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, 2009

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

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

Item 1. Reports to Stockholders.

Mutual Funds

Nuveen Value Funds

For investors seeking long-term capital appreciation.

Semi-Annual Report

December 31, 2009

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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Chairman’s

Letter to Shareholders

Dear Shareholder,

The financial markets in which your Fund operates continue to reflect the larger economic crosscurrents. The illiquidity that infected global credit markets over the last year continues to recede but there is concern about the impact of a reduction in official liquidity support programs. The major institutions that are the linchpin of the international financial system have strengthened their capital structures, but many still struggle with losses in their various portfolios. Global trends include increasing trade and concern about the ability of the U.S. government to address its substantial budgetary deficits.

While the fixed-income and equity markets have recovered from the lows recorded in late 2008 and early 2009, identifying those developments that will define the future is never easy, and rarely is it more difficult than at present. A fundamental component of a successful investment program is a commitment to remain focused on long-term investment goals even during periods of heightened market uncertainty. Another component is to re-evaluate investment disciplines and tactics and to confirm their validity following periods of extreme volatility and market dislocation, such as we have recently experienced. Your Board carried out an intensive review of investment performance with these objectives in mind during April and May of 2009 as part of the annual management contract renewal process. Confirming the appropriateness of a long term investment strategy is as important for our shareholders as it is for our professional investment managers. For that reason, I again encourage you to remain in communication with your financial consultant on this subject.

On behalf of 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 Nuveen Fund Board and Lead Independent Director

February 22, 2010

Nuveen Investments 1

Portfolio Managers’ Comments

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

The Nuveen Multi-Manager Large-Cap Value Fund is co-managed by Institutional Capital LLC (ICAP), Nuveen HydePark Group, LLC, and Symphony Asset Management, LLC. HydePark and Symphony are affiliates of Nuveen Investments. Jerrold Senser and Thomas R. Wenzel oversee the portion of the Fund’s assets managed by ICAP, while David Tierney, PhD, John Gambla, CFA, and Rob Guttschow, CFA, perform a similar function at HydePark. David Wang oversees the portion of the Fund’s assets managed by Symphony. All these individuals have more than 15 years of investment industry experience.

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, an affiliate of Nuveen Investments. Jon Bosse is the Chief Investment Officer of NWQ and manages the Multi-Cap Value and Large-Cap Value Funds. Phyllis Thomas manages the Small-Cap Value and Small/Mid-Cap Value Funds. Both Jon and Phyllis have more than 25 years of investment and finance industry experience.

The Nuveen Tradewinds Value Opportunities Fund features portfolio management by Tradewinds Global Investors, LLC, an affiliate of Nuveen Investments. Dave Iben, Chief Investment Officer of Tradewinds, is the portfolio manager for the Fund. Dave has more than 25 years of investment management experience.

In the following discussion, representatives from each management team review key investment strategies and the performance of the Funds for the six-month period ended December 31, 2009.

How did the Funds perform during the twelve months ended June 30, 2009?

The table on page 17 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, 2009. The table also compares each Fund’s performance to appropriate indexes. A more detailed account of each Fund’s 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

The Nuveen Multi-Manager Large-Cap Value Fund’s Class A shares at net asset value performed in line with their comparative indexes over the six-month period ending December 31, 2009.

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The Fund uses three separate sub-advisors to seek large capitalization value stocks with the potential for long-term capital appreciation. ICAP uses a value-oriented investment strategy that attempts to identify stocks offering the best relative value and stable to rising earnings from a universe of large and mid-sized companies. It then selects a portion of those stocks that are identified to have a catalyst for change, and monitors these holdings closely to determine if circumstances change. HydePark’s investment process does not endeavor to pick individual stocks. Rather, the investment process is implemented through proprietary software that takes a given benchmark, along with specified tracking risk, and produces a portfolio that seeks to maximize value-added performance within the defined risk parameters relative to the benchmark. Symphony seeks to deliver consistent returns though an investment process that combines quantitative screens and fundamental research. The portfolio construction process utilizes a proprietary optimizer designed to potentially generate an optimal risk reward balance versus the stated benchmark.

Within the ICAP-managed portion of the Fund, generally helpful sector allocations were balanced to a degree by some underperforming individual stock selections. Specifically, some holdings in the financials, basic industries and capital goods sectors detracted from the portfolio’s performance relative to the Russell index. Better stock selection in the communications, energy and transportation sectors made positive contributions to returns.

Within sectors, we benefited the most from being overweighted in strong-performing technology stocks and underweighted in utilities, which lagged the market overall. In contrast, the portfolio’s overweighting in the consumer services sector along with an underweighting in property companies were corresponding sources of relative underperformance.

During the reporting period, we maintained our consistent bottom-up stock-selection investment process. That is, we selected investments one-by-one, based on our assessment of their valuations and prospects for appreciation relative to other stocks. As a result, sector over- and underweightings were primarily the result of individual decisions about the stocks we wanted to own — not “top-down” assessments of which market groups we felt were the most likely to outperform. Our bottom-up approach led to increases in our communications and consumer staples weightings — where we found what we believed were some good investment opportunities — as well as a decline in the Fund’s retail allocation.

Given our increased optimism about the investment backdrop, U.S. economic growth and corporate profit expansion, we maintained the portfolio’s longstanding emphasis on financially strong businesses with capable management teams. We believed these businesses were well-positioned to capture market share from competitors and increase their earnings growth.

Among the holdings managed by ICAP, the top individual performer over the period was rail transportation company CSX, which was able to maintain strong pricing power and control costs through the economic downturn. Another strong stock was Caterpillar, Inc. This maker of construction equipment benefited from improve commodity pricing, Chinese economic stimulus, improving U.S. markets and its success in controlling costs.

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In the financials sector, JPMorgan Chase remained a top contributor. This large financial services company continued to maintain a stronger financial position than many of its competitors — enabling it to gain market share and continue to integrate recent acquisitions. Banking and credit card company, Capital One Financial also did quite well, helped by the economic recovery as well as positive changes to the firm’s business model.

On the negative side, defense contractor Lockheed Martin hampered the portfolio’s performance. Investors were concerned about possible reductions in U.S. defense spending — a trend with negative implications for the firm’s profit margins. Another detractor was pharmacy services company CVS Caremark, whose shares disappointed after it lowered its earnings outlook. In financials, bank stock U.S. Bancorp hurt the portfolio’s relative return as well. We established this position relatively late in the period. While it lagged in the brief time we owned it, we believe the company could benefit from its relatively strong balance sheet and potential to take market share from weaker rivals. Another financials stock, Bank of New York Mellon, also weighed on the portfolio’s relative performance.

A proprietary risk-controlled wealth creation model continued to be used to manage the HydePark portion of the Fund. This model utilizes both fundamental and momentum-related criteria to create an investment mix designed to maximize the portfolio’s overall reward-to-risk ratio.

The Hyde Park 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 are traditional measures of revenues versus excess of expenses (specifically, earnings and cash flow), and two are 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 or 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, and will not consider a stock if it is not contained in this index.

This process produces what HydePark believes is a well-diversified, efficient portfolio that attempts to perform within a specific, narrow tracking range (the degree of difference) versus the Russell 1000 Value Index. The Hyde Park holdings are monitored daily, with rebalances occurring quarterly.

Hyde Park believes the quantitative, risk-controlled process described above should, under normal circumstances, cause its portion of the Fund’s portfolio to track its benchmark portfolio closely, with value-added potential coming from relative overweights/underweights of each stock versus the index. The sum of these individual security overweights/underweights versus the index is, by definition, equal to zero;

4 Nuveen Investments

however, the HydePark process does not constrain the portfolio to be industry or sector neutral relative to the benchmark. As a result, our holdings sometimes will overweight a sector because the stocks in that sector had what we judged to be attractive wealth creation fundamentals versus the benchmark.

On average during the reporting period, our holdings were overweighted in consumer staples, health care, telecommunication services and utility stocks. On average, the largest single underweight was in financials. Overall, sector weightings were a negative to relative performance versus the index.

Conversely, performance attributable to the individual stock holdings within each sector was a positive during the reporting period, with our stock picks within the industrial sector having the largest positive impact. Individual holdings within the health care and financial sectors also were a positive for the Fund, while certain stocks within the energy and information technology sectors produced negative relative performance.

In Symphony’s portion of the Fund, our overarching theme was an aversion to credit sensitive names, high financial leverage and vulnerable capital structures, and a preference for companies with strong cash flow generation, conservative management and market leadership.

The main sources of relative underperformance versus the indexes came from sector allocation, in particular an overweight exposure to consumer staples and an under-exposure to health care and utility companies. In particular, the relative under exposure to the health care insurance industry, which rallied over the course of the health care reform debate, hurt overall results. In the fourth quarter of 2009, our strategy was helped by slowing price appreciation among lower quality stocks that don’t pass our screening process.

Among the holdings managed by Symphony, the top three performers over the period included Visa, Seagate Technology and Cimarex Energy. Visa reported stronger than expected third quarter results driven by solid execution and cost controls. Management noted they are seeing stabilizing and improving transaction volume as economic fundamentals continue to strengthen. Also, Visa was added to the S&P 500 Index during the quarter.

Seagate manufactures disc drives used in computers and consumer electronic applications. The stock gained around 25% in the fourth quarter after announcing quarterly results that were much better than expected and offering guidance for future periods that was well above street estimates. During the fourth quarter, more evidence continued to emerge that PC sales were rebounding, partly due to a recovering macro environment world-wide and partly due to the introduction of Microsoft’s new Windows 7 operating system.

Cimarex Energy explores and produces oil and gas primarily in the South-Central United States. Shares rose following the company’s third quarter earnings release which signaled stabilization in drilling trends. Some analysts believe Cimarex should continue to benefit from increased drilling activity in its acreage in the Permian and Anadarko Basins, which could provide further upside to earnings. A strengthening in commodity markets also helped lift the shares.

Nuveen Investments 5

Several positions negatively impacted performance, including holdings of Principal Financial Group, Assurant and Amgen. Principal Financial Group is a life insurance and asset management firm which offered weaker than expected 2010 guidance in early December, causing the stock to lose value. We exited our position following the announcement.

Assurant reported better than expected third quarter earnings, but the stock lagged in the fourth quarter because of its strong move over the prior six months and concerns regarding stabilization in its most profitable Specialty Property unit.

Amgen is a leading biotech company with particular emphasis on neuroscience and cancer related research. In October, the company failed to win approval from the federal Food and Drug Administration to sell Denosumab, a bone-strengthener that is viewed as one of its most important experimental drugs. The stock subsequently recovered about half the loss that occurred immediately following this event. We continued to hold the shares at period end.

Nuveen NWQ Multi-Cap Value Fund

Class A shares at net asset value for the Nuveen NWQ Multi-Cap Value Fund outperformed each of its comparative indexes for the six-month period ended December 31, 2009.

The Fund seeks long-term capital appreciation by investing in equity securities of companies with large, medium and small market capitalizations that are selected on an opportunistic basis. Generally, the Fund’s managers look for undervalued companies where catalysts exist that may help unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation or company restructuring.

In general, many of our investments appreciated sharply during the six months due to depressed valuations coming into the period, the impact of individual catalysts on specific stocks, and a perception of increasing stabilization in the economy.

Genworth Financial Inc. and Hartford Financial Services Group Inc. were two of our standout investments for the period. Similar factors drove the performance of both stocks, including greater financial flexibility due to recent capital raises and the continued improvement in the prices of securities held within their investment portfolios. Genworth dramatically strengthened its balance sheet with the sale of a partial interest in its Canadian mortgage insurance operation in July and a secondary stock offering in September. Hartford Financial improved its capital position with a common equity offering in August, in which we participated at $16 per share. Additionally, stronger overall asset prices aided Hartford’s investment portfolio and reduced its exposure within its variable annuity business. At period end, both companies continued to trade at significant discounts to book value, and we believed both still offered favorable risk/reward profiles.

Cardboard box manufacturer Packaging Corp. of America appreciated on expectations of improved pricing power and margin expansion in 2010 as containerboard inventories

6 Nuveen Investments

approached 15 year lows, and industry utilization rates moved close to 95%. The company is highly leveraged to rising containerboard prices, with each $100/ton increase in pricing adding roughly $1.40 in annual earnings per share. The company has a strong balance sheet, and could repurchase shares or increase its dividend in the near future.

Our energy investments Apache Corp. and Talisman Energy Inc. also were among our best performing stocks for the period. Against the backdrop of improving industry fundamentals and rising oil prices (crude approached $80 per barrel during the period, up from the mid-$60’s at the end of June, and the low-$30’s at the beginning of 2009), these companies had specific operational catalysts that contributed to investor’s taking increased interest in the stocks. Apache Corp. announced an agreement to sell natural gas for future delivery in Argentina at substantially higher prices than they were receiving previously. The company also announced that it would develop and monetize a natural gas asset in Australia with Chevron, giving investors greater clarity on the project. A catalyst for Talisman Energy was the announcement of an internal restructuring effort that will separate its North American operations into ‘Conventional’ and ‘Shale’ that should highlight the progress the company is making on its unconventional gas initiatives, thereby unlocking value.

While the majority of the Fund’s holdings posted positive returns for the period, our investments in Lockheed Martin Corp., NRG Energy Inc., and Redwood Trust Inc. underperformed. Shares of Lockheed Martin declined on investor concern of reduced defense spending as well as expectations for higher pension expense in 2010. We believe that many of the potential headwinds Lockheed faces are already priced in the stock and that the company remains attractively valued given its historically strong cash flows (double digit free cash flow yield), exposure to international markets, and management’s solid track record. Lockheed should benefit from future programs such as the F-35 (the single largest Department of Defense weapons program in history) as well as the recent decision to develop a mobile land-and-sea based missile defense system.

On a total return basis, our investment in Redwood Trust Inc. was essentially flat for the period. We initially had invested in Redwood Trust, a mortgage real estate investment trust (REIT), after the company had completed a secondary equity offering in January 2009, and then added to our position in May by participating in another secondary equity offering by the firm. Redwood Trust invests primarily in residential mortgage backed securities and differs from many traditional mortgage REITs because it has extremely low leverage. The company does not utilize short-term repurchase agreement financing and instead funds its assets with permanent capital (primarily equity) that is not subject to margin calls and financial covenants. We believe that the seasoned and conservative management team at Redwood is well positioned to take advantage of the current dislocation in the capital markets, while successfully managing their investment risk.

Shares of independent power producer, NRG Energy Inc., declined modestly as natural gas prices have not appreciated as much as investors had anticipated. NRG earns a greater operating margin as natural gas prices move higher, and its hedged coal costs remain stable. The shares also were weakened by the announcement that its highly regarded CFO, Robert Flexon, would be leaving the company to assume the position of President and CEO at Foster Wheeler USA Corp.

Nuveen Investments 7

We made a number of new investments in the Fund during the reporting period. In the finance sector, we established new positions in Citigroup, Columbia Banking Systems Inc. (CBS), FBR Capital Markets Corp., PrivateBancorp, and Tower Group Inc. In addition, we purchased Denbury Resources Inc. and Petrohawk Energy Corp., and re-established a position in Comcast Corp. at a lower price from where we exited the position a year earlier.

We eliminated several positions throughout the reporting period as well. We sold Agilent Technologies Inc. as we felt the stock offered a less compelling risk/reward profile following strong appreciation. We also exited our position in Lorillard Inc. following strong appreciation in its stock price. While we believed that potential regulatory risk surrounding menthol cigarettes was decreasing, Lorillard traded at a significant premium to its domestic tobacco peers. To some extent, this reflected its superior fundamentals, but its price also was affected by speculation of a takeover bid from its rival, Reynolds American Inc.

In July, we eliminated U.S. Steel Corp. as the stock price had doubled from its recent lows on expectations of a recovery in the steel industry. While we did expect inventory restocking to occur, we felt that demand for steel products would not rebound significantly, resulting in excess industry capacity. CF Industries Holdings Inc. was eliminated as the shares seemed to have reached fair value in relation to the hostile takeover bid by rival Agrium Inc. Other holdings eliminated during the period include EOG Resources Inc., Sepracor Inc., and TransAtlantic Holdings Inc.

Nuveen NWQ Large-Cap Value Fund

Class A shares at net asset value for the Nuveen NWQ Large-Cap Value Fund slightly underperformed each of its comparative indexes for the six-month period ended December 31, 2009.

The Fund seeks long-term capital appreciation by investing in equity securities of companies with large market capitalizations that are selected on an opportunistic basis. Generally, the Fund’s managers look for undervalued companies where catalysts exist that may help unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation or company restructuring.

In general, many of our investments appreciated sharply during the six months due to depressed valuations coming into the period, the impact of individual catalysts on specific stocks, and a perception of increasing stabilization in the economy.

Genworth Financial Inc. and Hartford Financial Services Group Inc. were two of our standout investments for the period. Similar factors drove the performance of both stocks, including greater financial flexibility due to recent capital raises and the continued improvement in the prices of securities held within their investment portfolios. Genworth dramatically strengthened its balance sheet with the sale of a partial interest in its Canadian mortgage insurance operation in July and a secondary stock offering in September. Hartford Financial improved its capital position with a common equity offering in August, in which we participated at $16 per share. Additionally, stronger

8 Nuveen Investments

overall asset prices aided Hartford’s investment portfolio and reduced its exposure within its variable annuity business. At period end, both companies continued to trade at significant discounts to book value, and we believed both still offered favorable risk/reward profiles.

Industrial equipment manufacturer, Ingersoll-Rand Co. Ltd, rose sharply given the success of recent restructuring efforts, as well as synergies from the integration of Trane (a large acquisition they made in 2008). Solid free cash flow growth also is allowing the company to de-lever its business. Ingersoll-Rand noted that its U.S. residential business appears to be approaching an inflection point as pent-up demand has begun to re-appear. The company has bid on $1 billion worth of projects related to federal stimulus initiatives, and sees the potential to bid for several billion dollars more.

Our energy investments also were among the best performing stocks for the period. Against the backdrop of improving industry fundamentals and rising oil prices (crude approached $80 per barrel during the period, up from the mid-$60’s at the end of June, and the low-$30’s at the beginning of 2009), these companies had specific operational catalysts that contributed to investor’s taking increased interest in the stocks. Apache Corp. announced an agreement to sell natural gas for future delivery in Argentina at substantially higher prices than they were receiving previously. The company also announced that it would develop and monetize a natural gas asset in Australia with Chevron, giving investors greater clarity on the project. Halliburton Co. continues to gain significant market share in the pressure pumping industry, while the catalyst for Noble Energy was its signing of a long-term contract to sell at least 23% of the gas from its Tamar discovery in offshore Israel at a price indexed to Brent Crude oil. This follows the company’s announcement of a second discovery (Tamar II) in July 2009 that was consistent with its original find.

While the majority of the Fund’s holdings posted positive returns for the period, our investments in Lockheed Martin Corp., and NRG Energy Inc. underperformed. Shares of Lockheed Martin declined on investor concern of reduced defense spending as well as expectations for higher pension expense in 2010. We believe that many of the potential headwinds Lockheed faces are already priced in the stock and that the company remains attractively valued given its historically strong cash flows (double digit free cash flow yield), exposure to international markets, and management’s solid track record. Lockheed should benefit from future programs such as the F-35 (the single largest Department of Defense weapons program in history) as well as the recent decision to develop a mobile land-and-sea based missile defense system.

The stock price of independent power producer NRG Energy Inc. declined as natural gas prices did not appreciated as much as investors had anticipated. NRG earns a greater operating margin when natural gas prices move higher and its hedged coal costs remain stable. The shares also were weakened by the announcement that its highly regarded CFO, Robert Flexon, would be leaving the company to assume the position of President and CEO at Foster Wheeler USA Corp.

We added several positions to the Fund over the reporting period. We re-invested in Citigroup as the company was raising capital to repay its TARP obligation and terminate its loss sharing agreement with the U.S. Treasury. We had eliminated our previous

Nuveen Investments 9

position in Citigroup in early October 2008 at more than five times the price of our most recent purchase. Citigroup previously converted $50 billion in preferred stock to common stock earlier in 2009, and raised an additional $17 billion in common equity in December. The stock offers compelling valuation, trading at a steep discount to tangible book value and roughly six times estimated normalized earnings power — which we believe should provide some downside protection. While we expect little to no net earnings for Citigroup in 2010 as the company continues to wind down non-core businesses and troubled assets, we anticipate a sharp earnings recovery beginning in 2011 that will be driven by improved credit quality and efforts to better manage and control expenses.

We invested in Kroger Co., one of the nation’s leading food and drug retailers, based on attractive valuation and upcoming catalysts as the stock has been out of favor for reasons that have plagued the entire food and retailing industry. First, the historical tailwind of food price inflation had become a headwind. There is significant deflation in the all-important dairy category, as well as in produce and many other areas. Deflated prices result in lower year over year sales comparisons and negatively impact margins. Second, there has been a change in consumer behavior brought on by the recession. Shoppers are still buying ‘what they need’, but have been buying much less of ‘what they want’. Finally, the competitive environment heated up in many major markets as players raised promotional levels to vie for the incremental shopping dollars. While the environment is extremely challenging, we believe that the business is close to the bottom.

CVS Caremark Corp. is a retail pharmacy and pharmacy services provider. We invested in the company on the premise that the market is not giving the company any credit for the synergies created by its purchase of pharmacy benefit manager Caremark Rx two years ago in a deal which created the most vertically integrated pharmacy in the country. More recently, we added to our energy exposure with the purchases of Canadian Natural Resources Ltd. and ConocoPhillips. ConocoPhillips recently announced a corporate restructuring where the company will focus on selling $15-$20 billion of assets, raising returns, paying down some debt, and repurchasing shares. We swapped out of our position in EOG Resources Inc. for Canadian Natural Resources since it offered better valuation and catalysts.

We eliminated Agilent Technologies Inc. as we felt the stock offered a less compelling risk/reward profile following strong appreciation. The stock had appreciated as the company beat earnings estimates, provided a solid outlook, and announced the acquisition of Varian Inc., a supplier of scientific instruments. We also exited our position in Lorillard Inc. following strong appreciation in its stock price. While we believed that potential regulatory risk surrounding menthol cigarettes was decreasing, Lorillard traded at a significant premium to its domestic tobacco peers. To some extent, this reflected its superior fundamentals, but its price also was affected by speculation of a takeover bid from its rival, Reynolds American Inc. We did not think such an offer would be forthcoming in the near or intermediate future.

In July, we eliminated U.S. Steel Corp. as the stock price had doubled from its recent lows on expectations of a recovery in the steel industry. While we did expect inventory restocking to occur, we felt that demand for steel products would not rebound significantly, resulting in excess industry capacity. Additionally, we believed that their

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Tubular segment, which had generated substantial profitability in recent years, would not provide material cash flow to drive the stock price meaningfully above current levels.

Nuveen NWQ Small/Mid-Cap Value Fund

Class A shares at net asset value for the Nuveen NWQ Small/Mid-Cap Value Fund outperformed each of its comparative indexes for the six-month period ended December 31, 2009.

The Fund continued to follow its disciplined investment approach which seeks long-term capital appreciation by investing in equity securities of companies with small- to mid-market capitalizations selected using an analyst-driven, value-oriented process. Portfolio managers look for undervalued companies where catalysts exist to unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation or company restructuring.

For the six-month period, the Fund benefited from an overweighted position in technology, as well as our stock selection. Avocent was the top contributor to the Fund’s results. In the first week of October 2009, Emerson Electric acquired Avocent for $25 per share. While we were obviously pleased with the short term performance, our price target for the stock over the next two years was significantly higher.

The materials and processing sector generated strong returns, with Griffon Corporation contributing positively. In December 2009, the company issued a 4% convertible subordinated note, enhancing its balance sheet flexibility. Despite this issuance, the stock rose further, reflecting the management led turnaround in Griffon’s Clopay garage door and specialty plastic film businesses. Griffon’s aerospace company, Telephonics, continues to show double digit organic growth in its core radar and communications applications for defense electronics. In our opinion, the break-up value of this company is much higher than the current stock price.

Also positively contributing to performance was Elizabeth Arden. The company has aggressively cut costs, introduced new fragrances, and broadened their international footprint. As the fragrance category manager for most mass market retailers and with the number one market share in mass market fragrances, the company should benefit significantly from restocking in the retail channel this spring.

While most of the Fund’s holdings appreciated for the period, we did have several positions that detracted from performance. Western Alliance Bancorp was a notable underperformer. While the bank, based in Las Vegas, has a large exposure to rising non-performing assets, we believe the bank has sufficient tangible common equity to weather the storm. Texas Capital Bancshares also underperformed. This bank is well capitalized relative to its lower risk loan portfolio and should benefit in 2010 from an improving net interest margin. NWQ added to both the Texas Capital and Western Alliance positions in the fourth quarter of 2009. General Cable underperformed as well.

We also added several positions during the reporting period. These included Harsco Corporation an industrial company with five divisions: Infrastructure (scaffolding and concrete formworks); Metals (support of metal-producing customers); Minerals (processing for environmentally beneficial uses such as roofing); Rail (track maintenance); and

Nuveen Investments 11

Industrial (boilers, water heaters, etc.). We believe HSC is well-positioned globally and is a potential beneficiary of increased steel production and infrastructure construction.

We added shares of Hormel Foods Corporation, a multi-national manufacturer and marketer of high-quality, brand-name food and meat products for consumers throughout the world. Its products include hams, bacon, sausages, franks, canned luncheon meats, stews, chilies, hash, meat spreads, shelf-stable microwaveable entrees and salsas. We believe that this is a conservatively managed company that will benefit from firmer turkey meat prices and incremental mix shift into value added products.

We also added a position in Northwest Bancshares Inc., a Pennsylvania-headquartered bank with 171 retail banking locations (mostly in PA). We believe NWBI is well-capitalized and has an experienced management team, a conservative credit culture, growth opportunities in attractive markets, and is attractively valued.

Another addition was Royal Gold, Inc., a leading precious metals royalty company. The firm owns and manages diversified globally royalty projects, primarily on precious metals mines, with a focus on gold. We believe the Company has good management, a sound balance sheet, and attractive growth prospects over the next three years.

We eliminated several positions during the period which exceeded the top end of the Fund’s market cap guidelines. These included Continental Resources, NRG Energy, Inc. Unum Group and Yamana Gold Inc. We also eliminated Sepracor Inc., a research-based pharmaceutical company dedicated to the discovery, development, and commercializing of pharmaceutical products with a focus on the treatment of respiratory and central nervous system disorders. We sold out our position after the stock appreciated because of cost-cutting initiatives, and because of concerns about the company’s inability to successfully bring a number of drugs to market and significant competitive risks to its core franchise between now and 2012. We also eliminated Avocent Corporation which was acquired by Emerson Electric Co. in the fourth quarter of 2009. Lastly, we eliminated Carpenter Technology Corporation which develops, manufactures, and distributes stainless and specialty alloys, powder alloys, and titanium for the automotive, aerospace, energy, industrial, medical, defense, and consumer products industries. We sold our position because of concerns about the vulnerability of Carpenter’s end markets, particularly the automotive and commercial aerospace sectors.

Nuveen NWQ Small-Cap Value Fund

Class A shares at net asset value for the Nuveen NWQ Small-Cap Value Fund outperformed each of its comparative indexes for the six-month period ended December 31, 2009.

Over this period, the Fund continued to follow its disciplined investment approach. The Fund seeks long-term capital appreciation by investing in equity securities of companies with small market capitalizations selected using an analyst-driven, value-oriented process. NWQ seeks to provide superior risk-adjusted returns through an analyst-driven, value-oriented process. Portfolio managers look for undervalued companies where catalysts exist to unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation or company restructuring.

12 Nuveen Investments

For the six-month period, the Fund benefited from an overweighted position in the technology sector, and from good stock selection. Avocent was the top contributor to the portfolio. In the first week of October 2009, Emerson Electric acquired Avocent for $25 per share. While we were obviously pleased with the short-term performance, our price target for the stock over the next two years was significantly higher. We eliminated Emerson Electric Co. in the fourth quarter of 2009.

St. Mary also was one of the Fund’s top contributors during the period. The company continues to test resource plays and execute its drilling program. St. Mary is focused on its Eagle Ford, Haynesville and Marcellus natural gas shale developments and has recommenced the development of its Wolfberry oil reserve.

Another top performer was Albany International Corporation. The company is close to completing major restructuring in its Paper Machine Clothing segment and benefited from dramatically lower costs due to restructuring activities. In addition, the Albany Engineered Composite segment has significant growth potential in the production of composite aircraft components for Senecma and Rolls-Royce.

We also had several positions which negatively impacted performance. Western Alliance Bancorp was a notable underperformer during the period. While the bank, based in Las Vegas, has a large exposure to rising non-performing assets, we believe the bank has sufficient tangible common equity to weather the storm and there has been significant insider buying. Texas Capital Bancshares also underperformed. This bank is well capitalized relative to its lower risk loan portfolio and should benefit in 2010 from an improving net interest margin. NWQ added to our Texas Capital and Western Alliance positions in the fourth quarter of 2009. Another underperformer was Marten Transportation.

We added several other positions to the Fund during the period, including Coherent, which is a global manufacturer of laser systems and components to laser measurement and control products and precision optics. Another addition was First Mercury Financial Corporation, which markets and underwrites specialty commercial insurance products and services. We also bought Royal Gold Inc., which competes for royalty acquisitions through purchases, financings, or strategic alliances; Northwest Bancshares Inc., a Pennsylvania-headquartered bank with 171 retail banking locations (mostly in PA); PrivateBancorp, Inc., which serves middle market commercial and commercial real estate companies, as well as business owners, executives, entrepreneurs and families through a comprehensive suite of personal and commercial banking, treasury management, investment products, capital markets, private banking, and wealth management services; and TreeHouse Foods, Inc., a supplier of high quality products and services to the private label and food service industries.

We eliminated several positions throughout the period as well, including Assurant, Inc., which primarily provides creditor-placed homeowners insurance. Other Assurant lines include coverage for manufactured housing homeowners, individual health care coverage, and small employer life, health, disability, and dental coverage. Almost two-thirds of AIZ’s business in homeowner-related. We exited our position on price strength and AIZ’s increase in market cap, which exceeded the top end of market cap guidelines for the Fund’s strategy.

Nuveen Investments 13

We also sold Kadant, which supplies a variety of products and systems for the papermaking and paper-recycling industries. The Company’s offerings include de-inking systems, stock preparation equipment, water management systems, and papermaking accessories. Kadant, through its Thermo Fibergen subsidiary, also develops and commercializes composite building materials.

We eliminated our position in Reinsurance Group of America, Incorporated, which through its subsidiaries engages in individual life, asset-intensive, critical illness, and financial reinsurance in the United States, Canada, Europe, South Africa, and the Asia Pacific region. We sold our position on price strength and RGA’s increase in market cap, which exceeded the top end of market cap guidelines for the Fund’s strategy.

We also sold Sepracor, a research-based pharmaceutical company dedicated to the discovery, development, and commercializing of pharmaceutical products with a focus on the treatment of respiratory and central nervous system disorders. We eliminated our stake after the stock appreciated because of cost-cutting initiatives and because of ongoing concerns about the Company’s inability to successfully bring a number of drugs to market and significant competitive risks to its core franchise between now and 2012.

Nuveen Tradewinds Value Opportunities Fund

The Nuveen Tradewinds Value Opportunities Fund’s Class A shares at net asset value slightly underperformed both the Russell and Lipper indexes over the six-month period ending December 31, 2009.

The Fund seeks long-term capital appreciation by delivering superior risk-adjusted returns through an active, research-driven, fundamentals-based, value-oriented process. Our investment discipline seeks to identify potential investments that trade at attractive absolute valuations, offer good downside protection/risk-reward and possess strong franchise quality. Attributes sought include sustainable competitive advantages, strong or improving fundamentals, renewed management focus, product leadership, industry consolidation, company restructuring, new management, excessive pessimism, misperceived balance sheets, and hidden assets not being correctly valued by the markets.

The Fund’s overexposure in the materials and processing sector, and its positions in the energy and utilities sectors, contributed positively to performance over this period. Conversely, the Fund’s return was impaired by its positions in the producer durables and technology sectors.

Domtar Corporation was the top performer in the materials and processing sector. Domtar is a manufacturer and marketer of paper and pulp in North America and operates in three segments: papers, paper merchants and wood. While the company had underperformed earlier in 2009 due to oversupply and decreasing demand for paper, in addition to looming concerns over the company’s ability to refinance its 2011 debt maturities, the company took positive steps to close some of its operations in order to reduce capacity. The share price went up in the second half of the year due to higher shipments and lower inventories versus prior quarters, lower materials and freight costs, improved overall cost control and successful refinancing in June.

Another positive contributor was Lihir Gold Limited, a gold producer in the Australasian region with operations in Papua New Guinea, Australia and West Africa. The market

14 Nuveen Investments

reacted positively to the increased reserves at the company’s Lihir Island gold mining operations as a result of additional drilling in the region and improvement in project economics.

The Fund’s holdings of Arch Coal, Incorporated, also did well. Arch Coal is a member of the energy sector and a coal producer in the United States. The company received approval from the Federal Trade Commission (FTC) for the Jacobs Ranch mine acquisition from Rio Tinto. The acquisition, which is expected to provide significant cost savings synergies between the Jacobs Ranch mine and the company’s existing Black Thunder mine, was received positively by the market and the share price rose on the news. The deal is expected to close in 2010.

Whole Foods Market, Inc. also made a positive contribution to Fund performance. The company owns and operates a chain of natural and organic foods supermarkets. The stock’s performance was aided by improvement in operational performance resulting in positive free cash flow and continued good sentiment regarding economic recovery. Whole Foods trades at a premium to traditional supermarkets, which in our opinion it deserves, since it is the leader in a niche category with significant growth prospects. Due to the strong price movement, we took the opportunity to sell the position and harvest profits during the period.

The health care sector underperformed the benchmark on a relative basis, with one of its members, Health Net Incorporated, being the Fund’s worst detractor from performance. Health Net provides managed health care services through health plans and government-sponsored, managed-care plans through its health maintenance organizations, insured preferred provider organizations and point-of-service plans. In early August, the company reported its second quarter results which were in-line with expectations, but slightly cut its outlook for the balance of 2009. The stock underperformed during the period along with many in the sector due to concerns about rate cuts resulting from U.S. health care reform efforts. In addition, its commercial division’s membership and costs were weaker this period than those of the Medicare and Medicaid businesses. We sold the position before the end of the period.

In the consumer staples sector, two of the Fund’s holdings were among the bottom five performing names. Seven and I Holdings Company Limited, a retail conglomerate in Japan whose main business is Seven-Eleven convenience stores in the U.S. and Japan, significantly under-performed for the period with our depository receipt position falling just under 12%. In our view, the sell-off of the stock was overdone and due primarily to ongoing deflation, which is hurting sentiment towards the Japanese retail industry. In addition, Japanese and U.S. consumer activity remains sluggish, causing downward pressure on sales and profits. We believe that most of the bad news is priced into the shares and that the current valuation levels are extremely compelling. Kroger Company, an operator of retail food and drug stores, multi-department stores, jewelry and convenient stores, was another underperformer in the consumer staples sector. Investors are concerned about deflation and its potential impact on top line growth. The stock price corrected on disappointing quarterly results. However, we believe that this is one of the best managed traditional supermarkets and took the opportunity to add to the position during the period as it was trading at an attractive value.

Nuveen Investments 15

Another detractor from performance was consumer discretionary sector holding Sekisui House Limited. The company undertakes design, execution, construction contracting and supervision of buildings or structures and manufacture, sale and purchase of construction materials. Sekisui revised down its numbers during the period due to weaker than expected housing statistics. In addition, worsening deflationary trends in Japan are causing concerns that the company may have to write down its inventory of property for redevelopment. There are also fears that the Japanese government will introduce policies which could hurt future housing demand.

The period ended with many investors struggling to understand the dynamics of the global post-crisis recovery. At Tradewinds, we believe that, no matter what the outcome, there will be companies that have the necessary resources, capital structures, distribution networks, products and services to thrive despite economic headwinds. Markets, by their nature, will under or over assess the value of franchises and continue to provide opportunities for patient investors. As such, we have been selectively adding to consumer goods companies and have found compelling cases for select companies in Japan.

16 Nuveen Investments

1 The since-inception return Nuveen Multi-Manager Large-Cap Value Fund is calculated from 8/7/96, for the Nuveen NWQ Multi-Cap Value Fund from 11/04/97, for the Nuveen NWQ Large-Cap Value Fund and the Nuveen NWQ Small/Mid-Cap Value Fund from 12/15/06 and for all the other Funds are from 12/09/04.

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 Large-Cap Value Index Funds and the Lipper Multi-Cap Value Funds Index for the Nuveen NWQ Multi-Cap Core Value Fund are from the month end of the Fund’s inception, as returns for those time periods are only available on a calendar month basis. All other since inception returns for Lipper indexes are from the Fund’s respective inception dates. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in an index.

3 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 Stock Index is an unmanaged index generally considered to be representative of the U.S. stock market. 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 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. All since inception returns for these indexes are from the month end of the Fund’s inception. The index returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index.

Class A Shares – Average Annual Total Returns

For the periods ended 12/31/09

	Cumulative	Average Annual
	6-Month	1-Year	5-Year	10-Year	Since inception1
Nuveen Multi-Manager Large-Cap Value Fund
A Shares at NAV	22.13%	22.39%	1.89%	2.12%	6.27%
A Shares at Offer	15.09%	15.32%	0.69%	1.52%	5.80%
Lipper Large-Cap Value Funds Index2	21.71%	24.96%	0.28%	0.85%	5.49%
Russell 1000 Value Index3	23.23%	19.69%	-0.25%	2.47%	6.88%
S&P 500 Stock Index3	22.59%	26.46%	0.42%	-0.95%	5.78%
Nuveen NWQ Multi-Cap Value Fund
A Shares at NAV	24.78%	34.94%	-3.41%	4.94%	6.18%
A Shares at Offer	17.57%	27.18%	-4.55%	4.32%	5.67%
Lipper Multi-Cap Value Funds Index2	22.65%	26.59%	-0.56%	3.1%	3.78%
Russell 3000 Value Index3	23.53%	19.76%	-0.24%	2.88%	4.56%
S&P 500 Stock Index3	22.59%	26.46%	0.42%	-0.95%	3.06%
Nuveen NWQ Large-Cap Value Fund
A Shares at NAV	22.34%	27.67%	N/A	N/A	-7.63%
A Shares at Offer	15.27%	20.36%	N/A	N/A	-9.41%
Lipper Multi-Cap Value Funds Index2	22.65%	26.59%	N/A	N/A	-8.00%
Russell 1000 Value Index3	23.23%	19.69%	N/A	N/A	-8.86%
Nuveen NWQ Small/Mid-Cap Value Fund
A Shares at NAV	28.51%	35.50%	N/A	N/A	-10.63%
A Shares at Offer	21.16%	27.70%	N/A	N/A	-12.35%
Lipper Mid-Cap Value Funds Index2	27.26%	39.74%	N/A	N/A	-4.58%
Russell 2500 Value Index3	28.48%	27.68%	N/A	N/A	-6.96%
Nuveen NWQ Small-Cap Value Fund
A Shares at NAV	28.42%	32.45%	-1.91%	N/A	-0.93%
A Shares at Offer	21.06%	24.80%	-3.06%	N/A	-2.08%
Lipper Small-Cap Value Funds Index2	27.10%	33.00%	1.42%	N/A	2.14%
Russell 2000 Value Index3	27.15%	20.58%	-0.01%	N/A	0.67%
Nuveen Tradewinds Value Opportunities Fund
A Shares at NAV	22.84%	50.79%	11.01%	N/A	11.50%
A Shares at Offer	15.80%	42.13%	9.70%	N/A	10.20%
Lipper Mid-Cap Core Funds Index2	26.46%	39.34%	2.49%	N/A	3.13%
Russell 3000 Value Index3	23.53%	19.76%	-0.24%	N/A	0.30%

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, LLC and Nuveen HydePark Group, LLC. The Fund’s investment objective became 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.

Nuveen Investments 17

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. Class A shares have a 5.75% maximum sales charge. 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. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Returns reflect a contractual agreement between certain Funds and the investment adviser to waive certain fees and expenses; see p. 77 of this report for more information. In addition, returns may reflect a voluntary expense limitation by the Funds’ investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance, visit www.nuveen.com or call (800) 257-8787.

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

18 Nuveen Investments

Fund Spotlight as of 12/31/09 Nuveen Multi-Manager Large-Cap Value Fund

Quick Facts
	A Shares	B Shares	C Shares	R3 Shares	I Shares
Fund Symbol	NNGAX	NNGBX	NNGCX	NMMTX	NNGRX
NAV	$17.08	$16.65	$16.61	$17.19	$17.13
Latest Ordinary Income Distribution1	$0.3017	$0.1860	$0.1856	$0.2665	$0.3399
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. 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 on 8/04/08; 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. Returns may reflect an expense limitation by the Fund’s investment adviser.

Average Annual Total Returns as of 12/31/09
A Shares	NAV	Offer
1-Year	22.39%	15.32%
5-Year	1.89%	0.69%
10-Year	2.12%	1.52%
B Shares	w/o CDSC	w/CDSC
1-Year	21.46%	17.46%
5-Year	1.14%	1.01%
10-Year	1.51%	1.51%
C Shares	NAV
1-Year	21.43%
5-Year	1.13%
10-Year	1.36%
R3 Shares	NAV
1-Year	22.06%
5-Year	1.58%
10-Year	1.84%
I Shares	NAV
1-Year	22.66%
5-Year	2.15%
10-Year	2.38%

Top Five Common Stock Holdings2
JPMorgan Chase & Co.	3.5%
Occidental Petroleum Corporation	2.4%
Bank of America	2.3%
Intel Corporation	2.0%
Pfizer Inc.	2.0%

Portfolio Allocation²

Portfolio Statistics
Net Assets ($000)	$325,464
Number of Common Stocks	692

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.27%	1.20%	6/30/09
Class B	2.01%	1.95%	6/30/09
Class C	2.02%	1.95%	6/30/09
Class R3	1.53%	1.45%	6/30/09
Class I	1.02%	0.95%	6/30/09

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 certain expenses through October 31, 2010.

1 Ordinary income distribution consists of ordinary income paid on December 31, 2009.

2 As a percentage of total investments as of December 31, 2009. Holdings are subject to change.

3 Rounds to less than 0.1%.

Nuveen Investments 19

Fund Spotlight as of 12/31/09 Nuveen Multi-Manager Large-Cap Value Fund

Industries1
Oil, Gas & Consumable Fuels	12.4%
Pharmaceuticals	6.5%
Diversified Financial Services	6.5%
Commercial Banks	4.7%
Insurance	4.3%
Semiconductors & Equipment	3.9%
Media	3.7%
Machinery	3.5%
Beverages	3.3%
Computers & Peripherals	3.1%
Metals & Mining	3.0%
Specialty Retail	2.7%
Capital Markets	2.6%
Diversified Telecommunication Services	2.6%
Energy Equipment & Services	2.6%
Aerospace & Defense	2.3%
Road & Rail	2.2%
Electric Utilities	2.1%
Chemicals	1.9%
IT Services	1.8%
Wireless Telecommunication Services	1.6%
Health Care Equipment & Supplies	1.5%
Health Care Providers & Services	1.5%
Consumer Finance	1.4%
Industrial Conglomerates	1.1%
Electronic Components	1.0%
Short-Term Investments	1.7%
Other	14.5%

1 As a percentage of total investments as of December 31, 2009. 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		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (7/01/09)	$	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 (12/31/09)	$	1,221.30	$	1,216.40	$	1,217.00	$	1,219.70	$	1,223.20	$	1,019.21	$	1,015.43	$	1,015.43	$	1,017.95	$	1,020.47
Expenses Incurred During Period	$	6.66	$	10.84	$	10.84	$	8.06	$	5.27	$	6.06	$	9.86	$	9.86	$	7.32	$	4.79

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.19%, 1.94%, 1.94%, 1.44% and 0.94% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

20 Nuveen Investments

Fund Spotlight as of 12/31/09Nuveen NWQ Multi-Cap Value Fund

Quick Facts
	A Shares	B Shares	C Shares	R3 Shares	I Shares
Fund Symbols	NQVAX	NQVBX	NQVCX	NMCTX	NQVRX
NAV	$15.21	$14.72	$14.72	$15.15	$15.20
Latest Ordinary Income Distribution1	$0.0390	$ —	$ —	$0.0073	$0.0707
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. 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 on 8/04/08; 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 12/31/09
A Shares	NAV	Offer
1-Year	34.94%	27.18%
5-Year	-3.41%	-4.55%
10-Year	4.94%	4.32%
B Shares	w/o CDSC	w/CDSC
1-Year	33.94%	29.94%
5-Year	-4.14%	-4.31%
10-Year	4.32%	4.32%
C Shares	NAV
1-Year	33.94%
5-Year	-4.14%
10-Year	4.17%
R3 Shares	NAV
1-Year	34.61%
5-Year	-3.69%
10-Year	4.66%
I Shares	NAV
1-Year	35.37%
5-Year	-3.17%
10-Year	5.22%

Top Five Common Stock Holdings2
CA Inc.	7.4%
Viacom Inc., Class B	4.8%
Reinsurance Group of America Inc.	4.4%
Apache Corporation	4.4%
Motorola, Inc.	4.3%

Portfolio Allocation²

Portfolio Statistics
Net Assets ($000)	$363,170
Number of Common Stocks	38

Expense Ratios
Share Class	Gross Expense Ratios	As of Date
Class A	1.50%	6/30/09
Class B	2.28%	6/30/09
Class C	2.27%	6/30/09
Class R3	1.81%	6/30/09
Class I	1.29%	6/30/09

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

1 Ordinary income distribution consists of ordinary income paid on December 31, 2009.

2 As a percentage of total investments as of December 31, 2009. Holdings are subject to change.

Nuveen Investments 21

Fund Spotlight as of 12/31/09 Nuveen NWQ Multi-Cap Value Fund

Industries1
Insurance	17.8%
Oil, Gas & Consumable Fuels	15.5%
Media	8.8%
Software	7.4%
Metals & Mining	7.2%
Diversified Financial Services	5.2%
Aerospace & Defense	4.7%
Machinery	4.5%
Communications Equipment	4.3%
Biotechnology	3.6%
Commercial Services & Supplies	3.5%
Pharmaceuticals	2.7%
Short-Term Investments	1.9%
Other	12.9%

1 As a percentage of total investments as of December 31, 2009. 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		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (7/01/09)	$	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 (12/31/09)	$	1,247.80	$	1,243.20	$	1,243.20	$	1,246.50	$	1,249.60	$	1,017.14	$	1,013.36	$	1,013.36	$	1,015.88	$	1,018.45
Expenses Incurred During Period	$	9.07	$	13.29	$	13.29	$	10.48	$	7.60	$	8.13	$	11.93	$	11.93	$	9.40	$	6.82

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.60%, 2.35%, 2.35%, 1.85% and 1.34% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

22 Nuveen Investments

Fund Spotlight as of 12/31/09 Nuveen NWQ Large-Cap Value Fund

Quick Facts
	A Shares	B Shares	C Shares	R3 Shares	I Shares
Fund Symbols	NQCAX	NQCBX	NQCCX	NQCQX	NQCRX
NAV	$15.55	$15.34	$15.35	$15.55	$15.55
Latest Ordinary Income Distribution1	$ —	$ —	$ —	$ —	$0.0228
Inception Date	12/15/06	12/15/06	12/15/06	9/29/09	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. 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 on 9/29/09; 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 R3 Shares have no sales charge and are available to only certain retirement plan clients of financial intermediaries. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Average Annual Total Returns as of 12/31/09
A Shares	NAV	Offer
1-Year	27.67%	20.36%
Since Inception	-7.63%	-9.41%
B Shares	w/o CDSC	w/CDSC
1-Year	26.67%	22.67%
Since Inception	-8.33%	-9.25%
C Shares	NAV
1-Year	26.75%
Since Inception	-8.32%
R3 Shares	NAV
1-Year	27.25%
Since Inception	-7.88%
I Shares	NAV
1-Year	27.96%
Since Inception	-7.41%

Top Five Common Stock Holdings2
CA Inc.	6.1%
Apache Corporation	4.2%
Motorola, Inc.	4.1%
Viacom Inc., Class B	4.1%
Barrick Gold Corporation	3.9%

Portfolio Allocation²

Portfolio Statistics
Net Assets ($000)	$128,838
Number of Common Stocks	40

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.61%	1.35%	6/30/09
Class B	2.35%	2.10%	6/30/09
Class C	2.37%	2.10%	6/30/09
Class R3	1.86%	1.60%	10/31/09
Class I	1.36%	1.10%	6/30/09

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.

1 Ordinary income distribution consists of ordinary income paid on December 31, 2009.

2 As a percentage of total investments as of December 31, 2009. Holdings are subject to change.

Nuveen Investments 23

Fund Spotlight as of 12/31/09 Nuveen NWQ Large-Cap Value Fund

Industries1
Insurance	14.8%
Oil, Gas & Consumable Fuels	14.5%
Software	7.9%
Metals & Mining	7.0%
Aerospace & Defense	6.0%
Media	5.5%
Pharmaceuticals	5.1%
Diversified Financial Services	5.0%
Communications Equipment	4.1%
Biotechnology	3.4%
Commercial Services & Supplies	2.7%
Food & Staples Retailing	2.3%
Commercial Banks	2.3%
Short-Term Investments	5.7%
Other	13.7%

1 As a percentage of total investments as of December 31, 2009. 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 Shares expense examples below reflect only the first 94 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 (7/01/09)	$	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 (12/31/09)	$	1,223.40	$	1,217.50	$	1,218.30	$	1,220.60	$	1,224.30	$	1,018.50	$	1,014.72	$	1,014.72	$	1,008.78	$	1,019.76
Expenses Incurred During Period	$	7.45	$	11.63	$	11.63	$	4.55	$	6.05	$	6.77	$	10.56	$	10.56	$	4.11	$	5.50

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.33%, 2.08%, 2.08% and 1.08% 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 R3 Shares of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.59% multiplied by the average account value over the period, multiplied by 94/365 (to reflect the 94 days in the period since the class commencement of operations).

24 Nuveen Investments

Fund Spotlight as of 12/31/09 Nuveen NWQ Small/Mid-Cap Value Fund

Quick Facts
	A Shares1	C Shares	R3 Shares	I Shares
Fund Symbols	NSMAX	NSMCX	NWQRX	NSMRX
NAV	$14.20	$13.87	$14.09	$14.11
Inception Date	12/15/06	12/15/06	9/29/09	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. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Class A, C and I Share returns are actual. The returns for Class R3 Shares are actual for the period since class inception on 9/29/09; 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 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 plan clients of financial intermediaries. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Average Annual Total Returns as of 12/31/09
A Shares	NAV	Offer
1-Year	35.50%	27.70%
Since Inception	-10.63%	-12.35%
C Shares	NAV
1-Year	35.05%
Since Inception	-11.32%
R3 Shares	NAV
1-Year	35.22%
Since Inception	-11.19%
I Shares	NAV
1-Year	35.93%
Since Inception	-10.74%

Top Five Common Stock Holdings2
Elizabeth Arden, Inc.	4.6%
Griffon Corporation	4.2%
Circor International Inc.	3.7%
Reinsurance Group of America Inc.	3.5%
Coherent Inc.	3.5%

Portfolio Allocation²

Portfolio Statistics
Net Assets ($000)	$9,472
Number of Common Stocks	44

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	3.03%	1.45%	6/30/09
Class C	4.11%	2.20%	6/30/09
Class R3	2.14%	1.70%	10/31/09
Class I	1.44%	1.20%	6/30/09

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.

1 As of October 5, 2009, Class B Shares are no longer available through an exchange from another Nuveen Fund and were converted to Class A Shares at the close of business on October 27, 2009.

2 As a percentage of total investments as of December 31, 2009. Holdings are subject to change.

Nuveen Investments 25

Fund Spotlight as of 12/31/09 Nuveen NWQ Small/Mid-Cap Value Fund

Industries1
Insurance	17.8%
Machinery	12.9%
Electronic Equipment & Instruments	9.7%
Oil, Gas & Consumable Fuels	9.6%
Building Products	5.2%
Personal Products	4.6%
Commercial Banks	4.3%
Metals & Mining	4.0%
Thrifts & Mortgage Finance	3.5%
Paper & Forest Products	3.4%
Electrical Equipment	3.4%
Energy Equipment & Services	3.3%
Food & Staples Retailing	3.2%
Short-Term Investments	2.5%
Other	12.6%

1 As a percentage of total investments as of 12/31/09. 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 Shares expense examples below reflect only the first 94 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		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (7/01/09)	$	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 (12/31/09)	$	1,285.10	$	1,280.70	$	1,284.40	$	1,287.40	$	1,017.95	$	1,014.17	$	1,008.52	$	1,019.21
Expenses Incurred During Period	$	8.47	$	12.59	$	4.97	$	6.86	$	7.32	$	11.12	$	4.37	$	6.06

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.44%, 2.19% and 1.19% 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). For R3 Shares of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.69% multiplied by the average account value over the period, multiplied by 94/365 (to reflect the 94 days in the period since the class commencement of operations).

26 Nuveen Investments

Fund Spotlight as of 12/31/09 Nuveen NWQ Small-Cap Value Fund

Quick Facts
	A Shares1	C Shares	R3 Shares	I Shares
Fund Symbols	NSCAX	NSCCX	NSCQX	NSCRX
NAV	$18.15	$17.61	$18.25	$18.23
Latest Ordinary Income Distribution2	$0.0085	$ —	$ —	$0.0458
Inception Date	12/09/04	12/09/04	9/29/09	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. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Class A, C and I Share returns are actual. The returns for Class R3 Shares are actual for the period since class inception on 9/29/09; 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 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 plan clients of financial intermediaries. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Average Annual Total Returns as of 12/31/09
A Shares	NAV	Offer
1-Year	32.45%	24.80%
5-Year	-1.91%	-3.06%
Since Inception	-0.93%	-2.08%
C Shares	NAV
1-Year	31.52%
5-Year	-2.60%
Since Inception	-1.63%
R3 Shares	NAV
1-Year	32.25%
5-Year	-2.15%
Since Inception	-1.17%
I Shares	NAV
1-Year	32.91%
5-Year	-1.65%
Since Inception	-0.66%

Top Five Common Stock Holdings3
Elizabeth Arden, Inc.	4.7%
Griffon Corporation	4.3%
Actel Corporation	4.1%
Circor International Inc.	3.9%
St Mary Land and Exploration Company	3.4%

Portfolio Allocation³

Portfolio Statistics
Net Assets ($000)	$87,601
Number of Common Stocks	45

Expense Ratios
Share Class	Gross Expense Ratios	As of Date
Class A	1.46%	6/30/09
Class C	2.23%	6/30/09
Class R3	1.73%	10/31/09
Class I	1.24%	6/30/09

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

1 As of October 5, 2009, Class B Shares are no longer available through an exchange from another Nuveen Fund and were converted to Class A Shares at the close of business on October 27, 2009.

2 Ordinary income distribution consists of ordinary income paid on December 31, 2009.

3 As a percentage of total investments as of December 31, 2009. Holdings are subject to change.

Nuveen Investments 27

Fund Spotlight as of 12/31/09 Nuveen NWQ Small-Cap Value Fund

Industries1
Insurance	14.1%
Machinery	11.7%
Oil, Gas & Consumable Fuels	8.8%
Commercial Banks	7.8%
Semiconductors & Equipment	6.7%
Building Products	5.3%
Metals & Mining	4.9%
Personal Products	4.7%
Electronic Equipment & Instruments	4.1%
Paper & Forest Products	4.0%
Electrical Equipment	3.4%
Food & Staples Retailing	3.2%
Hotels, Restaurants & Leisure	3.0%
Energy Equipment & Services	2.6%
Short-Term Investments	1.6%
Other	14.1%

1 As a percentage of total investments as of December 31, 2009. 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 Shares expense examples below reflect only the first 94 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		C Shares		R3 Shares		I Shares		A Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (7/01/09)	$	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 (12/31/09)	$	1,284.20	$	1,279.80	$	1,282.50	$	1,286.10	$	1,017.95	$	1,014.27	$	1,008.76	$	1,019.31
Expenses Incurred During Period	$	8.29	$	12.47	$	4.70	$	6.74	$	7.32	$	11.02	$	4.14	$	5.96

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.44%, 2.17% and 1.17% 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). For R3 Shares of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.60% multiplied by the average account value over the period, multiplied by 94/365 (to reflect the 94 days in the period since the class commencement of operations).

28 Nuveen Investments

Fund Spotlight as of 12/31/09 Nuveen Tradewinds Value Opportunities Fund

Quick Facts
	A Shares	B Shares	C Shares	R3 Shares	I Shares
Fund Symbols	NVOAX	NVOBX	NVOCX	NTVTX	NVORX
NAV	$29.69	$29.11	$29.10	$29.73	$29.76
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. 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 on 8/04/08; 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. Returns may reflect an expense limitation by the Fund’s investment adviser.

Average Annual Total Returns as of 12/31/09
A Shares	NAV	Offer
1-Year	50.79%	42.13%
5-Year	11.01%	9.70%
Since Inception	11.50%	10.20%
B Shares	w/o CDSC	w/CDSC
1-Year	49.67%	45.67%
5-Year	10.18%	10.05%
Since Inception	10.67%	10.53%
C Shares	NAV
1-Year	49.61%
5-Year	10.17%
Since Inception	10.66%
R3 Shares	NAV
1-Year	50.46%
5-Year	10.73%
Since Inception	11.21%
I Shares	NAV
1-Year	51.14%
5-Year	11.29%
Since Inception	11.77%

Top Five Common Stock Holdings1
Kinross Gold Corporation	3.3%
Newmont Mining Corporation	3.2%
Lihir Gold Limited, Sponsored ADR	3.2%
Barrick Gold Corporation	3.1%
Ameren Corporation	3.1%

Portfolio Allocation¹

Portfolio Statistics
Net Assets ($000)	$1,543,484
Number of Common Stocks	63

Expense Ratios
Share Class	Gross Expense Ratios	As of Date
Class A	1.48%	6/30/09
Class B	2.22%	6/30/09
Class C	2.22%	6/30/09
Class R3	1.76%	6/30/09
Class I	1.24%	6/30/09

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

1 As a percentage of total investments as of December 31, 2009. Holdings are subject to change.

Nuveen Investments 29

Fund Spotlight as of 12/31/09 Nuveen Tradewinds Value Opportunities Fund

Country Allocation1
United States	59.6%
Canada	14.0%
Japan	6.1%
Australia	4.8%
Brazil	2.1%
South Korea	1.9%
South Africa	1.7%
India	0.5%
Turkey	0.4%
Switzerland	0.4%
Short-Term Investments	8.5%

Industries1
Metals & Mining	17.9%
Oil, Gas & Consumable Fuels	12.3%
Food & Staples Retailing	6.2%
Food Products	5.8%
Health Care Providers & Services	5.2%
Diversified Telecommunication Services	4.3%
Energy Equipment & Services	3.3%
Electric Utilities	3.1%
Multi-Utilities	3.1%
Biotechnology	3.0%
Pharmaceuticals	2.7%
Communications Equipment	2.5%
Wireless Telecommunication Services	2.2%
Electronic Equipment & Instruments	2.1%
Software	2.0%
Road & Rail	2.0%
Short-Term Investments	8.5%
Other	13.8%

1 As a percentage of total investments as of December 31, 2009. 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		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (7/01/09)	$	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 (12/31/09)	$	1,228.40	$	1,224.10	$	1,224.20	$	1,227.00	$	1,230.30	$	1,018.25	$	1,014.47	$	1,014.47	$	1,016.99	$	1,019.51
Expenses Incurred During Period	$	7.75	$	11.94	$	11.94	$	9.15	$	6.35	$	7.02	$	10.82	$	10.82	$	8.29	$	5.75

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.38%, 2.13%, 2.13%, 1.63% and 1.13% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

30 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Multi-Manager Large-Cap Value Fund

December 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 98.1%
	Aerospace & Defense – 2.3%
1,100	BE Aerospace Inc., (2)	$	25,850
10,400	Boeing Company		562,952
5,500	General Dynamics Corporation		374,935
89,400	Honeywell International Inc.		3,504,480
2,900	ITT Industries, Inc.		144,246
1,800	L-3 Communications Holdings, Inc.		156,510
13,300	Lockheed Martin Corporation		1,002,155
5,600	Northrop Grumman Corporation		312,760
25,150	Raytheon Company		1,295,728
1,700	Spirit AeroSystems Holdings Inc., (2)		33,762
1,200	United Technologies Corporation		83,292
	Total Aerospace & Defense		7,496,670
	Air Freight & Logistics – 0.6%
22,060	FedEx Corporation		1,840,907
100	UTI Worldwide, Inc.		1,432
	Total Air Freight & Logistics		1,842,339
	Airlines – 0.0%
4,800	Southwest Airlines Co.		54,864
	Auto Components – 0.7%
2,300	Autoliv Inc.		99,728
100	BorgWarner Inc.		3,322
400	Federal Mogul Corporation, Class A Shares, (2)		6,920
73,950	Johnson Controls, Inc.		2,014,398
1,800	TRW Automotive Holdings Corporation, (2)		42,984
200	WABCO Holdings Inc.		5,158
	Total Auto Components		2,172,510
	Automobiles – 0.3%
87,900	Ford Motor Company, (2)		879,000
5,900	Harley-Davidson, Inc.		148,680
400	Thor Industries, Inc.		12,560
	Total Automobiles		1,040,240
	Beverages – 3.3%
200	Brown-Forman Corporation		10,714
800	Central European Distribution Corporation, (2)		22,728
42,000	Coca-Cola Company		2,394,000
32,970	Coca-Cola Enterprises Inc.		698,964
3,500	Constellation Brands, Inc., Class A, (2)		55,755
26,080	Dr. Pepper Snapple Group, (2)		738,064
57,850	Molson Coors Brewing Company, Class B		2,612,506
800	Pepsi Bottling Group, Inc.		30,000
1,300	PepsiAmericas Inc.		38,038
70,150	PepsiCo, Inc.		4,265,120
	Total Beverages		10,865,889

Nuveen Investments 31

Portfolio of Investments (Unaudited)

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

December 31, 2009

Shares	Description (1)	Value
	Biotechnology – 0.5%
28,710	Amgen Inc., (2)	$	1,624,125
	Building Products – 0.3%
400	Armstrong World Industries Inc., (2)		15,572
64,700	Masco Corporation		893,507
1,100	Owens Corning, (2)		28,204
700	USG Corporation, (2)		9,835
	Total Building Products		947,118
	Capital Markets – 2.6%
6,300	Ameriprise Financial, Inc.		244,566
9,200	Bank of New York Company, Inc.		257,324
300	BlackRock Inc.		69,660
100	Federated Investors Inc.		2,750
1,800	Franklin Resources, Inc.		189,630
22,730	Goldman Sachs Group, Inc.		3,837,733
50,030	Invesco LTD		1,175,205
800	Investment Technology Group, (2)		15,760
400	Janus Capital Group Inc.		5,380
600	Jefferies Group, Inc., (2)		14,238
59,650	Legg Mason, Inc.		1,799,044
26,800	Morgan Stanley		793,280
1,800	Raymond James Financial Inc.		42,786
2,200	State Street Corporation		95,788
	Total Capital Markets		8,543,144
	Chemicals – 1.9%
3,100	Air Products & Chemicals Inc.		251,286
1,400	Airgas, Inc.		66,640
1,800	Albemarle Corporation		65,466
2,900	Ashland Inc.		114,898
1,300	Cabot Corporation		34,099
200	CF Industries Holdings, Inc.		18,156
1,100	Cytec Industries, Inc.		40,062
24,100	Dow Chemical Company		665,883
98,800	E.I. Du Pont de Nemours and Company		3,326,596
21,590	Eastman Chemical Company		1,300,582
200	FMC Corporation		11,152
5,400	Huntsman Corporation		60,966
100	International Flavors & Fragrances Inc.		4,114
100	Interpid Potash Inc., (2)		2,917
200	Lubrizol Corporation		14,590
3,500	PPG Industries, Inc.		204,890
1,500	RPM International, Inc.		30,495
1,100	Terra Industries, Inc.		35,409
1,900	Valspar Corporation		51,566
	Total Chemicals		6,299,767

32 Nuveen Investments

Shares	Description (1)	Value
	Commercial & Professional Services – 0.6%
72,570	Corrections Corporation of America, (2)	$	1,781,594
	Commercial Banks – 4.8%
1,400	Associated Banc-Corp.		15,414
1,500	BancorpSouth Inc.		35,190
800	Bank of Hawaii Corporation		37,648
147,720	BB&T Corporation		3,747,656
200	BOK Financial Corporation		9,504
4,400	Capitalsource Inc.		17,468
500	City National Corporation		22,800
2,500	Comerica Incorporated		73,925
600	Commerce Bancshares Inc.		23,232
600	Cullen/Frost Bankers, Inc.		30,000
18,200	Fifth Third Bancorp.		177,450
100	First Citizens Bancshs Inc.		16,401
7,300	First Horizon National Corporation, (2)		97,825
1,900	Fulton Financial Corporation		16,568
16,300	Huntington BancShares Inc.		59,495
6,500	KeyCorp.		36,075
1,500	M&T Bank Corporation		100,335
12,000	Marshall and Ilsley Corporation		65,400
9,100	PNC Financial Services Group, Inc.		480,389
15,400	Popular, Inc.		34,804
25,500	Regions Financial Corporation		134,895
6,600	SunTrust Banks, Inc.		133,914
8,300	Synovus Financial Corp.		17,015
1,700	TCF Financial Corporation		23,154
176,700	U.S. Bancorp		3,977,517
1,900	Valley National Bancorp.		26,847
221,550	Wells Fargo & Company		5,979,635
1,100	Whitney Holding Corporation		10,021
1,000	Wilmington Trust Corporation		12,340
3,000	Zions Bancorporation		38,490
	Total Commercial Banks		15,451,407
	Commercial Services & Supplies – 0.5%
1,500	Avery Dennison Corporation		54,735
1,900	Cintas Corporation		49,495
1,200	Covanta Holding Corporation, (2)		21,708
3,400	Pitney Bowes Inc.		77,384
4,200	R.R. Donnelley & Sons Company		93,534
46,080	Republic Services, Inc.		1,304,525
300	Waste Connections Inc., (2)		10,002
900	Waste Management, Inc.		30,429
	Total Commercial Services & Supplies		1,641,812
	Communications Equipment – 0.5%
6,400	Brocade Communications Systems Inc., (2)		48,832

Nuveen Investments 33

Portfolio of Investments (Unaudited)

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

December 31, 2009

Shares	Description (1)	Value
	Communications Equipment (continued)
1,700	Ciena Corporation, (2)	$	18,428
35,830	CommScope Inc., (2)		950,570
700	Echostar Holding Corproation, Class A, (2)		14,098
500	Harris Corporation		23,775
2,600	JDS Uniphase Corporation, (2)		21,450
47,400	Motorola, Inc., (2)		367,824
7,000	Tellabs Inc., (2)		39,760
	Total Communications Equipment		1,484,737
	Computers & Peripherals – 3.1%
100	Diebold Inc.		2,845
35,800	EMC Corporation, (2)		625,426
94,240	Hewlett-Packard Company		4,854,302
5,430	International Business Machines Corporation (IBM)		710,787
900	Lexmark International, Inc., Class A, (2)		23,382
2,200	SanDisk Corporation, (2)		63,778
124,470	Seagate Technology		2,264,109
18,600	Sun Microsystems Inc., (2)		174,282
800	Teradata Corporation, (2)		25,144
32,670	Western Digital Corporation, (2)		1,442,381
	Total Computers & Peripherals		10,186,436
	Construction & Engineering – 0.1%
2,800	KBR Inc.		53,200
2,400	Quanta Services Incorporated, (2)		50,016
400	Shaw Group Inc., (2)		11,500
1,100	URS Corporation, (2)		48,972
	Total Construction & Engineering		163,688
	Construction Materials – 0.0%
300	Martin Marietta Materials		26,823
900	Vulcan Materials Company		47,403
	Total Construction Materials		74,226
	Consumer Finance – 1.4%
20,800	American Express Company		842,816
2,900	Americredit Corp., (2)		55,216
86,870	Capital One Financial Corporation		3,330,596
17,500	Discover Financial Services		257,425
4,500	SLM Corporation, (2)		50,715
100	Student Loan Corporation		4,657
	Total Consumer Finance		4,541,425
	Containers & Packaging – 0.1%
1,000	AptarGroup Inc.		35,740
500	Ball Corporation		25,850
1,900	Bemis Company, Inc.		56,335
800	Greif Inc.		43,184
600	Owens-Illinois, Inc., (2)		19,722
1,700	Packaging Corp. of America		39,117

34 Nuveen Investments

Shares	Description (1)	Value
	Containers & Packaging (continued)
300	Pactiv Corporation, (2)	$	7,242
3,400	Sealed Air Corporation		74,324
1,800	Sonoco Products Company		52,650
3,700	Temple-Inland Inc.		78,107
	Total Containers & Packaging		432,271
	Distributors – 0.0%
2,200	Genuine Parts Company		83,512
	Diversified Consumer Services – 0.0%
100	Career Education Corporation, (2)		2,331
600	Hillenbrand Inc.		11,304
5,800	Service Corporation International		47,502
400	Weight Watcher’s International Inc.		11,664
	Total Diversified Consumer Services		72,801
	Diversified Financial Services – 6.5%
489,060	Bank of America Corporation		7,365,243
285,400	Citigroup Inc.		944,674
3,940	CME Group, Inc.		1,323,643
1,000	Interactive Brokers Group, Inc., (2)		17,720
274,630	JPMorgan Chase & Co.		11,443,828
1,000	Leucadia National Corporation, (2)		23,790
700	Nasdaq Stock Market, Inc., (2)		13,874
2,700	New York Stock Exchange Euronext		68,310
	Total Diversified Financial Services		21,201,082
	Diversified REIT – 0.1%
2,700	Liberty Property Trust		86,427
2,600	Vornado Realty Trust		181,844
	Total Diversified REIT		268,271
	Diversified Telecommunication Services – 2.6%
112,100	AT&T Inc.		3,142,163
73,100	BCE INC.		2,018,291
27,550	CenturyTel, Inc.		997,586
500	Clearwire Corporation, (2)		3,380
4,100	Frontier Communications Corporation		32,021
28,300	Level 3 Communications Inc., (2)		43,299
42,500	Qwest Communications International Inc.		178,925
59,500	Verizon Communications Inc.		1,971,235
5,300	Windstream Corporation		58,247
	Total Diversified Telecommunication Services		8,445,147
	Electric Utilities – 2.1%
700	Allegheny Energy, Inc.		16,436
8,800	American Electric Power Company, Inc.		306,152
2,000	DPL Inc.		55,200
26,100	Duke Energy Corporation		449,181
5,900	Edison International		205,202
3,000	Entergy Corporation		245,520

Nuveen Investments 35

Portfolio of Investments (Unaudited)

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

December 31, 2009

Shares	Description (1)	Value
	Electric Utilities (continued)
42,150	Exelon Corporation	$	2,059,871
4,300	FirstEnergy Corp.		199,735
41,590	FPL Group, Inc.		2,196,784
2,500	Great Plains Energy Incorporated		48,475
1,700	Hawaiian Electric Industries		35,530
3,300	Northeast Utilities		85,107
3,100	NV Energy Inc.		38,378
3,900	Pepco Holdings, Inc.		65,715
2,300	Pinnacle West Capital Corporation		84,134
5,200	Progress Energy, Inc.		213,252
11,000	Southern Company		366,520
2,300	Westar Energy Inc.		49,956
	Total Electric Utilities		6,721,148
	Electrical Equipment – 0.1%
1,700	General Cable Corporation, (2)		50,014
1,100	Hubbell Incorporated, Class B		52,030
2,300	Rockwell Automation, Inc.		108,054
200	Roper Industries Inc.		10,474
1,000	Thomas & Betts Corporation, (2)		35,790
	Total Electrical Equipment		256,362
	Electronic Components – 1.0%
700	AVX Group		8,869
170,920	Corning Incorporated		3,300,465
3,300	Vishay Intertechnology Inc., (2)		27,555
	Total Electronic Components		3,336,889
	Electronic Equipment & Instruments – 0.1%
1,700	Arrow Electronics, Inc., (2)		50,337
2,400	Avnet Inc., (2)		72,384
3,600	Ingram Micro, Inc., (2)		62,820
2,100	Jabil Circuit Inc.		36,477
1,900	Molex Inc.		40,945
1,800	Tech Data Corporation, (2)		83,988
	Total Electronic Equipment & Instruments		346,951
	Energy Equipment & Services – 2.6%
300	Atwood Oceanics Inc., (2)		10,755
5,100	Baker Hughes Incorporated		206,448
6,600	BJ Services Company		122,760
400	Cooper Cameron Corporation, (2)		16,720
2,500	ENSCO International Incorporated		99,850
800	Exterran Holdings, Inc., (2)		17,160
164,380	Halliburton Company		4,946,194
4,000	Helix Energy Solutions Group, (2)		47,000
1,600	Helmerich & Payne Inc.		63,808
7,000	Nabors Industries Inc., (2)		153,230
9,200	National-Oilwell Varco Inc., (2)		405,628

36 Nuveen Investments

Shares	Description (1)	Value
	Energy Equipment & Services (continued)
1,200	Oil States International Inc., (2)	$	47,148
2,800	Patterson-UTI Energy, Inc.		42,980
41,030	Pride International Inc., (2)		1,309,267
2,800	Rowan Companies Inc.		63,392
10,100	Schlumberger Limited		657,409
500	SeaCor Smit Inc., (2)		38,125
200	Seahawk Drilling Inc., (2)		4,508
1,200	Smith International, Inc.		32,604
1,400	Superior Energy Services, Inc., (2)		34,006
1,000	Tidewater Inc.		47,950
900	Unit Corporation, (2)		38,250
	Total Energy Equipment & Services		8,405,192
	Food & Staples Retailing – 0.8%
500	BJ’s Wholesale Club, (2)		16,355
13,600	CVS Caremark Corporation		438,056
1,400	Kroger Co.		28,742
23,000	Rite Aid Corporation, (2)		34,730
8,300	Safeway Inc.		176,707
7,000	SUPERVALU INC.		88,970
35,330	Wal-Mart Stores, Inc.		1,888,389
500	Whole Foods Market, Inc., (2)		13,725
	Total Food & Staples Retailing		2,685,674
	Food Products – 0.9%
4,400	Archer-Daniels-Midland Company		137,764
2,400	Bunge Limited		153,192
900	Campbell Soup Company		30,420
9,400	ConAgra Foods, Inc.		216,670
1,000	Corn Products International, Inc.		29,230
4,600	Del Monte Foods Company		52,164
100	Flowers Foods Inc.		2,376
2,600	General Mills, Inc.		184,106
900	H.J. Heinz Company		38,484
24,720	Hershey Foods Corporation		884,729
1,100	Hormel Foods Corporation		42,295
2,200	JM Smucker Company		135,850
21,900	Kraft Foods Inc.		595,242
600	Ralcorp Holdings Inc., (2)		35,826
10,700	Sara Lee Corporation		130,326
4,000	Smithfield Foods, Inc., (2)		60,760
7,100	Tyson Foods, Inc., Class A		87,117
	Total Food Products		2,816,551
	Gas Utilities – 0.2%
1,700	AGL Resources Inc.		61,999
2,300	Atmos Energy Corporation		67,620
1,500	Energen Corporation		70,200

Nuveen Investments 37

Portfolio of Investments (Unaudited)

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

December 31, 2009

Shares	Description (1)	Value
	Gas Utilities (continued)
1,500	National Fuel Gas Company	$	75,000
2,500	ONEOK, Inc.		111,425
3,200	Questar Corporation		133,024
2,000	UGI Corporation		48,380
	Total Gas Utilities		567,648
	Health Care Equipment & Supplies – 1.5%
14,300	Boston Scientific Corporation, (2)		128,700
4,100	CareFusion Corporation, (2)		102,541
1,200	Cooper Companies, Inc.		45,744
89,710	Covidien PLC		4,296,212
600	Hill Rom Holdings Inc.		14,394
2,500	Hologic Inc., (2)		36,250
1,300	Inverness Medical Innovation, (2)		53,963
900	Kinetic Concepts Inc., (2)		33,885
400	Teleflex Inc.		21,556
4,500	Zimmer Holdings, Inc., (2)		265,995
	Total Health Care Equipment & Supplies		4,999,240
	Health Care Providers & Services – 1.5%
6,000	Aetna Inc.		190,200
700	AmerisourceBergen Corporation		18,249
1,400	Brookdale Senior Living Inc.		25,466
7,600	Cardinal Health, Inc.		245,024
6,700	CIGNA Corporation		236,309
1,400	Community Health Systems Inc., (2)		49,840
3,000	Coventry Health Care, Inc., (2)		72,870
12,700	Davita Inc., (2)		745,998
100	Emdeon Inc., Class A		1,525
2,700	Health Net Inc., (2)		62,883
2,300	Humana Inc., (2)		100,947
1,200	Lifepoint Hospitals Inc., (2)		39,012
300	Lincare Holdings, (2)		11,136
3,100	McKesson HBOC Inc.		193,750
700	Medax Inc., (2)		42,077
900	Omnicare, Inc.		21,762
26,960	Quest Diagnostics Incorporated		1,627,845
5,400	Tenet Healthcare Corporation, (2)		29,106
21,500	UnitedHealth Group Incorporated		655,320
1,800	Universal Health Services, Inc., Class B		54,900
9,600	Wellpoint Inc., (2)		559,584
	Total Health Care Providers & Services		4,983,803
	Health Care Technology – 0.0%
3,100	IMS Health Incorporated		65,286
	Hotels, Restaurants & Leisure – 0.6%
1,800	Boyd Gaming Corporation, (2)		15,066
5,600	Carnival Corporation		177,464

38 Nuveen Investments

Shares	Description (1)	Value
	Hotels, Restaurants & Leisure (continued)
300	Choice Hotels International, Inc.	$	9,498
1,100	International Game Technology		20,647
500	Intl Speedway Corporation		14,225
2,500	Las Vegas Sands, (2)		37,350
2,500	Marriott International, Inc., Class A		68,125
16,850	McDonald’s Corporation		1,052,114
1,100	MGM Mirage Inc., (2)		10,032
1,100	Penn National Gaming, Inc., (2)		29,898
3,400	Royal Caribbean Cruises Limited, (2)		85,952
3,500	Starwood Hotels & Resorts Worldwide, Inc.		127,995
2,500	Wendy’s International, Inc.		11,725
3,200	Wyndham Worldwide Corporation		64,544
1,600	Wynn Resorts Ltd, (2)		93,168
	Total Hotels, Restaurants & Leisure		1,817,803
	Household Durables – 0.7%
1,100	Black & Decker Corporation		71,313
6,300	D.R. Horton, Inc.		68,481
2,100	Fortune Brands Inc.		90,720
500	Garmin Limited		15,350
800	Harman International Industries Inc.		28,224
2,400	Jarden Corporation		74,184
1,600	KB Home		21,888
1,300	Leggett and Platt Inc.		26,520
4,200	Lennar Corporation, Class A		53,634
300	MDC Holdings Inc.		9,312
900	Mohawk Industries Inc., (2)		42,840
89,920	Newell Rubbermaid Inc.		1,349,699
100	NVR Inc., (2)		71,071
1,100	Pulte Corporation		11,000
1,100	Toll Brothers Inc., (2)		20,691
2,000	Whirlpool Corporation		161,320
	Total Household Durables		2,116,247
	Household Products – 0.3%
200	Clorox Company		12,200
200	Energizer Holdings Inc., (2)		12,256
900	Kimberly-Clark Corporation		57,339
13,100	Procter & Gamble Company		794,253
	Total Household Products		876,048
	Independent Power Producers & Energy Traders – 0.5%
3,600	AES Corporation, (2)		47,916
3,000	Calpine Corporation, (2)		33,000
40,340	Constellation Energy Group		1,418,758
5,000	Dynegy Inc., (2)		9,050
3,700	Mirant Corporation, (2)		56,499
6,200	NRG Energy Inc., (2)		146,382

Nuveen Investments 39

Portfolio of Investments (Unaudited)

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

December 31, 2009

Shares	Description (1)	Value
	Independent Power Producers & Energy Traders (continued)
2,900	RRI Energy Inc., (2)	$	16,588
	Total Independent Power Producers & Energy Traders		1,728,193
	Industrial Conglomerates – 1.1%
1,100	Carlisle Companies Inc.		37,686
184,800	General Electric Company		2,796,024
43,900	Textron Inc.		825,759
	Total Industrial Conglomerates		3,659,469
	Industrial REIT – 0.1%
2,400	AMB Property Corp.		61,320
15,200	ProLogis		208,088
	Total Industrial REIT		269,408
	Insurance – 4.3%
41,260	Ace Limited		2,079,504
100	Alleghany Corporation, Term Loan, (2)		27,600
1,400	Allied World Assurance Holdings		64,498
57,220	Allstate Corporation		1,718,889
2,200	American Financial Group Inc.		54,890
1,600	American International Group, (2)		47,968
300	American National Insurance Company		35,832
54,100	Aon Corporation		2,074,194
1,000	Arch Capital Group Limited, (2)		71,550
100	Arthur J. Gallagher & Co.		2,251
2,300	Aspen Insurance Holdings Limited		58,535
2,600	Assurant Inc.		76,648
2,500	Axis Capital Holdings Limited		71,025
300	Brown & Brown Inc.		5,391
5,700	Chubb Corporation		280,326
2,300	Cincinnati Financial Corporation		60,352
300	CNA Financial Corporation, (2)		7,200
900	Endurance Specialty Holdings, Limited		33,507
100	Erie Indemnity Company		3,902
1,100	Everest Reinsurance Group Ltd		94,248
3,700	Fidelity National Title Group Inc., Class A		49,802
2,000	First American Corporation		66,220
14,900	Genworth Financial Inc., Class A, (2)		169,115
700	Hanover Insurance Group Inc.		31,101
14,600	Hartford Financial Services Group, Inc.		339,596
2,000	HCC Insurance Holdings Inc.		55,940
4,600	Lincoln National Corporation		114,448
8,000	Loews Corporation		290,800
100	Markel Corporation, (2)		34,000
5,800	Marsh & McLennan Companies, Inc.		128,064
600	MBIA Inc., (2)		2,388
400	Mercury General Corporation		15,704
11,900	MetLife, Inc.		420,665

40 Nuveen Investments

Shares	Description (1)	Value
	Insurance (continued)
5,600	Old Republic International Corporation	$	56,224
600	OneBeacon Insurance Group Limited, Class A		8,268
1,300	PartnerRe Limited		97,058
8,600	Progressive Corporation, (2)		154,714
3,600	Protective Life Corporation		59,580
40,930	Prudential Financial, Inc.		2,036,677
1,600	Reinsurance Group of America Inc.		76,240
1,100	RenaisasnceRE Holdings, Limited		58,465
900	StanCorp Financial Group Inc.		36,018
1,700	Torchmark Corporation		74,715
800	Transatlantic Holdings Inc.		41,688
46,810	Travelers Companies, Inc.		2,333,947
900	Unitrin, Inc.		19,845
7,200	Unum Group		140,544
1,500	Valdius Holdings Limited		40,410
100	White Mountain Insurance Group		33,266
1,300	WR Berkley Corporation		32,032
11,800	XL Capital Ltd, Class A		216,294
	Total Insurance		14,102,138
	Internet & Catalog Retail – 0.1%
500	Expedia, Inc., (2)		12,855
22,000	Liberty Media Holding Corporation Interactive, Class A, (2)		238,480
	Total Internet & Catalog Retail		251,335
	Internet Software & Services – 0.2%
21,800	eBay Inc., (2)		513,172
1,000	IAC/InterActiveCorp., (2)		20,480
1,000	Yahoo! Inc., (2)		16,780
	Total Internet Software & Services		550,432
	IT Services – 1.8%
44,800	Accenture Limited		1,859,200
600	Affiliated Computer Services, Inc., (2)		35,814
3,000	Amdocs Limited, (2)		85,590
1,400	Broadridge Financial Solutions, Inc.		31,584
4,800	Computer Sciences Corporation, (2)		276,144
2,400	Convergys Corporation, (2)		25,800
100	DST Systems Inc., (2)		4,355
2,300	Fidelity National Information Services		53,912
600	SAIC, Inc., (2)		11,364
800	Total System Services Inc.		13,816
38,060	Visa Inc.		3,328,728
	Total IT Services		5,726,307
	Leisure Equipment & Products – 0.4%
38,320	Hasbro, Inc.		1,228,539
1,700	Mattel, Inc.		33,966
	Total Leisure Equipment & Products		1,262,505

Nuveen Investments 41

Portfolio of Investments (Unaudited)

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

December 31, 2009

Shares	Description (1)	Value
	Life Sciences Tools & Services – 0.1%
300	Charles River Laboratories International, Inc., (2)	$	10,107
400	Life Technologies Corporation, (2)		20,892
1,200	Perkinelmer Inc.		24,708
6,800	Thermo Fisher Scientific, Inc., (2)		324,292
	Total Life Sciences Tools & Services		379,999
	Machinery – 3.5%
1,500	AGCO Corporation, (2)		48,510
1,900	Bucyrus International, Inc.		107,103
85,670	Caterpillar Inc.		4,882,333
600	Crane Company		18,372
31,050	Cummins Inc.		1,423,953
1,400	Danaher Corporation		105,280
6,400	Deere & Company		346,176
1,100	Dover Corporation		45,771
3,600	Eaton Corporation		229,032
11,470	Flowserve Corporation		1,084,259
900	Gardner Denver, Inc., (2)		38,295
600	Graco Inc.		17,142
400	Harsco Corporation		12,892
500	IDEX Corporation		15,575
8,800	Illinois Tool Works, Inc.		422,312
400	Joy Global Inc.		20,636
1,000	Kennametal Inc.		25,920
700	Lincoln Electric Holdings Inc.		37,422
2,800	Manitowoc Company Inc.		27,916
56,650	Oshkosh Truck Corporation		2,097,750
400	PACCAR Inc.		14,508
3,000	Parker Hannifin Corporation		161,640
1,100	Pentair, Inc.		35,530
600	Snap-on Incorporated		25,356
1,000	SPX Corporation		54,700
1,600	Stanley Works		82,416
1,700	Terex Corporation, (2)		33,677
2,800	Timken Company		66,388
2,700	Trinity Industries Inc.		47,088
	Total Machinery		11,527,952
	Marine – 0.0%
700	Alexander and Bald, Inc.		23,961
800	Kirby Corporation, (2)		27,864
	Total Marine		51,825
	Media – 3.7%
52,840	Cablevision Systems Corporation		1,364,329
13,400	CBS Corporation, Class B		188,270
700	Central European Media Enterprises Limited, (2)		16,527
800	Clear Channel Outdoor Holdings Inc., Class A, (2)		8,312

42 Nuveen Investments

Shares	Description (1)	Value
	Media (continued)
155,860	Comcast Corporation, Class A	$	2,627,800
6,700	DIRECTV Group, Inc.		223,445
500	Discovery Communications Inc., Class C Shares, (2)		13,260
1,100	Dreamworks Animation SKG Inc., (2)		43,945
6,100	Echostar Communications Corporation, Variable Prepaid Forward, (2)		126,697
4,000	Gannett Company Inc.		59,400
300	Interactive Data Corporation		7,590
10,000	Interpublic Group Companies, Inc., (2)		73,800
1,300	Lamar Advertising Company, (2)		40,417
7,200	Liberty Global Inc, A Shares, (2)		157,752
2,800	Liberty Media Holding Corporation, Capital Tracking Stock, Class A, (2)		66,864
2,600	Liberty Media Starz		119,990
700	Meredith Corporation		21,595
1,100	New York Times, Class A		13,596
39,900	News Corporation, Class A		546,231
900	Regal Entertainment Group, Class A		12,996
600	Scripps Networks Interactive, Class A Shares		24,900
10,600	Time Warner Cable, Class A, (2)		438,734
26,700	Time Warner Inc.		778,038
127,800	Viacom Inc., Class B, (2)		3,799,494
11,200	Virgin Media, Inc.		188,496
31,900	Walt Disney Company		1,028,775
1,100	Warner Music Group Corporation, (2)		6,226
100	Washington Post Company		43,960
	Total Media		12,041,439
	Metals & Mining – 3.0%
2,600	AK Steel Holding Corporation		55,510
5,700	Alcoa Inc.		91,884
1,600	Allegheny Technologies, Inc.		71,632
800	Carpenter Technology Inc.		21,560
21,230	Cliffs Natural Resources Inc.		978,491
3,600	Commercial Metals Company		56,340
200	Compass Minerals International, Inc.		13,438
34,253	Freeport-McMoRan Copper & Gold, Inc.		2,750,173
57,700	Newmont Mining Corporation		2,729,787
4,500	Nucor Corporation		209,925
2,200	Reliance Steel & Aluminum Company		95,084
400	Royal Gold, Inc.		18,840
100	Schnitzer Steel Industries, Inc.		4,770
1,400	Southern Copper Corporation		46,074
74,684	Steel Dynamics Inc.		1,323,400
1,100	Titanium Metals Corporation		13,772
25,190	United States Steel Corporation		1,388,473
	Total Metals & Mining		9,869,153

Nuveen Investments 43

Portfolio of Investments (Unaudited)

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

December 31, 2009

Shares	Description (1)	Value
	Mortgage REIT – 0.6%
114,020	Annaly Capital Management Inc.	$	1,978,247
13,600	Chimera Investments Corporation		52,768
	Total Mortgage REIT		2,031,015
	Multiline Retail – 0.5%
1,100	Big Lots, Inc., (2)		31,878
71,570	Federated Department Stores, Inc.		1,199,513
5,700	J.C. Penney Company, Inc.		151,677
400	Kohl’s Corporation, (2)		21,572
1,300	Sears Holding Corporation, (2)		108,485
	Total Multiline Retail		1,513,125
	Multi-Utilities – 0.9%
1,800	Alliant Energy Corporation		54,468
4,600	Ameren Corporation		128,570
1,300	CenterPoint Energy, Inc.		18,863
5,800	CMS Energy Corporation		90,828
5,200	Consolidated Edison, Inc.		236,236
9,800	Dominion Resources, Inc.		381,416
3,800	DTE Energy Company		165,642
1,200	Integrys Energy Group, Inc.		50,388
3,100	MDU Resources Group Inc.		73,160
7,500	NiSource Inc.		115,350
1,600	NSTAR		58,880
2,300	OGE Energy Corp.		84,847
7,200	PG&E Corporation		321,480
8,000	Public Service Enterprise Group Incorporated		266,000
2,100	Scana Corporation		79,128
4,400	Sempra Energy		246,312
4,400	TECO Energy, Inc.		71,368
1,500	Vectren Corporation		37,020
1,600	Wisconsin Energy Corporation		79,728
9,200	Xcel Energy, Inc.		195,224
	Total Multi-Utilities		2,754,908
	Office Electronics – 0.0%
15,400	Xerox Corporation		130,284
100	Zebra Technologies Corporation, Class A, (2)		2,836
	Total Office Electronics		133,120
	Office REIT – 0.2%
500	Alexandria Real Estate Equities Inc.		32,145
2,400	Boston Properties, Inc.		160,968
3,900	Brandywine Realty Trust		44,460
900	Corporate Office Properties		32,967
2,600	Douglas Emmett Inc.		37,050
5,100	Duke Realty Corporation		62,067
8,600	HRPT Properties Trust		55,642
1,900	Mack-Cali Realty Corporation		65,683

44 Nuveen Investments

Shares	Description (1)	Value
	Office REIT (continued)
2,200	SL Green Realty Corporation	$	110,528
	Total Office REIT		601,510
	Oil, Gas & Consumable Fuels – 12.5%
26,980	Anadarko Petroleum Corporation		1,684,092
4,900	Apache Corporation		505,533
3,000	Arch Coal Inc.		66,750
16,450	BP PLC, Sponsored ADR		953,607
1,600	Cabot Oil & Gas Corporation		69,744
63,580	Chesapeake Energy Corporation		1,645,450
78,100	Chevron Corporation		6,012,919
40,420	Cimarex Energy Company		2,141,047
400	Comstock Resources Inc., (2)		16,228
1,600	Concho Resources Inc., (2)		71,840
23,700	ConocoPhillips		1,210,359
26,750	Continental Resources Inc., (2)		1,147,308
4,200	Denbury Resources Inc., (2)		62,160
29,340	Devon Energy Corporation		2,156,490
7,900	El Paso Corporation		77,657
1,700	Encore Acquisition Company, (2)		81,634
17,420	EOG Resources, Inc.		1,694,966
300	Exco Resources Inc.		6,369
67,400	Exxon Mobil Corporation		4,596,006
1,100	Forest Oil Corporation, (2)		24,475
300	Frontier Oil Corporation		3,612
1,000	Frontline Limited		27,320
27,560	Hess Corporation		1,667,380
90,450	Marathon Oil Corporation		2,823,849
300	Mariner Energy Inc., (2)		3,483
400	Massey Energy Company		16,804
3,800	Murphy Oil Corporation		205,960
29,060	Newfield Exploration Company, (2)		1,401,564
2,700	Noble Energy, Inc.		192,294
95,613	Occidental Petroleum Corporation		7,778,117
500	Overseas Shipholding Group Inc.		21,975
2,500	Pioneer Natural Resources Company		120,425
2,000	Plains Exploration & Production Company, (2)		55,320
1,500	Range Resources Corporation		74,775
1,700	SandRidge Energy Inc., (2)		16,031
2,800	Southern Union Company		63,560
12,600	Spectra Energy Corporation		258,426
1,000	St Mary Land and Exploration Company		34,240
1,300	Sunoco, Inc.		33,930
700	Teekay Shipping Corporation		16,247
2,300	Tesoro Corporation		31,165
45,600	Valero Energy Corporation		763,800

Nuveen Investments 45

Portfolio of Investments (Unaudited)

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

December 31, 2009

Shares	Description (1)	Value
	Oil, Gas & Consumable Fuels (continued)
1,100	Whiting Petroleum Corporation, (2)	$	78,595
11,700	Williams Companies, Inc.		246,636
10,300	XTO Energy, Inc.		479,259
	Total Oil, Gas & Consumable Fuels		40,639,401
	Paper & Forest Products – 0.2%
13,000	International Paper Company		348,140
5,400	MeadWestvaco Corporation		154,602
2,000	Weyerhaeuser Company		86,280
	Total Paper & Forest Products		589,022
	Personal Products – 0.0%
200	Alberto Culver Company		5,858
300	Mead Johnson Nutrition Company, Class A Shares		13,110
500	NBTY Inc., (2)		21,770
	Total Personal Products		40,738
	Pharmaceuticals – 6.6%
106,740	Bristol-Myers Squibb Company		2,695,185
8,000	Eli Lilly and Company		285,680
1,600	Endo Pharmaceuticals Holdings Inc., (2)		32,816
4,900	Forest Laboratories, Inc., (2)		157,339
27,200	Johnson & Johnson		1,751,952
3,900	King Pharmaceuticals Inc., (2)		47,853
108,739	Merck & Company Inc.		3,973,323
2,200	Mylan Laboratories Inc., (2)		40,546
354,800	Pfizer Inc.		6,453,811
93,450	Sanofi-Aventis, ADR		3,669,782
56,690	Watson Pharmaceuticals Inc., (2)		2,245,491
	Total Pharmaceuticals		21,353,778
	Professional Services – 0.0%
300	Equifax Inc.		9,267
1,500	Manpower Inc.		81,870
700	Monster Worldwide Inc., (2)		12,180
	Total Professional Services		103,317
	Real Estate Management & Devlopment – 0.0%
2,700	Forest City Enterprises, Inc.		31,806
900	Jones Lang LaSalle Inc.		54,360
	Total Real Estate Management & Devlopment		86,166
	Residential REIT – 0.1%
2,300	Apartment Investment & Management Company, Class A		36,616
1,400	AvalonBay Communities, Inc.		114,954
900	BRE Properties, Inc.		29,772
1,400	Camden Property Trust		59,318
4,600	Equity Residential		155,388
400	Essex Property Trust Inc.		33,460
2,500	UDR Inc.		41,100
	Total Residential REIT		470,608

46 Nuveen Investments

Shares	Description (1)	Value
	Retail REIT – 0.5%
700	Federal Realty Investment Trust	$	47,404
70,740	Kimco Realty Corporation		957,112
2,700	Macerich Company		97,065
2,100	Realty Income Corporation		54,411
1,000	Regency Centers Corporation		35,060
2,700	Simon Property Group, Inc.		215,460
1,100	Taubman Centers Inc.		39,501
2,600	Weingarten Realty Trust		51,454
	Total Retail REIT		1,497,467
	Road & Rail – 2.2%
4,700	Burlington Northern Santa Fe Corporation		463,514
400	Con-Way, Inc.		13,964
75,300	CSX Corporation		3,651,297
6,900	Hertz Global Holdings, Inc., (2)		82,248
900	Kansas City Southern Industries, (2)		29,961
46,840	Norfolk Southern Corporation		2,455,353
1,600	Ryder System, Inc.		65,872
4,200	Union Pacific Corporation		268,380
	Total Road & Rail		7,030,589
	Semiconductors & Equipment – 3.9%
5,900	Advanced Micro Devices, Inc., (2)		57,112
17,400	Applied Materials, Inc.		242,556
6,100	Atmel Corporation, (2)		28,121
300	Cypress Semiconductor Corporation, (2)		3,168
2,700	Fairchild Semiconductor International Inc., Class A, (2)		26,973
1,100	Integrated Device Technology, Inc., (2)		7,117
318,360	Intel Corporation		6,494,543
600	International Rectifier Corporation, (2)		13,272
1,000	Intersil Holding Corporation, Class A		15,340
57,150	KLA-Tencor Corporation		2,066,544
12,300	LSI Logic Corporation, (2)		73,923
1,100	Marvell Technology Group Ltd., (2)		22,825
900	Maxim Integrated Products, Inc.		18,270
300	Microchip Technology Incorporated		8,718
16,300	Micron Technology, Inc., (2)		172,128
600	Novellus Systems, Inc., (2)		14,004
4,800	PMC-Sierra, Inc., (2)		41,568
130,300	Texas Instruments Incorporated		3,395,618
	Total Semiconductors & Equipment		12,701,800
	Software – 0.1%
2,300	Activision Blizzard Inc., (2)		25,553
1,100	Autodesk, Inc., (2)		27,951
1,500	CA Inc.		33,690
3,400	Compuware Corporation, (2)		24,582
1,300	Novell Inc., (2)		5,395
400	Nuance Communications, Inc., (2)		6,216
800	Rovi Corporation, (2)		25,496

Nuveen Investments 47

Portfolio of Investments (Unaudited)

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

December 31, 2009

Shares	Description (1)	Value
	Software (continued)
1,000	Synopsys Inc., (2)	$	22,280
	Total Software		171,163
	Specialized REIT – 0.2%
4,300	Health Care Property Investors Inc.		131,322
1,100	Health Care REIT, Inc.		48,752
2,800	Hospitality Properties Trust		66,388
11,500	Host Hotels & Resorts Inc.		134,205
600	Nationwide Health Properties, Inc.		21,108
1,400	Plum Creek Timber Company		52,864
800	Rayonier Inc.		33,728
2,900	Senior Housing Properties Trust		63,423
3,900	Ventas Inc.		170,586
	Total Specialized REIT		722,376
	Specialty Retail – 2.7%
30,110	Abercrombie & Fitch Co., Class A		1,049,334
1,600	AutoNation Inc., (2)		30,640
1,200	Barnes & Noble Inc.		22,884
1,600	CarMax, Inc., (2)		38,800
400	Chico’s FAS, Inc., (2)		5,620
1,900	Foot Locker, Inc.		21,166
300	GameStop Corporation, (2)		6,582
1,300	Gap, Inc.		27,235
105,410	Home Depot, Inc.		3,049,511
2,000	Limited Brands, Inc.		38,480
181,600	Lowe’s Companies, Inc.		4,247,624
8,300	Office Depot, Inc., (2)		53,535
700	Penske Auto Group, Inc.		10,626
2,600	RadioShack Corporation		50,700
200	Sherwin-Williams Company		12,330
2,000	Signet Jewelers Limited		53,440
300	Tiffany & Co.		12,900
1,900	Williams-Sonoma Inc.		39,482
	Total Specialty Retail		8,770,889
	Textiles, Apparel & Luxury Goods – 0.0%
500	Phillips-Van Heusen Corporation		20,340
100	Polo Ralph Lauren Corporation		8,098
1,400	VF Corporation		102,536
	Total Textiles, Apparel & Luxury Goods		130,974
	Thrifts & Mortgage Finance – 0.4%
2,100	First Niagara Financial Group Inc.		29,211
86,290	Hudson City Bancorp, Inc.		1,184,762
5,000	New York Community Bancorp, Inc.		72,550
3,600	People’s United Financial, Inc.		60,120
700	TFS Financial Corporation		8,498
1,700	Washington Federal Inc.		32,878
	Total Thrifts & Mortgage Finance		1,388,019

48 Nuveen Investments

Shares		Description (1)			Value
		Tobacco – 0.9%
	400	Lorillard Inc.			$	32,092
	57,590	Philip Morris International				2,775,262
	3,500	Reynolds American Inc.				185,395
		Total Tobacco				2,992,749
		Trading Companies & Distributors – 0.0%
	500	GATX Corporation				14,375
	600	WESCO International Inc., (2)				16,206
		Total Trading Companies & Distributors				30,581
		Water Utilities – 0.0%
	1,000	American water Works Company				22,410
	1,100	Aqua America Inc.				19,261
		Total Water Utilities				41,671
		Wireless Telecommunication Services – 1.6%
	31,790	Crown Castle International Corporation, (2)				1,241,082
	100	Leap Wireless International, Inc., (2)				1,755
	3,300	NII Holdings Inc., Class B, (2)				110,814
	94,400	Sprint Nextel Corporation, (2)				345,504
	1,500	Telephone and Data Systems Inc.				50,880
	300	United States Cellular Corporation, (2)				12,723
	150,250	Vodafone Group PLC, Sponsored ADR				3,469,273
		Total Wireless Telecommunication Services				5,232,031
		Total Common Stocks (cost $278,987,421)				319,157,089
Shares		Description (1)			Value
		INVESTMENT COMPANIES – 0.7%
	40,000	i-Shares Russell 1000 Value Index Fund			$	2,295,600
		Total Investment Companies (cost $1,879,800)				2,295,600
Shares		Description (1)			Value
		WARRANTS – 0.0%
		Diversified Telecommunication Services – 0.0%
	1,200	Clearwire Corporation Stock Rights			$	480
		Total Warrants (cost $0)				480
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 1.7%
$	5,524	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/09, repurchase price $5,523,551, collateralized by $5,660,000 U.S. Treasury Notes, 1.000%, due 12/31/11, value $5,638,775	0.000%	1/04/10	$	5,523,551
		Total Short-Term Investments (cost $5,523,551)				5,523,551
		Total Investments (cost $286,390,772) – 100.5%				326,976,720
		Other Assets Less Liabilities – (0.5)%				(1,512,953)
		Net Assets – 100%			$	325,463,767

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

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

ADR American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments 49

Portfolio of Investments (Unaudited)

Nuveen NWQ Multi-Cap Value Fund

December 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 98.2%
	Aerospace & Defense – 4.7%
110,000	Lockheed Martin Corporation	$	8,288,500
171,100	Raytheon Company		8,815,072
	Total Aerospace & Defense		17,103,572
	Biotechnology – 3.6%
233,500	Amgen Inc., (2)		13,209,095
	Capital Markets – 1.0%
562,300	FBR Capital Markets Corporation		3,475,014
	Commercial Banks – 1.9%
770,000	Privatebancorp, Inc.		6,906,900
	Commercial Services & Supplies – 3.5%
555,600	Pitney Bowes Inc.		12,645,456
	Communications Equipment – 4.3%
2,000,000	Motorola, Inc., (2)		15,520,000
	Containers & Packaging – 1.0%
151,900	Packaging Corp. of America		3,495,219
	Diversified Financial Services – 5.2%
3,404,300	Citigroup Inc.		11,268,233
180,000	JPMorgan Chase & Co.		7,500,600
	Total Diversified Financial Services		18,768,833
	Health Care Providers & Services – 1.5%
170,000	Aetna Inc.		5,389,000
	Independent Power Producers & Energy Traders – 1.9%
300,000	NRG Energy Inc., (2)		7,083,000
	Insurance – 17.8%
284,500	Aon Corporation		10,907,730
740,000	Genworth Financial Inc., Class A, (2)		8,399,000
360,000	Hartford Financial Services Group, Inc.		8,373,600
380,000	Loews Corporation		13,813,000
338,087	Reinsurance Group of America Inc.		16,109,846
294,800	Tower Group Inc.		6,901,268
	Total Insurance		64,504,444
	Machinery – 4.5%
230,000	Ingersoll Rand Company Limited, Class A		8,220,200
340,000	Timken Company		8,061,400
	Total Machinery		16,281,600
	Media – 8.8%
300,050	CBS Corporation, Class B		4,215,703
218,600	Comcast Corporation, Special Class A		3,499,786
950,000	Interpublic Group Companies, Inc., (2)		7,011,000
585,097	Viacom Inc., Class B, (2)		17,394,934
	Total Media		32,121,423
	Metals & Mining – 7.2%
307,199	AngloGold Ashanti Limited, Sponsored ADR		12,343,256
352,400	Barrick Gold Corporation		13,877,512
	Total Metals & Mining		26,220,768

50 Nuveen Investments

Shares		Description (1)			Value
		Mortgage REIT – 2.2%
	550,000	Redwood Trust Inc.			$	7,953,000
		Oil, Gas & Consumable Fuels – 15.5%
	155,000	Apache Corporation				15,991,350
	405,200	Denbury Resources Inc., (2)				5,996,960
	100,000	Hess Corporation				6,050,000
	200,900	Noble Energy, Inc.				14,308,098
	211,000	Petrohawk Energy Corporation, (2)				5,061,890
	350,000	Talisman Energy Inc.				6,524,000
	988,800	Warren Resources Inc., (2)				2,422,560
		Total Oil, Gas & Consumable Fuels				56,354,858
		Pharmaceuticals – 2.7%
	252,500	Sanofi-Aventis, ADR				9,915,675
		Semiconductors & Equipment – 1.2%
	1,201,953	Mattson Technology, Inc., (2)				4,302,992
		Software – 7.4%
	1,200,077	CA Inc.				26,953,728
		Tobacco – 2.3%
	174,500	Philip Morris International				8,409,155
		Total Common Stocks (cost $357,619,496)				356,613,732
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 1.9%
$	6,771	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/09, repurchase price $6,770,616, collateralized by $6,960,000 U.S. Treasury Notes, 3.250%, due 12/31/16, value $6,907,800	0.000%	1/04/10	$	6,770,616
		Total Short-Term Investments (cost $6,770,616)				6,770,616
		Total Investments (cost $364,390,112) – 100.1%				363,384,348
		Other Assets Less Liabilities – (0.1)%				(214,058)
		Net Assets – 100%			$	363,170,290

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

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

ADR American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments 51

Portfolio of Investments (Unaudited)

Nuveen NWQ Large-Cap Value Fund

December 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 92.7%
	Aerospace & Defense – 5.9%
61,000	Lockheed Martin Corporation	$	4,596,350
57,800	Raytheon Company		2,977,856
	Total Aerospace & Defense		7,574,206
	Biotechnology – 3.3%
75,000	Amgen Inc., (2)		4,242,750
	Chemicals – 1.4%
30,500	Mosaic Company		1,821,765
	Commercial Banks – 2.3%
107,400	Wells Fargo & Company		2,898,726
	Commercial Services & Supplies – 2.6%
150,000	Pitney Bowes Inc.		3,414,000
	Communications Equipment – 4.0%
670,000	Motorola, Inc., (2)		5,199,200
	Diversified Financial Services – 4.9%
1,148,600	Citigroup Inc.		3,801,866
61,100	JPMorgan Chase & Co.		2,546,037
	Total Diversified Financial Services		6,347,903
	Diversified Telecommunication Services – 1.0%
45,000	AT&T Inc.		1,261,350
	Energy Equipment & Services – 1.4%
62,000	Halliburton Company		1,865,580
	Food & Staples Retailing – 2.3%
47,500	CVS Caremark Corporation		1,529,975
70,000	Kroger Co.		1,437,100
	Total Food & Staples Retailing		2,967,075
	Health Care Providers & Services – 1.7%
70,050	Aetna Inc.		2,220,585
	Household Products – 1.8%
36,000	Kimberly-Clark Corporation		2,293,560
	Independent Power Producers & Energy Traders – 1.5%
80,000	NRG Energy Inc., (2)		1,888,800
	Insurance – 14.6%
93,000	Aon Corporation		3,565,620
235,000	Genworth Financial Inc., Class A, (2)		2,667,250
140,000	Hartford Financial Services Group, Inc.		3,256,400
104,441	Loews Corporation		3,796,430
76,800	MetLife, Inc.		2,714,880
55,000	Travelers Companies, Inc.		2,742,300
	Total Insurance		18,742,880
	Machinery – 1.4%
50,000	Ingersoll Rand Company Limited, Class A		1,787,000
	Media – 5.5%
45,000	CBS Corporation, Class B		632,250
74,500	Comcast Corporation, Special Class A		1,192,745

52 Nuveen Investments

Shares		Description (1)			Value
		Media (continued)
	174,700	Viacom Inc., Class B, (2)			$	5,193,831
		Total Media				7,018,826
		Metals & Mining – 6.9%
	98,001	AngloGold Ashanti Limited, Sponsored ADR				3,937,680
	125,000	Barrick Gold Corporation				4,922,500
		Total Metals & Mining				8,860,180
		Oil, Gas & Consumable Fuels – 14.2%
	52,000	Apache Corporation				5,364,840
	28,700	Canadian Natural Resources Limited				2,064,965
	41,900	ConocoPhillips				2,139,833
	28,700	Hess Corporation				1,736,350
	68,300	Noble Energy, Inc.				4,864,326
	115,000	Talisman Energy Inc.				2,143,600
		Total Oil, Gas & Consumable Fuels				18,313,914
		Pharmaceuticals – 5.0%
	90,000	Merck & Company Inc.				3,288,600
	80,000	Sanofi-Aventis, ADR				3,141,600
		Total Pharmaceuticals				6,430,200
		Road & Rail – 1.6%
	32,000	Union Pacific Corporation				2,044,800
		Software – 7.7%
	345,000	CA Inc.				7,748,701
	72,900	Microsoft Corporation				2,222,721
		Total Software				9,971,422
		Tobacco – 1.7%
	46,600	Philip Morris International				2,245,654
		Total Common Stocks (cost $108,266,143)				119,410,376
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 5.6%
$	7,195	Repurchase Agreement with State Street Bank, dated 12/31/09, repurchase price $7,194,833, collateralized by $7,350,000 U.S. Treasury Bills, 0.000%, due 6/24/10, value $7,343,385	0.000%	1/04/10	$	7,194,833
		Total Short-Term Investments (cost $7,194,833)				7,194,833
		Total Investments (cost $115,460,976) – 98.3%				126,605,209
		Other Assets Less Liabilities – 1.7%				2,232,882
		Net Assets – 100%			$	128,838,091

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

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

ADR American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments 53

Portfolio of Investments (Unaudited)

Nuveen Small/Mid-Cap Value Fund

December 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 95.6%
	Building Products – 5.1%
5,800	Gibraltar Industries Inc.	$	91,234
31,750	Griffon Corporation, (2)		387,985
	Total Building Products		479,219
	Chemicals – 1.6%
5,200	Interpid Potash Inc., (2)		151,684
	Commercial Banks – 4.3%
16,200	Texas Capital BancShares, Inc., (2)		226,152
46,900	Western Alliance Bancorporation, (2)		177,282
	Total Commercial Banks		403,434
	Communications Equipment – 2.1%
25,650	Brocade Communications Systems Inc., (2)		195,710
	Containers & Packaging – 2.1%
3,850	Packaging Corp. of America		88,589
5,400	Temple-Inland Inc.		113,994
	Total Containers & Packaging		202,583
	Electrical Equipment – 3.3%
10,350	Belden Inc.		226,872
3,000	General Cable Corporation, (2)		88,260
	Total Electrical Equipment		315,132
	Electronic Equipment & Instruments – 9.5%
9,700	Arrow Electronics, Inc., (2)		287,217
9,700	Avnet Inc., (2)		292,552
10,800	Coherent Inc., (2)		321,084
	Total Electronic Equipment & Instruments		900,853
	Energy Equipment & Services – 3.2%
15,300	Acergy S.A., ADR		238,833
3,500	BJ Services Company		65,100
	Total Energy Equipment & Services		303,933
	Food & Staples Retailing – 3.1%
9,300	Casey’s General Stores, Inc.		296,856
	Food Products – 1.4%
3,400	Hormel Foods Corporation		130,730
	Health Care Providers & Services – 3.0%
11,700	Omnicare, Inc.		282,906
	Insurance – 17.5%
2,850	Allied World Assurance Holdings		131,300
6,500	Assurant Inc.		191,620
6,300	Hanover Insurance Group Inc.		279,909
3,400	HCC Insurance Holdings Inc.		95,098
6,900	Reinsurance Group of America Inc.		328,785
6,900	StanCorp Financial Group Inc.		276,138
9,200	Tower Group Inc.		215,372
5,250	Willis Group Holdings Limited		138,495
	Total Insurance		1,656,717

54 Nuveen Investments

Shares		Description (1)			Value
		Machinery – 12.7%
	13,600	CIRCOR International Inc.			$	342,448
	5,800	Gardner Denver, Inc., (2)				246,790
	2,700	Harsco Corporation				87,021
	4,300	Lincoln Electric Holdings Inc.				229,878
	2,800	Middleby Corporation, (2)				137,256
	6,550	Timken Company				155,301
		Total Machinery				1,198,694
		Metals & Mining – 3.9%
	5,600	Reliance Steel & Aluminum Company				242,032
	2,750	Royal Gold, Inc.				129,525
		Total Metals & Mining				371,557
		Oil, Gas & Consumable Fuels – 9.4%
	7,450	Bill Barrett Corporation, (2)				231,770
	17,200	Denbury Resources Inc., (2)				254,560
	18,600	Petroquest Energy Inc., (2)				114,018
	8,600	St Mary Land and Exploration Company				294,464
		Total Oil, Gas & Consumable Fuels				894,812
		Paper & Forest Products – 3.3%
	27,300	Wausau Paper Corp., (2)				316,680
		Personal Products – 4.6%
	29,900	Elizabeth Arden, Inc., (2)				431,753
		Pharmaceuticals – 0.9%
	2,150	Perrigo Company				85,656
		Thrifts & Mortgage Finance – 3.4%
	8,300	Northwest Bancshares Inc.				93,956
	13,750	People’s United Financial, Inc.				229,625
		Total Thrifts & Mortgage Finance				323,581
		Trading Companies & Distributors – 1.2%
	4,050	WESCO International Inc., (2)				109,391
		Total Common Stocks (cost $7,736,065)				9,051,881
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 2.5%
$	236	Repurchase Agreement with State Street Bank, dated 12/31/09, repurchase price $235,708, collateralized by $245,000 U.S. Treasury Bills, 0.000%, due 6/24/10, value $244,780	0.000%	1/04/10	$	235,708
		Total Short-Term Investments (cost $235,708)				235,708
		Total Investments (cost $7,971,773) – 98.1%				9,287,589
		Other Assets Less Liabilities – 1.9%				184,219
		Net Assets – 100%			$	9,471,808

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

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

ADR American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments 55

Portfolio of Investments (Unaudited)

Nuveen NWQ Small-Cap Value Fund

December 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 97.9%
	Auto Components – 1.1%
35,650	WABCO Holdings Inc.	$	919,414
	Building Products – 5.3%
54,280	Gibraltar Industries Inc.		853,824
307,650	Griffon Corporation, (2)		3,759,483
	Total Building Products		4,613,307
	Commercial Banks – 7.8%
93,350	PacWest Bancorp.		1,881,003
101,500	Privatebancorp, Inc.		910,455
155,550	Texas Capital BancShares, Inc., (2)		2,171,478
495,750	Western Alliance Bancorporation, (2)		1,873,935
	Total Commercial Banks		6,836,871
	Communications Equipment – 2.0%
231,450	Brocade Communications Systems Inc., (2)		1,765,964
	Containers & Packaging – 2.2%
36,600	Packaging Corp. of America		842,166
53,350	Temple-Inland Inc.		1,126,219
	Total Containers & Packaging		1,968,385
	Electrical Equipment – 3.4%
98,200	Belden Inc.		2,152,544
27,350	General Cable Corporation, (2)		804,637
	Total Electrical Equipment		2,957,181
	Electronic Equipment & Instruments – 4.1%
83,700	Coherent Inc., (2)		2,488,401
234,800	Keithley Instruments, Inc.		1,091,820
	Total Electronic Equipment & Instruments		3,580,221
	Energy Equipment & Services – 2.6%
145,150	Acergy S.A., ADR		2,265,792
	Food & Staples Retailing – 3.1%
86,400	Casey’s General Stores, Inc.		2,757,888
	Food Products – 1.7%
38,200	Treehouse Foods Inc., (2)		1,484,452
	Health Care Providers & Services – 2.0%
236,850	Skilled Healthcare Group Inc., (2)		1,764,533
	Hotels, Restaurants & Leisure – 3.0%
90,450	Bob Evans Farms		2,618,528
	Household Durables – 1.1%
81,236	Hooker Furniture Corporation		1,004,889
	Insurance – 14.0%
109,250	Aspen Insurance Holdings Limited		2,780,413
131,650	First Mercury Financial Corporation		1,804,922
40,450	Hanover Insurance Group Inc.		1,797,194
189,300	PMA Capital Corporation, Class A, (2)		1,192,590
65,150	StanCorp Financial Group Inc.		2,607,303
89,650	Tower Group Inc.		2,098,707
	Total Insurance		12,281,129

56 Nuveen Investments

Shares		Description (1)			Value
		Machinery – 11.6%
	125,000	Albany International Corporation, Class A			$	2,807,500
	134,500	CIRCOR International Inc.				3,386,710
	33,450	Lincoln Electric Holdings Inc.				1,788,237
	26,900	Middleby Corporation, (2)				1,318,638
	36,600	RBC Bearings Inc., (2)				890,478
		Total Machinery				10,191,563
		Metals & Mining – 4.9%
	47,150	Royal Gold, Inc.				2,220,765
	178,600	Thompson Creek Metals Company Inc., (2)				2,093,192
		Total Metals & Mining				4,313,957
		Oil, Gas & Consumable Fuels – 8.8%
	187,939	Approach Resources Inc., (2)				1,450,889
	75,600	Bill Barrett Corporation, (2)				2,351,916
	150,200	Petroquest Energy Inc., (2)				920,726
	86,400	St Mary Land and Exploration Company				2,958,336
		Total Oil, Gas & Consumable Fuels				7,681,867
		Paper & Forest Products – 4.0%
	88,503	Buckeye Technologies Inc., (2)				863,789
	225,154	Wausau Paper Corp., (2)				2,611,786
		Total Paper & Forest Products				3,475,575
		Personal Products – 4.7%
	285,950	Elizabeth Arden, Inc., (2)				4,129,114
		Road & Rail – 2.0%
	96,955	Marten Transport, Ltd., (2)				1,740,342
		Semiconductors & Equipment – 6.7%
	298,750	Actel Corporation, (2)				3,549,150
	111,500	Standard Microsystems Corporation, (2)				2,316,970
		Total Semiconductors & Equipment				5,866,120
		Specialty Retail – 0.8%
	325,591	Golfsmith International Holdings Inc., (2)				732,580
		Thrifts & Mortgage Finance – 1.0%
	78,200	Northwest Bancshares Inc.				885,224
		Total Common Stocks (cost $85,338,249)				85,834,896
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 1.6%
$	1,360	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/09, repurchase price $1,359,591, collateralized by $1,395,000 U.S. Treasury Notes, 1.000%, due 12/31/11, value $1,389,769	0.000%	1/04/10	$	1,359,591
		Total Short-Term Investments (cost $1,359,591)				1,359,591
		Total Investments (cost $86,697,840) – 99.5%				87,194,487
		Other Assets Less Liabilities – 0.5%				406,830
		Net Assets – 100%			$	87,601,317

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

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

ADR American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments 57

Portfolio of Investments (Unaudited)

Nuveen Tradewinds Value Opportunities Fund

December 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 75.8%
	Auto Components – 1.6%
474,182	Magna International Inc., Class A	$	23,984,126
	Biotechnology – 0.3%
84,766	Amgen Inc., (2)		4,795,213
	Capital Markets – 0.4%
367,000	UBS AG, (2)		5,692,170
	Chemicals – 0.3%
86,911	The Mosaic Company		5,191,194
	Commercial Banks – 1.3%
193,725	ICICI Bank Limited, ADR		7,305,370
2,681,000	Sumitomo Trust & Banking Company, ADR, (3)		13,217,330
	Total Commercial Banks		20,522,700
	Construction & Engineering – 0.7%
382,534	Shaw Group Inc., (2)		10,997,853
	Diversified Telecommunication Services – 4.3%
311,600	KT Corporation, Sponsored ADR		5,241,112
1,830,000	Nippon Telegraph and Telephone Corporation, ADR		36,124,200
802,894	Telus Corporation		25,010,148
	Total Diversified Telecommunication Services		66,375,460
	Electric Utilities – 3.1%
1,285,000	Centrais Electricas Brasileiras S.A., PFD B ADR, (2)		24,029,500
1,664,404	Korea Electric Power Corporation, Sponsored ADR, (2)		24,200,434
	Total Electric Utilities		48,229,934
	Electronic Equipment & Instruments – 2.1%
867,700	Ingram Micro, Inc., Class A, (2)		15,141,365
366,500	Tech Data Corporation, (2)		17,100,890
	Total Electronic Equipment & Instruments		32,242,255
	Energy Equipment & Services – 1.5%
1,215,150	BJ Services Company		22,601,790
	Food & Staples Retailing – 6.1%
1,500,000	Kroger Co.		30,795,000
344,600	Seven & I Holdings, ADR, (3)		14,266,440
825,000	Wal-Mart Stores, Inc.		44,096,250
200,937	Whole Foods Market, Inc., (2)		5,515,721
	Total Food & Staples Retailing		94,673,411
	Food Products – 4.4%
548,832	Cresud S.A., ADR		7,892,204
1,060,000	Smithfield Foods, Inc., (2)		16,101,400
3,623,500	Tyson Foods, Inc., Class A		44,460,345
	Total Food Products		68,453,949
	Health Care Equipment & Supplies – 0.8%
198,475	Zimmer Holdings, Inc., (2)		11,731,857
	Health Care Providers & Services – 4.0%
1,041,000	Aetna Inc.		32,999,700
379,795	Humana Inc., (2)		16,669,203

58 Nuveen Investments

Shares	Description (1)	Value
	Health Care Providers & Services (continued)
505,723	Omnicare, Inc.	$	12,228,382
	Total Health Care Providers & Services		61,897,285
	Household Durables – 0.3%
481,600	Sekisui House, Ltd., Sponsored ADR, (3)		4,440,352
	Household Products – 0.7%
468,000	KAO Corporation, Sponsored ADR, (3)		10,932,480
	Insurance – 1.4%
391,784	CNA Financial Corporation, (2)		9,402,816
555,243	Marsh & McLennan Companies, Inc.		12,259,765
	Total Insurance		21,662,581
	Internet Software & Services – 1.4%
919,623	eBay Inc., (2)		21,647,925
	Machinery – 1.6%
602,700	AGCO Corporation, (2)		19,491,318
264,444	Alamo Group Inc.		4,535,215
	Total Machinery		24,026,533
	Media – 0.5%
273,225	Scholastic Corporation		8,150,302
	Metals & Mining – 17.7%
1,638,720	Alumina Limited, Sponsored ADR, (2)		10,733,616
1,228,375	Barrick Gold Corporation		48,373,407
55,795	Crystallex International Corporation, (2)		21,202
3,034,003	Geovic Mining Corporation, (2)		1,838,005
1,990,531	Gold Fields Limited Sponsored ADR		26,095,861
627,901	Ivanhoe Mines Ltd., (2)		9,173,634
2,749,000	Kinross Gold Corporation		50,581,600
1,676,100	Lihir Gold Limited, Sponsored ADR, (2)		48,925,359
1,036,600	Newmont Mining Corporation		49,041,546
3,280,341	NovaGold Resources Inc., (2)		20,108,490
374,000	Silver Standard Resources, Inc., (2)		8,179,380
	Total Metals & Mining		273,072,100
	Multi-Utilities – 3.1%
1,687,500	Ameren Corporation		47,165,625
	Oil, Gas & Consumable Fuels – 10.6%
1,160,150	Arch Coal Inc.		25,813,337
810,000	Cameco Corporation		26,057,700
157,757	Chevron Corporation		12,145,711
391,711	ConocoPhillips		20,004,681
140,675	CONSOL Energy Inc.		7,005,615
426,511	Peabody Energy Corporation		19,282,562
408,000	Petrobras Energia S.A, ADR, (2)		6,377,040
184,400	Pioneer Natural Resources Company		8,882,548
2,660,000	Tesoro Petroleum Corporation		36,043,000
720,000	Warren Resources Inc., (2)		1,764,000
	Total Oil, Gas & Consumable Fuels		163,376,194

Nuveen Investments 59

Portfolio of Investments (Unaudited)

Nuveen Tradewinds Value Opportunities Fund (continued)

December 31, 2009

Shares		Description (1)				Value
		Paper & Forest Products – 1.0%
	280,000	Domtar Corporation, (2)				$	15,514,800
		Pharmaceuticals – 2.7%
	1,425,898	Pfizer Inc.					25,937,085
	749,650	Takeda Pharmaceuticals Company Limited, ADR, (3)					15,405,308
		Total Pharmaceuticals					41,342,393
		Road & Rail – 1.0%
	238,900	Union Pacific Corporation					15,265,710
		Software – 2.0%
	1,027,500	Microsoft Corporation					31,328,475
		Wireless Telecommunication Services – 0.9%
	261,200	TIM Participacoes S.A., ADR					7,760,252
	361,300	Turkcell Iletisim Hizmetleri A.S., ADR					6,319,137
		Total Wireless Telecommunication Services					14,079,389
		Total Common Stocks (cost $963,711,707)					1,169,394,056
Shares		Description (1)	Coupon		Ratings (4)	Value
		CONVERTIBLE PREFERRED SECURITIES – 3.5%
		Communications Equipment – 2.5%
	50,401	Lucent Technologies Capital Trust I	7.750%		B3	$	39,161,577
		Road & Rail – 1.0%
	12,362	Kansas City Southern Industries Inc.	5.125%		CCC		14,930,205
		Total Convertible Preferred Securities (cost $42,471,845)					54,091,782
Principal Amount (000)		Description (1)	Coupon	Maturity	Ratings (4)	Value
		CONVERTIBLE BONDS – 12.0%
		Airlines – 1.0%
$	10,338	JetBlue Airways Corporation	3.750%	3/15/35	CCC	$	10,325,077
	3,652	JetBlue Airways Corporation	6.750%	10/15/39	CCC		5,026,065
	13,990	Total Airlines					15,351,142
		Biotechnology – 2.7%
	41,605	Amgen Inc.	0.125%	2/01/11	A+		41,292,963
		Building Products – 0.6%
	9,764	Griffon Corporation	4.000%	7/18/23	N/A		9,849,435
		Energy Equipment & Services – 1.8%
	27,730	Transocean Inc.	1.625%	12/15/37	BBB+		27,591,350
		Food Products – 1.4%
	21,320	Smithfield Foods Inc.	4.000%	6/30/13	B–		21,080,150
		Health Care Providers & Services – 1.2%
	22,949	Omnicare, Inc.	3.250%	12/15/35	B+		18,789,494
		Metals & Mining – 0.1%
	3,018	Gold Reserve, Inc.	5.500%	6/15/22	N/A		2,044,695
		Oil, Gas & Consumable Fuels – 1.7%
	15,120	Goodrich Petroleum Corporation	3.250%	12/01/26	N/A		14,004,900
	19,159	USEC Inc.	3.000%	10/01/14	Caa2		12,549,145
	34,279	Total Oil, Gas & Consumable Fuels					26,554,045

60 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon	Maturity	Ratings (4)	Value
		Semiconductors & Equipment – 0.2%
$	4,842	LTX-Credence Corporation, (5)	3.500%	5/15/11	N/A	$	2,413,737
		Wireless Telecommunication Services – 1.3%
	21,498	NII Holdings Inc.	3.125%	6/15/12	B–		19,831,905
$	200,995	Total Convertible Bonds (cost $174,460,197)					184,798,916
Principal Amount (000)		Description (1)	Coupon	Maturity		Value
		SHORT-TERM INVESTMENTS – 8.4%
$	130,171	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/09, repurchase price $130,170,785, collateralized by: $84,300,000 U.S. Treasury Notes, 1.000%, due 12/31/11, value $83,983,875 and $38,790,000 U.S. Treasury Notes, 2.625%, due 4/30/16, value $37,917,225 and $10,960,000 U.S. Treasury Notes, 3.250%, due 12/31/16, value $10,877,800	0.000%	1/04/10		$	130,170,785
		Total Short-Term Investments (cost $130,170,785)					130,170,785
		Total Investments (cost $1,310,814,534) – 99.7%					1,538,455,539
		Other Assets Less Liabilities – 0.3%					5,028,579
		Net Assets – 100%				$	1,543,484,118

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

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

(3) For fair value measurement disclosure purposes, investment categorized as Level 2. See Notes to Financial Statements, Footnote 2 – Fair Value Measurements for more information.

(4) 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.

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

N/A Not available.

ADR American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments 61

Statement of Assets and Liabilities(Unaudited)

December 31, 2009

	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 $286,390,772, $364,390,112, $115,460,976, $7,971,773, $86,697,840 and $1,310,814,534, respectively)	$	326,976,720		$	363,384,348		$	126,605,209		$	9,287,589		$	87,194,487		$	1,538,455,539
Receivables:
Dividends		589,494			416,555			131,192			5,667			42,550			699,529
From Adviser		—			—			—			4,048			—			—
Interest		—			—			—			—			—			663,773
Investments sold		12,162,023			—			370,372			281,470			1,123,263			63,198
Reclaims		29,220			60,968			5,308			—			—			—
Shares sold		868,156			1,168,618			1,946,791			57,762			22,321			7,529,169
Other assets		245,514			36,943			59			—			71			22,131
Total assets		340,871,127			365,067,432			129,058,931			9,636,536			88,382,692			1,547,433,339
Liabilities
Cash overdraft		837,090			—			—			—			—			—
Payables:
Dividends		2,001			1,017			239			—			—			—
Investments purchased		12,968,946			—			—			136,642			477,042			—
Shares redeemed		1,009,699			870,502			78,047			2,056			157,478			2,061,295
Accrued expenses:
Management fees		293,642			254,706			77,698			—			77,410			1,257,328
12b-1 distribution and service fees		77,493			105,718			5,936			1,108			4,932			239,924
Other		218,489			665,199			58,920			24,922			64,513			390,674
Total liabilities		15,407,360			1,897,142			220,840			164,728			781,375			3,949,221
Net assets	$	325,463,767		$	363,170,290		$	128,838,091		$	9,471,808		$	87,601,317		$	1,543,484,118
Class A Shares
Net assets	$	282,412,133		$	75,665,908		$	11,039,168		$	2,267,997		$	6,755,777		$	524,693,495
Shares outstanding		16,538,260			4,974,021			710,098			159,677			372,156			17,671,494
Net asset value per share	$	17.08		$	15.21		$	15.55		$	14.20		$	18.15		$	29.69
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	18.12		$	16.14		$	16.50		$	15.07		$	19.26		$	31.50
Class B Shares
Net assets	$	2,622,447		$	18,816,040		$	545,841			N/A			N/A		$	6,080,797
Shares outstanding		157,528			1,278,102			35,575			N/A			N/A			208,911
Net asset value and offering price per share	$	16.65		$	14.72		$	15.34			N/A			N/A		$	29.11
Class C Shares
Net assets	$	17,558,686		$	84,894,816		$	3,857,021		$	716,290		$	4,048,897		$	149,782,771
Shares outstanding		1,057,123			5,766,708			251,346			51,638			229,890			5,147,235
Net asset value and offering price per share	$	16.61		$	14.72		$	15.35		$	13.87		$	17.61		$	29.10
Class R3 Shares
Net assets	$	116,937		$	129,143		$	51,021		$	52,082		$	50,502		$	577,542
Shares outstanding		6,803			8,523			3,281			3,695			2,767			19,428
Net asset value and offering price per share	$	17.19		$	15.15		$	15.55		$	14.09		$	18.25		$	29.73
Class I Shares
Net assets	$	22,753,564		$	183,664,383		$	113,345,040		$	6,435,439		$	76,746,141		$	862,349,513
Shares outstanding		1,328,412			12,084,195			7,291,040			456,139			4,209,924			28,975,431
Net asset value and offering price per share	$	17.13		$	15.20		$	15.55		$	14.11		$	18.23		$	29.76
Net Assets Consist of:
Capital paid-in	$	394,235,140		$	665,647,228		$	121,626,356		$	43,687,987		$	158,308,994		$	1,403,157,722
Undistributed (Over-distribution of) net investment income		1,714,555			(932,755	)		176,067			(17,602	)		(206,038	)		3,215,148
Accumulated net realized gain (loss) from investments and foreign currency		(111,072,088	)		(300,538,689	)		(4,108,661	)		(35,514,393	)		(70,998,286	)		(90,532,215	)
Net unrealized appreciation (depreciation) of investments and foreign currency		40,586,160			(1,005,494	)		11,144,329			1,315,816			496,647			227,643,463
Net assets	$	325,463,767		$	363,170,290		$	128,838,091		$	9,471,808		$	87,601,317		$	1,543,484,118

N/A Effective October 5, 2009, Class B Shares of Small/Mid-Cap Value and Small-Cap Value are no longer available through an exchange of another Nuveen Fund and converted to Class A Shares on October 27, 2009.

See accompanying notes to financial statements.

62 Nuveen Investments

Statement of Operations (Unaudited)

Six Months Ended December 31, 2009

	Multi-Manager Large-Cap Value			Multi-Cap Value			Large-Cap Value
Investment Income
Dividends (net of foreign tax withheld of $4,313, $16,172 and $4,934, respectively)	$	3,625,526		$	2,295,837		$	737,670
Interest		559			1,239			990
Total investment income		3,626,085			2,297,076			738,660
Expenses
Management fees		1,148,381			1,585,061			414,121
12b-1 service fees – Class A		341,197			103,607			11,539
12b-1 distribution and service fees – Class B		15,138			93,755			2,474
12b-1 distribution and service fees – Class C		87,512			431,223			16,136
12b-1 distribution and service fees – Class R3		281			307			65
Shareholders’ servicing agent fees and expenses		208,832			675,110			56,443
Custodian’s fees and expenses		55,539			35,416			10,361
Trustees’ fees and expenses		3,606			4,418			1,005
Professional fees		28,613			44,283			6,848
Shareholders’ reports – printing and mailing expenses		29,477			150,403			20,776
Federal and state registration fees		62,229			52,983			36,939
Other expenses		10,721			25,406			2,304
Total expenses before expense reimbursement		1,991,526			3,201,972			579,011
Expense reimbursement		(68,395	)		—			(17,297	)
Net expenses		1,923,131			3,201,972			561,714
Net investment income (loss)		1,702,954			(904,896	)		176,946
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments and foreign currency		(8,247,658	)		(34,400,405	)		367,787
Change in net unrealized appreciation (depreciation) of investments and foreign currency		66,751,174			123,372,256			16,394,594
Net realized and unrealized gain (loss)		58,503,516			88,971,851			16,762,381
Net increase (decrease) in net assets from operations	$	60,206,470		$	88,066,955		$	16,939,327

See accompanying notes to financial statements.

Nuveen Investments 63

Statement of Operations (Unaudited) (continued)

Six Months Ended December 31, 2009

	Small/Mid Cap Value			Small-Cap Value			Value Opportunities
Investment Income
Dividends (net of foreign tax withheld of $71, $0 and $399,655, respectively)	$	35,439		$	341,043		$	9,526,575
Interest		39			411			3,373,558
Total investment income		35,478			341,454			12,900,133
Expenses
Management fees		37,078			437,295			6,538,180
12b-1 service fees – Class A		2,404			10,993			595,735
12b-1 distribution and service fees – Class B		126			646			28,965
12b-1 distribution and service fees – Class C		3,535			20,027			640,161
12b-1 distribution and service fees – Class R3		65			64			1,372
Shareholders’ servicing agent fees and expenses		5,518			31,688			737,995
Custodian’s fees and expenses		4,411			9,933			110,954
Trustees’ fees and expenses		85			1,025			14,897
Professional fees		4,805			11,321			48,619
Shareholders’ reports – printing and mailing expenses		7,378			2,095			144,547
Federal and state registration fees		27,894			33,953			53,073
Other expenses		1,368			5,654			42,096
Total expenses before expense reimbursement		94,667			564,694			8,956,594
Expense reimbursement		(41,587	)		(15,028	)		—
Net expenses		53,080			549,666			8,956,594
Net investment income (loss)		(17,602	)		(208,212	)		3,943,539
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments and foreign currency		326,283			2,708,432			1,034,056
Change in net unrealized appreciation (depreciation) of investments and foreign currency		1,486,380			18,874,879			258,596,315
Net realized and unrealized gain (loss)		1,812,663			21,583,311			259,630,371
Net increase (decrease) in net assets from operations	$	1,795,061		$	21,375,099		$	263,573,910

See accompanying notes to financial statements.

64 Nuveen Investments

Statement of Changes in Net Assets(Unaudited)

	Multi-Manager Large-Cap Value						Multi-Cap Value
	Six Months Ended 12/31/09			Year Ended 6/30/09			Six Months Ended 12/31/09			Year Ended 6/30/09
Operations
Net investment income (loss)	$	1,702,954		$	5,602,681		$	(904,896	)	$	945,024
Net realized gain (loss) from investments and foreign currency		(8,247,658	)		(99,556,386	)		(34,400,405	)		(222,172,003	)
Change in net unrealized appreciation (depreciation) of investments and foreign currency		66,751,174			(34,549,238	)		123,372,256			(33,669,985	)
Net increase (decrease) in net assets from operations		60,206,470			(128,502,943	)		88,066,955			(254,896,964	)
Distributions to Shareholders
Net investment income:
Class A		(4,929,663	)		(3,290,647	)		(193,715	)		—
Class B		(29,067	)		(10,009	)		—			—
Class C		(194,187	)		(32,922	)		—			—
Class R3		(1,813	)		(948	)		(62	)		—
Class I		(443,196	)		(268,967	)		(847,669	)		—
From accumulated net realized gains:
Class A		—			(25,379,143	)		—			—
Class B		—			(509,457	)		—			—
Class C		—			(1,646,216	)		—			—
Class R3		—			(10,722	)		—			—
Class I		—			(1,582,389	)		—			—
Decrease in net assets from distributions to shareholders		(5,597,926	)		(32,731,420	)		(1,041,446	)		—
Fund Share Transactions
Proceeds from sale of shares		21,605,695			25,703,284			82,445,147			192,693,604
Proceeds from shares issued to shareholders due to reinvestment of distributions		4,377,743			24,773,422			940,552			—
		25,983,438			50,476,706			83,385,699			192,693,604
Cost of shares redeemed		(29,875,651	)		(61,316,966	)		(206,274,538	)		(332,925,017	)
Net increase (decrease) in net assets from Fund share transactions		(3,892,213	)		(10,840,260	)		(122,888,839	)		(140,231,413	)
Capital contribution from Adviser		—			—			—			—
Net increase (decrease) in net assets		50,716,331			(172,074,623	)		(35,863,330	)		(395,128,377	)
Net assets at the beginning of period		274,747,436			446,822,059			399,033,620			794,161,997
Net assets at the end of period	$	325,463,767		$	274,747,436		$	363,170,290		$	399,033,620
Undistributed (Over-distribution of) net investment income at the end of period	$	1,714,555		$	5,609,527		$	(932,755	)	$	1,013,587

See accompanying notes to financial statements.

Nuveen Investments 65

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

	Large-Cap Value						Small/Mid-Cap Value
	Six Months Ended 12/31/09			Year Ended 6/30/09			Six Months Ended 12/31/09			Year Ended 6/30/09
Operations
Net investment income (loss)	$	176,946		$	248,489		$	(17,602	)	$	(15,552	)
Net realized gain (loss) from investments and foreign currency		367,787			(3,940,065	)		326,283			(22,774,366	)
Change in net unrealized appreciation (depreciation) of investments and foreign currency		16,394,594			(1,787,154	)		1,486,380			6,483,688
Net increase (decrease) in net assets from operations		16,939,327			(5,478,730	)		1,795,061			(16,306,230	)
Distributions to Shareholders
Net investment income:
Class A		—			(22,861	)		—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class R3		—			N/A			—			N/A
Class I		(165,020	)		(141,733	)		—			—
From accumulated net realized gains:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class R3		—			N/A			—			N/A
Class I		—			—			—			—
Decrease in net assets from distributions to shareholders		(165,020	)		(164,594	)		—			—
Fund Share Transactions
Proceeds from sale of shares		67,096,314			59,453,469			3,030,657			7,428,866
Proceeds from shares issued to shareholders due to reinvestment of distributions		150,445			128,769			—			—
		67,246,759			59,582,238			3,030,657			7,428,866
Cost of shares redeemed		(16,498,116	)		(16,741,242	)		(1,172,002	)		(28,728,824	)
Net increase (decrease) in net assets from Fund share transactions		50,748,643			42,840,996			1,858,655			(21,299,958	)
Capital contribution from Adviser		—			—			—			125,970
Net increase (decrease) in net assets		67,522,950			37,197,672			3,653,716			(37,480,218	)
Net assets at the beginning of period		61,315,141			24,117,469			5,818,092			43,298,310
Net assets at the end of period	$	128,838,091		$	61,315,141		$	9,471,808		$	5,818,092
Undistributed (Over-distribution of) net investment income at the end of period	$	176,067		$	164,141		$	(17,602	)	$	—

N/A Large-Cap Value and Small/Mid-Cap Value did not offer Class R3 Shares prior to September 29, 2009.

66 Nuveen Investments

	Small-Cap Value						Value Opportunities
	Six Months Ended 12/31/09			Year Ended 6/30/09			Six Months Ended 12/31/09			Year Ended 6/30/09
Operations
Net investment income (loss)	$	(208,212	)	$	197,909		$	3,943,539		$	6,825,534
Net realized gain (loss) from investments and foreign currency		2,708,432			(71,043,262	)		1,034,056			(92,304,086	)
Change in net unrealized appreciation (depreciation) of investments and foreign currency		18,874,879			2,948,702			258,596,315			(10,891,435	)
Net increase (decrease) in net assets from operations		21,375,099			(67,896,651	)		263,573,910			(96,369,987	)
Distributions to Shareholders
Net investment income:
Class A		(3,183	)		—			—			(611,878	)
Class B		—			—			—			—
Class C		—			—			—			—
Class R3		—			N/A			—			—
Class I		(192,552	)		—			—			(1,649,711	)
From accumulated net realized gains:
Class A		—			—			—			(12,960,049	)
Class B		—			—			—			(230,149	)
Class C		—			—			—			(3,976,760	)
Class R3		—			N/A			—			(5,448	)
Class I		—			—			—			(14,167,425	)
Decrease in net assets from distributions to shareholders		(195,735	)		—			—			(33,601,420	)
Fund Share Transactions
Proceeds from sale of shares		12,811,653			36,286,766			467,040,796			761,448,921
Proceeds from shares issued to shareholders due to reinvestment of distributions		178,041			—			—			22,479,299
		12,989,694			36,286,766			467,040,796			783,928,220
Cost of shares redeemed		(20,343,432	)		(66,999,103	)		(250,361,311	)		(360,747,458	)
Net increase (decrease) in net assets from Fund share transactions		(7,353,738	)		(30,712,337	)		216,679,485			423,180,762
Capital contribution from Adviser		—			—			—			—
Net increase (decrease) in net assets		13,825,626			(98,608,988	)		480,253,395			293,209,355
Net assets at the beginning of period		73,775,691			172,384,679			1,063,230,723			770,021,368
Net assets at the end of period	$	87,601,317		$	73,775,691		$	1,543,484,118		$	1,063,230,723
Undistributed (Over-distribution of) net investment income at the end of period	$	(206,038	)	$	197,909		$	3,215,148		$	(728,391)

N/A Small-Cap Value did not offer Class R3 Shares prior to September 29, 2009.

See accompanying notes to financial statements.

Nuveen Investments 67

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 investment objective is to provide long-term capital appreciation. Under normal market conditions, 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 investment objective is to provide long-term capital appreciation. Under normal market conditions, 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 investment objective is to provide long-term capital appreciation. Under normal market conditions, 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.

Small/Mid-Cap Value’s investment objective is to provide long-term capital appreciation. Under normal market conditions, 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 Value 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.

Small-Cap Value’s investment objective is to provide long-term capital appreciation. Under normal market conditions, 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 Value Index or the Standard & Poor’s SmallCap 600 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’ investment objective is to provide long-term capital appreciation. Under normal market conditions, 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 October 5, 2009, Class B Shares of Small/Mid-Cap Value and Small Cap Value are no longer available through an exchange from other Nuveen Investments, Inc. (“Nuveen”) Fund and converted to Class A shares on October 27, 2009.

In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification^™ (the “Codification”) as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with generally accepted accounting principles (GAAP). The Codification supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The Codification did not change GAAP but rather organized it into a hierarchy where all guidance within the Codification carries an equal level of authority. The Codification became effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Codification did not have a material effect on the Funds’ financial statements.

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. 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

68 Nuveen Investments

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 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, 2009, 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.

Income Taxes

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

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

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.

Flexible Sales Charge Program

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.

Foreign Currency Transactions

Each Fund is authorized to engage in foreign currency exchange transactions, including foreign currency forwards, futures, 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 currency exchange rates are recognized as a component of “Net realized gain (loss) from investments and foreign currency” and “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statement of Operations, when applicable.

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform

Nuveen Investments 69

Notes to Financial Statements (Unaudited)(continued)

(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearing house, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

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

Derivative Financial Instruments

Each Fund is authorized to invest in futures, options, swaps and other derivative instruments. Although the Funds are authorized to invest in such derivative instruments, and may do so in the future, they did not make any such investments during the six months ended December 31, 2009.

Repurchase Agreements

In connection with transactions in repurchase agreements, it is each Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the 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 financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

2. Fair Value Measurements

In determining the 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).

70 Nuveen 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, 2009:

Multi-Manager Large-Cap Value	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	319,157,089	$	—	$	—	$	319,157,089
Investment Companies		2,295,600		—		—		2,295,600
Warrants		480		—		—		480
Short-Term Investments		5,523,551		—		—		5,523,551
Total	$	326,976,720	$	—	$	—	$	326,976,720
Multi-Cap Value	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	356,613,732	$	—	$	—	$	356,613,732
Short-Term Investments		6,770,616		—		—		6,770,616
Total	$	363,384,348	$	—	$	—	$	363,384,348
Large-Cap Value	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	119,410,376	$	—	$	—	$	119,410,376
Short-Term Investments		7,194,833		—		—		7,194,833
Total	$	126,605,209	$	—	$	—	$	126,605,209
Small/Mid-Cap Value	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	9,051,881	$	—	$	—	$	9,051,881
Short-Term Investments		235,708		—		—		235,708
Total	$	9,287,589	$	—	$	—	$	9,287,589
Small-Cap Value	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	85,834,896	$	—	$	—	$	85,834,896
Short-Term Investments		1,359,591		—		—		1,359,591
Total	$	87,194,487	$	—	$	—	$	87,194,487
Value Opportunities	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks*	$	1,111,132,146	$	58,261,910	$	—	$	1,169,394,056
Preferred Securities**		—		54,091,782				54,091,782
Convertible Bonds		—		182,385,179		2,413,737		184,798,916
Short-Term Investments		130,170,785		—		—		130,170,785
Total	$	1,241,302,931	$	294,738,871	$	2,413,737	$	1,538,455,539

* Refer to the Fund’s Portfolio of Investments for industry breakdown of Common Stocks classified as Level 2.

** Preferred Securities includes Convertible Preferred Securities, $25 Par (or similar) Preferred Securities and Capital Preferred Securities held by the Fund at the end of the reporting period, if any.

The following is a reconciliation of Value Opportunities’ Level 3 investments held at the beginning and end of the measurement period:

	Value Opportunities Level 3 Convertible Bonds
Balance at beginning of period	$	1,612,885
Gains (losses):
Net realized gains (losses)		800,852
Net change in unrealized appreciation (depreciation)		—
Net purchases at cost (sales at proceeds)		—
Net discounts (premiums)		—
Net transfers in to (out of) at end of period fair value		—
Balance at end of period	$	2,413,737

Value Opportunities’, “Change in net unrealized appreciation (depreciation) of investments and foreign currency” presented on the Statement of Operations includes $800,852 of net unrealized appreciation (depreciation) related to Convertible Bonds classified as Level 3 at period end.

Nuveen Investments 71

Notes to Financial Statements (Unaudited)(continued)

3. Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended December 31, 2009.

4. Fund Shares

Transactions in Fund shares were as follows:

	Multi-Manager Large-Cap Value
	Six Months Ended 12/31/09					Year Ended 6/30/09
	Shares		Amount			Shares		Amount
Shares sold:
Class A	1,020,578		$	16,868,353		1,038,170		$	15,636,485
Class A – automatic conversion of Class B Shares	5,998			96,268		68,221			1,019,928
Class B	1,009			16,446		8,883			145,467
Class C	51,544			819,373		233,580			3,405,310
Class R3	—			—		6,803			150,000
Class I	225,810			3,805,255		368,345			5,346,094
Shares issued to shareholders due to reinvestment of distributions:
Class A	223,085			3,843,748		1,515,317			21,678,068
Class B	1,268			21,300		24,991			346,027
Class C	7,793			130,618		69,563			961,070
Class R3	—			—		—			—
Class I	22,111			382,077		124,387			1,788,257
	1,559,196			25,983,438		3,458,260			50,476,706
Shares redeemed:
Class A	(1,523,497	)		(25,131,952	)	(3,087,008	)		(47,678,912	)
Class B	(57,797	)		(924,640	)	(150,585	)		(2,293,048	)
Class B – automatic conversion to Class A Shares	(6,177	)		(96,268	)	(70,093	)		(1,019,928	)
Class C	(146,987	)		(2,355,372	)	(302,468	)		(4,498,048	)
Class R3	—			—		—			—
Class I	(81,931	)		(1,367,419	)	(376,550	)		(5,827,030	)
	(1,816,389	)		(29,875,651	)	(3,986,704	)		(61,316,966	)
Net increase (decrease)	(257,193	)	$	(3,892,213	)	(528,444	)	$	(10,840,260	)

	Multi-Cap Value
	Six Months Ended 12/31/09					Year Ended 6/30/09
	Shares		Amount			Shares		Amount
Shares sold:
Class A	372,129		$	5,246,274		1,490,296		$	20,013,543
Class A – automatic conversion of Class B Shares	123			1,824		12,748			176,020
Class B	7,843			109,532		6,519			81,686
Class C	112,288			1,572,492		301,887			3,735,694
Class R3	—			—		8,523			150,000
Class I	5,262,242			75,515,025		13,576,526			168,536,661
Shares issued to shareholders due to reinvestment of distributions:
Class A	11,622			178,402		—			—
Class B	—			—		—			—
Class C	—			—		—			—
Class R3	—			—		—			—
Class I	49,684			762,150		—			—
	5,815,931			83,385,699		15,396,499			192,693,604
Shares redeemed:
Class A	(1,694,051	)		(24,599,903	)	(11,063,212	)		(153,131,622	)
Class B	(131,629	)		(1,831,081	)	(581,198	)		(6,970,880	)
Class B – automatic conversion to Class A Shares	(127	)		(1,824	)	(13,117	)		(176,020	)
Class C	(952,811	)		(13,232,757	)	(4,161,457	)		(51,502,643	)
Class R3	—			—		—			—
Class I	(11,834,534	)		(166,608,973	)	(9,831,921	)		(121,143,852	)
	(14,613,152	)		(206,274,538	)	(25,650,905	)		(332,925,017	)
Net increase (decrease)	(8,797,221	)	$	(122,888,839	)	(10,254,406	)	$	(140,231,413	)

72 Nuveen Investments

	Large-Cap Value
	Six Months Ended 12/31/09					Year Ended 6/30/09
	Shares		Amount			Shares		Amount
Shares sold:
Class A	371,893		$	5,453,915		437,267		$	5,473,447
Class B	5,348			79,627		10,688			124,561
Class C	111,908			1,632,336		132,478			1,618,650
Class R3	3,281			50,000		N/A			N/A
Class I	4,084,231			59,880,436		4,145,758			52,236,811
Shares issued to shareholders due to reinvestment of distributions:
Class A	—			—		1,543			18,534
Class B	—			—		—			—
Class C	—			—		—			—
Class R3	—			—		N/A			N/A
Class I	9,607			150,445		9,186			110,235
	4,586,268			67,246,759		4,736,920			59,582,238
Shares redeemed:
Class A	(139,575	)		(2,123,089	)	(252,852	)		(3,125,125	)
Class B	(1,954	)		(28,794	)	(26,815	)		(332,584	)
Class C	(36,513	)		(543,867	)	(100,256	)		(1,201,071	)
Class R3	—			—		N/A			N/A
Class I	(940,374	)		(13,802,366	)	(919,292	)		(12,082,462	)
	(1,118,416	)		(16,498,116	)	(1,299,215	)		(16,741,242	)
Net increase (decrease)	3,467,852		$	50,748,643		3,437,705		$	42,840,996

	Small/Mid-Cap Value
	Six Months Ended 12/31/09					Year Ended 6/30/09
	Shares		Amount			Shares		Amount
Shares sold:
Class A	62,463		$	820,052		110,634		$	1,210,334
Class B	—			—		3,754			49,057
Class C	2,837			37,984		27,757			290,402
Class R3	3,695			50,000		N/A			N/A
Class I	163,874			2,122,621		454,978			5,879,073
Shares issued to shareholders due to reinvestment of distributions:
Class A	—			—		—			—
Class B	—			—		—			—
Class C	—			—		—			—
Class R3	—			—		N/A			N/A
Class I	—			—		—			—
	232,869			3,030,657		597,123			7,428,866
Shares redeemed:
Class A	(27,929	)		(362,916	)	(195,442	)		(2,681,788	)
Class B	(3,131	)		(41,857	)	(2,772	)		(29,711	)
Class C	(7,549	)		(97,413	)	(36,006	)		(374,276	)
Class R3	—			—		N/A			N/A
Class I	(53,765	)		(669,816	)	(2,362,882	)		(25,643,049	)
	(92,374	)		(1,172,002	)	(2,597,102	)		(28,728,824	)
Net increase (decrease)	140,495		$	1,858,655		(1,999,979	)	$	(21,299,958	)

N/A – Large-Cap Value and Small/Mid-Cap Value did not issue Class R3 Shares prior to September 29, 2009.

Nuveen Investments 73

Notes to Financial Statements (Unaudited) (continued)

	Small-Cap Value
	Six Months Ended 12/31/09					Year Ended 6/30/09
	Shares		Amount			Shares		Amount
Shares sold:
Class A	137,339		$	2,288,059		357,969		$	5,864,631
Class A – automatic conversion of Class B Shares	175			2,814		57			1,086
Class B	—			—		1,265			15,145
Class C	34,011			550,133		27,028			376,243
Class R3	2,767			50,000		N/A			N/A
Class I	602,792			9,920,647		2,201,187			30,029,661
Shares issued to shareholders due to reinvestment of distributions:
Class A	156			2,887		—			—
Class B	—			—		—			—
Class C	—			—		—			—
Class R3	—			—		N/A			N/A
Class I	9,463			175,154		—			—
	786,703			12,989,694		2,587,506			36,286,766
Shares redeemed:
Class A	(312,560	)		(5,393,747	)	(2,140,849	)		(29,729,040	)
Class B	(12,423	)		(212,173	)	(5,021	)		(68,967	)
Class B – automatic conversion to Class A Shares	(180	)		(2,814	)	(58	)		(1,086	)
Class C	(54,556	)		(881,258	)	(200,743	)		(2,971,696	)
Class R3	—			—		N/A			N/A
Class I	(796,084	)		(13,853,440	)	(2,437,905	)		(34,228,314	)
	(1,175,803	)		(20,343,432	)	(4,784,576	)		(66,999,103	)
Net increase (decrease)	(389,100	)	$	(7,353,738	)	(2,197,070	)	$	(30,712,337	)

	Value Opportunities
	Six Months Ended 12/31/09					Year Ended 6/30/09
	Shares		Amount			Shares		Amount
Shares sold:
Class A	7,205,529		$	198,775,544		10,158,154		$	228,277,031
Class A – automatic conversion of Class B Shares	105			3,167		1,166			28,045
Class B	6,604			176,165		25,804			609,022
Class C	1,403,956			38,392,456		1,546,790			34,769,188
Class R3	8,189			229,750		24,474			558,032
Class I	8,350,347			229,463,714		22,348,087			497,207,603
Shares issued to shareholders due to reinvestment of distributions:
Class A	—			—		580,049			10,690,843
Class B	—			—		10,220			185,195
Class C	—			—		156,448			2,834,837
Class R3	—			—		—			—
Class I	—			—		473,586			8,768,424
	16,974,730			467,040,796		35,324,778			783,928,220
Shares redeemed:
Class A	(5,209,890	)		(144,813,811	)	(7,498,998	)		(158,924,417	)
Class B	(11,247	)		(301,851	)	(53,866	)		(1,118,016	)
Class B – automatic conversion to Class A Shares	(107	)		(3,167	)	(1,181	)		(28,045	)
Class C	(409,946	)		(11,273,112	)	(1,525,799	)		(31,579,562	)
Class R3	(5,860	)		(170,545	)	(7,375	)		(161,002	)
Class I	(3,355,031	)		(93,798,825	)	(8,237,208	)		(168,936,416	)
	(8,992,081	)		(250,361,311	)	(17,324,427	)		(360,747,458	)
Net increase (decrease)	7,982,649		$	216,679,485		18,000,351		$	423,180,762

N/A – Small-Cap Value did not issue Class R3 Shares prior to September 29, 2009.

74 Nuveen Investments

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments) during the six months ended December 31, 2009, were as follows:

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
Purchases	$	121,291,936	$	53,008,590	$	54,780,454	$	3,719,958	$	25,944,065	$	498,090,038
Sales and maturities		124,338,626		175,495,496		7,306,404		2,127,859		33,183,321		270,019,365

6. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts 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, 2009, 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	$	299,746,302	$	364,714,181	$	115,824,352	$	8,357,177	$	89,046,702	$	1,319,394,399

Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2009, 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	$	49,374,114		$	60,534,584		$	12,917,784		$	1,515,618		$	11,530,726		$	241,074,690
Depreciation		(22,143,696	)		(61,864,417	)		(2,136,927	)		(585,206	)		(13,382,941	)		(22,013,550	)
Net unrealized appreciation (depreciation) of investments	$	27,230,418		$	(1,329,833	)	$	10,780,857		$	930,412		$	(1,852,215	)	$	(219,061,140	)

The tax components of undistributed net ordinary income and net long-term capital gains at June 30, 2009, 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*	$	5,609,527	$	1,040,478	$	164,141	$	—	$	197,909	$	—
Undistributed net long-term capital gains		—		—		—		—		—		—

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

The tax character of distributions paid during the Funds’ last tax year ended June 30, 2009, 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*	$	3,603,493	$	—	$	164,594	$	—	$	—	$	18,284,961
Distributions from net long-term capital gains		29,127,927		—		—		—		—		15,316,459
Tax return of capital		—		—		—		—		—		—

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

Nuveen Investments 75

Notes to Financial Statements (Unaudited)(continued)

At June 30, 2009, the Funds’ last tax year end, the 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-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
Expiration:
June 30, 2016	$	—	$	16,839,859	$	—	$	13,065,462	$	2,490,066	$	—
June 30, 2017		24,629,447		174,357,114		3,880,395		21,132,667		16,942,331		11,117,092
Total	$	24,629,447	$	191,196,973	$	3,880,395	$	34,198,129	$	19,432,397	$	11,117,092

Small/Mid-Cap Value’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.

The Funds have elected to defer net realized losses from investments incurred from November 1, 2008 through June 30, 2009, 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-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
Post-October capital losses	$	64,839,455	$	74,617,242	$	232,685	$	1,257,145	$	51,925,456	$	72,586,120

7. Management Fees and Other Transactions with Affiliates

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

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

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

76 Nuveen Investments

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

* The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily managed assets of all Nuveen funds, with such daily managed assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. For the complex-level and fund-level fees, daily managed assets include assets managed by the Adviser that are attributable to each fund’s use of financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser to limit the amount of such assets for determining managed assets in certain circumstances. As of December 31, 2009, the complex-level fee rate was .1887%.

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”), NWQ Investment Management Company, LLC (“NWQ”) and Tradewinds Global Investors, LLC (“Tradewinds”), (collectively the “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, NWQ, Symphony 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 following table.

Fund	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		July 31, 2010	1.50
Tradewinds Value Opportunities	1.25		October 31, 2009	1.50

The Adviser may voluntarily reimburse 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, 2009, 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	$	8,408	$	16,433	$	25,633	$	—	$	4,311	$	766,587
Paid to financial intermediaries		7,360		14,351		22,339		—		3,753		676,830

Nuveen Investments 77

Notes to Financial Statements (Unaudited)(continued)

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, 2009, 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	$	5,762	$	17,059	$	15,082	$	400	$	5,281	$	403,644

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, 2009, 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	$	16,772	$	102,650	$	8,827	$	228	$	4,146	$	236,497

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, 2009, as follows:

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
CDSC retained	$	2,054	$	39,763	$	918	$	220	$	202	$	22,101

At December 31, 2009, Nuveen owned shares of the Funds as follows:

	Multi-Manager Large-Cap Value		Multi-Cap Value		Large-Cap Value		Small/Mid-Cap Value		Small-Cap Value		Value Opportunities
Class A	$	919	$	84	$	—	$	—	$	—	$	—
Class B		—		84		—		N/A		N/A		—
Class C		464		84		—		—		—		—
Class R3		6,803		8,523		3,281		3,695		2,767		5,185
Class I		464		84		—		—		—		—

8. New Accounting Pronouncements

On January 21, 2010, FASB issued changes to the authoritative guidance under GAAP for fair value measurements. The objective of which is to provide guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for both Level 2 and Level 3 positions, ii) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e., transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements in the Level 3 rollforward must be shown on a gross basis rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009, however, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. At this time the Funds are evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

78 Nuveen Investments

Financial Highlights (Unaudited)

Nuveen Investments 79

Financial Highlights(Unaudited)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
MULTI-MANAGER LARGE-CAP VALUE
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
Class A (8/96)
2010(e)	$	14.23	$	.09	$	3.06		$	3.15		$	(.30	)	$	—		$	(.30	)	$	17.08
2009		22.53		.29		(6.82	)		(6.53	)		(.19	)		(1.58	)		(1.77	)		14.23
2008		30.05		.32		(3.15	)		(2.83	)		(.30	)		(4.39	)		(4.69	)		22.53
2007		27.23		.35		5.33			5.68			(.26	)		(2.60	)		(2.86	)		30.05
2006		25.58		.22		3.26			3.48			(.23	)		(1.60	)		(1.83	)		27.23
2005		23.41		.32		2.13			2.45			(.28	)		—			(.28	)		25.58
Class B (8/96)
2010(e)		13.84		.03		2.97			3.00			(.19	)		—			(.19	)		16.65
2009		21.90		.18		(6.63	)		(6.45	)		(.03	)		(1.58	)		(1.61	)		13.84
2008		29.32		.11		(3.06	)		(2.95	)		(.08	)		(4.39	)		(4.47	)		21.90
2007		26.64		.12		5.21			5.33			(.05	)		(2.60	)		(2.65	)		29.32
2006		25.06		.02		3.20			3.22			(.04	)		(1.60	)		(1.64	)		26.64
2005		22.95		.14		2.08			2.22			(.11	)		—			(.11	)		25.06
Class C (8/96)
2010(e)		13.80		.03		2.97			3.00			(.19	)		—			(.19	)		16.61
2009		21.86		.17		(6.62	)		(6.45	)		(.03	)		(1.58	)		(1.61	)		13.80
2008		29.27		.12		(3.06	)		(2.94	)		(.08	)		(4.39	)		(4.47	)		21.86
2007		26.60		.13		5.19			5.32			(.05	)		(2.60	)		(2.65	)		29.27
2006		25.02		.02		3.20			3.22			(.04	)		(1.60	)		(1.64	)		26.60
2005		22.92		.14		2.07			2.21			(.11	)		—			(.11	)		25.02
Class R3 (8/08)
2010(e)		14.31		.07		3.08			3.15			(.27	)		—			(.27	)		17.19
2009(f)		22.05		.23		(6.25	)		(6.02	)		(.14	)		(1.58	)		(1.72	)		14.31
Class I (8/96)(d)
2010(e)		14.28		.11		3.08			3.19			(.34	)		—			(.34	)		17.13
2009		22.64		.33		(6.87	)		(6.54	)		(.24	)		(1.58	)		(1.82	)		14.28
2008		30.18		.39		(3.17	)		(2.78	)		(.37	)		(4.39	)		(4.76	)		22.64
2007		27.33		.43		5.35			5.78			(.33	)		(2.60	)		(2.93	)		30.18
2006		25.67		.29		3.27			3.56			(.30	)		(1.60	)		(1.90	)		27.33
2005		23.49		.38		2.14			2.52			(.34	)		—			(.34	)		25.67

80 Nuveen Investments

		Ratios/Supplemental Data
				Ratios to Average Net Assets Before Reimbursement				Ratios to Average Net Assets After Reimbursement(c)
Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income   (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
22.13	%	$	282,412	1.24	%*	1.07	%*	1.19	%*	1.12	%*	40	%
(28.95	)		239,210	1.27		1.71		1.20		1.83		85
(10.74	)		389,240	1.24		1.20		1.21		1.23		131
21.71			491,489	1.25		1.22		1.25		1.22		75
13.97			440,403	1.28		.83		1.28		.83		81
10.51			416,407	1.31		1.31		1.31		1.31		81
21.64			2,622	2.00	*	.30	*	1.94	*	.35	*	40
(29.46	)		3,033	2.01		.97		1.95		1.10		85
(11.39	)		8,891	1.99		.43		1.96		.46		131
20.77			18,491	2.00		.44		2.00		.44		75
13.13			26,995	2.03		.08		2.03		.08		81
9.66			45,224	2.06		.57		2.06		.57		81
21.70			17,559	1.99	*	.31	*	1.94	*	.36	*	40
(29.52	)		15,803	2.02		.96		1.95		1.08		85
(11.41	)		25,007	1.99		.45		1.96		.48		131
20.80			31,219	2.00		.47		2.00		.47		75
13.15			28,692	2.03		.08		2.03		.08		81
9.63			30,691	2.06		.57		2.06		.57		81
21.97			117	1.48	*	.83	*	1.44	*	.87	*	40
(27.29	)		97	1.53	*	1.55	*	1.45	*	1.63	*	85
22.32			22,754	.98	*	1.34	*	.94	*	1.38	*	40
(28.83	)		16,604	1.02		1.95		.95		2.08		85
(10.52	)		23,684	.99		1.45		.96		1.48		131
22.03			31,878	1.00		1.48		1.00		1.48		75
14.24			25,720	1.03		1.08		1.03		1.08		81
10.77			22,350	1.06		1.56		1.06		1.56		81

* 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. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

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

(e) For the six months ended December 31, 2009.

(f) For the period August 4, 2008 (commencement of operations) through June 30, 2009.

See accompanying notes to financial statements.

Nuveen Investments 81

Financial Highlights (Unaudited)(continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
MULTI-CAP VALUE
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
Class A (12/02)
2010(e)	$	12.22	$	(.03	)	$	3.06		$	3.03		$	(.04	)	$	—		$	—		$	(.04	)	$	15.21
2009		18.54		.04			(6.36	)		(6.32	)		—			—			—			—			12.22
2008		26.15		.04			(6.62	)		(6.58	)		(.02	)		(.94	)		(.07	)		(1.03	)		18.54
2007		23.81		.18			3.43			3.61			(.13	)		(1.14	)		—			(1.27	)		26.15
2006		20.60		.15			3.42			3.57			(.06	)		(.30	)		—			(.36	)		23.81
2005		18.56		.11			2.15			2.26			(.05	)		(.17	)		—			(.22	)		20.60
Class B (12/02)
2010(e)		11.84		(.08	)		2.96			2.88			—			—			—			—			14.72
2009		18.10		(.06	)		(6.20	)		(6.26	)		—			—			—			—			11.84
2008		25.64		(.13	)		(6.47	)		(6.60	)		—			(.94	)		—			(.94	)		18.10
2007		23.42		(.01	)		3.37			3.36			—			(1.14	)		—			(1.14	)		25.64
2006		20.37		(.02	)		3.37			3.35			—			(.30	)		—			(.30	)		23.42
2005		18.45		(.04	)		2.13			2.09			—			(.17	)		—			(.17	)		20.37
Class C (12/02)
2010(e)		11.84		(.08	)		2.96			2.88			—			—			—			—			14.72
2009		18.10		(.06	)		(6.20	)		(6.26	)		—			—			—			—			11.84
2008		25.64		(.13	)		(6.47	)		(6.60	)		—			(.94	)		—			(.94	)		18.10
2007		23.42		(.01	)		3.37			3.36			—			(1.14	)		—			(1.14	)		25.64
2006		20.37		(.02	)		3.37			3.35			—			(.30	)		—			(.30	)		23.42
2005		18.45		(.04	)		2.13			2.09			—			(.17	)		—			(.17	)		20.37
Class R3 (8/08)
2010(e)		12.16		(.05	)		3.05			3.00			(.01	)		—			—			(.01	)		15.15
2009(f)		17.60		.01			(5.45	)		(5.44	)		—			—			—			—			12.16
Class I (11/97)(d)
2010(e)		12.22		(.01	)		3.06			3.05			(.07	)		—			—			(.07	)		15.20
2009		18.50		.07			(6.35	)		(6.28	)		—			—			—			—			12.22
2008		26.09		.09			(6.59	)		(6.50	)		(.02	)		(.94	)		(.13	)		(1.09	)		18.50
2007		23.76		.24			3.42			3.66			(.19	)		(1.14	)		—			(1.33	)		26.09
2006		20.55		.20			3.42			3.62			(.11	)		(.30	)		—			(.41	)		23.76
2005		18.52		.15			2.15			2.30			(.10	)		(.17	)		—			(.27	)		20.55

82 Nuveen Investments

		Ratios/Supplemental Data
				Ratios to Average Net Assets Before Reimbursement				Ratios to Average Net Assets After Reimbursement(c)
Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
24.78	%	$	75,666	1.60	%*	(.40	)%*	1.60	%*	(.40	)%*	14	%
(34.12	)		76,785	1.50		.27		1.50		.27		32
(25.65	)		293,777	1.33		.17		1.33		.17		25
15.51			634,123	1.24		.71		1.24		.71		19
17.45			409,788	1.33		.65		1.33		.65		9
12.20			179,548	1.36		.54		1.36		.54		14
24.32			18,816	2.35	*	(1.14	)*	2.35	*	(1.14	)*	14
(34.62	)		16,599	2.28		(.46	)	2.28		(.46	)	32
(26.20	)		36,024	2.08		(.59	)	2.08		(.59	)	25
14.65			75,067	2.00		(.04	)	2.00		(.04	)	19
16.57			58,423	2.08		(.10	)	2.08		(.10	)	9
11.35			33,216	2.10		(.20	)	2.10		(.20	)	14
24.32			84,895	2.35	*	(1.14	)*	2.35	*	(1.14	)*	14
(34.62	)		78,225	2.27		(.46	)	2.27		(.46	)	32
(26.20	)		189,475	2.08		(.58	)	2.08		(.58	)	25
14.64			441,048	1.99		(.04	)	1.99		(.04	)	19
16.57			308,339	2.08		(.10	)	2.08		(.10	)	9
11.35			128,758	2.11		(.21	)	2.11		(.21	)	14
24.65			129	1.85	*	(.63	)*	1.85	*	(.63	)*	14
(30.91	)		104	1.81	*	.12	*	1.81	*	.12	*	32
24.96			183,664	1.34	*	(.14	)*	1.34	*	(.14	)*	14
(33.95	)		227,320	1.29		.55		1.29		.55		32
(25.47	)		274,886	1.09		.39		1.09		.39		25
15.77			350,370	.99		.96		.99		.96		19
17.77			212,033	1.09		.90		1.09		.90		9
12.43			82,413	1.10		.78		1.10		.78		14

* 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. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

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

(e) For the six months ended December 31, 2009.

(f) For the period August 4, 2008 (commencement of operations) through June 30, 2009.

See accompanying notes to financial statements.

Nuveen Investments 83

Financial Highlights (Unaudited)(continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
LARGE-CAP VALUE
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
Class A (12/06)
2010(e)	$	12.71	$	.01		$	2.83		$	2.84		$	—		$	—		$	—		$	15.55
2009		17.41		.10			(4.73	)		(4.63	)		(.07	)		—			(.07	)		12.71
2008		21.38		.15			(4.04	)		(3.89	)		(.08	)		—	**		(.08	)		17.41
2007(f)		20.00		.12			1.26			1.38			—			—			—			21.38
Class B (12/06)
2010(e)		12.60		(.04	)		2.78			2.74			—			—			—			15.34
2009		17.28		—	**		(4.68	)		(4.68	)		—			—			—			12.60
2008		21.30		—	**		(4.02	)		(4.02	)		—			—	**		—	**		17.28
2007(f)		20.00		—	**		1.30			1.30			—			—			—			21.30
Class C (12/06)
2010(e)		12.60		(.04	)		2.79			2.75			—			—			—			15.35
2009		17.28		—	**		(4.68	)		(4.68	)		—			—			—			12.60
2008		21.30		—	**		(4.02	)		(4.02	)		—			—	**		—	**		17.28
2007(f)		20.00		.02			1.28			1.30			—			—			—			21.30
Class R3 (9/09)
2010(g)		15.24		—	**		.31			.31			—			—			—			15.55
Class I (12/06)(d)
2010(e)		12.72		.03			2.82			2.85			(.02	)		—			(.02	)		15.55
2009		17.43		.12			(4.72	)		(4.60	)		(.11	)		—			(.11	)		12.72
2008		21.41		.20			(4.05	)		(3.85	)		(.13	)		—	**		(.13	)		17.43
2007(f)		20.00		.15			1.26			1.41			—			—			—			21.41

84 Nuveen Investments

		Ratios/Supplemental Data
				Ratios to Average Net Assets Before Reimbursement				Ratios to Average Net Assets After Reimbursement(c)
Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income   (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
22.34	%	$	11,039	1.36	%*	.13	%*	1.33	%*	.16	%*	8	%
(26.57	)		6,075	1.61		.49		1.35		.76		16
(18.24	)		5,080	1.66		.45		1.33		.77		13
6.90			2,358	3.12	*	(.84	)*	1.33	*	.95	*	—	****
21.75			546	2.11	*	(.63	)*	2.08	*	(.60	)*	8
(27.13	)		405	2.35		(.22	)	2.10		.03		16
(18.82	)		835	2.43		(.34	)	2.08		—	***	13
6.50			281	4.68	*	(2.66	)*	2.08	*	(.06	)*	—	****
21.83			3,857	2.11	*	(.60	)*	2.08	*	(.58	)*	8
(27.13	)		2,217	2.37		(.25	)	2.10		.02		16
(18.82	)		2,484	2.42		(.33	)	2.08		—	***	13
6.50			1,117	3.83	*	(1.62	)*	2.08	*	.13	*	—	****
2.03			51	1.64	*	.04	*	1.59	*	.09	*	8
22.43			113,345	1.12	*	.39	*	1.08	*	.42	*	8
(26.35	)		52,618	1.36		.71		1.10		.97		16
(18.05	)		15,719	1.40		.71		1.08		1.02		13
7.05			8,513	2.65	*	(.32	)*	1.08	*	1.25	*	—	****

* Annualized.

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

*** Rounds to less than .01%.

**** Rounds to less than 1%.

(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. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

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

(e) For the six months ended December 31, 2009.

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

(g) For the period September 29, 2009 (commencement of operations) through December 31, 2009.

See accompanying notes to financial statements.

Nuveen Investments 85

Financial Highlights (Unaudited)(continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
SMALL/MID-CAP VALUE
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
Class A (12/06)
2010(e)	$	11.05	$	(.04	)	$	3.19		$	3.15		$	—		$	—	$	—		$	14.20
2009		17.12		—	**		(6.07	)		(6.07	)		—			—		—			11.05
2008		21.37		(.09	)		(4.16	)		(4.25	)		—	**		—		—	**		17.12
2007(f)		20.00		.15			1.22			1.37			—			—		—			21.37
Class C (12/06)
2010(e)		10.83		(.09	)		3.13			3.04			—			—		—			13.87
2009		16.92		(.07	)		(6.02	)		(6.09	)		—			—		—			10.83
2008		21.28		(.22	)		(4.14	)		(4.36	)		—			—		—			16.92
2007(f)		20.00		.05			1.23			1.28			—			—		—			21.28
Class R3 (9/09)
2010(g)		13.53		(.02	)		.58			.56			—			—		—			14.09
Class I (12/06)(d)
2010(e)		10.96		(.02	)		3.17			3.15			—			—		—			14.11
2009		17.11		(.01	)		(6.14	)		(6.15	)		—			—		—			10.96
2008		21.41		(.04	)		(4.21	)		(4.25	)		(.05	)		—		(.05	)		17.11
2007(f)		20.00		.49			.92			1.41			—			—		—			21.41

86 Nuveen Investments

		Ratios/Supplemental Data
				Ratios to Average Net Assets Before Reimbursement				Ratios to Average Net Assets After Reimbursement(c)
Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income   (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
28.51	%	$	2,268	2.49	%*	(1.61	)%*	1.44	%*	(.56	)%*	29	%
(35.34	)		1,382	3.03		(1.60	)	1.45		(.02	)	204
(20.02	)***		3,595	1.65		(.70	)	1.43		(.49	)	84
6.85			1,098	2.54	*	.23	*	1.43	*	1.34	*	1
28.07			716	3.24	*	(2.38	)*	2.19	*	(1.32	)*	29
(35.88	)		610	4.11		(2.50	)	2.20		(.59	)	204
(20.63	)***		1,093	2.39		(1.40	)	2.18		(1.20	)	84
6.40			974	3.22	*	(.65	)*	2.18	*	.39	*	1
4.14			52	2.69	*	(1.58	)*	1.69	*	(.59	)*	29
28.74			6,435	2.25	*	(1.34	)*	1.19	*	(.28	)*	29
(35.98	)		3,792	1.44		(.33	)	1.20		(.08	)	204
(19.82	)***		38,574	1.16		(.20	)	1.16		(.20	)	84
7.05			216,872	1.49	*	3.93	*	1.16	*	4.25	*	1

* Annualized.

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

*** During the year ended June 30, 2008, the Adviser reimbursed the Fund $89,561 for a cash balance maintained in the Fund. 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. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

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

(e) For the six months ended December 31, 2009.

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

(g) For the period September 29, 2009 (commencement of operations) through December 31, 2009.

See accompanying notes to financial statements.

Nuveen Investments 87

Financial Highlights (Unaudited)(continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
SMALL-CAP VALUE
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
Class A (12/04)
2010(e)	$	14.14	$	(.06	)	$	4.08		$	4.02		$	(.01	)	$	—		$	—		$	(.01	)	$	18.15
2009		23.29		.02			(9.17	)		(9.15	)		—			—			—			—			14.14
2008		30.12		(.04	)		(6.08	)		(6.12	)		(.02	)		(.69	)		—	**		(.71	)		23.29
2007		26.10		.13			4.05			4.18			(.04	)		(.12	)		—			(.16	)		30.12
2006		20.84		.13			5.48			5.61			(.08	)		(.27	)		—			(.35	)		26.10
2005(f)		20.00		.05			.79			.84			—			—			—			—			20.84
Class C (12/04)
2010(e)		13.76		(.12	)		3.97			3.85			—			—			—			—			17.61
2009		22.83		(.11	)		(8.96	)		(9.07	)		—			—			—			—			13.76
2008		29.73		(.23	)		(5.98	)		(6.21	)		—			(.69	)		—			(.69	)		22.83
2007		25.91		(.08	)		4.02			3.94			—			(.12	)		—			(.12	)		29.73
2006		20.76		(.07	)		5.49			5.42			—			(.27	)		—			(.27	)		25.91
2005(f)		20.00		(.03	)		.79			.76			—			—			—			—			20.76
Class R3 (9/09)
2010(g)		18.07		(.03	)		.21			.18			—			—			—			—			18.25
Class I (12/04)(d)
2010(e)		14.21		(.03	)		4.10			4.07			(.05	)		—			—			(.05	)		18.23
2009		23.34		.05			(9.18	)		(9.13	)		—			—			—			—			14.21
2008		30.18		.02			(6.08	)		(6.06	)		(.08	)		(.69	)		(.01	)		(.78	)		23.34
2007		26.15		.23			4.03			4.26			(.11	)		(.12	)		—			(.23	)		30.18
2006		20.87		.16			5.52			5.68			(.13	)		(.27	)		—			(.40	)		26.15
2005(f)		20.00		.08			.79			.87			—			—			—			—			20.87

88 Nuveen Investments

		Ratios/Supplemental Data
				Ratios to Average Net Assets Before Reimbursement				Ratios to Average Net Assets After Reimbursement(c)
Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income   (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
28.42	%	$	6,756	1.47	%*	(.76	)%*	1.44	%*	(.72	)%*	31	%
(39.29	)		7,733	1.46		.13		1.46		.13		71
(20.41	)		54,264	1.47		(.16	)	1.47		(.16	)	48
16.09			78,081	1.50		.44		1.49		.46		24
27.08	***		33,907	1.95		(.02	)	1.42		.51		26
4.20			3	2.85	*	(.96	)*	1.49	*	.40	*	22
27.98			4,049	2.21	*	(1.43	)*	2.17	*	(1.40	)*	31
(39.70	)		3,446	2.23		(.70	)	2.23		(.70	)	71
(21.03	)		9,682	2.22		(.91	)	2.22		(.91	)	48
15.26			17,290	2.25		(.31	)	2.24		(.30	)	24
26.22	***		7,244	2.73		(.86	)	2.17		(.30	)	26
3.80			3	3.60	*	(1.70	)*	2.24	*	(.35	)*	22
1.00			51	1.61	*	(.62	)*	1.60	*	(.61	)*	31
28.61			76,746	1.21	*	(.43	)*	1.17	*	(.39	)*	31
(39.12	)		62,423	1.24		.29		1.24		.29		71
(20.22	)		108,064	1.22		.08		1.22		.08		48
16.41			132,385	1.22		.81		1.22		.81		24
27.41	***		13,137	1.73		.07		1.17		.63		26
4.35			2,079	2.61	*	(.72	)*	1.25	*	.64	*	22

* Annualized.

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

*** During the 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 Classes 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. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

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

(e) For the six months ended December 31, 2009.

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

(g) For the period September 29, 2009 (commencement of operations) through December 31, 2009.

See accompanying notes to financial statements.

Nuveen Investments 89

Financial Highlights (Unaudited) (continued)

Selected data for a share outstanding throughout each period:
Class (Inception Date)
			Investment Operations									Less Distributions
VALUE OPPORTUNITIES
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
Class A (12/04)
2010(e)	$	24.17	$	.07		$	5.45		$	5.52		$	—		$	—		$	—		$	29.69
2009		29.60		.20			(4.53	)		(4.33	)		(.05	)		(1.05	)		(1.10	)		24.17
2008		32.48		.20			(1.03	)		(.83	)		(.59	)		(1.46	)		(2.05	)		29.60
2007		26.90		.30			5.83			6.13			(.29	)		(.26	)		(.55	)		32.48
2006		21.07		.28			5.88			6.16			(.07	)		(.26	)		(.33	)		26.90
2005(f)		20.00		.08			.99			1.07			—			—			—			21.07
Class B (12/04)
2010(e)		23.78		(.03	)		5.36			5.33			—			—			—			29.11
2009		29.29		.03			(4.49	)		(4.46	)		—			(1.05	)		(1.05	)		23.78
2008		32.15		(.03	)		(1.02	)		(1.05	)		(.35	)		(1.46	)		(1.81	)		29.29
2007		26.66		.07			5.76			5.83			(.08	)		(.26	)		(.34	)		32.15
2006		20.98		.09			5.85			5.94			—			(.26	)		(.26	)		26.66
2005(f)		20.00		—			.98			.98			—			—			—			20.98
Class C (12/04)
2010(e)		23.77		(.03	)		5.36			5.33			—			—			—			29.10
2009		29.29		.03			(4.50	)		(4.47	)		—			(1.05	)		(1.05	)		23.77
2008		32.16		(.03	)		(1.03	)		(1.06	)		(.35	)		(1.46	)		(1.81	)		29.29
2007		26.66		.07			5.77			5.84			(.08	)		(.26	)		(.34	)		32.16
2006		20.98		.08			5.86			5.94			—			(.26	)		(.26	)		26.66
2005(f)		20.00		—			.98			.98			—			—			—			20.98
Class R3 (8/08)
2010(e)		24.23		.04			5.46			5.50			—			—			—			29.73
2009(g)		28.93		.15			(3.80	)		(3.65	)		—			(1.05	)		(1.05	)		24.23
Class I (12/04)(d)
2010(e)		24.19		.11			5.46			5.57			—			—			—			29.76
2009		29.66		.26			(4.57	)		(4.31	)		(.11	)		(1.05	)		(1.16	)		24.19
2008		32.54		.28			(1.03	)		(.75	)		(.67	)		(1.46	)		(2.13	)		29.66
2007		26.95		.39			5.82			6.21			(.36	)		(.26	)		(.62	)		32.54
2006		21.09		.31			5.93			6.24			(.12	)		(.26	)		(.38	)		26.95
2005(f)		20.00		.11			.98			1.09			—			—			—			21.09

90 Nuveen Investments

		Ratios/Supplemental Data
				Ratios to Average Net Assets Before Reimbursement				Ratios to Average Net Assets After Reimbursement(c)
Total Return(b)		Ending Net Assets (000)		Expenses		Net Invest- ment Income   (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
22.84	%	$	524,693	1.38	%*	.50	%*	1.38	%*	.50	%*	22	%
(13.47	)		378,845	1.48		.89		1.48		.89		61
(2.65	)		368,093	1.42		.63		1.42		.63		48
22.98			248,827	1.39		.99		1.39		.99		23
29.45			73,389	1.63		.94		1.49		1.09		29
5.35			3	3.12	*	(1.10	)*	1.51	*	.52	*	45
22.41			6,081	2.13	*	(.25	)*	2.13	*	(.25	)*	22
(14.10	)		5,080	2.22		.14		2.22		.14		61
(3.39	)		6,816	2.17		(.11	)	2.17		(.11	)	48
22.04			5,521	2.14		.24		2.14		.24		23
28.49			1,041	2.40		.16		2.24		.33		29
4.90			3	3.87	*	(1.85	)*	2.26	*	(.23	)*	45
22.42			149,783	2.13	*	(.23	)*	2.13	*	(.23	)*	22
(14.14	)		98,742	2.22		.14		2.22		.14		61
(3.39	)		116,463	2.17		(.10	)	2.17		(.10	)	48
22.04			100,295	2.14		.24		2.14		.24		23
28.49			22,102	2.40		.15		2.24		.31		29
4.90			3	3.87	*	(1.85	)*	2.26	*	(.23	)*	45
22.70			578	1.63	*	.27	*	1.63	*	.27	*	22
(11.47	)		414	1.76	*	.73	*	1.75	*	.75	*	61
23.03			862,350	1.13	*	.77	*	1.13	*	.77	*	22
(13.29	)		580,149	1.24		1.19		1.23		1.20		61
(2.39	)		278,649	1.17		.89		1.17		.89		48
23.30			161,284	1.14		1.28		1.14		1.28		23
29.80			37,393	1.48		.98		1.24		1.22		29
5.45			2,102	2.86	*	(.84	)*	1.24	*	.77	*	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. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

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

(e) For the six months ended December 31, 2009.

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

(g) For the period August 4, 2008 (commencement of operations) through June 30, 2009.

See accompanying notes to financial statements.

Nuveen Investments 91

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.

92 Nuveen Investments

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, LLC

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, 2009, 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.

Nuveen Investments 93

Nuveen Investments:

Serving Investors For Generations

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

Focused on meeting investor needs.

Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $141 billion of assets on September 30, 2009.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest.

Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

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

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Distributed by

Nuveen Investments, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MSA-NWQ-1209D

Mutual Funds

Nuveen Asset Allocation Funds

For investors seeking attractive long-term total return.

Semi-Annual Report

December 31, 2009

Nuveen Growth Allocation Fund Nuveen Moderate Allocation Fund Nuveen Conservative Allocation Fund

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

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

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

Chairman’s

Letter to Shareholders

Dear Shareholder,

The financial markets in which your Fund operates continue to reflect the larger economic crosscurrents. The illiquidity that infected global credit markets over the last year continues to recede but there is concern about the impact of a reduction in official liquidity support programs. The major institutions that are the linchpin of the international financial system have strengthened their capital structures, but many still struggle with losses in their various portfolios. Global trends include increasing trade and concern about the ability of the U.S. government to address its substantial budgetary deficits.

While the fixed-income and equity markets have recovered from the lows recorded in late 2008 and early 2009, identifying those developments that will define the future is never easy, and rarely is it more difficult than at present. A fundamental component of a successful investment program is a commitment to remain focused on long-term investment goals even during periods of heightened market uncertainty. Another component is to re-evaluate investment disciplines and tactics and to confirm their validity following periods of extreme volatility and market dislocation, such as we have recently experienced. Your Board carried out an intensive review of investment performance with these objectives in mind during April and May of 2009 as part of the annual management contract renewal process. Confirming the appropriateness of a long term investment strategy is as important for our shareholders as it is for our professional investment managers. For that reason, I again encourage you to remain in communication with your financial consultant on this subject.

On behalf of 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 Nuveen Fund Board and Lead Independent Director

February 22, 2010

Nuveen Investments 1

Portfolio Managers’ Comments

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

The Nuveen Growth Allocation, the Nuveen Moderate Allocation and the Nuveen Conservative Allocation Funds feature portfolio management by Nuveen Investment Solutions, Inc. (NIS), an affiliate of Nuveen Investments. The Funds are co-managed by Thomas Richards, CFA, Senior Managing Director of NIS and John Simmons, Managing Director and Portfolio Manager for NIS. We recently asked Tom and John to discuss the key portfolio management strategies and the performance of these three Funds for the six-month reporting period ended December 31, 2009.

How did the Funds perform during the six-month period ended December 31 2009?

The table on page six 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, 2009. The table also compares each Fund’s performance to an 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, (2) determine an allocation policy among these asset classes that produces the highest expected return consistent with a targeted level of investment risk, (3) utilize liquid, transparent, and value-added investment funds within each asset class, (4) structure these Funds to produce value-added performance consistent with the Funds’ active management risk budgets, 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 Growth Allocation Composite during the six-month reporting period, but underperformed the Lipper Global Multi-Cap Core Funds Index and the general market index.

2 Nuveen Investments

The Growth Allocation Fund’s policy allocation as of December 31, 2009, is presented in the accompanying table:

Asset Class	Asset Class Policy Weight
Domestic Equity	23%
International Equity	38%
Global Resources	6%
U.S. Public Real Estate	3%
Domestic Fixed Income	6%
Domestic High Yield	14%
TIPS	6%
Short Duration & Cash	4%
Total	100%

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 typically will have the largest performance impact on the Fund. For the six-month reporting period, our asset class allocations helped produce a return in excess of 20%. Without exception, returns across asset classes were positive during the recovering environment.

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 the international equity class. The return impact from investment style risk was slightly positive within international equity and negligible elsewhere during the reporting period.

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, in aggregate, their asset class target. During the reporting period, the Fund’s investment managers, in aggregate, generated slightly negative incremental returns, relative to their benchmarks. Manager performance within the international equity asset class, which consists of one mutual fund manager and two exchange-traded funds, generated the greatest level of underperformance. Strong manager performance was realized in the domestic equity and domestic fixed income asset classes.

Allocation tactic risk involves the deviations of actual allocations versus the policy allocation weights. These deviations are often due to movements in the capital markets as well as to daily cash flows into and out of the Fund. During the reporting period the performance impact due to allocation tactics has had a small, negative impact on total Fund performance.

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 the Moderate

Nuveen Investments 3

Allocation Composite during the six-month reporting period, but underperformed the general market index.

The Moderate Allocation Fund’s policy allocation as of December 31, 2009, is presented in the accompanying table:

Asset Class	Asset Class Policy Weight
Domestic Equity	21%
International Equity	29%
Global Resources	5%
U.S. Public Real Estate	3%
Domestic Fixed Income	10%
Domestic High Yield	15%
TIPS	9%
Short Duration & Cash	8%
Total	100%

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. During the reporting period, our asset class allocations helped produce a return of more than 17%. Without exception, returns across asset classes were positive during the recovering environment.

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 the international equity class. The return impact from investment style risk was slightly positive within international equity and negligible elsewhere during the reporting period.

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, in aggregate, their asset class target. During the reporting period, the Fund’s investment managers, in aggregate, generated slightly negative incremental returns, relative to their benchmarks. Manager performance within the international equity asset class, which consists of one mutual fund manager and two exchange-traded funds, generated the greatest level of underperformance. Strong manager performance was realized in the domestic equity and domestic fixed Income asset classes.

Allocation tactic risk involves the deviations of actual allocations versus the policy allocation weights. These deviations are often due to movements in the capital markets as well as to daily cash flows into and out of the Fund. During the reporting period the performance impact due to allocation tactics has had a small, negative impact on total Fund performance.

4 Nuveen Investments

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 the Conservative Allocation Composite during the six-month reporting period, but underperformed the general market index.

The Conservative Allocation Fund’s policy allocation as of December 31, 2009, is presented in the accompanying table:

Asset Class	Asset Class Policy Weight
Domestic Equity	14%
International Equity	16%
Global Resources	5%
U.S. Public Real Estate	3%
Domestic Fixed Income	20%
Domestic High Yield	10%
TIPS	10%
Short Duration & Cash	22%
Total	100%

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. For the six-month reporting period, our asset class allocations helped produce a return of more than 12%. Without exception, returns across asset classes were positive during the recovering environment.

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 the international equity class. The return impact from investment style risk was positive within international equity and negligible elsewhere during the reporting period.

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. During the period, the Fund’s investment managers, in aggregate, generated positive incremental returns, relative to their benchmarks. Manager performance within the international equity asset class, which consists of one mutual fund manager and two exchange-traded funds, generated the greatest level of underperformance. Strong manager performance was realized in the domestic equity and domestic fixed income asset classes.

Allocation tactic risk involves the deviations of actual allocations versus the policy allocation weights. These deviations are often due to movements in the capital markets as well as to cash flows into and out of the Fund. During the reporting period the performance impact due to allocation tactics has had a small, positive impact on total Fund performance.

Nuveen Investments 5

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. Index and composite returns, which are based on month end data, begin on the last day of the month of the Fund’s inception.

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 is calculated as of 1/1/05, 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 S&P 500 Stock 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.

5 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.

6 The Moderate Allocation Composite is an index comprised of a 57% weighting in the S&P 500 Stock 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 is calculated as of 9/1/96, 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.

7 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.

8 The Conservative Allocation Composite is an index comprised of a 38% weighting in the S&P 500 Stock 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 is calculated as of 9/1/96, 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.

Class A Shares – Average Annual Total Returns

As of 12/31/09

	Cumulative	Average Annual
	6-Month	1-Year	5-Year	10-Year	Since Inception1
Nuveen Growth Allocation Fund
A Shares at NAV	19.28%	31.06%	3.99%	NA	4.68%
A Shares at Offer	12.42%	23.54%	2.76%	NA	3.47%
Lipper Global Multi-Cap Core Funds Index2	21.38%	31.03%	3.43%	NA	4.03%
Growth Allocation Composite3	17.70%	21.34%	1.63%	NA	1.63%
S&P 500 Stock Index4	22.59%	26.46%	0.42%	-0.95%	0.42%
Nuveen Moderate Allocation Fund
A Shares at NAV	17.48%	29.54%	4.22%	3.99%	6.45%
A Shares at Offer	10.74%	22.07%	2.99%	3.38%	5.98%
Lipper Mixed-Asset Target Allocation Moderate Funds Index5	16.13%	24.65%	2.33%	3.16%	5.79%
Moderate Allocation Composite6	14.10%	17.47%	2.57%	2.31%	6.36%
S&P 500 Stock Index4	22.59%	26.46%	0.42%	-0.95%	5.78%
Nuveen Conservative Allocation Fund
A Shares at NAV	13.44%	22.33%	3.57%	2.96%	4.91%
A Shares at Offer	6.94%	15.26%	2.35%	2.35%	4.45%
Lipper Mixed-Asset Target Allocation Conservative Funds Index7	12.35%	20.04%	3.75%	3.79%	5.56%
Conservative Allocation Composite8	10.58%	13.55%	3.42%	3.68%	6.43%
S&P 500 Stock Index4	22.59%	26.46%	0.42%	-0.95%	5.78%

Effective July 7, 2008, for the Nuveen Conservative Allocation Fund and August 1, 2008 for the Nuveen Growth Allocation Fund and the Nuveen Moderate Allocation Fund, the Funds made slight changes to their investment objectives, made significant changes to their investment strategies including the adoption of their current fund-of-funds structure, and changed their sub-advisers. Therefore, the Funds’ performances shown for periods prior to July 7, 2008 and August 1, 2008, respectively, are not indicative of the performance that the Funds, as currently managed, would have generated.

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. Each Fund’s return reflects a contractual agreement between the Fund and the investment adviser to waive certain fees and expenses; see p. 24 of this report for more information. In addition, each Fund’s return also may reflect a voluntary expense limitation by the Fund’s 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.

6 Nuveen Investments

Fund Spotlight as of 12/31/09Nuveen Growth Allocation Fund

Quick Facts
	A Shares	B Shares	C Shares	R3 Shares	I Shares
Fund Symbols	NGOAX	NGVBX	NGVCX	NGATX	NGVRX
NAV	$20.65	$20.39	$20.41	$20.75	$20.67
Latest Ordinary Income Distribution1	$0.4521	$0.3131	$0.3134	$0.4090	$0.4976
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. 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 on 8/04/08; 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 may reflect an expense limitation by the Fund’s investment adviser.

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 12/31/09
A Shares	NAV	Offer
1-Year	31.06%	23.54%
5-Year	3.99%	2.76%
Since Inception	4.68%	3.47%
B Shares	w/o CDSC	w/CDSC
1-Year	30.12%	26.12%
5-Year	3.21%	3.03%
Since Inception	3.91%	3.74%
C Shares	NAV
1-Year	30.16%
5-Year	3.22%
Since Inception	3.93%
R3 Shares	NAV
1-Year	30.76%
5-Year	3.72%
Since Inception	4.43%
I Shares	NAV
1-Year	31.46%
5-Year	4.26%
Since Inception	4.96%

Portfolio Allocation²

Portfolio Statistics
Net Assets ($000)	$10,408
Number of Holdings	16

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	3.05%	1.29%	10/31/09
Class B	3.89%	2.04%	10/31/09
Class C	3.83%	2.04%	10/31/09
Class R3	3.66%	1.54%	10/31/09
Class I	2.90%	1.04%	10/31/09

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. These expense ratios will vary from the expense ratios included in the Financial Highlights of this report, as they reflect expenses incurred over different time periods and exclude the expenses of the Underlying Funds.

1 Paid December 31, 2009.

2 As a percentage of total investments as of December 31, 2009. Holdings are subject to change.

Nuveen Investments 7

Fund Spotlight as of 12/31/09Nuveen Growth Allocation Fund

Holding	% of Portfolio1
Nuveen NWQ Large-Cap Value Fund (Class I)	3.9%
Nuveen Santa Barbara Growth Fund (Class I)	1.4%
Nuveen Symphony Large-Cap Growth Fund (Class I)	5.4%
Nuveen Tradewinds Global Resources Fund (Class I)	6.0%
Nuveen Tradewinds International Value Fund (Class I)	11.3%
Nuveen Tradewinds Value Opportunities Fund (Class I)	3.2%
Nuveen U.S. Equity Completeness Fund	7.0%
Nuveen Winslow Large-Cap Growth Fund (Class I)	2.4%
Total Affiliated Equity Funds	40.6%
iShares Dow Jones U.S. Real Estate Index Fund	3.1%
iShares MSCI EAFE Growth Index Fund	11.5%
iShares MSCI Emerging Markets Index Fund	15.2%
Total Non-Affiliated Equity Funds	29.8%
Total Equity Funds	70.4%
Nuveen High Yield Bond Fund (Class I)	14.2%
Nuveen Multi-Strategy Income Fund (Class I)	5.9%
Nuveen Short Duration Bond Fund (Class I)	1.5%
Total Affiliated Fixed Income Funds	21.6%
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	6.0%
Total Non-Affiliated Fixed Income Funds	6.0%
Total Fixed Income Funds	27.6%
Total Short-Term Investments	2.0%
Total Investments	100.0%

Affiliated Equity Funds	1-Year Average Annual Total Returns as of 12/31/09
Nuveen NWQ Large-Cap Value Fund (Class I)	27.96%
Nuveen Santa Barbara Growth Fund (Class I)	20.27%
Nuveen Symphony Large-Cap Growth Fund (Class I)	39.94%
Nuveen Tradewinds Global Resources Fund (Class I)	64.08%
Nuveen Tradewinds International Value Fund (Class I)	20.15%
Nuveen Tradewinds Value Opportunities Fund (Class I)	51.14%
Nuveen U.S. Equity Completeness Fund	22.55%
Nuveen Winslow Large-Cap Growth Fund (Class I)	31.30%	*
Non-Affiliated Equity Funds
iShares Dow Jones U.S. Real Estate Index Fund	30.81%
iShares MSCI EAFE Growth Index Fund	29.36%
iShares MSCI Emerging Markets Index Fund	78.51%
Affiliated Fixed Income Funds
Nuveen High Yield Bond Fund (Class I)	41.43%
Nuveen Multi-Strategy Income Fund (Class I)	12.57%
Nuveen Short Duration Bond Fund (Class I)	8.72%
Non-Affiliated Fixed Income Funds
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	11.41%

1 As a percentage of total investments as of December 31, 2009. Holdings are subject to change.

* Since inception cumulative return for the period May 15, 2009 (commencement of operations) through December 31, 2009.

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		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (7/01/09)	$	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 (12/31/09)	$	1,192.80	$	1,188.40	$	1,188.20	$	1,191.30	$	1,194.50	$	1,021.93	$	1,018.15	$	1,018.15	$	1,020.67	$	1,023.19
Expenses Incurred During Period	$	3.59	$	7.72	$	7.72	$	4.97	$	2.21	$	3.31	$	7.12	$	7.12	$	4.58	$	2.04

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.65%, 1.40%, 1.40%, 0.90% and 0.40% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

8 Nuveen Investments

Fund Spotlight as of 12/31/09Nuveen Moderate Allocation Fund

Quick Facts
	A Shares	B Shares	C Shares	R3 Shares	I Shares
Fund Symbols	NNSAX	NNSBX	NUVCX	NMATX	NNSRX
NAV	$21.63	$21.70	$21.73	$21.66	$21.60
Latest Ordinary Income Distribution1	$0.5761	$0.4336	$0.4342	$0.5288	$0.6235
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. 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 on 8/04/08; 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 may reflect an expense limitation by the Fund’s investment adviser.

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 12/31/09
A Shares	NAV	Offer
1-Year	29.54%	22.07%
5-Year	4.22%	2.99%
10-Year	3.99%	3.38%
B Shares	w/o CDSC	w/CDSC
1-Year	28.53%	24.53%
5-Year	3.43%	3.29%
10-Year	3.37%	3.37%
C Shares	NAV
1-Year	28.55%
5-Year	3.44%
10-Year	3.22%
R3 Shares	NAV
1-Year	29.22%
5-Year	3.95%
10-Year	3.73%
I Shares	NAV
1-Year	29.87%
5-Year	4.48%
10-Year	4.25%

Portfolio Allocation²

Portfolio Statistics
Net Assets ($000)	$45,352
Number of Holdings	16

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.82%	1.14%	10/31/09
Class B	2.55%	1.89%	10/31/09
Class C	2.56%	1.89%	10/31/09
Class R3	2.17%	1.39%	10/31/09
Class I	1.56%	0.89%	10/31/09

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. These expense ratios will vary from the expense ratios included in the Financial Highlights of this report, as they reflect expenses incurred over different time periods and exclude the expenses of the Underlying Funds.

1 Paid December 31, 2009.

2 As a percentage of total investments as of December 31, 2009. Holdings are subject to change.

Nuveen Investments 9

Fund Spotlight as of 12/31/09Nuveen Moderate Allocation Fund

Holding	% of Portfolio1
Nuveen NWQ Large-Cap Value Fund (Class I)	3.5%
Nuveen Santa Barbara Growth Fund (Class I)	1.2%
Nuveen Symphony Large-Cap Growth Fund (Class I)	4.8%
Nuveen Tradewinds Global Resources Fund (Class I)	5.0%
Nuveen Tradewinds International Value Fund (Class I)	9.0%
Nuveen Tradewinds Value Opportunities Fund (Class I)	2.9%
Nuveen U.S. Equity Completeness Fund	6.1%
Nuveen Winslow Large-Cap Growth Fund (Class I)	2.1%
Total Affiliated Equity Funds	34.6%
iShares Dow Jones U.S. Real Estate Index Fund	3.2%
iShares MSCI EAFE Growth Index Fund	9.0%
iShares MSCI Emerging Markets Index Fund	11.3%
Total Non-Affiliated Equity Funds	23.5%
Total Equity Funds	58.1%
Nuveen High Yield Bond Fund (Class I)	14.9%
Nuveen Multi-Strategy Income Fund (Class I)	9.9%
Nuveen Short Duration Bond Fund (Class I)	5.4%
Total Affiliated Fixed Income Funds	30.2%
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	8.9%
Total Non-Affiliated Fixed Income Funds	8.9%
Total Fixed Income Funds	39.1%
Total Short-Term Investments	2.8%
Total Investments	100.0%

Affiliated Equity Funds	1-Year Average Annual Total Returns as of 12/31/09
Nuveen NWQ Large-Cap Value Fund (Class I)	27.96%
Nuveen Santa Barbara Growth Fund (Class I)	20.27%
Nuveen Symphony Large-Cap Growth Fund (Class I)	39.94%
Nuveen Tradewinds Global Resources Fund (Class I)	64.08%
Nuveen Tradewinds International Value Fund (Class I)	20.15%
Nuveen Tradewinds Value Opportunities Fund (Class I)	51.14%
Nuveen U.S. Equity Completeness Fund	22.55%
Nuveen Winslow Large-Cap Growth Fund (Class I)	31.30%	*
Non-Affiliated Equity Funds
iShares Dow Jones U.S. Real Estate Index Fund	30.81%
iShares MSCI EAFE Growth Index Fund	29.36%
iShares MSCI Emerging Markets Index Fund	78.51%
Affiliated Fixed Income Funds
Nuveen High Yield Bond Fund (Class I)	41.43%
Nuveen Multi-Strategy Income Fund (Class I)	12.57%
Nuveen Short Duration Bond Fund (Class I)	8.72%
Non-Affiliated Fixed Income Funds
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	11.41%

1 As a percentage of total investments as of December 31, 2009. Holdings are subject to change.

* Since inception cumulative return for the period May 15, 2009 (commencement of operations) through December 31, 2009.

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		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (7/01/09)	$	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 (12/31/09)	$	1,174.80	$	1,170.40	$	1,170.10	$	1,173.30	$	1,176.30	$	1,022.48	$	1,018.70	$	1,018.70	$	1,021.22	$	1,023.74
Expenses Incurred During Period	$	2.96	$	7.06	$	7.06	$	4.33	$	1.59	$	2.75	$	6.56	$	6.56	$	4.02	$	1.48

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.54%, 1.29%, 1.29%, 0.79% and 0.29% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

10 Nuveen Investments

Fund Spotlight as of 12/31/09Nuveen Conservative Allocation Fund

Quick Facts
	A Shares	B Shares	C Shares	R3 Shares	I Shares
Fund Symbols	NBMSX	NMNBX	NBMCX	NALTX	NMNRX
NAV	$22.17	$23.86	$23.83	$21.61	$21.54
Latest Ordinary Income Distribution1	$0.7932	$0.6874	$0.6865	$0.7229	$0.8211
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. 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 on 8/04/08; 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 may reflect an expense limitation by the Fund’s investment adviser.

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 12/31/09
A Shares	NAV	Offer
1-Year	22.33%	15.26%
5-Year	3.57%	2.35%
10-Year	2.96%	2.35%
B Shares	w/o CDSC	w/CDSC
1-Year	21.45%	17.45%
5-Year	2.80%	2.62%
10-Year	2.35%	2.35%
C Shares	NAV
1-Year	21.42%
5-Year	2.80%
10-Year	2.19%
R3 Shares	NAV
1-Year	22.02%
5-Year	3.32%
10-Year	2.71%
I Shares	NAV
1-Year	22.65%
5-Year	3.83%
10-Year	3.22%

Portfolio Allocation²

Portfolio Statistics
Net Assets ($000)	$47,223
Number of Holdings	16

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.62%	1.21%	10/31/09
Class B	2.35%	1.96%	10/31/09
Class C	2.39%	1.96%	10/31/09
Class R3	1.94%	1.46%	10/31/09
Class I	1.33%	0.96%	10/31/09

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. These expense ratios will vary from the expense ratios included in the Financial Highlights of this report, as they reflect expenses incurred over different time periods and exclude the expenses of the Underlying Funds.

1 Paid December 31, 2009.

2 As a percentage of total investments as of December 31, 2009. Holdings are subject to change.

Nuveen Investments 11

Fund Spotlight as of 12/31/09Nuveen Conservative Allocation Fund

Holding	% of Portfolio1
Nuveen NWQ Large-Cap Value Fund (Class I)	2.4%
Nuveen Santa Barbara Growth Fund (Class I)	0.9%
Nuveen Symphony Large-Cap Growth Fund (Class I)	3.3%
Nuveen Tradewinds Global Resources Fund (Class I)	5.0%
Nuveen Tradewinds International Value Fund (Class I)	5.0%
Nuveen Tradewinds Value Opportunities Fund (Class I)	2.0%
Nuveen U.S. Equity Completeness Fund	4.3%
Nuveen Winslow Large-Cap Growth Fund (Class I)	1.4%
Total Affiliated Equity Funds	24.3%
iShares Dow Jones U.S. Real Estate Index Fund	3.1%
iShares MSCI EAFE Growth Index Fund	5.0%
iShares MSCI Emerging Markets Index Fund	6.1%
Total Non-Affiliated Equity Funds	14.2%
Total Equity Funds	38.5%
Nuveen High Yield Bond Fund (Class I)	10.2%
Nuveen Multi-Strategy Income Fund (Class I)	20.0%
Nuveen Short Duration Bond Fund (Class I)	19.6%
Total Affiliated Fixed Income Funds	49.8%
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	10.1%
Total Non-Affiliated Fixed Income Funds	10.1%
Total Fixed Income Funds	59.9%
Total Short-Term Investments	1.6%
Total Investments	100.0%

Affiliated Equity Funds	1-Year Average Annual Total Returns as of 12/31/09
Nuveen NWQ Large-Cap Value Fund (Class I)	27.96%
Nuveen Santa Barbara Growth Fund (Class I)	20.27%
Nuveen Symphony Large-Cap Growth Fund (Class I)	39.94%
Nuveen Tradewinds Global Resources Fund (Class I)	64.08%
Nuveen Tradewinds International Value Fund (Class I)	20.15%
Nuveen Tradewinds Value Opportunities Fund (Class I)	51.14%
Nuveen U.S. Equity Completeness Fund	22.55%
Nuveen Winslow Large-Cap Growth Fund (Class I)	31.30%	*
Non-Affiliated Equity Funds
iShares Dow Jones U.S. Real Estate Index Fund	30.81%
iShares MSCI EAFE Growth Index Fund	29.36%
iShares MSCI Emerging Markets Index Fund	78.51%
Affiliated Fixed Income Funds
Nuveen High Yield Bond Fund (Class I)	41.43%
Nuveen Multi-Strategy Income Fund (Class I)	12.57%
Nuveen Short Duration Bond Fund (Class I)	8.72%
Non-Affiliated Fixed Income Funds
iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund	11.41%

1 As a percentage of total investments as of December 31, 2009. Holdings are subject to change.

* Since inception cumulative return for the period May 15, 2009 (commencement of operations) through December 31, 2009.

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		R3 Shares		I Shares		A Shares		B Shares		C Shares		R3 Shares		I Shares
Beginning Account Value (7/01/09)	$	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 (12/31/09)	$	1,134.40	$	1,130.10	$	1,130.20	$	1,133.00	$	1,135.50	$	1,022.08	$	1,018.30	$	1,018.30	$	1,020.82	$	1,023.34
Expenses Incurred During Period	$	3.34	$	7.36	$	7.36	$	4.68	$	1.99	$	3.16	$	6.97	$	6.97	$	4.43	$	1.89

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.62%, 1.37%, 1.37%, 0.87% and 0.37% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

12 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Growth Allocation Fund

December 31, 2009

Shares		Description (1)			Value
		EQUITY FUNDS – 70.9%
		Affiliated Equity Funds – 40.9%
	26,470	Nuveen NWQ Large-Cap Value Fund (Class I)			$	411,602
	8,430	Nuveen Santa Barbara Growth Fund (Class I)				146,422
	29,725	Nuveen Symphony Large-Cap Growth Fund (Class I)				569,238
	30,193	Nuveen Tradewinds Global Resources Fund (Class I)				628,012
	51,055	Nuveen Tradewinds International Value Fund (Class I)				1,189,576
	11,405	Nuveen Tradewinds Value Opportunities Fund (Class I)				339,406
	43,371	Nuveen U.S. Equity Completeness Fund				729,062
	9,436	Nuveen Winslow Large-Cap Growth Fund (Class I)				246,183
		Total Affiliated Equity Funds (cost $4,582,911)				4,259,501
		Non-Affiliated Equity Funds – 30.0%
	7,115	iShares Dow Jones U.S. Real Estate Index Fund				326,721
	21,945	iShares MSCI EAFE Growth Index Fund				1,209,608
	38,270	iShares MSCI Emerging Markets Index Fund				1,588,205
		Total Non-Affiliated Equity Funds (cost $2,815,862)				3,124,534
		Total Equity Funds (cost $7,398,773)				7,384,035
		FIXED INCOME FUNDS – 27.9%
		Affiliated Fixed Income Funds – 21.8%
	88,563	Nuveen High Yield Bond Fund (Class I)				1,483,432
	30,596	Nuveen Multi-Strategy Income Fund (Class I) (2)				623,236
	7,977	Nuveen Short Duration Bond Fund (Class I)				157,301
		Total Affiliated Fixed Income Funds (cost $2,030,130)				2,263,969
		Non-Affiliated Fixed Income Funds – 6.1%
	6,050	iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund				628,595
		Total Non-Affiliated Fixed Income Funds (cost $627,617)				628,595
		Total Fixed Income Funds (cost $2,657,747)				2,892,564
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 2.0%
$	210	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/09, repurchase price $209,687, collateralized by $215,000 U.S. Treasury Notes, 2.625%, due 12/31/14, value $214,731	0.000%	1/04/10	$	209,687
		Total Short-Term Investments (cost $209,687)				209,687
		Total Investments (cost $10,266,207) – 100.8%				10,486,286
		Other Assets Less Liabilities – (0.8)%				(78,455)
		Net Assets – 100%			$	10,407,831

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

(2) Subsequent to the reporting period, the fund was renamed Nuveen Multi-Strategy Core Bond Fund.

See accompanying notes to financial statements.

Nuveen Investments 13

Portfolio of Investments (Unaudited)

Nuveen Moderate Allocation Fund

December 31, 2009

Shares		Description (1)			Value
		EQUITY FUNDS – 57.9%
		Affiliated Equity Funds – 34.5%
	101,470	Nuveen NWQ Large-Cap Value Fund (Class I)			$	1,577,859
	32,275	Nuveen Santa Barbara Growth Fund (Class I)				560,619
	113,508	Nuveen Symphony Large-Cap Growth Fund (Class I)				2,173,673
	108,827	Nuveen Tradewinds Global Resources Fund (Class I)				2,263,597
	174,265	Nuveen Tradewinds International Value Fund (Class I)				4,060,377
	43,671	Nuveen Tradewinds Value Opportunities Fund (Class I)				1,299,657
	165,938	Nuveen U.S. Equity Completeness Fund				2,789,418
	36,164	Nuveen Winslow Large-Cap Growth Fund (Class I)				943,526
		Total Affiliated Equity Funds (cost $16,227,501)				15,668,726
		Non-Affiliated Equity Funds – 23.4%
	31,200	iShares Dow Jones U.S. Real Estate Index Fund				1,432,704
	73,995	iShares MSCI EAFE Growth Index Fund				4,078,604
	123,055	iShares MSCI Emerging Markets Index Fund				5,106,783
		Total Non-Affiliated Equity Funds (cost $8,549,836)				10,618,091
		Total Equity Funds (cost $24,777,337)				26,286,817
		FIXED INCOME FUNDS – 39.0%
		Affiliated Fixed Income Funds – 30.1%
	402,482	Nuveen High Yield Bond Fund (Class I)				6,741,569
	219,725	Nuveen Multi-Strategy Income Fund (Class I) (2)				4,475,793
	122,457	Nuveen Short Duration Bond Fund (Class I)				2,414,856
		Total Affiliated Fixed Income Funds (cost $12,387,108)				13,632,218
		Non-Affiliated Fixed Income Funds – 8.9%
	38,815	iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund				4,032,879
		Total Non-Affiliated Fixed Income Funds (cost $4,057,662)				4,032,879
		Total Fixed Income Funds (cost $16,444,770)				17,665,097
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 2.8%
$	1,256	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/09, repurchase price $1,255,848, collateralized by $1,285,000 U.S. Treasury Notes, 2.625%, due 12/31/14, value $1,283,394	0.000%	1/04/10	$	1,255,848
		Total Short-Term Investments (cost $1,255,848)				1,255,848
		Total Investments (cost $42,477,955) – 99.7%				45,207,762
		Other Assets Less Liabilities – 0.3%				144,042
		Net Assets – 100%			$	45,351,804

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

(2) Subsequent to the reporting period, the fund was renamed Nuveen Multi-Strategy Core Bond Fund.

See accompanying notes to financial statements.

14 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Conservative Allocation Fund

December 31, 2009

Shares		Description (1)			Value
		EQUITY FUNDS – 38.5%
		Affiliated Equity Funds – 24.2%
	73,557	Nuveen NWQ Large-Cap Value Fund (Class I)			$	1,143,814
	23,276	Nuveen Santa Barbara Growth Fund (Class I)				404,301
	81,801	Nuveen Symphony Large-Cap Growth Fund (Class I)				1,566,489
	113,927	Nuveen Tradewinds Global Resources Fund (Class I)				2,369,683
	100,542	Nuveen Tradewinds International Value Fund (Class I)				2,342,621
	31,469	Nuveen Tradewinds Value Opportunities Fund (Class I)				936,513
	119,678	Nuveen U.S. Equity Completeness Fund				2,011,781
	26,047	Nuveen Winslow Large-Cap Growth Fund (Class I)				679,566
		Total Affiliated Equity Funds (cost $11,449,613)				11,454,768
		Non-Affiliated Equity Funds – 14.3%
	32,365	iShares Dow Jones U.S. Real Estate Index Fund				1,486,201
	43,210	iShares MSCI EAFE Growth Index Fund				2,381,735
	69,260	iShares MSCI Emerging Markets Index Fund				2,874,290
		Total Non-Affiliated Equity Funds (cost $5,863,550)				6,742,226
		Total Equity Funds (cost $17,313,163)				18,196,994
		FIXED INCOME FUNDS – 59.8%
		Affiliated Fixed Income Funds – 49.7%
	286,697	Nuveen High Yield Bond Fund (Class I)				4,802,176
	462,862	Nuveen Multi-Strategy Income Fund (Class I) (2)				9,428,501
	469,237	Nuveen Short Duration Bond Fund (Class I)				9,253,348
		Total Affiliated Fixed Income Funds (cost $22,174,654)				23,484,025
		Non-Affiliated Fixed Income Funds – 10.1%
	45,730	iShares Barclays U.S. Treasury Inflation Protected Securities Index Fund				4,751,347
		Total Non-Affiliated Fixed Income Funds (cost $4,881,150)				4,751,347
		Total Fixed Income Funds (cost $27,055,804)				28,235,372
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 1.6%
$	757	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/09, repurchase price $756,708, collateralized by $775,000 U.S. Treasury Notes, 2.625%, due 12/31/14, value $774,031	0.000%	1/04/10	$	756,708
		Total Short-Term Investments (cost $756,708)				756,708
		Total Investments (cost $45,125,675) – 99.9%				47,189,074
		Other Assets Less Liabilities – 0.1%				34,190
		Net Assets – 100%			$	47,223,264

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

(2) Subsequent to the reporting period, the fund was renamed Nuveen Multi-Strategy Core Bond Fund.

See accompanying notes to financial statements.

Nuveen Investments 15

Statement of Assets and Liabilities (Unaudited)

December 31, 2009

	Growth Allocation			Moderate Allocation			Conservative Allocation
Assets
Affiliated investments, at value (cost $6,613,041, $28,614,609 and $33,624,267, respectively)	$	6,523,470		$	29,300,944		$	34,938,793
Non-affiliated investments, at value (cost $3,653,166, $13,863,346 and $11,501,408, respectively)		3,962,816			15,906,818			12,250,281
Receivables:
Dividends		1,912			10,750			11,755
From Adviser		6,575			6,762			4,389
Reclaims		978			6,058			5,489
Shares sold		24,941			274,980			149,965
Other assets		8			17,817			26,158
Total assets		10,520,700			45,524,129			47,386,830
Liabilities
Payable for shares redeemed		66,231			78,189			61,484
Accrued expenses:
12b-1 distribution and service fees		4,159			12,749			15,975
Other		42,479			81,387			86,107
Total liabilities		112,869			172,325			163,566
Net assets	$	10,407,831		$	45,351,804		$	47,223,264
Class A Shares
Net assets	$	1,925,769		$	25,778,925		$	37,222,639
Shares outstanding		93,245			1,191,948			1,679,015
Net asset value per share	$	20.65		$	21.63		$	22.17
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price)	$	21.91		$	22.95		$	23.52
Class B Shares
Net assets	$	441,799		$	2,824,956		$	1,466,799
Shares outstanding		21,667			130,182			61,481
Net asset value and offering price per share	$	20.39		$	21.70		$	23.86
Class C Shares
Net assets	$	3,875,990		$	5,732,121		$	7,851,360
Shares outstanding		189,905			263,805			329,492
Net asset value and offering price per share	$	20.41		$	21.73		$	23.83
Class R3 Shares
Net assets	$	137,382		$	146,346		$	146,268
Shares outstanding		6,619			6,757			6,769
Net asset value and offering price per share	$	20.75		$	21.66		$	21.61
Class I Shares
Net assets	$	4,026,891		$	10,869,456		$	536,198
Shares outstanding		194,855			503,180			24,889
Net asset value and offering price per share	$	20.67		$	21.60		$	21.54
Net Assets Consist of:
Capital paid-in	$	12,385,267		$	47,107,166		$	49,729,952
Undistributed (Over-distribution of) net investment income		111,681			151,131			764,714
Accumulated net realized gain (loss) from investments		(2,309,096	)		(4,636,300	)		(5,334,801	)
Net unrealized appreciation (depreciation) of investments		219,979			2,729,807			2,063,399
Net assets	$	10,407,831		$	45,351,804		$	47,223,264

See accompanying notes to financial statements.

16 Nuveen Investments

Statement of Operations(Unaudited)

Six Months Ended December 31, 2009

	Growth Allocation			Moderate Allocation			Conservative Allocation
Investment Income
Dividends from affiliated investments	$	112,875		$	555,099		$	757,734
Dividends from non-affiliated investments and interest		41,607			182,235			185,110
Total investment income		154,482			737,334			942,844
Expenses
Management fees		7,257			30,591			35,289
12b-1 service fees – Class A		2,475			30,761			46,669
12b-1 distribution and service fees – Class B		2,286			15,380			8,177
12b-1 distribution and service fees – Class C		18,830			25,960			37,093
12b-1 distribution and service fees – Class R3		332			357			365
Shareholders’ servicing agent fees and expenses		9,949			29,288			25,069
Custodian’s fees and expenses		1,819			4,632			9,072
Trustees’ fees and expenses		41			155			142
Professional fees		10,353			10,263			20,581
Shareholders’ reports – printing and mailing expenses		7,672			21,338			18,614
Federal and state registration fees		26,396			24,408			24,151
Other expenses		459			1,215			1,404
Total expenses before expense reimbursement		87,869			194,348			226,626
Expense reimbursement		(44,591	)		(62,748	)		(47,403	)
Net expenses		43,278			131,600			179,223
Net investment income		111,204			605,734			763,621
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Affiliated investments		(56,019	)		(159,516	)		(358,070	)
Non-affiliated investments		(49,989	)		(192,599	)		(266,776	)
Total net realized gain (loss)		(106,008	)		(352,115	)		(624,846	)
Change in net unrealized appreciation (depreciation) of:
Affiliated investments		915,475			3,533,861			3,545,468
Non-affiliated investments		714,227			2,468,647			2,102,550
Total change in net unrealized appreciation (depreciation)		1,629,702			6,002,508			5,648,018
Net realized and unrealized gain (loss)		1,523,694			5,650,393			5,023,172
Net increase (decrease) in net assets from operations	$	1,634,898		$	6,256,127		$	5,786,793

See accompanying notes to financial statements.

Nuveen Investments 17

Statement of Changes in Net Assets (Unaudited)

	Growth Allocation (1)
	Six Months Ended 12/31/09			Year Ended 6/30/09
Operations
Net investment income	$	111,204		$	264,049
Total net realized gain (loss)		(106,008	)		(2,207,748	)
Total change in net unrealized appreciation (depreciation)		1,629,702			(978,231	)
Net increase (decrease) in net assets from operations		1,634,898			(2,921,930	)
Distributions to Shareholders
From net investment income:
Class A		(41,424	)		(6,103	)
Class B		(6,798	)		—
Class C		(58,777	)		—
Class R3		(2,707	)		(9	)
Class I		(95,767	)		(20,152	)
From accumulated net realized gains:
Class A		—			(115,060	)
Class B		—			(26,345	)
Class C		—			(245,868	)
Class R3		—			(7,527	)
Class I		—			(199,754	)
Decrease in net assets from distributions to shareholders		(205,473	)		(620,818	)
Fund Share Transactions
Proceeds from sale of shares		1,361,868			1,315,813
Proceeds from shares issued to shareholders due to reinvestment of distributions		124,234			387,345
		1,486,102			1,703,158
Cost of shares redeemed		(1,145,882	)		(4,019,656	)
Net increase (decrease) in net assets from Fund share transactions		340,220			(2,316,498	)
Net increase (decrease) in net assets		1,769,645			(5,859,246	)
Net assets at the beginning of period		8,638,186			14,497,432
Net assets at the end of period	$	10,407,831		$	8,638,186
Undistributed (Over-distribution of) net investment income at the end of period	$	111,681		$	205,950

18 Nuveen Investments

	Moderate Allocation (2)						Conservative Allocation (3)
	Six Months Ended 12/31/09			Year Ended 6/30/09			Six Months Ended 12/31/09			Year Ended 6/30/09
Operations
Net investment income	$	605,734		$	1,355,811		$	763,621		$	2,015,879
Total net realized gain (loss)		(352,115	)		(3,791,560	)		(624,846	)		(4,503,189	)
Total change in net unrealized appreciation (depreciation)		6,002,508			(4,115,576	)		5,648,018			(2,986,071	)
Net increase (decrease) in net assets from operations		6,256,127			(6,551,325	)		5,786,793			(5,473,381	)
Distributions to Shareholders
From net investment income:
Class A		(672,528	)		(416,933	)		(1,297,304	)		(698,165	)
Class B		(55,690	)		(38,487	)		(41,526	)		(25,577	)
Class C		(112,259	)		(53,396	)		(221,070	)		(66,243	)
Class R3		(3,573	)		(2,011	)		(4,893	)		(1,799	)
Class I		(307,372	)		(164,574	)		(19,969	)		(11,104	)
From accumulated net realized gains:
Class A		—			(543,190	)		—			(897,527	)
Class B		—			(89,182	)		—			(57,601	)
Class C		—			(123,859	)		—			(152,912	)
Class R3		—			(3,117	)		—			(3,253	)
Class I		—			(187,599	)		—			(13,800	)
Decrease in net assets from distributions to shareholders		(1,151,422	)		(1,622,348	)		(1,584,762	)		(1,927,981	)
Fund Share Transactions
Proceeds from sale of shares		9,540,081			3,611,691			1,764,647			4,028,251
Proceeds from shares issued to shareholders due to reinvestment of distributions		821,754			1,247,934			1,184,288			1,411,246
		10,361,835			4,859,625			2,948,935			5,439,497
Cost of shares redeemed		(5,452,141	)		(13,423,543	)		(4,159,217	)		(19,625,123	)
Net increase (decrease) in net assets from Fund share transactions		4,909,694			(8,563,918	)		(1,210,282	)		(14,185,626	)
Net increase (decrease) in net assets		10,014,399			(16,737,591	)		2,991,749			(21,586,988	)
Net assets at the beginning of period		35,337,405			52,074,996			44,231,515			65,818,503
Net assets at the end of period	$	45,351,804		$	35,337,405		$	47,223,264		$	44,231,515
Undistributed (Over-distribution of) net investment income at the end of period	$	151,131		$	696,819		$	764,714		$	1,585,855

   (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.

Nuveen Investments 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 Nuveen Growth Allocation Fund (“Growth Allocation”), Nuveen Moderate Allocation Fund (“Moderate Allocation”) and Nuveen Conservative Allocation Fund (“Conservative Allocation”) (collectively, the “Funds”), among others. The Trust was organized as a Massachusetts business trust in 1996.

Each Fund is a “fund of funds” that primarily invests in shares of other registered investment companies, including open-end mutual funds and exchange-traded funds (collectively, the “Underlying Funds”). Each Fund’s assets are allocated among broad asset classes through investment in a combination of the 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 will have a strategic allocation between equity and fixed income investments that correlates with each Fund’s risk profile. 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. NIS will adjust portfolio allocations from time to time consistent with each Fund’s risk profile in its effort to produce performance consistent with its investment objective. Each Fund primarily invests in Underlying Funds within the Nuveen family of funds.

Growth Allocation’s investment objective is to provide attractive long-term total return. The Fund pursues this objective with a growth risk profile.

Moderate Allocation’s investment objective is to provide attractive long-term total return with a moderate risk profile.

Conservative Allocation’s investment objective is to provide attractive long-term total return with a conservative risk profile.

In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification^TM (the “Codification”) as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with generally accepted accounting principles (GAAP). The Codification supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The Codification did not change GAAP but rather organized it into a hierarchy where all guidance within the Codification carries an equal level of authority. The Codification became effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Codification did not have a material effect on the Funds’ financial statements.

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 the Underlying Funds within each Fund’s investment portfolio are valued at their respective net asset value as reported by the Underlying Funds. 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 and realized gain distributions from the Underlying Funds are recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income is recorded on an accrual basis.

Income Taxes

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

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

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.

20 Nuveen Investments

Flexible Sales Charge Program

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 each Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the 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 financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

2. Fair Value Measurements

In determining the 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, 2009:

Growth Allocation	Level 1		Level 2		Level 3		Total
Investments:
Equity Funds	$	6,654,973	$	729,062	$	—	$	7,384,035
Fixed Income Funds		2,892,564		—		—		2,892,564
Short-Term Investments		209,687		—		—		209,687
Total	$	9,757,224	$	729,062	$	—	$	10,486,286
Moderate Allocation	Level 1		Level 2		Level 3		Total
Investments:
Equity Funds	$	23,497,399	$	2,789,418	$	—	$	26,286,817
Fixed Income Funds		17,665,097		—		—		17,665,097
Short-Term Investments		1,255,848		—		—		1,255,848
Total	$	42,418,344	$	2,789,418	$	—	$	45,207,762

Nuveen Investments 21

Notes to Financial Statements (Unaudited)(continued)

Conservative Allocation	Level 1		Level 2		Level 3		Total
Investments:
Equity Funds	$	16,185,213	$	2,011,781	$	—	$	18,196,994
Fixed Income Funds		28,235,372		—		—		28,235,372
Short-Term Investments		756,708		—		—		756,708
Total	$	45,177,293	$	2,011,781	$	—	$	47,189,074

3. Fund Shares

Transactions in Fund shares were as follows:

	Growth Allocation
	Six Months Ended 12/31/09					Year Ended 6/30/09
	Shares		Amount			Shares		Amount
Shares sold:
Class A	9,661		$	197,583		22,684		$	381,631
Class A – automatic conversion of Class B Shares	961			18,711		2,327			52,210
Class B	27			543		1,035			18,994
Class C	8,718			171,524		23,026			376,709
Class R3	—			—		6,619			149,998
Class I	47,121			973,507		18,761			336,271
Shares issued to shareholders due to reinvestment of distributions:
Class A	1,616			33,497		6,667			100,070
Class B	286			5,851		1,542			22,743
Class C	1,954			40,044		11,463			169,194
Class R3	—			—		—			—
Class I	2,161			44,842		6,314			95,338
	72,505			1,486,102		100,438			1,703,158
Shares redeemed:
Class A	(27,639	)		(551,830	)	(68,059	)		(1,241,023	)
Class B	(2,606	)		(52,488	)	(2,995	)		(54,166	)
Class B – automatic conversion to Class A Shares	(977	)		(18,711	)	(2,353	)		(52,210	)
Class C	(13,695	)		(271,453	)	(99,980	)		(1,749,840	)
Class R3	—			—		—			—
Class I	(12,444	)		(251,400	)	(53,072	)		(922,417	)
	(57,361	)		(1,145,882	)	(226,459	)		(4,019,656	)
Net increase (decrease)	15,144		$	340,220		(126,021	)	$	(2,316,498	)
	Moderate Allocation
	Six Months Ended 12/31/09					Year Ended 6/30/09
	Shares		Amount			Shares		Amount
Shares sold:
Class A	216,621		$	4,562,037		102,436		$	1,834,279
Class A – automatic conversion of Class B Shares	16,092			336,923		29,602			582,726
Class B	2,447			51,997		13,050			243,195
Class C	36,280			785,276		19,715			372,822
Class R3	—			—		6,757			150,000
Class I	173,936			3,803,848		23,941			428,669
Shares issued to shareholders due to reinvestment of distributions:
Class A	24,845			539,393		44,517			738,267
Class B	1,900			41,374		5,358			88,276
Class C	2,155			47,003		4,762			78,400
Class R3	—			—		—			—
Class I	8,948			193,984		20,652			342,991
	483,224			10,361,835		270,790			4,859,625
Shares redeemed:
Class A	(183,897	)		(3,926,674	)	(383,365	)		(6,991,944	)
Class B	(19,540	)		(414,487	)	(75,050	)		(1,375,894	)
Class B – automatic conversion to Class A Shares	(16,107	)		(336,923	)	(29,582	)		(582,726	)
Class C	(22,015	)		(458,999	)	(101,891	)		(1,868,363	)
Class R3	—			—		—			—
Class I	(14,966	)		(315,058	)	(141,726	)		(2,604,616	)
	(256,525	)		(5,452,141	)	(731,614	)		(13,423,543	)
Net increase (decrease)	226,699		$	4,909,694		(460,824	)	$	(8,563,918	)

22 Nuveen Investments

	Conservative Allocation
	Six Months Ended 12/31/09					Year Ended 6/30/09
	Shares		Amount			Shares		Amount
Shares sold:
Class A	32,144		$	700,977		79,504		$	1,516,830
Class A – automatic conversion of Class B Shares	9,516			206,986		42,217			823,945
Class B	3,143			74,478		14,022			303,204
Class C	29,943			703,836		59,012			1,193,915
Class R3	—			—		6,769			149,999
Class I	3,724			78,370		2,168			40,358
Shares issued to shareholders due to reinvestment of distributions:
Class A	43,904			976,421		65,040			1,198,430
Class B	1,297			31,032		2,454			48,167
Class C	6,737			161,004		7,544			147,431
Class R3	—			—		—			—
Class I	733			15,831		960			17,218
	131,141			2,948,935		279,690			5,439,497
Shares redeemed:
Class A	(147,891	)		(3,236,364	)	(756,055	)		(15,105,375	)
Class B	(13,737	)		(322,037	)	(39,958	)		(853,943	)
Class B – automatic conversion to Class A Shares	(8,885	)		(206,986	)	(39,336	)		(823,945	)
Class C	(13,716	)		(320,003	)	(95,838	)		(1,982,801	)
Class R3	—			—		—			—
Class I	(3,515	)		(73,827	)	(40,361	)		(859,059	)
	(187,744	)		(4,159,217	)	(971,548	)		(19,625,123	)
Net increase (decrease)	(56,603	)	$	(1,210,282	)	(691,858	)	$	(14,185,626	)

4. Investment Transactions

Purchases and sales (excluding short-term investments) during the six months ended December 31, 2009, were as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
Purchases:
Affiliated investments	$	658,000	$	3,700,000	$	1,541,000
Non-affiliated investments		414,111		2,019,063		574,695
Sales and maturities:
Affiliated investments		292,000		790,000		2,482,000
Non-affiliated investments		316,096		785,474		1,388,299

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, 2009, the cost of investments was as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
Cost of investments	$	10,379,766	$	43,452,239	$	45,273,255

Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2009, were as follows:

	Growth Allocation			Moderate Allocation			Conservative Allocation
Gross unrealized:
Appreciation	$	894,535		$	4,066,538		$	3,555,968
Depreciation		(788,015	)		(2,311,015	)		(1,640,149	)
Net unrealized appreciation (depreciation) of investments	$	106,520		$	1,755,523		$	1,915,819

Nuveen Investments 23

Notes to Financial Statements (Unaudited)(continued)

The tax components of undistributed net ordinary income and net long-term capital gains at June 30, 2009, the Funds’ last tax year end, were as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
Undistributed net ordinary income*	$	205,950	$	696,816	$	1,585,858
Undistributed net long-term capital gains		—		—		—

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

The tax character of distributions paid during the Funds’ last tax year ended June 30, 2009, was designated for purposes of the dividends paid deduction as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
Distributions from net tax-exempt income	$	—	$	—	$	218,845
Distributions from net ordinary income*		194,562		990,267		700,213
Distributions from net long-term capital gains		426,256		946,947		1,126,739

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

At June 30, 2009, the Funds’ last tax year end, the Funds’ had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
Expiration:
June 30, 2017	$	993,554	$	165,573	$	1,329,027

The Funds have elected to defer net realized losses from investments incurred from November 1, 2008 through June 30, 2009, 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:

	Growth Allocation		Moderate Allocation		Conservative Allocation
Post-October capital losses	$	1,095,975	$	3,144,326	$	3,233,346

6. Management Fees and Other Transactions with Affiliates

The management fee for each Fund, payable monthly, is .15% of the average daily net assets of each Fund.

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 NIS under which NIS manages the investment portfolios of the Funds. NIS 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 the 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, Underlying Fund fees and expenses and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:

	Current Expense Cap		Current Expense Cap Expiration Date	Permanent Expense Cap
Growth Allocation	.40	%	October 31, 2011	.84	%
Moderate Allocation	.29		October 31, 2011	N/A
Conservative Allocation	.37		October 31, 2011	N/A

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.

24 Nuveen Investments

During the six months ended December 31, 2009, 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	$	354	$	22,535	$	16,326
Paid to financial intermediaries		307		20,389		14,349

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, 2009, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
Commission advances	$	527	$	10,844	$	3,502

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, 2009, the Distributor retained such 12b-1 fees as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
12b-1 fees retained	$	2,513	$	13,475	$	10,361

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, 2009, as follows:

	Growth Allocation		Moderate Allocation		Conservative Allocation
CDSC retained	$	1,207	$	1,323	$	2,133

7. New Accounting Pronouncements

On January 21, 2010, FASB issued changes to the authoritative guidance under GAAP for fair value measurements. The objective of which is to provide guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for both Level 2 and Level 3 positions, ii) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e., transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements in the Level 3 rollforward must be shown on a gross basis rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009, however, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. At this time the Funds are evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

Nuveen Investments 25

Financial Highlights (Unaudited)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations									Less Distributions
GROWTH ALLOCATION
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)
Class A (12/04)
2010(h)	$	17.69	$	.24		$	3.17		$	3.41		$	(.45	)	$	—		$	(.45	)	$	20.65	19.28	%
2009		23.58		.49			(5.18	)		(4.69	)		(.06	)		(1.14	)		(1.20	)		17.69	(19.00	)
2008		27.79		.08			(2.73	)		(2.65	)		(.22	)		(1.34	)		(1.56	)		23.58	(9.84	)
2007		23.95		.17			4.48			4.65			(.18	)		(.63	)		(.81	)		27.79	19.67
2006		20.71		.27			3.20			3.47			(.06	)		(.17	)		(.23	)		23.95	16.81
2005(e)		20.00		.10			.61			.71			—			—			—			20.71	3.55
Class B (12/04)
2010(h)		17.42		.16			3.12			3.28			(.31	)		—			(.31	)		20.39	18.84
2009		23.34		.41			(5.19	)		(4.78	)		—			(1.14	)		(1.14	)		17.42	(19.61	)
2008		27.51		(.11	)		(2.70	)		(2.81	)		(.02	)		(1.34	)		(1.36	)		23.34	(10.49	)
2007		23.74		(.02	)		4.42			4.40			—			(.63	)		(.63	)		27.51	18.73
2006		20.63		.07			3.21			3.28			—			(.17	)		(.17	)		23.74	15.94
2005(e)		20.00		.01			.62			.63			—			—			—			20.63	3.15
Class C (12/04)
2010(h)		17.44		.17			3.11			3.28			(.31	)		—			(.31	)		20.41	18.82
2009		23.35		.41			(5.18	)		(4.77	)		—			(1.14	)		(1.14	)		17.44	(19.56	)
2008		27.53		(.11	)		(2.71	)		(2.82	)		(.02	)		(1.34	)		(1.36	)		23.35	(10.52	)
2007		23.75		(.02	)		4.43			4.41			—			(.63	)		(.63	)		27.53	18.76
2006		20.63		.07			3.22			3.29			—			(.17	)		(.17	)		23.75	15.99
2005(e)		20.00		.01			.62			.63			—			—			—			20.63	3.15
Class R3 (8/08)
2010(h)		17.76		.23			3.17			3.40			(.41	)		—			(.41	)		20.75	19.13
2009(g)		22.66		.53			(4.29	)		(3.76	)		—	**		(1.14	)		(1.14	)		17.76	(15.68	)
Class I (12/04)(f)
2010(h)		17.72		.30			3.15			3.45			(.50	)		—			(.50	)		20.67	19.45
2009		23.63		.61			(5.27	)		(4.66	)		(.11	)		(1.14	)		(1.25	)		17.72	(18.77	)
2008		27.85		.16			(2.75	)		(2.59	)		(.29	)		(1.34	)		(1.63	)		23.63	(9.62	)
2007		24.00		.24			4.48			4.72			(.24	)		(.63	)		(.87	)		27.85	19.95
2006		20.74		.22			3.32			3.54			(.11	)		(.17	)		(.28	)		24.00	17.15
2005(e)		20.00		.13			.61			.74			—			—			—			20.74	3.70

26 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Reimbursement				Ratios to Average Net Assets After Reimbursement(c)
Ending Net Assets (000)		Expenses(d)		Net Invest- ment Income (Loss)		Expenses(d)		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
$	1,926	1.57	%*	1.47	%*	.65	%*	2.40	*	7	%
	1,922	2.52		1.01		.79	%	2.74	%	173
	3,420	2.04		(.07	)	1.69		.28		34
	6,888	1.82		.52		1.68		.66		31
	4,128	2.32		.43		1.69		1.06		21
	3	2.87	*	(.41	)*	1.72	*	.74	*	6
	442	2.32	*	.74	*	1.40	*	1.66	*	7
	434	3.35		.52		1.52		2.34		173
	647	2.79		(.79	)	2.44		(.44	)	34
	752	2.54		(.19	)	2.44		(.09	)	31
	298	3.12		(.47	)	2.44		.21		21
	3	3.62	*	(1.16	)*	2.47	*	(.01	)*	6
	3,876	2.32	*	.81	*	1.40	*	1.73	*	7
	3,364	3.30		.53		1.53		2.30		173
	6,035	2.80		(.81	)	2.45		(.46	)	34
	8,771	2.53		(.17	)	2.44		(.07	)	31
	3,524	3.06		(.39	)	2.44		.22		21
	3	3.62	*	(1.16	)*	2.47	*	(.01	)*	6
	137	1.82	*	1.33	*	.90	*	2.25	*	7
	118	3.01	*	1.29	*	.90	*	3.39	*	173
	4,027	1.32	*	2.04	*	.40	*	2.97	*	7
	2,800	2.36		1.55		.52		3.39		173
	4,396	1.76		.25		1.41		.60		34
	4,868	1.58		.78		1.43		.93		31
	3,261	2.09		.22		1.44		.88		21
	2,066	2.59	*	(.13	)*	1.44	*	1.02	*	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 June 30, 2008, and prior reflect the performance of the Nuveen Global Value Fund. Total return for the year

ended

June 30, 2009, 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. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

(d) The expense ratios subsequent to the year ended June 30, 2008, do not reflect the expenses of the Underlying Funds in which the Fund invests.

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

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

(g) For the period August 4, 2008 (commencement of operations) through June 30, 2009.

(h) For the six months ended December 31, 2009.

See accompanying notes to financial statements.

Nuveen Investments 27

Financial Highlights (Unaudited)(continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
MODERATE ALLOCATION
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)
Class A (8/96)
2010(g)	$	18.90	$	.32	$	2.99		$	3.31		$	(.58	)	$	—		$	(.58	)	$	21.63	17.48	%
2009		22.35		.67		(3.32	)		(2.65	)		(.34	)		(.46	)		(.80	)		18.90	(11.28	)
2008		26.73		.54		(2.04	)		(1.50	)		(.56	)		(2.32	)		(2.88	)		22.35	(6.31	)
2007		25.40		.58		2.97			3.55			(.61	)		(1.61	)		(2.22	)		26.73	14.40
2006		25.95		.50		1.41			1.91			(.54	)		(1.92	)		(2.46	)		25.40	7.60	**
2005		24.56		.56		1.47			2.03			(.64	)		—			(.64	)		25.95	8.33
Class B (8/96)
2010(g)		18.91		.23		2.99			3.22			(.43	)		—			(.43	)		21.70	17.04
2009		22.35		.52		(3.30	)		(2.78	)		(.20	)		(.46	)		(.66	)		18.91	(11.98	)
2008		26.73		.35		(2.04	)		(1.69	)		(.37	)		(2.32	)		(2.69	)		22.35	(7.02	)
2007		25.40		.37		2.98			3.35			(.41	)		(1.61	)		(2.02	)		26.73	13.55
2006		25.95		.30		1.41			1.71			(.34	)		(1.92	)		(2.26	)		25.40	6.80	**
2005		24.56		.37		1.47			1.84			(.45	)		—			(.45	)		25.95	7.53
Class C (8/96)
2010(g)		18.94		.24		2.98			3.22			(.43	)		—			(.43	)		21.73	17.01
2009		22.37		.53		(3.30	)		(2.77	)		(.20	)		(.46	)		(.66	)		18.94	(11.93	)
2008		26.75		.35		(2.04	)		(1.69	)		(.37	)		(2.32	)		(2.69	)		22.37	(7.01	)
2007		25.42		.38		2.97			3.35			(.41	)		(1.61	)		(2.02	)		26.75	13.54
2006		25.97		.30		1.41			1.71			(.34	)		(1.92	)		(2.26	)		25.42	6.79	**
2005		24.58		.37		1.47			1.84			(.45	)		—			(.45	)		25.97	7.53
Class R3 (8/08)
2010(g)		18.91		.29		2.99			3.28			(.53	)		—			(.53	)		21.66	17.33
2009(f)		22.20		.59		(3.12	)		(2.53	)		(.30	)		(.46	)		(.76	)		18.91	(10.87	)
Class I (8/96)(e)
2010(g)		18.89		.39		2.94			3.33			(.62	)		—			(.62	)		21.60	17.63
2009		22.35		.71		(3.32	)		(2.61	)		(.39	)		(.46	)		(.85	)		18.89	(11.08	)
2008		26.73		.60		(2.04	)		(1.44	)		(.62	)		(2.32	)		(2.94	)		22.35	(6.07	)
2007		25.40		.64		2.98			3.62			(.68	)		(1.61	)		(2.29	)		26.73	14.68
2006		25.95		.56		1.41			1.97			(.60	)		(1.92	)		(2.52	)		25.40	7.87	**
2005		24.56		.62		1.47			2.09			(.70	)		—			(.70	)		25.95	8.60

28 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Reimbursement				Ratios to Average Net Assets After Reimbursement(c)
Ending Net Assets (000)		Expenses(d)		Net Invest- ment Income		Expenses(d)		Net Invest- ment Income		Portfolio Turnover Rate
$	25,779	.85	%*	2.70	%*	.54	%*	3.00	%*	4	%
	21,136	1.29		2.97		.62		3.64		171
	29,612	1.32		2.04		1.23		2.12		51
	33,519	1.26		2.17		1.24		2.19		61
	30,644	1.31		1.84		1.24		1.91		56
	31,248	1.30		2.16		1.25		2.21		62
	2,825	1.60	*	1.84	*	1.29	*	2.14	*	4
	3,054	2.02		2.18		1.38		2.81		171
	5,535	2.07		1.29		1.98		1.38		51
	6,376	2.02		1.40		1.99		1.42		61
	8,051	2.06		1.09		1.99		1.15		56
	11,564	2.05		1.41		2.00		1.46		62
	5,732	1.60	*	2.01	*	1.29	*	2.31	*	4
	4,685	2.03		2.19		1.37		2.85		171
	7,265	2.07		1.29		1.98		1.38		51
	7,694	2.01		1.42		1.99		1.44		61
	7,342	2.06		1.08		1.99		1.16		56
	7,947	2.05		1.41		2.00		1.46		62
	146	1.10	*	2.45	*	.79	*	2.75	*	4
	128	1.57	*	2.84	*	.79	*	3.62	*	171
	10,869	.60	*	3.32	*	.29	*	3.64	*	4
	6,334	1.02		3.19		.36		3.84		171
	9,662	1.07		2.29		.98		2.38		51
	10,690	1.01		2.42		.99		2.44		61
	9,213	1.06		2.08		.99		2.15		56
	10,753	1.05		2.41		1.00		2.46		62

* Annualized.

** During the 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 June 30, 2008, and prior reflect the performance of the Nuveen Balanced Stock and Bond Fund. Total return for

the year ended June 30, 2009, 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. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

(d) The expense ratios subsequent to the year ended June 30, 2008, do not reflect the expenses of the Underlying Funds in which the Fund invests.

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

(f) For the period August 4, 2008 (commencement of operations) through June 30, 2009.

(g) For the six months end December 31, 2009.

See accompanying notes to financial statements.

Nuveen Investments 29

Financial Highlights (Unaudited)(continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
CONSERVATIVE ALLOCATION
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)
Class A (8/96)
2010(g)	$	20.24	$	.37	$	2.35		$	2.72		$	(.79	)	$	—		$	(.79	)	$	22.17	13.44	%
2009		22.84		.85		(2.60	)		(1.75	)		(.37	)		(.48	)		(.85	)		20.24	(7.25	)
2008		25.76		.64		(2.17	)		(1.53	)		(.67	)		(.72	)		(1.39	)		22.84	(6.23	)
2007		23.86		.67		1.91			2.58			(.68	)		—			(.68	)		25.76	10.90
2006		23.01		.60		.89			1.49			(.64	)		—			(.64	)		23.86	6.52
2005		21.96		.62		1.10			1.72			(.67	)		—			(.67	)		23.01	7.91
Class B (8/96)
2010(g)		21.72		.30		2.53			2.83			(.69	)		—			(.69	)		23.86	13.01
2009		24.43		.77		(2.80	)		(2.03	)		(.20	)		(.48	)		(.68	)		21.72	(7.97	)
2008		27.36		.48		(2.30	)		(1.82	)		(.39	)		(.72	)		(1.11	)		24.43	(6.90	)
2007		25.32		.50		2.04			2.54			(.50	)		—			(.50	)		27.36	10.09
2006		24.26		.45		.94			1.39			(.33	)		—			(.33	)		25.32	5.73
2005		22.99		.47		1.15			1.62			(.35	)		—			(.35	)		24.26	7.08
Class C (8/96)
2010(g)		21.69		.32		2.51			2.83			(.69	)		—			(.69	)		23.83	13.02
2009		24.39		.77		(2.79	)		(2.02	)		(.20	)		(.48	)		(.68	)		21.69	(7.94	)
2008		27.32		.49		(2.31	)		(1.82	)		(.39	)		(.72	)		(1.11	)		24.39	(6.94	)
2007		25.29		.51		2.02			2.53			(.50	)		—			(.50	)		27.32	10.10
2006		24.24		.45		.93			1.38			(.33	)		—			(.33	)		25.29	5.70
2005		22.96		.48		1.15			1.63			(.35	)		—			(.35	)		24.24	7.13
Class R3 (8/08)
2010(g)		19.71		.34		2.28			2.62			(.72	)		—			(.72	)		21.61	13.30
2009(f)		22.16		.70		(2.40	)		(1.70	)		(.27	)		(.48	)		(.75	)		19.71	(7.27	)
Class I (8/96)(e)
2010(g)		19.69		.40		2.27			2.67			(.82	)		—			(.82	)		21.54	13.55
2009		22.24		.88		(2.53	)		(1.65	)		(.42	)		(.48	)		(.90	)		19.69	(6.98	)
2008		25.15		.69		(2.12	)		(1.43	)		(.76	)		(.72	)		(1.48	)		22.24	(5.99	)
2007		23.34		.72		1.86			2.58			(.77	)		—			(.77	)		25.15	11.17
2006		22.56		.65		.87			1.52			(.74	)		—			(.74	)		23.34	6.79
2005		21.57		.68		1.07			1.75			(.76	)		—			(.76	)		22.56	8.17

30 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Reimbursement				Ratios to Average Net Assets After Reimbursement(c)
Ending Net Assets (000)		Expenses(d)		Net Invest- ment Income		Expenses(d)		Net Invest- ment Income		Portfolio Turnover Rate
$	37,223	.82	%*	3.18	%*	.62	%*	3.38	%*	5	%
	35,247	1.04		3.88		.63		4.28		166
	52,785	1.28		2.53		1.23		2.58		37
	61,577	1.22		2.64		1.22		2.64		37
	58,064	1.26		2.51		1.24		2.53		44
	54,323	1.24		2.76		1.24		2.76		47
	1,467	1.57	*	2.36	*	1.37	*	2.56	*	5
	1,730	1.77		3.22		1.38		3.60		166
	3,480	2.03		1.76		1.98		1.81		37
	5,916	1.98		1.87		1.98		1.87		37
	10,700	2.00		1.75		1.99		1.76		44
	18,671	2.00		2.01		2.00		2.01		47
	7,851	1.57	*	2.48	*	1.37	*	2.68	*	5
	6,649	1.81		3.21		1.38		3.63		166
	8,192	2.03		1.78		1.98		1.83		37
	9,363	1.97		1.90		1.97		1.90		37
	7,992	2.01		1.76		1.99		1.77		44
	7,979	1.99		2.01		1.99		2.01		47
	146	1.07	*	2.96	*	.87	*	3.17	*	5
	133	1.35	*	3.59	*	.87	*	4.08	*	166
	536	.57	*	3.49	*	.37	*	3.69	*	5
	472	.76		4.09		.39		4.46		166
	1,361	1.03		2.78		.98		2.83		37
	1,525	.97		2.90		.97		2.90		37
	1,171	1.01		2.77		.99		2.79		44
	761	.99		3.06		.99		3.06		47

* 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 June 30, 2008, and prior reflect the performance of the Nuveen Balanced Municipal and Stock Fund. Total return

for the

year ended June 30, 2009, 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. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

(d) The expense ratios subsequent to the year ended June 30, 2008, do not reflect the expenses of the Underlying Funds in which the Fund invests.

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

(f) For the period August 4, 2008 (commencement of operations) through June 30, 2009.

(g) For the six months ended December 31, 2009.

See accompanying notes to financial statements.

Nuveen Investments 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 Nuveen Investments

Fund Information

Fund Manager

Nuveen Asset Management

333 West Wacker Drive

Chicago, IL 60606

Sub-Adviser

Nuveen Investment Solutions, Inc.

333 West Wacker Drive

Chicago, IL 60606

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, 2009, 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.

Nuveen Investments 33

Nuveen Investments:

Serving Investors For Generations

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

Focused on meeting investor needs.

Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $141 billion of assets on September 30, 2009.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest.

Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

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

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Nuveen Investments, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MSA-ALLO-1209P

Mutual Funds

Nuveen Equity Funds

Designed to provide capital appreciation and to enhance the risk/return profile of the domestic equity portion of the Nuveen Asset Allocation Funds.

Semi-Annual Report

December 31, 2009

Nuveen U.S. Equity Completeness Fund

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

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

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

Chairman’s

Letter to Shareholders

Dear Shareholder,

The financial markets in which your Fund operates continue to reflect the larger economic crosscurrents. The illiquidity that infected global credit markets over the last year continues to recede but there is concern about the impact of a reduction in official liquidity support programs. The major institutions that are the linchpin of the international financial system have strengthened their capital structures, but many still struggle with losses in their various portfolios. Global trends include increasing trade and concern about the ability of the U.S. government to address its substantial budgetary deficits.

While the fixed-income and equity markets have recovered from the lows recorded in late 2008 and early 2009, identifying those developments that will define the future is never easy, and rarely is it more difficult than at present. A fundamental component of a successful investment program is a commitment to remain focused on long-term investment goals even during periods of heightened market uncertainty. Another component is to re-evaluate investment disciplines and tactics and to confirm their validity following periods of extreme volatility and market dislocation, such as we have recently experienced. Your Board carried out an intensive review of investment performance with these objectives in mind during April and May of 2009 as part of the annual management contract renewal process. Confirming the appropriateness of a long term investment strategy is as important for our shareholders as it is for our professional investment managers. For that reason, I again encourage you to remain in communication with your financial consultant on this subject.

On behalf of 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 Nuveen Fund Board and Lead Independent Director

February 22, 2010

Nuveen Investments 1

Portfolio Managers’ Comments

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

The Nuveen U.S. Equity Completeness Fund features management by Nuveen HydePark Group, LLC, an affiliate of Nuveen Investments, Inc. The Fund is co-managed by David Tierney, Ph.D., 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 key investment strategies and performance of the Fund for the six-month period ended December 31, 2009.

How did the Fund perform during the six-months ended December 31, 2009?

The table on page four provides performance information for the Fund for the six-month, one-year and since inception periods ended December 31, 2009. The table also compares the Fund’s performance to a general market index. A more detailed discussion of the Fund’s relative performance is provided later in this report.

What is the Fund’s investment strategy?

The Nuveen U.S. Equity Completeness Fund is designed to serve as an investment for the Nuveen Asset Allocation Funds’ portfolios, helping them to offset or correct the style risk that may exist between those Funds’ U.S. equity benchmark and the benchmarks of the Funds’ underlying equity managers.

The proprietary, risk-controlled HydePark wealth creation model has been used to manage this 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 of the Fund’s holdings.

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 are traditional measures of revenues versus excess of expenses (specifically, earnings and cash flow), and two are 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 or how HydePark selects stocks for the Fund.

The model evaluates all the securities contained in the benchmark portfolio (Russell 3000 Index) for possible inclusion in the Fund’s portfolio. The process will not consider a stock for possible inclusion if it is not contained in the benchmark portfolio.

2 Nuveen Investments

This process produces what HydePark believes is a well-diversified, efficient portfolio that attempts to perform within a specific, narrow tracking range (the degree of difference) versus the stated benchmark. The Fund’s 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.

How did this strategy influence performance?

The Nuveen U.S. Equity Completeness Fund underperformed the Russell 3000 Index during the reporting period.

We believe 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 the Fund’s 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 relative to the benchmark. As a result, the Fund sometimes will overweight a sector because the 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: the return attributable to the Fund’s sector weightings and the return attributable to the performance of individual stocks within each sector.

On average, during the period, the Fund was overweighted in consumer discretionary, health care, telecommunications, and utility stocks and underweighted in industrials, consumer staples, and information technology stocks. The largest single sector overweight was in utilities where the Fund was, on average, 1.1% overweight versus the index. The largest single underweight was, on average, information technology stocks where the Fund was 1.0% 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 mildly negative for the Fund during this reporting period. Stock picks in financials were the biggest positive contributors, while stock picks in information technology were the biggest negative contributors.

Nuveen Investments 3

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.

Class I Shares – Average Annual Total Returns

As of 12/31/09

	Cumulative 6-Month	Average Annual
		1-Year	Since Inception (7/1/2008)
Nuveen U.S. Equity Completeness Fund
I Shares	20.64%	22.55%	-9.75%
Russell 3000 Index1	23.17%	28.34%	-6.47%

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 I 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. The Fund’s return reflects a contractual agreement between the Fund and the investment adviser to waive certain fees and expenses; see p. 50 of this report for more information. In addition, the Fund’s return also may reflect a voluntary expense limitation by the Fund’s 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 the Fund’s Spotlight Page later in this report for more complete performance data and expense ratios.

4 Nuveen Investments

Fund Spotlight as of 12/31/09Nuveen U.S. Equity Completeness Fund

Quick Facts
NAV	$16.81
Latest Ordinary Income Distribution1	$0.2513
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.

Fund returns assume reinvestment of dividends and capital gains. Shares have no sales charge and may only be purchased by the Nuveen Allocation Funds. Returns may reflect an expense limitation by the Fund’s investment adviser.

Average Annual Total Returns as of 12/31/09
	NAV
1-Year	22.55%
Since Inception	-9.75%

Top Five Common Stock Holdings2
Exxon Mobil Corporation	3.2%
AT&T Inc.	2.0%
General Electric Company	1.4%
Chevron Corporation	1.4%
Pfizer Inc.	1.2%

Portfolio Allocation²

Portfolio Statistics
Net Assets ($000)	$5,553
Number of Common Stocks	1,514

Expense Ratios
	Gross Expense Ratio	Net Expense Ratio	As of Date
	3.38%	0.80%	6/30/09

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 certain expenses through October 31, 2011.

1 Paid December 31, 2009.

2 As a percentage of total investments as of December 31, 2009. Holdings are subject to change.

Nuveen Investments 5

Fund Spotlight as of 12/31/09 Nuveen U.S. Equity Completeness Fund

Industries1
Oil, Gas & Consumable Fuels	9.7%
Pharmaceuticals	4.7%
Diversified Telecommunication Services	4.1%
Media	3.4%
Software	3.1%
Computers & Peripherals	3.1%
Insurance	3.1%
Diversified Financial Services	3.0%
Semiconductors & Equipment	3.0%
Commercial Banks	2.9%
Electric Utilities	2.7%
Capital Markets	2.7%
Real Estate	2.7%
Specialty Retail	2.6%
Health Care Providers & Services	2.6%
Communications Equipment	2.2%
Aerospace & Defense	2.2%
Biotechnology	2.1%
Health Care Equipment & Supplies	2.0%
Machinery	2.0%
Multi-Utilities	1.9%
Food Products	1.8%
Chemicals	1.8%
Energy Equipment & Services	1.8%
Industrial Conglomerates	1.7%
Hotels, Restaurants & Leisure	1.5%
Internet Software & Services	1.5%
IT Services	1.4%
Short-Term Investments	2.8%
Other	19.9%

1 As a percentage of total investments as of December 31, 2009. 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.

	Actual Performance		Hypothetical Performance (5% return before expenses)
Beginning Account Value (7/01/09)	$	1,000.00	$	1,000.00
Ending Account Value (12/31/09)	$	1,206.40	$	1,021.22
Expenses Incurred During Period	$	4.39	$	4.02

Expenses are equal to the Fund’s annualized net expense ratio of .79% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

6 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund

December 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 97.4%
	Aerospace & Defense – 2.2%
10	Alliant Techsystems Inc., (2)	$	883
10	American Science & Engineering Inc.		758
40	BE Aerospace Inc., (2)		940
350	Boeing Company		18,946
30	Curtiss Wright Corporation		940
100	Digitalglobe Inc., (2)		2,420
10	Ducommon Inc.		187
80	Esterline Technologies Corporation, (2)		3,262
270	GenCorp Inc.		1,890
150	General Dynamics Corporation		10,226
100	GeoEye, Inc., (2)		2,788
20	Goodrich Corporation		1,285
320	Hexcel Corporation, (2)		4,154
150	Honeywell International Inc.		5,880
70	ITT Industries, Inc.		3,482
60	L-3 Communications Holdings, Inc.		5,217
50	Ladish Company, Inc., (2)		754
70	Lockheed Martin Corporation		5,275
230	Northrop Grumman Corporation		12,846
30	Precision Castparts Corporation		3,311
200	Raytheon Company		10,304
10	Rockwell Collins, Inc.		554
20	Spirit AeroSystems Holdings Inc., (2)		397
350	Taser International, Inc.		1,533
10	Teledyne Technologies Inc., (2)		384
310	United Technologies Corporation		21,517
	Total Aerospace & Defense		120,133
	Air Freight & Logistics – 0.4%
10	C.H. Robinson Worldwide, Inc.		587
10	Dynamex, Inc., (2)		181
130	FedEx Corporation		10,849
10	Forward Air Corporation		251
140	United Parcel Service, Inc., Class B		8,032
20	UTI Worldwide, Inc.		286
	Total Air Freight & Logistics		20,186
	Airlines – 0.3%
280	Alaska Air Group, Inc., (2)		9,677
90	Continental Airlines, inc., (2)		1,613
180	Republic Airways Holdings, Inc., (2)		1,330
180	Southwest Airlines Co.		2,057
250	UAL Corporation, (2)		3,228
20	US Airways Group Inc., (2)		97
	Total Airlines		18,002

Nuveen Investments 7

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2009

Shares	Description (1)	Value
	Auto Components – 0.2%
60	BorgWarner Inc.	$	1,993
170	Cooper Tire & Rubber		3,409
40	Fuel Systems Solutions, Inc.		1,650
40	Goodyear Tire & Rubber Company, (2)		564
180	Johnson Controls, Inc.		4,903
10	Superior Industries International Inc.		153
10	TRW Automotive Holdings Corporation, (2)		239
40	WABCO Holdings Inc.		1,032
	Total Auto Components		13,943
	Automobiles – 0.6%
2,660	Ford Motor Company, (2)		26,600
70	Harley-Davidson, Inc.		1,764
60	Thor Industries, Inc.		1,884
40	Winnebago Industries Inc., (2)		488
	Total Automobiles		30,736
	Beverages – 1.1%
560	Coca-Cola Company		31,920
20	Coca-Cola Enterprises Inc.		424
60	Constellation Brands, Inc., Class A, (2)		956
140	Dr. Pepper Snapple Group, (2)		3,962
140	Heckmann Corporation, (2)		699
110	Molson Coors Brewing Company, Class B		4,968
10	Pepsi Bottling Group, Inc.		375
270	PepsiCo, Inc.		16,416
	Total Beverages		59,720
	Biotechnology – 2.1%
50	Acorda Therapeutics, Inc., (2)		1,261
50	Alexion Pharmaceuticals Inc., (2)		2,441
120	Alkermes Inc., (2)		1,129
10	Allos Therapeutics, Inc., (2)		66
50	Alnylam Pharmaceuticals, Inc., (2)		881
80	AMAG Pharmaceuticals Inc., (2)		3,042
210	Amgen Inc., (2)		11,880
140	Amicus Therapeutics, Inc.		556
120	Amylin Pharmaceuticals Inc., (2)		1,703
510	Arena Pharmaceuticals, Inc.		1,811
60	Biogen Idec Inc., (2)		3,210
80	Celgene Corporation, (2)		4,454
10	Cephalon, Inc., (2)		624
70	Cepheid, Inc., (2)		874
80	Cubist Pharmaceuticals Inc., (2)		1,518
90	Dendreon Corporation, (2)		2,365
270	Emergent BioSolutions, Inc., (2)		3,669
210	Enzon Inc., (2)		2,211
150	Exelixis, Inc., (2)		1,106

8 Nuveen Investments

Shares	Description (1)	Value
	Biotechnology (continued)
260	Facet Biotech Corporation, (2)	$	4,571
40	Genzyme Corporation, (2)		1,960
30	Geron Corporation, (2)		167
160	Gilead Sciences, Inc., (2)		6,925
10	GTX, Inc., (2)		42
780	Human Genome Sciences, Inc.		23,868
750	Immunomedics, Inc.		2,408
10	Intermune, Inc., (2)		130
140	ISIS Pharmaceuticals, Inc., (2)		1,554
360	Ligand Pharmceuticals, Inc., (2)		781
10	Martek Biosciences Corporation, (2)		189
80	Medivation, Inc., (2)		3,012
160	Metabolix, Inc., (2)		1,771
60	Momenta Pharmaceuticals, Inc., (2)		757
60	Myriad Genentics Inc., (2)		1,566
60	Neurocrine Biosciences Inc., (2)		163
120	NPS Pharmaceuticals, Inc., (2)		408
90	OncoGenex Pharmacuetical Inc.		2,005
70	Onyx Pharmaceuticals Inc., (2)		2,054
210	PDL Biopahrma Inc.		1,441
140	Regeneron Pharmaceuticals, Inc., (2)		3,385
20	Rigel Pharmaceuticals, Inc., (2)		190
180	Sangamo Biosciences, Inc., (2)		1,066
100	Savient Pharmaceuticals, Inc., (2)		1,361
180	Seattle Genetics, Inc., (2)		1,829
410	SIGA Technologies, Inc.		2,378
210	Spectrum Pharmaceuticals, Inc., (2)		932
70	Theravance Inc., (2)		915
20	United Therapeutics Corporation, (2)		1,053
40	Vanda Pharmaceuticals, Inc., (2)		450
950	Vical, Inc.		3,126
	Total Biotechnology		117,258
	Building Products – 0.3%
10	Apogee Enterprises, Inc.		140
40	Armstrong World Industries Inc., (2)		1,557
180	Griffon Corporation, (2)		2,200
200	Insteel Industries, Inc.		2,600
240	Masco Corporation		3,314
50	Simpson Manufacturing Company Inc.		1,345
100	Trex Company Inc.		1,960
90	USG Corporation, (2)		1,265
	Total Building Products		14,381
	Capital Markets – 2.7%
10	Affiliated Managers Group Inc., (2)		674
570	American Capital Limited		1,391

Nuveen Investments 9

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2009

Shares	Description (1)	Value
	Capital Markets (continued)
140	Ameriprise Financial, Inc.	$	5,435
650	Bank of New York Company, Inc.		18,181
360	Broadpoint Gleacher Securities Inc., (2)		1,606
230	Calamos Asset Management, Inc. Class A		2,652
290	Charles Schwab Corporation		5,458
30	Duff & Phelps Corporation, Class A		548
10	Eaton Vance Corporation		304
10	Federated Investors Inc.		275
40	Franklin Resources, Inc.		4,214
40	GAMCO Investors Inc.		1,932
240	GFI Group, Inc.		1,097
260	Goldman Sachs Group, Inc.		43,898
200	Invesco LTD		4,698
10	Investment Technology Group, (2)		197
120	Janus Capital Group Inc.		1,614
100	Jefferies Group, Inc., (2)		2,373
40	Kbw Inc., (2)		1,094
180	Knight Trading Group Inc., (2)		2,772
130	LaBranche & Company Inc., (2)		369
130	Legg Mason, Inc.		3,921
700	MCG Capital Corporation, (2)		3,024
440	Morgan Stanley		13,024
30	MVC Capital Inc.		354
90	Northern Trust Corporation		4,716
10	Oppenheimer Holdings Inc.		332
50	OptionsXpress Holdings Inc.		773
50	Pennantpark Investment Corporation		446
200	Penson Worldwide, Inc.		1,812
20	Piper Jaffray Companies		1,012
80	SEI Investments Company		1,402
160	State Street Corporation		6,966
40	Stifel Financial Corporation, (2)		2,370
80	T. Rowe Price Group Inc.		4,260
10	TD Ameritrade Holding Corporation, (2)		194
30	US Global Investors, Inc.		369
90	Waddell & Reed Financial, Inc., Class A		2,749
40	Westwood Holding Group Inc.		1,454
	Total Capital Markets		149,960
	Chemicals – 1.8%
130	Air Products & Chemicals Inc.		10,538
90	Airgas, Inc.		4,284
40	Albemarle Corporation		1,455
80	Arch Chemicals Inc.		2,470
50	Ashland Inc.		1,981
20	Cabot Corporation		525
10	Calgon Carbon Corporation, (2)		139

10 Nuveen Investments

Shares	Description (1)	Value
	Chemicals (continued)
40	Cytec Industries, Inc.	$	1,457
430	Dow Chemical Company		11,881
320	E.I. Du Pont de Nemours and Company		10,774
40	Eastman Chemical Company		2,410
40	Ecolab Inc.		1,783
20	Huntsman Corporation		226
80	Innospec, Inc.		807
10	International Flavors & Fragrances Inc.		411
40	Lubrizol Corporation		2,918
90	Monsanto Company		7,358
80	Nalco Holding Company		2,041
20	NewMarket Corporation		2,295
100	Olin Corporation		1,752
90	PPG Industries, Inc.		5,269
70	Praxair, Inc.		5,622
120	Quaker Chemical Corporation		2,477
30	Rockwood Holdings Inc., (2)		707
130	RPM International, Inc.		2,643
70	Scotts Miracle Gro Company		2,752
160	Sensient Technologies Corporation		4,208
300	Shengdatech Inc.		1,839
200	Solutia Inc., (2)		2,540
160	Sparetech Corporation		1,642
60	Westlake Chemical Corporation		1,496
100	WR Grace & Company, (2)		2,535
40	Zoltek Companies, Inc., (2)		380
	Total Chemicals		101,615
	Commercial Banks – 2.9%
60	1st Source Corporation		965
30	Associated Banc-Corp.		330
100	BancorpSouth Inc.		2,346
50	Bank of the Ozarks, Inc.		1,464
300	BB&T Corporation		7,611
10	BOK Financial Corporation		475
40	Boston Private Financial Holdings Inc.		231
50	Camden National Corporation		1,635
30	Cathay General Bancorp.		227
10	Chemical Financial Corporation		236
10	City National Corporation		456
200	Comerica Incorporated		5,914
50	Community Trust Bancorp, Inc.		1,223
70	CVB Financial		605
170	Danvers Bancorp Inc.		2,208
30	East West Bancorp Inc.		474
210	F.N.B. Corporation PA		1,426

Nuveen Investments 11

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2009

Shares	Description (1)	Value
	Commercial Banks (continued)
330	Fifth Third Bancorp.	$	3,218
10	First Bancorp Maine		154
30	First Bancorp of North Carolina, Inc.		419
60	First Bancorp of Puerto Rico, (2)		138
60	First Commonwealth Financial Corporation		279
90	First Community Bancshares, Inc.		1,085
50	First Financial Bancorp.		728
50	First Financial Bankshares, Inc.		2,712
10	First Financial Corporation		305
30	First Horizon National Corporation, (2)		408
130	First Midwest Bancorp, Inc.		1,416
80	FirstMerit Corporation		1,611
30	Fulton Financial Corporation		262
20	Great Southern Bancorp.		427
20	Hancock Holding Company		876
90	Heartland Financial USA, Inc.		1,292
10	Home Bancshares, Inc.		241
220	Huntington BancShares Inc.		803
50	IberiaBank Corporation		2,691
30	Independent Bank Corporation		627
60	International Bancshares Corporation		1,136
280	KeyCorp.		1,554
40	Lakeland Bancorp, Inc.		256
30	M&T Bank Corporation		2,007
300	Marshall and Ilsley Corporation		1,635
30	MB Financial, Inc.		592
10	National Bankshares, Inc.		283
140	National Penn Bancshares, Inc.		811
80	NBT Bancorp, Inc.		1,630
200	Old National Bancorp.		2,486
110	Oriental Financial Group Inc.		1,188
20	Park National Corporation		1,178
100	Pinnacle Financial Partners, Inc., (2)		1,422
180	PNC Financial Services Group, Inc.		9,502
40	Privatebancorp, Inc.		359
80	Prosperity Bancshares, Inc.		3,238
1,260	Regions Financial Corporation		6,665
20	S&T Bancorp, Inc.		340
150	Sandy Spring Bancorp, Inc.		1,334
40	Signature Bank, (2)		1,276
20	Simmons First National Corporation		556
20	Southside Bancshares, Inc.		392
20	StellarOne Corporation		199
60	Sterling Bancshares Inc.		308
10	Suffolk Bancorp.		297

12 Nuveen Investments

Shares	Description (1)	Value
	Commercial Banks (continued)
160	SunTrust Banks, Inc.	$	3,246
30	SVB Financial Group, (2)		1,251
10	SY Bancorp, Inc.		214
160	Synovus Financial Corp.		328
40	TCF Financial Corporation		545
10	Texas Capital BancShares, Inc., (2)		140
10	Tompkins Financial Corporation		405
80	Trustmark Corporation		1,803
490	U.S. Bancorp		11,030
20	UMB Financial Corporation		787
130	Umpqua Holdings Corporation		1,743
40	United Bankshares, Inc.		799
10	Univest Corporation of Pennsylvania		175
120	Washington Trust Bancorp, Inc.		1,870
10	Webster Financial Corporation		119
1,610	Wells Fargo & Company		43,454
20	WesBanco, Inc.		247
60	Westamerica Bancorp.		3,322
120	Whitney Holding Corporation		1,093
10	Wilmington Trust Corporation		123
	Total Commercial Banks		160,856
	Commercial Services & Supplies – 0.7%
70	ABM Industries Inc.		1,446
350	APAC Customer Services Inc.		2,086
10	ATC Technology Corporation, (2)		239
10	Avery Dennison Corporation		365
30	Bowne and Company Incorporated		200
60	Cintas Corporation		1,563
10	Copart Inc., (2)		366
40	Corrections Corporation of America, (2)		982
10	Courier Corporation		143
100	Covanta Holding Corporation, (2)		1,809
20	EnerNOC, Inc., (2)		608
120	Fuel-Tech, Inc.		980
80	Geo Group Inc., (2)		1,750
60	Healthcare Services Group, Inc.		1,288
70	HNI Corporation		1,934
50	Interface, Inc.		416
10	Iron Mountain Inc., (2)		228
30	Knoll Inc.		310
10	McGrath Rentcorp.		224
30	Mine Safety Appliances Company		796
10	Multi Color Corporation		122
250	Pitney Bowes Inc.		5,690
120	Republic Services, Inc.		3,397

Nuveen Investments 13

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2009

Shares	Description (1)	Value
	Commercial Services & Supplies (continued)
40	Steelcase Inc.	$	254
60	Sykes Enterprises Inc., (2)		1,528
90	Tetra Tech, Inc., (2)		2,445
70	United Stationers, Inc., (2)		3,980
20	Waste Connections Inc., (2)		667
170	Waste Management, Inc.		5,748
	Total Commercial Services & Supplies		41,564
	Communications Equipment – 2.2%
870	3COM Corporation, (2)		6,525
380	ADC Telecommunications Inc., (2)		2,360
80	ADTRAN, Inc.		1,804
30	Anaren Microwave Inc., (2)		452
260	Arris Group Inc., (2)		2,972
20	Aruba Networks, Inc., (2)		213
10	Bel Fuse, Inc., Class B		215
10	Black Box Corporation		283
70	Blue Coat Systems Inc., (2)		1,998
160	Brocade Communications Systems Inc., (2)		1,221
1,250	Cisco Systems, Inc., (2)		29,925
40	CommScope Inc., (2)		1,061
30	Comtech Telecom Corporation, (2)		1,052
280	Digi International, Inc.		2,554
940	Extreme Networks Inc.		2,698
160	Harmonic Inc.		1,013
70	Harris Corporation		3,329
300	Harris Stratex Networks, Inc., (2)		2,073
130	Infinera Corporation, (2)		1,153
60	Interdigital Inc., (2)		1,592
230	JDS Uniphase Corporation, (2)		1,898
110	Juniper Networks Inc., (2)		2,934
20	Loral Space & Communications, Inc., (2)		632
1,530	Motorola, Inc.		11,873
1,300	Palm Inc., (2)		13,052
70	Plantronics Inc.		1,819
140	Polycom Inc., (2)		3,496
290	QUALCOMM Inc.		13,415
50	SeaChange International, Inc., (2)		329
120	ShoreTel, Inc., (2)		694
50	Symmetricom Inc., (2)		260
190	Tekelec, (2)		2,903
110	Tellabs Inc., (2)		625
100	ViaSat, Inc., (2)		3,178
	Total Communications Equipment		121,601
	Computers & Peripherals – 3.1%
260	Apple, Inc., (2)		54,824
310	Cray, Inc.		1,990

14 Nuveen Investments

Shares	Description (1)	Value
	Computers & Peripherals (continued)
330	Dell Inc., (2)	$	4,739
80	Electronics For Imaging		1,041
1,030	EMC Corporation, (2)		17,994
780	Hewlett-Packard Company		40,178
60	Immersion Corporation, (2)		274
80	Intermec Inc, (2)		1,029
250	International Business Machines Corporation (IBM)		32,725
190	Intevac, Inc.		2,179
260	Isilon Systems, Inc.		1,784
10	Network Appliance Inc., (2)		344
10	QLogic Corporation, (2)		189
20	Rimage Corporation, (2)		347
30	Seagate Technology		546
280	STEC Inc., (2)		4,575
50	Synaptics, Inc., (2)		1,533
130	Teradata Corporation, (2)		4,086
70	Western Digital Corporation, (2)		3,091
	Total Computers & Peripherals		173,468
	Construction & Engineering – 0.5%
10	AECOM Technology Corporation, (2)		275
70	Comfort Systems USA Inc.		864
80	Emcor Group Inc., (2)		2,152
20	Fluor Corporation		901
30	Granite Construction Inc.		1,010
10	Jacobs Engineering Group, Inc., (2)		376
90	KBR Inc.		1,710
10	Layne Christensen Company, (2)		287
80	MasTec Inc., (2)		1,000
10	Orion Marine Group Inc., (2)		211
10	Pike Electric Corporation, (2)		93
160	Quanta Services Incorporated, (2)		3,334
120	Shaw Group Inc., (2)		3,450
160	Sterling Construction Company, Inc.		3,069
10	Tutor Perini Corporation, (2)		181
160	URS Corporation, (2)		7,123
	Total Construction & Engineering		26,036
	Construction Materials – 0.1%
10	Eagle Materials Inc.		261
90	Vulcan Materials Company		4,740
	Total Construction Materials		5,001
	Consumer Finance – 0.5%
100	Advance America Cash Advance Centers Inc		556
370	American Express Company		14,992
20	Americredit Corp., (2)		381
100	Capital One Financial Corporation		3,834

Nuveen Investments 15

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2009

Shares	Description (1)	Value
	Consumer Finance (continued)
40	Cash America International, Inc.	$	1,398
360	Discover Financial Services		5,296
40	Dollar Financial Corporation		946
40	EZCORP, Inc., (2)		688
230	SLM Corporation, (2)		2,592
	Total Consumer Finance		30,683
	Containers & Packaging – 0.3%
10	AptarGroup Inc.		357
180	Bemis Company, Inc.		5,337
20	Owens-Illinois, Inc., (2)		657
10	Packaging Corp. of America		230
140	Pactiv Corporation, (2)		3,380
50	Rock-Tenn Company		2,521
10	Sealed Air Corporation		219
60	Silgan Holdings, Inc.		3,473
	Total Containers & Packaging		16,174
	Distributors – 0.1%
30	Core-Mark Holding Company, Inc., (2)		989
80	Genuine Parts Company		3,037
	Total Distributors		4,026
	Diversified Consumer Services – 0.4%
20	American Public Education Inc., (2)		687
10	Apollo Group, Inc., (2)		606
60	Brinks Home Security Holdings Inc., (2)		1,958
30	Capella Education Company, (2)		2,259
20	Career Education Corporation, (2)		466
100	Chinacast Education Corporation, (2)		756
40	Coinstar Inc., (2)		1,111
160	Corinthian Colleges Inc., (2)		2,203
40	H & R Block Inc.		905
10	ITT Educational Services, Inc., (2)		960
130	Lincoln Educational Services Corporation		2,817
30	Matthews International Corporation		1,063
60	Regis Corporation		934
80	Service Corporation International		655
180	Sothebys Holdings Inc.		4,046
50	Universal Technical Institute Inc., (2)		1,010
	Total Diversified Consumer Services		22,436
	Diversified Financial Services – 3.0%
4,020	Bank of America Corporation		60,541
5,220	Citigroup Inc.		17,278
20	CME Group, Inc.		6,719
10	Financial Federal Corporation		275
70	Intercontinental Exchange, Inc., (2)		7,861
1,550	JPMorgan Chase & Co.		64,589

16 Nuveen Investments

Shares	Description (1)	Value
	Diversified Financial Services (continued)
40	Leucadia National Corporation, (2)	$	952
110	Marketaxess, (2)		1,529
130	MSCI Inc., Class A Shares, (2)		4,134
80	New York Stock Exchange Euronext		2,024
110	PHH Corporation, (2)		1,772
30	Porfolio Recovery Associates, Inc., (2)		1,346
	Total Diversified Financial Services		169,020
	Diversified Telecommunication Services – 4.1%
20	Abovenet Communications		1,301
380	Alaska Communications Systems Group Inc.		3,032
3,970	AT&T Inc.		111,279
30	Cbeyond Inc., (2)		473
480	CenturyTel, Inc.		17,381
220	Cogent Communications Group, Inc.		2,169
20	Consolidated Communications Holdings, Inc.		350
780	Frontier Communications Corporation		6,092
80	General Communication, Inc., (2)		510
10	Global Crossing Limited, (2)		143
70	Iowa Telecommunications Services, Inc.		1,173
150	Neutral Tandem Inc., (2)		3,413
10	Premiere Global Services, Inc., (2)		83
1,430	Qwest Communications International Inc.		6,020
1,880	Verizon Communications Inc.		62,284
980	Windstream Corporation		10,770
	Total Diversified Telecommunication Services		226,473
	Electric Utilities – 2.7%
40	Allegheny Energy, Inc.		939
20	ALLETE Inc		654
320	American Electric Power Company, Inc.		11,133
120	Cleco Corporation		3,280
70	DPL Inc.		1,932
1,170	Duke Energy Corporation		20,136
160	Edison International		5,565
10	El Paso Electric Company, (2)		203
100	Entergy Corporation		8,184
400	Exelon Corporation		19,548
200	FirstEnergy Corp.		9,290
330	FPL Group, Inc.		17,431
60	IDACORP, INC		1,917
50	ITC Holdings Corporation		2,605
110	Northeast Utilities		2,837
40	NV Energy Inc.		495
140	Pepco Holdings, Inc.		2,359
60	Pinnacle West Capital Corporation		2,195
340	PNM Resources Inc.		4,301

Nuveen Investments 17

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2009

Shares	Description (1)	Value
	Electric Utilities (continued)
170	Portland General Electric Company	$	3,470
180	PPL Corporation		5,816
270	Progress Energy, Inc.		11,073
420	Southern Company		13,994
60	Unisource Energy Corporation		1,931
	Total Electric Utilities		151,288
	Electrical Equipment – 0.8%
40	Acuity Brands Inc.		1,426
70	American Superconductor Corporation		2,863
10	Baldor Electric Company		281
10	Belden Inc.		219
40	Brady Corporation		1,200
10	Cooper Industries Inc.		426
160	Emerson Electric Company		6,816
180	Encore Wire Corporation		3,793
340	Ener1 Inc., (2)		2,156
100	Energy Conversion Devices Inc.		1,057
80	Franklin Electric Company, Inc.		2,326
200	Fuelcell Energy Inc.		752
170	GrafTech International Ltd., (2)		2,644
110	Hubbell Incorporated, Class B		5,203
40	II VI Inc.		1,272
350	Microvision, Inc.		1,110
100	Polypore International Inc.		1,190
30	Regal-Beloit Corporation		1,558
60	Rockwell Automation, Inc.		2,819
20	Thomas & Betts Corporation, (2)		716
20	Vicor Corporation, (2)		186
140	Woodward Governor Company		3,608
	Total Electrical Equipment		43,621
	Electronic Equipment & Instruments – 0.9%
50	Amphenol Corporation, Class A		2,309
80	Anixter International Inc., (2)		3,768
90	Avnet Inc., (2)		2,714
150	Benchmark Electronics Inc., (2)		2,837
120	Brightpoint Inc.		882
400	China Security and Surveillance Techology Inc., (2)		3,056
170	Cogent Inc.		1,766
80	Cognex Corporation		1,418
440	Corning Incorporated		8,496
10	Dolby Laboratories, Inc., (2)		477
130	Echelon Corporation		1,503
50	FLIR Systems Inc., (2)		1,636
10	Itron Inc., (2)		676
30	Jabil Circuit Inc.		521

18 Nuveen Investments

Shares	Description (1)	Value
	Electronic Equipment & Instruments (continued)
20	L-1 Identity Solutions Inc., (2)	$	150
30	Littelfuse Inc.		965
30	Maxwell Technologies, Inc., (2)		535
50	Mercury Computer Systems Inc., (2)		551
20	Molex Inc.		431
100	Multi Fineline Electronix, Inc., (2)		2,837
40	OSI Systems Inc.		1,091
60	Plexus Corporation, (2)		1,710
50	Rogers Corporation, (2)		1,516
120	SYNNEX Corporation		3,679
90	Technitrol, Inc.		394
130	TTM Technologies, Inc., (2)		1,499
10	Tyco Electronics, Limited		246
70	Universal Display Corporation		865
50	Vishay Intertechnology Inc., (2)		418
	Total Electronic Equipment & Instruments		48,946
	Energy Equipment & Services – 1.8%
80	Atwood Oceanics Inc., (2)		2,868
200	Baker Hughes Incorporated		8,096
230	Cal Dive International Inc.		1,739
50	Carbo Ceramics Inc.		3,409
120	Complete Production Services, (2)		1,560
80	Cooper Cameron Corporation, (2)		3,344
10	Dresser Rand Group, Inc., (2)		316
60	Dril Quip Inc., (2)		3,389
50	ENSCO International Incorporated		1,997
60	Exterran Holdings, Inc., (2)		1,287
50	Gulf Island Fabrication, Inc.		1,052
60	Gulfmark Offshore Inc., (2)		1,699
430	Halliburton Company		12,939
70	Helix Energy Solutions Group, (2)		823
20	Helmerich & Payne Inc.		798
440	ION Geophysical Corporation, (2)		2,605
160	Key Energy Services Inc.		1,406
30	Lufkin Industries Inc.		2,196
130	Matrix Service Company, (2)		1,385
360	Nabors Industries Inc., (2)		7,880
210	National-Oilwell Varco Inc., (2)		9,259
130	Newpark Resources Inc., (2)		550
60	Oil States International Inc., (2)		2,357
110	PHI Inc Non-Voting, (2)		2,277
220	Pioneer Drilling Company, (2)		1,738
120	Rowan Companies Inc.		2,717
50	RPC Inc.		520
300	Schlumberger Limited		19,527

Nuveen Investments 19

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2009

Shares	Description (1)	Value
	Energy Equipment & Services (continued)
60	Smith International, Inc.	$	1,630
	Total Energy Equipment & Services		101,363
	Food & Staples Retailing – 1.4%
50	Andersons, Inc.		1,291
80	Casey’s General Stores, Inc.		2,554
70	Costco Wholesale Corporation		4,142
540	CVS Caremark Corporation		17,393
140	Kroger Co.		2,874
30	Pantry, Inc., (2)		408
30	Ruddick Corporation		772
210	Safeway Inc.		4,471
290	SUPERVALU INC.		3,686
100	Sysco Corporation		2,794
140	United Natural Foods Inc., (2)		3,744
80	Village Super Market, Inc.		2,186
200	Walgreen Co.		7,344
430	Wal-Mart Stores, Inc.		22,984
30	Weis Markets Inc.		1,091
50	Winn-Dixie Stores Inc.		502
	Total Food & Staples Retailing		78,236
	Food Products – 1.8%
240	Archer-Daniels-Midland Company		7,514
60	Bunge Limited		3,830
80	Campbell Soup Company		2,704
160	Chiquita Brands International Inc.		2,886
550	ConAgra Foods, Inc.		12,678
450	Del Monte Foods Company		5,103
10	Farmer Brothers Company		197
130	General Mills, Inc.		9,205
170	H.J. Heinz Company		7,269
130	Hain Celestial Group Inc.		2,211
10	Hershey Foods Corporation		358
60	JM Smucker Company		3,705
40	Kellogg Company		2,128
630	Kraft Foods Inc.		17,123
60	Lancaster Colony Corporation		2,982
70	Ralcorp Holdings Inc., (2)		4,180
20	Sanderson Farms Inc.		843
600	Sara Lee Corporation		7,308
30	Synutra International Inc., (2)		405
30	Treehouse Foods Inc., (2)		1,166
420	Tyson Foods, Inc., Class A		5,153
220	Zhongpin Inc., (2)		3,434
	Total Food Products		102,382

20 Nuveen Investments

Shares	Description (1)	Value
	Gas Utilities – 0.4%
10	Energen Corporation	$	468
50	EQT Corporation		2,196
70	Laclede Group Inc.		2,364
10	New Jersey Resources Corporation		374
10	Nicor Inc.		421
60	ONEOK, Inc.		2,674
70	Piedmont Natural Gas Company		1,873
80	Questar Corporation		3,326
130	Southwest Gas Corporation		3,709
140	UGI Corporation		3,387
30	WGL Holdings Inc.		1,006
	Total Gas Utilities		21,798
	Health Care Equipment & Supplies – 2.0%
50	Abaxis, Inc., (2)		1,278
20	Abiomed, Inc., (2)		175
140	Accuray, Inc., (2)		785
110	Align Technology, Inc., (2)		1,960
110	American Medical Systems Holdings, Inc., (2)		2,122
40	AngioDynamics, Inc., (2)		643
100	Baxter International, Inc.		5,868
30	Beckman Coulter, Inc.		1,963
40	Becton, Dickinson and Company		3,154
630	Boston Scientific Corporation, (2)		5,670
190	Bovie Medical Corporation, (2)		1,484
100	CareFusion Corporation, (2)		2,501
60	Conceptus Inc., (2)		1,126
20	Cooper Companies, Inc.		762
10	Covidien PLC		479
40	Cyberonics, (2)		818
20	DENTSPLY International Inc.		703
230	DexCom, Inc., (2)		1,858
100	Endologix, Inc.		528
190	ev3, Inc., (2)		2,535
10	Gen-Probe, Inc., (2)		429
140	Greatbatch, Inc., (2)		2,692
30	Haemonetics Corporation, (2)		1,655
10	Heartware International Inc.		355
10	Hill Rom Holdings Inc.		240
150	Hologic Inc., (2)		2,175
10	Hospira Inc., (2)		510
10	ICU Medical, Inc., (2)		364
20	Idexx Labs Inc., (2)		1,069
110	Immucor, Inc., (2)		2,226
20	Insulet Corporation, (2)		286
20	Integra Lifesciences Holdings Corporation, (2)		736
10	Intuitive Surgical, Inc., (2)		3,033

Nuveen Investments 21

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2009

Shares	Description (1)	Value
	Health Care Equipment & Supplies (continued)
40	Invacare Corporation	$	998
40	Inverness Medical Innovation, (2)		1,660
10	Kensey Nash Corporation, (2)		255
100	Kinetic Concepts Inc., (2)		3,765
70	Masimo Corporation, (2)		2,129
170	Medtronic, Inc.		7,477
110	Meridian Bioscience, Inc.		2,371
30	Merit Medical Systems, Inc., (2)		579
40	Natus Medical, Inc., (2)		592
45	Neogen Corporation, (2)		1,062
40	NuVasive, Inc., (2)		1,279
240	Nxstage Medical, Inc., (2)		2,004
190	OraSure Technologies, Inc.		965
30	Orthofix International NV, (2)		929
380	Orthovita, Inc.		1,334
30	Palomar Medical Technologies, Inc., (2)		302
80	Saint Jude Medical Inc., (2)		2,942
30	SonoSite, Inc., (2)		709
190	Spectranetics Corporation		1,322
100	Steris Corporation		2,797
80	Stryker Corporation		4,030
20	Surmodics Inc., (2)		453
20	Symmetry Medical, Inc., (2)		161
10	Teleflex Inc.		539
90	Thoratec Corporation, (2)		2,423
60	Varian Medical Systems, Inc., (2)		2,811
200	Vascular Solutions, Inc., (2)		1,678
60	Volcano Corporation, (2)		1,043
30	West Pharmaceutical Services Inc.		1,176
30	Wright Medical Group, Inc., (2)		569
70	Young Innovations, Inc.		1,735
90	Zimmer Holdings, Inc., (2)		5,320
	Total Health Care Equipment & Supplies		109,591
	Health Care Providers & Services – 2.6%
160	Aetna Inc.		5,072
30	Air Methods Corporation, (2)		1,009
30	Amedisys, Inc., (2)		1,457
70	AmericGroup Corporation, (2)		1,887
80	AmerisourceBergen Corporation		2,086
20	AMN Healthcare Services Inc.		181
10	AmSurg Corporation, (2)		220
20	Bio-Reference Laboratories, Inc., (2)		784
130	Bioscrip, Inc., (2)		1,087
30	Brookdale Senior Living Inc.		546
150	Cardinal Health, Inc.		4,836

22 Nuveen Investments

Shares	Description (1)	Value
	Health Care Providers & Services (continued)
50	Catalyst Health Soltuions Inc., (2)	$	1,824
50	Centene Corporation, (2)		1,059
60	Chemed Corporation		2,878
120	CIGNA Corporation		4,232
170	Community Health Systems Inc., (2)		6,052
200	Coventry Health Care, Inc., (2)		4,858
40	Cross Country Healthcare, Inc., (2)		396
20	Davita Inc., (2)		1,175
10	Emergency Medical Services Corporation, (2)		542
70	Emeritus Corporation, (2)		1,313
50	Express Scripts, Inc., (2)		4,323
20	Genoptix Inc., (2)		711
40	Gentiva Health Services, Inc., (2)		1,080
20	Hanger Orthopedic Group Inc., (2)		277
560	Health Management Associates Inc., (2)		4,071
120	Health Net Inc., (2)		2,795
110	HealthSouth Corporation, (2)		2,065
10	HealthSpring, Inc., (2)		176
50	Henry Schein Inc., (2)		2,630
40	HMS Holdings Corporation, (2)		1,948
70	Humana Inc., (2)		3,072
20	IPC The Hospitalist Company, Inc., (2)		665
90	Kindred Healthcare Inc., (2)		1,661
10	Landauer Inc.		614
10	LHC Group, Inc., (2)		336
20	Lifepoint Hospitals Inc., (2)		650
70	Magellan Health Services, Inc., (2)		2,851
80	McKesson HBOC Inc.		5,000
20	Medax Inc., (2)		1,202
40	MedCath Corporation, (2)		316
90	Medco Health Solutions, Inc., (2)		5,752
10	Molina Healthcare Inc., (2)		229
20	MWI Veterinary Supply, Inc., (2)		754
110	Odyssey Healthcare, Inc., (2)		1,714
60	Omnicare, Inc.		1,451
50	Owens and Minor Inc.		2,147
20	Patterson Companies, Inc., (2)		560
40	Pharmerica Corporation, (2)		635
30	Providence Service Corporation, (2)		474
150	PSS World Medical Inc., (2)		3,386
80	Psychiatric Solutions, Inc., (2)		1,691
40	Quest Diagnostics Incorporated		2,415
40	RehabCare Group Inc., (2)		1,217
90	Res-Care, Inc.		1,008
20	Sun Healthcare Group, Inc., (2)		183

Nuveen Investments 23

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2009

Shares	Description (1)	Value
	Health Care Providers & Services (continued)
720	UnitedHealth Group Incorporated	$	21,946
40	Universal Health Services, Inc., Class B		1,220
30	Wellcare Health Plans Inc., (2)		1,103
260	Wellpoint Inc., (2)		15,155
	Total Health Care Providers & Services		142,977
	Health Care Technology – 0.3%
20	Allscripts Healthcare Solutions Inc., (2)		405
50	AthenaHealth Inc., (2)		2,262
20	Cerner Corporation, (2)		1,649
10	Computer Programs and Systems, Inc.		461
90	Eclipsys Corporation, (2)		1,667
60	IMS Health Incorporated		1,264
70	MedAssets Inc., (2)		1,485
80	Omnicell, Inc., (2)		935
60	Phase Forward, Inc., (2)		921
70	Quality Systems Inc.		4,395
20	Vital Images, Inc., (2)		254
	Total Health Care Technology		15,698
	Hotels, Restaurants & Leisure – 1.5%
220	AFC Enterprises, Inc.		1,795
20	Ameristar Casinos, Inc.		305
90	Bally Technologies, Inc., (2)		3,716
90	BJ’s Restaurants, Inc., (2)		1,694
30	Bob Evans Farms		869
120	Brinker International Inc.		1,790
240	Carnival Corporation		7,606
70	CBRL Group Inc.		2,659
20	CEC Entertainment Inc., (2)		638
20	Cheesecake Factory Inc., (2)		432
50	Churchill Downs Inc.		1,868
50	Darden Restaurants, Inc.		1,754
10	Intl Speedway Corporation		285
110	Jack in the Box Inc., Term Loan, (2)		2,164
80	Las Vegas Sands, (2)		1,195
160	Life Time Fitness Inc.		3,989
30	Marcus Corporation		385
100	Marriott International, Inc., Class A		2,725
320	McDonald’s Corporation		19,981
230	MGM Mirage Inc., (2)		2,098
40	O’Charley’s, Inc., (2)		262
80	P.F. Changs China Bistro, Inc., (2)		3,033
40	Panera Bread Company, (2)		2,679
20	Royal Caribbean Cruises Limited, (2)		506
20	Speedway Motorsports Inc.		352
170	Starbucks Corporation, (2)		3,920

24 Nuveen Investments

Shares	Description (1)	Value
	Hotels, Restaurants & Leisure (continued)
100	Starwood Hotels & Resorts Worldwide, Inc.	$	3,657
9	Steak N Shake Company		2,917
40	Universal Travel Group, (2)		406
110	WMS Industries Inc., (2)		4,400
40	Wynn Resorts Ltd, (2)		2,329
90	YUM! Brands, Inc.		3,147
	Total Hotels, Restaurants & Leisure		85,556
	Household Durables – 0.5%
10	Blyth Inc.		337
180	D.R. Horton, Inc.		1,957
70	Fortune Brands Inc.		3,024
310	Furniture Brands International, Inc.		1,693
20	Helen of Troy Limited		489
110	Irobot Corporation, (2)		1,936
10	Leggett and Platt Inc.		204
10	Lennar Corporation, Class A		128
10	M/I Homes, Inc., (2)		104
30	MDC Holdings Inc.		931
30	Mohawk Industries Inc., (2)		1,428
90	Pulte Corporation		900
100	Standard Pacific Corporation, (2)		374
130	Tempur Pedic International Inc., (2)		3,072
20	Toll Brothers Inc., (2)		376
120	Tupperware Corporation		5,588
100	Whirlpool Corporation		8,066
	Total Household Durables		30,607
	Household Products – 1.3%
10	Clorox Company		610
80	Colgate-Palmolive Company		6,572
160	Kimberly-Clark Corporation		10,194
920	Procter & Gamble Company		55,780
10	WD 40 Company		324
	Total Household Products		73,480
	Independent Power Producers & Energy Traders – 0.2%
250	AES Corporation, (2)		3,328
110	Calpine Corporation, (2)		1,210
40	Constellation Energy Group		1,407
20	Mirant Corporation, (2)		305
210	NRG Energy Inc., (2)		4,958
	Total Independent Power Producers & Energy Traders		11,208
	Industrial Conglomerates – 1.7%
130	3M Co.		10,747
10	Carlisle Companies Inc.		343
5,300	General Electric Company		80,189
70	Otter Tail Power Corporation		1,736

Nuveen Investments 25

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2009

Shares	Description (1)	Value
	Industrial Conglomerates (continued)
80	Textron Inc.	$	1,505
	Total Industrial Conglomerates		94,520
	Insurance – 3.1%
140	AFLAC Incorporated		6,475
10	Allied World Assurance Holdings		461
240	Allstate Corporation		7,210
60	American Equity Investment Life Holding Company		446
40	American International Group, (2)		1,199
10	American National Insurance Company		1,194
90	Amtrust Financial Services, Inc.		1,064
110	Aon Corporation		4,217
30	Arch Capital Group Limited, (2)		2,147
30	Argo Group International Holdings Inc., (2)		874
10	Arthur J. Gallagher & Co.		225
20	Aspen Insurance Holdings Limited		509
80	Assurant Inc.		2,358
160	Assured Guaranty Limited		3,482
60	Axis Capital Holdings Limited		1,705
70	Brown & Brown Inc.		1,258
170	Chubb Corporation		8,361
90	Cincinnati Financial Corporation		2,362
30	CNA Financial Corporation, (2)		720
600	Conseco Inc., (2)		3,000
40	Delphi Financial Group, Inc.		895
10	Donegal Group, Inc., B		155
80	eHealth, Inc., (2)		1,314
70	Employers Holdings, Inc.		1,074
10	Erie Indemnity Company		390
50	Everest Reinsurance Group Ltd		4,284
30	FBL Financial Group Inc.		556
260	Fidelity National Title Group Inc., Class A		3,500
50	First American Corporation		1,656
20	First Mercury Financial Corporation		274
10	Flagstone Reinsurance Holdings Ltd		109
380	Genworth Financial Inc., Class A		4,313
10	Hanover Insurance Group Inc.		444
30	Harleysville Group, Inc.		954
120	Hartford Financial Services Group, Inc.		2,791
130	HCC Insurance Holdings Inc.		3,636
50	Horace Mann Educators Corporation		625
70	Lincoln National Corporation		1,742
160	Loews Corporation		5,816
210	Marsh & McLennan Companies, Inc.		4,637
40	Max Capital Group Limited		892
190	MBIA Inc., (2)		756
100	Meadowbrook Insurance Group, Inc.		740

26 Nuveen Investments

Shares	Description (1)	Value
	Insurance (continued)
330	MetLife, Inc.	$	11,666
80	Montpelier Re Holdings Limited		1,386
240	National Financial Partners Corp.		1,942
20	Navigators Group, Inc., (2)		942
350	Old Republic International Corporation		3,514
40	PartnerRe Limited		2,986
50	Platinum Underwriters Holdings Limited		1,915
160	Presidential Life Corporation		1,464
30	ProAssurance Corporation, (2)		1,611
380	Progressive Corporation, (2)		6,836
110	Prudential Financial, Inc.		5,474
30	RenaisasnceRE Holdings, Limited		1,595
20	RLI Corporation		1,065
10	Safety Insurance Group, Inc.		362
110	Seabright Insurance Holdings Inc.		1,264
10	StanCorp Financial Group Inc.		400
20	State Auto Financial Corporation		370
90	Stewart Information Services Corporation		1,015
90	Tower Group Inc.		2,107
10	Transatlantic Holdings Inc.		521
330	Travelers Companies, Inc.		16,454
60	United America Indemnity Limited		475
60	Unitrin, Inc.		1,323
170	Unum Group		3,318
60	Valdius Holdings Limited		1,616
50	WR Berkley Corporation		1,232
280	XL Capital Ltd, Class A		5,132
60	Zenith National Insurance Corp.		1,786
	Total Insurance		170,591
	Internet & Catalog Retail – 0.2%
50	Amazon.com, Inc., (2)		6,726
60	Blue Nile Inc., (2)		3,800
210	Liberty Media Holding Corporation Interactive, Class A, (2)		2,276
20	Nutri System Inc.		623
	Total Internet & Catalog Retail		13,425
	Internet Software & Services – 1.5%
65	AOL Inc.		1,513
370	Art Technology Group, Inc.		1,669
20	ComScore Inc., (2)		351
80	Constant Contact Inc.		1,280
50	DealerTrack Holdings, Inc., (2)		940
110	Digital River, Inc., (2)		2,969
110	Earthlink, Inc.		914
450	eBay Inc., (2)		10,593
60	Google Inc., Class A, (2)		37,199

Nuveen Investments 27

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2009

Shares	Description (1)	Value
	Internet Software & Services (continued)
130	GSI Commerce, Inc.	$	3,301
60	Internet Capital Group Inc., (2)		399
150	j2 Global Communications, Inc., (2)		3,053
110	Limelight Networks Inc., (2)		432
140	Liquidity Services, Inc.		1,410
20	Mercadolibre, Inc., (2)		1,037
80	ModusLink Global Solutions Inc., (2)		753
740	Move, Inc., (2)		1,228
20	NIC, Incorporated, (2)		183
270	RealNetworks Inc.		1,002
10	Savvis Inc., (2)		141
60	Sohu.com Inc., (2)		3,437
40	United Online, Inc.		288
170	ValueClick, Inc., (2)		1,720
20	VistaPrint NV, (2)		1,133
340	Yahoo! Inc., (2)		5,705
	Total Internet Software & Services		82,650
	IT Services – 1.4%
30	Accenture Limited		1,245
50	Acxiom Corporation, (2)		671
30	Affiliated Computer Services, Inc., (2)		1,791
90	Amdocs Limited, (2)		2,568
90	Automatic Data Processing, Inc.		3,854
40	Broadridge Financial Solutions, Inc.		902
40	CACI International Inc., (2)		1,954
110	Cognizant Technology Solutions Corporation, Class A, (2)		4,983
120	Computer Sciences Corporation, (2)		6,904
170	Convergys Corporation, (2)		1,828
100	Cybersource Corporation, (2)		2,011
90	Fidelity National Information Services		2,110
80	Fiserv, Inc., (2)		3,878
20	Forrester Research, Inc., (2)		519
180	Gartner Inc., (2)		3,247
30	Heartland Payment Systems Inc.		394
390	InfoUSA Inc.		3,128
20	Lender Processing Services Inc.		813
20	ManTech International Corporation, Class A, (2)		966
30	MasterCard, Inc.		7,679
30	Maximus Inc.		1,500
350	Ness Technologies, Inc.		1,715
40	Paychex, Inc.		1,226
100	Rightnow Technologies, Inc.		1,737
40	SAIC, Inc., (2)		758
130	Sapient Corporation, (2)		1,075
90	SRA International, Inc., (2)		1,719

28 Nuveen Investments

Shares	Description (1)	Value
	IT Services (continued)
190	TeleTech Holdings, Inc., (2)	$	3,806
30	TNS Inc., (2)		771
170	Total System Services Inc.		2,936
110	VeriFone Holdings Inc., (2)		1,802
80	Visa Inc.		6,997
130	Western Union Company		2,451
20	Wright Express Corporation, (2)		637
	Total IT Services		80,575
	Leisure Equipment & Products – 0.2%
240	Brunswick Corporation		3,050
40	Eastman Kodak Company		169
230	Mattel, Inc.		4,595
50	Polaris Industries Inc.		2,182
140	RC2 Corporation, (2)		2,065
40	Sturm, Ruger, & Company		388
	Total Leisure Equipment & Products		12,449
	Life Sciences Tools & Services – 0.5%
20	Bio-Rad Laboratories Inc., (2)		1,929
70	Cambrex Corporation, (2)		391
30	Charles River Laboratories International, Inc., (2)		1,011
50	Dionex Corporation, (2)		3,694
30	eResearch Technology, Inc., (2)		180
140	Illumina Inc., (2)		4,291
10	Life Technologies Corporation, (2)		522
40	Luminex Corporation, (2)		597
230	Thermo Fisher Scientific, Inc., (2)		10,969
40	Varian Inc., (2)		2,062
20	Waters Corporation, (2)		1,239
	Total Life Sciences Tools & Services		26,885
	Machinery – 2.0%
150	Actuant Corporation		2,780
60	Albany International Corporation, Class A		1,348
10	Badger Meter Inc.		398
60	Blount International Inc., (2)		606
20	Bucyrus International, Inc.		1,127
210	Caterpillar Inc.		11,968
140	Chart Industries, Inc., (2)		2,317
50	CLARCOR, Inc.		1,622
60	Crane Company		1,837
90	Cummins Inc.		4,127
60	Danaher Corporation		4,512
150	Deere & Company		8,114
50	Dover Corporation		2,081
100	Eaton Corporation		6,362
40	Gorman-Rupp Company		1,106
20	Graco Inc.		571

Nuveen Investments 29

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2009

Shares	Description (1)	Value
	Machinery (continued)
200	Greenbrier Companies Inc.	$	2,076
70	Harsco Corporation		2,256
20	IDEX Corporation		623
180	Illinois Tool Works, Inc.		8,638
100	Joy Global Inc.		5,159
10	Kennametal Inc.		259
80	LB Foster Company, (2)		2,385
70	Lincoln Electric Holdings Inc.		3,742
10	Middleby Corporation, (2)		490
10	Mueller Industries Inc.		248
830	Mueller Water Products Inc.		4,316
40	Navistar International Corporation, (2)		1,546
50	Nordson Corporation		3,059
130	PACCAR Inc.		4,715
70	Pall Corporation		2,534
70	Parker Hannifin Corporation		3,772
80	Pentair, Inc.		2,584
50	RBC Bearings Inc., (2)		1,217
10	Snap-on Incorporated		423
60	SPX Corporation		3,282
110	Sun Hydraulics Corporation		2,888
220	Titan International Inc.		1,784
10	Trinity Industries Inc.		174
10	Wabtec Corporation		408
	Total Machinery		109,454
	Marine – 0.1%
10	Alexander and Bald, Inc.		342
650	Eagle Bulk Shipping Inc.		3,218
	Total Marine		3,560
	Media – 3.4%
20	Arbitron Inc.		468
370	Cablevision Systems Corporation		9,553
330	CBS Corporation, Class B		4,637
170	CKX, Inc., (2)		896
1,560	Comcast Corporation, Class A		26,302
420	DIRECTV Group, Inc.		14,007
90	Echostar Communications Corporation, Variable Prepaid Forward, (2)		1,869
250	Interpublic Group Companies, Inc., (2)		1,845
130	Lamar Advertising Company, (2)		4,042
220	Liberty Global Inc, A Shares, (2)		4,820
140	Liberty Media Holding Corporation, Capital Tracking Stock, Class A, (2)		3,343
31	Liberty Media Starz		1,431
40	Live Nation Inc., (2)		340
10	McGraw-Hill Companies, Inc.		335
160	MediaCom Communications Corporation, (2)		715

30 Nuveen Investments

Shares	Description (1)	Value
	Media (continued)
60	Morningstar, Inc., (2)	$	2,900
10	National CineMedia, Inc.		166
110	New York Times, Class A		1,360
1,170	News Corporation, Class A		16,017
60	Omnicom Group, Inc.		2,349
140	RCN Corporation		1,519
10	Scholastic Corporation		298
300	Time Warner Cable, Class A, (2)		12,417
720	Time Warner Inc.		20,981
700	Viacom Inc., Class B, (2)		20,811
200	Virgin Media, Inc.		3,366
1,050	Walt Disney Company		33,863
30	World Wrestling Entertainment Inc.		460
	Total Media		191,110
	Metals & Mining – 1.2%
10	AK Steel Holding Corporation		214
400	Alcoa Inc.		6,448
10	AM Castle & Co		137
10	Brush Engineered Material, (2)		185
30	Century Aluminum Company, (2)		486
10	Cliffs Natural Resources Inc.		461
320	Coeur d’Alene Mines Corporation		5,779
210	Commercial Metals Company		3,287
50	Compass Minerals International, Inc.		3,360
150	Freeport-McMoRan Copper & Gold, Inc.		12,044
110	Hecla Mining Company, (2)		680
90	Newmont Mining Corporation		4,258
190	Nucor Corporation		8,864
10	Reliance Steel & Aluminum Company		432
150	RTI International Metals, Inc., (2)		3,776
10	Schnitzer Steel Industries, Inc.		477
30	Steel Dynamics Inc.		532
160	Stillwater Mining Company		1,517
20	Titanium Metals Corporation		250
140	United States Steel Corporation		7,717
70	Walter Industries Inc.		5,272
140	Worthington Industries, Inc.		1,830
	Total Metals & Mining		68,006
	Multiline Retail – 0.6%
140	99 Cents Only Stores, (2)		1,830
100	Big Lots, Inc., (2)		2,898
10	Dollar Tree Stores Inc., (2)		483
10	Family Dollar Stores, Inc.		278
240	Federated Department Stores, Inc.		4,022
120	J.C. Penney Company, Inc.		3,193

Nuveen Investments 31

Portfolio of Investments (Unaudited)

Nuveen U.S. Equity Completeness Fund (continued)

December 31, 2009

Shares	Description (1)	Value
	Multiline Retail (continued)
70	Kohl’s Corporation, (2)	$	3,775
30	Nordstrom, Inc.		1,127
20	Saks Inc., (2)		131
20	Sears Holding Corporation, (2)		1,669
270	Target Corporation		13,060
	Total Multiline Retail		32,466
	Multi-Utilities – 1.9%
70	Alliant Energy Corporation		2,118
160	Ameren Corporation		4,472
80	Avista Corporation		1,727
10	Black Hills Corporation		266
50	CH Energy Group Inc.		2,126
130	CMS Energy Corporation		2,036
160	Consolidated Edison, Inc.		7,269
280	Dominion Resources, Inc.		10,898
230	DTE Energy Company		10,026
20	Integrys Energy Group, Inc.		840
180	MDU Resources Group Inc.		4,248
210	NiSource Inc.		3,230
90	Northwestern Corporation		2,342
60	NSTAR		2,208
60	OGE Energy Corp.		2,213
220	PG&E Corporation		9,823
390	Public Service Enterprise Group Incorporated		12,968
70	Scana Corporation		2,638
130	Sempra Energy		7,277
140	TECO Energy, Inc.		2,271
10	Vectren Corporation		247
110	Wisconsin Energy Corporation		5,481
300	Xcel Energy, Inc.		6,366
	Total Multi-Utilities		103,090
	Office Electronics – 0.1%
430	Xerox Corporation		3,638
20	Zebra Technologies Corporation, Class A, (2)		567
	Total Office Electronics		4,205
	Oil, Gas & Consumable Fuels – 9.7%
20	Alpha Natural Resources Inc., (2)		868
310	Anadarko Petroleum Corporation		19,350
150	Apache Corporation		15,476
110	Arch Coal Inc.		2,448
50	Arena Resources Inc., (2)		2,156
30	Atlas Energy Inc		905
30	Berry Petroleum Company		875
90	Bill Barrett Corporation, (2)		2,800
80	BPZ Resources, Inc., (2)		760

32 Nuveen Investments

Shares	Description (1)	Value
	Oil, Gas & Consumable Fuels (continued)
40	Cabot Oil & Gas Corporation	$	1,744
30	Carrizo Oil & Gas, Inc., (2)		795
380	Chesapeake Energy Corporation		9,834
1,000	Chevron Corporation		76,990
40	Cimarex Energy Company		2,119
790	ConocoPhillips		40,345
70	CONSOL Energy Inc.		3,486
70	Continental Resources Inc., (2)		3,002
90	Denbury Resources Inc., (2)		1,332
220	Devon Energy Corporation		16,170
170	El Paso Corporation		1,671
50	Encore Acquisition Company, (2)		2,401
110	EOG Resources, Inc.		10,703
10	Exco Resources Inc.		212
2,600	Exxon Mobil Corporation		177,294
50	Forest Oil Corporation, (2)		1,113
50	Frontline Limited		1,366
150	FX Energy, Inc.		428
90	Golar LNG, Limited		1,154
170	Gran Tiera Energy Inc., (2)		974
20	Gulfport Energy Corporation, (2)		229
100	Hess Corporation		6,050
10	James River Coal Company, (2)		185
30	Knightsbridge Tankers Limited		398
600	Marathon Oil Corporation		18,732
10	Massey Energy Company		420
40	McMoran Exploration Corporation, (2)		321
110	Murphy Oil Corporation		5,962
110	Newfield Exploration Company, (2)		5,305
160	Noble Energy, Inc.		11,395
380	Occidental Petroleum Corporation		30,913
10	Patriot Coal Corporation, (2)		155
140	Peabody Energy Corporation		6,329
30	Penn Virginia Corporation		639
60	Petroquest Energy Inc., (2)		368
80	Pioneer Natural Resources Company		3,854
120	Range Resources Corporation		5,982
10	Rosetta Resources, Inc., (2)		199
20	SandRidge Energy Inc., (2)		189
40	Southern Union Company		908
200	Southwestern Energy Company, (2)		9,640
320	Spectra Energy Corporation		6,563
10	Stone Energy Corporation, (2)		181