N-CSR

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: June 30

Date of reporting period: June 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 Income Funds

(formerly First American Taxable Income Funds)

For investors seeking attractive income and portfolio diversification potential.

Annual Report

June 30, 2011

	Share Class / Ticker Symbol
Fund Name	Class A	Class B	Class C	Class R3	Class I
Nuveen Core Bond Fund	FAFIX	FFIBX	FFAIX	FFISX	FFIIX
Nuveen High Income Bond Fund	FJSIX	FJSBX	FCSIX	FANSX	FJSYX
Nuveen Inflation Protected Securities Fund	FAIPX	—	FCIPX	FRIPX	FYIPX
Nuveen Intermediate Government Bond Fund	FIGAX	—	FYGCX	FYGRX	FYGYX
Nuveen Intermediate Term Bond Fund	FAIIX	—	NTIBX	—	FINIX
Nuveen Short Term Bond Fund	FALTX	—	FBSCX	—	FLTIX
Nuveen Total Return Bond Fund	FCDDX	FCBBX	FCBCX	FABSX	FCBYX

INVESTMENT ADVISER NAME CHANGE

Effective January 1, 2011, Nuveen Asset Management, 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, 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 $210 billion of assets as of June 30, 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	15
Yields	30
Holding Summaries	32
Expense Examples	34
Shareholder Meeting Report	36
Report of Independent Registered Public Accounting Firm	37
Portfolios of Investments	38
Statement of Assets and Liabilities	125
Statement of Operations	127
Statement of Changes in Net Assets	128
Financial Highlights	132
Notes to Financial Statements	146
Trustees and Officers	173
Annual Investment Management Agreement Approval Process	177
Glossary of Terms Used in this Report	182
Fund Information	183

Chairman’s

Letter to Shareholders

Dear Shareholders,

The global economy continues to be weighed down by an unusual combination of pressures facing the larger developed economies. Japanese leaders continue to work through the economic aftereffects of the March 2011 earthquake and tsunami. Political leaders in Europe and the U.S. have resolved some of the near term fiscal problems, but the financial markets are not convinced that these leaders are able to address more complex longer term fiscal issues. Despite improved earnings and capital increases, the largest banks in these countries continue to be vulnerable to deteriorating mortgage portfolios and sovereign credit exposure, adding another source of uncertainty to the global financial system.

In the U.S., recent economic statistics indicate that the economic recovery may be losing momentum. Consumption, which represents about 70% of the gross domestic product, faces an array of challenges from seemingly intractable declines in housing values, increased energy costs and limited growth in the job market. The failure of Congress and the administration to agree on the debt ceiling increase on a timely basis and the deep divisions between the political parties over fashioning a balanced program to address growing fiscal imbalances that led to the recent Standard & Poor’s ratings downgrade add considerable uncertainty to the domestic economic picture.

On a more positive note, corporate earnings continue to hold up well and the municipal bond market is recovering from recent weakness as states and municipalities implement various programs to reduce their budgetary deficits. In addition, the Federal Reserve System has made it clear that it stands ready to take additional steps should the economic recovery falter. However, there are concerns that the Fed is approaching the limits of its resources to intervene in the economy.

These perplexing times highlight the importance of professional investment management. Your Nuveen investment team is working hard to develop an appropriate response to increased risk, and they continue to seek out opportunities created by stressful markets using proven investment disciplines designed to help your Fund achieve its investment objectives. On your behalf, we monitor their activities to assure that they maintain their investment disciplines.

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

August 23, 2011

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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.

Ratings shown are the highest rating given by one of the following national rating agencies: S&P, Moody’s or Fitch. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated NR are not rated by a national rating agency.

Nuveen Core Bond Fund

(formerly known as First American Core Bond Fund)

Nuveen High Income Bond Fund

(formerly known as First American High Income Bond Fund)

Nuveen Inflation Protected Securities Fund

(formerly known as First American Inflation Protected Securities Fund)

Nuveen Intermediate Government Bond Fund

(formerly known as First American Intermediate Government Bond Fund)

Nuveen Intermediate Term Bond Fund

(formerly known as First American Intermediate Term Bond Fund)

Nuveen Short Term Bond Fund

(formerly known as First American Short Term Bond Fund)

Nuveen Total Return Bond Fund

(formerly known as First American Total Return Bond Fund)

These Funds, all former First American taxable income funds, are now managed by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments.

Chris Neuharth, CFA, who has 30 years of investment experience, has managed the Nuveen Core Bond Fund since 2006. Timothy Palmer, CFA, with 25 years of investment experience, Wan-Chong Kung, CFA, with 27 years of financial experience, and Jeffrey Ebert, with 20 years of financial experience, have been part of the management team for the Fund since 2003, 2001, and 2005, respectively.

John Fruit, CFA, who has 23 years of investment experience, has managed the Nuveen High Income Bond Fund since 2006. Jeffrey Schmitz, CFA, with 24 years of investment experience, has been part of the management team for the Fund since 2008.

Wan-Chong Kung, CFA, has managed the Nuveen Inflation Protected Securities Fund since its inception in 2004. Effective October 28, 2010, Chad Kemper, with 12 years of investment experience, joined the Fund as a co-portfolio manager.

Wan-Chong Kung, CFA, has managed the Nuveen Intermediate Government Bond Fund and the Nuveen Intermediate Term Bond Fund since 2002. Chris Neuharth, CFA, and Jason O’Brien, CFA, with 18 years of investment experience, have been on the Intermediate Government Bond Fund’s management team since 2009. Jeffrey Ebert has served on the Intermediate Term Bond Fund’s management team since 2000.

Chris Neuharth, CFA, has been a co-portfolio manager of the Nuveen Short Term Bond Fund since 2004. Peter Agrimson, CFA, with six years of investment experience, joined the Fund as a co-portfolio manager on January 1, 2011.

Nuveen Investments 5

Timothy Palmer, CFA, has been the lead manager of the Nuveen Total Return Bond Fund since 2005. Jeffrey Ebert has been on the management team since 2000. Marie Newcome, CFA, with 19 years of investment experience, joined the Fund as a co-portfolio manager in January 2011.

Here the portfolio management teams for the Funds examine economic and bond market conditions, key investment strategies and the Funds’ performance for the twelve-month period ended June 30, 2011.

What factors affected the U.S. economic and fixed income market environments during the twelve-month reporting period ended June 30, 2011?

Global economic growth was quite uneven over the twelve-month reporting period. The second half of 2010 began with widespread concerns about financial contagion from several European countries and very slow growth, raising the probability of a double-dip recession in the United States. These fears seemed to be quelled in late 2010 and early 2011 as another round of quantitative easing was introduced by the Federal Reserve and consumer spending rebounded sharply. However, this relief was relatively short lived as renewed weakness in housing and higher food and energy prices put a damper on consumption at about the same time that supply chain disruptions from the Japanese tsunami and earthquake were distorting growth and suppressing job creation in the U.S. and many areas around the world.

Throughout the period, 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 June 2011 meeting, the central bank downgraded growth estimates for the year while reaffirming that it anticipated keeping the fed funds rate at “exceptionally low levels” for an “extended period.”

From a macro perspective, we ended the fiscal period facing many of the same uncertainties that we did one year earlier. The Greek bailout had yet to be finalized and fiscal concerns had spread to other European countries such as Ireland, Italy, Portugal and Spain. At the same time, fears about slowing U.S. economic growth bubbled to the surface again, causing consumer spending to pull back. The employment situation seemed to plateau, with the national jobless rate registering 9.2% in June 2011, the fourth monthly increase in a row and just slightly lower than one year earlier. Also, the overall housing market continued to flounder, weighed down by a backlog of distressed properties on the market and falling prices. For the twelve months ended May 2011 (the most recent data available at the time this report was prepared), property values in the Standard & Poor’s (S&P)/Case-Shiller index of 20 major metropolitan areas fell 4.5% from one year ago. U.S. gross domestic product (GDP), the broadest measure of the nation’s economic health, was revised downward to an anemic 0.4% annual growth rate for the first quarter of 2011 and estimated to be 1.3% for the second quarter, according to the Commerce Department.

The high level of uncertainty throughout the twelve-month period resulted in a schizophrenic investor appetite for risk. Volatility was high as the inability of Wall Street firms to buy assets for their own balance sheets contributed to swings in valuations. Virtually all non-government sectors of the market enjoyed strong performance from late

6 Nuveen Investments

2010 through the first quarter of 2011, as the liquidity provided by the Fed’s balance sheet expansion emboldened investor risk tolerance, causing a strong run in both equities and riskier fixed-income securities. This powerful positive technical rally came to an abrupt halt midway through the second quarter of 2011 as investors increasingly worried about a tightening of monetary policy in emerging markets, a Greek default, U.S. budget woes and a downshift in global growth. Despite second quarter’s give-back in relative performance, non-government bonds outperformed significantly overall for the reporting period, with sectors such as investment-grade corporate debt, high-yield corporate debt and commercial mortgage-backed securities (CMBS) beating U.S. Treasuries by considerable amounts.

The high-yield market, in particular, benefited from its high coupon levels in a low-interest rate market, leading to strong investor demand and record fund inflows into the asset class. Also, default rates continued to decrease as measured by Moody’s speculative-grade default rate, which finished the fiscal year at 2.2%, down from 6.4% a year ago. Across the high-yield sector, CCC-rated bonds were the best performers among the various quality tiers, returning 18.5% over the twelve-month period.

In the U.S. Treasury market, short and intermediate rates remained at historically low levels, falling even further during the fiscal year. For example, yields on one-year Treasury bills began the period at 0.32% and ended at 0.19%, while five-year Treasury notes went from 1.80% to 1.76%. Rates on longer term Treasury securities rose slightly over the year. For the majority of the period, U.S. Treasury Inflation-Protected Securities (TIPS) outpaced nominal Treasuries, particularly in the shorter maturity ranges, as stronger growth prospects, the rapid rise in energy prices and the expected flow-through of these prices to the consumer price index (CPI) fueled investors’ appetite for inflation protection. However, the TIPS market experienced somewhat of a reversal in performance in the second quarter of 2011 as inflation expectations lowered due to weaker-than-expected economic data, falling energy prices and an anticipated downturn in seasonal CPI reports.

How did the Funds perform during the twelve-month period ended June 30, 2011?

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

What strategies were used to manage the Funds during the twelve-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. We use a highly collaborative, research-driven approach that we believe offers the best opportunity to achieve consistent, superior long-term performance on a risk-adjusted basis across the full range of market environments. Going into the reporting period, we were generally comfortable with the Funds’ positioning and saw little need to make large-scale shifts to the Funds’ weightings.

Nuveen Investments 7

The Funds also invested in various derivative instruments to manage foreign currency exposure, duration and yield curve, to manage views of volatility, to hedge against changes in rate spreads and to increase credit exposure. (Refer to the Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies for further details on the derivative instruments each Fund invested during this reporting period.)

Nuveen Core Bond Fund (formerly known as First American Core Bond Fund)

The Fund’s Class A Shares at net asset value (NAV) outperformed both the Barclays Capital Aggregate Bond Index and the Lipper Intermediate Investment-Grade Debt Funds Category Average for the twelve-month period ended June 30, 2011. The majority of the Fund’s outperformance was driven by our sector positioning, specifically our overweights to investment-grade corporate bonds, CMBS and high-yield corporate bonds. We overweighted these sectors because of our view that the economy would recover to expand at a modest pace and that corporate credit fundamentals would continue to be extremely supportive of valuations within the sector. Furthermore, we anticipated that the Fed’s balance sheet expansion would be successful in moving cash off the sidelines and into riskier asset classes. Therefore, we increased the Fund’s overall risk level by adding exposure to both new-issue CMBS and high-yield corporates. These sectors were the strongest U.S. fixed-income performers during the reporting period.

We believed that positive bottom-up fundamentals and strong sector-specific technical factors would remain largely intact over the long run; however, as the last six months of the reporting period progressed, the combination of less attractive valuations and higher levels of macro uncertainty prompted us to reduce aggregate risk levels in the Fund. Specifically, we lowered the Fund’s exposure to investment-grade corporate bonds by about 9%, mostly by trimming exposure to the financial sector, which had enjoyed strong performance. As of June 30, 2011, the Fund’s investment-grade corporate credit exposure of approximately 30% was at its lowest level in several years. The proceeds of these sales were redeployed into the agency mortgage-backed securities sector as we felt that relative valuations were finally attractive enough to warrant a modest overweight. We also decreased the Fund’s overall risk within the CMBS sector by swapping into new-issue deals with stronger loan characteristics that came to market as the reporting period closed. At period end, the Fund’s CMBS weighting was approximately 13% of net assets.

Our duration policy, which focuses on the Fund’s sensitivity to interest rate changes, was close to neutral compared to the benchmark throughout most of the period. Therefore, it was not a major factor in the Fund’s performance.

Nuveen High Income Bond Fund (formerly known as First American High Income Bond Fund)

The Fund’s Class A Shares at net asset value (NAV) outperformed both the Barclays Capital High Yield 2% Issuer Capped Index and the Lipper High Current Yield Funds Category Average for the twelve-month period ended June 30, 2011. The Fund’s relative performance was aided by our tactical overweights to higher-yielding securities, generally single B and CCC rated debt, and from overweighting cyclical industries. For example, we overweighted the oilfield services, paper and media sectors, benefiting from the higher yields and improving fundamentals in these areas. Overall, the high-yield market continued to benefit from the ability of high-yield issuers to successfully refinance debt

8 Nuveen Investments

and extend maturities. Indeed, defaults dropped significantly during the fiscal year, and the Fund experienced no new bankruptcies among its holdings. At the margin, the improvement in corporate liquidity benefited low-rated companies disproportionately more, which was a compelling reason for us to continue to overweight the single B and CCC rated segments in the Fund.

The Fund continued to maintain a roughly 10% allocation to emerging market corporate and sovereign debt. This was a small detractor to the Fund’s overall performance, as emerging market-related debt underperformed its domestic counterparts in the last three months of the reporting period. The reasons for the sector shortfall were both credit-specific, as in the case of Sino-Forest in Asia, and also reflected the growth uncertainty in the United States and the negative headlines surrounding Greece’s debt woes. While the Fund was not exposed to Sino-Forest and the accusations of faulty accounting, it did have other holdings in China that lost value in the resulting sell off of many Chinese securities. However, from a fundamental standpoint, we continued to anticipate strong fundamentals for emerging market corporates and plan to maintain or add to the Fund’s positions.

Also, the Fund’s below-market exposure to the technology and financial sectors was a slight detractor to results versus the index. Within the financial sector, many of the issuers were new entrants into the high-yield universe coming out of the financial crisis and did well as balance sheets were repaired in the banking and insurance sectors. While we were active in adding securities within the sector to the Fund, the powerful rally still left us and the majority of high-yield investors behind as it was difficult to gain exposure in a timely manner. In all, financials were among the top performers during the fiscal year, registering a 20.7% gain versus the broad high-yield market return of 15.5%, as measured by the Barclays Capital High Yield 2% Issuer Capped Index.

We added to the Fund’s holdings in energy, refining and oilfield services, which were some of the better-performing industries throughout the period. Specifically, the oilfield services sector continued to benefit from increased spending on exploration and production in North America and other areas of the world. Oil and natural gas companies are expected to spend $122 billion in the United States alone this year on exploration and production, a 22% increase from 2010. We also continued to overweight such areas as media, basic materials and industrials, all expected to benefit from a gradual acceleration in economic activity.

We used the more favorable environment for financials to add to select closed-end funds and preferred stocks. The Fund carried a roughly 10% allocation to out-of-index securities, consisting predominately of preferred stocks, various closed-end funds and dividend-paying stocks. Our allocation to preferred securities and equities increased marginally during the period, which was mainly a function of relative value opportunities versus traditional high-yield securities.

Fund flows into the high-yield asset class continued to be brisk until a quick reversal occurred in May and June 2011 when the markets began the process of analyzing the second mid-cycle slowdown in this reporting period. Market technical factors, however, still appear rather balanced despite the record amount of issuance. The pricing of $262 billion in high-yield bonds in 2010 and roughly $180 billion through the second quarter of 2011 has been met with strong investor demand. Nonetheless, as the more volatile financial market conditions spilled into the high-yield market, it experienced a bout of

Nuveen Investments 9

outflows and selling pressure. However, we believed that the still-steep yield curve and the high base of current income left the high-yield sector positioned relatively well among competing asset classes.

Nuveen Inflation Protected Securities Fund (formerly known as First American Inflation Protected Securities Fund)

The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper U.S. Treasury Inflation-Protected Securities Category Average, but fell short of the Barclays Capital U.S. TIPS Index for the twelve-month period ended June 30, 2011. We began the Fund’s fiscal year with a modest underweight position in all TIPS segments, particularly 5-year maturities, which proved beneficial as TIPS underperformed. During the middle portion of the reporting period, improvements in economic data supported a more optimistic outlook for growth, which in turn increased investors’ appetite for inflation protection. The Fund’s continued underweight position in TIPS hindered performance as they outperformed nominal U.S. Treasuries. However, within the Fund’s TIPS exposure, we made an advantageous reallocation out of 10-year and longer maturity TIPS and overweighted 5-year maturities in the fourth quarter of 2010 and first quarter of 2011, which helped the Fund capture the relative outperformance of the 5-year securities on the TIPS yield curve. As the outlook for economic growth and inflation lowered toward the end of the reporting period, the Fund also benefited from a rotation out of 5-year maturities. This underweight at the front end of the TIPS yield curve aided results as the shortest maturities underperformed the most in the final months of the fiscal year.

The Fund’s performance also benefited from our allocations to non-TIPS spread sectors, which produced solid excess returns in the strong-performing environment for risk assets. For example, the Fund’s positions in the high-yield and CMBS sectors, which were 1.4% and 7.2% of Fund assets as of period end, respectively, contributed positively to performance. Foreign exposure also added to results with positions in non-dollar bonds and currency exposures performing well. The Fund particularly benefited from positions in growth-sensitive currencies such as the Canadian and Australian dollar.

At the end of the reporting period, the Fund was positioned for TIPS yields to move higher and for the continued relative outperformance of longer maturity TIPS over shorter maturity TIPS out to five years. Because we remained fundamentally constructive on high-yield corporate bonds and CMBS, we maintained the Fund’s positions in both sectors. We are also maintaining the Fund’s foreign exposure.

Our duration policy, which focuses on the Fund’s sensitivity to interest rate changes, was close to neutral compared to the benchmark throughout most of the period. Therefore, it was not a major factor in the Fund’s performance.

Nuveen Intermediate Government Bond Fund (formerly known as First American Intermediate Government Bond Fund)

The Fund’s Class A Shares at net asset value (NAV) outperformed both the Barclays Capital Intermediate Government Bond Index and the Lipper Intermediate U.S. Government Funds Category Average for the twelve-month period ended June 30, 2011. The majority of the Fund’s outperformance was driven by our sector positioning, specifically our overweights to CMBS, mortgage-backed securities (MBS) and agency debt. We emphasized these sectors because of our view that the economy would recover

10 Nuveen Investments

to expand at a modest pace and that non-U.S. Treasury fundamental and technical factors would continue to be extremely supportive of valuations. The Fund’s corresponding underweight to nominal U.S. Treasuries also was beneficial as the Treasury market underperformed other fixed-income asset classes over the year.

During the twelve-month period, we reduced the Fund’s U.S. Treasury exposure by about 17% because we believed we could find more compelling opportunities in other sectors. MBS, in particular, enjoyed continued strong underpinnings, given investors’ appetite for high-quality assets that offer incremental yield to Treasuries and low prepayment risk due to the constrained refinancing housing environment. At period end, the Fund’s MBS weighting had increased to approximately 39% of net assets. We also modestly increased our overall exposure to agency debt and asset-backed securities, ending the period with approximately 41% and 6% in these two sectors, respectively. Agency bonds offer incremental yield over U.S. Treasuries while asset-backed securities are high-quality securities that provide additional yield in the shorter maturity section of the yield curve.

Throughout the period, we made a number of tactical changes to the Fund’s duration (its price sensitivity to interest-rate movements), but overall did not stray far from a neutral position relative to the benchmark.

Nuveen Intermediate Term Bond Fund (formerly known as First American Intermediate Term Bond Fund)

The Fund’s Class A Shares at net asset value (NAV) outperformed both the Barclays Capital Intermediate Government/Credit Index and the Lipper Short-Intermediate Investment-Grade Debt Funds Category Average for the twelve-month period ended June 30, 2011. The Fund’s strong outperformance was mainly driven by our sector positioning, specifically overweights to CMBS, investment-grade corporate bonds and mortgage-backed securities. We emphasized these sectors because of our view that the economy would recover and expand at a modest pace and that corporate credit fundamentals would continue to be extremely supportive of valuations. Furthermore, we anticipated that the Fed’s balance sheet expansion would be successful in moving cash off the sidelines and into riskier asset classes.

We believed that positive bottom-up fundamentals and strong sector-specific technical factors would remain largely intact over the long run; however, as the final six months of the reporting period progressed, the combination of less attractive valuations and higher levels of macro uncertainty prompted us to reduce aggregate risk levels in the Fund. Specifically, we lowered the Fund’s exposure to corporate bonds by approximately 5% over the twelve-month period, mostly by trimming its exposure to the financial sector, which had enjoyed extremely strong performance. As of June 30, 2011, the Fund’s corporate credit exposure of approximately 46% was at its lowest level in several years. We increased the Fund’s exposure to CMBS during the fiscal year, ending with an approximately 11% weighting in the sector. Within that sector, however, we decreased the Fund’s overall risk by swapping into new-issue deals with stronger loan characteristics that came to market as the reporting period closed. The Fund’s allocations to the mortgage-backed securities and asset-backed securities sectors remained fairly unchanged, closing the fiscal year at approximately 16% and 15%, respectively. We continued to have only a small allocation to U.S. Treasuries (approximately 2% at the end of the period) because we saw more attractive opportunities in other asset classes.

Nuveen Investments 11

Our duration policy, which focuses on the Fund’s sensitivity to interest rate changes, was close to neutral compared to its benchmark throughout most of the period. Therefore, it was not a major factor in the Fund’s performance.

Nuveen Short Term Bond Fund (formerly known as First American Short Term Bond Fund)

The Fund’s Class A Shares at net asset value (NAV) outperformed both the Barclays Capital 1-3 Year Government/Credit Bond Index and the Lipper Short Investment-Grade Debt Funds Category Average for the twelve-month period ended June 30, 2011. The Fund’s outperformance relative to its peers and benchmark was driven by our sector positioning and security selection. From a sector perspective, our main investment theme was to position the Fund with an underweight to government-related bonds and a large overweight to short duration securities in the asset-backed security and corporate bond sectors. From a macro perspective, our view has been that the global expansion would continue at a pace that was fundamentally supportive of continued improvement in credit fundamentals for corporate bonds and some segments of the structured assets market. As loan performance stabilized and corporate earnings improved, this certainly proved true. At the same time, we expected that liquidity would improve after the late 2010 balance sheet expansion by the Fed and that supply/demand dynamics would also be quite supportive. This strategy paid off as many investors expressed a preference for short duration, higher credit quality securities while issuance in certain sectors was historically light.

Security selection was also a strong positive for the Fund. Our bias toward owning issues from the financial sector, which performed well, was beneficial to the Fund as was our addition of short duration, non-agency mortgage assets. Additionally, the investment policy of the Fund was expanded in early 2011 to allow for greater flexibility with regard to credit quality, raising the maximum limit for non-investment grade securities from 10% to 20% of assets. We took advantage of this increased flexibility by selectively adding slightly less than 5% in non-rated holdings from the asset-backed securities and tax-exempt sectors. These sectors periodically offer interesting opportunities for investors who have ratings flexibility and strong research capabilities. We expect a “bottom up” approach focused on in-depth research to be an important performance driver in the investment environment going forward.

Elsewhere in the Fund, we tactically managed risk exposure in the CMBS and high-yield sectors as valuations changed and the fundamental backdrop shifted. We increased the Fund’s weighting to CMBS and high yield in late 2010, and subsequently brought its high-yield weighting way down in April 2011. Late in the period, we took advantage of the subsequent sharp repricing in the high-yield segment to add slightly to the Fund’s weighting.

On a negative note, we positioned the Fund’s duration (its price sensitivity to interest-rate movements), toward the lower end of the one- to three-year policy range. This positioning was a drag on performance against both our peers and the benchmark as rates dropped and prices rose amid the global macro uncertainty in the second quarter of 2011.

Nuveen Total Return Bond Fund (formerly known as First American Total Return Bond Fund)

The Fund’s Class A Shares at net asset value (NAV) outperformed both the Barclays Capital Aggregate Bond Index and the Lipper Intermediate Investment-Grade Debt Funds Category Average for the twelve-month period ended June 30, 2011. The largest

12 Nuveen Investments

contributors to the Fund’s outperformance were its sector overweights in investment-grade and high-yield corporates as well as positions in foreign bonds and currencies. The Fund particularly benefited from positions in growth-sensitive currencies such as the Canadian and Australian dollars. The Fund’s overweights to CMBS also added value, as did credit selection within the corporate sector, particularly our overweight to financial issuers. The Fund’s positioning during the year was driven by our view that the economy would recover to expand at a modest pace and that corporate credit fundamentals would continue to be extremely supportive of valuations within the sector. Financial conditions were further supported by the Fed’s ongoing commitment to provide an extraordinary level of monetary accommodation through low rates and asset purchases. Heading into the period, we judged that valuations for non-government bond market sectors provided ample compensation to long-term investors.

During the period, we took advantage of market strength and strong valuations to reduce exposure to some of the Fund’s overweights, even though we believed that positive bottom-up fundamentals and strong sector-specific technical factors would remain largely intact over the long run. As 2011 progressed, the combination of less attractive valuations and higher levels of macro uncertainty also prompted us to reduce the Fund’s aggregate risk level. We lowered the Fund’s exposure to investment-grade corporate bonds (including financials) by approximately 9%, cut its high-yield weight and moderated foreign currency exposure. Although we generally maintained these lower overall exposures, we did take advantage of the subsequent sharp repricing in the high-yield segment to add slightly to the Fund’s weighting at the end of the period. The bulk of the proceeds from these sales went into mortgage-backed securities as that sector cheapened, bringing the Fund’s weighting to approximately 29%, which is closer to the index weight. We also continued to underweight U.S. Treasuries and agencies in the portfolio.

Our duration positioning, which focuses on the Fund’s sensitivity to interest rate changes, was generally neutral to defensive during the period, detracting marginally from performance.

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. The value of, and income generated by debt securities will decrease or increase based on changes in market interest rates. As interest rates rise, bond prices fall. Credit risk refers to an issuer’s ability to make interest and principal payments when due. The guarantee provided by the U.S. government to treasury inflation protected securities (TIPS) relates only to the prompt payment of principal and interest and does not remove the market risks of investing in the fund shares. Below investment grade securities carry heightened credit risk and potential for default. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. Asset-backed and mortgage-backed securities are subject to additional risks such as prepayment risk, liquidity risk, default risk and adverse economic developments. The potential use of derivative instruments involves a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount invested.

Nuveen Investments 13

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14 Nuveen Investments

Fund Performance and Expense Ratios (Unaudited)

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

Returns quoted represent past performance, which not predictive 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.

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 R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

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.

Nuveen Investments 15

Fund Performance and Expense Ratios (Unaudited) (continued)

Nuveen Core Bond Fund

Refer to the first page of this Fund Performance and Expense Ratios Section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of June 30, 2011

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		5.73%		6.25%		5.16%
Class A Shares at maximum Offering Price		1.22%		5.34%		4.70%
Barclays Capital Aggregate Bond Index*		3.90%		6.52%		5.74%
Lipper Intermediate Investment Grade Debt Funds Category Average*		5.10%		6.01%		5.25%
Class B Shares w/o CDSC		4.97%		5.45%		4.38%
Class B Shares w/CDSC		-0.03%		5.29%		4.38%
Class C Shares		4.97%		5.46%		4.38%
Class I Shares		6.09%		6.52%		5.43%

	1-Year		5-Year		Since Inception**
Class R3 Shares		5.54%		6.04%		4.72%

Class A Shares have a maximum 4.25% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an upfront 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 B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available only to certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios

Share Class	Expense Ratios
Class A		0.96%
Class B		1.71%
Class C		1.71%
Class R3		1.21%
Class I		0.71%

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

** Since inception returns for Class R3 Shares are from 9/24/01.

16 Nuveen Investments

Growth of an Assumed $10,000 Investment as of June 30, 2011

The graph does not reflect the deduction of taxes, that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 17

Fund Performance and Expense Ratios (Unaudited) (continued)

Nuveen High Income Bond Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of June 30, 2011

	Average Annual
	1-Year		5-Year		Since Inception*
Class A Shares at NAV		17.61%		8.19%		7.21%
Class A Shares at maximum Offering Price		12.06%		7.14%		6.68%
Barclays Capital High Yield 2% Issuer Capped Index**		15.53%		9.42%		8.98%
Lipper High Current Yield Funds Category Average**		14.96%		7.02%		7.19%
Class B Shares w/o CDSC		16.59%		7.35%		6.43%
Class B Shares w/CDSC		11.59%		7.21%		6.43%
Class C Shares		16.67%		7.39%		6.43%
Class R3 Shares		17.28%		7.90%		7.59%
Class I Shares		17.77%		8.43%		7.48%

Class A Shares have a maximum 4.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available only to certain retirement plans. 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		1.27%		1.14%
Class B		2.02%		1.89%
Class C		2.02%		1.89%
Class R3		1.52%		1.39%
Class I		1.02%		0.89%

The Fund’s adviser has contractually agreed to waive fees and reimburse other Fund expenses through March 31, 2012, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired Fund fees and expenses, do not exceed 1.10%, 1.85%, 1.85%, 1.35%, and 0.85% for Class A, Class B, Class C, Class R3, and Class I Shares, respectively. Fee waivers and expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

* Since inception returns for Class A, B, C and I Shares, and for the comparative index and average, are from 8/30/01. Since inception return for Class R3 Shares is from 9/24/01.

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

18 Nuveen Investments

Growth of an Assumed $10,000 Investment as of June 30, 2011

The graph does not reflect the deduction of taxes, that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 19

Fund Performance and Expense Ratios (Unaudited) (continued)

Nuveen Inflation Protected Securities Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of June 30, 2011

	Average Annual
	1-Year		5-Year		Since Inception*
Class A Shares at NAV		7.30%		6.27%		5.10%
Class A Shares at maximum Offering Price		2.73%		5.36%		4.43%
Barclays Capital U.S. TIPs Index**		7.74%		6.91%		5.71%
Lipper Treasury Inflation Protected Securities Funds Category Average**		7.03%		5.74%		5.07%
Class C Shares		6.59%		5.45%		4.29%
Class R3 Shares		6.31%		5.85%		4.75%
Class I Shares		7.62%		6.51%		5.35%

Class A Shares have a maximum 4.25% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available only to certain retirement plans. 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		1.17%		0.86%
Class C		1.92%		1.61%
Class R3		1.42%		1.11%
Class I		0.92%		0.61%

The Fund’s adviser has contractually agreed to waive fees and reimburse other Fund expenses through March 31, 2012, so that total annual fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired Fund fees and expenses, do not exceed 0.85%, 1.60%, 1.10%, and 0.60% for Class A, Class C, Class R3, and Class I Shares, respectively. Fee waivers and expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

* Since inception returns are from 10/1/04.

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

20 Nuveen Investments

Growth of an Assumed $10,000 Investment as of June 30, 2011

The graph does not reflect the deduction of taxes, that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 21

Fund Performance and Expense Ratios (Unaudited) (continued)

Nuveen Intermediate Government Bond Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of June 30, 2011

	Average Annual
	1-Year		5-Year		Since Inception*
Class A Shares at NAV		3.10%		5.48%		3.82%
Class A Shares at maximum Offering Price		0.02%		4.83%		3.46%
Barclays Capital Intermediate Government Bond Index**		2.65%		5.85%		4.31%
Lipper Intermediate U.S. Government Funds Category Average**		2.35%		5.58%		4.05%
Class C Shares		2.32%		N/A		3.20%
Class R3 Shares		2.75%		N/A		3.65%
Class I Shares		3.25%		5.64%		3.98%

Class A Shares have a maximum 3.00% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available only to certain retirement plans. 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		1.20%		0.75%
Class C		1.95%		1.60%
Class R3		1.45%		1.10%
Class I		0.95%		0.60%

The Fund’s adviser has contractually agreed to waive fees and reimburse other Fund expenses through March 31, 2012, 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%, 1.60%, 1.10%, and 0.60% for Class A, Class C, Class R3, and Class I Shares, respectively. Fee waivers and 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 through March 31, 2012.

* Since inception returns for Class A and I Shares, and for the comparative index and average are from 10/25/02. Since inception returns for Class C and R3 Shares are from 10/28/09.

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

22 Nuveen Investments

Growth of an Assumed $10,000 Investment as of June 30, 2011

The graph does not reflect the deduction of taxes, that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 23

Fund Performance and Expense Ratios (Unaudited) (continued)

Nuveen Intermediate Term Bond Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of June 30, 2011

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		4.70%		6.00%		4.91%
Class A Shares at maximum Offering Price		1.55%		5.35%		4.59%
Barclays Capital Intermediate Government/Credit Bond Index*		3.77%		6.08%		4.91%
Lipper Short-Intermediate Investment Grade Debt Funds Category Average*		3.98%		5.08%		4.04%
Class I Shares		4.76%		6.13%		5.07%

	Since Inception**
Class C Shares		1.76%

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

Expense Ratios
Share Class	Gross Expense Ratios		Net Expense Ratios
Class A		0.96%		0.86%
Class C		1.71%		1.71%
Class I		0.71%		0.71%

The Fund’s distributor has contractually agreed to limit its Class A Share 12b-1 fees to 0.15% of average daily net assets through March 31, 2012.

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

** Since inception return for Class C Shares is from 1/18/11.

24 Nuveen Investments

Growth of an Assumed $10,000 Investment as of June 30, 2011

The graph does not reflect the deduction of taxes, that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 25

Fund Performance and Expense Ratios (Unaudited) (continued)

Nuveen Short Term Bond Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of June 30, 2011

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		3.00%		4.17%		3.48%
Class A Shares at maximum Offering Price		0.68%		3.69%		3.25%
Barclays Capital 1-3 Year Government/Credit Bond Index*		1.90%		4.52%		4.01%
Lipper Short Investment-Grade Debt Funds Category Average*		2.80%		3.84%		3.50%
Class I Shares		3.16%		4.34%		3.65%

	1-Year		Since Inception**
Class C Shares		2.22%		2.47%

Class A Shares have a maximum 2.25% sales charge (Offering Price). Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios

Share Class	Expense Ratios
Class A		0.84%
Class C		1.59%
Class I		0.59%

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

** Since inception return for Class C Shares is from 10/28/09.

26 Nuveen Investments

Growth of an Assumed $10,000 Investment as of June 30, 2011

The graph does not reflect the deduction of taxes, that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 27

Fund Performance and Expense Ratios (Unaudited) (continued)

Nuveen Total Return Bond Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of 6/30/11

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		8.69%		7.58%		6.24%
Class A Shares at maximum Offering Price		4.03%		6.64%		5.77%
Barclays Capital Aggregate Bond Index*		3.90%		6.52%		5.74%
Lipper Intermediate Investment-Grade Debt Funds Category Average*		5.10%		6.01%		5.25%
Class B Shares w/o CDSC		7.84%		6.76%		5.42%
Class B Shares w/CDSC		2.84%		6.61%		5.42%
Class C Shares		7.85%		6.77%		5.42%
Class I Shares		8.99%		7.84%		6.49%

	1-Year		5-Year		Since Inception**
Class R3 Shares		8.40%		7.27%		6.00%

Class A Shares have a maximum 4.25% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an upfront 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 B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available only to certain retirement plans. 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		0.98%		0.90%
Class B		1.73%		1.73%
Class C		1.73%		1.73%
Class R3		1.23%		1.23%
Class I		0.73%		0.73%

The Fund’s 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 reimbursement and excluding acquired Fund fees and expenses, do not exceed 0.89% 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.

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

** Since inception return for Class R3 Shares is from 9/24/01.

28 Nuveen Investments

Growth of an Assumed $10,000 Investment as of June 30, 2011

The graph does not reflect the deduction of taxes, that a shareholder may pay on Fund distributions or the redemption of Fund shares.

Nuveen Investments 29

Yields (Unaudited) as of June 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. 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.

Nuveen Core Bond Fund

	Dividend Yield		SEC 30-Day Yield
Class A Shares(1)		3.51%		3.31%
Class B Shares		2.91%		2.70%
Class C Shares		2.95%		2.73%
Class R3 Shares		3.44%		3.21%
Class I Shares		3.91%		3.71%

Nuveen High Income Bond Fund

	Dividend Yield		SEC 30-Day Yield
Class A Shares(1)		6.82%		7.32%
Class B Shares		6.41%		6.92%
Class C Shares		6.39%		6.94%
Class R3 Shares		6.89%		7.44%
Class I Shares		7.43%		7.94%

Nuveen Inflation Protected Securities Fund

	Dividend Yield		SEC 30-Day Yield
Class A Shares(1)		.79%		5.60%
Class C Shares		.11%		5.10%
Class R3 Shares		.61%		5.60%
Class I Shares		1.09%		6.09%

Nuveen Intermediate Government Bond Fund

	Dividend Yield		SEC 30-Day Yield
Class A Shares(1)		2.11%		1.66%
Class C Shares		1.29%		.87%
Class R3 Shares		1.83%		1.37%
Class I Shares		2.31%		1.87%

Nuveen Intermediate Term Bond Fund

	Dividend Yield		SEC 30-Day Yield
Class A Shares(1)		3.11%		2.24%
Class C Shares		2.36%		1.69%
Class I Shares		3.34%		2.47%

30 Nuveen Investments

Nuveen Short Term Bond Fund

	Dividend Yield		SEC 30-Day Yield
Class A Shares(1)		2.16%		1.85%
Class C Shares		1.37%		1.05%
Class I Shares		2.38%		2.04%

Nuveen Total Return Bond Fund

	Dividend Yield		SEC 30-Day Yield
Class A Shares(1)		3.75%		3.49%
Class B Shares		3.15%		2.80%
Class C Shares		3.15%		2.82%
Class R3 Shares		3.62%		3.32%
Class I Shares		4.12%		3.82%

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

Nuveen Investments 31

Holding Summaries (Unaudited) as of June 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 rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated NR are not rated by a national rating agency.

Nuveen Core Bond Fund

Bond Credit Quality¹

Nuveen High Income Bond Fund

Bond Credit Quality¹

Nuveen Inflation Protected Securities Fund

Bond Credit Quality¹

Nuveen Intermediate Government Bond Fund

Bond Credit Quality¹

Portfolio Composition1
Corporate Bonds	30.3%
U.S. Government Agency Mortgage-Backed Securities	25.9%
Commercial Mortgage-Backed Securities	10.6%
Money Market Funds2	10.1%
Asset-Backed Securities	7.5%
Short-Term Investments	5.4%
Other	10.2%

Portfolio Composition1
High Yield Corporate Bond	67.3%
Money Market Funds2	22.5%
Short-Term Investments	1.2%
Other	9.0%

Portfolio Composition1
U.S. Government & Agency Securities	59.0%
Money Market Funds2	31.7%
Short-Term Investments	0.9%
Other	8.4%

Portfolio Composition1
U.S. Government & Agency Securities	35.3%
Money Market Funds2	19.3%
U.S. Government Agency Mortgage-Backed Securities	18.9%
Collateralized Mortgage Obligation-U.S. Government Agency Mortgage-Backed Securities	6.5%
Short-Term Investments	7.4%
Other	12.6%

1 As a percentage of total investments (excluding investments in derivatives) as of June 30, 2011. Holdings are subject to change.

2 Represents investments purchased with proceeds from securities lending.

32 Nuveen Investments

Nuveen Intermediate Term Bond Fund

Bond Credit Quality¹

Nuveen Short Term Bond Fund

Bond Credit Quality¹

Nuveen Total Return Bond Fund

Bond Credit Quality¹

Portfolio Composition1
Corporate Bonds	37.6%
Money Market Funds2	14.8%
Asset-Backed Securities	12.4%
Commercial Mortgage-Backed Securities	9.4%
U.S. Government & Agency Securities	5.8%
Collateralized Mortgage Obligation-U.S. Government Agency Mortgage-Backed Securities	5.6%
Short-Term Investments	4.8%
Other	9.6%

Portfolio Composition1
Corporate Bonds	40.3%
Asset-Backed Securities	16.0%
Commercial Mortgage-Backed Securities	10.9%
Money Markets Funds2	8.2%
U.S. Government Agency Mortgage-Backed Securities	6.7%
Short-Term Investments	4.8%
Other	13.1%

Portfolio Composition1
Corporate Bonds	39.6%
U.S. Government Agency Mortgage-Backed Securities	22.7%
Commercial Mortgage-Backed Securities	8.4%
Money Market Funds2	7.6%
Short-Term Investments	11.9%
Other	9.8%

1 As a percentage of total investments (excluding investments in derivatives) as of June 30, 2011. Holdings are subject to change.

2 Represents investments purchased with proceeds from securities lending.

Nuveen Investments 33

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. Since the expense examples for Class C Shares of Intermediate Term Bond reflect only the first 164 days of the Class’s operations they may not provide a meaningful understanding of the Class’s ongoing expenses.

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 Core Bond Fund

	Actual Performance										Hypothetical Performance (5% annualized return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (1/01/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/11)	$	1,026.60	$	1,023.70	$	1,023.80	$	1,026.20	$	1,028.80	$	1,020.13	$	1,016.36	$	1,016.36	$	1,018.84	$	1,021.32
Expenses Incurred During Period	$	4.77	$	8.53	$	8.53	$	6.03	$	3.52	$	4.71	$	8.50	$	8.50	$	6.01	$	3.51

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .94%, 1.70%, 1.70%, 1.20%, and ..70% for Classes A, B, C, R3, and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen High Income Bond Fund

	Actual Performance										Hypothetical Performance (5% annualized return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (1/01/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/11)	$	1,048.60	$	1,044.90	$	1,044.80	$	1,048.00	$	1,049.90	$	1,019.34	$	1,015.62	$	1,015.62	$	1,018.10	$	1,020.58
Expenses Incurred During Period	$	5.59	$	9.38	$	9.38	$	6.91	$	4.32	$	5.51	$	9.25	$	9.25	$	6.76	$	4.26

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.10%, 1.85%, 1.85%, 1.35% and ..85% for Classes A, B, C, R3, and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Inflation Protected Securities Fund

	Actual Performance								Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (1/01/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/11)	$	1,051.50	$	1,048.00	$	1,049.60	$	1,053.70	$	1,020.58	$	1,016.86	$	1,019.34	$	1,021.82
Expenses Incurred During Period	$	4.32	$	8.12	$	5.59	$	3.06	$	4.26	$	8.00	$	5.51	$	3.01

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .85%, 1.60%, 1.10%, and .60% for Classes A, C, R3, and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

34 Nuveen Investments

Nuveen Intermediate Government Bond Fund

	Actual Performance								Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (1/01/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/11)	$	1,020.20	$	1,016.80	$	1,019.60	$	1,020.90	$	1,021.08	$	1,016.86	$	1,019.34	$	1,021.82
Expenses Incurred During Period	$	3.76	$	8.00	$	5.51	$	3.01	$	3.76	$	8.00	$	5.51	$	3.01

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .75%, 1.60%, 1.10%, and .60% for Classes A, C, R3, and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Intermediate Term Bond Fund

	Actual Performance						Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (1/01/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/11)	$	1,024.90	$	1,017.60	$	1,024.70	$	1,020.58	$	1,016.36	$	1,021.32
Expenses Incurred During Period	$	4.27	$	8.50	$	3.51	$	4.26	$	8.50	$	3.51

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .85% and .70% 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). For Class C of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.70% multiplied by the average account value over the period, multiplied by 164/365 (to reflect the 164 days in the period since class commencement of operations).

Nuveen Short Term Bond Fund

	Actual Performance						Hypothetical Performance (5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (1/01/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/11)	$	1,015.10	$	1,010.90	$	1,016.00	$	1,021.27	$	1,017.06	$	1,022.02
Expenses Incurred During Period	$	3.55	$	7.78	$	2.80	$	3.56	$	7.80	$	2.81

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .71%, 1.56%, and .56% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Total Return Bond Fund

	Actual Performance										Hypothetical Performance (5% annualized return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (1/01/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/11)	$	1,032.30	$	1,029.40	$	1,028.40	$	1,031.70	$	1,034.40	$	1,020.38	$	1,016.27	$	1,016.27	$	1,018.74	$	1,021.22
Expenses Incurred During Period	$	4.48	$	8.65	$	8.65	$	6.15	$	3.63	$	4.46	$	8.60	$	8.60	$	6.11	$	3.61

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .89%, 1.72%, 1.72%, 1.22%, and ..72% for Classes A, B, C, R3, and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Investments 35

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 Core Bond Fund		Nuveen High Income Bond Fund		Nuveen Inflation Protected Securities Fund		Nuveen Intermediate Government Bond Fund		Nuveen Intermediate Term Bond Fund		Nuveen Short Term Bond Fund		Nuveen Total Return Bond 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		84,701,158		39,254,456		13,211,937		14,025,405		52,914,467		50,401,541		50,264,660
Against		167,783		69,703		48,188		12,995		110,514		150,981		74,869
Abstain		874,527		68,372		9,817		15,586		62,269		86,129		145,615
Broker Non-Votes		5,514,543		3,527,657		1,337,477		1,281,497		1,701,659		5,907,413		3,304,660
Total		91,258,011		42,920,188		14,607,419		15,335,483		54,788,909		56,546,064		53,789,804
Approval of the Board Members was reached as follows:
John P. Amboian
For		90,308,630		42,812,258		14,584,473		15,296,054		54,573,090		56,316,726		53,714,191
Withhold		949,381		107,930		22,946		39,429		215,819		229,338		75,613
Total		91,258,011		42,920,188		14,607,419		15,335,483		54,788,909		56,546,064		53,789,804
Robert P. Bremner
For		90,293,138		42,823,479		14,582,087		15,298,205		54,565,920		56,297,504		53,708,705
Withhold		964,873		96,709		25,332		37,278		222,989		248,560		81,099
Total		91,258,011		42,920,188		14,607,419		15,335,483		54,788,909		56,546,064		53,789,804
Jack B. Evans
For		90,328,064		42,775,323		14,584,473		15,263,028		54,574,661		56,340,828		53,672,984
Withhold		929,947		144,865		22,946		72,455		214,248		205,236		116,820
Total		91,258,011		42,920,188		14,607,419		15,335,483		54,788,909		56,546,064		53,789,804
William C. Hunter
For		90,333,839		42,823,814		14,584,473		15,298,781		54,579,109		56,340,828		53,672,984
Withhold		924,172		96,374		22,946		36,702		209,800		205,236		116,820
Total		91,258,011		42,920,188		14,607,419		15,335,483		54,788,909		56,546,064		53,789,804
David J. Kundert
For		90,290,839		42,828,452		14,582,163		15,298,205		54,526,189		56,283,360		53,711,404
Withhold		967,172		91,736		25,256		37,278		262,720		262,704		78,400
Total		91,258,011		42,920,188		14,607,419		15,335,483		54,788,909		56,546,064		53,789,804
William J. Schneider
For		90,295,443		42,828,818		14,582,087		15,295,478		54,528,051		56,283,360		53,711,404
Withhold		962,568		91,370		25,332		40,005		260,858		262,704		78,400
Total		91,258,011		42,920,188		14,607,419		15,335,483		54,788,909		56,546,064		53,789,804
Judith M. Stockdale
For		90,363,785		42,831,363		14,586,428		15,298,205		54,572,582		56,340,180		53,674,679
Withhold		894,226		88,825		20,991		37,278		216,327		205,884		115,125
Total		91,258,011		42,920,188		14,607,419		15,335,483		54,788,909		56,546,064		53,789,804
Carole E. Stone
For		90,354,616		42,769,794		14,586,352		15,262,452		54,572,431		56,329,668		53,675,683
Withhold		903,395		150,394		21,067		73,031		216,478		216,396		114,121
Total		91,258,011		42,920,188		14,607,419		15,335,483		54,788,909		56,546,064		53,789,804
Virginia L. Stringer
For		90,071,779		42,825,979		14,584,118		15,298,205		54,203,402		56,272,270		53,711,404
Withhold		1,186,232		94,209		23,301		37,278		585,507		273,794		78,400
Total		91,258,011		42,920,188		14,607,419		15,335,483		54,788,909		56,546,064		53,789,804
Terence J. Toth
For		90,308,890		42,750,035		14,584,473		15,263,028		54,572,582		56,326,765		53,708,349
Withhold		949,121		170,153		22,946		72,455		216,327		219,299		81,455
Total		91,258,011		42,920,188		14,607,419		15,335,483		54,788,909		56,546,064		53,789,804

36 Nuveen Investments

Report of Independent

Registered Public Accounting Firm

The Board of Directors and Shareholders

Nuveen Core Bond Fund (formerly known as First American Core Bond Fund)

Nuveen High Income Bond Fund (formerly known as First American High Income Bond Fund)

Nuveen Inflation Protected Securities Fund (formerly known as First American Inflation Protected Securities Fund)

Nuveen Intermediate Government Bond Fund (formerly known as First American Intermediate Government Bond Fund)

Nuveen Intermediate Term Bond Fund (formerly known as First American Intermediate Term Bond Fund)

Nuveen Short Term Bond Fund (formerly known as First American Short Term Bond Fund)

Nuveen Total Return Bond Fund (formerly known as First American Total Return Bond Fund)

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Core Bond Fund (formerly known as First American Core Bond Fund), Nuveen High Income Bond Fund (formerly known as First American High Income Bond Fund), Nuveen Inflation Protected Securities Fund (formerly known as First American Inflation Protected Securities Fund), Nuveen Intermediate Government Bond Fund (formerly known as First American Intermediate Government Bond Fund), Nuveen Intermediate Term Bond Fund (formerly known as First American Intermediate Term Bond Fund), Nuveen Short Term Bond Fund (formerly known as First American Short Term Bond Fund) and Nuveen Total Return Bond Fund (formerly known as First American Total Return Bond Fund), (the “Funds”) as of June 30, 2011, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended 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 June 30, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. 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 position of Nuveen Core Bond Fund (formerly known as First American Core Bond Fund), Nuveen High Income Bond Fund (formerly known as First American High Income Bond Fund), Nuveen Inflation Protected Securities Fund (formerly known as First American Inflation Protected Securities Fund), Nuveen Intermediate Government Bond Fund (formerly known as First American Intermediate Government Bond Fund), Nuveen Intermediate Term Bond Fund (formerly known as First American Intermediate Term Bond Fund), Nuveen Short Term Bond Fund (formerly known as First American Short Term Bond Fund) and Nuveen Total Return Bond Fund (formerly known as First American Total Return Bond Fund) at June 30, 2011, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

.

Chicago, Illinois

August 26, 2011

Nuveen Investments 37

Portfolio of Investments

Nuveen Core Bond Fund

(formerly known as First American Core Bond Fund)

June 30, 2011

Principal Amount (000)		Description p	Value
		CORPORATE BONDS – 36.8%
		Banking – 5.9%
		Ally Financial
$	1,650	7.500%, 09/15/2020	$	1,724,250
		Banco Bradesco
	1,910	4.125%, 05/16/2016 n q		1,922,033
		Bancolombia
	2,900	5.950%, 06/03/2021 n		2,943,500
		Bank of America
	3,725	5.750%, 12/01/2017		3,983,925
	2,505	5.875%, 01/05/2021		2,628,934
		BBVA Bancomer
	1,425	4.500%, 03/10/2016 n q		1,449,937
		Citigroup
	3,500	8.125%, 07/15/2039 q		4,379,788
		Citigroup Capital XXI
	3,720	8.300%, 12/21/2077 D		3,803,700
		First National Bank of Chicago
	1,106	8.080%, 01/05/2018		1,244,798
		HSBC Holdings
	4,030	6.800%, 06/01/2038		4,300,683
		JPMorgan Chase
	3,695	5.150%, 10/01/2015		3,990,766
	4,330	4.400%, 07/22/2020 q		4,241,963
	2,750	4.250%, 10/15/2020		2,690,421
	4,440	5.500%, 10/15/2040 q		4,414,639
		JPMorgan Chase Capital XX Series T
	1,410	6.550%, 09/29/2066		1,413,463
		Lloyds TSB Bank
	4,250	4.875%, 01/21/2016 q		4,346,777
		Sovereign Bank
	3,675	8.750%, 05/30/2018		4,148,557
		Wachovia Captial Trust III
	3,500	5.570%, 03/29/2049 D		3,202,500
		Wells Fargo Capital X
	2,760	5.950%, 12/15/2086		2,700,039
	57,281	Total Banking		59,530,673
		Basic Industry – 2.9%
		Alcoa
	1,825	5.400%, 04/15/2021 q		1,830,636
		Arcelormittal
	5,500	7.000%, 10/15/2039		5,561,017
		Braskem Finance Limited
	2,375	5.750%, 04/15/2021 n q		2,389,962
		Cliffs Natural Resources
	1,000	6.250%, 10/01/2040		986,793
		Georgia-Pacific
	1,820	5.400%, 11/01/2020 n q		1,854,820
		Incitec Pivot Finance
	3,830	6.000%, 12/10/2019 n		4,102,053
		International Paper
	3,015	8.700%, 06/15/2038		3,750,754

38 Nuveen Investments

Principal Amount (000)		Description p	Value
		Basic Industry (continued)
		Plum Creek Timberlands
$	950	4.700%, 03/15/2021	$	936,279
		Southern Copper
	2,550	7.500%, 07/27/2035		2,670,003
		Teck Resources Limited
	1,440	6.250%, 07/15/2041		1,453,841
		Vale Overseas
	3,895	6.875%, 11/10/2039		4,233,008
	28,200	Total Basic Industry		29,769,166
		Brokerage – 2.0%
		Goldman Sachs Capital II
	2,415	5.793%, 12/29/2049 D		1,932,000
		Goldman Sachs Group
	4,640	6.000%, 06/15/2020 q		4,992,584
	3,685	6.750%, 10/01/2037		3,684,938
		Morgan Stanley
	6,250	5.500%, 07/24/2020		6,326,193
	3,375	5.750%, 01/25/2021 q		3,414,923
	20,365	Total Brokerage		20,350,638
		Capital Goods – 0.4%
		GE Capital Trust I
	4,000	6.375%, 11/15/2067 D		4,095,000
		Communications – 4.3%
		American Tower
	2,980	5.050%, 09/01/2020		2,935,217
		AT&T
	3,530	6.550%, 02/15/2039 q		3,871,810
		British Sky Broadcasting
	3,450	6.100%, 02/15/2018 n		3,858,842
		DirecTV Holdings
	3,215	5.200%, 03/15/2020 q		3,401,753
		Embarq
	2,575	7.082%, 06/01/2016 q		2,862,422
		Frontier Communications
	3,500	8.500%, 04/15/2020		3,815,000
		NBC Universal
	1,315	4.375%, 04/01/2021 n		1,301,259
	3,060	6.400%, 04/30/2040 n q		3,288,720
		News America
	3,590	6.650%, 11/15/2037		3,847,399
	1,275	6.150%, 02/15/2041 n		1,263,061
		Sprint Nextel
	2,000	6.000%, 12/01/2016		1,997,500
		Time Warner Cable
	2,000	8.750%, 02/14/2019		2,548,420
	2,410	5.875%, 11/15/2040 q		2,378,586
		Verizon Communications
	5,870	6.900%, 04/15/2038		6,733,782
	40,770	Total Communications		44,103,771
		Consumer Cyclical – 1.9%
		Ingram Micro
	2,000	5.250%, 09/01/2017		2,096,462

Nuveen Investments 39

Portfolio of Investments

Nuveen Core Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Consumer Cyclical (continued)
		J.C. Penney
$	2,585	5.650%, 06/01/2020	$	2,559,150
		Navistar International
	2,210	8.250%, 11/01/2021		2,364,700
		O’Reilly Automotive
	3,200	4.875%, 01/14/2021		3,215,514
		R.R. Donnelley & Sons
	1,990	7.625%, 06/15/2020 q		1,966,725
		Time Warner
	2,405	4.750%, 03/29/2021 q		2,446,491
		Viacom
	4,105	6.875%, 04/30/2036		4,582,838
	18,495	Total Consumer Cyclical		19,231,880
		Consumer Non Cyclical – 2.8%
		Altria Group
	2,100	4.750%, 05/05/2021		2,098,561
	2,975	9.950%, 11/10/2038		4,180,012
		Constellation Brands
	1,000	7.250%, 05/15/2017		1,087,500
		Express Scripts
	3,255	3.125%, 05/15/2016		3,275,057
		HCA
	2,400	7.250%, 09/15/2020		2,577,000
		Kraft Foods
	2,605	6.500%, 02/09/2040		2,893,566
		Lorillard Tobacco
	3,350	8.125%, 06/23/2019 q		3,901,919
		Pernod-Ricard
	2,275	5.750%, 04/07/2021 n q		2,375,230
		UnitedHealth Group
	3,185	6.875%, 02/15/2038		3,641,844
		Valeant Pharmaceuticals
	2,080	6.875%, 12/01/2018 n q		2,038,400
	25,225	Total Consumer Non Cyclical		28,069,089
		Electric – 1.5%
		Comision Federal De Electricidad
	2,370	4.875%, 05/26/2021 n		2,366,682
		Constellation Energy Group
	3,305	5.150%, 12/01/2020		3,387,027
		FirstEnergy Solutions
	3,690	6.050%, 08/15/2021		3,970,621
		MidAmerican Energy Holdings
	2,685	6.125%, 04/01/2036		2,891,449
		NV Energy
	2,725	6.250%, 11/15/2020 q		2,860,926
	14,775	Total Electric		15,476,705
		Energy – 4.3%
		Anadarko Petroleum
	3,230	6.200%, 03/15/2040 q		3,273,592
		Canadian Oil Sands
	3,050	7.750%, 05/15/2019 n		3,664,398

40 Nuveen Investments

Principal Amount (000)		Description p	Value
		Energy (continued)
		Chesapeake Energy
$	3,000	6.125%, 02/15/2021 q	$	3,037,500
		Diamond Offshore Drilling
	3,280	5.700%, 10/15/2039 q		3,239,285
		Ensco
	3,870	4.700%, 03/15/2021		3,909,408
		Forest Oil
	2,700	7.250%, 06/15/2019 q		2,754,000
		Lukoil International Finance
	4,785	6.125%, 11/09/2020 n		4,934,531
		Nabors Industries
	2,935	5.000%, 09/15/2020 q		2,969,739
		Nexen
	3,475	6.400%, 05/15/2037		3,466,365
		Petrobras International Finance
	2,495	6.875%, 01/20/2040		2,656,579
		Petro-Canada
	2,255	6.800%, 05/15/2038		2,543,478
		Valero Energy
	3,290	6.125%, 02/01/2020 q		3,615,499
		Weatherford International
	3,740	7.000%, 03/15/2038		4,065,982
	42,105	Total Energy		44,130,356
		Finance – 4.1%
		Anglogold Holdings
	4,530	6.500%, 04/15/2040		4,320,886
		Asciano Finance
	3,800	5.000%, 04/07/2018 n		3,900,643
		Capital One Bank
	2,790	8.800%, 07/15/2019		3,424,002
		Countrywide Financial
	4,390	6.250%, 05/15/2016		4,626,287
		Discover Financial Services
	3,690	10.250%, 07/15/2019		4,768,030
		Fresenius U.S. Finance II
	2,450	9.000%, 07/15/2015 n		2,771,563
		General Electric Capital
	2,375	5.300%, 02/11/2021 q		2,471,287
		Series MTN
	4,915	6.875%, 01/10/2039		5,563,864
		International Lease Finance
	1,715	8.875%, 09/01/2017		1,886,500
		TransCapitalinvest
	4,995	5.670%, 03/05/2014 n		5,319,675
		WEA Finance
	2,730	4.625%, 05/10/2021 n q		2,649,348
	38,380	Total Finance		41,702,085
		Information Technology – 0.3%
		Applied Materials
	2,915	4.300%, 06/15/2021		2,924,727
		Insurance – 3.9%
		Aflac
	3,975	6.450%, 08/15/2040 q		3,944,202

Nuveen Investments 41

Portfolio of Investments

Nuveen Core Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Insurance (continued)
		Allied World Assurance
$	4,805	7.500%, 08/01/2016	$	5,506,256
		Catlin Insurance
	2,970	7.249%, 12/31/2049 n q D		2,828,925
		Endurance Specialty Holding
		Series B
	105	7.500%, 06/01/2016		2,614,610
		Hartford Financial Services Group
		Series MTN
	2,950	6.000%, 01/15/2019		3,150,606
		Liberty Mutual Group
	3,015	5.000%, 06/01/2021 n		2,854,976
		Lincoln National
	2,295	8.750%, 07/01/2019		2,896,056
	3,205	6.050%, 04/20/2067		3,084,812
		MetLife Capital Trust IV
	2,980	7.875%, 12/15/2067 n		3,113,227
		Pacific Life Insurance
	1,640	6.000%, 02/10/2020 n		1,758,605
		Prudential Holdings
		Series B
	4,000	7.245%, 12/18/2023 n		4,660,120
		ZFS Finance USA Trust V
	2,755	6.500%, 05/09/2067 n D		2,741,225
	34,695	Total Insurance		39,153,620
		Natural Gas – 1.1%
		Chesapeake Midstream Partners
	3,215	5.875%, 04/15/2021 n q		3,174,813
		Energy Transfer Equity
	2,665	7.500%, 10/15/2020 q		2,824,900
		Kinder Morgan Energy Partners
		Series MTN
	3,060	6.950%, 01/15/2038		3,323,487
		NGPL Pipeco
	1,500	7.119%, 12/15/2017 n		1,680,426
	10,440	Total Natural Gas		11,003,626
		Real Estate – 0.8%
		Health Care – REIT
	2,145	5.250%, 01/15/2022		2,136,763
		Prologis – REIT
	2,995	6.875%, 03/15/2020		3,307,109
		Vornado Realty – REIT
	2,705	4.250%, 04/01/2015		2,807,566
	7,845	Total Real Estate		8,251,438
		Transportation – 0.6%
		Air Canada
	1,950	9.250%, 08/01/2015 n q		1,996,313
		Northwest Airlines
		Series 2007-1, Class A
	2,022	7.027%, 11/01/2019		2,062,524

42 Nuveen Investments

Principal Amount (000)		Description p	Value
		Transportation (continued)
		United Airlines
		Series 2007-1, Class A
$	2,405	6.636%, 01/02/2024	$	2,416,609
	6,377	Total Transportation		6,475,446
$	351,868	Total Corporate Bonds (cost $354,662,545)		374,268,220
Principal Amount (000)		Description p	Value
		U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 31.5%
		Adjustable Rate D – 1.3%
		Federal Home Loan Mortgage Corporation Pool
$	139	2.517%, 05/01/2025, #846757	$	145,589
	749	2.441%, 04/01/2029, #847190		786,819
	982	2.627%, 03/01/2030, #847180		1,037,141
	1,280	2.421%, 07/01/2030, #847240		1,340,771
	506	2.086%, 06/01/2031, #846984		523,105
		Federal National Mortgage Association Pool
	3,201	2.375%, 08/01/2030, #555843		3,354,598
	212	2.531%, 03/01/2031, #545359		223,120
	1,024	2.309%, 09/01/2033, #725553		1,069,298
	4,576	5.240%, 11/01/2034, #735054		4,887,301
		Government National Mortgage Association Pool
	1	2.625%, 08/20/2023, #008259		1,045
	12,670	Total U.S. Government Agency Mortgage-Backed Securities		13,368,787
		Fixed Rate – 30.2%
		Federal Home Loan Mortgage Corporation Pool
	922	4.500%, 03/01/2018, #P10023		966,537
	2,364	4.500%, 05/01/2018, #P10032		2,485,221
	481	6.500%, 01/01/2028, #G00876		548,656
	964	6.500%, 11/01/2028, #C00676		1,092,124
	736	6.500%, 12/01/2028, #C00689		834,147
	417	6.500%, 04/01/2029, #C00742		472,594
	1,434	6.500%, 07/01/2031, #A17212		1,625,463
	1,357	6.000%, 11/01/2033, #A15521		1,506,363
	1,069	7.000%, 08/01/2037, #H09059		1,225,038
	4,048	5.816%, 09/01/2037, #1G2163 q		4,336,059
	436	7.000%, 09/01/2037, #H01292		500,109
		Federal National Mortgage Association Pool
	9,779	3.790%, 07/01/2013, #386314		10,143,289
	436	5.500%, 02/01/2014, #440780		472,797
	113	7.000%, 02/01/2015, #535206		118,736
	268	7.000%, 08/01/2016, #591038		296,363
	1,352	5.500%, 12/01/2017, #673010		1,468,329
	1,624	6.000%, 10/01/2022, #254513		1,793,931
	4,020	5.500%, 01/01/2025, #255575		4,381,278
	131	7.000%, 04/01/2026, #340798		151,032
	206	7.000%, 05/01/2026, #250551		238,052
	3,514	6.000%, 08/01/2027, #256852		3,862,638
	961	6.500%, 02/01/2029, #252255		1,093,706
	1,880	6.500%, 12/01/2031, #254169		2,113,965
	3,502	6.000%, 04/01/2032, #745101		3,817,301
	1,358	7.000%, 07/01/2032, #254379		1,567,809
	577	7.000%, 07/01/2032, #545813		668,081
	349	7.000%, 07/01/2032, #545815		400,984
	1,814	6.000%, 09/01/2032, #254447		2,012,318
	3,452	6.000%, 03/01/2033, #688330 q		3,829,594
	3,566	5.500%, 04/01/2033, #694605 q		3,883,051

Nuveen Investments 43

Portfolio of Investments

Nuveen Core Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Fixed Rate (continued)
$	2,611	6.500%, 05/01/2033, #555798	$	2,971,152
	5,560	5.500%, 07/01/2033, #709446		6,054,789
	2,708	5.500%, 10/01/2033, #555800		2,948,454
	265	6.000%, 11/01/2033, #772130		293,601
	624	6.000%, 11/01/2033, #772256		692,202
	1,774	5.000%, 03/01/2034, #725248		1,896,168
	3,239	5.000%, 03/01/2034, #725250		3,461,898
	1	5.000%, 06/01/2034, #782909		959
	4,546	6.500%, 06/01/2034, #735273		5,178,704
	28,970	4.500%, 07/01/2034 (MDR)(WI/DD)		29,970,363
	710	6.000%, 10/01/2034, #781776		784,454
	8,221	5.500%, 07/01/2036, #995112		8,947,102
	1,832	6.000%, 08/01/2036, #885536		2,032,170
	3,424	6.000%, 09/01/2036, #900555 q		3,798,022
	1,969	6.000%, 06/01/2037, #944340		2,166,015
	1,145	6.500%, 08/01/2037, #256845		1,297,110
	2,192	6.000%, 09/01/2037, #256890		2,393,562
	9,057	5.500%, 01/01/2038, #968975		9,812,038
	13,346	5.000%, 03/01/2038, #973241		14,203,605
	1	5.000%, 05/01/2038, #983077		1,505
	11,303	5.500%, 05/01/2038, #889618		12,244,318
	395	6.000%, 06/01/2038, #889706		434,418
	2	5.500%, 07/01/2038, #985344		1,961
	2,620	6.000%, 08/01/2038, #257307		2,880,115
	3,973	6.000%, 10/01/2038, #993138		4,379,926
	9,605	5.000%, 06/01/2039 (WI/DD)		10,205,313
	8,426	4.500%, 09/01/2039, #AC1877		8,732,776
	7,990	4.500%, 12/01/2039, #932323		8,281,212
	2,069	5.000%, 12/01/2039, #932260		2,203,833
	12,562	5.000%, 05/01/2040, #AD4375		13,372,914
	22,120	4.000%, 07/01/2040 (WI/DD)		22,120,000
	9,500	5.500%, 07/01/2040 (MDR)(WI/DD)		10,271,875
	9,311	4.000%, 11/01/2040, #AE7723		9,324,179
	9,569	4.000%, 12/01/2040, #AB1959		9,583,004
	12,353	4.000%, 01/01/2041, #AE7265		12,370,289
		Government National Mortgage Association Pool
	260	7.500%, 11/15/2030, #537699		306,220
	10,799	4.500%, 02/20/2041, #004946		11,389,267
	11,500	4.500%, 07/15/2041 (MDR)(WI/DD)		12,101,956
	289,682	Total Fixed Rate		307,013,014
$	302,352	Total U.S. Government Agency Mortgage-Backed Securities (cost $309,432,472)		320,381,801
Principal Amount (000)		Description p	Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES – 12.9%
		Americold Trust
		Series 2010-ARTA, Class C
$	6,125	6.811%, 01/14/2029 n	$	6,343,204
		Banc of America Commercial Mortgage
		Series 2004-5, Class A3
	4,918	4.561%, 11/10/2041 D		4,942,550
		Bear Stearns Commercial Mortgage Securities
		Series 2005-PW10, Class A4
	6,640	5.405%, 12/11/2040 D		7,238,670
		Citigroup/Deutsche Bank Commercial Mortgage Trust
		Series 2005-CD1, Class A4
	4,570	5.220%, 07/15/2044		4,969,291
		Series 2007-CD4, Class A2B
	4,700	5.205%, 12/11/2049		4,799,343
		Series 2007-CD5, Class A4
	620	5.886%, 11/15/2044		676,057

44 Nuveen Investments

Principal Amount (000)		Description p	Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
		Commercial Mortgage Pass-Through Certificates
		Series 2006-CN2A, Class A2FX
$	4,225	5.449%, 02/05/2019 n	$	4,234,713
		Extended Stay America Trust
		Series 2010-ESHA, Class C
	6,410	4.860%, 11/05/2027 n		6,399,116
		Fosse Master Issuer
		Series 2011-1A, Class A2
	4,315	1.619%, 10/18/2054 n D		4,322,676
		GS Mortgage Securities Trust
		Series 2007-GG10, Class A4
	12,415	5.992%, 08/10/2045 q D		13,328,748
		JPMorgan Chase Commercial Mortgage Securities
		Series 2010-C1, Class A1
	7,651	3.853%, 06/15/2043 n		7,914,606
		Series 2010-C2, Class A3
	8,055	4.070%, 11/15/2043 n		7,786,806
		Series 2011-C4, Class A3
	5,570	4.106%, 07/15/2046 n		5,557,982
		Series 2011-C4, Class C
	2,250	5.251%, 07/15/2046 n		2,086,287
		LB-UBS Commercial Mortgage Trust
		Series 2004-C2, Class A4
	6,000	4.367%, 03/15/2036		6,358,999
		Series 2005-C7, Class A2
	3,479	5.103%, 11/15/2030		3,478,016
		Master Reperforming Loans Trust
		Series 2005-1, Class 1A4
	5,908	7.500%, 08/25/2034 n		5,984,280
		Morgan Stanley Capital I
		Series 2011-C1, Class C
	2,325	5.256%, 09/15/2047 n		2,210,564
		Morgan Stanley Dean Witter Capital I
		Series 2002-TOP7, Class A2
	6,951	5.980%, 01/15/2039		7,142,032
		OBP Depositor Trust
		Series 2010-OBP, Class A
	5,590	4.646%, 07/15/2045 n		5,801,644
		Vendee Mortgage Trust
		Series 2011-1, Class DA
	7,510	3.750%, 02/15/2035		7,850,733
		Wachovia Bank Commerical Mortgage Trust
		Series 2007-WHL8, Class A1
	3,238	0.267%, 06/15/2020 n		2,935,815
		WF-RBS Commercial Mortgage Trust
		Series 2011-C2, Class C
	2,300	5.392%, 02/15/2044 n		2,160,280
		Series 2011-C3, Class A4
	5,000	4.375%, 03/15/2044 n		4,942,578
		Series 2011-C3, Class C
	2,250	5.335%, 03/15/2044 n		2,091,949
$	129,015	Total Commercial Mortgage-Backed Securities (cost $128,110,983)		131,556,939

Nuveen Investments 45

Portfolio of Investments

Nuveen Core Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		ASSET-BACKED SECURITIES – 9.1%
		Automotive – 0.9%
		Bank of America Auto Trust Series 2010-2, Class A3
$	4,680	1.310%, 07/15/2014	$	4,710,433
		Volkswagen Auto Lease Trust Series 2010-A, Class A2
	4,523	0.770%, 01/22/2013		4,525,904
		World Omni Auto Receivables Trust Series 2010-A, Class A2
	79	0.700%, 05/15/2011		78,899
	9,282	Total Automotive		9,315,236
		Credit Cards – 1.1%
		Cabela’s Master Credit Card Trust Series 2011-2A, Class A2
	5,005	0.803%, 06/17/2019 n D		5,005,000
		Discover Card Master Trust Series 2007-A1, Class A1
	5,185	5.650%, 03/16/2020		5,939,524
	10,190	Total Credit Cards		10,944,524
		Home Equity – 3.8%
		Amresco Residential Security Mortgage Series 1997-3, Class A9
	24	6.960%, 03/25/2027		24,065
		Bayview Financial Acquisition Trust Series 2005-D, Class AF4
	1,250	5.500%, 12/28/2035		1,028,319
		Countrywide Asset-Backed Certificates Series 2003-SC1, Class M2
	766	2.437%, 09/25/2023		624,498
		Series 2007-7, Class 2A2
	3,580	0.347%, 10/25/2047 D		2,897,219
		Series 2007-9, Class 2A2
	3,835	0.317%, 06/25/2047 D		3,178,632
		RBSSP Resecuritization Trust Series 2009-8, Class 3A1
	855	0.334%, 03/26/2037 n		839,664
		Series 2009-9, Class 9A1
	3,822	0.406%, 09/26/2037 n		3,679,372
		Series 2009-11, Class 4A1
	918	1.944%, 12/26/2037 n		918,736
		Series 2010-4, Class 1A1
	7,499	0.304%, 03/26/2036 n		6,977,258
		Series 2010-4, Class 5A1
	4,922	0.354%, 02/26/2037 n		4,720,648
		Series 2010-8, Class 4A1
	2,161	0.524%, 07/26/2036 n		2,036,464
		Series 2010-10, Class 2A1
	3,979	0.324%, 09/26/2036 n		3,567,706
		Series 2010-11, Class 2A1
	4,301	0.356%, 03/26/2037 n		4,109,829
		Renaissance Home Equity Loan Trust Series 2005-3, Class AF4
	4,365	5.140%, 11/25/2035		3,617,725
	42,277	Total Home Equity		38,220,135

46 Nuveen Investments

Principal Amount (000)		Description p	Value
		Manufactured Housing – 0.1%
		Green Tree Financial Series 2008-MH1, Class A1
$	1,147	7.000%, 04/25/2038 n	$	1,172,413
		Other – 3.2%
		AH Mortgage Advance Trust Series 2010-ADV1, Class A1
	5,500	3.968%, 08/15/2022 n		5,582,500
		Series SART-1, Class B1
	2,090	5.920%, 05/10/2043 n		2,121,350
		Fieldstone Mortgage Investment Series 2005-1, Class M4
	4,351	1.267%, 03/25/2035		4,051,377
		Henderson Receivables Series 2010-3A, Class A
	4,990	3.820%, 12/15/2048 n		4,932,176
		Ocwen Advance Receivables Backed Notes Series 2009-3A, Class A
	3,545	4.140%, 07/15/2023 n		3,593,744
		Small Business Administration Series 2006-P10B, Class 1
	5,246	5.681%, 08/10/2016		5,698,287
		Series 2010-10A, Class 1
	6,884	4.108%, 03/10/2020		7,017,291
	32,606	Total Other		32,996,725
$	95,502	Total Asset-Backed Securities (cost $90,127,778)		92,649,033
Principal Amount (000)		Description p	Value
		COLLATERALIZED MORTGAGE OBLIGATION – U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 4.5%
		Adjustable Rate D – 2.6%
		Federal Home Loan Mortgage Corporation Series 2704, Class JF
$	2,719	0.737%, 05/15/2023	$	2,728,588
		Series 2755, Class FN
	2,634	0.637%, 04/15/2032		2,637,011
		Series 3423, Class FA
	11,872	0.687%, 06/15/2036		11,898,246
		Series 3591, Class FP
	4,065	0.787%, 06/15/2039		4,086,952
		Federal National Mortgage Association Series 2005-59, Class DF
	4,846	0.386%, 05/25/2035		4,826,669
	26,136	Total Adjustable Rate		26,177,466
		Fixed Rate – 1.8%
		Federal Home Loan Mortgage Corporation Series 1022, Class J
	17	6.000%, 12/15/2020		19,524
		Series 162, Class F
	58	7.000%, 05/15/2021		64,669
		Series 1790, Class A
	34	7.000%, 04/15/2022		36,515
		Series 188, Class H
	114	7.000%, 09/15/2021		127,210
		Series 2901, Class UB
	5,000	5.000%, 03/15/2033		5,379,531

Nuveen Investments 47

Portfolio of Investments

Nuveen Core Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Fixed Rate (continued)
		Series 6, Class C
$	11	9.050%, 06/15/2019	$	12,785
		Federal National Mortgage Association Series 1988-24, Class G
	22	7.000%, 10/25/2018		24,913
		Series 1989-44, Class H
	21	9.000%, 07/25/2019		24,239
		Series 1989-90, Class E
	4	8.700%, 12/25/2019		4,085
		Series 1990-102, Class J
	23	6.500%, 08/25/2020		25,373
		Series 1990-105, Class J
	199	6.500%, 09/25/2020		219,991
		Series 1990-30, Class E
	15	6.500%, 03/25/2020		17,698
		Series 1990-61, Class H
	19	7.000%, 06/25/2020		20,810
		Series 1990-72, Class B
	17	9.000%, 07/25/2020		19,355
		Series 1991-56, Class M
	68	6.750%, 06/25/2021		73,305
		Series 1992-120, Class C
	20	6.500%, 07/25/2022		21,780
		Series 2002-83, Class MD
	766	5.000%, 09/25/2016		770,070
		Series 2003-30, Class AE
	4,984	3.900%, 10/25/2017		5,110,863
		Series 2003-W1, Class B1
	1,492	5.750%, 12/25/2042		1,029,321
		Series 2005-44, Class PC
	2,121	5.000%, 11/25/2027		2,138,895
		Series 2005-62, Class JE
	2,940	5.000%, 06/25/2035		3,153,372
	17,945	Total Fixed Rate		18,294,304
		Z-Bonds x – 0.1%
		Federal Home Loan Mortgage Corporation Series 1118, Class Z
	39	8.250%, 07/15/2021		44,840
		Federal National Mortgage Association Series 1991-134, Class Z
	121	7.000%, 10/25/2021		134,172
		Series 1996-35, Class Z
	576	7.000%, 07/25/2026		654,157
	736	Total Z-Bonds		833,169
$	44,817	Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (cost $44,176,128)		45,304,939
Principal Amount (000)		Description p	Value
		COLLATERALIZED MORTGAGE OBLIGATIONS-PRIVATE MORTGAGE-BACKED SECURITIES – 4.6%
		Adjustable Rate D – 2.0%
		Arkle Master Issuer
		Series 2010-1A, Class 2A
$	5,480	1.411%, 05/17/2060 n	$	5,471,166
		Countrywide Home Loans
		Series 2004-2, Class 2A1
	1,424	2.761%, 02/25/2034		1,390,828

48 Nuveen Investments

Principal Amount (000)		Description p	Value
		Adjustable Rate D (continued)
		FDIC Structured Sale Guaranteed Notes
		Series 2010-S1, Class 1A
$	5,611	0.736%, 02/25/2048 n	$	5,616,026
		Indymac Index Mortgage Loan Trust
		Series 2005-AR1, Class 4A1
	1,250	2.695%, 03/25/2035		1,118,735
		JPMorgan Alternative Loan Trust
		Series 2007-S1, Class A1
	3,089	0.466%, 04/25/2047		2,317,032
		JPMorgan Mortgage Trust
		Series 2006-A7, Class 3A4
	688	5.875%, 01/25/2037		72,157
		Structured Adjustable Rate Mortgage Loan Trust
		Series 2004-11, Class A
	322	2.653%, 08/25/2034		289,446
		Wachovia Mortgage Loan Trust
		Series 2005-B, Class 1A1
	4,813	2.993%, 10/20/2035		3,977,110
		Washington Mutual
		Series 2007-HY2, Class 3A2
	1,542	5.605%, 09/25/2036		216,793
	24,219	Total Adjustable Rate		20,469,293
		Fixed Rate – 2.6%
		Banc of America Funding
		Series 2007-4, Class 1A2
	1,388	5.500%, 06/25/2037		874,256
		Countrywide Alternative Loan Trust
		Series 2004-J1, Class 1A1
	347	6.000%, 02/25/2034		356,118
		Series 2006-19CB, Class A15
	1,973	6.000%, 08/25/2036		1,629,820
		Credit Suisse First Boston Mortgage Securities
		Series 2003-8, Class DB1
	3,789	6.240%, 04/25/2033		3,371,522
		GMAC Mortgage Corporation Loan Trust
		Series 2010-1, Class A
	565	4.250%, 07/25/2040 n		567,889
		GSMPS Mortgage Loan Trust
		Series 2003-1, Class B1
	678	6.776%, 03/25/2043		583,246
		Series 2005-RP2, Class 1A2
	809	7.500%, 03/25/2035 n		823,511
		Series 2005-RP3, Class 1A2
	892	7.500%, 09/25/2035 n		905,453
		Lehman Brothers Mortgage Trust
		Series 2008-6, Class 1A1
	1,825	5.981%, 07/25/2047		1,737,453
		Master Alternative Loans Trust
		Series 2004-1, Class 3A1
	958	7.000%, 01/25/2034		990,493
		Mortgage Equity Conversion Asset Trust
		Series 2010-1A, Class A
	4,118	4.000%, 07/25/2060 n		4,121,368
		NCUA Guaranteed Notes
		Series 2010-C1, Class A2
	4,185	2.900%, 10/29/2020		4,177,181
		Sequoia Mortgage Trust
		Series 2011-1, Class A1
	4,349	4.125%, 02/25/2041		4,357,829

Nuveen Investments 49

Portfolio of Investments

Nuveen Core Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Fixed Rate (continued)
		Wells Fargo Mortgage Backed Securities Trust
		Series 2007-2, Class 1A8
$	1,696	5.750%, 03/25/2037	$	1,478,485
	27,572	Total Fixed Rate		25,974,624
$	51,791	Total Collateralized Mortgage Obligations – Private Mortgage-Backed Securities (cost $50,142,117)		46,443,917
Principal Amount (000)		Description p	Value
		U.S. GOVERNMENT & AGENCY SECURITIES – 2.7%
		U.S. Treasuries – 2.7%
		U.S. Treasury Bonds
$	2,065	3.875%, 08/15/2040	$	1,890,766
	4,455	4.250%, 11/15/2040 q		4,354,762
	425	4.750%, 02/15/2041 q		451,762
		U.S. Treasury Notes
	3,650	2.375%, 02/28/2015 q		3,813,119
	8,985	1.250%, 08/31/2015 q		8,944,990
	1,385	3.625%, 02/15/2020 q		1,465,179
	6,630	2.625%, 08/15/2020 q		6,417,634
$	27,595	Total U.S. Government & Agency Securities (cost $26,970,760)		27,338,212
Principal Amount (000)		Description p	Value
		Municipal Bonds 0.6%
		Illinois
	5,765	5.877%, 03/01/2019	$	5,949,192
		Total Municipal Bonds (cost $5,765,000)		5,949,192
Shares		Description p	Value
		PREFERRED STOCK – 0.0%
		Sovereign – 0.0%
	218,000	Fannie Mae Series S •	$	468,700
		Total Preferred Stock (cost $5,173,100)		468,700
Shares		Description p	Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
		Money Market Funds – 12.3%
	125,243,468	Mount Vernon Securities Lending Prime Portfolio, 0.197% W †	$	125,243,468
		Total Investments Purchased With Proceeds From Securities Lending (cost $125,243,468)		125,243,468
Shares/ Principal Amount (000)		Description p	Value
		SHORT-TERM INVESTMENTS – 6.6%
		Money Market Funds – 6.1%
		First American Prime Obligations Fund, Class Z
	62,579,200	0.042% W	$	62,579,200
		U.S. Treasury Obligations – 0.5%
		U.S. Treasury Bills ¨
$	2,200	0.020%, 07/21/2011		2,199,976
	1,625	0.035%, 10/20/2011		1,624,825

50 Nuveen Investments

Shares/ Principal Amount (000)		Description p	Value
		U.S. Treasury Obligations (continued)
$	1,000	0.055%, 11/17/2011	$	999,788
$	4,825	Total U.S. Treasury Bills		4,824,589
		Total Short-Term Investments (cost $67,403,092)		67,403,789
		Total Investments (cost $1,207,207,443) – 121.6%		1,237,008,210
		Other Assets Less Liabilities – (21.6)% ¯		(219,590,750)
		Net Assets – 100.0%	$	1,017,417,460

Investments in Derivatives

Futures Contracts outstanding at June 30, 2011:

Type	Contract Position		Number of Contracts			Contract Expiration		Value			Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Note		Long		532			9/11	$	116,690,880		$	230,670
U.S. Treasury 5-Year Note		Short		(401	)		9/11		(47,797,319	)		260,403
U.S. Treasury 10-Year Note		Short		(323	)		9/11		(39,511,986	)		148,029
U.S. Treasury Long Bond		Long		14			9/11		1,722,438			(40,939	)
U.S. Treasury Ultra Bond		Short		(164	)		9/11		(20,705,000	)		290,527
											$	888,690

Interest Rate Swaps outstanding at June 30, 2011:

Counterparty	Notional Amount		Fund Pay/Receive Floating Rate		Floating Rate Index		Fixed Rate*			Fixed Rate Payment Frequency		Termination Date		Unrealized Appreciation (Depreciation)
JPMorgan	$	33,000,000		Receive		3-Month LIBOR		1.255	%		Semi-Annually		11/03/11	$	(157,879	)
JPMorgan		8,000,000		Receive		3-Month LIBOR		3.858			Semi-Annually		1/19/20		(651,097	)
UBS		35,000,000		Receive		3-Month LIBOR		1.358			Semi-Annually		9/25/11		(217,619	)
UBS		33,000,000		Receive		3-Month LIBOR		1.133			Semi-Annually		3/25/12		(289,779	)
UBS		33,000,000		Receive		3-Month LIBOR		1.048			Semi-Annually		6/25/12		(217,756	)
UBS		14,000,000		Receive		3-Month LIBOR		3.001			Semi-Annually		8/03/14		(942,355	)
														$	(2,476,485	)

* Annualized.

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

n Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

q Investment, or a portion of investment, is out on loan for securities lending.

D Variable Rate Security – The rate shown is the rate in effect as of June 30, 2011.

x Z-Bonds – Represents securities that pay no interest or principal during their accrual periods, but accrue additional principal at specified rates. Interest rate shown represents current yield based upon the cost basis and estimated future cash flows.

• Non-income producing; issuer has not declared a dividend within the past twelve months.

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

¨ Investment, or portion of investment, segregated as collateral for investments in derivatives. Yield shown is effective yield as of June 30, 2011.

† The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund.

¯ Other Assets Less Liabilities includes the net Unrealized Appreciation (Depreciation) of derivatives instruments as listed within Investments in Derivatives.

WI/DD Purchased on a when-issued or delayed delivery basis.

LIBOR London Inter-Bank offered Rate

MDR Denotes investment is subject to dollar roll transactions.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

Nuveen Investments 51

Portfolio of Investments

Nuveen High Income Bond Fund

(formerly known as First American High Income Bond Fund)

June 30, 2011

Principal Amount (000)		Description p	Value
		HIGH YIELD CORPORATE BONDS – 86.8%
		Banking – 0.8%
		ABN AMRO
$	2,000	6.523%, 12/29/2049 n q D	$	1,850,000
		Alfa Bank Issuance
	1,500	7.750%, 04/28/2021 n		1,513,200
		Standard Bank
	1,000	8.750%, 02/09/2016 D		867,600
	4,500	Total Banking		4,230,800
		Basic Industry – 19.6%
		AbitibiBowater Escrow
	1,317	10.250%, 10/15/2018 n		1,425,653
		AK Steel
	2,250	7.625%, 05/15/2020 q		2,306,250
		Aleris International
	1,000	10.000%, 12/15/2016		2,600
		Alrosa Finance
	1,000	7.750%, 11/03/2020 n q		1,087,500
		Aperam
	1,500	7.750%, 04/01/2018 n q		1,511,250
		Appleton Papers
	2,000	10.500%, 06/15/2015 n		2,085,000
		Atkore International
	1,000	9.875%, 01/01/2018 n		1,050,000
		Berry Plastics
	2,300	4.122%, 09/15/2014 D		2,139,000
	1,500	9.750%, 01/15/2021		1,451,250
		Blue Merger Sub
	1,000	7.625%, 02/15/2019 n q		1,010,000
		Building Materials
	1,250	6.750%, 05/01/2021 n q		1,256,250
		Bumi Investment
	1,850	10.750%, 10/06/2017 n		2,101,970
		Calumet Specialty Products
	1,075	9.375%, 05/01/2019 n		1,107,250
		Cascades
	2,500	7.750%, 12/15/2017		2,606,250
		Catalyst Paper
	1,750	11.000%, 12/15/2016 n q		1,496,250
		Cemex
	1,000	9.000%, 01/11/2018 n		1,017,500
		Cleaver-Brooks
	1,000	12.250%, 05/01/2016 n		1,030,000
		Corelogic
	1,800	7.250%, 06/01/2021 n		1,755,000
		Delphi
	750	5.875%, 05/15/2019 n q		735,000
		Dish DBS
	1,750	6.750%, 06/01/2021 n q		1,793,750
		Drummond
	1,750	9.000%, 10/15/2014 n		1,841,875
		Exopack Holding
	750	10.000%, 06/01/2018 n		744,375

52 Nuveen Investments

Principal Amount (000)		Description p	Value
		Basic Industry (continued)
		Geo Group
$	965	6.625%, 02/15/2021 n	$	957,763
		Graham Packaging
	2,050	8.250%, 10/01/2018 q		2,280,625
		Hidili Industry
	1,400	8.625%, 11/04/2015 n q		1,375,500
		Huntington Ingalls Industries
	2,250	6.875%, 03/15/2018 n q		2,306,250
		Huntsman International
	1,000	8.625%, 03/15/2021 q		1,087,500
		Ineos Group Holdings
	2,000	8.500%, 02/15/2016 n q		1,975,000
		Intertape Polymer Group
	2,615	8.500%, 08/01/2014		2,464,637
		JMC Steel Group
	2,000	8.250%, 03/15/2018 n		2,030,000
		K Hovnanian Enterprises
	1,775	8.625%, 01/15/2017 q		1,127,125
		Longview Fibre Paper & Packaging
	1,750	8.000%, 06/01/2016 n q		1,758,750
		Metinvest
	1,250	10.250%, 05/20/2015 n		1,360,875
		Millar Western Forest
	2,250	8.500%, 04/01/2021 n		2,025,000
		Momentive Performance
	2,500	9.000%, 01/15/2021		2,550,000
		Novelis
	2,050	8.375%, 12/15/2017		2,188,375
		Park Ohio Industries
	3,300	8.125%, 04/01/2021 n		3,300,000
		Patriot Coal
	2,250	8.250%, 04/30/2018 q		2,328,750
		Pittsburgh Glass Works
	2,565	8.500%, 04/15/2016 n q		2,635,538
		Ply Gem Industries
	1,000	8.250%, 02/15/2018 n q		947,500
		Polarcus Alima AS
	2,300	12.500%, 10/29/2015		2,300,000
		Polymer Group
	1,800	7.750%, 02/01/2019 n q		1,804,500
		Polypore International
	800	7.500%, 11/15/2017		846,000
		Reynolds Group
	4,800	8.750%, 05/15/2018 q		4,716,000
		RR Donnelley & Sons
	1,300	7.250%, 05/15/2018 q		1,300,000
		Solo Cup
	750	8.500%, 02/15/2014 q		699,375
		Speedy Cash
	1,250	10.750%, 05/15/2018 n q		1,278,125
		Stora Enso
	2,000	7.250%, 04/15/2036 n		1,895,000

Nuveen Investments 53

Portfolio of Investments

Nuveen High Income Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Basic Industry (continued)
		Taseko Mines
$	2,250	7.750%, 04/15/2019	$	2,266,875
		Tembec Industries
	2,300	11.250%, 12/15/2018 q		2,406,375
		Thompson Creek Metals
	2,100	7.375%, 06/01/2018 n		2,058,000
		Tl Acquisitions
	1,000	10.500%, 01/15/2015 n		905,000
		UCI International
	1,575	8.625%, 02/15/2019		1,622,250
		Vedanta Resources
	905	9.500%, 07/18/2018 n q		986,450
		Verso Paper Holdings
	1,577	11.500%, 07/01/2014		1,679,505
	1,500	8.750%, 02/01/2019 n q		1,335,000
		West China Cement
	2,000	7.500%, 01/25/2016 n q		1,920,000
		WPE International Cooperatief
	2,000	10.375%, 09/30/2020 n		2,120,000
	99,269	Total Basic Industry		98,391,616
		Capital Goods – 3.7%
		Abengoa Finance
	2,675	8.875%, 11/01/2017 n q		2,731,844
		Columbus Mckinnon
	1,550	7.875%, 02/01/2019		1,573,250
		Commercial Vehicle Group
	1,750	7.875%, 04/15/2019 n		1,750,000
		Ducommun
	750	9.750%, 07/15/2018 n		770,625
		Global Rig Company
	750	13.000%, 06/15/2015		754,027
		Kratos Defense & Security Solutions
	1,500	10.000%, 06/01/2017		1,582,500
		Liberty Tire Recycling
	1,000	11.000%, 10/01/2016 n		1,045,000
		Navistar International
	1,250	8.250%, 11/01/2021		1,337,500
		Neff Rental
	1,500	9.625%, 05/15/2016 n		1,426,875
		Titan International
	1,750	7.875%, 10/01/2017 n q		1,828,750
		United Rentals North America
	2,300	8.375%, 09/15/2020 q		2,328,750
		Wyle Services
	1,500	10.500%, 04/01/2018 n		1,590,000
	18,275	Total Capital Goods		18,719,121
		Communications – 10.6%
		American Media
	2,250	13.500%, 06/15/2018 n q		2,424,375
		Bakrie Telecom
	1,500	11.500%, 05/07/2015 n		1,537,500

54 Nuveen Investments

Principal Amount (000)		Description p	Value
		Communications (continued)
		Belo
$	1,500	7.750%, 06/01/2027	$	1,406,250
		CCO Holdings
	500	7.000%, 01/15/2019 n		513,750
	1,250	7.000%, 01/15/2019 q		1,287,500
		Citizens Communications
	1,450	9.000%, 08/15/2031		1,486,250
		Clear Channel Communications
	2,100	10.750%, 08/01/2016		1,895,250
	1,500	9.000%, 03/01/2021 n		1,436,250
		Clearwire Communications
	1,750	12.000%, 12/01/2017 n q		1,833,125
		Cumulus Media
	1,450	7.750%, 05/01/2019 n q		1,399,250
		Digicel Group
	1,300	10.500%, 04/15/2018 n		1,456,000
		Earthlink
	1,500	8.875%, 05/15/2019 n q		1,361,250
		FairPoint Communications Series I
	1,043	13.125%, 04/02/2018 q		10,430
		Frontier Communications
	1,842	8.500%, 04/15/2020		2,007,780
		Gannett
	2,000	9.375%, 11/15/2017		2,200,000
		Goodman Network
	2,000	12.125%, 07/01/2018 n		1,990,000
		Insight Communications
	1,000	9.375%, 07/15/2018 n		1,097,500
		Integra Telecom Holdings
	2,075	10.750%, 04/15/2016 n		2,095,750
		Intelsat Bermuda
	2,500	11.250%, 02/04/2017		2,684,375
		Intelsat Jackson Holdings
	2,015	7.250%, 04/01/2019 n q		1,999,888
		Level 3 Communications
	2,500	11.875%, 02/01/2019 n q		2,696,875
		McClatchy
	2,100	11.500%, 02/15/2017		2,231,250
		Media General
	2,100	11.750%, 02/15/2017 q		2,042,250
		Nextel Communications
		Series D
	2,000	7.375%, 08/01/2015 q		2,000,000
		Sprint Capital
	2,000	6.900%, 05/01/2019 q		2,060,000
		Syniverse Holdings
	1,500	9.125%, 01/15/2019 n		1,560,000
		Trilogy International Partners
	1,500	10.250%, 08/15/2016 n q		1,522,500
		UnityMedia Hessen
	2,750	8.125%, 12/01/2017 n		2,921,875

Nuveen Investments 55

Portfolio of Investments

Nuveen High Income Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Communications (continued)
		Windstream
$	1,750	8.125%, 09/01/2018	$	1,855,000
		XM Satellite Radio
	2,000	7.625%, 11/01/2018 n		2,090,000
	52,725	Total Communications		53,102,223
		Consumer Cyclical – 9.1%
		AMC Networks
	800	7.750%, 07/15/2021 n		836,000
		Ameristar Casinos
	2,100	7.500%, 04/15/2021 n q		2,165,625
		Beazer Homes USA
	2,500	9.125%, 06/15/2018		2,156,250
		Brunswick
	1,000	7.125%, 08/01/2027 q		870,000
		Burlington Coat Factory
	1,750	10.000%, 02/15/2019 n q		1,732,500
		Caesars Entertainment Operating
	2,500	5.625%, 06/01/2015 q		2,018,750
	2,750	12.750%, 04/15/2018 q		2,743,125
		Casella Waste Systems
	750	7.750%, 02/15/2019 n q		751,875
		Chukchansi Economic
	1,500	8.000%, 11/15/2013 n		1,222,500
		CKE Restaurants
	1,500	11.375%, 07/15/2018		1,638,750
		Dana Holding
	2,000	6.500%, 02/15/2019 q		1,980,000
		Fontainebleau Las Vegas
	1,000	10.250%, 06/15/2015 n D		500
		Ford Motor
	2,000	7.450%, 07/16/2031 q		2,267,274
		Giti Tire
	700	12.250%, 01/26/2012		686,358
		Hilton Hotels
	2,000	4.761%, 11/15/2013 n D		1,975,000
		InVentiv Health Capital
	1,500	10.000%, 08/15/2018 n		1,470,000
		Isle Of Capri Casinos
	1,625	7.750%, 03/15/2019 n q		1,641,250
		Liz Claiborne
	1,350	10.500%, 04/15/2019 n q		1,377,000
		Macy’s Retail Holdings
	1,500	7.875%, 08/15/2036		1,607,282
		Marina District Finance
	1,700	9.875%, 08/15/2018 n		1,763,750
		MGM Mirage
	1,750	6.875%, 04/01/2016 q		1,640,625
		MGM Resorts International
	2,000	10.000%, 11/01/2016 n q		2,120,000
		Mohegan Tribal Gaming
	1,750	6.125%, 02/15/2013 q		1,452,500

56 Nuveen Investments

Principal Amount (000)		Description p	Value
		Consumer Cyclical (continued)
		National CineMedia
$	1,250	7.875%, 07/15/2021 n	$	1,270,313
		Nortek
	1,500	8.500%, 04/15/2021 n q		1,387,500
		Regal Entertainment Group
	1,100	9.125%, 08/15/2018 q		1,138,500
		Rite Aid
	2,000	6.875%, 08/15/2013 q		1,942,500
	1,250	9.375%, 12/15/2015 q		1,165,625
		Standard Pacific
	1,500	8.375%, 05/15/2018 q		1,486,875
		Trimas
	1,000	9.750%, 12/15/2017		1,095,000
		William Lyon Homes
	750	10.750%, 04/01/2013 q		388,125
	48,375	Total Consumer Cyclical		45,991,352
		Consumer Non Cyclical – 10.3%
		Albertsons
	1,500	8.000%, 05/01/2031		1,278,750
		Apria Healthcare Group I
	1,000	11.250%, 11/01/2014		1,035,000
		Aramark Holdings
	1,100	8.625%, 05/01/2016 n		1,119,250
		Central Garden & Pet Company
	2,250	8.250%, 03/01/2018		2,323,125
		Community Health Systems
	1,965	8.875%, 07/15/2015 q		2,023,950
		Constellation Enterprises
	1,750	10.625%, 02/01/2016 n		1,787,187
		Darling International
	1,900	8.500%, 12/15/2018 n		2,052,000
		Dyncorp International
	2,150	10.375%, 07/01/2017 n q		2,203,750
		Endo Pharmaceuticals Holdings
	750	7.000%, 07/15/2019 n q		768,750
		Fage Dairy
	1,350	9.875%, 02/01/2020 n		1,353,375
		General Motors
	250	6.750%, 06/01/2018 n q		250,625
		Harmony Foods
	1,750	10.000%, 05/01/2016 n		1,785,000
		HCA Holdings
	2,500	7.750%, 05/15/2021 n q		2,593,750
		HealthSouth Capital
	1,850	7.750%, 09/15/2022 q		1,949,438
		Hertz
	2,400	7.375%, 01/15/2021 n q		2,442,000
		Icon Health & Fitness
	1,500	11.875%, 10/15/2016 n		1,530,000
		Ingles Markets
	1,250	8.875%, 05/15/2017		1,337,500

Nuveen Investments 57

Portfolio of Investments

Nuveen High Income Bond Fund (continued)

June 30, 2011

Principal Amount (000)			Description p	Value
			Consumer Non Cyclical (continued)
			JBS USA
$	1,300		7.250%, 06/01/2021 n	$	1,264,250
			Kindred Healthcare
	1,210		8.250%, 06/01/2019 n		1,203,950
			Land O Lakes Capital Trust I
	2,000		7.450%, 03/15/2028 n		1,905,000
			Marfrig Overseas
	1,500		9.500%, 05/04/2020 n		1,522,500
			Merge Healthcare
	1,750		11.750%, 05/01/2015		1,872,500
			MHP
	1,250		10.250%, 04/29/2015 n		1,335,875
			National Mentor Holdings
	1,710		12.500%, 02/15/2018 n		1,710,000
			Pinnacle Foods
	2,550		8.250%, 09/01/2017		2,645,625
			Res-care
	2,100		10.750%, 01/15/2019 q		2,194,500
			STHI Holding
	1,605		8.000%, 03/15/2018 n		1,629,075
			Supervalu
	1,225		7.500%, 11/15/2014 q		1,225,000
			Symbion
	—	¥	11.000%, 08/23/2015		466
			Tenet Healthcare
	1,750		8.000%, 08/01/2020		1,778,438
	1,500		6.875%, 11/15/2031		1,252,500
			Valeant Pharmaceuticals
	815		6.875%, 12/01/2018 n		798,700
			Viterra
	1,575		5.950%, 08/01/2020 n		1,601,614
	51,055		Total Consumer Non Cyclical		51,773,443
			Electric – 3.5%
			AES
	2,100		8.000%, 10/15/2017 q		2,226,000
			Calpine
	2,785		7.875%, 07/31/2020 n q		2,910,325
			Dubai Electricity & Water
	2,300		7.375%, 10/21/2020 n		2,366,125
			Edison Mission Energy
	2,350		7.500%, 06/15/2013 q		2,364,687
			Energy Future Holdings
	1,500		10.875%, 11/01/2017 q		1,282,500
			Midwest Generation Series B
	3,249		8.560%, 01/02/2016		3,330,316
			Mirant Americas Generation
	1,800		8.500%, 10/01/2021		1,845,000
			Texas Competitive Electric Holdings
	1,500		11.500%, 10/01/2020 n q		1,473,750
	17,584		Total Electric		17,798,703

58 Nuveen Investments

Principal Amount (000)		Description p	Value
		Energy – 13.0%
		Black Elk Energy
$	1,500	13.750%, 12/01/2015 n	$	1,507,500
		Bluewater Holding
	1,500	3.276%, 07/17/2014 D		1,185,000
		Brigham Exploration Series 1
	1,750	8.750%, 10/01/2018		1,907,500
		Calfrac Holdings
	2,250	7.500%, 12/01/2020 n q		2,272,500
		Carrizo Oil & Gas
	2,750	8.625%, 10/15/2018		2,832,500
		Concho Resources
	2,050	8.625%, 10/01/2017		2,234,500
		Connacher Oil & Gas
	2,000	8.500%, 08/01/2019 n		1,900,000
		Copano Energy
	850	7.125%, 04/01/2021		839,375
		Empresa Distribuidora Norte
	1,500	9.750%, 10/25/2022 n		1,511,250
		Energy XXI Gulf Coast
	1,800	9.250%, 12/15/2017 n		1,917,000
		EnergySolutions
	1,210	10.750%, 08/15/2018		1,276,550
		Floatel Superior
	1,500	13.000%, 09/02/2015		1,620,000
		Forbes Energy Services
	1,500	9.000%, 06/15/2019 n		1,477,500
		Golden Close Marit
	2,000	11.000%, 12/09/2015		2,140,000
		Inergy LP
	1,400	7.000%, 10/01/2018 n		1,414,000
		Jasper Explorer
	1,500	13.500%, 05/27/2016		1,477,095
		Laredo Petroleum
	2,250	9.500%, 02/15/2019 n		2,373,750
		Linn Energy
	2,125	8.625%, 04/15/2020		2,305,625
		Meg Energy
	2,250	6.500%, 03/15/2021 n		2,261,250
		NRG Energy
	1,480	7.625%, 05/15/2019 n		1,472,600
		Ocean Rig Underwater
	2,000	9.500%, 04/27/2016		1,990,000
		OGX Petroleo E Gas Participacoes
	1,985	8.500%, 06/01/2018 n q		2,041,572
		Opti Canada
	1,000	8.250%, 12/15/2014 q *		415,000
		Panoro Energy
	2,000	12.000%, 11/15/2018 n		2,040,000
		Petrohawk Energy
	500	7.250%, 08/15/2018		513,125

Nuveen Investments 59

Portfolio of Investments

Nuveen High Income Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Energy (continued)
		Petroplus Finance
$	2,800	9.375%, 09/15/2019 n q	$	2,814,000
		QuadraFNX Mining
	1,300	7.750%, 06/15/2019 n		1,313,000
		Range Resources
	1,000	8.000%, 05/15/2019		1,085,000
		RDS Ultra-Deepwater
	1,210	11.875%, 03/15/2017 n		1,355,200
		Sandridge Energy
	2,000	7.500%, 03/15/2021 n		2,025,000
		Seadrill
	2,000	6.500%, 10/05/2015		1,940,000
		Sevan Marine
	500	12.000%, 08/10/2015 D		410,000
		SM Energy
	2,150	6.625%, 02/15/2019 n		2,155,375
		Stone Energy
	2,200	8.625%, 02/01/2017		2,266,000
		United Refining
	2,720	10.500%, 02/28/2018		2,720,000
		W & T Offshore
	1,500	8.500%, 06/15/2019 n		1,518,750
		Western Refining
	2,715	11.250%, 06/15/2017 n		3,054,375
	64,745	Total Energy		65,581,892
		Finance – 4.1%
		Ace Cash Express
	2,000	11.000%, 02/01/2019 n q		2,005,000
		AGFC Capital Trust I
	2,000	6.000%, 01/15/2067 n D		1,350,000
		Credit Acceptance
	1,250	9.125%, 02/01/2017		1,337,500
		E*Trade Financial
	1,500	6.750%, 06/01/2016 q		1,470,000
		Glen Meadow
	3,500	6.505%, 02/12/2067 n D		3,080,000
		International Lease Finance
	1,000	5.750%, 05/15/2016 q D		984,717
		Offshore Group Investment
	2,250	11.500%, 08/01/2015 q		2,446,875
		Rare Restaurant Group
	2,500	9.250%, 05/15/2014 n		2,075,000
		Servicios Corporativos Javer
	2,822	9.875%, 04/06/2021 n		2,941,935
		Springleaf Finance Series MTN
	2,350	6.900%, 12/15/2017		2,156,125
		Squaretwo Financial
	1,000	11.625%, 04/01/2017 q		1,045,000
	22,172	Total Finance		20,892,152

60 Nuveen Investments

Principal Amount (000)		Description p	Value
		Insurance – 2.6%
		American International Group
$	2,300	6.250%, 03/15/2087 q D		$2,093,000
		CNO Financial Group
	2,750	9.000%, 01/15/2018 n		2,915,000
		Dai-Ichi Mutual Life
	2,500	7.250%, 07/25/2021 n D		2,498,532
		Provincia De Buenos Aires
	1,250	10.875%, 01/26/2021 n		1,178,750
		Provincia De Cordoba
	2,000	12.375%, 08/17/2017 n		2,090,000
		XL Capital Series E
	2,500	6.500%, 12/29/2049 q		2,293,750
	13,300	Total Insurance		13,069,032
		Natural Gas – 1.2%
		Holly Energy Partners
	1,950	6.250%, 03/01/2015		1,950,000
		Sabine Pass LNG
	1,885	7.500%, 11/30/2016		1,932,125
		Southern Union
	2,100	7.200%, 11/01/2066 q D		1,953,000
	5,935	Total Natural Gas		5,835,125
		Real Estate – 2.2%
		Central China Real Estate
	1,375	12.250%, 10/20/2015 n q		1,423,125
		CNL Lifestyle Properties
	1,500	7.250%, 04/15/2019 n		1,357,500
		Country Garden Holdings
	1,750	11.125%, 02/23/2018 n q		1,802,500
		Fosun International
	1,750	7.500%, 05/12/2016 n q		1,732,500
		Realogy
	3,375	11.500%, 04/15/2017		3,425,625
		Rouse
	1,125	6.750%, 11/09/2015		1,160,156
	10,875	Total Real Estate		10,901,406
		Sovereign – 0.3%
		Republic of Argentina
	1,250	8.750%, 06/02/2017		1,300,000
		Technology – 2.3%
		First Data
	2,349	12.625%, 01/15/2021 n q		2,513,430
	2,975	8.750%, 01/15/2022 n q		2,908,063
		Freescale Semiconductor
	2,500	8.050%, 02/01/2020 n q		2,512,500
	22	10.750%, 08/01/2020 n		24,860
		Lawson Software
	750	11.500%, 7/15/2018 n		739,687
		Seagate
	2,850	6.875%, 05/01/2020 n		2,828,625
	11,446	Total Technology		11,527,165

Nuveen Investments 61

Portfolio of Investments

Nuveen High Income Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Transportation – 3.5%
		Air Canada
$	2,500	12.000%, 02/01/2016 n q	$	2,581,250
		American Airlines Partner Trust Series B
	1,800	7.000%, 07/31/2019 q		1,701,000
		CDRT Merger Sub
	500	8.125%, 06/01/2019		498,125
		Chrysler Group
	800	8.000%, 06/15/2019 n q		786,000
	2,750	8.250%, 06/15/2021 n q		2,695,000
		Marquette Transportation
	1,000	10.875%, 01/15/2017		1,007,500
		Martin Midstream Partners
	2,090	8.875%, 04/01/2018 q		2,194,500
		Navios Maritime Acquisition
	1,750	8.625%, 11/01/2017 q		1,723,750
		Sevan Marine
	1,400	3.443%, 05/14/2013		1,120,000
		United Air Lines
	1,800	9.875%, 08/01/2013 n		1,890,000
		Western Express
	1,250	12.500%, 04/15/2015 n q		1,181,250
	17,640	Total Transportation		17,378,375
$	439,146	Total High Yield Corporate Bonds (cost $431,849,513)		436,492,405
Shares		Description p	Value
		PREFERRED STOCKS – 5.5%
		Banking – 0.8%
		Bank of America
	151,000	Series 5 q		2,876,550
	47,500	Series MER		1,251,625
		Total Banking		4,128,175
		Consumer Cyclical – 0.1%
		M/I Homes
	462,500	Series A —		425,000
		Consumer Non Cyclical – 0.1%
		Hersha Hospitality Trust
	500,000	Series B —		494,200
		Finance – 2.6%
	2,000	Ally Financial n		1,879,625
	20,700	American International Group		518,742
	46,305	Citigroup Cap IX —		1,082,148
	44,879	Citigroup Capital XI		1,046,578
	37,100	Citigroup Capital XII		957,922
	50,000	Cogdell Spencer – REIT, Series A		1,255,000
	66,322	Freddie Mac —		152,541
		Goldman Sachs Group
	72,400	Series A		1,542,844
	613,799	JPM Chase Capital XXVI q		612,575

62 Nuveen Investments

Shares		Description p	Value
		Finance (continued)
	101,700	Morgan Stanley	$	2,105,190
		Royal Bank Scotland Group
	64,000	Series L		1,169,280
	47,060	Series N —		802,843
		Total Finance		13,125,288
		Insurance – 0.5%
		Aspen Insurance Holdings
	45,000	Series A		1,123,200
		Endurance Specialty Holding
	40,000	Series B —		998,000
		PartnerRe
	21,000	Series E —		533,190
		Total Insurance		2,654,390
		Real Estate – 0.9%
		American Home Mortgage Investments – REIT
	10,000	Series B — [GRAPHIC]		1
		Ashford Hospitality Trust – REIT
	46,900	Series D		1,157,492
		Commonwealth – REIT
	30,000	Series E q —		749,700
	25,000	Equity Lifestyle Properties		633,250
		First Potomac Realty Trust
	20,000	Series A		506,800
		LaSalle Hotel Properties
	50,000	Series H		1,249,000
		Total Real Estate		4,296,243
		Technology – 0.3%
	65,000	Dupont Fabros		1,644,500
		Transportation – 0.2%
	31,338	Seaspan		855,214
		Total Preferred Stocks (cost $26,661,366)		27,623,010
Shares		Description p	Value
		COMMON STOCKS – 1.5%
		Basic Industry – 0.5%
	25,901	AbitibiBowater q •	$	525,791
	27,806	Archer-Daniels-Midland		838,351
	17,088	Georgia Gulf q •		412,504
	16,000	Nortek •		575,840
		Total Basic Industry		2,352,486
		Communications – 0.2%
	14,007	FairPoint Communications q •		129,002
	8,300	Nippon Telegraph & Telephone q		200,694
	3,000	Telefonica q		73,470
	17,000	Vodafone Group		454,240
		Total Communications		857,406

Nuveen Investments 63

Portfolio of Investments

Nuveen High Income Bond Fund (continued)

June 30, 2011

Shares		Description p	Value
		Consumer Cyclical – 0.0%
	30,000	Greektown •	$	—
		Consumer Discretionary – 0.2%
	7,000	Lear		374,360
	17,800	Target		834,998
		Total Consumer Discretionary		1,209,358
		Energy – 0.3%
	3,500	ConocoPhillips		263,165
	2,860	Magnachip Semiconductor •		32,947
	4,278	Pace Oil and Gas q •		32,684
	44,000	Pengrowth Energy		553,520
	38,000	Provident Energy		339,340
		Total Energy		1,221,656
		Finance – 0.1%
	16,200	Lincoln National		461,538
		Real Estate – 0.2%
	7,700	Macerich – REIT q		411,950
	10,200	Mid-America Apartment Communities – REIT q		688,194
		Total Real Estate		1,100,144
		Transportation – 0.0%
	19,158	Delta Air Lines —		175,679
		Total Common Stocks (cost $8,004,229)		7,378,267
Principal Amount (000)		Description p	Value
		INVESTMENT GRADE CORPORATE BONDS – 1.2%
		Basic Industry – 0.6%
		Vale Overseas Limited
$	1,100	6.551%, 10/13/2020 n	$	1,345,720
		VTB Capital
	1,500	8.250%, 01/17/2034		1,522,500
	2,600	Total Basic Industry		2,868,220
		Energy – 0.2%
		Valero Energy
	1,000	6.625%, 06/15/2037 q		1,042,656
		Sovereigns – 0.4%
		Republic of Poland
	1,950	6.375%, 07/15/2019		2,227,875
$	5,550	Total Investment Grade Corporate Bonds (cost $6,007,700)		6,138,751
Shares/ Principal Amount (000)		Description p	Value
		CONVERTIBLE SECURITIES – 1.2%
		Energy – 0.6%
	19,975	Chesapeake Energy Series 2005B		1,972,531

64 Nuveen Investments

Shares/ Principal Amount (000)		Description p	Value
		Energy (continued)
		Evergreen Solar
$	2,500	13.000%, 04/15/2015	$	943,750
		Total Energy		2,916,281
		Real Estate – 0.2%
	35,000	Pebblebrook Hotel Trust		879,900
		Technology – 0.4%
		Hutchinson Technology
	1,164	3.250%, 01/15/2026		942,840
	1,417	8.500%, 01/15/2026 q		1,197,365
		Total Technology		2,140,205
		Total Convertible Securities (cost $6,761,942)		5,936,386
Shares		Description p	Value
		CLOSED-END FUNDS – 0.9%
	32,000	Alliance National Municipal Income Fund		428,800
	114,000	Blackrock Credit Allocation Income Trust		1,426,140
	49,000	Blackrock Global Opportunities Equity Trust q		885,430
	5,000	First Trust/Aberdeen Global Opportunities Income Fund		87,150
	37,500	Gabelli Global Gold Natural Resources & Income Trust		666,375
	27,600	ING Clarion Global Real Estate Income Fund		231,012
	39,000	Invesco Municipal Income Opportunities Trust		246,090
	45,000	Pimco Income Strategy Fund q		582,300
		Total Closed-End Funds (cost $4,322,491)		4,553,297
Shares		Description p	Value
		EXCHANGE-TRADED FUNDS – 0.6%
	27,600	SPDR DB International Government Inflation-Protected Bond Fund		1,708,993
	27,100	SPDR S&P Dividend		1,465,027
		Total Exchange-Traded Funds (cost $2,820,555)		3,174,020
Principal Amount (000)		Description p	Value
		ASSET-BACKED SECURITIES – 0.4%
		Manufactured Housing – 0.0%
		Green Tree Financial Series 1998-1, Class A4
$	4	6.040%, 11/01/2029		4,325
		Transportation – 0.4%
		Continental Airlines Series Series RJ03
	2,295	7.875%, 01/02/2020		2,289,741
$	2,299	Total Asset-Backed Securities (cost $2,294,651)		2,294,066

Nuveen Investments 65

Portfolio of Investments

Nuveen High Income Bond Fund (continued)

June 30, 2011

Shares		Description p	Value
		Warrants – 0.0%
		FairPoint Communications
	6,489	0.000%, 01/24/2018 —	$	1,622
		Total Warrants (cost $0)		1,622
Shares		Description p	Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
		Money Market Funds – 28.9%
		Mount Vernon Securities Lending Prime Portfolio
	145,527,120	0.197% W †	$	145,527,120
		Total Investments Purchased With Proceeds From Securities Lending (cost $145,527,120)		145,527,120
Shares/ Principal Amount (000)		Description p	Value
		SHORT-TERM INVESTMENTS – 1.5%
		Money Market Funds – 1.5%
		First American Prime Obligations Fund, Class Z
	7,484,469	0.042% W	$	7,484,469
		U.S. Treasury Obligations – 0.0%
		U.S. Treasury Bills
$	5,000	0.094%, 07/21/2011		5,000
		Total Short-Term Investments (cost $7,489,469)		7,489,469
		Total Investments (cost $641,739,036) – 128.5%		646,608,413
		Other Assets Less Liabilities – (28.5)%		(143,452,977)
		Net Assets – 100.0%	$	503,155,436

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

n Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

q Investment, or a portion of investment, is out on loan for securities lending.

D Variable Rate Security – The rate shown is the rate in effect as of June 30, 2011.

For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.

— Non-income producing; issuer has not declared a dividend within the past twelve months.

* The Fund’s Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to “write-off” any remaining accrued recorded balances on the Fund’s records. Subsequently, the Fund sold this security on July 14, 2011.

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

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

† The Fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 102% of the value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

66 Nuveen Investments

Portfolio of Investments

Nuveen Inflation Protected Securities Fund

(formerly known as First American Inflation Protected Securities Fund)

June 30, 2011

Principal Amount (000)		Description p	Value
		U.S. GOVERNMENT & AGENCY SECURITIES – 86.5%
		U.S. Treasuries – 85.6%
		U.S. Treasury Bonds
$	1,225	8.750%, 08/15/2020	$	1,795,391
	1,730	8.000%, 11/15/2021 q		2,463,357
	11,514	2.375%, 01/15/2025 q t		13,233,897
	6,601	2.000%, 01/15/2026 t		7,212,247
	6,078	2.375%, 01/15/2027 q t		6,930,945
	6,253	1.750%, 01/15/2028 t		6,543,686
	7,474	3.625%, 04/15/2028 t		9,841,942
	2,881	2.500%, 01/15/2029 q t		3,345,703
	8,174	3.875%, 04/15/2029 t		11,200,837
	8,923	2.125%, 02/15/2040 t		9,709,820
	9,808	2.125%, 02/15/2041 q t		10,656,176
		U.S. Treasury Notes
	1,108	2.000%, 04/15/2012 t		1,132,498
	10,641	0.625%, 04/15/2013 q t		10,953,998
	4,837	1.875%, 07/15/2013 q t		5,139,283
	4,637	2.000%, 01/15/2014 q t		4,996,176
	10,590	1.250%, 04/15/2014 q t		11,234,502
	4,653	2.000%, 07/15/2014 q t		5,074,668
	5,477	1.625%, 01/15/2015 q t		5,940,889
	14,638	0.500%, 04/15/2015 q t		15,267,304
	2,070	1.875%, 07/15/2015 q t		2,282,193
	4,731	2.000%, 01/15/2016 q t		5,257,998
	11,402	0.125%, 04/15/2016 q t		11,659,143
	5,346	2.500%, 07/15/2016 q t		6,117,334
	5,387	2.375%, 01/15/2017 q t		6,144,997
	3,527	2.625%, 07/15/2017 q t		4,102,625
	4,885	1.625%, 01/15/2018 q t		5,371,644
	3,781	1.375%, 07/15/2018 q t		4,105,084
	4,106	2.125%, 01/15/2019 q t		4,665,848
	4,503	1.875%, 07/15/2019 q t		5,035,955
	6,927	1.375%, 01/15/2020 q t		7,427,841
	10,014	1.250%, 07/15/2020 q t		10,592,642
	19,668	1.125%, 01/15/2021 q t		20,424,130
	213,589	Total U.S. Treasuries		235,860,753
		U.S. Agency Debentures – 0.9%
		Federal National Mortgage Association
	1,245	4.625%, 05/01/2013		1,329,005
		Tennessee Valley Authority
	1,055	3.875%, 02/15/2021		1,083,714
	2,300	Total U.S. Agency Debentures		2,412,719
$	215,889	Total U.S. Government & Agency Securities (cost $229,194,956)		238,273,472
Principal Amount (000)		Description p	Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES – 7.2%
		Citigroup/Deutsche Bank Commercial Mortgage Trust
		Series 2005-CD1, Class A4
$	1,255	5.220%, 07/15/2044 D	$	1,364,652
		Extended Stay America Trust
		Series 2010-ESHA, Class C
	1,040	4.860%, 11/05/2027 n		1,038,234

Nuveen Investments 67

Portfolio of Investments

Nuveen Inflation Protected Securities Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
		Greenwich Capital Commercial Funding
		Series 2007-GG11, Class A4
$	2,300	5.736%, 12/10/2049 q	$	2,468,015
		GS Mortgage Securities Trust
		Series 2007-GG10, Class A4
	2,480	5.992%, 08/10/2045 q D		2,662,529
		JPMorgan Chase Commercial Mortgage Securities
		Series 2007-CB18, Class A4
	1,400	5.440%, 06/12/2047		1,496,263
		Series 2007-CBC20, Class A4
	2,000	5.794%, 02/12/2051		2,171,061
		Series 2010-C1, Class A1
	999	3.853%, 06/15/2043 n		1,033,000
		Series 2011-C4, Class A3
	1,470	4.106%, 07/15/2046 D n		1,466,829
		LB-UBS Commerical Mortgage Trust
		Series 2008-C1, Class A2
	2,000	6.145%, 04/15/2041 D		2,227,270
		Merrill Lynch Mortgage Trust
		Series 2008-C1, Class A4
	380	5.690%, 02/12/2051		410,647
		Morgan Stanley Capital I
		Series 2006-IQ12, Class A4
	500	5.332%, 12/15/2043		540,187
		Series 2011-C1, Class C
	425	5.256%, 09/15/2047 D n		404,081
		OBP Depositor Trust
		Series 2010-OBP, Class A
	700	4.646%, 07/15/2045 n		726,503
		WF-RBS Commercial Mortgage Trust
		Series 2011-C2, Class C
	450	5.392%, 02/15/2044 D n		422,663
		Series 2011-C3, Class A4
	1,260	4.375%, 03/15/2044 D n		1,239,419
	18,659	Total Commercial Mortgage-Backed Securities (cost $19,440,415)		19,671,353
Principal Amount (000) —		Description p	Value
		CORPORATE BONDS – 3.9%
		Banking – 0.1%
		Banco Do Nordeste Brasil
	200	3.625%, 11/09/2015 n		196,500
		Basic Industry – 0.7%
		Alrosa Finance
	150	7.750%, 11/03/2020 q n		163,125
		Georgia-Pacific
	150	7.125%, 01/15/2017 n		158,138
		Reynolds Group
	175	7.125%, 04/15/2019 n		173,688
		Sinochem Overseas Capital
	150	4.500%, 11/12/2020 q n		143,816
		Southern Copper
	1,000	7.500%, 07/27/2035		1,047,060

68 Nuveen Investments

Principal Amount (000) —		Descriptionp	Value
		Basic Industry (continued)
		Vedanta Resources
$	250	9.500%, 07/18/2018 q n	$	272,500
	1,875	Total Basic Industry		1,958,327
		Consumer Non Cyclical – 0.2%
		HCA
	360	7.250%, 09/15/2020		386,550
		Electric – 0.4%
		AES
	150	8.000%, 10/15/2017 q		159,000
		Calpine
	250	7.875%, 07/31/2020 q n		261,250
		Comision Federal De Electric
	570	4.875%, 05/26/2021 n		569,202
	970	Total Electric		989,452
		Energy – 0.5%
		Carrizo Oil & Gas
	130	8.625%, 10/15/2018		133,900
		Concho Resources
	200	8.625%, 10/01/2017 q		218,000
		Holly Energy Partners
	200	6.250%, 03/01/2015		200,000
		Linn Energy
	175	8.625%, 04/15/2020		189,875
		Range Resources
	250	8.000%, 05/15/2019		271,250
		Seadrill
	200	6.500%, 10/05/2015		194,000
		SM Energy
	175	6.625%, 02/15/2019 n		175,438
	1,330	Total Energy		1,382,463
		Insurance – 0.4%
		Pacific Life Global Funding
	1,000	4.860%, 02/06/2016 D n		1,009,900
		Materials – 0.1%
		QuadraFNX Mining
	200	7.750%, 06/15/2019 n		202,000
		Taseko Mines
	150	7.750%, 04/15/2019		151,125
	350	Total Materials		353,125
		Natural Gas – 0.1%
		Energy Transfer Equity
	350	7.500%, 10/15/2020 q		371,000
		Real Estate – 0.1%
		Country Garden Holdings
	200	11.125%, 02/23/2018 q n		206,000
		Sovereigns – 1.0%
		Australian Government
	AUD 800,000	5.750%, 04/15/2012		864,833
		Canadian Government
	CAD 800,000	1.500%, 03/01/2012		831,313
	CAD 750,000	3.500%, 06/01/2020		806,745

Nuveen Investments 69

Portfolio of Investments

Nuveen Inflation Protected Securities Fund (continued)

June 30, 2011

Principal Amount (000)		Descriptionp	Value
		Republic of Poland
$	300	6.375%, 07/15/2019	$	342,750
		Total Sovereigns		2,845,641
		Transportation – 0.3%
		Avis Budget Car Rental
	150	7.750%, 05/15/2016		152,625
		Chrysler Group
	100	8.000%, 06/15/2019		98,119
		Dana Holding
	175	6.500%, 02/15/2019 q		173,250
		Hertz
	175	7.375%, 01/15/2021 q n		178,063
		Navios Maritime Acquisition
	150	8.625%, 11/01/2017		147,750
		Viterra
	175	5.950%, 08/01/2020 n		177,957
	925	Total Transportation		927,764
	7,560	Total Corporate Bonds (cost $10,149,897)		10,626,722
Principal Amount (000)		Descriptionp	Value
		Municipal Bonds – 0.4%
		Illinois
	1,130	5.877%, 03/01/2019	$	1,166,103
		Total Municipal Bonds (cost $1,130,000)		1,166,103
Shares		Description p	Value
		PREFERRED STOCKS – 0.4%
		Banking – 0.1%
		Goldman Sachs Group
	13,000	Series A q	$	277,030
		Finance – 0.3%
		Bank of America
	15,000	Series 5 q		285,750
	5,000	Citigroup Capital XI		116,600
	2,000	JPMorgan Chase Capital XXVI q		52,920
	12,000	Morgan Stanley		248,400
		Total Finance		703,670
		Sovereign – 0.0%
		Fannie Mae
	16,000	Series S		34,400
		Total Preferred Stocks (cost $1,325,120)		1,015,100
Principal Amount (000)		Description p	Value
		COLLATERALIZED MORTGAGE OBLIGATION – PRIVATE MORTGAGE-BACKED SECURITIES – 0.3%
		Fixed Rate – 0.3%
		Sequoia Mortgage Trust
		Series 2011-1, Class A1
$	836,695	4.125%, 02/25/2041	$	838,419
		Total Collateralized Mortgage Obligation – Private Mortgage-Banked Securities (cost $836,695)		838,419

70 Nuveen Investments

Shares		Description p	Value
		CONVERTIBLE SECURITIES – 0.1%
		Energy – 0.1%
		Chesapeake Energy
	2,000	Series 2005B	$	197,500
		Total Convertible Securities (cost $170,000)		197,500
Shares		Description p	Value
		Closed-End Funds – 0.0%
	10,500	Blackrock Credit Allocation Income Trust		131,355
		Total Closed End Funds (cost $124,553)		131,355
Shares		Descriptionp	Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
		Money Market Funds – 46.5%
		Mount Vernon Securities Lending Prime Portfolio
	128,122,856	0.197% W †	$	128,122,856
		Total Investments Purchased With Proceeds From Securities Lending (cost $128,122,856)		128,122,856
Shares/ Principal Amount (000)		Description p	Value
		SHORT-TERM INVESTMENTS – 1.4%
		Money Market Funds – 1.2%
		First American Prime Obligations Fund, Class Z
	3,338,243	0.042% W		3,338,243
		U.S. Treasury Obligations – 0.2%
		U.S. Treasury Bills ¨
$	70	0.035%, 10/20/2011		69,992
	380	0.020%, 07/21/2011		379,996
$	450	Total U.S. Treasury Obligations		449,988
		Total Short-Term Investments (cost $3,788,203)		3,788,231
		Total Investments (cost $394,282,695) – 146.7%		403,831,111
		Other Assets Less Liabilities – (46.7)% ¯		(128,492,050)
		Net Assets – 100.0%	$	275,339,061

Investments in Derivatives

Futures Contracts outstanding at June 30, 2011:

Type	Contract Position		Number of Contracts			Contract Expiration		Value			Unrealized Appreciation (Depreciation)
Canadian Dollar		Long		5			9/11	$	517,900		$	6,483
U.S. Treasury 2-Year Note		Short		(58	)		9/11		(12,721,938	)		(27,510	)
U.S. Treasury 5-Year Note		Short		(132	)		9/11		(15,733,781	)		65,453
U.S. Treasury Ultra Bond		Short		(8	)		9/11		(1,010,000	)		31,940
											$	76,366

Nuveen Investments 71

Portfolio of Investments

Nuveen Inflation Protected Securities Fund (continued)

June 30, 2011

Interest Rate Swaps outstanding at June 30, 2011:

Counterparty	Notional Amount		Fund Pay/Receive Floating Rate		Floating Rate Index		Fixed Rate*			Fixed Rate Payment Frequency		Termination Date		Unrealized Appreciation (Depreciation)
JPMorgan Chase	$	4,000,000		Receive		3-Month LIBOR		1.255	%		Semi-Annually		11/03/11	$	(19,137	)
JPMorgan Chase		1,000,000		Receive		3-Month LIBOR		3.858			Semi-Annually		1/19/20		(81,387	)
UBS		4,000,000		Receive		3-Month LIBOR		1.358			Semi-Annually		9/25/11		(24,871	)
UBS		2,000,000		Receive		3-Month LIBOR		1.133			Semi-Annually		3/25/12		(17,562	)
UBS		4,000,000		Receive		3-Month LIBOR		1.048			Semi-Annually		6/25/12		(26,395	)
UBS		2,000,000		Receive		3-Month LIBOR		3.001			Semi-Annually		8/03/14		(134,789	)
														$	(304,141	)

* Annualized.

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

q Investment, or a portion of investment, is out on loan for securities lending.

— Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted.

t U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.

D Variable Rate Security – The rate shown is the rate in effect as of June 30, 2011.

n Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

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

¨ Investment, or portion of investment, segregated as collateral for investments in derivatives. Yield shown is effective yield as of June 30, 2011.

† The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund.

¯ Other Assets Less Liabilities includes the net Unrealized Appreciation (Depreciation) of derivatives instruments as listed within Investments in Derivatives.

AUD Australian Dollar

CAD Canadian Dollar

LIBOR London Inter-Bank Offered Rate

See accompanying notes to financial statements.

72 Nuveen Investments

Portfolio of Investments

Nuveen Intermediate Government Bond Fund

(formerly known as First American Intermediate Government Bond Fund)

June 30, 2011

Principal Amount (000)		Description p	Value
		U.S. GOVERNMENT & AGENCY SECURITIES – 45.4%
		U.S. Agency Debentures – 41.2%
		Federal Agricultural Mortgage Corporation
$	500	2.100%, 08/10/2012	$	510,240
		Federal Farm Credit Bank
	3,600	3.875%, 08/25/2011 q		3,620,376
	1,130	2.125%, 06/18/2012		1,149,324
	565	4.500%, 10/17/2012		595,041
	1,705	1.375%, 06/25/2013		1,736,207
	1,350	3.875%, 10/07/2013		1,447,971
	1,400	2.625%, 04/17/2014		1,467,394
	700	3.000%, 09/22/2014 q		742,145
	845	1.500%, 11/16/2015		835,872
		Federal Home Loan Bank
	515	1.625%, 09/26/2012		522,970
	2,000	1.500%, 01/16/2013 q		2,032,508
	850	1.625%, 03/20/2013		866,955
	1,865	3.125%, 12/13/2013 q		1,974,129
	1,710	0.875%, 12/27/2013 q		1,716,630
	950	1.125%, 06/27/2014		948,542
	1,080	4.125%, 03/13/2020		1,147,208
		Federal Home Loan Mortgage Corporation
	1,135	1.375%, 02/25/2014 q		1,151,606
	1,130	1.625%, 03/21/2014		1,132,966
	1,825	2.500%, 04/23/2014 q		1,905,871
	780	1.000%, 07/30/2014 q		779,057
	1,925	1.750%, 09/10/2015 q		1,933,002
	2,000	0.750%, 07/05/2016		2,000,062
	270	5.000%, 12/14/2018 q		283,762
	365	3.750%, 03/27/2019 q		386,217
		Federal National Mortgage Association
	785	5.250%, 08/01/2012		825,804
	580	4.625%, 05/01/2013		619,135
	1,150	1.750%, 05/07/2013 q		1,175,839
	1,200	1.125%, 06/27/2014		1,206,661
	1,650	2.375%, 07/28/2015 q		1,698,728
	1,700	1.875%, 10/15/2015 q		1,704,105
	550	4.375%, 10/15/2015		609,489
	1,735	1.600%, 11/23/2015 q		1,715,792
		Tennessee Valley Authority
	3,175	6.790%, 05/23/2012		3,357,369
	2,725	6.000%, 03/15/2013		2,972,514
	530	3.875%, 02/15/2021		544,425
	45,975	Total U.S. Agency Debentures		47,315,916
		U.S. Treasuries – 4.2%
		U.S. Treasury Bonds
	635	9.000%, 11/15/2018 q		915,739
	1,105	8.125%, 08/15/2019 q		1,546,568
	430	8.500%, 02/15/2020 q		617,856
	695	8.750%, 08/15/2020		1,018,610
	435	8.000%, 11/15/2021 q		619,399
		U.S. Treasury Note
	105	2.250%, 03/31/2016 q		107,995
	3,405	Total U.S. Treasuries		4,826,167
$	49,380	Total U.S. Government & Agency Securities (cost $50,796,158)		52,142,083

Nuveen Investments 73

Portfolio of Investments

Nuveen Intermediate Government Bond Fund (continued)

June 30, 2011

Principal Amount (000)			Description p	Value
			U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 24.3%
			Adjustable Rate D – 7.0%
			Federal Home Loan Mortgage Corporation Pool
$	875		2.574%, 09/01/2033, #780836	$	911,530
	632		2.597%, 03/01/2036, #848193		665,600
	931		5.508%, 05/01/2037, #1H1396		986,137
			Federal National Mortgage Association Pool
	1,567		2.545%, 04/01/2034, #AD0486		1,644,819
	586		2.540%, 03/01/2035, #819652		617,089
	245		2.180%, 12/01/2035, #848390		251,028
	416		2.858%, 07/01/2036, #886034		436,543
	334		2.639%, 09/01/2036, #995949		350,192
	941		5.394%, 03/01/2037, #914224		998,466
	737		5.684%, 04/01/2037, #913187		784,904
	340		2.498%, 03/01/2038, #AD0706		357,508
	7,604		Total Adjustable Rate		8,003,816
			Fixed Rate – 17.3%
			Federal Home Loan Mortgage Corporation Pool
	—	¥	7.000%, 07/01/2011, #E20252		53
	9		7.500%, 09/01/2012, #G10735		9,312
	38		6.000%, 10/01/2013, #E72802		41,697
	29		7.000%, 09/01/2014, #E00746		30,524
	153		6.500%, 01/01/2028, #G00876		174,541
	25		7.500%, 01/01/2030, #C35768		29,015
	286		6.500%, 03/01/2031, #G01244		324,060
			Federal National Mortgage Association Pool
	—	¥	7.000%, 11/01/2011, #250738		335
	—	¥	7.000%, 11/01/2011, #351122		178
	21		6.000%, 04/01/2013, #425550		22,977
	17		6.500%, 08/01/2013, #251901		17,876
	29		6.000%, 11/01/2013, #556195		32,008
	21		7.000%, 10/01/2014, #252799		22,509
	1,867		3.120%, 01/01/2015, #464158		1,931,834
	903		3.240%, 04/01/2016, #467749		928,148
	185		5.500%, 04/01/2016, #580516		200,333
	304		6.500%, 07/01/2017, #254373		332,590
	302		7.000%, 07/01/2017, #254414		334,940
	189		5.500%, 12/01/2017, #673010		205,566
	266		5.500%, 04/01/2018, #695765		287,827
	553		4.500%, 05/01/2018, #254720		591,529
	649		5.500%, 09/01/2019, #725793		705,730
	266		6.000%, 01/01/2022, #254179		293,818
	260		6.500%, 06/01/2022, #254344		294,973
	317		7.000%, 09/01/2031, #596680		361,024
	376		6.500%, 12/01/2031, #254169		422,793
	1,093		6.000%, 04/01/2032, #745101		1,191,606
	863		6.500%, 06/01/2032, #596712		973,090
	233		6.000%, 08/01/2032, #656269		253,730
	553		6.500%, 08/01/2036, #887017		627,045
	718		7.000%, 06/01/2037, #928519		826,330
	987		4.000%, 12/01/2040, #AB1959		987,939
	2,119		4.000%, 12/01/2040, #MA0583 (WI/DD)		2,122,278
	1,115		4.500%, 07/15/2041 (WI/DD)		1,153,502
	1,000		5.000%, 07/15/2041 (WI/DD)		1,062,500
			Government National Mortgage Association Pool
	48		7.500%, 12/15/2022, #347332		56,865
	7		7.000%, 09/15/2027, #455304		8,303
	309		6.500%, 07/15/2028, #780825		353,247
	113		6.500%, 08/20/2031, #003120		128,136
	144		7.500%, 12/15/2031, #570134		169,351

74 Nuveen Investments

Principal Amount (000)		Description p	Value
		Fixed Rate (continued)
$	1,101	6.000%, 09/15/2034, #633605	$	1,239,096
	1,101	4.500%, 02/20/2041, #004946		1,161,320
	18,569	Total Fixed Rate		19,910,528
$	26,173	Total U.S. Government Agency Mortgage-Backed Securities (cost $26,650,040)		27,914,344
Principal Amount (000)		Description p	Value
		COLLATERALIZED MORTGAGE OBLIGATION – U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 8.3%
		Fixed Rate – 8.3%
		Federal Home Loan Mortgage Corporation Series 2629, Class BO
$	570	3.250%, 03/15/2018	$	590,755
		Series 2843, Class BH
	455	4.000%, 01/15/2018		465,115
		Federal National Mortgage Association Series 2002-W1, Class 2A
	528	7.244%, 02/25/2042		609,602
		Series 2009-M1, Class A1
	889	3.400%, 07/25/2019		929,361
		Series 2010-M1, Class A1
	1,437	3.305%, 06/25/2019		1,495,114
		Series 2010-M4, Class A1
	1,440	2.520%, 06/25/2020		1,453,871
		FHLMC Multifamily Structured Pass-Through Securities Series K008, Class A1
	995	2.746%, 12/25/2019		995,561
		Series K010, Class A1
	812	3.320%, 07/25/2020		835,820
		Series K701, Class A1
	1,230	2.776%, 06/26/2017		1,265,679
		FHLMC Structured Pass-Through Securities Series T-45, Class A4
	851	4.520%, 08/27/2012		879,052
$	9,207	Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (cost $9,295,526)		9,519,930
Principal Amount (000)		Description p	Value
		ASSET-BACKED SECURITIES – 5.5%
		Home Equity – 0.0%
		GRMT Mortgage Loan Trust Series 2001-1A, Class M1
$	34	8.272%, 07/20/2031 n	$	31,965
		Manufactured Housing – 0.7%
		Origen Manufactured Housing
		Series 2005-B, Class M1
	750	5.990%, 01/15/2037 D		766,496
		Other – 4.8%
		GMAC Mortgage Servicer Advance Funding
		Series 2011-1A, Class A
	735	3.720%, 03/15/2023 n		740,512
		Henderson Receivables
		Series 2010-3A, Class A
	852	3.820%, 12/15/2048 n		841,847

Nuveen Investments 75

Portfolio of Investments

Nuveen Intermediate Government Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Other (continued)
		Series 2010-1, Class A
$	919	5.560%, 07/15/2059 n	$	984,724
		Small Business Administration
		Series 2005-P10A, Class 1
	381	4.638%, 02/10/2015		406,013
		Series 2005-P10B, Class 1
	261	4.940%, 08/10/2015		277,329
		Series 2008-P10A, Class 1
	1,095	5.902%, 02/10/2018		1,223,141
		Series 2010-10A, Class 1
	983	4.108%, 03/10/2020		1,002,470
	5,226	Total Other		5,476,036
$	6,010	Total Asset-Backed Securities (cost $6,137,534)		6,274,497
Principal Amount (000)		Description p	Value
		COLLATERALIZED MORTGAGE OBLIGATION – PRIVATE MORTGAGE-BACKED SECURITIES – 5.3%
		Fixed Rate – 5.3%
		FDIC Structured Sale Guaranteed Notes
		Series 2010-S1, Class 2A
$	1,127	3.250%, 04/25/2038 n	$	1,153,653
		GSMPS Mortgage Loan Trust
		Series 2003-1, Class B1
	798	6.806%, 03/25/2043		686,172
		GSR Mortgage Loan Trust
		Series 2005-4F, Class B1
	1,247	5.744%, 05/25/2035		730,476
		Impac Secured Assets
		Series 2000-3, Class M1
	375	8.000%, 10/25/2030		343,251
		Lehman Mortgage Trust
		Series 2008-6, Class 1A1
	439	6.108%, 07/25/2047		418,175
		NCUA Guaranteed Notes
		Series 2010-C1, Class A1
	1,071	1.600%, 10/29/2020		1,068,355
		Residential Accredit Loans
		Series 2003-QS12, Class M1
	521	5.000%, 06/25/2018		405,574
		Sequoia Mortgage Trust
		Series 2011-1, Class A1
	443	4.125%, 02/25/2041		443,582
		Vendee Mortgage Trust
		Series 2011-1, Class DA
	773	3.750%, 02/15/2035		807,859
$	6,794	Total Collateralized Mortgage Obligations – Private Mortgage-Backed Securities (cost $6,640,380)		6,057,097
Principal Amount (000)		Description p	Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.5%
		Bear Stearns Commercial Mortgage Securities
		Series 2005-T20, Class A4A
$	550	5.296%, 10/12/2042 D	$	602,392
		Commercial Mortgage Pass-Through Certificates
		Series 2005-LP5, Class A4
	550	4.982%, 05/10/2043 D		592,650

76 Nuveen Investments

Principal Amount (000)		Description p	Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
		Extended Stay America Trust
		Series 2010-ESHA, Class A
$	870	2.951%, 11/05/2027 n	$	865,598
		FDIC Commercial Mortgage Trust
		Series 2011-C1, Class C1
	460	2.196%, 04/25/2031		461,675
		Greenwich Capital Commercial Funding
		Series 2007-GG11, Class A4
	1,000	5.736%, 12/10/2049 q		1,073,050
		JPMorgan Chase Commercial Mortgage Securities Trust
		Series 2010-C2, Class A1
	939	2.749%, 07/15/2017 n		934,386
		Morgan Stanley Capital I
		Series 2006-IQ12, Class A4
	650	5.332%, 12/15/2043		702,243
$	5,019	Total Commercial Mortgage-Backed Securities (cost $4,920,958)		5,231,994
Principal Amount (000)		Description p	Value
		CORPORATE BONDS – 0.8%
		Finance – 0.8%
		Private Export Funding
$	550	3.050%, 10/15/2014	$	583,179
	345	2.125%, 07/15/2016		344,681
$	895	Total Corporate Bonds (cost $894,079)		927,860
Shares		Description p	Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
		Money Market Funds – 24.8%
		Mount Vernon Securities Lending Prime Portfolio
	28,536,456	0.197% W †	$	28,536,456
		Total Investments Purchased With Proceeds From Securities Lending (cost $28,536,456)		28,536,456
Shares/ Principal Amount (000)		Description p	Value
		SHORT-TERM INVESTMENTS – 9.5%
		Money Market Funds – 9.4%
		First American Government Obligations Fund, Class Z
	9,724,292	0.000% W	$	9,746,292
		First American U.S. Treasury Money Market Fund, Class Z
	1,024,248	0.000% W		1,024,248
		Total Money Market Funds		10,770,540
		U.S. Treasury Obligations – 0.1%
		U.S. Treasury Bills ¨
$	150	0.020%, 07/21/2011		149,998
	10	0.060%, 11/10/2011		9,998
$	160	Total U.S. Treasury Obligations		159,996
		Total Short-Term Investments (cost $10,930,534)		10,930,536
		Total Investments (cost $144,801,665) – 128.4%		147,534,797
		Other Assets Less Liabilities – (28.4)% ¯		(32,598,558)
		Net Assets – 100.0%	$	114,936,239

Nuveen Investments 77

Portfolio of Investments

Nuveen Intermediate Government Bond Fund (continued)

June 30, 2011

Investments in Derivatives

Futures Contracts outstanding at June 30, 2011:

Type	Contract Position		Number of Contracts			Contract Expiration		Value			Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Note		Long		97			9/11	$	21,276,345		$	42,870
U.S. Treasury 5-Year Note		Short		(11	)		9/11		(1,311,148	)		2,804
U.S. Treasury 10-Year Note		Long		34			9/11		4,159,156			(49,618	)
U.S. Treasury Long Bond Futures		Long		2			9/11		246,063			(6,380	)
											$	(10,324	)

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

q Investment, or a portion of investment, is out on loan for securities lending.

D Variable Rate Security – The rate shown is the rate in effect as of June 30, 2011.

n Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

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

¨ Investment, or portion of investment, segregated as collateral for investments in derivatives. Yield shown is effective yield as of June 30, 2011.

† The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund.

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

¯ Other Assets Less Liabilities includes the net Unrealized Appreciation (Depreciation) of derivatives instruments as listed within Investments in Derivatives.

(WI/DD) Purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

78 Nuveen Investments

Portfolio of Investments

Nuveen Intermediate Term Bond Fund

(formerly known as First American Intermediate Term Bond Fund)

June 30, 2011

Principal Amount (000)		Description p	Value
		CORPORATE BONDS – 44.5%
		Banking – 7.9%
		Banco Bradesco
$	1,245	4.125%, 05/16/2016 n q	$	1,252,844
		Bancolombia
	1,910	5.950%, 06/03/2021 n		1,938,649
		Bank of America
	2,500	5.750%, 12/01/2017		2,673,775
	4,920	5.875%, 01/05/2021		5,163,416
		BBVA Bancomer
	925	4.500%, 03/10/2016 n q		941,188
		Citigroup
	2,000	4.587%, 12/15/2015		2,103,218
	2,090	6.125%, 11/21/2017		2,308,309
		Comerica Bank
	3,245	5.750%, 11/21/2016		3,622,163
		Deutsche Bank
	3,205	3.875%, 08/18/2014		3,368,763
		ING Bank
	1,470	4.000%, 03/15/2016 n		1,487,696
		JPMorgan Chase
	3,290	5.150%, 10/01/2015		3,553,348
	7,585	4.250%, 10/15/2020		7,420,670
		Lloyds TSB Bank
	1,000	4.375%, 01/12/2015 n		1,014,904
		Nordea Eiendomskreditt Class A
	3,500	1.875%, 04/07/2014 n		3,535,459
		North Fork Bancorp
	3,130	5.875%, 08/15/2012		3,247,062
		PNC Funding
	3,300	3.625%, 02/08/2015 q		3,475,745
		Royal Bank of Scotland
	1,000	6.400%, 10/21/2019 q		1,027,162
		Sovereign Bank
	2,040	8.750%, 05/30/2018		2,302,872
		Wachovia
	1,450	5.750%, 06/15/2017		1,612,197
		Wachovia Captial Trust III
	2,220	5.570%, 03/29/2049		2,031,300
	52,025	Total Banking		54,080,740
		Basic Industry – 3.0%
		Alcoa
	1,180	5.400%, 04/15/2021 q		1,183,644
		Arcelormittal
	3,260	5.250%, 08/05/2020 q		3,223,269
		Celulosa Arauco Constitucion
	2,000	5.625%, 04/20/2015 q		2,155,580
		Dow Chemical
	2,680	2.500%, 02/15/2016		2,660,675
		Incitec Pivot Finance
	2,255	6.000%, 12/10/2019 n		2,415,177

Nuveen Investments 79

Portfolio of Investments

Nuveen Intermediate Term Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Basic Industry (continued)
		Rio Tinto Finance
$	1,970	3.500%, 11/02/2020 q	$	1,885,304
		Southern Copper
	2,000	5.375%, 04/16/2020		2,048,602
		Vale Overseas
	1,940	4.625%, 09/15/2020		1,929,404
		Waste Management
	2,705	4.600%, 03/01/2021		2,760,044
	19,990	Total Basic Industry		20,261,699
		Brokerage – 2.1%
		Goldman Sachs Capital II
	1,165	5.793%, 12/29/2049 D		932,000
		Goldman Sachs Group
	3,845	6.150%, 04/01/2018		4,184,679
	3,125	6.000%, 06/15/2020 q		3,362,463
		Morgan Stanley
	3,750	5.500%, 07/24/2020		3,795,716
	2,180	5.750%, 01/25/2021 q		2,205,787
	14,065	Brokerage		14,480,645
		Capital Goods – 0.7%
		John Deere Captial
	2,295	2.800%, 09/18/2017		2,312,286
		Tyco International
	2,405	3.375%, 10/15/2015 q		2,473,300
	4,700	Total Capital Goods		4,785,586
		Communications – 7.1%
		American Tower
	2,405	5.050%, 09/01/2020		2,368,858
		AT&T
	3,350	5.800%, 02/15/2019 q		3,779,976
		British Sky Broadcasting
	1,845	6.100%, 02/15/2018 n		2,063,642
		CBS
	3,125	5.750%, 04/15/2020 q		3,386,990
		Comcast
	1,930	5.150%, 03/01/2020 q		2,078,014
		DirecTV Holdings
	2,850	3.550%, 03/15/2015		2,977,703
	2,800	5.200%, 03/15/2020 q		2,962,646
		Discovery Communications
	1,460	5.050%, 06/01/2020 q		1,545,990
		Embarq
	1,170	7.082%, 06/01/2016 q		1,300,595
		NBC Universal
	3,895	5.150%, 04/30/2020 n		4,112,738
		News America
	2,000	5.650%, 08/15/2020 q		2,184,592
	2,100	4.500%, 02/15/2021 n		2,072,511
		Telecom Italia Capital
	2,570	7.175%, 06/18/2019 q		2,837,501

80 Nuveen Investments

Principal Amount (000)		Description p	Value
		Communications (continued)
		Time Warner
$	3,000	4.700%, 01/15/2021 q	$	3,039,529
	1,730	4.750%, 03/29/2021 q		1,759,846
		Time Warner Cable
	2,000	8.250%, 02/14/2014		2,326,298
	2,025	6.750%, 07/01/2018		2,348,377
		Verizon Communications
	3,755	8.750%, 11/01/2018		4,885,650
	44,010	Total Communications		48,031,456
		Consumer Cyclical – 0.4%
		Ingram Micro
	1,205	5.250%, 09/01/2017		1,263,118
		R.R. Donnelley & Sons
	1,195	7.625%, 06/15/2020 q		1,181,023
	2,400	Total Consumer Cyclical		2,444,141
		Consumer Non Cyclical – 4.2%
		Altria Group
	1,300	9.700%, 11/10/2018		1,708,357
	1,365	4.750%, 05/05/2021		1,364,065
		ConAgra Foods
	2,595	5.875%, 04/15/2014		2,850,096
		Express Scripts
	2,120	3.125%, 05/15/2016		2,133,063
		Genentech
	1,650	4.750%, 07/15/2015		1,818,711
		Kellogg
	2,620	4.450%, 05/30/2016		2,858,355
		Kraft Foods
	1,225	6.500%, 08/11/2017		1,440,074
	3,500	5.375%, 02/10/2020 q		3,826,193
		Lorillard Tobacco
	1,815	8.125%, 06/23/2019 q		2,114,025
		Merck
	3,330	2.250%, 01/15/2016		3,341,945
		Reynolds American
	1,480	6.750%, 06/15/2017 q		1,708,774
		Roche Holdings
	2,100	6.000%, 03/01/2019 n		2,419,538
		UnitedHealth Group
	1,295	3.875%, 10/15/2020 q		1,266,970
	26,395	Total Consumer Non Cyclical		28,850,166
		Electric – 1.1%
		Constellation Energy Group
	2,275	5.150%, 12/01/2020 q		2,331,463
		FirstEnergy Solutions
	2,220	6.050%, 08/15/2021		2,388,829
		Ohio Power Series K
	2,100	6.000%, 06/01/2016 q		2,408,175
	6,595	Total Electric		7,128,467

Nuveen Investments 81

Portfolio of Investments

Nuveen Intermediate Term Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Energy – 3.9%
		Anadarko Petroleum
$	2,745	6.375%, 09/15/2017 q	$	3,146,687
		Applied Materials
	1,855	4.300%, 06/15/2021		1,861,190
		Ensco
	2,765	4.700%, 03/15/2021 q		2,793,156
		EOG Resources
	2,500	4.100%, 02/01/2021		2,469,157
		Hess
	2,750	8.125%, 02/15/2019 q		3,479,565
		Marathon Petroleum
	1,685	5.125%, 03/01/2021 n q		1,732,261
		Nabors Industries
	1,735	5.000%, 09/15/2020 q		1,755,535
		Petroleos Mexicanos
	1,000	4.875%, 03/15/2015 q		1,082,500
		Suncor Energy
	1,275	6.100%, 06/01/2018 q		1,450,040
		Teck Resources
	1,760	4.750%, 01/15/2022		1,764,599
		Valero Energy
	1,315	4.500%, 02/01/2015 q		1,403,770
		Weatherford Bermuda
	3,810	5.125%, 09/15/2020 q		3,890,090
	25,195	Total Energy		26,828,550
		Finance – 6.4%
		American Express
	1,725	7.250%, 05/20/2014		1,972,862
		American Express Credit
		Series C
	2,405	7.300%, 08/20/2013		2,676,739
		Ameriprise Financial
	3,330	5.300%, 03/15/2020		3,569,660
		Asciano Finance
	2,450	5.000%, 04/07/2018 n		2,514,888
		Capital One Bank
	3,140	8.800%, 07/15/2019		3,853,537
		Capital One Financial
	1,775	6.150%, 09/01/2016 q		1,958,216
		Countrywide Financial
	2,395	6.250%, 05/15/2016		2,523,908
		Discover Financial Services
	2,245	10.250%, 07/15/2019		2,900,874
		General Electric Capital
	4,770	2.100%, 01/07/2014		4,837,685
	1,530	5.300%, 02/11/2021 q		1,592,029
	2,500	Series A 3.750%, 11/14/2014		2,646,270
	3,955	Series MTN 5.625%, 09/15/2017		4,366,411
		Lloyds TSB Bank
	2,500	4.875%, 01/21/2016 q		2,556,928

82 Nuveen Investments

Principal Amount (000)		Description p	Value
		Finance (continued)
		Private Export Funding
$	575	3.050%, 10/15/2014	$	609,687
		Transcapitalinvest
	2,990	5.670%, 03/05/2014 n		3,184,350
		WEA Finance
	1,780	4.625%, 05/10/2021 n q		1,727,413
	40,065	Total Finance		43,491,457
		Industrial Other – 0.2%
		Thermo Fisher Scientific
	1,265	3.200%, 05/01/2015		1,314,983
		Insurance – 4.8%
		Aflac
	3,000	8.500%, 05/15/2019 q		3,669,012
		Allied World Assurance
	2,860	7.500%, 08/01/2016		3,277,397
		American International Group
	3,000	8.250%, 08/15/2018		3,445,881
		Catlin Insurance
	1,650	7.249%, 12/31/2049 n q		1,571,625
		Hartford Financial Services Group
		Series MTN
	3,055	6.000%, 01/15/2019		3,262,746
		Liberty Mutual Group
	1,985	5.000%, 06/01/2021 n		1,879,644
		Lincoln National
	2,720	8.750%, 07/01/2019		3,432,363
		Met Life Global Funding I
	3,730	5.125%, 04/10/2013 n		3,968,824
		Pacific Life Global Funding
	2,205	5.150%, 04/15/2013 n		2,347,994
		Pacific Life Insurance
	965	6.000%, 02/10/2020 n q		1,034,789
		Prudential Financial
		Series MTNB
	3,235	5.100%, 09/20/2014		3,517,024
		ZFS Finance USA Trust V
	1,530	6.500%, 05/09/2067 n D		1,522,350
	29,935	Total Insurance		32,929,649
		Natural Gas – 0.2%
		Kinder Morgan Energy Partners
	1,135	5.000%, 12/15/2013 q		1,230,751
		Real Estate – 0.8%
		Health Care – REIT
	1,630	3.625%, 03/15/2016		1,640,300
		Prologis – REIT
	1,885	6.875%, 03/15/2020		2,081,436
		Vornado Realty – REIT
	1,730	4.250%, 04/01/2015		1,795,596
	5,245	Total Real Estate		5,517,332
		Sovereign – 0.2%
		United Mexican States
	1,400	5.625%, 01/15/2017		1,591,100

Nuveen Investments 83

Portfolio of Investments

Nuveen Intermediate Term Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Transportation – 0.6%
		Union Pacific
$	3,320	5.750%, 11/15/2017	$	3,814,345
		Wireless Equipment – 0.9%
		Motorola Solutions
	5,445	6.000%, 11/15/2017		6,195,746
$	283,185	Total Corporate Bonds (cost $285,014,433)		302,976,813
Principal Amount (000)		Description p	Value
		ASSET-BACKED SECURITIES – 14.6%
		Automotive – 4.1%
		Bank of America Auto Trust
		Series 2010-2, Class A3
$	2,750	1.310%, 07/15/2014		2,767,882
		DT Auto Owner Trust, Class A
		Series 2011-2A
	2,151	0.960%, 11/15/2012		2,150,745
		Ford Credit Auto Lease Trust
		Series 2010-B, Class A3
	4,015	0.910%, 07/15/2013		4,018,171
		Ford Credit Auto Owner Trust
		Series 2009-A, Class A3A
	1,433	3.960%, 05/15/2013		1,447,080
		Hertz Vehicle Financing
		Series 2009-2A, Class A1
	5,000	4.260%, 03/25/2014 n		5,224,702
		Nissan Auto Receivables Owner Trust
		Series 2007-B, Class A4
	2,032	5.160%, 03/15/2014		2,065,306
		Santander Drive Auto Receivables Trust
		Series 2010-1, Class A2
	3,902	1.360%, 03/15/2013		3,909,801
		Smart Trust
		Series 2011-1USA, Class A3B
	6,215	1.258%, 12/14/2013 n		6,225,739
		World Omni Auto Receivables Trust
		Series 2010-A, Class A2
	201	0.700%, 05/15/2011		200,859
	27,699	Total Automotive		28,010,285
		Credit Cards – 3.5%
		Bank of America Credit Card Trust
		Series 2007-A8, Class A8
	5,855	5.590%, 11/17/2014		6,141,052
		Cabela’s Master Credit Card Trust
		Series 2010-1A, Class A2
	4,030	1.637%, 01/15/2018 n D		4,169,335
		Series 2010-2A, Class A1
	4,340	2.290%, 09/17/2018		4,360,865
		Capital One Multi-Asset Execution Trust
		Series 2008-A3, Class A3
	4,795	5.050%, 02/15/2016		5,155,874
		Discover Card Master Trust
		Series 2007-A1, Class A1
	3,530	5.650%, 03/16/2020		4,043,687
	22,550	Total Credit Cards		23,870,813

84 Nuveen Investments

Principal Amount (000)		Description p	Value
		Home Equity – 2.4%
		Amresco Residential Security Mortgage
		Series 1997-3, Class A9
$	16	6.960%, 03/25/2027	$	16,423
		Contimortgage Home Equity Loan Trust
		Series 1997-2, Class A9
	10	7.900%, 04/15/2028		9,518
		RBSSP Resecuritization Trust
		Series 2009-11, Class 4A1
	540	1.994%, 12/26/2037 n D		540,389
		Series 2009-13, Class 5A1
	2,839	0.294%, 11/26/2036 n D		2,803,879
		Series 2009-8, Class 3A1
	468	0.334%, 03/26/2037 n D		459,795
		Series 2009-9, Class 9A1
	2,073	0.486%, 09/26/2037 n D		1,995,037
		Series 2010-10, Class 2A1
	2,356	0.386%, 09/26/2036 n D		2,112,874
		Series 2010-4, Class 1A1
	4,505	0.323%, 03/26/2036 D		4,191,906
		Series 2010-8, Class 4A1
	2,334	0.659%, 07/26/2036 n D		2,199,446
		Renaissance Home Equity Loan Trust Series 2005-3, Class AF4
	2,590	5.140%, 11/25/2035 D		2,146,600
	17,731	Total Home Equity		16,475,867
		Manufactured Housing – 0.1%
		Green Tree Financial Series 1996-9, Class A5
	52	7.200%, 01/15/2028		54,683
		Series 2008-MH1, Class A1
	616	7.000%, 04/25/2038 n		629,845
	668	Total Manufactured Housing		684,528
		Other – 3.8%
		AH Mortgage Advance Trust Series 2010-ADV1, Class A1
	2,795	3.968%, 08/15/2022 n		2,836,925
		Series SART-1, Class A2
	3,495	3.370%, 05/10/2043 n		3,509,330
		Fieldstone Mortgage Investment Series 2005-1, Class M4
	2,839	1.266%, 03/25/2035		2,643,772
		Henderson Receivables Series 2010-3A, Class A
	2,175	3.820%, 12/15/2048 n		2,149,801
		Ocwen Advance Receivables Backed Notes Series 2009-3A, Class A
	1,960	4.140%, 07/15/2023 n		1,986,950
		Small Business Administration Series 2006-P10A, Class 1
	2,055	5.408%, 02/10/2016		2,221,324
		Series 2010-10B, Class A
	5,271	4.000%, 09/10/2020		5,237,646
		Vendee Mortgage Trust Series 2011-1, Class DA
	4,954	3.750%, 04/01/2031		5,178,584
	25,544	Total Other		25,764,332

Nuveen Investments 85

Portfolio of Investments

Nuveen Intermediate Term Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Utilities – 0.7%
		CenterPoint Energy Transition Series 2008-A, Class A1
$	4,569	4.192%, 02/01/2020	$	4,921,840
$	98,761	Total Asset-Backed Securities (cost $96,505,366)		99,727,665
Principal Amount (000)		Description p	Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES – 11.2%
		Americold LLC Trust Series 2010-ARTA, Class A2FL
$	4,415	2.500%, 01/17/2029 n D	$	4,428,072
		Bear Stearns Commercial Mortgage Securities Series 2007-PW15, Class A2
	2,478	5.205%, 02/11/2044		2,515,043
		Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4, Class A2B
	2,340	5.205%, 12/11/2049		2,389,460
		Commercial Mortgage Pass-Through Certificates Series 2006-CN2A, Class A2FX
	2,430	5.449%, 02/05/2019 n		2,435,587
		Extended Stay America Trust Series 2010-ESHA, Class A
	7,216	2.951%, 11/05/2027 n		7,175,613
		Fosse Master Issuer Series 2011-1A, Class A2
	2,835	1.619%, 10/19/2054 n		2,840,043
		GS Mortgage Securities II Series 2006-GG6, Class A2
	2,370	5.506%, 04/10/2038		2,369,185
		Series 2010-C1, Class A1
	6,052	3.679%, 08/12/2043 n		6,160,872
		GS Mortgage Securities Trust Series 2007-GG10, Class A4
	8,365	5.992%, 08/10/2045 q		8,980,666
		JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C1, Class A1
	4,616	3.853%, 06/15/2043 n		4,775,095
		Series 2011-C4, Class A3
	3,685	4.106%, 07/15/2046 n		3,677,049
		JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C2, Class A1
	3,905	2.749%, 07/15/2017 n		3,886,090
		OBP Depositor Trust Series 2010-OBP, Class A
	3,200	4.646%, 07/15/2045 n		3,321,156
		Vornado DP Series 2010-VN0, Class A2FX
	6,000	4.004%, 09/14/2028 n		5,843,741
		Wachovia Bank Commercial Mortgage Trust
		Series 2007-C30, Class A3
	5,940	5.246%, 12/15/2043		6,080,783
		Series 2007-C34, Class A2
	3,830	5.569%, 05/15/2046		3,942,632
		Series 2007-WHL8, Class A1
	2,092	0.267%, 06/15/2020 n D		1,896,645

86 Nuveen Investments

Principal Amount (000)		Description p	Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
		WF-RBS Commercial Mortgage Trust
		Series 2011-C3, Class A4
$	3,220	4.375%, 03/15/2044 n	$	3,167,403
$	74,989	Total Commercial Mortgage-Backed Securities (cost $75,529,843)		75,885,135
Principal Amount (000)		Description p	Value
		U.S. GOVERNMENT & AGENCY SECURITIES – 6.9%
		U.S. Agency Debentures – 5.1%
		Federal Agricultural Mortgage Corporation
$	13,900	5.500%, 07/15/2011 n	$	13,928,509
		Federal Home Loan Mortgage Corporation
	7,345	1.375%, 02/25/2014 q		7,452,465
	2,055	5.000%, 12/14/2018 q		2,159,741
		Federal National Mortgage Association
	3,580	1.000%, 09/23/2013 q		3,608,640
	7,595	2.375%, 07/28/2015 q		7,819,296
	34,475	Total U.S. Agency Debentures		34,968,651
		U.S. Treasuries – 1.8%
		U.S. Treasury Bond Loan
	1,275	4.750%, 02/15/2041		1,355,285
		U.S. Treasury Notes
	1,085	1.375%, 01/15/2013 q		1,101,784
	1,375	2.375%, 02/28/2015 q		1,436,449
	2,160	1.250%, 08/31/2015 q		2,150,381
	6,065	2.625%, 11/15/2020 q		5,841,353
	11,960	Total U.S. Treasuries		11,885,252
$	46,435	Total U.S. Government & Agency Securities (cost $46,333,696)		46,853,903
Principal Amount (000)		Description p	Value
		COLLATERALIZED MORTGAGE OBLIGATION – U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 6.7%
		Adjustable Rate D – 2.1%
		Federal Home Loan Mortgage Corporation
		Series 2755, Class FO
$	3,468	0.637%, 04/15/2032	$	3,472,079
		Series 2863
	2,233	0.687%, 02/15/2019		2,240,728
		Federal National Mortgage Association
		Series 2003-52, Class NF
	3,085	0.586%, 06/25/2023		3,089,118
		Series 2010-M6, Class A1
	5,130	2.210%, 09/25/2020		5,026,551
	13,916	Total Adjustable Rate		13,828,476
		Fixed Rate – 4.6%
		Federal Home Loan Mortgage Corporation
		Series 1167, Class E
	13	7.500%, 11/15/2021		15,020
		Series 1286, Class A
	32	6.000%, 05/15/2022		35,682
		Series 2750, Class HE
	4,599	5.000%, 02/15/2019		4,930,441
		Series 2780, Class QC
	97	4.500%, 03/15/2017		96,727
		Series 2795, Class CL
	2,576	4.500%, 07/15/2017		2,616,141

Nuveen Investments 87

Portfolio of Investments

Nuveen Intermediate Term Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Fixed Rate (continued)
		Series 3555, Class DA
$	3,363	4.000%, 12/15/2014	$	3,464,854
		Series 3555, Class EA
	2,382	4.000%, 12/15/2014		2,454,271
		Series T-47, Class A6
	4,888	4.159%, 08/27/2012		4,963,156
		Federal National Mortgage Association
		Series 1990-89, Class K
	11	6.500%, 07/25/2020		12,033
		Series 2003-30, Class AE
	2,994	3.900%, 10/25/2017		3,070,013
		Series 2009-M1, Class A1
	3,554	3.400%, 07/25/2019		3,717,444
		Series 2010-M1, Class A1
	5,891	3.305%, 06/25/2019		6,130,827
	30,400	Total Fixed Rate		31,506,609
$	44,316	Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (cost $44,587,762)		45,335,085
Principal Amount (000)		Description p	Value
		U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 4.5%
		Adjustable Rate D – 4.1%
		Federal Home Loan Mortgage Corporation Pool
$	606	2.683%, 01/01/2028, #786281	$	639,091
	701	2.441%, 04/01/2029, #847190		736,379
	2,040	2.467%, 10/01/2030, #847209		2,137,663
	668	2.502%, 05/01/2031, #847161		702,350
	1,673	2.520%, 09/01/2033, #847210		1,759,048
	3,044	2.660%, 01/01/2038, #848282		3,186,435
		Federal National Mortgage Association Pool
	1,004	2.510%, 09/01/2033, #725111		1,058,838
	4,183	2.966%, 10/01/2033, #879906		4,405,058
	3,896	2.540%, 03/01/2035, #819652		4,101,691
	654	2.180%, 12/01/2035, #848390		669,409
	2,911	2.599%, 07/01/2036, #AE0058		3,055,191
	1,479	2.858%, 07/01/2036, #886034		1,552,793
	1,274	2.639%, 09/01/2036, #995949		1,336,613
	2,540	2.498%, 03/01/2038, #AD0706		2,669,126
	26,673	Total Adjustable Rate		28,009,685
		Fixed Rate – 0.4%
		Federal Home Loan Mortgage Corporation
		Series K001, Class A3
	171	5.469%, 01/25/2012		170,433
		Federal National Mortgage Association Pool
	2,600	3.131%, 01/01/2015, #464373		2,682,665
	2,771	Total Fixed Rate		2,853,098
$	29,444	Total U.S. Government Agency Mortgage-Backed Securities (cost $30,198,950)		30,862,783
Principal Amount (000)		Description p	Value
		COLLATERALIZED MORTGAGE OBLIGATION – PRIVATE MORTGAGE-BACKED SECURITIES – 5.3%
		Adjustable Rate D – 3.2%
		Arkle Master Issuer PLC, Class 2A
		Series 2010-1A
$	3,570	1.464%, 05/17/2060 n		3,564,245

88 Nuveen Investments

Principal Amount (000)		Description p	Value
		Adjustable Rate D (continued)
		NCUA Guaranteed Notes
		Series 2010-R2, Class 1A
$	6,885	0.560%, 11/06/2017	$	6,887,625
		Series 2010-R3, Class 2A
	5,744	0.825%, 12/08/2020		5,776,880
		Structured Mortgage Loan Trust
		Series 2004-11, Class A
	222	2.653%, 08/25/2034		200,009
		Wells Fargo Mortgage Backed Securities Trust
		Series 2003-J, Class 2A5
	1,800	4.419%, 10/25/2033		1,799,992
		WF-RBS Commercial Mortgage Trust
		Series 2011-C2, Class A4
	3,275	5.000%, 02/15/2044 n q		3,357,087
	21,496	Total Adjustable Rate		21,585,838
		Fixed Rate – 2.1%
		FDIC Structured Sale Guaranteed Notes
		Series 2010-S1, Class 2A
	3,637	3.250%, 04/25/2038 n		3,722,782
		GMAC Mortgage Corporation Loan Trust
		Series 2010-1, Class A
	338	4.250%, 07/25/2040 n		339,163
		Mortgage Equity Conversion Asset Trust
		Series 2010-1A, Class A
	2,647	4.000%, 07/25/2060 n		2,649,451
		NCUA Guaranteed Notes
		Series 2010-C1, Class A1
	4,876	1.600%, 10/29/2020		4,866,426
		Sequoia Mortgage Trust
		Series 2011-1, Class A1
	2,894	4.125%, 02/25/2041		2,900,345
	14,392	Total Fixed Rate		14,478,167
$	35,888	Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities (cost $35,859,890)		36,064,005
Principal Amount (000)		Description p	Value
		MUNICIPAL BONDS – 1.5%
		Illinois
$	3,735	5.877%, 03/01/2019	$	3,854,333
		Louisiana Local Government Environmental Facilities, Community Development Authority
		Series A1
	6,500	1.520%, 02/01/2018		6,529,250
$	10,235	Total Municipal Bonds (cost $10,233,661)		10,383,583
Shares		Description p	Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
		Money Market Funds – 17.4%
		Mount Vernon Securities Lending Prime Portfolio
	118,842,841	0.197% W †		118,842,841
		Total Investments Purchased With Proceeds From Securities Lending (cost $118,842,841)		118,842,841

Nuveen Investments 89

Portfolio of Investments

Nuveen Intermediate Term Bond Fund (continued)

June 30, 2011

Shares/ Principal Amount (000)		Description p	Value
		SHORT-TERM INVESTMENTS – 5.7%
		Money Market Fund – 5.4%
		First American Prime Obligations Fund, Class Z
	36,913,381	0.042% W	$	36,913,381
		U.S. Treasury Obligations – 0.3%
		U.S. Treasury Bills ¨
$	850	0.035%, 10/20/2011		849,908
	380	0.055%, 11/17/2011		379,919
	400	0.018%, 07/21/2011		399,996
	110	0.060%, 11/10/2011		109,976
$	1,740	Total U.S. Treasury Obligations		1,739,799
		Total Short-Term Investments (cost $38,652,815)		38,653,180
		Total Investments (cost $781,759,257) – 118.3%		805,584,993
		Other Assets Less Liabilities – (18.3)% ¯		(124,801,899)
		Net Assets – 100.0%	$	680,783,094

Investments in Derivatives

Futures Contracts outstanding at June 30, 2011:

Type	Contract Position		Number of Contracts			Contract Expiration		Value			Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Note		Long		186			9/11	$	40,797,939		$	94,461
U.S. Treasury 5-Year Note		Long		312			9/11		37,188,937			(16,327	)
U.S. Treasury 10-Year Note		Short		(52	)		9/11		(6,361,063	)		(7,538	)
U.S. Treasury Long Bond Futures		Short		(32	)		9/11		(3,937,000	)		24,309
											$	94,905

Interest Rate Swaps outstanding at June 30, 2011:

Counterparty	Notional Amount		Fund Pay/Receive Floating Rate		Floating Rate Index		Fixed Rate*			Fixed Rate Payment Frequency		Termination Date		Unrealized Appreciation (Depreciation)
JPMorgan	$	20,000,000		Receive		3-Month LIBOR		1.255	%		Semi-Annually		11/03/11	$	(95,684	)
JPMorgan		5,000,000		Receive		3-Month LIBOR		3.858			Semi-Annually		1/19/20		(406,935	)
UBS		19,000,000		Receive		3-Month LIBOR		1.358			Semi-Annually		9/25/11		(118,136	)
UBS		19,000,000		Receive		3-Month LIBOR		1.133			Semi-Annually		3/25/12		(166,843	)
UBS		20,000,000		Receive		3-Month LIBOR		1.048			Semi-Annually		6/25/12		(131,973	)
UBS		8,000,000		Receive		3-Month LIBOR		3.001			Semi-Annually		8/03/14		(538,489	)
														$	(1,458,060	)

* Annualized.

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

n Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

q Investment, or a portion of investment, is out on loan for securities lending.

D Variable Rate Security – The rate shown is the rate in effect as of June 30, 2011.

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

¨ Investment, or portion of investment, segregated as collateral for investments in derivatives. Yield shown is effective yield as of June 30, 2011.

† The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund.

¯ Other Assets Less Liabilities includes the net Unrealized Appreciation (Depreciation) of derivatives instruments as listed within Investments in Derivatives.

LIBOR London Inter-Bank Offered Risk

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

90 Nuveen Investments

Portfolio of Investments

Nuveen Short Term Bond Fund

(formerly known as First American Short Term Bond Fund)

June 30, 2011

Principal Amount (000) •		Description p	Value
		CORPORATE BONDS – 45.2%
		Banking – 8.3%
		Ally Financial
$	1,000	8.300%, 02/12/2015	$	1,117,500
		Banco do Nordeste
	800	3.625%, 11/09/2015		786,000
		Bank of America Series MTN
	1,500	1.724%, 01/30/2014 D		1,503,456
		Barclays Bank
	2,000	2.375%, 01/13/2014 q		2,023,752
		BB&T Series MTN
	1,910	3.200%, 03/15/2016		1,953,865
		BBVA Bancomer
	1,050	4.500%, 03/10/2016 n q		1,068,375
		Citigroup
	1,000	5.850%, 07/02/2013		1,071,759
	4,500	6.375%, 08/12/2014		4,975,762
	3,000	4.587%, 12/15/2015		3,154,827
		Credit Suisse New York
	1,000	5.500%, 05/01/2014 q		1,098,345
		Deutsche Bank
	2,000	2.375%, 01/11/2013		2,028,956
	2,000	3.875%, 08/18/2014		2,102,192
		Fifth Third Bancorp
	1,755	6.250%, 05/01/2013		1,900,088
	1,900	3.625%, 01/25/2016		1,916,505
		ING Bank
	1,675	4.000%, 03/15/2016 n		1,695,164
		JPMorgan Chase
	3,830	5.125%, 09/15/2014 q		4,138,882
	2,000	3.700%, 01/20/2015		2,079,614
		Series MTN
	1,750	1.103%, 01/24/2014 D		1,754,461
		Keycorp Series MTN
	1,000	6.500%, 05/14/2013		1,088,149
		Lloyds TSB Bank
	1,245	4.375%, 01/12/2015 n		1,263,555
		Nordea Bank
	1,500	2.125%, 01/14/2014 n		1,510,486
		Nordea Eiendomskreditt Class A
	4,200	1.875%, 04/07/2014 n D q		4,242,550
		PNC Funding
	1,500	3.625%, 02/08/2015 q		1,579,884
		Rabobank Nederland
	1,400	3.200%, 03/11/2015 n		1,448,349
		Royal Bank of Scotland
	1,900	4.875%, 08/25/2014 n		1,977,453
		Santander
	2,000	2.485%, 01/18/2013 n		1,980,378
		Societe Generale
	3,000	2.500%, 01/15/2014 n		2,986,158

Nuveen Investments 91

Portfolio of Investments

Nuveen Short Term Bond Fund (continued)

June 30, 2011

Principal Amount (000) •		Description p	Value
		Banking (continued)
		UBS
$	1,000	3.875%, 01/15/2015 q	$	1,043,809
		Series BKNT
	2,650	2.250%, 08/12/2013		2,695,609
		Series FRN
	3,000	1.304%, 01/28/2014 D		3,012,930
		Wells Fargo
	3,080	5.200%, 06/15/2016 q		3,164,204
		Series AI
	2,000	4.750%, 02/09/2015		2,139,170
		Series I
	2,000	3.750%, 10/01/2014 q		2,107,816
	66,145	Total Banking		68,610,003
		Basic Industry – 2.3%
		Anglo American Capital
	1,000	2.150%, 09/27/2013 n		1,013,172
		Arcelormittal
	4,000	3.750%, 03/01/2016		4,044,700
		Codelco
	2,400	5.500%, 10/15/2013 n		2,580,545
		Dow Chemical
	2,630	2.500%, 02/15/2016		2,611,035
		Noble Holding International
	1,825	3.450%, 08/01/2015		1,889,016
		Potash Corporation of Saskatchewan
	1,500	3.750%, 09/30/2015		1,593,640
		PPG
	1,000	1.900%, 01/15/2016		973,721
		Rio Tinto Financial
	1,000	8.950%, 05/01/2014		1,200,872
		United States Steel
	1,000	5.650%, 06/01/2013 q		1,042,500
		Valeant Pharmaceuticals
	1,500	6.500%, 07/15/2016 n		1,483,125
		Vedanta Resources
	420	9.500%, 07/18/2018 n q		457,800
	18,275	Total Basic Industry		18,890,126
		Brokerage – 2.2%
		Goldman Sachs Group
	3,900	1.311%, 02/07/2014 D q		3,867,642
	7,000	3.700%, 08/01/2015		7,127,876
		Morgan Stanley
	3,165	1.903%, 01/24/2014 D		3,187,231
	2,000	4.200%, 11/20/2014		2,077,022
		Series GMTN
	1,645	4.100%, 01/26/2015		1,690,063
	17,710	Total Brokerage		17,949,834
		Capital Goods – 1.0%
		Case New Holland
	1,000	7.750%, 09/01/2013		1,082,500
		Caterpillar Financial Services
		Series MTN
	2,490	4.900%, 08/15/2013		2,681,479

92 Nuveen Investments

Principal Amount (000) •		Description p	Value
		Capital Goods (continued)
		ITT
$	1,779	4.900%, 05/01/2014	$	1,940,688
		L-3 Communications
		Series B
	1,000	6.375%, 10/15/2015 q		1,027,500
		Northrop Grumman
	1,707	3.700%, 08/01/2014		1,811,376
	7,976	Total Capital Goods		8,543,543
		Communications – 5.1%
		American Tower
	2,000	4.625%, 04/01/2015		2,105,504
		AT&T
	2,000	6.700%, 11/15/2013		2,242,774
	2,250	2.500%, 08/15/2015 q		2,279,275
		British Telecom
	2,000	5.150%, 01/15/2013		2,120,430
		CenturyLink
		Series L
	1,900	7.875%, 08/15/2012		2,019,637
		Comcast
	1,000	5.300%, 01/15/2014		1,096,681
		Deutsche Telekom
	1,550	5.875%, 08/20/2013		1,696,390
		DirecTV Holdings
	1,700	3.550%, 03/15/2015 q		1,776,174
	2,000	3.125%, 02/15/2016 q		2,029,008
		Frontier Communications
	1,500	6.625%, 03/15/2015		1,563,750
		NBC Universal
	2,000	3.650%, 04/30/2015 n		2,099,826
		News America
	1,000	5.300%, 12/15/2014 q		1,114,695
		Sprint Capital
	2,000	8.375%, 03/15/2012 q		2,080,000
		TCM Sub
	1,000	3.550%, 01/15/2015 n		1,044,953
		Telecom Italia Capital
	1,540	4.950%, 09/30/2014		1,605,709
		Telefonica Emisiones
	1,450	2.582%, 04/26/2013		1,464,999
		Telefonica Moviles
	1,000	2.875%, 11/09/2015 n		982,238
		Time Warner Cable
	1,025	8.250%, 02/14/2014		1,192,228
		Unitymedia Hessen
	1,000	8.125%, 12/01/2017 n		1,062,500
		Verizon Wireless
	3,750	5.550%, 02/01/2014 q		4,133,363
		Vodafone Group
	2,500	5.000%, 09/15/2015 q		2,755,862
		Windstream
	1,600	8.125%, 08/01/2013		1,736,000

Nuveen Investments 93

Portfolio of Investments

Nuveen Short Term Bond Fund (continued)

June 30, 2011

Principal Amount (000) •		Description p	Value
		Communications (continued)
		XM Satellite Radio
$	1,500	13.000%, 08/01/2014	$	1,758,750
	39,265	Total Communications		41,960,746
		Consumer Cyclical – 0.7%
		American Axle & Manufacturing
	1,000	5.250%, 02/11/2014		987,500
		Ford Motor Credit
	1,500	7.000%, 10/01/2013 q		1,603,015
		Home Depot
	2,000	5.400%, 03/01/2016		2,234,828
		Viacom
	1,000	4.375%, 09/15/2014		1,074,020
	5,500	Total Consumer Cyclical		5,899,363
		Consumer Non Cyclical – 4.9%
		Boston Scientific
	2,000	4.500%, 01/15/2015		2,108,746
		Bunge Limited Finance
	2,000	5.875%, 05/15/2013		2,130,982
		Cardinal Health
	915	5.500%, 06/15/2013 q		987,612
		CKE Restaurants
	950	11.375%, 07/15/2018		1,046,188
		ConAgra Foods
	1,950	5.875%, 04/15/2014		2,141,691
		Constellation Brands
	1,500	8.375%, 12/15/2014		1,706,250
		Covidien International
	3,750	1.875%, 06/15/2013		3,814,024
		Dr. Pepper Snapple Group
	1,360	2.900%, 01/15/2016		1,376,263
		Genentech
	2,000	4.750%, 07/15/2015		2,204,498
		General Mills
	2,590	1.550%, 05/16/2014		2,607,806
		HCA
	1,500	6.750%, 07/15/2013		1,563,750
		Kraft Foods
	1,500	6.000%, 02/11/2013		1,617,406
		Merck
	3,600	2.250%, 01/15/2016		3,612,913
		Novartis Capital
	1,000	2.900%, 04/24/2015		1,040,325
		Omnicare
	1,000	6.875%, 12/15/2015 q		1,023,750
		Smithfield Foods
	1,500	10.000%, 07/15/2014		1,736,250
		St. Jude Medical
	2,000	2.200%, 09/15/2013		2,042,188
	690	3.750%, 07/15/2014		734,109
		Teva Pharmaceutical Finance III
	2,105	1.700%, 03/21/2014		2,116,674

94 Nuveen Investments

Principal Amount (000) •		Description p	Value
		Consumer Non Cyclical (continued)
		Watson Pharmaceuticals
$	2,000	5.000%, 08/15/2014	$	2,172,346
		Wyeth
	2,455	5.500%, 02/01/2014		2,721,952
	38,365	Total Consumer Non Cyclical		40,505,723
		Electric – 1.2%
		Commonwealth Edison
	2,140	1.625%, 01/15/2014 q		2,155,089
		MidAmerican Energy
	3,275	4.650%, 10/01/2014		3,589,813
		National Rural Utilities Cooperative Finance
	2,970	1.900%, 11/01/2015		2,927,767
		Texas Competitive Electric Holdings
	1,105	11.500%, 10/01/2020		1,087,740
	9,490	Total Electric		9,760,409
		Energy – 3.2%
		Anadarko Petroleum
	1,000	6.375%, 09/15/2017 q		1,146,334
		Chesapeake Energy
	1,650	9.500%, 02/15/2015		1,914,000
		Concho Resources
	500	8.625%, 10/01/2017 q		545,000
		El Paso Pipeline
	2,000	4.100%, 11/15/2015		2,079,478
		Encana
	3,000	4.750%, 10/15/2013		3,228,048
		Ensco
	2,470	3.250%, 03/15/2016		2,507,927
		Forest Oil
	2,000	8.500%, 02/15/2014 q		2,170,000
		Husky Energy
	2,500	5.900%, 06/15/2014		2,782,467
		Marathon Petroleum
	2,400	3.500%, 03/01/2016 n q		2,460,257
		Nabors Industries
	1,850	5.375%, 08/15/2012		1,916,363
		Petroleos Mexicanos
	2,000	4.875%, 03/15/2015 q		2,165,000
		Shell International Finance
	1,180	3.250%, 09/22/2015		1,240,875
		Total Capital Canada
	1,585	1.625%, 01/28/2014		1,607,967
		Valero Energy
	1,000	6.875%, 04/15/2012		1,045,734
	25,135	Total Energy		26,809,450
		Finance – 6.4%
		American Express Credit Series C
	2,450	7.300%, 08/20/2013		2,726,823
		Bank of America
	9,250	4.500%, 04/01/2015		9,670,875

Nuveen Investments 95

Portfolio of Investments

Nuveen Short Term Bond Fund (continued)

June 30, 2011

Principal Amount (000) •		Description p	Value
		Finance (continued)
		BP Capital Markets
$	2,000	0.910%, 03/11/2014 D	$	2,009,800
		Capital One Bank
	3,000	6.500%, 06/13/2013 q		3,272,172
		CIT Group
	892	7.000%, 05/01/2014 q		903,428
		Dupont Fabros Technology
	1,500	8.500%, 12/15/2017 n		1,638,750
		Fresenius U.S. Finance II
	1,830	9.000%, 07/15/2015 n q		2,070,188
		General Electric Capital
	3,500	1.875%, 09/16/2013		3,539,953
	5,000	2.100%, 01/07/2014		5,070,950
	3,000	Series A 3.750%, 11/14/2014		3,175,524
		Goldman Sachs Group
	1,625	5.150%, 01/15/2014		1,735,077
		Household Finance
	2,000	4.750%, 07/15/2013 q		2,117,826
		International Lease Finance
	1,000	6.500%, 09/01/2014 n		1,060,000
		Lyondell Chemical
	1,000	8.000%, 11/01/2017 n		1,112,500
		Lloyds TSB Bank
	2,500	4.875%, 01/21/2016 q		2,556,928
		Petroplus Finance
	1,500	7.000%, 05/01/2017 n		1,410,000
		TransCapitalInvest
	2,500	7.700%, 08/07/2013 n		2,775,195
		Volkswagen International Finance
	4,335	1.625%, 08/12/2013 n		4,364,526
		Willis Group Holdings
	1,650	4.125%, 03/15/2016 q		1,682,231
	50,532	Total Finance		52,892,746
		Industrial Other – 1.6%
		Agilent Technologies
	2,000	2.500%, 07/15/2013		2,036,364
		Arrow Electronics
	1,990	6.875%, 07/01/2013		2,168,071
		Pittsburgh Glass Works
	1,500	8.500%, 04/15/2016 n		1,541,250
		Thermo Fisher Scientific
	1,625	3.250%, 11/20/2014		1,713,210
	1,250	3.200%, 05/01/2015		1,299,390
		Tyco Electronics
	2,430	6.000%, 10/01/2012		2,576,641
		Verso Paper Holdings
	1,500	11.500%, 07/01/2014 q		1,597,500
	12,295	Total Industrial Other		12,932,426
		Insurance – 2.0%
		Aflac
	2,835	3.450%, 08/15/2015		2,895,252

96 Nuveen Investments

Principal Amount (000) •			Description p	Value
			Insurance (continued)
			Allstate Life Global Funding Trust
			Series MTN
$	1,500		5.375%, 04/30/2013	$	1,616,555
			American International Group
	1,000		3.650%, 01/15/2014		1,019,090
			Hartford Financial Services Group
	2,000		4.000%, 03/30/2015		2,061,710
			Lincoln National
	2,000		4.300%, 06/15/2015 q		2,106,070
			Metropolitan Life Global Funding I
	1,000		2.500%, 01/11/2013 n		1,018,104
			Prudential Financial
			Series MTNB
	5,560		5.100%, 09/20/2014		6,044,715
	15,895		Total Insurance		16,761,496
			Natural Gas – 0.4%
			Duke Energy
	1,500		3.950%, 09/15/2014		1,595,233
			NGPL Pipeco
	1,500		7.119%, 12/15/2017 n		1,680,426
			Ras Laffan
	500		4.500%, 09/30/2012 n		520,000
	3,500		Total Natural Gas		3,795,659
			Real Estate – 1.4%
			HCP – REIT
	1,635		2.700%, 02/01/2014 q		1,658,577
			Series MTN
	1,000		5.625%, 02/28/2013 q		1,061,091
			Health Care REIT – REIT
	1,920		3.625%, 03/15/2016		1,932,132
			Nationwide Health Properties – REIT
	2,000		6.250%, 02/01/2013		2,127,560
			Rouse – REIT
	1,500		6.750%, 11/09/2015 n		1,546,875
			Simon Property Group – REIT
	2,000		4.200%, 02/01/2015		2,127,570
			Vornado Realty – REIT
	1,500		4.250%, 04/01/2015		1,556,875
	11,555		Total Real Estate		12,010,680
			Sovereigns – 2.5%
			Australian Government
			Series 123
	4,000,000	AUD	5.750%, 04/15/2012		4,324,167
			Canadian Government
	8,000,000	CAD	1.500%, 12/01/2012		8,303,510
			Mexico Bonos Desarr
			Series MI10
	41,800,000	MXN	9.500%, 12/18/2014		3,974,925
			New Zealand
			Series 413
	5,000,000	NZD	6.500%, 04/15/2013		4,377,423
			Total Sovereigns		20,980,025

Nuveen Investments 97

Portfolio of Investments

Nuveen Short Term Bond Fund (continued)

June 30, 2011

Principal Amount (000) •		Description p	Value
		Technology – 0.4%
		National Semiconductor
$	100	3.950%, 04/15/2015	$	1,063,147
		Seagate Technology International
	193	10.000%, 05/01/2014 n		2,242,280
	293	Total Technology		3,305,427
		Transportation – 1.6%
		Air Canada
	1,390	9.250%, 08/01/2015 n q		1,423,012
		CSX
	1,500	5.750%, 03/15/2013		1,613,918
		Delta Airlines
	1,500	12.250%, 03/15/2015 n		1,661,250
		Series 11B, Class B
	900	7.711%, 03/18/2013		909,000
		Series 2011-1, Class A
	2,135	5.300%, 04/15/2019 q		2,135,000
		GATX
	1,000	4.750%, 05/15/2015		1,060,969
		Graham Packaging
	1,375	8.250%, 10/01/2018 q n		1,529,688
		United Airlines
	1,500	9.875%, 08/01/2013 n		1,575,000
		Series 2009-1
	909	10.400%, 05/01/2018		1,030,670
	12,209	Total Transportation		12,938,507
		Total Corporate Bonds (cost $364,317,228)		374,546,163
Principal Amount (000)		Description p	Value
		ASSET-BACKED SECURITIES – 17.9%
		Automotive – 5.8%
		Ally Auto Receivables Trust
		Series 2009-A, Class A3
$	2,294	2.330%, 06/17/2013 n	$	2,316,075
		Bank of America Auto Trust
		Series 2008-1A, Class A3A
	575	4.970%, 09/20/2012 n		578,020
		Series 2010-2, Class A3
	2,525	1.310%, 07/15/2014		2,541,419
		Capital Auto Receivables Asset Trust
		Series 2007-3, Class A4
	937	5.210%, 03/17/2014		950,058
		Series 2008-1, Class A3A
	54	3.860%, 08/15/2012		54,568
		Capital One Prime Auto Receivables Trust
		Series 2007-2, Class A4
	939	5.060%, 06/15/2014		943,664
		Chrysler Financial Auto Securitization Trust
		Series 2009-A, Class A3
	139	2.820%, 01/15/2016		140,526
		DT Auto Owner Trust
		Series 2011-2A, Class A
	7,617	0.960%, 11/15/2012		7,616,057

98 Nuveen Investments

Principal Amount (000)		Description p	Value
		Automotive (continued)
		Ford Credit Auto Lease Trust
		Series 2010-B, Class A3
$	3,985	0.910%, 07/15/2013	$	3,988,148
		Series 2011-A, Class A2
	4,570	0.740%, 09/15/2013		4,570,000
		Ford Credit Auto Owner Trust
		Series 2009-A, Class A3A
	627	3.960%, 05/15/2013		633,098
		Series 2009-C, Class A4
	3,000	4.430%, 11/15/2014		3,169,852
		Hertz Vehicle Financing
		Series 2009-2A, Class A1
	3,000	4.260%, 03/25/2014 n		3,134,821
		Honda Auto Receivables Owner Trust
		Series 2010-2, Class A2
	688	0.820%, 06/18/2012		688,335
		JPMorgan Auto Receivables Trust
		Series 2006-A, Class A4
	206	5.140%, 12/15/2014 n		206,111
		Nissan Auto Lease Trust
		Series 2009-B, Class A3
	764	2.070%, 01/15/2015		765,460
		Santander Drive Auto Receivables Trust
		Series 2010-1, Class A2
	3,484	1.360%, 03/15/2013 D		3,491,219
		Series 2011-1, Class A3
	4,250	1.280%, 01/15/2015		4,255,807
		Smart Trust
		Series 2011-1USA, Class A3B
	7,135	1.258%, 10/14/2014 n D		7,147,330
		Volkswagen Auto Lease Trust
		Series 2009-A, Class A3
	662	3.410%, 04/16/2012		663,728
		World Omni Auto Receivables Trust
		Series 2010-A, Class A2
	151	0.700%, 05/15/2011		150,837
	47,601	Total Automotive		48,005,133
		Credit Cards – 1.9%
		Bank of America Credit Card Trust
		Series 2007-A9, Class A9
	4,500	0.238%, 11/15/2014 D q		4,497,374
		Cabela’s Master Credit Card Trust
		Series 2010-1A, Class A2
	3,970	1.637%, 01/16/2018 n D		4,107,260
		Series 2010-2A, Class A1
	4,290	2.290%, 09/17/2018 n		4,310,625
		Capital One Multi-Asset Execution Trust
		Series 2008-A3, Class A3
	2,750	5.050%, 02/15/2016		2,956,966
	15,510	Total Credit Cards		15,872,225
		Equipment Leases – 0.1%
		CNH Equipment Trust
		Series 2008-A, Class A4A
	1,240	4.930%, 08/15/2014		1,253,900

Nuveen Investments 99

Portfolio of Investments

Nuveen Short Term Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Home Equity – 4.6%
		AH Mortgage Advance Trust
		Series SART-1, Class B1
$	1,590	5.920%, 05/10/2043 n	$	1,613,850
		Ameriquest Mortgage Securities
		Series 2005-R9, Class A2B
	1,615	0.416%, 11/25/2035		1,546,278
		Countrywide Asset-Backed Certificates
		Series 2005-16, Class 2AF2
	748	5.382%, 05/25/2036 D		608,700
		Countrywide Asset-Backed Certificates
		Series 2006-25, Class 2A2
	3,565	0.306%, 12/25/2029		3,170,094
		Series 2007-7, Class 2A2
	2,770	0.346%, 06/25/2030		2,241,703
		Series 2007-9, Class 2A2
	2,930	0.316%, 06/25/2030		2,428,525
		Equivantage Home Equity Loan Trust
		Series 1996-4, Class A
	101	7.250%, 01/25/2028		96,947
		IMC Home Equity Loan Trust
		Series 1998-3, Class A7
	1,093	7.060%, 08/20/2029 D		1,029,276
		Morgan Stanley Capital
		Series 2007-NC2, Class A2A
	3,225	0.296%, 02/25/2037 D		3,001,075
		Morgan Stanley Capital
		Series 2006-NC2, Class A2C
	1,868	0.366%, 02/25/2036 D		1,646,358
		RBSSP Resecuritization Trust
		Series 2009-10, Class 7A2
	2,723	0.360%, 03/26/2037 n D		2,586,748
		Series 2009-11, Class 4A1
	326	1.994%, 12/26/2037 n D		326,272
		Series 2009-13, Class 5A1
	1,955	0.294%, 11/26/2036 n D		1,930,903
		Series 2009-8, Class 3A1
	243	0.334%, 03/26/2037 n D		239,182
		Series 2009-9, Class 9A1
	1,124	0.486%, 09/26/2037 n D		1,081,619
		Series 2010-10, Class 2A1
	2,294	0.386%, 09/26/2036 n D		2,056,584
		Series 2010-11, Class 2A1
	2,683	0.423%, 03/26/2037 n D		2,564,209
		Series 2010-4, Class 1A1
	4,030	0.323%, 03/26/2036 n D		3,749,674
		Series 2010-4, Class 5A1
	2,559	0.373%, 02/26/2037 n D		2,454,284
		Series 2010-8, Class 4A1
	1,611	0.659%, 07/26/2036 n D		1,517,928
		Renaissance Home Equity Loan Trust
		Series 2005-3, Class AF4
	2,425	5.140%, 11/25/2035		2,009,847
	41,478	Total Home Equity		37,900,056
		Manufactured Housing – 0.4%
		Green Tree Financial
		Series 2008-MH1, Class A1
	265	7.000%, 04/25/2038 n		270,557

100 Nuveen Investments

Principal Amount (000)		Description p	Value
		Manufactured Housing (continued)
		Newcastle Investment Trust
		Series 2010-MH1, Class A
$	3,055	4.500%, 07/10/2035 n	$	3,139,372
		Origen Manufactured Housing
		Series 2005-B, Class A2
	14	5.247%, 12/15/2018		13,744
	3,334	Total Manufactured Housing		3,423,673
		Other – 4.7%
		American Home Mortgage Advance Trust
		Series 2010-ADV1, Class A1
	2,705	3.968%, 08/15/2022 n		2,745,575
		Citigroup Mortgage Loan Trust
		Series 2010-10, Class 7A1
	5,072	4.778%, 12/27/2032 n		5,092,570
		Crown Castle Towers
		Series 2010-1, Class A1
	2,000	4.523%, 01/15/2035 D n		2,090,332
		Fieldstone Mortgage Investment
		Series 2005-1, Class M4
	3,111	1.266%, 03/25/2035 D		2,896,419
		GMAC Mortgage Servicer Advance Funding
		Series 2011-1A, Class A
	7,590	3.720%, 03/15/2023 n		7,646,925
		Nationstar Mortgage Advance Receivable Trust
		Series 2009-ADV1, Class A1
	2,539	3.194%, 12/26/2022 n D		2,540,828
		Nationstar Mortgage Advance Receivable Trust
		Series 2009-ADV1, Class B1
	2,650	11.686%, 12/26/2022 n D		2,669,875
		Ocwen Advance Receivables Backed Notes
		Series 2009-3A, Class A
	2,000	4.140%, 07/15/2023 n		2,027,500
		Park Place Securities
		Series 2005-WCH1, Class M2
	4,795	0.706%, 01/25/2036 D		4,509,947
		Small Business Administration
		Series 2005-P10A, Class 1
	1,742	4.638%, 02/10/2015		1,853,978
		Series 2005-P10B, Class 1
	3,232	4.940%, 08/10/2015		3,430,205
		Series 2006-P10A, Class 1
	1,000	5.408%, 02/10/2016		1,080,644
	38,436	Total Other		38,584,798
		Utilities – 0.4%
		CenterPoint Energy
		Series 2005-A, Class A2
	1,606	4.970%, 08/01/2014		1,639,229
		PG&E Energy Recovery Funding
		Series 2005-2, Class A2
	487	5.030%, 03/25/2014		496,723
		PSE&G Transition Funding
		Series 2001-1, Class A6
	1,074	6.610%, 06/15/2015		1,143,161
	3,167	Total Utilities		3,279,113
$	150,767	Total Asset-Backed Securities (cost $146,593,642)		148,318,898

Nuveen Investments 101

Portfolio of Investments

Nuveen Short Term Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES – 12.3%
		Americold
		Series 2010-ARTA, Class A2FL
$	4,770	2.500%, 01/17/2029 n D	$	4,784,123
		Bear Stearns Commercial Mortgage Securities Series 2005-PW10, Class A4
	5,000	5.405%, 12/11/2040 D		5,450,805
		Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1, Class A4
	4,000	5.394%, 07/15/2044		4,349,489
		Series 2007-CD4, Class A2B
	1,385	5.205%, 12/11/2049		1,414,274
		Commercial Mortgage Pass-Through Certificates Series 2005-LP5, Class A4
	2,500	4.982%, 05/10/2043 D		2,693,864
		Extended Stay America Trust Series 2010-ESHA, Class C
	3,920	4.860%, 11/05/2027 n		3,913,344
		FDIC Commercial Mortgage Series 2011-C1
	3,398	2.196%, 04/25/2031		3,408,931
		Fosse Master Issuer Series 2011-1A, Class A2
	3,325	1.619%, 10/19/2054 n		3,330,915
		GE Capital Commercial Mortgage Corporation Series 2001-3, Class A2
	2,525	6.070%, 06/10/2038		2,538,627
		GMAC Commercial Mortgage Securities Series 2003-C2, Class A2
	3,500	5.654%, 05/10/2040		3,761,295
		Greenwich Capital Commercial Funding Series 2005-GG5, Class A2
	2,941	5.117%, 04/10/2037		2,967,884
		GS Mortgage Securities II Series 2010-C1, Class A1
	5,942	3.679%, 08/12/2043 n		6,049,033
		Series 2011-ALF, Class A
	5,675	2.716%, 02/10/2021 n		5,742,533
		GS Mortgage Securities Trust Series 2007-GG10, Class A4
	3,000	5.992%, 08/10/2045		3,220,801
		JPMorgan Chase Commercial Mortgage Securities Trust Series 2001-CIB2, Class A3
	354	6.429%, 04/15/2035		353,417
		Series 2007-CB18, Class A3
	4,000	5.447%, 06/12/2047		4,201,379
		Series 2010-C1, Class A1
	4,215	3.853%, 06/15/2043 n		4,359,869
		Series 2010-C2, Class A1
	3,842	2.749%, 11/15/2043 n		3,823,798
		Merrill Lynch Mortgage Trust Series 2006-C1, Class A2
	2,786	5.818%, 05/12/2039		2,871,538
		Morgan Stanley Capital I Series 2003-IQ6, Class A4
	1,090	4.970%, 12/15/2041		1,160,325
		Series 2011-C1, Class A1
	2,825	2.499%, 09/15/2047 n		2,889,191

102 Nuveen Investments

Principal Amount (000)		Description p	Value
		Commercial Mortgage-Backed Securities (continued)
		Morgan Stanley Dean Witter Capital I Series 2002-TOP7, Class A2
$	4,219	5.980%, 01/15/2039	$	4,334,704
		Vornado DP Series 2010-VN0, Class A1
	5,108	2.970%, 09/14/2028 n		5,041,427
		Wachovia Bank Commercial Mortgage Trust Series 2007-C30, Class A3
	1,739	5.246%, 12/15/2043		1,780,216
		Series 2007-WHL8, Class A1
	2,433	0.267%, 06/15/2020 n D		2,205,846
		WF-RBS Commercial Mortgage Trust Series 2011-C2, Class A1
	2,866	2.501%, 02/15/2044 n D		2,926,576
		Series 2011-C3, Class A4
	4,000	4.375%, 03/15/2044 D		3,954,080
		Series 2011-C3, Class A1
	8,035	1.988%, 03/15/2044 n D		8,103,954
$	99,393	Total Commercial Mortgage-Backed Securities (cost $99,139,893)		101,632,238
Principal Amount (000)		Description p	Value
		U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 7.5%
		Adjustable Rate D – 5.4%
		Federal Home Loan Mortgage Corporation Pool
$	336	2.790%, 12/01/2026, #786591	$	355,184
	272	2.597%, 01/01/2029, #846946		285,679
	241	2.510%, 10/01/2029, #786853		251,402
	266	4.346%, 04/01/2030, #972055		282,435
	190	2.230%, 05/01/2030, #847014		190,273
	145	2.464%, 06/01/2031, #847367		151,212
	2,055	2.409%, 08/01/2032, #847331		2,145,026
	946	2.551%, 09/01/2032, #847652		992,476
	160	2.628%, 10/01/2032, #847063		168,303
	585	2.611%, 05/01/2033, #780456		612,060
	1,287	2.470%, 10/01/2033, #780911		1,342,345
	1,418	2.481%, 03/01/2034, #781296		1,486,826
	2,542	4.720%, 03/01/2036, #848193		2,676,222
	939	2.516%, 08/01/2036, #1L1462		982,254
	2,768	2.660%, 01/01/2038, #848282		2,897,543
		Federal National Mortgage Association Pool
	431	2.382%, 11/01/2025, #433988		443,840
	1,283	2.515%, 10/01/2030, #847241		1,345,811
	202	3.110%, 06/01/2031, #625338		211,518
	1,151	5.056%, 12/01/2031, #535363		1,232,454
	24	4.352%, 03/01/2032, #545791		25,359
	167	2.575%, 05/01/2032, #545717		174,451
	134	2.665%, 05/01/2032, #634948		134,538
	28	3.076%, 10/01/2032, #661645		29,046
	186	2.379%, 12/01/2032, #671884		194,316
	144	2.376%, 04/01/2034, #775389		150,392
	2,495	2.558%, 04/01/2034, #AD0486		2,618,764
	2,315	2.487%, 06/01/2034, #725721		2,429,738
	1,700	2.050%, 07/01/2034, #795242		1,766,600
	1,395	2.467%, 11/01/2034, #797182		1,459,106
	1,637	2.688%, 11/01/2034, #841068		1,725,222
	2,634	2.540%, 03/01/2035, #819652		2,773,525
	1,326	2.684%, 07/01/2035, #745922		1,394,539
	1,347	2.551%, 08/01/2035, #838958		1,418,568

Nuveen Investments 103

Portfolio of Investments

Nuveen Short Term Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Adjustable Rate D (continued)
$	654	2.180%, 12/01/2035, #848390	$	669,409
	2,856	2.758%, 07/01/2036, #AE0058		2,997,518
	854	2.858%, 07/01/2036, #886034		896,897
	205	2.686%, 08/01/2036, #555369		214,956
	834	2.639%, 09/01/2036, #995949		875,479
	1,857	2.593%, 08/01/2037, #AD0550		1,956,215
	1,811	2.498%, 03/01/2038, #AD0706		1,902,461
		Government National Mortgage Association Pool
	113	2.625%, 08/20/2021, #008824		117,549
	155	2.625%, 07/20/2022, #008006		161,090
	86	2.625%, 09/20/2025, #008699		89,004
	68	3.375%, 04/20/2026, #008847		70,867
	25	3.625%, 08/20/2027, #080106		25,952
	38	2.375%, 01/20/2028, #080154		39,433
	100	3.375%, 05/20/2029, #080283		104,095
	198	1.875%, 11/20/2030, #080469		204,135
	62	3.375%, 04/20/2031, #080507		64,530
	218	2.625%, 08/20/2031, #080535		226,148
	49	3.500%, 02/20/2032, #080580		50,365
	42,932	Total Adjustable Rate		45,013,130
		Fixed Rate – 2.1%
		Federal Home Loan Mortgage Corporation Series K001, Class A3
	95	5.469%, 01/25/2012		94,685
		Series K701, Class A1
	2,716	2.838%, 06/26/2017		2,794,620
		Federal Home Loan Mortgage Corporation Pool
	2,288	4.500%, 05/01/2018, #G11618		2,445,400
	856	4.500%, 04/01/2022, #M30035		907,638
		Federal National Mortgage Association Pool
	72	5.500%, 05/01/2012, #254340		72,293
	81	5.000%, 03/01/2013, #254682		85,470
	792	4.000%, 12/01/2013, #255039		810,149
	1,939	4.000%, 05/01/2020, #AD0107		2,051,998
	3,964	3.500%, 06/01/2021, #MA0771		4,129,319
	3,465	4.500%, 04/01/2024, #AA4312		3,694,053
	16,268	Total Fixed Rate		17,085,625
$	59,200	Total U.S. Government Agency Mortgage Backed Securities (cost $60,599,504)		62,098,755
Principal Amount (000)		Description p	Value
		COLLATERALIZED MORTGAGE OBLIGATION – U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 5.0%
		Adjustable Rate D – 1.2%
		FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 1A
$	4,250	0.741%, 02/25/2048 n	$	4,254,140
		Federal National Mortgage Association Series 2003-25, Class FN
	2,961	0.644%, 04/25/2018		2,972,030
		Series 2004-90, Class GF
	2,522	0.494%, 11/25/2034		2,517,962
	9,733	Total Adjustable Rate		9,744,132
		Fixed Rate – 3.8%
		FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 2A
	2,430	3.250%, 04/25/2038 n		2,487,309

104 Nuveen Investments

Principal Amount (000)		Description p	Value
		Fixed Rate (continued)
		Series A1
$	2,000	0.000%, 10/25/2011, #2010-L1A	$	1,998,820
		Federal Home Loan Mortgage Corporation Series 1022, Class J
	17	6.000%, 12/15/2020		19,261
		Series 2629, Class BO
	2,182	3.250%, 03/15/2018		2,259,639
		Series 2780, Class QC
	47	4.500%, 03/15/2017		47,402
		Series 2795, Class CL
	1,798	4.500%, 07/15/2017		1,826,519
		Series 2843, Class BH
	1,822	4.000%, 01/15/2018		1,860,461
		Series 3555, Class DA
	1,869	4.000%, 12/15/2014		1,925,659
		Series 3555, Class EA
	759	4.000%, 12/15/2014		781,813
		Series 3591, Class NA
	1,439	1.250%, 10/15/2012		1,450,416
		Federal National Mortgage Association Series 1992-150, Class MA
	52	5.500%, 09/25/2022		56,776
		Series 2002-83, Class MD
	305	5.000%, 09/25/2016		306,765
		Series 2003-122, Class AJ
	3,553	4.500%, 02/25/2028		3,669,608
		Series 2003-68, Class QP
	1,728	3.000%, 07/25/2022		1,763,570
		Series 2004-90, Class GA
	1,521	4.350%, 03/25/2034		1,584,629
		Series 2010-M1, Class A1
	2,011	3.305%, 06/25/2019		2,092,301
		Series 2010-M6, Class A1
	1,912	2.210%, 09/25/2020		1,873,830
		FHLMC Structured Pass-Through Securities Series T-45, Class A4
	3,624	4.520%, 08/27/2012		3,742,250
		Government National Mortgage Association Series 2003-85, Class ZL
	1,942	5.500%, 06/20/2028		1,995,309
	31,011	Total Fixed Rate		31,742,337
$	40,744	Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities (cost $41,108,491)		41,486,469
Principal Amount (000)		Description p	Value
		U.S. GOVERNMENT & AGENCY SECURITIES – 2.6%
		U.S. Agency Debentures – 2.6%
		Federal Home Loan Bank
$	6,000	2.250%, 04/13/2012	$	6,091,242
	5,400	1.500%, 01/16/2013 q		5,487,772
		Federal Home Loan Mortgage Corporation
	2,000	1.625%, 04/15/2013 q		2,041,294
		Federal National Mortgage Association
	7,500	1.000%, 04/04/2012 q		7,539,637
$	20,900	Total U.S. Government & Agency Securities (cost $20,877,114)		21,159,945

Nuveen Investments 105

Portfolio of Investments

Nuveen Short Term Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		COLLATERALIZED MORTGAGE OBLIGATIONS-PRIVATE MORTGAGE-BACKED SECURITIES – 5.2%
		Adjustable Rate D – 3.5%
		Arkle Master Issuer PLC Series 2010-1A, Class 2A
$	4,200	1.464%, 05/17/2060 n	$	4,193,230
		Countrywide Home Loans Series 2004-2, Class 2A1
	287	2.761%, 02/25/2034		279,912
		GSR Mortgage Loan Trust Series 2005-AR1, Class B1
	1,920	4.019%, 01/25/2035 n		1,285,347
		Indymac Index Mortgage Loan Trust Series 2005-AR1, Class 4A1
	439	2.695%, 03/25/2035		393,228
		JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C4, Class A1
	7,100	1.525%, 07/15/2046		7,104,732
		JPMorgan Mortgage Trust Series 2006-A7, Class 3A4
	344	5.875%, 01/25/2037		36,079
		Master Adjustable Rate Mortgages Trust Series 2003-5, Class 4A1
	1,709	2.059%, 11/25/2033		1,403,764
		NCUA Guaranteed Notes Series 2010-R3, Class 2A
	6,159	0.825%, 12/08/2020		6,193,966
		Series 2011-R1, Class 1A
	5,833	0.711%, 01/08/2020		5,835,853
		Sequoia Mortgage Trust Series 2007-1, Class 2A1
	617	4.947%, 02/20/2047		505,511
		Structured Mortgage Loan Trust Series 2004-11, Class A
	175	2.653%, 08/25/2034		157,736
		Washington Mutual Series 2007-HY2, Class 3A2
	625	5.634%, 09/25/2036		87,806
		Wells Fargo Mortgage Backed Securities Trust Series 2006-AR14, Class 2A3
	1,749	5.904%, 10/25/2036		1,395,818
	31,157	Total Adjustable Rate		28,872,982
		Fixed Rate – 1.7%
		Countrywide Alternative Loan Trust
		Series 2006-19CB, Class A15
	1,112	6.000%, 08/25/2036		918,208
		GMAC Mortgage Corporation Loan Trust
		Series 2010-1, Class A
	979	4.250%, 07/25/2040 n		982,640
		Master Alternative Loans Trust
		Series 2004-13, Class 10A1
	392	8.000%, 01/25/2035		405,924
		Mortgage Equity Conversion Asset Trust
		Series 2010-1A, Class A
	2,549	4.000%, 07/25/2060 n		2,551,323

106 Nuveen Investments

Principal Amount (000)		Description p	Value
		Fixed Rate (continued)
		NCUA Guaranteed Notes
		Series 2010-R1, Class 2A
$	2,588	1.840%, 10/07/2020	$	2,616,158
		Newcastle Investment Trust
		Series 2011-MH1, Class A
	3,930	2.450%, 12/10/2033 n		3,953,854
		Thornburg Mortgage Securities Trust
		Series 2007-4, Class 3A1
	1,377	6.027%, 09/25/2037		1,367,966
		Wells Fargo Mortgage Backed Securities Trust
		Series 2006-3, Class A1
	435	5.500%, 03/25/2036		434,230
		Series 2007-2, Class 1A8
	1,246	5.750%, 03/25/2037		1,085,791
	14,608	Total Fixed Rate		14,316,094
$	45,765	Total Collateralized Mortgage Obligations – Private Mortgage-Backed Securities (cost $46,253,822)		43,189,076
Principal Amount (000)		Description p	Value
		Municipal Bonds – 2.0%
		California, Various Purpose
$	855	5.750%, 03/01/2017	$	942,338
		Dallas-Fort Worth Texas International Airport
		Series 2001-A-1
	1,235	6.150%, 01/01/2016		1,234,889
		Florida Housing Financial Corporation, Multifamily Crossroads Apartments
		Series A-1
	780	6.750%, 02/15/2012		779,930
		Louisiana Local Government Environmental Facilities, Community Development Authority
		Series A1
	6,285	1.520%, 02/01/2018		6,313,283
		Massachusetts State Port Authority, Special Facilities Revenue, Contract Project
		Series B
	2,680	1.910%, 07/01/2014		2,677,347
	330	3.230%, 07/01/2015		330,369
		Phoenix Arizona Civic Improvement, Excise Tax Revenue
	2,400	2.302%, 07/01/2014		2,417,112
	1,700	2.828%, 07/01/2015		1,712,716
$	16,265	Total Municipal Bonds (cost $16,356,464)		16,407,984
Shares		Description p	Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
		Money Market Funds – 9.2%
		Mount Vernon Securities Lending Prime Portfolio
	76,374,950	0.197% W †	$	76,374,950
		Total Investments Purchased With Proceeds From Securities Lending (cost $76,374,950)		76,374,950
Shares/ Principal Amount (000)		Description p	Value
		SHORT-TERM INVESTMENTS – 5.4%
		Money Market Funds – 5.1%
	42,035,533	First American Prime Obligations Fund, Class Z, .042% W	$	42,035,533

Nuveen Investments 107

Portfolio of Investments

Nuveen Short Term Bond Fund (continued)

June 30, 2011

Shares/ Principal Amount (000)		Description p	Value
		U.S. Treasury Obligations – 0.3%
		U.S. Treasury Bills ¨
$	635	0.035%, 10/20/2011	$	634,931
	475	0..055%, 11/17/2011		474,899
	1,220	0.020%, 07/21/2011		1,219,987
$	2,330	Total U.S. Treasury Obligations		2,329,817
		Total Short-Term Investments (cost $44,365,205)		44,365,350
		Total Investments (cost $915,986,313) – 112.3%		929,579,828
		Other Assets Less Liabilities – (12.3)% ¯		(101,582,520)
		Net Assets – 100.0%	$	827,997,308

Investments in Derivatives

Credit Default Swaps outstanding at June 30, 2011:

Counterparty	Reference Index	Buy/Sell Protection  (1)		Current Credit Spread  (3)			Notional Amount (2)		Received Fixed Rate			Termination Date		Value		Unrealized Appreciation (Depreciation)
JPMorgan	Markit CDX NA HY16 Index		Sell		4.55	%	$	24,000,000		5.00	%		6/20/16	$	388,669	$	370,948
UBS	Markit CDX NA HY16 Index		Sell		4.55			5,000,000		5.00			6/20/16		80,973		82,362
														$	469,642	$	453,310

(1) The Fund entered into the credit default swaps to gain investment exposure to the referenced index. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take deliver of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.

(2) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(3) The credit spread generally serves as an indication of the current status of the payment/performance risk and therefore the likelihood of default of the credit derivative. The credit spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a credit default swap contract. Higher credit spreads are indicative of a higher likelihood of performance by the seller of protection.

Forward Foreign Currency Exchange Contracts outstanding at June 30, 2011:

Counterparty	Currency Contracts to Deliver	Amount (Local Currency)		In Exchange For Currency		Amount (Local Currency)		Settlement Date		Unrealized Appreciation (Depreciation) (U.S. Dollars)
Citibank N.A.	New Zealand		5,300,000		U.S. Dollar		4,309,536		7/28/11	$	(72,967	)
Citibank N.A.	U.S. Dollar		5,300,000		New Zealand		4,361,814		7/28/11		(19,855	)
										$	(92,822	)

Futures Contracts outstanding at June 30, 2011:

Type	Contract Position		Number of Contracts			Contract Expiration		Value			Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Note		Long		28			9/11	$	6,141,625		$	14,373
U.S. Treasury 5-Year Note		Short		(676	)		9/11		(80,576,030	)		(532,008	)
U.S. Treasury 10-Year Note		Short		(175	)		9/11		(21,407,423	)		(122,757	)
U.S. Treasury Long Bond		Short		(17	)		9/11		(2,091,531	)		14,578
											$	(625,814	)

108 Nuveen Investments

Interest Rate Swaps outstanding at June 30, 2011:

Counterparty	Notional Amount		Floating Rate Index		Fund Pay/Receive Floating Rate		Fixed Rate*			Fixed Rate Payment Frequency		Termination Date		Unrealized Appreciation (Depreciation)
JPMorgan Chase	$	24,000,000		3-Month LIBOR		Receive		1.255	%		Semi-Annually		11/03/11	$	(114,821	)
JPMorgan Chase		4,000,000		3-Month LIBOR		Receive		3.858			Semi-Annually		1/19/20		(325,548	)
UBS		11,000,000		3-Month LIBOR		Receive		1.358			Semi-Annually		9/25/11		(68,395	)
UBS		16,000,000		3-Month LIBOR		Receive		1.133			Semi-Annually		3/25/12		(140,499	)
UBS		18,000,000		3-Month LIBOR		Receive		1.048			Semi-Annually		6/25/12		(118,776	)
UBS		4,000,000		3-Month LIBOR		Receive		3.001			Semi-Annually		8/03/14		(269,244	)
														$	(1,037,283	)

* Annualized.

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

— Principal Amount (000) denoted in U.S. Dollars, unless otherwise noted.

q Investment, or a portion of investment, is out on loan for securities lending.

n Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

D Variable Rate Security – The rate shown is the rate in effect as of June 30, 2011.

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

¨ Investment, or portion of investment, segregated as collateral for investments in derivatives. Yield shown is effective yield as of June 30, 2011.

† The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund.

¯ Other Assets Less Liabilities includes the net Unrealized Appreciation (Depreciation) of derivatives instruments as listed within Investments in Derivatives.

AUD Australian Dollar

CAD Canadian Dollar

MXN Mexican Peso

NZD New Zealand Dollar

LIBOR London Inter-Bank Offered Rate

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

Nuveen Investments 109

Portfolio of Investments

Nuveen Total Return Bond Fund

(formerly known as First American Total Return Bond Fund)

June 30, 2011

Principal Amount (000) —		Description p	Value
		CORPORATE BONDS – 49.9%
		Banking – 6.1%
		Ally Financial
$	910	7.500%, 09/15/2020	$	950,950
		Banco Bradesco
	1,155	4.125%, 05/16/2016 n q		1,162,277
		Bancolombia
	1,790	5.950%, 06/03/2021 n		1,816,850
		Bank of America
	2,615	5.750%, 12/01/2017		2,796,769
	6,770	5.875%, 01/05/2021		7,104,945
		Barclays Bank
		Series EMTN
	1,140	4.750%, 03/15/2020 D		1,177,907
		BBVA Bancomer
	850	4.500%, 03/10/2016 n q		864,875
		Citigroup
	1,915	5.375%, 08/09/2020 q		1,998,423
	2,765	6.125%, 08/25/2036		2,657,312
		Citigroup Capital XXI
	2,735	8.300%, 12/21/2077 D		2,796,538
		HSBC Holdings
	1,910	6.800%, 06/01/2038		2,038,289
		JPMorgan Chase
	1,350	4.250%, 10/15/2020		1,320,752
	2,420	5.500%, 10/15/2040		2,406,177
		JPMorgan Chase Capital XX
		Series T
	2,060	6.550%, 09/29/2066 D		2,065,059
		Royal Bank of Scotland
	2,100	6.400%, 10/21/2019 q		2,157,040
		Sovereign Bank
	2,350	8.750%, 05/30/2018		2,652,819
		UBS
	1,410	4.875%, 08/04/2020		1,426,140
		Wachovia Captial Trust III
	2,175	5.570%, 03/29/2049 D		1,990,125
	38,420	Total Banking		39,383,247
		Basic Industry – 4.7%
		Alcoa
	1,100	5.400%, 04/15/2021		1,103,397
		Alrosa Finance
	1,315	7.750%, 11/03/2020 n q		1,430,063
		Arcelormittal
	3,065	7.000%, 10/15/2039		3,099,003
		Cliffs Natural Resources
	2,725	4.800%, 10/01/2020		2,739,355
		Hidili Industry International Development
	725	8.625%, 11/04/2015 n q		712,313
		Incitec Pivot Finance
	1,915	6.000%, 12/10/2019 n		2,051,026
		International Paper
	1,680	8.700%, 06/15/2038		2,089,972

110 Nuveen Investments

Principal Amount (000) —		Description p	Value
		Basic Industry (continued)
		Metinvest
$	135	10.250%, 05/20/2015 n	$	146,975
	1,380	8.750%, 02/14/2018 n		1,428,300
		Plum Creek Timberlands
	2,105	4.700%, 03/15/2021		2,074,597
		Reynolds Group Issuer
	1,500	7.125%, 04/15/2019 n		1,488,750
		Rhodia
	1,500	6.875%, 09/15/2020 n		1,756,875
		Sinochem Overseas Capital
	750	4.500%, 11/12/2020 n q		719,082
		Southern Copper
	1,265	7.500%, 07/27/2035		1,324,531
		Taseko Mines
	1,250	7.750%, 04/15/2019		1,259,375
		Teck Cominco Limited
	1,575	6.125%, 10/01/2035		1,591,947
		Teck Resources
	905	6.250%, 07/15/2041		913,699
		United Refining
	990	10.500%, 02/28/2018		990,000
		Vale Overseas
	1,990	6.875%, 11/10/2039		2,162,692
		Vedanta Resources
	1,575	9.500%, 07/18/2018 n q		1,716,750
	29,445	Total Basic Industry		30,798,702
		Brokerage - 2.7%
		Fosun International
		Series 144A
	1,325	7.500%, 05/12/2016 n q		1,311,750
		Goldman Sachs Capital II
	1,495	5.793%, 12/29/2049 D		1,196,000
		Goldman Sachs Group
	9,075	6.000%, 06/15/2020 q		9,764,591
		Morgan Stanley
	750	7.300%, 05/13/2019 q		850,519
	2,600	5.500%, 07/24/2020		2,631,697
	1,960	5.750%, 01/25/2021		1,983,185
	17,205	Total Brokerage		17,737,742
		Capital Goods – 0.3%
		Abengoa Finance
	1,150	8.875%, 11/01/2017 n q		1,174,438
		Martin Marietta Material
	850	6.600%, 04/15/2018		944,441
	2,000	Total Capital Goods		2,118,879
		Communications – 3.9%
		American Tower
	2,195	5.050%, 09/01/2020		2,162,014
		AT&T
	1,510	6.550%, 02/15/2039 q		1,656,213

Nuveen Investments 111

Portfolio of Investments

Nuveen Total Return Bond Fund (continued)

June 30, 2011

Principal Amount (000) —		Description p	Value
		Communications (continued)
		British Sky Broadcasting
$	1,975	6.100%, 02/15/2018 n	$	2,209,047
		Comcast
	1,630	6.400%, 05/15/2038		1,739,234
		DirecTV Holdings
	2,230	5.200%, 03/15/2020 q		2,359,536
		Embarq
	1,545	7.082%, 06/01/2016		1,717,453
		Frontier Communications
	1,355	8.500%, 04/15/2020		1,476,950
		NBC Universal
	2,515	4.375%, 04/01/2021 n		2,488,721
		News America
	1,600	6.650%, 11/15/2037 q		1,714,718
	825	6.150%, 02/15/2041 n		817,275
		Sprint Nextel
	1,200	6.000%, 12/01/2016		1,198,500
		TCM Sub
	870	3.550%, 01/15/2015 n		909,109
		Telecom Italia Capital
	2,250	7.175%, 06/18/2019 q		2,484,194
		Time Warner Cable
	1,515	5.875%, 11/15/2040 q		1,495,252
		Verizon Communications
	915	6.900%, 04/15/2038		1,049,644
	24,130	Total Communications		25,477,860
		Consumer Cyclical – 2.3%
		Ford Motor Credit
	1,350	6.625%, 08/15/2017		1,435,105
		Giti Tire
	500	12.250%, 01/26/2012		490,256
		Ingram Micro
	1,090	5.250%, 09/01/2017		1,142,572
		Isle Of Capri Casinos
	1,000	7.750%, 03/15/2019 n q		1,010,000
		J.C. Penney
	1,425	5.650%, 06/01/2020		1,410,750
		Land O Lakes Capital Trust I
		Series 144A
	1,125	7.450%, 03/15/2028 ¢		1,071,563
		O’Reilly Automotive
	1,940	4.875%, 01/14/2021		1,949,405
		R.R. Donnelley & Sons
	1,070	7.625%, 06/15/2020 q		1,057,485
		Time Warner
	1,500	4.750%, 03/29/2021		1,525,878
	1,750	6.100%, 07/15/2040		1,778,973
		Viacom
	1,975	6.875%, 04/30/2036		2,204,898
	14,725	Total Consumer Cyclical		15,076,885

112 Nuveen Investments

Principal Amount (000) —		Description p	Value
		Consumer Non Cyclical – 2.9%
		Altria Group
$	1,270	4.750%, 05/05/2021	$	1,269,130
	2,720	9.950%, 11/10/2038		3,821,725
		CKE Restaurants
	735	11.375%, 07/15/2018		809,419
		CVS Caremark
	1,810	6.302%, 06/01/2062 D		1,762,487
		HCA Holdings
	1,125	7.750%, 05/15/2021 n q		1,167,187
		Lorillard Tobacco
	1,590	8.125%, 06/23/2019		1,851,956
		MHP
	1,225	10.250%, 04/29/2015 n		1,309,158
		Pernod Ricard
	1,365	5.750%, 04/07/2021 n		1,425,138
		STHI Holding
	1,520	8.000%, 03/15/2018 n		1,542,800
		UnitedHealth Group
	1,395	6.875%, 02/15/2038		1,595,093
		Valeant Pharmaceuticals
	2,330	6.875%, 12/01/2018 n q		2,283,400
	17,085	Total Consumer Non Cyclical		18,837,493
		Electric – 1.9%
		Calpine
	1,315	7.875%, 07/31/2020 n q		1,374,175
		Comision Federal De Electric
	1,485	4.875%, 05/26/2021 n		1,482,921
		Constellation Energy Group
	2,010	5.150%, 12/01/2020 q		2,059,886
		FirstEnergy Solutions
	2,000	6.050%, 08/15/2021		2,152,098
		MidAmerican Energy Holdings
	2,630	6.125%, 04/01/2036		2,832,221
		Midwest Generation
		Series 2000
	1,483	8.560%, 01/02/2016		1,519,658
		Texas Competitive Electric Holdings
		Series 144A
	860	11.500%, 10/01/2020		846,567
	11,783	Total Electric		12,267,526
		Energy – 4.2%
		Anadarko Petroleum
	1,140	6.375%, 09/15/2017		1,306,821
	1,675	6.200%, 03/15/2040 q		1,697,606
		Canadian Oil Sands
	1,700	7.750%, 05/15/2019 n		2,042,451
		Carrizo Oil & Gas
	1,150	8.625%, 10/15/2018		1,184,500
		Connacher Oil And Gas
		Series 144A
	800	8.750%, 08/01/2018 n		821,193

Nuveen Investments 113

Portfolio of Investments

Nuveen Total Return Bond Fund (continued)

June 30, 2011

Principal Amount (000) —		Description p	Value
		Energy (continued)
		Diamond Offshore Drilling
$	1,775	5.700%, 10/15/2039 q	$	1,752,967
		Lukoil International Finance
	2,625	6.125%, 11/09/2020 n		2,707,031
		Nabors Industries
	1,590	5.000%, 09/15/2020 q		1,608,819
		Nexen
	2,240	6.400%, 05/15/2037		2,234,434
		OGX Petroleo E Gas Participacoes
		Series 144A
	1,155	8.500%, 06/01/2018 n q		1,187,918
		Petrobras International Finance
	1,770	6.875%, 01/20/2040		1,884,627
		Petro-Canada
	1,275	6.800%, 05/15/2038		1,438,108
		Petroplus Finance
	1,465	9.375%, 09/15/2019 n q		1,472,325
		Seadrill
	1,600	6.500%, 10/05/2015		1,552,000
		Valero Energy
	2,200	6.125%, 02/01/2020 q		2,417,659
		Weatherford International
	1,950	7.000%, 03/15/2038		2,119,964
	26,110	Total Energy		27,428,423
		Finance – 5.8%
		Anglogold Holdings
	2,275	6.500%, 04/15/2040		2,169,982
		Asciano Finance
	2,250	5.000%, 04/07/2018 n		2,309,591
		Braskem Finance
	1,425	5.750%, 04/15/2021 n q		1,433,978
		Bunge Limited Finance
	3,010	4.100%, 03/15/2016		3,135,427
		Capital One Financial q
	2,265	6.150%, 09/01/2016		2,498,793
		Country Garden Holdings
	1,300	11.125%, 02/23/2018 n q		1,339,000
		Countrywide Financial
	2,885	6.250%, 05/15/2016		3,040,282
		Discover Financial Services
	1,975	10.250%, 07/15/2019		2,551,994
		GE Capital Trust I
	3,600	6.375%, 11/15/2067 D		3,685,500
		General Electric Capital
	1,400	5.300%, 02/11/2021 q		1,456,759
		Series MTN
	2,320	6.875%, 01/10/2039		2,626,279
		International Lease Finance
	985	8.875%, 09/01/2017		1,083,500
	1,905	8.250%, 12/15/2020 q		2,057,400
		JBS Finance II
	1,175	8.250%, 01/29/2018 n q		1,198,500
		RSHB Capital
	2,120	7.750%, 05/29/2018 n		2,411,394

114 Nuveen Investments

Principal Amount (000) —		Description p	Value
		Finance (continued)
		Transcapitalinvest
$	2,670	5.670%, 03/05/2014 n q	$	2,843,550
		WEA Finance
	1,655	4.625%, 05/10/2021 n		1,606,106
	35,215	Total Finance		37,448,035
		Industrial Other – 0.3%
		Huntington Ingalls Industries
	1,810	7.125%, 03/15/2021 n q		1,873,350
		Insurance – 4.5%
		Aflac
	2,185	6.450%, 08/15/2040		2,168,071
		Allied World Assurance
	2,510	7.500%, 08/01/2016		2,876,317
		Catlin Insurance
	1,750	7.249%, 12/31/2049 n q D		1,666,875
		Endurance Specialty Holding
	65	Series B		1,625,243
		Genworth Financial
		Series MTN
	2,640	6.515%, 05/22/2018		2,624,910
		Hartford Financial Services Group
		Series MTN
	1,770	6.000%, 01/15/2019		1,890,363
		Liberty Mutual Group
	1,705	7.000%, 03/15/2037 n D		1,629,136
		Lincoln National
	2,395	8.750%, 07/01/2019		3,022,246
	1,620	6.050%, 04/20/2067 D		1,559,250
		MetLife
	1,600	6.750%, 06/01/2016		1,862,328
		MetLife Capital Trust IV
	1,750	7.875%, 12/15/2067 n D		1,828,237
		Pacific Life Insurance
	840	6.000%, 02/10/2020 n		900,749
		Prudential Financial
	1,650	5.500%, 03/15/2016		1,796,099
		Unum Group
	1,830	5.625%, 09/15/2020 q		1,916,338
		ZFS Finance USA Trust V
	1,860	6.500%, 05/09/2067 n D		1,850,700
	26,170	Total Insurance		29,216,862
		Natural Gas – 0.4%
		Kinder Morgan Energy Partners
		Series MTN
	1,920	6.950%, 01/15/2038		2,085,326
		Southern Union
	545	7.200%, 11/01/2066		506,850
	2,465	Total Natural Gas		2,592,176
		Real Estate – 2.0%
		Boston Properties
	3,050	4.125%, 05/15/2021		2,913,211

Nuveen Investments 115

Portfolio of Investments

Nuveen Total Return Bond Fund (continued)

June 30, 2011

Principal Amount (000) —			Description p	Value
			Real Estate (continued)
			Central China Real Estate
$	825		12.250%, 10/20/2015 n	$	853,875
			Health Care - REIT
	1,300		5.250%, 01/15/2022		1,295,008
			Prologis - REIT
	1,755		6.875%, 03/15/2020		1,937,888
			Shimao Property Holdings
	620		8.000%, 12/01/2016 n		564,200
			Simon Property Group - REIT
	1,825		5.650%, 02/01/2020		1,971,728
			Vornado Realty - REIT
	2,975		4.250%, 04/01/2015		3,087,803
	12,350		Total Real Estate		12,623,713
			Sovereign – 5.1%
			Australian Government
	5,810,000	AUD	5.750%, 04/15/2012		6,280,852
	7,350,000	AUD	4.500%, 04/15/2020		7,499,939
			Canadian Government
	5,700,000	CAD	1.500%, 03/01/2012		5,923,106
	7,000,000	CAD	3.750%, 06/01/2019		7,704,391
			Republic of Argentina
	1,150		8.750%, 06/02/2017		1,196,000
			Republic of Indonesia
	1,730		5.875%, 03/13/2020 n q		1,920,300
			Republic of Peru
	1,430		6.550%, 03/14/2037		1,598,025
			Ukraine Government
	1,250		7.750%, 09/23/2020 n q		1,296,875
			Total Sovereign		33,419,488
			Technology – 0.4%
			Avnet
	845		5.875%, 06/15/2020		892,269
			Seagate
	1,360		6.875%, 05/01/2020 n		1,349,800
	2,205		Total Technology		2,242,069
			Transportation – 2.4%
			Air Canada
	1,105		9.250%, 08/01/2015 n q		1,131,244
			America West Air
			Series 2000-1
	1,305		8.057%, 01/02/2022		1,357,050
			Avis Budget Car Rental
	1,450		7.750%, 05/15/2016		1,475,375
			Dana Holding
	1,450		6.500%, 02/15/2019 q		1,435,500
			Delta Airlines
			Series 2011-1, Class A
	1,700		5.300%, 04/15/2019 q		1,700,000
			Hertz
	1,250		7.375%, 01/15/2021 n		1,271,875
			Martin Midstream Partners
	1,150		8.875%, 04/01/2018		1,207,500

116 Nuveen Investments

Principal Amount (000) —		Description p	Value
		Transportation (continued)
		Navios Maritime Acquisition
$	1,350	8.625%, 11/01/2017	$	1,329,750
		Northwest Airlines
		Series 2007-1, Class A
	1,060	7.027%, 11/01/2019		1,081,276
		Provincia De Buenos Aire
	1,040	10.875%, 01/26/2021 n		980,720
		United Airlines
		Series 2007-1, Class A
	1,272	6.636%, 01/02/2024		1,278,629
		Series 2009-1
	1,364	10.400%, 05/01/2018		1,546,005
	15,496	Total Transportation		15,794,924
		Total Corporate Bonds (cost $306,633,078)		324,337,374
Principal Amount (000)		Description p	Value
		U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 28.6%
		Adjustable Rate D – 1.0%
		Federal Home Loan Mortgage Corporation Pool
$	598	2.788%, 10/01/2029, #1L0117	$	603,017
	543	2.394%, 07/01/2030, #847240		568,425
	401	2.269%, 05/01/2033, #847411		418,221
	1,187	5.206%, 07/01/2036, #1K1238		1,232,913
	2,707	2.608%, 05/01/2038, #84-8289		2,838,544
		Federal National Mortgage Association Pool
	214	2.309%, 09/01/2033, #725553		223,472
	590	2.432%, 01/01/2035, #745548		618,586
	6,240	Total Adjustable Rate		6,503,178
		Fixed Rate – 27.6%
		Federal Home Loan Mortgage Corporation Pool
	970	6.500%, 07/01/2031, #A17212		1,099,795
	586	7.000%, 08/01/2037, #H09059		671,628
		Federal National Mortgage Association Pool
	1,161	5.500%, 02/01/2025, #255628		1,265,188
	4,159	5.500%, 10/01/2025, #255956		4,532,132
	333	6.000%, 04/01/2032, #745101		362,918
	520	5.500%, 06/01/2033, #843435		566,750
	4,053	5.000%, 11/01/2033, #725027		4,331,130
	611	5.000%, 03/01/2034, #725205		653,262
	524	5.000%, 03/01/2034, #725250		559,825
	771	6.000%, 03/01/2034, #745324		854,916
	36,270	4.500%, 07/01/2034 (MDR)(WI/DD)		37,522,439
	864	5.500%, 09/01/2034, #725773		939,932
	698	6.500%, 04/01/2036, #831377		792,027
	325	6.500%, 04/01/2036, #852909		368,560
	886	6.500%, 08/01/2036, #893318		1,004,739
	1,767	6.500%, 09/01/2036, #897129		2,003,733
	758	5.500%, 04/01/2037, #918883		821,438
	840	6.000%, 06/01/2037, #944340		924,518
	1,011	6.000%, 09/01/2037, #256890		1,103,428
	5,166	5.500%, 01/01/2038, #968975		5,596,726
	1	5.500%, 05/01/2038, #889618		1,224
	1	5.500%, 07/01/2038, #985344		1,535
	1,202	6.000%, 08/01/2038, #257307		1,320,973
	2,627	5.500%, 11/01/2038, #AA0005		2,843,469
	3,080	5.500%, 12/01/2038, #AA0889		3,333,266
	33,725	5.000%, 06/01/2039 (MDR)(WI/DD)		35,832,812

Nuveen Investments 117

Portfolio of Investments

Nuveen Total Return Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Fixed Rate (continued)
$	6,025	6.000%, 07/01/2039 (WI/DD)	$	6,618,089
	4,878	4.500%, 09/01/2039, #AC1877		5,055,818
	3,704	6.000%, 09/01/2039, #AD0205		4,075,152
	5,563	4.500%, 12/01/2039, #932323		5,765,952
	19,425	4.000%, 07/01/2040 (MDR)(WI/DD)		19,425,000
	10,244	4.000%, 11/01/2040, #MA0583		10,258,494
	5,174	4.000%, 12/01/2040, #AB1959		5,181,738
	13,666	4.000%, 01/01/2041, #AH1420		13,684,985
	171,588	Total Fixed Rate		179,373,591
$	177,828	Total U.S. Government Agency Mortgage-Backed Securities (cost $183,686,857)		185,876,769
Principal Amount (000)		Description p	Value
		Commercial Mortgage-Backed Securities – 10.6%
		Americold Trust
		Series 2010-ARTA, Class C
$	3,470	6.811%, 01/14/2029 n	$	3,593,619
		Bear Stearns Commercial Mortgage Securities
		Series 2005-PW10, Class A4
	3,325	5.405%, 12/11/2040 D		3,624,786
		Citigroup/Deutsche Bank Commercial Mortgage Trust
		Series 2005-CD1, Class A4
	2,440	5.394%, 07/15/2044 D		2,653,188
		Series 2007-CD4, Class A2B
	1,360	5.205%, 12/11/2049		1,388,746
		Series 2007-CD5, Class A4
	5,650	5.886%, 11/15/2044 D		6,163,072
		Commercial Mortgage Pass-Through Certificates
		Series 2006-CN2A, Class A2FX
	1,805	5.449%, 02/05/2019 n		1,809,150
		Extended Stay America Trust
		Series 2010-ESHA, Class C
	3,630	4.860%, 11/05/2027 n		3,623,836
		Fosse Master
		Series 2011-1A, Class A2
	2,640	1.619%, 10/19/2054 n D		2,644,697
		Greenwich Capital Commercial Funding
		Series 2005-GG5, Class A2
	2,576	5.117%, 04/10/2037		2,599,033
		GS Mortgage Securities II
		Series 2006-GG6, Class A2
	2,037	5.506%, 04/10/2038		2,036,452
		Series 2006-GG8, Class A4
	3,135	5.560%, 11/10/2039		3,397,228
		Series 2007-GG10, Class A4
	7,660	5.992%, 08/10/2045 q D		8,223,778
		JPMorgan Chase Commercial Mortgage Securities
		Series 2010-C1, Class A1
	4,078	3.853%, 06/15/2043 n		4,218,085
		Series 2011-C4, Class A3
	3,445	4.106%, 07/15/2046 n		3,437,567
		LB-UBS Commercial Mortgage Trust
		Series 2004-C2, Class A4
	4,000	4.367%, 03/15/2036		4,239,332
		Series 2005-C7, Class A2
	1,557	5.103%, 11/15/2030		1,556,856

118 Nuveen Investments

Principal Amount (000)		Description p	Value
		Commercial Mortgage-Backed Securities (continued)
		Master Reporforming Loans Trust
		Series 2005-1, Class 1A4
$	3,586	7.500%, 08/25/2034 n	$	3,632,506
		Morgan Stanley Capital I
		Series 2006-IQ12, Class A4
	4,025	5.332%, 12/15/2043		4,348,502
		OBP Depositor Trust
		Series 2010-OBP, Class A
	2,880	4.646%, 07/15/2045 n		2,989,040
		WF-RBS Commercial Mortgage Trust
		Series 2011-C3, Class A4
	2,900	4.375%, 03/15/2044 n		2,852,630
$	66,199	Total Commercial Mortgage-Backed Securities (cost $65,861,987)		69,032,103
Principal Amount (000)		Description p	Value
		ASSET-BACKED SECURITIES – 5.8%
		Automotive – 1.1%
		Chrysler Group
$	3,000	8.000%, 06/15/2019 n q	$	2,947,500
		Fifth Third Auto Trust
		Series 2008-1, Class A4A
	1,026	4.810%, 01/15/2013		1,038,954
		Santander Drive Auto Receivables Trust
		Series 2010-1, Class A2
	3,420	1.360%, 03/15/2013 D		3,427,521
	7,446	Total Automotive		7,413,975
		Credit Cards – 1.7%
		Chase Issuance Trust
		Series 2009-A2, Class A2
	3,195	1.737%, 04/15/2014 D		3,233,441
		Citibank Credit Card Issuance Trust
		Series 2009-A1, Class A1
	3,270	1.937%, 03/15/2014 D		3,308,676
		Discover Card Master Trust
		Series 2007-A1, Class A1
	3,655	5.650%, 03/16/2020		4,186,877
	10,120	Total Credit Cards		10,728,994
		Home Equity – 2.3%
		AH Mortgage Advance Trust
		Series SART-1, Class B1
	1,270	5.920%, 05/10/2043 n		1,289,050
		Countrywide Asset-Backed Certificates
		Series 2006-25, Class 2A2
	1,805	0.306%, 12/25/2029 D		1,605,055
		Series 2007-7, Class 2A2
	2,195	0.346%, 10/25/2047 D		1,776,367
		Series 2007-9, Class 2A2
	2,325	0.316%, 06/25/2030 D		1,927,072
		GRMT Mortgage Loan Trust
		Series 2001-1A, Class M1
	101	8.272%, 07/20/2031 n D		95,895
		RBSSP Resecuritization Trust
		Series 2010-11, Class 2A1
	2,409	0.423%, 03/26/2037 n D		2,302,004

Nuveen Investments 119

Portfolio of Investments

Nuveen Total Return Bond Fund (continued)

June 30, 2011

Principal Amount (000)		Description p	Value
		Home Equity (continued)
		Series 2010-4, Class 1A1
$	3,983	0.323%, 03/26/2036 n D	$	3,706,090
		Renaissance Home Equity Loan Trust
		Series 2005-3, Class AF4
	2,495	5.140%, 11/25/2035 D		2,067,864
	16,583	Total Home Equity		14,769,397
		Manufactured Housing – 0.1%
		Green Tree Financial
		Series 1996-8, Class A7
	97	8.050%, 10/15/2027 D		101,951
		Series 2008-MH1, Class A1
	818	7.000%, 04/25/2038 n		836,399
	915	Total Manufactured Housing		938,350
		Other – 0.6%
		Henderson Receivables Series 2010-3A, Class A
	1,958	3.820%, 12/15/2048 n D		1,935,772
		Ocwen Advance Receivables Backed Notes Series 2009-3A, Class A
	1,745	4.140%, 07/15/2023 n		1,768,994
	3,703	Total Other		3,704,766
$	38,767	Total Asset-Backed Securities (cost $36,432,699)		37,555,482
Principal Amount (000)		Description p	Value
		COLLATERALIZED MORTGAGE OBLIGATIONS-PRIVATE MORTGAGE-BACKED SECURITIES – 3.4%
		Adjustable Rate D – 1.3%
		Countrywide Home Loans Series 2004-2, Class 2A1
$	786	2.761%, 02/25/2034	$	766,960
		FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 1A
	3,489	0.741%, 02/25/2048 n		3,492,466
		GSR Mortgage Loan Trust Series 2005-AR1, Class B1
	1,963	4.019%, 01/25/2035		1,314,559
		Indymac Index Mortgage Loan Trust Series 2005-AR1, Class 4A1
	505	2.695%, 03/25/2035		452,213
		JPMorgan Alternative Loan Trust Series 2007-S1, Class A1
	1,842	0.466%, 04/25/2047		1,381,572
		JPMorgan Mortgage Trust Series 2006-A7, Class 3A4
	1,228	5.875%, 01/25/2037		128,800
		Wachovia Mortgage Loan Trust Series 2005-B, Class 1A1
	783	2.993%, 10/20/2035		647,360
	10,596	Total Adjustable Rate		8,183,930

120 Nuveen Investments

Principal Amount (000)		Description p	Value
		Fixed Rate – 2.1%
		Bank of America Alternative Loan Trust Series 2007-1, Class 2A2
$	1,998	5.673%, 04/25/2037	$	191,818
		Countrywide Alternative Loan Trust Series 2004-24CB, Class 2A1
	793	5.000%, 11/25/2019		803,245
		Series 2006-19CB, Class A15
	1,037	6.000%, 08/25/2036		856,994
		GMAC Mortgage Corporation Loan Trust Series 2010-1, Class A
	306	4.250%, 07/25/2040 n		307,750
		GSMPS Mortgage Loan Trust Series 2003-1, Class B1
	2,408	6.776%, 03/25/2043		2,070,993
		GSR Mortgage Loan Trust Series 2005-4F, Class B1
	2,078	5.758%, 05/25/2035		1,217,459
		Impac Secured Assets Series 2000-3, Class M1
	2,183	8.000%, 10/25/2030		1,996,494
		Lehman Mortgage Trust Series 2008-6, Class 1A1
	1,926	5.981%, 07/25/2047		1,833,841
		Residential Accredit Loans Series 2005-QS12, Class A7
	868	5.500%, 08/25/2035		781,664
		Sequoia Mortgage Trust Series 2011-1, Class A1
	2,666	4.125%, 02/25/2041		2,671,242
		Washington Mutual Mortgage Pass-Through Certificates Series 2004-RA3, Class 2A
	944	6.414%, 08/25/2038		988,330
	17,207	Total Fixed Rate		13,719,830
$	27,803	Total Collateralized Mortgage Obligations-Private Mortgage-Backed Securities (cost $27,001,051)		21,903,760
Principal Amount (000)		Description p	Value
		U.S. GOVERNMENT & AGENCY SECURITIES – 1.1%
		U.S. Treasury – 1.1%
		U.S. Treasury Note
$	6,879	1.250%, 07/15/2020 q	$	7,276,305
		Total U.S. Government & Agency Securities (cost $7,378,372)		7,276,305
Principal Amount (000)		Description p	Value
		MUNICIPAL BONDS – 0.7%
		Illinois
$	3,415	5.877%, 03/01/2019	$	3,524,109
		Provincia De Cordoba
	1,200	12.375%, 08/17/2017 n		1,254,000
	4,615	Total Municipal Bonds (cost $4,673,901)		4,778,109

Nuveen Investments 121

Portfolio of Investments

Nuveen Total Return Bond Fund (continued)

June 30, 2011

Shares		Description p	Value
		PREFERRED STOCKS – 0.8%
		Banking – 0.4%
		Bank of America
	6,000	Series MER	$	158,100
		Bank of America
	28,000	Series 5 q		533,400
	20,000	Citigroup Capital XI		466,400
	3,000	Citigroup Capital XII		77,460
		Goldman Sachs Group
	51,000	Series A q		1,086,810
		Royal Bank of Scotland
	10,000	Series L		182,700
		Total Banking		2,504,870
		Finance – 0.0%
	5,000	JPMorgan Chase Capital XXVI q		132,300
		Insurance – 0.3%
		Aspen Insurance Holdings
	84,500	Series A		2,109,120
		Sovereign – 0.1%
		Fannie Mae
	217,000	Series S		466,550
		Total Preferred Stocks (cost $9,778,851)		5,212,840
Shares		Description p	Value
		ClOSED-END FUNDS – 0.3%
	15,000	Alliance National Municipal Income Fund	$	201,000
	36,000	Blackrock Credit Allocation Income Trust		450,360
	23,000	Highland Credit Strategies Fund q		176,640
	40,000	ING Clarion Global Real Estate Income Fund q		334,800
	20,000	Invesco Municipal Income Opportunities Trust		126,200
	2,000	Pimco Income Strategy Fund q		25,880
	16,000	Pioneer Diversified High Income Trust		337,600
		Total Closed-End Funds (cost $1,504,063)		1,652,480
Shares		Description p	Value
		CONVERTIBLE SECURITIES 0.1%
		Energy – 0.1%
		Chesapeake Energy
	7,300	Series 2005B	$	720,875
		Total Convertible Securities (cost $620,500)		720,875
Shares		Description p	Value
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
		Money Market Funds – 9.6%
		Mount Vernon Securities Lending Prime Portfolio
	62,479,179	0.197% W †	$	62,479,179
		Total Investments Purchased With Proceeds From Securities Lending (cost $62,479,179)		62,479,179

122 Nuveen Investments

Shares/ Principal Amount (000)		Description p	Value
		SHORT-TERM INVESTMENTS – 14.9%
		Money Market Funds – 14.1%
		First American Prime Obligations Fund, Class Z
	91,965,101	0.042% W	$	91,965,101
		U.S. Treasury Obligations – 0.8%
		U.S. Treasury Bills ¨
$	1,475	0.035%, 10/20/2011		1,474,841
	2,500	0.020%, 07/21/2011		2,499,972
	1,245	0.060%, 11/10/2011		1,244,726
$	5,220	Total U.S. Treasury Obligations		5,219,539
		Total Short-Term Investments (cost $97,184,373)		97,184,640
		Total Investments (cost $803,234,911) – 125.8%		818,009,916
		Other Assets Less Liabilities – (25.8)% ¯		(167,629,731)
		Net Assets – 100.0%	$	650,380,185

Investments in Derivatives

Forward Foreign Currency Exchange Contracts outstanding at June 30, 2011:

Counterparty	Currency Contracts to Deliver	Amount (Local Currency)		In Exchange For Currency		Amount (Local Currency)		Settlement Date		Unrealized Appreciation (Depreciation) (U.S. Dollars)
JPMorgan Chase	Australian Dollar		6,600,000		U.S. Dollar		6,929,472		7/15/11	$	(135,651	)
Citibank N.A.	Euro		1,920,000		U.S. Dollar		2,764,819		7/12/11		(18,630	)
JPMorgan Chase	U.S. Dollar		7,031,442		Austrailian Dollar		6,600,000		7/15/11		33,681
Citibank N.A.	U.S. Dollar		3,301,768		Brazilian Real		5,230,000		8/02/11		22,751
Citibank N.A.	U.S. Dollar		5,627,549		Canadian Dollar		5,450,000		7/15/11		21,143
Citibank N.A.	U.S. Dollar		1,360,559		Euro Dollar		960,000		7/12/11		31,166
Citibank N.A.	U.S. Dollar		4,469,652		Mexican Peso		52,800,000		10/05/11		(122	)
Citibank N.A.	U.S. Dollar		6,337,254		New Zealand Dollar		7,700,000		10/05/11		(278	)
JPMorgan Chase	U.S. Dollar		3,212,591		South African Rand		21,800,000		7/11/11		6,265
JPMorgan Chase	U.S. Dollar		3,610,675		South Korean Won		3,916,500,000		7/18/11		53,419
										$	13,744

Credit Default Swaps outstanding at June 30, 2011:

Counterparty	Reference Index	Buy/Sell Protection  (1)		Current Credit Spread  (3)			Notional Amount (2)		Received Fixed Rate			Termination Date		Value		Unrealized Appreciation (Depreciation)
JPMorgan	Markit CDX NA HY16 Index		Sell		4.55	%	$	5,600,000		5.00	%		6/20/16	$	90,690	$	88,837
UBS	Markit CDX NA HY16 Index		Sell		4.55			20,000,000		5.00			6/20/16		139,273		94,842
														$	229,963	$	183,679

(1) The Fund entered into the credit default swaps to gain investment exposure to the referenced index. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference entity or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference entity or underlying securities comprising the reference index.

(2) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(3) The credit spread generally serves as an indication of the current status of the payment/performance risk and therefore the likelihood of default of the credit derivative. The credit spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a credit default swap contract. Higher credit spreads are indicative of a higher likelihood of performance by the seller of protection.

Nuveen Investments 123

Portfolio of Investments

Nuveen Total Return Bond Fund (continued)

June 30, 2011

Futures Contracts outstanding at June 30, 2011:

Type	Contract Position		Number of Contracts			Contract Expiration		Value			Unrealized Appreciation (Depreciation)
German 10-year Government Bond		Long		46			9/11	$	8,370,428		$	44,833
U.S. Treasury 5-Year Note		Short		(519	)		9/11		(61,862,366	)		57,967
U.S. Treasury 10-Year Note		Short		(249	)		9/11		(30,459,704	)		2,890
U.S. Treasury Long Bond		Short		(120	)		9/11		(14,763,750	)		174,003
U.S. Treasury Ultra Bond		Long		44			9/11		5,555,000			(81,227	)
											$	198,466

Interest Rate Swaps outstanding at June 30, 2011:

Counterparty

Notional Amount

Floating Rate Index

Fund Pay/Receive Floating Rate

Fixed Rate Payment Frequency

Fixed Rate

Expiration Date

Unrealized Appreciation (Depreciation)

Citigroup

23,500,000

ZAR

3-Month JIBAR

Pay

Semi-Annually

7.655

%

1/07/21

$

(100,544

)

UBS

41,000,000

USD

3-Month LIBOR

Receive

Semi-Annually

2.056

7/01/15

(1,118,625

)

$

(1,219,169

)

Call Options Written outstanding at June 30, 2011:

Number of Contracts	Type		Notional Amount ¡			Expiration Date		Strike Price		Value
(195)		U.S. 10-Year Note Futures	$	(2,437,500	)		8/26/11	$	125.0	$	(82,266	)
(325)		U.S. 10-Year Note Futures		(4,095,000	)		8/26/11		126.0		(76,172	)
(130)		U.S. 10-Year Note Futures		(1,618,500	)		8/26/11		124.5		(71,094	)
(650)		Total Call Options Written (premiums received $316,171)								$	(229,532	)

Put Options Written outstanding at June 30, 2011:

Number of Contracts	Type		Notional Amount ¡			Expiration Date		Strike Price		Value
(64)		U.S. 10-Year Note Futures	$	(748,800	)		8/26/15	$	117.0	$	(15,000	)
(197)		U.S. 10-Year Note Futures		(2,314,750	)		8/26/11		117.5		(52,328	)
(261)		Total Put Options Written (premiums received $94,650)								$	(67,328	)

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

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

• Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted.

n Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

q Investment, or a portion of investment, is out on loan for securities lending.

D Variable Rate Security-The rate shown is the rate in effect as of June 30, 2011.

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

¨ Investment, or portion of investment, segregated as collateral for investments in derivatives. Yield shown is the annualized effective yield as of June 30, 2011.

† The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund.

¯ Other Assets Less Liabilities includes Value of Options Written and the net Unrealized Appreciation (Depreciation) of other derivatives instruments as listed within Investments in Derivatives.

^¡  For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by Strike Price by 100.

WI/DD Purchased on a when-issued delayed delivery basis.

AUD Australian Dollar

CAD Canadian Dollar

JIBAR Johannesburg Inter-Bank Agreed Rate

LIBOR London Inter-Bank Offered Rate

MDR Denotes investment is subject to dollar roll transactions.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

124 Nuveen Investments

Statement of Assets & Liabilities (all dollars and shares are rounded to thousands (000))

June 30, 2011

	Core Bond		High Income Bond		Inflation Protected Securities		Intermediate Government Bond		Intermediate Term Bond		Short Term Bond		Total Return Bond
Assets
Investments, at value (cost $1,014,561, $488,723, $262,372, $105,334, $624,263, $795,246 and $643,572, respectively)	$	1,044,361	$	493,591	$	271,920	$	108,067	$	648,089	$	808,839	$	658,346
Investments purchased with proceeds from securities lending (at cost, which approximates value)		125,243		145,527		128,123		28,536		118,843		76,375		62,479
Short-term investments (cost $67,403, $7,489, $3,788, $10,931, $38,653, $44,365 and $97,184, respectively)		67,404		7,490		3,788		10,931		38,653		44,366		97,185
Cash denominated in foreign currencies (cost $—, $—, $—, $—, $—, $— and $212, respectively)		—		—		—		—		—		—		216
Cash		1		64		7		—		—		365		—
Credit default swap premiums paid		—		—		—		—		—		61		32
Receivables:
Dividends		—		177		3		—		—		—		39
Due from broker		211		39		11		9		13		7		20
Interest		7,710		9,926		1,765		588		5,630		5,998		5,632
Investments sold		275		3,039		1,287		72		169		790		38
Shares sold		396		704		1,096		135		397		3,071		638
Variation margin on futures contracts		201		—		48		—		—		305		321
Unrealized appreciation on:
Credit default swaps		—		—		—		—		—		453		184
Forward foreign currency exchange contracts		—		—		—		—		—		—		168
Other assets		23		25		39		23		17		23		27
Total assets		1,245,825		660,582		408,087		148,361		811,811		940,653		825,325
Liabilities
Cash overdraft		—		—		—		44		50		—		204
Options written, at value (premiums received $—, $—, $—, $—, $—, $— and $411, respectively)		—		—		—		—		—		—		297
Payables:
Collateral from securities lending program		125,243		145,527		128,123		28,536		118,843		76,375		62,479
Dividends		2,202		2,618		204		133		1,428		1,189		1,565
Investments purchased		95,531		8,111		2,673		4,362		7,325		31,395		107,975
Shares redeemed		2,077		567		1,174		194		1,231		1,992		504
Variation margin on futures contracts		—		—		—		18		107		—		—
Unrealized depreciation on:
Interest rate swaps		2,476		—		304		—		1,458		1,037		1,219
Forward foreign currency exchange contracts		—		—		—		—		—		93		154
Accrued expenses:
Management fees		531		280		92		31		336		291		325
12b-1 distribution and service fees		22		16		9		3		3		14		13
Other		326		308		169		104		247		270		210
Total liablities		228,408		157,427		132,748		33,425		131,028		112,656		174,945
Net assets	$	1,017,417	$	503,155	$	275,339	$	114,936	$	680,783	$	827,997	$	650,380

See accompanying notes to financial statements.

Nuveen Investments 125

Statement of Assets & Liabilities (all dollars and shares are rounded to thousands (000)) (continued)

June 30, 2011

	Core Bond			High Income Bond		Inflation Protected Securities			Intermediate Government Bond			Intermediate Term Bond			Short Term Bond			Total Return Bond
Class A Shares
Net assets	$	85,980		$	30,984	$	12,080		$	14,086		$	22,502		$	80,927		$	25,045
Shares outstanding		7,513			3,424		1,104			1,593			2,148			8,042			2,336
Net asset value per share	$	11.44		$	9.05	$	10.94		$	8.84		$	10.47		$	10.06		$	10.72
Offering price per share (net asset value per share plus maximum sales charge of 4.25%, 4.75%, 4.25%, 3.00%, 3.00%, 2.25% and 4.25%, respectively, of offering price)	$	11.95		$	9.50	$	11.43		$	9.11		$	10.79		$	10.29		$	11.20
Class B Shares
Net assets	$	1,805		$	1,285		N/A			N/A			N/A			N/A		$	1,116
Shares outstanding		159			143		N/A			N/A			N/A			N/A			105
Net asset value and offering price per share	$	11.34		$	8.98		N/A			N/A			N/A			N/A		$	10.67
Class C Shares
Net assets	$	3,711		$	9,792	$	8,043		$	1,417		$	1,152		$	5,101		$	8,092
Shares outstanding		326			1,087		742			160			110			506			760
Net asset value and offering price per share	$	11.40		$	9.01	$	10.84		$	8.85		$	10.44		$	10.09		$	10.65
Class R3 Shares(1)
Net assets	$	380		$	309	$	33		$	473			N/A			N/A		$	1,020
Shares outstanding		33			34		3			54			N/A			N/A			95
Net asset value and offering price per share	$	11.50		$	9.23	$	10.84		$	8.84			N/A			N/A		$	10.77
Class I Shares(1)
Net assets	$	925,541		$	460,785	$	255,183		$	98,960		$	657,129		$	741,969		$	615,107
Shares outstanding		80,908			50,912		23,290			11,189			62,987			73,705			57,408
Net asset value and offering price per share	$	11.44		$	9.05	$	10.96		$	8.84		$	10.43		$	10.07		$	10.71
Net assets consist of:
Capital paid-in	$	1,003,278		$	496,617	$	272,022		$	122,791		$	661,949		$	836,996		$	695,487
Undistributed (Over-distribution of) net investment income		1,352			506		5,417			—			(155	)		553			4,397
Accumulated net realized gain (loss)		(15,426	)		1,163		(11,421	)		(10,578	)		(3,474	)		(21,845	)		(63,575	)
Net unrealized appreciation (depreciation)		28,213			4,869		9,321			2,723			22,463			12,293			14,071
Net assets	$	1,017,417		$	503,155	$	275,339		$	114,936		$	680,783		$	827,997		$	650,380
Authorized shares		2 billion			2 billion		2 billion			2 billion			2 billion			2 billion			2 billion
Par value per share	$	0.0001		$	0.0001	$	0.0001		$	0.0001		$	0.0001		$	0.0001		$	0.0001

N/A	–	Inflation Protected Securities and Intermediate Government Bond do not offer Class B Shares. Intermediate Term Bond and Short Term Bond do not offer Class B Shares or Class R3 Shares.
(1)	–	Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

See accompanying notes to financial statements.

126 Nuveen Investments

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

Year Ended June 30, 2011

	Core Bond			High Income Bond			Inflation Protected Securities			Intermediate Government Bond			Intermediate Term Bond			Short Term Bond			Total Return Bond
Investment Income
Dividend and interest income from unaffiliated investments (net of foreign tax withheld of $—, $27, $—, $—, $—, $— and $—, respectively)	$	56,062		$	40,376		$	9,220		$	4,086		$	30,277		$	24,728		$	34,593
Interest income from affiliated investments		25			6			1			—			1			2			26
Securities lending income		182			390			70			23			110			89			80
Total investment income		56,269			40,772			9,291			4,109			30,388			24,819			34,699
Expenses
Management fees		6,632			3,541			1,244			782			4,208			3,895			4,237
12b-1 service fees – Class A		230			80			26			35			51			174			76
12b-1 distribution and service fees – Class B		26			16			N/A			N/A			N/A			N/A			13
12b-1 distribution and service fees – Class C		38			89			75			17			1			44			78
12b-1 distribution and service fees – Class R3(1)		3			2			2			3			N/A			N/A			5
Adminstration fees		1,489			521			225			204			910			918			836
Shareholders’ servicing agent fees and expenses		338			310			175			108			179			242			192
Custodian’s fees and expenses		144			66			30			32			98			110			95
Directors’ fees and expenses		29			22			18			17			24			26			24
Professional fees		42			36			42			38			40			42			45
Shareholders’ reports – printing and mailing expenses		76			50			25			15			43			53			42
Federal and state registration fees		44			55			39			38			42			44			42
Other expenses		24			19			16			16			21			21			21
Total expenses before expense reimbursement		9,115			4,807			1,917			1,305			5,617			5,569			5,706
Expense reimbursement		(484	)		(584	)		(527	)		(423	)		(331	)		(760	)		(522	)
Expense reimbursement from regulatory settlement		(102	)		—			—			(26	)		(15	)		—			—
Net expenses		8,529			4,223			1,390			856			5,271			4,809			5,184
Net investment income (loss)		47,740			36,549			7,901			3,253			25,117			20,010			29,515
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		54,185			24,993			4,563			3,115			21,982			8,063			34,567
Forward foreign currency exchange contracts		—			—			(51	)		—			—			(144	)		(71	)
Futures contracts		(8,857	)		439			(214	)		77			(973	)		(5,004	)		(7,380	)
Options written		—			—			—			—			—			—			(189	)
Swaps		(2,009	)		—			(206	)		—			(1,226	)		313			2,289
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(22,473	)		12,503			4,336			(1,948	)		(9,945	)		390			(1,254	)
Forward foreign currency exchange contracts		—			—			—			—			—			(93	)		14
Futures contracts		3,006			(178	)		210			(69	)		(165	)		694			2,407
Options written		—			—			—			—			—			—			114
Swaps		62			—			8			—			34			488			(715	)
Net realized and unrealized gain (loss)		23,914			37,757			8,646			1,175			9,707			4,707			29,782
Net increase (decrease) in net assets from operations	$	71,654		$	74,306		$	16,547		$	4,428		$	34,824		$	24,717		$	59,297

N/A – Inflation Protected Securities and Intermediate Government Bond do not offer Class B Shares. Intermediate Term Bond and Short Term Bond do    not offer Class B Shares or Class R3 Shares.

(1) – Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I    Shares, respectively.

See accompanying notes to financial statements.

Nuveen Investments 127

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

	Core Bond						High Income Bond
	Year Ended 6/30/11			Year Ended 6/30/10			Year Ended 6/30/11			Year Ended 6/30/10
Operations
Net investment income (loss)	$	47,740		$	65,618		$	36,549		$	27,468
Net realized gain (loss) from:
Investments and foreign currency		54,185			(1,797	)		24,993			23,740
Forward foreign currency exchange contracts		—			—			—			—
Futures contracts		(8,857	)		(2,773	)		439			52
Options written		—			—			—			—
Swaps		(2,009	)		5,671			—			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(22,473	)		157,451			12,503			13,991
Forward foreign currency exchange contracts		—			—			—			—
Futures contracts		3,006			(967	)		(178	)		187
Options written		—			—			—			—
Swaps		62			(3,764	)		—			—
Net increase (decrease) in net assets from operations		71,654			219,439			74,306			65,438
Distributions to Shareholders
From net investment income:
Class A		(3,347	)		(4,290	)		(2,338	)		(2,599	)
Class B		(76	)		(201	)		(104	)		(146	)
Class C		(109	)		(150	)		(588	)		(447	)
Class R3(1)		(17	)		(19	)		(27	)		(24	)
Class I(1)		(42,654	)		(61,718	)		(33,009	)		(24,028	)
From accumulated net realized gains:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class R3(1)		—			—			—			—
Class I(1)		—			—			—			—
Return of capital:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class R3(1)		—			—			—			—
Class I(1)		—			—			—			—
Decrease in net assets from distributions to shareholders		(46,203	)		(66,378	)		(36,066	)		(27,244	)
Fund Share Transactions
Fund merger		—			—			—			—
Proceeds from sale of shares		157,992			237,261			226,023			217,030
Proceeds from shares issued to shareholders due to reinvestment of distributions		16,256			22,173			5,755			3,888
		174,248			259,434			231,778			220,918
Cost of shares redeemed		(462,891	)		(503,627	)		(155,401	)		(85,781	)
Net increase (decrease) in net assets from Fund share transactions		(288,643	)		(244,193	)		76,377			135,137
Net increase (decrease) in net assets		(263,192	)		(91,132	)		114,617			173,331
Net assets at the beginning of period		1,280,609			1,371,741			388,538			215,207
Net assets at the end of period	$	1,017,417		$	1,280,609		$	503,155		$	388,538
Undistributed (Over-distribution of) net investment income at the end of period	$	1,352		$	1,184		$	506		$	21

See accompanying notes to financial statements.

128 Nuveen Investments

	Inflation Protected Securities						Intermediate Government Bond
	Year Ended 6/30/11			Year Ended 6/30/10			Year Ended 6/30/11			Year Ended 6/30/10
Operations
Net investment income (loss)	$	7,901		$	4,972		$	3,253		$	3,209
Net realized gain (loss) from:
Investments and foreign currency		4,563			(415	)		3,115			336
Forward foreign currency exchange contracts		(51	)		—			—			—
Futures contracts		(214	)		811			77			321
Options written		—			—			—			—
Swaps		(206	)		15			—			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		4,336			11,282			(1,948	)		4,070
Forward foreign currency exchange contracts		—			—			—			—
Futures contracts		210			(138	)		(69	)		58
Options written		—			—			—			—
Swaps		8			(169	)		—			—
Net increase (decrease) in net assets from operations		16,547			16,358			4,428			7,994
Distributions to Shareholders
From net investment income:
Class A		(126	)		(192	)		(383	)		(305	)
Class B		N/A			N/A			N/A			N/A
Class C		(48	)		(107	)		(24	)		(11	)
Class R3(1)		(8	)		(33	)		(10	)		(5	)
Class I(1)		(2,853	)		(3,966	)		(2,876	)		(2,949	)
From accumulated net realized gains:
Class A		—			—			—			(149	)
Class B		N/A			N/A			N/A			N/A
Class C		—			—			—			—
Class R3(1)		—			—			—			—
Class I(1)		—			—			—			(1,675	)
Return of capital:
Class A		—			—			—			(2	)
Class B		N/A			N/A			N/A			N/A
Class C		—			—			—			—
Class R3(1)		—			—			—			—
Class I(1)		—			—			—			(16	)
Decrease in net assets from distributions to shareholders		(3,035	)		(4,298	)		(3,293	)		(5,112	)
Fund Share Transactions
Fund merger		—			—			—			97,457
Proceeds from sale of shares		153,222			68,470			33,044			36,462
Proceeds from shares issued to shareholders due to reinvestment of distributions		487			874			1,416			2,912
		153,709			69,344			34,460			136,831
Cost of shares redeemed		(64,764	)		(84,130	)		(94,342	)		(77,779	)
Net increase (decrease) in net assets from Fund share transactions		88,945			(14,786	)		(59,882	)		59,052
Net increase (decrease) in net assets		102,457			(2,726	)		(58,747	)		61,934
Net assets at the beginning of period		172,882			175,608			173,683			111,749
Net assets at the end of period	$	275,339		$	172,882		$	114,936		$	173,683
Undistributed (Over-distribution of) net investment income at the end of period	$	5,417		$	614		$	—		$	(185	)

N/A – Inflation Protected Securities and Intermediated Government Bond do not offer Class B Shares.

(1) – Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I    Shares, respectively.

See accompanying notes to financial statements.

Nuveen Investments 129

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

	Intermediate Term Bond						Short Term Bond
	Year Ended 6/30/11			Year Ended 6/30/10			Year Ended 6/30/11			Year Ended 6/30/10
Operations
Net investment income (loss)	$	25,117		$	33,185		$	20,010		$	17,985
Net realized gain (loss) from:
Investments and foreign currency		21,982			(736	)		8,063			(4,661	)
Forward foreign currency exchange contracts		—			—			(144	)		—
Futures contracts		(973	)		2,078			(5,004	)		(2,779	)
Options written		—			—			—			—
Swaps		(1,226	)		402			313			514
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(9,945	)		65,457			390			22,925
Forward foreign currency exchange contracts		—			—			(93	)		—
Futures contracts		(165	)		1,416			694			(1,139	)
Options written		—			—			—			—
Swaps		34			(1,311	)		488			(866	)
Net increase (decrease) in net assets from operations		34,824			100,491			24,717			31,979
Distributions to Shareholders
From net investment income:
Class A		(786	)		(1,095	)		(1,859	)		(2,624	)
Class B		N/A			N/A			N/A			N/A
Class C		(2	)		—			(58	)		(21	)
Class R3(1)		N/A			N/A			N/A			N/A
Class I(1)		(24,002	)		(32,180	)		(16,481	)		(15,745	)
From accumulated net realized gains:
Class A		—			—			—			—
Class B		N/A			N/A			N/A			N/A
Class C		—			—			—			—
Class R3(1)		N/A			N/A			N/A			N/A
Class I(1)		—			—			—			—
Return of capital:
Class A		—			—			—			—
Class B		N/A			N/A			N/A			N/A
Class C		—			—			—			—
Class R3(1)		N/A			N/A			N/A			N/A
Class I(1)		—			—			—			—
Decrease in net assets from distributions to shareholders		(24,790	)		(33,275	)		(18,398	)		(18,390	)
Fund Share Transactions
Fund merger		—			—			—			—
Proceeds from sale of shares		149,972			205,286			524,866			568,813
Proceeds from shares issued to shareholders due to reinvestment of distributions		6,311			8,950			4,910			5,746
		156,283			214,236			529,776			574,559
Cost of shares redeemed		(246,799	)		(268,623	)		(427,991	)		(248,983	)
Net increase (decrease) in net assets from Fund share transactions		(90,516	)		(54,387	)		101,785			325,576
Net increase (decrease) in net assets		(80,482	)		12,829			108,104			339,165
Net assets at the beginning of period		761,265			748,436			719,893			380,728
Net assets at the end of period	$	680,783		$	761,265		$	827,997		$	719,893
Undistributed (Over-distribution of) net investment income at the end of period	$	(155	)	$	45		$	553		$	(640	)

See accompanying notes to financial statements.

130 Nuveen Investments

	Total Return Bond
	Year Ended 6/30/11			Year Ended 6/30/10
Operations
Net investment income (loss)	$	29,515		$	36,869
Net realized gain (loss) from:
Investments and foreign currency		34,567			(4,148	)
Forward foreign currency exchange contracts		(71	)		—
Futures contracts		(7,380	)		(9,664	)
Options written		(189	)		1,331
Swaps		2,289			6,235
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(1,254	)		95,383
Forward foreign currency exchange contracts		14			—
Futures contracts		2,407			(529	)
Options written		114			(88	)
Swaps		(715	)		(677	)
Net increase (decrease) in net assets from operations		59,297			124,712
Distributions to Shareholders
From net investment income:
Class A		(1,234	)		(1,012	)
Class B		(44	)		(75	)
Class C		(253	)		(194	)
Class R3(1)		(37	)		(22	)
Class I(1)		(27,595	)		(36,239	)
From accumulated net realized gains:
Class A		—			—
Class B		—			—
Class C		—			—
Class R3(1)		—			—
Class I(1)		—			—
Return of capital:
Class A		—			—
Class B		—			—
Class C		—			—
Class R3(1)		—			—
Class I(1)		—			—
Decrease in net assets from distributions to shareholders		(29,163	)		(37,542	)
Fund Share Transactions
Fund merger		—			—
Proceeds from sale of shares		141,915			172,881
Proceeds from shares issued to shareholders due to reinvestment of distributions		8,496			10,611
		150,411			183,492
Cost of shares redeemed		(222,393	)		(230,668	)
Net increase (decrease) in net assets from Fund share transactions		(71,982	)		(47,176	)
Net increase (decrease) in net assets		(41,848	)		39,994
Net assets at the beginning of period		692,228			652,234
Net assets at the end of period	$	650,380		$	692,228
Undistributed (Over-distribution of) net investment income at the end of period	$	4,397		$	1,957

N/A – Intermediate Term Bond and Short Term Bond do not offer Class B Shares or Class R3 Shares.

(1) – Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I    Shares, respectively.

See accompanying notes to financial statements.

Nuveen Investments 131

Financial Highlights

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
Core Bond
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)		Return of Capital		Total			Ending Net Asset Value		Total Return(c)
CLASS A (12/87)
2011	$	11.22	$	.43	$	.21		$	.64		$	(.42	)	$	—	$	—	$	(.42	)	$	11.44		5.73	%
2010		10.04		.51		1.18			1.69			(.51	)		—		—		(.51	)		11.22		17.11
2009		10.86		.61		(.81	)		(.20	)		(.62	)		—		—		(.62	)		10.04		(1.37	)
2008		10.79		.51		.05			.56			(.49	)		—		—		(.49	)		10.86		5.24
2007		10.71		.47		.09			.56			(.48	)		—		—		(.48	)		10.79		5.26
CLASS B (8/94)
2011		11.12		.34		.21			.55			(.33	)		—		—		(.33	)		11.34		4.97
2010		9.95		.43		1.17			1.60			(.43	)		—		—		(.43	)		11.12		16.31
2009		10.77		.54		(.81	)		(.27	)		(.55	)		—		—		(.55	)		9.95		(2.12	)
2008		10.70		.42		.06			.48			(.41	)		—		—		(.41	)		10.77		4.50
2007		10.63		.38		.09			.47			(.40	)		—		—		(.40	)		10.70		4.41
CLASS C (2/99)
2011		11.18		.34		.21			.55			(.33	)		—		—		(.33	)		11.40		4.97
2010		10.00		.42		1.19			1.61			(.43	)		—		—		(.43	)		11.18		16.32
2009		10.83		.54		(.82	)		(.28	)		(.55	)		—		—		(.55	)		10.00		(2.21	)
2008		10.75		.43		.06			.49			(.41	)		—		—		(.41	)		10.83		4.57
2007		10.67		.38		.10			.48			(.40	)		—		—		(.40	)		10.75		4.48
CLASS R3 (9/01)(e)
2011		11.27		.40		.22			.62			(.39	)		—		—		(.39	)		11.50		5.54
2010		10.09		.48		1.19			1.67			(.49	)		—		—		(.49	)		11.27		16.74
2009		10.89		.59		(.79	)		(.20	)		(.60	)		—		—		(.60	)		10.09		(1.43	)
2008		10.81		.49		.05			.54			(.46	)		—		—		(.46	)		10.89		5.06
2007		10.73		.44		.09			.53			(.45	)		—		—		(.45	)		10.81		4.99
CLASS I (2/94)(e)
2011		11.21		.46		.22			.68			(.45	)		—		—		(.45	)		11.44		6.09
2010		10.03		.54		1.18			1.72			(.54	)		—		—		(.54	)		11.21		17.42
2009		10.86		.64		(.82	)		(.18	)		(.65	)		—		—		(.65	)		10.03		(1.22	)
2008		10.78		.54		.06			.60			(.52	)		—		—		(.52	)		10.86		5.60
2007		10.70		.49		.10			.59			(.51	)		—		—		(.51	)		10.78		5.53

132 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(f)
$	85,980		.99	%		3.72	%		.94	%		3.77	%		91	%
	93,374		1.02			4.58			.95			4.65			83
	82,373		1.02			6.27			.95			6.34			160
	94,571		1.01			4.57			.95			4.63			131
	102,723		1.01			4.19			.95			4.25			137
	1,805		1.74			2.97			1.69			3.02			91
	3,607		1.77			3.90			1.70			3.97			83
	5,780		1.77			5.52			1.70			5.59			160
	7,733		1.76			3.81			1.70			3.87			131
	9,634		1.76			3.44			1.70			3.50			137
	3,711		1.74			2.97			1.69			3.02			91
	3,796		1.77			3.84			1.70			3.91			83
	3,693		1.77			5.52			1.70			5.59			160
	4,383		1.76			3.83			1.70			3.89			131
	4,567		1.76			3.44			1.70			3.50			137
	380		1.23			3.47			1.19			3.52			91
	379		1.27			4.35			1.20			4.42			83
	406		1.27			6.04			1.20			6.11			160
	289		1.26			4.36			1.20			4.42			131
	65		1.29			3.92			1.20			4.01			137
	925,541		.74			3.97			.69			4.02			91
	1,179,453		.77			4.86			.70			4.93			83
	1,279,489		.77			6.50			.70			6.57			160
	1,468,599		.76			4.82			.70			4.88			131
	1,530,750		.76			4.44			.70			4.50			137

(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) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

(f) Excluding dollar roll transactions, where applicable.

See accompanying notes to financial statements.

Nuveen Investments 133

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
High Income Bond
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)		Return of Capital		Total			Ending Net Asset Value		Total Return(c)
CLASS A (8/01)
2011	$	8.28	$	.67	$	.76		$	1.43		$	(.66	)	$	—	$	—	$	(.66	)	$	9.05		17.61	%
2010		7.15		.67		1.12			1.79			(.66	)		—		—		(.66	)		8.28		25.47
2009		8.65		.73		(1.47	)		(.74	)		(.76	)		—		—		(.76	)		7.15		(7.26	)
2008		9.61		.71		(.97	)		(.26	)		(.70	)		—		—		(.70	)		8.65		(2.84	)
2007		9.22		.65		.38			1.03			(.64	)		—		—		(.64	)		9.61		11.46
CLASS B (8/01)
2011		8.23		.60		.74			1.34			(.59	)		—		—		(.59	)		8.98		16.59
2010		7.11		.60		1.12			1.72			(.60	)		—		—		(.60	)		8.23		24.56
2009		8.61		.68		(1.47	)		(.79	)		(.71	)		—		—		(.71	)		7.11		(7.99	)
2008		9.57		.63		(.96	)		(.33	)		(.63	)		—		—		(.63	)		8.61		(3.57	)
2007		9.18		.57		.39			.96			(.57	)		—		—		(.57	)		9.57		10.67
CLASS C (8/01)
2011		8.25		.60		.75			1.35			(.59	)		—		—		(.59	)		9.01		16.67
2010		7.12		.60		1.13			1.73			(.60	)		—		—		(.60	)		8.25		24.67
2009		8.62		.68		(1.47	)		(.79	)		(.71	)		—		—		(.71	)		7.12		(7.98	)
2008		9.58		.63		(.96	)		(.33	)		(.63	)		—		—		(.63	)		8.62		(3.57	)
2007		9.19		.57		.39			.96			(.57	)		—		—		(.57	)		9.58		10.66
CLASS R3 (9/01)(e)
2011		8.44		.66		.77			1.43			(.64	)		—		—		(.64	)		9.23		17.28
2010		7.28		.66		1.14			1.80			(.64	)		—		—		(.64	)		8.44		25.12
2009		8.79		.73		(1.49	)		(.76	)		(.75	)		—		—		(.75	)		7.28		(7.49	)
2008		9.75		.69		(.98	)		(.29	)		(.67	)		—		—		(.67	)		8.79		(3.04	)
2007		9.35		.62		.40			1.02			(.62	)		—		—		(.62	)		9.75		11.12
CLASS I (8/01)(e)
2011		8.29		.69		.75			1.44			(.68	)		—		—		(.68	)		9.05		17.77
2010		7.16		.69		1.12			1.81			(.68	)		—		—		(.68	)		8.29		25.75
2009		8.66		.75		(1.47	)		(.72	)		(.78	)		—		—		(.78	)		7.16		(7.01	)
2008		9.62		.73		(.97	)		(.24	)		(.72	)		—		—		(.72	)		8.66		(2.59	)
2007		9.23		.67		.39			1.06			(.67	)		—		—		(.67	)		9.62		11.73

134 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
$	30,984		1.22	%		7.38	%		1.10	%		7.50	%		130	%
	29,532		1.29			7.93			1.10			8.12			132
	25,696		1.36			10.53			1.10			10.79			108
	24,420		1.31			7.53			1.10			7.74			100
	28,932		1.30			6.54			1.10			6.74			101
	1,285		1.98			6.64			1.85			6.76			130
	1,628		2.04			7.28			1.85			7.47			132
	2,157		2.11			9.66			1.85			9.92			108
	3,496		2.06			6.76			1.85			6.97			100
	4,814		2.05			5.80			1.85			6.00			101
	9,792		1.97			6.64			1.85			6.76			130
	6,969		2.04			7.22			1.85			7.41			132
	5,038		2.11			9.72			1.85			9.98			108
	6,490		2.06			6.76			1.85			6.97			100
	8,522		2.05			5.78			1.85			5.98			101
	309		1.47			7.12			1.35			7.25			130
	343		1.54			7.73			1.35			7.92			132
	265		1.61			10.46			1.35			10.72			108
	185		1.56			7.16			1.35			7.37			100
	186		1.56			6.17			1.35			6.38			101
	460,785		.97			7.63			.85			7.75			130
	350,066		1.04			8.19			.85			8.38			132
	182,051		1.11			10.67			.85			10.93			108
	204,164		1.06			7.78			.85			7.99			100
	232,998		1.05			6.78			.85			6.98			101

(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) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

See accompanying notes to financial statements.

Nuveen Investments 135

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
Inflation Protected Securities
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)		Return of Capital			Total			Ending Net Asset Value		Total Return(c)
CLASS A (10/04)
2011	$	10.33	$	.35	$	.40		$	.75		$	(.14	)	$	—	$	—		$	(.14	)	$	10.94		7.30	%
2010		9.59		.28		.73			1.01			(.27	)		—		—			(.27	)		10.33		10.62
2009		10.20		.14		(.37	)		(.23	)		(.26	)		—		(.12	)		(.38	)		9.59		(2.18	)
2008		9.43		.54		.76			1.30			(.53	)		—		—			(.53	)		10.20		14.01
2007		9.54		.39		(.16	)		.23			(.34	)		—		—			(.34	)		9.43		2.41
CLASS C (10/04)
2011		10.24		.26		.41			.67			(.07	)		—		—			(.07	)		10.84		6.59
2010		9.53		.18		.75			.93			(.22	)		—		—			(.22	)		10.24		9.76
2009		10.18		.11		(.43	)		(.32	)		(.21	)		—		(.12	)		(.33	)		9.53		(3.03	)
2008		9.41		.48		.75			1.23			(.46	)		—		—			(.46	)		10.18		13.20
2007		9.53		.33		(.18	)		.15			(.27	)		—		—			(.27	)		9.41		1.53
CLASS R3 (10/04)(e)
2011		10.31		.11		.54			.65			(.12	)		—		—			(.12	)		10.84		6.31
2010		9.58		.26		.72			.98			(.25	)		—		—			(.25	)		10.31		10.32
2009		10.20		.13		(.39	)		(.26	)		(.24	)		—		(.12	)		(.36	)		9.58		(2.43	)
2008		9.43		.52		.75			1.27			(.50	)		—		—			(.50	)		10.20		13.73
2007		9.55		.33		(.13	)		.20			(.32	)		—		—			(.32	)		9.43		2.09
CLASS I (10/04)(e)
2011		10.34		.40		.38			.78			(.16	)		—		—			(.16	)		10.96		7.62
2010		9.59		.33		.71			1.04			(.29	)		—		—			(.29	)		10.34		10.92
2009		10.20		.23		(.45	)		(.22	)		(.27	)		—		(.12	)		(.39	)		9.59		(2.03	)
2008		9.43		.56		.76			1.32			(.55	)		—		—			(.55	)		10.20		14.29
2007		9.55		.40		(.16	)		.24			(.36	)		—		—			(.36	)		9.43		2.56

136 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
$	12,080		1.09	%		3.05	%		.85	%		3.30	%		45	%
	7,894		1.15			2.46			.84			2.77			72
	5,439		1.10			1.27			.85			1.52			24
	3,294		1.08			5.17			.85			5.40			71
	2,712		1.06			3.88			.85			4.09			90
	8,043		1.84			2.19			1.60			2.44			45
	6,673		1.91			1.47			1.60			1.78			72
	1,406		1.84			.94			1.59			1.19			24
	365		1.83			4.59			1.60			4.82			71
	348		1.81			3.23			1.60			3.44			90
	33		1.38			.78			1.10			1.05			45
	1,332		1.40			2.33			1.09			2.64			72
	1,262		1.35			1.09			1.10			1.34			24
	1,175		1.33			4.98			1.10			5.21			71
	822		1.31			3.24			1.10			3.45			90
	255,183		.84			3.49			.60			3.74			45
	156,983		.90			2.96			.59			3.27			72
	167,501		.85			2.23			.60			2.48			24
	278,749		.83			5.41			.60			5.64			71
	273,312		.81			4.00			.60			4.21			90

(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) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

See accompanying notes to financial statements.

Nuveen Investments 137

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations						Less Distributions
Intermediate Government Bond
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)		Total		Net Invest- ment Income			Capital Gains(b)			Return of Capital			Total			Ending Net Asset Value		Total Return(c)
CLASS A (10/02)
2011	$	8.77	$	.20	$	.07	$	.27	$	(.20	)	$	—		$	—		$	(.20	)	$	8.84		3.10	%
2010		8.67		.20		.27		.47		(.20	)		(.17	)		—	*		(.37	)		8.77		5.50
2009		8.42		.19		.25		.44		(.19	)		—			—			(.19	)		8.67		5.30
2008		8.00		.28		.43		.71		(.29	)		—			—			(.29	)		8.42		8.90
2007		7.99		.31		.06		.37		(.33	)		—			(.03	)		(.36	)		8.00		4.68
CLASS C (10/09)
2011		8.77		.12		.08		.20		(.12	)		—			—			(.12	)		8.85		2.32
2010(e)		8.76		.09		.17		.26		(.08	)		(.17	)		—	*		(.25	)		8.77		3.00
CLASS R3 (10/09)(f)
2011		8.77		.16		.08		.24		(.17	)		—			—			(.17	)		8.84		2.75
2010(e)		8.76		.09		.20		.29		(.11	)		(.17	)		—	*		(.28	)		8.77		3.34
CLASS I (10/02)(f)
2011		8.77		.21		.07		.28		(.21	)		—			—			(.21	)		8.84		3.25
2010		8.67		.21		.27		.48		(.21	)		(.17	)		—	*		(.38	)		8.77		5.66
2009		8.42		.21		.25		.46		(.21	)		—			—			(.21	)		8.67		5.46
2008		8.00		.30		.42		.72		(.30	)		—			—			(.30	)		8.42		9.07
2007		7.99		.32		.06		.38		(.34	)		—			(.03	)		(.37	)		8.00		4.84

138 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
$	14,086		1.10	%		1.85	%		.73	%		2.22	%		58	%
	19,003		1.19			1.89			.75			2.33			105
	10,496		1.15			1.82			.75			2.22			133
	6,504		1.33			2.74			.75			3.32			118
	1,619		1.46			3.09			.75			3.80			84
	1,417		1.89			1.05			1.58			1.37			58
	1,940		1.94	**		1.16	**		1.60	**		1.50	**		105
	473		1.39			1.56			1.08			1.87			58
	652		1.44	**		1.44	**		1.10	**		1.78	**		105
	98,960		.89			2.05			.58			2.36			58
	152,088		.94			2.05			.60			2.39			105
	101,253		.90			2.11			.60			2.41			133
	63,784		1.08			3.12			.60			3.60			118
	37,705		1.21			3.33			.60			3.94			84

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

(f) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

* Rounds to less than $.01 per share.

** Annualized.

See accompanying notes to financial statements.

Nuveen Investments 139

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations							Less Distributions
Intermediate Term Bond
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total		Net Invest- ment Income			Capital Gains(b)		Return of Capital		Total			Ending Net Asset Value		Total Return(c)
CLASS A (1/95)
2011	$	10.33	$	.33	$	.14		$	.47	$	(.33	)	$	—	$	—	$	(.33	)	$	10.47		4.70	%
2010		9.47		.42		.86			1.28		(.42	)		—		—		(.42	)		10.33		13.64
2009		9.90		.48		(.40	)		.08		(.51	)		—		—		(.51	)		9.47		1.21
2008		9.73		.44		.14			.58		(.41	)		—		—		(.41	)		9.90		6.02
2007		9.68		.41		.05			.46		(.41	)		—		—		(.41	)		9.73		4.80
CLASS C (1/11)
2011(e)		10.37		.12		.06			.18		(.11	)		—		—		(.11	)		10.44		1.76
CLASS I (1/93)(f)
2011		10.29		.35		.14			.49		(.35	)		—		—		(.35	)		10.43		4.76
2010		9.43		.43		.86			1.29		(.43	)		—		—		(.43	)		10.29		13.87
2009		9.87		.49		(.40	)		.09		(.53	)		—		—		(.53	)		9.43		1.26
2008		9.70		.45		.15			.60		(.43	)		—		—		(.43	)		9.87		6.20
2007		9.65		.42		.06			.48		(.43	)		—		—		(.43	)		9.70		4.98

140 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
$	22,502		.94	%		3.10	%		.85	%		3.20	%		58	%
	26,341		1.01			3.96			.85			4.12			58
	23,905		1.01			5.09			.85			5.25			41
	28,364		1.01			4.22			.85			4.38			102
	30,655		1.01			3.91			.85			4.07			110
	1,152		1.79	*		2.46	*		1.70	*		2.56	*		58
	657,129		.74			3.30			.70			3.35			58
	734,924		.76			4.22			.70			4.28			58
	724,531		.76			5.33			.70			5.39			41
	766,932		.76			4.47			.70			4.53			102
	752,984		.76			4.16			.70			4.22			110

(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 period January 18, 2011 (commencement of operations) through June 30, 2011.

(f) Effective January 18, 2011, Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class I Shares.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 141

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations							Less Distributions
Short Term Bond
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total		Net Invest- ment Income			Capital Gains(b)		Return of Capital		Total			Ending Net Asset Value		Total Return(c)
CLASS A (12/92)
2011	$	9.98	$	.24	$	.06		$	.30	$	(.22	)	$	—	$	—	$	(.22	)	$	10.06		3.00	%
2010		9.66		.31		.34			.65		(.33	)		—		—		(.33	)		9.98		6.77
2009		9.89		.46		(.26	)		.20		(.43	)		—		—		(.43	)		9.66		2.22
2008		9.90		.45		(.03	)		.42		(.43	)		—		—		(.43	)		9.89		4.30
2007		9.83		.36		.09			.45		(.38	)		—		—		(.38	)		9.90		4.60
CLASS C (10/09)
2011		10.00		.15		.07			.22		(.13	)		—		—		(.13	)		10.09		2.22
2010(e)		9.95		.13		.06			.19		(.14	)		—		—		(.14	)		10.00		1.90
CLASS I (2/94)(f)
2011		9.99		.25		.06			.31		(.23	)		—		—		(.23	)		10.07		3.16
2010		9.67		.32		.34			.66		(.34	)		—		—		(.34	)		9.99		6.92
2009		9.89		.48		(.25	)		.23		(.45	)		—		—		(.45	)		9.67		2.48
2008		9.91		.46		(.03	)		.43		(.45	)		—		—		(.45	)		9.89		4.35
2007		9.83		.37		.10			.47		(.39	)		—		—		(.39	)		9.91		4.86

142 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
$	80,927		.87	%		2.22	%		.73	%		2.37	%		58	%
	87,631		1.04			2.88			.75			3.17			44
	65,704		1.06			4.55			.74			4.87			54
	59,933		1.05			4.17			.74			4.48			55
	66,722		1.04			3.32			.75			3.61			47
	5,101		1.66			1.45			1.58			1.53			58
	3,111		1.79	*		1.76	*		1.60	*		1.95	*		44
	741,969		.67			2.43			.58			2.52			58
	629,151		.79			3.07			.60			3.26			44
	315,024		.81			4.80			.59			5.02			54
	257,403		.80			4.41			.59			4.62			55
	311,131		.79			3.55			.60			3.74			47

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

(f) Effective January 18, 2011, Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class I Shares.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 143

Financial Highlights (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
Total Return Bond
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Return of Capital		Total			Ending Net Asset Value		Total Return(c)
CLASS A (2/00)
2011	$	10.27	$	.43	$	.45		$	.88		$	(.43	)	$	—		$	—	$	(.43	)	$	10.72		8.69	%
2010		9.01		.52		1.28			1.80			(.54	)		—			—		(.54	)		10.27		20.21
2009		9.90		.64		(.74	)		(.10	)		(.63	)		(.16	)		—		(.79	)		9.01		.16
2008		9.83		.49		.05			.54			(.47	)		—			—		(.47	)		9.90		5.51
2007		9.86		.45		(.02	)		.43			(.46	)		—			—		(.46	)		9.83		4.36
CLASS B (2/00)
2011		10.22		.35		.44			.79			(.34	)		—			—		(.34	)		10.67		7.84
2010		8.97		.45		1.26			1.71			(.46	)		—			—		(.46	)		10.22		19.22
2009		9.86		.58		(.74	)		(.16	)		(.57	)		(.16	)		—		(.73	)		8.97		(.58	)
2008		9.80		.41		.05			.46			(.40	)		—			—		(.40	)		9.86		4.65
2007		9.82		.38		(.02	)		.36			(.38	)		—			—		(.38	)		9.80		3.69
CLASS C (2/00)
2011		10.20		.35		.44			.79			(.34	)		—			—		(.34	)		10.65		7.85
2010		8.96		.43		1.27			1.70			(.46	)		—			—		(.46	)		10.20		19.13
2009		9.84		.58		(.73	)		(.15	)		(.57	)		(.16	)		—		(.73	)		8.96		(.48	)
2008		9.78		.42		.04			.46			(.40	)		—			—		(.40	)		9.84		4.66
2007		9.80		.37		(.01	)		.36			(.38	)		—			—		(.38	)		9.78		3.70
CLASS R3 (9/01)(e)
2011		10.31		.41		.45			.86			(.40	)		—			—		(.40	)		10.77		8.40
2010		9.07		.42		1.32			1.74			(.50	)		—			—		(.50	)		10.31		19.47
2009		9.95		.62		(.73	)		(.11	)		(.61	)		(.16	)		—		(.77	)		9.07		.02
2008		9.88		.47		.05			.52			(.45	)		—			—		(.45	)		9.95		5.22
2007		9.90		.43		(.02	)		.41			(.43	)		—			—		(.43	)		9.88		4.20
CLASS I (2/00)(e)
2011		10.26		.46		.44			.90			(.45	)		—			—		(.45	)		10.71		8.99
2010		9.01		.55		1.25			1.80			(.55	)		—			—		(.55	)		10.26		20.31
2009		9.89		.66		(.73	)		(.07	)		(.65	)		(.16	)		—		(.81	)		9.01		.52
2008		9.83		.52		.04			.56			(.50	)		—			—		(.50	)		9.89		5.67
2007		9.85		.47		(.01	)		.46			(.48	)		—			—		(.48	)		9.83		4.73

144 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(f)
$	25,045		1.05	%		3.93	%		.88	%		4.10	%		98	%
	28,165		1.13			4.98			.92			5.19			96
	13,948		1.13			7.45			1.00			7.58			147
	15,567		1.11			4.75			.99			4.87			124
	13,198		1.13			4.35			1.00			4.48			180
	1,116		1.80			3.22			1.73			3.29			98
	1,413		1.87			4.35			1.74			4.48			96
	1,719		1.88			6.71			1.75			6.84			147
	2,384		1.86			4.01			1.74			4.13			124
	2,272		1.88			3.61			1.75			3.74			180
	8,092		1.80			3.22			1.73			3.29			98
	6,748		1.88			4.21			1.75			4.34			96
	2,778		1.88			6.64			1.75			6.77			147
	3,673		1.86			4.10			1.74			4.22			124
	1,792		1.88			3.60			1.75			3.73			180
	1,020		1.29			3.73			1.23			3.79			98
	601		1.37			4.06			1.24			4.19			96
	681		1.38			7.26			1.25			7.39			147
	293		1.36			4.54			1.24			4.66			124
	219		1.44			4.03			1.25			4.22			180
	615,107		.80			4.22			.73			4.29			98
	655,301		.87			5.31			.74			5.44			96
	633,108		.88			7.64			.75			7.77			147
	1,069,211		.86			5.03			.74			5.15			124
	851,513		.88			4.58			.75			4.71			180

(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) Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

(f) Excluding dollar roll transactions, where applicable.

See accompanying notes to financial statements.

Nuveen Investments 145

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”) known as U.S. Bancorp Asset Management, Inc. (“USBAM”) effective January 1, 2011, 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 Core Bond Fund (“Core Bond”), formerly known as First American Core Bond Fund, Nuveen High Income Bond Fund (“High Income Bond”), formerly known as First American High Income Bond Fund, Nuveen Inflation Protected Securities Fund (“Inflation Protected Securities”), formerly known as First American Inflation Protected Securities Fund, Nuveen Intermediate Government Bond Fund (“Intermediate Government Bond”), formerly known as First American Intermediate Government Bond Fund, Nuveen Intermediate Term Bond Fund (“Intermediate Term Bond”), formerly known as First American Intermediate Term Bond Fund, Nuveen Short Term Bond Fund (“Short Term Bond”), formerly known as First American Short Term Bond Fund and Nuveen Total Return Bond Fund (“Total Return Bond”), formerly known as First American Total Return Bond Fund (each a “Fund” and collectively, the “Funds”), among others.

Core Bond’s investment objective is to provide high current income consistent with limited risk to capital. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in debt securities such as U.S. government securities (securities issued or guaranteed by the U.S. government or its agencies or instrumentalities), including zero coupon securities, residential and commercial mortgage-backed securities, asset-backed securities and corporate debt obligations, including obligations issued by special-purpose entities that are backed by corporate debt obligations. Up to 10% of the Fund’s total assets may be invested collectively in debt securities rated lower than investment grade or unrated securities of comparable quality as determined by the Sub-Adviser (securities commonly referred to as “high yield” or “junk bonds”), non-dollar denominated debt obligations of foreign corporations and governments and debt obligations issued by governmental and corporate issuers that are located in emerging market countries. The Fund may invest up to 25% of its total assets in U.S. dollar denominated debt obligations of foreign corporations and governments that are not located in emerging market countries. To generate additional income, the Fund may invest up to 25% of its total assets in dollar roll transactions.

High Income Bond’s investment objective is to provide a high level of current income. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in debt securities rated lower than investment grade at the time of purchase or in unrated securities of comparable quality (securities commonly referred to as “high-yield” securities of “junk bonds”). The Fund may invest in exchange-traded funds, closed-end funds, and other investment companies (“investment companies”). The Fund may invest up to 25% of its total assets in dollar denominated debt obligations of foreign corporations and governments. Up to 20% of the Fund’s total assets may be invested in dollar denominated debt obligations issued by governmental and corporate issuers that are located in emerging market countries.

Inflation Protected Securities Fund’s investment objective is to provide total return while providing protection against inflation. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in inflation protected debt securities. These securities will be issued by the U.S. and non-U.S. governments, their agencies and instrumentalities, and domestic and foreign corporations. Up to 20% of the Fund’s assets may be invested in holdings that are not inflation protected. These holdings may include domestic and foreign corporate debt obligations, securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, debt obligations of foreign governments, residential and commercial mortgage-backed securities and asset-backed securities. Up to 10% of the Fund’s net assets may be invested in securities that are rated lower than investment grade at the time of purchase or that are unrated and of comparable quality (securities commonly referred to as “high-yield” securities or “junk bonds”). The Fund may invest up to 20% of its net assets in non-dollar denominated securities, and may invest without limitation in U.S. dollar denominated securities of foreign corporations and governments.

146 Nuveen Investments

Intermediate Government Bond’s investment objective is to provide current income to the extent consistent with the preservation of capital. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in U.S. government securities. The Fund may invest up to 20% of its total assets, collectively, in non-U.S. government debt obligations, including asset-backed securities, residential and commercial mortgage-backed securities, corporate debt obligations, and municipal securities. To generate additional income, the Fund may invest up to 10% of its total assets in dollar roll transactions.

Intermediate Term Bond’s investment objective is to provide current income to the extent consistent with preservation of capital. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in debt securities, such as U.S. government securities (securities issued or guaranteed by the U.S. government or its agencies or instrumentalities), including zero coupon securities, residential and commercial mortgage-backed securities, asset-backed securities, and corporate debt obligations, including obligations issued by special-purpose entities that are backed by corporate debt obligations. The Fund may invest up to 25% of its total assets in U.S. dollar denominated debt obligations of foreign corporations and governments. To generate additional income, the Fund may invest up to 25% of its total assets in dollar roll transactions.

Short Term Bond’s investment objective is to provide current income while maintaining a high degree of principal stability. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in debt securities, such as residential and commercial mortgage-backed securities, asset-backed securities, corporate debt obligations, including obligations issued by special-purpose entities that are backed by corporate debt obligations, U.S. government securities, which are securities issued or guaranteed by the U.S. government or its agencies or instrumentalities and municipal securities. Up to 20% of the Fund’s total assets may be invested in securities that are rated lower than investment grade or unrated securities of comparable quality as determined by the Sub-Adviser (securities commonly referred to as “high yield” or “junk bonds”). The Fund may invest up to 25% of its total assets in U.S. dollar denominated debt obligations of foreign corporations and governments that are not located in emerging market countries.

Total Return Bond’s investment objective is to provide a high level of current income consistent with prudent risk to capital. While the Fund may realize some capital appreciation, the Fund primarily seeks to achieve total return through preserving capital and generating income. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in debt securities such as U.S. government securities (securities issued or guaranteed by the U.S. government or its agencies or instrumentalities), residential and commercial mortgage-backed securities, asset-backed securities, domestic and foreign corporate debt obligations, including obligations issued by special-purpose entities that are backed by corporate debt obligations, and debt obligations of foreign governments. Up to 30% of the Fund’s total assets may be invested collectively in debt securities, provided that the Fund will not invest more than 20% of its total assets in any single category such as securities rated lower than investment grade or unrated securities of comparable quality as determined by the Sub-Adviser (securities commonly referred to as “high yield” or “junk bonds”), non-dollar denominated debt obligations of foreign corporations and governments and debt obligations issued by governmental and corporate issuers that are located in emerging market countries. To generate additional income, the Fund may invest up to 25% of its total assets in dollar roll transactions.

The Funds may invest in derivative financial instruments in an attempt to manage risk, manage the effective maturity or duration of securities in the Funds’ portfolios or for speculative purposes in an effort to increase the Funds’ yield or to enhance returns. The Funds that may invest in non-dollar denominated securities may also use derivatives to gain exposure to non-dollar denominated securities markets to the extent they do not do so through direct investments.

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

Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares, and Intermediate Term Bond began offering Class C Shares. Class B Shares of Core Bond, High Income Bond and Total Return Bond are only available upon exchange of Class B Shares from another Nuveen mutual fund for which U.S. Bancorp Fund Services, LLC (“USBFS”) serves as transfer agent or for purposes of dividend reinvestment, but Class B Shares are not available for new accounts or for additional investment into existing accounts.

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 fixed-income securities, forward foreign currency exchange contracts and swap contracts 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, 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

Nuveen Investments 147

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

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.

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price. Investments in investment companies are valued at their respective net asset value on valuation date. These investment vehicles are generally classified as Level 1.

If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Funds’ net asset value (NAV) is determined, or if under the Funds’ procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Funds’ Board of Directors. These securities are generally classified as Level 2 or Level 3.

The value of exchange-traded options are based on the mean of the closing bid and ask prices. Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. Exchange-traded options and futures contracts are generally classified as Level 1. Options traded in the over-the counter market are valued using an evaluated mean price and are generally classified as Level 2.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the 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 it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the 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 investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/ delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At June 30, 2011, Core Bond, Intermediate Government Bond and Total Return Bond had outstanding when issued/delayed delivery purchase commitments of $85,144, $4,362 and $100,077, respectively. There were no such outstanding purchase commitments in any of the other Funds.

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 or, for foreign securities, when information is available. Interest income also reflects pay down 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.

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.

148 Nuveen Investments

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 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 carry forwards.

Distributions to shareholders 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.

Dollar Roll Transactions

A dollar roll (“dollar rolls”) is a transaction in which a Fund purchases or sells mortgage-backed securities (“MBS”) for delivery in the future and simultaneously contracts to sell or repurchase substantially similar (same type, coupon, and maturity) MBS on a different specified future date. Dollar rolls are identified in the Fund’s Portfolio of Investments as “MDR”, when applicable. During the roll period, the Fund foregoes principal and interest paid on the MBS. The Fund is compensated by fee income or the difference between the current sales price and the lower forward price for the future purchase. Such compensation is amortized over the life of the dollar rolls, which is recognized as a component of “Dividend and interest income from unaffiliated investments” on the Statement of Operations. Dollar rolls are valued daily. Core Bond and Total Return Bond entered into dollar roll transactions during the fiscal year ended June 30, 2011.

Dollar rolls involve the risk that the market value of the MBS the Fund is obligated to repurchase under an agreement may decline below the repurchase price. These transactions also involve some risk to the Fund if the other party should default on its obligation and the Fund is delayed or prevented from completing the transaction. In the event that the buyer of securities under a dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of proceeds of the dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities.

Foreign Currency Transactions

To the extent a Fund invests in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Fund will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Fund’s investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern time. Investments, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received.

The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments, forward foreign currency exchange contracts and swaps are recognized as a component of “Net realized gain (loss) from investments and foreign currency” on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with forward foreign currency exchange contracts and swaps are recognized as a component of “Change in net unrealized appreciation (deprecation) of forward foreign currency exchange contracts, futures and swaps, respectively” on the Statement of Operations, when applicable.

Forward Foreign Currency Exchange Contracts

Each Fund that invests in non-dollar denominated securities is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives and is authorized to enter into forward foreign currency exchange contracts in an attempt to manage such risk under two circumstances: (i) when a Fund enters into a contract for the purchase or sale of a security denominated in a foreign currency to “lock in” the U.S. exchange rate of the transaction, with such period being a short-dated contract covering the period between transaction date and settlement date; or (ii) when the Adviser, believes that the currency of a particular foreign country may experience a substantial movement against the U.S. dollar or against another foreign currency. Forward foreign currency exchange contracts are valued daily at the forward rate and are recognized as a component of “Unrealized appreciation or depreciation on forward foreign currency exchange contracts” on the Statement of Assets and Liabilities. The change in value of the contracts during the reporting period is recognized as a component of “Change in net unrealized appreciation (depreciation) of forward foreign currency exchange contracts” on the Statement of Operations. When the contract is closed or offset with the same counterparty, the Fund recognizes the difference between the value of the contract at the time it was entered and the value at the time it was closed or offset as a component of “Net realized gain (loss) from forward foreign currency exchange contracts” on the Statement of Operations.

Nuveen Investments 149

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

Forward foreign currency exchange contracts will generally not be entered into for terms greater than three months, but may have maturities of up to six months or more. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of a Fund’s investment securities; however, it does establish a rate of exchange that can be achieved in the future. The use of forward foreign currency exchange contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward foreign currency exchange contract would limit the risk of loss due to a decline in the value of a particular currency; however, it also would limit any potential gain that might result should the value of the currency increase instead of decrease. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities.

During the fiscal year ended June 30, 2011, Inflation Protected Securities, Short Term Bond and Total Return Bond invested in forward foreign currency exchange contracts to manage foreign currency exposure. To reduce unwanted currency exposure from the Fund’s portfolio of investments, the Fund acquired a short foreign currency forward.

The average number of forward foreign currency exchange contracts outstanding during the fiscal year ended June 30, 2011, was as follows:

	Inflation Protected Securities			Short Term Bond			Total Return Bond
Average number of forward foreign currency exchange contracts outstanding*		—	**		—	**		3

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

** Rounds to less than 1.

Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on forward foreign currency exchange contract activity.

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.

During the fiscal year ended June 30, 2011, all the Funds used long and short U.S. Treasury note and bond futures to manage portfolio duration and yield curve exposure. To increase the duration of the portfolio, a long U.S. Treasury note or bond futures position would be acquired.

The average number of futures contracts outstanding during the fiscal year ended June 30, 2011, was as follows:

	Core Bond		High Income Bond		Inflation Protected Securities		Intermediate Government Bond
Average number of futures contracts outstanding*		1,209		64		122		165

	Intermediate Term Bond		Short Term Bond		Total Return Bond
Average number of futures contracts outstanding*		698		997		1,083

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

150 Nuveen Investments

Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on futures contract activity.

Options Transactions

Each Fund is subject to foreign currency risk and interest rate risk in the normal course of pursuing its investment objectives and with the exception of Intermediate Government Bond is authorized to purchase and write (sell) call and put options on securities, futures, swaps (“swaptions”) or currencies in an attempt to manage such risk. The purchase of options and/or swaptions involves the risk of loss of all or a part of the cash paid for the options (the premium). The market risk associated with purchasing options and/or swaptions is limited to the premium paid. The counterparty credit risk of purchasing options and/or swaptions, however, needs also to take into account the current value of the option, as this is the performance expected from the counterparty. When a Fund purchases an option and/or swaption, an amount equal to the premium paid (the premium plus commission) is recognized as a component of “Options and/or Swaptions purchased, at value” on the Statement of Assets and Liabilities. When a Fund writes an option and/ or swaption, an amount equal to the net premium received (the premium less commission) is recognized as a component of “Options and/or Swaptions written, at value” on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option and/or swaption until the option and/or swaption is exercised or expires or the Fund enters into a closing purchase transaction. The changes in the value of options and/or swaptions purchased during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of Options and/or Swaptions purchased” on the Statement of Operations. The changes in the value of options and/or swaptions written during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of Options and/or Swaptions written” on the Statement of Operations. When an option and/or swaption is exercised or expires or the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of “Net realized gain (loss) from Options and/or Swaptions purchased and/or written” on the Statement of Operations. The Fund, as a writer of an option and/or swaption has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option and/or swaption. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

During the fiscal year ended June 30, 2011, Total Return Bond invested in options contracts to express views on volatility; selling out-of-the-money calls or puts when implied volatility is high.

The average number of options contracts outstanding during the fiscal year ended June 30, 2011, was as follows:

	Total Return Bond
Average number of options contracts outstanding*		208	**

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

** Includes both calls and puts.

Refer to Footnote 3 – Derivative Instruments and Hedging Activities and Footnote 5 – Investment Transactions for further details on options contract activity.

Swap Contracts

Each Fund with the exception of Intermediate Government Bond is authorized to enter into swap contracts consistent with their investment objectives and policies to reduce, increase or otherwise alter its risk profile or to alter its portfolio characteristics (i.e. duration, yield curve positioning and credit quality).

Interest Rate Swaps

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and policies in an attempt to obtain a desired return at a lower cost than if the Fund had invested directly in the asset that yielded the desired return. In connection with these contracts, securities in the Funds’ portfolios of investments may be identified as collateral in accordance with the terms of the respective swap contract. Interest rate swap contracts involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (i.e., an exchange of floating rate payments for fixed rate payments with respect to a specified notional amount of principal). Interest rate swap contracts are valued daily. The Funds accrue daily the periodic payments expected to be paid and received on each interest rate swap contract and recognize the daily change in the market value of the Funds’ contractual rights and obligations under the contracts. The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps” with the change during the fiscal period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of swaps” on the Statement of Operations. Income received or paid by the Funds is recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gains or losses recognized upon the termination of an interest rate swap contract and are equal to the difference between the Funds’ basis in the interest rate swap and the proceeds from (or cost of) the closing transaction. The amount of the payment obligation is based on the notional amount of the interest rate swap contract. Payments received or made at the beginning of the measurement period are recognized as a component of “Interest rate swap premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable. For tax purposes, periodic payments are treated as ordinary income or expense.

Nuveen Investments 151

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

During the fiscal year ended June 30, 2011, Core Bond, Inflation Protected Securities, Intermediate Term Bond, Short Term Bond and Total Return Bond invested in interest rate swap contracts to hedge against changes in rate spreads by taking a short interest rate swap position. The average number of interest rate swap contracts outstanding during the fiscal year ended June 30, 2011, were as follows:

	Core Bond		Inflation Protected Securities		Intermediate Term Bond		Short Term Bond		Total Return Bond
Average number of interest rate swap contracts outstanding*		6		6		6		6		1

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

Credit Default Swaps

Each Fund is subject to credit risk in the normal course of pursuing its investment objectives. A Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment or portion of its portfolio, or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap contracts involve one party making a stream of payments to another party in exchange for the right to receive a specified return if/when there is a credit event by a third party. Generally, a credit event means bankruptcy, failure to pay, or restructuring. The specific credit events applicable for each credit default swap are stated in the terms of the particular swap agreement. As a purchaser of a credit default swap contract, the Fund pays to the counterparty a periodic interest fee based on the notional amount of the credit default swap. This interest fee is accrued daily and recognized with the daily change in the market value of the contract as a component of “Unrealized appreciation or depreciation on credit default swaps” on the Statement of Assets and Liabilities and is recorded as a realized loss upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund is obligated to deliver that security, or an equivalent amount of cash, to the counterparty in exchange for receipt of the notional amount from the counterparty. The difference between the value of the security delivered and the notional amount received is recorded as a realized gain. Payments received or made at the beginning of the measurement period are recognized as a component of “Credit default swap premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable. As a seller of a credit default swap contract, the Fund generally receives from the counterparty a periodic interest fee based on the notional amount of the credit default swap. This interest fee is accrued daily as a component of unrealized appreciation or depreciation and is recorded as a realized gain upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either receive that security, or an equivalent amount of cash, from the counterparty in exchange for payment of the notional amount to the counterparty, or pay a net settlement amount of the credit default swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The difference between the value of the security received and the notional amount paid is recorded as a realized loss. Changes in the value of a credit default swap during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps”, and realized gains and losses are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations. The maximum potential amount of future payments the Fund could incur as a seller of protection in a credit default swap contract is limited to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if any, of the respective referenced entity.

During the fiscal year ended June 30, 2011, Core Bond, Intermediate Term Bond, Short Term Bond and Total Return Bond invested in credit default swap index positions to express a view on credit as part of an overall portfolio sector management strategy. To increase credit exposure to the high yield bond segment of the market, a long CDX High Yield Index swap would be acquired.

The average notional amount of credit default swap contracts outstanding during the fiscal year ended June 30, 2011, was as follows:

	Short Term Bond		Total Return Bond
Average notional amount of credit default swap contracts outstanding*	$	15,720	$	23,780

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

Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on swap contract activity.

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.

152 Nuveen Investments

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.

Inflation-Indexed Bonds

Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be recognized as a component of “Dividend and interest income from unaffiliated investments” on the Statement of Operations, even though investors do not receive their principal until maturity.

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

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 (“SEC”), 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.

Securities Lending

In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each Fund’s policy is to receive collateral from the borrower in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 102% of the value of securities loaned. If the value of the securities on loan increases [such that the level of collateralization falls below 100%], additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.

U.S. Bank National Association (“U.S. Bank”) serves as the securities lending agent for the Funds in transactions involving the lending of portfolio securities on behalf of the Funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the SEC.

During the fiscal year ended June 30, 2011, U.S. Bank, as the securities lending agent, received fees that equaled up to 25% of each Fund’s net income from securities lending transactions through December 31, 2010, and 20% of such net income thereafter. U.S. Bank paid half of such fees to USBAM for certain securities lending services provided by USBAM. Collateral for securities on loan was invested in a money market fund administered by USBAM and USBAM received an administration fee equal to .02% of each Fund’s average daily net assets invested in the money market fund.

Income from securities lending, net of fees paid to U.S. Bank, is recognized on the Statement of Operations as “Securities lending income.” Securities lending fees paid to U.S. Bank by each Fund during the fiscal year ended June 30, 2011, were as follows:

Fund	Securities Lending Fees
Core Bond	$	37
High Income Bond		112
Inflation Protected Securities		15
Intermediate Government Bond		4
Intermediate Term Bond		24
Short Term Bond		19
Total Return Bond		20

Nuveen Investments 153

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

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 for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

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

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

Core Bond	Level 1		Level 2			Level 3			Total
Investments:
Corporate Bonds	$	—	$	374,268		$	—		$	374,268
U.S. Government Agency Mortgage-Backed Securities		—		320,382			—			320,382
Commercial Mortgage-Backed Securities		—		131,557			—			131,557
Asset-Backed Securities		—		92,649			—			92,649
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities		—		45,305			—			45,305
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities		—		46,444			—			46,444
U.S. Government & Agency Securities		—		27,338			—			27,338
Municipal Bonds		—		5,949			—			5,949
Preferred Stock		469		—			—			469
Money Market Funds*		125,243		—			—			125,243
Short-Term Investments		62,579		4,825			—			67,404
Derivatives:
Futures Contracts**		889		—			—			889
Interest Rate Swaps**		—		(2,476	)		—			(2,476	)
Total	$	189,180	$	1,046,241		$	—		$	1,235,421
High Income Bond	Level 1		Level 2			Level 3			Total
Investments:
High Yield Corporate Bonds	$	—	$	436,489		$	3		$	436,492
Preferred Stocks		25,743		1,880			—	***		27,623
Common Stocks		7,345		33			—			7,378
Investment Grade Corporate Bonds		—		6,139			—			6,139
Convertible Securities		2,852		3,084			—			5,936
Closed-End Funds		4,553		—			—			4,553
Exchange-Traded Funds		3,174		—			—			3,174
Asset-Backed Securities		—		2,294			—			2,294
Warrants		2		—			—			2
Money Market Funds*		145,527		—			—			145,527
Short-Term Investments		7,485		5			—			7,490
Total	$	196,681	$	449,924		$	3		$	646,608

* Represents the Fund’s investments purchased with proceeds from securities lending.

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

*** Rounds to less than $1,000.

154 Nuveen Investments

Inflation Protected Securities	Level 1			Level 2			Level 3		Total
Investments:
U.S. Government & Agency Securities	$	—		$	238,273		$	—	$	238,273
Commercial Mortgage-Backed Securities		—			19,671			—		19,671
Corporate Bonds		—			10,627			—		10,627
Municipal Bonds		—			1,166			—		1,166
Preferred Stocks		1,015			—			—		1,015
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities		—			839			—		839
Convertible Securities		198			—			—		198
Closed-End Funds		131			—			—		131
Money Market Funds*		128,123			—			—		128,123
Short-Term Investments		3,338			450			—		3,788
Derivatives:
Futures Contracts**		76			—			—		76
Interest Rate Swaps**		—			(304	)		—		(304	)
Total	$	132,881		$	270,722		$	—	$	403,603
Intermediate Government Bond	Level 1			Level 2			Level 3		Total
Investments:
U.S. Government & Agency Securities	$	—		$	52,142		$	—	$	52,142
U.S. Government Agency Mortgage-Backed Securities		—			27,914			—		27,914
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities		—			9,520			—		9,520
Asset-Backed Securities		—			6,274			—		6,274
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities		—			6,057			—		6,057
Commercial Mortgage-Backed Securities		—			5,232			—		5,232
Corporate Bonds		—			928			—		928
Money Market Funds*		28,536			—			—		28,536
Short-Term Investments		10,771			160			—		10,931
Derivatives:
Futures Contracts**		(10	)		—			—		(10	)
Total	$	39,297		$	108,227		$	—	$	147,524
Intermediate Term Bond	Level 1			Level 2			Level 3		Total
Investments:
Corporate Bonds	$	—		$	302,977		$	—	$	302,977
Asset-Backed Securities		—			99,728			—		99,728
Commercial Mortgage-Backed Securities		—			75,885			—		75,885
U.S. Government & Agency Securities		—			46,854			—		46,854
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities		—			45,335			—		45,335
U.S. Government Agency Mortgage-Backed Securities		—			30,863			—		30,863
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities		—			36,064			—		36,064
Municipal Bonds		—			10,383			—		10,383
Money Market Funds*		118,843			—			—		118,843
Short-Term Investments		36,913			1,740			—		38,653
Derivatives:
Futures Contracts**		95			—			—		95
Interest Rate Swaps**		—			(1,458	)		—		(1,458	)
Total	$	155,851		$	648,371		$	—	$	804,222
Short Term Bond	Level 1			Level 2			Level 3		Total
Investments:
Corporate Bonds	$	—		$	374,546		$	—	$	374,546
Asset-Backed Securities		—			148,319			—		148,319
Commercial Mortgage-Backed Securities		—			101,632			—		101,632
U.S. Government Agency Mortgage-Backed Securities		—			62,099			—		62,099
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities		—			41,486			—		41,486
U.S. Government & Agency Securities		—			21,160			—		21,160
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities		—			43,189			—		43,189
Municipal Bonds		—			16,408			—		16,408
Money Market Funds*		76,375			—			—		76,375
Short-Term Investments		42,036			2,330			—		44,366
Derivatives:
Forward Foreign Currency Exchange Contracts*		—			(93	)		—		(93	)
Credit Default Swaps**		—			453			—		453
Futures Contracts**		(626	)		—			—		(626	)
Interest Rate Swaps**		—			(1,037	)		—		(1,037	)
Total	$	117,785		$	810,492		$	—	$	928,277

* Represents the Fund’s investments purchased with proceeds from securities lending.

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

Nuveen Investments 155

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

Total Return Bond	Level 1			Level 2			Level 3		Total
Investments:
Corporate Bonds	$	—		$	324,337		$	—	$	324,337
U.S. Government Agency Mortgage-Backed Securities		—			185,877			—		185,877
Commercial Mortgage-Backed Securities		—			69,032			—		69,032
Asset-Backed Securities		—			37,555			—		37,555
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities		—			21,904			—		21,904
U.S. Government & Agency Securities		—			7,276			—		7,276
Municipal Bonds		—			4,778			—		4,778
Preferred Stocks		5,213			—			—		5,213
Closed-End Funds		1,653			—			—		1,653
Convertible Securities		721			—			—		721
Money Market Funds		62,479			—			—		62,479
Short-Term Investments		91,965			5,220			—		97,185
Derivatives:
Call Options Written		(230	)		—			—		(230	)
Put Options Written		(67	)		—			—		(67	)
Forward Foreign Currency Exchange Contracts*		—			14			—		14
Interest Rate Swaps*		—			(1,219	)		—		(1,219	)
Credit Default Swaps*		—			184			—		184
Futures Contracts*		198			—			—		198
Total	$	161,932		$	654,958		$	—	$	816,890

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

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

Core Bond	Level 3 Corporate Bonds			Level 3 Collateralized Mortgage Obligation- Private Mortgage- Backed Securities			Level 3 Total
Balance at the beginning of year	$	10,014		$	18,461		$	28,475
Gains (losses):
Net realized gains (losses)		—			—			—
Net change in unrealized appreciation (depreciation)		—			—			—
Purchases at cost		—			—			—
Sales at proceeds		—			—			—
Net discounts (premiums)		—			—			—
Transfers in to		—			—			—
Transfers out of		(10,014	)		(18,461	)		(28,475	)
Balance at the end of year	$	—		$	—		$	—
Change in net unrealized appreciation (depreciation) during the fiscal year of Level 3 securities held as of June 30, 2011	$	—		$	—		$	—

High Income Bond	Level 3 High Yield Corporate Bonds			Level 3 Preferred Stocks			Level 3 Common Stocks			Level 3 Asset- Backed Securities			Level 3 Total
Balance at the beginning of year	$	7,215		$	879		$	22		$	323		$	8,439
Gains (losses):
Net realized gains (losses)		621			—			—			(1,743	)		(1,122	)
Net change in unrealized appreciation (depreciation)		(17	)		184			11			1,832			2,010
Purchases at cost		485			480			—			18			983
Sales at proceeds		(6,404	)		—			—			(430	)		(6,834	)
Net discounts (premiums)		75			—			—			—			75
Transfers in to		3			—	**		—			—			3
Transfers out of		(1,975	)		(1,543	)		(33	)		—			(3,551	)
Balance at the end of year	$	3		$	—	**	$	—		$	—		$	3
Change in net unrealized appreciation (depreciation) during the fiscal year of Level 3 securities held as of June 30, 2011	$	(27	)	$	—		$	—		$	—		$	(27	)

** Amount rounds to less than $1,000.

156 Nuveen Investments

Inflation Protected Securities	Level 3 Collateralized Mortgage Obligation- Private Mortgage- Backed Securities			Level 3 Preferred Stocks			Level 3 Total
Balance at the beginning of year	$	703		$	180		$	883
Gains (losses):
Net realized gains (losses)		—			—			—
Net change in unrealized appreciation (depreciation)		—			—			—
Purchases at cost		—			—			—
Sales at proceeds		—			—			—
Net discounts (premiums)		—			—			—
Transfers in to		—			—			—
Transfers out of		(703	)		(180	)		(883	)
Balance at the end of year	$	—		$	—		$	—
Change in net unrealized appreciation (depreciation) during the fiscal year of Level 3 securities held as of June 30, 2011	$	—		$	—		$	—

Intermediate Term Bond	Level 3 Collateralized Mortgage Obligation- Private Mortgage- Backed Securities
Balance at the beginning of year	$	10,874
Gains (losses):
Net realized gains (losses)		—
Net change in unrealized appreciation (depreciation)		—
Purchases at cost		—
Sales at proceeds		—
Net discounts (premiums)		—
Transfers in to		—
Transfers out of		(10,874	)
Balance at the end of year	$	—
Change in net unrealized appreciation (depreciation) during the fiscal year of Level 3 securities held as of June 30, 2011	$	—

Short Term Bond	Level 3 Corporate Bonds			Level 3 Collateralized Mortgage Obligation- Private Mortgage- Backed Securities			Level 3 Total
Balance at the beginning of year	$	1,939		$	6,864		$	8,803
Gains (losses):
Net realized gains (losses)		—			—			—
Net change in unrealized appreciation (depreciation)		—			—			—
Purchases at cost		—			—			—
Sales at proceeds		—			—			—
Net discounts (premiums)		—			—			—
Transfers in to		—			—			—
Transfers out of		(1,939	)		(6,864	)		(8,803	)
Balance at the end of year	$	—		$	—		$	—
Change in net unrealized appreciation (depreciation) during the fiscal year of Level 3 securities held as of June 30, 2011	$	—		$	—		$	—

Nuveen Investments 157

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

Total Return Bond	Corporate Bonds Level 3			Collateralized Mortgage Obligation- Private Mortgage- Backed Securities Level 3			Preferred Stocks Level 3			Total Level 3
Balance at the beginning of year	$	5,286		$	6,020		$	718		$	12,024
Gains (losses):
Net realized gains (losses)		—			—			—			—
Net change in unrealized appreciation (depreciation)		—			—			—			—
Purchases at cost		—			—			—			—
Sales at proceeds		—			—			—			—
Net discounts (premiums)		—			—			—			—
Transfers in to		—			—			—			—
Transfers out of		(5,286	)		(6,020	)		(718	)		(12,024	)
Balance at the end of year	$	—		$	—		$	—		$	—
Change in net unrealized appreciation (depreciation) during the fiscal year of Level 3 securities held as of June 30, 2011	$	—		$	—		$	—		$	—

During the fiscal year ended June 30, 2011, the Funds recognized no significant transfers to or from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.

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. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.

The following tables present the fair value of all derivative instruments held by the Funds as of June 30, 2011, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

Core Bond
		Location on the Statements of Assets Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Interest Rate	Futures Contracts	Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts*	$	930	Deposits with brokers for open futures contracts and Payable for variation margin on futures contracts*	$	41
Interest Rate	Swaps	Unrealized appreciation on interest rate swap contracts**		—	Unrealized depreciation on interest rate swap contracts**		2,476
Total			$	930		$	2,517

Inflation Protected Securities
		Location on the Statements of Assets Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Foreign Currency Exchange Rate	Futures Contracts	Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts*	$	6	Deposits with brokers for open futures contracts and Payable for variation margin on futures contracts*	$	—
Interest Rate	Futures Contracts	Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts*		98	Deposits with brokers for open futures contracts and Payable for variation margin on futures contracts*		28
Interest Rate	Swaps	Unrealized appreciation on interest rate swaps**		—	Unrealized depreciation on interest rate swaps**		304
Total			$	104		$	332

* Value represents cumulative gross unrealized appreciation (depreciation) of futures contracts as reported on the Fund’s Portfolio of Investments, and not the deposits with brokers, if any, or the receivable or payable for variation margin presented on the Statement of Assets and Liabilities.

** Value represents cumulative gross unrealized appreciation (depreciation) of swap contracts as reported on the Fund’s Portfolio of Investments.

158 Nuveen Investments

Intermediate Government Bond
		Location on the Statements of Assets Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Interest Rate	Futures Contracts	Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts*	$	46	Deposits with brokers for open futures contracts and Payable for variation margin on futures contracts*	$	56

Intermediate Term Bond
		Location on the Statements of Assets Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Interest Rate	Futures Contracts	Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts*	$	119	Deposits with brokers for open futures contracts and Payable for variation margin on futures contracts*	$	24
Interest Rate	Swaps	Unrealized appreciation on interest rate swaps**		—	Unrealized depreciation on interest rate swaps**		1,458
Total			$	119		$	1,482

Short Term Bond
		Location on the Statements of Assets Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Foreign Currency Exchange Rate	Forward Foreign Currency Exchange Contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	—	Unrealized depreciation on forward foreign currency exchange contracts	$	93
Interest Rate	Futures Contracts	Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts*		29	Deposits with brokers for open futures contracts and Payable for variation margin on futures contracts*		655
Interest Rate	Swaps	Unrealized appreciation on interest rate swaps**		—	Unrealized depreciation on interest rate swaps**		1,037
Credit	Swaps	Unrealized appreciation on credit default swaps**		453	Unrealized depreciation on credit default swaps**		—
Total			$	482		$	1,785

* Value represents cumulative gross unrealized appreciation (depreciation) of futures contracts as reported on the Fund’s Portfolio of Investments, and not the deposits with brokers, if any, or the receivable or payable for variation margin presented on the Statement of Assets and Liabilities.

** Value represents cumulative gross unrealized appreciation (depreciation) of swap contracts as reported on the Fund’s Portfolio of Investments.

Nuveen Investments 159

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

Total Return Bond
		Location on the Statements of Assets Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Foreign Currency Exchange Rate	Forward Foreign Currency Exchange Contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	168	Unrealized deppreciation on forward foreign currency exchange contracts	$	154
Foreign Currency Exchange Rate	Futures Contracts	Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts*		45	Deposits with brokers for open futures contracts and Payable for variation margin on futures contracts*		—
Interest Rate	Futures Contracts	Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts*		235	Deposits with brokers for open futures contracts and Payable for variation margin on futures contracts*		81
Interest Rate	Options	—		—	Options written, at value		297
Interest Rate	Swaps	Unrealized appreciation on interest rate swaps**		—	Unrealized depreciation on interest rate swaps**		1,219
Credit	Swaps	Unrealized appreciation on credit default swaps**		184	Unrealized depreciation on credit default swaps**		—
Total			$	632		$	1,751

* Value represents cumulative gross unrealized appreciation (depreciation) of futures contracts as reported on the Fund’s Portfolio of Investments, and not the deposits with brokers, if any, or the receivable or payable for variation margin presented on the Statement of Assets and Liabilities.

** Value represents cumulative gross unrealized appreciation (depreciation) of swap contracts as reported on the Fund’s Portfolio of Investments.

The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended June 30, 2011, on derivative instruments, as well as the primary risk exposure associated with each.

Net Realized Gain (Loss) from Forward Foreign Currency Exchange Contracts	Inflation Protected Securities			Short Term Bond			Total Return Bond
Risk Exposure
Foreign Currency Exchange Rate	$	(51	)	$	(144	)	$	(71	)

Net Realized Gain (Loss) from Futures Contracts	Core Bond			High Income Bond		Inflation Protected Securities			Intermediate Government Bond		Intermediate Term Bond			Short Term Bond			Total Return Bond
Risk Exposure
Interest Rate	$	(8,857	)	$	439	$	(167	)	$	77	$	(973	)	$	(5,004	)	$	(9,043	)
Foreign Currency Exchange Rate		—			—		(47	)		—		—			—			1,663
Total	$	(8,857	)	$	439	$	(214	)	$	77	$	(973	)	$	(5,004	)	$	(7,380	)

Net Realized Gain (Loss) from Options Written	Total Return Bond
Risk Exposure
Interest Rate	$	(189	)

Net Realized Gain (Loss) from Swaps	Core Bond			Inflation Protected Securities			Intermediate Term Bond			Short Term Bond			Total Return Bond
Risk Exposure
Interest Rate	$	(1,771	)	$	(206	)	$	(1,411	)	$	(816	)	$	2,824
Credit		(238	)		—			185			1,129			(535	)
Total	$	(2,009	)	$	(206	)	$	(1,226	)	$	313		$	2,289

160 Nuveen Investments

Change in Net Unrealized Appreciation (Depreciation) of Forward Foreign Currency Exchange Contracts	Short Term Bond			Total Return Bond
Risk Exposure
Foreign Currency Exchange Rate	$	(93	)	$	14

Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts	Core Bond		High Income Bond			Inflation Protected Securities		Intermediate Government Bond			Intermediate Term Bond			Short Term Bond		Total Return Bond
Risk Exposure
Interest Rate	$	3,006	$	(178	)	$	204	$	(69	)	$	(165	)	$	694	$	2,364
Foreign Currency Exchange Rate		—		—			6		—			—			—		43
Total	$	3,006	$	(178	)	$	210	$	(69	)	$	(165	)	$	694	$	2,407

Change in Net Unrealized Appreciation (Depreciation) of Options Written	Total Return Bond
Risk Exposure
Interest Rate	$	114

Change in Net Unrealized Appreciation (Depreciation) of Swaps	Core Bond		Inflation Protected Securities		Intermediate Term Bond		Short Term Bond		Total Return Bond
Risk Exposure
Interest Rate	$	62	$	8	$	34	$	35	$	(1,221	)
Credit		—		—		—		453		506
Total	$	62	$	8	$	34	$	488	$	(715	)

4. Fund Shares

Transactions in Fund shares were as follows:

	Core Bond
	Year Ended 6/30/11						Year Ended 6/30/10
	Shares			Amount			Shares			Amount
Shares sold:
Class A		740		$	8,441			1,069		$	11,630
Class B		18			203			10			110
Class C		86			978			81			874
Class R3(1)		27			314			10			108
Class I(1)		12,989			148,056			20,683			224,539
Shares issued to shareholders due to reinvestment of distributions:
Class A		225			2,576			303			3,320
Class B		6			72			17			186
Class C		8			87			12			125
Class R3(1)		2			17			2			19
Class I(1)		1,181			13,504			1,694			18,523
		15,282			174,248			23,881			259,434
Shares redeemed:
Class A		(1,776	)		(20,295	)		(1,255	)		(13,714	)
Class B		(190	)		(2,141	)		(284	)		(3,073	)
Class C		(108	)		(1,229	)		(122	)		(1,307	)
Class R3(1)		(29	)		(338	)		(18	)		(201	)
Class I(1)		(38,436	)		(438,888	)		(44,709	)		(485,332	)
		(40,539	)		(462,891	)		(46,388	)		(503,627	)
Net increase (decrease)		(25,257	)	$	(288,643	)		(22,507	)	$	(244,193	)

(1) – Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I    Shares, respectively.

Nuveen Investments 161

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

	High Income Bond
	Year Ended 6/30/11						Year Ended 6/30/10
	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,651		$	14,839			3,282		$	27,146
Class B		19			170			25			193
Class C		390			3,433			264			2,167
Class R3(1)		13			121			12			97
Class I(1)		23,260			207,460			23,104			187,427
Shares issued to shareholders due to reinvestment of distributions:
Class A		177			1,586			212			1,743
Class B		9			79			13			105
Class C		35			310			27			226
Class R3(1)		1			12			1			10
Class I(1)		419			3,768			218			1,804
		25,974			231,778			27,158			220,918
Shares redeemed:
Class A		(1,969	)		(17,663	)		(3,521	)		(29,443	)
Class B		(83	)		(738	)		(143	)		(1,157	)
Class C		(182	)		(1,640	)		(154	)		(1,236	)
Class R3(1)		(22	)		(199	)		(8	)		(72	)
Class I(1)		(15,013	)		(135,161	)		(6,515	)		(53,873	)
		(17,269	)		(155,401	)		(10,341	)		(85,781	)
Net increase (decrease)		8,705		$	76,377			16,817		$	135,137
	Inflation Protected Securities
	Year Ended 6/30/11						Year Ended 6/30/10
	Shares			Amount			Shares			Amount
Shares sold:
Class A		768		$	8,151			483		$	4,852
Class C		362			3,785			550			5,477
Class R3(1)		12			121			13			137
Class I(1)		13,307			141,165			5,733			58,004
Shares issued to shareholders due to reinvestment of distributions:
Class A		9			98			15			155
Class C		4			39			9			94
Class R3(1)		1			8			3			33
Class I(1)		32			342			58			592
		14,495			153,709			6,864			69,344
Shares redeemed:
Class A		(437	)		(4,665	)		(300	)		(3,026	)
Class C		(274	)		(2,898	)		(55	)		(556	)
Class R3(1)		(139	)		(1,500	)		(19	)		(197	)
Class I(1)		(5,231	)		(55,701	)		(8,068	)		(80,351	)
		(6,081	)		(64,764	)		(8,442	)		(84,130	)
Net increase (decrease)		8,414		$	88,945			(1,578	)	$	(14,786	)

(1) – Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I    Shares, respectively.

162 Nuveen Investments

	Intermediate Government Bond
	Year Ended 6/30/11						Year Ended 6/30/10
	Shares			Amount			Shares			Amount
Shares issued from merger(2):
Class A		—		$	—			1,538		$	13,225
Class C		—			—			235			2,023
Class R3(1)		—			—			102			874
Class I(1)		—			—			9,456			81,335
Shares sold:
Class A		174			1,525			415			3,604
Class C		12			111			10			90
Class R3(1)		20			176			15			134
Class I(1)		3,521			31,232			3,775			32,634
Shares issued to shareholders due to reinvestment of distributions:
Class A		36			320			47			407
Class C		2			17			1			8
Class R3(1)		1			10			1			5
Class I(1)		121			1,069			288			2,492
		3,887			34,460			15,883			136,831
Shares redeemed:
Class A		(783	)		(6,899	)		(1,044	)		(9,067	)
Class C		(75	)		(663	)		(25	)		(219	)
Class R3(1)		(42	)		(368	)		(44	)		(375	)
Class I(1)		(9,790	)		(86,412	)		(7,857	)		(68,118	)
		(10,690	)		(94,342	)		(8,970	)		(77,779	)
Net increase (decrease)		(6,803	)	$	(59,882	)		6,913		$	59,052

	Intermediate Term Bond
	Year Ended 6/30/11						Year Ended 6/30/10
	Shares			Amount			Shares			Amount
Shares sold:
Class A		236		$	2,473			588		$	5,909
Class C		110			1,159			—			—
Class I(1)		14,006			146,340			19,865			199,377
Shares issued to shareholders due to reinvestment of distributions:
Class A		61			638			88			890
Class C		—			—			—			—
Class I(1)		543			5,673			799			8,060
		14,956			156,283			21,340			214,236
Shares redeemed:
Class A		(698	)		(7,294	)		(651	)		(6,593	)
Class C		—			—			—			—
Class I(1)		(22,971	)		(239,505	)		(26,062	)		(262,030	)
		(23,669	)		(246,799	)		(26,713	)		(268,623	)
Net increase (decrease)		(8,713	)	$	(90,516	)		(5,373	)	$	(54,387	)

(1) – Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I    Shares, respectively.

(2) – Refer to Footnote 9 – Fund Mergers for further details.

Nuveen Investments 163

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

	Short Term Bond
	Year Ended 6/30/11						Year Ended 6/30/10
	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,656		$	16,622			3,251		$	32,250
Class C		373			3,744			345			3,455
Class I(1)		50,236			504,500			53,506			533,108
Shares issued to shareholders due to reinvestment of distributions:
Class A		146			1,472			206			2,045
Class C		4			45			2			17
Class I(1)		337			3,393			370			3,684
		52,752			529,776			57,680			574,559
Shares redeemed:
Class A		(2,540	)		(25,520	)		(1,476	)		(14,685	)
Class C		(182	)		(1,832	)		(36	)		(359	)
Class I(1)		(39,873	)		(400,639	)		(23,455	)		(233,939	)
		(42,595	)		(427,991	)		(24,967	)		(248,983	)
Net increase (decrease)		10,157		$	101,785			32,713		$	325,576
	Total Return Bond
	Year Ended 6/30/11						Year Ended 6/30/10
	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,110		$	11,697			1,622		$	16,522
Class B		10			106			14			138
Class C		254			2,678			408			4,120
Class R3(1)		74			795			33			337
Class I(1)		11,952			126,639			15,080			151,764
Shares issued to shareholders due to reinvestment of distributions:
Class A		82			871			76			774
Class B		4			39			6			63
Class C		16			167			14			139
Class R3(1)		4			36			2			22
Class I(1)		694			7,383			956			9,613
		14,200			150,411			18,211			183,492
Shares redeemed:
Class A		(1,598	)		(17,009	)		(504	)		(5,066	)
Class B		(48	)		(503	)		(74	)		(735	)
Class C		(172	)		(1,812	)		(70	)		(710	)
Class R3(1)		(41	)		(443	)		(52	)		(484	)
Class I(1)		(19,091	)		(202,626	)		(22,465	)		(223,673	)
		(20,950	)		(222,393	)		(23,165	)		(230,668	)
Net increase (decrease)		(6,750	)	$	(71,982	)		(4,954	)	$	(47,176	)

(1) – Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I    Shares, respectively.

Class B Shares converted to Class A Shares (recognized as a component of as Class A Shares issued and Class B Shares redeemed) during the fiscal years ended June 30, 2011 and June 30, 2010, were as follows:

Fund	Year Ended 6/30/2011		Year Ended 6/30/2010
Core Bond		134	$	197
High Income Bond		66		60
Total Return Bond		35		48

164 Nuveen Investments

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments, derivative and dollar roll transactions, where applicable) during the fiscal year ended June 30, 2011, were as follows:

	Core Bond		High Income Bond		Inflation Protected Securities		Intermediate Government Bond		Intermediate Term Bond		Short Term Bond		Total Return Bond
Purchases:
Investment securities	$	567,741	$	673,228	$	29,643	$	8,989	$	323,521	$	532,525	$	228,625
U.S. Government and agency obligations		505,905		46		153,976		71,273		98,819		36,192		429,748
Sales and maturities:
Investment securities		583,690		599,732		14,890		18,440		381,277		344,645		315,441
U.S. Government and agency obligations		736,582		—		81,265		122,879		162,688		105,582		372,656

Transactions in options written for Total Return Bond during the fiscal year ended June 30, 2011, were as follows:

	Total Return Bond
	Number of Contracts			Premiums Received
Outstanding, beginning of year		—		$	—
Options written		2,645			914
Options terminated in closing purchase transactions		(1,590	)		(454	)
Options expired		(144	)		(49	)
Outstanding, end of year		911		$	411

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 June 30, 2011, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:

	Core Bond			High Income Bond			Inflation Protected Securities			Intermediate Government Bond
Cost of investments	$	1,207,260		$	642,500		$	394,510		$	144,818
Gross unrealized:
Appreciation		43,649			15,425			10,269			3,530
Depreciation		(13,901	)		(11,316	)		(948	)		(813	)
Net unrealized appreciation (depreciation) of investments	$	29,748		$	4,109		$	9,321		$	2,717

	Intermediate Term Bond			Short Term Bond			Total Return Bond
Cost of investments	$	781,759		$	915,986		$	803,458
Gross unrealized:
Appreciation		25,392			16,805			27,641
Depreciation		(1,566	)		(3,212	)		(13,089	)
Net unrealized appreciation (depreciation) of investments	$	23,826		$	13,593		$	14,552

Permanent differences, primarily due to tax equalization, treatment of notional principal contracts, paydown adjustments and foreign currency reclassifications resulted in reclassifications among the Funds’ components of net assets at June 30, 2011, the Funds’ tax year-end, as follows:

	Core Bond			High Income Bond			Inflation Protected Securities			Intermediate Government Bond
Capital paid-in	$	—		$	245		$	—		$	—
Undistributed (Over-distribution of) net investment income		(1,368	)		—			(63	)		226
Accumulated net realized gain (loss)		1,368			(245	)		63			(226	)

Nuveen Investments 165

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

	Intermediate Term Bond			Short Term Bond			Total Return Bond
Capital paid-in	$	—		$	—		$	—
Undistributed (Over-distribution of) net investment income		(526	)		(419	)		2,089
Accumulated net realized gain (loss)		526			419			(2,089	)

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

	Core Bond		High Income Bond		Inflation Protected Securities		Intermediate Government Bond
Undistributed net ordinary income*	$	4,720	$	3,615	$	5,662	$	227
Undistributed net long-term capital gains		—		1,923		—		—

	Intermediate Term Bond		Short Term Bond		Total Return Bond
Undistributed net ordinary income*	$	1,762	$	2,756	$	7,135
Undistributed net long-term capital gains		—		—		—

* Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

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

2011	Core Bond		High Income Bond		Inflation Protected Securities		Intermediate Government Bond
Distributions from net ordinary income*	$	45,496	$	35,278	$	3,516	$	3,253
Distributions from net long-term capital gains		—		—		—		—
Return of capital		—		—		—		—

2011	Intermediate Term Bond		Short Term Bond		Total Return Bond
Distributions from net ordinary income*	$	24,425	$	17,806	$	28,967
Distributions from net long-term capital gains		—		—		—
Return of capital		—		—		—

2010	Core Bond		High Income Bond		Inflation Protected Securities		Intermediate Government Bond
Distributions from net ordinary income*	$	67,866	$	26,351	$	3,582	$	4,765
Distributions from net long-term capital gains		—		—		—		256
Return of capital		—		—		—		18

2010	Intermediate Term Bond		Short Term Bond		Total Return Bond
Distributions from net ordinary income*	$	33,897	$	18,434	$	38,377
Distributions from net long-term capital gains		—		—		—
Return of capital		—		—		—

* Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

166 Nuveen Investments

At June 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:

	Core Bond		Inflation Protected Securities		Intermediate Government Bond		Intermediate Term Bond		Short Term Bond		Total Return Bond
Expiration:
June 30, 2014	$	—	$	—	$	—	$	—	$	7,245	$	—
June 30, 2015		—		1,565		—		—		7,433		—
June 30, 2016		—		953		—		—		—		—
June 30, 2017		—		4,724		10,454		—		839		20,481
June 30, 2018		8,450		2,807		—		1,697		2,980		37,557
Total	$	8,450	$	10,049	$	10,454	$	1,697	$	18,497	$	58,038

During the Funds’ tax year ended June 30, 2011, the Funds utilized their capital loss carryforwards as follows:

	Core Bond		High Income Bond		Inflation Protected Securities		Intermediate Government Bond
Utilized capital loss carryforwards	$	34,779	$	23,650	$	4,619	$	1,465

	Intermediate Term Bond		Short Term Bond		Total Return Bond
Utilized capital loss carryforwards	$	18,351	$	2,171	$	20,821

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, on an annual basis, equal to each Fund’s average daily net assets as follows:

Fund
Core Bond	.50	%
High Income Bond	.70
Inflation Protection Securities	.50
Intermediate Government Bond	.50
Intermediate Term Bond	.50
Short Term Bond	.50
Total Return Bond	.60

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	Core Bond Fund-Level Fee Rate			High Income Bond Fund-Level Fee Rate			Inflation Protected Securities Fund-Level Fee Rate			Intermediate Government Bond Fund-Level Fee Rate			Intermediate Term Bond Fund-Level Fee Rate			Short Term Bond Fund-Level Fee Rate			Total Return Bond Fund-Level Fee Rate
For the first $125 million		.4500	%		.6000	%		.4500	%		.4500	%		.4500	%		.3000	%		.4500	%
For the next $125 million		.4375			.5875			.4375			.4375			.4375			.2875			.4375
For the next $250 million		.4250			.5750			.4250			.4250			.4250			.2750			.4250
For the next $500 million		.4125			.5625			.4125			.4125			.4125			.2625			.4125
For the next $1 billion		.4000			.5500			.4000			.4000			.4000			.2500			.4000
For net assets over $2 billion		.3750			.5250			.3750			.3750			.3750			.2250			.3750

Nuveen Investments 167

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

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 June 30, 2011, the complex-level fee rate for each Fund was as follows:

Fund	Complex-Level Fee Rate
Core Bond		.2000	%
High Income Bond		.1971
Inflation Protected Securities		.1924
Intermediate Government Bond		.1986
Intermediate Term Bond		.1997
Short Term Bond		.1975
Total Return Bond		.1982

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 sub-advisory agreements 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.

During the period July 1, 2010 through December 31, 2010, FAF Advisors agreed to waive fees and reimburse other Fund expenses through June 30, 2011, 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			B			C			R(1)			Y(1)
Core Bond		.95	%		1.70	%		1.70	%		1.20	%		.70	%
High Income Bond		1.10			1.85			1.85			1.35			.85
Inflation Protected Securities		.85			N/A			1.60			1.10			.60
Intermediate Government Bond		.75			N/A			1.60			1.10			.60
Intermediate Term Bond		.85			N/A			N/A			N/A			.70
Short Term Bond		.75			N/A			1.60			N/A			.60
Total Return Bond		.89			1.75			1.75			1.25			.75

N/A	–  Not applicable; Fund did not offer Class B, C or R Shares during the period July 1, 2010 through December 31, 2010.
(1)	–  Effective January 18, 2011, Class R Shares and Class Y shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

168 Nuveen Investments

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 fee waivers and/or expense reimbursements 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:

	Core Bond			High Income Bond			Inflation Protected Securities			Intermediate Government Bond			Intermediate Term Bond			Short Term Bond			Total Return Bond
Class A(1)		.95	%		1.10	%		.85	%		.75	%		.85	%		.75	%		.89	%
Class B		1.70			1.85			N/A			N/A			N/A			N/A			1.75
Class C		1.70			1.85			1.60			1.60			1.70			1.60			1.75
Class R3(2)		1.20			1.35			1.10			1.10			N/A			N/A			1.25
Class I(2)		.70			.85			.60			.60			.70			.60			.75
Expiration Date		March 31, 2012			March 31, 2012			March 31, 2012			March 31, 2012			March 31, 2012			March 31, 2012			March 31, 2012

N/A	–  Not applicable.
(1)	–  The Funds’ distributor, Nuveen Securities, LLC, has contractually agreed to limit Class A Share 12b-1 fees to 0.15% of average daily net assets through March 31, 2012, for Intermediate Government Bond, Intermediate Term Bond and Short Term Bond.
(2)	–  Effective January 18, 2011, Class R Shares and Class Y Shares previously offered by FAF Advisors, Inc. were renamed Class R3 Shares and Class I Shares, respectively.

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 un-invested 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.

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

Nuveen Investments 169

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

shareholder servicing fee equal to an annual rate of .25% 1.00%, 1.00% and .50% of the Funds’ average daily net assets attributable to Class A, Class B, Class C and Class R Shares (renamed Class R3 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, Quasar waived a portion of its 12b-1 fees for Class A Shares, limiting its fees to 0.15% of average daily net assets for Intermediate Government Bond, Intermediate Term Bond and Short Term Bond, respectively.

Effective January 1, 2011, the Funds entered into a distribution agreement with Nuveen Securities, LLC, who now serves as the Funds’ distributor. Under the new agreement, Class A Shares continue to incur a .25% annual 12b-1 service fee. Class B and Class C Shares continue to incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class R3 Shares continue to incur a .25% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class I Shares 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.

Nuveen Securities, LLC has contractually agreed to limit its Class A Share 12b-1 fees to .15% of average daily net assets through March 31, 2012, for Intermediate Government Bond, Intermediate Term Bond and Short Term Bond.

During the fiscal year ended June 30, 2011, total distribution and service fees waived by Quasar and/or Nuveen Securities, LLC for the following Funds were as follows:

Fund	Amount
Intermediate Government Bond	$	9
Intermediate Term Bond		13
Short Term Bond		44

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 fiscal year ended June 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:

	Core Bond		High Income Bond		Inflation Protected Securities		Intermediate Government Bond
Sales charges collected (Unaudited)	$	30	$	76	$	72	$	2
Paid to financial intermediaries (Unaudited)		28		69		67		2

	Intermediate Term Bond		Short Term Bond		Total Return Bond
Sales charges collected (Unaudited)	$	13	$	46	$	55
Paid to financial intermediaries (Unaudited)		11		41		50

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.

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

	Core Bond		High Income Bond		Inflation Protected Securities		Intermediate Government Bond
Commission advances (Unaudited)	$	4	$	17	$	27	$	1

	Intermediate Term Bond		Short Term Bond		Total Return Bond
Commission advances (Unaudited)	$	1	$	17	$	9

All 12b-1 service and distribution fees collected on Class B Shares and Class C 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 fiscal year ended June 30, 2011, Quasar and/or Nuveen Securities, LLC. retained such 12b-1 fees as follows:

	Core Bond		High Income Bond		Inflation Protected Securities		Intermediate Government Bond
12b-1 fees retained (Unaudited)	$	82	$	52	$	49	$	13

170 Nuveen Investments

	Intermediate Term Bond		Short Term Bond		Total Return Bond
12b-1 fees retained (Unaudited)	$	11	$	63	$	88

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 $17 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 Government Bond, Intermediate Term Bond and Short Term Bond were sold with an up-front sales charge of 2.25%. Class A Shares of Core Bond, High Income Bond, Inflation Protected Securities and Total Return Bond were sold with an up-front sales charge of 4.25%. Class B Shares were subject to a contingent deferred sales charge (“CDSC”) for six years and automatically converted to Class A after eight years. Class C Shares were subject to a CDSC of 1% for twelve months. Class R Shares (renamed Class R3 Shares) had no sales charge and were available to only certain retirement plans. 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 4.25% for Core Bond, Inflation Protected Securities and Total Return Bond, 4.75% for High Income Bond, 3.00% for Intermediate Government Bond and Intermediate Term Bond and 2.25% for Short Term Bond. Class A Share purchases of the Funds, with the exception of Short Term Bond, of $1 million or more are sold at net asset value without an up-front sales charge. Class A Share purchases of Short Term Bond of $250,000 or more are sold at net asset value without an up-front sales charge. Class A Share purchases of the Funds may be subject to a CDSC if redeemed within eighteen months of purchase. Class B Shares have a CDSC that begins at 5% and for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 and Class I Shares are not subject to any sales charge and are offered only to certain qualifying accounts and qualifying institutional investors, respectively.

Quasar and/or Nuveen Securities, LLC collected and retained CDSC on share redemptions during the fiscal year ended June 30, 2011, as follows:

	Core Bond		High Income Bond		Inflation Protected Securities		Intermediate Government Bond
CDSC retained (Unaudited)	$	1	$	3	$	2	$	—

	Intermediate Term Bond		Short Term Bond		Total Return Bond
CDSC retained (Unaudited)	$	—	$	6	$	4

8. Regulatory Settlement

On August 23, 2010, Core Bond, Intermediate Government Bond and Intermediate Term Bond 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 Core Bond, Intermediate Bond and Intermediate Term Bond, 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 Mergers

Effective after the close of business on January 29, 2010, Intermediate Government Bond acquired the assets and assumed the liabilities of First American U.S. Government Mortgage Fund (“U.S. Government Mortgage”). Intermediate Government Bond was deemed to be the accounting survivor in the merger. Shareholders of U.S. Government Mortgage approved the merger on January 21, 2010.

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

	Share Class
Intermediate Government Bond	A		B		C		R		Y		Total
Net assets of U.S. Government Mortgage	$	10,604	$	2,621	$	2,023	$	874	$	81,335	$	97,457
U.S. Government Mortgage shares exchanged		1,045		258		200		86		8,012		9,601
Intermediate Government Bond shares issued		1,538		—		235		102		9,456		11,331
Net assets of Intermediate Governement Bond immediately before the merger		8,063		—		1		1		87,606		95,671
Net assets of Intermediate Governement Bond immediately after the merger		21,289		—		2,024		875		168,940		193,128

Nuveen Investments 171

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

The components of U.S. Government Mortgage’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 Income (Loss)		Accumulated Net Realized Gain (Loss)		Net Unrealized Appreciation (Depreciation)
U.S. Government Mortgage	$	97,457	$	111,558	$	(474)	$	(13,746)	$	119

10. New Accounting Pronouncements

Fair Value Measurements and Disclosures

On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 (“ASU No. 2011-04”) 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 of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 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 ASU No. 2011-04 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.

172 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; member 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 Georgetown 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 173

Trustees and Officers (Unaudited) (continued)

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee
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
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 Advisers 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
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

174 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
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2005) of Nuveen Fund Advisors, Inc.	245
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 (2005-2010) of Nuveen Securities, LLC and Funds Controller; Vice President of Nuveen; 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 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 175

Trustees and Officers (Unaudited) (continued)

Name, Birthdate and Address	Position(s) Held with the Funds	Year First Elected or Appointed (4)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
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, 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 Investments (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.

176 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

Nuveen Investments 177

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

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 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 and, in most cases, the same portfolio management team. In light of the continuity of investment personnel in most cases (with respect to the Company’s funds in the aggregate), 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.

178 Nuveen Investments

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.

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 179

Notes

180 Nuveen Investments

Notes

Nuveen Investments 181

Glossary of Terms Used in this Report

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

The Barclays Capital Aggregate Bond Index: is an unmanaged index that includes all investment-grade, publicly issued, fixed-rate, dollar denominated, nonconvertible debt issues and commercial mortgage backed securities with maturities of at least one year and out-standing par values of $150 million or more.

The Barclays Capital High-Yield 2% Issuer Capped Index: is an issuer-constrained version of the U.S. Corporate High-Yield Index that covers the U.S. dollar denominated, non-investment grade, fixed-rate, tax-able corporate bond market.

The Barclays Capital U.S. TIPs Index: is an unmanaged index that includes all publicly issued, U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade, and have $250 million or more of outstanding face value.

The Barclays Capital Intermediate Government Bond Index: is an unmanaged index that includes all publicly issued, U.S. Treasury securities that have a remaining maturity of greater than or equal to 1 year and less than 10 years, are rated investment grade, and have $250 million or more of outstanding face value.

The Barclays Capital Intermediate Government/Credit Bond Index: is an unmanaged index that measures the performance of U.S. dollar denominated U.S. Treasuries, government-rated and investment grade U.S. corporate fixed-rate, non-convertible securities having $250 million or more of outstanding face value and a remaining maturity of greater than or equal to 1 year and less than 10 years.

The Barclays Capital 1-3 Year Government/Credit Bond Index: is an unmanaged index that includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued. Index returns do not include the effects of any sales charges or management fees. It is not possible to invest directly in an index.

Lipper High Current Yield Funds Category Average: Represents the average annualized returns for all reporting funds in the Lipper High Current Yield Category. The Category contained 483 funds during the 1-year period ended June 30, 2011. For more information about Lipper category averages, please see your Fund’s web page at www.nuveen.com.

Lipper Intermediate Investment Grade Debt Funds Category Average: Represents the average annualized returns for all reporting funds in the Lipper Intermediate Investment Grade Debt Category. The Category contained 572 funds during the 1-year period ended June 30, 2011. For more information about Lipper category averages, please see your Fund’s web page at www.nuveen.com.

Lipper Intermediate U.S. Government Funds Category Average: Represents the average annualized returns for all reporting funds in the Lipper Intermediate U.S. Government Bond Category. The Category contained 73 funds during the 1-year period ended June 30, 2011. For more information about Lipper category averages, please see your Fund’s web page at www.nuveen.com.

Lipper Short-Intermediate Investment Grade Debt Funds Category Average: Represents the average annualized returns for all reporting funds in the Lipper Short-Intermediate Investment Grade Debt Category. The Category contained 145 funds during the 1-year period ended June 30, 2011. For more information about Lipper category averages, please see your Fund’s web page at www.nuveen.com.

Lipper Short Investment Grade Debt Funds Category Average: Represents the average annualized returns for all reporting funds in the Lipper Short Investment Grade Debt Category. The Category contained 243 funds during the 1-year period ended June 30, 2011. For more information about Lipper category averages, please see your Fund’s web page at www.nuveen.com.

Lipper Treasury Inflation Protected Securities Funds Category Average: Represents the average annualized returns for all reporting funds in the Lipper Treasury Inflation Protected Securities Category. The Category contained 156 funds during the 1-year period ended June 30, 2011. For more information about Lipper category averages, please see your Fund’s web page at www.nuveen.com.

Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the Fund’s dividends paid deduction.

182 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 E. Michigan Street

Milwaukee, WI 53202

Long-Term Capital Gain Distributions: Nuveen High Income Bond Fund designated as a long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), $244,442, or if greater the amount necessary to reduce earnings and profits of the Fund related to net capital gain to zero for the tax year ended June 30, 2011.

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 183

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 $210 billion of assets as of June 30, 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

Nuveen makes things e-simple.

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.

Free e-Reports right to your e-mail!

www.investordelivery.com

If you receive your Nuveen Fund distributions and statements from your financial advisor or brokerage account.

OR

www.nuveen.com/accountaccess

If you receive your Nuveen Fund distributions and statements directly from Nuveen.

Distributed by

Nuveen Securities, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MAN-FINC-0611D

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 June 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
Core Bond Fund		24,428		0		4,557		0
High Income Bond Fund		24,429		0		1,056		0
Intermediate Government Bond Fund		24,429		0		3,223		0
Inflation Protected Securities Fund		24,429		0		3,681		0
Intermediate Term Bond Fund		24,428		0		2,513		0
Short Term Bond Fund		24,428		0		4,265		0
Total Return Bond Fund		24,429		0		5,134		0
Total	$	171,000	$	0	$	24,429	$	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.

	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
Core Bond Fund		0	%		0	%		0	%		0	%
High Income Bond Fund		0	%		0	%		0	%		0	%
Intermediate Government Bond Fund		0	%		0	%		0	%		0	%
Inflation Protected Securities Fund		0	%		0	%		0	%		0	%
Intermediate Term Bond Fund		0	%		0	%		0	%		0	%
Short Term Bond Fund		0	%		0	%		0	%		0	%
Total Return Bond 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
Core Bond Fund		67,879			215			13,408			0
High Income Bond Fund		67,879			215			13,408			0
Intermediate Government Bond Fund		67,879			215			13,408			0
Inflation Protected Securities Fund		67,879			215			13,408			0
Intermediate Term Bond Fund		67,879			215			13,408			0
Short Term Bond Fund		67,879			215			13,408			0
Total Return Bond Fund		67,879			215			13,408			0
Total	$	475,153		$	1,505		$	93,856		$	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
Core Bond Fund		0	%		0	%		0	%		0	%
High Income Bond Fund		0	%		0	%		0	%		0	%
Intermediate Government Bond Fund		0	%		0	%		0	%		0	%
Inflation Protected Securities Fund		0	%		0	%		0	%		0	%
Intermediate Term Bond Fund		0	%		0	%		0	%		0	%
Short Term Bond Fund		0	%		0	%		0	%		0	%
Total Return Bond Fund		0	%		0	%		0	%		0	%

Fiscal Year Ended June 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 June 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
Core Bond Fund		4,557		0		0		4,557
High Income Bond Fund		1,056		0		0		1,056
Intermediate Government Bond Fund		3,223		0		0		3,223
Inflation Protected Securities Fund		3,681		0		0		3,681
Intermediate Term Bond Fund		2,513		0		0		2,513
Short Term Bond Fund		4,265		0		0		4,265
Total Return Bond Fund		5,134		0		0		5,134
Total	$	24,429	$	0	$	0	$	24,429

“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.

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
Core Bond Fund		13,408		0		0		13,408
High Income Bond Fund		13,408		0		0		13,408
Intermediate Government Bond Fund		13,408		0		0		13,408
Inflation Protected Securities Fund		13,408		0		0		13,408
Intermediate Term Bond Fund		13,408		0		0		13,408
Short Term Bond Fund		13,408		0		0		13,408
Total Return Bond Fund		13,408		0		0		13,408
Total	$	93,856	$	0	$	0	$	93,856

“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 September 6, 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 September 6, 2011

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

Date September 6, 2011

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

I, Gifford R. Zimmerman, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Investment Funds, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 6, 2011

/S/ GIFFORD R. ZIMMERMAN

Chief Administrative Officer

(principal executive officer)

I, Stephen D. Foy, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Investment Funds, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 6, 2011

/S/ STEPHEN D. FOY

Vice President and Controller

(principal financial officer)

EX-99.906CERT

EX-99.906CERT

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer’s knowledge and belief.

The undersigned officers of Nuveen Investment Funds, Inc. (the “Trust”) certify that, to the best of each such officer’s knowledge and belief:

1. The Form N-CSR of the Trust for the period ended June 30, 2011 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: September 6, 2011

/s/ Gifford R. Zimmerman

Chief Administrative Officer

(principal executive officer)

/s/ Stephen D. Foy

Vice President and Controller

(principal financial officer)