N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07619

Nuveen Investment Trust

(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, 2008

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.

NUVEEN INVESTMENTS VALUE FUNDS

Semi-Annual Report   December 31, 2008   For investors seeking long-term
capital appreciation.

Nuveen Investments

Value Funds

Nuveen Multi-Manager Large-Cap Value Fund

Nuveen NWQ Multi-Cap Value Fund

Nuveen NWQ Large-Cap Value Fund

Nuveen NWQ Small/Mid-Cap Value Fund

Nuveen NWQ Small-Cap Value Fund

Nuveen Tradewinds Value Opportunities Fund

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NOT FDIC INSURED    MAY LOSE VALUE    NO BANK GUARANTEE

Dear Shareholders,

I write this letter in a time of great uncertainty about the current state of the U.S. financial system and pessimism about the future of the global economy. Many have observed that the conditions that led to the crisis have built up over time and will complicate the course of recovery. At the same time, government officials in the U.S. and abroad have been quick to implement a wide range of programs to restore stability to the financial system and encourage economic recovery. History teaches us that these efforts will moderate the extent of the downturn and hasten the inevitable recovery, even though it is hard to appreciate that outcome in the current environment.

As you will read in the attached report, the continuing financial and economic problems are weighing heavily on asset values, and unfortunately the performance of your Nuveen Fund has been similarly affected. However, in the face of market conditions that are extraordinarily difficult, the Nuveen organization is dedicated to preserving long term investment values for your Fund. It has re-examined and in some cases re-focused its investment and risk management disciplines to assure that they can uncover the new opportunities and anticipate the new risks that are being presented by the market dislocation.

In addition to the financial statements, I hope that you will carefully review the Portfolio Managers’ Comments and the Fund Spotlight sections of this report. They highlight the managers’ pursuit of investment strategies that depend on well researched securities, diversified portfolio holdings and continuous risk management to achieve your Fund’s investment goals. The Board believes that a focus on long term investment goals provide the basis for successful investment over time and we deeply appreciate your patience and continued support as your Fund is managed through this trying period.

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

Sincerely,

Robert P. Bremner

Chairman of the Board

February 23, 2009

Robert P. Bremner

Chairman of the Board

Semi-Annual Report    Page 1

Portfolio Managers’ Comments

The Nuveen NWQ Multi-Cap Value Fund, Nuveen NWQ Large-Cap Value Fund, Nuveen NWQ Small/Mid-Cap Value Fund and Nuveen NWQ Small-Cap Value Fund feature equity management by NWQ Investment Management Company, LLC (NWQ). The Nuveen Tradewinds Value Opportunities Fund features portfolio management by Tradewinds Global Investors, LLC (Tradewinds). Both are affiliates of Nuveen Investments, Inc. The Nuveen Multi-Manager Large-Cap Value Fund is co-managed by Institutional Capital LLC (ICAP), HydePark and Symphony Asset Management, LLC (Symphony). In the following discussion, NWQ portfolio managers Jon Bosse, Phyllis Thomas, Tradewinds portfolio manager Dave Iben, Symphony portfolio manager David Wang, and members of the Hyde Park and ICAP investment teams discuss key investment strategies and the performance of the Funds. Jon Bosse is the Chief Investment Officer of NWQ and manages the Nuveen NWQ Multi-Cap Value and Nuveen NWQ Large-Cap Value Funds, Phyllis Thomas manages the Nuveen NWQ Small-Cap Value and Nuveen NWQ Small/Mid-Cap Value Funds. Dave Iben, Chief Investment Officer of Tradewinds, is the portfolio manager for the Nuveen Tradewinds Value Opportunities Fund.

How did the Funds perform during the six months ended December 31, 2008?

The table on page three provides performance information for the six Funds (Class A Shares at net asset value) for the six-month, one-year, five-year, ten-year and since inception periods ended December 31, 2008. The table also compares the Funds’ performance to appropriate indexes. A more detailed account of each Funds’ relative performance is provided later in this report.

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

Nuveen Multi-Manager Large-Cap Value Fund

Class A Shares (at net asset value) for the Nuveen Multi-Manager Large-Cap Value Fund underperformed each of its comparative indexes for the six-month period ended December 31, 2008.

Symphony

For the Symphony portion of the Nuveen Mutli-Manger Large-Cap Value Fund, we continue to believe that both quantitative and qualitative methods have value, which is the basis of our investment philosophy. Quantitative methods are disciplined, constrained, and unaffected by emotion, whereas qualitative methods exploit the intuition, experience, and insights of skilled analysts and portfolio managers. Specifically, the quantitative screening process serves as the starting point in investment decision-making, and helps to simplify the often very complex portfolio construction process. The qualitative process provides a systematic way of researching companies from a broad perspective, ensuring the stocks selected for the portfolio are attractive in all important respects. Our overarching theme would be an aversion to credit sensitive names, high financial leverage, and vulnerable capital structures with a preference for companies with strong cash flow generation, conservative management and market leadership.

For the second half of 2008, our aversion to credit sensitive and high leveraged names led us to significantly underweight life insurance, regional banks, broker dealers, and real estate investment trusts. In addition following various financial shocks (especially AIG), we were able to find value specifically in the property and casualty sector (Travelers, Chubb and Ace), within select exchange

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.

Semi-Annual Report    Page 2

Class A Shares—

Average Annual Total Returns as of 12/31/08

	Cumulative 6-Month	1-Year	5-Year	10-Year	Since inception1
Nuveen Multi-Manager Large-Cap Value Fund
A Shares at NAV	-29.10%	-36.16%	-0.07%	1.46%	5.07%
A Shares at Offer	-33.17%	-39.84%	-1.25%	0.86%	4.56%
Lipper Large-Cap Value Funds Index2	-27.90%	-37.00%	-1.90%	-0.36%	4.06%
Russell 1000 Value Index3	-26.93%	-36.85%	-0.79%	1.36%	5.91%
S&P 500 Index3	-28.48%	-37.00%	-2.19%	-1.38%	4.27%
Nuveen NWQ Multi-Cap Value Fund
A Shares at NAV	-39.08%	-48.50%	-5.36%	3.77%	3.92%
A Shares at Offer	-42.58%	-51.46%	-6.47%	3.15%	3.38%
Lipper Multi-Cap Value Funds Index2	-28.63%	-37.65%	-2.47%	1.28%	1.93%
Russell 3000 Value Index3	-26.49%	-36.25%	-0.72%	1.69%	2.96%
S&P 500 Index3	-28.48%	-37.00%	-2.19%	-1.38%	1.17%
Nuveen NWQ Large-Cap Value Fund
A Shares at NAV	-29.64%	-38.35%	N/A	N/A	-21.14%
A Shares at Offer	-33.67%	-41.89%	N/A	N/A	-23.39%
Lipper Multi-Cap Value Funds Index2	-28.63%	-37.65%	N/A	N/A	-21.31%
Russell 1000 Value Index3	-26.93%	-36.85%	N/A	N/A	-20.25%
Nuveen NWQ Small/Mid-Cap Value Fund
A Shares at NAV	-38.68%	-44.75%	N/A	N/A	-27.08%
A Shares at Offer	-42.20%	-47.94%	N/A	N/A	-29.15%
Lipper Mid-Cap Value Funds Index2	-34.74%	-39.71%	N/A	N/A	-20.83%
Russell 2500 Value Index3	-25.78%	-31.99%	N/A	N/A	-20.31%

	Cumulative 6-Month	1-Year	5-Year	10-Year	Since inception1
Nuveen NWQ Small-Cap Value Fund
A Shares at NAV	-41.13%	-46.45%	N/A	N/A	-7.76%
A Shares at Offer	-44.52%	-49.52%	N/A	N/A	-9.09%
Lipper Small-Cap Value Funds Index2	-26.77%	-32.82%	N/A	N/A	-4.30%
Russell 2000 Value Index3	-21.17%	-28.92%	N/A	N/A	-3.71%
Nuveen Tradewinds Value Opportunities Fund
A Shares at NAV	-29.51%	-32.03%	N/A	N/A	3.52%
A Shares at Offer	-33.57%	-35.94%	N/A	N/A	2.02%
Lipper Mid-Cap Core Funds Index2	-33.93%	-38.53%	N/A	N/A	-4.24%
Russell 3000 Value Index3	-26.49%	-36.25%	N/A	N/A	-3.98%

Effective December 6, 2002, based on shareholder approval, the Nuveen NWQ Multi-Cap Value Fund acquired the assets and performance history of the PBHG Special Equity Fund. The Fund had no assets prior to the acquisition. In addition, on December 14, 2001, the PBHG Special Equity Fund acquired the assets of the NWQ Special Equity Portfolio. The information presented for the Nuveen NWQ Multi-Cap Value Fund prior to the acquisition date represents the expense adjusted performance of the predecessor funds.

Effective November 14, 2007 the Nuveen Multi-Manager Large-Cap Value Fund added two additional sub-advisers and changed its investment objective. Along with Institutional Capital LLC, the additional sub-advisers are Symphony Asset Management and Nuveen HydePark Group, LLC. The Fund also changed its investment objective to provide investors with long-term capital appreciation. Effective May 1, 2008, the Fund changed its name from Nuveen Large-Cap Value Fund to Nuveen Multi-Manager Large-Cap Value Fund. See the prospectus for more information.

1 The since-inception return for the Nuveen Multi-Manager Large-Cap Value Fund is calculated from 8/7/96, Nuveen NWQ Multi-Cap Value Fund is calculated from 11/4/97, the Nuveen NWQ Large-Cap Value Fund and the Nuveen NWQ Small/Mid-Cap Value Fund are from 12/15/06 and the since-inception returns for all the remaining Funds are from 12/9/04.

2 The Lipper Funds Indexes are managed indexes that represent the average annualized returns of the 30 largest funds in each respective Lipper Funds category. The since inception return for the Lipper Multi-Cap Value Funds Index for the Nuveen NWQ Multi-Cap Value Fund represent returns for the period 11/30/97-12/31/08 as returns for that time period are only available on a calendar month basis. The since inception Lipper Fund Index returns for all other Funds are from each Fund’s actual inception date. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in an index.

3 The Russell 1000 Value Index is a market-capitalization weighted index of those firms in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. The Russell 3000 Value Index is a market-capitalization weighted index of those firms in the Russell 3000 Index with lower price-to-book ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell 1000 Value or the Russell 2000 Value Indexes. The S&P 500 Index is an unmanaged index generally considered to be representative of the U.S. stock market. The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500 Value Index measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values. The index returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index.

Semi-Annual Report    Page 3

Returns quoted represent past performance, which is no guarantee of future results. Returns at NAV would be lower if the sales charge were included. Returns less than one year are cumulative. 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 5.75% maximum sales charge. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Returns 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.

Please see each Fund’s Spotlight Page later in this report for more complete performance data and expense ratios.

stocks such as NYSE Euronext and regional banks, like BB&T Corporation a full-service commercial and retail bank operating in the southern U.S., that generated very robust pre-tax pre-provision earnings power.

In addition, we benefited from strong stock selection in the health care sector as Bristol Myers Squibb (BMY), reported stronger than anticipated third quarter 2008 results and boosted its full-year guidance above consensus estimates. Furthermore the company reiterated its forecast for 15% earnings per share growth through 2010, which we think ranks it towards the top of its peer group. Strong and visible earnings growth, combined with an attractive dividend and potential merger and acquisition helped BMY outperform.

We were negatively impacted by our bias towards mid-caps in the materials and energy sectors. As the market dropped, the large integrated players such as Exxon Mobil held up much better than our holdings of Chesapeake Energy, Hess and Freeport-McMoRan, as investors reduced their tolerance for risk and sought out the safety of large non-financials with strong cash positions and conservative leverage.

Hyde Park

The proprietary risk-controlled HydePark wealth creation model was used to manage a portion of the Fund. This model utilizes both fundamental and momentum-related criteria to create a portfolio designed to maximize the reward-to-risk ratio.

Our investment process is a combination of traditional fundamental security valuation and quantitative risk-control techniques. The philosophy that underlies our value-added process is that a stock’s price must follow the wealth creation fundamentals of the company. A stock’s weight in the portfolio is directly related to its wealth creation fundamentals. Our process has five “wealth creation” factors. Four are fundamentally oriented; two traditional measures of revenues in excess of expenses (specifically, earnings and cash flow), and two traditional measures of the uses for those excess monies (book value and dividends). The fifth factor is a proprietary measure of stock price momentum. Importantly, the process also considers a stock’s liquidity. Due to the quantitative, model-driven process, top-down macroeconomic “themes” do not influence the model nor how we select stocks for the Fund.

The model evaluates all the securities contained in the benchmark portfolio (Russell 1000 Value Index) for possible inclusion in the portfolio. The process will not consider a stock for possible inclusion if it is not contained in the respective benchmark portfolio.

This process produces well-diversified, efficient portfolios that perform within a specific, narrow tracking range (the degree of difference) versus the stated benchmark. The portfolio typically contains a large number of holdings with each relative weighting reflecting the five-dimensional view of that stock’s wealth creation characteristics. The portfolio is monitored daily with rebalances occurring quarterly.

The quantitative, risk-controlled process described above should, under normal circumstances, cause the Fund to track its benchmark portfolio closely, with value-added potential coming from our

Semi-Annual Report    Page 4

relative overweights/underweights of each stock versus the index. We attempt to express an overweight/underweight opinion on every stock in the benchmark based on our analysis of its five wealth creation factors.

The sum of the Fund’s individual security overweights/underweights versus the index was maintained equal to zero, but was not constrained to be industry or sector neutral. As a result, the Fund sometimes was overweight stocks within a sector because all the individual stocks in that sector had what we judged to be attractive wealth creation fundamentals versus the benchmark in aggregate. Performance for the portfolio can then be viewed in two parts: return attributable to the Fund’s sector weightings and return attributable to the performance of individual stocks within each sector.

On average, during the six-month period, the HydePark portion of the Fund was relatively overweighted in energy, telecommunications, and utility stocks and underweighted health care consumer staples, and industrial stocks. The largest single sector overweight was in energy where we were, on average, 3.25% overweight versus the index. The largest single underweight was, on average, health care stocks where we were 2.7% underweight versus the index. Overall, sector weightings were a small drag on the Fund’s relative performance versus the index.

Performance attributable to the individual stock weightings within each sector was a strong positive for the Fund during this period, with overweights/ underweights in financials the biggest driver of relative performance. Stock selection was also a positive within the utilities and telecommunication sectors. Energy, consumer staples, and consumer discretionary sectors were a drag on relative performance.

ICAP

With respect to the ICAP-managed portion of the Fund, our sector overweightings in health care, retail, and consumer staples were positive relative to the Russell 1000 Value Index. In addition, our underweightings in financials and capital spending also yielded positive sector-related performance. Overall, sector-related performance was negative, primarily due to our overweightings in technology and consumer services. Our stock selection compared to the index was helpful in financials. However, stock selection was negative overall compared to the Russell index because of weakness among our health care, capital spending, and energy names.

Throughout the past six months, our investment approach remained focused on bottom-up stock picking. We continued to select stocks for the ICAP portion of the portfolio one-by-one, based on a careful analysis of each stock’s fundamentals. We favored companies with strong operations, good cash flow, and solid balance sheets, as well as those displaying one or more catalysts for a potential stock-price increase in the future.

Noteworthy sector changes during the past six months included reducing exposure to capital spending and communications stocks. We also cut our allocation to energy stocks. In contrast, the portfolio’s allocation to retail and health care stocks increased. While we reduced our exposure to the financial sector, we continued to emphasize financial stocks with strong risk controls, solid balance sheets, good market share, and excellent management. We also increased our allocation to the technology and transportation sectors. Once again, these sector changes were the result of our bottom-up stock selection strategy.

Wells Fargo was the top individual contributor in the ICAP portion of the Fund during the past six months. This large consumer bank benefited from its much-stronger financial position compared to most of its rivals and its increasing market share. Another strong performer was Qualcomm, a mobile-communications-equipment maker helped by its very strong cash flow, lack of debt, solid sales growth for the 3G mobile communications market, and stabilization of microchip sales. Newmont Mining performed well as a result of high gold prices and anticipated future cost reductions. Two

Semi-Annual Report    Page 5

additional outperformers included consumer products giant Procter & Gamble (P&G) and beverage maker Molson Coors Brewing Company. P&G rose in part because of its strong performance in international markets. Molson Coors benefited from the significant cost savings to be realized from its recent merger with Miller Brewing.

On the negative side, Bank of America detracted from the ICAP-managed portion of the portfolio. Due to its acquisition of Countrywide and Merrill Lynch, the company found itself exposed to billions of dollars in bad loans and other losses. In the energy sector, oilfield services company Baker Hughes and integrated energy producer Marathon Oil both detracted. Lower energy prices meant significantly less energy exploration activity would likely take place, cutting into Baker Hughes’ earnings. Weak profit margins in oil refining weighed on Marathon Oil, as did the company’s relatively high debt load. Two additional underperformers were managed health care company Cigna, whose shares we sold in part because of weaker-than-anticipated membership in its health plans, and media giant Viacom, whose advertising revenues lagged investors’ expectations.

Nuveen NWQ Multi-Cap Value Fund

Class A Shares (at net asset value) for the Nuveen NWQ Multi-Cap Value Fund underperformed each of its comparative indexes for the six-month period ended December 31, 2008.

Our management strategy has not changed since we began managing the Fund in 1997. We employ an opportunistic, bottom-up strategy that focuses on identifying undervalued companies that possess favorable risk/reward characteristics as well as emerging catalysts that can unlock value or improve profitability. These catalysts included management changes, restructuring efforts, recognition of hidden assets, or a positive change in the underlying fundamentals. We also focus on downside protection, and pay a great deal of attention to a company’s balance sheet and cash flow statement, not just the income statement. We believed that cash flow analysis offers a more objective and truer picture of a company’s financial position than an evaluation based on earnings alone.

The Fund continues to have an underweight position in the finance sector. While valuations on the sector appear attractive, there is still risk and uncertainty due to economic weakness and dysfunctional capital markets. While losses on sub-prime mortgages are well underway, the financial markets are in the early stages of determining/valuing the losses on commercial real estate, as well as other commercial, industrial and various consumer loans. We have found more compelling risk/reward opportunities in other sectors. The ability to sell assets or raise capital is proving to be a critical but difficult issue, although such transactions if they do occur, can certainly serve as a catalyst for our investment.

We took advantage of the extreme dislocations in the market to add a number of new investments to the Fund in the past several months. We believe these companies, which possess strong balance sheets, are not only attractively valued but also will be able to take advantage of tremendous opportunities given the magnitude of the economic and market disruptions. New investments during the period include BJ Services, CF Industries Holdings, EOG Resources, Reinsurance Group of America, and Sepracor Inc. We also repurchased positions in Loews Corp. and Agilent Technologies Inc., stocks we had previously eliminated earlier in the year at substantially higher prices.

We also eliminated a number of holdings in the past three to four months, several of which were eliminated prior to their significant, recent declines. At the beginning of October, and weeks prior to the U.S. Treasury’s capital intervention on behalf of the company, we eliminated the position in Citigroup, Inc. after Wells Fargo & Company topped Citigroup’s government assisted acquisition of Wachovia’s banking assets. Wells Fargo offered a higher price with no government assistance. We believed that acquiring those assets would have strengthened Citigroup’s financial position (perhaps a $25 billion wealth transfer); without those assets, we believed Citigroup was in a

Semi-Annual Report    Page 6

weakened position. We also eliminated Sprint Nextel Corp., notwithstanding its significant asset value, given that a recession, negative trends in industry wireless subscriber growth, and its debt level introduced greater risk for equity holders. Liberty Media Interactive, Quantum Corp, and Sappi Limited were sold as we felt that their leveraged balance sheets during a period of global economic uncertainty presented added risk. Finally, we trimmed positions in Barrick Gold given the strength in the share price late in the period; Barrick still remains one of our largest holdings.

While all areas of the Fund suffered losses due to the selloff in the market, our stock selection in the energy and financial sectors was unfavorable compared to the benchmark. Our investments in the energy sector were pressured by the decline in oil and natural gas prices brought on by expectations of slowing global economic growth. While we did trim portfolio holdings Apache Corp. and Noble Energy Inc. earlier this year at significantly higher prices, we did retain significant exposure to both stocks. We also held smaller stakes in Hess Corp., Talisman Energy Inc., and Warren Resources Inc. With the decline in commodity and stock prices over the past few months, we have increased our energy weighting with new positions in BJ Services Co. and EOG Resources Inc.

We have maintained an underweight position in the finance sector since the second half of 2007; however, our insurance holdings Genworth Financial Inc. and Hartford Financial Services Group suffered significant declines. These stocks were adversely impacted due to weak investment portfolio returns, and concerns that dislocations in the credit markets will make it difficult for these companies to raise additional capital. We have maintained our positions in Hartford Financial Services Group Inc. and Genworth Financial Inc. as we believe that the market has overly discounted the negatives. In early December, Hartford Financial announced a stronger capital position than previously expected, which propelled a strong rally in the shares. Also declining significantly was our investment in United States Steel Corp. amid the deteriorating outlook for global economic growth. We had trimmed our exposure to the stock in the first quarter of 2008 at significantly higher prices. Unfortunately, we began repurchasing the shares in September, which proved to be premature as the shares continued to decline. While the near-term fundamentals look challenging given the severe global economic deterioration, we believe the medium- to long-term outlook for the company remains extremely favorable. The company has a strong balance sheet, and management has done a good job at allocating capital.

Nuveen NWQ Large-Cap Value Fund

Class A Shares (at net asset value) for the Nuveen NWQ Large-Cap Value Fund underperformed each of its comparative indexes for the six-month period ended December 31, 2008.

During the reporting period we maintained a similar market outlook and evaluation process in the management of both the Nuveen NWQ Multi-Cap Value Fund and the Nuveen NWQ Large Cap Value Fund. As a result, there were a number of securities held by both Funds. Due to this, many of the same holdings are discussed in the commentaries of each Fund.

The Fund continued to have an underweight position in the finance sector. While valuations on the sector appear attractive, there is still risk and uncertainty due to economic weakness and dysfunctional capital markets. While losses on sub-prime mortgages are well underway, the financial markets are in the early stages of determining/valuing the losses on commercial real estate, as well as other commercial, industrial and various consumer loans. We have found more compelling risk/reward opportunities in other sectors. The ability to sell assets or raise capital is proving to be a critical but difficult issue, although such transactions if they do occur, can certainly serve as a catalyst for our investment.

Semi-Annual Report    Page 7

We took advantage of the extreme dislocations in the market to add a number of new investments to the Fund in the past several months. We believe these companies, which possess strong balance sheets, are not only attractively valued but also will be able to take advantage of tremendous opportunities given the magnitude of the economic and market disruptions. New investments during the period include EOG Resources, Merck & Co. Inc., MetLife Inc., and The Mosaic Co.

We also eliminated a number of holdings in the last quarter of 2008, several of which were eliminated prior to their significant, recent declines. At the beginning of October, and weeks prior to the U.S. Treasury’s capital intervention on behalf of the company, we eliminated the position in Citigroup, Inc. after Wells Fargo & Company topped Citigroup’s government assisted acquisition of Wachovia’s banking assets. Wells Fargo offered a higher price with no government assistance. We believed that acquiring those assets would have strengthened Citigroup’s financial position (perhaps a $25 billion wealth transfer); without those assets, we believed Citigroup was in a weakened position. We eliminated our remaining position in Bank of America Corp. in September as its announced acquisition of Merrill Lynch introduced heightened risk in the short/intermediate term in exchange for purported long term benefits. We also eliminated Sprint Nextel Corp., notwithstanding its significant asset value, given that a recession, negative trends in industry wireless subscriber growth, and its debt level introduced greater risk for equity holders. We eliminated International Paper Co. Recently, the company acquired Weyerhauser’s containerboard and recycling assets. While the acquisition may fit strategically, we believed that such a sizable acquisition, which resulted in a leveraged balance sheet during a period of global economic uncertainty, presented added risk. We had begun selling shares earlier in the year at higher prices, and made the decision to eliminate the position, albeit at a lower price. Liberty Media Interactive was sold as we felt that their leveraged balance sheet during a period of global economic uncertainty presented added risk.

During a very weak period in the stock market, Amgen Inc. posted a double-digit gain on the heels of its late July disclosure of very strong Phase III results for Denosomab (D-mab), its novel osteoporosis medication. These results suggest that D-Mab might be approved by the Food and Drug Administration in 2010 or 2011, and should provide a leg of growth to offset the maturing of its ESA franchise (EPO and Aranesp). The next catalyst for Amgen should be the Phase III results for D-mab in the oncology setting, which is expected in the first quarter of 2009. We believe the shares continue to be reasonably priced as investors worry about 2009 spending in advance of D-mab launches, leaving us constructive on the long term risk/reward from current levels. Our stake in The Mosaic Co. also posted a positive gain since purchased in early-December. Mosaic is a producer and marketer of phosphate and potash crop nutrients for the worldwide agriculture industry. We initiated our position in Mosaic as we view the company to be one of the best, low-cost producers in the industry. Prior to our purchase, fears of further fertilizer price deterioration caused a dramatic sell-off in the stock price. While fertilizer demand may continue to be weak in the short term, we believe the seasonal spring “pick-up” in demand will lead to a higher and more stable pricing environment. In addition, the company’s strong balance sheet, coupled with its ability to generate large amounts of free cash flow, has strengthened our long term risk/reward profile. Also making a positive contribution was MetLife Inc., another new position in the Fund. We established a position in the stock as the company was raising capital. Notwithstanding challenges within the financial sector, we believe MetLife possesses one of the best franchises in the life insurance industry. Management has demonstrated a superior record for making good acquisitions and generating excellent returns on capital. Through its capital raise, the company strengthened its capital position which should allow them to take advantage of acquisition opportunities. Another new position that made a positive contribution to performance was Merck & Co. Inc. Merck offered

Semi-Annual Report    Page 8

a compelling valuation and a disciplined management team that has not historically diluted shareholders. In addition, the company has one of the best track records in bringing a number of highly profitable new drugs to market. Although the company is facing patent expirations on several large drugs, it has much greater earnings stability than most of its competitors.

While all areas of the Fund suffered losses due to the selloff in the market, our stock selection in the energy and financial sectors was unfavorable compared to the benchmark. Our investments in the energy sector were pressured by the decline in oil and natural gas prices brought on by expectations of slowing global economic growth. While we did trim portfolio holdings Apache Corp. and Noble Energy Inc. earlier this year at significantly higher prices, we did retain significant exposure to both stocks. We also held smaller stakes in ConocoPhilips, Hess Corp., and Talisman Energy Inc. With the decline in commodity and stock prices over the past few months, we have increased our energy weighting with new positions in EOG Resources Inc. and Halliburton Co.

We have maintained an underweight position in the finance sector since the second half of 2007; however, our insurance holdings Genworth Financial Inc. and Hartford Financial Services Group suffered significant declines. These stocks were adversely impacted due to weak investment portfolio returns, and concerns that dislocations in the credit markets will make it difficult for these companies to raise additional capital. We have maintained our positions in Hartford Financial Services Group Inc. and Genworth Financial Inc. as we believe that the market has overly discounted the negatives. In early December, Hartford Financial announced a stronger capital position than previously expected, which propelled a strong rally in the shares. Also declining significantly was our investment in United States Steel Corp. declined amid the deteriorating outlook for global economic growth. We had trimmed our exposure to the stock in the first quarter of 2008 at significantly higher prices. Unfortunately, we began repurchasing the shares in September, which proved to be premature as the shares continued to decline. While the near term fundamentals look challenging given the severe global economic deterioration, we believe the medium- to long-term outlook for the company remains extremely favorable. The company has a strong balance sheet, and management has done a good job at allocating capital.

Nuveen NWQ Small/Mid-Cap Value Fund

Class A Shares (at net asset value) for the Nuveen NWQ Small/Mid-Cap Value Fund underperformed each of its comparative indexes for the six-month period ended December 31, 2008.

We have taken advantage of the extreme dislocations in the market to add a number of new investments to the portfolio in the past several months. We believe these companies, possessing strong balance sheets, are not only attractively valued but also will be able to take advantage of tremendous opportunities given the magnitude of the economic and market disruptions. Gardner Denver (GDI) is a leading global manufacturer of highly engineered compressors, pumps, and blowers for various industrial applications, particularly in the chemical, petroleum, and food industries. With GDI trading at attractive valuation levels, we re-established a position after having sold the stock earlier in the year at higher prices.

We believe the energy markets will be self-correcting over a moderate time period, and therefore increased our exposure. We initiated a position in Continental Resources, an independent oil and natural gas exploration and production company with operations in the Rocky Mountain, Mid-Continent, and Gulf Coast regions of the United States. We believe that Continental Resources has very attractive prospects for production growth in its portfolio. We added to Denbury Resources, also previously eliminated from the portfolios, and PetroQuest Energy after significant corrections in their share prices. We believe the cuts in industry capital spending that are currently underway will sow the seeds for

Semi-Annual Report    Page 9

production declines and OPEC has already announced that it will curtail output.

We remain cautious on small-cap banks as we believe that bad debt will rise sharply for credit cards and auto loans as the unemployment rate rises sharply. However, we have found compelling risk/reward opportunities within the insurance industry and initiated a new position. We believe Reinsurance Group of America offers attractive valuation, strong capital position, and should benefit from a positive pricing environment for reinsurance in the U.S. and international markets. We feel that the reinsurance companies will be major beneficiaries of the capital stress being experienced by the primary insurance companies. We also initiated a position in StanCorp Financial Group, a leading provider of financial products and services, including disability and life insurance, retirement products and services, individual annuities, and investment advice. StanCorp has a strong balance sheet and investment portfolio.

We eliminated a number of portfolio holdings during the reporting period, including Pacific Sunwear of California and Community Health. Pacific Sunwear is suffering from very weak consumer demand. While we have had a lot of confidence in Pacific Sunwear’s management team, we believe a turnaround in this retail environment is extremely difficult. We also eliminated our position in Community Health on concerns of a highly leveraged balance sheet and the probable rise in bad debt. In addition, we were concerned about potential reimbursement cuts, reduced state funding, and uncertainty around health care policy initiatives of the new Administration. Concerns for a prolonged extremely weak advertising environment prompted the sale of our position in Sappi Limited. Finally, we trimmed positions in Wausau Paper given the strength in the share price. Wausau remains one of our largest holdings.

While all areas of the Fund suffered losses due to the selloff in the market, our stock selection in the energy, materials and durable goods sectors was unfavorable compared to the benchmarks. As noted earlier, Pacific Sunwear of California negatively impacted performance, as did our position in St. Mary Land and Exploration, a crude oil exploration company. Our position in Domtar, a specialty and fine paper producer also negatively contributed. Performance was aided by our positions in Wausau Paper, AngloGold Ashanti and the Tower Group.

Nuveen NWQ Small-Cap Value Fund

Class A Shares (at net asset value) for the Nuveen NWQ Small-Cap Value Fund underperformed each of its comparative indexes for the six-month period ended December 31, 2008.

We have taken advantage of the extreme dislocations in the market to add a number of new investments to the portfolio in the past several months. We believe these companies, possessing strong balance sheets, are not only attractively valued but also will be able to take advantage of tremendous opportunities given the magnitude of the economic and market disruptions. New investments during the period include CF Industries Holdings and Yamana Gold. CF Industries is one of the largest manufacturers and distributors of nitrogen and phosphate fertilizer in North America. We find the fertilizer market to be attractive as falling grain and corn prices have raised fears that demand for fertilizer may decline. While short term demand may be weak, we believe a seasonal pick-up in the spring will offset short-term weakness. CF Industries has a strong market position and distribution network, a debt free balance sheet (substantial net cash), and an ability to generate meaningful free cash flow. Yamana Gold, a Canadian-based gold and precious metals producer, owns gold development stage properties, exploration properties, and land positions. The company is targeting sustainable gold production in 2012. We believe the market has overreacted to the company’s modest copper byproduct exposure. At the end of the period, copper was trading at approximately $1.50 and Yamana Gold is hedged through 2009 at $3.00.

We believe the energy markets will be self-correcting over a moderate time period, and

Semi-Annual Report    Page 10

therefore increased our exposure. Following significant corrections in their share prices, we initiated a new position in PetroQuest Energy and re-established a position in Denbury Resources, after having sold the stock earlier in the year. We believe the cuts in industry capital spending that are currently underway will sow the seeds for production declines and OPEC has already announced that it will curtail output.

We remain cautious on small cap banks as we believe that bad debt will rise sharply for credit cards and auto loans as the unemployment rate rises sharply. However, we have found compelling risk/reward opportunities within the insurance industry including Assurant and Reinsurance Group of America. Assurant is a provider of primarily creditor-placed homeowners as well as other insurance lines. With its leading market position we believe the company has been a major beneficiary of a roiled credit market, particularly as foreclosures have increased. We believe that Assurant has a strong balance sheet and investment portfolio. We took a position in the stock close to the 2008 low, and it rebounded to close the year as one of the portfolio’s top performers. We believe Reinsurance Group of America also offers attractive valuation, strong capital position, and should benefit from a positive pricing environment for reinsurance in the U.S. and international markets. We feel that the reinsurance companies will be major beneficiaries of the capital stress being experienced by the primary insurance companies.

We eliminated a number of portfolio holdings during the reporting period, including Fossil and Pacific Sunwear of California. Both companies are suffering from very weak consumer demand. In addition, Fossil’s international expansion is under pressure from the slowing European economy and foreign currency headwinds. While we have had a lot of confidence in Pacific Sunwear’s management team, we believe a turnaround in this retail environment is extremely difficult. We also eliminated our position in Community Health on concerns of a highly leveraged balance sheet and the probable rise in bad debt. In addition, we were concerned about potential reimbursement cuts, reduced state funding, and uncertainty around health care policy initiatives of the new Administration. Quantum was sold as the company’s leveraged balance sheet during a period of global economic uncertainty presented added risk. Concerns for a prolonged extremely weak advertising environment prompted the sale of our position in Sappi Limited. Finally, we trimmed positions in Wausau Paper given the strength in the share price. Wausau remains one of our largest holdings.

While all areas of the Fund suffered losses due to the selloff in the market, our stock selection in the energy, materials and technology sectors was unfavorable compared to the benchmarks. As noted earlier, Pacific Sunwear of California negatively impacted performance, as did our position in Warren Resources, a natural gas and oil reserves exploration and development company. Our position in GSI Group (we eliminated the holding during the reporting period), which supplies precision motion control components, lasers, and laser systems also negatively contributed. Performance was aided by our positions in Wausau Paper, Assurant and Yamana Gold.

Nuveen Tradewinds Value Opportunities Fund

The Nuveen Tradewinds Value Opportunities Fund’s Class A Shares (at net asset value) underperformed one benchmark and outperformed its other over the past six-months ending December 31, 2008. A significant portion of the Fund’s relative underperformance was due to its overweight in materials and processing and stock selection in the energy, consumer staples and consumer discretionary sectors. The Fund’s performance on a relative basis was aided by its underweight exposure to the financial sector, the worst performing sector in the benchmark.

Our health care portfolio holdings as a group outperformed the benchmark, both on an absolute and relative basis led by Amgen Inc. and Apria Healthcare Group Inc. Amgen Inc., develops,

Semi-Annual Report    Page 11

manufactures and markets human therapeutics-based on advances in cellular and molecular biology. While lack of new pipeline drugs has resulted in below industry average growth in the past, Amgen announced it is on the cusp of a major new product launch and generally has an improved pipeline outlook, which could cement its turnaround. Investors reacted positively to the news and its share price increased. Apria is a provider of a range of home health care services and has three service lines: home respiratory therapy, home infusion therapy and home medical equipment. In October 2008, the company was acquired by The Blackstone Group L.P. However, while the health care sector had some of the best performing holdings, it also had one of the worst performers, Health Net Inc. Health Net delivers managed health care services through health plans and government-sponsored, managed-care plans through its health maintenance organizations (HMOs), insured preferred provider organizations (PPOs) and point-of-service (POS) plans. Its stock price fell after the company cut its outlook for 2008 mainly because of lower revenue and higher costs, primarily in its commercial business.

While gold stocks were the largest detractors in the materials and processing sector in the third quarter due to indiscriminate selling and in our view, unwarranted price pressure, they rebounded in the fourth quarter and were the best performers this period, led by Lihir Gold Ltd. and Kinross Gold Corp. Lihir is a gold producer in the Australasian region. Lihir Island, one of Lihir’s mines in Papua New Guinea posted its best ever quarterly production result in the third quarter. Kinross Gold is a senior gold producer with operations located in the United States, Brazil, Chile and Russia. The company has had a strong production growth and lowered its unit costs. Generally, gold companies were aided by strengthening gold prices in the fourth quarter and a slowly returning level of normalcy to equity markets. While the gold stocks did relatively well, a detractor to performance from this sector was Domtar Corp., a manufacturer and marketer of paper and pulp in North America, which operates in three segments: Papers, Paper Merchants and Wood. In general the paper companies have underperformed due to oversupply and decreasing demand for paper. The company has already taken positive steps to close some of its operations to reduce capacity. We believe that once the excess capacity is removed from the paper industry, prices will rise to levels sufficient to generate positive returns.

Another positive contributor to performance was Nippon Telegraph & Telephone Corp, a Japan-based telecommunications provider in the Telecommunications sector. The company reported in November that its fiscal first-half net profit more than doubled. Results were boosted by its new method of mobile phone handset marketing and a drop in operating costs due to scaling down on handset subsidies and utilizing subscriber contracts more effectively. We took the strong relative share price movement as an opportunity to trim the holding and take profits. We view the company as an attractive investment as it continues to cut costs and generate strong cash flows. While Nippon outperformed, the sector also had the worst performing holding during this period. Sprint Nextel Corp., a provider of wireless and wire line communication products and services, has been unable to moderate subscriber losses and its significant balance sheet debt as it continues to navigate through a company restructure subsequent to the merger of Sprint and Nextel. The stock price fell to new lows in the fourth quarter due to increasing investor concerns of Sprint’s credit standing in the deteriorating economic environment. The company has already renegotiated its debt covenants with its banks, has sufficient cash to cover its 2009 and 2010 maturities, but is expected to refinance its 2011-2012 maturities. We believe that Sprint’s asset value remains significantly higher than its current stock price.

The unprecedented drop in energy commodity prices led the energy sector to be the second worst performing sector in the Fund after the materials and processing sector. Shares of coal related stocks declined significantly during the quarter as oil and

Semi-Annual Report    Page 12

gas prices continued to decline making coal less attractive relative to natural gas. The biggest detractors were Peabody Energy Corp. and Arch Coal Inc., both coal producers in the United States. Of all U.S. coal companies, Arch Coal has the most exposure to the Powder River Basin (PRB) region, a U.S. Midwest coal region that is currently oversupplied and investors are concerned by the company’s weaker than expected earnings. We believe that current share prices do not reflect the intrinsic value of coal companies. In the long run, demand for coal will be driven mainly by electricity demand and should be more resilient to a global slowdown than other industrial commodities.

Another significant detractor to performance was Lucent Technologies Capital Trust I convertible preferred. Lucent Technologies is now Alcatel-Lucent, a company that provides product offerings that enables its clients to deliver voice, data and video communication services to end users. This preferred stock has underperformed the common stock, which is unusual as the preferred shares have preference on dividends over the common and one would therefore expect them to outperform. However, preferred shares in general have performed poorly in recent months. We believe that the security has also underperformed due to the market’s misperception of Alcatel-Lucent’s liquidity position. The company, however, has indicated that it will continue to pay the preferred dividend. We continue to find the company’s long-term prospects attractive and the security’s current valuation compelling.

The consumer staples sector also underperformed during the period, primarily due to protein providers Smithfield Foods, Inc., a hog producer, and pork processor and Tyson Foods, a meat protein and food production company. The companies faced operational challenges, such as fish disease problems in South America and low product pricing during the quarter. Further downward pressure on share prices was due to strained credit markets and investor concerns regarding the company’s debt covenants potentially being breached. By December, Tyson Foods made significant progress renegotiating its near-term debt covenant issues. We expect to hear more from Smithfield on this topic over the next few months. We continue to believe these commodity food companies are strong long-term business franchises and continue to hold our positions in these companies.

In this volatile environment, capital preservation was much more difficult to achieve than in previous downturns. As always, we invest the portfolio in businesses that we understand and believe are mispriced. As long-term investors, it is our job to distinguish news from noise and, while we monitor short-term developments, we step back so that we may better focus on comparative advantages. Our sector, country and capitalization weightings come as a byproduct of bottom-up analysis driven by our desire to buy quality companies at attractive valuation. This has put us in very good stead for many years now, with very high levels of alpha generation. However, we have unfortunately still posted negative returns for the second half of 2008 and the calendar year.

Semi-Annual Report    Page 13

Fund Spotlight as of 12/31/08 Nuveen Multi-Manager Large-Cap Value Fund

Quick Facts
	A Shares	B Shares1	C Shares	R3 Shares	I Shares1
Fund Symbol	NNGAX	NNGBX	NNGCX	NMMTX	NNGRX
NAV	$14.20	$13.86	$13.83	$14.30	$14.24
Latest Capital Gain Distribution2	$1.5761	$1.5761	$1.5761	$1.5761	$1.5761
Latest Ordinary Income Distribution3	$0.1890	$0.0289	$0.0289	$0.1395	$0.2432
Inception Date	8/07/96	8/07/96	8/07/96	8/04/08	8/07/96

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. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Class A, B, C and I Share returns are actual. The returns for Class R3 Shares are actual for the period since class inception; returns prior to class inception are Class I Share returns adjusted for 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 5.75% 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 backend sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than 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. Class R3 Shares have no sales charge and are available to only certain retirement plan clients of financial intermediaries.

Average Annual Total Returns as of 12/31/08
A Shares	NAV	Offer
1-Year	-36.16%	-39.84%
5-Year	-0.07%	-1.25%
10-Year	1.46%	0.86%
B Shares	w/o CDSC	w/CDSC
1-Year	-36.62%	-38.90%
5-Year	-0.82%	-0.95%
10-Year	0.86%	0.86%
C Shares	NAV
1-Year	-36.64%
5-Year	-0.82%
10-Year	0.71%
R3 Shares	NAV
1-Year	-36.37%
5-Year	-0.37%
10-Year	1.18%
I Shares	NAV
1-Year	-36.01%
5-Year	0.17%
10-Year	1.72%

Top Five Common Stock Holdings4
JPMorgan Chase & Co.	3.4%
Chevron Corporation	3.3%
Exxon Mobil Corporation	3.0%
Johnson & Johnson	2.7%
AT&T Inc.	2.6%

Portfolio Allocation⁴

Portfolio Statistics
Net Assets ($000)	$285,912
Number of Stocks	657

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.23%	1.20%	10/31/08
Class B	1.98%	1.95%	10/31/08
Class C	1.98%	1.95%	10/31/08
Class R3	1.48%	1.45%	10/31/08
Class I	0.98%	0.95%	10/31/08

The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses. The Net Expense Ratios were restated to reflect current expense reimbursements as if such expense reimbursements had been in effect during the previous fiscal year, and to better reflect the expected ratios of the Fund for the current fiscal year. The Gross and Net Expense Ratios for Class R3 are estimated based on the actual expenses for the Fund during the most recent fiscal year. The Net Expense Ratios reflect a contractual a contractual commitment by the Fund’s investment adviser to waive fees and reimburse certain expenses through October 31, 2010. Absent the waiver and reimbursement, the Net Expense Ratios would be higher and total returns would be less. These expense ratios may vary from the expense ratios shown elsewhere in this report.

1 Effective May 1, 2008, Class B Shares will only be issued upon exchange of Class B Shares from another Nuveen Fund or for purposes of dividend reinvestment. Effective December 31, 2008, the reinstatement privilege for Class B Shares will no longer be available. Effective May 1, 2008, Class R Shares were renamed Class I Shares. See the Fund’s prospectus for more information.

2 Paid December 18, 2008.

3 Ordinary income distribution consists of ordinary income paid on December 31, 2008.

4 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Semi-Annual Report    Page 14

Fund Spotlight as of 12/31/08 Nuveen Multi-Manager Large-Cap Value Fund

Industries1
Oil, Gas & Consumable Fuels	14.1%
Pharmaceuticals	10.3%
Commercial Banks	9.4%
Insurance	5.5%
Diversified Telecommunication Services	4.3%
Media	3.7%
Food & Staples Retailing	3.3%
Beverages	3.3%
Electric Utilities	2.7%
Specialty Retail	2.6%
Capital Markets	2.4%
Food Products	2.1%
Communications Equipment	1.8%
Chemicals	1.8%
Aerospace & Defense	1.7%
Industrial Conglomerates	1.5%
Computers & Peripherals	1.5%
Consumer Finance	1.5%
Thrifts & Mortgage Finance	1.5%
Investment Companies	1.4%
Road & Rail	1.3%
Wireless Telecommunication Services	1.3%
Tobacco	1.3%
Diversified Financial Services	1.2%
Energy Equipment & Services	1.2%
Multiline Retail	1.1%
Short-Term Investments	2.2%
Other	14.0%

1 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including front and back end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Since the R3 expense examples below reflect only the first 150 days of the class’s operations they may not provide a meaningful understanding of the class’s ongoing expenses.

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

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front and back end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.

											Hypothetical Performance
	Actual Performance										(5% return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (7/01/08)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/08)	$	709.00	$	706.40	$	706.30	$	726.30	$	709.70	$	1,019.66	$	1,015.98	$	1,015.88	$	1,017.95	$	1,020.97
Expenses Incurred During Period	$	4.74	$	7.87	$	7.96	$	5.11	$	3.62	$	5.60	$	9.30	$	9.40	$	5.97	$	4.28

For each class of the Fund, expenses are equal to the Fund’s annualized expense ratio of 1.10%, 1.83%, 1.85% and 0.84% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). For Class R3 of the Fund, expenses are equal to the Fund’s annualized expense ratio of 1.44% multiplied by the average account value over the period, multiplied by 150/365 (to reflect the 150 days in the period since the class commencement of operations).

Semi-Annual Report    Page 15

Fund Spotlight as of 12/31/08 Nuveen NWQ Multi-Cap Value Fund

Quick Facts
	A Shares	B Shares1	C Shares	R3 Shares	I Shares1
Fund Symbols	NQVAX	NQVBX	NQVCX	NMCTX	NQVRX
NAV	$11.30	$10.99	$10.99	$11.26	$11.28
Inception Date	12/09/02	12/09/02	12/09/02	8/04/08	11/04/97

Effective December 6, 2002, based on shareholder approval, the Nuveen NWQ Multi-Cap Value Fund acquired the assets and performance history of the PBHG Special Equity Fund. The Fund had no assets prior to the acquisition. In addition, on December 14, 2001, the PBHG Special Equity Fund acquired the assets of the NWQ Special Equity Portfolio. The information presented for the Nuveen NWQ Multi-Cap Value Fund prior to the acquisition date represents the expense adjusted performance of the predecessor funds.

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. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Class A, B, C and I Share returns are actual. The returns for Class R3 Shares are actual for the period since class inception; returns prior to class inception are Class I Share returns adjusted for 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 5.75% 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 backend sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than 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. Class R3 Shares have no sales charge and are available to only certain retirement plan clients of financial intermediaries.

Average Annual Total Returns as of 12/31/08
A Shares	NAV	Offer
1-Year	-48.50%	-51.46%
5-Year	-5.36%	-6.47%
10-Year	3.77%	3.15%
B Shares	w/o CDSC	w/CDSC
1-Year	-48.88%	-50.93%
5-Year	-6.06%	-6.23%
10-Year	3.14%	3.14%
C Shares	NAV
1-Year	-48.88%
5-Year	-6.08%
10-Year	2.99%
R3 Shares	NAV
1-Year	-48.63%
5-Year	-5.63%
10-Year	3.47%
I Shares	NAV
1-Year	-48.40%
5-Year	-5.13%
10-Year	4.03%

Top Five Common Stock Holdings2
CA Inc.	8.0%
Viacom Inc., Class B	6.3%
Barrick Gold Corporation	5.1%
Noble Energy, Inc.	5.1%
AngloGold Ashanti Limited	4.6%

Portfolio Allocation²

Portfolio Statistics
Net Assets ($000)	$405,587
Number of Common Stocks	39

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.33%	1.33%	6/30/08
Class B	2.08%	2.08%	6/30/08
Class C	2.08%	2.08%	6/30/08
Class R3	1.58%	1.58%	10/31/08
Class I	1.09%	1.09%	6/30/08

The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses. The Gross and Net Expense Ratios for Class R3 are estimated based on the actual expenses for the Fund during the most recent fiscal year. These expense ratios may vary from the expense ratios shown elsewhere in this report.

1 Effective May 1, 2008, Class B Shares will only be issued upon exchange of Class B Shares from another Nuveen Fund or for purposes of dividend reinvestment. Effective December 31, 2008, the reinvestment privilege for Class B will no longer be available. Effective May 1, 2008, Class R Shares were renamed Class I Shares. See the Fund’s prospectus for more information.

2 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Semi-Annual Report    Page 16

Fund Spotlight as of 12/31/08 Nuveen NWQ Multi-Cap Value Fund

Industries¹

Oil, Gas & Consumable Fuels	14.1%
Insurance	12.9%
Metals & Mining	11.1%
Media	9.0%
Software	8.0%
Aerospace & Defense	6.0%
Biotechnology	4.2%
Commercial Services & Supplies	4.2%
Machinery	4.2%
Independent Power Producers & Energy Traders	3.5%
Pharmaceuticals	3.4%
Tobacco	3.0%
Short-Term Investments	2.8%
Other	13.6%

1 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including front and back end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Since the R3 expense examples below reflect only the first 150 days of the class’s operations they may not provide a meaningful understanding of the class’s ongoing expenses.

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

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front and back end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.

	Actual Performance										Hypothetical Performance (5% return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (7/01/08)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/08)	$	609.20	$	606.80	$	606.80	$	639.80	$	609.70	$	1,017.85	$	1,013.96	$	1,013.96	$	1,016.28	$	1,018.95
Expenses Incurred During Period	$	5.92	$	9.03	$	9.05	$	5.96	$	5.03	$	7.43	$	11.32	$	11.32	$	7.33	$	6.31

For each class of the Fund, expenses are equal to the Fund’s annualized expense ratio of 1.46%, 2.23%, 2.23% and 1.24% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). For Class R3 of the Fund, expenses are equal to the Fund’s annualized expense ratio of 1.77% multiplied by the average value over the period, multiplied by 150/365 (to reflect the 150 days in the period since the class commencement of operations).

Semi-Annual Report    Page 17

Fund Spotlight as of 12/31/08 Nuveen NWQ Large-Cap Value Fund

Quick Facts
	A Shares	B Shares1	C Shares	I Shares1
Fund Symbols	NQCAX	NQCBX	NQCCX	NQCRX
NAV	$12.18	$12.11	$12.11	$12.16
Latest Ordinary Income Distribution2	$0.0695	$ —	$ —	$0.1105
Inception Date	12/15/06	12/15/06	12/15/06	12/15/06

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. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% 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 backend sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than 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.

Average Annual Total Returns as of 12/31/08
A Shares	NAV	Offer
1-Year	-38.35%	-41.89%
Since Inception	-21.14%	-23.39%
B Shares	w/o CDSC	w/CDSC
1-Year	-38.84%	-41.28%
Since Inception	-21.74%	-23.28%
C Shares	NAV
1-Year	-38.84%
Since Inception	-21.74%
I Shares	NAV
1-Year	-38.19%
Since Inception	-20.94%

Top Five Common Stock Holdings³

CA Inc.	6.2%
Barrick Gold Corporation	4.5%
Viacom Inc., Class B	4.3%
Metlife, Inc.	3.9%
Noble Energy, Inc.	3.8%

Portfolio Allocation³

Portfolio Statistics
Net Assets ($000)	$22,865
Number of Common Stocks	41

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.66%	1.33%	6/30/08
Class B	2.43%	2.08%	6/30/08
Class C	2.42%	2.08%	6/30/08
Class I	1.40%	1.08%	6/30/08

The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses. The Net Expense Ratios reflect a contractual commitment by the Fund’s investment adviser to waive fees and reimburse expenses through October 31, 2010. Absent the waiver and reimbursement, the Net Expense Ratios would be higher and total returns would be less.

1 Effective May 1, 2008, Class B Shares will only be issued upon exchange of Class B Shares from another Nuveen Fund or for purposes of dividend reinvestment. Effective December 31, 2008, the reinvestment privilege for Class B will no longer be available. Effective May 1, 2008, Class R Shares were renamed Class I Shares. See the Fund’s prospectus for more information.

2 Ordinary income distribution consists of ordinary income paid on December 31, 2008.

3 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Semi-Annual Report    Page 18

Fund Spotlight as of 12/31/08 Nuveen NWQ Large-Cap Value Fund

Industries1
Oil, Gas & Consumable Fuels	11.5%
Insurance	11.2%
Metals & Mining	9.3%
Software	8.4%
Media	6.2%
Commercial Banks	5.7%
Aerospace & Defense	5.4%
Pharmaceuticals	3.9%
Commercial Services & Supplies	3.7%
Tobacco	3.0%
Biotechnology	2.6%
Communications Equipment	2.6%
Machinery	2.2%
Short-Term Investments	11.0%
Other	13.3%

1 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Expense Example

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

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

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front and back end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.

	Actual Performance								Hypothetical Performance (5% return before expenses)
	A Shares		B Shares		C Shares		I Shares		A Shares		B Shares		C Shares		I Shares
Beginning Account Value (7/01/08)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/08)	$	703.60	$	700.40	$	700.40	$	704.70	$	1,018.45	$	1,014.62	$	1,014.62	$	1,019.71
Expenses Incurred During Period	$	5.75	$	9.00	$	9.00	$	4.68	$	6.82	$	10.66	$	10.66	$	5.55

For each class of the Fund, expenses are equal to the Fund’s annualized expense ratio of 1.34%, 2.10%, 2.10% and 1.09% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semi-Annual Report    Page 19

Fund Spotlight as of 12/31/08 Nuveen NWQ Small/Mid-Cap Value Fund

Quick Facts
	A Shares	B Shares1	C Shares	I Shares1
Fund Symbols	NSMAX	NSMBX	NSMCX	NSMRX
NAV	$10.48	$10.29	$10.30	$10.38
Inception Date	12/15/06	12/15/06	12/15/06	12/15/06

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. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% 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 backend sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than 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.

Average Annual Total Returns as of 12/31/08
A Shares	NAV	Offer
1-Year	-44.75%	-47.94%
Since Inception	-27.08%	-29.15%
B Shares	w/o CDSC	w/CDSC
1-Year	-45.32%	-47.51%
Since Inception	-27.73%	-29.16%
C Shares	NAV
1-Year	-45.40%
Since Inception	-27.80%
I Shares	NAV
1-Year	-45.28%
Since Inception	-27.32%

Top Five Common Stock Holdings²

Tower Group Inc.	4.5%
Griffon Corporation	4.1%
Unum Group	4.0%
Wausau Paper Corp.	3.9%
Hanover Insurance Group Inc.	3.8%

Portfolio Allocation²

Portfolio Statistics
Net Assets ($000)	$3,915
Number of Common Stocks	42

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.65%	1.43%	6/30/08
Class B	2.12%	2.11%	6/30/08
Class C	2.39%	2.18%	6/30/08
Class I	1.16%	1.15%	6/30/08

The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses. The Net Expense Ratios reflect a contractual commitment by the Fund’s investment adviser to waive fees and reimburse expenses through October 31, 2010. The Net Expense Ratios also reflect a custodian fee credit whereby certain fees and expenses are reduced by credits earned on the Fund’s cash on deposit with the bank. There is no guarantee that the Fund will earn such credits in the future. Absent the waiver, reimbursement and custodian fee credit, the Net Expense Ratios would be higher and total returns would be less.

1 Effective May 1, 2008, Class B Shares will only be issued upon exchange of Class B Shares from another Nuveen Fund or for purposes of dividend reinvestment. Effective December 31, 2008, the reinvestment privilege for Class B will no longer be available. Effective May 1, 2008, Class R Shares were renamed Class I Shares. See the Fund’s prospectus for more information.

2 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Semi-Annual Report    Page 20

Fund Spotlight as of 12/31/08 Nuveen NWQ Small/Mid-Cap Value Fund

Industries1
Insurance	17.9%
Oil, Gas & Consumable Fuels	10.5%
Metals & Mining	8.1%
Electronic Equipment & Instruments	7.6%
Machinery	4.8%
Paper & Forest Products	4.8%
Electrical Equipment	4.7%
Building Products	4.1%
Chemicals	3.6%
Thrifts & Mortgage Finance	3.6%
Energy Equipment & Services	3.5%
Containers & Packaging	3.0%
Personal Products	2.7%
Short-Term Investments	7.7%
Other	13.4%

1 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Expense Example

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

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

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front and back end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.

									Hypothetical Performance
	Actual Performance								(5% return before expenses)
	A Shares		B Shares		C Shares		I Shares		A Shares		B Shares		C Shares		I Shares
Beginning Account Value (7/01/08)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/08)	$	613.20	$	608.90	$	608.10	$	606.30	$	1,017.90	$	1,014.17	$	1,014.12	$	1,019.21
Expenses Incurred During Period	$	5.90	$	8.88	$	8.92	$	4.82	$	7.37	$	11.12	$	11.17	$	6.06

For each class of the Fund, expenses are equal to the Fund’s annualized expense ratio of 1.45%, 2.19%, 2.20% and 1.19% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semi-Annual Report    Page 21

Fund Spotlight as of 12/31/08 Nuveen NWQ Small-Cap Value Fund

Quick Facts
	A Shares	B Shares1	C Shares	I Shares1
Fund Symbols	NSCAX	NSCBX	NSCCX	NSCRX
NAV	$13.71	$13.37	$13.39	$13.76
Inception Date	12/09/04	12/09/04	12/09/04	12/09/04

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. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% 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 backend sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than 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.

Average Annual Total Returns as of 12/31/08
A Shares	NAV	Offer
1-Year	-46.45%	-49.52%
Since Inception	-7.76%	-9.09%
B Shares	w/o CDSC	w/CDSC
1-Year	-46.82%	-48.95%
Since Inception	-8.44%	-8.88%
C Shares	NAV
1-Year	-46.82%
Since Inception	-8.41%
I Shares	NAV
1-Year	-46.33%
Since Inception	-7.53%
Top Five Common Stock Holdings2
Aspen Insurance Holdings Limited	4.1%
Griffon Corporation	4.1%
Yamana Gold Inc.	4.0%
Tower Group Inc.	3.8%
Assurant Inc.	3.8%

Portfolio Allocation²

Portfolio Statistics
Net Assets ($000)	$83,101
Number of Common Stocks	46

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.47%	1.47%	6/30/08
Class B	2.22%	2.22%	6/30/08
Class C	2.22%	2.22%	6/30/08
Class I	1.22%	1.22%	6/30/08

The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses.

1 Effective May 1, 2008, Class B Shares will only be issued upon exchange of Class B Shares from another Nuveen Fund or for purposes of dividend reinvestment. Effective December 31, 2008, the reinvestment privilege for Class B will no longer be available. Effective May 1, 2008, Class R Shares were renamed Class I Shares. See the Fund’s prospectus for more information.

2 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Semi-Annual Report    Page 22

Fund Spotlight as of 12/31/08 Nuveen NWQ Small-Cap Value Fund

Industries1
Insurance	20.1%
Oil, Gas & Consumable Fuels	10.0%
Electrical Equipment	8.5%
Machinery	7.5%
Metals & Mining	7.4%
Paper & Forest Products	5.9%
Semiconductors & Equipment	4.2%
Building Products	4.1%
Personal Products	3.3%
Road & Rail	3.3%
Containers & Packaging	3.1%
Electronic Equipment & Services	3.1%
Biotechnology	2.5%
Hotels, Restaurants & Leisure	2.4%
Short-Term Investments	0.6%
Other	14.0%

1 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Expense Example

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

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

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front and back end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.

									Hypothetical Performance
	Actual Performance								(5% return before expenses)
	A Shares		B Shares		C Shares		I Shares		A Shares		B Shares		C Shares		I Shares
Beginning Account Value (7/01/08)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/08)	$	588.70	$	586.70	$	586.80	$	589.10	$	1,018.10	$	1,014.32	$	1,014.32	$	1,019.36
Expenses Incurred During Period	$	5.65	$	8.64	$	8.64	$	5.61	$	7.17	$	10.97	$	10.97	$	5.90

For each class of the Fund, expenses are equal to the Fund’s annualized expense ratio of 1.41%, 2.16%, 2.16% and 1.16% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semi-Annual Report    Page 23

Fund Spotlight as of 12/31/08 Nuveen Tradewinds Value Opportunities Fund

Quick Facts
	A Shares	B Shares1	C Shares	R3 Shares	I Shares1
Fund Symbols	NVOAX	NVOBX	NVOCX	NTVTX	NVORX
NAV	$19.69	$19.45	$19.45	$19.76	$19.69
Latest Capital Gain Distribution2	$0.5135	$0.5135	$0.5135	$0.5135	$0.5135
Latest Ordinary Income Distribution3	$0.5840	$0.5372	$0.5372	$0.5372	$0.6509
Inception Date	12/09/04	12/09/04	12/09/04	8/04/08	12/09/04

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. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Class A, B, C and I Share returns are actual. The returns for Class R3 Shares are actual for the period since class inception; returns prior to class inception are Class I Share returns adjusted for 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 5.75% 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 backend sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than 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. Class R3 Shares have no sales charge and are available to only certain retirement plan clients of financial intermediaries.

Average Annual Total Returns as of 12/31/08
A Shares	NAV	Offer
1-Year	-32.03%	-35.94%
Since Inception	3.52%	2.02%
B Shares	w/o CDSC	w/CDSC
1-Year	-32.51%	-35.06%
Since Inception	2.75%	2.30%
C Shares	NAV
1-Year	-32.51%
Since Inception	2.75%
R3 Shares	NAV
1-Year	-32.20%
Since Inception	3.25%
I Shares	NAV
1-Year	-31.85%
Since Inception	3.78%
Top Five Common Stock Holdings4
Lihir Gold Limited, Sponsored ADR		5.6%
Newmont Mining Corporation		4.4%
Barrick Gold Corporation		4.4%
Kinross Gold Corporation		3.8%
Tyson Foods, Inc.		3.0%

Portfolio Allocation⁴

Portfolio Statistics
Net Assets ($000)	$626,226
Number of Common Stocks	72

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.42%	1.41%	6/30/08
Class B	2.17%	2.16%	6/30/08
Class C	2.17%	2.16%	6/30/08
Class R3	1.67%	1.67%	10/31/08
Class I	1.17%	1.17%	6/30/08

The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses. The Gross and Net Expense Ratios for Class R3 are estimated based on the actual expenses for the Fund during the most recent fiscal year. The Net Expense Ratios reflect a custodian fee credit from the custodian bank whereby certain fees and expenses are reduced by credits earned on the Fund’s cash on deposit with the bank. There is no guarantee that the Fund will earn such credits in the future. Absent the credit, the Net Expense Ratios would be higher and total returns would be less. These expense ratios may vary from the expense ratios shown elsewhere in this report.

1 Effective May 1, 2008, Class B Shares will only be issued upon exchange of Class B Shares from another Nuveen Fund or for purposes of dividend reinvestment. Effective December 31, 2008, the reinvestment privilege for Class B will no longer be available. Effective May 1, 2008, Class R Shares were renamed Class I Shares. See the Fund’s prospectus for more information.

2 Paid December 16, 2008.

3 Ordinary income distribution consists of short-term capital gains paid on December 16, 2008, and ordinary income paid on December 31, 2008, if any.

4 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Semi-Annual Report    Page 24

Fund Spotlight as of 12/31/08 Nuveen Tradewinds Value Opportunities Fund

Country Allocation1
United States	60.8%
Canada	15.4%
Australia	5.8%
Japan	2.6%
South Korea	2.1%
South Africa	1.9%
Brazil	1.6%
Switzerland	1.2%
India	1.1%
Argentina	0.8%
Turkey	0.5%
Germany	0.1%
Short-Term Investments	6.1%

Industries1
Metals & Mining	24.4%
Oil, Gas & Consumable Fuels	11.4%
Food Products	6.2%
Health Care Providers & Services	5.6%
Electric Utilities	4.3%
Machinery	4.1%
Diversified Telecommunication Services	3.9%
Commercial Services & Supplies	3.8%
Wireless Telecommunication Services	2.7%
Pharmaceuticals	2.4%
Commercial Banks	2.3%
Media	2.0%
Internet Software & Services	1.8%
Communications Equipment	1.7%
Food & Staples Retailing	1.6%
Automobiles	1.6%
Short-Term Investments	6.1%
Other	14.1%

1 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including front and back end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Since the R3 expense examples below reflect only the first 150 days of the class’s operations they may not provide a meaningful understanding of the class’s ongoing expenses.

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

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front and back end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.

											Hypothetical Performance
	Actual Performance										(5% return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (7/01/08)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/08)	$	704.90	$	702.60	$	702.60	$	722.00	$	705.80	$	1,018.00	$	1,014.22	$	1,014.22	$	1,016.53	$	1,019.16
Expenses Incurred During Period	$	6.15	$	9.36	$	9.36	$	6.09	$	5.16	$	7.27	$	11.07	$	11.07	$	7.13	$	6.11

For each class of the Fund, expenses are equal to the Fund’s annualized expense ratio of 1.43%, 2.18%, 2.18% and 1.20% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). For Class R3 of the Fund, expenses are equal to the Fund’s annualized expense ratio of 1.72% multiplied by the average account value over the period, multiplied by 150/365 (to reflect the 150 days in the period since the class commencement of operations).

Semi-Annual Report    Page 25

Portfolio of Investments (Unaudited)

Nuveen Multi-Manager Large-Cap Value Fund

December 31, 2008

Shares	Description (1)	Value
	COMMON STOCKS – 96.0%
	Aerospace & Defense – 1.7%
400	Alliant Techsystems Inc., (2)	$	34,304
5,800	General Dynamics Corporation		334,022
64,650	Honeywell International Inc.		2,122,460
400	L-3 Communications Holdings, Inc.		29,512
4,500	Northrop Grumman Corporation		202,680
19,200	Raytheon Company		979,968
1,100	Spirit AeroSystems Holdings Inc., (2)		11,187
21,410	United Technologies Corporation		1,147,576
	Total Aerospace & Defense		4,861,709
	Air Freight & Logistics – 0.7%
32,440	FedEx Corporation		2,081,026
100	UTI Worldwide, Inc.		1,434
	Total Air Freight & Logistics		2,082,460
	Airlines – 0.1%
800	AMR Corporation, (2)		8,536
900	Continental Airlines, Inc., (2)		16,254
100	Copa Holdings SA		3,032
6,500	Delta Air Lines, Inc., (2)		74,490
10,700	Southwest Airlines Co.		92,234
	Total Airlines		194,546
	Auto Components – 0.1%
1,400	Autoliv Inc.		30,044
200	BorgWarner Inc.		4,354
200	Federal Mogul Corporation, Class A Shares, (2)		846
3,100	Goodyear Tire & Rubber Company, (2)		18,507
6,400	Johnson Controls, Inc.		116,224
800	TRW Automotive Holdings Corporation, (2)		2,880
	Total Auto Components		172,855
	Automobiles – 0.1%
89,300	Ford Motor Company, (2)		204,497
900	General Motors Corporation		2,880
600	Harley-Davidson, Inc.		10,182
400	Thor Industries, Inc.		5,272
	Total Automobiles		222,831
	Beverages – 3.2%
300	Brown-Forman Corporation		15,447
88,950	Coca-Cola Company		4,026,767
7,600	Coca-Cola Enterprises Inc.		91,428
1,400	Constellation Brands, Inc., Class A, (2)		22,078
3,500	Dr. Pepper Snapple Group, (2)		56,875
28,650	Molson Coors Brewing Company, Class B		1,401,558

26

Shares	Description (1)	Value
	Beverages (continued)
2,300	Pepsi Bottling Group, Inc.	$	51,773
800	PepsiAmericas Inc.		16,288
65,350	PepsiCo, Inc.		3,579,220
	Total Beverages		9,261,434
	Biotechnology – 0.9%
37,680	Amgen Inc., (2)		2,176,020
3,650	Genentech, Inc., (2)		302,622
	Total Biotechnology		2,478,642
	Building Products – 0.3%
300	Armstrong World Industries Inc., (2)		6,486
79,300	Masco Corporation		882,609
1,300	Owens Corning, (2)		22,490
	Total Building Products		911,585
	Capital Markets – 2.4%
7,400	American Capital Limited		23,976
4,600	Ameriprise Financial, Inc.		107,456
139,304	Bank of New York Company, Inc.		3,946,482
100	BlackRock Inc.		13,415
5,000	E*Trade Group Inc., (2)		5,750
8,820	Franklin Resources, Inc.		562,540
47,270	Invesco LTD		682,579
100	Janus Capital Group Inc.		803
1,000	Jefferies Group, Inc.		14,060
58,310	Legg Mason, Inc.		1,277,572
2,300	Raymond James Financial Inc.		39,399
5,100	State Street Corporation		200,583
	Total Capital Markets		6,874,615
	Chemicals – 1.7%
900	Ashland Inc.		9,459
1,600	Cabot Corporation		24,480
36,290	Celanese Corporation, Series A		451,085
3,400	Chemtura Corporation		4,760
800	Cytec Industries, Inc.		16,976
22,700	Dow Chemical Company		342,543
109,850	E.I. Du Pont de Nemours and Company		2,779,205
2,200	Eastman Chemical Company		69,762
900	FMC Corporation		40,257
1,600	Huntsman Corporation		5,504
1,300	Lubrizol Corporation		47,307
26,640	Mosaic Company		921,744
100	Nalco Holding Company		1,154
3,200	PPG Industries, Inc.		135,776
400	Rohm and Haas Company		24,716

27

Portfolio of Investments (Unaudited)

Nuveen Multi-Manager Large-Cap Value Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Chemicals (continued)
2,200	RPM International, Inc.	$	29,238
200	Scotts Miracle Gro Company		5,944
900	Sigma-Aldrich Corporation		38,016
100	Valhi Inc.		1,070
2,600	Valspar Corporation		47,034
	Total Chemicals		4,996,030
	Commercial Banks – 9.4%
2,400	American Express Company		44,520
3,400	Associated Banc-Corp.		71,162
2,200	BancorpSouth Inc.		51,392
161,100	Bank of America Corporation		2,268,288
1,200	Bank of Hawaii Corporation		54,204
42,700	BB&T Corporation		1,172,542
500	BOK Financial Corporation		20,200
800	City National Corporation		38,960
4,600	Comerica Incorporated		91,310
1,500	Commerce Bancshares Inc.		65,925
1,600	Cullen/Frost Bankers, Inc.		81,088
5,900	Fifth Third Bancorp.		48,734
100	First Citizens Bancshs Inc.		15,280
2,201	First Horizon National Corporation		23,263
5,500	Fulton Financial Corporation		52,910
6,600	Goldman Sachs Group, Inc.		556,974
7,700	Huntington BancShares Inc.		58,982
305,490	JPMorgan Chase & Co.		9,632,100
75,880	KeyCorp.		646,498
1,600	M&T Bank Corporation		91,856
7,500	Marshall and Ilsley Corporation		102,300
35,400	Merrill Lynch & Co., Inc.		412,056
8,400	Morgan Stanley		134,736
17,350	Northern Trust Corporation		904,629
25,960	PNC Financial Services Group, Inc.		1,272,040
6,700	Popular, Inc.		34,572
15,900	Regions Financial Corporation		126,564
8,000	SunTrust Banks, Inc.		236,320
5,000	Synovus Financial Corp.		41,500
4,400	TCF Financial Corporation		60,104
47,800	U.S. Bancorp		1,195,478
3,600	Valley National Bancorp.		72,900
10,400	Wachovia Corporation		57,616
1,100	Webster Financial Corporation		15,158
236,780	Wells Fargo & Company		6,980,274
1,700	Whitney Holding Corporation		27,183

28

Shares	Description (1)	Value
	Commercial Banks (continued)
1,500	Wilmington Trust Corporation	$	33,360
3,200	Zions Bancorporation		78,432
	Total Commercial Banks		26,871,410
	Commercial Services & Supplies – 0.6%
2,100	Avery Dennison Corporation		68,733
1,500	Career Education Corporation, (2)		26,910
2,700	Cintas Corporation		62,721
71,780	Corrections Corporation of America, (2)		1,174,321
300	Dun and Bradstreet Inc.		23,160
900	Equifax Inc.		23,868
1,300	Manpower Inc.		44,187
400	Pitney Bowes Inc.		10,192
5,500	R.R. Donnelley & Sons Company		74,690
200	Republic Services, Inc.		4,958
1,800	Steelcase Inc.		10,116
7,000	Waste Management, Inc.		231,980
100	Zebra Technologies Corporation, Class A, (2)		2,026
	Total Commercial Services & Supplies		1,757,862
	Communications Equipment – 1.8%
1,000	ADC Telecommunications Inc., (2)		5,470
177,450	Cisco Systems, Inc., (2)		2,892,435
4,500	Motorola, Inc.		19,935
64,350	QUALCOMM Inc.		2,305,661
5,800	Tellabs Inc., (2)		23,896
	Total Communications Equipment		5,247,397
	Computers & Peripherals – 1.5%
4,500	Brocade Communications Systems Inc., (2)		12,600
7,900	EMC Corporation, (2)		82,713
110,070	Hewlett-Packard Company		3,994,440
3,000	Ingram Micro, Inc., (2)		40,170
2,100	Lexmark International, Inc., Class A, (2)		56,490
200	McAfee Inc., (2)		6,914
400	NCR Corporation, (2)		5,656
10,100	Seagate Technology		44,743
4,800	Sun Microsystems Inc., (2)		18,336
1,000	Teradata Corporation, (2)		14,830
	Total Computers & Peripherals		4,276,892
	Construction & Engineering – 0.4%
200	AECOM Technology Corporation, (2)		6,146
300	KBR Inc.		4,560
59,950	Quanta Services Incorporated, (2)		1,187,010
1,400	URS Corporation, (2)		57,078
	Total Construction & Engineering		1,254,794

29

Portfolio of Investments (Unaudited)

Nuveen Multi-Manager Large-Cap Value Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Construction Materials – 0.0%
100	Eagle Materials Inc.	$	1,841
1,500	Vulcan Materials Company		104,370
	Total Construction Materials		106,211
	Consumer Finance – 1.5%
2,100	Americredit Corp., (2)		16,044
64,850	Capital One Financial Corporation		2,068,067
8,000	Capitalsource Inc.		36,960
9,800	Discover Financial Services		93,394
100	Student Loan Corporation		4,100
38,670	Visa Inc.		2,028,242
	Total Consumer Finance		4,246,807
	Containers & Packaging – 0.2%
1,100	AptarGroup Inc.		38,764
1,400	Ball Corporation		58,226
2,600	Bemis Company, Inc.		61,568
2,100	Owens-Illinois, Inc., (2)		57,393
1,900	Packaging Corp. of America		25,574
2,800	Pactiv Corporation, (2)		69,664
3,300	Sealed Air Corporation		49,302
47,200	Smurfit-Stone Container Corporation, (2)		12,036
2,300	Sonoco Products Company		53,268
1,500	Temple-Inland Inc.		7,200
	Total Containers & Packaging		432,995
	Diversified Consumer Services – 0.0%
4,700	Service Corporation International		23,359
100	Weight Watcher’s International Inc.		2,942
	Total Diversified Consumer Services		26,301
	Diversified Financial Services – 1.2%
5,000	Allied Capital Corporation		13,450
2,700	CIT Group Inc.		12,258
190,830	Citigroup Inc.		1,280,469
100	CME Group, Inc.		20,811
2,100	Leucadia National Corporation, (2)		41,580
2,300	Moody’s Corporation		46,207
900	Nasdaq Stock Market, Inc., (2)		22,239
61,480	New York Stock Exchange Euronext		1,683,322
26,430	Western Union Company		379,006
	Total Diversified Financial Services		3,499,342
	Diversified REIT – 0.1%
3,800	Duke Realty Corporation		41,648
2,200	Liberty Property Trust		50,226
2,300	Vornado Realty Trust		138,805
	Total Diversified REIT		230,679

30

Shares	Description (1)	Value
	Diversified Telecommunication Services – 4.3%
264,268	AT&T Inc.	$	7,531,638
3,700	CenturyTel, Inc.		101,121
52,790	Embarq Corporation		1,898,328
6,700	Frontier Communications Corporation		58,558
30,000	Qwest Communications International Inc.		109,200
159,900	Sprint Nextel Corporation, (2)		292,617
66,600	Verizon Communications Inc.		2,257,740
7,300	Windstream Corporation		67,160
	Total Diversified Telecommunication Services		12,316,362
	Electric Utilities – 2.7%
3,100	Alliant Energy Corporation		90,458
5,600	Ameren Corporation		186,256
9,600	American Electric Power Company, Inc.		319,488
7,100	Consolidated Edison, Inc.		276,403
2,100	DPL Inc.		47,964
4,600	DTE Energy Company		164,082
19,540	Edison International		627,625
1,100	Entergy Corporation		91,443
5,800	Exelon Corporation		322,538
7,700	FirstEnergy Corp.		374,066
52,100	FPL Group, Inc.		2,622,193
2,900	Great Plains Energy Incorporated		56,057
2,600	Hawaiian Electric Industries		57,564
3,200	Northeast Utilities		76,992
3,400	NV Energy Inc.		33,626
2,300	OGE Energy Corp.		59,294
4,700	Pepco Holdings, Inc.		83,472
8,200	PG&E Corporation		317,422
2,700	Pinnacle West Capital Corporation		86,751
6,300	Progress Energy, Inc.		251,055
16,000	Reliant Energy Inc., (2)		92,480
39,850	Southern Company		1,474,450
5,900	TECO Energy, Inc.		72,865
	Total Electric Utilities		7,784,544
	Electrical Equipment – 0.3%
700	Cooper Industries, Ltd., Class A		20,461
22,100	Emerson Electric Company		809,081
600	Hubbell Incorporated, Class B		19,608
200	Lincoln Electric Holdings Inc.		10,186
800	Thomas & Betts Corporation, (2)		19,216
	Total Electrical Equipment		878,552

31

Portfolio of Investments (Unaudited)

Nuveen Multi-Manager Large-Cap Value Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Electronic Equipment & Instruments – 0.2%
2,100	Arrow Electronics, Inc., (2)	$	39,564
1,700	Avnet Inc., (2)		30,957
900	AVX Group		7,146
200	Diebold Inc.		5,618
1,800	Jabil Circuit Inc.		12,150
1,600	Molex Inc.		23,184
900	Tech Data Corporation, (2)		16,056
4,200	Thermo Fisher Scientific, Inc., (2)		143,094
11,800	Tyco Electronics, Limited		191,278
4,000	Vishay Intertechnology Inc., (2)		13,680
	Total Electronic Equipment & Instruments		482,727
	Energy Equipment & Services – 1.2%
11,600	Anadarko Petroleum Corporation		447,180
74,350	Baker Hughes Incorporated		2,384,405
6,300	BJ Services Company		73,521
1,100	Cabot Oil & Gas Corporation		28,600
300	ENSCO International Incorporated		8,517
900	Helix Energy Solutions Group, (2)		6,516
3,000	Helmerich & Payne Inc.		68,250
1,300	Hercules Offshore Inc., (2)		6,175
1,800	Key Energy Services Inc., (2)		7,938
9,800	Nabors Industries Inc., (2)		117,306
500	Oil States International Inc., (2)		9,345
2,000	Patterson-UTI Energy, Inc.		23,020
1,400	Pride International Inc., (2)		22,372
2,200	Rowan Companies Inc.		34,980
500	SeaCor Smit Inc., (2)		33,325
1,300	Tidewater Inc.		52,351
300	Unit Corporation, (2)		8,016
	Total Energy Equipment & Services		3,331,817
	Food & Staples Retailing – 3.2%
1,500	BJ’s Wholesale Club, (2)		51,390
24,375	Costco Wholesale Corporation		1,279,688
137,550	CVS Caremark Corporation		3,953,187
45,570	Kroger Co.		1,203,504
39,800	Rite Aid Corporation, (2)		12,338
8,000	Safeway Inc.		190,160
7,600	SUPERVALU INC.		110,960
1,100	Walgreen Co.		27,137
43,490	Wal-Mart Stores, Inc.		2,438,049
	Total Food & Staples Retailing		9,266,413

32

Shares	Description (1)	Value
	Food Products – 2.1%
12,800	Archer-Daniels-Midland Company	$	369,024
3,000	Bunge Limited		155,310
2,300	Campbell Soup Company		69,023
8,800	ConAgra Foods, Inc.		145,200
1,500	Corn Products International, Inc.		43,275
400	Dean Foods Company, (2)		7,188
3,400	Del Monte Foods Company		24,276
33,250	General Mills, Inc.		2,019,938
50,730	H.J. Heinz Company		1,907,448
1,200	Hershey Foods Corporation		41,688
1,000	Hormel Foods Corporation		31,080
2,000	JM Smucker Company		86,720
1,700	Kellogg Company		74,545
27,000	Kraft Foods Inc.		724,950
1,000	McCormick & Company, Incorporated		31,860
9,900	Sara Lee Corporation		96,921
300	Smithfield Foods, Inc., (2)		4,221
3,400	Tyson Foods, Inc., Class A		29,784
	Total Food Products		5,862,451
	Gas Utilities – 0.2%
2,000	AGL Resources Inc.		62,700
2,500	Atmos Energy Corporation		59,250
1,100	Energen Corporation		32,263
2,000	Questar Corporation		65,380
2,000	Southern Union Company		26,080
15,100	Spectra Energy Corporation		237,674
2,500	UGI Corporation		61,050
	Total Gas Utilities		544,397
	Health Care Equipment & Supplies – 0.8%
1,700	AmerisourceBergen Corporation		60,622
200	Beckman Coulter, Inc.		8,788
8,800	Boston Scientific Corporation, (2)		68,112
200	Cooper Companies, Inc.		3,280
29,110	Covidien Limited		1,054,946
1,200	Hill Rom Holdings Inc.		19,752
100	Hologic Inc., (2)		1,307
2,200	Hospira Inc., (2)		59,004
100	Inverness Medical Innovation, (2)		1,891
100	Lincare Holdings, (2)		2,693
26,150	Medtronic, Inc.		821,633
1,100	Zimmer Holdings, Inc., (2)		44,462
	Total Health Care Equipment & Supplies		2,146,490

33

Portfolio of Investments (Unaudited)

Nuveen Multi-Manager Large-Cap Value Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Health Care Providers & Services – 0.8%
1,800	Aetna Inc.	$	51,300
400	Brookdale Senior Living Inc.		2,232
1,300	Cardinal Health, Inc.		44,811
2,500	CIGNA Corporation		42,125
600	Community Health Systems Inc., (2)		8,748
2,500	Coventry Health Care, Inc., (2)		37,200
300	Davita Inc., (2)		14,871
600	Health Management Associates Inc., (2)		1,074
100	Henry Schein Inc., (2)		3,669
900	Humana Inc., (2)		33,552
1,100	Lifepoint Hospitals Inc., (2)		25,124
1,000	McKesson HBOC Inc.		38,730
46,850	Omnicare, Inc.		1,300,556
100	Pediatrix Medical Group Inc.		3,170
400	Quest Diagnostics Incorporated		20,764
7,000	UnitedHealth Group Incorporated		186,200
900	Universal Health Services, Inc., Class B		33,813
7,400	Wellpoint Inc., (2)		311,762
	Total Health Care Providers & Services		2,159,701
	Health Care Technology – 0.0%
3,400	Health Corporation, (2)		35,564
1,600	IMS Health Incorporated		24,256
	Total Health Care Technology		59,820
	Hotels, Restaurants & Leisure – 0.8%
7,300	Carnival Corporation		177,536
300	Choice Hotels International, Inc.		9,018
45,047	Intercontinental Hotels Group PLC, ADR		377,043
1,200	Interval Leisure Group Inc., (2)		6,468
500	Intl Speedway Corporation		14,365
24,940	McDonald’s Corporation		1,551,019
100	MGM Mirage Inc., (2)		1,376
3,700	Royal Caribbean Cruises Limited		50,875
2,100	Wyndham Worldwide Corporation		13,755
	Total Hotels, Restaurants & Leisure		2,201,455
	Household Durables – 0.3%
1,300	Black & Decker Corporation		54,353
1,400	Centex Corporation		14,896
3,200	D.R. Horton, Inc.		22,624
2,900	Fortune Brands Inc.		119,712
1,300	Jarden Corporation, (2)		14,950
1,100	KB Home		14,982
2,800	Leggett and Platt Inc.		42,532
2,000	Lennar Corporation, Class A		17,340
700	MDC Holdings Inc.		21,210

34

Shares	Description (1)	Value
	Household Durables (continued)
1,500	Mohawk Industries Inc., (2)	$	64,455
6,600	Newell Rubbermaid Inc.		64,548
100	NVR Inc., (2)		45,625
2,300	Pulte Corporation		25,139
1,200	Snap-on Incorporated		47,256
1,700	Stanley Works		57,970
1,600	Toll Brothers Inc., (2)		34,288
2,100	Whirlpool Corporation		86,835
	Total Household Durables		748,715
	Household Products – 0.9%
1,700	Clorox Company		94,452
4,900	Kimberly-Clark Corporation		258,426
33,700	Procter & Gamble Company		2,083,334
	Total Household Products		2,436,212
	Independent Power Producers & Energy Traders – 0.0%
300	Constellation Energy Group		7,527
200	Mirant Corporation, (2)		3,774
3,900	NRG Energy Inc., (2)		90,987
	Total Independent Power Producers & Energy Traders		102,288
	Industrial Conglomerates – 1.5%
800	Carlisle Companies Inc.		16,560
252,380	General Electric Company		4,088,556
3,200	Genuine Parts Company		121,152
800	Teleflex Inc.		40,080
4,800	Tyco International Ltd.		103,680
	Total Industrial Conglomerates		4,370,028
	Industrial REIT – 0.0%
1,600	AMB Property Corp.		37,472
6,100	ProLogis		84,729
	Total Industrial REIT		122,201
	Insurance – 5.5%
87,160	Ace Limited		4,612,507
10,080	AFLAC Incorporated		462,067
100	Alleghany Corporation, Term Loan, (2)		28,200
1,200	Allied World Assurance Holdings		48,720
7,300	Allstate Corporation		239,148
1,600	American Financial Group Inc.		36,608
76,100	American International Group, Inc.		119,477
300	American National Insurance Company		22,119
6,600	Aon Corporation		301,488
10,660	Arch Capital Group Limited, (2)		747,266
2,200	Arthur J. Gallagher & Co.		57,002
1,100	Assurant Inc.		33,000

35

Portfolio of Investments (Unaudited)

Nuveen Multi-Manager Large-Cap Value Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Insurance (continued)
42,720	Axis Capital Holdings Limited	$	1,244,006
1,600	Brown & Brown Inc.		33,440
40,650	Chubb Corporation		2,073,150
3,600	Cincinnati Financial Corporation		104,652
400	CNA Financial Corporation		6,576
1,200	Conseco Inc., (2)		6,216
1,400	Endurance Specialty Holdings, Limited		42,742
600	Erie Indemnity Company		22,578
1,100	Everest Reinsurance Group Ltd		83,754
4,000	Fidelity National Title Group Inc., Class A		71,000
1,300	First American Corporation		37,557
7,300	Genworth Financial Inc., Class A		20,659
900	Hanover Insurance Group Inc.		38,673
1,300	Hartford Financial Services Group, Inc.		21,346
2,400	HCC Insurance Holdings Inc.		64,200
4,500	Lincoln National Corporation		84,780
8,500	Loews Corporation		240,125
200	Markel Corporation, (2)		59,800
15,200	Marsh & McLennan Companies, Inc.		368,904
600	Mercury General Corporation		27,594
25,400	MetLife, Inc.		885,444
1,200	Nationwide Financial Services, Inc.		62,652
4,800	Old Republic International Corporation		57,216
800	OneBeacon Insurance Group Limited, Class A		8,352
1,100	PartnerRe Limited		78,397
1,100	Principal Financial Group, Inc.		24,827
13,900	Progressive Corporation		205,859
1,000	Protective Life Corporation		14,350
2,500	Prudential Financial, Inc.		75,650
3,100	Reinsurance Group of America Inc.		132,742
1,100	RenaisasnceRE Holdings, Limited		56,716
800	StanCorp Financial Group Inc.		33,416
1,300	Torchmark Corporation		58,110
300	Transatlantic Holdings Inc.		12,018
51,100	Travelers Companies, Inc.		2,309,720
900	Unitrin, Inc.		14,346
6,000	Unum Group		111,600
100	White Mountain Insurance Group		26,711
2,800	WR Berkley Corporation		86,800
5,800	XL Capital Ltd, Class A		21,460
	Total Insurance		15,635,740

36

Shares	Description (1)	Value
	Internet & Catalog Retail – 0.0%
2,700	Expedia, Inc., (2)	$	22,248
1,900	Hosting Site Network, Inc., (2)		13,813
1,700	IAC/InterActiveCorp., (2)		26,741
1,900	Ticketmaster Online-Citysearch, Inc., (2)		12,198
	Total Internet & Catalog Retail		75,000
	IT Services – 0.4%
9,300	Accenture Limited		304,947
1,500	Affiliated Computer Services Inc., (2)		68,925
4,000	Computer Sciences Corporation, (2)		140,560
700	Convergys Corporation, (2)		4,487
100	DST Systems Inc., (2)		3,798
36,930	Fidelity National Information Services		600,851
900	Lender Processing Services Inc.		26,505
2,400	SAIC, Inc., (2)		46,752
1,100	Unisys Corporation, (2)		935
	Total IT Services		1,197,760
	Leisure Equipment & Products – 0.7%
11,200	Eastman Kodak Company		73,696
63,930	Hasbro, Inc.		1,864,838
6,300	Mattel, Inc.		100,800
	Total Leisure Equipment & Products		2,039,334
	Life Sciences Tools & Services – 0.0%
400	Charles River Laboratories International, Inc., (2)		10,480
900	Life Technologies Corporation, (2)		20,979
1,400	Perkinelmer Inc.		19,474
	Total Life Sciences Tools & Services		50,933
	Machinery – 0.6%
20,350	AGCO Corporation, (2)		480,057
800	Crane Company		13,792
900	Danaher Corporation		50,949
400	Dover Corporation		13,168
2,000	Eaton Corporation		99,420
8,327	Flowserve Corporation		428,841
1,400	Gardner Denver, Inc., (2)		32,676
200	IDEX Corporation		4,830
7,500	Illinois Tool Works Inc.		262,875
6,200	Ingersoll Rand Company Limited, Class A		107,570
700	ITT Industries Inc.		32,193
900	Kennametal Inc.		19,971
100	Oshkosh Truck Corporation		889
2,100	Pentair, Inc.		49,707
3,000	Terex Corporation, (2)		51,960
1,500	Timken Company		29,445
1,900	Trinity Industries Inc.		29,944
	Total Machinery		1,708,287

37

Portfolio of Investments (Unaudited)

Nuveen Multi-Manager Large-Cap Value Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Marine – 0.0%
900	Alexander and Bald, Inc.	$	22,554
700	Overseas Shipholding Group Inc.		29,477
	Total Marine		52,031
	Media – 3.7%
600	Ascent Media Corporation, (2)		13,104
50,070	Cablevision Systems Corporation		843,179
20,900	CBS Corporation, Class B		171,171
200	Clear Channel Outdoor Holdings Inc., Class A, (2)		1,230
42,300	Comcast Corporation, Class A		714,024
2,900	Discovery Communications Inc., Class C Shares, (2)		38,831
1,500	E.W. Scripps Company, Class A		3,315
1,200	Echostar Holding Corproation, Class A, (2)		17,844
4,000	Gannett Company Inc.		32,000
600	Hearst-Argyle Television Inc.		3,636
1,400	Interpublic Group Companies, Inc., (2)		5,544
6,100	Liberty Global Inc, A Shares, (2)		97,112
17,700	Liberty Media Holding Corporation Interactive, Class A, (2)		55,224
2,500	McGraw-Hill Companies, Inc.		57,975
500	Meredith Corporation		8,560
1,300	New York Times, Class A		9,529
302,740	News Corporation, Class A		2,751,907
35,600	Omnicom Group Inc.		958,352
62,760	Regal Entertainment Group, Class A		640,780
900	Scripps Networks Interactive, Class A Shares		19,800
1,800	Time Warner Cable, Class A, (2)		38,610
90,400	Time Warner Inc.		909,424
128,850	Viacom Inc., Class B, (2)		2,455,881
11,100	Virgin Media, Inc.		55,389
29,400	Walt Disney Company		667,086
100	Washington Post Company		39,025
	Total Media		10,608,532
	Metals & Mining – 0.9%
5,000	Alcoa Inc.		56,300
500	Carpenter Technology Inc.		10,270
1,800	Commercial Metals Company		21,366
39,820	Freeport-McMoRan Copper & Gold, Inc.		973,201
31,500	Newmont Mining Corporation		1,282,050
5,300	Nucor Corporation		244,860
1,300	Reliance Steel & Aluminum Company		25,922
300	Schnitzer Steel Industries, Inc.		11,295
1,800	Steel Dynamics Inc.		20,124
700	Titanium Metals Corporation		6,167
200	United States Steel Corporation		7,440
	Total Metals & Mining		2,658,995

38

Shares	Description (1)	Value
	Mortgage REIT – 0.1%
15,500	Annaly Capital Management Inc.	$	245,985
1,500	iStar Financial Inc.		3,345
	Total Mortgage REIT		249,330
	Multiline Retail – 1.1%
42,470	Family Dollar Stores, Inc.		1,107,193
13,900	Federated Department Stores, Inc.		143,865
5,700	J.C. Penney Company, Inc.		112,290
1,300	Kohl’s Corporation, (2)		47,060
1,100	Sears Holding Corporation, (2)		42,757
49,400	Target Corporation		1,705,782
	Total Multiline Retail		3,158,947
	Multi-Utilities – 1.0%
3,100	CenterPoint Energy, Inc.		39,122
3,700	CMS Energy Corporation		37,407
12,400	Dominion Resources, Inc.		444,416
32,600	Duke Energy Corporation		489,326
1,800	Integrys Energy Group, Inc.		77,364
30,740	MDU Resources Group Inc.		663,369
1,900	National Fuel Gas Company		59,527
7,300	NiSource Inc.		80,081
2,600	NSTAR		94,874
2,300	ONEOK, Inc.		66,976
3,200	Puget Energy, Inc.		87,264
2,700	Scana Corporation		96,120
5,700	Sempra Energy		242,991
2,300	Vectren Corporation		57,523
2,400	Wisconsin Energy Corporation		100,752
10,300	Xcel Energy, Inc.		191,065
	Total Multi-Utilities		2,828,177
	Office Electronics – 0.0%
12,800	Xerox Corporation		102,016
	Office REIT – 0.1%
400	Alexandria Real Estate Equities Inc.		24,136
1,700	Boston Properties, Inc.		93,500
2,500	Brandywine Realty Trust		19,275
300	Digital Realty Trust Inc.		9,855
1,200	Douglas Emmett Inc.		15,672
9,400	HRPT Properties Trust		31,678
600	Kilroy Realty Corporation		20,076
1,400	Mack-Cali Realty Corporation		34,300
1,500	SL Green Realty Corporation		38,850
	Total Office REIT		287,342

39

Portfolio of Investments (Unaudited)

Nuveen Multi-Manager Large-Cap Value Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Oil, Gas & Consumable Fuels – 14.1%
9,300	Apache Corporation	$	693,129
48,780	Chesapeake Energy Corporation		788,773
128,910	Chevron Corporation		9,535,473
4,000	Cimarex Energy Company		107,120
39,800	ConocoPhillips		2,061,640
12,140	Continental Resources Inc., (2)		251,419
20,420	Devon Energy Corporation		1,341,798
14,900	El Paso Corporation		116,667
1,200	Encore Acquisition Company, (2)		30,624
19,970	EOG Resources, Inc.		1,329,603
105,950	Exxon Mobil Corporation, Sponsored ADR		8,457,989
2,600	Forest Oil Corporation, (2)		42,874
34,660	Hess Corporation		1,859,162
76,250	Marathon Oil Corporation		2,086,200
700	Mariner Energy Inc., (2)		7,140
4,600	Newfield Exploration Company, (2)		90,850
4,100	Noble Energy, Inc.		201,802
118,040	Occidental Petroleum Corporation		7,081,220
300	Petrohawk Energy Corporation, (2)		4,689
3,900	Pioneer Natural Resources Company		63,102
300	Plains Exploration & Production Company, (2)		6,972
600	St Mary Land and Exploration Company		12,186
23,530	Sunoco, Inc.		1,022,614
900	Teekay Shipping Corporation		17,685
500	Tesoro Petroleum Corporation		6,585
43,350	Total SA, Sponsored ADR		2,397,255
13,400	Valero Energy Corporation		289,976
10,400	XTO Energy, Inc.		366,808
	Total Oil, Gas & Consumable Fuels		40,271,355
	Paper & Forest Products – 0.1%
2,600	Domtar Corporation, (2)		4,342
14,600	International Paper Company		172,280
4,800	MeadWestvaco Corporation		53,712
3,200	Weyerhaeuser Company		97,952
	Total Paper & Forest Products		328,286
	Personal Products – 0.2%
1,500	Alberto Culver Company		36,765
18,800	Avon Products, Inc.		451,764
500	NBTY Inc., (2)		7,825
	Total Personal Products		496,354
	Pharmaceuticals – 10.2%
94,640	Bristol-Myers Squibb Company		2,200,380
46,920	Eli Lilly and Company		1,889,468

40

Shares	Description (1)	Value
	Pharmaceuticals (continued)
200	Endo Pharmaceuticals Holdings Inc., (2)	$	5,176
4,600	Forest Laboratories, Inc., (2)		117,162
126,760	Johnson & Johnson		7,584,051
5,600	King Pharmaceuticals Inc., (2)		59,472
21,600	Merck & Co. Inc.		656,640
3,500	Mylan Laboratories Inc., (2)		34,615
70,100	Novartis AG		3,488,176
249,880	Pfizer Inc.		4,425,375
118,950	Schering-Plough Corporation		2,025,719
815	Teva Pharmaceutical Industries Limited, Sponsored ADR		34,710
31,620	Watson Pharmaceuticals Inc., (2)		840,143
155,980	Wyeth		5,850,810
	Total Pharmaceuticals		29,211,897
	Real Estate Management & Development – 0.0%
400	CB Richard Ellis Group, Inc., Class A, (2)		1,728
300	Jones Lang LaSalle Inc.		8,310
300	St Joe Company, (2)		7,296
	Total Real Estate Management & Development		17,334
	Residential REIT – 0.1%
2,100	Apartment Investment & Management Company, Class A		24,255
1,300	AvalonBay Communities, Inc.		78,754
1,100	BRE Properties, Inc.		30,778
400	Camden Property Trust		12,536
5,600	Equity Residential		166,992
500	Essex Property Trust Inc.		38,375
4,200	UDR Inc.		57,918
	Total Residential REIT		409,608
	Retail REIT – 0.1%
1,000	CBL & Associates Properties Inc.		6,500
5,900	Developers Diversified Realty Corporation		28,792
600	Federal Realty Investment Trust		37,248
3,300	General Growth Properties Inc.		4,257
2,800	Kimco Realty Corporation		51,184
800	Regency Centers Corporation		37,360
1,300	Weingarten Realty Investors Trust		26,897
	Total Retail REIT		192,238
	Road & Rail – 1.3%
12,200	Avis Budget Group Inc., (2)		8,540
16,870	Burlington Northern Santa Fe Corporation		1,277,228
800	Con-Way, Inc.		21,280
55,550	CSX Corporation		1,803,709
1,800	Hertz Global Holdings, Inc., (2)		9,126
400	Kansas City Southern Industries, (2)		7,620

41

Portfolio of Investments (Unaudited)

Nuveen Multi-Manager Large-Cap Value Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Road & Rail (continued)
6,200	Norfolk Southern Corporation	$	291,710
900	Ryder System, Inc.		34,902
6,990	Union Pacific Corporation		334,122
	Total Road & Rail		3,788,237
	Semiconductors & Equipment – 0.8%
5,800	Advanced Micro Devices, Inc., (2)		12,528
1,900	Atmel Corporation, (2)		5,947
700	Cree, Inc., (2)		11,109
1,000	Fairchild Semiconductor International Inc., Class A, (2)		4,890
1,100	Integrated Device Technology, Inc., (2)		6,171
12,000	Intel Corporation		175,920
200	International Rectifier Corporation, (2)		2,700
1,500	Intersil Holding Corporation, Class A		13,785
100	KLA-Tencor Corporation		2,179
100	Lam Research Corporation, (2)		2,128
2,200	LSI Logic Corporation, (2)		7,238
15,300	Micron Technology, Inc., (2)		40,392
800	Novellus Systems, Inc., (2)		9,872
2,300	QLogic Corporation, (2)		30,912
200	Teradyne Inc., (2)		844
134,750	Texas Instruments Incorporated		2,091,320
	Total Semiconductors & Equipment		2,417,935
	Software – 0.6%
1,900	Amdocs Limited, (2)		34,751
77,680	CA Inc.		1,439,410
2,300	Cadence Design Systems, Inc., (2)		8,418
2,200	Compuware Corporation, (2)		14,850
3,100	Novell Inc., (2)		12,059
13,900	Symantec Corporation, (2)		187,928
1,900	Synopsys Inc., (2)		35,188
	Total Software		1,732,604
	Specialized REIT – 0.5%
3,800	Health Care Property Investors Inc.		105,526
1,900	Health Care REIT, Inc.		80,180
3,200	Hospitality Properties Trust		47,584
15,500	Host Hotels & Resorts Inc.		117,335
2,000	Nationwide Health Properties, Inc.		57,440
1,800	Plum Creek Timber Company		62,532
2,100	Public Storage, Inc.		166,950
19,600	Rayonier Inc.		614,460
1,400	Ventas Inc.		46,998
	Total Specialized REIT		1,299,005

42

Shares	Description (1)	Value
	Specialty Retail – 2.6%
1,000	American Eagle Outfitters, Inc.	$	9,360
200	Ann Taylor Stores Corporation, (2)		1,154
2,400	AutoNation Inc., (2)		23,712
800	Barnes & Noble Inc.		12,000
600	Bed Bath and Beyond Inc., (2)		15,252
3,200	Foot Locker, Inc.		23,488
4,200	Gap, Inc.		56,238
102,690	Home Depot, Inc.		2,363,924
2,400	Limited Brands, Inc.		24,096
216,490	Lowe’s Companies, Inc.		4,658,865
1,300	Office Depot, Inc., (2)		3,874
1,100	OfficeMax Inc.		8,404
1,500	O’Reilly Automotive Inc., (2)		46,110
800	Penske Auto Group, Inc.		6,144
2,000	RadioShack Corporation		23,880
1,400	Signet Jewelers Limited		12,138
1,600	Staples, Inc.		28,672
1,100	Williams-Sonoma Inc.		8,646
	Total Specialty Retail		7,325,957
	Textiles, Apparel & Luxury Goods – 0.0%
1,500	Jones Apparel Group, Inc.		8,790
400	Liz Claiborne, Inc.		1,040
100	Phillips-Van Heusen Corporation		2,013
1,700	VF Corporation		93,109
	Total Textiles, Apparel & Luxury Goods		104,952
	Thrifts & Mortgage Finance – 1.5%
2,000	Astoria Financial Corporation		32,960
300	Capitol Federal Financial		13,680
29,600	Federal National Mortgage Association		22,496
177,360	Hudson City Bancorp, Inc.		2,830,666
100	MGIC Investment Corporation		348
7,600	New York Community Bancorp, Inc.		90,896
65,760	People’s United Financial, Inc.		1,172,501
2,100	Sovereign Bancorp, Inc., (2)		6,258
2,000	TFS Financial Corporation		25,800
400	Tree.com Inc., (2)		1,040
1,800	Washington Federal Inc.		26,928
	Total Thrifts & Mortgage Finance		4,223,573
	Tobacco – 1.3%
15,000	Altria Group, Inc.		225,900
1,300	Lorillard Inc.		73,255
67,880	Philip Morris International		2,953,459
3,700	Reynolds American Inc.		149,147
2,500	UST Inc.		173,450
	Total Tobacco		3,575,211

43

Portfolio of Investments (Unaudited)

Nuveen Multi-Manager Large-Cap Value Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Trading Companies & Distributors – 0.0%
1,000	GATX Corporation	$	30,970
1,000	United Rentals Inc., (2)		9,120
200	WESCO International Inc., (2)		3,846
	Total Trading Companies & Distributors		43,936
	Water Utilities – 0.0%
1,500	American Water Works Company		31,320
2,300	Aqua America Inc.		47,357
	Total Water Utilities		78,677
	Wireless Telecommunication Services – 1.3%
100	Clearwire Corporation, (2)		493
300	Leap Wireless International, Inc., (2)		8,067
1,300	Telephone and Data Systems Inc.		41,275
200	United States Cellular Corporation, (2)		8,648
179,350	Vodafone Group PLC, Sponsored ADR		3,665,906
	Total Wireless Telecommunication Services		3,724,389
	Total Common Stocks (cost $331,134,112)		274,715,542
Shares	Description (1)	Value
	INVESTMENT COMPANIES – 1.4%
80,000	i-Shares Russell 1000 Value Index Fund	$	3,961,600
	Total Investment Companies (cost $3,759,600)		3,961,600

Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 2.2%
$	6,154	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/08, repurchase price $6,153,661, collateralized by $4,385,000 U.S. Treasury Bonds, 4.750%, due 2/15/37, value $6,277,566	0.010%	1/02/09	$	6,153,658
		Total Short-Term Investments (cost $6,153,658)				6,153,658
		Total Investments (cost $341,047,370) – 99.6%				284,830,800
		Other Assets Less Liabilities – 0.4%				1,081,208
		Net Assets – 100%			$	285,912,008

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

(2) Non-income producing.

ADR American Depositary Receipt.

See accompanying notes to financial statements.

44

Portfolio of Investments (Unaudited)

Nuveen NWQ Multi-Cap Value Fund

December 31, 2008

Shares	Description (1)	Value
	COMMON STOCKS – 97.6%
	Aerospace & Defense – 6.0%
120,000	Lockheed Martin Corporation	$	10,089,600
280,000	Raytheon Company		14,291,200
	Total Aerospace & Defense		24,380,800
	Biotechnology – 4.3%
158,800	Amgen Inc., (2)		9,170,700
738,000	Sepracor Inc., (2)		8,103,240
	Total Biotechnology		17,273,940
	Chemicals – 1.0%
82,800	CF Industries Holdings, Inc.		4,070,448
	Commercial Banks – 2.7%
350,000	JPMorgan Chase & Co.		11,035,500
	Commercial Services & Supplies – 4.2%
676,200	Pitney Bowes Inc.		17,229,576
	Communications Equipment – 3.0%
2,750,000	Motorola, Inc.		12,182,500
	Containers & Packaging – 1.7%
500,000	Packaging Corp. of America		6,730,000
	Electronic Equipment & Instruments – 1.0%
246,600	Agilent Technologies, Inc., (2)		3,854,358
	Energy Equipment & Services – 1.4%
499,800	BJ Services Company		5,832,666
	Food Products – 1.0%
300,000	Smithfield Foods, Inc., (2)		4,221,000
	Health Care Providers & Services – 1.3%
180,800	Aetna Inc.		5,152,800
	Independent Power Producers & Energy Traders – 3.5%
610,000	NRG Energy Inc., (2)		14,231,300
	Insurance – 12.9%
325,000	Aon Corporation		14,846,000
1,413,700	Genworth Financial Inc., Class A		4,000,771
568,700	Hartford Financial Services Group, Inc.		9,338,054
266,000	Loews Corporation		7,514,500
389,300	Reinsurance Group of America Inc.		16,669,826
	Total Insurance		52,369,151
	Machinery – 4.2%
295,800	Ingersoll Rand Company Limited, Class A		5,132,130
602,300	Timken Company		11,823,149
	Total Machinery		16,955,279
	Media – 9.1%
683,050	CBS Corporation, Class B		5,594,180
1,430,000	Interpublic Group Companies, Inc., (2)		5,662,800
1,340,097	Viacom Inc., Class B, (2)		25,542,249
	Total Media		36,799,229

45

Portfolio of Investments (Unaudited)

Nuveen NWQ Multi-Cap Value Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Metals & Mining – 11.2%
680,729	AngloGold Ashanti Limited, Sponsored ADR	$	18,863,001
564,800	Barrick Gold Corporation		20,767,696
151,700	United States Steel Corporation		5,643,240
	Total Metals & Mining		45,273,937
	Mortgage REIT – 0.1%
2,875,070	Friedman, Billings, Ramsey Group, Inc., Class A, (2)		488,762
	Oil, Gas & Consumable Fuels – 14.1%
217,900	Apache Corporation		16,240,087
88,200	EOG Resources, Inc.		5,872,356
115,000	Hess Corporation		6,168,600
420,000	Noble Energy, Inc.		20,672,400
635,000	Talisman Energy Inc.		6,343,650
988,800	Warren Resources Inc., (2)		1,967,712
	Total Oil, Gas & Consumable Fuels		57,264,805
	Pharmaceuticals – 3.4%
425,000	Sanofi-Aventis, ADR		13,668,000
	Semiconductors & Equipment – 0.4%
1,201,953	Mattson Technology, Inc., (2)		1,694,754
	Software – 8.0%
1,757,377	CA Inc.		32,564,195
	Tobacco – 3.1%
100,532	Lorillard Inc.		5,664,978
154,000	Philip Morris International		6,700,540
	Total Tobacco		12,365,518
	Total Common Stocks (cost $605,700,795)		395,638,518

Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 2.8%
$	11,399	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/08, repurchase price $11,399,195, collateralized by $8,060,000 U.S. Treasury Bonds, 4.750%, due 2/15/37, value $11,628,968	0.010%	1/02/09	$	11,399,189
		Total Short-Term Investments (cost $11,399,189)				11,399,189
		Total Investments (cost $617,099,984) – 100.4%				407,037,707
		Other Assets Less Liabilities – (0.4)%				(1,450,300)
		Net Assets – 100%			$	405,587,407

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

(2) Non-income producing.

ADR American Depositary Receipt.

See accompanying notes to financial statements.

46

Portfolio of Investments (Unaudited)

Nuveen NWQ Large-Cap Value Fund

December 31, 2008

Shares	Description (1)	Value
	COMMON STOCKS – 91.2%
	Aerospace & Defense – 5.5%
5,800	Lockheed Martin Corporation	$	487,664
15,300	Raytheon Company		780,912
	Total Aerospace & Defense		1,268,576
	Biotechnology – 2.7%
10,700	Amgen Inc., (2)		617,925
	Chemicals – 0.7%
4,800	Mosaic Company		166,080
	Commercial Banks – 5.9%
21,800	JPMorgan Chase & Co.		687,354
22,100	Wells Fargo & Company		651,508
	Total Commercial Banks		1,338,862
	Commercial Services & Supplies – 3.7%
33,600	Pitney Bowes Inc.		856,128
	Communications Equipment – 2.7%
136,900	Motorola, Inc.		606,467
	Diversified Telecommunication Services – 1.8%
14,100	AT&T Inc.		401,850
	Electronic Equipment & Instruments – 1.8%
26,200	Agilent Technologies, Inc., (2)		409,506
	Energy Equipment & Services – 0.9%
11,100	Halliburton Company		201,798
	Food Products – 1.7%
14,276	Kraft Foods Inc.		383,311
	Health Care Providers & Services – 0.9%
7,050	Aetna Inc.		200,925
	Household Products – 2.1%
9,300	Kimberly-Clark Corporation		490,482
	Independent Power Producers & Energy Traders – 1.9%
18,400	NRG Energy Inc., (2)		429,272
	Insurance – 11.5%
14,300	Aon Corporation		653,224
60,100	Genworth Financial Inc., Class A		170,083
24,100	Hartford Financial Services Group, Inc.		395,722
17,241	Loews Corporation		487,058
26,400	MetLife, Inc.		920,304
	Total Insurance		2,626,391
	Machinery – 2.3%
7,800	Illinois Tool Works Inc.		273,390
14,600	Ingersoll Rand Company Limited, Class A		253,310
	Total Machinery		526,700
	Media – 6.3%
21,300	CBS Corporation, Class B		174,447

47

Portfolio of Investments (Unaudited)

Nuveen NWQ Large-Cap Value Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Media (continued)
16,200	Comcast Corporation, Special Class A	$	261,630
53,100	Viacom Inc., Class B, (2)		1,012,086
	Total Media		1,448,163
	Metals & Mining – 9.5%
29,101	AngloGold Ashanti Limited, Sponsored ADR		806,389
28,500	Barrick Gold Corporation		1,047,945
8,700	United States Steel Corporation		323,640
	Total Metals & Mining		2,177,974
	Oil, Gas & Consumable Fuels – 11.7%
10,400	Apache Corporation		775,112
2,000	ConocoPhillips		103,600
4,400	EOG Resources, Inc.		292,952
5,700	Hess Corporation		305,748
17,900	Noble Energy, Inc.		881,038
32,500	Talisman Energy Inc.		324,675
	Total Oil, Gas & Consumable Fuels		2,683,125
	Pharmaceuticals – 4.0%
7,500	Merck & Co. Inc.		228,000
21,000	Sanofi-Aventis, ADR		675,360
	Total Pharmaceuticals		903,360
	Road & Rail – 1.9%
9,200	Union Pacific Corporation		439,760
	Software – 8.6%
77,900	CA Inc.		1,443,487
27,400	Microsoft Corporation		532,656
	Total Software		1,976,143
	Tobacco – 3.1%
5,661	Lorillard Inc.		318,997
8,700	Philip Morris International		378,537
	Total Tobacco		697,534
	Total Common Stocks (cost $29,205,436)		20,850,332

Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 11.3%
$	2,578	Repurchase Agreement with State Street Bank, dated 12/31/08, repurchase price $2,578,439, collateralized by $2,635,000 U.S. Treasury Bills, 0.000%, due 7/02/09, value $2,631,575	0.010%	1/02/09	$	2,578,438
		Total Short-Term Investments (cost $2,578,438)				2,578,438
		Total Investments (cost $31,783,874) – 102.5%				23,428,770
		Other Assets Less Liabilities – (2.5)%				(564,128)
		Net Assets – 100%			$	22,864,642

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

(2) Non-income producing.

ADR American Depositary Receipt.

See accompanying notes to financial statements.

48

Portfolio of Investments (Unaudited)

Nuveen NWQ Small/Mid-Cap Value Fund

December 31, 2008

Shares	Description (1)	Value
	COMMON STOCKS – 88.8%
	Biotechnology – 1.9%
6,900	Sepracor Inc., (2)	$	75,762
	Building Products – 3.9%
16,350	Griffon Corporation, (2)		152,546
	Chemicals – 3.5%
2,300	Agrium Inc.		78,499
5,450	Rockwood Holdings Inc., (2)		58,860
	Total Chemicals		137,359
	Computers & Peripherals – 1.8%
25,800	Brocade Communications Systems Inc., (2)		72,240
	Containers & Packaging – 2.8%
3,300	Packaging Corp. of America		44,418
13,900	Temple-Inland Inc.		66,720
	Total Containers & Packaging		111,138
	Electric Utilities – 1.7%
11,300	Reliant Energy Inc., (2)		65,314
	Electrical Equipment – 4.6%
1,850	Acuity Brands Inc.		64,584
2,400	General Cable Corporation, (2)		42,456
1,400	Lincoln Electric Holdings Inc.		71,302
	Total Electrical Equipment		178,342
	Electronic Equipment & Instruments – 7.3%
5,850	Arrow Electronics, Inc., (2)		110,214
5,900	Avnet Inc., (2)		107,439
3,250	Coherent Inc., (2)		69,745
	Total Electronic Equipment & Instruments		287,398
	Energy Equipment & Services – 3.4%
3,000	BJ Services Company		35,010
16,800	Stolt Offshore S.A., ADR		97,104
	Total Energy Equipment & Services		132,114
	Food Products – 1.8%
5,100	Smithfield Foods, Inc., (2)		71,757
	Independent Power Producers & Energy Traders – 2.1%
3,500	NRG Energy Inc., (2)		81,655
	Insurance – 17.3%
3,300	Hanover Insurance Group Inc.		141,801
3,100	Reinsurance Group of America Inc.		132,742
1,900	StanCorp Financial Group Inc.		79,363
6,000	Tower Group Inc.		169,260
8,200	Unum Group		152,520
	Total Insurance		675,686
	Machinery – 4.7%
1,600	Gardner Denver, Inc., (2)		37,344

49

Portfolio of Investments (Unaudited)

Nuveen NWQ Small/Mid-Cap Value Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Machinery (continued)
3,000	Kennametal Inc.	$	66,570
8,970	Sauer-Danfoss, Inc.		78,488
	Total Machinery		182,402
	Metals & Mining – 7.8%
5,000	AngloGold Ashanti Limited, Sponsored ADR		138,550
4,450	Century Aluminum Company, (2)		44,500
7,200	Gibraltar Industries Inc.		85,968
1,750	Reliance Steel & Aluminum Company		34,895
	Total Metals & Mining		303,913
	Multiline Retail – 0.5%
900	Casey’s General Stores, Inc.		20,493
	Oil, Gas & Consumable Fuels – 10.2%
2,400	Bill Barrett Corporation, (2)		50,712
3,800	Continental Resources Inc., (2)		78,698
10,200	Denbury Resources Inc., (2)		111,384
9,900	Petroquest Energy Inc., (2)		66,924
4,400	St Mary Land and Exploration Company		89,364
	Total Oil, Gas & Consumable Fuels		397,082
	Paper & Forest Products – 4.6%
20,500	Domtar Corporation, (2)		34,235
12,800	Wausau Paper Corp.		146,432
	Total Paper & Forest Products		180,667
	Personal Products – 2.6%
8,000	Elizabeth Arden, Inc., (2)		100,880
	Textiles, Apparel & Luxury Goods – 1.3%
3,150	Fossil Inc., (2)		52,605
	Thrifts & Mortgage Finance – 3.4%
7,500	People’s United Financial, Inc.		133,723
	Trading Companies & Distributors – 1.6%
3,350	WESCO International Inc., (2)		64,421
	Total Common Stocks (cost $4,613,242)		3,477,497

Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 7.4%
$	289	Repurchase Agreement with State Street Bank, dated 12/31/08, repurchase price $288,731, collateralized by $295,000 U.S. Treasury Bills, 0.000%, due 7/30/09, value $294,558	0.010%	1/02/09	$	288,731
		Total Short-Term Investments (cost $288,731)				288,731
		Total Investments (cost $4,901,973) – 96.2%				3,766,228
		Other Assets Less Liabilities – 3.8%				148,376
		Net Assets – 100%			$	3,914,604

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

(2) Non-income producing.

ADR American Depositary Receipt.

See accompanying notes to financial statements.

50

Portfolio of Investments (Unaudited)

Nuveen NWQ Small-Cap Value Fund

December 31, 2008

Shares	Description (1)	Value
	COMMON STOCKS – 98.6%
	Biotechnology – 2.5%
190,800	Sepracor Inc., (2)	$	2,094,984
	Building Products – 4.0%
359,450	Griffon Corporation, (2)		3,353,668
	Chemicals – 1.5%
25,300	CF Industries Holdings, Inc.		1,243,748
	Communications Equipment – 1.6%
72,500	Avocent Corporation, (2)		1,298,475
	Computers & Peripherals – 1.9%
577,400	Brocade Communications Systems Inc., (2)		1,616,720
	Containers & Packaging – 3.1%
63,300	Packaging Corp. of America		852,018
359,300	Temple-Inland Inc.		1,724,640
	Total Containers & Packaging		2,576,658
	Electrical Equipment – 8.4%
34,300	Acuity Brands Inc.		1,197,413
126,500	Belden Inc.		2,641,320
81,650	General Cable Corporation, (2)		1,444,389
34,000	Lincoln Electric Holdings Inc.		1,731,620
	Total Electrical Equipment		7,014,742
	Electronic Equipment & Instruments – 1.3%
284,800	Keithley Instruments, Inc.		1,039,520
	Energy Equipment & Services – 3.1%
444,000	Stolt Offshore S.A., ADR		2,566,320
	Food Products – 2.1%
124,312	Smithfield Foods, Inc., (2)		1,749,070
	Health Care Providers & Services – 0.4%
42,900	Skilled Healthcare Group Inc., (2)		362,076
	Hotels, Restaurants & Leisure – 2.4%
96,200	Bob Evans Farms		1,965,366
	Household Durables – 1.9%
204,500	Hooker Furniture Corporation		1,566,470
	Household Products – 1.8%
54,170	WD-40 Company		1,532,469
	Insurance – 20.0%
138,350	Aspen Insurance Holdings Limited		3,354,987
104,100	Assurant Inc.		3,122,999
214,800	PMA Capital Corporation, Class A, (2)		1,520,784
58,650	Reinsurance Group of America Inc.		2,511,393
70,250	StanCorp Financial Group Inc.		2,934,343
111,550	Tower Group Inc.		3,146,825
	Total Insurance		16,591,331

51

Portfolio of Investments (Unaudited)

Nuveen NWQ Small-Cap Value Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Machinery – 7.4%
95,200	Albany International Corporation, Class A	$	1,222,368
60,209	Kadant Inc., (2)		811,617
75,840	Kennametal Inc.		1,682,890
36,400	RBC Bearings Inc., (2)		738,192
195,450	Sauer-Danfoss, Inc.		1,710,188
	Total Machinery		6,165,255
	Metals & Mining – 7.4%
119,000	Century Aluminum Company, (2)		1,190,000
140,630	Gibraltar Industries Inc.		1,679,122
422,700	Yamana Gold Inc.		3,263,243
	Total Metals & Mining		6,132,365
	Multiline Retail – 0.9%
32,659	Casey’s General Stores, Inc.		743,645
	Oil, Gas & Consumable Fuels – 9.9%
239,550	Approach Resources Inc., (2)		1,751,111
95,550	Bill Barrett Corporation, (2)		2,018,972
193,800	Denbury Resources Inc., (2)		2,116,296
237,500	Petroquest Energy Inc., (2)		1,605,500
383,850	Warren Resources Inc., (2)		763,862
	Total Oil, Gas & Consumable Fuels		8,255,741
	Paper & Forest Products – 5.9%
204,703	Buckeye Technologies Inc., (2)		745,119
684,300	Domtar Corporation, (2)		1,142,781
260,704	Wausau Paper Corp.		2,982,454
	Total Paper & Forest Products		4,870,354
	Personal Products – 3.3%
217,100	Elizabeth Arden, Inc., (2)		2,737,631
	Road & Rail – 3.3%
143,705	Marten Transport, Ltd., (2)		2,724,647
	Semiconductors & Equipment – 4.2%
99,900	Actel Corporation, (2)		1,170,828
140,800	Standard Microsystems Corporation, (2)		2,300,672
	Total Semiconductors & Equipment		3,471,500
	Specialty Retail – 0.3%
325,591	Golfsmith International Holdings Inc., (2)		227,914
	Total Common Stocks (cost $120,548,845)		81,900,669

52

Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 0.5%
$	456	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/08, repurchase price $455,965, collateralized by $325,000 U.S. Treasury Bonds, 4.750%, due 2/15/37, value $468,910	0.010%	1/02/09	$	455,965
		Total Short-Term Investments (cost $455,965)				455,965
		Total Investments (cost $121,004,810) – 99.1%				82,356,634
		Other Assets Less Liabilities – 0.9%				744,166
		Net Assets – 100%			$	83,100,800

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

(2) Non-income producing.

ADR American Depositary Receipt.

See accompanying notes to financial statements.

53

Portfolio of Investments (Unaudited)

Nuveen Tradewinds Value Opportunities Fund

December 31, 2008

Shares	Description (1)	Value
	COMMON STOCKS – 79.8%
	Airlines – 0.5%
1,913,026	ExpressJet Holdings Inc., (2)	$	3,252,144
	Auto Components – 1.1%
221,900	Magna International Inc., Class A		6,641,467
	Automobiles – 1.6%
2,301,200	Tata Motors Limited, ADR		10,240,340
	Biotechnology – 0.5%
50,000	Amgen Inc., (2)		2,887,500
	Capital Markets – 1.2%
528,337	UBS AG, (2)		7,555,219
	Chemicals – 0.7%
121,200	The Mosaic Company		4,193,520
	Commercial Banks – 2.3%
366,500	ICICI Bank Limited, ADR		7,055,125
1,299,200	Sumitomo Trust & Banking Company, ADR		7,395,306
	Total Commercial Banks		14,450,431
	Commercial Services & Supplies – 2.0%
509,220	Republic Services, Inc.		12,623,564
	Computers & Peripherals – 1.0%
443,200	Ingram Micro, Inc., (2)		5,934,448
	Construction & Engineering – 1.1%
346,400	Shaw Group Inc., (2)		7,090,808
	Diversified Telecommunication Services – 3.9%
120,500	KT Corporation, Sponsored ADR		1,767,735
226,200	Nippon Telegraph and Telephone Corporation, Sponsored ADR		6,150,378
1,635,500	Sprint Nextel Corporation, (2)		2,992,965
472,000	Telus Corporation		13,414,240
	Total Diversified Telecommunication Services		24,325,318
	Electric Utilities – 4.3%
97,011	Ameren Corporation		3,226,586
556,400	Centrais Electricas Brasileiras S.A., ADR Pref., (2)		5,769,200
983,500	Korea Electric Power Corporation, Sponsored ADR		11,418,435
662,600	PNM Resources Inc.		6,679,008
	Total Electric Utilities		27,093,229
	Electronic Equipment & Instruments – 1.2%
422,400	Tech Data Corporation, (2)		7,535,616
	Energy Equipment & Services – 1.3%
698,100	BJ Services Company		8,146,827
	Food & Staples Retailing – 1.6%
1,093,400	Whole Foods Market, Inc.		10,321,696
	Food Products – 6.2%
577,700	Cresud S.A., ADR		5,170,415

54

Shares	Description (1)	Value
	Food Products (continued)
1,062,457	Smithfield Foods, Inc., (2)	$	14,948,770
2,155,400	Tyson Foods, Inc., Class A		18,881,304
	Total Food Products		39,000,489
	Health Care Providers & Services – 3.0%
1,149,000	Health Net Inc., (2)		12,512,610
173,400	Humana Inc., (2)		6,464,352
	Total Health Care Providers & Services		18,976,962
	Household Durables – 0.4%
271,000	Sekisui House, Ltd., Sponsored ADR		2,395,640
	Insurance – 0.4%
158,100	CNA Financial Corporation		2,599,164
	Internet Software & Services – 1.8%
793,700	eBay Inc., (2)		11,080,052
	Machinery – 1.6%
304,400	AGCO Corporation, (2)		7,180,796
170,455	Alamo Group Inc.		2,548,302
	Total Machinery		9,729,098
	Media – 2.0%
294,500	Scholastic Corporation		3,999,310
456,400	Viacom Inc., Class B, (2)		8,698,984
	Total Media		12,698,294
	Metals & Mining – 23.5%
331,100	Alumina Limited, Sponsored ADR		1,417,108
927,300	Apex Silver Mines Limited, (2)		908,754
1,494,900	Banro Corporation, (2)		1,569,645
741,800	Barrick Gold Corporation		27,275,986
152,300	CONSOL Energy Inc.		4,352,734
2,156,100	Crystallex International Corporation, (2)		366,537
806,700	Gammon Gold, Inc., (2)		4,412,649
1,474,000	Geovic Mining Corporation, (2)		597,003
1,219,800	Gold Fields Limited Sponsored ADR		12,112,614
590,000	Gold Reserve Inc., Class A, (2)		554,600
764,600	Ivanhoe Mines Ltd., (2)		2,064,420
1,306,800	Kinross Gold Corporation		24,071,256
1,602,000	Lihir Gold Limited, Sponsored ADR, (2)		35,131,860
673,100	Newmont Mining Corporation		27,395,170
290,100	NovaGold Resources Inc., (2)		432,249
9,453,500	Orezone Resources Inc., (2)		4,348,610
	Total Metals & Mining		147,011,195
	Oil, Gas & Consumable Fuels – 10.3%
1,107,219	Arch Coal Inc.		18,036,598
298,600	Cameco Corporation		5,150,850
71,900	Chevron Corporation		5,318,443

55

Portfolio of Investments (Unaudited)

Nuveen Tradewinds Value Opportunities Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Oil, Gas & Consumable Fuels (continued)
100,000	ConocoPhillips	$	5,180,000
134,300	Nexen Inc.		2,360,994
177,900	Peabody Energy Corporation		4,047,225
167,700	Petro-Canada		3,670,953
284,200	Pioneer Natural Resources Company		4,598,356
141,500	Suncor Energy, Inc.		2,759,250
649,800	Tesoro Petroleum Corporation		8,557,866
805,600	USEC Inc., (2)		3,617,144
720,000	Warren Resources Inc., (2)		1,432,800
	Total Oil, Gas & Consumable Fuels		64,730,479
	Paper & Forest Products – 1.6%
6,111,179	Domtar Corporation, (2)		10,205,669
	Pharmaceuticals – 2.4%
512,800	Pfizer Inc.		9,081,688
161,600	Wyeth		6,061,616
	Total Pharmaceuticals		15,143,304
	Semiconductors & Equipment – 0.1%
690,700	Axcelis Technologies Inc., (2)		352,257
28,200	Mattson Technology, Inc., (2)		39,762
	Total Semiconductors & Equipment		392,019
	Software – 0.6%
183,600	Microsoft Corporation		3,569,184
	Specialty Retail – 0.5%
985,900	Office Depot, Inc., (2)		2,937,982
	Wireless Telecommunication Services – 1.1%
158,000	TIM Participacoes S.A., ADR		1,973,420
199,900	Turkcell Iletisim Hizmetleri A.S., ADR		2,914,542
183,900	Vivo Participacoes S.A., ADR		2,306,106
	Total Wireless Telecommunication Services		7,194,068
	Total Common Stocks (cost $689,262,895)		499,955,726

Shares	Description (1)	Coupon	Ratings (3)	Value
	CONVERTIBLE PREFERRED SECURITIES – 1.7%
	Communications Equipment – 1.7%
31,300	Lucent Technologies Capital Trust I	7.750%	B2	$	10,642,000
	Total Convertible Preferred Securities (cost $26,949,500)				10,642,000

Principal Amount (000)		Description (1)	Coupon	Maturity	Ratings (3)	Value
		CONVERTIBLE BONDS – 12.2%
		Airlines – 1.0%
$	8,343	JetBlue Airways Corporation	3.750%	3/15/35	CCC	$	6,465,825

56

Principal Amount (000)		Description (1)	Coupon	Maturity	Ratings (3)	Value
		Building Products – 0.6%
$	4,280	Griffon Corporation	4.000%	7/18/23	N/A	$	3,750,350
		Commercial Services & Supplies – 1.8%
	12,735	Allied Waste Industries Inc.	4.250%	4/15/34	BBB–		11,461,500
		Health Care Providers & Services – 2.5%
	27,945	Omnicare, Inc.	3.250%	12/15/35	B+		15,823,856
		Machinery – 2.6%
	19,020	Albany International Corporation	2.250%	3/15/26	N/A		10,674,975
	11,884	Trinity Industries Inc.	3.875%	6/01/36	Ba2		5,466,640
	30,904	Total Machinery					16,141,615
		Metals & Mining – 0.9%
	193	Apex Silver Mines Limited, Convertible Sr. Subordinated Notes	2.875%	3/15/24	N/A		7,238
	16,320	Coeur d’Alene Mines Corporation	1.250%	1/15/24	B–		4,896,000
	3,018	Gold Reserve, Inc.	5.500%	6/15/22	N/A		569,648
	19,531	Total Metals & Mining					5,472,886
		Oil, Gas & Consumable Fuels – 1.0%
	15,035	USEC Inc.	3.000%	10/01/14	CCC		6,408,669
		Semiconductors & Equipment – 0.3%
	6,457	Credence Systems Corporation	3.500%	5/15/10	N/R		1,307,543
	3,600	Qimonda Finance LLC	6.750%	3/22/13	N/A		463,500
	10,057	Total Semiconductors & Equipment					1,771,043
		Wireless Telecommunication Services – 1.5%
	15,465	NII Holdings Inc.	3.125%	6/15/12	N/A		9,452,980
$	144,295	Total Convertible Bonds (cost $115,792,867)					76,748,724

Shares	Description (1)	Value
	WARRANTS – 0.1%
457,600	Banro Corporation	$	491,920
	Total Warrants (cost $0)		491,920

Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 6.1%
$	37,922	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/08, repurchase price $37,922,347, collateralized by $26,810,000 U.S. Treasury Bonds, 4.750%, due 2/15/37, value $38,681,468	0.010%	1/02/09	$	37,922,326
		Total Short-Term Investments (cost $37,922,326)				37,922,326

Total Investments (cost $869,927,588) – 99.9%		625,760,696
Other Assets Less Liabilities – 0.1%		465,364
Net Assets – 100%	$	626,226,060

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

(2) Non-income producing.

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

N/A Not applicable/not available.

N/R Not rated.

ADR American Depositary Receipt.

57

Statement of Assets and Liabilities(Unaudited)

December 31, 2008

	Multi-Manager Large-Cap Value			Multi-Cap Value			Large-Cap Value			Small/Mid- Cap Value			Small-Cap Value			Value Opportunities
Assets
Investments, at value (cost $334,893,712, $605,700,795, $29,205,436, $4,613,242, $120,548,845 and $832,005,262, respectively)	$	278,677,142		$	395,638,518		$	20,850,332		$	3,477,497		$	81,900,669		$	587,838,370
Short-term investments (at cost, which approximates value)		6,153,658			11,399,189			2,578,438			288,731			455,965			37,922,326
Cash		—			—			—			123,721			—			—
Cash denominated in foreign currencies (cost $0, $0, $2,262, $0, $0 and $0, respectively)		—			—			2,238			—			—			—
Receivables:
Dividends		596,947			895,680			38,783			3,775			94,796			326,080
From Adviser		—			—			14,397			16,133			—			—
Interest		—			—			—			—			—			826,402
Investments sold		4,297,439			960,188			—			—			1,985,509			16,803
Reclaims		46,792			—			—			—			—			—
Shares sold		729,250			685,130			499,784			71,906			175,150			4,214,016
Other assets		122,335			36,069			20			33			130			12,019
Total assets		290,623,563			409,614,774			23,983,992			3,981,796			84,612,219			631,156,016
Liabilities
Payables:
Investments purchased		2,990,875			—			985,116			—			939,972			545,456
Shares redeemed		1,136,039			2,957,351			115,114			50,369			401,918			3,410,328
Accrued expenses:
Management fees		199,276			300,018			—			—			77,385			574,299
12b-1 distribution and service fees		69,124			106,240			2,773			824			8,470			114,578
Other		316,241			663,758			16,347			15,999			83,674			285,295
Total liabilities		4,711,555			4,027,367			1,119,350			67,192			1,511,419			4,929,956
Net assets	$	285,912,008		$	405,587,407		$	22,864,642		$	3,914,604		$	83,100,800		$	626,226,060
Class A Shares
Net assets	$	249,167,495		$	96,415,221		$	4,225,380		$	939,472		$	19,902,753		$	257,630,653
Shares outstanding		17,550,055			8,533,507			346,964			89,684			1,451,354			13,081,990
Net asset value per share	$	14.20		$	11.30		$	12.18		$	10.48		$	13.71		$	19.69
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	15.06		$	11.99		$	12.92		$	11.12		$	14.55		$	20.89
Class B Shares
Net assets	$	4,802,065		$	17,911,602		$	583,137		$	42,956		$	217,352		$	4,532,876
Shares outstanding		346,563			1,630,013			48,154			4,176			16,255			233,078
Net asset value and offering price per share	$	13.86		$	10.99		$	12.11		$	10.29		$	13.37		$	19.45
Class C Shares
Net assets	$	15,750,797		$	87,412,827		$	2,454,216		$	843,590		$	4,241,788		$	77,856,248
Shares outstanding		1,139,222			7,954,926			202,629			81,918			316,739			4,003,732
Net asset value and offering price per share	$	13.83		$	10.99		$	12.11		$	10.30		$	13.39		$	19.45
Class R3 Shares
Net assets	$	97,279		$	95,963			N/A			N/A			N/A		$	102,476
Shares outstanding		6,803			8,523			N/A			N/A			N/A			5,185
Net asset value and offering price per share	$	14.30		$	11.26			N/A			N/A			N/A		$	19.76
Class I Shares
Net assets	$	16,094,372		$	203,751,794		$	15,601,909		$	2,088,586		$	58,738,907		$	286,103,807
Shares outstanding		1,130,395			18,058,024			1,282,630			201,219			4,269,364			14,530,968
Net asset value and offering price per share	$	14.24		$	11.28		$	12.16		$	10.38		$	13.76		$	19.69
Net Assets Consist of:
Capital paid-in	$	408,442,523		$	820,327,342		$	35,611,941		$	40,215,256		$	176,030,107		$	909,753,839
Undistributed (Over-distribution of) net investment income		3,316,793			694,952			39,513			(6,391	)		297,401			(4,112,684	)
Accumulated net realized gain (loss) from investments, foreign currency and derivative transactions		(69,630,738	)		(205,373,532	)		(4,431,684	)		(35,158,516	)		(54,578,532	)		(35,251,850	)
Net unrealized appreciation (depreciation) of investments and foreign currency		(56,216,570	)		(210,061,355	)		(8,355,128	)		(1,135,745	)		(38,648,176	)		(244,163,245	)
Net assets	$	285,912,008		$	405,587,407		$	22,864,642		$	3,914,604		$	83,100,800		$	626,226,060

N/A Large-Cap Value, Small/Mid-Cap Value and Small-Cap Value are not authorized to issue Class R3 Shares.

See accompanying notes to financial statements.

58

Statement of Operations(Unaudited)

Six Months Ended December 31, 2008

	Multi-Manager Large-Cap Value			Multi-Cap Value			Large-Cap Value			Small/Mid Cap Value			Small-Cap Value			Value Opportunities
Investment Income
Dividends (net of foreign tax withheld of $131, $27,787, $3,894, $59, $4,330 and $224,559, respectively)	$	5,364,504		$	5,164,093		$	259,574		$	141,169		$	1,109,362		$	5,295,055
Interest (net of foreign tax withheld of $0, $0, $0, $0, $0 and $1,368, respectively)		33,859			31,405			10,950			5,166			42,237			2,771,956
Total investment income		5,398,363			5,195,498			270,524			146,335			1,151,599			8,067,011
Expenses
Management fees		1,338,345			2,317,421			98,378			115,075			654,248			3,355,774
12b-1 service fees – Class A		399,768			221,980			5,096			1,904			51,131			380,672
12b-1 distribution and service fees – Class B		33,918			127,652			3,230			217			1,445			27,097
12b-1 distribution and service fees – Class C		102,477			654,314			10,697			4,534			34,299			473,781
12b-1 distribution and service fees – Class R3		253			232			—			—			—			238
Shareholders’ servicing agent fees and expenses		215,607			716,827			10,508			7,031			32,593			438,674
Custodian’s fees and expenses		41,770			63,203			4,987			6,943			15,610			58,455
Trustees’ fees and expenses		2,442			3,914			345			496			1,535			8,298
Professional fees		41,508			47,989			855			812			10,270			42,482
Shareholders’ reports – printing and mailing expenses		104,018			253,380			598			1,492			27,313			148,100
Federal and state registration fees		21,114			42,432			45,583			39,616			23,637			55,228
Other expenses		8,644			12,757			181			137			2,120			11,055
Total expenses before custodian fee credit and expense reimbursement		2,309,864			4,462,101			180,458			178,257			854,201			4,999,854
Custodian fee credit		(210	)		(329	)		(12	)		(13	)		(3	)		(625	)
Expense reimbursement		(221,238	)		—			(33,828	)		(25,518	)		—			—
Net expenses		2,088,416			4,461,772			146,618			152,726			854,198			4,999,229
Net investment income (loss)		3,309,947			733,726			123,906			(6,391	)		297,401			3,067,782
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments and foreign currency		(66,466,862	)		(161,408,100	)		(3,893,927	)		(22,092,206	)		(51,915,076	)		(35,030,877	)
Change in net unrealized appreciation (depreciation) of investments and foreign currency		(64,600,794	)		(119,353,590	)		(4,892,017	)		5,518,507			(17,321,242	)		(224,101,828	)
Net realized and unrealized gain (loss)		(131,067,656	)		(280,761,690	)		(8,785,944	)		(16,573,699	)		(69,236,318	)		(259,132,705	)
Net increase (decrease) in net assets from operations	$	(127,757,709	)	$	(280,027,964	)	$	(8,662,038	)	$	(16,580,090	)	$	(68,938,917	)	$	(256,064,923	)

See accompanying notes to financial statements.

59

Statement of Changes in Net Assets(Unaudited)

	Multi-Manager Large-Cap Value						Multi-Cap Value						Large-Cap Value
	Six Months Ended 12/31/08			Year Ended 6/30/08			Six Months Ended 12/31/08			Year Ended 6/30/08			Six Months Ended 12/31/08			Year Ended 6/30/08
Operations
Net investment income (loss)	$	3,309,947		$	6,001,294		$	733,726		$	84,274		$	123,906		$	148,959
Net realized gain (loss) from:
Investments and foreign currency		(66,466,862	)		46,928,398			(161,408,100	)		(46,695,377	)		(3,893,927	)		(537,756	)
Futures		—			—			—			—			—			—
Redemptions in-kind		—			—			—			—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(64,600,794	)		(109,626,987	)		(119,353,590	)		(293,616,756	)		(4,892,017	)		(3,537,399	)
Net increase (decrease) in net assets from operations		(127,757,709	)		(56,697,295	)		(280,027,964	)		(340,227,859	)		(8,662,038	)		(3,926,196	)
Distributions to Shareholders
Net investment income:
Class A		(3,290,647	)		(5,435,774	)		—			(319,967	)		(22,861	)		(20,911	)
Class B		(10,009	)		(43,212	)		—			—			—			—
Class C		(32,922	)		(93,919	)		—			—			—			—
Class R3		(948	)		N/A			—			N/A			N/A			N/A
Class I (1)		(268,967	)		(424,963	)		—			(485,483	)		(141,733	)		(72,607	)
From accumulated net realized gains:
Class A		(25,379,143	)		(69,843,284	)		—			(17,840,823	)		—			(694	)
Class B		(509,457	)		(2,094,917	)		—			(2,285,419	)		—			(81	)
Class C		(1,646,216	)		(4,505,945	)		—			(12,664,308	)		—			(342	)
Class R3		(10,722	)		N/A			—			N/A			N/A			N/A
Class I (1)		(1,582,389	)		(4,268,174	)		—			(15,616,418	)		—			(1,364	)
Tax return of capital:
Class A		—			—			—			(1,415,298	)		—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class R3		—			N/A			—			N/A			N/A			N/A
Class I (1)		—			—			—			(2,147,421	)		—			—
Decrease in net assets from distributions to shareholders		(32,731,420	)		(86,710,188	)		—			(52,775,137	)		(164,594	)		(95,999	)
Fund Share Transactions
Proceeds from sale of shares		13,746,788			34,460,397			138,039,843			342,932,823			17,537,291			23,857,076
Proceeds from shares issued to shareholders due to reinvestment of distributions		24,773,558			63,939,667			—			47,921,628			128,769			81,088
		38,520,346			98,400,064			138,039,843			390,854,451			17,666,060			23,938,164
Cost of shares redeemed		(38,941,268	)		(81,247,290	)		(246,586,469	)		(704,297,666	)		(10,092,255	)		(8,067,479	)
Cost of redemptions in-kind		—			—			—			—			—			—
Net increase (decrease) in net assets from Fund share transactions		(420,922	)		17,152,774			(108,546,626	)		(313,443,215	)		7,573,805			15,870,685
Capital contribution from Adviser		—			—			—			—			—			—
Net increase (decrease) in net assets		(160,910,051	)		(126,254,709	)		(388,574,590	)		(706,446,211	)		(1,252,827	)		11,848,490
Net assets at the beginning of period		446,822,059			573,076,768			794,161,997			1,500,608,208			24,117,469			12,268,979
Net assets at the end of period	$	285,912,008		$	446,822,059		$	405,587,407		$	794,161,997		$	22,864,642		$	24,117,469
Undistributed (Over-distribution of) net investment income at the end of period	$	3,316,793		$	3,610,339		$	694,952		$	(38,774	)	$	39,513		$	80,201

(1) Effective May 1, 2008, Class R Shares were renamed Class I Shares.

N/A Multi-Manager Large-Cap Value and Multi-Cap Value did not offer Class R3 Shares prior to August 4, 2008. Large Cap Value is not authorized to issue Class R3 Shares.

See accompanying notes to financial statements.

60

	Small/Mid-Cap Value						Small-Cap Value						Value Opportunities
	Six Months Ended 12/31/08			Year Ended 6/30/08			Six Months Ended 12/31/08			Year Ended 6/30/08			Six Months Ended 12/31/08			Year Ended 6/30/08
Operations
Net investment income (loss)	$	(6,391	)	$	(232,344	)	$	297,401		$	(135,726	)	$	3,067,782		$	3,506,893
Net realized gain (loss) from: Investments and foreign currency		(22,092,206	)		(12,863,794	)		(51,915,076	)		(2,486,235	)		(35,030,877	)		48,625,454
Futures		—			—			—			—			—			—
Redemptions in-kind		—			(12,286,275	)		—			—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		5,518,507			(1,437,205	)		(17,321,242	)		(43,296,876	)		(224,101,828	)		(70,243,353	)
Net increase (decrease) in net assets from operations		(16,580,090	)		(26,819,618	)		(68,938,917	)		(45,918,837	)		(256,064,923	)		(18,111,006	)
Distributions to Shareholders
Net investment income:
Class A		—			(413	)		—			(48,704	)		(611,297	)		(5,368,016	)
Class B		—			—			—			—			—			(67,198	)
Class C		—			—			—			—			—			(1,191,878	)
Class R3		N/A			N/A			N/A			N/A			—			N/A
Class I (1)		—			(487,049	)		—			(373,600	)		(1,650,343	)		(3,787,679	)
From accumulated net realized gains:
Class A		—			—			—			(1,644,070	)		(12,960,049	)		(12,301,149	)
Class B		—			—			—			(17,075	)		(230,149	)		(267,415	)
Class C		—			—			—			(357,868	)		(3,976,760	)		(4,745,567	)
Class R3		N/A			N/A			N/A			N/A			(5,448	)		N/A
Class I (1)		—			—			—			(3,093,051	)		(14,167,425	)		(7,857,520	)
Tax return of capital:
Class A		—			—			—			(6,531	)		—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class R3		N/A			N/A			N/A			N/A			—			N/A
Class I (1)		—			—			—			(50,092	)		—			—
Decrease in net assets from distributions to shareholders		—			(487,462	)		—			(5,590,991	)		(33,601,471	)		(35,586,422	)
Fund Share Transactions
Proceeds from sale of shares		4,803,931			49,652,728			19,531,455			46,853,684			340,374,675			453,732,611
Proceeds from shares issued to shareholders due to reinvestment of distributions		—			485,206			—			4,509,429			22,480,539			27,921,650
		4,803,931			50,137,934			19,531,455			51,363,113			362,855,214			481,654,261
Cost of shares redeemed		(27,733,517	)		(39,369,459	)		(39,876,417	)		(56,058,090	)		(216,984,128	)		(173,862,467	)
Cost of redemptions in-kind		—			(159,386,190	)		—			—			—			—
Net increase (decrease) in net assets from Fund share transactions		(22,929,586	)		(148,617,715	)		(20,344,962	)		(4,694,977	)		145,871,086			307,791,794
Capital contribution from Adviser		125,970			—			—			—			—			—
Net increase (decrease) in net assets		(39,383,706	)		(175,924,795	)		(89,283,879	)		(56,204,805	)		(143,795,308	)		254,094,366
Net assets at the beginning of period		43,298,310			219,223,105			172,384,679			228,589,484			770,021,368			515,927,002
Net assets at the end of period	$	3,914,604		$	43,298,310		$	83,100,800		$	172,384,679		$	626,226,060		$	770,021,368
Undistributed (Over-distribution of) net investment income at the end of period	$	(6,391	)		—		$	297,401			—		$	(4,112,684	)	$	(4,918,826	)

(1) Effective May 1, 2008, Class R Shares were renamed Class I Shares.

N/A Value Opportunities did not offer Class R3 Shares prior to August 4, 2008. Small/Mid-Cap Value and Small-Cap Value are not authorized to issue Class R3 Shares.

See accompanying notes to financial statements.

61

Notes to Financial Statements(Unaudited)

1. General Information and Significant Accounting Policies

The Nuveen Investment Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of the Nuveen Multi-Manager Large-Cap Value Fund (“Multi-Manager Large-Cap Value”), Nuveen NWQ Multi-Cap Value Fund (“Multi-Cap Value”), Nuveen NWQ Large-Cap Value Fund (“Large-Cap Value”), Nuveen NWQ Small/Mid-Cap Value Fund (“Small/Mid-Cap Value”), Nuveen NWQ Small-Cap Value Fund (“Small-Cap Value”) and Nuveen Tradewinds Value Opportunities Fund (“Value Opportunities”) (collectively, the “Funds”), among others. The Trust was organized as a Massachusetts business trust in 1996.

Multi-Manager Large-Cap Value’s primary investment objective is to provide long-term capital appreciation. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies with market capitalizations comparable to companies in the Russell 1000 Value Index. The Fund may also invest up to 25% of its net assets in U.S. dollar-denominated non-U.S. equity securities.

Multi-Cap Value’s primary investment objective is to provide long-term capital appreciation. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies with large, medium and small capitalizations. The Fund primarily invests in U.S. equity securities, but it may invest up to 35% of its net assets in non-U.S. equity securities, including up to 10% of its net assets in equity securities of companies located in emerging markets.

Large-Cap Value’s primary investment objective is to provide long-term capital appreciation. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies with market capitalizations at the time of investment comparable to companies in the Russell 1000 Index. The Fund primarily invests in U.S. equity securities, but it may invest up to 35% of its net assets in non-U.S. equity securities, including up to 10% of its net assets in equity securities of companies located in emerging markets. The Fund is non-diversified and as a result may invest a relatively high percentage of its assets in a limited number of issuers.

Small/Mid-Cap Value’s primary investment objective is to provide long-term capital appreciation. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies with market capitalizations at the time of investment comparable to companies in the Russell 2500 Index. The Fund primarily invests in U.S. equity securities, but it may invest up to 35% of its net assets in non-U.S. equity securities, including up to 10% of its net assets in equity securities of companies located in emerging markets. The Fund is non-diversified and as a result may invest a relatively high percentage of its assets in a limited number of issuers.

Small-Cap Value’s primary investment objective is to provide long-term capital appreciation. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies with market capitalizations at the time of investment comparable to companies in the Russell 2000 Index or the Standard & Poor’s SmallCap Index. The Fund primarily invests in U.S. equity securities, but it may invest up to 35% of its net assets in non-U.S. equity securities, including up to 10% of its net assets in equity securities of companies located in emerging markets.

Value Opportunities’ primary investment objective is to provide long-term capital appreciation. Under normal circumstances, the Fund invests primarily in equity securities of companies with varying market capitalizations, which may include small-, mid- and large-capitalization companies. The Fund primarily invests in U.S. equity securities, but it may invest up to 35% of its net assets in non-U.S. equity securities, including up to 10% of its net assets in equity securities of companies located in emerging markets.

Effective May 1, 2008, the following policy changes are applicable to the Funds:

• For Class A Share purchases at net asset value of $1 million or more that are subject to a contingent deferred sales charge (“CDSC”), the period over which the CDSC will apply has been reduced from eighteen months to twelve months for all purchases occurring on or after May 1, 2007. Class A Shares purchased prior to May 1, 2007 that have not been redeemed are no longer be subject to a CDSC.

• Class B Shares will only be issued (i) upon the exchange of Class B Shares from another Nuveen fund, (ii) for purposes of dividend reinvestment, and (iii) through December 31, 2008, for defined contribution plans and investors using automatic investment plans with investments in Class B Shares as of March 31, 2008. The reinstatement privilege for Class B Shares will no longer be available as of December 31, 2008.

• Class R Shares have been renamed Class I Shares and are available for (i) purchases of $1 million or more, (ii) purchases using dividends and capital gains distributions on Class I Shares and (iii) purchase by limited categories of investors.

On August 4, 2008, Multi-Manager Large-Cap Value, Multi-Cap Value and Value Opportunities began offering Class R3 Shares to certain retirement plans.

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States.

62

Investment Valuation

Exchange-listed securities are generally valued at the last sales price on the securities exchange on which such securities are primarily traded. Securities traded on a securities exchange for which there are no transactions on a given day or securities not listed on a securities exchange are valued at the mean of the closing bid and asked prices. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. If significant market events occur between the time of the determination of the closing price of a foreign security on an exchange and the time that the Funds’ NAV is determined, or if under the Funds’ procedures, the closing price of a foreign security is not deemed to be reliable, and there could be a material effect on the Funds’ NAV, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Board of Trustees. The prices of fixed-income securities are generally provided by an independent pricing service approved by the Funds’ Board of Trustees. When price quotes are not readily available, the pricing service or, in the absence of a pricing service for a particular investment, the Board of Trustees of the Funds, or its designee, may establish fair value using a wide variety of market data including yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from securities dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. Short-term investments are valued at amortized cost, which approximates value.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method. 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, 2008, there were no such outstanding purchase commitments in any of the Funds.

Investment Income

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

Dividends and Distributions to Shareholders

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 accounting principles generally accepted in the United States.

Dividends from net investment income and 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.

In-Kind Redemptions

In certain circumstances, a Fund may distribute portfolio securities rather than cash as payment for redemption of Fund shares (in-kind redemption). For financial reporting purposes, the Fund recognizes a gain on the in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; the Fund recognizes a loss if cost exceeds value. Gains and losses realized on the in-kind redemptions are not recognized for tax purposes, and are reclassified from undistributed realized gain or loss to paid-in capital. During the fiscal year ended June 30, 2008, Small/Mid-Cap Value realized $12,286,275 of net loss on in-kind redemptions.

Income Taxes

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

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally, the last four tax year ends and the interim tax period since then). Further, 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.

Flexible Sales Charge Program

Each Fund offers Class A, C and I Shares. Class A Shares are generally sold with an up-front sales charge and incur a ..25% annual 12b-1 service fee. 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 CDSC if redeemed within twelve months of purchase. Class B Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. 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 sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed

63

Notes to Financial Statements (Unaudited)(continued)

within one year of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .50% annual 12b-1 distribution and service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Foreign Currency Transactions

Each Fund is authorized to engage in foreign currency exchange transactions, including foreign currency futures, forward, options and swap contracts. To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because 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 and 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 a Fund and the amounts actually received.

The realized and unrealized gains or losses resulting from changes in foreign exchange rates are included in “Realized gain (loss) from investments and foreign currency” and “Change in unrealized appreciation (depreciation) of investments and foreign currency” on the Statement of Operations.

Market and Credit Risk

In the normal course of business the Fund invests in financial instruments and enters 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 (credit risk). Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose the Fund to credit risk, consist principally of cash due from counterparties on forward, option and swap transactions. The extent of the Fund’s exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

The Fund helps manage credit risk by entering into agreements only with counterparties Nuveen Asset Management (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), believes have the financial resources to honor their obligations and by having the Adviser continually monitor the financial stability of the counterparties. Additionally, all counterparties are required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of the Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when the Fund has an unrealized loss, the Fund has instructed the custodian to pledge assets of the Fund 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 predetermined threshold amount.

Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Funds’ policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the seller defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

Expense Allocation

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

Custodian Fee Credit

Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.

Indemnifications

Under the Trust’s organizational documents, its Officers and Trustees 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.

64

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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

During the current fiscal period, the Funds adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No. 157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. In determining the 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 methodology 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, 2008:

Multi-Manager Large-Cap Value	Level 1		Level 2		Level 3		Total
Investments	$	284,830,800	$	—	$	—	$	284,830,800
Multi-Cap Value	Level 1		Level 2		Level 3		Total
Investments	$	407,037,707	$	—	$	—	$	407,037,707
Large-Cap Value	Level 1		Level 2		Level 3		Total
Investments	$	23,428,770	$	—	$	—	$	23,428,770
Small/Mid-Cap Value	Level 1		Level 2		Level 3		Total
Investments	$	3,766,228	$	—	$	—	$	3,766,228
Small-Cap Value	Level 1		Level 2		Level 3		Total
Investments	$	82,356,634	$	—	$	—	$	82,356,634
Value Opportunities	Level 1		Level 2		Level 3		Total
Investments	$	528,579,026	$	97,181,670	$	—	$	625,760,696

65

Notes to Financial Statements (Unaudited)(continued)

3. Fund Shares

Transactions in Fund shares were as follows:

	Multi-Manager Large-Cap Value
	Six Months Ended 12/31/08					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	542,572		$	9,128,020		810,194		$	20,952,783
Class A – automatic conversion of Class B shares	13,981			270,796		95,820			2,611,838
Class B	8,437			139,283		49,593			1,283,529
Class C	116,836			1,851,349		174,454			4,304,545
Class R3	6,803			150,000		N/A			N/A
Class I	130,553			2,207,340		205,183			5,307,702
Shares issued to shareholders due to reinvestment of distributions:
Class A	1,515,325			21,678,204		2,239,141			55,693,165
Class B	24,991			346,027		57,503			1,382,961
Class C	69,563			961,070		102,686			2,465,511
Class R3	—			—		N/A			N/A
Class I	124,387			1,788,257		175,694			4,398,030
	2,553,448			38,520,346		3,910,268			98,400,064
Shares redeemed:
Class A	(1,799,219	)		(30,940,546	)	(2,223,180	)		(57,260,628	)
Class B	(78,484	)		(1,388,611	)	(233,385	)		(6,098,504	)
Class B – automatic conversion to Class A shares	(14,410	)		(270,796	)	(98,311	)		(2,611,838	)
Class C	(191,275	)		(3,137,505	)	(199,454	)		(5,027,951	)
Class R3	—			—		N/A			N/A
Class I	(170,785	)		(3,203,810	)	(390,974	)		(10,248,369	)
	(2,254,173	)		(38,941,268	)	(3,145,304	)		(81,247,290	)
Net increase (decrease)	299,275		$	(420,922	)	764,964		$	17,152,774

N/A The Fund did not issue Class R3 Shares prior to August 4, 2008.

	Multi-Cap Value
	Six Months Ended 12/31/08					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	948,788		$	14,065,877		4,894,727		$	108,742,080
Class A – automatic conversion of Class B shares	4,725			79,029		10,889			231,835
Class B	5,396			62,527		106,450			2,458,209
Class C	214,544			2,807,146		1,027,450			22,871,607
Class R3	8,523			150,000		N/A			N/A
Class I	9,208,058			120,875,264		9,281,624			208,629,092
Shares issued to shareholders due to reinvestment of distributions:
Class A	—			—		802,400			17,258,413
Class B	—			—		96,493			2,021,539
Class C	—			—		510,247			10,689,686
Class R3	—			—		N/A			N/A
Class I	—			—		834,562			17,951,990
	10,390,034			138,039,843		17,564,842			390,854,451
Shares redeemed:
Class A	(8,264,372	)		(123,245,548	)	(14,115,576	)		(314,563,687	)
Class B	(360,351	)		(4,751,842	)	(1,129,737	)		(24,400,345	)
Class B – automatic conversion to Class A shares	(4,843	)		(79,029	)	(11,126	)		(231,835	)
Class C	(2,726,419	)		(36,647,032	)	(8,271,239	)		(179,247,807	)
Class R3	—			—		N/A			N/A
Class I	(6,012,232	)		(81,863,018	)	(8,682,317	)		(185,853,992	)
	(17,368,217	)		(246,586,469	)	(32,209,995	)		(704,297,666	)
Net increase (decrease)	(6,978,183	)	$	(108,546,626	)	(14,645,153	)	$	(313,443,215	)

66

	Large-Cap Value
	Six Months Ended 12/31/08					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	203,735		$	2,703,574		278,929		$	5,572,566
Class B	9,110			107,563		49,539			955,457
Class C	105,365			1,304,066		176,731			3,519,118
Class I	893,186			13,422,088		731,693			13,809,935
Shares issued to shareholders due to reinvestment of distributions:
Class A	1,543			18,534		605			12,060
Class B	—			—		3			49
Class C	—			—		13			255
Class I	9,186			110,235		3,448			68,724
	1,222,125			17,666,060		1,240,961			23,938,164
Shares redeemed:
Class A	(150,136	)		(2,007,029	)	(97,992	)		(1,840,816	)
Class B	(9,264	)		(124,632	)	(14,434	)		(268,025	)
Class C	(46,465	)		(595,408	)	(85,459	)		(1,590,105	)
Class I	(521,666	)		(7,365,186	)	(230,897	)		(4,368,533	)
	(727,531	)		(10,092,255	)	(428,782	)		(8,067,479	)
Net increase (decrease)	494,594		$	7,573,805		812,179		$	15,870,685

N/A The Fund did not issue Class R3 Shares prior to August 4, 2008.

	Small/Mid-Cap Value
	Six Months Ended 12/31/08					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	43,922		$	489,460		255,380		$	4,773,951
Class B	3,753			49,057		1,570			28,161
Class C	25,671			268,661		57,368			1,067,460
Class I	265,304			3,996,753		2,422,448			43,783,156
Shares issued to shareholders due to reinvestment of distributions:
Class A	—			—		16			307
Class B	—			—		—			—
Class C	—			—		—			—
Class I	—			—		25,441			484,899
	338,650			4,803,931		2,762,223			50,137,934
Shares redeemed:
Class A	(164,189	)		(2,413,897	)	(96,825	)		(1,753,199	)
Class B	(1,726	)		(21,525	)	(12,500	)		(241,750	)
Class C	(8,352	)		(87,380	)	(38,545	)		(697,943	)
Class I	(2,318,019	)		(25,210,715	)	(1,922,973	)		(36,676,567	)
Class I – In-kind	—			—		(8,401,687	)		(159,386,190	)
	(2,492,286	)		(27,733,517	)	(10,472,530	)		(198,755,649	)
Net increase (decrease)	(2,153,636	)	$	(22,929,586	)	(7,710,307	)	$	(148,617,715	)

67

Notes to Financial Statements (Unaudited)(continued)

	Small-Cap Value
	Six Months Ended 12/31/08					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	249,366		$	4,495,335		577,225		$	15,246,182
Class A – automatic conversion of Class B shares	57			1,086		351			9,483
Class B	1,266			14,957		552			13,672
Class C	2,638			34,686		18,299			460,704
Class I	1,021,016			14,985,391		1,226,386			31,123,643
Shares issued to shareholders due to reinvestment of distributions:
Class A	—			—		57,204			1,420,922
Class B	—			—		383			9,334
Class C	—			—		6,980			170,236
Class I	—			—		116,381			2,908,937
	1,274,343			19,531,455		2,003,761			51,363,113
Shares redeemed:
Class A	(1,127,938	)		(16,993,705	)	(897,290	)		(23,632,590	)
Class B	(1,370	)		(28,010	)	(12,223	)		(302,597	)
Class B – automatic conversion to Class A shares	(58	)		(1,086	)	(356	)		(9,483	)
Class C	(110,049	)		(1,910,036	)	(182,726	)		(4,593,365	)
Class I	(1,382,123	)		(20,943,580	)	(1,098,297	)		(27,520,055	)
	(2,621,538	)		(39,876,417	)	(2,190,892	)		(56,058,090	)
Net increase (decrease)	(1,347,195	)	$	(20,344,962	)	(187,131	)	$	(4,694,977	)
	Value Opportunities
	Six Months Ended 12/31/08					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	4,362,500		$	101,307,675		7,943,088		$	242,248,967
Class A – automatic conversion of Class B shares	934			22,452		1,176			35,598
Class B	24,436			580,162		70,171			2,120,260
Class C	806,041			18,827,056		1,258,098			38,073,818
Class R3	5,185			150,000		N/A			N/A
Class I	9,813,847			219,487,330		5,631,896			171,253,968
Shares issued to shareholders due to reinvestment of distributions:
Class A	580,046			10,690,798		435,293			13,267,584
Class B	10,220			185,195		8,806			264,607
Class C	156,484			2,835,490		140,306			4,216,004
Class R3	—			—		N/A			N/A
Class I	473,620			8,769,056		332,868			10,173,455
	16,233,313			362,855,214		15,821,702			481,654,261
Shares redeemed:
Class A	(4,296,869	)		(93,861,297	)	(3,605,597	)		(109,855,588	)
Class B	(33,317	)		(714,507	)	(16,825	)		(513,442	)
Class B – automatic conversion to Class A shares	(945	)		(22,452	)	(1,186	)		(35,598	)
Class C	(934,579	)		(19,676,992	)	(541,715	)		(16,374,312	)
Class R3	—			—		N/A			N/A
Class I	(5,152,149	)		(102,708,880	)	(1,526,242	)		(47,083,527	)
	(10,417,859	)		(216,984,128	)	(5,691,565	)		(173,862,467	)
Net increase (decrease)	5,815,454		$	145,871,086		10,130,137		$	307,791,794

N/A The Fund did not issue Class R3 Shares prior to August 4, 2008.

4. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments) during the six months ended December 31, 2008, were as follows:

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
Purchases	$	181,092,749	$	118,095,004	$	10,829,317	$	26,338,730	$	46,696,727	$	357,249,317
Sales and maturities	$	207,861,688		225,338,342		3,278,227		46,115,841		57,240,284		232,349,001

68

5. 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 on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

At December 31, 2008, the cost of investments was as follows:

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
Cost of investments	$	344,282,536	$	617,132,321	$	31,905,947	$	4,902,822	$	121,178,197	$	871,618,031

Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2008, were as follows:

	Multi-Manager Large-Cap Value			Multi-Cap Value			Large-Cap Value			Small/Mid-Cap Value			Small-Cap Value			Value Opportunities
Gross unrealized:
Appreciation	$	16,525,775		$	45,201,041		$	552,903		$	177,999		$	4,929,164		$	21,921,564
Depreciation		(75,977,511	)		(255,295,655	)		(9,030,080	)		(1,314,593	)		(43,750,727	)		(267,778,899	)
Net unrealized appreciation (depreciation) of investments	$	(59,451,736	)	$	(210,094,614	)	$	(8,477,177	)	$	(1,136,594	)	$	(38,821,563	)	$	(245,857,335	)

The tax components of undistributed net ordinary income and net long-term capital gains at June 30, 2008, the Funds’ last tax year end, were as follows:

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
Undistributed net ordinary income*	$	3,610,339	$	—	$	80,189	$	—	$	—	$	18,418,987
Undistributed net long-term capital gains		29,199,213		—		—		—		—		15,447,367

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

The tax character of distributions paid during the Funds’ last tax year ended June 30, 2008, was designated for purposes of the dividends paid deduction as follows:

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value	Value Opportunities
Distributions from net ordinary income*	$	24,466,004	$	17,918,255	$	95,999	$	488,463	4,860,282	17,424,118
Distributions from net long-term capital gains		62,244,184		31,305,510		—		—	674,086	18,162,304
Tax return of capital		—		3,562,719		—		—	56,623	—

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

At June 30, 2008, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

	Multi-Cap Value		Small/Mid-Cap Value		Small-Cap Value
Expiration: June 30, 2016	$	16,839,859	$	13,065,462	$	2,490,066

$6,221,107 of Small/Mid Cap Value’s capital loss carryforward at June 30, 2008, the Fund’s last tax year end, is subject to an annual utilization limitation of $960,055 under the Internal Revenue Code and related regulations.

The following Funds have elected to defer net realized losses from investments incurred from November 1, 2007 through June 30, 2008, 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:

	Multi-Cap Value		Large-Cap Value		Value Opportunities
Post-October capital losses	$	27,093,236	$	415,691	$	5,968,865

69

Notes to Financial Statements (Unaudited)(continued)

6. Management Fees and Other Transactions with Affiliates

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

The annual fund-level fee, payable monthly, for each Fund is based upon the average daily net assets of each Fund as follows:

Average Daily Net Assets	Multi-Manager Large-Cap Value Fund-Level Fee Rate		Multi-Cap Value Fund-Level Fee Rate		Large-Cap Value Fund-Level Fee Rate		Small/Mid-Cap Value Fund-Level Fee Rate		Small-Cap Value Fund-Level Fee Rate		Value Opportunities Fund-Level Fee Rate
For the first $125 million	.5500	%	.6500	%	.6500	%	.7500	%	.8000	%	.8000	%
For the next $125 million	.5375		.6375		.6375		.7375		.7875		.7875
For the next $250 million	.5250		.6250		.6250		.7250		.7750		.7750
For the next $500 million	.5125		.6125		.6125		.7125		.7625		.7625
For the next $1 billion	.5000		.6000		.6000		.7000		.7500		.7500
For net assets over $2 billion	.4750		.5750		.5750		.6750		.7250		.7250

The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as stated in the following table. As of December 31, 2008, the complex-level fee rate was .2000%.

The complex-level fee schedule is as follows:

Complex-Level Asset Breakpoint Level (1)	Effective Rate at Breakpoint Level
$55 billion	.2000	%
$56 billion	.1996
$57 billion	.1989
$60 billion	.1961
$63 billion	.1931
$66 billion	.1900
$71 billion	.1851
$76 billion	.1806
$80 billion	.1773
$91 billion	.1691
$125 billion	.1599
$200 billion	.1505
$250 billion	.1469
$300 billion	.1445

(1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily net assets of all Nuveen funds, with such daily net assets to include assets attributable to preferred stock issued by or borrowings by such funds but to exclude assets attributable to investments in other Nuveen funds.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser has entered into Sub-Advisory Agreements with Nuveen HydePark Group LLC (“HydePark”), Symphony Asset Management LLC (“Symphony”), Institutional Capital LLC (“ICAP”), Investment Management Company, LLC (“NWQ”) and Tradewinds Global Investors, LLC (“Tradewinds”), (collectively “Sub-Advisers”). HydePark, Symphony and ICAP manage Multi-Manager Large-Cap Value’s investment portfolio. NWQ manages Multi-Cap Value’s, Large-Cap Value’s, Small/Mid-Cap Value’s and Small Cap Value’s investment portfolios Tradewinds manages Value Opportunities investment portfolio. HydePark, Symphony, NWQ and Tradewinds are each subsidiaries of Nuveen. The Sub-Advisers are compensated for their services to the Funds from the management fee paid to the Adviser.

The Adviser has agreed to waive fees and reimburse expenses of the following Funds so that total annual fund operating expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of shares in the amounts and for the time periods stated in the table below.

	Current Expense Cap		Current Expense Cap Expiration Date	Permanent Expense Cap
Multi-Manager Large-Cap Value	0.95	%	October 31, 2010	1.20	%
NWQ Large-Cap Value	1.10		October 31, 2010	1.35
NWQ Small/Mid-Cap Value	1.20		October 31, 2010	1.45
NWQ Small-Cap Value	1.25		October 31, 2009	1.50
Tradewinds Value Opportunities	1.25		October 31, 2009	1.50

70

The Adviser may also voluntarily reimburse additional expenses from time to time in any of the Funds. Voluntary reimbursements may be terminated at any time at the Adviser's discretion.

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

During the six months ended December 31, 2008, Nuveen Investments, LLC (the “Distributor”), a wholly owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

	Multi-Manager Large-Cap Value	Multi-Cap Value	Large-Cap Value	Small/Mid-Cap Value	Small-Cap Value	Value Opportunities
Sales charges collected	$21,467	$34,271	$5,136	$3,686	$2,321	$276,642
Paid to financial intermediaries	18,817	30,050	4,557	3,216	2,006	251,875

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

During the six months ended December 31, 2008, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
Commission advances	$	7,586	$	22,608	$	4,526	$	788	$	127	$	215,620

To compensate for commissions advanced to financial intermediaries, all 12b-1 service fees collected on Class B Shares during the first year following a purchase, all 12b-1 distribution fees collected on Class B Shares, and all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the six months ended December 31, 2008, the Distributor retained such 12b-1 fees as follows:

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
12b-1 fees retained	$	33,302	$	149,281	$	6,872	$	2,102	$	2,502	$	161,623

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

The Distributor also collected and retained CDSC on share redemptions during the six months ended December 31, 2008, as follows:

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
CDSC retained	$	7,717	$	125,501	$	611	$	174	$	1,985	$	72,021

At December 31, 2008, Nuveen owned 12,500 shares of each class of Large-Cap Value. The Adviser owned 125 shares of each class of Small-Cap Value.

7. New Accounting Pronouncement

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161 (SFAS No. 161)

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities.” This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to understand: a) how and why a fund uses derivative instruments, b) how derivative instruments and related hedge items are accounted for, and c) how derivative instruments and related hedge items affect a fund’s financial position, results of operations and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. As of December 31, 2008, management does not believe the adoption of SFAS No. 161 will impact the financial statement amounts; however, additional footnote disclosures may be required about the use of derivative instruments and hedging items.

71

Financial Highlights(Unaudited)

Selected data for a share outstanding throughout each period:

Class (Inception Date)
			Investment Operations									Less Distributions													Ratios/Supplemental Data
MULTI-MANAGER LARGE-CAP VALUE																											Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains			Total			Ending Net Asset Value		Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income   (Loss)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
Class A (8/96)
2009(e)	$	22.53	$	.18		$	(6.74	)	$	(6.56	)	$	(.19	)	$	(1.58	)	$	(1.77	)	$	14.20	(29.10	)%	$	249,167	1.22	%*	1.73	%*	1.10	%*	1.85	%*	1.10	%*	1.85	%*	49	%
2008		30.05		.32			(3.15	)		(2.83	)		(.30	)		(4.39	)		(4.69	)		22.53	(10.74	)		389,240	1.24		1.20		1.24		1.20		1.24		1.20		131
2007		27.23		.35			5.33			5.68			(.26	)		(2.60	)		(2.86	)		30.05	21.71			491,489	1.25		1.22		1.25		1.22		1.25		1.22		75
2006		25.58		.22			3.26			3.48			(.23	)		(1.60	)		(1.83	)		27.23	13.97			440,403	1.28		.83		1.28		.83		1.28		.83		81
2005		23.41		.32			2.13			2.45			(.28	)		—			(.28	)		25.58	10.51			416,407	1.31		1.31		1.31		1.31		1.31		1.31		81
2004		19.93		.12			3.44			3.56			(.08	)		—			(.08	)		23.41	17.90			434,121	1.36		.56		1.36		.56		1.36		.56		85
Class B (8/96)
2009(e)		21.90		.10			(6.53	)		(6.43	)		(.03	)		(1.58	)		(1.61	)		13.86	(29.36	)		4,802	1.96	*	.97	*	1.83	*	1.10	*	1.83	*	1.10	*	49
2008		29.32		.11			(3.06	)		(2.95	)		(.08	)		(4.39	)		(4.47	)		21.90	(11.39	)		8,891	1.99		.43		1.99		.43		1.99		.43		131
2007		26.64		.12			5.21			5.33			(.05	)		(2.60	)		(2.65	)		29.32	20.77			18,491	2.00		.44		2.00		.44		2.00		.44		75
2006		25.06		.02			3.20			3.22			(.04	)		(1.60	)		(1.64	)		26.64	13.13			26,995	2.03		.08		2.03		.08		2.03		.08		81
2005		22.95		.14			2.08			2.22			(.11	)		—			(.11	)		25.06	9.66			45,224	2.06		.57		2.06		.57		2.06		.57		81
2004		19.62		(.04	)		3.37			3.33			—			—			—			22.95	16.97			56,486	2.11		(.18	)	2.11		(.18	)	2.11		(.18	)	85
Class C (8/96)
2009(e)		21.86		.10			(6.52	)		(6.42	)		(.03	)		(1.58	)		(1.61	)		13.83	(29.37	)		15,751	1.97	*	.98	*	1.85	*	1.10	*	1.85	*	1.10	*	49
2008		29.27		.12			(3.06	)		(2.94	)		(.08	)		(4.39	)		(4.47	)		21.86	(11.41	)		25,007	1.99		.45		1.99		.45		1.99		.45		131
2007		26.60		.13			5.19			5.32			(.05	)		(2.60	)		(2.65	)		29.27	20.80			31,219	2.00		.47		2.00		.47		2.00		.47		75
2006		25.02		.02			3.20			3.22			(.04	)		(1.60	)		(1.64	)		26.60	13.15			28,692	2.03		.08		2.03		.08		2.03		.08		81
2005		22.92		.14			2.07			2.21			(.11	)		—			(.11	)		25.02	9.63			30,691	2.06		.57		2.06		.57		2.06		.57		81
2004		19.58		(.04	)		3.38			3.34			—			—			—			22.92	17.06			43,607	2.11		(.18	)	2.11		(.18	)	2.11		(.18	)	85
Class R3 (8/08)
2009(g)		22.05		.13			(6.16	)		(6.03	)		(.14	)		(1.58	)		(1.72	)		14.30	(27.34	)		97	1.48	*	1.69	*	1.44	*	1.73	*	1.44	*	1.73	*	49
Class I (8/96)(f)
2009(e)		22.64		.20			(6.78	)		(6.58	)		(.24	)		(1.58	)		(1.82	)		14.24	(29.03	)		16,094	.97	*	1.97	*	.84	*	2.10	*	.84	*	2.10	*	49
2008		30.18		.39			(3.17	)		(2.78	)		(.37	)		(4.39	)		(4.76	)		22.64	(10.52	)		23,684	.99		1.45		.99		1.45		.99		1.45		131
2007		27.33		.43			5.35			5.78			(.33	)		(2.60	)		(2.93	)		30.18	22.03			31,878	1.00		1.48		1.00		1.48		1.00		1.48		75
2006		25.67		.29			3.27			3.56			(.30	)		(1.60	)		(1.90	)		27.33	14.24			25,720	1.03		1.08		1.03		1.08		1.03		1.08		81
2005		23.49		.38			2.14			2.52			(.34	)		—			(.34	)		25.67	10.77			22,350	1.06		1.56		1.06		1.56		1.06		1.56		81
2004		19.99		.18			3.45			3.63			(.13	)		—			(.13	)		23.49	18.20			20,533	1.11		.83		1.11		.83		1.11		.83		85

* Annualized.

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

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

(c) After expense reimbursement from the Adviser, where applicable.

(d) After custodian fee credit and expense reimbursement, where applicable.

(e) For the six months ended December 31, 2008.

(f) Effective May 1, 2008, Class R Shares were renamed Class I Shares.

(g) For the period August 4, 2008 (commencement of operations) through December 31, 2008.

See accompanying notes to financial statements.

72

Financial Highlights(Unaudited)(continued)

Selected data for a share outstanding throughout each period:

Class (Inception Date)
			Investment Operations									Less Distributions																Ratios/Supplemental Data
MULTI-CAP VALUE																														Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains			Tax Return of Capital			Total			Ending Net Asset Value		Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income   (Loss)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
Class A (12/02)
2009(e)	$	18.54	$	.02		$	(7.26	)	$	(7.24	)	$	—		$	—		$	—		$	—		$	11.30	(39.08	)%	$	96,415	1.46	%*	.32	%*	1.46	%*	.32	%*	1.46	%*	.32	%*	21	%
2008		26.15		.04			(6.62	)		(6.58	)		(.02	)		(.94	)		(.07	)		(1.03	)		18.54	(25.65	)		293,777	1.33		.17		1.33		.17		1.33		.17		25
2007		23.81		.18			3.43			3.61			(.13	)		(1.14	)		—			(1.27	)		26.15	15.51			634,123	1.24		.71		1.24		.71		1.24		.71		19
2006		20.60		.15			3.42			3.57			(.06	)		(.30	)		—			(.36	)		23.81	17.45			409,788	1.33		.65		1.33		.65		1.33		.65		9
2005		18.56		.11			2.15			2.26			(.05	)		(.17	)		—			(.22	)		20.60	12.20			179,548	1.36		.54		1.36		.54		1.36		.54		14
2004		14.60		.04			4.38			4.42			(.02	)		(.44	)		—			(.46	)		18.56	30.75			58,279	1.48		.20		1.48		.20		1.48		.20		21
Class B (12/02)
2009(e)		18.10		(.03	)		(7.08	)		(7.11	)		—			—			—			—			10.99	(39.32	)		17,912	2.23	*	(.39	)*	2.23	*	(.39	)*	2.23	*	(.39	)*	21
2008		25.64		(.13	)		(6.47	)		(6.60	)		—			(.94	)		—			(.94	)		18.10	(26.20	)		36,024	2.08		(.59	)	2.08		(.59	)	2.08		(.59	)	25
2007		23.42		(.01	)		3.37			3.36			—			(1.14	)		—			(1.14	)		25.64	14.65			75,067	2.00		(.04	)	2.00		(.04	)	2.00		(.04	)	19
2006		20.37		(.02	)		3.37			3.35			—			(.30	)		—			(.30	)		23.42	16.57			58,423	2.08		(.10	)	2.08		(.10	)	2.08		(.10	)	9
2005		18.45		(.04	)		2.13			2.09			—			(.17	)		—			(.17	)		20.37	11.35			33,216	2.10		(.20	)	2.10		(.20	)	2.10		(.20	)	14
2004		14.61		(.09	)		4.37			4.28			—			(.44	)		—			(.44	)		18.45	29.76			9,322	2.23		(.53	)	2.23		(.53	)	2.23		(.53	)	21
Class C (12/02)
2009(e)		18.10		(.03	)		(7.08	)		(7.11	)		—			—			—			—			10.99	(39.32	)		87,413	2.23	*	(.39	)*	2.23	*	(.39	)*	2.23	*	(.39	)*	21
2008		25.64		(.13	)		(6.47	)		(6.60	)		—			(.94	)		—			(.94	)		18.10	(26.20	)		189,475	2.08		(.58	)	2.08		(.58	)	2.08		(.58	)	25
2007		23.42		(.01	)		3.37			3.36			—			(1.14	)		—			(1.14	)		25.64	14.64			441,048	1.99		(.04	)	1.99		(.04	)	1.99		(.04	)	19
2006		20.37		(.02	)		3.37			3.35			—			(.30	)		—			(.30	)		23.42	16.57			308,339	2.08		(.10	)	2.08		(.10	)	2.08		(.10	)	9
2005		18.45		(.04	)		2.13			2.09			—			(.17	)		—			(.17	)		20.37	11.35			128,758	2.11		(.21	)	2.11		(.21	)	2.10		(.21	)	14
2004		14.62		(.09	)		4.36			4.27			—			(.44	)		—			(.44	)		18.45	29.67			30,085	2.23		(.53	)	2.23		(.53	)	2.23		(.53	)	21
Class R3 (8/08)
2009(g)		17.60		.02			(6.36	)		(6.34	)		—			—			—			—			11.26	(36.02	)		96	1.77	*	.32	*	1.77	*	.32	*	1.77	*	.32	*	21
Class I (11/97)(f)
2009(e)		18.50		.05			(7.27	)		(7.22	)		—			—			—			—			11.28	(39.03	)		203,752	1.24	*	.66	*	1.24	*	.66	*	1.24	*	.66	*	21
2008		26.09		.09			(6.59	)		(6.50	)		(.02	)		(.94	)		(.13	)		(1.09	)		18.50	(25.47	)		274,886	1.09		.39		1.09		.39		1.09		.39		25
2007		23.76		.24			3.42			3.66			(.19	)		(1.14	)		—			(1.33	)		26.09	15.77			350,370	.99		.96		.99		.96		.99		.96		19
2006		20.55		.20			3.42			3.62			(.11	)		(.30	)		—			(.41	)		23.76	17.77			212,033	1.09		.90		1.09		.90		1.09		.90		9
2005		18.52		.15			2.15			2.30			(.10	)		(.17	)		—			(.27	)		20.55	12.43			82,413	1.10		.78		1.10		.78		1.10		.78		14
2004		14.57		.06			4.38			4.44			(.05	)		(.44	)		—			(.49	)		18.52	31.02			46,546	1.24		.39		1.24		.39		1.24		.39		21

* Annualized.

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

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

(c) After expense reimbursement from the Adviser, where applicable.

(d) After custodian fee credit and expense reimbursement, where applicable.

(e) For the six months ended December 31, 2008.

(f) Effective May 1, 2008, Class R Shares were renamed Class I Shares.

(g) For the period August 4, 2008 (commencement of operations) through December 31, 2008.

See accompanying notes to financial statements.

73

Financial Highlights(Unaudited)(continued)

Selected data for a share outstanding throughout each period:

Class (Inception Date)
			Investment Operations									Less Distributions													Ratios/Supplemental Data
LARGE-CAP VALUE																											Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains			Total			Ending Net Asset Value		Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income   (Loss)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
Class A (12/06)
2009(e)	$	17.41	$	.07		$	(5.23	)	$	(5.16	)	$	(.07	)	$	—		$	(.07	)	$	12.18	(29.64	)%	$	4,225	1.63	%*	.65	%*	1.34	%*	.94	%*	1.34	%*	.94	%*	15	%
2008		21.38		.15			(4.04	)		(3.89	)		(.08	)		—	**		(.08	)		17.41	(18.24	)		5,080	1.66		.45		1.33		.77		1.33		.78		13
2007(f)		20.00		.12			1.26			1.38			—			—			—			21.38	6.90			2,358	3.12	*	(.84	)*	1.33	*	.95	*	1.26	*	1.02	*	—
Class B (12/06)
2009(e)		17.28		.01			(5.18	)		(5.17	)		—			—			—			12.11	(29.96	)		583	2.37	*	(.11	)*	2.10	*	.16	*	2.10	*	.16	*	15
2008		21.30		—	**		(4.02	)		(4.02	)		—			—	**		—	**		17.28	(18.82	)		835	2.43		(.34	)	2.08		—	***	2.08		.01		13
2007(f)		20.00		—	**		1.30			1.30			—			—			—			21.30	6.50			281	4.68	*	(2.66	)*	2.08	*	(.06	)*	2.01	*	.01	*	—
Class C (12/06)
2009(e)		17.28		.01			(5.18	)		(5.17	)		—			—			—			12.11	(29.96	)		2,454	2.41	*	(.13	)*	2.10	*	.18	*	2.10	*	.18	*	15
2008		21.30		—	**		(4.02	)		(4.02	)		—			—	**		—	**		17.28	(18.82	)		2,484	2.42		(.33	)	2.08		—	***	2.08		—	***	13
2007(f)		20.00		.02			1.28			1.30			—			—			—			21.30	6.50			1,117	3.83	*	(1.62	)*	2.08	*	.13	*	2.01	*	.20	*	—
Class I (12/06)(g)
2009(e)		17.43		.09			(5.25	)		(5.16	)		(.11	)		—			(.11	)		12.16	(29.53	)		15,602	1.38	*	.95	*	1.09	*	1.24	*	1.09	*	1.24	*	15
2008		21.41		.20			(4.05	)		(3.85	)		(.13	)		—	**		(.13	)		17.43	(18.05	)		15,719	1.40		.71		1.08		1.02		1.08		1.02		13
2007(f)		20.00		.15			1.26			1.41			—			—			—			21.41	7.05			8,513	2.65	*	(.32	)*	1.08	*	1.25	*	1.01	*	1.32	*	—

* Annualized.

** Rounds to less than $.01 per share.

*** Rounds to less than .01%.

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

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

(c) After expense reimbursement from the Adviser, where applicable.

(d) After custodian fee credit and expense reimbursement, where applicable.

(e) For the six months ended December 31, 2008.

(f) For the period December 15, 2006 (commencement of operations) through June 30, 2007.

(g) Effective May 1, 2008, Class R Shares were renamed Class I Shares.

See accompanying notes to financial statements.

74

Financial Highlights(Unaudited)(continued)

Selected data for a share outstanding throughout each period:

Class (Inception Date)
			Investment Operations									Less Distributions												Ratios/Supplemental Data
SMALL/MID-CAP VALUE																										Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains		Total			Ending Net Asset Value		Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income   (Loss)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
Class A (12/06)
2009(e)	$	17.12	$	.02		$	(6.66	)	$	(6.64	)	$	—		$	—	$	—		$	10.48	(38.68	)%	$	939	2.81	%*	(1.13	)%*	1.45	%*	.24	%*	1.45	%*	.24	%*	113	%
2008		21.37		(.09	)		(4.16	)		(4.25	)		—	**		—		—	**		17.12	(20.02	)***		3,595	1.65		(.70	)	1.43		(.49	)	1.43		(.48	)	84
2007(f)		20.00		.15			1.22			1.37			—			—		—			21.37	6.85			1,098	2.54	*	.23	*	1.43	*	1.34	*	1.41	*	1.36	*	1
Class B (12/06)
2009(e)		16.90		—	**		(6.61	)		(6.61	)		—			—		—			10.29	(39.11	)		43	4.46	*	(2.26	)*	2.19	*	.01	*	2.19	*	.01	*	113
2008		21.29		(.22	)		(4.17	)		(4.39	)		—			—		—			16.90	(20.62	)***		36	2.12		(1.17	)	2.12		(1.17	)	2.11		(1.16	)	84
2007(f)		20.00		.02			1.27			1.29			—			—		—			21.29	6.45			279	4.09	*	(1.70	)*	2.19	*	.20	*	2.17	*	.22	*	1
Class C (12/06)
2009(e)		16.92		(.01	)		(6.61	)		(6.62	)		—			—		—			10.30	(39.19	)		844	4.22	*	(2.16	)*	2.20	*	(.14	)*	2.20	*	(.14	)*	113
2008		21.28		(.22	)		(4.14	)		(4.36	)		—			—		—			16.92	(20.63	)***		1,093	2.39		(1.40	)	2.18		(1.20	)	2.18		(1.19	)	84
2007(f)		20.00		.05			1.23			1.28			—			—		—			21.28	6.40			974	3.22	*	(.65	)*	2.18	*	.39	*	2.16	*	.41	*	1
Class I (12/06)(g)
2009(e)		17.11		(.01	)		(6.72	)		(6.73	)		—			—		—			10.38	(39.37	)		2,089	1.24	*	(.12	)*	1.19	*	(.07	)*	1.19	*	(.07	)*	113
2008		21.41		(.04	)		(4.21	)		(4.25	)		(.05	)		—		(.05	)		17.11	(19.82	)***		38,574	1.16		(.20	)	1.16		(.20	)	1.15		(.19	)	84
2007(f)		20.00		.49			.92			1.41			—			—		—			21.41	7.05			216,872	1.49	*	3.93	*	1.16	*	4.25	*	1.15	*	4.27	*	1

* Annualized.

** Rounds to less than $.01 per share.

*** As discussed in Footnote 1 – In-Kind-Redemptions, during the fiscal year ended June 30, 2008, the Adviser reimbursed the Fund $89,561. This reimbursement resulted in an increase of .23%, ..28%, .19% and .14% to classes A, B, C and I, respectively.

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

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

(c) After expense reimbursement from the Adviser, where applicable.

(d) After custodian fee credit and expense reimbursement, where applicable.

(e) For the six months ended December 31, 2008.

(f) For the period December 15, 2006 (commencement of operations) through June 30, 2007.

(g) Effective May 1, 2008, Class R Shares were renamed Class I Shares.

See accompanying notes to financial statements.

75

Financial Highlights(Unaudited)(continued)

Selected data for a share outstanding throughout each period:

Class (Inception Date)
			Investment Operations									Less Distributions																Ratios/Supplemental Data
SMALL-CAP VALUE																														Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains			Tax Return of Capital			Total			Ending Net Asset Value		Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income   (Loss)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
Class A (12/04)
2009(e)	$	23.29	$	.03		$	(9.61	)	$	(9.58	)	$	—		$	—		$	—		$	—		$	13.71	(41.13	)%	$	19,903	1.41	%*	.31	%*	1.41	%*	.31	%*	1.41	%*	.31	%*	37	%
2008		30.12		(.04	)		(6.08	)		(6.12	)		(.02	)		(.69	)		—	**		(.71	)		23.29	(20.41	)		54,264	1.47		(0.16	)	1.47		(0.16	)	1.47		(.16	)	48
2007		26.10		.13			4.05			4.18			(.04	)		(.12	)		—			(.16	)		30.12	16.09			78,081	1.50		.44		1.49		.46		1.49		.46		24
2006		20.84		.13			5.48			5.61			(.08	)		(.27	)		—			(.35	)		26.10	27.08	***		33,907	1.95		(.02	)	1.42		.51		1.40		.53		26
2005(f)		20.00		.05			.79			.84			—			—			—			—			20.84	4.20			3	2.85	*	(.96	)*	1.49	*	.40	*	1.42	*	.47	*	22
Class B (12/04)
2009(e)		22.80		(.04	)		(9.39	)		(9.43	)		—			—			—			—			13.37	(41.33	)		217	2.16	*	(.39	)*	2.16	*	(.39	)*	2.16	*	(.39	)*	37
2008		29.69		(.23	)		(5.97	)		(6.20	)		—			(.69	)		—			(.69	)		22.80	(21.02	)		374	2.22		(.89	)	2.22		(.89	)	2.22		(.89	)	48
2007		25.89		(.08	)		4.00			3.92			—			(.12	)		—			(.12	)		29.69	15.15			833	2.25		(.31	)	2.24		(.30	)	2.24		(.30	)	24
2006		20.76		(.07	)		5.47			5.40			—			(.27	)		—			(.27	)		25.89	26.17	***		370	2.75		(.91	)	2.16		(.33	)	2.14		(.31	)	26
2005(f)		20.00		(.03	)		.79			.76			—			—			—			—			20.76	3.80			3	3.60	*	(1.70	)*	2.24	*	(.35	)*	2.17	*	(.28	)*	22
Class C (12/04)
2009(e)		22.83		(.04	)		(9.40	)		(9.44	)		—			—			—			—			13.39	(41.32	)		4,242	2.16	*	(.45	)*	2.16	*	(.45	)*	2.16	*	(.45	)*	37
2008		29.73		(.23	)		(5.98	)		(6.21	)		—			(.69	)		—			(.69	)		22.83	(21.03	)		9,682	2.22		(.91	)	2.22		(.91	)	2.22		(.91	)	48
2007		25.91		(.08	)		4.02			3.94			—			(.12	)		—			(.12	)		29.73	15.26			17,290	2.25		(.31	)	2.24		(.30	)	2.24		(.30	)	24
2006		20.76		(.07	)		5.49			5.42			—			(.27	)		—			(.27	)		25.91	26.22	***		7,244	2.73		(.86	)	2.17		(.30	)	2.15		(.28	)	26
2005(f)		20.00		(.03	)		.79			.76			—			—			—			—			20.76	3.80			3	3.60	*	(1.70	)*	2.24	*	(.35	)*	2.17	*	(.28	)*	22
Class I (12/04)(g)
2009(e)		23.34		.06			(9.64	)		(9.58	)		—			—			—			—			13.76	(41.09	)		58,739	1.16	*	.60	*	1.16	*	.60	*	1.16	*	.60	*	37
2008		30.18		.02			(6.08	)		(6.06	)		(.08	)		(.69	)		(.01	)		(.78	)		23.34	(20.22	)		108,064	1.22		.08		1.22		.08		1.22		.08		48
2007		26.15		.23			4.03			4.26			(.11	)		(.12	)		—			(.23	)		30.18	16.41			132,385	1.22		.81		1.22		.81		1.22		.81		24
2006		20.87		.16			5.52			5.68			(.13	)		(.27	)		—			(.40	)		26.15	27.41	***		13,137	1.73		.07		1.17		.63		1.15		.65		26
2005(f)		20.00		.08			.79			.87			—			—			—			—			20.87	4.35			2,079	2.61	*	(.72	)*	1.25	*	.64	*	1.17	*	.72	*	22

* Annualized.

** Rounds to less than $.01 per share.

*** During the fiscal year ended June 30, 2006, NWQ reimbursed Small-Cap Value $9,060 for a cash balance maintained in the Fund. This reimbursement did not have an impact on the Fund’s Class A total return, but resulted in an increase of .05% in each of the total returns for Class B, C and I.

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

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

(c) After expense reimbursement from the Adviser, where applicable.

(d) After custodian fee credit and expense reimbursement, where applicable.

(e) For the six months ended December 31, 2008.

(f) For the period December 9, 2004 (commencement of operations) through June 30, 2005.

(g) Effective May 1, 2008, Class R Shares were renamed Class I Shares.

See accompanying notes to financial statements.

76

Financial Highlights(Unaudited)(continued)

Selected data for a share outstanding throughout each period:

Class (Inception Date)
			Investment Operations									Less Distributions													Ratios/Supplemental Data
VALUE OPPORTUNITIES																											Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains			Total			Ending Net Asset Value		Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income   (Loss)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
Class A (12/04)
2009(e)	$	29.60	$	.10		$	(8.91	)	$	(8.81	)	$	(.05	)	$	(1.05	)	$	(1.10	)	$	19.69	(29.51	)%	$	257,631	1.43	%*	.86	%*	1.43	%*	.86	%*	1.43	%*	.86	%*	37	%
2008		32.48		.20			(1.03	)		(.83	)		(.59	)		(1.46	)		(2.05	)		29.60	(2.65	)		368,093	1.42		.63		1.42		.63		1.41		.64		48
2007		26.90		.30			5.83			6.13			(.29	)		(.26	)		(.55	)		32.48	22.98			248,827	1.39		.99		1.39		.99		1.39		.99		23
2006		21.07		.28			5.88			6.16			(.07	)		(.26	)		(.33	)		26.90	29.45			73,389	1.63		.94		1.49		1.09		1.48		1.09		29
2005(f)		20.00		.08			.99			1.07			—			—			—			21.07	5.35			3	3.12	*	(1.10	)*	1.51	*	.52	*	1.30	*	.73	*	45
Class B (12/04)
2009(e)		29.29		.01			(8.80	)		(8.79	)		—			(1.05	)		(1.05	)		19.45	(29.74	)		4,533	2.18	*	.10	*	2.18	*	.10	*	2.18	*	.10	*	37
2008		32.15		(.03	)		(1.02	)		(1.05	)		(.35	)		(1.46	)		(1.81	)		29.29	(3.39	)		6,816	2.17		(.11	)	2.17		(.11	)	2.16		(.10	)	48
2007		26.66		.07			5.76			5.83			(.08	)		(.26	)		(.34	)		32.15	22.04			5,521	2.14		.24		2.14		.24		2.14		.24		23
2006		20.98		.09			5.85			5.94			—			(.26	)		(.26	)		26.66	28.49			1,041	2.40		.16		2.24		.33		2.23		.34		29
2005(f)		20.00		—			.98			.98			—			—			—			20.98	4.90			3	3.87	*	(1.85	)*	2.26	*	(.23	)*	2.05	*	(.02	)*	45
Class C (12/04)
2009(e)		29.29		.01			(8.80	)		(8.79	)		—			(1.05	)		(1.05	)		19.45	(29.74	)		77,856	2.18	*	.11	*	2.18	*	.11	*	2.18	*	.11	*	37
2008		32.16		(.03	)		(1.03	)		(1.06	)		(.35	)		(1.46	)		(1.81	)		29.29	(3.39	)		116,463	2.17		(.10	)	2.17		(.10	)	2.16		(.10	)	48
2007		26.66		.07			5.77			5.84			(.08	)		(.26	)		(.34	)		32.16	22.04			100,295	2.14		.24		2.14		.24		2.14		.24		23
2006		20.98		.08			5.86			5.94			—			(.26	)		(.26	)		26.66	28.49			22,102	2.40		.15		2.24		.31		2.23		.32		29
2005(f)		20.00		—			.98			.98			—			—			—			20.98	4.90			3	3.87	*	(1.85	)*	2.26	*	(.23	)*	2.05	*	(.02	)*	45
Class R3 (8/08)
2009(h)		28.93		.07			(8.19	)		(8.12	)		—			(1.05	)		(1.05	)		19.76	(27.80	)		102	1.72	*	.80	*	1.72	*	.80	*	1.72	*	.80	*	37
Class I (12/04)(g)
2009(e)		29.66		.14			(8.95	)		(8.81	)		(.11	)		(1.05	)		(1.16	)		19.69	(29.42	)		286,104	1.20	*	1.19	*	1.20	*	1.19	*	1.20	*	1.19	*	37
2008		32.54		.28			(1.03	)		(.75	)		(.67	)		(1.46	)		(2.13	)		29.66	(2.39	)		278,649	1.17		.89		1.17		.89		1.17		.89		48
2007		26.95		.39			5.82			6.21			(.36	)		(.26	)		(.62	)		32.54	23.30			161,284	1.14		1.28		1.14		1.28		1.14		1.28		23
2006		21.09		.31			5.93			6.24			(.12	)		(.26	)		(.38	)		26.95	29.80			37,393	1.48		.98		1.24		1.22		1.23		1.23		29
2005(f)		20.00		.11			.98			1.09			—			—			—			21.09	5.45			2,102	2.86	*	(.84	)*	1.24	*	.77	*	1.05	*	.97	*	45

* Annualized.

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

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

(c) After expense reimbursement from the Adviser, where applicable.

(d) After custodian fee credit and expense reimbursement, where applicable.

(e) For the six months ended December 31, 2008.

(f) For the period December 9, 2004 (commencement of operations) through June 30, 2005.

(g) Effective May 1, 2008, Class R Shares were renamed Class I Shares.

(h) For the period August 4, 2008 (commencement of operations) through December 31, 2008.

See accompanying notes to financial statements.

77

Notes

78

Notes

79

Glossary of Terms Used in this Report

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

Collateralized Debt Obligations (CDOs): Collateralized debt obligations are a type of asset-backed security constructed from a portfolio of fixed-income assets. CDOs usually are divided into different tranches having different ratings and paying different interest rages. Losses, if any, are applied in reverse order of seniority and so junior tranches generally offer higher coupons to compensate for added default risk.

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.

80

Fund Information

Fund Manager Nuveen Asset Management 333 West Wacker Drive Chicago, IL 60606   Sub-Advisers Institutional Capital LLC 225 West Wacker Drive Chicago, IL 60606   Nuveen Hyde Park Group, LLC 111 West Jackson Blvd. Suite 1411 Chicago, IL 60604   NWQ Investment Management Company, LLC 2049 Century Park East Los Angeles, CA 90067   Symphony Asset Management 555 California Street Rene Suite 2975 San Francisco, CA 94104   Tradewinds Global Investors, LLC 2049 Century Park East Los Angeles, CA 90067 Legal Counsel Chapman and Cutler LLP Chicago, IL   Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL   Custodian State Street Bank & Trust Company Boston, MA   Transfer Agent and Shareholder Services Boston Financial Data Services   Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787

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, 2008, 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. Financial Industry Regulatory Authority also provides an investor brochure that includes information describing the Public Disclosure Program.

81

Learn more

about Nuveen Funds at

www.nuveen.com/mf

Nuveen Investments:

SERVING Investors

For GENERATIONS

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. Over this time, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility.

Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that can be integral parts of a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles.

We offer many different investing solutions for our clients’ different 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. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow. In total, the Company managed $134 billion of assets on September 30, 2008.

Find out how we can help you reach your financial goals.

An investor should carefully consider the Fund’s objectives, risks, charges and expenses before investing. For a prospectus containing this and other information about the Fund, please contact your financial advisor or Nuveen Investments at (800) 257-8787. Read the prospectus carefully before you invest or send money.

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MSA-NWQ-1208D

NUVEEN INVESTMENTS MUTUAL FUNDS

Semi-Annual Report   December 31, 2008   For investors seeking attractive long-term
total return.

Nuveen Investments

Asset Allocation Funds

Nuveen Growth Allocation Fund

Nuveen Moderate Allocation Fund

Nuveen Conservative Allocation Fund

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

Dear Shareholders,

I write this letter in a time of great uncertainty about the current state of the U.S. financial system and pessimism about the future of the global economy. Many have observed that the conditions that led to the crisis have built up over time and will complicate the course of recovery. At the same time, government officials in the U.S. and abroad have been quick to implement a wide range of programs to restore stability to the financial system and encourage economic recovery. History teaches us that these efforts will moderate the extent of the downturn and hasten the inevitable recovery, even though it is hard to appreciate that outcome in the current environment.

As you will read in the attached report, the continuing financial and economic problems are weighing heavily on asset values, and unfortunately the performance of your Nuveen Fund has been similarly affected. However, in the face of market conditions that are extraordinarily difficult, the Nuveen organization is dedicated to preserving long term investment values for your Fund. It has re-examined and in some cases re-focused its investment and risk management disciplines to assure that they can uncover the new opportunities and anticipate the new risks that are being presented by the market dislocation.

In addition to the financial statements, I hope that you will carefully review the Portfolio Managers’ Comments and the Fund Spotlight sections of this report. They highlight the managers’ pursuit of investment strategies that depend on well researched securities, diversified portfolio holdings and continuous risk management to achieve your Fund’s investment goals. The Board believes that a focus on long term investment goals provide the basis for successful investment over time and we deeply appreciate your patience and continued support as your Fund is managed through this trying period.

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

Sincerely,

Robert P. Bremner

Chairman of the Board

February 23, 2009

Robert P. Bremner

Chairman of the Board

Semi-Annual Report    Page 1

Fund Name and Management Changes

Effective July 7, 2008, based upon the determination of the Fund’s Board of Trustees and a shareholder vote, the Nuveen Balanced Municipal and Stock Fund’s sub-adviser and primary investment objective were changed. Nuveen Investment Solutions, Inc. (formerly Richards & Tierney, Inc.) was appointed as the Fund’s sub-adviser and the new investment objective is to provide attractive long-term total return with a conservative risk profile. The Fund became a “fund of funds” that invests principally in shares of other registered investment companies, including open-end mutual funds and exchange traded funds (the Underlying Funds). The Fund will invest principally in Underlying Funds within the Nuveen family of funds. The Fund also changed its name from Nuveen Balanced Municipal and Stock Fund to Nuveen Conservative Allocation Fund.

Effective August 1, 2008, based upon the determination of the Fund’s Board of Trustees and a shareholder vote, both the Nuveen Balanced Stock and Bond Fund and Nuveen Global Value Fund’s sub-adviser and primary investment objective were changed. Nuveen Investment Solutions, Inc. (formerly Richards & Tierney, Inc.) was appointed as the Funds’ sub-adviser and the new investment objective for the Nuveen Balanced Stock and Bond Fund is to provide attractive long term total return with a moderate risk profile and the new investment objective for the Nuveen Global Value Fund is to provide attractive long-term total return with a growth risk profile. The Funds became “funds of funds” that invest principally in shares of other registered investment companies, including open-end mutual funds and exchange-traded funds (the Underlying Funds). The Funds will invest principally in Underlying Funds within the Nuveen family of funds. The Funds also changed their name from Nuveen Balanced Stock and Bond Fund to Nuveen Moderate Allocation Fund and Nuveen Global Value Fund to Nuveen Growth Allocation Fund.

On October 15, 2008, Richards & Tierney, Inc. changed its name to Nuveen Investment Solutions, Inc. There were no changes made to the Fund’s portfolio management personnel, investment objectives, policies or day-to-day portfolio management practices.

Portfolio Managers’ Comments

The Nuveen Growth Allocation, Nuveen Moderate Allocation and Nuveen Conservative Allocation Funds feature portfolio management by Nuveen Investment Solutions, Inc. The Funds are co-managed by Thomas Richards, CFA, Senior Managing Director of NIS and James Colon, CFA, Vice President of NIS. We recently asked Tom to discuss the key portfolio management strategies and the performance of these three Funds for the six-month reporting period ended December 31, 2008.

How did the Funds perform during the six-month period ended December 31, 2008?

The table on page three provides performance information for the three Funds (Class A shares at net asset value) for the six-month, one-year, five-year, ten-year and since inception periods ended December 31, 2008. The table also compares each Fund’s performance to the appropriate benchmark. A more detailed discussion of each Fund’s relative performance is provided later in this report.

What strategies were used to manage the Funds during the reporting period?

All of these Funds are managed using the same strategic approach. This involves seeking to: (1) identify a universe of investable asset classes with different risks, returns and relationships,

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 manager 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.

Semi-Annual Report    Page 2

Returns prior to August 1, 2008, for Nuveen Growth Allocation and Nuveen Moderate Allocation Funds and July 7, 2008, for Nuveen Conservative Allocation Fund, are not indicative of the performance that the Funds, as currently managed, would have generated.

Class A Shares

Average Annual Total Returns as of 12/31/08

	Cumulative 6-Month	1-Year	5-Year	10-Year	Since Inception1
Nuveen Growth Allocation Fund
A Shares at NAV	-26.28%	-31.77%	NA	NA	-0.94%
A Shares at Offer	-30.52%	-35.69%	NA	NA	-2.38%
Lipper Global Multi-Cap Core Funds Index2	-29.55%	-36.70%	NA	NA	-1.71%
Growth Allocation Composite3	-21.54%	-28.44%	NA	NA	-4.22%
Nuveen Moderate Allocation Fund
A Shares at NAV	-19.54%	-25.75%	0.42%	2.18%	4.77%
A Shares at Offer	-24.16%	-30.03%	-0.76%	1.58%	4.28%
Lipper Mixed-Asset Target Allocation Moderate Funds Index4	-22.71%	-27.38%	-0.39%	1.38%	4.40%
Moderate Allocation Composite5	-15.63%	-20.97%	0.85%	-0.02%	4.87%
Nuveen Conservative Allocation Fund
A Shares at NAV	-13.98%	-19.39%	0.69%	1.37%	3.62%
A Shares at Offer	-18.92%	-24.02%	-0.49%	0.77%	3.13%
Lipper Mixed-Asset Target Allocation Conservative Funds Index6	-14.84%	-16.20%	0.90%	2.38%	4.47%
Conservative Allocation Composite7	-9.43%	-12.91%	2.14%	1.05%	5.20%

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. Returns less than one year are cumulative. Current performance may be higher or lower than the performance shown. Class A Shares have a 5.75% maximum sales charge. 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. For the most recent month-end performance, visit www.nuveen.com or call (800) 257-8787.

Please see each Fund’s Spotlight Page later in this report for more complete performance data and expense ratios.

1 The since inception dates for the Funds are 12/09/04 for the Nuveen Growth Allocation Fund, and 8/07/96 for the Nuveen Moderate Allocation and Nuveen Conservative Allocation Funds.

2 The Lipper Global Multi-Cap Core Funds Index is a managed index that represents the average annualized total return of the 10 largest funds in the Lipper Global Multi-Cap Core Funds category. The returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index.

3 The Growth Allocation Composite is an index comprised of a 76% weighting in the S&P 500 Index, a 19% weighting in the Barclays Capital U.S. Aggregate Bond Index, and a 5% weighting in Citigroup 3-Month U.S. Treasury Bill Index. The since inception data for the Composite were calculated as of 1/01/05, as composite returns are calculated on a calendar-month basis. The composite returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in a composite.

4 The Lipper Mixed-Asset Target Allocation Moderate Funds Index is a managed index that represents the average annualized total return of the 10 largest funds in the Lipper Mixed-Asset Target Allocation Moderate Funds category. The returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index.

5 The Moderate Allocation Composite is an index comprised of a 57% weighting in the S&P 500 Index, a 38% weighting in the Barclays Capital U.S. Aggregate Bond Index, and a 5% weighting in Citigroup 3-Month U.S. Treasury Bill Index. The since inception data for the Composite were calculated as of 9/01/96, as composite returns are calculated on a calendar-month basis. The composite returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in a composite.

6 The Lipper Mixed-Asset Target Allocation Conservative Funds Index is a managed index that represents the average annualized total return of the 10 largest funds in the Lipper Mixed-Asset Target Allocation Conservative Funds category. The returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index.

7 The Conservative Allocation Composite is an index comprised of a 38% weighting in the S&P 500 Index, a 57% weighting in the Barclays Capital U.S. Aggregate Bond Index, and a 5% weighting in Citigroup 3-Month U.S. Treasury Bill Index. The since inception data for the Composite were calculated as of 9/01/96, as composite returns are calculated on a calendar-month basis. The composite returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in a composite.

Semi-Annual Report    Page 3

(2) determine an allocation policy among these asset classes with the highest expected return consistent with a targeted level of investment risk, (3) utilize liquid, transparent, and value-added investment funds within the asset classes, (4) structure these funds to produce value-added performance consistent with the Funds’ active management risk budget, and (5) monitor, refine and revise all the investment inputs that go into each Fund’s portfolio building process.

How did these strategies influence performance?

Nuveen Growth Allocation Fund

Class A shares at net asset value for the Nuveen Growth Allocation Fund outperformed the Lipper Global Multi-Cap Core Funds Index and underperformed the Growth Allocation Composite during the six-month reporting period.

NIS assumed management of the Nuveen Growth Allocation Fund on August 1, 2008, and transitioned the portfolio during the month of August. Subsequently, beginning September 1, 2008, we implemented an investment management information and risk control process that provides ongoing feedback, with respect to the risk factors affecting the performance of the Fund. Most of the following commentary covers the last four months of 2008.

The Growth Allocation Fund’s policy allocation as of December 31, 2008, is presented below:

Asset Class	Asset Class Policy Weight
Domestic Equity	25.00%
International Equity	28.00%
Global Resources	3.00%
US Public Real Estate	11.00%
Domestic Fixed Income	12.00%
Domestic High Yield	4.00%
TIPS	12.00%
Short Duration & Cash	5.00%
	100.00%

As noted above, NIS monitors and manages the risk factors that impact the Fund’s performance, including (1) Investment Policy/Capital Market Risk, (2) Style Risk, (3) Active Management Risk, and (4) Allocation Tactics Risk. The impact of each of these factors is quantified and analyzed as a part of our ongoing feedback and control management process.

Investment policy/capital market risk will typically have the largest performance impact on the Fund. From September 1, 2008, though December 31, 2008, our investment policy/capital markets allocations produced a return of -23.70%. Most of the asset classes in which the Fund invested experienced negative returns during the period, reflecting the generally poor environment for most longer-term investments.

Investment style risk involves an allocation policy to investment managers whose styles, in aggregate, differ from the asset class market target. NIS attempts to minimize this risk by investing in the Nuveen U.S. Equity Completeness Fund in the domestic equity asset class and various exchange traded funds in international equity class. The return impact from investment style risk was negligible during the last four months of the year.

Active management risk consists of the performance differential between the investment managers’ actual performance and the performance of their benchmarks. NIS manages active management risk by structuring teams of managers within asset classes that are believed to have the best chance of outperforming their asset class target. Over the last four months of the period, the Fund’s investment managers, in aggregate, generated positive incremental returns, relative to their benchmarks. Manager allocations within the International Equity asset class, which consists of one mutual fund manager and two exchange-traded funds, generated the greatest level of outperformance.

Allocation tactics involves the deviations of actual allocations versus the policy allocation weights. These deviations are often due to movements in the capital markets and cash flows in and out of the Fund. During the last four months of the year the performance impact due to allocation tactics has had a small, negative impact on total Fund performance.

Semi-Annual Report    Page 4

Although the last four months of 2008 proved to be difficult, the value-added performance of the managers selected by the Fund helped offset some of the negative impact of the markets. The Fund continues to be broadly diversified in this challenging economic and market environment.

Nuveen Moderate Allocation Fund

Class A shares at net asset value for the Nuveen Moderate Allocation Fund outperformed the Lipper Mixed-Asset Target Allocation Moderate Funds Index and underperformed the Moderate Allocation Composite during the six-month reporting period.

NIS assumed management of the Fund on August 1, 2008, and transitioned the portfolio during the month of August. Subsequently, beginning on September 1, 2008, we implemented an investment management information and risk control process that provides ongoing feedback with respect to the risk factors affecting the performance of the Fund. Most of the following commentary covers the last four months of 2008.

The Moderate Allocation Fund’s policy allocation as of December 31, 2008, is presented below:

Asset Class	Asset Class Policy Weight
Domestic Equity	22.00%
International Equity	22.00%
Global Resources	3.00%
US Public Real Estate	8.00%
Domestic Fixed Income	19.00%
Domestic High Yield	4.00%
TIPS	17.00%
Short Duration & Cash	5.00%
	100.00%

As referenced above, NIS monitors and manages the risk factors that impact the Fund’s performance. The risk factors are (1) Investment Policy/Capital Market Risk, (2) Style Risk, (3) Active Management Risk, and (4) Allocation Tactics Risk. The impact of each of these factors is quantified and analyzed as a part of our ongoing feedback and control management process.

Investment policy/capital market risk will typically have the largest performance impact on the Fund. From September 1, 2008 to December 31, 2008, our investment policy/capital markets allocations produced a return of -19.94%. Most of the asset classes in which the Fund invested experienced negative returns during the four-month period.

Investment style risk involves an allocation policy to investment managers whose styles, in aggregate, differ from the asset class market target. NIS attempts to minimize this risk by investing in the Nuveen U.S. Equity Completeness Fund in the domestic equity asset class and various exchange traded funds in international equity class. The return impact from investment style risk was negligible during the last four months of the year.

Active management risk consists of the performance differential between the investment managers’ actual performance and the performance of their benchmarks. NIS manages active management risk by structuring teams of managers within asset classes that are believed to have the best chance of outperforming their asset class target. Over the last four months of the period, the Fund’s investment managers, in aggregate, generated positive incremental returns, relative to their benchmarks. Manager allocations within the International Equity asset class, which consists of one mutual fund manager and two exchange-traded funds, generated the greatest level of outperformance.

Allocation tactics involves the deviations of actual allocations versus the policy allocation weights. These deviations are often due to movements in the capital markets and cash flows in and out of the Fund. During the last four months of the year the performance impact due to allocation tactics has had a small, negative impact on total Fund performance.

Although the last four months of 2008 proved to be difficult, the value-added performance of the managers selected by the Fund helped offset some of the negative impact of the markets. The Fund continues to be broadly diversified in this challenging economic and market environment.

Semi-Annual Report    Page 5

Nuveen Conservative Allocation Fund

Class A shares at net asset value for the Fund outperformed the Lipper Mixed-Asset Target Allocation Conservative Funds Index and underperformed the Conservative Allocation Composite during the six-month reporting period.

NIS assumed management of the Nuveen Conservative Allocation Fund on July 7, 2008 and transitioned the portfolio during the months of July and August. Subsequently, beginning September 1, 2008, we implemented an investment management information and risk control process that provides ongoing feedback, with respect to the risk factors affecting the performance of the Fund. Most of the following commentary covers the last four months of 2008.

The Conservative Allocation Fund’s policy allocation as of December 31, 2008, is presented below:

Asset Class	Asset Class Policy Weight
Domestic Equity	16.00%
International Equity	14.00%
Global Resources	3.00%
US Public Real Estate	6.00%
Domestic Fixed Income	37.00%
Domestic High Yield	5.00%
TIPS	14.00%
Short Duration & Cash	5.00%
	100.00%

As referenced above, NIS monitors and manages the risk factors that impact the Fund’s performance. The risk factors are (1) Investment Policy/Capital Market Risk, (2) Style Risk, (3) Active Management Risk, and (4) Allocation Tactics Risk. The impact of each of these factors is quantified and analyzed as a part of our ongoing feedback and control management process.

Investment policy/capital market risk will typically have the largest performance impact on the Fund. From September 1, 2008 to December 31, 2008, our investment policy/capital markets allocations produced a return of -14.15%. Most of the asset classes in which the Fund invests experienced negative returns during the four-month period.

Investment style risk involves an allocation policy to investment managers whose styles, in aggregate, differ from the asset class market target. NIS attempts to minimize this risk by investing in the Nuveen U.S. Equity Completeness Fund in the domestic equity asset class and various exchange traded funds in international equity class. The return impact from investment style risk was negligible during the last four months of the year.

Active management risk consists of the performance differential between the investment managers’ actual performance and the performance of their benchmarks. NIS manages active management risk by structuring teams of managers within asset classes that are believed to have the best chance of outperforming their asset class target. Over the last four months of the period, the Fund’s investment managers, in aggregate, generated positive incremental returns, relative to their benchmarks. Manager allocations within the International Equity asset class, which consists of one mutual fund manager and two exchange-traded funds, generated the greatest level of outperformance.

Allocation tactics involves the deviations of actual allocations versus the policy allocation weights. These deviations are often due to movements in the capital markets and cash flows in and out of the Fund. During the last four months of the year the performance impact due to allocation tactics has had a small, negative impact on total Fund performance.

Although the last four months of 2008 proved to be difficult, the value-added performance of the managers selected by the Fund helped offset some of the negative impact of the markets. The Fund continues to be broadly diversified in this challenging economic and market environment.

Semi-Annual Report    Page 6

Fund Spotlight as of 12/31/08 Nuveen Growth Allocation Fund

Quick Facts
	A Shares	B Shares1	C Shares	R3 Shares	I Shares1
Fund Symbols	NGOAX	NGVBX	NGVCX	NGATX	NGVRX
NAV	$16.10	$15.91	$15.92	$16.18	$16.10
Latest Capital Gain Distribution2	$0.8140	$0.8140	$0.8140	$0.8140	$0.8140
Latest Ordinary Income Distribution3	$0.3791	$0.3231	$0.3231	$0.3244	$0.4341
Inception Date	12/09/04	12/09/04	12/09/04	8/04/08	12/09/04

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. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Class A, B, C and I Share returns are actual. The returns for Class R3 Shares are actual for the period since class inception; returns prior to class inception are Class I Share returns adjusted for 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 5.75% 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 twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Returns prior to August 1, 2008, are not indicative of the performance that

the Fund, as currently managed, would have generated.

Average Annual Total Returns as of 12/31/08
A Shares	NAV	Offer
1-Year	-31.77%	-35.69%
Since Inception	-0.94%	-2.38%
B Shares	w/o CDSC	w/CDSC
1-Year	-32.29%	-34.81%
Since Inception	-1.69%	-2.10%
C Shares	NAV
1-Year	-32.31%
Since Inception	-1.67%
R3 Shares	NAV
1-Year	-31.92%
Since Inception	-1.19%
I Shares	NAV
1-Year	-31.61%
Since Inception	-0.69%

Portfolio Allocation⁴

Portfolio Statistics
Net Assets ($000)	$8,856
Number of Holdings	16

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.58%	1.36%	10/31/08
Class B	2.33%	2.11%	10/31/08
Class C	2.33%	2.11%	10/31/08
Class R3	1.83%	1.61%	10/31/08
Class I	1.33%	1.11%	10/31/08

The expense ratios reflect the Fund’s management fees, 12b-1 distribution and service fees and estimated other expenses, as well as the estimated fees and expenses of the Underlying Funds in which the Fund invests. The Net Expense Ratios reflect a contractual commitment by the Fund’s investment adviser to waive fees and reimburse expenses through October 31, 2011. Absent the fee waivers and expense reimbursements, the Net Expense Ratios would have been higher and total returns would have been lower. These expense ratios will vary from the expense ratios included in the Financial Highlights in this report, as they reflect expenses incurred over different time periods.

1 Effective May 1, 2008, Class B Shares will only be issued upon exchange of Class B Shares from another Nuveen Fund or for purposes of dividend reinvestment. Effective December 31, 2008, the reinvestment privilege for Class B will no longer be available. Effective May 1, 2008, Class R Shares were renamed Class I Shares. See the Fund’s prospectus for more information.

2 Paid December 16, 2008.

3 Ordinary income distribution consists of short-term capital gains paid on December 16, 2008, and ordinary income paid on December 31, 2008, if any.

4 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Semi-Annual Report    Page 7

Fund Spotlight as of 12/31/08 Nuveen Growth Allocation Fund

Description	Weighting1
Nuveen NWQ Large-Cap Value Fund (Class I)	4.4%
Nuveen Rittenhouse Growth Fund (Class I)	1.8%
Nuveen Santa Barbara Growth Fund (Class I)	2.1%
Nuveen Symphony Large-Cap Growth Fund (Class I)	5.8%
Nuveen Tradewinds Global Resources Fund (Class I)	2.7%
Nuveen Tradewinds International Value Fund (Class I)	10.3%
Nuveen Tradewinds Value Opportunities Fund (Class I)	3.8%
Nuveen U.S. Equity Completeness Fund	7.6%
Total Affiliated Equity Funds	38.5%
iShares Dow Jones U.S. Real Estate Index Fund	11.3%
iShares MSCI EAFE Growth Index Fund	10.1%
iShares MSCI Emerging Markets Index Fund	6.7%
Total Non-Affiliated Equity Funds	28.1%
Total Equity Funds	66.6%
Nuveen High Yield Bond Fund (Class I)	4.0%
Nuveen Multi-Strategy Income Fund (Class I)	11.1%
Nuveen Short Duration Bond Fund (Class I)	2.0%
Total Affiliated Fixed Income Funds	17.1%
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	11.1%
Total Non-Affiliated Fixed Income Funds	11.1%
Total Fixed Income Funds	28.2%
Total Short-Term Investments	5.2%
Total Investments	100.0%

Affiliated Equity Funds	1-Year Average Annual Total Returns as of 12/31/2008
Nuveen NWQ Large-Cap Value Fund (Class I)	-38.19%
Nuveen Rittenhouse Growth Fund (Class I)	-35.02%
Nuveen Santa Barbara Growth Fund (Class I)	-31.21%
Nuveen Symphony Large-Cap Growth Fund (Class I)	-37.18%
Nuveen Tradewinds Global Resources Fund (Class I)	-43.70%
Nuveen Tradewinds International Value Fund (Class I)	-29.16%
Nuveen Tradewinds Value Opportunities Fund (Class I)	-31.85%
Nuveen U.S. Equity Completeness Fund	-30.06%	*
Non-Affiliated Equity Funds
iShares Dow Jones U.S. Real Estate Index Fund	-40.02%
iShares MSCI EAFE Growth Index Fund	-42.42%
iShares MSCI Emerging Markets Index Fund	-50.01%
Affiliated Fixed Income Funds
Nuveen High Yield Bond Fund (Class I)	-24.73%
Nuveen Multi-Strategy Income Fund (Class I)	4.32%
Nuveen Short Duration Bond Fund (Class I)	2.10%
Non-Affiliated Fixed Income Funds
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	-2.53%

1 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

* Since inception cumulative return for the period July 1, 2008 (commencement of operations) through December 31, 2008.

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including front- and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Since the R3 expense examples below reflect only the first 150 days of the class’s operations they may not provide a meaningful understanding of the class’s ongoing expenses.

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

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front- and back-end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.

											Hypothetical Performance
	Actual Performance										(5% return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (7/01/08)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/08)	$	737.20	$	734.20	$	734.30	$	768.20	$	738.00	$	1,020.77	$	1,017.04	$	1,016.99	$	1,016.85	$	1,022.13
Expenses Incurred During Period	$	3.85	$	7.08	$	7.13	$	3.27	$	2.67	$	4.48	$	8.24	$	8.29	$	3.73	$	3.11

For each class of the Fund, expenses are equal to the Fund’s annualized expense ratio of 0.88%, 1.62%, 1.63% and 0.61% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). For Class R3 of the Fund, expenses are equal to the Fund’s annualized expense ratio of 0.90% multiplied by 150/365 (to reflect the 150 days in the period since the class commenced operations).

Semi-Annual Report    Page 8

Fund Spotlight as of 12/31/08 Nuveen Moderate Allocation Fund

Quick Facts
	A Shares	B Shares1	C Shares	R3 Shares	I Shares1
Fund Symbols	NNSAX	NNSBX	NUVCX	NMATX	NNSRX
NAV	$17.14	$17.22	$17.24	$17.17	$17.11
Latest Capital Gain Distribution2	$0.4613	$0.4613	$0.4613	$0.4613	$0.4613
Latest Ordinary Income Distribution3	$0.3440	$0.1968	$0.1970	$0.2976	$0.3932
Inception Date	8/07/96	8/07/96	8/07/96	8/04/08	8/07/96

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. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Class A, B, C and I Share returns are actual. The returns for Class R3 Shares are actual for the period since class inception; returns prior to class inception are Class I Share returns adjusted for 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 5.75% 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 twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Returns prior to August 1, 2008, are not indicative of the performance that

the Fund, as currently managed, would have generated.

Average Annual Total Returns as of 12/31/08
A Shares	NAV	Offer
1-Year	-25.75%	-30.03%
5-Year	0.42%	-0.76%
10-Year	2.18%	1.58%
B Shares	w/o CDSC	w/CDSC
1-Year	-26.32%	-29.13%
5-Year	-0.33%	-0.47%
10-Year	1.58%	1.58%
C Shares	NAV
1-Year	-26.30%
5-Year	-0.32%
10-Year	1.43%
R3 Shares	NAV
1-Year	-25.95%
5-Year	0.16%
10-Year	1.93%
I Shares	NAV
1-Year	-25.58%
5-Year	0.67%
10-Year	2.44%

Portfolio Allocation⁴

Portfolio Statistics
Net Assets ($000)	$36,406
Number of Holdings	16

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.29%	1.19%	10/31/08
Class B	2.04%	1.94%	10/31/08
Class C	2.04%	1.94%	10/31/08
Class R3	1.54%	1.44%	10/31/08
Class I	1.04%	0.94%	10/31/08

The expense ratios reflect the Fund’s management fees, 12b-1 distribution and service fees and estimated other expenses, as well as the estimated fees and expenses of the Underlying Funds in which the Fund invests. The Net Expense Ratios reflect a contractual commitment by the Fund’s investment adviser to waive fees and reimburse expenses through October 31, 2011. Absent the fee waivers and expense reimbursements, the Net Expense Ratios would have been higher and total returns would have been lower. These expense ratios will vary from the expense ratios included in the Financial Highlights in this report, as they reflect expenses incurred over different time periods.

1 Effective May 1, 2008, Class B Shares will only be issued upon exchange of Class B Shares from another Nuveen Fund or for purposes of dividend reinvestment. Effective December 31, 2008, the reinstatement privilege for Class B Shares will no longer be available. Effective May 1, 2008, Class R Shares were renamed Class I Shares. See the Fund’s prospectus for more information.

2 Paid December 16, 2008.

3 Paid December 31, 2008.

4 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Semi-Annual Report    Page 9

Fund Spotlight as of 12/31/08 Nuveen Moderate Allocation Fund

Description	Weighting1
Nuveen NWQ Large-Cap Value Fund (Class I)	3.7%
Nuveen Rittenhouse Growth Fund (Class I)	1.5%
Nuveen Santa Barbara Growth Fund (Class I)	1.8%
Nuveen Symphony Large-Cap Growth Fund (Class I)	5.0%
Nuveen Tradewinds Global Resources Fund (Class I)	3.3%
Nuveen Tradewinds International Value Fund (Class I)	8.0%
Nuveen Tradewinds Value Opportunities Fund (Class I)	3.4%
Nuveen U.S. Equity Completeness Fund	6.5%
Total Affiliated Equity Funds	33.2%
iShares Dow Jones U.S. Real Estate Index Fund	8.7%
iShares MSCI EAFE Growth Index Fund	8.7%
iShares MSCI Emerging Markets Index Fund	6.0%
Total Non-Affiliated Equity Funds	23.4%
Total Equity Funds	56.6%
Nuveen High Yield Bond Fund (Class I)	3.8%
Nuveen Multi-Strategy Income Fund (Class I)	17.9%
Nuveen Short Duration Bond Fund (Class I)	2.3%
Total Affiliated Fixed Income Funds	24.0%
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	16.2%
Total Non-Affiliated Fixed Income Funds	16.2%
Total Fixed Income Funds	40.2%
Total Short-Term Investments	3.2%
Total Investments	100.0%

Affiliated Equity Funds	1-Year Average Annual Total Returns as of 12/31/2008
Nuveen NWQ Large-Cap Value Fund (Class I)	-38.19%
Nuveen Rittenhouse Growth Fund (Class I)	-35.02%
Nuveen Santa Barbara Growth Fund (Class I)	-31.21%
Nuveen Symphony Large-Cap Growth Fund (Class I)	-37.18%
Nuveen Tradewinds Global Resources Fund (Class I)	-43.70%
Nuveen Tradewinds International Value Fund (Class I)	-29.16%
Nuveen Tradewinds Value Opportunities Fund (Class I)	-31.85%
Nuveen U.S. Equity Completeness Fund	-30.06%	*
Non-Affiliated Equity Funds
iShares Dow Jones U.S. Real Estate Index Fund	-40.02%
iShares MSCI EAFE Growth Index Fund	-42.42%
iShares MSCI Emerging Markets Index Fund	-50.01%
Affiliated Fixed Income Funds
Nuveen High Yield Bond Fund (Class I)	-24.73%
Nuveen Multi-Strategy Income Fund (Class I)	4.32%
Nuveen Short Duration Bond Fund (Class I)	2.10%
Non-Affiliated Fixed Income Funds
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	-2.53%

1 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

* Since inception cumulative return for the period July 1, 2008 (commencement of operations) through December 31, 2008.

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including front- and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Since the R3 expense examples below reflect only the first 150 days of the class’s operations they may not provide a meaningful understanding of the class’s ongoing expenses.

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

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front- and back-end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.

											Hypothetical Performance
	Actual Performance										(5% return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (7/01/08)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/08)	$	804.60	$	801.50	$	801.70	$	809.20	$	805.40	$	1,021.78	$	1,017.95	$	1,017.95	$	1,017.30	$	1,023.09
Expenses Incurred During Period	$	3.09	$	6.54	$	6.54	$	2.94	$	1.91	$	3.47	$	7.32	$	7.32	$	3.27	$	2.14

For each class of the Fund, expenses are equal to the Fund’s annualized expense ratio of 0.68%, 1.44%, 1.44% and 0.42% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). For Class R3 of the Fund, expenses are equal to the Fund’s annualized expense ratio of 0.79% multiplied by 150/365 (to reflect the 150 days in the period since the class commenced operations).

Semi-Annual Report    Page 10

Fund Spotlight as of 12/31/08Nuveen Conservative Allocation Fund

Quick Facts
	A Shares	B Shares1	C Shares	R3 Shares	I Shares1
Fund Symbols	NBMSX	NMNBX	NBMCX	NALTX	NMNRX
NAV	$18.77	$20.21	$20.19	$18.30	$18.23
Latest Capital Gain Distribution2	$0.4806	$0.4806	$0.4806	$0.4806	$0.4806
Latest Ordinary Income Distribution3	$0.3252	$0.1692	$0.1689	$0.2658	$0.3709
Inception Date	8/07/96	8/07/96	8/07/96	8/04/08	8/07/96

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. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Class A, B, C and I Share returns are actual. The returns for Class R3 Shares are actual for the period since class inception; returns prior to class inception are Class I Share returns adjusted for 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 5.75% 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 twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Returns prior to July 7, 2008, are not indicative of the performance that

the Fund, as currently managed, would have generated.

Average Annual Total Returns as of 12/31/08
A Shares	NAV	Offer
1-Year	-19.39%	-24.02%
5-Year	0.69%	-0.49%
10-Year	1.37%	0.77%
B Shares	w/o CDSC	w/CDSC
1-Year	-20.03%	-23.09%
5-Year	-0.06%	-0.24%
10-Year	0.77%	0.77%
C Shares	NAV
1-Year	-19.98%
5-Year	-0.06%
10-Year	0.61%
R3 Shares	NAV
1-Year	-19.59%
5-Year	0.45%
10-Year	1.12%
I Shares	NAV
1-Year	-19.20%
5-Year	0.95%
10-Year	1.62%

Portfolio Allocation⁴

Portfolio Statistics
Net Assets ($000)	$44,583
Number of Holdings	17

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.21%	1.21%	10/31/08
Class B	1.96%	1.96%	10/31/08
Class C	1.96%	1.96%	10/31/08
Class R3	1.46%	1.46%	10/31/08
Class I	0.96%	0.96%	10/31/08

The expense ratios reflect the Fund’s management fees, 12b-1 distribution and service fees and estimated other expenses, as well as the estimated fees and expenses of the Underlying Funds in which the Fund invests. These expense ratios will vary from the expense ratios included in the Financial Highlights in this report, as they reflect expenses incurred over different time periods.

1 Effective May 1, 2008, Class B Shares will only be issued upon exchange of Class B Shares from another Nuveen Fund or for purposes of dividend reinvestment. Effective December 31, 2008, the reinstatement privilege for Class B Shares will no longer be available. Effective May 1, 2008, Class R Shares were renamed Class I Shares. See the Fund’s prospectus for more information.

2 Paid December 16, 2008.

3 Paid December 31, 2008.

4 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Semi-Annual Report    Page 11

Fund Spotlight as of 12/31/08 Nuveen Conservative Allocation Fund

Description	Weighting1
Nuveen NWQ Large-Cap Value Fund (Class I)	2.9%
Nuveen Rittenhouse Growth Fund (Class I)	1.1%
Nuveen Santa Barbara Growth Fund (Class I)	1.2%
Nuveen Symphony Large-Cap Growth Fund (Class I)	3.7%
Nuveen Tradewinds Global Resources Fund (Class I)	3.4%
Nuveen Tradewinds International Value Fund (Class I)	5.4%
Nuveen Tradewinds Value Opportunities Fund (Class I)	2.5%
Nuveen U.S. Equity Completeness Fund	5.0%
Total Affiliated Equity Funds	25.2%
iShares Dow Jones U.S. Real Estate Index Fund	6.6%
iShares MSCI EAFE Growth Index Fund	5.6%
iShares MSCI Emerging Markets Index Fund	3.9%
Total Non-Affiliated Equity Funds	16.1%
Total Equity Funds	41.3%
Nuveen High Yield Bond Fund (Class I)	4.7%
Nuveen Multi-Strategy Income Fund (Class I)	35.5%
Nuveen Short Duration Bond Fund (Class I)	2.1%
Total Affiliated Fixed Income Funds	42.3%
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	14.1%
Total Non-Affiliated Fixed Income Funds	14.1%
Total Fixed Income Funds	56.4%
Total Municipal Bonds	1.1%
Total Short-Term Investments	1.2%
Total Investments	100.0%

Affiliated Equity Funds	1-Year Average Annual Total Returns as of 12/31/2008
Nuveen NWQ Large-Cap Value Fund (Class I)	-38.19%
Nuveen Rittenhouse Growth Fund (Class I)	-35.02%
Nuveen Santa Barbara Growth Fund (Class I)	-31.21%
Nuveen Symphony Large-Cap Growth Fund (Class I)	-37.18%
Nuveen Tradewinds Global Resources Fund (Class I)	-43.70%
Nuveen Tradewinds International Value Fund (Class I)	-29.16%
Nuveen Tradewinds Value Opportunities Fund (Class I)	-31.85%
Nuveen U.S. Equity Completeness Fund	-30.06%	*
Non-Affiliated Equity Funds
iShares Dow Jones U.S. Real Estate Index Fund	-40.02%
iShares MSCI EAFE Growth Index Fund	-42.42%
iShares MSCI Emerging Markets Index Fund	-50.01%
Affiliated Fixed Income Funds
Nuveen High Yield Bond Fund (Class I)	-24.73%
Nuveen Multi-Strategy Income Fund (Class I)	4.32%
Nuveen Short Duration Bond Fund (Class I)	2.10%
Non-Affiliated Fixed Income Funds
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	-2.53%

1 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

* Since inception cumulative return for the period July 1, 2008 (commencement of operations) through December 31, 2008.

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including front- and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Since the R3 expense examples below reflect only the first 150 days of the class’s operations they may not provide a meaningful understanding of the class’s ongoing expenses.

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

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front- and back-end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.

											Hypothetical Performance
	Actual Performance										(5% return before expenses)
	A Shares		B Shares		C Shares		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (7/01/08)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/08)	$	860.20	$	856.40	$	856.90	$	861.00	$	861.30	$	1,021.98	$	1,018.20	$	1,018.20	$	1,016.97	$	1,023.19
Expenses Incurred During Period	$	3.00	$	6.50	$	6.51	$	3.33	$	1.88	$	3.26	$	7.07	$	7.07	$	3.61	$	2.04

For each class of the Fund, expenses are equal to the Fund’s annualized expense ratio of 0.64%, 1.39%, 1.39% and 0.40% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). For Class R3 of the Fund, expenses are equal to the Fund’s annualized expense ratio of 0.87% multiplied by 150/365 (to reflect the 150 days in the period since the class commenced operations).

Semi-Annual Report    Page 12

Portfolio of Investments (Unaudited)

Nuveen Growth Allocation Fund

December 31, 2008

Shares	Description (1)	Value
	EQUITY FUNDS – 66.7%
	Affiliated Equity Funds – 38.5%
32,312	Nuveen NWQ Large-Cap Value Fund (Class I)	$	393,237
9,973	Nuveen Rittenhouse Growth Fund (Class I)		162,466
12,886	Nuveen Santa Barbara Growth Fund (Class I)		186,842
37,471	Nuveen Symphony Large-Cap Growth Fund (Class I)		514,103
18,374	Nuveen Tradewinds Global Resources Fund (Class I)		237,577
46,614	Nuveen Tradewinds International Value Fund (Class I)		908,512
17,009	Nuveen Tradewinds Value Opportunities Fund (Class I)		334,904
48,294	Nuveen U.S. Equity Completeness Fund		672,247
	Total Affiliated Equity Funds (cost $5,081,342)		3,409,888
	Non-Affiliated Equity Funds – 28.2%
26,800	iShares Dow Jones U.S. Real Estate Index Fund		997,764
19,800	iShares MSCI EAFE Growth Index Fund		899,910
23,800	iShares MSCI Emerging Markets Index Fund		594,286
	Total Non-Affiliated Equity Funds (cost $3,835,341)		2,491,960
	Total Equity Funds (cost $8,916,683)		5,901,848
	FIXED INCOME FUNDS – 28.2%
	Affiliated Fixed Income Funds – 17.1%
27,426	Nuveen High Yield Bond Fund (Class I)		358,730
51,788	Nuveen Multi-Strategy Income Fund (Class I)		985,519
9,109	Nuveen Short Duration Bond Fund (Class I)		172,880
	Total Affiliated Fixed Income Funds (cost $1,663,171)		1,517,129
	Non-Affiliated Fixed Income Funds – 11.1%
9,900	iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund		982,476
	Total Non-Affiliated Fixed Income Funds (cost $1,037,210)		982,476
	Total Fixed Income Funds (cost $2,700,381)		2,499,605

Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 5.2%
$	460	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/08, repurchase price $459,685, collateralized by $315,000 U.S. Treasury Bonds, 6.375%, due 8/15/27, value $474,138	0.010%	1/02/09	$	459,684
		Total Short-Term Investments (cost $459,684)				459,684
		Total Investments (cost $12,076,748) – 100.1%				8,861,137
		Other Assets Less Liabilities – (0.1)%				(5,355)
		Net Assets – 100%			$	8,855,782

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

See accompanying notes to financial statements.

13

Portfolio of Investments (Unaudited)

Nuveen Moderate Allocation Fund

December 31, 2008

Shares	Description (1)	Value
	EQUITY FUNDS – 56.8%
	Affiliated Equity Funds – 33.3%
111,184	Nuveen NWQ Large-Cap Value Fund (Class I)	$	1,353,104
34,503	Nuveen Rittenhouse Growth Fund (Class I)		562,051
44,545	Nuveen Santa Barbara Growth Fund (Class I)		645,905
132,634	Nuveen Symphony Large-Cap Growth Fund (Class I)		1,819,741
93,550	Nuveen Tradewinds Global Resources Fund (Class I)		1,209,597
149,325	Nuveen Tradewinds International Value Fund (Class I)		2,910,337
63,659	Nuveen Tradewinds Value Opportunities Fund (Class I)		1,253,444
169,515	Nuveen U.S. Equity Completeness Fund		2,359,650
	Total Affiliated Equity Funds (cost $17,447,353)		12,113,829
	Non-Affiliated Equity Funds – 23.5%
85,600	iShares Dow Jones U.S. Real Estate Index Fund		3,186,888
69,700	iShares MSCI EAFE Growth Index Fund		3,167,865
88,500	iShares MSCI Emerging Markets Index Fund		2,209,845
	Total Non-Affiliated Equity Funds (cost $12,625,400)		8,564,598
	Total Equity Funds (cost $30,072,753)		20,678,427
	FIXED INCOME FUNDS – 40.3%
	Affiliated Fixed Income Funds – 24.1%
106,178	Nuveen High Yield Bond Fund (Class I)		1,388,804
343,050	Nuveen Multi-Strategy Income Fund (Class I)		6,528,245
45,387	Nuveen Short Duration Bond Fund (Class I)		861,442
	Total Affiliated Fixed Income Funds (cost $9,364,871)		8,778,491
	Non-Affiliated Fixed Income Funds – 16.2%
59,600	I-Shares Barclays U.S. Treasury Inflation Protected Securities Index Fund		5,914,704
	Total Non-Affiliated Fixed Income Funds (cost $6,313,392)		5,914,704
	Total Fixed Income Funds (cost $15,678,263)		14,693,195

Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 3.2%
$	1,154	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/08, repurchase price $1,153,546, collateralized by $825,000 U.S. Treasury Bonds, 4.750%, due 2/15/37, value $1,181,070	0.010%	1/02/09	$	1,153,545
		Total Short-Term Investments (cost $1,153,545)				1,153,545
		Total Investments (cost $46,904,561) – 100.3%				36,525,167
		Other Assets Less Liabilities – (0.3)%				(119,469)
		Net Assets – 100%			$	36,405,698

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

See accompanying notes to financial statements.

14

Portfolio of Investments (Unaudited)

Nuveen Conservative Allocation Fund

December 31, 2008

Shares	Description (1)	Value
	EQUITY FUNDS – 41.5%
	Affiliated Equity Funds – 25.3%
106,575	Nuveen NWQ Large-Cap Value Fund (Class I)	$	1,297,012
30,120	Nuveen Rittenhouse Growth Fund (Class I)		490,659
38,432	Nuveen Santa Barbara Growth Fund (Class I)		557,269
120,352	Nuveen Symphony Large-Cap Growth Fund (Class I)		1,651,224
117,878	Nuveen Tradewinds Global Resources Fund (Class I)		1,524,169
124,320	Nuveen Tradewinds International Value Fund (Class I)		2,422,989
57,097	Nuveen Tradewinds Value Opportunities Fund (Class I)		1,124,249
160,089	Nuveen U.S. Equity Completeness Fund		2,228,438
	Total Affiliated Equity Funds (cost $16,321,730)		11,296,009
	Non-Affiliated Equity Funds – 16.2%
78,700	iShares Dow Jones U.S. Real Estate Index Fund		2,930,002
55,500	iShares MSCI EAFE Growth Index Fund		2,522,475
70,600	iShares MSCI Emerging Markets Index Fund		1,762,882
	Total Non-Affiliated Equity Funds (cost $10,417,605)		7,215,359
	Total Equity Funds (cost $26,739,335)		18,511,368
	FIXED INCOME FUNDS – 56.6%
	Affiliated Fixed Income Funds – 42.5%
160,676	Nuveen High Yield Bond Fund (Class I)		2,101,646
835,907	Nuveen Multi-Strategy Income Fund (Class I)		15,907,319
48,657	Nuveen Short Duration Bond Fund (Class I)		923,505
	Total Affiliated Fixed Income Funds (cost $19,731,989)		18,932,470
	Non-Affiliated Fixed Income Funds – 14.1%
63,500	iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund		6,301,740
	Total Non-Affiliated Fixed Income Funds (cost $6,871,826)		6,301,740
	Total Fixed Income Funds (cost $26,603,815)		25,234,210

Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		MUNICIPAL BONDS – 1.1%
$	540	Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center Obligated Group, Series 1998A	5.000%	8/15/13	$	482,106
$	540	Total Municipal Bonds (cost $507,202)				482,106
		SHORT-TERM INVESTMENTS – 1.2%
$	546	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/08, repurchase price $545,713, collateralized by $390,000 U.S. Treasury Bonds, 4.750%, due 2/15/37, value $558,324	0.010%	1/02/09		545,712
		Total Short-Term Investments (cost $545,712)				545,712
		Total Investments (cost $54,396,064) – 100.4%				44,773,396
		Other Assets Less Liabilities – (0.4)%				(190,662)
		Net Assets – 100%			$	44,582,734

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

See accompanying notes to financial statements.

15

Statement of Assets and Liabilities(Unaudited)

December 31, 2008

	Growth Allocation (1)			Moderate Allocation (2)			Conservative Allocation (3)
Assets
Affiliated investments, at value (cost $6,744,513, $26,812,224 and $36,053,719, respectively)	$	4,927,017		$	20,892,320		$	30,228,479
Non-affiliated investments, at value (cost $5,332,235, $20,092,337 and $18,342,345, respectively)		3,934,120			15,632,847			14,544,917
Receivables:
Dividends and interest		7			—			10,200
From Adviser		40,903			62,015			43,592
Reclaims		948			6,058			5,489
Shares sold		12,656			81,966			101,277
Other assets		11			12,132			21,323
Total assets		8,915,662			36,687,338			44,955,277
Liabilities
Payable for shares redeemed		38,258			238,751			314,129
Accrued expenses:
12b-1 distribution and service fees		3,668			11,064			14,911
Other		17,954			31,825			43,503
Total liabilities		59,880			281,640			372,543
Net assets	$	8,855,782		$	36,405,698		$	44,582,734
Class A Shares
Net assets	$	1,771,201		$	20,862,374		$	34,917,308
Shares outstanding		110,045			1,217,085			1,860,718
Net asset value per share	$	16.10		$	17.14		$	18.77
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	17.08		$	18.19		$	19.92
Class B Shares
Net assets	$	397,147		$	3,391,664		$	2,484,825
Shares outstanding		24,966			196,977			122,952
Net asset value and offering price per share	$	15.91		$	17.22		$	20.21
Class C Shares
Net assets	$	3,653,408		$	4,703,134		$	6,614,674
Shares outstanding		229,443			272,821			327,686
Net asset value and offering price per share	$	15.92		$	17.24		$	20.19
Class R3 Shares
Net assets	$	107,104		$	116,027		$	123,843
Shares outstanding		6,620			6,757			6,769
Net asset value and offering price per share	$	16.18		$	17.17		$	18.30
Class I Shares
Net assets	$	2,926,922		$	7,332,499		$	442,084
Shares outstanding		181,785			428,462			24,255
Net asset value and offering price per share	$	16.10		$	17.11		$	18.23
Net Assets Consist of:
Capital paid-in	$	12,954,581		$	46,514,146		$	54,441,615
Undistributed (Over-distribution of) net investment income		141,951			(23,383	)		986,360
Accumulated net realized gain (loss) from investments		(1,025,009	)		294,329			(1,222,573	)
Net unrealized appreciation (depreciation) of investments		(3,215,741	)		(10,379,394	)		(9,622,668	)
Net assets	$	8,855,782		$	36,405,698		$	44,582,734

(1) Prior to August 1, 2008, the Fund was known as Nuveen Global Value Fund.

(2) Prior to August 1, 2008, the Fund was known as Nuveen Balanced Stock and Bond Fund.

(3) Prior to July 7, 2008, the Fund was known as Nuveen Balanced Municipal and Stock Fund.

See accompanying notes to financial statements.

16

Statement of Operations (Unaudited)

Six Months Ended December 31, 2008

	Growth Allocation (1)			Moderate Allocation (2)			Conservative Allocation (3)
Investment Income
Dividends (net of foreign tax withheld of $457, $0 and $0, respectively)	$	101,554		$	384,134		$	401,823
Dividends from affiliated investment company shares		153,127			643,949			1,059,867
Interest		1,666			96,762			165,774
Total investment income		256,347			1,124,845			1,627,464
Expenses
Management fees		18,297			58,230			47,389
12b-1 service fees – Class A		3,120			30,977			54,679
12b-1 distribution and service fees – Class B		2,435			21,713			14,831
12b-1 distribution and service fees – Class C		22,735			29,577			35,937
12b-1 distribution and service fees – Class R3		254			263			274
Shareholders’ servicing agent fees and expenses		8,754			27,304			23,443
Custodian’s fees and expenses		3,443			5,266			7,372
Trustees’ fees and expenses		27			661			562
Professional fees		14,970			20,738			22,862
Shareholders’ reports – printing and mailing expenses		52,902			89,988			75,472
Federal and state registration fees		22,623			18,098			18,601
Other expenses		444			1,097			1,228
Total expenses before custodian fee credit and expense reimbursement		150,004			303,912			302,650
Custodian fee credit		(51	)		(225	)		(1,361	)
Expense reimbursement		(86,781	)		(127,873	)		(89,221	)
Net expenses		63,172			175,814			212,068
Net investment income		193,175			949,031			1,415,396
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Affiliated investments		(24,336	)		(114,157	)		(244,745	)
Non-affiliated investments		(1,090,070	)		265,726			(1,050,914	)
Distributions from affiliated investment company shares		91,675			311,003			280,840
Total net realized gain (loss)		(1,022,731	)		462,572			(1,014,819	)
Change in net unrealized appreciation (depreciation) of:
Affiliated investments		(1,817,496	)		(5,919,904	)		(5,825,240	)
Non-affiliated investments		(966,753	)		(5,302,365	)		(3,198,880	)
Total change in unrealized appreciation (depreciation)		(2,784,249	)		(11,222,269	)		(9,024,120	)
Net realized and unrealized gain (loss)		(3,806,980	)		(10,759,697	)		(10,038,939	)
Net increase (decrease) in net assets from operations	$	(3,613,805	)	$	(9,810,666	)	$	(8,623,543	)

(1) Prior to August 1, 2008, the Fund was known as Nuveen Global Value Fund.

(2) Prior to August 1, 2008, the Fund was known as Nuveen Balanced Stock and Bond Fund.

(3) Prior to July 7, 2008, the Fund was known as Nuveen Balanced Municipal and Stock Fund.

See accompanying notes to financial statements.

17

Statement of Changes in Net Assets(Unaudited)

	Growth Allocation (1)
	Six Months Ended 12/31/08			Year Ended 6/30/08
Operations
Net investment income	$	193,175		$	7,170
Total net realized gain (loss)		(1,022,731	)		972,580
Total change in net unrealized appreciation (depreciation)		(2,784,249	)		(2,939,119	)
Net increase (decrease) in net assets from operations		(3,613,805	)		(1,959,369	)
Distributions to Shareholders
From net investment income:
Class A		(6,103	)		(45,537	)
Class B		—			(488	)
Class C		—			(5,220	)
Class R3		(9	)		N/A
Class I (2)		(20,152	)		(53,512	)
From accumulated net realized gains:
Class A		(115,060	)		(269,734	)
Class B		(26,345	)		(39,043	)
Class C		(245,868	)		(421,581	)
Class R3		(7,527	)		N/A
Class I (2)		(199,754	)		(238,207	)
Decrease in net assets from distributions to shareholders		(620,818	)		(1,073,322	)
Fund Share Transactions
Proceeds from sale of shares		869,535			2,945,414
Proceeds from shares issued to shareholders due to reinvestment of distributions		387,345			690,894
		1,256,880			3,636,308
Cost of shares redeemed		(2,663,907	)		(7,385,461	)
Net increase (decrease) in net assets from Fund share transactions		(1,407,027	)		(3,749,153	)
Net increase (decrease) in net assets		(5,641,650	)		(6,781,844	)
Net assets at the beginning of period		14,497,432			21,279,276
Net assets at the end of period	$	8,855,782		$	14,497,432
Undistributed (Over-distribution of) net investment income at the end of period	$	141,951		$	(24,960	)

(1) Prior to August 1, 2008, the Fund was known as Nuveen Global Value Fund.

(2) Effective May 1, 2008, Class R Shares were renamed Class I Shares.

N/A The Fund did not offer Class R3 Shares prior to August 4, 2008.

See accompanying notes to financial statements.

18

	Moderate Allocation (1)						Conservative Allocation (2)
	Six Months Ended 12/31/08			Year Ended 6/30/08			Six Months Ended 12/31/08			Year Ended 6/30/08
Operations
Net investment income	$	949,031		$	1,135,708		$	1,415,396		$	1,812,071
Total net realized gain (loss)		462,572			2,148,936			(1,014,819	)		2,127,878
Total change in net unrealized appreciation (depreciation)		(11,222,269	)		(6,894,384	)		(9,024,120	)		(8,520,958	)
Net increase (decrease) in net assets from operations		(9,810,666	)		(3,609,740	)		(8,623,543	)		(4,581,009	)
Distributions to Shareholders
From net investment income:
Class A		(416,933	)		(735,128	)		(698,165	)		(1,587,051	)
Class B		(38,487	)		(88,440	)		(25,577	)		(69,672	)
Class C		(53,396	)		(119,994	)		(66,243	)		(133,017	)
Class R3		(2,011	)		N/A			(1,799	)		N/A
Class I (3)		(164,575	)		(267,654	)		(11,104	)		(46,479	)
From accumulated net realized gains:
Class A		(543,191	)		(2,893,413	)		(897,527	)		(1,673,617	)
Class B		(89,182	)		(506,849	)		(57,601	)		(125,373	)
Class C		(123,859	)		(713,526	)		(152,912	)		(244,548	)
Class R3		(3,117	)		N/A			(3,253	)		N/A
Class I (3)		(187,599	)		(925,907	)		(13,800	)		(42,817	)
Decrease in net assets from distributions to shareholders		(1,622,350	)		(6,250,911	)		(1,927,981	)		(3,922,574	)
Fund Share Transactions
Proceeds from sale of shares		2,171,679			9,934,186			2,214,793			5,775,698
Proceeds from shares issued to shareholders due to reinvestment of distributions		1,247,934			4,812,675			1,411,245			3,132,749
		3,419,613			14,746,861			3,626,038			8,908,447
Cost of shares redeemed		(7,655,895	)		(11,090,975	)		(14,310,283	)		(12,966,895	)
Net increase (decrease) in net assets from Fund share transactions		(4,236,282	)		3,655,886			(10,684,245	)		(4,058,448	)
Net increase (decrease) in net assets		(15,669,298	)		(6,204,765	)		(21,235,769	)		(12,562,031	)
Net assets at the beginning of period		52,074,996			58,279,761			65,818,503			78,380,534
Net assets at the end of period	$	36,405,698		$	52,074,996		$	44,582,734		$	65,818,503
Undistributed (Over-distribution of) net investment income at the end of period	$	(23,383	)	$	(297,012	)	$	986,360		$	373,852

(1) Prior to August 1, 2008, the Fund was known as Nuveen Balanced Stock and Bond Fund.

(2) Prior to July 7, 2008, the Fund was known as Nuveen Balanced Municipal and Stock Fund.

(3) Effective May 1, 2008, Class R Shares were renamed Class I Shares.

N/A The Fund did not offer Class R3 Shares prior to August 4, 2008.

See accompanying notes to financial statements.

19

Notes to Financial Statements(Unaudited)

1. General Information and Significant Accounting Policies

The Nuveen Investment Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of the Nuveen Growth Allocation Fund (“Growth Allocation”), (formerly, Nuveen Global Value Fund), Nuveen Moderate Allocation Fund (“Moderate Allocation”) (formerly, Nuveen Balanced Stock and Bond Fund) and Nuveen Conservative Allocation Fund (“Conservative Allocation”) (formerly, Nuveen Balanced Municipal and Stock Fund) (collectively, the “Funds”), among others. The Trust was organized as a Massachusetts business trust in 1996.

As previously approved by each Fund’s Board of Trustees and shareholders, each Fund changed its name, investment strategy and sub-adviser effective August 1, 2008, for Growth Allocation and Moderate Allocation and effective July 7, 2008, for Conservative Allocation. Each Fund now operates as a “fund of funds” investing substantially all of their assets in other Nuveen mutual funds and non-affiliated exchange-traded funds (“Underlying Funds”). The Underlying Funds, in turn, invest in a variety of U.S. and non-U.S. equity and fixed income securities. Each Fund has a strategic allocation between equity and fixed income investments that correlate with each Fund’s targeted level of investment risk. Nuveen Asset Management (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”) has selected Nuveen Investment Solutions, Inc. (“NIS”) (formerly, Richards & Tierney, Inc.), also a wholly-owned subsidiary of Nuveen, to serve as sub-adviser to the Funds and will adjust each Fund’s allocations from time to time consistent with their respective investment risk targets. These changes were designed to improve the risk/return profile of the Funds by (a) diversifying the investments across a broader number of asset classes and (b) diversifying the investments across the multiple investment managers which advise the Underlying Funds.

Growth Allocation invests principally in shares of other registered investment companies, including open-end mutual funds and exchange-traded funds, in an attempt to provide attractive long-tem total return with a growth risk profile. Prior to August 1, 2008, the Fund invested at least 80% of its net assets in equity securities of U.S. and non-U.S. companies, including up to 10% in equity securities of non-U.S. companies domiciled in emerging markets, in an attempt to provide long-term capital appreciation.

Moderate Allocation invests principally in shares of other registered investment companies, including open-end mutual funds and exchange-traded funds, in an attempt to provide attractive long-tem total return with a moderate risk profile. Prior to August 1, 2008, the Fund invested in a mix of equity securities, taxable bonds and cash equivalents in an attempt to provide capital growth, capital preservation and current income.

Conservative Allocation invests principally in shares of other registered investment companies, including open-end mutual funds and exchange-traded funds, in an attempt to provide attractive long-tem total return with a conservative risk profile. Prior to July 7, 2008, the Fund invested in a mix of equity and tax-exempt securities in an attempt to provide capital growth, capital preservation and current tax-exempt income.

Effective May 1, 2008, the following policy changes are applicable to the Funds:

• Class B Shares will only be issued (i) upon the exchange of Class B Shares from another Nuveen fund, (ii) for purposes of dividend reinvestment, and (iii) through December 31, 2008, for defined contribution plans and investors using automatic investment plans with investments in Class B Shares as of March 31, 2008. The reinstatement privilege for Class B Shares will no longer be available as of December 31, 2008;

• Class R Shares have been renamed Class I Shares and are available for (i) purchases of $1 million or more, (ii) purchases using dividends and capital gains distributions on Class I Shares and (iii) purchase by limited categories of investors.

On August 4, 2008, each Fund began offering Class R3 Shares to certain retirement plans.

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States.

Investment Valuation

Investments in Underlying Funds are valued at their respective net asset value as reported by the Underlying Funds. The prices of fixed income securities are generally provided by an independent pricing service approved by the Funds’ Board of Trustees. When market quotes are not readily available, the pricing service or, in the absence of a pricing service for a fixed income security, the Board of Trustees of the Funds, or its designee, may establish fair value using a wide variety of market data including yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from securities dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. Short-term investments are valued at amortized cost, which approximates value.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method.

20

Investment Income

Dividend income and realized gain distributions from Underlying Funds are recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also includes 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.

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). Further, 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

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 accounting principles generally accepted in the United States.

The Funds intend to pay income dividends and taxable gains, if any, annually. Prior to their changes in investment strategies, taxable net investment income was declared and distributed to shareholders annually for Growth Allocation and Conservative Allocation, and quarterly for Moderate Allocation. Tax-exempt net investment income was declared as a dividend monthly for Conservative Allocation. Net realized capital gains from investment transactions, if any, were declared and distributed to shareholders at least annually. Capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Flexible Sales Charge Program

Each Fund offers Class A, C, R3 and I Shares. Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. 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”) if redeemed within twelve months of purchase. Class B Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. 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 sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within one year of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .50% annual 12b-1 distribution and service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Funds’ policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the seller defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

Expense Allocation

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

Custodian Fee Credit

Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.

Indemnifications

Under the Trust’s organizational documents, its Officers and Trustees 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 accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the

21

Notes to Financial Statements (Unaudited)(continued)

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

During the current fiscal period, the Funds adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No. 157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. In determining the 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 methodology 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, 2008:

Growth Allocation	Level 1		Level 2		Level 3		Total
Investments	$	8,188,890	$	672,247	$	—	$	8,861,137
Moderate Allocation	Level 1		Level 2		Level 3		Total
Investments	$	34,165,517	$	2,359,650	$	—	$	36,525,167
Conservative Allocation	Level 1		Level 2		Level 3		Total
Investments	$	42,062,851	$	2,710,545	$	—	$	44,773,396

3. Fund Shares

Transactions in Fund shares were as follows:

	Growth Allocation
	Six Months Ended 12/31/08					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	9,980		$	169,930		29,903		$	782,276
Class A – automatic conversion of Class B shares	2,081			47,810		1,343			33,180
Class B	855			16,446		4,041			105,777
Class C	19,804			323,053		40,305			1,054,689
Class R3	6,620			150,000		N/A			N/A
Class I	7,982			162,296		37,643			969,492
Shares issued to shareholders due to reinvestment of distributions:
Class A	6,667			100,070		10,235			256,492
Class B	1,542			22,743		1,390			34,237
Class C	11,463			169,194		10,980			270,641
Class R3	—			—		N/A			N/A
Class I	6,314			95,338		5,146			129,524
	73,308			1,256,880		140,986			3,636,308
Shares redeemed:
Class A	(53,710	)		(1,021,884	)	(144,334	)		(3,676,826	)
Class B	(3,036	)		(55,263	)	(3,743	)		(90,081	)
Class B – automatic conversion to Class A shares	(2,103	)		(47,810	)	(1,327	)		(33,180	)
Class C	(60,243	)		(1,158,018	)	(111,495	)		(2,775,694	)
Class R3	—			—		N/A			N/A
Class I	(18,525	)		(380,932	)	(31,554	)		(809,680	)
	(137,617	)		(2,663,907	)	(292,453	)		(7,385,461	)
Net increase (decrease)	(64,309	)	$	(1,407,027	)	(151,467	)	$	(3,749,153	)

N/A – The Funds did not offer Class R3 Shares prior to August 4, 2008.

22

	Moderate Allocation
	Six Months Ended 12/31/08					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	62,325		$	1,125,282		177,010		$	4,491,373
Class A – automatic conversion of Class B shares	13,155			285,381		19,334			487,364
Class B	8,765			172,945		68,381			1,663,900
Class C	13,007			249,473		92,418			2,334,301
Class R3	6,757			150,000		N/A			N/A
Class I	9,815			188,598		38,368			957,248
Shares issued to shareholders due to reinvestment of distributions:
Class A	44,517			738,267		114,850			2,811,167
Class B	5,358			88,276		17,167			418,881
Class C	4,762			78,400		14,244			347,605
Class R3	—			—		N/A			N/A
Class I	20,652			342,991		50,417			1,235,022
	189,113			3,419,613		592,189			14,746,861
Shares redeemed:
Class A	(228,009	)		(4,405,506	)	(239,949	)		(6,071,920	)
Class B	(51,686	)		(991,677	)	(57,044	)		(1,424,732	)
Class B – automatic conversion to Class A shares	(13,166	)		(285,381	)	(19,354	)		(487,364	)
Class C	(69,747	)		(1,340,007	)	(69,510	)		(1,717,368	)
Class R3	—			—		N/A			N/A
Class I	(34,400	)		(633,324	)	(56,308	)		(1,389,591	)
	(397,008	)		(7,655,895	)	(442,165	)		(11,090,975	)
Net increase (decrease)	(207,895	)	$	(4,236,282	)	150,024		$	3,655,886
	Conservative Allocation
	Six Months Ended 12/31/08					Year Ended 6/30/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	46,134		$	901,752		144,034		$	3,561,688
Class A – automatic conversion of Class B shares	5,921			119,863		30,256			744,559
Class B	12,990			283,985		7,118			187,254
Class C	37,305			758,388		44,722			1,186,819
Class R3	6,769			150,000		N/A			N/A
Class I	39			805		4,085			95,378
Shares issued to shareholders due to reinvestment of distributions:
Class A	65,040			1,198,429		109,684			2,703,707
Class B	2,454			48,167		4,374			114,905
Class C	7,544			147,431		10,003			261,976
Class R3	—			—		N/A			N/A
Class I	960			17,218		2,168			52,161
	185,156			3,626,038		356,444			8,908,447
Shares redeemed:
Class A	(567,013	)		(11,589,261	)	(363,913	)		(8,963,389	)
Class B	(29,427	)		(642,131	)	(56,867	)		(1,503,160	)
Class B – automatic conversion to Class A shares	(5,546	)		(119,863	)	(28,381	)		(744,559	)
Class C	(52,973	)		(1,141,621	)	(61,567	)		(1,620,340	)
Class R3	—			—		N/A			N/A
Class I	(37,924	)		(817,407	)	(5,712	)		(135,447	)
	(692,883	)		(14,310,283	)	(516,440	)		(12,966,895	)
Net increase (decrease)	(507,727	)	$	(10,684,245	)	(159,996	)	$	(4,058,448	)

N/A – The Funds did not offer Class R3 Shares prior to August 4, 2008.

23

Notes to Financial Statements (Unaudited)(continued)

4. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments) during the six months ended December 31, 2008, were as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
Purchases:
Affiliated investments	$	7,764,849	$	30,531,381	$	43,820,620
Non-affiliated investments		6,899,065		26,341,698		23,220,928
U.S. Government and agency obligations		—		—		—
Sales and maturities:
Affiliated investments		996,000		3,605,000		7,522,156
Non-affiliated investments		15,657,520		36,972,870		48,666,863
U.S. Government and agency obligations		76,461		21,179,580		21,179,580

5. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, amortization of premium on taxable debt securities and 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 on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

At December 31, 2008, the cost of investments was as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
Cost of investments	$	12,079,845	$	47,088,025	$	54,605,663

Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2008, were as follows:

	Growth Allocation			Moderate Allocation			Conservative Allocation
Gross unrealized:
Appreciation	$	2,589		$	—		$	64,904
Depreciation		(3,221,297	)		(10,562,858	)		(9,897,171	)
Net unrealized appreciation (depreciation) of investments		(3,218,708	)		(10,562,858	)		(9,832,267	)

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at June 30, 2008, the Funds’ last tax year end, were as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
Undistributed net tax-exempt income*	$	—	$	—	$	218,845
Undistributed net ordinary income**		195,460		333,784		266,987
Undistributed net long-term capital gains		426,256		949,419		1,126,739

*   Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared on June 27, 2008, for Moderate Allocation and June 9, 2008, for Conservative Allocation, both of which were paid on July 1, 2008.

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

The tax character of distributions paid during the Funds’ last tax year ended June 30, 2008, was designated for purposes of the dividends paid deduction as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
Distributions from net tax-exempt income	$	—	$	—	$	1,424,542
Distributions from net ordinary income**		688,341		2,326,899		617,045
Distributions from net long-term capital gains		384,981		3,967,128		1,879,234

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

24

Growth Allocation elected to defer $51,993 net realized losses from investments incurred from November 1, 2007 through June 30, 2008, the Fund’s 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.

6. Management Fees and Other Transactions with Affiliates

Effective August 1, 2008, for Growth Allocation and Moderate Allocation and July 7, 2008, for Conservative Allocation, each Fund adopted a revised fund of funds management fee schedule. The new management fee for each Fund, payable monthly, is .15% of the average daily net assets of each Fund.

Prior to August 1, 2008, for Growth Allocation and Moderate Allocation and July 7, 2008, for Conservative Allocation each Fund’s management fee was separated into two components – a complex-level component, based on the aggregate amount of all fund assets managed by the Adviser, and a specific fund-level component, based only on the amount of assets within each individual Fund. This pricing structure enabled Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

Prior to August 1, 2008, for Growth Allocation and Moderate Allocation and July 7, 2008, for Conservative Allocation the annual fund-level fee, which was payable monthly, for each Fund was based upon the average daily net assets of each Fund as follows:

Average Daily Net Assets	Growth Allocation		Moderate Allocation		Conservative Allocation
For the first $125 million	.8000	%	.5500	%	.5500	%
For the next $125 million	.7875		.5375		.5375
For the next $250 million	.7750		.5250		.5250
For the next $500 million	.7625		.5125		.5125
For the next $1 billion	.7500		.5000		.5000
For net assets over $2 billion	.7250		.4750		.4750

The annual complex-level fee, which was payable monthly, which was additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., was based on the aggregate amount of total fund assets managed as stated in the following table.

Complex-Level Asset Breakpoint Level (1)	Effective Rate at Breakpoint Level
$55 billion	.2000	%
$56 billion	.1996
$57 billion	.1989
$60 billion	.1961
$63 billion	.1931
$66 billion	.1900
$71 billion	.1851
$76 billion	.1806
$80 billion	.1773
$91 billion	.1691
$125 billion	.1599
$200 billion	.1505
$250 billion	.1469
$300 billion	.1445

(1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily net assets of all Nuveen funds, with such daily net assets to include assets attributable to preferred stock issued by or borrowings by such funds but to exclude assets attributable to investments in other Nuveen funds.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. Effective August 1, 2008, for Growth Allocation and Moderate Allocation and July 7, 2008, for Conservative Allocation, the Adviser selected NIS to serve as sub-adviser to the Funds. Prior to August 1, 2008, for Growth Allocation, NWQ Investment Management Company, LLC (“NWQ”), a subsidiary of Nuveen, served as the sub-adviser for the domestic equity portion of the Fund’s investment portfolio and Tradewinds Global Investors, LLC (“Tradewinds”), a subsidiary of Nuveen, served as the sub-adviser for the international portion of the Fund’s investment portfolio. Prior to August 1, 2008, for Moderate Allocation, Institutional Capital LLC (“ICAP”) served as the Fund’s sub-adviser. Prior to July 7, 2008, for Conservative Allocation, ICAP served as the sub-adviser for the equity portion of the Fund’s investment portfolio while the Adviser managed the municipal portion of the Fund’s investment portfolio. Each sub-adviser is/was compensated for their services to the Funds from the management fee paid to the Adviser.

Effective August 1, 2008, for Growth Allocation and Moderate Allocation and July 7, 2008, for Conservative Allocation, the Adviser agreed to waive fees and reimburse expenses through October 31, 2011, so that total annual fund operating expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, fees incurred in the acquiring and disposing of portfolio securities,

25

Notes to Financial Statements (Unaudited)(continued)

Underlying Fund fees and expenses and extraordinary expenses) do not exceed .40%, .29% and .37% of the average daily net assets of any class of shares, respectively. Prior to August 1, 2008, for Growth Allocation and Moderate Allocation and July 7, 2008, for Conservative Allocation, the Adviser agreed to waive fees and reimburse expenses so that total annual operating expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, fees incurred in the acquiring and disposing of portfolio securities, and extraordinary expenses) did not exceed 1.45%, 1.00% and 1.00% of the average daily net assets of any class of shares, respectively.

The Adviser may also voluntarily reimburse additional expenses from time to time in any of the Funds. Voluntary reimbursements may be terminated at any time at the Adviser’s discretion.

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

During the six months ended December 31, 2008, Nuveen Investments, LLC (the “Distributor”), a wholly owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

	Growth Allocation	Moderate Allocation	Conservative Allocation
Sales charges collected	$440	$7,335	$4,546
Paid to financial intermediaries	494	6,376	3,954

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

During the six months ended December 31, 2008, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
Commission advances	$	934	$	605	$	365

To compensate for commissions advanced to financial intermediaries, all 12b-1 service fees collected on Class B Shares during the first year following a purchase, all 12b-1 distribution fees collected on Class B Shares, and all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the six months ended December 31, 2008, the Distributor retained such 12b-1 fees as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
12b-1 fees retained	$	3,050	$	18,129	$	13,449

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

The Distributor also collected and retained CDSC on share redemptions during the six months ended December 31, 2008, as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
CDSC retained	$	1,660	$	5,918	$	6,273

7. New Accounting Pronouncement

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161 (SFAS No. 161)

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities.” This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to understand: a) how and why a fund uses derivative instruments, b) how derivative instruments and related hedge items are accounted for, and c) how derivative instruments and related hedge items affect a fund’s financial position, results of operations and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. As of December 31, 2008, management does not believe the adoption of SFAS No. 161 will impact the financial statement amounts; however, additional footnote disclosures may be required about the use of derivative instruments and hedging items.

26

Financial Highlights(Unaudited)

Selected data for a share outstanding throughout each period:

Class (Commencement Date)
			Investment Operations									Less Distributions													Ratios/Supplemental Data
GROWTH ALLOCATION																											Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains			Total			Ending Net Asset Value		Total Return(b)		Ending Net Assets (000)		Expenses(e)		Net Invest- ment Income (Loss)		Expenses(e)		Net Invest- ment Income (Loss)		Expenses(e)		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
Class A (12/04)
2009(h)	$	23.58	$	.31		$	(6.59	)	$	(6.28	)	$	(.06	)	$	(1.14	)	$	(1.20	)	$	16.10	(26.28	)%	$	1,771	2.31	%*	1.72	%*	.88	%*	3.15	%*	.88	%*	3.15	%*	132	%
2008		27.79		.08			(2.73	)		(2.65	)		(.22	)		(1.34	)		(1.56	)		23.58	(9.84	)		3,420	2.04		(.07	)	1.69		.28		1.66		.30		34
2007		23.95		.17			4.48			4.65			(.18	)		(.63	)		(.81	)		27.79	19.67			6,888	1.82		.52		1.68		.66		1.68		.67		31
2006		20.71		.27			3.20			3.47			(.06	)		(.17	)		(.23	)		23.95	16.81			4,128	2.32		.43		1.69		1.06		1.61		1.14		21
2005(f)		20.00		.10			.61			.71			—			—			—			20.71	3.55			3	2.87	*	(.41	)*	1.72	*	.74	*	1.58	*	.88	*	6
Class B (12/04)
2009(h)		23.34		.31			(6.60	)		(6.29	)		—			(1.14	)		(1.14	)		15.91	(26.58	)		397	3.18	*	1.58	*	1.62	*	3.14	*	1.62	*	3.14	*	132
2008		27.51		(.11	)		(2.70	)		(2.81	)		(.02	)		(1.34	)		(1.36	)		23.34	(10.49	)		647	2.79		(.79	)	2.44		(.44	)	2.42		(.42	)	34
2007		23.74		(.02	)		4.42			4.40			—			(.63	)		(.63	)		27.51	18.73			752	2.54		(.19	)	2.44		(.09	)	2.44		(.08	)	31
2006		20.63		.07			3.21			3.28			—			(.17	)		(.17	)		23.74	15.94			298	3.12		(.47	)	2.44		.21		2.36		.29		21
2005(f)		20.00		.01			.62			.63			—			—			—			20.63	3.15			3	3.62	*	(1.16	)*	2.47	*	(.01	)*	2.33	*	.13	*	6
Class C (12/04)
2009(h)		23.35		.30			(6.59	)		(6.29	)		—			(1.14	)		(1.14	)		15.92	(26.57	)		3,653	3.17	*	1.50	*	1.63	*	3.04	*	1.63	*	3.05	*	132
2008		27.53		(.11	)		(2.71	)		(2.82	)		(.02	)		(1.34	)		(1.36	)		23.35	(10.52	)		6,035	2.80		(.81	)	2.45		(.46	)	2.42		(.44	)	34
2007		23.75		(.02	)		4.43			4.41			—			(.63	)		(.63	)		27.53	18.76			8,771	2.53		(.17	)	2.44		(.07	)	2.43		(.07	)	31
2006		20.63		.07			3.22			3.29			—			(.17	)		(.17	)		23.75	15.99			3,524	3.06		(.39	)	2.44		.22		2.36		.31		21
2005(f)		20.00		.01			.62			.63			—			—			—			20.63	3.15			3	3.62	*	(1.16	)*	2.47	*	(.01	)*	2.33	*	.13	*	6
Class R3 (8/08)
2009(i)		22.66		.38			(5.72	)		(5.34	)		—	**		(1.14	)		(1.14	)		16.18	(23.18	)		107	2.95	*	2.94	*	.90	*	4.99	*	.90	*	4.99	*	132
Class I (12/04)(g)
2009(h)		23.63		.41			(6.69	)		(6.28	)		(.11	)		(1.14	)		(1.25	)		16.10	(26.20	)		2,927	2.22	*	2.54	*	.61	*	4.15	*	.61	*	4.16	*	132
2008		27.85		.16			(2.75	)		(2.59	)		(.29	)		(1.34	)		(1.63	)		23.63	(9.62	)		4,396	1.76		.25		1.41		.60		1.39		.62		34
2007		24.00		.24			4.48			4.72			(.24	)		(.63	)		(.87	)		27.85	19.95			4,868	1.58		.78		1.43		.93		1.43		.93		31
2006		20.74		.22			3.32			3.54			(.11	)		(.17	)		(.28	)		24.00	17.15			3,261	2.09		.22		1.44		.88		1.36		.96		21
2005(f)		20.00		.13			.61			.74			—			—			—			20.74	3.70			2,066	2.59	*	(.13	)*	1.44	*	1.02	*	1.33	*	1.13	*	6

* Annualized.

** Rounds to less than $.01 per share.

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

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

• Total returns for the year ended 2008 and prior reflect the performance of the Nuveen Global Value Fund. Total return for the six months ended December 31, 2008, includes performance of the Nuveen Global Value Fund for the period July 1, 2008 through July 31, 2008. Returns prior to August 1, 2008, are not indicative of the performance that the Fund, as currently managed, would have generated.

(c) After expense reimbursement from the Adviser, where applicable.

(d) After custodian fee credit and expense reimbursement, where applicable.

(e) The expense ratios in the above table do not reflect the expenses of the Underlying Funds in which the Fund invests, where applicable.

(f) For the period December 9, 2004 (commencement of operations) through June 30, 2005.

(g) Effective May 1, 2008, Class R Shares were renamed Class I Shares.

(h) For the six months ended December 31, 2008.

(i) For the period August 4, 2008 (commencement of operations) through December 31, 2008.

See accompanying notes to financial statements.

27

Financial Highlights (Unaudited)(continued)

Selected data for a share outstanding throughout each period:

Class (Commencement Date)
			Investment Operations								Less Distributions													Ratios/Supplemental Data
MODERATE ALLOCATION																										Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains			Total			Ending Net Asset Value		Total Return(b)		Ending Net Assets (000)		Expenses(e)		Net Invest- ment Income		Expenses(e)		Net Invest- ment Income		Expenses(e)		Net Invest- ment Income		Portfolio Turnover Rate
Class A (8/96)
2009(g)	$	22.35	$	.45	$	(4.86	)	$	(4.41	)	$	(.34	)	$	(.46	)	$	(.80	)	$	17.14	(19.54	)%	$	20,862	1.27	%*	3.93	%*	.68	%*	4.51	%*	.68	%*	4.52	%*	132	%
2008		26.73		.54		(2.04	)		(1.50	)		(.56	)		(2.32	)		(2.88	)		22.35	(6.31	)		29,612	1.32		2.04		1.23		2.12		1.23		2.13		51
2007		25.40		.58		2.97			3.55			(.61	)		(1.61	)		(2.22	)		26.73	14.40			33,519	1.26		2.17		1.24		2.19		1.24		2.19		61
2006		25.95		.50		1.41			1.91			(.54	)		(1.92	)		(2.46	)		25.40	7.60	**		30,644	1.31		1.84		1.24		1.91		1.24		1.91		56
2005		24.56		.56		1.47			2.03			(.64	)		—			(.64	)		25.95	8.33			31,248	1.30		2.16		1.25		2.21		1.25		2.21		62
2004		22.72		.41		1.92			2.33			(.49	)		—			(.49	)		24.56	10.29			33,312	1.36		1.61		1.25		1.72		1.25		1.72		61
Class B (8/96)
2009(g)		22.35		.35		(4.82	)		(4.47	)		(.20	)		(.46	)		(.66	)		17.22	(19.85	)		3,392	2.00	*	2.95	*	1.44	*	3.51	*	1.44	*	3.52	*	132
2008		26.73		.35		(2.04	)		(1.69	)		(.37	)		(2.32	)		(2.69	)		22.35	(7.02	)		5,535	2.07		1.29		1.98		1.38		1.98		1.38		51
2007		25.40		.37		2.98			3.35			(.41	)		(1.61	)		(2.02	)		26.73	13.55			6,376	2.02		1.40		1.99		1.42		1.99		1.42		61
2006		25.95		.30		1.41			1.71			(.34	)		(1.92	)		(2.26	)		25.40	6.80	**		8,051	2.06		1.09		1.99		1.15		1.99		1.15		56
2005		24.56		.37		1.47			1.84			(.45	)		—			(.45	)		25.95	7.53			11,564	2.05		1.41		2.00		1.46		2.00		1.47		62
2004		22.72		.23		1.92			2.15			(.31	)		—			(.31	)		24.56	9.48			12,459	2.11		.86		2.00		.97		2.00		.97		61
Class C (8/96)
2009(g)		22.37		.36		(4.83	)		(4.47	)		(.20	)		(.46	)		(.66	)		17.24	(19.83	)		4,703	2.01	*	3.01	*	1.44	*	3.59	*	1.44	*	3.59	*	132
2008		26.75		.35		(2.04	)		(1.69	)		(.37	)		(2.32	)		(2.69	)		22.37	(7.01	)		7,265	2.07		1.29		1.98		1.38		1.98		1.38		51
2007		25.42		.38		2.97			3.35			(.41	)		(1.61	)		(2.02	)		26.75	13.54			7,694	2.01		1.42		1.99		1.44		1.99		1.44		61
2006		25.97		.30		1.41			1.71			(.34	)		(1.92	)		(2.26	)		25.42	6.79	**		7,342	2.06		1.08		1.99		1.16		1.99		1.16		56
2005		24.58		.37		1.47			1.84			(.45	)		—			(.45	)		25.97	7.53			7,947	2.05		1.41		2.00		1.46		2.00		1.46		62
2004		22.73		.23		1.93			2.16			(.31	)		—			(.31	)		24.58	9.52			8,632	2.11		.87		2.00		.98		2.00		.98		61
Class R3 (8/08)
2009(h)		22.20		.40		(4.67	)		(4.27	)		(.30	)		(.46	)		(.76	)		17.17	(19.08	)		116	1.56	*	4.36	*	.79	*	5.13	*	.79	*	5.13	*	132
Class I (8/96)(f)
2009(g)		22.35		.48		(4.87	)		(4.39	)		(.39	)		(.46	)		(.85	)		17.11	(19.46	)		7,332	1.02	*	4.27	*	.42	*	4.87	*	.42	*	4.87	*	132
2008		26.73		.60		(2.04	)		(1.44	)		(.62	)		(2.32	)		(2.94	)		22.35	(6.07	)		9,662	1.07		2.29		.98		2.38		.98		2.38		51
2007		25.40		.64		2.98			3.62			(.68	)		(1.61	)		(2.29	)		26.73	14.68			10,690	1.01		2.42		.99		2.44		.99		2.44		61
2006		25.95		.56		1.41			1.97			(.60	)		(1.92	)		(2.52	)		25.40	7.87	**		9,213	1.06		2.08		.99		2.15		.99		2.15		56
2005		24.56		.62		1.47			2.09			(.70	)		—			(.70	)		25.95	8.60			10,753	1.05		2.41		1.00		2.46		1.00		2.46		62
2004		22.72		.47		1.92			2.39			(.55	)		—			(.55	)		24.56	10.56			9,117	1.11		1.87		1.00		1.98		1.00		1.98		61

* Annualized.

** During the fiscal year ended June 30, 2006, the Fund received a payment from the Adviser of $55,844, for losses realized on the disposal of investments purchased in violation of investment restrictions, which otherwise would have reduced total returns by .08%, .13%, .12% and .08% for Class A, B, C and I, respectively.

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

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

• Total returns for the year ended 2008 and prior reflect the performance of the Nuveen Balanced Stock and Bond Fund. Total return for the six months ended December 31, 2008, includes performance of the Nuveen Balanced Stock and Bond Fund for the period July 1, 2008 through July 31, 2008. Returns prior to August 1, 2008, are not indicative of the performance that the Fund, as currently managed, would have generated.

(c) After expense reimbursement from the Adviser, where applicable.

(d) After custodian fee credit and expense reimbursement, where applicable.

(e) The expense ratios in the above table do not reflect the expenses of the Underlying Funds in which the Fund invests, where applicable.

(f) Effective May 1, 2008, Class R Shares were renamed Class I Shares.

(g) For the six months ended December 31, 2008.

(h) For the period August 4, 2008 (commencement of operations) through December 31, 2008.

See accompanying notes to financial statements.

28

Class (Commencement Date)
			Investment Operations								Less Distributions													Ratios/Supplemental Data
CONSERVATIVE ALLOCATION																										Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains			Total			Ending Net Asset Value		Total Return(b)		Ending Net Assets (000)		Expenses(e)		Net Invest- ment Income		Expenses(e)		Net Invest- ment Income		Expenses(e)		Net Invest- ment Income		Portfolio Turnover Rate
Class A (8/96)
2009(g)	$	22.84	$	.55	$	(3.77	)	$	(3.22	)	$	(.37	)	$	(.48	)	$	(.85	)	$	18.77	(13.98	)%	$	34,917	.97	%*	4.94	%*	.64	%*	5.26	%*	.64	%*	5.27	%*	124	%
2008		25.76		.64		(2.17	)		(1.53	)		(.67	)		(.72	)		(1.39	)		22.84	(6.23	)		52,785	1.28		2.53		1.23		2.58		1.21		2.60		37
2007		23.86		.67		1.91			2.58			(.68	)		—			(.68	)		25.76	10.90			61,577	1.22		2.64		1.22		2.64		1.19		2.67		37
2006		23.01		.60		.89			1.49			(.64	)		—			(.64	)		23.86	6.52			58,064	1.26		2.51		1.24		2.53		1.22		2.55		44
2005		21.96		.62		1.10			1.72			(.67	)		—			(.67	)		23.01	7.91			54,323	1.24		2.76		1.24		2.76		1.23		2.77		47
2004		20.79		.54		1.14			1.68			(.51	)		—			(.51	)		21.96	8.13			56,787	1.28		2.47		1.25		2.51		1.25		2.51		45
Class B (8/96)
2009(g)		24.43		.51		(4.05	)		(3.54	)		(.20	)		(.48	)		(.68	)		20.21	(14.36	)		2,485	1.72	*	4.22	*	1.39	*	4.55	*	1.39	*	4.55	*	124
2008		27.36		.48		(2.30	)		(1.82	)		(.39	)		(.72	)		(1.11	)		24.43	(6.90	)		3,480	2.03		1.76		1.98		1.81		1.96		1.83		37
2007		25.32		.50		2.04			2.54			(.50	)		—			(.50	)		27.36	10.09			5,916	1.98		1.87		1.98		1.87		1.95		1.90		37
2006		24.26		.45		.94			1.39			(.33	)		—			(.33	)		25.32	5.73			10,700	2.00		1.75		1.99		1.76		1.97		1.79		44
2005		22.99		.47		1.15			1.62			(.35	)		—			(.35	)		24.26	7.08			18,671	2.00		2.01		2.00		2.01		1.99		2.02		47
2004		21.63		.40		1.19			1.59			(.23	)		—			(.23	)		22.99	7.36			23,110	2.03		1.72		2.00		1.76		2.00		1.76		45
Class C (8/96)
2009(g)		24.39		.54		(4.06	)		(3.52	)		(.20	)		(.48	)		(.68	)		20.19	(14.31	)		6,615	1.74	*	4.50	*	1.39	*	4.85	*	1.39	*	4.85	*	124
2008		27.32		.49		(2.31	)		(1.82	)		(.39	)		(.72	)		(1.11	)		24.39	(6.94	)		8,192	2.03		1.78		1.98		1.83		1.96		1.85		37
2007		25.29		.51		2.02			2.53			(.50	)		—			(.50	)		27.32	10.10			9,363	1.97		1.90		1.97		1.90		1.94		1.93		37
2006		24.24		.45		.93			1.38			(.33	)		—			(.33	)		25.29	5.70			7,992	2.01		1.76		1.99		1.77		1.97		1.80		44
2005		22.96		.48		1.15			1.63			(.35	)		—			(.35	)		24.24	7.13			7,979	1.99		2.01		1.99		2.01		1.98		2.02		47
2004		21.61		.40		1.18			1.58			(.23	)		—			(.23	)		22.96	7.32			8,229	2.03		1.72		2.00		1.75		2.00		1.76		45
Class R3 (8/08)
2009(h)		22.16		.46		(3.57	)		(3.11	)		(.27	)		(.48	)		(.75	)		18.30	(13.90	)		124	1.32	*	5.18	*	.87	*	5.62	*	.87	*	5.62	*	124
Class I (8/96)(f)
2009(g)		22.24		.53		(3.64	)		(3.11	)		(.42	)		(.48	)		(.90	)		18.23	(13.87	)		442	.69	*	4.76	*	.40	*	5.05	*	.40	*	5.05	*	124
2008		25.15		.69		(2.12	)		(1.43	)		(.76	)		(.72	)		(1.48	)		22.24	(5.99	)		1,361	1.03		2.78		.98		2.83		.96		2.86		37
2007		23.34		.72		1.86			2.58			(.77	)		—			(.77	)		25.15	11.17			1,525	.97		2.90		.97		2.90		.94		2.93		37
2006		22.56		.65		.87			1.52			(.74	)		—			(.74	)		23.34	6.79			1,171	1.01		2.77		.99		2.79		.96		2.81		44
2005		21.57		.68		1.07			1.75			(.76	)		—			(.76	)		22.56	8.17			761	.99		3.06		.99		3.06		.98		3.07		47
2004		20.46		.59		1.12			1.71			(.60	)		—			(.60	)		21.57	8.48			716	1.03		2.72		1.00		2.75		1.00		2.76		45

* Annualized.

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

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

• Total returns for the year ended 2008 and prior reflect the performance of the Nuveen Balanced Municipal and Stock Fund. Total return for the six months ended December 31, 2008, includes performance of the Nuveen Balanced Municipal and Stock Fund for the period July 1, 2008 through July 6, 2008. Returns prior to July 7, 2008, are not indicative of the performance that the Fund, as currently managed, would have generated.

(c) After expense reimbursement from the Adviser, where applicable.

(d) After custodian fee credit and expense reimbursement, where applicable.

(e) The expense ratios in the above table do not reflect the expenses of the Underlying Funds in which the Fund invests, where applicable.

(f) Effective May 1, 2008, Class R Shares were renamed Class I Shares.

(g) For the six months ended December 31, 2008.

(h) For the period August 4, 2008 (commencement of operations) through December 31, 2008.

See accompanying notes to financial statements.

29

Notes

30

Notes

31

Glossary of Terms Used in this Report

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

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.

32

Fund Information

Fund Manager Nuveen Asset Management 333 West Wacker Drive Chicago, IL 60606   Sub-Advisers Nuveen Investment Solutions, Inc. 111 West Jackson Blvd. Suite 1411 Chicago, IL 60604 Legal Counsel Chapman and Cutler LLP Chicago, IL   Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL Custodian State Street Bank & Trust Company Boston, MA   Transfer Agent and Shareholder Services Boston Financial Data Services   Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787

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, 2008, 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. Financial Industry Regulatory Authority also provides an investor brochure that includes information describing the Public Disclosure Program.

33

Learn more

about Nuveen Funds at

www.nuveen.com/mf

Nuveen Investments:

SERVING Investors

For GENERATIONS

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. Over this time, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility.

Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that can be integral parts of a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles.

We offer many different investing solutions for our clients’ different 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. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow. In total, the Company managed $134 billion of assets on September 30, 2008.

Find out how we can help you reach your financial goals.

An investor should carefully consider the Fund’s objectives, risks, charges and expenses before investing. For a prospectus containing this and other information about the Fund, please contact your financial advisor or Nuveen Investments at (800) 257-8787. Read the prospectus carefully before you invest or send money.

• Share prices

• Fund details

• Daily financial news

• Investor education

MSA-ALLO-1208D

NUVEEN INVESTMENTS MUTUAL FUNDS

Semi-Annual Report   December 31, 2008   For investors seeking long-term
capital appreciation.

Nuveen Investments

Equity Funds

Nuveen Enhanced Core Equity Fund

Nuveen Enhanced Mid-Cap Fund

NOW YOU CAN RECEIVE YOUR

NUVEEN INVESTMENTS FUND REPORTS FASTER.

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if you get your Nuveen Investments Fund dividends and statements from your financial advisor or brokerage account.

(Be sure to have the address sheet that accompanied this report handy. You’ll need it to complete the enrollment process.)

OR

www.nuveen.com/accountaccess

if you get your Nuveen Investments Fund dividends and statements directly from Nuveen Investments.

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

Dear Shareholders,

I write this letter in a time of great uncertainty about the current state of the U.S. financial system and pessimism about the future of the global economy. Many have observed that the conditions that led to the crisis have built up over time and will complicate the course of recovery. At the same time, government officials in the U.S. and abroad have been quick to implement a wide range of programs to restore stability to the financial system and encourage economic recovery. History teaches us that these efforts will moderate the extent of the downturn and hasten the inevitable recovery, even though it is hard to appreciate that outcome in the current environment.

As you will read in the attached report, the continuing financial and economic problems are weighing heavily on asset values, and unfortunately the performance of your Nuveen Fund has been similarly affected. However, in the face of market conditions that are extraordinarily difficult, the Nuveen organization is dedicated to preserving long term investment values for your Fund. It has re-examined and in some cases re-focused its investment and risk management disciplines to assure that they can uncover the new opportunities and anticipate the new risks that are being presented by the market dislocation.

In addition to the financial statements, I hope that you will carefully review the Portfolio Managers’ Comments and the Fund Spotlight sections of this report. They highlight the managers’ pursuit of investment strategies that depend on well researched securities, diversified portfolio holdings and continuous risk management to achieve your Fund’s investment goals. The Board believes that a focus on long term investment goals provide the basis for successful investment over time and we deeply appreciate your patience and continued support as your Fund is managed through this trying period.

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

Sincerely,

Robert P. Bremner

Chairman of the Board

February 23, 2009

Robert P. Bremner

Chairman of the Board

Semi-Annual Report  _l  Page 1

Portfolio Managers’ Comments

The Nuveen Enhanced Core Equity Fund and Nuveen Enhanced Mid-Cap Fund feature management by Nuveen HydePark Group, LLC (HydePark), an affiliate of Nuveen Investments, Inc. Both Funds are co-managed by David Tierney, PhD, Senior Managing Director and Chief Investment Officer of HydePark, John Gambla, CFA, and Rob Guttschow, CFA. We recently spoke with David, John and Rob about the key investment strategies and performance of the Funds for the six-month period ending December 31, 2008.

How did the Funds perform during the six-month period ended December 31, 2008?

The table on page three provides performance information for both Funds (Class A Shares at net asset value) for the six-month, one-year and since inception periods ended December 31, 2008. The table also compares each Fund’s performance to the appropriate benchmark. A more detailed discussion of each Fund’s relative performance is provided later in this report.

What strategies were used to manage the Funds during the reporting period?

The proprietary risk-controlled HydePark wealth creation model was used to manage the Funds during this six-month period and since the inception of the Funds. This model utilizes both fundamental and momentum-related criteria to create a portfolio designed to maximize the reward-to-risk ratio.

Our investment process is a combination of traditional fundamental security valuation and quantitative risk-control techniques. The philosophy that underlies our value-added process is that a stock’s price must follow the wealth creation fundamentals of the company. A stock’s weight in the portfolio is directly related to its wealth creation fundamentals. Our process has five “wealth creation” factors. Four are fundamentally oriented; two traditional measures of revenues versus excess of expenses (specifically, earnings and cash flow), and two traditional measures of the uses for those monies (book value and dividends). The fifth factor is a proprietary measure of stock price momentum. Importantly, the process also considers a stock’s liquidity. Due to the quantitative, model-driven process, top-down macroeconomic “themes” do not influence the model nor how we select stocks for the Funds.

The model evaluates all the securities contained in the benchmark portfolio (S&P 500 Index for the Nuveen Enhanced Core Equity Fund and Russell Midcap Index for the Nuveen Enhanced Mid-Cap Fund) for possible inclusion in the respective portfolios. The process will not consider a stock for possible inclusion if it is not contained in the respective benchmark portfolio.

This process produces what HydePark believes are well-diversified, efficient portfolios that attempt to perform within a specific, narrow tracking range (the degree of difference) versus the stated benchmarks. Both portfolios typically contain a large number of holdings with each relative weighting reflecting the five-dimensional view of that stock’s wealth creation characteristics. The portfolios are monitored daily with rebalances occurring quarterly.

How did these strategies influence performance?

Nuveen Enhanced Core Equity Fund

Class A Shares (at net asset value) for the Nuveen Enhanced Core Equity Fund outperformed both its comparative indexes during the reporting period.

The quantitative, risk-controlled process described above should, under normal circumstances, cause the Fund to track its benchmark portfolio closely, with value-added potential coming from our relative overweights/underweights of each stock versus the index. We attempt to express an overweight/underweight opinion on every stock in the benchmark based on our analysis of its five wealth creation factors.

The sum of the Fund’s individual security overweights/underweights versus the index is, by definition, equal to zero, however, the HydePark process does not constrain the portfolio to be industry or sector neutral. As a result, the Fund will sometimes overweight a sector because in aggregate, stocks in that sector had what we judged to be attractive wealth creation fundamentals versus the benchmark. Performance for the portfolio can then be viewed in two parts: return attributable to the Fund’s sector weightings and return attributable to the performance of individual stocks within each sector.

On average, during the six-month period, the Fund was overweighted in energy, telecommunication, and utility stocks and underweighted health care

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.

Semi-Annual Report    Page 2

Class A Shares

Average Annual Total Returns as of 12/31/08

	Cumulative 6-Month	1-Year	Since inception (12/3/2007)
Nuveen Enhanced Core Equity Fund
A Shares at NAV	-27.59%	-36.16%	-34.60%
A Shares at Offer	-31.74%	-39.84%	-38.09%
Lipper Large-Cap Core Funds Index1	-29.46%	-37.07%	-37.11%
S&P 500 Index2	-28.48%	-37.00%	-37.07%
Nuveen Enhanced Mid-Cap Fund
A Shares at NAV	-39.11%	-42.66%	-40.83%
A Shares at Offer	-42.60%	-45.94%	-43.99%
Lipper Mid-Cap Core Funds Index3	-33.93%	-38.53%	-38.63%
Russell Midcap Index4	-36.67%	-41.46%	-41.46%

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. Returns less than one year are cumulative. Current performance may be higher or lower than the performance shown. Class A Shares have a 5.75% maximum sales charge. 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. For the most recent month-end performance, visit www.nuveen.com or call (800) 257-8787.

Please see each Fund’s Spotlight Page later in this report for more complete performance data and expense ratios.

and consumer staples stocks. The largest single sector overweight was in energy, where the Fund was, on average, 3.6% overweight versus the index. The largest single underweight was, on average, in information technology, where the Fund was 4.0% underweight versus the index. Overall, sector weightings were a mild negative to the Funds relative performance versus the index.

Performance attributable to the individual stock weightings within each sector was a strong positive for the Fund during this period, with overweights/ underweights in financials the biggest driver of relative performance. Stock selection was also a positive within the information technology and utilities sectors. Selection within energy, health care, and materials were a net drag on the portfolio.

Nuveen Enhanced Mid-Cap Fund

Class A Shares (at net asset value) for the Nuveen Enhanced Mid-Cap Fund underperformed both its comparative indexes during the reporting period.

Similar to the Nuveen Enhanced Core Equity Fund, we employed a quantitative, risk-controlled process that weighted every stock in the Fund according to our five wealth creation fundamentals. We believe the resultant portfolio also should, under normal circumstances, track its benchmark portfolios closely, with value-added potential coming from our relative overweights/underweights of each stock versus the index. We attempt to express an overweight/underweight opinion on every stock in the benchmark based on our analysis of its five wealth creation factors.

As with the Nuveen Enhanced Core Equity Fund, the sum of the Fund’s individual security overweights/underweights versus the index was maintained equal to zero, but was not constrained to be industry or sector neutral. As a result, the Fund sometimes was overweight stocks within a sector because all the individual stocks in that sector had what we judged to be attractive wealth creation fundamentals versus the benchmark in aggregate. Performance for the portfolio can then be viewed two parts: return attributable to the Fund’s sector weightings and return attributable to the performance of individual stocks within each sector.

On average, during the six-month period, the Fund was relatively overweighted in energy, materials, and industrial stocks and underweighted in health care and information technology stocks. The largest single sector overweight was in energy, where the Fund was, on average, 4.8% overweight versus the index. The largest single underweight was, on average, information technology, where the Fund was 5.0% underweight versus the index. Overall, sector weightings were a drag on the Funds relative performance versus the index.

Performance attributable to the individual stock weightings within each sector was also a drag on performance for the Fund during this period. Stock selection was positive within the financial, information technology and utilities sectors and a negative within the energy, consumer discretionary and materials sectors

1 The Lipper Large-Cap Core Funds Index is a managed index that represents the average annualized returns of the 30 largest funds in the Lipper Large-Cap Core Funds category. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in an index.

2 The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. The index returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in an index.

3 The Lipper Mid-Cap Core Funds Index is a managed index that represents the average annualized returns of the 30 largest funds in the Lipper Mid-Cap Core Funds category. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in an index.

4 The Russell Midcap Index includes the smallest 800 securities in the Russell 1000 Index. The index returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index.

Semi-Annual Report    Page 3

Fund Spotlight as of 12/31/08 Nuveen Enhanced Core Equity Fund

Quick Facts
	A Shares	C Shares	I Shares1
Fund Symbols	NEEAX	NEECX	NEERX
NAV	$12.36	$12.40	$12.35
Latest Ordinary Income Distribution2	$0.2644	$0.1392	$0.3063
Inception Date	12/03/07	12/03/07	12/03/07

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. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% 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 backend sales charge, if redeemed within twelve 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.

Average Annual Total Returns as of 12/31/08
A Shares	NAV	Offer
1-Year	-36.16%	-39.84%
Since Inception	-34.60%	-38.09%
C Shares	NAV
1-Year	-36.63%
Since Inception	-35.05%
I Shares	NAV
1-Year	-35.99%
Since Inception	-34.43%

Top Five Common Stock Holdings3
Exxon Mobil Corporation	5.9%
Chevron Corporation	2.6%
AT&T Inc.	2.6%
Procter & Gamble	2.5%
Johnson & Johnson	2.2%

Portfolio Allocation³

Portfolio Statistics
Net Assets ($000)	$22,787
Number of Common Stocks	492

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.25%	0.73%	6/30/08
Class C	2.00%	1.48%	6/30/08
Class I	0.74%	0.48%	6/30/08

The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses. The Net Expense Ratios reflect a contractual commitment by the Fund’s investment adviser to waive fees and reimburse expenses through October 31, 2010. The Net Expense Ratios also reflect a custodian fee credit whereby certain fees and expenses are reduced by credits earned on the Fund’s cash on deposit with the bank. There is no guarantee that the Fund will earn such credits in the future. Absent the waiver, reimbursement and custodian fee credit, the Net Expense Ratios would be higher and total returns would be less.

1 Effective May 1, 2008, Class R Shares were renamed Class I Shares. See the Fund’s prospectus for more information.

2 Paid December 31, 2008.

3 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Semi-Annual Report    Page 4

Fund Spotlight as of 12/31/08 Nuveen Enhanced Core Equity Fund

Industries1
Oil, Gas & Consumable Fuels	13.8%
Pharmaceuticals	7.9%
Commercial Banks	7.9%
Diversified Telecommunication Services	4.5%
Computers & Peripherals	3.6%
Household Products	3.3%
Food & Staples Retailing	3.3%
Electric Utilities	3.2%
Industrial Conglomerates	3.1%
Software	3.1%
Media	2.7%
Insurance	2.6%
Food Products	2.4%
Aerospace & Defense	2.4%
Beverages	2.4%
Tobacco	2.2%
Biotechnology	2.0%
Communications Equipment	2.0%
Health Care Equipment & Supplies	1.9%
Energy Equipment & Services	1.7%
Specialty Retail	1.7%
Semiconductors & Equipment	1.7%
Machinery	1.5%
Other	19.1%

1 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Expense Example

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

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

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front and back end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.

							Hypothetical Performance
	Actual Performance						(5% return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (7/01/08)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/08)	$	724.10	$	721.60	$	725.10	$	1,021.42	$	1,017.60	$	1,022.67
Expenses Incurred During Period	$	3.21	$	6.49	$	2.12	$	3.76	$	7.61	$	2.49

For each class of the Fund, expenses are equal to the Fund’s annualized expense ratio of .74%, 1.50% and .49% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semi-Annual Report    Page 5

Fund Spotlight as of 12/31/08 Nuveen Enhanced Mid-Cap Fund

Quick Facts
	A Shares	C Shares	I Shares1
Fund Symbols	NDPAX	NDPCX	NDPRX
NAV	$11.13	$11.17	$11.11
Latest Ordinary Income Distribution2	$0.1904	$0.0654	$0.2323
Inception Date	12/03/07	12/03/07	12/03/07

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. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% 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 backend sales charge, if redeemed within twelve 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.

Average Annual Total Returns as of 12/31/08
A Shares	NAV	Offer
1-Year	-42.66%	-45.94%
Since Inception	-40.83%	-43.99%
C Shares	NAV
1-Year	-43.10%
Since Inception	-41.30%
I Shares	NAV
1-Year	-42.54%
Since Inception	-40.71%

Top Five Common Stock Holdings3
Aon Corporation	1.1%
Marsh & McLennan Companies, Inc.	1.0%
Annaly Capital Management Inc.	0.9%
Noble Energy, Inc.	0.9%
PG&E Corporation	0.9%

Portfolio Allocation³

Portfolio Statistics
Net Assets ($000)	$1,820
Number of Common Stocks	546

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	3.81%	0.76%	6/30/08
Class C	4.56%	1.51%	6/30/08
Class I	3.52%	0.51%	6/30/08

The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses. The Net Expense Ratios reflect a contractual commitment by the Fund’s investment adviser to waive fees and reimburse expenses through October 31, 2010. The Net Expense Ratios also reflect a custodian fee credit whereby certain fees and expenses are reduced by credits earned on the Fund’s cash on deposit with the bank. There is no guarantee that the Fund will earn such credits in the future. Absent the waiver, reimbursement and custodian fee credit, the Net Expense Ratios would be higher and total returns would be less.

1 Effective May 1, 2008, Class R Shares were renamed Class I Shares. See the Fund’s prospectus for more information.

2 Paid December 31, 2008.

3 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Semi-Annual Report    Page 6

Fund Spotlight as of 12/31/08 Nuveen Enhanced Mid-Cap Fund

Industries1
Electric Utilities	7.9%
Insurance	7.8%
Oil, Gas & Consumable Fuels	6.1%
Multi-Utilities	4.1%
Energy Equipment & Services	4.1%
Machinery	4.0%
Food Products	4.0%
Commercial Banks	3.6%
Specialty Retail	3.1%
Specialized REIT	2.9%
Multiline Retail	2.7%
Chemicals	2.7%
Commercial Services & Supplies	2.6%
Household Durables	2.4%
Media	2.2%
Thrifts & Mortgage Finance	2.0%
Residential REIT	1.8%
Diversified Telecommunication Services	1.7%
IT Services	1.7%
Gas Utilities	1.7%
Containers & Packaging	1.4%
Hotels, Restaurants & Leisure	1.4%
Independent Power Producers & Energy Traders	1.4%
Health Care Providers & Services	1.2%
Semiconductors & Equipment	1.2%
Food & Staples Retailing	1.1%
Tobacco	1.0%
Capital Markets	1.0%
Computers & Peripherals	1.0%
Beverages	1.0%
Other	19.2%

1 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Expense Example

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

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

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front and back end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.

							Hypothetical Performance
	Actual Performance						(5% return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (7/01/08)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/08)	$	608.90	$	606.40	$	609.50	$	1,021.27	$	1,017.44	$	1,022.52
Expenses Incurred During Period	$	3.11	$	6.18	$	2.10	$	3.91	$	7.76	$	2.64

For each class of the Fund, expenses are equal to the Fund’s annualized expense ratio of .77%, 1.53% and .52% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semi-Annual Report    Page 7

Portfolio of Investments (Unaudited)

Nuveen Enhanced Core Equity Fund

December 31, 2008

Shares	Description (1)	Value
	COMMON STOCKS – 99.7%
	Aerospace & Defense – 2.4%
1,700	Boeing Company	$	72,539
900	General Dynamics Corporation		51,831
300	Goodrich Corporation		11,106
1,600	Honeywell International Inc.		52,528
300	L-3 Communications Holdings, Inc.		22,134
900	Lockheed Martin Corporation		75,672
900	Northrop Grumman Corporation		40,536
300	Precision Castparts Corporation		17,844
1,200	Raytheon Company		61,248
300	Rockwell Collins, Inc.		11,727
2,500	United Technologies Corporation		134,000
	Total Aerospace & Defense		551,165
	Air Freight & Logistics – 1.1%
500	C.H. Robinson Worldwide, Inc.		27,515
500	Expeditors International of Washington Inc.		16,635
900	FedEx Corporation		57,735
2,500	United Parcel Service, Inc., Class B		137,900
	Total Air Freight & Logistics		239,785
	Airlines – 0.1%
1,800	Southwest Airlines Co.		15,516
	Auto Components – 0.1%
700	Goodyear Tire & Rubber Company, (2)		4,179
1,300	Johnson Controls, Inc.		23,608
	Total Auto Components		27,787
	Automobiles – 0.1%
6,200	Ford Motor Company, (2)		14,198
100	General Motors Corporation		320
700	Harley-Davidson, Inc.		11,879
	Total Automobiles		26,397
	Beverages – 2.4%
200	Brown-Forman Corporation		10,298
5,400	Coca-Cola Company		244,458
600	Coca-Cola Enterprises Inc.		7,218
300	Constellation Brands, Inc., Class A, (2)		4,731
500	Dr. Pepper Snapple Group, (2)		8,125
400	Molson Coors Brewing Company, Class B		19,568
300	Pepsi Bottling Group, Inc.		6,753
4,300	PepsiCo, Inc.		235,511
	Total Beverages		536,662
	Biotechnology – 2.0%
3,400	Amgen Inc., (2)		196,350
500	Biogen Idec Inc., (2)		23,815
1,000	Celgene Corporation, (2)		55,280

8

Shares	Description (1)	Value
	Biotechnology (continued)
200	Cephalon, Inc., (2)	$	15,408
700	Genzyme Corporation, (2)		46,459
2,300	Gilead Sciences, Inc., (2)		117,622
	Total Biotechnology		454,934
	Building Products – 0.1%
400	Fastenal Company		13,940
800	Masco Corporation		8,904
	Total Building Products		22,844
	Capital Markets – 1.1%
900	American Capital Limited		2,916
500	Ameriprise Financial, Inc.		11,680
3,400	Bank of New York Company, Inc.		96,322
2,700	Charles Schwab Corporation		43,659
1,200	E*Trade Group Inc., (2)		1,380
300	Federated Investors Inc.		5,088
300	Franklin Resources, Inc.		19,134
900	Invesco LTD		12,996
200	Janus Capital Group Inc.		1,606
100	Legg Mason, Inc.		2,191
1,000	State Street Corporation		39,330
600	T. Rowe Price Group Inc.		21,264
	Total Capital Markets		257,566
	Chemicals – 1.3%
500	Air Products & Chemicals Inc.		25,135
200	CF Industries Holdings, Inc.		9,832
3,000	Dow Chemical Company		45,270
2,800	E.I. Du Pont de Nemours and Company		70,840
300	Eastman Chemical Company		9,513
500	Ecolab Inc.		17,575
200	International Flavors & Fragrances Inc.		5,944
600	PPG Industries, Inc.		25,458
800	Praxair, Inc.		47,488
400	Rohm and Haas Company		24,716
300	Sigma-Aldrich Corporation		12,672
	Total Chemicals		294,443
	Commercial Banks – 7.9%
2,300	American Express Company		42,665
20,300	Bank of America Corporation		285,824
2,400	BB&T Corporation		65,904
700	Comerica Incorporated		13,895
1,100	Fifth Third Bancorp.		9,086
301	First Horizon National Corporation		3,176
1,100	Goldman Sachs Group, Inc.		92,829

9

Portfolio of Investments (Unaudited)

Nuveen Enhanced Core Equity Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Commercial Banks (continued)
1,200	Huntington BancShares Inc.	$	9,192
12,400	JPMorgan Chase & Co.		390,972
700	KeyCorp.		5,964
300	M&T Bank Corporation		17,223
1,100	Marshall and Ilsley Corporation		15,004
4,900	Merrill Lynch & Co., Inc.		57,036
1,500	Morgan Stanley		24,060
1,100	National City Corporation		1,991
400	Northern Trust Corporation		20,856
1,400	PNC Financial Services Group, Inc.		68,600
2,400	Regions Financial Corporation		19,104
1,200	SunTrust Banks, Inc.		35,448
7,100	U.S. Bancorp		177,571
2,800	Wachovia Corporation		15,512
13,900	Wells Fargo & Company		409,772
500	Zions Bancorporation		12,255
	Total Commercial Banks		1,793,939
	Commercial Services & Supplies – 0.7%
300	Avery Dennison Corporation		9,819
400	Cintas Corporation		9,292
200	Dun and Bradstreet Inc.		15,440
300	Equifax Inc.		7,956
600	Pitney Bowes Inc.		15,288
600	R.R. Donnelley & Sons Company		8,148
900	Republic Services, Inc.		22,311
500	Robert Half International Inc.		10,410
300	Stericycle Inc., (2)		15,624
1,500	Waste Management, Inc.		49,710
	Total Commercial Services & Supplies		163,998
	Communications Equipment – 2.0%
13,000	Cisco Systems, Inc., (2)		211,900
5,000	Corning Incorporated		47,650
300	Harris Corporation		11,415
1,100	Juniper Networks Inc., (2)		19,261
2,300	Motorola, Inc.		10,189
4,100	QUALCOMM Inc.		146,903
900	Tellabs Inc., (2)		3,708
	Total Communications Equipment		451,026
	Computers & Peripherals – 3.6%
1,900	Apple, Inc., (2)		162,165
3,300	Dell Inc., (2)		33,792
4,500	EMC Corporation, (2)		47,115
6,300	Hewlett-Packard Company		228,627

10

Shares	Description (1)	Value
	Computers & Peripherals (continued)
3,900	International Business Machines Corporation (IBM)	$	328,224
300	Lexmark International, Inc., Class A, (2)		8,070
600	Network Appliance Inc., (2)		8,382
100	SanDisk Corporation, (2)		960
400	Sun Microsystems Inc., (2)		1,528
300	Teradata Corporation, (2)		4,449
	Total Computers & Peripherals		823,312
	Construction & Engineering – 0.1%
400	Fluor Corporation		17,948
200	Jacobs Engineering Group Inc., (2)		9,620
	Total Construction & Engineering		27,568
	Construction Materials – 0.1%
300	Vulcan Materials Company		20,874
	Consumer Finance – 0.4%
1,600	Capital One Financial Corporation		51,024
1,400	Discover Financial Services		13,342
100	MasterCard, Inc.		14,293
1,300	Western Union Company		18,642
	Total Consumer Finance		97,301
	Containers & Packaging – 0.2%
300	Ball Corporation		12,477
400	Bemis Company, Inc.		9,472
500	Pactiv Corporation, (2)		12,440
500	Sealed Air Corporation		7,470
	Total Containers & Packaging		41,859
	Diversified Consumer Services – 0.2%
300	Apollo Group, Inc., (2)		22,986
800	H & R Block Inc.		18,176
	Total Diversified Consumer Services		41,162
	Diversified Financial Services – 0.6%
600	CIT Group Inc.		2,724
12,000	Citigroup Inc.		80,520
100	CME Group, Inc.		20,811
100	Intercontinental Exchange Inc., (2)		8,244
300	Leucadia National Corporation, (2)		5,940
400	Moody's Corporation		8,036
300	Nasdaq Stock Market, Inc., (2)		7,413
400	New York Stock Exchange Euronext		10,952
	Total Diversified Financial Services		144,640
	Diversified Telecommunication Services – 4.4%
20,400	AT&T Inc.		581,400
500	CenturyTel, Inc.		13,665
600	Embarq Corporation		21,576

11

Portfolio of Investments (Unaudited)

Nuveen Enhanced Core Equity Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Diversified Telecommunication Services (continued)
1,200	Frontier Communications Corporation	$	10,488
6,300	Qwest Communications International Inc.		22,932
9,100	Sprint Nextel Corporation, (2)		16,653
9,700	Verizon Communications Inc.		328,830
2,000	Windstream Corporation		18,400
	Total Diversified Telecommunication Services		1,013,944
	Electric Utilities – 3.1%
400	Allegheny Energy, Inc.		13,544
800	Ameren Corporation		26,608
1,400	American Electric Power Company, Inc.		46,592
1,100	Consolidated Edison, Inc.		42,823
700	DTE Energy Company		24,969
1,000	Edison International		32,120
600	Entergy Corporation		49,878
1,900	Exelon Corporation		105,659
1,200	FirstEnergy Corp.		58,296
1,100	FPL Group, Inc.		55,363
800	Pepco Holdings, Inc.		14,208
1,200	PG&E Corporation		46,452
400	Pinnacle West Capital Corporation		12,852
1,200	PPL Corporation		36,828
1,000	Progress Energy, Inc.		39,850
2,700	Southern Company		99,900
900	TECO Energy, Inc.		11,115
	Total Electric Utilities		717,057
	Electrical Equipment – 0.4%
400	Cooper Industries, Ltd., Class A		11,692
2,100	Emerson Electric Company		76,881
400	Rockwell Automation, Inc.		12,896
	Total Electrical Equipment		101,469
	Electronic Equipment & Instruments – 0.5%
800	Agilent Technologies, Inc., (2)		12,504
300	Amphenol Corporation, Class A		7,194
500	Jabil Circuit Inc.		3,375
100	MEMC Electronic Materials, (2)		1,428
100	Millipore Corporation, (2)		5,152
300	Molex Inc.		4,347
1,100	Thermo Fisher Scientific, Inc., (2)		37,477
1,600	Tyco Electronics, Limited		25,936
200	Waters Corporation, (2)		7,330
	Total Electronic Equipment & Instruments		104,743

12

Shares	Description (1)	Value
	Energy Equipment & Services – 1.7%
1,500	Anadarko Petroleum Corporation	$	57,825
800	Baker Hughes Incorporated		25,656
900	BJ Services Company		10,503
300	Cabot Oil & Gas Corporation		7,800
500	Cooper Cameron Corporation, (2)		10,250
500	ENSCO International Incorporated		14,195
1,800	Halliburton Company		32,724
1,300	Nabors Industries Inc., (2)		15,561
1,100	National-Oilwell Varco Inc., (2)		26,884
900	Noble Corporation		19,881
400	Rowan Companies Inc.		6,360
3,100	Schlumberger Limited		131,223
500	Smith International, Inc.		11,445
1,900	Weatherford International Ltd, (2)		20,558
	Total Energy Equipment & Services		390,865
	Food & Staples Retailing – 3.3%
1,000	Costco Wholesale Corporation		52,500
3,900	CVS Caremark Corporation		112,086
2,200	Kroger Co.		58,102
1,100	Safeway Inc.		26,147
800	SUPERVALU INC.		11,680
1,700	Sysco Corporation		38,998
2,500	Walgreen Co.		61,675
6,900	Wal-Mart Stores, Inc.		386,814
200	Whole Foods Market, Inc.		1,888
	Total Food & Staples Retailing		749,890
	Food Products – 2.4%
2,000	Archer-Daniels-Midland Company		57,660
800	Campbell Soup Company		24,008
1,400	ConAgra Foods, Inc.		23,100
300	Dean Foods Company, (2)		5,391
1,200	General Mills, Inc.		72,900
1,000	H.J. Heinz Company		37,600
500	Hershey Foods Corporation		17,370
400	JM Smucker Company		17,344
700	Kellogg Company		30,695
4,900	Kraft Foods Inc.		131,565
300	McCormick & Company, Incorporated		9,558
1,500	Monsanto Company		105,525
1,500	Sara Lee Corporation		14,685
600	Tyson Foods, Inc., Class A		5,256
	Total Food Products		552,657

13

Portfolio of Investments (Unaudited)

Nuveen Enhanced Core Equity Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Gas Utilities – 0.3%
200	Nicor Inc.	$	6,948
500	Questar Corporation		16,345
2,200	Spectra Energy Corporation		34,628
	Total Gas Utilities		57,921
	Health Care Equipment & Supplies – 1.9%
300	AmerisourceBergen Corporation		10,698
1,700	Baxter International Inc.		91,103
600	Becton, Dickinson and Company		41,034
2,100	Boston Scientific Corporation, (2)		16,254
300	C. R. Bard, Inc.		25,278
800	Cardinal Health, Inc.		27,576
1,400	Covidien Limited		50,736
300	DENTSPLY International Inc.		8,472
400	Hospira Inc., (2)		10,728
2,400	Medtronic, Inc.		75,408
200	Patterson Companies Inc., (2)		3,750
700	Saint Jude Medical Inc., (2)		23,072
400	Stryker Corporation		15,980
400	Varian Medical Systems, Inc., (2)		14,016
500	Zimmer Holdings, Inc., (2)		20,210
	Total Health Care Equipment & Supplies		434,315
	Health Care Providers & Services – 1.3%
700	Aetna Inc.		19,950
300	CIGNA Corporation		5,055
300	Coventry Health Care, Inc., (2)		4,464
300	Davita Inc., (2)		14,871
600	Express Scripts, Inc., (2)		32,988
300	Humana Inc., (2)		11,184
300	Laboratory Corporation of America Holdings, (2)		19,323
600	McKesson HBOC Inc.		23,238
1,300	Medco Health Solutions, Inc., (2)		54,483
400	Quest Diagnostics Incorporated		20,764
1,700	UnitedHealth Group Incorporated		45,220
1,100	Wellpoint Inc., (2)		46,343
	Total Health Care Providers & Services		297,883
	Health Care Technology – 0.0%
300	IMS Health Incorporated		4,548
	Hotels, Restaurants & Leisure – 1.4%
1,300	Carnival Corporation		31,616
200	Darden Restaurants Inc.		5,636
300	International Game Technology		3,567
500	Marriott International, Inc., Class A		9,725
3,600	McDonald's Corporation		223,884

14

Shares	Description (1)	Value
	Hotels, Restaurants & Leisure (continued)
900	Starbucks Corporation, (2)	$	8,514
400	Starwood Hotels & Resorts Worldwide, Inc.		7,160
300	Wyndham Worldwide Corporation		1,965
100	Wynn Resorts Ltd, (2)		4,226
1,100	YUM! Brands, Inc.		34,650
	Total Hotels, Restaurants & Leisure		330,943
	Household Durables – 0.4%
200	Black & Decker Corporation		8,362
200	Centex Corporation		2,128
700	D.R. Horton, Inc.		4,949
400	Fortune Brands Inc.		16,512
200	KB Home		2,724
500	Leggett and Platt Inc.		7,595
300	Lennar Corporation, Class A		2,601
1,000	Newell Rubbermaid Inc.		9,780
600	Pulte Corporation		6,558
200	Snap-on Incorporated		7,876
300	Stanley Works		10,230
300	Whirlpool Corporation		12,405
	Total Household Durables		91,720
	Household Products – 3.3%
400	Clorox Company		22,224
1,300	Colgate-Palmolive Company		89,102
1,400	Kimberly-Clark Corporation		73,836
9,300	Procter & Gamble Company		574,926
	Total Household Products		760,088
	Independent Power Producers & Energy Traders – 0.1%
1,900	AES Corporation, (2)		15,656
400	Constellation Energy Group		10,036
	Total Independent Power Producers & Energy Traders		25,692
	Industrial Conglomerates – 3.1%
2,400	3M Co.		138,096
31,300	General Electric Company		507,060
600	Genuine Parts Company		22,716
500	Textron Inc.		6,935
1,400	Tyco International Ltd.		30,240
	Total Industrial Conglomerates		705,047
	Insurance – 2.6%
1,300	AFLAC Incorporated		59,592
1,100	Allstate Corporation		36,036
10,800	American International Group, Inc.		16,956
1,000	Aon Corporation		45,680
200	Assurant Inc.		6,000

15

Portfolio of Investments (Unaudited)

Nuveen Enhanced Core Equity Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Insurance (continued)
1,400	Chubb Corporation	$	71,400
600	Cincinnati Financial Corporation		17,442
900	Genworth Financial Inc., Class A		2,547
400	Hartford Financial Services Group, Inc.		6,568
700	Lincoln National Corporation		13,188
1,300	Loews Corporation		36,725
2,200	Marsh & McLennan Companies, Inc.		53,394
1,600	MetLife, Inc.		55,776
200	Principal Financial Group, Inc.		4,514
2,000	Progressive Corporation		29,620
400	Prudential Financial, Inc.		12,104
200	Torchmark Corporation		8,940
2,200	Travelers Companies, Inc.		99,440
900	Unum Group		16,740
1,500	XL Capital Ltd, Class A		5,550
	Total Insurance		598,212
	Internet & Catalog Retail – 0.1%
300	Amazon.com, Inc., (2)		15,384
400	Expedia, Inc., (2)		3,296
	Total Internet & Catalog Retail		18,680
	Internet Software & Services – 0.9%
1,700	eBay Inc., (2)		23,732
500	Google Inc., Class A, (2)		153,825
1,800	Yahoo! Inc., (2)		21,960
	Total Internet Software & Services		199,517
	IT Services – 0.6%
300	Affiliated Computer Services Inc., (2)		13,785
1,600	Automatic Data Processing, Inc.		62,944
400	Computer Sciences Corporation, (2)		14,056
100	Convergys Corporation, (2)		641
600	Fidelity National Information Services		9,762
400	Fiserv, Inc., (2)		14,548
900	Paychex, Inc.		23,652
400	Total System Services Inc.		5,600
	Total IT Services		144,988
	Leisure Equipment & Products – 0.2%
1,200	Eastman Kodak Company		7,896
400	Hasbro, Inc.		11,668
1,000	Mattel, Inc.		16,000
	Total Leisure Equipment & Products		35,564

16

Shares	Description (1)	Value
	Life Sciences Tools & Services – 0.1%
400	Life Technologies Corporation, (2)	$	9,324
400	Perkinelmer Inc.		5,564
	Total Life Sciences Tools & Services		14,888
	Machinery – 1.5%
1,800	Caterpillar Inc.		80,406
500	Cummins Inc.		13,365
600	Danaher Corporation		33,966
800	Deere & Company		30,656
500	Dover Corporation		16,460
500	Eaton Corporation		24,855
100	Flowserve Corporation		5,150
1,100	Illinois Tool Works Inc.		38,555
900	Ingersoll Rand Company Limited, Class A		15,615
400	ITT Industries Inc.		18,396
100	Manitowoc Company Inc.		866
900	PACCAR Inc.		25,740
300	Pall Corporation		8,529
500	Parker Hannifin Corporation		21,270
	Total Machinery		333,829
	Marine – 0.3%
1,400	Transocean Inc., (2)		66,150
	Media – 2.7%
3,100	CBS Corporation, Class B		25,389
9,700	Comcast Corporation, Class A		163,736
1,700	DIRECTV Group, Inc., (2)		38,947
800	Gannett Company Inc.		6,400
1,200	Interpublic Group Companies, Inc., (2)		4,752
800	McGraw-Hill Companies, Inc.		18,552
100	Meredith Corporation		1,712
100	Monster Worldwide Inc., (2)		1,209
200	New York Times, Class A		1,466
5,800	News Corporation, Class A		52,722
900	Omnicom Group Inc.		24,228
200	Scripps Networks Interactive, Class A Shares		4,400
11,800	Time Warner Inc.		118,708
1,700	Viacom Inc., Class B, (2)		32,402
5,300	Walt Disney Company		120,257
	Total Media		614,880
	Metals & Mining – 0.8%
100	AK Steel Holding Corporation		932
2,700	Alcoa Inc.		30,402
200	Allegheny Technologies, Inc.		5,106

17

Portfolio of Investments (Unaudited)

Nuveen Enhanced Core Equity Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Metals & Mining (continued)
300	CONSOL Energy Inc.	$	8,574
1,500	Freeport-McMoRan Copper & Gold, Inc.		36,660
900	Newmont Mining Corporation		36,630
900	Nucor Corporation		41,580
100	Titanium Metals Corporation		881
400	United States Steel Corporation		14,880
	Total Metals & Mining		175,645
	Multiline Retail – 0.6%
300	Big Lots, Inc., (2)		4,347
500	Family Dollar Stores, Inc.		13,035
1,300	Federated Department Stores, Inc.		13,455
700	J.C. Penney Company, Inc.		13,790
800	Kohl's Corporation, (2)		28,960
400	Nordstrom, Inc.		5,324
100	Sears Holding Corporation, (2)		3,887
1,900	Target Corporation		65,607
	Total Multiline Retail		148,405
	Multi-Utilities – 1.4%
1,300	CenterPoint Energy, Inc.		16,406
600	CMS Energy Corporation		6,066
2,000	Dominion Resources, Inc.		71,680
5,000	Duke Energy Corporation		75,050
300	Dynegy Inc., (2)		600
300	Integrys Energy Group, Inc.		12,894
1,100	NiSource Inc.		12,067
1,500	Public Service Enterprise Group Incorporated		43,755
900	Sempra Energy		38,367
400	Wisconsin Energy Corporation		16,792
1,600	Xcel Energy, Inc.		29,680
	Total Multi-Utilities		323,357
	Office Electronics – 0.1%
1,800	Xerox Corporation		14,346
	Oil, Gas & Consumable Fuels – 13.8%
1,300	Apache Corporation		96,889
1,600	Chesapeake Energy Corporation		25,872
7,900	Chevron Corporation		584,363
6,200	ConocoPhillips		321,160
1,700	Devon Energy Corporation		111,707
2,100	El Paso Corporation		16,443
1,100	EOG Resources, Inc.		73,238
16,900	Exxon Mobil Corporation		1,349,127
1,000	Hess Corporation		53,640
2,500	Marathon Oil Corporation		68,400

18

Shares	Description (1)	Value
	Oil, Gas & Consumable Fuels (continued)
100	Massey Energy Company	$	1,379
700	Murphy Oil Corporation		31,045
600	Noble Energy, Inc.		29,532
2,800	Occidental Petroleum Corporation		167,972
500	Peabody Energy Corporation		11,375
500	Pioneer Natural Resources Company		8,090
500	Range Resources Corporation		17,195
1,400	Southwestern Energy Company, (2)		40,558
300	Sunoco, Inc.		13,038
100	Tesoro Petroleum Corporation		1,317
1,500	Valero Energy Corporation		32,460
1,800	Williams Companies, Inc.		26,064
1,700	XTO Energy, Inc.		59,959
	Total Oil, Gas & Consumable Fuels		3,140,823
	Paper & Forest Products – 0.2%
1,700	International Paper Company		20,060
600	MeadWestvaco Corporation		6,714
600	Weyerhaeuser Company		18,366
	Total Paper & Forest Products		45,140
	Personal Products – 0.1%
800	Avon Products, Inc.		19,224
300	Estee Lauder Companies Inc., Class A		9,288
	Total Personal Products		28,512
	Pharmaceuticals – 7.9%
4,500	Abbott Laboratories		240,165
500	Allergan, Inc.		20,160
5,600	Bristol-Myers Squibb Company		130,200
2,600	Eli Lilly and Company		104,702
800	Forest Laboratories, Inc., (2)		20,376
8,500	Johnson & Johnson		508,555
800	King Pharmaceuticals Inc., (2)		8,496
4,700	Merck & Co. Inc.		142,880
700	Mylan Laboratories Inc., (2)		6,923
23,100	Pfizer Inc.		409,101
2,600	Schering-Plough Corporation		44,278
188	Teva Pharmaceutical Industries Limited, Sponsored ADR		8,010
300	Watson Pharmaceuticals Inc., (2)		7,971
3,900	Wyeth		146,289
	Total Pharmaceuticals		1,798,106
	Real Estate – 1.0%
300	Apartment Investment & Management Company, Class A		3,465
200	AvalonBay Communities, Inc.		12,116
300	Boston Properties, Inc.		16,500

19

Portfolio of Investments (Unaudited)

Nuveen Enhanced Core Equity Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Real Estate (continued)
600	Developers Diversified Realty Corporation	$	2,928
1,000	Equity Residential		29,820
700	Health Care Property Investors Inc.		19,439
2,100	Host Hotels & Resorts Inc.		15,897
500	Kimco Realty Corporation		9,140
500	Plum Creek Timber Company		17,370
600	ProLogis		8,334
400	Public Storage, Inc.		31,800
500	Simon Property Group, Inc.		26,565
400	Vornado Realty Trust		24,140
	Total Real Estate		217,514
	Real Estate Management & Development – 0.0%
100	CB Richard Ellis Group, Inc., Class A, (2)		432
	Road & Rail – 1.2%
900	Burlington Northern Santa Fe Corporation		68,139
1,500	CSX Corporation		48,705
1,400	Norfolk Southern Corporation		65,870
200	Ryder System, Inc.		7,756
1,600	Union Pacific Corporation		76,480
	Total Road & Rail		266,950
	Semiconductors & Equipment – 1.7%
800	Advanced Micro Devices, Inc., (2)		1,728
700	Altera Corporation		11,697
700	Analog Devices, Inc.		13,314
2,600	Applied Materials, Inc.		26,338
800	Broadcom Corporation, Class A, (2)		13,576
13,600	Intel Corporation		199,376
300	KLA-Tencor Corporation		6,537
500	Linear Technology Corporation		11,060
1,300	LSI Logic Corporation, (2)		4,277
500	Microchip Technology Incorporated		9,765
1,800	Micron Technology, Inc., (2)		4,752
400	National Semiconductor Corporation		4,028
200	Novellus Systems, Inc., (2)		2,468
300	NVIDIA Corporation, (2)		2,421
300	QLogic Corporation, (2)		4,032
100	Teradyne Inc., (2)		422
3,200	Texas Instruments Incorporated		49,664
700	Xilinx, Inc.		12,474
	Total Semiconductors & Equipment		377,929
	Software – 3.1%
1,100	Adobe Systems Incorporated, (2)		23,419
100	Akamai Technologies, Inc., (2)		1,509

20

Shares	Description (1)	Value
	Software (continued)
200	Autodesk, Inc., (2)	$	3,930
500	BMC Software, Inc., (2)		13,455
900	CA Inc.		16,677
500	Citrix Systems, (2)		11,785
700	Cognizant Technology Solutions Corporation, Class A, (2)		12,642
700	Compuware Corporation, (2)		4,725
100	Electronic Arts Inc. (EA), (2)		1,604
800	Intuit Inc., (2)		19,032
19,400	Microsoft Corporation		377,136
800	Novell Inc., (2)		3,112
9,700	Oracle Corporation, (2)		171,981
100	Salesforce.com, Inc., (2)		3,201
2,200	Symantec Corporation, (2)		29,744
300	VeriSign, Inc., (2)		5,724
	Total Software		699,676
	Specialty Retail – 1.7%
200	Abercrombie & Fitch Co., Class A		4,614
300	AutoNation Inc., (2)		2,964
100	AutoZone, Inc., (2)		13,947
500	Bed Bath and Beyond Inc., (2)		12,710
600	Best Buy Co., Inc.		16,866
200	GameStop Corporation, (2)		4,332
1,300	Gap, Inc.		17,407
5,300	Home Depot, Inc.		122,006
900	Limited Brands, Inc.		9,036
4,300	Lowe's Companies, Inc.		92,536
400	Office Depot, Inc., (2)		1,192
300	RadioShack Corporation		3,582
300	Sherwin-Williams Company		17,925
1,900	Staples, Inc.		34,048
200	Tiffany & Co.		4,726
1,300	TJX Companies, Inc.		26,741
	Total Specialty Retail		384,632
	Textiles, Apparel & Luxury Goods – 0.4%
600	Coach, Inc., (2)		12,462
200	Jones Apparel Group, Inc.		1,172
1,100	Nike, Inc., Class B		56,100
100	Polo Ralph Lauren Corporation		4,541
300	VF Corporation		16,431
	Total Textiles, Apparel & Luxury Goods		90,706
	Thrifts & Mortgage Finance – 0.2%
2,000	Hudson City Bancorp, Inc.		31,920
1,300	People's United Financial, Inc.		23,179

21

Portfolio of Investments (Unaudited)

Nuveen Enhanced Core Equity Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Thrifts & Mortgage Finance (continued)
400	Sovereign Bancorp, Inc., (2)	$	1,192
	Total Thrifts & Mortgage Finance		56,291
	Tobacco – 2.2%
8,600	Altria Group, Inc.		129,516
500	Lorillard Inc.		28,175
6,700	Philip Morris International		291,517
600	Reynolds American Inc.		24,186
500	UST Inc.		34,690
	Total Tobacco		508,084
	Trading Companies & Distributors – 0.1%
200	W.W. Grainger, Inc.		15,768
	Wireless Telecommunication Services – 0.1%
700	American Tower Corporation, (2)		20,524
	Total Investments (cost $32,060,788) – 99.7%		22,711,108
	Other Assets Less Liabilities – 0.3%		76,250
	Net Assets – 100%	$	22,787,358

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

(2) Non-income producing.

ADR American Depositary Receipt.

See accompanying notes to financial statements.

22

Portfolio of Investments (Unaudited)

Nuveen Enhanced Mid-Cap Fund

December 31, 2008

Shares	Description (1)	Value
	COMMON STOCKS – 99.7%
	Aerospace & Defense – 0.9%
10	Alliant Techsystems Inc., (2)	$	858
20	FLIR Systems Inc., (2)		614
130	Goodrich Corporation		4,813
100	L-3 Communications Holdings, Inc.		7,378
20	Precision Castparts Corporation		1,190
50	Rockwell Collins, Inc.		1,955
	Total Aerospace & Defense		16,808
	Air Freight & Logistics – 0.2%
70	C.H. Robinson Worldwide, Inc.		3,852
10	UTI Worldwide, Inc.		143
	Total Air Freight & Logistics		3,995
	Airlines – 0.1%
20	Copa Holdings SA		606
190	Southwest Airlines Co.		1,638
	Total Airlines		2,244
	Auto Components – 0.6%
110	Advance Auto Parts, Inc.		3,702
70	Autoliv Inc.		1,502
10	BorgWarner Inc.		218
10	Federal Mogul Corporation, Class A Shares, (2)		42
710	Goodyear Tire & Rubber Company, (2)		4,239
30	LKQ Corporation, (2)		350
10	WABCO Holdings Inc.		158
	Total Auto Components		10,211
	Automobiles – 0.9%
4,730	Ford Motor Company, (2)		10,832
330	Harley-Davidson, Inc.		5,600
10	Thor Industries, Inc.		132
	Total Automobiles		16,564
	Beverages – 1.0%
60	Brown-Forman Corporation		3,089
370	Coca-Cola Enterprises Inc.		4,451
60	Dr. Pepper Snapple Group, (2)		975
130	Molson Coors Brewing Company, Class B		6,360
150	Pepsi Bottling Group, Inc.		3,377
10	PepsiAmericas Inc.		204
	Total Beverages		18,456
	Biotechnology – 0.0%
10	Sepracor Inc., (2)		110
	Building Products – 0.3%
10	Armstrong World Industries Inc., (2)		216
70	Fastenal Company		2,440

23

Portfolio of Investments (Unaudited)

Nuveen Enhanced Mid-Cap Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Building Products (continued)
50	Lennox International Inc.	$	1,615
10	Owens Corning, (2)		173
	Total Building Products		4,444
	Capital Markets – 1.0%
490	American Capital Limited		1,588
370	Ameriprise Financial, Inc.		8,643
250	Invesco LTD		3,610
30	Jefferies Group, Inc.		422
10	Lazard Limited		297
110	Raymond James Financial Inc.		1,884
60	SEI Investments Company		943
70	TD Ameritrade Holding Corporation, (2)		998
10	Waddell & Reed Financial, Inc., Class A		155
	Total Capital Markets		18,540
	Chemicals – 2.7%
40	Airgas, Inc.		1,560
10	Albemarle Corporation		223
40	Ashland Inc.		420
40	Cabot Corporation		612
350	Celanese Corporation, Series A		4,351
90	CF Industries Holdings, Inc.		4,424
80	Chemtura Corporation		112
10	Cytec Industries, Inc.		212
180	Eastman Chemical Company		5,708
10	Ecolab Inc.		352
60	FMC Corporation		2,684
60	International Flavors & Fragrances Inc.		1,783
40	Lubrizol Corporation		1,456
230	PPG Industries, Inc.		9,759
170	Rohm and Haas Company		10,504
30	RPM International, Inc.		399
30	Sigma-Aldrich Corporation		1,267
70	Terra Industries, Inc.		1,167
130	Valspar Corporation		2,352
	Total Chemicals		49,345
	Commercial Banks – 3.6%
150	Associated Banc-Corp.		3,140
110	BancorpSouth Inc.		2,570
60	Bank of Hawaii Corporation		2,710
20	BOK Financial Corporation		808
40	City National Corporation		1,948
310	Comerica Incorporated		6,154
80	Commerce Bancshares Inc.		3,516

24

Shares	Description (1)	Value
	Commercial Banks (continued)
90	Cullen/Frost Bankers, Inc.	$	4,561
280	Fulton Financial Corporation		2,694
340	Huntington BancShares Inc.		2,604
90	M&T Bank Corporation		5,167
490	Marshall and Ilsley Corporation		6,684
20	Northern Trust Corporation		1,043
320	Popular, Inc.		1,651
840	Regions Financial Corporation		6,686
80	Synovus Financial Corp.		664
240	TCF Financial Corporation		3,278
110	Valley National Bancorp.		2,228
20	Webster Financial Corporation		276
90	Whitney Holding Corporation		1,439
70	Wilmington Trust Corporation		1,557
170	Zions Bancorporation		4,167
	Total Commercial Banks		65,545
	Commercial Services & Supplies – 2.6%
150	Avery Dennison Corporation		4,910
20	Brinks Company		538
20	Career Education Corporation, (2)		359
180	Cintas Corporation		4,181
10	Corporate Executive Board Company		221
50	Dun and Bradstreet Inc.		3,860
70	Equifax Inc.		1,856
10	FTI Consulting Inc., (2)		447
30	Genpact Limited, (2)		247
40	Hewitt Associates Inc., Class A, (2)		1,135
20	IHS Inc., (2)		748
90	Manpower Inc.		3,059
200	Pitney Bowes Inc.		5,096
330	R.R. Donnelley & Sons Company		4,481
400	Republic Services, Inc.		9,916
160	Robert Half International Inc.		3,331
90	Steelcase Inc.		506
10	Strayer Education Inc.		2,144
30	Zebra Technologies Corporation, Class A, (2)		608
	Total Commercial Services & Supplies		47,643
	Communication Equipment – 0.1%
40	Harris Corporation		1,522
470	Level 3 Communications Inc., (2)		329
10	NeuStar, Inc., (2)		191
50	Tellabs Inc., (2)		206
	Total Communication Equipment		2,248

25

Portfolio of Investments (Unaudited)

Nuveen Enhanced Mid-Cap Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Computers & Peripherals – 1.0%
140	Ingram Micro, Inc., (2)	$	1,875
160	Lexmark International, Inc., Class A, (2)		4,304
10	MSCI Inc., Class A Shares, (2)		178
1,370	Seagate Technology		6,069
60	Teradata Corporation, (2)		890
450	Western Digital Corporation, (2)		5,153
	Total Computers & Peripherals		18,469
	Construction & Engineering – 0.2%
90	AECOM Technology Corporation, (2)		2,766
	Construction Materials – 0.3%
80	Vulcan Materials Company		5,566
	Consumer Finance – 0.4%
70	Americredit Corp., (2)		535
600	Capitalsource Inc.		2,772
330	Discover Financial Services		3,145
	Total Consumer Finance		6,452
	Containers & Packaging – 1.4%
60	AptarGroup Inc.		2,114
110	Ball Corporation		4,575
140	Bemis Company, Inc.		3,315
40	Crown Holdings Inc., (2)		768
10	Greif Inc.		334
110	Owens-Illinois, Inc., (2)		3,006
110	Packaging Corp. of America		1,481
170	Pactiv Corporation, (2)		4,230
210	Sealed Air Corporation		3,137
1,080	Smurfit-Stone Container Corporation, (2)		275
100	Sonoco Products Company		2,316
40	Temple-Inland Inc.		192
	Total Containers & Packaging		25,743
	Diversified Consumer Services – 0.7%
20	Apollo Group, Inc., (2)		1,532
60	Devry, Inc.		3,445
290	H & R Block Inc.		6,589
50	Hillenbrand Inc.		834
100	Service Corporation International		497
	Total Diversified Consumer Services		12,897
	Diversified Financial Services – 0.1%
120	Allied Capital Corporation		323
20	Eaton Vance Corporation		420
40	Nasdaq Stock Market, Inc., (2)		988
	Total Diversified Financial Services		1,731

26

Shares	Description (1)	Value
	Diversified REIT – 0.8%
320	Duke Realty Corporation	$	3,507
170	Liberty Property Trust		3,881
130	Vornado Realty Trust		7,846
	Total Diversified REIT		15,234
	Diversified Telecommunication Services – 1.7%
240	CenturyTel, Inc.		6,559
220	Embarq Corporation		7,911
410	Frontier Communications Corporation		3,583
1,980	Qwest Communications International Inc.		7,207
690	Windstream Corporation		6,348
	Total Diversified Telecommunication Services		31,608
	Electric Utilities – 7.9%
140	Alliant Energy Corporation		4,085
250	Ameren Corporation		8,315
450	American Electric Power Company, Inc.		14,976
390	Consolidated Edison, Inc.		15,183
20	Covanta Holding Corporation, (2)		439
130	DPL Inc.		2,969
190	DTE Energy Company		6,777
460	Edison International		14,775
150	Great Plains Energy Incorporated		2,900
120	Hawaiian Electric Industries		2,657
180	Northeast Utilities		4,331
240	NV Energy Inc.		2,374
110	OGE Energy Corp.		2,836
350	Pepco Holdings, Inc.		6,216
420	PG&E Corporation		16,256
140	Pinnacle West Capital Corporation		4,498
470	PPL Corporation		14,424
290	Progress Energy, Inc.		11,557
530	Reliant Energy Inc., (2)		3,063
340	TECO Energy, Inc.		4,199
	Total Electric Utilities		142,830
	Electrical Equipment – 0.6%
40	Ametek Inc.		1,208
180	Cooper Industries, Ltd., Class A		5,261
40	Hubbell Incorporated, Class B		1,307
30	Lincoln Electric Holdings Inc.		1,528
60	Rockwell Automation, Inc.		1,934
	Total Electrical Equipment		11,238
	Electronic Equipment & Instruments – 0.8%
140	Agilent Technologies, Inc., (2)		2,188
130	Arrow Electronics, Inc., (2)		2,449

27

Portfolio of Investments (Unaudited)

Nuveen Enhanced Mid-Cap Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Electronic Equipment & Instruments (continued)
210	Avnet Inc., (2)	$	3,824
40	AVX Group		318
70	Diebold Inc.		1,966
20	Gentex Corporation		177
30	Molex Inc.		435
20	National Instruments Corporation		487
30	Roper Industries Inc.		1,302
10	Tech Data Corporation, (2)		178
30	Trimble Navigation Limited, (2)		648
80	Vishay Intertechnology Inc., (2)		274
10	Waters Corporation, (2)		367
	Total Electronic Equipment & Instruments		14,613
	Energy Equipment & Services – 4.1%
420	BJ Services Company		4,901
120	Cabot Oil & Gas Corporation		3,120
60	Diamond Offshore Drilling, Inc.		3,536
20	Dresser Rand Group, Inc., (2)		345
350	ENSCO International Incorporated		9,937
240	Helmerich & Payne Inc.		5,460
20	Key Energy Services Inc., (2)		88
960	Nabors Industries Inc., (2)		11,491
480	Noble Corporation		10,603
90	Oil States International Inc., (2)		1,682
480	Patterson-UTI Energy, Inc.		5,525
370	Pride International Inc., (2)		5,913
290	Rowan Companies Inc.		4,611
30	SeaCor Smit Inc., (2)		2,000
90	Tidewater Inc.		3,624
70	Unit Corporation, (2)		1,870
	Total Energy Equipment & Services		74,706
	Food & Staples Retailing – 1.1%
70	BJ's Wholesale Club, (2)		2,398
820	Rite Aid Corporation, (2)		254
560	Safeway Inc.		13,311
320	SUPERVALU INC.		4,672
	Total Food & Staples Retailing		20,635
	Food Products – 4.0%
250	Bunge Limited		12,943
300	Campbell Soup Company		9,003
630	ConAgra Foods, Inc.		10,395
80	Corn Products International, Inc.		2,308
160	Del Monte Foods Company		1,142
350	H.J. Heinz Company		13,160

28

Shares	Description (1)	Value
	Food Products (continued)
140	Hershey Foods Corporation	$	4,864
60	Hormel Foods Corporation		1,865
170	JM Smucker Company		7,371
90	McCormick & Company, Incorporated		2,867
450	Sara Lee Corporation		4,406
210	Tyson Foods, Inc., Class A		1,840
	Total Food Products		72,164
	Gas Utilities – 1.7%
90	AGL Resources Inc.		2,822
120	Atmos Energy Corporation		2,844
80	Energen Corporation		2,346
40	Equitable Resources Inc.		1,342
200	Questar Corporation		6,538
10	Southern Union Company		130
700	Spectra Energy Corporation		11,018
120	UGI Corporation		2,930
	Total Gas Utilities		29,970
	Health Care Equipment & Supplies – 0.5%
10	Beckman Coulter, Inc.		439
30	C. R. Bard, Inc.		2,528
50	Hill Rom Holdings Inc.		823
70	Hospira Inc., (2)		1,877
40	Lincare Holdings, (2)		1,077
20	ResMed Inc., (2)		750
50	Saint Jude Medical Inc., (2)		1,648
10	Varian Medical Systems, Inc., (2)		350
	Total Health Care Equipment & Supplies		9,492
	Health Care Providers & Services – 1.2%
170	Coventry Health Care, Inc., (2)		2,530
80	Davita Inc., (2)		3,966
10	Express Scripts, Inc., (2)		550
60	Laboratory Corporation of America Holdings, (2)		3,865
50	Lifepoint Hospitals Inc., (2)		1,142
120	Omnicare, Inc.		3,331
10	Pediatrix Medical Group Inc., (2)		317
10	Pharmaceutical Product Development Inc.		290
90	Quest Diagnostics Incorporated		4,672
40	Universal Health Services, Inc., Class B		1,503
20	VCA Antech, Inc., (2)		398
	Total Health Care Providers & Services		22,564
	Health Care Technology – 0.1%
170	Health Corporation, (2)		1,778
40	IMS Health Incorporated		606
	Total Health Care Technology		2,384

29

Portfolio of Investments (Unaudited)

Nuveen Enhanced Mid-Cap Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Hotels, Restaurants & Leisure – 1.4%
40	Burger King Holdings Inc.	$	955
10	Chipotle Mexican Grill, (2)		620
10	Choice Hotels International, Inc.		301
110	Darden Restaurants Inc.		3,100
30	International Game Technology		357
50	Interval Leisure Group Inc., (2)		270
10	Intl Speedway Corporation		287
30	MGM Mirage Inc., (2)		413
30	Panera Bread Company, (2)		1,567
10	Penn National Gaming, Inc., (2)		214
290	Royal Caribbean Cruises Limited		3,988
80	Tim Hortons Inc.		2,307
90	Wyndham Worldwide Corporation		590
330	YUM! Brands, Inc.		10,395
	Total Hotels, Restaurants & Leisure		25,364
	Household Durables – 2.4%
100	Black & Decker Corporation		4,181
180	Fortune Brands Inc.		7,430
60	KB Home		817
170	Leggett and Platt Inc.		2,582
130	Lennar Corporation, Class A		1,127
30	MDC Holdings Inc.		909
140	Mohawk Industries Inc., (2)		6,016
390	Newell Rubbermaid Inc.		3,814
130	Pulte Corporation		1,421
70	Snap-on Incorporated		2,757
120	Stanley Works		4,092
200	Whirlpool Corporation		8,270
	Total Household Durables		43,416
	Household Products – 0.7%
70	Church & Dwight Company Inc.		3,928
150	Clorox Company		8,334
	Total Household Products		12,262
	Independent Power Producers & Energy Traders – 1.4%
1,100	AES Corporation, (2)		9,064
200	Calpine Corporation, (2)		1,456
180	Constellation Energy Group		4,516
410	NRG Energy Inc., (2)		9,565
	Total Independent Power Producers & Energy Traders		24,601
	Industrial Conglomerates – 0.9%
20	Carlisle Companies Inc.		414
220	Genuine Parts Company		8,329
50	Teleflex Inc.		2,505

30

Shares	Description (1)	Value
	Industrial Conglomerates (continued)
340	Textron Inc.	$	4,716
	Total Industrial Conglomerates		15,964
	Industrial REIT – 0.5%
90	AMB Property Corp.		2,108
430	ProLogis		5,973
	Total Industrial REIT		8,081
	Insurance – 7.8%
40	Allied World Assurance Holdings		1,624
100	American Financial Group Inc.		2,288
430	Aon Corporation		19,638
90	Arch Capital Group Limited, (2)		6,309
120	Arthur J. Gallagher & Co.		3,109
170	Axis Capital Holdings Limited		4,950
100	Brown & Brown Inc.		2,090
160	Cincinnati Financial Corporation		4,651
50	Conseco Inc., (2)		259
70	Endurance Specialty Holdings, Limited		2,137
30	Erie Indemnity Company		1,129
50	Everest Reinsurance Group Ltd		3,807
220	Fidelity National Title Group Inc., Class A		3,905
70	First American Corporation		2,022
710	Genworth Financial Inc., Class A		2,009
50	Hanover Insurance Group Inc.		2,149
170	HCC Insurance Holdings Inc.		4,548
230	Lincoln National Corporation		4,333
10	Markel Corporation, (2)		2,990
770	Marsh & McLennan Companies, Inc.		18,686
30	Mercury General Corporation		1,380
50	Nationwide Financial Services, Inc.		2,611
260	Old Republic International Corporation		3,099
20	OneBeacon Insurance Group Limited, Class A		209
60	PartnerRe Limited		4,276
740	Progressive Corporation		10,959
60	Protective Life Corporation		861
70	Reinsurance Group of America Inc.		2,997
50	RenaisasnceRE Holdings, Limited		2,578
40	StanCorp Financial Group Inc.		1,671
60	Torchmark Corporation		2,682
20	Transatlantic Holdings Inc.		801
40	Unitrin, Inc.		638
340	Unum Group		6,324
10	White Mountain Insurance Group		2,671

31

Portfolio of Investments (Unaudited)

Nuveen Enhanced Mid-Cap Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Insurance (continued)
190	WR Berkley Corporation	$	5,890
	Total Insurance		142,280
	Internet & Catalog Retail – 0.3%
40	Hosting Site Network, Inc., (2)		291
140	IAC/InterActiveCorp., (2)		2,202
50	MSC Industrial Direct Inc., Class A		1,842
40	Ticketmaster Online-Citysearch, Inc., (2)		257
	Total Internet & Catalog Retail		4,592
	Internet Software & Services – 0.1%
50	F5 Networks, Inc., (2)		1,143
40	Metavante Technologies Inc., (2)		644
	Total Internet Software & Services		1,787
	IT Services – 1.7%
120	Affiliated Computer Services Inc., (2)		5,514
40	Broadridge Financial Solutions, Inc.		502
190	Computer Sciences Corporation, (2)		6,677
40	Convergys Corporation, (2)		256
240	Fidelity National Information Services		3,905
30	Fiserv, Inc., (2)		1,091
40	Global Payments Inc.		1,312
80	Iron Mountain Inc., (2)		1,978
90	Lender Processing Services Inc.		2,651
100	Paychex, Inc.		2,628
140	SAIC, Inc., (2)		2,727
80	Total System Services Inc.		1,120
	Total IT Services		30,361
	Leisure Equipment & Products – 0.9%
710	Eastman Kodak Company		4,672
190	Hasbro, Inc.		5,542
420	Mattel, Inc.		6,720
	Total Leisure Equipment & Products		16,934
	Life Sciences Tools & Services – 0.3%
40	Edwards Lifesciences Corporation, (2)		2,198
30	Perkinelmer Inc.		417
30	Techne Corporation		1,936
	Total Life Sciences Tools & Services		4,551
	Machinery – 4.0%
240	Cummins Inc.		6,415
20	Donaldson Company, Inc.		673
220	Dover Corporation		7,242
250	Eaton Corporation		12,428
40	Flowserve Corporation		2,060
60	Gardner Denver, Inc., (2)		1,400

32

Shares	Description (1)	Value
	Machinery (continued)
10	Graco Inc.	$	237
110	Harsco Corporation		3,045
30	IDEX Corporation		725
510	Ingersoll Rand Company Limited, Class A		8,849
140	ITT Industries Inc.		6,439
40	John Bean Technologies Corporation		327
20	Kennametal Inc.		444
40	Pall Corporation		1,137
200	Parker Hannifin Corporation		8,508
140	Pentair, Inc.		3,314
40	SPX Corporation		1,622
230	Terex Corporation, (2)		3,984
90	Timken Company		1,767
130	Trinity Industries Inc.		2,049
	Total Machinery		72,665
	Marine – 0.2%
40	Alexander and Bald, Inc.		1,002
50	Overseas Shipholding Group Inc.		2,106
	Total Marine		3,108
	Media – 2.2%
10	Ascent Media Corporation, (2)		218
220	Cablevision Systems Corporation		3,705
1,150	CBS Corporation, Class B		9,419
10	Clear Channel Outdoor Holdings Inc., Class A, (2)		62
60	Discovery Communications Inc., Class C Shares, (2)		803
80	Dreamworks Animation SKG Inc., (2)		2,021
100	E.W. Scripps Company, Class A		221
240	Echostar Communications Corporation, Variable Prepaid Forward, (2)		2,662
60	Echostar Holding Corproation, Class A, (2)		892
160	Gannett Company Inc.		1,280
40	Hearst-Argyle Television Inc.		242
440	Interpublic Group Companies, Inc., (2)		1,742
40	John Wiley and Sons Inc., Class A		1,423
360	Liberty Global Inc, A Shares, (2)		5,731
80	Liberty Media Corporation, Entertainment Tracking Shares, Class A, (2)		1,398
640	Liberty Media Holding Corporation Interactive, Class A, (2)		1,997
100	McGraw-Hill Companies, Inc.		2,319
30	New York Times, Class A		220
40	Scripps Networks Interactive, Class A Shares		880
660	Virgin Media, Inc.		3,293
20	Warner Music Group Corporation		60
	Total Media		40,588

33

Portfolio of Investments (Unaudited)

Nuveen Enhanced Mid-Cap Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Metals & Mining – 0.5%
80	Allegheny Technologies, Inc.	$	2,042
160	Cliffs Natural Resources Inc.		4,098
60	Reliance Steel & Aluminum Company		1,196
20	Schnitzer Steel Industries, Inc.		753
100	Steel Dynamics Inc.		1,118
	Total Metals & Mining		9,207
	Mortgage REIT – 0.9%
1,060	Annaly Capital Management Inc.		16,820
110	iStar Financial Inc.		245
	Total Mortgage REIT		17,065
	Multiline Retail – 2.7%
130	Big Lots, Inc., (2)		1,884
100	Dollar Tree Stores Inc., (2)		4,180
210	Family Dollar Stores, Inc.		5,475
1,260	Federated Department Stores, Inc.		13,041
500	J.C. Penney Company, Inc.		9,850
250	Kohl's Corporation, (2)		9,050
280	Nordstrom, Inc.		3,727
60	Sears Holding Corporation, (2)		2,332
	Total Multiline Retail		49,539
	Multi-Utilities – 4.1%
530	CenterPoint Energy, Inc.		6,689
130	Integrys Energy Group, Inc.		5,587
210	MDU Resources Group Inc.		4,532
100	National Fuel Gas Company		3,133
460	NiSource Inc.		5,046
110	NSTAR		4,014
140	ONEOK, Inc.		4,077
150	Puget Energy, Inc.		4,091
130	Scana Corporation		4,628
330	Sempra Energy		14,068
90	Vectren Corporation		2,251
180	Wisconsin Energy Corporation		7,556
510	Xcel Energy, Inc.		9,461
	Total Multi-Utilities		75,133
	Office Electronics – 0.3%
640	Xerox Corporation		5,101
	Office REIT – 0.6%
20	Boston Properties, Inc.		1,100
180	Brandywine Realty Trust		1,388
410	HRPT Properties Trust		1,382
30	Kilroy Realty Corporation		1,004
90	Mack-Cali Realty Corporation		2,205

34

Shares	Description (1)	Value
	Office REIT (continued)
140	SL Green Realty Corporation	$	3,626
	Total Office REIT		10,705
	Oil, Gas & Consumable Fuels – 6.1%
150	Alpha Natural Resources Inc., (2)		2,429
120	Arch Coal Inc.		1,955
230	Cimarex Energy Company		6,159
30	CNX Gas Corporation, (2)		819
30	Continental Resources Inc., (2)		621
1,330	El Paso Corporation		10,414
80	Encore Acquisition Company, (2)		2,042
180	Forest Oil Corporation, (2)		2,968
190	Frontline Limited		5,626
110	Mariner Energy Inc., (2)		1,122
320	Murphy Oil Corporation		14,192
290	Newfield Exploration Company, (2)		5,728
340	Noble Energy, Inc.		16,733
270	Petrohawk Energy Corporation, (2)		4,220
340	Pioneer Natural Resources Company		5,501
230	Plains Exploration & Production Company, (2)		5,345
160	Range Resources Corporation		5,502
370	Southwestern Energy Company, (2)		10,719
120	Sunoco, Inc.		5,215
30	Teekay Shipping Corporation		590
60	W&T Offshore Inc.		859
70	Whiting Petroleum Corporation, (2)		2,342
	Total Oil, Gas & Consumable Fuels		111,101
	Paper & Forest Products – 0.9%
950	International Paper Company		11,210
250	MeadWestvaco Corporation		2,798
80	Weyerhaeuser Company		2,449
	Total Paper & Forest Products		16,457
	Personal Products – 0.2%
100	Alberto Culver Company		2,451
10	Bare Escentuals, Inc., (2)		52
40	Estee Lauder Companies Inc., Class A		1,238
	Total Personal Products		3,741
	Pharmaceuticals – 0.9%
70	Allergan, Inc.		2,822
90	Endo Pharmaceuticals Holdings Inc., (2)		2,329
130	Forest Laboratories, Inc., (2)		3,311
290	King Pharmaceuticals Inc., (2)		3,080
80	Perrigo Company		2,585
20	Warner Chilcott Limited, (2)		290

35

Portfolio of Investments (Unaudited)

Nuveen Enhanced Mid-Cap Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Pharmaceuticals (continued)
100	Watson Pharmaceuticals Inc., (2)	$	2,657
	Total Pharmaceuticals		17,074
	Real Estate Management & Development – 0.0%
10	St Joe Company, (2)		243
	Residential REIT – 1.8%
340	Apartment Investment & Management Company, Class A		3,927
90	AvalonBay Communities, Inc.		5,452
60	BRE Properties, Inc.		1,679
70	Camden Property Trust		2,194
400	Equity Residential		11,928
30	Essex Property Trust Inc.		2,303
410	UDR Inc.		5,654
	Total Residential REIT		33,137
	Retail REIT – 0.7%
60	CBL & Associates Properties Inc.		390
640	Developers Diversified Realty Corporation		3,123
20	Federal Realty Investment Trust		1,242
530	General Growth Properties Inc.		684
130	Kimco Realty Corporation		2,376
100	Macerich Company		1,816
30	Regency Centers Corporation		1,401
80	Weingarten Realty Investors Trust		1,655
	Total Retail REIT		12,687
	Road & Rail – 0.4%
300	Avis Budget Group Inc., (2)		210
30	Con-Way, Inc.		798
60	Hertz Global Holdings, Inc., (2)		304
100	J.B. Hunt Transports Serives Inc.		2,627
90	Ryder System, Inc.		3,490
	Total Road & Rail		7,429
	Semiconductors & Equipment – 1.2%
80	Altera Corporation		1,337
260	Analog Devices, Inc.		4,945
10	Cree, Inc., (2)		159
20	Fairchild Semiconductor International Inc., Class A, (2)		98
60	Intersil Holding Corporation, Class A		551
100	Linear Technology Corporation		2,212
360	LSI Logic Corporation, (2)		1,184
210	Microchip Technology Incorporated		4,101
1,110	Micron Technology, Inc., (2)		2,930
10	QLogic Corporation, (2)		134
10	Varian Semiconductor Equipment Associate, (2)		181
250	Xilinx, Inc.		4,455
	Total Semiconductors & Equipment		22,287

36

Shares	Description (1)	Value
	Software – 0.5%
620	Activision Blizzard Inc., (2)	$	5,357
20	Amdocs Limited, (2)		366
10	BMC Software, Inc., (2)		269
100	CA Inc.		1,853
130	Compuware Corporation, (2)		878
150	Novell Inc., (2)		584
20	Synopsys Inc., (2)		370
	Total Software		9,677
	Specialized REIT – 2.9%
310	Health Care Property Investors Inc.		8,609
160	Health Care REIT, Inc.		6,752
250	Hospitality Properties Trust		3,718
1,320	Host Hotels & Resorts Inc.		9,992
160	Nationwide Health Properties, Inc.		4,595
100	Plum Creek Timber Company		3,474
130	Public Storage, Inc.		10,335
90	Rayonier Inc.		2,822
70	Ventas Inc.		2,350
	Total Specialized REIT		52,647
	Specialty Retail – 3.1%
110	Abercrombie & Fitch Co., Class A		2,538
210	American Eagle Outfitters, Inc.		1,966
110	AutoNation Inc., (2)		1,087
40	AutoZone, Inc., (2)		5,579
20	Barnes & Noble Inc.		300
10	Bed Bath and Beyond Inc., (2)		254
40	CarMax, Inc., (2)		315
200	Foot Locker, Inc.		1,468
510	Gap, Inc.		6,829
530	Limited Brands, Inc.		5,321
70	OfficeMax Inc.		535
20	O'Reilly Automotive Inc., (2)		615
40	Penske Auto Group, Inc.		307
110	PetSmart Inc.		2,030
80	RadioShack Corporation		955
170	Ross Stores, Inc.		5,054
140	Sherwin-Williams Company		8,365
40	Signet Jewelers Limited		347
60	Tiffany & Co.		1,418
530	TJX Companies, Inc.		10,902
	Total Specialty Retail		56,185

37

Portfolio of Investments (Unaudited)

Nuveen Enhanced Mid-Cap Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Textiles, Apparel & Luxury Goods – 0.5%
10	Hanesbrands Inc., (2)	$	128
70	Jones Apparel Group, Inc.		410
40	Polo Ralph Lauren Corporation		1,816
120	VF Corporation		6,572
	Total Textiles, Apparel & Luxury Goods		8,926
	Thrifts & Mortgage Finance – 2.0%
100	Astoria Financial Corporation		1,648
20	Capitol Federal Financial		912
920	Hudson City Bancorp, Inc.		14,683
440	New York Community Bancorp, Inc.		5,262
550	People's United Financial, Inc.		9,807
120	TFS Financial Corporation		1,548
10	Tree.com Inc., (2)		26
120	Washington Federal Inc.		1,795
	Total Thrifts & Mortgage Finance		35,681
	Tobacco – 1.0%
140	Lorillard Inc.		7,889
160	UST Inc.		11,101
	Total Tobacco		18,990
	Trading Companies & Distributors – 0.5%
70	GATX Corporation		2,168
10	United Rentals Inc., (2)		91
80	W.W. Grainger, Inc.		6,307
	Total Trading Companies & Distributors		8,566
	Water Utilities – 0.2%
70	American water Works Company		1,462
140	Aqua America Inc.		2,883
	Total Water Utilities		4,345
	Wireless Telecommunication Services – 0.3%
10	American Tower Corporation, (2)		293
20	CLearwire Corporation, (2)		99
60	Metropcs Communications Inc., (2)		891
110	Telephone and Data Systems Inc.		3,493
10	United States Cellular Corporation, (2)		432
	Total Wireless Telecommunication Services		5,208
	Total Investments (cost $2,463,661) – 99.7%		1,814,900
	Other Assets Less Liabilities – 0.3%		4,955
	Net Assets – 100%	$	1,819,855

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

(2) Non-income producing.

See accompanying notes to financial statements.

38

Statement of Assets and Liabilities(Unaudited)

December 31, 2008

	Enhanced Core Equity			Enhanced Mid-Cap
Assets
Investments, at value (cost $32,060,788 and $2,463,661, respectively)	$	22,711,108		$	1,814,900
Cash		17,881			51,852
Receivables:
Dividends		52,418			4,864
From Adviser		—			18,469
Investments sold		—			501,590
Shares sold		12,963			—
Other assets		27,419			—
Total assets		22,821,789			2,391,675
Liabilities
Payables:
Investment purchased		—			562,450
Shares redeemed		335			—
Accrued expenses:
Management fees		11,181			—
12b-1 distribution and service fees		298			426
Other		22,617			8,944
Total liabilities		34,431			571,820
Net assets	$	22,787,358		$	1,819,855
Class A Shares
Net assets	$	229,552		$	423,435
Shares outstanding		18,566			38,050
Net asset value per share	$	12.36		$	11.13
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	13.12		$	11.81
Class C Shares
Net assets	$	407,371		$	422,469
Shares outstanding		32,864			37,816
Net asset value and offering price per share	$	12.40		$	11.17
Class I Shares
Net assets	$	22,150,435		$	973,951
Shares outstanding		1,793,530			87,639
Net asset value and offering price per share	$	12.35		$	11.11
Net Assets Consist of:
Capital paid-in	$	36,281,761		$	3,263,536
Undistributed (Over-distribution of) net investment income		69,171			5,565
Accumulated net realized gain (loss) from investments and derivative transactions		(4,213,894	)		(800,485	)
Net unrealized appreciation (depreciation) of investments		(9,349,680	)		(648,761	)
Net assets	$	22,787,358		$	1,819,855

See accompanying notes to financial statements.

39

Statement of Operations (Unaudited)

Six Months Ended December 31, 2008

	Enhanced Core Equity			Enhanced Mid-Cap
Investment Income
Dividends (net of foreign tax withheld of $0 and $3, respectively)	$	378,012		$	28,151
Interest		741			—
Total investment income		378,753			28,151
Expenses
Management fees		66,236			6,476
12b-1 service fees – Class A		247			697
12b-1 distribution and service fees – Class C		1,112			2,740
Shareholders’ servicing agent fees and expenses		356			293
Custodian’s fees and expenses		14,749			25,842
Trustees’ fees and expenses		345			42
Professional fees		23,697			4,503
Shareholders’ reports – printing and mailing expenses		15,519			15,550
Federal and state registration fees		267			800
Other expenses		218			34
Total expenses before custodian fee credit and expense reimbursement		122,746			56,977
Custodian fee credit		(73	)		(221	)
Expense reimbursement		(55,104	)		(47,056	)
Net expenses		67,569			9,700
Net investment income		311,184			18,451
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		(3,028,675	)		(673,280	)
Change in net unrealized appreciation (depreciation) of investments		(5,895,235	)		(529,030	)
Net realized and unrealized gain (loss)		(8,923,910	)		(1,202,310	)
Net increase (decrease) in net assets from operations	$	(8,612,726	)	$	(1,183,859	)

See accompanying notes to financial statements.

40

Statement of Changes in Net Assets(Unaudited)

	Enhanced Core Equity						Enhanced Mid-Cap
	Six Months Ended 12/31/08			For the Period December 3, 2007 (Commencement of Operations) through June 30, 2008			Six Months Ended 12/31/08			For the Period December 3, 2007 (Commencement of Operations) through June 30, 2008
Operations
Net investment income	$	311,184		$	368,217		$	18,451		$	19,719
Net realized gain (loss) from:
Investments		(3,028,675	)		(1,201,717	)		(673,280	)		(127,205	)
Futures		—			16,498			—			—
Change in net unrealized appreciation (depreciation) of investments		(5,895,235	)		(3,454,445	)		(529,030	)		(119,731	)
Net increase (decrease) in net assets from operations		(8,612,726	)		(4,271,447	)		(1,183,859	)		(227,217	)
Distributions to Shareholders
From net investment income:
Class A		(4,627	)		(378	)		(7,243	)		(1,699	)
Class B		—			(221	)		—			(1,222	)
Class C		(4,554	)		(221	)		(2,473	)		(1,222	)
Class I (1)		(541,428	)		(60,142	)		(20,296	)		(2,469	)
Decrease in net assets from distribution to shareholders		(550,609	)		(60,962	)		(30,012	)		(6,612	)
Fund Share Transactions
Proceeds from sale of shares		330,488			35,600,000			13,918			3,250,000
Proceeds from shares issued to shareholders due to reinvestment of distributions		318,369			35,251			3,025			612
		648,857			35,635,251			16,943			3,250,612
Cost of shares redeemed		(1,006	)		—			—			—
Net increase (decrease) in net assets from Fund share transactions		647,851			35,635,251			16,943			3,250,612
Net increase (decrease) in net assets		(8,515,484	)		31,302,842			(1,196,928	)		3,016,783
Net assets at the beginning of period		31,302,842			—			3,016,783			—
Net assets at the end of period	$	22,787,358		$	31,302,842		$	1,819,855		$	3,016,783
Undistributed (Over-distribution of) net investment income at the end of period	$	69,171		$	308,596		$	5,565		$	17,126

(1) Effective May 1, 2008, Class R Shares were renamed Class I Shares.

See accompanying notes to financial statements.

41

Notes to Financial Statements(Unaudited)

1. General Information and Significant Accounting Policies

The Nuveen Investment Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Enhanced Core Equity Fund (“Enhanced Core Equity”) and Nuveen Enhanced Mid-Cap Fund (“Enhanced Mid-Cap”) (collectively, the “Funds”). The Trust was organized as a Massachusetts business trust in 1996.

Enhanced Core Equity ordinarily invests, under normal market conditions, in securities of companies within the S&P 500 Index in an attempt to provide long-term capital appreciation.

Enhanced Mid-Cap ordinarily invests, under normal market conditions, in equity securities of companies within the Russell Midcap Index in an attempt to provide long-term capital appreciation. The Fund may also invest in non-U.S. equity securities that are included in the Russell Midcap Index.

Effective March 31, 2008, Class B Shares are no longer available for the Funds. As of March 31, 2008, all outstanding Class B Shares for each Fund were owned by Nuveen Investments, Inc. (“Nuveen”) and transferred to Class I Shares on May 2, 2008.

Effective May 1, 2008, Class R Shares were renamed Class I Shares and are available for (i) purchases of $1 million or more, (ii) purchases using dividends and capital gains distributions on Class I Shares and (iii) purchase by limited categories of investors.

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States.

Investment Valuation

Exchange-listed securities are generally valued at the last sales price on the securities exchange on which such securities are primarily traded. Securities traded on a securities exchange for which there are no transactions on a given day or securities not listed on a securities exchange are valued at the mean of the closing bid and asked prices. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. When market price quotes are not readily available, the pricing service or, in the absence of a pricing service for a particular investment, the Board of Trustees of the Fund, or its designee, may establish fair value using a wide variety of market data including yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. Futures contracts are valued using the closing settlement price, or, in the absence of such a price, at the mean of the bid and asked prices. If the pricing service is unable to supply a price for an investment or derivative instrument, each Fund may use market quotes provided by major broker/dealers in such investments. Short-term investments are valued at amortized cost, which approximates value.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method.

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income is recorded on an accrual basis.

Dividends and Distributions to Shareholders

Dividends from net investment income and 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 accounting principles generally accepted in the United States.

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. 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). Further, 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.

Flexible Sales Charge Program

Each Fund offers Class A, C and I Shares. Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. 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”) if redeemed within twelve months of purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within one year of purchase. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

42

Futures Contracts

Each Fund is authorized to invest in futures contracts. 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.” Subsequent payments (“variation margin”) are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract.

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. 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. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized on the Statement of Assets and Liabilities. Additionally, the Statement of Assets and Liabilities reflects a receivable or payable for the variation margin, when applicable. The Funds did not invest in futures contracts during the six months ended December 31, 2008.

Risks of investments in futures contracts include the possible adverse movement 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.

Market and Credit Risk

In the normal course of business the Funds 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 (credit risk). Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose the Funds to credit risk, consist principally of cash due from counterparties on forward, option and swap transactions. The extent of the Funds’ exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

The Funds help manage credit risk by entering into agreements only with counterparties Nuveen Asset Management (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), believes have the financial resources to honor their obligations and by having the Adviser continually 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 the Funds with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when the Funds have 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 predetermined threshold amount.

Expense Allocation

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

Custodian Fee Credit

Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by changes for any days on which a Fund overdraws its account at the custodian bank.

Indemnifications

Under the Trust’s organizational documents, its Officers and Trustees 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 accounting principles generally accepted in the United States 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

During the current fiscal period, the Funds adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No. 157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. In determining the value of each Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

43

Notes to Financial Statement (Unaudited)(continued)

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of each Fund’s fair value measurements as of December 31, 2008:

Enhanced Core Equity	Level 1		Level 2		Level 3		Total
Investments	$	22,711,108	$	—	$	—	$	22,711,108
Enhanced Mid-Cap	Level 1		Level 2		Level 3		Total
Investments	$	1,814,900	$	—	$	—	$	1,814,900

3. Fund Shares

Transactions in Fund shares were as follows:

	Enhanced Core Equity
	Six Months Ended 12/31/08					For the Period 12/03/07 (commencement of operations) through 6/30/08
	Shares		Amount			Shares	Amount
Shares sold:
Class A	6,044		$	79,142		12,500	$	250,000
Class C	20,220			251,346		12,500		250,000
Class I*	—			—		1,765,869		35,100,000
Shares issued to shareholders due to reinvestment of distributions:
Class A	22			270		—		—
Class C	226			2,765		—		—
Class I*	25,890			315,334		1,771		35,251
	52,402		$	648,857		1,792,640	$	35,635,251
Shares redeemed:
Class A	—			—		—		—
Class C	(82	)		(1,006	)	—		—
Class I*	—			—		—		—
	(82	)		(1,006	)	—		—
Net increase (decrease)	52,320		$	647,851		1,792,640	$	35,635,251
	Enhanced Mid-Cap
	Six Months Ended 12/31/08					For the Period 12/03/07 (commencement of operations) through 6/30/08
	Shares		Amount			Shares	Amount
Shares sold:
Class A	541		$	9,551		37,500	$	750,000
Class C	314			3,347		37,500		750,000
Class I*	87			1,020		87,253		1,750,000
Shares issued to shareholders due to reinvestment of distributions:
Class A	9			103		—		—
Class C	2			21		—		—
Class I*	268			2,901		31		612
	1,221		$	16,943		162,284	$	3,250,612
Shares redeemed:
Class A	—			—		—		—
Class C	—			—		—		—
Class I*	—			—		—		—
	—			—		—		—
Net increase (decrease)	1,221		$	16,943		162,284	$	3,250,612

* Effective March 31, 2008, Class B Shares were no longer available to the Funds and transferred to Class I Shares on May 2, 2008.

44

4. Investment Transactions

Purchases and sales (excluding short-term investments and derivative transactions) during the six months end December 31, 2008, were as follows:

	Enhanced Core Equity		Enhanced Mid-Cap
Purchases	$	5,445,948	$	1,187,778
Sales		4,976,816		1,164,883

5. 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 on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

At December 31, 2008, the cost of investments was as follows:

	Enhanced Core Equity		Enhanced Mid-Cap
Cost of investments	$	32,062,951	$	2,463,661

Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2008, were as follows:

	Enhanced Core Equity			Enhanced Mid-Cap
Gross unrealized:
Appreciation	$	110,328		$	15,820
Depreciation		(9,462,171	)		(664,581	)
Net unrealized appreciation (depreciation) of investments	$	(9,351,843	)	$	(648,761	)

The tax components of undistributed net ordinary income at June 30, 2008, the Funds’ last tax year end, were as follows:

	Enhanced Core Equity		Enhanced Mid-Cap
Undistributed net ordinary income*	$	308,595	$	17,126

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

The tax character of distributions paid during the Funds’ last tax year ended June 30, 2008, was designated for purposes of the dividends paid deduction as follows:

For the period December 3, 2007 (commencement of operations) through June 30, 2008	Enhanced Core Equity		Enhanced Mid-Cap
Distributions from net ordinary income*	$	60,962	$	6,613

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

The Funds have elected to defer net realized losses from investments incurred from December 3, 2007 (commencement of operations) through June 30, 2008, 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:

	Enhanced Core Equity	Enhanced Mid-Cap
Post-October capital losses	$1,183,057	$	127,200

6. Management Fees and Other Transactions with Affiliates

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

45

Notes to Financial Statements (Unaudited) (continued)

The annual fund-level fee, payable monthly, for each Fund is based upon the average daily net assets of each Fund as follows:

Average Daily Net Assets	Enhanced Core Equity Fund-Level Fee Rate		Enhanced Mid-Cap Fund-Level Fee Rate
For the first $125 million	.3000	%	.3500	%
For the next $125 million	.2875		.3375
For the next $250 million	.2750		.3250
For the next $500 million	.2625		.3125
For the next $1 billion	.2500		.3000
For net assets over $2 billion	.2250		.2750

The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as stated in the following table. As of December 31, 2008, the complex-level fee rate was .2000%.

The complex-level fee schedule is as follows:

Complex-Level Asset Breakpoint Level (1)	Effective Rate at Breakpoint Level
$55 billion	.2000	%
$56 billion	.1996
$57 billion	.1989
$60 billion	.1961
$63 billion	.1931
$66 billion	.1900
$71 billion	.1851
$76 billion	.1806
$80 billion	.1773
$91 billion	.1691
$125 billion	.1599
$200 billion	.1505
$250 billion	.1469
$300 billion	.1445

(1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily net assets of all Nuveen funds, with such daily net assets to include assets attributable to preferred stock issued by or borrowings by such funds but to exclude assets attributable to investments in other Nuveen funds.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser has entered into a Sub-Advisory Agreement with Nuveen HydePark Group, LLC (“HydePark”), a subsidiary of Nuveen, under which HydePark manages the investment portfolios of the Funds. HydePark is compensated for its services to the Funds from the management fee paid to the Adviser.

The Adviser has agreed to waive fees and reimburse expenses of Enhanced Core Equity and Enhanced Mid-Cap through October 31, 2010, so that total annual Fund operating expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed .50% and .55% of the average daily net assets of any class of Fund shares of Enhanced Core Equity and Enhanced Mid-Cap, respectively, and from exceeding 1.00% and 1.05%, respectively after October 31, 2010. The Adviser may also voluntarily reimburse additional expenses from time to time in either of the Funds. Voluntary reimbursements may be terminated at any time at the Adviser’s discretion.

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

During the six months ended December 31, 2008, Nuveen Investments, LLC (the “Distributor”), a wholly owned subsidiary of Nuveen, compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Enhanced Core Equity		Enhanced Mid-Cap
Commission advances	$	48	$	—

46

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the six months ended December 31, 2008, the Distributor retained such 12b-1 fees as follows:

	Enhanced Core Equity		Enhanced Mid-Cap
12b-1 fees retained	$	1,019	$	2,741

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

At December 31, 2008, Nuveen owned 12,500, 12,500 and 24,954 shares of Class A, C and I Shares, respectively, of Enhanced Core Equity and 37,500, 37,500 and 74,883 shares of Class A, C and I Shares, respectively, of Enhanced Mid-Cap.

7. New Accounting Pronouncement

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161 (SFAS No. 161)

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities.” This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to understand: a) how and why a fund uses derivative instruments, b) how derivative instruments and related hedge items are accounted for, and c) how derivative instruments and related hedge items affect a fund’s financial position, results of operations and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. As of December 31, 2008, management does not believe the adoption of SFAS No. 161 will impact the financial statement amounts; however, additional footnote disclosures may be required about the use of derivative instruments and hedging items.

47

Financial Highlights (Unaudited)

Selected data for a share outstanding throughout each period:

Class (Commencement Date)
			Investment Operations								Less Distributions												Ratios/Supplemental Data
ENHANCED CORE EQUITY																									Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains		Total			Ending Net Asset Value		Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income		Expenses		Net Invest- ment Income		Expenses		Net Invest- ment Income		Portfolio Turnover Rate
Class A (12/07)
2009(f)	$	17.44	$	.16	$	(4.98	)	$	(4.82	)	$	(.26	)	$	—	$	(.26	)	$	12.36	(27.59	)%	$	230	1.16	%*	1.69	%*	.74	%*	2.11	%*	.74	%*	2.11	%*	18	%
2008(e)		20.00		.19		(2.72	)		(2.53	)		(.03	)		—		(.03	)		17.44	(12.67	)		218	1.25	*	1.26	*	.74	*	1.77	*	.73	*	1.77	*	21
Class C (12/07)
2009(f)		17.38		.10		(4.94	)		(4.84	)		(.14	)		—		(.14	)		12.40	(27.84	)		407	1.89	*	1.06	*	1.50	*	1.44	*	1.50	*	1.44	*	18
2008(e)		20.00		.11		(2.71	)		(2.60	)		(.02	)		—		(.02	)		17.38	(13.02	)		217	2.00	*	.51	*	1.49	*	1.02	*	1.48	*	1.02	*	21
Class I (12/07)
2009(f)		17.46		.17		(4.97	)		(4.80	)		(.31	)		—		(.31	)		12.35	(27.49	)		22,150	.90	*	1.91	*	.49	*	2.32	*	.49	*	2.32	*	18
2008(e)		20.00		.22		(2.73	)		(2.51	)		(.03	)		—		(.03	)		17.46	(12.55	)		30,868	.74	*	1.75	*	.49	*	2.01	*	.48	*	2.01	*	21

* Annualized

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

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

(c) After expense reimbursement from the Adviser, where applicable.

(d) After custodian fee credit and expense reimbursement, where applicable.

(e) For the period December 3, 2007 (commencement of operations) through June 30, 2008.

(f) For the six months ended December 31, 2008.

See accompanying notes to financial statements.

48

Class (Commencement Date)
			Investment Operations								Less Distributions												Ratios/Supplemental Data
ENHANCED MID-CAP																									Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains		Total			Ending Net Asset Value		Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
Class A (12/07)
2009(f)	$	18.59	$	.12	$	(7.39	)	$	(7.27	)	$	(.19	)	$	—	$	(.19	)	$	11.13	(39.11	)%	$	423	4.73	%*	(2.38	)%*	.79	%*	1.56	%*	.77	%*	1.58	%*	49	%
2008(e)		20.00		.15		(1.51	)		(1.36	)		(.05	)		—		(.05	)		18.59	(6.79	)		697	3.81	*	(1.70	)*	.78	*	1.33	*	.76	*	1.34	*	89
Class C (12/07)
2009(f)		18.53		.06		(7.35	)		(7.29	)		(.07	)		—		(.07	)		11.17	(39.36	)		422	5.48	*	(3.13	)*	1.55	*	.81	*	1.53	*	.83	*	49
2008(e)		20.00		.06		(1.50	)		(1.44	)		(.03	)		—		(.03	)		18.53	(7.20	)		695	4.56	*	(2.45	)*	1.53	*	.58	*	1.51	*	.59	*	89
Class I (12/07)
2009(f)		18.62		.13		(7.41	)		(7.28	)		(.23	)		—		(.23	)		11.11	(39.05	)		974	4.48	*	(2.12	)*	.54	*	1.82	*	.52	*	1.83	*	49
2008(e)		20.00		.15		(1.48	)		(1.33	)		(.05	)		—		(.05	)		18.62	(6.67	)		1,625	3.52	*	(1.43	)*	.53	*	1.55	*	.51	*	1.57	*	89

* Annualized.

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

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

(c) After expense reimbursement from the Adviser, where applicable.

(d) After custodian fee credit and expense reimbursement, where applicable.

(e) For the period December 3, 2007 (commencement of operations) through June 30, 2008.

(f) For the six months ended December 31, 2008.

See accompanying notes to financial statements.

49

Notes

50

Notes

51

Glossary of Terms Used in this Report

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

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.

52

Fund Information

Fund Manager Nuveen Asset Management 333 West Wacker Drive Chicago, IL 60606   Sub-Advisers Nuveen HydePark Group, LLC 111 West Jackson Blvd. Suite 1411 Chicago, IL 60604 Legal Counsel Chapman and Cutler LLP Chicago, IL   Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL   Custodian State Street Bank & Trust Company Boston, MA Transfer Agent and Shareholder Services Boston Financial Data Services   Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787

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, 2008, 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. Financial Industry Regulatory Authority also provides an investor brochure that includes information describing the Public Disclosure Program.

53

Learn more

about Nuveen Funds at

www.nuveen.com/mf

Nuveen Investments:

SERVING Investors

For GENERATIONS

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. Over this time, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility.

Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that can be integral parts of a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles.

We offer many different investing solutions for our clients’ different 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. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow. In total, the Company managed $134 billion of assets on September 30, 2008.

Find out how we can help you reach your financial goals.

An investor should carefully consider the Fund’s objectives, risks, charges and expenses before investing. For a prospectus containing this and other information about the Fund, please contact your financial advisor or Nuveen Investments at (800) 257-8787. Read the prospectus carefully before you invest or send money.

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if you get your Nuveen Investments Fund dividends and statements from your financial advisor or brokerage account.

(Be sure to have the address sheet that accompanied this report handy. You’ll need it to complete the enrollment process.)

OR

www.nuveen.com/accountaccess

if you get your Nuveen Investments Fund dividends and statements directly from Nuveen Investments.

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

Dear Shareholders,

I write this letter in a time of great uncertainty about the current state of the U.S. financial system and pessimism about the future of the global economy. Many have observed that the conditions that led to the crisis have built up over time and will complicate the course of recovery. At the same time, government officials in the U.S. and abroad have been quick to implement a wide range of programs to restore stability to the financial system and encourage economic recovery. History teaches us that these efforts will moderate the extent of the downturn and hasten the inevitable recovery, even though it is hard to appreciate that outcome in the current environment.

As you will read in the attached report, the continuing financial and economic problems are weighing heavily on asset values, and unfortunately the performance of your Nuveen Fund has been similarly affected. However, in the face of market conditions that are extraordinarily difficult, the Nuveen organization is dedicated to preserving long term investment values for your Fund. It has re-examined and in some cases re-focused its investment and risk management disciplines to assure that they can uncover the new opportunities and anticipate the new risks that are being presented by the market dislocation.

In addition to the financial statements, I hope that you will carefully review the Portfolio Managers’ Comments and the Fund Spotlight sections of this report. They highlight the managers’ pursuit of investment strategies that depend on well researched securities, diversified portfolio holdings and continuous risk management to achieve your Fund’s investment goals. The Board believes that a focus on long term investment goals provide the basis for successful investment over time and we deeply appreciate your patience and continued support as your Fund is managed through this trying period.

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

Sincerely,

Robert P. Bremner

Chairman of the Board

February 23, 2009

Robert P. Bremner

Chairman of the Board

Semi-Annual Report    Page 1

Portfolio Managers’ Comments

The Nuveen U.S. Equity Completeness Fund features management by Nuveen HydePark Group, LLC (HydePark), an affiliate of Nuveen Investments, Inc. The Fund is co-managed by David Tierney, PhD, Senior Managing Director and Chief Investment Officer of HydePark, John Gambla, CFA, and Rob Guttschow, CFA. We recently spoke with David Tierney about the key investment strategies and performance of the Fund for the six-month period ended December 31, 2008.

How did the Fund perform during the past six-months ended December 31, 2008?

The table on page three provides performance information for the Fund for the six-month period ended December 31, 2008. The table also compares the Fund’s performance to the appropriate benchmark. A more detailed discussion of the Fund’s relative performance is provided later in this report.

What strategies were used to manage the Fund during the reporting period?

The Nuveen U.S. Equity Completeness Fund is designed for the Nuveen Asset Allocation portfolios to offset or correct the style risk between the Fund’s U.S. Equity benchmark and the benchmarks of the underlying equity managers.

The proprietary risk-controlled HydePark wealth creation model was used to manage the Fund since its inception. This model utilizes both fundamental and momentum-related criteria to create a portfolio designed to maximize the reward-to-risk ratio.

Our investment process is a combination of traditional fundamental security valuation and quantitative risk-control techniques. The philosophy that underlies our value-added process is that a stock’s price must follow the wealth creation fundamentals of the company. A stock’s weight in the portfolio is directly related to its wealth creation fundamentals. Our process has five “wealth creation” factors. Four are fundamentally oriented; two traditional measures of revenues in excess of expenses (specifically earnings and cash flow), and two traditional measures of the uses for those excess monies (book value and dividends). The fifth factor is a proprietary measure of stock price momentum. Importantly, the process also considers a stock’s liquidity. Due to the quantitative, model- driven process, top-down macroeconomic “themes” do not influence the model nor how HydePark selects stocks for the Funds.

The model evaluates all the securities contained in the benchmark portfolio (Russell 3000 Index) for possible inclusion in the respective portfolio. The process will not consider a stock for possible inclusion if it is not contained in the respective benchmark portfolio.

This process produces well-diversified, efficient portfolios that perform within a specific, narrow tracking range (the degree of difference) versus the stated benchmarks. The portfolio typically contains a large number of holdings with each relative weighting reflecting a five-dimensional view of that stock’s wealth creation characteristics. The portfolio is monitored daily with rebalances occurring quarterly.

How did these strategies influence performance?

The Nuveen U.S. Equity Completeness Fund underperformed its comparative index during the reporting period.

The quantitative, risk-controlled process described above should, under normal circumstances, cause the Fund to track its benchmark portfolio closely, with value-added potential coming from our

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 manager 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.

Semi-Annual Report    Page 2

Cumulative Total Returns as of 12/31/08

	Cumulative 6-Month	Since inception (7/01/2008)
Nuveen U.S. Equity Completeness Fund	-30.06%	-30.06%
Russell 3000 Index1	-29.54%	-29.54%

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. Returns less than one year are cumulative. Current performance may be higher or lower than the performance shown. Shares have no sales charge. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance, visit www.nuveen.com or call (800) 257-8787.

Please see the Fund’s Spotlight Page later in this report for more complete performance data and expense ratios.

relative overweights/underweights of each stock versus the index. We attempt to express an overweight/underweight opinion on every stock in the benchmark based on our analysis of its five wealth creation factors.

The sum of the Fund’s individual security overweights/underweights versus the index was maintained equal to zero, but was not constrained to be industry or sector neutral. As a result, the Fund sometimes was overweight stocks within a sector because all the individual stocks in that sector had what we judged to be attractive wealth creation fundamentals versus the benchmark in aggregate. Performance for the portfolio can then be viewed in two parts: return attributable to the Fund’s sector weightings and return attributable to the performance of individual stocks within each sector.

On average, during the six month period, the Fund was relatively overweighted in energy, telecommunication, and utility stocks and underweighted healthcare, consumer staples, and information technology stocks. The largest single sector overweight was in energy where the Fund was, on average, 3.5% overweight versus the index. The largest single underweight was, on average, information technology stocks where the Fund was 4.0% underweight versus the index. Overall, sector weightings were a small drag on the Funds relative performance versus the index.

Performance attributable to the individual stock weightings within each sector was strong for the Fund during this reporting period with overweights/underweights in financials being the biggest driver of relative performance during this period. Stock selection was also a positive within the healthcare and telecommunication sectors. Stock selection within the materials, industrials, and information technology sectors were a drag on relative performance.

1 The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The index returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index.

Semi-Annual Report    Page 3

Fund Spotlight as of 12/31/08 Nuveen U.S. Equity Completeness Fund

Quick Facts
NAV	$13.92
Latest Ordinary Income Distribution1	$0.0659
Inception Date	7/01/08

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 do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Capital gains, if any, are subject to tax.

Fund returns assume reinvestment of dividends and capital gains. Shares have no sales charge and may only be purchased by the Nuveen Allocation Funds.

Cumulative Total Returns as of 12/31/08
	NAV
Since Inception	-30.06%

Top Five Common Stock Holdings2
Exxon Mobil Corporation	4.2%
AT&T Inc.	2.0%
Chevron Corporation	1.6%
Verizon Communications Inc.	1.5%
Pfizer Inc.	1.4%

Portfolio Allocation²

Portfolio Statistics
Net Assets ($000)	$5,277
Number of Common Stocks	1,432

Expense Ratios
	Gross Expense Ratio	Net Expense Ratio	As of Date
	0.79%	0.79%	7/01/08

The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses, and are based on an estimated $9.4 million average net asset size for the Fund’s first full fiscal year.

These expense ratios may vary from the expense ratios shown elsewhere in this report.

1 Paid December 31, 2008.

2 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Semi-Annual Report    Page 4

Fund Spotlight as of 12/31/08 Nuveen U.S. Equity Completeness Fund

Industries1
Oil, Gas & Consumable Fuels	10.6%
Commercial Banks	8.4%
Pharmaceuticals	5.3%
Diversified Telecommunication Services	4.6%
Insurance	4.1%
Electric Utilities	3.6%
Media	3.3%
Computers & Peripherals	2.8%
Aerospace & Defense	2.4%
Food Products	2.4%
Food & Staples Retailing	2.3%
Health Care Providers & Services	2.2%
Real Estate	2.1%
Software	2.1%
Specialty Retail	2.0%
Industrial Conglomerates	1.9%
Chemicals	1.9%
Machinery	1.8%
Energy Equipment & Services	1.8%
Commercial Services & Supplies	1.8%
Health Care Equipment & Supplies	1.7%
Semiconductors & Equipment	1.7%
Multi-Utilities	1.6%
Household Products	1.5%
Biotechnology	1.4%
Hotels, Restaurants & Leisure	1.4%
Short-Term Investments	3.9%
Other	19.4%

1 As a percentage of total investments as of December 31, 2008. Holdings are subject to change.

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including front and back end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Since the expense examples below reflect only the first 184 days of the Fund’s operations they may not provide a meaningful understanding of the Fund’s ongoing expenses.

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

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

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

	Actual Performance	Hypothetical Performance (5% return before expenses)
Beginning Account Value (7/01/08)	$1,000.00	$1,000.00
Ending Account Value (12/31/08)	$694.00	$1,021.22
Expenses Incurred During Period	$3.37	$4.02

Expenses are equal to the Fund’s annualized expense ratio of .79% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period and the 184 days in the period since the Fund’s commencement of operations).

Semi-Annual Report    Page 5

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund

December 31, 2008

Shares	Description (1)	Value
	COMMON STOCKS – 96.6%
	Aerospace & Defense – 2.4%
180	AAR Corporation, (2)	$	3,314
410	Boeing Company		17,495
80	FLIR Systems Inc., (2)		2,454
150	General Dynamics Corporation		8,639
100	Goodrich Corporation		3,702
70	Heico Corporation		2,718
460	Hexcel Corporation, (2)		3,399
330	Honeywell International Inc.		10,834
50	L-3 Communications Holdings, Inc.		3,689
140	Lockheed Martin Corporation		11,771
140	Moog Inc., CLass A Shares, (2)		5,120
280	Northrop Grumman Corporation		12,611
120	Precision Castparts Corporation		7,138
170	Raytheon Company		8,677
90	Rockwell Collins, Inc.		3,518
50	Spirit AeroSystems Holdings Inc., (2)		509
310	Taser International, Inc., (2)		1,637
40	Triumph Group Inc.		1,698
370	United Technologies Corporation		19,832
	Total Aerospace & Defense		128,755
	Air Freight & Logistics – 0.8%
30	C.H. Robinson Worldwide, Inc.		1,651
80	Dynamex, Inc., (2)		1,180
450	FedEx Corporation		28,868
90	Hub Group, Inc., (2)		2,388
100	United Parcel Service, Inc., Class B		5,516
	Total Air Freight & Logistics		39,603
	Airlines – 0.3%
90	Aircastle LTD		430
270	Alaska Air Group, Inc., (2)		7,898
110	AMR Corporation, (2)		1,174
100	Continental Airlines, inc., (2)		1,806
20	Copa Holdings SA		606
160	Pinnacle Airlines Corporation, (2)		272
190	Republic Airways Holdings, Inc., (2)		2,027
220	Southwest Airlines Co.		1,896
170	US Airways Group Inc., (2)		1,314
	Total Airlines		17,423
	Auto Components – 0.3%
130	Asbury Automotive Group, Inc.		594
10	ATC Technology Corporation, (2)		146
150	Autoliv Inc.		3,219

6

Shares	Description (1)	Value
	Auto Components (continued)
590	Exide Technologies, (2)	$	3,121
100	Gen Tek Inc., (2)		1,505
280	Goodyear Tire & Rubber Company, (2)		1,672
150	Johnson Controls, Inc.		2,724
120	Lear Corporation, (2)		169
40	LKQ Corporation, (2)		466
130	WABCO Holdings Inc.		2,053
	Total Auto Components		15,669
	Automobiles – 0.4%
7,250	Ford Motor Company, (2)		16,603
690	General Motors Corporation		2,208
20	Thor Industries, Inc.		264
	Total Automobiles		19,075
	Beverages – 1.1%
20	Boston Beer Company, (2)		568
12	Brown-Forman Corporation		618
50	Coca Cola Bottling Company Consolidated		2,298
410	Coca-Cola Company		18,561
90	Coca-Cola Enterprises Inc.		1,083
80	Constellation Brands, Inc., Class A, (2)		1,262
300	Dr. Pepper Snapple Group, (2)		4,875
30	Molson Coors Brewing Company, Class B		1,468
520	PepsiCo, Inc.		28,480
	Total Beverages		59,213
	Biotechnology – 1.4%
80	Affymetrix, Inc., (2)		239
520	Alkermes Inc., (2)		5,538
260	Amgen Inc., (2)		15,015
250	Arena Pharmaceuticals, Inc., (2)		1,043
50	Biogen Idec Inc., (2)		2,382
50	Celgene Corporation, (2)		2,764
110	Cepheid, Inc., (2)		1,142
60	Cyberonics, (2)		994
320	Dendreon Corporation, (2)		1,466
10	Facet Biotech Corporation, (2), DD		96
40	Genentech, Inc., (2)		3,316
60	Genzyme Corporation, (2)		3,982
170	Gilead Sciences, Inc., (2)		8,694
10	GTX, Inc., (2)		168
70	Halozyme Therapeutics, Inc., (2)		392
290	Human Genome Sciences, Inc., (2)		615
10	Idexx Labs Inc., (2)		361
480	Incyte Pharmaceuticals Inc., (2)		1,819

7

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Biotechnology (continued)
470	ISIS Pharmaceuticals, Inc., (2)	$	6,665
50	Martek Biosciences Corporation, (2)		1,516
90	Metabolix, Inc., (2)		1,145
50	Momenta Pharmaceuticals, Inc., (2)		580
60	Myriad Genentics Inc., (2)		3,976
80	Onyx Pharmaceuticals Inc., (2)		2,733
50	PDL Biopahrma Inc., (2)		309
50	Progenics Pharmaceuticals, Inc., (2)		516
80	Regeneron Pharmaceuticals, Inc., (2)		1,469
20	RTI Biologics Inc., (2)		55
150	Sangamo Biosciences, Inc., (2)		522
120	Savient Pharmaceuticals, Inc., (2)		695
60	Seattle Genetics, Inc., (2)		536
80	Vertex Pharmaceuticals Inc., (2)		2,430
240	XOMA Limited, (2)		149
	Total Biotechnology		73,322
	Building Products – 0.2%
30	Aaon, Inc.		626
50	Ameron International Corp.		3,146
20	Armstrong World Industries Inc., (2)		432
60	Griffon Corporation, (2)		560
60	Lennox International Inc.		1,937
20	Masco Corporation		223
80	Tennant Company		1,232
80	Universal Forest Products, Inc.		2,153
	Total Building Products		10,309
	Capital Markets – 1.1%
460	American Capital Limited		1,490
580	Bank of New York Company, Inc.		16,431
10	BlackRock Inc.		1,342
40	Calamos Asset Management, Inc. Class A		296
260	Charles Schwab Corporation		4,204
30	Diamond Hill Investment Group, Inc., (2)		1,950
410	E*Trade Group Inc., (2)		472
50	Franklin Resources, Inc.		3,189
530	GFI Group, Inc.		1,876
10	Greenhill & Co Inc.		698
110	Idera Pharmaceuticals, Inc., (2)		845
220	Invesco LTD		3,177
200	Janus Capital Group Inc.		1,606
240	LaBranche & Company Inc., (2)		1,150
30	Legg Mason, Inc.		657
780	Lehman Brothers Holdings Inc.		22

8

Shares	Description (1)	Value
	Capital Markets (continued)
620	MCG Capital Corporation	$	440
390	OptionsXpress Holdings Inc.		5,210
30	Prospect Capital Corporation		359
40	SEI Investments Company		628
180	State Street Corporation		7,079
20	Stifel Financial Corporation, (2)		917
70	T. Rowe Price Group Inc.		2,481
40	US Global Investors, Inc.		196
30	Waddell & Reed Financial, Inc., Class A		464
	Total Capital Markets		57,179
	Chemicals – 1.9%
70	Air Products & Chemicals Inc.		3,519
40	Airgas, Inc.		1,560
150	Albemarle Corporation		3,345
120	American Vanguard Corp.		1,404
134	Ashland Inc.		1,408
50	Celanese Corporation, Series A		622
30	CF Industries Holdings, Inc.		1,475
550	Chemtura Corporation		770
80	Cytec Industries, Inc.		1,698
690	Dow Chemical Company		10,412
860	E.I. Du Pont de Nemours and Company		21,758
60	Eastman Chemical Company		1,903
30	Ecolab Inc.		1,055
40	Innophos Holdings, Inc.		792
200	Koppers Holdings Inc.		4,324
110	LSB Industries Inc., (2)		915
70	Lubrizol Corporation		2,547
20	Minerals Technologies Inc.		818
60	Mosaic Company		2,076
150	NewMarket Corporation		5,237
80	Olin Corporation		1,446
20	OM Group Inc., (2)		422
150	PolyOne Corporation, (2)		473
340	Polypore International Inc., (2)		2,570
180	PPG Industries, Inc.		7,637
70	Praxair, Inc.		4,155
70	Rohm and Haas Company		4,325
50	Sigma-Aldrich Corporation		2,112
110	Solutia Inc., (2)		495
40	Sparetech Corporation		250
40	Stepan Company		1,880
100	Terra Industries, Inc.		1,667

9

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Chemicals (continued)
40	Valspar Corporation	$	724
80	WR Grace & Company, (2)		478
30	Zep Inc.		579
150	Zoltek Companies, Inc., (2)		1,349
	Total Chemicals		98,200
	Commercial Banks – 8.5%
360	American Express Company		6,678
210	Associated Banc-Corp.		4,395
340	BancorpSouth Inc.		7,942
3,330	Bank of America Corporation		46,886
80	Bank of the Ozarks, Inc.		2,371
30	BankFinancial Corporation		306
440	BB&T Corporation		12,082
40	Capitol Bancorp Limited		312
20	Cathay General Bancorp.		475
60	Central Pacific Financial Corporation		602
10	Chemical Financial Corporation		279
10	City Holding Company		348
20	City National Corporation		974
50	Cobiz, Inc.		487
810	Colonial BancGroup Inc.		1,677
370	Comerica Incorporated		7,345
115	Commerce Bancshares Inc.		5,054
70	Community Trust Bancorp, Inc.		2,573
130	Cullen/Frost Bankers, Inc.		6,588
170	CVB Financial		2,023
110	F.N.B. Corporation PA		1,452
480	Fifth Third Bancorp.		3,965
40	First Bancorp of Puerto Rico		446
20	First Financial Bankshares, Inc.		1,104
50	First Financial Corporation		2,050
120	First Merchants Corporation		2,665
60	First Midwest Bancorp, Inc.		1,198
460	FirstMerit Corporation		9,471
120	Fulton Financial Corporation		1,154
190	Goldman Sachs Group, Inc.		16,034
230	Hancock Holding Company		10,456
30	Hanmi Financial Corporation		62
150	Harleysville National Corporation		2,166
120	Home Bancshares, Inc.		3,234
40	Huntington BancShares Inc.		306
30	IberiaBank Corporation		1,440
70	International Bancshares Corporation		1,528

10

Shares	Description (1)	Value
	Commercial Banks (continued)
2,220	JPMorgan Chase & Co.	$	69,997
360	KeyCorp.		3,067
200	Knight Trading Group Inc., (2)		3,230
50	M&T Bank Corporation		2,871
140	Marshall and Ilsley Corporation		1,910
40	MB Financial, Inc.		1,118
450	Merrill Lynch & Co., Inc.		5,238
180	Morgan Stanley		2,887
330	MPS Group Inc., (2)		2,485
210	Nara Bancorp, Inc.		2,064
40	National City Corporation		72
110	National Penn Bancshares, Inc.		1,596
120	Northern Trust Corporation		6,257
100	Old National Bancorp.		1,816
210	Oriental Financial Group Inc.		1,271
140	Pacific Capital Bancorp.		2,363
20	Pacwest Bancorp.		538
20	Park National Corporation		1,435
50	Pinnacle Financial Partners, Inc., (2)		1,491
220	PNC Financial Services Group, Inc.		10,780
260	Privatebancorp, Inc.		8,440
50	Prosperity Bancshares, Inc.		1,480
120	Provident Bankshares Corporation		1,159
680	Regions Financial Corporation		5,413
40	S&T Bancorp, Inc.		1,420
30	Signature Bank, (2)		861
40	Southwest Bancorp, Inc.		518
70	Sterling Financial Corporation		616
260	SunTrust Banks, Inc.		7,680
180	Susquehanna Bancshs Inc.		2,864
40	SVB Financial Group, (2)		1,049
20	SY Bancorp, Inc.		550
120	TCF Financial Corporation		1,639
150	The South Financial Group Inc.		648
30	TrustCo Bank Corporation NY		285
270	Trustmark Corporation		5,829
1,700	U.S. Bancorp		42,517
210	UCBH Holdings, Inc.		1,445
40	UMB Financial Corporation		1,966
50	United Bankshares, Inc.		1,661
30	United Community Banks, Inc.		411
130	Univest Corporation of Pennsylvania		4,178
50	Valley National Bancorp.		1,013

11

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Commercial Banks (continued)
2,390	Wachovia Corporation	$	13,241
140	Washington Trust Bancorp, Inc.		2,765
60	Webster Financial Corporation		827
1,290	Wells Fargo & Company		38,029
50	West Coast Bancorp.		330
60	Westamerica Bancorp.		3,069
50	Wilmington Trust Corporation		1,112
140	Wintrust Financial Corporation		2,880
50	Zions Bancorporation		1,226
	Total Commercial Banks		447,735
	Commercial Services & Supplies – 1.8%
50	ABM Industries Inc.		953
30	Alliance Data Systems Corporation, (2)		1,396
70	American Reprographics Co, (2)		483
30	Arbitron Inc.		398
40	Avery Dennison Corporation		1,309
60	Brady Corporation		1,437
30	Casella Waste Systems, Inc., (2)		122
50	CBIZ Inc., (2)		433
100	Cintas Corporation		2,323
10	Copart Inc., (2)		272
50	Corinthian Colleges Inc., (2)		819
10	Corporate Executive Board Company		221
40	Corrections Corporation of America, (2)		654
20	CoStar Group, Inc., (2)		659
30	Deluxe Corporation		449
50	Dun and Bradstreet Inc.		3,860
190	Ennis Inc.		2,301
10	Exponent, Inc., (2)		301
10	FTI Consulting Inc., (2)		447
140	Gartner Inc., (2)		2,496
50	Genpact Limited, (2)		411
50	Geo Group Inc., (2)		902
110	Healthcare Services Group, Inc.		1,752
230	Heartland Payment Systems Inc.		4,025
60	Heidrick & Struggles International, Inc.		1,292
40	Hewitt Associates Inc., Class A, (2)		1,135
80	HNI Corporation		1,267
110	Hudson Highland Group, Inc., (2)		369
60	Huron Consulting Group, Inc., (2)		3,436
10	IHS Inc., (2)		374
110	Interface, Inc.		510
50	Kelly Services, Inc.		651

12

Shares	Description (1)	Value
	Commercial Services & Supplies (continued)
150	Knoll Inc.	$	1,353
10	Korn Ferry International, (2)		114
120	Layne Christensen Company, (2)		2,881
50	Manpower Inc.		1,700
130	Multi Color Corporation		2,057
50	Navigant Consulting Inc., (2)		794
10	Priceline.com Incorporated, (2)		737
90	R.R. Donnelley & Sons Company		1,222
171	Republic Services, Inc.		4,239
30	Resources Connection, Inc., (2)		491
20	Robert Half International Inc.		416
20	Rollins Inc.		362
60	RSC Holdings, Inc., (2)		511
200	Spherion Corporation, (2)		442
60	Stericycle Inc., (2)		3,125
40	Strayer Education Inc.		8,576
40	Taleo Corporation, (2)		313
20	TeleTech Holdings, Inc., (2)		167
170	Tetra Tech, Inc., (2)		4,106
50	TrueBlue Inc., (2)		479
140	Waste Connections Inc., (2)		4,420
480	Waste Management, Inc.		15,907
70	Watson Wyatt Worldwide, Inc.		3,347
	Total Commercial Services & Supplies		95,216
	Communications Equipment – 1.1%
210	3COM Corporation, (2)		479
220	Adaptec Inc., (2)		726
60	ADTRAN, Inc.		893
170	Arris Group Inc., (2)		1,352
30	Avocent Corporation, (2)		537
10	Bel Fuse, Inc., Class B		212
40	Ciena Corporation, (2)		268
940	Cisco Systems, Inc., (2)		15,322
40	Cogo Group Inc., (2)		194
40	Comtech Telecom Corporation, (2)		1,833
1,310	Corning Incorporated		12,484
120	Emulex Corporation, (2)		838
100	Extreme Networks Inc., (2)		234
50	Harris Corporation		1,903
20	Infinera Corporation, (2)		179
80	Interdigital Inc., (2)		2,200
90	Juniper Networks Inc., (2)		1,576
50	Netgear, Inc., (2)		571

13

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Communications Equipment (continued)
40	Plantronics Inc.	$	528
70	Polycom Inc., (2)		946
300	QUALCOMM Inc.		10,749
30	Starent Networks Corporation, (2)		358
200	UTStarcom, Inc., (2)		370
70	ViaSat, Inc., (2)		1,686
	Total Communications Equipment		56,438
	Computers & Peripherals – 2.8%
260	Apple, Inc., (2)		22,191
140	Aruba Networks, Inc., (2)		357
50	Data Domain, Inc., (2)		940
680	Dell Inc., (2)		6,963
680	EMC Corporation, (2)		7,120
1,250	Hewlett-Packard Company		45,363
100	Hutchinson Technology Inc., (2)		348
330	Hypercom Corporation, (2)		356
90	Imation Corporation		1,221
170	Immersion Corporation, (2)		1,001
70	Intermec Inc, (2)		930
570	International Business Machines Corporation (IBM)		47,971
80	Lexmark International, Inc., Class A, (2)		2,152
20	McAfee Inc., (2)		691
20	Network Appliance Inc., (2)		279
590	Palm Inc., (2)		1,811
100	SanDisk Corporation, (2)		960
300	Seagate Technology		1,329
690	Sun Microsystems Inc., (2)		2,636
45	Synaptics, Inc., (2)		745
20	Teradata Corporation, (2)		297
350	Western Digital Corporation, (2)		4,008
	Total Computers & Peripherals		149,669
	Construction & Engineering – 0.2%
150	AECOM Technology Corporation, (2)		4,610
20	Dycom Industries Inc., (2)		164
130	Emcor Group Inc., (2)		2,916
10	Fluor Corporation		449
40	Foster Wheeler, Limited, (2)		935
30	Jacobs Engineering Group Inc., (2)		1,443
100	KBR Inc.		1,520
10	MasTec Inc., (2)		116
10	Perini Corporation, (2)		234
20	Quanta Services Incorporated, (2)		396
	Total Construction & Engineering		12,783

14

Shares	Description (1)	Value
	Construction Materials – 0.2%
20	Headwater Inc., (2)	$	135
40	Martin Marietta Materials		3,883
30	Texas Industries Inc.		1,035
70	Vulcan Materials Company		4,871
	Total Construction Materials		9,924
	Consumer Finance – 0.3%
300	Advance America Cash Advance Centers Inc		567
270	Advanta Corporation, B		564
40	Americredit Corp., (2)		306
210	Capital One Financial Corporation		6,697
200	Discover Financial Services		1,906
40	Dollar Financial Corporation, (2)		412
60	First Cash Financial Services, Inc., (2)		1,144
80	Global Cash Access Holdings, Inc., (2)		178
20	MasterCard, Inc.		2,859
110	Western Union Company		1,577
	Total Consumer Finance		16,210
	Containers & Packaging – 0.3%
50	Ball Corporation		2,080
80	Crown Holdings Inc., (2)		1,536
40	Greif Inc.		1,337
180	Owens-Illinois, Inc., (2)		4,919
40	Pactiv Corporation, (2)		995
220	Sealed Air Corporation		3,287
	Total Containers & Packaging		14,154
	Diversified Consumer Services – 0.3%
20	Capella Education Company, (2)		1,175
150	Devry, Inc.		8,612
50	H & R Block Inc.		1,136
10	ITT Educational Services, Inc., (2)		950
200	Jackson Hewitt Tax Services Inc.		3,138
10	Matthews International Corporation		367
40	Service Corporation International		199
120	Sothebys Holdings Inc.		1,067
10	Weight Watcher’s International Inc.		294
	Total Diversified Consumer Services		16,938
	Diversified Financial Services – 0.6%
30	Allied Capital Corporation		81
320	Citigroup Inc.		2,147
10	CME Group, Inc.		2,081
210	Eaton Vance Corporation		4,412
70	Interactive Brokers Group, Inc., (2)		1,252
70	Leucadia National Corporation, (2)		1,386

15

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Diversified Financial Services (continued)
20	MF Global LTD, (2)	$	41
80	Moody’s Corporation		1,607
540	Nasdaq Stock Market, Inc., (2)		13,343
120	New York Stock Exchange Euronext		3,286
	Total Diversified Financial Services		29,636
	Diversified Telecommunication Services – 4.6%
350	Alaska Communications Systems Group Inc.		3,283
3,720	AT&T Inc.		106,020
60	Atlantic Tele-Network, Inc.		1,593
40	Cbeyond Inc., (2)		639
70	Consolidated Communications Holdings, Inc.		832
320	Embarq Corporation		11,507
20	Global Crossing Limited, (2)		159
360	Iowa Telecommunications Services, Inc.		5,141
260	NTELOS Holdings Corporation		6,412
1,950	Qwest Communications International Inc.		7,098
290	Shenandoah Telecommunications Company		8,135
3,080	Sprint Nextel Corporation, (2)		5,636
120	TW Telecom Inc., (2)		1,016
2,420	Verizon Communications Inc.		82,038
440	Windstream Corporation		4,048
	Total Diversified Telecommunication Services		243,557
	Electric Utilities – 3.6%
60	Allegheny Energy, Inc.		2,032
30	ALLETE Inc		968
120	Alliant Energy Corporation		3,502
190	Ameren Corporation		6,319
530	American Electric Power Company, Inc.		17,638
50	Black Hills Corporation		1,348
20	Central Vermont Public Service Corp.		477
310	Cleco Corporation		7,077
450	Consolidated Edison, Inc.		17,519
20	DPL Inc.		457
180	DTE Energy Company		6,421
240	Edison International		7,709
20	Empire District Electric Company		352
60	Entergy Corporation		4,988
210	Exelon Corporation		11,678
200	FirstEnergy Corp.		9,716
140	FPL Group, Inc.		7,046
190	Great Plains Energy Incorporated		3,673
20	Hawaiian Electric Industries		443

16

Shares	Description (1)	Value
	Electric Utilities (continued)
50	IDACORP, INC	$	1,473
190	ITC Holdings Corporation		8,299
10	MGE Energy, Inc.		330
90	Northeast Utilities		2,165
60	NV Energy Inc.		593
180	OGE Energy Corp.		4,640
170	Pepco Holdings, Inc.		3,019
330	PG&E Corporation		12,774
60	Pike Electric Corporation, (2)		738
30	Pinnacle West Capital Corporation		964
100	Portland General Electric Company		1,947
140	PPL Corporation		4,297
200	Progress Energy, Inc.		7,970
270	Reliant Energy Inc., (2)		1,561
600	Southern Company		22,200
120	TECO Energy, Inc.		1,482
360	Westar Energy Inc.		7,384
	Total Electric Utilities		191,199
	Electrical Equipment – 1.0%
70	Acuity Brands Inc.		2,444
40	American Superconductor Corporation, (2)		652
10	Ametek Inc.		302
90	AZZ Inc., (2)		2,259
50	Baldor Electric Company		893
60	Belden Inc.		1,253
250	Emerson Electric Company		9,153
100	Energizer Holdings Inc., (2)		5,414
60	Energy Conversion Devices Inc., (2)		1,513
380	EnerSys, (2)		4,180
130	Evergreen Solar, Inc., (2)		415
20	First Solar Inc., (2)		2,759
130	Franklin Electric Company, Inc.		3,654
170	GrafTech International Ltd., (2)		1,414
10	Lincoln Electric Holdings Inc.		509
210	Regal-Beloit Corporation		7,978
80	Rockwell Automation, Inc.		2,579
10	Thomas & Betts Corporation, (2)		240
280	Woodward Governor Company		6,446
	Total Electrical Equipment		54,057
	Electronic Equipment & Instruments – 0.8%
120	Agilent Technologies, Inc., (2)		1,876
20	Amphenol Corporation, Class A		480
30	Anixter International Inc., (2)		904

17

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Electronic Equipment & Instruments (continued)
30	Avnet Inc., (2)	$	546
70	Benchmark Electronics Inc., (2)		894
300	Brightpoint Inc., (2)		1,305
40	Cognex Corporation		592
30	Diebold Inc.		843
20	Dolby Laboratories, Inc., (2)		655
30	FARO Technologies, Inc., (2)		506
70	FEI Company, (2)		1,320
280	Gentex Corporation		2,472
60	II VI Inc., (2)		1,145
10	Itron Inc., (2)		637
30	Jabil Circuit Inc.		203
170	Measurement Specialties, Inc., (2)		1,182
30	MEMC Electronic Materials, (2)		428
90	Millipore Corporation, (2)		4,637
90	MKS Instruments Inc., (2)		1,331
20	Newport Corporation, (2)		136
40	OSI Systems Inc., (2)		554
210	Plexus Corporation, (2)		3,560
10	Rofin Sinar Technologies Inc., (2)		206
140	Teledyne Technologies Inc., (2)		6,237
70	Thermo Fisher Scientific, Inc., (2)		2,385
280	Tyco Electronics, Limited		4,539
10	Waters Corporation, (2)		367
	Total Electronic Equipment & Instruments		39,940
	Energy Equipment & Services – 1.8%
790	Anadarko Petroleum Corporation		30,455
120	Baker Hughes Incorporated		3,848
170	BJ Services Company		1,984
50	Cabot Oil & Gas Corporation		1,300
20	Carbo Ceramics Inc.		711
90	Complete Production Services, (2)		734
110	Cooper Cameron Corporation, (2)		2,255
30	Diamond Offshore Drilling, Inc.		1,768
30	Dresser Rand Group, Inc., (2)		518
70	Dril Quip Inc., (2)		1,436
100	ENSCO International Incorporated		2,839
60	Exterran Holdings, Inc., (2)		1,278
80	FMC Technologies Inc., (2)		1,906
130	Global Industries, Limited, (2)		454
30	Gulfmark Offshore Inc., (2)		714
440	Halliburton Company		7,999
110	Hercules Offshore Inc., (2)		523

18

Shares	Description (1)	Value
	Energy Equipment & Services (continued)
270	ION Geophysical Corporation, (2)	$	926
90	Nabors Industries Inc., (2)		1,077
90	National-Oilwell Varco Inc., (2)		2,200
250	Noble Corporation		5,523
50	Oceaneering International Inc., (2)		1,457
60	Oil States International Inc., (2)		1,121
110	Patterson-UTI Energy, Inc.		1,266
30	PHI Inc Non-Voting, (2)		420
114	Precision Drilling Trust		956
80	Pride International Inc., (2)		1,278
90	RPC Inc.		878
210	Schlumberger Limited		8,889
20	SeaCor Smit Inc., (2)		1,333
90	Smith International, Inc.		2,060
100	Superior Energy Services, Inc., (2)		1,593
60	T-3 Energy Services, Inc., (2)		566
30	Trico Marine Services Inc., (2)		134
20	Unit Corporation, (2)		534
170	Weatherford International Ltd, (2)		1,839
60	Willbros Group Inc., (2)		508
	Total Energy Equipment & Services		95,280
	Food & Staples Retailing – 2.3%
10	Andersons, Inc.		165
20	BJ’s Wholesale Club, (2)		685
20	Central European Distribution Corporation, (2)		394
80	Costco Wholesale Corporation		4,200
480	CVS Caremark Corporation		13,795
10	Green Mountain Coffee Inc., (2)		387
30	Ingles Markets, Inc.		528
710	Kroger Co.		18,751
10	Pantry, Inc., (2)		215
20	Ruddick Corporation		553
650	Safeway Inc.		15,451
40	Spartan Stores, Inc.		930
290	SUPERVALU INC.		4,234
190	Sysco Corporation		4,359
430	Walgreen Co.		10,608
810	Wal-Mart Stores, Inc.		45,409
10	Whole Foods Market, Inc.		94
10	Winn-Dixie Stores Inc., (2)		161
	Total Food & Staples Retailing		120,919

19

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Food Products – 2.4%
520	Abraxas Petroleum Corporation, (2)	$	374
460	Archer-Daniels-Midland Company		13,262
100	Bunge Limited		5,177
190	Campbell Soup Company		5,702
640	ConAgra Foods, Inc.		10,560
270	Darling International Inc., (2)		1,482
40	Dean Foods Company, (2)		719
290	Del Monte Foods Company		2,071
110	Diamond Foods Inc.		2,217
110	Flowers Foods Inc.		2,680
200	General Mills, Inc.		12,150
130	H.J. Heinz Company		4,888
160	Hain Celestial Group Inc., (2)		3,054
10	Hershey Foods Corporation		347
10	Hormel Foods Corporation		311
200	JM Smucker Company		8,672
210	Kellogg Company		9,209
650	Kraft Foods Inc.		17,453
10	McCormick & Company, Incorporated		319
170	Monsanto Company		11,960
30	Ralcorp Holdings Inc., (2)		1,752
10	Reddy Ice Holding, Inc.		14
20	Sanderson Farms Inc.		691
820	Sara Lee Corporation		8,028
130	Tootsie Roll Industries Inc.		3,329
	Total Food Products		126,421
	Gas Utilities – 0.7%
60	AGL Resources Inc.		1,881
230	Atmos Energy Corporation		5,451
50	Equitable Resources Inc.		1,678
20	Laclede Group Inc.		937
140	New Jersey Resources Corporation		5,509
120	Nicor Inc.		4,169
60	Questar Corporation		1,961
200	Southern Union Company		2,608
410	Spectra Energy Corporation		6,453
50	UGI Corporation		1,221
110	WGL Holdings Inc.		3,596
	Total Gas Utilities		35,464
	Health Care Equipment & Supplies – 1.7%
10	Abaxis, Inc., (2)		160
20	Accuray, Inc., (2)		103
10	Advanced Medical Optics, (2)		66

20

Shares	Description (1)	Value
	Health Care Equipment & Supplies (continued)
20	Align Technology, Inc., (2)	$	175
100	American Medical Systems Holdings, Inc., (2)		899
70	AmerisourceBergen Corporation		2,496
40	Arthrocare Corporation, (2)		191
110	Baxter International Inc.		5,895
30	Beckman Coulter, Inc.		1,318
60	Becton, Dickinson and Company		4,103
240	Boston Scientific Corporation, (2)		1,858
20	C. R. Bard, Inc.		1,685
100	Cardinal Health, Inc.		3,447
120	Catalyst Health Soltuions Inc., (2)		2,922
50	Clinical Data, Inc., (2)		445
20	Conceptus Inc., (2)		304
10	Cooper Companies, Inc.		164
180	Covidien Limited		6,523
70	Cynosure, Inc., (2)		639
20	Datascope Corporation		1,045
20	DENTSPLY International Inc.		565
10	ev3, Inc., (2)		61
20	Gen-Probe, Inc., (2)		857
10	Hill Rom Holdings Inc.		165
10	Hologic Inc., (2)		131
20	Hospira Inc., (2)		536
80	Immucor, Inc., (2)		2,126
20	Integra Lifesciences Holdings Corporation, (2)		711
30	Intuitive Surgical, Inc., (2)		3,810
20	Inverness Medical Innovation, (2)		378
130	IRIS International, Inc., (2)		1,812
40	Kinetic Concepts Inc., (2)		767
100	Masimo Corporation, (2)		2,983
170	Medtronic, Inc.		5,341
80	Meridian Bioscience, Inc.		2,038
40	Merit Medical Systems, Inc., (2)		717
30	Mine Safety Appliances Company		717
30	Nektar Therapautics, (2)		167
20	Neogen Corporation, (2)		500
150	NuVasive, Inc., (2)		5,198
20	Orthofix International NV, (2)		307
70	Owens and Minor Inc.		2,636
40	Patterson Companies Inc., (2)		750
80	PSS World Medical Inc., (2)		1,506
30	Quidel Corporation, (2)		392
10	ResMed Inc., (2)		375

21

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Health Care Equipment & Supplies (continued)
90	Saint Jude Medical Inc., (2)	$	2,966
20	SonoSite, Inc., (2)		382
50	Spectranetics Corporation, (2)		131
50	Stryker Corporation		1,998
20	Surmodics Inc., (2)		505
30	Symmetry Medical, Inc., (2)		239
130	Synovis Life Technologies, Inc., (2)		2,436
60	Thoratec Corporation, (2)		1,949
40	Varian Inc., (2)		1,340
20	Varian Medical Systems, Inc., (2)		701
30	Volcano Corporation, (2)		450
110	West Pharmaceutical Services Inc.		4,155
60	Wright Medical Group, Inc., (2)		1,226
10	Zimmer Holdings, Inc., (2)		404
30	Zoll Medical Corporation, (2)		567
	Total Health Care Equipment & Supplies		89,433
	Health Care Providers & Services – 2.2%
370	Aetna Inc.		10,545
10	Air Methods Corporation, (2)		160
40	Amedisys, Inc., (2)		1,654
80	AmericGroup Corporation, (2)		2,362
40	AMN Healthcare Services Inc., (2)		338
20	AmSurg Corporation, (2)		467
110	Assisted Living Concepts Inc., (2)		457
70	AthenaHealth Inc., (2)		2,633
80	Bio-Reference Laboratories, Inc., (2)		2,098
50	Centene Corporation, (2)		986
30	Chemed Corporation		1,193
110	Chindex International, Inc., (2)		875
150	CIGNA Corporation		2,528
30	Community Health Systems Inc., (2)		437
230	Coventry Health Care, Inc., (2)		3,422
30	Cross Country Healthcare, Inc., (2)		264
160	CryoLife Inc., (2)		1,554
40	Davita Inc., (2)		1,983
40	Emeritus Corporation, (2)		401
40	Express Scripts, Inc., (2)		2,199
30	Gentiva Health Services, Inc., (2)		878
30	Haemonetics Corporation, (2)		1,695
80	HealthSouth Corporation, (2)		877
60	HealthSpring, Inc., (2)		1,198
10	Healthways Inc., (2)		115
20	Henry Schein Inc., (2)		734

22

Shares	Description (1)	Value
	Health Care Providers & Services (continued)
90	HMS Holdings Corporation, (2)	$	2,837
130	Humana Inc., (2)		4,846
30	Inventiv Health, Inc., (2)		346
70	Kindred Healthcare Inc., (2)		911
30	Laboratory Corporation of America Holdings, (2)		1,932
20	LHC Group, Inc., (2)		720
40	Magellan Health Services, Inc., (2)		1,566
110	McKesson HBOC Inc.		4,260
40	MedCath Corporation, (2)		418
200	Medco Health Solutions, Inc., (2)		8,382
170	Mentor Corporation		5,258
50	Molina Healthcare Inc., (2)		881
10	MWI Veterinary Supply, Inc., (2)		270
10	Pediatrix Medical Group Inc., (2)		317
10	Pharmaceutical Product Development Inc.		290
70	Psychiatric Solutions, Inc., (2)		1,950
40	Quest Diagnostics Incorporated		2,076
60	Skilled Healthcare Group Inc., (2)		506
80	Steris Corporation		1,911
70	Sun Healthcare Group, Inc., (2)		620
50	Sunrise Assisted Living Inc., (2)		84
270	Tenet Healthcare Corporation, (2)		311
790	UnitedHealth Group Incorporated		21,014
10	Universal Health Services, Inc., Class B		376
20	VCA Antech, Inc., (2)		398
10	Wellcare Health Plans Inc., (2)		129
290	Wellpoint Inc., (2)		12,218
	Total Health Care Providers & Services		116,880
	Health Care Technology – 0.2%
180	Allscripts Healthcare Solutions Inc., (2)		1,786
240	Eclipsys Corporation, (2)		3,406
80	IMS Health Incorporated		1,213
20	Omnicell, Inc., (2)		244
150	Phase Forward, Inc., (2)		1,878
	Total Health Care Technology		8,527
	Hotels, Restaurants & Leisure – 1.4%
170	Ameristar Casinos, Inc.		1,469
160	Bally Technologies, Inc., (2)		3,845
70	BJ’s Restaurants, Inc., (2)		754
30	Boyd Gaming Corporation		142
40	Buffalo Wild Wings, Inc., (2)		1,026
10	Burger King Holdings Inc.		239
160	California Pizza Kitchen, Inc., (2)		1,715

23

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Hotels, Restaurants & Leisure (continued)
260	Carnival Corporation	$	6,323
10	Chipotle Mexican Grill, Class B Shares, (2)		573
60	Choice Hotels International, Inc.		1,804
10	Darden Restaurants Inc.		282
200	Dominos Pizza Inc., (2)		942
120	Einstein Noah Restaurant Group, (2)		690
70	International Game Technology		832
60	Intl Speedway Corporation		1,724
90	Life Time Fitness Inc., (2)		1,166
70	Marriott International, Inc., Class A		1,362
340	McDonald’s Corporation		21,145
80	MGM Mirage Inc., (2)		1,101
100	Morgans Hotel Group Company, (2)		466
50	O’Charley’s, Inc.		100
50	P.F. Changs China Bistro, Inc., (2)		1,047
30	Panera Bread Company, (2)		1,567
120	Peets Coffee and Tea Inc., (2)		2,790
390	Pinnacle Entertainment Inc., (2)		2,995
70	Red Robin Gourmet Burgers, Inc., (2)		1,178
80	Royal Caribbean Cruises Limited		1,100
110	Starbucks Corporation, (2)		1,041
90	Starwood Hotels & Resorts Worldwide, Inc.		1,611
1,105	Wendys Arbys Group Inc.		5,459
50	WMS Industries Inc., (2)		1,345
160	YUM! Brands, Inc.		5,040
	Total Hotels, Restaurants & Leisure		72,873
	Household Durables – 0.7%
450	Beazer Homes USA, Inc., (2)		711
50	Blyth Inc.		392
80	Cavco Industries, Inc., (2)		2,151
60	Champion Enterprises Inc., (2)		34
100	D.R. Horton, Inc.		707
130	Ethan Allen Interiors Inc.		1,868
170	Fortune Brands Inc.		7,018
40	Harman International Industries Inc.		669
270	La Z Boy Inc.		586
150	Leggett and Platt Inc.		2,279
300	Lennar Corporation, Class A		2,601
150	MDC Holdings Inc.		4,545
50	Mohawk Industries Inc., (2)		2,149
20	National Presto Industries Inc.		1,540
170	Newell Rubbermaid Inc.		1,663
180	Ryland Group Inc.		3,181

24

Shares	Description (1)	Value
	Household Durables (continued)
50	Standard Pacific Corporation, (2)	$	89
160	Take-Two Interactive Software, Inc., (2)		1,210
40	Tempur Pedic International Inc.		284
240	Tupperware Corporation		5,448
	Total Household Durables		39,125
	Household Products – 1.5%
110	Central Garden & Pet Company, (2)		649
100	Colgate-Palmolive Company		6,854
240	Kimberly-Clark Corporation		12,658
940	Procter & Gamble Company		58,111
	Total Household Products		78,272
	Independent Power Producers & Energy Traders – 0.3%
790	AES Corporation, (2)		6,510
160	Calpine Corporation, (2)		1,165
50	Constellation Energy Group		1,255
100	Mirant Corporation, (2)		1,887
120	NRG Energy Inc., (2)		2,800
	Total Independent Power Producers & Energy Traders		13,617
	Industrial Conglomerates – 1.9%
260	3M Co.		14,960
4,390	General Electric Company		71,118
160	Genuine Parts Company		6,058
120	Lancaster Colony Corporation		4,116
50	McDermott International Inc., (2)		494
130	Textron Inc.		1,803
120	Tyco International Ltd.		2,592
20	Walter Industries Inc.		350
	Total Industrial Conglomerates		101,491
	Insurance – 4.1%
220	Ace Limited		11,642
340	AFLAC Incorporated		15,586
10	Alleghany Corporation, Term Loan, (2)		2,820
10	Allied World Assurance Holdings		406
360	Allstate Corporation		11,794
90	American Financial Group Inc.		2,059
450	American International Group, Inc.		707
30	Amtrust Financial Services, Inc.		348
130	Aon Corporation		5,938
10	Arch Capital Group Limited, (2)		701
30	Argo Group International Holdings Inc., (2)		1,018
190	Arthur J. Gallagher & Co.		4,923
120	Aspen Insurance Holdings Limited		2,910
70	Assurant Inc.		2,100

25

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Insurance (continued)
50	Assured Guaranty Limited	$	570
100	Axis Capital Holdings Limited		2,912
220	Brown & Brown Inc.		4,598
110	Castlepoint Holdings Limited		1,492
360	Chubb Corporation		18,360
110	Cincinnati Financial Corporation		3,198
80	CNA Financial Corporation		1,315
220	Conseco Inc., (2)		1,140
40	Delphi Financial Group, Inc.		738
20	Employers Holdings, Inc.		330
10	Everest Reinsurance Group Ltd		761
20	Fidelity National Title Group Inc., Class A		355
60	First American Corporation		1,733
50	FPIC Insurance Group Inc., (2)		2,189
260	Genworth Financial Inc., Class A		736
120	Hartford Financial Services Group, Inc.		1,970
100	IPC Holdings Limited		2,990
220	Lincoln National Corporation		4,145
220	Loews Corporation		6,215
10	Markel Corporation, (2)		2,990
350	Marsh & McLennan Companies, Inc.		8,495
70	Max Capital Group Limited		1,239
140	MBIA Inc.		570
30	Mercury General Corporation		1,380
182	MetLife, Inc.		6,345
130	Montpelier Re Holdings Limited		2,183
40	National Financial Partners Corp.		122
40	PartnerRe Limited		2,851
70	Phoenix Companies Inc.		229
70	Platinum Underwriters Holdings Limited		2,526
100	Principal Financial Group, Inc.		2,257
40	ProAssurance Corporation, (2)		2,111
370	Progressive Corporation		5,480
160	Prudential Financial, Inc.		4,842
32	Reinsurance Group of America Inc.		1,370
10	RenaisasnceRE Holdings, Limited		516
120	RLI Corporation		7,339
10	Safety Insurance Group, Inc.		381
40	Seabright Insurance Holdings Inc., (2)		470
140	Selective Insurance Group Inc.		3,210
10	StanCorp Financial Group Inc.		418
60	Stewart Information Services Corporation		1,409
10	Torchmark Corporation		447

26

Shares	Description (1)	Value
	Insurance (continued)
10	Tower Group Inc.	$	282
10	Transatlantic Holdings Inc.		401
570	Travelers Companies, Inc.		25,764
100	United America Indemnity Limited, (2)		1,281
10	Unitrin, Inc.		159
330	Unum Group		6,138
70	Valdius Holdings Limited		1,831
5	Willis Group Holdings Limited		124
80	WR Berkley Corporation		2,480
120	XL Capital Ltd, Class A		444
50	Zenith National Insurance Corp.		1,579
	Total Insurance		218,362
	Internet & Catalog Retail – 0.2%
370	1-800-Flowers, (2)		1,413
40	Amazon.com, Inc., (2)		2,051
180	Expedia, Inc., (2)		1,483
170	IAC/InterActiveCorp., (2)		2,674
50	Insight Enterprises Inc., (2)		345
10	MSC Industrial Direct Inc., Class A		368
90	Overstock.com, Inc., (2)		970
100	PetMed Express, Inc., (2)		1,763
170	Stamps.com Inc., (2)		1,671
	Total Internet & Catalog Retail		12,738
	Internet Software & Services – 0.6%
120	Ariba Inc., (2)		865
10	Bankrate Inc., (2)		380
130	Blue Coat Systems Inc., (2)		1,092
460	Cybersource Corporation, (2)		5,515
80	DivX Inc., (2)		418
250	Earthlink, Inc., (2)		1,690
80	eBay Inc., (2)		1,117
10	Equinix Inc., (2)		532
50	Google Inc., Class A, (2)		15,383
180	Internap Network Services Corporation, (2)		450
20	j2 Global Communications, Inc., (2)		401
70	Marchex, Inc.		408
20	NIC, Incorporated, (2)		92
50	Omniture, Inc., (2)		532
30	Online Resources Corporation, (2)		142
40	Sohu.com Inc., (2)		1,894
10	Vocus, Inc., (2)		182
130	Yahoo! Inc., (2)		1,586
	Total Internet Software & Services		32,679

27

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	IT Services – 0.9%
150	Accenture Limited	$	4,919
10	Affiliated Computer Services Inc., (2)		460
70	Automatic Data Processing, Inc.		2,754
250	Broadridge Financial Solutions, Inc.		3,135
40	CACI International Inc., (2)		1,804
130	Ciber, Inc., (2)		625
200	Computer Sciences Corporation, (2)		7,028
50	Convergys Corporation, (2)		321
60	Digital River, Inc., (2)		1,488
100	DST Systems Inc., (2)		3,798
40	Euronet Worldwide, Inc., (2)		464
10	FactSet Research Systems Inc.		442
30	Fair Isaac Corporation		506
80	Fidelity National Information Services		1,302
50	Fiserv, Inc., (2)		1,819
80	Global Payments Inc.		2,623
60	Iron Mountain Inc., (2)		1,484
20	Mercadolibre, Inc., (2)		328
70	ModusLink Global Solutions Inc., (2)		202
120	Ness Technologies, Inc., (2)		514
70	Paychex, Inc.		1,840
100	Perot Systems Corporation, (2)		1,367
130	SAIC, Inc., (2)		2,532
80	Sapient Corporation, (2)		355
80	Scientific Games Corporation, (2)		1,403
160	SonicWALL, Inc., (2)		637
70	SRA International, Inc., (2)		1,208
10	Total System Services Inc.		140
	Total IT Services		45,498
	Leisure Equipment & Products – 0.3%
100	Hasbro, Inc.		2,917
200	JAKKS Pacific Inc., (2)		4,126
280	LeapFrog Enterprises Inc., (2)		980
250	Marvel Entertainment Inc., (2)		7,688
60	Mattel, Inc.		960
	Total Leisure Equipment & Products		16,671
	Life Sciences Tools & Services – 0.3%
30	Bio-Rad Laboratories Inc., (2)		2,259
70	Charles River Laboratories International, Inc., (2)		1,834
10	Covance, Inc., (2)		460
30	Dionex Corporation, (2)		1,346
30	Edwards Lifesciences Corporation, (2)		1,649
60	eResearch Technology, Inc., (2)		398

28

Shares	Description (1)	Value
	Life Sciences Tools & Services (continued)
40	Exelixis, Inc., (2)	$	201
40	Illumina Inc., (2)		1,042
53	Life Technologies Corporation, (2)		1,235
90	Medivation, Inc., (2)		1,311
20	Parexel International Corporation, (2)		194
60	Perkinelmer Inc.		835
20	Techne Corporation		1,290
	Total Life Sciences Tools & Services		14,054
	Machinery – 1.8%
10	3D Systems Corporation, (2)		79
40	Albany International Corporation, Class A		514
90	Ampco-Pittsburgh Corporation		1,953
20	Axsys Technologies, Inc., (2)		1,097
30	Blount International Inc., (2)		284
90	Bucyrus International, Inc.		1,667
80	Cascade Corporation		2,389
310	Caterpillar Inc.		13,848
100	Cummins Inc.		2,673
70	Danaher Corporation		3,963
220	Deere & Company		8,430
180	Donaldson Company, Inc.		6,057
110	Eaton Corporation		5,468
110	Greenbrier Companies Inc.		756
10	Hurco Companies, Inc., (2)		120
210	Illinois Tool Works Inc.		7,361
320	Ingersoll Rand Company Limited, Class A		5,552
40	ITT Industries Inc.		1,840
20	Joy Global Inc.		458
100	Kadant Inc., (2)		1,348
280	Kennametal Inc.		6,213
80	Key Technology, Inc., (2)		1,511
10	LB Foster Company, (2)		313
20	Middleby Corporation, (2)		545
50	Nordson Corporation		1,615
170	PACCAR Inc.		4,862
70	Parker Hannifin Corporation		2,978
80	Robbins & Myers, Inc.		1,294
90	Terex Corporation, (2)		1,559
120	Titan Machinery, Inc., (2)		1,687
30	Toro Company		990
50	TurboChef Technologies, Inc., (2)		246
30	Twin Disc, Inc.		207

29

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Machinery (continued)
110	Valmont Industries, Inc.	$	6,750
60	Wabash National Corporation		270
	Total Machinery		96,897
	Marine – 0.3%
40	Alexander and Bald, Inc.		1,002
20	Genco Shipping and Trading Limited		296
210	Horizon Lines Inc., Class A Shares		733
120	Kirby Corporation, (2)		3,283
240	Transocean Inc., (2)		11,340
	Total Marine		16,654
	Media – 3.3%
2	Ascent Media Corporation, (2)		44
260	Belo Corp.		406
50	Cablevision Systems Corporation		842
830	CBS Corporation, Class B		6,798
10	CKX, Inc., (2)		37
2,040	Comcast Corporation, Class A		34,435
110	CTC Media, Inc., (2)		528
250	DIRECTV Group, Inc., (2)		5,728
25	Discovery Communications inc., Class A Shares, (2)		354
25	Discovery Communications Inc., Class C Shares, (2)		335
70	E.W. Scripps Company, Class A		155
230	Echostar Communications Corporation, Variable Prepaid Forward, (2)		2,551
90	Entercom Communications Corporation		111
180	Gannett Company Inc.		1,440
100	Gray Television Inc.		40
40	Guaranty Bancorp., (2)		80
10	Idearc Inc., (2)		1
40	Interactive Data Corporation		986
240	Interpublic Group Companies, Inc., (2)		950
40	Knology, Inc., (2)		206
40	Lamar Advertising Company, (2)		502
230	Lee Enterprises Inc.		94
310	Liberty Global Inc, A Shares, (2)		4,935
130	Liberty Media Corporation, Entertainment Tracking Shares, Class A, (2)		2,272
250	Liberty Media Holding Corporation Interactive, Class A, (2)		780
100	Liberty Media Holding Corporation, Capital Tracking Stock, Class A, (2)		471
80	Live Nation Inc., (2)		459
290	McClatchy Company		232
180	McGraw-Hill Companies, Inc.		4,174
60	MediaCom Communications Corporation, (2)		258
30	Morningstar, Inc., (2)		1,065
60	National CineMedia, Inc.		608

30

Shares	Description (1)	Value
	Media (continued)
1,890	News Corporation, Class A	$	17,180
140	Omnicom Group Inc.		3,769
50	RCN Corporation, (2)		295
100	Scholastic Corporation		1,358
250	Time Warner Cable, Class A, (2)		5,363
3,480	Time Warner Inc.		35,009
900	TiVo, Inc., (2)		6,444
100	Vallassis Communications Inc., (2)		132
150	ValueClick, Inc., (2)		1,026
570	Viacom Inc., Class B, (2)		10,864
790	Walt Disney Company		17,925
410	World Wrestling Entertainment Inc.		4,543
	Total Media		175,785
	Metals & Mining – 1.2%
50	AK Steel Holding Corporation		466
420	Alcoa Inc.		4,729
80	Allegheny Technologies, Inc.		2,042
300	AMCOL International Corp.		6,285
30	Brush Engineered Material, (2)		382
20	Century Aluminum Company, (2)		200
30	Cliffs Natural Resources Inc.		768
390	Coeur d’Alene Mines Corporation, (2)		343
70	CONSOL Energy Inc.		2,001
270	Freeport-McMoRan Copper & Gold, Inc.		6,599
540	General Moly, Inc., (2)		637
160	Hecla Mining Company, (2)		448
150	Newmont Mining Corporation		6,105
420	Nucor Corporation		19,404
100	Olympic Steel Inc.		2,037
190	Reliance Steel & Aluminum Company		3,789
110	Royal Gold, Inc.		5,413
20	Southern Copper Corporation		321
40	United States Steel Corporation		1,488
	Total Metals & Mining		63,457
	Multiline Retail – 0.8%
10	99 Cents Only Stores, (2)		109
40	Big Lots, Inc., (2)		580
30	Dillard’s, Inc., Class A		119
580	Federated Department Stores, Inc.		6,003
150	J.C. Penney Company, Inc.		2,955
390	Kohl’s Corporation, (2)		14,118
100	Nordstrom, Inc.		1,331

31

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Multiline Retail (continued)
30	Sears Holding Corporation, (2)	$	1,166
440	Target Corporation		15,193
	Total Multiline Retail		41,574
	Multi-Utilities – 1.6%
570	CenterPoint Energy, Inc.		7,193
250	Dominion Resources, Inc.		8,960
1,200	Duke Energy Corporation		18,012
90	Dynegy Inc., (2)		180
100	Integrys Energy Group, Inc.		4,298
30	MDU Resources Group Inc.		647
240	NiSource Inc.		2,633
20	NSTAR		730
260	Public Service Enterprise Group Incorporated		7,584
230	Scana Corporation		8,188
290	Sempra Energy		12,363
110	Vectren Corporation		2,751
90	Wisconsin Energy Corporation		3,778
430	Xcel Energy, Inc.		7,977
	Total Multi-Utilities		85,294
	Office Electronics – 0.0%
210	Xerox Corporation		1,674
	Oil, Gas & Consumable Fuels – 10.6%
60	Alpha Natural Resources Inc., (2)		971
290	Apache Corporation		21,614
90	Arch Coal Inc.		1,466
80	Arena Resources Inc., (2)		2,247
80	Atlas America, Inc.		1,188
90	ATP Oil & Gas Corporation, (2)		527
130	Aventine Renewable Energy Holdings, Inc., (2)		85
70	Berry Petroleum Company		529
160	Bill Barrett Corporation, (2)		3,381
80	BPZ Resources, Inc., (2)		512
20	Callon Petroleum Company Del, (2)		52
60	Carrizo Oil & Gas, Inc., (2)		966
350	Cheniere Energy Inc., (2)		998
310	Chesapeake Energy Corporation		5,013
1,140	Chevron Corporation		84,326
70	Cimarex Energy Company		1,875
180	Clean Energy Fuels Corporation, (2)		1,087
60	Comstock Resources Inc., (2)		2,835
800	ConocoPhillips		41,440
60	Continental Resources Inc., (2)		1,243
70	Crosstex Energy, Inc.		273
50	CVTR Energy Inc., (2)		200

32

Shares	Description (1)	Value
	Oil, Gas & Consumable Fuels (continued)
280	Delta Petroleum Corporation, (2)	$	1,333
170	Denbury Resources Inc., (2)		1,856
310	Devon Energy Corporation		20,370
390	El Paso Corporation		3,054
10	Encore Acquisition Company, (2)		255
40	Energy Partners Limited, (2)		54
100	EOG Resources, Inc.		6,658
90	Exco Resources Inc., (2)		815
2,790	Exxon Mobil Corporation, Sponsored ADR		222,726
50	Forest Oil Corporation, (2)		825
70	Frontier Oil Corporation		884
40	General Maritime Corporation		432
160	Harvest Natural Resources Inc., (2)		688
150	Hess Corporation		8,046
40	Holly Corporation		729
490	Marathon Oil Corporation		13,406
30	Mariner Energy Inc., (2)		306
50	Massey Energy Company		690
420	McMoran Exploration Corporation, (2)		4,116
90	Murphy Oil Corporation		3,992
90	Newfield Exploration Company, (2)		1,778
100	Noble Energy, Inc.		4,922
190	Northern Oil and Gas Inc., (2)		494
430	Occidental Petroleum Corporation		25,796
100	Peabody Energy Corporation		2,275
70	Penn Virginia Corporation		1,819
80	Pertoleum Development Corporation, (2)		1,926
120	Petrohawk Energy Corporation, (2)		1,876
30	Pioneer Natural Resources Company		485
130	Plains Exploration & Production Company, (2)		3,021
70	Primedia Inc.		152
60	Range Resources Corporation		2,063
70	Rosetta Resources, Inc., (2)		496
10	SandRidge Energy Inc., (2)		62
100	Southwestern Energy Company, (2)		2,897
90	St Mary Land and Exploration Company		1,828
60	Stone Energy Corporation, (2)		661
160	Swift Energy Company, (2)		2,690
200	Tesoro Petroleum Corporation		2,634
260	Vaalco Energy Inc., (2)		1,934
610	Valero Energy Corporation		13,200
130	Venoco Inc., (2)		352
190	Verasun Energy Corporation, (2)		10

33

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Oil, Gas & Consumable Fuels (continued)
60	Western Refining Inc.	$	466
10	Whiting Petroleum Corporation, (2)		335
310	Williams Companies, Inc.		4,489
90	World Fuel Services Corporation		3,330
390	XTO Energy, Inc.		13,755
	Total Oil, Gas & Consumable Fuels		559,809
	Paper & Forest Products – 0.4%
150	Buckeye Technologies Inc., (2)		546
14	Clearwater Paper Corporation, (2)		117
30	Deltic Timber Corporation		1,373
580	International Paper Company		6,844
260	MeadWestvaco Corporation		2,909
50	Neenah Paper, Inc.		442
50	Potlatch Corporation		1,301
190	Weyerhaeuser Company		5,816
	Total Paper & Forest Products		19,348
	Personal Products – 0.1%
80	Alberto Culver Company		1,961
70	Avon Products, Inc.		1,682
10	Estee Lauder Companies Inc., Class A		310
20	NBTY Inc., (2)		313
50	Nutri System Inc.		730
	Total Personal Products		4,996
	Pharmaceuticals – 5.4%
330	Abbott Laboratories		17,612
90	Akorn, Inc., (2)		207
30	Alexion Pharmaceuticals Inc., (2)		1,086
40	Allergan, Inc.		1,613
10	AMAG Pharmaceuticals Inc., (2)		359
50	BioMarin Pharmaceutical Inc., (2)		890
30	BMP Sunstone Corporation, (2)		167
280	Bristol-Myers Squibb Company		6,510
20	Cubist Pharmaceuticals Inc., (2)		483
20	CV Therapeutics Inc., (2)		184
80	Durect Corporation, (2)		271
610	Eli Lilly and Company		24,565
50	Endo Pharmaceuticals Holdings Inc., (2)		1,294
40	Forest Laboratories, Inc., (2)		1,019
1,170	Johnson & Johnson		70,001
130	Medarex Inc., (2)		725
1,240	Merck & Co. Inc.		37,696
260	Mylan Laboratories Inc., (2)		2,571
70	Noven Pharmaceuticals Inc., (2)		770

34

Shares	Description (1)	Value
	Pharmaceuticals (continued)
220	OSI Pharmaceuticals, Inc., (2)	$	8,591
240	Pain Therapeutics, Inc., (2)		1,421
4,130	Pfizer Inc.		73,142
100	Salix Pharmaceuticals Limited, (2)		883
240	Schering-Plough Corporation		4,087
40	United Therapeutics Corporation, (2)		2,502
90	Valeant Pharmaceuticals International, (2)		2,061
70	Vivus, Inc., (2)		372
80	Watson Pharmaceuticals Inc., (2)		2,126
530	Wyeth		19,880
30	Xenoport, Inc., (2)		752
	Total Pharmaceuticals		283,840
	Real Estate – 2.1%
30	Acadia Realty Trust		428
10	Alexandria Real Estate Equities Inc.		603
50	AMB Property Corp.		1,171
40	American Campus Communities Inc.		819
20	American Public Education Inc., (2)		744
580	Annaly Capital Management Inc.		9,205
45	Apartment Investment & Management Company, Class A		520
10	AvalonBay Communities, Inc.		606
70	BioMed Realty Trust Inc.		820
50	Boston Properties, Inc.		2,750
120	Brandywine Realty Trust		925
110	Cedar Shopping Centers Inc.		779
170	Colonial Properties Trust		1,416
30	Corporate Office Properties		921
50	Cousins Properties, Inc.		693
180	DCT Industrial Trust Inc.		911
70	Developers Diversified Realty Corporation		342
290	DiamondRock Hospitality Company		1,470
90	Douglas Emmett Inc.		1,175
70	Duke Realty Corporation		767
70	Dupont Fabros Technology Inc.		145
30	EastGroup Properties Inc.		1,067
100	Entertainment Properties Trust		2,980
60	Equity Lifestyles Properties Inc.		2,302
90	Equity Residential		2,684
80	Extra Space Storage Inc.		826
20	Federal Realty Investment Trust		1,242
40	FelCor Lodging Trust Inc.		74
50	First Industrial Realty Trust, Inc.		378
50	General Growth Properties Inc.		65

35

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Real Estate (continued)
50	Glimcher Realty Trust	$	141
90	Health Care Property Investors Inc.		2,499
40	Health Care REIT, Inc.		1,688
120	Healthcare Realty Trust, Inc.		2,818
50	Highwoods Properties, Inc.		1,368
30	Home Properties New York, Inc.		1,218
70	Hospitality Properties Trust		1,041
410	Host Hotels & Resorts Inc.		3,104
200	Inland Real Estate Corporation		2,596
40	Kilroy Realty Corporation		1,338
50	Kimco Realty Corporation		914
130	LaSalle Hotel Properties		1,437
40	Liberty Property Trust		913
20	Macerich Company		363
40	Mack-Cali Realty Corporation		980
650	MFA Mortgage Investments, Inc.		3,829
30	Mid-America Apartment Communities		1,115
260	National Retail Properties, Inc.		4,469
60	Nationwide Health Properties, Inc.		1,723
120	Northstar Realty Finance Corporation		469
80	Omega Healthcare Investors Inc.		1,278
30	Penn Real Estate Investment Trust		224
60	Plum Creek Timber Company		2,084
40	Post Properties, Inc.		660
130	ProLogis		1,806
10	PS Business Parks Inc.		447
30	Public Storage, Inc.		2,385
60	Rayonier Inc.		1,881
100	Realty Income Corporation		2,315
90	Redwood Trust Inc.		1,342
10	Regency Centers Corporation		467
100	Senior Housing Properties Trust		1,792
50	Simon Property Group, Inc.		2,657
20	SL Green Realty Corporation		518
90	Sovran Self Storage Inc.		3,240
90	Strategic Hotels & Resorts Inc.		151
70	Sunstone Hotel Investors Inc.		433
40	Tanger Factory Outlet Centers		1,505
30	Taubman Centers Inc.		764
160	Urstadt Biddle Properties Inc.		2,549
210	U-Store-It Trust		935
90	Ventas Inc.		3,021

36

Shares	Description (1)	Value
	Real Estate (continued)
50	Vornado Realty Trust	$	3,018
130	Washington Real Estate Investment Trust		3,679
	Total Real Estate		112,002
	Real Estate Management & Development – 0.1%
100	CB Richard Ellis Group, Inc., Class A, (2)		432
60	Forest City Enterprises, Inc.		402
210	Forestar Real Estate Group Inc., (2)		1,999
10	Jones Lang LaSalle Inc.		277
20	Move, Inc., (2)		32
20	St Joe Company, (2)		486
	Total Real Estate Management & Development		3,628
	Road & Rail – 1.1%
10	AMERCO, (2)		345
170	Arkansas Best Corporation		5,119
180	Burlington Northern Santa Fe Corporation		13,628
50	Con-Way, Inc.		1,330
250	CSX Corporation		8,118
120	Dollas Thrifty Automotive Group Inc., (2)		131
150	Heartland Express, Inc.		2,364
90	Kansas City Southern Industries, (2)		1,715
30	Landstar System		1,153
250	Norfolk Southern Corporation		11,763
160	Old Dominion Frght Line, (2)		4,554
130	Union Pacific Corporation		6,214
190	Werner Enterprises, Inc.		3,295
80	YRC Worldwide Inc., (2)		230
	Total Road & Rail		59,959
	Semiconductors & Equipment – 1.7%
40	Advanced Analogic, (2)		121
90	Amkor Technology Inc., (2)		196
70	Anadigics Inc., (2)		104
80	Analog Devices, Inc.		1,522
210	Applied Materials, Inc.		2,127
180	Atheros Communications, Inc., (2)		2,576
40	ATMI Inc., (2)		617
170	Axcelis Technologies Inc., (2)		87
100	Broadcom Corporation, Class A, (2)		1,697
160	Brooks Automation Inc., (2)		930
30	Cabot Microelectronics Corporation, (2)		782
30	Cavium Networks, Inc., (2)		315
60	Cohu Inc.		729
30	Cree, Inc., (2)		476
70	Cymer, Inc., (2)		1,534
30	Diodes Inc., (2)		182

37

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Semiconductors & Equipment (continued)
210	EMCORE Corporation, (2)	$	273
100	Entegris Inc., (2)		219
10	FormFactor Inc., (2)		146
10	Hittite Microwave Corporation, (2)		295
2,010	Intel Corporation		29,467
150	IXYS Corporation		1,239
40	KLA-Tencor Corporation		872
190	Kulicke & Soffa Industries Inc., (2)		323
160	Lam Research Corporation, (2)		3,405
50	Linear Technology Corporation		1,106
120	Marvell Technology Group Ltd., (2)		800
30	Microchip Technology Incorporated		586
250	Microsemi Corporation, (2)		3,160
30	Monolithic Power Systems, Inc., (2)		378
210	National Semiconductor Corporation		2,115
120	Novellus Systems, Inc., (2)		1,481
550	NVIDIA Corporation, (2)		4,439
140	ON Semiconductor Corporation, (2)		476
40	Pericom Semiconductor Corporation, (2)		219
840	PMC-Sierra, Inc., (2)		4,082
40	Power Integrations Inc.		795
110	RF Micro Devices, Inc., (2)		86
70	Rubicon Technology Inc., (2)		298
60	Semtech Corporation, (2)		676
20	Sigma Designs, Inc., (2)		190
80	Silicon Laboratories Inc., (2)		1,982
390	Silicon Storage Technology Inc., (2)		893
60	SiRF Technology Holdings, Inc., (2)		77
250	Skyworks Solutions Inc., (2)		1,385
20	Supertex Inc., (2)		480
200	Techwell, Inc., (2)		1,300
540	Texas Instruments Incorporated		8,381
70	Trident Microsystems Inc., (2)		132
130	Volterra Semiconductor Corporation, (2)		930
70	Xilinx, Inc.		1,247
	Total Semiconductors & Equipment		87,928
	Software – 2.1%
90	ACI Worldwide, Inc., (2)		1,431
70	Adobe Systems Incorporated, (2)		1,490
20	Advent Software Inc., (2)		399
70	Amdocs Limited, (2)		1,280
30	Ansys Inc., (2)		837
60	Blackbaud, Inc.		810

38

Shares	Description (1)	Value
	Software (continued)
30	Blackboard, Inc., (2)	$	787
50	BMC Software, Inc., (2)		1,346
20	CA Inc.		371
20	Citrix Systems, (2)		471
120	Compuware Corporation, (2)		810
80	Concur Technologies, Inc., (2)		2,626
30	Electronic Arts Inc. (EA), (2)		481
20	Falconstore Software, Inc., (2)		56
180	Henry Jack and Associates Inc.		3,494
180	Informatica Corporation, (2)		2,471
80	Intuit Inc., (2)		1,903
540	Lawson Software, Inc., (2)		2,560
30	ManTech International Corporation, Class A, (2)		1,626
110	Micros Systems, Inc., (2)		1,795
2,160	Microsoft Corporation		41,990
100	Net 1 Ueps Technologies, Inc., (2)		1,370
100	NetScout Systems, Inc., (2)		862
230	Nuance Communications, Inc., (2)		2,383
500	Oracle Corporation, (2)		8,865
140	Parametric Technology Corporation, (2)		1,771
140	Progress Software Corporation, (2)		2,696
220	Quest Software Inc., (2)		2,770
80	Radiant Systems, Inc., (2)		270
260	RealNetworks Inc., (2)		918
90	Red Hat, Inc., (2)		1,190
20	Salesforce.com, Inc., (2)		640
70	Solera Holdings Inc., (2)		1,687
150	Sybase, Inc., (2)		3,716
540	Symantec Corporation, (2)		7,301
40	THQ, Inc., (2)		168
220	Tibco Software Inc., (2)		1,142
40	Ultimate Software Group, Inc., (2)		584
170	VeriSign, Inc., (2)		3,244
110	Vignette Corporation, (2)		1,035
	Total Software		111,646
	Specialty Retail – 2.0%
20	Abercrombie & Fitch Co., Class A		461
140	Aeropostale, Inc., (2)		2,254
140	American Eagle Outfitters, Inc.		1,310
140	Bed Bath and Beyond Inc., (2)		3,559
340	Best Buy Co., Inc.		9,557
70	Borders Group, Inc.		28
15	Buckle Inc.		327

39

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Specialty Retail (continued)
30	Chico’s FAS, Inc., (2)	$	125
200	Christopher & Banks Corporation		1,120
170	Circuit City Stores, Inc., (2)		22
10	Citi Trends, Inc., (2)		147
350	Foot Locker, Inc.		2,569
60	GameStop Corporation, (2)		1,300
220	Gap, Inc.		2,946
70	Genesco Inc., (2)		1,184
50	Group 1 Automotive Inc.		539
170	Gymboree Corporation, (2)		4,435
1,140	Home Depot, Inc.		26,243
20	J. Crew Group Inc., (2)		244
1,040	Lowe’s Companies, Inc.		22,381
230	Mens Wearhouse Inc.		3,114
30	Monro Muffler Brake, Inc.		765
100	NetFlix.com Inc., (2)		2,989
150	Office Depot, Inc., (2)		447
50	RadioShack Corporation		597
150	Regis Corporation		2,180
130	Rent-A-Center Inc., (2)		2,295
50	Ross Stores, Inc.		1,487
30	Sally Beauty Holdings Inc., (2)		171
30	Sherwin-Williams Company		1,793
240	Staples, Inc.		4,300
200	TJX Companies, Inc.		4,113
40	Tractor Supply Company, (2)		1,445
30	Tween Brands Inc., (2)		129
80	Williams-Sonoma Inc.		628
110	Zale Corporation, (2)		365
	Total Specialty Retail		107,569
	Textiles, Apparel & Luxury Goods – 0.4%
300	bebe stores, inc.		2,240
110	Brown Shoe Inc.		931
20	Carter’s Inc., (2)		384
90	Coach, Inc., (2)		1,868
20	Colective Brands Inc., (2)		233
140	Hanesbrands Inc., (2)		1,784
430	Jones Apparel Group, Inc.		2,519
130	K Swiss, Inc.		1,481
410	Liz Claiborne, Inc.		1,065
20	Lululemon Athletica Inc., (2)		158
80	Nike, Inc., Class B		4,079
70	Perry Ellis International, Inc., (2)		443

40

Shares	Description (1)	Value
	Textiles, Apparel & Luxury Goods (continued)
30	Phillips-Van Heusen Corporation	$	603
30	Steven Madden Limited, (2)		639
90	Under Armour, Inc., (2)		2,145
10	UniFirst Corporation		296
10	Warnaco Group, Inc., (2)		195
	Total Textiles, Apparel & Luxury Goods		21,063
	Thrifts & Mortgage Finance – 0.6%
220	Beneficial Mutual Bancorp Inc., (2)		2,474
270	Dime Community Bancshares, Inc.		3,590
80	Federal Agricultural Mortgage Corporation		279
170	Federal Home Loan Mortgage Corporation		123
310	Federal National Mortgage Association		235
160	First Niagara Financial Group Inc.		2,586
80	Flushing Financial Corporation		956
290	Hudson City Bancorp, Inc.		4,627
380	NewAlliance BancShares Inv		5,004
30	Northwest Bancorp, Inc.		640
170	People’s United Financial, Inc.		3,030
1,320	PMI Group Inc.		2,573
170	Provident Financial Services Inc.		2,600
40	Provident New York Bancorp.		495
10	Sovereign Bancorp, Inc., (2)		29
240	TFS Financial Corporation		3,095
120	Washington Federal Inc.		1,794
420	Washington Mutual, Inc.		8
	Total Thrifts & Mortgage Finance		34,138
	Tobacco – 1.1%
220	Alliance One International, Inc., (2)		646
2,230	Altria Group, Inc.		33,583
160	Philip Morris International		6,961
250	Reynolds American Inc.		10,077
40	Universal Corporation		1,194
60	UST Inc.		4,162
	Total Tobacco		56,623
	Trading Companies & Distributors – 0.2%
10	Beacon Roofing Supply Company, (2)		138
50	Kaman Corporation		906
200	Odyssey Marine Exploration Inc., (2)		643
180	TransDigm Group Incorporated, (2)		6,042
70	United Rentals Inc., (2)		637
20	WESCO International Inc., (2)		384
	Total Trading Companies & Distributors		8,750

41

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Transportation Infrastructure – 0.0%
530	Hackett Group, Inc., (2)	$	1,547
	Water Utilities – 0.0%
20	SJW Corporation		598
	Wireless Telecommunication Services – 0.2%
70	American Tower Corporation, (2)		2,051
290	Crown Castle International Corporation, (2)		5,097
400	ICO Global Communications, (2)		451
60	NII Holdings Inc., Class B, (2)		1,090
100	PAETEC Holdings Inc., (2)		143
10	SBA Communications Corporation, (2)		162
30	Syniverse Holdings Inc., (2)		357
20	Telephone and Data Systems Inc.		634
10	United States Cellular Corporation, (2)		431
	Total Wireless Telecommunication Services		10,416
	Total Common Stocks (cost $7,364,390)		5,099,703

Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 3.9%
$	206	Repurchase Agreement with State Street Bank, dated 12/31/08, repurchase price $206,005, collateralized by $215,000 U.S. Treasury Bills, 0.000%, due 7/30/09, value $214,635	0.010%	1/02/09	$	206,005
		Total Short-Term Investments (cost $206,005)				206,005
		Total Investments (cost $7,570,395) – 100.5%				5,305,708
		Other Assets Less Liabilities – (0.5)%				(28,773)
		Net Assets – 100%			$	5,276,935

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

(2) Non-income producing.

ADR American Depositary Receipt.

DD Investment purchased on a delayed delivery basis.

See accompanying notes to financial statements.

42

Statement of Assets and Liabilities (Unaudited)

December 31, 2008

Assets
Investments, at value (cost $7,570,395)	$	5,305,708
Receivable for dividends		11,614
Total assets		5,317,322
Liabilities
Cash overdraft		2,234
Payable for investments purchased		154
Accrued expenses:
Management fees		12,512
Other		25,487
Total liabilities		40,387
Net assets	$	5,276,935
Shares outstanding		379,148
Net asset value per share	$	13.92
Net Assets Consist of:
Capital paid-in	$	7,523,977
Undistributed (Over-distribution of) net investment income		16,607
Accumulated net realized gain (loss) from investments		1,038
Net unrealized appreciation (depreciation) of investments		(2,264,687	)
Net assets	$	5,276,935

See accompanying notes to financial statements.

43

Statement of Operations (Unaudited)

For the Period July 1, 2008 (commencement of operations) through December 31, 2008

Investment Income	$	56,677
Expenses
Management fees		10,468
Shareholders’ servicing agent fees and expenses		61
Custodian’s fees and expenses		28,592
Trustees’ fees and expenses		52
Professional fees		3,819
Shareholders’ reports – printing and mailing expenses		7,580
Federal and state registration fees		52
Other expenses		207
Total expenses before custodian fee credit and expense reimbursement		50,831
Custodian fee credit		(118	)
Expense reimbursement		(35,629	)
Net expenses		15,084
Net investment income		41,593
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		1,038
Net unrealized appreciation (depreciation) of investments		(2,264,687	)
Net realized and unrealized gain (loss)		(2,263,649	)
Net increase (decrease) in net assets from operations	$	(2,222,056	)

See accompanying notes to financial statements.

44

Statement of Changes in Net Assets (Unaudited)

For the Period July 1, 2008 (commencement of operations) through December 31, 2008

Operations
Net investment income	$	41,593
Net realized gain (loss) from investments		1,038
Net unrealized appreciation (depreciation) of investments		(2,264,687	)
Net increase (decrease) in net assets from operations		(2,222,056	)
Distributions to Shareholders
From net investment income		(24,986	)
Decrease in net assets from distributions to shareholders		(24,986	)
Fund Share Transactions
Proceeds from sale of shares		7,623,977
Cost of shares redeemed		(100,000	)
Net increase (decrease) in net assets from Fund share transactions		7,523,977
Net increase (decrease) in net assets		5,276,935
Net assets at the beginning of period		—
Net assets at the end of period	$	5,276,935
Undistributed (Over-distribution of) net investment income at the end of period	$	16,607

See accompanying notes to financial statements.

45

Notes to Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

The Nuveen Investment Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen U.S. Equity Completeness Fund, (“the Fund”), among others. The Trust was organized as a Massachusetts business trust in 1997.

The Fund’s only investors are expected to be the Nuveen Conservative Allocation Fund, Nuveen Moderate Allocation Fund and Nuveen Growth Allocation Fund (collectively, the “Allocation Funds”), which are advised by Nuveen Asset Management (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), and sub-advised by Richards & Tierney, Inc. also a subsidiary of Nuveen.

The Fund ordinarily invests at least 80% of its net assets in U.S. equity securities in an attempt to provide capital appreciation and to enhance the risk/return profile of the U.S. equity portion of the Allocation Funds.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements in accordance with accounting principles generally accepted in the United States.

Investment Valuation

Exchange-listed securities are generally valued at the last sales price on the securities exchange on which such securities are primarily traded. Securities traded on a securities exchange for which there are no transactions on a given day or securities not listed on a securities exchange are valued at the mean of the closing bid and asked prices. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. When market price quotes are not readily available, the pricing service or, in the absence of a pricing service for a particular investment, the Board of Trustees of the Fund, or its designee, may establish fair value using a wide variety of market data including yields or prices of investments of comparable quality, type of issue, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. Short-term investments are valued at amortized cost, which approximates value.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method. Investments purchased on a delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Fund has instructed the custodian to segregate assets with a current value at least equal to the amount of the delayed delivery purchase commitments. At December 31, 2008, the Fund had outstanding delayed delivery purchase commitments of $154.

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income is recorded on an accrual basis.

Income Taxes

The 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. Net realized capital gains and ordinary income distributions paid by the Fund are subject to federal taxation.

For all open tax years and all major taxing jurisdictions, management of the Fund 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). Further, management of the Fund 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

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 accounting principles generally accepted in the United States.

Dividends from net investment income and 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.

Sales Charge Program

The Fund’s Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Derivative Financial Instruments

The Fund is authorized to invest in certain derivative financial instruments, including forwards, futures, options and swap contracts. Although the Fund is authorized to invest in such financial instruments, and may do so in the future, it did not make any such investments during the period July 1, 2008 (commencement of operations) through December 31, 2008.

46

Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the seller defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

Custodian Fee Credit

The Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on the Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which the Fund overdraws its account at the custodian bank.

Indemnifications

Under the Trust’s organizational documents, its Officers and Trustees 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 accounting principles generally accepted in the United States 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

During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No.157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the Fund’s fair value measurements as of December 31, 2008:

	Level 1		Level 2		Level 3		Total
Investments	$	5,305,677	$	31	$	—	$	5,305,708

3. Fund Shares

Transactions in Fund shares were as follows:

	For the Period 7/01/08 (commencement of operations) through 12/31/08
	Shares		Amount
Shares sold	384,419		$	7,623,977
Shares redeemed	(5,271	)		(100,000	)
Net increase (decrease)	379,148		$	7,523,977

4. Investment Transactions

Purchases and sales (excluding short-term investments) during the period July 1, 2008 (commencement of operations) through December 31, 2008, aggregated $7,425,042 and $14,965, respectively.

47

Notes to Financial Statements (Unaudited)(continued)

5. Income Tax Information

The following information is determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States.

At December 31, 2008, the cost of investments was $7,570,395.

Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2008, were as follows:

Gross unrealized:
Appreciation	$	31,804
Depreciation		(2,296,491	)
Net unrealized appreciation (depreciation) of investments	$	(2,264,687	)

6. Management Fees and Other Transactions with Affiliates

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

The annual fund-level fee for the Fund, payable monthly, is .35%.

The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as stated in the following table. As of December 31, 2008, the complex-level fee rate was .2000%.

The complex-level fee schedule is as follows:

Complex-Level Asset Breakpoint Level (1)	Effective Rate at Breakpoint Level
$55 billion	.2000	%
$56 billion	.1996
$57 billion	.1989
$60 billion	.1961
$63 billion	.1931
$66 billion	.1900
$71 billion	.1851
$76 billion	.1806
$80 billion	.1773
$91 billion	.1691
$125 billion	.1599
$200 billion	.1505
$250 billion	.1469
$300 billion	.1445

(1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily net assets of all Nuveen funds, with such daily net assets to include assets attributable to preferred stock issued by or borrowings by such funds but to exclude assets attributable to investments in other Nuveen funds.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser has entered into a Sub-Advisory Agreement with Nuveen Hyde Park Group, LLC (“HydePark”), a subsidiary of Nuveen, under which HydePark manages the investment portfolio of the Fund. HydePark is compensated for its services to the Fund from the management fee paid to the Adviser.

The Adviser has committed to waive fees and reimburse expenses of the Fund through October 31, 2011, so that total annual Fund operating expenses (excluding interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed .80% (1.05% after October 31, 2011) of the average daily net assets of the Fund. The Adviser may also voluntarily reimburse additional expenses from time to time. Voluntary reimbursements may be terminated at any time at the Adviser’s discretion.

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

At December 31, 2008, Nuveen owned 1,250 shares of the Fund.

48

7. New Accounting Pronouncement

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161 (SFAS No. 161)

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities.” This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to understand: a) how and why a fund uses derivative instruments, b) how derivative instruments and related hedge items are accounted for, and c) how derivative instruments and related hedge items affect a fund’s financial position, results of operations and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. As of December 31, 2008, management does not believe the adoption of SFAS No. 161 will impact the financial statement amounts; however, additional footnote disclosures may be required about the use of derivative instruments and hedging items.

49

Financial Highlights (Unaudited)

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions												Ratios/Supplemental Data
																									Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains		Total			Ending Net Asset Value		Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income		Expenses		Net Invest- ment Income		Expenses		Net Invest- ment Income		Portfolio Turnover Rate
2008(e)	$	20.00	$	.17	$	(6.18	)	$	(6.01	)	$	(.07	)	$	—	$	(.07	)	$	13.92	(30.06	)%	$	5,277	2.65	%*	.30	%*	.79	%*	2.16	%*	.79	%*	2.17	%*	—	%

* Annualized.

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

(b) Total return is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total return is not annualized.

(c) After expense reimbursement from the Adviser.

(d) After custodian fee credit and expense reimbursement.

(e) For the period July 1, 2008 (commencement of operations) through December 31, 2008.

See accompanying notes to financial statements.

50

Annual Investment Management Agreement Approval Process

The Board of Trustees of the Fund (the “Board”, and each Trustee, a “Board Member”) is responsible for approving advisory arrangements and, at a meeting held on April 23, 2008 (the “Meeting”), was asked to approve the advisory arrangements on behalf of the Fund. At the Meeting, the Board Members, including the Board Members who are not parties to the advisory agreements or “interested persons” of any parties (the “Independent Board Members”), unanimously approved the investment management agreement (the “Investment Management Agreement”) between the Fund and Nuveen Asset Management (“NAM”) and the investment sub-advisory agreement (the “Sub-Advisory Agreement”) between NAM and Nuveen HydePark Group, LLC (“HydePark” or the “Sub-Adviser”) on behalf of the Fund. The Sub-Adviser and NAM are each hereafter a “Fund Adviser.”

To assist the Board in its evaluation of an advisory contract with a Fund Adviser at the Meeting, the Independent Board Members had received, in adequate time in advance of the Meeting or at prior meetings, materials which outlined, among other things:

• the nature, extent and quality of services expected to be provided by the Fund Adviser;

• the organization of the Fund Adviser, including the responsibilities of various departments and key personnel;

• the expertise and background of the Fund Adviser with respect to the Fund’s investment strategy;

• the profitability of Nuveen Investments, Inc. (“Nuveen”) (which incorporated Nuveen’s wholly-owned subsidiaries other than HydePark for periods prior to its acquisition on April 30, 2007);

• the proposed management fees of the Fund Adviser;

• the expected expenses of the Fund; and

• the soft dollar practices of the Fund Adviser, if any.

At the Meeting, NAM made a presentation to and responded to questions from the Board. During the Meeting, the Independent Board Members also met privately with their legal counsel to review the Board’s duties under the Investment Company Act of 1940 (the “1940 Act”), the general principles of state law in reviewing and approving advisory contracts, the standards used by courts in determining whether investment company boards of directors have fulfilled their duties, factors to be considered in voting on advisory contracts and an adviser’s fiduciary duty with respect to advisory agreements and compensation. It is with this background that the Independent Board Members considered the advisory agreement and sub-advisory agreement with the respective Fund Adviser for the Fund. As outlined in more detail below, the Independent Board Members considered all factors they believed relevant with respect to the Fund, including the following: (a) the nature, extent and quality of the services to be provided by the Fund Adviser; (b) the profitability of Nuveen and its affiliates; (c) the extent to which economies of scale would be realized as the Fund grows; and (d) whether fee levels reflect these economies of scale for the benefit of Fund investors.

A. The Nature, Extent and Quality of Services

In reviewing the Fund Advisers, the Independent Board Members considered the nature, extent and quality of the respective Fund Adviser’s services. As NAM already serves as adviser to other Nuveen funds overseen by the Independent Board Members, the Board has a good understanding of such Fund Adviser’s organization, operations and personnel. As the Independent Board Members meet regularly throughout the year to oversee the Nuveen funds, including funds currently advised by NAM, the Board Members have relied upon their knowledge from their meetings and any other interactions throughout the year of NAM and its services in evaluating the Investment Management Agreement. In addition, HydePark also serves as a sub-adviser to other Nuveen funds; however, HydePark was acquired by Nuveen in April 2007 and is therefore a relatively new sub-adviser for the Nuveen complex.

At the Meeting and at prior meetings, the Independent Board Members reviewed materials outlining, among other things, the respective Fund Adviser’s organization and business; the types of services that each such Fund Adviser or its affiliates provide to the Nuveen funds and are expected to provide to the Fund; and the experience of the respective Fund Adviser with applicable investment strategies. The Board Members further evaluated the professional experience, qualifications and credentials of the Fund Adviser’s personnel.

In addition to advisory services, the Independent Board Members considered the quality of any administrative or non-advisory services to be provided. In this regard, NAM is expected to provide the Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by others for the Fund) and officers and other personnel as are necessary for the operations of the Fund. In addition to investment management services, NAM and its affiliates will provide the Fund with a wide range of services, including, among other things: product management; preparing shareholder reports; providing daily accounting; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; providing legal support (such as helping to prepare registration statements, amendments thereto and proxy statements and responding to regulatory inquiries); and performing other fund administrative tasks necessary for the operation of the Fund (such as tax reporting and fulfilling regulatory filing requirements, compliance functions and monitoring and overseeing any sub-adviser). With respect to evaluating the services of the Sub-Adviser, the Independent Board Members noted that the Sub-Advisory Agreement was essentially an agreement for portfolio management services only and the Sub-Adviser was not expected to supply other significant administrative services to the Fund.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services expected to be provided to the Fund under the Investment Management Agreement or Sub-Advisory Agreement, as applicable, were sufficient.

51

B. Investment Performance

The Fund is new and, at the time of the Meeting, had no prior performance record.

C. Fees, Expenses and Profitability

1. Fees and Expenses

In evaluating the management fees and expenses that the Fund was expected to bear, the Independent Board Members considered, among other things, the Fund’s proposed management fee structure, its sub-advisory fee arrangement and its expected expense ratios. The Independent Board Members also noted that the shares of the Fund are intended to be offered to other Nuveen funds (at the time of the Meeting, such shares were expected to be offered to the Nuveen Balanced Municipal and Stock Fund (proposed to be renamed the Nuveen Conservative Allocation Fund), the Nuveen Balanced Stock and Bond Fund (proposed to be renamed the Nuveen Moderate Allocation Fund) and the Nuveen Global Value Fund (proposed to be re-named the Nuveen Growth Allocation Fund) (collectively the “Nuveen Asset Allocation Funds”)). In light of the foregoing, the Independent Board Members recognized that the Nuveen Asset Allocation Funds investing in the Fund will also be advised by NAM and sub-advised by an affiliated person of NAM. Accordingly, in evaluating fees and expenses, the Independent Board Members took into consideration the advisory fees paid to NAM and the affiliated sub-adviser by the Nuveen Asset Allocation Funds. The Independent Board Members further noted that NAM agreed to waive fees and reimburse expenses through October 31, 2011 in order to prevent the Fund’s operating expenses (excluding taxes, interest expense, fees incurred in acquiring and disposing of portfolio securities, and extraordinary expenses) from exceeding 0.80% (1.05% after October 31, 2011) of the average daily net assets of the Fund’s shares, subject to possible further reduction as a result of reductions in the complex-level fee component of the management fee. The complex-wide breakpoint schedule was instituted in 2004 and is described in further detail in Section D below entitled “Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.”

2. Comparisons with the Fees of Other Clients

Due to their experience with other Nuveen funds, the Independent Board Members were familiar with the fees NAM assesses to other clients of Nuveen or its affiliates, including other Nuveen funds. In this regard, the Board considered the fees compared to other Nuveen funds advised by the same sub-adviser. Further, the Board recognized that there were no comparable unaffiliated investment companies available. In considering the advisory fees of the Sub-Adviser, the Board Members are familiar with the fees the Sub-Adviser charges for similar investment management services for other Nuveen funds and clients.

3. Profitability

In conjunction with its review of fees at prior meetings, the Independent Board Members have considered the profitability of Nuveen for advisory activities (which incorporated Nuveen’s wholly-owned subsidiaries, except profitability information prior to April 30, 2007 would not include HydePark as it was acquired at that time) and its financial condition. At the Meeting or prior meetings, the Independent Board Members reviewed Nuveen’s revenues, expenses and profitability margins for advisory activities (on both a pre-tax and after-tax basis) and the methodology used to determine profitability. The Independent Board Members have reviewed data comparing Nuveen’s profitability with other investment management companies prepared by three independent third party service providers as well as comparisons of the revenues, expenses and profit margins of various unaffiliated management firms with similar amounts of assets under management prepared by Nuveen.

In reviewing profitability, the Independent Board Members have recognized the inherent limitations in determining profitability as well as the difficulty in comparing the profitability of other unaffiliated advisers. The Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors, including the allocation of expenses. Further, the Independent Board Members have noted the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. The Independent Board Members further received the 2006 Annual Report for Nuveen Investments as well as its quarterly report ending September 30, 2007. As noted below, the Independent Board Members also recognized the recent changes to the complex-wide fee breakpoint schedule that went into effect August 20, 2007. Based on their review, the Board Members were satisfied that Nuveen’s level of profitability for its advisory activities was reasonable in light of the services to be provided.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other revenues paid to a Fund Adviser as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates are expected to receive that are directly attributable to their management of the Fund, if any. See Section E below for additional information. Based on their review of the overall fee arrangements of the Fund, the Independent Board Members determined that the advisory fees and expected expenses of the Fund were reasonable.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

Similar to other funds in the Nuveen complex, the management fee for the Fund is comprised of a fund-level component and a complex-level component. With respect to economies of scale, the Independent Board Members have recognized that breakpoints are one way to share the benefits of economies of scale with investors. In August 2004 (as modified in 2007), to help ensure shareholders share in these benefits, the Board approved a complex-level fee arrangement pursuant to which the complex-level

52

Annual Investment Management Agreement Approval Process (continued)

component is reduced as assets in the fund complex reach certain levels. With respect to the Fund, the advisory fee schedule does not contain fund-level breakpoints, however, the Fund’s complex-level component contains breakpoints which will reduce that portion of the fee as assets in the complex increase. In addition, the Independent Board Members noted that the assets of the Fund would not be “double-counted” at the Nuveen Asset Allocation Funds level for purposes of the complex-wide calculation as the management fees of such funds do not include a complex-level component. Based on their review, the Board Members concluded that the complex-level fee arrangement was acceptable in providing the benefits from economies of scale to shareholders.

E. Indirect Benefits

In evaluating fees, the Independent Board Members also considered any indirect benefits or profits the respective Fund Adviser or its affiliates may receive as a result of its relationship with the Fund. In this regard, the Independent Board Members considered whether the Fund Adviser will receive any benefits from soft dollar arrangements whereby a portion of the commissions paid by the Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Fund and other clients. With respect to NAM, the Independent Board Members noted that NAM does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating “commissions,” NAM intends to comply with the applicable safe harbor provisions. The Independent Board Members also considered the soft dollar arrangements of the Sub-Adviser and have noted that the Sub-Adviser may benefit from soft dollar arrangements pursuant to which it may receive research from brokers that execute the Fund’s portfolio transactions.

Based on their review, the Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Fund were reasonable and within acceptable parameters.

F. Approval

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including a majority of the Independent Board Members, concluded that the terms of the Investment Management Agreement and Sub-Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services to be provided to the Fund and that the Investment Management Agreement and Sub-Advisory Agreement should be and were approved on behalf of the Fund.

53

Notes

54

Notes

55

Glossary of Terms Used in this Report

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

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.

56

Fund Information

Fund Manager Nuveen Asset Management 333 West Wacker Drive Chicago, IL 60606   Sub-Adviser Nuveen HydePark Group, LLC 111 West Jackson Blvd. Suite 1411 Chicago, IL 60604 Legal Counsel Chapman and Cutler LLP Chicago, IL   Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL   Custodian State Street Bank & Trust Company Boston, MA Transfer Agent and Shareholder Services Boston Financial Data Services   Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787

Nuveen Funds’ 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, 2008, and (iii) a description of the policies and procedures that the Fund 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. Financial Industry Regulatory Authority also provides an investor brochure that includes information describing the Public Disclosure Program.

57

Learn more

about Nuveen Funds at

www.nuveen.com/mf

Nuveen Investments:

SERVING Investors

For GENERATIONS

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. Over this time, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility.

Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that can be integral parts of a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles.

We offer many different investing solutions for our clients’ different 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. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow. In total, the Company managed $134 billion of assets on September 30, 2008.

Find out how we can help you reach your financial goals.

An investor should carefully consider the Fund’s objectives, risks, charges and expenses before investing. For a prospectus containing this and other information about the Fund, please contact your financial advisor or Nuveen Investments at (800) 257-8787. Read the prospectus carefully before you invest or send money.

• Share prices

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MSA-COMP-1208D

NUVEEN INVESTMENTS MUTUAL FUNDS

Semi-Annual Report   December 31, 2008   For investors seeking long-term
capital appreciation.

Nuveen Investments

Equity Funds

Nuveen Enhanced Core Equity Plus Fund

NOW YOU CAN RECEIVE YOUR

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OR

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if you get your Nuveen Investments Fund dividends and statements directly from Nuveen Investments.

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

Dear Shareholders,

I write this letter in a time of great uncertainty about the current state of the U.S. financial system and pessimism about the future of the global economy. Many have observed that the conditions that led to the crisis have built up over time and will complicate the course of recovery. At the same time, government officials in the U.S. and abroad have been quick to implement a wide range of programs to restore stability to the financial system and encourage economic recovery. History teaches us that these efforts will moderate the extent of the downturn and hasten the inevitable recovery, even though it is hard to appreciate that outcome in the current environment.

As you will read in the attached report, the continuing financial and economic problems are weighing heavily on asset values, and unfortunately the performance of your Nuveen Fund has been similarly affected. However, in the face of market conditions that are extraordinarily difficult, the Nuveen organization is dedicated to preserving long term investment values for your Fund. It has re-examined and in some cases re-focused its investment and risk management disciplines to assure that they can uncover the new opportunities and anticipate the new risks that are being presented by the market dislocation.

In addition to the financial statements, I hope that you will carefully review the Portfolio Managers’ Comments and the Fund Spotlight sections of this report. They highlight the managers’ pursuit of investment strategies that depend on well researched securities, diversified portfolio holdings and continuous risk management to achieve your Fund’s investment goals. The Board believes that a focus on long term investment goals provide the basis for successful investment over time and we deeply appreciate your patience and continued support as your Fund is managed through this trying period.

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

Sincerely,

Robert P. Bremner

Chairman of the Board

February 23, 2009

Robert P. Bremner

Chairman of the Board

Semi-Annual Report    Page 1

Portfolio Managers’ Comments

The Nuveen Enhanced Core Equity Plus Fund features management by Nuveen HydePark Group, LLC (HydePark), an affiliate of Nuveen Investments, Inc. The Fund is co-managed by David Tierney, PhD, Senior Managing Director and Chief Investment Officer of HydePark, John Gambla, CFA, and Rob Guttschow, CFA. We recently spoke with David Tierney about the key investment strategies and performance of the Fund for the period since the Fund’s inception through December 31, 2008.

How did the Fund perform during the period since inception through December 31, 2008?

The table on page three provides performance information for the Fund (Class A Shares at net asset value) for the since inception period ended December 31, 2008. The table also compares the Fund’s performance to the appropriate benchmark.

What strategies were used to manage the Fund during the reporting period?

The Nuveen Enhanced Core Equity Plus Fund may invest in long positions of equity securities up to 130% of its assets, and may hold short positions in equities up to 30% of its assets. The proprietary risk-controlled HydePark wealth creation model was used to manage the Fund since its inception. This model utilizes both fundamental and momentum-related criteria to create a portfolio designed to maximize the reward-to-risk ratio.

Our investment process is a combination of traditional fundamental security valuation and quantitative risk-control techniques. The philosophy that underlies our value-added process is that a stock’s price must follow the wealth creation fundamentals of the company. A stock’s weight in the portfolio is directly related to its wealth creation fundamentals. Our process has five “wealth creation” factors. Four are fundamentally oriented; two traditional measures of revenues in excess of expenses (specifically, earnings and cash flow), and two traditional measures of the uses for those excess monies (book value and dividends). The fifth factor is a proprietary measure of stock price momentum. Importantly, the process also considers a stock’s liquidity. Due to the quantitative, model-driven process, top-down macroeconomic “themes” do not influence the model nor how we select stocks for the Fund.

The model evaluates all the securities contained in the benchmark portfolio (S&P 500 Index) for possible inclusion in the portfolio. The process will not consider a stock for possible inclusion if it is not contained in the respective benchmark portfolio.

This process produces well-diversified, efficient portfolios that perform within a specific, narrow tracking range (the degree of difference) versus the stated benchmark. The portfolio typically contains a large number of holdings with each relative weighting reflecting the five-dimensional view of that stock’s wealth creation characteristics: cheap earnings, cheap cash flow, cheap book value, cheap dividends and momentum. The portfolio is monitored daily with major rebalances occurring quarterly.

How did these strategies influence performance?

From the period since the Fund’s inception, December 29, 2008, we have been in the initial invest up phase. As a result, the performance reflects an extremely limited time frame.

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 Fund disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Semi-Annual Report    Page 2

Class A Shares—

Cumulative Total Returns as of 12/31/08

	Since inception (12/29/2008)
Nuveen Enhanced Core Equity Plus Fund A Shares at NAV	3.55%
A Shares at Offer	-2.40%
Lipper Extended U.S. Large-Cap Core Funds Index1	4.15%
S&P 500 Index2	3.91%

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. Returns less than one year are cumulative. Current performance may be higher or lower than the performance shown. Class A Shares have a 5.75% maximum sales charge. 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. For the most recent month-end performance, visit www.nuveen.com or call (800) 257-8787.

Please see the Fund’s Spotlight Page for more complete performance data and expense ratios.

1 The Lipper Extended U.S. Large-Cap Core Funds Index is a managed index that represents the average annualized returns of all funds in the Lipper Extended U.S. Large-Cap Core Funds category. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in an index.

2 The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. The index returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in an index.

Semi-Annual Report    Page 3

Fund Spotlight as of 12/31/08Nuveen Enhanced Core Equity Plus Fund

Quick Facts
	A Shares	C Shares	R3 Shares	I Shares
NAV	$20.71	$20.71	$20.71	$20.71
Inception Date	12/29/08	12/29/08	12/29/08	12/29/08

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. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 5.75% 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 twelve 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 to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Cumulative Total Returns as of 12/31/08
A Shares	NAV	Offer
Since Inception	3.55%	-2.40%
C Shares	NAV	w/CDSC
Since Inception	3.55%	2.55%
R3 Shares	NAV
Since Inception	3.55%
I Shares	NAV
Since Inception	3.55%

Top Five Common Stock Holdings1
Exxon Mobil Corporation	4.2%
Chevron Corporation	2.4%
AT&T Inc.	2.0%
Procter & Gamble Company	1.5%
Pfizer Inc.	1.5%

Portfolio Allocation¹

Portfolio Statistics
Net Assets ($000)	$3,624
Number of Common Stocks2	181

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.72%	1.59%	12/29/08
Class C	2.47%	2.34%	12/29/08
Class R3	1.97%	1.84%	12/29/08
Class I	1.47%	1.34%	12/29/08

The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses, and are based on an estimated $50 million average net asset size for the Fund’s first full fiscal year. The Net Expense Ratios reflect a contractual commitment by the Fund’s investment adviser to waive fees and reimburse expenses through November 30, 2011. Absent the waiver and reimbursement, the Net Expense Ratios would be higher and total returns would be less.

These expense ratios may vary from the expense ratios shown elsewhere in this report.

1 As a percentage of total investments (excluding common stocks sold short) as of December 31, 2008. Holdings are subject to change.

2 Excluding common stocks sold short.

Semi-Annual Report    Page 4

Fund Spotlight as of 12/31/08 Nuveen Enhanced Core Equity Plus Fund

Industries1
Oil, Gas & Consumable Fuels	10.4%
Commercial Banks	5.0%
Pharmaceuticals	4.8%
Diversified Telecommunication Services	3.5%
Electric Utilities	2.1%
Household Products	2.0%
Food & Staples Retailing	1.9%
Industrial Conglomerates	1.7%
Tobacco	1.6%
Short-Term Investments	48.0%
Other	19.0%

1 As a percentage of total investments (excluding common stocks sold short) as of December 31, 2008. Holdings are subject to change.

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including front and back end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Since the expense examples below reflect only the first 3 days of the Fund’s operations they may not provide a meaningful understanding of the Fund’s ongoing expenses.

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

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front and back end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.

									Hypothetical Performance
	Actual Performance								(5% return before expenses)
	A Shares		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (12/29/08)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (12/31/08)	$	1,035.50	$	1,035.50	$	1,035.50	$	1,035.50	$	1,000.30	$	1,000.24	$	1,000.28	$	1,000.32
Expenses Incurred During Period	$	0.11	$	0.18	$	0.13	$	0.09	$	0.11	$	0.18	$	0.13	$	0.09

For each class of the Fund, expenses are equal to the Fund’s annualized expense ratio of 1.35%, 2.13%, 1.59%, and 1.10% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 3/365 (to reflect the 3 days in the period since the Fund’s commencement of operations).

Semi-Annual Report    Page 5

Portfolio of Investments (Unaudited)

Nuveen Enhanced Core Equity Plus Fund

December 31, 2008

Shares	Description (1)	Value
	COMMON STOCKS – 104.4%
	Aerospace & Defense – 2.0%
140	Boeing Company	$	5,974
130	General Dynamics Corporation		7,487
200	Honeywell International Inc.		6,566
150	Lockheed Martin Corporation		12,612
170	Northrop Grumman Corporation		7,657
240	Raytheon Company		12,250
410	United Technologies Corporation		21,976
	Total Aerospace & Defense		74,522
	Air Freight & Logistics – 0.7%
80	C.H. Robinson Worldwide, Inc.		4,402
120	FedEx Corporation		7,698
240	United Parcel Service, Inc., Class B		13,238
	Total Air Freight & Logistics		25,338
	Beverages – 1.9%
800	Coca-Cola Company		36,216
610	PepsiCo, Inc.		33,410
	Total Beverages		69,626
	Biotechnology – 2.1%
820	Amgen Inc., (2)		47,355
70	Celgene Corporation, (2)		3,870
90	Genzyme Corporation, (2)		5,973
400	Gilead Sciences, Inc., (2)		20,456
	Total Biotechnology		77,654
	Capital Markets – 0.5%
430	Bank of New York Company, Inc.		12,182
270	Charles Schwab Corporation		4,366
	Total Capital Markets		16,548
	Chemicals – 1.2%
780	Dow Chemical Company		11,770
600	E.I. Du Pont de Nemours and Company		15,180
110	PPG Industries, Inc.		4,667
110	Praxair, Inc.		6,530
90	Rohm and Haas Company		5,561
	Total Chemicals		43,708
	Commercial Banks – 10.0%
5,410	Bank of America Corporation		76,173
720	BB&T Corporation		19,771
120	Goldman Sachs Group, Inc.		10,127
2,730	JPMorgan Chase & Co.		86,077
310	PNC Financial Services Group, Inc.		15,190
240	SunTrust Banks, Inc.		7,090
1,760	U.S. Bancorp		44,018
3,520	Wells Fargo & Company		103,770
	Total Commercial Banks		362,216

6

Shares	Description (1)	Value
	Commercial Services & Supplies – 0.3%
360	Waste Management, Inc.	$	11,930
	Communications Equipment – 1.3%
890	Cisco Systems, Inc., (2)		14,507
1,020	Corning Incorporated		9,721
610	QUALCOMM Inc.		21,856
	Total Communications Equipment		46,084
	Computers & Peripherals – 2.6%
840	Hewlett-Packard Company		30,484
760	International Business Machines Corporation (IBM)		63,962
	Total Computers & Peripherals		94,446
	Consumer Finance – 0.4%
420	Capital One Financial Corporation		13,394
	Diversified Consumer Services – 0.1%
60	Apollo Group, Inc., (2)		4,597
	Diversified Telecommunication Services – 7.0%
5,240	AT&T Inc.		149,338
150	CenturyTel, Inc.		4,100
160	Embarq Corporation		5,754
1,740	Qwest Communications International Inc.		6,334
2,460	Verizon Communications Inc.		83,394
640	Windstream Corporation		5,888
	Total Diversified Telecommunication Services		254,808
	Electric Utilities – 4.2%
220	Ameren Corporation		7,317
340	American Electric Power Company, Inc.		11,315
320	Consolidated Edison, Inc.		12,458
190	DTE Energy Company		6,777
200	Edison International		6,424
110	Entergy Corporation		9,144
310	Exelon Corporation		17,239
290	FirstEnergy Corp.		14,088
220	FPL Group, Inc.		11,073
310	PG&E Corporation		12,000
230	PPL Corporation		7,059
270	Progress Energy, Inc.		10,760
700	Southern Company		25,900
	Total Electric Utilities		151,554
	Electrical Equipment – 0.3%
290	Emerson Electric Company		10,617
	Electronic Equipment & Instruments – 0.3%
130	Thermo Fisher Scientific, Inc., (2)		4,429
360	Tyco Electronics, Limited		5,836
	Total Electronic Equipment & Instruments		10,265

7

Portfolio of Investments (Unaudited)

Nuveen Enhanced Core Equity Plus Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Energy Equipment & Services – 0.3%
270	Anadarko Petroleum Corporation	$	10,409
	Food & Staples Retailing – 3.8%
130	Costco Wholesale Corporation		6,825
550	CVS Caremark Corporation		15,807
470	Kroger Co.		12,413
190	Safeway Inc.		4,516
300	Sysco Corporation		6,882
370	Walgreen Co.		9,128
1,480	Wal-Mart Stores, Inc.		82,969
	Total Food & Staples Retailing		138,540
	Food Products – 2.6%
380	Archer-Daniels-Midland Company		10,955
160	Campbell Soup Company		4,802
320	ConAgra Foods, Inc.		5,280
260	General Mills, Inc.		15,795
200	H.J. Heinz Company		7,520
90	JM Smucker Company		3,902
130	Kellogg Company		5,700
1,100	Kraft Foods Inc.		29,535
130	Monsanto Company		9,146
	Total Food Products		92,635
	Gas Utilities – 0.2%
540	Spectra Energy Corporation		8,500
	Health Care Equipment & Supplies – 0.9%
270	Baxter International Inc.		14,469
80	Becton, Dickinson and Company		5,471
250	Covidien Limited		9,060
150	Medtronic, Inc.		4,713
	Total Health Care Equipment & Supplies		33,713
	Health Care Providers & Services – 0.6%
90	Express Scripts, Inc., (2)		4,948
210	Medco Health Solutions, Inc., (2)		8,801
150	Wellpoint Inc., (2)		6,320
	Total Health Care Providers & Services		20,069
	Hotels, Restaurants & Leisure – 1.8%
320	Carnival Corporation		7,782
840	McDonald’s Corporation		52,240
160	YUM! Brands, Inc.		5,040
	Total Hotels, Restaurants & Leisure		65,062
	Household Products – 3.9%
90	Clorox Company		5,000
180	Colgate-Palmolive Company		12,337
300	Kimberly-Clark Corporation		15,822
1,770	Procter & Gamble Company		109,419
	Total Household Products		142,578

8

Shares	Description (1)	Value
	Industrial Conglomerates – 3.5%
470	3M Co.	$	27,044
5,490	General Electric Company		88,938
120	Genuine Parts Company		4,543
290	Tyco International Ltd.		6,264
	Total Industrial Conglomerates		126,789
	Insurance – 3.1%
170	AFLAC Incorporated		7,793
130	Allstate Corporation		4,259
2,470	American International Group, Inc.		3,878
230	Aon Corporation		10,506
370	Chubb Corporation		18,870
160	Cincinnati Financial Corporation		4,651
320	Loews Corporation		9,040
630	Marsh & McLennan Companies, Inc.		15,290
180	MetLife, Inc.		6,275
360	Progressive Corporation		5,332
550	Travelers Companies, Inc.		24,860
	Total Insurance		110,754
	IT Services – 0.3%
320	Automatic Data Processing, Inc.		12,589
	Machinery – 0.7%
330	Caterpillar Inc.		14,741
100	Eaton Corporation		4,971
170	Illinois Tool Works Inc.		5,959
	Total Machinery		25,671
	Marine – 0.4%
290	Transocean Inc., (2)		13,703
	Media – 3.1%
1,030	CBS Corporation, Class B		8,436
1,990	Comcast Corporation, Class A		33,591
360	DIRECTV Group, Inc., (2)		8,248
890	News Corporation, Class A		8,090
2,870	Time Warner Inc.		28,872
350	Viacom Inc., Class B, (2)		6,671
890	Walt Disney Company		20,194
	Total Media		114,102
	Metals & Mining – 0.6%
470	Alcoa Inc.		5,292
330	Freeport-McMoRan Copper & Gold, Inc.		8,065
220	Nucor Corporation		10,164
	Total Metals & Mining		23,521
	Multiline Retail – 0.4%
140	Kohl’s Corporation, (2)		5,068
230	Target Corporation		7,942
	Total Multiline Retail		13,010

9

Portfolio of Investments (Unaudited)

Nuveen Enhanced Core Equity Plus Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Multi-Utilities – 1.8%
330	CenterPoint Energy, Inc.	$	4,165
440	Dominion Resources, Inc.		15,770
1,400	Duke Energy Corporation		21,014
240	Public Service Enterprise Group Incorporated		7,001
190	Sempra Energy		8,100
430	Xcel Energy, Inc.		7,977
	Total Multi-Utilities		64,027
	Oil, Gas & Consumable Fuels – 20.9%
310	Apache Corporation		23,104
290	Chesapeake Energy Corporation		4,689
2,350	Chevron Corporation		173,828
1,930	ConocoPhillips		99,974
400	Devon Energy Corporation		26,284
250	EOG Resources, Inc.		16,645
3,830	Exxon Mobil Corporation		305,745
220	Hess Corporation		11,801
590	Marathon Oil Corporation		16,142
160	Murphy Oil Corporation		7,096
130	Noble Energy, Inc.		6,399
710	Occidental Petroleum Corporation		42,593
280	Southwestern Energy Company, (2)		8,112
320	Valero Energy Corporation		6,925
310	XTO Energy, Inc.		10,934
	Total Oil, Gas & Consumable Fuels		760,271
	Paper & Forest Products – 0.1%
440	International Paper Company		5,192
	Pharmaceuticals – 9.6%
880	Abbott Laboratories		46,966
1,210	Bristol-Myers Squibb Company		28,133
450	Eli Lilly and Company		18,122
1,760	Johnson & Johnson		105,301
490	Merck & Co. Inc.		14,896
6,000	Pfizer Inc.		106,258
760	Wyeth		28,508
	Total Pharmaceuticals		348,184
	Real Estate – 0.7%
240	Equity Residential		7,157
180	Health Care Property Investors Inc.		4,999
590	Host Hotels & Resorts Inc.		4,466
70	Public Storage, Inc.		5,565
70	Vornado Realty Trust		4,225
	Total Real Estate		26,412

10

Shares	Description (1)	Value
	Road & Rail – 1.6%
190	Burlington Northern Santa Fe Corporation	$	14,385
340	CSX Corporation		11,040
340	Norfolk Southern Corporation		15,997
310	Union Pacific Corporation		14,818
	Total Road & Rail		56,240
	Semiconductors & Equipment – 0.9%
1,840	Intel Corporation		26,974
300	Texas Instruments Incorporated		4,656
	Total Semiconductors & Equipment		31,630
	Software – 2.0%
2,000	Microsoft Corporation		38,880
1,580	Oracle Corporation, (2)		28,013
380	Symantec Corporation, (2)		5,138
	Total Software		72,031
	Specialty Retail – 1.7%
1,180	Home Depot, Inc.		27,164
900	Lowe’s Companies, Inc.		19,368
70	Sherwin-Williams Company		4,183
290	Staples, Inc.		5,197
230	TJX Companies, Inc.		4,731
	Total Specialty Retail		60,643
	Textiles, Apparel & Luxury Goods – 0.3%
180	Nike, Inc., Class B		9,180
	Thrifts & Mortgage Finance – 0.4%
490	Hudson City Bancorp, Inc.		7,820
300	People’s United Financial, Inc.		5,349
	Total Thrifts & Mortgage Finance		13,169
	Tobacco – 3.3%
2,310	Altria Group, Inc.		34,789
90	Lorillard Inc.		5,072
1,530	Philip Morris International		66,570
140	Reynolds American Inc.		5,643
100	UST Inc.		6,938
	Total Tobacco		119,012
	Total Common Stocks (cost $3,656,898)		3,784,943

Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 96.6%
$	3,500	Repurchase Agreement with State Street Bank, dated 12/31/2008, repurchase price $3,500,002, collateralized by $3,580,000 U.S. Treasury Bills, 0.000%, due 7/30/09, value $3,574,630	0.010%	1/02/09	$	3,500,000
$	3,500	Total Short-Term Investments (cost $3,500,000)				3,500,000
		Total Investments (cost $7,156,898) – 201.0%				7,284,943

11

Portfolio of Investments (Unaudited)

Nuveen Enhanced Core Equity Plus Fund (continued)

December 31, 2008

Shares	Description (1)	Value
	Common Stocks Sold Short – (4.6)%
	Commercial Banks – (0.5)%
(400)	American Express Company	$	(7,419)
(570)	Morgan Stanley		(9,143)
	Total Commercial Banks		(16,562)
	Communications Equipment – (0.2)%
(1,890)	Motorola, Inc.		(8,373)
	Computers & Peripherals – (0.7)%
(290)	Apple, Inc., (2)		(24,752)
	Consumer Finance – (0.2)%
(840)	SLM Corporation, (2)		(7,476)
	Diversified Financial Services – (0.8)%
(2,420)	Citigroup Inc.		(16,238)
(70)	CME Group, Inc.		(14,568)
	Total Diversified Financial Services		(30,806)
	Internet & Catalog Retail – (0.3)%
(180)	Amazon.com, Inc., (2)		(9,230)
	Internet Software & Services – (1.5)%
(150)	Google Inc., Class A, (2)		(46,148)
(560)	Yahoo! Inc., (2)		(6,832)
	Total Internet Software & Services		(52,980)
	Pharmaceuticals – (0.2)%
(430)	Schering-Plough Corporation		(7,323)
	Software – (0.2)%
(550)	Electronic Arts Inc. (EA), (2)		(8,822)
	Total Common Stocks Sold Short (proceeds $162,153)		(166,324)
	Other Assets Less Liabilities – (96.4)%		(3,494,476)
	Net Assets – 100%	$	3,624,143

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

(2) Non-income producing.

See accompanying notes to financial statements.

12

Statement of Assets and Liabilities(Unaudited)

December 31, 2008

Assets
Investments, at value (cost $3,656,898)	$	3,784,943
Short-term investments (at cost, which approximates value)		3,500,000
Receivables:
Dividends		623
From Adviser		4,663
Investments sold		162,153
Total assets		7,452,382
Liabilities
Securities sold short, at value (proceeds $162,153)		166,324
Payable for investments purchased		3,656,898
Accrued expenses:
12b-1 distribution and service fees		36
Other		4,981
Total liabilities		3,828,239
Net assets	$	3,624,143
Class A Shares
Net assets	$	258,865
Shares outstanding		12,500
Net asset value per share	$	20.71
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	21.97
Class C Shares
Net assets	$	258,849
Shares outstanding		12,500
Net asset value and offering price per share	$	20.71
Class R3 Shares
Net assets	$	258,859
Shares outstanding		12,500
Net asset value and offering price per share	$	20.71
Class I Shares
Net assets	$	2,847,570
Shares outstanding		137,500
Net asset value and offering price per share	$	20.71
Net Assets Consist of:
Capital paid-in	$	3,500,000
Undistributed (Over-distribution of) net investment income		269
Accumulated net realized gain (loss) from investments		—
Net unrealized appreciation (depreciation) of investments and securities sold short		123,874
Net assets	$	3,624,143

See accompanying notes to financial statements.

13

Statement of Operations (Unaudited)

For the Period December 29, 2008 (commencement of operations) through December 31, 2008

Investment Income	$	624
Expenses
Management fees		246
12b-1 service fees – Class A		5
12b-1 distribution and service fees – Class C		21
12b-1 distribution and service fees – Class R3		10
Shareholders’ servicing agent fees and expenses		47
Custodian’s fees and expenses		187
Trustees’ fees and expenses		1
Professional fees		169
Shareholders’ reports – printing and mailing expenses		4,567
Federal and state registration fees		10
Other expenses		1
Total expenses before expense reimbursement		5,264
Expense reimbursement		(4,909	)
Net expenses		355
Net investment income		269
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments and securities sold short		—
Net unrealized appreciation (depreciation) of investments and securities sold short		123,874
Net realized and unrealized gain (loss)		123,874
Net increase (decrease) in net assets from operations	$	124,143

See accompanying notes to financial statements.

14

Statement of Changes in Net Assets(Unaudited)

For the Period December 29, 2008 (commencement of operations) through December 31, 2008

Operations
Net investment income	$	269
Net realized gain (loss) from investments and securities sold short		—
Net unrealized appreciation (depreciation) of investments and securities sold short		123,874
Net increase (decrease) in net assets from operations		124,143
Fund Share Transactions
Proceeds from sale of shares		3,500,000
Net increase (decrease) in net assets from Fund share transactions		3,500,000
Net increase (decrease) in net assets		3,624,143
Net assets at the beginning of period		—
Net assets at the end of period	$	3,624,143
Undistributed (Over-distribution of) net investment income at the end of period	$	269

See accompanying notes to financial statements.

15

Notes to Financial Statements(Unaudited)

1. General Information and Significant Accounting Policies

The Nuveen Investment Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Enhanced Core Equity Plus Fund (the “Fund”), among others. The Trust was organized as a Massachusetts business trust in 1996.

The Fund invests primarily in equity securities of companies within the S&P 500 Index in an attempt to provide long-term capital appreciation. The Fund seeks to achieve additional return by taking short positions in stocks that are expected to underperform and using the proceeds from these short positions to take additional long positions in stocks that are expected to outperform.

The Fund intends to target a net “long” market exposure of approximately 100%. The Fund’s long positions will range from between 90% and 150% of the value of the Fund’s net assets. The Fund’s short positions will range between 0% and 50% of the value of the Fund’s net assets.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements in accordance with accounting principles generally accepted in the United States.

Investment Valuation

Exchange-listed securities are generally valued at the last sales price on the security exchange on which such securities are primarily traded. Securities traded on a securities exchange for which there are no transactions on a given day or securities not listed on a securities exchange are valued at the mean of the closing bid and asked prices. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. When market price quotes are not readily available, the pricing service or, in the absence of a pricing service for a particular investment, the Board of Trustees of the Fund, or its designee, may establish fair value using a wide variety of market data including prices of investments of comparable quality, type of issue, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. Short-term investments are valued at amortized cost, which approximates value.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method.

Investment Income

Dividend income on securities purchased and dividend expense on securities sold short are recorded on the ex-dividend date. Interest income is recorded on an accrual basis.

Income Taxes

The 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. Net realized capital gains and ordinary income distributions paid by the Fund are subject to federal taxation.

For all open tax years and all major taxing jurisdictions, management of the Fund 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). Further, management of the Fund 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

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 accounting principles generally accepted in the United States.

Dividends from net investment income and 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.

Flexible Sales Charge Program

The Fund offers Class A, C, R3 and I Shares. Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. 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 CDSC if redeemed within twelve months of purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within one year of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .50% annual 12b-1 distribution and service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

16

Derivative Financial Instruments

The Fund is authorized to invest in certain derivative financial instruments, including forwards, futures, options and swap contracts. Although the Fund is authorized to invest in such financial instruments, and may do so in the future, it did not make any such investments during the period December 29, 2008 (commencement of operations) through December 31, 2008.

Enhanced Custody Program

Short Sales – The Fund is authorized to make short sales of securities. To secure its obligation to deliver securities sold short, the Fund has instructed the custodian to segregate assets of the Fund as collateral with an equivalent amount of the securities sold short. The collateral required is determined by reference to the market value of the short positions. The Fund is obligated to pay to the party to which the securities were sold short, dividends declared on the stock by the issuer and recognizes such amounts as “Dividend expense on securities sold short” on the Statement of Operations. Short sales are valued daily and the corresponding unrealized gains or losses are included in “Net unrealized appreciation (depreciation) of investments, securities sold short and foreign currency” on the Statement of Operations. Liabilities for securities sold short are reported at market value in the accompanying financial statements. Short sale transactions result in off-balance sheet risk because the ultimate obligation may exceed the related amounts shown on the Statement of Assets and Liabilities. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund’s loss on a short sale is potentially unlimited because there is no upward limit on the price a borrowed security could attain. The Fund will realize a gain if the price of the security declines between those dates. During the period December 29, 2008 (commencement of operations) through December 31, 2008, the Fund did not incur any such expenses.

Securities Lending – Securities held by the Fund are loaned to brokers, dealers and other financial institutions. The Fund may not loan securities in excess of 33 ¹/3% of its total assets, including the value of the cash collateral received in connection with such loans. Loans are secured by cash collateral from the borrower equal at all times to at least 100% of the market value of the loaned securities. The Fund uses the cash collateral obtained from such loans primarily to collateralize the Fund’s borrowing of securities sold short.

For its participation in the enhanced custody program, the Fund pays the custodian a fee based on the market value of the Fund’s settled short positions which is recognized as “Enhanced custody expense” on the Statement of Operations. During the period December 29, 2008 (commencement of operations) through December 31, 2008, the Fund did not incur any such expenses.

Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the seller defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

Expense Allocation

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

Custodian Fee Credit

The Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on the Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by changes for any days on which the Fund overdraws its account at the custodian bank.

Indemnifications

Under the Trust’s organizational documents, its Officers and Trustees 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 accounting principles generally accepted in the United States 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

During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No.157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally

17

Notes to Financial Statements (Unaudited)(continued)

accepted accounting principles, and expands disclosure about fair value measurements. In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the Fund’s fair value measurements as of December 31, 2008:

	Level 1			Level 2		Level 3		Total
Investments	$	7,284,943		$	—	$	—	$	7,284,943
Securities sold short		(166,324	)		—		—		(166,324	)
Total	$	7,118,619		$	—	$	—	$	7,118,619

3. Fund Shares

Transactions in Fund shares were as follows:

	For the Period 12/29/08 (commencement of operations) through 12/31/08
	Shares	Amount
Shares sold:
Class A	12,500	$	250,000
Class C	12,500		250,000
Class R3	12,500		250,000
Class I	137,500		2,750,000
Net increase (decrease)	175,000	$	3,500,000

4. Investment Transactions

Purchases and sales (including proceeds from securities sold short but excluding short-term investments) for the period December 29, 2008 (commencement of operations) through December 31, 2008, aggregated $3,656,898 and $162,153, respectively.

5. Income Tax Information

The following information is determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States.

At December 31, 2008, the cost of investments (excluding proceeds received on securities sold short) was $7,156,898.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding proceeds received or securities sold short) at December 31, 2008, were as follows:

Gross unrealized:
Appreciation	$	129,561
Depreciation		(1,516	)
Net unrealized appreciation (depreciation) of investments	$	128,045

6. Management Fees and Other Transactions with Affiliates

The Fund’s management fee is separated into two components – a complex-level component, based on the aggregate amount of all fund assets managed by Nuveen Asset Management (the “Adviser”), a wholly owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), and a specific fund-level component, based only on the amount of assets within each individual Fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

18

The annual fund-level fee, payable monthly, for the Fund is based upon the average daily net assets of the Fund as follows:

Average Daily Net Assets	Fund-Level Fee Rate
For the first $125 million	.6500	%
For the next $125 million	.6325
For the next $250 million	.6250
For the next $500 million	.6125
For the next $1 billion	.6000
For net assets over $2 billion	.5850

The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as stated in the following table. As of December 31, 2008, the complex-level fee rate was .2000%.

The complex-level fee schedule is as follows:

Complex-Level Asset Breakpoint Level(1)	Effective Rate at Breakpoint Level
$55 billion	.2000	%
$56 billion	.1996
$57 billion	.1989
$60 billion	.1961
$63 billion	.1931
$66 billion	.1900
$71 billion	.1851
$76 billion	.1806
$80 billion	.1773
$91 billion	.1691
$125 billion	.1599
$200 billion	.1505
$250 billion	.1469
$300 billion	.1445

(1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily net assets of all Nuveen funds, with such daily net assets to include assets attributable to preferred stock issued by or borrowings by such funds but to exclude assets attributable to investments in other Nuveen funds.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser has entered into a Sub-Advisory Agreement with Nuveen HydePark Group, LLC (“HydePark”), a subsidiary of Nuveen, under which HydePark manages the investment portfolio of the Fund. HydePark is compensated for its services to the Fund from the management fee paid to the Adviser.

The Adviser has agreed to waive and reimburse expenses through November 30, 2011, so that total annual Fund operating expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities, dividends on securities sold short, enhanced custody expense and extraordinary expenses) do not exceed 1.10% (1.35% after November 30, 2011) of the average daily net assets of any class of Fund shares. The Adviser may also voluntarily reimburse additional expenses from time to time. Voluntary reimbursements may be terminated at any time at the Adviser’s discretion.

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

At December 31, 2008, Nuveen owned all shares of each Class of the Fund.

During the period December 29, 2008 (commencement of operations) through December 31, 2008, Nuveen Investments, LLC, a wholly owned subsidiary of Nuveen, retained all 12b-1 fees.

7. New Accounting Pronouncement

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161 (SFAS No. 161)

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities.” This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to understand: a) how and why a fund uses derivative instruments, b) how derivative instruments and related hedge items are accounted for, and c) how derivative instruments and related hedge items affect a fund’s financial position, results of operations and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. As of December 31, 2008, management does not believe the adoption of SFAS No. 161 will impact the financial statement amounts; however, additional footnote disclosures may be required about the use of derivative instruments and hedging items.

19

Financial Highlights(Unaudited)

Selected data for a share outstanding throughout each period:

Class (Commencement Date)
			Investment Operations							Less Distributions										Ratios/Supplemental Data
																						Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Year Ended June 30,	Beginning Net Asset Value		Net Invest- ment Income (Loss) (a)			Net Realized/ Unrealized Gain (Loss)		Total		Net Invest- ment Income		Capital Gains		Total		Ending Net Asset Value		Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
Class A (12/08)
2008(e)	$	20.00	$	—	**	$	.71	$	.71	$	—	$	—	$	—	$	20.71	3.55	%	$	259	18.31	%*	(16.14	)%*	1.35	%*	.82	%*	1.35	%*	.82	%*	4	%
Class C (12/08)
2008(e)		20.00		—	**		.71		.71		—		—		—		20.71	3.55			259	19.08	*	(16.91	)*	2.13	*	.05	*	2.13	*	.05	*	4
Class R3 (12/08)
2008(e)		20.00		—	**		.71		.71		—		—		—		20.71	3.55			259	18.50	*	(16.38	)*	1.59	*	.53	*	1.59	*	.53	*	4
Class I (12/08)
2008(e)		20.00		—	**		.71		.71		—		—		—		20.71	3.55			2,848	18.04	*	(15.89	)*	1.10	*	1.05	*	1.10	*	1.05	*	4

* Annualized.

** Rounds to less than $.01 per share.

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

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

(c) After expense reimbursement from the Adviser, where applicable.

(d) After custodian fee credit and expense reimbursement, where applicable.

(e) For the period December 29, 2008 (commencement of operations) through December 31, 2008.

See accompanying notes to financial statements.

20

Annual Investment Management Agreement Approval Process

The Board of Trustees of the Fund (the “Board”, and each Trustee, a “Board Member”) is responsible for approving advisory arrangements and, at a meeting held on November 19, 2008, (the “Meeting”), was asked to approve the advisory arrangements on behalf of the Fund. At the Meeting, the Board Members, including the Board Members who are not parties to the advisory agreements or “interested persons” of any parties (“Independent Board Members”), unanimously approved the investment management agreement (the “Investment Management Agreement”) between the Fund and Nuveen Asset Management (“NAM”) and the investment sub-advisory agreement (the “Sub-Advisory Agreement”) between NAM and Nuveen HydePark Group, LLC (the “Sub-Adviser”), on behalf of the Fund. The Sub-Adviser and NAM are each hereafter a “Fund Adviser.”

To assist the Board in its evaluation of an advisory contract with a Fund Adviser at the Meeting, the Independent Board Members had received, in adequate time in advance of the Meeting or at prior meetings, materials which outlined, among other things:

• the nature, extent and quality of services expected to be provided by the Fund Adviser;

• the organization of the Fund Adviser, including the responsibilities of various departments and key personnel;

• the expertise and background of the Fund Adviser with respect to the Fund’s investment strategy;

• certain performance information regarding the investment strategy anticipated to be used by the Fund (as described below);

• the profitability of Nuveen Investments, Inc. (“Nuveen”) (which incorporated Nuveen’s wholly-owned affiliated sub-advisers);

• the proposed management fees of the Fund Adviser, including comparisons of such fees with the management fees of comparable, unaffiliated funds;

• the expected expenses of the Fund, including comparisons of the Fund’s expected expense ratio with the expense ratios of comparable, unaffiliated funds; and

• the soft dollar practices of the Fund Adviser, if any.

At the Meeting, NAM made a presentation to and responded to questions from the Board. During the Meeting, the Independent Board Members also met privately with their legal counsel to review the Board’s duties under the Investment Company Act of 1940 (the “1940 Act”), the general principles of state law in reviewing and approving advisory contracts, the standards used by courts in determining whether investment company boards of directors have fulfilled their duties, factors to be considered in voting on advisory contracts and an adviser’s fiduciary duty with respect to advisory agreements and compensation. It is with this background that the Independent Board Members considered the advisory agreement and sub-advisory agreement with the respective Fund Adviser for the Fund. As outlined in more detail below, the Independent Board Members considered all factors they believed relevant with respect to the Fund, including the following: (a) the nature, extent and quality of the services to be provided by the Fund Adviser; (b) investment performance, as described below; (c) the profitability of Nuveen and its affiliates; (d) the extent to which economies of scale would be realized as the Fund grows; and (e) whether fee levels reflect these economies of scale for the benefit of Fund investors.

A. Nature, Extent and Quality of Services

In reviewing the Fund Advisers, the Independent Board Members considered the nature, extent and quality of the respective Fund Adviser’s services, including advisory services and administrative services. As NAM and the Sub-Adviser already serve as adviser and sub-adviser, respectively, to other Nuveen funds overseen by the Board Members, the Board has a good understanding of each such Fund Adviser’s organization, operations and personnel. As the Independent Board Members meet regularly throughout the year to oversee the Nuveen funds, including funds currently advised by the Fund Advisers, the Independent Board Members have relied upon their knowledge from their meetings and any other interactions throughout the year of the respective Fund Adviser and its services in evaluating the Investment Management Agreement and Sub-Advisory Agreement.

At the Meeting and at prior meetings, the Independent Board Members reviewed materials outlining, among other things, the respective Fund Adviser’s organization and business; the types of services that each such Fund Adviser or its affiliates provide to the Nuveen funds and are expected to provide to the Fund; and the experience of the respective Fund Adviser with applicable investment strategies. The Independent Board Members further evaluated the professional experience, qualifications and credentials of the Fund Adviser’s investment personnel.

In addition to advisory services, the Independent Board Members considered the quality of any administrative or non-advisory services to be provided. In this regard, NAM is expected to provide the Fund with such administrative and other services (exclusive of, and in addition to, any such services provided by others for the Fund) and officers and other personnel as are necessary for the operations of the Fund. In addition to investment management services, NAM and its affiliates will provide the Fund with a wide range of services, including, among other things, product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support.

With respect to evaluating the services of the Sub-Adviser, the Independent Board Members noted that the Sub-Advisory Agreement was essentially an agreement for portfolio management services only and the Sub-Adviser was not expected to supply other significant administrative services to the Fund.

21

Annual Investment Management Agreement Approval Process (continued)

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services expected to be provided to the Fund under the respective Investment Management Agreement or Sub-Advisory Agreement, as applicable, were satisfactory.

B. Investment Performance

The Fund is new and therefore does not have its own performance history. However, the Independent Board Members received certain performance information relevant to the investment strategy anticipated to be used by the Fund. In this regard, the Independent Board Members received, among other things, performance information for rolling three-month periods for periods ending from December 2007 to October 2008 and annualized return information for the period from October 2007 to October 2008.

C. Fees, Expenses and Profitability

1. Fees and Expenses

In evaluating the management fees and expenses that the Fund was expected to bear, the Independent Board Members considered, among other things, the Fund’s proposed management fee structure, its sub-advisory fee arrangement and its expected expense ratios in absolute terms as well as compared with the fees and expense ratios of comparable, unaffiliated funds. In this regard, the Independent Board Members also considered the fund-level breakpoint schedule and complex-wide breakpoint schedule (described in further detail below) and any applicable fee waivers and reimbursements to be provided. Based on their review of the fee and expense information provided, the Independent Board Members determined that the Fund’s management fees and net total expense ratio were reasonable in light of the nature, extent and quality of services to be provided to the Fund.

2. Comparisons with the Fees of Other Clients

Due to their experience with other Nuveen funds, the Board Members were familiar with the fees NAM assesses to other clients of Nuveen or its affiliates, including separately managed accounts (both retail and institutional accounts) and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members have noted, at the Meeting or at prior meetings, that the fee rates charged to a fund (such as the Fund) and charged to other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Fund. Accordingly, the Independent Board Members have considered the differences in the product types, including, but not limited to, the services to be provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members have noted, in particular, that the range of services as described above to be provided to a fund (such as the Fund) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services to be provided to a fund, the Independent Board Members believe such facts justify the different levels of fees.

In considering the advisory fees of the Sub-Adviser, the Independent Board Members also considered the pricing schedule or fees that the Sub-Adviser charges for similar investment management services for other Nuveen funds and other fund sponsors or clients, as applicable.

3. Profitability of Fund Advisers

In conjunction with its review of fees at prior meetings, the Independent Board Members have considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen’s wholly-owned affiliated sub-advisers) and its financial condition. At the Meeting or prior meetings, the Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities and the allocation methodology used in preparing the profitability data. The Independent Board Members have also considered, at the Meeting or at prior meetings, Nuveen’s profitability compared with other fund sponsors prepared by two independent third party service providers as well as comparisons of the revenues, expenses and profit margins of various unaffiliated management firms with similar amounts of assets under management prepared by Nuveen.

In reviewing profitability, the Independent Board Members have recognized the subjective nature of determining profitability, which may be affected by numerous factors, including the allocation of expenses. Further, the Independent Board Members have recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. The Independent Board Members further received the Form 8-K of Nuveen for the quarter ending June 30, 2008. Based on its review, the Independent Board Members concluded that Nuveen’s level of profitability for its advisory activities was reasonable in light of the services to be provided.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts expected to be paid to a Fund Adviser by the Fund as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates are expected to receive, that are directly attributable to the management of the Fund, if any. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Fund. Based on their review of the overall fee arrangements of the Fund, the Independent Board Members determined that the advisory fees and expected expenses of the Fund were reasonable.

22

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

With respect to economies of scale, the Independent Board Members recognized the potential benefits resulting from the costs of the Fund being spread over a larger asset base. The Independent Board Members therefore considered whether the Fund could be expected to benefit from any economies of scale. In considering economies of scale, the Independent Board Members have recognized that economies of scale are difficult to measure and predict with precision. Notwithstanding the foregoing, one method to help ensure that shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Accordingly, the Independent Board Members received and reviewed the schedule of proposed advisory fees for the Fund, including fund-level breakpoints thereto. In addition to fund-level advisory fee breakpoints, the Board also considered the Fund’s complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex, including the Fund, are reduced as the assets in the fund complex reach certain levels. In evaluating the complex-wide fee arrangement, the Independent Board Members have considered that the complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. Based on their review, the Independent Board Members concluded that the applicable breakpoint schedules and complex-wide fee arrangement were acceptable and desirable in providing benefits from economies of scale to shareholders of the Fund.

E. Indirect Benefits

In evaluating fees, the Independent Board Members also considered information regarding potential “fall out” or ancillary benefits a Fund Adviser or its affiliates may receive as a result of its relationship with the Fund. In this regard, the Independent Board Members considered, among other things, sales charges, distribution fees and shareholder services fees, which include fees received pursuant to a Rule 12b-1 plan, to be received and retained by the Fund’s principal underwriter, an affiliate of NAM.

In addition to the above, the Independent Board Members considered whether the Fund Adviser will receive any benefits from soft dollar arrangements whereby a portion of the commissions paid by the Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Fund and other clients. With respect to NAM, the Independent Board Members noted that NAM does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating “commissions,” NAM intends to comply with the applicable safe harbor provisions. The Independent Board Members also considered the soft dollar arrangements of the Sub-Adviser and considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it may receive research from brokers that execute the Fund’s portfolio transactions.

Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Fund were reasonable and within acceptable parameters.

F. Approval

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including a majority of the Independent Board Members, concluded that the terms of the Investment Management Agreement and Sub-Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services to be provided to the Fund and that the Investment Management Agreement and Sub-Advisory Agreement should be and were approved on behalf of the Fund.

23

Notes

24

Notes

25

Notes

26

Notes

27

Glossary of Terms Used in this Report

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

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.

28

Fund Information

Fund Manager Nuveen Asset Management 333 West Wacker Drive Chicago, IL 60606   Sub-Advisers Nuveen HydePark Group, LLC 111 West Jackson Blvd. Suite 1411 Chicago, IL 60604 Legal Counsel Chapman and Cutler LLP Chicago, IL   Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL   Custodian State Street Bank & Trust Company Boston, MA Transfer Agent and Shareholder Services Boston Financial Data Services   Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787

Nuveen Funds’ 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, 2008, 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. Financial Industry Regulatory Authority also provides an investor brochure that includes information describing the Public Disclosure Program.

29

Learn more

about Nuveen Funds at

www.nuveen.com/mf

Nuveen Investments:

SERVING Investors

For GENERATIONS

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. Over this time, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility.

Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that can be integral parts of a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles.

We offer many different investing solutions for our clients’ different 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. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow. In total, the Company managed $134 billion of assets on September 30, 2008.

Find out how we can help you reach your financial goals.

An investor should carefully consider the Fund’s objectives, risks, charges and expenses before investing. For a prospectus containing this and other information about the Fund, please contact your financial advisor or Nuveen Investments at (800) 257-8787. Read the prospectus carefully before you invest or send money.

• Share prices

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• Daily financial news

• Investor education

MSA-EQTYP-1208D

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.

See Portfolio of Investments in Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen Investment Trust

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

Date March 10, 2009

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, 2009

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

Date March 10, 2009

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

I, Gifford R. Zimmerman, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Investment Trust;

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

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

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

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

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

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

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

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

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

Date: March 10, 2009

/S/ GIFFORD R. ZIMMERMAN

Chief Administrative Officer

(principal executive officer)

I, Stephen D. Foy, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Investment Trust;

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

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

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

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

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

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

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

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

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

Date: March 10, 2009

/S/ STEPHEN D. FOY

Vice President and Controller

(principal financial officer)

EX-99.906

EX-99.906CERT

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

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

1. The Form N-CSR of the Trust for the period ended December 31, 2008 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

Date: March 10, 2009

/S/ GIFFORD R. ZIMMERMAN

Chief Administrative Officer

(principal executive officer)

/S/ STEPHEN D. FOY

Vice President and Controller

(principal financial officer)