UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05309

Nuveen Investment Funds, Inc.

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: April 30

Date of reporting period: April 30, 2011

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Mutual Funds

Nuveen Municipal Bond Funds

(formerly First American Tax Free Income Funds)

Dependable, tax-free income because it’s not what you earn, it’s what you keep.^®

Annual Report

April 30, 2011

	Share Class / Ticker Symbol
Fund	Class A	Class C1	Class I
Nuveen Intermediate Tax Free Fund	FAMBX	FMBCX	FMBIX
Nuveen Short Tax Free Fund	FSHAX	—	FSHYX
Nuveen Tax Free Fund	FJNTX	FJCTX	FYNTX

INVESTMENT ADVISER NAME CHANGE

Effective January 1, 2011, Nuveen Asset Management, LLC, the Funds’ investment adviser, changed its name to Nuveen Fund Advisors, Inc. (“Nuveen Fund Advisors”). Concurrently, Nuveen Fund Advisors formed a wholly-owned subsidiary, Nuveen Asset Management, LLC, to house its portfolio management capabilities.

NUVEEN INVESTMENTS COMPLETES STRATEGIC COMBINATION WITH FAF ADVISORS

On December 31, 2010, Nuveen Investments completed the strategic combination between Nuveen Asset Management, LLC, the largest investment affiliate of Nuveen Investments, and FAF Advisors. As part of this transaction, U.S. Bancorp — the parent of FAF Advisors — received cash consideration and a 9.5% stake in Nuveen Investments in exchange for the long-term investment business of FAF Advisors, including investment-management responsibilities for the non-money market mutual funds of the First American Funds family.

The approximately $27 billion of mutual fund and institutional assets managed by FAF Advisors, along with the investment professionals managing these assets and other key personnel, have become part of Nuveen Asset Management, LLC. With these additions to Nuveen Asset Management, LLC, this affiliate now manages more than $100 billion of assets across a broad range of strategies from municipal and taxable fixed income to traditional and specialized equity investments.

This combination does not affect the investment objectives or strategies of the Funds in this report. Over time, Nuveen Investments expects that the combination will provide even more ways to meet the needs of investors who work with financial advisors and consultants by enhancing the multi-boutique model of Nuveen Investments, which also includes highly respected investment teams at HydePark, NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors and Winslow Capital. Nuveen Investments managed approximately $206 billion of assets as of March 31, 2011.

Must be preceded by or accompanied by a prospectus. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Fund Performance and Expense Ratios	12
Yields	16
Holding Summaries	17
Expense Examples	19
Shareholder Meeting Report	20
Report of Independent Registered Public Accounting Firm	21
Portfolios of Investments	22
Statement of Assets and Liabilities	59
Statement of Operations	60
Statement of Changes in Net Assets	61
Financial Highlights	64
Notes to Financial Statements	70
Trustees and Officers	81
Annual Investment Management Approval Process	85
Glossary of Terms Used in this Report	90
Fund Information	91

Chairman’s

Letter to Shareholders

Dear Shareholders,

In 2010, the global economy recorded another year of recovery from the financial and

economic crises of 2008, but many of the factors that caused the downturn still weigh on

the prospects for continued improvement. In the U.S., ongoing weakness in housing values

has put pressure on homeowners and mortgage lenders. Similarly, the strong earnings

recovery for corporations and banks is only slowly being translated into increased hiring or

more active lending. Globally, deleveraging by private and public borrowers has inhibited

economic growth and that process is far from complete.

Encouragingly, constructive actions are being taken by governments around the world to

deal with economic issues. In the U.S., the recent passage of a stimulatory tax bill relieved

some of the pressure on the Federal Reserve to promote economic expansion through

quantitative easing and offers the promise of sustained economic growth. A number of

European governments are undertaking programs that could significantly reduce their

budget deficits. Governments across the emerging markets are implementing various steps

to deal with global capital flows without undermining international trade and investment.

The success of these government actions could determine whether 2011 brings further

economic recovery and financial market progress. One risk associated with the

extraordinary efforts to strengthen U.S. economic growth is that the debt of the U.S.

government will continue to grow to unprecedented levels. Another risk is that over time

there could be inflationary pressures on asset values in the U.S. and abroad, because what

happens in the U.S. impacts the rest of the world economy. Also, these various actions are

being taken in a setting of heightened global economic uncertainty, primarily about the

supplies of energy and other critical commodities. In this challenging environment, your

Nuveen investment team continues to seek sustainable investment opportunities and to

remain alert to potential risks in a recovery still facing many headwinds. On your behalf, we

monitor their activities to assure they maintain their investment disciplines.

As you will note elsewhere in this report, on December 31, 2010, Nuveen Investments

completed a strategic combination with FAF Advisors, Inc., the manager of the First

American Funds. The combination adds highly respected and distinct investment teams to

meet the needs of investors and their advisors and is designed to benefit all fund

shareholders by creating a fund organization with the potential for further economies of

scale and the ability to draw from even greater talent and expertise to meet those investor

needs.

As always, I encourage you to contact your financial consultant if you have any questions

about your investment in a Nuveen Fund. On behalf of the other members of your Fund

Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Robert P. Bremner

Chairman of the Board

June 21, 2011

4 Nuveen Investments

Portfolio Managers’ Comments

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

Any reference to credit ratings for portfolio holdings denotes the highest rating assigned by a Nationally Recognized Statistical Rating Organization (NRSRO) such as Standard & Poor’s (S&P), Moody’s or Fitch. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC C, and D ratings are below investment grade. Holdings and ratings may change over time.

Nuveen Intermediate Tax Free Fund

(formerly known as First American Intermediate Tax Free Fund)

Nuveen Short Tax Free Fund

(formerly known as First American Short Tax Free Fund)

Nuveen Tax Free Fund

(formerly known as First American Tax Free Fund)

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Recently, the Nuveen Intermediate Tax Free Fund, the Nuveen Short Tax Free Fund and the Nuveen Tax Free Fund changed their fiscal year ends to April 30. As a result, this annual report covers a ten-month period.

Portfolio managers Paul Brennan, Christopher Drahn and Douglas White examine economic and municipal market conditions, key investment strategies and the Funds’ performance during the ten months ending April 30, 2011. For the Nuveen Intermediate Tax Free Fund, Paul Brennan, CFA, CPA, who has 20 years of investment experience, assumed portfolio management responsibilities from Chris Drahn in January 2011. Chris had managed the Fund from 1994 through December 2010. For the Nuveen Short Tax Free Fund, Chris Drahn, CFA, with 31 years of investment experience, has been a co-manager on the Fund since 2002. He assumed primary responsibility for the Fund in January 2011. For the Nuveen Tax Free Fund, Doug White, CFA, with 28 years of investment experience, has been a manager on the Fund since 2001. He assumed sole responsibility for the Fund in January 2011.

What factors affected the U.S. economy and municipal market during the ten-month reporting period ended April 30, 2011?

During this period, the U.S. economy demonstrated some signs of improvement, supported by the efforts of both the Federal Reserve (Fed) and the federal government. For its part, the Fed continued to hold the benchmark fed funds rate in a target range of zero to 0.25% since cutting it to this record low level in December 2008. At its April 2011 meeting, the central bank renewed its commitment to keeping the fed funds rate at “exceptionally low levels” for an “extended period.” The Fed also left unchanged its second round of quantitative easing, which calls for purchasing $600 billion in longer-term U.S. Treasury bonds by June 30, 2011. The goal of this plan is to lower long-term interest rates and thereby stimulate economic activity and create jobs. The federal government continued to focus on implementing the economic stimulus package passed in early 2009 aimed at providing job creation, tax relief, fiscal assistance to state and local governments, and expansion of unemployment benefits and other federal social welfare programs.

Nuveen Investments 5

In the first quarter of 2011, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 1.8%, marking the seventh consecutive quarter of positive growth. The employment picture was somewhat improved, with the national jobless rate registering 9.0% in April 2011, down from 9.8% a year earlier. Inflation posted its largest twelve-month gain since October 2008, as the Consumer Price Index (CPI) rose 3.2% year-over-year as of April 2011, driven mainly by increased prices for energy. The core CPI (which excludes food and energy) increased 1.3% over this period. The housing market continued to be a major weak spot in the economy. For the twelve months ended March 2011 (most recent data available at the time this report was prepared), the average home price in the Standard & Poor’s (S&P)/Case-Shiller index of 20 major metropolitan areas lost 3.6%, with 12 of the 20 metropolitan areas hitting their lowest levels since housing prices peaked in 2006. As of April 2011, sales of new and existing homes fell 23.1% and 12.9%, respectively, from April 2010 levels.

The municipal bond market was affected by a significant decline in new tax-exempt issuance during this period. One reason for the decrease in new tax-exempt supply was the heavy issuance of taxable municipal debt under the Build America Bond (BAB) program, which was created as part of the American Recovery and Reinvestment Act of February 2009 and which expired December 31, 2010. Between the beginning of this reporting period on May 1, 2010, and the end of the BAB program, taxable Build America Bond issuance totaled $83.9 billion, accounting for 28% of new bonds issued in the municipal market.

After rallying strongly over most of the period, the municipal market suffered a reversal in mid-November 2010, due largely to investor concerns about inflation, the federal deficit, and deficit’s impact on demand for U.S. Treasury securities. Adding to this market pressure was media coverage of the strained finances of many state and local governments. As a result, money began to flow out of municipal bond funds, as yields rose and valuations declined. Toward the end of this period, we saw the environment in the municipal market improve, as some buyers were attracted by municipal bond valuations and yields, resulting in declining yields, and rising valuations.

Over the ten-month period ended April 30, 2011, municipal bond issuance nationwide —both tax-exempt and taxable — totaled $294 billion. Demand for municipal bonds was exceptionally strong during the majority of this period, especially from individual investors. For the first four months of 2011, municipal issuance nationwide was down 49% from the first four months of 2010. This decline reflects the heavy issuance of BABs at the end of 2010, as borrowers took advantage of the program’s favorable terms before its expiration.

How did the Funds perform during the ten-month period ended April 30, 2011?

The tables in the Fund Performance section of this report provide total return performance information for the ten-month, one-year, five-year, ten-year and since inception periods ending April 30, 2011. Each Fund’s Class A Share total returns are compared with the performance of the appropriate Barclays Capital municipal bond index and Lipper peer fund average.

6 Nuveen Investments

What strategies were used to manage the Funds during the ten-month reporting period How did these strategies influence performance?

All of the Funds continued to employ the same fundamental investment strategies and tactics used in previous years, although our ability to implement those strategies depended on the individual characteristics of the portfolios, as well as market conditions. Going into the reporting period, we were generally comfortable with the Funds’ positionings and saw little need to make large-scale shifts to the Funds’ weightings.

Nuveen Intermediate Tax Free Fund

The Fund’s Class A Shares at net asset value (NAV) trailed the Barclays Capital 1-15 Year Blend Municipal Bond Index. However, the Fund outpaced the Lipper Intermediate Municipal Debt Funds Average.

As interest rates rose during the period, the municipal yield curve steepened with yields on ten-year and longer maturity bonds rising. However, rates went down for five- to seven-year maturities, causing the intermediate part of the yield curve to flatten versus the shortest part of the curve where yields were little changed. The Fund benefited from the flattening in the intermediate part of the curve as prices rose for these bonds, making them the best-performing maturities during the period. The Fund is focused on owning mostly intermediate maturity bonds in its portfolio.

In terms of credit quality, the Fund’s highest rated bonds outperformed, while many lower rated bonds did not perform well. Municipal bonds came under pressure during the period as intense media coverage of analysts predicting dramatic downgrades or defaults for state and local borrowers caused many retail investors to exit the marketplace. The lower rated areas of the market experienced a higher level of fund outflows, causing greater underperformance for those segments. Therefore, the Fund’s performance was slightly hindered by its overweighting in mid- and lower-grade credits, particularly A-rated and BBB-rated bonds.

In terms of sectors, the higher quality, tax-supported issues like state and local general obligation (GO) bonds were positive contributors during the ten-month period. Investors favored these sectors as the perceived credit quality of these borrowers and their revenue pledges were stronger.

The Fund’s duration, or sensitivity to interest rate movements, did not have much of a performance impact during the period. We kept the duration basically in line with the Barclays Capital benchmark and did not make any major strategic changes to it. Throughout the period, we continued to structure the Fund’s portfolio using mostly intermediate-term securities. The portfolio maintained an overall average maturity in the eight- to nine-year range, similar to the benchmark.

As in all types of market environments, our ongoing focus is to use fundamental credit research to find attractively valued bonds backed by financially solid issuers. We combine this bottom-up investing approach of seeking value where we can find it with top-down macro risk management. We didn’t make any major strategic changes to the Fund’s sector weightings during the period; however, we did make a few minor adjustments as

Nuveen Investments 7

we found attractive individual opportunities in select categories. After the Fund experienced some bond redemptions in the GO sector, we used those proceeds to invest opportunistically in several other sectors including hospitals, appropriation and other revenue bonds. Also, we used the underperformance in tobacco settlement bonds as an opportunity to add more exposure to that sector.

We maintained the Fund’s emphasis on middle tier credits, and to a lesser extent lower tier credits, which we have done historically due to the yield premiums and manageable credit risk we believe these positions represent. We didn’t agree with the forecasts of massive defaults and downgrades, and looked at the sell-off in the lower grade areas as an opportunity to add select credits to the Fund’s portfolio. However, these additions didn’t dramatically change the Fund’s overall credit quality profile during the period.

There were downgrades of two bond insurers during this time frame, which brought several of the Fund’s bonds down one rating category. These downgrades did not affect the Fund’s performance and only slightly impacted the overall credit quality of the portfolio.

Nuveen Short Tax Free Fund

The Fund’s Class A Shares at net asset value (NAV) trailed the Barclays Capital 3-Year Municipal Bond Index. However, the Fund outpaced the Lipper Short Municipal Debt Funds Average.

As interest rates rose during the period, the municipal yield curve steepened with yields on ten-year and longer maturity bonds rising. However, rates went down for five- to seven-year maturities, causing that part of the yield curve to flatten versus the shortest part of the curve where yields were little changed. With the flattening in the middle part of the curve, intermediate bonds were the best-performing area during the period. In this environment, the Fund’s maturity structure proved beneficial to its relative performance. Because of the steep yield curve, we structured the Fund with a significant weighting in very short-term bonds maturing in less than a year combined with a number of bonds with maturities spread out across the five- to ten-year maturity spectrum in order to pick up extra yield. In comparison, the Barclays Capital benchmark is primarily comprised of bonds with maturities between two and four years. The Fund’s longer maturities balanced out the very short maturity and cash positions so that the portfolio still had an overall average maturity of approximately three years, similar to the benchmark. This strategy benefited relative performance during the period as the Fund’s five- to ten-year bonds, with their higher yields and mostly positive price movements, outperformed two- to four-year bonds. However, the Fund’s short-term and cash equivalent holdings, which served as a counter-balance to the longer weightings, provided very small returns during the period.

The Fund was rewarded for its slight overweighting in mid-grade credits, particularly A-rated and BBB-rated bonds, which generally outperformed higher quality bonds. These holdings benefited from their meaningful yield advantages and, in some cases, credit spread tightening.

In terms of sectors, the Fund’s relative performance benefited from its significant overweight versus the index in health care and continuing care retirement communities

8 Nuveen Investments

bonds as these areas outperformed the national market overall. In the health care segment, the Fund’s hospital bonds in the shorter maturity ranges performed very well. Within the retirement care communities sector, the Fund owned a number of non-rated bonds with relatively short maturities, relatively strong yields and stable prices. The Fund’s performance was negatively impacted by a state of New Jersey transportation appropriation bond. The state’s bonds suffered as New Jersey’s budgetary problems dragged on and perceptions of its relative credit quality caused some widening of credit spreads.

We did not make any major strategic changes to the Fund’s duration, or sensitivity to interest rate movements, keeping it basically in line with the Barclays Capital benchmark’s duration. Therefore, it did not have much of a performance impact during the period.

As in all types of market environments, our ongoing focus was to use fundamental credit research to find attractively valued bonds backed by financially solid issuers. We combined this bottom-up investing approach of seeking value where we can find it with top-down macro risk management. We made a few minor adjustments to the Fund in light of market events. Overall, we cautiously reallocated some of the portfolio’s weighting out of cash equivalent investments and into modestly longer maturities. We also added slightly to the A-rated category.

With the continued steepness in the yield curve, we maintained the Fund’s structure with substantial weightings in short-term securities, counter-balanced with a number of bonds spread across the five- to ten-year maturity range. We also maintained the Fund’s emphasis on mid-quality credits, as well as health care bonds, which we have done historically due to the beneficial income attributes and manageable credit risk we believe these positions represent.

Nuveen Tax Free Fund

The Fund’s Class A Shares at net asset value (NAV) trailed the Barclays Capital Municipal Bond Index for the ten-month period. However, the Fund outpaced the Lipper General Municipal Debt Funds Average over this timeframe.

As interest rates rose during the period, the municipal yield curve steepened again with yields on ten-year and longer maturity bonds rising. As has historically often been the case, the Fund had an overweight in the longest maturity bonds, 20 years and beyond. Despite the yield curve steepening, this overweight in the longest bonds had a positive impact on the Fund’s relative performance, due largely to their incremental income contribution. Between seven and 20 years, the portfolio was relatively evenly weighted across the maturity spectrum. Yields at the short end of the curve, zero to ten years, were little changed during the period. The Fund continued to be structured with very few holdings in bonds with maturities of seven years and under. However, the holdings the Fund did have in that segment had a negative impact on performance relative to the index.

Credit spreads were mixed during the ten-month period. Compared with the Barclays Capital index, the Fund’s overweighting in A-, BBB- and non-rated bonds helped its performance. In particular, the Fund’s positions in non-rated bonds benefited results as the index has no weighting in this segment.

Nuveen Investments 9

Certain higher quality bonds were negative contributors during the ten-month period. Both the Fund’s pre-refunded sector (the highest quality bonds because they are usually Treasury-backed municipal bonds) and its state general obligation (GO) bond sector underperformed. Even though the Fund had underweight positions in both pre-refunded bonds and state GOs, these areas still negatively affected performance versus the index.

The Fund’s relative performance benefited from several other sectors, including its significant overweight versus the index in health care (both hospitals and retirement care communities). Because hospitals were among the few issuers ineligible to use the BAB program, they benefited from increased demand from portfolio managers who wanted exposure to the sector. Also, security selection was strong in the health care sector, with many individual holdings performing well. The Fund was also rewarded for overweights in the corporate-backed sector, including industrial development and pollution control revenue bonds. Corporate-backed bonds performed well as tends to be the case when equity markets and taxable corporate bond markets rally based on an outlook for economic recovery. The transportation sector, particularly airports, had a modestly positive impact on the Fund’s performance as well.

Given the steepness of the yield curve, we kept the Fund’s duration or sensitivity to interest-rate movements longer than its benchmark throughout the ten-month period, which generally benefited the Fund’s performance versus the index. We did not make any strategic changes to duration; however, it did get slightly longer due to trading activity. We maintained the portfolio’s generally laddered structure from eight out to approximately 20 years and its overweighting in 20- to 30-year maturities. We added several holdings at the long end because we thought there were attractive opportunities in these bonds. The continued steepness of the yield curve made the values we were seeing in longer maturities that much more attractive.

We maintained an emphasis on mid-quality bonds, which we have done historically due to the value these positions have represented. The Fund continued to see downgrades among some of its bond insurers, which brought several of the Fund’s AA-rated bonds down to an A credit quality rating. However, we do not believe this negatively impacted the overall credit quality of the portfolio.

As in all types of market environments, our main focus was on using fundamental credit research to find attractively valued bonds backed by financially solid issuers. We made a few minor adjustments to the Fund in light of market events. Because industrial revenue bonds and other types of corporate-backed securities had performed so well, we decided to sell some of the Fund’s positions in that segment and reallocate to other areas of the market. We also selectively reduced the Fund’s weightings in higher quality GO bonds and some of the Fund’s AAA-rated bonds. We invested the proceeds in sectors that we believed provided value for our shareholders. For example, we found a couple of attractive opportunities in the hospital sector and added them to the portfolio during the period. The Fund is now close to its maximum weight in hospitals. We also added positions in airports, higher education and other miscellaneous revenue sectors.

As is typical, we engaged in a number of tactical sales in the Fund as opportunities arose, whereby we sell holdings that we can obtain full prices for and replace them with bonds

10 Nuveen Investments

that we believe have more attractive long-term values. These tactical trades usually take place with investors who are looking for bonds with certain types of structures or characteristics and are willing to pay us attractive prices for bonds that we own.

Risk Considerations

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities are subject to credit risk and interest rate risk. Market interest rate changes will cause the value of debt securities (and the value of shares of funds that invest in them) to fluctuate, and may also impact income over time. Credit risk refers to an issuer’s ability to make interest and principal payments when due.

Dividend Information

The Class A, Class C1 and Class I Shares of the Nuveen Intermediate Tax Free Fund had a dividend reduction in March 2011. The Class A and Class I Shares of the Nuveen Short Tax Free Fund experienced a dividend increase in March 2011. The Class A, Class C1 and Class I Shares of the Nuveen Tax Free Fund had a dividend reduction in March 2011.

Each Fund seeks to pay dividends at a rate that reflects the past and projected performance of the Fund. To permit a Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders. As of April 30, 2011, all three Funds had positive UNII balances for both tax purposes and financial reporting purposes.

Nuveen Investments 11

Fund Performance and Expense Ratios (Unaudited)

The Fund Performance and Expense Ratios for each Fund are shown on the following pages.

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

Returns may reflect a contractual agreement between certain Funds and the investment adviser to waive certain fees and expenses; see Notes to Financial Statements, Footnote 7 — Management Fees and Other Transactions with Affiliates for more information. In addition, returns may reflect a voluntary expense limitation by the Funds’ investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains.

Comparative index and benchmark return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.

Effective January 18, 2011, Class C Shares were renamed Class C1 Shares and Class Y Shares were renamed Class I Shares.

The expense ratios shown reflect the Funds’ total operating expenses (before fee waivers or expense reimbursements, if any) as shown in the Funds’ most recent prospectus. The expense ratios include management fees and other fees and expenses but exclude interest expense on self-deposited inverse floaters held by the Funds, if any.

12 Nuveen Investments

Nuveen Intermediate Tax Free Fund

Fund Performance

Average Annual Total Returns as of April 30, 2011*

		Cumulative		Average Annual
	10-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		2.00%		2.98%		4.41%		4.39%
Class A Shares at Offer		-1.08%		-0.15%		3.78%		4.07%
Barclays Capital 1-15 Year Blend Municipal Bond Index***		2.37%		3.33%		5.01%		N/A
Lipper Intermediate Municipal Debt Funds Average***		1.96%		2.68%		3.91%		4.01%
Class I Shares		2.08%		3.07%		4.49%		4.50%

		Cumulative		Average Annual
	10-Month		1-Year		Since Inception**
Class C1 Shares		1.61%		2.48%		3.77%

Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011

		Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		2.43%		4.07%		4.13%
Class A Shares at Offer		-0.61%		3.44%		3.81%
Class I Shares		2.51%		4.14%		4.23%

		Average Annual
	1-Year		Since Inception**
Class C1 Shares		1.92%		2.91%

Class A Shares have a maximum 3.00% sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C1 Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios
Share Class	Gross Expense Ratios		Net Expense Ratios
Class A		0.85%		0.76%
Class C1		1.30%		1.30%
Class I		0.65%		0.65%

The investment adviser has contractually agreed to reimburse Class A Share 12b-1 fees through March 31, 2012 to the extent necessary so that total annual fund operating expenses, after fee waivers and/or expense reimbursements and excluding Acquired Fund Fees and Expenses, do not exceed 0.75% for Class A Shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the fund’s Board of Directors. In addition, the fund’s distributor has contractually agreed to limit its Class A Share 12b-1 fees to 0.15% of average daily net assets.

Growth of an Assumed $10,000 Investment as of April 30, 2011 – Class A Shares

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

* Ten-month returns are cumulative; all other returns are annualized.

** Since inception returns for Class C1 Shares are from 10/28/09.

*** Refer to the Glossary of Terms Used in the Report for definitions.

Nuveen Investments 13

Fund Performance and Expense Ratios (Unaudited) (continued)

Nuveen Short Tax Free Fund

Fund Performance

Average Annual Total Returns as of April 30, 2011*

		Cumulative		Average Annual
	10-Month		1-Year		5-Year		Since Inception**
Class A Shares at NAV		1.41%		1.88%		3.11%		2.63%
Class A Shares at Offer		-1.17%		-0.71%		2.58%		2.32%
Barclays Capital 3-Year Municipal Bond Index***		1.59%		2.32%		4.43%		3.84%
Lipper Short Municipal Debt Funds Average***		1.04%		1.42%		2.56%		2.62%
Class I Shares		1.54%		2.04%		3.26%		2.78%

Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011

		Average Annual
	1-Year		5-Year		Since Inception**
Class A Shares at NAV		1.56%		3.02%		2.58%
Class A Shares at Offer		-0.94%		2.49%		2.27%
Class I Shares		1.71%		3.17%		2.73%

Class A Shares have a maximum 2.50% sales charge. Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios
Share Class	Gross Expense Ratios
Class A		0.76%
Class I		0.56%

Growth of an Assumed $10,000 Investment as of April 30, 2011 – Class A Shares

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

* Ten-month returns are cumulative; all other returns are annualized.

** Since inception returns are from 10/25/02.

*** Refer to the Glossary of Terms Used in the Report for definitions.

14 Nuveen Investments

Nuveen Tax Free Fund

Fund Performance

Average Annual Total Returns as of April 30, 2011*

	Cumulative		Average Annual
	10-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		0.98%		2.27%		3.79%		4.57%
Class A Shares at Offer		-3.31%		-2.00%		2.90%		4.13%
Barclays Capital Municipal Bond Index***		1.38%		2.20%		4.52%		4.96%
Lipper General Municipal Debt Funds Average***		0.30%		0.80%		2.89%		3.38%
Class I Shares		1.07%		2.37%		3.88%		4.76%

	Cumulative		Average Annual
	10-Month		1-Year		5-Year		Since Inception**
Class C1 Shares		0.43%		1.62%		3.21%		3.87%

Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		1.33%		3.32%		4.21%
Class A Shares at Offer		-2.93%		2.44%		3.77%
Class I Shares		1.41%		3.43%		4.41%

	Average Annual
	1-Year		5-Year		Since Inception**
Class C1 Shares		0.76%		2.76%		3.68%

Class A Shares have a maximum 4.20% sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C1 Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios
Share Class	Gross Expense Ratios		Net Expense Ratios
Class A		0.87%		0.76%
Class C1		1.32%		1.32%
Class I		0.67%		0.67%

The investment adviser has agreed to reimburse Class A Share 12b-1 fees through March 31, 2012 to the extent necessary so that total annual fund operating expenses, after fee waivers and/or expense reimbursements and excluding Acquired Fund Fees and Expenses, do not exceed 0.75% for Class A Shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the fund’s Board of Directors.

Growth of an Assumed $10,000 Investment as of April 30, 2011 – Class A Shares

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

* Ten-month returns are cumulative; all other returns are annualized.

** Since inception returns for Class C1 Shares are from 9/24/01.

*** Refer to the Glossary of Terms Used in the Report for definitions.

Nuveen Investments 15

Yields (Unaudited) as of April 30, 2011

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

The SEC 30-Day Yield is a standardized measure of a Fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the Fund’s portfolio. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. The 30-Day Yield is computed under the same formula but is based on the net asset value (NAV) per share. Dividend Yield may differ from the SEC 30-Day Yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.

The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at a specified tax rate. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the Taxable-Equivalent Yield is lower.

The SEC 30-Day Yield and Taxable-Equivalent Yield on A Shares at NAV applies only to A Shares purchased at no-load pursuant to the Fund’s policy permitting waiver of the A Share load in certain specified circumstances.

Nuveen Intermediate Tax Free Fund

	Dividend Yield		30-Day Yield		SEC 30-Day Yield		Taxable- Equivalent Yield1
Class A Shares at NAV		3.73%		3.09%		—		4.29%
Class A Shares at Offer		3.62%		—		2.99%		4.15%
Class C1 Shares		3.27%		—		2.54%		3.53%
Class I Shares		3.91%		—		3.18%		4.42%

Nuveen Short Tax Free Fund

	Dividend Yield		30-Day Yield		SEC 30-Day Yield		Taxable- Equivalent Yield1
Class A Shares at NAV		1.74%		1.52%		—		2.11%
Class A Shares at Offer		1.70%		—		1.48%		2.06%
Class I Shares		1.92%		—		1.76%		2.44%

Nuveen Tax Free Fund

	Dividend Yield		30-Day Yield		SEC 30-Day Yield		Taxable- Equivalent Yield1
Class A Shares at NAV		4.05%		4.51%		—		6.26%
Class A Shares at Offer		3.89%		—		4.32%		6.00%
Class C1 Shares		3.67%		—		3.93%		5.46%
Class I Shares		4.28%		—		4.57%		6.35%

1 The Taxable-Equivalent Yield is based on the Fund’s 30-Day Yield on the indicated date and a combined federal and state income tax rate of 28.0%.

16 Nuveen Investments

Holding Summaries (Unaudited) as of April 30, 2011

This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.

Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

Nuveen Intermediate Tax Free Fund

Bond Credit Quality¹

Nuveen Short Tax Free Fund

Bond Credit Quality¹

Portfolio Composition1
Tax Obligation/General	27.2%
Health Care	20.3%
Tax Obligation/Limited	11.8%
Education and Civic Organizations	11.6%
U.S. Guaranteed	9.3%
Long-Term Care	7.8%
Utilities	5.1%
Other	6.9%

Portfolio Composition1
Health Care	24.5%
Education and Civic Organizations	16.7%
Tax Obligation/Limited	16.1%
Tax Obligation/General	13.0%
Long-Term Care	9.4%
Transportation	7.0%
Other	13.3%

States/U.S. Territories1
Illinois	13.4%
California	11.0%
Texas	10.5%
Colorado	8.3%
Arizona	5.3%
Tennessee	4.4%
Washington	4.4%
Massachusetts	3.2%
Kansas	3.0%
Minnesota	2.6%
Florida	2.5%
North Carolina	2.5%
Pennsylvania	2.3%
Wisconsin	2.2%
Michigan	2.1%
Missouri	2.1%
Iowa	1.5%
Other	18.7%

States/U.S. Territories1
Florida	7.9%
Texas	7.4%
Minnesota	6.8%
California	6.7%
Virginia	5.0%
Arizona	4.6%
Colorado	4.4%
Pennsylvania	3.7%
Georgia	3.6%
Illinois	3.4%
Massachusetts	3.1%
Ohio	3.1%
Missouri	3.1%
Michigan	2.9%
Iowa	2.8%
New York	2.4%
New Jersey	2.4%
South Carolina	2.3%
Indiana	2.2%
Mississippi	2.2%
Kansas	2.1%
Other	17.9%

1 As a percentage of total municipal bonds as of April 30, 2011. Holdings are subject to change.

Nuveen Investments 17

Holding Summaries (Unaudited) as of April 30, 2011 (continued)

Nuveen Tax Free Fund

Bond Credit Quality¹

Portfolio Composition1
Health Care	24.6%
Long-Term Care	13.3%
Utilities	12.9%
Tax Obligation/General	10.9%
Education and Civic Organizations	10.6%
Tax Obligation/Limited	10.0%
Transportation	7.3%
Other	10.4%

States/U.S. Territories1
Texas	15.3%
Arizona	9.0%
California	8.1%
Illinois	7.8%
South Dakota	4.1%
Georgia	3.7%
Pennsylvania	3.5%
Colorado	3.3%
Minnesota	3.2%
Florida	2.8%
Michigan	2.8%
Indiana	2.6%
Oregon	2.6%
Washington	2.5%
Wisconsin	2.4%
Puerto Rico	2.4%
Massachusetts	2.0%
Tennessee	1.9%
Wyoming	1.7%
Other	18.3%

1 As a percentage of total municipal bonds as of April 30, 2011. Holdings are subject to change.

18 Nuveen Investments

Expense Examples (Unaudited)

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

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held for the period.

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

The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.

Nuveen Intermediate Tax Free Fund

							Hypothetical Performance
	Actual Performance						(5% annualized return before expenses)
	A Shares		C1 Shares		I Shares		A Shares		C1 Shares		I Shares
Beginning Account Value (11/01/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (4/30/11)	$	991.60	$	989.00	$	992.10	$	1,021.08	$	1,018.25	$	1,021.47
Expenses Incurred During Period	$	3.70	$	6.51	$	3.31	$	3.76	$	6.61	$	3.36

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .75%, 1.32% and .67% for Classes A, C1 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Short Tax Free Fund

					Hypothetical Performance
	Actual Performance				(5% annualized return before expenses)
	A Shares		I Shares		A Shares		I Shares
Beginning Account Value (11/01/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (4/30/11)	$	999.50	$	1,000.40	$	1,021.17	$	1,022.07
Expenses Incurred During Period	$	3.62	$	2.73	$	3.66	$	2.76

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .73% and .55% for Classes A and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Tax Free Fund

							Hypothetical Performance
	Actual Performance						(5% annualized return before expenses)
	A Shares		C1 Shares		I Shares		A Shares		C1 Shares		I Shares
Beginning Account Value (11/01/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (4/30/11)	$	973.10	$	969.60	$	973.80	$	1,021.08	$	1,018.15	$	1,021.37
Expenses Incurred During Period	$	3.67	$	6.54	$	3.38	$	3.76	$	6.71	$	3.46

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .75%, 1.34% and .69% for Classes A, C1 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Investments 19

Shareholder Meeting Report (Unaudited)

A special meeting of shareholders was held in the offices of FAF Advisors, Inc. on December 17, 2010; at this meeting the shareholders were asked to vote on the election of Board Members, the approval of an Investment Advisory Agreement and the approval of an Investment Sub-Advisory Agreement.

	Nuveen Intermediate Tax-Free Fund		Nuveen Short Tax-Free Fund		Nuveen Tax-Free Fund
To approve an investment advisory agreement with Nuveen Asset Management and an investment sub-advisory agreement between Nuveen Asset Management and Nuveen Asset Management, LLC.
For		68,881,210		30,630,083		43,529,911
Against		90,068		1,258		56,995
Abstain		59,755		11,927		58,675
Broker Non-Votes		3,808,424		932,254		4,151,485
Total		72,839,457		31,575,522		47,797,066
Approval of the Board Members was reached as follows:
John P. Amboian
For		72,815,675		31,575,522		47,680,116
Withhold		23,782		—		116,950
Total		72,839,457		31,575,522		47,797,066
Robert P. Bremner
For		72,812,619		31,575,522		47,680,035
Withhold		26,838		—		117,031
Total		72,839,457		31,575,522		47,797,066
Jack B. Evans
For		72,809,678		31,575,522		47,687,836
Withhold		29,779		—		109,230
Total		72,839,457		31,575,522		47,797,066
William C. Hunter
For		72,809,678		31,575,522		47,680,035
Withhold		29,779		—		117,031
Total		72,839,457		31,575,522		47,797,066
David J. Kundert
For		72,812,619		31,575,522		47,680,035
Withhold		26,838		—		117,031
Total		72,839,457		31,575,522		47,797,066
William J. Schneider
For		72,812,619		31,575,522		47,678,611
Withhold		26,838		—		118,455
Total		72,839,457		31,575,522		47,797,066
Judith M. Stockdale
For		72,812,099		31,575,522		47,680,035
Withhold		27,358		—		117,031
Total		72,839,457		31,575,522		47,797,066
Carole E. Stone
For		72,812,099		31,575,522		47,680,035
Withhold		27,358		—		117,031
Total		72,839,457		31,575,522		47,797,066
Virginia L. Stringer
For		72,809,042		31,575,522		47,685,775
Withhold		30,415		—		111,291
Total		72,839,457		31,575,522		47,797,066
Terence J. Toth
For		72,815,675		31,575,522		47,678,611
Withhold		23,782		—		118,455
Total		72,839,457		31,575,522		47,797,066

20 Nuveen Investments

Report of

Independent Registered

Public Accounting Firm

The Board of Directors and Shareholders

Nuveen Intermediate Tax Free Fund (formerly known as First American Intermediate Tax Free Fund)

Nuveen Short Tax Free Fund (formerly known as First American Short Tax Free Fund)

Nuveen Tax Free Fund (formerly known as First American Tax Free Fund)

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Intermediate Tax Free Fund (formerly known as First American Intermediate Tax Free Fund), Nuveen Short Tax Free Fund (formerly known as First American Short Tax Free Fund), and Nuveen Tax Free Fund (formerly known as First American Tax Free Fund) (the “Funds”) as of April 30, 2011, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2011, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen Intermediate Tax Free Fund (formerly known as First American Intermediate Tax Free Fund), Nuveen Short Tax Free Fund (formerly known as First American Short Tax Free Fund), and Nuveen Tax Free Fund (formerly known as First American Tax Free Fund) at April 30, 2011, and the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated therein in conformity with U.S. generally accepted accounting principles.

Chicago, Illinois

June 24, 2011

Nuveen Investments 21

Portfolio of Investments

Nuveen Intermediate Tax Free Fund

(formerly known as First American Intermediate Tax Free Fund)

April 30, 2011

Principal Amount (000)		Description p	Value
		Municipal Bonds – 98.8%
		Alabama – 1.4%
		Anniston Regional Medical Center Board, Northeast Alabama Regional Medical Center Project (ETM)
$	325	8.000%, 07/01/2011	$	328,852
		Health Care Authority for Baptist Health, Series D
	755	5.000%, 11/15/2015		793,535
		Huntsville Electric System (AGM)
	1,130	4.000%, 12/01/2018		1,217,541
		Mobile, Series B
	2,000	5.000%, 02/15/2020		2,174,620
		University of Alabama at Birmingham Hospital, Series A
	1,500	5.000%, 09/01/2018		1,608,300
	4,000	5.750%, 09/01/2022		4,283,480
	9,710	Total Alabama		10,406,328
		Alaska – 0.0%
		Aleutians East Borough Project, Aleutian Pribilof Islands (ACA)
	400	4.375%, 06/01/2015		365,388
		Arizona – 5.3%
		Arizona, Series A (AGM)
	1,815	4.000%, 09/01/2017		1,852,135
		Arizona Board of Regents, Series B (AMBAC)
	4,120	4.500%, 06/01/2018		4,350,555
		Arizona Game & Fish Department, Administration Building Project
	150	4.500%, 07/01/2015		161,811
		Arizona Health Facilities Authority, The Terraces Project Series A (Pre-refunded 11/15/2013)
	3,150	7.500%, 11/15/2023		3,633,116
		Coconino & Yavapai Counties Joint Unified School District #9, Sedona School Improvement Project of 2007, Series B
	1,350	5.375%, 07/01/2028		1,419,566
		Gila County United School District #10, Payson School Improvement Project of 2006, Series A (AMBAC)
	1,000	5.000%, 07/01/2016		1,111,060
	1,050	5.000%, 07/01/2017		1,165,290
		Gilbert Public Facilities Municipal Property Corporation
	6,000	5.500%, 07/01/2027		6,368,160
		Glendale Industrial Development Authority, Midwestern University
	1,355	5.000%, 05/15/2021		1,424,390
	2,000	5.000%, 05/15/2026		1,997,860
		Maricopa County School District #48, Scottsdale, Series B (AGM)
	295	4.750%, 07/01/2018		344,218
		Maricopa County Unified School District #48, Scottsdale, Series B, (Pre-refunded 07/01/2016) (AGM)
	290	4.750%, 07/01/2018		337,282
	565	4.750%, 07/01/2018		615,725
		Phoenix Civic Improvement, Airport Series A
	2,000	5.000%, 07/01/2022		2,093,480
		Phoenix Street & Highway User (ETM)
	900	6.250%, 07/01/2011		908,316
		Pima County Sewer Revenue (AGM)
	2,670	5.000%, 07/01/2024		2,820,641
		Pima County Unified School District #1, Tucson Project of 2004, Series C (FGIC) (NATL)
	1,000	4.375%, 07/01/2018		1,075,450
	1,000	4.500%, 07/01/2019		1,064,460

22 Nuveen Investments

Principal Amount (000)		Description p	Value
		Arizona (continued)
		Scottsdale Industrial Development Authority, Scottsdale Healthcare, Series A
$	1,000	5.000%, 09/01/2020	$	1,029,450
		Tempe Industrial Development Authority, Friendship Village Project, Series A
	1,022	5.375%, 12/01/2013		973,046
		Tucson Airport Authority (AGM)
	3,760	5.000%, 06/01/2013		4,064,823
	36,492	Total Arizona		38,810,834
		Arkansas – 0.5%
		North Little Rock Health Facilities Board, Baptist Health Series B
	1,000	5.750%, 12/01/2021		1,086,460
		University of Arkansas, Fayetteville, Series B (FGIC) (NATL)
	1,000	4.500%, 11/01/2016		1,103,610
		Washington County Hospital, Regional Medical Center, Series B
	1,145	5.000%, 02/01/2016		1,216,414
	3,145	Arkansas – 0.5%		3,406,484
		California – 10.9%
		ABC Unified School District Series A (NATL)
	1,565	4.900%, 02/01/2020		1,625,972
		Alameda Corridor Authority, Series A (AMBAC)
	2,000	0.000%, 10/01/2014		1,704,320
		Apple Valley Redevelopment Agency, Tax Allocation, Project Area #2 (AMBAC)
	920	4.500%, 06/01/2018		879,557
		Association of Bay Area Governments Finance Authority for Nonprofit Corporations, Children’s Hospital Series A
	1,525	4.500%, 12/01/2018		1,577,841
		Association of Bay Area Governments Finance Authority for Nonprofit Corporations, Elder Care Alliance (CMI)
	335	4.500%, 08/15/2012		345,157
	1,215	5.000%, 08/15/2017		1,247,283
		California
	1,000	5.000%, 02/01/2016		1,057,640
	2,000	5.000%, 02/01/2017		2,111,680
	2,000	4.000%, 08/01/2017		2,145,500
	245	5.000%, 11/01/2018		249,214
	500	5.000%, 08/01/2019		545,130
	1,500	5.000%, 02/01/2021		1,574,805
	1,000	5.000%, 12/01/2023		1,040,450
	500	5.125%, 04/01/2024		509,450
		California (Pre-refunded 11/01/2011)
	15	5.000%, 11/01/2018		15,351
		California Department of Water Resources and Power Supply Series H (AGM)
	1,000	5.000%, 05/01/2022		1,091,760
		California Economic Recovery, Series A
	2,000	5.000%, 07/01/2020		2,248,580
		California Educational Facilities Authority, Lutheran University, Series C
	1,000	5.000%, 10/01/2024		939,370
		California Health Facilities Financing Authority, Adventist Health Systems West, Series C
	500	5.125%, 03/01/2020		522,840
		California Health Facilities Financing Authority, Children’s Hospital of Orange County, Series A
	3,000	5.750%, 11/01/2018		3,265,500
		California Public Works Board, California State University Projects, Series B-1
	1,400	5.375%, 03/01/2025		1,405,754

Nuveen Investments 23

Portfolio of Investments

Nuveen Intermediate Tax Free Fund (continued)

April 30, 2011

Principal Amount (000)		Description p	Value
		California (continued)
		California Public Works Board, Trustees of the California State University, Series D
$	2,245	6.000%, 04/01/2025	$	2,364,030
		California Public Works Board, Various Capital Projects, Series G-1
	5,000	5.250%, 10/01/2024		5,028,500
		California Statewide Communities Development Authority, Elder Care Alliance, Series A (ETM)
	275	7.250%, 11/15/2011		285,241
		California Statewide Communities Development Authority, Health Facilities, Adventist Health, Series A
	700	5.000%, 03/01/2030		643,797
		California Statewide Communities Development Authority, Henry Mayo Newhall Memorial Hospital Series B (AMBAC) (CMI)
	1,000	5.200%, 10/01/2037		895,430
		California Statewide Communities Development Authority, Kaiser Permanente, Series C, Mandatory Put 06/01/2012 @ 100
	1,230	3.850%, 11/01/2029		1,272,201
		California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI)
	1,210	5.000%, 11/15/2012		1,259,053
		California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series C, Mandatory Put 11/01/2016 @ 100 (FGIC)
	500	4.250%, 11/01/2033		530,455
		Desert Sands Unified School District, Election of 2001
	500	5.250%, 08/01/2023		539,840
	2,000	5.000%, 08/01/2024		2,099,940
		Golden State Tobacco Securitization Series A (AGM)
	2,100	4.550%, 06/01/2022		1,959,090
		Golden State Tobacco Securitization, California Tobacco Settlement, Series A-1
	2,215	4.500%, 06/01/2027		1,662,513
		Grant Joint Union High School District, Election of 2006 (AGM)
	1,300	0.000%, 08/01/2026		484,900
		Las Virgenes Unified School District, Election of 2006, Series B
	2,015	0.000%, 08/01/2027		749,197
		Northern Inyo County Hospital District
	1,000	6.000%, 12/01/2021		1,003,550
		Port Oakland, Series B (NATL)
	1,470	5.000%, 11/01/2018		1,578,369
		Roseville Joint Union High School District, Series E
	390	5.100%, 08/01/2019		395,581
		San Bernardino Community College District, Election of 2002, Series A
	1,000	6.500%, 08/01/2027		1,140,140
		San Bernardino County Redevelopment Agency, Tax Allocation, San Sevaine Redevelopment Project Series A (RAAI)
	575	5.000%, 09/01/2016		573,896
		San Mateo High School, Election of 2000, Series B (FGIC) (NATL)
	1,000	0.000%, 09/01/2017		805,070
		Santa Ana Union School District, Election of 2008, Series A
	1,000	5.250%, 08/01/2028		1,017,410
		Santa Monica Community College District, 2002 Election Series C (NATL)
	2,000	0.000%, 08/01/2016		1,663,360
		Santa Paula Utility Authority, Water Revenue
	2,510	5.000%, 02/01/2028		2,532,841
	2,630	5.000%, 02/01/2029		2,648,357
	2,765	5.000%, 02/01/2030		2,764,779
		South Bayside Waste Management, Shoreway Environmental, Series A
	2,500	5.250%, 09/01/2024		2,553,650
	1,200	6.250%, 09/01/2029		1,263,948

24 Nuveen Investments

Principal Amount (000)		Description p	Value
		California (continued)
		Tulare Local Health Care District, Election 2005, Series B
$	1,180	6.000%, 08/01/2022	$	1,301,257
	1,410	6.125%, 08/01/2023		1,561,406
	1,585	6.250%, 08/01/2024		1,734,450
	1,265	6.375%, 08/01/2025		1,379,659
	500	6.500%, 08/01/2026		543,620
		Upland Community Redevelopment Agency Tax Allocation, Merged Project (AMBAC)
	1,100	4.250%, 09/01/2026		861,531
		Victor Elementary School District, Series A (FGIC) (NATL)
	2,030	0.000%, 08/01/2023		967,985
		Victor Valley High School, Election of 2008, Series A, Convertible CAB’s (AGC)
	3,000	0.000% through 08/01/2019, thereafter 5.750%, 08/01/2019		1,735,410
		West Contra Costa Unified School District, Election of 2005, Series B
	2,500	6.000%, 08/01/2025		2,703,300
		Whittier Public Finance Authority, Redevelopment Agency, Tax Allocation, Series A (AMBAC)
	995	5.000%, 11/01/2021		941,031
		Woodland Financial Authority (SGI)
	815	4.700%, 03/01/2019		846,891
	83,930	Total California		80,394,832
		Colorado – 8.2%
		Adams & Arapahoe Counties School District, #28J, Aurora (STAID)
	1,125	5.500%, 12/01/2021		1,304,820
		Adams County Pollution Control, Public Service Company Colorado Project, Series A (NATL)
	5,000	4.375%, 09/01/2017		5,065,400
		Colorado
	150	0.000%, 03/01/2014		144,005
		Colorado Educational & Cultural Facilities Authority, Bromley East Charter School Project, Series A, (Pre-refunded 09/15/2011)
	1,200	6.750%, 09/15/2015		1,228,752
		Colorado Educational & Cultural Facilities Authority, Cheyenne Mountain Charter School, Series A (SMO)
	175	4.750%, 06/15/2022		171,071
		Colorado Educational & Cultural Facilities Authority, Classical Academy Charter School (ETM)
	140	6.375%, 12/01/2011		145,044
		Colorado Educational & Cultural Facilities Authority, Classical Academy Charter School (Pre-refunded 12/01/2011)
	1,500	6.750%, 12/01/2016		1,556,895
	1,500	7.250%, 12/01/2021		1,561,125
		Colorado Educational & Cultural Facilities Authority, Pinnacle Charter School Project (ETM)
	225	5.250%, 12/01/2011		231,435
		Colorado Health Facilities Authority, Catholic Health, Series C-7 (AGM)
	725	4.350%, 09/01/2020		749,686
		Colorado Health Facilities Authority, Catholic Health Initiatives, Series D
	1,500	5.125%, 10/01/2017		1,681,185
		Colorado Health Facilities Authority, Christian Living Communities Project, Series A
	600	5.250%, 01/01/2014		605,010
	620	5.250%, 01/01/2015		621,389
		Colorado Health Facilities Authority, Covenant Retirement Communities
	500	5.000%, 12/01/2016		509,225
		Colorado Health Facilities Authority, Longmont United Hospital, Series B (RAAI)
	1,250	4.250%, 12/01/2015		1,267,925
		Colorado Health Facilities Authority, NCMC Income Project, Series B
	1,000	6.000%, 05/15/2026		1,080,310

Nuveen Investments 25

Portfolio of Investments

Nuveen Intermediate Tax Free Fund (continued)

April 30, 2011

Principal Amount (000)		Description p	Value
		Colorado (continued)
		Colorado Health Facilities Authority, Parkview Medical Center
$	640	5.000%, 09/01/2016	$	659,405
		Colorado Health Facilities Authority, Retirement Facilities, Liberty, Series B (ETM)
	10,000	0.000%, 07/15/2020		7,357,100
		Colorado Health Facilities Authority, Total Longterm Care National, Series A
	1,400	5.250%, 11/15/2020		1,347,304
		Colorado Health Facilities Authority, Valley View Hospital Association Project, Series A (RAAI)
	500	5.000%, 05/15/2012		510,885
	405	5.000%, 05/15/2013		417,640
		Colorado Higher Education, Capital Construction Lease Program
	1,500	5.250%, 11/01/2023		1,601,985
		Colorado Penitentiary II
	1,390	4.000%, 03/01/2015		1,495,890
		Delta County Memorial Hospital District Enterprise
	1,500	5.500%, 09/01/2025		1,521,900
		E-470 Public Highway Authority, Series C (Convertible CABs) (NATL)
	1,500	0.000% through 09/01/2011, thereafter 5.000%, 09/01/2017		1,630,350
		El Paso County School District #20 (STAID)
	1,500	5.000%, 12/15/2020		1,742,520
	2,175	5.000%, 12/15/2021		2,525,066
	1,530	5.000%, 12/15/2022		1,755,155
		High Plains Metropolitan District, Series B
	300	4.375%, 12/01/2015		297,972
		Mesa County (ETM)
	5,500	0.000%, 12/01/2011		5,482,565
		Montrose Memorial Hospital
	2,170	5.700%, 12/01/2017		2,232,843
		North Range Metropolitan District #1 (ACA)
	1,000	4.300%, 12/15/2019		814,820
		Northwest Parkway Public Highway Authority Convertible CABs
	2,250	0.000% through 06/15/2011, thereafter 5.250%, (ETM) (AMBAC) 06/15/2015		2,532,038
		Platte River Power Authority, Series GG (AGM)
	725	4.500%, 06/01/2017		823,868
		Pueblo County School District #60 (STAID)
	1,000	5.000%, 12/15/2022		1,158,520
		Rangeview Library District Projects (AGC)
	1,325	4.500%, 12/15/2020		1,400,339
		Sand Creek Metropolitan School District, Limited Tax, Series A
	2,190	4.250%, 12/01/2023		2,140,200
	2,030	4.000%, 12/01/2024		1,910,027
		Walker Field Public Airport Authority
	1,000	5.000%, 12/01/2022		958,340
	60,740	Total Colorado		60,240,009
		Connecticut – 0.1%
		Connecticut Health & Educational Facilities Authority, Griffin Hospital, Series B (RAAI)
	1,000	5.000%, 07/01/2014		1,047,380
		District of Columbia – 0.5%
		District of Columbia, The Catholic University of America
	3,480	5.000%, 10/01/2023		3,600,408
		Florida – 2.5%
		Clay County School Board, Series B (NATL)
	2,205	5.000%, 07/01/2018		2,330,928

26 Nuveen Investments

Principal Amount (000)		Description p	Value
		Florida (continued)
		Halifax Hospital Medical Center, Series A
$	2,250	5.250%, 06/01/2026	$	2,180,610
		Highlands County Health Facilities Authority, Adventist Health/Sunbelt, Series A, Mandatory Put 11/17/2015 @ 100
	2,000	6.500%, 11/15/2038		2,372,000
		Miami-Dade County Educational Facilities Authority, University of Miami, Series A
	2,520	5.150%, 04/01/2023		2,612,106
		Miami-Dade County Water & Sewer (AGM)
	5,000	5.000%, 10/01/2029		5,143,650
		North Brevard County Hospital, Parrish Medical Center Project
	2,100	5.500%, 10/01/2028		2,076,732
		Palm Beach County Health Facilities Authority, Abbey Delray South, Life Care Retirement Community
	1,400	5.250%, 10/01/2013		1,455,398
		Vero Beach Electric, Series A (AGM)
	350	4.000%, 12/01/2019		358,841
	17,825	Total Florida		18,530,265
		Georgia – 1.4%
		Atlanta Tax Allocation, Atlantic Station Project (AGC)
	2,000	4.375%, 12/01/2018		2,043,940
		DeKalb County Hospital Authority, DeKalb Medical Center Incorporated Project
	1,000	6.000%, 09/01/2030		937,990
		Fayette County School District (AGM)
	500	4.125%, 03/01/2014		541,510
	265	4.250%, 03/01/2015		291,582
		Fulton County Residential Care Facilities, Canterbury Court Project, Series A
	4,500	5.800%, 02/15/2018		4,271,895
		Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health, Series A
	2,000	5.250%, 08/01/2023		2,028,860
	10,265	Total Georgia		10,115,777
		Hawaii – 1.4%
		Hawaii Department of Budget & Finance, Special Purpose, Series C1
	5,000	7.500%, 11/15/2015		5,049,950
		Hawaii Pacific Health, Special Purpose, Series A
	5,000	5.250%, 07/01/2030		4,450,500
		Hawaii Pacific Health Series B
	1,025	5.625%, 07/01/2030		954,982
	11,025	Total Hawaii		10,455,432
		Idaho – 0.7%
		Idaho Health Facilities Authority, Trinity Health Group, Series B
	3,000	6.000%, 12/01/2023		3,325,080
		Madison County Hospital
	500	5.000%, 09/01/2012		510,420
		University of Idaho, Series B, Mandatory Put 04/01/2018 @ 100 (AGM)
	1,000	4.500%, 04/01/2041		1,058,960
	4,500	Total Idaho		4,894,460
		Illinois – 13.2%
		Bolingbrook Park District, Series A (CIFG)
	1,840	4.500%, 01/01/2017		1,997,909
		Chicago City Colleges (FGIC) (NATL)
	7,000	0.000%, 01/01/2015		6,147,050
		Chicago, Midway Airport Project, Series C (NATL)
	1,300	5.500%, 01/01/2014		1,405,066

Nuveen Investments 27

Portfolio of Investments

Nuveen Intermediate Tax Free Fund (continued)

April 30, 2011

Principal Amount (000)		Description p	Value
		Illinois (continued)
		Chicago Park District, Limited Tax, Series A
$	2,300	4.500%, 01/01/2023	$	2,301,587
		Chicago Park District, Limited Tax, Series B (AMBAC)
	5,545	5.000%, 01/01/2020		5,753,436
		Chicago, Series A (MBIA)
	2,000	5.300%, 01/01/2016		2,189,480
		Cook County Series A (NATL)
	1,000	6.250%, 11/15/2011		1,030,390
		Cook County Community Unit School District #401, Elmbrook Park (AGM)
	3,625	0.000%, 12/01/2011		3,582,914
		Cook County High School District #205, Thornton Township (AGC)
	3,465	5.250%, 12/01/2021		3,739,359
		Cook County High School District #209, Proviso Township (AGM)
	1,000	5.000%, 12/01/2016		1,080,260
		Cook County School District #088, Bellwood Series B (AGM)
	1,175	5.000%, 12/01/2017		1,291,066
		Cook County School District #088, Bellwood, Series B (Pre-refunded 12/01/2014) (AGM)
	500	5.000%, 12/01/2017		571,620
		Cook County School District #102, La Grange (FGIC) (NATL)
	2,440	0.000%, 12/01/2013		2,273,128
		Cook County School District #123, Oak Lawn (NATL)
	2,250	0.000%, 12/01/2015		1,866,645
		Elk Grove Village (NATL)
	1,000	4.125%, 01/01/2019		1,040,030
		Granite Single Family Mortgage Series A (ETM)
	240	7.750%, 10/01/2011		246,478
		Grundy & Will Counties Community Unit School District #1
	1,550	5.875%, 02/01/2019		1,798,093
	2,100	5.875%, 02/01/2022		2,356,515
	2,545	5.875%, 02/01/2024		2,803,038
		Illinois
	300	5.200%, 07/01/2016		300,405
		Illinois, Series B
	1,000	5.000%, 03/01/2014		1,057,610
	370	5.000%, 01/01/2017		393,610
		Illinois Development Finance Authority, Elgin School District Project (AGM)
	2,750	0.000%, 01/01/2018		2,051,555
		Illinois Development Finance Authority, Midwestern University, Series B (Pre-refunded 05/15/2011)
	350	5.750%, 05/15/2016		354,302
		Illinois Educational Facilities Authority, Art Institute of Chicago Mandatory Put 03/01/2016 @ 100
	500	4.125%, 03/01/2030		518,520
		Illinois Educational Facilities Authority, Art Institute of Chicago, Series A, Mandatory Put 03/01/2017 @ 100
	1,000	4.750%, 03/01/2030		1,060,890
		Illinois Finance Authority, Clare at Water Tower, Series A-4
	700	5.400%, 05/15/2017		294,070
		Illinois Finance Authority, Clare at Water Tower, Series A-5
	700	5.500%, 05/15/2018		294,070
		Illinois Finance Authority, Clare at Water Tower, Series B
	600	0.000%, 05/15/2050		3,780
		Illinois Finance Authority, Edward Hospital, Series A (AMBAC)
	1,200	6.000%, 02/01/2025		1,251,072
	1,280	6.000%, 02/01/2026		1,323,520
	500	6.000%, 02/01/2028		513,050

28 Nuveen Investments

Principal Amount (000)		Description p	Value
		Illinois (continued)
		Illinois Finance Authority, Franciscan Communities, Series A
$	1,000	5.500%, 05/15/2027	$	793,020
		Illinois Finance Authority, Friendship Village Schaumburg, Series A
	1,745	5.000%, 02/15/2015		1,661,990
		Illinois Finance Authority, Illinois Institute of Technology
	1,000	6.500%, 02/01/2023		921,160
		Illinois Finance Authority, Landing at Plymouth Project, Series A
	1,320	5.250%, 05/15/2014		1,272,229
		Illinois Finance Authority, OSF Healthcare Systems, Series A
	4,000	7.000%, 11/15/2029		4,244,280
		Illinois Finance Authority, Peoples Gas, Light and Coke Co., Series A, Mandatory Put 06/01/2016 @ 100 (AMBAC)
	1,500	4.300%, 06/01/2035		1,531,095
		Illinois Finance Authority, Roosevelt University
	500	5.250%, 04/01/2022		472,155
	4,000	5.750%, 04/01/2024		3,956,720
	1,750	5.400%, 04/01/2027		1,621,183
		Illinois Finance Authority, Rush University Medical Center, Series A
	2,000	6.750%, 11/01/2024		2,167,120
		Illinois Finance Authority, Rush University Medical Center, Series C
	1,500	6.375%, 11/01/2029		1,547,835
		Illinois Finance Authority, Three Crowns Park Plaza, Series A
	1,870	5.500%, 02/15/2014		1,825,961
		Illinois Health Facilities Authority, Evangelical (ETM)
	300	6.750%, 04/15/2012		317,436
		Illinois Health Facilities Authority, Mercy Hospital & Medical Center (ETM)
	385	10.000%, 01/01/2015		457,415
		Illinois Sports Facilities Authority (AMBAC)
	1,405	4.750%, 06/15/2013		1,483,891
	1,620	5.100%, 06/15/2016		1,759,692
		Madison & Jersey Counties Unit School District #11, Alton (AGM)
	2,100	0.000%, 12/01/2019		1,386,210
		McCook
	500	5.000%, 12/01/2026		511,385
	1,000	5.100%, 12/01/2028		1,010,020
		Metropolitan Pier & Exposition Authority, State Sales Tax, Series B (Convertible CABs) (NATL)
	1,000	0.000% through 06/15/2012, thereafter 5.200%, 06/15/2017 g		1,031,420
		Rockford School District #205 (FGIC) (NATL)
	500	5.000%, 02/01/2014		541,730
		Southwestern Illinois Development Authority, Anderson Hospital
	2,000	5.125%, 08/15/2026		1,801,040
		Southwestern Illinois Development Authority, Edwardsville Community (AGM)
	1,000	5.000%, 12/01/2017		1,110,150
		Southwestern Illinois Development Authority, Local Government Program, Triad School District #2 (NATL)
	1,000	5.000%, 10/01/2018		1,054,410
		St Clair County, Alternative Revenue Source
	1,000	4.500%, 10/01/2020		1,065,390
	1,100	5.000%, 10/01/2022		1,187,923
		Will & Grundy Counties Community College, District #525, Joliet Junior College
	535	6.250%, 06/01/2024		608,498
	1,150	5.750%, 06/01/2025		1,258,997
	310	5.750%, 06/01/2026		337,993

Nuveen Investments 29

Portfolio of Investments

Nuveen Intermediate Tax Free Fund (continued)

April 30, 2011

Principal Amount (000)		Description p	Value
		Illinois (continued)
		Will County School District #86, Joliet (AGM)
$	3,870	0.000%, 11/01/2017	$	2,953,081
		Winnebago County School District 122, Harlem-Loves Park (ETM) (AGM)
	1,320	0.000%, 01/01/2017		1,134,989
		Winnebago County School District 122, Harlem-Loves Park (AGM)
	1,680	0.000%, 01/01/2017		1,334,541
	100,085	Total Illinois		97,251,477
		Indiana – 1.1%
		Anderson Economic Development, Anderson University Project
	710	5.000%, 10/01/2017		686,137
		Avon Community School Building Corporation, First Mortgage (AMBAC) (STAID)
	1,000	4.500%, 07/15/2020		1,046,300
		Indiana Transportation Finance Authority, Series A (AMBAC)
	1,820	5.750%, 06/01/2012		1,874,782
		Indiana Transportation Finance Authority, Series A (ETM) (AMBAC)
	180	5.750%, 06/01/2012		180,824
		Indiana University Series K, Zero Coupon Bond (NATL)
	250	0.000%, 08/01/2011		249,395
		Portage Township Multi-School Building Corporation, First Mortgage (NATL) (STAID)
	1,250	4.000%, 07/15/2018		1,341,788
		St. Joseph County Economic Development, Holy Cross Village, Notre Dame Project, Series A
	450	5.750%, 05/15/2016		444,861
	230	5.550%, 05/15/2019		218,638
		St. Joseph County Hospital Authority, Memorial Health System, Series A (NATL)
	1,000	4.750%, 08/15/2012		1,003,140
		Zionsville Community Schools Building, First Mortgage (Pre-refunded 01/15/2012) (FGIC) (STAID)
	775	5.750%, 07/15/2015		805,132
	7,665	Total Indiana		7,850,997
		Iowa – 1.5%
		Iowa Finance Authority Retirement Community, Friendship Haven Project, Series A
	500	5.750%, 11/15/2019		492,870
		Iowa Higher Education Authority, Private College Facility, Central College Project (RAAI)
	1,000	5.450%, 10/01/2026		1,000,820
		Iowa Higher Education Authority, Private College Facility, Upper Iowa University Project
	1,250	5.500%, 09/01/2025		1,288,563
		Iowa Higher Education Authority, Wartburg College Project (Pre-refunded 10/01/2012) (ACA)
	2,000	5.500%, 10/01/2028		2,140,500
		Iowa Higher Education Authority, Wartburg College Project, Series A
	925	4.700%, 10/01/2016		901,228
	1,100	4.750%, 10/01/2017		1,060,433
	1,155	4.800%, 10/01/2018		1,098,116
		Iowa State Special Obligation Prison Infrastructure Fund
	2,000	4.500%, 06/15/2022		2,165,120
		Muscatine Electric (ETM)
	615	9.700%, 01/01/2013		677,010
	10,545	Total Iowa		10,824,660
		Kansas – 2.9%
	7,500	Johnson County Residual (ETM)		7,431,300
		Johnson County Unified School District #512, Shawnee Mission
	2,000	4.875%, 10/01/2019		2,271,320
		Kansas Development Finance Authority, Adventist Health
	2,200	5.500%, 11/15/2023		2,387,066

30 Nuveen Investments

Principal Amount (000)		Description p	Value
		Kansas (continued)
		Kansas Development Finance Authority, Adventist/Sunbelt, Series D
$	1,400	5.000%, 11/15/2024	$	1,454,544
		Kansas Development Finance Authority, Health Facilities, Hays Medical Center, Series L
	1,405	4.500%, 11/15/2017		1,461,017
		Kansas Development Finance Authority, Kansas State Projects Series K (NATL)
	1,850	4.500%, 11/01/2019		2,011,302
		Olathe Health Facilities, Olathe Medical Center
	1,000	5.125%, 09/01/2021		1,040,400
		Olathe Senior Living Facility, Catholic Care Campus, Series A
	700	5.750%, 11/15/2013		702,191
	765	5.750%, 11/15/2014		763,646
	820	5.750%, 11/15/2015		814,006
		Sedgwick County School District #267 (AMBAC)
	1,045	5.250%, 11/01/2012		1,106,989
		Sedgwick & Shawnee Counties, Single Family Mortgages, Series A-2 (GNMA)
	165	6.700%, 06/01/2029		168,326
	20,850	Total Kansas		21,612,107
		Kentucky – 0.5%
		Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A-1 (AGC)
	2,000	5.750%, 12/01/2028		2,075,820
		Kentucky Turnpike Authority (ETM)
	235	6.000%, 07/01/2011		237,051
		Louisville/Jefferson County Metropolitan Government College, Bellarmine University, Series A
	1,135	6.000%, 05/01/2028		1,153,126
	3,370	Total Kentucky		3,465,997
		Louisiana – 0.4%
		Calcasieu Parish School District #23, Public School Improvement
	500	4.600%, 02/15/2020		507,225
		Louisiana, Series B (CIFG)
	1,300	5.000%, 07/15/2015		1,486,524
		Louisiana Local Government Environmental Facilities, Community Development Authority (AMT)
	425	6.650%, 01/01/2025		398,165
		Tobacco Settlement Finance Revenue, Series 2001B
	600	5.875%, 05/15/2039		547,578
	2,825	Total Louisiana		2,939,492
		Maine – 0.1%
		Maine Health & Higher Educational Facilities Authority Series B (FGIC) (NATL)
	740	4.125%, 07/01/2018		786,983
		Maryland – 0.1%
		Westminster Educational Facilities, McDaniel College
	350	5.000%, 11/01/2013		373,499
	700	4.000%, 11/01/2015		731,094
	1,050	Total Maryland		1,104,593
		Massachusetts – 3.1%
		Massachusetts Bay Transportation Authority, Series A (COMGTY)
	1,875	6.250%, 03/01/2012		1,966,087
		Massachusetts Development Finance Agency, Health Care Facilities, AdventCare Project, Series A
	2,500	6.650%, 10/15/2028		2,226,450
		Massachusetts Development Finance Agency, Suffolk University
	900	4.500%, 07/01/2021		867,879
	1,765	4.500%, 07/01/2022		1,681,321

Nuveen Investments 31

Portfolio of Investments

Nuveen Intermediate Tax Free Fund (continued)

April 30, 2011

Principal Amount (000)		Description p	Value
		Massachusetts (continued)
$	1,705	4.625%, 07/01/2023	$	1,618,761
		Massachusetts Educational Finance Authority, Issue I, Series B (AMT)
	1,485	4.800%, 01/01/2017		1,509,592
		Massachusetts Health & Educational Facilities Authority, Berkshire Health System, Series F (AGC)
	2,000	5.000%, 10/01/2015		2,186,120
		Massachusetts Health & Educational Facilities Authority, Springfield College
	500	5.125%, 10/15/2022		501,215
	2,595	5.500%, 10/15/2026		2,563,030
		Massachusetts Health & Educational Facilities Authority, Suffolk University, Series A
	3,000	6.000%, 07/01/2024		3,143,640
		Massachusetts Port Authority (ETM)
	1,975	13.000%, 07/01/2013		2,255,114
		Massachusetts, Special Obligation, Series A
	1,000	5.500%, 06/01/2013		1,091,800
		Springfield, State Qualified Municipal Purpose Loan (AGM) (STAID)
	1,400	4.500%, 08/01/2020		1,486,072
	22,700	Total Massachusetts		23,097,081
		Michigan – 2.1%
		Algonac Community Schools, School Building & Site Series I (AGM) (MQSBLF)
	790	4.000%, 05/01/2019		813,953
		Constantine Public Schools (MQSBLF)
	1,075	5.000%, 05/01/2016		1,133,534
		Detroit Water Supply System (ETM) (FGIC)
	105	6.250%, 07/01/2012		108,578
		Kalamazoo Hospital Finance Authority, Bronson Methodist Hospital, Series A (AGM)
	2,675	5.000%, 05/15/2020		2,803,935
		Michigan Hospital Finance Authority, Ascension Health Services Group, Series B
	3,540	5.000%, 11/15/2023		3,661,776
		Michigan Hospital Finance Authority, Henry Ford Health Systems Series A, (Pre-refunded 03/01/2013)
	3,150	5.500%, 03/01/2015		3,430,917
		Michigan Municipal Board Authority, Local Government Loan Program, Group, Series B (AMBAC)
	600	5.000%, 12/01/2018		591,492
		Romulus Economic Development Corporation, Partnership Project (ETM)
	1,300	7.000%, 11/01/2015 (ETM)		1,602,588
		Western Michigan University (AGM)
	1,300	5.000%, 11/15/2023		1,358,396
	14,535	Total Michigan		15,505,169
		Minnesota – 2.6%
		Aitkin Health Care Facilities, Riverwood Healthcare Center
	1,590	5.375%, 02/01/2017		1,556,419
		Minneapolis & St. Paul Metropolitan Airports Commission, Series A (NATL)
	1,165	5.000%, 01/01/2019		1,195,337
		Minneapolis Health Care System, Fairview Health Services Series A
	2,000	6.375%, 11/15/2023		2,207,460
		Minneapolis Hospital, St. Marys Hospital & Rehabilitation Center (ETM)
	430	10.000%, 06/01/2013		471,417
		Minneapolis National Marrow Donor Program
	2,650	5.000%, 08/01/2018		2,777,518
	3,500	4.250%, 08/01/2020		3,367,420
		Minnesota Agricultural & Economic Development Board, Health Care System, Series A
	2,135	5.875%, 11/15/2011		2,163,716
		Minnesota Higher Education Facilities Authority, Bethel University Series 6-R
	1,255	5.500%, 05/01/2020		1,270,976

32 Nuveen Investments

Principal Amount (000)		Description p	Value
		Minnesota (continued)
$	815	5.500%, 05/01/2021	$	815,000
		Minnesota Higher Education Facilities Authority, College of Art & Design, Series 6-K
	295	5.000%, 05/01/2012		304,806
		Monticello-Big Lake Community Hospital District, Health Care Facilities, Series C
	515	5.250%, 12/01/2011		515,031
		St. Paul Housing & Redevelopment Authority, Allina Health System, Series A (NATL)
	1,235	5.000%, 11/15/2019		1,321,240
		St. Paul Housing & Redevelopment Authority, Allina Health System, Series A-1
	1,000	5.000%, 11/15/2024		1,017,790
	18,585	Total Minnesota		18,984,130
		Mississippi – 0.2%
		Mississippi Hospital Equipment & Facilities Authority, Mississippi Baptist Health Systems Series A
	1,440	5.000%, 08/15/2016		1,547,813
		Missouri – 2.0%
		Grundy County Industrial Development Authority, Health Facilities, Wright Memorial Hospital
	1,000	5.600%, 09/01/2021		986,050
		Hannibal Industrial Development Authority, Health Facilities, Hannibal Regional Hospital
	1,405	4.350%, 03/01/2014		1,439,900
		Kansas City Special Obligation, East Village Project Series B (AGC)
	505	5.000%, 04/15/2022		549,188
		Missouri Development Finance Board Infrastructure Facilities, Independence-Centerpoint, Series F
	1,000	5.375%, 04/01/2024		1,010,210
		Missouri Development Finance Board Infrastructure Facilities, Independence-Crackerneck Creek, Series B
	2,000	5.125%, 03/01/2022		2,068,480
		Missouri Development Finance Board Infrastructure Facilities, Independence Electric System Project, Series D
	1,250	5.625%, 06/01/2029		1,260,663
		Missouri Development Finance Board, Midwest Research Institute Project
	1,130	5.000%, 11/01/2016		1,206,049
		Missouri Health & Educational Facilities Authority, Senior Living Facilities, Lutheran, Series B
	850	4.350%, 02/01/2015		880,209
	930	4.375%, 02/01/2016		954,691
		Missouri Joint Municipal Electric Utilities, Commission Power Project, Series A (AMBAC)
	2,000	5.000%, 01/01/2018		2,154,100
		Missouri Joint Municipal Electric Utilities, Commission Power Project, Plum Point Project (NATL)
	1,000	4.200%, 01/01/2018		1,019,720
		Osage Beach Tax Increment, Prewitts Point Project
	1,650	4.800%, 05/01/2016		1,578,357
	14,720	Total Missouri		15,107,617
		Montana – 0.8%
		Montana Facility Finance Authority, Senior Living, St. Johns Lutheran Ministries Project, Series A
	1,800	5.750%, 05/15/2016		1,749,042
	1,675	6.000%, 05/15/2025		1,489,644
		Montana Facility Finance Authority, Sisters of Charity of Leavenworth, Series B
	2,500	5.000%, 01/01/2024		2,568,900
	5,975	Total Montana		5,807,586
		Nebraska – 1.4%
		Douglas County Hospital Authority #2, Immanuel Obligated Group
	1,130	5.125%, 01/01/2023		1,146,114
		Douglas County Hospital Authority #2, Nebraska Medical Center, Clarkson Regional Health Guaranty
	2,860	5.000%, 11/15/2011		2,920,689

Nuveen Investments 33

Portfolio of Investments

Nuveen Intermediate Tax Free Fund (continued)

April 30, 2011

Principal Amount (000)		Description p	Value
		Nebraska (continued)
		Douglas County Hospital Authority #3, Methodist Health
$	600	5.750%, 11/01/2028	$	603,264
		Lancaster County Hospital Authority #1, BryanLG Medical Center Project
	2,000	4.000%, 06/01/2018		1,974,180
		Lancaster County Hospital Authority #1, Immanuel Obligated Group
	735	4.750%, 01/01/2019		759,292
	1,000	5.125%, 01/01/2023		1,022,770
		Nebraska Investment Finance Authority, Great Plains Regional Medical Center Project (RAAI)
	500	4.700%, 11/15/2011		510,210
	500	4.800%, 11/15/2012		517,060
	600	4.900%, 11/15/2013		617,352
	9,925	Total Nebraska		10,070,931
		Nevada – 0.3%
		Carson City Hospital, Carson-Tahoe Hospital
	550	5.750%, 09/01/2011		554,862
	580	5.750%, 09/01/2012		597,092
		Carson City Hospital, Carson-Tahoe Hospital (ETM)
	450	5.750%, 09/01/2011		457,853
	475	5.750%, 09/01/2012		506,497
	2,055	Total Nevada		2,116,304
		New Hampshire – 0.5%
		New Hampshire Health & Education Facilities Authority, Covenant Health
	1,250	5.375%, 07/01/2024		1,250,975
		New Hampshire Health & Educational Facilities Authority, Speare Memorial Hospital
	1,000	5.500%, 07/01/2025		933,630
		New Hampshire Municipal Bond Bank Series A (NATL)
	1,300	4.500%, 02/15/2020		1,421,030
	3,550	Total New Hampshire		3,605,635
		New Jersey – 0.5%
		New Jersey Economic Development Authority, Cigarette Tax
	2,000	5.500%, 06/15/2016		2,111,160
		Tobacco Settlement Financing, Series 1A
	1,915	4.500%, 06/01/2023		1,619,018
	3,915	Total New Jersey		3,730,178
		New York – 1.2%
		New York, Series A
	3,220	5.750%, 08/01/2015		3,400,996
		New York, Series D (ETM)
	660	5.500%, 06/01/2012		696,914
		New York, Series D
	1,340	5.500%, 06/01/2012		1,412,628
		Tobacco Settlement Financing, Series B-1C
	700	5.500%, 06/01/2019		746,571
	200	5.500%, 06/01/2020		212,858
		Troy Capital Resource Revenue, Rensselaer Polytechnic Institute Project, Series B
	1,200	5.000%, 09/01/2019		1,316,136
	1,000	5.000%, 09/01/2021		1,078,290
	8,320	Total New York		8,864,393
		North Carolina – 2.5%
		North Carolina Capital Facilities Finance Agency Education Facilities, Meredith College
	900	5.250%, 06/01/2020		931,158

34 Nuveen Investments

Principal Amount (000)		Description p	Value
		North Carolina (continued)
		North Carolina Eastern Power Agency, Series A (AGC)
$	1,700	5.250%, 01/01/2022	$	1,843,990
		North Carolina Eastern Power Agency, Series D
	2,955	5.375%, 01/01/2013		3,146,366
		North Carolina Medical Care Commission Health Care Facilities, First Mortgage Presbyterian, Series B
	2,035	4.875%, 10/01/2013		2,014,589
	2,120	5.000%, 10/01/2014		2,094,390
		North Carolina Municipal Power Agency #1, Catawba Electric, Series A
	5,940	5.000%, 01/01/2026		6,142,198
		North Carolina Municipal Power Agency #1, Catawba Electric, Series A (AGM)
	2,000	5.250%, 01/01/2016		2,124,720
	17,650	Total North Carolina		18,297,411
		North Dakota – 0.2%
		Ward County Health Care Facility, Trinity Obligated Group
	1,180	5.000%, 07/01/2014		1,245,726
		Ohio – 1.2%
		Akron (AGC)
	1,000	5.000%, 12/01/2015		1,121,800
		Barberton City School District (OSDCEP)
	1,260	4.750%, 12/01/2021		1,354,966
		Buckeye Tobacco Settlement, Series A-1
	375	5.000%, 06/01/2015		381,776
	35	5.000%, 06/01/2017		34,890
		Buckeye Tobacco Settlement, Series A-2
	120	5.125%, 06/01/2024		92,719
		Lake County Hospital Facilities, Lake Hospital System, Series C
	1,230	5.500%, 08/15/2024		1,209,311
		Mason City School District (AGM)
	1,095	4.375%, 12/01/2019		1,186,049
		Miami County Hospital Facilities, Upper Valley Medical Center
	750	5.250%, 05/15/2016		806,715
		Ohio Higher Education Facilities, John Carroll University Project
	1,135	4.000%, 04/01/2014		1,191,353
	1,000	4.500%, 04/01/2015		1,072,520
		Richland County, Limited Tax, Correctional Facilities Improvement (AGC)
	500	5.875%, 12/01/2024		549,730
	8,500	Total Ohio		9,001,829
		Oklahoma – 0.7%
		Cherokee County Economic Development Authority, Series A, (ETM) (AMBAC)
	3,340	0.000%, 11/01/2011 (ETM)		3,331,350
		McClain County Economic Development Authority, Educational Facilities Lease, Newcastle Public Schools Project
	345	5.000%, 09/01/2011		349,047
	355	5.000%, 09/01/2012		370,048
	250	4.125%, 09/01/2013		260,500
		Oklahoma City Industrial & Cultural Facilities, Oklahoma City Project (AMT)
	1,430	5.750%, 01/01/2023		1,248,533
	5,720	Total Oklahoma		5,559,478
		Pennsylvania – 2.2%
		Allegheny County Hospital, University of Pittsburgh Medical Center Series B
	3,000	5.000%, 06/15/2018		3,319,650

Nuveen Investments 35

Portfolio of Investments

Nuveen Intermediate Tax Free Fund (continued)

April 30, 2011

Principal Amount (000)		Description p	Value
		Pennsylvania (continued)
		Bethel Park School District (STAID)
$	1,315	4.125%, 08/01/2020	$	1,399,147
		Delaware County College Authority, Neumann College
	535	5.250%, 10/01/2020		539,226
	1,000	5.000%, 10/01/2021		1,009,840
	565	5.375%, 10/01/2021		565,831
	1,050	5.000%, 10/01/2025		1,009,260
		Delaware County Hospital Authority, Crozer-Chester Medical Center (RAAI)
	1,275	5.000%, 12/15/2015		1,317,980
	1,405	5.000%, 12/15/2017		1,406,068
		Montgomery County Industrial Development Authority, Whitemarsh Continuing Care
	1,000	6.125%, 02/01/2028		842,230
		Philadelphia Gas Works, Ninth Series
	3,000	5.000%, 08/01/2030		2,893,710
		Westmoreland County Industrial Development Authority, Retirement Community, Redstone, Series A
	1,100	5.375%, 01/01/2014		1,085,018
	1,200	5.500%, 01/01/2016		1,169,100
	16,445	Total Pennsylvania		16,557,060
		Puerto Rico – 0.7%
		Puerto Rico Commonwealth, Public Improvement, Series A
	4,000	5.000%, 07/01/2020		3,989,520
		Puerto Rico Public Buildings Authority, Government Facilities Series M-2, Mandatory Put 07/01/2017 @ 100 (AMBAC) (COMGTY)
	1,000	5.500%, 07/01/2035		1,050,010
	5,000	Total Puerto Rico		5,039,530
		South Carolina – 1.1%
		Charleston Educational Excellence Financing Corporation, Charleston County School District Project
	2,000	5.000%, 12/01/2013		2,204,900
		Lexington County Health Services District (Pre-refunded 11/01/2013)
	2,000	5.500%, 11/01/2023		2,240,420
		South Carolina Jobs Economic Development Authority, Palmetto Health Alliance
	1,000	5.000%, 08/01/2018		1,011,020
		South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series A
	645	6.000%, 08/01/2013		680,791
		South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C
	2,000	6.000%, 08/01/2013		2,110,980
	7,645	Total South Carolina		8,248,111
		South Dakota – 1.3%
		Deadwood Series 2005 (ACA)
	2,385	5.000%, 11/01/2018		2,405,368
		South Dakota Health & Educational Facilities Authority, Sanford Health
	1,000	5.000%, 11/01/2024		1,024,210
		South Dakota Health & Educational Facilities Authority, Vocational Education Program (AGC)
	1,500	5.125%, 08/01/2028		1,557,375
		South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
	530	4.750%, 09/01/2011		535,697
	1,000	5.000%, 09/01/2012		1,039,070
	1,000	5.000%, 09/01/2013		1,041,070
	1,770	5.000%, 09/01/2025		1,701,023
	9,185	Total South Dakota		9,303,813
		Tennessee – 4.3%
		Chattanooga Health, Educational & Housing Facilities Board, Catholic Health Initiatives, Series D
	2,265	6.125%, 10/01/2028		2,428,533

36 Nuveen Investments

Principal Amount (000)		Description p	Value
		Tennessee (continued)
		Claiborne County Industrial Development Board, Lincoln Memorial University Project
$	3,460	6.125%, 10/01/2029	$	3,467,681
		Jackson Hospital, Jackson-Madison Project
	3,650	5.250%, 04/01/2023		3,782,130
		Memphis (NATL)
	2,000	5.000%, 10/01/2016		2,320,220
		Memphis-Shelby County Sports Authority, Memphis Arena Project, Series A
	4,430	5.125%, 11/01/2024		4,594,398
		Memphis-Shelby County Sports Authority, Memphis Arena Project, Series B
	1,000	5.500%, 11/01/2020		1,112,810
	1,860	5.250%, 11/01/2025		1,927,741
		Memphis-Shelby County Sports Authority, Memphis Arena Project, Series C (NATL)
	3,175	5.000%, 11/01/2017		3,504,914
		Shelby County Health, Educational & Housing Facility Board, Methodist Healthcare (Pre-refunded 09/01/2012)
	935	6.000%, 09/01/2016		1,000,310
	565	6.000%, 09/01/2016		604,465
		Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health System Project (RAAI)
	2,000	5.000%, 09/01/2016		2,036,080
		Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health System Project (RAAI) (ETM)
	1,465	6.250%, 09/01/2011		1,494,183
	1,085	6.250%, 09/01/2012		1,159,409
		Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health System Project (Pre-refunded 09/01/2012)
	2,215	6.500%, 09/01/2013		2,396,076
	30,105	Total Tennessee		31,828,950
		Texas – 10.4%
		Alvin Independent School District, Schoolhouse (PSFG)
	1,110	4.125%, 02/15/2019		1,185,391
		Brazos River Harbor Navigation District, Brazoria County Environmental, Dow Chemical Company Project Series A-5, Mandatory Put 05/15/2012 @ 100 (AMT)
	1,000	5.700%, 05/15/2033		1,033,400
		Brownsville (NATL)
	2,125	5.000%, 02/15/2017		2,322,476
		Corinth (NATL)
	1,180	4.500%, 02/15/2019		1,264,299
		Dallas (NATL)
	5,000	4.500%, 02/15/2027		5,054,350
		Dallas County Utilities & Reclamation District, Series A (AMBAC)
	5,715	5.150%, 02/15/2022		5,903,424
		El Paso County (NATL)
	2,440	5.000%, 02/15/2018		2,822,055
		El Paso Water & Sewer, Series A (AGM)
	650	4.000%, 03/01/2018		684,268
		Elgin Independent School District, School Building (PSFG)
	1,120	4.375%, 08/01/2019		1,234,330
		Fort Bend Independent School District
	2,000	4.550%, 02/15/2025		2,072,740
		Frisco (AMBAC)
	2,045	4.500%, 02/15/2016		2,303,508
		Giddings Independent School District, School Building Series A (PSFG)
	875	4.250%, 02/15/2019		956,699

Nuveen Investments 37

Portfolio of Investments

Nuveen Intermediate Tax Free Fund (continued)

April 30, 2011

Principal Amount (000)		Description p	Value
		Texas (continued)
		Grand Prairie Independent School District, School Building Series A (PSFG)
$	635	4.500%, 02/15/2018	$	713,296
		Grapevine Industrial Development Corporation, Air Cargo (AMT)
	445	6.500%, 01/01/2024		415,866
		Gregg County Health Facilities Development, Good Shepherd Medical Center Project, Series A
	1,230	5.000%, 10/01/2013		1,260,947
		Hale Center Educational Facilities, Wayland Baptist
	875	4.000%, 03/01/2021		833,114
	500	4.000%, 03/01/2022		468,650
	800	4.000%, 03/01/2023		737,896
	440	4.250%, 03/01/2025		405,640
		Harris County Health Facilities Development Corporation, Memorial Hermann Healthcare System, Series B
	1,950	7.125%, 12/01/2031		2,124,135
		Harrison County Health Facilities Development Corporation, Good Shepherd Health System
	2,270	5.000%, 07/01/2019		2,222,194
	2,380	5.000%, 07/01/2020		2,304,149
		Houston Health Facilities Development Corporation, Buckingham Senior Living Community, Series A, (Pre-refunded 02/15/2014)
	2,000	7.000%, 02/15/2023		2,345,020
		Howard County Junior College District (AMBAC)
	715	4.250%, 02/15/2018		768,525
		Kaufman County (AGM)
	1,000	5.000%, 02/15/2017		1,030,170
		League City Waterworks & Sewer System (AGM)
	1,230	4.000%, 02/15/2018		1,326,087
	1,315	4.375%, 02/15/2023		1,346,705
		Lubbock Educational Facilities Authority, Lubbock Christian University
	1,000	5.000%, 11/01/2016		1,074,000
		Mansfield Independent School District, School Building (PSFG)
	770	5.000%, 02/15/2022		838,692
		North Texas Tollway Authority, First Tier, Series A
	2,500	6.000%, 01/01/2024		2,676,725
		North Texas Tollway Authority, First Tier, Series E-3, Mandatory Put 01/01/2016 @ 100
	3,000	5.750%, 01/01/2038		3,348,030
		Northwest Texas Independent School District (PSFG)
	1,000	4.500%, 02/15/2026		1,025,290
		Odessa Housing Finance Corporation, Residual Values (ETM) (NATL)
	1,465	0.000%, 06/01/2012		1,451,170
		Plano Independent School District, School Building, Series A
	1,000	5.000%, 02/15/2025		1,078,230
		San Angelo, Series A (NATL)
	875	4.400%, 02/15/2019		945,578
		San Antonio
	1,000	4.125%, 02/01/2019		1,069,580
	1,140	4.250%, 02/01/2020		1,211,147
		San Leanna Educational Facilities Corporation Higher Education, Saint Edwards University Project
	575	5.000%, 06/01/2019		594,596
		Sunnyvale School District, School Building (PSFG)
	870	4.400%, 02/15/2020		945,890
		Tarrant County Cultural Education Facilities Finance Corporation, Retirement Facility, Northwest Senior Housing, Edgemere Project, Series A
	1,235	5.750%, 11/15/2014		1,221,168

38 Nuveen Investments

Principal Amount (000)		Description p	Value
		Texas (continued)
		Tarrant County Cultural Education Facilities, Finance Corporation, Retirement Facility, Stayton at Museum Way, Series C-2
$	3,000	6.500%, 11/15/2014	$	2,959,920
		Teague Independent School District, School Building (PSFG)
	2,210	5.000%, 02/15/2019		2,551,997
		Texas Transportation Commission, First Tier
	2,000	5.000%, 04/01/2017		2,333,860
		Texas, Water Financial Assistance, Series A
	1,500	5.000%, 08/01/2017		1,756,875
		Travis County Health Facilities, Development Corporation Retirement Facilities, Querencia Barton Creek Project
	1,000	5.250%, 11/15/2017		948,980
	900	5.500%, 11/15/2025		775,062
		Tyler Health Facilities Development Corporation, Mother Frances Hospital
	1,000	5.250%, 07/01/2012		1,023,010
		Victoria Independent School District, School Building (PSFG)
	500	5.000%, 02/15/2018		576,345
		Victoria Utilities Systems (AMBAC)
	1,000	4.400%, 12/01/2019		1,066,100
	72,585	Total Texas		76,611,579
		Washington – 4.3%
		Clark County School District #37, Vancouver (AGM)
	1,515	5.250%, 12/01/2014		1,723,070
		King County School District #401, Highline Public Schools (AGM) (SBG)
	500	5.250%, 12/01/2025		538,710
		King County School District #412, Shoreline (SBG)
	265	5.750%, 12/01/2021		307,146
		Snohomish County Housing Authority
	600	6.300%, 04/01/2016		607,998
		Snohomish County, Limited Tax (Pre-refunded 12/01/2011) (NATL)
	4,440	5.375%, 12/01/2019		4,571,335
	560	5.375%, 12/01/2019		576,565
		Spokane County School District #356, Central Valley Series B, Zero Coupon Bond (FGIC) (NATL)
	5,690	0.000%, 12/01/2014		5,287,091
		Spokane County School District #81, Spokane (NATL)
	1,000	5.000%, 06/01/2016		1,162,910
		Washington Health Care Facilities, Washington Health Services
	3,125	6.250%, 07/01/2024		3,232,656
	2,000	6.750%, 07/01/2029		2,023,500
		Washington Higher Education Facilities Authority, Whitworth University Project
	3,250	5.125%, 10/01/2024		3,226,535
		Washington, Series C
	2,275	5.500%, 07/01/2014		2,585,811
		Washington, Series S-5, Zero Coupon Bond (FCIC) (NATL)
	3,000	0.000%, 01/01/2016		2,707,230
		Washington, Various Purpose, Series R-A (AMBAC)
	3,000	5.000%, 01/01/2025		3,145,530
	31,220	Total Washington		31,696,087
		Wisconsin – 2.2%
		Door County, Series A, Crossover Refunded 09/01/2011 @ 100 (FGIC)
	1,720	5.125%, 09/01/2016		1,743,254
		Franklin Solid Waste Disposal, Waste Management Wisconsin Incorporated Series A, Mandatory Put 05/01/2016 @ 100 (AMT)
	2,000	4.950%, 11/01/2016		2,099,940

Nuveen Investments 39

Portfolio of Investments

Nuveen Intermediate Tax Free Fund (continued)

April 30, 2011

Principal Amount (000)		Description p	Value
		Wisconsin (continued)
		Wisconsin Health & Educational Facilities Authority, Aurora Health Care Incorporated, Series A
$	1,440	5.500%, 02/15/2020	$	1,440,821
		Wisconsin Health & Educational Facilities Authority, Beloit College, Series A
	2,060	6.000%, 06/01/2030		1,956,753
		Wisconsin Health & Educational Facilities Authority, Childrens Hospital, Series B
	1,350	4.350%, 08/15/2019		1,421,982
		Wisconsin Health & Educational Facilities Authority, Eastcastle Place Incorporated Project
	2,000	5.750%, 12/01/2019		1,682,260
		Wisconsin Health & Educational Facilities Authority, Fort Healthcare Incorporated Project
	1,250	5.375%, 05/01/2018		1,265,363
		Wisconsin Health & Educational Facilities Authority, Marshfield Clinic, Series B
	850	5.500%, 02/15/2013		867,586
		Wisconsin Health & Educational Facilities Authority, Southwest Health Center, Series A
	1,500	6.125%, 04/01/2024		1,430,085
		Wisconsin Health & Educational Facilities Authority, Vernon Memorial Healthcare Incorporated Project
	640	4.650%, 03/01/2015		656,422
		Wisconsin Health & Educational Facilities Authority, Wisconsin Medical College Series A (NATL)
	1,450	5.000%, 12/01/2015		1,576,368
	16,260	Total Wisconsin		16,140,834
		Wyoming – 0.3%
		Lincoln County, Pacificorp Project Mandatory Put 06/03/2013 @ 100 (AMT)
	2,250	4.125%, 11/01/2025		2,324,587
$	719,107	Total Municipal Bonds (cost $705,284,509)		728,395,735
Shares		Description p	Value
		Short-Term Investments – 0.2%
		Money Market Funds – 0.2%
$	1,922,633	First American Tax Free Obligations Fund, Class Z, 0.053% W		1,922,633
		Total Short-Term Investments (cost $1,922,633)		1,922,633
		Total Investments – 99.0% (cost $707,207,142)		730,318,368
		Other Assets Less Liabilities – 1.0%		7,059,775
		Net Assets – 100.0%	$	737,378,143

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

g Convertible Capital Appreciation Bonds (Convertible CABs) initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semiannual basis until final maturity.

During July 2010, the original issue for this security (1,000,000 par, 5.40% coupon and May, 15, 2014 maturity) was restructured into two new securities. The first security, which is 70% of the original issue, has 700,000 par, 5.400% coupon and May 15, 2017 maturity. The second security, which is the remaining 30% of the issue, has a 300,000 par, 0.000% coupon and May 15, 2050 maturity. At the end of the reporting period, the Adviser continues to accrue interest on the 700,000 par security.

During July 2010, the original issure for this security (1,000,000 par, 5.50% coupon and May 15, 2015 maturity) was restructured into two new securities. The first security, which is 70% of the original issue, has a 700,000 par, 5.500% coupon and May 15, 2018 maturity. The second security, which is the remaining 30% of the issue, has a 300,000 par, 0.000% coupon and May 15, 2050 maturity. At the end of the reporting period, the Adviser continues to accure interest on the 700,000 par security.

Crossover refunded securities are backed by the credit of the refunding issuer. These bonds mature at the call date and price indicated.

W The rate shown is the annualized seven-day effective yield as of April 30, 2011.

(ETM) Escrowed to maturity.

40 Nuveen Investments

Portfolio of Investments

Nuveen Short Tax Free Fund

(formerly known as the First American Short Tax Free Fund)

April 30, 2011

Principal Amount (000)		Description p	Value
		Municipal Bonds – 77.4%
		Alaska – 0.7%
		Alaska Railroad Corporation, Capital Grant Receipts (FGIC) (NATL)
$	1,825	5.000%, 08/01/2012	$	1,910,447
		Arizona – 2.5%
		Glendale Individual Development Authority, Midwestern University
	1,545	5.000%, 05/15/2019		1,664,676
		Phoenix Civic Improvement, Series A
	5,000	5.000%, 07/01/2017		5,454,900
	6,545	Total Arizona		7,119,576
		Arkansas – 1.0%
		North Little Rock Health Facilities Board, Baptist Health Series B
	2,750	5.375%, 12/01/2019		2,975,280
		California – 4.6%
		California Economic Recovery, Series A
	3,000	5.000%, 07/01/2020		3,372,870
		California School Cash Reserve Program, Series S
	1,255	2.500%, 01/31/2012		1,269,407
		California Statewide Communities Development Authority, Health Facility, Adventist Health, Series A
	2,500	5.000%, 03/01/2016		2,654,175
		Long Beach Community College, Series A
	3,750	9.850%, 01/15/2013		4,294,050
		Northern California Power Agency, Series A
	500	5.000%, 07/01/2016		565,330
		Union City Community Redevelopment Agency, Community Redevelopment
	985	5.000%, 12/01/2018		977,416
	11,990	Total California		13,133,248
		Colorado – 3.4%
		Colorado Health Facilities Authority, Catholic Health Initiatives, Series A
	3,345	5.000%, 07/01/2015		3,716,329
		Colorado Health Facilities Authority, Evangelical Lutheran, Series B Mandatory Put 12/01/2014 @ 100
	2,400	5.000%, 06/01/2039		2,532,048
		Colorado Health Facilities Authority, North Colorado Medical Center Project, Series A (AGM)
	1,010	5.000%, 05/15/2013		1,073,913
		Colorado Health Facilities Authority, Yampa Valley Medical Center Project
	1,000	5.000%, 09/15/2013		1,036,540
		Denver City & County Airport System, Series A
	1,110	5.000%, 11/15/2017		1,246,685
	8,865	Total Colorado		9,605,515
		District of Columbia – 1.3%
		District of Columbia, Georgetown University, Series A
	1,700	5.000%, 04/01/2014		1,834,521
		Metropolitan Washington D.C. Airport Authority, Series B (AMT)
	1,775	5.000%, 10/01/2011		1,807,873
	3,475	Total District of Columbia		3,642,394
		Florida – 7.6%
		Florida Department of Environmental Protection Preservation, Florida Forever, Series B (NATL)
	10,000	5.000%, 07/01/2011		10,078,500
		Florida Hurricane Catastrophe Fund Financial Corporation, Series A
	4,000	5.250%, 07/01/2012		4,191,360

Nuveen Investments 41

Portfolio of Investments

Nuveen Short Tax Free Fund (continued)

April 30, 2011

Principal Amount (000)		Description p	Value
		Florida (continued)
		Highlands County Health Facilities Authority, Adventist Health
$	1,000	5.000%, 11/15/2015	$	1,107,800
	2,000	5.000%, 11/15/2016		2,217,980
		Miami-Dade County Health Facilities Authority, Miami Children’s Hospital, Series A-1 Mandatory Put 08/01/2011 @ 100 (NATL)
	1,000	4.125%, 08/01/2046		1,008,550
		South Miami Health Facilities Authority, Baptist Health South Florida Group
	2,000	5.000%, 08/15/2012		2,101,200
		Tallahassee Energy Systems (NATL)
	1,000	5.000%, 10/01/2012		1,058,170
	21,000	Total Florida		21,763,560
		Georgia – 1.1%
		DeKalb County Hospital Authority, DeKalb Medical Center Project
	3,200	4.000%, 09/01/2015		3,171,328
		Hawaii – 0.5%
		Hawaii Department of Budget & Finance, Special Purpose, Series C1
	1,500	7.500%, 11/15/2015		1,514,985
		Illinois – 3.3%
		Illinois Finance Authority, Art Institute of Chicago Series A
	4,000	5.000%, 03/01/2015		4,366,640
		Illinois Finance Authority, Clare at Water Tower, Series A-1 Mandatory Put 08/01/2011 @ 100 (NATL)
	700	5.100%, 05/15/2014 D		294,070
		Illinois Finance Authority, Clare at Water Tower, Series B
	300	0.000%, 05/15/2050 D		1,890
		Illinois Finance Authority, Illinois Institute of Technology
	500	6.250%, 02/01/2019		465,895
		Illinois Finance Authority, Landing at Plymouth Place Project, Series A
	500	5.000%, 05/15/2011		500,000
		Illinois Finance Authority, Rush University Medical Center, Series A
	1,630	5.000%, 11/01/2013		1,713,032
	1,105	5.000%, 11/01/2014		1,169,819
		Williamson & Johnson Counties Community Unit School District 2
	395	5.750%, 12/01/2014		430,716
	450	5.750%, 12/01/2015		491,130
	9,580	Total Illinois		9,433,192
		Indiana – 1.3%
		Anderson Economic Development, Anderson University Project
	990	5.000%, 10/01/2012		998,752
		Crown Point, Temps-Wittenberg Village Project, Series C-2
	1,800	6.500%, 11/15/2013		1,783,782
		Indiana Health & Educational Facilities, Financing Authority, Baptist Homes of Indiana
	1,000	5.000%, 11/15/2013		1,045,080
	3,790	Total Indiana		3,827,614
		Iowa – 2.7%
		Iowa Finance Authority, Genesis Health Systems
	1,150	5.000%, 07/01/2016		1,259,388
	2,285	5.000%, 07/01/2020		2,432,680
		Iowa Higher Education, Private College Facility, Grinnell (ETM)
	4,000	2.100%, 12/01/2011		4,041,320
	7,435	Total Iowa		7,733,388

42 Nuveen Investments

Principal Amount (000)		Description p	Value
		Kansas – 2.0%
		Olathe Health Facilities, Olathe Medical Center
$	1,150	4.000%, 09/01/2012	$	1,187,030
		Olathe Health Facilities, Olathe Medical Center, Series A Mandatory Put 03/01/2013 @ 100
	1,350	4.125%, 09/01/2037		1,372,612
		Wichita Hospital Improvement, Series III A
	1,000	5.000%, 11/15/2014		1,088,110
	1,000	5.000%, 11/15/2016		1,094,230
		Wichita Hospital, Christi Health System
	1,000	5.000%, 11/15/2015		1,099,210
	5,500	Total Kansas		5,841,192
		Kentucky – 0.3%
		Pikeville Hospital Refunding and Improvement, Pikeville Medical Center
	750	4.000%, 03/01/2013		773,782
		Massachusetts – 2.0%
		Massachusetts Development Finance Agency, Senior Living Facility, Groves-Lincoln, Series B2
	905	6.250%, 06/01/2014		886,240
		Massachusetts Educational Financing Authority, Issue I, Series B, (AMT)
	2,350	4.500%, 01/01/2016		2,428,349
		Massachusetts Health & Educational Facilities Authority, Northeastern University, Series T-1 Mandatory Put 02/16/2012 @ 100
	2,000	4.125%, 10/01/2037		2,058,820
		Massachusetts Health & Educational Facilities Authority, Springfield College
	325	4.000%, 10/15/2013		336,170
	5,580	Total Massachusetts		5,709,579
		Michigan – 2.8%
		Michigan Hospital Finance Authority, Ascension Health Senior Credit Group Series B
	2,030	5.000%, 11/15/2016		2,258,964
		Walled Lake Consolidated School District
	4,455	2.000%, 05/01/2013		4,476,963
		Warren School District, School Improvement (FGIC) (NATL)
	1,200	5.000%, 05/01/2012		1,246,944
	7,685	Total Michigan		7,982,871
		Minnesota – 4.7%
		Minneapolis & St. Paul Housing & Redevelopment Authority, Healthpartners Obligation Group Project
	1,000	5.250%, 12/01/2012		1,044,050
		Minneapolis & St. Paul Metropolitan Apartments, Series B, (AMT)
	2,500	5.000%, 01/01/2015		2,741,400
		Minneapolis, National Marrow Donor Program
	2,500	5.000%, 08/01/2017		2,649,775
		Minnesota Agricultural & Economic Development Board, Health Care Facilities, Essentia Series C-1, (AGC)
	1,335	5.000%, 02/15/2015		1,462,412
		Minnesota Higher Education Facilities Authority, Bethel University, Series 6-R
	910	5.500%, 05/01/2016		945,008
	1,065	5.500%, 05/01/2017		1,100,688
		Minnesota Higher Education Facilities Authority, Hamline University, Series 7-K1
	500	3.000%, 10/01/2013		509,025
		St. Cloud Health Care Facilities, CentraCare Health System Series A
	1,000	5.000%, 05/01/2015		1,090,220

Nuveen Investments 43

Portfolio of Investments

Nuveen Short Tax Free Fund (continued)

April 30, 2011

Principal Amount (000)		Description p	Value
		Minnesota (continued)
		St. Cloud Independent School District #742, Aid Anticipation Certificates
$	2,000	1.500%, 08/19/2011	$	2,006,760
	12,810	Total Minnesota		13,549,338
		Mississippi – 2.1%
		Mississippi Series B-1 (AGC)
	3,235	4.000%, 07/01/2015		3,486,618
		Mississippi Hospital Equipment & Facilities Authority, North Mississippi Health Services, Series 1
	2,250	5.000%, 10/01/2017		2,516,625
	5,485	Total Mississippi		6,003,243
		Missouri – 3.0%
		Kirkwood Industrial Development Authority, Aberdeen Heights, Series C-3
	3,000	6.500%, 05/15/2015		2,995,470
		Missouri Finance Board, Infrastructure Facilities, Water Systems, Series E
	2,020	4.000%, 11/01/2016		2,084,014
		Missouri Health & Educational Facilities Authority, Rockhurst University, Series A
	460	3.000%, 10/01/2012		464,476
	475	3.000%, 10/01/2013		478,648
		Missouri Health & Educational Facilities Authority, Webster University
	2,000	5.250%, 04/01/2021		2,001,940
		Osage Beach Tax Increment, Prewitt’s Point Project
	465	4.625%, 05/01/2011		465,004
	8,420	Total Missouri		8,489,552
		Montana – 1.0%
		Montana Finance Authority, Series B
	2,740	5.000%, 01/01/2019		2,995,039
		Nebraska – 0.1%
		Central Plains Energy Project, Nebraska Gas Project #1 Series A
	250	5.250%, 12/01/2021		242,350
		New Jersey – 2.3%
		New Jersey Transportation Trust Fund, Series D
	6,000	5.000%, 12/15/2018		6,541,920
		New Mexico – 0.7%
		New Mexico Educational Assistance Foundation, Series C (AMT)
	2,000	3.900%, 09/01/2014		2,095,720
		New York – 1.2%
		New York Series A
	3,435	5.000%, 08/01/2011		3,473,512
		North Dakota – 1.7%
		Fargo Health Systems, Sanford Health
	1,600	4.000%, 11/01/2012		1,657,264
	3,040	3.500%, 11/01/2016		3,072,832
	4,640	Total North Dakota		4,730,096
		Ohio – 0.4%
		Ohio Air Quality Development Authority, Ohio Power Company, Series A Mandatory Put 06/02/2014 @ 100
	1,000	3.250%, 06/01/2041		1,010,850
		Oklahoma – 1.2%
		Cleveland County Public Facilities Authority, Norman Public Schools Project
	2,000	3.500%, 06/01/2012		2,061,320

44 Nuveen Investments

Principal Amount (000)		Description p	Value
		Oklahoma (continued)
		Tulsa County Individual Educational Facilities Authority, Jenks Public School
$	1,125	5.000%, 09/01/2014	$	1,259,032
	3,125	Total Oklahoma		3,320,352
		Oregon – 1.1%
		Medford Hospital Facilities Authority, Asante Health System (AGM)
	2,840	5.000%, 08/15/2015		3,165,663
		Pennsylvania – 2.9%
		Allegheny County Airport Authority, Pittsburgh International Airport, Series A, (AGM) (AMT)
	1,000	5.000%, 01/01/2016		1,059,440
		Philadelphia
	4,000	5.000%, 08/01/2014		4,326,160
		Union County Hospital Authority, Evangelical Community Hospital
	1,385	4.000%, 08/01/2015		1,395,997
	1,440	4.250%, 08/01/2016		1,451,261
	7,825	Total Pennsylvania		8,232,858
		Puerto Rico – 0.8%
		Puerto Rico Commonwealth Public Improvement Series A
	2,250	4.000%, 07/01/2011		2,261,272
		South Carolina – 2.3%
		Georgetown County Pollution Control Facilities, International Paper Company Project, Series A
	1,500	5.125%, 02/01/2012		1,533,165
		Richland County Environmental Improvement, Series A
	1,000	4.600%, 09/01/2012		1,032,070
		Scago Public Facilities Corporation, Lancaster County Project (AGC)
	3,315	3.500%, 12/01/2011		3,365,852
		South Carolina Jobs-Economic Development Authority, Palmetto Health
	500	5.000%, 08/01/2015		522,640
	6,315	Total South Carolina		6,453,727
		South Dakota – 0.5%
		South Dakota Health & Educational Facilities Authority, Sanford Health
	1,305	4.500%, 11/01/2015		1,408,043
		Tennessee – 1.6%
		Memphis-Shelby County Airport Authority, Series B (AMT)
	1,000	5.000%, 07/01/2016		1,076,240
		Memphis-Shelby County Sports Authority, Memphis Arena Project Series B
	1,270	5.500%, 11/01/2020		1,413,269
		Metropolitan Nashville Airport Authority, Series A
	1,800	5.000%, 07/01/2016		2,016,540
	4,070	Total Tennessee		4,506,049
		Texas – 5.2%
		Dallas Fort Worth International Airport, Series A
	1,000	5.000%, 11/01/2021		1,050,590
		Harrison County Health Facilities, Good Shepherd Health Systems
	1,000	4.000%, 07/01/2015		992,370
		Lower Colorado River Authority (AMBAC)
	2,615	5.000%, 05/15/2012		2,738,062
		Lower Colorado River Authority (AMBAC) (ETM)
	70	5.000%, 05/15/2012		72,999
		Tarrant County Cultural Education Facilities, CC Young Memorial Home, Series B-2
	2,000	6.500%, 02/15/2014		1,928,760

Nuveen Investments 45

Portfolio of Investments

Nuveen Short Tax Free Fund (continued)

April 30, 2011

Principal Amount (000)		Description p	Value
		Texas (continued)
		Tarrant County Cultural Education Facilities, Finance Corporation, Retirement Facility, Hendrick Medical Center, Series A (AGC)
$	1,425	4.000%, 09/01/2015	$	1,500,625
	1,070	4.000%, 09/01/2016		1,123,361
	1,355	4.375%, 09/01/2018		1,407,154
		Tarrant County Cultural Education Facilities, Finance Corporation, Retirement Facility, Mirador Project, Series B-2
	2,000	6.250%, 11/15/2014		1,953,240
		Tarrant County Cultural Education Facilities, Finance Corporation, Retirement Facility, Stayton at Museum Way Series C-2
	2,000	6.500%, 11/15/2014		1,973,280
	14,535	Total Texas		14,740,441
		Virgin Islands – 0.4%
		Virgin Islands Public Finance Authority, Series B
	1,000	5.000%, 10/01/2019		1,068,290
		Virginia – 4.8%
		Virginia Housing Development Authority, Commonwealth Mortgage, Series D1 (AMT)
	7,000	4.300%, 01/01/2014		7,229,950
		Virginia Public Building Authority, Series A
	6,000	5.000%, 08/01/2014		6,487,860
	13,000	Total Virginia		13,717,810
		Washington – 1.2%
		Port Seattle, Series C (AMT)
	1,000	5.000%, 02/01/2016		1,087,100
		Washington Health Care Facilities Authority, Central Washington Health Services
	1,225	5.000%, 07/01/2013		1,271,121
	1,150	5.000%, 07/01/2014		1,200,255
	3,375	Total Washington		3,558,476
		Wisconsin – 0.7%
		Wisconsin Health & Educational Facilities Authority, Aurora Health Care, Series A
	1,000	5.000%, 04/15/2016		1,055,210
		Wisconsin Health & Educational Facilities Authority, St. John’s Communities
	1,000	5.400%, 09/15/2014		972,030
	2,000	Total Wisconsin		2,027,240
		Wyoming – 0.4%
		Natrona County Hospitals, Wyoming Medical Center
	200	4.000%, 09/15/2014		206,510
	530	4.000%, 09/15/2015		542,884
	300	4.000%, 09/15/2016		305,238
	1,030	Total Wyoming		1,054,632
	210,920	Total Municipal Bonds (cost $217,038,656)		220,784,424
Principal Amount (000)/ Shares		Description p	Value
		Short-Term Investments – 21.7%
		Money Market Funds – 1.9%
	5,447,783	First American Tax Free Obligations Fund, Class Z 0.053% W		5,447,783
		Variable Rate Demand Notes – 19.8%
		California Financial Authority, Goodwill Industries - Orange County
	5,385	0.330%, 10/01/2033 v		5,385,000
		Cleveland-Cuyahoga County Port Authority, Carnegie/89th Garage Project
	7,610	0.240%, 01/01/2037 v		7,610,000

46 Nuveen Investments

Principal Amount (000)		Description p	Value
		Variable Rate Demand Notes (continued)
		Cohasset Power & Light Company Project Series A
$	5,420	0.270%, 06/01/2020 v	$	5,420,000
		Colorado Educational & Cultural Facilities Authority, Denver Seminary Project
	2,465	0.380%, 07/01/2034 v		2,465,000
		Glendale Individual Development Authority, Senior Living Facilities, Friendship Retirement Corporation
	5,500	0.380%, 01/01/2027 v		5,500,000
		Houston Higher Education Finance Corporation, Rice University Project Series A
	3,000	0.240%, 11/15/2029 v		3,000,000
		Houston Independent School District, Schoolhouse
	2,735	0.260%, 06/15/2031 v		2,735,000
		Indiana Health Facilities, Financing Authority, Anthony Wayne Rehabilitation Center
	2,270	0.380%, 02/01/2031 v		2,270,000
		Lake Oswego Redevelopment Agency Tax Increment Series A
	2,265	0.380%, 06/01/2020 v		2,265,000
		Massachusetts Bay Transportation Authority Series A-2
	3,000	0.270%, 07/01/2026 v		3,000,000
		Milwaukee Redevelopment Authority, Yankee Hill Apartments
	1,100	0.280%, 09/01/2025 v		1,100,000
		New Hanover County Schools
	3,390	0.280%, 02/01/2026 v		3,390,000
		New York City Transitional Finance Authority, Pierpont Morgan Library
	3,300	0.220%, 02/01/2034 v		3,300,000
		Philadelphia Gas Works Series C
	2,000	0.260%, 08/01/2031 v		2,000,000
		South Fulton Municipal Regional Water & Sewer Authority
	6,900	0.250%, 01/01/2033 v		6,900,000
$	56,340	Total Variable Rate Demand Notes		56,340,000
		Total Short-Term Investments (cost $61,787,783)		61,787,783
		Total Investments – 99.1% (cost $278,826,439)		282,572,207
		Other Assets Less Liabilities – 0.9%		2,564,362
		Net Assets – 100.0%	$	285,136,569

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

D During July 2010, the original issure for this security (1,000,000 par, 5.50% coupon and May 15, 2011 maturity) was restructured into two new securities. The first security, which is 70% of the original issue, has a 700,000 par, 5.100% coupon and May 15, 2014 maturity. The second security, which is the remaining 30% of the issue, has a 300,000 par, 0.000% coupon and May 15, 2050 maturity. At the end of the reporting period, the Adviser continues to accrue interest on the 700,000 par security.

W The rate shown is the annualized seven-day effective yield as of April 30, 2011.

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

(ETM) Escrowed to maturity.

Nuveen Investments 47

Portfolio of Investments

Nuveen Tax Free Fund

(formerly known as First American Tax Free Fund)

April 30, 2011

Principal Amount (000)		Description p	Value
		Municipal Bonds – 98.2%
		Alabama – 0.1%
		Camden Industrial Development Board, Weyerhaeuser Company Project, Series B (Pre-refunded 12/01/2013) (AMT)
$	350	6.375%, 12/01/2024	$	398,972
		Alaska – 1.1%
		Alaska International Airports, Series A (AMT)
	5,000	5.000%, 10/01/2027		4,855,300
		Arizona – 8.9%
		Arizona Health Facilities Authority, Blood Systems
	300	4.750%, 04/01/2025		290,337
		Arizona Health Facilities Authority, The Terraces Project, Series A (Pre-refunded 11/15/2013)
	3,055	7.500%, 11/15/2023		3,523,545
		Arizona School Facilities Board
	500	5.250%, 09/01/2023		516,085
		Arizona State University Nanotechnology Project, Series A (AGC)
	200	5.000%, 03/01/2034		200,050
		Chandler
	500	4.375%, 07/01/2028		505,190
		Cottonwood Water, Senior Lien (SGI)
	250	5.000%, 07/01/2017		270,045
		Gila County Unified School District #10, Payson School Improvement Project of 2006, Series A (AMBAC)
	6,630	5.250%, 07/01/2022		7,021,303
		Gilbert Public Facilities Municipal Property
	500	5.500%, 07/01/2027		530,680
		Glendale Industrial Development Authority
	200	4.625%, 12/01/2027		166,996
		Glendale Industrial Development Authority, John C. Lincoln Health Network
	100	5.000%, 12/01/2032		83,427
		Glendale Industrial Development Authority, Midwestern University
	500	5.000%, 05/15/2031		468,120
		Greater Arizona Development Authority, Infrastructure, Series B
	750	5.250%, 08/01/2026		760,005
		Greater Arizona Development Authority, Infrastructure, Pinal County Road Project, Series 1 (NATL)
	750	4.500%, 08/01/2025		732,210
		Greenlee County School District #18, Morenci School Improvement
	165	5.000%, 07/01/2012		170,410
		Marana Municipal Property, Series A
	250	5.000%, 07/01/2028		253,745
		Maricopa County Hospital, Sun Health Corporation (Pre-refunded 04/01/2024)
	200	5.000%, 04/01/2025		219,768
		Maricopa County Industrial Development Authority, Catholic Healthcare West, Series A
	500	5.375%, 07/01/2023		507,085
	3,600	5.250%, 07/01/2032		3,351,780
		Maricopa County Industrial Development Authority, Senior Living Healthcare, Immanuel Care, Series A (GNMA)
	750	4.850%, 08/20/2026		750,742
	500	5.000%, 08/20/2035		468,250
		Northern Arizona University, Research Projects (AMBAC)
	140	5.000%, 09/01/2023		141,485
		Peoria Improvement District #0601
	465	4.250%, 01/01/2022		479,885

48 Nuveen Investments

Principal Amount (000)		Description p	Value
		Arizona (continued)
		Peoria Municipal Development Authority
$	310	5.000%, 07/01/2015	$	352,303
		Phoenix Civic Improvement, Junior Lien, Series A
	4,000	5.000%, 07/01/2031		3,989,640
		Pima County Unified School District #1, Tucson School Improvement Project of 2004 Series C (FGIC) (NATL)
	730	5.000%, 07/01/2027		746,673
		Pima County Unified School District #1, Tucson School Improvement Project of 2004, Series C, (Pre-refunded 07/01/2017) (FGIC) (NATL)
	270	5.000%, 07/01/2027		318,954
		Pinal County
	400	5.000%, 12/01/2014		432,212
		Pinal County Industrial Development Authority, Correctional Facilities Contract, Florence West Prison Project, Series A (ACA)
	250	5.000%, 10/01/2016		253,305
		Pinal County Unified School District #1, Florence School Improvement Project of 2006, Series A (FGIC) (NATL)
	1,000	5.000%, 07/01/2027		1,019,070
		Queen Creek Improvement District #001
	300	5.000%, 01/01/2020		300,183
		Scottsdale Industrial Development Authority, Scottsdale Healthcare, Series A
	1,000	5.000%, 09/01/2022		1,006,040
		Scottsdale Municipal Property Corporation, Excise Tax, Series C, Convertible CABs (AMBAC)
	500	0.000% through 07/01/2013, thereafter 4.550%, 07/01/2021		477,540
		Scottsdale Municipal Property Corporation, Excise Tax, Water and Sewer Development Project, Series A
	4,300	5.000%, 07/01/2021		4,777,773
		Tempe Industrial Development Authority, Friendship Village Project, Series A
	1,178	5.375%, 12/01/2013		1,121,574
		Tucson
	250	5.500%, 07/01/2018		291,825
		University Medical Center Corporation
	215	5.000%, 07/01/2016		224,350
	450	5.000%, 07/01/2024		431,721
		Yavapai County Industrial Development Authority, Waste Management Incorporated Project, Series A1 (AMT)
	400	4.900%, 03/01/2028		368,672
		Yavapai County Industrial Development Authority, Yavapai Regional Medical Center Series A
	100	6.000%, 08/01/2033		97,122
		Yavapai County Industrial Development Authority, Yavapai Regional Medical Center, Series A (RAAI)
	375	5.250%, 08/01/2021		374,584
		Yuma Improvement District #68
	365	4.700%, 01/01/2021		349,418
	37,198	Total Arizona		38,344,102
		California – 7.9%
		California Department of Water Resources, Central Valley Project, Series AE
	2,000	5.000%, 12/01/2021		2,240,380
		California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management Incorporated Project, Series C (AMT) (GTY)
	5,000	5.125%, 11/01/2023		5,002,700
		California Statewide Communities Development Authority, St. Joseph Series B (FGIC)
	1,050	5.450%, 07/01/2026		1,042,955
		California Statewide Communities Development Authority, St. Joseph, Series C (FGIC)
	1,050	5.450%, 07/01/2026		1,042,954

Nuveen Investments 49

Portfolio of Investments

Nuveen Tax Free Fund (continued)

April 30, 2011

Principal Amount (000)		Description p	Value
		California (continued)
		Davis Redevelopment Agency, Davis Redevelopment Project, Series A
$	400	7.000%, 12/01/2036	$	406,688
		Loma Linda University Medical Center, Series A
	1,500	8.250%, 12/01/2038		1,609,725
		Lynwood Redevelopment Agency, Project Area A, Series A
	500	7.000%, 09/01/2031		503,955
		Poway Unified School District, Election of 2008, District 2007-1-A, Zero Coupon Bond
	3,775	0.000%, 08/01/2023		1,825,930
		Rialto Unified School District, Election of 2010, Series A, Convertible CABs (AGM)
	15,000	0.000% through 08/01/2026, thereafter 7.350%, 08/01/2041 g		5,178,600
		San Francisco City & County Airports, International Airport, Series A
	4,000	4.900%, 05/01/2029		3,948,200
		Santee Community Development, Santee Community Redevelopment Project, Series A
	440	7.000%, 08/01/2031		451,339
		Southern California Public Power Authority, Transmission Project, Series A
	4,000	5.000%, 07/01/2020		4,416,160
		Temecula Redevelopment Agency, Housing Redevelopment Project #1, Series A
	500	6.750%, 08/01/2031		502,315
		Ventura County Area Housing Authority, Mira Vista Senior Apartments, Series A (AMBAC) (AMT)
	1,000	5.000%, 12/01/2022		844,350
		Victor Valley Joint Union High School District, Election of 2008, Series A, Convertible CABs (AGC)
	5,000	0.000% through 08/01/2019, thereafter 5.750%, 08/01/2031 g		2,892,350
		Westminster School District, Series A1, Zero Coupon Bond (AGC)
	2,485	0.000%, 08/01/2026		940,697
	1,405	0.000%, 08/01/2028		451,370
	2,920	0.000%, 08/01/2029		872,145
	52,025	Total California		34,172,813
		Colorado – 3.2%
		Colorado Health Facilities Authority, Covenant Retirement Communities, Series B
	1,150	6.125%, 12/01/2033		1,092,695
		Colorado Health Facilities Authority, Evangelical Lutheran
	2,500	5.900%, 10/01/2027		2,507,950
	2,000	5.000%, 06/01/2029		1,803,440
		Colorado Health Facilities Authority, Sisters of Charity of Leavenworth, Series B
	5,000	5.250%, 01/01/2025		5,122,100
		Colorado Housing & Finance Authority, Solid Waste Disposal, Waste Management Incorporated Project (AMT)
	1,590	5.700%, 07/01/2018		1,694,209
		Denver City & County Airport System, Series A
	1,500	5.000%, 11/15/2021		1,639,050
	13,740	Total Colorado		13,859,444
		Delaware – 1.4%
		Delaware Transportation Authority, Transportation System
	5,000	5.000%, 07/01/2019		5,862,500
		Florida – 2.8%
		Halifax Hospital Medical Center, Series A
	375	5.000%, 06/01/2038		322,845
		Palm Beach County Health Facilities Authority, Retirement Community, Acts Retirement Life, Series A
	10,000	4.500%, 11/15/2036		7,443,400
		Palm Beach County School Board (FGIC) (NATL)
	2,415	5.000%, 08/01/2018		2,622,883
		Port St. Lucie, Southwest Annexation District 1-B (NATL)
	2,000	5.000%, 07/01/2033		1,650,040
	14,790	Total Florida		12,039,168

50 Nuveen Investments

Principal Amount (000)		Description p	Value
		Georgia – 3.6%
		DeKalb County Hospital Authority, DeKalb Medical Center Incorporated Project
$	4,000	6.000%, 09/01/2030	$	3,751,960
		Fulton County Development Authority, Georgia Tech Athletic Association
	5,000	5.750%, 10/01/2041		5,029,800
		Fulton County Development Authority, Maxon Atlantic Station, Series A, Mandatory Put 03/01/2015 @ 100 (AMT)
	2,300	5.125%, 03/01/2026		2,240,292
		Fulton County Residential Care Facilities, Canterbury Court Project, Series A
	1,500	6.125%, 02/15/2026		1,328,580
	2,500	6.125%, 02/15/2034		2,110,650
		Georgia Municipal Electric Authority Power, Series BB (IBC) (NATL)
	1,000	5.250%, 01/01/2025		1,046,200
	16,300	Total Georgia		15,507,482
		Hawaii – 1.0%
		Hawaii Department of Budget & Finance, Special Purpose, 15 Craigside Project, Series A
	1,000	8.750%, 11/15/2029		1,078,670
	1,250	9.000%, 11/15/2044		1,355,175
		Hawaii Department of Budget & Finance, Special Purpose, Kahala Nui Project, Series A
	2,000	8.000%, 11/15/2033		2,091,240
	4,250	Total Hawaii		4,525,085
		Idaho – 0.2%
		Idaho Health Facilities Authority, Trinity Health Group, Series B
	750	6.250%, 12/01/2033		793,042
		Illinois – 7.7%
		Chicago Illinois Board of Education, Series C
	2,000	5.000%, 12/01/2020		2,079,780
		Illinois Finance Authority, Franciscan Communities, Series A
	400	5.500%, 05/15/2037		287,820
		Illinois Finance Authority, Illinois Institute of Technology
	3,500	7.125%, 02/01/2034		3,208,065
		Illinois Finance Authority, Landing at Plymouth Place Project, Series A
	2,300	6.000%, 05/15/2037		1,824,475
		Illinois Finance Authority, Roosevelt University
	2,000	6.250%, 04/01/2029		2,001,160
	2,800	5.500%, 04/01/2037		2,483,012
		Illinois Finance Authority, Rush University Medical Center, Obligated Group Series A
	3,680	7.250%, 11/01/2030		3,982,386
		Illinois Finance Authority, Rush University Medical Center, Obligated Group, Series C
	1,265	6.625%, 11/01/2039		1,302,532
		Illinois Finance Authority, Silver Cross Hospital & Medical Centers
	3,230	5.500%, 08/15/2030		2,769,725
	5,000	6.875%, 08/15/2038		4,977,950
		Illinois Finance Authority, Three Crowns Park Plaza, Series A
	100	5.875%, 02/15/2026		92,231
		Illinois Health Facilities Authority, Covenant Retirement Communities
	4,500	5.875%, 12/01/2031		4,173,345
		Illinois Health Facilities Authority, Covenant Retirement Communities, Series A (RAAI)
	4,000	5.500%, 12/01/2022		3,944,240
	34,775	Total Illinois		33,126,721

Nuveen Investments 51

Portfolio of Investments

Nuveen Tax Free Fund (continued)

April 30, 2011

Principal Amount (000)		Description p	Value
		Indiana – 2.6%
		Anderson Economic Development, Anderson University Project
$	425	5.000%, 10/01/2032	$	315,469
		Indiana Health & Educational Facilities Financing Authority, Community Foundation
	2,830	5.500%, 03/01/2037		2,552,688
		Indiana Health & Educational Facilities Financing Authority, Schneck Memorial Hospital Project, Series A
	400	5.250%, 02/15/2030		362,656
		Indiana Municipal Power Agency, Power Supply, Series B (NATL)
	1,000	6.000%, 01/01/2012		1,035,260
		Indiana Transportation Finance Authority, Series A (AMBAC)
	2,000	5.750%, 06/01/2012		2,060,200
		Portage Economic Development, Ameriplex Project
	1,000	5.000%, 07/15/2023		961,030
	775	5.000%, 01/15/2027		713,070
		Vigo County Hospital Authority, Union Hospital
	3,000	8.000%, 09/01/2041		3,003,660
	11,430	Total Indiana		11,004,033
		Iowa – 0.1%
		Muscatine Electric (ETM)
	280	6.700%, 01/01/2013		298,192
		Kansas – 1.6%
		Kansas Department of Transportation, Series B2
	500	5.000%, 09/01/2022		562,680
		Kansas Development Finance Authority, Adventist Health System
	4,500	5.500%, 11/15/2029		4,683,330
		Olathe Senior Living Facility, Catholic Care Campus, Series A
	2,000	6.000%, 11/15/2038		1,674,700
	7,000	Total Kansas		6,920,710
		Kentucky – 0.6%
		Pikeville Hospital Revenue, Pikeville Medical Center
	2,500	6.500%, 03/01/2041		2,510,525
		Louisiana – 0.2%
		Jefferson Parish, Home Mortgage Authority, (ETM) (FGIC) (FHA) (VA)
	1,000	7.100%, 08/01/2011		1,016,220
		Maryland – 1.0%
		Frederick County, Series C
	3,685	5.000%, 12/01/2020		4,354,712
		Massachusetts – 2.0%
		Massachusetts Development Finance Agency, Health Care Facility, AdventCare Project, Series A
	2,850	6.750%, 10/15/2037		2,456,273
		Massachusetts Development Finance Agency, Senior Living Facility, Groves-Lincoln Series A
	1,000	7.875%, 06/01/2044		986,340
		Massachusetts Development Finance Agency, Senior Living Facility, Groves-Lincoln, Series B2
	450	6.250%, 06/01/2014		440,671
		Massachusetts Educational Financing Authority, Issue I, Series B (AMT)
	955	5.500%, 01/01/2023		973,718
		Massachusetts Health & Educational Facilities Authority, Suffolk University, Series A
	3,000	5.750%, 07/01/2039		2,845,740
		Massachusetts Health & Educational Facilities Authority, UMass Memorial Issue, Series D
	1,000	5.000%, 07/01/2033		836,310
	9,255	Total Massachusetts		8,539,052

52 Nuveen Investments

Principal Amount (000)		Description p	Value
		Michigan – 2.8%
		Kalamazoo Hospital Finance Authority, Bronson Methodist Hospital, Series A (AGM)
$	7,665	5.000%, 05/15/2026	$	7,557,230
		Michigan Hospital Finance Authority, McLaren Health Care, Series A
	1,000	5.250%, 05/15/2018		1,086,870
		Royal Oak Hospital Finance Authority, William Beaumont Hospital
	3,000	8.000%, 09/01/2029		3,368,640
	11,665	Total Michigan		12,012,740
		Minnesota – 3.2%
		Cuyuna Range Hospital District
	1,000	5.200%, 06/01/2025		908,640
		Minneapolis Health Care System, Fairview Health Services, Series A
	3,000	6.625%, 11/15/2028		3,225,180
		Minneapolis, Mozaic Parking Project, Series A
	1,000	8.500%, 01/01/2041		1,006,990
		Minnesota Agricultural & Economic Development Board, Health Care System, Fairview Health Services, Series A
	95	6.375%, 11/15/2029		95,300
		Monticello-Big Lake Community Hospital District, Health Care Facilities, Series C
	2,995	6.200%, 12/01/2022		2,854,565
		Northern Municipal Power Agency, Series A1
	1,000	5.000%, 01/01/2019		1,109,350
		Shakopee Health Care Facilities, St. Francis Regional Medical Center
	1,000	5.250%, 09/01/2034		912,210
		St. Paul Housing & Redevelopment Hospital Authority, HealthEast Project
	2,000	6.000%, 11/15/2025		1,860,560
	2,000	6.000%, 11/15/2030		1,750,240
	14,090	Total Minnesota		13,723,035
		Missouri – 0.8%
		Bi-State Development Agency, Missouri-Illinois Metropolitan District, St. Clair County Metrolink Project (AGM)
	3,185	5.250%, 07/01/2027		3,379,795
		Montana – 1.1%
		Forsyth Pollution Control, Northwestern Corporation (AMBAC)
	2,500	4.650%, 08/01/2023		2,576,550
		Montana Facility Finance Authority, Senior Living, St. John’s Lutheran Ministries Project, Series A
	2,500	6.125%, 05/15/2036		2,087,675
	5,000	Total Montana		4,664,225
		Nebraska – 1.1%
		Nebraska Public Power District, Series B
	2,750	5.000%, 01/01/2020		3,031,270
		Washington County Wastewater Facilities, Cargill Incorporated Project (AMT)
	1,700	5.900%, 11/01/2027		1,724,820
	4,450	Total Nebraska		4,756,090
		Nevada – 1.2%
		Carson City Hospital, Carson-Tahoe Hospital
	2,740	5.750%, 09/01/2031		2,498,140
		Carson City Hospital, Carson-Tahoe Hospital (Pre-refunded 09/01/2012)
	2,260	5.750%, 09/01/2031		2,432,235
		Clark County Industrial Development, Southwest Gas Corporation Project, Series A (AMT) (FGIC)		65,494
	80	4.750%, 09/01/2036
	5,080	Total Nevada		4,995,869

Nuveen Investments 53

Portfolio of Investments

Nuveen Tax Free Fund (continued)

April 30, 2011

Principal Amount (000)		Description p	Value
		New Hampshire – 0.5%
		New Hampshire Health & Educational Facilities Authority, Covenant Health
$	1,250	5.375%, 07/01/2024	$	1,250,975
		New Hampshire Health & Educational Facilities Authority, Speare Memorial Hospital
	800	5.875%, 07/01/2034		735,984
	2,050	Total New Hampshire		1,986,959
		New York – 0.4%
		Troy Capital Resource, Rensselaer Polytechnic Institute Project, Series B
	1,400	5.000%, 09/01/2020		1,525,916
		North Carolina – 1.3%
		North Carolina Medical Care Community Health Care Facilities, 1st Mortgage Presbyterian, Series B
	1,500	5.200%, 10/01/2021		1,394,730
		North Carolina, Public Improvement, Series A (Pre-refunded 03/01/2015)
	3,765	5.000%, 03/01/2021		4,315,707
	5,265	Total North Carolina		5,710,437
		North Dakota – 0.3%
		West Fargo, Series A (AGC)
	550	4.000%, 05/01/2017		567,556
	540	4.000%, 05/01/2018		553,786
	1,090	Total North Dakota		1,121,342
		Ohio – 1.3%
		Lake County Hospital Facilities, Lake Hospital System, Series C
	3,250	5.625%, 08/15/2029		3,077,458
		Miami County Hospital Facilities, Refunding & Improvement, Upper Valley Medical Center
	1,000	5.250%, 05/15/2026		978,210
		Ohio Higher Educational Facility, Baldwin-Wallace College Project
	1,540	5.250%, 12/01/2019		1,648,924
	5,790	Total Ohio		5,704,592
		Oregon – 2.5%
		Oregon Facilities Authority, Reed College Project, Series A
	3,890	5.125%, 07/01/2041		3,975,697
		Portland Airport, Portland International (AMT)
	7,155	5.000%, 07/01/2027		7,026,138
	11,045	Total Oregon		11,001,835
		Pennsylvania – 3.4%
		Delaware County Authority College, Neumann College
	1,000	6.125%, 10/01/2034		976,270
		Erie County Industrial Development Authority, International Paper Company Project, Series A (AMT)
	1,350	5.000%, 11/01/2018		1,345,828
		Pennsylvania Economic Development Authority, Allegheny Energy Supply
	5,000	7.000%, 07/15/2039		5,245,550
		Philadelphia
	2,380	6.500%, 08/01/2041		2,477,866
		Philadelphia Gas Works, Ninth Series
	2,000	5.000%, 08/01/2030		1,929,140
		State Public School Building Authority, Delaware County Community College Project (AGM)
	1,600	5.000%, 10/01/2024		1,682,224
		Westmoreland County Industrial Development Authority, Redstone Retirement Community, Series A
	1,200	5.750%, 01/01/2026		1,033,572
	14,530	Total Pennsylvania		14,690,450

54 Nuveen Investments

Principal Amount (000)		Description p	Value
		Puerto Rico – 2.3%
		Puerto Rico Commonwealth, Series A
$	550	5.000%, 07/01/2027	$	512,380
		Puerto Rico Electric Power Authority, Series VV (NATL)
	10,000	5.250%, 07/01/2029		9,515,700
	10,550	Total Puerto Rico		10,028,080
		South Carolina – 1.1%
		Georgetown County Environmental Improvement, International Paper, Series A (AMT)
	700	5.550%, 12/01/2029		675,199
		South Carolina Infrastructure, Series A
	3,000	3.000%, 10/01/2024		2,825,610
		South Carolina Jobs Economic Development Authority, Palmetto Health Alliance Series A
	1,250	6.125%, 08/01/2023		1,263,888
		South Carolina Jobs Economic Development Authority, Palmetto Health Alliance, Series C, (Pre-refunded 08/01/2013)
	135	6.375%, 08/01/2034		151,860
	5,085	Total South Carolina		4,916,557
		South Dakota – 4.0%
		Rapid City Airport, Series A
	1,000	7.000%, 12/01/2035		1,025,500
		Rapid City Airport, Recovery Zone, Series B
	2,500	7.000%, 12/01/2030		2,519,500
		Sioux Falls Health Facilities, Dow Rummel Village Project, Series A (Pre-refunded 11/15/2012)
	2,270	6.625%, 11/15/2023		2,457,139
		South Dakota Economic Development Finance Authority, Pooled Loan Program - Davis Family, Series 4A (AMT)
	1,400	6.000%, 04/01/2029		1,409,408
		South Dakota Economic Development Finance Authority, Pooled Loan Program - Spearfish Forest, Series A (AMT)
	2,000	5.875%, 04/01/2028		2,020,280
		South Dakota Health & Educational Facilities Authority, Vocational Education Program (AGC)
	6,750	5.500%, 08/01/2038		6,866,437
		South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
	1,250	5.000%, 09/01/2031		1,128,625
	17,170	Total South Dakota		17,426,889
		Tennessee – 1.9%
		Claiborne County Industrial Development Board, Lincoln Memorial University Project
	3,000	6.625%, 10/01/2039		3,022,860
		Johnson City Health & Educational Facilities Board, Mountain States Health, Series A (Pre-refunded 07/01/2012)
	2,500	7.500%, 07/01/2033		2,734,325
		Shelby County
	1,000	5.000%, 04/01/2020		1,152,250
		Shelby County Health, Educational, & Housing Facility Board, Methodist Healthcare (Pre-refunded 09/01/2012)
	1,125	6.500%, 09/01/2021		1,211,063
	7,625	Total Tennessee		8,120,498
		Texas – 15.0%
		Abilene Health Facilities Development, Sears Methodist Retirement Project
	455	5.875%, 11/15/2018		388,384
		Abilene Health Facilities Development, Sears Methodist Retirement Project, Series A
	2,280	5.875%, 11/15/2018		1,946,185

Nuveen Investments 55

Portfolio of Investments

Nuveen Tax Free Fund (continued)

April 30, 2011

Principal Amount (000)		Description p	Value
		Texas (continued)
		Brazos County Health Facilities, Franciscan Services Corporation, St. Joseph Regional
$	3,635	5.000%, 01/01/2023	$	3,574,841
		Bryan Electric System
	3,500	5.000%, 07/01/2019		3,855,320
		Crawford Education Facilities, University of St. Thomas Project
	1,300	5.250%, 10/01/2022		1,262,989
	1,750	5.375%, 10/01/2027		1,631,472
		Fort Bend Independent School District, (ETM) (PSFG)
	500	5.000%, 02/15/2014		557,765
		Harris County Health Facilities Development Corporation, Memorial Hermann Healthcare System, Series B
	2,000	7.250%, 12/01/2035		2,175,860
		Harrison County Health Facilities, Good Shepherd Health Systems
	3,000	5.250%, 07/01/2028		2,606,730
		Humble Independent School District, Series A (AGC)
	2,635	5.250%, 02/15/2022		2,969,065
		Klein Independent School District, Series A (PSFG)
	2,285	5.000%, 08/01/2023		2,604,649
		Lubbock Educational Facilities Authority, Lubbock Christian University
	1,000	5.125%, 11/01/2027		915,990
	2,500	5.250%, 11/01/2037		2,143,825
		North Texas Tollway Authority, Series C, Convertible CABs
	5,440	0.000% through 09/01/2021, thereafter 6.750%, 09/01/2045 g		2,944,400
		North Texas Tollway Authority, First Tier, Series E3, Mandatory Put 01/01/2016 @ 100
	4,500	5.750%, 01/01/2038		5,022,045
		Port Houston Authority, Harris County, Series D1
	2,000	5.000%, 10/01/2030		2,109,840
		Red River Authority Sewer & Solid Waste Disposal, Excel Corporation Project (AMT)
	3,775	6.100%, 02/01/2022		3,823,999
		San Antonio Electric & Gas
	4,000	5.000%, 02/01/2025		4,311,320
		San Antonio Electric & Gas, Series A
	10,000	5.250%, 02/01/2025		11,002,900
		San Marcos Certificates of Obligation (AGM)
	1,000	5.000%, 08/15/2025		1,048,240
	1,000	5.000%, 08/15/2027		1,035,110
		San Marcos Waterworks & Waste Water Systems (AGM)
	1,000	5.000%, 08/15/2026		1,035,670
		Tarrant County Cultural Education Retirement Facility, Northwest Senior Housing, Edgemere Project, Series A
	1,600	6.000%, 11/15/2026		1,520,896
		Travis County Health Facilities, Querencia Barton Creek Project
	1,300	5.500%, 11/15/2025		1,119,534
	4,100	5.650%, 11/15/2035		3,287,708
	66,555	Total Texas		64,894,737
		Utah – 1.0%
		Intermountain Power Agency, Utah Power Supply, Series A (AMBAC)
	365	6.500%, 07/01/2011		368,811
		Intermountain Power Agency, Utah Power Supply, Series A, (ETM) (AMBAC)
	635	6.500%, 07/01/2011		641,845
		Utah Charter School Finance, George Washington Academy, Series A
	3,520	8.000%, 07/15/2041		3,499,478
	4,520	Total Utah		4,510,134

56 Nuveen Investments

Principal Amount (000)		Description p	Value
		Vermont – 0.4%
		Vermont Economic Development Authority, Wake Robin Corporation Project, Series A
$	1,000	5.250%, 05/01/2026	$	854,780
		Vermont Educational & Health Buildings, Vermont Law School Project, Series A
	1,000	6.250%, 01/01/2033		1,000,610
	2,000	Total Vermont		1,855,390
		Virginia – 0.2%
		Arlington County Industrial Development Authority, Berkeley Apartments (AMT) (FNMA)
	1,000	5.850%, 12/01/2020		1,021,270
		Washington - 2.5%
		Energy Northwest Washington Electric, Project 3, Series A
	2,500	5.000%, 07/01/2018		2,914,400
		Washington Health Care Facilities Authority, Central Washington Health Services
	2,000	6.250%, 07/01/2024		2,068,900
	2,000	7.000%, 07/01/2039		2,023,260
		Washington Higher Education Facilities Authority, Whitworth University Project
	3,000	5.375%, 10/01/2029		2,866,500
		Washington Public Power Supply System, Nuclear Project #3, Series B
	600	7.125%, 07/01/2016		752,544
	10,100	Total Washington		10,625,604
		Wisconsin – 2.3%
		Oneida Tribe of Indians, Retail Sales Revenue
	2,500	6.500%, 02/01/2031		2,603,175
		Wisconsin Health & Educational Facilities Authority, Beaver Dam Community Hospitals, Series A
	2,000	6.750%, 08/15/2034		1,917,240
		Wisconsin Health & Educational Facilities Authority, Beloit College, Series A
	1,225	6.125%, 06/01/2039		1,129,916
		Wisconsin Health & Educational Facilities Authority, Children’s Hospital of Wisconsin
	2,000	5.250%, 08/15/2024		2,078,380
		Wisconsin Health & Educational Facilities Authority, Eastcastle Place Incorporated Project
	1,000	6.000%, 12/01/2024		797,270
		Wisconsin Health & Educational Facilities Authority, New Castle Place Project, Series A
	2,000	7.000%, 12/01/2031		1,598,100
	10,725	Total Wisconsin		10,124,081
		Wyoming – 1.6%
		Natrona County Hospital, Wyoming Medical Center Project
	2,250	6.350%, 09/15/2031		2,287,733
		Teton County Hospital District, St. John’s Medical Center
	2,100	6.750%, 12/01/2022		2,084,859
		West Park Hospital District, West Park Hospital Project, Series A
	2,650	7.000%, 06/01/2040		2,666,880
	7,000	Total Wyoming		7,039,472
$	446,298	Total Municipal Bonds (cost $426,703,715)		423,964,070
Shares		Description p	Value
		Short-Term Investments – 0.6%
		Money Market Funds – 0.6%
	2,711,542	First American Tax Free Obligations Fund, Class Z, 0.053% W		2,711,542
		Total Short-Term Investments (cost $2,711,542)		2,711,542
		Total Investments – 98.8% (cost $429,415,257)		426,675,612
		Other Assets Less Liabilities – 1.2%		5,058,670
		Net Assets – 100.0%	$	431,734,282

Nuveen Investments 57

Portfolio of Investments

Nuveen Tax Free Fund (continued)

April 30, 2011

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

Convertible Capital Appreciation Bonds (Convertible CABs) initially pay no interest but accrete in value from the date of issuance through the conversion date, at which time the bonds start to accrue and pay interest on a semi-annual basis until final maturity.

W The rate shown is the annualized seven-day effective yield as of April 30, 2011.

(ETM) Escrowed to maturity.

58 Nuveen Investments

Statement of Assets and Liabilities

April 30, 2011 (all dollars and shares are rounded to thousands (000), except for per share data)

	Intermediate Tax Free		Short Tax Free			Tax Free
Assets
Investments, at value (cost $707,207, $278,826 and $429,415, respectively)	$	730,318	$	282,572		$	426,676
Receivables:
Interest		10,152		3,104			7,017
Shares sold		559		82			120
Other assets		5		6			5
Total assets		741,034		285,764			433,818
Liabilities
Payables:
Dividends		2,124		425			1,383
Investments purchased		561		—			—
Shares redeemed		439		42			374
Accrued expenses:
Management fees		397		120			221
12b-1 distribution and service fees		10		1			10
Other		125		39			96
Total liabilities		3,656		627			2,084
Net assets	$	737,378	$	285,137		$	431,734
Class A Shares
Net assets	$	59,548	$	7,790		$	44,625
Shares outstanding		5,535		780			4,312
Net asset value per share	$	10.76	$	9.98		$	10.35
Offering price per share (net asset value per share plus maximum sales charge of 3.00%, 2.50% and 4.20%, respectively, of offering price)	$	11.09	$	10.24		$	10.80
Class C1 Shares(1)
Net assets	$	3,781		N/A		$	5,654
Shares outstanding		350		N/A			549
Net asset value and offering price per share	$	10.81		N/A		$	10.29
Class I Shares(1)
Net assets	$	674,049	$	277,347		$	381,455
Shares outstanding		62,835		27,792			36,837
Net asset value and offering price per share	$	10.73	$	9.98		$	10.36
Net Assets Consist of:
Capital paid-in	$	713,624	$	281,674		$	446,304
Undistributed (Over-distribution of) net investment income		239		522			410
Accumulated net realized gain (loss)		404		(805	)		(12,241	)
Net unrealized appreciation (depreciation)		23,111		3,746			(2,739	)
Net assets	$	737,378	$	285,137		$	431,734
Authorized shares		2 billion		2 billion			2 billion
Par value per share	$	0.0001	$	0.0001		$	0.0001

N/A - Short Tax Free does not offer Class C1 Shares.

   (1) - Effective January 18, 2011, Class C Shares were renamed Class C1 Shares and Class Y Shares were renamed Class I Shares.

See accompanying notes to financial statements.

Nuveen Investments 59

Statement of Operations (all dollars are rounded to thousands (000))

	Intermediate Tax Free						Short Tax Free						Tax Free
	Ten Months Ended 4/30/11			Year Ended 6/30/10			Ten Months Ended 4/30/11			Year Ended 6/30/10			Ten Months Ended 4/30/11			Year Ended 6/30/10
Investment Income
Interest and dividends from non-affiliated investments	$	30,399		$	35,115		$	6,751		$	6,735		$	20,618		$	25,384
Interest and dividends from affiliated investments		2			9			2			8			3			15
Total investment income		30,401			35,124			6,753			6,743			20,621			25,399
Expenses
Management fees		3,431			3,696			1,235			1,324			2,139			2,325
12b-1 service fees – Class A		108			116			17			16			91			104
12b-1 distribution and service fees – Class C1(1)		19			3			N/A			N/A			33			30
Administration fees		962			1,677			382			607			617			1,057
Shareholders’ servicing agent fees and expenses		90			75			51			60			78			80
Custodian’s fees and expenses		36			37			17			13			24			23
Directors’ fees and expenses		22			31			18			31			19			31
Professional fees		18			51			19			50			19			50
Shareholders’ reports – printing and mailing expenses		51			26			20			8			35			13
Federal and state registration fees		51			46			33			28			53			37
Other expenses		19			24			14			21			17			25
Total expenses before expense reimbursements		4,807			5,782			1,806			2,158			3,125			3,775
Expense reimbursement		(315	)		(598	)		(321	)		(584	)		(285	)		(485	)
Expense reimbursement from regulatory settlement		(11	)		—			—			—			(98	)		—
Net expenses		4,481			5,184			1,485			1,574			2,742			3,290
Net investment income (loss)		25,920			29,940			5,268			5,169			17,879			22,109
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from
investments		729			1,318			631			2,406			(5,413	)		801
Change in net unrealized appreciation (depreciation) of investments		(11,689	)		27,550			(1,305	)		2,992			(8,937	)		41,451
Net realized and unrealized gain (loss)		(10,960	)		28,868			(674	)		5,398			(14,350	)		42,252
Net increase (decrease) in net assets from operations	$	14,960		$	58,808		$	4,594		$	10,567		$	3,529		$	64,361

N/A – Short Tax Free does not offer Class C1 Shares.

   (1) – Effective January 18, 2011, Class C Shares were renamed Class C1 Shares.

See accompanying notes to financial statements.

60 Nuveen Investments

Statement of Changes in Net Assets (all dollars are rounded to thousands (000))

	Intermediate Tax Free
	Ten Months Ended 4/30/11			Year Ended 6/30/10			Year Ended 6/30/09
Operations
Net investment income (loss)	$	25,920		$	29,940		$	28,489
Net realized gain (loss) from:
Investments		729			1,318			(457	)
Futures		—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments		(11,689	)		27,550			(2,077	)
Futures		—			—			—
Net increase (decrease) in net assets from operations		14,960			58,808			25,955
Distributions to Shareholders
From net investment income:
Class A		(1,957	)		(1,856	)		(1,243	)
Class C1(1)		(93	)		(16	)		—
Class I(1)		(23,353	)		(27,974	)		(28,122	)
From accumulated net realized gains:
Class A		(54	)		—			(22	)
Class C1(1)		(4	)		—			—
Class I(1)		(639	)		—			(483	)
Decrease in net assets from distributions to shareholders		(26,100	)		(29,846	)		(29,870	)
Fund Share Transactions
Proceeds from sale of shares		152,863			216,095			187,179
Proceeds from shares issued to shareholders due to reinvestment of distributions		3,355			3,479			3,565
		156,218			219,574			190,744
Cost of shares redeemed		(185,242	)		(148,406	)		(167,791	)
Net increase (decrease) in net assets from Fund share transactions		(29,024	)		71,168			22,953
Net increase (decrease) in net assets		(40,164	)		100,130			19,038
Net assets at the beginning of period		777,542			677,412			658,374
Net assets at end of period	$	737,378		$	777,542		$	677,412
Undistributed (Over-distribution of) net investment income at the end of period	$	239		$	(278	)	$	(372	)

   (1) – Effective January 18, 2011, Class C Shares were renamed Class C1 Shares and Class Y Shares were renamed Class I Shares.

See accompanying notes to financial statements.

Nuveen Investments 61

Statement of Changes in Net Assets (continued) (all dollars are rounded to thousands (000))

	Short Tax Free
	Ten Months Ended 4/30/11			Year Ended 6/30/10			Year Ended 6/30/09
Operations
Net investment income (loss)	$	5,268		$	5,169		$	4,528
Net realized gain (loss) from:
Investments		631			2,406			34
Futures		—			—			(2,092	)
Change in net unrealized appreciation (depreciation) of:
Investments		(1,305	)		2,992			2,012
Futures		—			—			70
Net increase (decrease) in net assets from operations		4,594			10,567			4,552
Distributions to Shareholders
From net investment income:
Class A		(122	)		(116	)		(68	)
Class C1(1)		N/A			N/A			N/A
Class I(1)		(4,618	)		(5,052	)		(4,419	)
From accumulated net realized gains:
Class A		—			—			—
Class C1(1)		N/A			N/A			N/A
Class I(1)		—			—			—
Decrease in net assets from distributions to shareholders		(4,740	)		(5,168	)		(4,487	)
Fund Share Transactions
Proceeds from sale of shares		146,465			260,317			101,444
Proceeds from shares issued to shareholders due to reinvestment of distributions		338			381			265
		146,803			260,698			101,709
Cost of shares redeemed		(179,471	)		(130,472	)		(65,741	)
Net increase (decrease) in net assets from Fund share transactions		(32,668	)		130,226			35,968
Net increase (decrease) in net assets		(32,814	)		135,625			36,033
Net assets at the beginning of period		317,951			182,326			146,293
Net assets at end of period	$	285,137		$	317,951		$	182,326
Undistributed (Over-distribution of) net investment income at the end of period	$	522		$	(6	)	$	(7	)

N/A – Short Tax Free does not offer Class C1 Shares.

   (1) – Effective January 18, 2011, Class C Shares were renamed Class C1 Shares and Class Y Shares were renamed Class I Shares.

62 Nuveen Investments

	Tax Free
	Ten Months Ended 4/30/11			Year Ended 6/30/10			Year Ended 6/30/09
Operations
Net investment income (loss)	$	17,879		$	22,109		$	21,396
Net realized gain (loss) from:
Investments		(5,413	)		801			(5,558	)
Futures		—			—			(676	)
Change in net unrealized appreciation (depreciation) of:
Investments		(8,937	)		41,451			(24,517	)
Futures		—			—			—
Net increase (decrease) in net assets from operations		3,529			64,361			(9,355	)
Distributions to Shareholders
From net investment income:
Class A		(1,641	)		(1,996	)		(1,662	)
Class C1(1)		(181	)		(193	)		(138	)
Class I(1)		(15,255	)		(20,293	)		(19,833	)
From accumulated net realized gains:
Class A		—			—			(51	)
Class C1(1)		—			—			(5	)
Class I(1)		—			—			(587	)
Decrease in net assets from distributions to shareholders		(17,077	)		(22,482	)		(22,276	)
Fund Share Transactions
Proceeds from sale of shares		79,316			122,455			106,010
Proceeds from shares issued to shareholders due to reinvestment of distributions		1,797			2,262			2,020
		81,113			124,717			108,030
Cost of shares redeemed		(131,631	)		(90,562	)		(144,068	)
Net increase (decrease) in net assets from Fund share transactions		(50,518	)		34,155			(36,038	)
Net increase (decrease) in net assets		(64,066	)		76,034			(67,669	)
Net assets at the beginning of period		495,800			419,766			487,435
Net assets at end of period	$	431,734		$	495,800		$	419,766
Undistributed (Over-distribution of) net investment income at the end of period	$	410		$	(391	)	$	(9	)

   (1) – Effective January 18, 2011, Class C Shares were renamed Class C1 Shares and Class Y Shares were renamed Class I Shares.

See accompanying notes to financial statements.

Nuveen Investments 63

Financial Highlights

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations							Less Distributions
INTERMEDIATE TAX FREE
	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total		Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value		Total Return(c)
CLASS A (12/87)
Year Ended 4/30
2011(e)	$	10.90	$	.36	$	(.14	)	$	.22	$	(.35	)	$	(.01	)	$	(.36	)	$	10.76		2.00	%
Year Ended 6/30
2010		10.46		.43		.44			.87		(.43	)		—			(.43	)		10.90		8.42
2009		10.51		.45		(.03	)		.42		(.46	)		(.01	)		(.47	)		10.46		4.09
2008		10.63		.44		(.09	)		.35		(.43	)		(.04	)		(.47	)		10.51		3.33
2007		10.63		.44		.01			.45		(.44	)		(.01	)		(.45	)		10.63		4.27
2006(f)		10.92		.32		(.26	)		.06		(.32	)		(.03	)		(.35	)		10.63		.56
Year Ended 9/30
2005		11.18		.44		(.19	)		.25		(.45	)		(.06	)		(.51	)		10.92		2.31
CLASS C1 (10/09)(g)
Year Ended 4/30
2011(e)		10.94		.31		(.13	)		.18		(.30	)		(.01	)		(.31	)		10.81		1.61
Year Ended 6/30
2010(h)		10.76		.25		.18			.43		(.25	)		—			(.25	)		10.94		4.05
CLASS I (2/94)(g)
Year Ended 4/30
2011(e)		10.87		.36		(.14	)		.22		(.35	)		(.01	)		(.36	)		10.73		2.08
Year Ended 6/30
2010		10.43		.44		.44			.88		(.44	)		—			(.44	)		10.87		8.50
2009		10.49		.45		(.04	)		.41		(.46	)		(.01	)		(.47	)		10.43		4.05
2008		10.61		.44		(.08	)		.36		(.44	)		(.04	)		(.48	)		10.49		3.41
2007		10.61		.45		.01			.46		(.45	)		(.01	)		(.46	)		10.61		4.43
2006(f)		10.90		.33		(.26	)		.07		(.33	)		(.03	)		(.36	)		10.61		.67
Year Ended 9/30
2005		11.16		.46		(.19	)		.27		(.47	)		(.06	)		(.53	)		10.90		2.47

64 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
$	59,548		.91	%*		3.78	%*		.72	%*		3.96	%*		9	%
	59,606		1.02			3.74			.75			4.01			10
	35,017		1.02			4.02			.75			4.29			13
	27,554		1.02			3.85			.77			4.10			19
	29,687		1.02			3.91			.85			4.08			27
	32,521		1.05	*		3.75	*		.85	*		3.95	*		15
	34,658		1.05			3.78			.85			3.98			15
	3,781		1.34	*		3.38	*		1.31	*		3.41	*		9
	1,484		1.42	*		3.37	*		1.35	*		3.44	*		10
	674,049		.70	*		3.98	*		.66	*		4.02	*		9
	716,452		.77			3.98			.70			4.05			10
	642,395		.77			4.27			.70			4.34			13
	630,820		.77			4.10			.70			4.17			19
	554,618		.77			4.16			.70			4.23			27
	596,306		.80	*		4.00	*		.70	*		4.10	*		15
	641,141		.80			4.03			.70			4.13			15

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

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

(d) After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

(e) For the ten months ended April 30, 2011.

(f) For the nine months ended June 30, 2006.

(g) Effective January 18, 2011, Class C Shares were renamed Class C1 Shares and Class Y Shares were renamed Class I Shares.

(h) For the period October 28, 2009 (commencement of operations) through June 30, 2010.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 65

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations							Less Distributions
SHORT TAX FREE
	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total		Net Invest- ment Income			Capital Gains(b)		Total			Ending Net Asset Value		Total Return(c)
CLASS A (10/02)
Year Ended 4/30
2011(e)	$	9.98	$	.16	$	(.02	)	$	.14	$	(.14	)	$	—	$	(.14	)	$	9.98		1.41	%
Year Ended 6/30
2010		9.74		.20		.22			.42		(.18	)		—		(.18	)		9.98		4.38
2009		9.79		.28		(.07	)		.21		(.26	)		—		(.26	)		9.74		2.17
2008		9.70		.30		.10			.40		(.31	)		—		(.31	)		9.79		4.17
2007		9.68		.28		.03			.31		(.29	)		—		(.29	)		9.70		3.22
2006(f)		9.78		.19		(.09	)		.10		(.20	)		—		(.20	)		9.68		1.02
Year Ended 9/30
2005		9.96		.24		(.17	)		.07		(.25	)		—		(.25	)		9.78		.83
CLASS I (10/02)(g)
Year Ended 4/30
2011(e)		9.98		.17		(.02	)		.15		(.15	)		—		(.15	)		9.98		1.54
Year Ended 6/30
2010		9.74		.20		.24			.44		(.20	)		—		(.20	)		9.98		4.53
2009		9.79		.27		(.05	)		.22		(.27	)		—		(.27	)		9.74		2.32
2008		9.70		.31		.10			.41		(.32	)		—		(.32	)		9.79		4.33
2007		9.68		.31		.01			.32		(.30	)		—		(.30	)		9.70		3.37
2006(f)		9.78		.21		(.10	)		.11		(.21	)		—		(.21	)		9.68		1.13
Year Ended 9/30
2005		9.96		.26		(.18	)		.08		(.26	)		—		(.26	)		9.78		.67

66 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
$	7,790		.89	%*		1.73	%*		.71	%*		1.91	%*		21	%
	7,168		1.06			1.49			.74			1.81			45
	3,376		1.11			2.35			.75			2.71			70
	2,308		1.11			2.69			.75			3.05			58
	2,410		1.08			2.61			.75			2.94			57
	3,321		1.08	*		2.32	*		.75	*		2.65	*		22
	4,103		1.06			2.15			.75			2.46			37
	277,347		.67	*		1.94	*		.55	*		2.06	*		21
	310,783		.81			1.74			.59			1.96			45
	178,950		.86			2.58			.60			2.84			70
	143,985		.86			2.94			.60			3.20			58
	161,468		.83			2.86			.60			3.09			57
	235,900		.83	*		2.57	*		.60	*		2.80	*		22
	329,647		.81			2.41			.60			2.62			37

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

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

(d) After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

(e) For the ten months ended April 30, 2011.

(f) For the nine months ended June 30, 2006.

(g) Effective January 18, 2011, Class Y Shares were renamed Class I Shares.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 67

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
TAX FREE
	Beginning Net Asset Value		Net Invest- ment Income (Loss)		Net Realized/ Unrealized Gain (Loss)(a)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value		Total Return(c)
CLASS A (11/96)
Year Ended 4/30
2011(e)	$	10.61	$	.39	$	(.29	)	$	.10		$	(.36	)	$	—		$	(.36	)	$	10.35		0.98	%
Year Ended 6/30
2010		9.65		.49		.97			1.46			(.50	)		—			(.50	)		10.61		15.32
2009		10.26		.48		(.59	)		(.11	)		(.48	)		(.02	)		(.50	)		9.65		(.80	)
2008		10.77		.45		(.46	)		(.01	)		(.44	)		(.06	)		(.50	)		10.26		(.05	)
2007		10.86		.45		—			.45			(.45	)		(.09	)		(.54	)		10.77		4.16
2006(f)		11.10		.35		(.20	)		.15			(.35	)		(.04	)		(.39	)		10.86		1.37
Year Ended
2005		11.18		.47		.03			.50			(.47	)		(.11	)		(.58	)		11.10		4.51
CLASS C1 (9/01)(g)
Year Ended 4/30
2011(e)		10.56		.33		(.28	)		.05			(.32	)		—			(.32	)		10.29		0.43
Year Ended 6/30
2010		9.61		.43		.96			1.39			(.44	)		—			(.44	)		10.56		14.60
2009		10.21		.42		(.57	)		(.15	)		(.43	)		(.02	)		(.45	)		9.61		(1.30	)
2008		10.72		.39		(.45	)		(.06	)		(.39	)		(.06	)		(.45	)		10.21		(.61	)
2007		10.81		.40		.01			.41			(.41	)		(.09	)		(.50	)		10.72		3.76
2006(f)		11.05		.32		(.20	)		.12			(.32	)		(.04	)		(.36	)		10.81		1.06
Year Ended
2005		11.13		.42		.03			.45			(.42	)		(.11	)		(.53	)		11.05		4.13
CLASS I (11/96)(g)
Year Ended 4/30
2011(e)		10.62		.39		(.28	)		.11			(.37	)		—			(.37	)		10.36		1.07
Year Ended 6/30
2010		9.66		.49		.97			1.46			(.50	)		—			(.50	)		10.62		15.36
2009		10.27		.49		(.59	)		(.10	)		(.49	)		(.02	)		(.51	)		9.66		(.75	)
2008		10.78		.46		(.46	)		—			(.45	)		(.06	)		(.51	)		10.27		.04
2007		10.87		.48		—			.48			(.48	)		(.09	)		(.57	)		10.78		4.42
2006(f)		11.11		.37		(.20	)		.17			(.37	)		(.04	)		(.41	)		10.87		1.57
Year Ended
2005		11.19		.50		.02			.52			(.49	)		(.11	)		(.60	)		11.11		4.77

68 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Reimbursement						Ratios to Average Net Assets After Reimbursement(d)
Ending Net Assets (000)		Expenses			Net Invest- ment Income (Loss)			Expenses			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
$	44,625		.95	%*		4.18	%*		.70	%*		4.43	%*		30	%
	45,885		1.04			4.41			.75			4.70			25
	35,276		1.04			4.78			.75			5.07			34
	35,557		1.02			4.04			.78			4.28			52
	37,760		1.03			4.00			.95			4.08			31
	36,519		1.06	*		4.17	*		.95	*		4.28	*		13
	38,205		1.06			4.09			.95			4.20			8
	5,654		1.37	*		3.76	*		1.29	*		3.83	*		30
	5,698		1.44			4.00			1.35			4.09			25
	3,442		1.44			4.39			1.35			4.48			34
	3,104		1.43			3.64			1.35			3.72			52
	2,495		1.51			3.51			1.35			3.67			31
	2,210		1.81	*		3.41	*		1.35	*		3.87	*		13
	2,712		1.81			3.34			1.35			3.80			8
	381,455		.72	*		4.39	*		.64	*		4.47	*		30
	444,217		.79			4.68			.70			4.77			25
	381,048		.79			5.01			.70			5.10			34
	448,774		.78			4.28			.70			4.36			52
	539,360		.78			4.24			.70			4.32			31
	455,910		.81	*		4.42	*		.70	*		4.53	*		13
	436,303		.81			4.34			.70			4.45			8

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

(b) Distributions from Capital Gains include short-term capital gains, if any.

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

(d) After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

(e) For the ten months April 30, 2011.

(f) For the nine months ended June 30, 2006.

(g) Effective January 18, 2011, Class C Shares were renamed Class C1 Shares and Class Y Shares were renamed Class I Shares.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 69

Notes to Financial Statements (all dollars and shares are rounded to thousands (000))

1. General Information and Significant Accounting Policies

General Information

On July 28, 2010, U.S. Bancorp, the indirect parent company of FAF Advisors, Inc. (“FAF Advisors”), entered into an agreement to sell a portion of FAF Advisors’ asset management business to Nuveen Investments, Inc. (“Nuveen”). Included in the sale was the part of FAF Advisors’ asset management business that advises the funds included in this report. The sale closed on December 31, 2010 (the “Sale”).

In connection with the Sale, the funds’ Board of Directors was asked to consider and approve new investment advisory agreements for the funds with Nuveen Asset Management, a wholly-owned subsidiary of Nuveen. The new investment advisory agreements for each fund were submitted to the funds’ shareholders for approval and took effect on January 1, 2011. Effective January 1, 2011, the funds’ adviser, Nuveen Asset Management, changed its name to Nuveen Fund Advisors, Inc. (“Nuveen Fund Advisors” or the “Adviser”). Concurrently, the Adviser formed a wholly-owned subsidiary, Nuveen Asset Management, LLC (the “Sub-Adviser”), to house its portfolio management capabilities and to serve as the funds’ sub-adviser, and the funds’ portfolio managers became employees of the Sub-Adviser. This allocation of responsibilities between the Adviser and the Sub-Adviser affects each of the funds. The Adviser will compensate the Sub-Adviser for the portfolio management services it provides to the funds from each fund’s management fee.

There was no change in the funds’ investment objectives or policies as a result of the sale. The sale did result in a change to each fund’s name effective January 1, 2011.

The funds’ Board of Directors also approved new distribution agreements with Nuveen Investments, LLC, a wholly-owned subsidiary of Nuveen. Effective April 30, 2011, Nuveen Investments, LLC changed its name to Nuveen Securities, LLC.

First American Investment Funds, Inc. known as Nuveen Investment Funds, Inc. effective April 4, 2011 (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of the Nuveen Intermediate Tax Free Fund (“Intermediate Tax Free”), formerly known as First American Intermediate Tax Free Fund, Nuveen Short Tax Free Fund (“Short Tax Free”), formerly known as First American Short Tax Free Fund and Nuveen Tax Free Fund (“Tax Free”), formerly known as First American Tax Free Fund (each a “Fund” and collectively, the “Funds”), among others.

Intermediate Tax Free’s and Short Tax Free’s investment objective is to provide current income that is exempt from federal income tax to the extent consistent with preservation of capital. Tax Free’s investment objective is to provide maximum current income that is exempt from federal income tax to the extent consistent with prudent investment risk.

Under normal market conditions, as a fundamental policy, each Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in municipal securities that pay interest that is exempt from federal income tax, including the federal alternative minimum tax. Each Fund normally may invest up to 20% of its net assets in taxable obligations, including obligations the interest on which is subject to the federal alternative minimum tax. Each Fund’s most recent prospectus provides further descriptions of the Fund’s investment objective, principal investment strategies, and principal risks.

Each Fund’s most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.

During the current fiscal period, the Funds’ Board of Directors approved a change in the Funds’ fiscal and tax year ends from June 30 to April 30.

Effective January 18, 2011, Class C Shares were renamed Class C1 Shares and Class Y Shares were renamed Class I Shares. Class C1 Shares are not available for new accounts or for additional investment into existing accounts, but Class C1 Shares can be issued for purposes of dividend reinvestment.

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

Investment Valuation

Prices of municipal bonds are provided by a pricing service approved by the Funds’ Board of Directors. These securities are generally classified as Level 2 for fair value measurement purposes. When price quotes are not readily available (which is usually the case for municipal bonds) the pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Investments in open-end funds are valued at their respective net asset values on the valuation date. These investment vehicles are generally classified as Level 1.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. Futures contracts are generally classified as Level 1.

70 Nuveen Investments

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

Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At April 30, 2011, the Funds had no such outstanding purchase commitments.

Investment Income

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

Income Taxes

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Dividends and Distributions to Shareholders

The Funds declare dividends from their net investment income daily and pay shareholders monthly. Fund shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares are collected by the Funds’ transfer agent.

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

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

Inverse Floating Rate Securities

Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as the Fund) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in

Nuveen Investments 71

Notes to Financial Statements (continued) (all dollars and shares are rounded to thousands (000))

most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.

A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Interest from unaffiliated investments” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as “Interest expense on floating rate obligations” on the Statement of Operations.

During the ten months ended April 30, 2011, the Funds did not invest in externally-deposited inverse floaters and/or self-deposited inverse floaters.

Futures Contracts

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and is authorized to invest in futures contracts in attempt to manage such risk. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the “initial margin.” Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Deposits with brokers for open futures contracts” on the Statement of Assets and Liabilities. Subsequent payments (“variation margin”) are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities, when applicable.

During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as “Net realized gain (loss) from futures contracts” on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices. The Funds did not enter into futures contracts during the ten months ended April 30, 2011.

Market and Counterparty Credit Risk

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

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

Zero Coupon Securities

Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference

72 Nuveen Investments

between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Multiclass Operations and Allocations

Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares, which presently only include 12b-1 distribution and shareholder service fees, are recorded to the specific class.

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

Interfund Lending Program

During the period July 1, 2010 through December 31, 2010, pursuant to an exemptive order issued by the Securities and Exchange Commission, the Funds, along with other registered investment companies in the First American Funds family, were allowed to participate in an interfund lending program. This program provided an alternative credit facility allowing the Funds to borrow from, or lend money to, other participating funds. The Funds did not have any interfund lending transactions during the period July 1, 2010 through December 31, 2010. The exemptive order terminated with respect to the Funds on December 31, 2010, in connection with the Sale.

Indemnifications

Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Use of Estimates

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

2. Fair Value Measurements

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

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

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of April 30, 2011:

Intermediate Tax Free	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	728,396	$	—	$	728,396
Short-Term Investments		1,922		—		—		1,922
Total	$	1,922	$	728,396	$	—	$	730,318

Short Tax Free	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	220,784	$	—	$	220,784
Short-Term Investments		5,448		56,340		—		61,788
Total	$	5,448	$	277,124	$	—	$	282,572

Nuveen Investments 73

Notes to Financial Statements (continued) (all dollars and shares are rounded to thousands (000))

Tax Free	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	423,964	$	—	$	423,964
Short-Term Investments		2,712		—		—		2,712
Total	$	2,712	$	423,964	$	—	$	426,676

During the ten months ended April 30, 2011, the Funds recognized no significant transfers to/from Level 1, Level 2 or Level 3.

3. Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the ten months ended April 30, 2011.

4. Fund Shares

Transactions in Fund shares were as follows:

	Intermediate Tax Free
	Ten Months Ended 4/30/11						Year Ended 6/30/10						Year Ended 6/30/09
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		1,844		$	20,009			2,980		$	32,251			1,244		$	12,873
Class C1(1)		677			3,003			151			1,645			—			—
Class I(1)		11,985			129,851			16,900			182,199			16,958			174,306
Shares issued to shareholders due to reinvestment of distributions:
Class A		128			1,394			115			1,253			87			899
Class C1(1)		5			59			1			10			—			—
Class I(1)		176			1,902			206			2,216			258			2,666
		14,815			156,218			20,353			219,574			18,547			190,744
Shares redeemed:
Class A		(1,907	)		(20,618	)		(975	)		(10,578	)		(604	)		(6,277	)
Class C1(1)		(468	)		(662	)		(16	)		(178	)		—			—
Class I(1)		(15,239	)		(163,962	)		(12,763	)		(137,650	)		(15,803	)		(161,514	)
		(17,614	)		(185,242	)		(13,754	)		(148,406	)		(16,407	)		(167,791	)
Net increase (decrease)		(2,799	)	$	(29,024	)		6,599		$	71,168			2,140		$	22,953
	Short Tax Free
	Ten Months Ended 4/30/11						Year Ended 6/30/10						Year Ended 6/30/09
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		421		$	4,224			414		$	4,089			152		$	1,472
Class I(1)		14,223			142,241			25,824			256,228			10,407			99,972
Shares issued to shareholders due to reinvestment of distributions:
Class A		7			70			6			56			5			49
Class I(1)		27			268			33			325			22			216
		14,678			146,803			26,277			260,698			10,586			101,709
Shares redeemed:
Class A		(366	)		(3,639	)		(49	)		(486	)		(46	)		(435	)
Class I(1)		(17,599	)		(175,832	)		(13,089	)		(129,986	)		(6,768	)		(65,306	)
		(17,965	)		(179,471	)		(13,138	)		(130,472	)		(6,814	)		(65,741	)
Net increase (decrease)		(3,287	)	$	(32,668	)		13,139		$	130,226			3,772		$	35,968

   (1) – Effective January 18, 2011, Class C Shares were renamed Class C1 Shares and Class Y Shares were renamed Class I Shares.

74 Nuveen Investments

	Tax Free
	Ten Months Ended 4/30/11						Year Ended 6/30/10						Year Ended 6/30/09
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		760		$	8,069			1,494		$	15,621			677		$	6,423
Class C1(1)		712			1,146			267			2,769			106			967
Class I(1)		6,629			70,101			10,001			104,065			10,641			98,620
Shares issued to shareholders due to reinvestment of distributions:
Class A		88			928			122			1,270			128			1,203
Class C1(1)		10			103			10			101			7			68
Class I(1)		73			766			86			891			81			749
		8,272			81,113			11,980			124,717			11,640			108,030
Shares redeemed:
Class A		(863	)		(8,906	)		(944	)		(9,849	)		(617	)		(5,718	)
Class C1(1)		(712	)		(1,108	)		(95	)		(990	)		(59	)		(550	)
Class I(1)		(11,706	)		(121,617	)		(7,678	)		(79,723	)		(14,997	)		(137,800	)
		(13,281	)		(131,631	)		(8,717	)		(90,562	)		(15,673	)		(144,068	)
Net increase (decrease)		(5,009	)	$	(50,518	)		3,263		$	34,155			(4,033	)	$	(36,038	)

   (1) – Effective January 18, 2011, Class C Shares were renamed Class C1 Shares and Class Y Shares were renamed Class I Shares.

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments, when applicable) during the ten months ended April 30, 2011, were as follows:

	Intermediate Tax Free		Short Tax Free		Tax Free
Purchases	$	64,736	$	60,319	$	137,730
Sales and maturities		65,876		46,745		165,479

6. 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 certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

At April 30, 2011 the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

	Intermediate Tax Free			Short Tax Free			Tax Free
Cost of investments	$	707,207		$	278,826		$	429,411
Gross unrealized:
Appreciation	$	31,307		$	5,043		$	12,292
Depreciation		(8,196	)		(1,297	)		(15,027	)
Net unrealized appreciation (depreciation) of investments	$	23,111		$	3,746		$	(2,735	)

Permanent differences, primarily due to tax equalization, resulted in reclassifications among the Funds’ components of net assets at April 30, 2011, the Funds’ tax year-end, as follows:

	Intermediate Tax Free			Short Tax Free		Tax Free
Capital paid-in	$	118		$	—	$	—
Undistributed (Over-distribution of) net investment income		—			—		—
Accumulated net realized gain (loss)		(118	)		—		—

Nuveen Investments 75

Notes to Financial Statements (continued) (all dollars and shares are rounded to thousands (000))

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at April 30, 2011, the Funds’ tax year end, were as follows:

	Intermediate Tax Free		Short Tax Free		Tax Free
Undistributed net tax-exempt income*	$	2,660	$	989	$	1,723
Undistributed net ordinary income**		—		8		246
Undistributed net long-term capital gains		404		—		—

* Undistributed net tax exempt income (on a tax basis) has not been reduced for the dividends declared during the period April 1, 2011 through April 30, 2011 and paid on May 2, 2011.

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

The tax character of distributions paid during the ten months ended April 30, 2011, and during the tax years ended June 30, 2010 and June 30, 2009, was designated for purposes of the dividends paid deduction as follows:

Ten months ended April 30, 2011	Intermediate Tax Free		Short Tax Free		Tax Free
Distributions from net tax-exempt income***	$	25,127	$	4,684	$	17,000
Distributions from net ordinary income**		185		37		300
Distributions from net long-term capital gains****		805		—		—
Tax year ended June 30, 2010
Distributions from net tax-exempt income	$	29,070	$	5,064	$	21,875
Distributions from net ordinary income **		626		18		526
Distributions from net long-term gains		—		—		—
Tax year ended June 30, 2009
Distributions from net tax-exempt income	$	29,152	$	4,466	$	21,627
Distributions from net ordinary income **		307		—		26
Distributions from net long-term gains		201		—		643

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

*** The Funds hereby designate these amounts paid during the ten months ended April 30, 2011, as Exempt Interest Dividends.

**** The Funds designated as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852 (b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the ten months ended April 30, 2011.

At April 30, 2011, the Funds’ tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

	Short Tax Free		Tax Free
Expiration:
April 30, 2015	$	419	$	—
April 30, 2017		312		—
April 30, 2018		—		6,429
April 30, 2019		—		733
Total	$	731	$	7,162

The Funds have elected to defer net realized losses from investments incurred from November 1, 2010 through April 30, 2011, the Funds’ tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the following fiscal year. The following Fund has elected to defer post-October losses as follows:

	Tax Free
Post-October capital losses	$	4,686

7. Management Fees and Other Transactions with Affiliates

Investment Advisory Fees

During the period July 1, 2010 through December 31, 2010, pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors managed each Fund’s assets and furnished related office facilities, equipment, research, and personnel. The Agreement required each Fund to pay FAF Advisors a monthly advisory fee equal, on an annual basis, to 0.50% of each Fund’s average daily net assets.

76 Nuveen Investments

Effective January 1, 2011, pursuant to a new investment advisory agreement (the “New Agreement”), the Funds’ new investment adviser is Nuveen Fund Advisors. Under the New Agreement, each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by Nuveen Fund Advisors. This pricing structure enables Fund shareholders to benefit from growth in the assets within their Fund as well as from growth in the amount of complex-wide assets managed by Nuveen Fund Advisors.

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

Average Daily Net Assets	Intermediate Tax Free Fund-Level Fee Rate			Short Tax Free Fund-Level Fee Rate			Tax Free Fund-Level Fee Rate
For the first $125 million		.4000	%		.2500	%		.4000	%
For the next $125 million		.3875			.2375			.3875
For the next $250 million		.3750			.2250			.3750
For the next $500 million		.3625			.2125			.3625
For the next $1 billion		.3500			.2000			.3500
For net assets over $2 billion		.3250			.1750			.3250

The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets.” The complex-level fee schedule for each Fund is as follows:

Complex-Level Asset Breakpoint Level*	Effective Rate at Breakpoint Level
$55 billion		.2000	%
$56 billion		.1996
$57 billion		.1989
$60 billion		.1961
$63 billion		.1931
$66 billion		.1900
$71 billion		.1851
$76 billion		.1806
$80 billion		.1773
$91 billion		.1691
$125 billion		.1599
$200 billion		.1505
$250 billion		.1469
$300 billion		.1445

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with Nuveen Fund Advisors’ assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by Nuveen Fund Advisors that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by Nuveen Fund Advisors as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of April 30, 2011, the complex-level fee rates for Intermediate Tax Free, Short Tax Free and Tax Free were .1982%, .1997% and .1989%, respectively.

The management fee compensates Nuveen Fund Advisors for the overall investment advisory and administrative services and general office facilities it provides for the Funds. Effective January 1, 2011, Nuveen Fund Advisors has entered into a sub-advisory agreement with the Sub-Adviser. The Sub-Adviser will be compensated for its services to the Funds from the management fees paid to Nuveen Fund Advisors.

During the period July 1, 2010 through December 31, 2010, the Funds may have invested in related money market funds that were series of First American Funds, Inc., subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to FAF Advisors, which acted as the investment advisor to both the investing Funds and the related money market funds, FAF Advisors reimbursed each investing Fund an amount equal to that portion of FAF Advisors’ investment advisory fee received from the related money market funds that was attributable to the assets of the investing Fund. This reimbursement, if any, is recognized as a component of “Expense Reimbursement” on the Statement of Operations and terminated with respect to the Funds on December 31, 2010, in connection with the Sale.

Nuveen Investments 77

Notes to Financial Statements (continued) (all dollars and shares are rounded to thousands (000))

During the period July 1, 2010 through December 31, 2010, FAF Advisors agreed to waive fees and reimburse other Fund expenses at least through October 31, 2010, so that total Fund operating expenses, as a percentage of each Fund’s average daily net assets, did not exceed the following amounts:

	Share Class
Fund	A			C(1)			Y(1)
Intermediate Tax Free		.75	%		1.35	%		.70	%
Short Tax Free		.75			N/A			.60
Tax Free		.75			1.35			.70

N/A – Not applicable; Fund did not offer Class C Shares during the six months ended December 31, 2010.

   (1) – Effective January 18, 2011, Class C shares were renamed Class C1 Shares and Class Y Shares were renamed Class I Shares.

Effective January 1, 2011, Nuveen Fund Advisors has contractually agreed to waive fees and reimburse other Fund expenses of each Fund so that total annual Fund operating expenses, after waivers and excluding acquired Fund fees and expenses, do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:

	Intermediate Tax Free			Short Tax Free			Tax Free
Class A		.75	%		.75	%		.75	%
Class C1		1.35			N/A			1.35
Class I		.70			.60			.70
Expiration Date		March 31, 2012			March 31, 2012			March 31, 2012

N/A – Short Tax Free does not offer Class C1 Shares.

Effective January 1, 2011, Nuveen Fund Advisors has also contractually agreed to reimburse Class A Share 12b-1 fees of Short Tax Free and Tax Free through March 31, 2012, to the extent necessary so that total annual fund operating expenses, after waivers and/or expense reimbursements and excluding Acquired Fund Fees and Expenses, do not exceed .75% for Class A Shares.

During the period July 1, 2010 through December 31, 2010, independent directors of the Funds may have participated and elected to defer receipt of part or all of their annual compensation under a deferred compensation plan (the “Plan”). Deferred amounts were treated as though equivalent dollar amounts had been invested in shares of selected open-end funds as designated by each director. All amounts in the Plan were 100% vested and accounts under the Plan were obligations of the Funds. Deferred amounts remain in the Funds until distributed in accordance with the Plan.

Effective January 1, 2011, independent directors may elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain funds advised by Nuveen Fund Advisors. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select funds advised by Nuveen Fund Advisors.

Administration Fees

During the period July 1, 2010 through December 31, 2010, FAF Advisors served as the Funds’ administrator pursuant to an administration agreement between FAF Advisors and the Funds. U.S. Bancorp Fund Services, LLC (“USBFS”) served as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank National Association (“U.S. Bank”). Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors was compensated to provide, or compensated other entities to provide, services to the Funds. These services included various legal, oversight, and administrative and accounting services. The Funds paid FAF Advisors administration fees, which were calculated daily and paid monthly, equal to the Funds’ pro rata share of an amount equal, on an annual basis, to .25% of the aggregate average daily net assets of all open-end funds in the First American Funds family up to $8 billion, .235% on the next $17 billion of the aggregate average daily net assets, .22% on the next $25 billion of the aggregate average daily net assets, and .20% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator were paid from the administration fee. In addition to these fees, the Funds may have reimbursed FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services. Effective January 1, 2011, FAF Advisors and USBFS no longer serve as the Funds’ administrator and sub-administrator, respectively, and the Funds have not entered into any new administration or sub-administration agreements.

Transfer Agent Fees

USBFS serves as the Funds’ transfer agent pursuant to a transfer agent agreement with the Trust. The Funds are charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class. These fees are charged to each Fund based upon the number of accounts within each Fund. In addition to these fees, the Funds may reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services.

Custodian Fees

U.S. Bank serves as the custodian for the Fund pursuant to a custodian agreement with the Trust. The custodian fee charged for each Fund is equal to an annual rate of .005% of average daily net assets. All fees are computed daily and paid monthly. Interest earned on uninvested cash balances is used to reduce a portion of each Fund’s custodian expenses. These credits, if any, are recognized as “Custodian fee credit” on the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the Funds’ custodian expenses.

78 Nuveen Investments

Distribution and Shareholder Servicing (12b-1) Fees

During the period July 1, 2010 through December 31, 2010, Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, served as the distributor of the Funds pursuant to a distribution agreement with the Trust. Under the distribution agreement, and pursuant to a plan adopted by each Fund under Rule 12b-1 of the Investment Company Act, the Funds paid Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of .25% and .65% of the Funds’ average daily net assets attributable to Class A and Class C Shares (renamed Class C1 Shares), respectively. No distribution or shareholder servicing fees were paid by Class Y Shares (renamed Class I Shares). These fees may have been used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities. During the period July 1, 2010 through December 31, 2010, total distribution and shareholder servicing fees waived by Quasar for the following Funds were as follows:

Fund	Amount
Intermediate Tax Free	$	31
Short Tax Free		4

Effective January 1, 2011, the Funds entered into a distribution agreement with Nuveen Investments LLC, who now serves as the Funds’ distributor. Under the new agreement, Class A Shares incur a .20% annual 12b-1 service fee. Class C1 Shares continue to incur a .40% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class I Shares will continue to not be subject to any sales charge or 12b-1 distribution or service fees. Annual distribution and service fees are based on average daily net assets.

All 12b-1 service and distribution fees collected on Class C1 Shares during the first year following a purchase were retained by Quasar and/or Nuveen Securities, LLC. to compensate for commissions advanced to financial intermediaries. During the ten months ended April 30, 2011, Quasar and/or Nuveen Securities, LLC. retained such 12b-1 fees as follows:

	Intermediate Tax Free		Short Tax Free		Tax Free
12b-1 fees retained (Unaudited)	$	35	$	3	$	26

The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

During the ten months ended April 30, 2011, Quasar and/or Nuveen Securities, LLC. compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Intermediate Tax Free		Short Tax Free		Tax Free
Commission advances (Unaudited)	$	10	$	5	$	4

During the ten months ended April 30, 2011, Quasar and/or Nuveen Securities, LLC. collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

	Intermediate Tax Free		Short Tax Free		Tax Free
Sales charges collected (Unaudited)	$	35	$	6	$	17
Paid to financial intermediaries (Unaudited)		32		6		16

Quasar and/or Nuveen Securities, LLC. also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

Other Fees and Expenses

In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each Fund is responsible for paying other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. During the period July 1, 2010 through December 31, 2010, legal fees and expenses of $7 were paid to a law firm of which an Assistant Secretary of the Funds was a partner.

Contingent Deferred Sales Charges

During the period July 1, 2010 through January 17, 2011, Class A Shares of Intermediate Tax Free and Short Tax Free were sold with an up-front sales charge of 2.25%. Class A Shares of Tax Free were sold with an up-front sales charge of 4.25%. Class C Shares (renamed Class C1 Shares) were subject to a contingent deferred sales charge (“CDSC”) of 1% for twelve months. Class Y Shares (renamed Class I Shares) had no sales charge and were offered only to qualifying institutional investors and certain other qualifying accounts.

Effective January 18, 2011, Class A Shares of the Funds are sold with an up-front sales charge of 3.00% for Intermediate Tax Free, 2.50% for Short Tax Free and 4.20% for Tax Free. Class A Share purchases of $250 or more for Short Tax Free and $1 million or more for Intermediate Tax Free and Tax Free are sold at net asset value without any sales charge. Class A Share purchases of the Funds may be subject to a CDSC if redeemed within eighteen months of purchase. Class C1 Shares are subject to a CDSC of 1% if redeemed within one year of purchase.

Nuveen Investments 79

Notes to Financial Statements (continued) (all dollars and shares are rounded to thousands (000))

Quasar and Nuveen Securities, LLC collected and retained CDSC on share redemptions during the ten months ended April 30, 2011, as follows:

	Intermediate Tax Free		Short Tax Free		Tax Free
CDSC retained (Unaudited)	$	2	$	—	$	—

8. Regulatory Settlements

On August 23, 2010, Intermediate Tax Free and Tax Free received settlement payments from the SEC related to the BISYS Fair Fund Settlement. The settlement was paid to funds that had used BISYS from June 1999 through June 2004. The Mercantile Funds, which subsequently merged into Intermediate Tax Free and Tax Free, had used BISYS as an administrator during this period. Because the settlement was for the overcharging of expenses to these Funds, the amounts are recognized as “Expense reimbursement from regulatory settlement” on the Statement of Operations.

9. Fund Merger

Effective after the close of business on January 29, 2010, Tax Free Fund acquired the assets and assumed the liabilities of First American Arizona Tax Free Fund (“Arizona Tax Free”). Tax Free Fund was deemed to be the accounting survivor in the merger. Shareholders of Arizona Tax Free approved the merger on January 22, 2010.

The merger was accomplished by tax free exchanges as detailed below:

	Share Class
Tax Free	Class A		Class C		Class Y		Total
Net assets of Arizona Tax Free	$	6,036	$	1,500	$	13,894	$	21,430
Arizona Tax Free shares exchanged		566		141		1,302		2,009
Tax Free shares issued		578		144		1,328		2,050
Net assets of Tax Free immediately before the merger	$	40,838	$	4,116	$	415,610	$	460,564
Net assets of Tax Free immediately after the merger	$	46,874	$	5,616	$	429,504	$	481,994

The components of Arizona Tax Free’s net assets prior to adjustments for any permanent book-to-tax differences at the merger date were as follows:

	Total Net Assets		Portfolio Capital		Undistributed Net Investment Loss			Accumulated Net Realized Loss			Net Unrealized Appreciation
Arizona Tax Free	$	21,430	$	21,536	$	(74	)	$	(36	)	$	4

10. New Accounting Pronouncement

Fair Value Measurements and Disclosures

On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update (“ASU”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective by the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, the ASU requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers, ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of the ASU is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

11. Subsequent Events

Name Changes

On August 31, 2011, Short Tax Free will change its name to Nuveen Short Term Municipal Bond Fund.

80 Nuveen Investments

Trustees and Officers (Unaudited)

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

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

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustees:
Robert P. Bremner (2) 8/22/40 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1996	Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.	245
Jack B. Evans 10/22/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; President Pro Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	245
William C. Hunter 3/6/48 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean, Tippie College of Business, University of Iowa (since 2006); Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at George Washington University.	245
David J. Kundert (2) 10/28/42 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation.	245
William J. Schneider (2) 9/24/44 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council; member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.	245
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	245
Carole E. Stone (2) 6/28/47 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).	245

Nuveen Investments 81

Trustees and Officers (Unaudited)(continued)

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Officer
Virginia L. Stringer 8/16/44 333 West Wacker Drive Chicago, IL 60606	Trustee	2011	Board Member, Mutual Fund Directors Forum; Member, Governing Board, Investment Company Institute’s Independent Directors Council; governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).	245
Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Terence J. Toth (2) 9/29/59 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Goodman Theatre Board (since 2004); Chicago Fellowship Board (since 2005), and Catalyst Schools of Chicago Board (since 2008); formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	245
Interested Trustee:
John P. Amboian (3) 6/14/61 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Chief Executive Officer and Chairman (since 2007), and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisors, Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc.	245
Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds:
Gifford R. Zimmerman 9/9/56 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Tradewinds Global Investors LLC, and Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group LLC and Nuveen Investment Solutions, Inc. (since 2007) and of Winslow Capital Management Inc. (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2010) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	245

82 Nuveen Investments

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Margo L. Cook 4/11/64 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.	245
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2004) of Nuveen Securities, LLC and Managing Director (since 2005) of Nuveen Fund Advisors, Inc.	245
Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Stephen D. Foy 5/31/54 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Senior Vice President (since 2010), formerly, Vice President (1993-2010) and Funds Controller (since 1998) of Nuveen Securities, LLC; Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.; Certified Public Accountant.	245
Scott S. Grace 8/20/70 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2009	Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investment Solutions, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since (2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, Inc.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.	245
Walter M. Kelly 2/24/70 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008), Vice President (2006-2008) of Nuveen Securities, LLC; Senior Vice President (since 2008) and Assistant Secretary (since 2008) of Nuveen Fund Advisors, Inc.	245
Tina M. Lazar 8/27/61 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President (since 2009), formerly, Vice President of Nuveen Securities, LLC (1999-2009); Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.	245
Larry W. Martin 7/27/51 333 West Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	1997	Senior Vice President (since 2010), formerly, Vice President (1993-2010), Assistant Secretary and Assistant General Counsel of Nuveen Securities, LLC; Senior Vice President (since 2011) of Nuveen Asset Management, LLC: Senior Vice President (since 2010), formerly, Vice President (2005-2010), and Assistant Secretary of Nuveen Investments, Inc.; Senior Vice President (since 2010), formerly Vice President (2005-2010), and Assistant Secretary (since 1997) of Nuveen Fund Advisors, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers, Inc. (since 2002), NWQ Investment Management Company, LLC, Symphony Asset Management LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007), and of Winslow Capital Management, Inc. (since 2010); Vice President and Assistant Secretary of Nuveen Commodities Asset Management, LLC (since 2010).	245

Nuveen Investments 83

Trustees and Officers (Unaudited)(continued)

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Kevin J. McCarthy 3/26/66 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, Nuveen HydePark Group, LLC, Nuveen Investment Solutions, Inc. (since 2007) and of Winslow Capital Management, Inc. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).	245
Kathleen L. Prudhomme 3/30/53 800 Nicollet Mall Minneapolis, MN 55402	Vice President and Assistant Secretary	2011	Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Secretary of FASF (2004-2010); Deputy General Counsel, FAF Advisors, Inc. (2004-2010).	245
Jeffrey M. Wilson 3/13/56 333 West Wacker Drive Chicago, IL 60606	Vice President	2011	Senior Vice President of Nuveen Securities, LLC (since 2011), formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010).	112

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

(2) Also serves as a trustee of the Nuveen Diversified Commodity Fund, an exchange-traded commodity pool managed by Nuveen Commodities Asset Management, LLC, an affiliate of the Adviser.

(3) Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.

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

84 Nuveen Investments

Annual Investment Management Agreement Approval Process

(Unaudited)

A. Background

Prior to January 1, 2011, FAF Advisors, Inc. (“FAF”), a wholly-owned subsidiary of U.S. Bank National Association (“U.S. Bank”), served as investment adviser to each Fund pursuant to an investment advisory agreement between First American Investment Funds, Inc. (the “Company”) and FAF (the “Prior Advisory Agreement”), and as administrator to each Fund pursuant to an administrative agreement between the Company and FAF (the “Prior Administrative Agreement”). On July 29, 2010, U.S. Bank and FAF entered into a definitive agreement with Nuveen Investments, Inc. (“Nuveen”), Nuveen Asset Management (“NAM”) and certain Nuveen affiliates, whereby NAM would acquire a portion of the asset management business of FAF (the “Transaction”). The acquired business included the assets of FAF used in providing investment advisory services, research, sales and distribution in connection with equity, fixed income, real estate, global infrastructure and asset allocation investment products (other than the money market business and closed-end funds advised by FAF), including the Funds. In connection with the Transaction, the Board of Directors (the “Prior Board”) serving the Funds as directors at that time (each a “Prior Director” and, collectively, the “Prior Directors”) considered a number of proposals designed to integrate the Funds into the Nuveen family of funds, including the appointment of NAM as investment adviser and Nuveen Investments, LLC as distributor to the Funds. The Prior Board also considered a proposal in connection with an internal restructuring of NAM (the “Restructuring”), for Nuveen Asset Management, LLC (“NAM LLC”), a wholly-owned subsidiary of NAM formed in anticipation of the Restructuring, to serve as sub-advisor for each Fund.

The Prior Board approved a new investment advisory agreement (the “New Advisory Agreement”) for each Fund with NAM and an investment sub-advisory agreement between NAM and NAM LLC (the “NAM Sub-Advisory Agreement”). At a meeting of the Funds’ stockholders held on December 17, 2010, stockholders of the Funds approved the New Advisory Agreement and the NAM Sub-Advisory Agreement. In addition, stockholders of the Company’s funds (including the Funds) elected ten directors, including one Prior Director, to the board of directors of the Company (the “New Board”).

On December 31, 2010, the Transaction closed and the New Board (which replaced the Prior Board) took effect. On January 1, 2011, the New Advisory Agreement and the NAM Sub-Advisory Agreement became effective. In addition, in connection with the Restructuring, NAM has changed its name to Nuveen Fund Advisors, Inc. (“NFA”). The following is a summary of the considerations of the Prior Board, which were set forth in a proxy statement dated November 10, 2010 (the “Proxy Statement”), in approving the New Advisory Agreement and the NAM Sub-Advisory Agreement for the Funds.

B. Prior Board Considerations

The New Advisory Agreement for each Fund was approved by the Prior Board after consideration of all factors determined to be relevant to its deliberations, including those discussed below. The Prior Board authorized the submission of the New Advisory Agreement for consideration by each Fund’s stockholders.

At meetings held in May and June of 2010, the Prior Board was apprised of the general terms of the Transaction and, as a result, began the process of considering the transition of services from FAF to NFA. In preparation for its September 21-23, 2010 meeting, the Prior Board received, in response to a written due diligence request prepared by the Prior Board and its independent legal counsel and provided to NFA and FAF, a significant amount of information covering a range of issues in advance of the meeting. To assist the Prior Board in its consideration of the New Advisory Agreement for each Fund, NFA provided materials and information about, among other things: (1) NFA and its affiliates, including their history and organizational structure, product lines, experience in providing investment advisory, administrative and other services, and financial condition, (2) the nature, extent and quality of services to be provided under the New Advisory Agreement, (3) proposed Fund fees and expenses and comparative information relating thereto, and (4) NFA’s compliance and risk management capabilities and processes. In addition, the Prior Board was provided with a memorandum from independent legal counsel outlining the legal duties of the Prior Board under the Investment Company Act of 1940, as amended (the “1940 Act”). In response to further requests from the Prior Board and its independent legal counsel, NFA and FAF provided additional information to the Prior Board following its September 21-23 meeting.

An additional in-person meeting of the Prior Board to consider the New Advisory Agreement was held on October 7, 2010, at which the members of the Prior Board in attendance, all of whom were not considered to be “interested persons” of the Company as defined in the 1940 Act (the “Independent Prior Directors”), approved the New Advisory Agreement with NFA for each Fund.

In considering the New Advisory Agreement for each Fund, the Prior Board, advised by independent legal counsel, reviewed and analyzed the factors it deemed relevant, including: (1) the nature, quality, and extent of services to be rendered to the Funds by NFA, (2) the cost of services to be provided, including Fund expense information, and (3) whether economies of scale may be realized as the Funds grow and whether fee levels are adjusted to enable Fund investors to share in these potential economies of scale.

In considering the New Advisory Agreement, the Prior Board did not identify any particular information that was all-important or controlling, and each Prior Director may have attributed different weights to the various factors discussed below. Where appropriate, the Prior Directors evaluated all information available to them regarding the Company’s funds on a fund-by-fund basis, and their determinations were made separately with respect to each such fund (including each of the Funds). The Prior Directors, all of whom were Independent Prior Directors, concluded that the terms of the New Advisory Agreement and the fee rates to be paid in light of the services to be provided to each Fund are in the best interests of each Fund, and that the New Advisory Agreement should be approved and recommended to stockholders for approval. In voting to approve the New Advisory Agreement with respect to each Fund, the Prior Board considered in particular the following factors:

Nature, Extent and Quality of Services. In considering approval of the New Advisory Agreement, the Prior Board considered the nature, extent and quality of services to be provided by NFA, including advisory services and administrative services. The Prior Board

Nuveen Investments 85

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

reviewed materials outlining, among other things, NFA’s organizational structure and business; the types of services that NFA or its affiliates are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and fund product lines offered by NFA. The Prior Board considered that affiliation with a larger fund complex and well-recognized sponsor may result in a broader distribution network, potential economies of scale with respect to other services or fees and broader shareholder services including exchange options.

With respect to personnel, the Prior Board considered information regarding retention plans for current FAF employees who would be offered employment by NFA, and the background and experience of NFA employees who would become portfolio managers as of the closing of the Transaction. The Prior Board also reviewed information regarding portfolio manager compensation arrangements to evaluate NFA’s ability to attract and retain high quality investment personnel.

In evaluating the services of NFA, the Prior Board also considered NFA’s ability to supervise the Funds’ other service providers and, given the importance of compliance, NFA’s compliance program. Among other things, the Prior Board considered the report of NFA’s chief compliance officer regarding NFA’s compliance policies and procedures.

In addition to advisory services, the Prior Board considered the quality of administrative services expected to be provided by NFA and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support.

The Prior Board considered that, based on representations from FAF and NFA, the Transaction would allow stockholders to continue their investment in each of the Company’s funds with the same investment objective and principal strategies. The Prior Board considered the historical investment performance of each of the Company’s funds (including each Fund) previously provided during the annual contract renewal process.

Cost of Services Provided by NFA. In evaluating the costs of the services to be provided by NFA under the New Advisory Agreement, the Prior Board received a comparison of each Fund’s annual operating expenses as of June 30, 2010 under the Prior Advisory Agreement and under the New Advisory Agreement, in each case adjusted to reflect a decrease in net assets for certain of the Company’s funds from redemptions by the U.S. Bank 401(k) Plan expected to occur prior to the closing of the Transaction. The Prior Board considered, among other things, that the advisory fee rates and other expenses would change as a result of NFA serving as investment adviser to each Fund. The Prior Board noted that the services provided by NFA under the New Advisory Agreement would include certain administrative services, which services (along with other services) were provided pursuant to the Prior Administrative Agreement and were charged separately from the advisory fee. Accordingly, the Prior Board considered that the fee rates paid under the New Advisory Agreement include bundled investment advisory and administrative fees and thus are higher than the fee rates paid under the Prior Advisory Agreement for most of the Company’s funds, but lower than the combined fee rates paid under the Prior Advisory Agreement and the Prior Administrative Agreement. The Prior Board also noted that certain administrative services provided under the Prior Administrative Agreement would not be provided under the New Advisory Agreement and will be delegated to other service providers. Similarly, certain fees paid by FAF under the Prior Administrative Agreement will not be paid by NFA under the New Advisory Agreement and will be paid directly by the Funds. However, immediately following the closing of the Transaction, the net expense ratio of each Fund was expected to be the same or lower than the Fund’s net expense ratio as of June 30, 2010, adjusted (where applicable) to reflect a decrease in net assets resulting from redemptions by the U.S. Bank 401(k) Plan expected to occur prior to the closing of the Transaction, assuming the Fund’s net assets at the time of the closing of the Transaction were no lower than their adjusted June 30 level. In addition, the Prior Board noted that NFA has committed to certain undertakings to maintain current fee caps and/or to waive fees or reimburse expenses to maintain net management fees at certain levels and Nuveen has represented to the Prior Board that Nuveen and its affiliates will not take any action that imposes an “unfair burden” on any Fund as a result of the Transaction. The Prior Board also considered that fees payable under the New Advisory Agreement include both a fund-level fee and a complex-level fee, and that schedules for the fund-level and complex-level fees contain breakpoints that are based, respectively, on Fund assets and Nuveen complex-wide assets. The Prior Board considered that breakpoints in the fund-level fee allow for the possibility that this portion of the advisory fee could decline in the future if Fund assets were to increase or increase in the future if Fund assets were to decline. The Prior Board also considered that breakpoints in the complex-level fee allow for the possibility that this portion of the advisory fee could decline in the future if complex-wide assets were to increase or increase in the future if complex-wide assets were to decline, regardless, in each case, of whether assets of the particular Fund had increased or decreased.

In considering the compensation to be paid to NFA, the Prior Board also reviewed fee information regarding NFA-sponsored funds, to the extent such funds had similar investment objectives and strategies to the Funds. The Prior Board reviewed information provided by NFA regarding similar funds managed by NFA and noted that the fee rates payable by these funds were generally comparable to the fee rates proposed for the Company’s funds. The Prior Board also compared proposed fee and expense information to the median fees and expenses of comparable funds, using information provided by an independent data service.

In evaluating the compensation, the Prior Board also considered other amounts expected to be paid to NFA by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) NFA and its affiliates are expected to receive, that are directly attributable to the management of the Funds.

The Prior Board also considered that the Funds would not bear any of the costs relating to the Transaction, including the costs of preparing, printing and mailing the Proxy Statement.

86 Nuveen Investments

Economies of Scale. The Prior Board reviewed information regarding potential economies of scale or other efficiencies that might result from the Funds’ potential association with Nuveen. The Prior Board noted that the New Advisory Agreement provides for breakpoints in the Funds’ fund-level and complex-level management fee rates as the assets of the Funds and the assets held by the various registered investment companies sponsored by Nuveen increase, respectively. The Prior Board concluded that the structure of the investment management fee rates, with the breakpoints for the Funds under the New Advisory Agreement, reflected sharing of potential economies of scale with the Funds’ stockholders.

Conclusion. After deliberating in executive session, the members of the Prior Board in attendance, all of whom were Independent Prior Directors, approved the New Advisory Agreement with respect to each Fund, concluding that the New Advisory Agreement was in the best interests of each Fund.

NAM Sub-Advisory Agreement. The Prior Board also approved the NAM Sub-Advisory Agreement between NFA and NAM LLC as a result of the Restructuring expected to occur with NFA. The Prior Board considered that the services to be provided by NAM LLC under the NAM Sub-Advisory Agreement would not result in any material change in the nature or level of investment advisory services or administrative services provided to the Funds. In addition, the portfolio managers will continue to manage the Funds in their capacity as employees of NAM LLC. The Prior Board considered that NFA will pay a portion of the advisory fee it receives from each Fund to NAM LLC for its services as sub-advisor. The Prior Board concluded, based upon the conclusions that the Prior Board reached in connection with the approval of the New Advisory Agreement and after determining that it need not reconsider all of the factors that it had considered in connection with the approval of the New Advisory Agreement, to approve the NAM Sub-Advisory Agreement.

Nuveen Investments 87

Notes

88 Nuveen Investments

Notes

Nuveen Investments 89

Glossary of Terms Used in this Report

Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.

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

Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.

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

Barclays Capital Municipal Bond Index: An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities of one year or more.

Barclays Capital 1-15 Year Blend Municipal Bond Index: An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between 1 and 17 years.

Barclays Capital 3-Year Municipal Bond Index: An unmanaged index comprised of fixed-rate, investment-grade tax-exempt bonds with remaining maturities between two and four years.

Inverse Floaters: Inverse floating rate securities are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.

Lipper Intermediate Municipal Debt Funds Average: Represents all average annualized total return for all reporting funds in the Lipper Intermediate Municipal Debt Funds Category. The Lipper Intermediate Municipal Debt Funds Average contained 168, 168, 128 and 85 funds for the ten-month, 1-year, 5-year and 10-year period, respectively, ended April 30, 2011.

Lipper General Municipal Debt Funds Average: Represents all average annualized total return for all reporting funds in the Lipper General Municipal Debt Funds Category. The Lipper General Municipal Debt Funds Average contained 261, 261, 207 and 171 funds for the ten-month, 1-year, 5-year and 10-year period, respectively, ended April 30, 2011.

Lipper Short Municipal Debt Funds Average: Represents all average annualized total return for all reporting funds in the Lipper Short Municipal Debt Funds Category. The Lipper Short Municipal Debt Funds Category contained 83, 83, 56 and 34 funds for the ten-month, 1-year, 5-year and 10-year period, respectively, ended April 30, 2011.

Net Asset Value (NAV): A Fund’s NAV is the dollar value of one share in the Fund. It is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day.

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

90 Nuveen Investments

Fund Information

Fund Manager

Nuveen Fund Advisors, Inc.

333 West Wacker Drive

Chicago, IL 60606

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered

Public Accounting Firm

Ernst & Young LLP

Chicago, IL

Custodian

U.S. Bank National Association

St. Paul, MN

Transfer Agent and

Shareholder Services

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Quarterly Portfolio of Investments and Proxy Voting Information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.

The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 91

Nuveen Investments:

Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $206 billion of assets as of March 31, 2011.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/mf

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It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready — no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.

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Distributed by

Nuveen Securities, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MAN-FSIT-0411D

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/mf. (To view the code, click on the Shareholder Resources drop down menu box, click on Fund Governance and then click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

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

SERVICES THAT THE TRUST’S AUDITOR BILLED TO THE TRUST

Fiscal Year Ended April 30, 2011 5	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Name of Series
Intermediate Tax Free Fund		19,091		0		1,056		0
Short Tax Free Fund		19,091		0		1,348		0
Tax Free Fund		19,091		0		2,640		0
Total	$	57,273	$	0	$	5,044	$	0

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

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

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning.

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

⁵  The funds were acquired on December 31, 2010 and changed fiscal year from June to April beginning in January, 2011.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Name of Series
Intermediate Tax Free Fund		0	%		0	%		0	%		0	%
Short Tax Free Fund		0	%		0	%		0	%		0	%
Tax Free Fund		0	%		0	%		0	%		0	%
Fiscal Year Ended June 30, 2010	Audit Fees Billed to Funds 1			Audit-Related Fees Billed to Funds 2			Tax Fees Billed to Funds 3			All Other Fees Billed to Funds 4
Name of Series
Intermediate Tax Free Fund		111,074			352			21,941			0
Short Tax Free Fund		111,074			352			21,941			0
Tax Free Fund		111,074			352			21,941			0
Total	$	333,222		$	1,056		$	65,823		$	0

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

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

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning.

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

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Name of Series
Intermediate Tax Free Fund		0	%		0	%		0	%		0	%
Short Tax Free Fund		0	%		0	%		0	%		0	%
Tax Free Fund		0	%		0	%		0	%		0	%

Fiscal Year Ended April 30, 2011	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%
Fiscal Year Ended June 30, 2010	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%

Fiscal Year Ended April 30, 2011 1	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund  Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Name of Series
Intermediate Tax Free Fund		1,056		0		0		1,056
Short Tax Free Fund		1,348		0		0		1,348
Tax Free Fund		2,640		0		0		2,640
Total	$	5,044	$	0	$	0	$	5,044

“Non-Audit Fees Billed to Trust” represent “Tax Fees” and “All Other Fees” billed to each Fund in their respective amounts from the previous table.

¹  The funds were acquired on December 31, 2010 and changed fiscal year from June to April beginning in January, 2011.

Fiscal Year Ended June 30, 2010	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Name of Series
Intermediate Tax Free Fund		21,941		0		0		21,941
Short Tax Free Fund		21,941		0		0		21,941
Tax Free Fund		21,941		0		0		21,941
Total	$	65,823	$	0	$	0	$	65,823

“Non-Audit Fees Billed to Trust” represent “Tax Fees” and “All Other Fees” billed to each Fund in their respective amounts from the previous table.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

MANAGEMENT INVESTMENT COMPANIES

Not applicable to this registrant.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS

File the exhibits listed below as part of this Form.

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

SIGNATURES

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

(Registrant) Nuveen Investment Funds, Inc.

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

Date July 8, 2011

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

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

Date July 8, 2011

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

Date July 8, 2011