Nuveen Small Cap Value Fund NCSRS Certified semi-annual shareholder report (management investment company)

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

First American 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, 2010

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

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

Item 1. Reports to Stockholders.

Mutual Funds



Nuveen Municipal Bond Funds (formerly First American Tax Free Income Funds) For Investors seeking dependable, tax-free income because it’s not what you earn, it’s what you keep.^®

Semi-Annual Report December 31, 2010


	Share Class / Ticker Symbol
Fund Name	Class A	Class C	Class C1	Class I
Nuveen California Tax Free Fund	FCAAX	—	FCCAX	FCAYX

Nuveen Colorado Tax Free Fund	FCOAX	—	FCCOX	FCOYX

Nuveen Intermediate Tax Free Fund	FAMBX	—	FMBCX	FMBIX

Nuveen Minnesota Intermediate Municipal Bond Fund	FAMAX	NIBMX	FACMX	FAMTX

Nuveen Minnesota Municipal Bond Fund	FJMNX	NMBCX	FCMNX	FYMNX

Nuveen Missouri Tax Free Fund	ARMOX	—	FFMCX	ARMIX

Nuveen Nebraska Municipal Bond Fund	FNTAX	NCNBX	FNTCX	FNTYX

Nuveen Ohio Tax Free Fund	FOFAX	—	FOTCX	FOTYX

Nuveen Oregon Intermediate Municipal Bond Fund	FOTAX	NIMOX	—	FORCX

Nuveen Short Tax Free Fund	FSHAX	—	—	FSHYX

Nuveen Tax Free Fund	FJNTX	—	FJCTX	FYNTX

NUVEEN INVESTMENTS COMPLETES STRATEGIC COMBINATION WITH FAF ADVISORS

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

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

This combination does not affect the investment objectives or strategies of the Funds included in this report. Over time, Nuveen Investments expects that the combination will provide even more ways to meet the needs of investors who work with financial advisors and consultants by enhancing the multi-boutique model of Nuveen Investments, which also includes highly respected investment teams at HydePark, NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors and Winslow Capital. Nuveen Investments managed approximately $195 billion of assets as of December 31, 2010.

Must be preceded by or accompanied by a prospectus.

Mutual fund investing involves risk; principal loss is possible.

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to federal income tax, including the alternative minimum tax. Capital gains distributions, if any, will be subject to tax.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

TABLE OF CONTENTS



Chairman’s Letter to Shareholders			1

Portfolio Manager Commentary and Fund Performance			2

Share Class Total Returns			18

Holdings Summaries			24

Expense Examples			28

Shareholder Meeting Report			33

Schedule of Investments			34

Statements of Assets and Liabilities			84

Statements of Operations			86

Statements of Changes in Net Assets			88

Financial Highlights			92

Notes to Financial Statements			102

Investment Management Agreement Approval Process			116

Glossary of Terms Used in this Report			119

Fund Information			120

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

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

CHAIRMAN’S LETTER TO SHAREHOLDERS

Dear Shareholders,

On behalf of my fellow directors, I would like to welcome you to the Nuveen Investments family. You will notice a new name for your Fund, and a new look to this report — but the investment objective and strategies of your Fund remain the same. All of us associated with Nuveen Investments and FAF Advisors have worked diligently to make the transition of the management of your Fund as seamless as possible, and we look forward to continue providing the attractive income and return you have come to expect from your investment.

The global economy recorded another year of recovery from the financial and economic crises of 2008, but many of the factors that caused the crises still weigh on the prospects for continued recovery. In the U.S., ongoing weakness in housing values is putting pressure on homeowners and mortgage lenders. Similarly, the strong earnings recovery for corporations and banks has not been translated into increased hiring or more active lending. In addition, media and analyst reports on the fiscal conditions of various state and local entities have raised concerns with some investors. Globally, deleveraging by private and public borrowers is inhibiting economic growth and this process is far from complete.

Encouragingly, a variety of constructive actions are being taken by governments around the world to stimulate further recovery. In the U.S., the recent passage of a stimulatory tax bill relieves some of the pressure on the Federal Reserve System to promote economic expansion through quantitative easing and offers the promise of faster economic growth. A number of European governments are undertaking programs that could significantly reduce their budget deficits. Governments across the emerging markets are implementing various steps to deal with global capital flows without undermining international trade and investment.

The success of these government actions could have an important impact on whether 2011 brings further economic recovery and financial market progress. One risk associated with the extraordinary efforts to strengthen U.S. economic growth is that the debt of the U.S. government will continue to grow to unprecedented levels. Another risk is that over time there could be upward pressures on asset values in the U.S. and abroad, because what happens in the U.S. impacts the rest of the world economy. We must hope that the progress made on the fiscal front in 2010 will continue into 2011. In this environment, your Nuveen investment team continues to seek sustainable investment opportunities and to remain alert to potential risks in a recovery still facing many headwinds. On your behalf, we monitor their activities to assure they maintain their investment disciplines.

As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Robert P. Bremner

Chairman of the Board and Lead Independent Director

February 22, 2011

Nuveen Investments 1

Portfolio Manager Commentary and Fund Performance

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

The portfolio managers for the Fund during the six-month reporting period, Christopher Drahn and Michael Hamilton, recently examined key investment strategies and the performance of the Nuveen California Tax Free Fund. Christopher Drahn, CFA, who has 31 years of investment experience, has managed the Fund since 2005. Michael Hamilton, with 22 years of investment experience, has been on the management team of the Fund since 2002.

Effective January 1, 2011, Scott Romans, PhD, with 12 years of investment experience, assumed management responsibilities for this Fund.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen California Tax Free Fund returned -1.03% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital Municipal Bond Index returned -0.90% and the Lipper California Municipal Debt Funds Category Average returned -1.85% during the same period. The table on page 16 provides additional Class A Share total returns for the Fund for the one-year, five-year, and ten-year reporting periods ending December 31, 2010.

In the first half of the six-month reporting period, the municipal market registered solid returns, fueled by the general rally in fixed-income assets, continued investor migration out of money market funds, and strong inflows into mutual funds. The perception that short rates would stay low for an extended period and the possibility of quantitative easing driving down long rates were key factors in sustaining the market’s bullish psychology. The market rally and a lack of supply pushed yields to historic lows in August.

After this strong start, municipals faltered in the second half of the period which more than cancelled out the earlier positive performance. Most fixed-income markets were generally weak due to stronger hints of recovery and concerns over the necessity of another round of quantitative easing by the Federal Reserve. Also, the municipal market was flooded with excess supply due to several factors. First, the Build America Bond (BAB) program was unexpectedly not extended. The program had diverted substantial municipal issuance to the taxable credit markets, draining the supply of long tax-exempt bonds and helping to bolster their performance. In the final months of the year, issuers rushed to market to take advantage of the program before it ended. This, plus the typical year-end seasonal rush, spilled significant new issue supply into the tax-exempt arena. Second, demand for municipal bonds faded as investors left the market due to ongoing negative media headlines about the perceived credit risk of municipal bonds.

As the market lost confidence that the BAB program would be extended, the municipal yield curve steepened dramatically and longer tax-exempt securities underperformed. Therefore, yield curve positioning was a primary determinant of performance overall during the six months, as longer bonds were generally the weakest performers and returns were negative for all but the shortest maturities. Credit spreads were generally mixed, with some bonds widening and others narrowing.

With the above-mentioned dynamics during the period, the Fund’s results were helped by its laddered maturity structure, which was reasonably well-diversified across the yield curve. Because the long end was the weakest performing part of the yield curve, we benefited by not being too heavily weighted in this area. The Fund’s performance was also rewarded for its emphasis on mid-grade bonds, especially in the intermediate-range maturities, as lower rated bonds performed well in California for the six-month period. This included our overweight in A- and BBB-rated bonds and corresponding underweight to AA bonds. However, the Fund was hindered by owning a number of zero-coupon bonds, which underperformed because of their long duration, or sensitivity to interest rate movements.

What strategies were used to manage the Fund? How did these strategies influence performance?

The Fund continued to employ the same fundamental investment strategies and tactics used in previous years. We believe superior, long-term performance is achieved by focusing on three key drivers: security selection, portfolio structure, and duration management, while being mindful of the need to diversify risk exposure. Going into the reporting period, we were comfortable with the Fund’s positioning and saw little need to make large-scale shifts to the Fund’s weightings.

Given the steepness of the yield curve and the good values we were seeing at the long end, we made some purchases of longer maturity bonds for the Fund while still maintaining the portfolio’s generally laddered structure. However, as a result of the cross currents buffeting the municipal markets in the last few months of 2010, we were not aggressive buyers of long maturities. In addition, we continued to emphasize mid-quality bonds, which we have done historically due to the value these positions have represented.

As always, we engaged in a number of tactical sales in the Fund as opportunities arose, whereby we sell holdings that we can obtain full prices for and replace them with bonds that we believe have more attractive long-term values. These tactical trades typically take place with investors who are looking for bonds with certain types of structures or characteristics and are willing to pay us full prices for bonds that we own.

2 Nuveen Investments

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

The portfolio managers for the Fund during the six-month reporting period, Christopher Drahn and Michael Welle, recently examined key investment strategies and the performance of the Nuveen Colorado Tax Free Fund. Christopher Drahn, CFA, who has 31 years of investment experience, has managed the Fund since 2007. Effective January 1, 2011, Michael Welle is no longer a portfolio manager of the Fund.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen Colorado Tax Free Fund returned -0.88% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital Municipal Bond Index returned -0.90% and the Lipper Colorado Municipal Debt Funds Category Average returned -1.66% during the same period. The table on page 16 provides additional Class A Share total returns for the Fund for the one-year, five-year, and ten-year reporting periods ending December 31, 2010.

With the above-mentioned dynamics during the period, the Fund’s strongest results came from our emphasis on mid-grade bonds, particularly non-rated and BBB-rated bonds. We also held a number of bonds that have relatively short call provisions, which dampened the volatility of the Fund and were positive contributors to performance during the six-month period. In terms of sectors, healthcare bonds proved beneficial for performance while charter school bonds were negative contributors. The Fund’s slightly longer overall duration, or sensitivity to interest-rate movements, relative to its Barclays Capital benchmark was a slight, but not major, negative.

What strategies were used to manage the Fund? How did these strategies influence performance?

Given the steepness of the yield curve, we kept the Fund’s duration slightly longer than its benchmark throughout the six-month period. We took advantage of the steep curve environment and made a number of purchases of longer maturity bonds for the Fund. Although we maintained the portfolio’s generally laddered structure, these purchases gave the Fund a slight overweighting in longer maturities. In addition, we continued to emphasize mid-quality bonds, which we have done historically due to the value these positions have represented. We bought several bonds in this range, including an A-rated general obligation bond from the Sand Creek Metropolitan District, a BBB-rated bond from Total Longterm Care in Denver, and a BBB-rated bond from the Arkansas River Power Authority.

Nuveen Investments 3

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

The portfolio managers for the Fund during the six-month reporting period, Christopher Drahn and Douglas White, recently examined key investment strategies and the performance of the Nuveen Intermediate Tax Free Fund. Christopher Drahn, CFA, who has 31 years of investment experience, has managed the Fund since 1994. Douglas White, CFA, with 28 years of investment experience, has been on the management team of the Fund since 2007.

Effective January 1, 2011, Paul Brennan, CFA, CPA, with 23 years of investment experience, assumed portfolio management responsibility for this Fund.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen Intermediate Tax Free Fund returned -0.03% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital 1-15 Year Blend Municipal Bond Index returned 0.11% and the Lipper Intermediate Municipal Debt Funds Category Average returned -0.29% during the same period. The table on page 16 provides additional Class A Share total returns for the Fund for the one-year, five-year, and ten-year reporting periods ending December 31, 2010.

In the midst of the above-mentioned dynamics during the period, the Fund received the best results from its cash holdings and shorter maturities while its longer maturity bonds underperformed. Non-rated and lower quality holdings were also very good performers. Additionally, the Fund’s overweighting in A-rated bonds and underweight in AA-rated bonds proved beneficial for performance. The Fund’s slightly longer overall duration, or sensitivity to interest-rate movements, relative to its Barclays Capital benchmark was a slight, but not major, negative. In terms of sectors, the better performers in the Fund included healthcare and pre-refunded bonds.

What strategies were used to manage the Fund? How did these strategies influence performance?

Given the steepness of the yield curve, we kept the Fund’s duration slightly longer than its benchmark throughout the six-month period, which was a slight negative for performance. During the market sell-off and backup in yields, we drew down some of the Fund’s cash reserves and sold a few very short maturities, which had the net effect of modestly lengthening the Fund’s overall duration. We also maintained the portfolio’s generally laddered structure out to approximately 20 years, with slight overweightings in cash equivalents and longer maturities. In addition, we continued to emphasize mid-quality bonds, which we have done historically due to the value these positions have represented. We added several mid-grade positions, including the purchases of BBB-rated bonds from issuers such as Suffolk University in Massachusetts, Neumann University in Pennsylvania, and the National Marrow Donor Program in Minneapolis. In the higher grade segment, we also spotted a number of relative value opportunities such as a Beaver Water

4 Nuveen Investments

District bond rated AA from Arkansas. We sold one non-rated Continuing Care Retirement Community bond as we became increasingly cautious about the long-term prospects for that particular obligor and were able to achieve a favorable price for it.

Nuveen Investments 5

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

Recently, portfolio managers Christopher Drahn and Douglas White examined key investment strategies and the performance of the Nuveen Minnesota Intermediate Municipal Bond Fund. Christopher Drahn, CFA, who has 31 years of investment experience, has managed the Fund since 1994. Effective January 1, 2011, Douglas White is no longer a portfolio manager of the Fund.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen Minnesota Intermediate Municipal Bond Fund returned 0.09% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital 1-15 Year Blend Municipal Bond Index returned 0.11% and the Lipper Other States Intermediate Municipal Debt Funds Category Average returned -0.47% during the same period. The table on page 16 provides additional Class A Share total returns for the Fund for the one-year, five-year, and ten-year reporting periods ending December 31, 2010.

With the above-mentioned dynamics during the period as a backdrop, the Fund’s strongest results came from our overweighting in A- and BBB-rated bonds and underweight to AA bonds. The Fund also benefited from its emphasis on mid-grade bonds and traditionally higher yielding sectors such as healthcare and higher education. Additionally, the Fund’s modest underweight in the 15-year part of the yield curve significantly helped performance vs. other funds and the Barclays Capital benchmark. The Fund’s modestly longer overall duration, or sensitivity to interest-rate movements, relative to the benchmark was a slight, but not major, negative.

What strategies were used to manage the Fund? How did these strategies influence performance?

During the period, we maintained the portfolio’s generally laddered structure out to approximately 20 years, with a modest underweight in the 15-year part of the yield curve as mentioned. In addition, we continued to emphasize mid-quality bonds, which we have done historically due to the value these positions have represented. We bought a number of mid-grade Minnesota revenue bonds, which we believe have reasonable credit profiles and attractive yields. For example, we added bonds rated A or BBB from issuers such as Augsburg College in St. Paul, College of St. Scholastica in Duluth, Gustavus Adolphus College in St. Peter, Gillette Children’s Hospital, and Minnesota Public Radio. We sold one non-rated Continuing Care Retirement Community bond as we became increasingly cautious about the long-term prospects for that particular obligor and were able to achieve a favorable price for it.

6 Nuveen Investments

Nuveen Minnesota Municipal Bond Fund (formerly known as First American Minnesota Tax Free Fund)

Recently, portfolio managers Douglas White and Christopher Drahn examined key investment strategies and the performance of the Nuveen Minnesota Municipal Bond Fund. Douglas White, CFA, who has 28 years of investment experience, has managed the Fund since 2001. Effective January 1, 2011, Christopher Drahn is no longer a portfolio manager of the Fund.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen Minnesota Municipal Bond Fund returned -1.27% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital Municipal Bond Index returned -0.90% and the Lipper Minnesota Municipal Debt Funds Category Average returned -1.42% during the same period. The table on page 16 provides additional Class A Share total returns for the Fund for the one-year, five-year, and ten-year reporting periods ending December 31, 2010.

In the midst of the above-mentioned dynamics during the period, the strongest performing area of the portfolio was the intermediate and shorter end of its maturity spectrum, specifically bonds with maturities under 12 years. Bonds with maturities over 12 years contributed negatively to returns. Additionally, the Fund benefited from holdings at both ends of its credit quality spectrum, particularly non-rated, AA-rated, and AAA-rated bonds. The credit qualities in the middle, A and BBB, were the worst performers for the six-month period. In terms of sectors, the biggest positive contributor to results was the Fund’s larger than normal cash position of more than 5%. Cash levels were elevated as the supply of longer maturity municipal bonds was more limited in Minnesota and we weren’t able to find attractive buying opportunities. Also, transportation and nursing home bonds proved beneficial for the Fund, while other healthcare, electric utilities, and general obligation bonds were negative contributors.

What strategies were used to manage the Fund? How did these strategies influence performance?

Given the steepness of the yield curve, we kept the Fund’s duration, or sensitivity to interest-rate movements, longer than its benchmark throughout the six-month period. We did not make any substantial changes to duration; however, it did get slightly longer due to trading activity. We also maintained the portfolio’s generally laddered structure from 8 out to approximately 20 years and an overweighting in 20- to 30-year maturities. In addition, despite their recent performance, we continued to emphasize mid-quality bonds, which we have done historically due to the value these positions have represented. Toward the end of the period, we used up some of the Fund’s excess cash to buy a number of mid-grade Minnesota revenue bonds that we believe have reasonable credit profiles and attractive yields. For example, we added bonds from issuers such as Gustavus Adolphus College in St. Peter, the National Marrow Donor Program in Minneapolis, the Minnesota Municipal Power Agency, and American Crystal Sugar in Moorhead, Minnesota. We also moved out of several high-quality

Nuveen Investments 7

healthcare issues that had performed very well for the Fund.

8 Nuveen Investments

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

The portfolio managers for the Fund during the six-month reporting period, Christopher Drahn and Douglas White, recently examined key investment strategies and the performance of the Nuveen Missouri Tax Free Fund. Christopher Drahn, CFA, who has 31 years of investment experience, has managed the Fund since 2002. Effective January 1, 2011, Douglas White is no longer a portfolio manager of the Fund.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen Missouri Tax Free Fund returned -0.20% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital Municipal Bond Index returned -0.90% and the Lipper Other States Municipal Debt Funds Category Average returned -1.53% during the same period. The table on page 16 provides additional Class A Share total returns for the Fund for the one-year, five-year, and ten-year reporting periods ending December 31, 2010.

The Fund’s performance benefited from a sizeable position in a 20-year, A-rated bond issued by the Kansas City Special Facilities that was prerefunded during the six-month period. The prerefunding benefited the Fund as the bond’s credit quality increased, reflecting the government security collateralization now backing the bond, and its price rose significantly. Also, the Fund’s modest overweight in the 15-year part of the yield curve and its overweight in non-rated bonds helped performance vs. other funds and the Barclays Capital benchmark. In terms of sectors, lease/appropriation bonds proved beneficial for performance.

What strategies were used to manage the Fund? How did these strategies influence performance?

Although we generally maintained the portfolio’s laddered structure, we did make a number of purchases in the 10- to 15-year maturity range. As an example, we bought an AA-rated bond from Jefferson County Water Supply District. We weren’t able to find as many buying opportunities in longer maturity municipal bonds because the BAB program diverted a lot of Missouri’s tax-exempt supply into the taxable marketplace. However, we did purchase a longer term, A-rated bond from Lutheran Senior Services in St. Louis and a longer term, BBB-rated bond from the John Fitzgibbon Memorial Hospital in Marshall. We continued to emphasize mid-quality bonds in the Fund, which we have done historically due to the value these positions have represented.

Nuveen Investments 9

Nuveen Nebraska Municipal Bond Fund (formerly known as First American Nebraska Tax Free Fund)

The portfolio managers for the Fund during the six-month reporting period, Christopher Drahn and Michael Welle, recently examined key investment strategies and the performance of the Nuveen Nebraska Municipal Bond Fund. Christopher Drahn, CFA, who has 31 years of investment experience, has managed the Fund since 2001. Michael Welle, CFA, with 19 years of investment experience, has been on the management team of the Fund since 2007.

Effective January 1, 2011, Douglas White, CFA, with 28 years of investment experience, assumed portfolio management responsibilities for the Fund.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen Nebraska Municipal Bond Fund returned -0.42% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital Municipal Bond Index returned -0.90% and the Lipper Other States Municipal Debt Funds Category Average returned -1.53% during the same period. The table on page 17 provides additional Class A Share total returns for the Fund for the one-year, five-year, and since inception reporting periods ending December 31, 2010.

The Fund received the best results from holdings at the intermediate and shorter ends of its maturity spectrum, while underperforming at the long end. Specifically, the Fund’s holdings with maturities under 17 years produced the strongest returns while anything longer than that underperformed. Additionally, the Fund’s performance benefited from its non-rated holdings, followed by its AAA-rated bonds and cash. The credit qualities in the middle, AA- through BBB-rated bonds, were the worst performers for the six-month period. In terms of sectors, the Fund experienced small positive contributions from a number of different areas including general obligations, hospitals, retirement care communities, and recreational facilities.

What strategies were used to manage the Fund? How did these strategies influence performance?

Given the steepness of the yield curve, we kept the Fund’s duration, or sensitivity to interest-rate movements, longer than its benchmark throughout the six-month period. We added positions in the 5-year and 25- to 30-year maturity ranges, while reducing exposure in the 20-year maturity range. At the end of the period, the Fund was emphasizing the 5- to 7-year and 15- to 30-year maturity ranges. This was as much a function of the availability of appropriate investments in the state as it was a function of investment strategy. In addition, despite their recent performance, we also maintained an emphasis on mid-quality bonds, which we have done historically due to the value these positions have represented. We made a few select purchases in the mid-quality range; however, supply of these issues tended to be fairly limited within Nebraska as is typically the case. New positions in the Fund included a non-rated Nebraska Educational Finance Authority bond for Concordia University in Seward and an A-rated bond from Creighton University in Omaha.

10 Nuveen Investments

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

The portfolio managers for the Fund during the six-month reporting period, Michael Hamilton and Christopher Drahn, recently examined key investment strategies and the performance of the Nuveen Ohio Tax Free Fund. Michael Hamilton, who has 22 years of investment experience, and Christopher Drahn, CFA, with 31 years of investment experience, have been on the management team of the Fund since 2002.

Effective January 1, 2011, Dan Close, CFA, with 13 years of investment experience, assumed portfolio management responsibility for the Fund.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen Ohio Tax Free Fund returned -1.24% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital Municipal Bond Index returned -0.90% and the Lipper Ohio Municipal Debt Funds Category Average returned -1.44% during the same period. The table on page 17 provides additional Class A Share total returns for the Fund for the one-year, five-year, and since inception reporting periods ending December 31, 2010.

In the context of the above-mentioned dynamics during the period, the Fund’s performance was hindered by its exposure to longer bonds in the maturity spectrum and lower rated credits. However, higher rated securities performed better across a number of sectors such as housing, healthcare, education, and electric utilities. The Fund also received positive results from the tactical selling of certain credits during the reporting period.

What strategies were used to manage the Fund? How did these strategies influence performance?

As with the rest of the nation, the BAB program diverted a lot of Ohio’s tax-exempt supply into the taxable marketplace. However, we did engage in a number of tactical sales in the Fund as opportunities arose, whereby we sell holdings that we can obtain full prices for and look to replace them with bonds that we believe have more attractive long-term values. Tactical trades typically take place with investors who are looking for bonds with certain types of structures or characteristics and are willing to pay us full prices for bonds that we own. Given the steepness of the yield curve, we kept the Fund’s duration, or sensitivity to interest rates, longer than its Barclays Capital benchmark throughout the six-month period. This positioning was not beneficial to performance in the environment described earlier.

Nuveen Investments 11

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

The portfolio managers for the Fund during the six-month reporting period, Michael Hamilton and Christopher Drahn, recently examined key investment strategies and the performance of the Nuveen Oregon Intermediate Municipal Bond Fund. Michael Hamilton, who has 22 years of investment experience, has managed the Fund since 1997. Effective January 1, 2011, Christopher Drahn is no longer a portfolio manager of the Fund.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen Oregon Intermediate Municipal Bond Fund returned -0.39% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital 1-15 Year Blend Municipal Bond Index returned 0.11% and the Lipper Other States Intermediate Municipal Debt Funds Category Average returned -0.47% during the same period. The table on page 16 provides additional Class A Share total returns for the Fund for the one-year, five-year, and ten-year reporting periods ending December 31, 2010.

During the period, the Fund’s overweighting to higher quality bonds proved beneficial to performance. We also received positive results from the tactical selling of certain structures and credits. In terms of sectors, the Fund benefited from widespread diversification across the state, with its select lower rated healthcare systems performing particularly well. Following a macro trend from across the country, the Fund’s local general obligation and revenue bonds detracted from performance.

What strategies were used to manage the Fund? How did these strategies influence performance?

However as mentioned above, we did engage in a number of tactical sales in the Fund as opportunities arose, whereby we sell holdings that we can obtain full prices for and look to replace them with bonds that we believe have more attractive long-term values. Tactical trades typically take place with investors who are looking for bonds with certain types of structures or characteristics and are willing to pay us full prices for bonds that we own. These tactical shifts were beneficial for the Fund’s performance during the reporting period. In line with the bonds available in the Oregon municipal marketplace, we were overweighted in higher quality bonds, those rated AA or better. Given the steepness of the yield curve, we kept the Fund’s duration, or sensitivity to interest rates, longer than its Barclays Capital benchmark throughout the six-month period. This positioning was not beneficial to performance in the market environment described earlier.

12 Nuveen Investments

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

The portfolio managers for the Fund during the six-month reporting period, Michael Welle and Christopher Drahn, recently examined key investment strategies and the performance of the Nuveen Short Tax Free Fund. Christopher Drahn, CFA, who has 31 years of investment experience, has managed the Fund since 2002. Effective January 1, 2011, Michael Welle is no longer a portfolio manager of the Fund.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen Short Tax Free Fund returned 0.42% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital 3-Year Municipal Bond Index returned 0.30% and the Lipper Short Municipal Debt Funds Category Average returned 0.28% during the same period. The table on page 17 provides additional Class A Share total returns for the Fund for the one-year, five-year, and since inception reporting periods ending December 31, 2010.

In the midst of the above-mentioned dynamics during the period, the Fund’s results were helped by its maturity ladder, which was slightly longer than its benchmarks. For example, the Barclays Capital benchmark is focused on bonds in the 2-4 year maturity range, while our Fund has bonds that are both shorter and a little longer than that range. In particular, the Fund received the strongest results from its holdings in 4-8 year maturities, which was the best performing spot on the yield curve. Bonds in that range had enough yield to offset the negative price moves during the period. We also benefited from our emphasis on slightly lower-grade credits, particularly non-rated and A-rated bonds, which also offered a yield advantage for the Fund. The Fund’s duration, or sensitivity to interest-rate movements, was close to neutral relative to its benchmark and therefore did not have much of a performance impact. In terms of sectors, the better performers in the Fund included healthcare, higher education, and continuing care retirement bonds.

What strategies were used to manage the Fund? How did these strategies influence performance?

We did not make any intentional changes to duration and kept it basically in line with the Barclays Capital benchmark. We also maintained the Fund’s substantial weightings in securities with maturities under one year combined with a number of bonds in the 4-8 year maturity range. In fact, we added to the Fund’s holdings in 4-8 year securities, although a few of the purchases showed losses at the end of the year. With short rates still low and the Federal Reserve likely on hold this year, we believe bonds in this range will still provide advantageous extra yield for the Fund throughout 2011. In addition, we continued to emphasize mid-quality bonds, which we have done historically due to the value these positions have represented.

Nuveen Investments 13

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

Recently, portfolio managers Douglas White and Christopher Drahn examined key investment strategies and the performance of the Nuveen Tax Free Fund. Douglas White, CFA, who has 28 years of investment experience, has managed the Fund since 2001. Effective January 1, 2011, Christopher Drahn is no longer a portfolio manager of the Fund.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen Tax Free Fund returned -1.08% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital Municipal Bond Index returned -0.90% and the Lipper General Municipal Debt Funds Category Average returned -1.25% during the same period. The table on page 16 provides additional Class A Share total returns for the Fund for the one-year, five-year, and ten-year reporting periods ending December 31, 2010.

In the midst of the above-mentioned dynamics during the period, the Fund received the best results from holdings at both ends of its maturity and credit quality spectrums, while underperforming in the middle areas. Specifically, the Fund’s longest holdings, bonds with maturities of 22 years and more, and its shorter maturities 4 years and under produced the strongest returns. Its longer intermediate bonds with maturities beyond eight years and out to 22 years underperformed. Additionally, the Fund’s mid- and lower-grade credits, particularly non-rated and BBB-rated bonds, performed best followed by its AAA-rated bonds. The credit qualities in the middle, AA- and A-rated bonds, were the worst performers for the six-month period. In terms of sectors, the Fund benefited from holdings in healthcare as well as gas, water, and sewer utilities. The Fund experienced only a few pockets of underperformance during the period in the transportation, general obligation, and electric utilities sectors.

What strategies were used to manage the Fund? How did these strategies influence performance?

Given the steepness of the yield curve, we kept the Fund’s duration, or sensitivity to interest-rate movements, longer than its benchmark throughout the six-month period. We did not make any substantial changes to duration; however, it did get slightly longer due to trading activity. We maintained the portfolio’s generally laddered structure from 8 out to approximately 20 years and its overweighting in 20- to 30-year maturities. In addition, despite their recent performance, we maintained an emphasis on mid-quality bonds, which we have done historically due to the value these positions have represented. We also made a few minor adjustments to the Fund in light of market events. During the market’s sell-off, we invested some of the Fund’s cash reserves in utilities, A-rated issues, and 8- to 10-year maturities, while reducing selected general obligation bonds and some of the Fund’s emphasis on the healthcare sector. We also added airport issues in California, Arizona, Alaska, Oregon, and South Dakota, reflecting the moderately strengthening economy. Additionally, one

14 Nuveen Investments

bond insurer was downgraded, Assured Guaranty Corp., which brought the Fund’s overall credit quality down slightly. However, we do not believe this materially impacted the overall credit quality of the portfolio.

Nuveen Investments 15


^*	The since-inception returns for the Nuveen Nebraska Municipal Fund are from 2/28/01, for the Nuveen Ohio Tax Free Fund are from 4/30/02, and for the Nuveen Short Tax Free Fund are from 10/25/02.

¹	The Lipper Funds Categories represent the average annualized returns for all the funds in each respective Lipper Funds category. Average returns do not include the effects of sales charges. It is not possible to invest directly in a Lipper category average.

²	The Barclays Capital Municipal Bond Index is an unmanaged index composed of abroad range of investment grade municipal bonds. The Barclays Capital 1-15 Year Blend Municipal Bond Index is an unmanaged index that tracks the performance of municipal bonds with maturities between 1 and 15 years. This Index does not have a ten-year history. The Barclays Capital 3-Year Municipal Bond Index is an unmanaged index composed of investment-grade municipal bonds with maturity dates of approximately three years. Index returns do not include the effects of any sales charges or management fees. It is not possible to invest directly in an index.

Class A Shares – Average Annual Total Returns
As of 12/31/2010


	Cumulative			Average Annual
	6-Month			1-Year			5-Year			10-Year

Nuveen California Tax Free Fund
A Shares at NAV		-1.03	%		2.78	%		3.26	%		4.24	%
A Shares at Offer		-5.21	%		-1.55	%		2.38	%		3.80	%
Lipper California Municipal Debt Funds Category¹		-1.85	%		1.82	%		2.34	%		3.57	%
Barclays Capital Municipal Bond Index²		-0.90	%		2.38	%		4.09	%		4.83	%


Nuveen Colorado Tax Free Fund
A Shares at NAV		-0.88	%		2.67	%		2.79	%		4.20	%
A Shares at Offer		-5.01	%		-1.66	%		1.91	%		3.75	%
Lipper Colorado Municipal Debt Funds Category¹		-1.66	%		1.44	%		2.79	%		4.00	%
Barclays Capital Municipal Bond Index²		-0.90	%		2.38	%		4.09	%		4.83	%


Nuveen Intermediate Tax Free Fund
A Shares at NAV		-0.03	%		2.92	%		3.97	%		4.30	%
A Shares at Offer		-3.05	%		-0.13	%		3.33	%		3.98	%
Lipper Intermediate Municipal Debt Funds Category¹		-0.29	%		2.31	%		3.49	%		3.92	%
Barclays Capital 1-15 Year Blend Municipal Bond Index²		0.11	%		2.97	%		4.55	%		N/A


Nuveen Minnesota Intermediate Municipal Bond Fund
A Shares at NAV		0.09	%		3.17	%		3.91	%		4.15	%
A Shares at Offer		-2.88	%		0.07	%		3.28	%		3.84	%
Lipper Other States Intermediate Municipal Debt Funds Category¹		-0.47	%		1.90	%		3.32	%		3.70	%
Barclays Capital 1-15 Year Blend Municipal Bond Index²		0.11	%		2.97	%		4.55	%		N/A


Nuveen Minnesota Municipal Bond Fund
A Shares at NAV		-1.27	%		2.15	%		3.23	%		4.24	%
A Shares at Offer		-5.44	%		-2.15	%		2.35	%		3.79	%
Lipper Minnesota Municipal Debt Funds Category¹		-1.42	%		1.51	%		3.05	%		3.99	%
Barclays Capital Municipal Bond Index²		-0.90	%		2.38	%		4.09	%		4.83	%


Nuveen Missouri Tax Free Fund
A Shares at NAV		-0.20	%		2.72	%		3.46	%		4.07	%
A Shares at Offer		-4.38	%		-1.61	%		2.57	%		3.62	%
Lipper Other States Municipal Debt Funds Category¹		-1.53	%		1.12	%		2.90	%		3.81	%
Barclays Capital Municipal Bond Index²		-0.90	%		2.38	%		4.09	%		4.83	%


Nuveen Oregon Intermediate Municipal Bond Fund
A Shares at NAV		-0.39	%		2.09	%		3.58	%		3.91	%
A Shares at Offer		-3.36	%		-0.97	%		2.95	%		3.59	%
Lipper Other States Intermediate Municipal Debt Funds Category¹		-0.47	%		1.90	%		3.32	%		3.70	%
Barclays Capital 1-15 Year Blend Municipal Bond Index²		0.11	%		2.97	%		4.55	%		N/A


Nuveen Tax Free Fund
A Shares at NAV		-1.08	%		3.52	%		3.41	%		4.43	%
A Shares at Offer		-5.28	%		-0.87	%		2.54	%		3.99	%
Lipper General Municipal Debt Funds Category¹		-1.25	%		1.72	%		0.82	%		0.75	%
Barclays Capital Municipal Bond Index²		-0.90	%		2.38	%		4.09	%		4.83	%

16 Nuveen Investments


	Cumulative			Average Annual
										Since
	6-Month			1-Year			5-Year			Inception*

	Cumulative			Average Annual
										Since
	6-Month			1-Year			5-Year			Inception*

Nuveen Nebraska Municipal Bond Fund
A Shares at NAV		-0.42	%		2.26	%		3.45	%		4.32	%
A Shares at Offer		-4.58	%		-2.04	%		2.57	%		3.86	%
Lipper Other States Municipal Debt Funds Category¹		-1.53	%		1.12	%		2.90	%		3.63	%
Barclays Capital Municipal Bond Index²		-0.90	%		2.38	%		4.09	%		4.78	%


Nuveen Ohio Tax Free Fund
A Shares at NAV		-1.24	%		1.64	%		3.39	%		4.07	%
A Shares at Offer		-5.41	%		-2.61	%		2.50	%		3.55	%
Lipper Ohio Municipal Debt Funds Category¹		-1.44	%		0.95	%		2.95	%		3.59	%
Barclays Capital Municipal Bond Index²		-0.90	%		2.38	%		4.09	%		4.78	%


Nuveen Short Tax Free Fund
A Shares at NAV		0.42	%		1.83	%		3.02	%		2.61	%
A Shares at Offer		-2.13	%		-0.68	%		2.50	%		2.29	%
Lipper Short Municipal Debt Funds Category¹		0.28	%		1.21	%		2.55	%		2.30	%
Barclays Capital 3-Year Municipal Bond Index²		0.30	%		1.81	%		4.22	%		3.52	%

Six-month returns are cumulative; all other returns are annualized.

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

Nuveen Investments 17

Share Class Total Returns

Effective January 18, 2011, former First American Fund’s Class C Shares were renamed Class C1 Shares and Class Y Shares were renamed Class I Shares.

Average Annual Total Returns at Offer for Class A Shares reflect the Fund’s maximum sales charge that went into effect January 18, 2011.

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. 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 shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. Six-month returns are cumulative; all other returns are annualized. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Nuveen California Tax Free Fund

Average Annual Total Returns as of December 31, 2010


	6-month (Cumulative)			1-year			5-years			10-years

Average Annual Total Returns At Offer
A		-5	.21%		-1.55	%		2.38	%		3.80	%



Average Annual Total Returns At NAV
A		-1	.03%		2.78	%		3.26	%		4.2	%


C1		-1	.28%		2.26	%		2.77	%		3.79	%


I		-0	.95%		2.93	%		3.43	%		4.47	%

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 4.20% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C1 Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Nuveen Colorado Tax Free Fund

Average Annual Total Returns as of December 31, 2010


	6-month (Cumulative)			1-year			5-years			10-years



Average Annual Total Returns At Offer
A		-5	.01%		-1.66	%		1.91	%		3.75	%



Average Annual Total Returns At NAV
A		-0	.88%		2.67	%		2.79	%		4.20	%


C1		-1	.09%		2.17	%		2.37	%		3.78	%


I		-0	.66%		2.92	%		3.07	%		4.47	%

18 Nuveen Investments

redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Nuveen Intermediate Tax Free Fund

Average Annual Total Returns as of December 31, 2010


													Since Inception
	6-month (Cumulative)			1-year			5-years			10-years			10/28/2009
Average Annual Total Returns At Offer
A		-3.05	%		-0.13	%		3.33	%		3.98	%		—



Average Annual Total Returns At NAV
A		-0.03	%		2.92	%		3.97	%		4.30	%		—


C1		-0.24	%		2.39	%		—			—			3.22	%


I		-0.01	%		2.98	%		4.04	%		4.40	%		—

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 3.00% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C1 Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Nuveen Minnesota Intermediate Municipal Bond Fund

Average Annual Total Returns as of December 31, 2010


													Since Inception
	6-month (Cumulative)			1-year			5-years			10-years			10/28/2009

Average Annual Total Returns At Offer
A		-2.88	%		0.07	%		3.28	%		3.84	%		—



Average Annual Total Returns At NAV
A		0.09	%		3.17	%		3.91	%		4.15	%		—


C1		-0.21	%		2.55	%		—			—			3.34	%


I		0.12	%		3.24	%		3.99	%		4.26	%		—

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 3.00% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C1 Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Nuveen Investments 19

Share Class Total Returns

Nuveen Minnesota Municipal Bond Fund

Average Annual Total Returns as of December 31, 2010


	6-month (Cumulative)			1-year			5-years			10-years

Average Annual Total Returns At Offer
A		-5.44	%		-2.15	%		2.35	%		3.79	%



Average Annual Total Returns At NAV
A		-1.27	%		2.15	%		3.23	%		4.24	%


C1		-1.52	%		1.65	%		2.74	%		3.78	%


I		-1.29	%		2.31	%		3.40	%		4.46	%

Nuveen Missouri Tax Free Fund

Average Annual Total Returns as of December 31, 2010


													Since Inception
	6-month (Cumulative)			1-year			5-years			10-years			9/24/2001
Average Annual Total Returns At Offer
A		-4.38	%		-1.61	%		2.57	%		3.62	%		—



Average Annual Total Returns At NAV
A		-0.20	%		2.72	%		3.46	%		4.07	%		—


C1		-0.46	%		2.22	%		3.01	%		—			3.44	%


I		-0.13	%		2.88	%		3.68	%		4.32	%		—

20 Nuveen Investments

Nuveen Nebraska Municipal Bond Fund

Average Annual Total Returns as of December 31, 2010


										Since Inception
	6-month (Cumulative)			1-year			5-years			2/28/2001
Average Annual Total Returns At Offer
A		-4.58	%		-2.04	%		2.57	%		3.86	%



Average Annual Total Returns At NAV
A		-0.42	%		2.26	%		3.45	%		4.32	%


C1		-0.63	%		1.97	%		3.06	%		3.86	%


I		-0.39	%		2.51	%		3.69	%		4.56	%

Nuveen Ohio Tax Free Fund

Average Annual Total Returns as of December 31, 2010


										Since Inception
	6-month (Cumulative)			1-year			5-years			4/30/2002

Average Annual Total Returns At Offer
A		-5.41	%		-2.61	%		2.50	%		3.55	%



Average Annual Total Returns At NAV
A		-1.24	%		1.64	%		3.39	%		4.07	%


C1		-1.45	%		1.26	%		2.95	%		3.52	%


I		-1.21	%		1.79	%		3.61	%		4.32	%

Nuveen Investments 21

Share Class Total Returns

Nuveen Oregon Intermediate Municipal Bond Fund

Average Annual Total Returns as of December 31, 2010


	6-month (Cumulative)			1-year			5-years			10-years

Average Annual Total Returns At Offer
A		-3.36	%		-0.97	%		2.95	%		3.59	%



Average Annual Total Returns At NAV
A		-0.39	%		2.09	%		3.58	%		3.91	%


I		-0.32	%		2.24	%		3.72	%		4.05	%

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 3.00% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C1 Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Nuveen Short Tax Free Fund

Average Annual Total Returns as of December 31, 2010


										Since Inception
	6-month (Cumulative)			1-year			5-years			10/25/2002

Average Annual Total Returns At Offer
A		-2.13	%		-0.68	%		2.50	%		2.29	%



Average Annual Total Returns At NAV
A		0.42	%		1.83	%		3.02	%		2.61	%


I		0.50	%		1.98	%		3.17	%		2.76	%

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 2.50% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C1 Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

22 Nuveen Investments

Nuveen Tax Free Fund

Average Annual Total Returns as of December 31, 2010


													Since Inception
	6-month (Cumulative)			1-year			5-years			10-years			9/24/2001

Average Annual Total Returns At Offer
A		-5.28	%		-0.87	%		2.54	%		3.99	%		—



Average Annual Total Returns At NAV
A		-1.08	%		3.52	%		3.41	%		4.43	%		—


C1		-1.39	%		2.92	%		2.88	%		—			3.81	%


I		-1.06	%		3.57	%		3.53	%		4.64	%		—

Nuveen Investments 23

Holdings Summaries

Nuveen California Tax Free Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


Revenue Bonds³	63	.4%
General Obligations³	28	.9
Certificates of Participation³	5	.4
Short-Term Investment	1	.3
Other Assets and Liabilities, Net⁴	1	.0

	100	.0%

Bond Credit Quality as of December 31, 2010² (% of market value)


AAA	1	.7%
AA	29	.6
A	34	.7
BBB	30	.3
BB	0	.8
Non-Rated	2	.9

	100	.0%


¹	Sector allocations are subject to change and are not recommendations to buy or sell any security.

²	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless different ratings are provided by all three agencies, in which case the middle rating is used.

³	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments.

⁴	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

Nuveen Colorado Tax Free Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


Revenue Bonds³	73	.4%
General Obligations³	15	.6
Certificates of Participation³	7	.6
Short-Term Investment	2	.6
Other Assets and Liabilities, Net⁴	0	.8

	100	.0%

Bond Credit Quality as of December 31, 2010² (% of market value)


AAA	2	.9%
AA	42	.0
A	20	.2
BBB	25	.9
BB	0	.1
Non-Rated	8	.9

	100	.0%


¹	Sector allocations are subject to change and are not recommendations to buy or sell any security.

²	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless different ratings are provided by all three agencies, in which case the middle rating is used.

³	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments.

⁴	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

Nuveen Intermediate Tax Free Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


Revenue Bonds³	67	.6%
General Obligations³	27	.1
Certificates of Participation³	2	.1
Short-Term Investments	2	.1
Other Assets and Liabilities, Net⁴	1	.1

	100	.0%

Bond Credit Quality as of December 31, 2010² (% of market value)


AAA	8	.7%
AA	34	.2
A	27	.8
BBB	18	.5
BB	1	.2
Non-Rated	9	.6

	100	.0%


¹	Sector allocations are subject to change and are not recommendations to buy or sell any security.

²	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless different ratings are provided by all three agencies, in which case the middle rating is used.

³	These sectors securities may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments.

⁴	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

24 Nuveen Investments

Nuveen Minnesota Intermediate Municipal Bond Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


Revenue Bonds³	71	.4%
General Obligations³	24	.1
Certificates of Participation³	2	.3
Short-Term Investments	1	.2
Other Assets and Liabilities, Net⁴	1	.0

	100	.0%

Bond Credit Quality as of December 31, 2010² (% of market value)


AAA	6	.9%
AA	29	.0
A	32	.1
BBB	21	.1
BB	2	.1
Non-Rated	8	.8

	100	.0%


¹	Sector allocations are subject to change and are not recommendations to buy or sell any security.

²	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless different ratings are provided by all three agencies, in which case the middle rating is used.

³	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments.

⁴	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

Nuveen Minnesota Municipal Bond Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


Revenue Bonds³	85	.1%
General Obligations³	10	.0
Certificate of Participation³	1	.3
Short-Term Investments	2	.6
Other Assets and Liabilities, Net⁴	1	.0

	100	.0%

Bond Credit Quality as of December 31, 2010² (% of market value)


AAA	16	.3%
AA	17	.4
A	20	.2
BBB	25	.3
BB	1	.0
Non-Rated	19	.8

	100	.0%


¹	Sector allocations are subject to change and are not recommendations to buy or sell any security.

²	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless different ratings are provided by all three agencies, in which case the middle rating is used.

³	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments.

⁴	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

Nuveen Missouri Tax Free Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


Revenue Bonds³	82	.2%
General Obligations³	7	.1
Certificates of Participation³	8	.0
Short-Term Investment	1	.5
Other Assets and Liabilities, Net⁴	1	.2

	100	.0%

Bond Credit Quality as of December 31, 2010² (% of market value)


AAA	12	.1%
AA	31	.1
A	26	.0
BBB	20	.5
BB	1	.0
Non-Rated	9	.3

	100	.0%


¹	Sector allocations are subject to change and are not recommendations to buy or sell any security.

²	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless different ratings are provided by all three agencies, in which case the middle rating is used.

³	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments.

⁴	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

Nuveen Investments 25

Holdings Summaries

Nuveen Nebraska Municipal Bond Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


Revenue Bonds³	71	.2%
General Obligations³	25	.0
Short-Term Investment	1	.0
Other Assets and Liabilities, Net⁴	2	.8

	100	.0%

Bond Credit Quality as of December 31, 2010² (% of market value)


AAA	12	.3%
AA	43	.3
A	21	.7
BBB	9	.9
BB	1	.8
Non-Rated	11	.0

	100	.0%


¹	Sector allocations are subject to change and are not recommendations to buy or sell any security.

²	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless different ratings are provided by all three agencies, in which case the middle rating is used.

³	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments.

⁴	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

Nuveen Ohio Tax Free Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


Revenue Bonds³	66	.9%
General Obligations³	28	.5
Certificates of Participation	1	.6
Short-Term Investment	4	.9
Other Assets and Liabilities, Net⁴	(1	.9)

	100	.0%

Bond Credit Quality as of December 31, 2010² (% of market value)


AAA	16	.1%
AA	38	.2
A	28	.5
BBB	13	.2
Non-Rated	4	.0

	100	.0%


¹	Sector allocations are subject to change and are not recommendations to buy or sell any security.

²	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless different ratings are provided by all three agencies, in which case the middle rating is used.

³	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments.

⁴	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

Nuveen Oregon Intermediate Municipal Bond Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


General Obligations³	48	.2%
Revenue Bonds³	47	.4
Certificates of Participation³	2	.4
Short-Term Investment	1	.7
Other Assets and Liabilities, Net⁴	0	.3

	100	.0%

Bond Credit Quality as of December 31, 2010² (% of market value)


AAA	5	.8%
AA	57	.5
A	17	.7
BBB	11	.7
BB	1	.4
Non-Rated	5	.9

	100	.0%


¹	Sector allocations are subject to change and are not recommendations to buy or sell any security.

²	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless different ratings are provided by all three agencies, in which case the middle rating is used.

³	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments.

⁴	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

26 Nuveen Investments

Nuveen Short Tax Free Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


Revenue Bonds³	59	.2%
General Obligations³	12	.1
Certificates of Participation³	1	.0
Short-Term Investments	26	.0
Other Assets and Liabilities, Net⁴	1	.7

	100	.0%

Bond Credit Quality as of December 31, 2010² (% of market value)


AAA	18	.1%
AA	41	.6
A	26	.8
BBB	6	.1
BB	0	.4
Non-Rated	7	.0

	100	.0%


¹	Sector allocations are subject to change and are not recommendations to buy or sell any security.

²	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless different ratings are provided by all three agencies, in which case the middle rating is used.

³	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments.

⁴	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

Nuveen Tax Free Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


Revenue Bonds³	83	.9%
General Obligations³	12	.2
Certificates of Participation³	0	.9
Short-Term Investment	2	.8
Other Assets and Liabilities, Net⁴	0	.2

	100	.0%

Bond Credit Quality as of December 31, 2010² (% of market value)


AAA	10	.0%
AA	28	.1
A	24	.8
BBB	25	.1
BB	0	.9
Non-Rated	11	.1

	100	.0%


¹	Sector allocations are subject to change and are not recommendations to buy or sell any security.

²	Individual security ratings are based on information from Moody’s Investors Service, Standard & Poor’s, and/or Fitch. If there are multiple ratings for a security, the lowest rating is used unless different ratings are provided by all three agencies, in which case the middle rating is used.

³	These sectors may include bonds that are pre-refunded or escrowed to maturity issues; see the fund’s Schedule of Investments.

⁴	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

Nuveen Investments 27

Expense Examples

Effective January 18, 2011, former First American Fund’s Class C Shares were renamed Class C1 Shares and Class Y Shares were renamed Class I Shares.

Expense Example

As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees, 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 are based on an investment of $1,000 invested in a fund at the beginning of the period and held for the entire period from July 1, 2010 to December 31, 2010.

Actual Expenses

For each class of each fund, two lines are presented in the table below — the first line for each class provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular fund and class, to estimate the expenses that you paid over the period. Simply divide your account value in the fund and class by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” for your fund and class to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class of each fund, the second line for each class provides information about hypothetical account values and hypothetical expenses based on the respective fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid 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 examples 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 transactional costs, such as sales charges (loads). Therefore, the second line of the tables for each class of each fund is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Nuveen California Tax Free Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (7/01/10 to
	Value (7/01/10)		Value (12/31/10)		12/31/10)

Class A Actual²	$	1,000.00	$	989.70	$	3.26


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31



Class C1 Actual²	$	1,000.00	$	987.20	$	5.76


Class C1 Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.85



Class I Actual²	$	1,000.00	$	990.50	$	2.51


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.65%, 1.15%, and 0.50% for Class A, Class C1, and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended December 31, 2010 of -1.03%, -1.28%, and -0.95% for Class A, Class C1, and Class I, respectively.

28 Nuveen Investments

Nuveen Colorado Tax Free Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (7/01/10 to
	Value (7/01/10)		Value (12/31/10)		12/31/10)

Class A Actual²	$	1,000.00	$	991.20	$	3.76


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82



Class C1 Actual²	$	1,000.00	$	989.10	$	5.77


Class C1 Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.85



Class I Actual²	$	1,000.00	$	993.40	$	2.51


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C1, and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended December 31, 2010 of -0.88%, -1.09%, and -0.66% for Class A, Class C1, and Class I, respectively.

Nuveen Intermediate Tax Free Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (7/01/10 to
	Value (7/01/10)		Value (12/31/10)		12/31/10)

Class A Actual⁴	$	1,000.00	$	999.70	$	3.73


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.48	$	3.77



Class C1 Actual⁴	$	1,000.00	$	997.60	$	6.80


Class C1 Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.87



Class I Actual⁴	$	1,000.00	$	999.90	$	3.48


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.73	$	3.52


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.74%, 1.35%, and 0.69% for Class A, Class C1, and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended December 31, 2010 of -0.03%, -0.24%, and -0.01% for Class A, Class C1, and Class I, respectively.

Nuveen Minnesota Intermediate Municipal Bond Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period⁵ (7/01/10 to
	Value (7/01/10)		Value (12/31/10)		12/31/10)

Class A Actual⁶	$	1,000.00	$	1,000.90	$	3.78


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82



Class C1 Actual⁶	$	1,000.00	$	997.90	$	6.80


Class C1 Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.87



Class I Actual⁶	$	1,000.00	$	1,001.20	$	3.53


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57


⁵	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.35%, and 0.70% for Class A, Class C1, and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

⁶	Based on the actual returns for the six-month period ended December 31, 2010 of 0.09%, -0.21%, and 0.12% for Class A , Class C1, and Class I, respectively.

Nuveen Investments 29

Expense Examples

Nuveen Minnesota Municipal Bond Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (7/01/10 to
	Value (7/01/10)		Value (12/31/10)		12/31/10)

Class A Actual²	$	1,000.00	$	987.30	$	4.26


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33



Class C1 Actual²	$	1,000.00	$	984.80	$	6.75


Class C1 Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.87



Class I Actual²	$	1,000.00	$	987.10	$	3.51


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85%, 1.35%, and 0.70% for Class A, Class C1, and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended December 31, 2010 of -1.27%, -1.52%, and -1.29% for Class A, Class C1, and Class I, respectively.

Nuveen Missouri Tax Free Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (7/01/10 to
	Value (7/01/10)		Value (12/31/10)		12/31/10)

Class A Actual⁴	$	1,000.00	$	998.00	$	4.03


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08



Class C1 Actual⁴	$	1,000.00	$	995.40	$	6.54


Class C1 Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.61



Class I Actual⁴	$	1,000.00	$	998.70	$	3.27


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.80%, 1.30%, and 0.65% for Class A, Class C1, and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended December 31, 2010 of -0.20%, -0.46%, and -0.13% for Class A, Class C1, and Class I, respectively.

Nuveen Nebraska Municipal Bond Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period⁵ (7/01/10 to
	Value (7/01/10)		Value (12/31/10)		12/31/10)

Class A Actual⁶	$	1,000.00	$	995.80	$	3.77


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82



Class C1 Actual⁶	$	1,000.00	$	993.70	$	5.78


Class C1 Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.85



Class I Actual⁶	$	1,000.00	$	996.10	$	2.52


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55


⁵	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C1, and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

⁶	Based on the actual returns for the six-month period ended December 31, 2010 of -0.42%, -0.63%, and -0.39% for Class A, Class C1, and Class I, respectively.

30 Nuveen Investments

Nuveen Ohio Tax Free Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (7/01/10 to
	Value (7/01/10)		Value (12/31/10)		12/31/10)

Class A Actual²	$	1,000.00	$	987.60	$	3.76


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82



Class C1 Actual²	$	1,000.00	$	985.50	$	5.76


Class C1 Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.85



Class I Actual²	$	1,000.00	$	987.90	$	2.51


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.15%, and 0.50% for Class A, Class C1, and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended December 31, 2010 of -1.24%, -1.45%, and -1.21% for Class A, Class C1, and Class I, respectively.

Nuveen Oregon Intermediate Municipal Bond Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (7/01/10 to
	Value (7/01/10)		Value (12/31/10)		12/31/10)

Class A Actual⁴	$	1,000.00	$	996.10	$	4.28


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33



Class I Actual⁴	$	1,000.00	$	996.80	$	3.52


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85% and 0.70% for Class A and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended December 31, 2010 of -0.39% and -0.32% for Class A and Class I, respectively.

Nuveen Short Tax Free Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period⁵ (7/01/2010 to
	Value (7/01/2010)		Value 12/31/2010		12/31/2010)

Class A Actual⁶	$	1,000.00	$	1,004.20	$	3.79


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82



Class I Actual⁶	$	1,000.00	$	1,005.00	$	3.03


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06


⁵	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75% and 0.60% for Class A and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

⁶	Based on the actual returns for the six-month period ended December 31, 2010 of 0.42% and 0.50% for Class A and Class I, respectively.

Nuveen Investments 31

Expense Examples

Nuveen Tax Free Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (7/01/10 to
	Value (7/01/10)		Value (12/31/10)		12/31/10)

Class A Actual²	$	1,000.00	$	989.20	$	3.56


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.63	$	3.62



Class C1 Actual²	$	1,000.00	$	986.10	$	6.56


Class C1 Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.67



Class I Actual²	$	1,000.00	$	989.40	$	3.31


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.88	$	3.36


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.71%, 1.31%, and 0.66% for Class A, Class C, and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended December 31, 2010 of -1.08%, -1.39%, and -1.06% for Class A, Class C, and Class I, respectively.

32 Nuveen Investments

Shareholder Meeting Report

A special Meeting of the funds’ shareholders was held on December 17, 2010; at this meeting the shareholders were asked to vote on the election of ten directors to the Board of Directors and the approval of the New Advisory Agreement with Nuveen Asset Management and an investment sub-advisory agreement between Nuveen Asset Management and Nuveen Asset Management, LLC.


							Nuveen
					Nuveen		Minnesota		Nuveen				Nuveen				Nuveen Oregon
	Nuveen		Nuveen		Intermediate		Intermediate		Minnesota		Nuveen		Nebraska				Intermediate
	California Tax		Colorado		Tax Free		Municipal		Municipal		Missouri Tax		Municipal		Nuveen Ohio		Municipal Bond		Nuveen Short		Nuveen
	Free Fund		Tax Free Fund		Fund		Bond Fund		Bond Fund		Free Fund		Bond Fund		Tax Free Fund		Fund		Tax Free Fund		Tax Free Fund
	Common		Common		Common		Common		Common		Common		Common		Common		Common		Common		Common
	Shares		Shares		Shares		Shares		Shares		Shares		Shares		Shares		Shares		Shares		Shares
Approval of the Board Members was reached as follows:

John P. Amboian
For		9,584,863		6,022,737		72,815,675		22,954,140		14,653,464		13,985,592		4,045,243		6,231,991		15,936,945		31,575,522		47,680,116
Withhold		21,138		—		23,782		64,251		552,773		40,770		14,472		10,298		36,884		—		116,950

Total		9,606,001		6,022,737		72,839,457		23,018,391		15,206,237		14,026,362		4,059,715		6,242,289		15,973,829		31,575,522		47,797,066


Robert P. Bremner
For		9,584,863		6,022,737		72,812,619		22,920,630		14,653,464		13,981,128		4,045,243		6,231,991		15,936,945		31,575,522		47,680,035
Withhold		21,138		—		26,838		97,761		552,773		45,234		14,472		10,298		36,884		—		117,031

Total		9,606,001		6,022,737		72,839,457		23,018,391		15,206,237		14,026,362		4,059,715		6,242,289		15,973,829		31,575,522		47,797,066


Jack B. Evans
For		9,584,863		6,022,737		72,809,678		22,959,263		14,653,464		13,981,996		4,045,243		6,231,991		15,936,945		31,575,522		47,687,836
Withhold		21,138		—		29,779		59,128		552,773		44,366		14,472		10,298		36,884		—		109,230

Total		9,606,001		6,022,737		72,839,457		23,018,391		15,206,237		14,026,362		4,059,715		6,242,289		15,973,829		31,575,522		47,797,066


William C. Hunter
For		9,584,863		6,022,737		72,809,678		22,959,263		14,653,464		13,981,996		4,045,243		6,231,991		15,936,945		31,575,522		47,680,035
Withhold		21,138		—		29,779		59,128		552,773		44,366		14,472		10,298		36,884		—		117,031

Total		9,606,001		6,022,737		72,839,457		23,018,391		15,206,237		14,026,362		4,059,715		6,242,289		15,973,829		31,575,522		47,797,066


David J. Kundert
For		9,584,863		6,022,737		72,812,619		22,920,630		14,653,464		13,981,128		4,045,243		6,231,991		15,936,945		31,575,522		47,680,035
Withhold		21,138		—		26,838		97,761		552,773		45,234		14,472		10,298		36,884		—		117,031

Total		9,606,001		6,022,737		72,839,457		23,018,391		15,206,237		14,026,362		4,059,715		6,242,289		15,973,829		31,575,522		47,797,066


William J. Schneider
For		9,584,863		6,022,737		72,812,619		22,920,630		14,653,464		13,981,996		4,045,243		6,231,991		15,936,945		31,575,522		47,678,611
Withhold		21,138		—		26,838		97,761		552,773		44,366		14,472		10,298		36,884		—		118,455

Total		9,606,001		6,022,737		72,839,457		23,018,391		15,206,237		14,026,362		4,059,715		6,242,289		15,973,829		31,575,522		47,797,066


Judith M. Stockdale
For		9,584,863		6,022,737		72,812,099		22,954,140		14,653,464		13,981,996		4,045,243		6,231,991		15,946,994		31,575,522		47,680,035
Withhold		21,138		—		27,358		64,251		552,773		44,366		14,472		10,298		26,835		—		117,031

Total		9,606,001		6,022,737		72,839,457		23,018,391		15,206,237		14,026,362		4,059,715		6,242,289		15,973,829		31,575,522		47,797,066


Carole E. Stone
For		9,584,863		6,022,737		72,812,099		22,959,263		14,653,464		13,981,996		4,045,243		6,231,991		15,946,994		31,575,522		47,680,035
Withhold		21,138		—		27,358		59,128		552,773		44,366		14,472		10,298		26,835		—		117,031

Total		9,606,001		6,022,737		72,839,457		23,018,391		15,206,237		14,026,362		4,059,715		6,242,289		15,973,829		31,575,522		47,797,066


Virginia L. Stringer
For		9,584,863		6,022,737		72,809,042		22,915,507		14,653,464		13,981,128		4,045,243		6,231,991		15,946,994		31,575,522		47,685,775
Withhold		21,138		—		30,415		102,884		552,773		45,234		14,472		10,298		26,835		—		111,291

Total		9,606,001		6,022,737		72,839,457		23,018,391		15,206,237		14,026,362		4,059,715		6,242,289		15,973,829		31,575,522		47,797,066


Terence J. Toth
For		9,584,863		6,022,737		72,815,675		22,959,263		14,653,464		13,985,592		4,045,243		6,231,991		15,936,945		31,575,522		47,678,611
Withhold		21,138		—		23,782		59,128		552,773		40,770		14,472		10,298		36,884		—		118,455

Total		9,606,001		6,022,737		72,839,457		23,018,391		15,206,237		14,026,362		4,059,715		6,242,289		15,973,829		31,575,522		47,797,066

Approval of the investment advisory agreement with Nuveen Asset Management and an investment sub-advisory agreement between Nuveen Asset Management and Nuveen Asset Management, LLC.

For		7,628,557		4,924,164		68,881,210		19,537,687		8,409,806		12,195,273		3,241,179		5,928,705		13,552,722		30,630,083		43,529,911
Against		21,138		32,152		90,068		41,211		177,157		142,212		4,581		1,971		10,580		1,258		56,995
Abstain		2,990		25,835		59,755		48,161		350,276		14,876		20,216		3,765		129,457		11,927		58,675
Non-Vote		1,953,316		1,040,586		3,808,424		3,391,332		6,268,998		1,674,001		793,739		307,848		2,281,070		932,254		4,151,485

Total		9,606,001		6,022,737		72,839,457		23,018,391		15,206,237		14,026,362		4,059,715		6,242,289		15,973,829		31,575,522		47,797,066

Nuveen Investments 33

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Nuveen California Tax Free Fund (“California Tax Free Fund”)
(formerly known as First American California Tax Free Fund)
DESCRIPTION	PAR		FAIR VALUE >


Municipal Bonds – 97.7%
Revenue Bonds – 63.4%
Continuing Care Retirement Communities – 0.9%
Association of Bay Area Governments Financial Authority, Lincoln Glen Manor Senior Citizens (CMI)
6.100%, 02/15/2025	$	250	$	250
Illinois Finance Authority, Franciscan Communities
Series A
5.500%, 05/15/2027		300		251
La Verne, Brethren Hillcrest Homes
Series B (ACA)
5.600%, 02/15/2033		500		404

				905

Education – 11.7%
California Educational Facilities Authority, Claremont Graduate University
Series A
4.750%, 03/01/2020		655		668
5.000%, 03/01/2020		240		248
5.000%, 03/01/2023		865		868
5.125%, 03/01/2028		500		472
California Educational Facilities Authority, Fresno Pacific University
Series A
6.750%, 03/01/2019		380		381
California Educational Facilities Authority, Golden Gate University
5.000%, 10/01/2020		430		409
California Educational Facilities Authority, Lutheran University
Series C
4.750%, 10/01/2015		675		701
California Educational Facilities Authority, Pitzer College
5.375%, 04/01/2034		1,000		955
California Educational Facilities Authority, University of Redlands
Series A
5.000%, 08/01/2028		1,000		929
California Educational Facilities Authority, University of the Pacific
5.000%, 11/01/2030		1,000		945
California Educational Facilities Authority, Woodbury University
4.400%, 01/01/2015		450		449
4.500%, 01/01/2016		470		465
California Municipal Finance Authority, American Heritage Education Foundation Project
Series A
5.250%, 06/01/2026		400		339
California Municipal Finance Authority, Biola University
5.000%, 10/01/2018		1,000		1,022
5.625%, 10/01/2023		500		496
California Municipal Finance Authority, Loma Linda University
4.250%, 04/01/2018		300		303
4.375%, 04/01/2019		300		300
California State University
Series C (NATL)
5.000%, 11/01/2025		1,000		1,011
California Statewide Communities Development Authority, Viewpoint School (ACA)
4.125%, 10/01/2014		405		412

				11,373

Healthcare – 18.6%
Association of Bay Area Governments Financial Authority, Children’s Hospital & Research
Series A
4.500%, 12/01/2019		425		425
4.750%, 12/01/2022		350		345
California Health Facilities Financing Authority, Adventist Health System West
Series C
5.250%, 03/01/2021		500		510
California Health Facilities Financing Authority, Casa Colina
5.500%, 04/01/2013		350		359
California Health Facilities Financing Authority, Catholic Healthcare West
Series G
5.500%, 07/01/2025		1,000		1,020
California Health Facilities Financing Authority, Marshall Medical Center
Series A (CMI)
4.750%, 11/01/2019		1,760		1,749
California Health Facilities Financing Authority, Scripps Health
Series A
5.000%, 10/01/2022		200		203
California Health Facilities Financing Authority, Stanford Hospital
Series A
5.000%, 11/15/2025		1,000		1,002
California Health Facilities Financing Authority, Sutter Health
Series A
5.000%, 08/15/2038		250		223
California Statewide Communities Development Authority, Adventist Health
Series A
5.000%, 03/01/2030		300		272
California Statewide Communities Development Authority, Catholic Healthcare West
Series C
5.625%, 07/01/2035		1,000		995
California Statewide Communities Development Authority, Daughters of Charity Health
Series A
5.250%, 07/01/2030		100		86
Series G
5.250%, 07/01/2013		400		415
California Statewide Communities Development Authority, Elder Care Alliance
Series A, Escrowed to Maturity
7.250%, 11/15/2011 §		140		147
California Statewide Communities Development Authority, Enloe Medical Center
Series A (CMI)
5.250%, 08/15/2019		125		128
5.500%, 08/15/2023		500		503
California Statewide Communities Development Authority, Henry Mayo Newhall Memorial Hospital
Series A (CMI)
5.000%, 10/01/2020		500		505
5.000%, 10/01/2027		400		365
Series B (AMBAC) (CMI)
5.200%, 10/01/2037		500		426
California Statewide Communities Development Authority, Jewish Home (CMI)
4.500%, 11/15/2019		560		548
5.000%, 11/15/2037		500		422

34 Nuveen Investments


California Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


California Statewide Communities Development Authority, Redlands Community Hospital
Series A (RAAI)
5.000%, 04/01/2015	$	500	$	518
California Statewide Communities Development Authority, St. Joseph
Series B (FGIC)
5.500%, 07/01/2027		1,100		1,090
Series C (FGIC)
5.500%, 07/01/2027		500		495
Loma Linda University Medical Center
Series A
5.000%, 12/01/2015		1,000		1,038
8.250%, 12/01/2038		1,000		1,090
Northern Inyo County Hospital District
6.375%, 12/01/2025		500		486
Sierra View Health Care District
5.250%, 07/01/2024		1,000		959
5.300%, 07/01/2026		1,000		932
Turlock Health Facilities Revenue, Emanuel Medical Center
5.000%, 10/15/2024		1,000		889

				18,145

Housing – 1.2%
California Statewide Communities Development Authority, UCI East Campus
5.500%, 05/15/2026		410		392
Ventura County Area Housing Authority, Mira Vista Senior Apartments
Series A (AMBAC) (AMT)
5.150%, 12/01/2031		1,000		762

				1,154

Lease Revenue – 12.2%
Apple Valley Public Financing Authority, Town Hall Annex Project
Series A (AMBAC)
4.500%, 09/01/2017		485		524
5.000%, 09/01/2027		500		494
California Public Works Board, California Community Colleges
Series A
4.875%, 12/01/2018		200		201
Series B
5.500%, 06/01/2019		1,035		1,074
California Public Works Board, California State University
Series B-1
5.400%, 03/01/2026		500		484
Series J
5.500%, 11/01/2026		695		680
California Public Works Board, Department of Corrections & Rehabilitation
Series F (FGIC) (NATL)
5.000%, 11/01/2016		1,500		1,599
California Public Works Board, Department of Mental Health Coalinga
Series A
5.500%, 06/01/2016		540		569
California Public Works Board, Regents University of California
Series E
5.000%, 04/01/2034		1,250		1,176
California Public Works Board, Various Capital Projects
Series G-1
5.750%, 10/01/2030		1,500		1,452
Golden State Tobacco Securitization Corporation, California Tobacco Settlement
Series A (AGM)
4.550%, 06/01/2022		1,650		1,552
Los Angeles Community Redevelopment Agency, Manchester Social Services Project (AMBAC)
5.000%, 09/01/2016		1,200		1,271
Lynwood Public Financing Authority, Lease Revenue, Civic Center Improvement Project
Series A
5.375%, 09/01/2030		500		455
5.500%, 09/01/2040		150		135
Yuba Levee Financing Authority Project
Series A (AGC)
5.000%, 09/01/2038		250		228

				11,894

Miscellaneous – 2.8%
Golden West Schools Financing Authority
Series A (NATL)
5.700%, 02/01/2013		670		727
5.750%, 02/01/2014		770		857
5.800%, 08/01/2022		320		360
5.800%, 08/01/2023		345		387
Series A, Zero Coupon Bond (NATL)
2.391%, 02/01/2012 ¤		440		429

				2,760

Recreational Facility Authority – 0.1%
California Infrastructure & Economic Development, Performing Arts Center
4.000%, 12/01/2015		100		105

Tax Revenue – 8.5%
Antioch Area Public Facilities Financing Agency, Special Tax, Community Facilities District #1989-1 (AMBAC)
4.000%, 08/01/2018		1,000		988
Los Angeles County Community Facilities District #3, Special Tax, Improvement Area B
Series A (AMBAC)
5.250%, 09/01/2018		715		716
Murrieta Community Facilities, Special Tax, District #2, The Oaks Improvement Area
Series A
5.750%, 09/01/2020		350		345
Norco, Special Tax, Community Facilities District #97-1 (AGC)
4.875%, 10/01/2030		300		263
Palm Desert Financing Authority, Tax Allocation, Project Area #4
Series A (NATL)
5.000%, 10/01/2029		1,000		874
Poway Unified School District, Special Tax, Community Facilities District #6 4S Ranch
5.000%, 09/01/2023		650		602
Puerto Rico Sales Tax Financing Corporation
Series C
5.250%, 08/01/2041		1,000		941
Rancho Cucamonga Redevelopment Agency, Tax Allocation
Series A (NATL)
4.125%, 09/01/2018		310		308
5.000%, 09/01/2034		500		432
San Bernardino Redevelopment Agency, Tax Allocation, San Sevaine Redevelopment Project
Series A (RAAI)
5.000%, 09/01/2016		850		872

Nuveen Investments 35

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


California Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


San Francisco City & County Redevelopment Financing Authority, Tax Allocation, Mission Bay North Redevelopment Project
Series B (RAAI)
4.100%, 08/01/2014	$	325	$	332
4.250%, 08/01/2016		250		251
4.375%, 08/01/2018		380		370
Sand City Redevelopment Agency, Tax Allocation
Series A (AGC)
4.000%, 11/01/2019		315		291
Soledad Redevelopment Agency, Tax Allocation
Series A (SGI)
4.500%, 12/01/2016		205		212
South Tahoe Redevelopment Agency, Special Tax, Community Facilities District #2001-1
4.400%, 10/01/2015		120		121
4.500%, 10/01/2016		125		125
4.600%, 10/01/2018		280		269

				8,312

Transportation – 1.0%
Alameda Corridor Transportation Authority Zero Coupon Bond (AMBAC)
4.640%, 10/01/2014 ¤		1,000		842
Puerto Rico Commonwealth, Highway & Transportation Authority
Series X (IBC) (NATL)
5.500%, 07/01/2015		100		107

				949

Utilities – 6.4%
Banning Utility Authority, Water Enterprise, Refunding and Improvement Projects (FGIC) (NATL)
5.000%, 11/01/2020		1,025		1,061
5.000%, 11/01/2023		1,040		1,052
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management Incorporated Project
Series A-2 (AMT) (GTY)
5.400%, 04/01/2025		500		500
Series B (AMT) (GTY)
5.000%, 07/01/2027		500		475
Compton Sewer (IBC) (NATL)
5.375%, 09/01/2023		1,150		1,150
Imperial, Wastewater Treatment Facility (FGIC) (NATL)
5.000%, 10/15/2020		1,000		1,004
Norco, Financing Authority, Enterprise Revenue (AGM)
5.625%, 10/01/2034		1,000		1,008

				6,250

Total Revenue Bonds				61,847

General Obligations – 28.9%
Acalanes Unified High School District, Election 2008
Series A, Zero Coupon Bond
6.060%, 08/01/2026 ¤		1,000		394
Baldwin Park Unified School District, Election of 2002 Zero Coupon Bond (AMBAC)
5.752%, 08/01/2020 ¤		1,000		581
California
5.625%, 04/01/2026		600		613
5.500%, 11/01/2039		1,000		968
Central Unified School District, Election of 2008
Series A (AGC)
5.625%, 08/01/2033		500		523
College of the Sequoias, Visalia Area Improvement District #2, Election of 2008
Series A (AGC)
5.250%, 08/01/2029		1,000		1,010
Corona-Norco Unified School District, Election of 2006 Convertible CABs
0.000% through 08/01/2017, thereafter 6.800%, 08/01/2039 ◗		500		329
Series B (AGC)
5.375%, 02/01/2034		500		502
Cupertino Unified School District, Election of 2001
Series D, Zero Coupon Bond
6.700%, 08/01/2030 ¤		1,705		469
Desert Sands Unified School District, Election of 2001
5.250%, 08/01/2023		350		369
Grossmont Union High School District, Election of 2008
Series A
5.500%, 08/01/2031		950		971
Hemet Unified School District, Election of 2006
Series B (AGC)
5.000%, 08/01/2030		600		585
Jefferson Union High School District, San Mateo County
Series A (NATL)
6.250%, 02/01/2014		300		331
6.250%, 08/01/2020		460		521
Long Beach Unified School District, Election of 2008
Series A
5.500%, 08/01/2029		500		513
Los Angeles Community College District, Election of 2008
Series C
5.250%, 08/01/2039		3,000		2,991
Los Angeles Unified School District
Series D
5.000%, 01/01/2034		100		96
Los Angeles Unified School District, Election of 2002
Series B (AMBAC)
4.500%, 07/01/2025		240		228
Lucia Mar Unified School District (FGIC) (NATL)
5.250%, 08/01/2022		100		106
Oakland
Series A (NATL)
5.000%, 01/15/2026		435		436
Pittsburg Unified School District, Election of 2006
Series B (AGM)
5.500%, 08/01/2034		1,155		1,184
Pomona Unified School District
Series A (NATL)
5.950%, 02/01/2017		855		969
Poway Unified School District, Election of 2008, District 2007-1-A Zero Coupon Bond
6.730%, 08/01/2029 ¤		5,000		1,461
Puerto Rico Commonwealth
Series B (AGM)
6.500%, 07/01/2015		1,000		1,140
Puerto Rico Commonwealth, Government Development
Series B
5.000%, 12/01/2014		50		53
San Bernardino Community College District, Election of 2002
Series A
6.500%, 08/01/2027		1,265		1,410

36 Nuveen Investments


California Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


San Diego Unified School District, Election of 2008
Series A, Convertible CABs
0.000% through 07/01/2019, thereafter 6.000%, 07/01/2033 ◗	$	2,000	$	1,106
Santa Ana Union School District, Election of 2008
Series A
5.250%, 08/01/2028		1,000		994
Santa Barbara Community College District, Election of 2008
Series A
5.250%, 08/01/2027		1,000		1,030
Tulare Local Health Care District, Election 2005
Series B
6.375%, 08/01/2025		500		541
6.500%, 08/01/2026		1,005		1,084
Victor Valley Community College District, Election of 2008
Series A (AGC)
5.000%, 08/01/2031		1,530		1,442
Victor Valley Joint Union High School District, Election of 2008
Series A, Convertible CABs (AGC)
0.000% through 08/01/2019, thereafter 5.750%, 08/01/2031 ◗		2,000		1,071
West Contra Costa Unified School District, Election of 2005
Series B
6.000%, 08/01/2024		1,100		1,168
West Covina Unified School District
Series A (NATL)
5.350%, 02/01/2020		770		823
Whittier Unified High School District Zero Coupon Bond
6.990%, 08/01/2034 ¤		1,000		198

Total General Obligations			$	28,210

Certificates of Participation – 5.4%
Eden Township Healthcare District
6.000%, 06/01/2030		1,000		943
Escondido
Series A (FGIC) (NATL)
5.625%, 09/01/2020		140		142
Los Angeles, Sonnenblick del Rio, West Los Angeles (AMBAC)
6.000%, 11/01/2019		330		334
Oakdale Irrigation District, Water Facilities Project
5.500%, 08/01/2034		805		807
Pasadena
Series C
4.500%, 02/01/2026		50		47
Poway (AMBAC)
4.500%, 08/01/2016		585		625
Ramona Unified School District Convertible CABs (FGIC) (NATL)
0.000% through 05/01/2012, thereafter 5.000%, 05/01/2032 ◗		500		394
Rowland Water District, Recycled Water Project
5.750%, 12/01/2024		565		604
5.750%, 12/01/2025		480		508
6.250%, 12/01/2039		500		523
Travis Unified School District (FGIC) (NATL)
4.500%, 09/01/2016		300		301
Total Certificates of Participation				5,228

Total Municipal Bonds
(Cost $96,673)				95,285

Short-Term Investments – 1.3%
Money Market Fund – 1.3%
First American Tax Free Obligations Fund Class Z, 0.086% Å Ω
(Cost $1,249)		1,249,428		1,249

Total Investments – 99.0%
(Cost $97,922)				96,534

Other Assets and Liabilities, Net – 1.0%				989

Total Net Assets – 100.0%			$	97,523


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

§		Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.

¤		Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2010.

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

Å		Investment in affiliated security.

Ω		The rate shown is the annualized seven-day effective yield as of December 31, 2010.


ACA –	ACA Financial Guaranty Corporation

AGC –	Assured Guaranty Corporation


AGM –	Assured Guaranty Municipal Corporation


AMBAC –	American Municipal Bond Assurance Corporation


AMT –	Alternative Minimum Tax


CMI –	California Mortgage Insurance Program


FGIC –	Financial Guaranty Insurance Corporation


GTY –	Guaranty Agreement


IBC –	Insured Bond Certificate


NATL –	National Public Finance Guarantee Corporation

RAAI –	Radian Asset Assurance Inc.


SGI –	Syncora Guarantee Inc.

See accompanying notes to financial statements.

Nuveen Investments 37

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Nuveen Colorado Tax Free Fund (“Colorado Tax Free Fund”)
(formerly known as First American Colorado Tax Free Fund)
DESCRIPTION	PAR		FAIR VALUE >


Municipal Bonds – 96.6%
Revenue Bonds – 73.4%
Continuing Care Retirement Communities – 2.7%
Colorado Health Facilities Authority, Christian Living Communities Project Series A
5.250%, 01/01/2014	$	250	$	253
5.750%, 01/01/2026		100		92
Colorado Health Facilities Authority, Covenant Retirement Communities
5.000%, 12/01/2016		500		509
5.250%, 12/01/2025		200		181
Series B
6.125%, 12/01/2033		350		327
Illinois Finance Authority, Franciscan Communities Series A
5.500%, 05/15/2037		225		174
Illinois Finance Authority, Three Crowns Park Plaza Series A
5.875%, 02/15/2026		100		94

				1,630

Education – 22.2%
Adams State College Auxiliary Facilities Improvement Series A (STAID)
5.500%, 05/15/2034		1,340		1,369
5.500%, 05/15/2039		1,000		1,018
Colorado Educational & Cultural Facilities Authority, Ave Maria School Project (RAAI)
4.750%, 12/01/2014		220		225
4.750%, 12/01/2015		230		234
4.850%, 12/01/2025		250		210
Colorado Educational & Cultural Facilities Authority, Bromley East Charter School Project
Series A, Escrowed to Maturity
6.250%, 09/15/2011 §		65		67
Colorado Educational & Cultural Facilities Authority, Charter School
5.625%, 05/01/2040		1,000		929
Colorado Educational & Cultural Facilities Authority, Charter School, James Irwin Foundation (CIFG) (STAID)
5.000%, 08/01/2027		250		238
Colorado Educational & Cultural Facilities Authority, Charter School, Parker Core (SMO)
5.000%, 11/01/2037		500		408
Colorado Educational & Cultural Facilities Authority, Charter School, Pinnacle High School
5.000%, 12/01/2029		1,000		918
Colorado Educational & Cultural Facilities Authority, Cheyenne Mountain Charter School
Series A (SMO)
5.000%, 06/15/2018		240		247
5.000%, 06/15/2019		255		259
5.000%, 06/15/2020		265		265
5.250%, 06/15/2029		500		454
Colorado Educational & Cultural Facilities Authority, Classical Academy Charter School Escrowed to Maturity
6.375%, 12/01/2011 §		230		240
Colorado Educational & Cultural Facilities Authority, Front Range Christian School Project (LOC: Evangelical Christian, Wescorp Credit Union)
4.500%, 04/01/2018		225		210
4.500%, 04/01/2019		240		221
5.000%, 04/01/2037		750		623
Colorado Educational & Cultural Facilities Authority, Kent Denver School Project
5.125%, 10/01/2039		500		489
Colorado Educational & Cultural Facilities Authority, Northwest Nazarene
4.500%, 11/01/2015		690		692
Colorado Educational & Cultural Facilities Authority, Vail Mountain School Project
6.125%, 05/01/2040		1,000		933
Colorado School Mines Enterprise
Series A (STAID)
5.000%, 12/01/2029		475		477
Iowa Higher Education Authority, Private College Facilities, Upper Iowa University Project
5.750%, 09/01/2030		1,000		957
University of Colorado Enterprise System
Series A
5.750%, 06/01/2028		335		362
5.375%, 06/01/2032		500		513
Western State College (STAID)
5.000%, 05/15/2034		1,000		968

				13,526

Healthcare – 20.9%
Colorado Health Facilities Authority
Series B (AGM)
5.250%, 03/01/2036		500		485
Colorado Health Facilities Authority, Catholic Health Initiatives Series A
5.000%, 07/01/2039		500		459
Series D
5.125%, 10/01/2017		500		557
6.250%, 10/01/2033		500		532
Colorado Health Facilities Authority, Evangelical Lutheran
5.000%, 06/01/2016		350		370
6.900%, 12/01/2025		195		199
Series A
5.250%, 06/01/2034		230		212
Colorado Health Facilities Authority, Health & Residential Care Facilities, Volunteers of America Series A
5.000%, 07/01/2015		500		483
Colorado Health Facilities Authority, Longmont United Hospital Series B (RAAI)
5.250%, 12/01/2013		710		735
4.625%, 12/01/2024		325		274
Colorado Health Facilities Authority, National Jewish Medical & Research Center
5.375%, 01/01/2016		1,000		1,000
Colorado Health Facilities Authority, Parkview Medical Center Project Series B
5.000%, 09/01/2018		500		518
Colorado Health Facilities Authority, Portercare Adventist Health Pre-refunded 11/15/2011 @ 101
6.500%, 11/15/2023 ◊		600		637
Colorado Health Facilities Authority, Poudre Valley Health Care Series F
5.000%, 03/01/2025		150		142
Colorado Health Facilities Authority, Sisters of Charity of Leavenworth Series B
5.250%, 01/01/2025		1,000		1,018

38 Nuveen Investments


Colorado Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Colorado Health Facilities Authority, Valley View Hospital Association Project
5.500%, 05/15/2028	$	400	$	373
Series A (RAAI)
5.000%, 05/15/2013		500		514
Colorado Health Facilities Authority, Yampa Valley Medical Center Project
5.000%, 09/15/2013		410		427
Colorado Health Facilities, NCMC Income Project
Series A (AGM)
5.250%, 05/15/2026		1,000		1,007
Colorado Health Facilities, Total Longterm Care National Series A
6.250%, 11/15/2040		780		748
Colorado Springs Hospital
6.250%, 12/15/2033		750		774
Delta County Memorial Hospital District Enterprise
5.350%, 09/01/2017		500		504
5.500%, 09/01/2025		515		500
Denver Health & Hospital Authority, Healthcare
Series A
4.750%, 12/01/2027		250		216

				12,684

Housing – 5.6%
Colorado Educational & Cultural Facilities Authority, Student Housing, Campus Village Apartment
5.000%, 06/01/2022		810		824
5.500%, 06/01/2038		50		47
Colorado Housing & Finance Authority
Series E-2 (AMT)
7.000%, 02/01/2030		25		26
Colorado Housing & Finance Authority, Multifamily Project Series B-4, Class I
5.900%, 04/01/2031		95		95
Colorado Housing & Finance Authority, Single Family Program Series B-2 (AMT)
7.100%, 04/01/2017		10		10
Denver City & County Housing Authority, Capital Funding Program, Three Towers Rehabilitation Project (AGM) (AMT)
4.000%, 05/01/2012		270		280
4.000%, 11/01/2012		120		126
4.550%, 11/01/2017		1,500		1,552
5.200%, 11/01/2027		500		473

				3,433

Lease Revenue – 0.9%
Puerto Rico Public Buildings Authority, Government Facilities Series M-2, Mandatory Put 07/01/2017 @ 100 (AMBAC) (COMGTY)
5.500%, 07/01/2035		500		531

Miscellaneous – 1.2%
High Plains Metropolitan District
Series B (LOC: Compass Bank)
4.375%, 12/01/2015		720		712

Tax Revenue – 2.1%
Lone Tree Sales & Use Tax, Recreational Projects Series A
5.000%, 12/01/2020		340		372
Park Meadows Business Improvement District, Shared Sales Tax
5.000%, 12/01/2017		225		221
5.300%, 12/01/2027		475		395
Superior Open Space Sales & Use Tax
5.000%, 06/01/2026		330		302

				1,290

Transportation – 6.8%
Denver City & County Airport Revenue Series A
5.000%, 11/15/2031		1,000		962
E-470 Public Highway Authority
Series B, Zero Coupon Bond (NATL)
5.447%, 09/01/2017 ¤		1,575		1,101
6.004%, 09/01/2019 ¤		960		575
6.557%, 09/01/2022 ¤		1,000		471
Series C, Convertible CABs (NATL)
0.000% through 09/01/2011, thereafter 5.000%, 09/01/2017 ◗		500		528
Series D1 (NATL)
5.500%, 09/01/2024		300		297
Eagle County Air Terminal, Airport Terminal Improvement Project Series B (AMT)
5.250%, 05/01/2020		205		189

				4,123

Utilities – 11.0%
Arkansas River Power Authority
6.000%, 10/01/2040		225		215
Arkansas River Power Authority, Colorado
6.125%, 10/01/2040		1,255		1,239
Broomfield Water Activity Enterprise (NATL)
5.500%, 12/01/2017		500		507
5.500%, 12/01/2019		400		405
Colorado Housing & Finance Authority, Waste Disposal, Management Income Project (AMT)
5.700%, 07/01/2018		250		255
Colorado Springs Utilities Series C
5.500%, 11/15/2048		1,200		1,226
Denver City & County Wastewater (FGIC) (NATL)
5.250%, 11/01/2017		1,010		1,078
Eagle River Water & Sanitation Revenue (AGTY)
5.000%, 12/01/2034		800		807
Public Authority for Colorado Energy Natural Gas
6.250%, 11/15/2028		425		451
Puerto Rico Electric Power Authority Series WW
5.250%, 07/01/2025		500		500

				6,683

Total Revenue Bonds				44,612

General Obligations – 15.6%
Adams & Arapahoe Counties School District, #28J, Aurora (STAID)
5.500%, 12/01/2021		300		341
5.500%, 12/01/2025		165		180
Boulder, Larimer & Weld Counties, St. Vrain Valley School District #RE1J (STAID)
5.000%, 12/15/2033		2,000		2,016
Denver City & County School District #1
Series A (STAID)
5.000%, 12/01/2028		1,000		1,035
Gunnison Watershed School District, #RE1J
Series 2009 (STAID)
5.250%, 12/01/2026		1,000		1,047
5.250%, 12/01/2033		1,800		1,822
North Range Metropolitan District #1 (ACA)
4.250%, 12/15/2018		295		250
Puerto Rico Commonwealth Series A
5.500%, 07/01/2018		500		522

Nuveen Investments 39

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Colorado Tax Free Fund (continued)
DESCRIPTION	PAR/SHARES		FAIR VALUE >


Series C-7 (NATL)
6.000%, 07/01/2027	$	250	$	257
Puerto Rico Commonwealth, Public Improvement Series A
5.250%, 07/01/2026		375		364
Rio Blanco County School District, #RE1, Meeker (STAID)
5.250%, 12/01/2022		500		541
5.250%, 12/01/2024		150		160
Sand Creek Metropolitan District, Limited Tax
Series B
5.000%, 12/01/2040		1,000		911

Total General Obligations				9,446

Certificates of Participation – 7.6%
Colorado Higher Education Capital Construction Lease
5.500%, 11/01/2019		425		472
5.500%, 11/01/2027		1,255		1,292
Pre-refunded 11/01/2018 @ 100
5.500%, 11/01/2027 ◊		465		552
Colorado Springs, Public Facilities Authority, Old City Hall Project (AGM)
5.500%, 12/01/2020		200		201
Eagle River Fire District
6.125%, 12/01/2019		225		227
6.625%, 12/01/2024		220		219
6.785%, 12/01/2030		400		384
Garfield County Public Library, Regional Lease Financing Program
5.375%, 12/01/2027		835		860
Pueblo County, Capital Construction
4.400%, 12/01/2016		210		220
5.000%, 12/01/2024		200		199

Total Certificates of Participation				4,626

Total Municipal Bonds
(Cost $58,815)				58,684

Short-Term Investments – 2.6%
First American Tax Free Obligations Fund, Class Z, 0.086% Å Ω
(Cost $1,599)		1,598,895		1,599

Total Investments – 99.2%
(Cost $60,414)				60,283

Other Assets and Liabilities, Net – 0.8%				503

Total Net Assets – 100.0%			$	60,786


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

§		Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.

◊		Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.

¤		Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2010.

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

Å		Investment in affiliated security.

Ω		The rate quoted is the annualized seven-day effective yield as of December 31, 2010.

Colorado Tax Free Fund (concluded)


ACA –	ACA Financial Guaranty Corporation


AGM –	Assured Guaranty Municipal Corporation


AGTY –	Assured Guaranty


AMBAC –	American Municipal Bond Assurance Corporation


AMT –	Alternative Minimum Tax


CIFG –	CDC IXIS Financial Guaranty


COMGTY –	Commonwealth Guaranty


FGIC –	Financial Guaranty Insurance Corporation


LOC –	Letter of Credit


NATL –	National Public Finance Guarantee Corporation

RAAI –	Radian Asset Assurance Inc.


SMO –	State Moral Obligation


STAID –	State Aid Withholding

See accompanying notes to financial statements.

40 Nuveen Investments

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Nuveen Intermediate Tax Free Fund (“Intermediate Tax Free Fund”)
(formerly known as First American Intermediate Tax Free Fund)
DESCRIPTION	PAR		FAIR VALUE >


Municipal Bonds – 96.8%
Alabama – 1.4%
Revenue Bonds – 1.1%
Anniston Regional Medical Center Board, Northeast Alabama Regional Medical Center Project Escrowed to Maturity
8.000%, 07/01/2011 §	$	325	$	336
Health Care Authority for Baptist Health
Series D
5.000%, 11/15/2015		755		788
Huntsville Electric System (AGM)
4.000%, 12/01/2018		1,130		1,200
University of Alabama at Birmingham Hospital
Series A
5.000%, 09/01/2018		1,500		1,595
5.750%, 09/01/2022		4,000		4,277

				8,196

General Obligation – 0.3%
Mobile Series B
5.000%, 02/15/2020		2,000		2,139

				10,335

Alaska – 0.0%
Revenue Bond – 0.0%
Aleutians East Borough Project, Aleutian Pribilof Islands (ACA)
4.375%, 06/01/2015		400		364

Arizona – 4.9%
Revenue Bonds – 3.3%
Arizona Game & Fish Department, Administration Building Project
4.500%, 07/01/2015		150		160
Arizona Health Facilities Authority, The Terraces Project
Series A, Pre-refunded 11/15/2013 @ 101
7.500%, 11/15/2023 ◊		3,150		3,636
Gilbert Public Facilities Municipal Property Corporation
5.500%, 07/01/2027		6,000		6,231
Glendale Industrial Development Authority, Midwestern University
5.000%, 05/15/2021		1,355		1,395
5.000%, 05/15/2026		2,000		1,958
Phoenix Civic Improvement, Airport
Series A
5.000%, 07/01/2022		2,000		2,069
Phoenix Street & Highway User Escrowed to Maturity
6.250%, 07/01/2011 §		900		914
Pima County Sewer Revenue (AGM)
5.000%, 07/01/2024		2,670		2,723
Scottsdale Industrial Development Authority, Scottsdale Healthcare Series A
5.000%, 09/01/2020		1,000		1,037
Tempe Industrial Development Authority, Friendship Village Project
Series A
5.375%, 12/01/2013		1,022		975
Tucson Airport Authority (AGM)
5.000%, 06/01/2013		3,760		4,095

				25,193

General Obligations – 1.0%
Coconino & Yavapai Counties Joint Unified School District #9, Sedona School Improvement Project of 2007
Series B
5.375%, 07/01/2028		1,350		1,387
Gila County United School District #10, Payson School Improvement Project of 2006
Series A (AMBAC)
5.000%, 07/01/2016		1,000		1,107
5.000%, 07/01/2017		1,050		1,160
Maricopa County School District #48, Scottsdale
Series B (AGM)
4.750%, 07/01/2018		565		615
Series B, Pre-refunded 07/01/2016 @ 100 (AGM)
4.750%, 07/01/2018 ◊		290		335
4.750%, 07/01/2018 ◊		295		342
Maricopa County School District #69, Paradise Valley (NATL)
5.300%, 07/01/2011		1,000		1,024
Pima County Unified School District #1, Tucson Project of 2004
Series C (FGIC) (NATL)
4.375%, 07/01/2018		1,000		1,069
4.500%, 07/01/2019		1,000		1,058

				8,097

Certificate of Participation – 0.6%
Arizona Board of Regents
Series B (AMBAC)
4.500%, 06/01/2018		4,120		4,325

				37,615

Arkansas – 0.7%
Revenue Bonds – 0.7%
Beaver Water District, Benton & Washington Counties Water
4.000%, 11/15/2021		1,980		2,000
North Little Rock Health Facilities Board, Baptist Health Series B
5.750%, 12/01/2021		1,000		1,063
University of Arkansas, Fayetteville
Series B (FGIC) (NATL)
4.500%, 11/01/2016		1,000		1,095
Washington County Hospital, Regional Medical Center Series B
5.000%, 02/01/2016		1,145		1,214

				5,372

California – 10.1%
Revenue Bonds – 5.8%
Alameda Corridor Transportation Authority Zero Coupon Bond (AMBAC)
4.640%, 10/01/2014 ¤		2,000		1,684
Apple Valley Redevelopment Agency, Tax Allocation, Project Area #2 (AMBAC)
4.500%, 06/01/2018		920		935
Association of Bay Area Governments Finance Authority for Nonprofit Corporations, Children’s Hospital Series A
4.500%, 12/01/2018		1,525		1,555
Association of Bay Area Governments Finance Authority for Nonprofit Corporations, Elder Care Alliance (CMI)
4.500%, 08/15/2012		335		345
5.000%, 08/15/2017		1,215		1,237

Nuveen Investments 41

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


California Department of Water Resources and Power Supply Series H (AGM)
5.000%, 05/01/2022	$	1,000	$	1,064
California Educational Facilities Authority, Lutheran University Series C
5.000%, 10/01/2024		1,000		926
California Health Facilities Financing Authority, Adventist Health Systems West
Series C
5.125%, 03/01/2020		500		511
California Health Facilities Financing Authority, Children’s Hospital of Orange County
Series A
5.750%, 11/01/2018		3,000		3,219
California Public Works Board, California State University Projects Series B-1
5.375%, 03/01/2025		1,400		1,361
California Public Works Board, Trustees of the California State University Series D
6.000%, 04/01/2025		2,245		2,321
California Public Works Board, Various Capital Projects Series G-1
5.250%, 10/01/2024		5,000		4,865
California Statewide Communities Development Authority, Elder Care Alliance
Series A, Escrowed to Maturity
7.250%, 11/15/2011 §		275		288
California Statewide Communities Development Authority, Health Facilities, Adventist Health
Series A
5.000%, 03/01/2030		700		636
California Statewide Communities Development Authority, Henry Mayo Newhall Memorial Hospital Series B (AMBAC) (CMI)
5.200%, 10/01/2037		1,000		853
California Statewide Communities Development Authority, Kaiser Permanente Series C, Mandatory Put 06/01/2012 @ 100
3.850%, 11/01/2029		1,055		1,096
California Statewide Communities Development Authority, Los Angeles Jewish Home (CMI)
5.000%, 11/15/2012		1,210		1,264
California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company Series C, Mandatory Put 11/01/2016 @ 100 (FGIC)
4.250%, 11/01/2033		500		536
Golden State Tobacco Securitization
Series A (AGM)
4.550%, 06/01/2022		2,100		1,975
Northern Inyo County Hospital District
6.000%, 12/01/2021		1,000		994
Port Oakland
Series B (NATL)
5.000%, 11/01/2018		1,470		1,573
San Bernardino County Redevelopment Agency, Tax Allocation, San Sevaine Redevelopment Project Series A (RAAI)
5.000%, 09/01/2016		575		590
Santa Paula Utility Authority, Water Revenue
5.000%, 02/01/2028		2,510		2,451
5.000%, 02/01/2029		2,630		2,560
5.000%, 02/01/2030		2,765		2,659
South Bayside Waste Management, Shoreway Environmental Series A
5.250%, 09/01/2024		2,500		2,507
6.250%, 09/01/2029		1,200		1,239
Upland Community Redevelopment Agency Tax Allocation, Merged Project (AMBAC)
4.250%, 09/01/2026		1,100		919
Whittier Public Finance Authority, Redevelopment Agency, Tax Allocation
Series A (AMBAC)
5.000%, 11/01/2021		995		993
Woodland Financial Authority (SGI)
4.700%, 03/01/2019		815		845

				44,001

General Obligations – 4.3%
ABC Unified School District
Series A (NATL)
4.900%, 02/01/2020		1,565		1,621
California
5.000%, 02/01/2016		1,000		1,078
5.000%, 02/01/2017		2,000		2,147
4.000%, 08/01/2017		2,000		2,049
5.000%, 11/01/2018		245		252
5.000%, 08/01/2019		500		522
5.000%, 02/01/2021		1,500		1,518
5.000%, 12/01/2023		1,000		1,001
5.125%, 04/01/2024		500		501
Pre-refunded 11/01/2011 @ 100
5.000%, 11/01/2018 ◊		15		16
California Economic Recovery Series A
5.000%, 07/01/2020		2,000		2,135
Desert Sands Unified School District, Election of 2001
5.250%, 08/01/2023		500		527
5.000%, 08/01/2024		2,000		2,055
Grant Joint Union High School District, Election of 2006 Zero Coupon Bond (AGM)
6.620%, 08/01/2026 ¤		1,300		471
Las Virgenes Unified School District, Election of 2006 Series B, Zero Coupon Bond
6.440%, 08/01/2027 ¤		2,015		704
Roseville Joint Union High School District
Series E
5.100%, 08/01/2019		390		397
San Bernardino Community College District, Election of 2002 Series A
6.500%, 08/01/2027		1,000		1,114
San Mateo Unified High School District
Series B, Zero Coupon Bond (FGIC) (NATL)
3.394%, 09/01/2017 ¤		1,000		799
Santa Ana Union School District, Election of 2008 Series A
5.250%, 08/01/2028		1,000		994
Santa Monica Community College District, 2002 Election
Series C, Zero Coupon Bond (NATL)
3.601%, 08/01/2016 ¤		2,000		1,626
Tulare Local Health Care District, Election 2005
Series B
6.000%, 08/01/2022		1,180		1,287
6.125%, 08/01/2023		1,410		1,537
6.250%, 08/01/2024		1,585		1,718
6.375%, 08/01/2025		1,265		1,369
6.500%, 08/01/2026		500		539
Victor Elementary School District
Series A, Zero Coupon Bond (FGIC) (NATL)
6.195%, 08/01/2023 ¤		2,030		942

42 Nuveen Investments


Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Victor Valley Joint Union High School District, Election of 2008
Series A, Convertible CABs (AGC)
0.000% through 08/01/2019, thereafter 5.750%, 08/01/2031 ◗	$	3,000	$	1,607
West Contra Costa Unified School District, Election of 2005 Series B
6.000%, 08/01/2025		2,500		2,632

				33,158

				77,159

Colorado – 8.4%
Revenue Bonds – 6.1%
Adams County Pollution Control, Public Service Company Colorado Project
Series A (NATL)
4.375%, 09/01/2017		5,000		5,012
Colorado Educational & Cultural Facilities Authority, Bromley East Charter School Project
Series A, Pre-refunded 09/15/2011 @ 100
6.750%, 09/15/2015 ◊		1,200		1,253
Colorado Educational & Cultural Facilities Authority, Cheyenne Mountain Charter School
Series A (SMO)
4.750%, 06/15/2022		175		167
Colorado Educational & Cultural Facilities Authority, Classical Academy Charter School Escrowed to Maturity
6.375%, 12/01/2011 §		140		146
Pre-refunded 12/01/2011 @ 100
6.750%, 12/01/2016 ◊		1,500		1,587
7.250%, 12/01/2021 ◊		1,500		1,594
Colorado Educational & Cultural Facilities Authority, Pinnacle Charter School Project Escrowed to Maturity
5.250%, 12/01/2011 §		225		234
Colorado Health Facilities Authority, Catholic Health Series C-7 (AGM)
4.350%, 09/01/2020		725		742
Colorado Health Facilities Authority, Catholic Health Initiatives Series D
5.125%, 10/01/2017		1,500		1,670
Colorado Health Facilities Authority, Christian Living Communities Project Series A
5.250%, 01/01/2014		600		608
5.250%, 01/01/2015		620		625
Colorado Health Facilities Authority, Covenant Retirement Communities
5.000%, 12/01/2016		500		509
Colorado Health Facilities Authority, Longmont United Hospital Series B (RAAI)
4.250%, 12/01/2015		1,250		1,236
Colorado Health Facilities Authority, NCMC Income Project Series B (AGM)
6.000%, 05/15/2026		1,000		1,072
Colorado Health Facilities Authority, Parkview Medical Center
5.000%, 09/01/2016		640		658
Colorado Health Facilities Authority, Retirement Facilities, Liberty Series B, Escrowed to Maturity, Zero Coupon Bond
3.825%, 07/15/2020 § ¤		10,000		6,967
Colorado Health Facilities Authority, Total Longterm Care National Series A
5.250%, 11/15/2020		1,400		1,336
Colorado Health Facilities Authority, Valley View Hospital Association Project
Series A (RAAI)
5.000%, 05/15/2012		500		512
5.000%, 05/15/2013		405		417
Colorado Springs Hospital
Series B (AMBAC)
3.990%, 12/15/2024 Y		4,550		4,550
Delta County Memorial Hospital District Enterprise
5.500%, 09/01/2025		1,500		1,456
E-470 Public Highway Authority
Series C, Convertible CABs (NATL)
0.000% through 09/01/2011, thereafter 5.000% , 09/01/2017 ◗		1,500		1,585
High Plains Metropolitan District
Series B (LOC: Compass Bank)
4.375%, 12/01/2015		300		296
Mesa County Escrowed to Maturity, Zero Coupon Bond
0.620%, 12/01/2011 § ¤		5,500		5,469
Montrose Memorial Hospital
5.700%, 12/01/2017		2,170		2,215
Northwest Parkway Public Highway Authority Convertible CABs, Escrowed to Maturity (AMBAC)
0.000% through 06/15/2011, thereafter 5.250%, 06/15/2015 § ◗		2,250		2,481
Platte River Power Authority
Series GG (AGM)
4.500%, 06/01/2017		725		815
Walker Field Public Airport Authority
5.000%, 12/01/2022		1,000		968

				46,180

General Obligations – 1.7%
Adams & Arapahoe Counties School District, #28J, Aurora (STAID)
5.500%, 12/01/2021		1,125		1,278
El Paso County School District #20 (STAID)
5.000%, 12/15/2020		1,500		1,699
5.000%, 12/15/2021		2,175		2,447
5.000%, 12/15/2022		1,530		1,697
North Range Metropolitan District #1 (ACA)
4.300%, 12/15/2019		1,000		821
Pueblo County School District #60 (STAID)
5.000%, 12/15/2022		1,000		1,117
Sand Creek Metropolitan District, Limited Tax Series A
4.250%, 12/01/2023		2,190		2,063
4.000%, 12/01/2024		2,030		1,842

				12,964

Certificates of Participation – 0.6%
Colorado Zero Coupon Bond
1.592%, 03/01/2014 ¤		150		143
Colorado Higher Education, Capital Construction Lease Program
5.250%, 11/01/2023		1,500		1,567
Colorado Penitentiary II
4.000%, 03/01/2015		1,390		1,489
Rangeview Library District Projects (AGC)
4.500%, 12/15/2020		1,325		1,397

				4,596

				63,740

Nuveen Investments 43

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Connecticut – 0.1%
Revenue Bond – 0.1%
Connecticut Health & Educational Facilities Authority, Griffin Hospital
Series B (RAAI)
5.000%, 07/01/2014	$	1,000	$	1,042

District of Columbia – 0.5%
Revenue Bond – 0.5%
District of Columbia, The Catholic University of America
5.000%, 10/01/2023		3,480		3,519

Florida – 2.4%
Revenue Bonds – 2.1%
Halifax Hospital Medical Center Series A
5.250%, 06/01/2026		2,250		2,144
Highlands County Health Facilities Authority, Adventist Health/Sunbelt Series A, Mandatory Put 11/17/2015 @ 100
6.500%, 11/15/2038		2,000		2,374
Miami-Dade County Educational Facilities Authority, University of Miami
Series A
5.150%, 04/01/2023		2,520		2,578
Miami-Dade County Water & Sewer (AGM)
5.000%, 10/01/2029		5,000		4,988
North Brevard County Hospital, Parrish Medical Center Project
5.500%, 10/01/2028		2,100		2,044
Palm Beach County Health Facilities Authority, Abbey Delray South, Life Care Retirement Community
5.250%, 10/01/2013		1,400		1,453
Vero Beach Electric
Series A (AGM)
4.000%, 12/01/2019		350		359

				15,940

Certificate of Participation – 0.3%
Clay County School Board
Series B (NATL)
5.000%, 07/01/2018		2,205		2,311

				18,251

Georgia – 1.3%
Revenue Bonds – 1.2%
Atlanta Tax Allocation, Atlantic Station Project (AGC)
4.375%, 12/01/2018		2,000		2,005
DeKalb County Hospital Authority, DeKalb Medical Center Incorporated Project
6.000%, 09/01/2030		1,000		987
Fulton County Residential Care Facilities, Canterbury Court Project Series A
5.800%, 02/15/2018		4,500		4,303
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health Series A
5.250%, 08/01/2023		2,000		2,017

				9,312

General Obligations – 0.1%
Fayette County School District (AGM)
4.125%, 03/01/2014		500		541
4.250%, 03/01/2015		265		291

				832

				10,144

Hawaii – 1.4%
Revenue Bonds – 1.4%
Hawaii Department of Budget & Finance, Special Purpose Series C1
7.500%, 11/15/2015		5,000		5,069
Hawaii Pacific Health, Special Purpose
Series A
5.250%, 07/01/2030		5,000		4,643
Series B
5.625%, 07/01/2030		1,025		996

				10,708

Idaho – 0.6%
Revenue Bonds – 0.5%
Idaho Health Facilities Authority, Trinity Health Group Series B
6.000%, 12/01/2023		3,000		3,263
University of Idaho Series B, Mandatory Put 04/01/2018 @ 100 (AGM)
4.500%, 04/01/2041		1,000		1,045

				4,308

Certificate of Participation – 0.1%
Madison County Hospital
5.000%, 09/01/2012		500		511

				4,819

Illinois – 13.2%
Revenue Bonds – 5.5%
Chicago, Midway Airport Project
Series C (NATL)
5.500%, 01/01/2014		1,300		1,427
Granite Single Family Mortgage
Series A, Escrowed to Maturity
7.750%, 10/01/2011 §		240		251
Illinois Development Finance Authority, Elgin School District Zero Coupon Bond (AGM)
4.050%, 01/01/2018 ¤		2,750		2,077
Illinois Development Finance Authority, Elmhurst Community School District #205 Pre-refunded 01/01/2011 @ 100 (AGM)
6.375%, 01/01/2013 ◊		1,025		1,025
Illinois Development Finance Authority, Midwestern University
Series B, Pre-refunded 05/15/2011 @ 101
5.750%, 05/15/2016 ◊		350		360
Illinois Educational Facilities Authority, Art Institute of Chicago Mandatory Put 03/01/2016 @ 100
4.125%, 03/01/2030		500		516
Mandatory Put 03/01/2017 @ 100
4.750%, 03/01/2030		1,000		1,051
Illinois Finance Authority, Clare at Water Tower
Series A-4
5.400%, 05/15/2017 ¥ 5		700		483
Series A-5
5.500%, 05/15/2018 ¥ Δ		700		476
Series B, Zero Coupon Bond
11.940%, 05/15/2050 ¤ ¥ 5 Δ		600		6
Illinois Finance Authority, Edward Hospital
Series A (AMBAC)
6.000%, 02/01/2025		1,200		1,251
6.000%, 02/01/2026		1,280		1,321
6.000%, 02/01/2028		500		513
Illinois Finance Authority, Franciscan Communities Series A
5.500%, 05/15/2027		1,000		835

44 Nuveen Investments


Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Illinois Finance Authority, Friendship Village Schaumburg Series A
5.000%, 02/15/2015	$	2,130	$	1,992
Illinois Finance Authority, Illinois Institute of Technology
6.500%, 02/01/2023		1,000		1,039
Illinois Finance Authority, Landing at Plymouth Project Series A
5.250%, 05/15/2014		1,320		1,284
Illinois Finance Authority, OSF Healthcare Systems Series A
7.000%, 11/15/2029		4,000		4,217
Illinois Finance Authority, Peoples Gas, Light and Coke Co. Series A, Mandatory Put 06/01/2016 @ 100 (AMBAC)
4.300%, 06/01/2035		1,500		1,514
Illinois Finance Authority, Roosevelt University
5.250%, 04/01/2022		500		468
5.750%, 04/01/2024		4,000		3,908
5.400%, 04/01/2027		1,750		1,603
Illinois Finance Authority, Rush University Medical Center
Series A
6.750%, 11/01/2024		2,000		2,199
Series C
6.375%, 11/01/2029		1,500		1,561
Illinois Finance Authority, Three Crowns Park Plaza Series A
5.500%, 02/15/2014		2,430		2,398
Illinois Health Facilities Authority, Evangelical Escrowed to Maturity
6.750%, 04/15/2012 §		585		610
Illinois Health Facilities Authority, Mercy Hospital & Medical Center Escrowed to Maturity
10.000%, 01/01/2015 §		460		542
Illinois Sports Facilities Authority (AMBAC)
4.750%, 06/15/2013		1,405		1,511
5.100%, 06/15/2016		1,620		1,796
Metropolitan Pier & Exposition Authority, State Sales Tax
Series B, Convertible CABs (NATL)
0.000% through 06/15/2012, thereafter 5.200%, 06/15/2017 ◗		1,000		1,001
Southwestern Illinois Development Authority, Anderson Hospital
5.125%, 08/15/2026		2,000		1,773
Southwestern Illinois Development Authority, Local Government Program, Triad School District #2 (NATL)
5.000%, 10/01/2018		1,000		1,061

				42,069

General Obligations – 7.7%
Bolingbrook Park District
Series A (CIFG)
4.500%, 01/01/2017		1,840		1,998
Chicago Series A, Convertible CABs (NATL)
0.000% through 01/01/2011, thereafter 5.300%, 01/01/2016 ◗		2,000		2,213
Chicago City Colleges Zero Coupon Bond (FGIC) (NATL)
3.420%, 01/01/2015 ¤		7,000		6,112
Chicago Park District, Limited Tax
Series A
4.500%, 01/01/2023		2,300		2,318
Series B (AMBAC)
5.000%, 01/01/2020		5,545		5,777
Chicago Project & Refunding
Series A (FGIC) (NATL)
5.250%, 01/01/2011		2,345		2,345
Cook County Series A (NATL)
6.250%, 11/15/2011		1,000		1,046
Cook County Community Unit School District #401, Elmwood Park Zero Coupon Bond (AGM)
1.163%, 12/01/2011 ¤		3,625		3,587
Cook County High School District #205, Thornton Township (AGC)
5.250%, 12/01/2021		3,465		3,748
Cook County High School District #209, Proviso Township (AGM)
5.000%, 12/01/2016		1,000		1,074
Cook County School District #088, Bellwood
Series B (AGM)
5.000%, 12/01/2017		1,175		1,302
Series B, Pre-refunded 12/01/2014 @ 100 (AGM)
5.000%, 12/01/2017 ◊		500		569
Cook County School District #102, La Grange Zero Coupon Bond (FGIC) (NATL)
2.110%, 12/01/2013 ¤		2,440		2,295
Cook County School District #123, Oak Lawn Zero Coupon Bond (NATL)
4.199%, 12/01/2015 ¤		2,250		1,834
Elk Grove Village (NATL)
4.125%, 01/01/2019		1,000		1,045
Grundy & Will Counties Community Unit School District #1
5.875%, 02/01/2019		1,550		1,784
5.875%, 02/01/2022		2,100		2,320
5.875%, 02/01/2024		2,545		2,758
Madison & Jersey Counties Unit School District #11, Alton Zero Coupon Bond (AGM)
4.984%, 12/01/2019 ¤		2,100		1,354
McCook
5.000%, 12/01/2026		500		502
5.100%, 12/01/2028		1,000		986
Rockford School District #205 (FGIC) (NATL)
5.000%, 02/01/2014		500		545
Southwestern Illinois Development Authority, Edwardsville Community (AGM)
5.000%, 12/01/2017		1,000		1,127
St Clair County, Alternative Revenue Source
4.500%, 10/01/2020		1,000		1,045
5.000%, 10/01/2022		1,100		1,163
Will & Grundy Counties Community College, District #525, Joliet Junior College
6.250%, 06/01/2024		535		600
5.750%, 06/01/2025		1,150		1,247
5.750%, 06/01/2026		310		333
Will County School District #86, Joliet Zero Coupon Bond (AGM)
3.759%, 11/01/2017 ¤		3,870		3,000
Winnebago County School District 122, Harlem-Loves Park Escrowed to Maturity, Zero Coupon Bond (AGM)
2.890%, 01/01/2017 § ¤		1,320		1,111
Zero Coupon Bond (AGM)
4.000%, 01/01/2017 ¤		1,680		1,325

				58,463

				100,532

Nuveen Investments 45

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Indiana – 1.2%
Revenue Bonds – 1.0%
Anderson Economic Development, Anderson University Project
5.000%, 10/01/2017	$	710	$	705
Avon Community School Building Corporation, First Mortgage (AMBAC) (STAID)
4.500%, 07/15/2020		1,000		1,027
Indiana Transportation Finance Authority
Series A (AMBAC)
5.750%, 06/01/2012		1,820		1,900
Series A, Escrowed to Maturity (AMBAC)
5.750%, 06/01/2012 §		180		184
Indiana University
Series K, Zero Coupon Bond (NATL)
1.029%, 08/01/2011 ¤		250		248
Portage Township Multi-School Building Corporation, First Mortgage (NATL) (STAID)
4.000%, 07/15/2018		1,250		1,330
St. Joseph County Economic Development, Holy Cross Village, Notre Dame Project
Series A
5.750%, 05/15/2016		450		442
5.550%, 05/15/2019		230		217
St. Joseph County Hospital Authority, Memorial Health System Series A (NATL)
4.750%, 08/15/2012		1,000		1,003
Zionsville Community Schools Building, First Mortgage Pre-refunded 01/15/2012 @ 100 (FGIC) (STAID)
5.750%, 07/15/2015 ◊		775		817

				7,873

General Obligation – 0.2%
Gary Sanitation District, Special Taxing District (RAAI)
3.750%, 02/01/2011		1,260		1,260

				9,133

Iowa – 1.4%
Revenue Bonds – 1.4%
Iowa Finance Authority Retirement Community, Friendship Haven Project Series A
5.750%, 11/15/2019		500		478
Iowa Higher Education Authority, Private College Facility, Central College Project (RAAI)
5.450%, 10/01/2026		1,000		949
Iowa Higher Education Authority, Private College Facility, Upper Iowa University Project
5.500%, 09/01/2025		1,250		1,204
Iowa Higher Education Authority, Wartburg College Project Pre-refunded 10/01/2012 @ 100 (ACA)
5.500%, 10/01/2028 ◊		2,000		2,163
Series A
4.700%, 10/01/2016		925		916
4.750%, 10/01/2017		1,100		1,081
4.800%, 10/01/2018		1,155		1,122
Iowa State Special Obligation Prison Infrastructure Fund
4.500%, 06/15/2022		2,000		2,083
Muscatine Electric Escrowed to Maturity
9.700%, 01/01/2013 §		890		997

				10,993

Kansas – 2.8%
Revenue Bonds – 2.4%
Johnson County Residual Escrowed to Maturity, Zero Coupon Bond
1.027%, 05/01/2012 § ¤		7,500		7,398
Kansas Development Finance Authority, Adventist Health
5.500%, 11/15/2023		2,200		2,405
Kansas Development Finance Authority, Adventist/Sunbelt Series D
5.000%, 11/15/2024		1,400		1,454
Kansas Development Finance Authority, Health Facilities, Hays Medical Center Series L
4.500%, 11/15/2017		1,405		1,450
Kansas Development Finance Authority, Kansas State Projects Series K (NATL)
4.500%, 11/01/2019		1,850		1,983
Olathe Health Facilities, Olathe Medical Center
5.125%, 09/01/2021		1,000		1,032
Olathe Senior Living Facility, Catholic Care Campus Series A
5.750%, 11/15/2013		700		700
5.750%, 11/15/2014		765		764
5.750%, 11/15/2015		820		819
Sedgwick & Shawnee Counties, Single Family Mortgages Series A-2 (GNMA)
6.700%, 06/01/2029		165		168

				18,173

General Obligations – 0.4%
Johnson County Unified School District #512, Shawnee Mission
4.875%, 10/01/2019		2,000		2,232
Sedgwick County School District #267 (AMBAC)
5.250%, 11/01/2012		1,045		1,116

				3,348

				21,521

Kentucky – 0.5%
Revenue Bonds – 0.5%
Kentucky Economic Development Finance Authority, Louisville Arena Project
Series A-1 (AGC)
5.750%, 12/01/2028		2,000		2,073
Kentucky Turnpike Authority Escrowed to Maturity
6.000%, 07/01/2011 §		235		241
Louisville/Jefferson County Metropolitan Government College, Bellarmine University
Series A
6.000%, 05/01/2028		1,135		1,142

				3,456

Louisiana – 0.3%
Revenue Bond – 0.0%
Louisiana Local Government Environmental Facilities, Community Development Authority (AMT)
6.650%, 01/01/2025		435		413

General Obligations – 0.3%
Calcasieu Parish School District #23, Public School Improvement
4.600%, 02/15/2020		500		506

46 Nuveen Investments


Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Louisiana Series B (CIFG)
5.000%, 07/15/2015	$	1,300	$	1,478

				1,984

				2,397

Maine – 0.1%
Revenue Bond – 0.1%
Maine Health & Higher Educational Facilities Authority Series B (FGIC) (NATL)
4.125%, 07/01/2018		740		779

Maryland – 0.1%
Revenue Bonds – 0.1%
Westminster Educational Facilities, McDaniel College
5.000%, 11/01/2013		350		375
4.000%, 11/01/2015		700		729

				1,104

Massachusetts – 3.1%
Revenue Bonds – 2.9%
Massachusetts Bay Transportation Authority
Series A (COMGTY)
6.250%, 03/01/2012		1,875		1,998
Massachusetts Development Finance Agency, Health Care Facilities, AdventCare Project
Series A
6.650%, 10/15/2028		2,500		2,265
Massachusetts Development Finance Agency, Suffolk University
4.500%, 07/01/2021		900		846
4.500%, 07/01/2022		1,765		1,646
4.625%, 07/01/2023		1,705		1,582
Massachusetts Educational Finance Authority, Issue I Series B (AMT)
4.800%, 01/01/2017		1,550		1,578
Massachusetts Health & Educational Facilities Authority, Berkshire Health System
Series F (AGC)
5.000%, 10/01/2015		2,000		2,173
Massachusetts Health & Educational Facilities Authority, Springfield College
5.125%, 10/15/2022		500		518
5.500%, 10/15/2026		2,595		2,668
Massachusetts Health & Educational Facilities Authority, Suffolk University Series A
6.000%, 07/01/2024		3,000		3,123
Massachusetts Port Authority Escrowed to Maturity
13.000%, 07/01/2013 §		1,975		2,321
Massachusetts, Special Obligation
Series A
5.500%, 06/01/2013		1,000		1,105

				21,823

General Obligation – 0.2%
Springfield, State Qualified Municipal Purpose Loan (AGM) (STAID)
4.500%, 08/01/2020		1,400		1,464

				23,287

Michigan – 2.0%
Revenue Bonds – 1.8%
Detroit Water Supply System Escrowed to Maturity (FGIC)
6.250%, 07/01/2012 §		105		110
Kalamazoo Hospital Finance Authority, Bronson Methodist Hospital Series A (AGM)
5.000%, 05/15/2020		2,675		2,773
Michigan Hospital Finance Authority, Ascension Health Services Group Series B
5.000%, 11/15/2023		3,540		3,632
Michigan Hospital Finance Authority, Henry Ford Health Systems Series A, Pre-refunded 03/01/2013 @ 100
5.500%, 03/01/2015 ◊		3,150		3,452
Michigan Municipal Board Authority, Local Government Loan Program, Group A
Series B (AMBAC)
5.000%, 12/01/2018		600		589
Romulus Economic Development Corporation, Partnership Project Escrowed to Maturity
7.000%, 11/01/2015 §		1,300		1,600
Western Michigan University (AGM)
5.000%, 11/15/2023		1,300		1,336

				13,492

General Obligations – 0.2%
Algonac Community Schools, School Building & Site Series I (AGM) (MQSBLF)
4.000%, 05/01/2019		790		813
Constantine Public Schools (MQSBLF)
5.000%, 05/01/2016		1,075		1,143

				1,956

				15,448

Minnesota – 2.5%
Revenue Bonds – 2.5%
Aitkin Health Care Facilities, Riverwood Healthcare Center
5.375%, 02/01/2017		1,590		1,571
Minneapolis & St. Paul Metropolitan Airports Commission Series A (NATL)
5.000%, 01/01/2019		1,165		1,190
Minneapolis Health Care System, Fairview Health Services Series A
6.375%, 11/15/2023		2,000		2,204
Minneapolis Hospital, St. Marys Hospital & Rehabilitation Center Escrowed to Maturity
10.000%, 06/01/2013 §		430		482
Minneapolis National Marrow Donor Program
5.000%, 08/01/2018		2,650		2,757
4.250%, 08/01/2020		3,500		3,279
Minnesota Agricultural & Economic Development Board, Health Care System
Series A
5.875%, 11/15/2011		2,135		2,163
Minnesota Higher Education Facilities Authority, Bethel University Series 6-R
5.500%, 05/01/2020		1,255		1,272
5.500%, 05/01/2021		815		824
Minnesota Higher Education Facilities Authority, College of Art & Design Series 6-K
5.000%, 05/01/2012		295		307
Monticello-Big Lake Community Hospital District, Health Care Facilities
Series C
5.250%, 12/01/2011		515		515
St. Paul Housing & Redevelopment Authority, Allina Health System Series A (NATL)
5.000%, 11/15/2019		1,235		1,287
Series A-1
5.000%, 11/15/2024		1,000		995

				18,846

Nuveen Investments 47

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Mississippi – 0.2%
Revenue Bond – 0.2%
Mississippi Hospital Equipment & Facilities Authority, Mississippi Baptist Health Systems
Series A
5.000%, 08/15/2016	$	1,440	$	1,536

Missouri – 2.0%
Revenue Bonds – 1.9%
Grundy County Industrial Development Authority, Health Facilities, Wright Memorial Hospital
5.600%, 09/01/2021		1,000		976
Hannibal Industrial Development Authority, Health Facilities, Hannibal Regional Hospital
4.350%, 03/01/2014		1,405		1,434
Kansas City Special Obligation, East Village Project Series B (AGC)
5.000%, 04/15/2022		505		539
Missouri Development Finance Board Infrastructure Facilities, Independence Electric System Project Series D
5.625%, 06/01/2029		1,250		1,256
Missouri Development Finance Board Infrastructure Facilities, Independence-Crackerneck Creek Series B
5.125%, 03/01/2022		2,000		2,043
Missouri Development Finance Board, Midwest Research Institute Project
5.000%, 11/01/2016		1,130		1,197
Missouri Health & Educational Facilities Authority, Senior Living Facilities, Lutheran
Series B
4.350%, 02/01/2015		850		875
4.375%, 02/01/2016		930		945
Missouri Joint Municipal Electric Utilities, Commission Power Project
Series A (AMBAC)
5.000%, 01/01/2018		2,000		2,136
Missouri Joint Municipal Electric Utilities, Commission Power Project, Plum Point Project (NATL)
4.200%, 01/01/2018		1,000		1,008
Osage Beach Tax Increment, Prewitts Point Project
4.800%, 05/01/2016		1,650		1,563

				13,972

Certificate of Participation – 0.1%
Missouri Development Finance Board Infrastructure Facilities, Independence-Centerpoint Series F
5.375%, 04/01/2024		1,000		1,007

				14,979

Montana – 0.8%
Revenue Bonds – 0.8%
Montana Facility Finance Authority, Senior Living, St. Johns Lutheran Ministries Project
Series A
5.750%, 05/15/2016		1,800		1,697
6.000%, 05/15/2025		1,675		1,440
Montana Facility Finance Authority, Sisters of Charity of Leavenworth Series B
5.000%, 01/01/2024		2,500		2,613

				5,750

Nebraska – 1.3%
Revenue Bonds – 1.3%
Douglas County Hospital Authority #2, Immanuel Obligated Group
5.125%, 01/01/2023		1,130		1,125
Douglas County Hospital Authority #2, Nebraska Medical Center, Clarkson Regional Health Guaranty
5.000%, 11/15/2011		2,860		2,942
Douglas County Hospital Authority #3, Methodist Health
5.750%, 11/01/2028		600		597
Lancaster County Hospital Authority #1, BryanLG Medical Center Project
4.000%, 06/01/2018		2,000		1,941
Lancaster County Hospital Authority #1, Immanuel Obligated Group
4.750%, 01/01/2019		735		741
5.125%, 01/01/2023		1,000		996
Nebraska Investment Finance Authority, Great Plains Regional Medical Center Project (RAAI)
4.700%, 11/15/2011		500		514
4.800%, 11/15/2012		500		520
4.900%, 11/15/2013		600		620

				9,996

Nevada – 0.3%
Revenue Bonds – 0.3%
Carson City Hospital, Carson-Tahoe Hospital
5.750%, 09/01/2011		550		561
5.750%, 09/01/2012		580		607
Escrowed to Maturity
5.750%, 09/01/2011 §		450		465
5.750%, 09/01/2012 §		475		512

				2,145

New Hampshire – 0.5%
Revenue Bonds – 0.5%
New Hampshire Health & Education Facilities Authority, Covenant Health
5.375%, 07/01/2024		1,250		1,256
New Hampshire Health & Educational Facilities Authority, Speare Memorial Hospital
5.500%, 07/01/2025		1,000		920
New Hampshire Municipal Bond Bank
Series A (NATL)
4.500%, 02/15/2020		1,300		1,400

				3,576

New Jersey – 0.3%
Revenue Bond – 0.3%
New Jersey Economic Development Authority, Cigarette Tax
5.500%, 06/15/2016		2,000		2,076

New York – 1.6%
Revenue Bonds – 0.9%
Long Island Power Authority
Series B
5.250%, 12/01/2013		4,000		4,394
Troy Capital Resource Revenue, Rensselaer Polytechnic Institute Project Series B
5.000%, 09/01/2019		1,200		1,292
5.000%, 09/01/2021		1,000		1,051

				6,737

48 Nuveen Investments


Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


General Obligations – 0.7%
New York
Series A
5.750%, 08/01/2015	$	3,220	$	3,436
Series D
5.500%, 06/01/2012		1,340		1,429
Series D, Escrowed to Maturity
5.500%, 06/01/2012 §		660		705

				5,570

				12,307

North Carolina – 2.4%
Revenue Bonds – 2.4%
North Carolina Capital Facilities Finance Agency Education Facilities, Meredith College
5.250%, 06/01/2020		900		914
North Carolina Eastern Power Agency
Series A (AGC)
5.250%, 01/01/2022		1,700		1,804
Series D
5.375%, 01/01/2013		2,955		3,178
North Carolina Medical Care Commission Health Care Facilities, First Mortgage Presbyterian
Series B
4.875%, 10/01/2013		2,035		2,019
5.000%, 10/01/2014		2,120		2,102
North Carolina Municipal Power Agency #1, Catawba Electric
Series A
5.000%, 01/01/2026		5,940		5,963
Series A (AGM)
5.250%, 01/01/2016		2,000		2,138

				18,118

North Dakota – 0.2%
Revenue Bond – 0.2%
Ward County Health Care Facility, Trinity Obligated Group
5.000%, 07/01/2014		1,180		1,243

Ohio – 1.2%
Revenue Bonds – 0.7%
Lake County Hospital Facilities, Lake Hospital System Series C
5.500%, 08/15/2024		1,230		1,245
Miami County Hospital Facilities, Upper Valley Medical Center
5.250%, 05/15/2016		750		801
Ohio Higher Education Facilities, John Carroll University Project
4.000%, 04/01/2014		1,135		1,186
4.500%, 04/01/2015		1,000		1,065
Ohio Higher Education Facilities, Xavier University
4.000%, 05/01/2018		980		1,016

				5,313

General Obligations – 0.4%
Barberton City School District (OSDCEP)
4.750%, 12/01/2021		1,260		1,339
Mason City School District (AGM)
4.375%, 12/01/2019		1,095		1,171
Richland County, Limited Tax, Correctional Facilities Improvement (AGC)
5.875%, 12/01/2024		500		541

				3,051

Certificate of Participation – 0.1%
Akron (AGC)
5.000%, 12/01/2015		1,000		1,120

				9,484

Oklahoma – 0.7%
Revenue Bonds – 0.7%
Cherokee County Economic Development Authority
Series A, Escrowed to Maturity, Zero Coupon Bond (AMBAC)
0.594%, 11/01/2011 § ¤		3,340		3,323
McClain County Economic Development Authority, Educational Facilities Lease, Newcastle Public Schools Project
5.000%, 09/01/2011		345		352
5.000%, 09/01/2012		355		372
4.125%, 09/01/2013		250		260
Oklahoma City Industrial & Cultural Facilities, Oklahoma City Project (AMT)
5.750%, 01/01/2023		1,430		1,261

				5,568

Pennsylvania – 2.1%
Revenue Bonds – 1.9%
Allegheny County Hospital, University of Pittsburgh Medical Center
Series B
5.000%, 06/15/2018		3,000		3,273
Delaware County College Authority, Neumann University
5.250%, 10/01/2020		535		534
5.000%, 10/01/2021		1,000		983
5.375%, 10/01/2021		565		561
5.000%, 10/01/2025		1,050		978
Delaware County Hospital Authority, Crozer-Chester Medical Center (RAAI)
5.000%, 12/15/2015		1,275		1,289
5.000%, 12/15/2017		1,405		1,369
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care
6.125%, 02/01/2028		1,000		875
Philadelphia Gas Works, Ninth Series
5.000%, 08/01/2030		3,000		2,775
Westmoreland County Industrial Development Authority, Retirement Community, Redstone
Series A
5.375%, 01/01/2014		1,100		1,088
5.500%, 01/01/2016		1,200		1,168

				14,893

General Obligation – 0.2%
Bethel Park School District (STAID)
4.125%, 08/01/2020		1,315		1,359

				16,252

Puerto Rico – 0.7%
Revenue Bond – 0.2%
Puerto Rico Public Buildings Authority, Government Facilities Series M-2, Mandatory Put 07/01/2017 @ 100 (AMBAC) (COMGTY)
5.500%, 07/01/2035		1,000		1,063

General Obligation – 0.5%
Puerto Rico Commonwealth, Public Improvement Series A
5.000%, 07/01/2020		4,000		3,982

				5,045

Nuveen Investments 49

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


South Carolina – 1.1%
Revenue Bonds – 1.1%
Charleston Educational Excellence Financing Corporation, Charleston County School District Project
5.000%, 12/01/2013	$	2,000	$	2,210
Lexington County Health Services District Pre-refunded 11/01/2013 @ 100
5.500%, 11/01/2023 ◊		2,000		2,245
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance
5.000%, 08/01/2018		1,000		1,036
Series A
6.000%, 08/01/2013		645		700
Series C
6.000%, 08/01/2013		2,000		2,142

				8,333

South Dakota – 1.2%
Revenue Bonds – 0.9%
South Dakota Health & Educational Facilities Authority, Sanford Health
5.000%, 11/01/2024		1,000		1,004
South Dakota Health & Educational Facilities Authority, Vocational Education Program (AGC)
5.125%, 08/01/2028		1,500		1,523
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
4.750%, 09/01/2011		530		539
5.000%, 09/01/2012		1,000		1,042
5.000%, 09/01/2013		1,000		1,043
5.000%, 09/01/2025		1,770		1,676

				6,827

Certificate of Participation – 0.3%
Deadwood
Series 2005 (ACA)
5.000%, 11/01/2018		2,385		2,378

				9,205

Tennessee – 4.3%
Revenue Bonds – 4.0%
Chattanooga Health, Educational & Housing Facilities Board, Catholic Health Initiatives
Series D
6.125%, 10/01/2028		2,265		2,442
Claiborne County Industrial Development Board, Lincoln Memorial University Project
6.125%, 10/01/2029		3,460		3,368
Jackson Hospital, Jackson-Madison Project
5.250%, 04/01/2023		3,650		3,707
Memphis-Shelby County Sports Authority, Memphis Arena Project
Series A
5.125%, 11/01/2024		4,430		4,475
Series B
5.500%, 11/01/2020		1,000		1,088
5.250%, 11/01/2025		1,860		1,880
Series C (NATL)
5.000%, 11/01/2017		3,175		3,448
Metropolitan Government of Nashville & Davidson County, Water Sewer Escrowed to Maturity
6.400%, 04/01/2011 §		1,030		1,046
Shelby County Health, Educational & Housing Facility Board, Methodist Healthcare Pre-refunded 09/01/2012 @ 100
6.000%, 09/01/2016 ◊		935		1,016
6.000%, 09/01/2016 ◊		565		614
Sullivan County Health, Educational & Housing Facilities Board, Wellmont Health System Project (RAAI)
5.000%, 09/01/2016		2,000		2,029
Escrowed to Maturity
6.250%, 09/01/2011 §		1,465		1,521
6.250%, 09/01/2012 §		1,085		1,172
Pre-refunded 09/01/2012 @ 101
6.500%, 09/01/2013 ◊		2,215		2,422

				30,228

General Obligation – 0.3%
Memphis (NATL)
5.000%, 10/01/2016		2,000		2,303

				32,531

Texas – 10.3%
Revenue Bonds – 4.8%
Brazos River Harbor Navigation District, Brazoria County Environmental, Dow Chemical Company Project Series A-5, Mandatory Put 05/15/2012 @ 100 (AMT)
5.700%, 05/15/2033		1,000		1,021
El Paso Water & Sewer
Series A (AGM)
4.000%, 03/01/2018		650		680
Grapevine Industrial Development Corporation, Air Cargo (AMT)
6.500%, 01/01/2024		475		449
Gregg County Health Facilities Development, Good Shepherd Medical Center Project
Series A
5.000%, 10/01/2013		1,230		1,276
Hale Center Educational Facilities, Wayland Baptist
4.000%, 03/01/2021		875		812
4.000%, 03/01/2022		500		458
4.000%, 03/01/2023		800		721
4.250%, 03/01/2025		440		395
Harris County Health Facilities Development Corporation, Memorial Hermann Healthcare System Series B
7.125%, 12/01/2031		1,950		2,122
Harrison County Health Facilities Development Corporation, Good Shepherd Health System
5.000%, 07/01/2019		2,270		2,235
5.000%, 07/01/2020		2,380		2,308
Houston Health Facilities Development Corporation, Buckingham Senior Living Community Series A, Pre-refunded 02/15/2014 @ 101
7.000%, 02/15/2023 ◊		2,000		2,350
League City Waterworks & Sewer System (AGM)
4.000%, 02/15/2018		1,230		1,303
4.375%, 02/15/2023		1,315		1,322
Lubbock Educational Facilities Authority, Lubbock Christian University
5.000%, 11/01/2016		1,000		1,066
North Texas Tollway Authority, First Tier
Series A
6.000%, 01/01/2024		2,500		2,617

50 Nuveen Investments


Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Series E-3, Mandatory Put 01/01/2016 @ 100
5.750%, 01/01/2038	$	3,000	$	3,316
Odessa Housing Finance Corporation, Residual Values Escrowed to Maturity, Zero Coupon Bond (NATL)
1.033%, 06/01/2012 § ¤		1,465		1,444
San Leanna Educational Facilities Corporation Higher Education, Saint Edwards University Project
5.000%, 06/01/2019		575		587
Tarrant County Cultural Education Facilities Finance Corporation, Retirement Facility, Northwest Senior Housing, Edgemere Project
Series A
5.750%, 11/15/2014		1,235		1,238
Tarrant County Cultural Education Facilities, Finance Corporation, Retirement Facility, Stayton at Museum Way
Series C-2
6.500%, 11/15/2014		3,000		2,949
Texas Transportation Commission, First Tier
5.000%, 04/01/2017		2,000		2,316
Travis County Health Facilities, Development Corporation Retirement Facilities, Querencia Barton Creek Project
5.250%, 11/15/2017		1,000		928
5.500%, 11/15/2025		900		782
Tyler Health Facilities Development Corporation, Mother Frances Hospital
5.250%, 07/01/2012		1,000		1,029
Victoria Utilities Systems (AMBAC)
4.400%, 12/01/2019		1,000		1,047

				36,771

General Obligations – 5.5%
Alvin Independent School District, Schoolhouse (PSFG)
4.125%, 02/15/2019		1,110		1,168
Brownsville (NATL)
5.000%, 02/15/2017		2,125		2,309
Corinth (NATL)
4.500%, 02/15/2019		1,180		1,247
Dallas (NATL)
4.500%, 02/15/2027		5,000		4,938
Dallas County Utilities & Reclamation District
Series A (AMBAC)
5.150%, 02/15/2022		5,715		5,763
El Paso County (NATL)
5.000%, 02/15/2018		2,440		2,788
Elgin Independent School District, School Building (PSFG)
4.375%, 08/01/2019		1,120		1,205
Fort Bend Independent School District
4.550%, 02/15/2025		2,000		2,024
Frisco (AMBAC)
4.500%, 02/15/2016		2,045		2,281
Pre-refunded 02/15/2011 @ 100 (FGIC) (NATL)
5.000%, 02/15/2018 ◊		1,125		1,131
5.000%, 02/15/2019 ◊		1,675		1,685
Giddings Independent School District, School Building Series A (PSFG)
4.250%, 02/15/2019		875		935
Grand Prairie Independent School District, School Building Series A (PSFG)
4.500%, 02/15/2018		635		700
Howard County Junior College District (AMBAC)
4.250%, 02/15/2018		715		759
Kaufman County (AGM)
5.000%, 02/15/2017		1,000		1,041
Mansfield Independent School District, School Building (PSFG)
5.000%, 02/15/2022		770		819
Northwest Texas Independent School District (PSFG)
4.500%, 02/15/2026		1,000		1,009
Plano Independent School District, School Building Series A
5.000%, 02/15/2025		1,000		1,051
San Angelo
Series A (NATL)
4.400%, 02/15/2019		875		935
San Antonio
4.125%, 02/01/2019		1,000		1,056
4.250%, 02/01/2020		1,140		1,194
Sunnyvale School District, School Building (PSFG)
4.400%, 02/15/2020		870		923
Teague Independent School District, School Building (PSFG)
5.000%, 02/15/2019		2,210		2,495
Texas, Water Financial Assistance
Series A
5.000%, 08/01/2017		1,500		1,737
Victoria Independent School District, School Building (PSFG)
5.000%, 02/15/2018		500		568

				41,761

				78,532

Utah – 0.1%
Revenue Bond – 0.1%
South Jordan, Sales Tax Pre-refunded 08/15/2011 @ 100 (AMBAC)
5.500%, 08/15/2018 ◊		1,000		1,032

Washington – 4.1%
Revenue Bonds – 1.2%
Snohomish County Housing Authority
6.300%, 04/01/2016		700		705
Washington Health Care Facilities, Washington Health Services
6.250%, 07/01/2024		3,125		3,227
6.750%, 07/01/2029		2,000		2,081
Washington Higher Education Facilities Authority, Whitworth University Project
5.125%, 10/01/2024		3,250		3,151

				9,164

General Obligations – 2.9%
Clark County School District #37, Vancouver (AGM)
5.250%, 12/01/2014		1,515		1,720
King County School District #401, Highline Public Schools (AGM) (SBG)
5.250%, 12/01/2025		500		531
King County School District #412, Shoreline (SBG)
5.750%, 12/01/2021		265		302
Snohomish County, Limited Tax Pre-refunded 12/01/2011 @ 100 (NATL)
5.375%, 12/01/2019 ◊		4,440		4,642
5.375%, 12/01/2019 ◊		560		585
Spokane County School District #356, Central Valley Series B, Zero Coupon Bond (FGIC) (NATL)
2.154%, 12/01/2014 ¤		5,690		5,232

Nuveen Investments 51

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Intermediate Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Spokane County School District #81, Spokane (NATL)
5.000%, 06/01/2016	$	1,000	$	1,126
Washington
Series C
5.500%, 07/01/2014		2,275		2,586
Series S-5, Zero Coupon Bond (FGIC) (NATL)
2.430%, 01/01/2016 ¤		3,000		2,658
Washington, Various Purpose
Series R-A (AMBAC)
5.000%, 01/01/2025		3,000		3,070

				22,452

				31,616

Wisconsin – 2.1%
Revenue Bonds – 1.9%
Franklin Solid Waste Disposal, Waste Management Wisconsin Incorporated
Series A, Mandatory Put 05/01/2016 @ 100 (AMT)
4.950%, 11/01/2016		2,000		2,035
Wisconsin Health & Educational Facilities Authority, Aurora Health Care Incorporated
Series A
5.500%, 02/15/2020		1,440		1,440
Wisconsin Health & Educational Facilities Authority, Beloit College Series A
6.000%, 06/01/2030		2,060		1,936
Wisconsin Health & Educational Facilities Authority, Childrens Hospital Series B
4.350%, 08/15/2019		1,350		1,393
Wisconsin Health & Educational Facilities Authority, Eastcastle Place Incorporated Project
5.750%, 12/01/2019		2,000		1,836
Wisconsin Health & Educational Facilities Authority, Fort Healthcare Incorporated Project
5.375%, 05/01/2018		1,250		1,261
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Series B
5.500%, 02/15/2013		850		873
Wisconsin Health & Educational Facilities Authority, Southwest Health Center
Series A
6.125%, 04/01/2024		1,500		1,456
Wisconsin Health & Educational Facilities Authority, Vernon Memorial Healthcare Incorporated Project
4.650%, 03/01/2015		780		794
Wisconsin Health & Educational Facilities Authority, Wisconsin Medical College
Series A (NATL)
5.000%, 12/01/2015		1,450		1,568

				14,592

General Obligation – 0.2%
Door County Series A, Crossover Refunded 09/01/2011 @ 100 (FGIC)
5.125%, 09/01/2016 z		1,720	$	1,764

				16,356

Wyoming – 0.3%
Revenue Bond – 0.3%
Lincoln County, Pacificorp Project Mandatory Put 06/03/2013 @ 100 (AMT)
4.125%, 11/01/2025		2,250		2,310

Total Municipal Bonds
(Cost $719,806)				738,554

Short-Term Investments – 2.1%
Money Market Fund – 0.8%
First American Tax Free Obligations Fund, Class Z, 0.086% Å Ω		6,078,181		6,078

Variable Rate Demand Note v – 1.3%
South Carolina Educational Facilities Authority for Private Nonprofit Institutions, Charleston Southern University Project (LOC: Bank of America)
0.440%, 04/01/2028	$	9,920		9,920

Total Short-Term Investments
(Cost $15,998)				15,998

Total Investments – 98.9%
(Cost $735,804)				754,552

Other Assets and Liabilities, Net – 1.1%				8,076

Total Net Assets – 100.0%			$	762,628


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

§		Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.

◊		Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.

¤		Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2010.

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

Y		Auction rate security. The coupon rate shown represents the rate as of December 31, 2010.

¥		Security considered illiquid. As of December 31, 2010, the fair value of the fund’s investments considered to be illiquid was $965 or 0.1% of total net assets.

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

Å		Investment in affiliated security.

Ω		The rate quoted is the annualized seven-day effective yield as of December 31, 2010.

v		Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates. The coupon rate shown represents the rate as of December 31, 2010.

5		During July 2010, the original issue for this security (1,000,000 par, 5.40% coupon and May, 15, 2014 maturity) was restructured into two new securities. The first security, which is 70% of the original issue, has a 700,000 par, 5.4% coupon and May 15, 2017 maturity. The second security, which is the remaining 30% of the issue, has a 300,000 par, 0.0% coupon and May 15, 2052 maturity. At the end of the reporting period, the Adviser continues to accrue interest on the 700,000 par security.

Δ		During July 2010, the original issue for this security (1,000,000 par, 5.50% coupon and May 15, 2015 maturity) was restructured into two new securities. The first security, which is 70% of the original issue, has a 700,000 par, 5.5% coupon and May 15, 2018 maturity. The second security, which is the remaining 30% of the issue, has a 300,000 par, 0.0% coupon and May 15, 2052 maturity. At the end of the reporting period, the Adviser continues to accrue interest on the 700,000 par security.


ACA –	ACA Financial Guaranty Corporation

AGC –	Assured Guaranty Corporation


AGM –	Assured Guaranty Municipal Corporation


AMBAC –	American Municipal Bond Assurance Corporation

52 Nuveen Investments

Intermediate Tax Free Fund (concluded)


AMT –	Alternative Minimum Tax


CIFG –	CDC IXIS Financial Guaranty


CMI –	California Mortgage Insurance Program


COMGTY –	Commonwealth Guaranty


FGIC –	Financial Guaranty Insurance Corporation


GNMA –	Government National Mortgage Association


LOC –	Letter of Credit


MQSBLF –	Michigan Qualified School Board Loan Fund Program


NATL –	National Public Finance Guarantee Corporation


OSDCEP –	Ohio School District Credit Enhancement Program


PSFG –	Permanent School Fund Guaranty


RAAI –	Radian Asset Assurance Inc.


SBG –	School Board Guaranty


SGI –	Syncora Guarantee Inc.


SMO –	State Moral Obligation


STAID –	State Aid Withholding


Nuveen Minnesota Intermediate Municipal Bond Fund (“Minnesota Intermediate Municipal Bond Fund”)
(formerly known as First American Minnesota Intermediate Tax Free Fund)
DESCRIPTION	PAR		FAIR VALUE >


Municipal Bonds – 97.8%
Revenue Bonds – 71.4%
Continuing Care Retirement Communities – 0.4%
Glencoe Health Care Facilities, Glencoe Regional Health Services Project Pre-refunded 04/01/2011 @ 101
7.400%, 04/01/2021 ◊	$	1,000	$	1,027

Economic Development – 2.1%
Minneapolis Community Development Agency
Series G-3, Pre-refunded 12/01/2011 @ 100
5.350%, 12/01/2021 ◊		975		1,019
Minneapolis Development, Common Bond
Series 1A (AMT)
4.550%, 12/01/2013		480		508
4.625%, 12/01/2014		505		536
Series 2A
4.625%, 12/01/2020		2,000		1,984
Minneapolis Supported Development, Common Bond Series 2A (AMT)
5.125%, 06/01/2022		1,000		974

				5,021

Education – 16.2%
Minneapolis, The Blake School Project
4.000%, 09/01/2019		550		572
4.000%, 09/01/2021		315		320
Pre-refunded 09/01/2011 @ 100
5.000%, 09/01/2012 ◊		445		459
Minnesota Colleges & Universities
Series A
4.000%, 10/01/2022		985		988
4.000%, 10/01/2023		1,755		1,722
Minnesota Higher Education Facilities Authority, Augsburg College
Series 6-C
4.750%, 05/01/2018		1,075		1,093
Series 6-J1
5.000%, 05/01/2013		320		340
5.000%, 05/01/2016		375		402
5.000%, 05/01/2020		1,295		1,324
Series 7-G
4.000%, 10/01/2021		815		756
Minnesota Higher Education Facilities Authority, Bethel University Series 6-R
5.500%, 05/01/2018		1,125		1,155
5.500%, 05/01/2019		1,185		1,206
5.500%, 05/01/2024		1,050		1,047
Minnesota Higher Education Facilities Authority, College of Art & Design
Series 5-K
5.000%, 05/01/2011		90		91
Series 6-K
5.000%, 05/01/2013		310		328
5.000%, 05/01/2014		320		343
5.000%, 05/01/2015		340		366
5.000%, 05/01/2016		355		379
5.000%, 05/01/2017		370		388
Minnesota Higher Education Facilities Authority, Gustavus Adolfus College
Series 7-B
5.000%, 10/01/2018		1,500		1,651
5.000%, 10/01/2023		1,040		1,079
4.250%, 10/01/2024		150		143

See accompanying notes to financial statements.

Nuveen Investments 53

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Minnesota Intermediate Municipal Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Minnesota Higher Education Facilities Authority, Hamline University
Series 7-E
4.125%, 10/01/2018	$	1,000	$	1,009
4.375%, 10/01/2020		1,370		1,349
4.500%, 10/01/2021		500		490
5.000%, 10/01/2029		250		237
Minnesota Higher Education Facilities Authority, St. Benedict College Series V
4.500%, 03/01/2017		1,585		1,649
Minnesota Higher Education Facilities Authority, St. Catherine College Series 5-N1
5.250%, 10/01/2022		500		502
Minnesota Higher Education Facilities Authority, St. John’s University Series 6-U
4.200%, 10/01/2019		290		301
4.300%, 10/01/2020		385		398
4.500%, 10/01/2022		145		148
Minnesota Higher Education Facilities Authority, St. Olaf College Series 6-O
5.000%, 10/01/2016		500		560
Minnesota Higher Education Facilities Authority, St. Scholastica College
Series 6-S
4.375%, 12/01/2016		360		374
4.500%, 12/01/2017		380		391
Series H
5.125%, 12/01/2030		750		715
Minnesota Higher Education Facilities Authority, University of St. Thomas
Series 6-I
4.000%, 04/01/2014		1,045		1,110
Series 6-X
4.500%, 04/01/2021		500		515
5.000%, 04/01/2024		1,250		1,289
Series 7-A
4.000%, 10/01/2017		1,000		1,057
4.500%, 10/01/2018		1,000		1,080
4.500%, 10/01/2019		1,845		1,968
Moorhead Educational Facilities, Concordia College Series A
4.100%, 12/15/2014		500		526
4.200%, 12/15/2015		880		929
4.300%, 12/15/2016		925		969
5.000%, 12/15/2018		1,005		1,053
5.000%, 12/15/2019		1,060		1,097
University of Minnesota
Series C
3.000%, 02/01/2013		250		261
4.000%, 02/01/2016		500		549
5.000%, 12/01/2019		1,000		1,138

				37,816

Healthcare – 29.0%
Aitkin Health Care Facilities, Riverwood Healthcare Center
5.250%, 02/01/2015		735		730
Bemidji Health Care Facilities, North County Health Services
4.125%, 09/01/2013		300		308
4.250%, 09/01/2015		500		515
5.000%, 09/01/2017		500		519
5.000%, 09/01/2018		1,050		1,080
5.000%, 09/01/2019		1,110		1,128
Cuyuna Range Hospital District
5.000%, 06/01/2016		425		419
5.000%, 06/01/2017		1,340		1,334
5.000%, 06/01/2019		1,320		1,286
Duluth Economic Development Authority, Benedictine Health System-St. Mary’s Pre-refunded 02/15/2014 @ 100
5.375%, 02/15/2022 ◊		2,045		2,304
Fergus Falls Health Care Facilities, Lake Region Health Care
4.750%, 08/01/2025		650		603
Glencoe Health Care Facilities, Regional Health Services Project
5.000%, 04/01/2013		760		790
5.000%, 04/01/2014		800		833
5.000%, 04/01/2015		845		877
5.000%, 04/01/2017		1,815		1,853
Maple Grove Health Care Facilities, North Memorial Health Care
4.500%, 09/01/2017		1,730		1,773
Maple Grove Health Care System, Maple Grove Hospital
5.000%, 05/01/2017		1,000		1,061
Marshall Medical Center, Avera Marshall Regional Medical Center Project, Escrowed to Maturity
4.500%, 11/01/2013 §		345		373
Pre-refunded 11/01/2015 @ 100
4.750%, 11/01/2020 ◊		1,155		1,289
Meeker County Hospital Facilities, Memorial Hospital Project
5.625%, 11/01/2022		1,000		991
Minneapolis & St. Paul Housing & Redevelopment Authority, Minnesota Children’s Hospitals & Clinics Series A
5.250%, 08/15/2025		1,000		1,015
5.000%, 08/15/2030		500		476
Minneapolis Health Care System, Allina Health System Series A,
Pre-refunded 11/15/2012 @ 100
6.000%, 11/15/2023 ◊		2,500		2,745
5.750%, 11/15/2032 ◊		1,300		1,422
Minneapolis Health Care System, Fairview Health Services
Series A
6.375%, 11/15/2023		4,000		4,408
Series A, Escrowed to Maturity
5.000%, 05/15/2012 §		605		641
Minneapolis National Marrow Donor Program
4.250%, 08/01/2020		3,000		2,811
Minnesota Agricultural & Economic Development Board, Essentia Health Obligated Group
Series C-1 (AGC)
5.500%, 02/15/2025		1,000		1,053
Minnesota Agricultural & Economic Development Board, Evangelical Lutheran Project
5.500%, 02/01/2011		280		281
5.500%, 02/01/2012		200		207
5.500%, 02/01/2015		730		753
Minnesota Agricultural & Economic Development Board, Health Care System Series A (NATL)
5.500%, 11/15/2017		305		306
5.750%, 11/15/2026		10		10
Monticello-Big Lake Community Hospital District, Health Care Facilities Series C
5.750%, 12/01/2015		2,320		2,335
Northfield Hospital
5.000%, 11/01/2013		715		744
5.000%, 11/01/2014		920		959
5.500%, 11/01/2017		1,080		1,135
Plymouth Health Facilities, Westhealth Project
Series A (AGM)
6.200%, 06/01/2011		485		487

54 Nuveen Investments


Minnesota Intermediate Municipal Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Redwood Falls Hospital Facilities, Redwood Area Hospital Project
5.000%, 12/01/2021	$	1,015	$	992
Rochester Health Care Facilities, Olmsted Medical Center Project
5.125%, 07/01/2020		1,000		999
Shakopee Health Care Facilities, St. Francis Regional Medical Center
4.000%, 09/01/2012		305		312
5.000%, 09/01/2017		1,785		1,851
St. Cloud Health Care, CentraCare Health System Project (AGC)
5.375%, 05/01/2031		1,000		1,008
Series A
4.250%, 05/01/2021		1,000		979
St. Louis Park Health Care Facilities, Park Nicollet Health Services
5.500%, 07/01/2029		1,300		1,266
Series C
5.625%, 07/01/2026		2,500		2,508
St. Paul Housing & Redevelopment Authority, Allina Health System
Series A (NATL)
5.000%, 11/15/2015		500		544
5.000%, 11/15/2019		1,200		1,250
Series A-1
5.000%, 11/15/2024		3,000		2,985
St. Paul Housing & Redevelopment Authority, Gillette Children’s Specialty Healthcare
5.000%, 02/01/2019		1,560		1,590
5.000%, 02/01/2020		500		507
St. Paul Housing & Redevelopment Authority, HealthEast Project
5.150%, 11/15/2020		1,840		1,708
St. Paul Housing & Redevelopment Authority, HealthPartners Obligated Group Project
5.250%, 05/15/2019		1,350		1,368
St. Paul Port Authority, HealthEast Midway Campus Series A
5.250%, 05/01/2015		1,370		1,334
5.750%, 05/01/2025		2,000		1,869
Stillwater Health Care, Health Systems Obligated Group
4.250%, 06/01/2015		500		520
4.250%, 06/01/2016		260		266
Todd, Morrison, Cass & Wadena Counties, United Hospital District, Lakewood Health System
4.000%, 12/01/2013		400		427
Winona Health Care Facilities, Winona Health Obligated Group
5.000%, 07/01/2020		1,000		975
Series A
5.300%, 07/01/2017		525		540

				67,652

Housing – 1.2%
Moorhead Senior Housing, Sheyenne Crossing Project
5.600%, 04/01/2025		2,000		1,847
Worthington Housing Authority, Meadows Worthington Project Series A
5.000%, 11/01/2017		940		889

				2,736

Lease Revenue – 2.7%
Andover Economic Development Authority Public Facilities, Community Center Crossover refunded 02/01/2014 @ 100
5.000%, 02/01/2019 z		495		536
5.000%, 02/01/2019 z		730		791
Pine County Housing & Redevelopment Authority, Public Project Series A
4.500%, 02/01/2016		465		491
4.500%, 02/01/2017		385		399
St. Paul Housing & Redevelopment Authority, Jimmy Lee Recreation Center
4.500%, 12/01/2019		180		190
4.500%, 12/01/2020		290		303
St. Paul Port Authority, Office Building
5.000%, 12/01/2019		2,415		2,528
Stevens County Housing & Redevelopment Authority, Public Project Series A
4.000%, 02/01/2018		315		328
4.000%, 02/01/2019		325		330
4.100%, 02/01/2020		340		343

				6,239

Miscellaneous – 4.5%
Itasca County, Charles K. Blandin Foundation
4.000%, 05/01/2018		635		633
4.000%, 05/01/2019		255		249
Seaway Port Authority of Duluth, Cargill Incorporated Project
4.200%, 05/01/2013		2,000		2,055
St. Paul Housing & Redevelopment Authority, Minnesota Public Radio Project (APM)
5.000%, 12/01/2025		2,395		2,421
St. Paul Housing & Redevelopment Authority, Parking Facilities Project Series A
4.000%, 08/01/2021		805		786
4.125%, 08/01/2023		895		855
4.250%, 08/01/2024		935		893
4.250%, 08/01/2025		575		539
St. Paul Port Authority, Amherst H. Wilder Foundation Series 3
5.000%, 12/01/2024		2,000		2,011

				10,442

Tax Revenue – 1.7%
Hennepin County Sales Tax, Ballpark Project
Series B
4.375%, 12/15/2022		555		573
5.000%, 12/15/2029		1,000		1,025
Minneapolis St. Anthony Falls Project
5.000%, 02/01/2017		1,040		998
5.300%, 02/01/2021		570		512
Minneapolis Tax Increment, Grant Park Project
5.200%, 02/01/2022		1,000		885

				3,993

Transportation – 4.0%
Minneapolis & St. Paul Metropolitan Airports Commission
Series A
4.000%, 01/01/2019		1,000		1,036
5.000%, 01/01/2020		1,000		1,085
5.000%, 01/01/2021		500		533
Series A (NATL)
5.000%, 01/01/2019		1,000		1,021
5.000%, 01/01/2020		2,200		2,235
Series B (AMBAC) (AMT)
5.000%, 01/01/2020		2,125		2,147

Nuveen Investments 55

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Minnesota Intermediate Municipal Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Puerto Rico Commonwealth, Highway & Transportation Authority
Series X (IBC) (NATL)
5.500%, 07/01/2013	$	1,250	$	1,313

				9,370

Utilities – 9.6%
Chaska Electric
Series A
4.200%, 10/01/2015		1,000		1,072
Cohasset Pollution Control, Allete Project (IBCC) (RAAI)
4.950%, 07/01/2022		2,230		2,201
Litchfield Electric Utilities
Series C (AGC)
5.000%, 02/01/2029		500		506
Marshall Public Utilities
Series A (AGC)
3.500%, 07/01/2016		315		328
3.500%, 07/01/2017		275		283
3.750%, 07/01/2018		340		349
Series B
3.500%, 07/01/2015		500		519
Minnesota State Municipal Power Agency
4.125%, 10/01/2017		420		432
5.250%, 10/01/2022		1,000		1,057
Northern Municipal Power Agency
Series A1
5.000%, 01/01/2020		1,655		1,774
Northern Municipal Power Agency, Minnesota Electric Systems
Series A (AGC)
5.000%, 01/01/2019		1,000		1,083
5.000%, 01/01/2021		2,000		2,095
Series A (AMBAC)
5.000%, 01/01/2013		380		404
5.000%, 01/01/2017		460		508
Puerto Rico Commonwealth, Aqueduct & Sewer Authority Series A (AGC)
5.000%, 07/01/2016		500		554
Shakopee Public Utilities
Series A (AGM)
4.250%, 02/01/2018		295		310
Southern Minnesota Municipal Power Agency
Series A (AMBAC)
5.250%, 01/01/2014		2,000		2,210
Series A, Zero Coupon Bond (NATL)
4.030%, 01/01/2020 ¤		3,500		2,444
4.210%, 01/01/2021 ¤		5,000		3,296
Western Minnesota Municipal Power Agency
Series A (AMBAC)
5.500%, 01/01/2011		1,000		1,000
				22,425

Total Revenue Bonds				166,721

General Obligations – 24.1%
Anoka County Capital Improvement
Series A
4.100%, 02/01/2018		610		645
5.000%, 02/01/2020		1,000		1,112
Series B
4.550%, 01/01/2011		680		680
Series C
4.100%, 02/01/2018		285		311
4.200%, 02/01/2019		595		641
Series D
5.000%, 02/01/2024		500		520
Burnsville Independent School District #191, Alternative Facilities
Series A (AGM) (MSDCEP)
4.200%, 02/01/2025		350		345
Series A (MSDCEP)
4.250%, 02/01/2020		1,200		1,272
Chaska Independent School District #112, School Building Series A (MSDCEP) (NATL)
4.250%, 02/01/2019		1,000		1,070
Chatfield Independent School District #227, School Building Series A (AGM) (MSDCEP)
4.000%, 02/01/2018		450		489
Dakota County Community Development Agency
Series B
4.000%, 01/01/2022		625		642
Dakota County Community Development Agency, Senior Housing Facilities Series A
4.375%, 01/01/2019		510		547
4.500%, 01/01/2020		215		227
Dassel Cokato Independent School District #466, School Building Series A (MSCDEP)
4.000%, 03/01/2014		300		323
Duluth DECC Improvement
Series A
4.500%, 02/01/2021		1,160		1,219
4.500%, 02/01/2022		465		482
4.625%, 02/01/2024		1,100		1,122
Duluth Independent School District #709
Series A (AGM) (MSDCEP)
4.250%, 02/01/2022		1,150		1,183
Lakeville Independent School District #194
Series A, Crossover refunded 02/01/2013 @ 100 (FGIC) (MSDCEP)
5.000%, 02/01/2022 z		1,260		1,347
Mankato
Series A
3.500%, 02/01/2018		765		806
3.500%, 02/01/2019		775		798
Minneapolis
3.375%, 12/01/2023		175		165
4.000%, 12/01/2026		500		481
Minneapolis Special School District #1 (MSDCEP)
4.000%, 02/01/2018		1,135		1,197
Minnesota
Series C
5.000%, 08/01/2019		500		581
Moorhead Independent School District #152, Crossover refunded 04/01/2012 @ 100 (FGIC) (MSDCEP)
5.000%, 04/01/2015 z		3,450		3,610
5.000%, 04/01/2016 z		2,510		2,627
Mounds View Independent School District #621, School Building
Series A (MSDCEP)
3.250%, 02/01/2017		625		656
4.000%, 02/01/2021		1,000		1,038
4.000%, 02/01/2022		750		771
Series A, Crossover refunded 02/01/2012 @ 100 (MSDCEP)
5.000%, 02/01/2019 z		2,565		2,686
Series A, Crossover refunded 02/01/2012 @ 100 (MSDCEP) (NATL)
5.000%, 02/01/2018 z		2,340		2,450
New Prague Independent School District #721, School Building Series A (MSDCEP) (SGI)
3.750%, 02/01/2020		525		533
3.875%, 02/01/2022		475		478

56 Nuveen Investments


Minnesota Intermediate Municipal Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Osseo Independent School District #279
Series A (MSDCEP)
4.000%, 02/01/2021	$	1,180	$	1,217
Pequot Lakes Independent School District #186, Crossover refunded 02/01/2012 @ 100 (FGIC) (MSDCEP)
5.125%, 02/01/2018 z		500		521
Perham, Disposal System (AMT)
5.850%, 05/01/2015		1,205		1,214
Puerto Rico Commonwealth (NATL)
6.000%, 07/01/2014		1,605		1,754
Series A
5.500%, 07/01/2018		575		601
5.500%, 07/01/2018		1,000		1,044
Series A (SGI)
5.500%, 07/01/2017		1,000		1,057
Puerto Rico Commonwealth, Government Development Series B
5.000%, 12/01/2014		1,000		1,056
Ramsey County Capital Improvement
Series A
4.000%, 02/01/2018		520		572
Robbinsdale Independent School District #281, Alternative Facility Series B (MSDCEP)
4.500%, 02/01/2021		500		530
Rochester Wastewater
Series A
4.000%, 12/01/2018		1,140		1,234
Sauk Rapids Independent School District #47
Series B, Zero Coupon Bond, Crossover refunded 02/01/2011 @ 89.37 (AGM) (MSDCEP)
1.412%, 02/01/2013 z ¤		1,055		942
Series B, Zero Coupon Bond, Crossover refunded 02/01/2011 @ 94.63 (AGM) (MSDCEP)
1.409%, 02/01/2012 z ¤		1,790		1,692
South Washington County, Independent School District #833
Series A (MSDCEP)
4.000%, 02/01/2022		2,000		2,046
Series B, Crossover refunded 02/01/2012 @ 100 (AGM) (MSDCEP)
5.000%, 02/01/2015 z		1,030		1,079
St. Cloud Library Sales Tax
Series B (AGM)
4.000%, 02/01/2018		1,000		1,066
St. Michael Independent School District #885, Crossover refunded 02/01/2012 @ 100 (AGM) (MSDCEP)
5.000%, 02/01/2014 z		1,190		1,238
5.000%, 02/01/2017 z		1,000		1,041
St. Peter
Series A (AGM)
3.000%, 09/01/2018		550		557
3.150%, 09/01/2019		515		516
3.300%, 09/01/2020		585		584
Wadena Deer Creek Independent School District #2155 (MSDCEP)
4.000%, 02/01/2018		430		463
4.000%, 02/01/2019		410		433
Wright County Jail
Series A (MCCEP)
4.500%, 12/01/2020		640		689
Zumbrota-Mazeppa Independent School District #2805, Alternative Facilities
Series A (MSDCEP)
4.000%, 02/01/2019		200		213

Total General Obligations				56,413

Certificates of Participation – 2.3%
Chaska Independent School District #112
Series B
4.000%, 12/01/2015		545		584
4.000%, 12/01/2016		525		560
4.000%, 12/01/2017		590		623
4.000%, 12/01/2018		415		432
Duluth Independent School District #709
Series B (MSDCEP)
4.000%, 02/01/2019		1,890		2,015
Northeast Metropolitan Intermediate School District #916
4.250%, 01/01/2015		1,000		1,047

Total Certificates of Participation				5,261

Total Municipal Bonds
(Cost $223,005)				228,395

Short-Term Investments – 1.2%
Money Market Fund – 0.8%
Federated Minnesota Municipal Cash Trust
0.060% Ω		1,951,641		1,952

Variable Rate Demand Note v – 0.4%
Cohasset Power & Light Company Project
Series A (LOC: LaSalle Bank)
0.420%, 06/01/2020	$	1,000		1,000

Total Short-Term Investments
(Cost $2,952)				2,952

Total Investments – 99.0%
(Cost $225,957)				231,347

Other Assets and Liabilities, Net – 1.0%				2,305

Total Net Assets – 100.0%			$	233,652


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

◊		Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.

§		Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.

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

¤		Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2010.

Ω		The rate shown is the annualized seven-day effective yield as of December 31, 2010.

v		Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates. The coupon rate shown represents the rate as of December 31, 2010.


AGC –	Assured Guaranty Corporation


AGM –	Assured Guaranty Municipal Corporation


AMBAC –	American Municipal Bond Assurance Corporation


AMT –	Alternative Minimum Tax


APM –	American Public Media

FGIC –	Financial Guaranty Insurance Corporation


IBC –	Insured Bond Certificate


IBCC –	Insured Bond Custodial Certificate

Nuveen Investments 57

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)

Minnesota Intermediate Municipal Bond Fund (concluded)


LOC –	Letter of Credit


MCCEP –	Minnesota County Credit Enhancement Program


MSDCEP –	Minnesota School District Credit Enhancement Program


NATL –	National Public Finance Guarantee Program

RAAI –	Radian Asset Assurance Inc.


SGI –	Syncora Guarantee Inc.


Nuveen Minnesota Municipal Bond Fund
(“Minnesota Municipal Bond Fund”)
(formerly known as First American Minnesota Tax Free Fund)
DESCRIPTION	PAR		FAIR VALUE >


Municipal Bonds – 96.4%
Revenue Bonds – 85.1%
Continuing Care Retirement Communities – 0.8%
Golden Valley Covenant Retirement Communities Series A
5.500%, 12/01/2029	$	1,450	$	1,272

Economic Development – 1.4%
Minnesota Agricultural & Economic Development Board, Minnesota Small Business Program Series A (AMT)
5.550%, 08/01/2016		500		487
Moorhead, American Crystal Sugar Recovery Zone Facility
5.650%, 06/01/2027		1,800		1,748

				2,235

Education – 7.3%
Baytown Lease, St. Croix Preparatory Academy
Series A
7.000%, 08/01/2038		1,500		1,380
Duluth Housing & Redevelopment Authority, Public Schools Academy Series A
5.600%, 11/01/2030		1,750		1,511
Minnesota Higher Education Facilities Authority, Bethel University Series 6-R
5.500%, 05/01/2026		1,725		1,685
5.500%, 05/01/2027		820		797
Minnesota Higher Education Facilities Authority, College of Art & Design Series 6-K
5.000%, 05/01/2026		30		29
Minnesota Higher Education Facilities Authority, Gustavus Adolfus College Series 7-B
5.000%, 10/01/2031		1,000		975
Minnesota Higher Education Facilities Authority, Vermilion Community College Project Series 3-T
6.000%, 01/01/2013		225		228
St. Paul Housing & Redevelopment Authority, Community Peace Academy Project Series A
5.000%, 12/01/2036		2,550		1,931
St. Paul Housing & Redevelopment Authority, St. Paul Academy & Summit School Project
5.000%, 10/01/2024		2,000		2,041
University of Minnesota
Series C
5.000%, 12/01/2020		1,000		1,122

				11,699

Healthcare – 30.5%
Anoka County Housing & Redevelopment Authority, Park River Estates Care Center
Series D
6.750%, 11/01/2036		1,500		1,441
Chippewa County, Montevideo Hospital Project
5.500%, 03/01/2037		1,500		1,408
Cuyuna Range Hospital District
5.500%, 06/01/2035		350		315
Duluth Economic Development Authority, Benedictine Health System-St.Mary’s
Pre-refunded 02/15/2014 @ 100

5.250%, 02/15/2028 ◊		1,065		1,196

See accompanying notes to financial statements.

58 Nuveen Investments


Minnesota Municipal Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Glencoe Health Care Facilities, Regional Health Services Project
5.000%, 04/01/2031	$	2,000	$	1,754
Hawaii Pacific Health Series B
5.750%, 07/01/2040		2,500		2,387
Maple Grove Health Care System, Maple Grove Hospital
4.500%, 05/01/2023		1,500		1,400
5.250%, 05/01/2025		1,000		970
Marshall Medical Center, Weiner Memorial Medical Center Project Series A,
Pre-refunded 11/01/2013 @ 100
5.250%, 11/01/2016 ◊		305		336
5.850%, 11/01/2023 ◊		875		977
Meeker County Hospital Facilities, Memorial Hospital Project
5.750%, 11/01/2027		1,000		966
Minneapolis & St. Paul Housing & Redevelopment Authority, Minnesota Children’s Hospitals & Clinics Series A
5.250%, 08/15/2035		2,275		2,184
Minneapolis Health Care System, Fairview Health Services Series A
6.625%, 11/15/2028		3,000		3,231
Minneapolis National Marrow Donor Program
4.875%, 08/01/2025		2,000		1,868
Minnesota Agricultural & Economic Development Board, Essentia Health Obligated Group Series C-1 (AGC)
5.000%, 02/15/2030		1,000		968
Minnesota Agricultural & Economic Development Board, Health Care System, Fairview Health Services Series A
6.375%, 11/15/2029		125		126
Monticello-Big Lake Community Hospital District, Health Care Facilities Series C
6.200%, 12/01/2022		1,000		928
New Hope Housing & Health Care Facilities, Masonic Home North Ridge
5.750%, 03/01/2015		1,600		1,590
Redwood Falls Hospital Facilities, Redwood Area Hospital Project
5.125%, 12/01/2036		2,000		1,805
Rochester Health Care & Housing, Samaritan Bethany Series A
7.375%, 12/01/2041		1,100		1,115
Rochester Health Care Facilities, Olmsted Medical Center Project
5.875%, 07/01/2030		1,700		1,609
Shakopee Health Care Facilities, St. Francis Regional Medical Center
5.250%, 09/01/2034		2,000		1,809
St. Cloud Health Care, CentraCare Health System Project Series A
5.125%, 05/01/2030		1,000		978
St. Louis Park Health Care Facilities, Park Nicollet Health Services
5.750%, 07/01/2039		2,000		1,954
Series B, Pre-refunded 07/01/2014 @ 100
5.500%, 07/01/2025 ◊		2,000		2,268
Series C
5.750%, 07/01/2030		1,000		1,001
St. Paul Housing & Redevelopment Authority, Allina Health System Series A-1
5.250%, 11/15/2029		3,050		3,003
St. Paul Housing & Redevelopment Authority, Episcopal Nursing Home
5.630%, 10/01/2033		2,213		1,902
St. Paul Housing & Redevelopment Authority, Gillette Children’s Specialty Healthcare
5.000%, 02/01/2029		2,060		1,925
St. Paul Housing & Redevelopment Authority, Health Partners Obligated Group Project
5.250%, 05/15/2026		2,000		1,852
St. Paul Housing & Redevelopment Authority, HealthEast Project
6.000%, 11/15/2030		800		720
St. Paul Housing & Redevelopment Authority, Regions Hospital Project
5.250%, 05/15/2018		500		500
St. Paul Port Authority, HealthEast Midway Campus
Series A
5.875%, 05/01/2030		900		819
Series B
6.000%, 05/01/2030		1,800		1,663

				48,968

Housing – 10.0%
Cottage Grove Senior Housing, PHS/Cottage Grove Inc. Project Series A
5.000%, 12/01/2031		850		694
Dakota County Community Development Agency, Multifamily Housing, Ebenezer Ridges Project (GNMA)
5.900%, 04/20/2042		1,990		2,012
Maplewood Multifamily Housing, Carefree Cottages ll Mandatory Put 04/15/2019 @ 100 (AMT) (FNMA)
4.800%, 04/15/2034		2,000		2,020
Minneapolis & St. Paul Housing Financing Board, Single Family Mortgage
Series A4 (AMT) (FHLMC) (FNMA) (GNMA)
5.000%, 11/01/2038		712		653
Minneapolis Housing, Keeler Apartments Project
Series A
5.000%, 10/01/2037		1,350		1,076
Minneapolis Multifamily Housing, Vantage Flats Project (AMT) (GNMA)
5.200%, 10/20/2048		865		804
Minnesota Housing Finance Agency, Residential Housing
Series B (AMT)
5.650%, 07/01/2033		465		465
Series D (AMT)
4.700%, 07/01/2027		3,465		3,269
Series F (AMT)
5.400%, 07/01/2030		1,895		1,879
Moorhead Senior Housing, Sheyenne Crossing Project
5.650%, 04/01/2041		1,620		1,327
St. Paul Housing & Redevelopment Authority, Rossy & Richard Shaller Series A
5.250%, 10/01/2042		1,100		844
White Bear Lake, Multifamily Housing, Lake Square Series A (FHA)
6.000%, 08/01/2020		1,020		1,021

				16,064

Lease Revenue – 3.0%
Lakeville Housing & Redevelopment Authority, Ice Arena Project
4.625%, 02/01/2032		585		544

Nuveen Investments 59

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Minnesota Municipal Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Pine County Housing & Redevelopment Authority, Public Project Series A
5.000%, 02/01/2028	$	1,000	$	944
5.000%, 02/01/2031		1,890		1,731
St. Paul Housing & Redevelopment Authority, Jimmy Lee Recreation Center
4.750%, 12/01/2026		500		502
St. Paul Port Authority, Regions Hospital Parking Ramp Project Series 1
5.000%, 08/01/2036		1,375		1,132

				4,853

Miscellaneous – 2.5%
Little Canada Commercial Development, RLF Minnesota Project
7.100%, 04/01/2013		500		502
Seaway Port Authority of Duluth, Cargill Incorporated Project
4.200%, 05/01/2013		1,130		1,161
St. Paul Housing & Redevelopment Authority, Parking Facilities Project Series A
5.000%, 08/01/2030		1,070		1,028
5.000%, 08/01/2035		1,500		1,390

				4,081

Recreational Facility Authority – 1.1%
Moorhead Golf Course Series B
5.875%, 12/01/2021		1,885		1,784

Revolving Funds – 2.2%
Minnesota Public Facilities Authority Series A
5.000%, 03/01/2021		3,000		3,453

Tax Revenue – 0.2%
Minneapolis St. Anthony Falls Project
5.650%, 02/01/2027		400		341

Transportation – 8.1%
Minneapolis & St. Paul Metropolitan Airports Commission
Series A (AMBAC)
5.000%, 01/01/2019		3,250		3,516
5.000%, 01/01/2020		5,000		5,330
Series B (AMT)
5.000%, 01/01/2020		4,000		4,185

				13,031

Utilities – 18.0%
Chaska Electric Series A
6.100%, 10/01/2030		45		45
Minnesota Municipal Power Agency
Series A
5.000%, 10/01/2030		5,000		4,770
Northern Municipal Power Agency, Minnesota Electric Systems
Series A (AGC)
5.000%, 01/01/2018		1,985		2,188
Series A (AMBAC)
5.000%, 01/01/2026		2,000		2,002
Puerto Rico Electric Power Authority
Series SS (NATL)
5.000%, 07/01/2024		2,000		1,983
Southern Minnesota Municipal Power Agency
Series A, Zero Coupon Bond (NATL)
3.770%, 01/01/2019 ¤		2,000		1,483
4.210%, 01/01/2021 ¤		1,765		1,164
4.530%, 01/01/2023 ¤		3,000		1,753
4.700%, 01/01/2024 ¤		11,000		6,013
4.850%, 01/01/2025 ¤		4,770		2,439
4.970%, 01/01/2026 ¤		6,100		2,921
5.060%, 01/01/2027 ¤		2,400		1,079
Western Minnesota Municipal Power Agency Escrowed to Maturity (NATL)
9.750%, 01/01/2016§		410		541
Series A (AMBAC)
5.500%, 01/01/2015		550		550
				28,931

Total Revenue Bonds				136,712

General Obligations – 10.0%
Burnsville Independent School District #191, Alternative Facilities Series A (MSDCEP)
4.500%, 02/01/2022		1,430		1,495
Dakota County Community Development Agency
Series A
5.000%, 01/01/2020		1,000		1,140
Minnesota
Series A
5.000%, 06/01/2018		3,400		3,968
Series H
5.000%, 11/01/2028		5,000		5,277
5.000%, 11/01/2029		2,510		2,634
Perham, Disposal System (AMT)
6.000%, 05/01/2022		1,500		1,502

Total General Obligations				16,016

Certificate of Participation – 1.3%
Duluth Independent School District #709
Series B (MSDCEP)
4.000%, 02/01/2019		2,000		2,133

Total Municipal Bonds
(Cost $156,697)				154,861

Short-Term Investments – 2.6%
Money Market Fund – 2.5%
Federated Minnesota Municipal Cash Trust
0.060% Ω		3,976,429		3,976

Variable Rate Demand Note v – 0.1%
Brown County, Martin Luther College Project
0.430%, 09/01/2024	$	200		200

Total Short-Term Investments
(Cost $4,176)				4,176

Total Investments – 99.0%
(Cost $160,873)				159,037

Other Assets and Liabilities, Net – 1.0%				1,588

Total Net Assets – 100.0%			$	160,625


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

◊		Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.

¤		Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2010.

§		Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.

Ω		The rate shown is the annualized seven-day effective yield as of December 31, 2010.

v		Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates. The coupon rate shown represents the rate as of December 31, 2010.


AGC –	Assured Guaranty Corporation

60 Nuveen Investments

Minnesota Municipal Bond Fund (concluded)


AMBAC –	American Municipal Bond Assurance Corporation


AMT –	Alternative Minimum Tax


FHA –	Federal Housing Administration


FHLMC –	Federal Home Loan Mortgage Association


FNMA –	Federal National Mortgage Association


GNMA –	Government National Mortgage Association


MSDCEP –	Minnesota School District Credit Enhancement Program


NATL –	National Public Finance Guarantee Program


Nuveen Missouri Tax Free Fund (“Missouri Tax Free Fund”)
(formerly known as First American Missouri Tax Free Fund)
DESCRIPTION	PAR		FAIR VALUE >


Municipal Bonds – 97.3%
Revenue Bonds – 82.2%
Continuing Care Retirement Communities – 5.1%
Cole County Industrial Development Authority, Lutheran Services Heisinger Project
5.250%, 02/01/2024	$	2,000	$	1,932
Illinois Finance Authority, Franciscan Communities Series A
5.500%, 05/15/2027		500		417
Kirkwood Industrial Development Authority, Aberdeen Series C-2
7.000%, 11/15/2015		1,500		1,503
Lee’s Summit Industrial Development Authority, Senior Living Facilities, John Knox Village Group Series A
5.000%, 08/15/2014		1,035		1,066
Missouri Health & Educational Facilities Authority, Senior Living Facilities, Lutheran Senior Series A
5.375%, 02/01/2035		1,500		1,358
St. Louis County Industrial Development Authority, Friendship Village West
Series A
5.500%, 09/01/2028		2,000		1,793

				8,069

Education – 4.0%
Curators University System Facilities
Series A
5.000%, 11/01/2033		1,000		1,006
Lincoln University Auxiliary System (AGC)
5.125%, 06/01/2037		1,000		951
Missouri Development Finance Board, Midwest Research Institute Project
5.000%, 11/01/2017		1,185		1,235
Missouri Health & Educational Facilities Authority, Washington University
Series A
5.375%, 03/15/2039		3,000		3,130

				6,322

Healthcare – 24.6%
Boone County Hospital
5.050%, 08/01/2020		1,115		1,121
5.625%, 08/01/2038		2,000		1,941
Cape Girardeau County Industrial Development Authority, Health Care Facilities, Saint Francis Medical Center Series A
5.125%, 06/01/2023		250		253
5.125%, 06/01/2024		200		200
5.500%, 06/01/2029		500		489
5.750%, 06/01/2039		2,000		2,001
Cape Girardeau County Industrial Development Authority, Health Care Facilities, Southeast Missouri Hospital
5.625%, 06/01/2022		245		246
Pre-refunded 06/01/2012 @ 100
5.625%, 06/01/2022 ◊		1,255		1,339
Cass County Hospital
5.500%, 05/01/2027		2,000		1,766
Clinton County Industrial Development Authority, Health Facilities, Cameron Regional Medical Center
5.000%, 12/01/2037		1,000		674

See accompanying notes to financial statements.

Nuveen Investments 61

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Missouri Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Colorado Health Facilities Authority, Sisters of Charity of Leavenworth Series B
5.250%, 01/01/2025	$	1,495	$	1,522
Grundy County Industrial Development Authority Health Facilities, Wright Memorial Hospital
5.650%, 09/01/2022		1,120		1,083
5.750%, 09/01/2023		1,000		963
Hannibal Industrial Development Authority Health Facilities
4.300%, 03/01/2013		1,345		1,372
5.375%, 09/01/2019		850		865
5.000%, 03/01/2022		1,000		962
Indiana Finance Authority Health Systems, Sisters of St. Francis Health
5.250%, 11/01/2024		1,000		1,024
Joplin Industrial Development Authority Health Facilities, Freeman Health System Project
5.500%, 02/15/2024		2,000		1,940
Missouri Health & Educational Facilities Authority, BJC Health System
Series A, Escrowed to Maturity
6.750%, 05/15/2012 §		2,310		2,497
Missouri Health & Educational Facilities Authority, Children’s Mercy Hospital
5.625%, 05/15/2039		2,500		2,491
Missouri Health & Educational Facilities Authority, Jefferson Memorial Hospital (RAAI)
5.000%, 08/15/2019		2,300		2,270
Missouri Health & Educational Facilities Authority, Lake Regional Health System Project
5.000%, 02/15/2012		515		531
Missouri Health & Educational Facilities Authority, Saint Luke’s Health System
Series 2003-B (AGM)
5.500%, 11/15/2032		2,000		2,047
Series A
5.250%, 11/15/2025		485		496
5.000%, 11/15/2030		500		483
Missouri Health & Educational Facilities Authority, Senior Living Facilities, Lutheran Senior
5.500%, 02/01/2042		1,250		1,130
Missouri Health & Educational Facilities Authority, SSM Health Care
Series A
5.000%, 06/01/2036		2,000		1,872
Series B

5.000%, 06/01/2030		1,500		1,440
Saline County Industrial Development Authority, Health Facilities, John Fitzgibbon Memorial Hospital
5.600%, 12/01/2028		1,000		906
5.625%, 12/01/2035		1,000		777
St. Louis County Industrial Development Authority, Health Facilities, Ranken-Jordan Project
4.250%, 11/15/2014		125		119
5.000%, 11/15/2027		670		553
5.000%, 11/15/2035		1,300		998
Series A, Pre-refunded 11/15/2013 @ 100
6.625%, 11/15/2035 ◊		500		576

				38,947

Housing – 2.4%
Kansas City Industrial Development Authority, Multifamily Housing, Grand Boulevard
Series A (GNMA)
5.300%, 11/20/2049		1,290		1,255
Missouri Housing Development Commission, Homeownership Loan Program
Series A1 (AMT) (FHLMC) (FNMA) (GNMA)
5.300%, 03/01/2039		400		383
Series B (AMT) (FNMA) (GNMA)
4.800%, 09/01/2031		590		550
Series C1 (AMT) (FNMA) (GNMA)
5.000%, 09/01/2037		285		264
Riverside Industrial Development Authority, Riverside Horizons Project
Series A (ACA)
5.000%, 05/01/2027		1,400		1,297

				3,749

Lease Revenue – 16.0%
Cape Girardeau County, Jackson School District #R-2 (NATL)
5.250%, 03/01/2026		1,000		1,021
Clay County Public Building Authority
Series A (AGM)
5.125%, 05/15/2014		1,720		1,726
Kansas City Industrial Development Authority, National Security Campus
4.000%, 09/01/2013		1,250		1,263
4.000%, 09/01/2014		1,115		1,116
Kansas City Municipal Assistance, Capital Appreciation Leasehold
Series B-1, Zero Coupon Bond (AMBAC)
6.000%, 04/15/2027 ¤		2,000		763
Kansas City Special Facilities, MCI Overhaul Base Project
Series G, Pre-refunded 09/01/2015 @ 100 (AMT)
4.750%, 09/01/2028 ◊		4,000		4,410
Missouri Board of Public Buildings, Special Obligation Series A
5.000%, 10/15/2027		1,000		1,000
Missouri Board of Public Buildings, State Office Building Special Obligation Series A
5.125%, 05/01/2026		5,000		5,046
Series A, (NATL)
5.000%, 05/01/2024		3,000		3,033
Missouri Development Finance Board, Infrastructure Facilities, Branson Series A
5.000%, 12/01/2017		1,000		1,022
5.375%, 12/01/2022		750		758
Missouri Development Finance Board, Infrastructure Facilities, Independence Water System Improvement Series C
5.750%, 11/01/2029		500		506
Platte County School District #R-3 (MDDP)
5.000%, 03/01/2028		200		201
Springfield Public Building, Capital Improvement Program (AMBAC)
5.000%, 03/01/2024		2,000		2,072
St. Louis Municipal Finance Leasehold, Convention Center Capital Improvement
Series A, Zero Coupon Bond (AGC)
6.230%, 07/15/2026 ¤		1,000		386
6.320%, 07/15/2027 ¤		1,000		357
6.400%, 07/15/2028 ¤		1,000		331
6.570%, 07/15/2029 ¤		1,000		302

				25,313

62 Nuveen Investments


Missouri Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Miscellaneous – 2.2%
Kennett Industrial Development Authority, Manac Trailers USA Inc Project (LOC: Regions Bank) (AMT)
4.250%, 03/01/2022	$	1,500	$	1,190
4.250%, 03/01/2024		500		376
Missouri Development Finance Board, Infrastructure Facilities, Eastland Center Project
Series A
4.250%, 04/01/2015		1,010		1,060
Sugar Creek Industrial Development, Lafarge North America Series A (AMT)
5.650%, 06/01/2037		1,000		871

				3,497

Revolving Funds – 1.3%
Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control
Series A
5.750%, 01/01/2029		1,000		1,102
Series B
5.250%, 01/01/2015		110		110
Series C
4.750%, 07/01/2023		410		431
5.000%, 07/01/2023		470		478

				2,121

Tax Revenue – 10.5%
Columbia Special Obligation, Electric Utility Improvement Series A
5.000%, 10/01/2021		400		432
5.000%, 10/01/2023		445		473
5.125%, 10/01/2030		500		511
Fenton Tax Increment, Gravois Bluffs Redevelopment Project
5.000%, 04/01/2014		1,000		1,053
Harrisonville Towne Center Project
4.375%, 11/01/2017		340		346
4.500%, 11/01/2022		715		697
Howard Bend Levee District (SGI)
5.500%, 03/01/2026		1,745		1,713
Jackson County Special Obligation, Harry S. Truman Sports Complex (AMBAC)
5.000%, 12/01/2028		3,000		2,955
Kansas City Tax Increment Financing Commission, Maincor Project
Series A
5.250%, 03/01/2018		500		473
Missouri Development Finance Board, Independence Centerpoint Project
Series E
5.125%, 04/01/2025		1,000		968
Missouri Development Finance Board, Independence Crackerneck Creek Project
Series B
5.000%, 03/01/2025		1,000		956
Monarch-Chesterfield Levee District
3.000%, 03/01/2018		2,000		1,921
Osage Beach Tax Increment, Prewitt’s Point Project
5.000%, 05/01/2023		1,455		1,164
Puerto Rico Sales Tax Financing Corporation
Series C
5.250%, 08/01/2041		1,000		941
Raytown Live Redevelopment Plan, Project #1
5.125%, 12/01/2031		1,000		920
Riverside Tax Increment, L-385 Levee Project
5.250%, 05/01/2020		1,000		1,012

				16,535

Transportation – 2.6%
Missouri Highways & Transportation Commission
Series A, Pre-refunded 02/01/2011 @ 100
5.250%, 02/01/2020 ◊		1,000		1,004
Puerto Rico Commonwealth Highway & Transportation Authority Series K
5.000%, 07/01/2017		1,000		1,022
St. Louis, Lambert-St. Louis International Airport Series A-1
6.125%, 07/01/2024		2,000		2,074

				4,100

Utilities – 13.5%
Carroll County Public Water Supply, District #I
6.000%, 03/01/2039		500		512
Jefferson County Public Water Supply, District #C-1
4.000%, 12/01/2021		250		251
4.125%, 12/01/2024		745		730
4.250%, 12/01/2025		500		490
Kansas City Sanitary Sewer System Series A
5.250%, 01/01/2034		2,000		2,016
Kansas City Water Series A
5.250%, 12/01/2032		500		510
Metropolitan St. Louis Sewer District, Wastewater System Series A
5.750%, 05/01/2038		500		529
Missouri Development Finance Board, Independence Water System Improvements (AMBAC)
5.000%, 11/01/2024		1,000		991
Missouri Environmental Improvement & Energy Resources Authority, Tri-County Water Authority Project
4.000%, 04/01/2018		140		150
4.000%, 04/01/2022		2,105		2,146
Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control
Series C, Pre-refunded 07/01/2011 @ 100
5.000%, 07/01/2023 ◊		4,685		4,794
Missouri Joint Municipal Electric Utility Commission, Power Project, Iatan 2 Project
Series A
6.000%, 01/01/2039		2,000		2,061
Series A, (AMBAC)
5.000%, 01/01/2028		1,000		967
Missouri Joint Municipal Electric Utility Commission, Power Project, Plum Point Project (NATL)
5.000%, 01/01/2016		1,500		1,601
North Central Regional Water Commission, Waterworks Systems
5.000%, 01/01/2037		2,070		1,701
Puerto Rico Electric Power Authority Series WW
5.250%, 07/01/2025		1,000		1,000
St. Joseph Industrial Development Authority, Sewer System Improvements Project
4.750%, 04/01/2020		500		504
4.750%, 04/01/2021		390		390

				21,343

Total Revenue Bonds				129,996

Nuveen Investments 63

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Missouri Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


General Obligations – 7.1%
Belton
5.000%, 03/01/2027	$	1,520	$	1,587
Blue Springs Neighborhood Improvement, South Area Improvement Project
5.000%, 02/15/2029		850		857
Jackson County School District #4, Blue Springs
Series A
4.750%, 03/01/2026		2,000		2,023
Jackson County School District #7, Lee’s Summit
4.750%, 03/01/2027		1,000		1,016
Jefferson City School District
Series A, , Escrowed to Maturity
6.700%, 03/01/2011 §		275		278
Platte County School District #R-3 (NATL)
5.000%, 03/01/2024		685		706
Puerto Rico Commonwealth, Public Improvement Series A
5.250%, 07/01/2026		1,000		971
Richmond Heights, Manhasset Village Neighborhood
4.500%, 04/01/2026		690		655
St. Charles County, Francis Howell School District (MDDP)
5.000%, 03/01/2027		1,000		1,040
Wentzville School District #R-04, Refunding & Improvement Series A, Zero Coupon Bond (MDDP)
5.380%, 03/01/2026 ¤		5,000		2,143

Total General Obligations				11,276

Certificates of Participation – 8.0%
Belton Refunding & Improvement (NATL)
5.250%, 03/01/2029		355		345
4.375%, 03/01/2019		500		500
4.500%, 03/01/2022		250		238
Cass County
4.000%, 05/01/2022		2,790		2,612
Cottleville
5.125%, 08/01/2026		200		177
5.250%, 08/01/2031		1,700		1,428
Hazelwood School District, Energy Improvements Project
4.500%, 03/01/2017		515		550
4.500%, 03/01/2018		445		469
Kansas City Metropolitan Junior College District
4.500%, 07/01/2021		1,025		1,068
Lincoln County Public Water Supply, District #1
6.750%, 06/15/2035		1,500		1,540
Missouri School Boards Association, Liberty Public School District #53 (AGM)
5.250%, 03/01/2025		1,015		1,058
Taney County Public Water Supply, District #3
4.500%, 07/01/2025		590		562
Texas County Justice Center Project (AGC)
4.500%, 12/01/2025		1,595		1,561
Union Series A
5.200%, 07/01/2023		520		508

Total Certificates of Participation				12,616

Total Municipal Bonds
(Cost $156,388)				153,888

Short-Term Investment – 1.5%
Money Market Fund – 1.5%
First American Tax Free Obligations Fund, Class Z
0.086% Å Ω
(Cost $2,304)		2,304,491	$	2,304

Total Investments – 98.8%
(Cost $158,692)				156,192

Other Assets and Liabilities, Net – 1.2%				1,962

Total Net Assets – 100.0%			$	158,154


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

◊		Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.

§		Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.

¤		Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2010.

Å		Investment in affiliated security.

Ω		The rate shown is the annualized seven-day effective yield as of December 31, 2010.


ACA –	ACA Financial Guaranty Corporation

AGC –	Assured Guaranty Corporation


AGM –	Assured Guaranty Municipal Corporation


AMBAC –	American Municipal Bond Assurance Corporation


AMT –	Alternative Minimum Tax


FHLMC –	Federal Home Loan Mortgage Corporation


FNMA –	Federal National Mortgage Association


GNMA –	Government National Mortgage Association


LOC –	Letter of Credit


MDDP –	Missouri Direct Deposit Program


NATL –	National Public Finance Guarantee Corporation

RAAI –	Radian Asset Assurance Inc.


SGI –	Syncora Guarantee Inc.

See accompanying notes to financial statements.

64 Nuveen Investments

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Nuveen Nebraska Municipal Bond Fund
(“Nebraska Municipal Bond Fund”)
(formerly known as First American Nebraska Tax Free Fund)
DESCRIPTION	PAR		FAIR VALUE >


Municipal Bonds – 96.2%
Revenue Bonds – 71.2%
Continuing Care Retirement Communities – 4.9%
Colorado Health Facilities Authority, Christian Living Communities Project Series A
5.750%, 01/01/2026	$	100	$	92
Illinois Finance Authority, Franciscan Communities Series A
5.500%, 05/15/2037		275		213
Illinois Finance Authority, Three Crowns Park Plaza Series A
5.875%, 02/15/2026		200		188
Lancaster County Hospital Authority #1, Immanuel Obligation Group
5.625%, 01/01/2040		1,000		962
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
5.000%, 09/01/2025		600		568

				2,023

Education – 19.9%
Colorado Educational & Cultural Facilities Authority, Charter School
5.625%, 05/01/2040		990		920
Douglas County Educational Facilities, Creighton University Series A
5.500%, 07/01/2030		1,000		963
Missouri Health & Educational Facilities Authority, Washington University
Series A
5.375%, 03/15/2039		500		522
Nebraska Educational Finance Authority (RAAI)
5.000%, 04/01/2017		605		609
Nebraska Educational Finance Authority, Concordia University Project
5.000%, 10/01/2037		500		388
Nebraska Utility Corporation, University of Nebraska, Lincoln Project Pre-refunded 01/01/2012 @ 100
5.250%, 01/01/2015 ◊		1,045		1,094
University of Nebraska Facilities Corporation, Medical Center Research Project
5.000%, 02/15/2015		500		521
University of Nebraska, Lincoln Memorial Stadium Series A
5.000%, 11/01/2015		500		545
University of Nebraska, Lincoln Student Fees
5.000%, 07/01/2022		750		787
University of Nebraska, Omaha Health & Recreation Project
5.000%, 05/15/2033		1,000		997
University of Nebraska, Omaha Student Facilities Project
5.000%, 05/15/2032		350		350
University of Nebraska, Omaha Student Housing Project
5.000%, 05/15/2023		500		525

				8,221

Healthcare – 15.4%
Colorado Health Facilities Authority, Evangelical Lutheran Series B, Mandatory Put 12/01/2014 @ 100
5.000%, 06/01/2039		250		261
Douglas County Hospital Authority #2, Boy’s Town Project
4.750%, 09/01/2028		1,000		976
Douglas County Hospital Authority #2, Children’s Hospital
6.000%, 08/15/2028		1,000		1,029
Douglas County Hospital Authority #3, Methodist Health
5.500%, 11/01/2038		1,000		931
Halifax, Florida Hospital Medical Center
Series A
5.000%, 06/01/2038		600		515
Indiana Health & Educational Facility Financing Authority, Schneck Memorial Hospital Project
Series A
5.250%, 02/15/2030		600		542
Lancaster County Hospital Authority #1, BryanLGH Medical Center Project
Series A, Pre-refunded 06/01/2011 @ 100 (AMBAC)
5.000%, 06/01/2019 ◊		500		510
Madison County Hospital Authority #1, Faith Regional Health Services Project Pre-refunded 01/01/2012 @ 100 (RAAI)
5.500%, 07/01/2021 ◊		500		523
Nebraska Investment Finance Authority, Great Plains Regional Medical Center Project (RAAI)
5.200%, 11/15/2016		250		256
5.300%, 11/15/2017		805		822

				6,365

Housing – 1.3%
Omaha Housing Authority, Multifamily Housing, Timbercreek Apartments (GNMA)
5.150%, 11/20/2022		535		537

Miscellaneous – 2.1%
Forsyth, Montana, Pollution Control, Northwestern Corporation (AMBAC)
4.650%, 08/01/2023		585		581
Washington County Wastewater Facilities, Cargill Incorporated Project (AMT)
5.900%, 11/01/2027		300		304

				885

Recreational Facility Authority – 1.6%
Douglas County Zoo Facility, Omaha’s Henry Doorly Zoo Project
4.750%, 09/01/2024		665		662

Revolving Funds – 1.4%
Nebraska Investment Finance Authority, Drinking Water Series A
5.150%, 01/01/2016		580		589

Tax Revenue – 2.8%
Omaha Special Tax
5.250%, 10/15/2028		650		671
Series A
5.125%, 02/01/2032		500		501

				1,172

Utilities – 21.8%
Arkansas River Power Authority, Colorado
6.125%, 10/01/2040		1,000		987
Central Plains Energy Project, Nebraska Gas Project #1 Series A
5.250%, 12/01/2021		750		734
Grand Island Electric System (NATL)
5.125%, 08/15/2016		750		765
Hastings Electric System (AGM)
5.000%, 01/01/2015		250		253

Nuveen Investments 65

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Nebraska Municipal Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Lincoln Electric System
5.000%, 09/01/2026	$	250	$	253
Municipal Energy Agency of Nebraska, Power Supply System Series A (BHAC)
5.375%, 04/01/2039		150		153
Nebraska Public Power District Series B
5.000%, 01/01/2033		500		489
Omaha Public Power District, Electric System
Series A
5.500%, 02/01/2033		1,000		1,041
5.500%, 02/01/2035		1,200		1,246
Puerto Rico Commonwealth, Aqueduct & Sewer Authority Series A (AGC)
5.000%, 07/01/2025		500		505
Puerto Rico Electric Power Authority
Series WW
5.250%, 07/01/2025		1,000		1,000
Southern Nebraska Public Power District, Electric System
5.250%, 12/15/2028		1,500		1,566

				8,992

Total Revenue Bonds				29,446

General Obligations – 25.0%
Brown County
4.350%, 06/15/2026		200		198
4.700%, 12/15/2026		400		400
Buffalo County (AGC)
6.000%, 12/15/2028		195		205
Douglas County School District #10, Elkhorn Public Schools
6.000%, 06/15/2028		500		518
Douglas County School District #17, Millard Public Schools
4.000%, 06/15/2017		1,000		1,053
Douglas County School District #54, Ralston Public Schools Pre-refunded 08/15/2011 @ 100 (AGM)
5.000%, 12/15/2016 ◊		845		870
La Vista
4.800%, 12/15/2026		345		345
Lancaster County School District #1, Lincoln Public Schools
5.000%, 01/15/2015		1,500		1,704
Pre-refunded 01/15/2011 @ 100
5.250%, 07/15/2019 ◊		220		220
Lincoln-Lancaster County Public Building Commission, Tax Supported Lease Rental
4.500%, 10/15/2026		750		734
Madison County School District #2, Norfolk Public Schools (NATL)
5.000%, 12/15/2025		1,000		1,025
Omaha
5.750%, 10/15/2028		450		496
Omaha-Douglas Public Building Commission Pre-refunded 05/01/2011 @ 100
4.900%, 05/01/2016 ◊		500		507
5.100%, 05/01/2020 ◊		300		305
Puerto Rico Commonwealth
Series C-7 (NATL)
6.000%, 07/01/2027		250		257
Puerto Rico Commonwealth, Public Improvement Series A
5.250%, 07/01/2026		375		364
Saunders County (AGM)
5.000%, 11/01/2030		650		650
Scotts Bluff County
4.550%, 01/15/2026		500		501

Total General Obligations				10,352

Total Municipal Bonds
(Cost $39,417)				39,798

Short-Term Investments – 1.0%
Money Market Fund – 1.0%
First American Tax Free Obligations Fund, Class Z
0.086% Å Ω
Total Short-Term Investment
(Cost $403)		403,251		403

Total Investments – 97.2%
(Cost $39,820)				40,201

Other Assets and Liabilities, Net – 2.8%				1,149

Total Net Assets – 100.0%			$	41,350


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

◊		Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.

Å		Investment in affiliated security.

Ω		The rate shown is the annualized seven-day effective yield as of December 31, 2010.


AGC –	Assured Guaranty Corporation


AGM –	Assured Guaranty Municipal Corporation


AMBAC –	American Municipal Bond Assurance Corporation


AMT –	Alternative Minimum Tax


BHAC –	Berkshire Hathaway Assurance Corporation


GNMA –	Government National Mortgage Association


NATL –	National Public Finance Guarantee Corporation

RAAI –	Radian Asset Assurance, Inc.

See accompanying notes to financial statements.

66 Nuveen Investments

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Nuveen Ohio Tax Free Fund (“Ohio Tax Free Fund”)
(formerly known as First American Ohio Tax Free Fund)
DESCRIPTION	PAR		FAIR VALUE >


<R>
Municipal Bonds – 97.0%
Revenue Bonds – 66.9%
Continuing Care Retirement Communities – 1.7%
Franklin County Health Care Facilities, Refunding & Improvement, Ohio Presbyterian
Series A
5.000%, 07/01/2026	$	800	$	704
Hamilton County Health Care, Life Enriching Communities Project Series A
5.000%, 01/01/2027		400		349

				1,053

Education – 18.2%
Bowling Green Student Housing, State University Project
5.750%, 06/01/2031		500		457
Cincinnati Port Development Authority, Economic Development Authority, Sisters of Mercy
5.000%, 10/01/2025		250		227
Ohio Higher Educational Facilities, Baldwin-Wallace College Project
5.000%, 12/01/2013		750		810
Ohio Higher Educational Facilities, College of Wooster Project
5.000%, 09/01/2020		400		417
Ohio Higher Educational Facilities, John Carroll University Project
5.000%, 04/01/2019		1,000		1,043
Ohio Higher Educational Facilities, Kenyon College Project
5.250%, 07/01/2044		1,140		1,114
Ohio Higher Educational Facilities, Mount Union College Project
5.000%, 10/01/2031		1,000		959
Ohio Higher Educational Facilities, Ohio Northern University Project
5.000%, 05/01/2026		1,000		993
Ohio Higher Educational Facilities, Otterbein College Project Series A
5.500%, 12/01/2028		500		511
Ohio Higher Educational Facilities, University of Dayton Project
5.375%, 12/01/2029		645		653
Ohio Higher Educational Facilities, Wittenburg University 2005 Project
5.000%, 12/01/2024		505		455
Ohio Higher Educational Facilities, Xavier University Project
5.000%, 05/01/2040		1,500		1,402
Pre-refunded 05/01/2013 @ 100 (FGIC)
5.250%, 05/01/2016 ◊		1,000		1,094
University of Cincinnati
Series A, Pre-refunded 06/01/2011 @ 101 (FGIC) (NATL)
5.500%, 06/01/2014 ◊		1,000		1,031

				11,166

Healthcare – 16.6%
Allen County Hospital Facilities, Catholic Healthcare Series A
5.000%, 06/01/2038		250		235
Series B
4.125%, 09/01/2020		500		493
Butler County Hospital Facilities, UC Health
5.500%, 11/01/2022		750		756
Ohio Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Fairfield County Hospital Facilities, Fairfield Medical Center Project (RAAI)
5.000%, 06/15/2022		345		332
Franklin County Health Care Facilities, Ohio Presbyterian Services Series A
5.625%, 07/01/2026		500		479
Franklin County Hospital Improvement, Nationwide Children’s Hospital Project
5.000%, 11/01/2034		750		714
Series A
4.750%, 11/01/2023		365		357
Franklin County, Trinity Health Series C
4.500%, 12/01/2037		500		427
Lake County Hospital Facilities, Lake Hospital System Series C
5.625%, 08/15/2029		750		739
Lorain County Hospital, Catholic Healthcare
5.500%, 10/01/2017		350		372
Lucas County Hospital, Promedica Healthcare
Series D
5.000%, 11/15/2038		400		381
Miami County Hospital Facilities, Refunding & Improvement, Upper Valley Medical Center
5.250%, 05/15/2026		1,000		962
Montgomery County, Catholic Health Initiatives
Series A
5.000%, 05/01/2039		750		733
Series D
6.250%, 10/01/2033		100		107
Montgomery County, Healthcare & Multi-Family Housing Revenue, St. Leonard
6.625%, 04/01/2040		500		465
Ohio Higher Educational Facilities, University Hospitals Health System Series 2009A
6.750%, 01/15/2039		500		519
Richland County Hospital Facilities, Medcentral Health System Obligated Group
5.250%, 11/15/2036		535		485
Rochester Health Care Facilities, Mayo Clinic
Series D
5.000%, 11/15/2038		350		346
Ross County Hospital, Adena Health Systems
5.500%, 12/01/2028		500		492
Scioto County Hospital Revenue, Southern Ohio Medical Center
5.750%, 02/15/2038		800		785

				10,179

Housing – 5.1%
Ohio Housing Finance Agency, Residential Mortgage Backed Securities
Series C (FHLMC) (FNMA) (GNMA)
5.200%, 09/01/2029		970		962
Series E (AMT) (FNMA) (GNMA)
4.850%, 09/01/2026		500		486
Series F (FHLMC) (FNMA) (GNMA)
4.750%, 09/01/2029		965		912
5.450%, 09/01/2033		750		755

				3,115

Lease Revenue – 3.6%
Cleveland-Cuyahoga County Port Authority, Rita Project (RAAI)
5.000%, 11/15/2019		750		756
Riversouth Authority, Lazarus Building Redevelopment Series A
5.750%, 12/01/2027		400		353

Nuveen Investments 67

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Ohio Tax Free Fund (continued)
DESCRIPTION	PAR			FAIR VALUE >


Riversouth Authority, Riverfront Area Redevelopment Series A
5.250%, 12/01/2017	$	1,000		$	1,094

					2,203

Miscellaneous – 1.7%
Toledo-Lucas County Port Authority Facilities, Cargill Incorporated Project Series B
4.500%, 12/01/2015		1,000			1,055

Revolving Funds – 1.7%
Ohio Water Development Authority, Water Pollution Control Pre-refunded 06/01/2012 @ 100
5.050%, 12/01/2021 ◊		1,000			1,062

Tax Revenue – 1.0%
Buckeye Tobacco Settlement Series A-2
5.875%, 06/01/2030		200			144
Puerto Rico Sales Tax Financing
Series A
5.375%, 08/01/2039		500			480

					624

Transportation – 1.6%
Columbus Regional Airport Authority (NATL)
5.000%, 01/01/2028		1,000			988

Utilities – 15.7%
American Municipal Power, Prairie State Energy Campus Project Series A
5.000%, 02/15/2031		1,000			963
Columbus Sewer System Series A
4.250%, 06/01/2030		1,000			906
Hamilton County Sewer System, Metropolitan Sewer District Series A (NATL)
5.000%, 12/01/2026		930			961
Hamilton Electric Series A (AGM)
4.300%, 10/15/2016		1,000			1,094
Montgomery County Water, Greater Moraine Beaver (AMBAC)
5.375%, 11/15/2016		1,000			1,033
Northeast Ohio Regional Sewer District, Wastewater Revenue (NATL)
4.500%, 11/15/2037		700			628
Ohio Air Quality Development Authority, Firstenergy Generation Series A
5.700%, 08/01/2020		500			502
Ohio Air Quality Development Authority, Pollution Control, Nuclear Generation
Series A, Mandatory Put 07/01/2015 @ 100 (AGM)
3.375%, 07/01/2033		500			492
Ohio Water Development Authority, Fresh Water Services Escrowed to Maturity (AMBAC)
5.800%, 12/01/2011 §		750			750
Ohio Water Development Authority, Water Quality Series A
5.000%, 06/01/2030		200			204
Puerto Rico Electric Power Authority
Series CCC
5.000%, 07/01/2024		1,000			986
Series WW
5.375%, 07/01/2023		400			412
Series XX
5.250%, 07/01/2040		750			697

					9,628

Total Revenue Bonds					41,073

General Obligations – 28.5%
Cincinnati Series A
4.500%, 12/01/2029		150			145
Cincinnati City School District, Classroom Construction & Improvement (FGIC) (NATL)
5.250%, 12/01/2019		535			614
5.250%, 12/01/2027		380			410
Cincinnati City School District, School Improvement
5.250%, 06/01/2021		300			337
Columbus City School District, School Facilities Construction & Improvement Series B
5.000%, 12/01/2027		1,320			1,353
Cuyahoga Falls, Various Purpose
4.250%, 12/01/2034		750			698
Dayton City School District, School Facilities Construction & Improvement
Series D (FGIC) (NATL)
5.000%, 12/01/2011		500			520
Franklin County
4.500%, 12/01/2027		690			698
Gahanna (NATL)
5.000%, 12/01/2027		400			408
Greene County, General Infrastructure (AMBAC)
5.250%, 12/01/2026		1,000			1,041
Highland School District Zero Coupon Bond (OSDCEP)
4.654%, 12/01/2022 ¤		100			58
Highland School District, School Facilities Construction & Improvement (OSDCEP)
5.375%, 12/01/2033		1,000			1,032
Ohio Common Schools
Series A, Pre-refunded 03/15/2012 @ 100
5.125%, 09/15/2022 ◊		1,000			1,054
Ohio Higher Education
Series A, Pre-refunded 02/01/2011 @ 100
5.000%, 02/01/2019 ◊		1,000			1,004
Series A, Pre-refunded 02/01/2012 @ 100
5.000%, 08/01/2022 ◊		1,000			1,048
Series B, Pre-refunded 11/01/2011 @ 100
5.000%, 11/01/2015 ◊		1,000			1,039
Ohio State Infrastructure Improvement			��
Series A
5.500%, 02/01/2020		1,000			1,165
Ohio State Parks & Recreational Facilities
Series II-A (AGM)
5.250%, 02/01/2020		1,000			1,077
Puerto Rico Commonwealth, Government Development Series B
5.000%, 12/01/2014		260			275
Sidney City School District (FGIC) (NATL)
4.375%, 12/01/2027		755			717
Solon Rebuilding & Improvement
5.000%, 12/01/2021		1,000			1,061
St. Marys City School District, Construction & Improvement (AGM) (OSDCEP)
5.000%, 12/01/2028		600			602
Toledo City School District, School Facilities Improvement (AGM) (OSDCEP)
5.000%, 12/01/2014		1,000			1,094

Total General Obligations					17,450

Certificates of Participation – 1.6%
Mahoning County Career & Technical Center
Series B
4.750%, 12/01/2036		475			449

68 Nuveen Investments


Ohio Tax Free Fund (concluded)
DESCRIPTION	PAR/SHARES		FAIR VALUE >


Mayfield County School District, Middle School Project Series B, Zero Coupon Bond
5.600%, 09/01/2027 ¤	$	435	$	173
5.700%, 09/01/2028 ¤		855		317

Total Certificates of Participation				939

Total Municipal Bonds
(Cost $59,730)				59,462

Short-Term Investment – 4.9%
First American Tax Free Obligations Fund, Class Z, 0.086% Å Ω
(Cost $3,029)		3,028,608		3,029

Total Investments – 101.9%
(Cost $62,759)				62,491

Other Assets and Liabilities, Net – (1.9)%				(1,149	)

Total Net Assets – 100.0%			$	61,342


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

◊		Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.

§		Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.

¤		Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2010.

Å		Investment in affiliated security.

Ω		The rate quoted is the annualized seven-day effective yield as of December 31, 2010.


AGM –	Assured Guaranty Municipal Corporation


AMBAC –	American Municipal Bond Assurance Corporation


AMT –	Alternative Minimum Tax


FGIC –	Financial Guaranty Insurance Corporation


FHLMC –	Federal Home Loan Mortgage Corporation


FNMA –	Federal National Mortgage Association


GNMA –	Government National Mortgage Association


NATL –	National Public Finance Guarantee Corporation


OSDCEP –	Ohio School District Credit Enhancement Program


RAAI –	Radian Asset Assurance Inc.


Nuveen Oregon Intermediate Municipal Bond Fund (“Oregon Intermediate Municipal Bond Fund”)
(formerly known as First American Oregon Intermediate Tax Free Fund)
DESCRIPTION	PAR		FAIR VALUE >


Municipal Bonds – 98.0%
Revenue Bonds – 47.4%
Continuing Care Retirement Communities – 2.9%
Clackamas County Hospital Facility Authority, Robison Jewish Home
5.125%, 10/01/2024	$	1,000	$	781
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2027		1,000		835
Multnomah County Hospital Facilities Authority, Terwilliger Plaza Project
6.500%, 12/01/2029		1,900		1,902
Series A
5.250%, 12/01/2026		1,000		916

				4,434

Education – 7.9%
Forest Grove Campus Improvement, Pacific University Project
5.750%, 05/01/2024		250		255
Series A (RAAI)
5.000%, 05/01/2022		2,350		2,322
Oregon Facilities Authority, Concordia University Projects, Series A
6.125%, 09/01/2030		1,140		1,126
Oregon Facilities Authority, Linfield College Project, Series A
5.000%, 10/01/2025		1,000		987
Oregon Facilities Authority, LTD College Project, Series A
4.750%, 10/01/2028		1,250		1,144
Oregon Facilities Authority, University of Portland Projects, Series A
4.250%, 04/01/2014		1,000		1,048
5.000%, 04/01/2017		250		267
4.500%, 04/01/2021		2,000		1,966
Oregon Facilities Authority, Willamette University Projects, Series A
4.300%, 10/01/2021		1,085		1,057
4.000%, 10/01/2024		1,000		933
Oregon Health & Science University, Series A (NATL)
5.250%, 07/01/2022		1,000		1,010

				12,115

Healthcare – 13.1%
Clackamas County Hospital Facility Authority, Legacy Health System, Series A
5.000%, 07/15/2021		1,000		1,033
Clackamas County Hospital Facility Authority, Willamette Falls Hospital Project (RAAI)
5.500%, 04/01/2022		1,200		1,201
Deschutes County Facilities Authority, Cascade Healthcare Community
7.375%, 01/01/2023		1,500		1,750
Series B (AMBAC)
5.000%, 01/01/2016		250		262
Klamath Falls Community Hospital Authority, Merle West Medical Center Project (AGC)
4.750%, 09/01/2020		960		967
Medford Hospital Facilities Authority, Asante Health System (AGM)
5.500%, 08/15/2028		2,000		2,077

See accompanying notes to financial statements.

Nuveen Investments 69

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Oregon Intermediate Municipal Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Multnomah County Hospital Facilities Authority, Adventist Health System/West, Series A
4.500%, 09/01/2021	$	440	$	442
5.000%, 09/01/2021		1,875		1,948
Multnomah County Hospital Facilities Authority, Providence Health System
5.250%, 10/01/2022		1,000		1,044
Oregon Facilities Authority, Legacy Health System, Series A
4.250%, 03/15/2017		2,000		2,050
4.750%, 03/15/2024		1,000		976
Oregon Facilities Authority, Peacehealth, Series A
5.000%, 11/01/2020		1,000		1,061
Oregon Facilities Authority, Samaritan Health Services, Series A
5.000%, 10/01/2019		1,250		1,305
5.000%, 10/01/2024		1,685		1,663
Salem Hospital Facility Authority, Series A
5.750%, 08/15/2023		1,500		1,590
Umatilla County Hospital Facilities Authority, Catholic Health Initiatives, Series A
5.000%, 03/01/2012		690		720

				20,089

Housing – 2.2%
Oregon Housing & Community Services, Multifamily Housing, Series A (AMT)
4.000%, 07/01/2019		750		730
4.250%, 07/01/2021		500		483
Oregon Housing & Community Services, Single Family Mortgage Program Series A
4.050%, 01/01/2018		235		237
Series D
4.750%, 07/01/2022		1,250		1,269
Portland Housing Authority, Yards Union Station Project (AMT)
4.750%, 05/01/2022		705		697

				3,416

Lease Revenue – 0.7%
Puerto Rico Public Buildings Authority, Government Facilities Series M-2, Mandatory Put 07/01/2017 @ 100 (AMBAC) (COMGTY)
5.500%, 07/01/2035		1,000		1,063

Recreational Facility Authority – 0.7%
Portland Urban Renewal & Redevelopment, Convention Center, Series A (AMBAC)
5.750%, 06/15/2015		1,000		1,016

Tax Revenue – 7.0%
Keizer Assessment, Keizer Station Area A Local Improvement District
5.200%, 06/01/2031		905		872
Medford Urban Renewal Agency
4.500%, 06/01/2013		1,010		1,067
Oregon Department of Administrative Services Lottery, Series A (AGM)
5.000%, 04/01/2012		1,050		1,054
Portland Economic Development, Broadway Project, Series A
5.125%, 04/01/2016		880		985
6.250%, 04/01/2023		1,355		1,503
Portland Urban Renewal & Redevelopment, North MacAdam, Series B
3.750%, 06/15/2022		150		137
5.000%, 06/15/2024		2,655		2,679
Portland Urban Renewal & Redevelopment, South Park Blocks, Series B
5.000%, 06/15/2021		2,030		2,172
Seaside Urban Renewal Agency, Greater Seaside Urban Renewal
4.750%, 06/01/2015		280		291

				10,760

Transportation – 2.8%
Oregon Department of Transportation, Highway User Tax, Series A
5.000%, 11/15/2021		1,000		1,109
5.000%, 11/15/2024		725		754
Series A, Pre-refunded 11/15/2012 @ 100
5.500%, 11/15/2016 ◊		1,000		1,088
Portland Airport Revenue, Portland International (AMT)
5.000%, 07/01/2017		1,000		1,071
Redmond Airport
5.500%, 06/01/2024		215		209

				4,231

Utilities – 10.1%
Eugene Electric Utilities (AGM)
5.000%, 08/01/2011		1,305		1,310
Lane County Metropolitan Wastewater Management
5.000%, 11/01/2022		1,500		1,600
(FGIC) (NATL)
5.000%, 11/01/2021		820		869
Lebanon Wastewater Revenue (AGM)
4.000%, 03/01/2017		165		178
4.000%, 03/01/2018		435		465
Portland Sewer System, First Lien, Series A
4.750%, 06/15/2024		1,000		1,039
Portland Sewer System, Second Lien, Series B (NATL)
5.000%, 06/15/2023		1,175		1,237
Portland Water System, Series A
5.000%, 05/01/2015		2,000		2,276
Portland Water System, Second Lien, Series A (NATL)
4.375%, 10/01/2024		500		504
Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Series A (AGC)
5.000%, 07/01/2025		1,500		1,516
Puerto Rico Electric Power Authority, Series WW
5.375%, 07/01/2023		800		824
Redmond Water Revenue
4.500%, 06/01/2025		450		458
The Dalles Water Revenue (AMBAC)
4.250%, 06/01/2020		325		338
Washington County Clean Water Services (FGIC) (NATL)
5.125%, 10/01/2014		1,790		1,838
(NATL)
5.000%, 10/01/2014		1,000		1,126

				15,578

Total Revenue Bonds				72,702

General Obligations – 48.2%
Ashland (AGM)
4.000%, 05/01/2020		1,415		1,474
Blue Mountain Hospital District
4.250%, 02/01/2019		605		619
4.500%, 02/01/2020		655		671
5.000%, 02/01/2021		255		267

70 Nuveen Investments


Oregon Intermediate Municipal Bond Fund (continued)
DESCRIPTION	PAR			FAIR VALUE >


Central Oregon Community College District (SBG)
4.000%, 06/15/2019	$	1,000		$	1,062
4.500%, 06/15/2020		800			873
Chemeketa Community College District (SBG)
5.500%, 06/15/2024		1,000			1,099
Escrowed to Maturity (FGIC)
5.500%, 06/01/2013 §		2,170			2,407
Clackamas & Washington Counties School District #3JT, West Linn-Wilsonville (SBG)
4.125%, 06/15/2025		920			899
Clackamas Community College District (NATL)
5.000%, 05/01/2019		1,145			1,248
Clackamas County School District #115, Series B (NATL) (SBG)
4.500%, 06/15/2021		1,975			2,062
Clackamas County School District #12, North Clackamas, Deferred Interest, Series B, Convertible CABs, (AGM) (SBG),
0.000% through 06/15/2011, thereafter 5.000%, 06/15/2022 ◗		3,135			3,251
Clackamas County School District #12, North Clackamas, Deferred Interest, Series B, Convertible CABs, (AGM) (SBG),
0.000% through 06/15/2011, thereafter 5.000%, 06/15/2027 ◗		3,665			3,833
Clackamas County School District #46, Oregon Trail, Series A (SBG)
5.000%, 06/15/2024		1,000			1,059
Clackamas County School District #7J, Lake Oswego (AGM)
5.250%, 06/01/2025		200			222
Clackamas County School District #86, Canby, (AGM) (SBG)
5.000%, 06/15/2018		1,000			1,102
5.000%, 06/15/2021		1,305			1,387
Deschutes & Jefferson Counties School District #2-J, Redmond Series A (FGIC) (NATL) (SBG)
5.000%, 06/15/2013		1,250			1,370
Series B Zero Coupon Bond (FGIC) (NATL) (SBG)
4.435%, 06/15/2021 ¤		1,000			632
Series B Zero Coupon Bond (SBG)
4.562%, 06/15/2022 ¤		3,030			1,807
Deschutes County (AGM)
5.000%, 12/01/2014		1,755			1,886
Hood River County School District, Pre-refunded 06/15/2011 @ 100 (SBG)
5.250%, 06/15/2016 ◊		1,030			1,053
Independence, City Hall Project (AGM)
4.000%, 06/15/2022		375			381
4.000%, 06/15/2023		390			392
4.000%, 06/15/2024		360			358
Jackson County School District #549C, Medford (SBG)
5.000%, 06/15/2012		2,000			2,125
Josephine County Unit School District, Three Rivers (FGIC) (NATL) (SBG)
5.000%, 12/15/2019		1,000			1,137
Lane County School District #40, Creswell (SBG)
5.000%, 06/15/2011		585			587
Linn County Community School District #9, Lebanon, Pre-refunded 06/15/2013 @ 100 (FGIC)		(SBG	)
5.550%, 06/15/2021 ◊		1,000			1,112
Marion & Clackamas Counties School District #4J, Silver Falls (NATL) (SBG)
4.500%, 06/15/2022		1,305			1,352
McMinnville School District #40 (AGM)
5.500%, 06/15/2013		1,000			1,108
Metro National Areas
5.250%, 09/01/2014		1,000			1,024
5.000%, 06/01/2020		1,635			1,820
Multnomah County School District #7, Reynolds, Pre-refunded 06/15/2011 @ 100 (SBG)
5.625%, 06/15/2015 ◊		1,000			1,024
Multnomah-Clackamas Counties School District #10JT, Gresham-Barlow (AGM) (SBG)
5.250%, 06/15/2017		1,000			1,173
Multnomah-Clackamas Counties School District #28JT, Zero Coupon Bond (AMBAC) (SBG)
0.696%, 06/01/2016 ¤		1,000			804
North Lincoln Fire & Rescue District #1 (AGM)
4.250%, 02/01/2018		125			135
Oregon Department of Administrative Services, Oregon Opportunity
5.000%, 12/01/2020		1,500			1,710
Pacific City Joint Water Sanitation Authority
4.650%, 07/01/2022		455			447
Puerto Rico Commonwealth, Government Development, Series B
5.000%, 12/01/2014		1,000			1,057
Puerto Rico Public Buildings Authority, Series J, Mandatory Put 07/01/2012 @ 100 (AMBAC) (COMGTY)
5.000%, 07/01/2036		1,000			1,028
Redmond, Terminal Expansion Project
4.000%, 06/01/2021		240			236
4.250%, 06/01/2023		200			195
4.375%, 06/01/2024		200			194
4.625%, 06/01/2029		500			463
Salem-Keizer School District #24J (AGM) (SBG)
5.000%, 06/15/2014		1,150			1,285
Series B, Deferred Interest, Zero Coupon Bond (SBG)
4.562%, 06/15/2022 ¤		905			540
Sandy
4.000%, 06/01/2015		190			204
4.000%, 06/01/2016		150			159
4.000%, 06/01/2017		210			220
4.000%, 06/01/2018		240			249
4.000%, 06/01/2019		100			103
The Dalles
4.000%, 06/01/2017		130			141
4.000%, 06/01/2018		140			150
4.000%, 06/01/2019		75			79
Tualatin Hills Park & Recreation District (FGIC) (NATL)
5.750%, 03/01/2013		870			959
Umatilla County School District #16R, Pendleton (FGIC) (NATL)
5.250%, 07/01/2014		1,540			1,714
Wasco County School District #12 (AGM) (SBG)
5.500%, 06/15/2014		1,080			1,228
Washington & Clackamas Counties School District #23J, Tigard (FGIC) (NATL)
5.500%, 06/01/2013		1,000			1,107
Zero Coupon Bond
2.400%, 06/15/2014 ¤		1,030			948
Washington County
5.000%, 06/01/2022		1,525			1,647

Nuveen Investments 71

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Oregon Intermediate Municipal Bond Fund (continued)
DESCRIPTION	PAR/SHARES		FAIR VALUE >


Washington County School District #48J, Beaverton, Series A (AGM)
5.000%, 06/01/2014	$	1,600	$	1,791
5.000%, 06/01/2016		1,500		1,671
Washington, Multnomah & Yamhill Counties School District #1J
5.000%, 11/01/2014		1,000		1,126
Washington, Multnomah & Yamhill Counties School District #1J, Hillsboro (NATL)
5.000%, 06/15/2019		2,490		2,766
West Vy Fire District
2.000%, 02/01/2011		115		115
2.000%, 02/01/2012		120		120
3.000%, 02/01/2013		120		122
3.000%, 02/01/2014		125		128
3.000%, 02/01/2015		125		127
3.500%, 02/01/2016		130		134
4.000%, 02/01/2017		135		141
4.000%, 02/01/2018		140		144
4.000%, 02/01/2019		145		146
Yamhill County School District #29J, Newberg (FGIC) (NATL) (SBG)
5.250%, 06/15/2015		1,260		1,433
5.250%, 06/15/2016		1,835		2,109
Yamhill County School District #40, McMinnville (AGM) (SBG)
5.000%, 06/15/2023		1,005		1,056

Total General Obligations				74,007

Certificates of Participation – 2.4%
Oregon Department of Administrative Services Series A
4.700%, 05/01/2025		1,500		1,512
Series A (FGIC) (NATL)
5.000%, 11/01/2018		1,060		1,151
Series C
5.000%, 11/01/2025		1,055		1,072

Total Certificates of Participation				3,735

Total Municipal Bonds
(Cost $147,225)				150,444

Short-Term Investments – 1.7%
First American Tax Free Obligations Fund, Class Z
0.086% Å Ω
(Cost $2,608)		2,607,923		2,608

Total Investments – 99.7%
(Cost $149,833)				153,052

Other Assets and Liabilities, Net – 0.3%				397

Total Net Assets – 100.0%			$	153,449


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

◊		Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.

§		Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.

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

Oregon Intermediate Municipal Bond Fund (concluded)


¤		Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2010.

Å		Investment in affiliated security.

Ω		The rate shown is the annualized seven-day effective yield as of December 31, 2010.


AGC –	Assured Guaranty Corporation


AGM –	Assured Guaranty Municipal Corporation


AMBAC –	American Municipal Bond Assurance Corporation


AMT –	Alternative Minimum Tax


COMGTY –	Commonwealth Guaranty


FGIC –	Financial Guaranty Insurance Corporation


NATL –	National Public Finance Guarantee Corporation

RAAI –	Radian Asset Assurance Inc.


SBG –	School Bond Guaranty Program

See accompanying notes to financial statements.

72 Nuveen Investments


Nuveen Short Tax Free Fund (“Short Tax Free Fund”)
(formerly known as First American Short Tax Free Fund)
DESCRIPTION	PAR		FAIR VALUE >


Municipal Bonds – 72.3%
Alaska – 0.6%
Revenue Bond – 0.6%
Alaska Railroad Corporation, Capital Grant Receipts (FGIC) (NATL)
5.000%, 08/01/2012	$	1,825	$	1,926

Arizona – 3.6%
Revenue Bonds – 3.6%
Glendale Individual Development Authority, Midwestern University
5.000%, 05/15/2019		1,545		1,629
Maricopa County Hospital, Sun Health Corporation Escrowed to Maturity
5.000%, 04/01/2011 §		3,815		3,859
Phoenix Civic Improvement Series A
5.000%, 07/01/2017		5,000		5,511
Salt River Project, Arizona Agriculture Improvement & Power District Electric Systems Series A
5.000%, 01/01/2020		500		553

				11,552

Arkansas – 0.9%
Revenue Bond – 0.9%
North Little Rock Health Facilities Board, Baptist Health Series B
5.375%, 12/01/2019		2,750		2,918

California – 4.5%
Revenue Bonds – 1.0%
California Statewide Communities Development Authority, Health Facility, Adventist Health
Series A
5.000%, 03/01/2016		2,500		2,632
Northern California Power Agency Series A
5.000%, 07/01/2016		500		561

				3,193

General Obligations – 3.5%
California
5.000%, 11/01/2021		2,500		2,569
California Economic Recovery Series A
5.000%, 07/01/2020		4,000		4,270
Long Beach Community College Series A
9.850%, 01/15/2013		3,750		4,340

				11,179

				14,372

Colorado – 3.0%
Revenue Bonds – 3.0%
Colorado Health Facilities Authority, Catholic Health Initiatives Series A
5.000%, 07/01/2015		3,345		3,703
Colorado Health Facilities Authority, Evangelical Lutheran Series B Mandatory Put 12/01/2014 @ 100
5.000%, 06/01/2039		2,400		2,508
Colorado Health Facilities Authority, North Colorado Medical Center Project
Series A (AGM)
5.000%, 05/15/2013		1,010		1,077
Colorado Health Facilities Authority, Yampa Valley Medical Center Project
5.000%, 09/15/2013		1,000		1,041
Denver City & County Airport System
Series A
5.000%, 11/15/2017		1,110		1,232

				9,561

District of Columbia – 1.2%
Revenue Bonds – 1.2%
District of Columbia, Georgetown University
Series A
5.000%, 04/01/2014		1,700		1,842
Metropolitan Washington D.C. Airport Authority
Series B (AMT)
5.000%, 10/01/2011		1,775		1,831

				3,673

Florida – 6.8%
Revenue Bonds – 6.8%
Florida Department of Environmental Protection Preservation, Florida Forever Series B (NATL)
5.000%, 07/01/2011		10,000		10,219
Florida Hurricane Catastrophe Fund Financial Corporation Series A
5.250%, 07/01/2012		4,000		4,194
Highlands County Health Facilities Authority, Adventist Health
5.000%, 11/15/2015		1,000		1,102
5.000%, 11/15/2016		2,000		2,204
Miami-Dade County Health Facilities Authority, Miami Children’s Hospital Series A-1 Mandatory Put 08/01/2011 @ 100 (NATL)
4.125%, 08/01/2046		1,000		1,013
South Miami Health Facilities Authority, Baptist Health South Florida Group
5.000%, 08/15/2012		2,000		2,106
Tallahassee Energy Systems (NATL)
5.000%, 10/01/2012		1,000		1,060

				21,898

Georgia – 2.0%
Revenue Bond – 1.0%
DeKalb County Hospital Authority, DeKalb Medical Center Project
4.000%, 09/01/2015		3,200		3,208

General Obligation – 1.0%
Georgia Series B
5.000%, 07/01/2021		2,900		3,234

				6,442

Hawaii – 0.5%
Revenue Bond – 0.5%
Hawaii Department of Budget & Finance, Special Purpose Series C1
7.500%, 11/15/2015		1,500		1,521

Illinois – 4.2%
Revenue Bonds – 2.8%
Illinois Finance Authority, Clare at Water Tower
Series A-1
5.100%, 05/15/2014 ¥ 5		700		525
Series B Zero Coupon Bond
11.940%, 05/15/2050 ¥ ¤ 5		300		3
Illinois Finance Authority, Art Institute of Chicago Series A
5.000%, 03/01/2015		4,000		4,393
Illinois Finance Authority, Illinois Institute of Technology
6.250%, 02/01/2019		500		538

Nuveen Investments 73

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Short Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Illinois Finance Authority, Landing at Plymouth Place Project Series A
5.000%, 05/15/2011	$	500	$	500
Illinois Finance Authority, Rush University Medical Center Series A
5.000%, 11/01/2013		1,630		1,728
5.000%, 11/01/2014		1,105		1,183

				8,870

General Obligation – 1.4%
La Salle & Grundy Counties, Limited Tax-Debt Certificates
5.500%, 02/01/2030		4,500		4,502

				13,372

Indiana – 1.3%
Revenue Bonds – 1.3%
Anderson Economic Development, Anderson University Project
5.000%, 10/01/2012		990		1,009
Crown Point, Temps-Wittenberg Village Project
Series C-2
6.500%, 11/15/2013		2,000		1,985
Indiana Health & Educational Facilities, Financing Authority, Baptist Homes of Indiana
5.000%, 11/15/2013		1,000		1,043

				4,037

Iowa – 2.4%
Revenue Bonds – 2.4%
Iowa Finance Authority, Genesis Health Systems
5.000%, 07/01/2016		1,150		1,251
5.000%, 07/01/2020		2,285		2,385
Iowa Higher Education, Private College Facility, Grinnell Escrowed to Maturity
2.100%, 12/01/2011 §		4,000		4,061

				7,697

Kansas – 1.8%
Revenue Bonds – 1.8%
Olathe Health Facilities, Olathe Medical Center
4.000%, 09/01/2012		1,150		1,187
Series A Mandatory Put 03/01/2013 @ 100
4.125%, 09/01/2037		1,350		1,379
Wichita Hospital Improvement Series III A
5.000%, 11/15/2014		1,000		1,087
5.000%, 11/15/2016		1,000		1,085
Wichita Hospital, Christi Health System
5.000%, 11/15/2015		1,000		1,095

				5,833

Louisiana – 0.6%
Revenue Bond – 0.6%
Tangipahoa Parish Hospital Service District #1, North Oaks Medical Center Project Series A
5.000%, 02/01/2011		2,035		2,039

Massachusetts – 1.8%
Revenue Bonds – 1.8%
Massachusetts Development Finance Agency, Senior Living Facility, Groves-Lincoln Series B2
6.250%, 06/01/2014		1,290		1,274
Massachusetts Educational Financing Authority, Issue I Series B (AMT)
4.500%, 01/01/2016		2,455		2,508
Massachusetts Health & Educational Facilities Authority, Northeastern University Series T-1 Mandatory Put 02/16/2012 @ 100
4.125%, 10/01/2037		2,000		2,053

				5,835

Michigan – 1.1%
Revenue Bond – 0.7%
Michigan Hospital Finance Authority, Ascension Health Senior Credit Group Series B
5.000%, 11/15/2016		2,030		2,260

General Obligation – 0.4%
Warren School District, School Improvement (FGIC) (NATL)
5.000%, 05/01/2012		1,200		1,258

				3,518

Minnesota – 8.4%
Revenue Bonds – 3.7%
Minneapolis & St. Paul Housing & Redevelopment Authority, HealthPartners Obligation Group Project
5.250%, 12/01/2012		1,000		1,047
Minneapolis & St. Paul Metropolitan Apartments
Series B (AMT)
5.000%, 01/01/2015		2,500		2,716
Minneapolis, National Marrow Donor Program
5.000%, 08/01/2017		2,500		2,630
Minnesota Agricultural & Economic Development Board, Health Care Facilities, Essentia Series C-1 (AGC)
5.000%, 02/15/2015		1,335		1,462
Minnesota Higher Education Facilities Authority, Bethel University Series 6-R
5.500%, 05/01/2016		910		944
5.500%, 05/01/2017		1,065		1,101
St. Cloud Health Care Facilities, CentraCare Health System Series A
5.000%, 05/01/2015		1,000		1,088
St. Paul Housing & Redevelopment Authority, Gillette Children’s Specialty
3.000%, 02/01/2012		1,000		1,016

				12,004

General Obligations – 4.7%
Bemidji Temporary Sales Tax
4.500%, 02/01/2012		3,000		3,009
Edina Independent School District #273
Series A (MSDCEP)
1.500%, 02/14/2011		10,000		10,013
St. Cloud Independent School District #742, Aid Anticipation Certificates
1.500%, 08/19/2011		2,000		2,012

				15,034

				27,038

Mississippi – 1.9%
Revenue Bonds – 1.9%
Mississippi Series B-1 (AGC)
4.000%, 07/01/2015		3,235		3,453
Mississippi Hospital Equipment & Facilities Authority, North Mississippi Health Services
Series 1
5.000%, 10/01/2017		2,250		2,484

				5,937

74 Nuveen Investments


Short Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Missouri – 2.4%
Revenue Bonds – 2.4%
Kirkwood Industrial Development Authority, Aberdeen Heights Series C-3
6.500%, 05/15/2015	$	3,000	$	2,979
Missouri Finance Board, Infrastructure Facilities, Water Systems Series E
4.000%, 11/01/2016		2,020		2,069
Missouri Health & Educational Facilities Authority, Webster University
5.250%, 04/01/2021		2,000		2,004
Osage Beach Tax Increment, Prewitt’s Point Project
4.625%, 05/01/2011		465		465

				7,517

Montana – 1.0%
Revenue Bond – 1.0%
Montana Finance Authority Series B
5.000%, 01/01/2019		2,740		3,001

Nebraska – 0.1%
Revenue Bond – 0.1%
Central Plains Energy Project, Nebraska Gas Project #1 Series A
5.250%, 12/01/2021		250		245

New Hampshire – 0.8%
Revenue Bond – 0.8%
New Hampshire Health & Education Facilities Authority, Concord Hospital Series D2
5.000%, 05/01/2011		2,585		2,610

New Jersey – 2.0%
Revenue Bond – 2.0%
New Jersey Transportation Trust Fund
Series D
5.000%, 12/15/2018		6,000		6,516

New Mexico – 0.7%
Revenue Bond – 0.7%
New Mexico Educational Assistance Foundation
Series C (AMT)
3.900%, 09/01/2014		2,000		2,082

New York – 1.1%
General Obligation – 1.1%
New York Series A
5.000%, 08/01/2011		3,435		3,526

North Carolina – 0.3%
Revenue Bond – 0.3%
North Carolina Municipal Power Agency, #1 Catawba Electric Series C
5.000%, 01/01/2021		1,000		1,069

Ohio – 0.3%
Revenue Bond – 0.3%
Ohio Air Quality Development Authority, Ohio Power Company Series A, Mandatory Put 06/02/2014 @ 100
3.250%, 06/01/2041		1,000		1,002

Oklahoma – 1.0%
Revenue Bonds – 1.0%
Cleveland County Public Facilities Authority, Norman Public Schools Project
3.500%, 06/01/2012		2,000		2,058
Tulsa County Individual Educational Facilities Authority, Jenks Public School
5.000%, 09/01/2014		1,125		1,257

				3,315

Oregon – 1.0%
Revenue Bond – 1.0%
Medford Hospital Facilities Authority, Asante Health System (AGM)
5.000%, 08/15/2015		2,840		3,153

Pennsylvania – 0.3%
Revenue Bond – 0.3%
Allegheny County Airport Authority, Pittsburgh International Airport Series A (AGM) (AMT)
5.000%, 01/01/2016		1,000		1,049

South Carolina – 2.0%
Revenue Bonds – 1.0%
Georgetown County Pollution Control Facilities, International Paper Company Project Series A
5.125%, 02/01/2012		1,500		1,541
Richland County Environmental Improvement
Series A
4.600%, 09/01/2012		1,000		1,025
South Carolina Jobs-Economic Development Authority, Palmetto Health
5.000%, 08/01/2015		500		531

				3,097

Certificate of Participation – 1.0%
Scago Public Facilities Corporation, Lancaster County Project (AGC)
3.500%, 12/01/2011		3,315		3,390

				6,487

South Dakota – 0.4%
Revenue Bond – 0.4%
South Dakota Health & Educational Facilities Authority, Sanford Health
4.500%, 11/01/2015		1,305		1,397

Tennessee – 1.4%
Revenue Bonds – 1.4%
Memphis-Shelby County Airport Authority
Series B (AMT)
5.000%, 07/01/2016		1,000		1,081
Memphis-Shelby County Sports Authority, Memphis Arena Project Series B
5.500%, 11/01/2020		1,270		1,382
Metropolitan Nashville Airport Authority
Series A
5.000%, 07/01/2016		1,800		2,002

				4,465

Texas – 4.6%
Revenue Bonds – 4.6%
Dallas Fort Worth International Airport
Series A
5.000%, 11/01/2021		1,000		1,049
Harrison County Health Facilities, Good Shepherd Health Systems
4.000%, 07/01/2015		1,000		997
Lower Colorado River Authority (AMBAC)
5.000%, 05/15/2012		2,615		2,762
Escrowed to Maturity (AMBAC)
5.000%, 05/15/2012 §		70		73
Tarrant County Cultural Education Facilities, CC Young Memorial Home Series B-2
6.500%, 02/15/2014		2,000		1,991
Tarrant County Cultural Education Facilities, Finance Corporation, Retirement Facility, Hendrick Medical Center Series A (AGC)
4.000%, 09/01/2015		1,425		1,489

Nuveen Investments 75

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Short Tax Free Fund (continued)
DESCRIPTION	PAR/SHARES		FAIR VALUE >


4.000%, 09/01/2016	$	1,070	$	1,111
4.375%, 09/01/2018		1,355		1,390
Tarrant County Cultural Education Facilities, Finance Corporation, Retirement Facility, Mirador Project Series B-2
6.250%, 11/15/2014		2,000		1,986
Tarrant County Cultural Education Facilities, Finance Corporation, Retirement Facility, Stayton at Museum Way Series C-2
6.500%, 11/15/2014		2,000		1,966

				14,814

Virgin Islands – 0.3%
Revenue Bond – 0.3%
Virgin Islands Public Finance Authority Series B
5.000%, 10/01/2019		1,000		1,069

Virginia – 4.3%
Revenue Bonds – 4.3%
Virginia Housing Development Authority, Commonwealth Mortgage Series D1 (AMT)
4.300%, 01/01/2014		7,000		7,218
Virginia Public Building Authority Series A
5.000%, 08/01/2014		6,000		6,563

				13,781

Washington – 1.1%
Revenue Bonds – 1.1%
Port Seattle Series C (AMT)
5.000%, 02/01/2016		1,000		1,082
Washington Health Care Facilities Authority, Central Washington Health Services
5.000%, 07/01/2013		1,225		1,273
5.000%, 07/01/2014		1,150		1,202

				3,557

Wisconsin – 0.6%
Revenue Bonds – 0.6%
Wisconsin Health & Educational Facilities Authority, Aurora Health Care Series A
5.000%, 04/15/2016		1,000		1,043
Wisconsin Health & Educational Facilities Authority, St. John’s Communities
5.400%, 09/15/2014		1,000		991

				2,034

Total Municipal Bonds
(Cost $228,434)				231,858

Short-Term Investments – 26.0%
Money Market Fund – 9.8%
First American Tax Free Obligations Fund, Class Z
0.086% Å Ω		31,483,298		31,483

Variable Rate Demand Notes v – 16.2%
California Financial Authority, Goodwill Industries – Orange County (LOC: Wells Fargo Bank)
0.380%, 10/01/2033	$	5,385		5,385
Cleveland-Cuyahoga County Port Authority, Carnegie/89th Garage Project (LOC: JP Morgan Chase Bank)
0.300%, 01/01/2037		7,795		7,795
Cohasset Power & Light Company Project
Series A (LOC: LaSalle Bank)
0.420%, 06/01/2020		5,420		5,420
Short Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Colorado Educational & Cultural Facilities Authority, Denver Seminary Project (LOC: Wells Fargo Bank)
0.430%, 07/01/2034		2,465		2,465
Glendale Individual Development Authority, Senior Living Facilities, Friendship Retirement Corporation (LOC: Wells Fargo Bank)
0.430%, 01/01/2027		5,500		5,500
Indiana Health Facilities, Financing Authority, Anthony Wayne Rehabilitation Center (LOC: Wells Fargo Bank)
0.430%, 02/01/2031		2,345		2,345
Lake Oswego Redevelopment Agency Tax Increment Series A (LOC: Wells Fargo Bank)
0.430%, 06/01/2020		2,265		2,265
Massachusetts Health & Educational Facilities Authority, Dana Farber Cancer Institute
Series L1
0.300%, 12/01/2046		3,000		3,000
Milwaukee Redevelopment Authority, Yankee Hill Apartments (LOC: Wells Fargo Bank)
0.330%, 09/01/2025		1,100		1,100
Philadelphia Gas Works Series C
0.310%, 08/01/2031		2,000		2,000
Robbinsdale, North Memorial Series A-3
0.300%, 05/01/2033		1,000		1,000
South Fulton Municipal Regional Water & Sewer Authority (LOC: Bank of America)
0.420%, 01/01/2033		7,000		7,000
Washington Health Care Facilities Authority, Southwest Washington Medical Center
Series B (LOC: Bank of America)
0.350%, 09/01/2034		6,755		6,755

				52,030

Total Short-Term Investments
(Cost $83,513)				83,513

Total Investments – 98.3%
(Cost $311,947)				315,371

Other Assets and Liabilities, Net – 1.7%				5,456

Total Net Assets – 100.0%			$	320,827


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

§		Escrowed to Maturity issues are typically backed by U.S. government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.

¥		Security considered illiquid. As of December 31, 2010, the fair value of the fund’s investments considered to be illiquid was $528 or 0.2% of total net assets.

¤		Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2010.

Å		Investment in affiliated security.

Ω		The rate shown is the annualized seven-day effective yield as of December 31, 2010.

v		Variable rate demand notes (VRDNs) are tax-exempt obligations which contain a floating or variable interest rate adjustment formula and a right of demand to receive payment of the principal plus accrued interest at specified dates. The coupon rate shown represents the rate as of December 31, 2010.

5		During July 2010, the original issue for this security (1,000,000 par, 5.10% coupon and May 15, 2011 maturity) was restructured into two new securities. The first security, which is 70% of the original issue, has a 700,000 par, 5.1% coupon and May 15, 2014 maturity. The second security, which is the remaining 30% of the issue, has a 300,000 par, 0.0% coupon and May 15, 2052 maturity. At the end of the reporting period, the Adviser continues to accrue interest on the 700,000 par security.

76 Nuveen Investments

Short Tax Free Fund (concluded)


AGC –	Assured Guaranty Corporation


AGM –	Assured Guaranty Municipal Corporation


AMBAC –	American Municipal Bond Assurance Corporation


AMT –	Alternative Minimum Tax


FGIC –	Financial Guarantee Insurance corporation


LOC –	Letter of Credit


MSDCEP –	Minnesota School District Credit Enhancement Program


NATL –	National Public Finance Guarantee Corporation


Nuveen Tax Free Fund (“Tax Free Fund”)
(formerly known as First American Tax Free Fund)
DESCRIPTION	PAR		FAIR VALUE >


Municipal Bonds – 97.0%
Alabama – 0.1%
Revenue Bond – 0.1%
Camden Industrial Development Board, Weyerhaeuser Company Project, Series B, Pre-refunded 12/01/2013 @ 100 (AMT)
6.375%, 12/01/2024 ◊	$	350	$	402

Alaska – 1.0%
Revenue Bond – 1.0%
Alaska International Airports, Series A (AMT)
5.000%, 10/01/2027		5,000		4,697

Arizona – 8.2%
Revenue Bonds – 5.8%
Arizona Health Facilities Authority, Blood Systems
4.750%, 04/01/2025		300		288
Arizona Health Facilities Authority, The Terraces Project, Series A, Pre-refunded 11/15/2013 @ 101
7.500%, 11/15/2023 ◊		3,055		3,527
Arizona State University Nanotechnology Project, Series A (AGC)
5.000%, 03/01/2034		200		195
Cottonwood Water, Senior Lien (SGI)
5.000%, 07/01/2017		250		267
Gilbert Public Facilities Municipal Property
5.500%, 07/01/2027		500		519
Glendale Industrial Development Authority
4.625%, 12/01/2027		200		170
Glendale Industrial Development Authority, John C. Lincoln Health Network
5.000%, 12/01/2032		100		87
Glendale Industrial Development Authority, Midwestern University
5.000%, 05/15/2031		500		463
Greater Arizona Development Authority, Infrastructure, Series B
5.250%, 08/01/2026		750		759
Greater Arizona Development Authority, Infrastructure, Pinal County Road Project, Series 1 (NATL)
4.500%, 08/01/2025		750		709
Marana Municipal Property, Series A
5.000%, 07/01/2028		250		247
Maricopa County Hospital, Sun Health Corporation, Pre-refunded 04/01/2024 @ 100
5.000%, 04/01/2025 ◊		200		213
Maricopa County Industrial Development Authority, Catholic Healthcare West, Series A
5.375%, 07/01/2023		500		506
5.250%, 07/01/2032		3,600		3,380
Maricopa County Industrial Development Authority, Senior Living Healthcare, Immanuel Care, Series A (GNMA)
4.850%, 08/20/2026		750		739
5.000%, 08/20/2035		500		469
Peoria Improvement District #0601
4.250%, 01/01/2022		465		473
Peoria Municipal Development Authority
5.000%, 07/01/2015		310		353
Phoenix Civic Improvement, Junior Lien, Series A
5.000%, 07/01/2031		4,000		3,827

See accompanying notes to financial statements.

Nuveen Investments 77

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Pinal County Industrial Development Authority, Correctional Facilities Contract, Florence West Prison Project Series A (ACA)
5.000%, 10/01/2016	$	250	$	251
Queen Creek Improvement District #001
5.000%, 01/01/2020		300		300
Scottsdale Industrial Development Authority, Scottsdale Healthcare, Series A
5.000%, 09/01/2022		1,000		1,021
Scottsdale Municipal Property Corporation, Excise Tax, Series C Convertible CABs (AMBAC)
0.000% through 07/01/2013, thereafter 4.550%, 07/01/2021 ◗		500		459
Scottsdale Municipal Property Corporation, Excise Tax, Water and Sewer Development Project, Series A
5.000%, 07/01/2021		4,300		4,709
Tempe Industrial Development Authority, Friendship Village Project, Series A
5.375%, 12/01/2013		1,178		1,124
University Medical Center Corporation
5.000%, 07/01/2016		215		225
5.000%, 07/01/2024		450		437
Yavapai County Industrial Development Authority, Waste Management Incorporated Project, Series A1 (AMT)
4.900%, 03/01/2028		400		364
Yavapai County Industrial Development Authority, Yavapai Regional Medical Center
Series A
6.000%, 08/01/2033		100		98
Series A (RAAI)
5.250%, 08/01/2021		375		371
Yuma Improvement District #68
4.700%, 01/01/2021		365		346

				26,896

General Obligations – 2.1%
Chandler
4.375%, 07/01/2028		500		475
Gila County Unified School District #10, Payson School Improvement Project of 2006, Series A (AMBAC)
5.250%, 07/01/2022		6,630		6,925
Greenlee County School District #18, Morenci School Improvement
5.000%, 07/01/2012		165		171
Pima County Unified School District #1, Tucson Project of 2004, Series C (FGIC) (NATL)
5.000%, 07/01/2027		1,000		1,004
Pinal County Unified School District #1, Florence School Improvement Project of 2006, Series A (FGIC) (NATL)
5.000%, 07/01/2027		1,000		1,007
Tucson
5.500%, 07/01/2018		250		294

				9,876

Certificates of Participation – 0.3%
Arizona School Facilities Board
5.250%, 09/01/2023		500		509
Northern Arizona University, Research Projects (AMBAC)
5.000%, 09/01/2023		140		139
Pinal County
5.000%, 12/01/2014		400		431

				1,079

				37,851

California – 8.2%
Revenue Bonds – 6.7%
California Department of Water Resources, Central Valley Project, Series AE
5.000%, 12/01/2021		2,000		2,191
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management Incorporated Project Series B (AMT) (GTY)
5.000%, 07/01/2027		2,500		2,373
Series C (AMT) (GTY)
5.125%, 11/01/2023		5,000		4,942
California Statewide Communities Development Authority, St. Joseph Series B (FGIC)
5.450%, 07/01/2026		1,050		1,045
Series C (FGIC)
5.450%, 07/01/2026		1,050		1,045
Chula Vista Industrial Development, San Diego Gas & Electric, Series A (AMT)
4.900%, 03/01/2023		2,500		2,455
Loma Linda University Medical Center, Series A
8.250%, 12/01/2038		1,500		1,635
Los Angeles County Metropolitan Transportation Authority, Measure R, Series B
5.000%, 06/01/2018		6,000		6,813
San Francisco City & County Airports, International Airport, Series A
4.900%, 05/01/2029		4,000		3,729
Southern California Public Power Authority, Transmission Project, Series A
5.000%, 07/01/2020		4,000		4,337
Ventura County Area Housing Authority, Mira Vista Senior Apartments, Series A (AMBAC) (AMT)
5.000%, 12/01/2022		1,000		836

				31,401

General Obligations – 1.5%
Poway Unified School District, Election of 2008, District 2007-1-A, Zero Coupon Bond
5.945%, 08/01/2023 ¤		3,775		1,806
Victor Valley Joint Union High School District, Election of 2008, Series A Convertible CABs (AGC)
0.000% through 08/01/2019, thereafter 5.750%, 08/01/2031 ◗		5,000		2,677
Westminster School District, Series A1, Zero Coupon Bond (AGC)
6.240%, 08/01/2026 ¤		2,485		954
6.440%, 08/01/2028 ¤		1,405		461
6.510%, 08/01/2029 ¤		2,920		888

				6,786

				38,187

Colorado – 3.4%
Revenue Bonds – 3.4%
Colorado Health Facilities Authority, Covenant Retirement Communities, Series B
6.125%, 12/01/2033		1,150		1,073

78 Nuveen Investments


Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Colorado Health Facilities Authority, Evangelical Lutheran
5.900%, 10/01/2027	$	2,500	$	2,503
5.000%, 06/01/2029		2,000		1,831
Colorado Health Facilities Authority, Sisters of Charity of Leavenworth, Series B
5.250%, 01/01/2025		5,000		5,090
Colorado Housing & Finance Authority, Solid Waste Disposal, Waste Management Incorporated Project (AMT)
5.700%, 07/01/2018		1,590		1,621
Denver City & County Airport System, Series A
5.000%, 11/15/2021		3,500		3,705

				15,823

Delaware – 1.2%
Revenue Bond – 1.2%
Delaware Transportation Authority, Transportation System
5.000%, 07/01/2019		5,000		5,768

Florida – 2.3%
Revenue Bonds – 1.7%
Halifax Hospital Medical Center, Series A
5.000%, 06/01/2038		375		322
Palm Beach County Health Facilities Authority, Retirement Community, Acts Retirement Life, Series A
4.500%, 11/15/2036		10,000		7,801

				8,123

Certificate of Participation – 0.6%
Palm Beach County School Board (FGIC) (NATL)
5.000%, 08/01/2018		2,415		2,611

				10,734

Georgia – 2.3%
Revenue Bonds – 2.3%
DeKalb County Hospital Authority, DeKalb Medical Center Incorporated Project
6.000%, 09/01/2030		4,000		3,950
Fulton County Development Authority, Maxon Atlantic Station, Series A, Mandatory Put 03/01/2015 @ 100 (AMT)
5.125%, 03/01/2026		2,300		2,241
Fulton County Residential Care Facilities, Canterbury Court Project, Series A
6.125%, 02/15/2026		1,500		1,349
6.125%, 02/15/2034		2,500		2,157
Georgia Municipal Electric Authority Power, Series BB (IBC) (NATL)
5.250%, 01/01/2025		1,000		1,033

				10,730

Hawaii – 1.0%
Revenue Bonds – 1.0%
Hawaii Department of Budget & Finance, Special Purpose, 15 Craigside Project, Series A
8.750%, 11/15/2029		1,000		1,132
9.000%, 11/15/2044		1,250		1,403
Hawaii Department of Budget & Finance, Special Purpose, Kahala Nui Project, Series A
8.000%, 11/15/2033		2,000		2,104

				4,639

Idaho – 0.2%
Revenue Bond – 0.2%
Idaho Health Facilities Authority, Trinity Health Group, Series B
6.250%, 12/01/2033		750		796

Illinois – 6.2%
Revenue Bonds – 5.8%
Illinois Finance Authority, Franciscan Communities, Series A
5.500%, 05/15/2037		400		310
Illinois Finance Authority, Illinois Institute of Technology
7.125%, 02/01/2034		3,500		3,701
Illinois Finance Authority, Landing at Plymouth Place Project, Series A
6.000%, 05/15/2037		2,300		1,872
Illinois Finance Authority, Roosevelt University
6.250%, 04/01/2029		2,000		1,983
5.500%, 04/01/2037		2,800		2,537
Illinois Finance Authority, Rush University Medical Center, Obligated Group Series A
7.250%, 11/01/2030		3,680		4,068
Series C
6.625%, 11/01/2039		1,265		1,321
Illinois Finance Authority, Silver Cross Hospital & Medical Centers
5.500%, 08/15/2030		3,230		2,941
Illinois Finance Authority, Three Crowns Park Plaza, Series A
5.875%, 02/15/2026		100		94
Illinois Health Facilities Authority, Covenant Retirement Communities
5.875%, 12/01/2031		4,500		4,151
Series A (RAAI)
5.500%, 12/01/2022		4,000		3,905

				26,883

General Obligation – 0.4%
Chicago Illinois Board of Education, Series C
5.000%, 12/01/2020		2,000		2,062

				28,945

Indiana – 2.4%
Revenue Bonds – 2.4%
Anderson Economic Development, Anderson University Project
5.000%, 10/01/2032		425		355
Indiana Health & Educational Facilities Financing Authority, Community Foundation
5.500%, 03/01/2037		2,830		2,508
Indiana Health & Educational Facilities Financing Authority, Schneck Memorial Hospital Project, Series A
5.250%, 02/15/2030		400		362
Indiana Municipal Power Agency, Power Supply, Series B (NATL)
6.000%, 01/01/2012		1,000		1,050
Indiana Transportation Finance Authority, Series A (AMBAC)
5.750%, 06/01/2012		2,000		2,088
Indianapolis Airport Authority, Special Facilities, Federal Express Corporation Project, (AMT) (GTY: Federal Express)
5.100%, 01/15/2017		3,000		3,113
Portage Economic Development, Ameriplex Project
5.000%, 07/15/2023		1,000		949

Nuveen Investments 79

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


5.000%, 01/15/2027	$	775	$	706

				11,131

Iowa – 0.1%
Revenue Bond – 0.1%
Muscatine Electric, Escrowed to Maturity
6.700%, 01/01/2013 §		410		441

Kansas – 1.5%
Revenue Bonds – 1.5%
Kansas Department of Transportation, Series B2
5.000%, 09/01/2022		500		550
Kansas Development Finance Authority, Adventist Health System
5.500%, 11/15/2029		4,500		4,666
Olathe Senior Living Facility, Catholic Care Campus, Series A
6.000%, 11/15/2038		2,000		1,700

				6,916

Louisiana – 0.7%
Revenue Bonds – 0.7%
Jefferson Parish, Home Mortgage Authority, Escrowed to Maturity (FGIC) (FHA) (VA)
7.100%, 08/01/2011 §		1,000		1,036
Rapides Financial Authority, Cleco Power LLC Project (AMBAC) (AMT)
4.700%, 11/01/2036		3,000		2,393

				3,429

Maryland – 0.9%
General Obligation – 0.9%
Frederick County, Series C
5.000%, 12/01/2020		3,685		4,249

Massachusetts – 3.0%
Revenue Bonds – 3.0%
Massachusetts Development Finance Agency, Harvard University, Series B1
5.000%, 10/15/2040		5,000		5,128
Massachusetts Development Finance Agency, Health Care Facility, AdventCare Project, Series A
6.750%, 10/15/2037		2,850		2,505
Massachusetts Development Finance Agency, Senior Living Facility, Groves-Lincoln
Series A
7.875%, 06/01/2044		1,000		1,022
Series B2
6.250%, 06/01/2014		640		632
Massachusetts Educational Financing Authority, Issue I, Series B (AMT)
5.500%, 01/01/2023		1,000		992
Massachusetts Health & Educational Facilities Authority, Suffolk University, Series A
5.750%, 07/01/2039		3,000		2,940
Massachusetts Health & Educational Facilities Authority, UMass Memorial Issue, Series D
5.000%, 07/01/2033		1,000		898

				14,117

Michigan – 2.6%
Revenue Bonds – 2.6%
Kalamazoo Hospital Finance Authority, Bronson Methodist Hospital, Series A (AGM)
5.000%, 05/15/2026		7,665		7,409
Michigan Hospital Finance Authority, McLaren Health Care, Series A
5.250%, 05/15/2018		1,000		1,092
Royal Oak Hospital Finance Authority, William Beaumont Hospital
8.000%, 09/01/2029		3,000		3,443

				11,944

Minnesota – 5.3%
Revenue Bonds – 5.3%
Cuyuna Range Hospital District
5.200%, 06/01/2025		1,000		951
Minneapolis Health Care System, Fairview Health Services, Series A
6.625%, 11/15/2028		3,000		3,231
Minnesota Agricultural & Economic Development Board, Health Care System, Fairview Health Services, Series A
6.375%, 11/15/2029		95		95
Monticello-Big Lake Community Hospital District, Health Care Facilities, Series C
6.200%, 12/01/2022		2,995		2,780
Northern Municipal Power Agency
Series A1
5.000%, 01/01/2019		1,000		1,084
5.000%, 01/01/2020		5,500		5,895
Shakopee Health Care Facilities, St. Francis Regional Medical Center
5.250%, 09/01/2034		1,000		905
St. Paul Housing & Redevelopment Authority, Allina Health System, Series A (NATL)
5.000%, 11/15/2019		4,500		4,688
St. Paul Housing & Redevelopment Authority, Health Care Facilities, HealthPartners Obligated Group Project
5.250%, 05/15/2026		1,500		1,389
St. Paul Housing & Redevelopment Hospital Authority, HealthEast Project
6.000%, 11/15/2025		2,000		1,913
6.000%, 11/15/2030		2,000		1,801

				24,732

Missouri – 0.7%
Revenue Bond – 0.7%
Bi-State Development Agency, Missouri-Illinois Metropolitan District, St. Clair County Metrolink Project (AGM)
5.250%, 07/01/2027		3,185		3,245

Montana – 1.5%
Revenue Bonds – 1.5%
Forsyth Pollution Control, Northwestern Corporation (AMBAC)
4.650%, 08/01/2023		2,500		2,483
Montana Facility Finance Authority, Senior Living, St. John’s Lutheran Ministries Project, Series A
6.125%, 05/15/2036		2,500		1,997
Montana Finance Authority, Health Care Facilities, Powell County Memorial Hospital Association, Series A
5.000%, 07/01/2036		2,500		2,496

				6,976

Nebraska – 3.3%
Revenue Bonds – 3.3%
Nebraska Public Power District, Series B
5.000%, 01/01/2020		2,750		2,967
Washington County Wastewater & Solid Waste Disposal Facilities, Cargill Incorporated Project (AMT)
4.850%, 04/01/2035		12,000		10,772

80 Nuveen Investments


Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Washington County Wastewater Facilities, Cargill Incorporated Project (AMT)
5.900%, 11/01/2027	$	1,700	$	1,720

				15,459

Nevada – 1.9%
Revenue Bonds – 1.9%
Carson City Hospital, Carson-Tahoe Hospital
5.750%, 09/01/2031		2,740		2,603
Pre-refunded 09/01/2012 @ 101
5.750%, 09/01/2031 ◊		2,260		2,457
Clark County Industrial Development, Southwest Gas Corporation Project
Series A (AMBAC) (AMT)
5.250%, 07/01/2034		4,000		3,594
Series A (AMT) (FGIC)
4.750%, 09/01/2036		80		65

				8,719

New Hampshire – 0.4%
Revenue Bonds – 0.4%
New Hampshire Health & Educational Facilities Authority, Covenant Health
5.375%, 07/01/2024		1,250		1,256
New Hampshire Health & Educational Facilities Authority, Speare Memorial Hospital
5.875%, 07/01/2034		800		731

				1,987

New York – 0.3%
Revenue Bond – 0.3%
Troy Capital Resource, Rensselaer Polytechnic Institute Project, Series B
5.000%, 09/01/2020		1,400		1,487

North Carolina – 2.5%
Revenue Bond – 0.3%
North Carolina Medical Care Community Health Care Facilities, 1st Mortgage Presbyterian, Series B
5.200%, 10/01/2021		1,500		1,434

General Obligation – 2.2%
North Carolina, Public Improvement, Series A, Pre-refunded 03/01/2015 @ 100
5.000%, 03/01/2021 ◊		8,765		9,960

				11,394

North Dakota – 0.2%
General Obligations – 0.2%
West Fargo, Series A (AGC)
4.000%, 05/01/2017		550		567
4.000%, 05/01/2018		540		552

				1,119

Ohio – 1.3%
Revenue Bonds – 1.3%
Lake County Hospital Facilities, Lake Hospital System, Series C
5.625%, 08/15/2029		3,250		3,203
Miami County Hospital Facilities, Refunding & Improvement, Upper Valley Medical Center
5.250%, 05/15/2026		1,000		962
Ohio Higher Educational Facility, Baldwin-Wallace College Project
5.250%, 12/01/2019		1,540		1,616

				5,781

Oregon – 1.7%
Revenue Bonds – 1.7%
Gilliam County Solid Waste Disposal, Waste Management Project (AMT)
5.250%, 07/01/2029		1,500		1,427
Portland Airport, Portland International (AMT)
5.000%, 07/01/2027		7,155		6,631

				8,058

Pennsylvania – 3.9%
Revenue Bonds – 2.6%
Delaware County Authority College, Neumann College
6.125%, 10/01/2034		1,000		981
Erie County Industrial Development Authority, International Paper Company Project, Series A (AMT)
5.000%, 11/01/2018		1,350		1,340
Pennsylvania Economic Development Authority, Allegheny Energy Supply
7.000%, 07/15/2039		5,000		5,382
Philadelphia Gas Works, Ninth Series
5.000%, 08/01/2030		2,000		1,850
State Public School Building Authority, Delaware County Community College Project (AGM)
5.000%, 10/01/2024		1,600		1,667
Westmoreland County Industrial Development Authority, Redstone Retirement Community, Series A
5.750%, 01/01/2026		1,200		1,060

				12,280

General Obligation – 1.3%
Pennsylvania, Series A
5.000%, 05/01/2019		5,000		5,757

				18,037

Puerto Rico – 2.2%
Revenue Bond – 2.1%
Puerto Rico Electric Power Authority, Series VV (NATL)
5.250%, 07/01/2029		10,000		9,757

General Obligation – 0.1%
Puerto Rico Commonwealth, Series A
5.000%, 07/01/2027		550		516

				10,273

South Carolina – 1.0%
Revenue Bonds – 0.4%
Georgetown County Environmental Improvement, International Paper, Series A (AMT)
5.550%, 12/01/2029		700		650
South Carolina Jobs Economic Development Authority, Palmetto Health Alliance Series A
6.125%, 08/01/2023		1,250		1,285
Series C, Pre-refunded 08/01/2013 @ 100
6.375%, 08/01/2034 ◊		135		153

				2,088

General Obligation – 0.6%
South Carolina Infrastructure, Series A
3.000%, 10/01/2024		3,000		2,687

				4,775

South Dakota – 3.6%
Revenue Bonds – 3.6%
Rapid City Airport, Recovery Zone, Series B
7.000%, 12/01/2030 *		2,500		2,502

Nuveen Investments 81

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Tax Free Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Sioux Falls Health Facilities, Dow Rummel Village Project, Series A, Pre-refunded 11/15/2012 @ 100
6.625%, 11/15/2023 ◊	$	2,270	$	2,509
South Dakota Economic Development Finance Authority, Pooled Loan Program – Davis Family, Series 4A (AMT)
6.000%, 04/01/2029		1,400		1,401
South Dakota Economic Development Finance Authority, Pooled Loan Program – Spearfish Forest, Series A (AMT)
5.875%, 04/01/2028		2,000		1,994
South Dakota Health & Educational Facilities Authority, Vocational Education Program (AGC)
5.500%, 08/01/2038		7,000		7,104
South Dakota Health & Educational Facilities Authority, Westhills Village Retirement Community
5.000%, 09/01/2031		1,250		1,119

				16,629

Tennessee – 2.0%
Revenue Bonds – 1.8%
Claiborne County Industrial Development Board, Lincoln Memorial University Project
6.625%, 10/01/2039		3,000		2,994
Johnson City Health & Educational Facilities Board, Mountain States Health, Series A, Pre-refunded 07/01/2012 @ 103
7.500%, 07/01/2033 ◊		2,500		2,765
Memphis-Shelby County Airport Authority, Series B (AMT)
5.750%, 07/01/2025		1,200		1,209
Shelby County Health, Educational, & Housing Facility Board, Methodist Healthcare, Pre-refunded 09/01/2012 @ 100
6.500%, 09/01/2021 ◊		1,125		1,232

				8,200

General Obligation – 0.2%
Shelby County
5.000%, 04/01/2020		1,000		1,131

				9,331

Texas – 13.7%
Revenue Bonds – 11.0%
Abilene Health Facilities Development, Sears Methodist Retirement Project
5.875%, 11/15/2018		455		398
Series A
5.875%, 11/15/2018		2,280		1,994
Brazos County Health Facilities, Franciscan Services Corporation, St. Joseph Regional
5.000%, 01/01/2023		3,635		3,533
Bryan Electric System
5.000%, 07/01/2019		3,500		3,802
Crawford Education Facilities, University of St. Thomas Project
5.250%, 10/01/2022		1,300		1,248
5.375%, 10/01/2027		1,750		1,613
Harris County Health Facilities Development Corporation, Memorial Hermann Healthcare System, Series B
7.250%, 12/01/2035		2,000		2,175
Harrison County Health Facilities, Good Shepherd Health Systems
5.250%, 07/01/2028		3,000		2,698
Lubbock Educational Facilities Authority, Lubbock Christian University
5.125%, 11/01/2027		1,000		926
5.250%, 11/01/2037		2,500		2,221
North Texas Tollway Authority, First Tier, Series E3, Mandatory Put 01/01/2016 @ 100
5.750%, 01/01/2038		4,500		4,974
Red River Authority Sewer & Solid Waste Disposal, Excel Corporation Project (AMT)
6.100%, 02/01/2022		3,775		3,824
San Antonio Electric & Gas
5.000%, 02/01/2025		4,000		4,234
Series A
5.250%, 02/01/2025		10,000		10,763
San Marcos Waterworks & Waste Water Systems (AGM)
5.000%, 08/15/2026		1,000		1,017
Tarrant County Cultural Education Retirement Facility, Northwest Senior Housing, Edgemere Project, Series A
6.000%, 11/15/2026		1,600		1,579
Travis County Health Facilities, Querencia Barton Creek Project
5.500%, 11/15/2025		1,300		1,130
5.650%, 11/15/2035		4,100		3,243

				51,372

General Obligations – 2.7%
Fort Bend Independent School District, Escrowed to Maturity (PSFG)
5.000%, 02/15/2014 §		500		558
Humble Independent School District, Series A (AGC)
5.250%, 02/15/2022		2,635		2,910
Klein Independent School District, Series A (PSFG)
5.000%, 08/01/2022		2,000		2,235
5.000%, 08/01/2023		2,285		2,521
Port Houston Authority, Harris County, Series D1
5.000%, 10/01/2030		2,000		2,037
San Marcos Certificates of Obligation (AGM)
5.000%, 08/15/2025		1,000		1,031
5.000%, 08/15/2027		1,000		1,017

				12,309

				63,681

Utah – 0.2%
Revenue Bonds – 0.2%
Intermountain Power Agency, Utah Power Supply Series A (AMBAC)
6.500%, 07/01/2011		365		376
Series A, Escrowed to Maturity (AMBAC)
6.500%, 07/01/2011 §		635		654

				1,030

Vermont – 0.2%
Revenue Bond – 0.2%
Vermont Economic Development Authority, Wake Robin Corporation Project, Series A
5.250%, 05/01/2026		1,000		869

Virginia – 0.2%
Revenue Bond – 0.2%
Arlington County Industrial Development Authority, Berkeley Apartments (AMT) (FNMA)
5.850%, 12/01/2020		1,000		1,021

82 Nuveen Investments


Tax Free Fund (continued)
DESCRIPTION	PAR/SHARES		FAIR VALUE >


Washington – 3.5%
Revenue Bonds – 3.5%
Energy Northwest Washington Electric, Project 3, Series A
5.000%, 07/01/2018	$	2,500	$	2,883
Seattle Municipal Light & Power, Series B
5.000%, 02/01/2022		5,000		5,451
Washington Health Care Facilities Authority, Central Washington Health Services
6.250%, 07/01/2024		2,000		2,065
7.000%, 07/01/2039		2,000		2,067
Washington Higher Education Facilities Authority, Whitworth University Project
5.375%, 10/01/2029		3,000		2,819
Washington Public Power Supply System, Nuclear Project #3, Series B
7.125%, 07/01/2016		600		746

				16,031

Wisconsin – 1.6%
Revenue Bonds – 1.6%
Wisconsin Health & Educational Facilities Authority, Beaver Dam Community Hospitals, Series A
6.750%, 08/15/2034		2,000		1,906
Wisconsin Health & Educational Facilities Authority, Beloit College, Series A
6.125%, 06/01/2039		1,225		1,140
Wisconsin Health & Educational Facilities Authority, Children’s Hospital of Wisconsin
5.250%, 08/15/2024		2,000		2,063
Wisconsin Health & Educational Facilities Authority, Eastcastle Place Incorporated Project
6.000%, 12/01/2024		1,000		858
Wisconsin Health & Educational Facilities Authority, New Castle Place Project, Series A
7.000%, 12/01/2031		2,000		1,624

				7,591

Wyoming – 0.5%
Revenue Bond – 0.5%
Teton County Hospital District, St. John’s Medical Center
6.750%, 12/01/2022		2,100		2,099

Total Municipal Bonds
(Cost $459,299)				451,123

Short-Term Investments – 2.8%
First American Tax Free Obligations Fund, Class Z
0.086% Å Ω
(Cost $12,953)		12,953,323		12,953

Total Investments – 99.8%
(Cost $472,252)				464,076

Other Assets and Liabilities, Net – 0.2%				802

Total Net Assets – 100.0%			$	464,878


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

◊		Pre-refunded issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. These bonds mature at the call date and price indicated.

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

Tax Free Fund (concluded)


¤		Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2010.

§		Escrowed to Maturity issues are typically backed by U.S. Government obligations, which secure the timely payment of principal and interest. If callable, these bonds may still be subject to call prior to maturity.

*		Security purchased on a when-issued/delayed-delivery basis.

Å		Investment in affiliated security.

Ω		The rate shown is the annualized seven-day effective yield as of December 31, 2010.


ACA –	ACA Financial Guaranty Corporation

AGC –	Assured Guaranty Corporation


AGM –	Assured Guaranty Municipal Corporation


AMBAC –	American Municipal Bond Assurance Corporation


AMT –	Alternative Minimum Tax


FGIC –	Financial Guaranty Insurance Corporation


FHA –	Federal Housing Administration


FNMA –	Federal National Mortgage Association


GNMA –	Government National Mortgage Association


GTY –	Guaranty Agreement


IBC –	Insured Bond Certificate


NATL –	National Public Finance Guarantee Corporation


PSFG –	Permanent School Fund Guarantee


RAAI –	Radian Asset Assurance Inc.


SGI –	Syncora Guarantee Inc.


VA –	Veterans Administration

See accompanying notes to financial statements.

Nuveen Investments 83


Statements of Assets and Liabilities	December 31, 2010 (unaudited), all dollars and shares are rounded to thousands (000), except per share data



										Minnesota
	California			Colorado			Intermediate			Intermediate			Minnesota Municipal
	Tax Free Fund			Tax Free Fund			Tax Free Fund			Municipal Bond Fund			Bond Fund

Unaffiliated investments, at cost	$	96,673		$	58,815		$	729,726		$	225,957		$	160,873
Affiliated money market fund, at cost^(a)		1,249			1,599			6,078			—			—


ASSETS:
Unaffiliated investments, at fair value	$	95,285		$	58,684		$	748,474		$	231,347		$	159,037
Affiliated money market fund, at fair value^(a)		1,249			1,599			6,078			—			—
Cash		—			—			2			—			—
Receivables:
Dividends and interest		1,433			558			9,650			3,006			2,133
Investments sold		—			69			—			344			—
Fund shares sold		127			79			1,814			16			354
From Advisor		—			3			—			—			—
Other assets		7			8			29			8			9


Total assets		98,101			61,000			766,047			234,721			161,533


LIABILITIES:
Payables:
Dividends		312			169			2,192			571			265
Investments purchased		—			—			—			—			—
Fund shares redeemed		207			1			760			342			513
To affiliates		36			22			447			133			88
Distribution and shareholder servicing fees		5			4			5			6			26
Other liabilities		18			18			15			17			16


Total liabilities		578			214			3,419			1,069			908


Net assets	$	97,523		$	60,786		$	762,628		$	233,652		$	160,625


COMPOSITION OF NET ASSETS:
Capital paid-in	$	98,738		$	60,891		$	743,886		$	228,281		$	162,477
Undistributed (Over-distribution of) net investment income		43			(10	)		(217	)		102			221
Accumulated net realized gain (loss)		130			36			211			(121	)		(237	)
Net unrealized appreciation (depreciation)		(1,388	)		(131	)		18,748			5,390			(1,836	)


Net assets	$	97,523		$	60,786		$	762,628		$	233,652		$	160,625


Class A:
Net assets	$	17,120		$	10,948		$	59,039		$	38,041		$	85,432
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		1,628			1,124			5,528			3,818			8,101
Net asset value and redemption price per share	$	10.52		$	9.74		$	10.68		$	9.96		$	10.55
Maximum offering price per share	$	10.99		$	10.17		$	10.93		$	10.19		$	11.02
Class C:
Net assets	$	5,956		$	2,663		$	4,356		$	6,548		$	25,328
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		565			274			406			656			2,413
Net asset value, offering price, and redemption price per share	$	10.53		$	9.71		$	10.73		$	9.98		$	10.50
Class Y: (See Note 1)
Net assets	$	74,447		$	47,175		$	699,233		$	189,063		$	49,865
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		7,079			4,831			65,646			19,092			4,735
Net asset value, offering price, and redemption price per share	$	10.52		$	9.77		$	10.65		$	9.90		$	10.53


	^(a)	Effective January 1, 2011, this investment is no longer affiliated.

See accompanying notes to financial statements.

84 Nuveen Investments



										Oregon Intermediate
	Missouri			Nebraska Municipal			Ohio			Municipal			Short
	Tax Free Fund			Bond Fund			Tax Free Fund			Bond Fund			Tax Free Fund			Tax Free Fund

	$	156,388		$	39,417		$	59,730		$	147,225		$	280,464		$	459,299
		2,304			403			3,029			2,608			31,483			12,953



	$	153,888		$	39,798		$	59,462		$	150,444		$	283,888		$	451,123
��		2,304			403			3,029			2,608			31,483			12,953
		—			—			—			—			—			—

		2,167			555			669			1,227			3,637			7,322
		—			716			—			—			—			—
		465			17			157			65			2,459			323
		—			8			3			—			—			—
		9			9			7			7			20			29


		158,833			41,506			63,327			154,351			321,487			471,750




		490			115			203			346			437			1,520
		—			—			—			—			—			2,489
		82			1			1,740			450			59			2,565
		88			18			23			85			147			278
		2			4			1			4			1			6
		17			18			18			17			16			14


		679			156			1,985			902			660			6,872


	$	158,154		$	41,350		$	61,342		$	153,449		$	320,827		$	464,878



	$	160,343		$	41,643		$	62,139		$	150,419		$	318,427		$	481,849
		159			18			12			145			143			(259	)
		152			(692	)		(541	)		(334	)		(1,167	)		(8,536	)
		(2,500	)		381			(268	)		3,219			3,424			(8,176	)


	$	158,154		$	41,350		$	61,342		$	153,449		$	320,827		$	464,878



	$	24,119		$	7,089		$	1,794		$	31,943		$	9,239		$	47,728
		2,112			703			178			3,220			930			4,643
	$	11.42		$	10.09		$	10.10		$	9.92		$	9.94		$	10.28
	$	11.93		$	10.54		$	10.55		$	10.15		$	10.17		$	10.74

	$	1,873		$	4,222		$	1,723		$	—		$	—		$	6,184
		164			422			173			—			—			605
	$	11.39		$	10.01		$	9.95		$	—		$	—		$	10.23

	$	132,162		$	30,039		$	57,825		$	121,506		$	311,588		$	410,966
		11,567			2,979			5,731			12,253			31,348			39,939
	$	11.43		$	10.08		$	10.09		$	9.92		$	9.94		$	10.29

See accompanying notes to financial statements.

Nuveen Investments 85


Statements of Operations	For the six-month period ended December 31, 2010 (unaudited), all dollars are rounded to thousands (000)



										Minnesota			Minnesota
	California			Colorado			Intermediate			Intermediate			Municipal
	Tax Free Fund			Tax Free Fund			Tax Free Fund			Municipal Bond Fund			Bond Fund

INVESTMENT INCOME:
Interest from unaffiliated investments	$	2,625		$	1,580		$	18,488		$	5,171		$	3,904
Dividends from unaffiliated money market fund		—			—			—			—			1
Dividends from affiliated funds		—			—			2			—			—


Total investment income		2,625			1,580			18,490			5,171			3,905


EXPENSES:
Investment advisory fees		270			164			2,020			608			436
Administration fees		127			79			936			283			204
Transfer agent fees		40			40			41			41			42
Custodian fees		3			2			20			6			4
Professional fees		23			23			24			23			24
Registration fees		3			3			21			4			5
Postage & printing fees		3			1			21			6			4
Directors’ fees		16			16			16			16			16
Other expenses		10			10			11			10			10
Distribution and shareholder servicing fees:
Class A		23			14			78			48			116
Class C		19			10			10			18			91


Total expenses		537			362			3,198			1,063			952


Less: Fee waivers		(236	)		(175	)		(354	)		(185	)		(182	)
Less: Expense reimbursement from Regulatory Settlement		—			—			(11	)		—			—


Net expenses		301			187			2,833			878			770


Net investment income		2,324			1,393			15,657			4,293			3,135


REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gain (loss) from investments		130			138			419			(121	)		(6	)
Change in net unrealized appreciation (depreciation) of investments		(3,472	)		(2,020	)		(16,053	)		(4,083	)		(5,195	)


Net realized and unrealized gain (loss)		(3,342	)		(1,882	)		(15,634	)		(4,204	)		(5,201	)


Net increase (decrease) in net assets resulting from operations	$	(1,018	)	$	(489	)	$	23		$	89		$	(2,066	)

See accompanying notes to financial statements.

86 Nuveen Investments



			Nebraska						Oregon Intermediate
Missouri			Municipal			Ohio			Municipal			Short
Tax Free Fund			Bond Fund			Tax Free Fund			Bond Fund			Tax Free Fund			Tax Free Fund


$	4,012		$	1,035		$	1,457		$	3,380		$	3,946		$	12,579
	—			—			—			—			—			7
	1			—			—			1			2			3


	4,013			1,035			1,457			3,381			3,948			12,589



	418			109			165			419			801			1,294
	196			53			79			196			372			601
	40			41			41			30			30			42
	4			1			2			4			8			13
	24			24			24			24			24			22
	5			4			3			3			15			20
	4			1			2			4			9			12
	16			16			16			16			16			16
	10			10			10			10			10			11

	32			9			2			44			11			61
	6			15			5			—			—			20


	755			283			349			750			1,296			2,112


	(189	)		(151	)		(177	)		(139	)		(336	)		(283	)
	—			—			—			—			—			(98	)


	566			132			172			611			960			1,731


	3,447			903			1,285			2,770			2,988			10,858



	250			(54	)		12			168			269			(1,707	)

	(3,951	)		(1,036	)		(2,077	)		(3,451	)		(1,627	)		(14,373	)


	(3,701	)		(1,090	)		(2,065	)		(3,283	)		(1,358	)		(16,080	)



$	(254	)	$	(187	)	$	(780	)	$	(513	)	$	1,630		$	(5,222	)

See accompanying notes to financial statements.

Nuveen Investments 87


Statements of Changes in Net Assets	(Unaudited), all dollars are rounded to thousands (000)



	California						Colorado						Intermediate
	Tax Free Fund						Tax Free Fund						Tax Free Fund¹

	Six-Months						Six-Months						Six-Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	12/31/10			6/30/10			12/31/10			6/30/10			12/31/10			6/30/10

OPERATIONS:
Net investment income	$	2,324		$	4,452		$	1,393		$	2,847		$	15,657		$	29,940
Net realized gain (loss) from:
Investments		130			499			138			1,080			419			1,318
Futures contracts		—			—			—			—			—			—
Change in net unrealized appreciation (depreciation) of investments		(3,472	)		5,413			(2,020	)		2,902			(16,053	)		27,550


Net increase (decrease) in net assets resulting from operations		(1,018	)		10,364			(489	)		6,829			23			58,808


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class A		(382	)		(722	)		(225	)		(470	)		(1,193	)		(1,856	)
Class C		(105	)		(153	)		(56	)		(118	)		(50	)		(16	)
Class Y (See Note 1)		(1,822	)		(3,542	)		(1,096	)		(2,237	)		(14,353	)		(27,974	)
Accumulated net realized gains:
Class A		(38	)		(44	)		(99	)		(101	)		(54	)		—
Class C		(12	)		(11	)		(24	)		(27	)		(4	)		—
Class Y (See Note 1)		(166	)		(211	)		(433	)		(455	)		(639	)		—


Total distributions		(2,525	)		(4,683	)		(1,933	)		(3,408	)		(16,293	)		(29,846	)


FUND SHARE TRANSACTIONS:
Class A:
Proceeds from sales		2,994			2,905			1,182			1,018			11,652			32,251
Fund merger		—			—			—			—			—			—
Reinvestment of distributions		289			466			252			442			895			1,253
Payments for redemptions		(2,850	)		(3,438	)		(856	)		(2,325	)		(11,832	)		(10,578	)


Net increase (decrease) in net assets from Class A transactions		433			(67	)		578			(865	)		715			22,926


Class C:
Proceeds from sales		2,183			1,599			59			554			2,998			1,645
Fund merger		—			—			—			—			—			—
Reinvestment of distributions		59			112			53			104			33			10
Payments for redemptions		(743	)		(1,329	)		(522	)		(537	)		(36	)		(178	)


Net increase (decrease) in net assets from Class C transactions		1,499			382			(410	)		121			2,995			1,477


Class Y: (See Note 1)
Proceeds from sales		7,937			15,859			9,787			9,950			82,676			182,199
Fund merger		—			—			—			—			—			—
Reinvestment of distributions		64			96			160			196			1,242			2,216
Payments for redemptions		(12,465	)		(16,450	)		(10,134	)		(15,096	)		(86,272	)		(137,650	)


Net increase (decrease) in net assets from Class Y transactions		(4,464	)		(495	)		(187	)		(4,950	)		(2,354	)		46,765


Net increase (decrease) in net assets from fund share transactions		(2,532	)		(180	)		(19	)		(5,694	)		1,356			71,168


Net increase (decrease) in net assets		(6,075	)		5,501			(2,441	)		(2,273	)		(14,914	)		100,130
Net assets at beginning of period		103,598			98,097			63,227			65,500			777,542			677,412


Net assets at end of period	$	97,523		$	103,598		$	60,786		$	63,227		$	762,628		$	777,542


Undistributed (Over-distribution of) net investment income at the end of period	$	43		$	28		$	(10	)	$	(26	)	$	(217	)	$	(278	)


	¹	The fund began offering Class C on October 28, 2009.

See accompanying notes to financial statements.

88 Nuveen Investments



Minnesota
Intermediate						Minnesota												Nebraska
Municipal						Municipal						Missouri						Municipal						Ohio
Bond Fund¹						Bond Fund						Tax Free Fund						Bond Fund						Tax Free Fund

Six-Months						Six-Months						Six-Months						Six-Months						Six-Months
Ended			Year Ended			Ended			Year Ended			Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
12/31/10			6/30/10			12/31/10			6/30/10			12/31/10			6/30/10			12/31/10			6/30/10			12/31/10			6/30/10


$	4,293		$	7,879		$	3,135		$	6,286		$	3,447		$	6,422		$	903		$	1,739		$	1,285		$	2,190

	(121	)		42			(6	)		1,108			250			835			(54	)		(19	)		12			19
	—			—			—			—			—			—			—			—			—			—

	(4,083	)		9,395			(5,195	)		12,393			(3,951	)		7,851			(1,036	)		2,000			(2,077	)		2,508


	89			17,316			(2,066	)		19,787			(254	)		15,108			(187	)		3,720			(780	)		4,717




	(639	)		(1,021	)		(1,578	)		(3,519	)		(475	)		(951	)		(136	)		(244	)		(37	)		(53	)
	(75	)		(38	)		(406	)		(818	)		(30	)		(42	)		(81	)		(123	)		(26	)		(23	)
	(3,408	)		(6,807	)		(954	)		(1,956	)		(2,718	)		(5,466	)		(690	)		(1,333	)		(1,244	)		(2,063	)

	—			(14	)		—			(6	)		(40	)		(168	)		—			—			—			—
	—			—			—			(1	)		(3	)		(8	)		—			—			—			—
	—			(90	)		—			(3	)		(221	)		(918	)		—			—			—			—


	(4,122	)		(7,970	)		(2,938	)		(6,303	)		(3,487	)		(7,553	)		(907	)		(1,700	)		(1,307	)		(2,139	)




	7,906			14,085			4,854			12,953			1,977			3,897			1,098			1,600			152			1,100
	—			—			—			—			—			—			—			—			—			—
	490			761			984			2,206			291			653			82			153			33			48
	(4,618	)		(4,091	)		(9,719	)		(18,154	)		(1,411	)		(4,633	)		(237	)		(1,577	)		(224	)		(368	)


	3,778			10,755			(3,881	)		(2,995	)		857			(83	)		943			176			(39	)		780



	3,763			4,278			3,110			6,758			323			1,029			427			1,575			487			927
	—			—			—			—			—			—			—			—			—			—
	60			34			308			611			21			33			50			75			14			9
	(1,082	)		(370	)		(4,024	)		(3,009	)		(73	)		(212	)		(321	)		(204	)		(68	)		(15	)


	2,741			3,942			(606	)		4,360			271			850			156			1,446			433			921



	23,630			44,976			6,080			15,413			13,313			41,446			1,728			4,178			7,449			18,536
	—			—			—			—			—			—			—			—			—			—
	83			168			37			76			97			256			96			134			61			190
	(24,912	)		(32,281	)		(7,334	)		(8,805	)		(15,175	)		(30,537	)		(2,750	)		(4,804	)		(7,249	)		(6,461	)


	(1,199	)		12,863			(1,217	)		6,684			(1,765	)		11,165			(926	)		(492	)		261			12,265


	5,320			27,560			(5,704	)		8,049			(637	)		11,932			173			1,130			655			13,966


	1,287			36,906			(10,708	)		21,533			(4,378	)		19,487			(921	)		3,150			(1,432	)		16,544
	232,365			195,459			171,333			149,800			162,532			143,045			42,271			39,121			62,774			46,230


$	233,652		$	232,365		$	160,625		$	171,333		$	158,154		$	162,532		$	41,350		$	42,271		$	61,342		$	62,774


$	102		$	(69	)	$	221		$	24		$	159		$	(65	)	$	18		$	22		$	12		$	34

See accompanying notes to financial statements.

Nuveen Investments 89


Statements of Changes in Net Assets	(Unaudited) continued



	Oregon
	Intermediate
	Municipal						Short
	Bond Fund						Tax Free Fund						Tax Free Fund

	Six-Months						Six-Months						Six-Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	12/31/10			6/30/10			12/31/10			6/30/10			12/31/10			6/30/10

OPERATIONS:
Net investment income	$	2,770		$	5,287		$	2,988		$	5,169		$	10,858		$	22,109
Net realized gain (loss) from:
Investments		168			528			269			2,406			(1,707	)		801
Futures contracts		—			(111	)		—			—			—			—
Change in net unrealized appreciation (depreciation) of investments		(3,451	)		4,379			(1,627	)		2,992			(14,373	)		41,451


Net increase (decrease) in net assets resulting from operations		(513	)		10,083			1,630			10,567			(5,222	)		64,361


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class A		(520	)		(719	)		(70	)		(116	)		(1,010	)		(1,996	)
Class C		—			—			—			—			(110	)		(193	)
Class Y (See Note 1)		(2,076	)		(4,596	)		(2,769	)		(5,052	)		(9,606	)		(20,293	)
Accumulated net realized gains:
Class A		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class Y (See Note 1)		—			—			—			—			—			—


Total distributions		(2,596	)		(5,315	)		(2,839	)		(5,168	)		(10,726	)		(22,482	)


FUND SHARE TRANSACTIONS:
Class A:
Proceeds from sales		6,742			20,541			3,069			4,089			6,293			9,585
Fund merger		—			—			—			—			—			6,036
Reinvestment of distributions		408			542			38			56			572			1,270
Payments for redemptions		(5,485	)		(1,554	)		(976	)		(486	)		(3,432	)		(9,849	)


Net increase (decrease) in net assets from Class A transactions		1,665			19,529			2,131			3,659			3,433			7,042


Class C:
Proceeds from sales		—			—			—			—			1,138			1,269
Fund merger		—			—			—			—			—			1,500
Reinvestment of distributions		—			—			—			—			61			101
Payments for redemptions		—			—			—			—			(503	)		(990	)


Net increase (decrease) in net assets from Class C transactions		—			—			—			—			696			1,880


Class Y: (See Note 1)
Proceeds from sales		9,263			45,505			110,279			256,228			47,221			90,171
Fund merger		—			—			—			—			—			13,894
Reinvestment of distributions		72			103			155			325			508			891
Payments for redemptions		(19,301	)		(35,968	)		(108,480	)		(129,986	)		(66,832	)		(79,723	)


Net increase (decrease) in net assets from Class Y transactions		(9,966	)		9,640			1,954			126,567			(19,103	)		25,233


Net increase (decrease) in net assets from fund share transactions		(8,301	)		29,169			4,085			130,226			(14,974	)		34,155


Net increase (decrease) in net assets		(11,410	)		33,937			2,876			135,625			(30,922	)		76,034
Net assets at beginning of period		164,859			130,922			317,951			182,326			495,800			419,766


Net assets at end of period	$	153,449		$	164,859		$	320,827		$	317,951		$	464,878		$	495,800


Undistributed (Over-distribution of) net investment income at the end of period	$	145		$	(29	)	$	143		$	(6	)	$	(259	)	$	(391	)

See accompanying notes to financial statements.

90 Nuveen Investments

(This page intentionally left blank.)

Nuveen Investments 91

Financial Highlights (Unaudited), For a share outstanding throughout the indicated periods.



					Realized and
					Unrealized						Distributions
	Beginning		Net		Gains			Total from			from Net			Distributions						Ending
	Net Asset		Investment		(Losses) on			Investment			Investment			from Net			Total			Net Asset
	Value		Income		Investments			Operations			Income			Realized Gains			Distributions			Value

California Tax Free Fund
Class A
2010¹	$	10.88	$	0.23	$	(0.34	)	$	(0.11	)	$	(0.23	)	$	(0.02	)	$	(0.25	)	$	10.52
2010²		10.27		0.47		0.63			1.10			(0.46	)		(0.03	)		(0.49	)		10.88
2009²		10.71		0.46		(0.44	)		0.02			(0.46	)		—			(0.46	)		10.27
2008²		10.98		0.46		(0.23	)		0.23			(0.46	)		(0.04	)		(0.50	)		10.71
2007²		10.96		0.45		0.06			0.51			(0.45	)		(0.04	)		(0.49	)		10.98
2006³		11.24		0.33		(0.26	)		0.07			(0.33	)		(0.02	)		(0.35	)		10.96
2005⁴		11.40		0.44		(0.05	)		0.39			(0.44	)		(0.11	)		(0.55	)		11.24
Class C
2010¹	$	10.89	$	0.21	$	(0.34	)	$	(0.13	)	$	(0.21	)	$	(0.02	)	$	(0.23	)	$	10.53
2010²		10.28		0.41		0.64			1.05			(0.41	)		(0.03	)		(0.44	)		10.89
2009²		10.72		0.41		(0.44	)		(0.03	)		(0.41	)		—			(0.41	)		10.28
2008²		10.99		0.40		(0.22	)		0.18			(0.41	)		(0.04	)		(0.45	)		10.72
2007²		10.97		0.41		0.05			0.46			(0.40	)		(0.04	)		(0.44	)		10.99
2006³		11.25		0.30		(0.26	)		0.04			(0.30	)		(0.02	)		(0.32	)		10.97
2005⁴		11.41		0.40		(0.05	)		0.35			(0.40	)		(0.11	)		(0.51	)		11.25
Class Y (See Note 1)
2010¹	$	10.88	$	0.24	$	(0.34	)	$	(0.10	)	$	(0.24	)	$	(0.02	)	$	(0.26	)	$	10.52
2010²		10.27		0.48		0.64			1.12			(0.48	)		(0.03	)		(0.51	)		10.88
2009²		10.71		0.48		(0.45	)		0.03			(0.47	)		—			(0.47	)		10.27
2008²		10.98		0.48		(0.23	)		0.25			(0.48	)		(0.04	)		(0.52	)		10.71
2007²		10.97		0.47		0.05			0.52			(0.47	)		(0.04	)		(0.51	)		10.98
2006³		11.25		0.35		(0.26	)		0.09			(0.35	)		(0.02	)		(0.37	)		10.97
2005⁴		11.40		0.47		(0.04	)		0.43			(0.47	)		(0.11	)		(0.58	)		11.25


Colorado Tax Free Fund
Class A
2010¹	$	10.12	$	0.21	$	(0.29	)	$	(0.08	)	$	(0.21	)	$	(0.09	)	$	(0.30	)	$	9.74
2010²		9.60		0.43		0.60			1.03			(0.42	)		(0.09	)		(0.51	)		10.12
2009²		10.28		0.41		(0.56	)		(0.15	)		(0.45	)		(0.08	)		(0.53	)		9.60
2008²		10.61		0.48		(0.33	)		0.15			(0.45	)		(0.03	)		(0.48	)		10.28
2007²		10.73		0.46		(0.02	)		0.44			(0.48	)		(0.08	)		(0.56	)		10.61
2006³		11.30		0.35		(0.26	)		0.09			(0.34	)		(0.32	)		(0.66	)		10.73
2005⁴		11.52		0.49		(0.11	)		0.38			(0.51	)		(0.09	)		(0.60	)		11.30
Class C
2010¹	$	10.09	$	0.18	$	(0.28	)	$	(0.10	)	$	(0.19	)	$	(0.09	)	$	(0.28	)	$	9.71
2010²		9.57		0.38		0.61			0.99			(0.38	)		(0.09	)		(0.47	)		10.09
2009²		10.26		0.41		(0.61	)		(0.20	)		(0.41	)		(0.08	)		(0.49	)		9.57
2008²		10.59		0.42		(0.31	)		0.11			(0.41	)		(0.03	)		(0.44	)		10.26
2007²		10.71		0.42		(0.02	)		0.40			(0.44	)		(0.08	)		(0.52	)		10.59
2006³		11.28		0.32		(0.27	)		0.05			(0.30	)		(0.32	)		(0.62	)		10.71
2005⁴		11.50		0.43		(0.10	)		0.33			(0.46	)		(0.09	)		(0.55	)		11.28
Class Y (See Note 1)
2010¹	$	10.14	$	0.22	$	(0.28	)	$	(0.06	)	$	(0.22	)	$	(0.09	)	$	(0.31	)	$	9.77
2010²		9.62		0.45		0.61			1.06			(0.45	)		(0.09	)		(0.54	)		10.14
2009²		10.29		0.44		(0.58	)		(0.14	)		(0.45	)		(0.08	)		(0.53	)		9.62
2008²		10.63		0.49		(0.32	)		0.17			(0.48	)		(0.03	)		(0.51	)		10.29
2007²		10.75		0.50		(0.03	)		0.47			(0.51	)		(0.08	)		(0.59	)		10.63
2006³		11.32		0.37		(0.26	)		0.11			(0.36	)		(0.32	)		(0.68	)		10.75
2005⁴		11.53		0.51		(0.09	)		0.42			(0.54	)		(0.09	)		(0.63	)		11.32


	¹	For the six-month period ended December 31, 2010. All ratios have been annualized, except total return and portfolio turnover.

	²	For the period July 1 to June 30 in the fiscal year indicated.

	³	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the fiscal year indicated.

	⁵	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

See accompanying notes to financial statements.

92 Nuveen Investments



														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁵			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate




	(1.03	)%	$	17,120		0.65	%		4.22	%		1.17	%		3.70	%		7	%
	10.89			17,315		0.65			4.36			1.18			3.83			16
	0.29			16,417		0.65			4.51			1.28			3.88			27
	2.11			12,076		0.67			4.19			1.46			3.40			45
	4.62			11,375		0.75			4.00			1.46			3.29			36
	0.63			10,783		0.75			3.99			1.34			3.40			24
	3.50			11,888		0.75			3.88			1.15			3.48			14

	(1.28	)%	$	5,956		1.15	%		3.73	%		1.57	%		3.31	%		7	%
	10.33			4,674		1.15			3.86			1.58			3.43			16
	(0.21	)		4,064		1.15			4.01			1.68			3.48			27
	1.61			2,480		1.15			3.68			1.85			2.98			45
	4.17			1,507		1.15			3.60			1.98			2.77			36
	0.33			3,592		1.15			3.60			2.09			2.66			24
	3.11			3,068		1.15			3.47			1.90			2.72			14

	(0.95	)%	$	74,447		0.50	%		4.37	%		0.92	%		3.95	%		7	%
	11.06			81,609		0.50			4.51			0.93			4.08			16
	0.44			77,616		0.50			4.62			1.03			4.09			27
	2.28			30,485		0.50			4.36			1.20			3.66			45
	4.78			24,835		0.50			4.25			1.21			3.54			36
	0.82			21,767		0.50			4.24			1.09			3.65			24
	3.85			19,556		0.50			4.12			0.90			3.72			14





	(0.88	)%	$	10,948		0.75	%		4.07	%		1.28	%		3.54	%		13	%
	10.91			10,811		0.75			4.23			1.29			3.69			25
	(1.20	)		11,088		0.75			4.58			1.45			3.88			41
	1.52			5,815		0.75			4.40			1.80			3.35			49
	4.13			8,788		0.75			4.27			1.75			3.27			47
	0.77			8,507		0.75			4.30			1.52			3.53			35
	3.36			8,362		0.75			4.23			1.18			3.80			30

	(1.09	)%	$	2,663		1.15	%		3.66	%		1.68	%		3.13	%		13	%
	10.51			3,172		1.15			3.83			1.69			3.29			25
	(1.70	)		2,891		1.15			4.19			1.85			3.49			41
	1.12			2,859		1.15			3.98			2.20			2.93			49
	3.72			2,888		1.15			3.87			2.24			2.78			47
	0.47			3,007		1.15			3.90			2.27			2.78			35
	2.95			3,423		1.15			3.83			1.93			3.05			30

	(0.66	)%	$	47,175		0.50	%		4.31	%		1.03	%		3.78	%		13	%
	11.16			49,244		0.50			4.48			1.04			3.94			25
	(0.85	)		51,521		0.50			4.81			1.20			4.11			41
	1.67			15,889		0.50			4.63			1.55			3.58			49
	4.39			13,477		0.50			4.51			1.50			3.51			47
	0.96			10,181		0.50			4.58			1.27			3.81			35
	3.70			8,363		0.50			4.48			0.93			4.05			30

See accompanying notes to financial statements.

Nuveen Investments 93

Financial Highlights (Unaudited), For a share outstanding throughout the indicated periods.



					Realized and
					Unrealized						Distributions
	Beginning		Net		Gains			Total from			from Net				Distributions						Ending
	Net Asset		Investment		(Losses) on			Investment			Investment				from Net			Total			Net Asset
	Value		Income		Investments			Operations			Income				Realized Gains			Distributions			Value

Intermediate Tax Free Fund
Class A
2010¹	$	10.90	$	0.21	$	(0.21	)	$	—		$	(0.21	)		$	(0.01	)	$	(0.22	)	$	10.68
2010²		10.46		0.43		0.44			0.87			(0.43	)			—			(0.43	)		10.90
2009²		10.51		0.45		(0.03	)		0.42			(0.46	)			(0.01	)		(0.47	)		10.46
2008²		10.63		0.44		(0.09	)		0.35			(0.43	)			(0.04	)		(0.47	)		10.51
2007²		10.63		0.44		0.01			0.45			(0.44	)			(0.01	)		(0.45	)		10.63
2006³		10.92		0.32		(0.26	)		0.06			(0.32	)			(0.03	)		(0.35	)		10.63
2005⁴		11.18		0.44		(0.19	)		0.25			(0.45	)			(0.06	)		(0.51	)		10.92
Class C
2010¹	$	10.94	$	0.18	$	(0.20	)	$	(0.02	)	$	(0.18	)		$	(0.01	)	$	(0.19	)	$	10.73
2010⁵		10.76		0.25		0.18			0.43			(0.25	)			—			(0.25	)		10.94
Class Y (See Note 1)
2010¹	$	10.87	$	0.21	$	(0.21	)	$	—		$	(0.21	)		$	(0.01	)	$	(0.22	)	$	10.65
2010²		10.43		0.44		0.44			0.88			(0.44	)			—			(0.44	)		10.87
2009²		10.49		0.45		(0.04	)		0.41			(0.46	)			(0.01	)		(0.47	)		10.43
2008²		10.61		0.44		(0.08	)		0.36			(0.44	)	��		(0.04	)		(0.48	)		10.49
2007²		10.61		0.45		0.01			0.46			(0.45	)			(0.01	)		(0.46	)		10.61
2006³		10.90		0.33		(0.26	)		0.07			(0.33	)			(0.03	)		(0.36	)		10.61
2005⁴		11.16		0.46		(0.19	)		0.27			(0.47	)			(0.06	)		(0.53	)		10.90


Minnesota Intermediate Municipal Bond Fund
Class A
2010¹	$	10.12	$	0.18	$	(0.17	)	$	0.01		$	(0.17	)		$	—		$	(0.17	)	$	9.96
2010²		9.67		0.36		0.46			0.82			(0.36	)			(0.01	)		(0.37	)		10.12
2009²		9.75		0.38		(0.05	)		0.33			(0.38	)			(0.03	)		(0.41	)		9.67
2008²		9.83		0.39		(0.05	)		0.34			(0.39	)			(0.03	)		(0.42	)		9.75
2007²		9.88		0.39		(0.01	)		0.38			(0.38	)			(0.05	)		(0.43	)		9.83
2006³		10.16		0.29		(0.22	)		0.07			(0.29	)			(0.06	)		(0.35	)		9.88
2005⁴		10.34		0.39		(0.15	)		0.24			(0.39	)			(0.03	)		(0.42	)		10.16
Class C
2010¹	$	10.14	$	0.15	$	(0.17	)	$	(0.02	)	$	(0.14	)		$	—		$	(0.14	)	$	9.98
2010⁵		9.94		0.21		0.20			0.41			(0.20	)			(0.01	)		(0.21	)		10.14
Class Y (See Note 1)
2010¹	$	10.06	$	0.18	$	(0.16	)	$	0.02		$	(0.18	)		$	—		$	(0.18	)	$	9.90
2010²		9.62		0.36		0.45			0.81			(0.36	)			(0.01	)		(0.37	)		10.06
2009²		9.69		0.39		(0.04	)		0.35			(0.39	)			(0.03	)		(0.42	)		9.62
2008²		9.78		0.39		(0.05	)		0.34			(0.40	)			(0.03	)		(0.43	)		9.69
2007²		9.83		0.40		—			0.40			(0.40	)			(0.05	)		(0.45	)		9.78
2006³		10.11		0.30		(0.22	)		0.08			(0.30	)			(0.06	)		(0.36	)		9.83
2005⁴		10.29		0.40		(0.15	)		0.25			(0.40	)			(0.03	)		(0.43	)		10.11


	¹	For the six-month period ended December 31, 2010. All ratios have been annualized, except total return and portfolio turnover.

	²	For the period July 1 to June 30 in the year indicated.

	³	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the year indicated.

	⁵	Commenced operations on October 28, 2009. All ratios for the period October 28, 2009 to June 30, 2010 have been annualized, except total return and portfolio turnover.

	⁶	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

See accompanying notes to financial statements.

94 Nuveen Investments



														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁶			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate




	(0.03	)%	$	59,039		0.74	%		3.83	%		1.01	%		3.56	%		6	%
	8.42			59,606		0.75			4.01			1.02			3.74			10
	4.09			35,017		0.75			4.29			1.02			4.02			13
	3.33			27,554		0.77			4.10			1.02			3.85			19
	4.27			29,687		0.85			4.08			1.02			3.91			27
	0.56			32,521		0.85			3.95			1.05			3.75			15
	2.31			34,658		0.85			3.98			1.05			3.78			15

	(0.24	)%	$	4,356		1.35	%		3.26	%		1.42	%		3.19	%		6	%
	4.05			1,484		1.35			3.44			1.42			3.37			10

	(0.01	)%	$	699,233		0.69	%		3.88	%		0.76	%		3.81	%		6	%
	8.50			716,452		0.70			4.05			0.77			3.98			10
	4.05			642,395		0.70			4.34			0.77			4.27			13
	3.41			630,820		0.70			4.17			0.77			4.10			19
	4.43			554,618		0.70			4.23			0.77			4.16			27
	0.67			596,306		0.70			4.10			0.80			4.00			15
	2.47			641,141		0.70			4.13			0.80			4.03			15






	0.09	%	$	38,041		0.75	%		3.51	%		1.07	%		3.19	%		7	%
	8.51			34,957		0.75			3.61			1.08			3.28			9
	3.53			23,019		0.75			4.00			1.07			3.68			18
	3.53			22,059		0.77			3.95			1.07			3.65			15
	3.87			21,153		0.85			3.86			1.07			3.64			18
	0.74			26,526		0.85			3.85			1.08			3.62			11
	2.33			32,326		0.85			3.78			1.06			3.57			15

	(0.21	)%	$	6,548		1.35	%		2.93	%		1.47	%		2.81	%		7	%
	4.15			3,965		1.35			3.00			1.48			2.87			9

	0.12	%	$	189,063		0.70	%		3.55	%		0.82	%		3.43	%		7	%
	8.50			193,443		0.70			3.66			0.83			3.53			9
	3.71			172,440		0.70			4.04			0.82			3.92			18
	3.51			175,681		0.70			4.02			0.82			3.90			15
	4.05			168,920		0.70			4.01			0.82			3.89			18
	0.85			175,485		0.70			4.00			0.83			3.87			11
	2.50			197,251		0.70			3.93			0.81			3.82			15

See accompanying notes to financial statements.

Nuveen Investments 95

Financial Highlights (Unaudited), For a share outstanding throughout the indicated periods.



					Realized and
					Unrealized						Distributions
	Beginning		Net		Gains			Total from			from Net			Distributions						Ending
	Net Asset		Investment		(Losses) on			Investment			Investment			from Net			Total			Net Asset
	Value		Income		Investments			Operations			Income			Realized Gains			Distributions			Value

Minnesota Municipal Bond Fund
Class A
2010¹	$	10.87	$	0.20	$	(0.33	)	$	(0.13	)	$	(0.19	)	$	—		$	(0.19	)	$	10.55
2010²		9.98		0.41		0.89			1.30			(0.41	)		—			(0.41	)		10.87
2009²		10.48		0.43		(0.44	)		(0.01	)		(0.43	)		(0.06	)		(0.49	)		9.98
2008²		10.93		0.44		(0.38	)		0.06			(0.45	)		(0.06	)		(0.51	)		10.48
2007²		10.97		0.46		(0.02	)		0.44			(0.45	)		(0.03	)		(0.48	)		10.93
2006³		11.21		0.35		(0.21	)		0.14			(0.35	)		(0.03	)		(0.38	)		10.97
2005⁴		11.23		0.45		0.03			0.48			(0.45	)		(0.05	)		(0.50	)		11.21
Class C
2010¹	$	10.82	$	0.17	$	(0.33	)	$	(0.16	)	$	(0.16	)	$	—		$	(0.16	)	$	10.50
2010²		9.94		0.36		0.88			1.24			(0.36	)		—			(0.36	)		10.82
2009²		10.44		0.38		(0.44	)		(0.06	)		(0.38	)		(0.06	)		(0.44	)		9.94
2008²		10.89		0.40		(0.39	)		0.01			(0.40	)		(0.06	)		(0.46	)		10.44
2007²		10.93		0.42		(0.02	)		0.40			(0.41	)		(0.03	)		(0.44	)		10.89
2006³		11.17		0.31		(0.20	)		0.11			(0.32	)		(0.03	)		(0.35	)		10.93
2005⁴		11.19		0.41		0.03			0.44			(0.41	)		(0.05	)		(0.46	)		11.17
Class Y (See Note 1)
2010¹	$	10.86	$	0.21	$	(0.34	)	$	(0.13	)	$	(0.20	)	$	—		$	(0.20	)	$	10.53
2010²		9.97		0.42		0.90			1.32			(0.43	)		—			(0.43	)		10.86
2009²		10.47		0.44		(0.44	)		—			(0.44	)		(0.06	)		(0.50	)		9.97
2008²		10.92		0.46		(0.38	)		0.08			(0.47	)		(0.06	)		(0.53	)		10.47
2007²		10.96		0.48		(0.01	)		0.47			(0.48	)		(0.03	)		(0.51	)		10.92
2006³		11.20		0.36		(0.20	)		0.16			(0.37	)		(0.03	)		(0.40	)		10.96
2005⁴		11.22		0.48		0.03			0.51			(0.48	)		(0.05	)		(0.53	)		11.20


Missouri Tax Free Fund
Class A
2010¹	$	11.68	$	0.24	$	(0.26	)	$	(0.02	)	$	(0.22	)	$	(0.02	)	$	(0.24	)	$	11.42
2010²		11.11		0.48		0.66			1.14			(0.48	)		(0.09	)		(0.57	)		11.68
2009²		11.40		0.47		(0.26	)		0.21			(0.47	)		(0.03	)		(0.50	)		11.11
2008²		11.72		0.46		(0.29	)		0.17			(0.46	)		(0.03	)		(0.49	)		11.40
2007²		11.76		0.45		0.05			0.50			(0.45	)		(0.09	)		(0.54	)		11.72
2006³		12.14		0.34		(0.29	)		0.05			(0.34	)		(0.09	)		(0.43	)		11.76
2005⁴		12.32		0.45		(0.12	)		0.33			(0.45	)		(0.06	)		(0.51	)		12.14
Class C
2010¹	$	11.65	$	0.21	$	(0.26	)	$	(0.05	)	$	(0.19	)	$	(0.02	)	$	(0.21	)	$	11.39
2010²		11.08		0.43		0.66			1.09			(0.43	)		(0.09	)		(0.52	)		11.65
2009²		11.36		0.43		(0.25	)		0.18			(0.43	)		(0.03	)		(0.46	)		11.08
2008²		11.69		0.41		(0.30	)		0.11			(0.41	)		(0.03	)		(0.44	)		11.36
2007²		11.73		0.41		0.04			0.45			(0.40	)		(0.09	)		(0.49	)		11.69
2006³		12.12		0.30		(0.30	)		—			(0.30	)		(0.09	)		(0.39	)		11.73
2005⁴		12.29		0.40		(0.11	)		0.29			(0.40	)		(0.06	)		(0.46	)		12.12
Class Y (See Note 1)
2010¹	$	11.69	$	0.04	$	(0.26	)	$	(0.22	)	$	(0.02	)	$	(0.02	)	$	(0.04	)	$	11.43
2010²		11.12		0.50		0.66			1.16			(0.50	)		(0.09	)		(0.59	)		11.69
2009²		11.40		0.49		(0.24	)		0.25			(0.50	)		(0.03	)		(0.53	)		11.12
2008²		11.73		0.48		(0.30	)		0.18			(0.48	)		(0.03	)		(0.51	)		11.40
2007²		11.76		0.48		0.06			0.54			(0.48	)		(0.09	)		(0.57	)		11.73
2006³		12.15		0.36		(0.30	)		0.06			(0.36	)		(0.09	)		(0.45	)		11.76
2005⁴		12.32		0.48		(0.11	)		0.37			(0.48	)		(0.06	)		(0.54	)		12.15


	¹	For the six-month period ended December 31, 2010. All ratios have been annualized, except total return and portfolio turnover.

	²	For the period July 1 to June 30 in the fiscal year indicated.

	³	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the fiscal year indicated.

	⁵	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

See accompanying notes to financial statements.

96 Nuveen Investments



														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁵			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate




	(1.27	)%	$	85,432		0.85	%		3.62	%		1.11	%		3.36	%		10	%
	13.19			91,922		0.85			3.86			1.11			3.60			34
	0.07			87,218		0.85			4.32			1.11			4.06			28
	0.54			102,089		0.87			4.14			1.10			3.91			37
	4.05			106,732		0.95			4.10			1.10			3.95			20
	1.28			101,142		0.95			4.15			1.10			4.00			11
	4.42			106,783		0.95			4.04			1.06			3.93			16

	(1.52	)%	$	25,328		1.35	%		3.13	%		1.51	%		2.97	%		10	%
	12.58			26,772		1.35			3.35			1.51			3.19			34
	(0.42	)		20,489		1.35			3.82			1.51			3.66			28
	0.06			20,061		1.35			3.63			1.50			3.48			37
	3.65			14,221		1.35			3.69			1.58			3.46			20
	0.98			10,359		1.35			3.75			1.85			3.25			11
	4.02			9,841		1.35			3.64			1.81			3.18			16

	(1.29	)%	$	49,865		0.70	%		3.78	%		0.86	%		3.62	%		10	%
	13.37			52,639		0.70			4.00			0.86			3.84			34
	0.23			42,093		0.70			4.47			0.86			4.31			28
	0.71			44,993		0.70			4.32			0.85			4.17			37
	4.31			56,181		0.70			4.35			0.85			4.20			20
	1.47			48,760		0.70			4.40			0.85			4.25			11
	4.69			46,471		0.70			4.29			0.81			4.18			16




	(0.20	)%	$	24,119		0.80	%		4.00	%		1.11	%		3.69	%		6	%
	10.41			23,830		0.85			4.14			1.12			3.87			15
	2.01			22,766		0.95			4.25			1.12			4.08			17
	1.44			23,135		0.95			3.92			1.10			3.77			20
	4.23			24,945		0.95			3.78			1.10			3.63			33
	0.38			26,972		0.95			3.74			1.09			3.60			20
	2.74			30,188		0.95			3.65			1.06			3.54			19

	(0.46	)%	$	1,873		1.30	%		3.51	%		1.51	%		3.30	%		6	%
	9.90			1,653		1.35			3.62			1.52			3.45			15
	1.70			757		1.35			3.85			1.52			3.68			17
	0.95			406		1.35			3.53			1.50			3.38			20
	3.84			518		1.35			3.35			1.57			3.13			33
	0.00			214		1.35			3.34			1.84			2.85			20
	2.42			190		1.35			3.25			1.81			2.79			19

	(0.13	)%	$	132,162		0.65	%		4.15	%		0.86	%		3.94	%		6	%
	10.57			137,049		0.70			4.29			0.87			4.12			15
	2.36			119,522		0.70			4.49			0.87			4.32			17
	1.60			137,746		0.70			4.17			0.85			4.02			20
	4.58			130,644		0.70			4.03			0.85			3.88			33
	0.49			138,394		0.70			3.99			0.84			3.85			20
	3.08			151,710		0.70			3.90			0.81			3.79			19

See accompanying notes to financial statements.

Nuveen Investments 97

Financial Highlights (Unaudited), For a share outstanding throughout the indicated periods.



					Realized and
					Unrealized						Distributions
	Beginning		Net		Gains			Total from			from Net			Distributions						Ending
	Net Asset		Investment		(Losses) on			Investment			Investment			from Net			Total			Net Asset
	Value		Income		Investments			Operations			Income			Realized Gains			Distributions			Value

Nebraska Municipal Bond Fund
Class A
2010¹	$	10.34	$	0.21	$	(0.25	)	$	(0.04	)	$	(0.21	)	$	—		$	(0.21	)	$	10.09
2010²		9.84		0.41		0.49			0.90			(0.40	)		—			(0.40	)		10.34
2009²		10.06		0.43		(0.21	)		0.22			(0.44	)		—			(0.44	)		9.84
2008²		10.30		0.42		(0.20	)		0.22			(0.41	)		(0.05	)		(0.46	)		10.06
2007²		10.33		0.42		0.02			0.44			(0.42	)		(0.05	)		(0.47	)		10.30
2006³		10.58		0.31		(0.24	)		0.07			(0.30	)		(0.02	)		(0.32	)		10.33
2005⁴		10.66		0.39		(0.05	)		0.34			(0.42	)		—			(0.42	)		10.58
Class C
2010¹	$	10.26	$	0.19	$	(0.25	)	$	(0.06	)	$	(0.19	)	$	—		$	(0.19	)	$	10.01
2010²		9.76		0.38		0.48			0.86			(0.36	)		—			(0.36	)		10.26
2009²		9.99		0.39		(0.22	)		0.17			(0.40	)		—			(0.40	)		9.76
2008²		10.23		0.38		(0.20	)		0.18			(0.37	)		(0.05	)		(0.42	)		9.99
2007²		10.26		0.37		0.02			0.39			(0.37	)		(0.05	)		(0.42	)		10.23
2006³		10.50		0.27		(0.22	)		0.05			(0.27	)		(0.02	)		(0.29	)		10.26
2005⁴		10.58		0.35		(0.06	)		0.29			(0.37	)		—			(0.37	)		10.50
Class Y (See Note 1)
2010¹	$	10.34	$	0.22	$	(0.26	)	$	(0.04	)	$	(0.22	)	$	—		$	(0.22	)	$	10.08
2010²		9.83		0.44		0.50			0.94			(0.43	)		—			(0.43	)		10.34
2009²		10.06		0.45		(0.22	)		0.23			(0.46	)		—			(0.46	)		9.83
2008²		10.30		0.44		(0.19	)		0.25			(0.44	)		(0.05	)		(0.49	)		10.06
2007²		10.33		0.44		0.02			0.46			(0.44	)		(0.05	)		(0.49	)		10.30
2006³		10.58		0.32		(0.23	)		0.09			(0.32	)		(0.02	)		(0.34	)		10.33
2005⁴		10.66		0.43		(0.07	)		0.36			(0.44	)		—			(0.44	)		10.58


Ohio Tax Free Fund
Class A
2010¹	$	10.42	$	0.19	$	(0.31	)	$	(0.12	)	$	(0.20	)	$	—		$	(0.20	)	$	10.10
2010²		9.90		0.38		0.51			0.89			(0.37	)		—			(0.37	)		10.42
2009²		10.02		0.40		(0.12	)		0.28			(0.40	)		—			(0.40	)		9.90
2008²		10.20		0.39		(0.15	)		0.24			(0.39	)		(0.03	)		(0.42	)		10.02
2007²		10.17		0.38		0.05			0.43			(0.38	)		(0.02	)		(0.40	)		10.20
2006³		10.42		0.29		(0.25	)		0.04			(0.28	)		(0.01	)		(0.29	)		10.17
2005⁴		10.52		0.36		(0.06	)		0.30			(0.36	)		(0.04	)		(0.40	)		10.42
Class C
2010¹	$	10.27	$	0.17	$	(0.31	)	$	(0.14	)	$	(0.18	)	$	—		$	(0.18	)	$	9.95
2010²		9.76		0.35		0.49			0.84			(0.33	)		—			(0.33	)		10.27
2009²		9.89		0.37		(0.13	)		0.24			(0.37	)		—			(0.37	)		9.76
2008²		10.07		0.35		(0.15	)		0.20			(0.35	)		(0.03	)		(0.38	)		9.89
2007²		10.05		0.33		0.05			0.38			(0.34	)		(0.02	)		(0.36	)		10.07
2006³		10.32		0.25		(0.26	)		(0.01	)		(0.25	)		(0.01	)		(0.26	)		10.05
2005⁴		10.41		0.32		(0.05	)		0.27			(0.32	)		(0.04	)		(0.36	)		10.32
Class Y (See Note 1)
2010¹	$	10.42	$	0.21	$	(0.33	)	$	(0.12	)	$	(0.21	)	$	—		$	(0.21	)	$	10.09
2010²		9.90		0.41		0.51			0.92			(0.40	)		—			(0.40	)		10.42
2009²		10.01		0.42		(0.10	)		0.32			(0.43	)		—			(0.43	)		9.90
2008²		10.19		0.41		(0.15	)		0.26			(0.41	)		(0.03	)		(0.44	)		10.01
2007²		10.17		0.41		0.04			0.45			(0.41	)		(0.02	)		(0.43	)		10.19
2006³		10.43		0.30		(0.25	)		0.05			(0.30	)		(0.01	)		(0.31	)		10.17
2005⁴		10.53		0.38		(0.05	)		0.33			(0.39	)		(0.04	)		(0.43	)		10.43


Oregon Intermediate Municipal Bond Fund
Class A
2010¹	$	10.11	$	0.16	$	(0.20	)	$	(0.04	)	$	(0.15	)	$	—		$	(0.15	)	$	9.92
2010²		9.77		0.35		0.33			0.68			(0.34	)		—			(0.34	)		10.11
2009²		9.68		0.36		0.09			0.45			(0.36	)		—			(0.36	)		9.77
2008²		9.72		0.35		(0.02	)		0.33			(0.36	)		(0.01	)		(0.37	)		9.68
2007²		9.78		0.37		(0.02	)		0.35			(0.37	)		(0.04	)		(0.41	)		9.72
2006³		10.07		0.27		(0.25	)		0.02			(0.27	)		(0.04	)		(0.31	)		9.78
2005⁴		10.30		0.36		(0.19	)		0.17			(0.36	)		(0.04	)		(0.40	)		10.07
Class Y (See Note 1)
2010¹	$	10.11	$	0.17	$	(0.20	)	$	(0.03	)	$	(0.16	)	$	—		$	(0.16	)	$	9.92
2010²		9.77		0.35		0.35			0.70			(0.36	)		—			(0.36	)		10.11
2009²		9.68		0.37		0.10			0.47			(0.38	)		—			(0.38	)		9.77
2008²		9.72		0.37		(0.03	)		0.34			(0.37	)		(0.01	)		(0.38	)		9.68
2007²		9.78		0.38		(0.02	)		0.36			(0.38	)		(0.04	)		(0.42	)		9.72
2006³		10.07		0.28		(0.25	)		0.03			(0.28	)		(0.04	)		(0.32	)		9.78
2005⁴		10.30		0.38		(0.19	)		0.19			(0.38	)		(0.04	)		(0.42	)		10.07


¹	For the six-month period ended December 31, 2010. All ratios have been annualized, except total return and portfolio turnover.

²	For the period July 1 to June 30 in the fiscal year indicated.

³	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.

⁴	For the period October 1 to September 30 in the fiscal year indicated.

⁵	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

See accompanying notes to financial statements.

98 Nuveen Investments



														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁵			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate




	(0.42	)%	$	7,089		0.75	%		4.01	%		1.44	%		3.32	%		11	%
	9.26			6,333		0.75			4.01			1.46			3.30			18
	2.33			5,847		0.75			4.41			1.50			3.66			34
	2.19			5,689		0.75			4.06			1.47			3.34			22
	4.24			7,091		0.75			3.97			1.44			3.28			39
	0.65			6,910		0.75			3.89			1.30			3.34			35
	3.20			7,136		0.75			3.78			1.12			3.41			21

	(0.63	)%	$	4,222		1.15	%		3.60	%		1.84	%		2.91	%		11	%
	8.91			4,181		1.15			3.62			1.86			2.91			18
	1.84			2,585		1.15			4.02			1.90			3.27			34
	1.81			1,798		1.15			3.65			1.87			2.93			22
	3.86			1,559		1.15			3.56			1.92			2.79			39
	0.46			1,487		1.15			3.49			2.05			2.59			35
	2.81			1,565		1.15			3.38			1.87			2.66			21

	(0.39	)%	$	30,039		0.50	%		4.25	%		1.19	%		3.56	%		11	%
	9.65			31,757		0.50			4.26			1.21			3.55			18
	2.48			30,689		0.50			4.67			1.25			3.92			34
	2.45			29,533		0.50			4.31			1.22			3.59			22
	4.51			32,502		0.50			4.22			1.19			3.53			39
	0.85			31,347		0.50			4.14			1.05			3.59			35
	3.45			32,418		0.50			4.03			0.87			3.66			21




	(1.24	)%	$	1,794		0.75	%		3.66	%		1.29	%		3.12	%		2	%
	9.12			1,899		0.75			3.72			1.34			3.13			14
	2.99			1,048		0.75			4.09			1.39			3.45			12
	2.38			635		0.75			3.81			1.39			3.17			12
	4.28			808		0.75			3.70			1.41			3.04			33
	0.40			841		0.75			3.60			1.28			3.07			11
	2.86			988		0.75			3.41			1.11			3.05			13

	(1.45	)%	$	1,723		1.15	%		3.28	%		1.69	%		2.74	%		2	%
	8.72			1,347		1.15			3.34			1.74			2.75			14
	2.52			399		1.15			3.68			1.79			3.04			12
	2.00			255		1.15			3.39			1.78			2.76			12
	3.81			187		1.15			3.29			1.90			2.54			33
	(0.08	)		209		1.15			3.22			2.03			2.34			11
	2.58			174		1.15			3.01			1.86			2.30			13

	(1.21	)%	$	57,825		0.50	%		3.91	%		1.04	%		3.37	%		2	%
	9.39			59,528		0.50			3.97			1.09			3.38			14
	3.36			44,783		0.50			4.35			1.14			3.71			12
	2.63			48,510		0.50			4.06			1.14			3.42			12
	4.44			42,223		0.50			3.94			1.16			3.28			33
	0.49			40,606		0.50			3.85			1.03			3.32			11
	3.12			41,104		0.50			3.66			0.86			3.30			13





	(0.39	)%	$	31,943		0.85	%		3.19	%		1.09	%		2.95	%		9	%
	7.05			31,043		0.85			3.37			1.10			3.12			19
	4.77			10,963		0.85			3.70			1.12			3.43			19
	3.39			5,967		0.85			3.64			1.12			3.37			15
	3.54			7,895		0.85			3.71			1.12			3.44			43
	0.16			9,456		0.85			3.62			1.11			3.36			13
	1.67			9,356		0.85			3.56			1.06			3.35			20

	(0.32	)%	$	121,506		0.70	%		3.33	%		0.84	%		3.19	%		9	%
	7.21			133,816		0.70			3.52			0.85			3.37			19
	4.92			119,959		0.70			3.84			0.87			3.67			19
	3.54			120,800		0.70			3.78			0.87			3.61			15
	3.70			109,357		0.70			3.86			0.87			3.69			43
	0.28			111,344		0.70			3.77			0.86			3.61			13
	1.82			133,613		0.70			3.71			0.81			3.60			20

See accompanying notes to financial statements.

Nuveen Investments 99

Financial Highlights (Unaudited), For a share outstanding throughout the indicated periods.



					Realized and
					Unrealized						Distributions
	Beginning		Net		Gains			Total From			from Net			Distributions						Ending
	Net Asset		Investment		(Losses) on			Investment			Investment			from Net			Total			Net Asset
	Value		Income		Investments			Operations			Income			Realized Gains			Distributions			Value

Short Tax Free Fund
Class A
2010¹	$	9.98	$	0.09	$	(0.05	)	$	0.04		$	(0.08	)	$	—		$	(0.08	)	$	9.94
2010²		9.74		0.20		0.22			0.42			(0.18	)		—			(0.18	)		9.98
2009²		9.79		0.28		(0.07	)		0.21			(0.26	)		—			(0.26	)		9.74
2008²		9.70		0.30		0.10			0.40			(0.31	)		—			(0.31	)		9.79
2007²		9.68		0.28		0.03			0.31			(0.29	)		—			(0.29	)		9.70
2006³		9.78		0.19		(0.09	)		0.10			(0.20	)		—			(0.20	)		9.68
2005⁴		9.96		0.24		(0.17	)		0.07			(0.25	)		—			(0.25	)		9.78
Class Y (See Note 1)
2010¹	$	9.98	$	0.09	$	(0.04	)	$	0.05		$	(0.09	)	$	—		$	(0.09	)	$	9.94
2010²		9.74		0.20		0.24			0.44			(0.20	)		—			(0.20	)		9.98
2009²		9.79		0.27		(0.05	)		0.22			(0.27	)		—			(0.27	)		9.74
2008²		9.70		0.31		0.10			0.41			(0.32	)		—			(0.32	)		9.79
2007²		9.68		0.31		0.01			0.32			(0.30	)		—			(0.30	)		9.70
2006³		9.78		0.21		(0.10	)		0.11			(0.21	)		—			(0.21	)		9.68
2005⁴		9.96		0.26		(0.18	)		0.08			(0.26	)		—			(0.26	)		9.78


Tax Free Fund
Class A
2010¹	$	10.61	$	0.23	$	(0.34	)	$	(0.11	)	$	(0.22	)	$	—		$	(0.22	)	$	10.28
2010²		9.65		0.49		0.97			1.46			(0.50	)		—			(0.50	)		10.61
2009²		10.26		0.48		(0.59	)		(0.11	)		(0.48	)		(0.02	)		(0.50	)		9.65
2008²		10.77		0.45		(0.46	)		(0.01	)		(0.44	)		(0.06	)		(0.50	)		10.26
2007²		10.86		0.45		—			0.45			(0.45	)		(0.09	)		(0.54	)		10.77
2006³		11.10		0.35		(0.20	)		0.15			(0.35	)		(0.04	)		(0.39	)		10.86
2005⁴		11.18		0.47		0.03			0.50			(0.47	)		(0.11	)		(0.58	)		11.10
Class C
2010¹	$	10.56	$	0.19	$	(0.33	)	$	(0.14	)	$	(0.19	)	$	—		$	(0.19	)	$	10.23
2010²		9.61		0.43		0.96			1.39			(0.44	)		—			(0.44	)		10.56
2009²		10.21		0.42		(0.57	)		(0.15	)		(0.43	)		(0.02	)		(0.45	)		9.61
2008²		10.72		0.39		(0.45	)		(0.06	)		(0.39	)		(0.06	)		(0.45	)		10.21
2007²		10.81		0.40		0.01			0.41			(0.41	)		(0.09	)		(0.50	)		10.72
2006³		11.05		0.32		(0.20	)		0.12			(0.32	)		(0.04	)		(0.36	)		10.81
2005⁴		11.13		0.42		0.03			0.45			(0.42	)		(0.11	)		(0.53	)		11.05
Class Y (See Note 1)
2010¹	$	10.62	$	0.23	$	(0.33	)	$	(0.10	)	$	(0.23	)	$	—		$	(0.23	)	$	10.29
2010²		9.66		0.49		0.97			1.46			(0.50	)		—			(0.50	)		10.62
2009²		10.27		0.49		(0.59	)		(0.10	)		(0.49	)		(0.02	)		(0.51	)		9.66
2008²		10.78		0.46		(0.46	)		—			(0.45	)		(0.06	)		(0.51	)		10.27
2007²		10.87		0.48		—			0.48			(0.48	)		(0.09	)		(0.57	)		10.78
2006³		11.11		0.37		(0.20	)		0.17			(0.37	)		(0.04	)		(0.41	)		10.87
2005⁴		11.19		0.50		0.02			0.52			(0.49	)		(0.11	)		(0.60	)		11.11


	¹	For the six-month period ended December 31, 2010. All ratios have been annualized, except total return and portfolio turnover.

	²	For the period July 1 to June 30 in the fiscal year indicated.

	³	For the period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁴	For the period October 1 to September 30 in the fiscal year indicated.

	⁵	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

See accompanying notes to financial statements.

100 Nuveen Investments



														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁵			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	0.42	%	$	9,239		0.75	%		1.74	%		1.06	%		1.43	%		14	%
	4.38			7,168		0.74			1.81			1.06			1.49			45
	2.17			3,376		0.75			2.71			1.11			2.35			70
	4.17			2,308		0.75			3.05			1.11			2.69			58
	3.22			2,410		0.75			2.94			1.08			2.61			57
	1.02			3,321		0.75			2.65			1.08			2.32			22
	0.67			4,103		0.75			2.46			1.06			2.15			37

	0.50	%	$	311,588		0.60	%		1.87	%		0.81	%		1.66	%		14	%
	4.53			310,783		0.59			1.96			0.81			1.74			45
	2.32			178,950		0.60			2.84			0.86			2.58			70
	4.33			143,985		0.60			3.20			0.86			2.94			58
	3.37			161,468		0.60			3.09			0.83			2.86			57
	1.13			235,900		0.60			2.80			0.83			2.57			22
	0.83			329,647		0.60			2.62			0.81			2.41			37




	(1.08	)%	$	47,728		0.71	%		4.16	%		1.04	%		3.83	%		19	%
	15.32			45,885		0.75			4.70			1.04			4.41			25
	(0.80	)		35,276		0.75			5.07			1.04			4.78			34
	(0.05	)		35,557		0.78			4.28			1.02			4.04			52
	4.16			37,760		0.95			4.08			1.03			4.00			31
	1.37			36,519		0.95			4.28			1.06			4.17			13
	4.51			38,205		0.95			4.20			1.06			4.09			8

	(1.39	)%	$	6,184		1.31	%		3.56	%		1.44	%		3.43	%		19	%
	14.60			5,698		1.35			4.09			1.44			4.00			25
	(1.30	)		3,442		1.35			4.48			1.44			4.39			34
	(0.61	)		3,104		1.35			3.72			1.43			3.64			52
	3.76			2,495		1.35			3.67			1.51			3.51			31
	1.06			2,210		1.35			3.87			1.81			3.41			13
	4.13			2,712		1.35			3.80			1.81			3.34			8

	(1.06	)%	$	410,966		0.66	%		4.21	%		0.79	%		4.08	%		19	%
	15.36			444,217		0.70			4.77			0.79			4.68			25
	(0.75	)		381,048		0.70			5.10			0.79			5.01			34
	0.04			448,774		0.70			4.36			0.78			4.28			52
	4.42			539,360		0.70			4.32			0.78			4.24			31
	1.57			455,910		0.70			4.53			0.81			4.42			13
	4.77			436,303		0.70			4.45			0.81			4.34			8

See accompanying notes to financial statements.

Nuveen Investments 101


Notes to Financial Statements December 31, 2010 (Unaudited), all dollars and shares are rounded to thousands (000)

1. General Information and Significant Accounting Policies

General Information

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

In connection with the transaction, the funds’ Board of Directors was asked to consider and approve new investment advisory agreements for the funds with Nuveen Asset Management, a wholly-owned subsidiary of Nuveen. The new investment advisory agreements for each fund were submitted to the funds’ shareholders for approval and took effect on January 1, 2011. The funds’ Board of Directors also approved new distribution agreements with Nuveen Investments, LLC. There was no change in the funds’ investment objectives or policies as a result of the transaction. The transition did result in a change to each fund’s name effective January 1, 2011.

Effective January 1, 2011, Nuveen Asset Management, changed its name to Nuveen Fund Advisors, Inc. (“Nuveen Fund Advisors”). Concurrently, Nuveen Fund Advisors formed a wholly-owned subsidiary, Nuveen Asset Management, LLC, to house its portfolio management capabilities. Nuveen Asset Management, LLC now serves as the funds’ sub-adviser, and the funds’ portfolio managers have become employees of Nuveen Asset Management, LLC. This allocation of responsibilities between Nuveen Fund Advisors and Nuveen Asset Management, LLC affects each of the funds. Nuveen Fund Advisors (as each affected fund’s investment adviser) will compensate Nuveen Asset Management, LLC (as each such fund’s sub-adviser) for the portfolio management services it provides to the fund from the fund’s management fee.

First American Investment Funds, Inc. (the “Trust” or “FAIF”) is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of 37 series, including Nuveen California Tax Free Fund, formerly known as First American California Tax Free Fund (“California Tax Free Fund”), Nuveen Colorado Tax Free Fund, formerly known as First American Colorado Tax Free Fund (“Colorado Tax Free Fund”), Nuveen Intermediate Tax Free Fund, formerly known as First American Intermediate Tax Free Fund (“Intermediate Tax Free Fund”), Nuveen Minnesota Intermediate Municipal Bond Fund, formerly known as First American Minnesota Intermediate Tax Free Fund (“Minnesota Intermediate Municipal Fund”), Nuveen Minnesota Municipal Bond Fund, formerly known as First American Minnesota Tax Free Fund (“Minnesota Municipal Fund”), Nuveen Missouri Tax Free Fund, formerly known as First American Missouri Tax Free Fund (“Missouri Tax Free Fund”), Nuveen Nebraska Municipal Bond Fund, formerly known as First American Nebraska Tax Free Fund (“Nebraska Municipal Fund”), Nuveen Ohio Tax Free Fund, formerly known as First American Ohio Tax Free Fund (“Ohio Tax Free Fund”), Nuveen Oregon Intermediate Municipal Bond Fund, formerly known as First American Oregon Intermediate Tax Free Fund (“Oregon Intermediate Municipal Bond Fund”), Nuveen Short Tax Free Fund, formerly known as First American Short Tax Free Fund (“Short Tax Free Fund”), and Nuveen Tax Free Fund, formerly known as First American Tax Free Fund (“Tax Free Fund”), (collectively, the “Funds”). Effective at the close of business on January 29, 2010, First American Arizona Tax Free Fund (“Arizona Tax Free Fund”) merged with Tax Free Fund. Tax Free Fund is the accounting survivor.

The investment objective of California Tax Free Fund, Colorado Tax Free Fund, Minnesota Intermediate Municipal Bond Fund, Minnesota Municipal Bond Fund, Missouri Tax Free Fund, Nebraska Municipal Bond Fund, Ohio Tax Free Fund and Oregon Intermediate Municipal Bond Fund is to provide maximum current income that is exempt from both federal income tax and its respective state income tax to the extent consistent with prudent investment risk. The investment objective of Intermediate Tax Free Fund and Short Tax Free Fund is to provide current income that is exempt from federal income tax to the extent consistent with preservation of capital. The investment objective of Tax Free Fund is to provide maximum current income that is exempt from federal income tax to the extent consistent with prudent investment risk.

Under normal market conditions, as a fundamental policy, each Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in municipal securities that pay interest that is exempt from federal and, with the exception of Intermediate Tax Free Fund, Short Tax Free Fund and Tax Free Fund, its respective state income tax, including the federal and state alternative minimum tax. Each Fund normally may invest up to 20% of its net assets in taxable obligations, including obligations the interest on which is subject to the federal and state, where applicable, alternative minimum tax. Each Fund may invest up to 20% of its total assets in securities that, at the time of purchase, are rated lower than investment grade or are unrated and of comparable quality (securities commonly referred to as “high-yield” securities or “junk bonds”).

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

Effective January 18, 2011, Class Y Shares are renamed Class I Shares and Class C Shares are renamed Class C1 Shares, and Minnesota Intermediate Municipal Bond Fund, Minnesota Municipal Bond Fund, Nebraska Municipal Bond Fund and Oregon Intermediate Municipal Bond Fund begin offering Class C Shares only to qualifying institutional investors and certain other qualifying accounts.

102 Nuveen Investments

During the six months ended December 31, 2010, Class A Shares of the California Tax Free Fund, Colorado Tax Free Fund, Minnesota Municipal Bond Fund, Missouri Tax Free Fund, Nebraska Municipal Bond Fund, Ohio Tax Free Fund, and Tax Free Fund were sold with an up-front sales charge of 4.25%. Class A Shares of Intermediate Tax Free Fund, Minnesota Intermediate Municipal Bond Fund, Oregon Intermediate Municipal Bond Fund, and Short Tax Free Fund were sold with an up-front sales charge of 2.25%. Class C Shares were subject to a contingent deferred sales charge (“CDSC”) of 1.00% for twelve months. Class C shares were not offered by Oregon Intermediate Municipal Bond Fund and Short Tax Free Fund. Class Y shares had no sales charge and were offered only to qualifying institutional investors and certain other qualifying accounts.

Effective January 18, 2011, Class A Shares of the California Tax Free Fund, Colorado Tax Free Fund, Minnesota Municipal Bond Fund, Missouri Tax Free Fund, Nebraska Municipal Bond Fund, Ohio Tax Free Fund, and Tax Free Fund are sold with an up-front sales charge of 4.20%. Class A Shares of Intermediate Tax Free Fund, Minnesota Intermediate Municipal Bond Fund and Oregon Intermediate Municipal Bond Fund are sold with an up-front sales charge of 3.00% and for Short Tax Free Fund 2.50%. Class A Share purchases of the Funds, with the exception of Short Tax Free Fund, of $1 million or more are sold at net asset value without an up-front sales charge. Class A Share purchases of Short Tax Free Fund of $250,000 or more are sold at net asset value without an up-front sales charge. Class A Share purchases of the Funds may be subject to a CDSC if redeemed within eighteen months of purchase. Class C and Class C1 Shares are subject to a CDSC of 1% if redeemed within one year of purchase.

Significant Accounting Policies

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

Investment Valuation

Security valuations for the Funds’ investments are furnished by an independent pricing service that has been approved by the Funds’ Board of Directors. These securities are generally classified as Level 2. Debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely-used quotation system. These securities are generally classified as Level 2 or Level 3 depending on the priority of significant inputs. Investment grade debt obligations with 60 days or less remaining until maturity will be valued at their amortized cost, which approximates fair value. These securities are generally classified as Level 2. Investments in open-end funds are valued at their respective net asset values on the valuation date. These investment vehicles are generally classified as Level 1.

The following investment vehicles, when held by a Fund, are priced as follows: Exchange listed futures and options on futures are priced at their last sale price on the exchange on which they are principally traded, as determined by Nuveen Fund Advisors, on the day the valuation is made. These investment vehicles are generally classified as Level 1. If there were no sales on that day, futures and options on futures will be valued at the last reported bid price. Options on securities, indices, and currencies traded on NASDAQ National Market (“NASDAQ”) or listed on a domestic stock exchange are valued at the last sale price on NASDAQ or on any exchange on the day the valuation is made. If there were no sales on that day, the options will be valued at the last sale price on the previous valuation date. Last sale prices are obtained from an independent pricing service. Forward contracts, swaps, and over-the-counter options on securities and indices are valued at the quotations received from an independent pricing service, if available. These investment vehicles are generally classified as Level 2.

When market quotations are not readily available, securities are internally valued at fair value as determined in good faith by procedures established and approved by the Funds’ Board of Directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. The use of fair value pricing by a Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without fair value pricing. These securities are generally classified as Level 2 or Level 3 depending on the priority of significant inputs.

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

Nuveen Investments 103

Notes to Financial Statements December 31, 2010 (Unaudited) (continued), all dollars and shares are rounded to thousands (000)

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At December 31, 2010, Tax Free Fund had outstanding when-issued/delayed delivery purchase commitments of $2,489.

Investment Income

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

Income Taxes

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

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

Dividends and Distributions to Shareholders

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

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

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

Inverse Floating Rate Securities

Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.

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

104 Nuveen Investments

by the trust as “Floating rate obligations” on the Statements of Assets and Liabilities. In addition, the Fund reflects in “Interest from unaffiliated investments” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as “Interest expense on floating rate obligations” on the Statements of Operations.

During the six months ended December 31, 2010, the Funds did not invest in externally-deposited inverse floaters and/or self-deposited inverse floaters.

Futures Contracts

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

During the period the futures contract is open, changes in the value of the contract are recorded as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract and is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statements 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 and is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statements 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 six months ended December 31, 2010, none of the Funds entered into futures contracts.

Market and Counterparty Credit Risk

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

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a 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.

Zero Coupon Securities

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

Multiclass Operations and Allocations

During the six months ended December 31, 2010, income and expenses that were directly related to one of the Funds were allocated directly to that Fund, and other operating expenses were allocated to the Funds on several bases, including evenly across all Funds, allocated based on relative net assets of all funds within the First American Funds family, or a combination of both methods. Effective January 1, 2011, income and expenses of the Funds that are not directly attributable to a specific class of shares are

Nuveen Investments 105

Notes to Financial Statements December 31, 2010 (Unaudited) (continued), all dollars and shares are rounded to thousands (000)

prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares, which presently only include distribution fees and shareholder service fees, are recorded to the specific class.

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

Interfund Lending Program

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

Indemnifications

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

Use of Estimates

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

2. Fair Value Measurements

In determining the fair value of each Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of December 31, 2010:


	Level 1		Level 2		Level 3		Total

California Tax Free Fund
Municipal Bonds	$	—	$	95,285	$	—	$	95,285
Short-Term Investments		1,249		—		—		1,249


Total Investments	$	1,249	$	95,285	$	—	$	96,534


Colorado Tax Free Fund
Municipal Bonds	$	—	$	58,684	$	—	$	58,684
Short-Term Investments		1,599		—		—		1,599


Total Investments	$	1,599	$	58,684	$	—	$	60,283


Intermediate Tax Free Fund
Municipal Bonds	$	—	$	738,554	$	—	$	738,554
Short-Term Investments		6,078		9,920		—		15,998


Total Investments	$	6,078	$	748,474	$	—	$	754,552


Minnesota Intermediate Municipal Bond Fund
Municipal Bonds	$	—	$	228,395	$	—	$	228,395
Short-Term Investments		1,952		1,000		—		2,952


Total Investments	$	1,952	$	229,395	$	—	$	231,347


Minnesota Municipal Bond Fund
Municipal Bonds	$	—	$	154,861	$	—	$	154,861
Short-Term Investments		3,976		200		—		4,176


Total Investments	$	3,976	$	155,061	$	—	$	159,037

106 Nuveen Investments


	Level 1		Level 2		Level 3		Total

Missouri Tax Free Fund
Municipal Bonds	$	—	$	153,888	$	—	$	153,888
Short-Term Investments		2,304		—		—		2,304


Total Investments	$	2,304	$	153,888	$	—	$	156,192


Nebraska Municipal Bond Fund
Municipal Bonds	$	—	$	39,798	$	—	$	39,798
Short-Term Investments		403		—		—		403


Total Investments	$	403	$	39,798	$	—	$	40,201


Ohio Tax Free Fund
Municipal Bonds	$	—	$	59,462	$	—	$	59,462
Short-Term Investments		3,029		—		—		3,029


Total Investments	$	3,029	$	59,462	$	—	$	62,491


Oregon Intermediate Municipal Bond Fund
Municipal Bonds	$	—	$	150,444	$	—	$	150,444
Short-Term Investment		2,608		—		—		2,608


Total Investments	$	2,608	$	150,444	$	—	$	153,052


Short Tax Free Fund
Municipal Bonds	$	—	$	231,858	$	—	$	231,858
Short-Term Investments		31,483		52,030		—		83,513


Total Investments	$	31,483	$	283,888	$	—	$	315,371


Tax Free Fund
Municipal Bonds	$	—	$	451,123	$	—	$	451,123
Short-Term Investment		12,953		—		—		12,953


Total Investments	$	12,953	$	451,123	$	—	$	464,076

During the six months ended December 31, 2010, the Funds recognized no significant transfers to/from Level 1, Level 2, or Level 3.

3. Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statements of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended December 31, 2010.

4. Fund Shares

Transactions in Fund shares were as follows:



	California						Colorado						Intermediate
	Tax Free Fund						Tax Free Fund						Tax Free Fund

	Six-Months			Year			Six-Months			Year			Six-Months			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/10			6/30/10			12/31/10			6/30/10			12/31/10			6/30/10

Class A:
Shares issued		269			269			115			102			1,058			2,980
Shares issued in lieu of cash distributions		27			44			25			44			82			115
Shares redeemed		(260	)		(320	)		(85	)		(232	)		(1,081	)		(975	)


Total Class A transactions		36			(7	)		55			(86	)		59			2,120


Class C:
Shares issued		198			148			6			55			271			151
Shares issued in lieu of cash distributions		5			11			5			10			3			1
Shares redeemed		(67	)		(125	)		(51	)		(53	)		(4	)		(16	)


Total Class C transactions		136			34			(40	)		12			270			136


Class Y:
Shares issued		718			1,473			950			988			7,535			16,900
Shares issued in lieu of cash distributions		6			9			16			19			114			206
Shares redeemed		(1,147	)		(1,541	)		(991	)		(1,507	)		(7,917	)		(12,763	)


Total Class Y transactions		(423	)		(59	)		(25	)		(500	)		(268	)		4,343


Net increase (decrease) in Fund shares		(251	)		(32	)		(10	)		(574	)		61			6,599

Nuveen Investments 107

Notes to Financial Statements December 31, 2010 (Unaudited) (continued), all dollars and shares are rounded to thousands (000)



	Minnesota
	Intermediate						Minnesota
	Municipal						Municipal						Missouri
	Bond Fund						Bond Fund						Tax Free Fund

	Six-Months			Year			Six-Months			Year			Six-Months			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/10			6/30/10			12/31/10			6/30/10			12/31/10			6/30/10

Class A:
Shares issued		774			1,407			443			1,218			168			335
Shares issued in lieu of cash distributions		48			76			90			207			25			56
Shares redeemed		(457	)		(409	)		(887	)		(1,708	)		(120	)		(401	)


Total Class A transactions		365			1,074			(354	)		(283	)		73			(10	)


Class C:
Shares issued		367			424			283			638			27			90
Shares issued in lieu of cash distributions		6			3			28			58			1			3
Shares redeemed		(108	)		(36	)		(372	)		(284	)		(6	)		(19	)


Total Class C transactions		265			391			(61	)		412			22			74


Class Y:
Shares issued		2,324			4,529			551			1,443			1,130			3,576
Shares issued in lieu of cash distributions		8			17			3			7			8			22
Shares redeemed		(2,466	)		(3,247	)		(668	)		(824	)		(1,296	)		(2,625	)


Total Class Y transactions		(134	)		1,299			(114	)		626			(158	)		973


Net increase (decrease) in Fund shares		496			2,764			(529	)		755			(63	)		1,037



	Nebraska												Oregon
	Municipal						Ohio						Intermediate
	Bond Fund						Tax Free Fund						Tax Free Fund

	Six-Months			Year			Six-Months			Year			Six-Months			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/10			6/30/10			12/31/10			6/30/10			12/31/10			6/30/10

Class A:
Shares issued		105			156			15			107			658			2,048
Shares issued in lieu of cash distributions		8			15			3			5			40			54
Shares redeemed		(22	)		(153	)		(22	)		(36	)		(548	)		(154	)


Total Class A transactions		91			18			(4	)		76			150			1,948


Class C:
Shares issued		41			155			47			91			—			—
Shares issued in lieu of cash distributions		5			7			1			1			—			—
Shares redeemed		(31	)		(20	)		(6	)		(2	)		—			—


Total Class C transactions		15			142			42			90			—			—


Class Y:
Shares issued		166			406			714			1,797			909			4,537
Shares issued in lieu of cash distributions		9			13			5			19			7			10
Shares redeemed		(268	)		(468	)		(703	)		(625	)		(1,900	)		(3,588	)


Total Class Y transactions		(93	)		(49	)		16			1,191			(984	)		959


Net increase (decrease) in Fund shares		13			111			54			1,357			(834	)		2,907



	Short
	Tax Free Fund						Tax Free Fund

	Six-Months			Year			Six-Months			Year
	Ended			Ended			Ended			Ended
	12/31/10			6/30/10			12/31/10			6/30/10

Class A:
Shares issued		306			414			585			916
Shares issued from merger		—			—			—			578
Shares issued in lieu of cash distributions		4			6			53			122
Shares redeemed		(98	)		(49	)		(322	)		(944	)


Total Class A transactions		212			371			316			672


Class C:
Shares issued		—			—			106			123
Shares issued from merger		—			—			—			144
Shares issued in lieu of cash distributions		—			—			6			10
Shares redeemed		—			—			(47	)		(95	)


Total Class C transactions		—			—			65			182


Class Y:
Shares issued		11,002			25,824			4,384			8,673
Shares issued from merger		—			—			—			1,328
Shares issued in lieu of cash distributions		15			33			47			86
Shares redeemed		(10,811	)		(13,089	)		(6,333	)		(7,678	)


Total Class Y transactions		206			12,768			(1,902	)		2,409


Net increase (decrease) in Fund shares		418			13,139			(1,521	)		3,263

Each Fund reserves the right to pay part or all of the proceeds from a redemption request in a proportionate share of readily marketable securities in the Fund instead of cash.

108 Nuveen Investments

5. Investment Transactions

Purchases and sales (including maturities but excluding short term investments) during the six months ended December 31, 2010 were as follows:


							Minnesota
							Intermediate		Minnesota
	California		Colorado		Intermediate		Municipal		Municipal		Missouri
	Tax Free Fund		Tax Free Fund		Tax Free Fund		Bond Fund		Bond Fund		Tax Free Fund

Purchases	$	7,225	$	8,133	$	51,500	$	23,473	$	19,321	$	13,385
Sales and maturities		8,434		9,281		49,526		16,718		16,463		9,072




							Oregon
			Nebraska				Intermediate
			Municipal		Ohio		Municipal		Short
			Bond Fund		Tax Free Fund		Bond Fund		Tax Free Fund		Tax Free Fund

Purchases			$	5,147	$	1,765	$	14,135	$	42,587	$	91,299
Sales and maturities				4,445		1,264		15,382		50,351		89,993

6. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

At December 31, 2010, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:


										Minnesota
										Intermediate			Minnesota
	California			Colorado			Intermediate			Municipal			Municipal			Missouri
	Tax Free Fund			Tax Free Fund			Tax Free Fund			Bond Fund			Bond Fund			Tax Free Fund

Cost of investments	$	97,923		$	60,414		$	735,804		$	225,957		$	160,873		$	158,692


Gross unrealized:
Appreciation	$	1,457		$	1,195		$	28,179		$	7,363		$	3,988		$	2,904
Depreciation		(2,846	)		(1,326	)		(9,431	)		(1,973	)		(5,824	)		(5,404	)


Net unrealized appreciation (depreciation) of investments	$	(1,389	)	$	(131	)	$	18,748		$	5,390		$	(1,836	)	$	(2,500	)




										Oregon
				Nebraska						Intermediate
				Municipal			Ohio			Municipal			Short
				Bond Fund			Tax Free Fund			Bond Fund			Tax Free Fund			Tax Free Fund

Cost of investments				$	39,820		$	62,759		$	149,833		$	311,947		$	472,252


Gross unrealized:
Appreciation				$	964		$	1,207		$	4,835		$	4,533		$	(10,399	)
Depreciation					(583	)		(1,475	)		(1,616	)		(1,109	)		(18,574	)


Net unrealized appreciation (depreciation) of investments				$	381		$	(268	)	$	3,219		$	3,424		$	(8,175	)

Nuveen Investments 109

Notes to Financial Statements December 31, 2010 (Unaudited) (continued), all dollars and shares are rounded to thousands (000)

Permanent differences, primarily due to equalization debits and distribution character reclassifications, resulted in reclassifications among the Funds’ components of net assets at June 30, 2010, the Funds’ last tax year-end, as follows:


										Minnesota
										Intermediate
	California			Colorado			Intermediate			Municipal			Missouri
	Tax Free Fund			Tax Free Fund			Tax Free Fund			Bond Fund			Tax Free Fund			Tax Free Fund

Capital paid-in	$	87		$	131		$	372		$	26		$	260		$	46
Undistributed (Over-distribution of) net investment income		—			—			—			—			—			(9	)
Accumulated net realized gain (loss)		(87	)		(131	)		(372	)		(26	)		(260	)		(37	)

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


							Minnesota
							Intermediate		Minnesota
	California		Colorado		Intermediate		Municipal		Municipal		Missouri
	Tax Free Fund		Tax Free Fund		Tax Free Fund		Bond Fund		Bond Fund		Tax Free Fund

Distributions from:
Tax-exempt income	$	4,311	$	2,802	$	29,070	$	7,780	$	6,226	$	6,465
Ordinary income*		88		29		626		36		73		7
Long-term gain		266		583		—		104		10		1,094


Total	$	4,665	$	3,414	$	29,696	$	7,920	$	6,309	$	7,566




							Oregon
			Nebraska				Intermediate
			Municipal		Ohio		Municipal		Short
			Bond Fund		Tax Free Fund		Bond Fund		Tax Free Fund		Tax Free Fund

Distributions from:
Tax-exempt income			$	1,703	$	2,104	$	5,244	$	5,064	$	21,875
Ordinary income*				7		—		95		18		526
Long-term gain				—		—		—		—		—


Total			$	1,710	$	2,104	$	5,339	$	5,082	$	22,401

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at June 30, 2010, the Funds’ last tax year end, were as follows:


							Minnesota
							Intermediate		Minnesota
	California		Colorado		Intermediate		Municipal		Municipal		Missouri
	Tax Free Fund		Tax Free Fund		Tax Free Fund		Bond Fund		Bond Fund		Tax Free Fund

Undistributed ordinary income*	$	82	$	2	$	247	$	15	$	41	$	3
Undistributed tax-exempt income**		288		181		1,794		512		270		420
Undistributed long-term capital gains		216		454		489		—		—		166




							Oregon
			Nebraska				Intermediate
			Municipal		Ohio		Municipal		Short
			Bond Fund		Tax Free Fund		Bond Fund		Tax Free Fund		Tax Free Fund

Undistributed ordinary income*			$	13	$	—	$	79	$	6	$	331
Undistributed tax-exempt income**				129		226		277		443		1,057
Undistributed long-term capital gains				—		—		—		—		—


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

**	Undistributed net tax exempt income (on a tax basis) has not been reduced for the dividend declared during the period June 1, 2010 through June 30, 2010, and paid on July 1, 2010.

110 Nuveen Investments

At June 30, 2010, the Funds’ last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:


	Minnesota		Nebraska				Oregon
	Municipal		Municipal		Ohio		Intermediate		Short
	Bond Fund		Bond Fund		Tax Free Fund		Tax Free Fund		Tax Free Fund		Tax Free Fund

Expiration year:
2015	$	—	$	—	$	—	$	—	$	937	$	—
2016		—		25		—		—		—		—
2017		—		333		225		141		312		—
2018		65		36		205		—		—		6,429


Total	$	65	$	394	$	430	$	141	$	1,249	$	6,429

The following Funds elected to defer net realized losses from investments incurred from November 1, 2009 through June 30, 2010, the Funds’ last tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the current fiscal year:


	Ohio		Short
	Tax Free Fund		Tax Free Fund

Post-October capital losses	$	30	$	1

7. Management Fees and Other Transactions with Affiliates

Investment Advisory Fees

During the six months ended December 31, 2010, pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors managed each Fund’s assets and furnished related office facilities, equipment, research, and personnel. The Agreement required each Fund to pay FAF Advisors a monthly fee equal, on an annual basis, to 0.50% of the Fund’s average daily net assets. FAF Advisors had agreed to waive fees and reimburse other Fund expenses at least through October 31, 2010, so that total fund operating expenses, as a percentage of average daily net assets, did not exceed the following amounts:


	Share Class
Fund	A			C			Y

California Tax Free Fund		0.65	%		1.15	%		0.50	%
Colorado Tax Free Fund		0.75			1.15			0.50
Intermediate Tax Free Fund		0.75			1.35			0.70
Minnesota Intermediate Municipal Bond Fund		0.75			1.35			0.70
Minnesota Municipal Bond Fund		0.85			1.35			0.70
Missouri Tax Free Fund		0.85			1.35			0.70
Nebraska Municipal Bond Fund		0.75			1.15			0.50
Ohio Tax Free Fund		0.75			1.15			0.50
Oregon Intermediate Municipal Bond Fund		0.85			N/A			0.70
Short Tax Free Fund		0.75			N/A			0.60
Tax Free Fund		0.75			1.35			0.70

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

During the six months ended December 31, 2010, the Funds may have invested in related money market funds that are series of First American Funds, Inc., subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to FAF Advisors, which acted as the investment advisor to both the investing Funds and the related money market funds, FAF Advisors reimbursed each investing Fund an amount equal to that portion of FAF Advisors’ investment advisory fee received from the related money market funds that was attributable to the assets of the investing Fund. This reimbursement, if any, is included in “Fee waivers” on the Statements of Operations, and terminated with respect to the Funds on December 31, 2010, in connection with the closing of the sale.

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

Nuveen Investments 111

Notes to Financial Statements December 31, 2010 (Unaudited) (continued), all dollars and shares are rounded to thousands (000)

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


										Minnesota
	California			Colorado			Intermediate			Intermediate			Minnesota			Missouri
Average Daily Net Assets	Tax Free Fund			Tax Free Fund			Tax Free Fund			Municipal Fund			Municipal Fund			Tax Free Fund

For the first $125 million		0.4500	%		0.4500	%		0.4000	%		0.3500	%		0.3500	%		0.4500	%
For the next $125 million		0.4375			0.4375			0.3875			0.3375			0.3375			0.4375
For the next $250 million		0.4250			0.4250			0.3750			0.3250			0.3250			0.4250
For the next $500 million		0.4125			0.4125			0.3625			0.3125			0.3125			0.4125
For the next $1 billion		0.4000			0.4000			0.3500			0.3000			0.3000			0.4000
For net assets over $2 billion		0.3750			0.3750			0.3250			0.2750			0.2750			0.3750


							Oregon
	Nebraska			Ohio			Intermediate			Short
Average Daily Net Assets	Municipal Fund			Tax Free Fund			Municipal Fund			Tax Free Fund			Tax Free Fund

For the first $125 million		0.3500	%		0.4500	%		0.3500	%		0.2500	%		0.4500	%
For the next $125 million		0.3375			0.4375			0.3375			0.2375			0.3875
For the next $250 million		0.3250			0.4250			0.3250			0.2250			0.3750
For the next $500 million		0.3125			0.4125			0.3125			0.2125			0.3625
For the next $1 billion		0.3000			0.4000			0.3000			0.2000			0.3500
For net assets over $2 billion		0.2750			0.3750			0.2750			0.1750			0.3250

The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen Funds as set forth in the schedule below, and making, as appropriate, an adjustment to that rate based upon the percentage of the particular Fund’s assets that are not “eligible assets.” The complex-level fee schedule 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 managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds and assets in excess of $2 billion added to the Nuveen Fund complex in connection with Nuveen Fund Advisors’ assumption of the management of the former First American Funds effective January 1, 2011. Managed assets include closed-end fund assets managed by Nuveen Fund Advisors that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by Nuveen Fund Advisors as to certain Funds to limit the amount of such assets for determining managed assets in certain circumstances.

A Fund’s complex-level fee rate will not exceed the maximum complex-level fee rate of 0.2000%.

The management fee will compensate Nuveen Fund Advisors for the overall investment advisory and administrative services and general office facilities it provides for the Funds. Effective January 1, 2011, Nuveen Fund Advisors has entered into sub-advisory agreements with Nuveen Asset Management, LLC. Nuveen Asset Management, LLC will be compensated for the sub-advisory services it provides to the Funds from the management fee paid to Nuveen Fund Advisors.

112 Nuveen Investments

Effective January 1, 2011, Nuveen Fund Advisors has contractually agreed to waive fees and reimburse expenses of the Funds so that total annual fund operating expenses, after waivers and excluding Acquired Fund Fees and Expenses, do not exceed the percent of each Fund’s average daily net assets, for each share class and for the time periods stated, as set forth in the following table:

Minnesota

Intermediate

Minnesota

California

Colorado

Intermediate

Municipal

Missouri

Tax Free Fund

Bond Fund

Tax Free Fund

Class A

0.6500

0.7000

0.7500

0.8500

Class C⁽¹⁾

N/A

1.4500

N/A

Class C1⁽²⁾

1.1500

1.3500

Class I⁽²⁾

0.5000

0.7000

Through first expiration date

June 30, 2011

January 31, 2012

After first expiration date:

Class A

0.8500

0.9000

N/A

Class C1⁽²⁾

1.3500

N/A

Class I⁽²⁾

0.7000

N/A

Expiration date

January 31, 2012

N/A

Oregon

Nebraska

Intermediate

Municipal

Ohio

Municipal

Short

Bond Fund

Tax Free Fund

Bond Fund

Tax Free Fund

Class A

0.7000

0.8500

0.7500

Class C⁽¹⁾

1.2500

N/A

1.4500

N/A

Class C1⁽²⁾

1.1500

N/A

1.3500

Class I⁽²⁾

0.5000

0.7000

0.6000

0.7000

Expiration date

June 30, 2011

January 31, 2012

After first expiration date:

Class A

0.9000

N/A

Class C⁽¹⁾

1.4500

N/A

Class C1⁽²⁾

1.3500

N/A

Class I⁽²⁾

0.7000

N/A

Expiration date

January 31, 2012

N/A

N/A – Not applicable.


(1)	Effective January 18, 2011, Minnesota Intermediate Municipal Bond Fund, Minnesota Municipal Bond Fund, Nebraska Municipal Bond Fund and Oregon Intermediate Municipal Bond Fund begin offering Class C Shares only to qualifying institutional investors and certain other qualifying accounts.

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

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

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

Administration Fees

During the six months ended December 31, 2010, the FAF Advisors served as the Funds’ administrator pursuant to an administration agreement between FAF Advisors and the Funds. U.S. Bancorp Fund Services, LLC (“USBFS”) served as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank National Association (“U.S. Bank”). Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors was compensated to provide, or compensated other entities to provide, services to the Funds. These services included various legal, oversight, and administrative and accounting services. The Funds paid FAF Advisors administration fees, which were calculated daily and paid monthly, equal to each Fund’s pro rata share of an amount equal, on an annual basis, to 0.25% of the aggregate average daily net assets of all open-end funds in the First American Funds family up to $8 billion, 0.235% on the next $17 billion of the aggregate average daily net assets, 0.22% on the next $25 billion of the aggregate average daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator were paid from the administration fee. In addition to these fees, the Funds may have reimbursed FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in

Nuveen Investments 113

Notes to Financial Statements December 31, 2010 (Unaudited) (continued), all dollars and shares are rounded to thousands (000)

providing administration services. Effective January 1, 2011, FAF Advisors and USBFS no longer serve as the Funds’ administrator and sub-administrator, respectively, and the Funds have not entered into any new administration or sub-administration agreements.

Transfer Agent Fees

During the six months ended December 31, 2010, USBFS served as the Funds’ transfer agent pursuant to a transfer agent agreement with FAIF. The Funds were charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class. These fees are charged to each Fund based upon the number of accounts within that Fund. In addition to these fees, the Funds may reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services. Effective January 1, 2011, USBFS serves as the Funds’ transfer agent pursuant to a new transfer agent agreement with Nuveen Fund Advisors.

Custodian Fees

During the six months ended December 31, 2010, U.S. Bank served as the custodian for each Fund pursuant to a custodian agreement with FAIF. The custodian fee charged for each Fund was equal to an annual rate of 0.005% of average daily net assets. All fees were computed daily and paid monthly.

During the six months ended December 31, 2010, interest earned on uninvested cash balances was used to reduce a portion of each Fund’s custodian expenses. These credits, if any, are recognized as “Indirect payments from custodian” on the Statements of Operations. Conversely, the custodian charged a fee for any cash overdrafts incurred, which increased the Fund’s custodian expenses.

Effective January 1, 2011, U.S. Bank serves as the custodian for each Fund pursuant to a new custodian agreement with Nuveen Fund Advisors.

Distribution and Shareholder Servicing (12b-1) Fees

During the six months ended December 31, 2010, Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, served as the distributor of the Funds pursuant to a distribution agreement with FAIF. Under the distribution agreement, and pursuant to a plan adopted by each Fund under Rule 12b-1 of the Investment Company Act, each of the Funds paid Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25% and 0.65% of each Fund’s average daily net assets of Class A and Class C Shares (renamed Class C1 Shares), respectively. No distribution or shareholder servicing fees were paid by Class Y Shares (renamed Class I Shares). These fees may have been used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.

During the six months ended December 31, 2010, Quasar waived a portion of its 12b-1 fees for Class A Shares, limiting its fees to 0.15% of average daily net assets for Intermediate Tax Free Fund, Minnesota Intermediate Municipal Bond Fund, Oregon Intermediate Municipal Bond Fund and Short Tax Free Fund.

During the six months ended December 31, 2010, total distribution and shareholder servicing fees waived by Quasar for the following Funds were as follows:


Fund	Amount

Intermediate Tax Free Fund	$	31
Minnesota Intermediate Municipal Bond Fund		19
Oregon Intermediate Municipal Bond Fund		17
Short Tax Free Fund		4

Under the distribution and shareholder servicing agreement, the following amounts were retained by affiliates of FAF Advisors during the six months ended December 31, 2010:


Fund	Amount

California Tax Free Fund	$	29
Colorado Tax Free Fund		8
Intermediate Tax Free Fund		27
Minnesota Intermediate Municipal Bond Fund		33
Minnesota Municipal Bond Fund		69
Missouri Tax Free Fund		31
Nebraska Municipal Bond Fund		9
Ohio Tax Free Fund		5
Oregon Intermediate Municipal Bond Fund		13
Short Tax Free Fund		3
Tax Free Fund		22

Effective January 1, 2011, the Funds entered into a distribution agreement with Nuveen Investments LLC, who will serve as the Funds’ distributor. Class A Shares incur a .20% annual 12b-1 service fee. Class C Shares incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C1 Shares incur a .65% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee.

114 Nuveen Investments

Class I Shares will continue to not be subject to any sales charge or 12b-1 distribution or service fees. Nuveen Investments LLC has agreed to limit Class A Share annual 12b-1 service fees to .15% through January 31, 2012, for Intermediate Tax Free Fund and Minnesota Intermediate Municipal Bond Fund. Annual distribution and service fees are based on average daily net assets.

Other Fees and Expenses

In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each Fund is responsible for paying other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. During the six months ended December 31, 2010, legal fees and expenses of $26 were paid to a law firm of which an Assistant Secretary of the Funds is a partner.

Contingent Deferred Sales Charges

During the six months ended December 31, 2010, a CDSC of 1.00% was imposed on redemptions made in the Class C Shares (renamed Class C1 Shares) for the first twelve months. The CDSC was imposed on the value of the purchased shares or the value at the time of redemption, whichever was less. During the six months ended December 31, 2010, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the Funds’ shares were as follows:


Fund	Amount

California Tax Free Fund	$	76
Colorado Tax Free Fund		1
Intermediate Tax Free Fund		42
Minnesota Intermediate Municipal Bond Fund		58
Minnesota Municipal Bond Fund		49
Missouri Tax Free Fund		42
Nebraska Municipal Bond Fund		—
Ohio Tax Free Fund		5
Oregon Intermediate Municipal Bond Fund		23
Short Tax Free Fund		11
Tax Free Fund		22

8. Regulatory Settlements

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

9. Fund Merger

As of the close of business on January 29, 2010, Tax Free Fund acquired the assets and assumed the liabilities of Arizona Tax Free Fund. Tax Free Fund was deemed to be the accounting survivor in the merger. Shareholders of Arizona Tax Free Fund approved the merger on January 22, 2010.

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


Tax Free Fund	Class A		Class C		Class Y		Total

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

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


					Undistributed			Accumulated
	Total		Portfolio		Net Investment			Net Realized			Net Unrealized
	Net Assets		Capital		Loss			Loss			Appreciation

Arizona Tax Free Fund	$	21,430	$	21,536	$	(74	)	$	(36	)	$	4

Nuveen Investments 115


Investment Management Agreement Approval Process (Unaudited)

A. Background

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

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

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

B. Prior Board Considerations

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

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

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

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

In considering the New Advisory Agreement, the Prior Board did not identify any particular information that was all-important or controlling, and each Prior Director may have attributed different weights to the various factors discussed below. Where appropriate, the Prior Directors evaluated all information available to them regarding the Company’s funds on a fund-by-fund basis, and their determinations were made separately with respect to each such fund (including each of the Funds). The Prior Directors, all of whom

116 Nuveen Investments

were Independent Prior Directors, concluded that the terms of the New Advisory Agreement and the fee rates to be paid in light of the services to be provided to each Fund are in the best interests of each Fund, and that the New Advisory Agreement should be approved and recommended to stockholders for approval. In voting to approve the New Advisory Agreement with respect to each Fund, the Prior Board considered in particular the following factors:

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

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

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

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

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

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

Nuveen Investments 117


Investment Management Agreement Approval Process (Unaudited) (continued)

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

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

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

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

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

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

118 Nuveen Investments

Glossary of Terms
Used in this Report


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

n	*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.

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

Nuveen Investments 119

Fund Information

Fund Manager

Nuveen Fund Advisors, Inc.

333 West Wacker Drive

Chicago, IL 60606

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

Legal Counsel

Chapman and Cutler LLP

111 West Monroe Street

Chicago, IL 60603

Independent Registered

Public Accounting Firm

Ernst & Young

155 North Wacker Drive

Chicago, IL 60606

Custodian

U.S. Bank National Association

60 Livingston Avenue

St. Paul, MN 55101

Transfer Agent and

Shareholder Services

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Quarterly Portfolio of Investments and Proxy Voting Information

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

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

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

120 Nuveen Investments

(This page intentionally left blank.)

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, longterm investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $195 billion of assets as of December 31, 2010.

Find out how we can help you.

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

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

Nuveen makes things e-simple.

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

Free e-Reports right to your e-mail!

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

www.nuveen.com/accountaccess
If you receive your Nuveen Fund distributions and statements directly from Nuveen.


Distributed by Nuveen Investments, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com

MSA-FTFI-1210D

Mutual Funds



Nuveen Taxable Income Funds (formerly First American Taxable Income Funds) For investors seeking attractive monthly income and portfolio diversification potential.

Semi-Annual Report December 31, 2010


	Share Class / Ticker Symbol
Fund Name	Class A	Class B	Class C	Class R3	Class I
Nuveen Core Bond Fund	FAFIX	FFIBX	FFAIX	FFISX	FFIIX

Nuveen High Income Bond Fund	FJSIX	FJSBX	FCSIX	FANSX	FJSYX

Nuveen Inflation Protected Securities Fund	FAIPX	—	FCIPX	FRIPX	FYIPX

Nuveen Intermediate Government Bond Fund	FIGAX	—	FYGCX	FYGRX	FYGYX

Nuveen Intermediate Term Bond Fund	FAIIX	—	NTIBX	—	FINIX

Nuveen Short Term Bond Fund	FALTX	—	FBSCX	—	FLTIX

Nuveen Total Return Bond Fund	FCDDX	FCBBX	FCBCX	FABSX	FCBYX

NUVEEN INVESTMENTS COMPLETES STRATEGIC COMBINATION WITH FAF ADVISORS

Must be preceded or accompanied by a prospectus.

Mutual fund investing involves risk; principal loss is possible.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

TABLE OF CONTENTS



Chairman’s Letter to Shareholders			1

Portfolio Manager Commentary and Fund Performance			2

Share Class Total Returns			15

Holdings Summaries			19

Expense Examples			22

Shareholder Meeting Report			26

Schedule of Investments			27

Statements of Assets and Liabilities			68

Statements of Operations			72
			��
Statements of Changes in Net Assets			74

Financial Highlights			78

Notes to Financial Statements			86

Investment Management Agreement Approval Process			107

Glossary of Terms Used in this Report			110

Fund Information			111

CHAIRMAN’S LETTER TO SHAREHOLDERS

Dear Shareholders,

Sincerely,

Robert P. Bremner

Chairman of the Board and Lead Independent Director

February 22, 2011

Nuveen Investments 1

Portfolio Manager Commentary and Fund Performance

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

The portfolio managers for the Fund during the six-month reporting period, Chris Neuharth, Timothy Palmer, Wan-Chong Kung, and Jeffrey Ebert, recently examined key investment strategies and the performance of the Nuveen Core Bond Fund. Chris Neuharth, CFA, who has 30 years of investment experience, has managed the Fund since 2006. Timothy Palmer, CFA, with 25 years of investment experience, Wan-Chong Kung, CFA, with 27 years of investment experience, and Jeffrey Ebert, with 20 years of investment experience, have been part of the management team for the Fund since 2003, 2001, and 2005, respectively.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen Core Bond Fund returned 2.99% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital U.S. Aggregate Bond Index returned 1.15% and the Lipper Intermediate Investment Grade Debt Funds Category Average returned 2.26% during the same period. The table on page 14 provides additional Class A Share total returns for the Fund for the one-year, five-year, and ten-year reporting periods ending December 31, 2010.

The economy appeared to be losing steam as we entered the reporting period due to concerns about the European financial system and a slowdown in U.S. consumer spending. Fixed-income markets were fearful of a double-dip recession and were in risk on/risk off mode, with little investor conviction regarding the durability of the economic recovery or risk appetite amid high levels of market volatility. Ultimately, policy initiatives proved supportive of European sovereigns, corporate earnings were again very strong, consumer deleveraging transformed into consumer spending, and the labor market showed signs of modest improvement.

Following the Federal Reserve’s November announcement of another round of balance sheet expansion, the Treasury market was rocked by concerns about the accommodative monetary policy and the potential longer term fiscal and inflation issues. Extension of the Bush-era tax cuts, although certainly not unexpected, gave deficit hawks more reason to fret and fueled consternation about a “bond bubble” in media headlines. Rates climbed steadily during late 2010 as poor duration positioning by some investors, ongoing hedging activity of excess mortgage duration by servicers, and a lack of overseas appetite for U.S. government bonds applied continuous pressure to the interest rate markets. Conversely, what was bad for rates was good for riskier assets. Improving fundamentals propelled higher beta fixed-income assets such as high-yield corporates and longer maturity, high-quality, commercial mortgage-backed securities (CMBS) to outperform Treasuries by wide margins with returns in excess of 10%. Market technicals continued to be extremely supportive for non-government bonds as retail investors pushed more than $200 billion into taxable fixed-income funds of all types in 2010, much of it later in the year, in search of higher yields.

The Fund enjoyed strong performance relative to both its benchmark and against its peers during the reporting period. Because we believed that the economy would avoid a renewed downturn, we positioned the Fund with an overweight to corporate bonds, particularly financials, and CMBS which generally outperform in times of expanding earnings and strong growth, and a significant underweight in Treasuries. Overall, our sector positioning accounted for more than half of the Fund’s outperformance relative to the benchmark while our lower quality bias and security selection within the corporate and mortgage sectors accounted for the balance.

On the negative side, although we positioned the Fund with an overall portfolio duration, or sensitivity to interest-rate movements, around neutral, our curve exposure was biased toward a flatter yield curve. This strategy was a modest drag on returns as the short and intermediate portions of the curve were better anchored than the long end by stable monetary policy and Treasury buybacks amid the rise in rates.

What strategies were used to manage the Fund? How did these strategies influence performance?

The Fund continued to employ the same fundamental investment strategies and tactics used in previous years. We use a highly collaborative, research-driven approach that we believe offers the best opportunity to achieve consistent, superior long-term performance on a risk-adjusted basis across the full range of market environments.

Given our view that economic growth would continue at a slow pace and that policy would remain supportive of global financial issues, we’ve continued to favor the non-government sectors of the bond market. From a sector perspective, the Fund maintained a significant underweight to Treasuries, agencies, and, to a lesser extent, agency mortgage-backed securities (MBS) over the reporting period. On the flip side, the Fund’s exposure to corporate bonds, both high-grade and high-yield, was typically between 40% and 45% of portfolio assets over the period. Likewise, the Fund has a nearly 20% exposure to the CMBS and asset-backed securities (ABS) sectors, which benefited greatly from improving fundamentals and lack of new issuance in these market segments. This exposure remained intact heading into 2011 as values continued to be attractive compared to long-term

2 Nuveen Investments

averages and credit metrics continued to show improvement.

Additionally, as the economy gained momentum later in the year, we shifted the Fund’s exposure out of high-grade corporates to high-yield bonds and new issue non-senior CMBS. We believed these sectors were poised to benefit from strong investor demand for higher income-producing securities given the supportive macro environment. Our bias to be overweight financials, in our view the most attractively priced investment-grade corporate sector, also paid off as the sector posted excess returns of more than 400 basis points over the reporting period. We typically positioned the Fund with between 12% and 15% of assets in the financial sector over the time period, with a bias toward systemically important domestic institutions with improving capital bases and stable to improving credit profiles. We have continued to shade the Fund’s mortgage exposure toward an underweight. We believe this sector will need to gradually cheapen in the absence of an institutional buyer such as the Fed or government sponsored enterprises (GSEs), who have been large sponsors of MBS over the past decade, but have now moved into runoff mode.

Our duration policy was close to neutral compared to the Fund’s benchmark during the period. Although the economic landscape is improving, we expect that the Fed will be on hold into 2012. As much as we’d like to establish a long-term defensive duration position, we believe that rates are currently fairly priced and don’t see significant movement higher for the time being.

Nuveen Investments 3

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

The portfolio managers for the Fund during the six-month reporting period, John Fruit, Greg Hanson, and Jeffrey Schmitz, recently examined key investment strategies and the performance of the Nuveen High Income Bond Fund. John Fruit, CFA, who has 23 years of investment experience, has managed the Fund since 2006. Jeffrey Schmitz, CFA, with 24 years of investment experience, has been part of the management team for the Fund since 2008. Effective January 1, 2011, Greg Hanson is no longer a portfolio manager of the Fund.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen High Income Bond Fund returned 12.16% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital U.S. High Yield 2% Issuer Capped Bond Index returned 10.04% and the Lipper High Current Yield Funds Category Average returned 10.19% during the same period. The table on page 14 provides additional Class A Share total returns for the Fund for the one-year, five-year, and since inception reporting periods ending December 31, 2010.

During the six-month period, the high-yield market enjoyed very strong performance, overcoming the mid-year concerns surrounding the European sovereign crisis and persistent macroeconomic fears in the United States. The anchor of high cash coupons from high-yield bonds in a low-interest rate market provided much support for the high-yield market, as did the record inflows into the asset class. While higher quality, BB-rated bonds fared better in the first half of the year, CCC-rated bonds were the best performers in the last six months of 2010.

Against this backdrop, the Fund’s relative performance was aided by tactically adding to higher-yielding securities and from overweighting more cyclical industries. For example, we added securities in the oil field services, technology, and media sectors to take advantage of the higher yields and improving fundamentals in these areas. We tended to underweight the more defensive areas such as utilities and healthcare. The strong high-yield market was bolstered by the ability of high-yield companies to successfully refinance debt and extend maturities while locking in low rates. We were fortunate to experience no defaults in the Fund during the six-month reporting period. An improvement in corporate liquidity tends to reward lower quality companies and issuers, and provided another reason to add to single-B and CCC-rated at the expense of BB-rated bonds, which tend to be more interest-rate sensitive.

Emerging market debt also performed well in the latter half of 2010 as world economic prospects improved. In addition to the strong technical backdrop, corporate credit fundamentals remained on an improving trajectory. While the Fund maintained only a 5% weighting to emerging market corporates, the strong performance by the international sector helped performance.

On the negative side, the Fund’s below-market exposure to the financial sector was a slight detractor to results when measured vs. the index. As many of these issuers were new entrants to the high-yield universe coming out of the financial crisis, they were off the radar screen of traditional high-yield investors. However, financials were among the very best performers for both the second half of 2010 as well as the full year, registering nearly 25% returns for the year vs. the broad high-yield market return of 14.94%, as measured by the Barclays Capital U.S. High Yield 2% Issuer Capped Bond Index.

What strategies were used to manage the Fund? How did these strategies influence performance?

Heading into the beginning of the reporting period, we had added to the Fund’s Treasury duration as a hedge against further market volatility like we experienced last May. During that period, a substantial correction in risky assets occurred broadly, with only Treasuries posting positive returns as European sovereign concerns took center stage. Certain portfolio positions such as financial preferreds and hybrid securities suffered during this period. As mixed economic data in July and August turned slightly more positive from September on, the appetite for risk improved. However, continued macro fears persisted, leading the Federal Reserve to announce a second round of quantitative easing, benefiting not only our hedge position in Treasuries, but also the riskiest of high-yield securities. We gradually became more constructive on the market and began to add lower-rated debt and higher yielding securities. We also gravitated toward sectors that are perceived to be more cyclical in nature, such as media, basic materials, and industrials. Additionally, we added selectively to financial issues, which were benefiting greatly from the general reparation of bank and insurance company balance sheets.

As mentioned, investment flows into the high-yield asset class were brisk and we shared in receiving healthy inflows into the Fund. Meanwhile, high-yield supply mostly met this demand through record primary market issuance of new bonds, having priced $262.7 billion in 2010. This new issuance shattered the prior record set in 2009 by more than 70%. We were able to use this heavy new issue calendar to selectively add to new investment opportunities. One of the benefits of using the new issue

4 Nuveen Investments

calendar is the ability to add bonds trading near par; conversely, many secondary issues trade at significant premiums and also have call features that may prevent meaningful upside.

We also used the more favorable period for financials to add to select closed-end funds and preferred stocks. Specifically, we used the weakness during the early part of the reporting period to add to floating-rate bank preferred securities of Bank of America and Goldman Sachs. Following the concerns surrounding the European sovereign crisis, many closed-end funds that own investment-grade, high-yield, and emerging market debt sold off to trade at significant discounts to net asset value, presenting an opportunity. Finally, we added a handful of oil-services bonds to the Fund that are backed by physical interests in oil rigs. In the aftermath of the Gulf of Mexico oil spill in the spring, these securities had cheapened to very attractive levels.

Nuveen Investments 5

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

The portfolio manager for the Fund during the six-month reporting period, Wan-Chong Kung, recently examined key investment strategies and the performance of the Nuveen Inflation Protected Securities Fund. Wan-Chong Kung, CFA, who has 27 years of investment experience, has managed the Fund since its inception in 2004.

Effective January 1, 2011, Chad Kemper, with 12 years of investment experience, has become a co-portfolio manager.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen Inflation Protected Securities Fund returned 2.05% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital U.S. TIPS Index returned 1.82% and the Lipper U.S. Treasury Inflation Protected Securities Category Average returned 2.10% during the same period. The table on page 14 provides additional Class A Share total returns for the Fund for the one-year, five-year, and since inception reporting periods ending December 31, 2010.

During the period, the economy pulled out of the mid-year growth scare caused by the European debt crisis, showing signs of long-term stability and resulting in meaningful upgrades to long-term growth forecasts. After a fall rally in rates induced by the prospects of additional Federal Reserve balance sheet expansion, rates retraced the drop and rose as the fourth quarter progressed. As the economy gained steam, equities rallied significantly. With the Fed’s balance sheet expansion providing comfort to the market that policy would remain supportive of risk-taking, investors were eager to move money off the sidelines. Retail investors pushed more than $200 billion into taxable fixed-income funds of all types in 2010, much of it later in the year, in search of higher yields. Fixed-income risk premiums tightened steadily, leading to meaningful outperformance by non-government securities such as corporate bonds, commercial mortgage-backed securities (CMBS), and asset-backed securities (ABS). Not surprisingly, high-yield bonds performed quite well, posting roughly a 10% return in the second half of 2010.

Early in the period, yields for Treasury Inflation-Protected Securities (TIPS) couldn’t keep pace with falling rates for nominal Treasuries as the market reflected markedly lower growth and low near-term inflation outlooks. This caused TIPS to underperform regular Treasuries in the first two months of the semi-annual reporting period. However, as the period progressed, greater optimism surrounding the economic recovery combined with stronger incoming economic data led to higher inflation expectations. Yields for TIPS rose, but by less than nominal Treasury yields, helping the segment to recover strongly and close ahead for the period.

The Fund outperformed its Barclays Capital benchmark and performed in line with its Lipper peer group for the period. We maintained an underweight position to TIPS throughout, which proved favorable in the initial months of the period, but was then detrimental in the latter months as TIPS outperformed nominal Treasuries. Within the TIPS segment, the portfolio was rewarded for its underweight position in 5-year maturity TIPS in the first few months, against a position in nominal Treasuries, as that segment bore the brunt of tighter breakeven spreads. Toward the middle of the period, we benefited from our move to an overweight position in longer maturity TIPS. By overweighting longer vs. shorter maturity TIPS, the Fund captured the relative breakeven performance on the curve. Additionally, we made an advantageous reallocation out of longer TIPS and into 5-year maturities in the final months of the reporting period, which helped us capture the relative outperformance of the 5-year securities on the TIPS yield curve.

In the strong-performing environment for risk assets, the Fund’s allocations to non-TIPS spread sectors – such as CMBS and ABS – provided solid excess returns and contributed positively to performance. Foreign exposure also added to results with positions in non-dollar bonds and currency exposures performing well, particularly our emphasis on commodity sensitive economies and currencies such as Canada and Australia. However, our Fund’s tactical duration, or sensitivity to interest rates, for the most part detracted from returns during the period.

What strategies were used to manage the Fund? How did these strategies influence performance?

We began the semi-annual reporting period with a modest underweight position in all TIPS segments, particularly 5-year maturities, which proved beneficial as TIPS underperformed. However, as time progressed, our underweight to TIPS hindered results. Improvements in economic data supported investors’ more optimistic outlook for growth, which in turn increased investors’ appetite for inflation protection, causing TIPS to outperform nominal Treasuries. Throughout the period, the Fund benefited from its steady allocation to the high-yield corporate debt, CMBS, and ABS sectors as these segments turned in strong results in light of the strengthening economy. Toward the end of 2010, we began looking for more opportunities in those sectors

6 Nuveen Investments

based on the positive backdrop described earlier. At the same time, we shifted our emphasis in the TIPS portion of the portfolio toward 5-year maturities while underweighting 10-year and longer maturities. We believed positive growth trends – combined with strong commodity price gains and the return of more favorable seasonal Consumer Price Index prints toward the end of the period – would favor TIPS performance, particularly in shorter, 5-year maturities.

We continued to manage the duration of the Fund on a tactical basis, adjusting to current market conditions using its nominal Treasury positions. The Fund began the reporting period with a short to neutral duration position vs. the benchmark, which detracted from results as rates for nominal bonds and TIPS raced lower. We moved the Fund to a long duration later in the period, which also proved unsuccessful as rates continued to sell off.

Nuveen Investments 7

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

The portfolio managers for the Fund during the six-month reporting period, Wan-Chong Kung, Chris Neuharth, and Jason O’Brien, recently examined key investment strategies and the performance of the Nuveen Intermediate Government Bond Fund. Wan-Chong Kung, CFA, who has 27 years of investment experience, has managed the Fund since 2002. Chris Neuharth, CFA, with 30 years of investment experience, and Jason O’Brien, CFA, with 18 years of investment experience, have been on the Fund’s management team since 2009.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen Intermediate Government Bond Fund returned 1.06% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital Intermediate Government Bond Index returned 0.54% and the Lipper Intermediate U.S. Government Funds Category Average returned 0.32% during the same period. The table on page 14 provides additional Class A Share total returns for the Fund for the one-year, five-year, and since inception reporting periods ending December 31, 2010.

During the six-month period, the economy pulled out of the mid-year growth scare caused by the European debt crisis, showing signs of long-term stability and resulting in meaningful upgrades to long-term growth forecasts. After a fall rally in rates induced by prospects of additional Federal Reserve balance sheet expansion, rates retraced the drop and rose as the fourth quarter progressed. Yields on 10-year Treasuries moved higher by 36 basis points over the six-month period, causing the 2-to 10-year yield curve to steepen. As the economy gained steam, equities rallied significantly. With the Fed’s balance sheet expansion providing comfort to the market that policy would remain supportive of risk-taking, investors were eager to move money off the sidelines. Retail investors pushed more than $200 billion into taxable fixed-income funds of all types in 2010, much of it later in the year, in search of higher yields. Fixed-income risk premiums tightened steadily, leading to meaningful outperformance by non-government securities such as corporate bonds, commercial mortgage-backed securities (CMBS), and asset-backed securities (ABS). Not surprisingly, high-yield bonds performed quite well, posting roughly a 10% return in the second half of 2010.

The Fund’s performance relative to its benchmark and peers benefited from allocations to risk assets within the fixed-income marketplace. Specifically, its overweight positions in CMBS, mortgage-backed securities (MBS), and ABS provided a significant amount of the Fund’s excess returns. These sectors produced stellar results as they benefited not only from improving fundamentals as the economic recovery gained momentum, but also a lack of new issuance in these market segments. The Fund was also rewarded for its significant underweight to nominal U.S. Treasuries as the Treasury market was rocked by concerns about the Fed’s accommodative monetary policy and the potential for longer term fiscal and inflation issues. However, our small allocation to Treasury Inflation-Protected Securities (TIPS), which we actually increased during the period, helped the Fund’s results. The TIPS segment outperformed nominal Treasuries by about 50 basis points. On the negative side, we positioned the Fund with a longer duration, or sensitivity to interest rates, later in the period, which proved unsuccessful as rates continued to sell off.

What strategies were used to manage the Fund? How did these strategies influence performance?

During the six-month period, we reduced the Fund’s Treasury exposure by about 15% because we believed we could find more compelling opportunities in risk assets. We used the proceeds from the sales to fund purchases in agency debt, CMBS, and TIPS. Within agency debt, we boosted the Fund’s weighting by approximately 11% as the sector cheapened and the outlook remained strong for continued U.S. Treasury support of the segment. In CMBS, we increased the Fund’s allocation by about 2% because we liked the stronger macroeconomic backdrop, improving commercial real estate fundamentals, and attractive valuations we still could find in that sector. A cheapening in TIPS valuations also provided an opportune time to increase the Fund’s exposure in TIPS by approximately 2% as the stronger economic climate brought back some inflationary concerns. We roughly maintained the Fund’s same overweight allocations to MBS and ABS. During the Treasury market selloff, we used the cheapening of intermediate maturity Treasuries, in the 5- to 10-year range, to reduce the Fund’s underweight in that segment.

After lengthening the duration of the Fund later in the period, we quickly retreated to a more neutral stance. Although the economic landscape is improving, we expect that the Fed will be on hold into 2012. As much as we’d like to establish a long-term defensive duration position, we believe that rates are currently fairly priced and don’t see significant movement higher for the time being.

8 Nuveen Investments

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

The portfolio managers for the Fund during the six-month reporting period, Wan-Chong Kung and Jeffrey Ebert, recently examined key investment strategies and the performance of the Nuveen Intermediate Term Bond Fund. Wan-Chong Kung, CFA, who has 27 years of investment experience, has managed the Fund since 2002 and Jeffrey Ebert, with 20 years of investment experience, since 2000.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen Intermediate Term Bond Fund returned 2.15% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital U.S. Intermediate Government/Credit Bond Index returned 1.27% and the Lipper Short-Intermediate Investment Grade Debt Funds Category Average returned 1.64% during the same period. The table on page 14 provides additional Class A Share total returns for the Fund for the one-year, five-year, and ten-year reporting periods ending December 31, 2010.

The Fund’s performance relative to its benchmark and peers benefited from allocations to risk assets within the fixed-income marketplace. Specifically, its overweight positions in mortgage-backed securities (MBS), corporate bonds, and ABS provided a significant amount of the Fund’s excess returns. These sectors produced stellar results as they benefited not only from improving fundamentals as the economic recovery gained momentum, but also a lack of new issuance in these market segments. The Fund was also rewarded for its significant underweight to nominal U.S. Treasuries as the Treasury market was rocked by concerns about the Fed’s accommodative monetary policy and the potential longer term fiscal and inflation issues. However, our small allocation to Treasury Inflation-Protected Securities (TIPS), which we actually increased during the period, helped the Fund’s results. The TIPS segment outperformed nominal Treasuries by about 50 basis points. On the negative side, we positioned the Fund with a longer duration, or sensitivity to interest rates, later in the period, which proved unsuccessful as rates continued to sell off.

What strategies were used to manage the Fund? How did these strategies influence performance?

During the six-month period, we reduced the Fund’s Treasury exposure by approximately 5% because we believed we could find more compelling opportunities in risk assets. We used the proceeds from the sales to fund purchases in CMBS and TIPS. In CMBS, we increased the Fund’s allocation by about 5% because we liked the stronger macroeconomic backdrop, improving commercial real estate fundamentals, and attractive valuations we still could find in that sector. A cheapening in TIPS valuations also provided an opportune time to increase the Fund’s exposure in TIPS by approximately 2% as the stronger economic climate brought back some inflationary concerns. We roughly maintained the Fund’s same overweight allocations to MBS, corporates, and ABS. Within agency debt, we kept the Fund’s underweight position because we believed other sectors offered better spread tightening potential. During the Treasury market selloff, we used the cheapening of intermediate maturity Treasuries, in the 5- to 10-year range, to reduce the Fund’s underweight in that segment.

Nuveen Investments 9

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

The portfolio managers for the Fund during the six-month reporting period, Chris Neuharth and Marie Newcome, recently examined key investment strategies and the performance of the Nuveen Short Term Bond Fund. Chris Neuharth, CFA, who has 30 years of investment experience, has managed the Fund since 2004.

Effective January 1, 2011, Marie Newcome is no longer a portfolio manager of the Fund. Peter Agrimson, CFA, with 6 years of investment experience joined the Fund’s management team.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen Short Term Bond Fund returned 1.46% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital 1-3 Year Government/Credit Bond Index returned 0.83% and the Lipper Short Investment Grade Debt Funds Category Average returned 1.48% during the same period. The table on page 14 provides additional Class A Share total returns for the Fund for the one-year, five-year, and ten-year reporting periods ending December 31, 2010.

During the six-month period, the economy pulled out of the mid-year growth scare caused by the European debt crisis, showing signs of long-term stability and resulting in meaningful upgrades to long-term growth forecasts. After a fall rally in rates induced by prospects of additional Federal Reserve balance sheet expansion, rates retraced the drop and rose as the fourth quarter progressed. Short Treasury rates ended the reporting period roughly unchanged while longer term rates rose modestly. As the economy gained steam, equities rallied significantly. With the Fed’s balance sheet expansion providing comfort to the market that policy would remain supportive of risk-taking, investors were eager to move money off the sidelines. Fixed-income risk premiums tightened steadily, leading to meaningful outperformance by non-government securities such as corporate bonds, commercial mortgage-backed securities (CMBS), and asset-backed securities (ABS). Not surprisingly, high-yield bonds performed quite well, posting roughly a 10% return in the second half of 2010.

Because we believed that the economy would avoid a renewed downturn, we positioned the Fund with an overweight to corporate bonds, which generally outperform in times of expanding earnings and strong growth, and a significant underweight in Treasuries. Additionally, as the economy gained momentum, we added to the Fund’s exposure to high-yield bonds, which seemed poised to benefit from strong investor demand for higher income producing securities given the supportive macro environment. The Fund performed well relative to its benchmark over the reporting period, with roughly three-fourths of the excess return generated by its diversified high-grade sector overweights, particularly financials and CMBS. Our crossover high-yield corporate positioning added the balance of the Fund’s outperformance. These sector decisions were positive contributors to the Fund’s solid peer group performance for the reporting period as well.

At the same time, given the extremely low level of short-term rates, we positioned the Fund with a long-term strategic bias to be near the short end of the one- to three-year duration band allowed by policy. This decision put the Fund’s duration, or sensitivity to interest-rate movements, more than a half year short of the benchmark’s duration. As short rates remained stubbornly low, this strategy was a modest drag on performance relative to the Barclays Capital benchmark. However, it was beneficial relative to our peers as most competitors appeared to manage to a slightly longer duration than the benchmark over the reporting period.

What strategies were used to manage the Fund? How did these strategies influence performance?

Going into the reporting period, our fundamental domestic macro view was fairly constructive and centered on continued accommodative monetary and fiscal policy, strong company earnings, improving corporate balance sheets, and gradual improvements in both the labor market and consumer spending. We also believed that – outside of ongoing struggles with the peripheral countries in Europe – the global economy was recovering, if not expanding, and that this would be supportive of domestic growth. Toward the end of the reporting period, these views were generally validated. While we didn’t make significant changes to portfolio strategy, we did gradually raise the Fund’s exposure to non-investment grade securities, a sector of the market that we believed would benefit the most from the improvement in economic fundamentals. As other investors embraced higher risk fixed-income securities and money continued to flow into fixed-income funds, demand for higher yielding fixed-income assets was strong.

Our sector allocations and security selection were the primary drivers of the Fund’s returns during period and remain our most important strategies going forward. Because we continued to expect private sector debt to outperform public sector debt, we maintained the Fund’s

10 Nuveen Investments

overweight in non-government spread sectors. We received significant amounts of new cash into the Fund which allowed us to take advantage of market opportunities. Many of the Fund’s purchases involved either the new issue CMBS market or the secondary non-agency mortgage-related sector. We have been eager to add new issue CMBS as these bonds are backed by extremely clean loans with strong credit characteristics. Our purchases in the non-agency market were generally very short, high-quality cash flow bonds. The majority of these bonds were secondary pieces that cheapened up modestly due to ongoing concerns about mortgage representations and warranties. As always, we performed our own credit and cash-flow analysis in evaluating bonds in these market sectors.

With rates at historic lows, we remain committed to maintaining a defensive interest rate posture in the Fund. We continue to manage duration toward the lower end of the 1- to 3-year policy range. We have added to the Fund’s exposure in high-quality floating rate product to mitigate the negative impact of higher rates on the value of the Fund.

Nuveen Investments 11

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

The portfolio managers for the Fund during the six-month reporting period, Timothy Palmer, Jeffrey Ebert, Wan-Chong Kung, and Chris Neuharth, recently examined key investment strategies and the performance of the Nuveen Total Return Bond Fund. Timothy Palmer, CFA, with 25 years of investment experience, has been the lead manager of the Fund since 2005. Jeffrey Ebert, who has 20 years of investment experience, has been on the management team since 2000.

Effective January 1, 2011, Wan-Chong Kung and Chris Neuharth are no longer portfolio managers of the Fund. Marie Newcome, CFA, with 19 years of investment experience, joined the Fund’s portfolio management team.

How did the Fund perform during the six-month reporting period ended December 31, 2010?

During the six months ending December 31, 2010, the Nuveen Total Return Bond Fund returned 5.28% (Class A Shares at net asset value). In comparison, the unmanaged Barclays Capital U.S. Aggregate Bond Index returned 1.15% and the Lipper Intermediate Investment Grade Debt Funds Category Average returned 2.26% during the same period. The table on page 14 provides additional Class A Share total returns for the Fund for the one-year, five-year, and ten-year reporting periods ending December 31, 2010.

The economy appeared to be losing steam as we entered the reporting period due to concerns about the European financial system and a slowdown in U.S. consumer spending. Fixed-income markets were fearful of a double-dip recession and in risk on/risk off mode, with little investor conviction regarding the durability of the economic recovery or risk appetite amid high levels of market volatility. Ultimately, policy initiatives proved supportive of European sovereigns, corporate earnings were again very strong, consumer deleveraging transformed into consumer spending, and the labor market showed signs of modest improvement.

Following the Federal Reserve’s November announcement of another round of balance sheet expansion, the Treasury market was rocked by concerns about the accommodative monetary policy and the potential for longer term fiscal and inflation issues. Although global rates rose, foreign markets outperformed Treasuries. The dollar slid to annual lows in anticipation of the move and, although it firmed somewhat early in the fourth quarter, the dollar remained soft, particularly vs. growth-oriented currencies. Extension of the Bush-era tax cuts, although certainly not unexpected, gave deficit hawks more reason to fret and fueled consternation about a “bond bubble” in media headlines. Rates climbed steadily during late 2010 as poor duration positioning by some investors, ongoing hedging activity of excess mortgage duration by servicers, and a lack of overseas appetite for U.S. government bonds applied continuous pressure to the interest rate markets. Conversely, what was bad for U.S. government securities was good for riskier assets as they were extremely well bid against the backdrop of continued strong corporate earnings and a global economy clearly in recovery, if not expansion, mode. Improving fundamentals propelled higher beta fixed-income assets such as high-yield corporates, emerging market bonds, and longer maturity, high-quality, commercial mortgage-backed securities (CMBS) to outperform Treasuries by wide margins with returns in excess of 10%. Market technicals continued to be extremely supportive for non-U.S. government bonds as retail investors pushed more than $200 billion into taxable fixed-income funds of all types in 2010, much of it later in the year, in search of higher yields.

The Fund enjoyed very strong performance, outpacing the Barclays Capital U.S. Aggregate Bond Index by a large margin and performing near the top of its peer group for the reporting period. Our decision to substantially underweight Treasuries, agencies, and mortgage-backed security (MBS) pass-throughs in favor of corporates, high yield, and CMBS accounted for most of the Fund’s excess returns. The additional income from these sectors combined with a contraction in risk premiums aided performance. Foreign exposure added significantly to results as well with positions in foreign bonds and currency exposures performing well, particularly our emphasis on solid, growth-oriented countries such as Canada and Australia. Issue selection and the Fund’s lower quality bias also benefited returns. The Fund’s overweight position in financials paid off as did selection within the high-yield market and participation in many new issues in both the corporate and securitized sectors. Also, our lower rated credits, especially BBB-rated and crossover issues, beat higher rated bonds.

What strategies were used to manage the Fund? How did these strategies influence performance?

Given our view that economic growth would continue at a slow pace and that policy would remain supportive of global financial issues, we continued to favor the non-government sectors of the bond market. From a high-level view, our Fund allocations were little changed during the reporting period with continued overweights to corporate bonds, CMBS, and asset-backed securities (ABS) as well as allocations to non-core sectors including high-yield and emerging market debt. With risk premiums contracting significantly over the past several years, our corporate bond strategy has become increasingly bottom-up in nature and focused on opportunities in specific credits,

12 Nuveen Investments

particularly in the financial and energy sectors. The Fund is roughly 20% overweight in investment-grade corporates, with an overweight to financials and a lower quality bias. As some of our corporate holdings have reached valuation targets, we have moved into new credits identified through our research process. We are also maintaining a significant weight to high-yield corporates and select emerging market issues. We remain constructive on foreign markets and are biased to overweight growth-sensitive markets and currencies, responding as global conditions develop.

We were also eager to add CMBS in the new-issue market, which we believe has vastly superior credit metrics compared to seasoned deals and remains quite attractively valued from a long-term perspective. We used concerns surrounding the mortgage foreclosure process along with representation and warranty issues to add to the Fund’s exposure in short, high-quality, mortgage-related assets at attractive levels vs. traditional consumer ABS. We have kept the Fund’s mortgage underweight intact. We believe this sector will need to gradually cheapen in the absence of an institutional buyer such as the Fed or government sponsored enterprises (GSEs), who have been large sponsors of MBS over the past decade, but have now moved into runoff mode.

We adjusted the Fund’s duration, or sensitivity to interest-rate movements, between underweight and neutral compared to its benchmark during the period, based on valuations in the market. Although the economic landscape is improving, we expect that the Fed will be on hold into 2012. As much as we’d like to establish a long-term defensive duration position, we believe that rates are currently fairly priced and will look for better opportunities to express our long-term view.

Nuveen Investments 13


*	The since-inception return for the Nuveen High Income Bond Fund is from 8/30/01, for the Nuveen Inflation Protected Securities Fund is from 10/1/04, and for the Nuveen Intermediate Government Bond Fund is from 10/25/02.


¹	The Lipper Funds Categories represent the average annualized returns for all the funds in each respective Lipper Funds category. Average returns do not include the effects of sales charges. It is not possible to invest directly in a Lipper category average.

²	The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index that includes all investment-grade, publicly issued, fixed-rate, dollar denominated, nonconvertible debt issues and commercial mortgage backed securities with maturities of at least one year and outstanding par values of $150 million or more. The Barclays Capital U.S. High-Yield 2% Issuer Capped Bond Index is an issuer-constrained version of the U.S. Corporate High-Yield Index that covers the U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bond market. The Barclays Capital U.S. TIPS Index is an unmanaged index that includes all publicly issued, U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade, and have $250 million or more of outstanding face value. The Barclays Capital Intermediate Government Bond Index is an unmanaged index that includes all publicly issued, U.S. Treasury securities that have a remaining maturity of greater than or equal to 1 year and less than 10 years, are rated investment grade, and have $250 million or more of outstanding face value. The Barclays Capital U.S. Intermediate Government/Credit Bond Index is an unmanaged index that measures the performance of U.S. dollar denominated U.S. Treasuries, government-rated and investment grade U.S. corporate fixed-rate, non-convertible securities having $250 million or more of outstanding face value and a remaining maturity of greater than or equal to 1 year and less than 10 years. The Barclays Capital 1-3 Year Government/Credit Bond Index is an unmanaged index that includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued. Index returns do not include the effects of any sales charges or management fees. It is not possible to invest directly in an index.

Class A Shares – Average Annual Total Returns
As of 12/31/2010


	Cumulative			Average Annual
	6-Month			1-Year			5-Year			10-Year

Nuveen Core Bond Fund
A Shares at NAV		2.99	%		7.69	%		5.49	%		5.28	%
A Shares at Offer		-1.40	%		3.08	%		4.58	%		4.82	%
Lipper Intermediate Investment Grade Debt Funds Category¹		2.26	%		7.73	%		5.18	%		5.34	%
Barclays Capital U.S. Aggregate Bond Index²		1.15	%		6.56	%		5.80	%		5.84	%


Nuveen Intermediate Term Bond Fund
A Shares at NAV		2.15	%		6.42	%		5.43	%		5.05	%
A Shares at Offer		-0.92	%		3.25	%		4.78	%		4.72	%
Lipper Short-Intermediate Investment Grade Debt Funds Category¹		1.64	%		5.49	%		4.55	%		4.45	%
Barclays Capital U.S. Intermediate Gov’t/Credit Bond Index²		1.27	%		5.89	%		5.53	%		5.51	%


Nuveen Short Term Bond Fund
A Shares at NAV		1.46	%		3.33	%		4.10	%		3.77	%
A Shares at Offer		-0.82	%		0.99	%		3.62	%		3.54	%
Lipper Short Investment Grade Debt Funds Category¹		1.48	%		3.90	%		3.61	%		6.35	%
Barclays Capital 1-3 Year Gov’t/Credit Bond Index²		0.83	%		2.80	%		4.53	%		4.34	%


Nuveen Total Return Bond Fund
A Shares at NAV		5.28	%		9.12	%		6.73	%		6.39	%
A Shares at Offer		0.77	%		4.49	%		5.80	%		5.93	%
Lipper Intermediate Investment Grade Debt Funds Category¹		2.26	%		7.73	%		5.18	%		5.34	%
Barclays Capital U.S. Aggregate Bond Index²		1.15	%		6.56	%		5.80	%		5.84	%




	Cumulative			Average Annual
										Since
	6-Month			1-Year			5-Year			Inception*

Nuveen High Income Bond Fund
A Shares at NAV		12.16	%		15.35	%		7.58	%		7.06	%
A Shares at Offer		6.87	%		9.84	%		6.53	%		6.50	%
Lipper High Current Yield Funds Category¹		10.19	%		14.24	%		6.60	%		7.08	%
Barclays Capital U.S. High Yield 2% Issuer Capped Bond Index²		10.04	%		14.94	%		8.91	%		9.04	%


Nuveen Inflation Protected Securities Fund
A Shares at NAV		2.05	%		6.94	%		4.86	%		4.67	%
A Shares at Offer		-2.30	%		2.36	%		3.95	%		3.95	%
Lipper U.S. Treasury Inflation Protected Securities Funds Category¹		2.10	%		5.84	%		4.31	%		4.64	%
Barclays Capital U.S. TIPS Index²		1.82	%		6.31	%		5.33	%		5.22	%


Nuveen Intermediate Government Bond Fund
A Shares at NAV		1.06	%		5.30	%		4.98	%		3.81	%
A Shares at Offer		-1.96	%		2.18	%		4.35	%		3.42	%
Lipper Intermediate U.S. Government Funds Category¹		0.32	%		5.05	%		5.00	%		4.06	%
Barclays Capital Intermediate Government Bond Index²		0.54	%		5.29	%		5.42	%		4.22	%

Six-month returns are cumulative; all other returns are annualized.

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

14 Nuveen Investments

Share Class Total Returns

Effective January 18, 2011, former First American Fund’s Class R Shares were renamed Class R3 shares and Class Y Shares were renamed Class I Shares.

Average Annual Total Returns at Offer for Class A Shares reflect the Fund’s maximum sales charge that went into effect January 18, 2011.

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. 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 shares. Six-month returns are cumulative; all other returns are annualized. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Nuveen Core Bond Fund

Average Annual Total Returns as of December 31, 2010


													Since Inception
	6-month (Cumulative)			1-year			5-years			10-years			9/24/2001
Average Annual Total Returns At Offer
Class A		-1.40	%		3.08	%		4.58	%		4.82	%		—



Average Annual Total Returns At NAV
Class A		2.99	%		7.69	%		5.49	%		5.28	%		—


Class B w/o CDSC		2.54	%		6.87	%		4.69	%		4.48	%		—


Class B w/CDSC		-2.46	%		1.87	%		4.53	%		4.48	%		—


Class C		2.53	%		6.82	%		4.68	%		4.48	%		—


Class R3		2.85	%		7.38	%		5.27	%		—			4.69	%


Class I		3.12	%		7.96	%		5.74	%		5.53	%		—

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 4.25% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class B Shares have a 5.00% CDSC in the first year and declines annually to 0.00% in the seventh year following purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available only to certain retirement plan clients. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Nuveen Investments 15

Share Class Total Returns

Nuveen High Income Bond Fund

Average Annual Total Returns as of December 31, 2010


										Since Inception
	6-month (Cumulative)			1-year			5-years			8/30/2001			9/24/2001
Average Annual Total Returns At Offer
Class A		6.87	%		9.84	%		6.53	%		6.50	%		—



Average Annual Total Returns At NAV
Class A		12.16	%		15.35	%		7.58	%		7.06	%		—


Class B w/o CDSC		11.58	%		14.35	%		6.75	%		6.29	%		—


Class B w/CDSC		6.58	%		9.35	%		6.61	%		6.29	%		—


Class C		11.67	%		14.58	%		6.79	%		6.28	%		—


Class R3		11.91	%		15.03	%		7.32	%		—			7.47	%


Class I		12.16	%		15.64	%		7.85	%		7.33	%		—

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 4.75% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class B Shares have a 5.00% CDSC in the first year and declines annually to 0.00% in the seventh year following purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available only to certain retirement plan clients. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Nuveen Inflation Protection Securities Fund

Average Annual Total Returns as of December 31, 2010


										Since Inception
	6-month (Cumulative)			1-year			5-years			10/1/2004
Average Annual Total Returns At Offer
Class A		-2.30	%		2.36	%		3.95	%		3.95	%



Average Annual Total Returns At NAV
Class A		2.05	%		6.94	%		4.86	%		4.67	%


Class C		1.71	%		6.13	%		4.04	%		3.86	%


Class R3		1.29	%		6.01	%		4.46	%		4.32	%


Class I		2.13	%		7.15	%		5.08	%		4.90	%

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 4.25% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available only to certain retirement plan clients. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

16 Nuveen Investments

Nuveen Intermediate Government Bond Fund

Average Annual Total Returns as of December 31, 2010


										Since Inception
	6-month (Cumulative)			1-year			5-years			10/25/2002			10/28/2009
Average Annual Total Returns At Offer
Class A		-1.96	%		2.18	%		4.35	%		3.42	%		—



Average Annual Total Returns At NAV
Class A		1.06	%		5.30	%		4.98	%		3.81	%		—


Class C		0.63	%		4.42	%		—			—			3.10	%


Class R3		0.77	%		4.82	%		—			—			3.51	%


Class I		1.14	%		5.46	%		5.14	%		3.96	%		—

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 3.00% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available only to certain retirement plan clients. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Nuveen Intermediate Term Bond Fund

Average Annual Total Returns as of December 31, 2010


	6-month (Cumulative)			1-year			5-years			10-years

Average Annual Total Returns At Offer
Class A		-0.92	%		3.25	%		4.78	%		4.72	%



Average Annual Total Returns At NAV
Class A		2.15	%		6.42	%		5.43	%		5.05	%


Class I		2.24	%		6.61	%		5.58	%		5.21	%

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 3.00% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Nuveen Investments 17

Share Class Total Returns

Nuveen Short Term Bond Fund

Average Annual Total Returns as of December 31, 2010


													Since Inception
	6-month (Cumulative)			1-year			5-years			10-years			10/28/2009

Average Annual Total Returns At Offer
Class A		-0.82	%		0.99	%		3.62	%		3.54	%		—



Average Annual Total Returns At NAV
Class A		1.46	%		3.33	%		4.10	%		3.77	%		—


Class C		1.12	%		2.45	%		—			—			2.58	%


Class I		1.54	%		3.48	%		4.27	%		3.94	%		—

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 2.25% maximum sales charge. Class A Share purchases of $250,000 or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Nuveen Total Return Bond Fund

Average Annual Total Returns as of December 31, 2010


													Since Inception
	6-month (Cumulative)			1-year			5-years			10-years			9/24/2001

Average Annual Total Returns At Offer
Class A		0.77	%		4.49	%		5.80	%		5.93	%		—



Average Annual Total Returns At NAV
Class A		5.28	%		9.12	%		6.73	%		6.39	%		—


Class B w/o CDSC		4.76	%		8.14	%		5.89	%		5.56	%		—


Class B w/CDSC		-0.24	%		3.14	%		5.73	%		5.56	%		—


Class C		4.87	%		8.15	%		5.93	%		5.58	%		—


Class R3		5.07	%		8.69	%		6.39	%		—			5.97	%


Class I		5.36	%		9.28	%		6.97	%		6.64	%		—

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 4.25% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class B Shares have a 5.00% CDSC in the first year and declines annually to 0.00% in the seventh year following purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available only to certain retirement plan clients. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

18 Nuveen Investments

Holdings Summaries

Nuveen Core Bond Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


Corporate Bonds	43	.7%
U.S. Government Agency Mortgage-Backed Securities	24	.9
Commercial Mortgage-Backed Securities	9	.8
Asset-Backed Securities	8	.5
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	5	.0
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	3	.7
U.S. Government & Agency Securities	3	.6
Preferred Stocks	0	.0
Short-Term Investments	4	.2
Other Assets and Liabilities, Net²	(3	.4)

	100	.0%

Nuveen High Income Bond Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


High Yield Corporate Bonds	84	.2%
Preferred Stocks	4	.3
Convertible Securities	1	.7
Exchange-Traded Funds	1	.7
Investment Grade Corporate Bonds	1	.5
Common Stocks	1	.1
Closed-End Funds	1	.0
Asset-Backed Securities	0	.0
Short-Term Investments	3	.3
Other Assets and Liabilities, Net²	1	.2

	100	.0%

Nuveen Inflation Protected Securities Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


U.S. Government & Agency Securities	87	.0%
Corporate Bonds	6	.5
Commercial Mortgage-Backed Securities	3	.4
Preferred Stocks	0	.2
Exchange-Traded Funds	0	.2
Convertible Securities	0	.1
Closed-End Funds	0	.1
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	0	.0
Short-Term Investments	1	.8
Other Assets and Liabilities, Net²	0	.7

	100	.0%


¹	Sector allocations are subject to change and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure to each sector through direct investments in cash market securities and do not reflect the impact on sector allocation of holding derivative instruments. See footnote 2 below and the fund’s Schedule of Investments for derivatives held as of December 31, 2010.

²	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables and payables on derivative instruments based on mark-to-market adjustments as well as receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

Nuveen Investments 19

Holdings Summaries

Nuveen Intermediate Government Bond Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


U.S. Government & Agency Securities	53	.5%
U.S. Government Agency Mortgage-Backed Securities	21	.2
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	6	.6
Commercial Mortgage-Backed Securities	5	.5
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	4	.0
Corporate Bonds	3	.6
Asset-Backed Securities	3	.3
Short-Term Investments	2	.1
Other Assets and Liabilities, Net²	0	.2

	100	.0%

Nuveen Intermediate Term Bond Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


Corporate Bonds	49	.1%
Asset-Backed Securities	14	.0
Commercial Mortgage-Backed Securities	9	.7
U.S. Government & Agency Securities	7	.0
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	6	.9
U.S. Government Agency Mortgage-Backed Securities	6	.4
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	3	.7
Municipal Bonds	0	.9
Short-Term Investments	1	.8
Other Assets and Liabilities, Net²	0	.5

	100	.0%


¹	Sector allocations are subject to change and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure to each sector through direct investments in cash market securities and do not reflect the impact on sector allocation of holding derivative instruments. See footnote 2 below and the fund’s Schedule of Investments for derivatives held as of December 31, 2010.

²	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables and payables on derivative instruments based on mark-to-market adjustments as well as receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

20 Nuveen Investments

Nuveen Short Term Bond Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


Corporate Bonds	44	.4%
Asset-Backed Securities	16	.9
Commercial Mortgage-Backed Securities	9	.7
U.S. Government Agency Mortgage-Backed Securities	8	.4
U.S. Government & Agency Securities	7	.1
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities	6	.3
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	3	.4
Municipal Bond	0	.8
Short-Term Investments	2	.5
Other Assets and Liabilities, Net²	0	.5

	100	.0%

Nuveen Total Return Bond Fund

Sector Allocation as of December 31, 2010¹ (% of net assets)


Corporate Bonds	59	.5%
U.S. Government Agency Mortgage-Backed Securities	18	.2
Commercial Mortgage-Backed Securities	9	.4
Asset-Backed Securities	5	.6
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities	3	.1
U.S. Government & Agency Securities	2	.1
Preferred Stocks	0	.5
Closed-End Funds	0	.2
Convertible Security	0	.1
Municipal Bond	0	.1
Short-Term Investments	7	.6
Other Assets and Liabilities, Net²	(6	.4)

	100	.0%


¹	Sector allocations are subject to change and are not recommendations to buy or sell any security. Allocations reflect the fund’s exposure to each sector through direct investments in cash market securities and do not reflect the impact on sector allocation of holding derivative instruments. See footnote 2 below and the fund’s Schedule of Investments for derivatives held as of December 31, 2010.

²	Investments typically comprise substantially all of the fund’s net assets. Other assets and liabilities include receivables and payables on derivative instruments based on mark-to-market adjustments as well as receivables for items such as income earned but not yet received and payables for items such as fund expenses incurred but not yet paid.

Nuveen Investments 21

Expense Examples

Effective January 18, 2011, former First American Fund’s Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares.

Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes

Nuveen Core Bond Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (7/01/10 to
	Value (7/01/10)		Value (12/31/10)		12/31/10)

Class A Actual²	$	1,000.00	$	1,029.90	$	4.76


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74



Class B Actual²	$	1,000.00	$	1,025.40	$	8.58


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.74	$	8.54



Class C Actual²	$	1,000.00	$	1,025.30	$	8.58


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.74	$	8.54



Class R3 Actual²	$	1,000.00	$	1,028.50	$	6.03


Class R3 Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.26	$	6.01



Class I Actual²	$	1,000.00	$	1,031.20	$	3.48


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.78	$	3.47


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.93%, 1.68%, 1.68%, 1.18%, and 0.68% for Class A, Class B, Class C, Class R3, and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended December 31, 2010 of 2.99%, 2.54%, 2.53%, 2.85%, and 3.12% for Class A, Class B, Class C, Class R3, and Class I, respectively.

22 Nuveen Investments

Nuveen High Income Bond Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (7/01/10 to
	Value (7/01/10)		Value (12/31/10)		12/31/10)

Class A Actual²	$	1,000.00	$	1,121.60	$	5.88


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.60



Class B Actual²	$	1,000.00	$	1,115.80	$	9.87


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.88	$	9.40



Class C Actual²	$	1,000.00	$	1,116.70	$	9.87


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.88	$	9.40



Class R3 Actual²	$	1,000.00	$	1,119.10	$	7.16


Class R3 Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.45	$	6.82



Class I Actual²	$	1,000.00	$	1,121.60	$	4.55


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 1.10%, 1.85%, 1.85%, 1.34%, and 0.85% for Class A, Class B, Class C, Class R3, and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended December 31, 2010 of 12.16%, 11.58%, 11.67%, 11.91%, and 12.16% for Class A, Class B, Class C, Class R3, and Class I, respectively.

Nuveen Inflation Protected Securities Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (7/01/10 to
	Value (7/01/10)		Value (12/31/10)		12/31/10)

Class A Actual⁴	$	1,000.00	$	1,020.50	$	4.33


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33



Class C Actual⁴	$	1,000.00	$	1,017.10	$	8.13


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.14	$	8.13



Class R3 Actual⁴	$	1,000.00	$	1,012.90	$	5.58


Class R3 Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.60



Class I Actual⁴	$	1,000.00	$	1,021.30	$	3.06


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.85%, 1.60%, 1.10%, and 0.60% for Class A, Class C, Class R3, and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended December 31, 2010 of 2.05%, 1.71%, 1.29%, and 2.13% for Class A, Class C, Class R3, and Class I, respectively.

Nuveen Investments 23

Expense Examples

Nuveen Intermediate Government Bond Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (7/01/10 to
	Value (7/01/10)		Value (12/31/10)		12/31/10)

Class A Actual²	$	1,000.00	$	1,010.60	$	3.65


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.58	$	3.67



Class C Actual²	$	1,000.00	$	1,006.30	$	7.94


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.29	$	7.98



Class R3 Actual²	$	1,000.00	$	1,007.70	$	5.41


Class R3 Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.81	$	5.45



Class I Actual²	$	1,000.00	$	1,011.40	$	2.89


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.33	$	2.91


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.72%, 1.57%, 1.07% and 0.57% for Class A, Class C, Class R3, and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended December 31, 2010 of 1.06%, 0.63%, 0.77% and 1.14% for Class A, Class C, Class R3, and Class I, respectively.

Nuveen Intermediate Term Bond Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period³ (7/01/10 to
	Value (7/01/10)		Value (12/31/10)		12/31/10)

Class A Actual⁴	$	1,000.00	$	1,021.50	$	4.28


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.97	$	4.28



Class I Actual⁴	$	1,000.00	$	1,022.40	$	3.52


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.73	$	3.52


³	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.84% and 0.69% for Class A and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

⁴	Based on the actual returns for the six-month period ended December 31, 2010 of 2.15% and 2.24% for Class A and Class I, respectively.

Nuveen Short Term Bond Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period⁵ (7/01/10 to
	Value (7/01/10)		Value (12/31/10)		12/31/10)

Class A Actual⁶	$	1,000.00	$	1,014.60	$	3.81


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82



Class C Actual⁶	$	1,000.00	$	1,011.20	$	8.11


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.14	$	8.13



Class I Actual⁶	$	1,000.00	$	1,015.40	$	3.05


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06


⁵	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.75%, 1.60% and 0.60% for Class A, Class C and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

⁶	Based on the actual returns for the six-month period ended December 31, 2010 of 1.46%, 1.12% and 1.54% for Class A, Class C and Class I, respectively.

24 Nuveen Investments

Nuveen Total Return Bond Fund


					Expenses Paid During
	Beginning Account		Ending Account		Period¹ (7/01/10 to
	Value (7/01/10)		Value (12/31/10)		12/31/10)

Class A Actual²	$	1,000.00	$	1,052.80	$	4.55


Class A Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.77	$	4.48



Class B Actual²	$	1,000.00	$	1,047.60	$	8.98


Class B Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.43	$	8.84



Class C Actual²	$	1,000.00	$	1,048.70	$	8.99


Class C Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.43	$	8.84



Class R3 Actual²	$	1,000.00	$	1,050.70	$	6.41


Class R3 Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.31



Class I Actual²	$	1,000.00	$	1,053.61	$	3.83


Class I Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.48	$	3.77


¹	Expenses are equal to the fund’s annualized expense ratio for the most recent six-month period of 0.88%, 1.74%, 1.74%, 1.24%, and 0.74% for Class A, Class B, Class C, Class R3, and Class I, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year/365 (to reflect the one-half year period).

²	Based on the actual returns for the six-month period ended December 31, 2010 of 5.28%, 4.76%, 4.87%, 5.07%, and 5.36% for Class A, Class B, Class C, Class R3, and Class I, respectively.

Nuveen Investments 25

Shareholder Meeting Report


					Nuveen Inflation
	Nuveen Core		Nuveen High		Protected		Nuveen Intermediate		Nuveen Intermediate		Nuveen Short		Nuveen Total Return
	Bond Fund		Income Bond Fund		Securities Fund		Government Bond Fund		Term Bond Fund		Term Bond Fund		Bond Fund
	Common Shares		Common Shares		Common Shares		Common Shares		Common Shares		Common Shares		Common Shares
Approval of the Board Members was reached as follows:

John P. Amboian
For		90,308,630		42,812,258		14,584,473		15,296,054		54,573,090		56,316,726		53,714,191
Withhold		949,381		107,930		22,947		39,429		215,819		229,338		75,613

Total		91,258,011		42,920,188		14,607,420		15,335,483		54,788,909		56,546,064		53,789,804


Robert P. Bremner
For		90,293,138		42,823,479		14,582,087		15,298,205		54,565,920		56,297,504		53,708,705
Withhold		964,873		96,709		25,333		37,278		222,989		248,560		81,099

Total		91,258,011		42,920,188		14,607,420		15,335,483		54,788,909		56,546,064		53,789,804


Jack B. Evans
For		90,328,064		42,775,323		14,584,473		15,263,028		54,574,661		56,340,828		53,672,984
Withhold		929,947		144,865		22,947		72,455		214,248		205,236		116,820

Total		91,258,011		42,920,188		14,607,420		15,335,483		54,788,909		56,546,064		53,789,804


William C. Hunter
For		90,333,839		42,823,814		14,584,473		15,298,781		54,579,109		56,340,828		53,672,984
Withhold		924,172		96,374		22,947		36,702		209,800		205,236		116,820

Total		91,258,011		42,920,188		14,607,420		15,335,483		54,788,909		56,546,064		53,789,804


David J. Kundert
For		90,290,839		42,828,452		14,582,163		15,298,205		54,526,189		56,283,360		53,711,404
Withhold		967,172		91,736		25,257		37,278		262,720		262,704		78,400

Total		91,258,011		42,920,188		14,607,420		15,335,483		54,788,909		56,546,064		53,789,804

William J. Schneider
For		90,295,443		42,828,818		14,582,087		15,295,478		54,528,051		56,283,360		53,711,404
Withhold		962,568		91,370		25,333		40,005		260,858		262,704		78,400

Total		91,258,011		42,920,188		14,607,420		15,335,483		54,788,909		56,546,064		53,789,804


Judith M. Stockdale
For		90,363,785		42,831,363		14,586,428		15,298,205		54,572,582		56,340,180		53,674,679
Withhold		894,226		88,825		20,992		37,278		216,327		205,884		115,125

Total		91,258,011		42,920,188		14,607,420		15,335,483		54,788,909		56,546,064		53,789,804


Carole E. Stone
For		90,354,616		42,769,794		14,586,352		15,262,452		54,572,431		56,329,668		53,675,683
Withhold		903,395		150,394		21,068		73,031		216,478		216,396		114,121

Total		91,258,011		42,920,188		14,607,420		15,335,483		54,788,909		56,546,064		53,789,804


Virginia L. Stringer
For		90,071,779		42,825,979		14,584,118		15,298,205		54,203,402		56,272,270		53,711,404
Withhold		1,186,232		94,209		23,302		37,278		585,507		273,794		78,400

Total		91,258,011		42,920,188		14,607,420		15,335,483		54,788,909		56,546,064		53,789,804


Terence J. Toth
For		90,308,890		42,750,035		14,584,473		15,263,028		54,572,582		56,326,765		53,708,349
Withhold		949,121		170,153		22,947		72,455		216,327		219,299		81,455

Total		91,258,011		42,920,188		14,607,420		15,335,483		54,788,909		56,546,064		53,789,804

Approval of the investment advisory agreement with Nuveen Asset Management and an investment sub-advisory agreement between Nuveen Asset Management and Nuveen Asset Management, LLC.

For		84,701,158		39,254,456		13,211,937		14,025,405		52,914,467		50,401,541		50,264,660
Against		167,783		69,703		48,188		12,995		110,514		150,981		74,869
Abstain		874,527		68,372		9,817		15,586		62,269		86,129		145,615
Non-Vote		5,514,543		3,527,657		1,337,478		1,281,497		1,701,659		5,907,413		3,304,660

Total		91,258,011		42,920,188		14,607,420		15,335,483		54,788,909		56,546,064		53,789,804

26 Nuveen Investments

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Nuveen Core Bond Fund (“Core Bond Fund”)
(formerly known as First American Core Bond Fund)
DESCRIPTION	PAR		FAIR VALUE >


Corporate Bonds – 43.7%
Banking – 7.3%
Ally Financial
7.500%, 09/15/2020 n 6	$	1,650	$	1,730
Bank of AmericaΔ
5.875%, 01/05/2021 6		6,130		6,342
8.000%, 12/29/2049 Δ		6,225		6,274
Barclays Bank
5.125%, 01/08/2020 ¬		3,665		3,743
Citigroup
5.375%, 08/09/2020 6		2,650		2,753
8.125%, 07/15/2039 6		3,500		4,453
Citigroup Capital XXI
8.300%, 12/21/2077 Δ		3,720		3,869
First National Bank of Chicago
8.080%, 01/05/2018		1,211		1,333
HSBC Holdings
6.800%, 06/01/2038 ¬		4,030		4,358
JPMorgan Chase
5.150%, 10/01/2015		3,695		3,908
4.400%, 07/22/2020		4,330		4,262
5.500%, 10/15/2040 6		4,440		4,538
Series 1
7.900%, 04/29/2049 Δ		3,645		3,875
JPMorgan Chase Capital XX
Series T
6.550%, 09/29/2066 6		2,510		2,525
JPMorgan Chase Capital XXII
Series V
6.450%, 01/15/2087		2,110		2,102
KeyCorp
Series MTN
3.750%, 08/13/2015 6		4,930		4,946
Sovereign Bank
8.750%, 05/30/2018		3,675		4,007
UBS
4.875%, 08/04/2020 ¬		4,410		4,487
UBS Preferred Funding Trust V
6.243%, 05/29/2049 Δ		2,525		2,424
Wells Fargo
Series K
7.980%, 03/29/2049 6 Δ		3,120		3,292
Wells Fargo Bank
5.950%, 08/26/2036		3,415		3,490
Wells Fargo Capital X
5.950%, 12/15/2086		2,760		2,664
Wells Fargo Capital XIII
Series GMTN
7.700%, 12/29/2049 6 Δ		3,835		3,964

				85,339

Basic Industry – 4.5%
Arcelormittal
7.000%, 10/15/2039 ¬		5,500		5,708
Celulosa Arauco y Constitucion
5.625%, 04/20/2015 6 ¬		3,000		3,186
Dow Chemical
4.250%, 11/15/2020		3,415		3,271
Georgia-Pacific
7.125%, 01/15/2017 n		1,500		1,598
5.400%, 11/01/2020 n		1,820		1,799
Incitec Pivot Finance
6.000%, 12/10/2019 n		3,830		3,922
International Paper
8.700%, 06/15/2038		3,015		3,803
Nalco
6.625%, 01/15/2019 n		2,255		2,306
Newmont Mining
6.250%, 10/01/2039		3,500		3,806
Plum Creek Timberlands
4.700%, 03/15/2021		5,000		4,759
Rio Tinto Finance U.S.A.
7.125%, 07/15/2028 6 ¬		2,955		3,627
Southern Copper
7.500%, 07/27/2035		2,550		2,830
Teck Cominco Limited
6.125%, 10/01/2035 ¬		2,785		2,998
Vale Overseas
6.875%, 11/10/2039 ¬		3,895		4,304
Vedanta Resources
9.500%, 07/18/2018 n 6 ¬		2,055		2,248
Yara International
7.875%, 06/11/2019 n ¬		2,500		2,979

				53,144

Brokerage – 3.1%
Goldman Sachs Capital II
5.793%, 12/29/2049 Δ		2,415		2,047
Goldman Sachs Group
6.000%, 06/15/2020 6		10,375		11,212
6.750%, 10/01/2037		3,685		3,767
Merrill Lynch
6.050%, 05/16/2016		9,935		10,236
Morgan Stanley
7.300%, 05/13/2019 6		2,450		2,758
5.500%, 07/24/2020 6		6,250		6,314

				36,334

Capital Goods – 0.6%
GE Capital Trust I
6.375%, 11/15/2067 Δ		4,000		3,950
L-3 Communications
Series B
6.375%, 10/15/2015		3,150		3,245

				7,195

Communications – 4.4%
American Tower
5.050%, 09/01/2020		3,980		3,914
AT&T
6.550%, 02/15/2039 6		3,530		3,842
British Sky Broadcasting
6.100%, 02/15/2018 n ¬		3,450		3,849
Comcast
6.400%, 03/01/2040 6		1,565		1,677
DirecTV Holdings
5.200%, 03/15/2020		6,215		6,443
Embarq
7.082%, 06/01/2016		2,575		2,848
Frontier Communications
8.500%, 04/15/2020 6		3,500		3,824
NBC Universal
4.375%, 04/01/2021 n		1,315		1,276
6.400%, 04/30/2040 n 6		3,060		3,250
News America
6.150%, 03/01/2037		35		37
6.650%, 11/15/2037		3,590		3,976
Rogers Communications
6.800%, 08/15/2018 6 ¬		3,030		3,643
Sprint Nextel
6.000%, 12/01/2016 6		2,000		1,933
Time Warner Cable
8.750%, 02/14/2019		2,000		2,545
5.875%, 11/15/2040 6		2,410		2,384

Nuveen Investments 27

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Core Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Verizon Communications
6.900%, 04/15/2038 6	$	5,870	$	6,846

				52,287

Consumer Cyclical – 2.3%
Ford Motor Credit
6.625%, 08/15/2017		2,425		2,549
Ingram Micro
5.250%, 09/01/2017		2,000		2,024
J.C. Penney
5.650%, 06/01/2020		2,585		2,475
Navistar International
8.250%, 11/01/2021		2,710		2,913
R.R. Donnelley & Sons
7.625%, 06/15/2020		1,990		2,132
Time Warner
6.100%, 07/15/2040		3,250		3,410
Viacom
6.875%, 04/30/2036 6		4,105		4,710
Whirlpool
Series MTN
5.500%, 03/01/2013		4,905		5,209
Wyndham Worldwide
6.000%, 12/01/2016 6		2,000		2,093

				27,515

Consumer Non Cyclical – 2.6%
Altria Group
9.950%, 11/10/2038		2,975		4,192
Anheuser-Busch InBev Worldwide
8.200%, 01/15/2039 n 6		3,850		5,223
Constellation Brands
7.250%, 05/15/2017		1,000		1,059
General Mills
5.400%, 06/15/2040		3,780		3,830
HCA
7.250%, 09/15/2020 6		2,400		2,508
Kraft Foods
6.500%, 02/09/2040		3,855		4,320
Lorillard Tobacco
8.125%, 06/23/2019		3,350		3,728
UnitedHealth Group
6.875%, 02/15/2038 6		3,185		3,708
Valeant Pharmaceuticals
6.875%, 12/01/2018 n ¬		2,080		2,064

				30,632

Electric – 2.1%
Constellation Energy Group
5.150%, 12/01/2020		3,305		3,254
FirstEnergy Solutions
6.050%, 08/15/2021		3,690		3,791
Majapahit Holding
7.750%, 01/20/2020 n ¬		1,800		2,074
MidAmerican Energy Holdings
6.125%, 04/01/2036 6		5,185		5,601
NV Energy
6.250%, 11/15/2020		2,725		2,739
Ohio Power
Series K
6.000%, 06/01/2016		4,100		4,615
Pacific Gas & Electric
5.400%, 01/15/2040		3,000		3,030

				25,104

Energy – 4.0%
Anadarko Petroleum
6.375%, 09/15/2017 6		2,070		2,255
6.200%, 03/15/2040 6		3,230		3,153
Canadian Oil Sands
7.750%, 05/15/2019 n ¬		3,050		3,605
Cloud Peak Energy Resources
8.500%, 12/15/2019 6		2,000		2,190
Diamond Offshore Drilling
5.700%, 10/15/2039		3,280		3,257
El Paso Pipeline Partners
4.100%, 11/15/2015		1,680		1,663
Forest Oil
7.250%, 06/15/2019 6		2,700		2,740
Lukoil International Finance
6.125%, 11/09/2020 n ¬		4,785		4,791
Nabors Industries
5.000%, 09/15/2020 n		2,935		2,847
Nexen
6.400%, 05/15/2037 ¬		3,475		3,367
Petrobras International Finance
6.875%, 01/20/2040 ¬		2,495		2,621
Petro-Canada
6.800%, 05/15/2038 ¬		2,255		2,568
Pride International
8.500%, 06/15/2019		1,000		1,138
6.875%, 08/15/2020		1,745		1,810
Valero Energy
6.125%, 02/01/2020		4,290		4,556
Weatherford International
7.000%, 03/15/2038 ¬		3,740		4,012

				46,573

Finance – 4.2%
American Express Credit
Series C
7.300%, 08/20/2013		2,230		2,513
Anglogold Holdings
6.500%, 04/15/2040 ¬		4,530		4,631
Capital One Bank
8.800%, 07/15/2019		5,780		7,109
Capital One Capital III
7.686%, 08/15/2036		2,755		2,755
Countrywide Financial
6.250%, 05/15/2016		4,390		4,502
Discover Financial Services
10.250%, 07/15/2019		3,690		4,580
Fresenius U.S. Finance II
9.000%, 07/15/2015 n		2,450		2,805
General Electric Capital
Series MTN
6.875%, 01/10/2039 6		4,915		5,680
International Lease Finance
8.875%, 09/01/2017 6		1,715		1,850
8.250%, 12/15/2020 6		4,095		4,218
Rockies Express Pipeline
5.625%, 04/15/2020 n		3,120		3,016
TransCapitalinvest
5.670%, 03/05/2014 n 6 ¬		4,995		5,297

				48,956

Insurance – 3.7%
Aflac
6.450%, 08/15/2040 6		3,975		4,071
Allied World Assurance
7.500%, 08/01/2016 ¬		4,805		5,320

28 Nuveen Investments


Core Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Genworth Financial
Series MTN
6.515%, 05/22/2018	$	3,940	$	4,004
Hartford Financial Services Group
Series MTN
6.000%, 01/15/2019		5,860		6,107
Lincoln National
8.750%, 07/01/2019 6		4,795		5,998
6.050%, 04/20/2067		3,205		2,956
MetLife
6.750%, 06/01/2016 6		3,400		3,944
MetLife Capital Trust IV
7.875%, 12/15/2067 n Δ		3,735		3,950
Pacific Life Insurance
6.000%, 02/10/2020 n 6		1,640		1,724
Prudential Financial
5.900%, 03/17/2036		2,500		2,536
ZFS Finance USA Trust V
6.500%, 05/09/2067 n Δ		2,755		2,686

				43,296

Natural Gas – 1.3%
Duke Energy
5.050%, 09/15/2019		3,430		3,634
Energy Transfer Equity
7.500%, 10/15/2020		2,450		2,524
Kinder Morgan Energy Partners
Series MTN
6.950%, 01/15/2038		3,060		3,325
NGPL Pipeco
7.119%, 12/15/2017 n		2,640		2,890
Transocean
6.000%, 03/15/2018 6 ¬		3,015		3,167

				15,540

Real Estate – 1.9%
Boston Properties – REIT
4.125%, 05/15/2021		3,000		2,844
Health Care Properties – REIT
Series MTN
6.300%, 09/15/2016		3,310		3,566
Prologis – REIT
6.875%, 03/15/2020		5,995		6,365
Simon Property Group – REIT
5.650%, 02/01/2020 6		3,000		3,245
Vornado Realty – REIT
4.250%, 04/01/2015		5,700		5,754

				21,774

Transportation – 1.7%
Air Canada
9.250%, 08/01/2015 n 6 ¬		1,950		2,048
American Airlines
10.375%, 07/02/2019		2,466		2,909
Continental Airlines
Series 2007-1, Class C
7.339%, 04/19/2014		3,124		3,124
Delta Airlines
Series 2002-1, Class G-1
6.718%, 07/02/2024		1,381		1,395
Norfolk Southern
5.900%, 06/15/2019		5,000		5,661
Northwest Airlines
Series 2007-1, Class A
7.027%, 11/01/2019		2,060		2,101
United Airlines
Series 2007-1, Class A
6.636%, 01/02/2024		2,463		2,469

				19,707

Total Corporate Bonds
(Cost $480,616)				513,396

U.S. Government Agency Mortgage-Backed Securities – 24.9%
Adjustable Rate Δ – 2.0%
Federal Home Loan Mortgage Corporation Pool
2.580%, 05/01/2025, # 846757		156		163
2.482%, 04/01/2029, # 847190		850		890
2.636%, 03/01/2030, # 847180		1,135		1,189
2.510%, 07/01/2030, # 847240		1,411		1,473
2.166%, 06/01/2031, # 846984		520		532
5.808%, 07/01/2036, # 1K1238		5,263		5,532
Federal National Mortgage Association Pool
2.431%, 08/01/2030, # 555843		3,420		3,566
2.629%, 03/01/2031, # 545359		218		228
2.384%, 09/01/2033, # 725553		1,184		1,232
5.231%, 11/01/2034, # 735054		4,859		5,163
5.791%, 09/01/2037, # 946441		4,041		4,289
Government National Mortgage Association Pool
3.625%, 08/20/2023, # 008259		1		1

				24,258

Fixed Rate – 22.9%
Federal Home Loan Mortgage Corporation Pool
4.500%, 03/01/2018, # P10023		1,336		1,392
4.500%, 05/01/2018, # P10032		2,694		2,810
6.500%, 01/01/2028, # G00876		571		641
6.500%, 11/01/2028, # C00676		1,091		1,227
6.500%, 12/01/2028, # C00689		815		917
6.500%, 04/01/2029, # C00742		461		518
6.500%, 07/01/2031, # A17212		1,784		2,006
6.000%, 11/01/2033, # A15521		1,486		1,633
7.000%, 08/01/2037, # H09059		1,192		1,340
5.824%, 09/01/2037, # 1G2163		4,187		4,440
7.000%, 09/01/2037, # H01292		651		732
Federal National Mortgage Association Pool
3.790%, 07/01/2013, # 386314		9,975		10,391
5.500%, 02/01/2014, # 440780		565		608
7.000%, 02/01/2015, # 535206		148		158
7.000%, 08/01/2016, # 591038		293		323
5.500%, 12/01/2017, # 673010		1,715		1,849
6.000%, 10/01/2022, # 254513		1,878		2,063
5.500%, 01/01/2025, # 255575		4,661		5,038
7.000%, 04/01/2026, # 340798		156		178
7.000%, 05/01/2026, # 250551		227		258
6.000%, 08/01/2027, # 256852		4,285		4,660
6.500%, 02/01/2029, # 252255		1,062		1,194
6.500%, 12/01/2031, # 254169		2,050		2,270
6.000%, 04/01/2032, # 745101		4,471		4,820
7.000%, 07/01/2032, # 254379		1,487		1,689
7.000%, 07/01/2032, # 545813		626		714
7.000%, 07/01/2032, # 545815		385		450
6.000%, 09/01/2032, # 254447		2,092		2,304
6.000%, 03/01/2033, # 688330		3,852		4,244
5.500%, 04/01/2033, # 694605		4,132		4,454
6.500%, 05/01/2033, # 555798		2,981		3,352
5.500%, 07/01/2033, # 709446		6,053		6,525
5.500%, 10/01/2033, # 555800		3,219		3,470
6.000%, 11/01/2033, # 772130		327		361
6.000%, 11/01/2033, # 772256		631		695
5.000%, 03/01/2034, # 725248		2,066		2,185
5.000%, 03/01/2034, # 725250		3,736		3,952

Nuveen Investments 29

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Core Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


5.000%, 06/01/2034, # 782909	$	1	$	1
6.500%, 06/01/2034, # 735273		5,073		5,736
6.000%, 10/01/2034, # 781776		883		968
5.500%, 07/01/2036, # 995112		14,475		15,580
6.000%, 08/01/2036, # 885536		2,064		2,282
6.000%, 09/01/2036, # 900555		3,799		4,201
6.000%, 06/01/2037, # 944340		2,309		2,513
6.500%, 08/01/2037, # 256845		1,332		1,481
6.000%, 09/01/2037, # 256890		2,531		2,739
5.000%, 03/01/2038, # 973241		14,460		15,214
5.000%, 05/01/2038, # 983077		2		2
5.500%, 05/01/2038, # 889618		13,028		13,949
6.000%, 06/01/2038, # 889706		465		506
5.500%, 07/01/2038, # 985344		2		2
6.000%, 08/01/2038, # 257307		3,106		3,379
6.000%, 10/01/2038, # 993138		4,729		5,158
5.500%, 01/13/2039 «		11,045		11,816
4.500%, 09/01/2039, # AC1877		8,810		9,053
4.500%, 12/01/2039, # 932323		8,473		8,707
5.000%, 12/01/2039, # 932260		2,169		2,284
5.000%, 05/01/2040, # AD4375		13,983		14,710
4.000%, 11/01/2040, # AE7723		9,480		9,440
4.000%, 12/01/2040, # AB1959		9,686		9,645
4.000%, 01/15/2041 «		12,455		12,389
4.500%, 01/15/2041 «		34,900		31,259
Government National Mortgage Association Pool
7.500%, 11/15/2030, # 537699		264		306

				269,181

Total U.S. Government Agency Mortgage-Backed Securities
(Cost $282,933)				293,439

Commercial Mortgage-Backed Securities – 9.8%
Americold Trust
Series 2010-ARTA, Class C
6.811%, 01/14/2029 n		6,125		6,113
Banc of America Commercial Mortgage
Series 2004-5, Class A3
4.561%, 11/10/2041 Δ		6,515		6,632
Bear Stearns Commercial Mortgage Securities
Series 2005-PW10, Class A4
5.405%, 12/11/2040 Δ		6,640		7,094
Series 2007-T28, Class D
5.988%, 09/11/2042 n Δ ¥		3,165		1,380
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2005-CD1, Class A4
5.222%, 07/15/2044 Δ		4,570		4,918
Series 2007-CD4, Class A2B
5.205%, 12/11/2049		4,700		4,833
Series 2007-CD5, Class A4
5.886%, 11/15/2044		620		661
Commercial Mortgage Pass-Through Certificates
Series 2006-CN2A, Class A2FX
5.449%, 02/05/2019 n		4,225		4,243
Extended Stay America Trust
Series 2010-ESHA, Class C
4.860%, 11/05/2027 n		6,410		6,283
JPMorgan Chase Commercial Mortgage Securities
Series 2007-CB18, Class A4
5.440%, 06/12/2047		6,280		6,581
Series 2010-C1, Class A1
3.853%, 06/15/2043 n		7,741		7,929
Series 2010-C2, Class A3
4.070%, 11/15/2043 n		8,055		7,660
LB-UBS Commercial Mortgage Trust
Series 2004-C2, Class A4
4.367%, 03/15/2036		6,000		6,239
Series 2005-C7, Class A2
5.103%, 11/15/2030		3,559		3,561
Merrill Lynch Mortgage Trust
Series 2008-C1, Class A4
5.690%, 02/12/2051		7,820		8,163
Morgan Stanley Capital I
Series 2006-IQ12, Class A4
5.332%, 12/15/2043		4,485		4,752
Series 2007-HQ11, Class A4
5.447%, 02/12/2044 Δ		4,400		4,566
Morgan Stanley Dean Witter Capital I
Series 2002-TOP7, Class A2
5.980%, 01/15/2039		7,207		7,534
OBP Depositor Trust
Series 2010-OBP, Class A
4.646%, 07/15/2045 n		5,590		5,704
Wachovia Bank Commercial Mortgage Trust
Series 2005-C19, Class A5
4.661%, 05/15/2044		9,660		9,996

Total Commercial Mortgage-Backed Securities
(Cost $110,473)				114,842

Asset-Backed Securities – 8.5%
Automotive – 1.4%
Bank of America Auto Trust
Series 2010-2, Class A3
1.310%, 07/15/2014		4,680		4,717
Chrysler Financial Lease Trust
Series 2010-A, Class A2
1.780%, 06/15/2011 n		3,572		3,577
USAA Auto Owner Trust
Series 2010-1, Class A2
0.630%, 06/15/2012		2,605		2,606
Volkswagen Auto Lease Trust
Series 2010-A, Class A2
0.770%, 01/22/2013		4,680		4,681
World Omni Auto Receivables Trust
Series 2010-A, Class A2
0.700%, 05/15/2012		1,084		1,084

				16,665

Credit Cards – 1.1%
Chase Issuance Trust
Series 2008-A9, Class A9
4.260%, 05/15/2013		5,000		5,069
Discover Card Master Trust
Series 2007-A1, Class A1
5.650%, 03/16/2020		5,185		5,883
Discover Card Master Trust I
Series 2005-4, Class B1
0.510%, 06/18/2013 Δ		1,430		1,429

				12,381

Home Equity – 3.2%
Amresco Residential Security Mortgage
Series 1997-3, Class A9
6.960%, 03/25/2027 ¥		29		29
Countrywide Asset-Backed Certificates
Series 2003-SC1, Class M2
2.511%, 09/25/2023 Δ		766		612
RBSSP Resecuritization Trust
Series 2009-8, Class 3A1
0.393%, 03/26/2037 n Δ		1,178		1,147
Series 2009-9, Class 9A1
0.481%, 09/26/2037 n Δ		4,587		4,409

30 Nuveen Investments


Core Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Series 2009-10, Class 8A1
0.411%, 05/26/2036 n Δ	$	3,756	$	3,632
Series 2009-11, Class 4A1
2.011%, 12/26/2037 n Δ		1,334		1,339
Series 2010-4, Class 1A1
0.371%, 03/26/2036 n Δ		7,515		6,986
Series 2010-4, Class 5A1
0.421%, 02/26/2037 n Δ		5,181		4,916
Series 2010-8, Class 4A1
0.591%, 07/26/2036 n Δ		2,406		2,277
Series 2010-10, Class 2A1
0.391%, 09/26/2036 n Δ		4,361		3,957
Series 2010-11, Class 2A1
0.431%, 03/26/2037 n Δ		5,128		4,899
Renaissance Home Equity Loan Trust
Series 2005-3, Class AF4
5.140%, 11/25/2035		4,365		3,882

				38,085

Manufactured Housing – 0.2%
Green Tree Financial
Series 2008-MH1, Class A1
7.000%, 04/25/2038 n		1,680		1,718

Other – 2.6%
AH Mortgage Advance Trust
Series 2010-ADV1, Class A1
3.968%, 08/15/2022 n		5,500		5,513
Series 2010-ADV2, Class C1
8.830%, 05/10/2041 n		3,000		2,954
Henderson Receivables
Series 2010-3A, Class A
3.820%, 12/15/2048 n		3,680		3,527
Ocwen Advance Receivables Backed Notes
Series 2009-3A, Class A
4.140%, 07/15/2023 n		3,545		3,563
Small Business Administration
Series 2006-P10B, Class 1
5.681%, 08/10/2016		7,196		7,784
Series 2010-10A, Class 1
4.108%, 03/10/2020		6,954		7,346

				30,687

Total Asset-Backed Securities
(Cost $95,814)				99,536

Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 5.0%
Adjustable Rate Δ – 2.6%
Federal Home Loan Mortgage Corporation
Series 2704, Class JF
0.810%, 05/15/2023		3,473		3,502
Series 2755, Class FN
0.710%, 04/15/2032		3,588		3,594
Series 3423, Class FA
0.760%, 06/15/2036		12,927		12,991
Series 3591, Class FP
0.860%, 06/15/2039		4,938		4,970
Federal National Mortgage Association
Series 2005-59, Class DF
0.461%, 05/25/2035		5,450		5,426

				30,483

Fixed Rate – 2.3%
Federal Home Loan Mortgage Corporation
Series 1022, Class J
6.000%, 12/15/2020		23		25
Series 162, Class F
7.000%, 05/15/2021		63		71
Series 1790, Class A
7.000%, 04/15/2022		37		40
Series 188, Class H
7.000%, 09/15/2021		125		147
Series 2763, Class TA
4.000%, 03/15/2011		1,073		1,076
Series 2901, Class UB
5.000%, 03/15/2033		5,000		5,328
Series 6, Class C
9.050%, 06/15/2019		12		14
Federal National Mortgage Association
Series 1988-24, Class G
7.000%, 10/25/2018		28		31
Series 1989-44, Class H
9.000%, 07/25/2019		23		26
Series 1989-90, Class E
8.700%, 12/25/2019		4		4
Series 1990-102, Class J
6.500%, 08/25/2020		24		27
Series 1990-105, Class J
6.500%, 09/25/2020		212		236
Series 1990-30, Class E
6.500%, 03/25/2020		19		22
Series 1990-61, Class H
7.000%, 06/25/2020		20		23
Series 1990-72, Class B
9.000%, 07/25/2020		18		21
Series 1991-56, Class M
6.750%, 06/25/2021		72		77
Series 1992-120, Class C
6.500%, 07/25/2022		23		25
Series 2002-83, Class MD
5.000%, 09/25/2016		2,442		2,486
Series 2003-30, Class AE
3.900%, 10/25/2017		7,389		7,608
Series 2003-W1, Class B1
5.750%, 12/25/2042		1,537		1,061
Series 2005-44, Class PC
5.000%, 11/25/2027		4,120		4,191
Series 2005-62, Class JE
5.000%, 06/25/2035		4,029		4,286

				26,825

Z-Bonds x – 0.1%
Federal Home Loan Mortgage Corporation
Series 1118, Class Z
8.250%, 07/15/2021		41		47
Federal National Mortgage Association
Series 1991-134, Class Z
7.000%, 10/25/2021		144		165
Series 1996-35, Class Z
7.000%, 07/25/2026		657		739

				951

Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities
(Cost $56,989)				58,259

Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 3.7%
Adjustable Rate Δ – 1.6%
Arkle Master Issuer
Series 2010-1A, Class 1A
0.479%, 05/17/2011 n		7,120		7,109

Nuveen Investments 31

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Core Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Countrywide Home Loans
Series 2004-2, Class 2A1
4.986%, 02/25/2034	$	1,448	$	1,438
FDIC Structured Sale Guaranteed Notes
Series 2010-S1, Class 1A
0.806%, 02/25/2048 n		1,595		1,598
Indymac Index Mortgage Loan Trust
Series 2005-AR1, Class 4A1
2.821%, 03/25/2035		1,330		1,136
JPMorgan Alternative Loan Trust
Series 2007-S1, Class A1
0.541%, 04/25/2047		3,343		2,523
JPMorgan Mortgage Trust
Series 2006-A7, Class 3A4
5.962%, 01/25/2037		863		108
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-11, Class A
2.789%, 08/25/2034		329		299
Wachovia Mortgage Loan Trust
Series 2005-B, Class 1A1
2.995%, 10/20/2035		5,089		3,979
Washington Mutual
Series 2007-HY2, Class 3A2
5.744%, 09/25/2036		1,639		264

				18,454

Fixed Rate – 2.1%
Banc of America Funding
Series 2007-4, Class 1A2
5.500%, 06/25/2037 ¥		1,589		572
Countrywide Alternative Loan Trust
Series 2004-2CB, Class 1A1
4.250%, 03/25/2034		389		389
Series 2004-J1, Class 1A1
6.000%, 02/25/2034		434		440
Series 2006-19CB, Class A15
6.000%, 08/25/2036		2,236		2,013
Credit Suisse First Boston Mortgage Securities
Series 2003-8, Class DB1
6.252%, 04/25/2033		3,952		3,542
GMAC Mortgage Corporation Loan Trust
Series 2006-J1, Class A1
5.750%, 04/25/2036		2,373		2,259
Series 2010-1, Class A
4.250%, 07/25/2040 n		2,626		2,650
GSMPS Mortgage Loan Trust
Series 2003-1, Class B1
6.815%, 03/25/2043 ¥		713		500
Lehman Brothers Mortgage Trust
Series 2008-6, Class 1A1
6.183%, 07/25/2047		2,101		2,003
Master Alternative Loans Trust
Series 2004-1, Class 3A1
7.000%, 01/25/2034		967		986
Mortgage Equity Conversion Asset Trust
Series 2010-1A, Class A
4.000%, 07/25/2060 n		4,121		4,121
NCUA Guaranteed Notes
Series 2010-C1, Class A2
2.900%, 10/29/2020		4,185		4,069
Wells Fargo Mortgage Backed Securities Trust
Series 2007-2, Class 1A8
5.750%, 03/25/2037		1,945		1,789
Westam Mortgage Financial
Series 11, Class A
6.360%, 08/26/2020 ¥		35		37

				25,370

Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities
(Cost $47,907)				43,824

U.S. Government & Agency Securities – 3.6%
U.S. Treasuries – 3.6%
U.S. Treasury Bonds
2.125%, 02/15/2040 ◄		5,940		6,287
3.875%, 08/15/2040		2,065		1,902
U.S. Treasury Notes
2.375%, 02/28/2015 6		3,650		3,762
1.875%, 07/15/2015 ◄		12,279		13,301
1.250%, 08/31/2015 6		1,000		973
3.375%, 11/15/2019 6		4,900		5,002
3.625%, 02/15/2020 6		4,515		4,686
2.625%, 08/15/2020 6		6,630		6,285

Total U.S. Government & Agency Securities
(Cost $42,541)				42,198

Preferred Stock – 0.0%
Sovereign – 0.0%
Fannie Mae Series S l
(Cost $5,173)		218,000		122

Short-Term Investments – 4.2%
Money Market Fund – 3.9%
First American Prime Obligations Fund, Class Z
0.084% Å Ω		45,494,987		45,495

U.S. Treasury Obligations – 0.3%
U.S. Treasury Bills o
0.121%, 02/10/2011	$	1,310		1,310
0.134%, 04/07/2011		1,760		1,759
0.145%, 05/05/2011		845		845

				3,914

Total Short-Term Investments
(Cost $49,408)				49,409

Investment Purchased with Proceeds from Securities Lending – 12.8%
Mount Vernon Securities Lending Prime Portfolio
0.292% Ω †
(Cost $150,792)		150,792,318		150,792

Total Investments – 116.2%
(Cost $1,322,646)				1,365,817

Other Assets and Liabilities, Net – (16.2)%				(190,338	)

Total Net Assets – 100.0%			$	1,175,479


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

n		Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.”

6		This security or a portion of this security is out on loan at December 31, 2010. Total loaned securities had a fair value of $148,043 at December 31, 2010.

Δ		Variable Rate Security – The rate shown is the rate in effect as of December 31, 2010.

¬		Foreign security fair values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted. As of

32 Nuveen Investments

Core Bond Fund (concluded)


		December 31, 2010, the fair value of foreign securities was $90,695 or 7.7% of Total Net Assets.

«		Security purchased on a when-issued/delayed delivery basis.

¥		Security considered illiquid.

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

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

=		Non-income producing security.

Å		Investment in affiliated security.

Ω		The rate shown is the annualized seven-day effective yield as of December 31, 2010.

o		Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is the annualized effective yield as of December 31, 2010.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund.

Schedule of Open Futures Contracts


			Number of
			Contracts			Notional			Unrealized
	Settlement		Purchased			Contract			Appreciation
Description	Month		(Sold)			Value			(Depreciation)

U.S. Treasury 2 Year Note Futures		March 2011		166		$	36,338		$	(35	)
U.S. Treasury 5 Year Note Futures		March 2011		346			40,731			(111	)
U.S. Treasury 10 Year Note Futures		March 2011		86			10,358			15
U.S. Treasury Long Bond Futures		March 2011		(207	)		(25,280	)		882
U.S. Treasury Ultra Bond Futures		March 2011		(204	)		(25,927	)		(13	)


									$	738

Interest Rate Swap Contracts


		Pay/
	Floating	Receive
	Rate	Floating		Fixed			Expiration		Notional		Unrealized
Counterparty	Index	Rate		Rate			Date		Amount		Depreciation

JPMorgan Chase	3-Month LIBOR		Receive		1.255	%		11/03/2011	$	33,000	$	(273	)
JPMorgan Chase	3-Month LIBOR		Receive		3.858			01/19/2020		8,000		(542	)
UBS	3-Month LIBOR		Receive		1.358			09/25/2011		35,000		(371	)
UBS	3-Month LIBOR		Receive		1.133			03/25/2012		33,000		(358	)
UBS	3-Month LIBOR		Receive		1.048			06/25/2012		33,000		(242	)
UBS	3-Month LIBOR		Receive		3.001			08/03/2014		14,000		(878	)


											$	(2,664	)

See accompanying notes to financial statements.

Nuveen Investments 33

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Nuveen High Income Bond Fund (“High Income Bond Fund”)
(formerly known as First American High Income Bond Fund)
DESCRIPTION	PAR		FAIR VALUE >


High Yield Corporate Bonds – 84.2%
Banking – 2.3%
ABN AMRO
6.523%, 12/29/2049 n 6 Δ	$	2,000	$	1,695
Ally Financial
8.300%, 02/12/2015		4,590		5,049
Amsouth Bank
Series AI
4.850%, 04/01/2013		3,800		3,686
Standard Bank
8.750%, 02/09/2016 Δ ¬		1,000		943

				11,373

Basic Industry – 14.9%
Aleris International
10.000%, 12/15/2016 ª		1,000		3
Alrosa Finance
7.750%, 11/03/2020 n 6 ¬		2,000		2,098
Appleton Papers
10.500%, 06/15/2015 n		2,000		1,980
Atkore International
9.875%, 01/01/2018 n		1,000		1,040
Berry Plastics
10.250%, 03/01/2016 6		1,350		1,325
9.750%, 01/15/2021 n 6		1,000		990
Boise Paper Holding
9.000%, 11/01/2017		1,100		1,202
Bumi Investment
10.750%, 10/06/2017 n ¬		2,350		2,561
Cascades
7.750%, 12/15/2017 ¬		2,500		2,606
Catalyst Paper
11.000%, 12/15/2016 n ¬		1,500		1,414
Cleaver-Brooks
12.250%, 05/01/2016 n		1,000		1,061
Consol Energy
8.250%, 04/01/2020 n		1,750		1,890
Crown Cork & Seal
7.375%, 12/15/2026		500		496
Drummond
9.000%, 10/15/2014 n		1,750		1,868
Edgen Murray
12.250%, 01/15/2015 6		750		652
Exopack Holding
11.250%, 02/01/2014		1,000		1,037
Georgia Gulf
9.000%, 01/15/2017 n 6		1,300		1,411
Graham Packaging
8.250%, 10/01/2018 6		1,750		1,838
Grupo Papelero Scribe
8.875%, 04/07/2020 n ¬		1,000		985
Hexion
9.000%, 11/15/2020 n 6		2,000		2,115
Hidili Industry
8.625%, 11/04/2015 n 6 ¬		400		397
Huntsman International
8.625%, 03/15/2021 n 6		1,000		1,080
Incitec Pivot Finance
6.000%, 12/10/2019 n		1,800		1,843
Intertape Polymer Group
8.500%, 08/01/2014		2,615		2,157
Mercer International
9.500%, 12/01/2017 n		1,000		1,028
Metinvest
10.250%, 05/20/2015 n ¬		1,250		1,331
Millar Western Forest
7.750%, 11/15/2013 ¬		2,700		2,558
Momentive Performance
11.500%, 12/01/2016 6		2,000		2,170
Novelis
8.375%, 12/15/2017 n ¬		1,800		1,863
Olin
8.875%, 08/15/2019		1,300		1,440
Patriot Coal
8.250%, 04/30/2018		2,000		2,035
Ply Gem Industries
11.750%, 06/15/2013		1,000		1,070
Polypore International
7.500%, 11/15/2017 n		2,300		2,346
Reynolds Group
8.500%, 05/15/2018 n		4,050		4,070
Rhodia
6.875%, 09/15/2020 n ¬		1,500		1,521
Severstal Columbus
10.250%, 02/15/2018 n 6		1,750		1,846
Sinochem Overseas Capital
6.300%, 11/12/2040 n ¬		1,000		1,023
Solo Cup
8.500%, 02/15/2014 6		1,250		1,125
Solutia
7.875%, 03/15/2020		2,250		2,407
Steel Dynamics
7.625%, 03/15/2020 n 6		1,575		1,685
Stora Enso
7.250%, 04/15/2036 n ¬		2,500		2,262
Tembec Industries
11.250%, 12/15/2018 n 6 ¬		2,300		2,409
Vedanta Resources
9.500%, 07/18/2018 n 6 ¬		1,750		1,914
Verso Paper Holdings
Series B
11.375%, 08/01/2016 6		1,500		1,504
WPE International Cooperatief
10.375%, 09/30/2020 n 6 ¬		2,000		1,960

				73,616

Brokerage – 0.5%
E*Trade Financial
12.500%, 11/30/2017		2,093		2,459

Capital Goods – 4.0%
Abengoa Finance
8.875%, 11/01/2017 n 6 ¬		2,125		1,966
EnergySolutions Capital
10.750%, 08/15/2018 n		750		819
Hawker Beechcraft Acquisition
9.750%, 04/01/2017 6		700		397
Kratos Defense & Security Solutions
10.000%, 06/01/2017		1,500		1,661
Liberty Tire Recycling
11.000%, 10/01/2016 n		1,000		1,073
Manitowoc
9.500%, 02/15/2018 6		1,750		1,916
Navistar International
8.250%, 11/01/2021 6		3,550		3,816
Spirit Aerosystems
7.500%, 10/01/2017 6		1,300		1,352
Titan International
7.875%, 10/01/2017 n 6		1,750		1,846
TransDigm
7.750%, 12/15/2018 n 6		2,000		2,070
United Rentals North America
8.375%, 09/15/2020 6		1,250		1,272

34 Nuveen Investments


High Income Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Wyle Services
10.500%, 04/01/2018 n	$	1,500	$	1,459

				19,647

Communications – 10.2%
Aspect Software
10.625%, 05/15/2017 n		1,250		1,283
Belo
7.250%, 09/15/2027		1,950		1,692
Citizens Communications
9.000%, 08/15/2031		1,450		1,490
Clear Channel Communications
10.750%, 08/01/2016 6		3,600		3,222
Clearwire Communications
12.000%, 12/01/2017 n 6		750		776
CSC Holdings
8.625%, 02/15/2019 6		1,000		1,130
Digicel Group
10.500%, 04/15/2018 n 6 ¬		2,800		3,080
Digicel Limited
8.250%, 09/01/2017 n ¬		1,500		1,538
Fairpoint Communications
Series I
13.125%, 04/02/2018 6 ª		1,043		94
Frontier Communications
8.500%, 04/15/2020		1,842		2,012
Gannett
9.375%, 11/15/2017		2,000		2,230
Gray Television
10.500%, 06/29/2015 6		1,650		1,662
Intelsat Bermuda
11.250%, 02/04/2017 ¬		4,000		4,360
Intelsat Jackson Holdings
8.500%, 11/01/2019 n 6 ¬		1,500		1,631
Level 3 Financing
4.344%, 02/15/2015 Δ		1,350		1,168
McClatchy
11.500%, 02/15/2017		2,100		2,360
Media General
11.750%, 02/15/2017 6		2,350		2,470
MetroPCS Wireless
7.875%, 09/01/2018 6		1,550		1,608
Nextel Communications
Series D
7.375%, 08/01/2015		2,000		2,002
Sinclair Television Group
9.250%, 11/01/2017 n		2,400		2,598
Syniverse Holdings, Inc.
9.125%, 01/15/2019 n		1,500		1,549
Trilogy International Partners
10.250%, 08/15/2016 n 6		1,500		1,485
Unitymedia Hessen
8.125%, 12/01/2017 n ¬		2,500		2,612
UPC Holding
9.875%, 04/15/2018 n 6 ¬		2,300		2,519
Windstream
8.125%, 09/01/2018 6		1,750		1,838
XM Satellite Radio
7.625%, 11/01/2018 n		2,000		2,065
Young Broadcasting
10.000%, 03/01/2011 ª ⊡		500		—

				50,474

Consumer Cyclical – 11.9%
Arvinmeritor
10.625%, 03/15/2018 6		1,250		1,406
Beazer Homes USA
9.125%, 06/15/2018		1,750		1,698
Burlington Coat Factory
14.500%, 10/15/2014		250		263
Chukchansi Economic
8.000%, 11/15/2013 n		1,000		665
CKE Restaurants
11.375%, 07/15/2018 6		2,500		2,769
Corporativo Javer
13.000%, 08/04/2014 n ¬		1,150		1,300
Diamond Resorts
12.000%, 08/15/2018 n		2,000		2,000
Fontainebleau Las Vegas
10.250%, 06/15/2015 n ª		1,000		4
Ford Motor
7.450%, 07/16/2031 6		2,000		2,143
Ford Motor Credit
8.000%, 12/15/2016		1,000		1,117
Giti Tire
12.250%, 01/26/2012 ¬		1,200		1,187
Goodyear Tire & Rubber
10.500%, 05/15/2016 6		2,000		2,280
Hanesbrands
8.000%, 12/15/2016 6		1,000		1,072
Harrahs
12.750%, 04/15/2018 n 6		1,500		1,507
Hertz
8.875%, 01/01/2014		2,000		2,045
7.375%, 01/15/2021 n 6		2,000		2,020
Hilton Hotels
4.936%, 11/15/2013 n Δ		3,000		2,715
InVentiv Health Capital
10.000%, 08/15/2018 n		1,500		1,504
Lear
7.875%, 03/15/2018		2,500		2,675
Macys Retail Holdings
7.000%, 02/15/2028		1,000		992
Marina District Finance
9.875%, 08/15/2018 n 6		2,700		2,659
MGM Mirage
7.625%, 01/15/2017 6		1,000		935
MGM Resorts International
10.000%, 11/01/2016 n 6		2,000		2,055
Mohegan Tribal Gaming
6.125%, 02/15/2013 6		750		622
MTR Gaming Group
12.625%, 07/15/2014		1,500		1,556
Oxford Industries
11.375%, 07/15/2015		1,000		1,123
Pinnacle Entertainment
8.625%, 08/01/2017		1,750		1,907
Realogy
11.000%, 04/15/2014		2,875		2,825
Regal Entertainment Group
9.125%, 08/15/2018 6		2,500		2,663
Rite Aid
9.750%, 06/12/2016		2,000		2,203
8.000%, 08/15/2020 6		1,000		1,041
Snoqualmie Entertainment
9.125%, 02/01/2015 n		750		713
Sonic Automotive
9.000%, 03/15/2018		1,500		1,579
Standard Pacific
8.375%, 05/15/2018		1,500		1,500
Tower Automotive Holdings
10.625%, 09/01/2017 n		1,749		1,880
Trimas
9.750%, 12/15/2017		1,000		1,095

Nuveen Investments 35

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


High Income Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


William Lyon Homes
10.750%, 04/01/2013	$	1,000	$	862

				58,580

Consumer Non Cyclical – 8.9%
Alere
9.000%, 05/15/2016		1,800		1,854
Cardinal Health
9.500%, 04/15/2015		829		837
Central Garden & Pet Company
8.250%, 03/01/2018		1,250		1,266
Darling International
8.500%, 12/15/2018 n		1,100		1,147
Davita
6.375%, 11/01/2018		2,000		1,990
Dyncorp International
10.375%, 07/01/2017 n		1,250		1,281
Endo Pharmaceuticals Holdings
7.000%, 12/15/2020 n		250		255
Fage Dairy
9.875%, 02/01/2020 n ¬		1,350		1,350
HCA
8.500%, 04/15/2019 6		2,500		2,738
HCA Holdings
7.750%, 05/15/2021 n 6		2,500		2,500
HealthSouth Capital
8.125%, 02/15/2020 6		1,000		1,075
7.750%, 09/15/2022 6		1,000		1,033
Icon Health & Fitness
11.875%, 10/15/2016 n		1,500		1,515
Ingles Markets
8.875%, 05/15/2017		2,250		2,408
JBS Finance II
8.250%, 01/29/2018 n 6 ¬		1,250		1,256
Land O Lakes Capital Trust I
7.450%, 03/15/2028 n		2,000		1,790
Marfrig Overseas
9.500%, 05/04/2020 n ¬		1,500		1,553
Merge Healthcare
11.750%, 05/01/2015 6		1,500		1,597
MHP
10.250%, 04/29/2015 n ¬		1,250		1,317
National Mentor Holdings
11.250%, 07/01/2014		1,000		1,015
Novasep Holding
9.750%, 12/15/2016 n ¬		2,000		1,410
Pilgrim’s Pride
7.875%, 12/15/2018 n		2,050		2,040
Pinnacle Foods
8.250%, 09/01/2017		2,550		2,607
Radiation Therapy Services
9.875%, 04/15/2017 n		750		748
Res-Care
10.750%, 01/15/2019 n 6		1,850		1,905
Rotech Healthcare
10.750%, 10/15/2015 n 6		1,750		1,803
Symbion
11.000%, 08/23/2015		—		—
Tenet Healthcare
8.000%, 08/01/2020 n		1,750		1,776
Valeant Pharmaceuticals
6.875%, 12/01/2018 n 6 ¬		2,000		1,985

				44,051

Electric – 3.9%
AES
8.000%, 10/15/2017		2,100		2,221
Calpine
7.875%, 07/31/2020 n		2,025		2,050
CMS Energy
5.050%, 02/15/2018		2,000		1,978
Dynegy Holdings
7.750%, 06/01/2019		3,250		2,169
Edison Mission Energy
7.750%, 06/15/2016 6		3,050		2,623
Energy Future Holdings
9.750%, 10/15/2019		2,000		2,017
Mirant Americas Generation
8.500%, 10/01/2021		1,800		1,800
NRG Energy
8.250%, 09/01/2020 n		2,000		2,050
PPL Capital Funding
Series A
6.700%, 03/30/2067 Δ		2,300		2,254

				19,162

Energy – 10.7%
Aquilex Holdings
11.125%, 12/15/2016		1,600		1,620
Black Elk Energy
13.750%, 12/01/2015 n		1,500		1,493
Bluewater Holding
3.289%, 07/17/2014 Δ ¬		2,000		1,465
Calfrac Holdings
7.500%, 12/01/2020 n 6		2,250		2,278
Carrizo Oil & Gas
8.625%, 10/15/2018 n		2,000		2,060
Chesapeake Energy
9.500%, 02/15/2015 6		1,350		1,522
Cloud Peak Energy Resources
8.250%, 12/15/2017 6		1,520		1,632
Concho Resources
8.625%, 10/01/2017		1,550		1,689
Floatel Superior
13.000%, 09/02/2015 ¬		1,500		1,605
Frac Tech Services
7.125%, 11/15/2018 n		2,000		2,030
Golden Close Marit
11.000%, 12/09/2015		2,000		2,070
Headwaters
11.375%, 11/01/2014 6		1,250		1,367
Holly
9.875%, 06/15/2017		1,550		1,689
Linn Energy
8.625%, 04/15/2020 n		2,125		2,290
Northern Tier Energy
10.500%, 12/01/2017 n 6		1,000		1,020
Opti Canada
9.750%, 08/15/2013 n ¬		1,300		1,300
Panoro Energy
12.000%, 11/15/2018 n		2,000		2,000
Petrohawk Energy
7.250%, 08/15/2018		2,000		2,020
Petroplus Finance
9.375%, 09/15/2019 n ¬		1,500		1,387
Polarcus Alima
12.500%, 10/29/2015 ¬		2,200		2,244
Pride International
7.875%, 08/15/2040		1,600		1,732
RAAM Global Energy
12.500%, 10/01/2015 n		1,750		1,796
Range Resources
8.000%, 05/15/2019		2,500		2,722

36 Nuveen Investments


High Income Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


RDS Ultra-Deepwater
11.875%, 03/15/2017 n ¬	$	2,000	$	2,085
Sandridge Energy
8.625%, 04/01/2015 6		2,825		2,892
Seadrill
6.500%, 10/05/2015		3,000		2,918
Sevan Marine
12.000%, 08/10/2015 ¬		2,000		2,110
Stone Energy
8.625%, 02/01/2017		1,850		1,878

				52,914

Finance – 5.5%
AGFC Capital Trust I
6.000%, 01/15/2067 n Δ		2,000		920
American General Finance
Series MTN
5.850%, 06/01/2013		1,300		1,180
CIT Group
7.000%, 05/01/2016		4,150		4,165
Credit Acceptance
9.125%, 02/01/2017 n		3,000		3,150
Glen Meadow
6.505%, 02/12/2067 n Δ		2,000		1,660
Harbinger Group
10.625%, 11/15/2015 n		1,000		1,005
Icahn Enterprises
7.750%, 01/15/2016		1,500		1,500
International Lease Finance
8.625%, 09/15/2015 n 6		1,800		1,935
8.250%, 12/15/2020 6		2,500		2,575
National Money Mart
10.375%, 12/15/2016 6 ¬		2,100		2,268
Offshore Group Investment
11.500%, 08/01/2015 n 6 ¬		2,000		2,170
PHH
9.250%, 03/01/2016 n		1,800		1,899
Rare Restaurant Group
9.250%, 05/15/2014 n		2,000		1,740
Squaretwo Financial
11.625%, 04/01/2017 n		1,000		985

				27,152

Insurance – 2.2%
American International Group
6.250%, 03/15/2087 Δ		2,800		2,476
CNO Financial Group
9.000%, 01/15/2018 n		2,000		2,080
Genworth Financial
6.150%, 11/15/2066 Δ		1,700		1,339
Liberty Mutual Group
10.750%, 06/15/2088 n Δ		1,075		1,301
Provincia De Cordoba
12.375% 08/17/2017 n ¬		1,300		1,352
XL Capital
Series E
6.500%, 12/29/2049 Δ		2,500		2,150

				10,698

Natural Gas – 1.7%
Crosstex Energy
8.875%, 02/15/2018 6		1,300		1,393
Holly Energy Partners
6.250%, 03/01/2015 6		1,950		1,930
Inergy LP
7.000%, 10/01/2018 n 6		1,400		1,410
Sabine Pass LNG
7.500%, 11/30/2016		2,245		2,105
Southern Union
7.200%, 11/01/2066 Δ		1,600		1,474

				8,312

Real Estate – 1.3%
Central China Real Estate
12.250%, 10/20/2015 n ¬		875		950
Country Garden Holding
11.750%, 09/10/2014 n ¬		1,500		1,657
Evergrande Real Estate Group
13.000%, 01/27/2015 n ¬		400		436
Neo-China Group Holdings
9.750%, 07/23/2014 n ¬		2,000		2,167
Sigma Capital
9.000%, 04/30/2015 ¬		1,029		1,094

				6,304

Sovereign – 0.2%
Republic of Argentina
8.750%, 06/02/2017 ¬		1,000		1,030

Technology – 2.6%
CDW
8.000%, 12/15/2018 n 6		1,450		1,479
Coleman Cable
9.000%, 02/15/2018		1,000		1,035
First Data
8.250%, 01/15/2021 n 6		673		646
12.625%, 01/15/2021 n		1,349		1,288
8.750%, 01/15/2022 n 6		1,675		1,621
Freescale Semiconductor
10.750%, 08/01/2020 n 6		2,000		2,180
NXP Funding
9.750%, 08/01/2018 n ¬		1,500		1,687
Seagate
6.875%, 05/01/2020 n ¬		2,850		2,722

				12,658

Transportation – 3.4%
Air Canada
12.000%, 02/01/2016 n 6 ¬		2,500	$	2,619
Avis Budget Car Rental
7.625%, 05/15/2014		1,176		1,205
BLT Finance BV
7.500%, 05/15/2014 n ¬		700		549
CHC Helicopter
9.250%, 10/15/2020 n 6 ¬		1,850		1,915
Greenbrier
8.375%, 05/15/2015		2,540		2,572
Hapag-Lloyd
9.750%, 10/15/2017 n ¬		2,125		2,300
Marquette Transportation
10.875%, 01/15/2017 n		1,000		1,020
Martin Midstream Partners
8.875%, 04/01/2018		2,500		2,575
Navios Maritime Acquisition
8.625%, 11/01/2017 n ¬		1,540		1,575
Western Express
12.500%, 04/15/2015 n		750		664

				16,994

Total High Yield Corporate Bonds
(Cost $403,431)				415,424

Nuveen Investments 37

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


High Income Bond Fund (continued)
DESCRIPTION	SHARES/PAR		FAIR VALUE >


Preferred Stocks – 4.3%
Banking – 0.7%
Bank of America
Series MER		58,000	$	1,486
JPM Chase Capital XXVI		65,000		1,749

				3,235

Consumer Cyclical – 0.1%
M/I Homes
Series A =		25,000		405

Finance – 2.8%
Ally Financial
Series G		2,000		1,890
Bank of America
Series 5 6		142,000		2,530
Citigroup Capital XII		75,000		1,985
Citigroup Capital XIII =		52,000		1,399
Cogdell Spencer – REIT
Series A 6 =		45,000		1,123
Freddie Mac =		46,000		26
Goldman Sachs Group Series A		62,000		1,312
Morgan Stanley		85,000		1,639
National Bank Greece
Series A ¬		31,000		550
Royal Bank Scotland Group ¬		50,000		872
Royal Bank Scotland Group
Series N ¬		19,000		276

				13,602

Insurance – 0.2%
Aspen Insurance Holdings
Series A ¬ =		45,000		1,089

Real Estate – 0.2%
American Home Mortgage Investments – REIT
Series B ª = ¥		10,000		—
Ashford Hospitality Trust – REIT		47,000		1,112

				1,112

Technology – 0.3%
Dupont Fabros – REIT		65,000		1,622

Total Preferred Stocks
(Cost $20,688)				21,065

Convertible Securities – 1.7%
Consumer Discretionary – 0.1%
General Motors 6 =		7,000		379

Consumer Non Cyclical – 0.3%
Archer Daniels Midland 6		33,000		1,281

Energy – 0.3%
Chesapeake Energy
Series 2005 B		15,000		1,387

Finance – 0.6%
Prospect Capital
6.250%, 12/15/2015 n	$	3,000		3,034

Industrial Other – 0.1%
Evergreen Solar
13.000%, 04/15/2015 n		1,000		773

Technology – 0.3%
Hutchinson Technology
3.250%, 01/15/2026		2,000		1,432

Total Convertible Securities
(Cost $8,444)				8,286

Exchange-Traded Funds – 1.7%
iShares iBoxx $ High Yield Corporate Bond Fund 6		47,000		4,244
SPDR DB International Government Inflation-Protected Bond Fund		29,100		1,691
SPDR S&P Dividend 6		43,500		2,261

Total Exchange-Traded Funds
(Cost $7,952)				8,196

Investment Grade Corporate Bonds – 1.5%
Basic Industry – 0.9%
Vale Overseas Limited
8.250%, 01/17/2034 ¬	$	2,100		2,612
VTB Capital
6.551%, 10/13/2020 n 6 ¬		2,000		1,965

				4,577

Energy – 0.2%
Valero Energy
6.625%, 06/15/2037 6		1,000		1,016

Sovereign – 0.4%
Republic of Poland
6.375%, 07/15/2019 ¬		1,950		2,184

Total Investment Grade Corporate Bonds
(Cost $7,799)				7,777

Common Stocks – 1.1%
Basic Industry – 0.5%
AbitibiBowater 6 =		61,000		1,441
Bowater Canada Escrow 6 =		4,000		185
Georgia Gulf = ¥		14,000		327
Nortek =		9,000		324

				2,277

Communications – 0.1%
Vodafone Group ¬		12,000		317

Consumer Cyclical – 0.0%
Greektown = ¥		30,000		—
Greektown Superholdings 6 =		—		—

				—

Consumer Discretionary – 0.1%
Target		12,000		698

Energy – 0.2%
Pace Oil and Gas ¬ =		4,000		35
Pengrowth Energy Trust ¬		49,000		630
Provident Energy Trust ¬		35,000		279

				944

Finance – 0.1%
Citigroup =		51,000		242
Lincoln National		4,500		125

				367

Real Estate – 0.1%
Macerich – REIT 6		5,000		237
Mid-America Apartment Communities – REIT		6,000		381

				618

Technology – 0.0%
Magnachip Semiconductor Escrow =		23,000		22

Transportation – 0.0%
Delta Air Lines =		19,000		241

Total Common Stocks
(Cost $6,486)				5,484

38 Nuveen Investments


High Income Bond Fund (continued)
DESCRIPTION	SHARES/PAR		FAIR VALUE >


Closed-End Funds – 1.0%
Blackrock Credit Allocation Income Trust		81,000	$	980
Blackrock Global Opportunities Equity Trust		34,000		624
First Trust/Aberdeen Global Opportunities Income Fund		114,000		1,979
Gabelli Global Gold Natural Resources & Income Trust 6 Δ		25,000		482
ING Clarion Global Real Estate Income Fund		60,600		469
Pimco Income Strategy Fund 6		34,000		391

Total Closed-End Funds
(Cost $4,640)				4,925

Asset-Backed Security – 0.0%
Manufactured Housing – 0.0%
Green Tree Financial
Series 1998-1, Class A4
6.040% 11/01/2029 ¥
(Cost $5)	$	5,000		5

Short-Term Investments – 3.3%
Money Market Fund – 3.3%
First American Prime Obligations Fund, Class Z
0.084% Å Ω		16,166,738		16,167

U.S. Treasury Obligations – 0.0%
U.S. Treasury Bill o
0.175%, 02/10/2011	$	190		190

Total Short-Term Investments
(Cost $16,357)				16,357

Investment Purchased with Proceeds from Securities Lending – 23.8%
Mount Vernon Securities Lending Prime Portfolio
0.292% Ω †
(Cost $117,338)		117,337,612		117,338

Total Investments – 122.6%
(Cost $593,140)				604,857

Other Assets and Liabilities, Net – (22.6)%				(111,237	)

Total Net Assets – 100.0%			$	493,620


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

n		Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.”

6		This security or a portion of this security is out on loan at December 31, 2010. Total loaned securities had a fair value of $114,657 at December 31, 2010.

Δ		Variable Rate Security – The rate shown is the rate in effect as of December 31, 2010.

¬		Foreign security fair values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted. As of December 31, 2010, the fair value of foreign securities was $106,406 or 21.6% of total net assets.

ª		Security in default at December 31, 2010.

=		Non-income producing security.

¥		Security considered illiquid.

Å		Investment in affiliated security.

Ω		The rate shown is the annualized seven-day effective yield as of December 31, 2010.

o		Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of December 31, 2010.

High Income Bond Fund (concluded)


†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund.


REIT –	Real Estate Investment Trust

Schedule of Open Futures Contracts


		Number of
		Contracts			Notional
	Settlement	Purchased			Contract			Unrealized
Description	Month	(Sold)			Value			Depreciation

U.S. Treasury 5 Year Note Futures	March 2011		42		$	4,944		$	(96	)
U.S. Treasury 10 Year Note Futures	March 2011		(30	)		(3,613	)		(1	)


								$	(97	)

See accompanying notes to financial statements.

Nuveen Investments 39

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Nuveen Inflation Protected Securities Fund (“Inflation Protected Securities Fund”)
(formerly known as First American Inflation Protected Securities Fund)
DESCRIPTION	PAR		FAIR VALUE>


U.S. Government & Agency Securities – 87.0%
U.S. Treasuries – 85.4%
U.S. Treasury Bonds
2.375%, 01/15/2025 ◄	$	11,098	$	12,350
2.000%, 01/15/2026 ◄		5,317		5,646
2.375%, 01/15/2027 ◄		6,019		6,689
1.750%, 01/15/2028 ◄		3,184		3,241
3.625%, 04/15/2028 ◄		7,370		9,513
2.500%, 01/15/2029 ◄		2,801		3,179
3.875%, 04/15/2029 ◄		8,282		11,107
2.125%, 02/15/2040 ◄		6,299		6,667
4.625%, 02/15/2040		100		105
U.S. Treasury Notes
2.000%, 04/15/2012 ◄		1,617		1,675
3.000%, 07/15/2012 ◄		3,710		3,941
1.875%, 07/15/2013 ◄		4,704		5,016
2.000%, 01/15/2014 ◄ 6		4,510		4,842
1.250%, 04/15/2014 ◄		4,134		4,347
2.000%, 07/15/2014 ◄		4,525		4,891
1.625%, 01/15/2015 ◄		6,472		6,901
0.500%, 04/15/2015 ◄		8,684		8,877
1.875%, 07/15/2015 ◄		7,635		8,271
2.000%, 01/15/2016 ◄		6,887		7,499
2.500%, 07/15/2016 ◄		6,568		7,372
2.375%, 01/15/2017 ◄		6,811		7,590
2.625%, 07/15/2017 ◄		6,305		7,176
1.625%, 01/15/2018 ◄		4,698		5,027
3.500%, 02/15/2018		500		526
1.375%, 07/15/2018 ◄		3,443		3,629
2.125%, 01/15/2019 ◄		3,993		4,419
1.875%, 07/15/2019 ◄		4,425		4,811
3.375%, 11/15/2019 6		1,775		1,812
1.375%, 01/15/2020 ◄		5,725		5,949
1.250%, 07/15/2020 ◄		10,911		11,172

				174,240

U.S. Agency Debentures – 1.6%
Federal Home Loan Bank
1.500%, 01/16/2013		760		772
Federal National Mortgage Association
5.250%, 08/01/2012		890		951
1.750%, 02/22/2013		720		735
4.375%, 10/15/2015 6		735		809

				3,267

Total U.S. Government & Agency Securities
(Cost $171,880)				177,507

Corporate Bonds – 6.5%
Banking – 0.1%
Banco Do Nordeste Brasil
3.625%, 11/09/2015 6 n ¬		200		195

Basic Industry – 1.3%
Alrosa Finance
7.750%, 11/03/2020 6 n ¬		150		157
Georgia-Pacific
7.125%, 01/15/2017 n		150		160
Incitec Pivot Finance
6.000%, 12/10/2019 n		200		205
Reynolds Group
7.125%, 04/15/2019 n		175		178
Sinochem Overseas Capital
4.500%, 11/12/2020 6 n ¬		150		148
Southern Copper
7.500%, 07/27/2035		1,000		1,110
Steel Dynamics
7.625%, 03/15/2020 6 n		175		187
Vedanta Resources
9.500%, 07/18/2018 6 n ¬		400		437

				2,582

Consumer Non Cyclical – 0.2%
HCA
7.250%, 09/15/2020 6		360		376

Electric – 0.3%
AES
8.000%, 10/15/2017		150		159
Calpine
7.875%, 07/31/2020 n		250		253
Majapahit Holding
7.750%, 01/20/2020 n ¬		200		230

				642

Energy – 0.8%
Carrizo Oil & Gas
8.625%, 10/15/2018 n		130		134
Cloud Peak Energy
8.250%, 12/15/2017 6		200		215
Concho Resources
8.625%, 10/01/2017		200		218
Holly Energy Partners
6.250%, 03/01/2015 6		200		198
Linn Energy
8.625%, 04/15/2020 n		175		189
Pride International
6.875%, 08/15/2020		160		166
Range Resources
8.000%, 05/15/2019		250		272
Seadrill
6.500%, 10/05/2015		200		194

				1,586

Finance – 0.1%
CIT Group
7.000%, 05/01/2016		150		151

Insurance – 0.5%
Pacific Life Global Funding
3.330%, 02/06/2016 n Δ		1,000		991

Natural Gas – 0.2%
Energy Transfer Equity
7.500%, 10/15/2020		350		361

Sovereigns – 2.9%
Australian Government
5.750%, 04/15/2012 ¬		AUD 800		826
Canadian Government
1.500%, 03/01/2012 ¬		CAD 800		805
3.500%, 06/01/2020 ¬		CAD 750		778
Norwegian Government
6.000%, 05/16/2011 ¬		NOK 5,000		868
6.500%, 05/15/2013 ¬		NOK 3,300		617
Republic of Germany
2.250%, 04/10/2015 ¬		EUR 1,300		1,777
Republic of Poland
6.375%, 07/15/2019 ¬	$	300		336

				6,007

40 Nuveen Investments


Inflation Protected Securities Fund (continued)
DESCRIPTION	PAR/SHARES		FAIR VALUE>


Transportation – 0.1%
Avis Budget Car Rental
7.750%, 05/15/2016	$	150	$	153
Navios Maritime Acquisition
8.625%, 11/01/2017 n ¬		150		153

				306

Total Corporate Bonds
(Cost $12,598)				13,197

Commercial Mortgage-Backed Securities – 3.4%
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2005-CD1, Class A4
5.222%, 07/15/2044 Δ		1,255		1,351
Extended Stay America Trust
Series 2010-ESHA, Class C
4.860%, 11/05/2027 n		1,040		1,019
Greenwich Capital Commercial Funding
Series 2007-GG11, Class A4
5.736%, 12/10/2049		2,300		2,430
JPMorgan Chase Commercial Mortgage Securities
Series 2010-C1, Class A1
3.853%, 06/15/2043 n		1,010		1,035
Merrill Lynch Mortgage Trust
Series 2008-C1, Class A4
5.690%, 02/12/2051		380		397
OBP Depositor Trust
Series 2010-OBP, Class A
4.646%, 07/15/2045 n		700		714

Total Commercial Mortgage-Backed Securities
(Cost $6,844)				6,946

Preferred Stocks – 0.2%
Banking – 0.1%
Goldman Sachs Group
Series A		11,000		231
Finance – 0.1%
Bank of America
Series 5 6		13,000		232
Sovereign – 0.0%
Fannie Mae
Series S		16,000		9

Total Preferred Stocks
(Cost $812)				472

Exchange-Traded Fund – 0.2%
iShares iBoxx $ High Yield Corporate Bond Fund 6 =
(Cost $293)		3,500		316

Convertible Security – 0.1%
Energy – 0.1%
Chesapeake Energy
Series 2005 B
(Cost $170)		2,000		185

Closed-End Fund – 0.1%
Blackrock Credit Allocation Income Trust
(Cost $125)		11,000		127

Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security – 0.0%
Fixed Rate – 0.0%
Federal Home Loan Mortgage Corporation
Series 2763, Class TA
4.000% 03/15/2011
(Cost $37)		37		38

Short-Term Investments – 1.8%
Money Market Fund – 1.7%
First American Prime Obligations Fund, Class Z
0.084% Å Ω		3,508,036		3,508

U.S. Treasury Obligations – 0.1%
U.S. Treasury Bills o
0.178%, 02/10/2011	$	140		140
0.290%, 04/07/2011		65		65

				205

Total Short-Term Investments
(Cost $3,713)				3,713

Investment Purchased with Proceeds from Securities Lending – 5.0%
Mount Vernon Securities Lending Prime Portfolio
0.282% Ω †
(Cost $10,188)		10,188,371		10,188

Total Investments – 104.3%
(Cost $206,660)				212,689

Other Assets and Liabilities, Net – (4.3)%				(8,732	)

Total Net Assets – 100.0%			$	203,957


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

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

6		This security or a portion of this security is out on loan at December 31, 2010. Total loaned securities had a fair value of $9,237 at December 31, 2010.

n		Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.”

¬		Foreign security fair values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted. As of December 31, 2010, the fair value of foreign securities was $7,327 or 3.6% of total net assets.

Δ		Variable Rate Security – The rate shown is the rate in effect as of December 31, 2010.

=		Non-income producing security.

Å		Investment in affiliated security.

Ω		The rate shown is the annualized seven-day effective yield as of December 31, 2010.

o		Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of December 31, 2010.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund.

Nuveen Investments 41

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)

Inflation Protected Securities Fund (concluded)

Schedule of Open Futures Contracts


		Number of			Notional			Unrealized
	Settlement	Contracts			Contract			Appreciation
Description	Month	Sold			Value			(Depreciation)

Canadian Dollar Futures	March 2011		5		$	502		$	9
U.S. Treasury 2 Year Note Futures	March 2011		59			12,915			36
U.S. Treasury 5 Year Note Futures	March 2011		7			824			1
U.S. Treasury 10 Year Note Futures	March 2011		8			964			5
U.S. Treasury Ultra Bond Futures	March 2011		(6	)		(763	)		(15	)


								$	36

Schedule of Open Forward Foreign Currency Exchange Contracts

Currency

Amount

Contracts to

(Local

In Exchange

(Local

Settlement

Unrealized

Deliver

Currency)

For Currency

Currency)

Date

Depreciation

Euro

1,350

U.S. Dollar

1,786

01/14/2011

(18

)

Interest Rate Swap Contracts


		Pay/
	Floating	Receive
	Rate	Floating				Expiration		Notional		Unrealized
Counterparty	Index	Rate		Fixed Rate		Date		Amount		Depreciation

JPMorgan Chase	3-Month LIBOR		Receive		1.255%		11/03/2011	$	4,000	$	(33	)
JPMorgan Chase	3-Month LIBOR		Receive		3.858%		01/19/2020		1,000		(68	)
UBS	3-Month LIBOR		Receive		1.358%		09/25/2011		4,000		(42	)
UBS	3-Month LIBOR		Receive		1.133%		03/25/2012		2,000		(22	)
UBS	3-Month LIBOR		Receive		1.048%		06/25/2012		4,000		(29	)
UBS	3-Month LIBOR		Receive		3.001%		08/03/2014		2,000		(126	)


										$	(320	)

See accompanying notes to financial statements.

42 Nuveen Investments

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Nuveen Intermediate Government Bond Fund (“Intermediate Government Bond Fund”)
(formerly known as First American Intermediate Government Bond Fund)
DESCRIPTION	PAR		FAIR VALUE >


U.S. Government & Agency Securities – 53.5%
U.S. Agency Debentures – 43.6%
Federal Farm Credit Bank
5.750%, 01/18/2011	$	1,800	$	1,804
4.875%, 02/18/2011		1,000		1,006
3.875%, 08/25/2011		3,600		3,681
2.125%, 06/18/2012		1,130		1,156
4.500%, 10/17/2012		1,565		1,673
1.375%, 06/25/2013		1,705		1,727
3.875%, 10/07/2013		1,350		1,455
2.625%, 04/17/2014		1,400		1,461
3.000%, 09/22/2014 6		700		738
1.500%, 11/16/2015		845		820
Federal Home Loan Bank
4.250%, 06/10/2011		1,500		1,525
1.625%, 09/26/2012		515		524
1.500%, 01/16/2013		2,000		2,032
1.625%, 03/20/2013		850		865
3.125%, 12/13/2013		1,865		1,968
0.875%, 12/27/2013		1,710		1,695
Federal Home Loan Mortgage Corporation
1.400%, 07/26/2013		1,725		1,726
2.000%, 04/07/2014		1,715		1,722
2.500%, 04/23/2014		1,825		1,891
1.750%, 09/10/2015		1,925		1,892
0.750%, 07/05/2016		2,000		1,983
3.750%, 03/27/2019 6		1,200		1,242
Federal National Mortgage Association
5.250%, 08/01/2012		785		839
1.750%, 05/07/2013 6		1,150		1,175
2.375%, 07/28/2015 6		1,650		1,673
1.875%, 10/15/2015		1,700		1,683
4.375%, 10/15/2015 6		1,600		1,761
1.600%, 11/23/2015		1,735		1,682
5.375%, 07/15/2016 6		1,085		1,246
Tennessee Valley Authority
5.625%, 01/18/2011		2,000		2,004
6.790%, 05/23/2012		3,175		3,446
6.000%, 03/15/2013		2,725		3,030

				53,125

U.S. Treasuries – 9.9%
U.S. Treasury Bonds
8.750%, 05/15/2017 6		905		1,243
9.000%, 11/15/2018 6		635		916
8.125%, 08/15/2019 6		1,105		1,539
8.500%, 02/15/2020 6		430		615
8.750%, 08/15/2020 6		1,480		2,162
8.000%, 11/15/2021 6		435		615
U.S. Treasury Notes
3.500%, 01/15/2011 ◄		1,571		1,572
1.875%, 07/15/2015 ◄		1,153		1,249
2.625%, 04/30/2016		65		67
7.500%, 11/15/2016 6		665		855
1.250%, 07/15/2020 ◄		1,208		1,237

				12,070

Total U.S. Government & Agency Securities
(Cost $63,886)				65,195

U.S. Government Agency Mortgage-Backed Securities – 21.2%
Adjustable Rate Δ – 7.4%
Federal Home Loan Mortgage Corporation Pool
2.573%, 09/01/2033, # 780836		929		968
3.725%, 03/01/2036, # 848193		705		733
5.531%, 05/01/2037, # 1H1396		1,132		1,193
Federal National Mortgage Association Pool
2.596%, 04/01/2034, # AD0486		1,717		1,793
2.773%, 03/01/2035, # 819652		600		624
2.179%, 12/01/2035, # 848390		290		297
2.878%, 07/01/2036, # 886034		509		534
2.685%, 09/01/2036, # 995949		387		406
5.399%, 03/01/2037, # 914224		1,085		1,146
5.657%, 04/01/2037, # 913187		912		969
2.566%, 03/01/2038, # AD0706		366		382

				9,045

Fixed Rate – 13.8%
Federal Home Loan Mortgage Corporation Pool
7.000%, 07/01/2011, # E20252		1		1
7.500%, 09/01/2012, # G10735		17		18
6.000%, 10/01/2013, # E72802		51		55
7.000%, 09/01/2014, # E00746		37		40
6.500%, 01/01/2028, # G00876		182		204
7.500%, 01/01/2030, # C35768		25		29
6.500%, 03/01/2031, # G01244		324		364
Federal National Mortgage Association Pool
7.000%, 11/01/2011, # 250738		1		1
7.000%, 11/01/2011, # 351122		1		1
6.000%, 04/01/2013, # 425550		30		32
6.500%, 08/01/2013, # 251901		24		27
6.000%, 11/01/2013, # 556195		47		52
7.000%, 10/01/2014, # 252799		27		29
3.120%, 01/01/2015, # 464158		1,882		1,944
5.500%, 04/01/2016, # 580516		234		252
6.500%, 07/01/2017, # 254373		346		379
7.000%, 07/01/2017, # 254414		361		398
5.500%, 12/01/2017, # 673010		240		259
5.500%, 04/01/2018, # 695765		342		369
4.500%, 05/01/2018, # 254720		659		698
5.500%, 09/01/2019, # 725793		752		811
6.000%, 01/01/2022, # 254179		302		332
6.500%, 06/01/2022, # 254344		297		329
7.000%, 09/01/2031, # 596680		335		377
6.500%, 12/01/2031, # 254169		410		454
6.000%, 04/01/2032, # 745101		1,396		1,505
6.500%, 06/01/2032, # 596712		1,062		1,179
6.000%, 08/01/2032, # 656269		292		315
6.000%, 03/01/2034, # 745324		1,342		1,478
6.500%, 08/01/2036, # 887017		672		749
7.000%, 06/01/2037, # 928519		933		1,056
4.000%, 12/01/2040, # AB1959		999		994
Government National Mortgage Association Pool
7.500%, 12/15/2022, # 347332		51		59
7.000%, 09/15/2027, # 455304		8		9
6.500%, 07/15/2028, # 780825		341		387
6.500%, 08/20/2031, # 003120		125		141
7.500%, 12/15/2031, # 570134		145		168
6.000%, 09/15/2034, # 633605		1,158		1,299

				16,794

Total U.S. Government Agency Mortgage-Backed Securities
(Cost $24,471)				25,839

Nuveen Investments 43

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Intermediate Government Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 6.6%
Fixed Rate – 6.6%

Federal Home Loan Mortgage Corporation
Series 2629, Class BO
3.250%, 03/15/2018	$	704	$	726
Series 2843, Class BH
4.000%, 01/15/2018		622		637
Federal National Mortgage Association
Series 2002-W1, Class 2A
7.365%, 02/25/2042		552		635
Series 2009-M1, Class A1
3.400%, 07/25/2019		927		958
Series 2010-M1, Class A1
3.305%, 06/25/2019		1,509		1,555
Series 2010-M4, Class A1
2.520%, 06/25/2020		1,499		1,492
FHLMC Multifamily Structured Pass-Through Securities
Series K008, Class A1
2.746%, 12/25/2019		1,012		995
FHLMC Structured Pass-Through Securities
Series T-45, Class A4
4.520%, 08/27/2012		984		1,024

Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security
(Cost $7,903)				8,022

Commercial Mortgage-Backed Securities – 5.5%
Bear Stearns Commercial Mortgage Securities
Series 2005-T20, Class A4A
5.144%, 10/12/2042 Δ		550		592
Commercial Mortgage Pass-Through Certificates
Series 2005-LP5, Class A4
4.982%, 05/10/2043 Δ		550		585
Greenwich Capital Commercial Funding
Series 2007-GG11, Class A4
5.736%, 12/10/2049		1,000		1,057
Series 2007-GG9, Class A4
5.444%, 03/10/2039		1,000		1,053
GS Mortgage Securities Trust
Series 2007-GG10, Class A4
5.807%, 08/10/2045 6 Δ		1,117		1,168
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2010-C2, Class A1
2.749%, 07/15/2017 n		966		955
Morgan Stanley Capital I
Series 2006-IQ12, Class A4
5.332%, 12/15/2043		1,150		1,219

Total Commercial Mortgage-Backed Securities
(Cost $6,111)				6,629

Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 4.0%
Fixed Rate – 4.0%
FDIC Structured Sale Guaranteed Notes
Series 2010-S1, Class 2A
3.250%, 04/25/2038 n		1,224		1,239
GSMPS Mortgage Loan Trust
Series 2003-1, Class B1
6.815%, 03/25/2043 ¥		839		588
GSR Mortgage Loan Trust
Series 2005-4F, Class B1
5.742%, 05/25/2035 ¥		1,272		736
Impac Secured Assets
Series 2000-3, Class M1
8.000%, 10/25/2030 ¥		384		339
Lehman Mortgage Trust
Series 2008-6, Class 1A1
6.183%, 07/25/2047 Δ		506		482
NCUA Guaranteed Notes
Series 2010-C1, Class A1
1.600%, 02/01/2017		1,117		1,094
Residential Accredit Loans
Series 2003-QS12, Class M1
5.000%, 06/25/2018 ¥		577		455

Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities
(Cost $5,740)				4,933

Corporate Bonds – 3.6%
Banking – 1.6%
Bank of America
Series MTN
2.100%, 04/30/2012		630		643
Citibank
1.750%, 12/28/2012		625		638
JPMorgan Chase
2.200%, 06/15/2012		625		639

				1,920

Brokerage – 1.0%
Goldman Sachs
3.250%, 06/15/2012		615		638
Morgan Stanley
2.250%, 03/13/2012 6		630		643

				1,281

Finance – 1.0%
GMAC
1.750%, 10/30/2012		630		641
Private Export Funding
3.050%, 10/15/2014		550		580

				1,221

Total Corporate Bonds
(Cost $4,348)				4,422

Asset-Backed Securities – 3.3%
Automotive – 0.0%
Ford Credit Auto Owner Trust
Series 2009-D, Class A2
1.210%, 01/15/2012		40		40

Equipment Leases – 0.1%
CNH Equipment Trust
Series 2009-C, Class A2
0.950%, 08/15/2012		46		45

Home Equity – 0.0%
GRMT Mortgage Loan Trust
Series 2001-1A, Class M1
8.272%, 07/20/2031 n ¥		37		35

Manufactured Housing – 0.6%
Origen Manufactured Housing
Series 2005-B, Class M1
5.990%, 01/15/2037 Δ		750		756

44 Nuveen Investments


Intermediate Government Bond Fund (continued)
DESCRIPTION	PAR/SHARES		FAIR VALUE >


Other – 2.6%
Small Business Administration
Series 2005-P10A, Class 1
4.638%, 02/10/2015	$	454	$	476
Series 2005-P10B, Class 1
4.940%, 08/10/2015		346		366
Series 2008-P10A, Class 1
5.902%, 02/10/2018		1,183		1,318
Series 2010-10A, Class 1
4.108%, 03/10/2020		993		1,049

				3,209

Total Asset-Backed Securities
(Cost $3,984)				4,085

Short-Term Investments – 2.1%
Money Market Funds – 1.9%
First American Government Obligations Fund, Class Z
0.000% Å Ω		1,293,865		1,294
First American U.S. Treasury Money Market Fund, Class Z
0.000% Å Ω		932,040		932

				2,226

U.S. Treasury Obligations – 0.2%
U.S. Treasury Bills o
0.164%, 02/03/2011	$	20		20
0.137%, 02/10/2011		250		250

				270

Total Short-Term Investments
(Cost $2,496)				2,496

Investment Purchased with Proceeds from Securities Lending – 14.9%
Mount Vernon Securities Lending Prime Portfolio
0.292% Ω †
(Cost $18,108)		18,108,379		18,108

Total Investments – 114.7%
(Cost $137,047)				139,729

Other Assets and Liabilities, Net – (14.7)%				(17,928	)

Total Net Assets – 100.0%			$	121,801


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

6		This security or a portion of this security is out on loan at December 31, 2010. Total loaned securities had a fair value of $17,789 at December 31, 2010.

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

Δ		Variable Rate Security – The rate shown is the rate in effect as of December 31, 2010.

n		Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.”

¥		Security considered illiquid.

Å		Investment in affiliated security.

Ω		The rate shown is the annualized seven-day effective yield as of December 31, 2010.

o		Security has been deposited as initial margin on open futures contracts. Yield shown is effective yield as of December 31, 2010.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of

Intermediate Government Bond Fund (concluded)


		the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund.

Schedule of Open Futures Contracts


			Number of			Notional	Unrealized
	Settlement		Contracts			Contract	Appreciation
Description	Month		Purchased			Value	(Depreciation)

U.S. Treasury 2 Year Note Futures		March 2011		73		$15,980	$	3
U.S. Treasury 5 Year Note Futures		March 2011		70		8,240		(89	)
U.S. Treasury 10 Year Note Futures		March 2011		53		6,383		(101	)
U.S. Treasury Long Bond Futures		March 2011		(4	)	(489)		(12	)


							$	(199	)

See accompanying notes to financial statements.

Nuveen Investments 45

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Nuveen Intermediate Term Bond Fund (“Intermediate Term Bond Fund”)
(formerly known as First American Intermediate Term Bond Fund)
DESCRIPTION	PAR		FAIR VALUE >


Corporate Bonds – 49.1%
Banking – 9.3%
Bank of America
5.625%, 07/01/2020	$	4,080	$	4,159
5.875%, 01/05/2021 6		3,975		4,113
Barclays Bank
5.125%, 01/08/2020 ¬		3,630		3,707
Citigroup
4.587%, 12/15/2015 6		2,000		2,085
6.125%, 11/21/2017 6		4,590		5,031
5.375%, 08/09/2020 6		2,540		2,639
Comerica Bank
5.750%, 11/21/2016		3,245		3,500
Deutsche Bank
3.875%, 08/18/2014 ¬		3,205		3,364
Fifth Third Bancorp
6.250%, 05/01/2013		1,495		1,620
JPMorgan Chase
5.150%, 10/01/2015		3,290		3,480
4.250%, 10/15/2020 6		4,950		4,834
Series 1
7.900%, 04/29/2049 Δ		1,825		1,940
JPMorgan Chase Capital XXII
Series V
6.450%, 01/15/2087		1,750		1,743
KeyCorp
Series MTN
3.750%, 08/13/2015 6		2,960		2,970
Lloyds TSB Bank
4.375%, 01/12/2015 ¬ n		4,145		4,145
North Fork Bancorp
5.875%, 08/15/2012		3,130		3,298
PNC Funding
3.625%, 02/08/2015 6		3,300		3,412
Royal Bank of Scotland
6.400%, 10/21/2019 6 ¬		1,000		1,006
Sovereign Bank
8.750%, 05/30/2018		2,040		2,225
UBS
4.875%, 08/04/2020 ¬		2,640		2,686
UBS Preferred Funding Trust V
6.243%, 05/29/2049 Δ		1,170		1,123
Wachovia
5.750%, 06/15/2017 6		1,450		1,605
Wells Fargo
Series K
7.980%, 03/29/2049 6 Δ		3,365		3,551
Wells Fargo Capital XIII
Series GMTN
7.700%, 12/29/2049 6 Δ		2,315		2,393

				70,629

Basic Industry – 2.9%
Arcelormittal
5.250%, 08/05/2020 6 ¬		3,260		3,223
Celulosa Arauco Constitucion
5.625%, 04/20/2015 6 ¬		2,000		2,124
Dow Chemical
2.500%, 02/15/2016		2,680		2,574
Incitec Pivot Finance
6.000%, 12/10/2019 n		2,255		2,309
Newmont Mining
5.125%, 10/01/2019 6		3,720		4,090
Rio Tinto Finance
3.500%, 11/02/2020 ¬		1,970		1,870
Southern Copper
5.375%, 04/16/2020 6		2,000		2,022
Teck Resources
3.850%, 08/15/2017 6 ¬		1,825		1,851
Vale Overseas
4.625%, 09/15/2020 ¬		1,940		1,921

				21,984

Brokerage – 2.3%
Goldman Sachs Capital II
5.793%, 12/29/2049 Δ		1,165		987
Goldman Sachs Group
6.150%, 04/01/2018		3,845		4,234
Merrill Lynch
6.050%, 05/16/2016		4,625		4,765
Morgan Stanley
5.375%, 10/15/2015		3,335		3,503
5.500%, 07/24/2020 6		3,750		3,789

				17,278

Capital Goods – 1.1%
John Deere Capital
2.800%, 09/18/2017		2,295		2,228
L-3 Communications
4.750%, 07/15/2020		1,885		1,852
Tyco International
3.375%, 10/15/2015 ¬		4,405		4,502

				8,582

Communications – 6.8%
American Tower
5.050%, 09/01/2020		2,405		2,365
AT&T
2.500%, 08/15/2015 6		2,250		2,242
5.800%, 02/15/2019 6		3,350		3,771
British Sky Broadcasting
6.100%, 02/15/2018 ¬ n		1,845		2,058
CBS
5.750%, 04/15/2020 6		3,125		3,321
Comcast
5.150%, 03/01/2020 6		1,930		2,027
Deutsche Telekom
5.875%, 08/20/2013 ¬		6,560		7,225
DirecTV Holdings
3.550%, 03/15/2015		2,850		2,895
5.200%, 03/15/2020		2,800		2,903
Discovery Communications
5.050%, 06/01/2020 6		1,460		1,544
Embarq
7.082%, 06/01/2016		1,170		1,294
NBC Universal
5.150%, 04/30/2020 n		3,895		4,038
News America
5.650%, 08/15/2020 6		2,000		2,243
Rogers Communications
6.800%, 08/15/2018 6 ¬		1,390		1,671
Telecom Italia Capital
7.175%, 06/18/2019 6 ¬		2,570		2,750
Time Warner Cable
8.250%, 02/14/2014 6		2,000		2,322
6.750%, 07/01/2018		2,025		2,360

46 Nuveen Investments


Intermediate Term Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Verizon Communications
8.750%, 11/01/2018	$	3,755	$	4,903

				51,932

Consumer Cyclical – 2.2%
American Honda Finance
Series MTN
4.625%, 04/02/2013 n		3,660		3,899
Home Depot
3.950%, 09/15/2020 6		1,000		975
Ingram Micro
5.250%, 09/01/2017		1,205		1,219
R.R. Donnelley & Sons
7.625%, 06/15/2020 6		1,195		1,280
Time Warner
4.700%, 01/15/2021 6		3,000		3,055
Whirlpool
Series MTN
5.500%, 03/01/2013		3,165		3,361
Yum! Brands
8.875%, 04/15/2011		2,740		2,801

				16,590

Consumer Non Cyclical – 5.4%
Altria Group
9.700%, 11/10/2018		3,000		3,958
Anheuser-Busch InBev
7.750%, 01/15/2019 n		3,450		4,293
Baxter International
4.500%, 08/15/2019		1,500		1,573
C.R. Bard
4.400%, 01/15/2021		2,820		2,865
ConAgra Foods
5.875%, 04/15/2014		2,595		2,873
Covidien International
5.450%, 10/15/2012 ¬		2,240		2,414
Genentech
4.750%, 07/15/2015		1,650		1,817
Kellogg
4.450%, 05/30/2016		2,620		2,820
Kraft Foods
6.500%, 08/11/2017		1,225		1,426
5.375%, 02/10/2020		3,500		3,767
Lorillard Tobacco
8.125%, 06/23/2019		1,815		2,020
Merck
2.250%, 01/15/2016		3,330		3,288
Reynolds American
6.750%, 06/15/2017 6		3,000		3,353
Roche Holdings
6.000%, 03/01/2019 n		2,100		2,442
UnitedHealth Group
4.875%, 02/15/2013		1,155		1,230
3.875%, 10/15/2020 6		1,295		1,235

				41,374

Electric – 1.8%
Constellation Energy Group
5.150%, 12/01/2020		2,275		2,240
FirstEnergy Solutions
6.050%, 08/15/2021		2,220		2,281
National Rural Utilities
10.375%, 11/01/2018		3,100		4,276
Ohio Power
Series K
6.000%, 06/01/2016		2,100		2,364
PPL Energy Supply
6.300%, 07/15/2013		2,000		2,203

				13,364

Energy – 3.2%
Anadarko Petroleum
5.950%, 09/15/2016 6		1,515		1,628
6.375%, 09/15/2017 6		1,245		1,356
EOG Resources
4.100%, 02/01/2021		2,500		2,458
Hess
8.125%, 02/15/2019		2,750		3,474
Nabors Industries
5.000%, 09/15/2020 n		1,735		1,683
Nexen
5.650%, 05/15/2017 6 ¬		4,135		4,412
Petroleos Mexicanos
4.875%, 03/15/2015 6 ¬		1,000		1,053
Suncor Energy
6.100%, 06/01/2018 ¬		1,275		1,466
Valero Energy
4.500%, 02/01/2015 6		1,315		1,368
Weatherford Bermuda
5.125%, 09/15/2020 ¬		3,810		3,791
Woodside Finance
4.500%, 11/10/2014 6 ¬ n		1,880		1,976

				24,665

Finance – 6.1%
American Express
7.250%, 05/20/2014 6		1,725		1,965
American Express Centurion
Series BKNT
5.550%, 10/17/2012		2,035		2,177
American Express Credit
Series C
7.300%, 08/20/2013		2,405		2,710
Ameriprise Financial
5.300%, 03/15/2020		3,330		3,503
Capital One Bank
8.800%, 07/15/2019		3,140		3,862
Capital One Financial
6.150%, 09/01/2016		1,775		1,922
Countrywide Financial
6.250%, 05/15/2016		2,395		2,456
Discover Financial Services
10.250%, 07/15/2019		2,245		2,786
General Electric Capital
4.800%, 05/01/2013		6,235		6,666
Series A
3.750%, 11/14/2014 6		2,500		2,584
Series MTN
5.625%, 09/15/2017 6		3,955		4,337
Goldman Sachs Group
6.000%, 06/15/2020 6		6,835		7,386
Private Export Funding
3.050%, 10/15/2014		575		606
Transcapitalinvest
5.670%, 03/05/2014 ¬ n		2,990		3,171

				46,131

Industrial Other – 0.2%
Thermo Fisher Scientific
3.200%, 05/01/2015		1,265		1,294

Insurance – 3.8%
Aflac
8.500%, 05/15/2019		3,000		3,710

Nuveen Investments 47

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Intermediate Term Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Allied World Assurance
7.500%, 08/01/2016 ¬	$	2,860	$	3,167
American International Group
8.250%, 08/15/2018 6		3,000		3,456
Hartford Financial Services Group
Series MTN
6.000%, 01/15/2019		3,055		3,184
Lincoln National
8.750%, 07/01/2019 6		2,720		3,402
Met Life Global Funding I
5.125%, 04/10/2013 n		3,730		4,016
Pacific Life Global Funding
5.150%, 04/15/2013 6 n		2,205		2,357
Pacific Life Insurance
6.000%, 02/10/2020 6 n		965		1,014
Prudential Financial
5.100%, 09/20/2014		3,235		3,475
ZFS Finance USA Trust V
6.500%, 05/09/2067 Δ n		1,530		1,492

				29,273

Natural Gas – 0.4%
Kinder Morgan Energy Partners
5.000%, 12/15/2013		1,135		1,233
Transocean
6.000%, 03/15/2018 ¬		1,820		1,912

				3,145

Real Estate – 1.8%
Health Care – REIT
5.875%, 05/15/2015		1,875		2,043
Health Care Properties – REIT
Series MTN
6.300%, 09/15/2016		1,960		2,111
Prologis – REIT
6.875%, 03/15/2020		3,545		3,764
Simon Property Group – REIT
5.650%, 02/01/2020 6		2,000		2,163
Vornado Realty – REIT
4.250%, 04/01/2015		3,385		3,418

				13,499

Sovereign – 0.2%
United Mexican States
5.625%, 01/15/2017 6 ¬		1,400		1,548

Transportation – 1.6%
AEP Texas Central
Series A-2
4.980%, 07/01/2013		8,038		8,410
Union Pacific
5.750%, 11/15/2017 6		3,320		3,728

				12,138

Total Corporate Bonds
(Cost $348,670)				373,426

Asset-Backed Securities – 14.0%
Automotive – 3.9%
Bank of America Auto Trust
Series 2010-2, Class A3
1.310%, 07/15/2014		2,750		2,771
Chrysler Financial Lease Trust
Series 2010-A, Class A2
1.780%, 06/15/2011 n		2,107		2,110
Ford Credit Auto Lease Trust
Series 2010-B, Class A3
0.910%, 07/15/2013 n		4,015		4,009
Ford Credit Auto Owner Trust
Series 2009-A, Class A3A
3.960%, 05/15/2013		2,762		2,810
Hertz Vehicle Financing
Series 2009-2A, Class A1
4.260%, 03/25/2014 n		5,000		5,232
Nissan Auto Receivables Owner Trust
Series 2007-B, Class A4
5.160%, 03/15/2014		3,583		3,678
Santander Drive Auto Receivables Trust
Series 2010-1, Class A2
1.360%, 03/15/2013		6,445		6,452
World Omni Auto Receivables Trust
Series 2010-A, Class A2
0.700%, 06/15/2012		2,759		2,760

				29,822

Credit Cards – 4.8%
Bank of America Credit Card Trust
Series 2007-A8, Class A8
5.590%, 11/17/2014		5,855		6,259
Cabela’s Master Credit Card Trust
Series 2010-1A, Class A2
1.706%, 01/15/2018 Δ n		4,030		4,153
Series 2010-2A, Class A1
2.290%, 09/17/2018 n		4,340		4,262
Capital One Multi-Asset Execution Trust
Series 2008-A3, Class A3
5.050%, 02/15/2016		4,795		5,193
Chase Issuance Trust
Series 2008-A9, Class A9
4.260%, 05/15/2013		3,000		3,041
Citibank Credit Card Issuance Trust
Series 2006-A4, Class A4
5.450%, 05/10/2013		9,195		9,355
Discover Card Master Trust
Series 2007-A1, Class A1
5.650%, 03/16/2020		3,530		4,005

				36,268

Home Equity – 2.5%
Amresco Residential Security Mortgage
Series 1997-3, Class A9
6.960%, 03/25/2027 ¥		20		20
Contimortgage Home Equity Loan Trust
Series 1997-2, Class A9
7.900%, 04/15/2028 ¥		12		12
RBSSP Resecuritization Trust
Series 2009-11, Class 4A1
2.011%, 12/26/2037 n Δ		785		788
Series 2009-13, Class 5A1
0.355%, 11/26/2036 n Δ		3,769		3,711
Series 2009-8, Class 3A1
0.393%, 03/26/2037 n Δ		645		628
Series 2009-9, Class 9A1
0.481%, 09/26/2037 n Δ		2,487		2,390
Series 2010-10, Class 2A1
0.385%, 09/26/2036 n Δ		2,583		2,343
Series 2010-4, Class 1A1
0.371%, 03/26/2036 n Δ		4,515		4,198
Series 2010-8, Class 4A1
0.591%, 07/26/2036 n Δ		2,599		2,459
Renaissance Home Equity Loan Trust
Series 2005-3, Class AF4
5.140%, 11/25/2035		2,590		2,304

				18,853

48 Nuveen Investments


Intermediate Term Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Manufactured Housing – 0.1%
Green Tree Financial
Series 1996-9, Class A5
7.200%, 01/15/2028 ¥	$	65	$	66
Series 2008-MH1, Class A1
7.000%, 04/25/2038 n		902		923
Origen Manufactured Housing
Series 2005-A, Class A2
4.490%, 05/15/2018		46		46

				1,035

Other – 2.0%
AH Mortgage Advance Trust
Series 2010-ADV1, Class A1
3.968%, 08/15/2022 n		2,795		2,802
Henderson Receivables
Series 2010-3A, Class A
3.820%, 12/15/2048 n		2,245		2,151
Ocwen Advance Receivables Backed Notes
Series 2009-3A, Class A
4.140%, 07/15/2023 n		1,960		1,970
Small Business Administration
Series 2006-P10A, Class 1
5.408%, 02/10/2016		2,638		2,841
Series 2010-10B, Class A
3.215%, 09/10/2020		5,295		5,196

				14,960

Utilities – 0.7%
CenterPoint Energy Transition
Series 2008-A, Class A1
4.192%, 02/01/2020		4,940		5,307

Total Asset-Backed Securities
(Cost $102,650)				106,245

Commercial Mortgage-Backed Securities – 9.7%
Americold LLC Trust
Series 2010-ARTA, Class A2FL
2.500%, 01/17/2029 Δ n		4,415		4,435
Bear Stearns Commercial Mortgage Securities
Series 2005-PW10, Class A4
5.405%, 12/11/2040 Δ		4,000		4,274
Series 2007-PW15, Class A2
5.205%, 02/11/2044		3,605		3,681
Series 2007-T28, Class D
5.991%, 09/11/2042 ¥ n Δ		1,470		641
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2005-CD1, Class A4
5.396%, 07/15/2044 Δ		5,800		6,242
Series 2007-CD4, Class A2B
5.205%, 12/11/2049		2,340		2,406
Commercial Mortgage Pass-Through Certificates
Series 2006-CN2A, Class A2FX
5.449%, 02/05/2019 n		2,430		2,440
Extended Stay America Trust
Series 2010-ESHA, Class A
2.951%, 11/05/2027 n		7,283		7,163
Federal National Mortgage Association
Series 2010-M6, Class A1
2.210%, 09/25/2020		5,308		5,137
GS Mortgage Securities II
Series 2006-GG6, Class A2
5.506%, 04/10/2038		3,397		3,414
Series 2010-C1, Class A1
3.679%, 08/12/2043 n		6,224		6,352
JPMorgan Chase Commercial Mortgage Securities
Series 2010-C1, Class A1
3.853%, 06/15/2043 n		4,670		4,784
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2010-C2, Class A1
2.749%, 07/15/2017 n		4,019		3,973
OBP Depositor Trust
Series 2010-OBP, Class A
4.646%, 07/15/2045 n		3,200		3,265
Vornado DP
Series 2010-VN0, Class A2FX
4.004%, 09/14/2028 n		6,000		5,817
Wachovia Bank Commercial Mortgage Trust
Series 2007-C30, Class A3
5.246%, 12/15/2043		5,940		6,038
Series 2007-C34, Class A2
5.569%, 05/15/2046		3,830		3,951

Total Commercial Mortgage-Backed Securities
(Cost $74,243)				74,013

U.S. Government & Agency Securities – 7.0%
U.S. Agency Debentures – 2.9%
Federal Agricultural Mortgage Corporation
5.500%, 07/15/2011 n		13,900		14,275
Federal National Mortgage Association
2.375%, 07/28/2015 6		7,595		7,702

				21,977

U.S. Treasuries – 4.1%
U.S. Treasury Note
1.375%, 10/15/2012 6		3,950		4,008
1.375%, 01/15/2013 6		2,505		2,543
2.625%, 06/30/2014		3,090		3,234
2.375%, 08/31/2014		1,905		1,973
2.375%, 02/28/2015 6		1,375		1,417
1.875%, 07/15/2015 ◄		7,275		7,882
1.875%, 10/31/2017 6		540		513
1.250%, 07/15/2020 ◄		7,366		7,542
2.625%, 11/15/2020 6		2,620		2,471

				31,583

Total U.S. Government & Agency Securities
(Cost $53,313)				53,560

Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 6.9%
Adjustable Rate Δ – 1.5%
Federal Home Loan Mortgage Corporation
Series 2755, Class FO
0.710%, 04/15/2032		4,724		4,732
Series 2863
0.760%, 02/15/2019		2,772		2,795
Federal National Mortgage Association
Series 2003-52, Class NF
0.656%, 06/25/2023		3,651		3,674

				11,201

Fixed Rate – 5.4%
Federal Home Loan Mortgage Corporation
Series 1167, Class E
7.500%, 11/15/2021		14		17

Nuveen Investments 49

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Intermediate Term Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Series 1286, Class A
6.000%, 05/15/2022	$	36	$	40
Series 2750, Class HE
5.000%, 02/15/2019		5,567		5,941
Series 2763, Class TA
4.000%, 03/15/2011		727		729
Series 2780, Class QC
4.500%, 03/15/2017		1,953		1,971
Series 2795, Class CL
4.500%, 07/15/2017		3,833		3,919
Series 3555, Class DA
4.000%, 12/15/2014		4,399		4,550
Series 3555, Class EA
4.000%, 12/15/2014		3,116		3,223
Series T-47, Class A6
4.159%, 08/27/2012		5,806		5,916
Federal National Mortgage Association
Series 1990-89, Class K
6.500%, 07/25/2020		12		13
Series 2003-30, Class AE
3.900%, 10/25/2017		4,439		4,570
Series 2009-M1, Class A1
3.400%, 07/25/2019		3,709		3,832
Series 2010-M1, Class A1
3.305%, 06/25/2019		6,187		6,377

				41,098

Total Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities
(Cost $51,404)				52,299

U.S. Government Agency Mortgage-Backed Securities – 6.4%
Adjustable Rate Δ – 4.0%
Federal Home Loan Mortgage Corporation Pool
2.741%, 01/01/2028, # 786281		699		733
2.545%, 04/01/2029, # 847190		796		833
2.538%, 10/01/2030, # 847209		2,254		2,356
2.594%, 05/01/2031, # 847161		717		750
2.601%, 09/01/2033, # 847210		1,863		1,952
2.688%, 01/01/2038, # 848282		3,374		3,522
Federal National Mortgage Association Pool
2.577%, 09/01/2033, # 725111		1,044		1,095
2.978%, 10/01/2033, # 879906		4,537		4,762
2.773%, 03/01/2035, # 819652		3,990		4,147
2.179%, 12/01/2035, # 848390		774		791
2.599%, 07/01/2036, # AE0058		3,246		3,390
2.878%, 07/01/2036, # 886034		1,810		1,901
2.685%, 09/01/2036, # 995949		1,476		1,550
2.566%, 03/01/2038, # AD0706		2,731		2,852

				30,634

Fixed Rate – 2.4%
Federal Home Loan Mortgage Corporation
Series K001, Class A3
5.469%, 01/25/2012		1,124		1,149
Federal National Mortgage Association Pool
3.131%, 01/01/2015, # 464373		2,600		2,674
4.000%, 07/01/2018, # 357414		4,562		4,762
4.000%, 05/01/2020, # AD0107		4,534		4,727
4.000%, 03/01/2022, # 890134		4,419		4,607

				17,919

Total U.S. Government Agency Mortgage-Backed Securities
(Cost $47,738)				48,553

Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 3.7%
Adjustable Rate Δ – 1.9%
Arkle Master Issuer
Series 2010-1A, Class 1A
0.479%, 05/17/2011 n		4,240		4,234
NCUA Guaranteed Notes
Series 2010-R2, Class 1A
0.623%, 11/06/2017		1,458		1,458
Series 2010-R3, Class 2A
0.825%, 12/08/2020		6,025		6,017
Structured Mortgage Loan Trust
Series 2004-11, Class A
5.329%, 08/25/2034		227		207
Wells Fargo Mortgage Backed Securities Trust
Series 2003-J, Class 2A5
4.451%, 10/25/2033		2,453		2,497

				14,413

Fixed Rate – 1.8%
Countrywide Alternative Loan Trust
Series 2004-2CB, Class 1A1
4.250%, 03/25/2034		264		264
FDIC Structured Sale Guaranteed Notes
Series 2010-S1, Class 2A
3.250%, 04/25/2038 n		3,951		3,997
GMAC Mortgage Corporation Loan Trust
Series 2010-1, Class A
4.250%, 07/25/2040 n		1,568		1,583
Mortgage Equity Conversion Asset Trust
Series 2010-1A, Class A
4.000%, 07/25/2060 n		2,649		2,649
NCUA Guaranteed Notes
Series 2010-C1, Class A1
1.600%, 10/29/2020		5,088		4,984
Westam Mortgage Financial
Series 11, Class A
6.360%, 08/26/2020 ¥		14		15

				13,492

Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities
(Cost $27,806)				27,905

Municipal Bond – 0.9%
Louisiana Local Government Environmental Facilities, Community Development Authority
Series A1
1.520% 02/01/2018
(Cost $6,499)		6,500		6,511

Short-Term Investments – 1.8%
Money Market Fund – 1.5%
First American Prime Obligations Fund, Class Z, 0.084% Å Ω		11,567,361		11,567

U.S. Treasury Obligations – 0.3%
U.S. Treasury Bill o
0.145%, 02/10/2011	$	640		640
0.134%, 04/07/2011		1,175		1,175
0.145%, 05/05/2011		640		640

				2,455

Total Short-Term Investments
(Cost $14,022)				14,022

50 Nuveen Investments


Intermediate Term Bond Fund (continued)
DESCRIPTION	SHARES		FAIR VALUE >


Investment Purchased with Proceeds from Securities Lending – 14.4%
Mount Vernon Securities Lending Prime Portfolio 0.292% Ω n
(Cost $109,487)		109,486,591	$	109,487

Total Investments – 113.9%
(Cost $835,832)				866,021

Other Assets and Liabilities, Net – (13.9)%				(105,854	)

Total Net Assets – 100.0%			$	760,167


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

¬		Foreign security fair values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted. As of December 31, 2010, the fair value of foreign securities was $69,013 or 9.1% of Total Net Assets.

6		This security or a portion of this security is out on loan at December 31, 2010. Total loaned securities had a fair value of $107,346 at December 31, 2010.

Δ		Variable Rate Security – The rate shown is the rate in effect as of December 31, 2010.

n		Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.”

¥		Security considered illiquid.

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

Å		Investment in affiliated security.

Ω		The rate shown is the annualized seven-day effective yield as of December 31, 2010.

o		Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is the annualized effective yield as of December 31, 2010.

Intermediate Term Bond Fund (concluded)


†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund.


REIT –	Real Estate Investment Trust

Schedule of Open Futures Contracts


			Number of
			Contracts			Notional
	Settlement		Purchased			Contract	Unrealized
Description	Month		(Sold)			Value	Depreciation

U.S. Treasury 2 Year Note Futures		March 2011		191		$41,811	$	(47	)
U.S. Treasury 5 Year Note Futures		March 2011		597		70,278		(822	)
U.S. Treasury 10 Year Note Futures		March 2011		(29	)	(3,493)		(43	)
U.S. Treasury Long Bond Futures		March 2011		(20	)	(2,443)		(22	)
U.S. Treasury Ultra Bond Futures		March 2011		(5	)	(635)		(7	)


							$	(941	)

Interest Rate Swap Contracts


		Pay/
	Floating	Receive
	Rate	Floating		Fixed			Expiration		Notional		Unrealized
Counterparty	Index	Rate		Rate			Date		Amount		Depreciation

JPMorgan Chase	3-Month LIBOR		Receive		1.255	%		11/03/2011	$	20,000	$	(165	)
JPMorgan Chase	3-Month LIBOR		Receive		3.858			01/19/2020		5,000		(339	)
UBS	3-Month LIBOR		Receive		1.358			09/25/2011		19,000		(201	)
UBS	3-Month LIBOR		Receive		1.133			03/25/2012		19,000		(206	)
UBS	3-Month LIBOR		Receive		1.048			06/25/2012		20,000		(147	)
UBS	3-Month LIBOR		Receive		3.001			08/03/2014		8,000		(502	)


											$	(1,560	)

See accompanying notes to financial statements.

Nuveen Investments 51

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Nuveen Short Term Bond Fund (“Short Term Bond Fund”)
(formerly known as First American Short Term Bond Fund)
DESCRIPTION	PAR		FAIR VALUE >


Corporate Bonds – 44.4%
Banking – 8.7%
Ally Financial
8.300%, 02/12/2015	$	1,000	$	1,100
Banco do Nordeste
3.625%, 11/09/2015 n 6 ¬		800		781
Bank of America
4.875%, 01/15/2013		2,000		2,084
4.750%, 08/15/2013		1,500		1,560
Series MTN
2.100%, 04/30/2012		1,500		1,531
Bank of Nova Scotia
1.450%, 07/26/2013 n ¬		4,000		4,000
BB&T
5.700%, 04/30/2014		1,000		1,100
Series MTN
3.850%, 07/27/2012		260		271
Citigroup
2.125%, 04/30/2012		1,500		1,530
5.850%, 07/02/2013		1,000		1,079
6.375%, 08/12/2014		4,500		4,973
4.587%, 12/15/2015 6		3,000		3,128
Credit Suisse New York
5.500%, 05/01/2014 ¬		1,000		1,097
Deutsche Bank
2.375%, 01/11/2013 ¬		2,000		2,030
3.875%, 08/18/2014 ¬		2,000		2,099
European Investment Bank
1.750%, 09/14/2012 ¬		5,000		5,090
Fifth Third Bancorp
6.250%, 05/01/2013		1,755		1,902
HSBC Finance
6.750%, 05/15/2011		2,345		2,396
JPMorgan Chase
2.200%, 06/15/2012		1,500		1,535
5.125%, 09/15/2014		2,000		2,128
3.700%, 01/20/2015 6		2,000		2,070
Key Bank
3.200%, 06/15/2012 6		1,500		1,556
Keycorp
Series MTN
6.500%, 05/14/2013		1,000		1,086
KFW
Series GMTN
4.750%, 05/15/2012 ¬		5,000		5,276
Lloyds TSB Bank
4.375%, 01/12/2015 n ¬		3,000		2,999
National City
4.000%, 02/01/2011		1,000		1,001
PNC Funding
3.625%, 02/08/2015		1,500		1,551
Rabobank Nederland
3.200%, 03/11/2015 n ¬		1,400		1,425
Royal Bank of Scotland
4.875%, 08/25/2014 n ¬		1,900		1,946
Santander
2.485%, 01/18/2013 n ¬		2,000		1,935
Societe Generale
2.500%, 01/15/2014 n ¬		2,000		1,998
UBS
3.875%, 01/15/2015 ¬		1,000		1,031
Series BKNT
2.250%, 08/12/2013 6 ¬		2,650		2,672
Wells Fargo
Series AI
4.750%, 02/09/2015		2,000		2,122
Series I
3.750%, 10/01/2014		2,000		2,088

				72,170

Basic Industry – 2.9%
Anglo American Capital
2.150%, 09/27/2013 n ¬		1,000		1,009
Arcelormittal
5.375%, 06/01/2013 6 ¬		1,900		2,020
BHP Billiton Finance
5.500%, 04/01/2014 ¬		1,000		1,107
Codelco
5.500%, 10/15/2013 n ¬		2,400		2,603
Dow Chemical
4.850%, 08/15/2012		1,000		1,054
2.500%, 02/15/2016		2,630		2,526
Georgia-Pacific
8.125%, 05/15/2011		500		516
Incitec Pivot
4.000%, 12/07/2015 n ¬		2,000		1,949
Noble Holding International
3.450%, 08/01/2015 ¬		1,825		1,864
Noranda
7.250%, 07/15/2012 ¬		2,000		2,147
Potash Corporation of Saskatchewan
3.750%, 09/30/2015 ¬		1,500		1,551
PPG
1.900%, 01/15/2016		1,000		949
Rio Tinto Financial
8.950%, 05/01/2014 ¬		1,000		1,211
Rockies Express Pipeline
3.900%, 04/15/2015 n		2,000		1,978
United States Steel
5.650%, 06/01/2013 6		1,000		1,035
Vedanta Resources
9.500%, 07/18/2018 n 6 ¬		420		459

				23,978

Brokerage – 1.8%
Goldman Sachs Group
6.875%, 01/15/2011 6		3,000		3,005
1.625%, 07/15/2011		1,580		1,591
3.625%, 08/01/2012 6		1,625		1,677
3.700%, 08/01/2015		2,000		2,038
Merrill Lynch
5.450%, 02/05/2013		1,250		1,318
Morgan Stanley
2.250%, 03/13/2012 6		1,525		1,555
4.200%, 11/20/2014		2,000		2,043
Series GMTN
4.100%, 01/26/2015		1,645		1,669

				14,896

Capital Goods – 1.0%
Case New Holland
7.750%, 09/01/2013		1,000		1,075
Caterpillar Financial Services
Series MTN
4.900%, 08/15/2013		2,490		2,715
ITT
4.900%, 05/01/2014		1,779		1,910
L-3 Communications
Series B
6.375%, 10/15/2015		1,000		1,030
Northrop Grumman
3.700%, 08/01/2014		1,707		1,793

				8,523

52 Nuveen Investments


Short Term Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Communications – 4.8%
American Tower
4.625%, 04/01/2015	$	2,000	$	2,089
AT&T
7.300%, 11/15/2011		1,500		1,585
6.700%, 11/15/2013		2,000		2,272
2.500%, 08/15/2015 6		2,250		2,242
British Telecom
5.150%, 01/15/2013 ¬		2,000		2,129
CenturyLink
Series L
7.875%, 08/15/2012		1,900		2,055
Comcast
5.300%, 01/15/2014		1,000		1,090
Deutsche Telekom
5.875%, 08/20/2013 ¬		2,000		2,203
DirecTV Holdings
3.550%, 03/15/2015		1,700		1,727
7.625%, 05/15/2016		2,000		2,218
NBC Universal
3.650%, 04/30/2015 n 6		2,000		2,051
News America
5.300%, 12/15/2014		1,000		1,105
Sprint Capital
8.375%, 03/15/2012		2,000		2,115
TCM Sub
3.550%, 01/15/2015 n 6		1,000		1,021
Telecom Italia Capital
4.950%, 09/30/2014 ¬		1,540		1,578
Telefonica Emisiones
2.582%, 04/26/2013 6 ¬		1,450		1,451
Telefonica Moviles
2.875%, 11/09/2015 n ¬		1,000		960
Time Warner Cable
5.400%, 07/02/2012		1,250		1,327
8.250%, 02/14/2014 6		1,025		1,190
Verizon Communications
5.250%, 04/15/2013		900		979
Verizon New England
6.500%, 09/15/2011		1,500		1,558
Verizon Wireless
5.550%, 02/01/2014 6		2,000		2,205
Vodafone Group
5.000%, 09/15/2015 ¬		2,500		2,731

				39,881

Consumer Cyclical – 2.0%
American Axle & Manufacturing
5.250%, 02/11/2014 6		1,000		983
Best Buy
6.750%, 07/15/2013		1,000		1,106
eBay
0.875%, 10/15/2013 6		1,000		990
Ford Motor Credit
7.000%, 10/01/2013		1,500		1,608
Home Depot
5.250%, 12/16/2013		2,000		2,195
Interpublic Group
6.250%, 11/15/2014		1,800		1,942
Macy’s Retail Holdings
5.350%, 03/15/2012		1,700		1,755
Staples
9.750%, 01/15/2014 6		1,000		1,212
Target
4.000%, 06/15/2013		1,000		1,068
Viacom
4.375%, 09/15/2014		1,000		1,064
Whirlpool
8.000%, 05/01/2012		1,000		1,078
Yum! Brands
8.875%, 04/15/2011		1,260		1,288

				16,289

Consumer Non Cyclical – 7.2%
Anheuser-Busch InBev Worldwide
2.500%, 03/26/2013		5,105		5,224
7.200%, 01/15/2014 n		1,000		1,144
Boston Scientific
4.500%, 01/15/2015		2,000		2,042
Bunge Limited Finance
5.875%, 05/15/2013		2,000		2,141
Cardinal Health
5.500%, 06/15/2013 6		915		991
Carefusion
4.125%, 08/01/2012		600		625
Cargill
4.375%, 06/01/2013 n		2,000		2,133
ConAgra Foods
5.875%, 04/15/2014		1,950		2,159
Constellation Brands
8.375%, 12/15/2014		1,500		1,639
Covidien International
1.875%, 06/15/2013 ¬		3,750		3,795
Dr. Pepper Snapple Group
2.350%, 12/21/2012 6		2,000		2,046
Genentech
4.750%, 07/15/2015		2,000		2,202
HCA
6.750%, 07/15/2013		1,500		1,541
Kraft Foods
5.625%, 11/01/2011		193		200
6.000%, 02/11/2013 6		1,500		1,643
Kroger
5.500%, 02/01/2013		2,000		2,164
Life Technologies
3.375%, 03/01/2013		1,000		1,022
McKesson
6.500%, 02/15/2014		2,105		2,365
MedcoHealth Solutions
6.125%, 03/15/2013		1,845		2,010
Merck
2.250%, 01/15/2016		3,600		3,555
Miller Brewing
5.500%, 08/15/2013 n ¬		2,000		2,171
Novartis Capital
2.900%, 04/24/2015		1,000		1,028
Omnicare
6.875%, 12/15/2015		1,000		1,018
Reynolds American
7.250%, 06/01/2013		2,615		2,909
St. Jude Medical
2.200%, 09/15/2013		2,000		2,032
3.750%, 07/15/2014		690		729
Teva Pharmaceutical
1.500%, 06/15/2012 6		2,500		2,523
UnitedHealth Group
4.875%, 02/15/2013		1,500		1,597
Watson Pharmaceuticals
5.000%, 08/15/2014		2,000		2,149
Wyeth
5.500%, 02/01/2014		2,455		2,729

				59,526

Nuveen Investments 53

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Short Term Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Electric – 1.2%
Arizona Public Service
6.375%, 10/15/2011	$	2,000	$	2,083
MidAmerican Energy
4.650%, 10/01/2014		3,275		3,539
National Rural Utilities Cooperative Finance
1.900%, 11/01/2015		2,970		2,867
Nevada Power
6.500%, 04/15/2012		1,000		1,064

				9,553

Energy – 2.9%
Anadarko Petroleum
5.950%, 09/15/2016 6		755		811
Apache
6.000%, 09/15/2013		2,800		3,144
Chesapeake Energy
9.500%, 02/15/2015 6		1,000		1,127
ConocoPhillips
4.750%, 02/01/2014		900		978
El Paso Pipeline
4.100%, 11/15/2015		2,000		1,980
Encana
4.750%, 10/15/2013 ¬		3,000		3,239
Forest Oil
8.500%, 02/15/2014		1,500		1,639
Husky Energy
5.900%, 06/15/2014 ¬		1,000		1,099
Marathon Global Funding
6.000%, 07/01/2012 ¬		1,000		1,069
Marathon Oil
6.125%, 03/15/2012		500		528
8.375%, 05/01/2012 ¬		1,000		1,088
Nabors Industries
5.375%, 08/15/2012		1,850		1,953
Petroleos Mexicanos
4.875%, 03/15/2015 6 ¬		2,000		2,105
Shell International Finance
3.250%, 09/22/2015 6 ¬		1,180		1,212
Valero Energy
6.875%, 04/15/2012		1,000		1,064
Weatherford International
5.150%, 03/15/2013 ¬		31		33
Woodside Finance
4.500%, 11/10/2014 n ¬		1,250		1,314

				24,383

Finance – 4.2%
American Express Travel
5.250%, 11/21/2011 n		2,450		2,528
Capital One Bank
6.500%, 06/13/2013		1,500		1,642
Fresenius U.S. Finance II
9.000%, 07/15/2015 n		1,000		1,145
General Electric Capital
4.800%, 05/01/2013 6		1,000		1,069
1.875%, 09/16/2013		3,500		3,502
Series A
3.750%, 11/14/2014 6		3,000		3,101
Series GMTN
5.250%, 10/19/2012		3,000		3,207
Series MTN
2.200%, 06/08/2012 6		1,510		1,544
GMAC
1.750%, 10/30/2012		3,680		3,745
2.200%, 12/19/2012		1,750		1,800
Household Finance
4.750%, 07/15/2013		2,000		2,109
International Lease Finance
6.500%, 09/01/2014 n		1,000		1,060
Nissan Motor Acceptance
3.250%, 01/30/2013 n		1,000		1,020
TransCapitalInvest
7.700%, 08/07/2013 n ¬		2,500		2,778
Volkswagen International Finance
1.625%, 08/12/2013 n ¬		4,335		4,333

				34,583

Industrial Other – 1.3%
Agilent Technologies
2.500%, 07/15/2013		2,000		2,023
Arrow Electronics
6.875%, 07/01/2013		1,990		2,187
Briggs & Stratton
8.875%, 03/15/2011		870		887
Thermo Fisher Scientific
3.250%, 11/20/2014		1,625		1,671
3.200%, 05/01/2015		1,250		1,279
Tyco Electronics
6.000%, 10/01/2012 ¬		2,430		2,613

				10,660

Insurance – 2.9%
Aflac
3.450%, 08/15/2015		2,835		2,880
Allstate Life Global Funding Trust
Series MTN
5.375%, 04/30/2013		1,500		1,633
American International Group

3.650%, 01/15/2014		1,000		1,017
Berkshire Hathaway
Series 0001
2.125%, 02/11/2013 6		2,355		2,405
Hartford Financial Services Group
5.250%, 10/15/2011		1,000		1,029
4.000%, 03/30/2015 6		1,000		1,003
Indianapolis Life Insurance
8.660%, 04/01/2011 n		5,000		5,049
Lincoln National
4.300%, 06/15/2015 6		1,000		1,030
Metropolitan Life Global Funding I
2.875%, 09/17/2012 n		1,900		1,947
2.500%, 01/11/2013 n		1,000		1,022
Prudential Financial
Series MTN
3.625%, 09/17/2012		2,600		2,699
2.750%, 01/14/2013		1,600		1,629
Series MTNB
4.500%, 07/15/2013		1,000		1,060

				24,403

Natural Gas – 0.6%
Consolidated Natural Gas
Series C
6.250%, 11/01/2011		1,575		1,642
Duke Energy
3.950%, 09/15/2014		1,500		1,572
Kinder Morgan
6.500%, 09/01/2012		1,000		1,053
Ras Laffan
4.500%, 09/30/2012 n ¬		500		525

				4,792

Real Estate – 0.8%
Boston Properties – REIT
6.250%, 01/15/2013		243		265

54 Nuveen Investments


Short Term Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


HCP – REIT
Series MTN
5.625%, 02/28/2013 6	$	1,000	$	1,049
Nationwide Health Properties – REIT
6.250%, 02/01/2013		2,000		2,145
Simon Property Group – REIT
4.200%, 02/01/2015 6		2,000		2,092
Vornado Realty – REIT
4.250%, 04/01/2015		1,500		1,514

				7,065

Technology – 0.8%
Analog Devices
5.000%, 07/01/2014		1,000		1,078
Broadcom
1.500%, 11/01/2013 n		1,000		993
Corning
5.900%, 03/15/2014 6		228		252
Motorola
8.000%, 11/01/2011		1,200		1,264
National Semiconductor
3.950%, 04/15/2015		1,000		1,019
Seagate Technology International
10.000%, 05/01/2014 n ¬		2,000		2,345

				6,951

Transportation – 1.3%
Air Canada
9.250%, 08/01/2015 n 6 ¬		1,180		1,239
Continental Airlines
Series 2007-1, Class C
7.339%, 04/19/2014		771		771
CSX
5.750%, 03/15/2013		1,500		1,636
Delta Airlines
Series 11B, Class B
7.711%, 03/18/2013		900		922
FedEx
7.375%, 01/15/2014		2,000		2,294
GATX
4.750%, 05/15/2015		1,000		1,047
Navios Maritime Holdings
9.500%, 12/15/2014 ¬		750		780
United Airlines
Series 2009-1
10.400%, 05/01/2018		944		1,091
United Parcel Service
3.875%, 04/01/2014		1,000		1,065

				10,845

Total Corporate Bonds
(Cost $359,314)				368,498

Asset-Backed Securities – 16.9%
Automotive – 5.3%
Ally Auto Receivables Trust
Series 2009-A, Class A3
2.330%, 06/17/2013 n		2,500		2,540
Bank of America Auto Trust
Series 2008-1A, Class A3A
4.970%, 09/20/2012 n		2,299		2,330
Series 2010-2, Class A3
1.310%, 07/15/2014		2,525		2,545
Capital Auto Receivables Asset Trust
Series 2007-3, Class A4
5.210%, 03/17/2014		1,905		1,947
Series 2008-1, Class A3A
3.860%, 08/15/2012		287		290
Capital One Prime Auto Receivables Trust
Series 2007-2, Class A4
5.060%, 06/15/2014		1,946		1,982
Chrysler Financial Lease Trust
Series 2010-A, Class A2
1.780%, 06/15/2011 n		1,630		1,632
DaimlerChrysler Auto Trust
Series 2006-C, Class A4
4.980%, 11/08/2011		50		50
Series 2008-A, Class A3A
3.700%, 06/08/2012		252		253
Ford Credit Auto Lease Trust
Series 2010-B, Class A3
0.910%, 07/15/2013 n		3,985		3,979
Ford Credit Auto Owner Trust
Series 2009-A, Class A3A
3.960%, 05/15/2013		1,209		1,229
Harley-Davidson Motorcycle Trust
Series 2006-1, Class A2

5.040%, 10/15/2012 n		365		366
Hertz Vehicle Financing
Series 2009-2A, Class A1
4.260%, 03/25/2014 n		3,000		3,139
Honda Auto Receivables Owner Trust
Series 2010-2, Class A2
0.820%, 06/18/2012		2,000		2,003
JPMorgan Auto Receivables Trust
Series 2006-A, Class A4
5.140%, 12/15/2014 n		623		624
Nissan Auto Lease Trust
Series 2009-B, Class A3
2.070%, 01/15/2015		1,585		1,596
Nissan Auto Receivables Owner Trust
Series 2008-B, Class A3
4.460%, 04/15/2012		414		417
Santander Drive Auto Receivables Trust
Series 2010-1, Class A2
1.360%, 03/15/2013		5,755		5,761
Toyota Auto Receivables Owner Trust
Series 2010-B, Class A3
1.040%, 02/18/2014		3,735		3,751
USAA Auto Owner Trust
Series 2010-1, Class A2
0.630%, 06/15/2012		2,605		2,606
Volkswagen Auto Lease Trust
Series 2009-A, Class A3
3.410%, 04/16/2012		2,554		2,581
World Omni Auto Receivables Trust
Series 2010-A, Class A2
0.700%, 06/15/2012		2,072		2,073

				43,694

Credit Cards – 4.1%
Bank of America Credit Card Trust
Series 2007-A9, Class A9
0.300%, 11/15/2014 6Δ		4,500		4,486
Cabela’s Master Credit Card Trust
Series 2010-1A, Class A2
1.710%, 01/16/2018 n Δ		3,970		4,091
Series 2010-2A, Class A1
2.290%, 09/17/2018 n		4,290		4,213
Capital One Multi-Asset Execution Trust
Series 2008-A3, Class A3
5.050%, 02/15/2016		2,750		2,978
Series 2008-A5, Class A5
4.850%, 02/18/2014		2,400		2,430

Nuveen Investments 55

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Short Term Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Chase Issuance Trust
Series 2008-A9, Class A9
4.260%, 05/15/2013	$	2,000	$	2,027
Citibank Credit Card Issuance Trust
Series 2006-A4, Class A4
5.450%, 05/10/2013		5,245		5,337
Discover Card Master Trust
Series 2008-A3, Class A3
5.100%, 10/15/2013		7,535		7,635
Discover Card Master Trust I
Series 2005-4, Class B1
0.510%, 06/18/2013 Δ		380		380

				33,577

Equipment Leases – 0.2%
CNH Equipment Trust
Series 2008-A, Class A4A
4.930%, 08/15/2014		1,810		1,856

Home Equity – 3.8%
Countrywide Asset-Backed Certificates
Series 2005-16, Class 2AF2
5.382%, 05/25/2036 Δ		818		699
Equivantage Home Equity Loan Trust
Series 1996-4, Class A
7.250%, 01/25/2028 ¥		142		131
GMAC Mortgage Servicer Advance Funding
Series 2010-1A, Class A
4.250%, 01/15/2022 n		2,145		2,156
IMC Home Equity Loan Trust
Series 1998-3, Class A7
7.220%, 08/20/2029 Δ ¥		1,172		1,112
Morgan Stanley Capital
Series 2007-NC2, Class A2A
0.371%, 02/25/2037 Δ		3,888		3,611
Novastar Home Equity Loan Trust
Series 2007-1, Class A2A1
0.361%, 03/25/2037 Δ		2,635		2,543
RBSSP Resecuritization Trust
Series 2009-10, Class 8A1
0.411%, 05/26/2036 n Δ		1,195		1,155
Series 2009-11, Class 4A1
2.011%, 12/26/2037 n Δ		474		476
Series 2009-13, Class 5A1
0.361%, 11/26/2036 n Δ		2,595		2,556
Series 2009-8, Class 3A1
0.393%, 03/26/2037 n Δ		335		326
Series 2009-9, Class 9A1
0.481%, 09/26/2037 n Δ		1,348		1,296
Series 2010-4, Class 1A1
0.371%, 03/26/2036 n Δ		4,039		3,754
Series 2010-4, Class 5A1
0.421%, 02/26/2037 n Δ		2,693		2,556
Series 2010-8, Class 4A1
0.591%, 07/26/2036 n Δ		1,794		1,697
Series 2010-10, Class 2A1
0.391%, 09/26/2036 n Δ		2,514		2,281
Series 2010-11, Class 2A1
0.431%, 03/26/2037 n Δ		3,199		3,057
Renaissance Home Equity Loan Trust
Series 2005-3, Class AF4
5.140%, 11/25/2035		2,425		2,157

				31,563

Manufactured Housing – 0.5%
Green Tree Financial
Series 2008-MH1, Class A1
7.000%, 04/25/2038 n		388		396
Newcastle Investment Trust
Series 2010-MH1, Class A
4.500%, 07/10/2035 n		3,455		3,560
Origen Manufactured Housing
Series 2005-A, Class A2
4.490%, 05/15/2018		14		14
Series 2005-B, Class A2
5.247%, 12/15/2018		504		508

				4,478

Other – 2.5%
American Home Mortgage Advance Trust
Series 2010-ADV1, Class A1
3.968%, 08/15/2022 n		2,705		2,712
Series 2010-ADV2, Class B1
8.830%, 05/10/2041 n		1,500		1,507
Series 2010-ADV2, Class C1
8.830%, 05/10/2041 n		1,500		1,477
Crown Castle Towers
Series 2010-1, Class A1
4.523%, 01/15/2035 n Δ		2,000		2,078
Nationstar Mortgage Advance Receivable Trust
Series 2009-ADV1, Class A1
3.261%, 12/26/2022 n Δ		2,539		2,530
Ocwen Advance Receivables Backed Notes
Series 2009-3A, Class A
4.140%, 07/15/2023 n		2,000		2,010
Small Business Administration
Series 2005-P10A, Class 1
4.638%, 02/10/2015		2,074		2,174
Series 2005-P10B, Class 1
4.940%, 08/10/2015		4,278		4,526
Series 2006-P10A, Class 1
5.408%, 02/10/2016		1,283		1,382

				20,396

Utilities – 0.5%
CenterPoint Energy
Series 2005-A, Class A2
4.970%, 08/01/2014		2,383		2,450
PG&E Energy Recovery Funding
Series 2005-2, Class A2

5.030%, 03/25/2014		826		852
PSE&G Transition Funding
Series 2001-1, Class A6
6.610%, 06/15/2015		1,190		1,291

				4,593

Total Asset-Backed Securities
(Cost $137,782)				140,157

Commercial Mortgage-Backed Securities – 9.7%
Americold
Series 2010-ARTA, Class A2FL
2.500%, 01/17/2029 n Δ		4,770		4,791
Bear Stearns Commercial Mortgage Securities
Series 2005-PW10, Class A4
5.405%, 12/11/2040		5,000		5,342
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2005-CD1, Class A4
5.222%, 07/15/2044		4,000		4,305
Series 2007-CD4, Class A2B
5.205%, 12/11/2049		1,385		1,424
Commercial Mortgage Pass-Through Certificates
Series 2005-LP5, Class A4
4.982%, 05/10/2043 Δ		2,500		2,658

56 Nuveen Investments


Short Term Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Extended Stay America Trust
Series 2010-ESHA, Class C
4.860%, 11/05/2027 n	$	3,920	$	3,842
GE Capital Commercial Mortgage Corporation
Series 2001-3, Class A2
6.070%, 06/10/2038		3,250		3,337
GMAC Commercial Mortgage Securities
Series 2003-C2, Class A2
5.471%, 05/10/2040		3,500		3,768
Series 2004-C1, Class A2
4.100%, 03/10/2038		243		243
Greenwich Capital Commercial Funding
Series 2005-GG5, Class A2
5.117%, 04/10/2037		3,362		3,387
GS Commercial Mortgage
Series 2007-GG10, Class A1
5.690%, 08/10/2045		259		264
GS Mortgage Securities Trust
Series 2007-GG10, Class A4
5.807%, 08/10/2045 6		5,000		5,227
GS Mortgage Securities II
Series 2010-C1, Class A1
3.679%, 08/12/2043 n		6,111		6,236
JPMorgan Chase Commercial Mortgage Securities
Series 2001-CIB2, Class A3
6.429%, 04/15/2035		6,132		6,215
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2007-CB18, Class A3
5.447%, 06/12/2047		4,000		4,145
Series 2010-C1, Class A1
3.853%, 06/15/2043 n		4,264		4,368
Series 2010-C2, Class A1
2.749%, 11/15/2043 n		3,954		3,909
Merrill Lynch Mortgage Trust
Series 2006-C1, Class A2
5.611%, 05/12/2039		3,894		4,013
Morgan Stanley Capital I
Series 2003-IQ6, Class A4
4.970%, 12/15/2041		1,090		1,161
Morgan Stanley Dean Witter Capital I
Series 2002-TOP7, Class A2
5.980%, 01/15/2039		4,374		4,573
Vornado DP
Series 2010-VN0, Class A1
2.970%, 09/14/2028 n		5,334		5,258
Wachovia Bank Commercial Mortgage Trust
Series 2007-C30, Class A3
5.246%, 12/15/2043		1,739		1,768

Total Commercial Mortgage-Backed Securities
(Cost $77,693)				80,234

U.S. Government Agency Mortgage-Backed Securities – 8.4%
Adjustable Rate Δ – 5.9%
Federal Home Loan Mortgage Corporation Pool
2.740%, 12/01/2026, #786591		345		362
2.597%, 01/01/2029, #846946		340		356
2.510%, 10/01/2029, #786853		247		257
4.254%, 04/01/2030, #972055		273		289
2.107%, 05/01/2030, #847014		207		214
2.464%, 06/01/2031, #847367		151		157
2.581%, 08/01/2032, #847331		2,136		2,225
2.551%, 09/01/2032, #847652		1,085		1,134
2.656%, 10/01/2032, #847063		188		197
2.597%, 05/01/2033, #780456		696		725
2.569%, 10/01/2033, #780911		1,369		1,422
2.605%, 03/01/2034, #781296		1,583		1,643
3.725%, 03/01/2036, #848193		2,835		2,949
2.628%, 08/01/2036, #1L1462		1,016		1,056
2.688%, 01/01/2038, #848282		3,068		3,203
Federal National Mortgage Association Pool
2.368%, 11/01/2025, #433988		473		485
2.558%, 10/01/2030, #847241		1,415		1,481
3.411%, 06/01/2031, #625338		208		218
5.019%, 12/01/2031, #535363		1,254		1,349
2.596%, 03/01/2032, #545791		31		33
2.512%, 05/01/2032, #545717		170		176
2.665%, 05/01/2032, #634948		136		142
2.599%, 10/01/2032, #661645		29		30
2.379%, 12/01/2032, #671884		189		197
2.256%, 04/01/2034, #775389		147		152
2.596%, 04/01/2034, #AD0486		2,734		2,854
2.607%, 06/01/2034, #725721		2,401		2,504
2.164%, 07/01/2034, #795242		1,833		1,897
2.461%, 11/01/2034, #797182		1,540		1,601
2.710%, 11/01/2034, #841068		1,775		1,859
2.773%, 03/01/2035, #819652		2,698		2,804
2.729%, 07/01/2035, #745922		1,434		1,496
2.536%, 08/01/2035, #838958		1,464		1,532
2.179%, 12/01/2035, #848390		774		791
2.599%, 07/01/2036, #AE0058		3,185		3,326
2.878%, 07/01/2036, #886034		1,045		1,098
2.539%, 08/01/2036, #555369		216		225
2.685%, 09/01/2036, #995949		967		1,015
2.714%, 08/01/2037, #AD0550		2,085		2,178
2.566%, 03/01/2038, #AD0706		1,946		2,033
Government National Mortgage Association Pool
2.625%, 08/20/2021, #008824		119		122
2.625%, 07/20/2022, #008006		166		170
2.625%, 09/20/2025, #008699		91		93
3.375%, 04/20/2026, #008847		73		75
2.625%, 08/20/2027, #080106		26		26
3.375%, 01/20/2028, #080154		39		41
3.375%, 05/20/2029, #080283		107		111
2.875%, 11/20/2030, #080469		202		208
3.375%, 04/20/2031, #080507		73		75
2.625%, 08/20/2031, #080535		228		234
3.500%, 02/20/2032, #080580		53		55

				48,875

Fixed Rate – 2.5%
Federal Home Loan Mortgage Corporation
Series K001, Class A3
5.469%, 01/25/2012		624		639
Federal Home Loan Mortgage Corporation Pool
4.500%, 05/01/2018, #G11618		2,754		2,909
4.500%, 05/01/2019, #B14728		3,718		3,924
4.500%, 04/01/2022, #M30035		1,162		1,213
Federal National Mortgage Association Pool
5.500%, 05/01/2012, #254340		135		137
5.000%, 03/01/2013, #254682		124		131
4.000%, 12/01/2013, #255039		1,087		1,116
4.000%, 12/01/2019, #AA5298		1,475		1,540
4.000%, 05/01/2020, #AD0107		2,380		2,482
4.000%, 03/01/2022, #890134		2,355		2,456
4.500%, 04/01/2024, #AA4312		3,832		4,042

				20,589

Total U.S. Government Agency
Mortgage-Backed Securities
(Cost $68,247)				69,464

Nuveen Investments 57

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Short Term Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


U.S. Government & Agency Securities – 7.1%
U.S. Agency Debentures – 4.5%
Federal Home Loan Bank
1.625%, 07/27/2011	$	5,550	$	5,590
2.250%, 04/13/2012 6		6,000		6,136
1.500%, 01/16/2013		5,400		5,486
1.875%, 06/21/2013		3,385		3,464
Federal Home Loan Mortgage Corporation
1.625%, 04/15/2013		2,000		2,035
1.400%, 07/26/2013		7,335		7,339
Federal National Mortgage Association
1.000%, 04/04/2012 6		7,500		7,549

				37,599

U.S. Treasuries – 2.6%
U.S. Treasury Notes
4.625%, 10/31/2011 6		1,235		1,279
0.750%, 11/30/2011 6		2,000		2,008
1.125%, 12/15/2011 6		6,340		6,388
0.875%, 02/29/2012 6		7,500		7,543
4.125%, 08/31/2012 6		3,760		3,985

				21,203

Total U.S. Government & Agency Securities
(Cost $58,142)				58,802

Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities – 6.3%
Adjustable Rate Δ – 1.4%
FDIC Structured Sale Guaranteed Notes
Series 2010-S1, Class 1A
0.811%, 02/25/2048 n		4,834		4,842
Federal National Mortgage Association
Series 2003-25, Class FN
0.711%, 04/25/2018		3,675		3,705
Series 2004-90, Class GF
0.561%, 11/25/2034		2,809		2,811

				11,358

Fixed Rate – 4.9%
FDIC Structured Sale Guaranteed Notes
Series A1
0.690%, 10/25/2011 n ¤		2,000		1,989
Series 2010-S1, Class 2A
3.250%, 04/25/2038 n		2,640		2,670
Federal Home Loan Mortgage Corporation
Series 1022, Class J
6.000%, 12/15/2020		23		25
Series 2629, Class BO
3.250%, 03/15/2018		2,692		2,775
Series 2763, Class TA
4.000%, 03/15/2011		531		532
Series 2780, Class QC
4.500%, 03/15/2017		957		966
Series 2795, Class CL
4.500%, 07/15/2017		2,676		2,736
Series 2843, Class BH
4.000%, 01/15/2018		2,486		2,549
Series 3555, Class DA
4.000%, 12/15/2014		2,445		2,529
Series 3555, Class EA
4.000%, 12/15/2014		993		1,027
Series 3591, Class NA
1.250%, 10/15/2012		2,092		2,104
Federal National Mortgage Association
Series 1992-150, Class MA
5.500%, 09/25/2022		58		65
Series 2002-83, Class MD
5.000%, 09/25/2016		973		990
Series 2003-122, Class AJ
4.500%, 02/25/2028		4,229		4,380
Series 2003-68, Class QP
3.000%, 07/25/2022		2,359		2,403
Series 2004-90, Class GA
4.350%, 03/25/2034		1,756		1,838
Series 2010-M1, Class A1
3.305%, 06/25/2019		2,112		2,176
Series 2010-M6, Class A1
2.210%, 09/25/2020		1,979		1,915
FHLMC Structured Pass-Through Securities
Series T-45, Class A4
4.520%, 08/27/2012		4,189		4,360
Government National Mortgage Association
Series 2003-85, Class ZL
5.500%, 06/20/2028		2,617		2,718

				40,747

Total Collateralized Mortgage Obligation –
U.S. Government Agency Mortgage-Backed Security
(Cost $51,727)				52,105

Collateralized Mortgage Obligation-Private Mortgage-Backed Securities – 3.4%
Adjustable Rate Δ – 1.8%
Arkle Master Issuer
Series 2010-1A, Class 1A
0.461%, 05/17/2011 n ¬		3,640		3,635
Countrywide Home Loans
Series 2004-2, Class 2A1
4.974%, 02/25/2034		291		289
GSR Mortgage Loan Trust
Series 2005-AR1, Class B1
4.025%, 01/25/2035 ¥		1,937		310
Indymac Index Mortgage Loan Trust
Series 2005-AR1, Class 4A1
2.833%, 03/25/2035		468		399
JPMorgan Mortgage Trust
Series 2006-A7, Class 3A4
5.962%, 01/25/2037		432		54
Master Adjustable Rate Mortgages Trust
Series 2003-5, Class 4A1
2.274%, 11/25/2033		1,729		1,473
NCUA Guaranteed Notes
Series 2010-R3, Class 2A
0.821%, 12/08/2020		6,460		6,452
Sequoia Mortgage Trust
Series 2007-1, Class 2A1
5.238%, 02/20/2047		668		540
Structured Mortgage Loan Trust
Series 2004-11, Class A
2.789%, 08/25/2034		179		163
Washington Mutual
Series 2007-HY2, Class 3A2
5.775%, 09/25/2036		664		107
Wells Fargo Mortgage Backed Securities Trust
Series 2006-AR14, Class 2A3
5.850%, 10/25/2036		1,898		1,526

				14,948

58 Nuveen Investments


Short Term Bond Fund (continued)
DESCRIPTION	PAR/SHARES		FAIR VALUE >


Fixed Rate – 1.6%
Countrywide Alternative Loan Trust
Series 2006-19CB, Class A15
6.000%, 08/25/2036	$	1,260	$	1,134
GMAC Mortgage Corporation Loan Trust
Series 2006-J1, Class A1
5.750%, 04/25/2036		1,017		968
Series 2010-1, Class A
4.250%, 07/25/2040 n		1,478		1,491
Master Alternative Loans Trust
Series 2004-13, Class 10A1
8.000%, 01/25/2035		438		391
Mortgage Equity Conversion Asset Trust
Series 2010-1A, Class A
4.000%, 07/25/2060 n		2,551		2,551
NCUA Guaranteed Notes
Series 2010-R1, Class 2A
1.840%, 10/07/2020		3,246		3,213
Thornburg Mortgage Securities Trust
Series 2007-4, Class 3A1
6.178%, 09/25/2037		1,602		1,556
Wells Fargo Mortgage Backed Securities Trust
Series 2006-3, Class A1
5.500%, 03/25/2036		537		534
Series 2007-2, Class 1A8
5.750%, 03/25/2037		1,428		1,314

				13,152

Total Collateralized Mortgage Obligation –
Private Mortgage-Backed Securities
(Cost $30,444)				28,100

Municipal Bond – 0.8%
Louisiana Local Government Environmental Facilities, Community Development Authority
Series A1
1.520% 02/01/2018
(Cost $6,284)		6,285		6,296

Short-Term Investments – 2.5%
Money Market Fund – 2.3%
First American Prime Obligations Fund, Class Z
0.084% Å Ω		19,228,332		19,228

U.S. Treasury Obligations – 0.2%
U.S. Treasury Bills o
0.117%, 02/10/2011	$	1,005		1,005
0.134%, 04/07/2011		550		550
0.144%, 05/05/2011		350		350

				1,905

Total Short-Term Investments
(Cost $21,133)				21,133

Investment Purchased with Proceeds from Securities Lending – 10.1%
Mount Vernon Securities Lending Prime Portfolio
0.292% Ω †
(Cost $84,294)		84,294,243		84,294

Total Investments – 109.6%
(Cost $895,060)				909,083

Other Assets and Liabilities, Net – (9.6)%				(79,775	)

Total Net Assets – 100.0%			$	829,308


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

n		Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and

Short Term Bond Fund (continued)


		may be sold only to dealers in that program or other “qualified institutional buyers.”

6		This security or a portion of this security is out on loan at December 31, 2010. Total loaned securities had a fair value of $82,544 at December 31, 2010.

¬		Foreign security fair values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted. As of December 31, 2010, the fair value of foreign securities was $96,724 or 11.7% of total net assets.

Δ		Variable Rate Security – The rate shown is the rate in effect as of December 31, 2010.

¥		Security considered illiquid.

¤		Zero coupon bonds make no periodic interest payments, but are issued at deep discounts from par value. The rate shown is the effective yield as of December 31, 2010.

Å		Investment in affiliated security.

Ω		The rate shown is the annualized seven-day effective yield as of December 31, 2010.

o		Security has been deposited as initial margin on open futures contracts and/or swap agreements. Yield shown is the annualized effective yield as of December 31, 2010.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund.

Schedule of Open Futures Contracts


		Number of
		Contracts			Notional			Unrealized
	Settlement	Purchased			Contract			Appreciation
Description	Month	(Sold)			Value			(Depreciation)

U.S. Treasury 2 Year Note Futures	March 2011		164		$	35,901		$	(65	)
U.S. Treasury 5 Year Note Futures	March 2011		(859	)		(101,120	)		1,615
U.S. Treasury 10 Year Note Futures	March 2011		(108	)		(13,007	)		412
U.S. Treasury Long Bond Futures	March 2011		(17	)		(2,076	)		79


								$	2,041

Credit Default Swap Contracts

Credit Default Swaps on Credit Indices

Sell Protection¹

Reference

Receive

Expiration

Notional

Unrealized

Counterparty

Index

Fixed Rate

Date

Amount²

Appreciation

JPMorgan

Markit CDX NA HY 15 Index

5.000

12/20/2015

7,900

197

UBS

Markit CDX NA HY 15 Index

5.000

12/20/2015

7,900

270

467


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

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

Nuveen Investments 59

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)

Short Term Bond Fund (concluded)

Interest Rate Swap Contracts


			Pay/
	Floating		Receive
	Rate		Floating		Fixed			Expiration		Notional		Unrealized
Counterparty	Index		Rate		Rate			Date		Amount		Depreciation

JPMorgan Chase		3-Month LIBOR		Receive		1.255	%		11/03/2011	$	24,000	$	(198	)
JPMorgan Chase		3-Month LIBOR		Receive		3.858			01/19/2020		4,000		(271	)
UBS		3-Month LIBOR		Receive		1.358			09/25/2011		11,000		(116	)
UBS		3-Month LIBOR		Receive		1.133			03/25/2012		16,000		(174	)
UBS		3-Month LIBOR		Receive		1.048			06/25/2012		18,000		(132	)
UBS		3-Month LIBOR		Receive		3.001			08/03/2014		4,000		(251	)


												$	(1,142	)

See accompanying notes to financial statements.

60 Nuveen Investments

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Nuveen Total Return Bond Fund (“Total Return Bond Fund”)
(formerly known as First American Total Return Bond Fund)
DESCRIPTION	PAR		FAIR VALUE >


Corporate Bonds – 59.5%
Banking – 7.6%
Ally Financial
7.500%, 09/15/2020 n 6	$	910	$	954
Bank of America
5.875%, 01/05/2021 6		5,815		6,016
8.000%, 12/29/2049 6 Δ		1,815		1,829
Citigroup
5.375%, 08/09/2020 6		1,300		1,351
6.125%, 08/25/2036		2,765		2,649
6.875%, 03/05/2038 6		2,550		2,829
Citigroup Capital XXI
8.300%, 12/21/2077 6 Δ		2,735		2,844
HSBC Holdings
6.800%, 06/01/2038 ¬		1,910		2,065
JPMorgan Chase
4.400%, 07/22/2020		2,770		2,726
5.500%, 10/15/2040 6		2,420		2,474
Series 1
7.900%, 04/29/2049 Δ		1,970		2,094
JPMorgan Chase Capital XX
Series T
6.550%, 09/29/2066 6 Δ		3,670		3,692
Key Bank
7.413%, 05/06/2015		1,485		1,647
KeyCorp
Series MTN
3.750%, 08/13/2015 6		2,710		2,719
Royal Bank of Scotland
6.400%, 10/21/2019 6 ¬		2,100		2,113
Sovereign Bank
8.750%, 05/30/2018		2,350		2,563
UBS
4.875%, 08/04/2020 ¬		2,410		2,452
UBS Preferred Funding Trust V
6.243%, 05/29/2049 Δ		1,615		1,550
Wells Fargo
Series K
7.980%, 03/29/2049 6 Δ		3,270		3,450
Wells Fargo Bank
5.950%, 08/26/2036 6		710		726
Wells Fargo Capital X
5.950%, 12/15/2086 Δ		1,230		1,187
Wells Fargo Capital XIII
Series GMTN
7.700%, 12/29/2049 6 Δ		2,090		2,161

				52,091

Basic Industry – 5.7%
Alrosa Finance
7.750%, 11/03/2020 n 6 ¬		1,015		1,064
Arcelormittal
7.000%, 10/15/2039 ¬		3,065		3,181
Cliffs Natural Resources
4.800%, 10/01/2020		2,725		2,663
Dow Chemical
4.250%, 11/15/2020 6		1,885		1,806
FMG Resources
7.000%, 11/01/2015 n ¬		1,300		1,332
Hidili Industry International Development
8.625%, 11/04/2015 n ¬		425		422
Incitec Pivot Finance
6.000%, 12/10/2019 n		1,915		1,961
International Paper
8.700%, 06/15/2038		1,680		2,119
Inversiones
6.125%, 11/05/2019 n ¬		1,280		1,362
Lyondell Chemical
11.000%, 05/01/2018		1,350		1,529
Metinvest
10.250%, 05/20/2015 n ¬		1,255		1,336
Newmont Mining
6.250%, 10/01/2039		4,125		4,485
Plum Creek Timberlands
4.700%, 03/15/2021		3,050		2,903
Reynolds Group Issuer
7.125%, 04/15/2019 n		1,500		1,526
Rhodia
6.875%, 09/15/2020 n ¬		1,500		1,521
Rio Tinto Finance U.S.A.
7.125%, 07/15/2028 6 ¬		1,625		1,994
Sinochem Overseas Capital
4.500%, 11/12/2020 n 6 ¬		750		739
Southern Copper
7.500%, 07/27/2035		1,265		1,404
Teck Cominco Limited
6.125%, 10/01/2035 ¬		1,575		1,696
Vale Overseas
6.875%, 11/10/2039 ¬		1,990		2,199
Vedanta Resources
9.500%, 07/18/2018 n 6 ¬		1,575		1,723

				38,965

Brokerage – 3.7%
Goldman Sachs Capital II
5.793%, 12/29/2049 Δ		2,740		2,322
Goldman Sachs Group
6.000%, 06/15/2020 6		10,605		11,460
Merrill Lynch
6.050%, 05/16/2016		5,235		5,394
Morgan Stanley
7.300%, 05/13/2019 6		2,640		2,972
5.500%, 07/24/2020		3,250		3,283

				25,431

Capital Goods – 1.3%
Abengoa Finance
8.875%, 11/01/2017 n 6 ¬		1,150		1,064
GE Capital Trust I
6.375%, 11/15/2067 Δ		3,600		3,555
L-3 Communications
Series B
6.375%, 10/15/2015		1,680		1,730
Martin Marietta Material
6.600%, 04/15/2018		850		914
United Rentals
9.250%, 12/15/2019 6		1,455		1,619

				8,882

Communications – 4.5%
American Tower
5.050%, 09/01/2020		2,195		2,159
AT&T
6.550%, 02/15/2039 6		1,510		1,644
British Sky Broadcasting
6.100%, 02/15/2018 n ¬		1,975		2,203
CBS
5.750%, 04/15/2020 6		1,190		1,265
Comcast
6.400%, 05/15/2038		1,630		1,742
Digicel Group
10.500%, 04/15/2018 n 6 ¬		1,500		1,650
DirecTV Holdings
5.200%, 03/15/2020		4,195		4,349
Embarq
7.082%, 06/01/2016		1,545		1,709

Nuveen Investments 61

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Total Return Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Frontier Communications
8.500%, 04/15/2020 6	$	1,355	$	1,480
NBC Universal
4.375%, 04/01/2021 n		2,515		2,441
News America
6.650%, 11/15/2037		1,600		1,772
Sinclair Television Group
9.250%, 11/01/2017 n		1,215		1,315
Sprint Nextel
6.000%, 12/01/2016		1,200		1,159
TCM Sub
3.550%, 01/15/2015 n 6		870		888
Telecom Italia Capital
7.175%, 06/18/2019 6 ¬		2,250		2,407
Time Warner Cable
5.875%, 11/15/2040		1,515		1,499
Verizon Communications
6.900%, 04/15/2038 6		915		1,067

				30,749

Consumer Cyclical – 2.3%
Ford Motor Credit
6.625%, 08/15/2017		1,425		1,498
Giti Tire
12.250%, 01/26/2012 ¬		1,000		989
Goodyear Tire & Rubber
10.500%, 05/15/2016 6		1,275		1,454
Ingram Micro
5.250%, 09/01/2017		1,090		1,103
J.C. Penney
5.650%, 06/01/2020		1,425		1,365
Navistar International
8.250%, 11/01/2021 6		1,575		1,693
R.R. Donnelley & Sons
7.625%, 06/15/2020 6		1,070		1,146
Time Warner
6.100%, 07/15/2040		1,750		1,836
Viacom
6.875%, 04/30/2036 6		1,975		2,266
Whirlpool
Series MTN
5.500%, 03/01/2013		2,360		2,506

				15,856

Consumer Non Cyclical – 3.0%
Altria Group
9.950%, 11/10/2038 6		2,720		3,833
Anheuser-Busch InBev Worldwide
8.200%, 01/15/2039 n 6		1,525		2,069
CVS Caremark
6.302%, 06/01/2062 Δ		1,810		1,744
HCA Holdings
7.750%, 05/15/2021 n 6		1,125		1,125
JBS Finance II
8.250%, 01/29/2018 n ¬		1,175		1,181
Kraft Foods
6.500%, 08/11/2017		1,235		1,438
Lorillard Tobacco
8.125%, 06/23/2019		1,590		1,769
MHP
10.250%, 04/29/2015 n ¬		1,225		1,291
Mylan
7.875%, 07/15/2020 n		1,025		1,104
Pilgrim’s Pride
7.875%, 12/15/2018 n		990		985
UnitedHealth Group
6.875%, 02/15/2038 6		1,395		1,624
Valeant Pharmaceuticals
6.875%, 12/01/2018 n 6 ¬		2,330		2,313

				20,476

Electric – 1.8%
Calpine
7.875%, 07/31/2020 n		1,315		1,331
Constellation Energy Group
5.150%, 12/01/2020		2,010		1,979
FirstEnergy Solutions
6.050%, 08/15/2021		2,000		2,054
Majapahit Holding
7.750%, 10/17/2016 n ¬		1,850		2,137
MidAmerican Energy Holdings
6.125%, 04/01/2036 6		2,630		2,841
Ohio Power
Series K
6.000%, 06/01/2016		1,685		1,897

				12,239

Energy – 4.7%
Amerada Hess
7.125%, 03/15/2033		1,950		2,317
Anadarko Petroleum
6.375%, 09/15/2017 6		1,140		1,242
6.200%, 03/15/2040 6		1,675		1,635
Canadian Oil Sands
7.750%, 05/15/2019 n ¬		1,700		2,009
Carrizo Oil & Gas
8.625%, 10/15/2018 n		1,150		1,185
Cloud Peak Energy
8.250%, 12/15/2017 6		1,270		1,364
Diamond Offshore Drilling
5.700%, 10/15/2039		1,775		1,762
Headwaters
11.375%, 11/01/2014		900		984
Linn Energy
8.625%, 04/15/2020 n		1,310		1,412
Lukoil International Finance
6.125%, 11/09/2020 n ¬		2,625		2,628
Nabors Industries
5.000%, 09/15/2020 n 6		1,590		1,542
Nexen
6.400%, 05/15/2037 ¬		2,240		2,170
Petrobras International Finance
6.875%, 01/20/2040 ¬		1,770		1,859
Petro-Canada
6.800%, 05/15/2038 ¬		1,275		1,452
Petroplus Finance
9.375%, 09/15/2019 n 6 ¬		1,465		1,355
Pride International
8.500%, 06/15/2019		725		825
Seadrill
6.500%, 10/05/2015		1,600		1,556
Valero Energy
6.125%, 02/01/2020		2,200		2,337
Weatherford International
7.000%, 03/15/2038 ¬		1,950		2,092

				31,726

Finance – 5.2%
Anglogold Holdings
6.500%, 04/15/2040 ¬		2,275		2,326
Capital One Bank
8.800%, 07/15/2019		2,810		3,457
Capital One Capital III
7.686%, 08/15/2036 Δ		1,485		1,485

62 Nuveen Investments


Total Return Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Capital One Financial
6.150%, 09/01/2016	$	2,265	$	2,452
Countrywide Financial
6.250%, 05/15/2016		2,885		2,959
Credit Acceptance
9.125%, 02/01/2017 n		1,325		1,391
Discover Financial Services
10.250%, 07/15/2019		1,975		2,451
General Electric Capital
Series MTN
6.875%, 01/10/2039 6		4,705		5,437
International Lease Finance
8.875%, 09/01/2017 6		985		1,063
8.250%, 12/15/2020		2,310		2,379
Janus Capital Group
6.700%, 06/15/2017 6 Δ		1,700		1,771
National Money Mart
10.375%, 12/15/2016 6 ¬		1,250		1,350
Rockies Express Pipeline
5.625%, 04/15/2020 n		1,625		1,571
RSHB Capital
7.750%, 05/29/2018 n ¬		2,120		2,295
Transcapitalinvest
5.670%, 03/05/2014 n ¬		2,670		2,831

				35,218

Insurance – 4.7%
Aflac
6.450%, 08/15/2040 6		2,185		2,238
Allied World Assurance
7.500%, 08/01/2016 ¬		2,510		2,779
Genworth Financial
Series MTN
6.515%, 05/22/2018		2,640		2,683
Hartford Financial Services Group
Series MTN
6.000%, 01/15/2019		3,535		3,684
Liberty Mutual Group
7.000%, 03/15/2037 n 6 Δ		1,705		1,532
Lincoln National
8.750%, 07/01/2019		2,395		2,996
6.050%, 04/20/2067 Δ		1,620		1,494
MetLife
6.750%, 06/01/2016		1,600		1,856
MetLife Capital Trust IV
7.875%, 12/15/2067 n Δ		2,220		2,348
Pacific Life Insurance
6.000%, 02/10/2020 n 6		840		883
Prudential Financial
5.500%, 03/15/2016		1,650		1,766
7.375%, 06/15/2019		2,100		2,476
5.900%, 03/17/2036		1,555		1,577
Unum Group
5.625%, 09/15/2020 6		1,830		1,837
ZFS Finance USA Trust V
6.500%, 05/09/2067 n Δ		1,860		1,813

				31,962

Natural Gas – 1.1%
Energy Transfer Equity
7.500%, 10/15/2020		1,335		1,375
Kinder Morgan Energy Partners
Series MTN
6.950%, 01/15/2038		1,920		2,087
NGPL Pipeco
7.119%, 12/15/2017 n		1,585		1,735
Southern Union
7.200%, 11/01/2066 Δ		545		502
Transocean
6.000%, 03/15/2018 6 ¬		1,595		1,675

				7,374

Real Estate – 2.6%
Boston Properties
4.125%, 05/15/2021		3,050		2,892
Central China Real Estate
12.250%, 10/20/2015 n ¬		825		896
Country Garden Holding
11.750%, 09/10/2014 n ¬		1,710		1,890
Health Care Properties – REIT
Series MTN
6.300%, 09/15/2016		1,725		1,858
Prologis – REIT
6.875%, 03/15/2020		3,080		3,270
Shimao Property Holdings
8.000%, 12/01/2016 n ¬		620		612
Sigma Capital
9.000%, 04/30/2015 ¬		1,029		1,094
Simon Property Group – REIT
5.650%, 02/01/2020 6		1,825		1,974
Vornado Realty – REIT
4.250%, 04/01/2015		2,975		3,003

				17,489

Sovereign – 8.3%
Australian Government
5.750%, 04/15/2012 ¬		AUD 7,010		7,240
4.500%, 04/15/2020 ¬		AUD 7,350		6,963
Canadian Government
1.500%, 03/01/2012 ¬		CAD 7,200		7,245
3.750%, 06/01/2019 ¬		CAD 7,000		7,419
Norwegian Government
6.000%, 05/16/2011 ¬		NOK 21,000		3,647
6.500%, 05/15/2013 ¬		NOK 14,500		2,710
Republic of Argentina
8.750%, 06/02/2017 ¬	$	1,150		1,184
Republic of Germany
2.250%, 04/10/2015 ¬		EUR 11,000		15,037
Republic of Indonesia
5.875%, 03/13/2020 n 6 ¬	$	1,730		1,899
Ukraine Government
7.750%, 09/23/2020 n 6 ¬		1,250		1,272
United Mexican States
5.750%, 10/12/2110 ¬		2,200		1,952

				56,568

Technology – 0.5%
Avnet
5.875%, 06/15/2020		845		848
CDW LLC/CDW Finance
8.000%, 12/15/2018 n 6		1,100		1,122
Seagate
6.875%, 05/01/2020 n ¬		1,360		1,299

				3,269

Transportation – 2.5%
Air Canada
9.250%, 08/01/2015 n 6 ¬		1,105		1,160
America West Air
Series 2000-1
8.057%, 01/02/2022 6		1,308		1,383
Avis Budget Car Rental
7.750%, 05/15/2016		1,450		1,479
Continental Airlines
Series 2007-1, Class C
7.339%, 04/19/2014		2,059		2,060

Nuveen Investments 63

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Total Return Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Hapag-Lloyd
9.750%, 10/15/2017 n ¬	$	1,250	$	1,353
Hertz
8.875%, 01/01/2014		1,750		1,789
7.375%, 01/15/2021 n 6		900		909
Martin Midstream Partners
8.875%, 04/01/2018		1,350		1,391
Navios Maritime Acquisition
8.625%, 11/01/2017 n ¬		1,350		1,380
Northwest Airlines
Series 2007-1, Class A
7.027%, 11/01/2019		1,080		1,101
United Airlines
Series 2007-1, Class A
6.636%, 01/02/2024		1,303		1,307
Series 2009-1
10.400%, 05/01/2018		1,416		1,636

				16,948

Total Corporate Bonds
(Cost $380,898)				405,243

U.S. Government Agency Mortgage-Backed Securities – 18.2%
Adjustable Rate Δ – 1.1%
Federal Home Loan Mortgage Corporation Pool
2.958%, 10/01/2029, # 1L0117		665		667
2.510%, 07/01/2030, # 847240		598		624
2.409%, 05/01/2033, # 847411		435		452
5.808%, 07/01/2036, # 1K1238		1,394		1,466
2.834%, 05/01/2038, # 84-8289		3,112		3,248
Federal National Mortgage Association Pool
2.384%, 09/01/2033, # 725553		247		258
2.508%, 01/01/2035, # 745548		624		651

				7,366

Fixed Rate – 17.1%
Federal Home Loan Mortgage Corporation Pool
6.500%, 07/01/2031, # A17212		1,207		1,357
7.000%, 08/01/2037, # H09059		653		735
Federal National Mortgage Association Pool
5.500%, 02/01/2025, # 255628		1,355		1,464
5.500%, 10/01/2025, # 255956		4,847		5,215
6.000%, 04/01/2032, # 745101		425		458
5.500%, 06/01/2033, # 843435		576		620
5.000%, 11/01/2033, # 725027		4,661		4,930
5.000%, 03/01/2034, # 725205		698		739
5.000%, 03/01/2034, # 725250		604		639
6.000%, 03/01/2034, # 745324		904		995
5.500%, 09/01/2034, # 725773		995		1,071
6.500%, 04/01/2036, # 831377		777		870
6.500%, 04/01/2036, # 852909		393		440
6.500%, 08/01/2036, # 893318		977		1,095
6.500%, 09/01/2036, # 897129		1,991		2,231
5.500%, 04/01/2037, # 918883		934		1,000
6.000%, 06/01/2037, # 944340		986		1,072
6.000%, 09/01/2037, # 256890		1,167		1,263
5.500%, 05/01/2038, # 889618		1		1
5.500%, 07/01/2038, # 985344		2		2
6.000%, 08/01/2038, # 257307		1,424		1,550
5.500%, 11/01/2038, # AA0005		3,967		4,247
5.500%, 12/01/2038, # AA0889		3,833		4,103
4.500%, 09/01/2039, # AC1877		5,101		5,241
6.000%, 09/01/2039, # AD0205		4,396		4,783
4.500%, 12/01/2039, # 932323		5,899		6,062
5.500%, 01/15/2040 «		6,300		6,740
4.000%, 11/01/2040, # MA0583		10,446		10,402
4.000%, 12/01/2040, # AB1959		5,237		5,215
4.000%, 01/15/2041 «		13,770		13,697
4.500%, 01/15/2041 «		27,420		28,144

				116,381

Total U.S. Government Agency Mortgage-Backed Securities
(Cost $121,384)				123,747

Commercial Mortgage-Backed Securities – 9.4%
Americold Trust
Series 2010-ARTA, Class C
6.811%, 01/14/2029 n		3,470		3,463
Bear Stearns Commercial Mortgage Securities
Series 2005-PW10, Class A4
5.405%, 12/11/2040 Δ		3,325		3,552
Series 2007-T28, Class D
5.988%, 09/11/2042 n ¥ Δ		1,780		776
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2005-CD1, Class A4
5.222%, 07/15/2044 Δ		2,440		2,626
Series 2007-CD4, Class A2B
5.205%, 12/11/2049		1,360		1,398
Series 2007-CD5, Class A4
5.886%, 11/15/2044 Δ		5,650		6,029
Commercial Mortgage Pass-Through Certificates
Series 2006-CN2A, Class A2FX
5.449%, 02/05/2019 n		1,805		1,813
Extended Stay America Trust
Series 2010-ESHA, Class C
4.860%, 11/05/2027 n		3,630		3,558
Greenwich Capital Commercial Funding
Series 2005-GG5, Class A2
5.117%, 04/10/2037		2,944		2,967
GS Mortgage Securities II
Series 2006-GG6, Class A2
5.506%, 04/10/2038		2,920		2,935
Series 2006-GG8, Class A4
5.560%, 11/10/2039		3,135		3,325
JPMorgan Chase Commercial Mortgage Securities
Series 2007-CB18, Class A4
5.440%, 06/12/2047		3,215		3,369
Series 2010-C1, Class A1
3.853%, 06/15/2043 n		4,125		4,226
LB-UBS Commercial Mortgage Trust
Series 2004-C2, Class A4
4.367%, 03/15/2036		4,000		4,159
Series 2005-C7, Class A2
5.103%, 11/15/2030		1,593		1,594
Merrill Lynch Mortgage Trust
Series 2008-C1, Class A4
5.690%, 02/12/2051		5,540		5,783
Morgan Stanley Capital I
Series 2003-IQ6, Class A4
4.970%, 12/15/2041		5,112		5,447
Series 2006-IQ12, Class A4
5.332%, 12/15/2043		4,025		4,265
OBP Depositor Trust
Series 2010-OBP, Class A
4.646%, 07/15/2045 n		2,880		2,939
Total Commercial Mortgage-Backed Securities

(Cost $61,329)				64,224

64 Nuveen Investments


Total Return Bond Fund (continued)
DESCRIPTION	PAR		FAIR VALUE >


Asset-Backed Securities – 5.6%
Automotive – 1.2%
Fifth Third Auto Trust
Series 2008-1, Class A4A
4.810%, 01/15/2013	$	2,319	$	2,361
Santander Drive Auto Receivables Trust
Series 2010-1, Class A2
1.360%, 03/15/2013 Δ		5,650		5,656

				8,017

Credit Cards – 2.4%
Capital One Multi-Asset Execution Trust
Series 2008-A5, Class A5
4.850%, 02/18/2014		4,515		4,571
Chase Issuance Trust
Series 2009-A2, Class A2
1.780%, 04/15/2014 Δ		3,195		3,248
Citibank Credit Card Issuance Trust
Series 2009-A1, Class A1
2.010%, 03/15/2014 Δ		3,270		3,328
Discover Card Master Trust
Series 2007-A1, Class A1
5.650%, 03/16/2020		3,655		4,147
Discover Card Master Trust I
Series 2005-4, Class B1
0.510%, 06/18/2013 Δ		790		790

				16,084

Home Equity – 1.3%
GRMT Mortgage Loan Trust
Series 2001-1A, Class M1
8.272%, 07/20/2031 n Δ ¥		112		104
RBSSP Resecuritization Trust
Series 2010-11, Class 2A1
0.431%, 03/26/2037 n Δ		2,872		2,744
Series 2010-4, Class 1A1
0.371%, 03/26/2036 n Δ		3,992		3,711
Renaissance Home Equity Loan Trust
Series 2005-3, Class AF4
5.140%, 11/25/2035 Δ		2,495		2,219

				8,778

Manufactured Housing – 0.2%
Green Tree Financial
Series 1996-8, Class A7
8.050%, 10/15/2027 Δ		121		128
Series 2008-MH1, Class A1
7.000%, 04/25/2038 n		1,198		1,225
Origen Manufactured Housing
Series 2005-A, Class A2
4.490%, 05/15/2018		11		11

				1,364

Other – 0.5%
Henderson Receivables
Series 2010-3A, Class A
3.820%, 12/15/2048 n Δ		2,021		1,937
Ocwen Advance Receivables Backed Notes
Series 2009-3A, Class A
4.140%, 07/15/2023 n		1,745		1,754

				3,691

Total Asset-Backed Securities
(Cost $36,416)				37,934

Collateralized Mortgage Obligation – Private Mortgage-Backed Securities – 3.1%
Adjustable Rate Δ – 1.2%
Countrywide Home Loans
Series 2004-2, Class 2A1
4.986%, 02/25/2034		799		793
FDIC Structured Sale Guaranteed Notes
Series 2010-S1, Class 1A
0.806%, 02/25/2048 n		3,969		3,975
GSR Mortgage Loan Trust
Series 2005-AR1, Class B1
4.823%, 01/25/2035 ¥		1,981		317
Indymac Index Mortgage Loan Trust
Series 2005-AR1, Class 4A1
2.821%, 03/25/2035		538		459
JPMorgan Alternative Loan Trust
Series 2007-S1, Class A1
0.541%, 04/25/2047		1,993		1,504
JPMorgan Mortgage Trust
Series 2006-A7, Class 3A4
5.962%, 01/25/2037		1,541		193
Wachovia Mortgage Loan Trust
Series 2005-B, Class 1A1
2.995%, 10/20/2035		828		648

				7,889

Fixed Rate – 1.9%
Bank of America Alternative Loan Trust
Series 2007-1, Class 2A2
6.456%, 04/25/2037 ¥		2,078		495
Countrywide Alternative Loan Trust
Series 2004-24CB, Class 2A1
5.000%, 11/25/2019		902		932
Series 2006-19CB, Class A15
6.000%, 08/25/2036		1,176		1,059
GMAC Mortgage Corporation Loan Trust
Series 2010-1, Class A
4.250%, 07/25/2040 n		1,423		1,436
GSMPS Mortgage Loan Trust
Series 2003-1, Class B1
6.815%, 03/25/2043 ¥		2,531		1,774
GSR Mortgage Loan Trust
Series 2005-4F, Class B1
5.742%, 05/25/2035 ¥		2,120		1,228
Impac Secured Assets
Series 2000-3, Class M1
8.000%, 10/25/2030 ¥		2,234		1,969
Lehman Mortgage Trust
Series 2008-6, Class 1A1
6.183%, 07/25/2047		2,217		2,114
Residential Accredit Loans
Series 2005-QS12, Class A7
5.500%, 08/25/2035		1,205		1,129
Washington Mutual Mortgage Pass-Through Certificates
Series 2004-RA3, Class 2A
6.395%, 08/25/2038		1,082		1,118

				13,254

Total Collateralized Mortgage Obligation – Private Mortgage-Backed Securities
(Cost $27,696)				21,143

Nuveen Investments 65

Schedule of Investments December 31, 2010 (unaudited), all dollars are rounded to thousands (000)


Total Return Bond Fund (continued)
DESCRIPTION	PAR/SHARES		FAIR VALUE >


U.S. Government & Agency Securities – 2.1%
U.S. Treasuries – 2.1%
U.S. Treasury Bond
3.875%, 08/15/2040	$	1,075	$	990
U.S. Treasury Note
1.250%, 07/15/2020		13,283		13,601

Total U.S. Government & Agency Securities
(Cost $15,280)				14,591

Preferred Stocks – 0.5%
Banking – 0.2%
Bank of America
Series MER		9,000		233
Bank of America
Series 5 6		5,000		89
Goldman Sachs Group
Series A		43,000		904

				1,226

Insurance – 0.3%
Aspen Insurance Holdings
Series A ¬		84,500		2,045

Sovereign – 0.0%
Fannie Mae
Series S		217,000		121

Total Preferred Stocks
(Cost $8,364)				3,392

Closed-End Funds – 0.2%
Blackrock Credit Allocation Income Trust		36,000		436
Highland Credit Strategies Fund		23,000		174
ING Clarion Global Real Estate Income Fund		40,000		310
Pimco Income Strategy Fund		2,000		23
Pioneer Diversified High Income Trust		16,000		323

Total Closed-End Funds
(Cost $1,197)				1,266

Convertible Security – 0.1%
Chesapeake Energy
Series 2005B
(Cost $621)		7,300		675

Municipal Bond – 0.1%
Provincia De Cordoba
12.375% 08/17/2017 n ¬
(Cost $566)	$	550		572

Short-Term Investments – 7.6%
Money Market Fund – 7.3%
First American Prime Obligations Fund, Class Z
0.084% Å Ω		49,959,912	$	49,960

U.S. Treasury Obligations – 0.3%
U.S. Treasury Bills o
0.114%, 02/10/2011	$	1,190		1,190
0.134%, 04/07/2011		545		545

				1,735

Total Short-Term Investments
(Cost $51,695)				51,695

Investment Purchased with Proceeds from Securities Lending – 10.9%
Mount Vernon Securities Lending Prime Portfolio
0.292% Ω †
(Cost $73,879)		73,879,052		73,879

Total Investments – 117.3%
(Cost $779,325)				798,361

Other Assets and Liabilities, Net – (17.3)%				(117,643	)

Total Net Assets – 100.0%			$	680,718


>		Securities are valued in accordance with procedures described in note 1 in Notes to Financial Statements.

n		Security purchased within the terms of a private placement memorandum, exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.”

6		This security or a portion of this security is out on loan at December 31, 2010. Total loaned securities had a fair value of $72,463 at December 31, 2010.

Δ		Variable Rate Security – The rate shown is the rate in effect as of December 31, 2010.

¬		Foreign security fair values are stated in U.S. dollars. For debt securities, principal amounts are denominated in U.S. dollars unless otherwise noted. As of December 31, 2010, the fair value of foreign securities was $136,124 or 20.0% of total net assets.

«		Security purchased on a when-issued/delayed delivery basis.

¥		Security considered illiquid.

Å		Investment in affiliated security.

Ω		The rate shown is the annualized seven-day effective yield as of December 31, 2010.

o		Security has been deposited as initial margin on open futures contracts. Yield shown is the annualized effective yield as of December 31, 2010.

†		The fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the fund is invested in this affiliated money market fund.


REIT –	Real Estate Investment Trust

66 Nuveen Investments

Total Return Bond Fund (concluded)

Schedule of Open Futures Contracts


			Number of
			Contracts			Notional	Unrealized
	Settlement		Purchased			Contract	Appreciation
Description	Month		(Sold)			Value	(Depreciation)

90 Day Eurodollar Futures		March 2013		216		$211,540	$	(3	)
Mexican Peso Currency Futures		March 2011		183		7,373		69
U.S. Treasury 5 Year Note Futures		March 2011		(60	)	(7,063)		(2	)
U.S. Treasury 10 Year Note Futures		March 2011		(193	)	(23,244)		(171	)
U.S. Treasury Long Bond Futures		March 2011		(180	)	(21,983)		520


							$	413

Schedule of Open Forward Foreign Currency Exchange Contracts

Currency

Amount

Exchange

Amount

Contracts to

(Local

For

(Local

Settlement

Unrealized

Deliver

Currency)

Currency

Currency)

Date

Depreciation

Euro

11,400

U.S. Dollar

15,084

01/14/2011

(150

)

Total Return Bond Fund (concluded)

Credit Default Swap Contracts

Credit Default Swaps on Credit Indices
Sell Protection¹

Reference

Receive

Expiration

Notional

Unrealized

Counterparty

Index

Fixed Rate

Date

Amount²

Appreciation

JPMorgan Chase

Markit CDX NA HY 15

5.000%

12/20/2015

17,300

360


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

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

Interest Rate Swap Contracts

Pay/

Floating

Receive

Rate

Floating

Fixed

Expiration

Notional

Unrealized

Counterparty

Index

Rate

Date

Amount

Depreciation

UBS

3-Month LIBOR

Receive

2.056%

07/01/2015

41,000

(558

)

See accompanying notes to financial statements.

Nuveen Investments 67

Total Return Bond Fund (concluded)


Statements of Assets and Liabilities	December 31, 2010 (unaudited), all dollars and shares are rounded to thousands (000), except for per share data



							Inflation
	Core			High Income			Protected
	Bond Fund			Bond Fund			Securities Fund

Unaffiliated investments, at cost	$	1,126,359		$	459,635		$	192,964
Affiliated money market fund, at cost^(a)		45,495			16,167			3,508
Affiliated investment purchased with proceeds from securities lending, at cost^(a)		150,792			117,338			10,188


ASSETS:
Unaffiliated investments, at fair value*	$	1,169,530		$	471,352		$	198,993
Affiliated money market fund, at fair value^(a)		45,495			16,167			3,508
Affiliated investment purchased with proceeds from securities lending, at fair value^(a)		150,792			117,338			10,188
Cash		49			337			—
Receivables:
Dividends and interest		10,694			9,361			1,640
Investments sold		12,367			455			—
Fund shares sold		94			488			417
Variation margin on futures contracts		—			—			14
Credit default swap premiums paid		—			—			—
Unrealized appreciation on credit default swaps		—			—			—
Other assets		28			27			39


Total assets		1,389,049			615,525			214,799


LIABILITIES:
Bank overdraft		—			—			3
Unrealized depreciation on interest rate swaps		2,664			—			320
Unrealized depreciation on forward foreign currency exchange contracts		—			—			18
Payables:
Dividends		2,557			2,551			157
Return of securities loaned		150,792			117,338			10,188
Investments purchased		55,318			1,172			—
Fund shares redeemed		1,059			475			43
Variation margin on futures contracts		434			—			—
To affiliates		709			342			92
Distribution and shareholder servicing fees		25			15			8
Other liabilities		12			12			13


Total liabilities		213,570			121,905			10,842


Net assets	$	1,175,479		$	493,620		$	203,957


COMPOSITION OF NET ASSETS:
Capital paid-in		1,171,549			492,787			212,134
Undistributed (Over-distribution of) net investment income		2,603			132			356
Accumulated net realized gain (loss)		(39,918	)		(10,919	)		(14,264	)
Net unrealized appreciation (depreciation)		41,245			11,620			5,731


Net assets	$	1,175,479		$	493,620		$	203,957


* Including securities loaned, at fair value	$	148,043		$	114,657		$	9,237


	^(a)	Effective January 1, 2011, this investment is no longer affiliated.

See accompanying notes to financial statements.

68 Nuveen Investments

Total Return Bond Fund (concluded)



Intermediate
Government			Intermediate Term			Short Term			Total Return
Bond Fund			Bond Fund			Bond Fund			Bond Fund

$	116,713		$	714,778		$	791,538		$	655,486
	2,226			11,567			19,228			49,960
	18,108			109,487			84,294			73,879



$	119,395		$	744,967		$	805,561		$	674,522
	2,226			11,567			19,228			49,960
	18,108			109,487			84,294			73,879
	—			2			183			—

	854			6,934			6,019			7,064
	56			89			190			71
	32			165			892			320
	61			193			—			—
	—			—			24			179
	—			—			467			360
	23			20			27			31


	140,755			873,424			916,885			806,386



	16			—			—			—
	—			1,560			1,142			558
	—			—			—			150

	228			1,598			1,131			1,738
	18,108			109,487			84,294			73,879
	—			—			—			48,420
	521			143			275			272
	—			—			293			211
	60			451			417			414
	4			3			15			12
	17			15			10			14


	18,954			113,257			87,577			125,668


$	121,801		$	760,167		$	829,308		$	680,718



	130,652			746,960			841,502			734,338
	(265	)		524			471			2,082
	(11,069	)		(15,005	)		(28,054	)		(74,826	)
	2,483			27,688			15,389			19,124


$	121,801		$	760,167		$	829,308		$	680,718


$	17,789		$	107,346		$	82,544		$	72,463

See accompanying notes to financial statements.

Nuveen Investments 69


Statements of Assets and Liabilities	(Unaudited) continued

Total Return Bond Fund (concluded)



					Inflation
	Core		High Income		Protected
	Bond Fund		Bond Fund		Securities Fund

Class A:
Net assets	$	92,096	$	31,749	$	10,453
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		8,118		3,551		1,001
Net asset value and redemption price per share	$	11.35	$	8.94	$	10.45
Maximum offering price per share	$	11.85	$	9.34	$	10.91
Class B:(See Note 1)
Net assets	$	2,653	$	1,541	$	—
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		236		174		—
Net asset value, offering price, and redemption price per share	$	11.24	$	8.87	$	—
Class C:
Net assets	$	3,640	$	9,181	$	7,143
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		322		1,032		690
Net asset value per share	$	11.30	$	8.90	$	10.35
Class R:(See Note 1)
Net assets	$	489	$	340	$	5
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		43		37		1
Net asset value, offering price, and redemption price per share	$	11.40	$	9.11	$	10.36
Class Y:(See Note 1)
Net assets	$	1,076,601	$	450,809	$	186,356
Shares issued and outstanding ($0.0001 par value – 2 billion authorized)		94,930		50,415		17,810
Net asset value, offering price, and redemption price per share	$	11.34	$	8.94	$	10.46

See accompanying notes to financial statements.

70 Nuveen Investments

Total Return Bond Fund (concluded)



Intermediate
Government		Intermediate Term		Short Term		Total Return
Bond Fund		Bond Fund		Bond Fund		Bond Fund


$	17,072	$	24,874	$	87,948	$	33,298
	1,950		2,393		8,774		3,144
$	8.76	$	10.39	$	10.02	$	10.59
$	8.96	$	10.63	$	10.25	$	11.06

$	—	$	—	$	—	$	1,343
	—		—		—		127
$	—	$	—	$	—	$	10.53

$	1,736	$	—	$	4,946	$	7,909
	198		—		492		752
$	8.76	$	—	$	10.05	$	10.52

$	490	$	—	$	—	$	1,149
	56		—		—		108
$	8.75	$	—	$	—	$	10.63

$	102,503	$	735,293	$	736,414	$	637,019
	11,700		71,030		73,433		60,202
$	8.76	$	10.35	$	10.03	$	10.58

See accompanying notes to financial statements.

Nuveen Investments 71

Total Return Bond Fund (concluded)


Statements of Operations	For the six-month period ended December 31, 2010 (unaudited), all dollars are rounded to thousands (000)



							Inflation			Intermediate
	Core			High Income			Protected			Government			Intermediate Term			Short Term			Total Return
	Bond Fund			Bond Fund			Securities Fund			Bond Fund			Bond Fund			Bond Fund			Bond Fund

INVESTMENT INCOME:
Interest from unaffiliated investments	$	30,500		$	18,053		$	2,055		$	2,399		$	15,990		$	12,215		$	17,995
Dividends from unaffiliated investments		—			1,159			29			—			—			—			152
Dividends from affiliated money market fund		25			6			1			—			1			2			26
Less: Foreign taxes withheld		—			(6	)		—			—			—			—			—
Securities lending income		76			175			17			11			44			40			33


Total investment income		30,601			19,387			2,102			2,410			16,035			12,257			18,206


EXPENSES:
Investment advisory fees		3,235			1,550			480			417			1,975			1,967			2,157
Administration fees		1,489			521			225			204			910			918			836
Transfer agent fees		105			65			51			56			32			65			61
Custodian fees		32			11			5			4			20			20			18
Professional fees		26			26			26			24			26			26			28
Registration fees		26			26			25			25			17			24			27
Postage and printing fees		26			10			3			4			16			17			13
Directors’ fees		16			16			16			16			16			16			16
Other expenses		13			11			10			10			11			11			12
Distribution and shareholder servicing fees:
Class A		119			38			12			23			33			111			41
Class B (See Note 1)		16			8			—			—			—			—			7
Class C		20			42			37			10			—			20			38
Class R (See Note 1)		1			1			3			1			—			—			2


Total expenses		5,124			2,325			893			794			3,056			3,195			3,256


Less: Fee waivers		(461	)		(359	)		(267	)		(270	)		(278	)		(760	)		(511	)
Less: Expense reimbursement from Regulatory Settlement		(102	)		—			—			(26	)		(15	)		—			—


Net expenses		4,561			1,966			626			498			2,763			2,435			2,745


Net investment income		26,040			17,421			1,476			1,912			13,272			9,822			15,461


REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gain (loss) from:
Investments		28,665			12,578			1,510			2,406			9,526			1,875			17,392
Futures contracts		(7,385	)		529			(97	)		68			(61	)		(4,119	)		(3,628	)
Swaps		(1,084	)		—			(99	)		—			(685	)		(319	)		1,875
Options written		—			—			—			—			—			—			49
Forward foreign currency exchange contracts and foreign currency		—			—			(1	)		—			—			—			190
Change in net unrealized appreciation (depreciation) of:
Investments		(9,103	)		19,350			815			(1,999	)		(3,582	)		818			2,996
Futures contracts		2,855			(276	)		170			(257	)		(1,201	)		3,361			2,621
Swaps		(125	)		—			(8	)		—			(68	)		397			122
Forward foreign currency exchange contracts and foreign currency		—			—			(13	)		—			—			—			(121	)


Net realized and unrealized gain (loss)		13,823			32,181			2,277			218			3,929			2,013			21,496


Net increase (decrease) in net assets resulting from operations	$	39,863		$	49,602		$	3,753		$	2,130		$	17,201		$	11,835		$	36,957

See accompanying notes to financial statements.

72 Nuveen Investments

Total Return Bond Fund (concluded)

(This page intentionally left blank.)

Nuveen Investments 73

Total Return Bond Fund (concluded)


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



													Inflation
	Core						High Income						Protected
	Bond Fund						Bond Fund						Securities Fund

	Six-Months						Six-Months						Six-Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	12/31/10			6/30/10			12/31/10			6/30/10			12/31/10			6/30/10

OPERATIONS:
Net investment income	$	26,040		$	65,618		$	17,421		$	27,468		$	1,476		$	4,972
Net realized gain (loss) from:
Investments		28,665			(1,794	)		12,578			23,740			1,510			(418	)
Futures contracts		(7,385	)		(2,773	)		529			52			(97	)		811
Swaps		(1,084	)		5,671			—			—			(99	)		15
Options written		—			—			—			—			—			—
Forward foreign currency exchange contracts and foreign currency		—			(3	)		—			—			(1	)		3
Change in net unrealized appreciation (depreciation) of:
Investments		(9,103	)		157,451			19,350			13,991			815			11,283
Futures contracts		2,855			(967	)		(276	)		187			170			(138	)
Swaps		(125	)		(3,764	)		—			—			(8	)		(169	)
Options written		—			—			—			—			—			—
Forward foreign currency exchange contracts and foreign currency		—			—			—			—			(13	)		(1	)


Net increase (decrease) in net assets resulting from operations		39,863			219,439			49,602			65,438			3,753			16,358


DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class A		(1,709	)		(4,290	)		(1,160	)		(2,599	)		(78	)		(192	)
Class B (See Note 1)		(44	)		(201	)		(58	)		(146	)		—			—
Class C		(56	)		(150	)		(292	)		(447	)		(44	)		(107	)
Class R (See Note 1)		(8	)		(19	)		(14	)		(24	)		(8	)		(33	)
Class Y (See Note 1)		(22,804	)		(61,718	)		(15,786	)		(24,028	)		(1,604	)		(3,966	)
Accumulated net realized gains:
Class A		—			—			—			—			—			—
Class B (See Note 1)		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class R (See Note 1)		—			—			—			—			—			—
Class Y (See Note 1)		—			—			—			—			—			—
Return of capital:
Class A		—			—			—			—			—			—
Class B (See Note 1)		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class R (See Note 1)		—			—			—			—			—			—
Class Y (See Note 1)		—			—			—			—			—			—


Total distributions		(24,621	)		(66,378	)		(17,310	)		(27,244	)		(1,734	)		(4,298	)


	¹	The fund began offering Class C and Class R on October 28, 2009.

	²	The fund began offering Class C on October 28, 2009.

See accompanying notes to financial statements.

74 Nuveen Investments

Total Return Bond Fund (concluded)



Intermediate
Government						Intermediate Term						Short Term						Total Return
Bond Fund¹						Bond Fund						Bond Fund²						Bond Fund

Six-Months						Six-Months						Six-Months						Six-Months
Ended			Year Ended			Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
12/31/10			6/30/10			12/31/10			6/30/10			12/31/10			6/30/10			12/31/10			6/30/10


$	1,912		$	3,209		$	13,272		$	33,185		$	9,822		$	17,985		$	15,461		$	36,869

	2,406			336			9,526			(736	)		1,875			(4,660	)		17,392			(3,645	)
	68			321			(61	)		2,078			(4,119	)		(2,779	)		(3,628	)		(9,664	)
	—			—			(685	)		402			(319	)		514			1,875			6,235
	—			—			—			—			—			—			49			1,331
	—			—			—			—			—			(1	)		190			(503	)

	(1,999	)		4,070			(3,582	)		65,457			818			22,925			2,996			95,390
	(257	)		58			(1,201	)		1,416			3,361			(1,139	)		2,621			(529	)
	—			—			(68	)		(1,311	)		397			(866	)		122			(677	)
	—			—			—			—			—			—			—			(88	)
	—			—			—			—			—			—			(121	)		(7	)


	2,130			7,994			17,201			100,491			11,835			31,979			36,957			124,712




	(215	)		(305	)		(408	)		(1,095	)		(926	)		(2,624	)		(670	)		(1,012	)
	—			—			—			—			—			—			(24	)		(75	)
	(14	)		(11	)		—			—			(24	)		(21	)		(126	)		(194	)
	(5	)		(5	)		—			—			—			—			(16	)		(22	)
	(1,758	)		(2,949	)		(12,385	)		(32,180	)		(7,761	)		(15,745	)		(14,500	)		(36,239	)

	—			(149	)		—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			(1,675	)		—			—			—			—			—			—

	—			(2	)		—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			(16	)		—			—			—			—			—			—


	(1,992	)		(5,112	)		(12,793	)		(33,275	)		(8,711	)		(18,390	)		(15,336	)		(37,542	)

See accompanying notes to financial statements.

Nuveen Investments 75


Statements of Changes in Net Assets	(Unaudited) continued

Total Return Bond Fund (concluded)



													Inflation
	Core						High Income						Protected
	Bond Fund						Bond Fund						Securities Fund

	Six-Months						Six-Months						Six-Months
	Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
	12/31/10			6/30/10			12/31/10			6/30/10			12/31/10			6/30/10

FUND SHARE TRANSACTIONS:
Class A:
Proceeds from sales		5,992			11,630			6,113			27,146			5,310			4,852
Fund merger		—			—			—			—			—			—
Reinvestment of distributions		1,323			3,320			769			1,743			61			155
Payments for redemptions		(9,675	)		(13,714	)		(6,980	)		(29,443	)		(2,912	)		(3,026	)


Net increase (decrease) in net assets from Class A transactions		(2,360	)		1,236			(98	)		(554	)		2,459			1,981


Class B: (See Note 1)
Proceeds from sales		112			110			70			193			—			—
Reinvestment of distributions		43			186			44			105			—			—
Payments for redemptions		(1,152	)		(3,073	)		(326	)		(1,157	)		—			—


Net increase (decrease) in net assets from Class B transactions		(997	)		(2,777	)		(212	)		(859	)		—			—


Class C:
Proceeds from sales		479			874			1,957			2,167			2,221			5,477
Fund merger		—			—			—			—			—			—
Reinvestment of distributions		45			125			158			226			36			94
Payments for redemptions		(730	)		(1,307	)		(518	)		(1,236	)		(1,882	)		(556	)


Net increase (decrease) in net assets from Class C transactions		(206	)		(308	)		1,597			1,157			375			5,015


Class R: (See Note 1)
Proceeds from sales		176			108			78			97			92			137
Fund merger		—			—			—			—			—			—
Reinvestment of distributions		8			19			7			10			8			33
Payments for redemptions		(78	)		(201	)		(117	)		(72	)		(1,497	)		(197	)


Net increase (decrease) in net assets from Class R transactions		106			(74	)		(32	)		35			(1,397	)		(27	)


Class Y: (See Note 1)
Proceeds from sales		109,077			224,539			119,101			187,427			46,819			58,004
Fund merger		—			—			—			—			—			—
Reinvestment of distributions		7,386			18,523			1,647			1,804			198			592
Payments for redemptions		(233,378	)		(485,332	)		(49,213	)		(53,873	)		(19,398	)		(80,351	)


Net increase (decrease) in net assets from Class Y transactions		(116,915	)		(242,270	)		71,535			135,358			27,619			(21,755	)


Net increase (decrease) in net assets from fund share transactions		(120,372	)		(244,193	)		72,790			135,137			29,056			(14,786	)


Net increase (decrease) in net assets		(105,130	)		(91,132	)		105,082			173,331			31,075			(2,726	)
Net assets at beginning of period		1,280,609			1,371,741			388,538			215,207			172,882			175,608


Net assets at end of period	$	1,175,479		$	1,280,609		$	493,620		$	388,538		$	203,957		$	172,882


Undistributed (Over-distribution of) net investment income at the end of period	$	2,603		$	1,184		$	132		$	21		$	356		$	614


	¹	The fund began offering Class C and Class R on October 28, 2009.

	²	The fund began offering Class C on October 28, 2009.

See accompanying notes to financial statements.

76 Nuveen Investments

Total Return Bond Fund (concluded)



Intermediate
Government						Intermediate Term						Short Term						Total Return
Bond Fund¹						Bond Fund						Bond Fund²						Bond Fund

Six-Months						Six-Months						Six-Months						Six-Months
Ended			Year Ended			Ended			Year Ended			Ended			Year Ended			Ended			Year Ended
12/31/10			6/30/10			12/31/10			6/30/10			12/31/10			6/30/10			12/31/10			6/30/10



	924			3,604			1,385			5,909			12,454			32,250			8,321			16,522
	—			13,225			—			—			—			—			—			—
	181			407			333			890			724			2,045			458			774
	(3,032	)		(9,067	)		(3,345	)		(6,593	)		(13,238	)		(14,685	)		(4,589	)		(5,066	)


	(1,927	)		8,169			(1,627	)		206			(60	)		19,610			4,190			12,230



	—			—			—			—			—			—			76			138
	—			—			—			—			—			—			22			63
	—			—			—			—			—			—			(211	)		(735	)


	—			—			—			—			—			—			(113	)		(534	)



	109			90			—			—			2,687			3,455			1,666			4,120
	—			2,023			—			—			—			—			—			—
	10			8			—			—			19			17			84			139
	(322	)		(219	)		—			—			(885	)		(359	)		(801	)		(710	)


	(203	)		1,902			—			—			1,821			3,113			949			3,549



	69			134			—			—			—			—			582			337
	—			874			—			—			—			—			—			—
	5			5			—			—			—			—			16			22
	(235	)		(375	)		—			—			—			—			(68	)		(484	)


	(161	)		638			—			—			—			—			530			(125	)



	18,449			32,634			109,902			199,377			312,540			533,108			67,077			151,764
	—			81,335			—			—			—			—			—			—
	758			2,492			2,980			8,060			1,698			3,684			3,884			9,613
	(68,936	)		(68,118	)		(116,761	)		(262,030	)		(209,708	)		(233,939	)		(109,648	)		(223,673	)


	(49,729	)		48,343			(3,879	)		(54,593	)		104,530			302,853			(38,687	)		(62,296	)


	(52,020	)		59,052			(5,506	)		(54,387	)		106,291			325,576			(33,131	)		(47,176	)


	(51,882	)		61,934			(1,098	)		12,829			109,415			339,165			(11,510	)		39,994
	173,683			111,749			761,265			748,436			719,893			380,728			692,228			652,234


$	121,801		$	173,683		$	760,167		$	761,265		$	829,308		$	719,893		$	680,718		$	692,228


$	(265	)	$	(185	)	$	524		$	45		$	471		$	(640	)	$	2,082		$	1,957

See accompanying notes to financial statements.

Nuveen Investments 77

Total Return Bond Fund (concluded)

Financial Highlights (Unaudited) For a share outstanding throughout the indicated periods.



					Realized and
					Unrealized						Distributions
	Beginning		Net		Gains			Total from			from Net			Distributions						Ending
	Net Asset		Investment		(Losses) on			Investment			Investment			from Net			Total			Net Asset
	Value		Income		Investments			Operations			Income			Realized Gains			Distributions			Value

Core Bond Fund¹
Class A
2010²	$	11.22	$	0.22	$	0.12		$	0.34		$	(0.21	)	$	—		$	(0.21	)	$	11.35
2010³		10.04		0.51		1.18			1.69			(0.51	)		—			(0.51	)		11.22
2009³		10.86		0.61		(0.81	)		(0.20	)		(0.62	)		—			(0.62	)		10.04
2008³		10.79		0.51		0.05			0.56			(0.49	)		—			(0.49	)		10.86
2007³		10.71		0.47		0.09			0.56			(0.48	)		—			(0.48	)		10.79
2006⁴		11.15		0.33		(0.37	)		(0.04	)		(0.33	)		(0.07	)		(0.40	)		10.71
2005⁵		11.27		0.40		(0.09	)		0.31			(0.42	)		(0.01	)		(0.43	)		11.15
Class B
2010²	$	11.12	$	0.17	$	0.11		$	0.28		$	(0.16	)	$	—		$	(0.16	)	$	11.24
2010³		9.95		0.43		1.17			1.60			(0.43	)		—			(0.43	)		11.12
2009³		10.77		0.54		(0.81	)		(0.27	)		(0.55	)		—			(0.55	)		9.95
2008³		10.70		0.42		0.06			0.48			(0.41	)		—			(0.41	)		10.77
2007³		10.63		0.38		0.09			0.47			(0.40	)		—			(0.40	)		10.70
2006⁴		11.07		0.26		(0.36	)		(0.10	)		(0.27	)		(0.07	)		(0.34	)		10.63
2005⁵		11.19		0.31		(0.09	)		0.22			(0.33	)		(0.01	)		(0.34	)		11.07
Class C
2010²	$	11.18	$	0.17	$	0.11		$	0.28		$	(0.16	)	$	—		$	(0.16	)	$	11.30
2010³		10.00		0.42		1.19			1.61			(0.43	)		—			(0.43	)		11.18
2009³		10.83		0.54		(0.82	)		(0.28	)		(0.55	)		—			(0.55	)		10.00
2008³		10.75		0.43		0.06			0.49			(0.41	)		—			(0.41	)		10.83
2007³		10.67		0.38		0.10			0.48			(0.40	)		—			(0.40	)		10.75
2006⁴		11.12		0.26		(0.37	)		(0.11	)		(0.27	)		(0.07	)		(0.34	)		10.67
2005⁵		11.24		0.31		(0.09	)		0.22			(0.33	)		(0.01	)		(0.34	)		11.12
Class R (See Note 1)
2010²	$	11.27	$	0.21	$	0.11		$	0.32		$	(0.19	)	$	—		$	(0.19	)	$	11.40
2010³		10.09		0.48		1.19			1.67			(0.49	)		—			(0.49	)		11.27
2009³		10.89		0.59		(0.79	)		(0.20	)		(0.60	)		—			(0.60	)		10.09
2008³		10.81		0.49		0.05			0.54			(0.46	)		—			(0.46	)		10.89
2007³		10.73		0.44		0.09			0.53			(0.45	)		—			(0.45	)		10.81
2006⁴		11.17		0.31		(0.36	)		(0.05	)		(0.32	)		(0.07	)		(0.39	)		10.73
2005⁵		11.30		0.38		(0.10	)		0.28			(0.40	)		(0.01	)		(0.41	)		11.17
Class Y (See Note 1)
2010²	$	11.21	$	0.23	$	0.12		$	0.35		$	(0.22	)	$	—		$	(0.22	)	$	11.34
2010³		10.03		0.54		1.18			1.72			(0.54	)		—			(0.54	)		11.21
2009³		10.86		0.64		(0.82	)		(0.18	)		(0.65	)		—			(0.65	)		10.03
2008³		10.78		0.54		0.06			0.60			(0.52	)		—			(0.52	)		10.86
2007³		10.70		0.49		0.10			0.59			(0.51	)		—			(0.51	)		10.78
2006⁴		11.15		0.35		(0.38	)		(0.03	)		(0.35	)		(0.07	)		(0.42	)		10.70
2005⁵		11.27		0.42		(0.08	)		0.34			(0.45	)		(0.01	)		(0.46	)		11.15


	¹	Per share data calculated using average shares outstanding method.

	²	For the six-month period ended December 31, 2010 (unaudited). All ratios have been annualized, except total return and portfolio turnover.

	³	For the period July 1 to June 30 in the fiscal year indicated.

	⁴	For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁵	For the period October 1 to September 30 in the fiscal year indicated.

	⁶	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

See accompanying notes to financial statements.

78 Nuveen Investments

Total Return Bond Fund (concluded)



														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses to			Income			Net Assets			Net Assets			Portfolio
Total			End of		Average			to Average			(Excluding			(Excluding			Turnover
Return⁶			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	2.99	%	$	92,096		0.93	%		3.80	%		1.02	%		3.71	%		45	%
	17.11			93,374		0.95			4.65			1.02			4.58			83
	(1.37	)		82,373		0.95			6.34			1.02			6.27			160
	5.24			94,571		0.95			4.63			1.01			4.57			131
	5.26			102,723		0.95			4.25			1.01			4.19			137
	(0.34	)		134,845		0.95			3.98			1.03			3.90			139
	2.75			161,410		0.95			3.51			1.05			3.41			208

	2.54	%	$	2,653		1.68	%		3.05	%		1.77	%		2.96	%		45	%
	16.31			3,607		1.70			3.97			1.77			3.90			83
	(2.12	)		5,780		1.70			5.59			1.77			5.52			160
	4.50			7,733		1.70			3.87			1.76			3.81			131
	4.41			9,634		1.70			3.50			1.76			3.44			137
	(0.91	)		13,819		1.70			3.23			1.78			3.15			139
	2.00			17,078		1.70			2.76			1.80			2.66			208

	2.53	%	$	3,640		1.68	%		3.05	%		1.77	%		2.96	%		45	%
	16.32			3,796		1.70			3.91			1.77			3.84			83
	(2.21	)		3,693		1.70			5.59			1.77			5.52			160
	4.57			4,383		1.70			3.89			1.76			3.83			131
	4.48			4,567		1.70			3.50			1.76			3.44			137
	(1.01	)		5,183		1.70			3.22			1.78			3.14			139
	1.99			7,266		1.70			2.76			1.80			2.66			208

	2.85	%	$	489		1.18	%		3.55	%		1.27	%		3.46	%		45	%
	16.74			379		1.20			4.42			1.27			4.35			83
	(1.43	)		406		1.20			6.11			1.27			6.04			160
	5.06			289		1.20			4.42			1.26			4.36			131
	4.99			65		1.20			4.01			1.29			3.92			137
	(0.51	)		34		1.20			3.77			1.43			3.54			139
	2.51			16		1.20			3.37			1.45			3.12			208

	3.12	%	$	1,076,601		0.68	%		4.05	%		0.77	%		3.96	%		45	%
	17.42			1,179,453		0.70			4.93			0.77			4.86			83
	(1.22	)		1,279,489		0.70			6.57			0.77			6.50			160
	5.60			1,468,599		0.70			4.88			0.76			4.82			131
	5.53			1,530,750		0.70			4.50			0.76			4.44			137
	(0.24	)		1,680,105		0.70			4.24			0.78			4.16			139
	3.01			1,725,850		0.70			3.77			0.80			3.67			208

See accompanying notes to financial statements.

Nuveen Investments 79

Financial Highlights (Unaudited) For a share outstanding throughout the indicated periods.

Total Return Bond Fund (concluded)



					Realized and
					Unrealized						Distributions
	Beginning		Net		Gains			Total from			from Net			Distributions			Distributions						Ending
	Net Asset		Investment		(Losses) on			Investment			Investment			from Net			from Return of			Total			Net Asset
	Value		Income		Investments			Operations			Income			Realized Gains			Capital			Distributions			Value


High Income Bond Fund¹
Class A
2010²	$	8.28	$	0.34	$	0.65		$	0.99		$	(0.33	)	$	—		$	—		$	(0.33	)	$	8.94
2010³		7.15		0.67		1.12			1.79			(0.66	)		—			—			(0.66	)		8.28
2009³		8.65		0.73		(1.47	)		(0.74	)		(0.76	)		—			—			(0.76	)		7.15
2008³		9.61		0.71		(0.97	)		(0.26	)		(0.70	)		—			—			(0.70	)		8.65
2007³		9.22		0.65		0.38			1.03			(0.64	)		—			—			(0.64	)		9.61
2006⁴		9.41		0.49		(0.20	)		0.29			(0.48	)		—			—			(0.48	)		9.22
2005⁵		9.45		0.66		(0.04	)		0.62			(0.66	)		—			—			(0.66	)		9.41
Class B
2010²	$	8.23	$	0.30	$	0.64		$	0.94		$	(0.30	)	$	—		$	—		$	(0.30	)	$	8.87
2010³		7.11		0.60		1.12			1.72			(0.60	)		—			—			(0.60	)		8.23
2009³		8.61		0.68		(1.47	)		(0.79	)		(0.71	)		—			—			(0.71	)		7.11
2008³		9.57		0.63		(0.96	)		(0.33	)		(0.63	)		—			—			(0.63	)		8.61
2007³		9.18		0.57		0.39			0.96			(0.57	)		—			—			(0.57	)		9.57
2006⁴		9.37		0.43		(0.19	)		0.24			(0.43	)		—			—			(0.43	)		9.18
2005⁵		9.41		0.58		(0.03	)		0.55			(0.59	)		—			—			(0.59	)		9.37
Class C
2010²	$	8.25	$	0.30	$	0.65		$	0.95		$	(0.30	)	$	—		$	—		$	(0.30	)	$	8.90
2010³		7.12		0.60		1.13			1.73			(0.60	)		—			—			(0.60	)		8.25
2009³		8.62		0.68		(1.47	)		(0.79	)		(0.71	)		—			—			(0.71	)		7.12
2008³		9.58		0.63		(0.96	)		(0.33	)		(0.63	)		—			—			(0.63	)		8.62
2007³		9.19		0.57		0.39			0.96			(0.57	)		—			—			(0.57	)		9.58
2006⁴		9.38		0.43		(0.19	)		0.24			(0.43	)		—			—			(0.43	)		9.19
2005⁵		9.42		0.58		(0.03	)		0.55			(0.59	)		—			—			(0.59	)		9.38
Class R (See Note 1)
2010²	$	8.44	$	0.33	$	0.66		$	0.99		$	(0.32	)	$	—		$	—		$	(0.32	)	$	9.11
2010³		7.28		0.66		1.14			1.80			(0.64	)		—			—			(0.64	)		8.44
2009³		8.79		0.73		(1.49	)		(0.76	)		(0.75	)		—			—			(0.75	)		7.28
2008³		9.75		0.69		(0.98	)		(0.29	)		(0.67	)		—			—			(0.67	)		8.79
2007³		9.35		0.62		0.40			1.02			(0.62	)		—			—			(0.62	)		9.75
2006⁴		9.53		0.49		(0.20	)		0.29			(0.47	)		—			—			(0.47	)		9.35
2005⁵		9.60		0.62		(0.04	)		0.58			(0.65	)		—			—			(0.65	)		9.53
Class Y (See Note 1)
2010²	$	8.29	$	0.35	$	0.65		$	1.00		$	(0.35	)	$	—		$	—		$	(0.35	)	$	8.94
2010³		7.16		0.69		1.12			1.81			(0.68	)		—			—			(0.68	)		8.29
2009³		8.66		0.75		(1.47	)		(0.72	)		(0.78	)		—			—			(0.78	)		7.16
2008³		9.62		0.73		(0.97	)		(0.24	)		(0.72	)		—			—			(0.72	)		8.66
2007³		9.23		0.67		0.39			1.06			(0.67	)		—			—			(0.67	)		9.62
2006⁴		9.42		0.51		(0.20	)		0.31			(0.50	)		—			—			(0.50	)		9.23
2005⁵		9.46		0.68		(0.03	)		0.65			(0.69	)		—			—			(0.69	)		9.42


Inflation Protected Securities Fund¹
Class A
2010²	$	10.33	$	0.07	$	0.14		$	0.21		$	(0.09	)	$	—		$	—		$	(0.09	)	$	10.45
2010³		9.59		0.28		0.73			1.01			(0.27	)		—			—			(0.27	)		10.33
2009³		10.20		0.14		(0.37	)		(0.23	)		(0.26	)		—			(0.12	)		(0.38	)		9.59
2008³		9.43		0.54		0.76			1.30			(0.53	)		—			—			(0.53	)		10.20
2007³		9.54		0.39		(0.16	)		0.23			(0.34	)		—			—			(0.34	)		9.43
2006⁴		10.12		0.38		(0.55	)		(0.17	)		(0.40	)		(0.01	)		—			(0.41	)		9.54
2005⁵		10.00		0.51		(0.02	)		0.49			(0.37	)		—			—			(0.37	)		10.12
Class C
2010²	$	10.24	$	0.03	$	0.15		$	0.18		$	(0.07	)	$	—		$	—		$	(0.07	)	$	10.35
2010³		9.53		0.18		0.75			0.93			(0.22	)		—			—			(0.22	)		10.24
2009³		10.18		0.11		(0.43	)		(0.32	)		(0.21	)		—			(0.12	)		(0.33	)		9.53
2008³		9.41		0.48		0.75			1.23			(0.46	)		—			—			(0.46	)		10.18
2007³		9.53		0.33		(0.18	)		0.15			(0.27	)		—			—			(0.27	)		9.41
2006⁴		10.11		0.31		(0.53	)		(0.22	)		(0.35	)		(0.01	)		—			(0.36	)		9.53
2005⁵		10.00		0.40		0.02			0.42			(0.31	)		—			—			(0.31	)		10.11
Class R (See Note 1)
2010²	$	10.31	$	0.05	$	0.08		$	0.13		$	(0.08	)	$	—		$	—		$	(0.08	)	$	10.36
2010³		9.58		0.26		0.72			0.98			(0.25	)		—			—			(0.25	)		10.31
2009³		10.20		0.13		(0.39	)		(0.26	)		(0.24	)		—			(0.12	)		(0.36	)		9.58
2008³		9.43		0.52		0.75			1.27			(0.50	)		—			—			(0.50	)		10.20
2007³		9.55		0.33		(0.13	)		0.20			(0.32	)		—			—			(0.32	)		9.43
2006⁴		10.13		0.38		(0.56	)		(0.18	)		(0.39	)		(0.01	)		—			(0.40	)		9.55
2005⁵		10.00		0.43		0.05			0.48			(0.35	)		—			—			(0.35	)		10.13
Class Y (See Note 1)
2010²	$	10.34	$	0.08	$	0.14		$	0.22		$	(0.10	)	$	—		$	—		$	(0.10	)	$	10.46
2010³		9.59		0.33		0.71			1.04			(0.29	)		—			—			(0.29	)		10.34
2009³		10.20		0.23		(0.45	)		(0.22	)		(0.27	)		—			(0.12	)		(0.39	)		9.59
2008³		9.43		0.56		0.76			1.32			(0.55	)		—			—			(0.55	)		10.20
2007³		9.55		0.40		(0.16	)		0.24			(0.36	)		—			—			(0.36	)		9.43
2006⁴		10.13		0.42		(0.57	)		(0.15	)		(0.42	)		(0.01	)		—			(0.43	)		9.55
2005⁵		10.00		0.51		0.01			0.52			(0.39	)		—			—			(0.39	)		10.13


	¹	Per share data calculated using average shares outstanding method.
	²	For the six-month period ended December 31, 2010 (unaudited). All ratios have been annualized, except total return and portfolio turnover.
	³	For the period July 1 through June 30 in the fiscal year indicated.
	⁴	For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.
	⁵	For the period October 1 through September 30 in the fiscal year indicated.
	⁶	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

See accompanying notes to financial statements.

80 Nuveen Investments

Total Return Bond Fund (concluded)



														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return⁶			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate




	12.16	%	$	31,749		1.10	%		7.65	%		1.26	%		7.49	%		70	%
	25.47			29,532		1.10			8.12			1.29			7.93			132
	(7.26	)		25,696		1.10			10.79			1.36			10.53			108
	(2.84	)		24,420		1.10			7.74			1.31			7.53			100
	11.46			28,932		1.10			6.74			1.30			6.54			101
	3.14			29,573		1.10			6.94			1.29			6.75			68
	6.74			34,144		1.02			6.88			1.27			6.63			77

	11.58	%	$	1,541		1.85	%		6.91	%		2.01	%		6.75	%		70	%
	24.56			1,628		1.85			7.47			2.04			7.28			132
	(7.99	)		2,157		1.85			9.92			2.11			9.66			108
	(3.57	)		3,496		1.85			6.97			2.06			6.76			100
	10.67			4,814		1.85			6.00			2.05			5.80			101
	2.57			5,988		1.85			6.19			2.04			6.00			68
	5.97			7,191		1.77			6.13			2.02			5.88			77

	11.67	%	$	9,181		1.85	%		6.91	%		2.01	%		6.75	%		70	%
	24.67			6,969		1.85			7.41			2.04			7.22			132
	(7.98	)		5,038		1.85			9.98			2.11			9.72			108
	(3.57	)		6,490		1.85			6.97			2.06			6.76			100
	10.66			8,522		1.85			5.98			2.05			5.78			101
	2.56			9,873		1.85			6.19			2.04			6.00			68
	5.96			13,403		1.77			6.13			2.02			5.88			77

	11.91	%	$	340		1.34	%		7.35	%		1.50	%		7.19	%		70	%
	25.12			343		1.35			7.92			1.54			7.73			132
	(7.49	)		265		1.35			10.72			1.61			10.46			108
	(3.04	)		185		1.35			7.37			1.56			7.16			100
	11.12			186		1.35			6.38			1.56			6.17			101
	3.09			73		1.35			6.82			1.69			6.48			68
	6.23			4		1.33			6.31			1.73			5.91			77

	12.16	%	$	450,809		0.85	%		7.91	%		1.01	%		7.75	%		70	%
	25.75			350,066		0.85			8.38			1.04			8.19			132
	(7.01	)		182,051		0.85			10.93			1.11			10.67			108
	(2.59	)		204,164		0.85			7.99			1.06			7.78			100
	11.73			232,998		0.85			6.98			1.05			6.78			101
	3.34			205,382		0.85			7.19			1.04			7.00			68
	7.01			207,610		0.77			7.13			1.02			6.88			77




	2.05	%	$	10,453		0.85	%		1.33	%		1.13	%		1.05	%		20	%
	10.62			7,894		0.84			2.77			1.15			2.46			72
	(2.18	)		5,439		0.85			1.52			1.10			1.27			24
	14.01			3,294		0.85			5.40			1.08			5.17			71
	2.41			2,712		0.85			4.09			1.06			3.88			90
	(1.69	)		5,042		0.85			5.20			1.08			4.97			85
	4.93			6,917		0.85			5.04			1.09			4.80			23

	1.71	%	$	7,143		1.60	%		0.57	%		1.88	%		0.29	%		20	%
	9.76			6,673		1.60			1.78			1.91			1.47			72
	(3.03	)		1,406		1.59			1.19			1.84			0.94			24
	13.20			365		1.60			4.82			1.83			4.59			71
	1.53			348		1.60			3.44			1.81			3.23			90
	(2.26	)		552		1.60			4.29			1.83			4.06			85
	4.18			855		1.60			3.98			1.84			3.74			23

	1.29	%	$	5		1.10	%		0.93	%		1.38	%		0.65	%		20	%
	10.43			1,332		1.09			2.64			1.40			2.33			72
	(2.43	)		1,262		1.10			1.34			1.35			1.09			24
	13.73			1,175		1.10			5.21			1.33			4.98			71
	2.09			822		1.10			3.45			1.31			3.24			90
	(1.80	)		1		1.10			5.17			1.48			4.79			85
	4.81			1		1.10			4.22			1.49			3.83			23

	2.13	%	$	186,356		0.60	%		1.59	%		0.88	%		1.31	%		20	%
	10.92			156,983		0.59			3.27			0.90			2.96			72
	(2.03	)		167,501		0.60			2.48			0.85			2.23			24
	14.29			278,749		0.60			5.64			0.83			5.41			71
	2.56			273,312		0.60			4.21			0.81			4.00			90
	(1.50	)		317,977		0.60			5.73			0.83			5.50			85
	5.24			269,412		0.60			5.05			0.84			4.81			23

See accompanying notes to financial statements.

Nuveen Investments 81

Financial Highlights (Unaudited) For a share outstanding throughout the indicated periods.

Total Return Bond Fund (concluded)



					Realized and
					Unrealized					Distributions			Distributions			Distributions
	Beginning		Net		Gains			Total from		from Net			from Net			from						Ending
	Net Asset		Investment		(Losses) on			Investment		Investment			Realized			Return of			Total			Net Asset
	Value		Income		Investments			Operations		Income			Gains			Capital			Distributions			Value

Intermediate Government Bond Fund¹
Class A
2010²	$	8.77	$	0.10	$	(0.01	)	$	0.09	$	(0.10	)	$	—		$	—		$	(0.10	)	$	8.76
2010³		8.67		0.20		0.27			0.47		(0.20	)		(0.17	)		—	⁷		(0.37	)		8.77
2009³		8.42		0.19		0.25			0.44		(0.19	)		—			—			(0.19	)		8.67
2008³		8.00		0.28		0.43			0.71		(0.29	)		—			—			(0.29	)		8.42
2007³		7.99		0.31		0.06			0.37		(0.33	)		—			(0.03	)		(0.36	)		8.00
2006⁴		8.26		0.22		(0.22	)		—		(0.22	)		(0.05	)		—			(0.27	)		7.99
2005⁵		8.82		0.27		(0.15	)		0.12		(0.28	)		(0.40	)		—			(0.68	)		8.26
Class C
2010²	$	8.77	$	0.06	$	—		$	0.06	$	(0.07	)	$	—		$	—		$	(0.07	)	$	8.76
2010⁶		8.76		0.09		0.17			0.26		(0.08	)		(0.17	)		—	⁷		(0.25	)		8.77
Class R (See Note 1)
2010²	$	8.77	$	0.08	$	(0.01	)	$	0.07	$	(0.09	)	$	—		$	—		$	(0.09	)	$	8.75
2010⁶		8.76		0.09		0.20			0.29		(0.11	)		(0.17	)		—	⁷		(0.28	)		8.77
Class Y (See Note 1)
2010²	$	8.77	$	0.10	$	—		$	0.10	$	(0.11	)	$	—		$	—		$	(0.11	)	$	8.76
2010³		8.67		0.21		0.27			0.48		(0.21	)		(0.17	)		—	⁷		(0.38	)		8.77
2009³		8.42		0.21		0.25			0.46		(0.21	)		—			—			(0.21	)		8.67
2008³		8.00		0.30		0.42			0.72		(0.30	)		—			—			(0.30	)		8.42
2007³		7.99		0.32		0.06			0.38		(0.34	)		—			(0.03	)		(0.37	)		8.00
2006⁴		8.25		0.22		(0.20	)		0.02		(0.23	)		(0.05	)		—			(0.28	)		7.99
2005⁵		8.82		0.28		(0.16	)		0.12		(0.29	)		(0.40	)		—			(0.69	)		8.25


Intermediate Term Bond Fund¹
Class A
2010²	$	10.33	$	0.17	$	0.05		$	0.22	$	(0.16	)	$	—		$	—		$	(0.16	)	$	10.39
2010³		9.47		0.42		0.86			1.28		(0.42	)		—			—			(0.42	)		10.33
2009³		9.90		0.48		(0.40	)		0.08		(0.51	)		—			—			(0.51	)		9.47
2008³		9.73		0.44		0.14			0.58		(0.41	)		—			—			(0.41	)		9.90
2007³		9.68		0.41		0.05			0.46		(0.41	)		—			—			(0.41	)		9.73
2006⁴		9.99		0.29		(0.27	)		0.02		(0.30	)		(0.03	)		—			(0.33	)		9.68
2005⁵		10.25		0.34		(0.17	)		0.17		(0.33	)		(0.10	)		—			(0.43	)		9.99
Class Y (See Note 1)
2010²	$	10.29	$	0.18	$	0.05		$	0.23	$	(0.17	)	$	—		$	—		$	(0.17	)	$	10.35
2010³		9.43		0.43		0.86			1.29		(0.43	)		—			—			(0.43	)		10.29
2009³		9.87		0.49		(0.40	)		0.09		(0.53	)		—			—			(0.53	)		9.43
2008³		9.70		0.45		0.15			0.60		(0.43	)		—			—			(0.43	)		9.87
2007³		9.65		0.42		0.06			0.48		(0.43	)		—			—			(0.43	)		9.70
2006⁴		9.96		0.30		(0.27	)		0.03		(0.31	)		(0.03	)		—			(0.34	)		9.65
2005⁵		10.22		0.36		(0.17	)		0.19		(0.35	)		(0.10	)		—			(0.45	)		9.96


	¹	Per share data calculated using average shares outstanding method.

	²	For the six-month period ended December 31, 2010 (unaudited). All ratios have been annualized, except total return and portfolio turnover.

	³	For the period July 1 to June 30 in the fiscal year indicated.

	⁴	For the nine-month period October 1, 2005 to June 30, 2006. Effective in 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁵	For the period October 1 to September 30 in the fiscal year indicated.

	⁶	Commenced operations on October 28, 2009. All ratios for the period October 28, 2009 to June 30, 2010 have been annualized, except total return and portfolio turnover.

	⁷	Rounds to less than $0.01 per share.

	⁸	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

See accompanying notes to financial statements.

82 Nuveen Investments

Total Return Bond Fund (concluded)



														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return⁸			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate




	1.06	%	$	17,072		0.72	%		2.18	%		1.16	%		1.74	%		32	%
	5.50			19,003		0.75			2.33			1.19			1.89			105
	5.30			10,496		0.75			2.22			1.15			1.82			133
	8.90			6,504		0.75			3.32			1.33			2.74			118
	4.68			1,619		0.75			3.80			1.46			3.09			84
	0.06			1,689		0.75			3.56			1.26			3.05			70
	1.40			1,970		0.75			3.21			1.09			2.87			161

	0.63	%	$	1,736		1.57	%		1.33	%		1.91	%		0.99	%		32	%
	3.00			1,940		1.60			1.50			1.94			1.16			105

	0.77	%	$	490		1.07	%		1.83	%		1.41	%		1.49	%		32	%
	3.34			652		1.10			1.78			1.44			1.44			105

	1.14	%	$	102,503		0.57	%		2.32	%		0.91	%		1.98	%		32	%
	5.66			152,088		0.60			2.39			0.94			2.05			105
	5.46			101,253		0.60			2.41			0.90			2.11			133
	9.07			63,784		0.60			3.60			1.08			3.12			118
	4.84			37,705		0.60			3.94			1.21			3.33			84
	0.30			42,781		0.60			3.70			1.01			3.29			70
	1.43			69,349		0.60			3.34			0.84			3.10			161




	2.15	%	$	24,874		0.84	%		3.21	%		1.01	%		3.04	%		34	%
	13.64			26,341		0.85			4.12			1.01			3.96			58
	1.21			23,905		0.85			5.25			1.01			5.09			41
	6.02			28,364		0.85			4.38			1.01			4.22			102
	4.80			30,655		0.85			4.07			1.01			3.91			110
	0.23			38,296		0.75			3.88			1.03			3.60			113
	1.69			48,426		0.75			3.39			1.05			3.09			118

	2.24	%	$	735,293		0.69	%		3.36	%		0.76	%		3.29	%		34	%
	13.87			734,924		0.70			4.28			0.76			4.22			58
	1.26			724,531		0.70			5.39			0.76			5.33			41
	6.20			766,932		0.70			4.53			0.76			4.47			102
	4.98			752,984		0.70			4.22			0.76			4.16			110
	0.34			899,175		0.60			4.03			0.78			3.85			113
	1.85			1,074,624		0.60			3.55			0.80			3.35			118

See accompanying notes to financial statements.

Nuveen Investments 83

Financial Highlights (Unaudited) For a share outstanding throughout the indicated periods.

Total Return Bond Fund (concluded)



					Realized and
					Unrealized						Distributions			Distributions				Distributions
	Beginning		Net		Gains			Total from			from Net			from Net				from						Ending
	Net Asset		Investment		(Losses) on			Investment			Investment			Realized				Return of			Total			Net Asset
	Value		Income		Investments			Operations			Income			Gains				Capital			Distributions			Value

Short Term Bond Fund¹
Class A
2010²	$	9.98	$	0.12	$	0.03		$	0.15		$	(0.11	)	$	—			$	—		$	(0.11	)	$	10.02
2010³		9.66		0.31		0.34			0.65			(0.33	)		—				—			(0.33	)		9.98
2009³		9.89		0.46		(0.26	)		0.20			(0.43	)		—				—			(0.43	)		9.66
2008³		9.90		0.45		(0.03	)		0.42			(0.43	)		—				—			(0.43	)		9.89
2007³		9.83		0.36		0.09			0.45			(0.38	)		—				—			(0.38	)		9.90
2006⁴		9.93		0.23		(0.06	)		0.17			(0.27	)		—				—			(0.27	)		9.83
2005⁵		10.11		0.27		(0.16	)		0.11			(0.29	)		—				—	⁷		(0.29	)		9.93
Class C
2010²	$	10.00	$	0.08	$	0.03		$	0.11		$	(0.06	)	$	—			$	—		$	(0.06	)	$	10.05
2010⁶		9.95		0.13		0.06			0.19			(0.14	)		—				—			(0.14	)		10.00
Class Y (See Note 1)
2010²	$	9.99	$	0.13	$	0.02		$	0.15		$	(0.11	)	$	—			$	—		$	(0.11	)	$	10.03
2010³		9.67		0.32		0.34			0.66			(0.34	)		—				—			(0.34	)		9.99
2009³		9.89		0.48		(0.25	)		0.23			(0.45	)		—				—			(0.45	)		9.67
2008³		9.91		0.46		(0.03	)		0.43			(0.45	)		—				—			(0.45	)		9.89
2007³		9.83		0.37		0.10			0.47			(0.39	)		—				—			(0.39	)		9.91
2006⁴		9.93		0.24		(0.06	)		0.18			(0.28	)		—				—			(0.28	)		9.83
2005⁵		10.11		0.28		(0.16	)		0.12			(0.29	)		—				(0.01	)		(0.30	)		9.93


Total Return Bond Fund¹
Class A
2010²	$	10.27	$	0.22	$	0.32		$	0.54		$	(0.22	)	$	—			$	—		$	(0.22	)	$	10.59
2010³		9.01		0.52		1.28			1.80			(0.54	)		—				—			(0.54	)		10.27
2009³		9.90		0.64		(0.74	)		(0.10	)		(0.63	)		(0.16	)			—			(0.79	)		9.01
2008³		9.83		0.49		0.05			0.54			(0.47	)		—				—			(0.47	)		9.90
2007³		9.86		0.45		(0.02	)		0.43			(0.46	)		—				—			(0.46	)		9.83
2006⁴		10.18		0.31		(0.33	)		(0.02	)		(0.30	)		—				—			(0.30	)		9.86
2005⁵		10.25		0.43		(0.07	)		0.36			(0.43	)		—				—			(0.43	)		10.18
Class B
2010²	$	10.22	$	0.18	$	0.30		$	0.48		$	(0.17	)	$	—			$	—		$	(0.17	)	$	10.53
2010³		8.97		0.45		1.26			1.71			(0.46	)		—				—			(0.46	)		10.22
2009³		9.86		0.58		(0.74	)		(0.16	)		(0.57	)		(0.16	)			—			(0.73	)		8.97
2008³		9.80		0.41		0.05			0.46			(0.40	)		—				—			(0.40	)		9.86
2007³		9.82		0.38		(0.02	)		0.36			(0.38	)		—				—			(0.38	)		9.80
2006⁴		10.14		0.25		(0.32	)		(0.07	)		(0.25	)		—				—			(0.25	)		9.82
2005⁵		10.21		0.35		(0.07	)		0.28			(0.35	)		—				—			(0.35	)		10.14
Class C
2010²	$	10.20	$	0.18	$	0.31		$	0.49		$	(0.17	)	$	—			$	—		$	(0.17	)	$	10.52
2010³		8.96		0.43		1.27			1.70			(0.46	)		—				—			(0.46	)		10.20
2009³		9.84		0.58		(0.73	)		(0.15	)		(0.57	)		(0.16	)			—			(0.73	)		8.96
2008³		9.78		0.42		0.04			0.46			(0.40	)		—				—			(0.40	)		9.84
2007³		9.80		0.37		(0.01	)		0.36			(0.38	)		—				—			(0.38	)		9.78
2006⁴		10.12		0.25		(0.32	)		(0.07	)		(0.25	)		—				—			(0.25	)		9.80
2005⁵		10.20		0.35		(0.07	)		0.28			(0.36	)		—				—			(0.36	)		10.12
Class R (See Note 1)
2010²	$	10.31	$	0.21	$	0.31		$	0.52		$	(0.20	)	$	—			$	—		$	(0.20	)	$	10.63
2010³		9.07		0.42		1.32			1.74			(0.50	)		—				—			(0.50	)		10.31
2009³		9.95		0.62		(0.73	)		(0.11	)		(0.61	)		(0.16	)			—			(0.77	)		9.07
2008³		9.88		0.47		0.05			0.52			(0.45	)		—				—			(0.45	)		9.95
2007³		9.90		0.43		(0.02	)		0.41			(0.43	)		—				—			(0.43	)		9.88
2006⁴		10.23		0.30		(0.34	)		(0.04	)		(0.29	)		—				—			(0.29	)		9.90
2005⁵		10.29		0.41		(0.07	)		0.34			(0.40	)		—				—			(0.40	)		10.23
Class Y (See Note 1)
2010²	$	10.26	$	0.23	$	0.32		$	0.55		$	(0.23	)	$	—		��	$	—		$	(0.23	)	$	10.58
2010³		9.01		0.55		1.25			1.80			(0.55	)		—				—			(0.55	)		10.26
2009³		9.89		0.66		(0.73	)		(0.07	)		(0.65	)		(0.16	)			—			(0.81	)		9.01
2008³		9.83		0.52		0.04			0.56			(0.50	)		—				—			(0.50	)		9.89
2007³		9.85		0.47		(0.01	)		0.46			(0.48	)		—				—			(0.48	)		9.83
2006⁴		10.17		0.33		(0.33	)		—			(0.32	)		—				—			(0.32	)		9.85
2005⁵		10.24		0.46		(0.07	)		0.39			(0.46	)		—				—			(0.46	)		10.17


	¹	Per share data calculated using average shares outstanding method.

	²	For the six-month period ended December 31, 2010 (unaudited). All ratios have been annualized, except total return and portfolio turnover.

	³	For the period July 1 to June 30 in the fiscal year indicated.

	⁴	For the nine-month period October 1, 2005 to June 30, 2006, the fund’s fiscal year-end was changed from September 30 to June 30. All ratios for the period have been annualized, except total return and portfolio turnover.

	⁵	For the period October 1 to September 30 in the fiscal year indicated.

	⁶	Commenced operations on October 28, 2009. All ratios for the period October 28, 2009 to June 30, 2010 have been annualized, except total return and portfolio turnover.

	⁷	Rounds to less than $0.01 per share.

	⁸	Total return does not reflect sales charges. Total return would have been lower had certain expenses not been waived.

See accompanying notes to financial statements.

84 Nuveen Investments

Total Return Bond Fund (concluded)



														Ratio of Net
											Ratio of			Investment
								Ratio of Net			Expenses			Income
					Ratio of			Investment			to Average			to Average
			Net Assets		Expenses			Income			Net Assets			Net Assets			Portfolio
Total			End of		to Average			to Average			(Excluding			(Excluding			Turnover
Return⁸			Period (000)		Net Assets			Net Assets			Waivers)			Waivers)			Rate



	1.46	%	$	87,948		0.75	%		2.36	%		1.03	%		2.08	%		19	%
	6.77			87,631		0.75			3.17			1.04			2.88			44
	2.22			65,704		0.74			4.87			1.06			4.55			54
	4.30			59,933		0.74			4.48			1.05			4.17			55
	4.60			66,722		0.75			3.61			1.04			3.32			47
	1.75			78,771		0.75			3.11			1.04			2.82			60
	1.08			97,863		0.75			2.68			1.05			2.38			64

	1.12	%	$	4,946		1.60	%		1.54	%		1.78	%		1.36	%		19	%
	1.90			3,111		1.60			1.95			1.79			1.76			44

	1.54	%	$	736,414		0.60	%		2.52	%		0.78	%		2.34	%		19	%
	6.92			629,151		0.60			3.26			0.79			3.07			44
	2.48			315,024		0.59			5.02			0.81			4.80			54
	4.35			257,403		0.59			4.62			0.80			4.41			55
	4.86			311,131		0.60			3.74			0.79			3.55			47
	1.87			454,665		0.60			3.26			0.79			3.07			60
	1.23			625,392		0.60			2.83			0.80			2.63			64




	5.28	%	$	33,298		0.88	%		4.18	%		1.13	%		3.93	%		49	%
	20.21			28,165		0.92			5.19			1.13			4.98			96
	0.27			13,948		1.00			7.58			1.13			7.45			147
	5.51			15,567		0.99			4.87			1.11			4.75			124
	4.36			13,198		1.00			4.48			1.13			4.35			180
	(0.17	)		15,522		1.00			4.14			1.17			3.97			166
	3.57			19,113		1.00			4.20			1.25			3.95			285

	4.76	%	$	1,343		1.74	%		3.32	%		1.88	%		3.18	%		49	%
	19.22			1,413		1.74			4.48			1.87			4.35			96
	(0.47	)		1,719		1.75			6.84			1.88			6.71			147
	4.65			2,384		1.74			4.13			1.86			4.01			124
	3.69			2,272		1.75			3.74			1.88			3.61			180
	(0.74	)		3,657		1.75			3.40			1.92			3.23			166
	2.81			4,395		1.75			3.45			2.00			3.20			285

	4.87	%	$	7,909		1.74	%		3.32	%		1.88	%		3.18	%		49	%
	19.13			6,748		1.75			4.34			1.88			4.21			96
	(0.48	)		2,778		1.75			6.77			1.88			6.64			147
	4.66			3,673		1.74			4.22			1.86			4.10			124
	3.70			1,792		1.75			3.73			1.88			3.60			180
	(0.74	)		2,501		1.75			3.40			1.92			3.23			166
	2.71			2,858		1.75			3.46			2.00			3.21			285

	5.07	%	$	1,149		1.24	%		3.84	%		1.38	%		3.70	%		49	%
	19.47			601		1.24			4.19			1.37			4.06			96
	0.02			681		1.25			7.39			1.38			7.26			147
	5.22			293		1.24			4.66			1.36			4.54			124
	4.20			219		1.25			4.22			1.44			4.03			180
	(0.44	)		14		1.25			4.05			1.57			3.73			166
	3.40			3		1.25			3.98			1.65			3.58			285

	5.36	%	$	637,019		0.74	%		4.32	%		0.88	%		4.18	%		49	%
	20.31			655,301		0.74			5.44			0.87			5.31			96
	0.52			633,108		0.75			7.77			0.88			7.64			147
	5.67			1,069,211		0.74			5.15			0.86			5.03			124
	4.73			851,513		0.75			4.71			0.88			4.58			180
	0.02			378,338		0.75			4.43			0.92			4.26			166
	3.83			278,777		0.75			4.43			1.00			4.18			285

See accompanying notes to financial statements.

Nuveen Investments 85

Total Return Bond Fund (concluded)


Notes to Financial Statements December 31, 2010 (Unaudited), all dollars and shares are rounded to thousands (000)

1. General Information and Significant Accounting Policies

General Information

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

Effective January 1, 2011, Nuveen Asset Management changed its name to Nuveen Fund Advisors, Inc. (“Nuveen Fund Advisors”). Concurrently, Nuveen Fund Advisors formed a wholly-owned subsidiary, Nuveen Asset Management, LLC, to house its portfolio management capabilities. Nuveen Asset Management, LLC now serves as the funds’ sub-adviser, and the funds’ portfolio managers have become employees of Nuveen Asset Management, LLC. This allocation of responsibilities between Nuveen Fund Advisors and Nuveen Asset Management, LLC affects each of the funds. Nuveen Fund Advisors (as each affected fund’s investment adviser) will compensate Nuveen Asset Management, LLC (as each such fund’s sub-adviser) for the portfolio management services it provides to the fund from the fund’s management fee.

First American Investment Funds, Inc. (the “Trust” or “FAIF”) is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of 37 series, including Nuveen Core Bond Fund, formerly known as First American Core Bond Fund (“Core Bond Fund”), Nuveen High Income Bond Fund, formerly known as First American High Income Bond Fund (“High Income Bond Fund”), Nuveen Inflation Protected Securities Fund, formerly known as First American Inflation Protected Securities Fund (“Inflation Protected Securities Fund”), Nuveen Intermediate Government Bond Fund, formerly known as First American Intermediate Government Bond Fund (“Intermediate Government Bond Fund”), Nuveen Intermediate Term Bond Fund, formerly known as First American Intermediate Term Bond Fund (“Intermediate Term Bond Fund”), Nuveen Short Term Bond Fund, formerly known as First American Short Term Bond Fund (“Short Term Bond Fund”), and Nuveen Total Return Bond Fund, formerly known as First American Total Return Bond Fund (“Total Return Bond Fund”), (collectively, the “Funds”). Effective at the close of business on January 29, 2010, First American U.S. Government Mortgage Fund (“U.S. Government Mortgage Fund”) merged with Intermediate Government Bond Fund. Intermediate Government Bond Fund is the accounting survivor.

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

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

Inflation Protected Securities Fund’s investment objective is to provide total return while providing protection against inflation. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in inflation protected debt securities. These securities will be issued by the U.S. and non-U.S. governments, their agencies and instrumentalities, and domestic and foreign corporations. Up to 20% of the Fund’s assets may be invested in holdings that are not inflation protected. These holdings may include domestic and foreign corporate debt obligations, securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, debt obligations of foreign governments,

86 Nuveen Investments

Total Return Bond Fund (concluded)

residential and commercial mortgage-backed securities, asset-backed securities and derivative instruments. Up to 10% of the Fund’s net assets may be invested in securities that are rated lower than investment grade at the time of purchase or that are unrated and of comparable quality (securities commonly referred to as “high-yield” securities or “junk bonds”). The Fund may invest up to 20% of its net assets in non-dollar denominated securities, and may invest without limitation in U.S. dollar denominated securities of foreign corporations and governments.

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

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

Short Term Bond Fund’s investment objective is to provide current income while maintaining a high degree of principal stability. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in debt securities, such as residential and commercial mortgage-backed securities, asset-backed securities, corporate debt obligations, including obligations issued by special-purpose entities that are backed by corporate debt obligations, U.S. government securities, which are securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and commercial paper. Up to 10% of the Fund’s total assets may be invested collectively in debt securities rated lower than investment grade or unrated securities of comparable quality as determined by Nuveen Fund Advisors (securities commonly referred to as “high yield” or “junk bonds”). The Fund may invest up to 25% of its total assets in U.S. dollar denominated debt obligations of foreign corporations and governments that are not located in emerging market countries.

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

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

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

Effective January 18, 2011, Class Y Shares were renamed Class I Shares and Class R Shares were renamed Class R3 Shares, and Intermediate Term Bond Fund began offering Class C Shares. Class B Shares of Core Bond Fund, High Income Bond Fund and Total Return Bond Fund are only available upon exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but are not available for new accounts or for additional investment into existing accounts.

During the six months ended December 31, 2010, Class A Shares of Intermediate Government Bond Fund, Intermediate Term Bond Fund, and Short Term Bond Fund were sold with a front-end sales charge of 2.25%. Class A Shares of Core Bond Fund, High Income Bond Fund, Inflation Protected Securities Fund and Total Return Bond Fund were sold with a front-end sales charge of 4.25%. Class C shares were subject to a contingent deferred sales charge (“CDSC”) for twelve months and did not convert to Class A Shares.

Nuveen Investments 87


Notes to Financial Statements December 31, 2010 (Unaudited) (continued), all dollars and shares are rounded to thousands (000)

Total Return Bond Fund (concluded)

Class R Shares had no sales charge and were offered only through certain tax-deferred retirement plans. Class Y Shares had no sales charge and were offered only to qualifying institutional investors and certain other qualifying accounts. Class C and Class R Shares were not offered by Intermediate Term Bond Fund and Class R Shares were not offered by Short Term Bond Fund. Class B Shares were subject to a CDSC for six years and automatically converted to Class A Shares after eight years.

Effective January 18, 2011, Class A Shares of High Income Bond Fund are sold with an up-front sales charge of 4.75%. Class A Shares of Core Bond Fund, Inflation Protected Securities Fund and Total Return Bond Fund are sold with an up-front sales charge of 4.25%. Class A Shares of Intermediate Government Bond Fund and Intermediate Term Bond Fund are sold with an up-front sales charge of 3.00% and for Short Term Bond Fund 2.25%. Class A Share purchases of the Funds, with the exception of Short Term Bond Fund, of $1 million or more are sold at net asset value without an up-front sales charge. Class A Share purchases of Short Term Bond Fund of $250,000 or more are sold at net asset value without an up-front sales charge. Class A Share purchases of the Funds may be subject to a CDSC if redeemed within eighteen months of purchase. Class B Shares are subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares convert to Class A Shares eight years after purchase. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 and Class I Shares are not subject to any sales charge.

During the six months ended December 31, 2010, Class A, C, R and Y Shares were offered by the Funds, with the exception of Intermediate Term Bond Fund and Short Term Bond Fund. Class C and R Shares were not offered by Intermediate Term Bond Fund, and Class R Shares were not offered by Short Term Bond Fund. Class B Shares of Core Bond Fund, High Income Bond Fund and Total Return Bond Fund were only offered through permitted exchanges and any reinvested dividends.

Significant Accounting Policies

Investment Valuation

Security valuations for the Funds’ investments are furnished by an independent pricing service that has been approved by the Funds’ Board of Directors. These securities are generally classified as Level 2. Investments in equity securities that are traded on a national securities exchange (or reported on the NASDAQ National Market (“NASDAQ”) are stated at the last quoted sales price if readily available for such securities on each business day. For securities traded on NASDAQ, the funds utilize the NASDAQ Official Closing Price which compares the last trade to the bid/ask range of a security. If the last trade falls within the bid/ask range, then that price will be the closing price. If the last trade is outside the bid/ask range, and falls above the ask, then the ask price will be the closing price. If the last trade is below the bid, then the bid will be the closing price. These securities are generally classified as Level 1. Other equity securities traded in the over-the-counter market and listed equity securities for which no sale was reported on that date are stated at the last quoted bid price. These securities are generally classified as Level 1. Investments in open-end funds are valued at their respective net asset values on the valuation date. Investments in closed-end funds are valued at their reported closing prices on the national securities exchange on which they trade.

Investment grade debt obligations exceeding 60 days to maturity are valued by an independent pricing service. The pricing service may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other formula-driven valuation techniques. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings, and general market conditions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities or from a widely used quotation system. These securities are generally valued as Level 2 or Level 3 depending on the priority of significant inputs. Investment grade debt obligations with 60 days or less remaining until maturity will be valued at their amortized cost, which approximates fair value. These securities are generally classified as Level 2. Foreign securities are valued at the closing prices on the principal exchanges on which they trade. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents.

The following investment vehicles, when held by a Fund, are priced as follows: Exchange listed futures and options on futures are priced at their last sale price on the exchange on which they are principally traded, as determined by Nuveen Fund Advisors on the day the valuation is made. These investment vehicles are generally classified as Level 1. If there were no sales on that day, futures and options on futures will be valued at the last reported bid price. Options on securities, indices, and currencies traded on NASDAQ or listed on a stock exchange, whether domestic or foreign, are valued at the last sale price on NASDAQ or on any exchange on the day the valuation is made. If there were no sales on that day, the options will be valued at the last sale price on the previous valuation date. Last sale prices are obtained from an independent pricing service. Forward contracts, swaps, and over-the-counter options on securities, indices, and currencies are valued at the quotations received from an independent pricing service, if available. Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s

88 Nuveen Investments

Total Return Bond Fund (concluded)

exchange rate, and the 30-, 60-, 90-, 180-, and 360-day forward rates provided by an independent pricing service. These investment vehicles are generally classified as Level 2.

When market quotations are not readily available, securities are internally valued at fair value as determined in good faith by procedures established and approved by the Funds’ Board of Directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition; trading in similar securities of the same issuer or comparable companies; information from broker-dealers; and an evaluation of the forces that influence the market in which the securities are purchased and sold. If events occur that materially affect the value of securities (including non-U.S. securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities will be valued at fair value. Price movements in futures contracts and ADRs (American Depositary Receipts), and various other indices, may be reviewed in the course of making a good faith determination of a security’s fair value. The use of fair value pricing by a Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without fair value pricing. These securities are generally valued as Level 2 or Level 3 depending on the priority of significant inputs.

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

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of December 31, 2010, Core Bond Fund and Total Return Bond Fund had outstanding when-issued/delayed delivery purchase commitments of $55,318 and $48,420, respectively.

Investment Income

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

Income Taxes

Dividends and Distributions to Shareholders

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.

Dollar Roll Transactions

A dollar roll (“dollar rolls”) is a transaction in which a Fund purchases or sells mortgage-backed securities (“MBS”) for delivery in the future and simultaneously contracts to sell or repurchase a substantially similar (same type, coupon, and maturity) MBS on a different specified future date. For each Fund that invests in such transactions, the dollar rolls are identified in the Fund’s Schedules of Investments as “MDR”. During the roll period, the Fund foregoes principal and interest paid on the MBS. The Fund is compensated by fee income or the difference between the current sales price and the lower forward price for the future purchase. Such compensation is amortized over the life of the dollar rolls and recognized as a component of “Investment Income” on the Statement of Operations. Dollar rolls are valued daily.

Nuveen Investments 89


Notes to Financial Statements December 31, 2010 (Unaudited) (continued), all dollars and shares are rounded to thousands (000)

Total Return Bond Fund (concluded)

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

During the six months ended December 31, 2010, the Funds did not enter into dollar roll transactions.

Foreign Currency Translation

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

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

The Funds do not isolate the portion of gains and losses on investments in debt securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of debt securities. The Funds isolate the effect of fluctuations in foreign currency rates when determining the gain or loss upon sale or maturity of foreign currency denominated debt obligations pursuant to the federal income tax regulations. Such amounts are categorized as foreign currency gain (loss) for both financial reporting and income tax purposes.

The Funds report certain foreign currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

Forward Foreign Currency Exchange Contracts

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

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

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

90 Nuveen Investments

Total Return Bond Fund (concluded)

Futures Contracts

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

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

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

Options Transactions

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

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

Swap Contracts

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

Credit Default Swaps

Each Fund is subject to credit risk in the normal course of pursuing its investment objectives. A Fund may enter into a credit default swap contract to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate or sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Credit default swap contracts involve one party making a stream of payments to another party in exchange for the right to receive a specified return if/when there is a credit event by a third party. Generally, a credit event means bankruptcy, failure to pay, or restructuring. The specific credit events applicable for each credit default swap are stated in the terms of the particular swap agreement. As a purchaser of a credit default swap contract, the Fund pays to the counterparty a periodic interest fee based on the notional amount of the credit default swap. This interest fee is accrued daily and recognized with the daily change in the market value of the contract as a component of “Unrealized appreciation or depreciation on credit default swaps” on the Statements of Assets and Liabilities and is recorded as a realized loss upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund is obligated to deliver that security, or an equivalent amount of cash, to the counterparty in

Nuveen Investments 91


Notes to Financial Statements December 31, 2010 (Unaudited) (continued), all dollars and shares are rounded to thousands (000)

Total Return Bond Fund (concluded)

exchange for receipt of the notional amount from the counterparty. The difference between the value of the security delivered and the notional amount received is recorded as a realized gain. Payments received or made at the beginning of the measurement period are recognized as a component of “Credit default swap premiums paid and/or received” on the Statements of Assets and Liabilities. As a seller of a credit default swap contract, the Fund generally receives from the counterparty a periodic interest fee based on the notional amount of the credit default swap. This interest fee is accrued daily as a component of unrealized appreciation or depreciation and is recorded as a realized gain upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either receive that security, or an equivalent amount of cash, from the counterparty in exchange for payment of the notional amount to the counterparty, or pay a net settlement amount of the credit default swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The difference between the value of the security received and the notional amount paid is recorded as a realized loss. Changes in the value of a credit default swap during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps”, and realized gains and losses are recognized as a component of “Net realized gain (loss) from swaps” on the Statements of Operations. The maximum potential amount of future payments the Fund could incur as a seller of protection in a credit default swap contract is limited to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if any, of the respective referenced entity.

Currency Swaps

Each Fund, may enter into currency swaps. A currency swap is an agreement between two parties to exchange equivalent fixed amounts in two different currencies for a fixed period of time. The exchange of currencies at the inception date of the contract takes place at the current spot rate. Such an agreement may provide that, for the duration of the swap, each party pays interest to the other on the received amount at an agreed upon fixed or floating interest rate. When the contract ends, the parties re-exchange the currencies at the initial exchange rate, a specified rate, or the then current spot rate. Some currency swaps may not provide for exchanging currencies, but only for exchanging interest cash flows. None of the Funds entered into currency swap contracts during the six months ended December 31, 2010.

Interest Rate Swaps

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

Total Return Swaps

Each Fund is subject to price risk in the normal course of pursuing its investment objectives. A Fund may enter into total return swap contract to manage its exposure to the market or certain sectors of the market, or to create exposure to certain debt securities to which it is otherwise not exposed. Total return swap contracts involve commitments to pay interest in exchange for a market-linked return, both based on specified notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of offsetting the interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Payments received or made at the beginning of the measurement period are recognized as a component of “Total return swap premiums paid and/or received” on the Statements of Assets and Liabilities. As a seller of a total return swap contract, the Fund generally receives from the counterparty a periodic interest fee based on the notional amount of the total return swap. This interest fee is accrued daily as a component of unrealized appreciation or depreciation and is recorded as a realized gain upon payment. None of the Funds entered into total return swap contracts during the six months ended December 31, 2010

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

92 Nuveen Investments

Total Return Bond Fund (concluded)

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 Statements of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties Nuveen Fund Advisors 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.

Inflation-Indexed Bonds

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

Zero Coupon Securities

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

Multiclass Operations and Allocations

During the six months ended December 31, 2010, expenses that were directly related to one of the Funds were allocated directly to that Fund, and other operating expenses were allocated to the Funds on several bases, including evenly across all Funds, allocated based on relative net assets of all funds within the First American Funds family, or a combination of both methods. Effective January 1, 2011, income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares, which presently only include distribution fees and shareholder service fees, are recorded to the specific class.

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

Interfund Lending Program

During the six months ended December 31, 2010, pursuant to an exemptive order issued by the Securities and Exchange Commission (the “SEC”), the Funds, along with other registered investment companies in the First American Funds family, were allowed to participate in an interfund lending program. This program provided an alternative credit facility allowing the Funds to borrow from, or lend money to, other participating funds. The Funds did not have any interfund lending transactions during the six months ended December 31, 2010. The exemptive order terminated with respect to the Funds on December 31, 2010, in connection with the closing of the sale.

Securities Lending

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

Nuveen Investments 93


Notes to Financial Statements December 31, 2010 (Unaudited) (continued), all dollars and shares are rounded to thousands (000)

Total Return Bond Fund (concluded)

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

During the six months ended December 31, 2010, U.S. Bank, as the securities lending agent, received fees of up to 25% of each Fund’s net income from securities lending transactions and paid half of such fees to the Adviser for certain securities lending services provided by the Adviser. Collateral for securities on loan was invested in a money market fund administered by FAF Advisors and FAF Advisors received an administration fee equal to 0.02% of such Fund’s average daily net assets in the money market fund.

Income from securities lending, net of fees paid to U.S. Bank, is recognized on the Statements of Operations as “Securities lending income.” Securities lending fees paid to U.S. Bank by each Fund during the six months ended December 31, 2010, were as follows:


Fund	Amount

Core Bond Fund	$	11
High Income Bond Fund		58
Inflation Protected Securities Fund		2
Intermediate Government Bond Fund		1
Intermediate Term Bond Fund		8
Short Term Bond Fund		7
Total Return Bond Fund		8

Indemnifications

Use of Estimates

2. Fair Value Measurements

In determining the fair value of each Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

’


Fund	Level 1		Level 2		Level 3		Total

Core Bond Fund
Corporate Bonds	$	—	$	513,396	$	—	$	513,396
U.S. Government Agency Mortgage-Backed Securities		—		293,439		—		293,439
Commercial Mortgage-Backed Securities		—		114,842		—		114,842
Asset-Backed Securities		—		99,536		—		99,536
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities		—		58,259		—		58,259
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities		—		43,824		—		43,824
U.S. Government & Agency Securities		—		42,198		—		42,198
Preferred Stock		122		—		—		122
Short-Term Investments		45,495		3,914		—		49,409
Investment Purchased with Proceeds from Securities Lending		150,792		—		—		150,792


Total Investments	$	196,409	$	1,169,408	$	—	$	1,365,817

94 Nuveen Investments

Total Return Bond Fund (concluded)


Fund	Level 1		Level 2		Level 3		Total

High Income Bond Fund
High Yield Corporate Bonds	$	—	$	415,424	$	—	$	415,424
Preferred Stocks		17,426		3,639		—		21,065
Convertible Securities		3,047		5,239		—		8,286
Exchange-Traded Funds		8,196		—		—		8,196
Investment Grade Corporate Bonds		—		7,777		—		7,777
Common Stocks		4,950		534		—		5,484
Closed-End Funds		4,925		—		—		4,925
Asset-Backed Security		—		5		—		5
Short-Term Investments		16,167		190		—		16,357
Investment Purchased with Proceeds from Securities Lending		117,338		—		—		117,338


Total Investments	$	172,049	$	432,808	$	—	$	604,857


Inflation Protected Securities Fund
U.S. Government & Agency Securities	$	—	$	177,507	$	—	$	177,507
Corporate Bonds		—		13,197		—		13,197
Commercial Mortgage-Backed Securities		—		6,946		—		6,946
Preferred Stocks		472		—		—		472
Exchange-Traded Fund		316		—		—		316
Convertible Security		185		—		—		185
Closed-End Fund		127		—		—		127
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Security		—		38		—		38
Short-Term Investments		3,508		205		—		3,713
Investment Purchased with Proceeds from Securities Lending		10,188		—		—		10,188


Total Investments	$	14,796	$	197,893	$	—	$	212,689


Intermediate Government Bond Fund
U.S. Government & Agency Securities	$	—	$	65,195	$	—	$	65,195
U.S. Government Agency Mortgage-Backed Securities		—		25,839		—		25,839
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities		—		8,022		—		8,022
Commercial Mortgage-Backed Securities		—		6,629		—		6,629
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities		—		4,933		—		4,933
Corporate Bonds		—		4,422		—		4,422
Asset-Backed Securities		—		4,085		—		4,085
Short-Term Investments		2,226		270		—		2,496
Investment Purchased with Proceeds from Securities Lending		18,108		—		—		18,108


Total Investments	$	20,334	$	119,395	$	—	$	139,729


Intermediate Term Bond Fund
Corporate Bonds	$	—	$	373,426	$	—	$	373,426
Asset-Backed Securities		—		106,245		—		106,245
Commercial Mortgage-Backed Securities		—		74,013		—		74,013
U.S. Government & Agency Securities		—		53,560		—		53,560
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities		—		52,299		—		52,299
U.S. Government Agency Mortgage-Backed Securities		—		48,553		—		48,553
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities		—		27,905		—		27,905
Municipal Bond		—		6,511		—		6,511
Short-Term Investments		11,567		2,455		—		14,022
Investment Purchased with Proceeds from Securities Lending		109,487		—		—		109,487


Total Investments	$	121,054	$	744,967	$	—	$	866,021


Short Term Bond Fund
Corporate Bonds	$	—	$	368,498	$	—	$	368,498
Asset-Backed Securities		—		140,157		—		140,157
Commercial Mortgage-Backed Securities		—		80,234		—		80,234
U.S. Government Agency Mortgage-Backed Securities		—		69,464		—		69,464
U.S. Government & Agency Securities		—		58,802		—		58,802
Collateralized Mortgage Obligation – U.S. Government Agency Mortgage-Backed Securities		—		52,105		—		52,105
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities		—		28,100		—		28,100
Municipal Bond		—		6,296		—		6,296
Short-Term Investments		19,228		1,905		—		21,133
Investment Purchased with Proceeds from Securities Lending		84,294		—		—		84,294


Total Investments	$	103,522	$	805,561	$	—	$	909,083

Nuveen Investments 95


Notes to Financial Statements December 31, 2010 (Unaudited) (continued), all dollars and shares are rounded to thousands (000)

Total Return Bond Fund (concluded)


Fund	Level 1		Level 2		Level 3		Total

Total Return Bond Fund
Corporate Bonds	$	—	$	405,243	$	—	$	405,243
U.S. Government Agency Mortgage-Backed Securities		—		123,747		—		123,747
Commercial Mortgage-Backed Securities		—		64,224		—		64,224
Asset-Backed Securities		—		37,934		—		37,934
Collateralized Mortgage Obligation – Private Mortgage-Backed Securities		—		21,143		—		21,143
U.S. Government & Agency Securities		—		14,591		—		14,591
Preferred Stocks		3,392		—		—		3,392
Closed-End Funds		1,266		—		—		1,266
Convertible Security		675		—		—		675
Municipal Bond		—		572		—		572
Short-Term Investments		49,960		1,735		—		51,695
Investment Purchased with Proceeds from Securities Lending		73,879		—		—		73,879


Total Investments	$	129,172	$	669,189	$	—	$	798,361

As of December 31, 2010, each Fund’s investments in other financial instruments* were classified as follows:

’


									Total Unrealized
									Appreciation
Fund	Level 1			Level 2			Level 3		(Depreciation)

Core Bond Fund	$	738		$	(2,664	)	$	—	$	(1,926	)
High Income Bond Fund		(97	)		—			—		(97	)
Inflation Protected Securities Fund		36			(338	)		—		(302	)
Intermediate Government Bond Fund		(199	)		—			—		(199	)
Intermediate Term Bond Fund		(941	)		(1,560	)		—		(2,501	)
Short Term Bond Fund		2,041			(675	)		—		1,366
Total Return Bond Fund		413			(348	)		—		65

* Other financial instruments are derivative instruments such as futures and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument.

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

’


				High			Inflation			Intermediate			Short			Total
	Core			Income			Protected			Term			Term			Return
	Bond			Bond			Securities			Bond			Bond			Bond
	Fund			Fund			Fund			Fund			Fund			Fund

Balance at beginning of period	$	28,475		$	8,439		$	883		$	10,874		$	8,803		$	12,024
Net realized gain (loss)		—			—			—			—			—			—
Net change in unrealized appreciation (depreciation)		—			—			—			—			—			—
Purchases at cost		—			—			—			—			—			—
Sales at proceeds		—			—			—			—			—			—
Transfers in to		—			—			—			—			—			—
Transfers out of		(28,475	)		(8,439	)		(883	)		(10,874	)		(8,803	)		(12,024	)
Balance as of December 31, 2010	$	—		$	—		$	—		$	—		$	—		$	—


Change in net in unrealized appreciation (depreciation) during the period of Level 3 securities held as of December 31, 2010	$	—		$	—		$	—		$	—		$	—		$	—

During the six months ended December 31, 2010, the Funds recognized no significant transfers to/from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.

3. Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statements of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Schedules of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.

96 Nuveen Investments

Total Return Bond Fund (concluded)

The average notional amount is calculated based on the outstanding notional amount at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. During the six months ended December 31, 2010, the quarterly average gross notional amounts of the derivatives held by the Funds were as follows:


									Foreign
					Credit		Interest		Forward
	Futures/		Futures/		Default		Rate		Currency
Fund	Long		Short		Swaps		Swaps		Contracts

Core Bond Fund	$	29,142	$	107,203	$	—	$	156,000	$	—
High Income Bond Fund		11,785		1,204		—		—		—
Inflation Protected Securities Fund		5,434		5,479		—		17,000		595
Intermediate Government Bond Fund		26,442		2,515		—		—		—
Intermediate Term Bond Fund		89,671		12,942		—		91,000		—
Short Term Bond Fund		14,531		117,600		5,267		77,000		—
Total Return Bond Fund		31,650		104,311		22,933		61,000		5,028

The following table presents the fair value of all derivative instruments held by the Funds as of December 31, 2010, the location of these instruments on the Statements of Assets and Liabilities and the primary underlying risk exposure.


				High		Inflation		Intermediate		Intermediate		Short		Total
		Core		Income		Protected		Government		Term		Term		Return
	Statements of	Bond		Bond		Securities		Bond		Bond		Bond		Bond
	Assets and Liabilities Location	Fund		Fund		Fund		Fund		Fund		Fund		Fund

Asset Derivatives
Foreign Exchange Contracts	Receivables, Unrealized Appreciation*	$	—	$	—	$	—	$	—	$	—	$	—	$	69
Interest Rate Contracts	Receivables, Unrealized Appreciation*		897		—		51		3		—		2,106		520
Credit Contracts	Receivables, Unrealized Appreciation		—		—		—		—		—		467		360


Balance as of December 31, 2010		$	897	$	—	$	51	$	3	$	—	$	2,573	$	949


Liability Derivatives
Foreign Exchange Contracts	Payables, Unrealized Depreciation*	$	—	$	—	$	18	$	—	$	—	$	—	$	153
Interest Rate Contracts	Payables, Unrealized Depreciation*		2,823		97		335		202		2,501		1,207		731


Balance as of December 31, 2010		$	2,823	$	97	$	353	$	202	$	2,501	$	1,207	$	884


*	Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes to the Funds’ Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following tables present the amount of realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended December 31, 2010, on derivative instruments, as well as the primary risk exposure associated with each.

Realized gain (loss) from derivatives:


Core Bond Fund	Futures			Swaps			Total

Interest Rate Contracts	$	(7,385	)	$	(846	)	$	(8,231	)
Credit Contracts		—			(238	)		(238	)


High Income Bond Fund	Futures		Swaps		Total

Interest Rate Contracts	$	529	$	—	$	529


Inflation Protected Securities Fund	Futures			Swaps			Total

Interest Rate Contracts	$	(30	)	$	(99	)	$	(129	)
Foreign Exchange Contracts		(67	)		—			(67	)


Intermediate Government Bond Fund	Futures		Swaps		Total

Interest Rate Contracts	$	68	$	—	$	68


Intermediate Term Bond Fund	Futures			Swaps			Total

Interest Rate Contracts	$	(61	)	$	(685	)	$	(746	)
Credit Contracts		—			—			—


Short Term Bond Fund	Futures			Swaps			Total

Interest Rate Contracts	$	(4,119	)	$	(388	)	$	(4,507	)
Credit Contracts		—			69			69

Nuveen Investments 97


Notes to Financial Statements December 31, 2010 (Unaudited) (continued), all dollars and shares are rounded to thousands (000)

Total Return Bond Fund (concluded)


Total Return Bond Fund	Options*			Futures			Swaps			Total

Interest Rate Contracts	$	(793	)	$	(5,127	)	$	(213	)	$	(6,133	)
Credit Contracts		—			—			2,088			2,088
Foreign Exchange Contracts		—			1,499			—			1,499


*	Includes options purchased and written.

Change in net unrealized appreciation (depreciation) of derivatives:


Core Bond Fund	Futures		Swaps			Total

Interest Rate Contracts	$	2,855	$	(125	)	$	2,730


High Income Bond Fund	Futures			Swaps		Total

Interest Rate Contracts	$	(276	)	$	—	$	(276	)


	Foreign Forward
Inflation Protected Securities Fund	Currency			Futures		Swaps			Total

Interest Rate Contracts	$	—		$	161	$	(8	)	$	153
Foreign Exchange Contracts		(18	)		9		—			(9	)


Intermediate Government Bond Fund	Futures			Swaps		Total

Interest Rate Contracts	$	(257	)	$	—	$	(257	)


Intermediate Term Bond Fund	Futures			Swaps			Total

Interest Rate Contracts	$	(1,201	)	$	(68	)	$	(1,269	)


Short Term Bond Fund	Futures		Swaps			Total

Interest Rate Contracts	$	3,361	$	(70	)	$	3,291
Credit Contracts		—		467			467


	Foreign Forward
Total Return Bond Fund	Currency			Futures		Swaps			Total

Interest Rate Contracts	$	—		$	2,557	$	(560	)	$	1,997
Credit Contracts		—			—		682			682
Foreign Exchange Contracts		(150	)		64		—			(86	)

4. Fund Shares

Transactions in Fund shares were as follows:



	Core						High Income						Inflation Protected
	Bond Fund						Bond Fund						Securities Fund

	Six-Months			Year			Six-Months			Year			Six-Months			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/10			6/30/10			12/31/10			6/30/10			12/31/10			6/30/10

Class A:
Shares issued		526			1,069			701			3,282			503			483
Shares issued in lieu of cash distributions		116			303			88			212			6			15
Shares redeemed		(847	)		(1,255	)		(803	)		(3,521	)		(273	)		(300	)


Total Class A transactions		(205	)		117			(14	)		(27	)		236			198


Class B:
Shares issued		10			10			8			25			—			—
Shares issued in lieu of cash distributions		4			17			5			13			—			—
Shares redeemed		(102	)		(284	)		(37	)		(143	)		—			—


Total Class B transactions		(88	)		(257	)		(24	)		(105	)		—			—


Class C:
Shares issued		42			81			228			264			214			550
Shares issued in lieu of cash distributions		4			12			18			27			3			9
Shares redeemed		(64	)		(122	)		(59	)		(154	)		(178	)		(55	)


Total Class C transactions		(18	)		(29	)		187			137			39			504


Class R:
Shares issued		15			10			8			12			9			13
Shares issued in lieu of cash distributions		1			2			1			1			1			3
Shares redeemed		(7	)		(18	)		(13	)		(8	)		(138	)		(19	)


Total Class R transactions		9			(6	)		(4	)		5			(128	)		(3	)

98 Nuveen Investments

Total Return Bond Fund (concluded)



	Core						High Income						Inflation Protected
	Bond Fund						Bond Fund						Securities Fund

	Six-Months			Year			Six-Months			Year			Six-Months			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	12/31/10			6/30/10			12/31/10			6/30/10			12/31/10			6/30/10

Class Y:
Shares issued		9,574			20,683			13,611			23,104			4,451			5,733
Shares issued in lieu of cash distributions		646			1,694			187			218			19			58
Shares redeemed		(20,465	)		(44,709	)		(5,629	)		(6,515	)		(1,841	)		(8,068	)


Total Class Y transactions		(10,245	)		(22,332	)		8,169			16,807			2,629			(2,277	)


Net increase (decrease) in fund shares		(10,547	)		(22,507	)		8,314			16,817			2,776			(1,578	)



	Intermediate Government						Intermediate Term						Short Term						Total Return
	Bond Fund						Bond Fund						Bond Fund						Bond Fund

	Six-Months			Year			Six-Months			Year			Six-Months			Year			Six-Months			Year
	Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended
	12/31/10			6/30/10			12/31/10			6/30/09			12/31/10			6/30/10			12/31/10			6/30/10

Class A:
Shares issued		105			415			132			588			1,242			3,251			793			1,622
Shares issued from merger		—			1,538			—			—			—			—			—			—
Shares issued in lieu of cash distributions		21			47			32			88			72			206			44			76
Shares redeemed		(342	)		(1,044	)		(320	)		(651	)		(1,320	)		(1,476	)		(435	)		(504	)


Total Class A transactions		(216	)		956			(156	)		25			(6	)		1,981			402			1,194


Class B:
Shares issued		—			—			—			—			—			—			7			14
Shares issued in lieu of cash distributions		—			—			—			—			—			—			2			6
Shares redeemed		—			—			—			—			—			—			(20	)		(74	)


Total Class B transactions		—			—			—			—			—			—			(11	)		(54	)


Class C:
Shares issued		12			10			—			—			267			345			159			408
Shares issued from merger		—			235			—			—			—			—			—			—
Shares issued in lieu of cash distributions		1			1			—			—			2			2			8			14
Shares redeemed		(36	)		(25	)		—			—			(88	)		(36	)		(77	)		(70	)


Total Class C transactions		(23	)		221			—			—			181			311			90			352


Class R:
Shares issued		8			15			—			—			—			—			55			33
Shares issued from merger		—			102			—			—			—			—			—			—
Shares issued in lieu of cash distributions		1			1			—			—			—			—			1			2
Shares redeemed		(27	)		(44	)		—			—			—			—			(6	)		(52	)


Total Class R transactions		(18	)		74			—			—			—			—			50			(17	)


Class Y:
Shares issued		2,076			3,775			10,507			19,865			31,159			53,506			6,380			15,080
Shares issued from merger		—			9,456			—			—			—			—			—			—
Shares issued in lieu of cash distributions		85			288			285			799			169			370			368			956
Shares redeemed		(7,800	)		(7,857	)		(11,171	)		(26,062	)		(20,900	)		(23,455	)		(10,399	)		(22,465	)


Total Class Y transactions		(5,639	)		5,662			(379	)		(5,398	)		10,428			30,421			(3,651	)		(6.429	)


Net increase (decrease) in fund shares		(5,896	)		6,913			(535	)		(5,373	)		10,603			32,713			(3,120	)		(4,954	)

Each Fund reserves the right to pay part or all of the proceeds from a redemption request in a proportionate share of readily marketable securities in the Fund instead of cash. Class B Shares converted to Class A Shares (reflected as Class A Shares issued and Class B Shares redeemed) during the six months ended December 31, 2010 and the fiscal year ended June 30, 2010, were as follows:


	Six-Months
	Ended		Year Ended
Fund	12/31/10		6/30/10

Core Bond Fund	$	68	$	197
High Income Bond Fund		32		60
Total Return Bond Fund		18		48

Nuveen Investments 99


Notes to Financial Statements December 31, 2010 (Unaudited) (continued), all dollars and shares are rounded to thousands (000)

Total Return Bond Fund (concluded)

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments, derivative and dollar roll transactions) for the six months ended December 31, 2010, were as follows:


			High		Inflation		Intermediate		Intermediate				Total
	Core		Income		Protected		Government		Term		Short-Term		Return
	Bond		Bond		Securities		Bond		Bond		Bond		Bond
	Fund		Fund		Fund		Fund		Fund		Fund		Fund

Purchases:
Investment securities	$	271,310	$	355,704	$	11,205	$	3,417	$	189,144	$	239,163	$	204,258
U.S. Government and agency obligations		291,221		—		52,880		48,591		72,545		24,776		135,183
Sales and maturities:
Investment securities		371,222		297,328		8,767		11,184		183,769		104,445		247,146
U.S. Government and agency obligations		362,174		—		28,097		91,965		99,178		42,108		141,718

Transactions in call and put options written during the six months ended December 31, 2010, were as follows:


	Put Options Written						Call Options Written
	Number of			Premium			Number of		Premium
Total Return Bond Fund	Contracts			Amount			Contracts		Amount

Balance at June 30, 2010		—		$	—			—	$	—
Opened		144			49			—		—
Expired		(144	)		(49	)		—		—
Closed		—			—			—		—


Balance at December 31, 2010		—		$	—			—	$	—

6. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

At December 31, 2010, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:


				High			Inflation			Intermediate			Intermediate						Total
	Core			Income			Protected			Government			Term			Short-Term			Return
	Bond			Bond			Securities			Bond			Bond			Bond			Bond
	Fund			Fund			Fund			Fund			Fund			Fund			Fund

Cost of investments	$	1,322,646		$	593,140		$	206,660		$	137,047		$	835,832		$	895,060		$	779,325


Gross unrealized:
Appreciation	$	60,244		$	20,712		$	7,082		$	3,971		$	33,651		$	18,442		$	35,481
Depreciation		(17,073	)		(8,995	)		(1,053	)		(1,289	)		(3,462	)		(4,419	)		(16,445	)


Net unrealized appreciation (depreciation) of investments	$	43,171		$	11,717		$	6,029		$	2,682		$	30,189		$	14,023		$	19,036

Permanent differences, primarily due to equalization debits, adjustments due to fund mergers, treatment of notional principal contracts and foreign currency reclassifications resulted in reclassifications among the Funds’ components of net assets at June 30, 2010, the Funds’ last tax year-end, as follows:


				High			Inflation			Intermediate			Intermediate						Total
	Core			Income			Protected			Government			Term			Short-Term			Return
	Bond			Bond			Securities			Bond			Bond			Bond			Bond
	Fund			Fund			Fund			Fund			Fund			Fund			Fund

Capital paid-in	$	—		$	—		$	—		$	14,472		$	—		$	—		$	—
Undistributed (Over-distribution of) net investment income		2,333			(36	)		(51	)		(169	)		171			(159	)		2,096
Accumulated net realized gain (loss)		(2,333	)		36			51			(14,303	)		(171	)		159			(2,096	)

100 Nuveen Investments

Total Return Bond Fund (concluded)

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


			High		Inflation		Intermediate		Intermediate				Total
	Core		Income		Protected		Government		Term		Short-Term		Return
	Bond		Bond		Securities		Bond		Bond		Bond		Bond
	Fund		Fund		Fund		Fund		Fund		Fund		Fund


Distributions from:
Ordinary income*	$	67,866	$	26,351	$	3,582	$	4,765	$	33,897	$	18,434	$	38,377
Long-term gain		—		—		—		256		—		—		—
Return of capital		—		—		—		18		—		—		—


Total	$	67,866	$	26,351	$	3,582	$	5,039	$	33,897	$	18,434	$	38,377


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

The tax components of undistributed net ordinary income and net long-term capital gains at June 30, 2010, the Funds’ last tax year end, were as follows:


			High		Inflation		Intermediate		Intermediate				Total
	Core		Income		Protected		Government		Term		Short-Term		Return
	Bond		Bond		Securities		Bond		Bond		Bond		Bond
	Fund		Fund		Fund		Fund		Fund		Fund		Fund

Undistributed ordinary income**	$	3,843	$	2,342	$	1,342	$	—	$	1,595	$	373	$	4,209
Undistributed net long term capital gain		0		0		0		0		0		0		0


**	Undistributed net ordinary income (on a tax basis) has not been reduced for the dividend declared during the period June 1, 2010 through June 30, 2010 and paid on July 1, 2010. Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

At June 30, 2010, 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 follows:


			High		Inflation		Intermediate		Intermediate				Total
	Core		Income		Protected		Government		Term		Short-Term		Return
	Bond		Bond		Securities		Bond		Bond		Bond		Bond
	Fund		Fund		Fund		Fund		Fund		Fund		Fund

Expiration year:
2011	$	—	$	—	$	—	$	2,293	$	—	$	—	$	—
2012		—		—		—		1,293		—		—		—
2013		—		—		—		554		—		1,315		—
2014		—		—		256		1,629		—		8,101		—
2015		994		—		5,928		2,447		3,607		7,433		—
2016		—		—		953		165		—		—		—
2017		25,107		23,659		4,724		3,538		11,744		839		41,302
2018		17,128		—		2,807		—		4,697		2,980		37,557


Total	$	43,229	$	23,659	$	14,668	$	11,919	$	20,048	$	20,668	$	78,859

The following Funds have elected to defer net realized losses from investments incurred from November 1, 2009 through June 30, 2010, the Funds’ last tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the current fiscal year:


			Inflation		Intermediate		Intermediate				Total
	Core		Protected		Government		Term		Short-Term		Return
	Bond		Securities		Bond		Bond		Bond		Bond
	Fund		Fund		Fund		Fund		Fund		Fund

Post-October capital losses	$	10,619	$	421	$	1,191	$	369	$	2,374	$	7,275
Post-October currency losses		—		3		—		—		—		530

Nuveen Investments 101


Notes to Financial Statements December 31, 2010 (Unaudited) (continued), all dollars and shares are rounded to thousands (000)

Total Return Bond Fund (concluded)

7. Management Fees and Other Transactions with Affiliates

Investment Advisory Fees


Fund

Core Bond Fund	0.50	%
High Income Bond Fund	0.70
Inflation Protected Securities Fund	0.50
Intermediate Government Bond Fund	0.50
Intermediate Term Bond Fund	0.50
Short Term Bond Fund	0.50
Total Return Bond Fund	0.60

During the six months ended December 31, 2010, the Adviser agreed to waive fees and reimburse other fund expenses at least through October 31, 2010, so that total fund operating expenses, as a percentage of average daily net assets, did not exceed the following amounts:


				High			Inflation			Intermediate			Intermediate						Total
	Core			Income			Protected			Government			Term			Short-Term			Return
	Bond			Bond			Securities			Bond			Bond			Bond			Bond
Share Class	Fund			Fund			Fund			Fund			Fund			Fund			Fund

Class A		0.95	%		1.10	%		0.85	%		0.75	%		0.85	%		0.75	%		0.89	%
Class B		1.70			1.85			N/A			N/A			N/A			N/A			1.75
Class C		1.70			1.85			1.60			1.60			N/A			1.60			1.75
Class R		1.20			1.35			1.10			1.10			N/A			N/A			1.25
Class Y		0.70			0.85			0.60			0.60			0.70			0.60			0.75

N/A – Not applicable.

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

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

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


				High			Inflation			Intermediate			Intermediate						Total
	Core			Income			Protected			Government			Term			Short-Term			Return
	Bond			Bond			Securities			Bond			Bond			Bond			Bond
Average Daily Net Assets	Fund			Fund			Fund			Fund			Fund			Fund			Fund

For the first $125 million		0.4500	%		0.6000	%		0.4500	%		0.4500	%		0.4500	%		0.3000	%		0.4500	%
For the next $125 million		0.4375			0.5875			0.4375			0.4375			0.4375			0.2875			0.4375
For the next $250 million		0.4250			0.5750			0.4250			0.4250			0.4250			0.2750			0.4250
For the next $500 million		0.4125			0.5625			0.4125			0.4125			0.4125			0.2625			0.4125
For the next $1 billion		0.4000			0.5500			0.4000			0.4000			0.4000			0.2500			0.4000
For net assets over $2 billion		0.3750			0.5250			0.3750			0.3750			0.3750			0.2225			0.3750

102 Nuveen Investments

Total Return Bond Fund (concluded)

adjustment to that rate based upon the percentage of the particular Fund’s assets that are not “eligible assets.” The complex-level fee schedule 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 management fee will compensate Nuveen Fund Advisors for the overall investment advisory and administrative services and general office facilities it provides to the Funds. Effective January 1, 2011, Nuveen Fund Advisors has entered into sub-advisory agreements with Nuveen Asset Management, LLC. Nuveen Asset Management, LLC will be compensated for the sub-advisory services it provides to the Funds from the management fee paid to Nuveen Fund Advisors.


				High			Inflation			Intermediate			Intermediate						Total
	Core			Income			Protected			Government			Term			Short-Term			Return
	Bond			Bond			Securities			Bond			Bond			Bond			Bond
	Fund			Fund			Fund			Fund			Fund			Fund			Fund

Class A		0.9500	%		1.1000	%		0.8500	%		0.7500	%		0.8500	%		0.7500	%		0.8900	%
Class B		1.7000			1.8500			N/A			N/A			N/A			N/A			1.7500
Class C⁽¹⁾		1.7000			1.8500			1.6000			1.6000			1.7000			1.6000			1.7500
Class R3⁽²⁾		1.2000			1.3500			1.1000			1.1000			N/A			N/A			1.2500
Class I⁽²⁾		0.7000			0.8500			0.6000			0.6000			0.7000			0.6000			0.7500
Expiration date		January 31, 2012			January 31, 2012			January 31, 2012			January 31, 2012			January 31, 2012			January 31, 2012			January 31, 2012

N/A – Not applicable.


(1)	Effective January 18, 2011, Intermediate Term Bond Fund begin offering Class C Shares.

(2)	Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares.

Effective January 1, 2010, independent directors may elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Funds advised by Nuveen Fund Advisors. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Funds advised by Nuveen Fund Advisors.

Administration Fees

During the six months ended December 31, 2010, FAF Advisors served as the Funds’ administrator pursuant to an administration agreement between FAF Advisors and the Funds. U.S. Bancorp Fund Services, LLC (“USBFS”) served as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank National Association (“U.S. Bank”). Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors

Nuveen Investments 103


Notes to Financial Statements December 31, 2010 (Unaudited) (continued), all dollars and shares are rounded to thousands (000)

Total Return Bond Fund (concluded)

was compensated to provide, or compensated other entities to provide, services to the Funds. These services included various legal, oversight, and administrative and accounting services. The Funds paid FAF Advisors administration fees, which were calculated daily and paid monthly, equal to each Fund’s pro rata share of an amount equal, on an annual basis, to 0.25% of the aggregate average daily net assets of all open-end funds in the First American Funds family up to $8 billion, 0.235% on the next $17 billion of the aggregate average daily net assets, 0.22% on the next $25 billion of the aggregate average daily net assets, and 0.20% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator were paid from the administration fee. In addition to these fees, the Funds may have reimbursed FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services. Effective January 1, 2011, FAF Advisors and USBFS no longer serve as the Funds’ administrator and sub-administrator, respectively, and the Funds have not entered into any new administration or sub-administration agreements.

Transfer Agent Fees

During the six months ended December 31, 2010, USBFS served as the Funds’ transfer agent pursuant to a transfer agent agreement with FAIF. The Funds were charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class. These fees were charged to each Fund based upon the number of accounts within that Fund. In addition to these fees, the Funds may have reimbursed USBFS for out-of-pocket expenses incurred in providing transfer agent services. Effective January 1, 2011, USBFS serves as the Funds’ transfer agent pursuant to a new transfer agent agreement with Nuveen Fund Advisors.

Custodian Fees

During the six months ended December 31, 2010, interest earned on uninvested cash balances was used to reduce a portion of each Fund’s custodian expenses. These credits, if any, are recognized as “Indirect payments from custodian” on the Statement of Operations. Conversely, the custodian charged a fee for any cash overdrafts incurred, which increased the Funds’ custodian expenses.

Effective January 1, 2011, U.S. Bank serves as the custodian for each Fund pursuant to a new custodian agreement with Nuveen Fund Advisors.

Distribution and Shareholder Servicing (12b-1) Fees

During the six months ended December 31, 2010, Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, served as the distributor of the Funds pursuant to a distribution agreement with FAIF. Under the distribution agreement, and pursuant to a plan adopted by each Fund under Rule 12b-1 of the Investment Company Act, each of the Funds paid Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 1.00% and 0.50% of each Fund’s average daily net assets of Class A, Class B, Class C and Class R Shares (renamed Class R3 Shares), respectively. No distribution or shareholder servicing fees were paid by Class Y Shares. These fees may have been used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities.

During the six months ended December 31, 2010, Quasar waived a portion of its 12b-1 fees for Class A Shares, limiting its fees to 0.15% of average daily net assets for Intermediate Government Bond Fund, Intermediate Term Bond Fund and Short Term Bond Fund, respectively. Effective October 28, 2009, the Adviser began waiving an additional amount of Class A Shares 12b-1 fees equal to 0.11% of average daily net assets of Class A Shares for Total Return Bond Fund.

During the six months ended December 31, 2010, total distribution and shareholder servicing fees waived by Quasar for the following Funds were as follows:


Fund	Amount

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

Under the distribution and shareholder servicing agreement, the following amounts were retained by affiliates of FAF Advisors during for the six months ended December 31, 2010:


Fund	Amount

Core Bond Fund	$	71
High Income Bond Fund		29
Inflation Protected Securities Fund		33
Intermediate Government Bond Fund		11
Intermediate Term Bond Fund		10
Short Term Bond Fund		49
Total Return Bond Fund		43

104 Nuveen Investments

Total Return Bond Fund (concluded)

Effective January 1, 2011, the Fund entered into a distribution agreement with Nuveen Investments LLC, who will serve as the Funds’ distributor. Class A Shares continue to incur a .25% annual 12b-1 service fee. Class B and Class C Shares continue to incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class R3 Shares continue to incur a .25% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class I Shares will continue to not be subject to any sales charge or 12b-1 distribution or service fees. Nuveen Investments LLC has agreed to limit Class A Share annual 12b-1 service fees to .15% through January 31, 2012, for Intermediate Government Bond, Intermediate Term Bond and Short Term Bond. Annual distribution and services fees are based on average daily net assets.

Other Fees and Expenses

In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each Fund was responsible for paying other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses during the six months ended December 31, 2010. During the six months ended December 31, 2010, legal fees and expenses of $17 were paid to a law firm of which an Assistant Secretary of the Funds was a partner.

Contingent Deferred Sales Charges

During the six months ended December 31, 2010, a contingent deferred sales charges (“CDSC”) was imposed on redemptions made in Class B Shares according to the table below. The CDSC varied depending on the number of years from time of payment for the purchase of Class B Shares until the redemption of such shares. Class B Shares automatically converted to Class A Shares after eight years.


	CDSC as a Percentage
	of Dollar Amount
Year Since Purchase	Subject to Charge

First		5.00	%
Second		5.00
Third		4.00
Fourth		3.00
Fifth		2.00
Sixth		1.00
Seventh		—
Eighth		—

During the six months ended December 31, 2010, a CDSC of 1.00% was imposed on redemptions made in Class C Shares for the first twelve months.

The CDSC for Class B Shares and Class C Shares was imposed on the value of the purchased shares or the value at the time of redemption, whichever was less.

For the six months ended December 31, 2010, total front-end sales charges and CDSCs retained by affiliates of FAF Advisors for distributing the Funds’ shares were as follows:


Fund

Core Bond Fund	$	8
High Income Bond Fund		15
Inflation Protected Securities Fund		36
Intermediate Government Bond Fund		1
Intermediate Term Bond Fund		42
Short Term Bond Fund		23
Total Return Bond Fund		19

8. Regulatory Settlement

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

9. Fund Merger

As of the close of business on January 29, 2010, Intermediate Government Bond Fund acquired the assets and assumed the liabilities of U.S. Government Mortgage Fund. Intermediate Government Bond Fund was deemed to be the accounting survivor in the merger. Shareholders of U.S. Government Mortgage Fund approved the merger on January 21, 2010.

Nuveen Investments 105


Notes to Financial Statements December 31, 2010 (Unaudited) (continued), all dollars and shares are rounded to thousands (000)

Total Return Bond Fund (concluded)

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


Intermediate Government Bond Fund	Class A		Class B		Class C		Class R		Class Y		Total

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

The components of U.S. Government Mortgage Fund’s net assets prior to adjustments for any permanent book-to-tax differences at the merger date were as follows:


					Undistributed			Accumulated			Net Unrealized
	Total		Portfolio		Net Investment			Net Realized			Appreciation
	Net Assets		Capital		Income (Loss)			Gain (Loss)			(Depreciation)

U.S. Government Mortgage Fund	$	97,457	$	111,558	$	(474	)	$	(13,746	)	$	119

106 Nuveen Investments

Total Return Bond Fund (concluded)


Investment Management Agreement Approval Process (Unaudited)

A. Background

B. Prior Board Considerations

Nuveen Investments 107


Investment Management Agreement Approval Process (Unaudited) (continued)

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

108 Nuveen Investments

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

Nuveen Investments 109

Glossary of Terms
Used in this Report


n	*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.

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

110 Nuveen Investments

Fund Information

Fund Manager

Nuveen Fund Advisors, Inc.

333 West Wacker Drive

Chicago, IL 60606

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

Legal Counsel

Chapman and Cutler LLP

111 West Monroe Street

Chicago, IL 60603

Independent Registered

Public Accounting Firm

Ernst & Young

155 North Wacker Drive

Chicago, IL 60606

Custodian

U.S. Bank National Association

60 Livingston Avenue

St. Paul, MN 55101

Transfer Agent and

Shareholder Services

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Quarterly Portfolio of Investments and Proxy Voting Information:

Nuveen Investments 111

Nuveen Investments:
Serving Investors for Generations

Focused on meeting investor needs.

Find out how we can help you.

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

Nuveen makes things e-simple.

Free e-Reports right to your e-mail!

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

www.nuveen.com/accountaccess
If you receive your Nuveen Fund distributions and statements directly from Nuveen.


Distributed by Nuveen Investments, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com

MSA-FINC-1210D

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.

Shareholders who wish to recommend nominees for election to the registrant’s Board of Directors should send suggestions in writing to Lorna Ferguson, Manager of Fund Board Relations, Nuveen Investments, 333 West Wacker Drive, Chicago, IL 60606. This information must include evidence of Fund ownership of the person or entity recommending the candidate, a full listing of the proposed candidate’s education, experience, current employment, date of birth, names and addresses of at least three professional references, information as to whether the candidate is an “interested person” (as such term is defined in the Investment Company Act of 1940, as amended) in relation to the Fund and such other information that would be helpful to the nominating and governance committee in evaluating the candidate. All satisfactorily completed information regarding candidates will be forwarded to the chairman of the nominating and governance committee and the outside counsel to the Independent Board Members. Recommendations for candidates to the Board will be evaluated in light of whether the number of Board members is expected to change and whether the Board expects any vacancies. All nominations from Fund shareholders will be acknowledged, although there may be times when the committee is not actively recruiting new Board members. In those circumstances nominations will be kept on file until active recruitment is under way.

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) First American Investment Funds, Inc.


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

Date March 10, 2011

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


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

Date March 10, 2011


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

Date March 10, 2011

Nuveen Small Cap Value Fund (FSCAX) N-CSRSCertified semi-annual shareholder report (management investment company)