N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-08333

Nuveen Investment Trust II

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy—Vice President and Secretary

333 West Wacker Drive, Chicago, Illinois 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: 312-917-7700

Date of fiscal year end: July 31

Date of reporting period: October 31, 2009

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.

Item 1. Schedule of Investments.

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara Dividend Growth Fund

October 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 97.4%
	Aerospace & Defense – 2.6%
52,215	Raytheon Company	$	2,364,295
	Beverages – 2.5%
42,385	Coca-Cola Company		2,259,544
	Capital Markets – 3.0%
12,595	BlackRock Inc.		2,726,692
	Commercial Banks – 2.0%
38,680	Cullen/Frost Bankers, Inc.		1,809,837
	Commercial Services & Supplies – 2.8%
86,805	Waste Management, Inc.		2,593,733
	Communications Equipment – 2.7%
59,605	QUALCOMM, Inc.		2,468,243
	Computers & Peripherals – 3.1%
23,185	International Business Machines Corporation (IBM)		2,796,343
	Diversified Financial Services – 2.4%
53,205	JPMorgan Chase & Co.		2,222,373
	Diversified Telecommunication Services – 5.7%
101,255	AT&T Inc.		2,599,216
31,070	Telefonica SA		2,607,705
	Total Diversified Telecommunication Services		5,206,921
	Electric Utilities – 4.6%
46,665	Exelon Corporation		2,191,388
40,985	FPL Group, Inc.		2,012,364
	Total Electric Utilities		4,203,752
	Electrical Equipment – 3.0%
71,360	Emerson Electric Company		2,693,840
	Gas Utilities – 2.9%
62,935	EQT Corporation		2,634,459
	Health Care Equipment & Supplies – 5.7%
19,955	Alcon, Inc.		2,849,374
34,285	Becton, Dickinson and Company		2,343,723
	Total Health Care Equipment & Supplies		5,193,097
	Hotels, Restaurants & Leisure – 2.7%
76,050	YUM! Brands, Inc.		2,505,848
	Household Durables – 1.7%
51,485	Garmin Limited		1,557,936
	Household Products – 2.6%
40,645	Procter & Gamble Company		2,357,410
	Insurance – 2.5%
56,115	AFLAC Incorporated		2,328,211

Nuveen Investments 1

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara Dividend Growth Fund (continued)

October 31, 2009

Shares		Description (1)			Value
		IT Services – 3.0%
	95,930	Paychex, Inc.			$	2,725,371
		Machinery – 3.0%
	74,272	PACCAR Inc.				2,778,516
		Media – 3.8%
	97,600	Shaw Communication Inc.				1,732,400
	53,470	Thomson Corporation				1,692,326
		Total Media				3,424,726
		Metals & Mining – 2.3%
	66,060	Southern Copper Corporation				2,080,890
		Oil, Gas & Consumable Fuels – 8.7%
	39,810	Chevron Corporation				3,047,057
	32,550	EnCana Corporation				1,802,945
	52,395	Royal Dutch Shell PLC, Class A				3,112,787
		Total Oil, Gas & Consumable Fuels				7,962,789
		Pharmaceuticals – 2.8%
	51,260	Abbott Laboratories				2,592,218
		Semiconductors & Equipment – 2.7%
	103,055	Microchip Technology Incorporated				2,469,198
		Software – 3.1%
	102,900	Microsoft Corporation				2,853,417
		Specialty Retail – 2.4%
	39,050	Sherwin-Williams Company				2,227,412
		Textiles, Apparel & Luxury Goods – 2.7%
	34,175	VF Corporation				2,427,792
		Thrifts & Mortgage Finance – 4.5%
	172,885	Hudson City Bancorp, Inc.				2,271,709
	171,460	New York Community Bancorp, Inc.				1,850,053
		Total Thrifts & Mortgage Finance				4,121,762
		Tobacco – 5.9%
	35,800	Lorillard Inc.				2,782,376
	54,575	Philip Morris International				2,584,672
		Total Tobacco				5,367,048
		Total Common Stocks (cost $85,263,530)				88,953,673
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 1.9%
$	1,767	Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/30/09, repurchase price $1,767,252, collateralized by $1,830,000 U.S. Treasury Notes, 3.125%, due 5/15/19, value $1,804,838	0.010%	11/02/09	$	1,767,251
		Total Short-Term Investments (cost $1,767,251)				1,767,251
		Total Investments (cost $87,030,781) – 99.3%				90,720,924
		Other Assets Less Liabilities – 0.7%				594,773
		Net Assets – 100%			$	91,315,697

2 Nuveen Investments

Fair Value Measurements

In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the Fund’s fair value measurements as of October 31, 2009:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	88,953,673	$	—	$	—	$	88,953,673
Short-Term Investments		1,767,251		—		—		1,767,251
Total	$	90,720,924	$	—	$	—	$	90,720,924

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 value of the Fund.

At October 31, 2009, the cost of investments was $88,270,437.

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

Gross unrealized:
Appreciation	$	6,993,323
Depreciation		(4,542,836	)
Net unrealized appreciation (depreciation) of investments	$	2,450,487

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

Nuveen Investments 3

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara Growth Fund

October 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 97.5%
	Aerospace & Defense – 5.3%
13,835	ITT Industries, Inc.	$	701,435
9,470	Raytheon Company		428,802
6,735	United Technologies Corporation		413,866
	Total Aerospace & Defense		1,544,103
	Air Freight & Logistics – 1.6%
14,375	Expeditors International of Washington, Inc.		463,163
	Biotechnology – 2.1%
14,480	Gilead Sciences, Inc., (2)		616,124
	Capital Markets – 2.6%
4,485	Goldman Sachs Group, Inc.		763,212
	Chemicals – 4.8%
8,015	Monsanto Company		538,448
10,975	Praxair, Inc.		871,853
	Total Chemicals		1,410,301
	Commercial Services & Supplies – 2.0%
19,045	Waste Management, Inc.		569,065
	Communications Equipment – 3.0%
20,915	QUALCOMM, Inc.		866,089
	Computers & Peripherals – 2.3%
5,500	International Business Machines Corporation (IBM)		663,355
	Construction & Engineering – 1.5%
10,320	Jacobs Engineering Group, Inc., (2)		436,433
	Diversified Financial Services – 2.4%
2,285	CME Group, Inc.		691,464
	Electrical Equipment – 2.0%
15,400	Emerson Electric Company		581,350
	Electronic Components – 2.2%
16,115	Amphenol Corporation, Class A		646,534
	Electronic Equipment & Instruments – 1.7%
18,200	FLIR Systems Inc., (2)		506,142
	Energy Equipment & Services – 3.1%
14,755	Schlumberger Limited		917,760
	Food Products – 1.9%
9,525	Bunge Limited		543,497
	Health Care Equipment & Supplies – 9.4%
5,115	Alcon, Inc.		730,371
6,905	Becton, Dickinson and Company		472,026
10,350	C. R. Bard, Inc.		776,975
7,250	Stryker Corporation		333,500
10,800	Varian Medical Systems, Inc., (2)		442,584
	Total Health Care Equipment & Supplies		2,755,456

4 Nuveen Investments

Shares	Description (1)	Value
	Health Care Providers & Services – 4.4%
7,430	Express Scripts, Inc., (2)	$	593,806
12,610	Quest Diagnostics Incorporated		705,277
	Total Health Care Providers & Services		1,299,083
	Hotels, Restaurants & Leisure – 2.1%
10,585	McDonald’s Corporation		620,387
	Household Products – 2.0%
10,050	Procter & Gamble Company		582,900
	Internet Software & Services – 2.7%
1,475	Google Inc., Class A, (2)		790,777
	IT Services – 6.5%
22,910	Accenture Limited		849,502
10,350	Affiliated Computer Services, Inc., (2)		539,132
28,195	Western Union Company		512,303
	Total IT Services		1,900,937
	Life Sciences Tools & Services – 1.4%
6,900	Waters Corporation, (2)		396,267
	Machinery – 6.8%
12,930	Illinois Tool Works, Inc.		593,746
12,295	Parker Hannifin Corporation		651,143
16,150	Stanley Works		730,465
	Total Machinery		1,975,354
	Media – 2.2%
18,930	Omnicom Group, Inc.		648,920
	Office Electronics – 2.0%
78,515	Xerox Corporation		590,433
	Oil, Gas & Consumable Fuels – 2.8%
19,698	XTO Energy, Inc.		818,648
	Pharmaceuticals – 4.1%
8,555	Allergan, Inc.		481,219
14,360	Teva Pharmaceutical Industries Limited, Sponsored ADR		724,893
	Total Pharmaceuticals		1,206,112
	Road & Rail – 3.1%
7,125	Burlington Northern Santa Fe Corporation		536,655
8,055	Norfolk Southern Corporation		375,524
	Total Road & Rail		912,179
	Semiconductors & Equipment – 2.8%
42,290	Intel Corporation		808,162
	Software – 3.1%
38,400	Activision Blizzard Inc., (2)		415,872
16,700	Intuit, Inc., (2)		485,469
	Total Software		901,341

Nuveen Investments 5

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara Growth Fund (continued)

October 31, 2009

Shares		Description (1)			Value
		Specialty Retail – 2.3%
	15,445	Ross Stores, Inc.			$	679,734
		Textiles, Apparel & Luxury Goods – 1.3%
	6,315	Nike, Inc., Class B				392,667
		Total Common Stocks (cost $29,128,803)				28,497,949
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 0.4%
$	127	Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/30/09, repurchase price $126,839, collateralized by $120,000 U.S. Treasury Notes, 4.250%, due 8/15/15, value $131,400	0.010%	11/02/09	$	126,839
		Total Short-Term Investments (cost $126,839)				126,839
		Total Investments (cost $29,255,642) – 97.9%				28,624,788
		Other Assets Less Liabilities – 2.1%				613,246
		Net Assets – 100%			$	29,238,034

6 Nuveen Investments

Fair Value Measurements

In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the Fund’s fair value measurements as of October 31, 2009:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	28,497,949	$	—	$	—	$	28,497,949
Short-Term Investments		126,839		—		—		126,839
Total	$	28,624,788	$	—	$	—	$	28,624,788

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 value of the Fund.

At October 31, 2009, the cost of investments was $29,941,811.

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

Gross unrealized:
Appreciation	$	1,566,793
Depreciation		(2,883,816	)
Net unrealized appreciation (depreciation) of investments	$	(1,317,023	)

(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.

Nuveen Investments 7

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara Growth Opportunities Fund

October 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 97.3%
	Capital Markets – 1.6%
3,000	GFI Group, Inc.	$	15,450
	Chemicals – 10.0%
300	CF Industries Holdings, Inc.		24,975
1,100	H.B. Fuller Company		21,021
350	Lubrizol Corporation		23,296
900	Terra Industries, Inc.		28,593
	Total Chemicals		97,885
	Commercial Banks – 2.8%
1,325	TCF Financial Corporation		15,675
300	UMB Financial Corporation		11,931
	Total Commercial Banks		27,606
	Communications Equipment – 2.5%
550	F5 Networks, Inc., (2)		24,690
	Computers & Peripherals – 5.9%
500	Lexmark International, Inc., Class A, (2)		12,750
500	Network Appliance Inc., (2)		13,525
1,800	QLogic Corporation, (2)		31,572
	Total Computers & Peripherals		57,847
	Construction & Engineering – 2.1%
800	Shaw Group Inc., (2)		20,528
	Diversified Consumer Services – 2.7%
1,600	Regis Corporation		25,984
	Electronic Equipment & Instruments – 3.3%
1,800	Ingram Micro, Inc., (2)		31,770
	Energy Equipment & Services – 6.1%
700	ENSCO International Incorporated		32,053
1,200	Rowan Companies Inc.		27,900
	Total Energy Equipment & Services		59,953
	Food Products – 1.9%
500	Hormel Foods Corporation		18,230
	Health Care Equipment & Supplies – 4.4%
655	Teleflex Inc.		32,584
250	Varian Medical Systems, Inc., (2)		10,245
	Total Health Care Equipment & Supplies		42,829
	Health Care Providers & Services – 9.6%
1,300	AmerisourceBergen Corporation		28,795
1,150	Centene Corporation, (2)		20,505
300	Express Scripts, Inc., (2)		23,976
300	Laboratory Corporation of America Holdings, (2)		20,667
	Total Health Care Providers & Services		93,943
	Insurance – 1.2%
300	Torchmark Corporation		12,180

8 Nuveen Investments

Shares	Description (1)	Value
	IT Services – 4.3%
900	Amdocs Limited, (2)	$	22,680
400	Global Payments Inc.		19,692
	Total IT Services		42,372
	Life Sciences Tools & Services – 2.4%
400	Waters Corporation, (2)		22,972
	Machinery – 2.3%
500	Stanley Works		22,615
	Marine – 2.8%
800	Kirby Corporation, (2)		27,040
	Personal Products – 2.1%
600	Herbalife, Limited		20,190
	Pharmaceuticals – 1.3%
600	Medicis Pharmaceutical Corporation		12,702
	Professional Services – 3.5%
150	Dun and Bradstreet Inc.		11,484
1,400	Korn Ferry International, (2)		22,344
	Total Professional Services		33,828
	Road & Rail – 2.0%
800	Kansas City Southern Industries, (2)		19,384
	Semiconductors & Equipment – 6.1%
700	Analog Devices, Inc.		17,941
2,700	Micrel, Incorporated		20,169
1,000	Xilinx, Inc.		21,750
	Total Semiconductors & Equipment		59,860
	Software – 8.7%
850	Autodesk, Inc., (2)		21,191
700	Check Point Software Technology Limited, (2)		21,749
2,700	SonicWALL, Inc., (2)		21,438
925	Synopsys Inc., (2)		20,350
	Total Software		84,728
	Specialty Retail – 5.3%
600	Buckle Inc.		18,006
400	Joseph A Bank Clothiers, Inc., (2)		16,392
400	Ross Stores, Inc.		17,604
	Total Specialty Retail		52,002
	Trading Companies & Distributors – 2.4%
250	W.W. Grainger, Inc.		23,433
	Total Investments (cost $944,373) – 97.3%		950,021
	Other Assets Less Liabilities – 2.7%		26,355
	Net Assets – 100%	$	976,376

Nuveen Investments 9

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara Growth Opportunities Fund (continued)

October 31, 2009

Fair Value Measurements

In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the Fund’s fair value measurements as of October 31, 2009:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	950,021	$	—	$	—	$	950,021

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 value of the Fund.

At October 31, 2009, the cost of investments was $951,190.

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

Gross unrealized:
Appreciation	$	110,793
Depreciation		(111,962	)
Net unrealized appreciation (depreciation) of investments	$	(1,169	)

(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.

10 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Winslow Large-Cap Growth Fund

October 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 96.6%
	Aerospace & Defense – 2.3%
1,900	United Technologies Corporation	$	116,755
	Air Freight & Logistics – 0.9%
790	C.H. Robinson Worldwide, Inc.		43,537
	Biotechnology – 2.5%
930	Celgene Corporation, (2)		47,477
1,785	Gilead Sciences, Inc., (2)		75,952
	Total Biotechnology		123,429
	Capital Markets – 6.0%
415	BlackRock Inc.		89,843
4,625	Charles Schwab Corporation		80,198
610	Goldman Sachs Group, Inc.		103,804
1,200	Invesco LTD		25,380
	Total Capital Markets		299,225
	Chemicals – 2.2%
1,100	Ecolab Inc.		48,356
885	Monsanto Company		59,454
	Total Chemicals		107,810
	Communications Equipment – 7.6%
6,140	Cisco Systems, Inc., (2)		140,299
3,065	Juniper Networks Inc., (2)		78,188
3,940	QUALCOMM, Inc.		163,155
	Total Communications Equipment		381,642
	Computers & Peripherals – 8.4%
1,065	Apple, Inc., (2)		200,753
3,620	Hewlett-Packard Company		171,805
400	International Business Machines Corporation (IBM)		48,244
	Total Computers & Peripherals		420,802
	Construction & Engineering – 0.7%
1,465	AECOM Technology Corporation, (2)		36,977
	Diversified Financial Services – 3.7%
465	Intercontinental Exchange, Inc., (2)		46,588
3,295	JPMorgan Chase & Co.		137,632
	Total Diversified Financial Services		184,220
	Electrical Equipment – 0.8%
340	First Solar Inc., (2)		41,456
	Energy Equipment & Services – 1.7%
875	FMC Technologies Inc., (2)		46,025
2,115	Weatherford International Ltd, (2)		37,076
	Total Energy Equipment & Services		83,101
	Food & Staples Retailing – 2.9%
720	Costco Wholesale Corporation		40,932
2,975	CVS Caremark Corporation		105,018
	Total Food & Staples Retailing		145,950

Nuveen Investments 11

Portfolio of Investments (Unaudited)

Nuveen Winslow Large-Cap Growth Fund (continued)

October 31, 2009

Shares	Description (1)	Value
	Health Care Equipment & Supplies – 2.7%
1,610	Baxter International, Inc.	$	87,037
1,610	Mindray Medical International Limited, Sponsored ADR		49,475
	Total Health Care Equipment & Supplies		136,512
	Health Care Providers & Services – 3.9%
3,440	Medco Health Solutions, Inc., (2)		193,053
	Hotels, Restaurants & Leisure – 0.9%
1,625	Carnival Corporation		47,320
	Internet & Catalog Retail – 3.9%
600	Amazon.com, Inc., (2)		71,286
790	Priceline.com Incorporated, (2)		124,654
	Total Internet & Catalog Retail		195,940
	Internet Software & Services – 6.4%
1,700	eBay Inc., (2)		37,859
950	Equinix Inc., (2)		81,054
380	Google Inc., Class A, (2)		203,724
	Total Internet Software & Services		322,637
	IT Services – 10.2%
1,610	Accenture Limited		59,699
4,445	Cognizant Technology Solutions Corporation, Class A, (2)		171,799
500	MasterCard, Inc.		109,510
2,220	Visa Inc.		168,187
	Total IT Services		509,195
	Machinery – 2.4%
1,755	Danaher Corporation		119,744
	Metals & Mining – 1.0%
700	Freeport-McMoRan Copper & Gold, Inc.		51,352
	Multiline Retail – 2.6%
1,300	Kohl’s Corporation, (2)		74,386
1,100	Target Corporation		53,273
	Total Multiline Retail		127,659
	Oil, Gas & Consumable Fuels – 7.1%
900	Peabody Energy Corporation		35,631
1,465	Petrohawk Energy Corporation, (2)		34,457
1,250	Petroleo Brasileiro, Sponsored ADR		57,775
3,005	Southwestern Energy Company, (2)		130,958
3,000	Suncor Energy, Inc.		99,060
	Total Oil, Gas & Consumable Fuels		357,881
	Pharmaceuticals – 2.4%
2,400	Teva Pharmaceutical Industries Limited, Sponsored ADR		121,152
	Road & Rail – 2.5%
2,300	Union Pacific Corporation		126,822

12 Nuveen Investments

Shares		Description (1)			Value
		Semiconductors & Equipment – 2.4%
	1,000	Lam Research Corporation, (2)			$	33,720
	1,540	Linear Technology Corporation				39,855
	3,400	Marvell Technology Group Ltd., (2)				46,648
		Total Semiconductors & Equipment				120,223
		Software – 4.6%
	1,610	Adobe Systems Incorporated, (2)				53,033
	3,100	Microsoft Corporation				85,963
	4,335	Oracle Corporation				91,469
		Total Software				230,465
		Specialty Retail – 1.9%
	1,185	Best Buy Co., Inc.				45,243
	1,285	O’Reilly Automotive Inc., (2)				47,905
		Total Specialty Retail				93,148
		Trading Companies & Distributors – 1.0%
	1,395	Fastenal Company				48,128
		Wireless Telecommunication Services – 1.0%
	1,360	American Tower Corporation, (2)				50,075
		Total Common Stocks (cost $4,224,092)				4,836,210
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 3.6%
$	179	Repurchase Agreement with State Street Bank, dated 10/31/09, repurchase price $178,929, collateralized by $185,000 U.S. Treasury Bills, 0.000%, due 4/15/10, value $184,871	0.010%	11/02/09	$	178,928
		Total Short-Term Investments (cost $178,928)				178,928
		Total Investments (cost $4,403,020) – 100.2%				5,015,138
		Other Assets Less Liabilities – (0.2)%				(10,066)
		Net Assets – 100%			$	5,005,072

Nuveen Investments 13

Portfolio of Investments (Unaudited)

Nuveen Winslow Large-Cap Growth Fund (continued)

October 31, 2009

Fair Value Measurements

In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of October 31, 2009:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	4,836,210	$	—	$	—	$	4,836,210
Short-Term Investments		178,928		—		—		178,928
Total	$	5,015,138	$	—	$	—	$	5,015,138

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 value of the Fund.

At October 31, 2009, the cost of investments was $4,403,531.

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

Gross unrealized:
Appreciation	$	657,273
Depreciation		(45,666	)
Net unrealized appreciation (depreciation) of investments	$	611,607

(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.

14 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Tradewinds International Value Fund

October 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 93.2%
	Aerospace & Defense – 2.5%
990,456	Embraer Aircraft Corporation	$	5,026,497
464,016	Thales S.A., (4)		22,482,759
	Total Aerospace & Defense		27,509,256
	Auto Components – 1.8%
500,408	Magna International Inc., Class A		19,831,169
	Beverages – 2.7%
1,590,900	Coca Cola West Holdings Company, (4)		29,551,650
	Building Products – 1.5%
983,000	JS Group Corporation, (4)		16,043,067
	Capital Markets – 1.2%
782,069	UBS AG, (2)		12,974,525
	Commercial Banks – 2.1%
144,414	Societe Generale, (4)		9,591,960
2,519,000	Sumitomo Trust & Banking Company, (4)		13,123,974
	Total Commercial Banks		22,715,934
	Commercial Services & Supplies – 3.0%
186,384	Dai Nippon Printing Co., Ltd., ADR, (4)		2,339,119
2,401,000	Dai Nippon Printing Co., Ltd., (4)		30,083,077
	Total Commercial Services & Supplies		32,422,196
	Communications Equipment – 2.5%
3,844,264	Alcatel-Lucent, (2), (4)		14,396,558
1,056,891	Nokia Oyj, Sponsored ADR		13,327,396
	Total Communications Equipment		27,723,954
	Computers & Peripherals – 0.9%
231,819	Gemalto N.V., (2), (4)		9,742,774
	Containers & Packaging – 1.4%
1,271,325	Rexam PLC, (4)		5,756,816
566,000	Toyo Seikan Kaisha, (4)		9,508,732
	Total Containers & Packaging		15,265,548
	Diversified Telecommunication Services – 6.9%
556,120	Belgacom S.A., (4)		20,828,769
1,423,359	Nippon Telegraph and Telephone Corporation, ADR		29,235,794
22,384,433	Telecom Italia S.p.A., (4)		24,633,783
	Total Diversified Telecommunication Services		74,698,346
	Electric Utilities – 3.1%
673,700	Centrais Electricas Brasileiras S.A., ADR, (2)		8,576,201
479,544	Centrais Electricas Brasileiras S.A., Electrobras		6,781,018
1,331,818	Korea Electric Power Corporation, Sponsored ADR, (2)		18,485,634
	Total Electric Utilities		33,842,853

Nuveen Investments 15

Portfolio of Investments (Unaudited)

Nuveen Tradewinds International Value Fund (continued)

October 31, 2009

Shares	Description (1)	Value
	Electrical Equipment – 0.9%
18,199	Areva CI, (4)	$	9,564,702
	Electronic Equipment & Instruments – 5.2%
887,700	Fujifilm Holdings Corp, (4)		25,236,666
658,400	Mabuchi Motor Company Limited, (4)		31,506,104
	Total Electronic Equipment & Instruments		56,742,770
	Energy Equipment & Services – 0.9%
157,707	Technip SA, (4)		9,894,246
	Food & Staples Retailing – 4.3%
506,576	Carrefour SA, (4)		21,743,627
1,169,900	Seven & I Holdings, (4)		25,611,736
	Total Food & Staples Retailing		47,355,363
	Household Durables – 1.6%
2,002,000	Sekisui House, Ltd., (4)		17,312,748
	Household Products – 1.0%
470,000	KAO Corporation, (4)		10,468,697
	Industrial Conglomerates – 1.9%
230,014	Siemens AG, Sponsored ADR, (4)		20,785,661
	Insurance – 2.8%
382,341	Axis Capital Holdings Limited		11,045,831
857,300	Mitsui Sumitomo Insurance Company Limited, (4)		19,956,252
	Total Insurance		31,002,083
	Leisure Equipment & Products – 1.5%
1,141,200	Sega Sammy Holdings Inc., (4)		16,203,247
	Media – 1.6%
763,259	Walters Kluwer N.V., (4)		17,015,447
	Metals & Mining – 14.0%
4,742,800	Alumina Limited, (2), (4)		6,960,017
692,143	AngloGold Ashanti Limited, Sponsored ADR		25,983,048
1,044,107	Barrick Gold Corporation		37,514,765
1,604,808	Gold Fields Limited, (4)		20,531,951
411,049	Impala Platinum Holdings Limited, (4)		9,044,512
610,941	Ivanhoe Mines Ltd., (2)		6,579,835
1,534,469	Kinross Gold Corporation		28,510,434
593,693	Newcrest Mining Limited, (4)		17,065,561
	Total Metals & Mining		152,190,123
	Multi-Utilities – 1.4%
2,121,888	United Utilities PLC, (4)		15,297,495
	Oil, Gas & Consumable Fuels – 8.3%
478,515	BP PLC, Sponsored ADR		27,093,519
577,371	ERG S.p.A., (4)		8,522,137
983,046	Nexen Inc.		21,105,998

16 Nuveen Investments

Shares		Description (1)			Value
		Oil, Gas & Consumable Fuels (continued)
	573,716	Royal Dutch Shell PLC, Class B, Sponsored ADR			$	33,367,323
		Total Oil, Gas & Consumable Fuels				90,088,977
		Personal Products – 2.5%
	1,485,000	Shiseido Company, Limited, (4)				27,111,831
		Pharmaceuticals – 6.1%
	676,456	Novartis AG, (4)				35,225,876
	428,823	Sanofi-Aventis, SA, (4)				31,433,678
		Total Pharmaceuticals				66,659,554
		Semiconductors & Equipment – 1.6%
	266,000	Rohm Company Limited, (4)				17,640,294
		Software – 1.0%
	41,400	Nintendo Co., Ltd., (4)				10,384,135
		Textiles, Apparel & Luxury Goods – 1.8%
	1,637,000	Wacoal Holdings Corporation, (4)				19,810,005
		Wireless Telecommunication Services – 5.2%
	2,015,770	SK Telecom Company Limited, ADR				33,683,516
	10,520,833	Vodafone Group PLC, (4)				23,186,092
		Total Wireless Telecommunication Services				56,869,608
		Total Common Stocks (cost $1,009,269,069)				1,014,718,258
Shares		Description (1)	Coupon	Ratings (3)	Value
		CONVERTIBLE PREFERRED SECURITIES – 1.2%
		Communications Equipment – 1.2%
	17,517	Lucent Technologies Capital Trust I	7.750%	B3	$	13,531,883
		Total Convertible Preferred Securities (cost $5,715,958)				13,531,883
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 4.6%
$	49,589	Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/30/09, repurchase price $49,589,014, collateralized by $37,765,000 U.S. Treasury Bonds, 7.125%, due 2/15/23, value $50,582,441	0.010%	11/02/09	$	49,588,973
		Total Short-Term Investments (cost $49,588,973)				49,588,973
		Total Investments (cost $1,064,574,000) – 99.0%				1,077,839,114
		Other Assets Less Liabilities – 1.0%				11,410,668
		Net Assets – 100%			$	1,089,249,782

(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) 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.

(4) For fair value measurement disclosure purposes, investment categorized as Level 2.

ADR American Depositary Receipt.

Nuveen Investments 17

Portfolio of Investments (Unaudited)

Nuveen Tradewinds International Value Fund (continued)

October 31, 2009

Fair Value Measurements

In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of October 31, 2009:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks*	$	339,122,503	$	675,595,755	$	—	$	1,014,718,258
Preferred Securities**		—		13,531,883		—		13,531,883
Short-Term Investments		49,588,973		—		—		49,588,973
Total	$	388,711,476	$	689,127,638	$	—	$	1,077,839,114

* 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.

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 value of the Fund.

At October 31, 2009, the cost of investments was $1,078,483,407.

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

Gross unrealized:
Appreciation	$	101,088,154
Depreciation		(101,732,447	)
Net unrealized appreciation (depreciation) of investments	$	(644,293	)

18 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Tradewinds Global All-Cap Fund

October 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 88.3%
	Aerospace & Defense – 1.8%
190,250	Thales S.A., (3)	$	9,218,098
	Airlines – 0.9%
173,900	WestJet Airlines Limited		1,764,635
281,851	WestJet Airlines Limited, 144A		2,860,055
	Total Airlines		4,624,690
	Beverages – 0.7%
221,000	Kirin Holdings Company, Limited, (3)		3,607,400
	Building Products – 0.4%
119,000	JS Group Corporation, (3)		1,942,141
	Capital Markets – 2.5%
1,026,000	Daiwa Securities Group Inc., (3)		5,400,166
1,599,295	Endeavor Financial Corporation, 144A, (2)		2,778,684
313,000	UBS AG, (2)		5,192,670
	Total Capital Markets		13,371,520
	Commercial Banks – 2.7%
470,000	77 Bank Limited, (3)		2,704,846
696,000	Bangkok Bank Public Company Limited, (3)		2,334,382
2,255	ICICI Bank Limited, ADR		70,920
7,191,200	Krung Thai Bank Public Company Limited		1,559,797
1,452,000	Sumitomo Trust & Banking Company, (3)		7,564,911
	Total Commercial Banks		14,234,856
	Commercial Services & Supplies – 1.0%
586,000	Toppan Printing Company Limited, DD1, (3)		5,237,329
	Construction Materials – 1.0%
2,982,000	Sumitomo Osaka Cement Company, Limited, DD1, (3)		5,223,701
	Diversified Telecommunication Services – 5.9%
331,370	Deutsche Telekom AG, ADR		4,486,750
105,985	KT Corporation, Sponsored ADR		1,701,059
186,275	Nippon Telegraph and Telephone Corporation, ADR		3,826,089
415,700	Nippon Telegraph and Telephone Corporation, (3)		17,152,768
3,756,225	Telecom Italia S.p.A., (3)		4,133,678
	Total Diversified Telecommunication Services		31,300,344
	Electric Utilities – 4.2%
667,150	Centrais Electricas Brasileiras S.A., ADR, (2)		8,492,820
64,825	Electricite de France S.A., (3)		3,613,061
707,675	Korea Electric Power Corporation, Sponsored ADR, (2)		9,822,529
	Total Electric Utilities		21,928,410
	Electrical Equipment – 0.5%
4,465	Areva CI, (3)		2,346,634
28,000	Futaba Corporation, (3)		433,508
	Total Electrical Equipment		2,780,142
	Electronic Equipment & Instruments – 0.6%
75,280	Tech Data Corporation, (2)		2,893,010

Nuveen Investments 19

Portfolio of Investments (Unaudited)

Nuveen Tradewinds Global All-Cap Fund (continued)

October 31, 2009

Shares	Description (1)	Value
	Energy Equipment & Services – 1.6%
297,000	BJ Services Company	$	5,702,400
47,100	Technip S.A., (3)		2,954,967
	Total Energy Equipment & Services		8,657,367
	Food & Staples Retailing – 4.4%
357,355	Kroger Co.		8,265,621
233,900	Seven & I Holdings, DD1, (3)		5,120,596
202,000	Wal-Mart Stores, Inc.		10,035,360
	Total Food & Staples Retailing		23,421,577
	Food Products – 6.0%
12,969,280	Marine Harvest, (2), (3)		9,409,497
67,700	Nissin Foods Holdings Company Limited, (3)		2,388,990
589,336	Smithfield Foods, Inc., (2)		7,861,742
954,875	Tyson Foods, Inc., Class A		11,955,035
	Total Food Products		31,615,264
	Health Care Providers & Services – 0.9%
189,200	Aetna Inc.		4,924,876
	Household Durables – 2.1%
1,253,000	Sekisui House, Ltd., (3)		10,835,601
	Household Products – 1.9%
450,000	KAO Corporation, (3)		10,023,221
	Insurance – 0.6%
101,150	Loews Corporation		3,348,065
	Internet Software & Services – 1.5%
354,000	eBay Inc., (2)		7,883,580
	Leisure Equipment & Products – 0.3%
1,218	Fields Corporation, (3)		1,628,357
	Machinery – 1.7%
220,350	AGCO Corporation, (2)		6,194,039
218,325	Tata Motors Limited, ADR		2,484,539
	Total Machinery		8,678,578
	Marine – 1.7%
646,780	Stolt-Nielsen S.A., (3)		8,915,868
	Media – 0.5%
15,300	Hakuhodo DY Holdings Inc., (3)		768,471
1,340	TV Asahi Corporation, (3)		2,037,434
	Total Media		2,805,905
	Metals & Mining – 17.2%
385,000	Alcoa Inc.		4,781,700
177,000	Alumina Limited, Sponsored ADR, (2)		1,023,060
109,100	AngloGold Ashanti Limited, Sponsored ADR		4,095,614
501,105	Barrick Gold Corporation		18,004,703
5,132,000	Eastern Platinum Limited, (2)		3,414,851
5,928,113	Gabriel Resources, Limited, (2)		11,340,691
804,428	Gabriel Resources Limited, 144A, (2)		1,538,899
644,300	Gold Fields Limited, (3)		8,243,189

20 Nuveen Investments

Shares	Description (1)	Value
	Metals & Mining (continued)
6,262,300	Lihir Gold Limited, (2), (3)	$	17,128,436
2,870,670	Minara Resources Limited, (2), (3)		2,217,083
1,282,200	Mineral Deposits Limited, (2), (3)		1,113,738
404,275	Newmont Mining Corporation		17,569,792
	Total Metals & Mining		90,471,756
	Multi-Utilities – 0.9%
187,100	Ameren Corporation		4,554,014
	Oil, Gas & Consumable Fuels – 11.1%
83,750	BP PLC, Sponsored ADR		4,741,925
325,100	Cameco Corporation		8,845,971
97,000	ConocoPhillips		4,867,460
52,200	CONSOL Energy Inc.		2,234,682
705,500	ERG S.p.A., (3)		10,413,353
152,650	Gazprom OAO, ADR, (3)		3,660,858
763,000	Nippon Oil Corporation, (3)		3,759,876
185,750	Peabody Energy Corporation		7,353,843
26,500	PetroChina Company Limited, Sponsored ADR		3,181,060
209,200	StatoilHydro ASA, Sponsored ADR		4,949,672
330,300	Tesoro Corporation		4,670,442
	Total Oil, Gas & Consumable Fuels		58,679,142
	Paper & Forest Products – 1.9%
959,723	Mondi Plc, (3)		5,297,378
391,177	UPM-Kymmene Corporation, (3)		4,694,676
	Total Paper & Forest Products		9,992,054
	Pharmaceuticals – 4.9%
58,425	AstraZeneca PLC, Sponsored ADR		2,623,867
612,900	Pfizer Inc.		10,437,687
338,200	Sanofi-Aventis, ADR		12,486,344
	Total Pharmaceuticals		25,547,898
	Road & Rail – 1.8%
173,815	Union Pacific Corporation		9,584,159
	Software – 1.3%
253,040	Microsoft Corporation		7,016,799
	Trading Companies & Distributors – 0.8%
304,000	Mitsui & Company Limited, (3)		3,992,414
	Water Utilities – 0.9%
127,100	Companhia de Saneamento Basico do Estado de Sao Paulo, ADR		4,895,891
	Wireless Telecommunication Services – 2.1%
1,528,306	TIM Participacoes S.A.		3,600,402
183,145	Turkcell Iletisim Hizmetleri A.S., ADR		3,009,071
197,320	Vodafone Group PLC, Sponsored ADR		4,378,530
	Total Wireless Telecommunication Services		10,988,003
	Total Common Stocks (cost $447,806,039)		464,822,030

Nuveen Investments 21

Portfolio of Investments (Unaudited)

Nuveen Tradewinds Global All-Cap Fund (continued)

October 31, 2009

Shares		Description (1)			Value
		WARRANTS – 0.1%
	799,647	Endeavor Financil Corporation, 144A			$	539,478
		Total Warrants (cost $104,580)				539,478
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 12.3%
$	64,906	Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/30/09, repurchase price $64,905,876, collateralized by $64,910,000 U.S. Treasury Notes, 3.625%, due 8/15/19, value $66,208,200	0.010%	11/02/09	$	64,905,822
		Total Short-Term Investments (cost $64,905,822)				64,905,822
		Total Investments (cost $512,816,441) – 100.7%				530,267,330
		Other Assets Less Liabilities – (0.7)%				(3,602,971)
		Net Assets – 100%			$	526,664,359

(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.

DD1 Investment, or portion of investment, purchased on a delayed delivery basis.

ADR American Depositary Receipt.

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

22 Nuveen Investments

Fair Value Measurements

In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of October 31, 2009:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks*	$	279,305,404	$	185,516,626	$	—	$	464,822,030
Warrants		539,478		—		—		539,478
Short-Term Investments		64,905,822		—		—		64,905,822
Total	$	344,750,704	$	185,516,626	$	—	$	530,267,330

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

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 value of the Fund.

At October 31, 2009, the cost of investments was $521,555,711.

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

Gross unrealized:
Appreciation	$	46,799,313
Depreciation		(38,087,694	)
Net unrealized appreciation (depreciation) of investments	$	8,711,619

Nuveen Investments 23

Portfolio of Investments (Unaudited)

Nuveen Tradewinds Global Resources Fund

October 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 91.8%
	Capital Markets – 0.5%
41,300	Endeavor Financial Corporation	$	71,756
	Chemicals – 3.5%
4,110	Mosaic Company		192,060
15,650	Omnia Holdings Limited, (3)		116,019
1,645	Potash Corporation of Saskatchewan		152,623
	Total Chemicals		460,702
	Construction & Engineering – 1.0%
5,025	Shaw Group Inc., (2)		128,942
	Electric Utilities – 3.7%
12,840	Centrais Electricas Brasileiras S.A., ADR, (2)		163,453
3,705	Electricite de France S.A., (3)		206,500
8,173	Korea Electric Power Corporation, Sponsored ADR, (2)		113,441
	Total Electric Utilities		483,394
	Electrical Equipment – 1.5%
385	Areva CI, (3)		202,341
	Energy Equipment & Services – 4.2%
2,985	Baker Hughes Incorporated		125,579
6,430	BJ Services Company		123,456
5,065	Calfrac Well Services Limited		80,231
2,325	ENSCO International Incorporated		106,462
1,820	Technip S.A., (3)		114,183
	Total Energy Equipment & Services		549,911
	Food Products – 1.4%
14,050	Smithfield Foods, Inc., (2)		187,427
	Machinery – 1.9%
8,700	AGCO Corporation, (2)		244,557
	Metals & Mining – 39.5%
6,725	Alcoa Inc.		83,525
126,225	Alumina Limited, (2), (3)		185,234
6,039	Anglo American PLC, (2), (3)		218,509
9,308	AngloGold Ashanti Limited, Sponsored ADR		349,422
54,300	Banro Corporation, (2)		114,030
12,825	Barrick Gold Corporation		460,802
12,110	Detour Gold Corporation, (2)		149,409
205,925	Eastern Platinum Limited, (2)		137,023
31,800	Entree Gold Inc.		77,292
34,600	First Uranium Corporation, (2)		86,336
1,745	Freeport-McMoRan Copper & Gold, Inc.		128,013
73,400	Gabriel Resources, Limited, (2)		140,417
218,125	Geovic Mining Corporation, (2)		118,935
24,930	Gold Fields Limited Sponsored ADR		317,858
8,110	Impala Platinum Holdings Limited, (3)		178,448

24 Nuveen Investments

Shares	Description (1)	Value
	Metals & Mining (continued)
14,015	Industrias Penoles, S.A.B. de C.V., (3)	$	255,924
15,400	Ivanhoe Mines Ltd., (2)		165,858
21,425	Kinross Gold Corporation		398,077
90,780	Lihir Gold Limited, (2), (3)		248,298
1,378	Lonmin PLC, (2), (3)		32,965
362,025	MagIndustries Corp., (2)		180,670
110,500	Minara Resources Limited, (2), (3)		85,342
158,400	Mineral Deposits Limited, (2), (3)		137,589
15,135	Newcrest Mining Limited, (3)		435,052
2,945	Newmont Mining Corporation		127,990
24,393	NovaGold Resources Inc., (2)		104,890
9,815	Silver Standard Resources, Inc., (2)		182,363
355,825	Simmer & Jack Mines, (2), (3)		93,493
	Total Metals & Mining		5,193,764
	Oil, Gas & Consumable Fuels – 31.6%
8,520	Arch Coal Inc.		184,543
4,060	BP PLC, Sponsored ADR		229,877
10,990	Cameco Corporation		299,038
8,830	Chesapeake Energy Corporation		216,335
6,068	ConocoPhillips		304,492
2,715	CONSOL Energy Inc.		116,229
4,230	Devon Energy Corporation		273,723
8,700	ERG S.p.A., (3)		128,414
2,650	Gazprom OAO, ADR, (3)		63,552
4,670	Hess Corporation		255,636
11,150	Nexen Inc.		239,391
5,930	Peabody Energy Corporation		234,769
7,500	Petrobras Energia S.A., ADR (2)		128,475
2,200	PetroChina Company Limited, ADR		264,088
7,025	Pioneer Natural Resources Company		288,798
12,020	Royal Dutch Shell PLC, Class A, (3)		354,873
4,055	S-Oil Corporation, (3)		196,163
4,079	Suncor Energy, Inc.		134,689
17,150	Tesoro Corporation		242,501
	Total Oil, Gas & Consumable Fuels		4,155,586
	Paper & Forest Products – 1.1%
23,700	Mondi Plc, (3)		130,817
	Road & Rail – 1.0%
2,460	Union Pacific Corporation		135,644
	Water Utilities – 0.9%
2,920	Companhia de Saneamento Basico do Estado de Sao Paulo, ADR		112,478
	Total Common Stocks (cost $10,018,237)		12,057,319

Nuveen Investments 25

Portfolio of Investments (Unaudited)

Nuveen Tradewinds Global Resources Fund (continued)

October 31, 2009

Shares		Description (1)			Value
		WARRANTS – 0.2%
	10,937	Endeavor Financial Corporation, 144A			$	7,379
	4,593	NovaGold Resources Inc.				14,965
		Total Warrants (cost $2,349)				22,344
Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 8.1%
$	1,069	Repurchase Agreement with State Street Bank, dated 10/30/09 repurchase price $1,068,734, collateralized by $1,095,000 U.S. Treasury Bills, 0.000%, due 4/15/10, value $1,094,234	0.010%	11/02/09	$	1,068,733
		Total Short-Term Investments (cost $1,068,733)				1,068,733
		Total Investments (cost $11,089,319) – 100.1%				13,148,396
		Other Assets Less Liabilities – (0.1)%				(8,536)
		Net Assets – 100%			$	13,139,860

(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.

ADR American Depositary Receipt.

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

26 Nuveen Investments

Fair Value Measurements

In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of October 31, 2009:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks*	$	8,673,603	$	3,383,716	$	—	$	12,057,319
Warrants		7,379		14,965		—		22,344
Short-Term Investments		1,068,733		—		—		1,068,733
Total	$	9,749,715	$	3,398,681	$	—	$	13,148,396

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

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 value of the Fund.

At October 31, 2009, the cost of investments was $11,418,866.

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

Gross unrealized:
Appreciation	$	2,285,560
Depreciation		(556,030	)
Net unrealized appreciation (depreciation) of investments	$	1,729,530

Nuveen Investments 27

Portfolio of Investments (Unaudited)

Nuveen Tradewinds Emerging Markets Fund

October 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 87.1%
	Aerospace & Defense – 0.8%
1,224	Embraer – Empresa Brasileiras de Aeronautica S/A, ADR	$	24,786
	Capital Markets – 0.5%
2,970	EFG – Hermes Holding SAE, 144A		17,512
	Chemicals – 1.6%
6,935	Omnia Holdings Limited, DD1, (5)		51,411
	Commercial Banks – 10.0%
10,800	Krung Thai Bank Public Company Limited, Foreign Shares, (5)		36,223
14,087	Bank Hapoalim BM, (2)		52,014
18,321	Bank Leumi le-Israel B.M, (2)		72,381
1,501	ICICI Bank Limited, ADR		47,206
5,188	Kazkommertsbank, 144A, GDR, (2)		36,316
145,100	Krung Thai Bank Public Company Limited		31,473
59,500	Metropolitan Bank & Trust Company, (5)		50,331
	Total Commercial Banks		325,944
	Construction Materials – 0.6%
5,304	Akcansa Cimento Sanayi Ve Ticaret A.S, (2), (5)		21,005
	Diversified Telecommunication Services – 5.9%
4,905	China Unicom Limited, ADR		62,048
1,181	Chunghwa Telecom Co. Ltd., ADR		20,526
2,291	KT Corporation, Sponsored ADR		36,771
22,695	Telecom Egypt SAE		73,770
	Total Diversified Telecommunication Services		193,115
	Electric Utilities – 5.6%
3,218	Centrais Electricas Brasileiras S.A., PFD B ADR, (2)		40,965
3,861	Centrais Electricas Brasileiras S.A., ADR, (2)		55,367
4,168	Korea Electric Power Corporation, Sponsored ADR, (2)		57,852
2,775	Pampa Energia SA, ADR, (5)		30,470
	Total Electric Utilities		184,654
	Food Products – 8.4%
7,935	Cresud S.A.C.I.F. y A., ADR		92,831
34,199	Gruma S.A.B de C.V, (2), (5)		61,852
1,422	Industrias Bachoco S.A.B. de C.V., ADR		32,308
331,000	Universal Robina Corporation, (5)		86,325
	Total Food Products		273,316
	Household Durables – 3.4%
5,595	Oriental Weavers Group		34,145
72,311	Turk Sise ve Cam Fabrikalari A.S., (2), (5)		75,886
	Total Household Durables		110,031
	Independent Power Producers & Energy Traders – 1.5%
331,250	Energy Development Corporation, (5)		28,608
855	Huaneng Power International Inc., Sponsored ADR		21,811
	Total Independent Power Producers & Energy Traders		50,419

28 Nuveen Investments

Shares	Description (1)	Value
	Machinery – 0.9%
2,525	Tata Motors Limited, ADR	$	28,735
	Metals & Mining – 15.4%
2,208	AngloGold Ashanti Limited, Sponsored ADR		82,888
13,789	Banro Corporation, (2)		29,182
3,570	First Uranium Corporation, (2)		8,908
3,650	Gabriel Resources, Limited, (2)		6,983
49,491	Geovic Mining Corporation, (2)		26,986
7,293	Gold Fields Limited Sponsored ADR		92,986
1,557	Impala Platinum Holdings Limited, (5)		34,259
1,869	Industrias Penoles, S.A.B. de C.V., (5)		34,129
5,544	Ivanhoe Mines Ltd., (2)		59,709
26,776	Lihir Gold Limited, (2), (5)		73,237
36,065	Mineral Deposits Limited, (2), (5)		31,327
1,170	Silver Standard Resources, Inc., (2)		21,739
	Total Metals & Mining		502,333
	Oil, Gas & Consumable Fuels – 12.1%
2,775	Gazprom OAO, GDR, (5)		66,550
5,572	Petrobras Energia S.A, ADR (2)		95,448
243	PetroChina Company Limited, ADR		29,170
48,000	PetroChina Company Limited, (5)		57,757
1,646	Petroleo Brasileiro, Sponsored ADR		66,038
1,653	S-Oil Corporation, (5)		79,965
	Total Oil, Gas & Consumable Fuels		394,928
	Paper & Forest Products – 2.3%
13,550	Mondi Ltd., (5)		76,456
	Pharmaceuticals – 6.2%
4,349	Doctor Reddy’s Laboratories Limited, Sponsored ADR		94,504
236,000	United Laboratories International Holdings Ltd., (5)		107,124
	Total Pharmaceuticals		201,628
	Real Estate Management & Development – 0.5%
2,019	IRSA Inversiones y Representaciones S.A, GDR, (2)		17,444
	Textiles, Apparel & Luxury Goods – 1.6%
383,000	Chnia Hongxing Sports Limited, (2), (5)		53,391
	Water Utilities – 3.0%
2,505	Companhia de Saneamento Basico do Estado de Sao Paulo, ADR		96,493
	Wireless Telecommunication Services – 6.8%
1,637	NII Holdings Inc., (2)		44,084
28,500	PT IndoSat Tbk, (5)		15,139
2,350	SK Telecom Company Limited, ADR		39,269
83	SK Telecom Company Limited, (5)		12,641
765	TIM Participacoes S.A., ADR		18,046
2,659	Turkcell Iletisim Hizmetleri A.S., ADR		43,687

Nuveen Investments 29

Portfolio of Investments (Unaudited)

Nuveen Tradewinds Emerging Markets Fund (continued)

October 31, 2009

Shares	Description (1)	Value
	Wireless Telecommunication Services (continued)
7,633	Turkcell Iletism Hizmetleri A.S., (5)	$	50,503
	Total Wireless Telecommunication Services		223,369
	Total Common Stocks (cost $2,176,860)		2,846,970

Principal Amount (000)		Description (1)	Coupon	Maturity	Ratings (3)	Value
		CONVERTIBLE BONDS – 4.4%
		Metals & Mining – 0.7%
$	16	First Uranium Corporation	4.250%	6/30/12	N/A	$	11,977
	13	Silver Standard Resourcse Inc., 144A, (4)	4.500%	3/01/28	N/A		10,325
	29	Total Metals & Mining					22,302
		Oil, Gas & Consumable Fuels – 2.8%
	100	Magnolia Finance Limited, (4)	4.000%	3/29/49	B+		91,093
		Wireless Telecommunication Services – 0.9%
	35	NII Holdings Inc.	3.125%	6/15/12	B+		31,194
$	164	Total Convertible Bonds (cost $92,011)					144,589
Principal Amount (000)		Description (1)	Coupon	Maturity	Ratings (3)	Value
		CORPORATE BONDS – 4.4%
		Commercial Banks – 0.5%
$	21	Kazkommerts International BV, Reg S	8.500%	4/16/13	Ba3	$	17,929
		Construction Materials – 1.6%
	50	C10-Euro Capital Special Purpose Vehicle Limited, Guaranteed by Cemex SAB de CV	6.277%	6/30/17	B–		53,347
		Electric Utilities – 0.8%
	27	Empresa Distribuidora y Comercializadora Norte S.A	10.500%	10/09/17	B2		25,076
		Food Products – 0.4%
	14	Chaoda Modern Agriculture (Holdings) LTD., 144A	7.750%	2/08/10	Ba2		13,755
		Oil, Gas & Consumable Fuels – 1.1%
	44	Pertoleos de Venezuela S.A.	0.000%	7/10/11	N/R		34,980
$	156	Total Corporate Bonds (cost $106,729)					145,087
		Total Investments (cost $2,375,600) – 95.9%					3,136,646
		Other Assets Less Liabilities – 4.1%					132,961
		Net Assets – 100%				$	3,269,607

Fair Value Measurements

In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

30 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 the Fund’s fair value measurements as of October 31, 2009:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks*	$	1,712,381	$	1,134,589	$	—	$	2,846,970
Convertible Bonds		—		43,171		101,418		144,589
Corporate Bonds		—		145,087		—		145,087
Total	$	1,712,381	$	1,322,847	$	101,418	$	3,136,646

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

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

	Level 3 Investments
Balance at beginning of period
Gains (losses):	$	87,044
Net realized gains (losses)		—
Net change in unrealized appreciation (depreciation)		13,901
Net purchases at cost (sales at proceeds)		—
Net discounts (premiums)		473
Net transfers in to (out of) at end of period fair value		—
Balance at end of period	$	101,418

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 value of the Fund.

At October 31, 2009, the cost of investments was $2,386,905.

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

Gross unrealized:
Appreciation	$	784,237
Depreciation		(34,496	)
Net unrealized appreciation (depreciation) of investments	$	749,741

(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) 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.

(4) 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.

(5) For fair value measurement disclosure purposes, investment categorized as Level 2.

N/A Not available.

N/R Not rated.

DD1 Investment, or portion of investment, purchased on a delayed delivery basis.

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

ADR American Depositary Receipt.

GDR Global Depositary Receipt.

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

Nuveen Investments 31

Portfolio of Investments (Unaudited)

Nuveen Tradewinds Japan Fund

October 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 95.8%
	Beverages – 4.9%
6,100	Coca Cola West Holdings Company, (2)	$	113,310
6,000	Kirin Holdings Company, Limited, (2)		97,938
	Total Beverages		211,248
	Building Products – 3.0%
7,800	JS Group Corporation, (2)		127,300
	Capital Markets – 2.0%
16,000	Daiwa Securities Group Inc., (2)		84,213
	Commercial Banks – 3.9%
10,000	77 Bank Limited, (2)		57,550
21,000	Sumitomo Trust & Banking Company, (2)		109,410
	Total Commercial Banks		166,960
	Commercial Services & Supplies – 5.4%
6,000	Dai Nippon Printing Co., Ltd., (2)		75,176
1,900	Secom Company, (2)		88,649
8,000	Toppan Printing Company Limited, (2)		71,499
	Total Commercial Services & Supplies		235,324
	Construction & Engineering – 6.0%
7,000	JGC Corporation, (2)		133,808
32,000	Obayashi Corporation, (2)		120,839
	Total Construction & Engineering		254,647
	Construction Materials – 2.1%
51,000	Sumitomo Osaka Cement Company, Limited, (2)		89,339
	Containers & Packaging – 1.1%
2,700	Toyo Seikan Kaisha, (2)		45,360
	Diversified Telecommunication Services – 3.1%
6,376	Nippon Telegraph and Telephone Corporation, ADR		130,963
	Electrical Equipment – 2.6%
7,200	Futaba Corporation, (2)		111,473
	Electronic Equipment & Instruments – 9.7%
4,049	FujiFilm Holdings Corporation, ADR, (2)		114,789
1,400	Kyocera Corporation, (2)		117,438
2,900	Mabuchi Motor Company Limited, (2)		138,772
800	TDK Corporation, (2)		45,997
	Total Electronic Equipment & Instruments		416,996
	Food & Staples Retailing – 2.8%
5,500	Seven & I Holdings, (2)		120,407
	Food Products – 3.7%
7,000	Nippon Meat Packers Inc., (2)		82,074
2,100	Nissin Foods Holdings Company Limited, (2)		74,105
	Total Food Products		156,179

32 Nuveen Investments

Shares	Description (1)	Value
	Health Care Equipment & Supplies – 3.3%
6,400	Paramount Bed Company Limited, (2)	$	142,567
	Household Durables – 4.7%
8,586	Panasonic Corporation, ADR		122,522
9,000	Sekisui House, Ltd., (2)		77,830
	Total Household Durables		200,352
	Household Products – 3.1%
6,000	KAO Corporation, (2)		133,643
	Insurance – 2.8%
5,100	Mitsui Sumitomo Insurance Company Limited, (2)		118,718
	Leisure Equipment & Products – 4.3%
1,200	Sankyo Company Ltd., (2)		68,544
8,000	Sega Sammy Holdings Inc., (2)		113,587
	Total Leisure Equipment & Products		182,131
	Media – 2.4%
1,160	Hakuhodo DY Holdings Inc., (2)		58,263
28	TV Asahi Corporation, (2)		42,573
	Total Media		100,836
	Oil, Gas & Consumable Fuels – 2.7%
23,000	Nippon Oil Corporation, (2)		113,338
	Personal Products – 3.4%
8,000	Shiseido Company, Limited, (2)		146,058
	Pharmaceuticals – 6.2%
2,300	Astellas Pharma Inc., (2)		84,695
4,700	Daiichi Sankyo Company Limited, (2)		91,818
1,900	Ono Pharmaceutical Company Limited, (2)		90,208
	Total Pharmaceuticals		266,721
	Real Estate Management & Development – 2.5%
10,000	Daiwa House Industry Company Limited, (2)		106,836
	Semiconductors & Equipment – 1.6%
1,000	Rohm Company Limited, (2)		66,317
	Software – 1.2%
200	Nintendo Co., Ltd., (2)		50,165
	Textiles, Apparel & Luxury Goods – 2.8%
10,000	Wacoal Holdings Corporation, (2)		121,014
	Trading Companies & Distributors – 1.6%
5,100	Mitsui & Company Limited, (2)		66,978
	Wireless Telecommunication Services – 2.9%
8,746	NTT DoCoMo Inc., ADR		126,030
	Total Common Stocks (cost $3,982,322)		4,092,113

Nuveen Investments 33

Portfolio of Investments (Unaudited)

Nuveen Tradewinds Japan Fund (continued)

October 31, 2009

Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		Short-Term Investments – 3.0%
$	130	Repurchase Agreement with State Street Bank, dated 10/30/09, repurchase price $130,046, collateralized by $135,000 U.S. Treasury Bills, 0.000%, due 4/15/10, value $134,906	0.010%	11/02/09	$	130,046
		Total Short-Term Investments (cost $130,046)				130,046
		Total Investments (cost $4,112,368) – 98.8%				4,222,159
		Other Assets Less Liabilities – 1.2%				53,255
		Net Assets – 100%			$	4,275,414

34 Nuveen Investments

Fair Value Measurements

In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of October 31, 2009:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks*	$	379,515	$	3,712,598	$	—	$	4,092,113
Short-Term Investments		130,046		—		—		130,046
Total	$	509,561	$	3,712,598	$	—	$	4,222,159

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

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 value of the Fund.

At October 31, 2009, the cost of investments was $4,114,571.

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

Gross unrealized:
Appreciation	$	366,659
Depreciation		(259,071	)
Net unrealized appreciation (depreciation) of investments	$	107,588

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

(2) For fair value measurement disclosure purposes, investment categorized as Level 2.

ADR American Depositary Receipt.

Nuveen Investments 35

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara Mid-Cap Growth Fund

October 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 99.2%
	Biotechnology – 4.8%
221	Alexion Pharmaceuticals Inc., (2)	$	9,815
184	Celgene Corporation, (2)		9,393
277	Theravance Inc., (2)		3,870
297	Vertex Pharmaceuticals Inc., (2)		9,967
	Total Biotechnology		33,045
	Capital Markets – 4.9%
415	Invesco LTD		8,777
252	Lazard Limited		9,513
518	SEI Investments Company		9,049
161	State Street Corporation		6,759
	Total Capital Markets		34,098
	Chemicals – 1.4%
461	Nalco Holding Company		9,750
	Commercial Services & Supplies – 1.2%
315	Tetra Tech, Inc., (2)		8,105
	Communications Equipment – 3.5%
1,133	Brocade Communications Systems Inc., (2)		9,721
515	Ciena Corporation, (2)		6,041
418	Riverbed Technology, Inc., (2)		8,565
	Total Communications Equipment		24,327
	Computers & Peripherals – 2.0%
522	Network Appliance Inc., (2)		14,120
	Construction & Engineering – 3.1%
276	Jacobs Engineering Group, Inc., (2)		11,672
463	Quanta Services Incorporated, (2)		9,816
	Total Construction & Engineering		21,488
	Construction Materials – 1.0%
153	Vulcan Materials Company		7,043
	Consumer Finance – 1.4%
265	Capital One Financial Corporation		9,699
	Diversified Financial Services – 1.7%
115	Intercontinental Exchange, Inc., (2)		11,522
	Electric Utilities – 0.7%
171	PPL Corporation		5,034
	Electrical Equipment – 4.5%
278	Cooper Industries Inc.		10,756
213	Rockwell Automation, Inc.		8,722
227	Roper Industries Inc.		11,475
	Total Electrical Equipment		30,953
	Energy Equipment & Services – 1.3%
180	Oceaneering International Inc., (2)		9,198

36 Nuveen Investments

Shares	Description (1)	Value
	Food Products – 0.9%
124	JM Smucker Company	$	6,539
	Gas Utilities – 1.1%
177	EQT Corporation		7,409
	Health Care Equipment & Supplies – 2.5%
145	Beckman Coulter, Inc.		9,328
238	Saint Jude Medical Inc., (2)		8,111
	Total Health Care Equipment & Supplies		17,439
	Health Care Providers & Services – 3.0%
113	McKesson HBOC Inc.		6,636
250	Quest Diagnostics Incorporated		13,983
	Total Health Care Providers & Services		20,619
	Hotels, Restaurants & Leisure – 2.5%
429	Marriott International, Inc., Class A		10,751
203	YUM! Brands, Inc.		6,689
	Total Hotels, Restaurants & Leisure		17,440
	Household Durables – 1.0%
462	Newell Rubbermaid Inc.		6,704
	Household Products – 3.1%
203	Clorox Company		12,024
156	Energizer Holdings Inc., (2)		9,496
	Total Household Products		21,520
	Insurance – 1.3%
209	AFLAC Incorporated		8,671
	Internet & Catalog Retail – 1.5%
198	NetFlix.com Inc., (2)		10,583
	Internet Software & Services – 1.7%
522	Akamai Technologies, Inc., (2)		11,484
	IT Services – 1.3%
493	Western Union Company		8,958
	Life Sciences Tools & Services – 1.3%
204	Thermo Fisher Scientific, Inc., (2)		9,180
	Machinery – 1.7%
236	Joy Global Inc.		11,897
	Media – 1.2%
296	Discovery Communications Inc., Class A Shares, (2)		8,140
	Metals & Mining – 3.0%
316	Cliffs Natural Resources Inc.		11,240
125	Freeport-McMoRan Copper & Gold, Inc.		9,170
	Total Metals & Mining		20,410
	Multiline Retail – 1.2%
149	Kohl’s Corporation, (2)		8,526

Nuveen Investments 37

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara Mid-Cap Growth Fund (continued)

October 31, 2009

Shares	Description (1)	Value
	Oil, Gas & Consumable Fuels – 3.9%
276	Alpha Natural Resources Inc., (2)	$	9,376
177	Range Resources Corporation		8,859
186	Ultra Petroleum Corporation, (2)		9,030
	Total Oil, Gas & Consumable Fuels		27,265
	Personal Products – 3.4%
1,073	Bare Escentuals, Inc., (2)		13,552
235	Estee Lauder Companies Inc., Class A		9,988
	Total Personal Products		23,540
	Pharmaceuticals – 1.3%
897	King Pharmaceuticals Inc., (2)		9,087
	Professional Services – 2.4%
184	FTI Consulting Inc., (2)		7,509
649	Monster Worldwide Inc., (2)		9,423
	Total Professional Services		16,932
	Semiconductors & Equipment – 7.4%
541	Altera Corporation		10,706
435	Analog Devices, Inc.		11,149
289	Broadcom Corporation, Class A, (2)		7,690
723	Marvell Technology Group Ltd., (2)		9,920
1,000	NVIDIA Corporation, (2)		11,960
	Total Semiconductors & Equipment		51,425
	Software – 9.1%
842	Activision Blizzard Inc., (2)		9,119
444	Autodesk, Inc., (2)		11,069
545	Electronic Arts Inc. (EA), (2)		9,941
439	Intuit, Inc., (2)		12,762
267	McAfee Inc., (2)		11,182
665	Nuance Communications, Inc., (2)		8,718
	Total Software		62,791
	Specialty Retail – 6.6%
374	Guess Inc.		13,670
505	PetSmart Inc.		11,883
429	Staples, Inc.		9,309
297	TJX Companies, Inc.		11,093
	Total Specialty Retail		45,955
	Textiles, Apparel & Luxury Goods – 2.6%
537	Coach, Inc.		17,702
	Trading Companies & Distributors – 1.8%
130	W.W. Grainger, Inc.		12,185
	Wireless Telecommunication Services – 0.9%
176	American Tower Corporation, (2)		6,480
	Total Investments (cost $693,798) – 99.2%		687,263
	Other Assets Less Liabilities – 0.8%		5,199
	Net Assets – 100%	$	692,462

38 Nuveen Investments

Fair Value Measurements

In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of October 31, 2009:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	687,263	$	—	$	—	$	687,263

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 value of the Fund.

At October 31, 2009, the cost of investments was $697,724.

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

Gross unrealized:
Appreciation	$	58,224
Depreciation		(68,685	)
Net unrealized appreciation (depreciation) of investments	$	(10,461	)

(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.

Nuveen Investments 39

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara Strategic Growth Fund

October 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 98.1%
	Aerospace & Defense – 2.0%
235	United Technologies Corporation	$	14,441
	Beverages – 3.1%
371	PepsiCo, Inc.		22,464
	Biotechnology – 4.7%
258	Celgene Corporation, (2)		13,171
328	Gilead Sciences, Inc., (2)		13,956
223	Vertex Pharmaceuticals Inc., (2)		7,484
	Total Biotechnology		34,611
	Capital Markets – 2.2%
342	Invesco LTD		7,233
219	State Street Corporation		9,194
	Total Capital Markets		16,427
	Chemicals – 1.5%
158	Monsanto Company		10,614
	Communications Equipment – 7.5%
1,217	Cisco Systems, Inc., (2)		27,808
435	QUALCOMM, Inc.		18,013
445	Riverbed Technology, Inc., (2)		9,118
	Total Communications Equipment		54,939
	Computers & Peripherals – 5.6%
597	EMC Corporation, (2)		9,833
257	International Business Machines Corporation (IBM)		30,995
	Total Computers & Peripherals		40,828
	Construction & Engineering – 2.1%
155	Jacobs Engineering Group, Inc., (2)		6,555
399	Quanta Services Incorporated, (2)		8,459
	Total Construction & Engineering		15,014
	Construction Materials – 0.9%
146	Vulcan Materials Company		6,720
	Consumer Finance – 2.8%
301	American Express Company		10,487
271	Capital One Financial Corporation		9,919
	Total Consumer Finance		20,406
	Diversified Financial Services – 1.4%
104	Intercontinental Exchange, Inc., (2)		10,420
	Electrical Equipment – 5.6%
260	Cooper Industries Inc.		10,059
327	Emerson Electric Company		12,344
238	Rockwell Automation, Inc.		9,746
167	Roper Industries Inc.		8,442
	Total Electrical Equipment		40,591
	Energy Equipment & Services – 1.2%
291	Halliburton Company		8,500

40 Nuveen Investments

Shares	Description (1)	Value
	Food & Staples Retailing – 1.7%
330	Walgreen Co.	$	12,484
	Health Care Equipment & Supplies – 3.2%
258	Baxter International, Inc.		13,947
273	Saint Jude Medical Inc., (2)		9,304
	Total Health Care Equipment & Supplies		23,251
	Health Care Providers & Services – 3.3%
168	Express Scripts, Inc., (2)		13,427
186	McKesson HBOC Inc.		10,924
	Total Health Care Providers & Services		24,351
	Hotels, Restaurants & Leisure – 1.1%
318	Marriott International, Inc., Class A		7,969
	Household Products – 5.6%
195	Clorox Company		11,550
148	Energizer Holdings Inc., (2)		9,009
346	Procter & Gamble Company		20,068
	Total Household Products		40,627
	Internet Software & Services – 4.0%
55	Google Inc., Class A, (2)		29,487
	IT Services – 1.5%
617	Western Union Company		11,211
	Life Sciences Tools & Services – 1.5%
239	Thermo Fisher Scientific, Inc., (2)		10,755
	Media – 1.2%
315	Walt Disney Company		8,622
	Metals & Mining – 1.1%
114	Freeport-McMoRan Copper & Gold, Inc.		8,363
	Multiline Retail – 1.5%
194	Kohl’s Corporation, (2)		11,101
	Oil, Gas & Consumable Fuels – 3.4%
87	Apache Corporation		8,188
150	Ultra Petroleum Corporation, (2)		7,283
220	XTO Energy, Inc.		9,143
	Total Oil, Gas & Consumable Fuels		24,614
	Personal Products – 3.0%
783	Bare Escentuals, Inc., (2)		9,889
280	Estee Lauder Companies Inc., Class A		11,900
	Total Personal Products		21,789
	Pharmaceuticals – 4.2%
436	Abbott Laboratories		22,049
843	King Pharmaceuticals Inc., (2)		8,540
	Total Pharmaceuticals		30,589

Nuveen Investments 41

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara Strategic Growth Fund (continued)

October 31, 2009

Shares	Description (1)	Value
	Professional Services – 1.6%
137	FTI Consulting Inc., (2)	$	5,591
412	Monster Worldwide Inc., (2)		5,982
	Total Professional Services		11,573
	Semiconductors & Equipment – 7.6%
384	Altera Corporation		7,599
415	Broadcom Corporation, Class A, (2)		11,043
948	Intel Corporation		18,116
656	Marvell Technology Group Ltd., (2)		9,000
786	NVIDIA Corporation, (2)		9,401
	Total Semiconductors & Equipment		55,159
	Software – 5.6%
871	Activision Blizzard Inc., (2)		9,433
414	Intuit, Inc., (2)		12,035
261	McAfee Inc., (2)		10,931
652	Nuance Communications, Inc., (2)		8,548
	Total Software		40,947
	Specialty Retail – 4.5%
299	Guess Inc.		10,928
488	PetSmart Inc.		11,483
466	Staples, Inc.		10,112
	Total Specialty Retail		32,523
	Textiles, Apparel & Luxury Goods – 1.9%
410	Coach, Inc.		13,518
	Total Investments (cost $754,499) – 98.1%		714,908
	Other Assets Less Liabilities – 1.9%		13,632
	Net Assets – 100%	$	728,540

42 Nuveen Investments

Fair Value Measurements

In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of October 31, 2009:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	714,908	$	—	$	—	$	714,908

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 value of the Fund.

At October 31, 2009, the cost of investments was $755,400.

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

Gross unrealized:
Appreciation	$	46,952
Depreciation		(87,444	)
Net unrealized appreciation (depreciation) of investments	$	(40,492	)

(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.

Nuveen Investments 43

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara Global Equity Fund

October 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 100.1%
	Aerospace & Defense – 1.9%
475	ITT Industries, Inc.	$	24,083
	Air Freight & Logistics – 2.8%
715	Expeditors International of Washington, Inc.		23,037
170	FedEx Corporation		12,357
	Total Air Freight & Logistics		35,394
	Airlines – 1.8%
800	Norwegian Air Shuttle, (2), (3)		22,710
	Auto Components – 1.2%
700	Toyota Boshoku Corporation, (3)		14,594
	Automobiles – 1.5%
6,000	PT Astra International Tbk, (3)		19,304
	Biotechnology – 1.1%
325	Gilead Sciences, Inc., (2)		13,829
	Capital Markets – 2.2%
160	Goldman Sachs Group, Inc.		27,227
	Chemicals – 6.9%
18,715	Huabao International Holdings Limited, (3)		17,779
260	Monsanto Company		17,467
290	Praxair, Inc.		23,038
490	Sociedad Quimica y Minera de Chile S.A		18,008
200	Stella Chemifa Corporation, (3)		11,006
	Total Chemicals		87,298
	Commercial Banks – 1.1%
27,700	PT Bank Mandiri, (3)		13,292
	Commercial Services & Supplies – 1.3%
560	Waste Management, Inc.		16,733
	Communications Equipment – 1.6%
490	QUALCOMM, Inc.		20,291
	Construction & Engineering – 1.7%
660	Outotect OYJ, (3)		20,875
	Diversified Financial Services – 2.0%
815	Climate Exchange PLC, (2), (3)		11,345
45	CME Group, Inc.		13,617
	Total Diversified Financial Services		24,962
	Electronic Equipment & Instruments – 3.1%
2,805	Hollysys Automation Technologies Limited, (2)		26,984
150	Samsung Electronics, (3)		12,472
	Total Electronic Equipment & Instruments		39,456
	Energy Equipment & Services – 6.2%
430	Schlumberger Limited		26,746
715	Seadrill Limited, (2), (3)		14,848

44 Nuveen Investments

Shares	Description (1)	Value
	Energy Equipment & Services (continued)
550	Seadrill Limited, (2), (3)	$	11,413
485	Tecnicas Reunidas S.A., (3)		25,583
	Total Energy Equipment & Services		78,590
	Food & Staples Retailing – 0.5%
100	Companhia Brasileira de Distribuicao Grupo Pao de Acucar		6,049
	Food Products – 1.3%
14,000	Indofood Agri Resources Limited, (2), (3)		16,714
	Gas Utilities – 1.0%
35,580	Perusahaan Gas Negara PT, (3)		13,239
	Health Care Providers & Services – 1.9%
2,950	Healthcare Locums, (3)		12,556
200	Quest Diagnostics Incorporated		11,186
	Total Health Care Providers & Services		23,742
	Health Care Technology – 1.6%
274	Cerner Corporation, (2)		20,835
	Hotels, Restaurants & Leisure – 5.4%
275	CTRIP.com, (2)		14,724
13,000	Genting Berhad, (3)		27,328
440	McDonald’s Corporation		25,788
	Total Hotels, Restaurants & Leisure		67,840
	Household Products – 1.6%
5,445	McBride PLC, (3)		19,871
	Insurance – 2.1%
1,340	CNInsure Inc.		27,162
	Internet Software & Services – 8.8%
1,140	Akamai Technologies, Inc., (2)		25,080
11,500	Alibaba.Com Limited, (3)		26,554
45	Google Inc., Class A, (2)		24,125
4,900	Opera Software ASA, (2), (3)		20,993
860	Tencent Holdings Limited, (3)		14,975
	Total Internet Software & Services		111,727
	IT Services – 1.6%
550	Accenture Limited		20,394
	Life Sciences Tools & Services – 1.4%
220	Lonza AG, (3)		17,108
	Machinery – 1.8%
1,000	JTEKT Corporation, (3)		10,564
1,600	Kubota Corporation, (3)		12,433
	Total Machinery		22,997
	Media – 2.1%
2,200	Net Servios de Comunicao, (2)		27,038

Nuveen Investments 45

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara Global Equity Fund (continued)

October 31, 2009

Shares	Description (1)	Value
	Metals & Mining – 8.4%
16,075	Centamin Eqypt, (2)	$	32,088
2,530	Hitachi Metals Limited, (3)		24,138
2,300	Silver Wheaton Corporation, (2)		28,908
43,000	Xingda International Holdings, (3)		21,402
	Total Metals & Mining		106,536
	Oil, Gas & Consumable Fuels – 3.2%
4,970	Paladin Energy Limited, (2)		17,729
540	XTO Energy, Inc.		22,442
	Total Oil, Gas & Consumable Fuels		40,171
	Personal Products – 1.1%
2,130	Hengan International Group Company Limited, (3)		13,711
	Professional Services – 1.5%
480	FTI Consulting Inc., (2)		19,589
	Road & Rail – 2.1%
575	Norfolk Southern Corporation		26,807
	Semiconductors & Equipment – 4.3%
855	Aixtron AG, (3)		25,551
970	Intel Corporation		18,537
755	Silicon-on-Insulator Technologies, (3)		10,301
	Total Semiconductors & Equipment		54,389
	Software – 4.6%
2,000	Activision Blizzard Inc., (2)		21,660
990	Autonomy Corporation PLC, (2), (3)		21,767
6,976	Redflex Holdings Limited, (3)		14,463
	Total Software		57,890
	Specialty Retail – 4.5%
185	Fast Retailing Company Limited, (3)		30,450
240	Hennes & Mauritz AB, (3)		13,632
150	Nitori Company Limited, (3)		12,199
	Total Specialty Retail		56,281
	Textiles, Apparel & Luxury Goods – 1.8%
3,985	Li Ning Company Limited, (3)		10,837
40	Puma AG, (3)		12,256
	Total Textiles, Apparel & Luxury Goods		23,093
	Transportation Infrastructure – 1.1%
8,000	Singapore Airport Terminal Services Limited, (3)		13,980
	Total Investments (cost $1,104,044) – 100.1%		1,265,801
	Other Assets Less Liabilities – (0.1)%		(1,239)
	Net Assets – 100%	$	1,264,562

46 Nuveen Investments

Fair Value Measurements

In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of October 31, 2009:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks*	$	653,558	$	612,243	$	—	$	1,265,801

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

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 value of the Fund.

At October 31, 2009, the cost of investments was $1,104,044.

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

Gross unrealized:
Appreciation	$	188,086
Depreciation		(26,329	)
Net unrealized appreciation (depreciation) of investments	$	161,757

(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.

Nuveen Investments 47

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara Growth Plus Fund

October 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 128.3%
	Aerospace & Defense – 6.9%
950	ITT Industries, Inc., (3)	$	48,165
400	Raytheon Company, (3)		18,112
200	United Technologies Corporation		12,290
	Total Aerospace & Defense		78,567
	Air Freight & Logistics – 0.9%
300	Expeditors International of Washington, Inc.		9,666
	Biotechnology – 4.1%
1,100	Gilead Sciences, Inc., (2)		46,805
	Capital Markets – 2.6%
175	Goldman Sachs Group, Inc.		29,780
	Chemicals – 7.0%
300	Monsanto Company, (3)		20,154
750	Praxair, Inc., (3)		59,580
	Total Chemicals		79,734
	Commercial Services & Supplies – 2.0%
750	Waste Management, Inc., (3)		22,410
	Communications Equipment – 4.7%
1,300	QUALCOMM, Inc.		53,833
	Computers & Peripherals – 1.1%
100	International Business Machines Corporation (IBM)		12,061
	Construction & Engineering – 2.1%
550	Jacobs Engineering Group, Inc., (2), (3)		23,260
	Diversified Financial Services – 2.7%
100	CME Group, Inc., (3)		30,261
	Electrical Equipment – 2.0%
600	Emerson Electric Company		22,650
	Electronic Equipment & Instruments – 2.5%
350	Amphenol Corporation, Class A		14,042
500	FLIR Systems Inc., (2)		13,905
	Total Electronic Equipment & Instruments		27,947
	Energy Equipment & Services – 5.8%
1,050	Schlumberger Limited		65,310
	Food Products – 1.6%
325	Bunge Limited, (3)		18,545
	Health Care Equipment & Supplies – 15.0%
500	Alcon, Inc.		71,392
300	Becton, Dickinson and Company		20,508
500	C. R. Bard, Inc.		37,535
500	Stryker Corporation		23,000
450	Varian Medical Systems, Inc., (2), (3)		18,441
	Total Health Care Equipment & Supplies		170,876

48 Nuveen Investments

Shares	Description (1)	Value
	Health Care Providers & Services – 6.9%
350	Express Scripts, Inc., (2), (3)	$	27,972
900	Quest Diagnostics Incorporated, (3)		50,337
	Total Health Care Providers & Services		78,309
	Hotels, Restaurants & Leisure – 1.8%
350	McDonald’s Corporation		20,514
	Household Products – 2.3%
450	Procter & Gamble Company		26,100
	Internet Software & Services – 2.4%
50	Google Inc., Class A, (2)		26,806
	IT Services – 12.0%
1,450	Accenture Limited		53,766
450	Affiliated Computer Services, Inc., (2), (3)		23,441
3,250	Western Union Company, (3)		59,053
	Total IT Services		136,260
	Life Sciences Tools & Services – 1.0%
200	Waters Corporation, (2)		11,486
	Machinery – 9.7%
550	Illinois Tool Works, Inc., (3)		25,256
1,050	Parker Hannifin Corporation		55,608
650	Stanley Works, (3)		29,400
	Total Machinery		110,264
	Media – 5.1%
1,700	Omnicom Group, Inc.		58,276
	Office Electronics – 1.8%
2,700	Xerox Corporation, (3)		20,304
	Oil, Gas, & Consumable Fuels – 4.9%
1,350	XTO Energy, Inc., (3)		56,106
	Pharmaceuticals – 4.9%
550	Allergan, Inc., (3)		30,938
500	Teva Pharmaceutical Industries Limited, Sponsored ADR		25,240
	Total Pharmaceuticals		56,178
	Road & Rail – 2.9%
275	Burlington Northern Santa Fe Corporation		20,713
250	Norfolk Southern Corporation		11,655
	Total Road & Rail		32,368
	Semiconductors & Equipment – 4.5%
2,700	Intel Corporation		51,597
	Software – 4.1%
1,900	Activision Blizzard Inc., (2), (3)		20,577
900	Intuit, Inc., (2), (3)		26,163
	Total Software		46,740
	Specialty Retail – 1.9%
500	Ross Stores, Inc.		22,005

Nuveen Investments 49

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara Growth Plus Fund (continued)

October 31, 2009

Shares		Description (1)	Value
		Textiles, Apparel & Luxury Goods – 1.1%
200		Nike, Inc., Class B, (3)	$	12,436
		Total Investments (cost $1,241,105) – 128.3%		1,457,454
Shares		Description (1)	Value
		COMMON STOCKS SOLD SHORT – (28.5)%
		Aerospace & Defense – (1.8)%
(300)		Lockheed Martin Corporation	$	(20,637)
		Commercial Banks – (1.9)%
(900)		BB&T Corporation		(21,519)
		Commercial Services & Supplies – (4.0)%
(900)		Cintas Corporation		(24,921)
(400)		Stericycle Inc., (2)		(20,948)
		Total Commercial Services & Supplies		(45,869)
		Diversified Consumer Services – (3.0)%
(1,000)		Corinthian Colleges Inc., (2)		(15,860)
(1,000)		H & R Block Inc.		(18,340)
		Total Diversified Consumer Services		(34,200)
		Diversified Financial Services – (2.1)%
(1,000)		Moody’s Corporation		(23,680)
		Electrical Equipment – (1.9)%
(175)		First Solar Inc., (2)		(21,338)
		Energy Equipment & Services – (1.9)%
(1,200)		Weatherford International Ltd, (2)		(21,036)
		Health Care Equipment & Supplies – (2.2)%
(700)		Medtronic, Inc.		(24,990)
		Health Care Providers & Services – (2.1)%
(350)		Laboratory Corporation of America Holdings, (2)		(24,112)
		Hotels, Restaurants & Leisure – (2.3)%
(900)		Carnival Corporation		(26,208)
		Household Products – (2.2)%
(400)		Energizer Holdings Inc., (2)		(24,348)
		Internet & Catalog Retail – (3.1)%
(300)		Amazon.com, Inc., (2)		(35,643)
		Total Common Stocks Sold Short (proceeds $313,567)		(323,580)
Shares		Description (1)	Value
		INVESTMENT COMPANIES SOLD SHORT – (2.1)%
		Investment Companies – (2.1)%
(200	)	Oil Service HLDRS Trust	$	(23,412)
		Total Investment Companies Sold Short (proceeds $26,409)		(23,412)
		Other Assets Less Liabilities – 2.3%		25,806
		Net Assets – 100%		1,136,268

50 Nuveen Investments

Fair Value Measurements

In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the Fund’s fair value measurements as of October 31, 2009:

	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks	$	1,457,454		$	—	$	—	$	1,457,454
Common Stocks Sold Short		(323,580	)		—		—		(323,580	)
Investment Companies Sold Short		(23,412	)		—		—		(23,412	)
Total	$	1,110,462		$	—	$	—	$	1,110,462

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 value of the Fund.

At October 31, 2009, the cost of investments was $1,241,105.

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

Gross unrealized:
Appreciation	$	238,227
Depreciation		(21,878	)
Net unrealized appreciation (depreciation) of investments	$	216,349

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

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

(3) Investment, or portion of investment, segregated as collateral for securities lending.

ADR American Depositary Receipt.

Nuveen Investments 51

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara International Equity Fund

October 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 88.9%
	Airlines – 2.1%
1,000	Norwegian Air Shuttle, (2), (3)	$	28,388
	Auto Components – 1.1%
700	Toyota Boshoku Corporation, (3)		14,594
	Automobiles – 1.0%
4,100	PT Astra International Tbk, (3)		13,191
	Capital Markets – 2.5%
2,850	Nomura Securities Company, (3)		20,087
820	UBS AG, (2), (3)		13,673
	Total Capital Markets		33,760
	Chemicals – 3.0%
19,010	Huabao International Holdings Limited, (3)		18,059
320	Sociedad Quimica y Minera de Chile S.A		11,760
200	Stella Chemifa Corporation, (3)		11,006
	Total Chemicals		40,825
	Commercial Banks – 1.0%
28,970	PT Bank Mandiri, (3)		13,901
	Construction & Engineering – 3.6%
1,000	JGC Corporation, (3)		19,115
915	Outotect OYJ, (3)		28,940
	Total Construction & Engineering		48,055
	Diversified Financial Services – 1.1%
1,015	Climate Exchange PLC, (2), (3)		14,130
	Electrical Equipment – 1.0%
270	Saft Groupe S.A., (2), (3)		14,019
	Electronic Equipment & Instruments – 5.3%
2,955	Hollysys Automation Technologies Limited, (2)		28,427
315	Samsung Electronics, (3)		26,191
2,000	Yaskawa Electric Corporation, (3)		15,732
	Total Electronic Equipment & Instruments		70,350
	Energy Equipment & Services – 9.2%
2,110	AMEC PLC, (2), (3)		27,790
19,000	Neptune Marine Services Limited, (2), (3)		12,425
1,320	Seadrill Limited, (2), (3)		27,412
1,140	ShawCor Limited, Class A Shares		29,668
490	Tecnicas Reunidas SA, (3)		25,846
	Total Energy Equipment & Services		123,141
	Food & Staples Retailing – 0.9%
200	Companhia Brasileira de Distribuicao Grupo Pao de Acucar		12,098
	Food Products – 1.0%
11,000	Indofood Agri Resources Limited, (2), (3)		13,132

52 Nuveen Investments

Shares	Description (1)	Value
	Gas Utilities – 1.0%
37,625	Perusahaan Gas Negara PT, (3)	$	14,000
	Health Care Providers & Services – 1.0%
3,110	Healthcare Locums, (3)		13,237
	Hotels, Restaurants & Leisure – 5.4%
280	CTRIP.com, (2)		14,991
3,120	Dominos Pizza Inc., (2), (3)		15,609
13,500	Genting Berhad, (3)		28,379
475	Home Inns & Hotels Management, Inc.		12,626
	Total Hotels, Restaurants & Leisure		71,605
	Household Durables – 2.1%
1,200	Electrolux AB, Class B Shares, (2), (3)		28,763
	Household Products – 2.1%
7,595	McBride PLC, (3)		27,717
	Insurance – 2.1%
1,415	CNInsure Inc.		28,682
	Internet Software & Services – 6.5%
12,000	Alibaba.Com Limited, (3)		27,709
3,315	Opera Software ASA, (2), (3)		14,203
5,460	Telecity Group PLC, (2), (3)		29,967
860	Tencent Holdings Limited, (3)		14,975
	Total Internet Software & Services		86,854
	IT Services – 1.0%
1,030	WNS Holdings Limited, (2)		14,090
	Life Sciences Tools & Services – 0.7%
120	Lonza AG, (3)		9,331
	Machinery – 2.8%
1,100	JTEKT Corporation, (3)		11,620
1,600	Kubota Corporation, (3)		12,433
230	NKT Holdings AS, (3)		13,050
	Total Machinery		37,103
	Media – 2.2%
1,610	British Sky Broadcasting PLC, (3)		14,038
1,220	Net Servios de Comunicao, (2)		14,994
	Total Media		29,032
	Metals & Mining – 7.1%
17,715	Centamin Eqypt, (2)		35,364
2,530	Hitachi Metals Limited, (3)		24,138
1,600	Silver Wheaton Corporation, (2)		20,110
30,000	Xingda International Holdings, (3)		14,932
	Total Metals & Mining		94,544

Nuveen Investments 53

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara International Equity Fund (continued)

October 31, 2009

Shares	Description (1)	Value
	Oil, Gas & Consumable Fuels – 6.4%
3,650	Aquila Resources Limited, (2)	$	24,757
3,595	Arrow Energy Limited, (2), (3)		12,992
2,005	Birchcliff Energy Limited, (2)		13,564
46,615	Bumi Resources Tbk, (3)		11,222
6,410	Paladin Energy Limited, (2)		22,866
	Total Oil, Gas & Consumable Fuels		85,401
	Personal Products – 1.1%
2,220	Hengan International Group Company Limited, (3)		14,291
	Real Estate Investment Trust – 1.0%
10,400	Mirvac Group, (3)		13,617
	Semiconductors & Equipment – 2.8%
900	Aixtron AG, (3)		26,896
800	Silicon-on-Insulator Technologies, (3)		10,915
	Total Semiconductors & Equipment		37,811
	Software – 2.7%
990	Autonomy Corporation PLC, (2), (3)		21,767
7,085	Redflex Holdings Limited, (3)		14,689
	Total Software		36,456
	Specialty Retail – 4.3%
190	Fast Retailing Company Limited, (3)		31,273
240	Hennes & Mauritz AB, (3)		13,632
150	Nitori Company Limited, (3)		12,199
	Total Specialty Retail		57,104
	Textiles, Apparel & Luxury Goods – 1.8%
4,130	Li Ning Company Limited, (3)		11,231
40	Puma AG, (3)		12,256
	Total Textiles, Apparel & Luxury Goods		23,487
	Transportation Infrastructure – 2.0%
1,310	Groupe Eurotunnel S.A., (3)		12,950
8,000	Singapore Airport Terminal Services Limited, (3)		13,980
	Total Transportation Infrastructure		26,930
	Total Investments (cost $1,005,502) – 88.9%		1,189,639
	Other Assets Less Liabilities – 11.1%		148,221
	Net Assets – 100%	$	1,337,860

54 Nuveen Investments

Fair Value Measurements

In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of October 31, 2009:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks*	$	283,997	$	905,642	$	—	$	1,189,639

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

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 value of the Fund.

At October 31, 2009, the cost of investments was $1,005,502.

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

Gross unrealized:
Appreciation	$	204,828
Depreciation		(20,691	)
Net unrealized appreciation (depreciation) of investments	$	184,137

(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.

Nuveen Investments 55

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara EcoLogic Equity Fund

October 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 96.9%
	Aerospace & Defense – 5.1%
650	ITT Industries, Inc.	$	32,955
400	United Technologies Corporation		24,580
	Total Aerospace & Defense		57,535
	Beverages – 9.6%
750	Coca-Cola Company		39,982
500	Diageo PLC, Sponsored ADR		32,510
600	PepsiCo, Inc.		36,329
	Total Beverages		108,821
	Capital Markets – 2.3%
150	Goldman Sachs Group, Inc.		25,526
	Chemicals – 4.5%
200	Potash Corporation of Saskatchewan		18,556
400	Praxair, Inc.		31,776
	Total Chemicals		50,332
	Commercial Banks – 2.2%
900	Wells Fargo & Company		24,768
	Commercial Services & Supplies – 2.4%
900	Waste Management, Inc.		26,892
	Communications Equipment – 4.4%
1,000	Cisco Systems, Inc., (2)		22,850
650	QUALCOMM, Inc.		26,917
	Total Communications Equipment		49,767
	Computers & Peripherals – 5.2%
600	Hewlett-Packard Company		28,476
250	International Business Machines Corporation (IBM)		30,153
	Total Computers & Peripherals		58,629
	Diversified Financial Services – 2.7%
100	CME Group, Inc.		30,261
	Electric Utilities – 4.7%
500	Exelon Corporation		23,480
600	FPL Group, Inc.		29,460
	Total Electric Utilities		52,940
	Electrical Equipment – 2.7%
800	Emerson Electric Company		30,200
	Energy Equipment & Services – 2.2%
400	Schlumberger Limited		24,880
	Health Care Equipment & Supplies – 5.2%
450	Becton, Dickinson and Company		30,762
1,000	Essilor International SA, (3)		28,068
	Total Health Care Equipment & Supplies		58,830
	Health Care Providers & Services – 2.2%
450	Quest Diagnostics Incorporated		25,169

56 Nuveen Investments

Shares	Description (1)	Value
	Hotels, Restaurants & Leisure – 3.1%
600	McDonald’s Corporation	$	35,165
	Household Products – 2.8%
550	Procter & Gamble Company		31,900
	Internet Software & Services – 1.2%
25	Google Inc., Class A, (2)		13,403
	IT Services – 2.1%
650	Accenture Limited		24,102
	Life Sciences Tools & Services – 1.2%
1,800	Lonza AG, (3)		14,040
	Machinery – 2.6%
650	Deere & Company		29,608
	Office Electronics – 2.1%
3,100	Xerox Corporation		23,312
	Oil, Gas & Consumable Fuels – 8.4%
450	Apache Corporation		42,353
400	Chevron Corporation		30,616
150	Occidental Petroleum Corporation		11,382
3,000	Paladin Energy Limited, (2), (3)		10,800
	Total Oil, Gas & Consumable Fuels		95,151
	Pharmaceuticals – 4.9%
550	Abbott Laboratories		27,814
500	Allergan, Inc.		28,125
	Total Pharmaceuticals		55,939
	Road & Rail – 4.6%
450	Burlington Northern Santa Fe Corporation		33,894
400	Norfolk Southern Corporation		18,648
	Total Road & Rail		52,542
	Semiconductors & Equipment – 6.0%
1,250	Analog Devices, Inc.		32,038
1,850	Intel Corporation		35,353
	Total Semiconductors & Equipment		67,391
	Textiles, Apparel & Luxury Goods – 2.5%
450	Nike, Inc., Class B		27,981
	Total Investments (cost $955,745) – 96.9%		1,095,084
	Other Assets Less Liabilities – 3.1%		34,761
	Net Assets – 100%	$	1,129,845

Nuveen Investments 57

Portfolio of Investments (Unaudited)

Nuveen Santa Barbara EcoLogic Equity Fund (continued)

October 31, 2009

Fair Value Measurements

In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of October 31, 2009:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks*	$	1,042,176	$	52,908	$	—	$	1,095,084

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

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 value of the Fund.

At October 31, 2009, the cost of investments was $955,745.

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

Gross unrealized:
Appreciation	$	150,562
Depreciation		(11,223	)
Net unrealized appreciation (depreciation) of investments	$	139,339

(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.

ADR American Depositary Receipt.

58 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Tradewinds Global All-Cap Plus Fund

October 31, 2009

Shares	Description (1)	Value
	COMMON STOCKS – 118.3%
	Aerospace & Defense – 2.8%
2,455	Thales S.A., (4)	$	118,951
	Airlines – 1.3%
1,260	WestJet Airlines Limited		12,786
4,209	WestJet Airlines Limited, 144A		42,710
	Total Airlines		55,496
	Beverages – 1.1%
3,000	Kirin Holdings Company, Limited, (4)		48,969
	Capital Markets – 3.7%
11,000	Daiwa Securities Group Inc., (4)		57,897
16,640	Endeavor Financial Corporation		28,911
4,280	UBS AG, (2)		71,005
	Total Capital Markets		157,813
	Commercial Banks – 4.8%
5,000	77 Bank Limited, (4)		28,775
10,000	Bangkok Bank Public Company Limited, (4)		33,540
1,285	ICICI Bank Limited, ADR		40,413
76,200	Krung Thai Bank Public Company Limited		16,528
17,000	Sumitomo Trust & Banking Company, (4)		88,570
	Total Commercial Banks		207,826
	Commercial Services & Supplies – 1.0%
5,000	Toppan Printing Company Limited, (4)		44,687
	Diversified Telecommunication Services – 8.1%
4,244	Deutsche Telekom AG, ADR (3)		57,464
1,367	KT Corporation, Sponsored ADR		21,940
950	Nippon Telegraph and Telephone Corporation, ADR		19,513
4,700	Nippon Telegraph and Telephone Corporation, (4)		193,933
48,950	Telecom Italia S.p.A., (4)		53,869
	Total Diversified Telecommunication Services		346,719
	Electric Utilities – 4.7%
7,550	Centrais Electricas Brasileiras S.A., ADR, (2), (3)		96,112
875	Electricite de France S.A, (4)		48,769
4,125	Korea Electric Power Corporation, Sponsored ADR, (2), (3)		57,255
	Total Electric Utilities		202,136
	Electrical Equipment – 0.6%
50	Areva CI, (4)		26,278
	Electronic Equipment & Instruments – 1.0%
1,125	Tech Data Corporation, (2), (3)		43,234
	Energy Equipment & Services – 2.3%
3,155	BJ Services Company, (3)		60,576
640	Technip SA, (4)		40,152
	Total Energy Equipment & Services		100,728

Nuveen Investments 59

Portfolio of Investments (Unaudited)

Nuveen Tradewinds Global All-Cap Plus Fund (continued)

October 31, 2009

Shares	Description (1)	Value
	Food & Staples Retailing – 6.2%
4,355	Kroger Co.	$	100,731
2,400	Seven & I Holdings, (4)		52,541
2,240	Wal-Mart Stores, Inc.		111,283
	Total Food & Staples Retailing		264,555
	Food Products – 8.9%
165,310	Marine Harvest, (2), (4)		119,936
800	Nissin Foods Holdings Company Limited, (4)		28,230
6,555	Smithfield Foods, Inc., (2), (3)		87,444
11,817	Tyson Foods, Inc., Class A, (3)		147,949
	Total Food Products		383,559
	Health Care Providers & Services – 1.3%
2,105	Aetna Inc., (3)		54,793
	Household Durables – 2.4%
12,000	Sekisui House, Ltd., (4)		103,773
	Household Products – 2.4%
473	KAO Corporation, Sponsored ADR, (3), (4)		104,767
	Insurance – 0.9%
1,202	Loews Corporation, (3)		39,786
	Internet Software & Services – 2.2%
4,190	eBay Inc., (2), (3)		93,311
	Leisure Equipment & Products – 0.5%
15	Fields Corporation, (4)		20,054
	Machinery – 2.9%
2,385	AGCO Corporation, (2), (3)		67,042
5,085	Tata Motors Limited, ADR, (3)		57,867
	Total Machinery		124,909
	Marine – 2.0%
6,180	Stolt-Nielsen S.A., (4)		85,191
	Media – 0.7%
210	Hakuhodo DY Holdings Inc., (4)		10,548
13	TV Asahi Corporation, (4)		19,766
	Total Media		30,314
	Metals & Mining – 23.0%
4,365	Alcoa Inc., (3)		54,213
3,390	Alumina Limited, Sponsored ADR, (2), (3)		19,594
1,300	AngloGold Ashanti Limited, Sponsored ADR, (3)		48,802
5,990	Barrick Gold Corporation		215,221
50,870	Eastern Platinum Limited, (2)		33,849
13,430	Gabriel Resources, Limited, (2)		25,692
8,655	Gold Fields Limited, (4)		110,732
69,400	Lihir Gold Limited, (2), (4)		189,821
34,970	Minara Resources Limited, (2), (4)		27,008
24,285	Mineral Deposits Limited, (2), (4)		21,094

60 Nuveen Investments

Shares	Description (1)	Value
	Metals & Mining (continued)
4,960	Newmont Mining Corporation	$	215,562
367	Randgold Resources		24,494
	Total Metals & Mining		986,082
	Multi-Utilities – 1.0%
1,720	Ameren Corporation, (3)		41,865
	Oil, Gas & Consumable Fuels – 13.3%
885	BP PLC, Sponsored ADR		50,109
3,765	Cameco Corporation		102,446
1,000	ConocoPhillips		50,180
575	CONSOL Energy Inc.		24,616
2,985	ERG S.p.A., (4)		44,059
1,725	Gazprom OAO, ADR, (4)		41,369
6,000	Nippon Oil Corporation, (4)		29,567
2,110	Peabody Energy Corporation, (3)		83,535
300	PetroChina Company Limited, ADR, (3)		36,012
2,160	StatoilHydro ASA, Sponsored ADR		51,106
4,068	Tesoro Corporation, (3)		57,522
	Total Oil, Gas & Consumable Fuels		570,521
	Paper & Forest Products – 2.7%
9,790	Mondi Plc, (4)		54,038
4,975	UPM-Kymmene Corporation, (4)		59,707
	Total Paper & Forest Products		113,745
	Pharmaceuticals – 6.5%
645	AstraZeneca PLC, Sponsored ADR, (3)		28,967
6,205	Pfizer Inc.		105,671
3,925	Sanofi-Aventis, Sponsored ADR		144,911
	Total Pharmaceuticals		279,549
	Road & Rail – 2.3%
1,785	Union Pacific Corporation, (3)		98,425
	Software – 2.2%
3,435	Microsoft Corporation, (3)		95,253
	Trading Companies & Distributors – 1.3%
4,100	Mitsui & Company Limited, (4)		53,845
	Water Utilities – 1.0%
1,150	Companhia de Saneamento Basico do Estado de Sao Paulo, ADR, (3)		44,298
	Wireless Telecommunication Services – 3.2%
1,765	TIM Participacoes S.A., ADR		41,636
2,285	Turkcell Iletisim Hizmetleri A.S., ADR, (3)		37,543
2,595	Vodafone Group PLC, Sponsored ADR		57,582
	Total Wireless Telecommunication Services		136,761
	Total Common Stocks (cost $4,348,073)		5,078,193

Nuveen Investments 61

Portfolio of Investments (Unaudited)

Nuveen Tradewinds Global All-Cap Plus Fund (continued)

October 31, 2009

Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 8.6%
$	368	Repurchase Agreement with State Street Bank, dated 10/30/09, repurchase price $367,702, collateralized by $380,000 U.S. Treasury Bills, 0.000%, due 4/15/10, value $379,734	0.010%	11/02/09	$	367,702
		Total Short-Term Investments (cost $367,702)				367,702
		Total Investments (cost $4,715,775) – 126.9%				5,445,895
		COMMON STOCKS SOLD SHORT – (27.2)%
		Chemicals – (2.9)%
	(2,385)	Sigma-Aldrich Corporation			$	(123,853)
		Diversified Consumer Services – (3.5)%
	(740)	Strayer Education Inc.				(150,198)
		Food Products – (0.7)%
	(460)	Green Mountain Coffee Inc., (2)				(30,613)
		Health Care Equipment & Supplies – (1.0)%
	(560)	C. R. Bard, Inc.				(42,039)
		Hotels, Restaurants & Leisure – (3.1)%
	(700)	Chipotle Mexican Grill, (2)				(57,043)
	(1,205)	P.F. Changs China Bistro, Inc., (2)				(35,174)
	(1,020)	WMS Industries Inc., (2)				(40,780)
		Total Hotels, Restaurants & Leisure				(132,997)
		Internet & Catalog Retail – (2.6)%
	(940)	Amazon.com, Inc., (2)				(111,681)
		Personal Products – (2.7)%
	(1,845)	Chattem Inc., (2)				(116,918)
		Pharmaceuticals – (1.1)%
	(940)	Abbott Laboratories				(47,536)
		Specialty Retail – (9.6)%
	(1,415)	AutoZone, Inc., (2)				(191,463)
	(7,000)	Urban Outfitters, Inc., (2)				(219,660)
		Total Specialty Retail				(411,123)
		Total Common Stocks Sold Short (proceeds $1,139,184)				(1,166,958)
		Other Assets Less Liabilities – 0.3%				11,652
		Net Assets – 100%			$	4,290,589

62 Nuveen Investments

Fair Value Measurements

In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of October 31, 2009:

	Level 1			Level 2		Level 3		Total
Investments:
Common Stocks*	$	3,117,757		$	1,960,436	$	—	$	5,078,193
Short-Term Investments		367,702			—		—		367,702
Common Stocks Sold Short		(1,166,958	)		—		—		(1,166,958	)
Total	$	2,318,501		$	1,960,436	$	—	$	4,278,937

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

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 value of the Fund.

At October 31, 2009, the cost of investments was $4,733,543.

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

Gross unrealized:
Appreciation	$	767,128
Depreciation		(54,776	)
Net unrealized appreciation (depreciation) of investments	$	712,352

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

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

(3) Investment, or portion of investment, segregated as collateral for securities lending.

(4) For fair value measurement disclosure purposes, investment categorized as Level 2.

ADR American Depositary Receipt.

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

Nuveen Investments 63

Item 2. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See Ex-99. CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Investment Trust II

By (Signature and Title)	/s/ Kevin J. McCarthy
	Vice President and Secretary

Date: December 30, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Gifford R. Zimmerman
	Chief Administrative Officer (principal executive officer)

Date: December 30, 2009

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

Date: December 30, 2009

EX-99.CERT

CERTIFICATIONS

I, Gifford R. Zimmerman, certify that:

1. I have reviewed this report on Form N-Q of Nuveen Investment Trust II;

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

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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

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

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

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

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

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

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

Date: December 30, 2009

/S/ GIFFORD R. ZIMMERMAN

Chief Administrative Officer

(principal executive officer)

CERTIFICATIONS

I, Stephen D. Foy, certify that:

1. I have reviewed this report on Form N-Q of Nuveen Investment Trust II;

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

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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

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

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

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

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

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

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

Date: December 30, 2009

/S/ STEPHEN D. FOY

Vice President and Controller

(principal financial officer)