N-CSRS

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: December 31, 2015

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

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

Item 1. Reports to Stockholders.

Mutual Funds

Nuveen Income Funds

Semi-Annual Report  December 31, 2015

	Share Class / Ticker Symbol
Fund Name	Class A	Class C	Class R3	Class R6	Class I
Nuveen Core Bond Fund	FAIIX	NTIBX	—	NTIFX	FINIX
Nuveen Core Plus Bond Fund	FAFIX	FFAIX	FFISX	FPCFX	FFIIX
Nuveen Inflation Protected Securities Fund	FAIPX	FCIPX	FRIPX	FISFX	FYIPX
Nuveen Intermediate Government Bond Fund	FIGAX	FYGCX	FYGRX	—	FYGYX
Nuveen Short Term Bond Fund	FALTX	FBSCX	NSSRX	NSSFX	FLTIX

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Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations and Dividend Information	15
Fund Performance and Expense Ratios	17
Yields	24
Holding Summaries	26
Expense Examples	31
Portfolios of Investments	34
Statement of Assets and Liabilities	81
Statement of Operations	83
Statement of Changes in Net Assets	84
Financial Highlights	88
Notes to Financial Statements	98
Additional Fund Information	118
Glossary of Terms Used in this Report	119

Nuveen Investments 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

For better or for worse, the financial markets spent most of the past year waiting for the U.S. Federal Reserve (Fed) to end its accommodative monetary policy. The policy has propped up stock and bond markets since the Great Recession, but the question remains: how will markets behave without its influence? This uncertainty was a considerable source of volatility for stock and bond prices for much of 2015, despite the Fed carefully conveying its intention to raise rates slowly and only when the economy shows evidence of readiness.

As was widely expected, the long-awaited Fed rate hike materialized in mid-December. While the move was interpreted as a vote of confidence on the U.S. economy’s underlying strength, the Fed emphasized that future rate increases will be gradual and guided by its ongoing assessment of financial conditions. Headwinds including rising borrowing costs, softer commodity prices, low inflation, a strong U.S. dollar and a stagnant global economy could necessitate keeping monetary conditions accommodative for longer. Meanwhile, policy makers in Europe and Japan are deploying their available tools to try to bolster their economies’ fragile growth, while Chinese authorities have stepped up efforts to manage China’s slowdown.

Although the new year began with a more pessimistic tone to investor sentiment and elevated volatility in the markets, we caution investors from making long-term decisions based on short-term news. In times like these, you can look to a professional investment manager with the experience and discipline to maintain the proper perspective on short-term events. And if the daily headlines do concern you, I encourage you to reach out to your financial advisor. Your financial advisor can help you evaluate your investment strategies in light of current events, your time horizon and risk tolerance.

On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

William J. Schneider

Chairman of the Board

February 22, 2016

4 Nuveen Investments

Portfolio Managers’

Comments

Nuveen Core Bond Fund

Nuveen Core Plus Bond Fund

Nuveen Inflation Protected Securities Fund

Nuveen Intermediate Government Bond Fund

Nuveen Short Term Bond Fund

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. In this report, the various portfolio management teams for the Funds discuss key investment strategies and the Funds’ performance for the six-month reporting period ended December 31, 2015. These management teams include:

Nuveen Core Bond Fund

Wan-Chong Kung, CFA, has managed the Fund since 2002 and Jeffrey J. Ebert since 2000. Chris J. Neuharth joined the Fund as a co-portfolio manager in 2012.

Nuveen Core Plus Bond Fund

Chris J. Neuharth has managed the Fund since 2006. Timothy A. Palmer, CFA, Wan-Chong Kung, CFA, and Jeffrey J. Ebert have been part of the management team for the Fund since 2003, 2001, and 2005, respectively.

Nuveen Inflation Protected Securities Fund

Wan-Chong Kung, CFA, has managed the Fund since its inception in 2004 and Chad W. Kemper joined the Fund as a co-portfolio manager in 2010.

Nuveen Intermediate Government Bond Fund

Wan-Chong Kung, CFA, has managed the Fund since 2002. Chris J. Neuharth and Jason J. O’Brien, CFA, have been on the Fund’s management team since 2009.

Nuveen Short Term Bond Fund

Chris J. Neuharth has been a co-portfolio manager of the Fund since 2004. Peter L. Agrimson, CFA, joined the Fund as a co-portfolio manager in 2011.

How did the Funds perform during the six-month reporting period ended December 31, 2015?

The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Funds for the six-month, one-year, five-year, ten-year and/or since inception periods ended December 31, 2015. Each Funds’ Class A Share total returns at net asset value (NAV) are compared with the performance of the appropriate Barclays Index and Lipper classification average. A more detailed account of each Fund’s performance is provided later in this report.

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

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

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

Nuveen Investments 5

Portfolio Managers’ Comments (continued)

What strategies were used to manage the Funds during the six-month reporting period and how did these strategies influence performance?

All of the Funds continued to employ the same fundamental investment strategies and tactics used previously, although implementation of those strategies depended on the individual characteristics of the portfolios, as well as market conditions. The Funds’ management teams 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. During the reporting period, the Funds were generally positioned for an environment of continued moderate economic growth. Nonetheless, during the reporting period we made smaller scaled shifts on an ongoing basis that were geared toward improving each Fund’s profile in response to changing conditions and valuations. These strategic moves are discussed in more detail within each Fund’s section of this report.

Nuveen Core Bond Fund

The Fund’s Class A Shares at net asset value (NAV) underperformed the Barclays U.S. Aggregate Bond Index and the Lipper Core Bond Classification Average for the six-month reporting period. The reporting period began with the U.S. economy showing resilience in the face of weaker growth experienced by the rest of the global economy. The key area of focus was China, which showed markedly slower manufacturing activity and uncertainty surrounding actual levels of consumption. Slower Chinese production and the ongoing weakness across emerging markets led to renewed volatility and weakness in commodity prices across the board. Oil prices were highly volatile throughout the period, declining rapidly following the end of June and selling off sharply again into year-end to a decade-low level of below $36-per-barrel level by December. The decline was driven by concerns over China’s slowdown, a global supply glut and the Organization of the Petroleum Exporting Counties (OPECs) decision to maintain current production levels. The fears over China and the uncertainty surrounding Federal Reserve (Fed) policy normalization also caused market volatility to spike, spurring a significant sell-off in global equity markets beginning in mid-August as China unexpectedly shifted currency policy. Despite broad speculation that it would increase rates in September for the first time in nearly a decade, the Fed decided to keep the federal funds rate near zero at that meeting. The nation’s relatively weak wage growth continued to be an area of keen interest for the Fed because it indicated that the U.S. economic recovery was far from robust. However, as the period progressed, the U.S. economy continued to expand at a moderate pace, while job growth improved with the unemployment rate falling to 5.0% in the last three months of the year. Finally, at the Fed’s December meeting, policymakers began the long-awaited process of policy normalization by raising the federal funds rate by 0.25%, marking the end of a historically long period of low rates designed to boost the U.S. economic recovery. As a result, the Treasury yield curve flattened during the reporting period as rates for Treasuries with maturities of less than five years moved higher in earnest, while rates for intermediate- and long-term Treasuries fell modestly.

During the reporting period, spreads widened across all sectors as investors favored higher quality sectors of the market such as Treasuries and mortgage-backed securities, which outpaced corporate bonds by a wide margin. In the investment grade corporate market, commodity price volatility and heavy new issue supply kept technicals weak in higher risk sectors, causing lower quality bonds to underperform significantly. Analysts at ratings agencies reduced price forecasts for energy and metals, causing negative outlook changes for several issuers and exacerbating selling pressure in an already weak market. Merger and acquisition (M&A) related financing also took a toll on the technical backdrop as the market tried to absorb nearly $70 billion in M&A related issuance. Market technicals remained weak into the reporting period as dealers tried to keep inventory levels low and oil prices hit new lows. Given strong fundamentals, financials outperformed the industrial sector, which was weighed down by growth concerns. These worries also caused BBB rated credit issuers to significantly underperform A rated issuers.

Among the securitized sectors of the bond market, mortgage-backed securities (MBS) issued by government agencies such as Fannie Mae (FNMA), Ginnie Mae (GNMA) and Freddie Mac (FHLMC) performed well during the reporting period, posting positive excess returns versus Treasuries. Range-bound levels of implied volatility in the agency MBS segment were supportive from a fundamental perspective, while strong bank and money manager demand provided a solid technical backdrop. Homeowner refinancing activity was relatively subdued and MBS prepayments stabilized at historically low levels. The Fed implied that it will continue to re-invest MBS paydowns from its holdings until policy normalization is well under way, which gave investors comfort that technicals would remain favorable through much of 2016. Valuations were steady and investors embraced the combination of lower volatility and superior liquidity found in the agency MBS sector. Returns in the commercial mortgage-backed securities (CMBS) sector were lackluster during the reporting period as the segment underperformed Treasuries. Longer duration, newer vintage bonds struggled due to higher levels of new issuance and ongoing concerns about the quality of loans going into new deals. The valuation differential

6 Nuveen Investments

between CMBS deals became increasingly pronounced amid greater loan scrutiny in new deals. Traditional consumer asset-backed securities (ABS) generated positive excess returns over Treasuries as consumer credit trends remained favorable, although year-end balance sheet pressures and outflows from short duration funds did create some technical pressure on the sector. ABS issuance was light given tepid investor demand for short, high quality paper as the Fed began the process of normalizing policy.

The Fund lagged its comparative indexes during the six-month reporting period as many of our high level investment themes were challenged. We had positioned the Fund for trend-like economic growth, strong corporate performance and a Fed interest rate hike in September. In light of this outlook, we had maintained the Fund’s underweight to Treasuries and approximately 15% overweight in the investment grade credit sector. This sector positioning was a performance detractor because Treasuries significantly outperformed all other fixed income asset classes, while investment grade credit underperformed as concerns about global growth, commodities markets and possible Fed rate hikes drove spreads wider. Within the investment grade credit sector, security selection was also a drag on results due to our overweight position in energy and metals/mining names. These segments of the market experienced relentless selling pressure due to volatile commodity prices and a large amount of new issues. Also, our bias toward lower quality, BBB rated bonds worked against the Fund due to the significantly lower returns for ratings categories further down the quality spectrum. The one positive offsetting factor in our investment grade credit exposure was a large overweight to financials, which benefited relative returns within the sector.

Results from our interest rate strategy were modestly beneficial during the course of the reporting period. We entered the reporting period with the Fund positioned for the likelihood that short-term interest rates would increase more than long-term rates and that the yield curve would flatten as the Fed continued to normalize policy. Therefore, we had reduced the Fund’s exposure to short- and intermediate-duration securities and modestly overweighted securities at the longer end of the yield curve. This contributed favorably to the Fund’s performance during the reporting period as the shape of the yield curve did indeed flatten. At the same time, we had positioned the Fund to benefit from higher rates with a duration (interest rate sensitivity) that averaged around 0.25 years shorter than the benchmark. This was a modest detractor relative to the index, but not enough to offset the strongly positive effect of yield curve positioning.

In securitized sectors, the Fund maintained an overweight position in CMBS, which was a minor drag on results since excess returns in this sector were slightly negative. Generally speaking, the Fund was neutrally weighted to agency MBS, therefore, these positions were non-factors in terms of performance during the reporting period.

Over the course of the reporting period, we made several changes to the Fund’s structure in response to our shifting views or movements in valuations. Our interest rate strategy was little changed as we maintained the Fund’s defensive duration posture and positioning to benefit from a flatter yield curve. We modestly adjusted the Fund’s sector weights in response to shifting technicals and changing valuations. Early in the reporting period, as spreads on investment grade corporates widened in response to issuance and global uncertainty, we selectively added names in both the new issue and secondary markets, generally focusing on credits outside of the metals/mining sector. However, after the investment grade corporate sector recovered somewhat in October, we reduced overall exposure, primarily by paring individual position sizes to help reduce the Fund’s idiosyncratic risk. Also, as part of our ongoing credit surveillance, we sold a few names in response to the deteriorating fundamentals caused by renewed weakness in commodity prices. We kept the Fund’s securitized exposure relatively stable. Most activity in the agency MBS sector was bottom up in nature and related to maintaining risk in line with the benchmark. We also raised the Fund’s liquidity profile in November in anticipation of a more difficult trading environment around year-end.

In addition, we continued to utilize various derivative instruments in the Fund during the reporting period. We used Treasury note and bond futures to manage the Fund’s duration and yield curve exposure. To decrease the duration of the Fund’s portfolio, we established short Treasury bond or Treasury note futures positions. These derivative positions detracted from performance during the reporting period. We also used interest rate swaps as part of our portfolio construction strategy to manage the Fund’s duration and overall portfolio yield curve exposure. The interest rate swap positions detracted from performance during the reporting period. These contracts were terminated prior to the end of the reporting period.

Nuveen Core Plus Bond Fund

The Fund’s Class A Shares at net asset value (NAV) underperformed both the Barclays U.S. Aggregate Bond Index and the Lipper Core Plus Classification Average for the six-month reporting period. The reporting period began with the U.S. economy showing resilience

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

in the face of weaker growth experienced by the rest of the global economy. The key area of focus was China, which showed markedly slower manufacturing activity and uncertainty surrounding actual levels of consumption. Slower Chinese production and the ongoing weakness across emerging markets led to renewed volatility and weakness in commodity prices across the board. Oil prices were highly volatile throughout the reporting period, declining rapidly following the end of June and selling off sharply again into year-end to a decade-low level of below $36-per-barrel level by December. The decline was driven by concerns over China’s slowdown, a global supply glut and the Organization of the Petroleum Exporting Countries (OPEC’s) decision to maintain current production levels. The fears over China and the uncertainty surrounding Federal Reserve (Fed) policy normalization also caused market volatility to spike, spurring a significant sell-off in global equity markets beginning in mid-August as China unexpectedly shifted currency policy. Despite broad speculation that it would increase rates in September for the first time in nearly a decade, the Fed decided to keep the federal funds rate near zero at that meeting. The nation’s relatively weak wage growth continued to be an area of keen interest for the Fed because it indicated that the U.S. economic recovery was far from robust. However, as the reporting period progressed, the U.S. economy continued to expand at a moderate pace, while job growth improved with the unemployment rate falling to 5.0% in the last three months of the year. Finally, at the Fed’s December meeting, policymakers began the long-awaited process of policy normalization by raising the federal funds rate by 0.25%, marking the end of a historically long period of low rates designed to boost the U.S. economic recovery. As a result, the Treasury yield curve flattened as rates for Treasuries with maturities of less than five years moved higher in earnest, while rates for intermediate- and long-term Treasuries fell modestly.

During the reporting period, spreads widened across all sectors as investors favored higher quality sectors of the market such as Treasuries and mortgage-backed securities, which outpaced corporate bonds by a wide margin. In the investment grade corporate market, commodity price volatility and heavy new issue supply kept technicals weak in higher risk sectors, causing lower quality bonds to underperform significantly. Analysts at ratings agencies reduced price forecasts for energy and metals, causing negative outlook changes for several issuers and exacerbating selling pressure in an already weak market. Merger and acquisition (M&A) related financing also took a toll on the technical backdrop as the market tried to absorb nearly $70 billion in M&A related issuance. Market technicals remained weak into the reporting period as dealers tried to keep inventory levels low and oil prices hit new lows. Given strong fundamentals, financials outperformed the industrial sector, which was weighed down by growth concerns. These worries also caused BBB rated credit issuers to significantly underperform A rated issuers.

High yield bond prices came under extreme pressure as festering global growth concerns, the Fed’s mixed messages and accumulating sector specific issues weighed on confidence and led to a poor technical backdrop. A flight-to-quality ensued due to persistent commodity weakness and increased distress among lower rated issues. Energy bonds, which comprise approximately 13% of the market, continued to be pressured by falling crude prices. The weak global growth outlook also caused the headwinds in the commodity sector, with many base metal, iron ore and coal prices trading at multi-year lows. Elevated risks in the commodity sector curbed risk appetites and led to underperformance in the CCC rated credit space, which is more exposed to these cyclically weak areas. High yield spreads, which have been rising since mid-2014, ended the reporting period well above their historical average as a percentage of the 10-year Treasury yield, reflecting the extremely negative sentiment and investor outflows from the segment.

Among the securitized sectors of the bond market, mortgage-backed securities (MBS) issued by government agencies such as Fannie Mae (FNMA), Ginnie Mae (GNMA) and Freddie Mac (FHLMC) performed well during the reporting period, posting positive excess returns versus Treasuries. Range-bound levels of implied volatility in the agency MBS segment were supportive from a fundamental perspective, while strong bank and money manager demand provided a solid technical backdrop. Homeowner refinancing activity was relatively subdued and MBS prepayments stabilized at historically low levels. The Fed indicated that it will continue to re-invest MBS paydowns from its holdings until policy normalization is well under way, which gave investors comfort that technicals would remain favorable through much of 2016. Valuations were steady and investors embraced the combination of lower volatility and superior liquidity found in the agency MBS sector. Returns in the commercial mortgage-backed securities (CMBS) sector were lackluster during the reporting period as the segment underperformed Treasuries. Longer duration, newer vintage bonds struggled due to higher levels of new issuance and ongoing concerns about the quality of loans going into new deals. The valuation differential between CMBS deals became increasingly pronounced amid greater loan scrutiny in new deals. Traditional consumer asset-backed securities (ABS) generated excess returns over Treasuries as consumer credit trends remained favorable, although year-end balance sheet pressures and outflows from short duration funds did create some technical pressure on the sector. ABS issuance was light given tepid investor demand for short, high quality paper as the Fed began the process of normalizing policy.

8 Nuveen Investments

Non-U.S. interest rates and currencies took the Fed’s first move in stride, reacting moderately to prospects for a higher U.S. rate structure. A moderate message from the Fed, below trend global growth, the lack of inflation pressures and ongoing risk aversion in credit helped keep market rates in check. Europe and Japan, while posting reasonable growth data, continued to witness broadly disinflationary effects beyond energy, leading to meaningfully lower inflation expectations. After increased expectations earlier in the reporting period, the European Central Bank disappointed marginally by offering only an extension of its quantitative easing plan late in the year, but clearly left the door open for more. The Bank of Japan continued its waiting game in the midst of mixed economic data. China was an ongoing source of volatility after surprising the market with a currency devaluation in August. Most foreign markets marginally outperformed the U.S. and yield curves were flatter. While currencies were volatile during the period, the U.S. dollar generally appreciated versus most currencies. Emerging market (EM) currencies struggled with slow growth, declining commodity prices and reduced investor risk appetite. Developed currencies, such as the euro, fared better, but generally slipped on diverging monetary policies. The yen gained marginally amid global risk aversion and sluggish domestic activity.

A combination of sluggish global economic activity, low and volatile commodity prices and concerns about a Fed rate hike led to negative returns for EM debt. Mixed and decelerating data out of China continued to raise questions about the country’s growth and the resultant impact on the rest of the world. Political disarray, stagnant growth and currency weakness continued to plague Brazil, threatening further instability in this large EM player, while a surprise policy shift in South Africa exacerbated the volatility. In terms of regions, Latin America lagged, while Eastern Europe held in better given those countries’ proximity to the eurozone and better debt dynamics. Nearly all EM currencies declined, with central Europe faring better and Brazil, Russia and South Africa among the worst performers due to global as well as domestic challenges.

The volatile market environment and pressures on credit and economically sensitive sectors of the market drove the Fund’s shortfall versus the benchmark during the reporting period. Investment grade credit had the biggest negative impact on performance, due to both a significant overweight to the sector as well as our security selection and quality bias within the sector. Our overweights to cyclical credits and our lower quality bias/overweight BBB rated credits both detracted from performance. Also, the benefit of our large overweight to financials was more than offset by our smaller, but hard hit, positions in energy, metals and other cyclically-sensitive industries. On the other hand, our large weight in preferred securities, also in the financial sector, was beneficial to performance. However, our exposure to EM investment grade credit detracted from performance, particularly early in the reporting period.

The Fund’s substantial weighting in the high yield corporate sector was also a drag on results. We had maintained an allocation toward the high end of our policy range due to our view of moderate global growth and supportive credit fundamentals. Within high yield, our positioning in oil and cyclical credits contributed to the underperformance.

Away from credit, sector selection detracted modestly owing to the Fund’s underweight position in MBS. Also, foreign positions were a marginal detractor from performance. Our positions in foreign bonds detracted as spreads versus the U.S. more than offset yield advantages. However, foreign currency had little impact on the Fund’s performance over the period, largely due to light positioning. Interest rate positioning was a positive contributor to the Fund’s performance, driven by a flattening of the yield curve.

The Fund’s key sector themes continue to emphasize income generation driven primarily through diversified exposure to investment grade and high yield credit, in addition to other spread opportunities away from credit. We continue to underweight mortgage and structured assets, given better opportunities elsewhere. We also continue to allocate away from Treasury and agency securities as these offered unattractive duration and yield profiles. Although the credit sectors are still volatile and liquidity can occasionally be challenging, we continue to believe credit fundamentals remain solid in most segments, while valuations provide ample compensation for fundamental risk and market volatility. Accordingly, we maintained the Fund’s overweight in investment grade and high yield credit.

Activity during the reporting period was driven largely by repositioning credit exposure in response to fundamental credit developments, valuation changes and opportunities due to primary and secondary market activity. We continued to reevaluate credit fundamentals in light of changing market, economic and company specific developments. The Fund remained overweight to BBB rated companies within the investment grade sector. Although these credits have underperformed due to their higher economic sensitivity, we believe valuations have moved excessively and that yields are attractive in light of our fundamental outlook. We also maintained an overweight in financials. We continued to monitor developments in the energy sector very closely and assess the credit impact of developments in oil prices and energy fundamentals.

Nuveen Investments 9

Portfolio Managers’ Comments (continued)

We reduced the Fund’s allocation to preferred securities toward the end of the reporting period. Although our outlook remains favorable for the sector, relative valuations had moved substantially versus alternatives; therefore, we chose to take advantage of market strength in preferreds to reduce the Fund’s weight in the segment. We also reduced foreign bond holdings during the period, given fundamental shifts in some markets and continued challenging fundamentals, particularly in emerging markets. We employed proceeds from these reductions toward moderate increases in mortgages, CMBS and investment grade financials, adding to portfolio liquidity at attractive valuations and providing for future flexibility.

Duration positioning remains defensive versus the benchmark, given the market’s adjustment following the Fed’s move, very limited inflationary pressures and the outlook for continued high levels of global liquidity and economic slack. The Fund remains biased toward a flatter yield curve.

During the reporting period, we also continued to utilize various derivative instruments. We used Treasury note and bond futures as part of an overall construction strategy to manage the Fund’s duration and yield curve exposure. These derivative positions detracted from performance during the reporting period. We also utilized interest rate swaps to manage portfolio duration and yield curve exposure, and these positions also detracted from performance.

We utilized forward foreign currency exchange contracts to manage the Fund’s foreign currency exposure. For example, the Fund may reduce unwanted currency exposure from the Fund’s bond portfolio, or may take long forward positions in select currencies in an attempt to benefit from the potential price appreciation. These positions had a positive impact on performance during the reporting period.

Nuveen Inflation Protected Securities Fund

The Fund’s Class A Shares at net asset value (NAV) underperformed the Barclays U.S. TIPS Index and outperformed the Lipper Inflation-Protected Bond Funds Classification Average for the six-month reporting period. The reporting period began with the U.S. economy showing resilience in the face of weaker growth experienced by the rest of the global economy. The key area of focus was China, which showed markedly slower manufacturing activity and uncertainty surrounding actual levels of consumption. Slower Chinese production and the ongoing weakness across emerging markets led to renewed volatility and weakness in commodity prices across the board. Oil prices were highly volatile throughout the reporting period, declining rapidly following the end of June and selling off sharply again into year-end to a decade-low level of below $36-per-barrel level by December. The decline was driven by concerns over China’s slowdown, a global supply glut and the Organization of the Petroleum Exporting Countries (OPEC’s) decision to maintain current production levels. The fears over China and the uncertainty surrounding Federal Reserve (Fed) policy normalization also caused market volatility to spike, spurring a significant sell-off in global equity markets beginning in mid-August as China unexpectedly shifted currency policy. Despite broad speculation that it would increase rates in September for the first time in nearly a decade, the Fed decided to keep the federal funds rate near zero at that meeting. The nation’s relatively weak wage growth continued to be an area of keen interest for the Fed because it indicated that the U.S. economic recovery was far from robust. However, as the period progressed, the U.S. economy continued to expand at a moderate pace, while job growth improved with the unemployment rate falling to 5.0% in the last three months of the year. Finally, at the Fed’s December meeting, policymakers began the long-awaited process of policy normalization by raising the federal funds rate by 0.25%, marking the end of a historically long period of low rates designed to boost the U.S. economic recovery. As a result, the Treasury yield curve flattened during the period as rates for Treasuries with maturities of less than five years moved higher in earnest, while rates for intermediate- and long-term Treasuries fell modestly.

During the reporting period, spreads widened across all sectors as investors favored higher-quality sectors of the market such as Treasuries and mortgage-backed securities, which outpaced corporate bonds by a wide margin. High yield bond prices came under extreme pressure as festering global growth concerns, the Fed’s mixed messages and accumulating sector specific issues weighed on confidence and led to a poor technical backdrop. Energy bonds, which comprise approximately 13% of the market, continued to be pressured by falling crude prices. The weak global growth outlook also caused the headwinds in the commodity sector, with many base metal, iron ore and coal prices trading at multi-year lows. Elevated risks in the commodity sector curbed risk appetites and led to underperformance in the CCC rated credit space, which is more exposed to these cyclically weak areas. High yield spreads, which have been rising since mid-2014, ended the reporting period well above their historical average as a percentage of the 10-year Treasury yield, reflecting the extremely negative sentiment and investor outflows from the segment.

10 Nuveen Investments

Returns in the commercial mortgage-backed securities (CMBS) sector were lackluster during the reporting period as the segment underperformed Treasuries. Longer duration, newer vintage bonds struggled due to higher levels of new issuance and ongoing concerns about the quality of loans going into new deals. The valuation differential between CMBS deals became increasingly pronounced amid greater loan scrutiny in new deals.

Early in the reporting period, forward looking inflation expectations revisited historic lows as realized inflation moved lower, oil prices resumed their decline and investors seemed indifferent to Treasury inflation protected securities (TIPS). July’s Consumer Price Index (CPI) report showed softer-than-historical seasonal prints, while the August CPI report also ushered in a negative outlook for inflation, earlier than historical seasonal declines. As the reporting period progressed, headline inflation remained weak in the face of rapidly declining energy prices, however, core inflation rose to 2.0% on a year-over-year basis in December as measured by the CPI excluding food and energy. The Fed’s rate liftoff in a low inflation environment caused yields on TIPS to rise, particularly at the short end of the yield curve, even as breakeven spreads mostly languished near multi-year lows. (Breakeven spreads measure the difference between the yields of nominal Treasuries versus TIPS with the same maturity.) Breakeven spreads increased more at the front end of the TIPS yield curve, leading to outperformance for shorter maturity TIPS. Later in the reporting period, investors returned to the asset class given the attractive valuations and with inflation expectations turning positive into the New Year. During the reporting period, TIPS turned in negative absolute returns as yields rose across the yield curve, underperforming nominal Treasuries.

In terms of performance during the reporting period, the Fund was aided by its shorter duration profile in its TIPS portfolio, which lowers its sensitivity to changing interest rates. Rates moved higher by between 17 and 43 basis points during the reporting period, but more so at the short to intermediate parts of the yield curve, as prices fell and the curve flattened. A longer duration profile for our nominal Treasury holdings was also helpful due to the outperformance of longer maturity Treasuries. In addition, the Fund’s performance received a boost from our breakeven positioning, which is designed to benefit from changing inflation expectations along the TIPS yield curve. A general underweight to the TIPS sector versus the Barclays U.S. TIPS Index also helped results as these securities underperformed nominal Treasuries.

However, these favorable results were offset by the Fund’s out-of-index exposures, particularly in high yield credit. As noted previously, high yield corporates were the worst-performing area of the bond market, significantly underperforming Treasuries and TIPS. While the Fund’s exposure to this asset class was fairly small, high yield bonds came under intense pressure during this extremely risk-averse period, exhibiting explosive volatility and impaired market liquidity.

Based on our improving outlook for inflation and the attractive valuations in the TIPS asset class, we built up the Fund’s TIPS exposure from approximately 80% of the portfolio at the beginning of the reporting period to 88% by the end of the reporting period. We continue to maintain small positions in high yield credit as well as CMBS, but will look for opportunistic trades to improve the profile of these exposures. From an overall perspective, we expect that credit sensitive spread sectors will remain volatile due to ongoing concerns about emerging market growth and difficult technicals. However, we believe that risk premiums are appropriately discounting this greater uncertainty and that investors are generally being fairly compensated for owning corporate bonds and non-government securitized product. We are maintaining the Fund’s strategically shorter duration profile, focused in the short to intermediate parts of the nominal Treasury curve, to keep it positioned more defensively than the benchmark in anticipation of rising rates. Along those same lines, we continue to position the portfolio to benefit from a flatter nominal Treasury yield curve, as we expect shorter-term rates to rise more than longer-term rates. At the same time, we have the Fund positioned to benefit from a flatter breakeven curve with shorter breakeven spreads expected to benefit from seasonally stronger inflation.

We also used Treasury note and bond futures as part of an overall portfolio construction strategy to manage the Fund’s duration and yield curve exposure. The overall effect of the positions on performance during the reporting period was negligible. We also used interest rate swaps to manage portfolio duration and yield curve exposure and these positions detracted from performance during the reporting period. These contracts were terminated prior to the end of the reporting period.

Nuveen Intermediate Government Bond Fund

The Fund’s Class A Shares at NAV underperformed both the Barclays Intermediate Government Bond Index and the Lipper Intermediate U.S. Government Funds Classification Average for the six-month reporting period. The reporting period began with the U.S. economy showing resilience in the face of weaker growth experienced by the rest of the global economy. The key area of focus was

Nuveen Investments 11

Portfolio Managers’ Comments (continued)

China, which showed markedly slower manufacturing activity and uncertainty surrounding actual levels of consumption. Slower Chinese production and the ongoing weakness across emerging markets led to renewed volatility and weakness in commodity prices across the board. Oil prices were highly volatile throughout the reporting period, declining rapidly following the end of June and selling off sharply again into year-end to a decade-low level of below $36-per-barrel level by December. The decline was driven by concerns over China’s slowdown, a global supply glut and the Organization of the Petroleum Exporting Countries (OPEC’s) decision to maintain current production levels. The fears over China and the uncertainty surrounding Federal Reserve (Fed) policy normalization also caused market volatility to spike, spurring a significant sell-off in global equity markets beginning in mid-August as China unexpectedly shifted currency policy. Despite broad speculation that it would increase rates in September for the first time in nearly a decade, the Fed decided to keep the federal funds rate near zero at that meeting. The nation’s relatively weak wage growth continued to be an area of keen interest for the Fed because it indicated that the U.S. economic recovery was far from robust. However, as the reporting period progressed, the U.S. economy continued to expand at a moderate pace, while job growth improved with the unemployment rate falling to 5.0% in the last three months of the year. Finally, at the Fed’s December meeting, policymakers began the long-awaited process of policy normalization by raising the federal funds rate by 0.25%, marking the end of a historically long period of low rates designed to boost the U.S. economic recovery. As a result, the Treasury yield curve flattened during the reporting period as rates for Treasuries with maturities of less than five years moved higher in earnest, while rates for intermediate- and long-term Treasuries fell modestly.

During the reporting period, spreads widened dramatically across all sectors as investors favored higher quality sectors of the market such as Treasuries and mortgage-backed securities, which outpaced corporate bonds, particularly high yield, by a wide margin. Among the securitized sectors of the bond market, mortgage-backed securities (MBS) issued by government agencies such as Fannie Mae (FNMA), Ginnie Mae (GNMA) and Freddie Mac (FHLMC) performed well during the reporting period, posting positive excess returns versus Treasuries. Range-bound levels of implied volatility in the agency MBS segment were supportive from a fundamental perspective, while strong bank and money manager demand provided a solid technical backdrop. Homeowner refinancing activity was relatively subdued and MBS prepayments stabilized at historically low levels. The Fed implied that it will continue to re-invest MBS paydowns from its holdings until policy normalization is well under way, which gave investors comfort that technicals would remain favorable through much of 2016. Valuations were steady and investors embraced the combination of lower volatility and superior liquidity found in the agency MBS sector. Returns in the commercial mortgage-backed securities (CMBS) sector were lackluster during the period as the segment underperformed Treasuries. Longer duration, newer vintage bonds struggled due to higher levels of new issuance and ongoing concerns about the quality of loans going into new deals. The valuation differential between CMBS deals became increasingly pronounced amid greater loan scrutiny in new deals. Traditional consumer asset-backed securities (ABS) generated positive excess returns over Treasuries as consumer credit trends remained favorable, although year-end balance sheet pressures and outflows from short-duration funds did create some technical pressure on the sector. ABS issuance was light given tepid investor demand for short, high quality paper as the Fed began the process of normalizing policy.

Results from our interest rate strategy were modestly positive overall during the course of the reporting period. We entered the reporting period with the Fund positioned for the likelihood that short-term interest rates would rise more than long rates and that the yield curve would flatten as the Fed continued to normalize its policy. Therefore, throughout the reporting period, we maintained an underweight position in securities on the short end of the yield curve (out to five years) and added a corresponding overweight to ten- and twenty-year maturities. This contributed favorably to the Fund’s performance during the reporting period as the shape of the yield curve flattened. At the same time, the Fund was positioned defensively in terms of duration (interest rate sensitivity), which was a modest detractor relative to the index, but not enough to offset the strongly positive impact of yield curve positioning.

In the first half of the reporting period, the Fund’s sector strategies detracted from performance. Our overweight positions in several securitized sectors of the market and corresponding underweight to U.S. Treasuries proved detrimental to the Fund’s returns. In particular, the Fund’s overweight exposure to MBS had a negative impact on its results for the first half of the reporting period, while our positions in agency and non-agency CMBS securities also detracted from relative returns. The MBS sector recovered in the second half of the reporting period and was a solid positive contributor to performance. However, this was offset by some security selection in the ABS sector, which was a drag on performance. As a whole, the Fund’s sector strategies had a very small positive impact on performance in the second half of the reporting period.

In addition, we used Treasury note and bond futures as part of an overall portfolio construction strategy to manage the Fund’s portfolio duration and yield curve exposure. The overall effect of these positions on performance during the reporting period was

12 Nuveen Investments

negligible. We also used interest rate swaps as part of our portfolio construction strategy to manage the Fund’s duration and overall portfolio yield curve exposure. The interest rate swap positions detracted from performance during the reporting period. These contracts were terminated prior to the end of the reporting period.

Nuveen Short Term Bond Fund

The Fund’s Class A Shares at NAV underperformed the Barclays 1-3 Year Government/Credit Bond Index, but performed in line with the Lipper Short Investment Grade Debt Funds Classification Average for the six-month reporting period. The reporting period began with the U.S. economy showing resilience in the face of weaker growth experienced by the rest of the global economy. The key area of focus was China, which showed markedly slower manufacturing activity and uncertainty surrounding actual levels of consumption. Slower Chinese production and the ongoing weakness across emerging markets led to renewed volatility and weakness in commodity prices across the board. Oil prices were highly volatile throughout the period, declining rapidly following the end of June and selling off sharply again into year-end to a decade-low level of below $36-per-barrel level by December. The decline was driven by concerns over China’s slowdown, a global supply glut and the Organization of the Petroleum Exporting Countries (OPEC’s) decision to maintain current production levels. The fears over China and the uncertainty surrounding Federal Reserve (Fed) policy normalization also caused market volatility to spike, spurring a significant sell-off in global equity markets beginning in mid-August as China unexpectedly shifted currency policy. Despite broad speculation that it would increase rates in September for the first time in nearly a decade, the Fed decided to keep the federal funds rate near zero at that meeting. The nation’s relatively weak wage growth continued to be an area of keen interest for the Fed because it indicated that the U.S. economic recovery was far from robust. However, as the reporting period progressed, the U.S. economy continued to expand at a moderate pace, while job growth improved with the unemployment rate falling to 5.0% in the final three months of the year. Finally, at the Fed’s December meeting, policymakers began the long-awaited process of policy normalization by raising the federal funds rate by 0.25%, marking the end of a historically long period of low rates designed to boost the U.S. economic recovery. As a result, the Treasury yield curve flattened during the period as rates for Treasuries with maturities of less than five years moved higher in earnest, while rates for intermediate- and long-term Treasuries stayed about the same or fell modestly. For example, yields on two-year Treasuries rose by 36 basis points, while five-year Treasury rates were virtually unchanged at 11 basis points higher.

Spreads widened across all sectors as investors favored higher quality segments of the market such as Treasuries and mortgage-backed securities, which outpaced corporate bonds by a wide margin. In the investment-grade corporate market, commodity price volatility and heavy new issue supply kept technicals weak in higher risk sectors, causing lower quality bonds to underperform significantly. Analysts at ratings agencies reduced price forecasts for energy and metals, causing negative outlook changes for several issuers and exacerbating selling pressure in an already weak market. A large amount of merger and acquisition related financing also took a toll on the technical backdrop. Market technicals remained weak into the reporting period as dealers tried to keep inventory levels low, which created stress across all segments of the corporate market. Although spreads seemed to be under pressure throughout the reporting period, short-duration investment grade credit managed to outperform Treasuries. Financial spreads remained steady and this sector outperformed industrials, which were challenged by commodity price volatility and heavy new issue supply. Short duration non-investment grade corporates performed poorly as the risks of slower global growth, lower commodity prices and a hawkish Fed pressured prices lower across the board, causing spreads to widen versus Treasuries.

After holding fairly steady for most of 2015, the commercial mortgage-backed securities (CMBS) sector lagged later in the reporting period due to increased supply and macro concerns, causing the sector to underperform Treasuries. The valuation differential between CMBS deals became increasingly pronounced amid greater loan scrutiny in new deals. Traditional consumer asset-backed securities (ABS) with shorter durations also did not generate excess returns over Treasuries. Ongoing concerns about subprime auto loan quality and the Volkswagen emissions scandal resulted in auto ABS lagging slightly. And while consumer credit trends remained favorable, year-end balance sheet pressures and outflows from short-duration funds created some technical pressure on the sector. ABS issuance was light given tepid investor demand for short, high quality paper as the Fed began the process of normalizing policy. Short maturity agency and non-agency mortgage-backed securities (MBS) performed well during the reporting period, posting positive excess returns versus Treasuries. The Fed hinted that it will continue to re-invest MBS pay downs from its holdings until policy normalization is well under way, which gave investors comfort that technicals would remain favorable through much of 2016. Loan delinquencies continued to decline and housing market fundamentals remained broadly supportive of the non-agency segments of the MBS market.

Nuveen Investments 13

Portfolio Managers’ Comments (continued)

The Fund’s modest overweight to high yield corporate bonds was a detractor during the reporting period. Our high yield allocation, which represented approximately 5% of assets, was broadly diversified across industries and issuers in the BB and B rating credit categories. However, this exposure had a negative impact on the Fund’s performance due to the significant underperformance of risk assets during the reporting period.

We also maintained between a 35% and 40% position in investment grade corporates, or roughly a 5-10% overweight to the benchmark during the reporting period. Slightly more than half of our investment grade exposure was in the industrial sector, while slightly less than half was in financials, which were both overweight positions relative to the benchmark. The Fund’s financial holdings held up well throughout the reporting period’s volatile market environment, however, its industrial exposure was a detractor. While only a small amount of the Fund’s investment grade industrial exposure was in commodity-related sectors such as energy and metals/mining, our position still represented an overweight of about 1% versus the benchmark. This overweight was a drag on performance and roughly offset the positive impact of our financial overweight.

As always, the Fund maintained a strong focus on the securitized sectors, holding between 45% and 50% in residential MBS, CMBS and ABS product during the reporting period. Returns for these sectors were fairly lackluster during the reporting period, therefore, these exposures had no meaningful impact on overall performance.

On the other hand, our defensive interest rate posture was beneficial during the reporting period, offsetting the negative impact from the high yield sector. We had positioned the Fund defensively to limit its sensitivity to rising rates because we anticipated the Fed would begin to normalize monetary policy. This positioning included maintaining the Fund’s duration around 0.50 years short of the benchmark and with a bias toward a flatter yield curve. Due to the rise in rates during the reporting period, this stance benefited performance.

We made several changes to Fund’s structure during the reporting period. When interest rates rose after the Fed raised the target for the fed funds rate in December, we wanted the Fund’s duration to be marginally less defensive. Therefore, we increased the duration slightly to around 1.5 years. We kept the Fund’s sector allocations fairly steady with changes geared toward reducing the portfolio’s overall risk profile and increasing liquidity heading into the end of the reporting period. After the credit sectors showed a bout of strength midway through the period, we pared the Fund’s exposure to both investment grade and high yield corporates by 1-2%, increasing its allocation to Treasuries and boosting its cash levels in the process. Consistent with our desire to reduce overall portfolio risk, we focused on reducing the Fund’s exposure to the commodity-related sectors and increasing our issuer diversification in the credit sectors. We kept the Fund’s securitized exposure generally unchanged during the period, although we took the opportunity to reinvest maturities and cash flows in new issues in the mortgage-related sectors of the market. Given elevated levels of volatility, we continue to hold larger cash balances than normal. We are also focused on maintaining a strong liquidity profile for the Fund, due to ongoing concerns over the impact of Fed policy on the short end of the yield curve and fixed income markets in general.

During the reporting period, we also continued to utilize various derivative instruments. For example, we utilized Treasury note futures as part of an overall portfolio construction strategy to manage the Fund’s duration and yield curve exposure. The overall effect of these positions on the Fund’s performance during the reporting period was negligible. We also used interest rate swaps to manage Fund duration and yield curve exposure; these positions detracted from performance during the reporting period. These contracts were terminated prior to the end of the reporting period.

We utilized forward foreign currency exchange contracts to manage the Fund’s foreign currency exposure. For example, the Fund may reduce unwanted currency exposure from the Fund’s bond portfolio, or may take long forward positions in select currencies in an attempt to benefit from the potential price appreciation. These positions had a negligible impact on performance during the reporting period.

14 Nuveen Investments

Risk Considerations

and Dividend Information

Risk Considerations

Nuveen Core Bond Fund

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, derivatives risk, dollar roll transaction risk, and income risk. As interest rates rise, bond prices fall. 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.

Nuveen Core Plus Bond Fund

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, derivatives risk, dollar roll transaction risk, and income risk. As interest rates rise, bond prices fall. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. 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.

Nuveen Inflation Protected Securities Fund

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, derivatives risk, income risk, and index methodology risk. As interest rates rise, bond prices fall. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. 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. 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 Fund’s investment in inflation protected securities has tax consequences that may result in income distributions to shareholders.

Nuveen Intermediate Government Bond Fund

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, derivatives risk, dollar roll transaction risk, and income risk. As interest rates rise, bond prices fall. Asset-backed and mortgage-backed securities are subject to additional risks such as prepayment risk, liquidity risk, default risk and adverse economic developments.

Nuveen Short Term Bond Fund

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, derivatives risk, and income risk. As interest rates rise, bond prices fall. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. 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.

Nuveen Investments 15

Risk Considerations and Dividend Information (continued)

Dividend Information

Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.

As of December 31, 2015, all of the Funds had positive UNII balances, based upon our best estimate, for tax purposes. Nuveen Core Plus Bond Fund had a positive UNII balance, while the other Funds had negative UNII balances for financial reporting purposes.

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

16 Nuveen Investments

Fund Performance

and Expense Ratios

The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.

Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Returns may reflect fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

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

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

The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the most recent prospectus. The expense ratios include management fees and other fees and expenses.

Nuveen Investments 17

Fund Performance and Expense Ratios (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 section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of December 31, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		(0.53)%		(1.27)%		2.56%		3.99%
Class A Shares at maximum Offering Price		(3.53)%		(4.19)%		1.94%		3.66%
Barclays U.S. Aggregate Bond Index		0.65%		0.55%		3.25%		4.51%
Lipper Core Bond Classification Average		(0.05)%		(0.07)%		3.15%		4.04%
Class I Shares		(0.41)%		(1.04)%		2.78%		4.17%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class C Shares		(0.92)%		(1.94)%		1.72%

	Cumulative
	6-Month		Since Inception
Class R6 Shares		(0.45)%		(1.91)%

Since inception return for Class C Shares is from 1/18/11. Since inception return for Class R6 Shares is from 1/20/15. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 3.00% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015. 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 R6 Shares have no sales charge and are available only to certain limited categories as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class R6		Class I
Gross Expense Ratios		0.85%		1.61%		0.56%		0.59%
Net Expense Ratios		0.78%		1.53%		0.48%		0.53%

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2016 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.53% of the average daily net assets of any class of Fund shares. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for the Class R6 Shares will be less than the expense limitation. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Board of Directors of the Fund.

18 Nuveen Investments

Nuveen Core Plus Bond Fund

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

Fund Performance

Average Annual Total Returns as of December 31, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		(2.89)%		(3.01)%		3.03%		4.25%
Class A Shares at maximum Offering Price		(7.02)%		(7.13)%		2.15%		3.80%
Barclays U.S. Aggregate Bond Index		0.65%		0.55%		3.25%		4.51%
Lipper Core Bond Plus Classification Average		(0.88)%		(0.82)%		3.57%		4.66%
Class C Shares		(3.29)%		(3.70)%		2.27%		3.47%
Class R3 Shares		(2.99)%		(3.20)%		2.79%		4.02%
Class I Shares		(2.85)%		(2.75)%		3.29%		4.51%

	Cumulative
	6-Month		Since Inception
Class R6 Shares		(2.75)%		(3.04)%

Since inception return for Class R6 Shares is from 1/20/15. Indexes and Lipper averages are not available for direct investment.

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. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015. 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 only available for purchase by eligible retirement plans. Class R6 Shares have no sales charge and are available only to certain limited categories as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class R3		Class R6		Class I
Gross Expense Ratios		0.85%		1.60%		1.10%		0.54%		0.60%
Net Expense Ratios		0.77%		1.52%		1.02%		0.46%		0.52%

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2016 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.52% of the average daily net assets of any class of Fund shares. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for the Class R6 Shares will be less than the expense limitation. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Board of Directors of the Fund.

Nuveen Investments 19

Fund Performance and Expense Ratios (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 section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of December 31, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		(2.38)%		(2.38)%		2.11%		3.48%
Class A Shares at maximum Offering Price		(6.49)%		(6.57)%		1.24%		3.03%
Barclays U.S. TIPS Index		(1.78)%		(1.44)%		2.55%		3.93%
Lipper Inflation-Protected Bond Funds Classification Average		(2.53)%		(2.45)%		1.59%		3.02%
Class C Shares		(2.77)%		(3.10)%		1.48%		2.75%
Class R3 Shares		(2.49)%		(2.69)%		1.85%		3.15%
Class I Shares		(2.27)%		(2.07)%		2.49%		3.77%

	Cumulative
	6-Month		Since Inception
Class R6 Shares		(2.18)%		3.54%

Since inception return for Class R6 Shares is from 1/20/15. Indexes and Lipper averages are not available for direct investment.

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. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015. 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 only available for purchase by eligible retirement plans. Class R6 Shares have no sales charge and are available only to certain limited categories as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class R3		Class R6		Class I
Gross Expense Ratios		0.92%		1.66%		1.15%		0.52%		0.66%
Net Expense Ratios		0.83%		1.58%		1.08%		0.41%		0.58%

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2016 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.60% of the average daily net assets of any class of Fund shares. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for the Class R6 Shares will be less than the expense limitation. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Board of Directors of the Fund.

20 Nuveen Investments

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

Fund Performance

Average Annual Total Returns as of December 31, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		0.16%		0.21%		1.64%		3.30%
Class A Shares at maximum Offering Price		(2.82)%		(2.76)%		1.02%		2.98%
Barclays Intermediate Government Bond Index		0.36%		1.18%		2.02%		3.71%
Lipper Intermediate U.S. Government Funds Classification Average		0.45%		0.57%		2.13%		3.46%
Class I Shares		0.18%		0.37%		1.86%		3.48%

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception
Class C Shares		(0.33)%		(0.64)%		0.85%		1.28%
Class R3 Shares		0.02%		(0.06)%		1.37%		1.78%

Since inception returns for Class C and Class R3 Shares are from 10/28/09. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 3.00% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015. 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 only available for purchase by eligible retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class R3		Class I
Gross Expense Ratios		1.02%		1.77%		1.27%		0.77%
Net Expense Ratios		0.85%		1.60%		1.10%		0.60%

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2016, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed expenses) do not exceed 0.60% of the average daily net assets of any class of Fund shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Board of Directors of the Fund.

Nuveen Investments 21

Fund Performance and Expense Ratios (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 section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of December 31, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		(0.47)%		0.36%		1.55%		2.82%
Class A Shares at maximum Offering Price		(2.72)%		(1.92)%		1.09%		2.58%
Barclays 1-3 Year Government/Credit Bond Index		(0.07)%		0.65%		0.98%		2.74%
Lipper Short Investment Grade Debt Funds Classification Average		(0.44)%		0.24%		1.33%		2.52%
Class I Shares		(0.34)%		0.60%		1.78%		3.02%

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception
Class C Shares		(0.95)%		(0.43)%		0.75%		1.10%
Class R3 Shares		(0.72)%		(0.05)%		N/A		1.56%

	Cumulative
	6-Month		Since Inception
Class R6 Shares		(0.34)%		0.61%

Since inception return for Class C Shares, Class R3 Shares and Class R6 Shares are from 10/28/09, 9/23/11 and 1/20/15, respectively. Indexes and Lipper averages are not available for direct investment.

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. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015. 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 only available for purchase by eligible retirement plans. Class R6 Shares have no sales charge and are available only to certain limited categories as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class R3		Class R6		Class I
Gross Expense Ratios		0.73%		1.48%		0.98%		0.46%		0.48%
Net Expense Ratios		0.71%		1.46%		0.96%		0.43%		0.46%

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2016 so that total annual fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.47% of the average daily net assets of any class of Fund shares. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for the Class R6 Shares will be less than the expense limitation. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Board of Directors of the Fund.

N/A Not applicable.

22 Nuveen Investments

THIS PAGE INTENTIONALLY LEFT BLANK

Nuveen Investments 23

Yields as of December 31, 2015

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

The SEC 30-Day Yield is a standardized measure of a fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the Fund’s portfolio. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Subsidized yields reflect fee waivers and/or expense reimbursements from the investment adviser during the period. If any such waivers and/or reimbursements had not been in place, yields would have been reduced. Unsubsidized yields do not reflect waivers and/or reimbursements from the investment adviser during the period. Refer to the Fund Performance and Expense Ratios page for further details on the investment adviser’s most recent agreement with the Fund to waive fees and/or reimburse expenses, where applicable. Dividend Yield may differ from the SEC 30-Day Yield because the fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.

Nuveen Core Bond Fund

	Share Class
	Class A1		Class C		Class R6		Class I
Dividend Yield		2.51%		1.80%		2.83%		2.85%
SEC 30-Day Yield-Subsidized		2.48%		1.81%		2.81%		2.81%
SEC 30-Day Yield-Unsubsidized		2.40%		1.72%		2.75%		2.74%

Nuveen Core Plus Bond Fund

	Share Class
	Class A1		Class C		Class R3		Class R6		Class I
Dividend Yield		3.92%		3.33%		3.86%		4.37%		4.39%
SEC 30-Day Yield-Subsidized		4.15%		3.57%		4.08%		4.60%		4.58%
SEC 30-Day Yield-Unsubsidized		4.05%		3.49%		3.94%		4.53%		4.50%

Nuveen Inflation Protected Securities Fund

	Share Class
	Class A1		Class C		Class R3		Class R6		Class I
SEC 30-Day Yield-Subsidized		4.07%		3.49%		3.97%		4.84%		4.48%
SEC 30-Day Yield-Unsubsidized		3.90%		3.29%		3.71%		4.55%		4.32%

Nuveen Intermediate Government Bond Fund

	Share Class
	Class A1		Class C		Class R3		Class I
Dividend Yield		1.13%		0.41%		0.78%		1.44%
SEC 30-Day Yield-Subsidized		1.27%		0.57%		1.02%		1.56%
SEC 30-Day Yield-Unsubsidized		1.15%		0.44%		0.90%		1.43%

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.

24 Nuveen Investments

Nuveen Short Term Bond Fund

	Share Class
	Class A1		Class C		Class R3		Class R6		Class I
Dividend Yield		1.55%		0.79%		1.28%		1.83%		1.83%
SEC 30-Day Yield-Subsidized		1.79%		1.09%		1.59%		2.12%		2.08%
SEC 30-Day Yield-Unsubsidized		1.74%		1.04%		1.57%		2.07%		2.04%

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 25

Holding

Summaries as of December 31, 2015

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

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

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

Nuveen Core Bond Fund

Fund Allocation

(% of net assets)

Corporate Bonds	43.3%
$1,000 Par (or similar) Institutional Preferred	0.3%
Municipal Bonds	0.8%
U.S. Government and Agency Obligations	10.2%
Asset-Backed and Mortgage-Backed Securities	40.8%
Sovereign Debt	0.7%
Investments Purchased with Collateral from Securities Lending	4.7%
Money Market Funds	6.3%
Other Assets Less Liabilities	(7.1)%
Net Assets	100%

Corporate Debt: Industries

(% of total corporate bond holdings)

Banks	13.3%
Media	9.7%
Capital Markets	7.9%
Health Care Providers & Services	7.2%
Oil, Gas, & Consumable Fuels	6.3%
Diversified Telecommunication Services	5.9%
Insurance	5.7%
Real Estate Investment Trust	4.8%
Metals & Mining	3.8%
Energy Equipment & Services	3.1%
Food & Staples Retailing	3.0%
Health Care Equipment & Supplies	2.5%
Diversified Financial Services	2.3%
Specialty Retail	2.1%
Beverages	1.9%
Biotechnology	1.9%
Other	18.6%
Total	100%

Portfolio Credit Quality

(% of total long-term
investments)¹

AAA/U.S. Guaranteed	48.9%
AA	5.6%
A	23.9%
BBB	21.5%
N/R (not rated)	0.1%
Total	100%

1 Excluding investments in derivatives.

26 Nuveen Investments

Nuveen Core Plus Bond Fund

Fund Allocation

(% of net assets)

Corporate Bonds	62.7%
$1,000 Par (or similar) Institutional Preferred	4.9%
U.S. Government and Agency Obligations	0.0%
Asset-Backed and Mortgage-Backed Securities	28.9%
Sovereign Debt	2.7%
Investments Purchased with Collateral from Securities Lending	9.3%
Money Market Funds	5.8%
Other Assets Less Liabilities	(14.3)%
Net Assets	100%

Corporate Debt: Industries

(% of total corporate bonds
holdings)

Banks	16.8%
Oil, Gas & Consumable Fuels	9.6%
Media	9.0%
Metals & Mining	5.3%
Real Estate Investment Trust	5.1%
Diversified Telecommunication Services	4.6%
Capital Markets	4.5%
Chemicals	3.8%
Energy Equipment & Services	3.4%
Consumer Finance	2.9%
Insurance	2.6%
Diversified Financial Services	2.6%
Aerospace & Defense	2.1%
Machinery	2.0%
Software	1.8%
Food Products	1.6%
Wireless Telecommunication Services	1.5%
Building Products	1.5%
Other	19.3%
Total	100%

Portfolio Credit Quality

(% of total long-term investments)¹

AAA/U.S. Guaranteed	19.6%
AA	3.5%
A	23.8%
BBB	39.6%
BB or Lower	13.1%
N/R (not rated)	0.4%
Total	100%

1 Excluding investments in derivatives.

Nuveen Investments 27

Holding Summaries as of December 31, 2015(continued)

Nuveen Inflation Protected Securities Fund

Fund Allocation

(% of net assets)

Convertible Preferred Securities	0.1%
$25 Par (or similar) Retail Preferred	0.1%
Corporate Bonds	5.8%
$1,000 Par (or similar) Institutional Preferred	0.0%
Municipal Bonds	0.5%
U.S. Government and Agency Obligations	88.2%
Asset-Backed and Mortgage-Backed Securities	3.5%
Sovereign Debt	0.6%
Investments Purchased with Collateral from Securities Lending	0.9%
Money Market Funds	0.6%
Other Assets Less Liabilities	(0.3)%
Net Assets	100%

Corporate Debt: Industries

(% of total corporate bonds holdings)

Health Care Providers & Services	17.2%
Diversified Telecommunication Services	15.0%
Media	9.7%
Wireless Telecommunication Services	6.9%
Commercial Services & Supplies	5.7%
Household Durables	4.7%
Specialty Retail	3.3%
Independent Power & Renewable Electricity Producers	3.1%
Construction Materials	2.7%
Auto Components	2.7%
Banks	2.5%
Construction & Engineering	2.2%
Oil, Gas & Consumable Fuels	2.2%
Energy Equipment & Services	2.2%
Other	19.9%
Total	100%

Portfolio Credit Quality

(% of total long-term
investments)¹

AAA/U.S. Guaranteed	93.0%
AA	1.1%
A	0.7%
BBB	1.6%
BB or Lower	3.6%
Total	100%

1 Excluding investments in derivatives.

28 Nuveen Investments

Nuveen Intermediate Government Bond Fund

Fund Allocation

(% of net assets)

Corporate Bonds	0.6%
Municipal Bonds	3.1%
U.S. Government and Agency Obligations	61.6%
Asset-Backed and Mortgage-Backed Securities	31.7%
Investments Purchased with Collateral from Securities Lending	4.7%
Money Market Funds	1.9%
Other Assets Less Liabilities	(3.6)%
Net Assets	100%

Portfolio Credit Quality

(% of total long-term investments)¹

AAA/U.S. Guaranteed	94.9%
AA	2.9%
A	1.1%
N/R (not rated)	1.1%
Total	100%

1 Excluding investments in derivatives.

Nuveen Investments 29

Holding Summaries as of December 31, 2015(continued)

Nuveen Short Term Bond Fund

Fund Allocation

(% of net assets)

Corporate Bonds	45.0%
$1,000 Par (or similar) Institutional Preferred	0.5%
Municipal Bonds	2.1%
U.S. Government and Agency Obligations	5.4%
Asset-Backed and Mortgage-Backed Securities	44.4%
Sovereign Debt	0.5%
Investments Purchased with Collateral from Securities Lending	3.3%
Money Market Funds	1.7%
Other Assets Less Liabilities	(2.9)%
Net Assets	100%

Corporate Debt: Industries

(% of total corporate bonds holdings)

Banks	18.8%
Capital Markets	7.9%
Oil, Gas & Consumable Fuels	7.2%
Media	6.3%
Health Care Providers & Services	4.1%
Diversified Telecommunication Services	4.1%
Chemicals	3.7%
Food Products	3.6%
Real Estate Investment Trust	3.4%
Diversified Financial Services	3.0%
Software	3.0%
Airlines	2.8%
Automobiles	2.8%
Metals & Mining	2.8%
Consumer Finance	2.5%
Food & Staples Retailing	2.1%
Insurance	2.1%
Other	19.8%
Total	100%

Portfolio Credit Quality

(% of total long-term investments)¹

AAA/U.S. Guaranteed	32.0%
AA	13.3%
A	24.0%
BBB	21.8%
BB or Lower	6.7%
N/R (not rated)	2.2%
Total	100%

1 Excluding investments in derivatives.

30 Nuveen Investments

Expense

Examples

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

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended December 31, 2015.

The beginning of the period for the funds is July 1, 2015.

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

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

Please note that the expenses shown in the tables 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

	Share Class
	Class A		Class C		Class R6		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	994.70	$	990.80	$	995.50	$	995.90
Expenses Incurred During Period	$	3.91	$	7.66	$	2.41	$	2.66
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,021.22	$	1,017.44	$	1,022.72	$	1,022.47
Expenses Incurred During Period	$	3.96	$	7.76	$	2.44	$	2.69

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.78%, 1.53%, 0.48% and 0.53% for Classes A, C, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Nuveen Investments 31

Expense Examples (continued)

Nuveen Core Plus Bond Fund

	Share Class
	Class A		Class C		Class R3		Class R6		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	971.10	$	967.10	$	970.10	$	972.50	$	971.50
Expenses Incurred During Period	$	3.82	$	7.52	$	5.05	$	2.28	$	2.58
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,021.27	$	1,017.50	$	1,020.01	$	1,022.82	$	1,022.52
Expenses Incurred During Period	$	3.91	$	7.71	$	5.18	$	2.34	$	2.64

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.77%, 1.52%, 1.02%, 0.47% and 0.52% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Nuveen Inflation Protected Securities Fund

	Share Class
	Class A		Class C		Class R3		Class R6		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	976.20	$	972.30	$	975.10	$	978.20	$	977.30
Expenses Incurred During Period	$	4.12	$	7.83	$	5.36	$	1.94	$	2.88
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,020.96	$	1,017.19	$	1,019.71	$	1,023.18	$	1,022.22
Expenses Incurred During Period	$	4.22	$	8.01	$	5.48	$	1.98	$	2.95

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.83%, 1.58%, 1.08%, 0.39% and 0.58% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

32 Nuveen Investments

Nuveen Intermediate Government Bond Fund

	Share Class
	Class A		Class C		Class R3		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,001.60	$	996.70	$	1,000.20	$	1,001.80
Expenses Incurred During Period	$	4.28	$	8.03	$	5.53	$	3.02
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,020.86	$	1,017.09	$	1,019.61	$	1,022.12
Expenses Incurred During Period	$	4.32	$	8.11	$	5.58	$	3.05

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.85%, 1.60%, 1.10% and 0.60% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Nuveen Short Term Bond Fund

	Share Class
	Class A		Class C		Class R3		Class R6		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	995.30	$	990.50	$	992.80	$	996.60	$	996.60
Expenses Incurred During Period	$	3.61	$	7.36	$	4.86	$	2.16	$	2.36
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,021.52	$	1,017.75	$	1,020.26	$	1,022.97	$	1,022.77
Expenses Incurred During Period	$	3.66	$	7.46	$	4.93	$	2.19	$	2.39

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.72%, 1.47%, 0.97%, 0.43% and 0.47% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Nuveen Investments 33

Nuveen Core Bond Fund

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		LONG-TERM INVESTMENTS – 96.1%
		CORPORATE BONDS – 43.3%
		Automobiles – 0.4%
$	750	General Motors Corporation		4.000%		4/01/25		BBB–	$	710,522
		Banks – 5.8%
	1,275	Abbey National Treasury Services PLC of London		3.050%		8/23/18		A1		1,308,511
	655	Bancolombia SA		5.950%		6/03/21		BBB+		675,469
	2,235	Bank of America Corporation, (3)		4.000%		4/01/24		A		2,286,955
	490	Bank of America Corporation		3.875%		8/01/25		A		497,460
	1,005	Citigroup Inc.		4.500%		1/14/22		A		1,076,569
	807	Fifth Third Bancorp.		3.500%		3/15/22		A		818,088
	1,110	General Electric Capital Corporation		6.875%		1/10/39		AA+		1,512,928
	505	JPMorgan Chase & Company		3.200%		1/25/23		A+		503,628
	1,240	JPMorgan Chase & Company		3.375%		5/01/23		A		1,219,380
	1,000	JPMorgan Chase & Company		6.400%		5/15/38		A+		1,273,813
	10,322	Total Banks								11,172,801
		Beverages – 0.8%
	580	Anheuser Busch InBev Finance Inc., (3)		3.700%		2/01/24		A2		592,010
	1,070	Anheuser Busch InBev		2.500%		7/15/22		A2		1,029,941
	1,650	Total Beverages								1,621,951
		Biotechnology – 0.8%
	630	Biogen Inc.		3.625%		9/15/22		A–		637,053
	940	Celgene Corporation, Convertible Notes		3.625%		5/15/24		BBB+		924,982
	1,570	Total Biotechnology								1,562,035
		Capital Markets – 3.4%
	665	Charles Schwab Corporation		3.000%		3/10/25		A		654,099
	520	Deutsche Bank AG London		2.500%		2/13/19		A3		523,951
	1,280	Goldman Sachs Group, Inc.		5.750%		1/24/22		A		1,455,767
	1,090	Goldman Sachs Group, Inc.		6.750%		10/01/37		A–		1,273,287
	470	Morgan Stanley		6.625%		4/01/18		A		515,420
	1,145	Morgan Stanley		3.950%		4/23/27		A–		1,111,789
	1,105	State Street Corporation		3.300%		12/16/24		AA–		1,115,883
	6,275	Total Capital Markets								6,650,196
		Communications Equipment – 0.4%
	745	Qualcomm, Inc., (3)		3.450%		5/20/25		A+		714,691

34 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Containers & Packaging – 0.2%
$	480	Packaging Corporation of America, (3)		3.650%		9/15/24		BBB	$	466,700
		Diversified Financial Services – 1.0%
	995	Rabobank Nederland		3.875%		2/08/22		Aa2		1,050,176
	825	Voya Financial Inc.		5.500%		7/15/22		BBB		923,521
	1,820	Total Diversified Financial Services								1,973,697
		Diversified Telecommunication Services – 2.5%
	1,250	AT&T, Inc.		5.550%		8/15/41		A–		1,255,144
	2,020	SBA Tower Trust, 144A		3.598%		4/15/43		BBB		2,012,973
	1,515	Verizon Communications		5.150%		9/15/23		A–		1,665,655
	4,785	Total Diversified Telecommunication Services								4,933,772
		Energy Equipment & Services – 1.4%
	1,000	Diamond Offshore Drilling Inc., (3)		5.700%		10/15/39		BBB+		683,238
	750	Nabors Industries Inc., (3)		4.625%		9/15/21		Baa2		616,565
	1,350	Origin Energy Finance Limited, 144A		3.500%		10/09/18		BBB–		1,316,597
	3,100	Total Energy Equipment & Services								2,616,400
		Food & Staples Retailing – 1.3%
	930	CVS Health Corporation, (3)		3.875%		7/20/25		BBB+		949,294
	730	Sysco Corporation		3.750%		10/01/25		A2		740,345
	850	Walgreen Company, (3)		3.100%		9/15/22		BBB		823,513
	2,510	Total Food & Staples Retailing								2,513,152
		Food Products – 0.6%
	1,130	Mondelez International Inc.		2.250%		2/01/19		Baa1		1,129,741
		Health Care Equipment & Supplies – 1.1%
	680	Becton Dickinson & Company		3.734%		12/15/24		BBB+		686,241
	1,355	Ochsner Clinic Foundation		5.897%		5/15/45		Baa1		1,455,653
	2,035	Total Health Care Equipment & Supplies								2,141,894
		Health Care Providers & Services – 3.1%
	1,715	Mayo Clinic Rochester		3.774%		11/15/43		AA		1,593,437
	970	NYU Hospitals Center		4.784%		7/01/44		A–		968,346
	1,215	UnitedHealth Group Incorporated		2.875%		3/15/22		A+		1,213,826
	1,315	Wellpoint Inc.		3.125%		5/15/22		A		1,291,129
	1,065	Zoetis Incorporated		3.250%		2/01/23		Baa2		1,017,101
	6,280	Total Health Care Providers & Services								6,083,839
		Household Products – 0.5%
	945	Macys Retail Holdings Inc.		4.375%		9/01/23		BBB+		941,575
		Insurance – 2.5%
	500	AFLAC Insurance		6.450%		8/15/40		A–		613,285

Nuveen Investments 35

Nuveen Core Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Insurance (continued)
$	620	American International Group, Inc.		3.750%		7/10/25		A–	$	614,819
	1,370	Lincoln National Corporation		4.200%		3/15/22		A–		1,432,527
	1,220	MetLife Inc., (3)		3.000%		3/01/25		A–		1,173,234
	940	Prudential Financial Inc.		3.500%		5/15/24		A		944,652
	4,650	Total Insurance								4,778,517
		Internet & Catalog Retail – 0.5%
	980	Amazon.com Incorporated, (3)		3.800%		12/05/24		AA–		1,020,013
		IT Services – 0.5%
	955	Visa Inc.		3.150%		12/14/25		A+		957,018
		Leisure Products – 0.5%
	1,025	Hyatt Hotels Corporation		3.375%		7/15/23		BBB		973,834
		Machinery – 0.4%
	830	Ingersoll-Rand Luxembourg Finance SA		3.550%		11/01/24		BBB		812,634
		Media – 4.2%
	605	21st Century Fox America Inc.		4.000%		10/01/23		BBB+		625,331
	350	21st Century Fox America Inc.		6.650%		11/15/37		BBB+		406,721
	785	British Sky Broadcasting Group PLC, 144A		6.100%		2/15/18		BBB		845,381
	835	CBS Corporation		7.875%		7/30/30		BBB		1,065,421
	835	CCO Safari II LLC, 144A		4.908%		7/23/25		BBB–		834,179
	1,090	Cox Communications Inc., 144A		3.850%		2/01/25		BBB+		999,405
	890	DIRECTV Holdings LLC		3.800%		3/15/22		A–		896,168
	660	Discovery Communications Inc.		5.050%		6/01/20		Baa2		701,742
	1,460	NBC Universal Media LLC		6.400%		4/30/40		A–		1,820,099
	7,510	Total Media								8,194,447
		Metals & Mining – 1.6%
	715	Anglogold Holdings PLC		6.500%		4/15/40		Baa3		475,475
	1,230	Freeport McMoRan, Inc., (3)		3.550%		3/01/22		BBB		713,400
	770	Newmont Mining Corporation		3.500%		3/15/22		BBB		686,567
	840	Nucor Corporation		4.000%		8/01/23		A–		814,751
	540	Rio Tinto Finance USA PLC		2.875%		8/21/22		A–		489,797
	4,095	Total Metals & Mining								3,179,990
		Oil, Gas & Consumable Fuels – 2.7%
	1,100	Apache Corporation		4.250%		1/15/44		BBB+		880,352
	660	Cenovus Energy Inc.		4.450%		9/15/42		BBB		480,819
	1,110	EOG Resources Inc.		4.100%		2/01/21		A–		1,170,972
	960	Marathon Petroleum Corporation		6.500%		3/01/41		BBB		960,924
	590	Spectra Energy Partners LP		4.750%		3/15/24		BBB		571,787

36 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Oil, Gas & Consumable Fuels (continued)
$	480	SunCor Energy Inc.		5.950%		12/01/34		A–	$	480,912
	775	Valero Energy Corporation, (3)		3.650%		3/15/25		BBB		731,390
	5,675	Total Oil, Gas & Consumable Fuels								5,277,156
		Pharmaceuticals – 0.5%
	995	Merck & Company Inc.		2.750%		2/10/25		AA		968,734
		Real Estate Investment Trust – 2.1%
	795	American Tower Company		5.000%		2/15/24		BBB		841,589
	1,385	Digital Realty Trust Inc.		3.625%		10/01/22		BBB		1,331,359
	605	Piedmont Operating Partnership LP		4.450%		3/15/24		BBB		605,723
	1,255	WP Carey Inc.		4.600%		4/01/24		Baa2		1,251,951
	4,040	Total Real Estate Investment Trust								4,030,622
		Road & Rail – 0.5%
	895	Burlington Northern Santa Fe, LLC		3.400%		9/01/24		A3		896,326
		Semiconductors & Semiconductor Equipment – 0.6%
	1,040	Applied Materials Inc.		4.300%		6/15/21		A–		1,109,945
		Software – 0.5%
	965	Computer Sciences Corporation		4.450%		9/15/22		BBB+		989,978
		Specialty Retail – 0.9%
	795	Home Depot, Inc.		2.625%		6/01/22		A		794,263
	1,000	Swiss Re Treasury US Corporation, 144A		4.250%		12/06/42		AA–		943,759
	1,795	Total Specialty Retail								1,738,022
		Technology Hardware, Storage & Peripherals – 0.5%
	905	HP Inc.		4.650%		12/09/21		BBB+		901,652
		Tobacco – 0.6%
	1,215	Reynolds American Inc.		3.250%		11/01/22		BBB–		1,201,996
		Transportation Infrastructure – 0.5%
	1,000	Sydney Airport Finance Company Party Limited, 144A		3.900%		3/22/23		BBB		998,571
		Wireless Telecommunication Services – 0.4%
	880	Rogers Communications Inc.		3.625%		12/15/25		BBB+		865,662
$	83,847	Total Corporate Bonds (cost $85,723,038)								84,128,083
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 0.3%
		Banks – 0.3%
$	700	Wachovia Capital Trust III		5.570%		N/A (4)		BBB	$	674,275
$	700	Total $1,000 Par (or similar) Institutional Preferred (cost $619,119)								674,275

Nuveen Investments 37

Nuveen Core Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)			Optional Call Provisions (5)		Ratings (2)		Value
		MUNICIPAL BONDS – 0.8%
		North Carolina – 0.8%
$	1,520	North Carolina Eastern Municipal Power Agency, Revenue Bonds, Federally Taxable Series 2015, 3.808%, 7/01/23				No Opt. Call		A	$	1,545,627
$	1,520	Total Municipal Bonds (cost $1,520,000)								1,545,627
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 10.2%
$	2,825	Fannie Mae Notes		1.500%		6/22/20		Aaa	$	2,790,947
	2,055	Freddie Mac Reference Notes		5.000%		12/14/18		Aa2		2,264,495
	60	Freddie Mac Reference Notes		1.750%		5/30/19		Aaa		60,459
	250	U.S. Treasury Bonds		2.750%		11/15/42		Aaa		237,865
	1,470	U.S. Treasury Bonds, (3)		3.625%		2/15/44		Aaa		1,650,472
	2,270	U.S. Treasury Bonds		2.500%		2/15/45		Aaa		2,032,544
	1,500	U.S. Treasury Bonds, (3)		3.000%		11/15/45		Aaa		1,492,668
	2,830	U.S. Treasury Notes		2.625%		8/15/20		Aaa		2,940,770
	2,570	U.S. Treasury Notes		2.500%		5/15/24		Aaa		2,625,951
	830	U.S. Treasury Notes		2.375%		8/15/24		Aaa		838,595
	800	U.S. Treasury Notes		0.375%		2/15/16		Aaa		800,000
	1,775	U.S. Treasury Notes		0.875%		1/31/18		Aaa		1,766,295
	395	U.S. Treasury Notes		2.875%		8/15/45		Aaa		382,889
$	19,630	Total U.S. Government and Agency Obligations (cost $19,736,536)								19,883,950
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 40.8%
$	1,270	321 Henderson Receivables LLC, Series 2010-3A		3.820%		12/15/48		Aaa	$	1,301,045
	898	American Homes 4 Rent, Series 2014-SFR2		3.786%		10/17/36		Aaa		903,075
	1,000	American Homes 4 Rent, Series 2015-SFR2		5.036%		10/17/45		Baa2		983,603
	260	Bank of America Commercial Mortgage Inc. , Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7		4.512%		9/15/48		A–		250,793
	165	Bank of America Commercial Mortgage Inc. , Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7		3.167%		9/15/48		BBB–		120,061
	2,000	Citigroup Commercial Mortgage Trust Series 2012-GC8		3.024%		9/10/45		Aaa		2,003,843
	1,846	Colony Anerican Homes Trust 2014-1A		1.576%		5/17/31		Aaa		1,808,070
	625	Commercial Mortgage Pass-Through Certificates, Series 2015-CR26		4.495%		10/10/48		A–		590,489
	—(6)	ContiMortgage Home Equity Loan Trust, Series 1997-2		7.090%		4/15/28		AAA		124
	408	Fannie Mae Mortgage Pool 725111		2.522%		9/01/33		Aaa		435,473
	910	Fannie Mae Mortgage Pool 725205		5.000%		3/01/34		Aaa		1,006,528
	352	Fannie Mae Mortgage Pool 848390		2.103%		12/01/35		Aaa		368,811

38 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	654	Fannie Mae Mortgage Pool 886034		2.836%		7/01/36		Aaa	$	698,577
	1,760	Fannie Mae Mortgage Pool 890310		4.500%		12/01/40		Aaa		1,905,045
	1,362	Fannie Mae Mortgage Pool 960605		5.000%		8/01/37		Aaa		1,502,085
	527	Fannie Mae Mortgage Pool 995949		2.582%		9/01/36		Aaa		559,508
	2,692	Fannie Mae Mortgage Pool AB2085		4.000%		1/01/41		Aaa		2,855,600
	3,198	Fannie Mae Mortgage Pool AB9659		3.000%		6/01/43		Aaa		3,217,257
	1,912	Fannie Mae Mortgage Pool AD1593		4.500%		2/01/40		Aaa		2,069,424
	1,351	Fannie Mae Mortgage Pool AE0058		2.504%		7/01/36		Aaa		1,427,688
	2,404	Fannie Mae Mortgage Pool AE0217		4.500%		8/01/40		Aaa		2,601,473
	2,027	Fannie Mae Mortgage Pool AE0981		3.500%		3/01/41		Aaa		2,095,191
	986	Fannie Mae Mortgage Pool AH3804		4.000%		2/01/41		Aaa		1,045,770
	2,706	Fannie Mae Mortgage Pool AH5575		4.000%		2/01/41		Aaa		2,869,460
	2,072	Fannie Mae Mortgage Pool AH8954		4.000%		4/01/41		Aaa		2,197,603
	1,325	Fannie Mae Mortgage Pool AL0160		4.500%		5/01/41		Aaa		1,434,007
	2,317	Fannie Mae Mortgage Pool AL0215		4.500%		4/01/41		Aaa		2,507,183
	1,515	Fannie Mae Mortgage Pool AU2412		3.000%		12/01/44		Aaa		1,515,290
	2,985	Fannie Mae Mortgage Pool AU3353		3.000%		8/01/43		Aaa		2,990,191
	2,255	Fannie Mae Mortgage Pool AY3376		3.500%		4/01/45		Aaa		2,327,372
	1,878	Fannie Mae Mortgage Pool MA1028		4.000%		4/01/42		Aaa		1,992,268
	3	Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through CertificatesR 1990-89 K		6.500%		7/25/20		Aaa		2,919
	6,090	Fannie Mae TBA Mortgage Pool, (WI/DD)		3.500%		TBA		Aaa		6,281,204
	1,228	Fannie Mae, Connecticut Avenue Securities, Series 2014-C03		1.627%		7/25/24		Aaa		1,223,424
	4	Federal Home Loan Mortgage Corporation, REMIC 1167 E		7.500%		11/15/21		Aaa		4,563
	8	Federal Home Loan Mortgage Corporation, REMIC 1286 A		6.000%		5/15/22		Aaa		8,439
	458	Federal Home Loan Mortgage Corporation, REMIC 2750 HE		5.000%		2/15/19		Aaa		468,228
	301	Freddie Mac Gold Pool 786281		2.626%		1/01/28		Aaa		319,080
	243	Freddie Mac Gold Pool 847161		2.521%		5/01/31		Aaa		253,519
	265	Freddie Mac Gold Pool 847190		2.563%		4/01/29		Aaa		276,767
	981	Freddie Mac Gold Pool 847209		2.407%		10/01/30		Aaa		1,015,927
	695	Freddie Mac Gold Pool 847210		2.457%		9/01/33		Aaa		745,901
	1,161	Freddie Mac Gold Pool G05852		5.500%		3/01/39		Aaa		1,287,551
	880	Freddie Mac Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2013-K712		3.484%		5/25/45		Aaa		882,944
	1,399	Ginnie Mae Mortgage Pool MA2521		3.500%		1/20/45		Aaa		1,459,846
	3,264	Government National Mortgage Association Pool AA5391		3.500%		6/15/42		Aaa		3,398,139
	1,690	Invitation Homes Trust 2013-SFR1		1.576%		12/17/30		Aaa		1,656,112
	963	Master Resecuritization Trust 2009-1		6.000%		10/25/36		A		1,006,317
	2,213	Santander Drive Auto Receivables Trust, Series 2014-3		0.810%		7/16/18		AAA		2,210,654

Nuveen Investments 39

Nuveen Core Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	137	Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-11		2.621%		8/25/34		N/R	$	136,622
	1,090	Structured Agency Credit Risk Debt Notes, 2013-DN2		1.877%		11/25/23		A2		1,090,442
	2,783	U.S. Department of Veterans, Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, Series 2011-1		3.750%		2/15/35		Aaa		2,914,421
	2	U.S. Small Business Administration Guaranteed Participating Securities Participation Certificates, Series 2006-10A		5.408%		2/10/16		Aaa		2,112
	1,691	U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates, Series 2010-P10B		3.215%		9/10/20		Aaa		1,740,594
	1,273	Walter Investment Management Company Capital Trust, Series 2012-AA		4.549%		10/16/50		BBB		1,279,034
	2,000	Wells Fargo Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2015-C29		3.637%		6/15/48		Aaa		2,023,258
$	76,482	Total Asset-Backed and Mortgage-Backed Securities (cost $77,722,955)								79,270,924
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		SOVEREIGN DEBT – 0.7%
		Mexico – 0.7%
$	1,400	United Mexican States		5.625%		1/15/17		A3	$	1,454,600
$	1,400	Total Sovereign Debt (cost $1,387,694)								1,454,600
		Total Long-Term Investments (cost $186,709,342)								186,957,459
Shares		Description (1)	Coupon						Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 4.7%
		Money Market Funds – 4.7%
	8,950,753	Mount Vernon Securities Lending Trust Prime Portfolio, (8)		0.108% (7)					$	8,950,753
		Total Investments Purchased with Collateral from Securities Lending (cost $8,950,753)								8,950,753
Shares		Description (1)	Coupon						Value
		SHORT-TERM INVESTMENTS – 6.3%
		Money Market Funds – 6.3%
	12,208,240	First American Treasury Obligations Fund, Class Z		0.473% (7)					$	12,208,240
		Total Short-Term Investments (cost $12,208,240)								12,208,240
		Total Investments (cost $207,868,335) – 107.1%								208,116,452
		Other Assets Less Liabilities – (7.1)% (9)								(13,798,451)
		Net Assets – 100%							$	194,318,001

40 Nuveen Investments

Investments in Derivatives as of December 31, 2015

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts			Contract Expiration		Notional Amount at Value*			Variation Margin Receivable/ (Payable)			Unrealized Appreciation (Depreciation)
U.S. Treasury 5-Year Note		Short		(254	)		3/16	$	(30,053,360	)	$	(35,719	)	$	67,606
U.S. Treasury 10-Year Note		Short		(100	)		3/16		(12,590,625	)		(25,231	)		43,107
U.S. Treasury Long Bond		Long		1			3/16		153,750			(567	)		(34	)
U.S. Treasury Ultra Bond		Long		46			3/16		7,299,625			46,000			(3,111	)
								$	(35,190,610	)	$	(15,517	)	$	107,568

* The aggregate Notional Amount at Value of long and short positions is $7,453,375 and $(42,643,985), respectively.

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.

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

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

(3) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $8,646,040.

(4) Perpetual security. Maturity date is not applicable.

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

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

(7) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

(8) 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 and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

(9) Other assets less liabilities includes the unrealized appreciation (depreciation) of over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-cleared and exchange-traded derivatives is recognized as part of the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities.

TBA To be announced. Maturity date not known prior to settlement of this transaction.

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

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

See accompanying notes to financial statements.

Nuveen Investments 41

Nuveen Core Plus Bond Fund

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		LONG-TERM INVESTMENTS – 99.2%
		CORPORATE BONDS – 62.7%
		Aerospace & Defense – 1.3%
$	1,295	BAE Systems Holdings, 144A		3.850%		12/15/25		BBB+	$	1,282,791
	2,780	Exelis, Inc.		5.550%		10/01/21		BBB–		3,048,662
	1,460	Martin Marietta Materials		4.250%		7/02/24		BBB		1,433,613
	5,535	Total Aerospace & Defense								5,765,066
		Air Freight & Logistics – 0.2%
	800	XPO Logistics, Inc., 144A, (3)		6.500%		6/15/22		B2		740,000
		Airlines – 0.4%
	1,589	Northwest Airlines Trust Pass-Through Certificates 2007-1		7.027%		11/01/19		A		1,770,343
		Automobiles – 0.7%
	3,000	General Motors Corporation		4.000%		4/01/25		BBB–		2,842,089
		Banks – 10.5%
	2,900	Bancolombia SA		5.950%		6/03/21		BBB+		2,990,625
	795	Bank of America Corporation		6.250%		3/05/65		BB+		796,988
	4,240	Bank of America Corporation		4.250%		10/22/26		A–		4,197,329
	2,955	Bank of America Corporation, (3)		4.000%		4/01/24		A		3,023,692
	2,965	Barclays Bank PLC		3.650%		3/16/25		A		2,849,439
	845	CIT Group Inc.		5.000%		8/01/23		BB+		857,675
	1,500	Citigroup Inc.		4.500%		1/14/22		A		1,606,820
	1,235	Citigroup Inc.		3.875%		10/25/23		A		1,276,414
	1,000	Citigroup Inc.		3.750%		6/16/24		A		1,018,466
	2,215	Citigroup Inc.		3.300%		4/27/25		A		2,175,544
	2,000	Citigroup Inc.		4.300%		11/20/26		A–		1,991,402
	2,915	General Electric Capital Corporation		6.875%		1/10/39		AA+		3,973,139
	1,890	HSBC Holdings PLC		6.800%		6/01/38		A+		2,352,455
	1,250	JPMorgan Chase & Company		6.750%		12/31/49		BBB–		1,362,500
	2,665	JPMorgan Chase & Company		3.200%		1/25/23		A+		2,657,759
	1,680	JPMorgan Chase & Company		3.375%		5/01/23		A		1,652,063
	2,180	JPMorgan Chase & Company		6.400%		5/15/38		A+		2,776,912
	1,200	Royal Bank of Scotland Group PLC		6.100%		6/10/23		BBB		1,289,908
	1,400	Santander UK PLC, 144A		5.000%		11/07/23		A–		1,457,331
	2,520	Societe Generale, 144A		5.000%		1/17/24		A–		2,569,901
	1,470	Standard Chartered PLC, 144A		5.700%		3/26/44		A2		1,471,186
	1,200	State Bank of India London, 144A		4.875%		4/17/24		BBB–		1,282,542
	43,020	Total Banks								45,630,090

42 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Biotechnology – 0.6%
$	2,405	Baxalta Inc., 144A		4.000%		6/23/25		BBB+	$	2,381,304
		Building Products – 0.9%
	1,695	Masco Corporation		5.950%		3/15/22		BBB		1,830,600
	2,120	Owens Corning Incorporated		4.200%		12/15/22		BBB–		2,122,574
	3,815	Total Building Products								3,953,174
		Capital Markets – 2.8%
	3,000	Goldman Sachs Group, Inc.		5.750%		1/24/22		A		3,411,954
	3,685	Goldman Sachs Group, Inc.		6.750%		10/01/37		A–		4,304,644
	4,105	Morgan Stanley		5.500%		7/28/21		A		4,601,348
	10,790	Total Capital Markets								12,317,946
		Chemicals – 2.4%
	2,000	Agrium Inc., (3)		3.375%		3/15/25		BBB		1,825,764
	875	Braskem Finance Limited, 144A		5.750%		4/15/21		BBB–		761,250
	3,830	Incitec Pivot Finance, 144A		6.000%		12/10/19		BBB		4,154,213
	1,400	Office Cherifien Des Phosphates SA, 144A		5.625%		4/25/24		BBB–		1,420,650
	1,510	Platform Specialty Products Corporation, 144A		6.500%		2/01/22		B+		1,306,150
	1,000	PolyOne Corporation		5.250%		3/15/23		BB–		975,000
	10,615	Total Chemicals								10,443,027
		Commercial Services & Supplies – 0.5%
	1,000	ADT Corporation, (3)		6.250%		10/15/21		BBB–		1,044,550
	990	R.R. Donnelley & Sons Company, (3)		7.625%		6/15/20		BB–		1,020,839
	1,990	Total Commercial Services & Supplies								2,065,389
		Communications Equipment – 0.5%
	2,350	Qualcomm, Inc., (3)		3.450%		5/20/25		A+		2,254,395
		Construction & Engineering – 0.3%
	1,050	AECOM Technology Corporation		5.750%		10/15/22		BB–		1,081,500
		Construction Materials – 0.4%
	1,550	Norbord Inc., 144A		5.375%		12/01/20		Ba2		1,550,000
		Consumer Finance – 1.8%
	2,348	Capital One Bank		3.375%		2/15/23		Baa1		2,298,767
	1,500	Discover Bank		4.250%		3/13/26		BBB+		1,510,074
	1,790	Discover Financial Services		5.200%		4/27/22		BBB+		1,915,023
	2,000	Ford Motor Credit Company, (3)		4.250%		9/20/22		BBB–		2,046,240
	7,638	Total Consumer Finance								7,770,104
		Containers & Packaging – 0.7%
	1,145	Packaging Corporation of America		3.650%		9/15/24		BBB		1,113,274
	1,945	Rock-Tenn Company		4.900%		3/01/22		BBB		2,062,970
	3,090	Total Containers & Packaging								3,176,244

Nuveen Investments 43

Nuveen Core Plus Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Diversified Financial Services – 1.6%
$	2,600	BNP Paribas, (3)		4.250%		10/15/24		A	$	2,577,045
	1,250	Fly Leasing Limited		6.750%		12/15/20		BB		1,281,063
	3,050	Rabobank Nederland		3.875%		2/08/22		Aa2		3,219,132
	6,900	Total Diversified Financial Services								7,077,240
		Diversified Telecommunication Services – 2.9%
	1,315	AT&T, Inc.		5.550%		8/15/41		A–		1,320,411
	3,190	Qwest Corporation		6.750%		12/01/21		BBB–		3,341,525
	2,610	SBA Tower Trust, 144A		3.598%		4/15/43		BBB		2,600,921
	1,000	Verizon Communications		5.150%		9/15/23		A–		1,099,442
	1,000	Verizon Communications, (3)		3.500%		11/01/24		A–		988,187
	2,010	Verizon Communications		6.900%		4/15/38		A–		2,402,855
	700	Verizon Communications		6.550%		9/15/43		A–		831,024
	11,825	Total Diversified Telecommunication Services								12,584,365
		Electric Utilities – 0.6%
	1,590	FirstEnergy Transmission LLC, 144A		4.350%		1/15/25		Baa3		1,612,611
	1,065	PPL Capital Funding Inc.		3.500%		12/01/22		BBB+		1,073,376
	2,655	Total Electric Utilities								2,685,987
		Electronic Equipment, Instruments & Components – 0.2%
	1,025	Anixter Inc.		5.125%		10/01/21		BB+		1,025,000
		Energy Equipment & Services – 2.1%
	2,180	Diamond Offshore Drilling Inc., (3)		5.700%		10/15/39		BBB+		1,489,459
	2,425	Ensco PLC, (3)		4.700%		3/15/21		BBB		1,953,415
	2,000	Nabors Industries Inc., (3)		4.625%		9/15/21		Baa2		1,644,174
	1,260	Noble Holding International Limited GDR, (3)		5.950%		4/01/25		BBB		869,518
	2,000	Origin Energy Finance Limited, 144A		3.500%		10/09/18		BBB–		1,950,514
	1,880	Weatherford International PLC		7.000%		3/15/38		BBB–		1,311,300
	11,745	Total Energy Equipment & Services								9,218,380
		Food & Staples Retailing – 0.8%
	1,000	Supervalu Inc.		6.750%		6/01/21		B		905,000
	2,625	Walgreens Boots Alliance, Inc.		3.800%		11/18/24		BBB		2,548,689
	3,625	Total Food & Staples Retailing								3,453,689
		Food Products – 1.0%
	1,600	Kraft Foods Group Inc.		5.000%		6/04/42		BBB–		1,610,979
	2,000	Mead Johnson Nutrition Co		4.125%		11/15/25		Baa1		2,016,078
	750	Pilgrim’s Pride Corporation, 144A		5.750%		3/15/25		BB+		729,375
	4,350	Total Food Products								4,356,432
		Health Care Providers & Services – 0.5%
	2,205	UnitedHealth Group Incorporated		4.750%		7/15/45		A+		2,320,357

44 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Hotels, Restaurants & Leisure – 0.2%
$	1,000	Wynn Macau Limited, 144A, (3)		5.250%		10/15/21		Ba2	$	880,000
		Household Durables – 0.6%
	1,500	Brookfield Residential Properties Inc., 144A		6.500%		12/15/20		BB–		1,445,625
	1,375	Harman International Industries, Inc.		4.150%		5/15/25		BBB–		1,318,552
	2,875	Total Household Durables								2,764,177
		Industrial Conglomerates – 0.5%
	2,000	Tyco International Group		3.900%		2/14/26		A3		2,005,668
		Insurance – 1.7%
	1,475	AFLAC Insurance		6.450%		8/15/40		A–		1,809,191
	1,650	Genworth Holdings Inc.		4.800%		2/15/24		Ba1		1,113,750
	2,000	Lincoln National Corporation		4.200%		3/15/22		A–		2,091,280
	2,190	XLIT Limited		4.450%		3/31/25		BBB		2,146,548
	7,315	Total Insurance								7,160,769
		Leisure Products – 0.7%
	2,950	Hyatt Hotels Corporation		3.375%		7/15/23		BBB		2,802,742
		Machinery – 1.3%
	1,000	CTP Transportation Products LLC-Finance Inc., 144A		8.250%		12/15/19		B		1,042,500
	1,120	Cummins Engine Inc.		4.875%		10/01/43		A+		1,156,315
	1,850	Ingersoll-Rand Luxembourg Finance SA		3.550%		11/01/24		BBB		1,811,292
	1,480	Pentair Finance SA		4.650%		9/15/25		BBB		1,516,877
	5,450	Total Machinery								5,526,984
		Media – 5.6%
	3,590	21st Century Fox America Inc.		6.650%		11/15/37		BBB+		4,171,799
	1,470	CBS Corporation		3.500%		1/15/25		BBB		1,402,333
	1,500	CCO Holdings LLC Finance Corporation, 144A		5.125%		5/01/23		BB–		1,501,875
	2,000	CCO Safari II LLC, 144A		4.908%		7/23/25		BBB–		1,998,034
	1,040	Cox Communications Inc., 144A		3.250%		12/15/22		BBB+		945,353
	2,000	Cox Communications Inc., 144A		3.850%		2/01/25		BBB+		1,833,770
	2,270	DIRECTV Holdings LLC		3.800%		3/15/22		A–		2,285,731
	1,895	NBC Universal Media LLC		6.400%		4/30/40		A–		2,362,388
	1,925	NBC Universal Media LLC		4.450%		1/15/43		A–		1,884,714
	1,250	Numericable Group SA, 144A		6.000%		5/15/22		B+		1,212,500
	1,635	SES SA, 144A		3.600%		4/04/23		BBB		1,592,686
	1,300	Sinclair Television Group		6.375%		11/01/21		B+		1,339,000
	1,290	Time Warner Inc.		3.875%		1/15/26		BBB+		1,279,400
	625	Unitymedia KabelBW GmbH, 144A		6.125%		1/15/25		B		617,594
	23,790	Total Media								24,427,177

Nuveen Investments 45

Nuveen Core Plus Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Metals & Mining – 3.3%
$	500	Alcoa Inc., (3)		5.400%		4/15/21		BBB–	$	486,250
	1,625	Allegheny Technologies Inc.		6.625%		8/15/23		BB–		958,750
	3,620	Anglogold Holdings PLC		6.500%		4/15/40		Baa3		2,407,300
	1,090	ArcelorMittal, (3)		7.000%		2/25/22		BB+		877,450
	1,000	First Quantum Minerals Limited, 144A		6.750%		2/15/20		BB–		645,000
	1,535	Freeport McMoRan, Inc., (3)		3.550%		3/01/22		BBB		890,300
	1,800	Newmont Mining Corporation		3.500%		3/15/22		BBB		1,604,961
	2,000	Nucor Corporation		4.000%		8/01/23		A–		1,939,884
	1,270	Rio Tinto Finance USA PLC, (3)		2.875%		8/21/22		A–		1,151,931
	1,350	Teck Resources Limited, (3)		3.750%		2/01/23		BB+		624,375
	1,050	Vale Overseas Limited, (3)		4.375%		1/11/22		BBB		794,670
	1,075	Xstrata Finance Canada Limited, 144A		6.900%		11/15/37		BBB		860,000
	1,480	Yamana Gold Inc.		4.950%		7/15/24		Baa3		1,255,860
	19,395	Total Metals & Mining								14,496,731
		Multiline Retail – 0.3%
	1,250	Family Tree Escrow LLC, 144A, (3)		5.250%		3/01/20		Ba3		1,290,625
		Oil, Gas & Consumable Fuels – 6.0%
	2,120	Anadarko Petroleum Corporation		6.200%		3/15/40		BBB		1,950,402
	1,570	Apache Corporation		4.250%		1/15/44		BBB+		1,256,502
	1,750	Baytex Energy Corporation		6.625%		7/19/22		BB		965,567
	1,685	Berkshire Hathaway Energy Company		6.125%		4/01/36		A3		1,963,724
	616	California Resources Corporation, 144A, (3)		8.000%		12/15/22		BB+		324,170
	230	California Resources Corporation, (3)		5.500%		9/15/21		BB–		72,450
	1,150	Calumet Specialty Products, (3)		6.500%		4/15/21		B+		1,000,500
	370	Canadian Natural Resources Limited		5.850%		2/01/35		BBB+		327,953
	1,500	Cenovus Energy Inc.		3.800%		9/15/23		BBB		1,358,814
	606	Chesapeake Energy Corporation, 144A		8.000%		12/15/22		BB–		296,940
	2,000	Continental Resources Inc., (3)		5.000%		9/15/22		BBB–		1,475,000
	1,125	EnLink Midstream Partners LP		4.150%		6/01/25		BBB		865,924
	700	Hess Corporation, (3)		3.500%		7/15/24		BBB		613,346
	1,615	Kinder Morgan Energy Partners, LP		4.250%		9/01/24		BBB–		1,374,832
	1,000	Martin Mid-Stream Partners LP Finance		7.250%		2/15/21		B–		880,000
	1,470	NGL Energy Partners LP/Fin Co		5.125%		7/15/19		BB–		1,161,300
	630	Petro Canada		6.800%		5/15/38		A–		688,862
	1,150	Reliance Holdings USA Inc., 144A		5.400%		2/14/22		BBB+		1,244,231
	500	Sabine Pass Liquefaction LLC		5.625%		2/01/21		BB+		460,000
	1,645	Southwestern Energy Company, (3)		4.100%		3/15/22		BBB–		1,034,639
	1,560	Spectra Energy Partners LP		4.750%		3/15/24		BBB		1,511,843

46 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Oil, Gas & Consumable Fuels (continued)
$	1,400	Targa Resources Inc.		4.250%		11/15/23		BB+	$	1,078,000
	2,500	Transocean Inc.		4.300%		10/15/22		BB+		1,325,000
	1,660	Valero Energy Corporation		3.650%		3/15/25		BBB		1,566,590
	1,380	Woodside Finance Limtied, 144A		3.650%		3/05/25		BBB+		1,223,215
	31,932	Total Oil, Gas & Consumable Fuels								26,019,804
		Paper & Forest Products – 0.9%
	1,100	Domtar Corporation		4.400%		4/01/22		BBB–		1,118,790
	1,785	Domtar Corporation, (3)		6.750%		2/15/44		BBB–		1,744,070
	1,240	Resolute Forest Products		5.875%		5/15/23		BB–		902,100
	4,125	Total Paper & Forest Products								3,764,960
		Personal Products – 0.7%
	2,265	International Paper Company		8.700%		6/15/38		BBB		2,914,477
		Pharmaceuticals – 0.2%
	1,000	Endo Finance LLC / Endo Finco Inc., 144A, (3)		6.000%		2/01/25		B1		985,000
		Real Estate Investment Trust – 3.2%
	2,780	American Tower Company		5.000%		2/15/24		BBB		2,942,916
	2,200	Digital Realty Trust Inc.		3.625%		10/01/22		BBB		2,114,794
	1,865	Omega Healthcare Investors Inc.		4.950%		4/01/24		BBB–		1,883,661
	1,815	Piedmont Operating Partnership LP		4.450%		3/15/24		BBB		1,817,169
	1,200	Plum Creek Timberlands LP		4.700%		3/15/21		BBB		1,276,732
	2,315	Realty Income Corporation		3.250%		10/15/22		BBB+		2,234,929
	1,670	Vereit Operating Partner		4.600%		2/06/24		BB+		1,582,325
	13,845	Total Real Estate Investment Trust								13,852,526
		Software – 1.1%
	2,750	Computer Sciences Corporation		4.450%		9/15/22		BBB+		2,821,181
	2,000	Total System Services Inc.		3.750%		6/01/23		BBB+		1,941,284
	4,750	Total Software								4,762,465
		Specialty Retail – 0.4%
	1,255	Bed Bath and Beyond Incorporated		4.915%		8/01/34		A–		1,119,046
	500	Guitar Center Inc., 144A		6.500%		4/15/19		B–		425,000
	1,755	Total Specialty Retail								1,544,046
		Technology Hardware, Storage & Peripherals – 0.7%
	2,685	Hewlett Packard Enterprise Co, 144A, (3)		4.900%		10/15/25		A–		2,636,887
	520	NCR Corporation		5.000%		7/15/22		BB		504,400
	3,205	Total Technology Hardware, Storage & Peripherals								3,141,287
		Textiles, Apparel & Luxury Goods – 0.3%
	1,200	Levi Strauss & Company, (3)		5.000%		5/01/25		BB		1,194,000

Nuveen Investments 47

Nuveen Core Plus Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Trading Companies & Distributors – 0.4%
$	1,925	Air Lease Corporation		3.875%		4/01/21		BBB–	$	1,934,625
		Wireless Telecommunication Services – 0.9%
	1,000	ENTEL Chile SA, 144A		4.750%		8/01/26		BBB+		935,557
	1,100	Millicom International Cellular SA, 144A		6.625%		10/15/21		BB+		1,016,125
	1,000	Sprint Corporation		7.250%		9/15/21		B+		745,000
	1,325	T-Mobile USA Inc.		6.731%		4/28/22		BB		1,381,313
	4,425	Total Wireless Telecommunication Services								4,077,995
$	280,019	Total Corporate Bonds (cost $280,567,164)								272,008,179
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 4.9%
		Banks – 1.5%
$	1,500	HSBC Holdings PLC		6.375%		N/A (4)		BBB	$	1,481,250
	1,525	Nordea Bank AB, 144A		6.125%		N/A (4)		BBB		1,489,086
	500	Standard Chartered PLC, 144A, (3)		6.500%		N/A (4)		BBB–		483,091
	1,485	SunTrust Bank Inc., (3)		5.625%		N/A (4)		Baa3		1,494,281
	1,525	Wachovia Capital Trust III		5.570%		N/A (4)		BBB		1,468,956
	6,535	Total Banks								6,416,664
		Capital Markets – 0.6%
	2,415	Goldman Sachs Capital II		4.000%		N/A (4)		Ba1		1,702,575
	1,000	UBS Group AG, Reg S		7.125%		N/A (4)		BB+		1,047,176
	3,415	Total Capital Markets								2,749,751
		Consumer Finance – 0.2%
	985	American Express Company		5.200%		N/A (4)		Baa2		972,688
		Diversified Financial Services – 0.3%
	1,035	BNP Paribas, 144A		7.375%		N/A (4)		BBB–		1,062,169
		Electric Utilities – 0.4%
	1,785	Electricite de France, 144A		5.250%		N/A (4)		Baa1		1,677,900
		Food Products – 0.3%
	1,300	Land O’ Lakes Incorporated, 144A		8.000%		N/A (4)		BB		1,350,375
		Industrial Conglomerates – 0.4%
	1,852	General Electric Company, (3)		4.000%		N/A (4)		AA–		1,851,750
		Insurance – 1.2%
	1,000	Allstate Corporation		5.750%		8/15/53		Baa1		1,028,000
	1,585	Catlin Insurance Company Limited, 144A		7.249%		N/A (4)		BBB+		1,260,075
	1,395	Principal Financial Group		4.700%		5/15/55		Baa2		1,386,630

48 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Insurance (continued)
$	1,500	Prudential Financial Inc.		5.200%		3/15/44		BBB+	$	1,448,250
	5,480	Total Insurance								5,122,955
$	22,387	Total $1,000 Par (or similar) Institutional Preferred (cost $21,589,720)								21,204,252
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.0%
$	65,000	U.S. Treasury Notes		2.250%		11/15/25		Aaa	$	64,854
$	65,000	Total U.S. Government and Agency Obligations (cost $64,726)								64,854
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 28.9%
$	2,913	321 Henderson Receivables LLC, Series 2010-3A		3.820%		12/15/48		Aaa	$	2,984,919
	1,250	American Homes 4 Rent, Series 2014-SFR1		2.776%		6/17/31		Baa2		1,212,916
	1,599	American Homes 4 Rent, Series 2014-SFR2		3.786%		10/17/36		Aaa		1,608,757
	3,165	AmeriCold LLC Trust, Series 2010		6.811%		1/14/29		A+		3,568,806
	540	Bank of America Commercial Mortgage Inc. , Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7		4.512%		9/15/48		A–		520,877
	345	Bank of America Commercial Mortgage Inc. , Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7		3.167%		9/15/48		BBB–		251,037
	403	Bank of America Funding Trust, Mortgage Pass-Through Certificates, Series 2007-4		5.500%		6/25/37		C		92,328
	1,100	Barclays Commercial Mortgage, Mortgage Pass-Through Certificates, Series 2015-STP		4.284%		9/10/28		BBB–		1,072,844
	1,250	Bayview Financial Mortgage Pass-Through Trust, Mortgage Pass-Through Certificate Series 2005-D		5.500%		12/28/35		BB+		1,233,054
	750	CarFinance Capital Auto Trust, Automobile Receivables-Backed Notes, Series 2013-1, 144A		3.450%		3/15/19		Aa3		755,851
	1,785	Commercial Mortgage Pass-Through Certificates 2015-CR22		4.127%		3/10/48		A–		1,695,877
	2,000	Commercial Mortgage Pass-Through Certificates, Series 2014-SAVA		2.826%		6/15/34		A		1,991,810
	1,305	Commercial Mortgage Pass-Through Certificates, Series 2015-CR26		4.495%		10/10/48		A–		1,232,940
	117	Countrywide Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2004-J1		6.000%		2/25/34		A+		121,030
	1,034	Countrywide Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2006-19CB		6.000%		8/25/36		Caa3		944,443
	866	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-2		2.438%		2/25/34		BB+		835,178
	165	Countrywide Home Loans, Asset-Backed Certificates, Series 2003-SC1		2.677%		9/25/23		Baa3		163,808
	1,095	Credit Suisse Commercial Mortgage Trust, 2014-ICE		1.976%		4/15/27		A–		1,083,004
	2,274	Credit Suisse First Boston Mortgage Securities Corporation, Mortgage-Backed Pass-Through Certificates, Series 2003-8		6.187%		4/25/33		A		2,260,246
	76	Fannie Mae Mortgage Pool 250551		7.000%		5/01/26		Aaa		87,490
	323	Fannie Mae Mortgage Pool 252255		6.500%		2/01/29		Aaa		368,780

Nuveen Investments 49

Nuveen Core Plus Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)			Description (1)	Coupon		Maturity		Ratings (2)		Value
			ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	539		Fannie Mae Mortgage Pool 254169		6.500%		12/01/31		Aaa	$	623,046
	556		Fannie Mae Mortgage Pool 254379		7.000%		7/01/32		Aaa		644,535
	418		Fannie Mae Mortgage Pool 254513		6.000%		10/01/22		Aaa		471,559
	1,130		Fannie Mae Mortgage Pool 255575		5.500%		1/01/25		Aaa		1,257,945
	201		Fannie Mae Mortgage Pool 256845		6.500%		8/01/37		Aaa		230,124
	725		Fannie Mae Mortgage Pool 256852		6.000%		8/01/27		Aaa		818,195
	268		Fannie Mae Mortgage Pool 256890		6.000%		9/01/37		Aaa		293,995
	66		Fannie Mae Mortgage Pool 340798		7.000%		4/01/26		Aaa		72,373
	91		Fannie Mae Mortgage Pool 545359		2.568%		3/01/31		Aaa		94,610
	197		Fannie Mae Mortgage Pool 545813		7.000%		7/01/32		Aaa		236,224
	125		Fannie Mae Mortgage Pool 545815		7.000%		7/01/32		Aaa		149,321
	767		Fannie Mae Mortgage Pool 555798		6.500%		5/01/33		Aaa		883,566
	1,262		Fannie Mae Mortgage Pool 555843		2.362%		8/01/30		Aaa		1,304,325
	8		Fannie Mae Mortgage Pool 591038		7.000%		8/01/16		Aaa		8,157
	142		Fannie Mae Mortgage Pool 673010		5.500%		12/01/17		Aaa		145,684
	963		Fannie Mae Mortgage Pool 688330		6.000%		3/01/33		Aaa		1,103,586
	1,861		Fannie Mae Mortgage Pool 709446		5.500%		7/01/33		Aaa		2,114,584
	216		Fannie Mae Mortgage Pool 725553		2.379%		9/01/33		Aaa		228,607
	1,170		Fannie Mae Mortgage Pool 735054		1.926%		11/01/34		Aaa		1,221,452
	1,382		Fannie Mae Mortgage Pool 735273		6.500%		6/01/34		Aaa		1,616,576
	547		Fannie Mae Mortgage Pool 745101		6.000%		4/01/32		Aaa		609,739
	166		Fannie Mae Mortgage Pool 781776		6.000%		10/01/34		Aaa		188,728
	536		Fannie Mae Mortgage Pool 885536		6.000%		8/01/36		Aaa		612,237
	643		Fannie Mae Mortgage Pool 900555		6.000%		9/01/36		Aaa		737,366
	2,171		Fannie Mae Mortgage Pool 932323		4.500%		12/01/39		Aaa		2,349,450
	—	(5)	Fannie Mae Mortgage Pool 983077		5.000%		5/01/38		Aaa		242
	—	(5)	Fannie Mae Mortgage Pool 985344		5.500%		7/01/38		Aaa		133
	3,562		Fannie Mae Mortgage Pool AB1959		4.000%		12/01/40		Aaa		3,777,804
	2,876		Fannie Mae Mortgage Pool AC1877		4.500%		9/01/39		Aaa		3,112,029
	3,400		Fannie Mae Mortgage Pool AD4375		5.000%		5/01/40		Aaa		3,747,494
	4,680		Fannie Mae Mortgage Pool AE7265		4.000%		1/01/41		Aaa		4,963,778
	1,323		Fannie Mae Mortgage Pool AL0160		4.500%		5/01/41		Aaa		1,431,781
	1,108		Fannie Mae Mortgage Pool MA1028		4.000%		4/01/42		Aaa		1,175,217
	4		Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1988-24 G		7.000%		10/25/18		Aaa		4,406
	2		Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1989-44 H		9.000%		7/25/19		Aaa		2,633
	1		Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1989-90 E		8.700%		12/25/19		Aaa		944

50 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	8	Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1990-102 J		6.500%		8/25/20		Aaa	$	8,826
	60	Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1990-105 J		6.500%		9/25/20		Aaa		63,676
	2	Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1990-30 E		6.500%		3/25/20		Aaa		2,165
	6	Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1990-61 H		7.000%		6/25/20		Aaa		6,365
	6	Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1990-72 B		9.000%		7/25/20		Aaa		6,159
	41	Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1991-134 Z		7.000%		10/25/21		Aaa		44,071
	24	Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1991-56 M		6.750%		6/25/21		Aaa		25,287
	5	Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1992-120 C		6.500%		7/25/22		Aaa		5,241
	207	Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1996-35 Z		7.000%		7/25/26		Aaa		230,687
	907	Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 2005-62 JE		5.000%		6/25/35		Aaa		994,128
	884	Fannie Mae REMIC Pass-Through Certificates 2003-W1 B1		4.196%		12/25/42		AAA		541,911
	1,000	Fannie Mae TBA, Mortgage Pool, (WI/DD)		5.000%		TBA		Aaa		1,100,579
	2,235	Fannie Mae TBA, Mortgage Pool, (WI/DD)		4.000%		TBA		Aaa		2,364,430
	8,910	Fannie Mae TBA, Mortgage Pool, (WI/DD)		3.500%		TBA		Aaa		9,189,738
	7,025	Fannie Mae TBA, Mortgage Pool, (WI/DD)		3.000%		TBA		Aaa		7,022,556
	1,649	Fannie Mae, Connecticut Avenue Securities Series 2014-C01		2.027%		1/25/24		AA+		1,651,430
	1,380	Fannie Mae, Connecticut Avenue Securities, Series 2015-C03		5.427%		7/25/25		Aaa		1,372,891
	6	Federal Home Loan Mortgage Corporation, REMIC 1022 J		6.000%		12/15/20		Aaa		6,371
	15	Federal Home Loan Mortgage Corporation, REMIC 1118 Z		8.250%		7/15/21		Aaa		16,177
	12	Federal Home Loan Mortgage Corporation, REMIC 162 F		7.000%		5/15/21		Aaa		12,424
	8	Federal Home Loan Mortgage Corporation, REMIC 1790 A		7.000%		4/15/22		Aaa		8,375
	42	Federal Home Loan Mortgage Corporation, REMIC 188 H		7.000%		9/15/21		Aaa		45,599
	217	Federal Home Loan Mortgage Corporation, REMIC 2704 JF		0.977%		5/15/23		Aaa		217,735
	456	Federal Home Loan Mortgage Corporation, REMIC 3591 FP		1.027%		6/15/39		Aaa		459,577
	1	Federal Home Loan Mortgage Corporation, REMIC 6 C		9.050%		6/15/19		Aaa		1,317
	1,839	Freddie Mac Gold Pool 1G2163		2.470%		9/01/37		Aaa		1,947,416
	299	Freddie Mac Gold Pool 846984		2.094%		6/01/31		Aaa		313,957
	441	Freddie Mac Gold Pool 847180		2.524%		3/01/30		Aaa		456,102
	283	Freddie Mac Gold Pool 847190		2.563%		4/01/29		Aaa		295,725
	398	Freddie Mac Gold Pool 847240		2.478%		7/01/30		Aaa		413,731
	307	Freddie Mac Mortgage Pool, Various A15521		6.000%		11/01/33		Aaa		348,468

Nuveen Investments 51

Nuveen Core Plus Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)			Description (1)	Coupon		Maturity		Ratings (2)		Value
			ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	499		Freddie Mac Mortgage Pool, Various A17212		6.500%		7/01/31		Aaa	$	576,359
	314		Freddie Mac Mortgage Pool, Various C00676		6.500%		11/01/28		Aaa		361,208
	119		Freddie Mac Mortgage Pool, Various H09059		7.000%		8/01/37		Aaa		130,206
	86		Freddie Mac Mortgage Pool, Various P10023		4.500%		3/01/18		Aaa		86,224
	305		Freddie Mac Mortgage Pool, Various P10032		4.500%		5/01/18		Aaa		311,915
	1,000		Freddie Mac Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2012-K711		3.684%		8/25/45		Aaa		1,011,389
	1,315		Freddie Mac Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2013-K712		3.484%		5/25/45		Aaa		1,319,400
	52		Freddie Mac Non Gold Participation Certificates		2.459%		5/01/25		Aaa		54,624
	2,500		Ginnie Mae Mortgage Pool, (WI/DD)		4.000%		TBA		Aaa		2,654,221
	522		Goldman Sachs Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2005-RP2 1A2		7.500%		3/25/35		B1		573,681
	571		Goldman Sachs Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2005-RP3 1A2		7.500%		9/25/35		B1		630,975
	1,570		Goldman Sachs Mortgage Securities Trust, Mortgage Pass-Through Certificates, Series 2015-GC32		3.345%		7/10/48		BBB–		1,143,529
	3,667		Government National Mortgage Association Pool 4946		4.500%		2/20/41		Aaa		3,993,728
	127		Government National Mortgage Association Pool 537699		7.500%		11/15/30		Aaa		141,632
	—	(5)	Government National Mortgage Association Pool 8259		1.875%		8/20/23		Aaa		478
	2,000		Green Tree Agency Advance Funding Trust, Manufactured Housing Contract Pass-Through Certificates, Series 2015-T2		3.687%		10/15/48		AA		1,978,900
	621		IndyMac INDX Mortgage Loan Trust, Pass-Through Certificates, Series 2005-AR1		2.535%		3/25/35		BBB+		618,290
	3,090		Invitation Homes Trust 2014-SFR1		3.026%		6/17/31		Baa2		3,044,849
	630		JP Morgan Chase Commercial Mortgage Securities Trust, Pass-Through Certificates 2015-C29		3.842%		5/15/48		BBB–		470,257
	359		Lehman Mortgage Trust, Mortgage Pass-Through Certificates, Series 2008-6		5.254%		7/25/47		BB+		362,122
	1,444		Master Resecuritization Trust 2009-1		6.000%		10/25/36		A		1,509,476
	1,693		Mid-State Capital Corporation Trust Notes, Series 2005-1		5.745%		1/15/40		AA		1,816,160
	1,250		ML_CFC Commercial Mortgage Trust, Pass-Through Certificates, Series 2007-8		5.887%		8/12/49		BB		1,281,446
	895		Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22		4.385%		4/15/48		BBB–		726,526
	524		Mortgage Asset Securitization Transaction Inc., Alternative Loan Trust Mortgage Pass-Through Certificates Series 2004-1		7.000%		1/25/34		BBB–		541,551
	1,309		RBSSP Resecuritization Trust, Series 2012-8 1A1		0.525%		10/26/36		N/R		1,265,297
	199		Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-11		2.621%		8/25/34		N/R		197,715
	61		U.S. Small Business Administration Guaranteed Participating Securities Participation Certificates, Series 2006-P10B		5.681%		8/10/16		Aaa		62,393
	4,219		United States Department of Veterans, Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, Series 2011-1		3.750%		2/15/35		Aaa		4,418,262

52 Nuveen Investments

Principal Amount (000)			Description (1)	Coupon		Maturity		Ratings (2)		Value
			ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	2,363		Wachovia Mortgage Loan Trust LLC, Mortgage Pass-Through Certificates, Series 2005-B		2.772%		10/20/35		D	$	2,056,122
	1,571		Wells Fargo Commercial Mortgage Trust, Commercial Mortgage-Pass-Through Certificates, Series 2015-C26		3.586%		2/15/48		BBB–		1,168,324
	526		Wells Fargo Mortgage Backed Securities Trust, Mortgage Pass-Through Certificate Series 2007-2		5.750%		3/25/37		Caa2		511,382
	626		Wells Fargo-RBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2013-C15		4.629%		8/15/46		BBB–		575,189
$	122,161		Total Asset-Backed and Mortgage-Backed Securities (cost $121,307,123)								125,085,384
Principal Amount (000) (6)			Description (1)	Coupon		Maturity		Ratings (2)		Value
			SOVEREIGN DEBT – 2.7%
			Costa Rica – 0.2%
$	1,000		Republic of Costa Rica, 144A		7.000%		4/04/44		Ba1	$	833,750
			Indonesia – 0.2%
	1,000		Republic of Indonesia, 144A, (3)		4.750%		1/08/26		Baa3		987,662
			Mexico – 1.0%
	351	MXN	Mexico Bonos de DeSarrollo		8.500%		12/13/18		A		2,240,376
	343	MXN	Mexico Bonos de DeSarrollo		8.000%		12/07/23		A		2,227,549
			Total Mexico								4,467,925
			South Africa – 1.1%
	3,365		Republic of South Africa, (3)		5.875%		9/16/25		Baa2		3,439,736
	24,115	ZAR	Republic of South Africa		7.000%		2/28/31		Baa2		1,187,590
			Total South Africa								4,627,326
			Sri Lanka – 0.2%
	1,000		Republic of Sri Lanka, (3)		6.850%		11/03/25		BB–		941,977
			Total Sovereign Debt (cost $14,153,373)								11,858,640
			Total Long-Term Investments (cost $437,682,106)								430,221,309
Shares			Description (1)	Coupon						Value
			INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 9.3%
			Money Market Funds – 9.3%
	40,469,109		Mount Vernon Securities Lending Trust Prime Portfolio, (8)		0.108% (7)					$	40,469,109
			Total Investments Purchased with Collateral from Securities Lending (cost $40,469,109)								40,469,109

Nuveen Investments 53

Nuveen Core Plus Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Shares		Description (1)	Coupon		Value
		SHORT-TERM INVESTMENTS – 5.8%
		Money Market Funds – 5.8%
	24,964,422	First American Treasury Obligations Fund, Class Z		0.473% (7)	$	24,964,422
		Total Short-Term Investments (cost $24,964,422)				24,964,422
		Total Investments (cost $503,115,637) – 114.3%				495,654,840
		Other Assets Less Liabilities – (14.3)% (9)				(62,118,540	)
		Net Assets – 100%			$	433,536,300

Investments in Derivatives as of December 31, 2015

Forward Foreign Currency Exchange Contracts outstanding:

Counterparty	Currency Contracts to Deliver	Notional Amount (Local Currency)		In Exchange For Currency		Notional Amount (Local Currency)		Settlement Date		Unrealized Appreciation Depreciation) (U.S. Dollars)
Bank of America, N.A.	Mexican Peso		78,470,000		U.S. Dollar		4,591,843		1/29/16	$	48,589
Goldman Sacks Bank USA	Canadian Dollar		1,516,000		U.S. Dollar		1,121,302		1/29/16		25,620
Goldman Sacks Bank USA	U.S. Dollar		130,447		Canadian Dollar		181,000		1/29/16		370
Nomura International PLC	South African Rand		67,000,000		U.S. Dollar		4,573,753		1/29/16		264,881
Nomura International PLC	U.S. Dollar		1,267,082		South African Rand		20,120,000		1/29/16		26,866
Nomura International PLC	U.S. Dollar		1,823,009		South African Rand		28,941,000		1/29/16		38,231
										$	404,557

Interest Rate Swaps outstanding:

Counterparty	Notional Amount		Fund Pay/ Receive Floating Rate		Floating Rate Index		Fixed Rate (Annualized)			Fixed Rate Payment Frequency		Termination Date		Value			Variation Margin Receivable/ (Payable)		Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank, N.A.	$	12,000,000		Receive		3-Month USD- LIBOR-ICE		2.078	%		Semi- Annually		2/19/23	$	(187,101	)		N/A	$	(187,101	)
Morgan Stanley & Co. LLC*		18,000,000		Receive		3-Month USD- LIBOR-ICE		2.743			Semi- Annually		4/15/24		(1,009,753	)		951,520		(1,009,753	)
	$	30,000,000												$	(1,196,854	)	$	951,520	$	(1,196,854	)

* Citigroup Global Markets Inc. is the clearing broker for this transactions.

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts			Contract Expiration		Notional Amount at Value**			Variation Margin Receivable/ (Payable)			Unrealized Appreciation (Depreciation)
U.S. Treasury 5-Year Note		Short		(76	)		3/16	$	(8,992,344	)	$	(10,687	)	$	29,505
U.S. Treasury 10-Year Note		Short		(273	)		3/16		(34,372,406	)		(81,047	)		81,938
U.S. Treasury Long Bond		Short		(13	)		3/16		(1,998,750	)		(6,500	)		23,937
U.S. Treasury Ultra Bond		Long		19			3/16		3,015,062			19,000			20,704
								$	(42,348,438	)	$	(79,234	)	$	156,084

** Total aggregate Notional Amount at Value of long and short positions is $3,015,062 and $(45,363,500), respectively.

54 Nuveen Investments

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.

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

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

(3) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $38,972,483.

(4) Perpetual security. Maturity date is not applicable.

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

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

(7) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

(8) 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 and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

(9) Other assets less liabilities includes the unrealized appreciation (depreciation) of over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-cleared and exchange-traded derivatives is recognized as part of the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities.

N/A Not applicable.

GDR Global Depositary Receipt.

Reg S Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

TBA To be announced. Maturity date not known prior to settlement of this transaction.

MXN Mexican Peso

ZAR South African Rand

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

USD-LIBOR-ICE United States Dollar-London Inter-Bank Offered Rate Intercontinental Exchange.

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

See accompanying notes to financial statements.

Nuveen Investments 55

Nuveen Inflation Protected Securities Fund

Portfolio of Investments December 31, 2015 (Unaudited)

Shares		Description (1)	Coupon				Ratings (2)		Value
		LONG-TERM INVESTMENTS – 98.8%
		CONVERTIBLE PREFERRED SECURITIES – 0.1%
		Banks – 0.1%
	200	Bank of America Corporation		7.250%				BB+	$	218,654
		Total Convertible Preferred Securities (cost $174,350)								218,654
Shares		Description (1)	Coupon				Ratings (2)		Value
		$25 PAR (OR SIMILAR) RETAIL PREFERRED – 0.1%
		Capital Markets – 0.1%
	15,000	UBS Preferred Funding Trust IV		1.122%				BB+	$	293,250
		Total $25 Par (or similar) Retail Preferred (cost $241,200)								293,250
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		CORPORATE BONDS – 5.8%
		Airlines – 0.1%
$	437	American Airlines Inc., Pass-Through Trust 2013-2B, 144A		5.600%		7/15/20		BBB–	$	445,339
		Auto Components – 0.2%
	300	American & Axle Manufacturing Inc., (3)		6.625%		10/15/22		BB–		314,250
	300	Tenneco Inc.		5.375%		12/15/24		BB+		304,500
	600	Total Auto Components								618,750
		Automobiles – 0.1%
	465	General Motors Corporation		4.000%		4/01/25		BBB–		440,524
		Banks – 0.1%
	385	CIT Group Inc., 144A, (3)		5.500%		2/15/19		BB+		402,325
	170	CIT Group Inc.		5.000%		8/01/23		BB+		172,550
	555	Total Banks								574,875
		Building Products – 0.1%
	300	Hardwoods Acquisition Inc., 144A		7.500%		8/01/21		B		247,500
	250	Owens Corning Incorporated		4.200%		12/15/22		BBB–		250,304
	550	Total Building Products								497,804
		Chemicals – 0.1%
	250	Hexion Inc.		6.625%		4/15/20		B3		195,625
	250	NOVA Chemicals Corporation, 144A, (3)		5.250%		8/01/23		BBB–		247,500
	500	Total Chemicals								443,125
		Commercial Services & Supplies – 0.3%
	250	Clean Harbors Inc.		5.250%		8/01/20		BB+		255,000
	547	Covanta Energy Corporation, Synthetic Letter of Credit		6.375%		10/01/22		Ba3		544,265

56 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Commercial Services & Supplies (continued)
$	500	R.R. Donnelley & Sons Company, (3)		7.625%		6/15/20		BB–	$	515,575
	1,297	Total Commercial Services & Supplies								1,314,840
		Construction & Engineering – 0.1%
	500	AECOM Technology Corporation		5.750%		10/15/22		BB–		515,000
		Construction Materials – 0.2%
	300	Cemex SAB de CV, 144A, (3)		5.700%		1/11/25		BB–		250,875
	380	Norbord Inc., 144A		5.375%		12/01/20		Ba2		380,000
	680	Total Construction Materials								630,875
		Containers & Packaging – 0.0%
	175	Graphic Packaging International Inc.		4.875%		11/15/22		BB+		177,188
		Diversified Financial Services – 0.1%
	225	Nationstar Mortgage LLC Capital Corporation		7.875%		10/01/20		B+		215,325
		Diversified Telecommunication Services – 0.9%
	200	CenturyLink Inc.		6.750%		12/01/23		BB+		187,500
	250	CyrusOne LP Finance		6.375%		11/15/22		B+		257,500
	3,060	SBA Tower Trust, 144A		3.598%		4/15/43		BBB		3,049,356
	3,510	Total Diversified Telecommunication Services								3,494,356
		Energy Equipment & Services – 0.1%
	500	Regency Energy Partners Finance		6.500%		7/15/21		BBB–		502,500
		Food Products – 0.1%
	200	JBS Investments GmbH, 144A		7.250%		4/03/24		BB+		181,500
	300	Pilgrim’s Pride Corporation, 144A		5.750%		3/15/25		BB+		291,750
	500	Total Food Products								473,250
		Health Care Providers & Services – 1.0%
	1,700	Catholic Health Initiatives		1.600%		11/01/17		A+		1,696,656
	200	Community Health Systems, Inc.		5.125%		8/01/21		BB		199,000
	500	HCA Inc., (3)		4.250%		10/15/19		BBB–		510,000
	1,715	Mayo Clinic Rochester		3.774%		11/15/43		AA		1,593,436
	4,115	Total Health Care Providers & Services								3,999,092
		Hotels, Restaurants & Leisure – 0.1%
	400	Wynn Macau Limited, 144A		5.250%		10/15/21		Ba2		352,000
		Household Durables – 0.3%
	450	Brookfield Residential Properties Inc., 144A		6.500%		12/15/20		BB–		433,687
	250	CalAtlantic Group Inc.		5.875%		11/15/24		BB		261,250
	400	Rialto Holdings LLC-Rialto Corporation, 144A		7.000%		12/01/18		B		406,000
	1,100	Total Household Durables								1,100,937

Nuveen Investments 57

Nuveen Inflation Protected Securities Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Independent Power & Renewable Electricity Producers – 0.2%
$	275	AES Corporation		7.375%		7/01/21		BB	$	280,500
	500	Calpine Corporation		5.375%		1/15/23		BB–		448,750
	775	Total Independent Power & Renewable Electricity Producers								729,250
		Media – 0.6%
	400	Altice S.A, 144A		7.750%		5/15/22		B		361,000
	200	Charter Communications, CCO Holdings LLC, (3)		5.125%		2/15/23		BB–		200,250
	225	CSC Holdings Inc.		8.625%		2/15/19		BB		239,625
	300	Dish DBS Corporation		4.250%		4/01/18		BB–		300,750
	400	Numericable Group SA, 144A		4.875%		5/15/19		B+		396,500
	200	Numericable Group SA, 144A		6.000%		5/15/22		B+		194,000
	350	Sinclair Television Group		6.375%		11/01/21		B+		360,500
	195	WMG Acquisition Group, 144A		6.000%		1/15/21		B1		195,975
	2,270	Total Media								2,248,600
		Metals & Mining – 0.1%
	250	ArcelorMittal, (3)		7.000%		2/25/22		BB+		201,250
		Oil, Gas & Consumable Fuels – 0.1%
	215	Calumet Specialty Products, (3)		7.625%		1/15/22		B+		182,750
	300	Rose Rock Midstream LP / Rose Rock Finance Corporation		5.625%		7/15/22		B1		213,000
	150	Targa Resources Inc.		4.250%		11/15/23		BB+		115,500
	665	Total Oil, Gas & Consumable Fuels								511,250
		Personal Products – 0.1%
	200	Albea Beauty Holdings SA, 144A		8.375%		11/01/19		B		208,000
		Real Estate Investment Trust – 0.0%
	200	Gaming and Leisure Products Inc., GLP Capital LP Financing II Inc., (3)		4.375%		11/01/18		BBB–		198,000
		Road & Rail – 0.0%
	175	Hertz Corporation, (3)		7.375%		1/15/21		B		181,563
		Specialty Retail – 0.2%
	420	Best Buy Co., Inc.		5.500%		3/15/21		Baa1		434,700
	475	The Men’s Warehouse Inc.		7.000%		7/01/22		B2		337,250
	895	Total Specialty Retail								771,950
		Technology Hardware, Storage & Peripherals – 0.1%
	500	NCR Corporation		5.000%		7/15/22		BB		485,000
		Textiles, Apparel & Luxury Goods – 0.1%
	300	Levi Strauss & Company, (3)		5.000%		5/01/25		BB		298,500
		Wireless Telecommunication Services – 0.4%
	200	Altice Financing SA, 144A		6.625%		2/15/23		BB–		197,500
	200	Millicom International Cellular SA, 144A		6.625%		10/15/21		BB+		184,750

58 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Wireless Telecommunication Services (continued)
$	200	Softbank Corporation, 144A, (3)		4.500%		4/15/20		BB+	$	199,000
	200	Sprint Communications Inc., 144A		7.000%		3/01/20		BB		200,500
	400	Telecom Italia SpA, 144A		5.303%		5/30/24		BBB–		395,000
	400	T-Mobile USA Inc.		6.731%		4/28/22		BB		417,000
	1,600	Total Wireless Telecommunication Services								1,593,750
$	23,939	Total Corporate Bonds (cost $24,413,229)								23,222,893
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 0.0%
		Capital Markets – 0.0%
$	200	Goldman Sachs Capital II		4.000%		N/A (4)		Ba1	$	141,000
$	200	Total $1,000 Par (or similar) Institutional Preferred (cost $162,451)								141,000
Principal Amount (000)		Description (1)			Optional Call Provisions (5)		Ratings (2)		Value
		MUNICIPAL BONDS – 0.5%
		Maryland – 0.3%
$	1,250	Baltimore County, Maryland, General Obligation Bonds, Taxable Series 2012, 0.951%, 8/01/17				No Opt. Call		AAA	$	1,247,238
		Ohio – 0.2%
	820	Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of Greater Cincinnati, Refunding Series 2013B, 1.233%, 12/01/16				No Opt. Call		AA+		822,861
$	2,070	Total Municipal Bonds (cost $2,070,000)								2,070,099
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 88.2%
$	5,896	U.S. Treasury Bonds		3.875%		4/15/29		Aaa	$	7,993,519
	2,330	U.S. Treasury Bonds		2.500%		2/15/45		Aaa		2,086,268
	20,686	U.S. Treasury Inflation Indexed Obligations		0.125%		4/15/17		Aaa		20,639,871
	16,961	U.S. Treasury Inflation Indexed Obligations		0.125%		4/15/18		Aaa		16,921,020
	3,971	U.S. Treasury Inflation Indexed Obligations		2.125%		1/15/19		Aaa		4,199,971
	13,616	U.S. Treasury Inflation Indexed Obligations		0.125%		4/15/19		Aaa		13,527,727
	5,015	U.S. Treasury Inflation Indexed Obligations		1.375%		1/15/20		Aaa		5,209,459
	14,066	U.S. Treasury Inflation Indexed Obligations		0.125%		4/15/20		Aaa		13,876,906
	11,664	U.S. Treasury Inflation Indexed Obligations		1.250%		7/15/20		Aaa		12,118,703
	20,766	U.S. Treasury Inflation Indexed Obligations		1.125%		1/15/21		Aaa		21,388,658
	12,146	U.S. Treasury Inflation Indexed Obligations		0.625%		7/15/21		Aaa		12,212,700
	29,948	U.S. Treasury Inflation Indexed Obligations		0.125%		1/15/22		Aaa		28,987,086

Nuveen Investments 59

Nuveen Inflation Protected Securities Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		U.S. GOVERNMENT AND AGENCY OBLIGATIONS (continued)
$	13,848	U.S. Treasury Inflation Indexed Obligations		0.125%		7/15/22		Aaa	$	13,410,322
	20,727	U.S. Treasury Inflation Indexed Obligations		0.125%		1/15/23		Aaa		19,844,997
	19,960	U.S. Treasury Inflation Indexed Obligations		0.375%		7/15/23		Aaa		19,470,289
	19,337	U.S. Treasury Inflation Indexed Obligations		0.625%		1/15/24		Aaa		19,088,142
	13,647	U.S. Treasury Inflation Indexed Obligations		0.125%		7/15/24		Aaa		12,940,119
	9,993	U.S. Treasury Inflation Indexed Obligations		2.375%		1/15/25		Aaa		11,342,923
	28,719	U.S. Treasury Inflation Indexed Obligations		0.250%		1/15/25		Aaa		27,365,177
	5,962	U.S. Treasury Inflation Indexed Obligations		2.000%		1/15/26		Aaa		6,612,038
	4,423	U.S. Treasury Inflation Indexed Obligations		2.375%		1/15/27		Aaa		5,103,525
	1,697	U.S. Treasury Inflation Indexed Obligations		1.750%		1/15/28		Aaa		1,850,854
	1,801	U.S. Treasury Inflation Indexed Obligations		3.625%		4/15/28		Aaa		2,350,461
	4,093	U.S. Treasury Inflation Indexed Obligations		2.500%		1/15/29		Aaa		4,839,275
	4,567	U.S. Treasury Inflation Indexed Obligations		2.125%		2/15/40		Aaa		5,358,256
	5,479	U.S. Treasury Inflation Indexed Obligations		2.125%		2/15/41		Aaa		6,464,624
	16,030	U.S. Treasury Inflation Indexed Obligations		0.750%		2/15/42		Aaa		14,025,283
	5,814	U.S. Treasury Inflation Indexed Obligations		0.625%		2/15/43		Aaa		4,898,789
	1,735	U.S. Treasury Inflation Indexed Obligations		1.375%		2/15/44		Aaa		1,758,408
	3,207	U.S. Treasury Inflation Indexed Obligations		0.750%		2/15/45		Aaa		2,784,113
	12,538	U.S. Treasury Notes		0.375%		7/15/25		Aaa		12,116,900
$	350,642	Total U.S. Government and Agency Obligations (cost $355,528,304)								350,786,383
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 3.5%
$	2,939	Colony Anerican Homes Trust 2014-1A		1.576%		5/17/31		Aaa	$	2,878,823
	2,000	Commercial Mortgage Pass-Through Certificates Series 2012-CR4		1.801%		10/15/45		AAA		1,983,693
	640	Credit Suisse Commercial Mortgage Trust, 2014-ICE		1.976%		4/15/27		A–		632,989
	569	DBUBS Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-LC3A		3.642%		8/10/44		Aaa		571,509
	680	Freddie Mac Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2013-K712		3.484%		5/25/45		Aaa		682,275
	2,092	Greenwich Capital Commercial Funding Corporation, Commercial Mortgage Pass-Through Certificates, Series 2007-GG11		5.736%		12/10/49		AAA		2,158,064
	22	JPMorgan Chase Commercial Mortgage Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 2010-C1		3.853%		6/15/43		Aaa		22,390
	2,955	JPMorgan JPMBB Commercial Mortgage Securities Trust, Pass-Through Certificates, Series 2013-C12		3.664%		7/15/45		AAA		3,038,113
	2,026	Wells Fargo – Royal Bank of Scotland Commercial Mortgage Trust, Series 2012-C10 A3		2.875%		12/15/45		Aaa		2,000,028
$	13,923	Total Asset-Backed and Mortgage-Backed Securities (cost $14,305,553)								13,967,884

60 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		SOVEREIGN DEBT – 0.6%
		Canada – 0.5%
$	1,500	Quebec Province		7.500%		7/15/23		Aa2	$	1,960,461
		Poland – 0.1%
	250	Republic of Poland		6.375%		7/15/19		A2		285,625
$	1,750	Total Sovereign Debt (cost $2,219,992)								2,246,086
		Total Long-Term Investments (cost $399,115,079)								392,946,249
Shares		Description (1)	Coupon						Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.9%
		Money Market Funds – 0.9%
	3,513,550	Mount Vernon Securities Lending Trust Prime Portfolio, (7)		0.108% (6)					$	3,513,550
		Total Investments Purchased with Collateral from Securities Lending (cost $3,513,550)								3,513,550
Shares		Description (1)	Coupon						Value
		SHORT-TERM INVESTMENTS – 0.6%
		Money Market Funds – 0.6%
	2,580,386	First American Treasury Obligations Fund, Class Z		0.473% (6)					$	2,580,386
		Total Short-Term Investments (cost $2,580,386)								2,580,386
		Total Investments (cost $405,209,015) – 100.3%								399,040,185
		Other Assets Less Liabilities – (0.3)% (8)								(1,115,000)
		Net Assets – 100%							$	397,925,185

Investments in Derivatives as of December 31, 2015

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts			Contract Expiration		Notional Amount at Value*			Variation Margin Receivable/ Payable			Unrealized Appreciation (Depreciation)
U.S. Treasury 5-Year Note		Short		(378	)		3/16	$	(44,725,078	)	$	(53,156	)	$	128,500
U.S. Treasury 10-Year Note		Short		(60	)		3/16		(7,554,375	)		(17,813	)		24,434
U.S. Treasury Long Bond		Long		40			3/16		6,150,000			20,000			5,864
U.S. Treasury Ultra Bond		Long		38			3/16		6,030,125			36,302			3,502
								$	(40,099,328	)	$	(14,667	)	$	162,300

* Total aggregate Notional Amount at Value of long and short positions is $12,180,125 and $(52,279,453), respectively.

Nuveen Investments 61

Nuveen Inflation Protected Securities Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

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.

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

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

(3) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $3,376,638.

(4) Perpetual security. Maturity date is not applicable.

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

(6) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

(7) 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 and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

(8) Other assets less liabilities includes the unrealized appreciation (depreciation) of over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-cleared and exchange-traded derivatives is recognized as part of the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities.

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

See accompanying notes to financial statements.

62 Nuveen Investments

Nuveen Intermediate Government Bond Fund

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		LONG-TERM INVESTMENTS – 97.0%
		CORPORATE BONDS – 0.6%
		Health Care Providers & Services – 0.6%
$	400	Catholic Health Initiatives		1.600%		11/01/17		A+	$	399,213
$	400	Total Corporate Bonds (cost $399,884)								399,213
Principal Amount (000)		Description (1)			Optional Call Provisions (3)		Ratings (2)		Value
		MUNICIPAL BONDS – 3.1%
		Louisiana – 0.7%
$	500	Louisiana Local Government Environmental Facilities and Community Development Authority, System Restoration Revenue Bonds, Louisiana Utilities Restoration Corporation Project/EGSL, Series 2010, 3.220%, 2/01/21				No Opt. Call		AAA	$	511,060
		Ohio – 2.4%
	145	Akron, Ohio, General Obligation Bonds, Refunding Various Purpose Series 2014B, 0.950%, 12/01/16				No Opt. Call		AA–		144,814
	345	Columbus, Ohio, General Obligation Bonds, Various Purpose, Taxable Series 2014C, 3.000%, 2/15/19				No Opt. Call		AAA		358,793
	285	Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of Greater Cincinnati, Refunding Series 2013B, 1.233%, 12/01/16				No Opt. Call		AA+		285,995
	845	Ohio State, General Obligation Bonds, Higher Education, Build America Bond Series 2010E, 3.328%, 8/01/17 – AGM Insured				No Opt. Call		AA+		870,097
	1,620	Total Ohio								1,659,699
$	2,120	Total Municipal Bonds (cost $2,178,229)								2,170,759
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 61.6%
$	1,000	Fannie Mae Notes		1.250%		9/27/18		Aaa	$	995,005
	1,000	Fannie Mae Notes		1.330%		10/24/19		Aaa		985,276
	1,385	Fannie Mae Notes		1.500%		11/30/20		Aaa		1,360,994
	680	Fannie Mae Notes, (4)		1.125%		10/19/18		Aaa		675,827
	790	Federal Farm Credit Bank Discount Notes		1.030%		5/11/18		Aaa		785,071
	940	Federal Farm Credit Banks, Consolidated Systemwide Notes		0.500%		8/23/16		Aaa		939,269
	755	Federal Farm Credit Banks, Consolidated Systemwide Notes		0.750%		8/14/17		Aaa		751,238
	360	Federal Farm Credit Banks, Consolidated Systemwide Notes		1.750%		4/01/21		Aaa		352,368
	675	Federal Home Loan Bank Bonds		1.000%		12/19/17		Aaa		673,342
	755	Federal Home Loan Bank Bonds		1.200%		8/14/18		Aaa		752,373
	1,080	Federal Home Loan Bank Bonds		4.125%		3/13/20		Aaa		1,183,936
	955	Federal Home Loan Bank Bonds		2.875%		6/14/24		Aaa		981,005

Nuveen Investments 63

Nuveen Intermediate Government Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		U.S. GOVERNMENT AND AGENCY OBLIGATIONS (continued)
$	2,260	Federal Home Loan Bank Bonds		2.875%		9/13/24		Aaa	$	2,309,761
	775	Federal Home Loan Bank Bonds, (4)		1.875%		12/09/22		Aaa		753,776
	825	Federal Home Loan Bank Bonds, (4)		2.375%		3/14/25		Aaa		806,342
	735	Federal Home Loan Banks, Discount Notes		2.220%		3/28/23		Aaa		731,733
	590	Federal Home Loan Mortgage Corporation, Notes		2.375%		1/13/22		Aaa		598,199
	670	Federal National Mortgage Association		5.000%		3/15/16		Aaa		676,243
	535	Federal National Mortgage Association		0.000%		10/09/19		Aaa		495,576
	2,205	Federal National Mortgage Association		1.500%		6/22/20		Aaa		2,178,421
	710	FICO STRIPS		0.000%		5/02/17		Aaa		700,015
	250	Financing Corporation		9.400%		2/08/18		Aaa		292,346
	270	Freddie Mac Reference Notes		5.000%		12/14/18		Aa2		297,525
	530	Tennessee Valley Authority		3.875%		2/15/21		Aaa		578,788
	325	U.S. Treasury Bonds		8.750%		8/15/20		Aaa		425,924
	535	U.S. Treasury Bonds		7.250%		8/15/22		Aaa		707,853
	320	U.S. Treasury Notes		3.125%		5/15/19		Aaa		337,699
	730	U.S. Treasury Notes		1.500%		11/30/19		Aaa		727,233
	1,860	U.S. Treasury Notes, (4)		2.000%		7/31/20		Aaa		1,881,888
	1,660	U.S. Treasury Notes		2.000%		11/30/20		Aaa		1,677,304
	1,000	U.S. Treasury Notes		2.000%		2/28/21		Aaa		1,008,616
	745	U.S. Treasury Notes		2.000%		11/15/21		Aaa		747,344
	1,185	U.S. Treasury Notes		2.000%		2/15/22		Aaa		1,187,338
	1,685	U.S. Treasury Notes		1.750%		5/15/23		Aaa		1,641,508
	2,435	U.S. Treasury Notes		2.750%		11/15/23		Aaa		2,541,173
	3,505	U.S. Treasury Notes		2.000%		2/15/25		Aaa		3,425,959
	3,915	U.S. Treasury Notes		2.125%		5/15/25		Aaa		3,863,677
	1,275	U.S. Treasury Notes		2.000%		8/15/25		Aaa		1,243,105
	250	U.S. Treasury Notes		2.250%		11/15/25		Aaa		249,441
	1,145	U.S. Treasury Securities, Stripped Interest Payments		0.000%		2/15/22		Aaa		1,005,395
$	43,300	Total U.S. Government and Agency Obligations (cost $43,142,971)								43,525,886
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 31.7%
$	497	321 Henderson Receivables LLC, Series 2010-3A		3.820%		12/15/48		Aaa	$	509,479
	597	321 Henderson Receivables LLC., Series 2010-1A		5.560%		7/15/59		Aaa		651,919
	500	Barclays Dryrock Issuance Trust 2014-1		0.691%		12/16/19		AAA		499,515
	307	Colony American Homes Trust 2014-1A		1.400%		5/17/31		Aaa		300,562
	330	Commercial Mortgage Pass-Through Certificates Series 2012-CR4		1.801%		10/17/45		AAA		327,309
	444	Credit Suisse Commercial Mortgage Trust, 2015-2		3.000%		2/25/45		AAA		446,411

64 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	218	DBUBS Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-LC3A		3.642%		8/12/44		Aaa	$	219,209
	550	Entergy New Orleans Store Recovery Funding LLC, Series 2015-1		2.670%		6/01/27		AAA		561,145
	801	Fannie Mae Alternative Credit Enhanced Securities		1.637%		11/25/17		Aaa		803,738
	912	Fannie Mae Alternative Credit Enhanced Securities		0.484%		12/25/17		Aaa		910,790
	349	Fannie Mae Connecticut Avenue Securities, Series 2014-C02		1.372%		5/28/24		Aaa		345,351
	108	Fannie Mae Mortgage Pool 254169		6.500%		12/01/31		Aaa		124,609
	70	Fannie Mae Mortgage Pool 254179		6.000%		1/01/22		Aaa		79,491
	75	Fannie Mae Mortgage Pool 254344		6.500%		6/01/22		Aaa		85,648
	35	Fannie Mae Mortgage Pool 254373		6.500%		7/01/17		Aaa		35,527
	40	Fannie Mae Mortgage Pool 254414		7.000%		7/01/17		Aaa		40,506
	69	Fannie Mae Mortgage Pool 254720		4.500%		5/01/18		Aaa		71,064
	838	Fannie Mae Mortgage Pool 467749		3.240%		4/01/16		Aaa		837,036
	4	Fannie Mae Mortgage Pool 580516		5.500%		4/01/16		Aaa		3,815
	69	Fannie Mae Mortgage Pool 596680		7.000%		9/01/31		Aaa		77,500
	211	Fannie Mae Mortgage Pool 596712		6.500%		6/01/32		Aaa		235,065
	41	Fannie Mae Mortgage Pool 656269		6.000%		8/01/32		Aaa		46,006
	20	Fannie Mae Mortgage Pool 673010		5.500%		12/01/17		Aaa		20,396
	46	Fannie Mae Mortgage Pool 695765		5.500%		4/01/18		Aaa		47,626
	110	Fannie Mae Mortgage Pool 725793		5.500%		9/01/19		Aaa		115,313
	171	Fannie Mae Mortgage Pool 745101		6.000%		4/01/32		Aaa		190,336
	132	Fannie Mae Mortgage Pool 848390		2.086%		12/01/35		Aaa		138,304
	184	Fannie Mae Mortgage Pool 886034		2.820%		7/01/36		Aaa		196,394
	80	Fannie Mae Mortgage Pool 887017		6.500%		8/01/36		Aaa		92,527
	254	Fannie Mae Mortgage Pool 913187		2.489%		4/01/37		Aaa		271,109
	502	Fannie Mae Mortgage Pool 914224		2.360%		3/01/37		Aaa		534,957
	139	Fannie Mae Mortgage Pool 928519		7.000%		6/01/37		Aaa		153,493
	138	Fannie Mae Mortgage Pool 995949		2.573%		9/01/36		Aaa		146,591
	574	Fannie Mae Mortgage Pool AB1959		4.000%		12/01/40		Aaa		609,323
	635	Fannie Mae Mortgage Pool AD0486		2.470%		4/01/34		Aaa		671,269
	58	Fannie Mae Mortgage Pool AE0981		3.500%		3/01/41		Aaa		59,736
	347	Fannie Mae Mortgage Pool AE4876		3.500%		10/01/40		Aaa		358,603
	48	Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates		1.083%		2/25/16		Aaa		48,107
	301	Fannie Mae REMIC Pass-Through Certificates 2002-W1 2A		6.335%		2/25/42		Aaa		346,423
	307	Fannie Mae, Connecticut Avenue Securities, Series 2014-C03		1.622%		7/25/24		Aaa		305,856
	456	FDIC Structures Sale Guaranteed Notes, Series 2010-S1		3.250%		4/25/38		Aaa		465,637
	656	Federal Home Loan Mortgage Corporation, REMIC		0.581%		11/15/42		Aaa		653,872
	311	Freddie Mac Gold Pool 1H1396		2.500%		5/01/37		Aaa		329,255
	440	Freddie Mac Gold Pool 780836		2.468%		9/01/33		Aaa		466,613

Nuveen Investments 65

Nuveen Intermediate Government Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	265	Freddie Mac Gold Pool 848193		2.404%		3/01/36		Aaa	$	280,914
	21	Freddie Mac Mortgage Pool, Various C35768		7.500%		1/01/30		Aaa		22,533
	49	Freddie Mac Mortgage Pool, Various G00876		6.500%		1/01/28		Aaa		55,607
	125	Freddie Mac Mortgage Pool, Various G01244		6.500%		3/01/31		Aaa		145,024
	206	Freddie Mac Mortgage Trust 2013-KF02		3.422%		12/25/45		AAA		211,168
	385	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K701		2.776%		6/26/17		Aaa		388,829
	510	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K010 A1		3.320%		7/25/20		Aaa		524,355
	549	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K715		2.059%		3/25/20		Aaa		554,634
	16	Freddie Mac Multifamily Structured Pass-Through Certificates Series KF01		0.772%		4/25/19		Aaa		16,400
	440	Freddie Mac Structured Pass-Through Certificates, Series K-501		1.655%		11/25/16		Aaa		440,932
	597	Freddie Mac Structured Pass-Through Certificates, Series K-502 A2		1.426%		8/25/17		AAA		597,081
	726	Freddie Mac Structured Pass-Through Certificates, Series K008		2.746%		12/25/19		Aaa		740,171
	740	Freddie Mac Whole Loan Securities Trust, Structured Pass-Through Certificates, Series 2015-SC01		3.500%		5/25/45		N/R		747,072
	49	Government National Mortgage Association Pool 3120		6.500%		8/20/31		Aaa		57,571
	19	Government National Mortgage Association Pool 347332		7.500%		12/15/22		Aaa		18,896
	5	Government National Mortgage Association Pool 455304		7.000%		9/15/27		Aaa		5,465
	364	Government National Mortgage Association Pool 4946		4.500%		2/20/41		Aaa		396,175
	64	Government National Mortgage Association Pool 570134		7.500%		12/15/31		Aaa		66,672
	557	Government National Mortgage Association Pool 633605		6.000%		9/15/34		Aaa		646,716
	124	Government National Mortgage Association Pool 780825		6.500%		7/15/28		Aaa		142,395
	230	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9		0.825%		5/17/46		Aaa		228,775
	350	Origen Manufactured Housing Contract Trust Collateralized Notes Series 2005B		5.990%		1/15/37		A+		365,909
	376	Structured Agency Credit Risk 2014-DN1		1.221%		2/26/24		Aa3		376,030
	434	United States Department of Veterans, Affairs, Guaranteed REMIC Pass-Through Certificates, Vendee Mortgage Trust, Series 2011-1		3.750%		2/15/35		Aaa		454,650
	237	U.S. Small Business Administration Guaranteed Participating Securities Participation Certificates, Series 2008-10A		5.902%		2/01/18		Aaa		251,977
	337	U.S. Small Business Administration Guaranteed Participating Securities Participation Certificates, Series 2010-P10A		4.108%		3/10/20		Aaa		352,962
	497	Centerpoint Energy Transition Bond Company LLC		0.901%		4/15/18		AAA		496,106
	394	Entergy Arkansas Restoration Funding LLC, Senior Secured Storm Recovery Bonds, Series 2010-A		2.300%		8/01/21		AAA		395,358
$	21,640	Total Asset-Backed and Mortgage-Backed Securities (cost $21,732,075)								22,413,812
		Total Long-Term Investments (cost $67,453,159)								68,509,670
Shares		Description (1)	Coupon						Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 4.7%
		Money Market Funds – 4.7%
	3,362,425	Mount Vernon Securities Lending Trust Prime Portfolio, (6)		0.472% (5)					$	3,362,425
		Total Investments Purchased with Collateral from Securities Lending (cost $3,362,425)								3,362,425

66 Nuveen Investments

Shares		Description (1)	Coupon		Value
		SHORT-TERM INVESTMENTS – 1.9%
		Money Market Funds – 1.9%
	1,359,290	First American Treasury Obligations Fund, Class Z		0.108% (5)	$	1,359,290
		Total Short-Term Investments (cost $1,359,290)				1,359,290
		Total Investments (cost $72,174,874) – 103.6%				73,231,385
		Other Assets Less Liabilities – (3.6)% (7)				(2,564,344)
		Net Assets – 100%			$	70,667,041

Investments in Derivatives as of December 31, 2015

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts			Contract Expiration		Notional Amount at Value*			Variation Margin Receivable/ (Payable)			Unrealized Appreciation (Depreciation)
U.S. Treasury 5-Year Note		Short		(56	)		3/16	$	(6,625,937	)	$	(7,875	)	$	12,085
U.S. Treasury 10-Year Note		Short		(39	)		3/16		(4,910,344	)		(11,083	)		19,284
U.S. Treasury Long Bond		Long		10			3/16		1,537,500			5,000			(8,015	)
								$	(9,998,781	)	$	(13,958	)	$	23,354

* Total aggregate Notional Amount at Value of long and short positions is $1,537,500 and $(11,536,281), respectively.

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.

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

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

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

(4) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $3,246,704.

(5) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

(6) 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 and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

(7) Other assets less liabilities includes the unrealized appreciation (depreciation) of over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-cleared and exchange-traded derivatives is recognized as part of the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities.

See accompanying notes to financial statements.

Nuveen Investments 67

Nuveen Short Term Bond Fund

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		LONG-TERM INVESTMENTS – 97.9%
		CORPORATE BONDS – 45.0%
		Airlines – 1.3%
$	2,221	American Airlines Pass-Through Trust 2013-2C, 144A		6.000%		1/15/17		BB	$	2,264,677
	1,987	Delta Air Lines Pass-Through Certificates Series 2012-1A		4.750%		5/07/20		A		2,096,162
	1,402	Delta Air Lines Pass-Through Certificates, Series 2012-1B, 144A		6.875%		5/07/19		BBB		1,507,056
	335	Delta Airlines		5.300%		4/15/19		A		355,450
	972	Northwest Airlines Trust Pass-Through Certificates 2007-1		7.027%		11/01/19		A		1,082,648
	823	US Airways Pass-Through Trust		7.076%		3/20/21		A		887,227
	7,740	Total Airlines								8,193,220
		Auto Components – 0.1%
	853	American & Axle Manufacturing Inc., (3)		6.625%		10/15/22		BB–		893,518
		Automobiles – 1.2%
	3,135	Daimler Finance NA LLC, 144A		1.875%		1/11/18		A–		3,122,664
	2,000	General Motors Financial Company Inc., (3)		3.200%		7/13/20		BBB–		1,969,202
	3,000	Volkswagen Group of America Finance LLC, 144A, (3)		1.600%		11/20/17		A3		2,912,982
	8,135	Total Automobiles								8,004,848
		Banks – 8.5%
	2,250	Abbey National Treasury Services PLC of London		3.050%		8/23/18		A1		2,309,137
	7,820	Bank of America Corporation		5.650%		5/01/18		A		8,408,760
	3,305	Bank of Nova Scotia		1.375%		12/18/17		Aa2		3,289,314
	3,525	BB&T Corporation		1.450%		1/12/18		A+		3,502,119
	2,000	Credit Agricole SA, 144A, (3)		3.000%		10/01/17		A		2,037,948
	2,000	Fifth Third Bancorp.		4.500%		6/01/18		A–		2,106,348
	7,600	General Electric Capital Corporation		5.625%		5/01/18		AA+		8,289,419
	2,000	HSBC USA Inc.		1.625%		1/16/18		AA–		1,990,278
	1,500	ING Bank NV, 144A		3.750%		3/07/17		A1		1,536,792
	7,000	JPMorgan Chase & Company		6.000%		1/15/18		A+		7,560,910
	3,000	KeyCorp.		2.300%		12/13/18		A–		3,004,398
	2,000	Nordea Bank AB, 144A		3.125%		3/20/17		AA–		2,039,528
	2,000	Societe Generale		2.750%		10/12/17		A		2,027,842
	6,105	Wells Fargo & Company, (3)		2.125%		4/22/19		AA–		6,109,457
	52,105	Total Banks								54,212,250
		Beverages – 0.3%
	2,000	Heineken NV, 144A		1.400%		10/01/17		BBB+		1,992,094
		Biotechnology – 0.4%
	1,000	Baxalta Inc., 144A		2.000%		6/22/18		BBB+		989,753

68 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Biotechnology (continued)
$	1,665	Biogen Inc.		2.900%		9/15/20		A–	$	1,661,345
	2,665	Total Biotechnology								2,651,098
		Capital Markets – 3.6%
	2,840	Deutsche Bank AG London		2.500%		2/13/19		A3		2,861,578
	8,660	Goldman Sachs Group, Inc.		6.150%		4/01/18		A		9,404,162
	4,995	Morgan Stanley		5.950%		12/28/17		A		5,371,129
	2,250	Nomura Holdings Incorporated		2.750%		3/19/19		BBB+		2,262,537
	3,000	UBS AG Stamford		1.800%		3/26/18		A		2,995,164
	21,745	Total Capital Markets								22,894,570
		Chemicals – 1.7%
	2,215	Eastman Chemical Company		2.700%		1/15/20		BBB		2,194,017
	2,635	Ecolab Inc.		1.450%		12/08/17		BBB+		2,610,173
	1,165	Ineos Group Holdings SA, 144A, (3)		6.125%		8/15/18		B–		1,153,350
	2,000	Petrologistics LP Finance Corporation		6.250%		4/01/20		AA–		2,090,000
	2,750	Sherwin-Williams Company		1.350%		12/15/17		A		2,726,760
	10,765	Total Chemicals								10,774,300
		Commercial Services & Supplies – 0.5%
	1,250	ADT Corporation, (3)		4.125%		4/15/19		BBB–		1,285,938
	2,000	ERAC USA Finance LLC, 144A		2.800%		11/01/18		BBB+		2,013,446
	3,250	Total Commercial Services & Supplies								3,299,384
		Consumer Finance – 1.1%
	1,200	Ally Financial Inc		8.000%		12/31/18		BB		1,314,000
	2,750	American Express Company		1.550%		5/22/18		A+		2,728,825
	2,000	Ford Motor Credit Company		1.500%		1/17/17		BBB–		1,985,920
	1,250	Navient Corporation		5.000%		10/26/20		BB		1,096,875
	7,200	Total Consumer Finance								7,125,620
		Diversified Financial Services – 1.4%
	2,570	BNP Paribas		2.700%		8/20/18		A+		2,606,892
	1,000	Fly Leasing Limited		6.750%		12/15/20		BB		1,024,850
	1,000	Rabobank Nederland Utrecht		3.375%		1/19/17		Aa2		1,022,202
	1,500	Rabobank Nederland		2.250%		1/14/19		Aa2		1,504,830
	1,000	Synchrony Financial		1.875%		8/15/17		BBB–		995,396
	1,575	Voya Financial Inc.		2.900%		2/15/18		BBB		1,592,309
	8,645	Total Diversified Financial Services								8,746,479
		Diversified Telecommunication Services – 1.9%
	2,300	AT&T, Inc.		1.400%		12/01/17		A–		2,289,482
	1,250	Frontier Communications Corporation		8.125%		10/01/18		BB		1,290,625
	3,420	SBA Tower Trust, 144A		3.598%		4/15/43		BBB		3,408,104

Nuveen Investments 69

Nuveen Short Term Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Diversified Telecommunication Services (continued)
$	4,730	Verizon Communications		3.650%		9/14/18		A–	$	4,947,055
	11,700	Total Diversified Telecommunication Services								11,935,266
		Energy Equipment & Services – 0.5%
	2,000	Regency Energy Partners Finance		6.500%		7/15/21		BBB–		2,010,000
	1,000	SESI, LLC		7.125%		12/15/21		BBB–		890,000
	3,000	Total Energy Equipment & Services								2,900,000
		Food & Staples Retailing – 1.0%
	1,250	Supervalu Inc.		6.750%		6/01/21		B		1,131,250
	2,015	Sysco Corporation		2.600%		10/01/20		A2		2,018,992
	3,050	Walgreens Boots Alliance, Inc.		1.750%		11/17/17		BBB		3,044,208
	6,315	Total Food & Staples Retailing								6,194,450
		Food Products – 1.6%
	2,175	Bunge Limited Finance Company, (3)		3.500%		11/24/20		BBB		2,163,853
	1,065	Kraft Heinz Foods Company, 144A		2.000%		7/02/18		BBB–		1,061,194
	2,500	Mondelez International Inc.		2.250%		2/01/19		Baa1		2,499,428
	2,500	Tyson Foods		2.650%		8/15/19		BBB		2,502,010
	2,000	Wm. Wrigley Jr. Company, 144A		2.900%		10/21/19		A–		2,019,212
	10,240	Total Food Products								10,245,697
		Gas Utilities – 0.3%
	1,000	AmeriGas Finance LLC		6.750%		5/20/20		Ba2		972,500
	1,300	Ferrellgas LP		8.625%		6/15/20		B–		1,222,000
	2,300	Total Gas Utilities								2,194,500
		Health Care Equipment & Supplies – 0.5%
	3,260	Becton Dickinson & Company		1.800%		12/15/17		BBB+		3,255,436
		Health Care Providers & Services – 1.9%
	3,000	Aetna Inc.		1.500%		11/15/17		A		2,988,627
	3,000	Cardinal Health Inc.		2.400%		11/15/19		A–		2,999,949
	1,500	HCA Inc.		4.250%		10/15/19		BBB–		1,530,000
	1,300	Iasis Healthcare Capital Corporation		8.375%		5/15/19		CCC+		1,196,000
	1,750	Wellpoint Inc.		1.875%		1/15/18		A		1,742,578
	1,500	Zoetis Incorporated		1.875%		2/01/18		Baa2		1,479,914
	12,050	Total Health Care Providers & Services								11,937,068
		Hotels, Restaurants & Leisure – 0.4%
	1,100	International Game Technology		7.500%		6/15/19		BB+		1,176,780
	1,250	MGM Resorts International Inc., (3)		6.750%		10/01/20		BB		1,284,375
	2,350	Total Hotels, Restaurants & Leisure								2,461,155
		Household Durables – 0.1%
	750	William Lyon Homes Incorporated		8.500%		11/15/20		B–		793,125

70 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Independent Power & Renewable Electricity Producers – 0.1%
$	800	Dynegy Inc., (3)		6.750%		11/01/19		B+	$	752,000
		Insurance – 0.9%
	2,700	Prudential Financial Inc.		6.000%		12/01/17		A		2,899,468
	1,000	Security Benefit Life Insurance Company, 144A		8.750%		5/15/16		BBB		1,022,938
	2,000	Sirius International Group Limited, 144A		6.375%		3/20/17		BBB		2,042,996
	5,700	Total Insurance								5,965,402
		IT Services – 0.5%
	3,490	Visa Inc.		2.200%		12/14/20		A+		3,487,348
		Life Sciences Tools & Services – 0.4%
	2,520	Thermo Fischer Scientific Inc.		1.300%		2/01/17		BBB		2,511,057
		Machinery – 0.1%
	750	BlueLine Rental Finance Corporation, 144A, (3)		7.000%		2/01/19		B+		675,000
		Media – 2.9%
	2,600	British Sky Broadcasting Group PLC, 144A		6.100%		2/15/18		BBB		2,799,987
	2,000	CCO Safari II LLC, 144A		3.579%		7/23/20		BBB–		1,988,544
	4,000	Comcast Corporation, (3)		5.875%		2/15/18		A–		4,357,088
	3,370	DIRECTV Holdings LLC		2.400%		3/15/17		A–		3,397,230
	1,600	Discovery Communications Inc.		5.625%		8/15/19		Baa2		1,741,222
	1,500	Dish DBS Corporation		4.250%		4/01/18		BB–		1,503,750
	1,500	Numericable Group SA, 144A		4.875%		5/15/19		B+		1,486,875
	1,000	Thomson Reuters Corporation		1.300%		2/23/17		BBB+		995,272
	17,570	Total Media								18,269,968
		Metals & Mining – 1.2%
	1,250	Alcoa Inc.		6.150%		8/15/20		BBB–		1,290,625
	1,250	ArcelorMittal		5.250%		2/25/17		BB+		1,207,375
	1,462	Freeport-McMoran Oil & Gas LLC / FCX Oil & Gas Inc.		6.125%		6/15/19		BBB		1,068,137
	2,500	Nucor Corporation		5.850%		6/01/18		A–		2,676,523
	1,735	Rio Tinto Finance USA PLC		1.625%		8/21/17		A–		1,710,181
	8,197	Total Metals & Mining								7,952,841
		Multi-Utilities – 0.4%
	2,665	Sempra Energy		2.300%		4/01/17		BBB+		2,680,454
		Oil, Gas & Consumable Fuels – 3.2%
	1,000	Anadarko Petroleum Corporation		6.375%		9/15/17		BBB		1,048,601
	645	Calumet Specialty Products, (3)		6.500%		4/15/21		B+		561,150
	3,000	Canadian Natural Resources Limited		1.750%		1/15/18		BBB+		2,918,304
	2,000	CNOOC Finance 2014 ULC		1.625%		4/30/17		AA–		1,988,430
	2,000	Kinder Morgan Inc., Delaware		7.000%		6/15/17		BBB–		2,060,212

Nuveen Investments 71

Nuveen Short Term Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Oil, Gas & Consumable Fuels (continued)
$	4,345	Phillips 66		2.950%		5/01/17		A3	$	4,403,983
	750	Sabine Pass Liquefaction LLC		5.625%		2/01/21		BB+		690,000
	3,000	Sinopec Group Overseas Development 2014 Limited, 144A		1.101%		4/10/17		AA–		2,995,383
	1,370	Spectra Energy Partners LP		2.950%		9/25/18		BBB		1,346,270
	1,780	SunCor Energy Inc.		6.100%		6/01/18		A–		1,914,696
	1,000	Whiting Petroleum Corporation		5.000%		3/15/19		BB–		755,000
	20,890	Total Oil, Gas & Consumable Fuels								20,682,029
		Paper & Forest Products – 0.2%
	1,000	Mercer International Inc.		7.000%		12/01/19		B+		1,002,500
		Pharmaceuticals – 0.6%
	3,540	McKesson Corporation		1.292%		3/10/17		BBB+		3,530,166
		Real Estate Investment Trust – 1.5%
	2,000	American Tower Company		4.500%		1/15/18		BBB		2,085,812
	2,000	First Industrial Realty Trust		5.950%		5/15/17		BBB–		2,099,304
	1,145	Gaming and Leisure Products Inc., GLP Capital LP Financing II Inc., (3)		4.375%		11/01/18		BBB–		1,133,550
	2,605	Realty Income Corporation		2.000%		1/31/18		BBB+		2,606,448
	2,000	Ventas Realty LP		2.000%		2/15/18		BBB+		1,990,436
	9,750	Total Real Estate Investment Trust								9,915,550
		Software – 1.3%
	3,130	CA Inc.		2.875%		8/15/18		BBB+		3,142,705
	3,460	Symantec Corporation		2.750%		6/15/17		BBB		3,455,412
	2,000	Total System Services Inc.		2.375%		6/01/18		BBB+		1,979,358
	8,590	Total Software								8,577,475
		Specialty Retail – 0.3%
	2,020	Hyundai Capital America, 144A		2.400%		10/30/18		A–		2,013,916
		Technology Hardware, Storage & Peripherals – 0.9%
	2,720	Apple Inc.		2.100%		5/06/19		AA+		2,752,460
	1,875	Hewlett Packard Enterprise Co, 144A		2.850%		10/05/18		A–		1,874,318
	1,000	Seagate HDD Cayman		3.750%		11/15/18		BBB–		992,697
	5,595	Total Technology Hardware, Storage & Peripherals								5,619,475
		Tobacco – 0.8%
	2,000	BAT International Finance PLC, 144A		2.125%		6/07/17		A–		2,012,588
	3,000	Reynolds American Inc., (3)		2.300%		8/21/17		BBB–		3,023,586
	5,000	Total Tobacco								5,036,174
		Trading Companies & Distributors – 0.2%
	1,500	Air Lease Corporation		2.625%		9/04/18		BBB–		1,483,023
		Transportation Infrastructure – 0.3%
	2,000	Aviation Capital Group Corporation, 144A		2.875%		9/17/18		BBB–		1,988,524

72 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Wireless Telecommunication Services – 0.9%
$	1,250	Softbank Corporation, 144A, (3)		4.500%		4/15/20		BB+	$	1,243,750
	1,000	T-Mobile USA Inc.		6.464%		4/28/19		BB		1,029,819
	3,480	Vodafone Group PLC		1.500%		2/19/18		BBB+		3,441,545
	5,730	Total Wireless Telecommunication Services								5,715,114
$	284,375	Total Corporate Bonds (cost $291,405,283)								288,562,094
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 0.5%
		Banks – 0.5%
$	3,000	Citigroup Inc.		8.400%		N/A (4)		BB+	$	3,268,500
$	3,000	Total $1,000 Par (or similar) Institutional Preferred (cost $3,463,307)								3,268,500
Principal Amount (000)		Description (1)			Optional Call Provisions (5)		Ratings (2)		Value
		MUNICIPAL BONDS – 2.1%
		California – 0.2%
$	1,015	California State, General Obligation Bonds, Various Purpose Build America Taxable Bond Series 2010, 5.750%, 3/01/17				No Opt. Call		AA–	$	1,069,313
		Guam – 0.4%
		Government of Guam, Business Privilege Tax Bonds, Taxable Series 2012B-2:
	1,155	2.933%, 1/01/17				No Opt. Call		A		1,152,782
	1,190	3.301%, 1/01/18				No Opt. Call		A		1,181,610
	2,345	Total Guam								2,334,392
		Massachusetts – 0.4%
	2,750	University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 2014-2, 1.185%, 11/01/17				No Opt. Call		Aa2		2,745,738
		Nevada – 0.4%
	2,500	Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2011B, 3.176%, 6/01/17				No Opt. Call		AA+		2,560,275
		Ohio – 0.3%
	1,470	Ohio State, General Obligation Bonds, Higher Education, Build America Bond Series 2010E, 3.328%, 8/01/17 – AGM Insured				No Opt. Call		AA+		1,513,659
		Pennsylvania – 0.2%
	1,500	Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Taxable Series 2012B, 4.120%, 5/01/16				No Opt. Call		Baa2		1,506,285
		Texas – 0.2%
	1,500	Dallas-Ft. Worth International Airport Facility Improvement Corporation, Texas, Revenue Bonds, Learjet Inc., Series 2001A-1, 6.150%, 1/01/16 (Alternative Minimum Tax)				No Opt. Call		B2		1,500,000
$	13,080	Total Municipal Bonds (cost $13,155,464)								13,229,662

Nuveen Investments 73

Nuveen Short Term Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 5.4%
$	5,000	U.S. Treasury Notes		0.625%		8/31/2017		Aaa	$	4,968,155
	6,000	U.S. Treasury Notes, (3)		0.875%		11/30/2017		Aaa		5,983,212
	14,045	U.S. Treasury Notes		0.750%		12/31/2017		Aaa		13,951,250
	10,000	U.S. Treasury Notes		1.375%		6/30/2018		Aaa		10,040,980
$	35,045	Total U.S. Government and Agency Obligations (cost $35,062,108)								34,943,597
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 44.4%
$	573	ACE Securities Corporation, Manufactured Housing Trust Series 2003-MH1		6.500%		8/15/30		AA	$	625,518
	3,718	American Homes 4 Rent, Series 2014-SFR1		1.676%		6/17/31		Aaa		3,643,160
	5,170	American Tower Company, 144A		1.551%		3/15/43		Aaa		5,049,250
	4,271	AmeriCold LLC Trust, Series 2010		2.500%		1/14/29		AAA		4,239,872
	358	Amortizing Residential Collateral Trust Series 2002-BC4 M1		1.477%		7/25/32		Baa2		351,423
	1,892	Amortizing Residential Collateral Trust, Series 2002-BC7		1.187%		10/25/32		Aa1		1,746,946
	3,000	Barclays Commercial Mortgage, Mortgage Pass-Through Certificates, Series 2015-STP		4.427%		9/10/28		A–		3,018,657
	2,415	BXHTL Mortgage Trust, Series 2015-JWRZ		1.656%		5/15/29		AAA		2,393,045
	3,000	Cabela’s Master Credit Card Trust, Series 2011-A2		0.961%		2/18/20		AAA		3,002,219
	638	California Republic Auto Receivables Trust 2013-2		1.230%		3/15/19		Aaa		636,250
	3,250	California Republic Auto Receivables Trust, Series 2015-1		1.330%		4/15/19		AAA		3,232,717
	3,154	CAM Mortgage Trust 2015-1		3.500%		7/15/64		N/R		3,151,572
	4,355	Capital Auto Receivables Asset Trust, Asset Backed Notes, Series 2014-1		1.320%		6/20/18		AAA		4,353,280
	2,494	Capital One Multi Asset Execution Trust, Series 2015-A1		1.390%		1/15/21		AAA		2,480,185
	1,123	Centerpoint Energy Transition Bond Company LLC		0.901%		4/15/18		AAA		1,119,653
	4,500	CitiBank Credit Card Issuance Trust, Series 2014-A6		2.150%		7/15/21		Aaa		4,522,309
	131	Citicorp Mortgage Securities I, REMIC Pass-Through Certificates, Series 2007-9		5.500%		12/25/22		Ba1		130,792
	254	Citicorp Mortgage Securities Inc., REMIC Pass-Through Certificates, Series 2006-1 5A1		5.500%		2/25/26		Caa1		258,231
	2,960	Colony American Homes Trust 2015-1A		2.376%		7/17/32		A2		2,846,222
	6,300	Commercial Mortgage Pass-Through Certificates, Series 2014-SAVA		2.176%		6/15/34		AA		6,280,183
	4,470	Commercial Mortgage Trust 2014-BBG		1.226%		3/15/29		AAA		4,421,968
	1,514	Consumer Credit Orgination Loan Trust, Series 2015-1		2.820%		3/15/21		Baa3		1,514,193
	6,528	Consumers Securitization Funding LLC, Series 2014-A		1.334%		11/01/20		AAA		6,466,687
	583	Countrywide Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2006-19CB		6.000%		8/25/36		Caa3		532,081
	1,016	Countrywide Asset Backed Certificates 2005-3		5.184%		8/25/35		A+		1,021,462
	1,787	Countrywide Asset Backed Certificates, Series 2007-4 A2		5.374%		4/25/47		Caa1		1,946,614
	174	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-2		2.438%		2/25/34		BB+		168,084
	1,900	Credit Suisse Commercial Mortgage Trust, 2014-ICE		1.976%		4/15/27		A–		1,879,186

74 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	5,461	Credit Suisse Commercial Mortgage Trust, 2015-2		3.000%		2/25/45		AAA	$	5,486,799
	5,178	Credit Suisse Commercial Mortgage Trust, Series 2013-6		2.500%		7/25/28		AAA		5,127,258
	439	Credit Suisse First Boston Mortgage Securities Corporation, Mortgage-Backed Pass-Through Certificates, Series 2003-23		5.750%		9/25/33		AA+		465,015
	3,140	Credit-Based Asset Servicing and Securitization Pool 2007-SP1		6.020%		12/25/37		A+		3,275,963
	1,876	DBUBS Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2011-LC3A		3.642%		8/10/44		Aaa		1,882,849
	4,900	Discover Card Execution Note Trust 2012-A6		1.670%		1/18/22		AAA		4,833,968
	4,000	Discover Card Master Trust 2013-A1		0.731%		8/17/20		AAA		3,993,070
	1,010	Drive Auto Receivables Trust, Series 2015-AA		1.010%		11/15/17		AAA		1,009,132
	2,517	DT Auto Owner Trust, Series 2014-3A		0.980%		4/16/18		AAA		2,512,076
	5,818	Entergy Arkansas Restoration Funding LLC, Senior Secured Storm Recovery Bonds, Series 2010-A		2.300%		8/01/21		AAA		5,848,744
	3,746	Entergy Louisiana Investment Recovery Funding LLC, Series 2011-A		2.040%		9/01/23		AAA		3,731,327
	721	Fannie Mae Alternative Credit Enhanced Securities		2.210%		9/25/20		Aaa		731,871
	2,876	Fannie Mae Connecticut Avenue Securities , Series 2014-C04		2.377%		11/25/24		AAA		2,890,145
	644	Fannie Mae Mortgage Interest Strips 366 25, (I/O)		5.000%		9/25/24		Aaa		43,864
	95	Fannie Mae Mortgage Pool 433988		2.395%		11/01/25		Aaa		99,410
	405	Fannie Mae Mortgage Pool 535363		5.122%		12/01/31		Aaa		429,609
	38	Fannie Mae Mortgage Pool 545717		2.260%		5/01/32		Aaa		38,597
	8	Fannie Mae Mortgage Pool 545791		2.495%		3/01/32		Aaa		8,047
	98	Fannie Mae Mortgage Pool 555369		2.527%		8/01/36		Aaa		105,050
	90	Fannie Mae Mortgage Pool 625338		2.327%		6/01/31		Aaa		93,474
	112	Fannie Mae Mortgage Pool 634948		2.540%		5/01/32		Aaa		116,313
	16	Fannie Mae Mortgage Pool 661645		2.454%		10/01/32		Aaa		16,523
	40	Fannie Mae Mortgage Pool 671884		2.490%		12/01/32		Aaa		41,142
	804	Fannie Mae Mortgage Pool 725721		2.389%		6/01/34		Aaa		854,499
	754	Fannie Mae Mortgage Pool 745922		2.453%		7/01/35		Aaa		799,568
	60	Fannie Mae Mortgage Pool 775389		2.635%		4/01/34		Aaa		62,217
	737	Fannie Mae Mortgage Pool 795242		2.167%		7/01/34		Aaa		762,913
	790	Fannie Mae Mortgage Pool 797182		2.567%		11/01/34		Aaa		832,833
	75	Fannie Mae Mortgage Pool 838948		2.053%		8/01/35		Aaa		78,091
	547	Fannie Mae Mortgage Pool 838958		2.260%		8/01/35		Aaa		577,159
	682	Fannie Mae Mortgage Pool 841068		2.638%		11/01/34		Aaa		721,175
	352	Fannie Mae Mortgage Pool 848390		2.103%		12/01/35		Aaa		368,811
	378	Fannie Mae Mortgage Pool 886034		2.836%		7/01/36		Aaa		403,500
	345	Fannie Mae Mortgage Pool 995949		2.582%		9/01/36		Aaa		366,477
	1,011	Fannie Mae Mortgage Pool AD0486		2.498%		4/01/34		Aaa		1,068,746
	928	Fannie Mae Mortgage Pool AD0550		2.367%		8/01/37		Aaa		980,643
	1,326	Fannie Mae Mortgage Pool AE0058		2.504%		7/01/36		Aaa		1,400,737

Nuveen Investments 75

Nuveen Short Term Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	1,166	Fannie Mae Mortgage Pool AL2720		3.000%		11/01/27		Aaa	$	1,207,007
	19	Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 1992-150 MA		5.500%		9/25/22		Aaa		20,453
	397	Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through Certificates 2004-90 GF		0.727%		11/25/34		Aaa		398,204
	234	Fannie Mae Real Estate Mortgage Investment Conduit, Pass-Through CertificatesA 2013-M3 ASQ2		1.083%		2/25/16		Aaa		233,661
	538	Fannie Mae REMIC Pass-Through Certificates 2011-6 BA		2.750%		6/25/20		Aaa		545,373
	2,638	Fannie Mae, Connecticut Avenue Securities Series 2014-C01		2.027%		1/25/24		AA+		2,642,287
	3,008	Fannie Mae, Connecticut Avenue Securities, Series 2014-C03		1.627%		7/25/24		Aaa		2,997,389
	1,791	FDIC Structures Sale Guaranteed Notes, Series 2010-S1		3.250%		4/25/38		Aaa		1,829,522
	528	FDIC Structures Sale Guaranteed Notes, Series 2010-S1		0.978%		2/25/48		Aaa		527,946
	6	Federal Home Loan Mortgage Corporation, REMIC 1022 J		6.000%		12/15/20		Aaa		6,285
	2,500	Fifth Third Auto Trust, Series 2013 A B		1.210%		4/15/19		AAA		2,487,360
	936	Ford Credit Auto Owners Trust 2013-B		0.570%		10/15/17		AAA		935,068
	346	Freddie Mac Gold Pool 780456		2.472%		5/01/33		Aaa		366,006
	644	Freddie Mac Gold Pool 780911		2.526%		10/01/33		Aaa		683,176
	745	Freddie Mac Gold Pool 781296		2.498%		3/01/34		Aaa		784,525
	196	Freddie Mac Gold Pool 786591		2.644%		12/01/26		Aaa		203,009
	92	Freddie Mac Gold Pool 786853		2.385%		10/01/29		Aaa		94,551
	130	Freddie Mac Gold Pool 846946		2.485%		1/01/29		Aaa		136,401
	36	Freddie Mac Gold Pool 847014		2.360%		5/01/30		Aaa		36,735
	67	Freddie Mac Gold Pool 847063		2.667%		10/01/32		Aaa		71,589
	577	Freddie Mac Gold Pool 847241		2.449%		10/01/30		Aaa		596,066
	848	Freddie Mac Gold Pool 847331		2.480%		8/01/32		Aaa		891,754
	63	Freddie Mac Gold Pool 847367		2.341%		6/01/31		Aaa		66,269
	317	Freddie Mac Gold Pool 847652		2.436%		9/01/32		Aaa		327,203
	1,065	Freddie Mac Gold Pool 848193		2.557%		3/01/36		Aaa		1,129,492
	168	Freddie Mac Gold Pool 972055		3.698%		4/01/30		Aaa		178,389
	67	Freddie Mac Mortgage Pool, Various M30035		4.500%		4/01/22		Aaa		70,325
	2,082	Freddie Mac Mortgage Trust 2013-KF02		3.427%		12/25/45		AAA		2,139,102
	1,000	Freddie Mac Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2012-K711		3.684%		8/25/45		Aaa		1,011,389
	563	Freddie Mac Multi-Class Certificates 3780 FE		0.827%		12/15/20		Aaa		566,640
	4,075	Freddie Mac MultiFamily Mortgage Trust, Structured Pass-Through Certificates, Series 2012-K501		3.517%		11/25/46		AAA		4,086,177
	2,960	Freddie Mac MultiFamily Mortgage Trust, Structured Pass-Through Certificates, Series 2013-K502		3.291%		3/25/45		AAA		2,982,589
	495	Freddie Mac Non Gold Participation Certificates 1L1462		2.479%		8/01/36		Aaa		521,788
	3,500	GAHR Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2015-NRF		1.726%		12/15/16		AAA		3,488,035

76 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	2,500	General Electric Capital Commercial Mortgage Corporation, Commercial Mortgage Pass-Through Certificates, Series 2007-C1		5.606%		12/10/49		Ba3	$	2,542,043
	2,790	General Electric Capital Credit Card Master Trust, Series 2012-6		1.360%		8/17/20		AAA		2,776,052
	2,000	Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2014-GSFL		2.676%		7/15/31		A–		1,956,466
	2,378	Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2014-GSFL		1.426%		7/15/31		AAA		2,372,695
	1,900	Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2010-C1		3.679%		8/10/43		Aaa		1,944,969
	990	Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2011-GC3		3.645%		3/10/44		Aaa		988,784
	2,099	Goldman Sachs Mortgage Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 2011-GC5		2.999%		8/10/44		Aaa		2,109,442
	67	Government National Mortgage Association Pool 8006		1.875%		7/20/22		Aaa		68,529
	15	Government National Mortgage Association Pool 80106		1.875%		8/20/27		Aaa		15,475
	22	Government National Mortgage Association Pool 80154		1.750%		1/20/28		Aaa		22,111
	61	Government National Mortgage Association Pool 80283		1.750%		5/20/29		Aaa		62,453
	106	Government National Mortgage Association Pool 80469		2.000%		11/20/30		Aaa		110,452
	37	Government National Mortgage Association Pool 80507		1.750%		4/20/31		Aaa		38,142
	129	Government National Mortgage Association Pool 80535		1.875%		8/20/31		Aaa		133,706
	23	Government National Mortgage Association Pool 80580		1.750%		2/20/32		Aaa		23,825
	52	Government National Mortgage Association Pool 8699		1.875%		9/20/25		Aaa		53,379
	48	Government National Mortgage Association Pool 8824		2.000%		8/20/21		Aaa		50,278
	41	Government National Mortgage Association Pool 8847		1.750%		4/20/26		Aaa		42,745
	190	Government National Mortgage Association, Guaranteed REMIC Pass-Through Securities and MX Securities TrustR 2009-62 EJ		4.500%		5/16/38		Aaa		195,561
	2,025	GP Portfolio Trust 2014-GPP A		3.176%		2/15/27		BBB–		2,011,391
	3,000	Green Tree Agency Advance Funding Trust, Manufactured Housing Contract Pass-Through Certificates, Series 2015-T2		3.687%		10/15/48		AA		2,968,350
	4,500	Greenwich Capital Commercial Funding Corporation, Commercial Mortgage Pass-Through Certificates Series 2007-GG9		5.475%		3/10/39		BBB		4,603,517
	3,100	Huntington Auto Trust, Motor Vehicle Installment Payments, Series 2015-1		1.950%		6/15/21		AA+		3,066,932
	2,500	Hyatt Hotel Portfolio Trust, Mortgage Pass-Through Certificate, Series 2015-HYT		2.126%		11/15/29		AA–		2,509,497
	669	IMC Home Mortgage Company, Home Equity Loan Pass-Through Certificates, Series 1998-3		6.720%		8/20/29		AA		684,950
	4,196	Impac Secured Assets Corporation, Mortgage Pass-Through Certificates, Series 2006-5 2A		0.627%		12/25/36		Baa2		3,944,599
	218	IndyMac INDX Mortgage Loan Trust, Pass-Through Certificates, Series 2005-AR1		2.535%		3/25/35		BBB+		217,325
	2,500	Invitation Homes Trust 2013-SFR1		2.577%		12/17/30		Baa2		2,421,622
	4,680	Invitation Homes Trust 2013-SFR1		1.777%		12/17/30		Aa2		4,546,525

Nuveen Investments 77

Nuveen Short Term Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	2,500	Invitation Homes Trust 2014-SFR1		3.026%		6/17/31		Baa2	$	2,463,470
	3,787	Invitation Homes Trust 2014-SFR2		2.026%		9/17/31		Aa2		3,710,907
	2,000	Invitation Homes Trust 2014-SFR2		1.526%		9/17/31		Aaa		1,962,977
	2,000	John Deere Owner Trust, Series 2015-A		1.320%		6/17/19		Aaa		1,989,296
	95	JPMorgan Chase Commercial Mortgage Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 2010-C1		3.853%		6/15/43		Aaa		94,499
	188	JPMorgan Chase Commercial Mortgage Securities Corporation, Commercial Mortgage Pass-Through Certificates, Series 2010-C2 A1		2.749%		11/15/43		AAA		188,085
	3,000	JPMorgan Chase Commercial Mortgage Securities Corporation, Pass-Through Certificates 2006-LDP6		5.565%		4/15/43		Baa3		3,010,952
	4,999	JPMorgan Madison Avenue Securities Trust, Mortgage Pass-Through Certificates, Series 2014-1		2.677%		11/25/24		BBB–		5,011,606
	2,888	Master Resecuritization Trust 2009-1		6.000%		10/25/36		A		3,018,951
	2,750	ML_CFC Commercial Mortgage Trust, Pass-Through Certificates, Series 2007-8		5.887%		8/12/49		BB		2,819,181
	34	Mortgage Asset Securitization Transaction Inc., Alternative Loan Trust Mortgage Pass-Through Certificates, Series 2004-13		8.000%		1/25/35		BB		34,034
	821	National Credit Union Administration, Guaranteed Notes Series 2011-R1		0.879%		1/08/20		Aaa		823,942
	54	National Credit Union Administration, Guaranteed Notes, Series 2010-R1		1.840%		10/07/20		Aaa		54,376
	1,300	Nationstar Agency Fund Trust, Series 2013-T2A		4.212%		2/18/48		BBB		1,303,562
	2,400	New Residential Advance Receivable Trust, Series 2015-T2		3.302%		8/17/48		AAA		2,383,230
	3,147	New Residential Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2014-2A		3.750%		5/25/54		AAA		3,196,030
	1,504	New Residential Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2015-A1		3.750%		5/28/52		Aaa		1,538,780
	1,977	NLY Commercial Mortgage Trust 2014-FL1		3.026%		11/15/30		A–		1,969,132
	2,350	OMART Receivables Trust, Series 2015-T3		3.211%		11/15/47		AAA		2,342,919
	3,500	Opteum Mortgage Acceptance Corporation, Asset Backed Pass-Through Certificates, Series 2005-1		1.282%		2/25/35		AA–		3,355,433
	2,761	PennyMac Loan Trust, Series 2015-NPL1		4.000%		3/25/55		N/R		2,746,364
	357	RBSSP Resecuritization Trust 2009-10		0.522%		3/26/37		N/R		161,121
	1,666	RBSSP Resecuritization Trust 2009-5		0.922%		8/26/37		BBB		1,584,835
	2,171	RBSSP Resecuritization Trust, Series 2012-8 1A1		0.525%		10/26/36		N/R		2,098,284
	4,400	Santander Drive Auto Receivables Trust, Series 2014-1		1.590%		10/15/18		AAA		4,398,134
	4,205	Social Professional Loan Program LLC, Series 2015-C		2.510%		8/25/33		Aa2		4,121,992
	108	Structured Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2004-11		2.621%		8/25/34		N/R		107,746
	2,634	Structured Agency Credit Risk 2014-DN1		1.427%		2/25/24		Aa3		2,632,209
	3,271	Structured Agency Credit Risk Debt Notes, 2013-DN2		1.877%		11/25/23		A2		3,271,325
	500	Sway Residential Trust, Series 2014-1		4.726%		1/17/32		N/R		496,647
	238	Thornburg Mortgage Securities Trust, Mortgage Loan Pass-Through Certificates, Series 2007-4		6.082%		9/25/37		BBB+		246,657

78 Nuveen Investments

Principal Amount (000)			Description (1)	Coupon		Maturity		Ratings (2)		Value
			ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	901		Truman Capital Mortgage Loant Trust, Series 2014-NPL3		3.125%		4/25/53		N/R	$	897,599
	1		U.S. Small Business Administration Guaranteed Participating Securities Participation Certificates, Series 2006-10A		5.408%		2/10/16		Aaa		1,028
	95		U.S. Small Business Administration Guaranteed Participating Securities, Participation Certificates, Series 2007-10A		5.459%		2/10/17		Aaa		98,866
	1,685		UBS-Barclays Commercial Mortgage Trust 2012-C2		1.006%		5/10/63		Aaa		1,680,135
	2,239		US Residential Opportunity Fund Trust, Series 2015-1A		3.721%		1/27/35		N/R		2,224,854
	2,006		Vericrest Opportunity Loan Transferee, Series 2014-NPL8		3.375%		10/26/54		N/R		1,986,831
	2,857		Vornado DP LLC Commercial Mortgage Credit Tenant Lease Series 2010-VNO		2.970%		9/13/28		AAA		2,928,216
	3,109		Walter Investment Management Company Capital Trust, Series 2012-AA		4.549%		10/16/50		BBB		3,125,640
	5,688		Wells Fargo Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2015-LC22		1.639%		9/15/58		Aaa		5,633,100
	2,002		Wells Fargo Home Equity Trust, Series 2005-2		0.967%		4/25/35		AA		1,898,769
	385		Wells Fargo Mortagge Backed Securities Trust, Mortgage Pass-Through Certificate Series 2007-2		5.750%		3/25/37		Caa2		375,555
	829		Wells Fargo Mortgage Backed Securities Trust, Mortgage Pass-Through Certificate Series 2006-AR14		2.743%		10/25/36		Caa2		769,412
	19		Wells Fargo Mortgage Backed Securities, 2005-AR16 Class 3A2		2.710%		3/25/35		A+		18,713
$	285,599		Total Asset-Backed and Mortgage-Backed Securities (cost $285,721,499)								284,608,348
Principal Amount (000) (6)			Description (1)	Coupon		Maturity		Ratings (2)		Value
			SOVEREIGN DEBT – 0.5%
			Mexico – 0.5%
	495	MXN	Mexico Bonos de DeSarrollo		6.250%		6/16/16		A	$	2,905,190
			Total Sovereign Debt (cost $3,681,949)								2,905,190
			Total Long-Term Investments (cost $632,489,610)								627,517,391
Shares			Description (1)	Coupon						Value
			INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 3.3%
			Money Market Funds – 3.3%
	21,320,187		Mount Vernon Securities Lending Trust Prime Portfolio, (8)		0.108% (7)					$	21,320,187
			Total Investments Purchased with Collateral from Securities Lending (cost $21,320,187)								21,320,187
Shares			Description (1)	Coupon						Value
			SHORT-TERM INVESTMENTS – 1.7%
			Money Market Funds – 1.7%
	10,997,768		First American Treasury Obligations Fund, Class Z		0.473% (7)					$	10,997,768
			Total Short-Term Investments (cost $10,997,768)								10,997,768
			Total Investments (cost $664,807,565) – 102.9%								659,835,346
			Other Assets Less Liabilities – (2.9)% (9)								(18,387,280	)
			Net Assets – 100%							$	641,448,066

Nuveen Investments 79

Nuveen Short Term Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Investments in Derivatives as of December 31, 2015

Forward Foreign Currency Exchange Contracts outstanding:

Counterparty	Currency Contracts to Deliver	Notional Amount (Local Currency)		In Exchange For Currency	Notional Amount (Local Currency)		Settlement Date		Unrealized Appreciation Depreciation) (U.S. Dollars)
Bank of America, N.A.	Mexican Peso		50,300,000	U.S. Dollar		2,943,414		1/29/16	$	31,146

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts			Contract Expiration		Notional Amount at Value			Variation Margin Receivable/ Payable			Unrealized Appreciation (Depreciation)
U.S. Treasury 5-Year Note		Short		(291	)		3/16	$	(34,431,211	)	$	(40,922	)	$	94,258

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.

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

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

(3) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $20,636,440.

(4) Perpetual security. Maturity date is not applicable.

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

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

(7) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

(8) 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 and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

(9) Other assets less liabilities includes the unrealized appreciation (depreciation) of over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-cleared and exchange-traded derivatives is recognized as part of the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities.

I/O Interest only security.

MXN Mexican Peso

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

See accompanying notes to financial statements.

80 Nuveen Investments

Statement of

Assets and Liabilities December 31, 2015(Unaudited)

	Core Bond		Core Plus Bond		Inflation Protected Securities		Intermediate Government Bond		Short Term Bond
Assets
Long-term investments, at value (cost $186,709,342, $437,682,106, $399,115,079, $67,453,159 and $632,489,610, respectively)	$	186,957,459	$	430,221,309	$	392,946,249	$	68,509,670	$	627,517,391
Investments purchased with collateral from securities lending, at value (cost approximates value)		8,950,753		40,469,109		3,513,550		3,362,425		21,320,187
Short-term investments, at value (cost approximates value)		12,208,240		24,964,422		2,580,386		1,359,290		10,997,768
Cash collateral at brokers(1)		255,000		222,247		309,000		82,700		290,000
Cash denominated in foreign currencies (cost $—, $266,728, $—, $— and $301, respectively)		—		260,558		—		—		299
Unrealized appreciation on forward foreign currency exchange contracts		—		404,557		—		—		31,146
Receivable for:
Dividends		—		—		3,958		—		—
Due from broker		3,340		18,576		1,290		605		11,655
Interest		1,354,788		4,389,336		1,415,013		311,127		3,172,312
Investments sold		33,908		24,181		—		11,467		203,701
Reclaims		—		24,473		—		—		—
Shares sold		1,311,358		329,852		2,141,746		811,731		1,241,404
Variation margin on futures contracts		46,000		19,000		56,302		5,000		—
Variation margin on swap contracts		—		951,520		—		—		—
Other assets		46,657		59,090		51,515		28,408		73,604
Total assets		211,167,503		502,358,230		403,019,009		74,482,423		664,859,467
Liabilities
Unrealized depreciation on interest rate swaps		—		187,101		—		—		—
Payable for:
Collateral from securities lending program		8,950,753		40,469,109		3,513,550		3,362,425		21,320,187
Dividends		223,431		809,702		—		51,179		583,979
Investments purchased		6,795,523		24,567,167		—		250,245		—
Shares redeemed		665,850		2,335,900		1,138,576		65,756		1,030,411
Variation margin on futures contracts		61,517		98,234		70,969		18,958		40,922
Accrued expenses:
Management fees		66,023		146,185		86,447		20,339		195,884
Directors fees		18,137		28,166		15,142		373		37,320
12b-1 distribution and service fees		3,935		25,584		26,306		3,409		48,325
Other		64,333		154,782		242,834		42,698		154,373
Total liabilities		16,849,502		68,821,930		5,093,824		3,815,382		23,411,401
Net assets	$	194,318,001	$	433,536,300	$	397,925,185	$	70,667,041	$	641,448,066

(1) – Cash pledged to collateralize the net payment obligations for investments in derivatives.

See accompanying notes to financial statements.

Nuveen Investments 81

Statement of Assets and Liabilities (Unaudited) (continued)

	Core Bond			Core Plus Bond			Inflation Protected Securities			Intermediate Government Bond			Short Term Bond
Class A Shares
Net assets	$	13,877,486		$	63,942,056		$	59,670,676		$	11,455,780		$	95,315,739
Shares outstanding		1,427,717			5,980,467			5,596,873			1,308,315			9,717,517
Net asset value (“NAV”) per share	$	9.72		$	10.69		$	10.66		$	8.76		$	9.81
Offering price per share (NAV per share plus maximum sales charge of 3.00%, 4.25%, 4.25%, 3.00% and 2.25%, respectively, of offering price)	$	10.02		$	11.16		$	11.13		$	9.03		$	10.04
Class C Shares
Net assets	$	1,178,013		$	8,324,358		$	12,168,094		$	1,115,973		$	33,267,820
Shares outstanding		121,602			782,097			1,154,165			127,225			3,379,846
NAV and offering price per share	$	9.69		$	10.64		$	10.54		$	8.77		$	9.84
Class R3 Shares
Net assets	$	—		$	12,007,396		$	9,821,334		$	54,951		$	480,337
Shares outstanding		—			1,119,096			928,144			6,275			48,891
NAV and offering price per share	$	—		$	10.73		$	10.58		$	8.76		$	9.82
Class R6 Shares
Net assets	$	55,718,944		$	25,374,295		$	2,970,008		$	—		$	67,560,935
Shares outstanding		5,713,481			2,372,057			275,426			—			6,875,759
NAV and offering price per share	$	9.75		$	10.70		$	10.78		$	—		$	9.83
Class I Shares
Net assets	$	123,543,558		$	323,888,195		$	313,295,073		$	58,040,337		$	444,823,235
Shares outstanding		12,760,194			30,340,831			29,090,439			6,624,123			45,312,662
NAV and offering price per share	$	9.68		$	10.67		$	10.77		$	8.76		$	9.82
Net assets consist of:
Capital paid-in	$	196,164,268		$	448,289,302		$	408,912,930		$	73,888,523		$	659,428,355
Undistributed (Over-distribution of) net investment income		(989,787	)		454,306			(1,165,997	)		(34,853	)		(1,138,128	)
Accumulated net realized gain (loss)		(1,212,165	)		(7,091,391	)		(3,815,218	)		(4,266,494	)		(11,995,321	)
Net unrealized appreciation (depreciation)		355,685			(8,115,917	)		(6,006,530	)		1,079,865			(4,846,840	)
Net assets	$	194,318,001		$	433,536,300		$	397,925,185		$	70,667,041		$	641,448,066
Authorized shares – per class		2 billion			2 billion			2 billion			2 billion			2 billion
Par value per share	$	0.0001		$	0.0001		$	0.0001		$	0.0001		$	0.0001

See accompanying notes to financial statements.

82 Nuveen Investments

Statement of

Operations Six Months Ended December 31, 2015 (Unaudited)

	Core Bond			Core Plus Bond			Inflation Protected Securities			Intermediate Government Bond			Short Term Bond
Investment Income
Dividend income (net of foreign tax withheld of $—, $—, $281, $— and $—, respectively)	$	—		$	225,509		$	24,317		$	—		$	—
Interest income		3,450,860			11,802,156			1,315,824			743,955			8,016,751
Securities lending income, net		16,936			96,654			9,983			2,011			46,924
Total investment income		3,467,796			12,124,319			1,350,124			745,966			8,063,675
Expenses
Management fees		518,729			1,167,969			839,388			167,241			1,375,272
12b-1 service fees – Class A Shares		17,493			84,484			61,685			13,377			123,789
12b-1 distribution and service fees – Class C Shares		5,250			40,427			50,955			5,001			166,043
12b-1 distribution and service fees – Class R3 Shares		—			20,392			15,255			335			481
Shareholder servicing agent fees		44,016			160,595			398,387			19,521			146,663
Custodian fees		37,677			81,534			42,906			23,843			83,072
Directors fees		2,844			6,480			5,116			885			8,997
Professional fees		27,767			40,069			35,046			22,118			45,658
Shareholder reporting expenses		6,596			19,688			24,983			4,755			26,401
Federal and state registration fees		25,822			36,105			37,566			26,396			38,706
Other		7,699			14,645			7,534			4,156			16,372
Total expenses before fee waiver/expense reimbursement		693,893			1,672,388			1,518,821			287,628			2,031,454
Fee waiver/expense reimbursement		(92,407	)		(226,377	)		(226,967	)		(55,522	)		(131,183	)
Net expenses		601,486			1,446,011			1,291,854			232,106			1,900,271
Net investment income (loss)		2,866,310			10,678,308			58,270			513,860			6,163,404
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		(556,777	)		(5,450,108	)		(1,343,511	)		88,204			(1,478,829	)
Forward foreign currency exchange contracts		—			2,429,570			—			—			32,749
Futures contracts		(544,406	)		(690,724	)		(212,332	)		(108,161	)		77,731
Swaps		(558,892	)		(2,047,029	)		(583,194	)		(66,161	)		(1,482,338	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(2,422,896	)		(19,078,750	)		(7,645,319	)		(299,783	)		(6,878,228	)
Forward foreign currency exchange contracts		—			160,895			—			—			31,146
Futures contracts		350,017			65,354			235,187			23,126			294,243
Swaps		157,115			27,864			80,776			(10,105	)		258,316
Net realized and unrealized gain (loss)		(3,575,839	)		(24,582,928	)		(9,468,393	)		(372,880	)		(9,145,210	)
Net increase (decrease) in net assets from operations	$	(709,529	)	$	(13,904,620	)	$	(9,410,123	)	$	140,980		$	(2,981,806	)

See accompanying notes to financial statements.

Nuveen Investments 83

Statement of

Changes in Net Assets (Unaudited)

	Core Bond						Core Plus Bond
	Six Months Ended 12/31/15			Year Ended 6/30/15			Six Months Ended 12/31/15			Year Ended 6/30/15
Operations
Net investment income (loss)	$	2,866,310		$	7,814,108		$	10,678,308		$	23,893,497
Net realized gain (loss) from:
Investments and foreign currency		(556,777	)		5,031,234			(5,450,108	)		4,252,552
Forward foreign currency exchange contracts		—			—			2,429,570			1,634,643
Futures contracts		(544,406	)		(612,361	)		(690,724	)		(3,194,614	)
Swaps		(558,892	)		(124,922	)		(2,047,029	)		(1,449,357	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(2,422,896	)		(8,406,743	)		(19,078,750	)		(25,921,625	)
Forward foreign currency exchange contracts		—			—			160,895			113,116
Futures contracts		350,017			(289,855	)		65,354			(10,137	)
Swaps		157,115			(55,935	)		27,864			(522,059	)
Net increase (decrease) in net assets from operations		(709,529	)		3,355,526			(13,904,620	)		(1,203,984	)
Distributions to Shareholders
From net investment income:
Class A Shares		(188,095	)		(410,574	)		(1,335,867	)		(2,692,431	)
Class C Shares		(10,040	)		(15,077	)		(128,329	)		(283,270	)
Class R3 Shares		—			—			(152,517	)		(77,205	)
Class R6 Shares		(838,133	)		(606,476	)		(589,931	)		(819,814	)
Class I Shares		(2,223,723	)		(7,655,076	)		(8,243,779	)		(19,556,879	)
From accumulated net realized gains:
Class A Shares		(91,416	)		(263,674	)		(114,029	)		(107,721	)
Class C Shares		(7,303	)		(13,719	)		(14,202	)		(14,759	)
Class R3 Shares		—			—			(20,809	)		(2,022	)
Class R6 Shares		—			—			—			—
Class I Shares		(838,155	)		(4,644,858	)		(612,202	)		(758,094	)
Return of capital:
Class A Shares		—			—			—			—
Class C Shares		—			—			—			—
Class R3 Shares		—			—			—			—
Class R6 Shares		—			—			—			—
Class I Shares		—			—			—			—
Decrease in net assets from distributions to shareholders		(4,196,865	)		(13,609,454	)		(11,211,665	)		(24,312,195	)
Fund Share Transactions
Proceeds from sale of shares		28,382,378			85,693,256			30,867,658			165,027,733
Proceeds from shares issued to shareholders due to reinvestment of distributions		1,926,094			5,944,510			5,403,547			10,857,907
		30,308,472			91,637,766			36,271,205			175,885,640
Cost of shares redeemed		(68,116,556	)		(189,624,091	)		(144,097,666	)		(175,913,051	)
Net increase (decrease) in net assets from Fund share transactions		(37,808,084	)		(97,986,325	)		(107,826,461	)		(27,411	)
Net increase (decrease) in net assets		(42,714,478	)		(108,240,253	)		(132,942,746	)		(25,543,590	)
Net assets at the beginning of period		237,032,479			345,272,732			566,479,046			592,022,636
Net assets at the end of period	$	194,318,001		$	237,032,479		$	433,536,300		$	566,479,046
Undistributed (Over-distribution of) net investment income at the end of period	$	(989,787	)	$	(596,106	)	$	454,306		$	226,421

See accompanying notes to financial statements.

84 Nuveen Investments

	Inflation Protected Securities						Intermediate Government Bond
	Six Months Ended 12/31/15			Year Ended 6/30/15			Six Months Ended 12/31/15			Year Ended 6/30/15
Operations
Net investment income (loss)	$	58,270		$	(358,198	)	$	513,860		$	1,173,696
Net realized gain (loss) from:
Investments and foreign currency		(1,343,511	)		421,417			88,204			248,726
Forward foreign currency exchange contracts		—			—			—			—
Futures contracts		(212,332	)		(754,218	)		(108,161	)		(148,062	)
Swaps		(583,194	)		(87,457	)		(66,161	)		—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(7,645,319	)		(5,873,341	)		(299,783	)		(230,005	)
Forward foreign currency exchange contracts		—			—			—			—
Futures contracts		235,187			(139,680	)		23,126			9,364
Swaps		80,776			(9,837	)		(10,105	)		10,105
Net increase (decrease) in net assets from operations		(9,410,123	)		(6,801,314	)		140,980			1,063,824
Distributions to Shareholders
From net investment income:
Class A Shares		—			(152,769	)		(65,903	)		(95,950	)
Class C Shares		—			(11,491	)		(2,508	)		(1,935	)
Class R3 Shares		—			(17,756	)		(585	)		(1,061	)
Class R6 Shares		—			—			—			—
Class I Shares		—			(2,430,339	)		(439,651	)		(989,317	)
From accumulated net realized gains:
Class A Shares		—			—			—			—
Class C Shares		—			—			—			—
Class R3 Shares		—			—			—			—
Class R6 Shares		—			—			—			—
Class I Shares		—			—			—			—
Return of capital:
Class A Shares		—			(122,017	)		—			—
Class C Shares		—			(25,540	)		—			—
Class R3 Shares		—			(13,085	)		—			—
Class R6 Shares		—			(1,246	)		—			—
Class I Shares		—			(1,261,968	)		—			—
Decrease in net assets from distributions to shareholders		—			(4,036,211	)		(508,647	)		(1,088,263	)
Fund Share Transactions
Proceeds from sale of shares		97,073,324			144,694,926			11,328,329			34,529,466
Proceeds from shares issued to shareholders due to reinvestment of distributions		—			961,850			174,211			192,564
		97,073,324			145,656,776			11,502,540			34,722,030
Cost of shares redeemed		(79,919,361	)		(100,530,682	)		(16,130,947	)		(55,617,506	)
Net increase (decrease) in net assets from Fund share transactions		17,153,963			45,126,094			(4,628,407	)		(20,895,476	)
Net increase (decrease) in net assets		7,743,840			34,288,569			(4,996,074	)		(20,919,915	)
Net assets at the beginning of period		390,181,345			355,892,776			75,663,115			96,583,030
Net assets at the end of period	$	397,925,185		$	390,181,345		$	70,667,041		$	75,663,115
Undistributed (Over-distribution of) net investment income at the end of period	$	(1,165,997	)	$	(1,224,267	)	$	(34,853	)	$	(40,066	)

See accompanying notes to financial statements.

Nuveen Investments 85

Statement of Changes in Net Assets (Unaudited) (continued)

	Short Term Bond
	Six Months Ended 12/31/15			Year Ended 6/30/15
Operations
Net investment income (loss)	$	6,163,404		$	16,811,917
Net realized gain (loss) from:
Investments and foreign currency		(1,478,829	)		(802,458	)
Forward foreign currency exchange contracts		32,749			—
Futures contracts		77,731			(2,388,015	)
Swaps		(1,482,338	)		(595,864	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(6,878,228	)		(7,953,868	)
Forward foreign currency exchange contracts		31,146			—
Futures contracts		294,243			(363,216	)
Swaps		258,316			(56,331	)
Net increase (decrease) in net assets from operations		(2,981,806	)		4,652,165
Distributions to Shareholders
From net investment income:
Class A Shares		(736,450	)		(1,658,982	)
Class C Shares		(116,680	)		(269,364	)
Class R3 Shares		(1,164	)		(9,008	)
Class R6 Shares		(445,337	)		(212,174	)
Class I Shares		(4,360,823	)		(14,124,963	)
From accumulated net realized gains:
Class A Shares		—			—
Class C Shares		—			—
Class R3 Shares		—			—
Class R6 Shares		—			—
Class I Shares		—			—
Return of capital:
Class A Shares		—			—
Class C Shares		—			—
Class R3 Shares		—			—
Class R6 Shares		—			—
Class I Shares		—			—
Decrease in net assets from distributions to shareholders		(5,660,454	)		(16,274,491	)
Fund Share Transactions
Proceeds from sale of shares		135,027,232			309,686,804
Proceeds from shares issued to shareholders due to reinvestment of distributions		2,097,204			4,640,699
		137,124,436			314,327,503
Cost of shares redeemed		(177,758,095	)		(683,861,963	)
Net increase (decrease) in net assets from Fund share transactions		(40,633,659	)		(369,534,460	)
Net increase (decrease) in net assets		(49,275,919	)		(381,156,786	)
Net assets at the beginning of period		690,723,985			1,071,880,771
Net assets at the end of period	$	641,448,066		$	690,723,985
Undistributed (Over-distribution of) net investment income at the end of period	$	(1,138,128	)	$	(1,641,078	)

See accompanying notes to financial statements.

86 Nuveen Investments

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Nuveen Investments 87

Financial

Highlights (Unaudited)

Core Bond

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended June 30,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (1/95)
2016(g)	$	9.97	$	0.12	$	(0.18	)	$	(0.06	)	$	(0.13	)	$	(0.06	)	$	(0.19	)	$	9.72
2015		10.36		0.25		(0.19	)		0.06			(0.28	)		(0.17	)		(0.45	)		9.97
2014		10.13		0.24		0.35			0.59			(0.22	)		(0.14	)		(0.36	)		10.36
2013		10.67		0.18		(0.20	)		(0.02	)		(0.18	)		(0.34	)		(0.52	)		10.13
2012		10.47		0.29		0.23			0.52			(0.30	)		(0.02	)		(0.32	)		10.67
2011		10.33		0.33		0.14			0.47			(0.33	)		—			(0.33	)		10.47
Class C (1/11)
2016(g)		9.94		0.08		(0.17	)		(0.09	)		(0.10	)		(0.06	)		(0.16	)		9.69
2015		10.32		0.17		(0.19	)		(0.02	)		(0.19	)		(0.17	)		(0.36	)		9.94
2014		10.08		0.16		0.36			0.52			(0.14	)		(0.14	)		(0.28	)		10.32
2013		10.62		0.09		(0.19	)		(0.10	)		(0.09	)		(0.35	)		(0.44	)		10.08
2012		10.44		0.19		0.22			0.41			(0.22	)		(0.01	)		(0.23	)		10.62
2011(e)		10.37		0.12		0.06			0.18			(0.11	)		—			(0.11	)		10.44
Class R6 (1/15)
2016(g)		9.94		0.13		(0.17	)		(0.04	)		(0.15	)		—			(0.15	)		9.75
2015(f)		10.22		0.12		(0.27	)		(0.15	)		(0.13	)		—			(0.13	)		9.94
Class I (1/93)
2016(g)		9.93		0.13		(0.17	)		(0.04	)		(0.15	)		(0.06	)		(0.21	)		9.68
2015		10.32		0.27		(0.19	)		0.08			(0.30	)		(0.17	)		(0.47	)		9.93
2014		10.09		0.26		0.22			0.48			(0.11	)		(0.14	)		(0.25	)		10.32
2013		10.63		0.20		(0.20	)		—			(0.21	)		(0.33	)		(0.54	)		10.09
2012		10.43		0.30		0.23			0.53			(0.32	)		(0.01	)		(0.33	)		10.63
2011		10.29		0.35		0.14			0.49			(0.35	)		—			(0.35	)		10.43

88 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
	(0.53	)%	$	13,877		0.86	%*		2.25	%*		0.78	%*		2.34	%*		33	%
	0.52			14,448		0.85			2.34			0.78			2.40			44
	5.94			14,857		0.81			2.29			0.78			2.32			49
	(0.38	)		18,331		0.79			1.63			0.78			1.65			85
	4.93			21,262		0.95			2.61			0.85			2.70			75
	4.70			22,502		0.94			3.10			0.85			3.20			58
	(0.92	)		1,178		1.62	*		1.51	*		1.53	*		1.60	*		33
	(0.20	)		971		1.61			1.59			1.53			1.67			44
	5.24			514		1.56			1.54			1.53			1.57			49
	(1.17	)		585		1.54			0.87			1.53			0.88			85
	3.97			1,568		1.69			1.79			1.67			1.81			75
	1.76			1,152		1.79	*		2.46	*		1.70	*		2.56	*		58
	(0.45	)		55,719		0.57	*		2.55	*		0.48	*		2.63	*		33
	(1.46	)		45,145		0.56	*		2.60	*		0.48	*		2.68	*		44
	(0.41	)		123,544		0.61	*		2.49	*		0.53	*		2.57	*		33
	0.78			176,468		0.59			2.59			0.53			2.65			44
	6.21			329,901		0.56			2.53			0.53			2.56			49
	(0.16	)		481,088		0.54			1.88			0.53			1.89			85
	5.18			621,066		0.70			2.85			0.68			2.87			75
	4.76			657,129		0.74			3.30			0.70			3.35			58

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

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

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

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

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

(f) For the period January 20, 2015 (commencement of operations) through June 30, 2015.

(g) For the six months ended December 31, 2015.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 89

Financial Highlights (Unaudited) (continued)

Core Plus Bond

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended June 30,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (12/87)
2016(g)	$	11.25	$	0.23	$	(0.55	)	$	(0.32	)	$	(0.22	)	$	(0.02	)	$	(0.24	)	$	10.69
2015		11.75		0.45		(0.49	)		(0.04	)		(0.44	)		(0.02	)		(0.46	)		11.25
2014		11.46		0.46		0.45			0.91			(0.43	)		(0.19	)		(0.62	)		11.75
2013		11.64		0.41		(0.12	)		0.29			(0.42	)		(0.05	)		(0.47	)		11.46
2012		11.44		0.41		0.21			0.62			(0.42	)		—			(0.42	)		11.64
2011		11.22		0.43		0.21			0.64			(0.42	)		—			(0.42	)		11.44
Class C (2/99)
2016(g)		11.20		0.18		(0.54	)		(0.36	)		(0.18	)		(0.02	)		(0.20	)		10.64
2015		11.69		0.36		(0.48	)		(0.12	)		(0.35	)		(0.02	)		(0.37	)		11.20
2014		11.40		0.37		0.45			0.82			(0.34	)		(0.19	)		(0.53	)		11.69
2013		11.59		0.32		(0.12	)		0.20			(0.34	)		(0.05	)		(0.39	)		11.40
2012		11.40		0.32		0.21			0.53			(0.34	)		—			(0.34	)		11.59
2011		11.18		0.34		0.21			0.55			(0.33	)		—			(0.33	)		11.40
Class R3 (9/01)
2016(g)		11.29		0.21		(0.54	)		(0.33	)		(0.21	)		(0.02	)		(0.23	)		10.73
2015		11.80		0.42		(0.50	)		(0.08	)		(0.41	)		(0.02	)		(0.43	)		11.29
2014		11.51		0.43		0.46			0.89			(0.41	)		(0.19	)		(0.60	)		11.80
2013		11.70		0.38		(0.12	)		0.26			(0.40	)		(0.05	)		(0.45	)		11.51
2012		11.50		0.38		0.22			0.60			(0.40	)		—			(0.40	)		11.70
2011		11.27		0.40		0.22			0.62			(0.39	)		—			(0.39	)		11.50
Class R6 (1/15)
2016(g)		11.23		0.24		(0.54	)		(0.30	)		(0.23	)		—			(0.23	)		10.70
2015(f)		11.48		0.22		(0.26	)		(0.04	)		(0.21	)		—			(0.21	)		11.23
Class I (2/94)
2016(g)		11.24		0.24		(0.56	)		(0.32	)		(0.23	)		(0.02	)		(0.25	)		10.67
2015		11.74		0.48		(0.49	)		(0.01	)		(0.47	)		(0.02	)		(0.49	)		11.24
2014		11.44		0.49		0.46			0.95			(0.46	)		(0.19	)		(0.65	)		11.74
2013		11.64		0.44		(0.14	)		0.30			(0.45	)		(0.05	)		(0.50	)		11.44
2012		11.44		0.44		0.21			0.65			(0.45	)		—			(0.45	)		11.64
2011		11.21		0.46		0.22			0.68			(0.45	)		—			(0.45	)		11.44

90 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)(e)
	(2.89	)%	$	63,942		0.86	%*		3.97	%*		0.77	%*		4.06	%*		27	%
	(0.41	)		69,968		0.85			3.80			0.77			3.88			44
	8.23			68,728		0.84			3.89			0.77			3.97			50
	2.40			79,740		0.81			3.42			0.77			3.46			46
	5.52			83,264		0.97			3.51			0.93			3.55			98
	5.73			85,980		0.99			3.72			0.94			3.77			91
	(3.29	)		8,324		1.61	*		3.22	*		1.52	*		3.31	*		27
	(1.10	)		8,580		1.60			3.06			1.52			3.15			44
	7.43			7,696		1.59			3.13			1.52			3.20			50
	1.59			4,200		1.56			2.67			1.52			2.71			46
	4.68			4,603		1.72			2.76			1.67			2.80			98
	4.97			3,711		1.74			2.97			1.69			3.02			91
	(2.99	)		12,007		1.11	*		3.72	*		1.02	*		3.81	*		27
	(0.70	)		3,751		1.10			3.57			1.02			3.65			44
	7.97			638		1.10			3.65			1.02			3.73			50
	2.11			350		1.06			3.18			1.02			3.22			46
	5.27			313		1.22			3.24			1.18			3.27			98
	5.54			380		1.23			3.47			1.19			3.52			91
	(2.75	)		25,374		0.55	*		4.27	*		0.47	*		4.36	*		27
	(0.29	)		43,680		0.54	*		4.14	*		0.46	*		4.22	*		44
	(2.85	)		323,888		0.61	*		4.21	*		0.52	*		4.30	*		27
	(0.15	)		440,499		0.60			4.04			0.52			4.12			44
	8.64			514,961		0.60			4.17			0.52			4.24			50
	2.52			588,627		0.56			3.67			0.52			3.71			46
	5.79			718,505		0.72			3.76			0.68			3.80			98
	6.09			925,541		0.74			3.97			0.69			4.02			91

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

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

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

(d) For fiscal years beginning after June 30, 2011, the Fund will no longer exclude dollar roll transactions, where applicable.

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

(f) For the period January 20, 2015 (commencement of operations) through June 30, 2015.

(g) For the six months ended December 31, 2015.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 91

Financial Highlights (Unaudited) (continued)

Inflation Protected Securities

Selected data for a share outstanding throughout each period:

			Investment Operations									Less Distributions
Class (Commencement Date) Year Ended June 30,	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Return of Capital			Total			Ending NAV
Class A (10/04)
2016(f)	$	10.92	$	(0.02	)	$	(0.24	)	$	(0.26	)	$	—		$	—		$	—		$	—		$	10.66
2015		11.26		(0.03	)		(0.20	)		(0.23	)		(0.07	)		—			(0.04	)		(0.11	)		10.92
2014		11.08		0.15			0.32			0.47			(0.09	)		(0.20	)		—			(0.29	)		11.26
2013		11.80		0.07			(0.66	)		(0.59	)		(0.13	)		—			—			(0.13	)		11.08
2012		10.94		0.23			1.01			1.24			(0.38	)		—			—			(0.38	)		11.80
2011		10.33		0.35			0.40			0.75			(0.14	)		—			—			(0.14	)		10.94
Class C (10/04)
2016(f)		10.84		(0.06	)		(0.24	)		(0.30	)		—			—			—			—			10.54
2015		11.21		(0.11	)		(0.20	)		(0.31	)		(0.02	)		—			(0.04	)		(0.06	)		10.84
2014		11.03		0.06			0.35			0.41			(0.03	)		(0.20	)		—			(0.23	)		11.21
2013		11.72		(0.03	)		(0.60	)		(0.63	)		(0.06	)		—			—			(0.06	)		11.03
2012		10.84		0.14			1.00			1.14			(0.26	)		—			—			(0.26	)		11.72
2011		10.24		0.26			0.41			0.67			(0.07	)		—			—			(0.07	)		10.84
Class R3 (10/04)
2016(f)		10.85		(0.06	)		(0.21	)		(0.27	)		—			—			—			—			10.58
2015		11.21		(0.11	)		(0.16	)		(0.27	)		(0.05	)		—			(0.04	)		(0.09	)		10.85
2014		11.05		0.29			0.14			0.43			(0.07	)		(0.20	)		—			(0.27	)		11.21
2013		11.74		0.04			(0.62	)		(0.58	)		(0.11	)		—			—			(0.11	)		11.05
2012		10.84		0.22			0.97			1.19			(0.29	)		—			—			(0.29	)		11.74
2011		10.31		0.11			0.54			0.65			(0.12	)		—			—			(0.12	)		10.84
Class R6 (1/15)
2016(f)		11.02		0.02			(0.26	)		(0.24	)		—			—			—			—			10.78
2015(e)		11.18		—	*		(0.16	)		(0.16	)		—			—			—	*		—			11.02
Class I (10/04)
2016(f)		11.02		0.01			(0.26	)		(0.25	)		—			—			—			—			10.77
2015		11.35		(0.01	)		(0.19	)		(0.20	)		(0.09	)		—			(0.04	)		(0.13	)		11.02
2014		11.14		0.19			0.33			0.52			(0.11	)		(0.20	)		—			(0.31	)		11.35
2013		11.81		0.09			(0.61	)		(0.52	)		(0.15	)		—			—			(0.15	)		11.14
2012		10.96		0.25			1.01			1.26			(0.41	)		—			—			(0.41	)		11.81
2011		10.34		0.40			0.38			0.78			(0.16	)		—			—			(0.16	)		10.96

92 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
	(2.38	)%	$	59,671		0.94	%**		(0.42	)%**		0.83	%**		(0.31	)%**		13	%
	(2.04	)		42,341		0.92			(0.38	)		0.83			(0.29	)		34
	4.35			24,020		0.86			1.30			0.83			1.33			48
	(5.07	)		21,949		0.81			0.56			0.81			0.56			52
	11.44			19,330		1.00			1.81			0.84			1.97			47
	7.30			12,080		1.09			3.05			0.85			3.30			45
	(2.77	)		12,168		1.69	**		(1.25	)**		1.58	**		(1.14	)**		13
	(2.75	)		9,366		1.66			(1.06	)		1.58			(0.98	)		34
	3.76			6,954		1.61			0.50			1.58			0.52			48
	(5.39	)		9,761		1.56			(0.25	)		1.56			(0.25	)		52
	10.62			9,703		1.75			1.05			1.59			1.21			47
	6.59			8,043		1.84			2.19			1.60			2.44			45
	(2.49	)		9,821		1.20	**		(1.23	)**		1.08	**		(1.12	)**		13
	(2.38	)		3,693		1.15			(1.05	)		1.08			(0.98	)		34
	3.97			3,447		1.13			2.63			1.08			2.68			48
	(5.02	)		519		1.06			0.32			1.06			0.32			52
	11.10			173		1.25			1.72			1.09			1.88			47
	6.31			33		1.38			0.78			1.10			1.05			45
	(2.18	)		2,970		0.51	**		0.20	**		0.39	**		0.31	**		13
	(1.39	)		3,074		0.52	**		(0.12	)**		0.41	**		(0.01	)**		34
	(2.27	)		313,295		0.69	**		0.02	**		0.58	**		0.13	**		13
	(1.78	)		331,707		0.66			(0.13	)		0.58			(0.05	)		34
	4.82			321,472		0.61			1.65			0.58			1.68			48
	(4.46	)		344,204		0.56			0.77			0.56			0.77			52
	11.62			321,386		0.75			1.99			0.59			2.15			47
	7.62			255,183		0.84			3.49			0.60			3.74			45

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

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

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

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

(e) For the period January 20, 2015 (commencement of operations) through June 30, 2015.

(f) For the six months ended December 31, 2015.

* Rounds to less than $0.01 per share.

** Annualized.

See accompanying notes to financial statements.

Nuveen Investments 93

Financial Highlights (Unaudited) (continued)

Intermediate Government Bond

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended June 30,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains		Return of Capital			Total			Ending NAV
Class A (10/02)
2016(e)	$	8.80	$	0.05	$	(0.04	)	$	0.01		$	(0.05	)	$	—	$	—		$	(0.05	)	$	8.76
2015		8.81		0.10		(0.02	)		0.08			(0.09	)		—		—			(0.09	)		8.80
2014		8.79		0.11		0.03			0.14			(0.11	)		—		(0.01	)		(0.12	)		8.81
2013		9.02		0.14		(0.20	)		(0.06	)		(0.17	)		—		—			(0.17	)		8.79
2012		8.84		0.18		0.19			0.37			(0.19	)		—		—			(0.19	)		9.02
2011		8.77		0.20		0.07			0.27			(0.20	)		—		—			(0.20	)		8.84
Class C (10/09)
2016(e)		8.82		0.02		(0.05	)		(0.03	)		(0.02	)		—		—			(0.02	)		8.77
2015		8.83		0.04		(0.02	)		0.02			(0.03	)		—		—			(0.03	)		8.82
2014		8.80		0.05		0.04			0.09			(0.05	)		—		(0.01	)		(0.06	)		8.83
2013		9.03		0.07		(0.21	)		(0.14	)		(0.09	)		—		—			(0.09	)		8.80
2012		8.85		0.10		0.20			0.30			(0.12	)		—		—			(0.12	)		9.03
2011		8.77		0.12		0.08			0.20			(0.12	)		—		—			(0.12	)		8.85
Class R3 (10/09)
2016(e)		8.80		0.05		(0.04	)		0.01			(0.05	)		—		—			(0.05	)		8.76
2015		8.81		0.08		(0.02	)		0.06			(0.07	)		—		—			(0.07	)		8.80
2014		8.78		0.09		0.04			0.13			(0.09	)		—		(0.01	)		(0.10	)		8.81
2013		9.01		0.12		(0.21	)		(0.09	)		(0.14	)		—		—			(0.14	)		8.78
2012		8.84		0.15		0.18			0.33			(0.16	)		—		—			(0.16	)		9.01
2011		8.77		0.16		0.08			0.24			(0.17	)		—		—			(0.17	)		8.84
Class I (10/02)
2016(e)		8.81		0.07		(0.04	)		0.03			(0.08	)		—		—			(0.08	)		8.76
2015		8.82		0.12		(0.01	)		0.11			(0.12	)		—		—			(0.12	)		8.81
2014		8.80		0.13		0.04			0.17			(0.14	)		—		(0.01	)		(0.15	)		8.82
2013		9.03		0.16		(0.21	)		(0.05	)		(0.18	)		—		—			(0.18	)		8.80
2012		8.84		0.19		0.21			0.40			(0.21	)		—		—			(0.21	)		9.03
2011		8.77		0.21		0.07			0.28			(0.21	)		—		—			(0.21	)		8.84

94 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
	0.16	%	$	11,456		1.00	%*		1.09	%*		0.85	%*		1.24	%*		29	%
	0.93			9,010		1.02			1.00			0.85			1.17			59
	1.65			9,621		1.01			1.14			0.85			1.30			31
	(0.74	)		11,034		1.01			1.41			0.85			1.57			55
	4.24			12,735		1.11			1.65			0.77			1.99			72
	3.10			14,086		1.10			1.85			0.73			2.22			58
	(0.33	)		1,116		1.76	*		0.37	*		1.60	*		0.52	*		29
	0.18			667		1.77			0.25			1.60			0.42			59
	0.98			639		1.76			0.40			1.60			0.56			31
	(1.53	)		1,090		1.76			0.66			1.60			0.82			55
	3.35			1,438		1.86			0.90			1.60			1.16			72
	2.32			1,417		1.89			1.05			1.58			1.37			58
	0.02			55		1.26	*		0.86	*		1.10	*		1.02	*		29
	0.66			137		1.27			0.75			1.10			0.92			59
	1.49			137		1.26			0.89			1.10			1.05			31
	(1.00	)		168		1.26			1.17			1.10			1.32			55
	3.79			214		1.36			1.39			1.10			1.66			72
	2.75			473		1.39			1.56			1.08			1.87			58
	0.18			58,040		0.76	*		1.34	*		0.60	*		1.50	*		29
	1.20			65,850		0.77			1.24			0.60			1.40			59
	1.90			86,186		0.76			1.36			0.60			1.52			31
	(0.53	)		52,291		0.76			1.67			0.60			1.83			55
	4.50			70,060		0.86			1.90			0.60			2.16			72
	3.25			98,960		0.89			2.05			0.58			2.36			58

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

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

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

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

(e) For the six months ended December 31, 2015.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 95

Financial Highlights (Unaudited) (continued)

Short Term Bond

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended June 30,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending NAV
Class A (12/92)
2016(g)	$	9.93	$	0.08	$	(0.11	)	$	(0.03	)	$	(0.09	)	$	—	$	(0.09	)	$	9.81
2015		10.05		0.16		(0.13	)		0.03			(0.15	)		—		(0.15	)		9.93
2014		9.97		0.19		0.08			0.27			(0.19	)		—		(0.19	)		10.05
2013		9.95		0.20		0.03			0.23			(0.21	)		—		(0.21	)		9.97
2012		10.06		0.24		(0.10	)		0.14			(0.25	)		—		(0.25	)		9.95
2011		9.98		0.24		0.06			0.30			(0.22	)		—		(0.22	)		10.06
Class C (10/09)
2016(g)		9.97		0.04		(0.13	)		(0.09	)		(0.04	)		—		(0.04	)		9.84
2015		10.08		0.08		(0.12	)		(0.04	)		(0.07	)		—		(0.07	)		9.97
2014		10.00		0.11		0.08			0.19			(0.11	)		—		(0.11	)		10.08
2013		9.97		0.12		0.04			0.16			(0.13	)		—		(0.13	)		10.00
2012		10.09		0.16		(0.11	)		0.05			(0.17	)		—		(0.17	)		9.97
2011		10.00		0.15		0.07			0.22			(0.13	)		—		(0.13	)		10.09
Class R3 (9/11)
2016(g)		9.95		0.07		(0.13	)		(0.06	)		(0.07	)		—		(0.07	)		9.82
2015		10.07		0.13		(0.13	)		0.00			(0.12	)		—		(0.12	)		9.95
2014		9.99		0.16		0.08			0.24			(0.16	)		—		(0.16	)		10.07
2013		9.96		0.17		0.04			0.21			(0.18	)		—		(0.18	)		9.99
2012(e)		9.85		0.16		0.13			0.29			(0.18	)		—		(0.18	)		9.96
Class R6 (1/15)
2016(g)		9.95		0.09		(0.12	)		(0.03	)		(0.09	)		—		(0.09	)		9.83
2015(f)		9.93		0.09		—	*		0.09			(0.07	)		—		(0.07	)		9.95
Class I (2/94)
2016(g)		9.94		0.09		(0.11	)		(0.02	)		(0.10	)		—		(0.10	)		9.82
2015		10.06		0.18		(0.12	)		0.06			(0.18	)		—		(0.18	)		9.94
2014		9.98		0.21		0.08			0.29			(0.21	)		—		(0.21	)		10.06
2013		9.95		0.22		0.04			0.26			(0.23	)		—		(0.23	)		9.98
2012		10.07		0.26		(0.11	)		0.15			(0.27	)		—		(0.27	)		9.95
2011		9.99		0.25		0.06			0.31			(0.23	)		—		(0.23	)		10.07

96 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
	(0.47	)%	$	95,316		0.76	%**		1.58	%**		0.72	%**		1.62	%**		20	%
	0.32			100,544		0.73			1.56			0.71			1.58			43
	2.69			116,365		0.73			1.84			0.71			1.86			43
	2.30			141,099		0.73			1.96			0.71			1.99			42
	1.42			112,851		0.82			2.33			0.73			2.42			56
	3.00			80,927		0.87			2.22			0.73			2.37			58
	(0.95	)		33,268		1.51	**		0.84	**		1.47	**		0.88	**		20
	(0.36	)		33,547		1.48			0.81			1.46			0.83			43
	1.89			39,347		1.48			1.11			1.46			1.13			43
	1.61			44,414		1.48			1.22			1.46			1.24			42
	0.50			42,346		1.56			1.56			1.55			1.57			56
	2.22			5,101		1.66			1.45			1.58			1.53			58
	(0.72	)		480		1.01	**		1.34	**		0.97	**		1.38	**		20
	0.02			131		0.98			1.29			0.96			1.31			43
	2.38			1,049		0.98			1.59			0.96			1.61			43
	2.10			516		0.98			1.71			0.96			1.73			42
	2.92			446		1.06	**		2.07	**		1.05	**		2.07	**		56
	(0.34	)		67,561		0.47	**		1.88	**		0.43	**		1.92	**		20
	0.96			27,475		0.46	**		1.95	**		0.43	**		1.98	**		43
	(0.34	)		444,823		0.51	**		1.83	**		0.47	**		1.87	**		20
	0.57			529,027		0.48			1.80			0.46			1.82			43
	2.93			915,119		0.48			2.09			0.46			2.11			43
	2.65			720,722		0.48			2.22			0.46			2.23			42
	1.51			727,242		0.57			2.59			0.55			2.61			56
	3.16			741,969		0.67			2.43			0.58			2.52			58

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

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

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

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

(e) For the period September 23, 2011 (commencement of operations) through June 30, 2012.

(f) For the period January 20, 2015 (commencement of operations) through June 30, 2015.

(g) For the six months ended December 31, 2015.

* Rounds to less than $0.01 per share.

** Annualized.

See accompanying notes to financial statements.

Nuveen Investments 97

Notes to

Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Trust and Fund Information

Nuveen Investment Funds, Inc. (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Core Bond Fund (“Core Bond”), Nuveen Core Plus Bond Fund (“Core Plus Bond”), Nuveen Inflation Protected Securities Fund (“Inflation Protected Securities”), Nuveen Intermediate Government Bond Fund (“Intermediate Government Bond”) and Nuveen Short Term Bond Fund (“Short Term Bond”) (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was incorporated in the State of Maryland on August 20, 1987.

The end of the reporting period for the Funds is December 31, 2015, and the period covered by these Notes to Financial Statements is the six months ended December 31, 2015 (the “current fiscal period”).

Investment Adviser

The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Investment Objectives and Principal Investment Strategies

Core Bond

Core Bond’s investment objective is to provide investors with current income to the extent consistent with preservation of capital. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in bonds, 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, corporate debt obligations, including obligations issued by special-purpose entities that are backed by corporate debt obligations and municipal securities in an amount not to exceed 20% of the Fund’s net assets. Bonds in the Fund will be rated investment grade at the time of purchase or, if unrated, determined to be of comparable quality by the Sub-Adviser. At least 65% of the Fund’s debt securities must be either U.S. government securities or securities that are rated A or better or are unrated and of comparable quality as determined by the Sub-adviser. If the rating of a security is reduced or the credit quality of an unrated security declines after purchase, the Fund is not required to sell the security, but may consider doing so. Unrated securities will not exceed 25% of the Fund’s total assets.

The Fund may invest up to 25% of its total assets in U.S. dollar denominated debt obligations of foreign corporations and governments.

Under normal market conditions, the Fund attempts to maintain a weighted average effective maturity for its portfolio securities of three to ten years and an average effective duration of two to six years. The Fund’s weighted average effective maturity and effective duration are measures of how the value of the Fund’s shares may react to interest rate changes.

To generate additional income, the Fund may invest up to 25% of its total assets in dollar roll transactions. In a dollar roll transaction, the Fund sells mortgage-backed securities for delivery in the current month while contracting with the same party to repurchase similar securities at a future date.

The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts, interest rate caps, collars, and floors; swap agreements, including swap agreements on interest rates, security indexes and specific securities and credit default swap agreements; and options on the foregoing types of swap agreements. The Fund may enter into standardized derivatives contracts traded on domestic or foreign securities exchanges, boards of trade, or similar entities and non-standardized derivatives contracts traded in the over-the-counter (“OTC”) market. The Fund may use these derivatives in an attempt to manage market risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund’s portfolio or for speculative purposes in an effort to increase the Fund’s yield or to enhance returns. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund may not use any derivative to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly.

Core Plus Bond

Core Plus Bond’s investment objective is to provide investors with high current income consistent with limited risk to capital. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in bonds, 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, corporate debt obligations, including obligations issued by special-purpose entities that are backed by corporate debt obligations and municipal securities in an amount not to exceed 20% of the Fund’s net assets.

98 Nuveen Investments

Up to 20% of the Fund’s total assets may be invested in 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” securities or “junk” bonds). The Fund will not invest in securities rated lower than CCC at the time of purchase or in unrated securities of comparable quality as determined by the Sub-Adviser. If the rating of a security is reduced or the credit quality of an unrated security declines after purchase, the Fund is not required to sell the security, but may consider doing so. Unrated securities will not exceed 25% of the Fund’s total assets.

The Fund may invest up to 35% of its total assets in debt obligations of foreign corporations and foreign governments. However, no more than 10% of the Fund’s total assets may be invested in debt obligations of corporations and governments that are located in emerging market countries. A country is considered to have an “emerging market” if it has a relatively low gross national product per capita compared to the world’s major economies, and the potential for rapid economic growth, provided that no issuer included in the Fund’s current benchmark index will be considered to be located in an emerging market country.

Up to 10% of the Fund’s total assets may have non-U.S. dollar currency exposure from non-U.S. dollar denominated securities and currency derivatives, calculated on an absolute notional basis (i.e., adding together the absolute value of net long and net short exposures to individual non-U.S. dollar currencies).

Under normal market conditions, the Fund attempts to maintain a weighted average effective maturity for its portfolio securities of fifteen years or less and an average effective duration of three to eight years. The Fund’s weighted average effective maturity and average effective duration are measures of how the value of the Fund’s shares may react to interest rate changes.

To generate additional income, the Fund may invest up to 25% of its total assets in dollar roll transactions. In a dollar roll transaction, the Fund sells mortgage-backed securities for delivery in the current month while contracting with the same party to repurchase similar securities at a future date.

The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts; interest rate caps, collars, and floors; foreign currency contracts; options on foreign currencies; swap agreements, including swap agreements on interest rates, currency rates, security indexes and specific securities, and credit default swap agreements; and options on the foregoing types of swap agreements. The Fund may enter into standardized derivatives contracts traded on domestic or foreign securities exchanges, boards of trade, or similar entities, and non-standardized derivatives contracts traded in the OTC market. The Fund may use these derivatives in an attempt to manage market risk, currency risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund’s portfolio or for speculative purposes in an effort to increase the Fund’s yield or to enhance returns. The Fund may also use derivatives to gain exposure to non-dollar denominated securities markets to the extent it does not do so through direct investments. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund may not use any derivative to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly.

Inflation Protected Securities

Inflation Protected Securities’ investment objective is to provide investors with total return while providing protection against inflation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in 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. The Fund’s investments in U.S. government inflation protected securities will include U.S. Treasury inflation protected securities as well as inflation protected securities issued by agencies and instrumentalities of the U.S. government. Securities issued by the U.S. Treasury are backed by the full faith and credit of the U.S. government. Some securities issued by agencies and instrumentalities of the U.S. government are supported only by the credit of the issuing agency or instrumentality.

Inflation protected debt securities are designed to provide protection against the negative effects of inflation. Unlike traditional debt securities, which pay regular fixed interest payments on a fixed principal amount, interest payments on inflation protected debt securities will vary with the rate of inflation. The U.S. Treasury uses the Consumer Price Index for Urban Consumers (CPI-U) as the inflation measure. Inflation protected debt securities issued by foreign governments and corporations are generally linked to a non-U.S. inflation rate.

Inflation protected debt securities have two common structures. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. If the index measuring the rate of inflation rises, the principal value of the security will increase. Because interest payments will be calculated with respect to a larger principal amount, interest payments also will increase. Conversely, if the index measuring the rate of inflation falls, the principal value of the security will fall and interest payments will decrease. Other issuers adjust the interest rates payable on the security according to the rate of inflation, but the principal amount remains the same.

In the event of sustained deflation, the U.S. Treasury has guaranteed that it will repay at maturity at least the original face value of the inflation protected securities that it issues. Other inflation protected debt securities that accrue inflation into their principal value may or may not provide a similar guarantee. For securities that do not provide such a guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal value.

Up to 20% of the Fund’s assets may be invested in holdings that are not inflation protected, which 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, asset-backed securities and derivative instruments, as discussed below.

Nuveen Investments 99

Notes to Financial Statements (Unaudited) (continued)

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 will not invest in securities rated lower than B at the time of purchase or in unrated securities of comparable quality as determined by the Sub-Adviser. If the rating of a security is reduced or the credit quality of an unrated security declines after purchase, the Fund is not required to sell the security, but may consider doing so.

The Fund may invest up to 20% of its net assets in non-U.S. dollar denominated securities, and may invest without limitation in U.S. dollar denominated securities of foreign corporations and governments.

The Fund may invest in debt securities of any maturity, but expects to maintain, under normal market conditions, a weighted average effective maturity of between eight and fifteen years and an average effective duration of between four and ten years. The Fund’s weighted average effective maturity and average effective duration are measures of how the Fund may react to interest rate changes.

The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts; foreign currency contracts; options on foreign currencies; interest rate caps, collars, and floors; index- and other asset-linked notes; swap agreements, including swap agreements on interest rates, currency rates, security indexes and specific securities, and credit default swap agreements; and options on the foregoing types of swap agreements. The Fund may enter into standardized derivatives contracts traded on domestic or foreign securities exchanges, boards of trade, or similar entities, and non-standardized derivatives contracts traded in the OTC market. The Fund may use these derivatives in an attempt to manage market risk, currency risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund’s portfolio or for speculative purposes in an effort to increase the Fund’s yield or to enhance returns. The Fund may also use derivatives to gain exposure to non-dollar denominated securities markets to the extent it does not do so through direct investments. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund may not use any derivative to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly.

Intermediate Government Bond

Intermediate Government Bond’s investment objective is to provide investors with current income to the extent consistent with the preservation of capital. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in U.S. government bonds. U.S. government bonds are securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, including U.S. Treasury obligations, mortgage-backed securities issued by the Government National Mortgage Association, the Federal National Mortgage Association (FNMA), and the Federal Home Loan Mortgage Corporation (FHLMC) and non-mortgage-related obligations issued or guaranteed by U.S. government agencies or instrumentalities, such as FNMA, FHLMC, Federal Farm Credit Banks, the Federal Home Loan Bank System, and the Tennessee Valley Authority, including obligations that are issued by private issuers and guaranteed under the Federal Deposit Insurance Corporation (FDIC) Temporary Liquidity Guarantee Program.

U.S. Treasury obligations and some obligations of U.S. government agencies and instrumentalities are supported by the full faith and credit of the U.S. government. Other U.S. government securities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuing agency or instrumentality.

The Fund may invest up to 20% of its total assets, collectively, in non-U.S. government debt obligations, asset-backed securities, residential and commercial mortgage-backed securities, corporate debt obligations, and municipal securities. Such securities will be rated investment grade at the time of purchase or, if unrated, determined to be of comparable quality by the Sub-Adviser. If the rating of a security is reduced or the credit quality of an unrated security declines after purchase, the Fund is not required to sell the security, but may consider doing so.

Under normal market conditions, the Fund attempts to maintain a weighted average effective maturity between three and ten years and an effective duration of between two and one-half and seven years. The Fund’s weighted average effective maturity and effective duration are measures of how the value of the Fund’s shares may react to interest rate changes.

To generate additional income, the Fund may invest up to 10% of its total assets in dollar roll transactions. In a dollar roll transaction, the Fund sells mortgage-backed securities for delivery in the current month while contracting with the same party to repurchase similar securities at a future date.

The Fund may utilize the following derivatives: futures contracts; options on futures contracts, swap agreements, including swap agreements on interest rates, security indexes and specific securities and credit default swap agreements; and options on the foregoing types of swap agreements. The Fund may enter into standardized derivatives contracts that are traded on domestic securities exchanges, boards of trade, or similar entities and non-standardized derivatives contracts traded in the OTC market. The Fund may use these derivatives in an attempt to manage market risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund’s portfolio, or for speculative purposes in an effort to increase the Fund’s yield or to enhance returns. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund may not use derivatives to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly.

Short Term Bond

Short Term Bond’s investment objective is to provide investors with current income while maintaining a high degree of principal stability. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in bonds, such

100 Nuveen Investments

as U.S. government securities, which are securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, 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, and municipal securities.

Up to 20% of the Fund’s total assets may be invested in 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” securities or “junk” bonds). The Fund will not invest in securities rated lower than CCC at the time of purchase or in unrated securities of comparable quality as determined by the Sub-Adviser. If the rating of a security is reduced or the credit quality of an unrated security declines after purchase, the Fund is not required to sell the security, but may consider doing so. Unrated securities will not exceed 5% of the Fund’s total assets.

The Fund may invest up to 35% of its total assets in debt obligations of foreign corporations and foreign governments. However, no more than 10% of the Fund’s total assets may be invested in debt obligations of corporations and governments that are located in emerging market countries. A country is considered to have an “emerging market” if it has a relatively low gross national product per capita compared to the world’s major economies, and the potential for rapid economic growth, provided that no issuer included in the Fund’s current benchmark index will be considered to be located in an emerging market country.

Up to 10% of the Fund’s total assets may have non-U.S. dollar currency exposure from non-U.S. dollar denominated securities and currency derivatives, calculated on an absolute notional basis (i.e., adding together the absolute value of net long and net short exposures to individual non-U.S. dollar currencies).

Under normal market conditions, the Fund attempts to maintain a weighted average effective maturity and an average effective duration for its portfolio securities of one to three years. The Fund’s weighted average effective maturity and effective duration are measures of how the value of the Fund’s shares may react to interest rate changes.

The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts; interest rate caps, collars, and floors; foreign currency contracts; options on foreign currencies; swap agreements, including swap agreements on interest rates, currency rates, security indexes and specific securities, and credit default swap agreements; and options on the foregoing types of swap agreements. The Fund may enter into standardized derivatives contracts traded on domestic or foreign securities exchanges, boards of trade, or similar entities, and non-standardized derivatives contracts traded in the OTC market. The Fund may use these derivatives in an attempt to manage market risk, currency risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund’s portfolio or for speculative purposes in an effort to increase the Fund’s yield or to enhance returns. The Fund may also use derivatives to gain exposure to non-dollar denominated securities markets to the extent it does not do so through direct investments. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund may not use any derivative to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly.

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

Significant Accounting Policies

Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

As of the end of the reporting period, the following Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

	Core Bond		Core Plus Bond
Outstanding when-issued/delayed delivery purchase commitments	$	6,295,201	$	22,374,930

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Notes to Financial Statements (Unaudited) (continued)

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also reflects pay down gains and losses, if any. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments, net of lending agent fees.

Professional Fees

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

Dividends and Distributions to Shareholders

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

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

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Share Classes and Sales Charges

Class A Shares are generally sold with an up-front sales charge and incur a 0.25% annual 12b-1 service fee. 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 (“NAV”) without an up-front sales charge. Class A Share purchases of Short Term Bond of $250,000 or more are sold at NAV without an up-front sales charge. Class A Share purchases may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within eighteen months of purchase. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a 0.25% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6 Shares and Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Multiclass Operations and Allocations

Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative settled shares of each class. Expenses directly attributable to a class of shares are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees.

Sub-transfer agent fees, which are recognized as a component of “Shareholder servicing agent fees” on the Statement of Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative net assets.

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

Indemnifications

Under 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.

Netting Agreements

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

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

102 Nuveen Investments

Use of Estimates

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

2. Investment Valuation and Fair Value Measurements

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

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

Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

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. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued 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 and are generally classified as Level 2.

Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.

Prices of fixed-income securities are provided by a pricing service approved by the Funds’ Board of Directors (the “Board”). The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Prices of forward foreign currency exchange contracts and swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.

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

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Funds’ shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange is closed and an investor is not able to purchase, redeem or exchange shares. 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’ 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 Board. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S.

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Notes to Financial Statements (Unaudited) (continued)

markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

Core Bond	Level 1		Level 2			Level 3		Total
Long-Term Investments*:
Corporate Bonds	$	—	$	84,128,083		$	—	$	84,128,083
$1,000 Par (or similar) Institutional Preferred		—		674,275			—		674,275
Municipal Bonds		—		1,545,627			—		1,545,627
U.S. Government and Agency Obligations		—		19,883,950			—		19,883,950
Asset-Backed and Mortgage-Backed Securities		—		79,270,924			—		79,270,924
Sovereign Debt		—		1,454,600			—		1,454,600
Investments Purchased with Collateral from Securities Lending		8,950,753		—			—		8,950,753
Short-Term Investments:
Money Market Funds		12,208,240		—			—		12,208,240
Investments in Derivatives:
Futures Contracts**		107,568		—			—		107,568
Total	$	21,266,561	$	186,957,459		$	—	$	208,224,020
Core Plus Bond
Long-Term Investments*:
Corporate Bonds	$	—	$	272,008,179		$	—	$	272,008,179
$1,000 Par (or similar) Institutional Preferred		—		21,204,252			—		21,204,252
U.S. Government and Agency Obligations		—		64,854			—		64,854
Asset-Backed and Mortgage-Backed Securities		—		125,085,384			—		125,085,384
Sovereign Debt		—		11,858,640			—		11,858,640
Investments Purchased with Collateral from Securities Lending		40,469,109		—			—		40,469,109
Short-Term Investments:
Money Market Funds		24,964,422		—			—		24,964,422
Investments in Derivatives:
Forward Foreign Currency Exchange Contracts**		—		404,557			—		404,557
Interest Rate Swaps**		—		(1,196,854	)		—		(1,196,854	)
Futures Contracts**		156,084		—			—		156,084
Total	$	65,589,615	$	429,429,012		$	—	$	495,018,627
Inflation Protected Securities
Long-Term Investments*:
Convertible Preferred Securities	$	218,654	$	—		$	—	$	218,654
$25 Par (or similar) Retail Preferred		293,250		—			—		293,250
Corporate Bonds		—		23,222,893			—		23,222,893
$1,000 Par (or similar) Institutional Preferred		—		141,000			—		141,000
Municipal Bonds		—		2,070,099			—		2,070,099
U.S. Government and Agency Obligations		—		350,786,383			—		350,786,383
Asset-Backed and Mortgage-Backed Securities		—		13,967,884			—		13,967,884
Sovereign Debt		—		2,246,086			—		2,246,086
Investments Purchased with Collateral from Securities Lending		3,513,550		—			—		3,513,550
Short-Term Investments:
Money Market Funds		2,580,386		—			—		2,580,386
Investments in Derivatives:
Futures Contracts**		162,300		—			—		162,300
Total	$	6,768,140	$	392,434,345		$	—	$	399,202,485

* Refer to the Fund’s Portfolio of Investments for industry, state and country classifications, where applicable.

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

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Intermediate Government Bond	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Corporate Bonds	$	—	$	399,213	$	—	$	399,213
Municipal Bonds		—		2,170,759		—		2,170,759
U.S. Government and Agency Obligations		—		43,525,886		—		43,525,886
Asset-Backed and Mortgage-Backed Securities		—		22,413,812		—		22,413,812
Investments Purchased with Collateral from Securities Lending		3,362,425		—		—		3,362,425
Short-Term Investments:
Money Market Funds		1,359,290		—		—		1,359,290
Investments in Derivatives:
Futures Contracts**		23,354		—		—		23,354
Total	$	4,745,069	$	68,509,670	$	—	$	73,254,739
Short Term Bond
Long-Term Investments*:
Corporate Bonds	$	—	$	288,562,094	$	—	$	288,562,094
$1,000 Par (or similar) Institutional Preferred		—		3,268,500		—		3,268,500
Municipal Bonds		—		13,229,662		—		13,229,662
U.S. Government and Agency Obligations		—		34,943,597		—		34,943,597
Asset-Backed and Mortgage-Backed Securities		—		284,608,348		—		284,608,348
Sovereign Debt		—		2,905,190		—		2,905,190
Investments Purchased with Collateral from Securities Lending		21,320,187		—		—		21,320,187
Short-Term Investments:
Money Market Funds		10,997,768		—		—		10,997,768
Investments in Derivatives:
Forward Foreign Currency Exchange Contracts**		—		31,146		—		31,146
Futures Contracts**		94,258		—		—		94,258
Total	$	32,412,213	$	627,548,537	$	—	$	659,960,750

* Refer to the Fund’s Portfolio of Investments for industry, state and country classifications, where applicable.

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

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

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

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

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

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

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

Nuveen Investments 105

Notes to Financial Statements (Unaudited) (continued)

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds 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 Funds’ investments denominated in that currency will lose value because their 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, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, 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 (i) foreign currency, (ii) investments, (iii) investments in derivatives and (iv) other assets and liabilities 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 (i) investments and (ii) other assets and liabilities 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 investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.

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 is recognized as a component of “Interest income” on the Statement of Operations, even though investors do not receive their principal until maturity.

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 institutions. When loaning securities, the Funds retain the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The Funds also have the ability to recall the securities on loan at any time.

Each Funds’s policy is to receive, at the inception of a loan, cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Payable for collateral from securities lending program” on the Statement of Assets and Liabilities. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending, at value” on the Statement of Assets and Liabilities. The market value of the securities loaned is determined at the close of each business day in order to determine the adequacy of the collateral. 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 on the next business day, which is recognized as “Due from broker” on the Statement of Assets and Liabilities.

Securities out on loan are subject to termination at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Funds securities identical to the securities loaned. Generally, in the event the borrower defaults on its obligation to return the loaned securities, the Funds has the right to use the collateral to acquire identical securities. In the event the Funds are delayed or prevented from exercising their right to dispose of the collateral, there may be a loss to the Funds. Under each Fund’s securities lending agreement, however, the securities lending agent has indemnified the Fund against losses resulting from borrower default, except to the extent that those losses result from a decrease in the value of the collateral due to its investment by the Fund. The Funds bear the risk of loss with respect to the investment of collateral.

The Funds’ custodian, U.S. Bank National Association, serves as its securities lending agent. Each Fund pays the custodian a fee based on its proportional share of the custodian’s expense of operating its securities lending program. Income earned from the securities lending program is paid to the Fund, net of any fees paid. Income from securities lending, net of fees paid, is recognized as “Securities lending income, net” on the Statement of Operations.

106 Nuveen Investments

The following table presents the securities out on loan for the Funds and the collateral delivered related to those securities, as of the end of the reporting period.

Fund	Asset Class out on Loan	Long-Term Investments, at Value		Collateral Pledged (From) Counterparty*			Net Exposure
Core Bond
	Corporate Bonds	$	7,866,315	$	(7,866,315	)	$	—
	U.S. Government and Agency Obligations		779,725		(779,725	)		—
Total		$	8,646,040	$	(8,646,040	)	$	—
Core Plus Bond
	Corporate Bonds		$30,254,639	$	(30,254,639	)	$	—
	$1,000 par (or similar) Institutional Preferred		3,795,908		(3,795,908	)		—
	Sovereign Debt		4,921,936		(4,921,936	)		—
Total		$	38,972,483	$	(38,972,483	)	$	—
Inflation Protected Securities
	Corporate Bonds	$	3,376,638	$	(3,376,638	)	$	—
Intermediate Government Bond
	U.S. Government and Agency Obligations	$	3,246,704	$	(3,246,704	)	$	—
Short Term Bond
	Corporate Bonds	$	17,345,977	$	(17,345,977	)	$	—
	U.S. Government and Agency Obligations		3,290,463		(3,290,463	)		—
Total		$	20,636,440	$	(20,636,440	)	$	—

* As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund's Portfolio of Investments for details on the securities out on loan.

Securities lending fees paid by each Fund during the current fiscal period were as follows:

	Core Bond		Core Plus Bond		Inflation Protected Securities		Intermediate Government Bond		Short Term Bond
Securities lending fees paid	$	1,909	$	14,613	$	1,593	$	222	$	6,425

Zero Coupon Securities

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

Investments in Derivatives

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

Forward Foreign Currency Exchange Contracts

Each Fund is authorized to enter into forward foreign currency exchange contracts (“forward contracts”) 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 Sub-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.

A forward contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the future at a specified price. Forward contracts are typically traded in the OTC markets and all details of the contract are negotiated between the counterparties to the agreement. Accordingly, the forward contracts are valued by reference to the contracts traded in the OTC markets. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying currency, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery.

Forward contracts are valued daily at the forward rate. The net amount recorded on these transactions for each counterparty is recognized as a component of “Unrealized appreciation and/or depreciation on forward foreign currency exchange contracts (, net)” on the Statement of Assets and Liabilities. The change in value of the forward 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, a Fund recognizes the difference between the value of the contract at the time it was entered and the value at the time it was

Nuveen Investments 107

Notes to Financial Statements (Unaudited) (continued)

closed or offset as a component of “Net realized gain (loss) from forward foreign currency exchange contracts” on the Statement of Operations.

Forward 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 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 contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward 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 appreciation or depreciation reflected on the Statement of Assets and Liabilities. Forward contracts are subject to counterparty risk if the counterparty fails to perform as specified in the contract due to financial impairment or other reason.

During the current fiscal period, Core Plus Bond and Short Term Bond invested in forward foreign currency exchange contracts to manage foreign currency exposure. For example, the Fund may reduce unwanted currency exposure from its bond portfolio, or it may take long forward positions in select currencies in an attempt to benefit from the potential price appreciation.

The average notional amount of forward foreign currency exchange contracts outstanding during the current fiscal period was as follows:

	Core Plus Bond		Short Term Bond
Average notional amount of forward foreign currency exchange contracts outstanding*	$	33,807,706	$	981,138

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

The following table presents the fair value of forward foreign currency exchange contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

		Location on the Statement of Assets and Liabilities
		Asset Derivatives			(Liability) Derivatives
Underlying Risk Exposure	Derivative Instrument	Location	Value		Location	Value
Core Plus Bond
Foreign currency exchange rate	Forward contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	404,557	—	$	—
Short Term Bond
Foreign currency exchange rate	Forward contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	31,146	—	$	—

The following table presents the forward foreign currency exchange contracts subject to netting agreements and the collateral delivered related to those forward foreign currency exchange contracts as of the end of the reporting period.

Fund	Counterparty	Gross Unrealized Appreciation on Forward Foreign Currency Exchange Contracts*		Gross Unrealized (Depreciation) on Forward Foreign Currency Exchange Contracts*		Amounts Netted on Statement of Assets and Liabilities		Net Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts		Collateral Pledged to (from) Counterparty		Net Exposure
Core Plus Bond
	Bank of America, N.A.	$	48,589	$	—	$	—	$	48,589	$	—	$	48,589
	Goldman Sachs Bank USA		25,990		—		—		25,990		—		25,990
	Nomura International PLC		329,978		—		—		329,978		—		329,978
Total		$	404,557	$	—	$	—	$	404,557	$	—	$	404,557
Short Term Bond
	Bank of America, N.A.	$	31,146	$	—	$	—	$	31,146	$	—	$	31,146

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

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on forward foreign currency exchange contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.

Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Forward Foreign Currency Exchange Contracts		Change in Net Unrealized Appreciation (Depreciation) of Forward Foreign Currency Exchange Contracts
Core Plus Bond	Foreign currency exchange rate	Forward contracts	$	2,429,570	$	160,895
Short Term Bond	Foreign currency exchange rate	Forward contracts		32,749		31,146

108 Nuveen Investments

Futures Contracts

Upon execution of a futures contract, a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Cash collateral at brokers” on the Statement of Assets and Liabilities. Investments in futures contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the open contracts. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities.

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 a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, a 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 a component of “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 current fiscal period, each Fund used U.S. Treasury futures as part of their overall portfolio construction strategy to manage portfolio duration and yield curve exposure.

The average notional amount of futures contracts outstanding during current fiscal period was as follows:

	Core Bond		Core Plus Bond		Inflation Protected Securities		Intermediate Government Bond		Short Term Bond
Average notional amount of futures contracts outstanding*	$	38,020,227	$	62,896,777	$	71,690,609	$	11,084,602	$	95,904,035

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

The following table presents the fair value of all futures contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

		Location on the Statement of Assets and Liabilities
		Asset Derivatives				(Liability) Derivatives
Underlying Risk Exposure	Derivative Instrument	Location	Value			Location	Value
Core Bond
Interest rate	Futures contracts	—	$	—		Payable for variation margin on futures contracts*	$	110,713
		Receivable for variation margin on futures contracts*		(3,111	)	Payable for variation margin on futures contracts*		(34	)
Total			$	(3,111	)		$	110,679
Core Plus Bond
Interest rate	Futures contracts	Receivable for variation margin on futures contracts*	$	20,704		Payable for variation margin on futures contracts*	$	135,380
Inflation Protected Securities
Interest rate	Futures contracts	Receivable for variation margin on futures contracts*	$	9,366		Payable for variation margin on futures contracts*	$	152,934
Intermediate Government Bond
Interest rate	Futures contracts	Receivable for variation margin on futures contracts*	$	(8,015	)	Payable for variation margin on futures contracts*	$	31,369
Short Term Bond
Interest rate	Futures contracts	—	$	—		Payable for variation margin on futures contracts*	$	94,258

* Value represents unrealized appreciation (depreciation) of futures contracts as reported on the Fund’s Portfolio of Investments and not the asset and/or liability derivatives location as described in the table above.

Nuveen Investments 109

Notes to Financial Statements (Unaudited) (continued)

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.

Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Futures Contracts			Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts
Core Bond	Interest rate	Futures contracts	$	(544,406	)	$	350,017
Core Plus Bond	Interest rate	Futures contracts		(690,724	)		65,354
Inflation Protected Securities	Interest rate	Futures contracts		(212,332	)		235,187
Intermediate Government Bond	Interest rate	Futures contracts		(108,161	)		23,126
Short Term Bond	Interest rate	Futures contracts		77,731			294,243

Interest Rate Swap Contracts

Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap contract. Swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.

Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. For OTC swaps, 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 (, net).”

Upon the execution of an exchanged-cleared swap contract, in certain instances a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open swap contracts, if any, is recognized as a component of “Cash collateral at brokers” on the Statement of Assets and Liabilities. Investments in exchange-cleared interest rate swap contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day’s “mark-to-market” of the swap contract. If a Fund has unrealized appreciation, the clearing broker will credit the Fund’s account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund’s account with an amount equal to the depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities.

The net amount of periodic payments settled in cash are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively.

Changes in the value of the swap contracts during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps.” In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as “Interest rate swaps premiums paid and/or received” on the Statement of Assets and Liabilities.

During the current fiscal period, each Fund invested in interest rate swap contracts as part of an overall portfolio construction strategy to manage duration and overall portfolio yield curve exposure.

The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:

	Core Bond		Core Plus Bond		Inflation Protected Securities		Intermediate Government Bond		Short Term Bond
Average notional amount of interest rate swap contracts outstanding*	$	7,333,333	$	51,333,333	$	9,000,000	$	1,333,333	$	22,000,000

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

110 Nuveen Investments

The following table presents the fair value of all swap contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

		Location on the Statement of Assets and Liabilities
		Asset Derivatives				(Liability) Derivatives
Underlying Risk Exposure	Derivative Instrument	Location	Value			Location	Value
Core Plus Bond
Interest rate	Swaps (Exchange-Cleared)	Receivable for variation margin on swap contracts*	$	(1,009,753	)	—	$	—
Interest rate	Swaps (OTC)	—		—		Unrealized depreciation on interest rate swaps		(187,101	)
Total			$	(1,009,753	)		$	(187,101	)

* Value represents unrealized appreciation (depreciation) of swaps as reported in the Fund’s Portfolio of Investments and not the asset and/or liability derivative location as described in the table above.

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

Fund	Counterparty	Gross Unrealized Appreciation on Interest Rate Swaps***		Gross Unrealized (Depreciation) on Interest Rate Swaps***			Amounts Netted on Statement of Assets and Liabilities		Net Unrealized Appreciation (Depreciation) on Interest Rate Swaps			Collateral Pledged to (from) Counter party		Net Exposure
Core Plus Bond	JPMorgan Chase Bank, N.A.	$	—	$	(187,101	)	$	—	$	(187,101	)	$	187,101	$	—

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

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.

Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Swaps			Change in Net Unrealized Appreciation (Depreciation) of Swaps
Core Bond	Interest rate	Swaps	$	(558,892	)	$	157,115
Core Plus Bond	Interest rate	Swaps	$	(2,047,029	)	$	27,864
Inflation Protected Securities	Interest rate	Swaps	$	(583,194	)	$	80,776
Intermediate Government Bond	Interest rate	Swaps	$	(66,161	)	$	(10,105	)
Short Term Bond	Interest rate	Swaps	$	(1,482,338	)	$	258,316

Market and Counterparty Credit Risk

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

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

Nuveen Investments 111

Notes to Financial Statements (Unaudited) (continued)

4. Fund Shares

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

	Six Months Ended 12/31/15						Year Ended 6/30/15
Core Bond	Shares			Amount			Shares			Amount
Shares sold:
Class A		150,669		$	1,485,582			480,983		$	4,953,915
Class C		27,519			270,898			96,329			982,982
Class R6		1,574,168			15,600,000			4,651,952			47,541,741
Class I		1,124,436			11,025,898			3,159,449			32,214,618
Shares issued to shareholders due to reinvestment of distributions:
Class A		26,131			256,973			58,925			602,146
Class C		1,195			11,690			2,063			20,945
Class R6		84,983			838,133			51,608			521,428
Class I		83,705			819,298			470,639			4,799,991
		3,072,806			30,308,472			8,971,948			91,637,766
Shares redeemed:
Class A		(198,118	)		(1,955,557	)		(524,861	)		(5,370,931	)
Class C		(4,873	)		(48,164	)		(50,490	)		(511,743	)
Class R6		(489,488	)		(4,835,000	)		(159,742	)		(1,625,000	)
Class I		(6,214,317	)		(61,277,835	)		(17,818,315	)		(182,116,417	)
		(6,906,796	)		(68,116,556	)		(18,553,408	)		(189,624,091	)
Net increase (decrease)		(3,833,990	)	$	(37,808,084	)		(9,581,460	)	$	(97,986,325	)
	Six Months Ended 12/31/15						Year Ended 6/30/15
Core Plus Bond	Shares			Amount			Shares			Amount
Shares sold:
Class A		285,613		$	3,138,266			1,431,910		$	16,573,234
Class C		147,895			1,611,516			443,728			5,107,553
Class R3		888,577			9,831,939			339,863			3,921,356
Class R6		—			—			3,988,552			45,789,116
Class I		1,482,052			16,285,937			8,121,755			93,636,474
Shares issued to shareholders due to reinvestment of distributions:
Class A		124,661			1,363,700			221,063			2,551,674
Class C		9,173			99,800			13,935			159,971
Class R3		15,863			173,312			6,838			78,938
Class R6		53,825			589,931			61,527			703,660
Class I		290,881			3,176,804			638,558			7,363,664
		3,298,540			36,271,205			15,267,729			175,885,640
Shares redeemed:
Class A		(648,202	)		(7,125,773	)		(1,282,745	)		(14,765,373	)
Class C		(141,146	)		(1,561,030	)		(349,732	)		(3,968,520	)
Class R3		(117,565	)		(1,291,759	)		(68,508	)		(785,186	)
Class R6		(1,569,659	)		(17,564,000	)		(162,188	)		(1,865,000	)
Class I		(10,638,052	)		(116,555,104	)		(13,432,022	)		(154,528,972	)
		(13,114,624	)		(144,097,666	)		(15,295,195	)		(175,913,051	)
Net increase (decrease)		(9,816,084	)	$	(107,826,461	)		(27,466	)	$	(27,411	)

112 Nuveen Investments

	Six Months Ended 12/31/15						Year Ended 6/30/15
Inflation Protected Securities	Shares			Amount			Shares			Amount
Shares sold:
Class A		2,542,213		$	27,417,384			2,506,090		$	27,662,729
Class C		545,973			5,865,586			397,128			4,332,157
Class R3		732,221			7,870,025			298,987			3,263,207
Class R6		16,409			178,955			298,908			3,338,897
Class I		5,107,851			55,741,374			9,520,020			106,097,936
Shares issued to shareholders due to reinvestment of distributions:
Class A		—			—			22,083			245,094
Class C		—			—			2,409			26,612
Class R3		—			—			2,564			28,322
Class R6		—			—			—			—
Class I		—			—			59,165			661,822
		8,944,667			97,073,324			13,107,354			145,656,776
Shares redeemed:
Class A		(821,828	)		(8,873,564	)		(785,062	)		(8,679,440	)
Class C		(255,769	)		(2,740,124	)		(155,985	)		(1,721,376	)
Class R3		(144,305	)		(1,541,992	)		(268,797	)		(2,971,314	)
Class R6		(19,873	)		(216,709	)		(20,018	)		(225,016	)
Class I		(6,119,273	)		(66,546,972	)		(7,807,405	)		(86,933,536	)
		(7,361,048	)		(79,919,361	)		(9,037,267	)		(100,530,682	)
Net increase (decrease)		1,583,619		$	17,153,963			4,070,087		$	45,126,094
	Six Months Ended 12/31/15						Year Ended 6/30/15
Intermediate Government Bond	Shares			Amount			Shares			Amount
Shares sold:
Class A		467,473		$	4,123,608			301,596		$	2,674,606
Class C		60,457			534,243			25,473			225,799
Class R3		1,063			9,353			3,672			32,381
Class I		756,877			6,661,125			3,567,119			31,596,680
Shares issued to shareholders due to reinvestment of distributions:
Class A		7,133			62,775			10,037			88,789
Class C		203			1,784			218			1,929
Class R3		61			542			119			1,057
Class I		12,387			109,110			11,379			100,789
		1,305,654			11,502,540			3,919,613			34,722,030
Shares redeemed:
Class A		(189,831	)		(1,673,358	)		(379,903	)		(3,366,166	)
Class C		(9,043	)		(79,593	)		(22,419	)		(198,363	)
Class R3		(10,368	)		(91,064	)		(3,860	)		(34,054	)
Class I		(1,619,909	)		(14,286,932	)		(5,874,316	)		(52,018,923	)
		(1,829,151	)		(16,130,947	)		(6,280,498	)		(55,617,506	)
Net increase (decrease)		(523,497	)	$	(4,628,407	)		(2,360,885	)	$	(20,895,476	)

Nuveen Investments 113

Notes to Financial Statements (Unaudited) (continued)

	Six Months Ended 12/31/15						Year Ended 6/30/15
Short Term Bond	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,917,058		$	18,927,587			4,107,721		$	40,925,341
Class C		722,029			7,145,331			1,003,522			10,034,994
Class R3		36,851			363,814			15,685			156,648
Class R6		4,356,773			43,113,066			3,194,996			31,730,928
Class I		6,617,856			65,477,434			22,741,538			226,838,893
Shares issued to shareholders due to reinvestment of distributions:
Class A		66,247			653,658			145,594			1,450,839
Class C		8,340			82,563			19,118			191,160
Class R3		3			28			9			91
Class R6		30,868			304,933			17,912			178,439
Class I		106,956			1,056,022			282,764			2,820,170
		13,862,981			137,124,436			31,528,859			314,327,503
Shares redeemed:
Class A		(2,386,136	)		(23,547,228	)		(5,710,885	)		(56,917,931	)
Class C		(716,134	)		(7,094,278	)		(1,560,336	)		(15,591,244	)
Class R3		(1,101	)		(10,928	)		(106,775	)		(1,067,252	)
Class R6		(273,710	)		(2,702,508	)		(451,080	)		(4,490,000	)
Class I		(14,620,211	)		(144,403,153	)		(60,814,967	)		(605,795,536	)
		(17,997,292	)		(177,758,095	)		(68,644,043	)		(683,861,963	)
Net increase (decrease)		(4,134,311	)	$	(40,633,659	)		(37,115,184	)	$	(369,534,460	)

5. Investment Transactions

Long-term purchases and sales (including maturities but excluding investments purchased with collateral from securities lending and derivative transactions) during the current fiscal period were as follows:

	Core Bond		Core Plus Bond		Inflation Protected Securities		Intermediate Government Bond		Short Term Bond
Purchases:
Investment securities	$	31,203,141	$	64,315,291	$	3,934,893	$	1,363,116	$	104,545,527
U.S. Government and agency obligations		39,579,139		68,153,086		76,004,728		18,660,614		34,079,175
Sales and maturities:
Investment securities		56,793,668		155,852,394		18,512,941		9,744,436		118,773,151
U.S. Government and agency obligations		44,987,149		73,472,396		33,236,688		12,309,249		13,977,344

6. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

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

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing 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 NAVs of the Funds.

As of December 31, 2015, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:

	Core Bond			Core Plus Bond			Inflation Protected Securities			Intermediate Government Bond			Short Term Bond
Cost of investments	$	207,868,335		$	503,115,637		$	407,067,412		$	72,174,874		$	664,807,565
Gross unrealized:
Appreciation	$	3,652,387		$	14,918,422		$	4,530,684		$	1,263,618		$	2,332,626
Depreciation		(3,404,270	)		(22,379,219	)		(12,557,911	)		(207,107	)		(7,304,845	)
Net unrealized appreciation (depreciation) of investments	$	248,117		$	(7,460,797	)	$	(8,027,227	)	$	1,056,511		$	(4,972,219	)

114 Nuveen Investments

Permanent differences, primarily due to distribution reallocations, expiration of capital loss carryforwards, federal taxes paid, foreign currency transactions, return of capital distributions, treatment of notional principal contracts, amortization of mark-to-market assets on Sec. 311(e) adjustments and deflation adjustments sold reclass resulted in reclassifications among the Funds’ components of net assets as of June 30, 2015, the Funds’ last tax year end, as follows:

	Core Bond			Core Plus Bond			Inflation Protected Securities			Intermediate Government Bond			Short Term Bond
Capital paid-in	$	(20	)	$	(22	)	$	(1,423,877	)	$	(2,446,558	)	$	(7,824,109	)
Undistributed (Over-distribution of) net investment income		(124,923	)		82,081			1,477,274			—			(418,938	)
Accumulated net realized gain (loss)		124,943			(82,059	)		(53,397	)		2,446,558			8,243,047

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

	Core Bond		Core Plus Bond		Inflation Protected Securities		Intermediate Government Bond		Short Term Bond
Undistributed net ordinary income1	$	625,622	$	2,483,544	$	—	$	59,307	$	21,293
Undistributed net long-term capital gains		705,744		801,663		—		—		—

¹  Undistributed net ordinary income (on a tax basis) has not been reduced for the dividend declared during the period June 1, 2015 through June 30, 2015 and paid on July 1, 2015. 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’ last tax year ended June 30, 2015, was designated for purposes of the dividends paid deduction as follows:

	Core Bond		Core Plus Bond		Inflation Protected Securities		Intermediate Government Bond		Short Term Bond
Distributions from net ordinary income2	$	9,599,976	$	23,402,734	$	2,853,684	$	1,114,389	$	17,072,409
Distributions from net long-term capital gains		4,146,887		884,605		128,584		—		—
Return of capital		—		—		1,423,856		—		—

²  Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

As of June 30, 2015, the Funds’ last 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 shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

	Intermediate Government Bond		Short Term Bond
Expiration:
June 30, 2016	$	164,695	$	48,855
June 30, 2017		3,538,398		1,188,199
June 30, 2018		—		4,103,631
Not subject to expiration		128,396		3,967,046
Total	$	3,831,489	$	9,307,731

During the Funds’ last tax year ended June 30, 2015, the following Funds utilized capital loss carryforwards as follows:

	Inflation Protected Securities		Intermediate Government Bond
Utilized capital loss carryforwards	$	21,234	$	190,432

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

	Intermediate Government Bond		Short Term Bond
Expired capital loss carryforwards	$	2,446,535	$	7,432,482

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

	Inflation Protected Securities		Intermediate Government Bond		Short Term Bond
Post-October capital losses3	$	599,478	$	44,831	$	—
Late-year ordinary losses4		9,309		—		692,591

³  Capital losses incurred from November 1, 2014 through June 30, 2015, the Funds’ last tax year end.

⁴  Ordinary losses incurred from January 1, 2015 through June 30, 2015 and/or specified losses incurred from November 1, 2014 through June 30, 2015.

Nuveen Investments 115

Notes to Financial Statements (Unaudited) (continued)

7. Management Fees and Other Transactions with Affiliates

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

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

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

Average Daily Net Assets	Core Bond			Core Plus Bond			Inflation Protected Securities			Intermediate Government Bond			Short Term Bond
For the first $125 million		0.2700	%		0.2800	%		0.2500	%		0.2700	%		0.2200	%
For the next $125 million		0.2575			0.2675			0.2375			0.2575			0.2075
For the next $250 million		0.2450			0.2550			0.2250			0.2450			0.1950
For the next $500 million		0.2325			0.2425			0.2125			0.2325			0.1825
For the next $1 billion		0.2200			0.2300			0.2000			0.2200			0.1700
For net assets over $2 billion		0.1950			0.2050			0.1750			0.1950			0.1450

The annual complex-level fee, payable monthly, for each Fund is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and 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		0.2000	%
$56 billion		0.1996
$57 billion		0.1989
$60 billion		0.1961
$63 billion		0.1931
$66 billion		0.1900
$71 billion		0.1851
$76 billion		0.1806
$80 billion		0.1773
$91 billion		0.1691
$125 billion		0.1599
$200 billion		0.1505
$250 billion		0.1469
$300 billion		0.1445

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of December 31, 2015, the complex-level fee rate for each Fund was as follows:

Fund	Complex-Level Fee Rate
Core Bond		0.2000	%
Core Plus Bond		0.2000
Inflation Protected Securities		0.1803
Intermediate Government Bond		0.2000
Short Term Bond		0.2000

The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of each Fund so that the total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees occurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:

Fund	Expense Cap			Temporary Expense Cap Expiration Date
Core Bond		0.53	%	October 31, 2016
Core Plus Bond		0.52		October 31, 2016
Inflation Protected Securities		0.60		October 31, 2016
Intermediate Government Bond		0.60		October 31, 2016
Short Term Bond		0.47		October 31, 2016

116 Nuveen Investments

The Trust pays no compensation directly to those of its directors who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent directors that enable directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

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

	Core Bond		Core Plus Bond		Inflation Protected Securities		Intermediate Government Bond		Short Term Bond
Sales charges collected	$	8,468	$	22,351	$	8,059	$	7,286	$	56,482
Paid to financial intermediaries		6,840		19,392		6,935		6,543		54,927

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

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

	Core Bond		Core Plus Bond		Inflation Protected Securities		Intermediate Government Bond		Short Term Bond
Commission advances	$	720	$	9,704	$	5,193	$	4,624	$	58,449

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

	Core Bond		Core Plus Bond		Inflation Protected Securities		Intermediate Government Bond		Short Term Bond
12b-1 fees retained	$	1,955	$	18,287	$	5,275	$	2,392	$	17,728

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

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:

	Core Bond		Core Plus Bond		Inflation Protected Securities		Intermediate Government Bond		Short Term Bond
CDSC retained	$	—	$	548	$	1,641	$	—	$	6,306

8. Borrowing Arrangements

During the current fiscal period, the Funds, along with certain other funds managed by the Adviser (“Participating Funds”), established a 364-day, $2.53 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, including all of the Funds covered by this shareholder report, along with a number of Nuveen closed-end funds. The credit facility expires in July 2016 unless extended or renewed.

The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, none of the Funds utilized this facility.

Nuveen Investments 117

Additional

Fund Information

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

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

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

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

118 Nuveen Investments

Glossary of Terms

Used in this Report

Asset-Backed Securities (ABS): Securities whose value and income payments are derived from and collateralized by a specific pool of underlying assets. The pool of assets typically is a group of small and/or illiquid assets that may be difficult to sell individually. The underlying pools of asset-backed securities often include payments from credit cards, auto loans or mortgage loans.

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

Barclays U.S. Aggregate Bond Index: 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 outstanding par values of $150 million or more. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

Barclays U.S. Corporate High Yield Bond Index: An index that covers the U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Barclays Intermediate Government Bond Index: 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. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

Barclays U.S. TIPS Index: 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. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

Barclays 1-3 Year Government/Credit Bond Index: 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 assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

Commercial Mortgage-Backed Securities (CMBS): Commercial mortgage-backed securities are backed by cash flows of a mortgage or pool of mortgages on commercial real estate. CMBS generally are structured to provide protection to the senior class investors against potential losses on the underlying mortgage loans. CMBS are typically characterized by the following: i) loans on multi-family housing, non-residential property, ii) payments based on the amortization schedule of 25-30 years with a balloon payment due usually after 10 years, and iii) restrictions on prepayments.

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

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

Nuveen Investments 119

Glossary of Terms Used in this Report (Unaudited) (continued)

Lipper Core Bond Plus Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Core Bond Plus Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.

Lipper Inflation-Protected Bond Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Inflation-Protected Bond Funds Classification. The Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charge.

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

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

Mortgage-Backed Securities (MBS): Mortgage-backed securities (MBS) are bonds backed by pools of mortgages, usually with similar characteristics, and which return principal and interest in each payment. MBS are composed of residential mortgages (RMBS) or commercial mortgages (CMBS). RMBS are further divided into agency RMBS and non-agency RMBS, depending on the issuer.

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

Residential Mortgage-Backed Securities (RMBS): Residential mortgage-backed securities are securities the payments on which depend primarily on the cash flow from residential mortgage loans made to borrowers that are secured by residential real estate. RMBS consist of agency and non-agency RMBS. Agency RMBS have agency guarantees that assure investors that they will receive timely payment of interest and principal, regardless of delinquency or default rates on the underlying loans. Agency RMBS include securities issued by the Government National Mortgage Association, the

Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, and other federal agencies, or issues guaranteed by them. Non-agency RMBS do not have agency guarantees. Non-agency RMBS have credit enhancement built into the structure to shield investors from borrower delinquencies. The spectrum of non-agency residential mortgage loans includes traditional jumbo loans (prime), alternative-A loans (Alt-A), and home equity loans (sub-prime).

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.

120 Nuveen Investments

Notes

Nuveen Investments 121

Notes

122 Nuveen Investments

Notes

Nuveen Investments 123

Nuveen Investments:
	Serving Investors for Generations
	Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
		Focused on meeting investor needs. Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $225 billion as of December 31, 2015.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MSA-FINC-1215D        14133-INV-B-02/17

Mutual Funds

Nuveen Income Funds

Semi-Annual Report  December 31, 2015

	Share Class / Ticker Symbol
Fund Name	Class A	Class C	Class R3	Class R6	Class I
Nuveen Global Total Return Bond Fund	NGTAX	NGTCX	NGTRX	—	NGTIX
Nuveen High Income Bond Fund	FJSIX	FCSIX	FANSX	—	FJSYX
Nuveen Strategic Income Fund	FCDDX	FCBCX	FABSX	FSFRX	FCBYX
Nuveen U.S. Infrastructure Bond Fund	NUSNX	NUSCX	—	—	NUSIX

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Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations and Dividend Information	16
Fund Performance and Expense Ratios	19
Yields	24
Holding Summaries	25
Expense Examples	29
Portfolios of Investments	31
Statement of Assets and Liabilities	79
Statement of Operations	81
Statement of Changes in Net Assets	82
Financial Highlights	84
Notes to Financial Statements	92
Additional Fund Information	113
Glossary of Terms Used in this Report	114

Nuveen Investments 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

For better or for worse, the financial markets spent most of the past year waiting for the U.S. Federal Reserve (Fed) to end its accommodative monetary policy. The policy has propped up stock and bond markets since the Great Recession, but the question remains: how will markets behave without its influence? This uncertainty was a considerable source of volatility for stock and bond prices for much of 2015, despite the Fed carefully conveying its intention to raise rates slowly and only when the economy shows evidence of readiness.

As was widely expected, the long-awaited Fed rate hike materialized in mid-December. While the move was interpreted as a vote of confidence on the U.S. economy’s underlying strength, the Fed emphasized that future rate increases will be gradual and guided by its ongoing assessment of financial conditions. Headwinds including rising borrowing costs, softer commodity prices, low inflation, a strong U.S. dollar and a stagnant global economy could necessitate keeping monetary conditions accommodative for longer. Meanwhile, policy makers in Europe and Japan are deploying their available tools to try to bolster their economies’ fragile growth, while Chinese authorities have stepped up efforts to manage China’s slowdown.

Although the new year began with a more pessimistic tone to investor sentiment and elevated volatility in the markets, we caution investors from making long-term decisions based on short-term news. In times like these, you can look to a professional investment manager with the experience and discipline to maintain the proper perspective on short-term events. And if the daily headlines do concern you, I encourage you to reach out to your financial advisor. Your financial advisor can help you evaluate your investment strategies in light of current events, your time horizon and risk tolerance.

On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

William J. Schneider

Chairman of the Board

February 22, 2016

4 Nuveen Investments

Portfolio Managers’

Comments

Nuveen Global Total Return Bond Fund

Nuveen High Income Bond Fund

Nuveen Strategic Income Fund

Nuveen U.S. Infrastructure Bond Fund

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. In this report, the various portfolio management teams for the Funds discuss key investment strategies and the Funds’ performance for the six-month reporting period ended December 31, 2015. These management teams include:

Nuveen Global Total Return Bond Fund

Timothy A. Palmer, CFA, and Steven S. Lee, CFA, have managed the Fund since its inception in 2011.

Nuveen High Income Bond Fund

John T. Fruit, CFA, has managed the Fund since 2006. Jeffrey T. Schmitz, CFA, has been part of the management team for the Fund since 2008.

Nuveen Strategic Income Fund

Timothy A. Palmer, CFA, has been the lead manager of the Fund since 2005. Jeffrey J. Ebert has been on the management team since 2000. Marie A. Newcome, CFA, joined the Fund as a co-portfolio manager in 2011.

Nuveen U.S. Infrastructure Bond Fund

Daniel J. Close, CFA, Jeffrey J. Ebert and Jeffrey T. Schmitz, CFA, have managed the Fund since its inception in 2014.

High yield market overview for the six-month reporting period ended December 31, 2015.

High yield markets struggled during the reporting period, as continued declines in the value of fossil fuels and other commodities undermined the creditworthiness of issuers whose financial health depends on such values. Consequently, yield spreads (the degree to which the yield of a particular bond relative to a low-risk bond such as a U.S. Treasury) for high yield bonds, particularly those of issuers in the most impacted industries, widened considerably during the six-month reporting period and caused such bonds to decline significantly in value. The Barclays U.S. Aggregate Bond Index provided a 0.65% total return during this reporting period in contrast to the Barclays U.S. Corporate High Yield Bond Index, which returned -6.82% during the reporting period.

In early December, 2015, another sponsor’s mutual fund that was invested heavily in distressed credit bonds, was forced to suspend further share redemptions (withdrawals from the fund), reportedly because shareholder redemption requests were occurring faster than the fund was able to sell portfolio securities in a balanced manner to raise the cash necessary to pay those redeeming shareholders. This event, occurring at a time when the high yield bond market was already weak and generally declining, served to exacerbate the concerns of high yield bond market participants about both the ongoing strength and stability of the high yield bond

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

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

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

Nuveen Investments 5

Portfolio Managers’ Comments (continued)

market, and specifically about the ability of high yield bond funds to sell portfolio bonds to meet redemptions going forward. The immediate result was for already unstable and declining high yield bond prices to decline further and faster and for net negative flows (net redemptions) for funds investing in high yield bonds to increase, which put further pressure on the high yield bond market. However, as investors learned more about the specific fund’s circumstance, and generally came to conclude that the event was driven primarily by that fund’s uniquely difficult circumstances, the market’s fears tended to subside. However, those market-wide concerns have not completely dissipated. As a result, net negative flows out of the high yield bond fund category are still significant, and high yield bond prices have not recovered through the time of this writing in mid-February, so the market skittishness following the event ended up hurting overall Fund performance, both during the reporting period and into the ensuing period.

How did the Funds perform during the six-month reporting period ended December 31, 2015?

The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Funds for the six-month, one-year, five-year, ten-year and/or since inception periods ended December 31, 2015. Each Funds’ Class A Share total returns at net asset value (NAV) are compared with the performance of the appropriate Barclays Index and Lipper classification average. A more detailed account of each Fund’s performance is provided later in this report.

What strategies were used to manage the Funds during the six-month reporting period and how did these strategies influence performance?

All of the Funds continued to employ the same fundamental investment strategies and tactics used previously, although implementation of those strategies depended on the individual characteristics of the portfolios, as well as market conditions. The Funds’ management teams 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. During the reporting period, the Funds were generally positioned for an environment of continued moderate economic growth. Nonetheless, during the reporting period we made smaller scaled shifts on an ongoing basis that were geared toward improving each Fund’s profile in response to changing conditions and valuations. These strategic moves are discussed in more detail within each Fund’s section of this report.

Nuveen Global Total Return Bond Fund

The Fund’s Class A Shares at net asset value (NAV) underperformed the Barclays Global Aggregate Unhedged Bond Index and the Lipper Global Income Funds Classification Average for the six-month reporting period. The reporting period began with the U.S. economy showing resilience in the face of weaker growth experienced by the rest of the global economy. The key area of focus was China, which showed markedly slower manufacturing activity and uncertainty surrounding actual levels of consumption. Slower Chinese production and the ongoing weakness across emerging markets led to renewed volatility and weakness in commodity prices across the board. Oil prices were highly volatile throughout the period, declining rapidly following the end of June and selling off sharply again into year-end to a decade-low level of below $36-per-barrel level by December. The decline was driven by concerns over China’s slowdown, a global supply glut and the Organization of the Petroleum Exporting Countries (OPEC’s) decision to maintain current production levels. The fears over China and the uncertainty surrounding Federal Reserve (Fed) policy normalization also caused market volatility to spike, spurring a significant sell-off in global equity markets beginning in mid-August as China unexpectedly shifted currency policy.

Despite broad speculation that it would increase rates in September for the first time in nearly a decade, the Fed decided to keep the federal funds rate near zero at that meeting. The nation’s relatively weak wage growth continued to be an area of keen interest for the Fed because it indicated that the U.S. economic recovery was far from robust. However, as the period progressed, the U.S. economy continued to expand at a moderate pace, while job growth improved with the unemployment rate falling to 5.0% in the final three months of the year. Finally, at the Fed’s December meeting, policymakers began the long-awaited process of policy normalization by raising the federal funds rate by 0.25%, marking the end of a historically long period of low rates designed to boost the U.S. economic recovery. In anticipation of the Fed move, the Treasury yield curve flattened as rates for Treasuries with maturities of less than five years moved higher in earnest, while rates for intermediate- and long-term Treasuries fell modestly.

During the reporting period, spreads widened across all sectors as investors favored higher quality sectors of the market such as Treasuries and mortgage-backed securities, which outpaced corporate bonds by a wide margin. In the investment grade corporate market, commodity price volatility and heavy new issue supply kept technicals weak in higher risk sectors, causing lower-quality bonds to underperform significantly. Analysts at ratings agencies reduced price forecasts for energy and metals, causing negative

6 Nuveen Investments

outlook changes for several issuers and exacerbating selling pressure in an already weak market. Merger and acquisition (M&A) related financing also took a toll on the technical backdrop as the market tried to absorb nearly $70 billion in M&A related issuance. Market technicals remained weak into the reporting period as dealers tried to keep inventory levels low and oil prices hit new lows. Given strong fundamentals, financials outperformed the industrial sector, which was weighed down by growth concerns. These worries also caused BBB rated issuers to significantly underperform A rated issuers. European credit, both investment grade and high yield, outperformed U.S. credit owing to marginally higher overall quality, less concentration in energy and the effects of supportive European Central Bank (ECB) policy on market technicals.

High yield bond prices came under extreme pressure as festering global growth concerns, the Fed’s mixed messages and accumulating sector specific issues weighed on confidence and led to a poor technical backdrop. A flight-to-quality ensued due to persistent commodity weakness and increased distress among lower rated issues. Energy bonds, which comprise approximately 13% of the market, continued to be pressured by falling crude prices. The weak global growth outlook also caused the headwinds in the commodity sector, with many base metal, iron ore and coal prices trading at multi-year lows. Elevated risks in the commodity sector curbed risk appetites and led to underperformance in the CCC rated credit space, which is more exposed to these cyclically weak areas. High yield spreads, which have been rising since mid-2014, ended the reporting period well above their historical average as a percentage of the 10-year Treasury yield, reflecting the extremely negative sentiment and investor outflows from the segment.

Non-U.S. interest rates and currencies took the Fed’s first move in stride, reacting moderately to prospects for a higher U.S. rate structure. A moderate message from the Fed, below trend global growth, the lack of inflation pressures and ongoing risk aversion in credit helped keep market rates in check. Europe and Japan, while posting reasonable growth data, continued to witness broadly disinflationary effects beyond energy, leading to meaningfully lower inflation expectations. After increased expectations earlier in the period, the ECB disappointed marginally by offering only an extension of its quantitative easing plan late in the year, but clearly left the door open for more. The Bank of Japan continued its waiting game in the midst of mixed economic data. China was an ongoing source of volatility after surprising the market with a currency devaluation in August. Most developed foreign markets marginally outperformed the U.S. and yield curves were flatter. While currencies were volatile during the period, the U.S. dollar generally appreciated versus most currencies. Emerging market (EM) currencies struggled with slow growth, declining commodity prices and reduced investor risk appetite. Developed currencies, such as the euro, fared better, but generally slipped on diverging monetary policies. The yen gained marginally amid global risk aversion and sluggish domestic activity.

A combination of sluggish global economic activity, low and volatile commodity prices and concerns about a Fed rate hike led to negative returns for EM debt. Mixed and decelerating data out of China continued to raise questions about the country’s growth and the resultant impact on the rest of the world. Political disarray, stagnant growth and currency weakness continued to plague Brazil, threatening further instability in this large EM player, while a surprise policy shift in South Africa exacerbated the volatility. In terms of regions, Latin America lagged, while Eastern Europe held in better given those countries’ proximity to the eurozone and better debt dynamics. Most local EM markets underperformed U.S. Treasuries. Nearly all EM currencies declined, with central Europe faring better and Brazil, Russia and South Africa among the worst performers due to global as well as domestic challenges.

The volatile market environment and pressures on credit and economically-sensitive sectors of the market drove the Fund’s shortfall versus the benchmark during the reporting period. The largest negative impact on performance was from the Fund’s weighting in the high yield corporate sector. In addition to the overweight to high yield, our positioning in cyclical credits, including energy, as well as EM corporates, contributed to underperformance.

While an overweight to investment grade credit detracted marginally, the primary performance impact in that sector was due to our lower quality bias/overweight BBB rated credits. Issue selection was also a negative contributor as the benefit from a large overweight to financials was offset by our smaller, but hard hit, positions in cyclical credits, including energy. An overweight to EM investment grade corporates, although scaled back early in the reporting period, was also a drag on performance.

Our overall global interest rate positioning detracted slightly given our small duration underweight to the index, which was largely expressed through our zero weight in Japanese bonds. Interest rate selection was mixed, with gains in core Europe, the U.S. and emerging Europe offset by losses from South Africa, Mexico and the underweight to Japan.

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

Overall, currency positioning benefited the Fund during the reporting period. The Fund’s significant overweight to the U.S. dollar was helpful as global growth concerns and the shift in rates by the Fed supported the dollar. We also benefited from select positions such as the Indonesian rupiah and Indian rupee, as well as our negative views on Canada and Turkey. A portion of this gain was offset by our positions in the Mexican peso and British pound, as well as our large underweight to the Japanese yen. We continue to believe the yen is in a longer-term depreciation trend, the U.S. dollar has cyclical support and select EM currencies may become attractive as the year develops.

The Fund continued to reflect our bias for moderate global growth, led by the U.S. Positioning has reflected our view that emerging markets will continue to face headwinds, but that improvements in European growth, combined with underlying strength in the U.S., will underpin credit sectors. We have been positioned for continued monetary support from the ECB and supportive financial conditions. As a result, the Fund’s positioning emphasizes an overweight to the U.S. dollar, a high degree of selectivity in interest rate markets, including favoring the eurozone, and a focus on sectors that we believe will benefit from our economic and market outlook. We continued to favor sector strategies for income generation driven primarily through diversified exposure to investment grade and high yield credit, in addition to other spread opportunities away from credit. Sector selection remained focused on these sectors, with activity focused on managing credit risks and opportunities at the issue selection level, based on our fundamental credit research and market conditions. Also, we continued to underweight mortgage-related and structured assets, although select positions in some segments of these sectors provide attractive income and liquidity benefits for the portfolio. We continued to allocate away from Treasury and agency securities as these offer unattractive duration/yield profiles.

The Fund’s market selection remained focused on markets where domestic fundamentals and valuations combined to offer what we believed to be good value. We increased positions in the eurozone, including Germany and peripheral markets such as Italy and Portugal, while remaining underweight in Spain. We reduced local bond positions in Mexico, Poland and South Africa based on valuations as well as macro and local fundamental developments. Overall interest rate positioning remained defensive, although less so as the reporting period progressed, owing to improved valuations and significant declines in inflationary pressures.

Our largest adjustment to currency exposures during the period was a reduction in the Fund’s underweight to the euro. Toward the end of the reporting period, the euro’s valuation had significantly factored in near-term developments, warranting less of an underweight. We also reduced exposure in Poland and moved to a market weight in Canada.

During the reporting period, we also continued to utilize various derivative instruments. We used foreign currency exchange contracts to gain exposure to selected foreign currencies, as well as in some cases to hedge the currency risk present in a foreign bond. The overall effect of the foreign currency exchange contracts was positive as the majority of the positions were used for hedging purposes during the reporting period as the U.S. dollar rallied.

We sold U.S. Treasury futures and Euro dollar futures as part of an overall portfolio construction strategy to manage portfolio duration and yield curve exposure and purchased selected foreign bond futures to actively manage exposure to those markets. The effect of these activities was negligible.

We used interest rate swaps as part of an overall portfolio interest rate strategy to manage duration and overall portfolio yield curve exposure. The swap contracts detracted from performance during the reporting period.

We used credit default swaps to take on credit risk and earn a commensurate credit spread. The Fund no longer held these swap contracts at period end. The effect of these swap positions on performance was negative during the reporting period.

Nuveen High Income Bond Fund

The Fund’s Class A Shares at NAV underperformed both the Barclays High Yield 2% Issuer Capped Index and the Lipper High Current Yield Funds Classification Average for the six-month reporting period. The reporting period began with the U.S. economy showing resilience in the face of weaker growth experienced by the rest of the global economy. The key area of focus was China, which showed markedly slower manufacturing activity and uncertainty surrounding actual levels of consumption. Slower Chinese production and the ongoing weakness across emerging markets led to renewed volatility and weakness in commodity prices across the board. Oil prices were highly volatile throughout the reporting period, declining rapidly following the end of June and selling off

8 Nuveen Investments

sharply again into year-end to a decade-low level of below $36-per-barrel level by December. The decline was driven by concerns over China’s slowdown, a global supply glut and the Organization of the Petroleum Exporting Countries (OPEC’s) decision to maintain current production levels. The fears over China and the uncertainty surrounding Federal Reserve (Fed) policy normalization also caused market volatility to spike, spurring a significant sell-off in global equity markets beginning in mid-August as China unexpectedly shifted currency policy.

Despite broad speculation that it would increase rates in September for the first time in nearly a decade, the Fed decided to keep the federal funds rate near zero at that meeting. The nation’s relatively weak wage growth continued to be an area of keen interest for the Fed because it indicated that the U.S. economic recovery was far from robust. However, as the period progressed, the U.S. economy continued to expand at a moderate pace, while job growth improved with the unemployment rate falling to 5.0% in the final three months of the year. Finally, at the Fed’s December meeting, policymakers began the long-awaited process of policy normalization by raising the federal funds rate by 0.25%, marking the end of a historically long period of low rates designed to boost the U.S. economic recovery. In anticipation of the Fed move, the Treasury yield curve flattened during the reporting period as rates for Treasuries with maturities of less than five years moved higher in earnest, while rates for intermediate- and long-term Treasuries fell modestly.

High yield corporate bond prices were under extreme pressure during the reporting period as the risks of slower global growth, lower commodity prices and uncertainty regarding rate hikes triggered a massive flight to quality. The precipitous drop in oil prices, and the continued downtrend in oil and other commodities, had a calamitous effect on the prices of energy and commodity related debt as well as the broader high yield and emerging markets (EM), given their respective concentrations to energy and basic materials. Along with the plunging price declines in any securities even tangentially related to energy and mining came a dose of explosive volatility and heightened fear of impaired market liquidity. The sell-off in the high yield asset class during the period seemed to be a manifestation of all these factors, combined with fears over the eventual December Fed rate hike and presumed tax-loss selling, making for an environment of extreme risk aversion and widening credit spreads. Lower rated and less liquid issues within the high yield space were hit disproportionately hard as investors scrambled for safety, with the spread differential between BB and CCC rated debt morphing to levels not seen since the financial crisis of 2008.

Emerging markets remained under pressure due to strength in the U.S. dollar versus various EM currencies and, as mentioned, these markets’ disproportionate exposure to weakness in commodities. In September, S&P downgraded the sovereign rating of Brazil, Latin America’s largest EM issuer, ratings from BBB- to BB+ and followed with downgrades to many of the country’s corporate issuers. Volatility and outflows seen within EM debt spilled over to a degree to the U.S. high yield market, again stressing the technical aspects of the market. Despite many of the commodity headwinds and Brazil headlines, EM debt was fairly resilient and outperformed the U.S. high yield market as the market was anchored by supportive technical factors and a higher correlation to Treasuries. Looking across other global high yield markets, European high yield also fared better than the U.S. market, owing to its smaller exposure to the troubled areas of energy and basic materials and generally higher quality. The European banking and auto sectors, both large index constituents, represented relative safe havens from some of the stresses that were seen elsewhere.

Against this backdrop, the Fund’s exposures to cyclically challenged areas such as basic materials and energy caused much of its underperformance. While the Fund’s weights in both the energy and metals/mining sectors were close to that of the benchmark, we continued to see a relentless sell-off in higher risk (lower quality) names held in our portfolio. Similarly, exposures to smaller-sized issues, and therefore less liquid areas of the market, continued to see little in the way of sponsorship from the market, hampering relative returns for a number of our holdings. Because of the fears surrounding the Fed tightening cycle, investors chose to hold a greater percentage of liquid bonds due to what the market views as a growing redemption risk. While that was a rational behavioral response, it created a uniquely large liquidity premium between large benchmark issues and smaller-sized issues. In many cases, we sold and realized losses in some of the money-losing positions, and moved to increase the overall quality of the energy portfolio in particular. However, de-risking proved very challenging, especially and most notably within the energy space as liquidity all but dried up.

The growing risk aversion and concurrent underperformance of CCC rated bonds also hurt the Fund’s relative performance over the course of the period. Stylistically, our Fund has long sacrificed some degree of market liquidity and maintained a lower average quality as a byproduct of our bottom-up, value-oriented approach to security selection, which sometimes manifests itself in investments in smaller, less-followed credits, and by extension, less liquid holdings. Simply put, our lower quality bias did not serve the Fund well during the reporting period.

Nuveen Investments 9

Portfolio Managers’ Comments (continued)

While the weakness in China renewed global growth concerns, the fundamental outlook for the U.S. remained robust as shown by more recent macro data. To that end, we saw domestic cyclicals, areas such as transportation, airlines and homebuilders, perform much better than globally exposed cyclicals such as chemicals, mining and technology. Therefore, the Fund benefited from overweights in building materials, diversified manufacturing and transportation, sectors that played into our U.S. centric cyclical theme.

At the end of the reporting period, we carried a roughly 11% allocation to the energy sector, in line with the benchmark weighting. Of note, however, the Fund’s exposure to the riskier sectors of exploration and production (E&P) and oilfield services was 7.5%, with the remainder in the midstream (pipeline) and refining sectors that have mostly sidestepped the large price declines. Of the 11% allocation to energy, approximately 2% was from CCC rated issuers, with the remainder rated B or above. While continued weakness in energy is certainly a risk, the risk/reward proposition looks compelling to us and justifies retaining modest exposure to the sector. We aim to be very selective in the bonds we wish to hold for the longer term, again focusing on credits we feel reasonably certain can muddle through the current downturn and yet offer significant yields.

Turning to the other troubled sector of metals and mining, we ended the reporting period with a roughly 4.5% exposure, also in line with the benchmark weighting. However, exposure to a few coal-related credits and some smaller, less liquid issues suffered larger mark-to-market losses and caused some underperformance within the sector. The Fund’s remaining exposure within the metals and mining sector is well diversified among producers of coal/iron ore, aluminum/steel, precious metals and base metals. Despite the very weak performance seen by these areas during both the six-month reporting period and the full year of 2015, we believe the material downside from current levels is not a large risk, in part due to the already depressed prices. Along with energy, the mining sector has been among the worst yearly performers, both down by more than 23% during 2015.

The Fund continued to hold a roughly 9% overweight to the CCC rating category at the end of the reporting period, however that should be viewed as temporary in nature due to various fund flows near year-end. We carried closer to a 4-5% overweight during much of the reporting period and aim to reduce this further in the near future. We also carried a small overweight to the B rating category versus the Barclays High Yield 2% Issuer Capped Index. Despite the overall weakness seen in the lower rated parts of the market, we still view this as less of an indictment on the underlying credit quality and overwhelmingly more technical in nature. Relative to other lower rated securities BB rated securities have naturally benefited from the flight to quality over the past six months due to the challenges the market has been facing in regard to trading liquidity, coupled with the rather large outflows the sector has experienced dating back to last year.

Away from the energy sector, we have overweights to the chemical and paper sectors. While concerns around Chinese growth are likely to linger into 2016, continued growth in the U.S. and improved economic conditions in China would certainly benefit these sectors. We believe sector fundamentals are robust enough and sector balance sheets are still in good enough shape to even allow an economic slowdown to be manageable. We also carry an overweight to the transportation sector, predominately among holdings in the shipping and airline leasing segments. In particular, the medium-/long-range product tanker business is enjoying strong fundamentals.

We have reduced the Fund’s overall EM exposure. The huge decline in commodity prices in 2015 has caused economic growth to decline and has resulted in both corporate and sovereign downgrades. These markets are also suffering from numerous other headwinds including tightening credit conditions and ongoing political/geopolitical risk. We believe there will be tactical opportunities in the year ahead to add selectively, but in the meantime we are a bit cautious in our positioning. We believe European high yield is likely to underperform modestly in 2016. While void of the energy default risk that surrounds the U.S. market, the excess spread in markets outside of Europe will most likely lead to superior returns. European high yield has consistently been a top performing sector with the exception of 2011, when the European sovereign crisis reached its peak.

During the reporting period, we also continued to utilize various derivative instruments. We used Treasury note and bond futures as part of an overall portfolio construction strategy to manage the Fund’s duration and yield curve exposures. The effect of these activities was negligible on performance during the reporting period. We also used interest rate swaps as part of our portfolio construction strategy to manage the Fund’s duration and overall portfolio yield curve exposure. The interest rate swaps detracted from performance during the reporting period. These contracts were terminated prior to the end of the reporting period.

10 Nuveen Investments

In addition, we used foreign currency exchange contracts to manage the Fund’s foreign currency exposures. During the reporting period, these instruments were used primarily for hedging purposes to reduce unwanted currency exposure from the Fund’s bond portfolio. These positions had a positive impact on performance during the reporting period.

Nuveen Strategic Income Fund

The Fund’s Class A Shares at net asset value (NAV) underperformed the Barclays Aggregate Bond Index and the Lipper Multi-Sector Income Funds Classification Average for the six-month reporting period. The period began with the U.S. economy showing resilience in the face of weaker growth experienced by the rest of the global economy. The key area of focus was China, which showed markedly slower manufacturing activity and uncertainty surrounding actual levels of consumption. Slower Chinese production and the ongoing weakness across emerging markets led to renewed volatility and weakness in commodity prices across the board. Oil prices were highly volatile throughout the reporting period, declining rapidly following the end of June and selling off sharply again into year-end to a decade-low level of below $36-per-barrel level by December. The decline was driven by concerns over China’s slowdown, a global supply glut and the Organization of the Petroleum Exporting Countries (OPEC’s) decision to maintain current production levels. The fears over China and the uncertainty surrounding Federal Reserve (Fed) policy normalization also caused market volatility to spike, spurring a significant sell-off in global equity markets beginning in mid-August as China unexpectedly shifted currency policy.

Despite broad speculation that it would increase rates in September for the first time in nearly a decade, the Fed decided to keep the federal funds rate near zero at that meeting. The nation’s relatively weak wage growth continued to be an area of keen interest for the Fed because it indicated that the U.S. economic recovery was far from robust. However, as the period progressed, the U.S. economy continued to expand at a moderate pace, while job growth improved with the unemployment rate falling to 5.0% in the final three months of the year. Finally, at the Fed’s December meeting, policymakers began the long-awaited process of policy normalization by raising the federal funds rate by 0.25%, marking the end of a historically long period of low rates designed to boost the U.S. economic recovery. As a result, the Treasury yield curve flattened as rates for Treasuries with maturities of less than five years moved higher in earnest, while rates for intermediate- and long-term Treasuries fell modestly.

During the reporting period, spreads widened across all sectors as investors favored higher-quality sectors of the market such as Treasuries and mortgage-backed securities, which outpaced corporate bonds by a wide margin. In the investment grade corporate market, commodity price volatility and heavy new issue supply kept technicals weak in higher risk sectors, causing lower quality bonds to underperform significantly. Analysts at ratings agencies reduced price forecasts for energy and metals, causing negative outlook changes for several issuers and exacerbating selling pressure in an already weak market. Merger and acquisition (M&A) related financing also took a toll on the technical backdrop as the market tried to absorb nearly $70 billion in M&A related issuance. Market technicals remained weak into year-end as dealers tried to keep inventory levels low and oil prices hit new lows. Given strong fundamentals, financials outperformed the industrial sector, which was weighed down by growth concerns. These worries also caused BBB rated issuers to significantly underperform A rated issuers.

High yield bond prices came under extreme pressure as festering global growth concerns, the Fed’s mixed messages and accumulating sector specific issues weighed on confidence and led to a poor technical backdrop. A flight-to-quality ensued due to persistent commodity weakness and increased distress among lower rated issues. Energy bonds, which comprise approximately 13% of the market, continued to be pressured by falling crude prices. The weak global growth outlook also caused the headwinds in the commodity sector, with many base metal, iron ore and coal prices trading at multi-year lows. Elevated risks in the commodity sector curbed risk appetites and led to underperformance in the CCC rated credit space, which is more exposed to these cyclically weak areas. High yield spreads, which have been rising since mid-2014, ended the reporting period well above their historical average as a percentage of the 10-year Treasury yield, reflecting the extremely negative sentiment and investor outflows from the segment.

Among the securitized sectors of the bond market, mortgage-backed securities (MBS) issued by government agencies such as Fannie Mae (FNMA), Ginnie Mae (GNMA) and Freddie Mac (FHLMC) performed well during the reporting period, posting positive excess returns versus Treasuries. Range-bound levels of implied volatility in the agency MBS segment were supportive from a fundamental perspective, while strong bank and money manager demand provided a solid technical backdrop. Homeowner refinancing activity was relatively subdued and MBS prepayments stabilized at historically low levels. The Fed indicated that it will continue to re-invest MBS paydowns from its holdings until policy normalization is well under way, which gave investors comfort that technicals would

Nuveen Investments 11

Portfolio Managers’ Comments (continued)

remain favorable through much of 2016. Valuations were steady and investors embraced the combination of lower volatility and superior liquidity found in the agency MBS sector. Returns in the commercial mortgage-backed securities (CMBS) sector were lackluster during the reporting period as the segment underperformed Treasuries. Longer duration, newer vintage bonds struggled due to higher levels of new issuance and ongoing concerns about the quality of loans going into new deals. The valuation differential between CMBS deals became increasingly pronounced amid greater loan scrutiny in new deals. Traditional consumer asset-backed securities (ABS) generated excess returns over Treasuries as consumer credit trends remained favorable, although year-end balance sheet pressures and outflows from short-duration funds did create some technical pressure on the sector. ABS issuance was light given tepid investor demand for short, high quality paper as the Fed began the process of normalizing policy.

Non-U.S. interest rates and currencies took the Fed’s first move in stride, reacting moderately to prospects for a higher U.S. rate structure. A moderate message from the Fed, below trend global growth, the lack of inflation pressures and ongoing risk aversion in credit helped keep market rates in check. Europe and Japan, while posting reasonable growth data, continued to witness broadly disinflationary effects beyond energy, leading to meaningfully lower inflation expectations. After increased expectations earlier in the period, the European Central Bank disappointed marginally by offering only an extension of its quantitative easing plan late in the year, but clearly left the door open for more. The Bank of Japan continued its waiting game in the midst of mixed economic data. China was an ongoing source of volatility after surprising the market with a currency devaluation in August. Most developed foreign markets marginally outperformed the U.S. and yield curves were flatter. While currencies were volatile during the reporting period, the U.S. dollar generally appreciated versus most currencies. Emerging market (EM) currencies struggled with slow growth, declining commodity prices and reduced investor risk appetite. Developed currencies, such as the euro, fared better, but generally slipped on diverging monetary policies. The yen gained marginally amid global risk aversion and sluggish domestic activity.

A combination of sluggish global economic activity, low and volatile commodity prices and concerns about a Fed rate hike led to negative returns for EM debt. Mixed and decelerating data out of China continued to raise questions about the country’s growth and the resultant impact on the rest of the world. Political disarray, stagnant growth and currency weakness continued to plague Brazil, threatening further instability in this large EM player, while a surprise policy shift in South Africa exacerbated the volatility. In terms of regions, Latin America lagged, while Eastern Europe held in better given those countries’ proximity to the eurozone and better debt dynamics. Most local EM markets underperformed U.S. Treasuries. Nearly all EM currencies declined, with central Europe faring better and Brazil, Russia and South Africa among the worst performers due to global as well as domestic challenges.

The volatile market environment and pressures on credit and economically-sensitive sectors of the market drove the Fund’s shortfall versus the benchmark during the reporting period. The dramatic sell-off in high yield credit during the reporting period was the most significant factor. The Fund was positioned with a substantial overweight to high yield, while our holdings in oil and cyclical credits within the sector also contributed to some of the underperformance.

The investment grade credit sector also detracted due to the Fund’s small overweight versus the benchmark. However, the more significant factors in the sector were our greater-than-benchmark weight in cyclical credits and our lower quality bias/overweight to BBB rated credits, given the broader economic sensitivity of this ratings group. Issue selection was also negative for the reporting period as a whole, as the benefit from a large overweight to financials was more than negated by our smaller, but hard hit, positions in energy and cyclicals. On the other hand, our large weight in preferred securities, also in the financial sector, was beneficial to performance. Our exposure to EM investment grade credit detracted from performance, particularly early in the reporting period.

Foreign positions were a marginal detractor from performance. Our positions in foreign bonds detracted as spreads versus the U.S. more than offset yield advantages. However, our foreign currency positioning had little impact on the Fund’s performance during the reporting period.

Interest rate positioning added modestly to the Fund’s performance. The Fund benefited from our positioning for a flatter yield curve and tactical moves in rate positioning during the reporting period as rates rose.

The Fund’s key sector themes continue to emphasize income generation driven primarily through diversified exposure to investment grade and high yield credit, in addition to other spread opportunities away from credit. We continue to underweight mortgage and structured assets, given better opportunities elsewhere. We also continue to allocate away from Treasury and agency securities as these offered unattractive duration and yield profiles. Although the credit sectors are still volatile and liquidity can occasionally be

12 Nuveen Investments

challenging, we continue to believe credit fundamentals remain solid in most segments, while valuations provide ample compensation for fundamental risk and market volatility. Accordingly, we maintained the Fund’s overweight in investment grade and high yield credit.

Activity during the reporting period was driven largely by repositioning credit exposure in response to fundamental credit developments, valuation changes and opportunities due to primary and secondary market activity. We continued to reevaluate credit fundamentals in light of changing market, economic and company-specific developments. The Fund remained overweight to BBB rated companies within the investment grade sector. Although these credits have underperformed due to their higher economic sensitivity, we believe valuations have moved excessively and that yields are attractive in light of our fundamental outlook. We also maintained an overweight in financials. We continued to monitor developments in the energy sector very closely and assess the credit impact of developments in oil prices and energy fundamentals.

We reduced the Fund’s allocation to preferred securities toward the end of the reporting period. Although our outlook remains favorable for the sector, relative valuations had moved substantially versus alternatives; therefore, we chose to take advantage of market strength in preferreds to reduce the Fund’s weight in the segment. We also reduced foreign bond holdings during the period, given fundamental shifts in some markets and continued challenging fundamentals, particularly in emerging markets. We employed proceeds from these reductions toward moderate increases in mortgages, CMBS and investment grade financials, adding to portfolio liquidity at attractive valuations and providing for future flexibility.

Duration positioning remains defensive versus the benchmark, given the market’s adjustment following the Fed’s move, very limited inflationary pressures and the outlook for continued high levels of global liquidity and economic slack. The Fund remains biased toward a flatter yield curve.

During the reporting period, we also continued to utilize various derivative instruments. We used foreign currency exchange forward contracts to manage the Fund’s foreign currency exposure. For example, the Fund may reduce unwanted currency exposure from the Fund’s portfolio, or may take long forward positions in select currencies in an attempt to benefit from the potential price appreciation. These positions had a positive impact on performance during the reporting period.

We utilized domestic and foreign interest rate futures as part of an overall portfolio construction strategy to manage the Fund’s duration and yield curve exposure and selected foreign bond futures to actively manage exposure to those markets. The overall effect on performance during the reporting period was negative. We also utilized interest rate swaps to manage portfolio duration and yield curve exposure and these positions also detracted from performance during the reporting period.

In addition, we entered into credit default swaps as a way to take on credit risk and earn credit spread. The effect of these activities on performance was negative during the reporting period and the positions were sold off.

Nuveen U.S. Infrastructure Bond Fund

The Fund’s Class A Shares at NAV underperformed both the Barclays Taxable Municipal Aggregate Eligible Index and the Lipper General & Insured Municipal Debt Funds Classification Average for the six-month reporting period. The reporting period began with the U.S. economy showing resilience in the face of weaker growth experienced by the rest of the global economy. The key area of focus was China, which showed markedly slower manufacturing activity and uncertainty surrounding actual levels of consumption. Slower Chinese production and the ongoing weakness across emerging markets led to renewed volatility and weakness in commodity prices across the board. Oil prices were highly volatile throughout the reporting period, declining rapidly following the end of June and selling off sharply again into year-end to a decade-low level of below $36-per-barrel level by December. The decline was driven by concerns over China’s slowdown, a global supply glut and the Organization of the Petroleum Exporting Countries (OPEC’s) decision to maintain current production levels. The fears over China and the uncertainty surrounding Federal Reserve (Fed) policy normalization also caused market volatility to spike, spurring a significant sell-off in global equity markets beginning in mid-August as China unexpectedly shifted currency policy.

Despite broad speculation that it would increase rates in September for the first time in nearly a decade, the Fed decided to keep the federal funds rate near zero at that meeting. The nation’s relatively weak wage growth continued to be an area of keen interest for the

Nuveen Investments 13

Portfolio Managers’ Comments (continued)

Fed because it indicated that the U.S. economic recovery was far from robust. However, as the reporting period progressed, the U.S. economy continued to expand at a moderate pace, while job growth improved with the unemployment rate falling to 5.0% in the final three months of the year. Finally, at the Fed’s December meeting, policymakers began the long-awaited process of policy normalization by raising the federal funds rate by 0.25%, marking the end of a historically long period of low rates designed to boost the U.S. economic recovery. In anticipation of the Fed move, the Treasury yield curve flattened during the period as rates for Treasuries with maturities of less than five years moved higher in earnest, while rates for intermediate- and long-term Treasuries fell modestly.

During the reporting period, interest rates in the taxable municipal bond market declined modestly with the average yield of the Barclays Taxable Municipal Aggregate Eligible Index falling from 4.30% to 4.25%. Taxable municipal bonds with longer durations generally outperformed those with shorter durations, although the best results came from bonds with durations of 8 to 10 years, which returned 3.68% versus the 3.00% six-month return for the index. Credit spreads narrowed as taxable municipal bonds rated BBB/Baa returned 6.65% and those A rated returned 3.16%, versus returns of 2.82% for bonds rated AAA and 2.64% for AA rated bonds. The strongest performing sectors in this segment of the market included tollroads, airports, water/sewer, hospitals, dedicated tax and higher education. State and local general obligations (GOs), tobacco and housing underperformed.

High yield bond prices came under extreme pressure as festering global growth concerns, uncertainty around when the Fed would begin to raise interests and accumulating sector-specific issues weighed on confidence and led to a poor technical backdrop. A flight-to-quality ensued due to persistent commodity weakness and increased distress among lower rated issues. Energy bonds, which comprise approximately 13% of the market, continued to be pressured by falling crude prices. The weak global growth outlook also caused the headwinds in the commodity sector, with many base metal, iron ore and coal prices trading at multi-year lows. Elevated risks in the commodity sector curbed risk appetites and led to underperformance in the CCC rated credit space, which is more exposed to these cyclically weak areas. High yield spreads, which have been rising since mid-2014, ended the reporting period well above their historical average, as a percentage of the 10-year Treasury yield, reflecting the extremely negative sentiment and investor outflows from the segment. The Barclays U.S. Corporate High Yield Bond Index ended the reporting period with a -6.82% six-month return.

In the investment grade corporate market, commodity price volatility and heavy new issue supply kept technicals weak in higher risk sectors, causing lower quality bonds to underperform significantly. Analysts at ratings agencies reduced price forecasts for energy and metals, causing negative outlook changes for several issuers and exacerbating selling pressure in an already weak market. Merger and acquisition (M&A) related financing also took a toll on the technical backdrop as the market tried to absorb nearly $70 billion in M&A related issuance. Market technicals remained weak into year-end as dealers tried to keep inventory levels low and oil prices hit new lows in December. However, financial spreads were steady and this sector outperformed the industrial sector, which was weighed down by the weakness in commodity-related bonds. The Barclays U.S. Corporate Investment Grade Index returned 0.24% during the reporting period.

The Fund’s goal is to provide investors with an attractive level of income by investing in a portfolio of debt securities from various entities that own, operate or develop infrastructure assets in the U.S. These investments include municipal, high yield corporate and investment-grade corporate bonds that finance either public or private infrastructure projects. We define infrastructure as the vital structures, facilities and services that support the U.S. economy and society including: transportation; energy and utilities; communications; and social and government functions. During the six-month reporting period, approximately 65% of the Fund was allocated to the municipal bond market, approximately 21% to the high yield corporate market and approximately 14% to the investment grade corporate market. As noted in the market overview comments, the municipal bond market turned in the strongest absolute returns over this time frame. Therefore, the Fund’s most significant sources of underperformance versus the benchmark Barclays Taxable Municipal Aggregate Eligible Index were its allocations to the high yield and investment grade corporate sectors.

In terms of performance within each of the three segments, the Fund’s municipal bond portfolio outperformed relative to its benchmark. Within the municipal bond portfolio, our overweight positions in bonds rated BBB/Baa and single A were beneficial. Likewise, our underweight position in state GOs and overweights in the tollroad and dedicated tax sectors contributed positively to excess returns. On the other hand, an underweight position in higher education and an overweight in public power detracted. The use of futures in the municipal bond portfolio to hedge against rising interest rates was also detrimental. Meanwhile, our allocations by duration had no material impact on performance. The benefits from our overweight in bonds with durations of 12 to 14 years and

14 Nuveen Investments

underweight in durations of less than 4 years were offset by the negative effect of an underweight in bonds with durations of 8 to 10 years.

The Fund’s high yield portfolio underperformed its benchmark as the fear of a slowdown in global growth and the impact such a slowdown could have on U.S. issuers created a substantially reduced appetite for high yield assets. As noted above, the sell-off was particularly pronounced in the more economically-sensitive commodity-related sectors. This period of risk reduction impacted the Fund’s high yield holdings because the previously somewhat defensive segments, such as energy midstream and power producers, were heavily sold later in the period given their relative richness versus exploration and production, oil services, and metals and mining credits. Outflows across high yield and the lack of availability to the new issue market further exacerbated the investing environment. The high yield portfolio was also negatively impacted by its moderately higher exposure to lower rated credits versus the benchmark. The portfolio is overweight to B rated credits and, to a lesser extent, CCC rated credits and underweight to BB rated credits. The higher rated high yield credits dramatically outperformed the lower rated credits as expected in a weak period for credit markets.

The investment grade credit portion of the Fund underperformed its benchmark due to security selection and a lower quality bias. In terms of security selection, the investment grade portfolio’s heavy relative weightings in the railroad and energy industries versus the index detracted from performance because these two areas significantly underperformed the broader credit market. Also, this portfolio’s weight in BBB rated securities was more than one and a half times greater than the benchmark weight, while the BBB rated segment underperformed the broader credit market by 190 basis points. Our portfolio’s duration was two years longer than the benchmark and concentrated in the 10- to 30-year part of the yield curve, which modestly offset some of the underperformance as long rates fell by 18 basis points during the reporting period.

As shareholder inflows hit the Fund, generally speaking, we allocated around 65% to public infrastructure, 20% to high yield private infrastructure and 15% to investment grade private infrastructure. In the municipal sleeve, we established three new positions, while adding odd lot pieces to seven existing positions. We also exited several positions. Following Moody’s downgrade of Chicago’s GO debt to below investment grade, the city’s enterprise bonds (water, wastewater, etc.) immediately traded down in sympathy. After making some degree of price recovery in the months following the GO downgrade, we elected to exit the Fund’s positions in Chicago Wastewater. In addition, based on deteriorating fundamentals, we exited the Fund’s Cook County GO holding.

Trading activity within the high yield bond segment revolved around reducing exposure to investments in the commodity-related segments such as energy midstream and power producers. We redeployed the proceeds into less economically-sensitive segments such as health care.

In the investment grade sleeve, given the difficult trading conditions in the energy and railroad markets, we chose to hold existing positions with a longer-term view toward recovery.

As part of our investment process, the bonds that we focus on are typically backed by assets that have recurring revenue streams and natural monopolies, for example an electric or gas utility, or long-term contracts that offer predictable revenue streams, such as a pipeline. The Fund’s largest concentrations included the following: transportation, dedicated tax (primarily backing mass public transit), private utilities, energy and public utilities.

We also shorted U.S. Treasury futures contracts to hedge against potential increases in interest rates. The effect on performance was negative during the period.

Nuveen Investments 15

Risk Considerations

and Dividend Information

Risk Considerations

Nuveen Global Total Return Bond Fund

Mutual fund investing involves risk; principal loss is possible. Debt securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, and income risk. As interest rates rise, bond prices fall. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. The Fund gains additional exposure to currency rates, and therefore to the risk of currency fluctuation, through investment in foreign currency contracts. The risks of foreign investments are magnified in emerging markets. Asset-backed and mortgage-backed securities are also subject to prepayment risk, liquidity risk, default risk and adverse economic developments. The Fund’s potential use of derivative instruments involves a high degree of financial risk and additional transaction costs.

Nuveen High Income Bond Fund

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, derivatives risk, income risk, and other investment company risk. As interest rates rise, bond prices fall. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards.

Nuveen Strategic Income Fund

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, derivatives risk, dollar roll transaction risk, and income risk. As interest rates rise, bond prices fall. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. The Fund gains additional exposure to currency rates, and therefore to the risk of currency fluctuation, through investment in foreign currency contracts. The risks of foreign investments are magnified in emerging markets. Asset-backed and mortgage-backed securities are subject to additional risks such as prepayment risk, liquidity risk, default risk and adverse economic developments.

Nuveen U.S. Infrastructure Bond Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Because the Fund may invest in infrastructure-related securities, the Fund could have greater exposure to adverse economic, regulatory, political, legal and other changes affecting the issuers of such securities. The Fund is subject to, interest rate risk; as interest rates rise, bond prices fall. Price changes are generally greater for longer-duration bonds. Credit risk refers to the risk that an issuer may fail to make interest or principal payments when due or that the value of a security may decline due to concerns about the issuer making such payments. Declines in value will generally be greater for securities with longer maturities. Investments in below investment grade or high yield securities are subject to liquidity risk and heightened credit risk. The Fund’s use of inverse floaters creates effective leverage. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility and interest rate risk. Non-U.S./Emerging Markets involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. More information on these risk considerations, as well as information on other risks to which the Fund is subject, such as bond market liquidity, call, currency, derivatives, general municipal securities market, income, loan settlement risk, market, municipal lease obligations, and zero coupon bonds risks, are included in the Fund’s prospectus.

16 Nuveen Investments

Dividend Information

Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.

As of December 31, 2015, all of the Funds had positive UNII balances, based upon our best estimate, for tax purposes. The Nuveen High Income Bond Fund and Nuveen Strategic Income Fund had positive UNII balances while the Nuveen Global Total Return Bond Fund and Nuveen U.S. Infrastructure Bond Fund had negative UNII balances for financial reporting purposes.

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

Nuveen Investments 17

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18 Nuveen Investments

Fund Performance

and Expense Ratios

The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.

Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Returns may reflect fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

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

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

The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the most recent prospectus. The expense ratios include management fees and other fees and expenses.

Nuveen Investments 19

Fund Performance and Expense Ratios (continued)

Nuveen Global 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 section. Refer to the Glossary of Terms Used in this Report for definitions of terms used in this section.

Fund Performance

Average Annual Total Returns as of December 31, 2015

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		(3.63)%		(7.52)%		1.31%
Class A Shares at maximum Offering Price		(8.21)%		(11.91)%		0.11%
Barclays Global Aggregate Unhedged Bond Index		(0.08)%		(3.15)%		(0.13)%
Lipper Global Income Funds Classification Average		(1.73)%		(3.34)%		1.11%
Class C Shares		(3.99)%		(8.20)%		0.67%
Class R3 Shares		(3.75)%		(7.78)%		1.13%
Class I Shares		(3.49)%		(7.30)%		1.63%

Since inception returns are from 12/02/11. Indexes and Lipper averages are not available for direct investment.

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. Such CDSC will be equal to 1.00% for any shares purchased on or of after November 1, 2015. 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 only available for purchase by eligible retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class R3		Class I
Gross Expense Ratios		1.89%		2.64%		2.14%		1.64%
Net Expense Ratios		0.96%		1.71%		1.21%		0.71%

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through October 31, 2016, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities, and extraordinary expenses) do not exceed 0.75% of the average daily net assets of any class of Fund shares. The expense limitation expiring October 31, 2016, may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

20 Nuveen Investments

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 section. Refer to Glossary of Terms Used in this Report for definitions of terms used in this section.

Fund Performance

Average Annual Total Returns as of December 31, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		(13.37)%		(11.95)%		2.55%		5.04%
Class A Shares at maximum Offering Price		(17.48)%		(16.16)%		1.55%		4.52%
Barclays High Yield 2% Issuer Capped Index		(6.79)%		(4.43)%		5.03%		6.95%
Lipper High Current Yield Funds Classification Average		(6.25)%		(4.09)%		4.08%		5.58%
Class C Shares		(13.75)%		(12.58)%		1.85%		4.29%
Class R3 Shares		(13.52)%		(12.30)%		2.31%		4.78%
Class I Shares		(13.21)%		(11.67)%		2.87%		5.33%

Indexes and Lipper averages are not available for direct investment.

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. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015. 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 only available for purchase by eligible retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class R3		Class I
Expense Ratios		1.01%		1.76%		1.25%		0.76%

Nuveen Investments 21

Fund Performance and Expense Ratios (continued)

Nuveen Strategic Income Fund

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

Fund Performance

Average Annual Total Returns as of December 31, 2015

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		(4.74)%		(4.62)%		3.78%		5.24%
Class A Shares at maximum Offering Price		(8.81)%		(8.69)%		2.88%		4.79%
Barclays Aggregate Bond Index		0.65%		0.55%		3.25%		4.51%
Lipper Multi-Sector Income Funds Classification Average		(2.69)%		(1.68)%		3.46%		4.74%
Class C Shares		(5.07)%		(5.34)%		3.01%		4.46%
Class R3 Shares		(4.83)%		(4.81)%		3.52%		4.94%
Class I Shares		(4.62)%		(4.37)%		4.03%		5.49%

	Cumulative
	6-Month		Since Inception
Class R6 Shares		(4.62)%		(4.71)%

Since inception return for Class R6 Shares is from 1/20/15. Indexes and Lipper averages are not available for direct investment.

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. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015. 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 only available for purchase by eligible retirement plans. Class R6 Shares have no sales charge and are available only to certain limited categories of investors as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class R3		Class R6		Class I
Gross Expense Ratios		0.92%		1.67%		1.17%		0.61%		0.67%
Net Expense Ratios		0.82%		1.57%		1.07%		0.50%		0.57%

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2016, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.59% of the average daily net assets of any class of Fund shares. However, because Class R6 shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for the Class R6 shares will be less than the expense limitation. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

22 Nuveen Investments

Nuveen U.S. Infrastructure Bond Fund

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

Fund Performance

Average Annual Total Returns as of December 31, 2015

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class A Shares at NAV		(0.43)%		(1.79)%		1.34%
Class A Shares at maximum Offering Price		(4.66)%		(5.96)%		(1.31)%
Barclays Taxable Municipal Aggregate Eligible Index		3.00%		(0.01)%		5.11%
Lipper General & Insured Municipal Debt Funds Classification Average		3.20%		2.98%		4.24%
Class C Shares		(0.87)%		(2.60)%		0.54%
Class I Shares		(0.31)%		(1.55)%		1.58%

Since inception returns are from 5/12/14. Indexes and Lipper averages are not available for direct investment.

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. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015. 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 as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class I
Gross Expense Ratios		1.89%		2.61%		1.60%
Net Expense Ratios		0.95%		1.70%		0.70%

The Fund’s investment adviser contractually has agreed to waive fees and/or reimburse expenses through October 31, 2017, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities, and extraordinary expenses) do not exceed 0.74% of the average daily net assets of any class of Fund shares. The expense limitation may be terminated or modified prior to that date only with the approval of the Fund’s Board of Trustees.

Nuveen Investments 23

Yields as of December 31, 2015

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

The SEC 30-Day Yield is a standardized measure of a Fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the Fund’s portfolio. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Subsidized yields reflect fee waivers and/or expense reimbursements from the investment adviser during the period. If any such waivers and/or reimbursements had not been in place, yields would have been reduced. Unsubsidized yields do not reflect waivers and/or reimbursements from the investment adviser during the period. Refer to the Fund Performance and Expense Ratios page for further details on the investment adviser’s most recent agreement with the Fund to waive fees and/or reimburse expenses, where applicable. Dividend Yield may differ from the SEC 30-Day Yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.

Nuveen Global Total Return Bond Fund

	Share Class
	Class A1		Class C		Class R3		Class I
Dividend Yield		3.89%		3.31%		3.83%		4.34%
SEC 30-Day Yield – Subsidized		3.78%		3.21%		3.74%		4.23%
SEC 30-Day Yield – Unsubsidized		2.61%		1.99%		2.49%		2.99%

Nuveen High Income Bond Fund

	Share Class
	Class A1		Class C		Class R3		Class I
Dividend Yield		7.40%		6.90%		7.44%		8.00%
SEC 30-Day Yield		10.91%		10.71%		11.24%		11.74%

Nuveen Strategic Income Fund

	Share Class
	Class A1		Class C		Class R3		Class R6		Class I
Dividend Yield		5.02%		4.44%		4.99%		5.48%		5.48%
SEC 30-Day Yield – Subsidized		5.43%		4.91%		5.41%		6.01%		5.92%
SEC 30-Day Yield – Unsubsidized		5.31%		4.79%		5.25%		5.87%		5.80%

Nuveen U.S. Infrastructure Bond Fund

	Share Class
	Class A1		Class C		Class I
Dividend Yield		4.00%		3.39%		4.42%
SEC 30-Day Yield – Subsidized		4.06%		3.45%		4.50%
SEC 30-Day Yield – Unsubsidized		2.96%		2.30%		3.34%

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.

24 Nuveen Investments

Holding

Summaries as of December 31, 2015

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

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

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

Nuveen Global Total Return Bond Fund

Fund Allocation

(% of net assets)

Convertible Preferred Securities	0.6%
Corporate Bonds	44.4%
$1,000 (par or similar) Institutional Preferred	6.8%
Asset-Backed and Mortgage-Backed Securities	7.3%
Sovereign Debt	39.8%
Repurchase Agreements	6.4%
Other Assets Less Liabilities	(5.3)%
Net Assets	100%

Corporate Debt: Industries

(% of total corporate bond holdings)

Banks	20.9%
Oil, Gas & Consumable Fuels	8.2%
Metals & Mining	6.4%
Capital Markets	5.1%
Wireless Telecommunication Services	4.7%
Software	4.6%
Real Estate Investment Trust	4.5%
Energy Equipment & Services	4.2%
Chemicals	3.9%
Electric Utilities	3.7%
Media	3.5%
Industrial Conglomerates	3.3%
Diversified Financial Services	3.2%
Consumer Finance	2.9%
Insurance	2.7%
Other	18.2%
Total	100%

Portfolio Credit Quality

(% of total long-term
investments)¹

AAA/U.S. Guaranteed	19.2%
AA	0.5%
A	21.1%
BBB	35.3%
BB or Lower	23.9%
Total	100%

Country Allocation

(% of net assets)

United States	37.5%
Mexico	11.4%
Germany	9.1%
United Kingdom	6.3%
Australia	5.2%
France	4.4%
South Africa	3.9%
Italy	3.9%
Portugal	3.7%
Hungary	2.5%
Canada	2.2%
Switzerland	1.7%
Other	13.5%
Other Assets Less Liabilities	(5.3)%
Net Assets	100%

1 Excluding investments in derivatives.

Nuveen Investments 25

Holding Summaries as of December 31, 2015 (continued)

Nuveen High Income Bond Fund

Fund Allocation

(% of net assets)

Common Stocks	0.3%
Convertible Preferred Securities	1.2%
Variable Rate Senior Loan Interests	6.3%
$25 Par (or similar) Retail Preferred	6.1%
Corporate Bonds	73.8%
Convertible Bonds	0.5%
$1,000 (par or similar) Institutional Preferred	3.2%
Asset-Backed Securities	0.0%
Investment Companies	2.8%
Warrants	0.0%
Investments Purchased with Collateral from Securities Lending	5.6%
Money Market Funds	4.4%
Other Assets Less Liabilities	(4.2)%
Net Assets	100%

Corporate Debt: Industries

(% of total corporate bond holdings)

Oil, Gas & Consumable Fuels	12.3%
Media	5.4%
Metals & Mining	4.7%
Chemicals	4.4%
Building Products	4.4%
Wireless Telecommunication Services	3.8%
Marine	3.7%
Diversified Telecommunication Services	3.7%
Hotels, Restaurants & Leisure	3.7%
Construction Materials	3.0%
Containers & Packaging	2.8%
Auto Components	2.8%
Food & Staples Retailing	2.6%
Health Care Providers & Services	2.6%
Paper & Forest Products	2.5%
Diversified Financial Services	2.2%
Household Durables	2.2%
Food Products	2.1%
Independent Power & Renewable Electricity Producers	2.1%
Specialty Retail	2.1%
Aerospace & Defense	2.0%
Electric Utilities	2.0%
Consumer Finance	1.8%
Construction & Engineering	1.5%
Other	19.6%
Total	100%

Portfolio Credit Quality

(% of total long-term
fixed-income investments)¹

AA	0.0%
BBB	3.9%
BB or Lower	87.4%
N/R (not rated)	8.7%
Total	100%

1 Excluding investments in derivatives.

26 Nuveen Investments

Nuveen Strategic Income Fund

Fund Allocation

(% of net assets)

Common Stocks	0.0%
Convertible Preferred Securities	0.1%
Variable Rate Senior Loan Interests	1.3%
$25 Par (or similar) Retail Preferred	0.5%
Corporate Bonds	73.4%
$1,000 (par or similar) Institutional Preferred	6.6%
U.S. Government and Agency Obligations	0.0%
Asset-Backed and Mortgage-Backed Securities	10.2%
Sovereign Debt	5.6%
Investments Purchased with Collateral from Securities Lending	13.0%
Money Market Funds	4.8%
Other Assets Less Liabilities	(15.5)%
Net Assets	100%

Corporate Debt: Industries

(% of total corporate bond holdings)

Banks	12.1%
Oil, Gas & Consumable Fuels	11.3%
Media	6.6%
Capital Markets	6.5%
Diversified Telecommunication Services	4.1%
Metals & Mining	3.8%
Insurance	3.7%
Chemicals	3.1%
Real Estate Investment Trust	3.0%
Diversified Financial Services	2.8%
Wireless Telecommunication Services	2.5%
Consumer Finance	2.5%
Energy Equipment & Services	2.3%
Specialty Retail	1.9%
Household Durables	1.8%
Containers & Packaging	1.7%
Hotels, Restaurants & Leisure	1.6%
Commercial Services & Supplies	1.6%
Machinery	1.5%
Aerospace & Defense	1.5%
Electric Utilities	1.5%
Food Products	1.5%
Building Products	1.4%
Other	19.7%
Total	100%

Portfolio Credit Quality

(% of total long-term
fixed-income investments)¹

AAA/U.S. Guaranteed	5.2%
AA	0.8%
A	21.9%
BBB	35.1%
BB or Lower	36.7%
N/R (not rated)	0.3%
Total	100%

1 Excluding investments in derivatives.

Nuveen Investments 27

Holding Summaries as of December 31, 2015 (continued)

Nuveen U.S. Infrastructure Bond Fund

Fund Allocation

(% of net assets)

Corporate Bonds	33.9%
Municipal Bonds	64.2%
Other Assets Less Liabilities	1.9%
Net Assets	100%

States and Territories

(% of net assets)

California	12.9%
Illinois	9.1%
New York	7.5%
Texas	5.0%
New Jersey	4.8%
Arizona	4.2%
Ohio	4.2%
Other	16.5%
Total	64.2%

Portfolio Composition

(% of net assets)

Transportation	21.0%
Tax Obligation/Limited	16.5%
Utilities	11.3%
Oil, Gas & Consumable Fuels	9.3%
Tax Obligation/General	7.4%
Water and Sewer	5.1%
Health Care Providers & Services	4.4%
Electric Utilities	4.4%
Other	18.7%
Other Assets Less Liabilities	1.9%
Net Assets	100%

Portfolio Credit Quality

(% of total long-term investments)¹

AAA/U.S. Guaranteed	3.5%
AA	41.3%
A	18.5%
BBB	15.8%
BB or Lower	20.9%
Total	100%

1 Excluding investments in derivatives.

28 Nuveen Investments

Expense

Examples

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

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended December 31, 2015.

The beginning of the period is July 1, 2015.

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

The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratios 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 Global Total Return Bond Fund

	Share Class
	Class A		Class C		Class R3		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	963.70	$	960.10	$	962.50	$	965.10
Expenses Incurred During Period	$	4.74	$	8.43	$	5.97	$	3.51
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,020.31	$	1,016.54	$	1,019.05	$	1,021.57
Expenses Incurred During Period	$	4.88	$	8.67	$	6.14	$	3.61

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.96%, 1.71%, 1.21% and 0.71% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Nuveen Investments 29

Expense Examples (continued)

Nuveen High Income Bond Fund

	Share Class
	Class A		Class C		Class R3		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	866.30	$	862.50	$	864.80	$	867.90
Expenses Incurred During Period	$	4.79	$	8.33	$	6.00	$	3.62
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,020.01	$	1,016.19	$	1,018.70	$	1,021.27
Expenses Incurred During Period	$	5.18	$	9.02	$	6.50	$	3.91

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.02%, 1.78%, 1.28% and 0.77% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Nuveen Strategic Income Fund

	Share Class
	Class A		Class C		Class R3		Class R6		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	952.60	$	949.30	$	951.70	$	953.80	$	953.80
Expenses Incurred During Period	$	4.02	$	7.69	$	5.25	$	2.46	$	2.80
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,021.01	$	1,017.24	$	1,019.76	$	1,022.62	$	1,022.27
Expenses Incurred During Period	$	4.17	$	7.96	$	5.43	$	2.54	$	2.90

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.82%, 1.57%, 1.07%, 0.50% and 0.57% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Nuveen U.S. Infrastructure Bond Fund

	Share Class
	Class A		Class C		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	995.70	$	991.30	$	996.90
Expenses Incurred During Period	$	4.77	$	8.51	$	3.51
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,020.36	$	1,016.59	$	1,021.62
Expenses Incurred During Period	$	4.82	$	8.62	$	3.56

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.95%, 1.70% and 0.70% for Classes A, C, and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one half year period).

30 Nuveen Investments

Nuveen Global Total Return Bond Fund

Portfolio of Investments December 31, 2015 (Unaudited)

Shares		Description (1)	Coupon				Ratings (2)		Value
		LONG-TERM INVESTMENTS – 105.3%
		CONVERTIBLE PREFERRED SECURITIES – 0.6%
		Banks – 0.6%
	75	Bank of America Corporation		7.250%				BB+	$	81,995
		Total Convertible Preferred Securities (cost $63,225)								81,995
Principal Amount (000) (3)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		CORPORATE BONDS – 44.4%
		Air Freight & Logistics – 0.1%
$	10	XPO Logistics, Inc., 144A		6.500%		6/15/22		B2	$	9,250
		Auto Components – 0.3%
	45	American & Axle Manufacturing Inc.		6.625%		10/15/22		BB–		47,138
		Automobiles – 0.2%
	30	General Motors Financial Company Inc.		4.250%		5/15/23		BBB–		29,677
		Banks – 9.3%
	100	Bank of America Corporation		4.200%		8/26/24		A–		100,145
	200	Barclays Bank PLC		3.650%		3/16/25		A		192,205
	45	CIT Group Inc.		5.000%		8/01/23		BB+		45,675
	95	Citigroup Inc.		4.500%		1/14/22		A		101,765
	30	Citigroup Inc.		6.125%		8/25/36		A–		33,876
	25	General Electric Capital Corporation		6.875%		1/10/39		AA+		34,075
	25	HSBC Holdings PLC		6.800%		6/01/38		A+		31,117
	45	JPMorgan Chase & Company		6.400%		5/15/38		A+		57,322
	35	Royal Bank of Scotland Group PLC		6.100%		6/10/23		BBB		37,622
	200	Santander UK PLC, 144A		5.000%		11/07/23		A–		208,190
	200	Societe Generale, 144A		5.000%		1/17/24		A–		203,960
	200	State Bank of India London, 144A		4.875%		4/17/24		BBB–		213,757
	25	Wells Fargo & Company		3.450%		2/13/23		A+		25,068
		Total Banks								1,284,777
		Building Products – 0.4%
	60	Owens Corning Incorporated		4.200%		12/15/22		BBB–		60,073
		Capital Markets – 2.3%
	75	Goldman Sachs Group, Inc.		5.750%		1/24/22		A		85,299
	85	Goldman Sachs Group, Inc.		3.625%		1/22/23		A		85,998
	75	Morgan Stanley		4.000%		7/23/25		A		77,298
	70	Morgan Stanley		3.950%		4/23/27		A–		67,970
		Total Capital Markets								316,565

Nuveen Investments 31

Nuveen Global Total Return Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000) (3)			Description (1)	Coupon		Maturity		Ratings (2)		Value
			Chemicals – 1.7%
$	25		Hexion Inc.		6.625%		4/15/20		B3	$	19,563
	25		Momentive Performance Materials Inc., (4), (5)		8.875%		10/15/20		N/R		—
	25		Momentive Performance Materials Inc.		3.880%		10/24/21		B		17,250
	200		Office Cherifien Des Phosphates SA, 144A		5.625%		4/25/24		BBB–		202,950
			Total Chemicals								239,763
			Consumer Finance – 1.3%
	100		Capital One Bank		3.375%		2/15/23		Baa1		97,903
	75		Discover Financial Services		5.200%		4/27/22		BBB+		80,238
			Total Consumer Finance								178,141
			Containers & Packaging – 0.3%
	50	CAD	Cascades Inc., 144A		5.500%		7/15/21		Ba3		35,090
			Diversified Consumer Services – 0.0%
	20		Nine West Holdings Incorporated, 144A		8.250%		3/15/19		CCC–		4,000
			Diversified Financial Services – 1.4%
	200		BNP Paribas		4.250%		10/15/24		A		198,234
			Diversified Telecommunication Services – 0.7%
	25		AT&T, Inc.		5.550%		8/15/41		A–		25,103
	65		Qwest Corporation		6.750%		12/01/21		BBB–		68,088
			Total Diversified Telecommunication Services								93,191
			Electric Utilities – 1.6%
	55		APT Pipelines Limited, 144A		3.875%		10/11/22		BBB		52,933
	200		Eskom Holdings Limited, 144A		7.125%		2/11/25		BB+		173,000
			Total Electric Utilities								225,933
			Energy Equipment & Services – 1.9%
	55		Nabors Industries Inc.		4.625%		9/15/21		Baa2		45,215
	200		Origin Energy Finance Limited, 144A		3.500%		10/09/18		BBB–		195,049
	25		Weatherford International PLC		7.000%		3/15/38		BBB–		17,438
			Total Energy Equipment & Services								257,702
			Health Care Equipment & Supplies – 0.8%
	100	EUR	Ephios Bondco PLC, 144A		6.250%		7/01/22		B+		112,690
			Household Durables – 0.3%
	50		Brookfield Residential Properties Inc., 144A		6.500%		12/15/20		BB–		48,188
			Household Products – 0.7%
	100		Kimberly-Clark de Mexico, S.A.B. de C.V, 144A		3.250%		3/12/25		A		96,339
			Independent Power & Renewable Electricity Producers – 0.1%
	20		GenOn Energy Inc.		9.500%		10/15/18		B–		16,157

32 Nuveen Investments

Principal Amount (000) (3)			Description (1)	Coupon		Maturity		Ratings (2)		Value
			Industrial Conglomerates – 1.5%
$	200		Alfa SAB de CV, 144A		5.250%		3/25/24		BBB–	$	202,500
			Insurance – 1.2%
	50		Genworth Holdings Inc.		4.800%		2/15/24		Ba1		33,750
	30		Liberty Mutual Group Inc., 144A		4.950%		5/01/22		BBB		31,800
	100		Symetra Financial Corporation		4.250%		7/15/24		BBB+		100,795
			Total Insurance								166,345
			Machinery – 1.0%
	55		Eaton Corporation		4.150%		11/01/42		A–		50,707
	50		Ingersoll Rand		5.750%		6/15/43		BBB		54,497
	40		Terex Corporation		6.000%		5/15/21		BB		36,800
			Total Machinery								142,004
			Media – 1.6%
	70		21st Century Fox America Inc.		6.650%		11/15/37		BBB+		81,344
	20		Cequel Communication Holdings I, 144A		5.125%		12/15/21		B–		18,000
	55		DIRECTV Holdings LLC		3.800%		3/15/22		A–		55,381
	45		SES SA, 144A		3.600%		4/04/23		BBB		43,835
	25	CAD	Videotron Limited, 144A		5.625%		6/15/25		BB		18,159
			Total Media								216,719
			Metals & Mining – 2.8%
	55		Alcoa Inc.		5.400%		4/15/21		BBB–		53,488
	45		Allegheny Technologies Inc.		6.625%		8/15/23		BB–		26,550
	25		Anglogold Holdings PLC		6.500%		4/15/40		Baa3		16,625
	55		ArcelorMittal		7.000%		2/25/22		BB+		44,275
	35		Century Aluminum Company, 144A		7.500%		6/01/21		BB–		23,450
	25		First Quantum Minerals Limited, 144A		6.750%		2/15/20		BB–		16,125
	75		Freeport McMoRan, Inc.		3.550%		3/01/22		BBB		43,500
	50		Newmont Mining Corporation		3.500%		3/15/22		BBB		44,582
	50		Teck Resources Limited		3.750%		2/01/23		BB+		23,125
	25		Vale Overseas Limited		6.875%		11/10/39		BBB		17,373
	100		Yamana Gold Inc.		4.950%		7/15/24		Baa3		84,855
			Total Metals & Mining								393,948
			Multiline Retail – 0.2%
	25		Family Tree Escrow LLC, 144A		5.250%		3/01/20		Ba3		25,813
			Oil, Gas & Consumable Fuels – 3.7%
	50		Amerada Hess Corporation		7.125%		3/15/33		BBB		48,700
	50		Anadarko Petroleum Corporation		6.200%		3/15/40		BBB		46,000
	80		Apache Corporation		4.250%		1/15/44		BBB+		64,026
	150	CAD	Baytex Energy Corporation		6.625%		7/19/22		BB		82,763

Nuveen Investments 33

Nuveen Global Total Return Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000) (3)			Description (1)	Coupon		Maturity		Ratings (2)		Value
			Oil, Gas & Consumable Fuels (continued)
$	42		California Resources Corporation, 144A		8.000%		12/15/22		BB+	$	22,103
	17		California Resources Corporation		5.500%		9/15/21		BB–		5,355
	25		Calumet Specialty Products		7.625%		1/15/22		B+		21,250
	30		Cenovus Energy Inc.		3.800%		9/15/23		BBB		27,176
	5		Concho Resources Inc.		5.500%		10/01/22		BB+		4,550
	25		Martin Mid-Stream Partners LP Finance		7.250%		2/15/21		B–		22,000
	20	CAD	Paramount Resources Limited, 144A		7.625%		12/04/19		BB–		11,680
	25		Petrobras International Finance Company		5.375%		1/27/21		BB+		18,625
	85		Transocean Inc.		4.300%		10/15/22		BB+		45,050
	50		Western Refining Inc.		6.250%		4/01/21		B+		48,000
	45		Woodside Finance Limited, 144A		3.650%		3/05/25		BBB+		39,887
			Total Oil, Gas & Consumable Fuels								507,165
			Paper & Forest Products – 1.0%
	25		Domtar Corporation		4.400%		4/01/22		BBB–		25,427
	80		Domtar Corporation		6.750%		2/15/44		BBB–		78,166
	50		Resolute Forest Products		5.875%		5/15/23		BB–		36,375
			Total Paper & Forest Products								139,968
			Personal Products – 0.3%
	30		International Paper Company		8.700%		6/15/38		BBB		38,602
			Real Estate Investment Trust – 2.0%
	70		American Tower Company		5.000%		2/15/24		BBB		74,102
	75		Digital Realty Trust Inc.		3.625%		10/01/22		BBB		72,095
	80		HCP Inc.		3.750%		2/01/19		BBB+		82,556
	50		Vereit Operating Partner		4.600%		2/06/24		BB+		47,375
			Total Real Estate Investment Trust								276,128
			Software – 2.0%
	25		BMC Software Finance Inc., 144A		8.125%		7/15/21		CCC+		16,625
	75		Computer Sciences Corporation		4.450%		9/15/22		BBB+		76,941
	200		SixSigma Networks Mexico SA de CV, 144A		8.250%		11/07/21		B+		191,000
			Total Software								284,566
			Specialty Retail – 0.2%
	35		Swiss Re Treasury US Corporation, 144A		4.250%		12/06/42		AA–		33,032
			Telecommunication Services – 0.4%
	50		Axtel SAB de CV, 144A		9.000%		1/31/20		B+		51,875
			Tobacco – 0.2%
	30		Reynolds American Inc.		3.250%		11/01/22		BBB–		29,679

34 Nuveen Investments

Principal Amount (000) (3)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Trading Companies & Distributors – 0.8%
$	100	United Rentals North America Inc.		7.375%		5/15/20		BB–	$	105,500
		Wireless Telecommunication Services – 2.1%
	75	Colombia Telecommunicaciones S.A. ESP, 144A		8.500%		9/30/65		B+		64,313
	200	ENTEL Chile SA, 144A		4.750%		8/01/26		BBB+		187,111
	50	Sprint Corporation		7.250%		9/15/21		B+		37,250
		Total Wireless Telecommunication Services								288,674
		Total Corporate Bonds (cost $6,585,414)								6,155,426
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 6.8%
		Banks – 3.8%
$	200	Barclays PLC		8.250%		N/A (6)		BB+	$	212,940
	50	Citigroup Inc.		6.250%		N/A (6)		BB+		51,000
	60	JPMorgan Chase & Company		6.750%		N/A (6)		BBB–		65,400
	200	HSBC Holdings PLC		6.375%		N/A (6)		BBB		197,500
	510	Total Banks								526,840
		Capital Markets – 1.9%
	75	Goldman Sachs Capital II		4.000%		N/A (6)		Ba1		52,875
	200	UBS Group AG, Reg S		7.125%		N/A (6)		BB+		209,435
	275	Total Capital Markets								262,310
		Electric Utilities – 0.7%
	100	Electricite de France, 144A		5.250%		N/A (6)		Baa1		94,000
		Insurance – 0.4%
	25	Genworth Financial Inc.		6.150%		11/15/66		Ba2		6,750
	50	Prudential Financial Inc.		5.200%		3/15/44		BBB+		48,276
	75	Total Insurance								55,026
$	960	Total $1,000 Par (or similar) Institutional Preferred (cost $966,209)								938,176
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 7.3%
$	42	Countrywide Asset Backed Certificates, Series 2007-4 A2		5.397%		4/25/47		Caa1	$	45,803
	28	Countrywide Home Loans Mortgage, Series 2005-27		5.500%		12/25/35		Caa1		26,563
	145	Fannie Mae TBA Mortgage Pool, (WI/DD)		4.500%		TBA		Aaa		156,555
	315	Fannie Mae TBA Mortgage Pool, (WI/DD)		4.000%		TBA		Aaa		333,242
	400	Fannie Mae TBA Mortgage Pool, (WI/DD)		3.500%		TBA		Aaa		412,558
	40	Freddie Mac Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2013-K712		3.486%		5/25/45		Aaa		40,134
$	970	Total Asset-Backed and Mortgage-Backed Securities (cost $1,011,133)								1,014,855

Nuveen Investments 35

Nuveen Global Total Return Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000) (3)			Description (1)	Coupon		Maturity		Ratings (2)		Value
			SOVEREIGN DEBT – 39.8%
			Australia – 3.1%
	600	AUD	Australian Government, Reg S		1.750%		11/21/20		Aaa	$	427,523
			Colombia – 1.1%
$	130		Republic of Colombia		8.125%		5/21/24		BBB		155,870
			Costa Rica – 1.2%
	200		Republic of Costa Rica, 144A		7.000%		4/04/44		Ba1		166,750
			Dominican Republic – 0.7%
	100		Dominican Republic, 144A		5.500%		1/27/25		BB–		96,250
			Germany – 9.1%
	250	EUR	Deutschland Republic, Reg S		0.500%		2/15/25		Aaa		269,753
	400	EUR	Deutschland Republic, Reg S		1.000%		8/15/25		Aaa		449,358
	400	EUR	Deutschland Republic, Reg S		2.500%		8/15/46		Aaa		541,835
			Total Germany								1,260,946
			Hungary – 2.5%
	85,000	HUF	Republic of Hungary, Government Bond		5.500%		6/24/25		BBB–		341,969
			Indonesia – 1.4%
	200		Republic of Indonesia, 144A		4.750%		1/08/26		Baa3		197,532
			Italy – 3.9%
	110	EUR	Buoni Poliennali del Tesoro, Italian Treasury Bond		3.750%		9/01/24		BBB+		141,823
	350	EUR	Buoni Poliennali del Tesoro, Italian Treasury Bond		2.000%		12/01/25		BBB+		393,763
			Total Italy								535,586
			Mexico – 7.5%
	7,400	MXN	Mexico Bonos de DeSarrollo		4.750%		6/14/18		A3		431,424
	3,000	MXN	Mexico Bonos de DeSarrollo		5.000%		12/11/19		A		172,290
	2,450	MXN	Mexico Bonos de DeSarrollo		8.000%		12/07/23		A		159,111
	2,975	MXN	Mexico Bonos de DeSarrollo		7.750%		11/13/42		A		188,622
	100	EUR	United Mexican States		4.000%		10/15/30		A3		90,714
			Total Mexico								1,042,161
			Poland – 1.2%
	250	PLN	Republic of Poland		5.750%		9/23/22		A		75,707
	325	PLN	Republic of Poland		3.250%		7/25/25		A		85,214
			Total Poland								160,921
			Portugal – 3.7%
	460	EUR	Portugal Obrigacoes do Tesouro, 144A, Reg S		2.875%		10/15/25		Ba1		514,553
			South Africa – 2.5%
	3,800	ZAR	Republic of South Africa		7.250%		1/15/20		BBB+		230,220

36 Nuveen Investments

Principal Amount (000) (3)			Description (1)	Coupon		Maturity		Ratings (2)		Value
			South Africa (continued)
	1,700	ZAR	Republic of South Africa		10.500%		12/21/26		BBB+	$	116,004
			Total South Africa								346,224
			Sri Lanka – 1.3%
$	200		Republic of Sri Lanka, 144A		6.850%		11/03/25		BB–		188,395
			Uruguay – 0.6%
	100		Republic of Uruguay		5.100%		6/18/50		BBB		86,251
			Total Sovereign Debt (cost $6,274,326)								5,520,931
			Total Long-Term Investments (cost $14,900,307)								13,711,383
Principal Amount (000)			Description (1)	Coupon		Maturity				Value
			SHORT-TERM INVESTMENTS – 6.4%
			REPURCHASE AGREEMENTS – 6.4%
$	887		Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/15, repurchase price $887,326, collateralized by $880,000 U.S. Treasury Bonds, 3.125%, due 2/15/43, value $907,350		0.030%		1/04/16			$	887,323
			Total Short-Term Investments (cost $887,323)								887,323
			Total Investments (cost $15,787,630) – 105.3%								14,598,706
			Other Assets Less Liabilities – (5.3)% (7)								(733,752	)
			Net Assets – 100%							$	13,864,954

Investments in Derivatives as of December 31, 2015

Forward Foreign Currency Exchange Contracts outstanding:

Counterparty	Currency Contracts to Deliver	Amount (Local Currency)		In Exchange For Currency	Amount (Local Currency)		Settlement Date		Unrealized Appreciation (Depreciation) (U.S. Dollars)
Bank of America, N.A.	Hungarian Forint		103,870,000	U.S. Dollar		357,224		1/29/16	$	(527	)
Bank of America, N.A.	Indian Rupee		36,000,000	U.S. Dollar		541,761		2/05/16		244
Bank of America, N.A.	Mexican Peso		11,750,000	U.S. Dollar		687,577		1/29/16		6,986
Bank of America, N.A.	Polish Zloty		350,000	U.S. Dollar		90,296		1/29/16		1,120
Bank of America, N.A.	U.S. Dollar		1,365	Hungarian Forint		396,000		1/29/16		(1	)
Bank of America, N.A.	U.S. Dollar		88,119	Polish Zloty		350,000		1/29/16		1,057
Bank of America, N.A.	U.S. Dollar		534,103	Indonesian Rupiah		7,400,000,000		1/25/16		(2,011	)
Bank of America, N.A.	U.S. Dollar		539,730	Indian Rupee		36,000,000		2/05/16		1,786
Citibank, National Association	Euro		42,000	U.S. Dollar		45,857		2/29/16		151
Citibank, National Association	Euro		300,000	U.S. Dollar		328,658		2/29/16		2,189
Deutsche Bank AG	Australian Dollar		337,000	U.S. Dollar		242,554		1/29/16		(2,729	)
Deutsche Bank AG	U.S. Dollar		467,233	Pound Sterling		307,000		1/22/16		(14,631	)
Goldman Sachs Bank USA	U.S. Dollar		187,870	Canadian Dollar		254,000		1/29/16		(4,295	)
Goldman Sachs Bank USA	U.S. Dollar		863,816	Pound Sterling		569,000		1/29/16		(24,939	)
Morgan Stanley Capital Services LLC	Singapore Dollar		1,000,000	U.S. Dollar		708,125		1/29/16		3,452
Morgan Stanley Capital Services LLC	South African Rand		5,397,000	U.S. Dollar		351,718		1/29/16		4,247
Morgan Stanley Capital Services LLC	South Korean Won		1,100,000,000	U.S. Dollar		932,678		2/16/16		(2,272	)
									$	(30,173	)

Nuveen Investments 37

Nuveen Global Total Return Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Investments in Derivatives as of December 31, 2015(continued)

Interest Rate Swaps outstanding:

Counterparty	Notional Amount		Fund Pay/ Receive Floating Rate		Floating Rate Index		Fixed Rate (Annualized)			Fixed Rate Payment Frequency		Termination Date		Value			Variation Margin Receivable/ (Payable)			Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank, N.A.	$	200,000		Receive		3-Month USD-LIBOR-ICE		2.078	%		Semi- Annually		2/19/23	$	(4,795	)		N/A		$	(4,795	)
JPMorgan Chase Bank, N.A.*		1,000,000		Receive		3-Month USD-LIBOR-ICE		2.258			Semi- Annually		9/02/25		(23,100	)	$	(4,550	)		(23,100	)
	$	1,200,000												$	(27,895	)	$	(4,550	)	$	(27,895	)

* Citigroup Global Markets, Inc. is the clearing broker for this transaction.

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts			Contract Expiration		Notional Amount at Value			Variation Margin Receivable/ (Payable)			Unrealized Appreciation (Depreciation)
U.S. Treasury 5-Year Note		Short		(9	)		3/16	$	(1,064,883	)	$	(1,266	)	$	3,133

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.

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

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

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

(4) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

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

(6) Perpetual security. Maturity date is not applicable.

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

Reg S Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

TBA To be announced. Maturity date not known prior to settlement of this transaction.

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

AUD Australian Dollar

CAD Canadian Dollar

EUR Euro

HUF Hungarian Forint

MXN Mexican Peso

PLN Polish Zloty

ZAR South African Rand

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

USD-LIBOR-ICE United States Dollar-London Inter-Bank Offered Rate-Intercontinental Exchange.

See accompanying notes to financial statements.

38 Nuveen Investments

Nuveen High Income Bond Fund

Portfolio of Investments December 31, 2015 (Unaudited)

Shares		Description (1)							Value
		LONG-TERM INVESTMENTS – 94.2%
		COMMON STOCKS – 0.3%
		Building Products – 0.0%
	527	Dayton Superior, Class A, (2), (3)							$	30,195
	585	Dayton Superior, Class 1, (2), (3)								33,550
		Total Building Products								63,745
		Capital Markets – 0.1%
	5,732	Adamas Finance Asia Limited, (2)								3,640
	50,000	Och-Ziff Capital Management Group, Class A Shares								311,500
		Total Capital Markets								315,140
		Energy Equipment & Services – 0.1%
	10,000	Patterson-UTI Energy, Inc., (4)								150,800
		Metals & Mining – 0.0%
	499,059	Northland Resources SA, (2), (3)								100
		Oil, Gas & Consumable Fuels – 0.0%
	50,119	Connacher Oil and Gas Limited, (2), (15)								4,410
		Real Estate Investment Trust – 0.1%
	20,000	STAG Industrial Inc.								369,000
		Total Common Stocks (cost $1,988,607)								903,195
Shares		Description (1)	Coupon				Ratings (5)		Value
		CONVERTIBLE PREFERRED SECURITIES – 1.2%
		Electric Utilities – 0.5%
	50,000	Exelon Corporation		6.500%				BBB–	$	2,023,500
		Independent Power & Renewable Electricity Producers – 0.2%
	13,000	Dynegy Inc., (4)		5.375%				N/R		651,690
		Metals & Mining – 0.1%
	37,500	ArcelorMittal		6.000%				BB–		244,125
		Oil, Gas & Consumable Fuels – 0.4%
	40,000	Anadarko Petroleum Corporation		7.500%				N/R		1,358,000
		Total Convertible Preferred Securities (cost $6,337,303)								4,277,315
Principal Amount (000)		Description (1)	Coupon (7)		Maturity (6)		Ratings (5)		Value
		VARIABLE RATE SENIOR LOAN INTERESTS – 6.3% (7)
		Auto Components – 1.1%
$	4,000	Crowne Group LLC, Second Lien Term Loan C		9.000%		9/29/21		CCC+	$	3,800,000

Nuveen Investments 39

Nuveen High Income Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon (7)		Maturity (6)		Ratings (5)		Value
		Construction Materials – 0.6%
$	2,500	Atkore International Inc.		7.750%		9/27/21		CCC+	$	2,190,627
		Diversified Financial Services – 0.5%
	1,995	Jill Acquisition LLC, First Lien Term Loan B		6.000%		5/08/22		B		1,955,100
		Diversified Telecommunication Services – 0.4%
	1,453	Birch Communications Inc., First Lien Term Loan B		7.750%		4/19/20		B		1,358,671
		Health Care Equipment & Supplies – 0.3%
	1,006	Surgery Center Holdings Inc., Second Lien Term Loan		8.500%		7/24/21		CCC+		945,755
		Hotels, Restaurants & Leisure – 1.4%
	988	Amaya BV, First Lien Term Loan		5.000%		7/29/21		BB		924,993
	656	Amaya BV, Second Lien Term Loan		8.000%		7/29/22		B+		656,250
	1,891	Caesars Entertainment Corporation, Term Loan B5, (8)		10.000%		1/29/18		D		1,644,783
	1,955	Rock Ohio Caesar LLC, Term Loan B		5.000%		3/29/19		B+		1,818,150
	5,490	Total Hotels, Restaurants & Leisure								5,044,176
		Independent Power & Renewable Electricity Producers – 0.4%
	130	Empire Generating Company LLC, Term Loan C		5.250%		3/13/21		B+		107,608
	1,778	Empire Generating Company LLC		5.250%		3/13/21		B+		1,467,206
	1,908	Total Independent Power & Renewable Electricity Producers								1,574,814
		Oil, Gas & Consumable Fuels – 0.5%
	2,942	Arch Coal Inc., Term Loan B		6.250%		5/16/18		Caa1		1,358,120
	2,493	Fieldwood Energy LLC, Second Lien Term Loan		8.375%		9/30/20		B–		392,586
	2,000	Samson Investment Company Second Lien Term Loan, (8)		5.000%		9/25/18		N/R		100,000
	7,435	Total Oil, Gas & Consumable Fuels								1,850,706
		Professional Services – 0.8%
	2,000	Sedgwick Claims Management Service Inc., Second Lien Term Loan		6.750%		2/28/22		CCC+		1,847,500
	1,000	Sedgwick Claims Management Service Inc., Second Lien Term Loan		6.750%		2/28/22		CCC+		923,750
	3,000	Total Professional Services								2,771,250
		Software – 0.3%
	1,000	Deltek Incorporated, Second Lien Term Loan		9.500%		6/19/23		CCC+		997,500
$	29,787	Total Variable Rate Senior Loan Interests (cost $28,263,634)								22,488,599
Shares		Description (1)	Coupon				Ratings (5)		Value
		$25 PAR (OR SIMILAR) RETAIL PREFERRED – 6.1%
		Banks – 1.4%
	32,380	Bank of America Corporation		4.000%				BB+	$	695,522
	109,536	HSBC USA Inc.		1.068%				BBB+		2,418,555
	75,000	RBS Capital Funding Trust V		5.900%				BB–		1,840,500
		Total Banks								4,954,577

40 Nuveen Investments

Shares			Description (1)	Coupon				Ratings (5)		Value
			Capital Markets – 0.9%
	152,330		Morgan Stanley		4.000%				Ba1	$	3,166,941
			Food Products – 0.3%
	41,734		CHS Inc.		6.750%				N/R		1,118,889
			Household Durables – 0.1%
	63,610		Hovnanian Enterprises Incorporated		7.625%				Caa3		284,973
			Insurance – 0.4%
	60,000		AmTrust Financial Services Inc., (4)		7.250%				N/R		1,524,000
			Multi-Utilities – 0.4%
	27,000		Dominion Resources Inc.		6.375%				Baa3		1,298,160
			Real Estate Investment Trust – 2.6%
	50,960		Colony Financial Inc.		7.125%				N/R		1,116,534
	60,000		Colony Financial Inc.		7.500%				N/R		1,467,600
	52,558		Coresite Realty Corporation		7.250%				N/R		1,392,261
	30,000		General Growth Properties		6.375%				N/R		744,000
	70,000		Northstar Realty Finance Corporation		8.750%				N/R		1,648,500
	72,767		Northstar Realty Finance Corporation		8.500%				N/R		1,673,641
	47,400		Urstadt Biddle Properties, (15)		6.750%				N/R		1,243,302
			Total Real Estate Investment Trust								9,285,838
			Total $25 Par (or similar) Retail Preferred (cost $21,772,683)								21,633,378
Principal Amount (000) (9)			Description (1)	Coupon		Maturity		Ratings (5)		Value
			CORPORATE BONDS – 73.8%
			Aerospace & Defense – 1.5%
$	2,200		Bombardier Inc., 144A		6.000%		10/15/22		B	$	1,542,200
	1,500		StandardAero Aviation Holdings Inc., 144A		10.000%		7/15/23		CCC		1,488,750
	2,867		Triumph Group Inc.		4.875%		4/01/21		Ba3		2,309,727
			Total Aerospace & Defense								5,340,677
			Air Freight & Logistics – 0.5%
	1,900	EUR	XPO Logistics, Inc., 144A		5.750%		6/15/21		B2		1,925,046
			Airlines – 0.7%
	175		American Airlines Group Inc., 144A		4.625%		3/01/20		BB–		166,688
	3,000		VistaJet Malta Finance PLC, 144A, (4)		7.750%		6/01/20		B		2,250,000
			Total Airlines								2,416,688
			Auto Components – 2.1%
	1,475		Jac Holding Corporation, 144A, (4)		11.500%		10/01/19		B		1,382,813
	1,560		Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance Inc., 144A		7.875%		10/01/22		CCC+		1,396,200
	2,000		MPG Holdco I Inc., (4)		7.375%		10/15/22		B+		2,020,000

Nuveen Investments 41

Nuveen High Income Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000) (9)			Description (1)	Coupon		Maturity		Ratings (5)		Value
			Auto Components (continued)
$	2,950		Tupy S/A, 144A		6.625%		7/17/24		BB	$	2,573,875
			Total Auto Components								7,372,888
			Banks – 0.6%
	2,450		Popular Inc.		7.000%		7/01/19		BB–		2,290,750
			Building Products – 3.3%
	1,450		Associated Materials Inc.		9.125%		11/01/17		B–		1,000,500
	2,000		Builders FirstSource Inc., 144A		10.750%		8/15/23		B–		1,985,000
	2,000		Corporativo Javer S.A. de C.V, 144A		9.875%		4/06/21		B+		2,050,000
	2,750		NCI Building Systems, Inc., 144A		8.250%		1/15/23		B+		2,887,500
	3,000		NWH Escrow Corporation, 144A		7.500%		8/01/21		B		2,400,000
	1,000		Odebrecht Finance Limited, 144A		4.375%		4/25/25		BBB–		520,000
	1,800		Odebrecht Finance Limited, 144A		7.125%		6/26/42		BBB–		913,500
			Total Building Products								11,756,500
			Chemicals – 3.3%
	2,000		Chemours Co, 144A		6.625%		5/15/23		BB–		1,400,000
	2,000		Hexion Inc.		10.000%		4/15/20		B3		1,650,000
	1,500		Hexion US Finance Corporation		8.875%		2/01/18		CCC		1,057,500
	1,000		Kissner Milling Company Limited, 144A		7.250%		6/01/19		B		937,500
	400		Koppers Inc.		7.875%		12/01/19		BB–		395,000
	3,525		Momentive Performance Materials Inc., (3), (8)		8.875%		10/15/20		N/R		—
	3,525		Momentive Performance Materials Inc.		3.880%		10/24/21		B		2,432,250
	2,000		Platform Specialty Products Corporation, 144A		10.375%		5/01/21		B+		1,995,000
	125		PolyOne Corporation		5.250%		3/15/23		BB–		121,875
	2,950		Tronox Finance LLC		6.375%		8/15/20		B+		1,775,310
			Total Chemicals								11,764,435
			Commercial Services & Supplies – 0.6%
	2,420	CAD	GFL Environmental Corporation, 144A		7.500%		6/18/18		B		1,713,955
	1,160	EUR	Waste Italia SPA, 144A		10.500%		11/15/19		Caa2		479,672
			Total Commercial Services & Supplies								2,193,627
			Communications Equipment – 0.5%
	2,000		Broadview Networks Holdings Inc.		10.500%		11/15/17		N/R		1,895,000
			Construction & Engineering – 1.1%
	1,500		Boart Longyear Management Pty Ltd, 144A		7.000%		4/01/21		CCC+		600,000
	2,358		Michael Baker Holdings LLC Finance Corporation, 144A		8.875%		4/15/19		B–		1,650,797
	15,000	NOK	VV Holding AS, 144A		6.360%		7/10/19		N/R		1,626,866
			Total Construction & Engineering								3,877,663
			Construction Materials – 2.2%
	2,000		Cemex Finance LLC, 144A		9.375%		10/12/22		BB–		2,105,000

42 Nuveen Investments

Principal Amount (000) (9)			Description (1)	Coupon		Maturity		Ratings (5)		Value
			Construction Materials (continued)
$	2,500		Norbord Inc., 144A		5.375%		12/01/20		Ba2	$	2,500,000
	3,180		Reliance Intermediate Holdings LP, 144A		6.500%		4/01/23		BB–		3,307,200
			Total Construction Materials								7,912,200
			Consumer Finance – 1.4%
	2,350		Constellis Holdings LLC / Constellis Finance Corporation, 144A		9.750%		5/15/20		B		1,929,938
	1,945		Covenant Surgical Partners Inc., 144A		8.750%		8/01/19		B–		1,896,375
	1,500		Enova International, Inc.		9.750%		6/01/21		B		1,080,000
			Total Consumer Finance								4,906,313
			Containers & Packaging – 2.1%
	3,219		Ardagh Finance Holdings SA, 144A		8.625%		6/15/19		CCC+		3,173,049
	882		Ardagh Packaging Finance / MP HD USA, 144A		7.000%		11/15/20		Caa1		866,912
	1,750		Coveris Holdings SA, 144A		7.875%		11/01/19		B–		1,526,875
	2,000		PaperWorks Industries Inc., 144A		9.500%		8/15/19		B–		1,830,000
			Total Containers & Packaging								7,396,836
			Diversified Consumer Services – 0.9%
	2,180		Gibson Brands Inc., 144A		8.875%		8/01/18		B–		1,264,400
	3,185		Jones Group Inc.		6.125%		11/15/34		CCC–		445,900
	1,000	GBP	Twinkle Pizza Holdings PLC, 144A		8.625%		8/01/22		CCC+		1,530,495
			Total Diversified Consumer Services								3,240,795
			Diversified Financial Services – 1.6%
	1,750		CNG Holdings Inc., 144A		9.375%		5/15/20		B–		735,000
	2,180		James Hardie International Finance Limited, 144A		5.875%		2/15/23		BBB–		2,223,600
	1,500		Nationstar Mortgage LLC Capital Corporation		7.875%		10/01/20		B+		1,435,500
	1,500		NewStar Financial, Inc.		7.250%		5/01/20		BB–		1,455,000
			Total Diversified Financial Services								5,849,100
			Diversified Telecommunication Services – 2.8%
	1,225		CenturyLink Inc.		7.650%		3/15/42		BB+		937,125
	1,950		Consolidated Communications Finance Company		6.500%		10/01/22		B–		1,638,000
	1,000		Frontier Communications Corporation, 144A		11.000%		9/15/25		BB		990,000
	1,000		IntelSat Jackson Holdings		7.250%		4/01/19		B+		917,500
	1,500		IntelSat Jackson Holdings		6.625%		12/15/22		CCC+		956,250
	2,800		Neptune Finco Corporation, 144A		10.875%		10/15/25		B2		2,933,000
	2,000		Windstream Corporation		7.750%		10/01/21		BB		1,573,750
			Total Diversified Telecommunication Services								9,945,625
			Electric Utilities – 1.5%
	1,587		Energy Future Intermediate Holding Company LLC, 144A, (8)		11.750%		3/01/22		N/R		1,689,998
	2,435		Intergen NV, 144A, (4)		7.000%		6/30/23		B+		1,929,738
	2,000		PPL Energy Supply LLC, 144A		6.500%		6/01/25		Ba3		1,320,000

Nuveen Investments 43

Nuveen High Income Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000) (9)			Description (1)	Coupon		Maturity		Ratings (5)		Value
			Electric Utilities (continued)
$	1,000		Texas Competitive Electric Holdings, 144A, (8)		11.500%		10/01/20		N/R	$	332,500
			Total Electric Utilities								5,272,236
			Energy Equipment & Services – 1.0%
	1,950		Basic Energy Services, Inc.		7.750%		2/15/19		B–		643,500
	700		Calfrac Holdings LP, 144A		7.500%		12/01/20		B		278,250
	750		McDermott International Inc., 144A		8.000%		5/01/21		BB–		596,250
	1,000		Murray Energy Corporation, 144A		11.250%		4/15/21		CCC+		182,500
	1,670		Pacific Drilling V Limited, 144A		7.250%		12/01/17		B		860,050
	1,000		SAExploration Holdings Inc.		10.000%		7/15/19		B–		590,000
	1,500		Seventy Seven Energy Inc.		6.625%		11/15/19		CCC+		525,000
			Total Energy Equipment & Services								3,675,550
			Food & Staples Retailing – 2.0%
	2,500		Kehe Distributors LLC Finance, 144A		7.625%		8/15/21		B–		2,543,750
	2,750		Supervalu Inc., (4)		7.750%		11/15/22		B		2,516,250
	2,000		Tops Holding LLC / Tops Markets II Corporation, 144A, (4)		8.000%		6/15/22		B		1,970,000
			Total Food & Staples Retailing								7,030,000
			Food Products – 1.6%
	2,050		JBS Investments GmbH, 144A		7.250%		4/03/24		BB+		1,860,375
	2,200		Marfrig Holding Europe BV, 144A		8.375%		5/09/18		B+		2,112,000
	2,000		Southern States Cooperative Inc., 144A		10.000%		8/15/21		B–		1,730,000
			Total Food Products								5,702,375
			Gas Utilities – 0.5%
	2,000		Ferrellgas LP		6.750%		1/15/22		B+		1,685,000
			Health Care Equipment & Supplies – 1.1%
	2,375		GreatBatch Limited, 144A		9.125%		11/01/23		B–		2,351,250
	1,800		Tenet Healthcare Corporation		6.875%		11/15/31		B3		1,458,000
			Total Health Care Equipment & Supplies								3,809,250
			Health Care Providers & Services – 1.9%
	2,000		Community Health Systems, Inc., (4)		6.875%		2/01/22		B+		1,897,500
	2,000		Kindred Healthcare Inc.		8.750%		1/15/23		B2		1,840,000
	2,000		Opal Acquisition Inc., 144A		8.875%		12/15/21		CCC		1,660,000
	1,750		Select Medical Corporation		6.375%		6/01/21		B–		1,531,250
			Total Health Care Providers & Services								6,928,750
			Hotels, Restaurants & Leisure – 2.7%
	1,500		Caesars Entertainment Resort Properties LLC, (4)		8.000%		10/01/20		B+		1,425,000
	2,000		Caesars Growth Properties Holdings LLC / Caesars Growth Properties Finance Inc., (4)		9.375%		5/01/22		B–		1,640,000
	1,600	CAD	River Cree Enterprises LP, 144A		11.000%		1/20/21		B–		1,150,538

44 Nuveen Investments

Principal Amount (000) (9)			Description (1)	Coupon		Maturity		Ratings (5)		Value
			Hotels, Restaurants & Leisure (continued)
$	2,500		Roc Finance LLC and Roc Finance 1 Corporation, 144A		12.125%		9/01/18		B–	$	2,612,500
	3,285		Scientific Games International Inc.		6.250%		9/01/20		B–		1,543,950
	1,600		Wynn Macau Limited, 144A, (4)		5.250%		10/15/21		Ba2		1,408,000
			Total Hotels, Restaurants & Leisure								9,779,988
			Household Durables – 1.6%
	2,000		K. Hovnanian Enterprises Inc.		5.000%		11/01/21		B1		1,340,000
	2,500		KB Home		7.625%		5/15/23		B+		2,468,750
	1,850		RSI Home Products Incorporated, 144A		6.500%		3/15/23		B+		1,905,500
			Total Household Durables								5,714,250
			Independent Power & Renewable Electricity Producers – 1.3%
	2,000		Dynegy Inc., (4)		6.750%		11/01/19		B+		1,880,000
	1,300		GenOn Energy Inc.		9.875%		10/15/20		B–		962,000
	2,300		NRG Energy Inc.		6.625%		3/15/23		BB–		1,995,250
			Total Independent Power & Renewable Electricity Producers								4,837,250
			Industrial Conglomerates – 0.5%
	2,500		Techniplas, LLC, 144A		10.000%		5/01/20		B		1,775,000
			Insurance – 0.5%
	2,570		Genworth Holdings Inc.		4.800%		2/15/24		Ba1		1,734,750
			Internet Software & Services – 0.1%
	500		Ensemble S Merger Sub Inc., 144A		9.000%		9/30/23		CCC+		483,125
			Leisure Products – 0.4%
	2,000	CAD	Gateway Casinos & Entertainment Limited, 144A		8.500%		11/26/20		B+		1,387,584
			Machinery – 0.6%
	2,230		CTP Transportation Products LLC-Finance Inc., 144A		8.250%		12/15/19		B		2,324,775
			Marine – 2.8%
	3,000		Eletson Holdings Inc., 144A		9.625%		1/15/22		B+		2,670,000
	1,750		Global Ship Lease Inc., 144A		10.000%		4/01/19		B		1,583,750
	2,900		Navios Maritime Acquisition Corporation, 144A		8.125%		11/15/21		BB–		2,530,250
	1,786		Navios South American Logisitics Inc., Finance US Inc., 144A		7.250%		5/01/22		B		1,169,830
	2,200		Topaz Marine SA, 144A		8.625%		11/01/18		B–		2,001,340
			Total Marine								9,955,170
			Media – 4.0%
	1,850		Charter Communications, CCO Holdings LLC, (4)		5.125%		2/15/23		BB–		1,852,313
	2,650		Clear Channel Communications, Inc.		9.000%		12/15/19		CCC+		1,961,000
	1,000		Clear Channel Communications, Inc.		11.250%		3/01/21		CCC+		700,000
	750		Lee Enterprises Inc., 144A		9.500%		3/15/22		B2		690,000
	1,500		McClatchy Company		9.000%		12/15/22		B1		1,335,000

Nuveen Investments 45

Nuveen High Income Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000) (9)			Description (1)	Coupon		Maturity		Ratings (5)		Value
			Media (continued)
$	1,000		Midcontinent Communications Finance Company, 144A		6.250%		8/01/21		B	$	1,010,000
	2,500		Radio One Inc., 144A		9.250%		2/15/20		CCC		1,975,000
	2,500		SiTV Inc., 144A		10.375%		7/01/19		B–		2,000,000
	180		Tribune Media Company, 144A, (4)		5.875%		7/15/22		BB–		180,000
	3,150	CAD	Videotron Limited, 144A		5.625%		6/15/25		BB		2,288,024
	500		VTR Finance BV, 144A		6.875%		1/15/24		B+		460,000
			Total Media								14,451,337
			Metals & Mining – 3.5%
	2,000		AK Steel Corporation		7.625%		10/01/21		CCC+		800,000
	1,300		Anglogold Holdings PLC		5.125%		8/01/22		Baa3		1,033,500
	2,790		Century Aluminum Company, 144A, (4)		7.500%		6/01/21		BB–		1,869,300
	2,000		Cliffs Natural Resources Inc.		4.200%		1/15/18		B		530,000
	283		Coeur d’Alene Mines Corporation		7.875%		2/01/21		B		169,093
	2,000	EUR	Constellium N.V, 144A		4.625%		5/15/21		B		1,666,840
	2,349		First Quantum Minerals Limited, 144A		6.750%		2/15/20		BB–		1,515,105
	135		Hudbay Minerals, Inc.		9.500%		10/01/20		B		98,888
	700		Lundin Mining Corporation, 144A		7.500%		11/01/20		Ba2		656,250
	3,504		Northland Resources AB, 144A, Reg S		15.000%		7/15/19		N/R		35,044
	1,583		Northland Resources AB, 144A, Reg S, (8)		4.000%		10/15/20		N/R		3,166
	2,000		Novellis Inc.		8.750%		12/15/20		B		1,835,000
	2,000		Teck Resources Limited		4.750%		1/15/22		BB+		970,000
	2,000		Westmoreland Coal Co, 144A		8.750%		1/01/22		B		1,230,000
			Total Metals & Mining								12,412,186
			Multiline Retail – 0.6%
	3,048		J.C. Penney Company Inc., (4)		7.400%		4/01/37		B–		2,011,680
			Oil, Gas & Consumable Fuels – 8.9%
	3,000		American Eagle Energy Corporation, 144A, (8)		11.000%		9/01/19		N/R		210,000
	1,900		Armstrong Energy Inc.		11.750%		12/15/19		B–		779,000
	3,000		Atlas Energy Holdings Operating Company		9.250%		8/15/21		CCC		615,000
	2,600	CAD	Baytex Energy Corporation		6.625%		7/19/22		BB		1,434,557
	2,750		Bellatrix Exploration Limited, 144A		8.500%		5/15/20		B3		1,952,500
	2,000		Calumet Specialty Products		7.625%		1/15/22		B+		1,700,000
	2,000		CGG SA		6.875%		1/15/22		CCC+		820,000
	1,034		Chesapeake Energy Corporation, 144A		8.000%		12/15/22		BB–		506,660
	1,350		Cloud Peak Energy Resources LLC and Cloud Peak Energy Finance Corporation		8.500%		12/15/19		BB–		675,000
	785		Continental Resources Inc.		7.375%		10/01/20		BBB–		722,200
	2,275		Crestwood Midstream Partners LP		6.125%		3/01/22		BB		1,581,125

46 Nuveen Investments

Principal Amount (000) (9)			Description (1)	Coupon		Maturity		Ratings (5)		Value
			Oil, Gas & Consumable Fuels (continued)
$	800		Denbury Resources Inc.		5.500%		5/01/22		B1	$	265,584
	1,200		EnQuest PLC, 144A		7.000%		4/15/22		B–		418,500
	2,210		EV Energy Partners LP / EV Energy Finance Corporation		8.000%		4/15/19		B–		1,105,000
	1,300		Genesis Energy LP		5.750%		2/15/21		B+		1,098,500
	2,000		Global Partners LP/GLP Finance		7.000%		6/15/23		B+		1,640,000
	3,000		Golden Close Maritime Corporation Limited, 144A, Reg S		9.000%		10/24/19		N/R		1,500,000
	390		Halcon Resources Corporation, 144A, (4)		12.000%		2/15/22		CCC+		257,400
	1,648		Key Energy Services Inc.		6.750%		3/01/21		CCC+		414,060
	2,000		Martin Mid-Stream Partners LP Finance		7.250%		2/15/21		B–		1,760,000
	3,265		MEG Energy Corporation, 144A		6.375%		1/30/23		BB–		2,236,525
	1,950		Memorial Production Partners LP Finance Corporation		7.625%		5/01/21		CCC+		585,000
	2,921		Metro Exploration Holding Inc., (8)		11.500%		2/14/16		N/R		116,844
	1,725		Oasis Petroleum Inc.		6.875%		3/15/22		B+		1,104,000
	1,250	CAD	Paramount Resources Limited, 144A		7.625%		12/04/19		BB–		729,999
	2,500		Peabody Energy Corporation		6.500%		9/15/20		B–		343,750
	750		Penn Virginia Corporation		8.500%		5/01/20		CC		118,125
	352		Sabine Pass LNG LP		7.500%		11/30/16		BB+		350,240
	1,500		Sandridge Energy Inc., 144A		8.750%		6/01/20		B		455,625
	1,500		Seven Generations Energy Limited, 144A		6.750%		5/01/23		B2		1,260,000
	1,100		Summit Midstream Holdings LLC Finance		7.500%		7/01/21		B		935,000
	2,030		Talos Production LLC, 144A		9.750%		2/15/18		B–		872,900
	1,750		Teekay Corporation, 144A		8.500%		1/15/20		B+		1,181,250
	1,620		Vanguard Natural Resources Finance		7.875%		4/01/20		B		429,300
	2,000		WPX Energy Inc.		7.500%		8/01/20		Ba1		1,620,000
			Total Oil, Gas & Consumable Fuels								31,793,644
			Paper & Forest Products – 1.9%
	1,000		Mercer International Inc.		7.750%		12/01/22		B+		1,010,000
	4,550		Millar Western Forest Products Ltd		8.500%		4/01/21		B–		2,366,000
	2,675		Resolute Forest Products		5.875%		5/15/23		BB–		1,946,063
	1,500		Tembec Industries, Inc., 144A		9.000%		12/15/19		B–		975,000
	1,950		Verso Paper Holdings LLC, (8)		11.750%		1/15/19		Caa2		341,250
			Total Paper & Forest Products								6,638,313
			Pharmaceuticals – 0.8%
	2,900		VP Escrow Corporation, 144A		6.375%		10/15/20		B1		2,798,500
			Professional Services – 0.7%
	2,625		CEB Inc., 144A		5.625%		6/15/23		BB–		2,605,313
			Real Estate Management & Development – 1.0%
	3,000		Hunt Companies Inc., 144A		9.625%		3/01/21		N/R		2,715,000

Nuveen Investments 47

Nuveen High Income Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000) (9)		Description (1)	Coupon		Maturity		Ratings (5)		Value
		Real Estate Management & Development (continued)
$	945	Mattamy Group Corporation, 144A, (4)		6.500%		11/15/20		BB	$	897,750
		Total Real Estate Management & Development								3,612,750
		Road & Rail – 0.4%
	2,231	JCH Parent Inc., 144A		10.500%		3/15/19		CCC–		1,361,110
		Semiconductors & Semiconductor Equipment – 0.4%
	2,200	Advanced Micro Devices, Inc.		7.000%		7/01/24		B–		1,430,000
		Software – 0.5%
	2,000	BCP Singapore VI Cayman Financing Company Limited, 144A		8.000%		4/15/21		BB–		1,587,500
	180	SS&C Technologies Holdings, Inc., 144A		5.875%		7/15/23		B+		185,850
		Total Software								1,773,350
		Specialty Retail – 1.6%
	1,500	L Brands, Inc., 144A, (4)		6.875%		11/01/35		BB+		1,541,250
	2,852	Sally Holdings Inc.		5.750%		6/01/22		BB+		2,950,784
	1,500	The Men’s Warehouse Inc.		7.000%		7/01/22		B2		1,065,000
		Total Specialty Retail								5,557,034
		Trading Companies & Distributors – 0.5%
	2,000	Avation Capital SA, 144A		7.500%		5/27/20		B+		1,860,000
		Transportation Infrastructure – 0.9%
	3,000	Navigator Holdings Limited, 144A, Reg S		9.000%		12/18/17		N/R		3,060,900
		Utilities – 0.0%
	121	Midwest Generation LLC		8.560%		1/02/16		N/R		120,354
		Wireless Telecommunication Services – 2.8%
	1,900	Colombia Telecommunicaciones S.A. ESP, 144A		8.500%		9/30/65		B+		1,629,250
	2,250	Digicel Group, Limited, 144A		8.250%		9/30/20		B–		1,856,250
	2,256	FairPoint Communications Inc., 144A		8.750%		8/15/19		B		2,221,175
	3,050	Sprint Corporation		7.250%		9/15/21		B+		2,272,250
	2,000	T-Mobile USA Inc.		6.625%		4/01/23		BB		2,040,000
	11,456	Total Wireless Telecommunication Services								10,018,925
		Total Corporate Bonds (cost $340,399,127)								263,684,592
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (5)		Value
		CONVERTIBLE BONDS – 0.5%
		Metals & Mining – 0.0%
$	1,500	Great Western Mineral Group, Reg S, (8)		8.000%		4/06/17		N/R	$	15,000
		Independent Power & Renewable Electricity Producers – 0.2%
	1,000	NRG Yield Inc, 144A		3.250%		6/01/20		N/R		839,375

48 Nuveen Investments

Principal Amount (000)			Description (1)	Coupon		Maturity		Ratings (5)		Value
			Oil, Gas & Consumable Fuels – 0.3%
$	1,465		Alpha Natural Resources Inc., (8)		4.875%		12/15/20		D	$	1,831
	1,300		DCP Midstream LLC, 144A		5.850%		5/21/43		BB–		994,500
	2,765		Total Oil, Gas & Consumable Fuels								996,331
$	5,265		Total Convertible Bonds (cost $4,681,020)								1,850,706
Principal Amount (000) (9)			Description (1)	Coupon		Maturity		Ratings (5)		Value
			$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 3.2%
			Banks – 2.2%
$	1,903		Lloyd’s Banking Group PLC, (4)		7.500%		N/A (10)		BB+	$	2,026,695
	2,000		Societe Generale, 144A, (4)		7.875%		N/A (10)		BB+		1,992,600
	2,000		SunTrust Capital Trust I, Series A		4.000%		N/A (10)		Baa3		1,510,000
	2,600		UniCredit SpA, Reg S		8.000%		N/A (10)		BB–		2,455,632
			Total Banks								7,984,927
			Capital Markets – 0.6%
	2,840		Goldman Sachs Capital II		4.000%		N/A (10)		Ba1		2,002,200
			Diversified Financial Services – 0.3%
	1,200		Banco BTG Pactual SA/Luxembourg, 144A		8.750%		N/A (10)		B2		840,000
			Industrial Conglomerates – 0.0%
	2,000		OAS Financial Limited, 144A		8.875%		N/A (10)		N/R		100,000
			Oil, Gas & Consumable Fuels – 0.1%
	400	EUR	Repsol International Finance BV, Reg S		3.875%		N/A (10)		Ba1		373,249
			Total $1,000 Par (or similar) Institutional Preferred (cost $13,603,097)								11,300,376
Principal Amount (000)			Description (1)	Coupon		Maturity		Ratings (5)		Value
			ASSET-BACKED SECURITIES – 0.0%
$	1		Green Tree Financial Corporation, Manufactured Housing Contract Pass-Through Certificates, Series 1998-1		6.040%		11/01/29		AA	$	1,020
$	1		Total Asset-Backed Securities (cost $1,003)								1,020
Shares			Description (1), (11)							Value
			INVESTMENT COMPANIES – 2.8%
	10,000		Adams Natural Resources Fund Inc.							$	177,400
	134,000		Blackrock Credit Allocation Income Trust IV								1,653,560
	159,500		First Trust Strategic High Income Fund II								1,775,235
	18,500		Gabelli Global Gold Natural Resources and Income Trust								87,875
	169,500		Invesco Dynamic Credit Opportunities Fund								1,788,225
	178,500		Pimco Income Strategy Fund								1,738,590

Nuveen Investments 49

Nuveen High Income Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Shares		Description (1), (11)			Value
		INVESTMENT COMPANIES (continued)
	122,500	Pioneer Floating Rate Trust			$	1,329,125
	120,309	Western Asset Emerging Markets Income Fund				1,170,607
	34,351	WhiteHorse Finance Incorporated				394,349
		Total Investment Companies (cost $11,776,054)				10,114,966
Shares		Description (1)			Value
		WARRANTS – 0.0%
	336,891	Iona Energy Inc., (3)			$	1,035
	6,707	FairPoint Communications Inc.				67
		Total Warrants (cost $0)				1,102
		Total Long-Term Investments (cost $428,822,528)				336,255,249
Shares		Description (1)	Coupon		Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 5.6%
		Money Market Funds – 5.6%
	20,019,220	Mount Vernon Securities Lending Trust Prime Portfolio, (13)		0.473% (12)	$	20,019,220
		Total Investments Purchased with Collateral from Securities Lending (cost $20,019,220)				20,019,220
Shares		Description (1)	Coupon		Value
		SHORT-TERM INVESTMENTS – 4.4%
		Money Market Funds – 4.4%
	15,854,091	First American Treasury Obligations Fund, Class Z		0.108% (12)	$	15,854,091
		Total Short-Term Investments (cost $15,854,091)				15,854,091
		Total Investments (cost $464,695,839) – 104.2%				372,128,560
		Other Assets Less Liabilities – (4.2)% (14)				(14,857,919	)
		Net Assets – 100%			$	357,270,641

50 Nuveen Investments

Investments in Derivatives as of December 31, 2015 Forward Foreign Currency Exchange Contracts outstanding:
Counterparty	Currency Contracts to Deliver	Amount (Local Currency)		In Exchange For Currency	Amount (Local Currency)		Settlement Date		Unrealized Appreciation (Depreciation) (U.S. Dollars)
Bank of America, N.A.	Pound Sterling		2,290,000	U.S. Dollar		3,489,617		1/22/16	$	113,499
Bank of America, N.A.	U.S. Dollar		1,962,362	Pound Sterling		1,300,000		1/22/16		(45,788	)
Citigroup Global Markets, Inc.	Euro		7,811,900	U.S. Dollar		8,601,527		1/29/16		105,698
Citigroup Global Markets, Inc.	U.S. Dollar		214,721	Euro		197,000		1/29/16		(473	)
Citigroup Global Markets, Inc.	U.S. Dollar		1,019,621	Euro		923,000		1/29/16		(15,812	)
Citigroup Global Markets, Inc.	U.S. Dollar		1,179,194	Euro		1,080,000		1/29/16		(4,640	)
Citigroup Global Markets, Inc.	U.S. Dollar		1,628,472	Euro		1,500,000		1/29/16		2,852
Goldman Sachs Bank USA	Canadian Dollar		14,525,000	U.S. Dollar		10,743,343		1/29/16		245,469
Goldman Sachs Bank USA	Norwegian Krone		28,316,000	U.S. Dollar		3,244,970		1/22/16		46,730
Goldman Sachs Bank USA	Swedish Krona		15,525,000	U.S. Dollar		1,788,247		1/22/16		(52,125	)
Goldman Sachs Bank USA	U.S. Dollar		179,332	Norwegian Krone		1,580,000		1/22/16		(874	)
Goldman Sachs Bank USA	U.S. Dollar		299,170	Canadian Dollar		417,000		1/29/16		2,214
Goldman Sachs Bank USA	U.S. Dollar		432,420	Canadian Dollar		600,000		1/29/16		1,227
Goldman Sachs Bank USA	U.S. Dollar		438,673	Swedish Krona		3,725,000		1/22/16		2,898
Goldman Sachs Bank USA	U.S. Dollar		1,020,262	Canadian Dollar		1,386,000		1/29/16		(18,537	)
Goldman Sachs Bank USA	U.S. Dollar		1,401,205	Norwegian Krone		12,190,000		1/22/16		(24,367	)
Goldman Sachs Bank USA	U.S. Dollar		1,401,552	Swedish Krona		11,800,000		1/22/16		(2,750	)
									$	355,221

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts			Contract Expiration		Notional Amount at Value			Variation Margin Receivable/ (Payable)			Unrealized Appreciation (Depreciation)
U.S. Treasury 5-Year Note		Short		(99	)		3/16	$	(11,713,711	)	$	(13,922	)	$	37,660
U.S. Treasury 10-Year Note		Long		146			3/16		18,382,313			43,343			(10,618	)
								$	6,668,602		$	29,421		$	27,042

Nuveen Investments 51

Nuveen High Income Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

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.

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

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

(3) Investment valued at fair value using methods determined in good faith by, or at discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

(4) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $19,237,593.

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

(6) Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

(7) Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period.

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

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

(10) Perpetual security. Maturity date is not applicable.

(11) A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission (SEC) on its website at http://www.sec.gov.

(12) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

(13) 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 and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

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

(15) For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

Reg S Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

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

CAD Canadian Dollar

EUR Euro

GBP Pound Sterling

NOK Norwegian Krone

See accompanying notes to financial statements.

52 Nuveen Investments

Nuveen Strategic Income Fund

Portfolio of Investments December 31, 2015 (Unaudited)

Shares		Description (1)							Value
		LONG-TERM INVESTMENTS – 97.7%
		COMMON STOCKS – 0.0%
		Building Products – 0.0%
	50	Dayton Superior, Class A, (2), (3)							$	2,839
	55	Dayton Superior, Class 1, (2), (3)								3,154
		Total Building Products								5,993
		Total Common Stocks (cost $20,079)								5,993
Shares		Description (1)	Coupon				Ratings (4)		Value
		CONVERTIBLE PREFERRED SECURITIES – 0.1%
		Electric Utilities – 0.1%
	15,000	Exelon Corporation		6.500%				BBB–	$	607,050
		Independent Power & Renewable Electricity Producers – 0.0%
	7,500	Dynegy Inc., (5)		5.375%				N/R		375,975
		Total Convertible Preferred Securities (cost $1,488,400)								983,025
Principal Amount (000)		Description (1)	Coupon (7)		Maturity (6)		Ratings (4)		Value
		VARIABLE RATE SENIOR LOAN INTERESTS – 1.3% (7)
		Auto Components – 0.3%
$	988	Cooper-Standard Automotive Inc., Term Loan B		4.000%		3/28/21		BB–	$	974,744
	1,979	Crowne Group LLC, First Lien Term Loan B		6.000%		9/29/20		B		1,930,500
	2,967	Total Auto Components								2,905,244
		Diversified Financial Services – 0.1%
	998	Jill Acquisition LLC, First Lien Term Loan B		6.000%		5/08/22		B		977,550
		Health Care Equipment & Supplies – 0.1%
	993	Surgery Center Holdings Inc., First Lien Term Loan		5.250%		7/24/20		B		987,124
		Hotels, Restaurants & Leisure – 0.4%
	1,980	Amaya BV, First Lien Term Loan		5.000%		7/29/21		BB		1,854,636
	1,496	Life Time Fitness, First Lien Term Loan B		4.250%		6/03/22		BB–		1,458,832
	980	Rock Ohio Caesar LLC, Term Loan B		5.000%		3/29/19		B+		911,400
	4,456	Total Hotels, Restaurants & Leisure								4,224,868
		Independent Power & Renewable Electricity Producers – 0.1%
	65	Empire Generating Company LLC, Term Loan C		5.250%		3/13/21		B+		53,804
	889	Empire Generating Company LLC		5.250%		3/13/21		B+		733,603
	954	Total Independent Power & Renewable Electricity Producers								787,407
		Oil, Gas & Consumable Fuels – 0.1%
	980	Arch Coal Inc., Term Loan B		6.250%		5/16/18		Caa1		452,338

Nuveen Investments 53

Nuveen Strategic Income Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon (7)		Maturity (6)		Ratings (4)		Value
		Oil, Gas & Consumable Fuels (continued)
$	2,000	Samson Investment Company Second Lien Term Loan, (8)		5.000%		9/25/18		N/R	$	100,000
	2,980	Total Oil, Gas & Consumable Fuels								552,338
		Professional Services – 0.2%
	1,000	Sedgwick Claims Management Service Inc., Second Lien Term Loan		6.750%		2/28/22		CCC+		923,750
	1,000	Sedgwick Claims Management Service Inc., Second Lien Term Loan		6.750%		2/28/22		CCC+		923,750
	2,000	Total Professional Services								1,847,500
$	15,348	Total Variable Rate Senior Loan Interests (cost $15,233,535)								12,282,031
Shares		Description (1)	Coupon				Ratings (4)		Value
		$25 PAR (OR SIMILAR) RETAIL PREFERRED – 0.5%
		Banks – 0.5%
	20,600	AgriBank FCB, (15)		6.875%				BBB+	$	2,177,807
	20,000	Cobank Agricultural Credit Bank, (15)		6.200%				BBB+		2,018,750
		Total Banks								4,196,557
		Multi-Utilities – 0.0%
	5,000	Dominion Resources Inc.		6.375%				Baa3		240,400
		Total $25 Par (or similar) Retail Preferred (cost $4,315,000)								4,436,957
Principal Amount (000) (9)		Description (1)	Coupon		Maturity		Ratings (4)		Value
		CORPORATE BONDS – 73.4%
		Aerospace & Defense – 1.1%
$	2,785	BAE Systems Holdings, 144A		3.850%		12/15/25		BBB+	$	2,758,743
	1,000	Bombardier Inc., 144A		7.500%		3/15/18		B		975,000
	2,140	Exelis, Inc.		5.550%		10/01/21		BBB–		2,346,812
	3,000	Martin Marietta Materials		4.250%		7/02/24		BBB		2,945,781
	1,500	Triumph Group Inc., (5)		4.875%		4/01/21		Ba3		1,208,438
		Total Aerospace & Defense								10,234,774
		Air Freight & Logistics – 0.1%
	1,200	XPO Logistics, Inc., 144A, (5)		6.500%		6/15/22		B2		1,110,000
		Airlines – 0.7%
	2,000	American Airlines Group Inc., 144A		4.625%		3/01/20		BB–		1,905,000
	2,851	Northwest Airlines Trust Pass Through Certificates 2007-1		7.027%		11/01/19		A		3,176,803
	1,500	VistaJet Malta Finance PLC, 144A, (5)		7.750%		6/01/20		B		1,125,000
		Total Airlines								6,206,803
		Asset-Backed Securities – 0.2%
	1,716	American Airlines Inc., Pass Through Trust 2013-2B, 144A		5.600%		7/15/20		BBB–		1,750,181

54 Nuveen Investments

Principal Amount (000) (9)		Description (1)	Coupon		Maturity		Ratings (4)		Value
		Auto Components – 0.7%
$	1,575	American & Axle Manufacturing Inc., (5)		6.625%		10/15/22		BB–	$	1,649,813
	1,000	Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance Inc., 144A		7.875%		10/01/22		CCC+		895,000
	1,400	MPG Holdco I Inc., (5)		7.375%		10/15/22		B+		1,414,000
	1,580	Tenneco Inc.		5.375%		12/15/24		BB+		1,603,700
	1,500	Tupy S/A, 144A		6.625%		7/17/24		BB		1,308,750
		Total Auto Components								6,871,263
		Automobiles – 0.7%
	3,000	General Motors Corporation		4.000%		4/01/25		BBB–		2,842,089
	3,240	General Motors Financial Company Inc., (5)		4.250%		5/15/23		BBB–		3,205,144
		Total Automobiles								6,047,233
		Banks – 8.9%
	2,000	Bancolombia SA		5.950%		6/03/21		BBB+		2,062,500
	15,750	Bank of America Corporation, (5)		4.000%		4/01/24		A		16,116,125
	4,210	Bank of America Corporation		4.200%		8/26/24		A–		4,216,113
	4,025	Bank of America Corporation		4.250%		10/22/26		A–		3,984,492
	2,700	Barclays Bank PLC		3.650%		3/16/25		A		2,594,768
	1,760	CIT Group Inc.		5.000%		8/01/23		BB+		1,786,400
	5,710	Citigroup Inc.		3.750%		6/16/24		A		5,815,441
	4,665	Citigroup Inc.		3.300%		4/27/25		A		4,581,902
	6,000	Citigroup Inc.		4.300%		11/20/26		A–		5,974,206
	2,545	General Electric Capital Corporation		6.875%		1/10/39		AA+		3,468,830
	2,360	HSBC Holdings PLC		6.800%		6/01/38		A+		2,937,457
	3,605	JPMorgan Chase & Company		3.375%		5/01/23		A		3,545,052
	3,000	JPMorgan Chase & Company		3.875%		9/10/24		A		2,985,756
	2,280	JPMorgan Chase & Company		6.400%		5/15/38		A+		2,904,294
	1,000	Popular Inc.		7.000%		7/01/19		BB–		935,000
	1,220	Royal Bank of Scotland Group PLC		6.100%		6/10/23		BBB		1,311,406
	3,335	Santander UK PLC, 144A		5.000%		11/07/23		A–		3,471,572
	2,485	Societe Generale, 144A		5.000%		1/17/24		A–		2,534,208
	1,960	Standard Chartered PLC, 144A		5.700%		3/26/44		A2		1,961,582
	1,500	State Bank of India London, 144A		3.622%		4/17/19		BBB–		1,528,749
	2,000	State Bank of India London, 144A		4.875%		4/17/24		BBB–		2,137,570
	4,500	Wells Fargo & Company		4.100%		6/03/26		A+		4,542,732
		Total Banks								81,396,155
		Beverages – 0.5%
	1,250	Andalou Efes Biracilik ve Malt Sanayii AS, 144A		3.375%		11/01/22		BBB–		1,048,490
	1,350	Constellation Brands Inc.		4.250%		5/01/23		BB+		1,350,000
	2,000	DS Services of America, Inc., 144A		10.000%		9/01/21		BB–		2,270,000
		Total Beverages								4,668,490

Nuveen Investments 55

Nuveen Strategic Income Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000) (9)			Description (1)	Coupon		Maturity		Ratings (4)		Value
			Building Products – 1.1%
$	1,500		Builders FirstSource Inc., 144A		7.625%		6/01/21		BB–	$	1,578,750
	1,500		Hardwoods Acquisition Inc., 144A		7.500%		8/01/21		B		1,237,500
	1,875		Masco Corporation		5.950%		3/15/22		BBB		2,025,000
	2,000		NCI Building Systems, Inc., 144A		8.250%		1/15/23		B+		2,100,000
	2,740		Owens Corning Incorporated		4.200%		12/15/22		BBB–		2,743,326
			Total Building Products								9,684,576
			Capital Markets – 4.7%
	900		Goldman Sachs Group, Inc.		5.750%		1/24/22		A		1,023,586
	14,800		Goldman Sachs Group, Inc.		4.000%		3/03/24		A		15,198,253
	1,920		Goldman Sachs Group, Inc.		4.250%		10/21/25		A–		1,906,518
	14,815		Morgan Stanley		4.000%		7/23/25		A		15,268,843
	10,500		Morgan Stanley		3.950%		4/23/27		A–		10,195,448
			Total Capital Markets								43,592,648
			Chemicals – 2.3%
	3,000		Agrium Inc.		3.375%		3/15/25		BBB		2,738,646
	2,125		Braskem Finance Limited, 144A		5.750%		4/15/21		BBB–		1,848,750
	2,500		Chemours Co, 144A		6.625%		5/15/23		BB–		1,750,000
	1,450		Hexion Inc.		6.625%		4/15/20		B3		1,134,625
	1,600		Huntsman International LLC, (5)		4.875%		11/15/20		B1		1,460,000
	964		Ineos Group Holdings SA, 144A, (5)		6.125%		8/15/18		B–		954,360
	2,000		Momentive Performance Materials Inc., (3), (8)		8.875%		10/15/20		N/R		—
	2,000		Momentive Performance Materials Inc.		3.880%		10/24/21		B		1,380,000
	2,000		NOVA Chemicals Corporation, 144A, (5)		5.250%		8/01/23		BBB–		1,980,000
	1,350		NOVA Chemicals Corporation, 144A, (5)		5.000%		5/01/25		BBB–		1,312,875
	1,600		Office Cherifien Des Phosphates SA, 144A		5.625%		4/25/24		BBB–		1,623,600
	1,800		Platform Specialty Products Corporation, 144A		6.500%		2/01/22		B+		1,557,000
	1,605		PolyOne Corporation		5.250%		3/15/23		BB–		1,564,875
	715		Rayonier AM Products Inc., 144A		5.500%		6/01/24		BB		564,850
	1,750		Tronox Finance LLC, (5)		6.375%		8/15/20		B+		1,053,150
			Total Chemicals								20,922,731
			Commercial Services & Supplies – 1.1%
	1,995		ABX Group Inc.		6.375%		12/01/19		Ba3		1,910,213
	1,290		ADT Corporation, (5)		6.250%		10/15/21		BBB–		1,347,470
	1,200		Casella Waste Systems Inc.		7.750%		2/15/19		B–		1,191,000
	1,320		Clean Harbors Inc., (5)		5.250%		8/01/20		BB+		1,346,400
	1,220		Covanta Energy Corporation, Synthetic Letter of Credit		6.375%		10/01/22		Ba3		1,213,900
	2,000		ERAC USA Finance LLC, 144A, (5)		3.850%		11/15/24		BBB+		2,001,594
	1,000	CAD	GFL Environmental Corporation, 144A		7.500%		6/18/18		B		708,246

56 Nuveen Investments

Principal Amount (000) (9)			Description (1)	Coupon		Maturity		Ratings (4)		Value
			Commercial Services & Supplies (continued)
$	800		R.R. Donnelley & Sons Company, (5)		7.625%		6/15/20		BB–	$	824,920
			Total Commercial Services & Supplies								10,543,743
			Communications Equipment – 0.5%
	700		Goodman Networks Inc.		12.125%		7/01/18		CCC+		189,000
	4,940		Qualcomm, Inc., (5)		3.450%		5/20/25		A+		4,739,026
			Total Communications Equipment								4,928,026
			Construction & Engineering – 0.2%
	1,450		AECOM Technology Corporation		5.750%		10/15/22		BB–		1,493,500
	500		Boart Longyear Management Pty Ltd, 144A		7.000%		4/01/21		CCC+		200,000
			Total Construction & Engineering								1,693,500
			Construction Materials – 0.6%
	1,000		Cemex Finance LLC, 144A		9.375%		10/12/22		BB–		1,052,500
	1,500		Cemex SAB de CV, 144A, (5)		5.700%		1/11/25		BB–		1,254,375
	1,200		Norbord Inc., 144A		5.375%		12/01/20		Ba2		1,200,000
	2,000		Reliance Intermediate Holdings LP, 144A		6.500%		4/01/23		BB–		2,080,000
			Total Construction Materials								5,586,875
			Consumer Finance – 1.8%
	3,938		Capital One Bank		3.375%		2/15/23		Baa1		3,855,428
	750		Credit Acceptance Corporation, 144A, (5)		7.375%		3/15/23		BB		746,250
	3,500		Discover Bank		4.250%		3/13/26		BBB+		3,523,506
	3,215		Discover Financial Services		5.200%		4/27/22		BBB+		3,439,552
	1,500		First Data Corporation, 144A		7.000%		12/01/23		B		1,500,000
	3,445		Ford Motor Credit Company		4.250%		9/20/22		BBB–		3,524,648
			Total Consumer Finance								16,589,384
			Containers & Packaging – 1.3%
	2,131		Ardagh Finance Holdings SA, 144A, (5)		8.625%		6/15/19		CCC+		2,100,587
	2,100	CAD	Cascades Inc., 144A		5.500%		7/15/21		Ba3		1,473,779
	1,000		Coveris Holdings SA, 144A		7.875%		11/01/19		B–		872,500
	2,385		Packaging Corporation of America		3.650%		9/15/24		BBB		2,318,916
	1,000		PaperWorks Industries Inc., 144A		9.500%		8/15/19		B–		915,000
	3,640		Rock-Tenn Company		4.900%		3/01/22		BBB		3,860,777
			Total Containers & Packaging								11,541,559
			Diversified Consumer Services – 0.3%
	1,000		Gibson Brands Inc., 144A		8.875%		8/01/18		B–		580,000
	1,150		Nine West Holdings Incorporated, 144A		8.250%		3/15/19		CCC–		230,000
	1,500	GBP	Twinkle Pizza Holdings PLC, 144A		6.625%		8/01/21		B		2,262,485
			Total Diversified Consumer Services								3,072,485

Nuveen Investments 57

Nuveen Strategic Income Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000) (9)		Description (1)	Coupon		Maturity		Ratings (4)		Value
		Diversified Financial Services – 2.0%
$	1,125	Argos Merger Sub Inc., 144A		7.125%		3/15/23		B–	$	1,115,438
	5,465	BNP Paribas, (5)		4.250%		10/15/24		A		5,416,750
	750	CNG Holdings Inc., 144A		9.375%		5/15/20		B–		315,000
	1,650	Fly Leasing Limited		6.750%		12/15/20		BB		1,691,003
	1,750	James Hardie International Finance Limited, 144A		5.875%		2/15/23		BBB–		1,785,000
	1,000	Jefferies Finance LLC Corporation, 144A, (5)		7.375%		4/01/20		B1		887,500
	1,300	Jefferies LoanCore LLC Finance Corporation, 144A		6.875%		6/01/20		B		1,235,000
	1,745	Nationstar Mortgage LLC Capital Corporation		7.875%		10/01/20		B+		1,669,965
	1,000	NewStar Financial, Inc.		7.250%		5/01/20		BB–		970,000
	3,705	Synchrony Financial		4.250%		8/15/24		BBB–		3,655,271
		Total Diversified Financial Services								18,740,927
		Diversified Telecommunication Services – 3.0%
	1,250	AT&T, Inc.		5.550%		8/15/41		A–		1,255,144
	1,000	CenturyLink Inc.		6.750%		12/01/23		BB+		937,500
	600	CyrusOne LP Finance		6.375%		11/15/22		B+		618,000
	2,000	Frontier Communications Corporation, 144A		11.000%		9/15/25		BB		1,980,000
	2,240	Frontier Communications Corporation		8.500%		4/15/20		BB		2,245,600
	1,750	GCI Inc.		6.875%		4/15/25		BB–		1,789,375
	1,000	IntelSat Jackson Holdings, (5)		7.500%		4/01/21		B+		870,000
	1,000	IntelSat Jackson Holdings		6.625%		12/15/22		CCC+		637,500
	1,000	Level 3 Financing Inc.		5.375%		8/15/22		BB		1,015,000
	2,500	Neptune Finco Corporation, 144A		10.125%		1/15/23		B2		2,606,250
	2,360	Qwest Corporation		6.750%		12/01/21		BBB–		2,472,100
	6,540	Verizon Communications		5.150%		9/15/23		A–		7,190,351
	3,000	Verizon Communications, (5)		3.500%		11/01/24		A–		2,964,561
	700	Verizon Communications, (5)		6.550%		9/15/43		A–		831,024
		Total Diversified Telecommunication Services								27,412,405
		Electric Utilities – 1.1%
	2,030	APT Pipelines Limited, 144A		3.875%		10/11/22		BBB		1,953,702
	2,600	Eskom Holdings Limited, 144A, (5)		7.125%		2/11/25		BB+		2,249,000
	2,615	FirstEnergy Transmission LLC, 144A		4.350%		1/15/25		Baa3		2,652,188
	1,750	Intergen NV, 144A		7.000%		6/30/23		B+		1,386,875
	1,690	PPL Energy Supply LLC, 144A, (5)		6.500%		6/01/25		Ba3		1,115,400
	1,000	RJS Power Holdings LLC, 144A		5.125%		7/15/19		Ba3		750,000
		Total Electric Utilities								10,107,165
		Electronic Equipment, Instruments & Components – 0.1%
	1,400	Anixter Inc.		5.125%		10/01/21		BB+		1,400,000

58 Nuveen Investments

Principal Amount (000) (9)			Description (1)	Coupon		Maturity		Ratings (4)		Value
			Energy Equipment & Services – 1.7%
$	1,985		Diamond Offshore Drilling Inc., (5)		5.700%		10/15/39		BBB+	$	1,356,227
	3,075		Ensco PLC, (5)		4.700%		3/15/21		BBB		2,477,011
	2,500		Ensco PLC, (5)		5.200%		3/15/25		BBB		1,780,010
	500		McDermott International Inc., 144A, (5)		8.000%		5/01/21		BB–		397,500
	1,835		Nabors Industries Inc.		4.625%		9/15/21		Baa2		1,508,530
	3,000		Noble Holding International Limited, GDR, (5)		5.950%		4/01/25		BBB		2,070,282
	2,000		Origin Energy Finance Limited, 144A		3.500%		10/09/18		BBB–		1,950,514
	750		Pacific Drilling V Limited, 144A		7.250%		12/01/17		B		386,250
	2,750		Regency Energy Partners Finance		5.000%		10/01/22		BBB–		2,437,223
	750		Seventy Seven Energy Inc.		6.625%		11/15/19		CCC+		262,500
	1,385		Weatherford International PLC		7.000%		3/15/38		BBB–		966,038
			Total Energy Equipment & Services								15,592,085
			Food & Staples Retailing – 0.8%
	1,750		Supervalu Inc., (5)		7.750%		11/15/22		B		1,601,250
	3,000		Tops Holding LLC / Tops Markets II Corporation, 144A		8.000%		6/15/22		B		2,955,000
	3,000		Walgreens Boots Alliance, Inc.		3.800%		11/18/24		BBB		2,912,787
			Total Food & Staples Retailing								7,469,037
			Food Products – 1.1%
	1,500		BRF Brasil Foods SA, 144A		4.750%		5/22/24		BBB		1,376,250
	2,000		Grupo Bimbo SAB de CV, 144A		3.875%		6/27/24		BBB		1,943,758
	3,185		Kraft Foods Group Inc.		5.000%		6/04/42		BBB–		3,206,855
	1,295		Pilgrim’s Pride Corporation, 144A		5.750%		3/15/25		BB+		1,259,388
	2,000		Tyson Foods, (5)		3.950%		8/15/24		BBB		2,053,592
			Total Food Products								9,839,843
			Gas Utilities – 0.2%
	1,390		Ferrellgas LP		6.750%		1/15/22		B+		1,171,075
	1,250		Suburban Propane Partners LP		5.500%		6/01/24		BB–		1,006,250
			Total Gas Utilities								2,177,325
			Health Care Equipment & Supplies – 0.3%
	400	EUR	Ephios Bondco PLC, 144A		6.250%		7/01/22		B+		450,764
	1,625		GreatBatch Limited, 144A		9.125%		11/01/23		B–		1,608,750
	1,000		Tenet Healthcare Corporation, (5)		4.375%		10/01/21		Ba2		965,000
			Total Health Care Equipment & Supplies								3,024,514
			Health Care Providers & Services – 0.7%
	2,850		Community Health Systems, Inc., (5)		6.875%		2/01/22		B+		2,703,938
	1,750		Kindred Healthcare Inc.		6.375%		4/15/22		B2		1,452,500
	1,000		Mednax Inc., 144A		5.250%		12/01/23		BBB–		1,005,000
	1,250		Select Medical Corporation		6.375%		6/01/21		B–		1,093,750
			Total Health Care Providers & Services								6,255,188

Nuveen Investments 59

Nuveen Strategic Income Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000) (9)		Description (1)	Coupon		Maturity		Ratings (4)		Value
		Hotels, Restaurants & Leisure – 1.2%
$	1,500	1011778 BC ULC/New Red Finance Inc., 144A		6.000%		4/01/22		B–	$	1,545,000
	3,250	Caesars Entertainment Resort Properties LLC, (5)		8.000%		10/01/20		B+		3,087,500
	1,250	Caesars Growth Properties Holdings LLC / Caesars Growth Properties Finance Inc., (5)		9.375%		5/01/22		B–		1,025,000
	2,000	Roc Finance LLC and Roc Finance 1 Corporation, 144A		12.125%		9/01/18		B–		2,090,000
	1,500	Scientific Games Corporation, 144A		7.000%		1/01/22		BB–		1,432,500
	1,650	Wynn Macau Limited, 144A, (5)		5.250%		10/15/21		Ba2		1,452,000
		Total Hotels, Restaurants & Leisure								10,632,000
		Household Durables – 1.3%
	1,875	Brookfield Residential Properties Inc., 144A		6.500%		12/15/20		BB–		1,807,031
	1,000	CalAtlantic Group Inc.		5.875%		11/15/24		BB		1,045,000
	2,940	Harman International Industries, Inc.		4.150%		5/15/25		BBB–		2,819,304
	1,750	KB Home		7.000%		12/15/21		B+		1,725,938
	1,000	KB Home		7.625%		5/15/23		B+		987,500
	1,500	RSI Home Products Incorporated, 144A		6.500%		3/15/23		B+		1,545,000
	1,800	William Lyon Homes Incorporated		8.500%		11/15/20		B–		1,903,500
		Total Household Durables								11,833,273
		Household Products – 0.3%
	1,300	Kimberly-Clark de Mexico, S.A.B. de C.V, 144A		3.250%		3/12/25		A		1,252,402
	2,000	Macys Retail Holdings Inc.		4.500%		12/15/34		BBB+		1,671,360
		Total Household Products								2,923,762
		Independent Power & Renewable Electricity Producers – 1.0%
	3,700	AES Corporation, (5)		7.375%		7/01/21		BB		3,774,000
	1,000	Columbia Pipeline Group, Inc., 144A		4.500%		6/01/25		Baa2		906,382
	2,000	Dynegy Inc., (5)		7.625%		11/01/24		B+		1,709,600
	1,650	GenOn Energy Inc.		9.500%		10/15/18		B–		1,332,920
	1,500	GenOn Energy Inc.		9.875%		10/15/20		B–		1,110,000
		Total Independent Power & Renewable Electricity Producers								8,832,902
		Industrial Conglomerates – 0.2%
	1,000	Alfa SAB de CV, 144A, (5)		5.250%		3/25/24		BBB–		1,012,500
	1,000	Stena AB, 144A		7.000%		2/01/24		BB		850,000
		Total Industrial Conglomerates								1,862,500
		Insurance – 2.7%
	2,475	AFLAC Insurance		6.450%		8/15/40		A–		3,035,761
	3,000	Fairfax US Inc., 144A		4.875%		8/13/24		BBB–		2,913,612
	3,255	Genworth Holdings Inc.		4.800%		2/15/24		Ba1		2,197,125
	3,370	Liberty Mutual Group Inc., 144A		4.950%		5/01/22		BBB		3,572,183
	3,498	Lincoln National Corporation		4.200%		3/15/22		A–		3,657,649

60 Nuveen Investments

Principal Amount (000) (9)		Description (1)	Coupon		Maturity		Ratings (4)		Value
		Insurance (continued)
$	3,015	Symetra Financial Corporation		4.250%		7/15/24		BBB+	$	3,039,039
	1,830	UnumProvident Corporation		5.625%		9/15/20		BBB		2,012,854
	4,790	XLIT Limited		4.450%		3/31/25		BBB		4,694,962
		Total Insurance								25,123,185
		Internet Software & Services – 0.1%
	1,000	Earthlink Inc.		7.375%		6/01/20		Ba3		1,017,500
		IT Services – 0.2%
	1,730	Zayo Group LLC / Zayo Capital Inc.		6.000%		4/01/23		B–		1,634,850
		Machinery – 1.1%
	1,060	BlueLine Rental Finance Corporation, 144A, (5)		7.000%		2/01/19		B+		954,000
	1,510	CTP Transportation Products LLC-Finance Inc., 144A		8.250%		12/15/19		B		1,574,175
	3,100	Ingersoll-Rand Luxembourg Finance SA		3.550%		11/01/24		BBB		3,035,139
	3,280	Pentair Finance SA		4.650%		9/15/25		BBB		3,361,728
	1,640	Terex Corporation, (5)		6.000%		5/15/21		BB		1,508,800
		Total Machinery								10,433,842
		Marine – 0.5%
	1,900	Eletson Holdings Inc., 144A		9.625%		1/15/22		B+		1,691,000
	1,000	Global Ship Lease Inc., 144A		10.000%		4/01/19		B		905,000
	1,340	Navios Maritime Acquisition Corporation, 144A		8.125%		11/15/21		BB–		1,169,150
	1,100	Navios South American Logisitics Inc., Finance US Inc., 144A		7.250%		5/01/22		B		720,500
		Total Marine								4,485,650
		Media – 4.8%
	2,750	21st Century Fox America Inc.		6.650%		11/15/37		BBB+		3,195,668
	1,500	Altice S.A, 144A		7.750%		5/15/22		B		1,353,750
	2,810	CBS Corporation		3.500%		1/15/25		BBB		2,680,650
	4,310	CCO Safari II LLC, 144A		4.908%		7/23/25		BBB–		4,305,761
	1,175	Cequel Communication Holdings I, 144A		5.125%		12/15/21		B–		1,057,500
	740	Charter Communications, CCO Holdings LLC, (5)		5.125%		2/15/23		BB–		740,925
	2,000	Clear Channel Communications, Inc.		11.250%		3/01/21		CCC+		1,400,000
	1,790	Comcast Corporation		6.400%		5/15/38		A–		2,221,753
	3,000	Cox Communications Inc., 144A		3.850%		2/01/25		BBB+		2,750,655
	1,500	CSC Holdings Inc.		8.625%		2/15/19		BB		1,597,500
	4,335	DIRECTV Holdings LLC		3.800%		3/15/22		A–		4,365,040
	1,590	Dish DBS Corporation		5.875%		11/15/24		BB–		1,415,100
	1,000	Lee Enterprises Inc., 144A		9.500%		3/15/22		B2		920,000
	1,000	Midcontinent Communications Finance Company, 144A		6.250%		8/01/21		B		1,010,000
	2,006	Numericable Group SA, 144A		6.000%		5/15/22		B+		1,945,820
	1,750	Radio One Inc., 144A		7.375%		10/15/22		B		1,557,500

Nuveen Investments 61

Nuveen Strategic Income Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000) (9)			Description (1)	Coupon		Maturity		Ratings (4)		Value
			Media (continued)
$	1,310		Sinclair Television Group		6.375%		11/01/21		B+	$	1,349,300
	1,000		Sirius XM Radio Inc., 144A		5.750%		8/01/21		BB		1,032,500
	2,805		Time Warner Inc.		3.875%		1/15/26		BBB+		2,781,951
	1,750		Tribune Media Company, 144A, (5)		5.875%		7/15/22		BB–		1,750,000
	750		Unitymedia KabelBW GmbH, 144A		6.125%		1/15/25		B		741,113
	1,750	CAD	Videotron Limited, 144A		5.625%		6/15/25		BB		1,271,125
	1,500		VTR Finance BV, 144A		6.875%		1/15/24		B+		1,380,000
	1,750		WMG Acquisition Group, 144A		6.000%		1/15/21		B1		1,758,750
			Total Media								44,582,361
			Metals & Mining – 2.8%
	1,500		AK Steel Corporation, (5)		8.750%		12/01/18		B+		1,350,000
	500		AK Steel Corporation		7.625%		10/01/21		CCC+		200,000
	1,555		Alcoa Inc.		5.400%		4/15/21		BBB–		1,512,238
	2,500		Allegheny Technologies Inc.		6.625%		8/15/23		BB–		1,475,000
	2,690		Anglogold Holdings PLC		6.500%		4/15/40		Baa3		1,788,850
	2,015		ArcelorMittal, (5)		7.000%		2/25/22		BB+		1,622,075
	1,500		ArcelorMittal, (5)		6.125%		6/01/25		BB+		1,091,250
	1,200		Century Aluminum Company, 144A, (5)		7.500%		6/01/21		BB–		804,000
	1,000		Constellium N.V, 144A		8.000%		1/15/23		B		782,500
	1,450		Eldorado Gold Corporation, 144A		6.125%		12/15/20		BB		1,268,750
	935		First Quantum Minerals Limited, 144A		6.750%		2/15/20		BB–		603,075
	3,165		Freeport McMoRan, Inc., (5)		3.550%		3/01/22		BBB		1,835,700
	500		Lundin Mining Corporation, 144A		7.500%		11/01/20		Ba2		468,750
	2,610		Newmont Mining Corporation		3.500%		3/15/22		BBB		2,327,193
	1,250		Novellis Inc.		8.750%		12/15/20		B		1,146,875
	3,000		Teck Resources Limited, (5)		3.750%		2/01/23		BB+		1,387,500
	2,000		Vale Overseas Limited, (5)		4.375%		1/11/22		BBB		1,513,658
	1,500		Westmoreland Coal Co, 144A		8.750%		1/01/22		B		922,500
	1,265		Xstrata Finance Canada Limited, 144A		6.900%		11/15/37		BBB		1,012,000
	3,000		Yamana Gold Inc.		4.950%		7/15/24		Baa3		2,545,662
			Total Metals & Mining								25,657,576
			Multiline Retail – 0.3%
	1,200		Family Tree Escrow LLC, 144A		5.250%		3/01/20		Ba3		1,239,000
	1,400		J.C. Penney Company Inc., (5)		8.125%		10/01/19		B–		1,267,000
			Total Multiline Retail								2,506,000
			Oil, Gas & Consumable Fuels – 8.3%
	740		Amerada Hess Corporation		7.125%		3/15/33		BBB		720,753
	4,170		Anadarko Petroleum Corporation		6.200%		3/15/40		BBB		3,836,404

62 Nuveen Investments

Principal Amount (000) (9)			Description (1)	Coupon		Maturity		Ratings (4)		Value
			Oil, Gas & Consumable Fuels (continued)
$	1,600		Antero Resources Corporation		5.125%		12/01/22		BB	$	1,216,000
	3,650		Apache Corporation		4.250%		1/15/44		BBB+		2,921,168
	1,700	CAD	Baytex Energy Corporation		6.625%		7/19/22		BB		937,979
	1,500		Bellatrix Exploration Limited, 144A		8.500%		5/15/20		B3		1,065,000
	1,295		Berkshire Hathaway Energy Company		6.125%		4/01/36		A3		1,509,212
	2,965		BP Capital Markets PLC		3.814%		2/10/24		A		2,964,428
	1,220		California Resources Corporation, 144A, (5)		8.000%		12/15/22		BB+		642,025
	455		California Resources Corporation, (5)		5.500%		9/15/21		BB–		143,325
	1,750		Calumet Specialty Products, (5)		7.625%		1/15/22		B+		1,487,500
	1,410		Canadian Natural Resources Limited		5.850%		2/01/35		BBB+		1,249,768
	1,120		Cenovus Energy Inc.		3.800%		9/15/23		BBB		1,014,581
	565		Chesapeake Energy Corporation, 144A, (5)		8.000%		12/15/22		BB–		276,850
	1,425		Concho Resources Inc., (5)		5.500%		10/01/22		BB+		1,296,750
	2,965		Continental Resources Inc., (5)		5.000%		9/15/22		BBB–		2,186,688
	1,750		Crestwood Midstream Partners LP		6.125%		3/01/22		BB		1,216,250
	1,300		Denbury Resources Inc.		5.500%		5/01/22		B1		431,574
	1,400		Energy Transfer Equity LP, (5)		5.875%		1/15/24		BB+		1,141,000
	1,000		Energy Transfer Equity LP		5.500%		6/01/27		BB+		760,000
	2,315		EnLink Midstream Partners LP		4.150%		6/01/25		BBB		1,781,879
	800		EnQuest PLC, 144A		7.000%		4/15/22		B–		279,000
	1,000		EV Energy Partners LP / EV Energy Finance Corporation		8.000%		4/15/19		B–		500,000
	1,800		Gibson Energy, 144A		6.750%		7/15/21		BB		1,723,500
	1,360		Global Partners LP/GLP Finance		6.250%		7/15/22		B+		1,088,000
	292		Halcon Resources Corporation, 144A, (5)		12.000%		2/15/22		CCC+		192,720
	2,300		Hess Corporation, (5)		3.500%		7/15/24		BBB		2,015,281
	2,415		Kinder Morgan Energy Partners, LP		4.250%		9/01/24		BBB–		2,055,863
	600		Kinder Morgan Energy Partners, LP		6.950%		1/15/38		BBB–		533,389
	5,000		Marathon Petroleum Corporation, (5)		3.625%		9/15/24		BBB		4,661,710
	1,060		Martin Mid-Stream Partners LP Finance		7.250%		2/15/21		B–		932,800
	2,500		MEG Energy Corporation, 144A		6.375%		1/30/23		BB–		1,712,500
	1,000		Memorial Production Partners LP Finance Corporation		7.625%		5/01/21		CCC+		300,000
	2,000		MPLX LP		4.000%		2/15/25		BBB–		1,681,630
	2,060		Newfield Exploration Company		5.375%		1/01/26		BBB–		1,704,650
	1,550		NGL Energy Partners LP/Fin Co		5.125%		7/15/19		BB–		1,224,500
	1,750		Oasis Petroleum Inc., (5)		6.875%		3/15/22		B+		1,120,000
	1,130	CAD	Paramount Resources Limited, 144A		7.625%		12/04/19		BB–		659,919
	1,275		Petro Canada		6.800%		5/15/38		A–		1,394,126
	2,000		Reliance Holdings USA Inc., 144A		5.400%		2/14/22		BBB+		2,163,880
	1,570		Rose Rock Midstream LP / Rose Rock Finance Corporation		5.625%		7/15/22		B1		1,114,700

Nuveen Investments 63

Nuveen Strategic Income Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000) (9)		Description (1)	Coupon		Maturity		Ratings (4)		Value
		Oil, Gas & Consumable Fuels (continued)
$	1,345	Sabine Pass Liquefaction LLC		5.625%		2/01/21		BB+	$	1,237,400
	750	Sanchez Energy Corporation		6.125%		1/15/23		B–		405,000
	1,000	Seven Generations Energy Limited, 144A		6.750%		5/01/23		B2		840,000
	2,600	Southeast Supply Header LLC, 144A		4.250%		6/15/24		BBB–		2,495,020
	1,445	Southwestern Energy Company, (5)		4.100%		3/15/22		BBB–		908,847
	2,250	Summit Midstream Holdings LLC Finance		7.500%		7/01/21		B		1,912,500
	1,520	Targa Resources Inc.		4.250%		11/15/23		BB+		1,170,400
	4,100	Transocean Inc.		4.300%		10/15/22		BB+		2,173,000
	3,325	Valero Energy Corporation, (5)		3.650%		3/15/25		BBB		3,137,899
	1,000	Vanguard Natural Resources Finance		7.875%		4/01/20		B		265,000
	500	Western Refining Inc.		6.250%		4/01/21		B+		480,000
	1,500	Whiting Petroleum Corporation		5.750%		3/15/21		BB–		1,093,500
	2,875	Woodside Finance Limited, 144A		3.650%		3/05/25		BBB+		2,548,366
	1,885	WPX Energy Inc., (5)		7.500%		8/01/20		Ba1		1,526,850
		Total Oil, Gas & Consumable Fuels								76,051,084
		Paper & Forest Products – 0.8%
	3,100	Domtar Corporation		6.750%		2/15/44		BBB–		3,028,917
	1,500	Mercer International Inc.		7.750%		12/01/22		B+		1,515,000
	1,750	Resolute Forest Products		5.875%		5/15/23		BB–		1,273,125
	1,500	Sappi Papier Holding GMBH, 144A		6.625%		4/15/21		BB		1,515,000
	750	Tembec Industries, Inc., 144A		9.000%		12/15/19		B–		487,500
		Total Paper & Forest Products								7,819,542
		Personal Products – 0.4%
	2,915	International Paper Company		8.700%		6/15/38		BBB		3,750,862
		Pharmaceuticals – 0.4%
	2,000	Endo Finance LLC, 144A		5.750%		1/15/22		B1		1,940,000
	1,450	VP Escrow Corporation, 144A		6.375%		10/15/20		B1		1,399,250
		Total Pharmaceuticals								3,339,250
		Professional Services – 0.2%
	1,500	CEB Inc., 144A		5.625%		6/15/23		BB–		1,488,750
		Real Estate Investment Trust – 2.2%
	3,070	American Tower Company		5.000%		2/15/24		BBB		3,249,909
	1,500	Communications Sales & Leasing Inc., 144A		6.000%		4/15/23		BBB–		1,417,500
	3,500	Digital Realty Trust Inc.		3.625%		10/01/22		BBB		3,364,445
	2,060	Omega Healthcare Investors Inc.		4.950%		4/01/24		BBB–		2,080,612
	2,080	Piedmont Operating Partnership LP		4.450%		3/15/24		BBB		2,082,486
	1,420	Plum Creek Timberlands LP		4.700%		3/15/21		BBB		1,510,799
	2,000	Realogy Group LLC / Realogy Co-Issuer Corporation, 144A, (5)		5.250%		12/01/21		B		2,050,000

64 Nuveen Investments

Principal Amount (000) (9)		Description (1)	Coupon		Maturity		Ratings (4)		Value
		Real Estate Investment Trust (continued)
$	3,000	Senior Housing Properties Trust		4.750%		5/01/24		BBB–	$	2,922,798
	1,795	Vereit Operating Partner		4.600%		2/06/24		BB+		1,700,763
		Total Real Estate Investment Trust								20,379,312
		Real Estate Management & Development – 0.3%
	500	Crescent Resources LLC, 144A		10.250%		8/15/17		B+		500,000
	2,000	Hunt Companies Inc., 144A		9.625%		3/01/21		N/R		1,810,000
	760	Mattamy Group Corporation, 144A, (5)		6.500%		11/15/20		BB		722,000
		Total Real Estate Management & Development								3,032,000
		Road & Rail – 0.3%
	1,000	Hertz Corporation, (5)		7.375%		1/15/21		B		1,037,500
	1,350	Watco Companies LLC Finance, 144A		6.375%		4/01/23		B		1,329,750
		Total Road & Rail								2,367,250
		Semiconductors & Semiconductor Equipment – 0.1%
	1,000	Advanced Micro Devices, Inc.		7.000%		7/01/24		B–		650,000
		Software – 0.9%
	1,500	BMC Software Finance Inc., 144A		8.125%		7/15/21		CCC+		997,500
	2,395	Computer Sciences Corporation		4.450%		9/15/22		BBB+		2,456,992
	1,500	Open Text Corporation, 144A		5.625%		1/15/23		BB		1,485,000
	1,000	SS&C Technologies Holdings, Inc., 144A		5.875%		7/15/23		B+		1,032,500
	2,500	Total System Services Inc.		3.750%		6/01/23		BBB+		2,426,605
		Total Software								8,398,597
		Specialty Retail – 1.4%
	2,000	AutoNation Inc.		4.500%		10/01/25		BBB–		2,030,414
	2,745	Bed Bath and Beyond Incorporated		4.915%		8/01/34		A–		2,447,634
	1,175	Guitar Center Inc., 144A		6.500%		4/15/19		B–		998,750
	1,500	L Brands, Inc., 144A, (5)		6.875%		11/01/35		BB+		1,541,250
	1,250	Neiman Marcus Mariposa Borrower / Merger Sub LLC, 144A, (5)		8.000%		10/15/21		CCC+		925,000
	4,485	Signet UK Finance PLC		4.700%		6/15/24		BBB–		4,418,795
	1,000	The Men’s Warehouse Inc.		7.000%		7/01/22		B2		710,000
		Total Specialty Retail								13,071,843
		Technology Hardware, Storage & Peripherals – 0.5%
	3,970	Hewlett Packard Enterprise Co, 144A, (5)		4.900%		10/15/25		A–		3,898,862
	950	NCR Corporation		6.375%		12/15/23		BB		935,750
		Total Technology Hardware, Storage & Peripherals								4,834,612
		Telecommunication Services – 0.3%
	2,390	Axtel SAB de CV, 144A		9.000%		1/31/20		B+		2,479,625
		Textiles, Apparel & Luxury Goods – 0.2%
	2,195	Levi Strauss & Company, (5)		5.000%		5/01/25		BB		2,184,025

Nuveen Investments 65

Nuveen Strategic Income Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000) (9)		Description (1)	Coupon		Maturity		Ratings (4)		Value
		Tobacco – 0.5%
$	1,006	Altria Group Inc.		9.950%		11/10/38		BBB+	$	1,612,716
	2,800	Imperial Tobacco Finance, 144A		3.500%		2/11/23		BBB		2,743,779
		Total Tobacco								4,356,495
		Trading Companies & Distributors – 0.5%
	1,995	Air Lease Corporation		3.875%		4/01/21		BBB–		2,004,975
	2,237	United Rentals North America Inc., (5)		7.375%		5/15/20		BB–		2,360,035
		Total Trading Companies & Distributors								4,365,010
		Wireless Telecommunication Services – 1.8%
	1,000	Altice Financing SA, 144A		6.625%		2/15/23		BB–		987,500
	2,000	Colombia Telecommunicaciones S.A. ESP, 144A		8.500%		9/30/65		B+		1,715,000
	1,250	Digicel Group, Limited, 144A		8.250%		9/30/20		B–		1,031,250
	3,000	ENTEL Chile SA, 144A		4.750%		8/01/26		BBB+		2,806,668
	1,000	FairPoint Communications Inc., 144A		8.750%		8/15/19		B		985,000
	2,100	Millicom International Cellular SA, 144A		6.000%		3/15/25		BB+		1,785,000
	1,000	Softbank Corporation, 144A, (5)		4.500%		4/15/20		BB+		995,000
	3,750	Sprint Corporation		7.250%		9/15/21		B+		2,793,748
	1,350	Telecom Italia SpA, 144A		5.303%		5/30/24		BBB–		1,333,125
	1,225	T-Mobile USA Inc.		6.731%		4/28/22		BB		1,277,063
	1,000	Wind Acquisition Finance SA, 144A		4.750%		7/15/20		BB		990,000
		Total Wireless Telecommunication Services								16,699,354
		Total Corporate Bonds (cost $726,385,110)								675,251,927
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (4)		Value
		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 6.6%
		Banks – 4.4%
$	1,000	Banco Bilbao Vizcaya Argentaria S.A, Reg S		9.000%		N/A (10)		BB	$	1,070,642
	1,625	Bank of America Corporation		6.250%		N/A (10)		BB+		1,629,063
	4,895	Barclays PLC		8.250%		N/A (10)		BB+		5,211,711
	2,000	Citigroup Inc.		8.400%		N/A (10)		BB+		2,179,000
	220	Citigroup Inc.		5.875%		N/A (10)		BB+		218,350
	30	Citigroup Inc.		6.250%		N/A (10)		BB+		30,600
	1,525	Fifth Third Bancorp.		5.100%		N/A (10)		Baa3		1,362,969
	2,300	Goldman Sachs Group Inc.		5.375%		N/A (10)		Ba1		2,285,625
	2,488	HSBC Holdings PLC		6.375%		N/A (10)		BBB		2,456,900
	2,000	ING Groep N.V, (5)		6.000%		N/A (10)		Ba1		2,000,000
	2,000	JPMorgan Chase & Company		6.750%		N/A (10)		BBB–		2,180,000
	1,248	Lloyd’s Banking Group PLC, (5)		7.500%		N/A (10)		BB+		1,329,120
	2,000	Nordea Bank AB, 144A		6.125%		N/A (10)		BBB		1,952,900

66 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (4)		Value
		Banks (continued)
$	1,500	Royal Bank of Scotland Group PLC		7.500%		N/A (10)		BB–	$	1,561,875
	2,000	Societe Generale, 144A		7.875%		N/A (10)		BB+		1,992,600
	2,000	Standard Chartered PLC, 144A, (5)		6.500%		N/A (10)		BBB–		1,932,362
	2,620	SunTrust Bank Inc., (5)		5.625%		N/A (10)		Baa3		2,636,375
	2,000	UniCredit SpA, Reg S		8.000%		N/A (10)		BB–		1,888,948
	3,585	Wachovia Capital Trust III		5.570%		N/A (10)		BBB		3,453,251
	3,000	Wells Fargo & Company		5.875%		N/A (10)		BBB		3,157,500
	40,036	Total Banks								40,529,791
		Capital Markets – 0.3%
	2,800	UBS Group AG, Reg S		7.125%		N/A (10)		BB+		2,932,093
		Consumer Finance – 0.2%
	1,620	American Express Company		5.200%		N/A (10)		Baa2		1,599,750
		Diversified Financial Services – 0.3%
	2,610	BNP Paribas, 144A		7.375%		N/A (10)		BBB–		2,678,512
		Electric Utilities – 0.2%
	1,570	Electricite de France, 144A		5.250%		N/A (10)		Baa1		1,475,800
		Food Products – 0.3%
	2,780	Land O’ Lakes Incorporated, 144A		8.000%		N/A (10)		BB		2,887,725
		Industrial Conglomerates – 0.3%
	3,086	General Electric Company, (5)		4.000%		N/A (10)		AA–		3,086,250
	1,000	OAS Financial Limited, 144A		8.875%		N/A (10)		N/R		50,000
	4,086	Total Industrial Conglomerates								3,136,250
		Insurance – 0.6%
	1,500	Allstate Corporation		5.750%		8/15/53		Baa1		1,542,000
	1,985	Genworth Financial Inc.		6.150%		11/15/66		Ba2		535,950
	3,000	Sirius International Group Limited, 144A		7.506%		N/A (10)		BBB–		3,030,000
	6,485	Total Insurance								5,107,950
$	61,987	Total $1,000 Par (or similar) Institutional Preferred (cost $61,645,529)								60,347,871
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (4)		Value
		U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.0%
$	370	U.S. Treasury Notes		2.250%		11/15/25		Aaa	$	369,172
$	370	Total U.S. Government and Agency Obligations (cost $368,439)								369,172
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (4)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 10.2%
$	1,143	321 Henderson Receivables LLC, Series 2010-3A		3.820%		12/15/48		Aaa	$	1,171,516
	1,250	American Homes 4 Rent, Series 2014-SFR1		2.451%		6/17/31		Baa2		1,212,916

Nuveen Investments 67

Nuveen Strategic Income Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)			Description (1)	Coupon		Maturity		Ratings (4)		Value
			ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	2,364		American Homes 4 Rent, Series 2014-SFR2		3.786%		10/17/36		Aaa	$	2,378,592
	2,270		AmeriCold LLC Trust, Series 2010		6.811%		1/14/29		A+		2,559,618
	33		Bank of America Alternative Loan Trust, Series 2005-5 2 CB1		6.000%		6/25/35		Caa1		31,147
	1,200		Bank of America Commercial Mortgage Inc. , Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7		4.367%		9/17/48		A–		1,157,505
	770		Bank of America Commercial Mortgage Inc. , Commercial Mortgage Pass-Through Certificates, Series 2015-UBS7		3.167%		9/17/48		BBB–		560,285
	2,400		Barclays Commercial Mortgage, Mortgage Pass-Through Certificates, Series 2015-STP		4.284%		9/12/28		BBB–		2,340,750
	4,598		Colony American Homes Trust 2014-1A		1.400%		5/17/31		Aaa		4,503,737
	3,000		Commercial Mortgage Pass-Through Certificates, Series 2014-SAVA		2.731%		6/15/34		A		2,987,715
	3,940		Commercial Mortgage Pass-Through Certificates 2015-CR22		4.128%		3/12/48		A–		3,743,281
	2,860		Commercial Mortgage Pass-Through Certificates, Series 2015-CR26		4.496%		10/13/48		A–		2,702,076
	221		Countrywide Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2004-24CB		5.000%		11/25/19		B3		223,074
	544		Countrywide Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2006-19CB		6.000%		8/25/36		Caa3		496,609
	1,345		Countrywide Asset Backed Certificates, Series 2007-4 A2		5.530%		3/25/29		Caa1		1,465,686
	477		Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-2		2.409%		2/25/34		BB+		460,551
	1,138		Countrywide Home Loans Mortgage, Series 2005-27		5.500%		1/25/23		Caa1		1,062,523
	165		Credit Suisse First Boston Mortgage Securities Corporation, Mortgage-Backed Pass-Through Certificates, Series 2003-23		5.750%		9/25/33		AA+		174,846
	378		Fannie Mae Mortgage Interest Strips 366 25, (I/O)		5.000%		9/01/24		Aaa		25,759
	113		Fannie Mae Mortgage Pool AL1187		5.500%		7/01/24		Aaa		115,418
	331		Fannie Mae Mortgage Pool AA0005		5.500%		11/01/38		Aaa		369,791
	279		Fannie Mae Mortgage Pool AA0889		5.500%		12/01/38		Aaa		311,211
	1,078		Fannie Mae Mortgage Pool 255956		5.500%		10/01/25		Aaa		1,200,539
	124		Fannie Mae Mortgage Pool 256890		6.000%		9/01/37		Aaa		135,531
	136		Fannie Mae Mortgage Pool 725205		5.000%		3/01/34		Aaa		150,144
	45		Fannie Mae Mortgage Pool 725553		2.346%		9/01/33		Aaa		47,776
	192		Fannie Mae Mortgage Pool 725773		5.500%		9/01/34		Aaa		216,692
	75		Fannie Mae Mortgage Pool 735060		6.000%		11/01/34		Aaa		85,031
	58		Fannie Mae Mortgage Pool 735606		1.900%		5/01/35		Aaa		60,443
	52		Fannie Mae Mortgage Pool 745101		6.000%		4/01/32		Aaa		57,969
	255		Fannie Mae Mortgage Pool 745324		6.000%		3/01/34		Aaa		281,903
	267		Fannie Mae Mortgage Pool 745548		2.444%		1/01/35		Aaa		278,462
	56		Fannie Mae Mortgage Pool 824163		5.500%		4/01/35		Aaa		62,801
	125		Fannie Mae Mortgage Pool 831377		6.500%		4/01/36		Aaa		143,114
	75		Fannie Mae Mortgage Pool 838948		1.891%		8/01/35		Aaa		78,091
	51		Fannie Mae Mortgage Pool 852909		6.500%		4/01/36		Aaa		58,299
	—	(11)	Fannie Mae Mortgage Pool 889618		5.500%		5/01/38		Aaa		215
	166		Fannie Mae Mortgage Pool 893318		6.500%		8/01/36		Aaa		196,925

68 Nuveen Investments

Principal Amount (000)			Description (1)	Coupon		Maturity		Ratings (4)		Value
			ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	19		Fannie Mae Mortgage Pool 905597		5.743%		12/01/36		Aaa	$	20,356
	76		Fannie Mae Mortgage Pool 944340		6.000%		6/01/37		Aaa		86,284
	57		Fannie Mae Mortgage Pool 946228		6.159%		9/01/37		Aaa		60,195
	—	(11)	Fannie Mae Mortgage Pool 985344		5.500%		7/01/38		Aaa		104
	26,795		Fannie Mae TBA Mortgage Pool, (WI/DD)		3.500%		TBA		Aaa		27,636,261
	3,120		Fannie Mae, Connecticut Avenue Securities, Series 2015-C03		5.422%		7/25/25		Aaa		3,103,928
	433		FDIC Structures Sale Guaranteed Notes, Series 2010-S1		0.793%		2/25/48		Aaa		433,421
	13		Federal Home Loan Mortgage Corporation, Mortgage Pool 1B3220		2.330%		1/01/37		Aaa		13,803
	4		Federal Home Loan Mortgage Corporation, Series 2376		5.500%		11/15/16		Aaa		3,826
	369		Freddie Mac Gold Pool 1L0117		2.765%		10/01/29		Aaa		385,288
	723		Freddie Mac Gold Pool 1K1238		2.500%		7/01/36		Aaa		765,825
	169		Freddie Mac Gold Pool 847240		2.390%		7/01/30		Aaa		175,403
	109		Freddie Mac Gold Pool 847411		2.372%		5/01/33		Aaa		113,804
	338		Freddie Mac Mortgage Pool, Various A17212		6.500%		7/01/31		Aaa		389,967
	65		Freddie Mac Mortgage Pool, Various H09059		7.000%		8/01/37		Aaa		71,385
	1,405		Freddie Mac Mortgage Trust, Multifamily Mortgage Pass-Through Certificates, Series 2013-K712		3.371%		5/25/45		Aaa		1,409,701
	18		Freddie Mac Non Gold Participation Certificates 847681		2.512%		12/01/36		Aaa		19,457
	3,430		Goldman Sachs Mortgage Securities Trust, Mortgage Pass-Through Certificates, Series 2015-GC32		3.345%		7/10/48		BBB–		2,498,282
	79		Government National Mortgage Association, Guaranteed REMIC Pass-Through Securities and MX Securities Trust		4.500%		5/16/38		Aaa		81,675
	1,470		Impac Secured Assets Corporation, Mortgage Pass-Through Certificates, Series 2000-3		8.000%		10/25/30		CCC		1,494,354
	251		IndyMac INDX Mortgage Loan Trust, Pass-Through Certificates, Series 2005-AR1		2.502%		3/25/35		BBB+		249,924
	3,910		Invitation Homes Trust 2014-SFR1		2.951%		6/19/31		Baa2		3,852,867
	937		JPMorgan Alternative Loan Trust, Mortgage Pass-Through Certificates, Series 2007-S1		0.702%		6/25/37		CCC		846,642
	1,370		JPMorgan Chase Commercial Mortgage Securities Trust, Pass-Through Certificates 2015-C29		3.702%		5/15/48		BBB–		1,022,622
	4,869		JPMorgan Madison Avenue Securities Trust, Mortgage Pass-Through Certificates, Series 2014-1		2.672%		11/25/24		BBB–		4,881,001
	379		Lehman Mortgage Trust, Mortgage Pass-Through Certificates, Series 2008-6		5.266%		4/25/38		BB+		382,212
	2,749		Master RePerforming Loan Trust 2005-1		7.500%		8/25/34		Ba3		2,861,802
	230		Merrill Lynch Mortgage Investors Inc, Commercial Mortgage Pass-Through Certificates, Series 2006		5.204%		12/12/49		AA		236,037
	1,000		ML_CFC Commercial Mortgage Trust, Pass-Through Certificates, Series 2007-8		5.877%		8/12/49		BB		1,025,157
	1,955		Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22		4.243%		4/17/48		BBB–		1,586,993
	115		Oaktree Real Estate Investments, Commercial Mortgage Asset Backed Securities ORES NPL LLC 2013-LV2I, 144A		3.081%		9/25/25		N/R		115,336
	436		RBSSP Resecuritization Trust, Series 2012-8 1A1		0.419%		10/28/36		N/R		421,766

Nuveen Investments 69

Nuveen Strategic Income Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)			Description (1)	Coupon		Maturity		Ratings (4)		Value
			ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	118		Residential Accredit Loans Inc., Mortgage Asset-Backed Pass-Through Certificates, Series 2005-QS12		5.500%		8/25/35		Caa2	$	105,698
	385		Wachovia Mortgage Loan Trust LLC, Mortgage Pass-Through Certificates, Series 2005-B		2.762%		10/20/35		D		334,678
	291		Washington Mutual Mortgage Securities Corporation, Mortgage Pass-Through Certificates, Series 2004-RA3		6.356%		8/25/38		AA		307,507
	3,430		Wells Fargo Commercial Mortgage Trust, Commercial Mortgage-Pass-Through Certificates, Series 2015-C26		3.586%		2/18/48		BBB–		2,552,450
	19		Wells Fargo Mortgage Backed Securities, 2005-AR16 Class 3A2		2.708%		10/25/35		A+		18,867
	1,352		Wells Fargo-RBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2013-C15		4.480%		8/17/46		BBB–		1,244,246
$	96,062		Total Asset-Backed and Mortgage-Backed Securities (cost $93,720,949)								93,917,665
Principal Amount (000) (9)			Description (1)	Coupon		Maturity		Ratings (4)		Value
			SOVEREIGN DEBT – 5.6%
			Colombia – 0.1%
$	850		Republic of Colombia		8.125%		5/21/24		BBB	$	1,019,150
			Costa Rica – 0.5%
	5,200		Republic of Costa Rica, 144A		7.000%		4/04/44		Ba1		4,335,500
			Dominican Republic – 0.4%
	3,500		Dominican Republic, 144A		5.500%		1/27/25		BB–		3,368,750
			Indonesia – 0.3%
	2,700		Republic of Indonesia, 144A, (5)		4.750%		1/08/26		BBB–		2,666,687
			Mexico – 2.1%
	74,700	MXN	Mexico Bonos de DeSarrollo		8.500%		12/13/18		A		4,767,979
	72,550	MXN	Mexico Bonos de DeSarrollo		8.000%		12/07/23		A		4,711,623
	60,500	MXN	Mexico Bonos de DeSarrollo		10.000%		12/05/24		A		4,419,050
	84,800	MXN	Mexico Bonos de DeSarrollo		7.750%		11/13/42		A		5,376,525
			Total Mexico								19,275,177
			Portugal – 0.5%
	4,300	EUR	Portugal Obrigacoes do Tesouro, 144A, Reg S		2.875%		10/15/25		Ba1		4,809,979
			South Africa – 1.3%
	64,000	ZAR	Republic of South Africa		8.000%		12/21/18		BBB+		4,038,717
	3,250		Republic of South Africa, (5)		5.875%		9/16/25		Baa2		3,322,183
	102,270	ZAR	Republic of South Africa		7.000%		2/28/31		Baa2		5,036,485
			Total South Africa								12,397,385
			Sri Lanka – 0.3%
	2,600		Republic of Sri Lanka, 144A (5)		6.850%		11/03/25		BB–		2,449,140

70 Nuveen Investments

Principal Amount (000) (9)		Description (1)	Coupon		Maturity		Ratings (4)		Value
		Uruguay – 0.1%
$	850	Republic of Uruguay		5.100%		6/18/50		BBB	$	733,125
		Total Sovereign Debt (cost $64,928,184)								51,054,893
		Total Long-Term Investments (cost $968,105,225)								898,649,534
Shares		Description (1)	Coupon						Value
		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 13.0%
		Money Market Funds – 13.0%
	119,270,506	Mount Vernon Securities Lending Trust Prime Portfolio, (13)		0.473% (12)					$	119,270,506
		Total Investments Purchased with Collateral from Securities Lending (cost $119,270,506)								119,270,506
Shares		Description (1)	Coupon						Value
		SHORT-TERM INVESTMENTS – 4.8%
		Money Market Funds – 4.8%
	43,922,615	First American Treasury Obligations Fund, Class Z		0.108% (12)					$	43,922,615
		Total Short-Term Investments (cost $43,922,615)								43,922,615
		Total Investments (cost $1,131,298,346) – 115.5%								1,061,842,655
		Other Assets Less Liabilities – (15.5)% (14)								(142,261,763	)
		Net Assets – 100%							$	919,580,892

Investments in Derivatives as of December 31, 2015

Forward Foreign Currency Exchange Contracts outstanding:

Counterparty	Currency Contracts to Deliver	Amount (Local Currency)		In Exchange For Currency		Amount (Local Currency)		Settlement Date		Unrealized Appreciation (Depreciation) (U.S. Dollars)
Bank of America, N.A.	Euro		4,938,000		U.S. Dollar		5,438,338		1/29/16	$	68,018
Bank of America, N.A.	Mexican Peso		339,710,000		U.S. Dollar		19,878,869		1/29/16		210,350
Bank of America, N.A.	Pound Sterling		1,530,000		U.S. Dollar		2,331,491		1/22/16		75,831
Bank of America, N.A.	U.S. Dollar		91,560		Euro		84,000		1/29/16		(206	)
Bank of America, N.A.	U.S. Dollar		183,066		Mexican Peso		3,180,000		1/29/16		1,050
Goldman Sachs Bank USA	Canadian Dollar		7,559,000		U.S. Dollar		5,590,976		1/29/16		127,745
Goldman Sachs Bank USA	U.S. Dollar		367,557		Canadian Dollar		510,000		1/29/16		1,043
Nomura International PLC	South African Rand		421,950,000		U.S. Dollar		28,804,407		1/29/16		1,668,156
Nomura International PLC	U.S. Dollar		4,811,386		South African Rand		76,400,000		1/29/16		102,015
Nomura International PLC	U.S. Dollar		13,013,845		South African Rand		206,600,000		1/29/16		272,917
										$	2,526,919

Interest Rate Swaps outstanding:

Counterparty	Notional Amount		Fund Pay/Receive Floating Rate		Floating Rate Index		Fixed Rate (Annualized)			Fixed Rate Payment Frequency		Termination Date		Value			Variation Margin Receivable/ (Payable)		Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank, N.A.	$	21,000,000		Receive		3-Month USD- LIBOR-ICE		2.113	%		Semi- Annually		2/21/22	$	(477,249	)		N/A	$	(477,249	)
JPMorgan Chase Bank, N.A.		10,800,000		Receive		3-Month USD- LIBOR-ICE		2.078			Semi- Annually		2/19/23		(168,391	)		N/A		(168,391	)
Morgan Stanley Capital Services LLC*		26,000,000		Receive		3-Month USD- LIBOR-ICE		2.743			Semi- Annually		4/15/24		(1,458,532	)	$	1,450,820		(1,458,532	)
	$	57,800,000												$	(2,104,172	)	$	1,450,820	$	(2,104,172	)

* Citigroup Global Markets, Inc. is the clearing broker for this transaction.

Nuveen Investments 71

Nuveen Strategic Income Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts			Contract Expiration		Notional Amount at Value*			Variation Margin Receivable/ (Payable)			Unrealized Appreciation (Depreciation)
Euro-Bund		Long		45			3/16	$	7,722,921		$	102		$	(17,271	)
U.S. Treasury 10-Year Note		Short		(1,564	)		3/16		(196,917,375	)		(464,303	)		611,357
U.S. Treasury Long Bond		Long		14			3/16		2,152,500			7,000			2,053
U.S. Treasury Ultra Bond		Long		276			3/16		43,797,750			276,000			296,897
								$	(143,244,204	)	$	(181,201	)	$	893,036

* Total aggregate Notional Amount at Value of long and short positions is $53,673,171 and $(196,917,375), respectively.

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.

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

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

(3) Investment valued at fair value using methods determined in good faith by, or at discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

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

(5) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $114,782,278.

(6) Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

(7) Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period.

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

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

(10) Perpetual security. Maturity date is not applicable.

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

(12) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

(13) 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 and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information.

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

(15) For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

(I/O) Interest only.

GDR Global Depositary Receipt

RegS Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

TBA To be announced. Maturity date not known prior to settlement of this transaction.

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

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

CAD Canadian Dollar

EUR Euro

GBP Pound Sterling

MXN Mexican Peso

ZAR South African Rand

See accompanying notes to financial statements.

72 Nuveen Investments

Nuveen U.S. Infrastructure Bond Fund

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		LONG-TERM INVESTMENTS – 98.1%
		CORPORATE BONDS – 33.9%
		Commercial Services & Supplies – 1.7%
$	50	ADS Waste Holdings Inc.		8.250%		10/01/20		CCC+	$	50,375
	50	Casella Waste Systems Inc.		7.750%		2/15/19		B–		49,625
	40	Covanta Holding Corporation		5.875%		3/01/24		Ba3		36,200
	140	Total Commercial Services & Supplies								136,200
		Construction & Engineering – 0.6%
	50	AECOM Technology Corporation		5.875%		10/15/24		BB–		51,000
		Diversified Telecommunication Services – 1.9%
	50	CyrusOne LP Finance		6.375%		11/15/22		B+		51,500
	50	Qualitytech LP/QTS Finance Corp.		5.875%		8/01/22		BB–		51,000
	50	SBA Communications Corporation		4.875%		7/15/22		B		49,250
	150	Total Diversified Telecommunication Services								151,750
		Electric Utilities – 4.4%
	65	Exelon Generation Co. LLC		4.250%		6/15/22		BBB		65,860
	95	Mississippi Power Company		4.250%		3/15/42		A–		72,628
	40	Northern States Power Company		2.600%		5/15/23		Aa3		38,989
	70	PPL Capital Funding Inc.		3.500%		12/01/22		BBB+		70,551
	60	PPL Energy Supply LLC, 144A		6.500%		6/01/25		Ba3		39,600
	70	Progress Energy, Inc.		3.150%		4/01/22		BBB+		68,742
	400	Total Electric Utilities								356,370
		Energy Equipment & Services – 0.4%
	50	Compressco Partners LP / Compressco Finance Corporation		7.250%		8/15/22		B		37,000
		Gas Utilities – 1.3%
	50	AmeriGas Finance LLC		7.000%		5/20/22		Ba2		48,375
	20	Ferrellgas LP		6.750%		1/15/22		B+		16,850
	50	Suburban Propane Partners LP		5.750%		3/01/25		BB–		40,500
	120	Total Gas Utilities								105,725
		Health Care Equipment & Supplies – 0.6%
	55	Tenet Healthcare Corporation		6.750%		2/01/20		B3		52,250
		Health Care Providers & Services – 4.4%
	50	Acadia Healthcare		5.625%		2/15/23		B–		47,250
	50	Community Health Systems, Inc.		6.875%		2/01/22		B+		47,438
	75	HCA Inc.		5.375%		2/01/25		BB		74,063
	50	IASIS Healthcare Capital Corporation		8.375%		5/15/19		CCC+		46,000

Nuveen Investments 73

Nuveen U.S. Infrastructure Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Health Care Providers & Services (continued)
$	50	Kindred Healthcare Inc.		6.375%		4/15/22		B2	$	41,500
	60	Select Medical Corporation		6.375%		6/01/21		B–		52,500
	50	Surgical Care Affiliates Inc., 144A		6.000%		4/01/23		B–		48,750
	385	Total Health Care Providers & Services								357,501
		Independent Power & Renewable Electricity Producers – 1.2%
	50	Dynegy Inc.		7.625%		11/01/24		B+		42,740
	65	GenOn Energy Inc.		9.500%		10/15/18		B–		52,509
	115	Total Independent Power & Renewable Electricity Producers								95,249
		Internet Software & Services – 0.5%
	40	Equinix Inc.		5.750%		1/01/25		BB		40,900
		IT Services – 0.6%
	50	Zayo Group LLC / Zayo Capital Inc.		6.000%		4/01/23		B–		47,250
		Multi-Utilities – 1.2%
	100	Public Service Electric & Gas Company		4.050%		5/01/45		Aa3		97,928
		Oil, Gas & Consumable Fuels – 9.3%
	90	Berkshire Hathaway Energy Company		3.750%		11/15/23		A3		92,366
	70	Calumet Specialty Products		7.625%		1/15/22		B+		59,500
	25	Crestwood Midstream Partners LP		6.125%		3/01/22		BB		17,375
	50	Energy Transfer Equity LP		5.500%		6/01/27		BB+		38,000
	70	Enterprise Products Operating Group LLP		3.350%		3/15/23		BBB+		63,324
	50	Global Partners LP/GLP Finance		6.250%		7/15/22		B+		40,000
	70	Kinder Morgan Energy Partners, LP		3.500%		9/01/23		BBB–		58,071
	56	Martin Mid-Stream Partners LP Finance		7.250%		2/15/21		B–		49,280
	55	MPLX LP		4.000%		2/15/25		BBB–		46,245
	50	NGL Energy Partners LP/Fin Co		5.125%		7/15/19		BB–		39,500
	10	NGL Energy Partners LP/Fin Co		6.875%		10/15/21		BB–		7,500
	10	Northern Tier Energy LLC		7.125%		11/15/20		BB–		10,100
	85	Rose Rock Midstream LP / Rose Rock Finance Corporation		5.625%		7/15/22		B1		60,350
	25	Sabine Pass Liquefaction LLC		6.250%		3/15/22		BB+		23,125
	100	Southeast Supply Header LLC, 144A		4.250%		6/15/24		BBB–		95,962
	15	Summit Midstream Holdings LLC Finance		7.500%		7/01/21		B		12,750
	50	Western Refining Inc.		6.250%		4/01/21		B+		48,000
	881	Total Oil, Gas & Consumable Fuels								761,448
		Real Estate Investment Trust – 1.9%
	100	American Tower Company		5.000%		2/15/24		BBB		105,860
	60	Communications Sales & Leasing Inc.		8.250%		10/15/23		BB		51,150
	160	Total Real Estate Investment Trust								157,010

74 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Road & Rail – 3.9%
$	95	Burlington Northern Santa Fe Corporation		4.375%		9/01/42		A3	$	89,815
	90	Norfolk Southern Corporation		3.850%		1/15/24		BBB+		91,684
	85	Union Pacific Corporation		4.750%		12/15/43		A		91,394
	50	Watco Companies LLC Finance, 144A		6.375%		4/01/23		B		49,250
	320	Total Road & Rail								322,143
$	3,016	Total Corporate Bonds (cost $3,049,983)								2,769,724
Principal Amount (000)		Description (1)			Optional Call Provisions (3)		Ratings (2)		Value
		MUNICIPAL BONDS – 64.2%
		Arizona – 4.2%
$	110	Phoenix, Arizona, Various Purpose General Obligation Bonds, Build America Taxable Bonds, Series 2009A, 5.269%, 7/01/34				No Opt. Call		AA+	$	128,855
	80	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Build America Bonds, Series 2010A, 4.839%, 1/01/41				No Opt. Call		Aa1		91,409
	105	Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28				No Opt. Call		BBB+		126,634
	295	Total Arizona								346,898
		California – 12.9%
	275	Alameda Corridor Transportation Authority, California, User Fee Revenue Bonds, Subordinate Lien Series 2004B, 0.000%, 10/01/31 – AMBAC Insured				No Opt. Call		BBB+		104,896
	100	Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Build America Federally Taxable Bond Series 2009F-2, 6.263%, 4/01/49				No Opt. Call		AA		134,873
	100	California State, Various Purpose General Obligation Bonds, Build America Federally Taxable Bonds, Series 2009, 7.550%, 4/01/39				No Opt. Call		AA–		145,745
	110	Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Build America Taxable Bonds, Series 2009C, 6.582%, 5/15/39				No Opt. Call		AA–		141,266
	100	Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Federally Taxable – Direct Payment – Build America Bonds, Series 2010A, 5.716%, 7/01/39				No Opt. Call		AA–		120,809
	10	Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Build America Taxable Bonds, Series 2009C, 6.008%, 7/01/39				No Opt. Call		AA		12,252
	95	Sacramento Municipal Utility District, California, Electric Revenue Bonds, Federally Taxable Build America Bonds, Series 2010W, 6.156%, 5/15/36				No Opt. Call		AA–		115,729
	130	San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Build America Taxable Bonds, Series 2010E, 6.000%, 11/01/40				No Opt. Call		AA–		158,918
	100	University of California, General Revenue Bonds, Build America Taxable Bonds, Series 2009R, 5.770%, 5/15/43				No Opt. Call		AA		122,334
	1,020	Total California								1,056,822
		Colorado – 2.1%
	100	Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement, Build America Bond Series 2010D-4, 6.615%, 11/15/40				No Opt. Call		AA		133,046

Nuveen Investments 75

Nuveen U.S. Infrastructure Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (3)		Ratings (2)		Value
		Colorado (continued)
$	100	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 9/01/35 – NPFG Insured		9/26 at 63.78		AA–	$	42,220
	200	Total Colorado						175,266
		Illinois – 9.1%
	70	Chicago Greater Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Build America Taxable Bonds, Series 2009, 5.720%, 12/01/38		No Opt. Call		AAA		80,560
	105	Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Federally Taxable Build America Bonds, Series 2010B, 6.200%, 12/01/40		No Opt. Call		AA		113,591
	100	Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien, Build America Taxable Bond Series 2010B, 6.845%, 1/01/38		1/20 at 100.00		A		112,132
	110	Illinois State, General Obligation Bonds, Taxable Build America Bonds, Series 2010-1, 6.630%, 2/01/35		No Opt. Call		A–		113,967
	150	Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Build America Taxable Bonds, Senior Lien Series 2009A, 6.184%, 1/01/34		No Opt. Call		AA–		187,100
	120	Northern Illinois Municipal Power Agency, Power Project Revenue Bonds, Prairie State Project, Build America Bond Series 2009C, 6.859%, 1/01/39		No Opt. Call		A2		138,577
	655	Total Illinois						745,927
		Kansas – 1.0%
	75	Kansas Department of Transportation, Highway Revenue Bonds, Build America Taxable Bond Series 2010A, 4.596%, 9/01/35		No Opt. Call		AAA		81,291
		Louisiana – 1.6%
	120	East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Build America Taxable Bonds, Series 2010B, 6.087%, 2/01/45		2/20 at 100.00		AA		132,096
		Massachusetts – 0.2%
	10	Massachusetts State, General Obligation Bonds, Consolidated Loan, Build America Taxable Bonds, Series 2010, 5.456%, 12/01/39		No Opt. Call		AA+		12,090
		Missouri – 0.9%
	60	Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Build America Bond Series 2009A, 7.730%, 1/01/39		No Opt. Call		A		76,117
		New Jersey – 4.8%
	50	New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 5.250%, 9/15/29 (Alternative Minimum Tax)		9/22 at 101.00		BB–		54,799
	25	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Build America Bonds Issuer Subsidy Program, Series 2009B, 6.875%, 12/15/39		6/19 at 100.00		A–		26,252
	100	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Build America Bonds Issuer Subsidy Program, Series 2010C, 6.104%, 12/15/28		12/20 at 100.00		A–		104,523
	150	New Jersey Turnpike Authority, Revenue Bonds, Build America Taxable Bonds, Series 2010A, 7.102%, 1/01/41		No Opt. Call		A+		207,125
	325	Total New Jersey						392,699
		New York – 7.5%
	105	Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Build America Taxable Bonds, Series 2010A-2, 6.089%, 11/15/40		No Opt. Call		AA		133,081

76 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (3)		Ratings (2)		Value
		New York (continued)
$	100	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Build America Taxable Bonds, Series 2010B-1, 6.648%, 11/15/39		No Opt. Call		AA–	$	130,309
	100	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Build America Taxable Bonds, Fiscal 2011 Series AA, 5.790%, 6/15/41		6/20 at 100.00		AA+		110,348
	100	New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Build America Taxable Bond Fiscal 2011 Series 2010S-1B, 6.828%, 7/15/40		No Opt. Call		AA		132,276
	100	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-First Series 2014, 4.960%, 8/01/46		No Opt. Call		AA–		108,369
	505	Total New York						614,383
		Ohio – 4.2%
	100	American Municipal Power Inc., Ohio, Combined Hydroelectric Projects Revenue Bonds, Build America Bond Series 2009B, 6.449%, 2/15/44		No Opt. Call		A		119,454
	100	JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Taxable Series 2013B, 4.532%, 1/01/35		No Opt. Call		AA		106,165
	105	Ohio State University, General Receipts Bonds, Build America Taxable Bond Series 2010C, 4.910%, 6/01/40		No Opt. Call		Aa1		118,103
	305	Total Ohio						343,722
		Oregon – 1.5%
	100	Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Federally Taxable Build America Bonds, Series 2010A, 5.834%, 11/15/34		No Opt. Call		AA+		125,977
		Pennsylvania – 3.0%
	100	Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Build America Taxable Bonds, Series 2009D, 6.218%, 6/01/39		No Opt. Call		A+		116,404
	100	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Build America Taxable Bonds, Series 2009A, 6.105%, 12/01/39		No Opt. Call		A1		124,164
	200	Total Pennsylvania						240,568
		Tennessee – 1.6%
	100	Metropolitan Government Nashville & Davidson County Convention Center Authority, Tennessee, Tourism Tax Revenue Bonds, Build America Taxable Bonds, Subordinate Lien Series 2010B, 6.731%, 7/01/43		No Opt. Call		Aa3		127,362
		Texas – 5.0%
	40	Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Build America Taxable Bond Series 2010B, 4.922%, 12/01/41		No Opt. Call		AA+		45,726
	100	Dallas County Hospital District, Texas, General Obligation Limited Tax Bonds, Build America Taxable Bonds, Series 2009C, 5.621%, 8/15/44		No Opt. Call		AA+		123,807
	100	North Texas Tollway Authority, System Revenue Bonds, Taxable Build America Bonds, Series 2010-B2, 8.910%, 2/01/30		2/20 at 100.00		Baa2		118,587
	95	Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.500%, 6/30/33		6/20 at 100.00		Baa3		117,887
	335	Total Texas						406,007

Nuveen Investments 77

Nuveen U.S. Infrastructure Bond Fund (continued)

Portfolio of Investments December 31, 2015 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (3)		Ratings (2)		Value
		Virginia – 3.1%
$	100	Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Build America Bonds, Series 2009D, 7.462%, 10/01/46 – AGC Insured		No Opt. Call		BBB+	$	134,823
	100	Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Build America Taxable Bonds, Series 2010A-2, 5.350%, 5/15/35		No Opt. Call		AA+		115,253
	200	Total Virginia						250,076
		Washington – 1.5%
	100	Central Puget Sound Regional Transit Authority, Washington, Sales and Use Tax Revenue Bonds, Build America Taxable Bonds, Series 2009S-2T, 5.491%, 11/01/39		No Opt. Call		AAA		122,240
$	4,605	Total Municipal Bonds (cost $5,167,680)						5,249,541
		Total Long-Term Investments (cost $8,217,663)						8,019,265
		Other Assets Less Liabilities – 1.9% (4)						152,369
		Net Assets – 100%					$	8,171,634

Investments in Derivatives as of December 31, 2015

Futures Contracts outstanding:

Description	Contract Position		Number of Contracts			Contract Expiration		Notional Amount at Value			Variation Margin Receivable/ (Payable)			Unrealized Appreciation (Depreciation)
U.S. Treasury Long Bond		Short		(7	)		3/16	$	(1,076,250	)	$	(3,500	)	$	1,177

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.

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

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

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

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

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

See accompanying notes to financial statements.

78 Nuveen Investments

Statement of

Assets and Liabilities December 31, 2015 (Unaudited)

	Global Total Return Bond		High Income Bond		Strategic Income		U.S. Infrastructure Bond
Assets
Long-term investments, at value (cost $14,900,307, $428,822,528, $968,105,225 and $8,217,663, respectively)	$	13,711,383	$	336,255,249	$	898,649,534	$	8,019,265
Investments purchased with collateral from securities lending, at value (cost approximates value)		—		20,019,220		119,270,506		—
Short-term investments, at value (cost approximates value)		887,323		15,854,091		43,922,615		—
Cash denominated in foreign currencies (cost $31,780, $160,035, $1,418,406 and $—, respectively)		31,532		161,550		1,387,389		—
Cash		—		—		—		30,235
Cash collateral at brokers(1)		64,225		154,400		2,165,268		27,720
Unrealized appreciation on forward foreign currency exchange contracts, net		16,421		355,221		2,526,919		—
Receivable for:
Dividends		1,359		235,646		70,392		—
Due from broker		—		23,189		45,841		—
Interest		162,660		7,632,284		12,198,276		119,148
Investments sold		505,225		1,050,496		68,881		—
Reclaims		5,088		—		—		—
Reimbursement from Adviser		7,740		—		—		3,766
Shares sold		25,685		1,742,042		1,514,268		2,052
Variation margin on futures contracts		—		43,343		283,102		—
Variation margin on swap contracts		—		—		1,450,820		—
Other assets		11,981		97,375		77,546		15,314
Total assets		15,430,622		383,624,106		1,083,631,357		8,217,500
Liabilities
Cash overdraft		—		12		15		—
Unrealized depreciation on:
Forward foreign currency exchange contracts		46,594		—		—		—
Interest rate swaps		4,795		—		645,640		—
Payable for:
Collateral from securities lending program		—		20,019,220		119,270,506		—
Dividends		42,913		1,273,422		1,787,968		24,624
Investments purchased		1,404,364		—		36,973,289		—
Shares redeemed		3,049		4,536,196		4,041,118		583
Variation margin on futures contracts		1,266		13,922		464,303		3,500
Variation margin on swap contracts		4,550		—		—		—
Accrued expenses:
Management fees		—		202,418		327,101		—
Directors/Trustees fees		86		30,711		35,929		44
12b-1 distribution and service fees		488		56,968		138,436		156
Other		57,563		220,596		366,160		16,959
Total liabilities		1,565,668		26,353,465		164,050,465		45,866
Net assets	$	13,864,954	$	357,270,641	$	919,580,892	$	8,171,634

(1) Cash pledged to collateralize the net payment obligations for investments in derivatives.

See accompanying notes to financial statements.

Nuveen Investments 79

Statement of Assets and Liabilities (Unaudited) (continued)

	Global Total Return Bond			High Income Bond			Strategic Income			U.S. Infrastructure Bond
Class A Shares
Net assets	$	1,387,278		$	90,852,349		$	231,212,532		$	526,854
Shares outstanding		80,015			13,206,805			22,692,989			27,561
Net asset value (“NAV”) per share	$	17.34		$	6.88		$	10.19		$	19.12
Offering price per share (NAV per share plus maximum sales charge of 4.75%, 4.75%, 4.25% and 4.25%, respectively, of offering price)	$	18.20		$	7.22		$	10.64		$	19.97
Class C Shares
Net assets	$	199,249		$	38,853,289		$	96,674,962		$	47,808
Shares outstanding		11,437			5,656,320			9,545,109			2,500
NAV and offering price per share	$	17.42		$	6.87		$	10.13		$	19.12
Class R3 Shares
Net assets	$	42,600		$	833,993		$	8,472,219		$	—
Shares outstanding		2,449			118,767			828,451			—
NAV and offering price per share	$	17.39		$	7.02		$	10.23		$	—
Class R6 Shares
Net assets	$	—		$	—		$	32,504,246		$	—
Shares outstanding		—			—			3,191,589			—
NAV and offering price per share	$	—		$	—		$	10.18		$	—
Class I Shares
Net assets	$	12,235,827		$	226,731,010		$	550,716,933		$	7,596,972
Shares outstanding		703,049			32,876,721			54,095,539			397,406
NAV and offering price per share	$	17.40		$	6.90		$	10.18		$	19.12
Net assets consist of:
Capital paid-in	$	16,644,132		$	519,987,862		$	1,053,285,686		$	8,575,059
Undistributed (Over-distribution of) net investment income		(478,903	)		4,034,209			13,695,708			(30,745	)
Accumulated net realized gain (loss)		(1,054,383	)		(74,557,991	)		(79,279,922	)		(175,459	)
Net unrealized appreciation (depreciation)		(1,245,892	)		(92,193,439	)		(68,120,580	)		(197,221	)
Net assets	$	13,864,954		$	357,270,641		$	919,580,892		$	8,171,634
Authorized shares – per class		Unlimited			2 billion			2 billion			Unlimited
Par value per share	$	0.01		$	0.0001		$	0.0001		$	0.01

See accompanying notes to financial statements.

80 Nuveen Investments

Statement of

Operations Six Months Ended December 31, 2015 (Unaudited)

	Global Total Return Bond			High Income Bond			Strategic Income			U.S. Infrastructure Bond
Investment Income
Dividend income (net of foreign tax withheld of $—, $338, $— and $—, respectively)	$	8,972		$	1,632,604		$	595,126		$	—
Interest income (net of foreign tax withheld of $—, $1,476, $138 and $—, respectively)		377,702			20,988,918			29,628,517			203,765
Securities lending income, net		—			189,777			269,401			—
Total investment income		386,674			22,811,299			30,493,044			203,765
Expenses
Management fees		45,033			1,526,013			2,822,389			25,297
12b-1 service fees – Class A Shares		1,956			147,147			332,048			437
12b-1 distribution and service fees – Class C Shares		945			240,581			532,105			357
12b-1 distribution and service fees – Class R3 Shares		110			2,430			29,274			—
Shareholder servicing agent fees		1,430			229,106			429,830			1,661
Custodian fees		37,136			83,101			164,756			17,821
Directors/Trustees fees		204			6,723			14,396			103
Professional fees		21,397			35,688			62,677			7,390
Shareholder reporting expenses		10,939			27,946			67,955			5,268
Federal and state registration fees		23,038			43,275			72,116			21,131
Other		6,243			91,869			23,479			2,470
Total expenses before fee waiver/expense reimbursement		148,431			2,433,879			4,551,025			81,935
Fee waiver/expense reimbursement		(88,457	)		—			(529,309	)		(52,141	)
Net expenses		59,974			2,433,879			4,021,716			29,794
Net investment income (loss)		326,700			20,377,420			26,471,328			173,971
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		(1,071,039	)		(44,784,791	)		(40,208,644	)		(58,864	)
Forward foreign currency exchange contracts		206,968			1,991,908			11,065,782			—
Futures contracts		(5,490	)		25,266			(2,646,881	)		(12,194	)
Swaps		(18,736	)		(1,288,860	)		(3,869,940	)		—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(36,389	)		(51,154,647	)		(45,164,647	)		(103,203	)
Forward foreign currency exchange contracts		77,055			182,103			1,919,659			—
Futures contracts		(19,688	)		302,559			1,296,817			(28,119	)
Swaps		(26,647	)		250,790			(274,558	)		—
Net realized and unrealized gain (loss)		(893,966	)		(94,475,672	)		(77,882,412	)		(202,380	)
Net increase (decrease) in net assets from operations	$	(567,266	)	$	(74,098,252	)	$	(51,411,084	)	$	(28,409	)

See accompanying notes to financial statements.

Nuveen Investments 81

Statement of

Changes in Net Assets (Unaudited)

	Global Total Return Bond						High Income Bond
	Six Months Ended 12/31/15			Year Ended 6/30/15			Six Months Ended 12/31/15			Year Ended 6/30/15
Operations
Net investment income (loss)	$	326,700		$	782,049		$	20,377,420		$	52,325,710
Net realized gain (loss) from:
Investments and foreign currency		(1,071,039	)		(326,542	)		(44,784,791	)		(34,123,226	)
Forward foreign currency exchange contracts		206,968			(250,808	)		1,991,908			13,219,277
Futures contracts		(5,490	)		(182,445	)		25,266			(578,896	)
Swaps		(18,736	)		13,589			(1,288,860	)		(1,827,472	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(36,389	)		(1,418,081	)		(51,154,647	)		(73,863,867	)
Forward foreign currency exchange contracts		77,055			(103,660	)		182,103			146,922
Futures contracts		(19,688	)		13,462			302,559			(352,543	)
Swaps		(26,647	)		(28,185	)		250,790			320,392
Net increase (decrease) in net assets from operations		(567,266	)		(1,500,621	)		(74,098,252	)		(44,733,703	)
Distributions to Shareholders
From net investment income:
Class A Shares		(31,174	)		(64,249	)		(4,103,361	)		(10,263,959	)
Class C Shares		(3,028	)		(6,623	)		(1,478,132	)		(3,494,239	)
Class R3 Shares		(824	)		(1,868	)		(32,536	)		(68,691	)
Class R6 Shares		—			—			—			—
Class I Shares		(299,064	)		(798,173	)		(13,010,594	)		(37,801,973	)
From accumulated net realized gains:
Class A Shares		—			(20,483	)		—			(1,298,112	)
Class C Shares		—			(2,560	)		—			(551,922	)
Class R3 Shares		—			(670	)		—			(10,919	)
Class R6 Shares		—			—			—			—
Class I Shares		—			(250,904	)		—			(5,141,766	)
Decrease in net assets from distributions to shareholders		(334,090	)		(1,145,530	)		(18,624,623	)		(58,631,581	)
Fund Share Transactions
Proceeds from sale of shares		200,876			1,078,129			128,898,742			477,217,806
Proceeds from shares issued to shareholders due to reinvestment of distributions		72,527			364,059			8,754,582			25,563,889
		273,403			1,442,188			137,653,324			502,781,695
Cost of shares redeemed		(4,326,488	)		(688,048	)		(310,004,909	)		(779,613,360	)
Net increase (decrease) in net assets from Fund share transactions		(4,053,085	)		754,140			(172,351,585	)		(276,831,665	)
Net increase (decrease) in net assets		(4,954,441	)		(1,892,011	)		(265,074,460	)		(380,196,949	)
Net assets at the beginning of period		18,819,395			20,711,406			622,345,101			1,002,542,050
Net assets at the end of period	$	13,864,954		$	18,819,395		$	357,270,641		$	622,345,101
Undistributed (Over-distribution of) net investment income at the end of period	$	(478,903	)	$	(471,513	)	$	4,034,209		$	2,281,412

See accompanying notes to financial statements.

82 Nuveen Investments

	Strategic Income						U.S. Infrastructure Bond
	Six Months Ended 12/31/15			Year Ended 6/30/15			Six Months Ended 12/31/15			Year Ended 6/30/15
Operations
Net investment income (loss)	$	26,471,328		$	47,638,574		$	173,971		$	314,543
Net realized gain (loss) from:
Investments and foreign currency		(40,208,644	)		(9,317,210	)		(58,864	)		3,619
Forward foreign currency exchange contracts		11,065,782			18,051,609			—			—
Futures contracts		(2,646,881	)		(6,149,196	)		(12,194	)		(106,378	)
Swaps		(3,869,940	)		(863,146	)		—			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(45,164,647	)		(56,122,617	)		(103,203	)		(212,989	)
Forward foreign currency exchange contracts		1,919,659			790,473			—			—
Futures contracts		1,296,817			(495,755	)		(28,119	)		44,447
Swaps		(274,558	)		(1,179,760	)		—			—
Net increase (decrease) in net assets from operations		(51,411,084	)		(7,647,028	)		(28,409	)		43,242
Distributions to Shareholders
From net investment income:
Class A Shares		(6,619,411	)		(10,648,005	)		(8,456	)		(6,013	)
Class C Shares		(2,231,304	)		(3,444,106	)		(1,292	)		(2,019	)
Class R3 Shares		(277,097	)		(433,800	)		—			—
Class R6 Shares		(711,132	)		(447,293	)		—			—
Class I Shares		(17,914,260	)		(37,555,701	)		(188,033	)		(325,689	)
From accumulated net realized gains:
Class A Shares		—			—			—			—
Class C Shares		—			—			—			—
Class R3 Shares		—			—			—			—
Class R6 Shares		—			—			—			—
Class I Shares		—			—			—			—
Decrease in net assets from distributions to shareholders		(27,753,204	)		(52,528,905	)		(197,781	)		(333,721	)
Fund Share Transactions
Proceeds from sale of shares		124,964,373			804,277,621			503,664			1,695,746
Proceeds from shares issued to shareholders due to reinvestment of distributions		15,789,450			26,744,855			32,790			27,419
		140,753,823			831,022,476			536,454			1,723,165
Cost of shares redeemed		(347,236,732	)		(359,677,544	)		(292,246	)		(392,069	)
Net increase (decrease) in net assets from Fund share transactions		(206,482,909	)		471,344,932			244,208			1,331,096
Net increase (decrease) in net assets		(285,647,197	)		411,168,999			18,018			1,040,617
Net assets at the beginning of period		1,205,228,089			794,059,090			8,153,616			7,112,999
Net assets at the end of period	$	919,580,892		$	1,205,228,089		$	8,171,634		$	8,153,616
Undistributed (Over-distribution of) net investment income at the end of period	$	13,695,708		$	14,977,584		$	(30,745	)	$	(6,935	)

See accompanying notes to financial statements.

Nuveen Investments 83

Financial

Highlights (Unaudited)

Global Total Return Bond

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended June 30,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (12/11)
2016(f)	$	18.35	$	0.35	$	(1.00	)	$	(0.65	)	$	(0.36	)	$	—		$	(0.36	)	$	17.34
2015		20.97		0.73		(2.26	)		(1.53	)		(0.82	)		(0.27	)		(1.09	)		18.35
2014		20.54		0.79		0.68			1.47			(0.73	)		(0.31	)		(1.04	)		20.97
2013		21.19		0.72		(0.14	)		0.58			(0.86	)		(0.37	)		(1.23	)		20.54
2012(d)		20.00		0.41		1.07			1.48			(0.29	)		—			(0.29	)		21.19
Class C (12/11)
2016(f)		18.44		0.28		(1.01	)		(0.73	)		(0.29	)		—			(0.29	)		17.42
2015		21.04		0.58		(2.26	)		(1.68	)		(0.65	)		(0.27	)		(0.92	)		18.44
2014		20.58		0.63		0.70			1.33			(0.56	)		(0.31	)		(0.87	)		21.04
2013		21.18		0.56		(0.10	)		0.46			(0.69	)		(0.37	)		(1.06	)		20.58
2012(d)		20.00		0.29		1.13			1.42			(0.24	)		—			(0.24	)		21.18
Class R3 (12/11)
2016(f)		18.41		0.33		(1.01	)		(0.68	)		(0.34	)		—			(0.34	)		17.39
2015		21.03		0.68		(2.27	)		(1.59	)		(0.76	)		(0.27	)		(1.03	)		18.41
2014		20.58		0.74		0.69			1.43			(0.67	)		(0.31	)		(0.98	)		21.03
2013		21.20		0.66		(0.11	)		0.55			(0.80	)		(0.37	)		(1.17	)		20.58
2012(d)		20.00		0.35		1.13			1.48			(0.28	)		—			(0.28	)		21.20
Class I (12/11)
2016(f)		18.42		0.38		(1.02	)		(0.64	)		(0.38	)		—			(0.38	)		17.40
2015		21.05		0.78		(2.27	)		(1.49	)		(0.87	)		(0.27	)		(1.14	)		18.42
2014		20.61		0.84		0.69			1.53			(0.78	)		(0.31	)		(1.09	)		21.05
2013		21.23		0.77		(0.11	)		0.66			(0.91	)		(0.37	)		(1.28	)		20.61
2012(d)		20.00		0.42		1.12			1.54			(0.31	)		—			(0.31	)		21.23

84 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(e)
	(3.63	)%	$	1,387		2.09	%*		2.76	%*		0.96	%*		3.89	%*		52	%
	(7.45	)		1,612		1.82			2.85			0.96			3.71			89
	7.45			1,378		2.03			2.81			0.97			3.87			109
	2.47			1,037		2.16			2.10			0.97			3.29			176
	7.42			310		2.44	*		1.99	*		0.98	*		3.46	*		116
	(3.99	)		199		2.85	*		2.01	*		1.71	*		3.14	*		52
	(8.15	)		204		2.57			2.11			1.71			2.96			89
	6.74			204		2.77			2.06			1.72			3.11			109
	1.94			158		2.99			1.29			1.72			2.56			176
	7.10			53		2.74	*		1.41	*		1.72	*		2.42	*		116
	(3.75	)		43		2.35	*		2.51	*		1.21	*		3.65	*		52
	(7.72	)		45		2.07			2.60			1.21			3.46			89
	7.26			51		2.26			2.57			1.22			3.61			109
	2.34			50		2.31			1.91			1.22			3.00			176
	7.38			53		2.24	*		1.91	*		1.23	*		2.92	*		116
	(3.49	)		12,236		1.82	*		3.03	*		0.71	*		4.13	*		52
	(7.26	)		16,958		1.57			3.10			0.71			3.95			89
	7.76			19,078		1.77			3.09			0.72			4.13			109
	2.86			16,392		1.81			2.41			0.72			3.50			176
	7.71			14,767		1.74	*		2.41	*		0.73	*		3.42	*		116

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

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

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

(d) For the period December 2, 2011 (commencement of operations) through June 30, 2012.

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

(f) For the six months ended December 31, 2015.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 85

Financial Highlights (Unaudited) (continued)

High Income Bond

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended June 30,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (8/01)
2016(e)	$	8.23	$	0.29	$	(1.37	)	$	(1.08	)	$	(0.27	)	$	—		$	(0.27	)	$	6.88
2015		9.29		0.55		(1.00	)		(0.45	)		(0.54	)		(0.07	)		(0.61	)		8.23
2014		8.99		0.58		0.53			1.11			(0.61	)		(0.20	)		(0.81	)		9.29
2013		8.64		0.63		0.39			1.02			(0.67	)		—			(0.67	)		8.99
2012		9.05		0.69		(0.38	)		0.31			(0.69	)		(0.03	)		(0.72	)		8.64
2011		8.28		0.67		0.76			1.43			(0.66	)		—			(0.66	)		9.05
Class C (8/01)
2016(e)		8.22		0.26		(1.37	)		(1.11	)		(0.24	)		—			(0.24	)		6.87
2015		9.27		0.49		(0.99	)		(0.50	)		(0.48	)		(0.07	)		(0.55	)		8.22
2014		8.98		0.51		0.52			1.03			(0.54	)		(0.20	)		(0.74	)		9.27
2013		8.62		0.56		0.40			0.96			(0.60	)		—			(0.60	)		8.98
2012		9.01		0.63		(0.37	)		0.26			(0.62	)		(0.03	)		(0.65	)		8.62
2011		8.25		0.60		0.75			1.35			(0.59	)		—			(0.59	)		9.01
Class R3 (9/01)
2016(e)		8.40		0.29		(1.41	)		(1.12	)		(0.26	)		—			(0.26	)		7.02
2015		9.48		0.53		(1.01	)		(0.48	)		(0.53	)		(0.07	)		(0.60	)		8.40
2014		9.17		0.57		0.54			1.11			(0.60	)		(0.20	)		(0.80	)		9.48
2013		8.81		0.62		0.40			1.02			(0.66	)		—			(0.66	)		9.17
2012		9.23		0.67		(0.38	)		0.29			(0.68	)		(0.03	)		(0.71	)		8.81
2011		8.44		0.66		0.77			1.43			(0.64	)		—			(0.64	)		9.23
Class I (8/01)
2016(e)		8.26		0.30		(1.38	)		(1.08	)		(0.28	)		—			(0.28	)		6.90
2015		9.31		0.57		(0.98	)		(0.41	)		(0.57	)		(0.07	)		(0.64	)		8.26
2014		9.01		0.60		0.53			1.13			(0.63	)		(0.20	)		(0.83	)		9.31
2013		8.65		0.66		0.39			1.05			(0.69	)		—			(0.69	)		9.01
2012		9.05		0.71		(0.37	)		0.34			(0.71	)		(0.03	)		(0.74	)		8.65
2011		8.29		0.69		0.75			1.44			(0.68	)		—			(0.68	)		9.05

86 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
	(13.37	)%	$	90,852		1.02	%*		7.64	%*		1.02	%*		7.64	%*		32	%
	(4.82	)		119,535		0.97			6.31			0.97			6.31			80
	12.88			209,830		0.95			6.37			0.95			6.37			85
	11.99			141,132		0.94			6.92			0.94			6.92			133
	3.76			92,018		1.06			7.98			1.04			7.99			124
	17.61			30,984		1.22			7.38			1.10			7.50			130
	(13.75	)		38,853		1.78	*		6.92	*		1.78	*		6.92	*		32
	(5.45	)		55,409		1.72			5.62			1.72			5.62			80
	11.98			71,974		1.70			5.64			1.70			5.64			85
	11.33			67,466		1.70			6.21			1.70			6.21			133
	3.18			48,667		1.80			7.26			1.79			7.27			124
	16.67			9,792		1.97			6.64			1.85			6.76			130
	(13.52	)		834		1.28	*		7.45	*		1.28	*		7.45	*		32
	(5.07	)		995		1.21			6.03			1.21			6.03			80
	12.65			1,099		1.20			6.09			1.20			6.09			85
	11.79			697		1.19			6.69			1.19			6.69			133
	3.46			615		1.31			7.66			1.29			7.68			124
	17.28			309		1.47			7.12			1.35			7.25			130
	(13.21	)		226,731		0.77	*		7.83	*		0.77	*		7.83	*		32
	(4.55	)		446,406		0.72			6.56			0.72			6.56			80
	13.15			719,640		0.71			6.61			0.71			6.61			85
	12.39			495,863		0.70			7.24			0.70			7.24			133
	4.15			465,299		0.84			8.19			0.80			8.23			124
	17.77			460,785		0.97			7.63			0.85			7.75			130

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

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

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable. As of October 31, 2013, the Adviser is no longer reimbursing the Fund for any fees and expenses.

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

(e) For the six months ended December 31, 2015.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 87

Financial Highlights (Unaudited)(continued)

Strategic Income

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended June 30,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending NAV
Class A (2/00)
2016(g)	$	10.97	$	0.25	$	(0.76	)	$	(0.51	)	$	(0.27	)	$	—	$	(0.27	)	$	10.19
2015		11.60		0.49		(0.58	)		(0.09	)		(0.54	)		—		(0.54	)		10.97
2014		11.02		0.53		0.59			1.12			(0.54	)		—		(0.54	)		11.60
2013		10.83		0.52		0.16			0.68			(0.49	)		—		(0.49	)		11.02
2012		10.72		0.44		0.10			0.54			(0.43	)		—		(0.43	)		10.83
2011		10.27		0.43		0.45			0.88			(0.43	)		—		(0.43	)		10.72
Class C (2/00)
2016(g)		10.90		0.21		(0.76	)		(0.55	)		(0.22	)		—		(0.22	)		10.13
2015		11.52		0.40		(0.57	)		(0.17	)		(0.45	)		—		(0.45	)		10.90
2014		10.94		0.44		0.60			1.04			(0.46	)		—		(0.46	)		11.52
2013		10.76		0.43		0.16			0.59			(0.41	)		—		(0.41	)		10.94
2012		10.65		0.36		0.09			0.45			(0.34	)		—		(0.34	)		10.76
2011		10.20		0.35		0.44			0.79			(0.34	)		—		(0.34	)		10.65
Class R3 (9/01)
2016(g)		11.01		0.24		(0.76	)		(0.52	)		(0.26	)		—		(0.26	)		10.23
2015		11.64		0.46		(0.57	)		(0.11	)		(0.52	)		—		(0.52	)		11.01
2014		11.05		0.51		0.60			1.11			(0.52	)		—		(0.52	)		11.64
2013		10.88		0.49		0.15			0.64			(0.47	)		—		(0.47	)		11.05
2012		10.77		0.41		0.10			0.51			(0.40	)		—		(0.40	)		10.88
2011		10.31		0.41		0.45			0.86			(0.40	)		—		(0.40	)		10.77
Class R6 (1/15)
2016(g)		10.96		0.27		(0.77	)		(0.50	)		(0.28	)		—		(0.28	)		10.18
2015(f)		11.22		0.24		(0.25	)		(0.01	)		(0.25	)		—		(0.25	)		10.96
Class I (2/00)
2016(g)		10.96		0.27		(0.77	)		(0.50	)		(0.28	)		—		(0.28	)		10.18
2015		11.59		0.52		(0.58	)		(0.06	)		(0.57	)		—		(0.57	)		10.96
2014		11.01		0.56		0.59			1.15			(0.57	)		—		(0.57	)		11.59
2013		10.83		0.55		0.15			0.70			(0.52	)		—		(0.52	)		11.01
2012		10.71		0.45		0.12			0.57			(0.45	)		—		(0.45	)		10.83
2011		10.26		0.46		0.44			0.90			(0.45	)		—		(0.45	)		10.71

88 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)(e)
	(4.74	)%	$	231,213		0.92	%*		4.66	%*		0.82	%*		4.75	%*		25	%
	(0.80	)		288,080		0.92			4.25			0.82			4.34			47
	10.46			128,189		0.91			4.65			0.84			4.73			50
	6.25			72,341		0.90			4.50			0.84			4.57			69
	5.14			52,802		0.93			4.01			0.85			4.10			199
	8.69			25,045		1.05			3.93			0.88			4.10			98
	(5.07	)		96,675		1.67	*		3.91	*		1.57	*		4.01	*		25
	(1.50	)		110,660		1.67			3.51			1.57			3.60			47
	9.59			48,335		1.66			3.91			1.59			3.98			50
	5.50			35,146		1.65			3.75			1.59			3.81			69
	4.32			31,085		1.67			3.30			1.60			3.37			199
	7.85			8,092		1.80			3.22			1.73			3.29			98
	(4.83	)		8,472		1.17	*		4.40	*		1.07	*		4.50	*		25
	(1.01	)		12,272		1.17			4.00			1.07			4.09			47
	10.19			5,321		1.16			4.41			1.09			4.48			50
	5.89			2,926		1.15			4.27			1.09			4.34			69
	4.83			1,903		1.19			3.73			1.12			3.80			199
	8.40			1,020		1.29			3.73			1.23			3.79			98
	(4.62	)		32,504		0.60	*		5.03	*		0.50	*		5.13	*		25
	(0.10	)		20,498		0.61	*		4.70	*		0.50	*		4.81	*		47
	(4.62	)		550,717		0.67	*		4.90	*		0.57	*		5.00	*		25
	(0.54	)		773,719		0.67			4.48			0.57			4.57			47
	10.77			612,214		0.66			4.92			0.59			5.00			50
	6.42			517,292		0.65			4.75			0.59			4.81			69
	5.35			534,608		0.69			4.19			0.63			4.26			199
	8.99			615,107		0.80			4.22			0.73			4.29			98

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

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

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

(d) For fiscal years beginning after June 30, 2011, the Fund will no longer exclude dollar roll transactions, where applicable.

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

(f) For the period January 20, 2015 (commencement of operations) through June 30, 2015.

(g) For the six months ended December 31, 2015.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 89

Financial Highlights (Unaudited)(continued)

U.S. Infrastructure Bond

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date) Year Ended June 30,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending NAV
Class A (5/14)
2016(f)	$	19.65	$	0.39	$	(0.47	)	$	(0.08	)	$	(0.45	)	$	—	$	(0.45	)	$	19.12
2015		20.32		0.78		(0.63	)		0.15			(0.82	)		—		(0.82	)		19.65
2014(d)		20.00		0.09		0.30			0.39			(0.07	)		—		(0.07	)		20.32
Class C (5/14)
2016(f)		19.65		0.32		(0.48	)		(0.16	)		(0.37	)		—		(0.37	)		19.12
2015		20.31		0.62		(0.62	)		—			(0.66	)		—		(0.66	)		19.65
2014(d)		20.00		0.07		0.29			0.36			(0.05	)		—		(0.05	)		20.31
Class I (5/14)
2016(f)		19.65		0.42		(0.48	)		(0.06	)		(0.47	)		—		(0.47	)		19.12
2015		20.32		0.83		(0.62	)		0.21			(0.88	)		—		(0.88	)		19.65
2014(d)		20.00		0.10		0.29			0.39			(0.07	)		—		(0.07	)		20.32

90 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(e)
	(0.43	)%	$	527		2.20	%*		2.73	%*		0.95	%*		3.97	%*		8	%
	0.70			255		1.79			3.04			0.95			3.87			15
	1.93			51		3.46	*		0.77	*		0.96	*		3.27	*		4
	(0.87	)		48		2.97	*		1.97	*		1.70	*		3.24	*		8
	(0.03	)		73		2.51			2.27			1.70			3.08			15
	1.81			51		4.20	*		0.03	*		1.71	*		2.52	*		4
	(0.31	)		7,597		1.97	*		2.98	*		0.70	*		4.25	*		8
	0.96			7,825		1.50			3.27			0.70			4.07			15
	1.95			7,011		3.20	*		1.03	*		0.71	*		3.52	*		4

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

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

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

(d) For the period May 12, 2014 (commencement of operations) through June 30, 2014.

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

(f) For the six months ended December 31, 2015.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 91

Notes to

Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Trust and Fund Information

Nuveen Investment Funds, Inc. and Nuveen Investment Trust (each a “Trust” and collectively, the “Trusts”), are open-end management investment companies registered under the Investment Company Act of 1940, as amended. Nuveen Investment Funds, Inc. is comprised of the Nuveen High Income Bond Fund (“High Income Bond”) and Nuveen Strategic Income Fund (“Strategic Income”), among others and Nuveen Investment Trust is comprised of the Nuveen Global Total Return Bond Fund (“Global Total Return Bond”) and Nuveen U.S. Infrastructure Bond Fund (“U.S. Infrastructure Bond”), among others (each a “Fund” and collectively, the “Funds”), as diversified funds. Nuveen Investment Funds, Inc. was incorporated in the state of Maryland on August 20, 1987. Nuveen Investment Trust was organized as a Massachusetts business trust in May 6, 1996.

The end of the reporting period for the Funds is December 31, 2015, and the period covered by these Notes to Financial Statements is the six months ended December 31, 2015 (the “current fiscal period”).

Investment Adviser

The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Investment Objectives and Principal Investment Strategies

Global Total Return Bond

Global Total Return Bond’s investment objective is to seek total return. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes, in bonds from issuers located around the world. The bonds in which the Fund may invest may be of any maturity and include: debt obligations of foreign governments; domestic and foreign corporate debt obligations, including obligations issued by special-purpose entities that are backed by corporate debt obligations; U.S. government securities (securities issued or guaranteed by the U.S. government or its agencies or instrumentalities); residential and commercial mortgage-backed securities; and asset-backed securities.

Under normal market conditions, the Fund invests at least 40% of its net assets in non-U.S. issuers and is invested in issuers located in at least three countries (including the U.S.). The Fund may invest in debt obligations issued by governmental and corporate issuers located in emerging markets countries.

The Fund invests in securities that are U.S. dollar-denominated and in securities that are denominated in foreign currencies. As described in more detail below, the Fund may utilize various currency-related derivatives in an effort to enhance the Fund’s total return or to manage risk.

Up to 30% of the Fund’s net assets may be invested in securities rated lower than investment grade or in unrated securities of comparable quality as determined by the Sub-Adviser (such securities commonly referred to as “high yield” securities or “junk” bonds). If the rating of a security is reduced or the credit quality of an unrated security declines after purchase, the Fund is not required to sell the security, but may consider doing so.

The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts; interest rate caps, collars, and floors; foreign currency contracts; options on foreign currencies; swap agreements, including swap agreements on interest rates, currency rates, security indexes and specific securities, and credit default swap agreements; and options on foregoing types of swap agreements. The Fund may enter into standardized derivatives contracts traded on domestic or foreign securities exchanges, boards of trade, or similar entities, and non-standardized derivatives contracts traded in the over-the-counter (“OTC”) market. The Fund may use these derivatives in an attempt to manage market risk, currency risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund’s portfolio or for speculative purposes in an effort to enhance returns. The Fund may also use derivatives to gain exposure to non-dollar denominated securities markets to the extent it does not do so through direct investments. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund may not use any derivative to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly.

92 Nuveen Investments

High Income Bond

High Income Bond’s investment objective is to provide investors with a high level of current income. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in bonds rated lower than investment grade at the time of purchase or in unrated bonds of comparable quality (securities commonly referred to as “high-yield” securities or “junk” bonds). These bonds generally provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments. High-yield bond issuers include small or relatively new companies lacking the history or capital to merit investment-grade status, former blue chip companies downgraded because of financial problems, companies electing to borrow heavily to finance or avoid a takeover or buyout, and firms with heavy debt loads. The Fund may invest up to 20% of its net assets in fixed and floating rate loans, including senior loans and secured and unsecured junior loans. The Fund may invest in exchange-traded funds (“ETFs”), closed-end funds and other investment companies.

There is no minimum rating requirement and no limitation on the average maturity or average effective duration of securities held by the Fund.

The Fund may invest without limitation in debt obligations of foreign corporations and governments, provided that no more than 20% of the Fund’s total assets may be invested in debt obligations issued by governmental and corporate issuers that are located in emerging market countries. A country is considered to have an “emerging market” if it has a relatively low gross national product per capita compared to the world’s major economies, and the potential for rapid economic growth, provided that no issuer included in the Fund’s current benchmark index will be considered to be located in an emerging market country.

The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts; foreign currency contracts; options on foreign currencies; swap agreements, including interest rate swaps, currency swaps, total return swaps, and credit default swaps; and options on swap agreements. The Fund may use these derivatives in an attempt to manage market risk, currency risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund’s portfolio or for speculative purposes in an effort to increase the Fund’s yield or to enhance returns. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions.

Strategic Income

Strategic Income’s investment objective is to provide investors with total return. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in debt securities, including 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. The Fund may invest in fixed and floating rate loans, including senior loans and secured and unsecured junior loans, in an amount not to exceed 20% of the Fund’s net assets and municipal securities in an amount not to exceed 20% of net assets.

The Fund may invest up to 30% of its total assets in non-U.S. dollar denominated debt obligations of foreign corporations and governments, including debt obligations issued by governmental and corporate issuers that are located in emerging market countries. The Fund may invest without limitation in U.S. dollar denominated securities of foreign issuers.

The Fund may invest up to 50% of its total assets in 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” securities or “junk” bonds). The Fund will not invest in securities rated lower than CCC at the time of purchase or in unrated securities of comparable quality as determined by the Sub-Adviser. If the rating of a security is reduced or the credit quality of an unrated security declines after purchase, the Fund is not required to sell the security, but may consider doing so. Unrated securities will not exceed 25% of the Fund’s total assets.

To generate additional income, the Fund may invest up to 25% of its total assets in dollar roll transactions. In a dollar roll transaction, the Fund sells mortgage-backed securities for delivery in the current month while contracting with the same party to repurchase similar securities at a future date.

Under normal market conditions the Fund attempts to maintain a weighted average effective maturity for its portfolio securities of fifteen years or less and an average effective duration of three to eight years. The Fund’s weighted average effective maturity and average effective duration are measures of how the value of the Fund’s shares may react to interest rate changes.

The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts; interest rate caps, collars, and floors; foreign currency contracts; options on foreign currencies; swap agreements, including swap agreements on interest rates, currency rates, security indexes and specific securities, and credit default swap agreements; and options on the foregoing types of swap agreements. The Fund may enter into standardized derivatives contracts traded on domestic or foreign securities exchanges, boards of trade, or similar entities, and non-standardized derivatives contracts traded in the OTC market. The Fund may use these derivatives in an attempt to manage market risk, currency risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund’s portfolio or for speculative purposes in an effort to increase the Fund’s yield or to enhance returns. The Fund may also use derivatives to gain exposure to non-dollar denominated securities markets to the extent it does not do so through direct investments. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund may not use any derivative to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly.

Nuveen Investments 93

Notes to Financial Statements (Unaudited) (continued)

U.S. Infrastructure Bond

U.S. Infrastructure Bond’s investment objective is to seek current income consistent with limited risk to capital. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in infrastructure-related debt securities of U.S. issuers. Such securities include taxable and tax-exempt municipal bonds issued to finance the ownership, development, construction, renovation or operation of infrastructure assets and debt securities issued by, or loans issued to, infrastructure-related companies, which include companies involved in the ownership, development, construction, renovation, financing or operation of infrastructure assets, or that provide the services and raw materials necessary for the construction and maintenance of infrastructure assets.

Infrastructure assets are the physical structures and networks upon which the operation, growth and development of a community depends, which include water, sewer, and energy utilities; transportation and communication networks; health care facilities, schools, government accommodations and other public service facilities; and shipping, timber, steel, alternative energy, and other resources and services necessary for the construction and maintenance of these physical structures and networks.

Municipal bonds in which the Fund invests include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam). The Fund may invest in all types of municipal bonds including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature.

The Fund does not seek to provide income exempt from federal income tax. The Fund may invest in both taxable and tax-exempt municipal bonds. The Fund does not anticipate investing in tax-exempt bonds to the extent that its dividends will qualify as “exempt-interest dividends” and, as a result, it is expected that the Fund’s dividends will be taxable.

Other debt securities in which the Fund may invest include corporate debt obligations, including obligations issued by special-purpose entities that are backed by corporate debt obligations, fixed and floating rate loans, including senior loans and secured and unsecured junior loans.

The Fund may invest up to 20% of its total assets in debt obligations of non-U.S. issuers, including debt obligations issued by issuers that are located in emerging market countries.

The Fund may invest up to 40% of its net assets in securities rated below investment grade or, if unrated, judged by the Sub-Adviser to be of comparable quality. Such securities are commonly referred to as “high yield” securities or “junk” bonds.

The Fund is not subject to any formal restrictions on its average portfolio maturity or duration, or on the duration or maturity of the individual securities in which it invests. However, the Fund generally invests in longer term bonds which are more sensitive to interest rate risk.

The Fund may invest up to 15% of its net assets in securities whose interest payments vary inversely with changes in short-term interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying bonds. The Fund’s investments in inverse floaters are designed to increase the Fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished.

The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts; interest rate caps, collars, and floors; foreign currency contracts; options on foreign currencies; swap agreements, including swap agreements on interest rates, currency rates, security indexes and specific securities, and credit default swap agreements; and options on the foregoing types of swap agreements. The Fund may enter into standardized derivatives contracts traded on domestic or foreign securities exchanges, boards of trade, or similar entities, and non-standardized derivatives contracts traded in the OTC market. The Fund may use these derivatives in an attempt to manage market risk, currency risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund’s portfolio or for speculative purposes in an effort to increase the Fund’s yield or to enhance returns. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions.

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

Significant Accounting Policies

Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Investment Transactions

Investment transactions are recorded on a trade date basis. Trade date for senior and subordinated loans purchased in the “primary market” is considered the date on which loan allocations are determined. Trade date for senior and subordinated loans purchased in the “secondary market” is the date on which the transaction is entered into. 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 earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

94 Nuveen Investments

As of the end of the reporting period, the following Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

	Global Total Return Bond		Strategic Income
Outstanding when-issued/delayed delivery purchase commitments	$	904,359	$	27,697,754

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also reflects pay down gains and losses, if any. Fee income consists primarily of amendment fees. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received. Fee income and amendment fees, if any, are recognized as a component of “Interest income” on the Statement of Operations. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments, net of lending agent fees.

Professional Fees

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

Dividends and Distributions to Shareholders

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

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

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Share Classes and Sales Charges

Class A Shares are generally sold with an up-front sales charge and incur a 0.25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge. Class A Share purchases may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within eighteen months of purchase. Such CDSC will be equal to 1.00% for any shares purchased on or after November 1, 2015. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a 0.25% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6 and Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Multiclass Operations and Allocations

Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative settled shares of each class. Expenses directly attributable to a class of shares are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees.

Sub-transfer agent fees, which are recognized as a component of “Shareholder servicing agent fees” on the Statement of Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative net assets.

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

Indemnifications

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

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements (Global Total Return Bond and U.S. Infrastructure Bond only), International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements

Nuveen Investments 95

Notes to Financial Statements (Unaudited)(continued)

(“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

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

Use of Estimates

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

2. Investment Valuation and Fair Value Measurements

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

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

Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

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. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued 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 and are generally classified as Level 2.

ETFs 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.

Investments in investment companies are valued at their respective NAVs on valuation date and are generally classified as Level 1.

Prices of fixed-income securities are provided by a pricing service approved by the Funds’ Board of Directors/Trustees (the “Board”). The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Prices of forward foreign currency exchange contracts and swap contracts are also priced by a pricing service approved by the Board using the same methods as described above, and are generally classified as Level 2.

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

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Funds’ shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange is closed and an investor is not able to purchase, redeem or exchange shares. 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’ 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

96 Nuveen Investments

with procedures established in good faith by the Board. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

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

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

Global Total Return Bond	Level 1		Level 2			Level 3			Total
Long-Term Investments*:
Convertible Preferred Securities	$	81,995	$	—		$	—		$	81,995
Corporate Bonds		—		6,155,426			—	****		6,155,426
$1,000 Par (or similar) Institutional Preferred		—		938,176			—			938,176
Asset-Backed and Mortgage-Backed Securities		—		1,014,855			—			1,014,855
Sovereign Debt		—		5,520,931			—			5,520,931
Short-Term Investments:
Repurchase Agreements		—		887,323			—			887,323
Investments in Derivatives:
Forward Foreign Currency Exchange Contracts***		—		(30,173	)		—			(30,173	)
Interest Rate Swaps***		—		(27,895	)		—			(27,895	)
Futures Contracts***		3,133		—			—			3,133
Total	$	85,128	$	14,458,643		$	—		$	14,543,771

High Income Bond
Long-Term Investments*:
Common Stocks	$	834,940	$	4,410	**	$	63,845	**	$	903,195
Convertible Preferred Securities		4,277,315		—			—			4,277,315
Variable Rate Senior Loan Interests		—		22,488,599			—			22,488,599
$25 Par (or similar) Retail Preferred		20,390,076		1,243,302			—			21,633,378
Corporate Bonds		—		263,684,592			—	****		263,684,592
Convertible Bonds		—		1,850,706			—			1,850,706
$1,000 Par (or similar) Institutional Preferred		—		11,300,376			—			11,300,376
Asset-Backed Securities		—		1,020			—			1,020
Investment Companies		10,114,966		—			—			10,114,966
Warrants		—		67			1,035	**		1,102
Investments Purchased with Collateral from Securities Lending		20,019,220		—			—			20,019,220
Short-Term Investments:
Money Market Funds		15,854,091		—			—			15,854,091
Investments in Derivatives:
Forward Foreign Currency Exchange Contracts***		—		355,221			—			355,221
Futures Contracts***		27,042		—			—			27,042
Total	$	71,517,650	$	300,928,293		$	64,880		$	372,510,823

Nuveen Investments 97

Notes to Financial Statements (Unaudited) (continued)

Strategic Income	Level 1		Level 2			Level 3			Total
Long-Term Investments*:
Common Stocks	$	—	$	—		$	5,993	**	$	5,993
Convertible Preferred Securities		983,025		—			—			983,025
Variable Rate Senior Loan Interests		—		12,282,031			—			12,282,031
$25 Par (or similar) Retail Preferred		240,400		4,196,557			—			4,436,957
Corporate Bonds		—		675,251,927			—	****		675,251,927
$1,000 Par (or similar) Institutional Preferred		—		60,347,871			—			60,347,871
U.S. Government and Agency Obligations		—		369,172			—			369,172
Asset-Backed Securities		—		93,917,665			—			93,917,665
Sovereign Debt		—		51,054,893			—			51,054,893
Investments Purchased with Collateral from Securities Lending		119,270,506		—			—			119,270,506
Short-Term Investments:
Money Market Funds		43,922,615		—			—			43,922,615
Investments in Derivatives:
Forward Foreign Currency Exchange Contracts***		—		2,526,919			—			2,526,919
Interest Rate Swaps***		—		(2,104,172	)		—			(2,104,172	)
Futures Contracts***		893,036		—			—			893,036
Total	$	165,309,582	$	897,842,863		$	5,993		$	1,063,158,438
U.S. Infrastructure Bond
Long-Term Investments*:
Corporate Bonds	$	—	$	2,769,724		$	—		$	2,769,724
Municipal Bonds		—		5,249,541			—			5,249,541
Investments in Derivatives:
Futures Contracts***		1,177		—			—			1,177
Total	$	1,177	$	8,019,265		$	—		$	8,020,442

* Refer to the Fund’s Portfolio of Investments for industry, state and country classifications, where applicable.

** Refer to the Fund’s Portfolio of Investments for securities classified as Level 2 and/or Level 3, where applicable.

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

**** Value equals zero as of the end of the reporting period. Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.

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

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

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

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

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

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

98 Nuveen Investments

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds 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 Funds’ investments denominated in that currency will lose value because their 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.

As of the end of the reporting period, Global Total Return Bond’s investments in non-U.S. securities were as follows:

Global Total Return Bond	Value		% of Net Assets
Country:
Mexico	$	1,583,875		11.4	%
Germany		1,260,945		9.1
United Kingdom		879,575		6.3
Australia		715,395		5.2
France		608,885		4.4
South Africa		535,850		3.9
Italy		535,586		3.9
Portugal		514,553		3.7
Hungary		341,969		2.5
Canada		298,973		2.2
Switzerland		242,467		1.7
Other		1,881,458		13.5
Total non-U.S. securities	$	9,399,531		67.8	%

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, 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 (i) foreign currency (ii) investments (iii) investments in derivatives and (iv) other assets and liabilities 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 (i) investments and (ii) other assets and liabilities 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 investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.

Repurchase Agreements

Global Total Return Bond and U.S. Infrastructure Bond are authorized to invest in repurchase agreements. In connection with transactions in repurchase agreements, it is each Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.

Fund	Counterparty	Short-Term Investments, at Value		Collateral Pledged (From) Counterparty*			Net Exposure
Global Total Return Bond	Fixed Income Clearing Corporation	$	887,323	$	(887,323	)	$	—

* As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. Refer to the Fund’s Portfolio of Investments for details on the repurchase agreements.

Nuveen Investments 99

Notes to Financial Statements (Unaudited) (continued)

Securities lending

In order to generate additional income, High Income Bond and Strategic Income may lend securities representing up to one-third of the value of each Fund’s total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. When loaning securities, each Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Each Fund also has the ability to recall the securities on loan at any time.

Each Fund’s policy is to receive, at the inception of a loan, cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Payable for collateral from securities lending program” on the Statement of Assets and Liabilities. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending, at value” on the Statement of Assets and Liabilities. The market value of the securities loaned is determined at the close of each business day in order to determine the adequacy of the collateral. 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 on the next business day, which is recognized as “Due from broker” on the Statement of Assets and Liabilities.

Securities out on loan are subject to termination at any time at the option of the borrower or the Funds. Upon termination, the borrower is required to return to the Funds securities identical to the securities loaned. Generally, in the event the borrower defaults on its obligation to return the loaned securities, the Funds has the right to use the collateral to acquire identical securities. In the event the Funds is delayed or prevented from exercising its right to dispose of the collateral, there may be a loss to the Funds. Under each Fund’s securities lending agreement, however, the securities lending agent has indemnified the Fund against losses resulting from borrower default, except to the extent that those losses result from a decrease in the value of the collateral due to its investment by the Fund. The Funds bear the risk of loss with respect to the investment of collateral.

The Funds’ custodian, U.S. Bank National Association, serves as its securities lending agent. Each Fund pays the custodian a fee based on its proportional share of the custodian’s expense of operating its securities lending program. Income earned from the securities lending program is paid to the Fund, net of any fees paid. Income from securities lending, net of fees paid, is recognized as “Securities lending income, net” on the Statement of Operations.

The following table presents the securities out on loan for the Funds, and the collateral delivered related to those securities, as of the end of the reporting period.

Fund	Asset Class out on Loan	Long-Term Investments, at Value		Collateral Pledged (From) Counterparty			Net Exposure
High Income Bond
	Common Stocks	$	111,592	$	(111,592	)	$	—
	Convertible Preferred Securities		652,123		(652,123	)		—
	$25 Par (or similar) Retail Preferred		5,060		(5,060	)		—
	Corporate Bonds		17,008,839		(17,008,839	)		—
	$1,000 Par or Similar Institutional Preferred		1,459,979		(1,459,979	)		—
	Total		19,237,593		(19,237,593	)		—
Strategic Income
	Convertible Preferred Securities		6,587		(6,587	)		—
	Corporate Bonds		100,072,400		(100,072,400	)		—
	$1,000 Par or Similar Institutional Preferred		10,205,052		(10,205,052	)		—
	Sovereign Debt		4,498,239		(4,498,239	)		—
	Total		114,782,278		(114,782,278	)		—

Securities lending fees paid by each Fund during the current fiscal period were as follows:

	High Income Bond		Strategic Income
Securities lending fees paid	$	31,534	$	41,302

Zero Coupon Securities

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

Investments in Derivatives

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

100 Nuveen Investments

Forward Foreign Currency Exchange Contracts

Each Fund is authorized to enter into forward foreign currency exchange contracts (“forward contract”) 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 Sub-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.

A forward contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the future at a specified price. Forward contracts are typically traded in the OTC markets and all details of the contract are negotiated between the counterparties to the agreement. Accordingly, the forward contracts are valued by reference to the contracts traded in the OTC markets. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying currency, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery.

Forward contracts are valued daily at the forward rate. The net amount recorded on these transactions for each counterparty is recognized as a component of “Unrealized appreciation and/or depreciation on forward foreign currency exchange contracts (, net)” on the Statement of Assets and Liabilities. The change in value of the forward 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, a 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.

Forward 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 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 contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward 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 appreciation or depreciation reflected on the Statement of Assets and Liabilities. Forward contracts are subject to counterparty risk if the counterparty fails to perform as specified in the contract due to financial impairment or other reason.

During the current fiscal period, Global Total Return Bond, High Income Bond and Strategic Income invested in forward foreign currency exchange contracts. Global Total Return Bond used foreign currency exchange contracts to gain exposure to selected foreign currencies, and in some cases, to hedge the currency risk present in a foreign bond. High Income Bond and Strategic Income used forward foreign currency exchange contracts to manage foreign currency exposure. For example, High Income Bond and Strategic Income may reduce unwanted currency exposure from their portfolios, or may take long forward positions in select currencies in an attempt to benefit from the potential price appreciation.

The average notional amount of forward foreign currency exchange contracts outstanding during the current fiscal period was as follows:

	Global Total Return Bond		High Income Bond		Strategic Income
Average notional amount of forward foreign currency exchange contracts outstanding*	$	13,434,871	$	47,519,217	$	201,298,682

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

The following table presents the fair value of all forward foreign currency exchange contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

		Location on the Statement of Assets and Liabilities
		Asset Derivatives				(Liability) Derivatives
Underlying Risk Exposure	Derivative Instrument	Location	Value			Location	Value
Global Total Return Bond
Foreign currency exchange rate	Forward contracts	Unrealized appreciation on forward foreign currency exchange contracts, net	$	21,232		Unrealized depreciation on forward foreign currency exchange contracts	$	(46,594	)
Foreign currency exchange rate	Forward contracts	Unrealized appreciation on forward foreign currency exchange contracts, net		(4,811	)	—		—
Total			$	16,421			$	(46,594	)

Nuveen Investments 101

Notes to Financial Statements (Unaudited) (continued)

		Location on the Statement of Assets and Liabilities
		Asset Derivatives				(Liability) Derivatives
Underlying Risk Exposure	Derivative Instrument	Location	Value			Location	Value
High Income Bond
Foreign currency exchange rate	Forward contracts	Unrealized appreciation on forward foreign currency exchange contracts, net	$	520,587		—	$	—
Foreign currency exchange rate	Forward contracts	Unrealized appreciation on forward foreign currency exchange contracts, net		(165,366	)	—		—
Total			$	355,221			$	—
Strategic Income
Foreign currency exchange rate	Forward contracts	Unrealized appreciation on forward foreign currency exchange contracts, net	$	2,527,125		—	$	—
Foreign currency exchange rate	Forward contracts	Unrealized appreciation on forward foreign currency exchange contracts, net		(206	)	—		—
Total			$	2,526,919			$	—

The following table presents the forward foreign currency exchange contracts subject to netting agreements and the collateral delivered related to those forward foreign currency exchange contracts as of the end of the reporting period.

Fund	Counterparty	Gross Unrealized Appreciation on Forward Foreign Currency Exchange Contracts*		Gross Unrealized (Depreciation) on Forward Foreign Currency Exchange Contracts*			Amounts Netted on Statement of Assets and Liabilities			Net Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts			Collateral Pledged to (from) Counterparty			Net Exposure
Global Total Return Bond
	Bank of America, N.A.	$	11,193	$	(2,539	)	$	(2,539	)	$	8,654		$	—		$	8,654
	Citibank, National Association		2,340		—			—			2,340			—			2,340
	Deutsche Bank AG		—		(17,360	)		—			(17,360	)		—			(17,360	)
	Goldman Sachs Bank USA		—		(29,234	)		—			(29,234	)		—			(29,234	)
	Morgan Stanley Capital Services LLC		7,699		(2,272	)		(2,272	)		5,427			—			5,427
Total		$	21,232	$	(51,405	)	$	(4,811	)	$	(30,173	)	$	—		$	(30,173	)
High Income Bond
	Bank of America, N.A.	$	113,499	$	(45,788	)	$	(45,788	)	$	67,711		$	—		$	67,711
	Citigroup Global Markets, Inc.		108,550		(20,925	)		(20,925	)		87,625			—			87,625
	Goldman Sachs Bank USA		298,538		(98,653	)		(98,653	)		199,885			(199,885	)		—
Total		$	520,587	$	(165,366	)	$	(165,366	)	$	355,221		$	(199,885	)	$	155,336
Strategic Income
	Bank of America, N.A.	$	355,249	$	(206	)	$	(206	)	$	355,043		$	(355,043	)	$	—
	Goldman Sachs Bank USA		128,788		—			—			128,788			(128,788	)		—
	Nomura International PLC		2,043,088		—			—			2,043,088			(1,900,000	)		143,088
Total		$	2,527,125	$	(206	)	$	(206	)	$	2,526,919		$	(2,383,831	)	$	143,088

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

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on forward foreign currency exchange contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.

Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Forward Foreign Currency Exchange Contracts		Change in Net Unrealized Appreciation (Depreciation) of Forward Foreign Currency Exchange Contracts
Global Total Return Bond	Foreign currency exchange rate	Forward contracts	$	206,968	$	77,055
High Income Bond	Foreign currency exchange rate	Forward contracts		1,991,908		182,103
Strategic Income	Foreign currency exchange rate	Forward contracts		11,065,782		1,919,659

102 Nuveen Investments

Futures Contracts

Upon execution of a futures contract, a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Cash collateral at brokers” on the Statement of Assets and Liabilities. Investments in futures contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the open contracts. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities.

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 a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, a 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 a component of “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 current fiscal period, each of the Funds invested in futures contracts. Global Total Return Bond and Strategic Income used U.S. Treasury and Eurodollar futures as part of an overall portfolio construction strategy to manage portfolio duration and yield curve exposure; using selected foreign bond futures to actively manage exposure to those markets. High Income Bond used U.S. Treasury futures as part of an overall portfolio construction strategy to manage portfolio duration and yield curve exposure. U.S. Infrastructure Bond shorted U.S. Treasury futures to hedge against potential increases in interest rates.

The average notional amount of futures contracts outstanding during the current fiscal period was as follows:

	Global Total Return Bond		High Income Bond		Strategic Income		U.S. Infrastructure Bond
Average notional amount of futures contracts outstanding*	$	2,299,601	$	39,360,748	$	249,858,667	$	1,077,854

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

The following table presents the fair value of all futures contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

		Location on the Statement of Assets and Liabilities
		Asset Derivatives				(Liability) Derivatives
Underlying Risk Exposure	Derivative Instrument	Location	Value			Location	Value
Global Total Return Bond
Interest rate	Futures contracts	—	$	—		Payable for variation margin on futures contracts*	$	3,133
High Income Bond
Interest rate	Futures contracts	Receivable for variation margin on futures contracts*	$	(10,618	)	Payable for variation margin on futures contracts*	$	37,660
Strategic Income
Interest rate	Futures contracts	Receivable for variation margin on futures contracts*	$	298,950		—	$	—
Interest rate	Futures contracts	Receivable for variation margin on futures contracts*		(17,271	)	Payable for variation margin on futures contracts*		611,357
Total			$	281,679			$	611,357
U.S. Infrastructure Bond
Interest rate	Futures contracts	—	$	—		Payable for variation margin on futures contracts*	$	1,177

* Value represents unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the asset and/or liability derivatives location as described in the table above.

Nuveen Investments 103

Notes to Financial Statements (Unaudited) (continued)

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.

Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Futures Contracts			Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts
Global Total Return Bond	Interest rate	Futures contracts	$	(5,490	)	$	(19,688	)
High Income Bond	Interest rate	Futures contracts		25,266			302,559
Strategic Income	Interest rate	Futures contracts		(2,646,881	)		1,296,817
U.S. Infrastructure Bond	Interest rate	Futures contracts		(12,194	)		(28,119	)

Interest Rate Swap Contracts

Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation is based on the notional amount of the swap contract. Swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.

Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. For OTC swaps, 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 (, net).”

Upon the execution of an exchanged-cleared swap contract, in certain instances a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open swap contracts, if any, is recognized as “Cash collateral at brokers” on the Statement of Assets and Liabilities. Investments in exchange-cleared interest rate swap contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day’s “mark-to-market” of the swap contract. If a Fund has unrealized appreciation, the clearing broker will credit the Fund’s account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund’s account with an amount equal to the depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities.

The net amount of periodic payments settled in cash are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contacts are treated as ordinary income or expense, respectively.

Changes in the value of the swap contracts during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps.” In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as “Interest rate swaps premiums paid and/or received” on the Statement of Assets and Liabilities.

During the current fiscal period, Global Total Return Bond, High Income Bond and Strategic Income invested in interest rate swap contracts as part of an overall portfolio construction strategy to manage duration and overall portfolio yield curve exposure.

The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:

	Global Total Return Bond		High Income Bond		Strategic Income
Average notional amount of interest rate swap contracts outstanding*	$	866,667	$	37,333,333	$	103,133,333

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

Credit Default Swap Contracts

A Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment or portion of its portfolio, or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap contracts involve one party making a stream of payments to another party in exchange for the right to receive a specified return if/when there is a credit event by a third party. Generally, a credit event means bankruptcy, failure to pay, or restructuring. The specific credit events applicable for each credit default swap are stated in the terms of the particular swap agreement. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either (i) receive that security, or an equivalent amount of cash, from the counterparty in exchange for payment of the notional amount to the counterparty, or

104 Nuveen Investments

(ii) pay a net settlement amount of the credit default swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The difference between the value of the security delivered and the notional amount received is recorded as a realized gain or loss. Payments received or made at the beginning of the measurement period are recognized as a component of “Credit default swaps premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable.

Credit default swap contracts are valued daily. Changes in the value of a credit default swap during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps” and realized gains and losses are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations.

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

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

During the current fiscal period, Global Total Return Bond and Strategic Income invested in credit default swap contracts. Global Total Return Bond and Strategic Income used High Yield CDX swaps as a way to take on credit risk and earn a commensurate credit spread.

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

	Global Total Return Bond**		Strategic Income
Average notional amount of credit default swap contracts outstanding*	$	—	$	4,666,667

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

** The Fund did not hold any credit default swaps at the beginning of the fiscal year or at the end of any quarter within the current fiscal period.

The following table presents the fair value of all swap contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

		Location on the Statement of Assets and Liabilities
	Derivative Instrument	Asset Derivatives				(Liability) Derivatives
Underlying Risk Exposure		Location	Value			Location	Value
Global Total Return Bond
Interest rate	Swaps (Exchange-Cleared)	—	$	—		Payable for variation margin on swap contracts*	$	(23,100	)
Interest rate	Swaps (OTC)	—		—		Unrealized depreciation on interest rate swaps		(4,795	)
Total			$	—			$	(27,895	)
Strategic Income
Interest Rate	Swaps (Exchange-Cleared)	Receivable for variation margin on swap contracts*	$	(1,458,532	)	—	$	—
Interest Rate	Swaps (OTC)	—		—		Unrealized depreciation on interest rate swaps		(645,640	)
Total			$	(1,458,532	)		$	(645,640	)

* Value represents unrealized appreciation (depreciation) of swaps as reported in the Fund’s Portfolio of Investments and not the asset and/or liability derivative location as described in the table above.

Nuveen Investments 105

Notes to Financial Statements (Unaudited) (continued)

The following table presents the swap contacts subject to netting agreements and the collateral delivered related to those swap contracts as of the end of the reporting period.

Fund	Counterparty	Gross Unrealized Appreciation on Interest Rate Swaps***		Gross Unrealized (Depreciation) on Interest Rate Swaps***			Amounts Netted on Statement of Assets and Liabilities		Net Unrealized Appreciation (Depreciation) on Interest Rate Swaps			Collateral Pledged to (from) Counterparty		Net Exposure
Global Total Return Bond
	JPMorgan Chase Bank, N.A.	$	—	$	(4,795	)	$	—	$	(4,795	)	$	—	$	(4,795	)
Strategic Income
	JPMorgan Chase Bank, N.A.	$	—	$	(645,640	)	$	—	$	(645,640	)	$	645,640	$	—

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

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.

Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Swaps			Change in Net Unrealized Appreciation (Depreciation) of Swaps
Global Total Return Bond
	Credit	Swaps	$	(18,736	)	$	—
	Interest rate	Swaps		—			(26,647	)
Total			$	(18,736	)	$	(26,647	)
High Income Bond
	Interest rate	Swaps	$	(1,288,860	)	$	250,790
Strategic Income
	Credit	Swaps	$	(647,632	)	$	—
	Interest rate	Swaps		(3,222,308	)		(274,558	)
Total			$	(3,869,940	)	$	(274,558	)

Market and Counterparty Credit Risk

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

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

106 Nuveen Investments

4. Fund Shares

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

	Six Months Ended 12/31/15						Year Ended 6/30/15
Global Total Return Bond	Shares			Amount			Shares			Amount
Shares sold:
Class A		7,240		$	129,857			33,410		$	663,020
Class C		1,274			22,531			3,771			75,939
Class R3		—			—			—			—
Class I		2,670			48,488			17,049			339,170
Shares issued to shareholders due to reinvestment of distributions:
Class A		1,720			30,696			4,268			83,527
Class C		132			2,362			360			7,063
Class R3		3			56			9			168
Class I		2,178			39,413			13,892			273,301
		15,217			273,403			72,759			1,442,188
Shares redeemed:
Class A		(16,798	)		(299,138	)		(15,528	)		(302,329	)
Class C		(1,020	)		(18,680	)		(2,786	)		(56,510	)
Class R3		—			—			—			(2	)
Class I		(222,358	)		(4,008,670	)		(16,704	)		(329,207	)
		(240,176	)		(4,326,488	)		(35,018	)		(688,048	)
Net increase (decrease)		(224,959	)	$	(4,053,085	)		37,741		$	754,140
	Six Months Ended 12/31/15						Year Ended 6/30/15
High Income Bond	Shares			Amount			Shares			Amount
Shares sold:
Class A		9,294,000		$	70,029,308			20,579,913		$	179,760,260
Class C		465,187			3,443,507			1,237,977			10,700,119
Class R3		25,647			198,430			57,519			514,788
Class I		7,317,161			55,227,497			32,641,176			286,242,639
Shares issued to shareholders due to reinvestment of distributions:
Class A		486,520			3,624,218			1,136,540			9,756,311
Class C		162,791			1,214,747			380,202			3,252,087
Class R3		3,353			25,544			7,898			69,117
Class I		517,246			3,890,073			1,453,361			12,486,374
		18,271,905			137,653,324			57,494,586			502,781,695
Shares redeemed:
Class A		(11,095,306	)		(81,369,685	)		(29,786,857	)		(259,748,690	)
Class C		(1,713,662	)		(12,726,261	)		(2,641,731	)		(22,651,623	)
Class R3		(28,687	)		(215,148	)		(62,900	)		(537,346	)
Class I		(29,034,064	)		(215,693,815	)		(57,301,772	)		(496,675,701	)
		(41,871,719	)		(310,004,909	)		(89,793,260	)		(779,613,360	)
Net increase (decrease)		(23,599,814	)	$	(172,351,585	)		(32,298,674	)	$	(276,831,665	)

Nuveen Investments 107

Notes to Financial Statements (Unaudited) (continued)

	Six Months Ended 12/31/15						Year Ended 6/30/15
Strategic Income	Shares			Amount			Shares			Amount
Shares sold:
Class A		2,461,272		$	26,212,639			22,233,359		$	252,302,027
Class C		801,270			8,472,788			6,832,580			77,016,680
Class R3		262,860			2,788,636			930,153			10,536,994
Class R6		1,601,985			16,919,904			1,927,736			21,625,297
Class I		6,637,017			70,570,406			39,093,277			442,796,623
Shares issued to shareholders due to reinvestment of distributions:
Class A		586,989			6,204,176			874,773			9,870,223
Class C		169,569			1,780,185			247,639			2,777,282
Class R3		18,311			194,853			31,479			356,678
Class R6		61,589			648,093			33,785			377,964
Class I		658,698			6,962,143			1,184,390			13,362,708
		13,259,560			140,753,823			73,389,171			831,022,476
Shares redeemed:
Class A		(6,615,393	)		(70,003,712	)		(7,902,380	)		(89,477,691	)
Class C		(1,575,884	)		(16,540,748	)		(1,125,835	)		(12,594,984	)
Class R3		(567,023	)		(5,993,530	)		(304,433	)		(3,451,611	)
Class R6		(341,550	)		(3,657,152	)		(91,956	)		(1,035,000	)
Class I		(23,783,259	)		(251,041,590	)		(22,515,883	)		(253,118,258	)
		(32,883,109	)		(347,236,732	)		(31,940,487	)		(359,677,544	)
Net increase (decrease)		(19,623,549	)	$	(206,482,909	)		41,448,684		$	471,344,932
	Six Months Ended 12/31/15						Year Ended 6/30/15
U.S. Infrastructure Bond	Shares			Amount			Shares			Amount
Shares sold:
Class A		15,656		$	304,952			10,805		$	219,867
Class C		—			—			1,230			25,000
Class I		10,159			198,712			71,062			1,450,879
Shares issued to shareholders due to reinvestment of distributions:
Class A		379			7,336			195			3,950
Class C		19			364			18			379
Class I		1,291			25,090			1,138			23,090
		27,504			536,454			84,448			1,723,165
Shares redeemed:
Class A		(1,471	)		(28,842	)		(503	)		(10,250	)
Class C		(1,249	)		(23,979	)		(18	)		(379	)
Class I		(12,272	)		(239,425	)		(18,972	)		(381,440	)
		(14,992	)		(292,246	)		(19,493	)		(392,069	)
Net increase (decrease)		12,512		$	244,208			64,955		$	1,331,096

5. Investment Transactions

Long-term purchases and sales (including maturities but excluding investments purchased with collateral from securities lending and derivative transactions) during the current fiscal period were as follows:

	Global Total Return Bond		High Income Bond		Strategic Income		U.S. Infrastructure Bond
Purchases:
Investment securities	$	3,501,741	$	162,887,120	$	195,545,515	$	849,467
U.S. Government and agency obligations		4,663,589		—		69,426,193		—
Sales and maturities:
Investment securities	$	7,383,906	$	350,837,450	$	403,256,023	$	666,099
U.S. Government and agency obligations		4,490,919		—		49,746,563		—

108 Nuveen Investments

6. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

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

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing 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 NAVs of the Funds.

As of December 31, 2015, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:

	Global Total Return Bond			High Income Bond			Strategic Income			U.S. Infrastructure Bond
Cost of investments	$	15,792,180		$	465,630,910		$	1,131,616,059		$	8,253,422
Gross unrealized:
Appreciation	$	158,179		$	1,777,129		$	12,265,163		$	104,634
Depreciation		(1,351,653	)		(95,279,479	)		(82,038,567	)		(338,791	)
Net unrealized appreciation (depreciation) of investments	$	(1,193,474	)	$	(93,502,350	)	$	(69,773,404	)	$	(234,157	)

Permanent differences, primarily due to federal taxes paid, treatment of notional principal contracts, nondeductible stock issuance costs, distribution reallocation, adjustments for investments in real estate investment trusts, investments in partnerships and foreign currency transactions resulted in reclassifications among the Funds’ components of net assets as of June 30, 2015, the Funds’ last tax year end, as follows:

	Global Total Return Bond			High Income Bond			Strategic Income			U.S. Infrastructure Bond
Capital paid-in	$	—		$	2,671		$	11,280		$	(152	)
Undistributed (Over-distribution of) net investment income		(601,697	)		6,585,134			10,120,812			2,207
Accumulated net realized gain (loss)		601,697			(6,587,805	)		(10,132,092	)		(2,055	)

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

	Global Total Return Bond		High Income Bond		Strategic Income		U.S. Infrastructure Bond
Undistributed net ordinary income1	$	76,666	$	6,128,479	$	21,235,649	$	47,620
Undistributed net long-term capital gains		—		—		—		—

¹  Undistributed net ordinary income (on a tax basis) has not been reduced for the dividend declared during the period June 1, 2015 through June 30, 2015 and paid on July 1, 2015. 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’ last tax year ended June 30, 2015, was designated for purposes of the dividends paid deduction as follows:

	Global Total Return Bond		High Income Bond		Strategic Income		U.S. Infrastructure Bond
Distributions from net ordinary income2	$	987,815	$	54,503,646	$	50,714,515	$	328,659
Distributions from net long-term capital gains		156,028		5,641,156		—		—

²  Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

Nuveen Investments 109

Notes to Financial Statements (Unaudited)(continued)

As of June 30, 2015, the Funds’ last 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 shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

	Global Total Return Bond		Strategic Income		U.S. Infrastructure Bond
Expiration June 30, 2018	$	—	$	35,110,019	$	—
Not subject to expiration		136,207		8,596,300		75,108
Total	$	136,207	$	43,706,319	$	75,108

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

	Global Total Return Bond		High Income Bond
Post-October capital losses3	$	—	$	29,845,915
Late-year ordinary losses4		544,566		—

³  Capital losses incurred from November 1, 2014 through June 30, 2015, the Funds’ last tax year end.

⁴  Ordinary losses incurred from January 1, 2015 through June 30, 2015 and/or specified losses incurred from November 1, 2014 through June 30, 2015.

7. Management Fees and Other Transactions with Affiliates

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

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

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

Average Daily Net Assets	Global Total Return Bond			High Income Bond			Strategic Income			U.S. Infrastructure Bond
For the first $125 million		0.4000	%		0.4000	%		0.3600	%		0.4500	%
For the next $125 million		0.3875			0.3875			0.3475			0.4375
For the next $250 million		0.3750			0.3750			0.3350			0.4250
For the next $500 million		0.3625			0.3625			0.3225			0.4125
For the next $1 billion		0.3500			0.3500			0.3100			0.4000
For net assets over $2 billion		0.3250			0.3250			0.2850			0.3875

110 Nuveen Investments

The annual complex-level fee, payable monthly, for each Fund is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and for High Income Bond and Strategic Income, 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		0.2000	%
$56 billion		0.1996
$57 billion		0.1989
$60 billion		0.1961
$63 billion		0.1931
$66 billion		0.1900
$71 billion		0.1851
$76 billion		0.1806
$80 billion		0.1773
$91 billion		0.1691
$125 billion		0.1599
$200 billion		0.1505
$250 billion		0.1469
$300 billion		0.1445

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of December 31, 2015, the complex-level fee for each Fund was as follows:

Fund	Complex-Level Fee
Global Total Return Bond		0.1639	%
High Income Bond		0.2000
Strategic Income		0.1872
U.S. Infrastructure Bond		0.1639

The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of the following Funds so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:

Fund	Expense Cap			Expense Cap Expiration Date
Global Total Return Bond		0.75	%	October 31, 2016
Strategic Income		0.59		October 31, 2016
U.S. Infrastructure Bond		0.74		October 31, 2017

Neither Trust pays compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to each Trust from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent directors/trustees that enable directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

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

	Global Total Return Bond		High Income Bond		Strategic Income		U.S. Infrastructure Bond
Sales charges collected	$	1,965	$	150,030	$	108,449	$	9,377
Paid to financial intermediaries		1,701		133,454		96,654		8,200

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

Nuveen Investments 111

Notes to Financial Statements (Unaudited) (continued)

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

	Global Total Return Bond		High Income Bond		Strategic Income		U.S. Infrastructure Bond
Commission advances	$	—	$	36,319	$	90,744	$	—

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

	Global Total Return Bond		High Income Bond		Strategic Income		U.S. Infrastructure Bond
12b-1 fees retained	$	530	$	16,992	$	248,519	$	446

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

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period as follows:

	Global Total Return Bond		High Income Bond		Strategic Income		U.S. Infrastructure Bond
CDSC retained	$	—	$	5,726	$	24,550	$	141

As of the end of the reporting period, Nuveen owned shares of the following Funds:

	Global Total Return Bond		U.S. Infrastructure Bond
Class A Shares		—		2,500
Class C Shares		2,280		2,500
Class R3 Shares		2,280		—
Class I Shares		676,175		345,000

8. Borrowing Arrangements

During the current fiscal period, the Funds, along with certain other funds managed by the Adviser (“Participating Funds”), established a 364-day, $2.53 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which includes High Income Bond. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, including Global Total Return, Strategic Income and U.S. Infrastructure Bond, along with a number of Nuveen closed-end funds. The credit facility expires in July 2016 unless extended or renewed.

The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During December 2015, High Income Bond utilized the facility at an average daily balance and average annual interest rate of $20,539,855 and 1.59%, respectively. None of the other Funds utilized this facility.

112 Nuveen Investments

Additional

Fund Information

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

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

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

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

Nuveen Investments 113

Glossary of Terms

Used in this Report

Asset-Backed Securities (ABS): Securities whose value and income payments are derived from and collateralized by a specific pool of underlying assets. The pool of assets typically is a group of small and/or illiquid assets that may be difficult to sell individually. The underlying pools of asset-backed securities often include payments from credit cards, auto loans or mortgage loans.

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

Barclays U.S. Aggregate Bond Index: 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 outstanding par values of $150 million or more. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

Barclays Global Aggregate Unhedged Bond Index: An index that provides a broad-based measure of the global investment grade fixed-rate debt markets. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

Barclays High Yield 2% Issuer Capped Index: An issuer-constrained version of the U.S. Corporate High-Yield Index that covers the U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bond market. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

Barclays Taxable Municipal Aggregate Eligible Index: A rules based, market-value weighted index engineered for the long-term taxable bond market. To be included in the index, the bonds must meet the eligibility requirements of the U.S. Aggregate Index. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Barclays U.S. Corporate High Yield Bond Index: An index that covers the U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Barclays U.S. Corporate Investment Grade Index: A broad-based benchmark that measures the investment grade, fixed-rate, taxable corporate bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Commercial Mortgage-Backed Securities (CMBS): Commercial mortgage-backed securities are backed by cash flows of a mortgage or pool of mortgages on commercial real estate. CMBS generally are structured to provide protection to the senior class investors against potential losses on the underlying mortgage loans. CMBS are typically characterized by the following: i) loans on multi-family housing, non-residential property, ii) payments based on the amortization schedule of 25-30 years with a balloon payment due usually after 10 years, and iii) restrictions on prepayments.

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

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

114 Nuveen Investments

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

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

Lipper Multi-Sector Income Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Multi-Sector Income Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.

Mortgage-Backed Securities (MBS): Mortgage-backed securities (MBS) are bonds backed by pools of mortgages, usually with similar characteristics, and which return principal and interest in each payment. MBS are composed of residential mortgages (RMBS) or commercial mortgages (CMBS). RMBS are further divided into agency RMBS and non-agency RMBS, depending on the issuer.

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

Residential Mortgage-Backed Securities (RMBS): Residential mortgage-backed securities are securities the payments on which depend primarily on the cash flow from residential mortgage loans made to borrowers that are secured by residential real estate. RMBS consist of agency and non-agency RMBS. Agency RMBS have agency guarantees that assure investors that they will receive timely payment of interest and principal, regardless of delinquency or default rates on the underlying loans. Agency RMBS include securities issued by the Government National Mortgage Association, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, and other federal agencies, or issues guaranteed by them. Non-agency RMBS do not have agency guarantees. Non-agency RMBS have credit enhancement built into the structure to shield investors from borrower delinquencies. The spectrum of non-agency residential mortgage loans includes traditional jumbo loans (prime), alternative-A loans (Alt-A), and home equity loans (sub-prime).

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.

Nuveen Investments 115

Nuveen Investments:
	Serving Investors for Generations
	Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
		Focused on meeting investor needs. Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $225 billion as of December 31, 2015.
		Find out how we can help you. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

MSA-GHSU-1215D        14134-INV-B-02/17

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

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 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 to this filing.

(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: March 9, 2016

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: March 9, 2016

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

Date: March 9, 2016

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: March 9, 2016

/S/ GIFFORD R. ZIMMERMAN

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: March 9, 2016

/S/ STEPHEN D. FOY

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 “Registrant”), certify that, to the best of each such officer’s knowledge and belief:

1. The Form N-CSR of the Registrant for the period ended December 31, 2015 (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 Registrant.

Date: March 9, 2016

/S/ GIFFORD R. ZIMMERMAN

Gifford R. Zimmerman

Chief Administrative Officer

(principal executive officer)

/S/ STEPHEN D. FOY

Stephen D. Foy

Vice President and Controller

(principal financial officer)