 12/01/38 – AMBAC Insured (Alternative Minimum Tax)	6/10 at 102.00	BBB		3,635,875
	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		2,064,920
		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	Caa2		1,148,635
	2,000	5.375%, 1/01/40 – AMBAC Insured	7/10 at 100.00	Caa2		833,340
	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+		2,028,054
	13,795	Total Nevada				9,710,824
		New Hampshire – 0.5%
	3,305	New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Tender Option Bond Trust 09-7W, 13.903%, 6/01/39 (IF)	6/19 at 100.00	AA+		4,058,210
		New Jersey – 2.8%
		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	A		1,803,400
	1,775	5.000%, 7/01/23 – NPFG Insured	7/14 at 100.00	A		1,797,028

Nuveen Investments 75

Portfolio of Investments (Unaudited)

Nuveen Insured Municipal Bond Fund

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		New Jersey (continued)
$	2,150	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006A, 5.250%, 12/15/20	No Opt. Call	AA–	$	2,391,488
		New Jersey Turnpike Authority, Revenue Bonds, Series 2003A:
	6,500	5.000%, 1/01/19 – FGIC Insured	7/13 at 100.00	A+		6,862,440
	4,000	5.000%, 1/01/23 – AGM Insured	7/13 at 100.00	AAA		4,168,200
		New Jersey Turnpike Authority, Revenue Bonds, Series 2005A:
	3,000	5.000%, 1/01/21 – AGM Insured	1/15 at 100.00	AAA		3,229,890
	3,315	5.000%, 1/01/25 – AGM Insured	1/15 at 100.00	AAA		3,519,469
	22,515	Total New Jersey				23,771,915
		New Mexico – 0.5%
	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	AAA		4,382,407
		New York – 3.5%
	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	A		1,937,848
	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		1,765,666
		Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
	2,000	13.221%, 2/15/39 (IF)	2/19 at 100.00	AAA		2,198,240
	2,335	13.209%, 2/15/39 (IF)	2/19 at 100.00	AAA		2,566,212
	4,055	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured	2/17 at 100.00	A		3,696,741
	4,600	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30	11/15 at 100.00	A		4,694,714
	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	AAA		820,977
	5,000	New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – FGIC Insured	4/15 at 100.00	AA		5,186,300
	135	New York City, New York, General Obligation Bonds, Series 1991B, 7.000%, 2/01/18 – AMBAC Insured	No Opt. Call	Aa3		135,670
	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	AA		1,093,726
		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		2,798,476
	1,515	5.000%, 3/15/25 – FGIC Insured	3/14 at 100.00	AAA		1,592,356
	1,000	5.000%, 3/15/26 – FGIC Insured	3/14 at 100.00	AAA		1,047,470
	28,590	Total New York				29,534,396
		North Carolina – 1.6%
	1,780	Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 2009-43W, 13.299%, 7/01/38 (IF)	7/20 at 100.00	AAA		2,144,402
	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	AA		3,141,690
	7,950	Winston-Salem, North Carolina, Water and Sewerage System Revenue Bonds, Series 2009, 5.000%, 6/01/39	6/19 at 100.00	AAA		8,345,751
	12,730	Total North Carolina				13,631,843
		North Dakota – 0.6%
	5,000	Fargo, North Dakota, Health System Revenue Bonds, MeritCare Obligated Group, Series 2002A, 5.125%, 6/01/27 – AMBAC Insured	6/12 at 100.00	A		4,879,050
		Ohio – 2.9%
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
	130	5.125%, 6/01/24	6/17 at 100.00	BBB		120,806

76 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Ohio (continued)
$	1,420	5.875%, 6/01/30	6/17 at 100.00	BBB		$	1,225,929
	1,370	5.750%, 6/01/34	6/17 at 100.00	BBB			1,139,196
	3,145	5.875%, 6/01/47	6/17 at 100.00	BBB			2,413,033
	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	AAA			1,057,120
	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+			2,561,600
	8,505	Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006, 4.250%, 12/01/32 – AMBAC Insured	12/16 at 100.00	A2			7,859,811
	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	AAA			2,362,886
	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	Aa3	(4)		3,026,813
	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			2,949,090
	25,950	Total Ohio					24,716,284
		Oklahoma – 0.5%
	1,000	Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/37	2/17 at 100.00	A			927,370
	2,000	Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Tulsa International Airport, Series 1999A, 6.000%, 6/01/21 – FGIC Insured	6/10 at 100.00	A			2,030,060
	1,000	Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Tulsa International Airport, Series 1999B, 6.125%, 6/01/26 – FGIC Insured (Alternative Minimum Tax)	6/10 at 100.00	A			1,002,200
	4,000	Total Oklahoma					3,959,630
		Oregon – 0.7%
	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			2,911,200
	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			3,193,620
	5,500	Total Oregon					6,104,820
		Pennsylvania – 2.7%
	1,050	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured	6/16 at 100.00	Aa3			1,101,030
	12,000	Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured	6/26 at 100.00	AAA			8,740,320
	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	AAA			5,176,760
	2,430	Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2005A, 5.000%, 9/01/16 – NPFG Insured	9/15 at 100.00	A			2,554,270
	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	Aa3			5,484,960
	25,660	Total Pennsylvania					23,057,340
		Puerto Rico – 1.7%
	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	BBB			1,270,075
		Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A:
	840	5.500%, 7/01/14 – AGM Insured	No Opt. Call	AAA			938,330
	2,550	5.500%, 7/01/16 – AGM Insured	No Opt. Call	AAA			2,838,660
	3,000	5.500%, 7/01/17 – AGM Insured	No Opt. Call	AAA			3,347,580
	3,440	5.500%, 7/01/18 – AGM Insured	No Opt. Call	AAA			3,838,318
	2,250	5.500%, 7/01/19 – AGM Insured	No Opt. Call	AAA			2,494,058
	13,330	Total Puerto Rico					14,727,021

Nuveen Investments 77

Portfolio of Investments (Unaudited)

Nuveen Insured Municipal Bond Fund

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Rhode Island – 0.1%
$	790	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	7/10 at 100.00	A		$	791,912
		South Carolina – 1.6%
	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	A			2,196,420
	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	AAA			3,802,714
	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	Aa3	(4)		7,212,178
	12,455	Total South Carolina					13,211,312
		Tennessee – 1.7%
	10,000	Blount County Public Building Authority, Tennessee, Local Government Improvement Program Loans, Washington County, 2007 Series B12A, 4.375%, 6/01/35 – SYNCORA GTY Insured	6/19 at 100.00	AA–			9,422,100
		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+			756,238
	755	5.000%, 7/01/17	7/16 at 100.00	BBB+			780,934
	1,600	5.500%, 7/01/36	7/16 at 100.00	BBB+			1,558,624
	705	Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 1999D, 6.000%, 3/01/24 – AMBAC Insured (Alternative Minimum Tax)	3/10 at 101.00	A2			712,727
	1,000	South Blount County Utility District, Tennessee, Waterworks Revenue Bonds, Improvement anf Refunding Series 2009, 5.250%, 12/01/39 – AGM Insured	12/19 at 100.00	AAA			1,030,150
	14,780	Total Tennessee					14,260,773
		Texas – 9.7%
		Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A:
	8,000	5.625%, 11/01/26 – FGIC Insured (Alternative Minimum Tax)	11/11 at 100.00	A+			8,091,760
	3,855	5.500%, 11/01/31 – FGIC Insured (Alternative Minimum Tax)	11/11 at 100.00	A+			3,879,595
	275	DeSoto, Dallas County, Texas, General Obligation Bonds, Series 2001, 5.500%, 2/15/21 (Pre-refunded 2/15/11) – FGIC Insured	2/11 at 100.00	AA–	(4)		289,022
	5,000	Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured	2/17 at 100.00	A1			4,719,350
	115	Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 1990, 7.400%, 2/15/10 – AMBAC Insured	No Opt. Call	A1			115,293
		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	A			5,005,850
	6,500	5.250%, 11/15/22 – NPFG Insured	11/11 at 100.00	A			6,501,755
	6,800	5.250%, 11/15/30 – NPFG Insured	11/11 at 100.00	A			6,350,928
	2,500	5.375%, 11/15/41 – NPFG Insured	11/11 at 100.00	A			2,205,750
	5,010	Houston, Texas, General Obligation Refunding Bonds, Series 2002, 5.000%, 3/01/25 – NPFG Insured	3/12 at 100.00	AA			5,163,005
	1,190	Mansfield, Texas, General Obligation Bonds, Series 2004A, 5.250%, 2/15/25 – AMBAC Insured	2/14 at 100.00	AA			1,280,059
	11,895	Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University, Series 2009, 5.000%, 10/01/36	10/19 at 100.00	AA–			12,169,059
	20,000	Texas Turnpike Authority, First Tier Revenue Bonds, Central Texas Turnpike System, Series 2002A, 0.000%, 8/15/17 – AMBAC Insured	No Opt. Call	BBB+			13,558,798
		Williamson County, Texas, General Obligation Bonds, Series 2001:
	90	5.500%, 2/15/21 – AGM Insured	2/11 at 100.00	AAA			93,429
	95	5.500%, 2/15/22 – AGM Insured	2/11 at 100.00	AAA			98,620

78 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Texas (continued)
		Williamson County, Texas, General Obligation Bonds, Series 2001:
$	5,845	5.500%, 2/15/21 (Pre-refunded 2/15/11) – AGM Insured	2/11 at 100.00	AAA		$	6,160,104
	6,180	5.500%, 2/15/22 (Pre-refunded 2/15/11) – AGM Insured	2/11 at 100.00	AAA			6,513,164
	88,350	Total Texas					82,195,541
		Utah – 1.6%
	5,000	Emery County, Utah, Pollution Control Revenue Refunding Bonds, PacifiCorp Project, Series 1993A, 5.650%, 11/01/23 – AMBAC Insured	5/10 at 100.00	A			5,017,950
	6,335	Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41	8/19 at 100.00	AA+			6,353,942
	6,830	Utah Transit Authority, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 6/15/29 – NPFG Insured	6/17 at 55.29	AA–			2,311,477
	18,165	Total Utah					13,683,369
		Vermont – 0.0%
	245	Vermont Housing Finance Agency, Single Family Housing Bonds, Series 2000-12A, 6.300%, 11/01/31 – AGM Insured	5/10 at 100.00	AAA			248,227
		Virginia – 0.8%
	5,755	Alexandria Industrial Development Authority, Virginia, Fixed Rate Revenue Bonds, Institute for Defense Analyses, Series 2000A, 5.900%, 10/01/20 (Pre-refunded 10/01/10) – AMBAC Insured	10/10 at 101.00	N/R	(4)		6,034,118
	500	Industrial Development Authority of Fairfax County, Virginia Health Care Revenue Bonds (Inova Health System Project), Series 2009C, 5.000%, 5/15/25	5/19 at 100.00	AA+			527,335
	6,255	Total Virginia					6,561,453
		Washington – 8.3%
	3,000	Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2001A, 5.600%, 1/01/36 – NPFG Insured (Alternative Minimum Tax)	7/11 at 101.00	AA			3,005,910
	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	AA			4,934,462
		Douglas County Public Utility District 1, Washington, Revenue Refunding Bonds, Wells Hydroelectric, Series 2000A:
	2,975	6.300%, 9/01/15 – NPFG Insured (Alternative Minimum Tax)	9/10 at 100.00	AA			3,025,188
	1,135	6.350%, 9/01/18 – NPFG Insured (Alternative Minimum Tax)	9/10 at 100.00	AA			1,147,712
	10,000	Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – Nuclear Project 2, Series 2002C, 5.750%, 7/01/18 – NPFG Insured	7/12 at 100.00	Aaa			10,956,900
	7,000	King County, Washington, General Obligation Sewer Bonds, Series 2005, 5.000%, 1/01/35 – FGIC Insured	No Opt. Call	AAA			7,194,740
	2,335	King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.484%, 1/01/39 – AGM Insured (IF)	7/17 at 100.00	AAA			2,515,916
	6,000	Port of Seattle, Washington, Revenue Bonds, Series 1999A, 5.000%, 9/01/24 – FGIC Insured	9/12 at 100.00	A1			6,122,280
	7,475	Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999B, 6.250%, 9/01/26 – MBIA Insured (Alternative Minimum Tax)	3/10 at 101.00	A			7,519,327
	460	Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999B, 6.250%, 9/01/26 (Pre-refunded 3/01/10) – MBIA Insured (Alternative Minimum Tax)	3/10 at 101.00	AAA			467,033
	8,775	Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999C, 6.000%, 9/01/20 – NPFG Insured (Alternative Minimum Tax)	3/10 at 101.00	A			8,853,185
	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	A1			1,859,220
	1,000	Snohomish County Public Utility District 1, Washington, Water Revenue Refunding Bonds, Series 2002, 5.500%, 12/01/22 – FGIC Insured	6/12 at 100.00	AA			1,060,160

Nuveen Investments 79

Portfolio of Investments (Unaudited)

Nuveen Insured Municipal Bond Fund

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Washington (continued)
$	7,825	Snohomish County School District 16, Washington, Unlimited Tax General Obligation Bonds, Arlington School, Series 2000, 5.750%, 12/01/19 (Pre-refunded 12/01/10) – FGIC Insured	12/10 at 100.00	Aa1	(4)	$	8,188,863
	3,335	Washington State, General Obligation Bonds, Tender Option Bond Trust 1122, 13.525%, 7/01/29 – AGM Insured (IF)	7/16 at 100.00	AAA			3,875,570
	68,140	Total Washington					70,726,466
		Wisconsin – 1.2%
	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	A			2,539,800
	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	A+			1,670,246
	5,000	Wisconsin, General Obligation Bonds, Series 2002G, 5.000%, 5/01/18 (Pre-refunded 5/01/13) – MBIA Insured	5/13 at 100.00	AA	(4)		5,643,250
	8,650	Total Wisconsin					9,853,296
$	922,530	Total Long-Term Investments (cost $830,651,618) – 98.9%					840,682,127
		Short-Term Investments – 1.0%
		New York – 0.3%
	2,500	Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust R-11644, 0.190%, 3/01/24 (5)	1/12 at 100.00	A-1			2,500,000
		Washington – 0.7%
	5,695	Central Puget Sound Regional Transit Authority, Washington, Sales and Use Tax Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 2007-1C, 0.180%, 11/01/32 – AGM Insured (5)	11/17 at 100.00	N/R			5,695,000
$	8,195	Total Short-Term Investments (cost $8,195,000)					8,195,000
		Total Investments (cost $838,846,618) – 99.9%					848,877,127
		Floating Rate Obligations – (0.9)%					(7,495,000	)
		Other Assets Less Liabilities – 1.0%					8,089,757
		Net Assets – 100%				$	849,471,884

Fair Value Measurements

In determining the value of the Fund’s investments, various inputs are used. These inputs are 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 methodology 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 January 31, 2010:

	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	840,682,127	$	—	$	840,682,127
Short-Term Investments		—		8,195,000		—		8,195,000
Total	$	—	$	848,877,127	$	—	$	848,877,127

80 Nuveen Investments

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 January 31, 2010, the cost of investments was $830,677,780.

Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2010, were as follows:

Gross unrealized:
Appreciation	$	31,682,910
Depreciation		(20,978,852	)
Net unrealized appreciation (depreciation) of investments	$	10,704,058

Primarily all of the Fund’s net assets are invested in municipal securities that guarantee the timely payment of principal and interest.

(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 higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade.

The Portfolio of Investments may reflect the ratings on certain bonds whose insurer has experienced downgrades as of the end of the reporting period. Subsequent to the reporting period, and during the period this Portfolio of Investments was prepared, there may have been reductions to the ratings of certain bonds resulting from changes to the ratings of the underlying insurers both during the period and after period end. Such reductions would likely reduce the effective rating of many of the bonds insured by that insurer or insurers presented at period end.

(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) 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.

N/R	Not rated.
(ETM)	Escrowed to maturity.
(IF)	Inverse floating rate investment.
(UB)	Underlying bond of an inverse floating rate trust reflected as a financing transaction.

Nuveen Investments 81

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Alabama – 2.4%
$	7,440	Alabama Public School and College Authority, Capital Improvement Revenue Bonds, Series 2002A, 5.000%, 2/01/21	2/12 at 100.00	AA		$	7,705,608
		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			2,929,500
	2,290	5.250%, 11/15/20	11/15 at 100.00	Baa2			2,098,464
		Health Care Authority for Baptist Health, Alabama, Revenue Bonds, Baptist Health, Series 2006D:
	750	5.000%, 11/15/12	No Opt. Call	A3			781,755
	820	5.000%, 11/15/15	No Opt. Call	A3			852,095
	2,925	5.000%, 11/15/16	11/15 at 100.00	A3			2,983,734
		Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A:
	4,000	5.250%, 1/01/11	No Opt. Call	BBB			3,806,240
	10,000	5.250%, 1/01/12	No Opt. Call	BBB			9,463,000
	7,000	5.250%, 1/01/13	No Opt. Call	BBB			6,624,800
	10,000	5.250%, 1/01/14	No Opt. Call	BBB			9,416,300
	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			10,202,339
		Pell City, Alabama, Special Care Facilities Financing Authority, Revenue Bonds, Noland Health Services, Series 2007A:
	500	5.000%, 12/01/10	No Opt. Call	A–			510,000
	1,645	5.000%, 12/01/14	No Opt. Call	A–			1,747,944
	59,650	Total Alabama					59,121,779
		Arizona – 1.2%
		Arizona Health Facilities Authority, Revenue Bonds, Blood Systems Inc., Series 2004:
	2,695	4.000%, 4/01/13	No Opt. Call	A			2,810,346
	1,000	5.000%, 4/01/17	4/14 at 100.00	A			1,034,520
	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) – MBIA Insured	7/13 at 100.00	A2	(4)		6,855,840
	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			2,826,635
	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)		3,137,163
	1,200	Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2008, 5.750%, 9/01/29	1/15 at 100.00	BBB–			1,214,364
	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			12,309,330
	27,445	Total Arizona					30,188,198
		Arkansas – 1.5%
	1,490	Conway, Arkansas, Restaurant Gross Receipts Tax Revenue Bonds, Series 2007, 5.000%, 12/01/22 – AGM Insured	12/15 at 100.00	AAA			1,559,076
		Fayetteville, Arkansas, Sales and Use Tax Revenue Bonds, Series 2006A:
	6,730	5.000%, 11/01/17 – AGM Insured	11/16 at 100.00	AAA			7,512,834
	6,740	4.500%, 11/01/19 – AGM Insured	11/16 at 100.00	AAA			7,139,952
		Fort Smith, Arkansas, Sales and Use Tax Revenue Bonds, Series 2006:
	8,715	4.000%, 9/01/13 – FGIC Insured	No Opt. Call	AA			9,449,849
	365	4.000%, 9/01/14 – FGIC Insured	No Opt. Call	AA			397,186
		Fort Smith, Arkansas, Water and Sewer Revenue Bonds, Series 2007:
	1,235	5.000%, 10/01/19 – FGIC Insured	10/17 at 100.00	A			1,349,262
	1,000	5.000%, 10/01/21 – FGIC Insured	10/17 at 100.00	A			1,077,780

82 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Arkansas (continued)
		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	$	599,461
	1,130	5.000%, 8/01/22 – CIFG Insured	8/17 at 100.00	N/R		1,165,934
	1,185	5.000%, 8/01/23 – CIFG Insured	8/17 at 100.00	N/R		1,217,374
	1,245	5.000%, 8/01/24 – CIFG Insured	8/17 at 100.00	N/R		1,272,340
		Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B:
	1,270	5.000%, 2/01/14	No Opt. Call	Baa1		1,337,615
	1,000	5.000%, 2/01/17	2/15 at 100.00	Baa1		1,014,580
	1,165	5.000%, 2/01/18	2/15 at 100.00	Baa1		1,173,714
	33,845	Total Arkansas				36,266,957
		California – 7.4%
		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		3,383,400
	10,000	5.875%, 5/01/16 (Pre-refunded 5/01/12)	5/12 at 101.00	Aaa		11,250,000
	3,845	California Health Facilities Financing Authority, Insured Health Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 1994A, 5.000%, 7/01/14 – AMBAC Insured	7/10 at 100.00	A		3,852,036
	7,680	California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008H, 5.125%, 7/01/22	7/15 at 100.00	A		8,046,106
	1,000	California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Browning Ferris Industries Inc., Series 1996A, 5.800%, 12/01/16 (Alternative Minimum Tax)	4/10 at 100.00	BBB		1,000,120
	6,000	California State Economic Recovery Revenue Bonds, Refunding Series 2009A, 5.250%, 7/01/21	7/19 at 100.00	A+		6,559,140
		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	BBB+		8,738,442
	3,940	5.500%, 6/01/17	12/13 at 100.00	BBB+		4,087,080
		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005G:
	1,810	5.250%, 7/01/11	No Opt. Call	BBB		1,860,372
	750	5.250%, 7/01/13	No Opt. Call	BBB		790,725
	1,200	5.000%, 7/01/22	7/15 at 100.00	BBB		1,146,456
	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	Aa3		9,532,600
		California, Economic Recovery Revenue Bonds, Series 2004A:
	10,000	5.250%, 7/01/13	No Opt. Call	A+		11,154,000
	5,805	5.250%, 7/01/14	No Opt. Call	A+		6,573,292
	1,695	California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 (ETM)	No Opt. Call	AAA		1,991,778
	10,870	California, General Obligation Bonds, Series 2003, 5.250%, 2/01/14 – NPFG Insured	2/13 at 100.00	A		11,801,342
	18,000	California, Various Purpose General Obligation Bonds, Series 1992, 6.250%, 9/01/12 – NPFG Insured	No Opt. Call	A		19,094,220
	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	AA		1,058,758
		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	7,500	5.000%, 6/01/17	No Opt. Call	BBB		7,522,350
	9,950	4.500%, 6/01/27	6/17 at 100.00	BBB		9,149,224
	715	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		798,255

Nuveen Investments 83

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		California (continued)
$	5,000	Long Beach Financing Authority, California, Revenue Bonds, Series 1992, 6.000%, 11/01/17 – AMBAC Insured	No Opt. Call	N/R		$	5,488,450
	5,000	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	AAA			5,710,400
	10,000	M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.125%, 11/01/29	No Opt. Call	A			10,330,400
	10,000	M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009, 6.125%, 11/01/29	No Opt. Call	A			10,330,400
	6,000	Oakland State Building Authority, California, Lease Revenue Bonds, Elihu M. Harris State Office Building, Series 1998A, 5.000%, 4/01/23 – AMBAC Insured	4/10 at 100.00	BBB+			5,913,120
		Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A:
	1,815	0.000%, 8/01/21 – AGC Insured	No Opt. Call	AAA			969,283
	2,095	0.000%, 8/01/22 – AGC Insured	No Opt. Call	AAA			1,051,753
	4,075	0.000%, 8/01/23 – AGC Insured	No Opt. Call	AAA			1,907,059
	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	A			2,162,012
	100	Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2001A, 4.700%, 6/01/11 (ETM)	No Opt. Call	AAA			105,743
	8,000	University of California, General Revenue Bonds, Series 2005F, 5.000%, 5/15/19 – AGM Insured	5/13 at 101.00	AAA			8,659,520
	450	Yuba County Water Agency, California, Yuba River Development Revenue Bonds, Pacific Gas and Electric Company, Series 1966A, 4.000%, 3/01/16	3/10 at 100.00	Baa1			438,350
	177,495	Total California					182,456,186
		Colorado – 2.6%
	16,830	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 5.000%, 9/01/26	9/16 at 100.00	AA			17,420,901
	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			6,504,487
		Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2006:
	1,000	5.000%, 6/01/16	No Opt. Call	A–			1,030,980
	1,000	5.250%, 6/01/18	6/16 at 100.00	A–			1,019,900
	10,000	Denver City and County, Colorado, Airport Revenue Bonds, Series 2006, 5.000%, 11/15/19 – FGIC Insured	11/16 at 100.00	A+			10,644,900
	3,000	Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2000A, 6.000%, 11/15/16 – AMBAC Insured (Alternative Minimum Tax)	11/10 at 100.00	A+			3,091,590
	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+			10,338,965
	5,775	Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%, 12/01/15 (Pre-refunded 12/01/13) – SYNCORA GTY Insured	12/13 at 100.00	N/R	(4)		6,551,160
	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	A			4,930,750
	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	A			1,717,900
	69,245	Total Colorado					63,251,533
		Connecticut – 0.1%
	3,450	Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax)	7/10 at 100.00	BBB			3,450,725

84 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		District of Columbia – 2.2%
		District of Columbia Hospital Revenue Bonds (Sibley Memorial Hospital Issue) Series 2009:
$	420	6.500%, 10/01/20	10/19 at 100.00	A		$	480,644
	1,715	6.500%, 10/01/23	10/19 at 100.00	A			1,924,230
	825	6.500%, 10/01/24	10/19 at 100.00	A			918,250
		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001:
	325	5.375%, 5/15/10	No Opt. Call	BBB			327,665
	7,090	6.000%, 5/15/11	No Opt. Call	BBB			7,356,797
	3,550	5.800%, 5/15/13	5/11 at 101.00	BBB			3,688,024
	3,730	5.875%, 5/15/14	5/11 at 101.00	BBB			3,868,868
	8,205	6.250%, 5/15/24	5/11 at 101.00	BBB			8,237,000
	2,920	6.500%, 5/15/33	No Opt. Call	BBB			2,898,859
	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	AAA			11,772,326
	11,530	District of Columbia, General Obligation Bonds, Series 2003B, 5.000%, 6/01/15 – AMBAC Insured	6/13 at 100.00	A+			12,450,555
	50,375	Total District of Columbia					53,923,218
		Florida – 5.9%
	5,000	Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/23 – NPFG Insured	7/13 at 100.00	A+			5,110,900
		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+			13,193,242
	33,060	5.000%, 3/01/17 – NPFG Insured	No Opt. Call	A+			34,492,818
	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			5,469,700
	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	AAA			8,347,767
	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	AA+			8,182,964
	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			5,552,250
	3,675	Leesburg, Florida, Hospital Revenue Refunding Bonds, Leesburg Regional Medical Center Project, Series 2003, 5.000%, 7/01/10	No Opt. Call	BBB+			3,711,199
	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	A1			4,963,700
	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)		6,455,008
	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			4,559,605
	7,540	Palm Beach County, Florida, Airport System Revenue Bonds, Series 2002, 5.750%, 10/01/13 – NPFG Insured	No Opt. Call	A			8,430,399
	10,300	Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2006A, 5.000%, 9/01/26 – NPFG Insured	9/16 at 100.00	A2			10,455,427
	21,055	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–			21,318,398
	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	AAA			6,374,638
	138,840	Total Florida					146,618,015

Nuveen Investments 85

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Georgia – 0.6%
$	10,000	Appling County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company, Hatch Plant Project, Series 2006, 4.400%, 7/01/16 (Mandatory put 7/01/11) – AMBAC Insured	7/11 at 100.00	A		$	10,373,400
	2,275	Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A, Series 2008B, Series 2008C, Series 2009B, Series 2009C, 7.500%, 1/01/31	1/19 at 100.00	N/R			2,285,056
	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–			1,032,130
	13,275	Total Georgia					13,690,586
		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	BBB–			457,389
	1,300	5.250%, 9/01/20	9/16 at 100.00	BBB–			1,273,090
	1,750	Total Idaho					1,730,479
		Illinois – 6.9%
	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			19,445,825
	4,415	Chicago Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Tender Option Bonds Trust 1130, 13.506%, 12/01/24 (IF)	6/16 at 100.00	AAA			5,377,073
	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)		10,270,169
	7,010	Chicago, Illinois, General Airport Revenue Refunding Bonds, O’Hare International Airport, Series 1993A, 5.000%, 1/01/16	7/10 at 100.00	AA			7,026,123
	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)	7/10 at 101.00	AA–			10,123,700
	20,000	Cook County, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 11/15/17 – AMBAC Insured	5/14 at 101.00	AA			21,703,000
	6,500	Cook County, Illinois, General Obligation Refunding Bonds, Series 2002D, 5.250%, 11/15/19 – AMBAC Insured	11/12 at 100.00	AA			7,130,500
	1,850	lllinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007, 5.400%, 4/01/27	4/17 at 100.00	Baa2			1,799,421
	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			5,178,300
	900	Illinois Health Facilities Authority, Revenue Bonds, Centegra Health System, Series 1998, 5.500%, 9/01/10	3/10 at 100.50	A–			906,732
	9,025	Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2000, 7.000%, 5/15/22 (Pre-refunded 5/15/10)	5/10 at 101.00	Aaa			9,293,043
		Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002:
	595	5.125%, 5/15/10 (ETM)	No Opt. Call	Aaa			603,467
	600	5.250%, 5/15/12 (ETM)	No Opt. Call	Aaa			659,580
	780	Illinois Health Facilities Authority, Revenue Bonds, Loyola University Health System, Series 2001A, 5.750%, 7/01/11	No Opt. Call	Baa3			807,050
	1,000	Illinois Health Facilities Authority, Revenue Bonds, Methodist Medical Center of Illinois, Series 1998, 5.500%, 11/15/12 – NPFG Insured	5/10 at 100.00	A			1,001,980
	3,000	Illinois Health Facilities Authority, Revenue Bonds, Passavant Memorial Hospital Association, Series 2001, 6.000%, 10/01/24 (Pre-refunded 10/01/10)	10/10 at 101.00	N/R	(4)		3,143,940
	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–			8,071,343

86 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Illinois (continued)
$	10,000	Illinois, General Obligation Bonds, Series 2006A, 5.000%, 6/01/18	No Opt. Call	A+		$	11,029,100
		Kane County, Illinois, Community Unit School District 304 Geneva, General Obligation Bonds, Series 2007:
	8,570	9.000%, 1/01/22 – AGM Insured	No Opt. Call	AAA			12,467,807
	5,000	9.000%, 1/01/25 – AGM Insured	No Opt. Call	AAA			7,589,900
	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			23,741,980
	2,000	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			1,792,060
	153,255	Total Illinois					169,162,093
		Indiana – 1.1%
	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			2,755,650
	5,015	Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Methodist Hospital of Indiana Inc., Series 1992A, 5.750%, 9/01/11 – AMBAC Insured (ETM)	4/10 at 100.00	N/R	(4)		5,122,271
	2,800	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Refunding Series 2006, 5.500%, 7/01/21 – NPFG Insured	No Opt. Call	AA–			3,130,176
	5,000	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2007B, 5.250%, 7/01/23 – NPFG Insured	No Opt. Call	AA–			5,467,050
	2,750	Jasper County, Indiana, Pollution Control Revenue Refunding Bonds, Northern Indiana Public Service Company Project, Series 1994A Remarketed, 5.850%, 4/01/19 – MBIA Insured	No Opt. Call	AA			2,972,613
	1,765	Southwind Housing Inc., Evansville, Indiana, First Mortgage Revenue Bonds, Series 1978A, 7.125%, 11/15/21 (ETM)	5/10 at 100.00	N/R	(4)		2,182,899
	5,210	St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005, 5.000%, 2/15/17	2/15 at 100.00	BB+			4,776,424
	25,540	Total Indiana					26,407,083
		Iowa – 0.6%
		Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A:
	1,290	5.250%, 7/01/13	No Opt. Call	BB+			1,274,481
	2,235	5.250%, 7/01/14	No Opt. Call	BB+			2,163,882
	4,460	5.250%, 7/01/15	No Opt. Call	BB+			4,208,367
	2,000	5.250%, 7/01/16	No Opt. Call	BB+			1,822,260
	820	5.000%, 7/01/19	7/16 at 100.00	BB+			678,337
	50	Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B, 5.500%, 6/01/11 (ETM)	No Opt. Call	AAA			52,788
		Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B:
	2,475	5.500%, 6/01/12 (Pre-refunded 6/01/11)	6/11 at 101.00	AAA			2,645,924
	90	5.500%, 6/01/13 (Pre-refunded 6/01/11)	6/11 at 101.00	AAA			96,215
	1,195	5.500%, 6/01/14 (Pre-refunded 6/01/11)	6/11 at 101.00	AAA			1,277,527
	14,615	Total Iowa					14,219,781
		Kansas – 0.2%
	2,250	Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Via Christi Health System Inc., Series 2009-III, 5.000%, 11/15/34	11/19 at 100.00	A+			2,209,050
	3,825	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			3,869,141
	6,075	Total Kansas					6,078,191

Nuveen Investments 87

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Kentucky – 1.2%
$	6,175	Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008A-1, 5.750%, 12/01/28 – AGC Insured	6/18 at 100.00	AAA	$	6,746,743
	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		23,212,617
	26,845	Total Kentucky				29,959,360
		Louisiana – 3.7%
		Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006:
	11,775	5.000%, 6/01/11 – AMBAC Insured	No Opt. Call	A–		12,096,222
	9,000	5.250%, 6/01/13 – AMBAC Insured	No Opt. Call	A–		9,488,340
	12,080	5.000%, 6/01/15 – AMBAC Insured	No Opt. Call	A–		12,595,937
	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		12,219,243
	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	12/17 at 100.00	N/R		1,591,460
		Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
	2,000	5.000%, 5/15/16	No Opt. Call	Baa1		2,070,000
	5,155	5.000%, 5/15/20	5/17 at 100.00	Baa1		5,105,564
		Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
	2,745	5.250%, 5/01/18 – FGIC Insured	5/15 at 100.00	AA		2,983,788
	5,500	5.000%, 5/01/24 – FGIC Insured	5/15 at 100.00	AA		5,692,885
	7,220	5.000%, 5/01/26 – FGIC Insured	5/15 at 100.00	AA		7,424,254
	5,030	New Orleans, Louisiana, Refunding Certificates of Indebtedness, Series 1998B, 5.000%, 12/01/12 – AGM Insured	12/10 at 100.00	AAA		5,088,298
	2,400	St. Martin Parish, Louisiana, Industrial Development Revenue Bonds, Cargill Inc., Series 2004, 4.350%, 10/01/12	No Opt. Call	A		2,547,912
	12,950	Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39	5/11 at 101.00	BBB		12,200,454
	88,110	Total Louisiana				91,104,357
		Maryland – 0.1%
	250	Economic Development Revenue Bonds, Maryland, Transportation Facilities Project, Series A and B, 5.750%, 6/01/35	6/20 at 100.00	Baa3		253,480
	910	Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 5.875%, 7/01/16	7/10 at 100.00	Aa2		911,347
	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	A		2,059,860
	3,160	Total Maryland				3,224,687
		Massachusetts – 5.8%
	10,000	Massachusetts Bay Transportation Authority, Senior Lien Sales Tax Revenue Bonds, Series 2004B, 5.250%, 7/01/20	No Opt. Call	AAA		11,780,100
	8,140	Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue Refunding Bonds, Series 2002A, 5.250%, 7/01/15 (Pre-refunded 7/01/12) – AGM Insured	7/12 at 100.00	AAA		8,958,558
		Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007:
	2,465	5.000%, 10/01/17	No Opt. Call	N/R		2,298,169
	515	5.000%, 10/01/18	10/17 at 100.00	N/R		459,941
	800	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye and Ear Infirmary, Series 1998B, 5.250%, 7/01/10 – ACA Insured	4/10 at 100.00	BB+		799,848

88 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Massachusetts (continued)
		Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A:
$	1,500	5.450%, 12/01/12 (Alternative Minimum Tax)	6/10 at 101.00	BBB		$	1,447,620
	1,825	5.500%, 12/01/13 (Alternative Minimum Tax)	6/10 at 101.00	BBB			1,739,809
	10,000	Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2001D, 5.500%, 11/01/14	No Opt. Call	AA			11,787,300
	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	AA	(4)		13,892,250
	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	AA	(4)		7,945,555
	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	AAA			11,541,600
	29,240	Massachusetts, General Obligation Bonds, Series 2004C, 5.500%, 12/01/16 – AGM Insured (5)	No Opt. Call	AAA			34,808,756
		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	Aa3			22,864,329
	12,000	5.000%, 12/15/13 – AGM Insured	No Opt. Call	Aa3			13,407,480
	126,860	Total Massachusetts					143,731,315
		Michigan – 5.0%
	1,500	Charter County of Wayne, Michigan, General Obligation Limited Tax Building Improvement Bonds, Series 2009, 6.750%, 11/01/39	12/19 at 100.00	A			1,566,660
	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	AAA			9,587,978
	7,780	Detroit, Michigan, General Obligation Bonds, Series 2004B-1, 5.250%, 4/01/17 – AMBAC Insured	4/14 at 100.00	BB			6,900,782
	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	A			11,282,481
	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			7,632,075
	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			6,833,847
	1,080	Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 5.500%, 7/01/14	No Opt. Call	BB+			1,080,367
		Michigan Hospital Financing Authority, Revenue Bonds, Oakwood Obligated Group, Series 2007A:
	2,000	5.000%, 7/15/18	7/17 at 100.00	A			1,997,220
	3,530	5.000%, 7/15/19	7/17 at 100.00	A			3,484,181
	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			1,202,975
	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	AAA			9,518,209
	3,500	Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003I, 5.250%, 10/15/15 – AGM Insured	10/13 at 100.00	AAA			3,801,385
		Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Detroit Medical Center Obligated Group, Series 1993B:
	16,635	5.750%, 8/15/13	2/10 at 100.00	BB–			16,489,277
	41,900	5.500%, 8/15/23	2/10 at 100.00	BB–			36,356,209
	1,500	Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/01/23	11/19 at 100.00	AA+			1,619,085
		Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006:
	1,080	5.000%, 6/01/14	No Opt. Call	Baa3			1,054,858

Nuveen Investments 89

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Michigan (continued)
$	1,260	5.500%, 6/01/17	6/16 at 100.00	Baa3	$	1,215,698
	1,330	5.500%, 6/01/18	6/16 at 100.00	Baa3		1,269,964
	1,470	Saginaw Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Covenant Medical Center, Series 2004G, 5.000%, 7/01/12	No Opt. Call	A		1,522,817
	129,370	Total Michigan				124,416,068
		Minnesota – 1.2%
	9,275	Becker, Minnesota, Pollution Control Revenue Bonds, Northern States Power Company, Series 1993A, 8.500%, 9/01/19	8/12 at 101.00	A1		10,850,173
	1,000	Becker, Minnesota, Pollution Control Revenue Bonds, Northern States Power Company, Series 1993B, 8.500%, 9/01/19	8/12 at 101.00	A1		1,169,830
		Minneapolis-St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, HealthPartners Inc., Series 2003:
	1,050	5.250%, 12/01/10	No Opt. Call	Baa1		1,069,898
	3,130	5.250%, 12/01/11	No Opt. Call	Baa1		3,243,963
	365	Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.800%, 8/01/11 – NPFG Insured	2/10 at 100.00	AA+		366,292
	1,215	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured	No Opt. Call	AAA		1,362,015
	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	Baa1		996,550
	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		439,655
		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		229,034
	375	5.000%, 2/01/13	No Opt. Call	N/R		385,519
	400	5.000%, 2/01/14	No Opt. Call	N/R		411,388
	300	5.000%, 2/01/15	No Opt. Call	N/R		299,211
	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+		2,570,249
	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+		2,875,501
	2,210	White Earth Band of Chippewa Indians, Minnesota, Revenue Bonds, Series 2000A, 7.000%, 12/01/11 – ACA Insured	No Opt. Call	N/R		2,295,549
	26,225	Total Minnesota				28,564,827
		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	4/10 at 100.00	BBB		8,659,394
	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–		10,017,205
	18,800	Total Mississippi				18,676,599
		Missouri – 2.1%
		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		1,246,432
	3,030	5.000%, 6/01/20	6/17 at 100.00	N/R		2,974,672
		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+		1,314,613
	1,465	4.400%, 3/01/15	No Opt. Call	BBB+		1,487,444
	1,515	4.450%, 3/01/16	No Opt. Call	BBB+		1,512,303

90 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Missouri (continued)
$	6,020	Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/19	2/15 at 102.00	BBB+	$	6,149,791
	3,650	Kansas City Industrial Development Authority, Missouri, Retirement Center Revenue Refunding and Improvement Bonds, Kingswood Project, Series 1998A, 5.800%, 11/15/17	5/10 at 101.00	N/R		3,476,005
	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+		14,087,970
		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		1,677,694
	1,700	5.000%, 8/15/13	No Opt. Call	N/R		1,755,913
	14,380	Missouri State Board of Public Building, Special Obligation Bonds, Series 2003A, 5.000%, 10/15/16	10/13 at 100.00	AA+		15,991,567
	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		458,560
	49,605	Total Missouri				52,132,964
		Montana – 0.2%
	6,250	Montana Health Facility Authority, Healthcare Facility Revenue Bonds, Community Medical Center Inc., Series 1996, 6.375%, 6/01/18	6/10 at 100.00	BB+		6,215,500
		Nevada – 0.9%
	15,000	Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien Series 2010B, 5.750%, 7/01/42 (WI/DD, Settling 2/03/10)	1/20 at 100.00	Aa3		15,456,600
		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	Caa2		964,275
	2,870	0.000%, 1/01/12 – AMBAC Insured	No Opt. Call	Caa2		959,872
	3,210	0.000%, 1/01/16 – AMBAC Insured	No Opt. Call	Caa2		849,077
	65	0.000%, 1/01/18 – AMBAC Insured	No Opt. Call	Caa2		15,229
	1,495	0.000%, 1/01/22 – AMBAC Insured	No Opt. Call	Caa2		275,230
	1,425	0.000%, 1/01/26 – AMBAC Insured	No Opt. Call	Caa2		205,143
	1,800	0.000%, 1/01/29 – AMBAC Insured	No Opt. Call	Caa2		218,484
	1,895	Henderson Local Improvement District T-4C, Nevada, Limited Obligation Refunding Bonds, Green Valley Properties, Series 1999A, 5.900%, 11/01/18	5/10 at 102.00	N/R		1,846,848
	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		2,636,220
	33,555	Total Nevada				23,426,978
		New Hampshire – 0.8%
		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+		421,253
	430	5.000%, 7/01/15	No Opt. Call	BBB+		443,777
	445	5.000%, 7/01/16	No Opt. Call	BBB+		451,573
	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+		6,089,934
		New Hampshire Health and Education Facilities Authority, Revenue Bonds, The Memorial Hospital, Series 2006:
	415	5.250%, 6/01/13	No Opt. Call	Baa3		426,051
	1,000	5.250%, 6/01/21	6/16 at 100.00	Baa3		945,150
	10,000	New Hampshire Housing Finance Authority, Multifamily Housing Bonds, Series 1994I, 5.600%, 1/01/24 (Alternative Minimum Tax)	6/11 at 100.00	Aaa		10,111,900
	18,355	Total New Hampshire				18,889,638

Nuveen Investments 91

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		New Jersey – 5.2%
$	1,130	Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2004A, 5.000%, 2/15/13	No Opt. Call	BBB		$	1,169,934
		New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
	7,760	5.375%, 6/15/15	No Opt. Call	BBB			7,972,546
	2,270	5.625%, 6/15/19	6/10 at 100.00	BBB			2,269,796
		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Capital Health System Obligated Group, Series 2003A:
	1,610	5.500%, 7/01/11 (ETM)	No Opt. Call	N/R	(4)		1,711,688
	3,145	5.500%, 7/01/12 (ETM)	No Opt. Call	N/R	(4)		3,458,525
	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			394,584
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B:
	31,175	5.250%, 12/15/15 – AMBAC Insured	No Opt. Call	AA–			35,617,436
	8,040	5.250%, 12/15/17 – FGIC Insured	12/15 at 100.00	AA–			8,887,898
	6,315	Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.500%, 6/01/12 (ETM)	No Opt. Call	AAA			6,996,325
		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			109,633
	100	5.000%, 6/01/15 (Pre-refunded 6/01/12)	6/12 at 100.00	AAA			109,633
	9,535	5.750%, 6/01/16 (Pre-refunded 6/01/12)	6/12 at 100.00	AAA			10,618,843
	6,925	5.375%, 6/01/18 (Pre-refunded 6/01/12)	6/12 at 100.00	AAA			7,652,125
	1,415	5.750%, 6/01/32 (Pre-refunded 6/01/12)	6/12 at 100.00	AAA			1,533,591
		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	20,765	4.500%, 6/01/23	6/17 at 100.00	BBB			19,434,794
	25,000	5.000%, 6/01/29	6/17 at 100.00	BBB			19,587,500
	125,685	Total New Jersey					127,524,851
		New Mexico – 0.3%
	7,600	New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2001A, 5.500%, 8/01/21 (Pre-refunded 8/01/11)	8/11 at 101.00	AA–	(4)		8,231,180
		New York – 10.4%
	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–			4,152,563
		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:
	2,150	5.000%, 11/01/13	11/10 at 100.00	Aa1			2,212,544
	1,065	5.000%, 11/01/14	11/10 at 100.00	Aa1			1,095,981
	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)		17,751,995
	900	Dormitory Authority of the State of New York, Revenue Bonds, Lenox Hill Hospital Obligated Group, Series 2001, 5.750%, 7/01/15	7/11 at 101.00	Ba1			897,057
	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			5,021,680
	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	AAA			10,641,100
	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+			9,041,074

92 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		New York (continued)
$	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–	$	8,122,446
	12,500	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2003B, 5.250%, 12/01/13	No Opt. Call	A–		14,186,500
	15,175	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006D, 5.000%, 9/01/12 – NPFG Insured	No Opt. Call	A		16,606,154
	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		10,864,300
	15,310	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/16 – AMBAC Insured	11/15 at 100.00	A		16,890,911
	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–		1,992,320
	1,835	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		1,785,033
	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		11,452,360
	60	New York City, New York, General Obligation Bonds, Fiscal Series 1998J, 5.375%, 8/01/13	2/10 at 100.50	AA		60,527
	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	AA		6,320,045
	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	AA		5,410,150
	21,145	New York City, New York, General Obligation Bonds, Fiscal Series 2007C-1, 5.000%, 10/01/18	10/17 at 100.00	AA		23,482,791
	1,160	New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.000%, 6/01/27	6/13 at 100.00	BBB		1,159,919
	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		15,966,966
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:
	2,000	5.250%, 6/01/16	6/10 at 100.00	AA–		2,023,560
	40,025	5.500%, 6/01/17	6/11 at 100.00	AA–		41,534,738
	70	5.250%, 6/01/20 – AMBAC Insured	6/13 at 100.00	AA–		74,059
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C:
	15,000	5.500%, 6/01/17	6/11 at 100.00	AA–		15,679,200
	10,000	5.500%, 6/01/18	6/12 at 100.00	AA–		10,580,600
	1,000	Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 6.250%, 12/01/10 – NPFG Insured (Alternative Minimum Tax)	No Opt. Call	A		1,022,230
	237,995	Total New York				256,028,803
		North Carolina – 2.2%
		North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 2003D:
	20,000	5.375%, 1/01/13	No Opt. Call	A–		22,074,400
	11,000	5.125%, 1/01/23	1/13 at 100.00	A–		11,234,190
	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+		2,097,420

Nuveen Investments 93

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		North Carolina (continued)
		North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A:
$	7,000	5.500%, 1/01/13	No Opt. Call	A		$	7,765,660
	10,000	5.250%, 1/01/18 – NPFG Insured	1/13 at 100.00	A			10,923,800
	145	Wilmington Housing Authority, North Carolina, First Mortgage Revenue Bonds, Series 1979, 7.750%, 6/01/10 (ETM)	No Opt. Call	N/R	(4)		148,655
	50,145	Total North Carolina					54,244,125
		Ohio – 2.4%
	3,930	Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facility Revenue Bonds, Akron General Medical Center, Series 2006A, 5.000%, 1/01/13	No Opt. Call	BBB+			4,093,409
	1,380	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			1,413,023
	34,290	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	BBB			31,865,011
	4,740	Columbus, Ohio, Sewerage System Revenue Bonds, Trust 2456, Series 2008, 17.486%, 6/01/26 (IF)	12/17 at 100.00	AA+			6,329,132
	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–			2,142,927
	11,000	Ohio State, General Obligation Bonds, Series 2007, 5.000%, 6/15/15	No Opt. Call	AA+			12,580,810
		Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006:
	735	5.000%, 11/15/14	No Opt. Call	A–			789,890
	805	5.000%, 11/15/16	No Opt. Call	A–			847,536
	58,850	Total Ohio					60,061,738
		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+			2,297,296
	8,375	Oklahoma, General Obligation Bonds, Series 2003A, 5.000%, 7/15/17 – FGIC Insured	7/13 at 101.00	AA+			9,332,849
		Stillwater Medical Center Authority, Oklahoma, Hospital Revenue Bonds, Series 2005:
	120	5.250%, 5/15/12	No Opt. Call	BBB+			124,405
	700	5.250%, 5/15/13	No Opt. Call	BBB+			731,507
	790	5.250%, 5/15/14	No Opt. Call	BBB+			829,137
	1,050	5.250%, 5/15/15	5/14 at 100.00	BBB+			1,088,168
	3,000	Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2009A, 5.375%, 6/01/24	6/15 at 100.00	A3			3,073,110
	16,530	Total Oklahoma					17,476,472
		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			4,687,612
	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			4,522,840
	8,120	Total Oregon					9,210,452
		Pennsylvania – 2.2%
	1,655	Carbon County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Panther Creek Partners Project, Series 2000, 6.650%, 5/01/10 (Alternative Minimum Tax)	No Opt. Call	BBB–			1,655,199
	8,700	Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.100%, 7/01/13	7/10 at 100.00	BB+			8,702,697

94 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Pennsylvania (continued)
$	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		$	3,074,311
	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–			1,200,288
	135	Pennsylvania Economic Development Financing Authority Health System Revenue Bonds Albert Einstein Healthcare Network Issue, Series 2009A, 6.250%, 10/15/23	No Opt. Call	A3			142,422
	15,000	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38	12/27 at 100.00	A2			9,485,850
	10,000	Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2005A, 5.000%, 8/01/19 – AMBAC Insured	8/15 at 100.00	Aa3			10,323,600
	10,490	Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2006B, 5.000%, 9/01/12 – AGM Insured	No Opt. Call	AAA			11,356,264
	11,050	Sayre Healthcare Facility Authority, Pennsylvania, Revenue Bonds, Guthrie Healthcare System, Series 2007, 4.358%, 12/01/24	12/17 at 100.00	A+			7,721,188
	61,420	Total Pennsylvania					53,661,819
		Puerto Rico – 2.9%
		Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II:
	4,200	5.375%, 7/01/19 (Pre–refunded 7/01/12) – MBIA Insured	7/12 at 101.00	A	(4)		4,714,752
	5,000	5.000%, 7/01/20 (Pre-refunded 7/01/12) – MBIA Insured	7/12 at 101.00	A	(4)		5,567,850
	3,000	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT, 5.000%, 7/01/24 – NPFG Insured	7/17 at 100.00	A			3,025,800
	10,000	Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2003H, 5.250%, 7/01/14 – FGIC Insured	No Opt. Call	BBB–			10,539,400
	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+			8,014,270
	5,000	Puerto Rico, General Obligation and Public Improvement Bonds, Series 1998, 5.750%, 7/01/12 – NPFG Insured	No Opt. Call	A			5,379,500
	10,000	Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A, 5.500%, 7/01/16 – NPFG Insured	No Opt. Call	A			10,626,500
	10,625	Puerto Rico, General Obligation Refunding Bonds, Series 2002, 5.500%, 7/01/12 – FGIC Insured	No Opt. Call	BBB–			11,356,531
	11,000	Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset–Backed Bonds, Series 2000, 6.000%, 7/01/26 (Pre-refunded 7/01/10)	7/10 at 100.00	AAA			11,267,960
	69,825	Total Puerto Rico					70,492,563
		Rhode Island – 0.2%
	6,075	Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23	6/12 at 100.00	BBB			6,131,012
		South Carolina – 0.8%
	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			4,559,360
		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	BBB+			1,501,380
	2,000	5.250%, 12/01/24	12/15 at 100.00	BBB+			1,989,660
	6,750	South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2004B, 5.250%, 10/01/16 – AMBAC Insured	No Opt. Call	A1			7,629,255
	3,735	Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/12)	5/12 at 100.00	BBB	(4)		3,895,194
	17,985	Total South Carolina					19,574,849

Nuveen Investments 95

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		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–	$	762,820
	800	5.000%, 4/01/18	4/13 at 100.00	A–		798,352
	840	5.000%, 4/01/19	4/13 at 100.00	A–		828,887
	820	5.000%, 4/01/20	4/13 at 100.00	A–		802,050
	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–		1,038,240
	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–		4,078,160
		South Dakota Health and Educational Facilities Authority, Revenue Bonds, Westhills Village Retirement Community Project, Series 2006:
	275	4.500%, 9/01/10	No Opt. Call	A–		278,660
	295	4.500%, 9/01/12	No Opt. Call	A–		305,886
	300	4.550%, 9/01/14	No Opt. Call	A–		313,836
	9,090	Total South Dakota				9,206,891
		Tennessee – 2.2%
		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+		760,267
	750	5.000%, 7/01/18	7/16 at 100.00	BBB+		769,005
	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+		4,840,250
		Memphis, Tennessee, Subordinate Lien Electric System Revenue Bonds, Series 2003A:
	12,645	5.000%, 12/01/13 – NPFG Insured	No Opt. Call	AA+		14,343,476
	10,000	5.000%, 12/01/15 – NPFG Insured	12/13 at 100.00	AA+		10,995,200
	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		516,200
	2,000	Memphis-Shelby County Airport Authority, Tennessee, Special Facilities Revenue Refunding Bonds, FedEx Inc., Series 2002, 5.050%, 9/01/12	No Opt. Call	BBB		2,128,080
	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+		1,370,740
		The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A:
	5,790	5.000%, 9/01/12	No Opt. Call	BB+		6,074,752
	11,885	5.250%, 9/01/20	No Opt. Call	BB+		12,009,555
	50,685	Total Tennessee				53,807,525
		Texas – 6.9%
	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+		9,351,760
	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	AAA		6,303,840
	10,000	Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Series 2007, 5.000%, 10/01/15 – AMBAC Insured	No Opt. Call	AAA		11,571,800
		Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2004A:
	1,475	5.250%, 12/01/10	No Opt. Call	A		1,510,385
	1,000	5.250%, 12/01/11	No Opt. Call	A		1,045,350
	1,150	5.250%, 12/01/12	No Opt. Call	A		1,222,703
	1,000	5.250%, 12/01/13	No Opt. Call	A		1,075,560
	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)	4/10 at 100.00	AAA		7,021,350

96 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Texas (continued)
		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	AA	(4)	$	6,797,100
	5,385	5.750%, 12/01/16 (Pre-refunded 12/01/12) – AMBAC Insured	12/12 at 100.00	AA	(4)		6,100,397
	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	AAA			10,849,600
	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	AAA			11,119,100
	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–			1,659,502
	6,075	Laredo, Texas, International Toll Bridge Revenue Bonds, Series 2005B, 5.000%, 10/01/18 – AGM Insured	10/15 at 100.00	AAA			6,591,922
	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	A			4,918,144
		Metropolitan Transit Authority, Harris County, Texas, Sales and Use Tax Bonds, Series 2009A:
	5,120	5.000%, 11/01/22	11/19 at 100.00	AA			5,654,016
	5,385	5.000%, 11/01/23	11/19 at 100.00	AA			5,899,537
	5,660	5.000%, 11/01/24	11/19 at 100.00	AA			6,157,514
	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+			3,758,174
		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			9,051,436
	9,450	6.000%, 10/01/21	10/12 at 100.00	Baa2			9,704,300
	5,000	San Antonio, Texas, Electric and Gas System Revenue Refunding Bonds, New Series 1992, 5.000%, 2/01/17 (ETM)	No Opt. Call	AAA			5,545,950
	5,000	Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Series 2007A, 5.000%, 2/15/19	2/17 at 100.00	AA–			5,257,200
	5,000	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Tender Option Bond Trust 3216, 18.006%, 4/01/24 (IF)	4/16 at 100.00	AAA			6,570,800
	4,645	Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2008, Trust 2568, 18.723%, 4/01/25 (IF)	4/18 at 100.00	AA+			6,393,099
	2,560	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	Baa3			2,715,238
		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			4,601,650
	11,300	5.250%, 7/01/28	7/17 at 100.00	Baa1			10,268,536
	990	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)		1,067,240
	157,185	Total Texas					169,783,203
		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+			6,348,927
		Utah, General Obligation Bonds, Series 2009, Trust 2987:
	1,250	17.710%, 7/01/22 (IF)	7/18 at 100.00	AAA			1,947,350
	2,500	17.710%, 7/01/22 (IF)	7/18 at 100.00	AAA			3,811,600
	10,080	Total Utah					12,107,877

Nuveen Investments 97

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Virgin Islands – 0.2%
$	6,000	Virgin Islands Public Finance Authority, Revenue Bonds, Refunding Series 2009B, 5.000%, 10/01/25	10/19 at 100.00	BBB		$	5,935,380
		Virginia – 0.4%
	2,370	Chesapeake Hospital Authority, Virginia, Revenue Bonds, Chesapeake General Hospital, Series 2004A, 5.250%, 7/01/13	No Opt. Call	A3			2,583,253
	555	Prince William County Park Authority, Virginia, Park Facilities Revenue Refunding and Improvement Bonds, Series 1999, 5.375%, 10/15/11	4/10 at 101.00	Aa3			562,282
	5,850	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			6,100,965
	8,775	Total Virginia					9,246,500
		Washington – 2.2%
	4,930	Clark County Public Utilities District 1, Washington, Electric Revenue Bonds, Series 2007, 5.000%, 1/01/19 – FGIC Insured	1/17 at 100.00	A1			5,355,706
	2,710	Douglas County Public Utility District 1, Washington, Revenue Bonds, Wells Hydroelectric, Series 1963, 4.000%, 9/01/18 (ETM)	No Opt. Call	N/R	(4)		2,863,901
	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			5,490,250
	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			5,779,634
	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			1,166,846
	8,900	Tacoma, Washington, Electric System Revenue Bonds, Series 2004A, 5.250%, 1/01/16 – FGIC Insured	7/14 at 100.00	AA–			9,847,672
		Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002:
	360	5.500%, 6/01/12	No Opt. Call	BBB			379,314
	5,605	6.500%, 6/01/26	6/13 at 100.00	BBB			5,797,476
	12,000	Washington State, General Obligation Bonds, Series 1992B, 6.400%, 6/01/17 – NPFG Insured	No Opt. Call	AA+			14,514,360
	3,005	Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008D, Trust 2599, 18.837%, 1/01/23 (IF)	1/18 at 100.00	AA+			4,142,633
	48,740	Total Washington					55,337,792
		Wisconsin – 3.4%
		Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002:
	150	5.500%, 6/01/10 (ETM)	No Opt. Call	AAA			152,574
	100	5.750%, 6/01/12 (ETM)	No Opt. Call	AAA			110,726
	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			4,579,577
	4,125	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital Inc., Series 2003, 5.625%, 2/15/13 – AMBAC Insured	No Opt. Call	A3			4,350,225
	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–			9,184,478
	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			1,808,540
		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+			2,240,011
	2,505	5.000%, 9/01/22	9/17 at 100.00	BBB+			2,423,087
	6,920	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured	No Opt. Call	A1			7,541,831

98 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Wisconsin (continued)
		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+		$	2,452,005
	11,955	5.250%, 8/15/20	8/16 at 100.00	BBB+			11,849,796
	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+			9,755,837
	3,545	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	AA			3,586,228
	2,040	Wisconsin Housing and Economic Development Authority, Insured Mortgage Revenue Refunding Bonds, Series 1977A, 5.800%, 6/01/17 (ETM)	No Opt. Call	AA	(4)		2,294,184
	9,000	Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Series 2009A, 6.000%, 5/01/27	5/19 at 100.00	AA–			10,365,300
	10,000	Wisconsin, General Obligation Bonds, Series 2005I, 5.000%, 5/01/16 – NPFG Insured	5/15 at 100.00	AA			11,268,300
	79,890	Total Wisconsin					83,962,699
$	2,332,665	Total Investments (cost $2,358,216,094) – 98.5%					2,428,932,848
		Other Assets Less Liabilities – 1.5%					36,949,968
		Net Assets – 100%				$	2,465,882,816

Investments in Derivatives

Forward Swaps outstanding at January 31, 2010:

Counterparty

Notional Amount

Fund Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate (Annualized)

Fixed Rate Payment Frequency

Effective Date (6)

Termination Date

Unrealized Appreciation (Depreciation)

Barclays Bank PLC

$

53,000,000

Receive

3-Month USD-LIBOR

4.155

%

Semi-Annually

7/23/10

7/23/19

$

(1,187,200

)

Fair Value Measurements

In determining the value of the Fund’s investments, various inputs are used. These inputs are 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 methodology 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 January 31, 2010:

	Level 1		Level 2			Level 3		Total
Investments:
Municipal Bonds	$	—	$	2,428,932,848		$	—	$	2,428,932,848
Derivatives:
Forward Swaps*		—		(1,187,200	)		—		(1,187,200	)
Total	$	—	$	2,427,745,648		$	—	$	2,427,745,648

* Represents net unrealized appreciation (depreciation).

Derivative Instruments and Hedging Activities

During the current fiscal period, the Fund adopted amendments to authoritative guidance under GAAP on disclosure about derivative instruments and hedging activities. This guidance is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to better understand: a) how and why a fund uses derivative instruments; b) how derivative instruments are accounted for; and c) how derivative instruments affect a fund’s financial position, results of operations and cash flows, if any. The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations,

Nuveen Investments 99

Portfolio of Investments (Unaudited)

Nuveen Intermediate Duration Municipal Bond Fund (continued)

January 31, 2010

when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, under this guidance they are considered to be non-hedge transactions for financial reporting purposes.

The following table presents the fair value of all derivative instruments held by the Fund as of January 31, 2010, 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 depreciation on forward swaps*	$	1,187,200

* Represents cumulative appreciation (depreciation) of swap contracts as reported on the Portfolio of Investments.

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 January 31, 2010, the cost of investments was $2,354,235,435.

Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2010, were as follows:

Gross unrealized:
Appreciation	$	110,253,695
Depreciation		(35,556,282	)
Net unrealized appreciation (depreciation) of investments	$	74,697,413

(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 higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade.

(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) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(6) Effective Date represents the date on which both the Fund and counterparty commence interest payment accruals on each forward swap contract.

N/R	Not rated.
WI/DD	Purchased on a when-issued or delayed delivery basis.
(ETM)	Escrowed to maturity.
(IF)	Inverse floating rate investment.
USD-LIBOR	United States Dollar-London Inter-Bank Offered Rate

100 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Alabama – 1.8%
		Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2001:
$	3,815	5.500%, 12/01/12	12/11 at 101.00	A–		$	4,009,679
	350	5.750%, 12/01/17	12/11 at 101.00	A–			358,036
	3,630	Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A, 5.000%, 11/15/12	No Opt. Call	Baa2			3,720,024
		Health Care Authority for Baptist Health, Alabama, Revenue Bonds, Baptist Health, Series 2006D:
	1,000	5.000%, 11/15/13	No Opt. Call	A3			1,046,840
	1,000	5.000%, 11/15/14	No Opt. Call	A3			1,047,980
		Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A:
	5,475	5.250%, 1/01/11	No Opt. Call	BBB			5,209,791
	1,000	5.250%, 1/01/15	No Opt. Call	BBB			941,830
	4,500	Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 2003B, 5.250%, 2/01/12 – AGM Insured	2/10 at 100.00	AAA			4,343,895
	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			1,516,170
	1,000	Mobile Industrial Development Board, Alabama, Pollution Control Revenue Refunding Bonds, International Paper Company, Series 1998A, 4.750%, 4/01/10	No Opt. Call	BBB			1,002,050
		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–			959,114
	745	5.000%, 12/01/12	No Opt. Call	A–			782,488
	570	5.000%, 12/01/13	No Opt. Call	A–			603,083
	8,850	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 – MBIA Insured (ETM)	No Opt. Call	A	(4)		10,352,465
	34,360	Total Alabama					35,893,445
		Alaska – 0.4%
	8,185	Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 4.625%, 6/01/23	6/14 at 100.00	Baa3			8,085,880
		Arizona – 3.1%
		Arizona, Certificates of Participation, Series 2010A:
	4,660	5.000%, 10/01/16 – AGM Insured	No Opt. Call	AAA			5,141,005
	11,810	5.000%, 10/01/17 – AGM Insured	No Opt. Call	AAA			12,999,031
		Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Series 2004:
	695	5.250%, 5/15/11	No Opt. Call	A–			724,663
	1,000	5.250%, 5/15/12	No Opt. Call	A–			1,070,940
		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)		3,454,959
	3,000	5.000%, 4/01/15 (ETM)	No Opt. Call	N/R	(4)		3,472,830
	10,000	Navajo County, Arizona, Pollution Control Corporation, Pollution Control Revenue Refunding Bonds, Arizona Public Serivce Company, Cholla Project, Series 2009, 5.000%, 6/01/34 (Mandatory put 6/01/12)	No Opt. Call	Baa2			10,392,900
	19,485	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2009B, 4.000%, 1/01/18	No Opt. Call	Aa1			20,913,439
	270	Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007, 5.000%, 12/01/16	No Opt. Call	A			272,128
	2,825	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			2,753,951
	56,825	Total Arizona					61,195,846

Nuveen Investments 101

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Arkansas – 0.4%
		Sebastian County Health Facilities Board, Arkansas, Hospital Revenue Improvement Bonds, Sparks Regional Medical Center, Series 2001A:
$	1,620	5.500%, 11/01/11	No Opt. Call	N/R	$	1,741,063
	3,415	5.500%, 11/01/12	11/11 at 101.00	N/R		3,731,366
	1,605	Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B, 5.000%, 2/01/12	No Opt. Call	Baa1		1,662,941
	6,640	Total Arkansas				7,135,370
		California – 6.3%
	9,900	California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.500%, 5/01/13 – AMBAC Insured	5/12 at 101.00	AA–		10,979,991
	3,000	California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2009F, 5.000%, 7/01/27 (Mandatory put 7/02/14)	No Opt. Call	A		3,222,240
	1,000	California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/13	No Opt. Call	AAA		1,098,110
	7,000	California Health Facilities Financing Authority, Revenue Bonds, St. Joseph Health System, Series 2009c, 5.000%, 7/01/34 (Mandatory put 10/16/14)	No Opt. Call	AA–		7,573,090
	1,650	California State Economic Recovery Revenue Bonds, Refunding Series 2009A, 5.000%, 7/01/16	No Opt. Call	A+		1,841,945
		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009I-1:
	4,440	5.000%, 11/01/16	No Opt. Call	BBB+		4,648,103
	3,675	5.000%, 11/01/17	No Opt. Call	BBB+		3,789,072
		California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2009A:
	5,000	5.000%, 4/01/14	No Opt. Call	A+		5,523,500
	5,000	5.000%, 4/01/16	No Opt. Call	A+		5,456,350
	12,000	California Statewide Communities Development Authority, Revenue Bonds, State of California Proposition 1A Receivables Program, Series 2009, 5.000%, 6/15/13	No Opt. Call	A–		12,844,800
	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		1,054,300
	9,650	California, General Obligation Bonds, Series 2006, 5.000%, 3/01/13	No Opt. Call	A–		10,517,053
	5,000	California, General Obligation Bonds, Various Purpose Series 2009, 5.000%, 10/01/16	No Opt. Call	A–		5,469,050
	4,000	California, State Economic Recovery Revenue Bonds, Refunding Series 2009B, 5.000%, 7/01/23 (Mandatory put 7/01/14)	No Opt. Call	A+		4,412,600
	10,000	California, Various Purpose General Obligation Bonds, Series 1992, 6.250%, 9/01/12 – NPFG Insured	No Opt. Call	A		10,607,900
		Del Mar Race Track Authority, California, Revenue Bonds, Series 2005:
	1,505	5.000%, 8/15/12	No Opt. Call	N/R		1,585,367
	1,000	5.000%, 8/15/13	No Opt. Call	N/R		1,060,880
		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	3,170	5.000%, 6/01/15	No Opt. Call	BBB		3,311,572
	2,640	5.000%, 6/01/16	No Opt. Call	BBB		2,703,175
	4,520	4.500%, 6/01/27	6/17 at 100.00	BBB		4,156,230
	13,280	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		14,826,323
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
	650	5.000%, 6/01/11 – AMBAC Insured	No Opt. Call	BBB+		680,531
	965	5.000%, 6/01/12 – AMBAC Insured	No Opt. Call	BBB+		1,037,008
	265	Los Angeles Harbors Department, California, Revenue Bonds, Series 1988, 7.600%, 10/01/18 (ETM)	No Opt. Call	AAA		323,981

102 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		California (continued)
$	125	Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series M, 9.000%, 4/01/13 (ETM)	No Opt. Call	AAA		$	141,731
	815	San Bernardino County Transportation Authority, California, Limited Sales Tax Revenue Bonds, Series 1992A, 6.000%, 3/01/10 - FGIC Insured (ETM)	No Opt. Call	N/R	(4)		819,205
		San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:
	1,420	5.000%, 9/01/14	No Opt. Call	Baa3			1,474,116
	1,500	5.000%, 9/01/15	No Opt. Call	Baa3			1,542,615
	2,700	San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series A of 2008, 6.750%, 5/01/19 (Mandatory put 5/01/11) (Alternative Minimum Tax)	No Opt. Call	A1			2,848,770
	116,870	Total California					125,549,608
		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	AA			3,040,041
	2,500	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009B, 5.000%, 7/01/39 (Mandatory put 11/08/12)	No Opt. Call	AA			2,707,675
	250	Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/11	No Opt. Call	A–			257,245
	1,320	Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2006, 5.250%, 6/01/17	6/16 at 100.00	A–			1,357,858
	500	Colorado Health Facilities Authority, Revenue Bonds, Vail Valley Medical Center, Series 2004, 5.000%, 1/15/11	No Opt. Call	BBB+			509,630
	15,800	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2007C-2, 5.000%, 9/01/39 (Mandatory put 9/01/13) – NPFG Insured	No Opt. Call	A			16,892,726
	2,450	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2006A, 5.000%, 9/01/13 – NPFG Insured (ETM)	No Opt. Call	A	(4)		2,779,574
	1,470	Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, Series 2007, 6.100%, 1/01/17	No Opt. Call	N/R			1,413,052
	10,000	Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 0.000%, 6/15/25 (Pre-refunded 6/15/16) – AGM Insured	6/16 at 100.00	AAA			11,018,800
	37,190	Total Colorado					39,976,601
		Connecticut – 0.7%
	920	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			839,077
	10,000	Connecticut, General Obligation Bonds, Series 2002E, 5.500%, 11/15/13 – AGM Insured	11/12 at 100.00	AAA			11,242,200
		Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:
	15	5.500%, 1/01/14 (Alternative Minimum Tax)	7/10 at 100.00	BBB			15,022
	1,680	5.500%, 1/01/20 (Alternative Minimum Tax)	7/10 at 100.00	BBB			1,680,353
	12,615	Total Connecticut					13,776,652
		Delaware – 0.4%
	2,000	Delaware Economic Development Authority, Pollution Control Revenue Refunding Bonds, Delmarva Power and Light Company, Series 2000C, 5.500%, 7/01/25 (Mandatory put 7/01/10)	No Opt. Call	BBB			2,036,000
	2,980	Delaware Economic Development Authority, Pollution Control Revenue Refunding Bonds, Delmarva Power and Light Company, Series 2000D, 5.650%, 7/01/28 (Mandatory put 7/01/10) (Alternative Minimum Tax)	No Opt. Call	BBB			3,025,803

Nuveen Investments 103

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Delaware (continued)
$	1,215	Delaware Health Facilities Authority, Revenue Bonds, Beebe Medical Center, Series 2004A, 5.250%, 6/01/10	No Opt. Call	BBB+		$	1,226,470
	755	Delaware Health Facilities Authority, Revenue Bonds, Beebe Medical Center, Series 2005A, 5.000%, 6/01/14	No Opt. Call	BBB+			800,564
	6,950	Total Delaware					7,088,837
		District of Columbia – 0.1%
		District of Columbia, Income Tax Secured Revenue Bonds, Series 2009D:
	1,000	5.000%, 12/01/16	No Opt. Call	AAA			1,143,590
	1,000	5.000%, 12/01/17	No Opt. Call	AAA			1,141,820
	2,000	Total District of Columbia					2,285,410
		Florida – 4.3%
	5,400	Florida Citizens Property Insurance Corporation, High Risk Account Revenue Bonds, Series 2007A, 5.000%, 3/01/15 – NPFG Insured	No Opt. Call	A+			5,754,726
		Florida Deparmtent of Environmental Protection, Florida Forever Revenue Bonds, Series 2007B:
	4,420	5.000%, 7/01/17 – NPFG Insured	No Opt. Call	AA–			4,946,466
	6,575	5.000%, 7/01/19 – NPFG Insured	7/17 at 101.00	AA–			7,208,896
	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	AAA			9,190,640
	250	Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System, Series 2005A, 5.000%, 11/15/12	No Opt. Call	AA–			271,330
	750	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)		824,663
	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)		577,275
	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	A3			1,759,131
	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	Baa1			2,859,435
	5,645	Key West Utility Board, Florida, Electric System Revenue Refunding Bonds, Series 2000, 6.000%, 10/01/10 – AMBAC Insured	No Opt. Call	A2			5,826,600
	3,860	Leesburg, Florida, Hospital Revenue Refunding Bonds, Leesburg Regional Medical Center Project, Series 2003, 5.000%, 7/01/11	No Opt. Call	BBB+			3,969,894
	2,000	Miami-Dade County Industrial Development Authority, Florida, Solid Waste Revenue Bonds, Waste Management Inc. of Florida Project Series 2006, 2.750%, 10/01/18 (Mandatory put 4/01/10)	No Opt. Call	BBB			2,002,920
	2,230	Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2008B, 5.250%, 10/01/17 – AGM Insured	No Opt. Call	AAA			2,523,803
		North Brevard County Hospital District Revenue Refunding Bonds, Florida, Series 2008 (Parrish Medical Center Project):
	1,220	5.000%, 10/01/14	No Opt. Call	A			1,330,874
	1,145	5.125%, 10/01/16	No Opt. Call	A			1,237,814
	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			5,370,700
	1,510	Orlando-Orange County Expressway Authority, Florida, Senior Lien Revenue Bonds, Series 1986, 7.625%, 7/01/18 – AMBAC Insured (ETM)	No Opt. Call	A	(4)		1,965,129
	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–			2,104,078

104 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Florida (continued)
$	11,795	Port Everglades Authority, Florida, Port Facilities Revenue Bonds, Series 1986, 7.125%, 11/01/16 (ETM)	No Opt. Call	AAA		$	13,993,234
	2,000	Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole Electric Cooperative, Series 2007A, 5.350%, 3/15/42 (Mandatory put 5/01/18) – AMBAC Insured	No Opt. Call	A–			2,136,480
	5,060	Senior Secured Bonds, Florida, Series 2009A-1, 6.000%, 6/01/16	No Opt. Call	A+			5,596,917
	1,800	Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007, 6.375%, 5/01/17	No Opt. Call	N/R			1,610,028
	3,110	Volusia County School Board, Florida, Sales Tax Revenue Bonds, Series 2004, 5.250%, 10/01/16 – AGM Insured	No Opt. Call	AAA			3,395,436
	78,705	Total Florida					86,456,469
		Georgia – 2.1%
	3,000	Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/12 – FGIC Insured	No Opt. Call	A			3,203,610
	5,000	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	A			5,367,300
		Columbia County, Georgia, General Obligation Sales Tax Bonds, Series 2009:
	1,250	5.000%, 4/01/15	No Opt. Call	AA+			1,447,075
	1,425	5.000%, 4/01/17	No Opt. Call	AA+			1,656,320
	1,000	Development Authority of DeKalb County, Georgia, Refunding Revenue Bonds, Robert W. Woodruff Arts Center, Inc. Project, Series 2009A Development Authority of Fulton County Refunding Revenue Bonds (Robert W. Woodruff Arts Center, Inc. Project) Serive 2009B, 5.000%, 3/15/16	No Opt. Call	A2			1,096,200
		Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1991V:
	2,690	6.500%, 1/01/12 – FGIC Insured	No Opt. Call	A+			2,840,667
	350	6.600%, 1/01/18 – NPFG Insured	No Opt. Call	A1			412,423
	900	Georgia Municipal Electric Authority, Project One Special Obligation Bonds, Fifth Crossover Series 1998Y, 6.400%, 1/01/13 – AMBAC Insured	No Opt. Call	A+			982,026
	2,000	Georgia State, General Obligation Bonds, Series 2009B, 4.000%, 1/01/21	1/19 at 100.00	AAA			2,125,680
	11,440	Georgia State, General Obligation Bonds, Series 2009D, 5.000%, 5/01/20	5/19 at 100.00	AAA			13,268,570
	210	Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Series 1992N, 6.250%, 7/01/18 – NPFG Insured	No Opt. Call	Aa3			245,015
	7,500	Municipal Electric Authority of Georgia, Project One Subordinate Lien Revenue Bonds, Series 2008A, 5.250%, 1/01/18	No Opt. Call	A			8,472,975
	125	Private Colleges and University Facilities Authority, Georgia, Revenue Bonds, Mercer University, Series 1991, 6.400%, 11/01/11 – MBIA Insured (ETM)	No Opt. Call	A	(4)		133,819
	36,890	Total Georgia					41,251,680
		Hawaii – 0.3%
	3,750	Hawaii State, General Obligation Bonds, Series 2008, Trust 3215, 18.109%, 5/01/16 (IF)	No Opt. Call	AA			6,035,250
		Illinois – 3.9%
	1,405	Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 12/01/17 – FGIC Insured	No Opt. Call	AA–			1,026,310
	5,000	Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Series 2006, 4.000%, 6/01/12 – AMBAC Insured	No Opt. Call	A			5,259,800
	6,475	Cook County, Illinois, General Obligation Bonds, Refunding Series 2009A, 5.000%, 11/15/17	No Opt. Call	AA			7,298,814
	3,305	Glendale Heights, Illinois, Hospital Revenue Bonds, Glendale Heights Hospital, Series 1985B, 7.100%, 12/01/15 (ETM)	No Opt. Call	AAA			3,913,252

Nuveen Investments 105

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Illinois (continued)
$	1,544	Huntley, Illinois, Special Service Area 10, Special Tax Bonds, Series 2007, 4.600%, 3/01/17 – AGC Insured	No Opt. Call	AAA	$	1,639,404
	1,095	Illinois Development Finance Authority, Revenue Bonds, Provena Health, Series 1998A, 5.750%, 5/15/14 – NPFG Insured	5/10 at 100.00	A		1,101,493
		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+		1,200,024
	1,030	5.000%, 11/15/12 – SYNCORA GTY Insured	No Opt. Call	BBB+		1,110,186
	1,000	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	A+		1,056,170
	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		2,649,925
	5,000	Illinois Finance Authority, National Rural Utilities Cooperative Finance Corporation Guaranteed Solid Waste Disposal Revenue Bonds, Prairie Power, Inc. Project, Series 2008A, 3.250%, 7/01/42 (Mandatory put 5/20/10)	No Opt. Call	A		5,031,750
	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	AA		2,055,000
	3,475	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	AA		3,640,619
	2,000	Illinois Finance Authority, Revenue Bonds, Monarch Landing Inc. Facility, Series 2007A, 5.500%, 12/01/13 (5)	No Opt. Call	N/R		640,000
	2,540	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004, 5.250%, 11/15/10	No Opt. Call	A		2,599,182
	1,360	Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 4.750%, 11/15/14	No Opt. Call	A		1,444,742
	1,000	Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/13	No Opt. Call	Baa3		1,001,410
	1,300	Illinois Health Facilities Authority, Revenue Bonds, Loyola University Health System, Series 2001A, 5.750%, 7/01/11	No Opt. Call	Baa3		1,345,084
	400	Illinois Health Facilities Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 1999, 5.500%, 8/15/19	2/10 at 101.00	BBB		401,124
	4,620	Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.500%, 1/01/13	No Opt. Call	Baa1		4,823,419
	3,000	Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.250%, 2/01/16 – FGIC Insured	No Opt. Call	A+		3,380,910
	3,500	Illinois, Sales Tax Revenue Refunding Bonds, Series 1992Q, 6.000%, 6/15/12 – NPFG Insured	No Opt. Call	AAA		3,730,475
		Lake County Forest Preserve District, Illinois, General Obligation Bonds, Series 2007A:
	1,815	0.520%, 12/15/13	No Opt. Call	AAA		1,736,501
	1,000	0.620%, 12/15/16	12/14 at 100.00	AAA		907,250
	1,003	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		898,718
	7,775	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		9,591,396
	6,650	Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1994D, 7.750%, 6/01/19 – FGIC Insured	No Opt. Call	AA+		8,536,140
	72,927	Total Illinois				78,019,098

106 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Indiana – 2.3%
$	6,690	East Chicago Elementary School Building Corporation, Lake County, Indiana, First Mortgage Bonds, Series 1996 Refunding, 6.250%, 1/05/16	No Opt. Call	A	$	7,371,310
	750	Indiana Finance Authority Educational Facilities Revenue Bonds, Series 2009 (Drexel Foundation For Educational Excellence, Inc. – Educational Facility Project), 6.000%, 10/01/21	10/19 at 100.00	BBB–		753,750
	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	Aa1		11,471,971
	3,000	Indiana Health Facility Financing Authority Revenue Bonds, Series 2005A-5 Ascension Health Subordinate Credit Group, 5.000%, 11/01/27 (Mandatory put 8/01/13)	No Opt. Call	Aa2		3,287,550
	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+		1,042,550
	3,500	Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1993A, 0.000%, 12/01/15 – AMBAC Insured	No Opt. Call	AA+		2,969,155
	4,050	Jasper County, Indiana, Pollution Control Revenue Refunding Bonds, Northern Indiana Public Service Company Project, Series 1988 Remarketed, 5.600%, 11/01/16 – MBIA Insured	No Opt. Call	Baa1		4,381,695
	6,000	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		6,495,060
	5,890	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		7,156,998
	41,945	Total Indiana				44,930,039
		Iowa – 0.4%
	115	City of Muscatine, Iowa, Electric Revenue Bonds, Series 1980, 9.700%, 1/01/13 (ETM)	No Opt. Call	AAA		133,461
	3,000	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		3,222,390
	930	Iowa Finance Authority, Health Facilities Revenue Bonds, Iowa Health System, Series 2009, 5.000%, 8/15/12 – AGC Insured	No Opt. Call	Aa3		1,003,033
		Iowa State, Special Obligation Bonds, I-Jobs Program, Series 2009A:
	500	5.000%, 6/01/17	No Opt. Call	AA		571,465
	3,000	5.000%, 6/01/18	No Opt. Call	AA		3,415,200
	395	Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B, 5.300%, 6/01/25 (Pre-refunded 6/01/11)	6/11 at 101.00	AAA		418,992
	7,940	Total Iowa				8,764,541
		Kansas – 0.9%
		Kansas Department of Transportation, Highway Revenue Bonds, Refunding Series 2009A:
	4,500	5.000%, 9/01/16	No Opt. Call	AAA		5,244,210
	6,000	5.000%, 9/01/17	No Opt. Call	AAA		7,002,900
		Kansas Development Finance Authority, Health Facilities Revenue Bonds, Hays Medical Center Inc., Series 2005L:
	1,000	5.250%, 11/15/11	No Opt. Call	A2		1,052,440
	650	5.250%, 11/15/14	No Opt. Call	A2		716,599
	3,665	Wyandotte County/Kansas City Unified Government, Kansas, General Obligation Bonds, Series 2005A, 5.000%, 9/01/12 – AGM Insured	No Opt. Call	AAA		4,064,009
	15,815	Total Kansas				18,080,158
		Kentucky – 1.3%
	6,297	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		6,904,278

Nuveen Investments 107

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Kentucky (continued)
$	15,325	Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 2009B, 5.000%, 5/15/17	No Opt. Call	AA–	$	17,249,512
	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	AAA		2,483,753
	23,927	Total Kentucky				26,637,543
		Louisiana – 0.5%
	415	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		512,284
	1,405	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+		1,551,457
	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	No Opt. Call	N/R		2,385,990
		Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004:
	585	5.000%, 1/01/14 – NPFG Insured	No Opt. Call	A		637,246
	265	5.250%, 7/01/24 – NPFG Insured	7/14 at 100.00	A		270,218
	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		5,372,950
	10,370	Total Louisiana				10,730,145
		Maryland – 3.0%
	6,235	Baltimore County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2009, 5.000%, 8/01/18	No Opt. Call	AAA		7,347,386
	1,755	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004, 5.000%, 8/15/10	No Opt. Call	A2		1,785,695
	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–		2,414,014
	565	Maryland Transportation Authority, Revenue Refunding Bonds, Transportation Facilities Projects, First Series 1978, 6.800%, 7/01/16 (ETM)	No Opt. Call	AAA		665,237
		Maryland, General Obligation Bonds, State and Local Facilities Loan, Second Series 2008:
	5,000	5.000%, 7/15/16	No Opt. Call	AAA		5,860,900
	5,000	5.000%, 7/15/17	No Opt. Call	AAA		5,879,050
	5,000	5.000%, 7/15/18	No Opt. Call	AAA		5,870,400
	16,000	Maryland, General Obligation Bonds, State and Local Facilities Loan, Second Series 2009C, 5.000%, 11/01/17	No Opt. Call	AAA		18,846,718
	10,000	Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2007A, 5.000%, 5/01/16	No Opt. Call	AAA		11,699,100
	51,905	Total Maryland				60,368,500
		Massachusetts – 4.1%
	3,825	Massachusetts Bay Transportation Authority, General Obligation Transportation System Refunding Bonds, Series 1992B, 6.200%, 3/01/16 – NPFG Insured	No Opt. Call	AA		4,418,755
	1,410	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		1,269,169
	885	Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill Associates, Series 1998B, 5.200%, 12/01/13 (Alternative Minimum Tax)	6/10 at 101.00	BBB		837,201

108 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Massachusetts (continued)
		Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, SEMass System, Series 2001A:
$	285	5.500%, 1/01/11 – NPFG Insured	No Opt. Call	A		$	292,188
	5,100	5.625%, 1/01/12 – NPFG Insured	No Opt. Call	A			5,348,115
	625	5.625%, 1/01/14 – NPFG Insured	1/12 at 101.00	A			649,381
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2001E:
	545	5.250%, 10/01/10 – RAAI Insured	No Opt. Call	BBB+			553,807
	1,625	5.000%, 10/01/11 – RAAI Insured	No Opt. Call	BBB+			1,672,726
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Series 2009A:
	2,000	5.000%, 11/15/15	No Opt. Call	AAA			2,343,400
	2,000	5.000%, 11/15/16	No Opt. Call	AAA			2,350,180
	1,500	5.000%, 11/15/17	No Opt. Call	AAA			1,767,285
	1,000	5.000%, 11/15/18	No Opt. Call	AAA			1,175,180
	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			11,710,700
	5,000	Massachusetts, Federal Highway Grant Anticipation Notes, Series 2000A, 5.750%, 12/15/12 – AGM Insured	12/10 at 100.00	Aa3			5,206,500
	12,900	Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002C, 5.500%, 11/01/17 – AGM Insured	No Opt. Call	AAA			15,417,693
	8,555	Massachusetts, 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	A	(4)		9,672,112
	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	Aa3			5,586,450
		Norwood, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2009A:
	2,420	4.000%, 8/15/15	No Opt. Call	AA			2,679,230
	2,420	4.000%, 8/15/16	No Opt. Call	AA			2,665,219
	2,420	4.000%, 8/15/17	No Opt. Call	AA			2,644,987
	2,420	4.000%, 8/15/18	No Opt. Call	AA			2,620,739
	71,935	Total Massachusetts					80,881,017
		Michigan – 2.2%
	1,955	Kent Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Butterworth Hospital, Series 1993A, 7.250%, 1/15/13 – NPFG Insured	No Opt. Call	AA			2,149,874
	2,000	Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health, Series 2001A, 5.500%, 1/15/12 (Pre-refunded 7/15/11)	7/11 at 101.00	AA	(4)		2,162,420
	5,000	Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Group, Series 1999B-4, 3.750%, 11/15/33 (Mandatory put 3/15/12)	No Opt. Call	AA			5,196,600
	6,000	Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009B, 4.375%, 10/01/19	10/18 at 100.00	AA			6,002,280
	1,885	Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I, 5.500%, 10/15/17	No Opt. Call	A+			1,985,640
	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)		124,534
	5,515	Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003I, 5.250%, 10/15/13 – AGM Insured	No Opt. Call	AAA			6,035,175
	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)		3,408,510
	6,000	Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/01/20	11/19 at 100.00	AA+			6,616,500

Nuveen Investments 109

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Michigan (continued)
$	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–	$	7,511,980
	1,605	Michigan, General Obligation Bonds, Environmental Protection Program, Series 2009A, 5.500%, 11/01/21	5/19 at 100.00	AA–		1,794,872
	40,075	Total Michigan				42,988,385
		Minnesota – 1.6%
	5,000	Minneapolis, Minnesota, General Obligation Bonds, Various Purpose Refunding Series 2009B, 4.000%, 12/01/15	No Opt. Call	AAA		5,585,800
	4,602	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		4,799,004
	1,250	Minnesota Higher Education Facilities Authority, St. John’s University Revenue Bonds, Series 2005-6G, 5.000%, 10/01/13	No Opt. Call	A2		1,375,113
		Minnesota State, General Obligation Bonds, State Trunk Highway Series 2009E:
	1,940	5.000%, 8/01/16	No Opt. Call	AAA		2,268,617
	4,000	4.500%, 8/01/17	No Opt. Call	AAA		4,556,120
	4,000	4.500%, 8/01/18	No Opt. Call	AAA		4,532,840
		Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A:
	1,000	5.000%, 1/01/14	No Opt. Call	AAA		1,115,020
	1,000	5.000%, 1/01/15 – AGC Insured	No Opt. Call	AAA		1,121,000
	5,500	5.000%, 1/01/16	No Opt. Call	AAA		6,152,795
	28,292	Total Minnesota				31,506,309
		Mississippi – 0.6%
	5,000	Mississippi Higher Education Assistance Corporation, Student Loan Revenue Bonds, Series 2000B – 3, 5.450%, 3/01/10 (Alternative Minimum Tax)	No Opt. Call	B3		4,912,900
	4,310	Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B – 1, 5.000%, 9/01/16	No Opt. Call	AA		4,604,373
	2,660	Mississippi Hospital Equipment and Facilities Authority, Revenue Refunding Bonds, Southwest Regional Medical Center, Series 2003, 5.000%, 4/01/13	No Opt. Call	BBB–		2,781,216
	11,970	Total Mississippi				12,298,489
		Missouri – 0.7%
		Fenton, Missouri, Tax Increment Revenue Bonds, Gravois Bluffs Redevelopment Project, Series 2006:
	1,355	5.000%, 4/01/12	No Opt. Call	N/R		1,423,942
	500	5.000%, 4/01/13	No Opt. Call	N/R		531,005
		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 (WI/DD, Settling 2/17/10)	No Opt. Call	Aaa		4,088,070
	2,960	5.000%, 1/01/18 (WI/DD, Settling 2/17/10)	No Opt. Call	Aaa		3,457,517
	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		302,535
		St. Louis, Missouri, Airport Revenue Bonds, Lambert-St Louis International Series 2009A-2:
	2,000	4.000%, 7/01/10	No Opt. Call	A		2,019,000
	2,940	4.000%, 7/01/11	No Opt. Call	A		3,022,879
	13,555	Total Missouri				14,844,948
		Nebraska – 0.6%
		Lancaster County School District 1, Lincoln, Nebraska, General Obligation Bonds, Series 2009:
	2,915	3.000%, 1/15/16	No Opt. Call	AAA		3,065,764
	3,475	3.000%, 1/15/17	No Opt. Call	AAA		3,616,537
	3,220	3.000%, 1/15/18	No Opt. Call	AAA		3,306,908
	2,520	3.000%, 1/15/19	No Opt. Call	AAA		2,546,107
	12,130	Total Nebraska				12,535,316

110 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Nevada – 0.7%
		Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital, Series 2002:
$	295	5.750%, 9/01/10	No Opt. Call	BBB		$	299,534
	535	6.000%, 9/01/13	9/12 at 101.00	BBB			568,266
		Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital, Series 2002:
	240	5.750%, 9/01/10 (ETM)	No Opt. Call	BBB	(4)		247,351
	435	6.000%, 9/01/13 (Pre-refunded 9/01/12)	9/12 at 101.00	BBB	(4)		492,820
		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	Caa2			345,000
	345	0.000%, 1/01/14 – AMBAC Insured	No Opt. Call	Caa2			103,514
	5,000	0.000%, 1/01/15 – AMBAC Insured	No Opt. Call	Caa2			1,411,100
	65	0.000%, 1/01/16 – AMBAC Insured	No Opt. Call	Caa2			17,193
	1,220	0.000%, 1/01/18 – AMBAC Insured	No Opt. Call	Caa2			285,834
	7,060	Nevada State Motor Vehicle Fuel Tax Revenue Bonds, Series 2006, 5.000%, 12/01/11 – AGM Insured	No Opt. Call	AAA			7,579,263
	2,325	Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2005, 5.000%, 12/01/15 – FGIC Insured	No Opt. Call	AA+			2,635,085
	18,520	Total Nevada					13,984,960
		New Hampshire – 0.3%
	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			5,050,150
		New Jersey – 4.3%
	1,570	Bayonne Redevelopment Agency, New Jersey, Revenue Bonds, Royal Caribbean Cruises Project, Series 2006A, 4.750%, 11/01/16 (Alternative Minimum Tax)	No Opt. Call	BB–			1,306,005
		New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
	5,685	5.000%, 6/15/12 – FGIC Insured	No Opt. Call	BBB			5,841,053
	6,555	5.000%, 6/15/13 – FGIC Insured	No Opt. Call	BBB			6,718,220
	550	5.625%, 6/15/19	6/10 at 100.00	BBB			549,951
		New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P:
	2,000	5.000%, 9/01/13	No Opt. Call	AA–			2,227,780
	2,325	5.000%, 9/01/14	No Opt. Call	AA–			2,616,276
	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	AAA			4,257,522
	4,820	New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University Issue, Series 2007A, 5.250%, 7/01/21 – MBIA Insured	No Opt. Call	AAA			5,271,152
		New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2000A:
	2,035	5.800%, 6/01/10 – NPFG Insured (Alternative Minimum Tax)	No Opt. Call	Aaa			2,063,449
	2,250	5.900%, 6/01/11 – NPFG Insured (Alternative Minimum Tax)	6/10 at 101.00	Aaa			2,302,695
	410	New Jersey Highway Authority, Senior Revenue Bonds, Garden State Parkway, Series 1989, 6.000%, 1/01/19 – MBIA Insured (ETM)	No Opt. Call	Aaa			499,724
	5,000	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2001C, 5.750%, 12/15/12 – AGM Insured	No Opt. Call	AAA			5,605,100
	5,000	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005C, 5.250%, 6/15/15 – MBIA Insured (ETM)	No Opt. Call	AAA			5,899,150
	79	New Jersey Turnpike Authority, Revenue and Improvement Bonds, First Series 1973, 5.700%, 5/01/13 (ETM)	No Opt. Call	Aaa			85,063
	550	New Jersey Turnpike Authority, Revenue Bonds, Series 1984, 7.000%, 1/01/14 (ETM)	No Opt. Call	AAA			614,675

Nuveen Investments 111

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		New Jersey (continued)
		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
$	2,905	6.500%, 1/01/16	No Opt. Call	A+		$	3,458,054
	290	6.500%, 1/01/16 – NPFG Insured	No Opt. Call	A+			345,210
		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
	75	6.500%, 1/01/16 (ETM)	No Opt. Call	AAA			92,462
	180	6.500%, 1/01/16 – MBIA Insured (ETM)	No Opt. Call	A+	(4)		224,737
	2,920	6.500%, 1/01/16 – AGM Insured (ETM)	No Opt. Call	Aa3	(4)		3,395,288
	1,355	6.500%, 1/01/16 (ETM)	No Opt. Call	AAA			1,582,992
	100	6.500%, 1/01/16 – AMBAC Insured (ETM)	No Opt. Call	AAA			116,359
	950	6.500%, 1/01/16 – MBIA Insured (ETM)	No Opt. Call	A+	(4)		1,109,847
	1,895	New Jersey Turnpike Authority, Revenue Refunding Bonds, First Series 1977, 6.000%, 1/01/14 (ETM)	No Opt. Call	AAA			2,081,146
	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			2,775,413
	6,430	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			6,968,898
	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			3,747,968
		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	3,000	4.250%, 6/01/11	No Opt. Call	BBB			3,048,360
	3,375	5.000%, 6/01/14	No Opt. Call	BBB			3,554,753
	2,000	5.000%, 6/01/15	No Opt. Call	BBB			2,089,320
	5,440	4.500%, 6/01/23	6/17 at 100.00	BBB			5,091,514
	79,369	Total New Jersey					85,540,136
		New Mexico – 1.1%
		Clayton, New Mexico, Appropriation Debt, Jail Project, Series 2006:
	2,460	5.000%, 11/01/11 – CIFG Insured	No Opt. Call	BBB+			2,537,367
	2,590	5.000%, 11/01/12 – CIFG Insured	No Opt. Call	BBB+			2,701,681
	2,720	5.000%, 11/01/13 – CIFG Insured	No Opt. Call	BBB+			2,828,066
	1,475	Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New Mexico – San Juan Project, Series 1996C, 6.300%, 12/01/16	4/10 at 100.00	Baa3			1,475,708
		New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2001A:
	2,710	4.800%, 8/01/10	No Opt. Call	AA–			2,753,387
	3,505	4.900%, 8/01/11	No Opt. Call	AA–			3,669,560
	1,230	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			1,479,776
	2,055	New Mexico Mortgage Finance Authority, FNMA Multifamily Housing Revenue Refunding Bonds, Hunter’s Ridge Apartments, Series 2001A, 5.000%, 7/01/31 (Mandatory put 7/01/11)	No Opt. Call	Aaa			2,155,962
	2,000	New Mexico Mortgage Finance Authority, FNMA Multifamily Housing Revenue Refunding Bonds, Sombra del Oso Apartments, Series 2001B, 5.000%, 7/01/31 (Mandatory put 7/01/11)	No Opt. Call	Aaa			2,098,260
	20,745	Total New Mexico					21,699,767
		New York – 8.0%
	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	A			518,895
	1,000	Dormitory Authority of the State of New York, Revenue Bonds, Lenox Hill Hospital Obligated Group, Series 2001, 5.500%, 7/01/11	No Opt. Call	Ba1			996,040
	2,930	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			3,196,249

112 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		New York (continued)
		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	A1		$	1,693,967
	1,785	5.000%, 7/01/13 – AMBAC Insured	No Opt. Call	A1			1,961,626
	2,095	Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, Series 1990B, 7.500%, 5/15/11	No Opt. Call	AA–			2,271,650
	1,100	Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, Series 1990B, 7.500%, 5/15/11 (ETM)	No Opt. Call	AA–	(4)		1,122,088
		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			1,035,255
	1,040	5.500%, 7/01/13	No Opt. Call	Baa1			1,106,165
	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	AAA			6,253,692
	1,000	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005C, 5.250%, 11/15/14	No Opt. Call	A			1,136,270
	3,500	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/12	No Opt. Call	A			3,839,500
	3,275	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			3,185,822
	10,000	New York City, New York, General Obligation Bonds, Fiscal 2009 Series C, 5.000%, 8/01/17	No Opt. Call	AA			11,275,000
		New York City, New York, General Obligation Bonds, Fiscal Series 2003A:
	2,880	5.500%, 8/01/10	No Opt. Call	AA			2,954,880
	2,000	5.000%, 8/01/10	No Opt. Call	AA			2,047,180
	5,000	New York City, New York, General Obligation Bonds, Fiscal Series 2003B, 5.500%, 8/01/12	No Opt. Call	AA			5,530,550
	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	A			7,434,648
	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			2,076,120
		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–			5,326,100
	5,000	4.000%, 4/01/17	No Opt. Call	AA–			5,271,100
	6,470	5.000%, 4/01/18	No Opt. Call	AA–			7,205,380
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:
	7,000	5.500%, 6/01/15	6/10 at 100.00	AA–			7,084,630
	100	5.500%, 6/01/16	6/10 at 100.00	AA–			101,296
	6,080	5.500%, 6/01/18	6/12 at 100.00	AA–			6,433,005
	135	5.500%, 6/01/19	6/13 at 100.00	AA–			144,545
	510	5.250%, 6/01/20 – AMBAC Insured	6/13 at 100.00	AA–			539,570
	1,385	5.250%, 6/01/21 – AMBAC Insured	6/13 at 100.00	AA–			1,461,577
	2,460	5.250%, 6/01/22 – AMBAC Insured	6/13 at 100.00	AA–			2,590,946
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C:
	5,000	5.500%, 6/01/16	6/11 at 100.00	AA–			5,253,600
	5,000	5.500%, 6/01/17	6/11 at 100.00	AA–			5,226,400
	8,000	5.500%, 6/01/20	6/13 at 100.00	AA–			8,521,200
	1,065	5.500%, 6/01/21	6/13 at 100.00	AA–			1,131,861
	4,720	New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2008A, 5.000%, 6/01/11	No Opt. Call	AA–			4,982,526
	4,630	New York State Urban Development Corporation, Revenue Bonds, Correctional Facilities, Series 1994A, 6.500%, 1/01/11 – AGM Insured	No Opt. Call	AAA			4,879,048

Nuveen Investments 113

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		New York (continued)
		New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2009A-1:
$	3,295	5.000%, 12/15/15	No Opt. Call	AAA	$	3,807,702
	3,000	5.000%, 12/15/16	No Opt. Call	AAA		3,465,210
	1,000	5.000%, 12/15/17	No Opt. Call	AAA		1,153,690
	7,000	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2009C, 5.000%, 12/15/18	No Opt. Call	AAA		8,046,150
	5,000	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		5,581,450
	1,500	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)	11/11 at 101.00	Baa2		1,482,030
	470	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		457,202
	7,000	Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2009A-1, 4.000%, 11/15/38 (Mandatory put 11/15/12)	No Opt. Call	Aa2		7,520,520
	1,875	TSASC Inc., New York, Tobacco Asset–Backed Bonds, Series 2006, 4.750%, 6/01/22	6/16 at 100.00	BBB		1,802,044
	420	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		408,563
	148,500	Total New York				159,512,942
		North Carolina – 2.2%
		Fayetteville Public Works Commission, North Carolina, Revenue Bonds, Refunding Series 2009A:
	3,000	5.000%, 3/01/16	No Opt. Call	AA–		3,430,950
	2,000	5.000%, 3/01/17	No Opt. Call	AA–		2,287,860
	2,000	5.000%, 3/01/18	No Opt. Call	AA–		2,281,960
		Mecklenburg County Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Series 2009:
	5,500	5.000%, 3/01/16	No Opt. Call	AA+		6,340,840
	3,000	5.000%, 3/01/18	No Opt. Call	AA+		3,455,010
		New Hanover County, North Carolina, General Obligation Bonds, School Series 2009:
	1,500	3.000%, 6/01/14	No Opt. Call	AA+		1,602,120
	1,500	3.000%, 6/01/15	No Opt. Call	AA+		1,588,695
	1,500	3.000%, 6/01/16	No Opt. Call	AA+		1,567,440
	765	3.000%, 6/01/17	No Opt. Call	AA+		789,243
	4,000	North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 2003A, 5.500%, 1/01/12	No Opt. Call	A–		4,305,160
	4,500	North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.500%, 1/01/11	No Opt. Call	A		4,686,660
		North Carolina, Capital Improvement Limited Obligation Bonds, Series 2009A:
	1,000	5.000%, 5/01/19	No Opt. Call	AA+		1,161,860
	5,000	5.000%, 5/01/20	5/19 at 100.00	AA+		5,752,550
	3,000	5.000%, 5/01/21	5/19 at 100.00	AA+		3,423,030
	500	Randolph County, North Carolina, Certificates of Participation, Series 2007, 4.250%, 2/01/10 – AMBAC Insured	No Opt. Call	A1		500,100
	38,765	Total North Carolina				43,173,478
		North Dakota – 0.4%
	1,000	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	A1		1,090,190
	6,925	Grand Forks, North Dakota, Healthcare System Revenue Bonds, Altru Health System, Series 2007, 5.500%, 12/01/17	No Opt. Call	Baa2		6,972,644
	7,925	Total North Dakota				8,062,834

114 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Ohio – 2.2%
$	1,640	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	AAA	$	1,772,151
		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		2,498,876
	2,580	5.000%, 3/01/17 – AGC Insured	No Opt. Call	Aa3		2,891,329
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-1:
	2,845	5.000%, 6/01/14	No Opt. Call	BBB		2,996,525
	3,065	5.000%, 6/01/15	No Opt. Call	BBB		3,201,883
	1,965	5.000%, 6/01/16	No Opt. Call	BBB		2,012,022
	1,340	5.000%, 6/01/17	No Opt. Call	BBB		1,343,993
	6,965	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	BBB		6,472,435
		Cuyahoga County, Ohio, Revenue Refunding Bonds, Cleveland Clinic Health System, Series 2003A:
	3,000	5.500%, 1/01/11	No Opt. Call	Aa2		3,128,700
	2,000	5.500%, 1/01/12	No Opt. Call	Aa2		2,158,940
		Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center, Series 2002A:
	1,140	5.500%, 8/15/11	No Opt. Call	A		1,170,164
	845	5.500%, 8/15/12	No Opt. Call	A		878,842
	530	Lorain County, Ohio, Healthcare Facilities Revenue Refunding Bonds, Kendal at Oberlin, Series 1998A, 5.375%, 2/01/12	2/10 at 100.00	BBB+		530,800
	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	A3		3,094,470
	4,000	Ohio Air Quality Development Authority, Ohio, Air Quality Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, Non-AMT, 5.625%, 10/01/19	No Opt. Call	BBB–		4,121,480
	200	Ohio Water Development Authority, Loan Revenue Bonds, Pure Water Development, Series 1990I, 6.000%, 12/01/16 – AMBAC Insured (ETM)	No Opt. Call	Aaa		227,532
	235	Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Water Quality Project, Series 2004, 5.000%, 12/01/10	No Opt. Call	AAA		244,445
	180	Ohio, Economic Development Revenue Bonds, Enterprise Bond Fund Loan Pool, Series 2002-7, 4.550%, 12/01/10 (Alternative Minimum Tax)	No Opt. Call	AA–		181,240
		State of Ohio Hospital Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Series 2009B:
	675	5.000%, 1/01/17	No Opt. Call	Aa2		738,484
	500	5.000%, 1/01/18	No Opt. Call	Aa2		546,420
	2,230	University of Toledo, Ohio, General Receipts Bonds, Series 2009, 4.000%, 6/01/18	No Opt. Call	A+		2,290,121
	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)	No Opt. Call	N/R		850,590
	42,155	Total Ohio				43,351,442
		Oklahoma – 1.2%
	1,935	Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/12 – AMBAC Insured	No Opt. Call	AA		2,121,708
	1,040	Sayre Memorial Hospital Authority, Oklahoma, Hospital and Sales Tax Revenue Bonds, Series 2007, 5.350%, 7/01/17	No Opt. Call	N/R		968,833
	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	A		4,251,113

Nuveen Investments 115

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Oklahoma (continued)
		Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2009A:
$	1,000	4.000%, 6/01/15	No Opt. Call	A3		$	1,040,690
	1,200	4.500%, 6/01/16	6/15 at 100.00	A3			1,250,388
	12,625	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	A	(4)		14,962,140
	21,550	Total Oklahoma					24,594,872
		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			1,130,710
		Pennsylvania – 6.4%
		Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2006A:
	360	4.150%, 2/15/11	No Opt. Call	Baa3			361,454
	755	4.200%, 2/15/12	No Opt. Call	Baa3			759,394
	785	4.300%, 2/15/13	No Opt. Call	Baa3			789,435
	1,480	4.375%, 2/15/14	No Opt. Call	Baa3			1,483,508
		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			1,753,366
	1,800	5.000%, 5/01/13	No Opt. Call	Baa2			1,853,208
	1,890	5.000%, 5/01/14	No Opt. Call	Baa2			1,945,566
	1,985	5.000%, 5/01/15	No Opt. Call	Baa2			2,023,787
	1,850	5.000%, 5/01/16	No Opt. Call	Baa2			1,845,634
	5,000	Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center System, Series 2008C, 5.000%, 6/15/18	No Opt. Call	Aa3			5,363,800
	25	Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, West Penn Allegheny Health System, Series 2000B, 9.250%, 11/15/30 (Pre-refunded 11/15/10)	11/10 at 102.00	AAA			27,272
	800	Carbon County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Panther Creek Partners Project, Series 2000, 6.650%, 5/01/10 (Alternative Minimum Tax)	No Opt. Call	BBB–			800,096
	1,010	Central Dauphin School District, Dauphin County, Pennsylvania, General Obligation Bonds, Series 2006, 5.250%, 2/01/14 – MBIA Insured (ETM)	No Opt. Call	AA	(4)		1,169,631
		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+			103,106
	20	4.250%, 12/01/17 – RAAI Insured	12/15 at 100.00	BBB+			18,508
	210	5.000%, 12/01/19 – RAAI Insured	12/15 at 100.00	BBB+			201,472
	75	5.000%, 12/01/21 – RAAI Insured	12/15 at 100.00	BBB+			70,642
		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+			2,958,941
	50	5.000%, 12/01/26 – RAAI Insured	12/12 at 100.00	BBB+			44,791
		Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2010:
	1,000	4.000%, 12/01/14	No Opt. Call	A1			1,075,600
	750	4.000%, 12/01/15	No Opt. Call	A1			799,478
	1,000	4.000%, 12/01/16	No Opt. Call	A1			1,052,400
	500	5.000%, 12/01/18	No Opt. Call	A1			551,055
	5,015	Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.100%, 7/01/13	7/10 at 100.00	BB+			5,016,555
	120	Delaware River Port Authority, Pennsylvania and New Jersey, Series 1972 Revenue Bonds, 6.500%, 1/15/11 (ETM)	No Opt. Call	AAA			126,192

116 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Pennsylvania (continued)
$	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	Baa2	$	3,156,764
	2,710	Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.500%, 12/15/19	No Opt. Call	N/R		2,678,130
	2,885	Lycoming County Athority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009, 5.000%, 7/01/17	No Opt. Call	BBB+		2,953,115
	1,600	Pennsylvania Convention Center Authority, Revenue Bonds, Series 1989A, 6.700%, 9/01/16 – FGIC Insured (ETM)	No Opt. Call	AAA		1,872,720
		Pennsylvania Economic Development Financing Authority Health System Revenue Bonds Albert Einstein Healthcare Network Issue, Series 2009A:
	2,000	5.000%, 10/15/10	No Opt. Call	A3		2,031,080
	2,000	5.000%, 10/15/11	No Opt. Call	A3		2,061,980
	3,000	5.000%, 10/15/12	No Opt. Call	A3		3,128,790
	2,000	5.000%, 10/15/13	No Opt. Call	A3		2,097,920
	3,000	5.250%, 10/15/14	No Opt. Call	A3		3,180,390
	3,000	5.250%, 10/15/15	No Opt. Call	A3		3,162,030
	6,000	Pennsylvania Economic Development Financing Authority, Pollution Control Revenue Bonds, PPL Electric Utilities Corporation, Refunding Series 2008, 4.850%, 10/01/23 (Mandatory put 10/01/10)	No Opt. Call	A–		6,089,280
	2,500	Pennsylvania Economic Development Financing Authority, Senior Lien Resource Recovery Revenue Bonds, Northampton Generating Project, Series 1994A, 6.500%, 1/01/13 (Alternative Minimum Tax)	7/10 at 100.00	CC		1,384,900
	4,000	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Project, Series 2009, 2.625%, 12/01/33 (Mandatory put 12/03/12)	No Opt. Call	BBB		4,007,800
		Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009B:
	2,500	4.000%, 6/01/13	No Opt. Call	A2		2,662,750
	4,000	5.000%, 6/01/14	No Opt. Call	A2		4,430,880
	4,000	5.000%, 6/01/15	No Opt. Call	A2		4,426,720
	4,000	5.000%, 6/01/16	No Opt. Call	A2		4,411,880
	15,000	Pennsylvania, General Obligation Bonds, Series 2004, 5.375%, 7/01/16 – NPFG Insured	No Opt. Call	AA		17,734,048
	3,650	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – MBIA Insured (ETM)	No Opt. Call	Aaa		4,507,458
	3,000	Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Hospital, Series 1993A, 6.625%, 11/15/23	4/10 at 100.00	BBB		3,000,120
		Pittsburgh Water and Sewerage Authority, Pennsylvania, Water and Sewerage System Revenue Refunding Bonds, Series 1986:
	2,324	7.250%, 9/01/14 – FGIC Insured (ETM)	No Opt. Call	Aaa		2,667,998
	550	6.000%, 9/01/16 – FGIC Insured (ETM)	No Opt. Call	Aaa		650,166
		Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2005A:
	4,225	5.000%, 9/01/11 – NPFG Insured	No Opt. Call	A		4,408,830
	2,750	5.000%, 9/01/12 – NPFG Insured	No Opt. Call	A		2,925,230
	2,500	University of Pittsburgh of the Commonwealth System of Higher Education, Pennsylvania, University Capital Project Bonds, Series 2009B, 5.500%, 9/15/21	3/19 at 100.00	AA		2,918,300
	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	1/12 at 100.00	BBB		1,617,014
	119,644	Total Pennsylvania				126,361,184

Nuveen Investments 117

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Puerto Rico – 0.6%
$	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	A		$	12,762,125
		Rhode Island – 0.3%
	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			1,890,280
	4,835	Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23	6/12 at 100.00	BBB			4,879,579
	6,835	Total Rhode Island					6,769,859
		South Carolina – 0.8%
	1,980	Charleston County, South Carolina, Revenue Bonds, CareAlliance Heath Services, Series 2004A, 5.000%, 8/15/10	No Opt. Call	A–			2,010,472
	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			7,558,570
	1,325	Lexington County Health Service District, South Carolina, Hospital Revenue Refunding and Improvement Bonds, Series 2003, 5.500%, 11/01/13	No Opt. Call	A+			1,463,237
	1,950	South Carolina JOBS Economic Development Authority, Hospital Facilities Revenue Bonds, Palmetto Health Alliance, Series 2003A, 6.000%, 8/01/13	No Opt. Call	BBB+			2,128,542
	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+			2,072,260
	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	5/11 at 100.00	N/R			1,004,210
	15,365	Total South Carolina					16,237,291
		South Dakota – 0.2%
	3,480	Heartland Consumers Power District, South Dakota, Electric System Revenue Bonds, Series 1977, 6.375%, 1/01/16 (ETM)	No Opt. Call	AAA			4,004,610
		Tennessee – 1.5%
	1,500	Clarksville Natural Gas Acquisition Corporation, Tennessee, Natural Gas Revenue Bonds, Series 2006, 5.000%, 12/15/10 – SYNCORA GTY Insured	No Opt. Call	A2			1,539,780
		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+			558,369
	695	5.000%, 7/01/14	No Opt. Call	BBB+			743,817
	375	Metropolitan Government of Nashville-Davidson County, Tennessee, General Obligation Bonds, Series 2003, 5.000%, 4/01/10	No Opt. Call	AA			378,105
		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	AA			2,196,040
	5,000	5.000%, 9/01/16	No Opt. Call	AA			5,437,750
	1,350	Sullivan County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Bonds, Wellmont Health System, Series 2002, 6.250%, 9/01/10 (ETM)	No Opt. Call	N/R	(4)		1,396,953
		Tennessee State, General Obligation Bonds, Series 2009A:
	7,500	5.000%, 5/01/17	No Opt. Call	AA+			8,783,550
	1,000	5.000%, 5/01/19	5/17 at 100.00	AA+			1,136,820
		The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A:
	1,000	5.000%, 9/01/11	No Opt. Call	BB+			1,048,570
	4,175	5.000%, 9/01/13	No Opt. Call	BB+			4,420,490
	250	5.000%, 9/01/14	No Opt. Call	BB+			264,025
	200	5.250%, 9/01/18	No Opt. Call	BB+			204,428

118 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Tennessee – (continued)
$	1,395	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/17	No Opt. Call	A	$	1,444,648
	26,965	Total Tennessee				29,553,345
		Texas – 7.0%
	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	Baa3		2,274,828
	5,000	Austin, Texas, Combined Utility System Revenue Bonds, Series 1992A, 0.000%, 11/15/11 – NPFG Insured	No Opt. Call	A1		4,896,000
	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	AAA		3,151,920
	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	CCC		3,296,360
	2,735	City of Houston, Texas, Sewer System Revenue Bonds, Series 1984, 9.375%, 10/01/13 – MBIA Insured (ETM)	10/10 at 100.00	Aaa		3,197,024
	100	City of Houston, Texas, Sewer System Revenue Bonds, Series 1984, 9.375%, 10/01/13 – MBIA Insured	4/10 at 100.00	Aaa		117,647
	365	Dallas, Texas, Certificates of Obligation, Series 2008, 5.000%, 2/15/18	4/10 at 100.00	AA+		365,668
		Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Series 2007:
	5,000	5.000%, 10/01/13 – AMBAC Insured	No Opt. Call	AAA		5,689,200
	6,700	5.000%, 10/01/15 – AMBAC Insured	No Opt. Call	AAA		7,753,106
		Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Methodist Hospital System, Series 2009A-B:
	3,000	5.000%, 12/01/28 (Mandatory put 6/01/12)	No Opt. Call	AA		3,234,630
	5,000	5.000%, 12/01/41 (Mandatory put 6/01/13)	No Opt. Call	AA		5,503,650
	6,000	Harris County, Texas, General Obligation Bonds, Refunding Series 2009A, 5.250%, 10/01/18	No Opt. Call	AAA		7,023,900
	8,500	Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.000%, 5/15/34 (Mandatory put 5/15/11)	5/11 at 100.00	AA		8,876,295
	11,500	Houston, Texas, General ObligationPublic Improvement Refunding Bonds, Series 2009A, 5.000%, 3/01/20	3/19 at 100.00	AA		12,926,000
		Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A:
	1,300	5.000%, 7/01/15	No Opt. Call	AA–		1,460,732
	1,100	5.000%, 7/01/16	No Opt. Call	AA–		1,226,258
	400	Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 1998B, 5.200%, 7/01/18 – FGIC Insured (Alternative Minimum Tax)	4/10 at 100.00	A		400,264
	3,050	Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2001A, 5.000%, 7/01/10 – FGIC Insured (Alternative Minimum Tax)	No Opt. Call	A		3,099,776
	605	Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 4.125%, 8/15/10	No Opt. Call	BBB–		608,346
	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	BBB		2,154,020
	10,000	North Texas Thruway Authority, First Tier System Revenue Refunding Bonds, Series 2008H, 5.000%, 1/01/42 (Mandatory put 1/01/13)	No Opt. Call	A2		10,714,700
	3,000	North Texas Tollway Authority, System Revenue Bonds, Series 2009, 3.000%, 1/01/11	No Opt. Call	A2		3,034,140
	10,000	San Antonio Independent School District, Bexar County, Texas, General Obligation Bonds, Series 2005, 5.000%, 8/15/21	8/15 at 100.00	AAA		10,942,800
	5,000	San Antonio, Texas, Electric and Gas System Revenue Refunding Bonds, New Series 1992, 5.000%, 2/01/17 (ETM)	No Opt. Call	AAA		5,545,950

Nuveen Investments 119

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Texas – (continued)
$	8,420	Texas A&M University Financing System Revenue Bonds, Series 2008, 5.000%, 5/15/15	No Opt. Call	AA+		$	9,718,027
	6,465	Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2007, 5.000%, 4/01/16	No Opt. Call	AAA			7,445,805
	2,250	Texas State, Public Financing Authority, General Obligation Bonds, Series 2009A, 5.000%, 10/01/17	No Opt. Call	AA+			2,617,043
	5,000	Texas State, Transportation Commission Highway Fund Revenue Bonds, Series 2006A, 5.000%, 4/01/12	No Opt. Call	AAA			5,458,100
	4,000	Titus County Fresh Water Supply District 1, Texas, Pollution Control Revenue Refunding Bonds, Southwestern Electric Power Company Project, Series 2008, 4.500%, 7/01/11	No Opt. Call	BBB			4,140,040
	1,220	Tom Green County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Shannon Health System Project, Series 2001, 6.200%, 5/15/11	No Opt. Call	Ba1			1,267,495
	1,185	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)		1,277,454
	128,130	Total Texas					139,417,178
		Virgin Islands – 0.8%
		Revenue and Refunding Bonds, Virgin Islands Matching Fund Loan Notes:
	2,500	5.000%, 10/01/14	No Opt. Call	BBB			2,666,325
	4,455	5.000%, 10/01/15	No Opt. Call	BBB			4,708,490
		Virgin Islands Public Finance Authority, Revenue Bonds, Refunding Series 2009B:
	4,375	5.000%, 10/01/16	No Opt. Call	BBB			4,576,556
	4,000	5.000%, 10/01/17	No Opt. Call	BBB			4,150,120
	15,330	Total Virgin Islands					16,101,491
		Virginia – 1.4%
		Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006:
	400	4.000%, 9/01/12	No Opt. Call	BBB			414,944
	400	4.000%, 9/01/13	No Opt. Call	BBB			415,996
	400	4.000%, 9/01/14	No Opt. Call	BBB			411,308
	400	4.125%, 9/01/15	No Opt. Call	BBB			407,996
	1,000	Hanover County, Virginia, General Obligation Bonds, Refunding & Public Improvement Series 2009, 5.000%, 7/15/19	No Opt. Call	AAA			1,177,820
		Louisa Industrial Development Authority, Virginia, Pollution Control Revenue Bonds, Virginia Electric and Power Company, Series 2008c:
	2,750	5.375%, 11/01/35 (Mandatory put 12/02/13)	No Opt. Call	A–			3,015,155
	2,000	5.000%, 11/01/35 (Mandatory put 12/01/11)	No Opt. Call	A–			2,107,380
	1,685	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			1,757,287
	1,500	Virginia College Building Authority, Educational Facilities Revenue Bonds, Public Higher Education Financing Program, Series 2009A, 5.000%, 9/01/15	No Opt. Call	Aa1			1,740,600
	1,750	Virginia College Building Authority, Educational Facilities Revenue Refunding Bonds, Marymount University, Series 1998, 5.100%, 7/01/18 – RAAI Insured	7/10 at 100.00	N/R			1,752,468
	8,000	Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2009B, 5.000%, 8/01/15	No Opt. Call	AA+			9,286,000
	5,000	Virginia, General Obligation Bonds, Refunding Series 2009D, 5.000%, 6/01/18	No Opt. Call	AAA			5,879,500
	25,285	Total Virginia					28,366,454

120 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Washington – 1.6%
$	6,000	Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series 2003A, 5.500%, 7/01/11 – SYNCORA GTY Insured	No Opt. Call	Aaa	$	6,422,400
	8,715	Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008B, 5.000%, 7/01/19	7/18 at 100.00	AA+		9,906,253
	10,380	Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2010B, 5.000%, 8/01/15	No Opt. Call	AA+		11,995,751
	2,700	Washington, General Obligation Bonds, Series 1990A, 6.750%, 2/01/15	No Opt. Call	AA+		3,108,537
	27,795	Total Washington				31,432,941
		West Virginia – 0.1%
	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		2,114,240
		Wisconsin – 1.9%
	30	Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset–Backed Bonds, Series 2002, 5.750%, 6/01/12 (ETM)	No Opt. Call	AAA		33,218
		Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002:
	2,565	6.000%, 6/01/17 (Pre-refunded 6/01/12)	6/12 at 100.00	AAA		2,865,028
	8,410	6.125%, 6/01/27 (Pre-refunded 6/01/12)	6/12 at 100.00	AAA		9,092,303
	5,570	6.375%, 6/01/32 (Pre-refunded 6/01/12)	6/12 at 100.00	AAA		6,269,703
	3,820	Wisconsin Health and Educational Facilities Authority Revenue Bonds, Series 2009 (Aurora Health Care, Inc.), 4.750%, 8/15/25 (Mandatory put 8/15/14)	No Opt. Call	A3		3,925,432
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert and Community Health Obligated Group, Series 2001:
	1,000	5.625%, 10/01/10	No Opt. Call	AA–		1,034,690
	1,100	5.625%, 10/01/11	No Opt. Call	AA–		1,183,567
	1,250	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2001B, 6.500%, 2/15/12	No Opt. Call	BBB+		1,327,100
		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2006A:
	450	5.000%, 2/15/12	No Opt. Call	BBB+		467,240
	400	5.000%, 2/15/13	No Opt. Call	BBB+		420,044
	350	5.000%, 2/15/14	No Opt. Call	BBB+		370,216
	500	5.000%, 2/15/15	No Opt. Call	BBB+		525,960
		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+		4,168,520
	1,300	5.250%, 8/15/18	8/16 at 100.00	BBB+		1,306,396
	245	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.000%, 8/15/13	No Opt. Call	BBB+		254,947
	2,230	Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Series 1999C, 4.800%, 9/01/12	4/11 at 100.00	AA		2,257,674
	2,000	Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Series 2009A, 5.250%, 5/01/20	5/19 at 100.00	AA–		2,237,140
	35,220	Total Wisconsin				37,739,178
$	1,605,844	Total Long-Term Investments (cost $1,683,430,248) – 87.1%				1,734,276,723

Nuveen Investments 121

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Short-Term Investments – 8.6%
		California – 0.4%
$	3,210	Los Angeles Unified School District, California, Certificates of Participation, Administration Building Project III, Variable Rate Demand Obligations, Refunding Series 2008B, 0.180%, 10/01/31 (6)	3/10 at 100.00	A-1	$	3,210,000
	3,500	San Jose Financing Authority, California, Lease Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 2007, 0.200%, 6/01/37 – AMBAC Insured (6)	6/16 at 100.00	A-1+		3,500,000
	1,500	Sequoia Union High School District, San Mateo County, California, General Obligation Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 2478Z, 0.200%, 7/01/14 – AGM Insured (6)	No Opt. Call	VMIG-1		1,500,000
	8,210	Total California				8,210,000
		Connecticut – 1.0%
	4,535	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Choate Rosemary Hall, Variable Rate Demand Obligations, Series 2008D, 0.170%, 7/01/37 (6)	No Opt. Call	VMIG-1		4,535,000
	7,730	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Variable Rate Demand Obligations, Trust 2862, 0.200%, 7/01/15 (6)	No Opt. Call	A-1+		7,730,000
	7,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Variable Rate Demand Obligations, Series 1999-U2, 0.200%, 7/01/33 (6)	No Opt. Call	A-1+		7,000,000
	19,265	Total Connecticut				19,265,000
		Florida – 0.8%
	11,250	Orlando Utilities Commission, Florida, Water and Electric Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 3042, 0.200%, 10/01/33 (6)	4/19 at 100.00	A-1		11,250,000
	3,715	Palm Beach County School Board, Florida, Certificate of Participation, Variable Rate Demand Obligations, Putters Trust 2089, 0.250%, 8/01/26 – AGM Insured (6)	8/16 at 100.00	A-1+		3,715,000
	14,965	Total Florida				14,965,000
		Georgia – 0.6%
	11,755	Georgia, General Obligation Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 1881, 0.190%, 4/01/27 (6)	4/17 at 100.00	VMIG-1		11,755,000
		Illinois – 0.3%
	6,100	Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Variable Rate Demand Obligations, Series 2005B, 0.210%, 5/15/35 (6)	No Opt. Call	VMIG-1		6,100,000
		Maryland – 0.8%
	8,555	Maryland Health and Higher Educational Facilities Authority, Variable Rate Demand Revenue Bonds, Goucher College, Series 2007, 0.210%, 7/01/37 (6)	No Opt. Call	A-1		8,555,000
	7,500	Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Variable Rate Demand Obligations, Series 2008, Trust R-11436, 0.200%, 1/01/33 – AGM Insured (6)	7/17 at 100.00	A-1		7,500,000
	16,055	Total Maryland				16,055,000
		Massachusetts – 0.2%
	4,980	Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Variable Rate Demand Obligations, Series 2008, Trust DCL-018, 0.350%, 1/01/26 (6)	No Opt. Call	A-1		4,980,000
		Michigan – 0.6%
	5,215	Lakewood Public Schools, Ionia County, Michigan, General Obligation Bonds, Variable Rate Demand Obligations, Series 2008, Trust 2624Z, 0.210%, 5/01/15 – AGM Insured (6)	No Opt. Call	VMIG-1		5,215,000
	1,140	Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 2836, 0.250%, 5/01/15 – AGM Insured (6)	No Opt. Call	A-1+		1,140,000

122 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Michigan – (continued)
$	5,000	Portage Public Schools, Kalamazoo County, Michigan, General Obligation Bonds, Variable Rate Demand Obligations, Series 2008, Trust 3030X, 0.230%, 5/01/31 – AGM Insured (6)	5/18 at 100.00	A-1	$	5,000,000
	11,355	Total Michigan				11,355,000
		New Jersey – 0.3%
	4,975	Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Variable Rate Demand Obligations, Series 2008, Trust 2451, 0.350%, 5/01/24 – AGM Insured (6)	No Opt. Call	A-1		4,975,000
	2,075	New Jersey Housing and Mortgage Finance Agency, Capital Fund Program Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 2008-3034X, 0.210%, 5/01/27 – AGM Insured (6)	11/17 at 100.00	VMIG-1		2,075,000
	7,050	Total New Jersey				7,050,000
		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, 0.200%, 12/01/34 (6)	12/15 at 100.00	A-1+		5,000,000
		Ohio – 0.1%
	1,400	Columbus, Ohio, Sewerage System Revenue Bonds, Variable Rate Demand Obligations, Trust 2456, Series 2008, 0.200%, 12/01/15 (6)	No Opt. Call	VMIG-1		1,400,000
		Oregon – 0.3%
	5,880	Eugene, Oregon, Electric Utility Revenue Bonds, Variable Rate Demand Obligations, Series 2003A, 0.250%, 8/01/22 – AGM Insured (6)	8/13 at 100.00	A-1		5,880,000
		Pennsylvania – 0.7%
	6,055	Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 2028, 0.200%, 2/01/24 (6)	No Opt. Call	VMIG-1		6,055,000
	3,500	East Stroudsberg Area School District, Monroe and Pike Counties, Pennsylvania, General Obligation Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 2008-3037X, 0.200%, 9/01/25 – AGM Insured (6)	9/17 at 100.00	VMIG-1		3,500,000
	4,330	Pennsylvania State University, General Revenue Bonds, Variable Rate Demand Obligations, Series 2005, Putters 1971, 0.200%, 9/01/13 (6)	No Opt. Call	VMIG-1		4,330,000
	13,885	Total Pennsylvania				13,885,000
		South Carolina – 0.6%
	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, 0.190%, 12/01/20 – AGC Insured (6)	No Opt. Call	VMIG-1		7,440,000
	3,990	South Carolina Association of Governmental Organizations, Educational Facilities Corporation for Pickens School District, Installment Purchase Revenue Bonds, Pickens County, Variable Rate Demand Obligations, Tender Option Bond Trust 2007-0003, 0.200%, 12/01/14 (6)	No Opt. Call	A-1+		3,990,000
	11,430	Total South Carolina				11,430,000
		Tennessee – 0.4%
	8,790	Chattanooga, Tennessee, Electric System Enterprise Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 08-29, 0.190%, 3/01/16 (6)	No Opt. Call	A-1		8,790,000
		Virginia – 0.5%
	4,875	Madison County Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, The Woodberry Forest School, Variable Rate Demand Obligations, Series 2007, 0.240%, 10/01/37 (6)	4/10 at 100.00	VMIG-1		4,875,000
	5,000	Virginia Resources Authority, Clean Water State Revolving Fund Revenue Bonds, Variable Rate Demand Obligations, Series 2008, Trust 2917, 0.220%, 10/01/28 (6)	10/18 at 100.00	A-1		5,000,000
	9,875	Total Virginia				9,875,000

Nuveen Investments 123

Portfolio of Investments (Unaudited)

Nuveen Limited Term Municipal Bond Fund (continued)

January 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
		Washington – 0.8%
$	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, 0.180%, 11/01/32 – AGM Insured (6)	11/17 at 100.00	N/R	$	15,000,000
$	170,995	Total Short-Term Investments (cost $170,995,000)				170,995,000
		Total Investments (cost $1,854,425,248) – 95.7%				1,905,271,723
		Other Assets Less Liabilities – 4.3%				85,544,199
		Net Assets – 100%			$	1,990,815,922

Fair Value Measurements

In determining the value of the Fund’s investments, various inputs are used. These inputs are 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 methodology 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 January 31, 2010:

	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	1,734,276,723	$	—	$	1,734,276,723
Short-Term Investments		—		170,995,000		—		170,995,000
Total	$	—	$	1,905,271,723	$	—	$	1,905,271,723

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 January 31, 2010, the cost of investments was $1,853,824,165.

Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2010, were as follows:

Gross unrealized:
Appreciation	$	62,326,193
Depreciation		(10,878,635	)
Net unrealized appreciation (depreciation) of investments	$	51,447,558

124 Nuveen Investments

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

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

(3) Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade.

(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) The Fund’s Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income and “write-off” any remaining recorded balances on the Fund’s records.

(6) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.

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 125

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: April 1, 2010

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: April 1, 2010

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

Date: April 1, 2010